CCEF vs YYY: Grades, Fees and Holdings Compared

Calamos CEF Income & Arbitrage ETF

CCEFCNYSE Arca

Amplify CEF High Income ETF

YYYCNYSE Arca

Overlap

12.6%by weight

Expense ratio

CCEF −0.04pt a year

CCEF3.19%YYY3.23%

Avg volume · 30D

YYY 118.8×the volume

CCEF3.8KYYY451K

CCEF vs YYY Performance

Oct 31, 2025 – Oct 30, 2026

+7.0%CCEF−0.5%YYY

Expense ratio: CCEF 3.19%, better; YYY 3.23%
Fund size: CCEF $35M; YYY $672M
1Y total return: CCEF +7.0%, better; YYY −0.5%
Yield (12M): CCEF 8.32%; YYY 13.98%, better
Holdings: CCEF 59; YYY 61
Avg volume (30D): CCEF 3.8K sh; YYY 451K sh, better
NAV per share: CCEF $28.50; YYY $10.33
52W range

ETF.net Grade

Pillar letters and Scores for CCEF, YYY, with each pillar’s weight
Pillar	CCEF	YYY
Cost30% weight	C43Higher	D31
Mission25% weight	Not scored	Not scored
Risk15% weight	C51Higher	D39
Tradability15% weight	D27	A79Higher
Holdings10% weight	B61	A78Higher
Durability5% weight	D31	A79Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CCEF and YYY 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 ›

YYY ranks 3rd 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 4CCEFZRiverNorth Active Income ETFScore 48
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

YYYCAmplify CEF High 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.

YYY A one-ticket basket of about 60 closed-end funds, screened for high yield, deep discounts to net asset value, and tradability, then reshuffled twice a year. Running since 2012, and it pays 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.

YYY The Fund seeks investment results that generally correspond, before fees and expenses, to the price and yield of the Nasdaq CEF High Income Index. It generally invests in the closed-end funds included in that Index.

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.

YYY The index ranks US-listed CEFs on yield, discount to NAV, and liquidity, weights them by yield with position caps, and rebalances every January and July.amplifyetfs.com
About 60 closed-end funds spread across asset classes, strategies, and fund managers, so no single manager's rough patch dominates the portfolio.amplifyetfs.com
Pays monthly and has run this strategy since its 2012 launch, a long history for a niche corner of the income market.

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.

YYY Cost is stacked: Amplify's 0.50% management fee sits on top of the underlying funds' own fees and leverage costs, putting the all-in figure well above a plain index ETF.amplifyetfs.com
Distributions can include return of capital, so part of a monthly payment may be your own principal coming back.
The closed-end funds it holds often borrow, and their discounts to NAV can widen as easily as they narrow, so price swings can outrun the underlying assets.amplifyetfs.com amplifyetfs.com 2

Full CCEF profile⁠

Full YYY profile⁠

CCEF vs YYY Holdings

How CCEF and YYY differ

Overlap by weight

12.6%

Shared holdings make up 19.9% of CCEF and 18.3% of YYY.

Level by level

Holdings11 in both12.6%
Sector11 Sectors78.4%
Countryby domicile93.4%
Asset classEquity100%

Sector

Sector weights in CCEF and YYY, widest gap first
Sector	More in CCEFMore in YYY	CCEF	YYY
Health Care	YYY +10.3 points	4.1%	14.4%
Technology	CCEF +6.0 points	18.3%	12.3%
Financials	CCEF +6.0 points	28.3%	22.3%
Real Estate	YYY +5.3 points	4.8%	10.1%
Energy	CCEF +4.7 points	17.2%	12.5%
Utilities	YYY +4.2 points	4.4%	8.6%
Materials	CCEF +2.7 points	4.1%	1.4%
Industrials	YYY +2.0 points	7.4%	9.4%
Consumer Discretionary	CCEF +1.4 points	4.9%	3.5%
Communication	CCEF +0.9 points	4.4%	3.5%
Consumer Staples	Same weight	2.1%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in CCEF and YYY, widest gap first
Country	More in CCEFMore in YYY	CCEF	YYY
Japan	CCEF +2.2 points	3.4%	1.2%
India	YYY +2.1 points	2.2%	4.3%
South Korea	CCEF +1.3 points	1.8%	0.5%
United States	YYY +1.3 points	77.7%	79.0%
Taiwan	CCEF +1.1 points	1.9%	0.8%
France	YYY +1.0 points	1.1%	2.1%
Other countries (32)	YYY +0.3 points	11.9%	12.2%

