Funds

This section allows you to manage the entire lifecycle of a fund, from creation to closure.

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The section table displays all funds created by the broker:

Name	Description
FUND ID	Unique identifier of the created fund.
FUND NAME	Fund name displayed in the interface.
TICKER	Fund ticker symbol.
STRATEGY DESCRIPTION	Fund strategy description (if specified during creation).
INSTRUMENT	Trading instrument created for the fund. Displayed only if the fund has the Active status. The instrument is added to the exchange if one was specified when the fund was created.
EXCHANGE	Exchange specified when the fund was created. To clearly distinguish funds from other instruments, it is recommended that you ask Unity to create a virtual exchange in the platform.
CURRENCY	The fund's quote currency specified when it was created.
SHARE NOMINAL PRICE	Share price.
MINIMUM INVESTMENT	Minimum investment amount required to participate in the fund (optional).
CREATE DATE	Creation date specified when the fund was created.
STATUS	Fund status: Draft - created and can be edited and activated; Active - cannot be edited and can be used for trading; Liquidating - undergoing liquidation; Closed - closed and can no longer be edited or used for trading.
CREATED	Date and time when the fund was created.
MODIFIED	Date and time when the fund information was last modified.

The table can be filtered by fund Status and Name.

Clicking a fund in the table opens its Overview tab.

Important! Fund settings can only be edited when the fund has the Draft status. The fields on the Information tab of an active or closed fund are read-only.

Creating/editing a fund

Important! The selected Current account and manager accounts can each be used in only one fund.

Please note! Trading orders originating from client accounts must always be executed on the Current account set for the respective fund.

To create a new fund, click Add fund. To edit a fund, click an existing fund in the table.

When creating or editing a fund, a sidepage opens with the Basic information, Limits and restrictions, and Accounts sections.

In the Basic information section, fill in the following fields:

• Fund name - the fund name displayed to the client;
• Ticker - the fund ticker displayed to the client;
• Currency - the currency in which the share price is denominated;
• Share nominal price - the nominal share price displayed to the end client as the instrument price;
• Current account - the fund's main account, used for settlements and displaying the fund's profit. Only an internal account (the broker must be specified as both the provider and the client when the account is created) with account type = Personal and management type = Current can be used as the current account. A Current account can be used in only one fund;
• Exchange - the exchange to which the trading instrument created for the fund will be added (optional);
• Creation date - the fund's creation date (which may differ from the date when the fund is actually created).

Important! For prices of a created and activated fund to be displayed, its group must be added to the Aggregator settings configured for the selected Current account. For details on adding funds, see Working with funds. If a fund has been activated but is not available in the Instruments section, notify the Unity team so they can configure the fund instrument group and make it available to your broker.

Optional fields:

• Minimum investment - the minimum investment amount. The value is used as the minimum order amount and the order amount step for the fund. If no value is specified, the minimum order size and order step configured for the instrument are used;
• Minimum position balance - the minimum value of the remaining position, in the fund's currency, that an investor must retain after a partial sale of shares. If the value is 0 or the field is empty, the restriction does not apply;
• Strategy description - a custom description of the fund's strategy;
• Management fee - a fixed percentage of assets under management, specified as an annual percentage, that reduces the fund's NAV. The Type field specifies the accrual/debit frequency. The daily fee is calculated using the following formula: fund NAV x fee value / 365.

Example of calculating NAV including the management fee:

NAV at the beginning of the day: USD 1,000,000

Management fee: 2% per annum

Daily fee: (1,000,000 x 2%) / 365 = USD 54.79

NAV after the debit = 1,000,000 - 54.79 = USD 999,945.21

• Performance fee percent - the performance fee charged when the investor exceeds the historical maximum share price, or High Water Mark (HWM). The fee accrual period is determined by the Sell cut off settings: the fee is accrued on the last business day before the sell deadline.
  • Upon entry into the fund, the HWM is set equal to the share price and is updated when a new peak price is reached.
  • If the price rises above the HWM, the fee is calculated using the following formula: Performance fee percent x (current share price − HWM), after which the HWM is updated.
  • If the price falls, no fee is charged and the HWM is retained.

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In the Limits and restrictions section, the deadlines for accepting share purchase and sale orders are configured separately:

• Buy cut off - the deadline for accepting purchase orders;
• Sell cut off - the deadline for accepting sale orders.

For each deadline, specify:

• Period - the operating period of the order processing cycle: Previous day, Previous week, Previous month, or Previous quarter;
• the day on which the deadline occurs. The available fields depend on the selected period:
  • for Previous day, the deadline applies daily, so no day is specified;
  • for Previous week, select a day of the week;
  • for Previous month and Previous quarter, select a day from 1 to 31, the last calendar day, or the last business day;
• Hour and Minute - the deadline time in the broker's time zone.

If the selected deadline date falls on a weekend or public holiday, or exceeds the maximum number of days in the month, the deadline is moved to the nearest preceding business day.

