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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 1,266.75 -0.73 -1.75 -4.69 -2.34 -0.95 25.60 6.65 5.21 -1.75 0.61 25.86
NAV 1,221.38 -0.38 -1.44 -3.41 -0.98 -0.29 20.90 5.48 4.77 -1.44 1.36 20.85
Difference 0.35 0.31 1.27 1.36 0.66 -4.70 -1.17 -0.43 0.31 0.76 -5.01
* 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 -1.99 -2.26 4.47 -1.98 - - - -
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 - - - -
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 - - - -
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
-3.78%
1Yr Disc
-4.72%
3Yr Disc
-5.91%
5Yr Disc
-4.75%
Rel Disc Range (3yr)
65.74%
Mkt Yield
6.62%
Lev Adj NAV Yield
5.46%
After Tax Yield*
6.31%
Est Tax Friction*
0.31%
3Yr NAV Volatiliy
28.94
1 Yr RoC
69.36%
3 Yr Dest RoC
44.73%
Leverage
22.54%
Non Lev Exp Ratio
1.40%
Beta (2yr)
1.01
Equity Exposure
63.52%
Bond Exposure
34.33%
# Holdings
58
Cash Weighted Duration
2.94
Comp NAV TR
-1.79%
Comp Discount
2.86%
Net Assets (M)
794
Liquidity - 90d (K)
1,912
* 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


58 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.34 -4.84 4.64 0.00 37.55 4,755 6,401
NAD Nuv Qlty Muni Incm Fd Nuveen 1.34 -4.54 4.59 0.00 36.92 3,807 5,749
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.36 0.81 5.23 0.00 35.10 1,430 4,478
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.38 0.57 4.59 0.00 37.21 3,743 4,827
NDMO Nuv Dyn Muni Opp Fd Nuveen 1.31 -1.45 5.89 21.22 32.57 927 3,020
NUV Nuv Muni Val Fd Nuveen 1.21 -4.21 3.28 0.00 1.33 2,220 3,307
NZF Nuv Muni Cr Incm Fd Nuveen 1.37 -1.28 4.65 0.00 36.49 2,452 2,479
NMCO Nuv Muni Cr Opp Fd Nuveen 1.38 -1.90 4.80 0.00 36.60 842 1,395
IIM Invsc Val Muni Incm Tr Invesco 1.35 -0.84 4.64 0.00 37.50 785 1,620
MYI BR MuniYld Qlty Fd III BlackRock 1.32 -5.35 4.26 0.00 36.56 1,045 1,488
EIM EV Muni Bnd Fd Eaton Vance 1.34 -4.29 4.45 0.00 39.80 1,006 1,640
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.33 -4.96 2.94 0.00 34.33 1,889 1,464
VMO Invsc Muni Opp Tr Invesco 1.31 -1.76 4.64 0.00 38.64 920 1,271
MQY BR MuniYld Qlty Fd BlackRock 1.32 -3.23 4.76 0.00 37.37 1,203 1,420
MIO Pioneer Muni Hi Incm Opp Fd Amundi Asset Mgmt 1.18 -8.35 2.98 0.00 N/A 297 571
RFMZ RivNth Flex Muni Incm Fd II RiverNorth 1.33 1.51 5.94 54.71 26.20 484 877
MHD BR MuniHldg Fd BlackRock 1.33 -5.46 4.46 0.00 37.73 919 1,384
VGM Invsc Tr fr Inv Grd Muni Invesco 1.32 -3.70 4.61 0.40 38.44 763 1,151
PML PIMCO Muni Incm Fd II PIMCO 1.31 15.86 4.92 0.00 42.42 786 1,435
IQI Invsc Qlty Muni Incm Tr Invesco 1.33 -4.51 4.66 0.00 36.14 727 1,069
VKQ Invsc Muni Tr Invesco 1.35 -0.88 4.49 0.87 37.83 756 1,129
BLE BR Muni Incm Tr II BlackRock 1.30 -2.00 5.06 0.00 38.54 731 1,121
RMM RivNth Mgd Dur Muni Incm Fd RiverNorth 1.33 -0.80 5.57 32.30 37.20 393 898
