Getting an actively managed certificate to market is only the start. Once it is live, someone has to value it every day, accrue the fees correctly, keep the positions and the published NAV in sync, process orders, and produce numbers that investors and auditors can trust. That day-to-day machinery is where a lot of structures quietly go wrong — and it is exactly what the Noray platform is built to handle. Alongside the structuring, Noray provides a technology layer that runs the whole lifecycle of your certificate after issuance.
Live NAV and valuation
The net asset value is the number everyone relies on, so the platform treats it as a first-class citizen. It marks the reference portfolio to current market value, adds cash, subtracts accrued fees, and computes the NAV per certificate on the defined cycle — daily for liquid strategies. Every valuation is a row you can inspect, not a black box. Because the certificate's own calculation and the issuer's published NAV can differ slightly — different pricing sources, valuation cut-offs and fee treatment — the platform keeps both side by side and reconciles them, so any gap is explained rather than a surprise.
The Lifecycle Engine: fees and the high-water mark
Fees are where errors hide. The Lifecycle Engine accrues each fee into the NAV automatically and transparently.
- Management and administration fees accrue daily — on an ACT/365 basis, so they spread smoothly across the year rather than landing in lumps.
- The performance fee is charged only above the high-water mark — and the engine ratchets that mark correctly, up on new peaks, flat on down days, so investors never pay twice for recovering the same ground.
Get the high-water mark logic wrong and the NAV drifts; the engine is built so it does not.
Portfolio and position transparency
The platform surfaces what actually sits behind the certificate: holdings, cash, gross assets, and certificates outstanding. Managers can see the reference portfolio they are running; issuers and their key accounts can see the same underlying truth. There is no ambiguity between the strategy and the security — the platform shows the line from one to the other.
Order management and approvals
Certificates do not just sit still — subscriptions, redemptions and paying-agent instructions flow through their life. The platform gives those orders a proper workflow: they are listed, tracked, and can be approved or rejected by the client or their key account directly, rather than living in email threads. Everyone sees the same order book and the same status. The same structured workflow applies upstream, at product creation: a new certificate is requested through a guided, multi-step form — parties, structuring details, strategy, distribution and fees — so nothing is missed before it moves into structuring.
Reconciliation and audit-grade reporting
The feature that earns the most trust is the simplest to describe: the numbers are checkable. The platform reconciles the engine's NAV against the issuer's (and, where relevant, the broker's) published figures, and it produces an audit workbook in which every figure is a live formula referencing the raw inputs — holdings, cash, certificates outstanding and the fee rates. Anyone — a manager, a key account, an auditor — can open it and verify the maths cell by cell, and change an input to see the whole NAV recalculate exactly as the engine does. That combination — a live NAV, a transparent fee engine, an order workflow and reconcilable, auditable numbers — is what turns a certificate from a document into a product you can actually run.
Who it is for
The platform serves the three parties around a certificate: the manager running the strategy, the issuer and their key accounts overseeing the structure, and, through them, the professional investors who hold it and expect clean, timely reporting. Each sees the view relevant to them, drawn from the same underlying data.
How Noray helps
Noray Capital is a Swiss-based structuring coordinator that issues actively managed certificates, ETPs, CLNs and Tracker Certificates across Luxembourg, Guernsey, Cayman and Switzerland — and runs their lifecycle on the Noray platform. We do not just bring your certificate to market in 4 to 8 weeks; we operate the NAV, fees, orders and reporting behind it, so it stays accurate and auditable for its whole life.
This article is for informational purposes only and is intended for professional investors. It does not constitute legal, tax, financial or investment advice, nor an offer of any security.