Yes, they will, but the prospect of being able to cash out at NAV once it's open ended will significantly drive up demand.
It's obviously not a 100% sure thing and still a fair way off, but there are plenty of people more than happy to buy $1.72 for $1.66 than they were when their only option for offloading was people who were unwilling to pay close to NAV
Ann: Intention to transition to an Active ETF, page-8
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