Investment VehiclesQuestion 80 of 100
An open-end investment company (mutual fund):
a.Continuously issues and redeems shares at net asset value
b.Trades on an exchange at a premium or discount to NAV like a closed-end fund
c.Has a fixed number of shares that never changes
d.Is a debt security
Explanation
An open-end mutual fund continuously issues new shares and redeems existing ones at net asset value, calculated at the close of each trading day. This differs from closed-end funds, which have a fixed share count and trade on exchanges. Redemption at NAV is a defining feature.
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