About the Index
(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-year Relative Discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. If no BDC funds meet the criteria, the allocation will be split between the qualifying traditional CEFs. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 951.37 | 0.36 | 0.38 | 1.13 | 2.64 | 12.29 | 13.99 | -4.82 | -3.59 | -0.54 | 0.70 | 2.42 | 2.42 | ||||||
NAV | 1,613.72 | 0.19 | 0.33 | 1.35 | 3.38 | 10.04 | 15.66 | 3.51 | 6.00 | 6.05 | 0.95 | 2.79 | 2.79 | ||||||
Difference | -0.17 | -0.06 | 0.22 | 0.74 | -2.25 | 1.67 | 8.33 | 9.60 | 6.59 | 0.25 | 0.37 | 0.37 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.13 |
2024 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2024 | |
Price | 0.66 | 1.04 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 1.08 | 0.74 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | 0.41 | -0.30 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2023 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2023 | |
Price | 3.62 | -3.05 | -0.88 | -0.42 | -0.80 | -2.94 | 4.27 | 0.40 | -0.02 | 4.86 | -3.17 | 0.30 | 1.84 | -6.10 | 7.78 | 3.39 | 4.64 | 6.57 | 6.55 |
NAV | 5.38 | -2.99 | 0.63 | 2.87 | 0.22 | -0.81 | 3.18 | 2.57 | 5.51 | 2.42 | -0.56 | -3.42 | -1.64 | -1.64 | 6.59 | 3.98 | 9.02 | 7.23 | 13.14 |
Difference | 1.76 | 0.05 | 1.51 | 3.29 | 1.02 | 2.13 | -1.09 | 2.17 | 5.53 | -2.44 | 2.61 | -3.73 | -3.48 | 4.46 | -1.20 | 0.60 | 4.38 | 0.66 | 6.59 |
2022 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2022 | |
Price | -6.56 | -3.13 | 0.22 | -9.28 | -8.57 | -2.49 | -8.03 | -18.01 | -25.62 | 6.56 | -3.32 | -11.57 | -8.90 | 4.05 | 4.74 | 3.08 | 12.33 | 2.34 | -23.88 |
NAV | -2.81 | -1.34 | -0.13 | -4.24 | -6.37 | -0.03 | -7.02 | -12.97 | -16.66 | 5.62 | -2.08 | -6.71 | -3.52 | 3.69 | 6.27 | -3.32 | 6.54 | 2.79 | -14.34 |
Difference | 3.75 | 1.78 | -0.35 | 5.04 | 2.20 | 2.47 | 1.01 | 5.04 | 8.96 | -0.95 | 1.24 | 4.86 | 5.38 | -0.36 | 1.54 | -6.40 | -5.80 | 0.45 | 9.54 |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 0.50 | 1.51 | 3.08 | 5.15 | 2.30 | 0.91 | 2.12 | 5.42 | 10.85 | -0.74 | 0.01 | -4.01 | -4.71 | 1.49 | -0.83 | 1.31 | 1.97 | -2.83 | 7.71 |
NAV | 0.35 | 0.45 | 1.86 | 2.68 | 2.56 | 1.42 | 1.59 | 5.67 | 8.50 | 0.83 | 1.51 | -1.38 | 0.94 | 1.92 | -0.74 | 2.58 | 3.77 | 4.75 | 13.66 |
Difference | -0.15 | -1.05 | -1.21 | -2.47 | 0.26 | 0.51 | -0.53 | 0.25 | -2.35 | 1.57 | 1.50 | 2.63 | 5.65 | 0.43 | 0.09 | 1.26 | 1.80 | 7.59 | 5.95 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 1.20 | -9.40 | -21.67 | -28.18 | 2.94 | 5.87 | 1.90 | 11.05 | -20.25 | 2.00 | 2.37 | -1.35 | 3.01 | -1.99 | 9.31 | 3.65 | 11.05 | 14.39 | -8.77 |
