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Course 404: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closed-end Funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Even though they have been traded in the U.S. for over a century, closed-end funds (CEFs) are not well understood. A common misunderstanding is that a closed-end fund is a type of traditional mutual fund or an exchange-traded fund (ETF). A closed-end fund is NOT a traditional mutual fund that is closed to new investors. At its most fundamental level, a CEF is an investment structure (not an asset class), organized under the regulations of the Investment Company Act of 1940. A CEF is a type of investment company whose shares are traded on the open market, like a stock or an ETF. |
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Learn how to invest like a pro with Morningstar’s Investment Workbooks (John Wiley & Sons, 2004, 2005), available at online bookstores. | ||
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