About the Index
The selection pool uses funds that pay monthly or quarterly distribution, with 1 year average discount < 0%. (1) 30% weighting the top 33% of National Municipal Bond CEFs, excluding Taxable Municipal Bond Funds, ranked by 90-day average trading ($) liquidity, (2) 30% Equity Income funds, not including funds with large year-end distributions. Excluding Master Limited Partnership (MLP), Energy, Preferred Equity or Hybrid/Balanced closed-end funds as classified by CEFData.com. Screening for: $500K+ a day in 90-day average trading dollar ($) liquidity. From the resulted fund pool, we select the top 25% funds, ranked by highest 3 Year RoC% and 3 Year QDI%, combined. (3) 15% weighting the top 33% MLP Funds with the highest 3-Year RoC% and over $250K in 90-day average trading dollar ($) liquidity. (4) 15% weighting the top 33% Preferred Equity Funds with the highest 3-Year QDI%. (5) 10% weighting the top 33% REIT / Real Estate Equity Funds ranked by highest 3 Year RoC% and 3 Year QDI%, combined. 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 | 1,296.84 | 0.35 | 1.63 | 8.41 | 11.94 | 0.36 | 1.44 | 3.61 | 2.48 | 3.44 | 7.24 | 7.24 | 7.24 | ||||||
NAV | 1,259.48 | 0.49 | 1.17 | 6.21 | 11.68 | 1.63 | 1.72 | 3.84 | 2.46 | 3.65 | 5.93 | 5.93 | 5.93 | ||||||
Difference | 0.13 | -0.45 | -2.20 | -0.26 | 1.27 | 0.28 | 0.23 | -0.02 | 0.21 | -1.31 | -1.31 | -1.31 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2022 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2022 | |
Price | 0.03 | -0.36 | 2.55 | 2.21 | -4.66 | 3.66 | -8.73 | -9.80 | -7.81 | 8.43 | -2.97 | -11.19 | -6.57 | 4.01 | 7.66 | -4.52 | 6.91 | -0.10 | -7.91 |
NAV | 0.20 | 1.10 | 2.24 | 3.58 | -4.51 | 3.52 | -9.11 | -10.15 | -6.94 | 7.23 | -3.37 | -9.23 | -5.95 | 4.08 | 6.44 | -2.27 | 8.27 | 1.82 | -5.24 |
Difference | 0.17 | 1.46 | -0.30 | 1.37 | 0.15 | -0.14 | -0.38 | -0.35 | 0.87 | -1.20 | -0.40 | 1.96 | 0.61 | 0.07 | -1.22 | 2.25 | 1.35 | 1.93 | 2.66 |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 3.79 | 5.12 | 4.88 | 14.44 | 4.22 | 4.64 | 2.56 | 11.85 | 27.99 | -1.01 | 0.73 | -1.99 | -2.26 | 4.47 | -1.98 | 1.84 | 4.29 | 1.93 | 30.46 |
NAV | 2.67 | 2.22 | 4.72 | 9.92 | 4.32 | 3.31 | 2.33 | 10.28 | 21.22 | -0.74 | 0.15 | -1.06 | -1.64 | 4.17 | -1.27 | 1.26 | 4.14 | 2.42 | 24.15 |
