About the Index
All Municipal CEFs currently classified as High Yield Municipal Bond CEFs according to CEFdata.com (15% or greater non-investment grade exposure) and $200K+ 90-day average trade dollar $ liquidity. 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(%) | MTD(%) | QTD(%) | YTD(%) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,290.61 | 0.10 | 0.93 | 3.92 | 9.60 | 8.09 | 1.21 | 5.36 | 5.39 | 1.42 | 1.42 | 1.42 | |||||||
NAV | 1,291.72 | 0.10 | 0.28 | 1.99 | 7.82 | 8.35 | 5.01 | 6.19 | 5.45 | 1.39 | 1.39 | 1.39 | |||||||
Difference | -0.01 | -0.66 | -1.93 | -1.78 | 0.26 | 3.80 | 0.83 | 0.07 | -0.03 | -0.03 | -0.03 | ||||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2020 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 2.82 | -1.25 | -11.32 | -9.95 | -5.89 | 6.09 | 1.66 | 1.50 | -8.60 | 5.80 | -0.54 | -1.40 | 3.75 | -2.16 | 6.53 | 3.03 | 7.38 | 7.38 | 1.83 |
NAV | 2.36 | 2.13 | -10.48 | -6.42 | -3.21 | 3.59 | 3.02 | 3.29 | -3.35 | 2.60 | 0.05 | 0.17 | 2.83 | -0.29 | 3.20 | 2.69 | 5.67 | 5.67 | 5.02 |
Difference | -0.46 | 3.38 | 0.83 | 3.53 | 2.68 | -2.51 | 1.36 | 1.78 | 5.25 | -3.20 | 0.60 | 1.57 | -0.92 | 1.87 | -3.33 | -0.34 | -1.72 | -1.72 | 3.19 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 7.25 | 2.05 | 3.15 | 12.89 | -0.05 | 1.20 | 1.95 | 3.13 | 16.43 | 2.93 | 0.17 | -0.31 | 2.77 | -0.82 | 0.60 | 0.49 | 0.27 | 3.05 | 19.98 |
NAV | 0.63 | 0.91 | 2.31 | 3.89 | 0.52 | 1.78 | 0.50 | 2.81 | 6.81 | 0.89 | 2.23 | -0.64 | 2.47 | -0.05 | 0.31 | 0.51 | 0.77 | 3.26 | 10.29 |
Difference | -6.62 | -1.14 | -0.84 | -9.01 | 0.57 | 0.57 | -1.46 | -0.32 | -9.62 | -2.04 | 2.06 | -0.33 | -0.30 | 0.77 | -0.29 | 0.01 | 0.50 | 0.21 | -9.69 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -3.25 | -0.57 | -0.90 | -4.67 | 0.12 | 2.39 | -0.02 | 2.50 | -2.29 | 1.28 | 2.35 | -3.16 | 0.38 | -3.92 | 0.85 | -0.85 | -3.93 | -3.57 | -5.77 |
NAV | -1.01 | -0.23 | 0.70 | -0.54 | -0.20 | 1.52 | 0.22 | 1.55 | 1.00 | 0.33 | 0.31 | -0.74 | -0.10 | -1.31 | 0.59 | 1.27 | 0.53 | 0.43 | 1.43 |
Difference | 2.25 | 0.33 | 1.61 | 4.13 | -0.32 | -0.87 | 0.24 | -0.95 | 3.29 | -0.95 | -2.03 | 2.42 | -0.48 | 2.61 | -0.26 | 2.12 | 4.46 | 4.00 | 7.21 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.69 | 0.37 | 0.16 | 3.24 | 2.18 | 1.85 | 0.70 | 4.80 | 8.20 | 2.00 | 0.12 | -0.20 | 1.92 | -0.17 | 0.31 | 0.11 | 0.24 | 2.17 | 10.55 |
NAV | 0.60 | 1.25 | 0.48 | 2.35 | 0.89 | 1.80 | -0.02 | 2.69 | 5.11 | 0.60 | 1.08 | -0.01 | 1.67 | 0.05 | -0.07 | 1.50 | 1.48 | 3.17 | 8.44 |
