mutual fund同unit trust有乜分別?20分

互惠基金(Mutual Fund) Vs單位信託基金(Unit Trust)

市面上的基金大部分可分為兩大種類，包括互惠基金(Mutual Fund)及單位信託基金(Unit Trust)。一般而言，基金公司透過匯集個別意向相同的投資者，把他們的資金組成一個基金，並按預定的目標投資在一籃子的證券上。從投資者的角度而言，互惠基金和單位信託基金兩者的分別不大，但仔細分清兩者的分別，特別是關於法例方面(Legal perspectives) 的分別，將可使投資者獲得更全面的投資保障(investment protection) 。

互惠基金與單位信託基金相同之處

(一) 集資目的
互惠基金及單位信託基金的集資目的是為投資者賺取投資回報。基金公司將投資者的資金集腋成裘，按基金的投資目標 (objective) 購買一系列的股票、債券、期權、期貨、外匯及其他金融票據，為投資者提供專業的資金管理 (fund management) 及協助他們分散投資風險 (diversification of risk)。

(二) 資本結構
互惠基金和單位信託基金都是開放式 (open-ended) 的資本結構，股份或單位都可透過基金經理按照當日單位資產淨值( Net Asset Value – NAV) 而贖回。

(三) 監管機構
不論是互惠基金或是單位信託基金，兩者都是由香港證券及期貨事務監委員會(證監會)所監管。

互惠基金與單位信託基金相異之處

(一) 形式
互惠基金本身為一家股份有限公司，主要發行股票來募集資金；至於單位信託基金就是指基金公司以信託 (trust) 的形式成立，以信託契約的形式發行基金。

(二) 管轄條例
互惠基金以有限公司的模式成立，受公司法 (company law) 監管。公司股東是基金的受益人，他們可自由贖回或購買股份，而不影響註冊股本；另一方面，單位信託基金以信託形式作為其基本法律體制，受信託法 (trust law)所監管。單位由受託人發行，而受益人則是單位持有人，兩者之間受到信託書的契約性約束。

(三) 投資者權益保障
一般而言，互惠基金保管人的基本責任是保管基金的資產，處理交收及收取股息以保障股東利益；另一方面，單位信託基金的受託人除保管單位信託基金的資產外，亦須確保基金經理行事恰當。確保基金運作按照信託書的訂明，基金單位價格計算準確及給投資者的分紅得到妥善處理。但是，為了確保基金投資者的權益，證監會已要求互惠基金保管人對投資者提供作出與單位信託基金相同的保障。

(四) 最終責任之承擔
雖然互惠基金的公司只須付上有限度的責任 (limited liability)，但基金的董事們也須以個人名義承擔責任；另一方面，單位信託基金的最終負責人就是受託人。

(五) 可發行股份或單位之限制
互惠基金的股份數量有限；但單位信託基金可發行的單位數量則無限制。

Mr Yu is comparing mutual fund with UIT, not unit trust...
UIT is different from unit trust.

A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors and invests typically in investment securities (stocks, bonds, short-term money market instruments, other mutual funds, other securities, and/or commodities such as precious metals).[1] The mutual fund will have a fund manager that trades (buys and sells) the fund's investments in accordance with the fund's investment objective. In the U.S., a fund registered with the Securities and Exchange Commission (SEC) under both SEC and Internal Revenue Service (IRS) rules must distribute nearly all of its net income and net realized gains from the sale of securities (if any) to its investors at least annually. Most funds are overseen by a board of directors or trustees (if the U.S. fund is organized as a trust as they commonly are) which is charged with ensuring the fund is managed appropriately by its investment adviser and other service organizations and vendors, all in the best interests of the fund's investors.


A Unit Investment Trust (UIT) is a US investment company offering a fixed (unmanaged) portfolio of securities having a definite life. UITs are assembled by a sponsor and sold through brokers to investors.

A UIT portfolio may contain one of several different types of securities. The two main types are stock (equity) trusts and bond (fixed income) trusts.

Unlike a mutual fund, a UIT is created for a specific length of time and is a fixed portfolio, meaning that the UIT’s securities will not be sold or new ones bought, except in certain limited situations (for instance, when a company is filing for bankruptcy or the sale is required due to a merger).



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