Which entities are valued each day at the close of market based on their net asset value?

Open-end management companies, commonly known as mutual funds, are valued each day at the close of the market based on their net asset value (NAV). The NAV is calculated by taking the total value of all the fund's assets, subtracting any liabilities, and dividing this figure by the number of outstanding shares. This daily valuation process is essential for mutual funds, as it ensures that investors buy and sell shares at a fair price determined by the fund's overall performance and the value of its underlying securities.

In contrast, closed-end funds and exchange-traded funds (ETFs) do not have their shares valued at NAV throughout the trading day. Closed-end funds trade on an exchange throughout the day at market prices, which can differ from their NAV. Similarly, ETFs also trade on exchanges and are priced based on supply and demand, although they typically strive to maintain a close relationship to their NAV due to the mechanism of creation and redemption of shares.

Given this understanding, open-end management companies uniquely provide a daily NAV calculation that reflects the value of the fund's assets relative to the shares outstanding, making them the correct answer to the question regarding entities valued daily at market close based on net asset value.