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01. 12 Major CEF Sectors Index

Data as of 05/27/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

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	1,467.26	1.94	5.21	-1.05	-3.42	-9.83	-6.24	7.18	6.14	7.39	-0.95	-7.43	-11.53
NAV	1,421.83	1.45	3.82	-1.10	-3.06	-7.20	-3.58	6.71	6.14	7.24	-0.73	-5.69	-8.61
Difference		-0.49	-1.40	-0.05	0.35	2.63	2.67	-0.46	0.01	-0.14	0.22	1.73	2.93
* 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 (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-2.87	-2.93	1.36	-4.43	-6.54	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	-2.69	-1.26	0.86	-3.09	-5.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	0.17	1.68	-0.50	1.35	1.54	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	1.46	3.95	3.89	9.56	3.72	2.45	2.50	8.92	19.33	-0.21	1.61	-2.41	-1.04	3.97	-2.42	2.30	3.79	2.70	22.56
NAV	1.14	1.95	1.81	4.98	3.07	1.45	1.87	6.53	11.83	0.43	1.31	-1.46	0.26	2.88	-2.02	2.08	2.89	3.15	15.36
Difference	-0.32	-2.00	-2.07	-4.59	-0.65	-1.00	-0.62	-2.39	-7.50	0.63	-0.30	0.95	1.30	-1.10	0.40	-0.21	-0.89	0.45	-7.20
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	0.68	-9.54	-23.04	-29.90	13.04	6.26	0.65	20.89	-15.26	3.84	3.38	-2.95	4.18	-0.87	13.74	3.94	17.19	22.09	3.46
NAV	0.34	-4.58	-19.13	-22.57	10.70	4.15	1.68	17.23	-9.23	4.07	2.61	-1.94	4.72	0.16	8.62	3.31	12.39	17.70	6.84
Difference	-0.34	4.96	3.91	7.33	-2.33	-2.12	1.03	-3.66	6.03	0.24	-0.77	1.02	0.55	1.03	-5.12	-0.63	-4.80	-4.38	3.39
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	11.53	2.07	1.77	15.86	2.43	-2.69	4.19	3.86	20.33	1.78	-1.38	1.96	2.34	0.01	1.05	2.90	3.99	6.42	28.05
NAV	6.68	1.83	1.94	10.74	1.54	-2.04	3.20	2.66	13.69	0.80	-0.58	1.01	1.23	0.37	0.44	2.77	3.60	4.88	19.24
Difference	-4.85	-0.24	0.17	-5.11	-0.88	0.65	-0.99	-1.20	-6.64	-0.98	0.80	-0.95	-1.11	0.36	-0.61	-0.13	-0.38	-1.54	-8.82
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	1.13	-2.81	-0.73	-2.43	1.98	1.74	-0.66	3.07	0.56	1.90	1.54	-1.24	2.19	-7.33	0.72	-6.53	-12.76	-10.85	-10.35
NAV	2.26	-3.20	-0.88	-1.88	1.09	1.38	-0.04	2.45	0.52	1.95	1.22	-0.43	2.74	-4.17	0.08	-4.17	-8.09	-5.57	-5.08
Difference	1.14	-0.39	-0.15	0.54	-0.88	-0.36	0.62	-0.62	-0.05	0.05	-0.32	0.81	0.55	3.16	-0.64	2.36	4.67	5.28	5.26
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	3.20	2.74	-0.12	5.91	2.79	0.09	0.94	3.84	9.97	1.94	-1.40	1.97	2.49	-0.71	-0.50	2.32	1.10	3.61	13.94
NAV	1.55	1.95	0.26	3.79	1.07	0.64	0.68	2.41	6.29	1.43	-0.21	1.10	2.32	0.39	0.48	1.67	2.54	4.93	11.53
Difference	-1.65	-0.79	0.37	-2.11	-1.71	0.55	-0.25	-1.43	-3.68	-0.51	1.19	-0.87	-0.16	1.09	0.97	-0.66	1.45	1.31	-2.41
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-4.92	0.29	6.86	1.90	3.56	1.14	2.65	7.52	9.55	4.00	1.22	-0.56	4.68	-3.13	0.12	2.42	-0.67	3.99	13.92
NAV	-3.97	-0.86	4.98	-0.06	2.73	1.33	1.27	5.41	5.35	2.81	0.64	0.37	3.85	-1.11	-0.56	1.67	-0.02	3.82	9.38
Difference	0.95	-1.15	-1.88	-1.96	-0.82	0.19	-1.39	-2.10	-4.20	-1.20	-0.58	0.93	-0.84	2.02	-0.68	-0.75	0.64	-0.16	-4.54
