I just don't understand why anyone would ever knowingly pay more than NAV for an ETF. In this case, it was obviously that $5.25 was more than NAV. (To be exact, NAV as of yesterday was $5.06, according to www.etfconnect.com. Back out the announced, but yet-to-be-paid November and December dividends and it's even less.)
Why would you back out the 0.24 dividend? The sellers at 5.25 are sending the divdend with the shares.
PHK has more of a history of sell at a premium to NAV, than a discount. The discount days may be coming to an end (for now anyway). You may be able to justify a preminum going forward if the tax loss can be capture by the investors.