Closed-End Fund and Exchange-Traded Products Research

Raymond James offers full-service Closed-End Fund and Exchange-Traded Products (ETPs) Research departments. Investors get detailed information and recommendations on the entire universe of closed-end funds from our closed-end fund research analysts, and receive detailed information and product fit guidelines from our ETP analysts.

In addition to ongoing due diligence and research on closed-end funds, the department compiles weekly lists of undervalued and overvalued funds as well as a monthly Idea List that highlights the most attractive funds on both a fundamental and technical basis over a variety of sectors. On a quarterly basis, the department publishes the Closed-End Fund Research Guide, a comprehensive report which provides information including current fund news, performance statistics, and portfolio breakdowns on each domestically-traded closed-end fund.

The department also offers three Model portfolios. The High Income Model focuses on closed-end funds that provide attractive taxable income and invest primarily in income-producing securities. The Municipal Model consists entirely of municipal closed-end funds which provide tax-free income on a Federal level. And our Total Return Model has an objective of combining long-term capital appreciation with modest income and may include both closed-end funds and exchange-traded funds (ETFs).

The ETP Research department covers the more than 1300 publicly-traded exchange-traded funds and exchange-traded notes. Each quarter, the department publishes the Quarterly ETP Report, which provides new fund listings, highlights within the ETP marketplace, and fund-specific performance data and portfolio compositions. The ETP Market Review is published periodically with new details related to the industry as well.

Additionally, ETP Research maintains four ETP Model Portfolios on a quarterly basis to reflect the asset allocation and sector weightings recommended by Raymond James’ Investment Policy Committee. ETP Research also provides Sector Spotlight ETFs (exchange-traded funds) to best match the recommendations in the bi-monthly Sector Spotlight published by our Equity Research department, and continually updates the ETP Quick Guide with all new product listings.

For more information about closed-end funds, exchange-traded products, or to receive a sample copy of our research reports, please contact your financial advisor or use the convenient Office Locator today to find a Raymond James office near you.


Raymond James Closed-End Fund Research (CEFR) Domestic Equity Index – This proprietary index is composed of closed-end funds recommended by Raymond James’s Closed-End Fund Research group as part of our investment analysis and stock research services. The rules for constructing and rebalancing the Index were developed based on the Closed-End Fund Research group’s recommendation methodologies. The Index is composed of closed-end funds selected from a universe of approximately 560 U.S. closed-end funds that are included in either the Morningstar U.S. Sector Equity category or the Morningstar U.S. Equity category. Raymond James has licensed the Raymond James Closed-End Fund Research (CEFR) Domestic Equity Index to Scotia Capital as the basis for the Bank of Nova Scotia Equity Linked Index Notes, Series A Linked to the Raymond James CEFR Domestic Equity Total Return Index, and other similar securities. From time to time in the future, Raymond James may license the Index to investment firms other than Scotia Bank as the basis for other Index-linked notes or securities.

Investors should carefully consider the investment objectives, risks, charges and expenses of exchange-traded funds before investing. The prospectus contains this and other information about the funds. The prospectus is available from your financial advisor and should be read carefully before investing.

This description of the Raymond James Closed-End Fund Research (CEFR) Domestic Equity Index is not an offer to sell, or a solicitation of an offer to buy, any security.

Investing involves risk and investors may incur a profit or a loss.

Municipal bond interest is not subject to federal income tax but may be subject to AMT, state or local taxes. Income from taxable municipal bonds is subject to federal income taxation; and it may be subject to state and local taxes. Municipal securities typically provide a lower yield than comparably rated taxable investments in consideration of their tax-advantaged status. Investments in municipal securities may not be appropriate for all investors, particularly those who do not stand to benefit from the tax status of the investment. Please consult an income tax professional to assess the impact of holding such securities on your tax liability.