Etf is an open-end fund with variable fund share, which is listed and traded on the exchange. Discount rate = (unit net share-unit market price)/unit net share.

Transactional open-end index funds, also known as ExchangeTradedFunds (ETF), are open-end funds with variable fund shares, which are listed and traded on the exchange.

Discount rate = (unit net share-unit market price)/unit net share. According to this formula, when the discount rate is greater than 0 (that is, the net value is greater than the market price), it is a discount, and when the discount rate is less than 0 (that is, the net value is less than the market price), it is a premium. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds.