Exclusions
Prevent a security from being purchased or held.
Key controls:
Replacement behavior (cash vs reallocate)
Handling of existing shares
Substitutions
Replace one security with another during trade generation.
Key behavior:
Trades are redirected to the substitute security
Equivalent Securities
Treat multiple securities as interchangeable.
Key benefit:
Reduces unnecessary turnover
Maintains similar exposure
How They Work Together
Restrictions apply at the account level
Affect all sleeves
Influence how trades are built—not targets themselves