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 | 1,282.69 | -0.30 | -1.22 | 5.94 | 2.49 | 3.05 | 3.85 | 7.74 | 4.49 | 3.68 | 0.46 | 6.63 | 6.07 | ||||||
NAV | 1,273.81 | 0.17 | -0.35 | 5.56 | 3.51 | 3.95 | 5.81 | 7.54 | 4.27 | 3.39 | 0.48 | 6.73 | 7.13 | ||||||
Difference | 0.46 | 0.87 | -0.38 | 1.02 | 0.90 | 1.96 | -0.20 | -0.22 | -0.29 | 0.02 | 0.11 | 1.06 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2023 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2023 | |
Price | 8.48 | -3.74 | -1.22 | 3.16 | 0.63 | -3.50 | 3.57 | 0.58 | 3.75 | 3.90 | -2.95 | -4.91 | -4.12 | -3.06 | 9.49 | - | - | - | - |
NAV | 6.27 | -3.31 | -0.72 | 2.00 | 1.50 | -2.72 | 3.07 | 1.77 | 3.81 | 2.60 | -2.08 | -3.76 | -3.31 | -2.34 | 8.77 | - | - | - | - |
Difference | -2.22 | 0.43 | 0.49 | -1.15 | 0.87 | 0.78 | -0.50 | 1.19 | 0.06 | -1.30 | 0.87 | 1.16 | 0.81 | 0.72 | -0.72 | - | - | - | - |
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 -12.19% |
1Yr Disc -10.71% |
3Yr Disc -8.07% |
5Yr Disc -8.27% |
Rel Disc Range (3yr) 25.06% |
Mkt Yield 7.69% |
Lev Adj NAV Yield 5.55% |
After Tax Yield* 6.90% |
Est Tax Friction* 0.79% |
3Yr NAV Volatiliy 13.18 |
1 Yr RoC 39.77% |
3 Yr Dest RoC 14.26% |
Leverage 24.89% |
Non Lev Exp Ratio 1.26% |
Beta (2yr) 0.86 |
Equity Exposure 48.82% |
Bond Exposure 49.56% |
# Holdings 45 |
Cash Weighted Duration 4.64 |
|
Comp NAV TR -0.03% |
Comp Discount -1.64% |
Net Assets (M) 880 |
Liquidity - 90d (K) 2,310 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
45 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
NEA | Nuv AMT-Fr Qlty Muni Incm Fd | Nuveen | 1.38 | -14.77 | 4.73 | 0.09 | 42.58 | 3,785 | 12,136 |
NAD | Nuv Qlty Muni Incm Fd | Nuveen | 1.36 | -14.42 | 4.73 | 0.00 | 42.58 | 3,044 | 11,056 |
NVG | Nuv AMT-Fr Muni Cr Incm Fd | Nuveen | 1.39 | -14.07 | 5.22 | 0.09 | 43.94 | 2,883 | 9,205 |
NZF | Nuv Muni Cr Incm Fd | Nuveen | 1.38 | -14.46 | 5.33 | 0.00 | 42.40 | 2,625 | 8,397 |
NUV | Nuv Muni Val Fd | Nuveen | 1.27 | -9.31 | 4.11 | 0.00 | 1.18 | 1,938 | 5,385 |
NMZ | Nuv Muni Hi Incm Opp Fd | Nuveen | 1.32 | -8.60 | 5.16 | 0.00 | 42.51 | 1,196 | 4,908 |
BTT | BR Muni 2030 Tgt Trm Tr | BlackRock | 1.30 | -13.64 | 2.71 | 0.00 | 33.83 | 1,641 | 4,106 |
MQY | BR MuniYld Qlty Fd | BlackRock | 1.43 | -10.69 | 5.91 | 5.56 | 37.11 | 949 | 3,110 |
NMCO | Nuv Muni Cr Opp Fd | Nuveen | 1.29 | -10.35 | 5.43 | 0.00 | 46.94 | 614 | 2,675 |
MYI | BR MuniYld Qlty Fd III | BlackRock | 1.44 | -11.53 | 5.98 | 4.23 | 38.40 | 840 | 3,198 |
MUI | BR Muni Incm Fd | BlackRock | 1.40 | -13.21 | 5.74 | 2.37 | 40.24 | 957 | 2,825 |
NDMO | Nuv Dyn Muni Opp Fd | Nuveen | 1.26 | -8.07 | 7.51 | 49.81 | 29.20 | 642 | 1,866 |
MHD | BR MuniHldg Fd | BlackRock | 1.40 | -14.03 | 5.41 | 3.16 | 28.67 | 708 | 1,811 |
EIM | EV Muni Bnd Fd | Eaton Vance | 1.35 | -13.68 | 4.06 | 8.59 | 33.00 | 814 | 1,919 |
VMO | Invsc Muni Opp Tr | Invesco | 1.40 | -13.76 | 4.37 | 5.25 | 38.00 | 730 | 2,083 |