NAV | 2.16 | -2.29 | -15.42 | -15.57 | 3.55 | 5.74 | 3.35 | 13.16 | -4.46 | 4.13 | 2.30 | -0.32 | 6.18 | 0.72 | 5.74 | 2.59 | 9.25 | 16.01 | 10.84 |
Difference | 0.96 | 7.11 | 6.25 | 12.61 | 0.61 | -0.13 | 1.46 | 2.11 | 15.79 | 2.13 | -0.08 | 1.04 | 3.17 | 2.71 | -3.58 | -1.06 | -1.79 | 1.62 | 19.61 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 7.34 | 1.90 | 1.64 | 11.16 | -0.09 | -2.39 | 4.16 | 1.59 | 12.93 | 0.75 | -3.03 | 1.25 | -1.08 | -0.39 | -0.17 | 2.10 | 1.53 | 0.43 | 13.42 |
NAV | 5.18 | 1.21 | 2.36 | 8.97 | 1.65 | -1.43 | 3.11 | 3.32 | 12.58 | 0.23 | -0.61 | 0.86 | 0.48 | 0.12 | -0.31 | 2.94 | 2.74 | 3.23 | 16.21 |
Difference | -2.16 | -0.69 | 0.72 | -2.20 | 1.75 | 0.96 | -1.05 | 1.73 | -0.34 | -0.52 | 2.42 | -0.39 | 1.56 | 0.51 | -0.14 | 0.84 | 1.21 | 2.79 | 2.80 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -2.63 | -2.95 | -0.80 | -6.26 | 3.26 | 2.25 | -1.18 | 4.33 | -2.20 | 1.65 | 1.27 | -0.94 | 1.98 | -7.25 | 1.85 | 1.58 | -4.05 | -2.15 | -4.31 |
NAV | 1.18 | -2.30 | -0.61 | -1.75 | 1.79 | 1.80 | -0.03 | 3.60 | 1.79 | 1.29 | 0.66 | 0.63 | 2.61 | -2.75 | 0.09 | -2.02 | -4.62 | -2.14 | -0.39 |
Difference | 3.81 | 0.64 | 0.20 | 4.51 | -1.46 | -0.44 | 1.15 | -0.73 | 3.99 | -0.36 | -0.61 | 1.57 | 0.63 | 4.50 | -1.76 | -3.60 | -0.57 | 0.01 | 3.92 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.10 | 0.83 | 0.01 | 2.95 | 2.44 | 1.54 | -0.01 | 4.00 | 7.07 | 0.49 | -0.79 | 0.80 | 0.49 | -0.46 | -0.74 | 1.02 | -0.19 | 0.30 | 7.39 |
NAV | 1.46 | 1.56 | 0.52 | 3.58 | 1.36 | 1.27 | 0.17 | 2.83 | 6.51 | 1.25 | 0.53 | 0.47 | 2.27 | 0.62 | 0.66 | 0.66 | 1.95 | 4.26 | 11.06 |
Difference | -0.64 | 0.73 | 0.51 | 0.63 | -1.07 | -0.27 | 0.18 | -1.17 | -0.56 | 0.76 | 1.32 | -0.32 | 1.78 | 1.08 | 1.40 | -0.36 | 2.14 | 3.97 | 3.67 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -2.61 | 1.39 | 3.81 | 2.51 | 4.47 | -0.03 | 4.45 | 9.09 | 11.82 | 2.68 | 0.53 | -1.61 | 1.56 | -5.01 | -1.71 | 0.69 | -5.98 | -4.52 | 6.77 |
NAV | -1.37 | 0.13 | 2.09 | 0.82 | 4.51 | 1.22 | 3.13 | 9.09 | 9.98 | 1.18 | 0.47 | 1.69 | 3.38 | -0.75 | -2.50 | 2.04 | -1.25 | 2.08 | 12.27 |
Difference | 1.24 | -1.26 | -1.72 | -1.68 | 0.04 | 1.24 | -1.32 | -0.00 | -1.84 | -1.49 | -0.05 | 3.30 | 1.82 | 4.26 | -0.79 | 1.35 | 4.73 | 6.60 | 5.50 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | -2.05 | 1.51 | -1.76 | -2.31 | 0.74 | -1.39 | -5.22 | -5.84 | -8.02 | -0.91 | -4.17 | -4.03 | -8.87 | 6.68 | -3.72 | -0.92 | 1.76 | -7.27 | -14.70 |
NAV | -0.62 | 2.22 | -0.60 | 0.98 | 1.06 | 0.69 | -1.96 | -0.24 | 0.74 | 0.43 | -3.16 | -2.48 | -5.15 | 4.95 | -2.06 | -3.15 | -0.44 | -5.57 | -4.87 |
