About the Index
Include both leveraged and unleveraged High Yield Bond groupings according to CEFdata.com. 90-day average trade dollar $ liquidity over $500K. Equal weight each fund for the index. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,430.60 | 0.51 | 1.52 | -1.97 | 2.28 | 15.76 | 15.87 | 0.92 | 4.52 | 4.40 | -2.48 | -2.48 | 1.68 | ||||||
NAV | 1,316.39 | 0.06 | -0.35 | -1.32 | 0.69 | 10.27 | 10.81 | 0.55 | 2.81 | 3.75 | -1.83 | -1.83 | 0.23 | ||||||
Difference | -0.45 | -1.87 | 0.65 | -1.59 | -5.49 | -5.05 | -0.37 | -1.71 | -0.66 | 0.65 | 0.65 | -1.46 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2024 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2024 | |
Price | 1.50 | 1.73 | 0.98 | 4.27 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 0.48 | 0.56 | 1.05 | 2.09 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | -1.02 | -1.17 | 0.06 | -2.18 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2023 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2023 | |
Price | 9.03 | -1.67 | -3.42 | 3.55 | 1.83 | -1.85 | 3.96 | 3.91 | 7.60 | 2.54 | 0.16 | -1.57 | 1.09 | -3.21 | 7.34 | 5.15 | 9.24 | 10.43 | 18.82 |
NAV | 5.35 | -1.71 | 0.13 | 3.68 | 1.29 | -1.17 | 2.19 | 2.30 | 6.06 | 1.95 | 0.26 | -1.03 | 1.17 | -1.93 | 4.83 | 4.15 | 7.08 | 8.33 | 14.90 |
Difference | -3.69 | -0.04 | 3.54 | 0.13 | -0.54 | 0.68 | -1.77 | -1.61 | -1.54 | -0.59 | 0.10 | 0.54 | 0.08 | 1.28 | -2.51 | -0.99 | -2.16 | -2.10 | -3.92 |
2022 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2022 | |
Price | -4.85 | -3.18 | -1.64 | -9.39 | -4.31 | -2.15 | -7.31 | -13.22 | -21.37 | 6.61 | -0.53 | -9.41 | -3.92 | 2.25 | 8.79 | -4.24 | 6.53 | 2.35 | -19.52 |
NAV | -1.85 | -1.58 | -0.85 | -4.22 | -3.64 | -2.05 | -8.17 | -13.33 | -16.99 | 6.04 | -1.27 | -5.60 | -1.17 | 2.34 | 2.84 | -0.93 | 4.27 | 3.06 | -14.45 |
Difference | 3.00 | 1.60 | 0.79 | 5.17 | 0.67 | 0.10 | -0.86 | -0.11 | 4.38 | -0.57 | -0.74 | 3.80 | 2.75 | 0.09 | -5.95 | 3.31 | -2.25 | 0.71 | 5.07 |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 0.65 | 2.36 | 2.73 | 5.84 | 2.62 | 1.20 | 2.00 | 5.93 | 12.12 | 0.03 | 2.02 | -1.70 | 0.32 | 2.35 | -2.76 | 1.70 | 1.22 | 1.55 | 13.86 |
NAV | 0.94 | 0.79 | 0.40 | 2.15 | 1.38 | 0.49 | 1.18 | 3.08 | 5.29 | 0.01 | 0.71 | 0.19 | 0.92 | -0.39 | -1.10 | 1.50 | -0.01 | 0.90 | 6.24 |
