Shenzhen will answer you with great probability:

The discount rate of funds refers to the fact that the market price of closed-end funds is lower than the Net Assets Value (net assets value; NAV). For example, if the market price of a closed-end fund is 17 yuan and the net NAV is 2 yuan, we will say that its discount rate is (17-2)/2=-15%.

It is normal for closed-end funds to have a discount rate. However, in most of the early years when the stock market is soaring, there will also be a state where the net NAV is 2 yuan and the market price is 6 yuan's premium. At this time, there is no discount rate, but a premium rate. According to domestic and foreign experience, it is normal that the price of closed-end fund transactions is discounted. In addition to investment objectives and management level, the discount rate of closed-end funds is an important factor in evaluating closed-end funds, and there are certain investment opportunities for investors with high discount rate of closed-end funds. [1]

As for open-end funds, the discount rate is always zero. Because the market price of open-end funds is based on the net value, the net value NAV is 2 yuan, and the market price is 2 yuan, so there will never be a discount.