Closed-end funds are investment funds that raise investor capital through initial public offerings. After the initial raise, closed-end funds are typically closed to additional investment. As with "open-end" mutual funds, closed-end funds can provide investors with exposure to a variety of investment strategies. However, closed-end funds are generally not subject to concentration, liquidity, leverage and other regulatory restrictions imposed on open-end funds. As a result, closed-end funds can provide investors with exposures not otherwise available through traditional mutual funds. The securities of closed-end funds (usually shares or trust units) are typically listed for trading on a public stock exchange.