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Glossary

The vocabulary of substantial wealth — 180 terms, each with its own page: what it means, why it matters, and where it bites.

All Banking & Insurance Family & Governance Philanthropy Private Markets Public Markets Tax Trusts & Estate

GP General Partner

The managing entity of a private fund — typically abbreviated GP — that makes…

ISO Incentive Stock Options

A type of employee stock option that receives preferential tax treatment under…

PPM Private Placement Memorandum

A Private Placement Memorandum (PPM) is the primary disclosure document for a…

NAV Net Asset Value

Net Asset Value (NAV) is the estimated total value of a fund's or portfolio's…

YTM Yield to Maturity

Yield to maturity (YTM) is the total annualized return a bond investor would earn…

PPLI Private Placement Life Insurance

Private Placement Life Insurance (PPLI) is a variable life insurance contract…

11

10b5-1 Plan A pre-arranged written trading plan that allows corporate insiders to buy or sell company stock on a set schedule, providing an affirmative defense… Public Markets

A6

Accredited Investor A legal eligibility category defined by securities regulators that determines which individuals and entities may participate in certain private… Private Markets Advance Rate An advance rate is the percentage of a collateral asset's market value that a lender is willing to extend as a loan, effectively setting the maximum… Public Markets Agreed Value Coverage A property insurance arrangement in which the insurer and policyholder agree on an asset's value upfront, eliminating any depreciation dispute at the… Banking & Insurance Alpha Alpha is the portion of an investment's return that is attributed to the manager's skill or decisions, after accounting for the return explained by… Public Markets Alternative Minimum Tax AMT A parallel federal tax system that recalculates income using different rules and rates to ensure high-income taxpayers pay a minimum amount of tax. Tax Annual Exclusion A per-recipient, per-year amount that any individual may give away free of gift tax without touching their lifetime exemption; the amount is set by… Trusts & Estate

B6

Basis Point bp One one-hundredth of one percentage point, commonly written as "bp" or "bps," used in finance to express small differences in rates, fees, and… Public Markets Benchmark A benchmark is a standard index or reference portfolio used to measure whether an investment portfolio is performing well or poorly relative to a… Public Markets Beneficiary A person or entity entitled to receive benefits — income, principal, or both — from a trust, estate, insurance policy, or account. Trusts & Estate Beta Beta measures how sensitively an investment's returns move relative to a reference market — typically expressed as a number where 1.0 means the… Public Markets Blackout Period A company-imposed window of time during which designated employees and insiders are prohibited from buying or selling company stock, typically… Public Markets Buffered Note A buffered note is a type of structured note that absorbs the first defined percentage of losses on a reference asset, in exchange for capping the… Public Markets

