About the Index
(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity allocations over 5% each. (3) US Bond allocation over 80%. (4) 1 Year Trailing Income dividend classification over 80%. (5) 90-day average trade dollar $ liquidity over $250K. Equal weight each fund for the index. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | MTD(%) | QTD(%) | YTD(%) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,398.92 | 0.15 | 0.74 | 2.46 | 6.98 | 16.69 | 35.56 | 8.26 | 10.12 | 1.40 | 1.40 | 7.70 | |||||||
NAV | 1,325.85 | 0.00 | 0.04 | 1.00 | 2.38 | 9.92 | 27.48 | 6.24 | 8.45 | 0.79 | 0.79 | 2.95 | |||||||
Difference | -0.15 | -0.70 | -1.47 | -4.60 | -6.77 | -8.07 | -2.02 | -1.66 | -0.61 | -0.61 | -4.75 | ||||||||
* 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 | 1.61 | 1.97 | 2.52 | 6.22 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 1.16 | 0.80 | 0.18 | 2.15 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | -0.45 | -1.17 | -2.34 | -4.07 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 1.51 | -5.77 | -19.87 | -23.35 | 5.97 | 6.11 | 1.78 | 14.44 | -12.29 | 3.40 | 1.96 | -0.14 | 5.28 | -0.88 | 8.52 | 2.54 | 10.31 | 16.13 | 1.86 |
NAV | 0.86 | -1.51 | -17.75 | -18.30 | 4.67 | 5.15 | 2.65 | 12.98 | -7.70 | 3.62 | 2.07 | -0.07 | 5.68 | 0.38 | 4.95 | 2.62 | 8.11 | 14.26 | 5.46 |
Difference | -0.65 | 4.25 | 2.13 | 5.05 | -1.30 | -0.97 | 0.88 | -1.46 | 4.59 | 0.22 | 0.10 | 0.07 | 0.40 | 1.26 | -3.57 | 0.08 | -2.19 | -1.88 | 3.60 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 7.17 | 2.74 | 0.49 | 10.65 | 2.46 | -0.98 | 2.54 | 4.03 | 15.11 | 1.30 | -0.95 | 1.79 | 2.13 | 0.74 | 0.81 | 2.68 | 4.28 | 6.50 | 22.59 |
NAV | 4.07 | 1.63 | 0.67 | 6.47 | 1.70 | -0.41 | 1.67 | 2.98 | 9.64 | 0.75 | -0.22 | 0.41 | 0.94 | -0.11 | 0.58 | 2.04 | 2.51 | 3.48 | 13.46 |
Difference | -3.10 | -1.12 | 0.18 | -4.18 | -0.76 | 0.58 | -0.87 | -1.05 | -5.47 | -0.54 | 0.73 | -1.38 | -1.19 | -0.85 | -0.23 | -0.64 | -1.77 | -3.02 | -9.13 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -0.45 | -0.53 | 0.60 | -0.38 | 0.79 | 0.38 | -0.00 | 1.17 | 0.79 | 0.75 | 0.97 | -0.00 | 1.72 | -3.88 | -1.16 | -3.18 | -8.01 | -6.43 | -5.69 |
NAV | 1.04 | -0.60 | -0.11 | 0.32 | 0.42 | 0.15 | 0.09 | 0.67 | 0.99 | 1.15 | 0.36 | 0.62 | 2.14 | -1.20 | -1.15 | -2.50 | -4.78 | -2.75 | -1.78 |
Difference | 1.49 | -0.07 | -0.71 | 0.70 | -0.37 | -0.23 | 0.10 | -0.50 | 0.20 | 0.40 | -0.61 | 0.62 | 0.41 | 2.68 | 0.00 | 0.68 | 3.23 | 3.68 | 3.91 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 3.30 | 1.82 | -0.59 | 4.56 | 2.28 | 0.90 | 0.30 | 3.51 | 8.23 | 1.82 | -0.55 | 1.15 | 2.43 | -0.17 | -1.75 | 1.42 | -0.51 | 1.90 | 10.29 |
NAV | 1.78 | 1.33 | 0.17 | 3.30 | 1.15 | 1.11 | 0.42 | 2.70 | 6.09 | 1.16 | 0.28 | 0.71 | 2.17 | 0.68 | -0.06 | 0.48 | 1.10 | 3.29 | 9.59 |
