1. Understanding the difference between open-end and closed-endfunds Categorizing Mutual Funds 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. From the table, you can see that mutual funds can be broken down broadly according to the fund's organizabon. The term mutual fund usually refers to funds, but, on a practical basis, it refers to both epen- and closed-end funds. Exchange-traded funds (ETrs) are a particular kind: of mutual fund that has characteristics of open-end funds in that the number of shares because the shares publicly traded. fxed, but they are similar to closed-end funds