We study the fixed point algebra \mathfrak{A}
α of a UHF algebra \mathfrak{A} under a periodic automorphism α of product type. We show an example of \mathfrak{A}
α which is simple and has more than two tracial states and we characterize the case where \mathfrak{A}
α had only one tracial state. Next we show that \mathfrak{A}
α is a UHF algebra if and only if \mathfrak{A} is generated by an infinite family of mutually commuting α-invariant type
Ip subfactors whose fixed point algebras are abelian and by a UHF subalgebra of \mathfrak{A}
α which commutes with the former (where
P denotes the period of α).
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