C24

Capital Call A fund manager's formal request requiring investors to transfer a portion of their previously committed — but not yet paid — capital by a specified… Private Markets Captive Insurer A captive insurer is a licensed insurance company created and owned by a business or family primarily to insure the risks of its owner, rather than… Banking & Insurance Carried Interest The share of a fund's investment profits paid to the general partner as performance compensation, typically calculated after investors have received… Private Markets Charitable Deduction A charitable deduction is the reduction in taxable income or estate allowed when a taxpayer makes a qualifying gift to an eligible nonprofit… Tax Charitable Lead Trust CLT A trust that pays a stream of income to one or more charities for a fixed period, after which the remaining assets pass to family members or other… Trusts & Estate Charitable Remainder Trust CRT A tax-exempt trust that pays income to the grantor or other named beneficiaries for a period, after which the remaining assets pass to one or more… Trusts & Estate Charitable Remainder Unitrust CRUT A Charitable Remainder Unitrust, a CRT variant that pays beneficiaries a fixed percentage of the trust's assets as revalued each year, rather than a… Trusts & Estate Clawback A contractual obligation requiring the general partner to return previously paid carried interest to limited partners if, at the end of the fund's… Private Markets Closed-End Fund CEF A closed-end fund (CEF) is a pooled investment vehicle that raises a fixed amount of capital through an initial offering, lists its shares on an… Public Markets Co-Investment A direct stake in a single deal offered to investors alongside a private fund, often with reduced or waived management fees and carried interest. Private Markets Collar A collar is an options strategy that limits both the downside loss and upside gain on a security position by simultaneously purchasing a protective… Public Markets Collateral (Maintenance) Call A lender's demand that a borrower deposit additional collateral or repay part of a loan because the pledged assets have fallen below the required… Public Markets Committed Capital The total amount an investor has contractually agreed to provide to a fund, regardless of how much has actually been transferred to date. Private Markets Concentrated Position A concentrated position is a single investment — typically one stock or private holding — that represents an outsized share of a family's total net… Public Markets Consolidated Reporting Consolidated reporting assembles data from all of a family's accounts, custodians, funds, and properties into a single unified view of total wealth… Family & Governance Continuation Fund A new fund vehicle created by a general partner to retain one or more assets beyond a fund's original term, offering existing investors the choice to… Private Markets Convexity A measure of how a bond's duration itself changes as interest rates move, capturing the curvature in the price-yield relationship that duration alone… Public Markets Corpus (Principal) The property — cash, securities, real estate, or other assets — held inside a trust, also called the principal or trust estate, distinct from any… Trusts & Estate Cost Basis Cost basis is the original purchase price of an asset, adjusted for certain events, used to calculate the taxable gain or loss when that asset is… Public Markets Covered Call A strategy in which an investor who owns shares sells another party the right to buy those shares at a set price, collecting a cash premium in… Public Markets Credit Spread A credit spread is the additional yield a bond offers above a comparable-maturity government bond, compensating investors for the risk that the… Public Markets Crummey Power A temporary right granted to a trust beneficiary to withdraw a newly contributed gift, making that contribution eligible for the annual gift tax… Trusts & Estate Custodian A custodian is a financial institution that holds a client's assets for safekeeping, settles trades, and maintains official records of ownership. Family & Governance Cy Pres A legal doctrine allowing courts — or sometimes trustees — to redirect charitable gifts or trust assets to a purpose as close as possible to the… Philanthropy

D18

Day-Count Test A day-count test is any rule that uses the number of days a person is physically present in a jurisdiction as a threshold for determining tax… Tax Decanting The process by which a trustee distributes assets from an existing trust into a new trust with updated or improved terms, using authority granted by… Trusts & Estate Direct Indexing Direct indexing is a strategy in which an investor owns the individual securities that make up an index directly, rather than holding a fund that… Public Markets Directed Trust A trust structure in which certain decisions — commonly investment management or distribution authority — are formally delegated to named advisors… Trusts & Estate Directors & Officers Insurance D&O Insurance that covers the personal financial liability of individuals serving on a corporate or nonprofit board for decisions made in their official… Banking & Insurance Distribution Cash or securities returned to investors by a fund when it sells an asset, receives income, or otherwise monetizes a holding. Private Markets Distribution Standard The language in a trust document that defines when, how much, and for what purposes a trustee may or must distribute assets to beneficiaries. Trusts & Estate Distribution Waterfall The contractual sequence that determines the order and priority in which a private fund distributes cash proceeds among the general partner and… Private Markets Distributions to Paid-In DPI A private-fund metric expressing the ratio of cumulative cash distributions returned to investors divided by the total capital they have paid in. Private Markets Domestic Asset Protection Trust DAPT A trust established under specific state statutes where the person creating the trust can also be a beneficiary while still receiving some creditor… Trusts & Estate Domicile Domicile is the single jurisdiction a person treats as their permanent, true home — determined by both physical presence and demonstrated intent to… Tax Donor-Advised Fund DAF A charitable giving account held at a sponsoring organization that allows a donor to contribute assets now, receive an immediate tax deduction, and… Philanthropy Drawdown Drawdown is the peak-to-trough decline in the value of a portfolio or investment over a specific period, measuring how much was lost from a prior… Public Markets Drawdown Fund A private fund structure in which committed capital is called by the manager in stages as investments are made, rather than collected upfront in a… Private Markets Dry Powder Capital that has been committed to a fund but not yet deployed into actual investments, held in reserve awaiting suitable opportunities. Private Markets Due Diligence Questionnaire DDQ A standardized document that investment managers complete so allocators can systematically evaluate a firm's operations, risk controls, and… Private Markets Duration A measure of a bond's price sensitivity to interest-rate changes, expressed in years, indicating how much a bond's price will rise or fall when rates… Public Markets Dynasty Trust A long-duration trust, often designed to last for multiple generations or indefinitely, structured to keep assets outside beneficiaries' taxable… Trusts & Estate

