It's only an arb if your net exposure is zero. If you want an arb, look at Hansa. You can buy their trust and sell an underlying porfolio which, if you do it ri

It's only an arb if your net exposure is zero. If you want an arb, look at Hansa. You can buy their trust and sell an underlying porfolio which, if you do it right, should come out to very close to zero exposure. But most CEFs aren't selling at a discount because of liquidity, they are just shit (if the manager is decent, they should buy back shares to close the discount).