An investment fund with share certificates that are limited in advance. When the planned volume is reached, the fund is closed and no more shares are issued. The market value of a share is not based on the actual, proportional value of the fund’s assets, but is subject to free price formation, so that the fund is often traded at a not inconsiderable premium (agio) or sometimes also at a discount (disagio) compared to its net asset value, depending on supply and demand. In the case of a closed-end fund, the investor has no right to redeem the share. The shares can only be sold to third parties, possibly via a stock exchange.