The connotation of the discount rate is like this. Referring to the net value of the fund, the price of the fund is a kind of depreciation relative to the net value of the fund, so the denominator should be the net value, not the price. The formula of the actual discount premium is the same: the discount rate = (transaction price-fund unit net value)/fund unit net value * 100% If it is negative, it is the discount rate; If it is positive, it is the premium rate. Because closed-end funds are listed on the exchange, their buying and selling prices are greatly influenced by the relationship between market supply and demand. When the market supply is less than the demand, the buying and selling price of fund shares may be higher than the net asset value of each fund share, and then the fund assets owned by investors will increase, that is, a premium will be generated; When the market supply exceeds demand, the fund price may be lower than the net asset value of each fund unit, which means discount. At present, the discount rate of closed-end funds is still high, mostly between 20% and 40%, among which the discount rate of small and medium-sized funds with short term is low. It is certainly better to buy the same fund when the discount rate is high; However, the choice of funds should not only look at the discount rate, but also choose some small and medium-sized funds with moderate discount rate and short term. According to the experience at home and abroad, it is normal for closed-end funds to discount their trading prices. Discount will affect the investment value of closed-end funds. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds, and investors with high discount rate have certain investment opportunities. Because closed-end funds should be paid or liquidated according to their net value after the operation expires, the higher the discount rate, the greater the potential investment value.