Updated News

Latest News

Rule Changes for S-Network Municipal Bond Closed-End Fund Index

  • September 20, 2019
  • S-Network Global Indexes

New York, NY, Friday, September 20, 2019 — The S-Network Municipal Bond Closed-End Fund Index Committee today announced rule changes for the S-Network Municipal Bond Closed-End Fund Index (CEFMX).

 

Effective for the 2019Q3 reconstitution, Section IV(vii) (Eligibility Criteria) will be revised to read as follows:

 

vii) To meet eligibility requirements, a closed-end fund must maintain a total expense ratio below a certain threshold. The threshold will vary depending upon prevailing interest rates. The threshold is calculated as of the record date, as follows: (US Federal Funds Effective Rate + 100 bps) * 0.5 + 150 bps

 

 

Effective for the 2019Q3 reconstitution, Section IV(xii) (Eligibility Criteria) will be revised to read as follows:

 

xii) Once included in the index, a closed-end fund may fall outside the eligibility thresholds as defined in Section IV by up to 25% of the respective eligibility threshold. Any current index constituent that falls outside an eligibility threshold by more than 25% (other than the turnover criterion in Section IV(ix), as specified in Section IV(xi)) will be deleted from the index.

 

Additionally, effective October 2, 2019, the following rule will be added to Section I (General Description):

 

Rule changes will be announced at least 60 days in advance of implementation.

 

 

The S-Network Municipal Bond Closed-End Fund Index (TICKER: CEFMX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. CEFMX employs a modified total net assets weighting methodology designed to assure accurate investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.

 

Detailed information on the S-Network Municipal Bond Closed-End Fund Index is available at closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Municipal Bond Closed-End Fund Price Index TICKER: CEFMX

 

Index: S-Network Municipal Bond Closed-End Fund Total Return Index TICKER: CEFMXTR

Rule Changes for S-Network Composite Closed-End Fund Index

  • September 20, 2019
  • S-Network Global Indexes

New York, NY, Friday, September 20, 2019 — The S-Network Composite Closed-End Fund Index Committee today announced rule changes for the S-Network Composite Closed-End Fund Index (CEFX).

 

Effective for the 2019Q3 reconstitution, Section IV(vi) (Eligibility Criteria) will be revised to read as follows:

 

  1. vi) To meet eligibility requirements, a closed-end fund must maintain a total expense ratio below a certain threshold. The threshold will vary depending upon prevailing interest rates. The threshold is calculated as of the record date, as follows: (US Federal Funds Effective Rate + 100 bps) * 0.5 + 150 bps

 

 

Effective for the 2019Q3 reconstitution, Section IV(x) (Eligibility Criteria) will be revised to read as follows:

 

  1. x) Once included in the index, a constituent may fall outside a certain eligibility threshold as defined in Section IV by up to 25% of the eligibility threshold. Any current index constituent that falls outside an eligibility threshold by more than 25% (other than the turnover criterion in Section IV(vii), as specified in Section IV(ix)) will be deleted from the index.



Additionally, effective October 2, 2019, the following rule will be added to Section I (General Description):

 

Rule changes will be announced at least 60 days in advance of implementation.

 

 

The S-Network Composite Closed-End Fund Index (CEFX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce taxable annual yield. CEFX employs a modified total net assets weighting methodology designed to ensure accurate investment exposure across the various business segments that together comprise the taxable annual yield sector of the closed-end fund market.

 

Detailed information on the S-Network Composite Closed-End Fund Index is available at closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Composite Closed-End Fund Price Index TICKER: CEFX

 

Index: S-Network Composite Closed-End Fund Total Return Index TICKER: CEFXTR

One Deletion in S-Network Municipal Bond Closed-End Fund Index Semi-Annual Reconstitution

  • September 20, 2019
  • S-Network Global Indexes

New York, NY, Friday, September 20, 2019 — The S-Network Municipal Bond Closed-End Fund Index (Ticker: CEFMX) will drop one constituent in its semi-annual reconstitution — effective 9:30 AM (ET) Tuesday, October 1, 2019 — changing the number of index components to 62.

The deletion from CEFMX is BLACKROCK MUNIHOLDINGS FD II (TICKER: MUH US).

A complete list of constituents and weights will be posted on the S-Network Closed-End Fund Index website (closedendfundindex.com) as of the effective date.

 

The S-Network Municipal Bond Closed-End Fund Index (TICKER: CEFMX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. CEFMX employs a modified total net assets weighting methodology designed to assure accurate investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.

