About the Index
(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-year Relative Discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. If no BDC funds meet the criteria, the allocation will be split between the qualifying traditional CEFs. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 865.27 | -0.06 | 2.31 | -6.52 | -16.37 | -22.57 | -27.11 | -9.59 | -4.16 | 0.31 | 1.57 | 1.57 | -24.45 | ||||||
NAV | 1,357.63 | -0.04 | 0.48 | -6.65 | -12.48 | -15.77 | -12.56 | 2.76 | 4.92 | 6.54 | 0.58 | 0.58 | -16.17 | ||||||
Difference | 0.02 | -1.83 | -0.13 | 3.89 | 6.80 | 14.54 | 12.35 | 9.08 | 6.22 | -0.99 | -0.99 | 8.28 | |||||||
* 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 | -6.56 | -3.13 | 0.22 | -9.28 | -8.57 | -2.49 | -8.03 | -18.01 | -25.62 | - | - | - | - | - | - | - | - | - | - |
NAV | -2.81 | -1.34 | -0.13 | -4.24 | -6.37 | -0.03 | -7.02 | -12.97 | -16.66 | - | - | - | - | - | - | - | - | - | - |
Difference | 3.75 | 1.78 | -0.35 | 5.04 | 2.20 | 2.47 | 1.01 | 5.04 | 8.96 | - | - | - | - | - | - | - | - | - | - |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 0.50 | 1.51 | 3.08 | 5.15 | 2.30 | 0.91 | 2.12 | 5.42 | 10.85 | -0.74 | 0.01 | -4.01 | -4.71 | 1.49 | -0.83 | 1.31 | 1.97 | -2.83 | 7.71 |
NAV | 0.35 | 0.45 | 1.86 | 2.68 | 2.56 | 1.42 | 1.59 | 5.67 | 8.50 | 0.83 | 1.51 | -1.38 | 0.94 | 1.92 | -0.74 | 2.58 | 3.77 | 4.75 | 13.66 |
Difference | -0.15 | -1.05 | -1.21 | -2.47 | 0.26 | 0.51 | -0.53 | 0.25 | -2.35 | 1.57 | 1.50 | 2.63 | 5.65 | 0.43 | 0.09 | 1.26 | 1.80 | 7.59 | 5.95 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 1.20 | -9.40 | -21.67 | -28.18 | 2.94 | 5.87 | 1.90 | 11.05 | -20.25 | 2.00 | 2.37 | -1.35 | 3.01 | -1.99 | 9.31 | 3.65 | 11.05 | 14.39 | -8.77 |
NAV | 2.16 | -2.29 | -15.42 | -15.57 | 3.55 | 5.74 | 3.35 | 13.16 | -4.46 | 4.13 | 2.30 | -0.32 | 6.18 | 0.72 | 5.73 | 2.59 | 9.25 | 16.01 | 10.84 |
Difference | 0.96 | 7.11 | 6.25 | 12.61 | 0.61 | -0.13 | 1.46 | 2.11 | 15.79 | 2.13 | -0.08 | 1.04 | 3.17 | 2.71 | -3.58 | -1.06 | -1.79 | 1.62 | 19.61 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 7.34 | 1.90 | 1.64 | 11.16 | -0.09 | -2.39 | 4.16 | 1.59 | 12.93 | 0.75 | -3.03 | 1.25 | -1.08 | -0.39 | -0.17 | 2.10 | 1.53 | 0.43 | 13.42 |
NAV | 5.18 | 1.21 | 2.36 | 8.97 | 1.65 | -1.43 | 3.11 | 3.32 | 12.58 | 0.23 | -0.61 | 0.86 | 0.48 | 0.12 | -0.31 | 2.94 | 2.74 | 3.23 | 16.22 |
