CCEF vs CEFS: Grades, Fees and Holdings Compared

Calamos CEF Income & Arbitrage ETF

CCEFCNYSE Arca

Saba Opportunistic Hedged Closed-End Funds ETF

CEFSBCboe

Overlap

16.5%by weight

Expense ratio

CEFS −0.58pt a year

CCEF3.19%CEFS2.61%

Avg volume · 30D

CEFS 22.1×the volume

CCEF3.8KCEFS84.1K

CCEF vs CEFS Performance

Oct 31, 2025 – Oct 30, 2026

+7.0%CCEF+13.4%CEFS

Expense ratio: CCEF 3.19%; CEFS 2.61%, better
Fund size: CCEF $35M; CEFS $430M
1Y total return: CCEF +7.0%; CEFS +13.4%, better
Yield (12M): CCEF 8.32%, better; CEFS 7.38%
Holdings: CCEF 59; CEFS 93
Avg volume (30D): CCEF 3.8K sh; CEFS 84.1K sh, better
NAV per share: CCEF $28.50; CEFS $24.35
52W range

ETF.net Grade

Pillar letters and Scores for CCEF, CEFS, with each pillar’s weight
Pillar	CCEF	CEFS
Cost30% weight	C43	A77Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C51	B62Higher
Tradability15% weight	D27	C47Higher
Holdings10% weight	B61Higher	D34
Durability5% weight	D31	B59Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CCEF and CEFS are both graded against the same 7 Closed-End Fund Portfolios funds, so their Grades compare head to head.

Closed-End Fund Portfolios⁠

Category · 7 funds

See all 7 ›

CEFS ranks 2nd and CCEF 6th of 7 funds in the Closed-End Fund Portfolios Category.

Rank 1BPCEFInvesco CEF Income Composite ETFScore 63
Rank 2BCEFSSaba Opportunistic Hedged Closed-End Funds ETFScore 60
Rank 3CYYYAmplify CEF High Income ETFScore 51
Rank 5CFCEFFirst Trust Income Opportunities ETFScore 45
Rank 6CCCEFCalamos CEF Income & Arbitrage ETFScore 42
Rank 7DRDFIRareview Dynamic Fixed Income ETFScore 39

Our read on each fund

ETF.net Research

CCEFCCalamos CEF Income & Arbitrage ETF

CEFSBSaba Opportunistic Hedged Closed-End Funds ETF

In short

CCEF Active basket of about 50 US and non-US closed-end funds, picked for income and for the gap between price and net asset value. Pays monthly, and the S-Network CEF index is a yardstick it is measured against, not a list it copies.

CEFS Saba buys closed-end funds trading below net asset value, then hedges rate risk by shorting Treasuries and bond ETFs. Running since 2017, steered by the firm known for pressing CEF boards to close those discounts.

Stated mandate

CCEF The actively managed fund seeks high current income and long-term capital appreciation by investing primarily in unaffiliated U.S. and non-U.S. closed-end funds selected for income and discount-related arbitrage opportunities.

CEFS The Fund seeks capital appreciation and dividend income.

Why people hold it

CCEF Actively managed, not index-tracking: the managers pick CEFs for income and discount-related arbitrage, with the S-Network CEF index serving as a performance benchmark.calamos.com
One ticket for about 50 closed-end funds, US and non-US, spanning multiple asset classes rather than a single sleeve of the income market.
Pays monthly, and Calamos publishes 19a notices showing when a distribution includes return of capital rather than income earned.calamos.com
Fee of 3.19% sits near the median for this small group of CEF-of-funds ETFs, and no waiver is propping it up, so there is no expiry date to watch.

CEFS At 2.61%, it undercuts the CEF-of-funds peers beside it: PCEF 2.71% (net of a waiver through August 31, 2027), CEFZ 2.82%, YYY 3.23%, FCEF 3.69%. Also below the category median.
Two levers, both in the prospectus: own CEFs priced under their net asset value, and short Treasuries or bond-index ETFs to damp interest-rate exposure.sec.gov
The sub-adviser is not a passenger. Saba Capital runs activist campaigns at closed-end funds, pushing boards for tender offers near NAV and governance change.cnbc.com sec.gov
Live since March 2017 under Saba, with a few hundred million in assets and a seat in the upper half of a small peer group.

