closeended

Close-ended (often written closed-ended) is a general term used in English to describe things that are fixed, restricted, or not open to alteration after creation.

In survey research and data collection, close-ended questions present a finite set of response options. They contrast with open-ended questions, which allow free text responses. Close-ended formats include multiple choice, dichotomous (yes/no), or Likert scales. They facilitate rapid coding and quantitative analysis but may constrain respondent expression and reduce nuance. Designers aim to ensure options are exhaustive and mutually exclusive; pilot testing helps identify gaps or bias; researchers must balance precision with respondent burden.

In finance, the term is used in closed-end funds, or closed-end funds (CEF). These are investment funds that issue a fixed number of shares in an initial offering and then trade on a secondary market. Unlike open-ended funds, new shares are not continuously created and redeemed at net asset value; instead, share prices are driven by supply and demand and may trade at a premium or discount to NAV. CEFs can employ leverage and may have higher management fees; liquidity is linked to exchange activity and underlying assets. The term reflects the fixed capitalization rather than the liquidity model.

The phrase underscores the broader concept of being not open-ended, in contrast to open-ended or unrestricted, and is used across disciplines with context-dependent meaning.