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Open-end investment companies (mutual funds) are purchased and redeemed directly with the fund at net asset value (NAV) calculated once per business day, typically after the market close. Under the forward-pricing requirement, all orders received by the fund (or an authorized intermediary) before the daily pricing time are executed at the next calculated NAV, not a past price. Mutual funds do not trade on exchanges intraday; there is no continuous bid/ask. Therefore, investors cannot obtain the opening NAV if orders arrive after the opening calculation, nor can they transact at an average of the day’s NAV range. Loads (if applicable) are added to or subtracted from NAV to determine public offering price (POP) for purchases or redemption proceeds for sales. The SIE expects candidates to distinguish open-end funds (forward pricing, redeemable) from ETFs and closed-end funds (exchange-traded, intraday pricing), as well as understand share classes, sales charges, and expense implications for suitability.