Because stocks are speculated based on expectations, the expected value of earnings may rise much higher than the current price. Therefore, there will be a premium; the net value of the fund is calculated based on the component stocks, and the actual thing is more money.

The specific reasons are as follows:

1. The net value of base closing is generally announced only once a week, which is not timely compared with the daily announcement of base opening.

2. The base share is fixed, there is no commission income, the management fee income is fixed, and there is no marketing value, so there is no performance pressure on the fund managers who can choose to choose.

3. There are too few closed funds that can be invested in the market, and there are even fewer newly opened ones. The fundraising procedures are cumbersome, the agency is single, and most investors are insurance funds, and this type of funds is rational. Funds therefore must be discounted to be attractive.

4. If investor sentiment is high when the stock market is high, the discount rate for base closing will be lower, but it will be higher during a bear market. It is generally around 10% in foreign countries, and ranges from 10% to 40% in my country. Yes, this is directly related to the distance of the maturity date. Some funds that convert to open-end funds before maturity will choose to pay a large proportion of dividends, and some will discount the dividend, and the factors of the discount will change with the gradually disappear as the expiration date approaches.