The closed-end fund world has been under siege by a rash of exchange-traded funds in recent years, triggering a dramatic shift in the focus of equity-fund initial public offerings (IPOs).

The sea change first began back in 1997, as IPOs for country and region funds began to disappear, according to a research report from Denver-based fund tracking firm Lipper. The emergence of single-country ETFs has had a tremendous impact on both the creation and dissolution of comparable closed-end funds, said Don Cassidy, senior research analyst at Lipper.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.