RE:RE:RE:RE:RE:How is this trading at such a discount?You need to go back much further, especially with FTN and several others.
2008 took the shine off many venues, SPLITs were hit very hard and most lost at least half of their price, many went even lower and lost 75-80%.
Most of them, if any, have ever recovered, just look at the long chart on FTN and it's pretty much a mirror for the other financial splits.
That's why I don't follow the NAV as closely as you folks do. They can't always be believed.
When derivative reportings become so complicated it's next to impossible to corroberate their bottom line, fraud happens. Hence, the bottom fell out of the Derivative trades in 2008 and it had a ripple effect throughout every sector in North American and later World markets.
NAV is great, until it isn't. It's the underlying and often unreported NAVs of the holdings most of us don't have the resources to get a handle on which trip us.
Even the experienced experts of the SEC in many nations, can't catch it, until it folds in front of them.
I do agree, that the NAV numbers are great indicators, but caution relying on them only.
There's a good reason why these supposed "cash cows" are trading below NAV.
I don't believe they were ever intended to trade above NAV, mostly because NAVs are fleeting numbers.
Combining NAV numbers with S&P numbers and indicators narrows the spectrum a bit.
The last pull back didn't really have a good reason to happen, that I could see, other than investors being overly cautious and offshore investors having issues in their own nations.
Many folks dumped their SPLITs to go into Crypto.
It doesn't take a lot of people to pull out of a sector which has fallen out of favor to hold it down.
One of my favorite indicators is watching "day traders" playing a SPLIT.
A few of them play these venues on a regular basis, because of their inherent predictable volatility.
Right now, for instance, many of the trades are day trades, and one of the indicators is how many units trade at the end of any given day.
When the numbers are "in a range" that's the normal ebb and flow of day traders.
When we get negative/positive spikes, then something else is going on.
This is just IMHO of course
GLTA the good folks here.