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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 845.10 1.15 -1.74 -6.70 -2.83 16.77 -26.57 -8.18 -0.66 -6.76 -4.29 -27.92
NAV 887.62 1.18 -0.56 -5.18 0.18 21.17 -20.73 -5.27 -0.12 -4.92 -1.79 -22.25
Difference 0.02 1.18 1.52 3.01 4.40 5.84 2.90 0.54 1.84 2.50 5.67
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - -
NAV -2.14 -8.24 -28.18 -35.50 17.69 6.17 -1.77 22.74 -20.84 2.15 1.12 - - - - - - - -
Difference -1.07 2.05 1.97 2.50 -2.66 0.88 2.37 1.27 3.85 1.35 -0.72 - - - - - - - -
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
-11.17%
1Yr Disc
-6.46%
3Yr Disc
-5.23%
5Yr Disc
-4.88%
Rel Disc Range (3yr)
46.74%
Mkt Yield
7.64%
Lev Adj NAV Yield
5.63%
After Tax Yield*
7.36%
Est Tax Friction*
0.28%
3Yr NAV Volatiliy
25.99
1 Yr RoC
49.90%
3 Yr Dest RoC
38.43%
Leverage
22.11%
Non Lev Exp Ratio
1.43%
Beta (2yr)
0.92
Equity Exposure
58.74%
Bond Exposure
38.87%
# Holdings
62
Cash Weighted Duration
3.25
Comp NAV TR
-0.70%
Comp Discount
1.23%
Net Assets (M)
748
Liquidity - 90d (K)
1,527
* 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 1.30 -8.43 4.73 0.00 37.33 4,360 6,519
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.28 -8.27 5.06 0.00 37.71 3,610 5,174
NAD Nuv Qlty Muni Incm Fd Nuveen 1.30 -8.67 4.71 0.00 37.19 3,367 5,203
NZF Nuv Muni Cr Incm Fd Nuveen 1.25 -9.41 5.12 0.00 37.69 2,297 3,431
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.28 0.15 5.56 0.00 35.61 1,098 2,713
NUV Nuv Muni Val Fd Nuveen 1.30 0.19 3.52 0.00 1.34 2,186 3,009
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.32 -4.69 3.00 0.00 35.47 1,848 2,905
PML PIMCO Muni Incm Fd II PIMCO 1.25 10.77 5.30 0.00 42.54 759 1,568
VMO Invsc Muni Opp Tr Invesco 1.29 -8.71 5.13 6.18 40.00 898 1,578
IIM Invsc Val Muni Incm Tr Invesco 1.27 -10.71 4.91 2.46 37.00 773 1,262
EIM EV Muni Bnd Fd Eaton Vance 1.29 -7.38 4.56 0.00 41.50 1,014 2,014
MYD BR MuniYld Fd BlackRock 1.25 -8.23 4.98 0.00 36.28 690 1,080
NMCO Nuv Muni Cr Opp Fd Nuveen 1.32 -4.90 6.00 0.00 39.99 695 1,438
EVN EV Muni Incm Tr Eaton Vance 1.28 -8.35 4.49 1.68 36.00 551 1,086
VGM Invsc Tr fr Inv Grd Muni Invesco 1.29 -9.82 5.18 6.27 40.00 746 1,156
MYI BR MuniYld Qlty Fd III BlackRock 1.29 -9.97 3.99 0.46 36.58 1,012 1,211
VKQ Invsc Muni Tr Invesco 1.27 -10.43 4.91 6.19 38.00 737 1,002
MQY BR MuniYld Qlty Fd BlackRock 1.34 -1.23 4.49 0.00 37.88 499 948
BFK BR Muni Incm Tr BlackRock 1.30 -3.78 4.94 0.00 38.84 640 926
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.28 -10.56 4.16 0.00 39.57 556 829
IQI Invsc Qlty Muni Incm Tr Invesco 1.28 -9.69 5.11 5.14 37.00 715 1,051
MMD MainStay MK DfinTrm Muni Opp New York Life 1.29 2.30 4.88 0.00 37.90 566 746
LEO BNY Mellon Stgc Muni BNY Mellon 1.34 -1.55 5.08 0.00 37.13 522 976
MUI BR Muni Imd Dur Fd BlackRock 1.28 -11.34 4.50 0.00 38.16 604 1,170
MMU WA Mgd Muni Fd Legg Mason 1.27 -11.10 4.47 1.66 29.30 590 838
PMX PIMCO Muni Incm Fd III PIMCO 1.24 2.82 4.88 3.01 42.30 364 706