Difference | -1.53 | -0.50 | 0.76 | -1.26 | -1.13 | 0.21 | 0.12 | -0.81 | -2.14 | -0.66 | 0.83 | -0.44 | -0.26 | 0.84 | 1.69 | -0.95 | 1.61 | 1.39 | -0.70 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -2.67 | -0.57 | 7.57 | 4.10 | 3.01 | 1.40 | 1.62 | 6.14 | 10.49 | 3.98 | 2.18 | 0.22 | 6.48 | -0.45 | 0.22 | 3.10 | 2.86 | 9.53 | 21.02 |
NAV | -1.71 | -0.89 | 4.00 | 1.31 | 3.22 | 1.06 | 1.17 | 5.53 | 6.92 | 2.62 | 1.83 | 1.31 | 5.87 | 0.84 | -0.17 | 1.79 | 2.48 | 8.50 | 16.01 |
Difference | 0.97 | -0.33 | -3.56 | -2.78 | 0.21 | -0.34 | -0.45 | -0.61 | -3.57 | -1.36 | -0.35 | 1.09 | -0.61 | 1.29 | -0.38 | -1.31 | -0.38 | -1.03 | -5.01 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 0.92 | 2.72 | -0.43 | 3.22 | 1.51 | -0.87 | -3.47 | -2.87 | 0.26 | -1.02 | -2.60 | -1.92 | -5.45 | 4.10 | -1.94 | -0.55 | 1.52 | -4.01 | -3.76 |
NAV | 0.68 | 2.15 | 0.09 | 2.94 | 1.35 | 0.42 | -0.99 | 0.77 | 3.73 | -0.27 | -1.54 | -2.04 | -3.81 | 1.44 | -1.50 | -2.48 | -2.55 | -6.26 | -2.77 |
Difference | -0.24 | -0.57 | 0.51 | -0.28 | -0.16 | 1.29 | 2.48 | 3.63 | 3.47 | 0.75 | 1.06 | -0.12 | 1.64 | -2.66 | 0.44 | -1.93 | -4.08 | -2.26 | 0.98 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -0.92% |
1Yr Disc -5.38% |
3Yr Disc -4.47% |
5Yr Disc -4.01% |
Rel Disc Range (3yr) 83.42% |
Mkt Yield 6.98% |
Lev Adj NAV Yield 5.42% |
After Tax Yield* 5.29% |
Est Tax Friction* 1.69% |
3Yr NAV Volatiliy 9.34 |
1 Yr RoC 7.68% |
3 Yr Dest RoC 0.83% |
Leverage 27.76% |
Non Lev Exp Ratio 1.49% |
Beta (2yr) 0.49 |
Equity Exposure 1.22% |
Bond Exposure 96.21% |
# Holdings 70 |
Cash Weighted Duration 3.71 |
|
Comp NAV TR -0.28% |
Comp Discount 0.53% |
Net Assets (M) 491 |
Liquidity - 90d (K) 1,980 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
70 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
AFT | Apollo Sr Flt Rt Fd | Apollo | 1.45 | -8.24 | 6.30 | 0.00 | 32.08 | 259 | 992 |
AIF | Apollo Tactical Incm Fd | Apollo | 1.45 | -8.45 | 6.13 | 0.00 | 31.54 | 241 | 641 |
ARDC | Ares Dyn Cr Alloc Fd | Ares | 1.42 | -7.49 | 7.70 | 0.00 | 30.12 | 376 | 1,455 |
AWF | AB Glbl Hi Incm Fd | AllianceBernstein | 1.42 | -6.93 | 6.57 | 0.00 | 40.87 | 1,108 | 2,216 |
BGB | Blackstone Stgc Cr Fd | Blackstone | 1.41 | -8.62 | 6.38 | 0.00 | 36.09 | 653 | 1,702 |
BGH | Barings Glbl Srt Dur Hi Yld Fd | Barings | 1.44 | -6.88 | 7.74 | 0.00 | 30.62 | 353 | 1,053 |
BGIO | 2022 Glbl Incm Opp Tr | BlackRock | 1.44 | 1.52 | 6.40 | 15.18 | 7.97 | 205 | 470 |
BGX | Blackstone Lng-Srt Cr Incm Fd | Blackstone | 1.43 | -7.07 | 6.79 | 0.00 | 38.08 | 196 | 760 |
BHK | BR Core Bnd Tr | BlackRock | 1.41 | -1.38 | 5.71 | 0.14 | 32.23 | 857 | 2,337 |
BLW | BR Ltd Dur Incm Tr | BlackRock | 1.43 | -0.94 | 6.95 | 18.28 | 32.91 | 610 | 1,625 |
