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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 1,277.79 -0.66 -0.54 0.62 -0.87 12.60 45.46 4.79 5.19 -0.53 -0.81 26.96
NAV 1,209.71 -0.82 -0.39 0.73 -1.58 9.86 32.66 3.05 4.50 -0.67 -1.26 19.69
Difference -0.16 0.15 0.11 -0.70 -2.74 -12.80 -1.73 -0.69 -0.14 -0.44 -7.26
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 3.79 5.12 4.88 14.44 4.22 4.64 2.56 11.85 27.99 -1.01 0.73 - - - - - - - -
NAV 2.67 2.22 4.72 9.92 4.32 3.31 2.33 10.28 21.22 -0.74 0.15 - - - - - - - -
Difference -1.12 -2.89 -0.16 -4.52 0.09 -1.33 -0.23 -1.57 -6.78 0.27 -0.59 - - - - - - - -
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price -1.06 -10.29 -30.14 -38.00 20.35 5.29 -4.14 21.46 -24.69 0.80 1.84 -6.77 -4.30 0.01 15.53 3.09 19.11 13.99 -14.16
NAV -2.14 -8.24 -28.18 -35.50 17.69 6.17 -1.77 22.74 -20.84 2.15 1.12 -5.05 -1.93 0.32 10.59 2.78 14.02 11.83 -11.48
Difference -1.07 2.05 1.97 2.50 -2.66 0.88 2.37 1.27 3.85 1.35 -0.72 1.72 2.37 0.32 -4.94 -0.32 -5.09 -2.16 2.68
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 19.93 1.78 -2.00 1.12 0.86 -2.18 -0.96 4.34 1.09 1.96 22.28
NAV 9.26 1.02 3.14 13.85 0.22 -1.66 2.78 1.30 15.33 0.26 -1.56 0.86 -0.45 -1.89 -1.05 4.51 1.45 0.99 16.47
Difference -3.26 0.04 -0.04 -3.39 -0.77 0.19 -0.42 -1.00 -4.61 -1.53 0.44 -0.25 -1.31 0.28 -0.09 0.17 0.36 -0.96 -5.81
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 -1.51 2.36 1.11 -1.07 2.39 -8.01 1.30 -7.57 -13.88 -11.82 -13.15
NAV 2.66 -5.95 -2.84 -6.19 3.22 2.90 -0.17 6.03 -0.54 3.30 1.32 -0.95 3.68 -5.75 0.45 -5.94 -10.95 -7.68 -8.17
Difference 1.10 -0.97 0.80 0.81 -1.05 0.82 0.33 0.12 0.97 0.95 0.21 0.12 1.29 2.27 -0.85 1.63 2.93 4.14 4.98
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 7.37 2.04 -1.69 1.35 1.67 -2.77 -0.43 4.47 1.14 2.83 10.40
NAV 2.02 1.64 0.22 3.92 -0.03 -1.00 0.10 -0.93 2.95 1.64 -1.04 0.85 1.44 -1.32 0.01 3.58 2.22 3.69 6.75
Difference -2.55 -0.30 0.68 -2.20 -1.29 -0.56 -0.26 -2.12 -4.42 -0.40 0.65 -0.50 -0.23 1.45 0.44 -0.89 1.08 0.87 -3.65
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 13.39 1.39 1.06 0.83 3.31 -4.57 1.13 1.40 -2.13 1.11 14.65
NAV -7.11 -0.69 6.17 -2.06 6.36 1.98 2.67 11.36 9.06 1.24 0.95 1.25 3.48 -2.55 -0.06 2.74 0.06 3.54 12.93
Difference -0.73 -1.83 0.28 -2.32 -1.08 0.13 -0.68 -1.73 -4.32 -0.16 -0.10 0.43 0.17 2.02 -1.20 1.34 2.19 2.43 -1.72
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 -4.02 -1.44 -3.14 -6.27 -10.52 7.49 -4.49 -2.75 -0.16 -10.66 -14.26
NAV -0.99 1.72 -1.40 -0.70 2.09 -0.65 -3.74 -2.37 -3.06 -0.87 -4.07 -6.32 -10.92 5.89 -3.35 -3.13 -0.86 -11.68 -14.38
Difference -1.21 -0.44 0.17 -1.47 0.18 0.94 1.29 2.39 0.97 0.57 -0.93 -0.05 -0.40 -1.60 1.14 -0.38 -0.70 -1.02 -0.12

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.83%
1Yr Disc
-8.38%
3Yr Disc
-8.07%
5Yr Disc
-6.43%
Rel Disc Range (3yr)
73.96%
Mkt Yield
6.21%
Lev Adj NAV Yield
5.00%
After Tax Yield*
5.97%
Est Tax Friction*
0.24%
3Yr NAV Volatiliy
27.21
1 Yr RoC
72.31%
3 Yr Dest RoC
41.70%
Leverage
21.64%
Non Lev Exp Ratio
1.32%
Beta (2yr)
0.96
Equity Exposure
61.21%
Bond Exposure
38.05%
# Holdings
59
Cash Weighted Duration
3.12
Comp NAV TR
-0.24%
Comp Discount
0.26%
Net Assets (M)
896
Liquidity - 90d (K)
1,622
* 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


