CEFS vs FCEF: Grades, Fees and Holdings Compared

Saba Opportunistic Hedged Closed-End Funds ETF

CEFSBCboe

First Trust Income Opportunities ETF

FCEFCNasdaq

Overlap

15.2%by weight

Expense ratio

CEFS −1.08pt a year

CEFS2.61%FCEF3.69%

Avg volume · 30D

CEFS 5.2×the volume

CEFS84.1KFCEF16.3K

5Y return · a year

CEFS +7.3pt

CEFS+12.3%FCEF+5.0%

CEFS vs FCEF Performance

Oct 29, 2021 – Oct 30, 2026

+78.5%CEFS+27.4%FCEF

Expense ratio: CEFS 2.61%, better; FCEF 3.69%
Fund size: CEFS $430M; FCEF $80M
1Y total return: CEFS +13.4%, better; FCEF +7.3%
Yield (12M): CEFS 7.38%, better; FCEF 7.16%
Holdings: CEFS 93; FCEF 59
Avg volume (30D): CEFS 84.1K sh, better; FCEF 16.3K sh
NAV per share: CEFS $24.35; FCEF $22.90
52W range

ETF.net Grade

Pillar letters and Scores for CEFS, FCEF, with each pillar’s weight
Pillar	CEFS	FCEF
Cost30% weight	A77Higher	F20
Mission25% weight	Not scored	Not scored
Risk15% weight	B62Higher	B60
Tradability15% weight	C47	B61Higher
Holdings10% weight	D34	B61Higher
Durability5% weight	B59	A71Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CEFS and FCEF 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 FCEF 5th 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

Our read on each fund

ETF.net Research

CEFSBSaba Opportunistic Hedged Closed-End Funds ETF

FCEFCFirst Trust Income Opportunities ETF

In short

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.

FCEF One of the few ETFs whose portfolio is other closed-end funds: a manager assembles about 50 income vehicles into a single monthly-paying ticker. The convenience is real, and so is the layered cost.

Stated mandate

CEFS The Fund seeks capital appreciation and dividend income.

FCEF The Fund seeks current income, with total return as a secondary objective. It normally invests in closed-end funds and exchange-traded funds listed on U.S. exchanges.

Why people hold it

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.

FCEF Holds closed-end funds and ETFs listed on U.S. exchanges, a corner of the market most ETFs skip. One ticker instead of hunting down and rebalancing a dozen CEFs yourself.ftportfolios.com
Income is the stated job, not a byproduct: current income first, total return second. Distributions come monthly.
Spreads across roughly 50 underlying funds, each of which is itself a portfolio, so no single security carries the fund.
Trading since 2016, so there is a real operating record through the zero-rate era and the rate-hike years, not a launch-window story.

Worth knowing

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

FCEF Cost is the headline trade-off: 3.69% in total annual expenses, far above what a typical multi-asset ETF charges, because you pay this fund and the funds it owns.
Thinly traded for its category, so spreads can widen and sizable orders can push the price around more than in a mainstream allocation fund.
No index behind it. A manager picks the underlying funds, so results ride on those calls rather than a published benchmark you can check them against.

Full CEFS profile⁠

Full FCEF profile⁠

CEFS vs FCEF Holdings

How CEFS and FCEF differ

Overlap by weight

15.2%

Shared holdings make up 32.5% of FCEF and 21.9% of CEFS.

Level by level

Holdings20 in both15.2%
Sector11 Sectors74.5%
Countryby domicile88.7%

Sector

Sector weights in CEFS and FCEF, widest gap first
Sector	More in CEFSMore in FCEF	CEFS	FCEF
Financials	CEFS +25.3 points	50.3%	24.9%
Utilities	FCEF +10.4 points	3.6%	13.9%
Health Care	FCEF +6.3 points	3.8%	10.1%
Real Estate	FCEF +3.1 points	1.1%	4.2%
Technology	FCEF +1.4 points	15.0%	16.4%
Industrials	FCEF +1.1 points	7.3%	8.4%
Communication	FCEF +1.0 points	3.1%	4.1%
Materials	FCEF +1.0 points	1.6%	2.6%
Energy	FCEF +0.9 points	8.6%	9.5%
Consumer Discretionary	FCEF +0.4 points	3.6%	4.0%
Consumer Staples	CEFS +0.1 points	2.0%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in CEFS and FCEF, widest gap first
Country	More in CEFSMore in FCEF	CEFS	FCEF
United States	FCEF +11.3 points	88.5%	99.8%
United Kingdom	CEFS +2.4 points	2.4%	0.0%
Canada	CEFS +1.7 points	1.7%	0.0%
Taiwan	CEFS +1.1 points	1.1%	0.0%
South Korea	CEFS +0.8 points	0.8%	0.0%
China	CEFS +0.7 points	0.7%	0.0%
Japan	CEFS +0.7 points	0.7%	0.0%
Netherlands	CEFS +0.5 points	0.6%	0.1%
Other countries (29)	CEFS +3.3 points	3.4%	0.1%

