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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 1,077.14 -0.79 -0.58 1.55 3.28 4.14 6.32 0.56 3.00 -0.77 -0.42 6.01
NAV 1,034.03 -0.55 -0.81 1.97 3.40 1.33 4.53 -1.62 3.31 -0.50 -0.19 2.31
Difference 0.24 -0.23 0.41 0.12 -2.82 -1.79 -2.17 0.31 0.27 0.23 -3.70
* 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 3.62 0.99 -0.89 5.14 1.38 -0.77 -0.41 1.29 6.44 1.28 -2.00 - - - - - - - 6.78
NAV 1.51 0.85 -0.46 3.39 0.01 -1.21 -0.60 -0.89 2.50 1.00 -1.32 - - - - - - - 2.81
Difference -2.11 -0.14 0.42 -1.75 -1.36 -0.43 -0.19 -2.19 -3.94 -0.28 0.68 - - - - - - - -3.98

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-2.77%
1Yr Disc
-4.04%
3Yr Disc
-5.36%
5Yr Disc
-4.65%
Rel Disc Range (3yr)
61.09%
Mkt Yield
7.77%
Lev Adj NAV Yield
6.29%
After Tax Yield*
7.56%
Est Tax Friction*
0.21%
3Yr NAV Volatiliy
17.09
1 Yr RoC
54.62%
3 Yr Dest RoC
41.12%
Leverage
23.10%
Non Lev Exp Ratio
1.32%
Beta (2yr)
1.21
Equity Exposure
63.95%
Bond Exposure
35.05%
# Holdings
63
Cash Weighted Duration
3.28
Comp NAV TR
0.13%
Comp Discount
0.43%
Net Assets (M)
791
Liquidity - 90d (K)
1,765
* 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 1.22 -8.32 5.01 0.00 36.72 3,981 6,723
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.23 -5.46 5.58 0.00 37.15 3,338 5,496
NAD Nuv Qlty Muni Incm Fd Nuveen 1.22 -8.01 5.06 0.00 36.41 3,125 4,966
NZF Nuv Muni Cr Incm Fd Nuveen 1.22 -5.46 5.82 0.00 35.99 2,292 4,403
NUV Nuv Muni Val Fd Nuveen 1.23 -0.77 3.80 0.00 0.31 2,139 2,363
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.18 -5.88 3.79 0.00 35.59 1,703 2,284
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.22 0.74 5.74 0.00 36.64 850 2,281
VMO Invsc Muni Opp Tr Invesco 1.20 -3.67 5.48 0.00 41.00 918 1,529
PML PIMCO Muni Incm Fd II PIMCO 1.21 7.96 5.93 0.00 38.25 754 1,325
VGM Invsc Tr fr Inv Grd Muni Invesco 1.20 -4.33 5.66 0.00 41.00 765 1,510
EIM EV Muni Bnd Fd Eaton Vance 1.21 -7.32 4.89 1.09 39.10 941 1,497
IIM Invsc Val Muni Incm Tr Invesco 1.19 -8.06 4.94 0.00 39.00 771 2,105
VKQ Invsc Muni Tr Invesco 1.20 -5.37 5.51 0.00 39.00 752 1,369
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.22 0.67 5.75 0.00 41.36 561 966
MYI BR MuniYld Qlty Fd III BlackRock 1.22 -0.41 5.64 0.00 38.25 991 1,070
MUI BR Muni Imd Dur Fd BlackRock 1.23 -8.35 4.16 0.00 38.27 596 1,520
IQI Invsc Qlty Muni Incm Tr Invesco 1.20 -6.70 5.11 0.53 38.00 726 1,157
AFB AB Nat Muni Incm Fd AllianceBernstein 1.22 -7.39 4.49 0.00 39.28 432 894
MMU WA Mgd Muni Fd Legg Mason 1.24 1.36 5.33 0.00 29.30 604 882
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.21 -2.61 4.73 0.00 36.38 648 927
BFK BR Muni Incm Tr BlackRock 1.22 -0.90 5.42 0.00 42.10 651 814
MMD MainStay DfinTrm Muni Opp New York Life 1.22 -1.38 5.38 0.00 35.70 560 1,025
KTF Deutsche Muni Incm Tr Deutsche 1.13 1.10 5.61 0.00 37.70 501 1,132
MYD BR MuniYld Fd BlackRock 1.22 1.74 5.68 0.00 37.38 700 737
MHI Pioneer Muni Hi Incm Tr Pioneer 1.20 -5.59 4.93 0.00 25.60 294 928
PMO Putnam Muni Opp Tr Putnam 1.21 -5.61 5.15 0.00 30.26 509 949