Difference | -1.12 | -2.89 | -0.16 | -4.52 | 0.09 | -1.33 | -0.23 | -1.57 | -6.78 | 0.27 | -0.59 | 0.93 | 0.62 | -0.30 | 0.70 | -0.58 | -0.15 | 0.50 | -6.31 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | -1.06 | -10.29 | -30.14 | -38.00 | 20.35 | 5.29 | -4.14 | 21.46 | -24.69 | 0.80 | 1.84 | -6.77 | -4.30 | 0.01 | 15.53 | 3.09 | 19.11 | 13.99 | -14.16 |
NAV | -2.14 | -8.24 | -28.18 | -35.50 | 17.69 | 6.17 | -1.77 | 22.74 | -20.84 | 2.15 | 1.12 | -5.05 | -1.93 | 0.32 | 10.59 | 2.78 | 14.02 | 11.83 | -11.48 |
Difference | -1.07 | 2.05 | 1.97 | 2.50 | -2.66 | 0.88 | 2.37 | 1.27 | 3.85 | 1.35 | -0.72 | 1.72 | 2.37 | 0.32 | -4.94 | -0.32 | -5.09 | -2.16 | 2.68 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 12.52 | 0.98 | 3.18 | 17.24 | 1.00 | -1.85 | 3.19 | 2.30 | 19.93 | 1.78 | -2.00 | 1.12 | 0.86 | -2.18 | -0.96 | 4.34 | 1.09 | 1.96 | 22.28 |
NAV | 9.26 | 1.02 | 3.14 | 13.85 | 0.22 | -1.66 | 2.78 | 1.30 | 15.33 | 0.26 | -1.56 | 0.86 | -0.45 | -1.89 | -1.05 | 4.51 | 1.45 | 0.99 | 16.47 |
Difference | -3.26 | 0.04 | -0.04 | -3.39 | -0.77 | 0.19 | -0.42 | -1.00 | -4.61 | -1.53 | 0.44 | -0.25 | -1.31 | 0.28 | -0.09 | 0.17 | 0.36 | -0.96 | -5.81 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | 1.56 | -4.98 | -3.63 | -7.00 | 4.27 | 2.08 | -0.50 | 5.91 | -1.51 | 2.36 | 1.11 | -1.07 | 2.39 | -8.01 | 1.30 | -7.57 | -13.88 | -11.82 | -13.15 |
NAV | 2.66 | -5.95 | -2.84 | -6.19 | 3.22 | 2.90 | -0.17 | 6.03 | -0.54 | 3.30 | 1.32 | -0.95 | 3.68 | -5.75 | 0.45 | -5.94 | -10.95 | -7.68 | -8.17 |
Difference | 1.10 | -0.97 | 0.80 | 0.81 | -1.05 | 0.82 | 0.33 | 0.12 | 0.97 | 0.95 | 0.21 | 0.12 | 1.29 | 2.27 | -0.85 | 1.63 | 2.93 | 4.14 | 4.98 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 4.57 | 1.94 | -0.46 | 6.11 | 1.27 | -0.44 | 0.36 | 1.18 | 7.37 | 2.04 | -1.69 | 1.35 | 1.67 | -2.77 | -0.43 | 4.47 | 1.14 | 2.83 | 10.40 |
NAV | 2.02 | 1.64 | 0.22 | 3.92 | -0.03 | -1.00 | 0.10 | -0.93 | 2.95 | 1.64 | -1.04 | 0.85 | 1.44 | -1.32 | 0.01 | 3.58 | 2.22 | 3.69 | 6.75 |
Difference | -2.55 | -0.30 | 0.68 | -2.20 | -1.29 | -0.56 | -0.26 | -2.12 | -4.42 | -0.40 | 0.65 | -0.50 | -0.23 | 1.45 | 0.44 | -0.89 | 1.08 | 0.87 | -3.65 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -6.38 | 1.14 | 5.88 | 0.26 | 7.44 | 1.85 | 3.35 | 13.09 | 13.39 | 1.39 | 1.06 | 0.83 | 3.31 | -4.57 | 1.13 | 1.40 | -2.13 | 1.11 | 14.65 |
