Closed-end mutual fund,
Definition of Closed-end mutual fund:
Mutual fund (unit trust) that issues a fixed number of shares (units), as opposed to open-end mutual funds which continuously issue new shares in response to investor demand. Transactions in the shares of such funds are based on their market price and may be above (at a premium) or below (at a discount) the funds net asset value (NAV). These shares may also traded on the stock exchanges. Called unit investment trust (UIT) in the US and unit trust in the UK and elsewhere.
Meaning of Closed-end mutual fund & Closed-end mutual fund Definition