CEF Advisors

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05. Tax-Sensitive Income Index

Data as of April 27, 2017

About the Index

(1) 1/3 weighting the top 33% of National Municipal Bond CEFs, excluding Taxable Municipal Bond Funds, ranked by 90-day average trading ($) liquidity, (2) 1/3 Equity Income funds that pay distributions monthly or quarterly, but not including funds with large year-end distributions. Excluding Master Limited Partnership (MLP), Energy, Preferred Equity or Hybrid/Balanced closed-end funds as classified by CEFData.com. Screening for: $500K+ a day in 90-day average trading dollar ($) liquidity. Second, residing in the middle 60% of 1-year net asset value (NAV) total return (TR); removing the top 20% and bottom 20% NAV TR performers that also report at least 20% return of capital (RoC) for past 3 months and then ranked for the highest 20 percentages of 1 Year RoC%. (3) The top 15 MLP Funds with the highest 1-Year RoC% and over $250K in 90-day average trading dollar ($) liquidity. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,069.04 -0.13 0.51 2.73 2.23 7.59 13.15 1.75 3.97 0.86 0.86 6.00
NAV 1,120.13 -0.33 0.39 1.55 1.69 6.28 12.92 1.35 4.51 -0.20 -0.20 3.31
Difference -0.20 -0.12 -1.18 -0.54 -1.31 -0.23 -0.40 0.54 -1.06 -1.06 -2.69
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,073.70
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 3.62 0.99 -0.89 5.14 - - - - - - - - - - - - 6.00
NAV 1.55 0.89 -0.45 3.51 - - - - - - - - - - - - 3.31

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.32%
1Yr Disc
-5.32%
3Yr Disc
-5.92%
5Yr Disc
-4.50%
Rel Disc Range (3yr)
56.62%
Mkt Yield
7.56%
Lev Adj NAV Yield
6.07%
After Tax Yield*
7.41%
Est Tax Friction*
0.15%
1 Yr RoC
58.69%
3 Yr Dest RoC
41.38%
Leverage
22.69%
Non Lev Exp Ratio
1.32%
3Yr NAV Volatiliy
16.48
Equity Exposure
63.84%
Bond Exposure
35.03%
# Holdings
63
Cash Weighted Duration
3.43
Beta (2yr)
1.18
Comp NAV TR
-0.42%
Comp Discount
-0.51%
Net Assets (M)
765
Liquidity - 90d (K)
2,082
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

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Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


