What is NOT a feature of UITF management?

Unit Investment Trust Funds (UITFs) are structured to allow investors to pool their money into a professionally managed fund, which follows a predetermined investment strategy. A key feature of UITFs is that they are managed by a trustee, who is responsible for overseeing the fund's operations and ensuring compliance with applicable laws and regulations. This management process is independent of the individual decisions made by investors. Each investor does not have direct control over specific investments within the UITF; rather, they buy into the collective investment strategy of the fund.

The requirement for strict regulatory oversight underpins the integrity of UITFs, ensuring that the funds are managed transparently and that investors are protected. This oversight is crucial in maintaining trust and accountability in the operations of the fund.

In contrast, the feature that involves individual investment choices by clients does not apply to UITFs. Investors cannot select individual securities; instead, they invest in a portfolio that is already established and managed by the trustee. This structure is designed to offer convenience and professional management to the investors, differentiating it from other investment vehicles where individual selections may be allowed.