Product options

A range of investment products may be eligible to be quoted on ASX’s market. Unlisted managed funds may elect to utilise the mFund Settlement Service.

Product options

Exchange Traded Funds

Exchange Traded Funds (ETFs) typically seek to track the performance of an index, a currency or a commodity.

Unlisted Managed Funds

Unlisted managed funds may be made available for settlement through the mFund Settlement Service.

Exchange Traded Managed Funds

Exchange Traded Managed Funds (ETMFs) generally follow an active investment strategy that seeks to outperform an index or benchmark.

Listed Investment Companies & Trusts

Listed Investment Companies (LICs) and Listed Investment Trusts (LITs) are closed-ended vehicles that follow an active investment strategy.

SINGLE ASSET Exchange Traded Products

Single asset Exchange Traded Products (ETPs) track the performance of a specific security.

Structured products

Investors in structured products typically don’t receive an interest in a portfolio of assets, relying instead on rights against the issuer under the terms of issue.

Key features of different investment product structures

	LIC	LIT	mFund	ETMF	ETF
Governance	Board of Directors	Responsible Entity	Responsible Entity	Responsible Entity	Responsible Entity
Typical vehicle structure	Public company	Registered Managed Investment Scheme (MIS)	Registered Managed Investment Scheme (MIS)	Registered Managed Investment Scheme (MIS) or applicable foreign company	Registered Managed Investment Scheme (MIS) or applicable foreign company
Open or closed ended	Closed ended	Closed ended	Open ended	Open ended	Open ended
Relevant Rules	ASX Listing Rules	ASX Listing Rules	ASX Operating Rules (AQUA Rules)	ASX Operating Rules (AQUA Rules)	ASX Operating Rules (AQUA Rules)
Form of Admission	Trading, clearing and settlement	Trading, clearing and settlement	Settlement only	Trading, clearing and settlement	Trading, clearing and settlement
Minimum admission size	$15m NTA and 300 investors @ $2k each	$15m NTA and 300 investors @ $2k each	N/A	N/A	N/A
Liquidity	Secondary market trading. Price set by supply and demand in market.	Secondary market trading. Price set by supply and demand in market.	Primary market. Applications and redemptions are processed by the Issuer at a unit price set in accordance with the Issuer's unit pricing policy (typically daily priced).	Secondary market trading. Liquidity supported primarily by market makers	Secondary market trading. Liquidity supported primarily by market makers