A Closed-End Fund is a type of investment fund that raises a fixed amount of capital through an initial public offering (IPO) and then issues a limited number of shares. Once the shares are sold, they are traded on a stock exchange, similar to individual stocks. The fund's value is determined by the market price of its shares, which can fluctuate based on supply and demand, rather than the net asset value (NAV) of the underlying assets. Unlike Open-End Funds, which continuously issue and redeem shares at their NAV, closed-end funds do not offer new shares after the IPO. Investors can buy or sell shares on the exchange, often at a premium or discount to the NAV. This structure allows for potential investment strategies, but it also introduces risks related to market volatility and liquidity.