Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 11/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
16.2%
1 yr return
24.8%
3 Yr Avg Return
0.4%
5 Yr Avg Return
3.5%
Net Assets
$436 M
Holdings in Top 10
32.5%
Expense Ratio 4.60%
Front Load N/A
Deferred Load N/A
Turnover 90.00%
Redemption Fee N/A
Standard (Taxable)
N/A
IRA
N/A
Fund Type
Exchange Traded Fund
Name
As of 11/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund will normally invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Index. Because the Index is comprised of securities issued by other investment companies (as opposed to operating companies), the Fund operates in a manner that is commonly referred to as a “fund of funds,” meaning that it invests its assets in shares of funds that are included in the Index. The Index seeks to measure the performance of the common stock (or its equivalent) of the top 60 U.S. exchange-listed closed-end funds (the “Underlying Funds”), as selected and ranked according to factors employed by the Index methodology that are designed to result in a portfolio that produces high current income (the “Methodology”).
The Index universe is not limited by the types of securities or other instruments in which an Underlying Fund may invest, nor the investment strategy an Underlying Fund may employ. Thus, the Underlying Funds may invest in a variety of securities including, but not limited to, equity securities (both dividend and non-dividend paying), foreign securities (including depositary receipts), taxable investment grade fixed income securities, investment grade municipal securities, taxable high yield fixed income securities and high yield municipal securities (commonly referred to as “junk bonds”), preferred securities, convertible securities, commodities, real-estate related securities, including real estate investment trusts (“REITs”), and derivatives. The Underlying Funds may employ different investment strategies including, but not limited to, dividend strategies, global and international strategies, covered call option strategies, balanced strategies, limited duration strategies, tax and risk-managed strategies, sector strategies, real estate, energy, utility, commodity, natural resources and other equity or income-oriented strategies.
The initial Index universe begins with all closed-end funds whose shares are listed and trade on one of the following U.S. securities exchanges: the Nasdaq Stock Market®, the New York Stock Exchange, NYSE American, or the CBOE Exchange. From this initial universe, eligible constituents are then considered for inclusion based on its respective “Tier” classification, with funds qualifying as either a “Tier 1 Fund” or “Tier 2 Fund”. To be considered a “Tier 1 Fund,” a fund must meet the following criteria:
• have net assets of at least $500 million;
• have a six-month average daily traded value of at least $1 million;
• have a fund yield that is greater than or equal to 1.2 times the median fund yield of dividend-paying funds within the closed-end fund universe;
• have a trading price differential to NAV (i.e., a trading price premium or discount to NAV) that is not in the top 25th percentile of the closed-end fund universe (with funds with premiums and smaller discounts rated more highly than those with larger discounts); and
• have an expense ratio that is less than or equal to 6%.
To be considered a “Tier 2 Fund”, a fund must meet the following criteria:
• have net assets of at least $250 million;
• have a fund average daily traded value of at least $800,000;
• have a fund yield that is greater than or equal to the median fund yield of dividend-paying funds within the closed-end fund universe;
• have a trading price differential to NAV that is not in the top 10th percentile of the closed-end fund universe; and
• have an expense ratio that is less than or equal to 6%.
A combined rank score for each eligible Index constituent is then calculated based on the following criteria and calculated in accordance with the Index methodology: fund yield (descending); fund trading premium/discount (ascending); and fund average daily traded value (descending). Each fund is then assigned an overall rank based on its combined rank score. The Index selects the Tier 1 Funds with a rank of 1 through 60. However, if fewer than 60 Tier 1 Funds are selected, the Index includes the Tier 2 Funds with the best overall rank not already selected as Tier 1 Funds until the Index either reaches a total of 60 constituents or the list of eligible Tier 2 Funds is exhausted. While the Index seeks to have 60 components, that number is a maximum limit and not a fixed target.
Index constituents are weighted according to a “modified” fund-yield weighted methodology. The initial Index weights are determined as follows:
• the top 30 Underlying Funds as determined by ranking Fund Yield in descending order are each assigned a weight of 3%; and
• all remaining Underlying Funds are given equal weights such that the combined weights add up to 100%.
