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 | 1,188.09 | 0.43 | 0.17 | 1.09 | 6.51 | 6.98 | 8.25 | -5.81 | 0.02 | 3.33 | 0.31 | 0.31 | 5.50 | ||||||
NAV | 1,205.84 | 0.12 | -0.16 | 0.54 | 2.95 | 2.74 | 3.81 | -3.61 | 0.47 | 3.10 | 0.73 | 0.73 | 0.51 | ||||||
Difference | -0.31 | -0.32 | -0.55 | -3.56 | -4.24 | -4.44 | 2.20 | 0.45 | -0.23 | 0.42 | 0.42 | -4.99 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2024 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2024 | |
Price | 0.17 | 1.24 | 1.07 | 2.50 | -3.67 | 2.87 | 3.56 | 2.62 | 5.18 | - | - | - | - | - | - | - | - | - | - |
NAV | -0.62 | 0.05 | -0.04 | -0.62 | -1.94 | 0.11 | 2.28 | 0.40 | -0.22 | - | - | - | - | - | - | - | - | - | - |
Difference | -0.79 | -1.20 | -1.11 | -3.12 | 1.72 | -2.76 | -1.28 | -2.21 | -5.40 | - | - | - | - | - | - | - | - | - | - |
2023 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2023 | |
Price | 4.79 | -4.88 | 2.49 | 2.16 | -0.95 | -2.69 | 1.91 | -1.77 | 0.35 | 1.32 | -4.11 | -7.67 | -10.30 | -2.06 | 12.72 | 4.73 | 15.62 | 3.72 | 4.08 |
NAV | 4.89 | -3.81 | 2.67 | 3.59 | -0.06 | -1.13 | 1.80 | 0.59 | 4.21 | 0.38 | -2.54 | -5.33 | -7.38 | -3.01 | 11.50 | 4.11 | 12.60 | 4.29 | 8.67 |
Difference | 0.11 | 1.07 | 0.18 | 1.43 | 0.89 | 1.56 | -0.11 | 2.37 | 3.86 | -0.94 | 1.57 | 2.34 | 2.92 | -0.95 | -1.21 | -0.62 | -3.03 | 0.57 | 4.60 |
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 | 4.19 | -4.98 | -7.38 | -21.06 | 5.58 | -4.95 | -10.12 | -9.80 | -3.06 | 11.56 | -1.53 | 6.49 | -3.95 | -24.18 |
NAV | -4.36 | -1.03 | -5.09 | -10.17 | -4.95 | 1.92 | -4.03 | -7.03 | -16.49 | 4.64 | -4.04 | -7.35 | -6.98 | -2.33 | 8.75 | -0.27 | 5.94 | -1.45 | -17.70 |
Difference | 3.87 | 0.61 | 0.48 | 4.61 | 1.50 | -2.28 | 0.95 | 0.34 | 4.57 | -0.94 | 0.91 | 2.77 | 2.83 | 0.74 | -2.81 | 1.26 | -0.55 | 2.50 | 6.48 |
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 -8.50% |
1Yr Disc -11.49% |
3Yr Disc -8.27% |
5Yr Disc -6.87% |
Rel Disc Range (3yr) 42.13% |
Mkt Yield 6.32% |
Lev Adj NAV Yield 4.39% |
After Tax Yield* 6.32% |
Est Tax Friction* 0.00% |
3Yr NAV Volatiliy 6.71 |
1 Yr RoC 17.08% |
3 Yr Dest RoC 9.74% |
Leverage 31.06% |
Non Lev Exp Ratio 0.88% |
Beta (2yr) 0.95 |
Equity Exposure 0.07% |
Bond Exposure 99.35% |
# Holdings 22 |
Cash Weighted Duration 11.71 |
|
Comp NAV TR -0.12% |
Comp Discount -0.02% |
