Voya has approved merging IHD (a closed-end fund) into IEMLX (an open-end mutual fund). Because open-end funds must buy and sell shares at their exact Net Asset Value, this structural shift guarantees that IHD's historical discount will disappear when the deal closes. While the initial announcement caused the discount to tighten significantly, investors buying IHD at the current market price can still capture the remaining spread as it narrows.