E9

Estate Tax A federal (and sometimes state) tax levied on the total value of a deceased person's taxable estate before assets are distributed to heirs. Trusts & Estate Estimated Taxes Estimated taxes are quarterly payments made directly to tax authorities by individuals whose income is not fully covered by withholding, allowing tax… Tax Evergreen Fund An open-ended private investment vehicle with no fixed termination date, allowing investors to subscribe and redeem periodically rather than… Private Markets Excess Liability Insurance that provides additional coverage limits directly above a specific underlying policy, without necessarily broadening the categories of risk… Banking & Insurance Exchange Fund A private partnership that allows multiple investors to contribute appreciated shares and receive diversified fund interests in return, potentially… Public Markets Exchange-Traded Fund ETF An exchange-traded fund (ETF) is a pooled investment vehicle that holds a basket of securities and trades on a stock exchange throughout the day like… Public Markets Exit Tax An exit tax is a deemed-sale tax imposed when certain individuals relinquish U.S. citizenship or long-term permanent residency, treating their… Tax Expenditure Responsibility The oversight regime under U.S. tax law requiring private foundations to monitor, control, and report on grants made to organizations that are not… Philanthropy Expense Ratio An expense ratio is the annual cost of owning a fund, expressed as a percentage of assets, covering management fees and operating expenses charged… Public Markets

F9

Family Assembly A formal, recurring gathering of all family members—across branches and generations—convened to discuss shared values, wealth matters, and collective… Family & Governance Family Bank An internal lending structure through which a family provides loans to members for business ventures, education, or other purposes under formally… Family & Governance Family Constitution A family constitution is a written document that articulates a family's shared values, governance structures, decision-making rules, and expectations… Family & Governance Family Council A family council is a representative governing body composed of family members that provides a forum for collective decision-making, communication… Family & Governance Family Office A family office is an organization — or coordinated set of services — dedicated to managing the financial, administrative, and sometimes personal… Family & Governance FBAR / FATCA / CRS FBAR, FATCA, and CRS are three overlapping international account-transparency regimes requiring disclosure of foreign financial accounts and assets… Tax Fee Offset A contractual provision in private fund agreements that credits fees a fund manager earns from portfolio companies against the management fee charged… Private Markets Fiduciary Duty A legal and ethical obligation requiring one party to act solely in another's best interest, with loyalty and prudence, when entrusted with authority… Trusts & Estate Fraudulent Transfer A transfer of assets made with intent to hinder, delay, or defraud creditors, which courts can reverse and return those assets to the creditor's… Trusts & Estate

