Fractional Shares in Transition

Why fractionals aren't traded: Custodians do not support fractional share trading over FIX.
What happens in our tool: Any fractional shares in an account are automatically moved to the APM sleeve during the initial tax transition trade.
Best practice: Advisors should be aware that these positions will not liquidate in the transition. They can choose to manage or liquidate them directly if needed.

Positions Without Cost Basis (Money Markets)

Why they're excluded: The tax transition analysis requires cost basis data. If none is available (often the case with non-sweep money market funds), the system prompts the user to move the position to the protected sleeve. This ensures the rebalance does not attempt to trade without cost basis data.
Liquidation option: If the advisor's intent is to liquidate the money market fund, this can be executed directly within the SMArtX application rather than through the protected sleeve.

Key difference vs. Tax Transition tool:
- The Rebalancer does not evaluate tax impact when generating trades.
- If a non-sweep money market is included, the system will allow the trade to proceed.
Tax fields will simply display no tax impact ($0.00) for those transactions.

Expect fractional shares to move to the APM sleeve; they cannot be traded through the transition.
Money market funds without cost basis must be protected in transition; liquidate them directly in the application if needed.
The Rebalancer will process money markets normally, but tax reporting will show no impact.