1. There is always a difference between the transaction price and the net value of the fund unit. Generally speaking, when the market is bullish, it will be a premium, and when the market is bearish, it will be a discount.

2. If there is a discount, theoretically, there will be arbitrage opportunities when buying ETFs and selling stocks. On the contrary, when trading at a premium, buying stocks and selling ETFs will also make money.

But the question is: is this transaction fee included? Moreover, the China Stock Exchange Fund is a T+2 trading day, and this risk cannot be ignored.

Etf arbitrage requires a lot of skills, and the discount premium operation is best done automatically by the computer. Labor is too tiring, so it is not recommended to participate.

The market is efficient, there are few obvious opportunities, and all bright and intelligent eyes are fixed on the capital market. Who can be smarter?

3. Closed-end funds generally invest in large-cap blue-chip stocks, and their net value trend has a high positive correlation with the market and the Shanghai and Shenzhen 300 Index, which directly corresponds to stock index futures! Then, if investors buy closed-end funds in the stock market and hedge on stock index futures, they will complete the risk-free arbitrage opportunity. Therefore, arbitrage funds enter arbitrage, thus reducing the discount rate of closed-end funds. As for whether discount trading can be avoided, I think it is impossible, which depends entirely on the capital cost of arbitrage funds and the expected investment income target.