{
  "$schema": "https://hedgefund.wiki/api/schema.json#/definitions/Term",
  "endpoint": "https://hedgefund.wiki/api/glossary/index.json",
  "version": "2026.05.0",
  "count": 237,
  "fields": [
    "id",
    "name",
    "category",
    "level",
    "summary",
    "url"
  ],
  "terms": [
    {
      "id": "13d-filing",
      "name": "Schedule 13D Filing",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "SEC filing required within 5 business days of acquiring more than 5% of a public company with active intent.",
      "url": "https://hedgefund.wiki/api/glossary/term/13d-filing.json"
    },
    {
      "id": "accredited-investor",
      "name": "Accredited Investor",
      "category": "regulatory-compliance",
      "level": "intro",
      "summary": "Per SEC Rule 501, an investor meeting income, net-worth, professional, or entity thresholds qualifying for unregistered securities.",
      "url": "https://hedgefund.wiki/api/glossary/term/accredited-investor.json"
    },
    {
      "id": "administrator",
      "name": "Fund Administrator",
      "category": "fund-operations",
      "level": "intro",
      "summary": "Independent third-party that strikes NAV, processes subscriptions/redemptions, and provides investor reporting.",
      "url": "https://hedgefund.wiki/api/glossary/term/administrator.json"
    },
    {
      "id": "adverse-selection",
      "name": "Adverse Selection",
      "category": "market-microstructure",
      "level": "advanced",
      "summary": "The risk that a market maker's counterparty has private information, causing the maker to systematically lose to informed flow.",
      "url": "https://hedgefund.wiki/api/glossary/term/adverse-selection.json"
    },
    {
      "id": "aifmd",
      "name": "AIFMD",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "EU directive (2011/61/EU) governing managers of non-UCITS funds — the European hedge fund regulatory regime.",
      "url": "https://hedgefund.wiki/api/glossary/term/aifmd.json"
    },
    {
      "id": "algo-wheel",
      "name": "Algo Wheel",
      "category": "trading-execution",
      "level": "intermediate",
      "summary": "An execution-management system feature that randomly routes orders across competing broker algorithms to keep brokers honest via measured TCA.",
      "url": "https://hedgefund.wiki/api/glossary/term/algo-wheel.json"
    },
    {
      "id": "almgren-chriss",
      "name": "Almgren-Chriss Model",
      "category": "trading-execution",
      "level": "advanced",
      "summary": "Optimal execution framework that minimizes expected cost plus risk-aversion-weighted variance of cost.",
      "url": "https://hedgefund.wiki/api/glossary/term/almgren-chriss.json"
    },
    {
      "id": "alpha",
      "name": "Alpha",
      "category": "quantitative-methods",
      "level": "intro",
      "summary": "The excess return of a portfolio over a benchmark or risk-model expectation, attributed to manager skill rather than market exposure.",
      "url": "https://hedgefund.wiki/api/glossary/term/alpha.json"
    },
    {
      "id": "alpha-decay",
      "name": "Alpha Decay",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "The phenomenon by which an alpha signal's predictive power degrades as it is discovered and traded by more participants.",
      "url": "https://hedgefund.wiki/api/glossary/term/alpha-decay.json"
    },
    {
      "id": "alternative-data",
      "name": "Alternative Data",
      "category": "equities-analysis",
      "level": "intermediate",
      "summary": "Non-traditional datasets used as inputs to investment decisions — credit card transactions, satellite imagery, app usage, web scraping, geolocation.",
      "url": "https://hedgefund.wiki/api/glossary/term/alternative-data.json"
    },
    {
      "id": "alternative-risk-premia",
      "name": "Alternative Risk Premia",
      "category": "portfolio-construction",
      "level": "advanced",
      "summary": "Systematic strategies that harvest persistent risk premia (carry, momentum, value, defensive, volatility) across asset classes.",
      "url": "https://hedgefund.wiki/api/glossary/term/alternative-risk-premia.json"
    },
    {
      "id": "amihud-illiquidity",
      "name": "Amihud Illiquidity",
      "category": "market-microstructure",
      "level": "advanced",
      "summary": "Average absolute return per dollar of volume — a low-frequency proxy for market impact.",
      "url": "https://hedgefund.wiki/api/glossary/term/amihud-illiquidity.json"
    },
    {
      "id": "anchor-investor",
      "name": "Anchor Investor",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "An LP whose commitment provides credibility for a fund's launch, often in exchange for fee discounts, capacity rights, or GP equity.",
      "url": "https://hedgefund.wiki/api/glossary/term/anchor-investor.json"
    },
    {
      "id": "anchoring",
      "name": "Anchoring",
      "category": "behavioral-finance",
      "level": "intro",
      "summary": "Cognitive bias where individuals rely too heavily on the first piece of information encountered when making decisions.",
      "url": "https://hedgefund.wiki/api/glossary/term/anchoring.json"
    },
    {
      "id": "asc-820",
      "name": "ASC 820",
      "category": "accounting-valuation",
      "level": "advanced",
      "summary": "FASB standard governing fair value measurement, including the Level 1/2/3 hierarchy and required disclosures.",
      "url": "https://hedgefund.wiki/api/glossary/term/asc-820.json"
    },
    {
      "id": "asset-liability-mismatch",
      "name": "Asset-Liability Mismatch",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "Difference between the liquidity profile of fund assets and fund redemption terms.",
      "url": "https://hedgefund.wiki/api/glossary/term/asset-liability-mismatch.json"
    },
    {
      "id": "ats",
      "name": "Alternative Trading System",
      "category": "market-microstructure",
      "level": "intermediate",
      "summary": "A non-exchange trading venue regulated under SEC Reg ATS — includes dark pools and ECNs.",
      "url": "https://hedgefund.wiki/api/glossary/term/ats.json"
    },
    {
      "id": "backwardation",
      "name": "Backwardation",
      "category": "commodities-futures",
      "level": "intro",
      "summary": "A futures curve in which longer-dated contracts trade at lower prices than nearer-dated ones.",
      "url": "https://hedgefund.wiki/api/glossary/term/backwardation.json"
    },
    {
      "id": "basis-trade",
      "name": "Basis Trade",
      "category": "crypto-digital-assets",
      "level": "intermediate",
      "summary": "Long spot / short futures (or vice versa) to harvest the spread between spot and futures prices.",
      "url": "https://hedgefund.wiki/api/glossary/term/basis-trade.json"
    },
    {
      "id": "bayesian-prior",
      "name": "Bayesian Prior",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "A probability distribution representing pre-data beliefs, combined with the likelihood to produce a posterior.",
      "url": "https://hedgefund.wiki/api/glossary/term/bayesian-prior.json"
    },
    {
      "id": "beta",
      "name": "Beta",
      "category": "quantitative-methods",
      "level": "intro",
      "summary": "The sensitivity of an asset's return to a benchmark's return — the slope of a regression of asset returns on market returns.",
      "url": "https://hedgefund.wiki/api/glossary/term/beta.json"
    },
    {
      "id": "bid-ask-spread",
      "name": "Bid-Ask Spread",
      "category": "market-microstructure",
      "level": "intro",
      "summary": "The difference between the best buy quote (bid) and best sell quote (ask) in an order book.",
      "url": "https://hedgefund.wiki/api/glossary/term/bid-ask-spread.json"
    },
    {
      "id": "black-litterman",
      "name": "Black-Litterman Model",
      "category": "portfolio-construction",
      "level": "advanced",
      "summary": "A Bayesian framework that combines an equilibrium prior (CAPM-implied returns) with investor views to produce stable optimal portfolios.",
      "url": "https://hedgefund.wiki/api/glossary/term/black-litterman.json"
    },
    {
      "id": "black-scholes",
      "name": "Black-Scholes Model",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "A continuous-time model for European option pricing assuming geometric Brownian underlying and constant volatility.",
      "url": "https://hedgefund.wiki/api/glossary/term/black-scholes.json"
    },
    {
      "id": "blocker-corporation",
      "name": "Blocker Corporation",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "An offshore (typically Cayman) corporation interposed between a US tax-exempt LP and a US trade or business to block UBTI.",
      "url": "https://hedgefund.wiki/api/glossary/term/blocker-corporation.json"
    },
    {
      "id": "break-risk",
      "name": "Break Risk",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "The risk that an announced merger or acquisition fails to close.",
      "url": "https://hedgefund.wiki/api/glossary/term/break-risk.json"
    },
    {
      "id": "calmar-ratio",
      "name": "Calmar Ratio",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Annualized return divided by absolute value of maximum drawdown over the same period.",
      "url": "https://hedgefund.wiki/api/glossary/term/calmar-ratio.json"
    },
    {
      "id": "capacity",
      "name": "Capacity",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "The maximum AUM at which a strategy can be deployed without meaningfully degrading expected returns.",
