Copy trading and managers
Updated 28 September 2026, 4 min readIn a PAMM, a money manager trades one pool account and investors own a share of it. You do not see the manager's trades on your own account. You hold units in the pool, each unit has a value, and your investment is worth your units times that value. Money goes in and comes out on dealing days, not instantly.
PAMM is part of eTrader, but it exists only where your Broker offers it. You reach a pool through the manager's invite link. Joining is covered step by step in joining a money manager; this guide is about what is different for a pool.
Units and unit value
When you subscribe, your money buys units at the unit value on the dealing day. As the manager trades, the pool's value moves and so does the value of each unit. When you redeem, your units are sold back at the unit value on the dealing day.
Say the unit value is 1.2500 and you invest 1,000.00 USD. You hold 800 units. If the unit value later reads 1.3000, those units are worth 1,040.00 USD before fees. If it reads 1.2000, they are worth 960.00 USD. The figures are only an illustration of the arithmetic.
Read the offer
Open the manager's invite link, of the form etraderweb.com/mam-pamm?invite= and a code, and sign in with the trading account you will invest from. The offer lists the pool's terms:
| Term | What it means |
|---|---|
| Type | PAMM: a pooled account, you hold units |
| Performance fee | The manager's share of profit, charged monthly or quarterly |
| High water mark | If Yes, fees are charged only on profit above the last peak |
| Management fee | A yearly fee |
| Subscription fee | Charged on money you put in |
| Redemption fee | Charged on money you take out |
| Minimum | The smallest amount you can invest |
| Lock-up | How many days your money stays in before you can redeem, and what happens if you try earlier |
| Dealing days | When subscriptions and redemptions run: daily, weekly or monthly |
| Unit value | The current value of one unit, and the next dealing time |
| Max drawdown | A maximum drawdown set in the terms, or Not set |
The lock-up comes in two forms. Either no redemptions are allowed until it ends, or you may redeem earlier and pay an early redemption fee. The offer says which.
Subscribe
- Type the Amount to invest, at least the minimum.
- Tick the agreement. For a pool it accepts the terms and gives the manager power of attorney to trade the money you invest.
- Press Subscribe.
Nothing moves yet. The page confirms that the investment is queued for the next dealing, and the request appears under Waiting for the next dealing. Until then you can press Cancel request: nothing has moved yet. At the dealing, the money moves and you receive units.
You need the trading password to subscribe, redeem or cancel. Signed in with the investor password, the page shows everything and changes nothing.
Your pool card
Each pool you hold appears under Your managers with a PAMM label and these figures:
- Units and Unit value.
- Value: what your units are worth now.
- P/L: the value plus what you have redeemed, minus what you invested.
- Invested and Redeemed: your totals in and out.
- The subscription and redemption fees.
Notes under the figures give the next dealing time and, while a lock-up runs, the date it ends. Subscribe more adds money at the next dealing. Statement shows the pool's closed trades, your requests and the fees charged over a period.
Redeem
Press Redeem on the pool card and choose how much:
- An amount of money.
- A number of units.
- Everything.
Press Redeem again to confirm. Like a subscription, the redemption is queued for the next dealing and can be cancelled until then. At the dealing your units are sold at that day's unit value, and the redemption fee applies. During a lock-up that blocks redemptions, the page tells you the date they open. During one that allows early exit, it tells you the fee.
Things to know first
- The value of your units moves with the manager's trading, up and down. A redemption is paid at the unit value on the dealing day, not the day you ask.
- Fees add up. Put the performance, management, subscription and redemption fees together before you decide.
- eTrader holds no money. The pool and your account are at your Broker, and deposits and withdrawals to your bank happen on the Broker's own portal.
- Past results of a pool do not tell you what it will do next.