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06. Tax-Sensitive Income Index

Data as of

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 1,046.99 0.46 -1.16 -3.09 -0.85 -2.19 7.64 0.30 3.91 -1.35 -4.09 4.88
NAV 1,020.96 0.01 -1.21 -1.44 1.04 -1.41 5.82 -1.08 4.06 -0.92 -2.23 2.19
Difference -0.45 -0.05 1.64 1.90 0.77 -1.82 -1.38 0.16 0.43 1.85 -2.69
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.57 1.94 -0.46 6.11 1.27 -0.44 0.36 1.18 7.29 2.04 -1.69 1.35 1.67 -2.77 - - - - 6.23
NAV 2.02 1.64 0.22 3.92 -0.03 -1.00 0.10 -0.93 2.98 1.64 -1.04 0.85 1.44 -1.32 - - - - 3.11
Difference -2.55 -0.30 0.68 -2.20 -1.29 -0.56 -0.26 -2.12 -4.31 -0.40 0.65 -0.50 -0.23 1.45 - - - - -3.12
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -6.38 1.14 5.88 0.26 7.44 1.85 3.35 13.09 13.35 1.39 1.06 0.83 3.31 -4.57 1.13 1.40 -2.13 1.18 14.54
NAV -7.11 -0.69 6.17 -2.06 6.36 1.98 2.67 11.36 9.30 1.24 0.95 1.25 3.48 -2.55 -0.06 2.74 0.06 3.54 12.84
Difference -0.73 -1.83 0.28 -2.32 -1.08 0.13 -0.68 -1.73 -4.05 -0.16 -0.10 0.43 0.17 2.02 -1.20 1.34 2.19 2.36 -1.69
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.22 2.16 -1.58 0.78 1.91 -1.59 -5.03 -4.76 -3.99 -1.44 -3.14 -6.27 -10.52 7.49 -4.49 -2.75 -0.16 -10.68 -14.67
NAV -0.99 1.72 -1.40 -0.70 2.09 -0.65 -3.74 -2.37 -3.07 -0.87 -4.07 -6.32 -10.92 5.89 -3.35 -3.13 -0.86 -11.77 -14.85
Difference -1.21 -0.44 0.17 -1.47 0.18 0.94 1.29 2.39 0.91 0.57 -0.93 -0.05 -0.40 -1.60 1.14 -0.38 -0.70 -1.09 -0.18

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.21%
1Yr Disc
-2.63%
3Yr Disc
-4.34%
5Yr Disc
-4.19%
Rel Disc Range (3yr)
55.39%
Mkt Yield
8.36%
Lev Adj NAV Yield
6.62%
After Tax Yield*
8.16%
Est Tax Friction*
0.20%
3Yr NAV Volatiliy
16.40
1 Yr RoC
54.60%
3 Yr Dest RoC
36.66%
Leverage
24.30%
Non Lev Exp Ratio
1.33%
Beta (2yr)
0.85
Equity Exposure
61.39%
Bond Exposure
37.49%
# Holdings
63
Cash Weighted Duration
3.46
Comp NAV TR
0.34%
Comp Discount
1.28%
Net Assets (M)
788
Liquidity - 90d (K)
1,800
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