      "url": "https://hedgefund.wiki/api/glossary/term/capacity.json"
    },
    {
      "id": "capm",
      "name": "Capital Asset Pricing Model",
      "category": "quantitative-methods",
      "level": "intro",
      "summary": "Sharpe-Lintner-Mossin model: expected return = risk-free rate + β × (market return − risk-free rate).",
      "url": "https://hedgefund.wiki/api/glossary/term/capm.json"
    },
    {
      "id": "carry",
      "name": "Carry",
      "category": "global-markets",
      "level": "intermediate",
      "summary": "The expected return of an asset assuming prices stay constant — yield, dividend, or roll income.",
      "url": "https://hedgefund.wiki/api/glossary/term/carry.json"
    },
    {
      "id": "carry-trade",
      "name": "Carry Trade",
      "category": "global-markets",
      "level": "intro",
      "summary": "Borrow in a low-yielding currency, invest in a high-yielding one, harvest the rate differential.",
      "url": "https://hedgefund.wiki/api/glossary/term/carry-trade.json"
    },
    {
      "id": "cash-and-carry",
      "name": "Cash-and-Carry",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "Long the cash asset, short the corresponding derivative, financed via repo to harvest the basis.",
      "url": "https://hedgefund.wiki/api/glossary/term/cash-and-carry.json"
    },
    {
      "id": "cat-bond",
      "name": "Catastrophe Bond",
      "category": "insurance-reinsurance",
      "level": "intermediate",
      "summary": "A risk-linked security in which principal repayment is contingent on a defined catastrophe (named storm, earthquake, etc.) not occurring.",
      "url": "https://hedgefund.wiki/api/glossary/term/cat-bond.json"
    },
    {
      "id": "cdx",
      "name": "CDX Index",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "North American CDS index family: CDX.NA.IG (125 IG names), CDX.NA.HY (100 HY names). Standardized rolling on March 20 / September 20.",
      "url": "https://hedgefund.wiki/api/glossary/term/cdx.json"
    },
    {
      "id": "channel-checks",
      "name": "Channel Checks",
      "category": "equities-analysis",
      "level": "intermediate",
      "summary": "Direct outreach to a company's customers, suppliers, distributors, and former employees to validate or challenge management's narrative.",
      "url": "https://hedgefund.wiki/api/glossary/term/channel-checks.json"
    },
    {
      "id": "climate-var",
      "name": "Climate VaR",
      "category": "esg-sustainable",
      "level": "advanced",
      "summary": "Extension of VaR that incorporates climate-related transition and physical risks.",
      "url": "https://hedgefund.wiki/api/glossary/term/climate-var.json"
    },
    {
      "id": "close-out-netting",
      "name": "Close-Out Netting",
      "category": "fund-operations",
      "level": "advanced",
      "summary": "ISDA Master mechanism that nets all outstanding obligations between two counterparties on default.",
      "url": "https://hedgefund.wiki/api/glossary/term/close-out-netting.json"
    },
    {
      "id": "co-investment",
      "name": "Co-Investment",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "Direct investment alongside a sponsor in a single deal, typically with reduced or zero fees.",
      "url": "https://hedgefund.wiki/api/glossary/term/co-investment.json"
    },
    {
      "id": "coherent-risk-measure",
      "name": "Coherent Risk Measure",
      "category": "risk-management",
      "level": "advanced",
      "summary": "Artzner-Delbaen-Eber-Heath axiomatic class: monotonicity, sub-additivity, positive homogeneity, translation invariance.",
      "url": "https://hedgefund.wiki/api/glossary/term/coherent-risk-measure.json"
    },
    {
      "id": "cointegration",
      "name": "Cointegration",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "A statistical relationship in which two or more non-stationary series share a common stochastic trend, so their linear combination is stationary.",
      "url": "https://hedgefund.wiki/api/glossary/term/cointegration.json"
    },
    {
      "id": "contango",
      "name": "Contango",
      "category": "commodities-futures",
      "level": "intro",
      "summary": "A futures curve in which longer-dated contracts trade at higher prices than nearer-dated ones.",
      "url": "https://hedgefund.wiki/api/glossary/term/contango.json"
    },
    {
      "id": "convenience-yield",
      "name": "Convenience Yield",
      "category": "commodities-futures",
      "level": "advanced",
      "summary": "The non-monetary benefit of holding a physical commodity rather than a derivative on it.",
      "url": "https://hedgefund.wiki/api/glossary/term/convenience-yield.json"
    },
    {
      "id": "convertible-arbitrage",
      "name": "Convertible Arbitrage",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "Long the convertible bond, short the underlying stock in delta-equivalent quantity, harvesting gamma, vega, and credit spread carry.",
      "url": "https://hedgefund.wiki/api/glossary/term/convertible-arbitrage.json"
    },
    {
      "id": "convexity",
      "name": "Convexity",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "The second-order rate sensitivity of a bond price — captures the curvature of the price-yield relationship.",
      "url": "https://hedgefund.wiki/api/glossary/term/convexity.json"
    },
    {
      "id": "counterparty-risk",
      "name": "Counterparty Risk",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "The risk that the other side of a trade or contract fails to perform its obligations.",
      "url": "https://hedgefund.wiki/api/glossary/term/counterparty-risk.json"
    },
    {
      "id": "covered-interest-parity",
      "name": "Covered Interest Parity",
      "category": "global-markets",
      "level": "intermediate",
      "summary": "The forward FX rate equals the spot rate adjusted by the interest rate differential between the two currencies.",
      "url": "https://hedgefund.wiki/api/glossary/term/covered-interest-parity.json"
    },
    {
      "id": "credit-default-swap",
      "name": "Credit Default Swap",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "An OTC contract in which the protection buyer pays a periodic premium and receives a payout if a reference entity defaults.",
      "url": "https://hedgefund.wiki/api/glossary/term/credit-default-swap.json"
    },
    {
      "id": "credit-spread",
      "name": "Credit Spread",
      "category": "fixed-income-credit",
      "level": "intro",
      "summary": "The yield premium of a credit-risky bond over a risk-free benchmark of the same maturity.",
      "url": "https://hedgefund.wiki/api/glossary/term/credit-spread.json"
    },
    {
      "id": "crisis-alpha",
      "name": "Crisis Alpha",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "Returns generated specifically during market crises, when most other strategies are losing.",
      "url": "https://hedgefund.wiki/api/glossary/term/crisis-alpha.json"
    },
    {
      "id": "crowding",
      "name": "Crowding",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "The phenomenon where many funds hold similar positions, creating fragility on coordinated unwinds.",
      "url": "https://hedgefund.wiki/api/glossary/term/crowding.json"
    },
    {
      "id": "crypto-cash-and-carry",
      "name": "Crypto Cash-and-Carry",
      "category": "crypto-digital-assets",
      "level": "intermediate",
      "summary": "Long spot crypto, short perpetual or quarterly futures to harvest basis or funding rate.",
      "url": "https://hedgefund.wiki/api/glossary/term/crypto-cash-and-carry.json"
    },
    {
      "id": "crystallisation",
      "name": "Crystallisation",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "The point at which accrued performance fees become payable to the manager and the high-water mark resets.",
      "url": "https://hedgefund.wiki/api/glossary/term/crystallisation.json"
    },
    {
      "id": "csa",
      "name": "Credit Support Annex",
      "category": "fund-operations",
      "level": "advanced",
      "summary": "ISDA Master annex that governs collateral exchange between OTC derivatives counterparties.",
      "url": "https://hedgefund.wiki/api/glossary/term/csa.json"
    },
    {
      "id": "cta",
      "name": "Commodity Trading Advisor",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "A CFTC-regulated person providing advice or trading on futures, options on futures, or swaps.",
      "url": "https://hedgefund.wiki/api/glossary/term/cta.json"
    },
    {
      "id": "dark-pool",
      "name": "Dark Pool",
      "category": "market-microstructure",
      "level": "intermediate",
      "summary": "An off-exchange trading venue that does not display quotes pre-trade; trades print to the consolidated tape post-trade.",
      "url": "https://hedgefund.wiki/api/glossary/term/dark-pool.json"
    },
    {
      "id": "deal-spread",
      "name": "Deal Spread",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "In merger arbitrage, the percentage gap between the announced acquisition price and the target's current trading price.",
      "url": "https://hedgefund.wiki/api/glossary/term/deal-spread.json"
    },
    {
      "id": "default-probability",
      "name": "Default Probability",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "Estimated probability that a borrower will default within a specified horizon.",
      "url": "https://hedgefund.wiki/api/glossary/term/default-probability.json"
    },
    {
      "id": "deleveraging",