Difference | 0.29 | -1.57 | -2.33 | -3.70 | -1.24 | -0.71 | -0.83 | -2.86 | -6.83 | -0.02 | -1.31 | 1.89 | 0.60 | -2.75 | 1.66 | -0.21 | -1.24 | -0.64 | -7.62 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 0.81 | -5.05 | -20.69 | -24.08 | 5.99 | 7.43 | 1.61 | 15.70 | -12.16 | 5.91 | 2.42 | -0.61 | 7.80 | -1.24 | 8.71 | 2.00 | 9.51 | 18.06 | 3.70 |
NAV | 0.26 | -2.24 | -19.21 | -20.81 | 4.79 | 6.31 | 2.45 | 14.13 | -9.63 | 5.00 | 1.93 | -0.72 | 6.26 | 0.46 | 5.29 | 2.43 | 8.34 | 15.12 | 4.04 |
Difference | -0.54 | 2.80 | 1.48 | 3.27 | -1.20 | -1.12 | 0.84 | -1.57 | 2.54 | -0.90 | -0.48 | -0.11 | -1.54 | 1.69 | -3.42 | 0.43 | -1.17 | -2.93 | 0.34 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 9.05 | 2.99 | 0.87 | 13.29 | 3.02 | -2.30 | 3.57 | 4.26 | 18.11 | 1.33 | -1.28 | 2.27 | 2.31 | 0.41 | 0.26 | 3.11 | 3.80 | 6.19 | 25.42 |
NAV | 5.09 | 1.75 | 0.93 | 7.93 | 1.81 | -1.39 | 2.40 | 2.81 | 10.97 | 0.70 | -0.47 | 0.73 | 0.95 | -0.07 | 0.33 | 2.78 | 3.04 | 4.02 | 15.43 |
Difference | -3.96 | -1.24 | 0.06 | -5.36 | -1.21 | 0.91 | -1.17 | -1.44 | -7.15 | -0.64 | 0.80 | -1.54 | -1.36 | -0.47 | 0.07 | -0.33 | -0.75 | -2.17 | -9.99 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -0.69 | -1.28 | -0.23 | -2.18 | 0.71 | -0.18 | 0.67 | 1.20 | -1.01 | 0.44 | 1.92 | -0.09 | 2.28 | -4.18 | -1.37 | -4.23 | -9.49 | -7.43 | -8.37 |
NAV | 1.00 | -0.85 | -0.54 | -0.40 | 0.74 | -0.04 | 0.24 | 0.95 | 0.54 | 1.30 | 0.42 | 0.79 | 2.52 | -1.80 | -1.65 | -3.05 | -6.36 | -4.00 | -3.49 |
Difference | 1.69 | 0.42 | -0.31 | 1.78 | 0.04 | 0.15 | -0.43 | -0.25 | 1.55 | 0.86 | -1.50 | 0.88 | 0.25 | 2.38 | -0.28 | 1.19 | 3.12 | 3.42 | 4.88 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.70 | 1.34 | -1.04 | 3.00 | 2.58 | 1.09 | -0.75 | 2.92 | 6.01 | 2.34 | -0.72 | 1.92 | 3.56 | -0.45 | -2.34 | 1.58 | -1.25 | 2.27 | 8.42 |
NAV | 1.75 | 1.76 | -0.30 | 3.23 | 1.24 | 1.05 | 0.03 | 2.33 | 5.63 | 1.26 | -0.20 | 1.19 | 2.25 | 0.54 | -0.58 | 0.50 | 0.46 | 2.72 | 8.50 |
Difference | -0.95 | 0.42 | 0.73 | 0.23 | -1.34 | -0.04 | 0.77 | -0.59 | -0.38 | -1.09 | 0.51 | -0.74 | -1.32 | 0.99 | 1.76 | -1.08 | 1.70 | 0.44 | 0.08 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -2.66 | 1.30 | 7.40 | 5.90 | 3.66 | 1.54 | 1.94 | 7.30 | 13.63 | 3.89 | 2.39 | -0.03 | 6.34 | -2.00 | 0.18 | 3.74 | 1.84 | 8.30 | 23.06 |
NAV | -1.95 | -0.34 | 4.41 | 2.02 | 4.10 | 1.23 | 1.16 | 6.59 | 8.74 | 2.93 | 2.40 | 0.93 | 6.39 | 0.51 | -0.35 | 2.20 | 2.37 | 8.91 | 18.43 |