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In the Accounts section, specify the trading accounts of the fund managers and their shares in the fund in the Weight in fund field.

All manager accounts must be either Internal (the broker must be specified as both the provider and the client when the account is created) or Client (the broker is specified as the provider and the client profile as the client), with management type = Brokerage and account type = Personal.

The Fund volume field displays the total value of all account shares.

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When created, a new fund receives the Draft status, in which it can be edited. After you click Activate in the upper-right corner, an Instrument is created in the platform and becomes available for use in Trading settings.

To start liquidating an active fund, click Close and liquidate and confirm the action. The fund then receives the Liquidating status.

When the operating day is closed, the system automatically checks that all settlements on the fund's trading accounts are completed, there are no open positions, and funds are held only in the fund's settlement currency. After the check is completed successfully, the fund becomes available for final closure.

During final closure, funds are transferred from the trading accounts to the fund's Current account, and client positions in the fund are closed. Once closed, the fund can no longer be edited or used for trading.

Important! After activation, notify the Unity team so they can add the created funds to the connector's aggregation settings and make them available to clients.

All instruments of the Fund type are created with the following parameters: Non-editable:

• Tenor = TOD (T+0)
• Price unit = Currency per unit
• Lot size = 1
• Pip size = 1

For new funds, the base asset is created with a precision of 7 decimal places and rounded down.

Editable in Aggregator settings when editing the instrument set:

• Minimum order size = 0.01
• MPI = 0.01

To allow a client to trade the created funds, they must be added and configured in the Aggregator settings of the client's account. A TTL must also be set for them to ensure that the price is displayed correctly.

Fund information page

Overview

The top of the page displays the fund's current value (Current NAV), the number of shares in circulation (Shares outstanding), and the fund status.

The tab displays information about the current account used for settlements and displaying the fund's profit, its assets, and the manager accounts (the fund's trading accounts), including their assets and the shares of the fund under their management.

The table displays the following manager account metrics:

Name	Description
Total Assets	The total assets in a specific manager's account.
Declared %	The manager account weight set when the fund was created or edited.
Real %	The actual weight of the manager account in the fund.
Diff	The difference between the set and actual weights: Diff = Real % - Declared %

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Here you can rebalance an active fund by changing the weights of its manager accounts (the fund's trading accounts) without interrupting the fund's operation. To do this, enter new weights in the Weight in fund fields for each account and click Rebalance.

Please note! The new weights are applied to the accounts only after the close of the trading day.

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Using the arrow buttons, you can make an internal transfer of funds between the trading accounts within a fund and its current account. This allows you to redistribute capital among the managers (the fund's trading accounts).

The arrows next to the account weights open the funds transfer sidepage.

• Up arrow - transfer from the trading account to the current account;
• Down arrow - transfer from the current account to the trading account.

Name	Description
From	The account from which funds will be debited: the current account for a deposit or the trading account for a withdrawal.
To	The destination account to which funds will be credited: the current account for a withdrawal or the trading account for a deposit.
Asset	Transfer currency (the fund's quote asset).
Amount	Transfer amount.
Netting date	The netting date on which the transaction will occur in the system.
Subtype	Transaction subtype (optional).
Comment	An optional field for adding a comment to the transaction, such as the reason for the transfer.

The completed transfer is reflected in the system as a Transaction with the Transfer type and the specified subtype.

Information

This tab displays the fund information entered when the fund was created. The tab contents are the same as those of the fund creation sidepage.

For an active or closed fund, the fields on this tab are read-only. The fund information can be edited if the fund has the Draft status.

Snapshot

This tab displays a report on the fund's status for each date of its existence:

Please note! For the report to be displayed correctly for a specific date, all days up to and including that date must be closed in the Daily operations section.

The report table contains the following information:

Name	Description
Trade date	Report date (the same as the date selected in the table).
Share count	Number of shares in client positions.
Currency	Quote asset of the created fund.
NAV	The fund value, calculated as the sum of the Total Assets values of the managers' accounts (the fund's trading accounts). Every day after netting and day closure, the fund value is revalued.
Share price	The share price specified when the fund was created (if there are no shares in circulation) or its current price, calculated as NAV / Share count. Displayed to the client as the instrument Price.

Example of calculating NAV and the share price:

• The fund's initial price is set to USD 10,000;
• Two manager accounts (the fund's trading accounts) receive USD 5,000 each;
• After trading on the accounts, they generate PL values of USD 1,000 and USD 200;
• The fund's NAV after day closure = 5,000 + 5,000 + 1,000 + 200 = USD 11,200.
• Clients have 10 shares in circulation;
• The calculated share price at the end of the day = 11,200 / 10 = 1,120.

The table also displays the following manager account metrics:

Name	Description
Total Assets	The total assets in a specific manager's account.
Declared %	The manager account weight set when the fund was created or edited.
Real %	The actual weight of the manager account in the fund.
Diff	The difference between the set and actual weights: Diff = Real % - Declared %

Order pools

This tab displays active orders to buy and sell fund shares, grouped into pools by their execution time.

