Closed-end fund shares trade throughout the day, so the buying/selling...

Shares of closed-end funds do trade throughout the day, but the buying/selling interest determines the market price for the shares, not their NAV. Open-end and closed-end funds calculate the NAV at the end of the trading session. For both, the NAV is the difference between the fund assets and liabilities, divided by the outstanding shares. For open-end funds, shares are then redeemed at that price or sold at a price based on the NAV. For closed-end funds, the market price for the shares could be above or below that NAV during a trading session. Or, it could trade for exactly the NAV.