Closed-end funds are frequently issued at a ______ to NAV and subsequently trade at a __________ to NAV.

Name: Closed-end funds are frequently issued at a ______ to NAV and subsequently trade at a __________ to NAV.
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Closed-end funds are often issued at a premium to their net asset value (NAV) due to initial offering expenses and hype, but they frequently trade at a discount to NAV in the secondary market as the initial excitement fades and market dynamics come into play.

Closed-End Funds Are Frequently Issued at a ______ to NAV