NAV | -7.11 | -0.69 | 6.17 | -2.06 | 6.36 | 1.98 | 2.67 | 11.36 | 9.06 | 1.24 | 0.95 | 1.25 | 3.48 | -2.55 | -0.06 | 2.74 | 0.06 | 3.54 | 12.93 |
Difference | -0.73 | -1.83 | 0.28 | -2.32 | -1.08 | 0.13 | -0.68 | -1.73 | -4.32 | -0.16 | -0.10 | 0.43 | 0.17 | 2.02 | -1.20 | 1.34 | 2.19 | 2.43 | -1.72 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 0.22 | 2.16 | -1.58 | 0.78 | 1.91 | -1.59 | -5.03 | -4.76 | -4.02 | -1.44 | -3.14 | -6.27 | -10.52 | 7.49 | -4.49 | -2.75 | -0.16 | -10.66 | -14.26 |
NAV | -0.99 | 1.72 | -1.40 | -0.70 | 2.09 | -0.65 | -3.74 | -2.37 | -3.06 | -0.87 | -4.07 | -6.32 | -10.92 | 5.89 | -3.35 | -3.13 | -0.86 | -11.68 | -14.38 |
Difference | -1.21 | -0.44 | 0.17 | -1.47 | 0.18 | 0.94 | 1.29 | 2.39 | 0.97 | 0.57 | -0.93 | -0.05 | -0.40 | -1.60 | 1.14 | -0.38 | -0.70 | -1.02 | -0.12 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 1.00 | 1.86 | 0.88 | 3.79 | 3.05 | 2.76 | 1.70 | 7.70 | 11.77 | -1.99 | 4.12 | -2.00 | 0.00 | -0.18 | -0.08 | -1.78 | -2.04 | -2.04 | 9.50 |
NAV | 0.86 | 2.14 | 0.96 | 4.00 | 2.35 | 2.69 | 2.48 | 7.71 | 12.02 | -1.49 | 4.38 | -1.31 | 1.48 | -0.67 | -0.35 | -1.26 | -2.27 | -0.82 | 11.10 |
Difference | -0.14 | 0.27 | 0.08 | 0.21 | -0.70 | -0.08 | 0.78 | 0.01 | 0.24 | 0.50 | 0.26 | 0.69 | 1.48 | -0.49 | -0.27 | 0.52 | -0.23 | 1.22 | 1.60 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 6.55 | 0.72 | 1.06 | 8.45 | 1.55 | -2.36 | -0.95 | -1.79 | 6.51 | -2.11 | -2.58 | 1.47 | -3.23 | 2.50 | -1.47 | 1.99 | 3.00 | -0.32 | 6.17 |
NAV | 4.41 | 0.64 | 1.76 | 6.92 | 1.88 | -1.15 | -2.67 | -1.97 | 4.81 | 0.70 | -2.64 | 2.98 | 0.96 | 2.32 | 0.54 | 0.97 | 3.87 | 4.87 | 9.90 |
Difference | -2.14 | -0.08 | 0.70 | -1.53 | 0.34 | 1.21 | -1.72 | -0.18 | -1.70 | 2.80 | -0.07 | 1.51 | 4.18 | -0.18 | 2.01 | -1.02 | 0.87 | 5.19 | 3.74 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 5.83 | 2.40 | -0.61 | 7.71 | 1.50 | -3.11 | 3.03 | 1.32 | 9.13 | 3.21 | 0.85 | 2.54 | 6.73 | -1.12 | 0.18 | -2.58 | -3.50 | 2.99 | 12.40 |
NAV | 3.78 | 2.20 | -0.37 | 5.66 | 0.98 | -3.06 | 1.49 | -0.65 | 4.97 | 3.47 | 0.98 | 1.81 | 6.37 | -0.03 | 1.04 | -1.20 | -0.20 | 6.16 | 11.44 |
Difference | -2.05 | -0.20 | 0.24 | -2.05 | -0.51 | 0.04 | -1.54 | -1.97 | -4.16 | 0.26 | 0.13 | -0.73 | -0.36 | 1.09 | 0.86 | 1.38 | 3.30 | 3.16 | -0.96 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -9.08% |
1Yr Disc -8.29% |
3Yr Disc -7.78% |
5Yr Disc -7.24% |
