Closed funds have 2 prices, market capitalization and net capitalization.

The so-called market value changes in real time every day just like stocks. It is the price that everyone speculates on.

As for the net worth, like an open fund, the fund company takes all of our money and lets the fund manager manage it, and the income is obtained by purchasing investment products such as stocks and bonds.

The net value of closed funds is published weekly.

The discount value is the difference between the net value and the market value, and the discount rate is the ratio of the difference/net value.

Why do closed funds have such characteristics? It is because when a closed fund is established, its share is fixed, usually around 3 billion, and the closing period is 10 to 15 years.

During this period, if you originally purchased the closed stock with a face value of 1 yuan, you cannot redeem it from the fund company until it expires.

That’s why it’s called a closed fund.

However, it can be circulated in the securities market like stocks, which is very different from open funds.

So for example, if you bought 10,000 shares at 1 yuan, you cannot redeem them until they expire. However, these funds can be sold on the securities market, that is, transferred to other people. The price of this transfer is speculated by everyone. For example, someone is optimistic about it.

If you are willing to use 1.2 cents to purchase your original fund, you can transfer 2 cents per share (the handling fee is between 1.5 and 3 per thousand per side, depending on the regulations of each securities company, right?

Much cheaper than open funds).

If there are many people who are optimistic about it, then the market price will continue to be raised and your profits will increase.

Of course, if you sell it, you can continue to buy it back for swing operations, and you can arbitrage at any time without affecting your income.

Let me talk about the net value. It is the same as open funds. The fund company makes money by operating its stocks. The net value is announced once a week, but the net value is often much higher than the market value. According to the latest price, it is generally about 30% higher. For example, if you 1

The market value of a closed fund purchased with a face value of RMB 1.3 yuan is now over 1.3 yuan.

However, you can’t get this 3 cent price difference, which is also called discount value or discount amount.

To wait until the maturity date, you can redeem your fund according to 1.3.

Now the country has an idea: after the launch of stock index futures, whether all closed-end futures can be converted into open-end, then even if it has not expired, you can still redeem it according to the net value (market value + discount value) (make sure it is redemption)

return, not transfer).

Even if you don't transfer, you will still have a profit of about 30%.