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05. Tax-Advantaged Equity Dividend Index

Data as of

About the Index

(1) US Equity, Non-US Equity and Specialty Equity groupings according to CEFdata.com with monthly or quarterly distributions. (2) Removing Preferred Equity, MLP Funds and Single Country Funds. (3) Funds with Market Yield of 6% or more. (4) Leverage Adjusted NAV Yield under 10%. (5) 1 Year Trailing Return of Capital dividend classification over 20%. (6) 1 Year Trailing Income + Short Term Capital Gains under 65%. (7) 90-day average trade dollar $ liquidity over $250K. (8) Removing funds with US / Non US Equity over 10% each. Equal weight each fund for the index. 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 1,355.55 0.61 -0.46 0.18 6.37 9.07 13.21 11.28 7.49 -0.60 3.50 22.56
NAV 1,249.98 0.59 -0.77 -0.06 5.14 6.46 10.20 8.38 5.84 -0.59 3.32 16.60
Difference -0.01 -0.31 -0.24 -1.24 -2.62 -3.01 -2.91 -1.64 0.01 -0.19 -5.96
* 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 11.38 2.27 1.29 15.38 1.80 -4.92 6.69 3.27 18.65 0.63 -2.54 2.39 0.42 2.15 1.94 - - - 23.16
NAV 7.72 2.16 1.45 11.65 1.50 -4.95 5.62 1.90 13.55 0.24 -1.91 1.43 -0.26 2.08 1.81 - - - 17.19
Difference -3.66 -0.11 0.16 -3.73 -0.29 -0.03 -1.07 -1.36 -5.10 -0.38 0.63 -0.96 -0.68 -0.07 -0.12 - - - -5.97
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 3.04 -4.37 -1.48 -2.92 3.25 1.64 -0.18 4.74 1.83 2.37 1.16 -0.20 3.36 -9.82 2.92 -9.17 -15.70 -12.35 -10.52
NAV 3.26 -5.10 -1.38 -3.35 1.91 0.86 -0.03 2.76 -0.59 3.16 1.03 -0.03 4.20 -6.77 1.55 -7.19 -12.14 -7.93 -8.52
Difference 0.22 -0.73 0.10 -0.43 -1.33 -0.78 0.15 -1.98 -2.41 0.79 -0.13 0.17 0.85 3.05 -1.37 1.98 3.57 4.41 2.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.64 2.25 1.36 8.45 3.07 1.20 1.02 5.37 13.82 2.92 -0.96 2.99 4.97 0.51 -0.07 2.55 3.00 7.97 21.79
NAV 2.74 2.13 0.86 5.83 1.19 1.14 0.48 2.83 8.66 2.35 0.15 1.41 3.95 0.83 1.72 1.06 3.65 7.60 16.26
Difference -1.90 -0.12 -0.50 -2.63 -1.88 -0.06 -0.55 -2.54 -5.17 -0.57 1.11 -1.57 -1.02 0.32 1.79 -1.49 0.65 -0.37 -5.54
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -6.71 0.01 7.89 0.66 2.02 1.41 1.46 4.97 5.63 3.89 0.55 0.86 5.37 -3.07 0.86 1.43 -0.84 4.52 10.15
NAV -5.04 -0.42 6.65 0.85 1.72 0.63 0.90 3.28 4.12 2.93 -0.05 0.72 3.62 -1.80 0.93 1.64 0.74 4.36 8.48
Difference 1.67 -0.44 -1.24 0.18 -0.30 -0.78 -0.56 -1.69 -1.51 -0.97 -0.60 -0.14 -1.75 1.28 0.07 0.21 1.58 -0.16 -1.67
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -0.01 4.32 -1.23 3.03 1.64 0.51 -2.85 -0.75 2.27 0.13 -5.75 -4.57 -9.94 8.41 -0.32 -0.47 7.56 -2.38 -0.11
NAV -1.11 4.35 -1.71 1.43 2.09 0.78 -2.54 0.28 1.71 0.89 -5.60 -2.78 -7.41 7.06 -0.79 -1.40 4.73 -2.68 -0.97
Difference -1.09 0.02 -0.48 -1.60 0.45 0.27 0.31 1.03 -0.56 0.76 0.15 1.79 2.53 -1.35 -0.47 -0.93 -2.83 -0.30 -0.86