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 1.24 -9.25 5.07 0.00 36.90 3,976 5,932
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.26 -6.48 5.64 0.00 37.29 3,342 4,848
NAD Nuv Qlty Muni Incm Fd Nuveen 1.24 -9.50 5.14 0.00 36.60 3,125 4,395
NZF Nuv Muni Cr Incm Fd Nuveen 1.25 -5.47 5.83 0.00 36.08 2,288 4,145
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.24 -7.30 3.84 0.00 35.84 1,708 2,240
NUV Nuv Muni Val Fd Nuveen 1.24 -1.36 3.83 0.00 0.31 2,133 2,141
IIM Invsc Val Muni Incm Tr Invesco 1.23 -9.59 5.06 0.00 39.00 766 2,377
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.26 0.81 5.71 0.00 37.14 859 1,711
EIM EV Muni Bnd Fd Eaton Vance 1.25 -7.15 4.91 1.10 39.10 935 1,491
VMO Invsc Muni Opp Tr Invesco 1.20 -7.62 5.32 0.00 42.00 911 1,435
VGM Invsc Tr fr Inv Grd Muni Invesco 1.22 -6.21 5.81 0.00 42.02 759 1,543
MUI BR Muni Imd Dur Fd BlackRock 1.24 -9.55 4.24 0.00 38.45 593 1,041
PML PIMCO Muni Incm Fd II PIMCO 1.27 9.99 5.86 0.00 38.47 749 1,387
VKQ Invsc Muni Tr Invesco 1.21 -8.07 5.71 0.00 39.00 747 1,330
KTF Deutsche Muni Incm Tr Deutsche 1.17 -5.47 5.29 0.00 37.60 498 1,515
MYI BR MuniYld Qlty Fd III BlackRock 1.24 -2.28 5.78 0.00 38.65 985 1,151
IQI Invsc Qlty Muni Incm Tr Invesco 1.21 -8.95 5.28 0.55 38.00 721 1,208
MMD MainStay DfinTrm Muni Opp New York Life 1.22 -2.09 5.49 0.00 35.38 554 1,160
PMO Putnam Muni Opp Tr Putnam 1.25 -5.46 5.13 0.00 29.53 510 800
MMU WA Mgd Muni Fd Legg Mason 1.28 2.29 5.29 0.00 29.30 604 914
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.27 2.52 5.70 0.00 41.62 556 856
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.22 -5.14 4.86 0.00 36.47 647 999
NEV Nuv Enh Muni Val Fd Nuveen 1.23 -4.52 5.68 0.00 34.12 375 841
PMM Putnam Mgd Muni Incm Tr Putnam 1.25 -5.63 5.05 6.11 24.17 430 710
VKI Invsc Adv Muni Incm Tr II Invesco 1.23 -6.18 5.76 0.00 41.00 539 952
MHI Pioneer Muni Hi Incm Tr Pioneer 1.24 -6.35 5.28 0.00 25.70 290 849
LEO Dreyfus Stgc Muni Dreyfus 1.24 1.98 5.90 0.00 35.19 532 862
BFK BR Muni Incm Tr BlackRock 1.24 -2.76 5.54 0.00 42.32 649 934
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.74 -0.64 9.82 91.59 0.00 2,819 5,830
GLQ Clough Glbl Eq Fd Clough 1.75 -9.81 10.82 94.84 34.71 162 887
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.75 2.95 9.22 88.17 0.00 1,226 2,587
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.71 -9.99 9.13 86.04 0.00 1,385 2,384
EOI EV Enh Eq Incm Fd Eaton Vance 1.76 -3.89 7.36 82.50 0.00 574 1,359
GPM Gghm Enh Eq Incm Fd Guggenheim 1.74 -3.71 11.20 74.00 31.00 428 1,714
BGY BR Enh Intl DivTr BlackRock 1.73 -7.16 7.04 78.76 0.00 761 1,879
INB C&S Glbl Incm Bldr Cohen & Steers 1.74 -8.44 8.57 81.78 22.00 244 703
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.68 -7.31 8.22 76.75 0.00 185 574
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.73 1.54 8.78 77.46 0.00 971 2,462
GUT Gabelli Util Tr Gabelli 1.75 28.18 8.51 89.07 30.00 240 476
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.74 2.21 7.80 74.20 0.00 405 853
EOS EV Enh Eq Incm Fd II Eaton Vance 1.75 -3.29 7.01 58.13 0.00 738 1,581
FFA FT Enh Eq Incm Fd First Trust 1.77 -6.22 7.42 41.76 0.00 327 810
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.82 -0.68 6.27 47.99 0.00 262 720
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.76 -2.86 6.55 58.68 0.00 1,487 2,465
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.55 2.12 11.14 55.97 17.67 164 759
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.77 -2.15 8.57 56.63 0.00 1,804 3,463
LCM AC Enh Gwth & Incm Fd Guggenheim 1.67 -9.62 10.16 37.54 28.76 84 326
BME BR Health Sci Tr BlackRock 1.70 0.71 6.78 62.43 0.00 326 915
CEN Center Coast MLP & Infr Fd Center Coast 2.08 0.97 13.33 100.00 32.50 203 1,514
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 2.05 -6.64 10.32 100.00 29.15 462 1,355
DSE D&P Sel Nrg MLP Fd Virtus 1.88 -3.33 16.83 100.00 42.21 142 666
FMO F/C MLP Opp Fd Guggenheim 1.96 -4.38 15.79 100.00 34.48 403 1,969
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.04 -4.55 13.11 100.00 27.97 432 1,951
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.16 -1.72 12.27 100.00 26.34 107 486
NTG Tortoise MLP Fd Tortoise 2.11 2.17 10.24 100.00 32.50 764 2,187
SRV Cushing MLP Tot Rtn Fd Cushing 2.00 -12.24 10.50 100.00 31.50 79 407
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.08 -7.85 9.97 99.18 26.10 270 1,097
FPL FT New Opp MLP & Nrg Fd First Trust 2.14 -0.61 11.03 97.85 25.96 289 1,299
FEN FT Nrg Incm & Gwth Fd First Trust 2.13 -1.16 10.49 100.00 25.96 442 1,472
EMO CB Nrg MLP Opp Fd Legg Mason 2.04 -7.27 11.94 95.67 32.79 361 1,194
NML NB MLP Incm Fd Neuberger Berman 2.07 -8.58 7.84 91.67 21.80 522 2,094
KYN KA MLP Inv Kayne Anderson 1.95 -5.04 12.10 89.34 35.84 1,800 7,078
TYG Tortoise Nrg Infra Corp Tortoise 2.11 9.02 9.94 89.30 30.00 1,192 5,322

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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