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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 1,139.19 -0.05 -1.35 -2.17 -3.37 0.14 7.28 4.39 2.67 -1.78 -1.78 18.62
NAV 1,105.52 0.15 -1.28 -2.06 -4.33 -1.46 3.25 3.87 1.57 -1.76 -1.76 12.93
Difference 0.20 0.07 0.10 -0.96 -1.60 -4.03 -0.52 -1.10 0.02 0.02 -5.68
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 19.54 1.78 -2.00 1.12 0.86 - - - - - 20.40
NAV 9.26 1.02 3.14 13.85 0.22 -1.66 2.78 1.30 15.15 0.26 -1.56 0.86 -0.45 - - - - - 14.69
Difference -3.26 0.04 -0.04 -3.39 -0.77 0.19 -0.42 -1.00 -4.39 -1.53 0.44 -0.25 -1.31 - - - - - -5.70
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 -1.10 2.36 1.11 -1.07 2.39 -8.01 1.30 -7.57 -13.88 -11.49 -12.58
NAV 2.66 -5.95 -2.84 -6.19 3.22 2.90 -0.17 6.03 -0.16 3.30 1.32 -0.95 3.68 -5.75 0.45 -5.94 -10.95 -7.27 -7.44
Difference 1.10 -0.97 0.80 0.81 -1.05 0.82 0.33 0.12 0.93 0.95 0.21 0.12 1.29 2.27 -0.85 1.63 2.93 4.21 5.15
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 7.29 2.04 -1.69 1.35 1.67 -2.77 -0.43 4.47 1.14 2.81 10.10
NAV 2.02 1.64 0.22 3.92 -0.03 -1.00 0.10 -0.93 2.98 1.64 -1.04 0.85 1.44 -1.32 0.01 3.58 2.22 3.66 6.64
Difference -2.55 -0.30 0.68 -2.20 -1.29 -0.56 -0.26 -2.12 -4.31 -0.40 0.65 -0.50 -0.23 1.45 0.44 -0.89 1.08 0.85 -3.46
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 13.35 1.39 1.06 0.83 3.31 -4.57 1.13 1.40 -2.13 1.18 14.54
NAV -7.11 -0.69 6.17 -2.06 6.36 1.98 2.67 11.36 9.30 1.24 0.95 1.25 3.48 -2.55 -0.06 2.74 0.06 3.54 12.84
Difference -0.73 -1.83 0.28 -2.32 -1.08 0.13 -0.68 -1.73 -4.05 -0.16 -0.10 0.43 0.17 2.02 -1.20 1.34 2.19 2.36 -1.69
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 -3.99 -1.44 -3.14 -6.27 -10.52 7.49 -4.49 -2.75 -0.16 -10.68 -14.67
NAV -0.99 1.72 -1.40 -0.70 2.09 -0.65 -3.74 -2.37 -3.07 -0.87 -4.07 -6.32 -10.92 5.89 -3.35 -3.13 -0.86 -11.77 -14.85
Difference -1.21 -0.44 0.17 -1.47 0.18 0.94 1.29 2.39 0.91 0.57 -0.93 -0.05 -0.40 -1.60 1.14 -0.38 -0.70 -1.09 -0.18

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.92%
1Yr Disc
-5.79%
3Yr Disc
-4.46%
5Yr Disc
-5.04%
Rel Disc Range (3yr)
55.05%
Mkt Yield
8.95%
Lev Adj NAV Yield
7.10%
After Tax Yield*
8.67%
Est Tax Friction*
0.28%
3Yr NAV Volatiliy
13.31
1 Yr RoC
54.08%
3 Yr Dest RoC
33.47%
Leverage
25.75%
Non Lev Exp Ratio
1.35%
Beta (2yr)
0.62
Equity Exposure
62.75%
Bond Exposure
35.45%
# Holdings
63
Cash Weighted Duration
2.65
Comp NAV TR
0.77%
Comp Discount
1.66%
Net Assets (M)
721
Liquidity - 90d (K)
1,825
* 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


