Closed-ended fund: A commingled investment vehicle which rarely issues new shares or units. An investor typically acquires a stake by buying shares on a secondary market from a broker, market maker or other investor. The price of a share in a closed-end fund is determined partly by the premium (or discount) placed on it by the market as well as by the value of the fund's investments.

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

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