closed-end funds
nounUK /ˌkləʊzd ˈend fʌndz/
US /ˌkloʊzd ˈend fʌndz/
These are money pools that sell a set number of shares once and then trade like stocks.
My aunt bought shares in closed-end funds that trade on the stock exchange.
OTHER MEANINGS
2. Investment companies that raise a fixed amount of capital through an initial public offering and do not continuously issue new shares.
Unlike open-end funds, closed-end funds do not redeem shares daily.
3. Funds whose shares can trade at a premium or discount to their underlying net asset value.
The closed-end funds were trading at a discount to NAV last quarter.
4. Collective investment vehicles listed on an exchange, often used for municipal bonds or emerging markets.
Many closed-end funds focus on high-yield municipal bonds.