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

Concentration

Weight in the 10 largest Holdings

CCEF34.1%
YYY30.0%

Securities held

CCEF57
YYY61

Asset class

CCEF: Equity
YYY: Equity

Holdings

Only in CCEF46
In both11
Only in YYY50

Only in CCEF

46 securities, 79.2% of CCEF by weight

Eaton Vance Tax Managed Global Buy Write Opportunities Fund4.25%
Adams Natural Resources Fund, Inc.3.97%
Virtus Equity & Convertible Income Fund3.89%
Bexil Investment Trust3.55%
BlackRock Enhanced International Dividend Trust2.94%
John Hancock Premium Dividend Fund2.93%
Virtus Artificial Intelligence & Technology Opportunities Fund2.67%
LMP Capital and Income Fund, Inc.2.65%
Templeton Emerging Markets Fund/United States2.62%
FS Credit Opportunities Corp.2.46%
Morgan Stanley Emerging Markets Debt Fund, Inc.2.42%
Neuberger Real Estate Securities Income Fund, Inc.2.20%
BlackRock Enhanced Equity Dividend Trust2.08%
Kayne Anderson Energy Infrastructure Fund2.02%
Eaton Vance Tax-Managed Diversified Equity Income Fund1.98%
Neuberger Energy Infrastructure and Income Fund, Inc.1.98%
GAMCO Global Gold Natural Resources & Income Trust1.91%
Royce Small-Cap Trust, Inc.1.89%
Flaherty & Crumrine Preferred and Income Securities Fund1.88%
Allspring Multi-Sector Income Fund1.85%
Highland Opportunities and Income Fund1.61%
Cohen & Steers Infrastructure Fund, Inc.1.51%
Blackstone Long-Short Credit Income Fund1.50%
Allspring Income Opportunities Fund1.50%
SRH Total Return Fund, Inc.1.49%
Flaherty & Crumrine Preferred and Income Fund1.34%
Liberty All Star Growth Fund, Inc.1.32%
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%
Neuberger Next Generation Connectivity Fund, Inc.1.06%
Eaton Vance Tax-Advantaged Global Dividend Income Fund1.02%
Blackstone Strategic Credit 2027 Term Fund0.99%
Mexico Fund, Inc.0.98%
Japan Smaller Capitalization Fund, Inc.0.96%
Royce Micro-Cap Trust, Inc.0.96%
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%
BNY Mellon High Yield Strategies Fund0.49%
UBS Asset Management Income Fund, Inc.0.48%

Only in YYY

50 securities, 82.6% of YYY by weight

abrdn Total Dynamic Dividend Fund3.60%
Tortoise Energy Infrastructure Corp3.33%
BlackRock ESG Capital Allocation Term Trust3.26%
Guggenheim Strategic Opportunities Fund3.17%
PIMCO High Income Fund3.06%
Nuveen Credit Strategies Income Fund2.73%
abrdn Global Infrastructure Income Fund2.62%
PIMCO Income Strategy Fund II2.45%
PIMCO Access Income Fund2.44%
Western Asset Diversified Income Fund2.41%
abrdn Life Sciences Investors2.25%
Aberdeen Asia-Pacific Income Fund Inc2.24%
CBRE Global Real Estate Income Fund2.22%
KKR Income Opportunities Fund1.63%
Nuveen Real Asset Income and Growth Fund1.63%
abrdn Healthcare Investors1.61%
Nuveen NASDAQ 100 Dynamic Overwrite Fund1.50%
Liberty All-Star Equity Fund1.46%
BlackRock Debt Strategies Fund Inc1.44%
BlackRock Floating Rate Income Strategies Fund Inc1.43%
NXG NextGen Infrastructure Income Fund1.43%
BlackRock Core Bond Trust1.42%
General American Investors Co Inc1.42%
Morgan Stanley Emerging Markets Domestic Debt Fund Inc1.40%
DoubleLine Yield Opportunities Fund1.40%
BlackRock Credit Allocation Income Trust1.39%
NYLIM CBRE Global Infrastructure Megatrends Term Fund1.39%
BlackRock Corporate High Yield Fund Inc1.38%
BlackRock Multi-Sector Income Trust1.37%
DoubleLine Income Solutions Fund1.37%
Eaton Vance Ltd Duration Income Fund1.35%
Brookfield Real Assets Income Fund Inc1.34%
PIMCO Income Strategy Fund1.34%
First Trust High Yield Opportunities 2027 Term Fund1.33%
Western Asset Emerging Markets Debt Fund Inc1.33%
abrdn Global Premier Properties Fund1.28%
Saba Capital Income & Opportunities Fund1.28%
BlackRock Limited Duration Income Trust1.28%
Western Asset High Income Fund II Inc1.26%
Invesco Senior Income Trust1.24%
BlackRock Floating Rate Income Trust1.18%
Invesco Government & Agency Portfolio 12/31/20311.14%
NXG Cushing Midstream Energy Fund1.02%
Calamos Long/Short Equity & Dynamic Income Trust0.99%
Western Asset High Income Opportunity Fund Inc0.91%
Franklin Ltd Duration Income Trust0.88%
Bluerock Private Real Estate Fund0.85%
Nuveen Core Plus Impact Fund0.78%
Clough Global Opportunities Fund0.71%
UBS Asset Management High Yield Credit Fund0.70%

Weight gaps

All 11 Holdings in both funds, largest gap first.

