29 Apr 2019


All things Exchange Traded Managed Funds

In December 2017, Montgomery launched the Montgomery Global Equities Fund (Managed Fund) (ASX: MOGL).  The Fund is an Australian registered managed investment scheme and unit trust, where each investor’s money is pooled with other investors’ funds. Each Unit represents an equal share in the net assets of the Fund.

What is an active Exchange Traded Managed Fund?

 An active Exchange Traded Managed Fund (ETMF) is, most simply, a managed fund that is traded on a stock exchange such as the ASX. They are built like managed funds, but trade like shares, meaning that pricing is transparent and they can be bought and sold during any trading day just like ordinary shares.

 Active ETMFs share many similarities with exchange traded funds (ETFs) but have one key difference: ETFs are “passively managed” and aim to track a particular benchmark or index, whereas ETMFs are “actively” managed by fund managers with the aim of outperforming a relevant benchmark.

Tracking the investment in real time

The net asset value (NAV) of the Fund is calculated by deducting the liabilities (including any accrued fees) of the Fund from the aggregate value of assets.

The NAV on a particular business day reflects the value of the Fund on the previous day at the close of trading in each market in which the Fund invests. The NAV per Unit is calculated by dividing the NAV by the number of Units on issue in the Fund. An estimated NAV per Unit is published daily on the website.

During each ASX Trading Day, an indicative NAV (iNAV) is published to take into account any movement of the prices of those securities that comprise the Fund’s investment portfolio and any foreign exchange movements. The indicative iNAV is also published by the Fund throughout the ASX trading day on the website.

How to invest 

Investors invest in the Active ETF by using a stockbroker as if they were buying a share. 

Investors can access MOGL through one easy trade on the ASX using the ticker code MOGL.  You can invest via an online broker (like nabtade, CommSec), through a full service broker or speak to your financial adviser. 



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