Because closed-end funds are traded on the floor, there is a reserve price. In addition, because it is a fund, it also has a unit net value.

When the on-site transaction price is less than the unit net value, it is a discount.

(Net unit value-transaction reserve price) ÷ Net unit value = discount rate

When the reserve price is greater than the unit net value, it is a premium.

(Bottom price-unit net value) ÷ unit net value = premium rate