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In a prior article, I tested five ETFs, each using a different factor, against SPY to see if investors could gain alpha using an ETF other than SPY for large-cap stocks. Given that CEFs have characteristics that differ them from ETFs, I thought each group should be analyzed separately against SPY. Unlike the ETF alternatives, only one CEF holds most of the index stocks. That said, all use the S&P 500 TR index as their benchmark. Let's see what I discovered this time.