Rel Disc Range (3yr) 51.01% |
Mkt Yield 6.90% |
Lev Adj NAV Yield 5.22% |
After Tax Yield* 6.09% |
Est Tax Friction* 0.81% |
3Yr NAV Volatiliy 22.85 |
1 Yr RoC 33.74% |
3 Yr Dest RoC 22.10% |
Leverage 24.12% |
Non Lev Exp Ratio 1.23% |
Beta (2yr) 0.76 |
Equity Exposure 52.50% |
Bond Exposure 46.63% |
# Holdings 44 |
Cash Weighted Duration 3.89 |
|
Comp NAV TR 1.78% |
Comp Discount -1.87% |
Net Assets (M) 836 |
Liquidity - 90d (K) 2,752 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
44 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
NEA | Nuv AMT-Fr Qlty Muni Incm Fd | Nuveen | 1.29 | -11.74 | 3.65 | 0.00 | 40.76 | 3,896 | 16,109 |
NAD | Nuv Qlty Muni Incm Fd | Nuveen | 1.28 | -11.35 | 3.99 | 0.00 | 40.82 | 3,125 | 12,139 |
NVG | Nuv AMT-Fr Muni Cr Incm Fd | Nuveen | 1.31 | -10.37 | 4.07 | 0.00 | 41.39 | 2,985 | 11,316 |
NZF | Nuv Muni Cr Incm Fd | Nuveen | 1.30 | -11.15 | 4.18 | 0.00 | 40.80 | 2,299 | 9,485 |
NUV | Nuv Muni Val Fd | Nuveen | 1.34 | -4.34 | 3.72 | 0.00 | 1.12 | 1,961 | 6,519 |
MUI | BR Muni Incm Fd | BlackRock | 1.33 | -11.54 | 3.43 | 7.06 | 40.53 | 992 | 4,283 |
BTT | BR Muni 2030 Tgt Trm Tr | BlackRock | 1.32 | -8.09 | 3.07 | 0.21 | 33.30 | 1,690 | 3,994 |
MQY | BR MuniYld Qlty Fd | BlackRock | 1.34 | -9.28 | 4.62 | 2.36 | 37.03 | 987 | 3,383 |
NMCO | Nuv Muni Cr Opp Fd | Nuveen | 1.39 | -3.15 | 5.25 | 0.00 | 42.46 | 679 | 3,600 |
NDMO | Nuv Dyn Muni Opp Fd | Nuveen | 1.43 | -1.50 | 8.23 | 39.67 | 27.86 | 674 | 3,630 |
MYI | BR MuniYld Qlty Fd III | BlackRock | 1.29 | -11.11 | 4.28 | 1.42 | 40.18 | 871 | 2,893 |
MHD | BR MuniHldg Fd | BlackRock | 1.28 | -11.42 | 4.02 | 5.87 | 37.87 | 738 | 2,598 |
MUA | BR MuniAst Fd | BlackRock | 1.33 | -3.74 | 4.82 | 6.69 | 31.54 | 455 | 2,523 |
EIM | EV Muni Bnd Fd | Eaton Vance | 1.28 | -11.01 | 4.07 | 1.67 | 43.37 | 843 | 2,494 |
VMO | Invsc Muni Opp Tr | Invesco | 1.29 | -10.06 | 4.72 | 11.51 | 40.00 | 751 | 2,379 |
IIM | Invsc Val Muni Incm Tr | Invesco | 1.34 | -7.85 | 4.80 | 3.18 | 36.00 | 648 | 2,468 |
BLE | BR Muni Incm Tr II | BlackRock | 1.35 | -10.92 | 4.06 | 8.22 | 39.43 | 599 | 2,164 |
MYD | BR MuniYld Fd | BlackRock | 1.35 | -10.69 | 4.41 | 6.79 | 36.20 | 579 | 2,125 |
VGM | Invsc Tr fr Inv Grd Muni | Invesco | 1.30 | -10.20 | 4.79 | 9.82 | 39.00 | 622 | 2,041 |
MMD | MainStay MK DfinTrm Muni Opp | New York Life | 1.43 | 3.03 | 5.33 | 0.00 | 39.90 | 487 | 2,296 |
