ProductsCâu 2 / 110
A customer calls at 11:00 a.m. and places an order to buy shares of a mutual fund that prices its portfolio once daily at the close of the market. Which price will the customer receive?
a.The NAV computed at the close of the previous business day
b.The NAV in effect at the moment the order was accepted
c.The average of the previous day's and the current day's NAV
d.The next NAV computed after the order was received
Giải thích
Forward pricing requires that purchase and redemption orders be executed at the next price calculated after the order is received, which here is that day's closing NAV plus any sales charge. Using the prior day's price or an intraday value would let investors trade on stale information. Averaging two days' prices is not a pricing method any fund uses.
Trích dẫn luật: Investment Company Act of 1940Luyện miễn phí toàn bộ 110 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- How is the net asset value (NAV) per share of an open-end investment company calculated?
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- A customer wants to invest $24,000 in a fund whose next breakpoint occurs at $25,000. The representative processes the $24,000 order without mentioning the breakpoint. This conduct is best described as:
- Which statement about a letter of intent (LOI) for mutual fund breakpoints is correct?
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