Learn About Closed-End Funds

Like a traditional mutual fund, a closed-end fund (CEF) invests in a portfolio of securities and is managed, typically, by an investment management firm. But unlike mutual funds, CEFs are closed in the sense that capital does not regularly flow into them when investors buy shares, and it does not flow out when investors sell shares.

Cartoon image of a man, woman, and dog with ETF and mutual fund bubbles over their heads

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Closed-end funds vs. mutual funds and ETFs

Learn the similarities and important differences between closed-end funds, mutual funds, and ETFs.

All Closed-End Fund Lessons

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Closed-end funds may trade at a discount (or premium) to their NAV and are subject to the market fluctuations of their underlying investments. Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. Closed-end funds are subject to management fees and other expenses.