Merger Arbitrage - An investment strategy in which the shares of a target company in a merger or acquisition are purchased, hoping to capture the spread between the agreed-upon acquisition price and the price at which the company is trading in the open market

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Liquidity - The frequency and ease with which a security can be bought or sold

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Discount - An amount below net asset value

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Premium - An amount above net asset value

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Tax Efficiency - The ability to minimize tax liabilities

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Transparency - The ability of an investor to access information about the portfolio, such as daily holdings disclosure

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Long - A purchase of a security or a position in a security that was purchased

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Short - A sale of a security without being owned or a position in a security that was sold without being owned