Closed-ended funds have a fixed unit capital, and a limited number of units are sold during their New Fund Offer (NFO) period. After the NFO period, investors cannot purchase units of a closed-ended fund. These funds raise a predetermined amount of capital through NFOs by issuing a fixed number of shares, which are then traded like stocks. The stock price of a closed-end fund is subject to market fluctuations, such as supply and demand, as well as changes in the values of the securities held by the fund