Simple explanation. If a new base cover is issued now, such as fund Anshun II, with a net value of 1 yuan, a price of 1 yuan and a discount rate of 0, will you buy it? Obviously not. Therefore, the release of a new back cover will definitely not sell. So there will be no new back cover. In order to sell the base set, the fund company must find other ways to make the base set more attractive, so there is an innovative base set.

In recent years, two innovative base covers without leverage have been successfully issued, which is a great advantage of optimization and credit construction. These two companies only have a few things in common: they both have discount lifeboats (products are designed on the assumption that they will trade at a discount), the renewal period is short (it will expire in five years), and the active dividend is written into the contract (dividend reinvestment will affect the final rate of return), both of which were issued when the market continued to rise in 2007 (many people bought them, making it easier to raise funds). Since closed-end funds cannot be redeemed, once they are traded in the secondary market, they cannot be discounted. How many people are willing to buy a five-year innovative closed-end fund with a net value of 1 yuan, and immediately discount it at 15% when it goes public one month later, when you can only sell it at 0.85 yuan? Only a large company with good reputation can successfully issue a non-leveraged innovation back cover by increasing innovation highlights in a very strong market. I believe that in the near future, a new innovative cover will be born!