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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 1,287.33 0.35 -0.08 0.67 2.24 4.59 12.50 11.52 10.33 0.09 2.46 4.29
NAV 1,198.20 0.46 -0.29 0.56 2.28 2.81 9.44 7.92 8.00 -0.26 2.89 2.30
Difference 0.11 -0.22 -0.11 0.05 -1.78 -3.06 -3.60 -2.33 -0.35 0.43 -1.98
* 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 -0.18 4.74 1.83 2.37 - - - - - - - - 4.20
NAV 3.26 -5.10 -1.38 -3.35 1.91 0.86 -0.03 2.76 -0.59 3.16 - - - - - - - - 2.57
Difference 0.22 -0.73 0.10 -0.43 -1.33 -0.78 0.15 -1.98 -2.41 0.79 - - - - - - - - -1.63
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
-2.43%
1Yr Disc
-3.44%
3Yr Disc
-6.15%
5Yr Disc
-6.60%
Rel Disc Range (3yr)
70.00%
Mkt Yield
8.02%
Lev Adj NAV Yield
7.26%
After Tax Yield*
7.27%
Est Tax Friction*
0.75%
3Yr NAV Volatiliy
14.22
1 Yr RoC
55.31%
3 Yr Dest RoC
17.79%
Leverage
8.11%
Non Lev Exp Ratio
1.25%
Beta (2yr)
0.81
Equity Exposure
96.85%
Bond Exposure
1.43%
# Holdings
34
Cash Weighted Duration
Comp NAV TR
1.93%
Comp Discount
2.13%
Net Assets (M)
601
Liquidity - 90d (K)
1,541
* 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


34 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.84 -7.25 9.57 43.58 0.27 577 1,615
BCX BR Res & Com Stgy Tr BlackRock 2.69 -11.75 7.17 67.21 0.00 939 2,134
BGR BR Nrg & Res Tr BlackRock 2.70 -6.39 6.55 66.55 0.00 453 1,285
BGY BR Enh Intl DivTr BlackRock 2.89 -10.73 7.94 36.49 0.00 701 1,619
BME BR Health Sci Tr BlackRock 3.10 8.19 5.78 27.88 0.00 364 1,217
BUI BR Util Infra & Pwr OppTr BlackRock 2.97 2.08 7.06 32.03 0.00 342 612
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 2.97 0.42 6.85 84.04 0.00 1,477 2,687
CII BR Enh Cap & Incm Fd BlackRock 3.05 -3.66 5.80 77.13 0.00 784 1,696
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 3.08 2.47 6.36 70.53 0.00 687 1,550
EOI EV Enh Eq Incm Fd Eaton Vance 2.98 1.21 6.54 36.44 0.00 613 1,367
EOS EV Enh Eq Incm Fd II Eaton Vance 3.00 2.16 6.00 32.91 0.00 816 2,278
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 3.01 3.20 7.74 89.10 0.00 415 1,130
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 3.04 -0.60 9.19 55.46 0.00 635 2,467
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 3.02 4.46 8.23 88.30 0.00 1,054 3,165
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 3.00 9.29 8.93 79.22 0.00 1,194 2,488
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 3.02 0.16 7.98 60.52 0.00 1,891 3,751
FDEU FT Dyn Euro Eq Incm Fd First Trust 2.84 -7.52 9.22 40.84 24.73 293 1,252
FFA FT Enh Eq Incm Fd First Trust 3.00 -0.78 6.93 41.25 0.00 331 843
FIF FT Nrg Infra Fd First Trust 2.97 -6.46 7.86 75.47 25.53 315 761
GAB Gabelli Eq Tr Gabelli 2.98 -0.76 9.38 35.13 20.00 1,651 2,597
GGT Gabelli Multimedia Tr Gabelli 2.68 -1.46 10.00 47.37 24.00 217 575
GLQ Clough Glbl Eq Fd Clough 2.99 -3.78 10.38 32.49 37.55 169 829
GPM Gghm Enh Eq Incm Fd Guggenheim 3.00 0.80 10.86 55.87 31.48 422 1,162
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 3.05 2.26 10.99 63.74 20.11 171 736
HQL Tekla Life Sci Invstr Tekla 3.04 -3.02 8.04 28.70 0.00 451 1,166
IAE Voya AP Hi Div Eq Incm Fd Voya 2.75 -11.51 8.74 80.80 0.00 126 348
IGD Voya Glbl Eq Div & Prm Opp Voya 2.99 -1.05 9.73 68.40 0.00 738 2,033
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 2.80 -11.64 9.65 88.23 0.00 165 628
INB C&S Glbl Incm Bldr Cohen & Steers 2.92 -5.24 8.63 54.18 22.80 234 550
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 3.07 -13.49 7.64 81.54 28.57 205 561
MGU Macquarie Glbl Infra Tot Rtn Macquarie 2.83 -14.46 6.67 17.30 31.18 323 645
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 2.74 0.82 6.82 54.43 0.00 904 3,712
RMT Royce Micro-Cap Tr Legg Mason 3.03 -4.36 6.93 18.78 9.89 431 1,543
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 2.99 1.48 6.55 49.75 0.00 276 1,300

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 %