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	1.44	2.83	-0.43	3.86	1.53	-0.75	-4.57	-3.84	-0.13	-1.25	-3.50	-4.33	-8.83	6.51	-1.53	-1.81	2.99	-6.10	-6.22
NAV	0.52	2.32	-0.16	2.69	1.26	0.22	-2.34	-0.89	1.77	-0.16	-3.49	-3.31	-6.82	4.37	-1.43	-2.33	0.49	-6.37	-4.71
Difference	-0.92	-0.52	0.28	-1.17	-0.27	0.97	2.23	2.94	1.90	1.09	0.01	1.02	2.00	-2.14	0.10	-0.52	-2.50	-0.27	1.50
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	1.18	3.23	0.29	4.75	1.54	2.10	1.89	5.62	10.64	-2.13	2.81	-2.86	-2.26	1.19	0.87	-1.81	0.22	-2.04	8.38
NAV	0.98	2.68	0.78	4.50	1.28	1.88	1.79	5.04	9.76	-0.87	2.30	-1.87	-0.49	0.93	0.57	-1.12	0.37	-0.12	9.63
Difference	-0.19	-0.55	0.49	-0.25	-0.26	-0.21	-0.09	-0.59	-0.88	1.26	-0.52	0.99	1.77	-0.26	-0.30	0.70	0.15	1.92	1.25
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	5.93	0.83	1.65	8.57	1.42	-2.58	-2.12	-3.29	5.00	0.48	-3.07	2.33	-0.33	2.99	-0.32	1.27	3.96	3.61	8.80
NAV	3.52	0.55	1.71	5.87	2.11	-0.29	-2.81	-1.04	4.77	2.14	-1.99	2.72	2.83	2.57	0.50	0.64	3.75	6.68	11.77
Difference	-2.40	-0.29	0.06	-2.70	0.69	2.29	-0.69	2.25	-0.23	1.66	1.08	0.38	3.16	-0.42	0.83	-0.62	-0.21	3.07	2.97
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	6.89	3.27	0.07	10.46	0.88	-3.66	3.57	0.66	11.19	2.60	2.21	2.46	7.44	-0.52	-0.37	0.49	-0.40	7.01	18.98
NAV	4.39	2.58	0.74	7.88	0.83	-3.41	2.34	-0.33	7.52	2.35	1.49	2.16	6.11	0.55	0.62	1.23	2.42	8.68	16.85
Difference	-2.50	-0.69	0.67	-2.58	-0.04	0.25	-1.24	-0.99	-3.67	-0.25	-0.72	-0.30	-1.33	1.07	0.99	0.74	2.81	1.66	-2.13

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -4.01%	1Yr Disc -1.44%	3Yr Disc -3.88%	5Yr Disc -3.75%	Rel Disc Range (3yr) 64.50%
Mkt Yield 8.41%	Lev Adj NAV Yield 6.68%	After Tax Yield* 7.00%	Est Tax Friction* 1.41%	3Yr NAV Volatiliy 20.14
1 Yr RoC 31.86%	3 Yr Dest RoC 21.28%	Leverage 25.27%	Non Lev Exp Ratio 1.51%	Beta (2yr) 0.70
Equity Exposure 39.14%	Bond Exposure 58.41%	# Holdings 84	Cash Weighted Duration 2.69
Comp NAV TR -0.23%	Comp Discount 2.07%	Net Assets (M) 1,326	Liquidity - 90d (K) 5,768
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

84 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.21	-6.35	7.30	0.00	37.27	1,716	5,060
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	1.18	-9.74	7.76	12.07	34.40	1,231	3,939
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.25	-3.52	7.73	0.00	35.91	896	3,030
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.18	-5.33	7.68	2.24	31.93	1,280	2,954
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.20	3.34	7.81	0.00	35.60	840	2,162
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.18	3.27	7.62	0.00	35.40	470	1,517
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	1.20	-5.28	7.65	5.58	31.30	649	1,550
ARCC	Ares Capital Corp	Ares	1.22	4.41	8.45	0.00	51.81	9,378	77,830
FSK	FS KKR Capital Corp	FS/KKR	1.26	-20.27	12.48	0.00	52.15	7,762	31,332
ORCC	Owl Rock Capital Corp	Owl Rock	1.22	-8.27	9.08	0.00	53.27	5,871	37,629
HTGC	Hercules Capital	Hercules	1.07	34.38	9.08	0.00	49.19	1,340	20,736