G9

General Obligation Bond GO A general obligation bond is a municipal debt security backed by the full taxing power of the issuing government, rather than by revenues from a… Public Markets General Partner GP The managing entity of a private fund — typically abbreviated GP — that makes investment decisions, bears legal responsibility for the partnership… Private Markets Generation-Skipping Transfer Tax GST The Generation-Skipping Transfer (GST) tax is an additional federal tax on transfers — by gift or at death — made to recipients who are two or more… Trusts & Estate Gift Tax A federal tax on transfers of property from one person to another during the giver's lifetime, designed to prevent avoidance of the estate tax… Trusts & Estate GP Catch-Up A distribution tier in a private fund where the general partner receives a disproportionately large share of profits until it has caught up to its… Private Markets GP Commitment A GP commitment is the amount of their own capital that a fund's general partner invests alongside limited partners, aligning the manager's financial… Private Markets Grantor (Settlor) The individual who creates a trust, contributes assets to it, and establishes its terms — sometimes called the settlor or trustor. Trusts & Estate Grantor Retained Annuity Trust GRAT An irrevocable trust in which the grantor receives fixed annuity payments for a set term, and any remaining assets pass to beneficiaries potentially… Trusts & Estate Grantor Trust Status A tax classification in which the person who created a trust — the grantor — is treated as the owner of trust assets for income-tax purposes and must… Trusts & Estate

H3

HEMS Standard HEMS A trustee distribution standard limiting payouts to a beneficiary's health, education, maintenance, and support — an IRS-recognized phrase that also… Trusts & Estate High Yield High-yield bonds are debt securities rated below investment grade by credit-rating agencies, offering higher interest payments to compensate… Public Markets Human Capital of the Family The collective knowledge, skills, health, relationships, and productive capacity of family members, viewed as a form of wealth alongside financial… Family & Governance

I11

Incentive Stock Options ISO A type of employee stock option that receives preferential tax treatment under federal law, with no ordinary income tax at exercise—but with… Tax Intentionally Defective Grantor Trust IDGT An irrevocable trust deliberately structured so that assets leave the grantor's estate for transfer-tax purposes while the grantor remains… Trusts & Estate Internal Rate of Return IRR The annualized discount rate that makes a series of cash inflows and outflows break even in present value terms, commonly used to express… Private Markets Interval Fund A registered investment fund that allows redemptions only during periodic windows—typically quarterly—rather than on demand, enabling the fund to… Private Markets Intestacy The legal condition of dying without a valid will, causing the state's default inheritance laws — not the deceased's wishes — to determine who… Trusts & Estate Investment Committee A formal body of individuals — family members, advisors, or both — given defined authority to make or oversee investment decisions on behalf of a… Family & Governance Investment Grade IG Investment grade (IG) describes bonds rated by recognized credit-rating agencies within the higher-quality tiers, indicating a relatively lower… Public Markets Investment Policy Statement IPS An investment policy statement is a written document that establishes a portfolio's objectives, risk parameters, asset allocation guidelines, and… Family & Governance Investor Control Doctrine A tax doctrine holding that if a life insurance policyholder exercises sufficient direct control over the specific assets inside the policy's… Banking & Insurance Irrevocable Life Insurance Trust ILIT An irrevocable trust that owns a life insurance policy so that the death benefit is excluded from the insured's taxable estate. Trusts & Estate Irrevocable Trust A trust that, once established, generally cannot be changed or revoked by the grantor, trading control for potential tax and asset-protection… Trusts & Estate

J1

J-Curve The pattern in private fund investing where early cash outflows and fees produce negative returns before later gains push performance into positive… Private Markets

K2

Key-Person Provision A key-person provision is a fund clause that triggers a suspension of new investments — and potentially allows limited partners to exit — if… Private Markets Know Your Customer KYC A legally required process by which banks and financial institutions verify a customer's identity, source of wealth, and risk profile before and… Banking & Insurance

L6

Letter of Wishes A non-binding written document in which a person or trust settlor communicates personal preferences and context to trustees, without creating legal… Trusts & Estate Lifetime Exemption The cumulative amount a person may transfer by gift during life or bequest at death — combined — before federal transfer taxes apply; the amount is… Trusts & Estate Limited Partner LP A limited partner is an investor in a private fund who contributes capital, shares in profits and losses, and enjoys liability limited to their… Private Markets Limited Partnership Agreement LPA A Limited Partnership Agreement is the governing legal contract of a private fund that defines the rights, obligations, economics, and rules binding… Private Markets Lock-Up A defined period, stated in a fund's governing documents, during which an investor may not request any redemption of their capital. Private Markets Loss Carryforward An unused tax loss from one year that tax rules allow a taxpayer to apply against gains or income in a future tax year. Tax