      "name": "Deleveraging",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "Reduction of leverage or risk exposure, often forced by margin calls or risk-limit breaches.",
      "url": "https://hedgefund.wiki/api/glossary/term/deleveraging.json"
    },
    {
      "id": "delta",
      "name": "Delta (Δ)",
      "category": "derivatives-options",
      "level": "intro",
      "summary": "The change in option price per unit change in the underlying asset's price.",
      "url": "https://hedgefund.wiki/api/glossary/term/delta.json"
    },
    {
      "id": "delta-hedging",
      "name": "Delta Hedging",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "Maintaining offsetting positions in the underlying so that the portfolio's delta is approximately zero.",
      "url": "https://hedgefund.wiki/api/glossary/term/delta-hedging.json"
    },
    {
      "id": "dip-financing",
      "name": "DIP Financing",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "Debtor-in-possession financing: super-senior loans extended to a Chapter 11 debtor to fund operations during reorganization.",
      "url": "https://hedgefund.wiki/api/glossary/term/dip-financing.json"
    },
    {
      "id": "distressed-debt",
      "name": "Distressed Debt",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "Investing in the debt of companies trading at deeply discounted prices due to actual or perceived financial distress.",
      "url": "https://hedgefund.wiki/api/glossary/term/distressed-debt.json"
    },
    {
      "id": "dodd-frank",
      "name": "Dodd-Frank Act",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "2010 US legislation overhauling financial regulation post-GFC; required hedge fund advisers > $150m AUM to register with the SEC.",
      "url": "https://hedgefund.wiki/api/glossary/term/dodd-frank.json"
    },
    {
      "id": "dpi",
      "name": "DPI (Distributions to Paid-In)",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "Cumulative cash distributions divided by paid-in capital — the realized portion of TVPI.",
      "url": "https://hedgefund.wiki/api/glossary/term/dpi.json"
    },
    {
      "id": "duration",
      "name": "Duration",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "The price sensitivity of a bond to a 1-percentage-point change in interest rates, expressed in years.",
      "url": "https://hedgefund.wiki/api/glossary/term/duration.json"
    },
    {
      "id": "ecil",
      "name": "Effectively Connected Income",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "Income earned by foreign persons from a US trade or business, taxed on a net basis at graduated US rates.",
      "url": "https://hedgefund.wiki/api/glossary/term/ecil.json"
    },
    {
      "id": "effective-spread",
      "name": "Effective Spread",
      "category": "market-microstructure",
      "level": "intermediate",
      "summary": "Twice the absolute difference between trade price and the midpoint quote at the time of execution.",
      "url": "https://hedgefund.wiki/api/glossary/term/effective-spread.json"
    },
    {
      "id": "efficient-frontier",
      "name": "Efficient Frontier",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "The set of portfolios offering the maximum expected return for each level of risk.",
      "url": "https://hedgefund.wiki/api/glossary/term/efficient-frontier.json"
    },
    {
      "id": "em-debt",
      "name": "Emerging Market Debt",
      "category": "global-markets",
      "level": "intermediate",
      "summary": "Sovereign and corporate debt issued by emerging market countries, in either hard currency (USD/EUR) or local currency.",
      "url": "https://hedgefund.wiki/api/glossary/term/em-debt.json"
    },
    {
      "id": "ev-ebitda",
      "name": "EV/EBITDA",
      "category": "equities-analysis",
      "level": "intro",
      "summary": "Enterprise value divided by EBITDA — capital-structure-neutral valuation multiple.",
      "url": "https://hedgefund.wiki/api/glossary/term/ev-ebitda.json"
    },
    {
      "id": "expected-shortfall",
      "name": "Expected Shortfall",
      "category": "risk-management",
      "level": "advanced",
      "summary": "Average loss in the worst α% of cases — the conditional expectation of loss given that loss exceeds VaR.",
      "url": "https://hedgefund.wiki/api/glossary/term/expected-shortfall.json"
    },
    {
      "id": "expert-network",
      "name": "Expert Network",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "A firm that connects investors with industry experts for paid consultations, tightly governed to prevent MNPI transfer.",
      "url": "https://hedgefund.wiki/api/glossary/term/expert-network.json"
    },
    {
      "id": "factor-tilt",
      "name": "Factor Tilt",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "Deliberate over- or under-weighting of factor exposures (size, value, momentum, quality, low-vol) relative to a benchmark.",
      "url": "https://hedgefund.wiki/api/glossary/term/factor-tilt.json"
    },
    {
      "id": "fair-value",
      "name": "Fair Value",
      "category": "accounting-valuation",
      "level": "intermediate",
      "summary": "Per ASC 820, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.",
      "url": "https://hedgefund.wiki/api/glossary/term/fair-value.json"
    },
    {
      "id": "fama-french-factors",
      "name": "Fama-French Factors",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Multi-factor models extending CAPM with size (SMB), value (HML), profitability (RMW), investment (CMA), and momentum (MOM).",
      "url": "https://hedgefund.wiki/api/glossary/term/fama-french-factors.json"
    },
    {
      "id": "fiscal-dominance",
      "name": "Fiscal Dominance",
      "category": "macroeconomics",
      "level": "advanced",
      "summary": "A regime in which monetary policy is constrained by fiscal needs — central banks cannot raise rates without triggering debt-service crises.",
      "url": "https://hedgefund.wiki/api/glossary/term/fiscal-dominance.json"
    },
    {
      "id": "form-adv",
      "name": "Form ADV",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "The SEC registration form for investment advisers, with public disclosures (Part 1) and a brochure (Part 2).",
      "url": "https://hedgefund.wiki/api/glossary/term/form-adv.json"
    },
    {
      "id": "form-pf",
      "name": "Form PF",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "Confidential SEC filing by private fund advisers reporting fund-level risk, leverage, and exposure data.",
      "url": "https://hedgefund.wiki/api/glossary/term/form-pf.json"
    },
    {
      "id": "founders-share-class",
      "name": "Founders Share Class",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A discounted share class (e.g., 1/10 vs 1.5/20) for early or large investors who anchor a new fund's launch in exchange for a longer lock-up.",
      "url": "https://hedgefund.wiki/api/glossary/term/founders-share-class.json"
    },
    {
      "id": "fractional-kelly",
      "name": "Fractional Kelly",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "A scaled-down Kelly bet (typically half-Kelly) that trades growth for drawdown reduction.",
      "url": "https://hedgefund.wiki/api/glossary/term/fractional-kelly.json"
    },
    {
      "id": "free-cash-flow-yield",
      "name": "Free Cash Flow Yield",
      "category": "equities-analysis",
      "level": "intro",
      "summary": "Free cash flow divided by enterprise value (or market cap) — cash earnings yield.",
      "url": "https://hedgefund.wiki/api/glossary/term/free-cash-flow-yield.json"
    },
    {
      "id": "fulcrum-security",
      "name": "Fulcrum Security",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "The class of securities in a distressed company's capital structure that will be converted to equity in a restructuring.",
      "url": "https://hedgefund.wiki/api/glossary/term/fulcrum-security.json"
    },
    {
      "id": "fund-of-funds",
      "name": "Fund of Funds",
      "category": "fund-operations",
      "level": "intro",
      "summary": "A fund that allocates to a portfolio of underlying hedge funds rather than trading directly.",
      "url": "https://hedgefund.wiki/api/glossary/term/fund-of-funds.json"
    },
    {
      "id": "fundamental-law-active-management",
      "name": "Fundamental Law of Active Management",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "Grinold's identity: IR ≈ IC × √breadth.",
      "url": "https://hedgefund.wiki/api/glossary/term/fundamental-law-active-management.json"
    },
    {
      "id": "funding-rate",
      "name": "Funding Rate",
      "category": "crypto-digital-assets",
      "level": "intermediate",
      "summary": "Periodic payment between longs and shorts in a perpetual futures contract that anchors the perp price to spot.",
      "url": "https://hedgefund.wiki/api/glossary/term/funding-rate.json"
    },
    {
      "id": "gamma",
      "name": "Gamma (Γ)",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "The rate of change of delta with respect to the underlying — the option's convexity.",
      "url": "https://hedgefund.wiki/api/glossary/term/gamma.json"
    },
    {
      "id": "gamma-scalping",
      "name": "Gamma Scalping",
      "category": "derivatives-options",
      "level": "advanced",
      "summary": "Actively delta-hedging a long-gamma position to monetize realized volatility.",
      "url": "https://hedgefund.wiki/api/glossary/term/gamma-scalping.json"
    },
    {
      "id": "garch",
