™A traditional mutual fund typically processes eligible orders at a calculated end-of-day NAV, unlike an ETF's intraday secondary-market price.
ETFs & Funds
Mutual fund
A pooled investment vehicle that generally transacts with investors at end-of-day net asset value.
Plain-English context
Put the definition to work.
Eligible orders generally receive the next calculated NAV after receipt; the investor does not choose an earlier displayed NAV.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. Investor.gov — ETF bulletin