05. Tax-Advantaged Equity Dividend Index

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	1,019.35	0.73	14.33	-17.84	-27.49	-21.53	-19.58	-2.04	1.60	-17.84	-27.49	-27.49
NAV	979.73	0.28	7.16	-16.11	-24.42	-18.13	-18.19	-2.54	0.58	-16.11	-24.42	-24.42
Difference		-0.45	-7.18	1.73	3.07	3.41	1.39	-0.49	-1.02	1.73	3.07	3.07
* 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	-0.36	-11.43	-17.84	-27.49	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-27.49
NAV	-1.62	-8.43	-16.11	-24.42	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-24.42
Difference	-1.26	3.00	1.73	3.07	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.07
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	3.09	7.34	7.76	26.40
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	3.10	7.15	6.89	20.44
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	0.01	-0.19	-0.87	-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 -8.40%	1Yr Disc -4.93%	3Yr Disc -4.58%	5Yr Disc -5.87%	Rel Disc Range (3yr) 49.13%
Mkt Yield 11.58%	Lev Adj NAV Yield 9.97%	After Tax Yield* 10.64%	Est Tax Friction* 0.94%	3Yr NAV Volatiliy 20.19
1 Yr RoC 61.14%	3 Yr Dest RoC 46.48%	Leverage 5.43%	Non Lev Exp Ratio 1.21%	Beta (2yr) 0.93
Equity Exposure 96.21%	Bond Exposure 2.92%	# Holdings 39	Cash Weighted Duration 0.06
Comp NAV TR -2.08%	Comp Discount 1.09%	Net Assets (M) 516	Liquidity - 90d (K) 2,535
* 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

39 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	2.38	-15.86	12.06	35.64	5.65	404	2,474
BCX	BR Res & Com Stgy Tr	BlackRock	2.26	-15.82	12.38	71.60	0.00	541	2,946
BGR	BR Nrg & Res Tr	BlackRock	1.92	-9.21	13.14	55.74	0.00	204	2,081
BGY	BR Enh Intl DivTr	BlackRock	2.76	-15.93	9.26	66.70	0.00	551	1,782
BOE	BR Enh Glbl DivTr	BlackRock	2.72	-15.08	9.39	65.33	0.00	622	2,382
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	2.60	-9.50	9.38	84.18	0.00	1,140	4,205
CII	BR Enh Cap & Incm Fd	BlackRock	2.71	-8.48	8.53	38.99	0.00	593	2,610
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	2.51	-9.52	9.93	77.04	0.00	477	1,917
DNI	Div & Incm Fd	Bexil	2.38	-17.62	12.36	52.71	1.49	122	664
DPG	D&P Util & Infra Fd	Duff & Phelps	2.28	-11.58	16.37	38.57	29.36	367	1,557
EOI	EV Enh Eq Incm Fd	Eaton Vance	2.75	-7.01	9.45	53.76	0.00	481	2,191
EOS	EV Enh Eq Incm Fd II	Eaton Vance	2.80	-4.44	9.02	25.25	0.00	674	2,939
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	2.69	-1.46	11.31	53.97	0.00	309	1,463
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	3.24	-6.99	11.43	85.05	0.00	547	3,221
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	2.92	-2.71	11.92	94.28	0.00	993	6,822
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	2.61	-13.03	12.45	56.33	0.00	866	3,906
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	2.69	-7.43	11.43	49.40	0.00	1,436	5,602
EXD	EV Tx-Mgd By-Wrt Stgs Fd	Eaton Vance	2.71	-9.59	11.40	93.04	0.00	80	605
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	2.63	-10.99	12.51	90.65	0.00	2,011	8,357
FFA	FT Enh Eq Incm Fd	First Trust	2.64	-3.18	9.59	39.06	0.00	245	721
FIF	FT Nrg Infra Fd	First Trust	1.94	-13.36	16.54	65.15	21.89	162	803
GAB	Gabelli Eq Tr	Gabelli	2.64	9.07	15.11	69.83	26.00	936	4,373
GGT	Gabelli Multimedia Tr	Gabelli	2.53	10.13	17.60	72.95	37.00	113	621
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	2.27	-3.51	20.56	75.00	30.65	234	1,409
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.85	-10.54	27.78	60.90	34.00	101	767
HQH	Tekla Health Invstr	Tekla	3.10	-14.00	11.05	0.00	0.00	848	4,088
HQL	Tekla Life Sci Invstr	Tekla	3.12	-13.82	10.97	34.55	0.00	382	1,864
HTY	JH Tx-Adv Glbl ShrHld Yld	John Hancock	2.59	-13.41	13.39	58.56	0.00	60	276
IAE	Voya AP Hi Div Eq Incm Fd	Voya	2.77	-14.00	14.14	66.69	0.00	84	327
IDE	Voya Infra Ind & Matrls Fd	Voya	2.55	-18.09	12.26	58.14	0.00	176	823
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	2.63	-15.55	10.99	30.82	0.00	155	537
IGD	Voya Glbl Eq Div & Prm Opp	Voya	2.66	-15.79	11.11	62.77	0.00	498	3,156
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	2.64	-12.56	13.61	58.19	0.00	115	541
IRR	Voya NtrRes Eq Incm Fd	Voya	1.89	-18.03	15.40	79.55	0.00	55	358
JCE	Nuv Core Eq Alpha Fd	Nuveen	2.59	-8.14	9.85	77.99	0.00	177	664
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	2.27	-14.84	11.76	52.76	29.76	209	1,124
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	2.79	-6.69	8.60	95.78	0.00	767	3,869
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	2.49	-6.79	9.42	84.96	0.00	206	990
RA	Brkf Real Ast Incm Fd	Brookfield	2.51	-17.89	17.23	43.79	21.80	758	5,492

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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