59 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.40 -0.94 4.43 0.00 36.58 4,782 5,953
NAD Nuv Qlty Muni Incm Fd Nuveen 1.41 -0.73 4.39 0.00 36.22 3,826 5,670
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.41 2.84 4.48 0.00 36.46 3,754 4,197
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.37 2.71 5.15 0.00 35.30 1,359 4,372
NZF Nuv Muni Cr Incm Fd Nuveen 1.40 0.58 4.56 0.00 35.91 2,453 2,280
NUV Nuv Muni Val Fd Nuveen 1.40 8.27 2.88 0.00 1.30 2,232 2,372
NMCO Nuv Muni Cr Opp Fd Nuveen 1.40 -0.83 4.78 0.00 35.79 836 1,796
MQY BR MuniYld Qlty Fd BlackRock 1.38 0.54 4.54 0.00 36.88 1,213 1,501
IIM Invsc Val Muni Incm Tr Invesco 1.44 1.78 4.49 0.00 37.54 791 1,804
EIM EV Muni Bnd Fd Eaton Vance 1.40 -2.05 4.29 0.00 40.50 1,019 1,661
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.38 -3.80 2.87 0.00 33.96 1,913 1,501
NDMO Nuv Dyn Muni Opp Fd Nuveen 1.34 1.06 5.68 34.93 32.17 912 2,014
MYI BR MuniYld Qlty Fd III BlackRock 1.40 -3.17 4.13 0.00 36.16 1,052 1,620
BLE BR Muni Incm Tr II BlackRock 1.40 4.57 4.71 0.00 38.41 735 1,084
VMO Invsc Muni Opp Tr Invesco 1.43 2.11 4.53 0.00 38.32 926 1,432
VKQ Invsc Muni Tr Invesco 1.40 1.09 4.52 0.03 37.56 761 1,028
RMM RivNth Mgd Dur Muni Incm Fd RiverNorth 1.45 4.03 5.20 31.09 34.55 401 1,018
MHD BR MuniHldg Fd BlackRock 1.40 -2.48 4.29 0.00 37.01 926 1,113
PML PIMCO Muni Incm Fd II PIMCO 1.38 19.86 4.73 0.00 41.57 789 982
VGM Invsc Tr fr Inv Grd Muni Invesco 1.41 0.56 4.53 0.00 37.95 768 1,036
VKI Invsc Adv Muni Incm Tr II Invesco 1.44 3.43 4.59 0.00 38.33 544 946
IQI Invsc Qlty Muni Incm Tr Invesco 1.40 -1.37 4.48 0.00 36.36 731 1,038
BFK BR Muni Incm Tr BlackRock 1.40 5.62 4.50 0.00 37.51 664 806
EVN EV Muni Incm Tr Eaton Vance 1.40 -0.91 4.03 0.00 34.30 569 1,038
MUI BR Muni Imd Dur Fd BlackRock 1.42 -0.31 4.04 0.00 37.75 616 895
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.76 3.08 8.10 97.46 0.00 1,564 4,251
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.75 1.38 6.09 70.81 0.00 1,267 2,568
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.81 2.32 7.80 70.27 0.00 3,138 5,184
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.69 -1.45 5.56 86.70 0.00 308 644
IAE Voya AP Hi Div Eq Incm Fd Voya 1.59 -6.50 9.79 84.19 0.00 112 550
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.54 -7.15 9.56 85.50 0.00 154 656
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.79 2.92 7.72 54.42 0.00 2,129 3,355
IDE Voya Infra Ind & Matrls Fd Voya 1.79 0.61 6.99 75.23 0.00 215 815
JDD Nuv Divr Div & Incm Fd Nuveen 1.77 -7.38 7.44 74.91 29.37 224 394
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.78 -6.35 6.67 66.36 20.36 1,120 2,840
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.79 -2.68 7.35 65.85 16.48 573 1,940
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.76 -0.20 7.37 64.40 20.20 241 598
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.77 -2.15 5.90 72.40 0.00 1,550 2,185
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.78 1.74 7.85 43.62 0.00 1,176 2,286
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.74 -6.24 7.26 39.52 27.95 467 1,093
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.71 2.94 7.87 46.19 0.00 438 882
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.74 -4.06 6.42 56.06 0.00 644 1,311
NFJ Virtus Div Int & Prm Stgy Fd Virtus 1.75 -8.81 5.87 33.35 0.00 1,593 3,339
IAF Abd Australia Eq Fd Aberdeen 1.59 -3.24 10.72 32.54 4.75 146 491
THQ Tekla Health Opp Fd Tekla 1.76 -4.73 5.78 28.51 18.55 1,014 1,844
CEM CB MLP & Midstream Fd Franklin Templeton 2.12 -14.00 7.24 100.00 30.67 419 1,272
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 2.24 -21.75 6.89 100.00 23.31 82 294
CTR CB MLP & Midstream Tot Rtn Fd Franklin Templeton 2.15 -16.99 7.19 100.00 27.62 200 488
EMO CB Nrg Midstream Opp Fd Franklin Templeton 2.15 -18.19 7.14 100.00 31.25 346 853
FMO F/C Nrg Infra Fd Guggenheim Funds 1.92 -10.94 9.48 100.00 15.43 82 337
KYN KA Nrg Infra Fd Kayne Anderson 2.07 -11.49 8.91 100.00 26.95 1,123 3,646
NML NB MLP & Nrg Incm Fd Neuberger Berman 2.23 -20.30 4.05 100.00 14.70 343 598
NTG Tortoise Midstream Nrg Fd Tortoise 2.23 -20.83 5.37 100.00 24.50 204 644
SMM Salient Midstream & MLP Fd Salient 2.37 -19.34 4.60 100.00 27.79 134 462
TYG Tortoise Nrg Infra Corp Tortoise 2.15 -20.78 5.48 100.00 25.20 401 1,339
FEN FT Nrg Incm & Gwth Fd First Trust 2.17 -4.35 8.94 92.83 20.42 273 855
FPL FT New Opp MLP & Nrg Fd First Trust 2.21 -9.39 8.04 87.13 19.90 153 520
FEI FT MLP & Nrg Incm Fd First Trust 2.10 -10.23 8.44 61.05 20.24 358 1,213
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 2.20 -14.94 6.10 28.51 6.35 207 529

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, 2019. 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 %