About the Index
(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-year Relative Discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. If no BDC funds meet the criteria, the allocation will be split between the qualifying traditional CEFs. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 895.72 | 0.61 | 1.65 | 11.44 | 13.20 | 0.01 | -14.35 | -8.58 | -3.44 | -0.11 | 2.74 | 2.74 | 2.74 | ||||||
NAV | 1,454.43 | 0.40 | 1.34 | 3.92 | 8.95 | 3.10 | -6.51 | 3.63 | 5.21 | 6.23 | 4.83 | 4.83 | 4.83 | ||||||
Difference | -0.21 | -0.30 | -7.52 | -4.25 | 3.08 | 7.84 | 12.21 | 8.64 | 6.33 | 2.09 | 2.09 | 2.09 | |||||||
* 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 | -6.56 | -3.13 | 0.22 | -9.28 | -8.57 | -2.49 | -8.03 | -18.01 | -25.62 | 6.56 | -3.32 | -11.57 | -8.90 | 4.05 | 4.74 | 3.08 | 12.33 | 2.34 | -23.88 |
NAV | -2.81 | -1.34 | -0.13 | -4.24 | -6.37 | -0.03 | -7.02 | -12.97 | -16.66 | 5.62 | -2.08 | -6.71 | -3.52 | 3.69 | 6.27 | -3.32 | 6.54 | 2.79 | -14.34 |
Difference | 3.75 | 1.78 | -0.35 | 5.04 | 2.20 | 2.47 | 1.01 | 5.04 | 8.96 | -0.95 | 1.24 | 4.86 | 5.38 | -0.36 | 1.54 | -6.40 | -5.80 | 0.45 | 9.54 |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 0.50 | 1.51 | 3.08 | 5.15 | 2.30 | 0.91 | 2.12 | 5.42 | 10.85 | -0.74 | 0.01 | -4.01 | -4.71 | 1.49 | -0.83 | 1.31 | 1.97 | -2.83 | 7.71 |
NAV | 0.35 | 0.45 | 1.86 | 2.68 | 2.56 | 1.42 | 1.59 | 5.67 | 8.50 | 0.83 | 1.51 | -1.38 | 0.94 | 1.92 | -0.74 | 2.58 | 3.77 | 4.75 | 13.66 |
Difference | -0.15 | -1.05 | -1.21 | -2.47 | 0.26 | 0.51 | -0.53 | 0.25 | -2.35 | 1.57 | 1.50 | 2.63 | 5.65 | 0.43 | 0.09 | 1.26 | 1.80 | 7.59 | 5.95 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 1.20 | -9.40 | -21.67 | -28.18 | 2.94 | 5.87 | 1.90 | 11.05 | -20.25 | 2.00 | 2.37 | -1.35 | 3.01 | -1.99 | 9.31 | 3.65 | 11.05 | 14.39 | -8.77 |
NAV | 2.16 | -2.29 | -15.42 | -15.57 | 3.55 | 5.74 | 3.35 | 13.16 | -4.46 | 4.13 | 2.30 | -0.32 | 6.18 | 0.72 | 5.73 | 2.59 | 9.25 | 16.01 | 10.84 |
Difference | 0.96 | 7.11 | 6.25 | 12.61 | 0.61 | -0.13 | 1.46 | 2.11 | 15.79 | 2.13 | -0.08 | 1.04 | 3.17 | 2.71 | -3.58 | -1.06 | -1.79 | 1.62 | 19.61 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 7.34 | 1.90 | 1.64 | 11.16 | -0.09 | -2.39 | 4.16 | 1.59 | 12.93 | 0.75 | -3.03 | 1.25 | -1.08 | -0.39 | -0.17 | 2.10 | 1.53 | 0.43 | 13.42 |
NAV | 5.18 | 1.21 | 2.36 | 8.97 | 1.65 | -1.43 | 3.11 | 3.32 | 12.58 | 0.23 | -0.61 | 0.86 | 0.48 | 0.12 | -0.31 | 2.94 | 2.74 | 3.23 | 16.22 |
