The value of your investment can go up or down, and you may get back less than you invested. Nothing in this article is investment, tax or legal advice. |
Mutual funds don't trade continuously like stocks or ETFs. Instead of a live market price, the price is set once a day, at the fund's official valuation point, and every fund also has its own daily cut-off time for accepting orders. The price itself is set by the fund, not by Trading 212.
Mutual funds are available to UK residents only and are being rolled out gradually, so they may not be available to you yet. If you're eligible but don't have access yet, you can join the waitlist in the app and we'll let you know when access becomes available to you.
What does "Last Available NAV" mean?
This is the most recently published price for the fund, usually the previous valuation. It's shown for reference only and isn't guaranteed to be the price you'll get.
What is forward pricing?
When you place an order, the exact price isn't yet known. Your order is priced at the next valuation point after it's accepted, not the price you last saw on screen.
Why did my order execute at a different price than I expected?
The reference NAV shown before you order is the last published price, not a live quote, so the price your order is actually dealt at can be higher or lower. This is expected behaviour, not an error.
This difference isn't the same thing as "slippage" you might see on stocks or ETFs; it's simply how forward pricing works for mutual funds.
If the fund applies a dilution levy, this can also affect the price your order is dealt at, separately from the forward-pricing difference described above.
Where can I see a fund's cut-off time?
The fund's order screen in the app shows the next cut-off time in your local time, along with a countdown. You can also see a countdown to the next cut-off on the fund's main page.
Once the cut-off has passed, you can no longer cancel your order.
What happens if I place an order on a weekend or holiday?
Your order is safely recorded, and the cash (for a buy) or units (for a sell) are reserved. Your order will be processed at the fund's next available dealing cycle. While reserved, this cash or these units can't be moved or withdrawn.
Can cut-off times change?
Yes. Cut-off times are set by each fund and can vary, so always check the specific fund's order screen rather than assuming a single cut-off applies across all funds.