PSEC	Prospect Capital Corp	Prospect Capital	1.23	-28.03	9.25	2.64	42.07	4,239	13,175
MAIN	Main Street Cap Corp	Main Street Capital	1.17	48.44	6.71	0.00	47.99	1,889	13,618
GBDC	Golub Capital BDC	Golub Capital	1.21	-6.97	8.40	0.00	53.00	2,623	14,119
RQI	C&S Qlty Incm Rty Fd	Cohen&Steers	1.15	-3.56	6.44	0.00	23.90	2,074	5,014
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.15	-5.20	8.98	10.00	21.00	986	2,787
RNP	C&S REIT & Pref Incm Fd	Cohen&Steers	1.13	-5.42	6.93	0.00	26.00	1,185	2,232
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.12	-3.80	8.62	63.61	18.01	495	2,811
RLTY	C&S Rel-Est Opp & Incm Fd	Cohen&Steers	1.17	-5.30	6.91	0.00	29.60	291	917
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.24	-11.22	8.00	21.84	29.68	448	1,093
JRS	Nuv Rel-Est Incm Fd	Nuveen	1.18	-2.02	7.83	0.00	28.53	315	1,003
CHI	Calamos Convt Opp & Incm	Calamos	1.16	1.47	9.70	0.00	35.53	838	2,454
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.13	0.41	9.80	0.00	35.73	903	2,231
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.17	0.79	10.16	0.00	34.95	573	2,507
NCV	Virtus AG Convt & Incm Fd	Virtus	1.06	-10.15	12.53	72.18	42.22	409	1,406
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.16	-1.83	10.08	14.99	39.78	491	1,245
NCZ	Virtus AG Convt & Incm Fd II	Virtus	1.05	-14.32	12.97	72.98	42.79	308	1,551
ACV	Virtus AG Divr Incm & Convt Fd	Virtus	1.11	-7.29	9.99	0.00	27.24	242	824
BST	BR Sci & Tech Tr	BlackRock	1.13	0.19	7.96	0.00	0.00	1,207	5,665
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.16	-3.02	9.53	14.49	0.00	2,725	5,868
BDJ	BR Enh Eq Div Tr	BlackRock	1.26	-3.31	6.99	0.00	0.00	1,856	5,174
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.19	5.52	9.27	99.74	0.00	1,428	4,573
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.13	2.17	8.07	41.32	0.00	1,106	4,481
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.16	1.80	8.94	29.36	0.00	1,887	3,189
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	1.16	-11.63	7.59	0.00	0.00	1,386	3,481
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.15	-12.94	8.48	44.93	37.44	849	3,236
VVR	Invsc Sr Incm Tr	Invesco	1.21	-8.51	7.84	12.33	29.00	666	3,473
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.14	-9.13	7.95	9.74	36.66	549	1,868
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.12	-8.99	7.92	7.64	36.72	388	1,759
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.17	-9.41	6.82	17.29	31.08	457	1,844
BGB	Blackstone Stgc Cr Fd	Blackstone	1.18	-10.40	6.56	0.00	36.38	593	1,604
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.17	-6.92	8.06	10.57	36.30	367	1,460
KYN	KA Nrg Infra Fd	Kayne Anderson	1.35	-14.72	8.47	94.48	25.13	1,507	7,896
TYG	Tortoise Nrg Infra Corp	Tortoise	1.26	-18.49	8.38	63.53	21.70	496	2,105
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.37	-17.22	6.68	39.67	29.07	586	2,288
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.33	0.06	7.28	47.65	20.42	320	1,036
FEI	FT MLP & Nrg Incm Fd	First Trust	1.35	-12.65	7.01	29.74	18.94	443	1,777
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	1.37	-18.57	6.64	59.59	30.96	480	1,819