BFK | BR Muni Incm Tr | BlackRock | 1.33 | -11.25 | 4.18 | 6.94 | 38.78 | 532 | 1,918 |
VKQ | Invsc Muni Tr | Invesco | 1.31 | -8.87 | 4.77 | 9.43 | 39.00 | 618 | 2,008 |
PTA | Tx-Adv Pref Sec Pref Sec & Incm Fd | Cohen&Steers | 3.89 | -8.94 | 8.18 | 32.54 | 37.80 | 1,193 | 5,024 |
DFP | F&C Dyn Pref & Incm Fd | Flaherty & Crumrine | 3.92 | -4.11 | 6.55 | 0.00 | 38.50 | 449 | 1,730 |
JPI | Nuv Pref & Incm Trm Fd | Nuveen | 3.74 | -4.65 | 6.95 | 0.00 | 37.21 | 475 | 1,175 |
JPT | Nuv Pref & Incm Fd | Nuveen | 3.78 | -8.08 | 6.72 | 0.00 | 34.07 | 91 | 207 |
NML | NB MLP & Nrg Incm Fd | Neuberger Berman | 3.04 | -14.32 | 9.68 | 100.00 | 18.00 | 479 | 1,340 |
KYN | KA Nrg Infra Fd | Kayne Anderson | 3.08 | -11.28 | 8.70 | 45.00 | 25.32 | 1,412 | 4,522 |
TYG | Tortoise Nrg Infra Corp | Tortoise | 2.96 | -16.82 | 8.45 | 100.00 | 23.80 | 458 | 1,595 |
CEN | Center Coast Brkf MLP & Nrg Infr | Brookfield | 3.00 | -14.50 | 4.83 | 50.00 | 18.79 | 107 | 265 |
GER | GS MLP & Nrg Renaissance Fd | Goldman Sachs | 3.04 | -18.17 | 5.77 | 43.88 | 10.81 | 273 | 994 |
IGD | Voya Glbl Eq Div & Prm Opp | Voya | 2.84 | -10.51 | 8.81 | 52.33 | 0.00 | 486 | 1,455 |
FDEU | FT Dyn Euro Eq Incm Fd | First Trust | 3.10 | -9.92 | 6.75 | 22.92 | 23.74 | 238 | 870 |
BGY | BR Enh Intl DivTr | BlackRock | 3.02 | -12.72 | 7.48 | 57.98 | 0.00 | 638 | 1,941 |
BXMX | Nuv S&P 500 By-Wrt Inc Fd | Nuveen | 2.90 | 0.54 | 7.20 | 0.00 | 0.00 | 1,359 | 2,433 |
BUI | BR Util Infra & Pwr OppTr | BlackRock | 2.99 | -3.81 | 6.53 | 33.61 | 0.00 | 515 | 1,289 |
IGA | Voya Glbl Adv & Prm Opp Fd | Voya | 2.94 | -11.66 | 8.81 | 13.91 | 0.00 | 161 | 496 |
AOD | abrdn Tot Dyn Div Fd | abrdn | 3.02 | -12.92 | 8.25 | 31.91 | 1.05 | 1,012 | 3,658 |
LGI | Lzrd Glbl Tot Rtn & Incm Fd | Lazard | 3.05 | -7.69 | 7.07 | 17.21 | 27.94 | 223 | 706 |
EXG | EV Tx-Mgd Glbl Divr Eq Incm | Eaton Vance | 2.93 | -6.93 | 8.38 | 19.67 | 0.00 | 2,600 | 5,171 |
ETG | EV Tx-Adv Glbl Div Incm Fd | Eaton Vance | 3.06 | -8.38 | 7.28 | 32.80 | 23.21 | 1,378 | 2,814 |
AWP | abrdn Glbl Prmr Prop Fd | abrdn | 3.52 | -6.21 | 10.96 | 71.17 | 11.03 | 399 | 1,666 |
JRI | Nuv Rel-Ast Incm & Gwth Fd | Nuveen | 3.39 | -12.42 | 9.08 | 37.96 | 30.96 | 400 | 1,068 |
IGR | CBRE Clr Glbl Rel-Est Incm Fd | CBRE Invst Mgmt | 3.61 | -6.06 | 10.81 | 11.41 | 29.98 | 827 | 3,041 |