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(%) | MTD(%) | QTD(%) | YTD(%) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,151.96 | 0.07 | 1.15 | 3.99 | 8.89 | 19.00 | 35.74 | 4.15 | 3.61 | 3.03 | 3.03 | 8.34 | |||||||
NAV | 1,485.20 | 0.17 | 0.30 | 2.32 | 3.88 | 12.18 | 32.39 | 10.53 | 10.37 | 1.51 | 1.51 | 4.23 | |||||||
Difference | 0.10 | -0.86 | -1.68 | -5.00 | -6.82 | -3.35 | 6.39 | 6.75 | -1.52 | -1.52 | -4.11 | ||||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 0.35 | 0.45 | 1.86 | 2.68 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | -0.15 | -1.05 | -1.21 | -2.47 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 18.92% |
1Yr Disc 6.62% |
3Yr Disc 5.90% |
5Yr Disc 4.43% |
Rel Disc Range (3yr) 91.04% |
Mkt Yield 7.59% |
Lev Adj NAV Yield 7.13% |
After Tax Yield* 6.32% |
Est Tax Friction* 1.27% |
3Yr NAV Volatiliy 13.14 |
1 Yr RoC 29.85% |
3 Yr Dest RoC 12.94% |
Leverage 32.61% |
Non Lev Exp Ratio 1.96% |
Beta (2yr) 0.69 |
Equity Exposure 21.24% |
Bond Exposure 77.05% |
# Holdings 33 |
Cash Weighted Duration 4.33 |
|
Comp NAV TR 5.11% |
Comp Discount 17.94% |
Net Assets (M) 859 |
Liquidity - 90d (K) 4,478 |
|
* 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) |
---|---|---|---|---|---|---|---|---|---|
CRF | Cornerstone Tot Rtn Fd | Cornerstone | 3.44 | 39.36 | 13.74 | 69.44 | 0.00 | 396 | 7,292 |
CLM | Cornerstone Stgc Val Fd | Cornerstone | 3.44 | 35.93 | 14.11 | 68.20 | 0.00 | 782 | 14,050 |
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 3.49 | 31.47 | 8.37 | 4.79 | 41.26 | 1,248 | 6,755 |
FCO | Abd Glbl Incm Fd | Aberdeen | 3.45 | 25.67 | 9.92 | 70.30 | 25.78 | 59 | 389 |
GOF | Gghm Stgc Opp Fd | Guggenheim Funds | 3.55 | 28.36 | 9.96 | 60.03 | 30.48 | 848 | 6,573 |
PML | PIMCO Muni Incm Fd II | PIMCO | 3.40 | 20.18 | 4.77 | 0.00 | 42.45 | 778 | 1,491 |
PHK | PIMCO Hi Incm Fd | PIMCO | 3.44 | 14.94 | 8.51 | 0.00 | 34.15 | 786 | 3,047 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 3.53 | 17.99 | 9.11 | 0.00 | 40.09 | 1,711 | 9,779 |
PFL | PIMCO Incm Stgy Fd | PIMCO | 3.42 | 13.43 | 9.01 | 4.53 | 33.77 | 359 | 1,527 |
FFC | F&C Pref Sec Incm Fd | Flaherty & Crumrine | 3.40 | 11.84 | 6.61 | 0.00 | 32.80 | 936 | 2,043 |
PKO | PIMCO Incm Opp Fd | PIMCO | 3.51 | 15.69 | 8.45 | 0.00 | 45.00 | 485 | 1,815 |
DFP | F&C Dyn Pref & Incm Fd | Flaherty & Crumrine | 3.48 | 13.93 | 6.42 | 0.00 | 33.00 | 519 | 1,448 |
GGM | Gghm Cr Alloc Fd | Guggenheim Funds | 3.49 | 13.71 | 10.09 | 32.65 | 22.50 | 193 | 1,361 |
PMF | PIMCO Muni Incm Fd | PIMCO | 3.41 | 9.58 | 4.50 | 0.00 | 42.19 | 341 | 674 |
FLC | F&C Tot Rtn Fd | Flaherty & Crumrine | 3.44 | 10.18 | 6.42 | 0.00 | 32.80 | 225 | 516 |
PFN | PIMCO Incm Stgy Fd II | PIMCO | 3.45 | 10.81 | 9.28 | 3.17 | 33.31 | 708 | 2,655 |
PMX | PIMCO Muni Incm Fd III | PIMCO | 3.47 | 10.88 | 4.40 | 0.40 | 42.17 | 375 | 570 |
PCI | PIMCO Dyn Cr & Mortg Incm | PIMCO | 3.51 | 13.02 | 9.15 | 1.38 | 43.61 | 3,039 | 12,083 |
GGT | Gabelli Multimedia Tr | Gabelli | 3.62 | 10.76 | 8.64 | 9.36 | 31.00 | 232 | 775 |
UTF | C&S Infra Fd | Cohen & Steers | 3.55 | 12.06 | 6.37 | 13.88 | 26.90 | 2,437 | 7,237 |
NEV | Nuv Enh Muni Val Fd | Nuveen | 3.42 | 6.73 | 4.35 | 0.00 | 33.15 | 393 | 748 |
NPV | Nuv VA Qlty Muni Incm Fd | Nuveen | 3.43 | 7.18 | 3.55 | 0.00 | 35.50 | 274 | 274 |
BST | BR Sci & Tech Tr | BlackRock | 3.72 | 9.38 | 4.58 | 49.81 | 0.00 | 1,366 | 6,052 |
MMD | MainStay MK DfinTrm Muni Opp | New York Life | 3.45 | 6.18 | 4.53 | 0.00 | 37.00 | 588 | 905 |
CHW | Calamos Glbl Dyn Incm Fd | Calamos | 3.60 | 8.73 | 7.76 | 0.00 | 33.36 | 592 | 2,161 |
MAIN | Main Street Cap Corp | Main Street Capital | 1.62 | 86.76 | 5.89 | 0.00 | 43.64 | 1,519 | 15,811 |
CSWC | Cap Southwest Corp | Capital Southwest | 1.64 | 52.16 | 8.68 | 0.00 | 54.01 | 313 | 4,278 |
ARCC | Ares Capital Corp | Ares | 1.56 | 13.55 | 8.30 | 0.00 | 52.43 | 7,176 | 43,760 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 1.72 | 48.09 | 7.35 | 0.00 | 46.08 | 213 | 3,282 |
GAIN | Gladstone Inv Corp | Gladstone | 1.67 | 21.51 | 6.22 | 0.00 | 38.26 | 369 | 2,413 |
NEWT | Newtek Biz Serv Corp | Newtek | 1.56 | 77.86 | 7.28 | 0.00 | 53.72 | 339 | 4,298 |
RAND | Rand Capital Corp | Rand Capital | 1.56 | 3.58 | 2.16 | 0.00 | 17.75 | 46 | 103 |
TCPC | BR TCP Capital Corp | BlackRock | 1.58 | 9.06 | 8.31 | 0.00 | 51.22 | 765 | 4,608 |