XA Investments (MCN) will expand its XAI Interval Fund Index™ suite with a new sub-index, the XAI Interval Fund Credit Index™ (INTVL-C), expected to launch in Q1 2026. INTVL-C is a total return benchmark that tracks alternative credit non-listed closed-end interval and tender offer funds with majority credit allocations and currently consists of 54 constituents. The sub-index factors in credit elements such as distribution reinvestments, is calculated on a net total return basis, is calculated daily and rebalanced quarterly, and is maintained by Indxx, Inc. XAI positions INTVL-C as a dedicated benchmark to improve comparisons and risk assessment among credit interval funds.
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Positive
Expected launch in Q1 2026
54 credit interval and tender offer constituents
Calculated daily and rebalanced quarterly
Negative
Index reflects a concentrated group of market leaders
Minimum asset thresholds may exclude smaller credit funds
News Market Reaction – MCN
-0.17%
-0.17%Session close to close
In the Dec 29 session, MCN declined 0.17%, reflecting a mild negative market reaction.
This announcement introduces INTVL-C, a credit-focused sub-index of the XAI Interval Fund Index™, co...
Analysis
This announcement introduces INTVL-C, a credit-focused sub-index of the XAI Interval Fund Index™, covering 54 credit interval and tender offer funds within a broader 93-constituent universe that each exceed $100 million in net assets. The index is designed as a total return benchmark, incorporating distribution reinvestments and net total return calculations. Investors may watch how this benchmark is adopted by managers of interval and closed-end credit funds and how it is referenced in future fund communications.
Key Figures
Credit index funds:over 50 fundsINTVL-C constituents:54 constituentsINTVL constituents:93 constituents+5 more
8 metrics
Credit index fundsover 50 fundsConstituents in INTVL-C credit interval and tender offer fund index
INTVL-C constituents54 constituentsCurrent size of XAI Interval Fund Credit Index
INTVL constituents93 constituentsCurrent size of XAI Interval Fund Index
INTVL asset thresholdmore than $100 millionNet assets required for inclusion in XAI Interval Fund Index
XA Investments webinar on CLO and leveraged loan market.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent MCN news has centered on distributions, reporting cadence, and webinars, with modest, largely aligned price reactions around each event.
Recent Company History
Over the last few months, MCN’s news flow has focused on operational and shareholder communication items. On Oct 20 and Oct 23, XA Investments and MCN announced webinars to discuss market developments and the fund’s strategy. On Nov 3 and Dec 1, MCN declared unchanged monthly distributions of $0.060 per share, following its shift from quarterly to monthly payouts. A fiscal year-end change announced on Nov 6 aligned reporting with related funds. Today’s index-related announcement fits this pattern of structural and informational updates.
Key Terms
interval fund, tender offer fund, total return, net total return, +4 more
8 terms
interval fundfinancial
"XAI Interval Fund Index™ (“INTVL”) suite with its first sub-index."
An interval fund is a type of investment fund that allows investors to buy and sell shares only at specific times during the year, rather than daily like many other funds. Think of it as a club that opens its doors for trading only during designated periods, giving investors a way to access less liquid assets while still having some control over when they can buy or sell. This structure helps investors access unique investment opportunities that may not be easily available elsewhere.
tender offer fundfinancial
"track the performance of credit interval and tender offer funds."
A tender offer fund is a type of investment pool that collects money from investors to participate in buyout offers where a company offers to purchase its own shares from shareholders at a specific price. This allows investors to potentially profit from the company's effort to buy back its stock, often aiming to increase the value of remaining shares or to take advantage of undervalued shares. It matters to investors because it provides an opportunity to earn returns from corporate buyback activities.
total returnfinancial
"Calculated on a total return basis, the sub-index provides fund managers a direct way"
Total return measures how much an investment grows over a period by combining changes in its market price with any income it pays (like dividends or interest), usually shown as a percentage. It matters to investors because it gives a complete picture of performance—similar to looking at your paycheck plus any year-end bonus rather than just the hourly wage—so you can compare investments more fairly and judge real wealth change.
"distribution reinvestments, and calculations on a net total return basis."
Net total return measures how much an investment grows when you count both changes in market price and any income it pays (like dividends or interest), after subtracting fees, expenses and applicable taxes, and assuming that income is reinvested. It matters to investors because it shows the real, take‑home growth of their money—like tracking your bank balance increase after deposits, interest, and service charges—so you can fairly compare different investments.
closed-endfinancial
"alternative credit non-listed closed-end interval and tender offer funds"
A closed-end fund is an investment pool that issues a fixed number of shares in a one-time offering and then those shares trade on an exchange like stocks, rather than being continuously created or redeemed. Investors should care because the market price can rise above or fall below the value of the fund’s underlying holdings, affecting returns and liquidity, and managers have a steady pool of capital to follow long-term strategies.
