Closed-End Fund is the fund that has a fixed number of shares, usually in stock exchanges market. Closed-End Funds is different from Exchange-Traded Funds (ETFs).

Compared with the open-end fund is different, closed-end fund does not continue to create and redemptive fund unit. People always think that Closed-end fund manager on the profit motive is lesser than open-end fund manager (because the open-end fund managers must attract and retain fund investors), so the closed-end fund offered is usually a discount according to net asset value.