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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 1,132.20 -0.31 0.01 -0.43 2.72 12.26 3.47 5.89 2.08 1.60 0.72 17.96
NAV 1,113.45 -0.53 -0.65 -0.71 1.71 8.81 4.34 5.91 1.82 1.23 -0.23 13.62
Difference -0.22 -0.66 -0.29 -1.00 -3.45 0.87 0.02 -0.26 -0.37 -0.94 -4.34
* 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 12.52 0.98 3.18 17.24 1.00 -1.85 - - - - - - - - - - - - 16.36
NAV 9.26 1.02 3.14 13.85 0.22 -1.66 - - - - - - - - - - - - 12.39
Difference -3.26 0.04 -0.04 -3.39 -0.77 0.19 - - - - - - - - - - - - -3.97
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.56 -4.98 -3.63 -7.00 4.27 2.08 -0.50 5.91 -1.10 2.36 1.11 -1.07 2.39 -8.01 1.30 -7.57 -13.88 -11.49 -12.58
NAV 2.66 -5.95 -2.84 -6.19 3.22 2.90 -0.17 6.03 -0.16 3.30 1.32 -0.95 3.68 -5.75 0.45 -5.94 -10.95 -7.27 -7.44
Difference 1.10 -0.97 0.80 0.81 -1.05 0.82 0.33 0.12 0.93 0.95 0.21 0.12 1.29 2.27 -0.85 1.63 2.93 4.21 5.15
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 -0.43 4.47 1.14 2.81 10.10
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 0.01 3.58 2.22 3.66 6.64
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 0.44 -0.89 1.08 0.85 -3.46
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
-5.61%
1Yr Disc
-6.51%
3Yr Disc
-4.63%
5Yr Disc
-5.30%
Rel Disc Range (3yr)
46.11%
Mkt Yield
8.48%
Lev Adj NAV Yield
6.72%
After Tax Yield*
8.07%
Est Tax Friction*
0.41%
3Yr NAV Volatiliy
12.73
1 Yr RoC
46.88%
3 Yr Dest RoC
24.94%
Leverage
24.48%
Non Lev Exp Ratio
1.29%
Beta (2yr)
0.60
Equity Exposure
63.00%
Bond Exposure
36.34%
# Holdings
62
Cash Weighted Duration
3.00
Comp NAV TR
1.54%
Comp Discount
-0.06%
Net Assets (M)
777
Liquidity - 90d (K)
1,785
* 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


62 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.30 -5.44 4.97 0.00 38.05 3,387 5,722
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.27 -10.55 4.70 0.00 38.02 4,009 6,332
NAD Nuv Qlty Muni Incm Fd Nuveen 1.26 -11.42 4.65 0.00 37.98 3,147 5,669
NZF Nuv Muni Cr Incm Fd Nuveen 1.31 -3.30 5.00 0.00 37.66 2,328 3,691
NUV Nuv Muni Val Fd Nuveen 1.26 -2.30 3.65 0.00 1.36 2,156 2,644
IIM Invsc Val Muni Incm Tr Invesco 1.30 -6.82 4.65 0.34 39.00 766 1,944
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.28 -8.98 3.25 0.00 36.19 1,782 2,130
EIM EV Muni Bnd Fd Eaton Vance 1.26 -8.22 4.08 1.13 39.20 1,110 3,200
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.28 1.01 5.10 0.00 39.75 888 1,962
PML PIMCO Muni Incm Fd II PIMCO 1.34 24.61 5.08 0.00 46.57 768 1,983
VMO Invsc Muni Opp Tr Invesco 1.26 -8.57 4.93 7.23 41.00 897 1,827
MYI BR MuniYld Qlty Fd III BlackRock 1.25 -10.59 4.63 0.00 37.53 997 1,513
VGM Invsc Tr fr Inv Grd Muni Invesco 1.24 -9.39 4.97 3.17 40.00 745 1,623
BFK BR Muni Incm Tr BlackRock 1.28 -2.79 5.04 0.00 37.72 642 1,245
MUI BR Muni Imd Dur Fd BlackRock 1.26 -10.22 3.80 0.00 38.63 599 1,034
VKQ Invsc Muni Tr Invesco 1.26 -8.11 5.07 4.29 39.00 737 1,277
MYD BR MuniYld Fd BlackRock 1.28 -2.58 4.93 0.00 35.92 691 1,231
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.27 -8.44 4.76 0.00 40.81 548 1,330
EVN EV Muni Incm Tr Eaton Vance 1.25 -9.23 4.62 0.00 37.70 387 993
VKI Invsc Adv Muni Incm Tr II Invesco 1.25 -8.65 4.96 1.38 40.00 529 972
IQI Invsc Qlty Muni Incm Tr Invesco 1.26 -8.18 5.02 0.69 38.00 711 1,224