Initial weights are adjusted at the semi-annual rebalance to comply with the following ongoing maximum weight constraints:
• no constituent may exceed 3.5%;
• no constituent outside the top 30 may exceed 2%;
• no constituent may exceed the ratio of 10 days of a constituent’s fund average daily traded value divided by 110% of the Fund’s net assets; and
• no constituent may exceed the ratio of 2.7% of a constituent’s net assets divided by 100% of the Fund’s net assets.
The Index weight adjustment is conducted such that any excess weight from a constituent exceeding its max weight is redistributed proportionally to other eligible constituents. The Index is rebalanced and reconstituted semi-annually, effective on the trading day following the third Friday in January and July. The rebalance and reconstitution of the Index is conducted using reference data as of the third Friday of the month prior (December and June, respectively). The Index but may be adjusted more frequently for specific corporate events, as detailed in the Methodology.
The Index is unmanaged and cannot be invested in directly. The Fund employs a “passive management” investment strategy in seeking to achieve its investment objective. The Fund generally will use a replication methodology, meaning it will invest in all of the Underlying Funds comprising the Index in proportion to the weightings in the Index. However, the Fund may utilize a sampling methodology under various circumstances where it may not be possible or practicable to purchase all of the Underlying Funds in the Index.
Diversification Status. The Fund is classified as a “diversified company” under the Investment Company Act of 1940, as amended (the “1940 Act”).
Period | YYY Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 16.2% | -2.8% | 27.4% | 20.28% |
1 Yr | 24.8% | 1.3% | 51.5% | 25.81% |
3 Yr | 0.4%* | -21.3% | 11.6% | 64.65% |
5 Yr | 3.5%* | -11.8% | 23.0% | 76.47% |
10 Yr | 3.7%* | -4.8% | 9.8% | 68.84% |
* Annualized
Period | YYY Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.3% | -18.9% | 60.2% | 89.81% |
2022 | -29.9% | -48.5% | 0.1% | 93.95% |
2021 | 4.4% | -19.0% | 48.3% | 49.07% |
2020 | -10.7% | -16.5% | 52.8% | 99.02% |
2019 | 11.2% | -8.5% | 26.6% | 40.70% |
Period | YYY Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 16.2% | -2.8% | 27.4% | 20.28% |
1 Yr | 24.8% | 1.3% | 51.5% | 25.81% |
3 Yr | 0.4%* | -21.3% | 11.6% | 64.65% |
5 Yr | 3.5%* | -11.8% | 23.0% | 76.47% |
10 Yr | 3.7%* | -4.8% | 9.8% | 68.84% |
* Annualized
Period | YYY Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.0% | -11.7% | 61.8% | 26.85% |
2022 | -21.8% | -48.5% | 4.6% | 89.30% |
2021 | 14.1% | -14.2% | 48.3% | 31.78% |
2020 | -0.9% | -11.7% | 77.4% | 89.71% |
2019 | 20.5% | -3.9% | 28.4% | 13.57% |
YYY | Category Low | Category High | YYY % Rank | |
---|---|---|---|---|
Net Assets | 436 M | 1.98 M | 12.4 B | 39.63% |
Number of Holdings | 47 | 2 | 2274 | 52.53% |
Net Assets in Top 10 | 151 M | 1.55 M | 9.46 B | 45.16% |
Weighting of Top 10 | 32.51% | 20.8% | 109.8% | 88.02% |
Weighting | Return Low | Return High | YYY % Rank | |
---|---|---|---|---|
Stocks | 99.84% | 0.00% | 145.83% | 4.61% |
Convertible Bonds | 5.87% | 0.00% | 8.92% | 0.92% |
