Add new funds to platform
If there is a fund or other investment you would like us to add to the platform, you can request this online.
Advanced orders
The ‘commission’ shown on Advanced Orders is not actually commission, it is the aggregate of broker charge + SDRT and PTM levy.
The Advanced Orders (“quote and deal”) tool should only be used for equities and is only available while the market is open.
Bulk trading
The Bulk Trading screens will only update regular transactions if they are buy deals and the client only has one standing batch for that product: otherwise you will need to amend these deals manually.
Contract notes
We don't issue contract notes for insured fund deals because the product terms and conditions already set out how deals in these funds are filled and how units are priced. Because of this, the FCA regulations don’t require contract notes to be issued.
Deal statuses
Deal statuses: “Confirmed” means that the deal has not yet been submitted; “Authorised” means that it is ready to go as soon as cash or stock is available; “Pooled” means that we are aggregating the deals just prior to sending them to the fund manager; “Placed” means that they are with the fund manager awaiting pricing; “Complete” means that the fund manager has confirmed the deal price and settlement date.
Dilution levy
This is an explicit charge that fund managers may apply to specific client deals (usually when they’re individually or collectively large relative to the size of the fund) to cover the cost of buying and/or selling the underlying assets held by the fund.
A fund manager may impose a dilution levy for investors who’ll continue to hold shares/units in a fund from bearing costs incurred as a result of other investors choosing to sell their holdings in the fund.
A dilution levy is usually expressed as a percentage of the value of the deal.
A dilution levy differs from a dilution adjustment in that it's a separate, explicit charge that fund managers can choose to apply to specific client deals. See more about dilution adjustments below.
Dilution adjustment
p>A dilution adjustment is a change to the share/unit price of a single-priced fund. It’s applied by fund managers to help existing investors from potentially bearing the costs of buying or selling underlying investments as a result of large inflows into or outflows from a fund. These costs can reduce – or dilute – the value of the fund for existing investors, so when a dilution adjustment is applied, this can reduce this effect on the investors remaining in the fund.
Equities
You can’t hold Equities or Exchange Traded Funds in Wrap International Portfolio Bond.
Fair value adjustment / Market value adjustment
The share/unit price of a fund is usually based on the market’s valuation of its underlying assets, taking into account a number of factors including fees, charges and expenses. A fair value adjustment may be applied in circumstances where the last valuation of the underlying assets is unlikely to reflect their current value (eg where the asset isn’t valued as frequently as the fund is priced and market conditions have changed).
A fair value adjustment means that the daily fund price is amended to be more reflective of the likely price that the fund could buy and/or sell underlying assets and ensures that all investors (whether dealing in the fund or not) are treated fairly.
Fund suspension
Fund managers may, in specific circumstances, decide to stop accepting new purchase and redemption requests where they and the trustee/depository agree it’s in the best interests of investors in the fund to do so. Any dealing requests placed while the fund is suspended may be cancelled, or held and processed when the suspension is lifted, depending on the circumstances and the terms set out in the fund’s prospectus.
In progress wizard
Any In Progress wizard that hasn’t had any changes saved for over six months may be deleted without warning; if you have In Progress wizards that you wish to save, remember to re-save it at least every five months.
Ongoing fund charge
The Ongoing Fund Charge on the quote may occasionally differ from those on the Ongoing Charges Summary (the Quote is usually more up to date as they are reviewed quarterly).
Rebalance
A Rebalance is not the same as a switch. In a mutual fund switch, the sell deals are booked first and the buy deals are only placed after all the sell deals have been priced. In a rebalance, the buy and sell deals are normally placed at the same time using estimated cash values.
The red and green boxes in the Rebalance wizard are for convenience only to make it easy to spot which funds are outwith the 2% range. They do not have any impact on the rebalancing process.
Stamp duty reserve tax
Not all share purchases incur Stamp Duty Reserve Tax – shares that have their primary listing in other exchanges are often SDRT exempt.
Standing batches
To find historic standing batches set up more than 6 months ago, you will need to change the date on the range finder on the Track Orders/Deals Switches screen.
Switches
Comments added to Create Orders/New Deal Switch can be seen in the Detail screen of Transaction History.
The Track Orders/Deals Switches screen shows only deals that have been created in the last six months by default – to see deals that were set up earlier (e.g. standing batches) change the start date.
Switches between funds (OEICs and Unit Trusts) are carried out sequentially – as soon as we have a confirmation of the sell proceeds, we place the switch-buy deals at the next valuation point.
If you set up a deal through New Deal Switch with a future effective date, the platform will create a standing batch straight away (not a one-off batch) and on the day that the deal is due to happen, an auto batch will be created.
TERs and AMCs
Total Expense Ratios and Asset Management Companies for Exchange Traded Funds are not shown anywhere on the platform – you need to go the Exchange Traded Fund manager’s website.
More useful information
- Wrap investment solutions: find out about investment options available with the Wrap platform
- Buying, selling and switching investment guide: a step-by-step guide showing you how to trade using Wrap.
- Wrap fund list
- Wrap insured funds list
- Discounted mutual funds list
- Suspended funds list