VKI Invsc Adv Muni Incm Tr II Invesco 1.30 -0.74 4.67 0.00 38.81 540 837
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.36 0.07 3.72 0.00 35.85 704 786
THW Tekla Wld Health Fd Tekla 1.76 5.22 9.02 98.99 17.50 548 1,530
GUT Gabelli Util Tr Gabelli 1.90 92.79 7.48 95.50 27.00 264 854
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.87 2.89 8.29 98.85 0.00 1,531 4,446
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.90 -4.02 5.62 86.92 0.00 314 660
IDE Voya Infra Ind & Matrls Fd Voya 1.73 -7.80 7.90 72.33 0.00 208 526
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.89 -4.26 5.98 64.47 0.00 1,562 2,073
DPG D&P Util & Infra Fd Virtus 1.93 4.92 9.94 71.93 28.66 509 1,326
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.93 1.10 6.12 76.92 0.00 1,293 2,914
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 1.98 -8.43 6.73 57.81 20.36 1,134 2,363
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.90 -7.20 7.75 58.50 15.00 570 1,889
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.90 2.58 7.96 56.58 0.00 435 992
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.85 -9.29 7.70 34.85 28.80 455 1,176
CLM Cornerstone Stgc Val Fd Cornerstone 2.07 41.63 15.44 42.55 0.00 1,183 18,248
HEQ JH Hgd Eq & Incm Fd John Hancock 1.88 -1.01 9.07 39.43 0.00 158 450
BUI BR Util Infra & Pwr OppTr BlackRock 1.88 1.60 5.73 31.22 0.00 531 1,580
HTD JH Tax-Adv Div Incm Fd John Hancock 1.99 0.04 6.79 12.94 32.03 863 1,619
SPE Spl Opp Fd Bulldog 1.88 -7.02 8.32 16.93 6.04 212 532
CEM CB MLP & Midstream Fd Franklin Templeton 2.17 -15.51 7.31 100.00 29.41 422 1,207
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 2.17 -20.04 6.57 100.00 19.84 84 368
CTR CB MLP & Midstream Tot Rtn Fd Franklin Templeton 2.17 -17.75 7.24 100.00 26.46 201 530
EMO CB Nrg Midstream Opp Fd Franklin Templeton 2.19 -19.55 7.15 100.00 30.03 352 1,049
FMO F/C Nrg Infra Fd Guggenheim Funds 2.15 -13.66 9.69 100.00 14.84 83 310
KYN KA Nrg Infra Fd Kayne Anderson 2.17 -13.42 9.11 100.00 26.39 1,122 4,074
NML NB MLP & Nrg Incm Fd Neuberger Berman 2.25 -21.04 3.92 100.00 15.10 358 719
NTG Tortoise Midstream Nrg Fd Tortoise 2.29 -20.88 7.77 100.00 21.70 209 919
SMM Salient Midstream & MLP Fd Salient 2.22 -16.07 4.43 73.08 27.20 133 516
TYG Tortoise Nrg Infra Corp Tortoise 2.22 -23.09 6.71 100.00 24.10 416 1,681
FEN FT Nrg Incm & Gwth Fd First Trust 2.22 -2.34 8.99 90.08 21.27 266 801
FPL FT New Opp MLP & Nrg Fd First Trust 2.08 -11.41 8.52 67.69 20.21 147 501
NDP Tortoise Nrg Ind Fd Tortoise 2.26 -12.77 5.67 83.87 5.90 46 445
KMF KA NextGen Nrg & Infra Kayne Anderson 2.17 -19.47 7.97 74.57 26.74 412 944
FEI FT MLP & Nrg Incm Fd First Trust 2.19 -7.72 8.51 39.18 21.04 346 1,432
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.75 -5.78 7.60 N/A N/A 653 2,643

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 %