A: The price of closed-end funds can be understood from three aspects: face value, net value and market price. Among them, the face value is the book value of the fund, the net value is the actual value of the fund and the market price is the actual price of the fund. Face value and net value are the basis of market price, and market price is the market expression of face value and net value. The face value and net value belong to the value category, which is mainly determined by the intrinsic value and income of the fund itself, while the market price belongs to the price category, which is mainly determined by the relationship between market supply and demand. For investors, after the fund is closed, the face value has no practical significance, mainly focusing on its net value; When the fund is listed and traded, we should pay more attention to the market price of the fund and the net value behind the market price.