Taxable CEF Index

About the Taxable CEF Index
Performance
Index Returns
Average Discount
Asset Class Weightings
Constituents
Disclosures

About the Index

The RiverNorth Closed-End Fund ("CEF") Index is an equal weighted index of 75 taxable closed-end funds. The rules-based index has two objectives: 1) to ensure the index constituents provide asset class exposures similar to the broader taxable closed-end fund market, and, 2) to ensure the index constituents have trading liquidity. To accomplish these objectives, the RiverNorth methodology weights the asset classes based on their respective net asset values within the taxable closed-end fund market and second, selects the most liquid closed-end funds within each asset class, and equally weights each security to represent the asset class in the index. The index is rebalanced annually on June 30th.

For more information: info@rivernorth.com

Performance As of 7.31.17

1 Month 3 Month YTD 1 Year 3 Year Weighted
Average
Discount
RiverNorth Taxable CEF Index (Price) Performance 2.20% 3.68% 14.93% 15.34% 5.36% -3.15%
RiverNorth Taxable CEF Index (NAV) Performance 1.79% 3.33% 10.04% 12.28% 3.61% - -
RiverNorth Taxable CEF Index (Price) Performance
1 Month 2.20%
3 Month 3.68%
1 Year 15.34%
3 Year 5.36%
Weighted Average Discount -3.15%
RiverNorth Taxable CEF Index (NAV) Performance
1 Month 1.79%
3 Month 3.33%
1 Year 12.28%
3 Year 3.61%

Index Returns as of 7.31.17

Average Discount1 as of 7.31.17

Asset Class Weightings as of 7.31.17

Asset Class Allocation
Specialized Equity 15.99%
Covered Call 12.05%
Multi-Sector Bonds 10.77%
High Yield 8.05%
Domestic Equity 7.81%
Global Equity 6.68%
Bank Loans 6.56%
Preferreds 6.54%
Hybrid 5.46%
International Equity 5.42%
Real Estate 4.05%
Global Income 3.96%
Investment Grade (IG) 2.67%
Government & Agency 2.63%
Emerging Income 1.38%
Specialized Equity 15.99%
Covered Call 12.05%
Multi-Sector Bonds 10.77%
High Yield 8.05%
Domestic Equity 7.81%
Global Equity 6.68%
Bank Loans 6.56%
Preferreds 6.54%
Hybrid 5.46%
International Equity 5.42%
Real Estate 4.05%
Global Income 3.96%
Investment Grade (IG) 2.67%
Government & Agency 2.63%
Emerging Income 1.38%

Constituents as of 7.31.17

SymbolWeightingFund Name
IHD 1.42%Voya Emerging Markets High Dividend Eq
BCX 1.41%BlackRock Resources & Commdty
GLO 1.39%Clough Global Opportunities
EDD 1.38%MS Emerging Markets Domestic
CHW 1.38%Calamos Global Dynamic Income
IFN 1.38%India Fund Inc
NCV 1.37%AllianzGI Convertible & Income
RQI 1.37%Cohen & Steers Qty Inc Realty
DSL 1.36%DoubleLine Income Solutions
DNP 1.36%DNP Select Income
CHI 1.36%Calamos Convertible Opps & Income
NCZ 1.36%AllianzGI Convertible & Inc II
ETW 1.36%EV Tax-Managed Glb B-W Opps
FAX 1.36%Aberdeen Asia-Pacific Income
HYT 1.36%BlackRock Corp High Yield
NML 1.35%Neuberger Berman MLP Income
EAD 1.35%Wells Fargo Inc Opp
GGN 1.35%GAMCO Glb Gold Natural Res & Income
USA 1.35%Liberty All-Star Equity
PCI 1.35%PIMCO Dynamic Credit and Mortgage Inc
AWP 1.35%Alpine Global Premier Property
PTY 1.35%PIMCO Corporate & Income Opps
JPC 1.34%Nuveen Pref Income Opps Fund
IGR 1.34%CBRE Clarion Global Real Est Income
GDV 1.34%Gabelli Dividend & Income
BDJ 1.34%BlackRock Enhanced Equity Div
AOD 1.34%Alpine Total Dynamic Dividend
GMZ 1.34%Goldman Sachs MLP Income Opps
HIO 1.34%Western Asset High Income Opp
HIX 1.34%Western Asset High Inc Fund II
BOE 1.34%BlackRock Global Opportunities
EXG 1.34%EV Tax-Mgd Gbl Div Equity Income
CSQ 1.34%Calamos Strategic Total Return
CHY 1.34%Calamos Convertible & High Income
EOD 1.34%Wells Fargo Global Dividend Opportunity
ETG 1.34%EV Tax Adv Global Dividend Inc
CEM 1.34%ClearBridge Energy MLP
ETY 1.34%EV Tax-Managed Div Equity Income
IGD 1.34%Voya Global Equity Dividend&Premium Opp
RVT 1.34%Royce Value Trust
EVT 1.33%EV Tax Advantaged Dividend Inc
WIW 1.33%Western/Claymore Infl-Lnk Opps
PDT 1.33%JH Premium Dividend Fund
KYN 1.33%Kayne Anderson MLP
NFJ 1.33%AllianzGI NFJ Div Interest & Prem
BIF 1.33%Boulder Growth & Income
GER 1.33%Goldman Sachs MLP and Energy Rena
GAB 1.33%Gabelli Equity Trust
DHF 1.33%Dreyfus High Yield Strategies
CBA 1.32%ClearBridge American Energy MLP
THQ 1.32%Tekla Healthcare Opportunities
DHY 1.32%Credit Suisse High Yield Bond
ETJ 1.32%EV Risk-Mgd Divers Equity Inc
EVV 1.32%EV Limited Duration Income
FDEU 1.32%First Trust Dynamic Europe Equity Income
JQC 1.32%Nuveen Credit Strategies Income
FPF 1.32%First Trust Inter Dur Pref & Income Fund
BTZ 1.32%BlackRock Credit Allocation Inc
VTA 1.32%Invesco Dynamic Credit Opps
JPS 1.32%Nuveen Preferred Securities Income
VVR 1.31%Invesco Senior Income Trust
PHK 1.31%PIMCO High Income
JFR 1.31%Nuveen Floating Rate Income
UTF 1.30%Cohen & Steers Infrastructure
TYG 1.30%Tortoise Energy Infrastructure
BKT 1.30%BlackRock Income Trust
CAF 1.30%MS China A Share
PPT 1.30%Putnam Premier Income Trust
PPR 1.30%Voya Prime Rate Trust
GIM 1.30%Templeton Global Income
JMF 1.30%Nuveen Energy MLP Total Return
CLM 1.24%Cornerstone Strategic Value
FFC 1.23%Flah&Crum Pref Securities Income
CRF 1.22%Cornerstone Total Return

Disclosures

The index was created and developed by RiverNorth Capital Management, LLC. RiverNorth does not guarantee the accuracy or the completeness of the index or any data included therein and RiverNorth shall have no liability for any errors, omissions or interruptions therein. RiverNorth 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. RiverNorth 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 RiverNorth 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.

1 Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

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