AEF Unit Price

What is a unit price and how does it work?

When you invest in the MAP Australian Equity Fund (AEF), we allocate a number of units to indicate your share of the Fund. As the market value of the Fund’s assets moves, the value of each unit (and thus the value of your share of the Fund) moves proportionately.

When does the value of a unit change?

Each week, we revalue the assets of the Fund and calculates a new unit price.

Buy/Sell Spread

When you purchase units in the Fund, you pay the Issue Price, which is the Current Unit Value plus a buy spread. When you redeem units, you are paid the Redemption Price, which is equal to the Current Unit Value. The difference between the two prices is called the buy/sell spread.

The buy/sell spread is 0.70%. This amount is determined by MAP based on our estimate of the transactions costs incurred in buying and selling the Fund's underlying assets.

Due to the method by which the Net Fund Value is calculated, MAP applies the buy/sell spread upon application to the Fund, therefore no buy/sell spread applies to redemptions from the Fund. This means that when you purchase units in the Fund, you pay the Issue Price, which is the Current Unit Value plus 0.70%. When you redeem units, you are paid the Redemption Price, which is equal to the Current Unit Value. Refer to the MAP Australian Equity Fund Product Disclosure Statement for details.

Fund Returns

Changes in unit prices give an indication of the before tax return on your account. The Fund distributes its taxable income (including tax benefits such as franking credits) bi-annually at the end of December and June and hence does not pay any income tax. When this distribution is made, the value of the Fund decreases by the amount of the distribution, and hence the unit price also decreases. Unless the distribution is factored back in, the change in unit prices over multiple years does not equate to the Fund's return.