Tera and Pusula fund liquidation: what should investors do?

Announcements concerning Tera and Pusula funds refer to two different measures: suspending purchases and sales of some funds on TEFAS, and liquidating certain funds on the published list. These are separate outcomes. The first step is to check which list includes the fund in your account.

In brief: By decisions dated 17 September 2026, the Capital Markets Board of Türkiye (SPK) suspended purchases and sales of funds traded on TEFAS and established by seven portfolio management companies. It also ordered the liquidation of specified funds under a method set by the Board. Türkiye İş Bankası was appointed to carry out the liquidation process for Tera Portfolio funds, and Ziraat Bankası for Pusula Portfolio funds. On 21 September, the SPK extended the liquidation period from three months to six; this does not mean every fund will take six months.

This guide summarizes SPK and Public Disclosure Platform (KAP) announcements published as of 23 September 2026. The process may change if a new decision or fund disclosure is published.

In this guide

• What did the SPK decide?
• What is the difference between a trading suspension and liquidation?
• Which banks are responsible for Tera and Pusula funds?
• How will liquidation proceeds be calculated and transferred?
• Must investors wait six months?
• Which records can investors check now?
• Frequently asked questions

What did the SPK decide?

The SPK’s Bulletin No. 2026/60 dated 17 September 2026 announced the suspension of purchases and sales on TEFAS of funds established by Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus and Bulls Portfolio. The bulletin also states that the Board decided to liquidate certain funds established by those companies under a method to be determined by the Board.

Bulletin No. 2026/61 dated 17 September set out the liquidation procedure and updated the list of funds to be liquidated. Not all funds on that list belong to Tera or Pusula; it contains 131 funds in total. The current list includes six funds under Tera Portfolio and 12 under Pusula Portfolio. Investors should not assume that every fund managed by either company is being liquidated; check the fund code against the current SPK list.

What is the difference between a trading suspension and liquidation?

A trading suspension means that new purchases or sales of fund units cannot be made through TEFAS. Liquidation is the process, for a fund on the SPK’s current list, of converting its assets into cash under the prescribed procedure, reconciling accounts and distributing the resulting cash to unit holders.

Accordingly, suspension of transactions in TEFAS funds of the seven companies does not mean that every fund of those companies is on the liquidation list. Check the fund code, full name and liquidation list together.

Under SPK Bulletin No. 2026/61, from 17 September 2026 onward, new purchase and redemption instructions for funds ordered to be liquidated cannot be processed through distribution channels outside TEFAS either. If an instruction does not appear in the system or remains incomplete, confirm its status with your intermediary and the relevant official disclosures rather than placing another order.

Which banks are responsible for Tera and Pusula funds?

The SPK appointed Türkiye İş Bankası as portfolio custodian and the bank responsible for carrying out the liquidation process for funds established by Tera Portfolio that are within the scope of liquidation. For Pusula Portfolio, it appointed Türkiye Cumhuriyeti Ziraat Bankası. These appointments appear in SPK Bulletin No. 2026/61 and the announcement published on KAP.

When asking about fund transactions or payments, have the fund code, your investment-account details and the dates of your correspondence ready. Follow the banks’ official announcement channels and relevant fund disclosures on KAP. Do not send money or identity details based on bank-account or contact information shared on social media.

How will liquidation proceeds be calculated and transferred?

Under the SPK procedure, financial assets in the portfolio are to be converted into cash at a frequency determined by the appointed bank, taking investor interests, market depth and liquidity conditions into account. Cash is to be transferred, in proportion to each investor’s unit ownership, to reconciled investor custody accounts. This mechanism does not promise a fixed unit price or one payment date for all investors.

Each fund’s portfolio and the conditions under which its assets can be sold may differ. A liquidation decision therefore does not mean that the last displayed fund price will be paid unchanged, or that the full amount will reach the account in one transfer. The amount and timing depend on what is realized during that fund’s liquidation and on its published payment plan.

The SPK decision brings certain redemption instructions into the liquidation process: for notice-period funds, instructions submitted after 13:30 on 17 September 2026; and for money market funds, instructions submitted after the end-of-day value-date cutoff stated in the prospectus. Amounts arising from unexecuted sell orders on TEFAS within the liquidation scope are recorded as liabilities of the fund; those amounts are paid first from cash generated by liquidation sales. Check which rule applies to your instruction by reference to the fund type, time and order record.

Must investors wait six months?

No. The three-month period in the original liquidation procedure was extended to six months by the SPK’s decision No. 59/1710 dated 20 September 2026. The SPK announcement of 21 September expressly says that this does not mean liquidation must take six months and that it may be completed earlier depending on the circumstances.

The period should not be read as “investors will be paid exactly six months later.” No single payment date is specified in the announcement. Relevant fund disclosures on KAP and announcements from the authorized bank are the official sources to follow for the timetable and payment process.

Which records can investors check now?

First, save the fund’s full code, your unit balance, the latest balance information and any pending instructions shown in your investment account. MKK e-YATIRIMCI is an official channel for monitoring investment accounts opened in your name in MKK systems and transactions recorded there.

Keep the following records:

• Fund purchase and sale receipts, account statements and unit-balance records
• The date, time and status of any incomplete or rejected sell instruction
• Correspondence and application reference numbers from your intermediary, bank or fund
• Dates and descriptions of payments credited to your account during liquidation

If you see a difference in your balance or payment, compare your records first. Then submit a written inquiry to your intermediary and the relevant custodian bank, and keep the response. Whether a particular instruction receives priority or what steps may be available in a dispute depends on the fund code, timing of the instruction and account records. The same outcome should not be assumed for every investor.

For current information, rely on SPK bulletins, relevant fund disclosures on KAP, MKK records and official announcements from the appointed banks. An older news report may no longer reflect the current fund list or payment plan.

Frequently asked questions

Does a liquidation decision mean that all my money is lost?

The decision alone does not establish the amount payable to an investor. The amount is determined through cash generated from the fund’s assets during liquidation and reconciliation of fund records; it cannot be assumed in advance to equal the last displayed fund price.

Can I place a new sell instruction for a fund on the liquidation list?

SPK Bulletin No. 2026/61 states that, from 17 September 2026, new purchase and redemption instructions for funds ordered to be liquidated cannot be processed through TEFAS or non-TEFAS channels. Check the status of an existing instruction with your intermediary and in the fund’s official disclosures.

Do I need to submit a separate application to receive payment?

The SPK procedure provides for cash transfers, in proportion to unit ownership, to reconciled individual custody accounts. Placing another redemption order by itself will not speed up the process. If there is a balance or instruction discrepancy, you may request a written explanation from the relevant institution.

Summary

For Tera and Pusula funds, distinguish “trading on TEFAS has been suspended” from “the fund is on the liquidation list.” İş Bankası is responsible for Tera funds and Ziraat Bankası for Pusula funds. Although the liquidation period was extended to six months, it is not a mandatory waiting period and does not set a single payment date. Verify the fund code against the current list, keep your account and instruction records, and follow official updates from the SPK, KAP, MKK and the banks.

This information note is for general information only. It is not investment advice or a legal opinion for a specific investor. Where an individual assessment of fund or account records is needed, the relevant documents and current announcements should be reviewed together.