Selling Bank Hybrids on the ASX

Case Study 4 provides an example of an investor selling Bank Hybrids on the ASX.

Julie purchases 500 Bank Hybrids at $100 per Bank Hybrid for $50,000.

Two years later, Julie decides to sell the Bank Hybrids when the market price on the ASX is $99.50 per Bank Hybrid.
Through her broker, Julie sells the 500 Bank Hybrids and receives $49,750 before brokerage costs. Julie has made a loss on her principal investment of $250 although she consistently received distributions each quarter during the two years she held the Bank Hybrids.
If Julie sold the Bank Hybrids at a market price that was higher than the purchase price of the Bank Hybrids, Julie may have made a profit on her Bank Hybrid investment, before any brokerage costs.