The manager of the Tokyo-listed NZAM ETF US Treasury 7-10Y (Unhedged), ticker 538A, told the Tokyo Stock Exchange on September 28 that the fund's quoted market price had pulled far away from its net asset value. As of September 25, the fund's net asset value was ¥4,739.10 a unit, while its closing price on the exchange that day was ¥9,433.00, a gap the notice calculates at 99.05%.
| Metric | Value |
|---|---|
| Net asset value per unit | ¥4,739.10 |
| Market closing price | ¥9,433.00 |
| Divergence | 99.05% |
| Divergence level cited in notice | 20% or more |
The ETF's registered name identifies it as holding US Treasuries with seven to ten years left to maturity, without a hedge against yen-dollar currency movements.
The notice states that a divergence of 20% or more occurred between net asset value and market price; the September 25 snapshot puts the actual gap at 99.05%.
The manager says the divergence was sudden and ties it to thin trading volume on the exchange that session.
Exchange-traded funds generally tend to converge toward net asset value as supply and demand drive trading on the exchange, the notice says. The manager warns that if trading volume in 538A stays subdued, the gap between the quoted price and net asset value could persist.
The numbers in the notice are a single-day snapshot from September 25, not a live quote, and the manager makes no claim about where the price or the gap stands now. The practical point for anyone holding or trading 538A is that the screen price may not track the fund's net asset value while trading stays thin.