CMFC Practice Questions - CMFC Chartered Mutual Fund Counselor Exam

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Under SEC Rule 22c-1, what price does an investor receive when buying open-end mutual fund shares at 2:30 p.m. ET on a normal trading day?

The NAV from the prior business day's close The NAV calculated at 2:30 p.m. ET The next NAV calculated, typically at 4:00 p.m. ET that day The fund's intraday market price at 2:30 p.m. ET

Correct Answer:

The next NAV calculated, typically at 4:00 p.m. ET that day

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