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 | 933.08 | -0.24 | 2.20 | -1.23 | 0.59 | 13.47 | 9.81 | -6.30 | -3.85 | -0.93 | -2.37 | -2.37 | 0.45 | ||||||
NAV | 1,607.05 | 0.06 | 0.89 | -0.24 | 2.22 | 14.16 | 13.44 | 2.42 | 5.67 | 5.83 | -1.09 | -1.09 | 2.37 | ||||||
Difference | 0.31 | -1.31 | 0.99 | 1.63 | 0.69 | 3.63 | 8.72 | 9.51 | 6.76 | 1.29 | 1.29 | 1.92 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.13 |
2024 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2024 | |
Price | 0.66 | 1.04 | 1.16 | 2.89 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 1.08 | 0.74 | 1.64 | 3.49 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | 0.41 | -0.30 | 0.48 | 0.60 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2023 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2023 | |
Price | 3.62 | -3.05 | -0.88 | -0.42 | -0.80 | -2.94 | 4.27 | 0.40 | -0.02 | 4.86 | -3.17 | 0.30 | 1.84 | -6.10 | 7.78 | 3.39 | 4.64 | 6.57 | 6.55 |
NAV | 5.38 | -2.99 | 0.63 | 2.87 | 0.22 | -0.81 | 3.18 | 2.57 | 5.51 | 2.42 | -0.56 | -3.42 | -1.64 | -1.64 | 6.59 | 3.98 | 9.02 | 7.23 | 13.14 |
Difference | 1.76 | 0.05 | 1.51 | 3.29 | 1.02 | 2.13 | -1.09 | 2.17 | 5.53 | -2.44 | 2.61 | -3.73 | -3.48 | 4.46 | -1.20 | 0.60 | 4.38 | 0.66 | 6.59 |
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 | 6.56 | -3.32 | -11.57 | -8.90 | 4.05 | 4.74 | 3.08 | 12.33 | 2.34 | -23.88 |
NAV | -2.81 | -1.34 | -0.13 | -4.24 | -6.37 | -0.03 | -7.02 | -12.97 | -16.66 | 5.62 | -2.08 | -6.71 | -3.52 | 3.69 | 6.27 | -3.32 | 6.54 | 2.79 | -14.34 |
Difference | 3.75 | 1.78 | -0.35 | 5.04 | 2.20 | 2.47 | 1.01 | 5.04 | 8.96 | -0.95 | 1.24 | 4.86 | 5.38 | -0.36 | 1.54 | -6.40 | -5.80 | 0.45 | 9.54 |
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 | 5.74 | 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 | 16.21 |
Difference | -2.16 | -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 | 1.21 | 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 | 1.80 | -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 | 0.64 | 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 | -0.57 | 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 | 1.36 | 1.27 | 0.17 | 2.83 | 6.51 | 1.25 | 0.53 | 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 | 2.09 | 0.82 | 4.51 | 1.22 | 3.13 | 9.09 | 9.98 | 1.18 | 0.47 | 1.69 | 3.38 | -0.75 | -2.50 | 2.04 | -1.25 | 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 | -2.48 | -5.15 | 4.95 | -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 | -0.42 | -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 | 2.00 | -0.08 | -2.17 | -0.29 | 6.11 | 1.79 | -1.68 | 2.59 | 2.67 | 2.00 | 0.78 | 1.01 | 3.84 | 6.61 | 13.12 |
Difference | -2.56 | -1.21 | 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 | 0.06 | -2.01 | -2.39 | -4.38 | -0.69 | 0.57 | -0.55 | -0.68 | 1.26 | 1.77 | 1.20 | 4.20 | 3.78 | -0.49 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 8.94% |
1Yr Disc 4.32% |
3Yr Disc 3.70% |
5Yr Disc 3.40% |
Rel Disc Range (3yr) 66.76% |
Mkt Yield 10.68% |
Lev Adj NAV Yield 8.95% |
After Tax Yield* 8.74% |
Est Tax Friction* 1.94% |
3Yr NAV Volatiliy 9.47 |
1 Yr RoC 32.87% |
3 Yr Dest RoC 20.17% |
Leverage 30.53% |
Non Lev Exp Ratio 2.09% |
Beta (2yr) 0.58 |
Equity Exposure 18.07% |
Bond Exposure 79.22% |
# Holdings 33 |
Cash Weighted Duration 2.78 |