Investment Company Act of 1940regulatory
"funds registered under the Investment Company Act of 1940 with majority allocations"
A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.
net asset valuesfinancial
"funds with daily or weekly net asset values that meet minimum asset thresholds"
Net asset values (NAV) measure how much each share of an investment fund is worth by subtracting what the fund owes from what it owns and dividing the remainder by the number of shares. Think of it like a household’s net worth split among family members. Investors use NAV to see a fund’s current value per share, to track performance over time, and as the price for buying or selling shares in many pooled investments.
index calculation agenttechnical
"are maintained by Indxx, Inc. as the index calculation agent."
An index calculation agent is the organization or service that computes and publishes the numerical value of a financial index using a predefined rule book, updating it for trades, stock splits, dividends and other corporate events. Think of it as the official scorekeeper for the index; investors rely on its accuracy because the index value drives prices and performance of funds, ETFs and derivatives that track or reference that index.
CHICAGO, Dec. 29, 2025 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), a leader in closed-end interval and tender offer fund research, announced it plans to expand the XAI Interval Fund Index™ (“INTVL”) suite with its first sub-index. Expected to launch in Q1 2026, the XAI Interval Fund Credit Index™ (“INTVL-C”) will track the performance of credit interval and tender offer funds.
The sub-index will offer asset managers greater transparency with a more comprehensive look at category constituents that have not been offered before. INTVL-C will provide fund sponsors with valuable performance metrics to improve investment decisions and risk assessment in credit funds, while enabling better fund comparisons through a dedicated benchmark.
“INTVL-C is instrumental in helping fund managers benchmark credit interval funds against a universe of similar peers,” stated Kimberly Flynn, President of XA Investments. “Calculated on a total return basis, the sub-index provides fund managers a direct way to compare their funds against the most comprehensive interval fund credit index of over 50 credit interval and tender offer funds.”
The sub-index factors in credit-centric elements such as distribution reinvestments, and calculations on a net total return basis. Its structure will ensure fair performance comparisons among funds with similar investment profiles and operational constraints, supporting more meaningful evaluation and informed decision-making.
The constituents that comprise INTVL-C represent a concentrated group of market leaders within the interval fund marketplace, capturing the funds that have emerged as primary drivers of performance within the segment. The top 10 leaders include funds from managers such as Cliffwater, CION, Carlyle, PIMCO, Lord Abbett, Variant, Stone Ridge, Apollo and Federated Hermes.
The XAI Interval Fund Credit Index™ (INTVL-C), a total return sub-index of the XAI Interval Fund Index™, tracks the performance of alternative credit non-listed closed-end interval and tender offer funds registered under the Investment Company Act of 1940 with majority allocations to credit strategies, including direct lending, multi-strategy, asset-backed lending, and structured credit, and currently consists of 54 constituents. The XAI Interval Fund Index™, also a total return index, measures the broader interval and tender offer fund universe with more than $100 million in net assets, offering diversified exposure across seven asset classes—credit, real estate/real assets, hedge funds, specialty, multi-asset, tax-free bonds, and venture/private equity—and currently consists of 93 constituents. Both indexes include interval and tender offer funds with daily or weekly net asset values that meet minimum asset thresholds, are calculated daily, rebalanced quarterly, and are maintained by Indxx, Inc. as the index calculation agent.
If you would like to license INTVL, INTVL-C, or have any questions, please contact info@xainvestments.com or 888-903-3358. The XAI Interval Fund Index™ is available on Bloomberg under the ticker INTVL.About XA Investments
XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), the XAI Madison Equity Premium Income Fund (NYSE: MCN), and the Octagon XAI CLO Income Fund (OCTIX). In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.
Media Contact:
Joanna Sowa
jsowa@xainvestments.com
312-374-6938
FAQ
What is the XAI INTVL-C index and when will it launch?
INTVL-C is a total return benchmark for credit interval and tender offer funds, expected to launch in Q1 2026.
How many funds are included in INTVL-C and what strategies are covered?
INTVL-C currently includes 54 constituents and covers credit strategies like direct lending, asset-backed lending, structured credit, and multi-strategy.
How is INTVL-C calculated and maintained for fund benchmarking?
INTVL-C is calculated on a net total return basis, includes distribution reinvestments, is calculated daily, rebalanced quarterly, and maintained by Indxx, Inc.
What does INTVL-C mean for fund sponsors and managers of credit interval funds (MCN)?
INTVL-C provides fund sponsors and managers with dedicated performance metrics and a peer benchmark to support comparisons and risk assessment.
Will INTVL-C include small or newly launched credit interval funds?
Both indexes apply minimum asset thresholds, so smaller or very new credit funds may be excluded from INTVL-C.
