Closed-end funds originated in Britain in 65438+60' s and developed in America. 199 The assets of American securities investment funds surpassed those of commercial banks for the first time, reaching 6.8 trillion US dollars, and reached 12 trillion US dollars at the end of 2007.
Chicago Board Options Exchange (CBOE) was formally established on 1973, and a number of open-end option funds were launched in the following years. However, due to the limitation of open-end fund product form and operational errors, the open-end option fund basically failed in the end. The first closed-end option fund was launched in 2004.
From 2003 to 2005, the development speed of American stock-based closed-end funds reached 100%, while the development speed of bond-based closed-end funds was only 6%, so the proportion of stock-based closed-end funds rose from about 1/4 to more than 1/3.
During the seven years from the end of 2000 to the end of 2007, the scale of closed-end funds in the United States increased from $654.38+043.3 billion to $338 billion, an increase of 654.38+035.9%. During this period, the scale of mutual funds increased from US$ 6,965.2 billion to US$ 65,438+0,654.38+0,666.20 billion, an increase of 67.4%.