Difference | -2.15 | -0.69 | 0.72 | -2.20 | 1.75 | 0.96 | -1.05 | 1.73 | -0.34 | -0.52 | 2.42 | -0.39 | 1.56 | 0.51 | -0.14 | 0.84 | 1.20 | 2.79 | 2.80 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -2.63 | -2.95 | -0.80 | -6.26 | 3.26 | 2.25 | -1.18 | 4.33 | -2.20 | 1.65 | 1.27 | -0.94 | 1.98 | -7.25 | 1.85 | 1.58 | -4.05 | -2.15 | -4.31 |
NAV | 1.18 | -2.30 | -0.61 | -1.75 | 1.79 | 1.81 | -0.03 | 3.60 | 1.79 | 1.29 | 0.66 | 0.63 | 2.61 | -2.75 | 0.09 | -2.02 | -4.62 | -2.14 | -0.39 |
Difference | 3.81 | 0.65 | 0.20 | 4.51 | -1.46 | -0.44 | 1.15 | -0.73 | 3.99 | -0.36 | -0.61 | 1.57 | 0.63 | 4.50 | -1.76 | -3.60 | -0.58 | 0.01 | 3.92 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.10 | 0.83 | 0.01 | 2.95 | 2.44 | 1.54 | -0.01 | 4.00 | 7.07 | 0.49 | -0.79 | 0.80 | 0.49 | -0.46 | -0.74 | 1.02 | -0.19 | 0.30 | 7.39 |
NAV | 1.46 | 1.56 | 0.52 | 3.58 | 1.37 | 1.27 | 0.17 | 2.83 | 6.51 | 1.25 | 0.54 | 0.47 | 2.27 | 0.62 | 0.66 | 0.66 | 1.95 | 4.26 | 11.06 |
Difference | -0.64 | 0.73 | 0.51 | 0.63 | -1.07 | -0.27 | 0.18 | -1.17 | -0.56 | 0.76 | 1.32 | -0.32 | 1.78 | 1.08 | 1.40 | -0.36 | 2.14 | 3.97 | 3.67 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -2.61 | 1.39 | 3.81 | 2.51 | 4.47 | -0.03 | 4.45 | 9.09 | 11.82 | 2.68 | 0.53 | -1.61 | 1.56 | -5.01 | -1.71 | 0.69 | -5.98 | -4.52 | 6.77 |
NAV | -1.37 | 0.13 | 2.10 | 0.82 | 4.51 | 1.22 | 3.13 | 9.09 | 9.98 | 1.19 | 0.47 | 1.69 | 3.38 | -0.75 | -2.50 | 2.04 | -1.26 | 2.08 | 12.27 |
Difference | 1.24 | -1.26 | -1.72 | -1.68 | 0.04 | 1.24 | -1.32 | -0.00 | -1.84 | -1.49 | -0.05 | 3.30 | 1.82 | 4.26 | -0.79 | 1.35 | 4.73 | 6.60 | 5.50 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | -2.05 | 1.51 | -1.76 | -2.31 | 0.74 | -1.39 | -5.22 | -5.84 | -8.02 | -0.91 | -4.17 | -4.03 | -8.87 | 6.68 | -3.72 | -0.92 | 1.76 | -7.27 | -14.70 |
NAV | -0.62 | 2.22 | -0.60 | 0.98 | 1.06 | 0.69 | -1.96 | -0.24 | 0.74 | 0.43 | -3.16 | -2.49 | -5.15 | 4.96 | -2.06 | -3.15 | -0.44 | -5.57 | -4.87 |
Difference | 1.43 | 0.71 | 1.16 | 3.29 | 0.31 | 2.08 | 3.26 | 5.60 | 8.76 | 1.35 | 1.01 | 1.55 | 3.72 | -1.72 | 1.66 | -2.23 | -2.20 | 1.69 | 9.83 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 1.89 | 2.54 | 0.28 | 4.76 | 1.67 | 3.08 | 2.03 | 6.93 | 12.02 | -2.13 | 3.99 | -2.36 | -0.63 | 1.72 | 1.47 | -0.74 | 2.45 | 1.80 | 14.04 |
NAV | 1.46 | 2.29 | 0.55 | 4.36 | 1.42 | 2.03 | 2.61 | 6.19 | 10.82 | -1.25 | 2.95 | -1.29 | 0.35 | -0.51 | -0.40 | -1.99 | -2.87 | -2.53 | 8.01 |