      "name": "GARCH",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Generalized AutoRegressive Conditional Heteroskedasticity — econometric class modeling time-varying volatility.",
      "url": "https://hedgefund.wiki/api/glossary/term/garch.json"
    },
    {
      "id": "gate",
      "name": "Gate",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A redemption restriction limiting the percentage of the fund that may be withdrawn on any single redemption date.",
      "url": "https://hedgefund.wiki/api/glossary/term/gate.json"
    },
    {
      "id": "geometric-brownian-motion",
      "name": "Geometric Brownian Motion",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Continuous-time stochastic process underlying the Black-Scholes model: dS = μS dt + σS dW.",
      "url": "https://hedgefund.wiki/api/glossary/term/geometric-brownian-motion.json"
    },
    {
      "id": "global-macro",
      "name": "Global Macro",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "Top-down directional and relative-value bets across rates, FX, equities, and commodities driven by macroeconomic theses.",
      "url": "https://hedgefund.wiki/api/glossary/term/global-macro.json"
    },
    {
      "id": "gross-exposure",
      "name": "Gross Exposure",
      "category": "risk-management",
      "level": "intro",
      "summary": "The sum of long market value plus the absolute value of short market value, as a percentage of NAV.",
      "url": "https://hedgefund.wiki/api/glossary/term/gross-exposure.json"
    },
    {
      "id": "herding",
      "name": "Herding",
      "category": "behavioral-finance",
      "level": "intro",
      "summary": "Tendency to follow others' actions rather than acting on private information.",
      "url": "https://hedgefund.wiki/api/glossary/term/herding.json"
    },
    {
      "id": "high-water-mark",
      "name": "High-Water Mark",
      "category": "fund-operations",
      "level": "intro",
      "summary": "The highest NAV per share an investor's capital has ever reached, above which performance fees may again be charged.",
      "url": "https://hedgefund.wiki/api/glossary/term/high-water-mark.json"
    },
    {
      "id": "hurdle-rate",
      "name": "Hurdle Rate",
      "category": "fund-operations",
      "level": "intro",
      "summary": "A minimum return that must be achieved before performance fees accrue.",
      "url": "https://hedgefund.wiki/api/glossary/term/hurdle-rate.json"
    },
    {
      "id": "iceberg-order",
      "name": "Iceberg Order",
      "category": "market-microstructure",
      "level": "intermediate",
      "summary": "An order that displays only a small portion of total size at the top of book, replenishing as fills occur.",
      "url": "https://hedgefund.wiki/api/glossary/term/iceberg-order.json"
    },
    {
      "id": "illiquidity-premium",
      "name": "Illiquidity Premium",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "Excess return demanded for holding assets that cannot be quickly converted to cash at a fair price.",
      "url": "https://hedgefund.wiki/api/glossary/term/illiquidity-premium.json"
    },
    {
      "id": "ils",
      "name": "Insurance-Linked Securities",
      "category": "insurance-reinsurance",
      "level": "intermediate",
      "summary": "Securities whose performance is linked to insurance risk — cat bonds, ILWs, sidecars, collateralized reinsurance.",
      "url": "https://hedgefund.wiki/api/glossary/term/ils.json"
    },
    {
      "id": "ima",
      "name": "Investment Management Agreement",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "Bilateral contract under which a manager is granted limited discretionary trading authority over a separately-managed account.",
      "url": "https://hedgefund.wiki/api/glossary/term/ima.json"
    },
    {
      "id": "implementation-shortfall",
      "name": "Implementation Shortfall",
      "category": "trading-execution",
      "level": "intermediate",
      "summary": "The difference between the price at which a trading decision is made and the average price actually realized, including all costs.",
      "url": "https://hedgefund.wiki/api/glossary/term/implementation-shortfall.json"
    },
    {
      "id": "implied-volatility",
      "name": "Implied Volatility",
      "category": "derivatives-options",
      "level": "intro",
      "summary": "The volatility input to an option pricing model that makes the model's output equal the option's market price.",
      "url": "https://hedgefund.wiki/api/glossary/term/implied-volatility.json"
    },
    {
      "id": "information-ratio",
      "name": "Information Ratio",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Active return over benchmark divided by tracking error — the Sharpe of relative performance.",
      "url": "https://hedgefund.wiki/api/glossary/term/information-ratio.json"
    },
    {
      "id": "insider-trading",
      "name": "Insider Trading",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Trading securities while in possession of material non-public information in breach of a fiduciary duty.",
      "url": "https://hedgefund.wiki/api/glossary/term/insider-trading.json"
    },
    {
      "id": "interest-rate",
      "name": "Interest Rate",
      "category": "fixed-income-credit",
      "level": "intro",
      "summary": "The price of money over time, expressed as a percentage per period.",
      "url": "https://hedgefund.wiki/api/glossary/term/interest-rate.json"
    },
    {
      "id": "irr",
      "name": "Internal Rate of Return",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "The discount rate that makes the NPV of a cash flow stream equal to zero — the standard PE/VC return metric.",
      "url": "https://hedgefund.wiki/api/glossary/term/irr.json"
    },
    {
      "id": "isda",
      "name": "ISDA Master Agreement",
      "category": "fund-operations",
      "level": "advanced",
      "summary": "The standardized bilateral agreement governing OTC derivatives between two counterparties.",
      "url": "https://hedgefund.wiki/api/glossary/term/isda.json"
    },
    {
      "id": "j-curve",
      "name": "J-Curve",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "The pattern of negative early returns followed by rising returns over time, characteristic of private fund vintages.",
      "url": "https://hedgefund.wiki/api/glossary/term/j-curve.json"
    },
    {
      "id": "kalman-filter",
      "name": "Kalman Filter",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "Recursive algorithm that estimates the hidden state of a linear-Gaussian system from noisy observations.",
      "url": "https://hedgefund.wiki/api/glossary/term/kalman-filter.json"
    },
    {
      "id": "kelly-criterion",
      "name": "Kelly Criterion",
      "category": "portfolio-construction",
      "level": "advanced",
      "summary": "The bet-sizing fraction that maximizes the long-run logarithm of wealth.",
      "url": "https://hedgefund.wiki/api/glossary/term/kelly-criterion.json"
    },
    {
      "id": "key-rate-duration",
      "name": "Key Rate Duration",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "Sensitivity of a bond's price to a 1bp shift at a single point on the yield curve, holding other points fixed.",
      "url": "https://hedgefund.wiki/api/glossary/term/key-rate-duration.json"
    },
    {
      "id": "kyle-lambda",
      "name": "Kyle's Lambda",
      "category": "market-microstructure",
      "level": "advanced",
      "summary": "The price-impact coefficient in Albert Kyle's (1985) microstructure model: ΔP = λ × Q.",
      "url": "https://hedgefund.wiki/api/glossary/term/kyle-lambda.json"
    },
    {
      "id": "level-3-asset",
      "name": "Level 3 Asset",
      "category": "accounting-valuation",
      "level": "intermediate",
      "summary": "Per ASC 820 / IFRS 13, an asset whose fair value is determined using significant unobservable inputs (model-based marks).",
      "url": "https://hedgefund.wiki/api/glossary/term/level-3-asset.json"
    },
    {
      "id": "leverage",
      "name": "Leverage",
      "category": "risk-management",
      "level": "intro",
      "summary": "The use of borrowed capital to amplify portfolio exposure beyond invested equity.",
      "url": "https://hedgefund.wiki/api/glossary/term/leverage.json"
    },
    {
      "id": "liquidity-risk",
      "name": "Liquidity Risk",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "The risk of being unable to exit a position at a fair price within a needed timeframe.",
      "url": "https://hedgefund.wiki/api/glossary/term/liquidity-risk.json"
    },
    {
      "id": "loan-to-own",
      "name": "Loan-to-Own",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "Distressed strategy of accumulating fulcrum debt with intent to convert to controlling equity through restructuring.",
      "url": "https://hedgefund.wiki/api/glossary/term/loan-to-own.json"
    },
    {
      "id": "lock-up",
      "name": "Lock-up",
      "category": "fund-operations",
      "level": "intro",
      "summary": "A period during which an investor cannot redeem capital from the fund.",
      "url": "https://hedgefund.wiki/api/glossary/term/lock-up.json"
    },
    {
      "id": "log-optimal-portfolio",
      "name": "Log-Optimal Portfolio",
      "category": "portfolio-construction",
      "level": "advanced",
      "summary": "The portfolio that maximizes the expected logarithm of wealth — Kelly's growth-optimal solution.",
      "url": "https://hedgefund.wiki/api/glossary/term/log-optimal-portfolio.json"
    },
    {
      "id": "long-short-equity",
      "name": "Long/Short Equity",
      "category": "hedge-fund-strategies",
