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With a closed ended product, such as a Listed Investment Trust, the number of units or shares is fixed and investors have to trade amongst themselves. Because of this, THEY actually set the share price of each unit or share based on supply and demand. The more investors that want to buy a particular share or unit in a closed ended product, the higher the price and vice versa when more investors want to sell, the lower the price. If the share price is compared to the Net Asset Value, investors can then determine if the product is trading at a premium or a discount. If the share price is higher than the Net Asset Value, then the unit or shares are trading at a premium and conversely, if the share price is lower than the Net Asset Value, the unit or share is trading at a discount.
The unique thing about open ended products, such as Active ETFs, is that premiums and discounts are minimal due to the fact that supply is NOT limited because investors can buying and selling from the fund. This means that the share price typically trades very close to the Net Asset Value of the fund, generally within 1 to 2 cents.
For all of Magellan’s listed funds, we disclose the Net Asset Value every 15 seconds on our website using in intraday indicative NAV, which is called on iNAV, which investors can use to compare to the share price of each listed fund.
Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 (‘Magellan’) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to a Magellan financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellangroup.com.au.
Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain ‘forward-looking statements’. Actual events or results or the actual performance of a Magellan financial product or service may differ materially from those reflected or contemplated in such forward-looking statements.
This material may include data, research and other information from third party sources. Magellan makes no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Magellan. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Magellan will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material.
Any third party trademarks contained herein are the property of their respective owners and Magellan claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan.
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