Glossary
- Call (warrant)
- Cancelled order
- Cap (investment and leverage products)
- Capital increase
- Capital market
- Capital reduction
- Capital stock
- Cash dividend
- Cash market
- Cash settlement (warrants)
- Cash settlement price
- Cashflow
- CDAX
- Central bank
- Certificate
- Certificate of renewal
- Changes to the composition of an index
- Chart
- Chart analysis
- Classic All Share
- Clearing
- Close out
- Closed-end fund
- Closing Price
- Coco bond
- Collective custody
- Commercial paper
- Commission
- Commission trading
- Commodity futures
- Commodity futures exchange
- Common gap
- Compliance guidelines
- Conditional capital increase
- Consumer Confidence
- Continuous trading
- Convertible bond
- Cooperative stock exchanges
- Corporate bond
- Correlation coefficient
- Counter transaction
- Countercyclical investment
- Countercyclical stocks
- Country risk
- Coupon
- Covered warrant
- Creation
- Credit risk
- Creditworthiness
- Cum
- Currency bond
- Cyclical shares
- Cyclical stocks
Closed-end fund
A closed-end fund, issued by an investment firm, has a predetermined fixed number of shares and a limited investment volume. As soon as the planned volume is reached, the fund is closed and shares are no longer issued.
In some countries, such as the USA, the shares of such funds can be traded on an exchange. In Germany, however, only the investment company can buy back the shares. However, investors do not have a right to sell their shares, i.e. the investment company is not obliged to buy them back. If investors want to sell before the shares mature, they often must pay a high premium.
The resale value of a share during the fund's maturity is not based on the share's representative value of the fund's current total assets. Instead, it underlies the market value determined by supply and demand. Therefore, the shares are often traded at a high premium or discount relative to their actual inventory value. Closed investment funds are not subject to the investor-protection regulations outlined by the German Capital Investment Companies Act (KAGG).
Antonym: open fund
Deutsche Börse 