Net Assets (M) 949 |
Liquidity - 90d (K) 2,225 |
|
* 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 | 15.0% |
2 | TX | 14.4% |
3 | CA | 7.3% |
4 | IL | 6.9% |
5 | FL | 5.7% |
6 | NJ | 4.3% |
7 | CO | 3.7% |
8 | PA | 3.5% |
9 | PR | 2.8% |
10 | MI | 2.8% |
Constituents
22 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
NEA | Nuv AMT-Fr Qlty Muni Incm Fd | Nuveen | 4.55 | -9.21 | 7.66 | 12.48 | 39.63 | 3,764 | 9,960 |
NAD | Nuv Qlty Muni Incm Fd | Nuveen | 4.56 | -9.97 | 7.72 | 2.23 | 40.17 | 3,044 | 8,446 |
NUV | Nuv Muni Val Fd | Nuveen | 4.61 | -6.32 | 3.98 | 0.00 | 1.50 | 1,936 | 3,387 |
MYI | BR MuniYld Qlty Fd III | BlackRock | 4.62 | -9.42 | 5.87 | 22.76 | 37.23 | 832 | 2,344 |
MUI | BR Muni Incm Fd | BlackRock | 4.53 | -7.04 | 5.37 | 24.34 | 39.28 | 951 | 2,158 |
IIM | Invsc Val Muni Incm Tr | Invesco | 4.51 | -8.77 | 7.53 | 9.90 | 32.00 | 634 | 1,711 |
VMO | Invsc Muni Opp Tr | Invesco | 4.47 | -9.14 | 7.55 | 16.81 | 35.00 | 738 | 1,816 |
MQY | BR MuniYld Qlty Fd | BlackRock | 4.57 | -6.67 | 5.65 | 20.08 | 35.36 | 948 | 1,592 |
PML | PIMCO Muni Incm Fd II | PIMCO | 4.52 | -4.08 | 5.60 | 36.62 | 40.95 | 586 | 1,478 |
VKI | Invsc Adv Muni Incm Tr II | Invesco | 4.54 | -9.30 | 7.55 | 14.34 | 35.00 | 435 | 1,605 |
EIM | EV Muni Bnd Fd | Eaton Vance | 4.41 | -9.41 | 5.92 | 20.08 | 29.20 | 647 | 1,632 |
MMU | WA Mgd Muni Fd | Franklin Templeton | 4.59 | -10.40 | 6.27 | 29.43 | 30.93 | 637 | 1,297 |
MYD | BR MuniYld Fd | BlackRock | 4.57 | -10.38 | 5.79 | 18.34 | 35.37 | 555 | 1,511 |
VGM | Invsc Tr fr Inv Grd Muni | Invesco | 4.48 | -10.17 | 7.63 | 11.92 | 32.00 | 613 | 1,355 |
VKQ | Invsc Muni Tr | Invesco | 4.51 | -9.57 | 7.60 | 16.52 | 35.00 | 607 | 1,354 |
IQI | Invsc Qlty Muni Incm Tr | Invesco | 4.54 | -9.80 | 7.62 | 12.97 | 32.00 | 583 | 1,400 |
NXP | Nuv Sel Tx-Free Incm Port | Nuveen | 4.55 | -0.55 | 4.30 | 0.00 | 0.00 | 699 | 1,139 |
MHD | BR MuniHldg Fd | BlackRock | 4.49 | -12.41 | 5.28 | 15.54 | 30.91 | 710 | 1,157 |
KTF | DWS Muni Incm Tr | Deutsche | 4.59 | -6.52 | 7.63 | 21.18 | 33.81 | 402 | 1,043 |
MVF | BR MuniVest Fd | BlackRock | 4.63 | -9.20 | 4.93 | 13.58 | 31.07 | 510 | 776 |
EVN | EV Muni Incm Tr | Eaton Vance | 4.64 | -7.22 | 5.84 | 3.08 | 26.30 | 451 | 893 |
BLE | BR Muni Incm Tr II | BlackRock | 4.53 | -11.52 | 5.80 | 19.61 | 31.44 | 580 | 867 |