How might the distribution schedule influence the fund’s liquidity and market depth around the distribution date?

The August 2025 distribution creates a predictable, short‑term liquidity event for MEGI. Because the fund’s annualized payout sits near 10½ % (price‑based) and 9.6 % (NAV‑based), it attracts both dividend‑capture traders and income‑focused investors who will load up in the days leading up to the ex‑distribution date. Expect a noticeable uptick in trading volume and tighter bid‑ask spreads as market participants position for the cash payout. This pre‑distribution buying pressure often pushes the market price a few cents above the theoretical “cum‑distribution” level, creating a modest, temporary support zone that can be used for limit‑order entries.

Once the fund goes ex‑distribution, the price typically declines by roughly the per‑share cash amount (≈ $0.14‑$0.15 based on the $14.29 price). That mechanical adjustment can thin the order book, especially if large redemptions accompany the cash outflow, leading to reduced depth and heightened volatility in the immediate post‑ex window. Traders should therefore plan exits or profit‑taking on the swing‑down move, using tight stop‑losses or liquidity‑weighted orders to avoid slippage. For longer‑term investors, the distribution date can be a good re‑entry point if the price falls below the pre‑ex support and the fund’s fundamentals—stable infrastructure assets and a robust NAV—remain intact. In practice, monitor the depth of the book 30‑60 minutes before and after the ex‑date; a sudden drop in displayed depth signals heightened risk, while a resilient depth suggests the market is efficiently pricing the payout and may present short‑term arbitrage opportunities.