Smart are listed securities on the NZX. Orders are placed through our broker, Craigs Investment Partners.

All Smart orders are aggregated by the Custodian at 12pm each business day and sent to our broker. Orders are executed on the market later that afternoon. Any orders loaded after this time will be processed the following business day.

Buy and sell requests are not matched – each is placed independently.

Minimum investment amount is $50, when part of a Regular Investment Plan, or $250 for one-off investments.

Buy Orders

Unlike other funds we offer, where buy orders are placed for a dollar value, Smartshares orders are placed in units.  Also, unlike the other funds we offer, Smart are not available in partial units.  Because of these two characteristics, buy orders for Smart are processed as follows:

• We need to allow for a scenario where the unit price increases between the time when you load your order and when it is traded by our broker.  In such a situation, you would over spend.
• The Custodian will instruct the broker to spend the amount you have requested less circa 2 times the unit price of the specific Smartshare.
• Here is a simple example:
  • You place a buy order for $600 worth of US 500 Fund, with the current unit buy price being $6.00.
  • The Custodian will place a buy order for $600-$12 ($600 less 2 x $6)

Any residual funds from your purchase will appear as available cash in your InvestNow Transaction Account.

Sell Orders

Sell orders are placed in units and funds are credited to your InvestNow account upon settlement.