Holding weights in CCEF and YYY, widest gap first
Holding	More in CCEFMore in YYY	CCEF	YYY
Nuveen Floating Rate Income Fund/Closed-end FundJFR	YYY +2.34 points	0.97%	3.31%
BlackRock Health Sciences Term TrustBMEZ	CCEF +2.34 points	4.10%	1.76%
ClearBridge Energy Midstream Opportunity Fund, Inc.EMO	CCEF +1.59 points	3.14%	1.55%
abrdn Income Credit Strategies FundACP	YYY +1.38 points	0.77%	2.15%
Nuveen Multi-Asset Income FundNMAI	CCEF +1.37 points	2.66%	1.29%
Nuveen S&P 500 Dynamic Overwrite FundSPXX	CCEF +1.21 points	2.66%	1.45%
Aberdeen India Fund, Inc.IFN	YYY +0.84 points	0.95%	1.79%
RiverNorth Opportunities Fund, Inc.RIV	YYY +0.64 points	0.49%	1.13%
PGIM Global High Yield Fund, Inc.GHY	CCEF +0.63 points	1.88%	1.25%
Gabelli Equity Trust, Inc.GAB	YYY +0.47 points	0.95%	1.42%
Advent Convertible and Income FundAVK	CCEF +0.10 points	1.32%	1.22%

All 46 CCEF holdings⁠All 60 YYY 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 YYY Cost

Overpaying YYY vs CCEF

$353

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

CCEF 3.19%
$45,420
YYY 3.23%
$45,773

Amount$10,000

Years30 years

Cost over time

CCEF 3.19%
YYY 3.23%
Overpaying

Year by year

Year	CCEF	YYY	Overpaying
10	$5,137	$5,193	$56
20	$17,572	$17,735	$163
30	$45,420	$45,773	$353

Expense ratio

3.19%CCEF, cheaper
3.23%YYY

CCEF3.19%YYY3.23%

2.61%4.23%

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

CCEF 4th cheapest of 7 funds

YYY 5th cheapest of 7 funds

CCEF vs YYY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CCEF 8.32%; YYY 13.98%, better
Payout (12M): CCEF $2.37; YYY $1.44
Last payment: CCEF $0.19; YYY $0.12
Ex-dividend: CCEF Oct 1, 2026; YYY Oct 29, 2026
Paid on: CCEF Oct 8, 2026; YYY Oct 30, 2026
Frequency: CCEF Monthly; YYY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CCEFMonthly · 31 paymentsAll CCEF payments⁠

YYYMonthly · 46 paymentsAll YYY payments⁠

CCEF vs YYY 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 2024YYY 10.2%
Return per unit of riskSharpe ratio, 3 years: CCEF 0.90since Feb 2024YYY 0.75
Worst fallMax drawdown, 5 years: CCEF −13.3%since Jan 2024YYY −27.7%
Market sensitivityBeta, 5 years: CCEF 0.67YYY 0.95; Market = 1

Popular comparisons

CCEFCvsPCEFB
Calamos CEF Income & Arbitrage ETF · Invesco CEF Income Composite ETF
Expense ratio
3.19% · 2.71%
Category
YYYCvsPCEFB
Amplify CEF High Income ETF · Invesco CEF Income Composite ETF
Expense ratio
3.23% · 2.71%
Category
CCEFCvsCEFSB
Calamos CEF Income & Arbitrage ETF · Saba Opportunistic Hedged Closed-End Funds ETF
Expense ratio
3.19% · 2.61%
Category
YYYCvsCEFSB
Amplify CEF High Income ETF · Saba Opportunistic Hedged Closed-End Funds ETF
Expense ratio
3.23% · 2.61%
Category
CCEFCvsCEFZC
Calamos CEF Income & Arbitrage ETF · RiverNorth Active Income ETF
Expense ratio
3.19% · 2.82%
Category
YYYCvsCEFZC
Amplify CEF High Income ETF · RiverNorth Active Income ETF
Expense ratio
3.23% · 2.82%
Category