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When describing the features of a closed-end fund to a client you would not say that they

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Final answer:

Closed-end funds do not offer daily liquidity.

Step-by-step explanation:

When describing the features of a closed-end fund to a client, it would be incorrect to say that they offer daily liquidity. Unlike open-end funds, closed-end funds do not buy back their own shares from investors, which means that investors cannot easily sell their shares on a daily basis. Instead, closed-end funds are traded on the stock exchange, and buyers and sellers must rely on market transactions to trade shares.

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