Difference | -2.09 | 0.88 | 0.32 | -0.89 | -1.29 | -0.05 | -0.72 | -2.11 | -3.09 | -1.41 | 0.96 | 0.19 | -0.25 | 0.22 | -0.37 | 1.39 | 1.24 | 1.00 | -2.10 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | 2.41 | 1.17 | 2.54 | 6.24 | 1.28 | 0.36 | 4.25 | 5.97 | 12.58 | 0.39 | -0.95 | -0.36 | -0.92 | -5.28 | -4.33 | 0.63 | -8.82 | -9.66 | 1.70 |
NAV | 0.93 | 0.18 | 1.15 | 2.27 | 1.09 | 0.90 | 2.00 | 4.05 | 6.41 | 0.22 | 0.59 | -0.41 | 0.39 | -1.17 | -5.20 | 1.21 | -5.18 | -4.82 | 1.29 |
Difference | -1.48 | -0.99 | -1.39 | -3.96 | -0.19 | 0.54 | -2.25 | -1.92 | -6.17 | -0.18 | 1.54 | -0.05 | 1.31 | 4.11 | -0.87 | 0.58 | 3.64 | 4.84 | -0.42 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 3.97 | -1.15 | 0.76 | 3.56 | 0.78 | -4.62 | -3.32 | -7.06 | -3.75 | 1.09 | 1.29 | 2.10 | 4.54 | 3.46 | 1.03 | 1.82 | 6.42 | 11.25 | 7.08 |
NAV | 2.32 | -1.03 | 0.54 | 1.81 | -0.42 | -0.11 | -0.43 | -0.96 | 0.83 | 0.67 | 0.66 | 0.96 | 2.31 | 0.86 | 0.76 | 1.25 | 2.90 | 5.27 | 6.15 |
Difference | -1.65 | 0.12 | -0.23 | -1.75 | -1.20 | 4.50 | 2.89 | 6.10 | 4.58 | -0.41 | -0.63 | -1.14 | -2.23 | -2.60 | -0.26 | -0.57 | -3.52 | -5.98 | -0.93 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -3.16% |
1Yr Disc -3.90% |
3Yr Disc -3.31% |
5Yr Disc -2.26% |
Rel Disc Range (3yr) 64.10% |
Mkt Yield 4.87% |
Lev Adj NAV Yield 3.63% |
After Tax Yield* 4.86% |
Est Tax Friction* 0.01% |
3Yr NAV Volatiliy 7.89 |
1 Yr RoC 1.86% |
3 Yr Dest RoC 0.00% |
Leverage 29.86% |
Non Lev Exp Ratio 1.10% |
Beta (2yr) 0.38 |
Equity Exposure 0.41% |
Bond Exposure 98.42% |
# Holdings 7 |
Cash Weighted Duration 10.73 |
|
Comp NAV TR -0.75% |
Comp Discount 1.00% |
Net Assets (M) 498 |
Liquidity - 90d (K) 1,409 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
7 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
CMU | MFS Hi Yld Muni Tr | MFS | 14.34 | -7.05 | 4.82 | 0.00 | 37.00 | 137 | 344 |
CXE | MFS Hi Incm Muni Tr | MFS | 14.23 | -4.12 | 4.92 | 0.00 | 36.00 | 168 | 396 |
MFM | MFS Muni Incm Tr | MFS | 13.96 | -10.66 | 4.71 | 0.00 | 27.00 | 305 | 523 |
MUA | BR MuniAst Fd | BlackRock | 14.53 | 3.34 | 4.16 | 1.86 | 11.64 | 539 | 811 |
NMCO | Nuv Muni Cr Opp Fd | Nuveen | 14.93 | -5.57 | 5.41 | 0.00 | 39.70 | 775 | 4,150 |
NMZ | Nuv Muni Hi Incm Opp Fd | Nuveen | 13.98 | 0.92 | 5.20 | 0.00 | 33.66 | 1,188 | 2,918 |
OIA | Invsc Muni Incm Opp Tr | Invesco | 14.03 | 1.03 | 4.82 | 0.00 | 23.76 | 370 | 605 |