PMF PIMCO Muni Incm Fd PIMCO 1.22 7.64 5.14 2.07 40.10 332 686
VKI Invsc Adv Muni Incm Tr II Invesco 1.20 -5.31 5.66 0.00 40.00 543 878
MXF Mexico Fund Impulsora del 1.69 -12.00 2.95 100.00 0.00 301 1,027
EOI EV Enh Eq Incm Fd Eaton Vance 1.68 -4.38 7.55 82.38 0.00 563 1,403
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.75 2.26 9.29 88.23 0.00 1,225 3,340
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.70 -0.86 9.85 91.72 0.00 2,816 6,988
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.84 -3.44 7.76 80.76 0.00 188 754
IDE Voya Infra Ind & Matrls Fd Voya 1.75 -2.06 7.17 59.50 0.00 318 1,009
INB C&S Glbl Incm Bldr Cohen & Steers 1.69 -8.06 8.64 77.07 22.20 241 645
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.65 -11.33 7.28 67.21 26.81 209 718
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.68 4.38 8.72 76.71 0.00 951 2,390
IAE Voya AP Hi Div Eq Incm Fd Voya 1.72 -8.69 7.65 72.11 0.00 140 426
EOS EV Enh Eq Incm Fd II Eaton Vance 1.73 -1.25 7.02 59.99 0.00 721 1,849
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.68 -7.93 9.06 86.04 0.00 1,363 2,868
DNI Div & Incm Fd Bexil 1.68 -17.21 4.76 71.55 0.00 162 470
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.70 -6.12 6.58 55.02 0.00 642 1,625
GPM Gghm Enh Eq Incm Fd Guggenheim 1.69 -1.85 11.31 80.74 31.31 416 1,684
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.70 2.53 7.81 70.77 0.00 403 928
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.71 -3.80 8.87 48.71 0.00 1,771 4,301
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.71 6.65 10.33 51.18 17.69 170 755
HEQ JH Hgd Eq & Incm Fd John Hancock 1.70 -0.84 8.54 29.97 0.00 217 586
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.78 -5.63 7.90 42.12 0.00 221 820
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 2.18 -4.44 9.45 100.00 28.33 493 1,218
DSE D&P Sel Nrg MLP Fd Virtus 2.05 4.28 13.90 100.00 42.40 983 573
EMO CB Nrg MLP Opp Fd Legg Mason 2.13 -3.63 10.72 96.75 31.85 387 1,201
FMO F/C MLP Opp Fd Guggenheim 2.05 0.80 13.70 100.00 33.78 441 1,946
FPL FT New Opp MLP & Nrg Fd First Trust 2.11 -1.06 10.35 98.69 25.55 309 1,136
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.04 2.60 11.37 100.00 28.09 458 1,798
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.13 0.46 11.36 100.00 27.27 112 458
KYN KA MLP Inv Kayne Anderson 2.13 3.39 10.17 100.00 34.60 1,962 5,915
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.11 -5.97 9.02 99.18 25.30 292 1,040
NTG Tortoise MLP Fd Tortoise 2.11 3.52 9.43 100.00 31.20 816 1,896
SRV Cushing MLP Tot Rtn Fd Cushing 2.13 -10.11 9.24 100.00 25.80 88 286
FEI FT MLP & Nrg Incm Fd First Trust 2.20 2.18 9.46 90.35 25.44 681 2,057
FEN FT Nrg Incm & Gwth Fd First Trust 2.17 1.59 9.53 97.29 25.30 473 1,386
NML NB MLP Incm Fd Neuberger Berman 2.17 -7.68 7.14 91.67 21.60 568 1,822
CEM CB Nrg MLP Fd Legg Mason 2.17 -1.47 9.62 77.34 31.25 1,050 2,692

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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