Nomura Asset Management told Tokyo Stock Exchange investors on August 17, 2026 that its NEXT FUNDS Nikkei 300 Index Exchange Traded Fund (ticker 1319) had been trading persistently below its own net asset value, with the gap growing wide enough that the manager filed a formal notice.
For seven consecutive trading sessions from August 5 through August 14, the fund's market price on the Tokyo Stock Exchange ran more than 5% under its per-unit NAV. The gap opened at -5.47% on August 5, when NAV stood at 783.12 yen against a market price of 740.3 yen. It widened to -5.89% the next day, then fluctuated over the following week, from -6.50% on August 7 to -7.49% on August 10, before easing to -6.68% on August 12 and widening again to -7.87% by August 14, when NAV hit 814.14 yen but the market price sat at just 750.1 yen.
| Date | NAV per unit (yen) | Market price (yen) | Divergence |
|---|---|---|---|
| Aug 5 | 783.12 | 740.3 | -5.47% |
| Aug 6 | 786.66 | 740.3 | -5.89% |
| Aug 7 | 791.77 | 740.3 | -6.50% |
| Aug 10 | 796.91 | 737.2 | -7.49% |
| Aug 12 | 803.76 | 750.1 | -6.68% |
| Aug 13 | 809.9 | 750.1 | -7.38% |
| Aug 14 | 814.14 | 750.1 | -7.87% |
Nomura Asset Management said the dislocation reflects market supply and demand conditions. Its stated fix is more trading, not portfolio action: the manager expects the gap to narrow as trading activity picks up and supply and demand improve, and it told anyone buying or selling the ETF to watch the NAV-to-price spread closely before trading.
The notice does not identify a specific liquidity event, market-maker action, or index rebalancing behind the imbalance. It leaves open how long a near-8% discount might persist on a fund built to track the Nikkei 300 index.