In the case of open-end investment companies, shares of the company

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Shares of open-end investment companies are bought and sold based on the net asset value (NAV) of the company's underlying assets. Investors can buy shares directly from the investment company at the NAV, and can also sell shares back to the company at the NAV. This is because open-end investment companies continuously issue and redeem shares to meet investor demand, so the number of shares outstanding is not fixed. Shares do not trade on the secondary market and fees may apply when buying or selling shares.

In the Case of Open-End Investment Companies, Shares of the Company