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. We manually have removed DXYZ from firm benchmarks.
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 | 1,195.42 | 0.74 | 1.80 | 1.33 | -1.23 | -0.49 | 0.93 | 1.61 | 0.13 | 2.98 | 1.33 | 0.74 | -0.49 | ||||||
NAV | 1,172.72 | 0.43 | 1.07 | 1.13 | -1.63 | -3.34 | -1.89 | 1.17 | -0.63 | 2.25 | 1.13 | 0.43 | -3.34 | ||||||
Difference | -0.31 | -0.73 | -0.20 | -0.41 | -2.85 | -2.82 | -0.44 | -0.76 | -0.73 | -0.20 | -0.31 | -2.85 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (Dec. 30, 2016), Index Price was $1,000 and NAV was $1,000.00 |
2025 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2025 | |
Price | 1.81 | 2.00 | -2.98 | 0.74 | -2.11 | -0.42 | 0.58 | -1.96 | -1.23 | - | - | - | - | - | - | - | - | - | - |
NAV | -0.06 | 1.35 | -2.98 | -1.74 | -1.55 | -1.20 | 0.70 | -2.06 | -3.76 | - | - | - | - | - | - | - | - | - | - |
Difference | -1.87 | -0.65 | 0.00 | -2.48 | 0.56 | -0.79 | 0.12 | -0.10 | -2.53 | - | - | - | - | - | - | - | - | - | - |
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 | 1.55 | 1.75 | 2.98 | 6.41 | -2.73 | 2.78 | -4.66 | -4.68 | 1.43 | 6.68 |
NAV | -0.62 | 0.05 | -0.04 | -0.62 | -1.94 | 0.11 | 2.28 | 0.40 | -0.22 | 1.10 | 0.76 | 1.52 | 3.42 | -2.26 | 2.59 | -2.27 | -2.00 | 1.35 | 1.13 |
Difference | -0.79 | -1.20 | -1.11 | -3.12 | 1.72 | -2.76 | -1.28 | -2.21 | -5.40 | -0.45 | -0.99 | -1.46 | -2.99 | 0.47 | -0.19 | 2.39 | 2.68 | -0.08 | -5.55 |
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 -6.44% |
1Yr Disc -7.17% |
3Yr Disc -9.31% |
5Yr Disc -6.71% |
Rel Disc Range (3yr) 69.66% |
Mkt Yield 6.83% |
Lev Adj NAV Yield 4.71% |
After Tax Yield* 6.83% |
Est Tax Friction* 0.00% |
3Yr NAV Volatiliy 8.17 |
1 Yr RoC 25.93% |
3 Yr Dest RoC 15.87% |
Leverage 35.37% |
Non Lev Exp Ratio 0.87% |
Beta (2yr) 1.03 |
Equity Exposure 0.03% |
Bond Exposure 99.34% |
# Holdings 21 |
Cash Weighted Duration 13.75 |
|
Comp NAV TR 0.33% |
Comp Discount 0.46% |
Net Assets (M) 862 |
Liquidity - 90d (K) 2,761 |
|
* 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 | 14.0% |
2 | TX | 12.6% |
3 | CA | 7.9% |
4 | FL | 6.5% |
5 | IL | 6.3% |
6 | NJ | 4.2% |
7 | CO | 3.7% |
8 | PA | 3.5% |
9 | PR | 3.0% |
10 | AL | 2.6% |
Constituents
21 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
NEA | Nuv AMT-Fr Qlty Muni Incm Fd | Nuveen | 4.79 | -3.68 | 7.97 | 38.22 | 42.02 | 3,412 | 13,547 |
NAD | Nuv Qlty Muni Incm Fd | Nuveen | 4.78 | -4.06 | 7.98 | 34.22 | 42.37 | 2,761 | 10,613 |
NUV | Nuv Muni Val Fd | Nuveen | 4.77 | -2.56 | 4.46 | 0.00 | 4.10 | 1,862 | 4,744 |
VGM | Invsc Tr fr Inv Grd Muni | Invesco | 4.78 | -6.07 | 8.08 | 34.61 | 36.00 | 554 | 2,790 |
VMO | Invsc Muni Opp Tr | Invesco | 4.76 | -6.19 | 8.11 | 34.38 | 38.00 | 665 | 2,596 |
MYI | BR MuniYld Qlty Fd III | BlackRock | 4.78 | -8.10 | 6.31 | 19.31 | 40.59 | 763 | 2,239 |
MQY | BR MuniYld Qlty Fd | BlackRock | 4.76 | -7.32 | 6.25 | 19.63 | 38.99 | 863 | 1,991 |
PML | PIMCO Muni Incm Fd II | PIMCO | 4.75 | -5.34 | 6.36 | 26.64 | 42.40 | 523 | 1,711 |
IQI | Invsc Qlty Muni Incm Tr | Invesco | 4.76 | -5.50 | 8.01 | 28.74 | 35.00 | 529 | 1,724 |
NXP | Nuv Sel Tx-Free Incm Port | Nuveen | 4.75 | 0.00 | 4.44 | 0.00 | 3.52 | 720 | 1,691 |
VKQ | Invsc Muni Tr | Invesco | 4.77 | -6.86 | 8.16 | 33.80 | 39.00 | 548 | 1,677 |
IIM | Invsc Val Muni Incm Tr | Invesco | 4.75 | -4.57 | 7.91 | 28.78 | 34.00 | 577 | 1,628 |
EIM | EV Muni Bnd Fd | Eaton Vance | 4.73 | -7.11 | 6.30 | 25.59 | 35.20 | 563 | 1,397 |
MMU | WA Mgd Muni Fd | Franklin Templeton | 4.80 | -6.98 | 6.55 | 21.77 | 32.74 | 587 | 1,371 |
MYD | BR MuniYld Fd | BlackRock | 4.76 | -9.21 | 6.51 | 17.47 | 40.34 | 506 | 1,336 |
BLE | BR Muni Incm Tr II | BlackRock | 4.75 | -9.07 | 6.46 | 19.77 | 40.02 | 526 | 1,305 |
VKI | Invsc Adv Muni Incm Tr II | Invesco | 4.77 | -4.31 | 7.95 | 32.37 | 38.00 | 392 | 1,283 |
BFK | BR Muni Incm Tr | BlackRock | 4.74 | -9.55 | 6.27 | 16.84 | 40.56 | 464 | 1,140 |
MHD | BR MuniHldg Fd | BlackRock | 4.76 | -9.52 | 6.36 | 15.95 | 39.93 | 647 | 1,054 |
BYM | BR Muni Incm Qlty Tr | BlackRock | 4.74 | -9.29 | 6.32 | 14.95 | 39.86 | 301 | 998 |
NBH | NB Muni Fd | Neuberger Berman | 4.76 | -10.01 | 6.57 | 29.37 | 40.77 | 326 | 1,032 |