Difference | 0.71 | -1.65 | -2.99 | -3.88 | 0.43 | -0.31 | -0.78 | -0.71 | -4.89 | -0.96 | 0.01 | 0.97 | 0.05 | 2.51 | -0.52 | -1.54 | 0.52 | 0.61 | -4.63 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 0.80 | 2.78 | -1.33 | 2.23 | 1.51 | -0.94 | -4.06 | -3.53 | -1.38 | -2.48 | -3.21 | -3.10 | -8.54 | 6.12 | -3.41 | -0.80 | 1.68 | -7.01 | -8.29 |
NAV | 0.49 | 2.90 | -0.22 | 3.17 | 1.61 | 0.57 | -1.36 | 0.80 | 4.00 | -0.80 | -2.11 | -2.94 | -5.75 | 2.48 | -2.01 | -3.48 | -3.07 | -8.64 | -4.99 |
Difference | -0.31 | 0.11 | 1.11 | 0.94 | 0.11 | 1.51 | 2.69 | 4.33 | 5.37 | 1.69 | 1.11 | 0.16 | 2.80 | -3.64 | 1.40 | -2.68 | -4.75 | -1.63 | 3.30 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 1.25 | 3.26 | -0.02 | 4.53 | 1.77 | 1.22 | 1.34 | 4.39 | 9.12 | -3.48 | 2.34 | -3.58 | -4.75 | 1.67 | -1.50 | -3.18 | -3.03 | -7.64 | 0.79 |
NAV | 1.33 | 2.00 | 0.59 | 3.97 | 0.73 | 1.11 | 1.02 | 2.89 | 6.97 | -1.14 | 1.37 | -2.12 | -1.92 | 0.50 | -0.79 | -2.90 | -3.18 | -5.04 | 1.59 |
Difference | 0.08 | -1.26 | 0.61 | -0.57 | -1.04 | -0.10 | -0.32 | -1.50 | -2.15 | 2.33 | -0.98 | 1.46 | 2.84 | -1.17 | 0.71 | 0.28 | -0.15 | 2.60 | 0.80 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 4.74 | 0.14 | 1.26 | 6.20 | 1.75 | -4.07 | -2.51 | -4.84 | 1.06 | -1.24 | -1.88 | 3.47 | 0.26 | 2.51 | -1.16 | 1.32 | 2.66 | 2.93 | 4.03 |
NAV | 2.11 | 0.85 | 1.28 | 4.29 | 1.99 | -0.36 | -2.90 | -1.33 | 2.90 | 2.32 | -0.54 | 1.42 | 3.21 | 2.58 | 0.67 | 0.31 | 3.59 | 6.92 | 10.02 |
Difference | -2.63 | 0.71 | 0.01 | -1.91 | 0.24 | 3.70 | -0.39 | 3.51 | 1.84 | 3.56 | 1.34 | -2.05 | 2.95 | 0.07 | 1.83 | -1.01 | 0.93 | 3.99 | 5.99 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 6.06 | 2.57 | -0.65 | 8.08 | 1.18 | -1.26 | 2.62 | 2.52 | 10.81 | 3.45 | 2.39 | 1.18 | 7.18 | -3.28 | -0.59 | -0.49 | -4.31 | 2.56 | 13.65 |
NAV | 3.96 | 3.21 | 0.43 | 7.76 | 1.01 | -1.83 | 2.24 | 1.38 | 9.25 | 2.44 | 1.80 | 1.91 | 6.28 | 1.25 | 0.77 | 1.70 | 3.77 | 10.29 | 20.49 |
Difference | -2.10 | 0.64 | 1.08 | -0.32 | -0.18 | -0.57 | -0.38 | -1.15 | -1.57 | -1.01 | -0.59 | 0.73 | -0.90 | 4.53 | 1.36 | 2.19 | 8.09 | 7.73 | 6.84 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -5.45% |
1Yr Disc -7.60% |
3Yr Disc -6.45% |
5Yr Disc -6.84% |
Rel Disc Range (3yr) 50.42% |
Mkt Yield 10.71% |
Lev Adj NAV Yield 8.33% |
