Direct ETF redemption without exit load applies when sustained price discounts, absent quotes, or inadequate bid liquidity occur.

Direct redemption of ETF units is available to investors other than market makers through the Fund Management Entity without an exit load where market-pricing or liquidity conditions are met. These conditions include a closing traded-price discount exceeding five per cent of NAV for 30 continuous trading days, absence of quotations on a recognised stock exchange for five consecutive trading days, or inadequate aggregate bid size averaged over seven consecutive trading days.

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