diff --git a/index.html b/index.html
index 4ac16723d..a6cd370fe 100644
--- a/index.html
+++ b/index.html
@@ -421,46 +421,41 @@ <h3>Ecosystem Overview</h3>
         <dl>
           <dt>[=holder=]</dt>
           <dd>
-A role an [=entity=] might perform by possessing one or more
-[=verifiable credentials=] and generating [=verifiable presentations=]
-from them. Example holders include students, employees, and customers.
+A role an [=entity=] might perform by possessing one or more [=verifiable
+credentials=] and generating [=verifiable presentations=] from them. A holder is
+often, but not always, a [=subject=] of the [=verifiable credentials=] they are
+holding. Holders store their [=credentials=] in [=credential repositories=].
+Example holders include students, employees, and customers.
           </dd>
           <dt>[=issuer=]</dt>
           <dd>
-A role an [=entity=] performs by asserting [=claims=] about one or
-more [=subjects=], creating a [=verifiable credential=] from these
-[=claims=], and transmitting the [=verifiable credential=] to a
-[=holder=]. Example issuers include corporations, non-profit organizations,
-trade associations, governments, and individuals.
+A role an [=entity=] can perform by asserting [=claims=] about one or more
+[=subjects=], creating a [=verifiable credential=] from these [=claims=], and
+transmitting the [=verifiable credential=] to a [=holder=]. Example issuers
+include corporations, non-profit organizations, trade associations, governments,
+and individuals.
           </dd>
           <dt>[=subject=]</dt>
           <dd>
-An [=entity=] about which [=claims=] are made. Example subjects include
-human beings, animals, and things. In many cases the [=holder=] of a
-[=verifiable credential=] is the subject, but in certain cases it is not. For
-example, a parent (the [=holder=]) might hold the
-[=verifiable credentials=] of a child (the [=subject=]), or a pet owner
-(the [=holder=]) might hold the [=verifiable credentials=] of their pet
-(the [=subject=]). For more information about these special cases, see the
-<a href="https://w3c.github.io/vc-imp-guide/#subject-holder-relationships">
-Subject-Holder Relationships</a> section in the [[[VC-IMP-GUIDE]]].
+A thing about which [=claims=] are made. Example subjects include human beings,
+animals, and things.
           </dd>
           <dt>[=verifier=]</dt>
           <dd>
-A role an [=entity=] performs by receiving one or more
-[=verifiable credentials=], optionally inside a
-[=verifiable presentation=], for processing. Example verifiers include
-employers, security personnel, and websites.
+A role an [=entity=] performs by receiving one or more [=verifiable
+credentials=], optionally inside a [=verifiable presentation=] for processing.
+Example verifiers include employers, security personnel, and websites.
           </dd>
           <dt>[=verifiable data registry=]</dt>
           <dd>
-A role a system might perform by mediating the creation and [=verification=]
-of identifiers, [=verification material=], and other relevant data, such as
-[=verifiable credential=] schemas, revocation registries,
-and so on, which might be required to use [=verifiable credentials=]. Some
-configurations might require correlatable identifiers for [=subjects=].
-Example verifiable data registries include trusted databases, decentralized
-databases, government ID databases, and distributed ledgers. Often
+A role a system might perform by mediating the creation and [=verification=] of
+identifiers, [=verification material=], and other relevant data, such as
+[=verifiable credential=] schemas, revocation registries, and so on, which might
+be required to use [=verifiable credentials=]. Some configurations might require
+correlatable identifiers for [=subjects=]. Some registries, such as ones for
+UUIDs and [=verification material=], might just act as namespaces for
+identifiers. Example verifiable data registries include trusted databases,
+decentralized databases, government ID databases, and distributed ledgers. Often
 there is more than one type of verifiable data registry utilized in an
 ecosystem.
           </dd>
@@ -484,6 +479,17 @@ <h3>Ecosystem Overview</h3>
 protected environments or proprietary systems, where
 [=verifiable credentials=] also provide benefit.
         </p>
+
+        <p class="note" title="Subjects are not always Holders">
+In many cases the [=holder=] of a [=verifiable credential=] is the subject, but
+in certain cases it is not. For example, a parent (the [=holder=]) might hold
+the [=verifiable credentials=] of a child (the [=subject=]), or a pet owner (the
+[=holder=]) might hold the [=verifiable credentials=] of their pet (the
+[=subject=]). For more information about these special cases, see the
+<a href="https://w3c.github.io/vc-imp-guide/#subject-holder-relationships">
+Subject-Holder Relationships</a> section in the [[[VC-IMP-GUIDE]]].
+        </p>
+
         <p>
 For a deeper exploration of the [=verifiable credentials=] ecosystem, along with
 a concrete lifecycle example, please refer to [[[VC-USE-CASES]]] [[?VC-USE-CASES]].