# Fund Migration

Enzyme Onyx supports migration from any existing fund structure, whether assets are held on-chain, off-chain, or across a combination of both. This guide walks through the standard migration pathway, which requires no action from your investors.

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**Standard pathway:** The fund manager executes the entire process. Investors do not need to take any action and their proportionate economic interest is preserved in the new vault --> No redemption / Deposit is required here.
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**No position exits required.** With Enzyme Onyx, asset management is separated from the tokenized vehicle. As part of your fund migration, you do not need to exit positions or plan for asset migrations. Your existing portfolio can be onboarded as-is.
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### Prerequisites

Before initiating a migration, confirm all of the following conditions are satisfied. These apply to both on-chain and off-chain fund structures.

| Prerequisite        | Requirement                                                                                                                                        |
| ------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- |
| Clean NAV           | All fees, accrued liabilities, and pending expenses must be fully settled and claimed. The fund must hold only assets, no outstanding liabilities. |
| Register            | A complete and accurate register of investors is required, including each investor's wallet address and number of shares held.                     |
| Portfolio valuation | The fund manager must be able to produce a total net asset value (NAV) figure for the portfolio at the time of migration.                          |

### Migration steps

The migration is executed sequentially by the fund manager across five phases.<br>

1. **Settle and claim all fees**

Prior to any asset movement, all outstanding fees, management charges, performance allocations, and other liabilities must be settled and claimed within the existing fund structure. Upon completion, the fund's balance sheet should reflect a net asset position with no residual payables, ensuring the migrated NAV is a clean, unencumbered figure.

2. **Calculate total portfolio NAV**

Calculate the total fair market value of all assets under management at the time of migration. This aggregate NAV will serve as the reference value for share issuance in the new Onyx vault and should be consistent with the fund's existing valuation methodology.

3. **Compile the investor register**

Prepare a complete and verified list of all investors. For each investor, the following data points are required:

* Wallet address
* Number of shares currently held

This register will be used to replicate the existing ownership structure in the new vault, preserving each investor's proportionate economic interest.

4. **Enzyme deploys the new vault**

Enzyme deploys the Onyx vault using the configuration data provided by the fund manager. In addition to the standard vault parameters, the following inputs are required:

* Total portfolio NAV (as of the migration date)
* Register (wallet addresses and share quantities)

5. **New shares will be minted and transferred to the investors automatically**

At vault deployment, Enzyme can trigger an initial share issuance without any prior deposits.&#x20;

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**In practice for your investors :** \
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\- They retain their existing shares in the legacy fund structure following the migration. However, as all assets will have been transferred to the new Onyx vault, those legacy shares will carry no residual economic value post-migration\
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\- They receive shares in the new Enzyme Onyx vault, reflecting the same proportionate economic interest they held in the legacy fund. The allocation is derived directly from the register compiled in step 3 and the total NAV established in step 2.\
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\- They won’t need to redeem from the old fund and subscribe to the new one.

\
Once the vault is deployed, Enzyme will no longer be able to trigger any new share issuance. Issuance moving forward will always be linked to deposits.
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