Cash | 1.17% | -33.22% | 99.64% | 72.35% |
Preferred Stocks | 0.00% | -0.09% | 5.36% | 98.62% |
Other | 0.00% | -29.71% | 135.29% | 93.09% |
Bonds | 0.00% | 0.00% | 106.59% | 99.08% |
Weighting | Return Low | Return High | YYY % Rank | |
---|---|---|---|---|
Utilities | 22.17% | 0.00% | 91.12% | 1.09% |
Technology | 11.84% | 0.00% | 85.77% | 68.31% |
Financial Services | 11.84% | 0.00% | 98.22% | 58.47% |
Real Estate | 10.56% | 0.00% | 99.45% | 19.67% |
Energy | 8.66% | 0.00% | 60.89% | 23.50% |
Healthcare | 8.18% | 0.00% | 38.63% | 75.41% |
Industrials | 6.68% | 0.00% | 23.85% | 69.95% |
Communication Services | 6.30% | 0.00% | 21.61% | 44.26% |
Consumer Cyclical | 5.88% | 0.00% | 25.83% | 62.30% |
Consumer Defense | 4.14% | 0.00% | 37.51% | 74.86% |
Basic Materials | 3.75% | 0.00% | 56.73% | 50.27% |
Weighting | Return Low | Return High | YYY % Rank | |
---|---|---|---|---|
US | 99.84% | 0.00% | 145.83% | 4.61% |
Non US | 0.00% | -1.94% | 38.53% | 98.16% |
YYY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 4.60% | 0.45% | 10.24% | 4.61% |
Management Fee | 0.50% | 0.00% | 1.50% | 19.35% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 31.25% |
Administrative Fee | N/A | 0.05% | 0.70% | N/A |
YYY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
YYY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
YYY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 90.00% | 1.75% | 441.00% | 42.53% |
YYY | Category Low | Category High | YYY % Rank | |
---|---|---|---|---|
Dividend Yield | 11.79% | 0.00% | 24.95% | 1.38% |
YYY | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Quarterly | Quarterly |
YYY | Category Low | Category High | YYY % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.81% | -2.01% | 13.72% | 6.91% |
YYY | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Oct 30, 2024 | $0.120 | OrdinaryDividend |
Sep 27, 2024 | $0.120 | OrdinaryDividend |
Aug 29, 2024 | $0.120 | OrdinaryDividend |
Jul 30, 2024 | $0.120 | OrdinaryDividend |
Jun 27, 2024 | $0.120 | OrdinaryDividend |
Apr 26, 2024 | $0.120 | OrdinaryDividend |
Mar 26, 2024 | $0.120 | OrdinaryDividend |
Feb 27, 2024 | $0.120 | OrdinaryDividend |
Jan 29, 2024 | $0.120 | OrdinaryDividend |
Dec 27, 2023 | $0.120 | OrdinaryDividend |
Nov 28, 2023 | $0.120 | OrdinaryDividend |
Oct 27, 2023 | $0.120 | OrdinaryDividend |
Sep 27, 2023 | $0.120 | OrdinaryDividend |
Aug 29, 2023 | $0.120 | OrdinaryDividend |
Jul 27, 2023 | $0.120 | OrdinaryDividend |
Jun 28, 2023 | $0.120 | OrdinaryDividend |
May 26, 2023 | $0.120 | OrdinaryDividend |
Apr 26, 2023 | $0.120 | OrdinaryDividend |
Mar 29, 2023 | $0.120 | OrdinaryDividend |
Feb 24, 2023 | $0.120 | OrdinaryDividend |
Jan 27, 2023 | $0.120 | OrdinaryDividend |
Dec 28, 2022 | $0.120 | OrdinaryDividend |
Nov 28, 2022 | $0.120 | OrdinaryDividend |
Oct 27, 2022 | $0.120 | OrdinaryDividend |
Sep 28, 2022 | $0.120 | OrdinaryDividend |
Aug 29, 2022 | $0.120 | OrdinaryDividend |
Jul 27, 2022 | $0.120 | OrdinaryDividend |
Jun 28, 2022 | $0.120 | OrdinaryDividend |
May 26, 2022 | $0.120 | OrdinaryDividend |
Apr 27, 2022 | $0.120 | OrdinaryDividend |
Mar 29, 2022 | $0.120 | OrdinaryDividend |
Feb 24, 2022 | $0.120 | OrdinaryDividend |
Jan 27, 2022 | $0.120 | OrdinaryDividend |
