Open-End Fund

An open-end(ed) fund is a collective investment which can issue and redeem shares at any time. An investor can purchase shares in such funds directly from the mutual fund company, or through a brokerage house.Open-ended funds are available in most developed countries, however terminology and operating rules vary. For example in the U.S. they are called mutual funds, in the UK they are either unit trusts or OEICs (Open-Ended Investment Companies) and in most of Europe they are SICAVs.
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Noun
1. a regulated investment company with a pool of assets that regularly sells and redeems its shares
(synonym) mutual fund, open-end investment company
(hypernym) investment company, investment trust, investment firm, fund
(hyponym) index fund

Used in the context of general equities. Mutual fund that continually creates new shares on demand. Mutual fund shareholders buy the funds at net asset value and may redeem them at any time at the prevailing market prices. Antithesis of closed-end fund.