CEFS

Saba Closed-End Funds ETF
*Unless otherwise stated, data provided by FactSet.

CEFS Fund Description

CEFS is an actively managed fund-of-funds that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value and hedging for duration risk.

CEFS Factset Analytics Insight

CEFS offers closed-end funds in an ETF wrapper: An actively managed manager-of-managers strategy for income and capital appreciation. The fund manager uses a proprietary process to select a diverse group of closed-end funds trading at a discount with additional fundamental and quantitative analyses. The fund also hedges for interest rate risk. Underlying funds primarily focus on high yield securities supplemented by other non-fixed income high-income funds. Since most underlying funds are actively managed, CEFS’s composition and return pattern will be unpredictable. Investing in the fund, in essence, is betting on CEFS manager’s ability to pick other active managers. CEFS’s high headline fee is quite common among the fund-of-closed-end-funds space—it includes the fees of the underlying CEFs. Investors of CEFS should look through to net asset values of underlying closed-end funds to determine the CEFS’s true premium/discount—the premium/discount for the ETF itself only reflects the outer wrapper.

CEFS Charts And Performance

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PERFORMANCE [as of 10/17/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
CEFS 0.66% 0.17% 22.11% 11.53% -- -- --
CEFS (NAV) 0.55% 0.04% 22.13% 11.59% -- -- --
No Underlying Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CEFS Summary Data

Saba
03/21/17
Open-Ended Fund
2.56%
$43.91M
0.37%

CEFS Portfolio Data

8.61%
10/28/19

CEFS Index Data

No Underlying Index
Proprietary
Proprietary
N/A

CEFS Fund Structure

No
No
No Policy
N/A
N/A
High
N/A
N/A

CEFS Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

CEFS Factset Analytics Block Liquidity

As of 10/18/19
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of CEFS. CEFS is rated a N/A out of 5.

CEFS Tradability

10,776
$214.46K
6,515
$130.04K
0.37%
$0.07
0.13%
1.34% / -1.01%
None
100.00%
25,000
0.26
0.10%
--
0
$20.06
N/A