Dec 29, 2021 | $0.120 | OrdinaryDividend |
Nov 26, 2021 | $0.120 | OrdinaryDividend |
Oct 27, 2021 | $0.120 | OrdinaryDividend |
Sep 28, 2021 | $0.120 | OrdinaryDividend |
Aug 27, 2021 | $0.120 | OrdinaryDividend |
Jul 28, 2021 | $0.130 | OrdinaryDividend |
Jun 28, 2021 | $0.130 | OrdinaryDividend |
May 26, 2021 | $0.130 | OrdinaryDividend |
Apr 28, 2021 | $0.130 | OrdinaryDividend |
Mar 29, 2021 | $0.130 | OrdinaryDividend |
Feb 24, 2021 | $0.130 | OrdinaryDividend |
Jan 27, 2021 | $0.130 | OrdinaryDividend |
Dec 29, 2020 | $0.130 | OrdinaryDividend |
Nov 25, 2020 | $0.130 | OrdinaryDividend |
Oct 28, 2020 | $0.130 | OrdinaryDividend |
Sep 28, 2020 | $0.130 | OrdinaryDividend |
Aug 27, 2020 | $0.130 | OrdinaryDividend |
Jul 29, 2020 | $0.130 | OrdinaryDividend |
Jun 26, 2020 | $0.130 | OrdinaryDividend |
May 27, 2020 | $0.130 | OrdinaryDividend |
Apr 28, 2020 | $0.130 | OrdinaryDividend |
Mar 27, 2020 | $0.130 | OrdinaryDividend |
Feb 26, 2020 | $0.130 | OrdinaryDividend |
Jan 29, 2020 | $0.130 | OrdinaryDividend |
Dec 30, 2019 | $0.063 | OrdinaryDividend |
Dec 23, 2019 | $0.130 | OrdinaryDividend |
Nov 22, 2019 | $0.130 | OrdinaryDividend |
Oct 28, 2019 | $0.078 | OrdinaryDividend |
Sep 25, 2019 | $0.078 | OrdinaryDividend |
Aug 26, 2019 | $0.078 | OrdinaryDividend |
Jul 25, 2019 | $0.078 | OrdinaryDividend |
Jun 24, 2019 | $0.130 | OrdinaryDividend |
May 28, 2019 | $0.130 | OrdinaryDividend |
Apr 25, 2019 | $0.130 | OrdinaryDividend |
Mar 25, 2019 | $0.130 | OrdinaryDividend |
Feb 25, 2019 | $0.130 | OrdinaryDividend |
Jan 28, 2019 | $0.130 | OrdinaryDividend |
Dec 24, 2018 | $0.130 | OrdinaryDividend |
Nov 27, 2018 | $0.130 | OrdinaryDividend |
Oct 26, 2018 | $0.130 | OrdinaryDividend |
Sep 25, 2018 | $0.130 | OrdinaryDividend |
Aug 28, 2018 | $0.130 | OrdinaryDividend |
Jul 26, 2018 | $0.130 | OrdinaryDividend |
Jun 26, 2018 | $0.130 | OrdinaryDividend |
May 25, 2018 | $0.130 | OrdinaryDividend |
Apr 25, 2018 | $0.130 | OrdinaryDividend |
Mar 26, 2018 | $0.130 | OrdinaryDividend |
Feb 23, 2018 | $0.130 | OrdinaryDividend |
Jan 26, 2018 | $0.130 | OrdinaryDividend |
Dec 26, 2017 | $0.130 | OrdinaryDividend |
Nov 27, 2017 | $0.130 | OrdinaryDividend |
Oct 26, 2017 | $0.130 | OrdinaryDividend |
Sep 26, 2017 | $0.130 | OrdinaryDividend |
Aug 28, 2017 | $0.130 | OrdinaryDividend |
Jul 26, 2017 | $0.130 | OrdinaryDividend |
Jun 27, 2017 | $0.130 | OrdinaryDividend |
May 25, 2017 | $0.130 | OrdinaryDividend |
Apr 25, 2017 | $0.130 | OrdinaryDividend |
Mar 28, 2017 | $0.130 | OrdinaryDividend |
Feb 23, 2017 | $0.130 | OrdinaryDividend |
Jan 26, 2017 | $0.160 | OrdinaryDividend |
Dec 27, 2016 | $0.160 | OrdinaryDividend |
Nov 25, 2016 | $0.160 | OrdinaryDividend |
Oct 26, 2016 | $0.160 | OrdinaryDividend |
Sep 27, 2016 | $0.160 | OrdinaryDividend |
Aug 26, 2016 | $0.160 | OrdinaryDividend |
Jul 26, 2016 | $0.160 | OrdinaryDividend |
Jun 21, 2016 | $0.160 | OrdinaryDividend |
May 24, 2016 | $0.160 | OrdinaryDividend |
Apr 26, 2016 | $0.160 | OrdinaryDividend |
Mar 22, 2016 | $0.160 | OrdinaryDividend |
Feb 23, 2016 | $0.160 | OrdinaryDividend |
Jan 26, 2016 | $0.160 | OrdinaryDividend |
Dec 28, 2015 | $0.160 | OrdinaryDividend |
Nov 23, 2015 | $0.160 | OrdinaryDividend |
Oct 27, 2015 | $0.160 | OrdinaryDividend |
