About the Index
National Municipal Bond grouping according to CEFdata.com. Ranking the highest 50% of funds by 90-day average trade dollar $ liquidity. Removing any Build America Bond (taxable municipals funds / BABs) and term trust municipal funds. The remaining funds will be equal weight. 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 | 1,168.85 | 2.18 | 7.51 | 2.95 | -7.15 | -16.33 | -15.63 | 0.87 | 2.12 | 3.48 | 2.73 | -3.89 | -18.09 | ||||||
NAV | 1,152.75 | 1.37 | 5.51 | 0.50 | -8.95 | -13.16 | -12.46 | -0.06 | 1.94 | 3.80 | 0.65 | -4.34 | -14.06 | ||||||
Difference | -0.81 | -2.01 | -2.44 | -1.80 | 3.17 | 3.17 | -0.94 | -0.18 | 0.32 | -2.08 | -0.44 | 4.03 | |||||||
* 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 | -8.23 | -1.64 | -5.58 | -14.77 | -6.45 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | -4.36 | -1.03 | -5.09 | -10.17 | -4.95 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | 3.87 | 0.61 | 0.48 | 4.61 | 1.50 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 1.10 | -1.63 | 2.48 | 1.93 | 1.81 | 2.08 | 1.48 | 5.47 | 7.50 | 1.56 | 0.79 | -3.51 | -1.23 | -0.95 | 1.77 | 1.39 | 2.21 | 0.95 | 8.52 |
NAV | 1.46 | -2.46 | 1.04 | -0.01 | 1.60 | 0.95 | 0.88 | 3.46 | 3.45 | 1.16 | -0.70 | -1.24 | -0.80 | -0.38 | 1.55 | 0.41 | 1.59 | 0.77 | 4.25 |
Difference | 0.36 | -0.84 | -1.44 | -1.94 | -0.21 | -1.13 | -0.61 | -2.00 | -4.05 | -0.40 | -1.50 | 2.27 | 0.43 | 0.57 | -0.22 | -0.98 | -0.62 | -0.18 | -4.27 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 2.83 | -1.37 | -9.33 | -8.05 | -3.37 | 6.32 | 2.22 | 5.02 | -3.44 | 5.25 | -1.09 | -0.52 | 3.56 | -0.40 | 5.34 | 2.46 | 7.50 | 11.32 | 7.50 |
NAV | 2.73 | 2.52 | -9.25 | -4.42 | -3.42 | 5.04 | 3.02 | 4.52 | -0.10 | 3.00 | -0.49 | -0.28 | 2.21 | -0.38 | 2.92 | 1.77 | 4.34 | 6.65 | 6.54 |
Difference | -0.10 | 3.89 | 0.09 | 3.63 | -0.05 | -1.28 | 0.80 | -0.50 | 3.33 | -2.24 | 0.60 | 0.24 | -1.35 | 0.03 | -2.42 | -0.69 | -3.15 | -4.67 | -0.96 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 5.59 | 2.04 | 1.69 | 9.56 | 0.79 | 2.21 | 1.20 | 4.25 | 14.22 | 3.31 | 1.69 | -0.76 | 4.26 | -0.11 | 0.30 | 0.93 | 1.12 | 5.42 | 20.41 |
NAV | 0.55 | 0.82 | 2.44 | 3.85 | 0.62 | 2.14 | 0.50 | 3.29 | 7.27 | 1.00 | 2.53 | -1.04 | 2.48 | -0.00 | 0.24 | 0.58 | 0.82 | 3.32 | 10.83 |
Difference | -5.03 | -1.22 | 0.75 | -5.71 | -0.16 | -0.06 | -0.70 | -0.96 | -6.95 | -2.31 | 0.84 | -0.28 | -1.78 | 0.11 | -0.05 | -0.35 | -0.30 | -2.10 | -9.58 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -4.44 | -0.67 | -0.18 | -5.25 | -0.27 | 2.01 | -0.13 | 1.61 | -3.72 | 0.54 | 0.83 | -2.31 | -0.96 | -3.95 | 3.09 | -0.22 | -1.20 | -2.15 | -5.79 |
NAV | -1.54 | -0.65 | 0.52 | -1.67 | -0.48 | 1.65 | 0.18 | 1.34 | -0.35 | 0.29 | 0.14 | -0.86 | -0.43 | -1.31 | 1.03 | 1.61 | 1.30 | 0.87 | 0.52 |
Difference | 2.90 | 0.02 | 0.71 | 3.58 | -0.21 | -0.36 | 0.30 | -0.27 | 3.37 | -0.25 | -0.70 | 1.45 | 0.53 | 2.64 | -2.06 | 1.83 | 2.51 | 3.02 | 6.31 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.85 | -0.31 | -0.31 | 2.21 | 1.65 | 1.93 | 0.37 | 4.00 | 6.30 | 2.40 | 0.30 | -0.82 | 1.87 | -1.75 | 0.65 | 0.70 | -0.42 | 1.44 | 7.83 |
