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TINA/Spice: Question about buck DC-DC

Other Parts Discussed in Thread: TINA-TI

Tool/software: TINA-TI or Spice Models

I have put up a open loop buck circuit and use this circuit to do simulation. The input stimulus is 3V DC voltage and a 5V square wave with 40% duty to control the high side NMOS. 

In theory, the output should be 3*40%=1.2V. But the simulation result show it is 3.28V. Could you tell me why? You can see my simulation report as attached. Thanks

 

tina simulation report_buck.docx