Mutual Funds
Open-end mutual funds are priced:
Mutual funds = forward pricing (end of day NAV). ETFs = real-time pricing.
Complete Analysis & Legal Rationale
Open-end mutual funds use forward pricing - shares are priced once daily after the market closes based on Net Asset Value (NAV). Orders placed during the day execute at the next calculated NAV.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Intraday pricing applies to ETFs and closed-end funds, not open-end mutual funds.
Matches the verified teaching point in the explanation.
NAV is calculated daily, not weekly.
NAV fluctuates based on the value of underlying holdings, not fixed by managers.
Official Standard: Outline-level citation: item maps to Series 7 topic coverage. Prefer a specific FINRA/SEC/MSRB rule citation in a later author pass.