63 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.20 -8.08 5.49 0.00 38.00 3,871 7,315
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.20 -6.51 5.88 0.00 39.00 3,204 6,141
NAD Nuv Qlty Muni Incm Fd Nuveen 1.20 -8.29 5.56 0.00 38.04 3,042 5,981
NZF Nuv Muni Cr Incm Fd Nuveen 1.21 -5.16 6.04 0.00 37.88 2,204 5,471
NUV Nuv Muni Val Fd Nuveen 1.21 -1.97 3.92 0.00 0.92 2,098 3,234
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.20 -1.97 4.20 0.00 36.40 1,643 2,845
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.19 0.99 6.13 0.00 34.73 764 1,964
IIM Invsc Val Muni Incm Tr Invesco 1.20 -7.54 5.02 0.00 37.00 755 2,127
PML PIMCO Muni Incm Fd II PIMCO 1.20 5.72 6.12 0.00 37.84 744 1,980
VMO Invsc Muni Opp Tr Invesco 1.18 -3.42 5.90 0.00 42.00 907 1,904
VKQ Invsc Muni Tr Invesco 1.19 -6.18 5.84 0.00 40.00 744 1,642
EIM EV Muni Bnd Fd Eaton Vance 1.18 -7.51 5.14 1.04 40.20 926 1,591
PMF PIMCO Muni Incm Fd PIMCO 1.20 5.51 5.34 11.06 41.31 325 1,802
MYI BR MuniYld Qlty Fd III BlackRock 1.20 -1.33 5.81 0.00 39.04 969 1,594
VGM Invsc Tr fr Inv Grd Muni Invesco 1.19 -6.17 5.83 0.00 43.00 756 1,579
BFK BR Muni Incm Tr BlackRock 1.19 -1.83 5.58 0.00 42.74 638 1,518
IQI Invsc Qlty Muni Incm Tr Invesco 1.19 -7.34 5.25 0.00 37.00 713 1,329
MAV Pioneer Muni Hi Incm Adv Tr Pioneer 1.21 -5.87 5.08 0.00 34.60 283 1,162
MUI BR Muni Imd Dur Fd BlackRock 1.20 -8.04 4.77 0.00 38.08 581 1,427
MYD BR MuniYld Fd BlackRock 1.21 -0.75 5.92 0.00 38.12 688 1,206
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.20 -3.40 4.87 0.00 36.60 635 1,246
KTF Deutsche Muni Incm Tr Deutsche 1.19 6.05 6.30 0.00 39.89 496 1,277
MMD MainStay DfinTrm Muni Opp New York Life 1.20 -1.01 5.53 0.00 36.50 544 1,159
VKI Invsc Adv Muni Incm Tr II Invesco 1.19 -6.37 5.80 0.00 43.00 536 1,075
NEV Nuv Enh Muni Val Fd Nuveen 1.21 -3.77 5.71 0.00 34.63 371 1,128
MMU WA Mgd Muni Fd Legg Mason 1.19 -0.58 5.50 0.00 29.62 596 1,020
AFB AB Nat Muni Incm Fd AllianceBernstein 1.20 -7.75 4.60 0.00 41.21 423 1,118
MHI Pioneer Muni Hi Incm Tr Pioneer 1.19 -7.93 4.86 0.00 25.90 290 904
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.69 -9.54 9.10 93.75 0.00 1,381 3,196
GPM Gghm Enh Eq Incm Fd Guggenheim 1.72 -4.12 11.46 95.90 30.35 420 1,278
MXF Mexico Fund Impulsora del 1.66 -10.62 3.15 100.00 0.00 277 1,377
IRR Voya NtrRes Eq Incm Fd Voya 1.65 -2.00 10.17 90.33 0.00 147 631
EOI EV Enh Eq Incm Fd Eaton Vance 1.68 -5.72 7.77 89.61 0.00 555 1,463
JCE Nuv Core Eq Alpha Fd Nuveen 1.73 -5.68 7.77 65.73 0.00 243 675
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.70 -0.18 9.75 86.86 0.00 1,194 3,702
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.68 -7.81 9.90 79.16 0.00 636 2,925
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.71 -5.17 10.35 86.00 0.00 2,801 9,716
INB C&S Glbl Incm Bldr Cohen & Steers 1.69 -8.70 8.87 79.49 22.50 237 831
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.69 -3.75 8.96 71.97 0.00 1,753 5,255
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.66 -9.32 8.75 78.03 0.00 178 638
DNI Div & Incm Fd Bexil 1.68 -17.97 4.91 71.28 3.74 159 636
EOS EV Enh Eq Incm Fd II Eaton Vance 1.72 -5.15 7.49 67.08 0.00 704 1,799
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.74 -5.82 6.32 70.61 0.00 620 1,537
IDE Voya Infra Ind & Matrls Fd Voya 1.67 -4.76 7.74 63.36 0.00 303 1,385
IAE Voya AP Hi Div Eq Incm Fd Voya 1.68 -9.41 8.11 69.85 0.00 136 594
GLQ Clough Glbl Eq Fd Clough 1.68 -6.70 9.26 73.32 35.71 243 798
HEQ JH Hgd Eq & Incm Fd John Hancock 1.65 -3.17 8.94 64.15 0.00 212 599
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.71 -9.63 8.48 61.84 0.00 215 840
CBA CB Amrc Nrg MLP Fd Legg Mason 2.17 -8.63 8.21 100.00 26.11 625 1,711
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 2.19 -7.27 8.57 100.00 25.64 560 1,637
DSE D&P Sel Nrg MLP Fd Virtus 2.17 -0.13 11.47 100.00 30.98 200 900
EMO CB Nrg MLP Opp Fd Legg Mason 2.21 -6.84 9.49 100.00 28.25 452 1,429
FEN FT Nrg Incm & Gwth Fd First Trust 2.21 5.80 8.60 94.58 25.95 495 1,775
FMO F/C MLP Opp Fd Guggenheim 2.19 3.25 11.07 100.00 26.62 511 1,947
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.16 0.60 10.07 100.00 25.15 525 1,995
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.10 2.55 9.78 100.00 25.46 125 604
KYN KA MLP Inv Kayne Anderson 2.14 1.22 9.02 100.00 32.68 2,248 7,418
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.26 -8.17 8.06 100.00 23.50 335 1,452
NML NB MLP Incm Fd Neuberger Berman 2.17 -8.89 6.64 91.67 19.50 618 2,336
NTG Tortoise MLP Fd Tortoise 2.14 -1.08 8.40 100.00 27.40 958 2,227
SRV Cushing MLP Tot Rtn Fd Cushing 2.20 -10.66 7.79 100.00 32.50 105 327
FEI FT MLP & Nrg Incm Fd First Trust 2.22 3.88 8.69 98.06 25.33 717 1,959
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 2.20 -3.70 7.94 93.75 32.50 661 2,358

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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