An open-end fund is a collective investment product where the issuer can redeem or issue shares at any time. Most mutual funds are open-end funds.
Since the issuers can redeem or issue new shares at any time, they can meet the needs of investors very fluidly - buying back shares if an investor wishes to sell, or issuing new ones if demand rises.
A manager also has the option to ‘close’ an open-end fund if they feel the fund 06has grown too large to allow new investors. Most mutual funds start out as open-end funds.
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