Difference | -0.43 | -0.25 | 0.27 | -0.41 | -0.25 | -1.05 | 0.58 | -0.74 | -1.20 | 0.88 | -1.04 | 1.07 | 0.98 | -2.23 | -1.86 | -1.25 | -5.32 | -4.33 | -6.03 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 6.40 | 1.67 | 0.48 | 8.70 | 2.11 | -1.01 | -1.75 | -0.69 | 7.95 | -0.44 | -1.61 | 2.01 | -0.07 | 2.47 | 0.10 | 2.17 | 4.81 | 4.74 | 13.06 |
NAV | 3.84 | 0.45 | 2.02 | 6.42 | 2.01 | -0.08 | -2.17 | -0.29 | 6.10 | 1.79 | -1.68 | 2.59 | 2.68 | 2.00 | 0.78 | 1.01 | 3.84 | 6.61 | 13.12 |
Difference | -2.56 | -1.22 | 1.54 | -2.28 | -0.11 | 0.93 | -0.42 | 0.40 | -1.84 | 2.23 | -0.07 | 0.57 | 2.74 | -0.47 | 0.67 | -1.16 | -0.97 | 1.87 | 0.06 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 5.58 | 2.84 | 0.06 | 8.64 | 1.38 | -2.44 | 3.24 | 2.11 | 10.94 | 2.83 | 0.97 | 2.39 | 6.31 | -0.67 | -1.12 | -1.22 | -2.98 | 3.14 | 14.42 |
NAV | 4.00 | 2.55 | 0.19 | 6.85 | 0.91 | -2.37 | 1.24 | -0.27 | 6.56 | 2.14 | 1.54 | 1.84 | 5.62 | 0.59 | 0.64 | -0.02 | 1.22 | 6.91 | 13.92 |
Difference | -1.58 | -0.30 | 0.13 | -1.79 | -0.47 | 0.07 | -2.01 | -2.39 | -4.38 | -0.69 | 0.58 | -0.54 | -0.68 | 1.26 | 1.77 | 1.20 | 4.20 | 3.78 | -0.49 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 12.33% |
1Yr Disc 8.69% |
3Yr Disc 5.29% |
5Yr Disc 4.41% |
Rel Disc Range (3yr) 82.21% |
Mkt Yield 9.27% |
Lev Adj NAV Yield 8.13% |
After Tax Yield* 7.97% |
Est Tax Friction* 1.30% |
3Yr NAV Volatiliy 20.49 |
1 Yr RoC 41.87% |
3 Yr Dest RoC 25.74% |
Leverage 29.64% |
Non Lev Exp Ratio 2.11% |
Beta (2yr) 0.75 |
Equity Exposure 47.16% |
Bond Exposure 51.32% |
# Holdings 33 |
Cash Weighted Duration 2.60 |
|
Comp NAV TR -1.45% |
Comp Discount 17.88% |
Net Assets (M) 614 |
Liquidity - 90d (K) 3,279 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
33 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
GGT | Gabelli Multimedia Tr | Gabelli | 3.63 | 52.71 | 11.55 | 59.61 | 37.00 | 137 | 425 |
PCQ | PIMCO CA Muni Incm Fd | PIMCO | 3.55 | 41.29 | 4.93 | 11.49 | 49.11 | 212 | 596 |
GAB | Gabelli Eq Tr | Gabelli | 3.50 | 26.53 | 10.16 | 61.38 | 21.00 | 1,430 | 3,870 |
BTO | JH Fin Opp Fd | John Hancock | 3.36 | 13.38 | 7.18 | 13.02 | 14.64 | 607 | 1,572 |
ETB | EV Tx-Mgd By-Wrt Incm Fd | Eaton Vance | 3.64 | 15.49 | 8.16 | 46.14 | 0.00 | 391 | 938 |
PML | PIMCO Muni Incm Fd II | PIMCO | 3.62 | 14.61 | 6.31 | 6.74 | 48.71 | 622 | 2,548 |
RA | Brkf Real Ast Incm Fd | Brookfield | 3.45 | 10.68 | 12.95 | 51.26 | 29.14 | 869 | 4,955 |