Concentration

Weight in the 10 largest Holdings

CEFS58.8%
FCEF33.7%

Securities held

CEFS92
FCEF58

Asset class

CEFS: Multi-Asset
FCEF: Multi-Asset

Holdings

Only in CEFS72
In both20
Only in FCEF38

Only in CEFS

72 securities, 67.4% 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%
Neuberger Next Generation Co2.60%
BlackRock Tcp Capital Corp2.46%
Virtus Total Return Fund Inc2.18%
Fs Specialty Lending Fund2.07%
Mexico Fund Inc2.01%
Liberty All Star Equity Fund1.88%
Neuberger Energy Infrastruct1.76%
Nuveen S&P 500 Dynam Overwr1.72%
Japan Smaller Capitalization1.72%
BlackRock Hlth Sci Trm Tr Ii1.63%
Highland Opport & Income1.48%
Invesco Senior Income Trust1.23%
Lmp Capital and Income Fund1.19%
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%
Eaton Vance T/M Glbl Buy-Wr0.82%
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%
Abrdn Income Credit Strat0.34%
Calamos Lng/Shrt Eqty & Dyn0.24%
Blackstone Long-Short Credit0.23%
High Income Securities Fund0.21%
Templeton Dragon Fund Inc0.15%
Eaton Vance Fltng Rt Inc Tr0.14%
Morgan Stanley China A Share0.14%
Liberty All-Star Growth Fd0.12%
Clough Global Dividend & Inc0.12%
Ubs Am High Yield Credit0.12%
Clearbridge Energy Midstream0.11%
BlackRock Enh Intl Dvd Tr0.11%
Bexil Investment Trust0.11%
Clough Global Equity Fund0.10%
Pimco California Muni Inc Fd0.09%

