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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 1,123.29 -1.24 -0.99 -4.53 0.09 2.70 -0.57 3.26 1.49 -4.03 -2.32 17.22
NAV 1,083.83 -1.70 -1.46 -5.35 -2.31 -0.37 -3.09 3.18 0.53 -4.37 -4.13 11.02
Difference -0.45 -0.47 -0.82 -2.40 -3.07 -2.52 -0.08 -0.97 -0.34 -1.81 -6.20
* 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 3.19 2.30 19.54 1.78 - - - - - - - - 21.25
NAV 9.26 1.02 3.14 13.85 0.22 -1.66 2.78 1.30 15.15 0.26 - - - - - - - - 15.39
Difference -3.26 0.04 -0.04 -3.39 -0.77 0.19 -0.42 -1.00 -4.39 -1.53 - - - - - - - - -5.86
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
-3.98%
1Yr Disc
-6.32%
3Yr Disc
-4.66%
5Yr Disc
-5.22%
Rel Disc Range (3yr)
55.51%
Mkt Yield
8.54%
Lev Adj NAV Yield
6.86%
After Tax Yield*
8.24%
Est Tax Friction*
0.30%
3Yr NAV Volatiliy
13.05
1 Yr RoC
50.04%
3 Yr Dest RoC
32.20%
Leverage
24.96%
Non Lev Exp Ratio
1.29%
Beta (2yr)
0.61
Equity Exposure
62.09%
Bond Exposure
37.29%
# Holdings
62
Cash Weighted Duration
3.24
Comp NAV TR
0.55%
Comp Discount
0.84%
Net Assets (M)
763
Liquidity - 90d (K)
1,839
* 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)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.32 -9.43 4.49 0.00 37.69 4,151 7,166
NAD Nuv Qlty Muni Incm Fd Nuveen 1.32 -10.28 4.43 0.00 37.63 3,260 5,821
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.34 -3.63 4.70 0.00 37.73 3,516 4,816
NZF Nuv Muni Cr Incm Fd Nuveen 1.32 -3.48 4.84 0.00 37.41 2,409 3,606
EIM EV Muni Bnd Fd Eaton Vance 1.33 -7.77 3.94 1.06 42.20 1,143 2,707
NUV Nuv Muni Val Fd Nuveen 1.31 -1.78 3.54 0.00 1.35 2,211 2,527
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.30 -9.13 3.15 0.00 35.96 1,845 2,252
PML PIMCO Muni Incm Fd II PIMCO 1.36 24.32 4.91 0.00 46.27 799 2,309
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.31 0.99 4.98 0.00 38.94 921 2,378
VMO Invsc Muni Opp Tr Invesco 1.32 -6.31 4.70 7.24 40.00 918 1,813
IIM Invsc Val Muni Incm Tr Invesco 1.30 -6.64 4.52 1.41 37.00 786 1,814
VGM Invsc Tr fr Inv Grd Muni Invesco 1.31 -6.83 4.73 3.39 39.00 762 1,791
MYI BR MuniYld Qlty Fd III BlackRock 1.31 -10.22 3.92 0.00 37.46 1,034 1,972
BFK BR Muni Incm Tr BlackRock 1.30 -3.34 4.53 0.00 37.52 658 1,162
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.31 -8.32 4.00 0.00 41.04 565 1,153
VKQ Invsc Muni Tr Invesco 1.31 -6.60 4.87 5.87 38.00 755 1,449
IQI Invsc Qlty Muni Incm Tr Invesco 1.31 -6.75 4.82 2.43 36.00 728 1,433
MYD BR MuniYld Fd BlackRock 1.32 -1.33 4.51 0.63 35.71 708 1,018
MUI BR Muni Imd Dur Fd BlackRock 1.33 -8.84 3.65 0.00 38.44 615 998
MVF BR MuniVest Fd BlackRock 1.32 -3.16 4.49 0.00 35.39 635 1,163
OIA Invsc Muni Incm Opp Tr Invesco 1.30 1.16 4.82 0.00 24.00 370 750
MQT BR MuniYld Qlty Fd II BlackRock 1.33 -8.90 4.03 0.00 39.47 325 967
PMO Putnam Muni Opp Tr Putnam 1.34 -3.62 4.78 3.97 30.12 476 882
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.30 -5.26 3.73 0.00 35.58 677 977
BYM BR Muni Incm Qlty Tr BlackRock 1.31 -9.70 4.07 0.58 38.85 414 863
