Other Wrappers

The catalog above is the core. Several more vehicles appear in this book, each with its canonical treatment elsewhere:

Preferred stock

Equity that behaves like a long bond, with a dividend the issuer can suspend — section “Preferred Stock”.

Closed-end funds, interval funds, and BDCs

Pooled vehicles that do not redeem daily at NAV, and so can hold illiquid assets and trade at a discount — section “Mutual Funds”.

Structured notes

Bank debt with a derivative payoff bolted on, sold as principal protection or enhanced yield — section “Structured Products and Market-Linked Notes”.

Commodity trusts and futures funds

Gold and silver in a grantor trust taxed as collectibles; oil, gas, and baskets through futures that roll — section “Futures Roll and Roll Yield”.

Annuities and insurance wrappers

Contracts with an insurer, taxed on their own rules — section “Annuities”.

Digital assets

Property for tax purposes, and a security for regulatory purposes only when the token passes the Howey test above — section “Cryptocurrency and Digital Assets”.