C1T3L3 · Revised 2026-10-26

Decision and objectives

Practical task: Schedule a purchase and later redemption through fictional dealing rules

Objectives: Distinguish forward pricing from immediate execution; Trace purchase and redemption calendars; Calculate cash and units under changing settlement prices.

Required prior knowledge: C1T3L2. Classification: domestic. Revision: 2026-10-26. All fictional names, prices, rates, fees, calendars and tax schedules below are hypothetical unless explicitly identified as a dated document observation.

The price visible when a fund order is entered may not be the price at which it is executed. Forward pricing means the order uses a later calculated value under its rules. The learner's task is to trace the instruction through pricing and settlement while accepting that an exact unit quantity or cash receipt can remain unknown at entry.

Mechanics

Read the order's unit or cash basis. A cash-based purchase specifies spending money and determines units once the price is known. A unit-based redemption specifies units and determines proceeds later. An intermediary may reserve cash before the investment starts; that reservation is different from owning units. If reserved cash is remunerated, determine who receives the interim return and under which rules.

Construct a calendar with instruction, cutoff classification, valuation, unit delivery, redemption instruction, redemption valuation and withdrawable proceeds. Domestic and foreign-market holidays can affect funds differently. A day called T+1 in a prospectus is relative to a defined event and business calendar; do not interpret it without that definition.

Price and return drivers

Purchase units = investable cash / applicable purchase unit price, adjusted for permitted fractional-unit or rounding treatment. Redemption cash = units redeemed × applicable redemption price − separately charged deductions. A “one-day settlement” statement does not tell you whether its starting point is order day, pricing day or another defined day. Keep market exposure and unavailable-cash periods visible in the calendar.

Worked case

Hypothetical rules: instructions before 13:00 on an open business day use that day's closing valuation; purchases settle the following business day; redemptions pay two business days after valuation. Monday through Friday are all business days. An investor submits TRY 60,000 before Monday's cutoff. Monday's price is TRY 2.50; purchase creates 24,000 units, delivered Tuesday. No fractional issue or entry fee arises.

On Wednesday before cutoff, the investor redeems 10,000 units. Wednesday's price is TRY 2.55: gross proceeds TRY 25,500, credited Friday. Invented tax is 10% of the realized gain on those units: (2.55 − 2.50) × 10,000 × 10% = TRY 50. A TRY 20 investor charge leaves TRY 25,430. The remaining 14,000 units continue to bear fund risk. These rules do not describe any named real fund.

Adverse case

If the redemption instruction arrives after Wednesday's cutoff, the fictional rules defer pricing to Thursday and cash to Monday. Thursday's stressed price is TRY 2.40, so gross proceeds become TRY 24,000. Under the invented no-tax-on-loss schedule and TRY 20 charge, net is TRY 23,980. A Friday bill cannot be funded with that Monday receipt. The investor has both a TRY 1,450 lower receipt than the original scenario and a timing problem; those are separate risks.

Practical use

Confirm rules in the actual prospectus, investor form, current notices and intermediary handling terms. TI1's September 2026 prospectus section VI demonstrates why a named product must be read directly rather than assigned the preceding fictional forward-pricing schedule. Record whether order cancellation is possible and until when; do not assume cancellation after seeing a later price. Costs include charges on entry/exit, interim cash arrangements and taxes. Actual tax application needs income year, investor status, acquisition date, category and effective rule.

Decision boundaries

Use forward-priced funds when the investor can accept price uncertainty until valuation and the disclosed cash delay. They can be unsuitable for a precise same-day payment or a strategy requiring a known execution price. Defer a trade if one cannot identify the governing valuation event. A visible unit price is useful information; it is not an enforceable quote unless the product's dealing rules make it so. Declining late redemption as a funding plan can be rational even if the investor intends to keep the investment afterward.

Practice and references

Exercise: under the same hypothetical rules, TRY 45,000 invested at TRY 1.80 creates 25,000 units. Later 8,000 units redeem at TRY 1.89, with invented 10% tax on gain and TRY 12 exit fee. Answer: gross TRY 15,120; cost basis TRY 14,400; gain TRY 720; tax TRY 72; net TRY 15,036; remaining units 17,000. A Tuesday pre-cutoff redemption, assuming all days open, pays Thursday. State the dates as well as the amounts.

Takeaway: the governing valuation event determines price; the settlement event determines usable cash.

Reference guide: mutual-fund; cash-availability; net-asset-value; forward-pricing; cutoff; settlement-date. Next: C1T3L4. Topic test.

Sources: Takasbank TEFAS General Description — General description and distribution platform scope; date not stated; retrieved 2026-10-26; checked 2026-10-26; MKK TEFAS Platform — Fund-unit transfers through MKK–Takasbank integration; date not stated; retrieved 2026-10-26; checked 2026-10-26; TI1 prospectus attached to KAP notification 1662920 — Sections I–III; IV asset separation; V valuation; VI dealing; VII expenses; VIII taxation; IX disclosure; date 2026-09-15 notification; checked 2026-10-26. Source records: sources.json. Check the cited rule dates and confirm current dealing terms before any transaction.

Shared reference guide