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03. Equity Income Index

Data as of

About the Index

(1) US Equity, Non-US Equity, Specialty Equity and Hybrid / Balanced Funds groupings according to CEFdata.com with regular distributions monthly or quarterly without a large year-end distribution in both of the past two calendar years. (2) Removing Preferred Equity, Single Country Funds. (3) Funds with US + Non-US Bonds exposure combined under 40%. (4) Top 50% ranked by 90-day average trading dollar ($) liquidity. (5) If there are only 1-3 funds in a group then combine all of these funds equal weight into a double allocation (estimated at 15.2% as each grouping is currently about 7.7% per group, but could change over time). (6) Remove current commodity funds as they are both liquidating in 1Q17; however, allow future commodity funds if they meet the other index criteria. For groups according to CEFdata.com with at least 3 funds, keep them grouped and give each group an equal weighting of the underlying funds. If there are less than 3 funds in the remaining group add them to a separate group. This group will have the double allocation mentioned previously. 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 1,218.17 0.54 1.71 4.45 6.25 -2.89 0.49 14.75 5.16 1.93 15.90 15.90
NAV 1,162.12 0.48 1.71 4.14 4.59 -1.88 1.63 11.41 4.05 2.11 12.29 12.29
Difference -0.06 -0.00 -0.31 -1.66 1.00 1.14 -3.34 -1.11 0.18 -3.61 -3.61
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 13.70 - - - - - - - - - - - - - - - - - 13.97
NAV 9.97 - - - - - - - - - - - - - - - - - 10.18
Difference -3.73 - - - - - - - - - - - - - - - - - -3.79
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 3.20 -4.81 -1.70 -3.44 2.61 0.83 -0.06 3.39 -0.05 2.50 1.36 -0.71 3.15 -9.03 2.81 -10.37 -16.17 -13.03 -13.08
NAV 3.73 -6.10 -1.10 -3.67 2.00 1.17 -0.22 2.97 -0.70 3.41 0.76 -0.39 3.80 -6.67 1.65 -8.04 -12.77 -8.97 -9.67
Difference 0.53 -1.29 0.60 -0.23 -0.60 0.35 -0.16 -0.42 -0.65 0.91 -0.60 0.33 0.65 2.35 -1.16 2.33 3.41 4.05 3.41
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.91 3.26 0.59 8.97 3.36 0.32 1.23 4.97 13.94 2.49 -1.14 2.88 4.24 -0.41 -0.55 3.11 2.12 6.36 20.30
NAV 2.39 2.74 0.54 5.76 0.87 0.23 1.09 2.21 7.97 2.35 -0.47 1.71 3.61 -0.10 1.33 1.64 2.89 6.50 14.47
Difference -2.53 -0.52 -0.05 -3.21 -2.49 -0.09 -0.13 -2.76 -5.97 -0.13 0.67 -1.18 -0.63 0.31 1.88 -1.46 0.77 0.14 -5.83
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.52 0.42 8.11 0.40 4.50 0.79 2.57 8.03 8.43 4.12 -0.03 0.12 4.21 -3.87 0.93 1.69 -1.33 2.88 11.31
NAV -6.13 -0.69 6.78 -0.46 3.18 1.08 1.58 5.95 5.49 3.29 -0.37 0.59 3.52 -2.77 0.50 2.31 -0.03 3.49 8.98
Difference 1.39 -1.11 -1.33 -0.86 -1.32 0.29 -0.98 -2.08 -2.94 -0.83 -0.33 0.47 -0.69 1.10 -0.43 0.61 1.30 0.61 -2.33
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -0.10 3.63 -2.06 1.40 1.80 -0.51 -3.74 -2.51 -1.11 -2.39 -5.93 -5.94 -13.63 9.45 -3.02 -2.77 3.20 -10.43 -11.54
NAV -0.60 3.35 -1.65 1.04 2.23 -0.11 -3.10 -1.05 -0.02 -0.45 -5.74 -4.87 -10.74 7.09 -1.92 -3.17 1.70 -9.03 -9.05
Difference -0.50 -0.28 0.41 -0.36 0.43 0.40 0.63 1.46 1.09 1.93 0.20 1.07 2.90 -2.36 1.10 -0.40 -1.50 1.40 2.50

