About the Index
Preferred Equity funds according to CEFdata.com. More than $500K a day in average 90-day trading dollar $ liquidity. The funds will be equal weight in 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 | 1,499.18 | -0.10 | 1.02 | 5.93 | 9.53 | 15.19 | 38.58 | 10.93 | 9.70 | 1.59 | 1.59 | 4.96 | |||||||
NAV | 1,407.16 | 0.01 | 0.15 | 2.14 | 3.92 | 10.50 | 30.98 | 7.83 | 8.36 | 1.16 | 1.16 | 3.12 | |||||||
Difference | 0.11 | -0.87 | -3.78 | -5.61 | -4.69 | -7.60 | -3.10 | -1.34 | -0.43 | -0.43 | -1.85 | ||||||||
* 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 | -2.53 | -0.32 | 6.34 | 3.32 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | -0.16 | -0.58 | 2.69 | 1.94 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | 2.37 | -0.27 | -3.64 | -1.38 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 2.50 | -11.49 | -18.76 | -26.30 | 15.43 | 3.52 | -0.21 | 19.25 | -12.12 | 5.73 | 1.30 | -2.56 | 4.36 | -1.03 | 8.54 | 4.30 | 12.04 | 16.93 | 2.76 |
NAV | 1.61 | -5.05 | -22.45 | -25.18 | 12.75 | 3.48 | 0.21 | 16.92 | -12.52 | 5.40 | 3.27 | -1.35 | 7.37 | 1.47 | 5.60 | 2.26 | 9.56 | 17.64 | 2.91 |
Difference | -0.89 | 6.44 | -3.68 | 1.13 | -2.69 | -0.04 | 0.42 | -2.33 | -0.40 | -0.33 | 1.96 | 1.21 | 3.00 | 2.50 | -2.94 | -2.04 | -2.47 | 0.71 | 0.15 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 11.57 | 1.67 | 1.97 | 15.67 | 2.99 | -0.38 | 3.72 | 6.43 | 23.11 | 3.14 | -0.02 | 2.79 | 5.99 | 0.31 | 0.01 | 2.33 | 2.65 | 8.80 | 33.94 |
NAV | 6.79 | 2.11 | 1.45 | 10.62 | 2.04 | -0.67 | 2.53 | 3.92 | 14.95 | 2.03 | 0.60 | 1.84 | 4.53 | 1.38 | 0.14 | 2.38 | 3.94 | 8.64 | 24.88 |
Difference | -4.79 | 0.44 | -0.52 | -5.05 | -0.95 | -0.30 | -1.20 | -2.51 | -8.16 | -1.11 | 0.62 | -0.95 | -1.46 | 1.07 | 0.13 | 0.06 | 1.29 | -0.16 | -9.06 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -5.41 | -0.27 | 1.39 | -4.35 | -0.71 | 1.26 | 1.17 | 1.72 | -2.70 | 1.15 | 1.14 | -1.75 | 0.51 | -3.52 | -1.06 | -4.12 | -8.47 | -8.00 | -10.49 |
NAV | -0.43 | -0.86 | -0.40 | -1.67 | -0.05 | -0.11 | 0.60 | 0.45 | -1.23 | 0.93 | 0.87 | -0.53 | 1.26 | -2.14 | -2.66 | -2.40 | -7.03 | -5.86 | -7.02 |
Difference | 4.99 | -0.59 | -1.79 | 2.68 | 0.66 | -1.37 | -0.57 | -1.28 | 1.47 | -0.22 | -0.27 | 1.22 | 0.75 | 1.38 | -1.60 | 1.72 | 1.44 | 2.15 | 3.47 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 3.25 | 1.58 | 0.55 | 5.46 | 3.30 | 2.24 | 1.37 | 7.05 | 12.90 | 0.77 | -0.23 | 1.20 | 1.74 | -0.09 | -0.07 | 1.10 | 0.93 | 2.69 | 15.93 |
NAV | 2.69 | 2.48 | 0.63 | 5.90 | 1.73 | 1.39 | 1.58 | 4.78 | 10.96 | 1.32 | -0.56 | 0.83 | 1.59 | 0.58 | 0.24 | 0.47 | 1.30 | 2.91 | 14.19 |
Difference | -0.56 | 0.90 | 0.08 | 0.44 | -1.57 | -0.84 | 0.21 | -2.27 | -1.94 | 0.55 | -0.33 | -0.37 | -0.15 | 0.68 | 0.31 | -0.63 | 0.37 | 0.22 | -1.74 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | 2.16 | 0.34 | 3.95 | 6.55 | 2.68 | 1.71 | 3.64 | 8.24 | 15.33 | 2.64 | 0.49 | -1.72 | 1.37 | -2.69 | -4.80 | 4.42 | -3.26 | -1.94 | 13.09 |
