CINCINNATI - Fifth Third Bancorp's Fifth Third Securities Inc. subsidiary on Wednesday introduced the Financial Services Unit Investment Trust.
In a press release, the company said the trust purchases a fixed portfolio of about 30 common stocks of financial services companies such as Fannie Mae, American Express Co., Charles Schwab Corp. and Bank of New York.
The portfolio can change up to the date of deposit and can be found in the prospectus for the trust, Fifth Third added.
Investors can purchase units of the trust, which gives them ownership in the entire portfolio, all in one investment at an initial offering price of $10 per unit ($2,000 minimum) on the date of deposit. The unit investment trust will mature on May 15, 2002.