Bentham - Buy/Sell Spreads

The buy/sell spread is a type of transaction cost incurred when buying and selling the underlying assets of the portfolio. The purpose of the buy/sell spread is to ensure that only those investors transacting in a Fund’s units at a particular time bear the costs of buying and selling the assets as a consequence of their transaction. The spreads will reflect costs such as brokerage, stamp duty, underlying security spreads and other government taxes or charges.

Buy/sell spreads applied to Funds will be adjusted up or down over time in line with sustained changes in transaction costs experienced by a Fund.

The Responsible Entity has reviewed current transaction costs and determined to adjust the buy/sell spreads for the Fund(s) listed in the table below.