      "level": "intro",
      "summary": "A strategy that holds long positions in expected outperformers and short positions in expected underperformers.",
      "url": "https://hedgefund.wiki/api/glossary/term/long-short-equity.json"
    },
    {
      "id": "loss-aversion",
      "name": "Loss Aversion",
      "category": "behavioral-finance",
      "level": "intro",
      "summary": "Tendency to feel losses more strongly than equivalent gains, by an empirical factor of ~2x.",
      "url": "https://hedgefund.wiki/api/glossary/term/loss-aversion.json"
    },
    {
      "id": "mac-clause",
      "name": "Material Adverse Change Clause",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "A merger agreement provision allowing the buyer to walk if a 'material adverse change' occurs at the target between signing and closing.",
      "url": "https://hedgefund.wiki/api/glossary/term/mac-clause.json"
    },
    {
      "id": "managed-futures",
      "name": "Managed Futures",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "Systematic trading of liquid futures contracts, predominantly using trend-following or short-term mean-reversion signals.",
      "url": "https://hedgefund.wiki/api/glossary/term/managed-futures.json"
    },
    {
      "id": "mar-ratio",
      "name": "MAR Ratio",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Original Calmar variant: compound annual return divided by maximum drawdown over the strategy's full history.",
      "url": "https://hedgefund.wiki/api/glossary/term/mar-ratio.json"
    },
    {
      "id": "margin-call",
      "name": "Margin Call",
      "category": "risk-management",
      "level": "intro",
      "summary": "A demand from a broker for additional collateral to cover losses on a leveraged position.",
      "url": "https://hedgefund.wiki/api/glossary/term/margin-call.json"
    },
    {
      "id": "marginal-risk-contribution",
      "name": "Marginal Risk Contribution",
      "category": "portfolio-construction",
      "level": "advanced",
      "summary": "The contribution of an asset to total portfolio risk: w_i × (Σw)_i / σ_p.",
      "url": "https://hedgefund.wiki/api/glossary/term/marginal-risk-contribution.json"
    },
    {
      "id": "market-impact",
      "name": "Market Impact",
      "category": "trading-execution",
      "level": "intermediate",
      "summary": "The adverse price movement caused by one's own trading activity.",
      "url": "https://hedgefund.wiki/api/glossary/term/market-impact.json"
    },
    {
      "id": "market-maker",
      "name": "Market Maker",
      "category": "market-microstructure",
      "level": "intro",
      "summary": "A firm that posts continuous two-sided quotes (bid and ask), profiting from the spread net of inventory and adverse-selection costs.",
      "url": "https://hedgefund.wiki/api/glossary/term/market-maker.json"
    },
    {
      "id": "market-neutral",
      "name": "Market Neutral",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "A long/short strategy structured so that net market beta is approximately zero.",
      "url": "https://hedgefund.wiki/api/glossary/term/market-neutral.json"
    },
    {
      "id": "martin-ratio",
      "name": "Martin Ratio",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "Excess return divided by the Ulcer Index — Sharpe with drawdown depth-and-duration in the denominator.",
      "url": "https://hedgefund.wiki/api/glossary/term/martin-ratio.json"
    },
    {
      "id": "master-feeder",
      "name": "Master-Feeder",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "Two or more feeder funds in different jurisdictions that pool assets in a single master fund where trading actually occurs.",
      "url": "https://hedgefund.wiki/api/glossary/term/master-feeder.json"
    },
    {
      "id": "max-drawdown",
      "name": "Maximum Drawdown",
      "category": "risk-management",
      "level": "intro",
      "summary": "The largest peak-to-trough percentage decline in NAV over a specified window.",
      "url": "https://hedgefund.wiki/api/glossary/term/max-drawdown.json"
    },
    {
      "id": "mbs",
      "name": "Mortgage-Backed Security",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "A bond backed by a pool of residential or commercial mortgages.",
      "url": "https://hedgefund.wiki/api/glossary/term/mbs.json"
    },
    {
      "id": "mean-reversion",
      "name": "Mean Reversion",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "The tendency for a series to return toward its long-run average.",
      "url": "https://hedgefund.wiki/api/glossary/term/mean-reversion.json"
    },
    {
      "id": "mean-variance-optimization",
      "name": "Mean-Variance Optimization",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "Markowitz's framework: choose portfolio weights to maximize expected return for a given level of variance (or vice versa).",
      "url": "https://hedgefund.wiki/api/glossary/term/mean-variance-optimization.json"
    },
    {
      "id": "merger-arbitrage",
      "name": "Merger Arbitrage",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "Capturing the spread between an announced acquisition price and the target's market price by going long the target (and short the acquirer in stock deals).",
      "url": "https://hedgefund.wiki/api/glossary/term/merger-arbitrage.json"
    },
    {
      "id": "mev",
      "name": "MEV",
      "category": "crypto-digital-assets",
      "level": "advanced",
      "summary": "Profits extractable from reordering, including, or excluding transactions in a block.",
      "url": "https://hedgefund.wiki/api/glossary/term/mev.json"
    },
    {
      "id": "mfn",
      "name": "Most Favored Nation Clause",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A side-letter provision granting an LP the right to elect into any superior terms granted to other LPs.",
      "url": "https://hedgefund.wiki/api/glossary/term/mfn.json"
    },
    {
      "id": "midpoint-peg",
      "name": "Midpoint Peg",
      "category": "market-microstructure",
      "level": "intermediate",
      "summary": "An order type that prices at the midpoint of the National Best Bid and Offer (NBBO).",
      "url": "https://hedgefund.wiki/api/glossary/term/midpoint-peg.json"
    },
    {
      "id": "mifid-ii",
      "name": "MiFID II",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "EU framework regulating trading venues, transparency, best execution, and (most contentiously) research unbundling.",
      "url": "https://hedgefund.wiki/api/glossary/term/mifid-ii.json"
    },
    {
      "id": "mirr",
      "name": "Modified IRR",
      "category": "alternative-investments",
      "level": "advanced",
      "summary": "IRR variant that assumes interim cash flows are reinvested at a specified reinvestment rate (typically the cost of capital).",
      "url": "https://hedgefund.wiki/api/glossary/term/mirr.json"
    },
    {
      "id": "mnpi",
      "name": "Material Non-Public Information",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Information about a security that is both material (would influence a reasonable investor) and not yet public.",
      "url": "https://hedgefund.wiki/api/glossary/term/mnpi.json"
    },
    {
      "id": "momentum",
      "name": "Momentum",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "The tendency for assets that have outperformed in the recent past to continue outperforming in the near future.",
      "url": "https://hedgefund.wiki/api/glossary/term/momentum.json"
    },
    {
      "id": "momentum-crash",
      "name": "Momentum Crash",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "Severe drawdowns in cross-sectional momentum strategies, typically when low-quality losers suddenly outperform.",
      "url": "https://hedgefund.wiki/api/glossary/term/momentum-crash.json"
    },
    {
      "id": "monetary-policy",
      "name": "Monetary Policy",
      "category": "macroeconomics",
      "level": "intro",
      "summary": "Central bank actions to influence money supply, interest rates, credit conditions, and inflation.",
      "url": "https://hedgefund.wiki/api/glossary/term/monetary-policy.json"
    },
    {
      "id": "monte-carlo",
      "name": "Monte Carlo Simulation",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Numerical method that estimates outcomes by repeated random sampling from input distributions.",
      "url": "https://hedgefund.wiki/api/glossary/term/monte-carlo.json"
    },
    {
      "id": "multi-strategy-pod",
      "name": "Multi-Strategy Pod",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "A platform that allocates capital across many independent portfolio managers (pods), each with strict risk limits, diversifying alpha across uncorrelated bets.",
      "url": "https://hedgefund.wiki/api/glossary/term/multi-strategy-pod.json"
    },
    {
      "id": "narrative-fallacy",
      "name": "Narrative Fallacy",
      "category": "behavioral-finance",
      "level": "intermediate",
      "summary": "The tendency to construct simple causal stories from complex or random data.",
      "url": "https://hedgefund.wiki/api/glossary/term/narrative-fallacy.json"
    },
    {
      "id": "nav",
      "name": "Net Asset Value",
      "category": "accounting-valuation",
      "level": "intro",
      "summary": "Total fund assets minus liabilities, divided by units outstanding — the per-share value of the fund.",
      "url": "https://hedgefund.wiki/api/glossary/term/nav.json"
    },
    {
      "id": "negative-convexity",
