Daiwa Asset Management told the Tokyo Stock Exchange on September 2 that its exchange-traded fund tracking the MSCI Japan Human and Physical Investment Index (ticker 1479) has closed at a flat ¥50,500 for seven straight trading sessions, even as the fund's net asset value climbed from ¥54,878.9 to ¥55,865.2 over the same stretch. The result is a market price sitting persistently below the value of the assets the ETF actually holds, a gap that has now run at 5% or more for seven consecutive business days.
The divergence widened from 7.9% on August 24 to as much as 9.7% on August 28, before easing slightly to 9.6% by September 1, the most recent session covered in the notice.
| Date (2026) | Market price | Net asset value (per unit) | Divergence |
|---|---|---|---|
| Aug 24 | ¥50,500 | ¥54,878.9 | 7.9% |
| Aug 25 | ¥50,500 | ¥55,145.4 | 8.4% |
| Aug 26 | ¥50,500 | ¥55,505.8 | 9.0% |
| Aug 27 | ¥50,500 | ¥55,416.1 | 8.8% |
| Aug 28 | ¥50,500 | ¥55,934.1 | 9.7% |
| Aug 31 | ¥50,500 | ¥55,809.4 | 9.5% |
| Sep 1 | ¥50,500 | ¥55,865.2 | 9.6% |
Daiwa attributes the gap to one specific mechanical cause: low trading volume in the ETF is preventing the arbitrage process that normally keeps an ETF's market price tethered to its underlying net asset value from functioning properly. When too few investors are trading the fund, that arbitrage process does not have enough volume behind it to work, and the price can drift away from the value it is meant to track.
Daiwa's notice does not attribute the gap to any change in the underlying index, fund holdings, or NAV calculation methodology, and it stops short of predicting how long the mismatch will last. It warns only that further divergence between market price and net asset value is possible depending on future supply and demand, and advises investors to take care when trading the fund. For anyone holding or considering ticker 1479, the practical takeaway is that buying or selling at the quoted market price, rather than a limit order closer to NAV, currently means transacting at a price that has been running roughly 8 to 10% away from the fund's actual asset value for more than a week.