NAV | 0.48 | 1.13 | 0.39 | 2.02 | 0.97 | 2.10 | -0.23 | 2.86 | 4.93 | 0.89 | 1.33 | -0.29 | 1.94 | 0.11 | -0.34 | 1.58 | 1.35 | 3.31 | 8.41 |
Difference | -2.36 | 1.44 | 0.70 | -0.19 | -0.68 | 0.17 | -0.60 | -1.14 | -1.37 | -1.51 | 1.03 | 0.53 | 0.07 | 1.87 | -0.99 | 0.88 | 1.77 | 1.87 | 0.58 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | 2.25 | 0.95 | 2.22 | 5.52 | 2.61 | -0.19 | 4.07 | 6.59 | 12.48 | 0.39 | -0.71 | -0.72 | -1.03 | -6.03 | -4.58 | 2.00 | -8.55 | -9.49 | 1.80 |
NAV | 1.37 | 0.13 | 1.12 | 2.64 | 1.30 | 0.79 | 2.60 | 4.75 | 7.52 | -0.16 | 0.44 | -0.71 | -0.44 | -1.60 | -5.91 | 1.52 | -6.01 | -6.42 | 0.61 |
Difference | -0.88 | -0.82 | -1.10 | -2.88 | -1.31 | 0.97 | -1.48 | -1.84 | -4.96 | -0.55 | 1.14 | 0.00 | 0.60 | 4.43 | -1.33 | -0.48 | 2.53 | 3.07 | -1.19 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 5.06 | -2.36 | 0.68 | 3.27 | -0.04 | -2.40 | -2.62 | -4.99 | -1.88 | 1.90 | 0.29 | 1.98 | 4.23 | 3.09 | 0.44 | 2.61 | 6.24 | 10.74 | 8.65 |
NAV | 2.73 | -1.63 | 0.61 | 1.68 | -0.96 | -0.61 | -0.44 | -2.00 | -0.35 | 0.89 | 0.42 | 1.15 | 2.48 | 0.88 | 0.88 | 1.55 | 3.34 | 5.90 | 5.53 |
Difference | -2.33 | 0.74 | -0.07 | -1.60 | -0.91 | 1.79 | 2.18 | 3.00 | 1.53 | -1.01 | 0.13 | -0.83 | -1.75 | -2.21 | 0.43 | -1.06 | -2.91 | -4.84 | -3.12 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 5.71 | 1.19 | 0.58 | 7.59 | 2.94 | 2.73 | -0.15 | 5.59 | 13.60 | -1.69 | 2.96 | -0.64 | 0.58 | 2.30 | -0.26 | 2.34 | 4.42 | 5.03 | 19.31 |
NAV | 3.98 | 2.28 | 0.75 | 7.15 | 2.38 | 2.62 | 0.00 | 5.07 | 12.58 | 0.31 | 2.42 | 0.50 | 3.25 | 1.25 | 0.26 | 1.45 | 2.98 | 6.33 | 19.70 |
Difference | -1.73 | 1.09 | 0.17 | -0.44 | -0.56 | -0.12 | 0.15 | -0.53 | -1.03 | 2.00 | -0.54 | 1.13 | 2.67 | -1.05 | 0.51 | -0.88 | -1.44 | 1.30 | 0.39 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 2.58 | -1.42 | -1.55 | -0.44 | 1.38 | -6.05 | -3.74 | -8.32 | -8.73 | -6.78 | -1.97 | 4.00 | -4.96 | 0.69 | -3.58 | 2.43 | -0.56 | -5.49 | -13.74 |
NAV | 0.89 | 0.38 | -0.88 | 0.39 | 1.76 | -1.94 | -6.24 | -6.45 | -6.08 | -2.77 | -3.26 | 4.26 | -1.93 | 1.19 | -0.36 | -0.23 | 0.59 | -1.35 | -7.35 |
Difference | -1.69 | 1.81 | 0.67 | 0.83 | 0.38 | 4.11 | -2.50 | 1.88 | 2.65 | 4.01 | -1.28 | 0.26 | 3.03 | 0.50 | 3.22 | -2.66 | 1.15 | 4.14 | 6.39 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 4.75 | 0.02 | -2.00 | 2.69 | 2.68 | 1.86 | 1.45 | 6.11 | 8.96 | 3.71 | -0.36 | 3.13 | 6.57 | -0.68 | 2.93 | -4.67 | -2.55 | 3.85 | 13.15 |
NAV | 4.79 | 0.40 | -0.58 | 4.60 | 1.86 | 1.77 | -0.11 | 3.55 | 8.31 | 3.06 | 0.51 | 1.02 | 4.64 | 0.73 | 3.41 | -2.25 | 1.81 | 6.53 | 15.38 |
Difference | 0.04 | 0.37 | 1.42 | 1.91 | -0.82 | -0.09 | -1.56 | -2.56 | -0.65 | -0.65 | 0.87 | -2.11 | -1.93 | 1.41 | 0.47 | 2.42 | 4.36 | 2.68 | 2.23 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -5.16% |
1Yr Disc -2.50% |
