Yep, I've looked at it. Really the only advantages are that it will allow PFG to grow capital without regard to where its trading at and without dilution (over the long term) and that if you are paranoid about wanting to cash out at NTA, you can at the end of seven years. The risk is perhaps that if PTrackERS don't raise much capital, liquidity might be worse than PGF.
The only other thing is that if PTrackERS portfolio performs well, their management fee only/no performance fee is likely to result in a better net of fees portfolio return to shareholders as opposed to PGF, where the management fee is lower, but they have a performance fee. It's something like if the PTrackERS portfolio performs ~3% pa over benchmark, their net return will be superior to that of PGF. If they underperform, however the lower managerment fee + performance fee of PGF will be superior.
The other thing is that PTrackERS will have no DRP, as opposed to PGF. So if compounding through the DRP is important to you, that may be an issue. Also, it will be some time before PTrackERS scale up dividends and franking, so if you are choosing between the two, you'd want to take that into account.
Pay your money and take your choice. Paul is a top flight manager either way.