PMF | PIMCO Muni Incm Fd | PIMCO | 3.53 | 10.86 | 5.52 | 0.00 | 48.06 | 276 | 1,438 |
CGO | Calamos Glbl Tot Rtn Fd | Calamos | 3.57 | 8.06 | 10.91 | 16.67 | 37.74 | 98 | 266 |
ASG | Liberty All-Star Gwth Fd | ALPS | 3.61 | 11.11 | 9.18 | 0.00 | 0.00 | 303 | 1,474 |
FEN | FT Nrg Incm & Gwth Fd | First Trust | 3.30 | 7.17 | 7.87 | 47.65 | 20.16 | 277 | 965 |
THW | Tekla Wld Health Fd | Tekla | 3.52 | 9.70 | 9.53 | 72.30 | 17.85 | 501 | 1,873 |
DPG | D&P Util & Infra Fd | Virtus | 3.37 | 8.99 | 10.31 | 81.79 | 28.59 | 473 | 1,318 |
ECC | Eagle Point Cr Co | Eagle Point | 3.54 | 10.00 | 13.88 | 0.00 | 31.73 | 475 | 3,461 |
RIV | RiverNorth Opp Fd | RiverNorth | 3.50 | 7.91 | 14.24 | 37.85 | 16.61 | 239 | 1,457 |
HPF | JH Pref Incm Fd II | John Hancock | 3.44 | 7.55 | 8.26 | 4.51 | 35.02 | 358 | 906 |
EIC | Eagle Point Incm Co | Eagle Point | 3.48 | 6.63 | 9.62 | 0.00 | 33.93 | 102 | 300 |
CHI | Calamos Convt Opp & Incm | Calamos | 3.61 | 8.08 | 10.15 | 0.00 | 37.66 | 755 | 2,307 |
PGP | PIMCO Glbl Stk+ & Incm Fd | PIMCO | 3.36 | 6.42 | 10.85 | 0.00 | 39.53 | 80 | 310 |
ETV | EV Tx-Mgd By-Wrt Opp Fd | Eaton Vance | 3.56 | 7.40 | 9.54 | 91.42 | 0.00 | 1,364 | 4,169 |
EXD | EV Tx-Mgd By-Wrt Stgs Fd | Eaton Vance | 3.58 | 7.35 | 8.08 | 99.95 | 0.00 | 95 | 287 |
CCD | Calamos Dyn Convt & Incm Fd | Calamos | 3.50 | 6.30 | 10.75 | 0.00 | 37.64 | 516 | 2,106 |
ACP | abrdn Incm Cr Stgs Fd | abrdn | 3.44 | 6.47 | 15.85 | 2.77 | 40.50 | 172 | 758 |
HPS | JH Pref Incm Fd III | John Hancock | 3.49 | 6.61 | 8.27 | 7.54 | 35.03 | 476 | 864 |
ETX | EV Muni Incm 2028 Trm Tr | Eaton Vance | 3.38 | 4.04 | 4.18 | 0.00 | 36.20 | 212 | 452 |
EQS | Equus Total Return | Equus | 1.49 | -9.03 | 0.00 | N/A | 7.33 | 37 | 24 |
PFLT | PennantPark Flt Rt Cap | PennantPark | 1.60 | -6.10 | 9.62 | 0.00 | 57.92 | 521 | 3,789 |
GAIN | Gladstone Inv Corp | Gladstone | 1.54 | 5.14 | 6.37 | 0.00 | 35.30 | 446 | 1,927 |
MAIN | Main Street Cap Corp | Main Street Capital | 1.57 | 51.83 | 6.56 | 0.00 | 47.99 | 1,889 | 16,125 |
ARCC | Ares Capital Corp | Ares | 1.60 | -1.94 | 9.00 | 0.00 | 51.81 | 9,378 | 68,954 |
HTGC | Hercules Capital | Hercules | 1.58 | 27.82 | 9.54 | 0.00 | 49.19 | 1,340 | 21,040 |
GLAD | Gladstone Cap Corp | Gladstone | 1.54 | 6.74 | 8.00 | 0.00 | 39.16 | 326 | 1,986 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 1.58 | 1.46 | 10.13 | 0.00 | 46.70 | 280 | 2,370 |