Closed-End Funds
This chapter begins this part of the book on other pooled assets in the lexicon of professionally managed assets (PMAs) with a “backwater” (less well-known) asset: closed-end funds (CEFs). The next chapter then takes up another backwater asset: the unit investment trust (UIT). Chapter 8 closes Part 3 with a type of PMA that is burgeoning in popularity: exchange-traded funds (ETFs).
This chapter introduces the pattern I will follow in the next three parts of this book for discussing each successive form of PMA, call it X:
- What is X?
- Advantages of X
- Disadvantages of X
- Who should purchase X?
- What selection criteria should be ...
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