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06. Tax-Sensitive Income Index

Data as of 09/17/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

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 (%) Show Previous Years
	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%.

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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