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.70%
1Yr Disc
-5.38%
3Yr Disc
-5.19%
5Yr Disc
-6.42%
Rel Disc Range (3yr)
53.98%
Mkt Yield
8.00%
Lev Adj NAV Yield
7.17%
After Tax Yield*
7.36%
Est Tax Friction*
0.64%
3Yr NAV Volatiliy
13.06
1 Yr RoC
59.70%
3 Yr Dest RoC
12.34%
Leverage
6.67%
Non Lev Exp Ratio
1.23%
Beta (2yr)
0.87
Equity Exposure
97.50%
Bond Exposure
1.49%
# Holdings
40
Cash Weighted Duration
Comp NAV TR
1.92%
Comp Discount
0.29%
Net Assets (M)
649
Liquidity - 90d (K)
1,649
* 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


40 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.56 -9.33 7.37 62.14 8.31 613 2,180
BCX BR Res & Com Stgy Tr BlackRock 2.51 -11.33 8.07 60.35 0.00 789 1,743
BGR BR Nrg & Res Tr BlackRock 2.40 -8.83 8.50 60.54 0.00 358 1,416
BGY BR Enh Intl DivTr BlackRock 2.56 -9.27 7.14 58.71 0.00 663 1,544
BOE BR Enh Glbl DivTr BlackRock 2.51 -10.92 7.07 48.11 0.00 790 2,112
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 2.59 0.58 6.75 72.75 0.00 1,422 2,356
CII BR Enh Cap & Incm Fd BlackRock 2.49 -5.44 6.02 31.17 0.00 770 1,633
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 2.48 -0.93 6.55 71.13 0.00 661 1,236
DNI Div & Incm Fd Bexil 2.53 -19.78 6.38 51.95 0.31 194 434
EOI EV Enh Eq Incm Fd Eaton Vance 2.52 0.52 6.91 61.62 0.00 609 1,166
EOS EV Enh Eq Incm Fd II Eaton Vance 2.54 1.11 6.85 23.48 0.00 824 1,660
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 2.51 6.36 8.07 60.42 0.00 401 864
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 2.45 3.68 8.52 27.14 25.20 368 997
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 2.48 2.21 8.99 85.91 0.00 1,189 3,480
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 2.58 -1.36 8.57 59.44 0.00 1,109 2,682
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 2.52 1.33 8.27 56.60 0.00 1,808 3,273
EXD EV Tx-Mgd By-Wrt Stgs Fd Eaton Vance 2.58 -3.65 8.47 90.64 0.00 101 427
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 2.57 -2.71 8.57 86.39 0.00 2,686 4,699
FFA FT Enh Eq Incm Fd First Trust 2.48 -1.28 7.02 55.92 0.00 329 558
FIF FT Nrg Infra Fd First Trust 2.26 -8.42 8.67 68.91 26.43 292 856
GAB Gabelli Eq Tr Gabelli 2.50 6.68 9.63 58.55 21.00 1,490 3,100
GDV Gabelli Div & Incm Tr Gabelli 2.37 -10.88 6.32 31.04 21.00 1,932 5,354
GGT Gabelli Multimedia Tr Gabelli 2.42 4.09 10.80 62.56 27.00 194 407
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 2.51 1.89 11.87 83.46 30.99 383 908
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 2.49 6.06 12.63 67.35 33.95 183 1,123
HQH Tekla Health Invstr Tekla 2.74 -10.97 7.89 73.10 0.00 988 3,557
HQL Tekla Life Sci Invstr Tekla 2.77 -10.35 7.62 56.59 0.00 440 1,592
IAE Voya AP Hi Div Eq Incm Fd Voya 2.37 -12.05 10.62 67.19 0.00 110 259
IDE Voya Infra Ind & Matrls Fd Voya 2.40 -13.63 8.22 19.90 0.00 249 926
IGA Voya Glbl Adv & Prm Opp Fd Voya 2.49 -8.96 7.53 48.45 0.00 210 723
IGD Voya Glbl Eq Div & Prm Opp Voya 2.48 -11.63 7.89 58.36 0.00 668 3,669
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 2.62 -8.89 9.76 66.15 0.00 154 426
INB C&S Glbl Incm Bldr Cohen & Steers 2.46 -3.28 8.13 76.78 23.80 219 834
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 2.37 -7.00 7.38 58.32 25.75 193 803
IRR Voya NtrRes Eq Incm Fd Voya 2.37 -14.51 8.17 86.23 0.00 100 746
JCE Nuv Core Eq Alpha Fd Nuveen 2.51 -1.14 6.80 59.85 0.00 239 810
MGU Macquarie Glbl Infra Tot Rtn Macquarie 2.44 -8.75 6.91 62.68 30.17 332 833
PEO Adams Ntr Res Fd Adams Funds 2.35 -12.66 6.24 0.00 0.00 520 1,555
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 2.65 1.01 6.50 73.47 0.00 934 2,131
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 2.58 0.06 6.56 81.96 0.00 273 541

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 %