The shares of a ________ are very similar to the shares of common stock of a corporation in that the new shares are initially issued by an underwriter for the fund and after the new issue, the number of shares remains constant.

Question

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Closed-end funds issue a set number of shares during the initial public offering, and then these shares trade on an exchange like common stocks. The shares are not redeemable like open-end funds, and the number of shares remains constant unless the fund decides to issue additional shares. Unit-end funds and open-end trusts are not commonly used terms in the investment industry, and an "opened-end" fund is not a recognized term.

The Shares of a ________ Are Very Similar to the Shares