英文名称：Closed-end Fund 中文名称：封闭式基金指经核准的基金份额总额在基金合同期限内固定不变,基金份额可以在依法设立的证券交易场所交易,但在基金合同期限内基金份额持有人不得申请赎回的基金。eb1619e81e59668d2db8098284f6daa5

e.g. The majority of closed-end funds use leverage to enhance returns, and many of them borrowed that leverage in the auction-rate market, which is now effective in liquidation.

A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.Also known as a "closed-end investment" or "closed-end mutual fund." Despite the name similarities, a closed-end fund has little in common with a conventional mutual fund, which is technically known as an open-end fund. The former raises a prescribed amount of capital only once through an IPO by issuing a fixed number of shares, which are purchased by investors in the closed-end fund as stock. Unlike regular stocks, closed-end fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market, or sector. The stock prices of a closed-end fund fluctuate according to market forces (supply and demand) as well as the changing values of the securities in the fund's holdings.