You can set up master funds to use a special waiver processing method of Waterfall Waiver Daily or Waterfall Waiver FYTD for expenses. Only single class and multi class funds can use waterfall waivers. Waterfall waivers reference user defined expense caps for each share class, as well as NAV components that can be unique to each share class. A waterfall waiver employs a user defined hierarchy to target multiple fund level and class level expenses to waive. You can create hierarchy rules for the fund and class level expenses and link them to the entity to allow for the same rules to be shared by many funds.
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If you set up a master fund to use Waterfall Waiver Daily special waiver processing, you can additionally set up waivers for the fund at the variable expense level. However, if you set up a master fund to use Waterfall Waiver FYTD special waiver processing, Eagle recommends that you do not additionally set up waivers for the fund at the variable expense level. Because the fund calculates FYTD values for the special waivers, the waivers are not necessarycompromise Waterfall Waiver FYTD calculations. The Waterfall Waiver FYTD method requires a one-to-one relationship between expenses and waiver accounts on the waiver hierarchy to obtain true FYTD balances. If an entity uses any special waiver processing method, Eagle also recommends that you do not create waiver reclass entries for that entity because the special waiver processing calculations do not take those entries into account. |
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