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-5.98%
1Yr Disc
-5.27%
3Yr Disc
-5.96%
5Yr Disc
-6.47%
Rel Disc Range (3yr)
51.20%
Mkt Yield
9.15%
Lev Adj NAV Yield
7.69%
After Tax Yield*
8.10%
Est Tax Friction*
1.05%
3Yr NAV Volatiliy
14.89
1 Yr RoC
41.13%
3 Yr Dest RoC
4.49%
Leverage
14.37%
Non Lev Exp Ratio
1.33%
Beta (2yr)
0.82
Equity Exposure
90.72%
Bond Exposure
7.83%
# Holdings
65
Cash Weighted Duration
Comp NAV TR
-0.03%
Comp Discount
0.89%
Net Assets (M)
866
Liquidity - 90d (K)
3,676
* 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


65 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.60 -4.29 9.19 90.75 0.00 2,543 8,177
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.63 8.30 8.71 64.83 0.00 1,013 5,109
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.63 -0.78 8.79 55.48 0.00 1,737 5,836
BDJ BR Enh Eq Div Tr BlackRock 0.61 -8.63 6.53 0.00 0.00 1,761 5,304
BST BR Sci & Tech Tr BlackRock 0.65 7.58 5.61 0.00 0.00 669 4,071
BOE BR Enh Glbl DivTr BlackRock 0.62 -11.00 7.24 41.93 0.00 795 4,262
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 0.61 1.52 7.64 28.74 0.00 829 3,811
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.65 -12.21 7.36 94.50 0.00 1,320 4,292
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.58 -3.82 8.87 49.99 0.00 1,097 4,190
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.60 -1.58 7.47 77.79 0.00 1,383 3,799
EOS EV Enh Eq Incm Fd II Eaton Vance 0.64 2.81 7.04 0.00 0.00 781 3,450
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.62 -3.65 10.16 71.50 0.00 593 4,336
EOI EV Enh Eq Incm Fd Eaton Vance 0.62 -2.52 7.53 40.00 0.00 576 2,217
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.72 -7.84 8.82 0.00 34.25 2,239 17,756
TYG Tortoise Nrg Infra Corp Tortoise 0.76 0.63 10.33 75.00 32.10 1,352 13,900
NTG Tortoise Midstream Nrg Fd Tortoise 0.73 -4.69 11.40 80.00 34.60 984 10,467
CEM CB MLP & Midstream Fd Legg Mason 0.72 -10.15 9.46 87.47 30.96 978 8,912
EMO CB Nrg Midstream Opp Fd Legg Mason 0.75 -11.45 9.45 94.62 31.25 789 5,355
FEI FT MLP & Nrg Incm Fd First Trust 0.73 -7.17 10.29 93.86 26.07 590 4,440
KMF KA Midstream/Nrg Fd Kayne Anderson 0.75 -13.20 7.52 90.17 31.06 674 4,538
FEN FT Nrg Incm & Gwth Fd First Trust 0.69 -4.43 11.09 100.00 25.77 437 3,413
FMO F/C Nrg Infra Fd Guggenheim 0.73 -4.95 12.01 100.00 37.66 401 2,935
NML NB MLP Incm Fd Neuberger Berman 0.72 -11.99 8.32 100.00 27.50 510 2,973
GMZ GS MLP Incm Opp Fd Goldman Sachs 0.76 -2.21 9.50 24.04 37.74 402 3,285
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 0.75 -11.39 8.98 94.68 29.15 425 3,054
RQI C&S Qlty Incm Rty Fd Cohen & Steers 2.90 -7.49 7.70 0.00 26.43 1,471 6,599
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.84 -14.10 8.28 69.17 7.76 984 3,892
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.84 -10.63 10.34 63.23 3.00 554 2,057
