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Historic Pricing
In the UK, the FCA defines two ways in which authorised fund managers can sell or redeem units: forward and historic prices. A forward price is one which will be fixed at the next valuation point; a historic price is fixed on the basis of the last valuation. By definition, investors cannot know until the next valuation point how many units they will receive or how much cash they will receive if redeeming. Even though an historic price may be outdated, there is price certainty.