Will the extension affect the fund’s ability to issue or redeem shares in the future?

Short‑term impact: The board’s decision to push the maturity of the Class A and Preferred Shares from June 2026 to June 2031 is a pure “term‑extension” amendment. In the prospectus, the Fund already retains the right to issue new shares or redeem existing ones at any time that the share‑class terms allow—typically at net asset value (NAV) adjusted for accrued distributions. Because the extension is not a taxable event and does not change the underlying redemption mechanics, there is no regulatory or structural barrier that would prevent the Fund from issuing fresh shares or redeeming outstanding ones in the future. The only practical change is that any new issuance or redemption will now be anchored to a longer‑dated instrument, which may affect the pricing model but not the fundamental ability to transact.

Trading implications:

- Liquidity & pricing: With a five‑year extension, the Fund’s shares become a longer‑term vehicle, so investors seeking a near‑term exit may be less inclined to buy, potentially compressing the premium/discount to NAV. Watch for any widening of the discount, which could create short‑term arbitrage opportunities between the market price and the NAV‑based redemption price.

- Future dividend risk: The Preferred‑Share dividend rate for the extended term will be set 60 days before the original June 2026 maturity, based on prevailing market yields. If the announced rate is materially lower than the current 10.7% distribution, the market may re‑price the shares lower, and redemption demand could rise. Positioning a small‑to‑medium long‑term, high‑yield position now is sensible only if you are comfortable holding until at least 2026, when the next dividend‑rate decision will occur.

Actionable insight: Keep the fund in a watchlist for the June‑2026 dividend‑rate announcement. If the rate drops significantly, consider shorting the premium or taking a put position on the underlying ETF (if any) or the share itself, while remaining prepared to buy back if the discount widens. Conversely, a higher‑than‑expected dividend could sustain the 10‑plus‑percent yield, supporting the share price and making it a viable long‑term, high‑yield holding. Monitor liquidity and any redemption‑related NAV adjustments for short‑term trading opportunities.