Product options

A range of investment products may be eligible to be quoted on ASX’s market.

Product options

Exchange Traded Products

Exchange Traded Products include Exchange Traded Funds (ETFs) and Structured Products.

ETFs are open-ended collective investment vehicles, such as registered managed investment schemes. A wide range of investment strategies and underlying securities can be admitted in the ETF structure.

Structured Products are open-ended securities or derivatives that gives financial exposure to the performance of underlying instruments. Investors typically don’t receive an interest in a portfolio of assets held by the Structured Product, instead relying on rights against the issuer of the product under the terms of issue.

Listed Investment Companies & Trusts

Listed Investment Companies (LICs) and Listed Investment Trusts (LITs) are closed-ended vehicles that follow an active investment strategy.

Key features of different investment product structures

	LIC	LIT	ETF
Governance	Board of Directors	Responsible Entity	Responsible Entity
Typical vehicle structure	Public company	Registered Managed Investment Scheme (MIS)	Registered Managed Investment Scheme (MIS) or applicable foreign company
Open or closed ended	Closed ended	Closed ended	Open ended
Relevant Rules	ASX Listing Rules	ASX Listing Rules	ASX Operating Rules (AQUA Rules)
Form of Admission	Trading, clearing and settlement	Trading, clearing and settlement	Trading, clearing and settlement
Minimum admission size	$15m NTA and 300 investors @ $2k each	$15m NTA and 300 investors @ $2k each	N/A
Liquidity	Secondary market trading. Price set by supply and demand in market.	Secondary market trading. Price set by supply and demand in market.	Secondary market trading. Liquidity supported primarily by market makers