M7

Management Fee An annual fee charged by a private fund manager, calculated as a percentage of committed or invested capital, covering the fund's operating costs. Private Markets Margin Loan A margin loan is a loan from a broker-dealer to an account holder, secured by securities in a brokerage account and governed by federal margin… Public Markets Minimum Distribution (Foundations) The legal obligation requiring private foundations to distribute a minimum percentage of their assets annually for charitable purposes, as defined by… Philanthropy Mission-Related Investment MRI A mission-related investment is a market-rate or near-market-rate investment made from a foundation's endowment that is intentionally aligned with… Philanthropy Most Favored Nation Clause MFN A Most Favored Nation clause is a contractual right that entitles an investor to elect any more favorable terms granted to other investors in the… Private Markets Multi-Family Office MFO A multi-family office is a professional firm that delivers family-office-style services — investment oversight, tax coordination, estate planning… Family & Governance Multiple on Invested Capital MOIC A simple ratio expressing total value returned or expected from an investment divided by the total capital invested, without regard to how long that… Private Markets

N2

Net Asset Value NAV Net Asset Value (NAV) is the estimated total value of a fund's or portfolio's assets minus its liabilities, representing the per-share or aggregate… Private Markets Net Investment Income Tax NIIT A federal surtax applied to net investment income—such as interest, dividends, and capital gains—for taxpayers whose income exceeds certain… Tax

O1

Outsourced Chief Investment Officer OCIO An Outsourced Chief Investment Officer (OCIO) is a firm or individual hired to assume day-to-day portfolio management responsibilities while the… Family & Governance

P15

Pass-Through Entity A pass-through entity is a business structure that pays no federal income tax itself; instead, profits and losses flow to owners and are taxed on… Tax Passive Foreign Investment Company PFIC A Passive Foreign Investment Company (PFIC) is a foreign corporation meeting certain income or asset tests, subject to a punitive U.S. tax regime… Tax Portability A federal estate-tax rule allowing a surviving spouse to claim any unused portion of a deceased spouse's lifetime exemption, effectively combining… Trusts & Estate Pour-Over Will A will that automatically directs any assets left outside a trust at death into that trust, ensuring the trust's terms govern their ultimate… Trusts & Estate Power of Appointment A legal right granted in a trust or will allowing a designated person to direct who ultimately receives specific property or trust assets. Trusts & Estate Preferred Return A minimum annual return that limited partners must receive on their capital before a fund manager begins earning carried interest, also called a… Private Markets Premium / Discount to NAV Premium or discount to NAV describes whether a fund's market price trades above (premium) or below (discount) the per-share value of the assets it… Public Markets Private Bank A financial institution or dedicated division of a larger bank that provides integrated banking, lending, investment, and advisory services… Banking & Insurance Private Foundation A tax-exempt charitable organization established and controlled by a family or individual, funded by private contributions, and required by law to… Philanthropy Private Placement Life Insurance PPLI Private Placement Life Insurance (PPLI) is a variable life insurance contract issued in a private, non-registered offering that allows the… Banking & Insurance Private Placement Memorandum PPM A Private Placement Memorandum (PPM) is the primary disclosure document for a privately offered security, describing the investment, its risks… Private Markets Probate The court-supervised legal process by which a deceased person's will is validated, debts are settled, and remaining assets are distributed to heirs. Trusts & Estate Program-Related Investment PRI A program-related investment is a foundation's concessionary loan, equity stake, or guarantee made primarily to advance charitable purposes rather… Philanthropy Protective Put A protective put is an options contract purchased on a security already owned, granting the right to sell that security at a specified price, thereby… Public Markets Public Market Equivalent PME A method of benchmarking a private fund's performance by replicating its cash flows in a public market index, enabling a like-for-like return… Private Markets