|
Comp NAV TR 3.99% |
Comp Discount 13.00% |
Net Assets (M) 1,254 |
Liquidity - 90d (K) 6,542 |
|
* 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) |
---|---|---|---|---|---|---|---|---|---|
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 3.39 | 24.49 | 10.23 | 14.63 | 25.34 | 1,741 | 8,741 |
PCN | PIMCO Corp & Incm Stgy Fd | PIMCO | 3.27 | 10.10 | 10.68 | 14.73 | 16.45 | 635 | 3,037 |
GOF | Gghm Stgc Opp Fd | Guggenheim Funds | 3.63 | 21.89 | 15.09 | 60.35 | 19.70 | 1,656 | 10,701 |
EDF | Virtus SH Emrg Mkt Incm Fd | Virtus | 3.56 | 15.24 | 13.41 | 21.76 | 18.00 | 135 | 921 |
IFN | India Fund | abrdn | 3.20 | -2.35 | 9.41 | 0.00 | 0.00 | 575 | 3,757 |
EIC | Eagle Point Incm Co | Eagle Point | 3.36 | 3.24 | 15.37 | 0.00 | 32.21 | 196 | 1,985 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 3.55 | 11.01 | 14.03 | 19.62 | 39.54 | 5,128 | 28,410 |
CHI | Calamos Convt Opp & Incm | Calamos | 3.52 | 12.78 | 10.34 | 47.47 | 36.85 | 735 | 1,994 |
ACV | Virtus Divr Incm & Convt Fd | Virtus | 3.38 | 7.93 | 9.57 | 94.45 | 32.69 | 217 | 725 |
BIT | BR Mlt-Sctr Incm Tr | BlackRock | 3.47 | 6.89 | 9.66 | 42.75 | 35.05 | 544 | 1,328 |
HPS | JH Pref Incm Fd III | John Hancock | 3.52 | 7.22 | 8.71 | 14.19 | 37.26 | 451 | 955 |
THW | abrdn Wld Health Fd | abrdn | 3.40 | 4.76 | 11.16 | 77.32 | 20.10 | 457 | 1,473 |
MPV | Barings Partcp Invstr | Barings | 3.45 | 0.58 | 9.03 | 0.00 | 11.67 | 163 | 318 |
VVR | Invsc Sr Incm Tr | Invesco | 3.57 | 4.93 | 12.11 | 16.35 | 31.36 | 621 | 2,729 |
PAXS | PIMCO Access Incm Fd | PIMCO | 3.52 | 2.13 | 11.71 | 11.72 | 42.48 | 660 | 2,875 |
PDO | PIMCO Dyn Incm Opp Fd | PIMCO | 3.53 | 2.07 | 11.94 | 19.96 | 41.03 | 1,436 | 5,711 |
GBAB | Gghm Taxable Muni Bnd & Inv Grd Dbt | Guggenheim Funds | 3.45 | 2.83 | 9.64 | 43.95 | 24.32 | 373 | 998 |
UTF | C&S Infra Fd | Cohen&Steers | 3.53 | 3.11 | 8.02 | 19.34 | 30.00 | 2,166 | 5,502 |
HYT | BR Corp Hi Yld Fd | BlackRock | 3.52 | 1.05 | 9.72 | 25.15 | 25.61 | 1,360 | 3,855 |
BGT | BR Flt Rt Incm Fd | BlackRock | 3.59 | 1.48 | 11.11 | 9.17 | 22.99 | 286 | 1,211 |
SRV | NXG Cushing Midstream Nrg Fd | Cushing | 3.58 | -0.17 | 13.10 | 84.67 | 25.47 | 120 | 1,429 |
BHK | BR Core Bnd Tr | BlackRock | 3.45 | 0.87 | 8.62 | 38.84 | 33.11 | 556 | 1,890 |
EFT | EV Flt-Rt Incm Tr | Eaton Vance | 3.60 | 0.75 | 10.59 | 0.00 | 36.70 | 347 | 1,240 |
BLW | BR Ltd Dur Incm Tr | BlackRock | 3.44 | -2.96 | 9.62 | 10.99 | 36.98 | 495 | 1,212 |
DLY | DbLin Yld Opp Fd | Doubleline | 3.40 | -4.67 | 9.27 | 3.05 | 19.34 | 760 | 2,529 |
ARCC | Ares Capital Corp | Ares | 1.60 | 8.06 | 9.24 | 0.00 | 49.93 | 11,204 | 76,014 |
GBDC | Golub Capital BDC | Golub Capital | 1.64 | 13.57 | 9.14 | 0.00 | 54.11 | 2,564 | 14,765 |
MAIN | Main Street Cap Corp | Main Street Capital | 1.66 | 67.12 | 5.90 | 0.00 | 40.56 | 2,481 | 16,915 |
BXSL | Blackstone Secur Lending Fd | Blackstone | 1.64 | 19.47 | 9.67 | 0.00 | 48.47 | 5,108 | 28,456 |
OXSQ | Oxford Square Cap Corp | Oxford Lane | 1.62 | 25.88 | 13.08 | 0.00 | 44.29 | 152 | 637 |
OBDC | Blue Owl Cap Corp | Blue Owl | 1.68 | 2.33 | 9.36 | 0.00 | 52.38 | 6,021 | 32,189 |
HTGC | Hercules Capital | Hercules | 1.64 | 65.88 | 8.44 | 0.00 | 45.50 | 1,810 | 17,565 |
CSWC | Cap Southwest Corp | Capital Southwest | 1.65 | 53.85 | 8.84 | 0.00 | 47.42 | 721 | 9,432 |