Q: When does the Transition Tool take realized gains into account?
A: Only when a custom budget is used.
Q: What happens if realized gains at the custodian already exceed the budget?
A: The tool will not transition positions with embedded gains unless offsetting losses are available.
Q: Do the “0, 20, 40, 60, 80, 100%” transition options account for realized gains?
A: No. They are scenario starting points and do not include year-to-date realized gains
Q: If gains are realized away from the Transition Tool, are they reflected in the budget?
A: No. The Transition Sleeve budget applies only to transition-driven trades, not other account activity.