Ann: Magellan Global Fund Partnership Offer Opens, page-11

Yes, the price is the current NAV - minus a small spread to account for transaction costs. I think Magellan's spread is .07% if you redeem directly with Magellan. This is the main benefit of open funds - not having to worry about selling for a big discount to NAV.

Most managers, barring an economic melt down, do not have restrictions on redemptions. There have been well known cases during a market meltdown when managers have halted redemptions. This is rare and very much the exception.

You need to keep in mind open funds describe a whole raft of investments - both passive and active. For example, you have hundreds of passive, index tracking Exchange Traded Funds (ETFs) like those offered by Vanguard and Blackrock.

You also have hundreds of open funds which are actively managed. Most prominent managers now offer Exchange Traded Managed Funds (ETMFs) - which often mimic their unlisted funds. Magellan have adopted this very practice.

Your biggest hurdle, like everything when it comes to investments, will be overcoming poor use of terminology. People will use the term ETF casually when referring to both passive and active products.

In summary, you need to assess whether you are looking for an actively managed fund or a passive, index tracking fund. Either way, there are numerous options found on the ASX.

If you are looking for a passive open fund - you can't go past Vanguard ETFs. It is where it all started and they have very low fees.

On the other hand, if you prefer an active manager - it really comes down to your risk profile and what investments you are looking at - asset class etc.

If you outline what you are looking for, I am happy to provide some resources.