Sep 25, 2015 | $0.160 | OrdinaryDividend |
Aug 24, 2015 | $0.160 | OrdinaryDividend |
Jul 27, 2015 | $0.160 | OrdinaryDividend |
Jun 24, 2015 | $0.160 | OrdinaryDividend |
May 26, 2015 | $0.160 | OrdinaryDividend |
Apr 24, 2015 | $0.160 | OrdinaryDividend |
Mar 25, 2015 | $0.160 | OrdinaryDividend |
Feb 24, 2015 | $0.160 | OrdinaryDividend |
Jan 23, 2015 | $0.160 | OrdinaryDividend |
Dec 26, 2014 | $0.021 | CapitalGainShortTerm |
Dec 26, 2014 | $0.170 | OrdinaryDividend |
Nov 24, 2014 | $0.170 | OrdinaryDividend |
Oct 27, 2014 | $0.170 | OrdinaryDividend |
Sep 25, 2014 | $0.170 | OrdinaryDividend |
Aug 25, 2014 | $0.170 | OrdinaryDividend |
Jul 25, 2014 | $0.170 | OrdinaryDividend |
Jun 25, 2014 | $0.170 | OrdinaryDividend |
May 27, 2014 | $0.170 | OrdinaryDividend |
Apr 25, 2014 | $0.170 | OrdinaryDividend |
Mar 25, 2014 | $0.170 | OrdinaryDividend |
Feb 25, 2014 | $0.170 | OrdinaryDividend |
Jan 27, 2014 | $0.170 | OrdinaryDividend |
Dec 24, 2013 | $0.200 | OrdinaryDividend |
Nov 21, 2013 | $0.200 | OrdinaryDividend |
Oct 24, 2013 | $0.200 | OrdinaryDividend |
Sep 23, 2013 | $0.180 | OrdinaryDividend |
Aug 19, 2013 | $0.180 | OrdinaryDividend |
Jun 19, 2013 | $0.167 | OrdinaryDividend |
Mar 20, 2013 | $0.069 | OrdinaryDividend |
Dec 19, 2012 | $0.183 | OrdinaryDividend |
Dec 19, 2012 | $0.576 | CapitalGainShortTerm |
Sep 19, 2012 | $0.224 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Oct 02, 2019
2.66
2.7%
Dustin Lewellyn, CFA. Mr. Lewellyn has extensive background in institutional investment process with a specific focus on exchange-traded funds (“ETFs”). Mr. Lewellyn was a portfolio manager at BGI (now part of Blackrock), and he managed a number of international equity funds. Dustin also was head of ETF product management and product development at Northern Trust where he oversaw the build out and management of all areas of a new ETF business, including primary responsibility for the portfolio management process surrounding the ETFs. Mr. Lewellyn also built and ran a new ETF business for Charles Schwab, including having primary responsibility for the technology and investment process to support portfolio management for the ETFs. Mr. Lewellyn started a consulting business with a focus on ETFs and helped numerous new ETF sponsors, as well as service providers, understand the resource requirements to participate in the industry utilizing current best practices. Mr. Lewellyn holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds security licenses 7, 63, 66 and 24.
Start Date
Tenure
Tenure Rank
Oct 02, 2019
2.66
2.7%
Mr. Tong has been a managing director with Penserra since 2015. Prior to joining Penserra, Mr. Tong spent seven years as a vice president at Blackrock, where he was a portfolio manager for a number of the iShares ETFs, and prior to that, he spent two years in the firm’s index research group.
Start Date
Tenure
Tenure Rank
Oct 02, 2019
2.66
2.7%
Anand Desai. Mr. Desai has been an Associate with Penserra since 2015. Prior to joining the Penserra Capital Management, LLC, Mr. Desai was a portfolio fund accountant at State Street for five years.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.83 | 6.67 | 13.0 |
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