VKI Invsc Adv Muni Incm Tr II Invesco 1.29 -9.82 5.20 6.76 40.00 529 765
PMO Putnam Muni Opp Tr Putnam 1.28 -4.33 4.89 0.00 28.09 465 670
EXD EV Tx-Mgd By-Wrt Stgs Fd Eaton Vance 1.76 -9.63 9.52 96.22 0.00 96 318
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.73 2.67 9.61 94.96 0.00 1,224 3,313
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.77 -12.05 10.03 92.90 0.00 2,538 4,638
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.83 -10.95 7.40 81.79 0.00 256 1,054
GNT GAMCO NtrRes Gd & Incm Gabelli 1.84 -13.67 7.21 64.81 19.00 120 423
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.74 -14.23 8.20 75.06 0.00 565 1,432
IGD Voya Glbl Eq Div & Prm Opp Voya 1.82 -15.46 9.76 72.75 0.00 563 1,714
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.75 -10.46 10.19 60.40 0.00 1,028 2,367
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.93 -10.01 7.19 64.11 28.72 118 640
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.71 -1.32 9.60 74.81 0.00 364 901
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.79 -8.55 9.27 77.44 0.00 1,810 3,655
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.76 -18.94 10.08 60.54 21.44 856 2,361
DNI Div & Incm Fd Bexil 1.64 -32.42 10.71 62.26 13.25 173 418
GUT Gabelli Util Tr Gabelli 1.91 104.49 7.74 78.95 32.00 208 862
BOE BR Enh Glbl DivTr BlackRock 1.79 -14.80 7.91 59.25 0.00 726 1,352
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.80 -12.47 7.71 47.28 0.00 1,327 3,186
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.76 -16.09 10.34 50.96 0.00 472 1,847
BGY BR Enh Intl DivTr BlackRock 1.81 -13.56 7.67 56.93 0.00 640 1,068
BUI BR Util Infra & Pwr OppTr BlackRock 1.77 0.28 6.81 36.10 0.00 380 887
DNP DNP Sel Incm Fd Duff & Phelps 1.65 19.72 7.69 34.27 27.22 2,573 4,223
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.77 -26.25 15.95 100.00 25.91 104 406
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.51 -27.08 0.00 100.00 16.84 13 108
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.78 -25.41 14.81 100.00 33.33 687 3,612
NML NB MLP & Nrg Incm Fd Neuberger Berman 1.91 -28.36 6.73 100.00 12.50 190 558
NTG Tortoise Midstream Nrg Fd Tortoise 1.99 -27.31 8.53 95.50 25.20 124 703
TTP Tortoise Pip & Nrg Fd Tortoise 2.05 -27.46 5.23 99.20 35.70 42 190
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 3.93 -25.54 10.03 98.78 0.00 143 280
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.73 -26.19 11.61 96.16 20.00 56 241
KMF KA Midstream/Nrg Fd Kayne Anderson 2.13 -27.07 8.67 67.94 30.67 269 709
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.93 -29.15 11.98 77.62 23.70 52 365
TYG Tortoise Nrg Infra Corp Tortoise 2.18 -26.04 8.12 81.16 29.00 261 1,713
SMM Salient Midstream & MLP Fd Salient 2.03 -29.37 6.74 70.58 24.00 89 274
CEM CB MLP & Midstream Fd Legg Mason 1.68 -25.52 16.99 86.73 34.01 209 938
EMO CB Nrg Midstream Opp Fd Legg Mason 1.80 -27.60 14.57 85.72 31.35 175 704

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 %