Would you expect a typical open-end fixed-income mutual fund to have higher or lower operating expenses than a fixed income unit investment trust?

A typical open-end fixed-income mutual fund is likely to have higher operating expenses than a fixed income unit investment trust (UIT). This is because mutual funds actively manage their portfoliOS, which incurs costs such as management fees, research, and trading expenses. In contrast, UITs are generally less active, with a fixed portfolio and lower management costs, leading to lower overall operating expenses.