Worth knowing

CCEF Two rivals run cheaper: CEFS at 2.61% and PCEF at 2.71% net of a waiver through August 31, 2027 (2.76% gross). YYY, at 3.23%, charges more.
Discount arbitrage cuts both ways: price-to-NAV gaps can widen as easily as narrow, and the fund holds the underlying CEFs through it.calamos.com
A small fund and thinly traded next to the biggest CEF baskets, so spreads and limit orders matter more than with a mainstream income ETF.

CEFS Discounts can widen as easily as they narrow, and the hedge is aimed at interest rates, not at equity or credit drawdowns.sec.gov
2.61% is a steep sticker in ETF terms, below the category median but far above plain index funds. Fund-of-funds structures stack costs.
The board can reset the distribution rate and schedule on Saba's recommendation, and has done so. Income timing is not fixed.yahoo.com

Full CCEF profile⁠

Full CEFS profile⁠

CCEF vs CEFS Holdings

How CCEF and CEFS differ

Overlap by weight

16.5%

Shared holdings make up 54.5% of CCEF and 22.4% of CEFS.

Level by level

Holdings26 in both16.5%
Sector11 Sectors78.0%
Countryby domicile88.8%

Sector

Sector weights in CCEF and CEFS, widest gap first
Sector	More in CCEFMore in CEFS	CCEF	CEFS
Financials	CEFS +22.0 points	28.3%	50.3%
Energy	CCEF +8.6 points	17.2%	8.6%
Real Estate	CCEF +3.7 points	4.8%	1.1%
Technology	CCEF +3.3 points	18.3%	15.0%
Materials	CCEF +2.5 points	4.1%	1.6%
Consumer Discretionary	CCEF +1.3 points	4.9%	3.6%
Communication	CCEF +1.3 points	4.4%	3.1%
Utilities	CCEF +0.8 points	4.4%	3.6%
Health Care	CCEF +0.3 points	4.1%	3.8%
Industrials	CCEF +0.1 points	7.4%	7.3%
Consumer Staples	CCEF +0.1 points	2.1%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in CCEF and CEFS, widest gap first
Country	More in CCEFMore in CEFS	CCEF	CEFS
United States	CEFS +10.8 points	77.7%	88.5%
Japan	CCEF +2.7 points	3.4%	0.7%
India	CCEF +2.0 points	2.2%	0.2%
South Korea	CCEF +1.0 points	1.8%	0.8%
Taiwan	CCEF +0.8 points	1.9%	1.1%
France	CCEF +0.6 points	1.1%	0.5%
Netherlands	CCEF +0.6 points	1.2%	0.6%
Germany	CCEF +0.6 points	1.0%	0.4%
Other countries (30)	CCEF +2.6 points	9.8%	7.2%

Outside the US: CCEF 63% developed, 37% emerging.

