CCEF vs CEFZ

CCEFCCalamos CEF Income & Arbitrage ETF

CEFZCRiverNorth Active Income 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.

CEFZ A 2006 mutual fund that became an ETF in 2025, still running the same play: buy closed-end funds trading below the value of what they hold, and collect the income. All-in cost is 2.82%, with no waiver behind it, and cash goes out monthly.

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.

CEFZ The Fund seeks long-term capital appreciation and income. Its adviser allocates among international and domestic equities, fixed-income securities, and cash, using underlying funds or direct investments.

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.

• CEFZ The angle is closed-end fund discounts. RiverNorth hand-picks CEFs trading below asset value instead of tracking a CEF index, a strategy it has run since the predecessor fund launched in 2006.true-shares.comtrue-shares.com 2
• At 2.82% total with no fee waiver in play, it sits below the median of its seven-fund peer group, and under YYY (3.23%) and FCEF (3.69%).
• Most of that 2.82% is the underlying funds' own expenses, not the adviser's cut: the prospectus fee table shows acquired fund fees as the bigger line, with a unitary fee covering operating costs.sec.gov
• Pays monthly, under a stated aim of a 10% annualized distribution rate, and the portfolio does what the mandate says: around 50 underlying funds across equities and bonds.true-shares.com

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.

• CEFZ A distribution target is a policy, not a yield. Payouts can include return of capital, which the fund discloses in its Section 19(a) notices.true-shares.comtrue-shares.com 2
• Discount capture cuts both ways: the discounts on its holdings can widen before they close, and you carry the underlying funds' risks too.sec.gov
• It is one of the smaller, thinner-traded names in an already small category, so the bid-ask spread is a real part of the cost of getting in and out.

Full CCEF profile⁠

Full CEFZ profile⁠