 

Detailed information on the S-Network Municipal Bond Closed-End Fund Index is available at closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Municipal Bond Closed-End Fund Price Index TICKER: CEFMX

 

Index: S-Network Municipal Bond Closed-End Fund Total Return Index TICKER: CEFMXTR

Five Additions and Two Deletions in S-Network Composite Closed-End Fund Index Quarterly Reconstitution

  • September 20, 2019
  • S-Network Global Indexes

 

New York, NY, Friday, September 20, 2019 — The S-Network Composite Closed-End Fund Index (Ticker: CEFX) will add five constituents and drop two constituents in its quarterly reconstitution — effective 9:30 AM (ET) Tuesday, October 1, 2019 — changing the number of index components to 135.

The additions to CEFX are: JOHN HANCOCK T/A DVD INCOME (TICKER: HTD US), THL CREDIT SENIOR LOAN FUND (TICKER: TSLF US), DUFF & PHELPS UTIL & CORP BD (TICKER: DUC US), NUVEEN MORT OPP TERM FD (TICKER: JLS US), VERTICAL CAPITAL INCOME (TICKER: VCIF US).

The deletions from CEFX are: VOYA NATURAL RESOURCES EQUIT (TICKER: IRR US), PIONEER DIVERSIFIED HIGH INC (TICKER: HNW US).

The changes to CEFX are distributed over three sub-indexes:

 

The S-Network Option Income Closed-End Fund Index (Ticker: CEFOIX) will add JOHN HANCOCK T/A DVD INCOME (TICKER: HTD US) and drop VOYA NATURAL RESOURCES EQUIT (TICKER: IRR US).

 

The S-Network Investment Grade Fixed Income Closed-End Fund Index (Ticker: CEFIGX) will add DUFF & PHELPS UTIL & CORP BD (TICKER: DUC US) and NUVEEN MORT OPP TERM FD (TICKER: JLS US).

 

The S-Network High-Yield Closed-End Fund Index (Ticker: CEFHYX) will add THL CREDIT SENIOR LOAN FUND (TICKER: TSLF US) and VERTICAL CAPITAL INCOME (TICKER: VCIF US) and drop PIONEER DIVERSIFIED HIGH INC (TICKER: HNW US).

Complete lists of constituents and weights will be posted on the S-Network Composite Closed-End Fund Index website (closedendfundindex.com) as of the effective date.

 

The S-Network Composite Closed-End Fund Index (CEFX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce taxable annual yield. CEFX employs a modified total net assets weighting methodology designed to ensure accurate investment exposure across the various business segments that together comprise the taxable annual yield sector of the closed-end fund market.

 

Detailed information on the S-Network Composite Closed-End Fund Index is available at closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Composite Closed-End Fund Price Index TICKER: CEFX

 

Index: S-Network Composite Closed-End Fund Total Return Index TICKER: CEFXTR

One Addition and Four Deletions in S-Network Composite Closed-End Fund Index Quarterly Reconstitution

  • June 25, 2019
  • S-Network Global Indexes

New York, NY, Tuesday, June 25, 2019 — The S-Network Composite Closed-End Fund Index (Ticker: CEFX) will add one constituent and drop four constituents in its quarterly reconstitution — effective 9:30 AM (ET) Monday, July 1, 2019 — changing the number of index components to 132.

The addition to CEFX is: FRANKLIN UNIVERSAL TRUST (TICKER: FT US).

The deletions from CEFX are: PIMCO CORPORATE & INCOME OPP (TICKER: PTY US), PIMCO CORPORATE & INCOME STR (TICKER: PCN US), NUVEEN CREDIT OPP 2022 TARGE (TICKER: JCO US), HIGH INCOME SECURITIES FUND (TICKER: PCF US).

The changes to CEFX are distributed over three sub-indexes:

 

The S-Network Option Income Closed-End Fund Index (Ticker: CEFOIX) will have no changes.

 

The S-Network Investment Grade Fixed Income Closed-End Fund Index (Ticker: CEFIGX) will add FRANKLIN UNIVERSAL TRUST (TICKER: FT US) and drop PIMCO CORPORATE & INCOME STR (TICKER: PCN US).

 

The S-Network High-Yield Closed-End Fund Index (Ticker: CEFHYX) will drop PIMCO CORPORATE & INCOME OPP (TICKER: PTY US), NUVEEN CREDIT OPP 2022 TARGE (TICKER: JCO US), and HIGH INCOME SECURITIES FUND (TICKER: PCF US).

 

Complete lists of constituents and weights will be posted on the S-Network Composite Closed-End Fund Index website (www.closedendfundindex.com) as of the effective date.

 

The S-Network Composite Closed-End Fund Index (CEFX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce taxable annual yield. CEFX employs a modified total net assets weighting methodology designed to ensure accurate investment exposure across the various business segments that together comprise the taxable annual yield sector of the closed-end fund market.

