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Back  ETFs vs. Closed-End Funds  It's important for investors to
understand the key differences between closed-end funds (CEFs)
and exchange-traded funds (ETFs). Each has its advantages and
disadvantages. This knowledge can translate into making informed
investment decisions. Let's focus on the key points.  The
expense ratios of ETFs are generally lower versus CEFs. Since
ETFs are indexed portfolios, the cost of managing them is less
compared to actively managed portfolios. Also, ETFs often have
lower internal trading costs versus actively managed funds, due
to their low portfolio turnover. The ETF cost savings can be
significant, especially for long-term investors. Investing in
both ETFs and CEFs will usually result in brokerage commissions.
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