 The iShares Biotechnology ETF IBB is down -12.9 year-to-date but the Tekla biotech equity CEFs are down even more despite NAVs that are holding up extremely well. The result is that the Tekla biotech CEFs HQH and HQL keep dropping to lower-and-lower valuations with HQH now at a -11.6 discount and HQL at a -12.0 discount. 