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. |
Because mutual funds are priced once a day rather than instantly, your order moves through a few stages before it's complete:
| Status | What it means |
|---|---|
| Queued | You've placed your order, and it's waiting for the next dealing cut-off. |
| Order processing | The cut-off has passed. The fund is being valued, and your order will be filled once the fund confirms the price. At this point, you can no longer cancel your order. |
| Settling | Your order has been filled. For a buy, units have been added to your position, and cash has been deducted from your account. For a sell, units have been removed from your position, and cash has been added to your account. The order is now awaiting settlement with the fund. You'll see an expected settlement date. Cash shown at this stage may not be available to withdraw until settlement completes. |
| Settled | Your order is fully settled. Bought units become available to sell only once they reach this stage. |
If your order can't be processed, it will show as cancelled or rejected:
| Status | What it means |
|---|---|
| Cancelled | The order was withdrawn before the fund priced it. |
| Rejected | The order couldn't be processed in its current form. See below for common reasons. Any reserved cash or units are automatically released back to you. |
In some cases, an order can't be filled in full, or it might take longer than expected (sometimes called "gating"). If this happens, we'll notify you, and you'll see the adjusted timeline and execution values in the app; your order itself won't show a different status for this.
A few common reasons an order may not go through as expected:
- There wasn't enough cleared cash or available units by the cut-off.
- The fund or share class has temporarily paused new investment, or isn't open to new investors.
- The order didn't meet the fund's minimum investment or minimum sale amount or exceeded a fund's maximum holding limit, where applicable.
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 "deferred" mean?
"Deferred" means your order didn't go through in the dealing cycle you expected and has moved to the next one (for example, because it reached us too close to a cut-off to be processed in time). This is different from gating, described below, which happens when the fund itself scales back orders due to liquidity. Either way, no action is generally needed from you, and we'll keep you updated on the order's status.
What is "gating"?
Gating is when an order is accepted but not fully filled, typically due to liquidity constraints. In rare cases, if an unusually large number of investors want to sell out of a fund on the same day, the fund manager may process only a portion of each order that day and carry the rest forward to the next cycle.
Separately, a fund can also allocate fewer units (for a buy) or less cash (for a sell) than you originally requested on an individual order. Either way, any leftover cash or units are automatically returned to you and shown on your order details. This is a fund-level outcome, not something specific to Trading 212.
What should I do if my order was rejected?
You can try submitting a new order for the next dealing cycle.
How are mutual fund orders processed?
Orders from all our clients in the same fund and dealing cycle are combined into one order. Where a fund's precision means units can't be split exactly evenly, any remainder is allocated fairly rather than kept by us. You are only charged for the units you receive.
Why can't I sell all the units I hold?
The units you can sell may be fewer than your total holdings if some are still settling from a recent purchase, are reserved for another pending order, or are reserved for a pending portfolio transfer. Newly bought units become available for sale only once they've fully settled.