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(%) | MTD(%) | QTD(%) | YTD(%) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,329.43 | -0.15 | -0.46 | 2.03 | 6.65 | 12.21 | 5.33 | 7.71 | 11.16 | 2.22 | 2.88 | 2.88 | |||||||
NAV | 1,279.19 | 0.09 | -0.22 | 0.79 | 5.58 | 10.31 | 5.44 | 5.75 | 9.56 | 0.77 | 1.71 | 1.71 | |||||||
Difference | 0.24 | 0.24 | -1.24 | -1.07 | -1.91 | 0.12 | -1.96 | -1.60 | -1.45 | -1.17 | -1.17 | ||||||||
* 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 | 0.65 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 0.94 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | 0.29 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -6.32% |
1Yr Disc -8.46% |
3Yr Disc -8.32% |
5Yr Disc -8.77% |
Rel Disc Range (3yr) 73.53% |
Mkt Yield 7.90% |
Lev Adj NAV Yield 6.00% |
After Tax Yield* 6.10% |
Est Tax Friction* 1.80% |
3Yr NAV Volatiliy 9.89 |
1 Yr RoC 14.40% |
3 Yr Dest RoC 4.64% |
Leverage 23.10% |
Non Lev Exp Ratio 1.32% |
Beta (2yr) 0.54 |
Equity Exposure 4.34% |
Bond Exposure 86.84% |
# Holdings 25 |
Cash Weighted Duration 3.13 |
|
Comp NAV TR 0.82% |
Comp Discount -0.08% |
Net Assets (M) 448 |
Liquidity - 90d (K) 2,044 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
25 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
ACP | Abd Incm Cr Stgs Fd | Aberdeen | 4.09 | -4.33 | 10.87 | 40.34 | 31.04 | 201 | 1,206 |
BGH | Barings Glbl Srt Dur Hi Yld Fd | Barings | 4.06 | -9.87 | 8.16 | 0.00 | 28.68 | 346 | 1,096 |
CIK | CS Ast Mgmt Incm Fd | Credit Suisse | 4.19 | -3.46 | 8.06 | 0.00 | 31.47 | 181 | 4,564 |
DHF | BNY Mellon Hi Yld Stgs Fd | BNY Mellon | 4.05 | -6.95 | 8.38 | 0.00 | 29.27 | 241 | 5,680 |
DHY | CS Hi Yld Bnd Fd | Credit Suisse | 4.13 | -6.64 | 8.28 | 0.00 | 28.03 | 265 | 6,203 |
DLY | DbLin Yld Opp Fd | Doubleline | 4.09 | -5.66 | 7.24 | 11.52 | 20.01 | 1,216 | 3,613 |
DSU | BR Dbt Stgs Fd | BlackRock | 4.01 | -8.54 | 6.78 | 24.12 | 30.83 | 546 | 1,916 |
EAD | WF Incm Opp Fd | Wells Fargo | 4.01 | -9.19 | 8.06 | 3.42 | 26.20 | 554 | 1,366 |
EHI | WA Glbl Hi Incm Fd | Franklin Templeton | 3.92 | -6.36 | 8.03 | 3.35 | 30.40 | 243 | 510 |
EHT | EV 2021 Tgt Trm Tr | Eaton Vance | 3.97 | -0.51 | 3.90 | 0.00 | 0.00 | 212 | 627 |
FSD | FT Hi Incm Lng/Srt Fd | First Trust | 4.01 | -9.13 | 8.79 | 30.69 | 25.75 | 554 | 1,228 |
FTHY | FT Hi Yld Opp 2027 Trm Fd | First Trust | 3.83 | -7.23 | 7.20 | 0.00 | 27.94 | 788 | 2,194 |
GHY | PGIM Glbl Hi Yld Fd | Prudential | 3.99 | -10.74 | 8.51 | 2.75 | 27.01 | 679 | 1,559 |
HIO | WA Hi Incm Opp Fd | Franklin Templeton | 3.91 | -9.67 | 7.88 | 11.74 | 0.00 | 521 | 2,507 |
HIX | WA Hi Incm Fd II | Franklin Templeton | 3.90 | -4.46 | 8.57 | 5.69 | 29.40 | 421 | 1,520 |
HYI | WA Hi Yld Dfin Opp Fd | Franklin Templeton | 3.87 | -4.45 | 7.44 | 4.53 | 0.00 | 361 | 915 |
HYT | BR Corp Hi Yld Fd | BlackRock | 3.92 | -5.45 | 8.16 | 17.07 | 29.65 | 1,476 | 4,958 |
ISD | PGIM Hi Yld Bnd Fd | Prudential | 4.04 | -9.57 | 8.13 | 9.76 | 24.75 | 570 | 1,801 |
IVH | Ivy Hi Incm Opp Fd | Ivy Investment | 3.92 | -11.22 | 7.67 | 0.00 | 26.33 | 248 | 761 |
JCO | Nuveen Cr Opp 2022 Tgt Trm Fd | Nuveen | 4.03 | -0.36 | 6.81 | 0.00 | 26.73 | 231 | 758 |
JHB | Nuv Corp Incm Nov 2021 Tgt Trm | Nuveen | 3.95 | -1.48 | 2.64 | 0.00 | 0.00 | 529 | 1,657 |
KIO | KKR Incm Opp Fd | KKR Credit | 4.14 | -7.19 | 8.27 | 1.32 | 36.53 | 334 | 1,467 |
NHS | NB Hi Yld Stgs Fd | Neuberger Berman | 4.10 | -3.93 | 8.88 | 33.90 | 33.80 | 187 | 1,060 |
PCF | Hi Incm Sec Fd | Hi Incm Sec Fd | 3.84 | -7.79 | 11.14 | 0.00 | 0.00 | 51 | 787 |
PHT | Pioneer Hi Incm Tr | Pioneer | 4.04 | -3.97 | 9.46 | 0.00 | 30.10 | 280 | 824 |