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05. Tax-Advantaged Equity Dividend Index

Data as of

About the Index

(1) US Equity, Non-US Equity and Specialty Equity groupings according to CEFdata.com with monthly or quarterly distributions. (2) Removing Preferred Equity, MLP Funds and Single Country Funds. (3) Funds with Market Yield of 6% or more. (4) Leverage Adjusted NAV Yield under 10%. (5) 1 Year Trailing Return of Capital dividend classification over 20%. (6) 1 Year Trailing Income + Short Term Capital Gains under 65%. (7) 90-day average trade dollar $ liquidity over $250K. (8) Removing funds with US / Non US Equity over 10% each. Equal weight each fund for the index. 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 1,260.15 0.64 -0.55 -0.14 5.80 3.32 12.12 9.71 10.61 0.12 5.06 2.14
NAV 1,167.04 0.73 -1.03 -0.28 4.09 0.70 8.50 6.41 8.51 0.19 2.98 -0.36
Difference 0.09 -0.48 -0.14 -1.71 -2.63 -3.63 -3.30 -2.10 0.07 -2.07 -2.50
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 3.04 -4.37 -1.48 -2.92 3.25 1.64 - - - - - - - - - - - - 2.02
NAV 3.26 -5.10 -1.38 -3.35 1.91 0.86 - - - - - - - - - - - - -0.55
Difference 0.22 -0.73 0.10 -0.43 -1.33 -0.78 - - - - - - - - - - - - -2.58
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.64 2.25 1.36 8.45 3.07 1.20 1.02 5.37 13.82 2.92 -0.96 2.99 4.97 0.51 -0.07 2.55 3.00 7.97 21.79
NAV 2.74 2.13 0.86 5.83 1.19 1.14 0.48 2.83 8.66 2.35 0.15 1.41 3.95 0.83 1.72 1.06 3.65 7.60 16.26
Difference -1.90 -0.12 -0.50 -2.63 -1.88 -0.06 -0.55 -2.54 -5.17 -0.57 1.11 -1.57 -1.02 0.32 1.79 -1.49 0.65 -0.37 -5.54
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -6.71 0.01 7.89 0.66 2.02 1.41 1.46 4.97 5.63 3.89 0.55 0.86 5.37 -3.07 0.86 1.43 -0.84 4.52 10.15
NAV -5.04 -0.42 6.65 0.85 1.72 0.63 0.90 3.28 4.12 2.93 -0.05 0.72 3.62 -1.80 0.93 1.64 0.74 4.36 8.48
Difference 1.67 -0.44 -1.24 0.18 -0.30 -0.78 -0.56 -1.69 -1.51 -0.97 -0.60 -0.14 -1.75 1.28 0.07 0.21 1.58 -0.16 -1.67
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -0.01 4.32 -1.23 3.03 1.64 0.51 -2.85 -0.75 2.27 0.13 -5.75 -4.57 -9.94 8.41 -0.32 -0.47 7.56 -2.38 -0.11
NAV -1.11 4.35 -1.71 1.43 2.09 0.78 -2.54 0.28 1.71 0.89 -5.60 -2.78 -7.41 7.06 -0.79 -1.40 4.73 -2.68 -0.97
Difference -1.09 0.02 -0.48 -1.60 0.45 0.27 0.31 1.03 -0.56 0.76 0.15 1.79 2.53 -1.35 -0.47 -0.93 -2.83 -0.30 -0.86

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.91%
1Yr Disc
-3.93%
3Yr Disc
-6.82%
5Yr Disc
-7.08%
Rel Disc Range (3yr)
74.29%
Mkt Yield
7.85%
Lev Adj NAV Yield
7.12%
After Tax Yield*
7.14%
Est Tax Friction*
0.71%
3Yr NAV Volatiliy
14.12
1 Yr RoC
58.32%
3 Yr Dest RoC
24.83%
Leverage
8.66%
Non Lev Exp Ratio
1.26%
Beta (2yr)
0.81
Equity Exposure
96.54%
Bond Exposure
1.66%
# Holdings
32
Cash Weighted Duration
Comp NAV TR
1.10%
Comp Discount
1.86%
Net Assets (M)
618
Liquidity - 90d (K)
1,649
* 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


32 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
AWP Abd Glbl Prmr Prop Fd Aberdeen 3.08 -7.97 9.45 42.05 1.34 589 1,777
BCX BR Res & Com Stgy Tr BlackRock 3.15 -10.07 6.67 56.14 0.00 991 2,548
BGR BR Nrg & Res Tr BlackRock 3.36 -6.70 6.31 64.96 0.00 472 1,674
BGY BR Enh Intl DivTr BlackRock 2.87 -9.23 7.86 50.33 0.00 697 1,570
BME BR Health Sci Tr BlackRock 3.32 4.02 6.22 53.45 0.00 345 1,239
BUI BR Util Infra & Pwr OppTr BlackRock 3.03 -0.90 7.29 32.89 0.00 341 673
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 3.23 2.16 6.91 78.22 0.00 1,438 2,686
CII BR Enh Cap & Incm Fd BlackRock 3.14 -4.25 6.04 82.39 0.00 758 1,910
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 3.25 4.67 6.51 64.62 0.00 657 1,926
DPG D&P Glbl Util Incm Fd Duff & Phelps 3.03 -11.68 9.85 16.81 27.85 611 1,492
EOI EV Enh Eq Incm Fd Eaton Vance 3.38 3.63 6.60 43.95 0.00 593 1,900
EOS EV Enh Eq Incm Fd II Eaton Vance 3.29 2.01 6.08 32.75 0.00 806 2,287
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 3.12 1.77 8.04 81.70 0.00 404 1,081
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 3.16 3.66 8.54 72.48 0.00 1,024 3,146
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 3.13 7.54 9.12 86.33 0.00 1,189 2,621
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 3.22 0.82 8.18 68.16 0.00 1,832 3,955
FDEU FT Dyn Euro Eq Incm Fd First Trust 2.76 -8.51 8.88 38.23 24.12 308 1,178
FFA FT Enh Eq Incm Fd First Trust 3.25 0.00 7.06 69.31 0.00 323 927
FIF FT Nrg Infra Fd First Trust 3.30 -3.09 8.09 75.60 25.35 295 911
GDV Gabelli Div & Incm Tr Gabelli 3.14 -5.38 5.73 41.91 22.00 2,006 3,346
GGT Gabelli Multimedia Tr Gabelli 3.14 4.83 9.21 54.41 24.00 222 482
GLQ Clough Glbl Eq Fd Clough 3.39 -4.04 10.07 37.16 37.55 169 880
GPM Gghm Enh Eq Incm Fd Guggenheim 3.05 -0.47 11.21 57.39 31.31 413 1,326
HEQ JH Hgd Eq & Incm Fd John Hancock 3.08 3.78 8.83 15.89 0.00 200 660
IAE Voya AP Hi Div Eq Incm Fd Voya 2.87 -7.65 8.09 72.05 0.00 131 327
IGD Voya Glbl Eq Div & Prm Opp Voya 3.07 -3.67 9.96 65.90 0.00 741 2,348
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 2.57 -9.78 9.11 78.73 0.00 171 596
INB C&S Glbl Incm Bldr Cohen & Steers 3.16 -5.06 8.66 85.86 22.70 233 619
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 3.17 -13.93 8.02 81.10 29.28 196 572
MGU Macquarie Glbl Infra Tot Rtn Macquarie 2.98 -13.86 6.65 41.25 31.90 322 773
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 3.35 16.61 6.15 78.31 0.00 858 3,432
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 2.99 3.81 6.62 42.95 0.00 263 1,305

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 %