The reason why closed-end funds are different from open-end funds is that the closer they get to the redemption period, the lower the discount rate, because the liquidity of funds is getting stronger and stronger, and the requirements for liquidity compensation are getting lower and lower. The net value of fund shares refers to the total property value of the fund calculated according to the market closing price of each open day, after deducting the fund's various costs and expenses, and then divided by the total number of fund shares issued on that day.

The accumulated net value of the fund is equal to the sum of the net value of the share on the day since the establishment of the fund and the accumulated dividends. The net value of some fund shares is lower than the face value, and the accumulated net value is high because the accumulated net value of the fund is equal to the net value of the fund shares after deducting dividends.