      "name": "Negative Convexity",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "When a bond's price falls faster as rates rise than it rises as rates fall — the inverse of standard bond behavior.",
      "url": "https://hedgefund.wiki/api/glossary/term/negative-convexity.json"
    },
    {
      "id": "net-exposure",
      "name": "Net Exposure",
      "category": "risk-management",
      "level": "intro",
      "summary": "Long market value minus absolute value of short market value, as a percentage of NAV.",
      "url": "https://hedgefund.wiki/api/glossary/term/net-exposure.json"
    },
    {
      "id": "neutral-rate",
      "name": "Neutral Rate",
      "category": "macroeconomics",
      "level": "advanced",
      "summary": "The real interest rate consistent with full employment and stable inflation — neither stimulative nor restrictive.",
      "url": "https://hedgefund.wiki/api/glossary/term/neutral-rate.json"
    },
    {
      "id": "newcits",
      "name": "Newcits",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "Hedge-fund-style strategies packaged as UCITS funds — daily liquidity, regulated leverage, retail-marketable.",
      "url": "https://hedgefund.wiki/api/glossary/term/newcits.json"
    },
    {
      "id": "oas",
      "name": "Option-Adjusted Spread",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "The constant spread added to the risk-free rate path that equates a bond's model price with its market price, after stripping out embedded options.",
      "url": "https://hedgefund.wiki/api/glossary/term/oas.json"
    },
    {
      "id": "ocio",
      "name": "Outsourced CIO",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "An external manager hired to handle full investment management — manager selection, asset allocation, reporting — for an institutional asset owner.",
      "url": "https://hedgefund.wiki/api/glossary/term/ocio.json"
    },
    {
      "id": "omega-ratio",
      "name": "Omega Ratio",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "Probability-weighted ratio of gains versus losses above and below a threshold return.",
      "url": "https://hedgefund.wiki/api/glossary/term/omega-ratio.json"
    },
    {
      "id": "ornstein-uhlenbeck",
      "name": "Ornstein-Uhlenbeck Process",
      "category": "quantitative-methods",
      "level": "advanced",
      "summary": "A continuous-time mean-reverting stochastic process used to model spreads, vol, rates, and basis.",
      "url": "https://hedgefund.wiki/api/glossary/term/ornstein-uhlenbeck.json"
    },
    {
      "id": "overconfidence-bias",
      "name": "Overconfidence Bias",
      "category": "behavioral-finance",
      "level": "intermediate",
      "summary": "Systematic tendency to overestimate one's knowledge, abilities, or precision of estimates.",
      "url": "https://hedgefund.wiki/api/glossary/term/overconfidence-bias.json"
    },
    {
      "id": "pairs-trading",
      "name": "Pairs Trading",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "Long one security, short a closely related security, betting on convergence of their relative price.",
      "url": "https://hedgefund.wiki/api/glossary/term/pairs-trading.json"
    },
    {
      "id": "pass-through-expenses",
      "name": "Pass-Through Expenses",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "Multi-strat platform fee model where actual operating expenses (PM comp, technology, financing, infrastructure) are charged to the fund instead of (or in addition to) a fixed management fee.",
      "url": "https://hedgefund.wiki/api/glossary/term/pass-through-expenses.json"
    },
    {
      "id": "perpetual-futures",
      "name": "Perpetual Futures",
      "category": "crypto-digital-assets",
      "level": "intermediate",
      "summary": "Crypto futures contracts with no expiry, with a periodic funding rate paid between longs and shorts to anchor price to spot.",
      "url": "https://hedgefund.wiki/api/glossary/term/perpetual-futures.json"
    },
    {
      "id": "poison-pill",
      "name": "Poison Pill",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "A shareholder rights plan that deters hostile acquisitions or activist campaigns by triggering severe dilution above a threshold.",
      "url": "https://hedgefund.wiki/api/glossary/term/poison-pill.json"
    },
    {
      "id": "premium-selling",
      "name": "Premium Selling",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "Strategies that systematically sell options to harvest the variance risk premium.",
      "url": "https://hedgefund.wiki/api/glossary/term/premium-selling.json"
    },
    {
      "id": "primary-research",
      "name": "Primary Research",
      "category": "equities-analysis",
      "level": "intermediate",
      "summary": "Original investigative work — channel checks, satellite imagery, alternative data, expert calls — conducted directly by the fund, not sourced from sell-side reports.",
      "url": "https://hedgefund.wiki/api/glossary/term/primary-research.json"
    },
    {
      "id": "prime-broker",
      "name": "Prime Broker",
      "category": "fund-operations",
      "level": "intro",
      "summary": "A bank that provides hedge funds with execution, financing, securities lending, custody, and reporting under one roof.",
      "url": "https://hedgefund.wiki/api/glossary/term/prime-broker.json"
    },
    {
      "id": "private-equity",
      "name": "Private Equity",
      "category": "alternative-investments",
      "level": "intro",
      "summary": "Investment in private companies, typically via leveraged buyouts (LBOs), growth equity, or venture capital.",
      "url": "https://hedgefund.wiki/api/glossary/term/private-equity.json"
    },
    {
      "id": "proxy-contest",
      "name": "Proxy Contest",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "Solicitation of shareholder votes against management's slate, typically to elect dissident directors.",
      "url": "https://hedgefund.wiki/api/glossary/term/proxy-contest.json"
    },
    {
      "id": "qualified-purchaser",
      "name": "Qualified Purchaser",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Per ICA Section 2(a)(51), an investor with $5m+ in investments (individual) or $25m+ (entity) eligible for 3(c)(7) funds.",
      "url": "https://hedgefund.wiki/api/glossary/term/qualified-purchaser.json"
    },
    {
      "id": "realized-volatility",
      "name": "Realized Volatility",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "The actual volatility of an asset's returns over a historical window.",
      "url": "https://hedgefund.wiki/api/glossary/term/realized-volatility.json"
    },
    {
      "id": "recession-indicator",
      "name": "Recession Indicator",
      "category": "macroeconomics",
      "level": "intermediate",
      "summary": "Economic or market signal historically associated with subsequent recession onset.",
      "url": "https://hedgefund.wiki/api/glossary/term/recession-indicator.json"
    },
    {
      "id": "recovery-rate",
      "name": "Recovery Rate",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "The fraction of par recovered by a bondholder after a default.",
      "url": "https://hedgefund.wiki/api/glossary/term/recovery-rate.json"
    },
    {
      "id": "regulation-d",
      "name": "Regulation D",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "SEC rules permitting private placement of securities to accredited investors without full SEC registration.",
      "url": "https://hedgefund.wiki/api/glossary/term/regulation-d.json"
    },
    {
      "id": "rehypothecation",
      "name": "Rehypothecation",
      "category": "fund-operations",
      "level": "advanced",
      "summary": "A prime broker's right to re-pledge or re-lend assets posted by its hedge fund clients as collateral.",
      "url": "https://hedgefund.wiki/api/glossary/term/rehypothecation.json"
    },
    {
      "id": "reinsurer-collateralized",
      "name": "Collateralized Reinsurance",
      "category": "insurance-reinsurance",
      "level": "advanced",
      "summary": "Reinsurance contracts fully collateralized by capital posted by hedge fund / ILS investors.",
      "url": "https://hedgefund.wiki/api/glossary/term/reinsurer-collateralized.json"
    },
    {
      "id": "research-unbundling",
      "name": "Research Unbundling",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "MiFID II requirement that asset managers pay for sell-side research separately from execution.",
      "url": "https://hedgefund.wiki/api/glossary/term/research-unbundling.json"
    },
    {
      "id": "restricted-list",
      "name": "Restricted List",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Internal list of securities for which a fund's compliance prohibits trading due to MNPI risk or conflicts.",
      "url": "https://hedgefund.wiki/api/glossary/term/restricted-list.json"
    },
    {
      "id": "rho",
      "name": "Rho (ρ)",
      "category": "derivatives-options",
      "level": "advanced",
      "summary": "The change in option price per 1-percentage-point change in the risk-free rate.",
      "url": "https://hedgefund.wiki/api/glossary/term/rho.json"
    },
    {
      "id": "risk-budget",
      "name": "Risk Budget",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "An allocation of total portfolio risk (often expressed as VaR or vol contribution) across PMs, strategies, or factors.",
      "url": "https://hedgefund.wiki/api/glossary/term/risk-budget.json"
    },
    {
      "id": "risk-off",
      "name": "Risk-Off",
      "category": "macroeconomics",
      "level": "intro",
