Investments into funds follow the same process across across each fund, however the timeframes between the time of initiating an investment, and the settlement of the investment, varies fund by fund.
The key steps are:
Initiating a buy order - a buy order is also called an application. Once you submit an application to buy units in a fund, your available Cash Wallet balance is reduced by the amount of the pending application. Further detail on the application frequency of a fund is outlined on the fund information page.
Processing an order - depending on the fund selected, the frequency of application processing varies and is dependent on how regularly the unit price of a fund is updated. For funds that price units daily, orders are processed at 12pm (midday) each business day. For funds that price units weekly or monthly, orders are processed once the repricing of units has taken place. This is usually on a set day of the week (e.g. Wednesday) for weekly priced funds, or on the last business day of the month for monthly priced funds. Further detail on the processing frequency of a fund is outlined on the fund information page.
Settlement of the order - once an order has been processed and sent to the fund manager, your Cash Wallet balance will reduce by the order amount, and settlement will occur shortly after. The settlement time for each fund is outlined in the fund information page. Settlement refers to when purchased units will show in your portfolio in your Investor Dashboard. For funds that price units daily, settlement typically happens 2 business days after the processing date. For funds that price units weekly, settlement typically happens 1 business day after the pricing day (e.g. Thursday for a fund that prices on a Wednesday). For funds that price units monthly, settlement typically happens 5 business days after the pricing day, with the pricing day usually being the last business day of the month.