BSL | Blackstone Sr Flt Rt Trm Fd | Blackstone | 1.45 | -2.32 | 5.48 | 0.00 | 32.98 | 222 | 1,051 |
BTZ | BR Cr Alloc Incm Tr | BlackRock | 1.41 | -4.68 | 6.86 | 19.10 | 29.41 | 1,439 | 3,134 |
BWG | BwGlobal Glbl Incm Opp Fd | Franklin Templeton | 1.44 | -11.21 | 7.87 | 0.00 | 33.10 | 231 | 717 |
CIK | CS Ast Mgmt Incm Fd | Credit Suisse | 1.43 | -2.01 | 7.89 | 0.00 | 25.64 | 183 | 4,102 |
DBL | DbLin Opportunistic Cr Fd | Doubleline | 1.42 | 1.43 | 6.64 | 0.00 | 18.74 | 293 | 862 |
DCF | BYN A Glbl Cr Incm 2024 Tgt Trm | BNY Mellon | 1.42 | 1.07 | 6.37 | 0.00 | 29.02 | 139 | 381 |
DHF | BNY Mellon Hi Yld Stgs Fd | BNY Mellon | 1.43 | -5.76 | 8.30 | 0.00 | 28.74 | 240 | 6,519 |
DHY | CS Hi Yld Bnd Fd | Credit Suisse | 1.42 | -6.20 | 7.69 | 0.00 | 28.03 | 267 | 7,073 |
DSL | DbLin Incm Solutions Fd | Doubleline | 1.41 | -1.04 | 7.27 | 5.87 | 27.42 | 1,870 | 6,669 |
EAD | WF Incm Opp Fd | Wells Fargo | 1.44 | -5.62 | 7.82 | 1.59 | 26.20 | 550 | 1,524 |
EFF | EV Flt-Rt Inc+ Fd | Eaton Vance | 1.43 | -0.48 | 4.29 | 9.22 | 35.60 | 126 | 738 |
EFL | EV Flt-Rt 2022 Tgt Trm Tr | Eaton Vance | 1.46 | 4.95 | 4.18 | 0.00 | 34.32 | 220 | 601 |
EFR | EV Sr Flt-Rt Tr | Eaton Vance | 1.43 | -2.30 | 5.56 | 0.00 | 38.40 | 529 | 1,757 |
EFT | EV Flt-Rt Incm Tr | Eaton Vance | 1.42 | -2.74 | 5.16 | 0.00 | 37.90 | 581 | 1,628 |
EHI | WA Glbl Hi Incm Fd | Franklin Templeton | 1.40 | -2.17 | 7.77 | 3.84 | 30.40 | 240 | 450 |
EHT | EV 2021 Tgt Trm Tr | Eaton Vance | 1.41 | -0.41 | 3.42 | 0.00 | 0.00 | 212 | 649 |
ERC | WF Mlt-Sctr Incm Fd | Wells Fargo | 1.42 | -2.27 | 8.79 | 0.00 | 27.50 | 358 | 972 |
EVF | EV Sr Incm Tr | Eaton Vance | 1.42 | -2.48 | 6.10 | 0.00 | 38.90 | 260 | 534 |
FIV | FT Sr Flt Rt 2022 Tgt Trm Fd | First Trust | 1.41 | -2.18 | 1.63 | 0.00 | 26.88 | 345 | 781 |
FSLF | First Eagle Sr Ln Fd | THL Credit | 1.43 | -8.37 | 5.77 | 0.00 | 28.30 | 118 | 436 |
FTHY | FT Hi Yld Opp 2027 Trm Fd | First Trust | 1.42 | -6.03 | 7.19 | 0.00 | 28.15 | 779 | 2,420 |
GDO | WA Glbl Corp Dfin Opp Fd | Franklin Templeton | 1.43 | -4.11 | 6.83 | 11.85 | 27.79 | 276 | 680 |
GHY | PGIM Glbl Hi Yld Fd | Prudential | 1.43 | -8.11 | 8.29 | 4.33 | 27.40 | 676 | 1,790 |
HIO | WA Hi Incm Opp Fd | Franklin Templeton | 1.44 | -5.50 | 6.99 | 12.08 | 0.00 | 518 | 1,365 |
HIX | WA Hi Incm Fd II | Franklin Templeton | 1.44 | -1.69 | 8.40 | 6.15 | 28.80 | 418 | 1,009 |
HNW | Pioneer Divr Hi Incm Tr | Pioneer | 1.44 | -4.35 | 8.83 | 0.00 | 32.10 | 130 | 479 |
HYB | New Amrc Hi Incm Fd | T. Rowe Price | 1.45 | -6.04 | 6.42 | 0.00 | 27.00 | 232 | 731 |
HYI | WA Hi Yld Dfin Opp Fd | Franklin Templeton | 1.42 | -2.77 | 7.34 | 7.33 | 0.00 | 360 | 714 |
HYT | BR Corp Hi Yld Fd | BlackRock | 1.43 | -1.98 | 7.88 | 15.00 | 29.55 | 1,476 | 4,379 |
