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John Dapper is an investor who has just purchased shares of Grande
Investments, a pooled investment vehicle, on the New York Stock Exchange
(NYSE). Grande Investments is most likely:- A. a closed-end mutual fund.
- B. an open-end mutual fund.
- C. not a mutual fund.
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Up3
The correct answer is A.
Since Grande Investments is a pooled investment vehicle whose shares can be purchased from the secondary market, it is categorized as a closed-end mutual fund. Open-end fund’s shares can only be purchased from the fund managing firm. Hedge fund shares rarely trade on exchanges.
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