--- title: How does the Portfolio Builder place buy orders? description: "See exactly how the Portfolio Builder places buy orders: reference prices, order limits, and when trades actually execute." --- [Skip to content](https://support.anotemusic.com/how-does-the-portfolio-builder-place-buy-orders#main-content) - [English](https://support.anotemusic.com/how-does-the-portfolio-builder-place-buy-orders) - [Français](https://support.anotemusic.com/fr/how-does-the-portfolio-builder-place-buy-orders) - [Italiano](https://support.anotemusic.com/it/how-does-the-portfolio-builder-place-buy-orders) English Show submenu for translations [![anotemusic-logo](https://support.anotemusic.com/hubfs/anotemusic-logo.svg)](https://www.anotemusic.com?hsLang=en) - [Why Music](https://www.anotemusic.com/why-music) - [Marketplace](https://www.anotemusic.com/marketplace) - [Company](https://www.anotemusic.com/company) Open main navigation Close main navigation - [Why Music](https://www.anotemusic.com/why-music) - [Marketplace](https://www.anotemusic.com/marketplace) - [Company](https://www.anotemusic.com/company) - - [English](https://support.anotemusic.com/how-does-the-portfolio-builder-place-buy-orders) - [Français](https://support.anotemusic.com/fr/how-does-the-portfolio-builder-place-buy-orders) - [Italiano](https://support.anotemusic.com/it/how-does-the-portfolio-builder-place-buy-orders) English Show submenu for translations - [Log in](https://app.anotemusic.com/) [Log in](https://app.anotemusic.com/) How can we help? - There are no suggestions because the search field is empty. 1. [ANote Music Support Centre](https://support.anotemusic.com/?hsLang=en) 2. [Portfolio](https://support.anotemusic.com/portfolio?hsLang=en) 3. [Portfolio builder](https://support.anotemusic.com/portfolio?hsLang=en#portfolio-builder) # How does the Portfolio Builder place buy orders? The Portfolio Builder places buy orders for the catalogues selected in your plan. The order prices and amounts are determined by your plan settings, the funds available and current marketplace conditions, starting with the reference price. ### What is the reference price? The reference price is a benchmark calculated once per day for each catalogue and corresponds to the weighted average catalogue share price of the trades from the previous day. The Portfolio Builder uses this price to determine where to place its buy orders. Its orders are placed below the reference price, at different levels, according to the pricing preference selected in your plan. The reference price is not a guaranteed transaction price, a valuation of the catalogue or a guarantee that an order will be executed. ### Why are several orders placed for the same catalogue? Instead of placing one order at a single price, the Portfolio Builder may divide the intended purchase into smaller orders at different price levels below the reference price. This means that shares may be acquired gradually and at different prices. The number and size of orders may vary depending on the Portfolio Builder's available funds, plan limits and the catalogues selected. ### When is an order executed? A Portfolio Builder order is a buy order on the ANote marketplace. It is only executed if shares become available for sale at a matching price. As a result: - activation of the Portfolio Builder does not mean that your funds will be used immediately; - orders can take time to be created; - orders may be partially executed; - orders may remain pending until matching shares become available, or until the Portfolio Builder rebalances them. Until an order is executed, the corresponding funds remain allocated and locked to the Portfolio Builder within your ANote account. ### Why do pending orders change? The Portfolio Builder reviews and updates its orders regularly. When the reference price or relevant market conditions change, existing orders may be cancelled and replaced with new ones to meet your plan’s settings. For this reason, the number, price and composition of pending orders can change even when you have not edited your plan. When you do edit your plan settings, your orders will rebalance accordingly. ### Which limits apply? The Portfolio Builder will only place orders that comply with the active plan. In particular, **it will not:** - buy catalogues outside your current selection; - exceed the maximum allocation selected for a catalogue; or - use more than the funds allocated and available to the plan. The maximum allocation per catalogue applies only to shares marked as Portfolio Builder shares. During the beta, existing shares you own are marked as Portfolio Builder shares. This is only an internal record and does not change the ownership of the shares. Changes to your catalogue selection or plan settings apply to subsequent order updates. Existing orders may remain visible for a short period while the changes are processed. You can view recent purchases and order activity from the **Recent activity** section on the main dashboard and the **Recent History** tab in your Plan details section.. Nothing in this article constitutes investment advice. Purchasing royalty interests involves risk, and you may lose the capital you commit. The value of royalty interests fluctuates over time, and you may gain or lose money. Past performance is not a guarantee of, nor necessarily indicative of, future results. Any decision to participate should be made only where it complies with the laws and regulations that apply to you. 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Neither music royalties nor royalty interests constitute “financial instruments” within the meaning of the MiFID (the Directive 2014/65/EU of 15 May 2014 on markets in financial instruments) and the LFS (the Law of financial services of 5 April 1993, as amended) which is implementing the MiFID in Luxembourg.

None of the price quotations, information, news and research accessible on the website and the marketplace or shared through any other communication channels by ANote Music or its Affiliates constitute advice, recommendations or solicitation to any person in any jurisdiction to buy, sell or invest in any asset, royalty interests, intellectual property rights. Any decision made by a person to participate in ANote Music marketplace’s activities should be made on the basis that such an activity complies with any applicable local laws and regulations to which the user is subject to. The user should not access the ANote Music marketplace if such an activity does not comply with any applicable local laws and regulations to which the user is subject to. 

Keep in mind that purchasing royalty interests and/or intellectual property rights involves risk and you may lose the invested capital. The value of your royalty interests or intellectual property rights will fluctuate over time and you may gain or lose money. Past performance is not a guarantee of future returns, nor is it necessarily indicative of future performance. This disclaimer cannot disclose all of the risks and other significant aspects of dealing with royalty interests and intellectual property rights. You should satisfy yourself that you fully understand the conditions which apply to such assets, our services and the potential risk exposures. The images and pictures on the website and on ANote Music marketplace are merely illustrative and may contain data that are no longer updated or valid. Please always refer to the current pricing and valuation of royalty interests or intellectual property rights, as the case may be, in the relevant section on ANote Music marketplace. ```json { "@context" : "https://schema.org", "@id" : "https://www.anotemusic.com/#organization", "@type" : "Organization", "name" : "ANote Music", "url" : "https://www.anotemusic.com" } ``` ```json { "@context" : "https://schema.org", "@id" : "https://support.anotemusic.com/#website", "@type" : "WebSite", "description" : "Find answers to common questions, explore step-by-step guides, and get help with investing on ANote Music.", "inLanguage" : [ "en", "fr", "it" ], "name" : "ANote Music Support Centre", "potentialAction" : { "@type" : "SearchAction", "query-input" : "required name=search_term_string", "target" : { "@type" : "EntryPoint", "urlTemplate" : "https://support.anotemusic.com/kb-search-results?q={search_term_string}&type=KNOWLEDGE_ARTICLE&groupId=257655602418" } }, "publisher" : { "@id" : "https://www.anotemusic.com/#organization" }, "url" : "https://support.anotemusic.com" } ```