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Check your email and confirm your subscription to complete your personalized experience. 16 trillion in net assets as of 2016. Mutual funds and Unit Investment Trusts are both investment vehicles that allow investors to own a pool of different stocks, bonds or other asset classes in one single unit. 85 billion in net assets as of 2016. Even though both mutual funds and UITs allow investors to buy a single diversified portfolio in one investment, there are several similarities and differences between them. Be sure to check out mutual fund classifications here. Perhaps the biggest similarity between mutual funds and UITs is that they are both open-ended investment companies that are registered under the Investment Company Act of 1940.