Difference | 1.43 | 0.71 | 1.16 | 3.29 | 0.31 | 2.08 | 3.26 | 5.60 | 8.76 | 1.35 | 1.01 | 1.55 | 3.72 | -1.72 | 1.66 | -2.23 | -2.20 | 1.69 | 9.83 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 1.89 | 2.54 | 0.28 | 4.76 | 1.67 | 3.08 | 2.03 | 6.93 | 12.02 | -2.13 | 3.99 | -2.36 | -0.63 | 1.72 | 1.47 | -0.74 | 2.45 | 1.80 | 14.04 |
NAV | 1.46 | 2.29 | 0.55 | 4.36 | 1.42 | 2.03 | 2.61 | 6.19 | 10.82 | -1.25 | 2.95 | -1.29 | 0.35 | -0.51 | -0.40 | -1.99 | -2.87 | -2.53 | 8.01 |
Difference | -0.42 | -0.25 | 0.27 | -0.41 | -0.25 | -1.05 | 0.58 | -0.74 | -1.20 | 0.88 | -1.04 | 1.07 | 0.98 | -2.23 | -1.86 | -1.25 | -5.32 | -4.33 | -6.03 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 6.40 | 1.67 | 0.48 | 8.70 | 2.11 | -1.01 | -1.75 | -0.69 | 7.95 | -0.44 | -1.61 | 2.01 | -0.07 | 2.47 | 0.10 | 2.17 | 4.81 | 4.74 | 13.06 |
NAV | 3.84 | 0.45 | 2.02 | 6.42 | 2.00 | -0.08 | -2.17 | -0.29 | 6.11 | 1.79 | -1.68 | 2.59 | 2.67 | 2.00 | 0.78 | 1.01 | 3.84 | 6.61 | 13.12 |
Difference | -2.56 | -1.21 | 1.54 | -2.28 | -0.11 | 0.93 | -0.42 | 0.40 | -1.84 | 2.23 | -0.07 | 0.57 | 2.74 | -0.47 | 0.67 | -1.16 | -0.97 | 1.87 | 0.06 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 5.58 | 2.84 | 0.06 | 8.64 | 1.38 | -2.44 | 3.24 | 2.11 | 10.94 | 2.83 | 0.97 | 2.39 | 6.31 | -0.67 | -1.12 | -1.22 | -2.98 | 3.14 | 14.42 |
NAV | 4.00 | 2.55 | 0.19 | 6.85 | 0.91 | -2.37 | 1.24 | -0.27 | 6.56 | 2.14 | 1.54 | 1.84 | 5.62 | 0.59 | 0.64 | -0.02 | 1.22 | 6.91 | 13.92 |
Difference | -1.58 | -0.30 | 0.13 | -1.79 | -0.47 | 0.06 | -2.01 | -2.39 | -4.38 | -0.69 | 0.57 | -0.55 | -0.68 | 1.26 | 1.77 | 1.20 | 4.20 | 3.78 | -0.49 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 6.83% |
1Yr Disc 2.87% |
3Yr Disc 2.08% |
5Yr Disc 0.96% |
Rel Disc Range (3yr) 62.50% |
Mkt Yield 9.55% |
Lev Adj NAV Yield 8.21% |
After Tax Yield* 7.65% |
Est Tax Friction* 1.90% |
3Yr NAV Volatiliy 7.66 |
1 Yr RoC 22.96% |
3 Yr Dest RoC 14.91% |
Leverage 25.12% |
Non Lev Exp Ratio 1.79% |
Beta (2yr) 0.59 |
Equity Exposure 16.79% |
Bond Exposure 81.40% |
# Holdings 33 |
Cash Weighted Duration 3.67 |
|
Comp NAV TR 2.50% |
Comp Discount 11.79% |
Net Assets (M) 807 |
Liquidity - 90d (K) 4,047 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
33 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
FCO | abrdn Glbl Incm Fd | abrdn | 2.97 | 40.31 | 15.47 | 73.83 | 28.22 | 52 | 538 |
RCS | PIMCO Stgc Incm Fd | PIMCO | 3.50 | 36.85 | 10.05 | 0.67 | 36.72 | 204 | 844 |
STK | ClmbSlgmn Prm Tech Gwth Fd | Columbia Mngmt | 3.51 | 1.98 | 5.80 | 15.20 | 0.00 | 515 | 1,226 |
MCI | Barings Corp Invstr | Barings | 3.36 | 2.50 | 8.84 | 0.00 | 11.07 | 340 | 698 |