Q3

Qualified Personal Residence Trust QPRT A trust into which a homeowner transfers a personal residence at a reduced gift-tax value, retaining the right to live there for a fixed number of… Trusts & Estate Qualified Purchaser QP A higher securities-law eligibility tier, defined by a specified level of investable assets, that unlocks access to certain private funds not… Private Markets Qualified Small Business Stock QSBS Stock in a qualifying C-corporation that, if held long enough and meeting specific requirements, may allow shareholders to exclude a substantial… Tax

R9

Rebalancing Rebalancing is the disciplined process of buying and selling portfolio holdings to restore the asset mix back to its original or target policy… Public Markets Reciprocal Trust Doctrine A legal rule that can cause courts to "uncross" two mirror-image trusts created by spouses or partners, effectively treating each grantor as owning… Trusts & Estate Redemption Gate A contractual provision in a fund's governing documents that limits the total percentage of investor capital that may be withdrawn during any single… Private Markets Residual Value to Paid-In RVPI A private-fund metric expressing the ratio of the net asset value of unrealized investments still held by the fund to the total capital investors… Private Markets Restricted and Control Stock Shares of a company that cannot be freely sold or transferred until specific conditions — such as a vesting schedule or regulatory holding period —… Public Markets Revenue Bond A revenue bond is a municipal security whose principal and interest are repaid solely from the income generated by a specific project or facility… Public Markets Revocable Trust A legal arrangement in which the person who creates the trust retains full power to amend, revoke, or dissolve it at any time during their lifetime. Trusts & Estate Rule 144 An SEC safe-harbor rule that defines the specific conditions under which holders of restricted or control stock may sell those shares into the public… Public Markets Rule Against Perpetuities RAP A legal rule that historically limited how long a trust could hold property before it had to terminate and distribute assets to beneficiaries. Trusts & Estate

S23

Safe Harbor (Estimated Tax) The estimated-tax safe harbor is a set of IRS rules under which a taxpayer avoids underpayment penalties if total estimated payments and withholding… Tax Schedule K-1 K-1 A Schedule K-1 is the annual tax form a partnership, S corporation, or trust issues to each owner, reporting that owner's share of income… Tax Scheduled Valuables A policy endorsement or separate policy that lists specific high-value items — art, jewelry, watches, wine, collectibles — individually, each with… Banking & Insurance Secondaries The purchase of an existing stake in a private fund or portfolio of fund stakes from another investor, rather than committing capital at the fund's… Private Markets Section 7520 Rate The Section 7520 rate is the IRS-published monthly interest rate used to value annuities, income interests, and remainder interests in trusts for… Trusts & Estate Section 754 Election A Section 754 election allows a partnership to adjust the tax basis of its assets when a partnership interest is sold or a partner dies, aligning… Tax Securities-Based Line of Credit SBLOC A securities-based line of credit (SBLOC) is a revolving loan extended by a lender using a borrower's investment portfolio as collateral, outside the… Public Markets Self-Dealing A category of transactions between a private foundation and its disqualified persons — typically insiders — that federal law prohibits or strictly… Philanthropy Self-Insurance Self-insurance is the deliberate decision to retain a financial risk internally — absorbing potential losses from one's own resources — rather than… Banking & Insurance Separately Managed Account SMA A separately managed account (SMA) is a professionally managed investment portfolio in which the client directly owns each individual security… Public Markets Sharpe Ratio The Sharpe ratio measures the return an investment delivered above a risk-free rate, divided by the volatility of those returns, expressing how much… Public Markets Shirtsleeves to Shirtsleeves A piece of multigenerational folklore warning that family wealth created in one generation is often dissipated by the third, expressed in similar… Family & Governance Side Letter A side letter is a private bilateral agreement between a fund manager and a specific investor that grants that investor terms — such as fee discounts… Private Markets Side Pocket A separate accounting sleeve within a fund that isolates a specific illiquid or hard-to-value investment from the main portfolio, limiting… Private Markets Single-Family Office SFO A single-family office is a private organization owned and operated by one family solely to manage that family's wealth, affairs, and legacy. Family & Governance Situs The legal jurisdiction — typically a U.S. state or foreign country — whose laws govern a trust's administration, validity, and taxation. Trusts & Estate Spendthrift Clause A trust provision that prevents a beneficiary from voluntarily transferring their interest and blocks creditors from reaching trust assets before a… Trusts & Estate Spousal Lifetime Access Trust SLAT An irrevocable trust funded by one spouse for the benefit of the other, allowing the gifting spouse to remove assets from their estate while… Trusts & Estate Statutory Residency Statutory residency is a legal status imposed by a state's tax code when a person meets a defined formula — typically days present plus a permanent… Tax Step-Up in Basis A reset of an inherited asset's cost basis to its fair market value at the original owner's date of death, potentially eliminating capital gains tax… Trusts & Estate Stewardship The philosophy that current holders of family wealth are caretakers of resources intended to benefit future generations, not simply owners free to… Family & Governance Structured Note A structured note is a debt security issued by a financial institution whose repayment terms are linked to the performance of an underlying asset… Public Markets Subscription Credit Line A short-term credit facility borrowed by a private fund against investors' unfunded commitments, used to deploy capital quickly before formal capital… Private Markets

