Final answer:
Closed-end funds do not offer daily liquidity.
Step-by-step explanation:
When describing the features of a closed-end fund to a client, it would be incorrect to say that they offer daily liquidity. Unlike open-end funds, closed-end funds do not buy back their own shares from investors, which means that investors cannot easily sell their shares on a daily basis. Instead, closed-end funds are traded on the stock exchange, and buyers and sellers must rely on market transactions to trade shares.