Open$-$end equity mutual funds commonly keep a small fraction of total investments in very liquid money market assets. Closed$-$end funds do not have to maintain such a position in "cash$-$equivalent" securities$.$ What difference between open$-$end and closed$-$end funds m$,$ count for their differing policies? Balanced funds, life$-$cycle funds, and asset allocation funds all invest in both these types of funds? Why can closed$-$end funds sell at prices that differ from net asset value while open$-$end funds do not? What are the advantages and disadvantages of exchange$-$traded funds versus mutual funds? b$.$ What are some differences buiween hedge funds and mutual funds?