UBS Wealth Management Research (WMR) provides research on over 100 taxable and municipal Closed End Funds. This body of research includes investment recommendations and educational content on CEFs.

Like a traditional mutual fund, a Closed-End Fund is an investment company that pools the assets of its investors and uses professional managers to invest the money to meet clearly identified objectives, such as current income or capital appreciation. However, unlike a mutual fund, a Closed-End Fund issues a fixed number of shares through an IPO. Investors who wish to buy or sell fund shares do not purchase or redeem them directly from the fund-rather, they buy or sell fund shares on the stock exchange in a process identical to the purchase or sale of any other listed stock. A Closed-End Fund is not an open-end mutual fund since it is closed to new investors.

Closed-End Fund Ratings System
Ratings for closed-end funds are primarily based on the stability of dividends and capital. Other factors include valuations and the impact of interest rates.

UBS Closed-End Fund Ratings: Definitions