Concentration

Weight in the 10 largest Holdings

CCEF34.1%
CEFS58.8%

Securities held

CCEF57
CEFS92

Asset class

CCEF: Equity
CEFS: Multi-Asset

Holdings

Only in CCEF31
In both26
Only in CEFS66

Only in CCEF

31 securities, 44.6% of CCEF by weight

Bexil Investment Trust3.55%
Virtus Artificial Intelligence & Technology Opportunities Fund2.67%
Nuveen Multi-Asset Income Fund2.66%
Templeton Emerging Markets Fund/United States2.62%
Morgan Stanley Emerging Markets Debt Fund, Inc.2.42%
BlackRock Enhanced Equity Dividend Trust2.08%
Eaton Vance Tax-Managed Diversified Equity Income Fund1.98%
GAMCO Global Gold Natural Resources & Income Trust1.91%
PGIM Global High Yield Fund, Inc.1.88%
Flaherty & Crumrine Preferred and Income Securities Fund1.88%
Allspring Multi-Sector Income Fund1.85%
Cohen & Steers Infrastructure Fund, Inc.1.51%
SRH Total Return Fund, Inc.1.49%
Flaherty & Crumrine Preferred and Income Fund1.34%
Western Asset Premier Bond Fund1.12%
Blackrock Science & Technology Trust1.11%
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund1.10%
Eaton Vance Short Duration Diversified Income Fund1.09%
Eaton Vance Tax-Advantaged Global Dividend Income Fund1.02%
Blackstone Strategic Credit 2027 Term Fund0.99%
Nuveen Floating Rate Income Fund/Closed-end Fund0.97%
Gabelli Equity Trust, Inc.0.95%
Templeton Emerging Markets Income Fund0.94%
Cohen & Steers Quality Income Realty Fund, Inc.0.93%
Nuveen Taxable Municipal Income Fund0.90%
Pimco Dynamic Income Fund0.81%
First Trust Intermediate Duration Preferred & Income Fund0.78%
Voya Global Advantage and Premium Opportunity Fund0.52%
Nuveen Municipal Credit Opportunities Fund0.50%
RiverNorth Opportunities Fund, Inc.0.49%
UBS Asset Management Income Fund, Inc.0.48%

Only in CEFS

66 securities, 66.9% of CEFS by weight

BlackRock Sci & Tech Trm Tr10.41%
Destiny TECH100 Inc7.10%
Asa Gold and Precious Metals6.83%
BlackRock Esg Cap All Trm Tr3.05%
Gabelli Dividend & Income Tr3.01%
General American Investors2.85%
Pimco Dynamic Income Strat2.60%
BlackRock Tcp Capital Corp2.46%
BlackRock Tech & Priv Eqty2.28%
Virtus Total Return Fund Inc2.18%
Fs Specialty Lending Fund2.07%
Liberty All Star Equity Fund1.88%
Tri-Continental Corp1.85%
Western Asst Infl-Lnk Opp1.35%
Invesco Senior Income Trust1.23%
New Germany Fund Inc/The1.17%
Bny Mellon Strategic Muni1.13%
Bluerock Private Real Estate1.02%
Bny Mellon Muni Bnd Infra0.96%
Korea Fund Inc0.91%
Virtus Dvd Intrst & Prm Str0.91%
Nylim Cbre Gb Infra Mtrnd Tf0.83%
Voya Mm Emerg Mkts Eq-W0.79%
Eaton Vance Sr Fltg Rate Tr0.70%
Morgan Stanley India Invest0.67%
Gabelli Healthcare & Well0.63%
Ellsworth Growth and Income0.55%
Saba Capital Income & Opp Ii0.54%
Guggenheim Strategic Opport0.48%
Bnym Strat Muni Bnd0.48%
Taiwan Fund Inc/Th/Md-Us Inc0.47%
Destra Multi-Alternative0.45%
Clough Global Opportunities0.44%
Duff & Phelps Utility & Inc0.39%
Calamos Lng/Shrt Eqty & Dyn0.24%
High Income Securities Fund0.21%
Templeton Dragon Fund Inc0.15%
Eaton Vance Fltng Rt Inc Tr0.14%
Bancroft Fund Ltd0.14%
Morgan Stanley China A Share0.14%
Brookfield Real Assets Incom0.14%
Clough Global Dividend & Inc0.12%
Ubs Am High Yield Credit0.12%
Bexil Investment Trust0.11%
Clough Global Equity Fund0.10%
Pimco California Muni Inc Fd0.09%
Nuveen Credit Strategies Inc0.08%
Eaton Vance Enh Eqt Inc Ii0.07%
Guggenheim Active Allocation0.07%
Eaton Vance Ltd Durat Inc0.05%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in CCEF and CEFS, widest gap first
Holding	More in CCEFMore in CEFS	CCEF	CEFS
Adams Natural Resources Fund, Inc.PEO	CCEF +3.50 points	3.97%	0.47%
Eaton Vance Tax Managed Global Buy Write Opportunities FundETW	CCEF +3.43 points	4.25%	0.82%
Virtus Equity & Convertible Income FundNIE	CCEF +3.06 points	3.89%	0.83%
ClearBridge Energy Midstream Opportunity Fund, Inc.EMO	CCEF +3.03 points	3.14%	0.11%
John Hancock Premium Dividend FundPDT	CCEF +2.88 points	2.93%	0.05%
BlackRock Enhanced International Dividend TrustBGY	CCEF +2.83 points	2.94%	0.11%
Royce Micro-Cap Trust, Inc.RMT	CEFS +2.56 points	0.96%	3.52%
BlackRock Health Sciences Term TrustBMEZ	CCEF +2.47 points	4.10%	1.63%
FS Credit Opportunities Corp.FSCO	CCEF +2.38 points	2.46%	0.08%
Neuberger Real Estate Securities Income Fund, Inc.NRO	CCEF +2.19 points	2.20%	<0.01%
Kayne Anderson Energy Infrastructure FundKYN	CCEF +1.61 points	2.02%	0.41%
Neuberger Next Generation Connectivity Fund, Inc.NBXG	CEFS +1.54 points	1.06%	2.60%
LMP Capital and Income Fund, Inc.SCD	CCEF +1.46 points	2.65%	1.19%
Allspring Income Opportunities FundEAD	CCEF +1.46 points	1.50%	0.04%
Advent Convertible and Income FundAVK	CCEF +1.31 points	1.32%	0.01%
Blackstone Long-Short Credit Income FundBGX	CCEF +1.27 points	1.50%	0.23%
Liberty All Star Growth Fund, Inc.ASG	CCEF +1.20 points	1.32%	0.12%
Mexico Fund, Inc.MXF	CEFS +1.03 points	0.98%	2.01%
Aberdeen India Fund, Inc.IFN	CCEF +0.94 points	0.95%	0.01%
Nuveen S&P 500 Dynamic Overwrite FundSPXX	CCEF +0.94 points	2.66%	1.72%
Royce Small-Cap Trust, Inc.RVT	CCEF +0.86 points	1.89%	1.03%
Japan Smaller Capitalization Fund, Inc.JOF	CEFS +0.76 points	0.96%	1.72%
abrdn Income Credit Strategies FundACP	CCEF +0.43 points	0.77%	0.34%
BNY Mellon High Yield Strategies FundDHF	CCEF +0.42 points	0.49%	0.07%
Neuberger Energy Infrastructure and Income Fund, Inc.NML	CCEF +0.22 points	1.98%	1.76%
Highland Opportunities and Income FundHFRO	CCEF +0.13 points	1.61%	1.48%