After Tax Yield* 8.49% |
Est Tax Friction* 2.22% |
3Yr NAV Volatiliy 6.94 |
1 Yr RoC 22.05% |
3 Yr Dest RoC 16.54% |
Leverage 22.47% |
Non Lev Exp Ratio 1.40% |
Beta (2yr) 0.65 |
Equity Exposure 0.72% |
Bond Exposure 97.05% |
# Holdings 20 |
Cash Weighted Duration 3.22 |
|
Comp NAV TR 0.16% |
Comp Discount 0.63% |
Net Assets (M) 433 |
Liquidity - 90d (K) 1,476 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
20 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
ACP | abrdn Incm Cr Stgs Fd | abrdn | 4.97 | -2.23 | 18.26 | 28.08 | 28.72 | 350 | 2,128 |
BGH | Barings Glbl Srt Dur Hi Yld Fd | Barings | 5.06 | -9.62 | 9.05 | 0.00 | 25.81 | 311 | 868 |
DHF | BNY Mellon Hi Yld Stgs Fd | BNY Mellon | 4.95 | -12.45 | 9.05 | 0.00 | 28.78 | 193 | 743 |
DHY | CS Hi Yld Bnd Fd | Credit Suisse | 5.12 | -6.98 | 9.30 | 0.00 | 26.17 | 223 | 1,120 |
DLY | DbLin Yld Opp Fd | Doubleline | 4.88 | -4.17 | 9.24 | 3.05 | 19.34 | 759 | 2,640 |
DSU | BR Dbt Stgs Fd | BlackRock | 4.94 | -1.02 | 11.12 | 6.46 | 20.27 | 502 | 1,639 |
EAD | Allspring Incm Opp Fd | Allspring | 4.99 | -10.47 | 9.69 | 0.00 | 30.51 | 423 | 1,207 |
FSD | FT Hi Incm Lng/Srt Fd | First Trust | 4.95 | -8.21 | 11.04 | 46.58 | 31.95 | 414 | 1,247 |
FTHY | FT Hi Yld Opp 2027 Trm Fd | First Trust | 4.97 | -7.85 | 11.08 | 22.79 | 12.34 | 562 | 2,251 |
GHY | PGIM Glbl Hi Yld Fd | Prudential | 4.87 | -10.96 | 11.08 | 36.36 | 21.40 | 523 | 1,758 |
HIO | WA Hi Incm Opp Fd | Franklin Templeton | 4.95 | -9.02 | 11.42 | 13.01 | 0.00 | 390 | 1,174 |
HIX | WA Hi Incm Fd II | Franklin Templeton | 5.04 | -2.90 | 13.52 | 24.96 | 25.59 | 403 | 1,991 |
HYI | WA Hi Yld Dfin Opp Fd | Franklin Templeton | 5.04 | -2.67 | 9.78 | 5.16 | 0.00 | 271 | 505 |
HYT | BR Corp Hi Yld Fd | BlackRock | 5.02 | 1.16 | 9.75 | 23.26 | 25.61 | 1,355 | 3,903 |
ISD | PGIM Hi Yld Bnd Fd | Prudential | 4.91 | -8.27 | 10.14 | 26.44 | 20.60 | 451 | 1,504 |
KIO | KKR Incm Opp Fd | KKR Credit | 5.07 | -1.33 | 10.89 | 0.00 | 35.32 | 368 | 1,727 |
MCI | Barings Corp Invstr | Barings | 5.25 | 5.01 | 8.63 | 0.00 | 11.07 | 340 | 663 |
NHS | NB Hi Yld Stgs Fd | Neuberger Berman | 5.09 | 2.70 | 13.58 | 50.91 | 30.10 | 202 | 761 |
PHT | Pioneer Hi Incm Fd | Amundi Asset Mgmt | 4.92 | -8.47 | 8.98 | 0.59 | 31.30 | 236 | 551 |
SDHY | PGIM Srt Dur Hi Yld Opp Fd | Prudential | 5.03 | -12.17 | 8.59 | 20.23 | 22.40 | 424 | 1,237 |