Why is ADX, which is basically a blue chip mutual fund with a low expense ratio (SPDR @ 3%, APPL @ 2.85%, JPM @ 2.45%, PFE @ 2.36%, GE @ 2.0%, etc; Expense Ratio @ 0.62%), trading at a 14.15% discount to NAV? What am I missing?
"What can we do as shareholders to make management close the spread?"
There is no incentive for management to do anything to close the spread. The history of closed end funds shows that most efforts to open end the funds have failed. There is not much that the average shareholder can do. You could try writing letters to management and the members of the board of directors. You could also attend the annual meetings and speak up there.