Markets / Exchange-traded funds / Tanzania
IEACLC matched NAV is TZS 1,318.66
Net asset value per unit, reported by the fund manager. The DSE close is the last price recorded for the listed unit; it can sit above or below NAV.
How far is each close from recorded NAV?
IEACLC closed 0.1% above NAV; VERTEX closed 10.2% below NAV.
Percentage difference between each fund’s DSE close and manager NAV on its latest exact shared date. Zero means price equals NAV.
Observation · medium confidence: The absolute recorded gap is larger for VERTEX-ETF (10.2%) than for IEACLC-ETF (0.1%). The chart establishes the difference, not its cause or persistence.
Each comparison is exact-date: IEACLC 21 Jul 2026 and VERTEX 23 Jul 2026. Newer single-source observations remain outside the calculation.
IEACLC-ETF · published NAV
TZS 1,318.66
DSE close TZS 1,320 · premium to NAV +0.1%
NAV and close · 21 Jul 2026
VERTEX-ETF · published NAV
TZS 367.43
DSE close TZS 330 · discount to NAV -10.2%
NAV and close · 23 Jul 2026
IEACLC exact-date coverage121 NAV · 118 DSE closes · 117 matched dates · NAV archive 27 Jan 2026 to 22 Jul 2026
DSE session audit118 captured-close · 0 no-trade · 3 KCP capture-gap across 121 expected sessions · audited through 23 Jul 2026
VERTEX manager archive restored170 accepted dated NAV observations · 6 Nov 2025 to 23 Jul 2026 · 172 source rows reviewed; 2 conflicting or invalid rows excluded; 2 decimal-comma values normalized
Next expected · fresh24 Jul 2026, 18:00 UTC+03:00 · grace P3D. Refresh follows the next manager publication and verified close.
Sources, method and accessible data
- NAV authority
- Fund-manager regulated self-report · iTrust Finance for IEACLC and Vertex International Securities for VERTEX.
- Market authority
- Dar es Salaam Stock Exchange daily reports · expected-session coverage audited through 23 Jul 2026.
- KCP processing
- Gap = DSE close ÷ recorded NAV − 1. Display rounding only; no interpolation or forecast.
- Rights
- Source-restricted · no downloadable dataset is offered from this view.
| Fund | NAV, TZS | DSE close, TZS | Gap | Status |
|---|---|---|---|---|
| IEACLC-ETF | 1,318.66 | 1,320 | +0.1% | Exact match 21 Jul 2026 |
| VERTEX-ETF | 367.43 | 330 | -10.2% | Exact match 23 Jul 2026 |
Source documents: IEACLC fact sheet · 30 Jun 2026 ↗ · Weekly asset disclosure · 17 Jul 2026 ↗ · IEACLC dated NAV archive ↗ · VERTEX dated NAV archive ↗
An ETF can have two prices at once
NAV answers what the basket is worth per unit. The exchange close answers where the listed unit last traded. A premium or discount is the distance between those two observations—not a verdict on what happens next.
The basket moves
The manager values the securities held by the fund and divides that value by units in issue. That produces NAV per unit.
The listed unit trades
Buyers and sellers meet on the DSE. The close records the last trade, not the manager’s valuation of the basket.
The clocks may differ
NAV and market close can be published on different schedules. A comparison is strongest when both dates are explicit.
Two histories, two different questions
Both funds now carry dated manager NAV histories. The synchronized views join those records to DSE-authoritative closes only when the calendar date matches; unmatched observations remain visible in the source histories but never become fabricated pairs.
Visual investigation · public
Match the clocks before interpreting the gap
The timelines retain only exact NAV/close date matches. The distribution then uses those same matched observations—never an undated or carried-forward NAV.
What does IEACLC hold by country?
Four East African markets
- 1 · Kenya50.5%
- 2 · Tanzania34.8%
- 3 · Uganda9.9%
- 4 · Rwanda4.9%
Manager disclosure dated 17 Jul 2026. Percentages may not sum to exactly 100 because of rounding.
What is recorded for VERTEX?
Five named Tanzanian holdings
- CRDB Bank
- NMB Bank
- NICOL
- DSE Plc
- Afriprise
The current projection names holdings but does not carry portfolio weights. No weights are inferred.
The two listed ETFs closed on opposite sides of their recorded NAV values.
On its latest exact match (21 Jul 2026), IEACLC closed 0.1% above NAV. On 23 Jul 2026, VERTEX closed 10.2% below NAV. Neither comparison carries a NAV across dates.
Signal
On its latest exact match (21 Jul 2026), IEACLC closed 0.1% above NAV. On 23 Jul 2026, VERTEX closed 10.2% below NAV. Neither comparison carries a NAV across dates.
Why it matters
Price and NAV are doing different jobs. The distance between them is observable; assigning a cause requires liquidity, timing and fund-disclosure evidence that this projection does not yet contain.
What to watch
The next manager NAV, the next verified DSE close, reported turnover and whether same-date price/NAV gaps persist across more than one observation.
Decision-support question
What would make an ETF’s NAV gap persist?
This proposed note would separate observable market structure from unsupported explanation before introducing any gated scenario or workflow layer.
Public scope
- Trading-liquidity and turnover history
- Manager-disclosure timing and revision record
- Basket concentration and creation/redemption mechanics
Method summary: DSE trading observations + dated manager disclosures + explicit assumptions and counterevidence. No price target, recommendation or personalised advice.
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