Only in FCEF

38 securities, 62.2% of FCEF by weight

Invesco Variable Rate Investment Grade ETF3.89%
Eaton Vance Tax-Advantaged Dividend Income Fund3.30%
Eaton Vance Tax-Advantaged Global Dividend Income Fund3.27%
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund3.21%
John Hancock Tax-Advantaged Dividend Income Fund3.20%
Cohen & Steers Infrastructure Fund, Inc.2.98%
BlackRock Science & Technology Trust2.77%
Source Capital2.54%
Central Securities Corporation2.38%
abrdn Healthcare Opportunities Fund2.22%
Reaves Utility Income Fund2.00%
BlackRock Credit Allocation Income Trust2.00%
Angel Oak Financial Strategies Income Term Trust1.80%
BlackRock Income Trust, Inc.1.78%
abrdn Life Sciences Investors1.76%
BlackRock Core Bond Trust1.69%
Nuveen Multi-Asset Income Fund1.52%
Nuveen Nasdaq 100 Dynamic Overwrite Fund1.52%
BlackRock Enhanced Large Cap Core Fund, Inc.1.50%
Nuveen Variable Rate Preferred & Income Fund1.48%
BlackRock Health Sciences Trust1.42%
abrdn Healthcare Investors1.35%
BlackRock Utilities, Infrastructure and Power Opportunities Trust1.02%
Cohen & Steers Quality Income Realty Fund, Inc.1.02%
BlackRock Multi-Sector Income Trust1.00%
Templeton Emerging Markets Fund0.98%
Templeton Emerging Markets Income Fund0.97%
Cohen & Steers REIT and Preferred and Income Fund, Inc.0.95%
Virtus Artificial Intelligence & Technology Opportunities Fund0.95%
Nuveen Taxable Municipal Income Fund0.94%
BlackRock Resources & Commodities Strategy Trust0.78%
Nuveen Preferred & Income Opportunities Fund0.77%
PGIM Global High Yield Fund, Inc.0.73%
Nuveen Floating Rate Income Fund0.71%
Eaton Vance Short Duration Diversified Income Fund0.50%
Nuveen Mortgage and Income Fund0.50%
BNY Mellon Global Infrastructure Income ETF0.48%
Western Asset High Income Opportunity Fund Inc.0.36%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in CEFS and FCEF, widest gap first
Holding	More in CEFSMore in FCEF	CEFS	FCEF
Royce Micro-Cap Trust IncRMT	CEFS +2.80 points	3.52%	0.72%
John Hancock Prem Dvd FndPDT	FCEF +2.47 points	0.05%	2.52%
Western Asset Divers IncWDI	FCEF +2.08 points	0.04%	2.12%
Brookfield Real Assets IncomRA	FCEF +1.87 points	0.14%	2.01%
BlackRock Tech & Priv EqtyBTX	CEFS +1.79 points	2.28%	0.49%
Duff & Phelps Utility & IncDPG	FCEF +1.72 points	0.39%	2.11%
Adams Natural Resources FundPEO	FCEF +1.30 points	0.47%	1.77%
Kayne Anderson Energy InfraKYN	FCEF +1.18 points	0.41%	1.59%
Western Asst Infl-Lnk OppWIW	FCEF +1.16 points	1.35%	2.51%
Cohen & Steers Tax-AdvantagePTA	FCEF +1.14 points	<0.01%	1.14%
Pimco Dynamic Income StratPDX	CEFS +1.08 points	2.60%	1.52%
Royce Small-Cap Trust IncRVT	FCEF +0.96 points	1.03%	1.99%
Nuveen Real Asset Inc & GrwJRI	FCEF +0.95 points	<0.01%	0.95%
Tri-Continental CorpTY	FCEF +0.92 points	1.85%	2.77%
General American InvestorsGAM	CEFS +0.92 points	2.85%	1.93%
Bancroft Fund LtdBCV	FCEF +0.78 points	0.14%	0.92%
Virtus Equity & ConvertibleNIE	FCEF +0.40 points	0.83%	1.23%
Nuveen Credit Strategies IncJQC	FCEF +0.34 points	0.08%	0.42%
Nylim Cbre Gb Infra Mtrnd TfMEGI	CEFS +0.06 points	0.83%	0.77%
Gabelli Dividend & Income TrGDV	CEFS +0.02 points	3.01%	2.99%

All 115 CEFS holdings⁠All 58 FCEF 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.

CEFS vs FCEF Cost

Overpaying FCEF vs CEFS

$9,726

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

CEFS 2.61%
$39,834
FCEF 3.69%
$49,560

Amount$10,000

Years30 years

Cost over time

CEFS 2.61%
FCEF 3.69%
Overpaying

Year by year

Year	CEFS	FCEF	Overpaying
10	$4,305	$5,822	$1,517
20	$15,082	$19,517	$4,435
30	$39,834	$49,560	$9,726

Expense ratio

2.61%CEFS, cheaper
3.69%FCEF

CEFS2.61%FCEF3.69%

2.61%4.23%

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

CEFS cheapest of 7 funds

FCEF 6th cheapest of 7 funds

CEFS vs FCEF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CEFS 7.38%, better; FCEF 7.16%
Payout (12M): CEFS $1.77; FCEF $1.64
Last payment: CEFS $0.25; FCEF $0.14
Ex-dividend: CEFS Sep 28, 2026; FCEF Oct 14, 2026
Paid on: CEFS Sep 30, 2026; FCEF Oct 30, 2026
Frequency: CEFS Monthly; FCEF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CEFSMonthly · 45 paymentsAll CEFS payments⁠

FCEFMonthly · 46 paymentsAll FCEF payments⁠

CEFS vs FCEF Risk

Fall from peak · 5 years

CEFS
FCEF

Risk facts

VolatilityStd dev, 3 years: CEFS 11.5%FCEF 9.2%, better
Return per unit of riskSharpe ratio, 3 years: CEFS 1.44, betterFCEF 1.26
Worst fallMax drawdown, 5 years: CEFS −16.8%, betterFCEF −25.0%
Market sensitivityBeta, 5 years: CEFS 0.78FCEF 0.97; Market = 1

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