Why Doesn't Your Mutual Fund Trade at Today's Price?
Unlike stocks, mutual fund orders don't fill the instant you click buy. Under the SEC's forward pricing rule, every mutual fund order is executed at the next calculated Net Asset Value (NAV) — a single price struck once a day, typically at 4:00 PM ET when the market closes. When you place your order matters a lot: submit before the cutoff and you get that day's NAV; submit after it and your order rolls to the next business day's NAV instead. This tool lets you pick your fund type, order type, and timing to see exactly which day's NAV applies and when cash actually moves.
Cutoff Times by Fund Type
| Fund Type | Cutoff Time |
|---|---|
| Equity mutual fund | 4:00 PM ET (market close) |
| Bond mutual fund | 4:00 PM ET (market close) |
| Money market fund | 4:00 PM ET (same-day NAV if before cutoff) |
Settlement timing after a redemption also varies by fund type. Equity and bond mutual funds typically pay out within one to three business days, while money market funds are usually faster. If you need the cash quickly, redeeming right before a cutoff can save you a day compared to missing it. All timing shown is counted in business days, skipping weekends and holidays, and can vary slightly by fund company — always confirm with your specific fund's prospectus.
Frequently Asked Questions
Mutual funds use forward pricing — every order fills at the next NAV, typically struck at 4:00 PM ET. Orders after the cutoff roll to the next business day.
Equity/bond funds typically pay within 1-3 business days (max 7 by law); money market funds are usually faster.
Yes, both NAV application and settlement count business days only. Confirm exact timing with your fund company.
※ Rules vary by fund company; this is a standard reference only. Check your fund's prospectus for exact timing.