      "summary": "Market regime in which investors collectively de-risk, selling risk assets and buying perceived safe havens.",
      "url": "https://hedgefund.wiki/api/glossary/term/risk-off.json"
    },
    {
      "id": "risk-parity",
      "name": "Risk Parity",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "An allocation framework that sizes positions so each asset contributes equally to total portfolio risk.",
      "url": "https://hedgefund.wiki/api/glossary/term/risk-parity.json"
    },
    {
      "id": "risk-reversal",
      "name": "Risk Reversal",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "Long an OTM call and short an OTM put (or vice versa) at equal delta — a synthetic forward exposure with vol-skew P&L.",
      "url": "https://hedgefund.wiki/api/glossary/term/risk-reversal.json"
    },
    {
      "id": "roic",
      "name": "ROIC",
      "category": "equities-analysis",
      "level": "intermediate",
      "summary": "Return on Invested Capital — NOPAT divided by invested capital.",
      "url": "https://hedgefund.wiki/api/glossary/term/roic.json"
    },
    {
      "id": "roll-yield",
      "name": "Roll Yield",
      "category": "commodities-futures",
      "level": "intermediate",
      "summary": "The return component from rolling a futures position from one expiry to the next.",
      "url": "https://hedgefund.wiki/api/glossary/term/roll-yield.json"
    },
    {
      "id": "rvpi",
      "name": "RVPI (Residual Value to Paid-In)",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "Unrealized NAV divided by paid-in capital — the unrealized portion of TVPI.",
      "url": "https://hedgefund.wiki/api/glossary/term/rvpi.json"
    },
    {
      "id": "scenario-analysis",
      "name": "Scenario Analysis",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "Estimating portfolio P&L under specified joint-shock scenarios — historical replays or hypothetical constructs.",
      "url": "https://hedgefund.wiki/api/glossary/term/scenario-analysis.json"
    },
    {
      "id": "scope-3-emissions",
      "name": "Scope 3 Emissions",
      "category": "esg-sustainable",
      "level": "intermediate",
      "summary": "Indirect GHG emissions in a company's value chain not under direct operational control.",
      "url": "https://hedgefund.wiki/api/glossary/term/scope-3-emissions.json"
    },
    {
      "id": "section-3c1",
      "name": "Section 3(c)(1) Exemption",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Investment Company Act exclusion for funds with no more than 100 beneficial owners.",
      "url": "https://hedgefund.wiki/api/glossary/term/section-3c1.json"
    },
    {
      "id": "section-3c7",
      "name": "Section 3(c)(7) Exemption",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Investment Company Act exclusion for funds whose investors are all Qualified Purchasers.",
      "url": "https://hedgefund.wiki/api/glossary/term/section-3c7.json"
    },
    {
      "id": "sfdr",
      "name": "SFDR",
      "category": "esg-sustainable",
      "level": "intermediate",
      "summary": "EU regulation requiring asset managers to classify funds as Article 6, 8, or 9 based on sustainability characteristics.",
      "url": "https://hedgefund.wiki/api/glossary/term/sfdr.json"
    },
    {
      "id": "sharpe-ratio",
      "name": "Sharpe Ratio",
      "category": "quantitative-methods",
      "level": "intro",
      "summary": "Risk-adjusted return: excess return per unit of total volatility. Sharpe = (R_p − R_f) / σ_p.",
      "url": "https://hedgefund.wiki/api/glossary/term/sharpe-ratio.json"
    },
    {
      "id": "shrinkage-estimator",
      "name": "Shrinkage Estimator",
      "category": "portfolio-construction",
      "level": "advanced",
      "summary": "An estimator that shrinks a sample covariance matrix toward a structured target to reduce estimation error.",
      "url": "https://hedgefund.wiki/api/glossary/term/shrinkage-estimator.json"
    },
    {
      "id": "side-letter",
      "name": "Side Letter",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A bilateral agreement between the fund and a specific investor granting bespoke terms not in the LPA.",
      "url": "https://hedgefund.wiki/api/glossary/term/side-letter.json"
    },
    {
      "id": "side-pocket",
      "name": "Side Pocket",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A separate accounting bucket within a hedge fund holding illiquid or hard-to-value investments, segregated from the main NAV.",
      "url": "https://hedgefund.wiki/api/glossary/term/side-pocket.json"
    },
    {
      "id": "skew",
      "name": "Skew",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "The third standardized moment of a distribution; in options, the slope of the implied-vol smile.",
      "url": "https://hedgefund.wiki/api/glossary/term/skew.json"
    },
    {
      "id": "smart-beta",
      "name": "Smart Beta",
      "category": "portfolio-construction",
      "level": "intermediate",
      "summary": "Rules-based strategies that systematically tilt portfolios toward known risk factors (value, size, momentum, quality, low-vol).",
      "url": "https://hedgefund.wiki/api/glossary/term/smart-beta.json"
    },
    {
      "id": "soft-close",
      "name": "Soft Close",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A fund stops accepting new investors but allows existing investors to add capital.",
      "url": "https://hedgefund.wiki/api/glossary/term/soft-close.json"
    },
    {
      "id": "sortino-ratio",
      "name": "Sortino Ratio",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "A Sharpe variant that divides excess return only by downside deviation, rewarding upside volatility.",
      "url": "https://hedgefund.wiki/api/glossary/term/sortino-ratio.json"
    },
    {
      "id": "sovereign-cds",
      "name": "Sovereign CDS",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "Credit default swap on sovereign reference entities.",
      "url": "https://hedgefund.wiki/api/glossary/term/sovereign-cds.json"
    },
    {
      "id": "stationarity",
      "name": "Stationarity",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "A stochastic process whose statistical properties (mean, variance, autocorrelation) do not vary over time.",
      "url": "https://hedgefund.wiki/api/glossary/term/stationarity.json"
    },
    {
      "id": "statistical-arbitrage",
      "name": "Statistical Arbitrage",
      "category": "hedge-fund-strategies",
      "level": "advanced",
      "summary": "High-breadth, short-horizon mean-reversion or relative-value trading driven by statistical signals.",
      "url": "https://hedgefund.wiki/api/glossary/term/statistical-arbitrage.json"
    },
    {
      "id": "stress-test",
      "name": "Stress Test",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "Re-pricing the book under hypothetical or historical shock scenarios to estimate tail loss.",
      "url": "https://hedgefund.wiki/api/glossary/term/stress-test.json"
    },
    {
      "id": "suspension",
      "name": "Suspension",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "A fund's right to halt redemptions entirely under conditions specified in the LPA.",
      "url": "https://hedgefund.wiki/api/glossary/term/suspension.json"
    },
    {
      "id": "systemic-risk",
      "name": "Systemic Risk",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "The risk that the failure of one institution or strategy triggers cascading failures across the financial system.",
      "url": "https://hedgefund.wiki/api/glossary/term/systemic-risk.json"
    },
    {
      "id": "tca",
      "name": "Transaction Cost Analysis",
      "category": "trading-execution",
      "level": "intermediate",
      "summary": "Post-trade analysis of execution quality against benchmarks like VWAP, arrival price, and implementation shortfall.",
      "url": "https://hedgefund.wiki/api/glossary/term/tca.json"
    },
    {
      "id": "term-premium",
      "name": "Term Premium",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "The compensation for holding longer-duration bonds beyond what expected future short rates would imply.",
      "url": "https://hedgefund.wiki/api/glossary/term/term-premium.json"
    },
    {
      "id": "term-structure",
      "name": "Term Structure",
      "category": "fixed-income-credit",
      "level": "intermediate",
      "summary": "The relationship between yields/prices and time to maturity, holding credit/instrument type fixed.",
      "url": "https://hedgefund.wiki/api/glossary/term/term-structure.json"
    },
    {
      "id": "theta",
      "name": "Theta (Θ)",
      "category": "derivatives-options",
      "level": "intro",
      "summary": "The rate at which an option loses value with the passage of time, holding everything else constant.",
      "url": "https://hedgefund.wiki/api/glossary/term/theta.json"
    },
    {
      "id": "time-to-recovery",
      "name": "Time to Recovery",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "Number of periods between a drawdown trough and the next NAV high.",
      "url": "https://hedgefund.wiki/api/glossary/term/time-to-recovery.json"
    },
    {
      "id": "tokenized-fund",
      "name": "Tokenized Fund",
      "category": "crypto-digital-assets",
      "level": "advanced",
      "summary": "Fund interests issued as on-chain tokens, typically ERC-20 or ERC-3643 with permissioning.",
      "url": "https://hedgefund.wiki/api/glossary/term/tokenized-fund.json"
    },
    {
      "id": "tracking-error",
      "name": "Tracking Error",
      "category": "quantitative-methods",
