This is for closed-end funds. The discount rate means that the net value of the fund is higher than the transaction price in the secondary market, and the yield rate means that the net value of the fund is lower than the transaction price in the secondary market. The net value of the fund is equivalent to the central value of the fund. If it exceeds the value, it will generally fall. Therefore, the higher the P/E ratio, the greater the downside of the fund and the greater the possibility. The higher the discount rate, the greater the possibility of rising and the greater the space. Also, when opening to the outside world, if the discount rate is high, you can arbitrage in two markets.