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.26 -6.31 3.82 0.00 35.68 669 1,045
MAV Pioneer Muni Hi Incm Adv Tr Pioneer 1.23 -9.30 4.19 0.00 36.50 283 671
PMO Putnam Muni Opp Tr Putnam 1.29 -6.07 5.02 3.72 29.35 480 976
MVF BR MuniVest Fd BlackRock 1.25 -4.62 5.08 0.00 35.89 618 1,097
MHI Pioneer Muni Hi Incm Tr Pioneer 1.28 -3.89 5.10 0.00 30.30 293 834
LEO BNY Mellon Stgc Muni BNY Mellon 1.28 -4.10 5.13 0.00 37.08 531 860
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.66 -11.77 7.46 50.00 0.00 1,297 2,493
THW Tekla Wld Health Fd Tekla 1.64 -8.36 11.21 95.88 22.17 412 1,562
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.67 -5.60 9.14 89.87 0.00 2,594 5,077
CLM Cornerstone Stgc Val Fd Cornerstone 1.64 6.95 21.07 87.63 0.00 805 4,977
CRF Cornerstone Tot Rtn Fd Cornerstone 1.61 6.33 21.17 85.98 0.00 412 3,401
FFA FT Enh Eq Incm Fd First Trust 1.70 -2.89 7.37 16.85 0.00 318 714
ZF Virtus Total Return Fd Zweig 1.78 -6.61 13.82 68.56 26.58 241 1,113
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.66 4.40 8.41 78.27 0.00 392 909
INB C&S Glbl Incm Bldr Cohen & Steers 1.73 -7.68 8.47 32.65 23.90 220 702
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.65 4.42 12.54 72.05 30.41 167 893
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.72 -0.21 9.71 65.88 0.00 599 1,961
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.66 -0.99 7.16 58.62 0.00 1,360 2,032
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.70 -13.71 7.95 71.14 7.76 1,020 2,190
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.61 2.27 9.23 70.23 0.00 1,096 3,178
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.77 -6.93 9.51 69.70 2.86 579 1,806
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.75 -12.65 7.16 43.98 28.60 335 802
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.76 -0.17 8.52 63.40 0.00 1,781 3,519
BOE BR Enh Glbl DivTr BlackRock 1.63 -11.32 7.26 16.33 0.00 790 1,829
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.61 -3.10 6.86 65.50 0.00 644 1,227
CII BR Enh Cap & Incm Fd BlackRock 1.64 -6.81 6.43 41.19 0.00 732 1,450
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 2.15 -6.71 12.68 100.00 36.10 133 504
FEN FT Nrg Incm & Gwth Fd First Trust 2.27 -0.18 10.63 34.68 25.89 437 1,406
FMO F/C Nrg Infra Fd Guggenheim 2.06 -6.93 13.55 86.85 38.57 363 990
FPL FT New Opp MLP & Nrg Fd First Trust 2.22 -9.29 9.80 84.38 25.78 260 1,074
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.09 -6.79 11.21 76.38 27.55 390 1,538
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.01 -8.52 12.25 100.00 27.24 90 290
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.26 -2.87 9.77 62.00 29.80 261 1,172
NML NB MLP Incm Fd Neuberger Berman 2.10 -10.77 8.85 51.58 23.90 474 1,160
SMM Salient Midstream & MLP Fd Salient 2.06 -15.34 8.15 96.21 28.73 176 723
TTP Tortoise Pip & Nrg Fd Tortoise 2.07 -10.65 11.77 98.77 28.30 155 561
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 2.16 -11.20 9.48 92.93 31.75 401 732
EMO CB Nrg Midstream Opp Fd Legg Mason 2.14 -11.59 10.13 76.39 33.67 737 1,593
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 2.14 1.81 15.85 85.39 30.12 261 2,808
FEI FT MLP & Nrg Incm Fd First Trust 2.28 -6.57 10.29 74.22 26.14 587 1,665
CEM CB MLP & Midstream Fd Legg Mason 2.13 -9.22 9.90 89.12 33.22 925 1,651

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