The dealing cut-off is the time by which a subscription or redemption order must reach the transfer agent to be processed at the next valuation point. Orders after the cut-off go to the following dealing day; with forward pricing, investors do not know the price when they place the order, which protects the fund from late trading.
Transfer agentA transfer agent, also called a registrar, keeps a fund's register of unitholders and processes subscriptions, redemptions, switches and transfers. It applies the dealing cut-off and price, runs investor due diligence for anti-money laundering, calculates commissions and distributions, and handles investor queries.
NAV (Net asset value)Net asset value (NAV) is the value of a fund's assets minus its liabilities. NAV per share, or per unit, is the NAV of a share class divided by the number of shares in issue, and it is the price at which investors subscribe to and redeem from an open-ended fund.
Swing pricingSwing pricing is a liquidity management tool that adjusts a fund's net asset value up on days of net subscriptions, or down on days of net redemptions, by a swing factor reflecting trading costs. The investors who trade bear the cost of their dealing, which protects those who stay. Full swing applies every day; partial swing only above a threshold.
Transfer agentA transfer agent, also called a registrar, keeps a fund's register of unitholders and processes subscriptions, redemptions, switches and transfers. It applies the dealing cut-off and price, runs investor due diligence for anti-money laundering, calculates commissions and distributions, and handles investor queries.