PHK | PIMCO Hi Incm Fd | PIMCO | 3.49 | 5.78 | 11.66 | 8.71 | 20.28 | 718 | 2,400 |
CIK | CS Ast Mgmt Incm Fd | Credit Suisse | 3.35 | -1.01 | 9.15 | 0.00 | 25.18 | 158 | 337 |
PFL | PIMCO Incm Stgy Fd | PIMCO | 3.53 | 4.43 | 11.52 | 15.41 | 20.50 | 318 | 961 |
FOF | C&S CE Opp Fd | Cohen&Steers | 3.61 | 2.36 | 8.93 | 61.49 | 0.00 | 314 | 680 |
HPI | JH Pref Incm Fd | John Hancock | 3.67 | 2.40 | 8.91 | 11.91 | 37.93 | 430 | 1,054 |
DBL | DbLin Opportunistic Cr Fd | Doubleline | 3.46 | 1.38 | 8.56 | 43.71 | 15.83 | 251 | 932 |
IFN | India Fund | abrdn | 3.85 | 13.60 | 8.40 | 0.00 | 0.00 | 560 | 2,771 |
EVF | EV Sr Incm Tr | Eaton Vance | 3.54 | 2.09 | 11.51 | 0.00 | 37.88 | 98 | 589 |
HIX | WA Hi Incm Fd II | Franklin Templeton | 3.13 | -3.46 | 13.15 | 23.30 | 30.20 | 417 | 2,013 |
PFN | PIMCO Incm Stgy Fd II | PIMCO | 3.64 | 4.34 | 11.55 | 20.96 | 22.28 | 611 | 2,448 |
NXP | Nuv Sel Tx-Free Incm Port | Nuveen | 3.38 | -1.43 | 4.03 | 0.00 | 0.00 | 700 | 1,007 |
VVR | Invsc Sr Incm Tr | Invesco | 3.63 | 4.39 | 12.06 | 14.55 | 31.36 | 627 | 2,949 |
DSL | DbLin Incm Solutions Fd | Doubleline | 3.63 | 0.79 | 10.39 | 7.95 | 23.21 | 1,292 | 5,218 |
MPV | Barings Partcp Invstr | Barings | 3.64 | 4.61 | 8.68 | 0.00 | 11.67 | 163 | 403 |
DSU | BR Dbt Stgs Fd | BlackRock | 3.59 | 1.84 | 10.71 | 6.99 | 22.15 | 506 | 1,629 |
BLW | BR Ltd Dur Incm Tr | BlackRock | 3.50 | -0.43 | 9.23 | 9.84 | 36.78 | 503 | 1,227 |
BHK | BR Core Bnd Tr | BlackRock | 3.43 | 0.28 | 8.29 | 38.71 | 32.85 | 582 | 2,016 |
EFR | EV Sr Flt-Rt Tr | Eaton Vance | 3.61 | -0.23 | 11.14 | 0.00 | 33.50 | 381 | 1,155 |
FFA | FT Enh Eq Incm Fd | First Trust | 3.52 | -5.07 | 6.67 | 0.00 | 0.00 | 398 | 494 |
HYT | BR Corp Hi Yld Fd | BlackRock | 3.63 | 0.82 | 9.55 | 25.46 | 24.46 | 1,387 | 4,267 |
BTA | BR L-T Muni Adv Tr | BlackRock | 3.37 | -4.86 | 5.23 | 20.53 | 36.50 | 141 | 231 |
PFLT | PennantPark Flt Rt Cap | PennantPark | 1.48 | 1.61 | 10.81 | 0.00 | 49.38 | 690 | 7,450 |
CSWC | Cap Southwest Corp | Capital Southwest | 1.59 | 48.84 | 9.13 | 0.00 | 47.42 | 721 | 10,539 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 1.34 | 17.10 | 11.61 | 0.00 | 58.08 | 324 | 3,241 |
TSLX | Sixth St Splty Lending | Sixth St Splty Lending | 1.51 | 25.76 | 8.59 | 0.00 | 53.24 | 1,497 | 8,700 |
GBDC | Golub Capital BDC | Golub Capital | 1.66 | 10.65 | 9.38 | 0.00 | 54.11 | 2,564 | 14,726 |
OBDC | Blue Owl Cap Corp | Blue Owl | 1.62 | -0.45 | 9.62 | 0.00 | 52.38 | 6,021 | 30,448 |
HTGC | Hercules Capital | Hercules | 1.73 | 61.42 | 8.67 | 0.00 | 45.50 | 1,810 | 17,598 |
ARCC | Ares Capital Corp | Ares | 1.56 | 8.21 | 9.22 | 0.00 | 49.93 | 11,204 | 78,961 |