Closed-End Fund
A closed-end fund is a pooled investment fund that raises a fixed amount of capital through an initial public offering and then trades on a stock exchange, with its market price determined by supply and demand rather than redemption at NAV.
Example: On a stock exchange, a closed-end fund might trade at a premium or discount to its NAV; for example, an income-focused CEF could trade above its NAV during periods of high demand for yield.
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