Mitsubishi UFJ Asset Management told the Tokyo Stock Exchange on August 31 that its MAXIS JAPAN Proactive Investment in Physical and Human Capital 200 Index ETF (ticker 1485) has traded at a discount of 5% or more to its net asset value for seven consecutive business sessions, starting August 20.
The pattern is stark because it is the market price, not the underlying value, that has stalled. The closing price sat at 53,550 yen for four straight sessions, then ticked up to 54,550 yen and stayed there, while the fund's per-unit net asset value kept climbing, from 57,134 yen on August 20 to 58,054 yen on August 28.
| Date | Market close | NAV per unit | Divergence |
|---|---|---|---|
| Aug 20 | ¥53,550 | ¥57,134 | 6.27% |
| Aug 21 | ¥53,550 | ¥57,011 | 6.07% |
| Aug 24 | ¥53,550 | ¥57,314 | 6.57% |
| Aug 25 | ¥54,550 | ¥57,600 | 5.30% |
| Aug 26 | ¥54,550 | ¥57,737 | 5.52% |
| Aug 27 | ¥54,550 | ¥57,741 | 5.53% |
| Aug 28 | ¥54,550 | ¥58,054 | 6.04% |
The widest gap came on August 24, when the ETF closed at a 6.57% discount to its stated value. The most recent reading, from August 28, still showed a 6.04% shortfall.
Mitsubishi UFJ's own explanation is simple: the fund trades too thinly for arbitrage to work. Authorized participants normally keep an ETF's market price tethered to its NAV by creating or redeeming units when a gap opens, but that mechanism needs volume to function. The manager says low turnover in 1485 is preventing that correction from happening, and it is telling investors buying or selling the ETF to watch the spread between price and NAV closely before trading.
The notice does not say when, or whether, the gap will close. It is a caution, not a fix.