      "level": "intro",
      "summary": "The standard deviation of the return difference between a portfolio and its benchmark.",
      "url": "https://hedgefund.wiki/api/glossary/term/tracking-error.json"
    },
    {
      "id": "transition-risk",
      "name": "Transition Risk",
      "category": "esg-sustainable",
      "level": "intermediate",
      "summary": "Financial risk from the transition to a low-carbon economy — policy, technology, market preference shifts.",
      "url": "https://hedgefund.wiki/api/glossary/term/transition-risk.json"
    },
    {
      "id": "transparency",
      "name": "Transparency",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "The level of position-level, exposure, and risk reporting a fund provides to its investors.",
      "url": "https://hedgefund.wiki/api/glossary/term/transparency.json"
    },
    {
      "id": "treasury-basis-trade",
      "name": "Treasury Basis Trade",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "Long cash Treasury, short Treasury futures, financed via repo — earning the basis at high leverage.",
      "url": "https://hedgefund.wiki/api/glossary/term/treasury-basis-trade.json"
    },
    {
      "id": "trend-following",
      "name": "Trend Following",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "Systematic strategy that buys assets with positive past returns and sells assets with negative past returns.",
      "url": "https://hedgefund.wiki/api/glossary/term/trend-following.json"
    },
    {
      "id": "treynor-ratio",
      "name": "Treynor Ratio",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "Excess return per unit of systematic risk: (R_p − R_f) / β.",
      "url": "https://hedgefund.wiki/api/glossary/term/treynor-ratio.json"
    },
    {
      "id": "tri-party-repo",
      "name": "Tri-Party Repo",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "A repo trade where a third-party agent (BNY Mellon, JPM) custodies and values collateral on behalf of both legs.",
      "url": "https://hedgefund.wiki/api/glossary/term/tri-party-repo.json"
    },
    {
      "id": "tvpi",
      "name": "TVPI",
      "category": "alternative-investments",
      "level": "intermediate",
      "summary": "Sum of distributions plus residual value, divided by paid-in capital — the 'multiple' on invested capital.",
      "url": "https://hedgefund.wiki/api/glossary/term/tvpi.json"
    },
    {
      "id": "twap",
      "name": "TWAP",
      "category": "trading-execution",
      "level": "intro",
      "summary": "The simple time-weighted intraday average price — slices orders evenly through a window.",
      "url": "https://hedgefund.wiki/api/glossary/term/twap.json"
    },
    {
      "id": "two-and-twenty",
      "name": "Two-and-Twenty",
      "category": "fund-operations",
      "level": "intro",
      "summary": "The classic hedge fund fee structure: 2% annual management fee plus 20% of profits above a hurdle.",
      "url": "https://hedgefund.wiki/api/glossary/term/two-and-twenty.json"
    },
    {
      "id": "ubti",
      "name": "Unrelated Business Taxable Income",
      "category": "regulatory-compliance",
      "level": "advanced",
      "summary": "Income that subjects otherwise tax-exempt entities (pensions, foundations, IRAs) to US federal income tax.",
      "url": "https://hedgefund.wiki/api/glossary/term/ubti.json"
    },
    {
      "id": "ucits",
      "name": "UCITS",
      "category": "fund-operations",
      "level": "intermediate",
      "summary": "EU regulated investment fund vehicle with passporting across the EEA — used for liquid alternative strategies.",
      "url": "https://hedgefund.wiki/api/glossary/term/ucits.json"
    },
    {
      "id": "ulcer-index",
      "name": "Ulcer Index",
      "category": "risk-management",
      "level": "advanced",
      "summary": "Quadratic-mean of percentage drawdowns from running highs — captures depth and duration of pain.",
      "url": "https://hedgefund.wiki/api/glossary/term/ulcer-index.json"
    },
    {
      "id": "uncovered-interest-parity",
      "name": "Uncovered Interest Parity",
      "category": "global-markets",
      "level": "intermediate",
      "summary": "Theoretical equality where expected change in spot FX equals interest rate differential.",
      "url": "https://hedgefund.wiki/api/glossary/term/uncovered-interest-parity.json"
    },
    {
      "id": "value-at-risk",
      "name": "Value at Risk (VaR)",
      "category": "risk-management",
      "level": "intermediate",
      "summary": "The loss threshold that will not be exceeded with a specified probability over a specified horizon.",
      "url": "https://hedgefund.wiki/api/glossary/term/value-at-risk.json"
    },
    {
      "id": "value-factor",
      "name": "Value Factor",
      "category": "quantitative-methods",
      "level": "intermediate",
      "summary": "The cross-sectional return spread between cheap and expensive stocks (typically by book/price, earnings/price, or composite multiples).",
      "url": "https://hedgefund.wiki/api/glossary/term/value-factor.json"
    },
    {
      "id": "variance-risk-premium",
      "name": "Variance Risk Premium",
      "category": "derivatives-options",
      "level": "advanced",
      "summary": "The persistent gap between implied and realized variance — investors pay a premium to hedge volatility.",
      "url": "https://hedgefund.wiki/api/glossary/term/variance-risk-premium.json"
    },
    {
      "id": "vasicek-model",
      "name": "Vasicek Model",
      "category": "fixed-income-credit",
      "level": "advanced",
      "summary": "Single-factor mean-reverting Gaussian short-rate model: dr = a(b − r)dt + σdW.",
      "url": "https://hedgefund.wiki/api/glossary/term/vasicek-model.json"
    },
    {
      "id": "vega",
      "name": "Vega (ν)",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "The change in option price per 1-percentage-point change in implied volatility.",
      "url": "https://hedgefund.wiki/api/glossary/term/vega.json"
    },
    {
      "id": "vix",
      "name": "VIX",
      "category": "derivatives-options",
      "level": "intro",
      "summary": "The CBOE Volatility Index — 30-day implied volatility of the S&P 500, derived from a strip of SPX options.",
      "url": "https://hedgefund.wiki/api/glossary/term/vix.json"
    },
    {
      "id": "vol-of-vol",
      "name": "Vol of Vol",
      "category": "derivatives-options",
      "level": "advanced",
      "summary": "The volatility of implied volatility itself; quantified by indices like the VVIX.",
      "url": "https://hedgefund.wiki/api/glossary/term/vol-of-vol.json"
    },
    {
      "id": "vol-skew",
      "name": "Volatility Skew",
      "category": "derivatives-options",
      "level": "advanced",
      "summary": "The pattern by which implied volatility varies with strike, holding maturity constant.",
      "url": "https://hedgefund.wiki/api/glossary/term/vol-skew.json"
    },
    {
      "id": "vol-surface",
      "name": "Volatility Surface",
      "category": "derivatives-options",
      "level": "advanced",
      "summary": "The two-dimensional grid of implied volatilities by strike (skew) and maturity (term structure).",
      "url": "https://hedgefund.wiki/api/glossary/term/vol-surface.json"
    },
    {
      "id": "volcker-rule",
      "name": "Volcker Rule",
      "category": "regulatory-compliance",
      "level": "intermediate",
      "summary": "Dodd-Frank Section 619 limiting bank proprietary trading and hedge fund / PE fund sponsorship.",
      "url": "https://hedgefund.wiki/api/glossary/term/volcker-rule.json"
    },
    {
      "id": "volmageddon",
      "name": "Volmageddon",
      "category": "derivatives-options",
      "level": "intermediate",
      "summary": "The Feb 5, 2018 vol spike that destroyed inverse-VIX ETPs (XIV, SVXY) overnight.",
      "url": "https://hedgefund.wiki/api/glossary/term/volmageddon.json"
    },
    {
      "id": "vpin",
      "name": "VPIN (Volume-Synchronized PIN)",
      "category": "market-microstructure",
      "level": "advanced",
      "summary": "Easley-López de Prado-O'Hara measure of order flow toxicity, designed for high-frequency markets.",
      "url": "https://hedgefund.wiki/api/glossary/term/vpin.json"
    },
    {
      "id": "vwap",
      "name": "VWAP",
      "category": "trading-execution",
      "level": "intro",
      "summary": "The intraday average price weighted by volume — a standard execution benchmark.",
      "url": "https://hedgefund.wiki/api/glossary/term/vwap.json"
    },
    {
      "id": "waterfall",
      "name": "Waterfall",
      "category": "hedge-fund-strategies",
      "level": "intermediate",
      "summary": "The order in which a company's enterprise value is distributed across capital structure on liquidation or restructuring.",
      "url": "https://hedgefund.wiki/api/glossary/term/waterfall.json"
    },
    {
      "id": "yield-curve-inversion",
      "name": "Yield Curve Inversion",
      "category": "macroeconomics",
      "level": "intermediate",
      "summary": "When short-term rates exceed long-term rates — historically a leading indicator of US recession.",
      "url": "https://hedgefund.wiki/api/glossary/term/yield-curve-inversion.json"
    },
    {
      "id": "yield-to-maturity",
      "name": "Yield to Maturity",
      "category": "fixed-income-credit",
      "level": "intro",
      "summary": "The single discount rate that equates a bond's PV of cash flows to its current price.",
      "url": "https://hedgefund.wiki/api/glossary/term/yield-to-maturity.json"
    }
  ]
}