You are a long-term investor (less worried about liquidity) You still need some flexibility in being able to purchase/redeem the investment at fair value You prefer a fund that undertakes some tactical asset allocation (changing its strategy based on market conditions) You are comfortable with higher risk. Given the following investment criteria, which fund would be the best fit?

Passively managed, index fund

Actively managed, closed-end fund

Passively managed, open-ended fund

Actively managed, open-ended fund