 

Detailed information on the S-Network Composite Closed-End Fund Index is available at www.closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Composite Closed-End Fund Price Index TICKER: CEFX

 

Index: S-Network Composite Closed-End Fund Total Return Index TICKER: CEFXTR

Two Additions and Two Deletions in S-Network Composite Closed-End Fund Index Quarterly Reconstitution

  • March 20, 2019
  • S-Network Global Indexes

New York, NY, Wednesday, March 20, 2019 — The S-Network Composite Closed-End Fund Index (Ticker: CEFX) will add two constituents and drop two constituents in its quarterly reconstitution — effective 9:30 AM (EDT) Monday, April 1, 2019 — maintaining the number of index components at 135.

The additions to CEFX are: HIGHLAND FLTNG RTE OPPORT (TICKER: HFRO US), EATON VANCE SENIOR INCOME TR (TICKER: EVF US).

The deletions from CEFX are: NUVEEN PREFERRED INCOME 2022 (TICKER: JPT US), BLACKROCK 2022 GLOBAL INCOME (TICKER: BGIO US).

 

The changes will affect the sub-indexes of CEFX as follows:

 

The S-Network High Yield Closed-End Fund Index (Ticker: CEFHYX) will add HIGHLAND FLTNG RTE OPPORT (TICKER: HFRO US), EATON VANCE SENIOR INCOME TR (TICKER: EVF US), and drop NUVEEN PREFERRED INCOME 2022 (TICKER: JPT US), BLACKROCK 2022 GLOBAL INCOME (TICKER: BGIO US).

 

The S-Network Investment Grade Closed-End Fund Index (Ticker: CEFIGX) will have no changes.

 

The S-Network Option Income Closed-End Fund Index (Ticker: CEFOIX) will have no changes.

 

 

Complete lists of constituents and weights will be posted on the S-Network Composite Closed-End Fund Index website (www.closedendfundindex.com) as of the effective date.

 

The S-Network Composite Closed-End Fund Index is a fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes seeking to produce taxable annual yield. CEFX employs a modified net assets weighting methodology designed to assure accurate investment exposure across the various style segments that together comprise the taxable yield sector of the closed-end fund market.

 

Detailed information on the S-Network Composite Closed-End Fund Index is available at www.closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Composite Closed-End Fund Price Index TICKER: CEFX

 

Index: S-Network Composite Closed-End Fund Total Return Index TICKER: CEFXTR

One Addition and Two Deletions in S-Network Municipal Bond Closed-End Fund Index Semi-Annual Reconstitution

  • March 20, 2019
  • S-Network Global Indexes

New York, NY, Wednesday, March 20, 2019 — The S-Network Municipal Bond Closed-End Fund Index (Ticker: CEFMX) will add one constituent and drop two constituents in its semi-annual reconstitution — effective 9:30 AM (EDT) Monday, April 1, 2019  — changing the number of index components to 63.

 

The addition to CEFMX is: BLACKROCK MUNIHOLDINGS FD II (TICKER: MUH US).

The deletions from CEFMX are: BLACKROCK MUNI 2020 TERM TRS (TICKER: BKK US), PIMCO MUNICIPAL INCOME FD II (TICKER: PML US).

A complete list of constituents and weights will be posted on the S-Network Closed-End Fund Index website (www.closedendfundindex.com) as of the effective date.

 

The S-Network Municipal Bond Closed-End Fund Index (TICKER: CEFMX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. CEFMX employs a modified total net assets weighting methodology designed to assure accurate investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.

 

Detailed information on the S-Network Municipal Bond Closed-End Fund Index is available at www.closedendfundindex.com. Data is also available through most vendors of financial data.

 

Index: S-Network Municipal Bond Closed-End Fund Price Index TICKER: CEFMX

 

Index: S-Network Municipal Bond Closed-End Fund Total Return Index TICKER: CEFMXTR

September 20, 2019
Rule Changes for S-Network Municipal Bond Closed-End Fund Index

September 20, 2019
Rule Changes for S-Network Composite Closed-End Fund Index

September 20, 2019
One Deletion in S-Network Municipal Bond Closed-End Fund Index Semi-Annual Reconstitution

September 20, 2019
Five Additions and Two Deletions in S-Network Composite Closed-End Fund Index Quarterly Reconstitution

June 25, 2019
One Addition and Four Deletions in S-Network Composite Closed-End Fund Index Quarterly Reconstitution

March 20, 2019
Two Additions and Two Deletions in S-Network Composite Closed-End Fund Index Quarterly Reconstitution

March 20, 2019
One Addition and Two Deletions in S-Network Municipal Bond Closed-End Fund Index Semi-Annual Reconstitution