Although interest in closed-end funds (CEFs) and exchange-traded funds (ETFs) has jumped in the past year, few wealthy investors would try to explain what they are to friends, according to a survey done by KRC Research for Nuveen Investments; Nuveen released the results April 11.

Seventy-six percent of survey respondents were aware of CEFs and 75 percent had heard of ETFs, compared with 64 percent and 58 percent, respectively, last year. The percentage of affluent individuals investing in the funds also rose: from 6 to 12 percent for ETFs, and from 9 to 12 percent for CEFs.

However, the survey showed that few investors would be comfortable explaining CEFs and ETFs to friends. Thirteen percent thought they could adequately explain an ETF while only 11 percent believed they could comfortably describe a CEF.

The telephone survey, done in late February and early March, included 500 individuals with investable assets of at least $500,000.