During the operating period, orders are collected in the corresponding pools and are created with the Pending New status. Once the corresponding Buy cut off or Sell cut off is reached, the current pool is fixed.

The following values are calculated for the pool:

• Inflow - the total amount of fund share purchase orders (Subscription);
• Outflow - the total amount of fund share sale orders (Redemption);
• Net Flow - the difference between Inflow and Outflow: Net Flow = Inflow - Outflow.

If purchase and sale orders have different execution cycles, for example a daily Buy cut off and a monthly Sell cut off, on days when only purchase orders are executed, Net Flow equals Inflow. When the cycles coincide, the system nets Subscription and Redemption orders. As a result, the manager sees the final delta, which must be invested if Net Flow is positive or covered if it is negative.

Once the corresponding Buy cut off or Sell cut off is reached, the Accept button becomes available for the pool. Clicking it moves all orders in the pool from the Pending New status to New.

After the pool is accepted, the Accept button is replaced with Fill, which executes the orders. Execution is available if all orders in the pool have the New status and the previous operating day for the fund has been closed. The fund price at day closure is used as the execution price.

The following calculations are used when orders are executed:

• for Subscription: final number of shares = order amount / final NAV. The number of shares is rounded down to 7 decimal places. Any remainder resulting from rounding remains on the fund balance;
• for partial Redemption: number of shares to be debited = requested amount / final NAV. The number of shares is rounded down to 7 decimal places. Only the calculated number of shares is debited. If the available number of shares is insufficient due to a price change, all available shares are debited and the client receives an amount calculated as the number of available shares × final NAV;
• for full Redemption: all client shares are debited, and the payout amount is calculated as the number of shares × final NAV.

If, after a partial Redemption is executed, the value of the remaining position is below Minimum position balance, subsequent partial sell orders are not available. Only full closure is available for such a position.

When Fill is clicked, a trade is created for each order. The trade's Trade Date and Value Date correspond to the order execution day. The order receives the Filled status, and the changes are reflected in Future Balance / Cashflow.

Settlement is performed on the next day (D+1), while the related transactions are dated with the clearing operating day (D).

Once funds start being transferred between the fund's Current account and trading accounts, live NAV broadcasting is automatically frozen. In the client interface, a freeze indicator and the Processing orders from the previous period notification are displayed for INTRADAY and EOD. While NAV is frozen, the Accept and Fill buttons are unavailable in the Admin Terminal.

After inter-account transfers are completed, the balance on the fund's Current account is checked when the operating day is closed. If the balance is less than 0.05 in the fund's currency, closing is allowed. If the balance is 0.05 or more, manual reconciliation is required.

After successful day closure, the total number of issued shares is updated, the NAV freeze is removed, and a new operating period begins.

Trades

This tab displays trades for the selected fund. The table has the same structure as the Trades tables in the Accounts and History sections:

Transactions

This tab displays transactions for the selected fund. The table has the same structure as the Transactions tables in the Accounts and History sections:

Trading and client display features

Created funds are available in the client terminal as regular shares with the Fund asset type.

Forward Pricing is used for fund orders: the final execution price is determined after the corresponding operating period is closed. Until then, the ticket displays an indicative NAV - either the latest closed EOD or the current live NAV, depending on the fund settings.

During the operating period, the client can place multiple orders. When an order is created, the assets required for it are blocked and the order receives the Pending New status.

Buy orders are always created as inverted orders - the client specifies the exact amount in the fund's currency. The ticket displays the indicative number of shares calculated as the order amount / indicative NAV, rounded down to 7 decimal places.

An inverted order is also used for a partial sale - the client specifies the desired payout amount. The indicative number of shares is calculated as the requested amount / indicative NAV, rounded down to 7 decimal places.

To close a position completely, a regular sell order for the entire number of shares is created. When the order is created, all client shares are blocked. Opening a short position in a fund is not available.

If Minimum position balance is specified for the fund, a partial sale is not available if the value of the remaining position after execution would be below the specified value. This restriction does not apply when closing the position completely.

Quick trading is disabled for fund instruments, and SL/TP settings are not displayed. When closing a position, the amount fields cannot be changed - the position is closed completely.

Important! To ensure that the fund price is displayed correctly to clients, close the current account and manager accounts (the fund's trading accounts) before closing the client accounts in the Daily operations section, then wait for the price to appear in EOD Rates. To close fund accounts first and generate day-closing prices, the section provides a separate Fund account button. Clicking it generates the corresponding EOD Rates. The fund price will then be recalculated, after which you can close the accounts of clients whose portfolios contain the fund instrument.

Important! Fund orders are executed manually through the Order pools tab after the corresponding cut off.

Trading orders placed by clients can also be executed manually in the Dealer section.

When an order is executed, a position in the instrument is opened for the client, and the client's funds are transferred to the account selected as the current account for further distribution among the managers.