NAV | -0.77 | -1.69 | 3.41 | 0.88 | 1.49 | 2.23 | 1.12 | 4.91 | 5.83 | 2.65 | 1.30 | -0.51 | 3.46 | 0.07 | -3.52 | 1.11 | -2.38 | 0.99 | 6.89 |
Difference | -2.93 | -2.03 | -0.53 | -5.67 | -1.19 | 0.52 | -2.53 | -3.33 | -9.50 | 0.01 | 0.82 | 1.21 | 2.09 | 2.76 | 1.28 | -3.31 | 0.88 | 2.94 | -6.21 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 5.07 | 0.41 | -0.00 | 5.49 | 1.47 | -1.34 | -4.66 | -4.55 | 0.70 | 1.73 | -0.48 | -0.36 | 0.88 | 4.71 | 0.66 | 1.01 | 6.46 | 7.40 | 8.14 |
NAV | 2.02 | 1.11 | 0.88 | 4.07 | 0.10 | -0.07 | -1.50 | -1.46 | 2.54 | 1.47 | -0.61 | -0.40 | 0.45 | 2.52 | 0.54 | 0.18 | 3.26 | 3.73 | 6.37 |
Difference | -3.05 | 0.71 | 0.88 | -1.43 | -1.37 | 1.27 | 3.16 | 3.08 | 1.85 | -0.26 | -0.13 | -0.03 | -0.42 | -2.18 | -0.12 | -0.83 | -3.20 | -3.66 | -1.77 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 5.54% |
1Yr Disc 2.44% |
3Yr Disc 0.80% |
5Yr Disc 0.21% |
Rel Disc Range (3yr) 74.77% |
Mkt Yield 6.58% |
Lev Adj NAV Yield 5.22% |
After Tax Yield* 5.05% |
Est Tax Friction* 1.53% |
3Yr NAV Volatiliy 20.80 |
1 Yr RoC 11.86% |
3 Yr Dest RoC 4.51% |
Leverage 32.71% |
Non Lev Exp Ratio 1.23% |
Beta (2yr) 0.94 |
Equity Exposure 3.80% |
Bond Exposure 89.92% |
# Holdings 15 |
Cash Weighted Duration 4.41 |
|
Comp NAV TR 1.38% |
Comp Discount 0.03% |
Net Assets (M) 763 |
Liquidity - 90d (K) 1,861 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
15 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
DFP | F&C Dyn Pref & Incm Fd | Flaherty & Crumrine | 6.72 | 13.93 | 6.42 | 0.00 | 33.00 | 519 | 1,448 |
FFC | F&C Pref Sec Incm Fd | Flaherty & Crumrine | 6.56 | 11.84 | 6.61 | 0.00 | 32.80 | 936 | 2,043 |
FLC | F&C Tot Rtn Fd | Flaherty & Crumrine | 6.64 | 10.18 | 6.42 | 0.00 | 32.80 | 225 | 516 |
FPF | FT Imd Dur Pref & Incm Fd | First Trust | 6.63 | -1.06 | 6.32 | 6.70 | 30.71 | 1,486 | 2,996 |
HPF | JH Pref Incm Fd II | John Hancock | 6.75 | 6.95 | 6.93 | 6.31 | 32.56 | 427 | 1,691 |
HPI | JH Pref Incm Fd | John Hancock | 6.54 | 1.58 | 7.19 | 2.38 | 32.26 | 532 | 1,734 |
HPS | JH Pref Incm Fd III | John Hancock | 6.61 | 2.63 | 7.20 | 5.66 | 32.18 | 566 | 1,341 |
JPC | Nuv Pref & Incm Opp Fd | Nuveen | 6.64 | -2.55 | 6.66 | 0.00 | 36.16 | 1,013 | 3,247 |
JPI | Nuv Pref & Incm Trm Fd | Nuveen | 6.69 | 1.52 | 6.18 | 0.22 | 33.40 | 568 | 1,292 |
JPS | Nuv Pref & Incm Sec Fd | Nuveen | 6.63 | -0.31 | 6.20 | 0.00 | 36.20 | 1,997 | 4,516 |
LDP | C&S Ltd Dur Pref & Incm Fd | Cohen & Steers | 6.70 | 2.93 | 6.43 | 17.07 | 29.50 | 749 | 1,300 |
PDT | JH Prm Div Fd | John Hancock | 6.68 | 4.68 | 7.70 | 0.00 | 34.91 | 707 | 2,362 |
PFD | F&C Pref & Incm Fd | Flaherty & Crumrine | 6.85 | 25.70 | 5.58 | 0.00 | 33.00 | 166 | 512 |
PSF | C&S Sel Pref & Incm Fd | Cohen & Steers | 6.75 | 6.94 | 6.61 | 21.94 | 28.60 | 320 | 695 |
PTA | Tx-Adv Pref Sec Pref Sec & Incm Fd | Cohen & Steers | 6.61 | -2.61 | 6.23 | 34.46 | 32.70 | 1,286 | 2,317 |