TheStreet.com Ratings has initiated coverage of three closed-end funds and nine exchange-traded funds that accrued a sufficient track record (one year) of risk and performance data by the end of August.None of the closed-end funds earned a "buy" designation for their initial rating. The best of the three is the ( AGD) Alpine Global Dynamic Dividend Fund (AGD), which earned a C+, or "fair", rating. It seeks high current dividend income for its shareholders. Yielding 9.59% over the last 12 months, this fund is achieving that goal. The fund returned 18.86% over that period, but would need to reign in its very high volatility to move from "hold" to "buy." We have also initiated coverage of ( JGV) Nuveen Global Value Opportunities Fund (JGV) at D-, or "weak". The fund is highly diversified across its various sectors with 23.4% holdings of mining shares, 12.5% telecommunications, 8.2% diversified financial services, 7.6% food, 6.9% oil & gas, and 3.4% electric. The biggest holdings are Nippon Telegraph & Telephone ( NTT), Apex Silver Mines ( SIL) and Tyson Foods ( TSN). To move up in our rankings, improving upon the 1.62% one year total return performance would be helpful. Lastly, the coverage of ( FEO) First Trust/Aberdeen Emerging Opportunity Fund (FEO) was initiated with an E, or "very weak" rating after it lost 4.67% for the year. The company invests in both stocks and bonds, with about 40% of assets invested in equities, 44% in government and 14% in corporate fixed income securities. By country, 15.0% of its holdings are Brazilian companies, with 7.7% Mexico, 5.8% Argentina, 5.8% Turkey, and 4.5% Indonesia. Two of the nine exchange-traded funds that began trading in July/August of 2006 have earned our top rating level of "excellent."