Financial Disclosures

Draft for legal review. This policy was prepared for CEF Explorer and has not yet been reviewed by qualified counsel. It does not claim that the operator of this website (legal entity name to be confirmed before public launch) is registered, unregistered, exempt or licensed in any capacity.

Educational purpose

This site exists to help readers research closed-end funds. It provides no individualised advice, does not know your circumstances, and makes no recommendation to buy, sell or hold any fund.

Risk of loss

Closed-end funds can lose value. Market prices can fall further than NAV; discounts can widen indefinitely and premiums can collapse. Leverage magnifies gains and losses and increases volatility. Distributions can be reduced, suspended, or funded from capital. Funds holding illiquid or private assets carry valuation uncertainty.

Data limitations

Market quotes are delayed as labelled. NAV is published by funds after the close and lags price. Holdings come from filings up to several months old. Expense and leverage figures come from filings and may be dated. Some funds lack machine-readable data and show “not reported”. Calculated figures follow the published methodology and can differ from a sponsor's own calculations.

Historical performance

Past performance, historical discounts, Z-scores and risk statistics describe the past and do not predict the future.

Distributions

A distribution rate is not an income yield or a return. Distributions may include return of capital; the tax character is determined by the fund after year-end.

NAV premiums and discounts

A discount does not guarantee convergence to NAV or any profit. Corporate actions that may narrow discounts are subject to conditions in the fund's documents.

Third-party links

Links to sponsors, SEC filings and news publishers are provided for verification. We do not control their content.

Reliance on official documents

Always rely on the fund's prospectus, shareholder reports and notices. Where this site and an official document differ, the official document governs and we welcome a correction request.

Positions and conflicts

Site staff may hold positions in funds covered. Sponsored content, if any, is labelled and never affects rankings (see the advertising disclosure).