3Yr Disc -4.07% |
5Yr Disc -5.09% |
Rel Disc Range (3yr) 61.36% |
Mkt Yield 5.30% |
Lev Adj NAV Yield 3.70% |
After Tax Yield* 5.30% |
Est Tax Friction* 0.00% |
3Yr NAV Volatiliy 7.98 |
1 Yr RoC 5.07% |
3 Yr Dest RoC 3.46% |
Leverage 35.90% |
Non Lev Exp Ratio 0.93% |
Beta (2yr) 0.92 |
Equity Exposure 1.56% |
Bond Exposure 97.02% |
# Holdings 24 |
Cash Weighted Duration 10.31 |
|
Comp NAV TR 0.55% |
Comp Discount 0.23% |
Net Assets (M) 958 |
Liquidity - 90d (K) 2,894 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Top Ten States Weighted Average Data |
||
---|---|---|
1 | NY | 11.6% |
2 | IL | 9.8% |
3 | CA | 8.8% |
4 | TX | 8.1% |
5 | NJ | 6.6% |
6 | FL | 4.9% |
7 | PA | 4.0% |
8 | OH | 3.6% |
9 | CO | 3.0% |
10 | MI | 3.0% |
Constituents
24 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
NEA | Nuv AMT-Fr Qlty Muni Incm Fd | Nuveen | 3.98 | -7.02 | 5.06 | 0.00 | 39.83 | 4,004 | 12,105 |
NAD | Nuv Qlty Muni Incm Fd | Nuveen | 4.12 | -4.80 | 5.45 | 0.00 | 39.35 | 3,209 | 10,378 |
NUV | Nuv Muni Val Fd | Nuveen | 4.04 | -3.35 | 3.64 | 0.00 | 1.04 | 1,984 | 5,100 |
VMO | Invsc Muni Opp Tr | Invesco | 3.89 | -7.40 | 5.54 | 2.45 | 41.00 | 775 | 2,887 |
MQY | BR MuniYld Qlty Fd | BlackRock | 3.94 | -6.24 | 5.85 | 1.37 | 39.45 | 1,010 | 3,459 |
IIM | Invsc Val Muni Incm Tr | Invesco | 4.21 | -0.92 | 5.37 | 0.00 | 39.00 | 666 | 2,479 |
EIM | EV Muni Bnd Fd | Eaton Vance | 4.01 | -7.54 | 4.93 | 0.33 | 41.60 | 859 | 2,806 |
MYI | BR MuniYld Qlty Fd III | BlackRock | 3.98 | -7.67 | 5.19 | 0.00 | 39.70 | 879 | 2,593 |
BLE | BR Muni Incm Tr II | BlackRock | 3.92 | -8.59 | 5.43 | 6.40 | 40.18 | 614 | 1,981 |
PML | PIMCO Muni Incm Fd II | PIMCO | 4.20 | 14.24 | 6.17 | 4.63 | 49.26 | 637 | 2,591 |
VKQ | Invsc Muni Tr | Invesco | 3.86 | -7.73 | 5.42 | 4.46 | 40.00 | 637 | 1,953 |
VGM | Invsc Tr fr Inv Grd Muni | Invesco | 3.93 | -7.84 | 5.42 | 3.96 | 41.00 | 643 | 1,786 |
MYD | BR MuniYld Fd | BlackRock | 3.85 | -8.38 | 5.33 | 2.53 | 38.60 | 594 | 1,813 |
MHD | BR MuniHldg Fd | BlackRock | 3.88 | -7.91 | 5.52 | 0.00 | 40.05 | 762 | 2,151 |
NXP | Nuv Sel Tx-Free Incm Port | Nuveen | 4.09 | -4.74 | 3.88 | 0.00 | 0.00 | 691 | 1,590 |
IQI | Invsc Qlty Muni Incm Tr | Invesco | 3.97 | -7.24 | 5.24 | 2.29 | 38.00 | 614 | 1,833 |
EVN | EV Muni Incm Tr | Eaton Vance | 4.11 | -3.81 | 4.93 | 0.00 | 36.10 | 478 | 1,513 |
MVF | BR MuniVest Fd | BlackRock | 3.93 | -8.51 | 5.27 | 0.00 | 38.11 | 541 | 1,418 |
RFMZ | RivNth Flex Muni Incm Fd II | RiverNorth | 3.85 | -8.16 | 7.38 | 26.12 | 36.30 | 400 | 1,570 |
BFK | BR Muni Incm Tr | BlackRock | 4.44 | 5.84 | 5.45 | 3.37 | 40.62 | 548 | 2,037 |
VKI | Invsc Adv Muni Incm Tr II | Invesco | 3.85 | -6.32 | 5.74 | 2.24 | 41.00 | 456 | 1,250 |
MUI | BR Muni Incm Fd | BlackRock | 7.92 | -8.09 | 5.23 | 0.00 | 39.66 | 995 | 2,181 |
PMO | Putnam Muni Opp Tr | Putnam | 4.09 | -2.99 | 5.62 | 0.00 | 28.07 | 399 | 1,341 |
MMU | WA Mgd Muni Fd | Franklin Templeton | 3.96 | -9.18 | 4.26 | 6.46 | 30.90 | 524 | 1,117 |