IGI | WA Inv Grd Dfin Opp Tr | Franklin Templeton | 1.40 | -0.98 | 3.76 | 1.63 | 0.00 | 232 | 503 |
IHIT | Invsc Hi Incm 2023 Tgt Trm Fd | Invesco | 1.42 | 1.97 | 6.42 | 0.00 | 27.00 | 220 | 792 |
ISD | PGIM Hi Yld Bnd Fd | Prudential | 1.43 | -6.84 | 7.90 | 10.51 | 24.11 | 569 | 1,604 |
IVH | Ivy Hi Incm Opp Fd | Ivy Investment | 1.42 | -9.32 | 7.00 | 0.00 | 25.98 | 251 | 760 |
JCO | Nuveen Cr Opp 2022 Tgt Trm Fd | Nuveen | 1.45 | 2.87 | 6.57 | 0.00 | 26.70 | 232 | 515 |
JFR | Nuv Flt Rt Incm Fd | Nuveen | 1.42 | -6.46 | 7.18 | 0.00 | 35.56 | 590 | 6,064 |
JGH | Nuv Glbl Hi Incm Fd | Nuveen | 1.45 | -7.08 | 8.61 | 0.00 | 28.64 | 393 | 792 |
JHB | Nuv Corp Incm Nov 2021 Tgt Trm | Nuveen | 1.42 | -0.74 | 2.61 | 0.00 | 0.00 | 531 | 1,391 |
JHS | JH Incm Sec Tr | John Hancock | 1.38 | -3.77 | 5.14 | 0.00 | 33.24 | 185 | 247 |
JRO | Nuv Flt Rt Incm Opp Fd | Nuveen | 1.42 | -6.82 | 7.21 | 0.00 | 35.55 | 416 | 3,167 |
JSD | Nuv Srt Dur Cr Opp Fd | Nuveen | 1.44 | -8.04 | 7.26 | 0.00 | 35.48 | 157 | 424 |
KIO | KKR Incm Opp Fd | KKR Credit | 1.41 | -5.04 | 7.96 | 1.36 | 36.53 | 339 | 1,297 |
MCI | Barings Corp Invstr | Barings | 1.47 | -3.19 | 6.59 | 0.00 | 8.96 | 305 | 383 |
NSL | Nuv Sr Incm Fd | Nuveen | 1.43 | -7.38 | 7.22 | 0.00 | 35.52 | 236 | 5,142 |
OCCI | OFS Credit Company | OFS Capital | 1.43 | 5.68 | 14.25 | 0.00 | 32.63 | 46 | 809 |
PCI | PIMCO Dyn Cr & Mortg Incm | PIMCO | 1.46 | 13.02 | 9.15 | 1.38 | 43.61 | 3,039 | 12,083 |
PCN | PIMCO Corp & Incm Stgy Fd | PIMCO | 1.44 | 22.94 | 7.66 | 0.41 | 32.67 | 586 | 1,353 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 1.47 | 17.99 | 9.11 | 0.00 | 40.09 | 1,711 | 9,779 |
PFL | PIMCO Incm Stgy Fd | PIMCO | 1.42 | 13.43 | 9.01 | 4.53 | 33.77 | 359 | 1,527 |
PFN | PIMCO Incm Stgy Fd II | PIMCO | 1.43 | 10.81 | 9.28 | 3.17 | 33.31 | 708 | 2,655 |
PGP | PIMCO Glbl Stk+ & Incm Fd | PIMCO | 1.47 | 9.34 | 7.53 | 0.00 | 24.27 | 111 | 447 |
PHK | PIMCO Hi Incm Fd | PIMCO | 1.43 | 14.94 | 8.51 | 0.00 | 34.15 | 786 | 3,047 |
PHT | Pioneer Hi Incm Tr | Pioneer | 1.47 | 1.04 | 8.91 | 0.00 | 30.60 | 282 | 835 |
PKO | PIMCO Incm Opp Fd | PIMCO | 1.46 | 15.69 | 8.45 | 0.00 | 45.00 | 485 | 1,815 |
PPR | Voya Prime Rt Tr | Voya | 1.41 | -6.07 | 2.84 | 0.58 | 3.60 | 600 | 1,856 |
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 1.45 | 31.47 | 8.37 | 4.79 | 41.26 | 1,248 | 6,755 |
RCS | PIMCO Stgc Incm Fd | PIMCO | 1.44 | 13.76 | 8.23 | 0.00 | 22.66 | 290 | 1,089 |
TSI | TCW Stgc Incm Fd | TCW | 1.41 | -4.24 | 3.89 | 0.00 | 0.00 | 282 | 754 |
VLT | Invsc Hi Incm Tr II | Invesco | 1.42 | -6.17 | 8.27 | 18.66 | 24.00 | 97 | 260 |
VTA | Invsc Dyn Cr Opp Fd | Invesco | 1.42 | -5.37 | 7.86 | 16.98 | 28.00 | 762 | 2,497 |
WEA | WA Prmr Bnd Fd | Franklin Templeton | 1.40 | -4.47 | 5.70 | 0.00 | 27.90 | 173 | 372 |