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FINANCIAL MARKET COURSES

Closed-End Funds & Unit Investment Trusts (US)

A closed-end fund (CEF) is an investment company that (usually) issues a fixed number of shares through a once-off public offering. Although not as popular as their open-ended cousin, mutual funds, CEFs are an important investment vehicle in their right. Despite the name similarities, the closed-end structure differs significantly from that of mutual funds. This course explains these differences and describes many of the particular features and characteristics associated with the closed-end structure. The course also provides detailed information about another type of pooled investment vehicle in the US, namely unit investment trusts (UITs).

  • OBJECTIVES

    On completion of this course, you will be able to:

    Explain the difference between a closed-end and open-end (mutual) fund, and distinguish between the different types of closed-end fund

    Describe the basic features and characteristics of closed-end funds

    Describe the basic features and characteristics of unit investment trusts

  • COURSE OUTLINE

    Topic 1: Overview of Closed-End Funds

    Closed-End Funds – A Form of Investment Company

    What is a Closed-End Fund?

    The Popularity of Closed-End Fund

    Bond Funds

    o Domestic Taxable Bond Funds

    o Municipal Bond Funds

    o Global/International Bond Funds

    Stock Funds

    Interval Funds

    Topic 2: Features of Closed-End Funds

    Key Features

    o Price

    o Returns and Distributions

    o Managed Distribution Policies

    o Return from Selling Shares

    o Leverage

    o Liquidity

    o Fees and Expenses

    o Taxation

    o Regulation

    Topic 3: Unit Investment Trusts

    What are unit Investment Trusts?

    Types of UIT

    Key features

    o Buying and Selling UITs

    o Distributions

    o Returns

    o Fees and Expenses

    o Taxation

    o Regulation

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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