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They have to create units when you buy. Since they have to go out and purchase in the open market the stocks that comprise the portfolio, they have no way of determining precisely whether they can meet the limit price ahead of time. There would have to be some allowance for slippage which would negate the attraction of a limit order for very active traders.
Why can't I say "Sell, if at today's closing, the NAV is greater than $XX.XX/share"?
Can't you just look and see what the price was at the end of the day and sell it the next day if it is > $XX.XX/share? This would be sort of a manual limit order.
This seems like an OK way to do it unless I'm missing something.
OK, so I missed that you always have no control over one day's action.
Chalk up another reason not to buy mutual funds.
You only need one reason: mutual funds are not designed for trading.
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