63 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.21 -8.83 4.51 0.00 37.39 4,106 7,983
NAD Nuv Qlty Muni Incm Fd Nuveen 1.22 -10.03 4.47 0.00 37.31 3,222 6,888
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.21 -3.49 4.73 0.00 37.36 3,484 5,703
NZF Nuv Muni Cr Incm Fd Nuveen 1.21 -3.53 4.91 0.00 37.08 2,376 4,153
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.22 1.85 4.99 0.00 38.02 927 3,007
NUV Nuv Muni Val Fd Nuveen 1.22 -0.85 3.54 0.00 1.34 2,193 2,686
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.23 -7.80 3.14 0.00 35.69 1,826 2,479
EIM EV Muni Bnd Fd Eaton Vance 1.20 -8.13 4.00 0.00 42.20 1,132 1,809
PML PIMCO Muni Incm Fd II PIMCO 1.22 25.24 4.94 0.00 45.91 788 1,917
MYI BR MuniYld Qlty Fd III BlackRock 1.22 -9.15 3.92 0.00 36.93 1,021 1,963
VGM Invsc Tr fr Inv Grd Muni Invesco 1.22 -7.11 4.79 3.91 40.00 755 1,919
VMO Invsc Muni Opp Tr Invesco 1.21 -7.25 4.79 7.83 40.00 911 1,885
IIM Invsc Val Muni Incm Tr Invesco 1.23 -5.98 4.53 2.15 38.00 779 1,791
VKQ Invsc Muni Tr Invesco 1.21 -7.03 4.67 6.68 39.00 748 1,576
IQI Invsc Qlty Muni Incm Tr Invesco 1.20 -7.47 4.62 3.30 37.00 722 1,536
RMM RivNth Mgd Dur Muni Incm Fd RiverNorth 1.20 -2.22 5.54 0.00 N/A 401 1,218
BFK BR Muni Incm Tr BlackRock 1.21 -3.65 4.59 0.00 36.91 651 1,159
LEO BNY Mellon Stgc Muni BNY Mellon 1.20 -1.96 4.94 0.00 36.00 539 1,107
MVF BR MuniVest Fd BlackRock 1.21 -5.88 4.67 0.01 35.34 629 1,101
MYD BR MuniYld Fd BlackRock 1.22 -0.40 4.52 0.59 35.00 700 1,000
MMD MainStay MK DfinTrm Muni Opp New York Life 1.20 0.87 4.91 0.00 36.90 569 1,056
VKI Invsc Adv Muni Incm Tr II Invesco 1.22 -6.20 4.76 3.51 40.00 537 1,007
MMU WA Mgd Muni Fd Legg Mason 1.25 1.22 4.30 0.00 28.70 603 989
DSM BNY Mellon Stgc Muni Bnd Fd BNY Mellon 1.22 1.68 4.96 0.00 34.17 411 1,029
EVN EV Muni Incm Tr Eaton Vance 1.21 -7.50 4.44 0.00 37.70 550 977
NEV Nuv Enh Muni Val Fd Nuveen 1.22 -5.39 4.71 0.00 35.95 380 1,014
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.21 -4.06 3.72 0.00 35.83 670 1,018
MUI BR Muni Imd Dur Fd BlackRock 1.21 -11.36 3.80 0.00 38.38 607 910
GNT GAMCO NtrRes Gd & Incm Gabelli 1.74 -0.34 10.22 97.83 18.52 123 513
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.70 -3.98 9.00 89.07 0.00 2,589 5,295
CLM Cornerstone Stgc Val Fd Cornerstone 1.66 4.43 22.23 85.80 0.00 788 4,603
CRF Cornerstone Tot Rtn Fd Cornerstone 1.65 4.09 22.26 81.80 0.00 404 2,998
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.67 1.45 12.50 83.46 31.85 365 895
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.70 1.65 9.88 81.67 0.00 578 1,607
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.73 7.25 8.12 73.84 0.00 395 820
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.73 -1.36 7.11 72.75 0.00 1,377 2,338
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.71 -0.96 6.70 71.13 0.00 645 1,616
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.74 5.48 8.86 70.27 0.00 1,170 3,350
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.69 -11.15 7.60 69.75 13.58 1,035 2,235
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.70 4.10 12.74 69.34 34.69 176 865
JCE Nuv Core Eq Alpha Fd Nuveen 1.70 -2.62 7.08 59.85 0.00 232 957
ZF Virtus Total Return Fd Virtus 1.71 5.28 12.71 59.70 26.51 233 1,261
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.69 0.68 8.55 63.92 0.00 1,760 3,261
IGD Voya Glbl Eq Div & Prm Opp Voya 1.72 -10.83 7.88 59.08 0.00 663 3,090
INB C&S Glbl Incm Bldr Cohen & Steers 1.66 -5.94 8.39 58.88 23.60 218 769
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.66 -10.71 7.31 58.58 25.90 203 651
FFA FT Enh Eq Incm Fd First Trust 1.76 3.54 6.96 55.10 0.00 316 572
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.69 -10.33 11.19 56.04 30.15 138 512
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 2.08 -4.37 14.42 100.00 35.55 114 346
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.05 -8.85 14.56 100.00 28.52 76 428
TTP Tortoise Pip & Nrg Fd Tortoise 2.16 -11.10 9.01 99.34 29.40 143 714
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 2.15 -12.12 10.38 96.21 31.45 371 855
SMM Salient Midstream & MLP Fd Salient 2.18 -14.94 9.04 94.89 29.20 158 808
KMF KA Midstream/Nrg Fd Kayne Anderson 2.18 -13.49 8.61 95.04 31.75 570 1,924
CEM CB MLP & Midstream Fd Legg Mason 2.16 -10.60 10.85 94.30 32.79 857 2,312
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 2.18 0.73 18.23 94.17 29.02 230 3,333
FMO F/C Nrg Infra Fd Guggenheim Funds 2.12 -6.52 15.55 93.43 39.75 315 1,196
SRV Cushing MLP & Infra Tot Rtn Fd Cushing 2.21 -9.38 11.10 91.67 28.10 73 255
GMZ GS MLP Incm Opp Fd Goldman Sachs 2.09 -5.04 13.10 89.68 37.96 300 932
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.10 -2.43 12.45 90.55 29.18 336 1,619
NTG Tortoise Midstream Nrg Fd Tortoise 2.14 -3.88 14.53 88.17 37.30 765 2,947
FPL FT New Opp MLP & Nrg Fd First Trust 2.14 -7.64 10.19 83.33 25.66 246 955
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.08 1.47 11.19 83.71 30.65 218 1,882

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, 2017. 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 %