IIM | Invsc Val Muni Incm Tr | Invesco | 1.37 | -13.25 | 4.57 | 1.29 | 34.00 | 629 | 1,977 |
BFK | BR Muni Incm Tr | BlackRock | 1.40 | -12.57 | 5.99 | 3.12 | 31.79 | 503 | 1,551 |
VGM | Invsc Tr fr Inv Grd Muni | Invesco | 1.40 | -13.95 | 4.27 | 5.71 | 36.00 | 606 | 1,682 |
MMU | WA Mgd Muni Fd | Franklin Templeton | 1.38 | -13.98 | 4.99 | 18.93 | 32.61 | 635 | 1,693 |
BLE | BR Muni Incm Tr II | BlackRock | 1.42 | -13.41 | 5.97 | 2.26 | 29.36 | 577 | 1,473 |
NXP | Nuv Sel Tx-Free Incm Port | Nuveen | 1.36 | 0.55 | 3.98 | 0.00 | 0.00 | 686 | 1,602 |
VKQ | Invsc Muni Tr | Invesco | 1.38 | -14.44 | 4.46 | 4.23 | 35.00 | 601 | 1,623 |
IQI | Invsc Qlty Muni Incm Tr | Invesco | 1.37 | -14.64 | 4.60 | 1.33 | 35.00 | 578 | 1,407 |
NPFD | Nuv Var Rt Pref & Incm Fd | Nuveen | 2.93 | -15.75 | 6.99 | 0.00 | 37.17 | 460 | 1,267 |
PTA | Tx-Adv Pref Sec Pref Sec & Incm Fd | Cohen&Steers | 2.92 | -8.64 | 8.99 | 29.44 | 36.40 | 1,082 | 3,040 |
JPI | Nuv Pref & Incm Trm Fd | Nuveen | 2.97 | -4.85 | 6.59 | 0.00 | 36.97 | 427 | 914 |
DFP | F&C Dyn Pref & Incm Fd | Flaherty & Crumrine | 2.96 | -12.68 | 7.16 | 0.00 | 42.00 | 410 | 1,261 |
NML | NB Nrg Infra & Incm Fd | Neuberger Berman | 3.52 | -12.53 | 10.35 | 92.40 | 18.19 | 439 | 1,306 |
SRV | NXG Cushing Midstream Nrg Fd | Cushing | 3.39 | -7.94 | 15.78 | 60.62 | 25.09 | 82 | 1,047 |
EMO | CB Nrg Midstream Opp Fd | Franklin Templeton | 3.81 | -9.52 | 7.71 | 100.00 | 32.05 | 477 | 1,290 |
IGD | Voya Glbl Eq Div & Prm Opp | Voya | 2.85 | -14.83 | 9.84 | 62.51 | 0.00 | 454 | 1,318 |
ETJ | EV Risk-Mgd Divr Eq Incm Fd | Eaton Vance | 2.90 | -7.25 | 8.91 | 51.26 | 0.00 | 566 | 1,241 |
BGY | BR Enh Intl DivTr | BlackRock | 2.93 | -14.21 | 7.91 | 61.70 | 0.00 | 600 | 1,170 |
BUI | BR Util Infra & Pwr OppTr | BlackRock | 2.96 | -5.85 | 7.05 | 38.87 | 0.00 | 492 | 1,372 |
DIAX | Nuv Dow 30SM Dyn Owrt Fd | Nuveen | 2.93 | -13.18 | 8.21 | 46.69 | 0.00 | 585 | 1,349 |
AGD | abrdn Glbl Dyn Div Fd | abrdn | 3.03 | -14.02 | 8.48 | 18.33 | 0.43 | 266 | 628 |
HTD | JH Tax-Adv Div Incm Fd | John Hancock | 2.98 | -11.35 | 8.95 | 30.82 | 38.33 | 740 | 1,944 |
ETG | EV Tx-Adv Glbl Div Incm Fd | Eaton Vance | 3.09 | -11.44 | 7.21 | 31.19 | 21.70 | 1,437 | 2,349 |
STEW | SRH Tot Rtn Fd | Paralel Advisors | 2.93 | -20.27 | 4.11 | 49.29 | 12.55 | 1,632 | 749 |
BOE | BR Enh Glbl DivTr | BlackRock | 2.98 | -14.50 | 7.68 | 65.25 | 0.00 | 709 | 1,751 |
RLTY | C&S Rel-Est Opp & Incm Fd | Cohen&Steers | 3.22 | -14.46 | 10.01 | 68.48 | 38.12 | 258 | 915 |
AWP | abrdn Glbl Prmr Prop Fd | abrdn | 3.21 | -10.10 | 13.15 | 67.17 | 18.12 | 347 | 1,217 |
JRI | Nuv Rel-Ast Incm & Gwth Fd | Nuveen | 3.40 | -14.36 | 10.65 | 44.17 | 31.81 | 361 | 851 |
JPC | Nuv Pref & Incm Opp Fd | Nuveen | 3.01 | -12.42 | 8.60 | 0.00 | 39.13 | 2,418 | 3,981 |
KYN | KA Nrg Infra Fd | Kayne Anderson | 3.64 | -17.51 | 9.91 | 14.94 | 22.12 | 1,738 | 4,489 |