The price of each unit (the 'unit price'), at any time, is determined by dividing the fund's net asset value (total assets minus total liabilities) by the number of units on issue in the fund at that time.
The unit price will vary as the market value of the net assets of the fund rise and fall.
Each of the Spaceship Universe Portfolio and the Spaceship Origin Portfolio invest in companies listed on international stock markets. Because those markets usually close the following morning, the unit price for a business day is calculated after 11am on the next business day.
We do this to ensure the unit price reflects the market value of shares listed on international stock markets at the close of those markets.
For example, if you submitted an investment instruction and the necessary funds before 5pm on a Thursday (assuming it is a business day), the unit price for units we issue to you will be calculated after 11am on Friday (being the next business day).
And, if we receive the necessary funds after 5pm on a Thursday (assuming it is a business day), the unit price for the units we issue to you will be calculated after 11am on Monday (being the next business day).
For larger investments, we may require cleared funds and some additional information before processing your instructions. You will receive the unit price on the next business day after we process your request.
A business day is a day other than a Saturday, Sunday or public holiday in New South Wales.