Special Opportunities Fund (NYSE:SPE) is a closed-end fund ("CEF") of funds that invests in other CEFs investing in public equity and fixed income markets. This fund can be labeled as a special situations fund or an activist hedge fund. SPE benchmarks its performance against that of the S&P 500 Index (SP500). Its investment objective is to generate strong total returns. In order to achieve this, SPE invests primarily in securities that have opportunities for appreciation. The fund generated strong long-term average annual returns of almost 13.5 percent between 2016 and 2021. SPE generates double-digit yield and offers monthly payout.