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06. Tax-Sensitive Income Index

Data as of

About the Index

The selection pool uses funds that pay monthly or quarterly distribution, with 1 year average discount < 0%. (1) 30% weighting the top 33% of National Municipal Bond CEFs, excluding Taxable Municipal Bond Funds, ranked by 90-day average trading ($) liquidity, (2) 30% Equity Income funds, 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. From the resulted fund pool, we select the top 25% funds, ranked by highest 3 Year RoC% and 3 Year QDI%, combined. (3) 15% weighting the top 33% MLP Funds with the highest 3-Year RoC% and over $250K in 90-day average trading dollar ($) liquidity. (4) 15% weighting the top 33% Preferred Equity Funds with the highest 3-Year QDI%. (5) 10% weighting the top 33% REIT / Real Estate Equity Funds ranked by highest 3 Year RoC% and 3 Year QDI%, combined. The index constituents will be rebalanced each quarter.

As of June 30, 2022, we updated index rules to improve its use as an appropriate benchmark for its investment objective. We added Prefereds and REIT / Real Asset funds and reduced the MLP allocation. Click here to see the previous rules, used since 2017 for 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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,296.84 0.35 1.63 8.41 11.94 0.36 1.44 3.61 2.48 3.44 7.24 7.24 7.24
NAV 1,259.48 0.49 1.17 6.21 11.68 1.63 1.72 3.84 2.46 3.65 5.93 5.93 5.93
Difference 0.13 -0.45 -2.20 -0.26 1.27 0.28 0.23 -0.02 0.21 -1.31 -1.31 -1.31
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price 0.03 -0.36 2.55 2.21 -4.66 3.66 -8.73 -9.80 -7.81 8.43 -2.97 -11.19 -6.57 4.01 7.66 -4.52 6.91 -0.10 -7.91
NAV 0.20 1.10 2.24 3.58 -4.51 3.52 -9.11 -10.15 -6.94 7.23 -3.37 -9.23 -5.95 4.08 6.44 -2.27 8.27 1.82 -5.24
Difference 0.17 1.46 -0.30 1.37 0.15 -0.14 -0.38 -0.35 0.87 -1.20 -0.40 1.96 0.61 0.07 -1.22 2.25 1.35 1.93 2.66
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 -1.99 -2.26 4.47 -1.98 1.84 4.29 1.93 30.46
NAV 2.67 2.22 4.72 9.92 4.32 3.31 2.33 10.28 21.22 -0.74 0.15 -1.06 -1.64 4.17 -1.27 1.26 4.14 2.42 24.15
Difference -1.12 -2.89 -0.16 -4.52 0.09 -1.33 -0.23 -1.57 -6.78 0.27 -0.59 0.93 0.62 -0.30 0.70 -0.58 -0.15 0.50 -6.31
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
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.00 1.86 0.88 3.79 3.05 2.76 1.70 7.70 11.77 -1.99 4.12 -2.00 0.00 -0.18 -0.08 -1.78 -2.04 -2.04 9.50
NAV 0.86 2.14 0.96 4.00 2.35 2.69 2.48 7.71 12.02 -1.49 4.38 -1.31 1.48 -0.67 -0.35 -1.26 -2.27 -0.82 11.10
Difference -0.14 0.27 0.08 0.21 -0.70 -0.08 0.78 0.01 0.24 0.50 0.26 0.69 1.48 -0.49 -0.27 0.52 -0.23 1.22 1.60
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 6.55 0.72 1.06 8.45 1.55 -2.36 -0.95 -1.79 6.51 -2.11 -2.58 1.47 -3.23 2.50 -1.47 1.99 3.00 -0.32 6.17
NAV 4.41 0.64 1.76 6.92 1.88 -1.15 -2.67 -1.97 4.81 0.70 -2.64 2.98 0.96 2.32 0.54 0.97 3.87 4.87 9.90
Difference -2.14 -0.08 0.70 -1.53 0.34 1.21 -1.72 -0.18 -1.70 2.80 -0.07 1.51 4.18 -0.18 2.01 -1.02 0.87 5.19 3.74
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 5.83 2.40 -0.61 7.71 1.50 -3.11 3.03 1.32 9.13 3.21 0.85 2.54 6.73 -1.12 0.18 -2.58 -3.50 2.99 12.40
NAV 3.78 2.20 -0.37 5.66 0.98 -3.06 1.49 -0.65 4.97 3.47 0.98 1.81 6.37 -0.03 1.04 -1.20 -0.20 6.16 11.44
Difference -2.05 -0.20 0.24 -2.05 -0.51 0.04 -1.54 -1.97 -4.16 0.26 0.13 -0.73 -0.36 1.09 0.86 1.38 3.30 3.16 -0.96

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-9.08%
1Yr Disc
-8.29%
3Yr Disc
-7.78%
5Yr Disc
-7.24%
Rel Disc Range (3yr)
51.01%
Mkt Yield
6.90%
Lev Adj NAV Yield
5.22%
After Tax Yield*
6.09%
Est Tax Friction*
0.81%
3Yr NAV Volatiliy
22.85
1 Yr RoC
33.74%
3 Yr Dest RoC
22.10%
Leverage
24.12%
Non Lev Exp Ratio
1.23%
Beta (2yr)
0.76
Equity Exposure
52.50%
Bond Exposure
46.63%
# Holdings
44
Cash Weighted Duration
3.89
Comp NAV TR
1.78%
Comp Discount
-1.87%
Net Assets (M)
836
Liquidity - 90d (K)
2,752
* 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


