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Closed-end funds

How do CEFs compare to other investment vehicles?

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Review some of the key differences between closed-end funds, mutual funds and exchange-traded funds, covering such topics as use of leverage, trading, management, and more.

 

Key differences between closed-end funds, mutual funds and exchange-traded funds

The characteristics shown are not all inclusive and represent general attributes of typical investments of the types indicated. Open-end mutual funds, closed-end funds and exchange-traded funds are different types of investment vehicles with different expense structures and different inflows/outflows and distribution requirements.

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.


Closed-end funds frequently trade at a discount from net asset value. At any point in time, including when sold, shares may be worth more or less than the purchase price or the net asset value, even after considering the reinvestment of fund distributions. It is important to consider the objectives, risks, charges and expenses of any fund before investing. For this and other information that should be read carefully, please view prospectus or other current fund information provided by the fund’s sponsor.

Leverage typically magnifies the total return of a fund’s portfolio, whether that return is positive or negative, and creates an opportunity for increased common share net income as well as the possibility of higher volatility for the fund's net asset value, market price, distributions and returns. There is no assurance that a fund’s leveraging strategy will be successful.

When evaluating investment choices, investors should be aware that closed-end fund distribution sources have historically included net investment income, realized gains, and return of capital.

The characteristics shown are not all inclusive and represent general attributes of typical investments of the types indicated.

A word on risk

There are risks inherent in any investment including, but not limited to, interest rate risk, credit risk, market risk and the possible loss of principal. Past performance is no guarantee of future results.

Open-end mutual funds, closed-end funds and exchange-traded funds are different types of investment vehicles with different expense structures and different inflows/outflows and distribution requirements.

Closed-end funds frequently trade at a discount from net asset value. When sold, shares may be worth more or less than the purchase price or the net asset value. It is important to consider the objectives, risks, charges and expenses of any fund before investing. For this and other information that should be read carefully, please view prospectus or other current fund information provided by the fund’s sponsor.

A closed end fund’s use of leverage creates the possibility of higher volatility for the fund’s per share NAV, market price, distributions and returns. There is no assurance that a fund’s leveraging strategy will be successful.

When evaluating investment choices, investors should be aware that closed-end fund distribution sources have historically included net investment income, realized gains, and return of capital.

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