For a smooth function with negative second derivative on the interval ($f''(x)<0$; concave downward), the straight-line segment between two data points (the basis of the trapezoidal rule) lies below the curve.
Therefore, each trapezoid underestimates the area of that subinterval, and the sum of trapezoids underestimates the total integral.
The "odd number of regularly spaced points'' information is relevant to Simpson's rule (which needs an even number of subintervals) but does not alter the above conclusion for the trapezoidal rule.
Hence, the trapezoidal-rule area is less than the exact area.
\[
\boxed{\text{Trapezoidal approximation }<\ \text{true area for concave-down functions.}}
\]