Mutual funds trading conditions

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Unlike shares, funds are usually traded once per day.

Each fund has a valuation point, normally at European afternoon each working day. At this time the fund Manager will calculate the value per unit based on the value of the underlying investments. This is the price at which units are bought and sold. And reflects accurate value of underlying investments at the time of calculation.

Requesting a trade means the order is held until the next valuation point.

Therefore, an investor will not know the price at which the trade is executed as it will be determined in the future - based on the value of the underlying assets in the fund at the next valuation point i.e on a forward basis.

All the funds offered by Saxo can be traded daily, however when investing into funds the time horizon suggested is usually of a greater investment horizon.

Funds are traded directly with the fund manager.

The fund manager will create or redeem units based on the daily transactions within the fund. Therefore, the number of units in circulation will fluctuate day to day.

Investors will receive fractional units as allocation based on the valuation of the underlying assets.

Funds have different minimum subscription amount depending on the conditions set by the fund manager. This is noted in the trade ticket.

Minimum investment amounts start at 0 EUR or 1 Unit, but most operate around 1.000 EUR/USD.

Subscriptions are made in the instrument currency, rather than the account currency.

It is not possible to subscribe/invest via number of units.

Should a client already be invested in a fund and wishes to invest further, a different minimum will apply. This is significantly lower than the initial subscription amount.

Funds can be traded online at any time; funds are forward-priced and the execution will only occur at the next available valuation point for the fund.

The valuation point is determined by the fund but is generally European afternoon each working day.

By submitting a Subscription or Redemption request on the platform an investor enters into a binding buy/sell order; the price and execution will normally take place at the next valuation point.

Investors cannot cancel an order.

An order is extremely unlikely to fail due to the creation/redemption process i.e. there is not a limited supply of units/shares available. In the unlikely event that a trade fails Saxo Bank cannot be hold reliable.

Subscription (Buy) in value denominated in the instrument currency.

Redemption (Sell) can be either by value OR number of units.

The price you will see on the platform for a fund in the trade ticket is the last known NAV price.

Funds are forward-priced and the price received for a buy or sell will not be known until after execution with the fund manager.

Timing a trade in respect of intra-day movements of the underlying investments is extremely difficult.

The purpose of a fund is to fulfil a long-term investment objective, not day trading. Horizon is typically years rather than weeks and months.

Request to subscribe (buy) is captured by Saxo and sent for execution with the fund Manager at the next available valuation point.

Until the order has been executed it will be listed in ‘Orders’. The amount subscribed will be reserved and therefore not available for other trading.


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