An Active ETF is an exchange traded fund that combines the convenience of an ETF with the expertise of an active investment manager.

Like any ETF, it trades on the ASX and can be bought and sold throughout the day, providing a simple way to access an investment strategy through a brokerage account. What makes an Active ETF different to a Passive ETF is the investment approach: instead of tracking an index, the portfolio is actively managed with the aim of delivering a specific outcome — such as long-term capital growth — by selecting and adjusting holdings as opportunities change.

Active ETFs also offer a high level of pricing transparency and market accessibility. Many provide an indicative net asset value (iNAV) throughout the trading day, which gives investors a guide to the portfolio’s estimated value and supports fair trading. Depending on the structure, some Active ETFs publish holdings regularly (often with a time lag) to balance transparency with protection of the investment process. For investors, the result is a vehicle that brings together daily liquidity, flexibility, efficiency via exchange-traded access and active management.

Bell Asset Management

In November 2023, the ASX announced it was winding down the ASX Managed Fund Settlement Service (mFund), citing a sustained decline in demand. Expected completion of closure is 31 May 2026, with funds being progressively removed in the lead up.

Subsequently, Bell Asset Management is removing the following Funds from the mFund platform:

• The Bell Global Emerging Companies Fund (Class A) (mFund reference: BLM01) was removed in March 2026, with units converted to a listed, Active ETF (ASX: B1SM).
• The Bell Global Equities Fund (Platform Class) (mFund reference: BLL01), was removed in March 2026, with units converted to unlisted holdings.