Difference | -2.15 | -0.69 | 0.72 | -2.20 | 1.75 | 0.96 | -1.05 | 1.73 | -0.34 | -0.52 | 2.42 | -0.39 | 1.56 | 0.51 | -0.14 | 0.84 | 1.20 | 2.79 | 2.80 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -2.63 | -2.95 | -0.80 | -6.26 | 3.26 | 2.25 | -1.18 | 4.33 | -2.20 | 1.65 | 1.27 | -0.94 | 1.98 | -7.25 | 1.85 | 1.58 | -4.05 | -2.15 | -4.31 |
NAV | 1.18 | -2.30 | -0.61 | -1.75 | 1.79 | 1.81 | -0.03 | 3.60 | 1.79 | 1.29 | 0.66 | 0.63 | 2.61 | -2.75 | 0.09 | -2.02 | -4.62 | -2.14 | -0.39 |
Difference | 3.81 | 0.65 | 0.20 | 4.51 | -1.46 | -0.44 | 1.15 | -0.73 | 3.99 | -0.36 | -0.61 | 1.57 | 0.63 | 4.50 | -1.76 | -3.60 | -0.58 | 0.01 | 3.92 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.10 | 0.83 | 0.01 | 2.95 | 2.44 | 1.54 | -0.01 | 4.00 | 7.07 | 0.49 | -0.79 | 0.80 | 0.49 | -0.46 | -0.74 | 1.02 | -0.19 | 0.30 | 7.39 |
NAV | 1.46 | 1.56 | 0.52 | 3.58 | 1.37 | 1.27 | 0.17 | 2.83 | 6.51 | 1.25 | 0.54 | 0.47 | 2.27 | 0.62 | 0.66 | 0.66 | 1.95 | 4.26 | 11.06 |
Difference | -0.64 | 0.73 | 0.51 | 0.63 | -1.07 | -0.27 | 0.18 | -1.17 | -0.56 | 0.76 | 1.32 | -0.32 | 1.78 | 1.08 | 1.40 | -0.36 | 2.14 | 3.97 | 3.67 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -2.61 | 1.39 | 3.81 | 2.51 | 4.47 | -0.03 | 4.45 | 9.09 | 11.82 | 2.68 | 0.53 | -1.61 | 1.56 | -5.01 | -1.71 | 0.69 | -5.98 | -4.52 | 6.77 |
NAV | -1.37 | 0.13 | 2.10 | 0.82 | 4.51 | 1.22 | 3.13 | 9.09 | 9.98 | 1.19 | 0.47 | 1.69 | 3.38 | -0.75 | -2.50 | 2.04 | -1.26 | 2.08 | 12.27 |
Difference | 1.24 | -1.26 | -1.72 | -1.68 | 0.04 | 1.24 | -1.32 | -0.00 | -1.84 | -1.49 | -0.05 | 3.30 | 1.82 | 4.26 | -0.79 | 1.35 | 4.73 | 6.60 | 5.50 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | -2.05 | 1.51 | -1.76 | -2.31 | 0.74 | -1.39 | -5.22 | -5.84 | -8.02 | -0.91 | -4.17 | -4.03 | -8.87 | 6.68 | -3.72 | -0.92 | 1.76 | -7.27 | -14.70 |
NAV | -0.62 | 2.22 | -0.60 | 0.98 | 1.06 | 0.69 | -1.96 | -0.24 | 0.74 | 0.43 | -3.16 | -2.49 | -5.15 | 4.96 | -2.06 | -3.15 | -0.44 | -5.57 | -4.87 |
Difference | 1.43 | 0.71 | 1.16 | 3.29 | 0.31 | 2.08 | 3.26 | 5.60 | 8.76 | 1.35 | 1.01 | 1.55 | 3.72 | -1.72 | 1.66 | -2.23 | -2.20 | 1.69 | 9.83 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 1.89 | 2.54 | 0.28 | 4.76 | 1.67 | 3.08 | 2.03 | 6.93 | 12.02 | -2.13 | 3.99 | -2.36 | -0.63 | 1.72 | 1.47 | -0.74 | 2.45 | 1.80 | 14.04 |
NAV | 1.46 | 2.29 | 0.55 | 4.36 | 1.42 | 2.03 | 2.61 | 6.19 | 10.82 | -1.25 | 2.95 | -1.29 | 0.35 | -0.51 | -0.40 | -1.99 | -2.87 | -2.53 | 8.01 |