MMU WA Mgd Muni Fd Legg Mason 1.34 2.56 4.21 0.00 29.22 608 1,091
EVN EV Muni Incm Tr Eaton Vance 1.32 -8.19 4.41 0.00 37.70 557 950
THW Tekla Wld Health Fd Tekla 1.76 -2.89 10.69 73.01 22.17 408 1,802
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.67 -2.54 9.17 89.29 0.00 2,505 5,402
CLM Cornerstone Stgc Val Fd Cornerstone 1.70 9.12 21.67 88.66 0.00 771 4,787
CRF Cornerstone Tot Rtn Fd Cornerstone 1.69 9.30 21.56 85.67 0.00 396 3,123
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.79 6.96 6.50 80.86 0.00 256 612
THQ Tekla Health Opp Fd Tekla 1.64 -8.74 7.93 66.67 21.71 774 2,284
EOI EV Enh Eq Incm Fd Eaton Vance 1.69 0.89 7.29 51.11 0.00 575 1,333
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.73 -13.10 7.94 70.39 14.05 1,014 2,146
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.65 -11.78 8.01 58.11 8.38 580 2,692
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.68 7.48 9.07 72.00 0.00 1,061 3,203
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.69 2.21 9.86 75.28 0.00 576 1,807
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.67 1.39 8.68 72.77 0.00 1,721 3,358
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.62 3.77 12.47 66.97 31.07 358 929
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.68 -2.12 6.91 67.21 0.00 633 1,310
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.65 -10.72 7.37 62.68 30.00 319 807
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.69 -1.00 7.16 52.97 0.00 865 2,293
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.82 -3.37 8.82 37.90 27.70 267 1,320
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.71 -4.56 8.60 33.50 0.00 201 734
JCE Nuv Core Eq Alpha Fd Nuveen 1.71 -3.16 7.25 42.37 0.00 228 774
CII BR Enh Cap & Incm Fd BlackRock 1.65 -5.76 6.53 39.23 0.00 712 1,743
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 2.14 4.72 13.51 100.00 35.55 111 404
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.04 -8.22 13.99 100.00 27.98 79 400
TTP Tortoise Pip & Nrg Fd Tortoise 1.93 -9.99 9.38 98.96 29.80 135 552
SMM Salient Midstream & MLP Fd Salient 1.92 -15.09 9.42 94.89 28.71 152 653
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 2.02 -11.49 10.58 94.19 31.06 361 791
KMF KA Midstream/Nrg Fd Kayne Anderson 2.02 -12.83 8.83 93.59 30.96 552 1,793
SRV Cushing MLP & Infra Tot Rtn Fd Cushing 2.13 -9.20 11.44 91.67 28.10 70 252
CEM CB MLP & Midstream Fd Legg Mason 2.03 -9.95 11.05 91.13 32.68 835 2,305
FMO F/C Nrg Infra Fd Guggenheim Funds 2.00 -5.23 15.19 93.43 41.34 318 1,070
FPL FT New Opp MLP & Nrg Fd First Trust 2.19 -6.98 10.08 83.33 24.54 247 1,026
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 2.07 4.20 17.99 91.24 30.12 225 2,910
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.98 1.50 12.41 89.68 34.65 296 840
EMO CB Nrg Midstream Opp Fd Legg Mason 2.02 -11.69 11.27 73.04 33.00 663 1,489
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.06 -4.42 12.48 88.19 27.96 342 1,594
NTG Tortoise Midstream Nrg Fd Tortoise 2.00 -1.25 14.26 88.17 36.90 759 2,892

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 %