All 46 CCEF holdings⁠All 115 CEFS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CCEF vs CEFS Cost

Overpaying CCEF vs CEFS

$5,586

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CCEF 3.19%
$45,420
CEFS 2.61%
$39,834

Amount$10,000

Years30 years

Cost over time

CCEF 3.19%
CEFS 2.61%
Overpaying

Year by year

Year	CCEF	CEFS	Overpaying
10	$5,137	$4,305	$832
20	$17,572	$15,082	$2,490
30	$45,420	$39,834	$5,586

Expense ratio

3.19%CCEF
2.61%CEFS, cheaper

CEFS2.61%CCEF3.19%

2.61%4.23%

Middle half of Closed-End Fund Portfolios funds
Median 3.19%

CEFS cheapest of 7 funds

CCEF 4th cheapest of 7 funds

CCEF vs CEFS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CCEF 8.32%, better; CEFS 7.38%
Payout (12M): CCEF $2.37; CEFS $1.77
Last payment: CCEF $0.19; CEFS $0.25
Ex-dividend: CCEF Oct 1, 2026; CEFS Sep 28, 2026
Paid on: CCEF Oct 8, 2026; CEFS Sep 30, 2026
Frequency: CCEF Monthly; CEFS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CCEFMonthly · 31 paymentsAll CCEF payments⁠

CEFSMonthly · 45 paymentsAll CEFS payments⁠

CCEF vs CEFS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CCEF 9.6%since Feb 2024CEFS 11.5%
Return per unit of riskSharpe ratio, 3 years: CCEF 0.90since Feb 2024CEFS 1.44
Worst fallMax drawdown, 5 years: CCEF −13.3%since Jan 2024CEFS −16.8%
Market sensitivityBeta, 5 years: CCEF 0.67CEFS 0.78; Market = 1

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