Open-ended fund: A commingled investment vehicle which issues new units or shares (for increased participation by its investors) or cancels units/shares (in the caseof redemption of existing participtation by an investor). Consequently, the underlying value of the assets is always directly represented by the total number of units issued multiplied by the unit price (less the transaction or management fee charged and any other associated costs).

Closed-ended fund
Open-ended fund in our glossary: terms and definitions

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Open-ended fund at fundservices.net

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