Closed-end fund

closed-endclosed-endedclosed end fundsclosed end investment companiesclosed-end management investment companyclosed-end mutual fundsCEFclosedClosed-End Companiesclosed-end investment
A closed-end fund (CEF) or closed-ended fund is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund.wikipedia
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Open-end fund

open-endedopen-endopen-ended funds
Unlike open-end funds, new shares in a closed-end fund are not created by managers to meet demand from investors.
The term contrasts with a closed-end fund, which typically issues at the outset all the shares that it will issue, with such shares usually thereafter being tradable among investors.

Mutual fund

mutual fundsfundmutual
Instead, the shares can be purchased and sold only in the market, which is the original design of the mutual fund, which predates open-end mutual funds but offers the same actively-managed pooled investments. In the United States, closed-end funds are referred to under the law as closed-end companies and form one of three SEC-recognized types of investment companies along with mutual funds and unit investment trusts.
Primary structures of mutual funds include open-end funds, unit investment trusts, and closed-end funds.

Investment trust

trustinvestment truststrusts
Examples of closed-ended funds in other countries are investment trusts in the United Kingdom and listed investment companies in Australia.
Investment trusts are closed-end funds and are constituted as public limited companies.

Listed investment company

listed investment companies
Examples of closed-ended funds in other countries are investment trusts in the United Kingdom and listed investment companies in Australia.
A listed investment company (LIC) is an Australian closed-end collective investment scheme similar to investment trusts in the UK and closed end funds in the United States.

Net asset value

NAVNet Asset Value (NAV)book value
The price per share is determined by the market and is usually different from the underlying value or net asset value (NAV) per share of the investments held by the fund.
In contrast, closed-end funds are traded in the open market between investors and so the price of shares or interests in a closed-end fund will be whatever the parties agree it to be, which may not correspond to the fund's NAV.

Investment Company Act of 1940

1940 Act1940 Act fund1940 Act funds
In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.
Sec. 23. Distribution and Repurchase of Securities: Closed-End Companies.

Venture capital trust

Venture Capital TrustsVCT
In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.
A venture capital trust or VCT is a highly tax efficient UK closed-end collective investment scheme designed to provide private equity capital for small expanding companies, and income (in the form of dividend distributions) and/or capital gains for investors.

Adams Express Company

Adams ExpressAdams & CompanyAdams & Company of California
Adams Express Company (NYSE:ADX)
Adams Diversified Equity Fund, Inc., formerly Adams Express Company, is a publicly traded diversified equity fund.

Exchange-traded fund

ETFETFsexchange-traded funds
Closed-end funds are traded on exchanges, and in that respect they are like exchange-traded funds (ETFs), but there are important differences between these two kinds of security.
An ETF combines the valuation feature of a mutual fund or unit investment trust, which can be bought or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end fund, which trades throughout the trading day at prices that may be more or less than its net asset value.

Investment fund

collective investment schemeinvestment fundsinvestment vehicle
Collective investment schemes for generic information.
An investment fund may be held by the public, such as a mutual fund, exchange-traded fund, special-purpose acquisition company or closed-end fund, or it may be sold only in a private placement, such as a hedge fund or private equity fund.

Securities Act of 1933

the Securities Act of 193319331933 Securities Act
In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.

U.S. Securities and Exchange Commission

SECSecurities and Exchange CommissionSecurities and Exchange Commission (SEC)
In the United States, closed-end funds are referred to under the law as closed-end companies and form one of three SEC-recognized types of investment companies along with mutual funds and unit investment trusts.

Unit investment trust

UITsunit trustsunit-investment trusts
In the United States, closed-end funds are referred to under the law as closed-end companies and form one of three SEC-recognized types of investment companies along with mutual funds and unit investment trusts.

Australia

🇦🇺AUSAustralian
Examples of closed-ended funds in other countries are investment trusts in the United Kingdom and listed investment companies in Australia.

Stock exchange

stock exchangesexchangebourse
Closed end funds are typically traded on the major global stock exchanges.

NASDAQ

NASDAQ Stock MarketNASDAQ Global Select MarketNASDAQ Stock Exchange
In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.

London Stock Exchange

LSELondonStock Exchange
In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.

Alternative Investment Market

AIMAIM MarketAIM stock market
In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.

Florida

FLState of FloridaFloridian
Some funds invest in stocks, others in bonds, and some in very specific things (for instance, tax-exempt bonds issued by the state of Florida in the USA).

Leverage (finance)

leverageleveragedfinancial leverage
Another distinguishing feature of a closed-end fund is the common use of leverage (gearing).

Preferred stock

preference sharespreferred sharespreference share
This additional capital can be raised by issuing auction rate securities, preferred stock, long-term debt, or reverse-repurchase agreements.

New York Stock Exchange

NYSENew YorkNew York Stock Exchange (NYSE)
In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds. Adams Express Company (NYSE:ADX) At that point, the fund's 10 million shares will begin to trade on a secondary market, typically the NYSE or the AMEX for American closed-end funds.

NYSE American

AMEXAmerican Stock ExchangeCurb Exchange
At that point, the fund's 10 million shares will begin to trade on a secondary market, typically the NYSE or the AMEX for American closed-end funds.

Order (exchange)

limit orderorderorders
It may be possible to deal using advanced types of orders such as limit orders and stop orders.

Arbitrage

regulatory arbitragearbitrage-freearbitrageur
This feature could in theory lead to potential arbitrage profits if the market price of the ETF were to diverge substantially from its NAV.