The liquidity lack of fund market is the main reason that cause the discount of closed-end fund of our country.

基金市场流动性的缺失是造成目前我国封闭式基金深度折价交易现象的主要原因。

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The discount of closed-end fund always is one of the puzzles in financial area.

封闭式基金折价现象一直是金融领域中的一个难解之谜。

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However, because of the special operation environment, China closed-end fund discount has its own characteristics different from that of foreign countries, which deserve further research.

而我国的封闭式基金因为运行环境的特殊性，存在着许多有别于国外封闭式基金的特点，值得深入的研究。

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There are several ways to invest in small-cap stocks, including some very liquid small-cap ETFs, a closed-end small-cap fund, or through individual small-cap stocks, where the risk (as well as the potential reward) is much higher.

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Bruce Jenkyn-Jones and Ian Simm at Impax Asset Management run the three-year-old Impax Environmental Markets fund, a closed-end fund with 41 million pounds in assets.

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An alternative to EWG is the New Germany Fund ( GF), a closed-end fund that invests primarily in small- and mid-cap German companies.

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