Load vs. no-load and open vs. closed end funds are technical terms in the mutual fund industry. No load mutual funds sell directly to investors. These are the types of funds you want. Load mutual funds charge a commission when you purchase them and are usually sold through stockbrokers. Do not buy load mutual funds. All or almost all mutual funds from the top mutual fund companies (BlackRock, Vanguard, Charles Schwab, TIAA) are no-load funds.
Open-end funds are the ones you want. Open end funds sell shares directly to investors, and the funds will redeem the shares (that is, buy back the shares) when the customer wants to sell them. All or almost all of the top mutual fund companies’ mutual funds are open end funds.
Closed end funds sell shares to investors at the creation of the funds but do not redeem them when the customer wants to sell them. The closed end funds are listed on stock exchanges, and any buying and selling takes place on the stock exchange. A fund manager actively manages the closed end fund but, as I said, does not redeem the shares. Closed end mutual funds have been in existence for almost one hundred years. ETFs are relatively new but will have many advantages over closed end mutual funds. Therefore, you would do better with an ETF than a closed end fund.