An investment company that issues a fixed number of shares and is usually listed on a stock exchange An investor who wishes to buy shares must purchase them from investors who wishes to sell their shares They do not deal with the investment company directly
A mutual fund of a fixed-dollar amount of issues traded on one of the exchanges not at its NAV, but priced based on perception and supply and demand These funds can sell at a substantial discount or premium to their net asset value
An investment company that offers a fixed number of shares The securities are traded on an exchange just like stocks
A fund whose shares are traded through a stock exchange The fund will not redeem shares at their net asset value, only at their market value, which is determined by the market