Hi Gromit,1) Does a closed-end ETF have turnover of it's investments?Yes, but being muni-bonds it's very little. If they can trade and increase value and/or payout they will. Also, sometimes a bond is called, or matures and has to be replaced.Some bonds always trade at a premium; some always at a discount, and most trade above and below. Just because a CEF is trading above NAV doesn't mean it's a bad buy. Just because a CEF is trading below NAV doesn't make it a good buy.One of my favorite Nat'l muni-CEF's is Nuveen's NXZ, currently yielding about 5.6%. It spends almost all its time at a premium; just as actual muni-bonds that pay an above avg. coupon(among other things), trade at a premium to par.I'm a LTBH investor also, and find these muni-CEF's a nice diversification and income producerany other questions; fire away, I'm learning too!!rk
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