T7

Tax-Equivalent Yield TEY Tax-equivalent yield is the pretax return a taxable bond must offer to produce the same after-tax income as a tax-exempt bond for an investor at a… Public Markets Tax-Loss Harvesting TLH Tax-loss harvesting (TLH) is the practice of selling a security at a loss to generate a realized capital loss that can offset taxable capital gains… Public Markets Total Value to Paid-In TVPI A private-fund performance ratio calculated by dividing the sum of all distributions and remaining net asset value by the total capital investors… Private Markets Treasury Bill T-bill A Treasury bill is a short-term U.S. government debt obligation, maturing in one year or less, sold at a discount to face value and redeemed at full… Public Markets Treasury Inflation-Protected Securities TIPS Treasury Inflation-Protected Securities are U.S. government bonds whose principal value is adjusted periodically in line with a government inflation… Public Markets Trust Protector A person or entity appointed in a trust document with defined powers to oversee, modify, or intervene in the trust's administration independently of… Trusts & Estate Trustee The individual or institution legally responsible for holding, managing, and distributing trust assets according to the trust document and applicable… Trusts & Estate

U2

Umbrella Liability Policy A personal liability insurance policy that pays claims exceeding the limits of underlying home, auto, or other primary policies, up to a much higher… Banking & Insurance Unrelated Business Taxable Income UBTI Unrelated Business Taxable Income (UBTI) is income earned by a tax-exempt account — such as an IRA or charitable trust — from an active business or… Tax

V3

Vintage Year The calendar year in which a private fund begins making its first investments or drawing capital from investors, used as the primary basis for… Private Markets Virtual Family Office VFO A virtual family office is a coordinated network of independent, outside specialists — attorneys, investment advisers, accountants, and others —… Family & Governance Volatility Volatility measures how widely and rapidly an investment's returns fluctuate over time, most commonly expressed as the annualized standard deviation… Public Markets

W1

Wash Sale A wash sale occurs when an investor sells a security at a loss and repurchases the same or a substantially identical security within thirty days… Public Markets

Y2

Yield Curve The yield curve is a visual representation of the interest rates available on bonds of the same credit quality across a range of maturities, from… Public Markets Yield to Maturity YTM Yield to maturity (YTM) is the total annualized return a bond investor would earn if the bond is held until it matures and every promised payment is… Public Markets