Economy

https://www.etf.com/etf-education-center/etf-basics/etfs-vs-closed-end-funds

What Is an ETF?

An ETF, which stands for “exchange-traded fund,” is an investment security that holds other investment assets, such as stocks or bonds. ETFs are pooled securities like mutual funds, but as the name suggests, ETFs trade similarly to stocks on an exchange. Most ETFs passively track a benchmark index, such as the S&P 500, while some are actively managed.
What Is a Closed End Fund?

Closed-end funds, or CEFs, are portfolios of securities that pay out dividends and capital gains distributions, but, unlike ETFs, they can’t create or redeem shares on a daily basis. Instead, CEFs come to market through an IPO with a fixed number of shares. Like ETFs, CEFs trade intraday on an exchange, which means CEFs may trade at premiums or discounts to their net asset value (NAV).

It’s important to note that a closed-end fund is not the same as a traditional mutual fund, which is a type of open-end fund. Most ETFs are structured as open-ended funds, but some may be structured as unit investment trusts (UITs). The main difference between open-end funds and closed-end funds is that an open-end fund can issue an unlimited number of new shares and is priced daily on its NAV, whereas closed-end funds issue only a fixed number of shares.
ETFs vs Closed-End Funds: Similarities and Differences

Comparing the similarities and differences between ETFs and closed-end funds is not the same comparison as ETFs vs mutual funds. ETFs and closed-end funds are similar in that they both trade intraday on an exchange. However, while many ETFs track the performance of an index of securities, closed-end funds are actively managed.

More at the link.

I'm not sure I entirely agree with this article. Seems to me some ETFs also post deviations from Net Asset Value, but it could be I'm the one wrong about it.