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All transactions are booked at one and the same price. This price is calculated after the cut-off time. The advantage is that all shareholders are treated equally. All investors buy into the fund at the same price on one and the same trading day. Shares may not be bought or sold after the cut-off time; any late trading may only be booked on the next trading day. The disadvantage is that the purchase/sales value of the shares is not known at the time the order is placed. The trading and billing dates are not the same. With forward pricing, the issue and redemption prices are based on the prices at the close of trading on the day the order is placed (=working day 1). However, the actual price calculation is not made until the morning of the following bank business day (= working day 2).

Term-Nr.: 388

German: Forward Pricing (355)

Source: SFO D15 2010 m. e. E., 24.04.2010

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