Exchange-traded funds have characteristics of both closed-end and open-end funds.

Name: Exchange-traded funds have characteristics of both closed-end and open-end funds.
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Question

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ETFs have characteristics of both closed-end and open-end funds. Like open-end funds, investors can buy and sell ETF shares at any time during trading hours. However, like closed-end funds, the number of shares outstanding is fixed and their market price is determined by supply and demand on a stock exchange.

Exchange-Traded Funds Have Characteristics of Both Closed-End and Open-End Funds