Open-End funds
The number of shares is unlimited. OE Funds raise money by issuing shares. The shares are quoted on the NAV per day. Shareholders may at any time purchase and offer redemption of shares in the fund in accordance with the value of NAV. OE funds may and may not required to have entry and exit fees. Dividends are reinvested and are not distributed to share holders.
Closed-end funds are listed on a stock market as regular stocks. Price is determined on a market based on the bid-ask spread. Closed MF may pay dividends. The market price is often lower than the book value.
ETF is actually a basket of shares (futures, bonds and other financial instruments, currencies or commodities) traded on the stock exchange as the ordinary shares. It is suitable for traders because of the relatively small sums of money can take a position in an industry sector or a market index (sectoral allocation) or a short position (inverse ETFs). It can pay dividends.