What impact will the extension have on the fund’s liquidity and trading volume?

Liquidity – By pushing the maturity out another five years, the Fund eliminates the looming redemption deadline that normally spikes sell‑offs as investors scramble to close out positions before June 30 2026. Without that “run‑to‑cash” pressure, the supply of shares on the market will thin out, meaning the daily float will be smaller and bid‑ask spreads could tighten. In practice this tends to dampen liquidity, especially for the Class A shares, because investors now have a longer horizon to hold rather than a fixed exit date. However, because the extension is tax‑free and preserves the 10.7 % distribution rate, it also makes the security more attractive to yield‑seeking capital, which can offset the reduced float by bringing in new long‑term buyers.

Trading volume – The net effect on volume will likely be a modest decline in short‑term turnover, but a steadier, more “core‑investor” driven flow. Market participants who value the 10.7 % yield and the potential for capital appreciation will accumulate positions rather than trade them rapidly, leading to lower day‑to‑day volume but a more stable price base. Technical charts should therefore show a flattening of the volatility‑band and a possible consolidation pattern around the current price level.

Actionable take‑away – Anticipate a reduction in liquidity risk and a slower, more predictable trading rhythm. Positionally, the trade‑friendly environment favors a buy‑and‑hold approach to capture the attractive dividend and any upside from the extended term. Keep an eye on the preferred‑share dividend announcement (at least 60 days out) – that rate will set the next support level and could reignite short‑term volume if it deviates significantly from market yields. In the meantime, a modest long‑position with a tight stop just below the current support zone (≈ $0.95‑$1.00) aligns with the fund’s improved cash‑flow outlook and the expected liquidity‑driven price stability.