Because there is a discount rate during the existence of closed-end funds, the current price is usually a few percentage points to more than ten percentage points lower than the net value.

After the expiration, the fund will be cleared and delivered according to the net value, and there will be no discount rate. The current price of the fund will return to the net value, and the expired fund will have a higher price than the fund during its existence.

Therefore, it is generally said that closed-end funds are "more valuable dead than alive".