Difference | -0.43 | -0.25 | 0.27 | -0.41 | -0.25 | -1.05 | 0.58 | -0.74 | -1.20 | 0.88 | -1.04 | 1.07 | 0.98 | -2.23 | -1.86 | -1.25 | -5.32 | -4.33 | -6.03 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 6.40 | 1.67 | 0.48 | 8.70 | 2.11 | -1.01 | -1.75 | -0.69 | 7.95 | -0.44 | -1.61 | 2.01 | -0.07 | 2.47 | 0.10 | 2.17 | 4.81 | 4.74 | 13.06 |
NAV | 3.84 | 0.45 | 2.02 | 6.42 | 2.01 | -0.08 | -2.17 | -0.29 | 6.10 | 1.79 | -1.68 | 2.59 | 2.68 | 2.00 | 0.78 | 1.01 | 3.84 | 6.61 | 13.12 |
Difference | -2.56 | -1.22 | 1.54 | -2.28 | -0.11 | 0.93 | -0.42 | 0.40 | -1.84 | 2.23 | -0.07 | 0.57 | 2.74 | -0.47 | 0.67 | -1.16 | -0.97 | 1.87 | 0.06 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 5.58 | 2.84 | 0.06 | 8.64 | 1.38 | -2.44 | 3.24 | 2.11 | 10.94 | 2.83 | 0.97 | 2.39 | 6.31 | -0.67 | -1.12 | -1.22 | -2.98 | 3.14 | 14.42 |
NAV | 4.00 | 2.55 | 0.19 | 6.85 | 0.91 | -2.37 | 1.24 | -0.27 | 6.56 | 2.14 | 1.54 | 1.84 | 5.62 | 0.59 | 0.64 | -0.02 | 1.22 | 6.91 | 13.92 |
Difference | -1.58 | -0.30 | 0.13 | -1.79 | -0.47 | 0.07 | -2.01 | -2.39 | -4.38 | -0.69 | 0.58 | -0.54 | -0.68 | 1.26 | 1.77 | 1.20 | 4.20 | 3.78 | -0.49 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 8.16% |
1Yr Disc 6.22% |
3Yr Disc 4.26% |
5Yr Disc 3.23% |
Rel Disc Range (3yr) 70.05% |
Mkt Yield 8.33% |
Lev Adj NAV Yield 7.23% |
After Tax Yield* 6.92% |
Est Tax Friction* 1.41% |
3Yr NAV Volatiliy 19.43 |
1 Yr RoC 28.57% |
3 Yr Dest RoC 20.93% |
Leverage 27.37% |
Non Lev Exp Ratio 1.85% |
Beta (2yr) 0.87 |
Equity Exposure 42.08% |
Bond Exposure 55.86% |
# Holdings 33 |
Cash Weighted Duration 2.90 |
|
Comp NAV TR 0.54% |
Comp Discount 12.14% |
Net Assets (M) 677 |
Liquidity - 90d (K) 1,811 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
33 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
GUT | Gabelli Util Tr | Gabelli | 3.54 | 111.75 | 7.74 | 93.50 | 21.00 | 269 | 868 |
PCQ | PIMCO CA Muni Incm Fd | PIMCO | 2.56 | 3.59 | 3.84 | 29.38 | 45.15 | 206 | 806 |
DNP | DNP Sel Incm Fd | Virtus | 3.57 | 27.42 | 6.66 | 28.59 | 26.46 | 3,257 | 4,998 |
RCS | PIMCO Stgc Incm Fd | PIMCO | 3.92 | 22.44 | 10.89 | 0.16 | 38.50 | 207 | 608 |
JCE | Nuv Core Eq Alpha Fd | Nuveen | 3.23 | 1.66 | 12.31 | 3.23 | 0.00 | 203 | 708 |
THW | Tekla Wld Health Fd | Tekla | 3.41 | 11.98 | 9.54 | 72.21 | 20.89 | 490 | 1,444 |
MCN | Madison Cov Call & Eq Stgc | Madison | 3.47 | 5.61 | 9.11 | 17.22 | 0.00 | 157 | 451 |
