The S-Network Closed-End Fund Indexes are designed to serve as fair, impartial, and transparent benchmarks for the performance of US closed-end funds, which focus their investment management processes on attaining yield. The indexes embrace many of the largest and most successful yield-oriented, closed-end funds in the US and have been structured to facilitate transactional efficiency. There are currently two indexes in the S-Network Closed-End Fund Index family:
S-Network Composite Closed-End Fund Index (CEFX)
S-Network Municipal Bond Closed-End Fund Index (CEFMX)
Key defining factors include:
Breadth of Coverage. The S-Network Closed-End Fund Indexes seek to include all closed-end funds with defined investment objectives that correspond to defined sectors over a certain size and with sufficient secondary market liquidity.
Qualitative Screens. The S-Network Closed-End Fund Indexes exclude certain closed-end funds that maintain expense ratios over 2% per year and trade at premiums to net asset value of more than 20%.
Rules Based. The S-Network Closed-End Fund Indexes are compiled based upon a clearly defined rules-based methodology, which is overseen by an Index Committee.
Data-Rich. The S-Network Closed-End Fund Indexes are supported by extensive data, including the wide dissemination of real time prices, a five-year back tested history, and important information about constituent funds.
Index values for the S-Network Closed-End Fund Indexes are disseminated under the following tickers: CEFX and CEFMX.