MGG (trust) v MGE (global fund), page-7

I don't really understand what you are trying to say.

If both structures hold the same investments, and the fees are the same, the return as far as NAV will be identical.

At their core they are both just unit trusts....just an LIT is not open to redemptions given it trades on an exchange.

LIT, Active ETF... both just unit trusts rebadged to delineate between one that is open ended and the other which is closed. If the investment manager applies the same management strategy and investment selection for both...the NAV will follow.

Ultimately though, as was pointed out, they don't follow the exact same investment strategy.