SPXX | Nuv S&P 500 Dyn Owrt Fd | Nuveen | 3.30 | 0.58 | 7.54 | 16.42 | 0.00 | 278 | 750 |
PMX | PIMCO Muni Incm Fd III | PIMCO | 3.39 | 0.58 | 4.60 | 5.72 | 44.81 | 286 | 1,086 |
DPG | D&P Util & Infra Fd | Virtus | 3.50 | 10.09 | 10.10 | 93.71 | 29.59 | 480 | 1,069 |
PZC | PIMCO CA Muni Incm Fd III | PIMCO | 3.33 | 0.50 | 4.36 | 0.00 | 44.36 | 181 | 632 |
EOS | EV Enh Eq Incm Fd II | Eaton Vance | 3.51 | 2.53 | 8.11 | 46.06 | 0.00 | 854 | 2,057 |
CCD | Calamos Dyn Convt & Incm Fd | Calamos | 3.92 | 12.95 | 10.01 | 0.00 | 38.52 | 544 | 1,650 |
QQQX | Nuv Nasdaq 100 Dyn Owrt Fd | Nuveen | 3.77 | 6.05 | 8.73 | 10.29 | 0.00 | 1,033 | 3,681 |
PCK | PIMCO CA Muni Incm Fd II | PIMCO | 3.26 | -6.50 | 3.99 | 13.60 | 44.25 | 223 | 852 |
HPI | JH Pref Incm Fd | John Hancock | 3.70 | 2.23 | 8.49 | 14.49 | 38.62 | 450 | 1,125 |
HPS | JH Pref Incm Fd III | John Hancock | 3.61 | 0.66 | 8.64 | 13.92 | 38.25 | 482 | 944 |
BDJ | BR Enh Eq Div Tr | BlackRock | 3.45 | 0.55 | 7.39 | 0.00 | 0.00 | 1,691 | 4,450 |
GBAB | Gghm Taxable Muni Bnd & Inv Grd Dbt | Guggenheim Funds | 3.56 | 2.21 | 8.82 | 22.80 | 25.37 | 375 | 1,350 |
CSQ | Calamos Stgc Tot Rtn Fd | Calamos | 3.67 | 1.77 | 8.57 | 15.86 | 34.99 | 2,248 | 3,334 |
ERC | Allspring Mlt-Sctr Incm Fd | Allspring | 3.57 | 1.70 | 8.34 | 0.00 | 31.00 | 281 | 748 |
DBL | DbLin Opportunistic Cr Fd | Doubleline | 3.56 | 3.88 | 8.51 | 30.15 | 17.16 | 234 | 1,047 |
RNP | C&S REIT & Pref Incm Fd | Cohen&Steers | 3.73 | 1.59 | 7.32 | 0.00 | 31.20 | 1,045 | 3,345 |
BXMX | Nuv S&P 500 By-Wrt Inc Fd | Nuveen | 3.54 | 0.54 | 7.20 | 0.00 | 0.00 | 1,359 | 2,433 |
NHS | NB Hi Yld Stgs Fd | Neuberger Berman | 3.54 | -1.45 | 12.27 | 31.06 | 42.01 | 175 | 890 |
SCM | Stellus Cap Inv Corp | Stellus Capital | 1.69 | 3.67 | 10.88 | 0.00 | 67.03 | 277 | 966 |
OCSL | Oaktree Splty Lending | Oaktree Capital | 1.48 | -1.37 | 10.75 | 0.00 | 49.16 | 1,245 | 7,701 |
FDUS | Fidus Investment Corp | Fidus | 1.61 | 1.66 | 10.11 | 0.00 | 42.89 | 485 | 1,624 |
NMFC | New Mountain Fin Corp | New Mountain Capital | 1.60 | -1.67 | 9.86 | 0.00 | 59.14 | 1,332 | 4,719 |
PIAC | Princeton Cap Corp | House Hanover | 1.39 | -3.03 | 0.00 | 0.00 | 0.00 | 40 | 1 |
PFLT | PennantPark Flt Rt Cap | PennantPark | 1.49 | -7.92 | 10.65 | 0.00 | 54.97 | 527 | 3,373 |
GLAD | Gladstone Cap Corp | Gladstone | 1.59 | 10.90 | 8.94 | 0.54 | 51.35 | 319 | 1,460 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 1.57 | 1.97 | 11.10 | 0.00 | 53.23 | 308 | 2,265 |