KMF	KA NextGen Nrg & Infra	Kayne Anderson	1.33	-18.05	7.34	98.62	25.19	502	1,426
HYT	BR Corp Hi Yld Fd	BlackRock	1.24	-1.05	9.04	11.92	30.72	1,278	4,261
DLY	DbLin Yld Opp Fd	Doubleline	1.19	-10.28	9.12	2.95	24.69	821	2,241
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	1.20	-8.52	10.08	7.71	31.46	643	2,267
FSD	FT Hi Incm Lng/Srt Fd	First Trust	1.26	-7.09	9.71	30.62	29.70	468	1,558
DSU	BR Dbt Stgs Fd	BlackRock	1.19	-10.62	7.57	14.90	31.34	500	1,840
EAD	Allspring Incm Opp Fd	Allspring	1.21	-6.87	9.79	0.00	26.00	476	1,288
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.22	-9.81	10.00	16.96	18.79	572	1,566
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.23	16.98	9.85	6.23	48.53	1,090	6,492
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.20	14.71	9.36	1.80	38.19	545	1,540
JHS	JH Incm Sec Tr	John Hancock	1.18	-5.82	5.71	0.00	36.03	154	366
IGI	WA Inv Grd Dfin Opp Tr	Franklin Templeton	1.22	-5.12	4.53	3.35	0.00	201	647
VBF	Invsc Bnd Fd	Invesco	1.20	-6.93	3.84	3.13	0.00	199	491
GDO	WA Glbl Corp Dfin Opp Fd	Franklin Templeton	1.30	0.20	8.20	13.98	32.30	220	740
INSI	Insight Sel Incm Fd	Cutwater	1.21	-9.54	4.31	0.00	2.33	198	314
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.03	38.18	19.53	60.59	0.00	977	23,056
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.00	-15.85	13.70	100.00	0.00	2,470	11,018
USA	Liberty All-Star Eq Fd	ALPS	1.11	3.27	10.36	1.94	0.00	1,711	8,778
CRF	Cornerstone Tot Rtn Fd	Cornerstone	0.99	35.79	19.80	62.46	0.00	496	11,549
RVT	Royce Val Tr	Franklin Templeton	1.18	-6.15	9.25	0.00	3.52	1,758	4,523
GDV	Gabelli Div & Incm Tr	Gabelli	1.19	-13.30	5.83	4.57	12.00	2,359	4,036
GAB	Gabelli Eq Tr	Gabelli	1.27	20.46	9.22	44.67	20.00	1,654	4,038
BSTZ	BR Sci & Tech Tr II	BlackRock	1.00	-11.72	10.16	0.00	0.00	2,017	5,824
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.17	-12.65	7.93	22.99	1.25	1,050	3,379
IFN	India Fund	Aberdeen	1.14	-9.02	12.37	0.00	0.00	515	1,926
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.31	-9.12	8.16	68.17	0.00	522	1,283
BGY	BR Enh Intl DivTr	BlackRock	1.23	-11.07	7.43	48.96	0.00	639	1,323
GLQ	Clough Glbl Eq Fd	Clough	1.08	-2.02	14.36	0.00	43.54	180	836
TDF	Tmp Dragon Fd	Franklin Templeton	1.17	-11.28	7.59	0.00	0.00	464	888
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.25	-6.52	5.00	0.00	39.83	4,034	12,537
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.28	-4.55	5.40	0.00	39.35	3,230	10,596
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.25	-3.21	5.41	0.00	40.79	3,130	8,060
BBN	BR Taxable Muni BndTr	BlackRock	1.18	1.31	7.36	3.50	36.46	1,183	5,443
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.25	1.46	6.22	0.00	39.62	1,258	7,149
NUV	Nuv Muni Val Fd	Nuveen	1.27	-2.40	3.59	0.00	1.04	1,992	5,214
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.20	-6.49	5.18	0.00	39.11	2,060	6,501

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2019. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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