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  About the Indexes
The First Trust family of closed-end fund indexes are a series of eight indexes created and developed by First Trust Advisors L.P. that are designed to provide investors and institutions with benchmarks that represent U.S. traded closed-end funds across three broadly defined sectors: Municipal, Taxable Fixed Income, and Equity Closed-End Funds.
First Trust Composite Closed-End Fund Index
A composite index of the municipal, taxable fixed income and equity indexes which is intended to provide a capitalization weighted representation of the entire U.S. closed-end fund universe.
First Trust Municipal Closed-End Fund Index
A capitalization weighted index designed to provide a broad representation of the U.S. municipal closed-end fund universe.
First Trust Taxable Fixed Income Closed-End Fund Index
A capitalization weighted index designed to provide a broad representation of the taxable fixed income closed-end fund universe. The taxable fixed income closed-end fund market is comprised of the following sectors; high yield corporate, senior loan, global income, emerging market income, multi-sector, government, convertible, and mortgage funds.
First Trust Equity Closed-End Fund Index
A capitalization weighted index designed to provide a broad representation of the equity based closed-end fund universe. The equity based closed-end fund market is comprised of the following sectors; U.S., global, international, country, emerging market, commodities, preferreds, REITs, covered calls, sector specific, tax-advantaged, MLP, and hybrid funds.

Index Eligibility Criteria

  • Listed on U.S. securities exchange.
  • At least $100 million in common share market capitalization calculated by using the outstanding shares times the net asset value. Should index constituents fall below the $100 million minimum market capitalization criteria, they will remain in an index as long as their market capitalization remains above $90 million.
  • Three month track record (no IPOs).
  • Average monthly trading volume of at least 500,000 shares in the last six months. Should an index constituent's average monthly trading volume fall below 500,000 shares, they will remain in an index as long as average monthly trading volume remains above 350,000 shares for the previous six months.
  • Each index will be reconstituted quarterly.

Quick Facts

  • Base Date: 12/31/2005
  • Base Value: 1,000
  • Reconstitution Frequency: Quarterly in March, June, September, and December
Index Details
First Trust Closed-End Fund Composite Price Index (UPCEF)
First Trust Closed-End Fund Composite Total Return Price Index (UPCEFT)
First Trust Municipal Closed-End Fund Price Index (MNCEF)
First Trust Municipal Closed-End Fund Total Return Price Index (MNCEFT)
First Trust Taxable Closed-End Fund Price Index (TXCEF)
First Trust Taxable Closed-End Fund Total Return Price Index (TXCEFT)
First Trust Equity Closed-End Fund Price Index (EPCEF)
First Trust Equity Closed-End Fund Total Return Price Index (EPCEFT)


The indexes were created and developed by First Trust Advisors L.P. First Trust Advisors L.P. does not guarantee the accuracy and/or the completeness of the indexes or any data included therein and First Trust Advisors L.P. shall have no liability for any errors, omissions or interruptions therein. First Trust Advisors L.P. makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the indexes or any data included therein. First Trust Advisors L.P. 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 indexes or any data included therein. Without limiting any of the foregoing, in no event shall First Trust Advisors L.P. 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 indexes, even if notified of the possibility of such damages.
 
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