choices ahead

Thought I would start a new thread as probably a lot of people have same questions as me:
(1) if NTA is $2.58, why is price now around 80 cents?
(2) if NTA is reliable and EBI redeems some units in hedge funds for cash, won't NTA have less volatility going forward?
(3)if a new unlisted trust is established, won't the discount to NTA disappear? i.e. subject to giving adequate notice, unit holders could exit at close to NTA (given there will be a bid price and offer price)?
(4) if (3) is "yes", would it not be an arbitrage to buy EBI now and elect to convert to an unlisted trust?