diff --git a/Common/Algorithm/Framework/Portfolio/SignalExports/SignalExportManager.cs b/Common/Algorithm/Framework/Portfolio/SignalExports/SignalExportManager.cs
index b1b076f71e7d..017d6f097977 100644
--- a/Common/Algorithm/Framework/Portfolio/SignalExports/SignalExportManager.cs
+++ b/Common/Algorithm/Framework/Portfolio/SignalExports/SignalExportManager.cs
@@ -171,6 +171,11 @@ public bool SetTargetPortfolio(params PortfolioTarget[] portfolioTargets)
                 return true;
             }
 
+            if (_signalExports.IsNullOrEmpty())
+            { 
+                return false;
+            }
+
             if (portfolioTargets == null || portfolioTargets.Length == 0)
             {
                 _algorithm.Debug("No portfolio target given");
@@ -245,7 +250,7 @@ public void OnOrderEvent(OrderEvent orderEvent)
         public void Flush(DateTime currentTimeUtc)
         {
             var initialOrderEventTimeUtc = _initialOrderEventTimeUtc.Value;
-            if (initialOrderEventTimeUtc == Time.EndOfTime || !AutomaticExportTimeSpan.HasValue)
+            if (_signalExports.IsNullOrEmpty() || initialOrderEventTimeUtc == Time.EndOfTime || !AutomaticExportTimeSpan.HasValue)
             {
                 return;
             }
diff --git a/Tests/Algorithm/Framework/Portfolio/SignalExportTargetTests.cs b/Tests/Algorithm/Framework/Portfolio/SignalExportTargetTests.cs
index c0dc8226a732..d59e1a594e02 100644
--- a/Tests/Algorithm/Framework/Portfolio/SignalExportTargetTests.cs
+++ b/Tests/Algorithm/Framework/Portfolio/SignalExportTargetTests.cs
@@ -20,6 +20,7 @@
 using QuantConnect.Data;
 using QuantConnect.Data.Market;
 using QuantConnect.Interfaces;
+using QuantConnect.Orders;
 using QuantConnect.Tests.Engine.DataFeeds;
 using System;
 using System.Collections.Generic;
@@ -432,6 +433,27 @@ public void SignalExportManagerReturnsFalseWhenNegativeTotalPortfolioValue()
             Assert.IsFalse(signalExportManagerHandler.GetPortfolioTargets(out _));
         }
 
+        [Test]
+        public void EmptySignalExportList()
+        {   
+            var algorithm = new AlgorithmStub(true);
+            algorithm.SetLiveMode(true);
+            algorithm.SetFinishedWarmingUp();
+
+            algorithm.SetCash(100000);
+
+            var security = algorithm.AddSecurity(Symbols.SPY);
+            security.SetMarketPrice(new Tick(new DateTime(2022, 01, 04), security.Symbol, 144.80m, 144.82m));
+            security.Holdings.SetHoldings(144.81m, 100);
+           
+            var utcTime = DateTime.UtcNow;
+            var signalExportManagerHandler = new SignalExportManagerHandler(algorithm);
+            signalExportManagerHandler.OnOrderEvent(new OrderEvent(0, security.Symbol, utcTime.AddMinutes(-1), OrderStatus.Filled, OrderDirection.Buy, 100, 100, new Orders.Fees.OrderFee(new Securities.CashAmount(1, "USD"))));
+
+            Assert.DoesNotThrow(() => signalExportManagerHandler.SetTargetPortfolioFromPortfolio());
+            Assert.DoesNotThrow(() => signalExportManagerHandler.Flush(utcTime));
+        }
+
         private static object[] SendsTargetsToCollective2AppropiatelyTestCases =
         {
             new object[] { "USD", Symbols.SPY, 0.2m, @"{""StrategyId"":0,""Positions"":[{""exchangeSymbol"":{""symbol"":""SPY"",""currency"":""USD"",""securityExchange"":""DEFAULT"",""securityType"":""CS"",""maturityMonthYear"":null,""putOrCall"":null,""strikePrice"":null,""priceMultiplier"":1.0},""quantity"":99.0}]}" },