44 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.29 -11.74 3.65 0.00 40.76 3,896 16,109
NAD Nuv Qlty Muni Incm Fd Nuveen 1.28 -11.35 3.99 0.00 40.82 3,125 12,139
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.31 -10.37 4.07 0.00 41.39 2,985 11,316
NZF Nuv Muni Cr Incm Fd Nuveen 1.30 -11.15 4.18 0.00 40.80 2,299 9,485
NUV Nuv Muni Val Fd Nuveen 1.34 -4.34 3.72 0.00 1.12 1,961 6,519
MUI BR Muni Incm Fd BlackRock 1.33 -11.54 3.43 7.06 40.53 992 4,283
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.32 -8.09 3.07 0.21 33.30 1,690 3,994
MQY BR MuniYld Qlty Fd BlackRock 1.34 -9.28 4.62 2.36 37.03 987 3,383
NMCO Nuv Muni Cr Opp Fd Nuveen 1.39 -3.15 5.25 0.00 42.46 679 3,600
NDMO Nuv Dyn Muni Opp Fd Nuveen 1.43 -1.50 8.23 39.67 27.86 674 3,630
MYI BR MuniYld Qlty Fd III BlackRock 1.29 -11.11 4.28 1.42 40.18 871 2,893
MHD BR MuniHldg Fd BlackRock 1.28 -11.42 4.02 5.87 37.87 738 2,598
MUA BR MuniAst Fd BlackRock 1.33 -3.74 4.82 6.69 31.54 455 2,523
EIM EV Muni Bnd Fd Eaton Vance 1.28 -11.01 4.07 1.67 43.37 843 2,494
VMO Invsc Muni Opp Tr Invesco 1.29 -10.06 4.72 11.51 40.00 751 2,379
IIM Invsc Val Muni Incm Tr Invesco 1.34 -7.85 4.80 3.18 36.00 648 2,468
BLE BR Muni Incm Tr II BlackRock 1.35 -10.92 4.06 8.22 39.43 599 2,164
MYD BR MuniYld Fd BlackRock 1.35 -10.69 4.41 6.79 36.20 579 2,125
VGM Invsc Tr fr Inv Grd Muni Invesco 1.30 -10.20 4.79 9.82 39.00 622 2,041
MMD MainStay MK DfinTrm Muni Opp New York Life 1.43 3.03 5.33 0.00 39.90 487 2,296
BFK BR Muni Incm Tr BlackRock 1.33 -11.25 4.18 6.94 38.78 532 1,918
VKQ Invsc Muni Tr Invesco 1.31 -8.87 4.77 9.43 39.00 618 2,008
PTA Tx-Adv Pref Sec Pref Sec & Incm Fd Cohen&Steers 3.89 -8.94 8.18 32.54 37.80 1,193 5,024
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 3.92 -4.11 6.55 0.00 38.50 449 1,730
JPI Nuv Pref & Incm Trm Fd Nuveen 3.74 -4.65 6.95 0.00 37.21 475 1,175
JPT Nuv Pref & Incm Fd Nuveen 3.78 -8.08 6.72 0.00 34.07 91 207
NML NB MLP & Nrg Incm Fd Neuberger Berman 3.04 -14.32 9.68 100.00 18.00 479 1,340
KYN KA Nrg Infra Fd Kayne Anderson 3.08 -11.28 8.70 45.00 25.32 1,412 4,522
TYG Tortoise Nrg Infra Corp Tortoise 2.96 -16.82 8.45 100.00 23.80 458 1,595
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 3.00 -14.50 4.83 50.00 18.79 107 265
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 3.04 -18.17 5.77 43.88 10.81 273 994
IGD Voya Glbl Eq Div & Prm Opp Voya 2.84 -10.51 8.81 52.33 0.00 486 1,455
FDEU FT Dyn Euro Eq Incm Fd First Trust 3.10 -9.92 6.75 22.92 23.74 238 870
BGY BR Enh Intl DivTr BlackRock 3.02 -12.72 7.48 57.98 0.00 638 1,941
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 2.90 0.54 7.20 0.00 0.00 1,359 2,433
BUI BR Util Infra & Pwr OppTr BlackRock 2.99 -3.81 6.53 33.61 0.00 515 1,289
IGA Voya Glbl Adv & Prm Opp Fd Voya 2.94 -11.66 8.81 13.91 0.00 161 496
AOD abrdn Tot Dyn Div Fd abrdn 3.02 -12.92 8.25 31.91 1.05 1,012 3,658
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 3.05 -7.69 7.07 17.21 27.94 223 706
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 2.93 -6.93 8.38 19.67 0.00 2,600 5,171
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 3.06 -8.38 7.28 32.80 23.21 1,378 2,814
AWP abrdn Glbl Prmr Prop Fd abrdn 3.52 -6.21 10.96 71.17 11.03 399 1,666
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 3.39 -12.42 9.08 37.96 30.96 400 1,068
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 3.61 -6.06 10.81 11.41 29.98 827 3,041

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. 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 %