Insights


ETFs Under the Microscope:

Understanding the Closing Price Premium/Discount vs Net Asset Value of ETFs




Date 

Closing Price

STW

NAV

STW

 

Closing Price

S&P/ASX

200 Index

31 Dec 2019

61.82 61.7821 6,684.075

31 Mar 2020

47.99 47.0223 5,076.827

Change (%)

-22.37% -23.89% -24.05%

Source: Bloomberg Finance L.P. as of 31 March 2020

Source: Bloomberg Finance L.P. as of 31 March 2020

Source: Bloomberg Finance L.P. as of 31 March 2020

Phase

Time

Best Bid

Best Offer

Reference Price / Closing Price

iNAV / NAV

Normal Trading

3:59:59 PM $46.51 $46.61   $46.55

Pre CSPA

4:00:00 PM

$46.50

$46.61   $46.55

Pre CSPA

...        

Pre CSPA

4:00:02 PM

$46.47 $46.57   $46.55

Pre CSPA

4:00:05 PM $48.94 $46.57 $46.57 $46.55

Pre CSPA

4:00:06 PM

$48.94 S46.58 $46.58 $46.58

Pre CSPA

...        

Pre CSPA

4:00:28 PM $48.94

$48.49

$48.49

$46.58

Pre CSPA

4:05:21 PM

$49.94

$48.40

$48.40

$46.58

Pre CSPA

 

4:05:22 PM $49.94 $48.39 $48.39 $46.58
Pre CSPA ...        
Pre CSPA 4:09:54 PM

$49.95

$47.35

$47.35

$46.58
CSPA

4:10:10 PM $49.95 $47.34 $47.34 $46.58
CSPA
4:10:24 PM $49.95 $47.99 $47.99 $46.58
CSPA
4:09:54 PM $49.95 $41.95 $47.99 $46.58
CSPA
4:09:54 PM $47.12 $41.95 $47.99 $46.58
CSPA
4:09:54 PM $47.12 $47.99 $47.99 $46.58
CSPA
4:09:54 PM     $47.99 $46.58
Closing Price

$47.99 $47.0223
Disclosures