For each of the following statements regarding mutual funds, indicate whether it is true of open-end, closed-end, or both open- and closed-end funds.

Statement	Open-End Fund	Closed-End Fund
Investors normally buy and sell shares in this fund directly from or to the fund itself as opposed to buying them from or selling them to other investors.
Transactions in this type of fund are usually carried out at a discount or premium to the underlying net asset value of the funds portfolio.

From the table, you can see that mutual funds can be broken down broadly according to the funds organization. The term mutual fund usually refers to_______ (cloed-end, open-end) funds, but, on a practical basis, it refers to both open- and closed-end funds. Exchange-traded funds (ETFs) are a particular kind of mutual fund that has characteristics of open-end funds in that the number of shares ______ (is not, is ) fixed, but they are similar to closed-end funds because the shares ________ (are not, are) publicly traded.