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 | 1,275.07 | 0.40 | 0.43 | 9.27 | 14.04 | 4.66 | -8.23 | 0.63 | 3.22 | 3.69 | 7.69 | 7.69 | 7.69 | ||||||
NAV | 1,200.48 | 0.32 | 0.29 | 4.60 | 8.34 | 3.50 | -8.97 | -0.18 | 1.81 | 3.95 | 5.02 | 5.02 | 5.02 | ||||||
Difference | -0.08 | -0.14 | -4.67 | -5.71 | -1.16 | -0.74 | -0.82 | -1.40 | 0.27 | -2.67 | -2.67 | -2.67 | |||||||
* 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 | -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 -6.46% |
1Yr Disc -7.86% |
3Yr Disc -6.66% |
5Yr Disc -7.79% |
Rel Disc Range (3yr) 62.17% |
Mkt Yield 10.06% |
Lev Adj NAV Yield 7.51% |
After Tax Yield* 7.87% |
Est Tax Friction* 2.19% |
3Yr NAV Volatiliy 11.23 |
1 Yr RoC 16.81% |
3 Yr Dest RoC 13.72% |
Leverage 26.03% |
Non Lev Exp Ratio 1.40% |
Beta (2yr) 0.81 |
Equity Exposure 1.25% |
Bond Exposure 96.85% |
# Holdings 20 |
Cash Weighted Duration 3.88 |
|
Comp NAV TR -1.74% |
Comp Discount 0.71% |
Net Assets (M) 416 |
Liquidity - 90d (K) 1,632 |
|
* 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 | 5.45 | 8.29 | 15.31 | 0.00 | 42.25 | 180 | 1,232 |
BGH | Barings Glbl Srt Dur Hi Yld Fd | Barings | 4.99 | -9.57 | 9.38 | 0.00 | 26.66 | 300 | 969 |
DHF | BNY Mellon Hi Yld Stgs Fd | BNY Mellon | 4.95 | -12.26 | 7.86 | 0.00 | 31.29 | 190 | 891 |
DHY | CS Hi Yld Bnd Fd | Credit Suisse | 5.08 | -9.05 | 9.74 | 23.97 | 31.09 | 217 | 699 |
DLY | DbLin Yld Opp Fd | Doubleline | 5.16 | -6.42 | 9.61 | 7.83 | 20.49 | 747 | 3,533 |
DSU | BR Dbt Stgs Fd | BlackRock | 4.86 | -10.34 | 8.79 | 8.78 | 25.05 | 500 | 1,495 |
EAD | Allspring Incm Opp Fd | Allspring | 4.98 | -7.49 | 9.27 | 10.95 | 30.00 | 438 | 1,263 |
FSD | FT Hi Incm Lng/Srt Fd | First Trust | 4.93 | -7.52 | 10.45 | 38.67 | 32.30 | 434 | 1,540 |
FTHY | FT Hi Yld Opp 2027 Trm Fd | First Trust | 5.03 | -10.17 | 10.52 | 29.43 | 15.32 | 593 | 2,169 |
GHY | PGIM Glbl Hi Yld Fd | Prudential | 5.09 | -9.61 | 10.71 | 11.10 | 16.75 | 532 | 2,078 |
HIO | WA Hi Incm Opp Fd | Franklin Templeton | 4.80 | -9.33 | 8.82 | 8.39 | 0.00 | 428 | 1,252 |
HIX | WA Hi Incm Fd II | Franklin Templeton | 5.31 | 4.93 | 10.63 | 13.49 | 34.06 | 343 | 1,325 |
HYI | WA Hi Yld Dfin Opp Fd | Franklin Templeton | 4.67 | -3.91 | 9.04 | 10.78 | 0.00 | 296 | 706 |
HYT | BR Corp Hi Yld Fd | BlackRock | 4.90 | -4.55 | 10.13 | 23.82 | 28.49 | 1,380 | 5,954 |
ISD | PGIM Hi Yld Bnd Fd | Prudential | 5.11 | -8.03 | 9.74 | 14.69 | 20.64 | 468 | 1,669 |
IVH | Dlw Ivy Hi Incm Opp Fd | Delaware | 5.03 | -3.02 | 9.41 | 0.00 | 31.86 | 203 | 920 |
KIO | KKR Incm Opp Fd | KKR Credit | 4.90 | -11.31 | 10.85 | 0.00 | 39.97 | 266 | 1,655 |
NHS | NB Hi Yld Stgs Fd | Neuberger Berman | 4.82 | -1.45 | 12.27 | 31.06 | 42.01 | 175 | 890 |
PHT | Pioneer Hi Incm Fd | Amundi Asset Mgmt | 4.96 | -11.37 | 9.94 | 3.65 | 32.40 | 230 | 743 |
SDHY | PGIM Srt Dur Hi Yld Opp Fd | Prudential | 5.01 | -8.97 | 8.24 | 15.83 | 16.77 | 426 | 1,621 |