AOD Abd Tot Dyn Div Fd Aberdeen 1.06 -11.59 8.22 24.54 1.46 1,012 5,001
IGD Voya Glbl Eq Div & Prm Opp Voya 1.02 -7.15 11.28 61.23 0.00 679 2,969
BGY BR Enh Intl DivTr BlackRock 0.99 -10.62 7.41 4.71 0.00 658 2,531
EOD WF Glbl Div Opp Fd Wells Fargo 1.05 -10.85 11.72 50.28 15.73 268 1,092
IDE Voya Infra Ind & Matrls Fd Voya 1.10 -7.92 9.24 8.90 0.00 263 1,085
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.13 2.60 11.76 69.19 28.82 177 1,217
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 0.97 -12.11 7.27 30.47 33.27 160 801
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.07 -16.01 8.20 72.08 30.14 192 878
HQH Tekla Health Invstr Tekla 2.81 -9.24 7.81 35.01 0.00 977 4,829
THQ Tekla Health Opp Fd Tekla 2.59 -9.46 7.50 70.46 22.80 836 2,880
THW Tekla Wld Health Fd Tekla 2.73 -7.16 10.70 85.30 23.30 426 2,084
GDV Gabelli Div & Incm Tr Gabelli 2.79 -8.75 6.24 0.00 21.00 1,912 5,621
EVT EV Tx-Adv Div Incm Fd Eaton Vance 2.79 -3.81 7.92 5.56 23.10 1,665 5,187
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 2.77 -7.87 7.90 15.68 27.00 1,289 4,426
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 2.87 -3.10 13.70 51.83 12.00 613 3,652
BCX BR Res & Com Stgy Tr BlackRock 2.73 -13.53 7.75 55.70 0.00 869 3,477
BGR BR Nrg & Res Tr BlackRock 2.79 -10.32 7.71 60.05 0.00 402 2,539
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.40 -0.89 8.08 19.19 33.00 1,913 5,393
NIE AG Eq & Convt Incm Fd Allianz 1.40 -8.30 7.17 0.00 0.00 641 2,256
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.33 -9.05 10.96 33.43 17.00 779 2,724
GLO Clough Glbl Opp Fd Clough 1.38 -11.15 10.66 21.75 43.16 341 1,559
FOF C&S CE Opp Fd Cohen & Steers 1.35 -4.09 8.41 57.84 0.00 352 1,580
RIV RiverNorth Opp Fd RiverNorth 1.26 -3.38 12.09 32.63 4.54 125 1,023
CLM Cornerstone Stgc Val Fd Cornerstone 1.61 10.00 20.00 88.72 0.00 813 6,646
USA Liberty All-Star Eq Fd ALPS 1.67 -6.17 9.87 0.00 0.00 1,277 5,803
RVT Royce Val Tr Legg Mason 1.73 -11.55 10.44 0.00 4.42 1,490 7,036
CRF Cornerstone Tot Rtn Fd Cornerstone 1.58 10.90 19.83 87.13 0.00 415 4,087
BIF Boulder Gwth & Incm Fd Boulder 1.51 -16.46 3.77 36.52 0.00 1,367 2,431
UTG Reaves Util Incm Fd W.H. Reaves 1.56 -3.94 6.44 0.00 23.65 1,605 6,474
UTF C&S Infra Fd Cohen & Steers 1.72 -6.46 7.98 0.00 31.09 2,126 6,900
DNP DNP Sel Incm Fd Duff & Phelps 1.58 16.44 6.93 35.90 26.58 2,835 5,261
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.74 -14.35 9.78 55.50 30.86 634 2,198
GUT Gabelli Util Tr Gabelli 1.60 33.27 9.13 97.83 28.00 262 996
IAE Voya AP Hi Div Eq Incm Fd Voya 4.01 -9.09 8.82 75.26 0.00 122 518
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 4.18 -10.49 10.83 0.00 9.48 479 717
FDEU FT Dyn Euro Eq Incm Fd First Trust 4.22 -7.77 9.95 16.92 24.15 273 1,408
BTO JH Fin Opp Fd John Hancock 4.51 0.40 6.28 11.32 15.20 651 3,160

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %