CEFS vs PCEF: Grades, Fees and Holdings Compared

Saba Opportunistic Hedged Closed-End Funds ETF

CEFSBCboe

Invesco CEF Income Composite ETF

PCEFBNYSE Arca

Overlap

14.4%by weight

Expense ratio

CEFS −0.10pt a year

CEFS2.61%PCEF2.71%

Avg volume · 30D

PCEF 1.5×the volume

CEFS84.1KPCEF123K

5Y return · a year

CEFS +8.6pt

CEFS+12.3%PCEF+3.7%

CEFS vs PCEF Performance

Oct 29, 2021 – Oct 30, 2026

+78.5%CEFS+20.0%PCEF

Expense ratio: CEFS 2.61%, better; PCEF 2.71%
Fund size: CEFS $430M; PCEF $743M
1Y total return: CEFS +13.4%, better; PCEF +3.2%
Yield (12M): CEFS 7.38%; PCEF 7.78%, better
Holdings: CEFS 93; PCEF 107
Avg volume (30D): CEFS 84.1K sh; PCEF 123K sh, better
NAV per share: CEFS $24.35; PCEF $19.21
52W range

ETF.net Grade

Pillar letters and Scores for CEFS, PCEF, with each pillar’s weight
Pillar	CEFS	PCEF
Cost30% weight	A77Higher	B65
Mission25% weight	Not scored	A100
Risk15% weight	B62Higher	C46
Tradability15% weight	C47	B58Higher
Holdings10% weight	D34	A82Higher
Durability5% weight	B59	A85Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CEFS and PCEF 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 ›

PCEF ranks 1st and CEFS 2nd 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

Our read on each fund

ETF.net Research

CEFSBSaba Opportunistic Hedged Closed-End Funds ETF

PCEFBInvesco CEF Income Composite 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.

PCEF One ticker, roughly 110 closed-end funds. PCEF has tracked the S-Network Composite Closed-End Fund Index since 2010, favoring CEFs priced below net asset value and paying out monthly. Cost: 2.71%, net of a waiver through August 31, 2027.

Stated mandate

CEFS The Fund seeks capital appreciation and dividend income.

PCEF The Fund is based on the S-Network Composite Closed-End Fund Index and normally invests at least 90% of total assets in funds included in that Index. It operates as a fund-of-funds, investing in those funds rather than individual securities.

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.

PCEF 2.71% net of a waiver through August 31, 2027 (2.76% gross) sits below the category median and under peers like YYY at 3.23% and FCEF at 3.69%.
The index does the discount hunting: it screens out closed-end funds with heavy expense ratios or prices above net asset value, and weights wider discounts more heavily.snetworkglobalindexes.com
Rules over hunches. At least 90% of assets go into index funds spanning investment-grade, high-yield and option-income CEFs, rebuilt quarterly, with cash passed through monthly.invesco.com
Trading since 2010 and holding its mandate tightly, it ranks among the strongest implementations in a small peer group of CEF-of-CEF funds.

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

PCEF Most of that 2.71% is indirect: the underlying closed-end funds' own fees roll into the total, and Invesco's management fee is the smaller slice.sec.gov
You own CEF share prices, not just their portfolios. Those prices drift to discounts and premiums versus net asset value, adding a second layer of movement.snetworkglobalindexes.com
Volume is moderate rather than heavy, so spreads carry more weight here than in a mega-cap index fund.

Full CEFS profile⁠

Full PCEF profile⁠

CEFS vs PCEF Holdings

How CEFS and PCEF differ

Overlap by weight

14.4%

Shared holdings make up 30.0% of PCEF and 25.6% of CEFS.

Level by level

Holdings27 in both14.4%
Sector11 Sectors78.9%
Countryby domicile89.0%

Sector

Sector weights in CEFS and PCEF, widest gap first
Sector	More in CEFSMore in PCEF	CEFS	PCEF
Financials	CEFS +15.4 points	50.3%	34.9%
Technology	PCEF +11.7 points	15.0%	26.7%
Energy	CEFS +3.9 points	8.6%	4.7%
Communication	PCEF +2.6 points	3.1%	5.7%
Consumer Discretionary	PCEF +2.5 points	3.6%	6.1%
Health Care	PCEF +2.4 points	3.8%	6.2%
Materials	PCEF +1.2 points	1.6%	2.8%
Industrials	CEFS +1.0 points	7.3%	6.3%
Consumer Staples	PCEF +0.7 points	2.0%	2.7%
Utilities	CEFS +0.5 points	3.6%	3.1%
Real Estate	CEFS +0.2 points	1.1%	0.9%

Country, concentration and asset class

Country by domicile

Country weights in CEFS and PCEF, widest gap first
Country	More in CEFSMore in PCEF	CEFS	PCEF
United States	PCEF +10.9 points	88.5%	99.4%
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 +0.6 points	0.6%	0.0%
Other countries (29)	CEFS +3.0 points	3.4%	0.4%

Concentration

Weight in the 10 largest Holdings

CEFS58.8%
PCEF28.9%

Securities held

CEFS92
PCEF106

Asset class

CEFS: Multi-Asset
PCEF: Multi-Asset

Holdings

Only in CEFS65
In both27
Only in PCEF79

Only in CEFS

65 securities, 63.7% of CEFS by weight

Destiny TECH100 Inc7.10%
Asa Gold and Precious Metals6.83%
Royce Micro-Cap Trust Inc3.52%
Gabelli Dividend & Income Tr3.01%
General American Investors2.85%
Neuberger Next Generation Co2.60%
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%
Mexico Fund Inc2.01%
Liberty All Star Equity Fund1.88%
Tri-Continental Corp1.85%
Neuberger Energy Infrastruct1.76%
Japan Smaller Capitalization1.72%
Lmp Capital and Income Fund1.19%
New Germany Fund Inc/The1.17%
Bny Mellon Strategic Muni1.13%
Royce Small-Cap Trust Inc1.03%
Bluerock Private Real Estate1.02%
Bny Mellon Muni Bnd Infra0.96%
Korea Fund Inc0.91%
Virtus Equity & Convertible0.83%
Nylim Cbre Gb Infra Mtrnd Tf0.83%
Voya Mm Emerg Mkts Eq-W0.79%
Morgan Stanley India Invest0.67%
Gabelli Healthcare & Well0.63%
Ellsworth Growth and Income0.55%
Bnym Strat Muni Bnd0.48%
Taiwan Fund Inc/Th/Md-Us Inc0.47%
Adams Natural Resources Fund0.47%
Destra Multi-Alternative0.45%
Clough Global Opportunities0.44%
Kayne Anderson Energy Infra0.41%
Duff & Phelps Utility & Inc0.39%
Abrdn Income Credit Strat0.34%
Calamos Lng/Shrt Eqty & Dyn0.24%
Templeton Dragon Fund Inc0.15%
Bancroft Fund Ltd0.14%
Morgan Stanley China A Share0.14%
Brookfield Real Assets Incom0.14%
Liberty All-Star Growth Fd0.12%
Clough Global Dividend & Inc0.12%
Clearbridge Energy Midstream0.11%
Bexil Investment Trust0.11%
Clough Global Equity Fund0.10%
Pimco California Muni Inc Fd0.09%
Fs Credit Opportunities Corp0.08%
Guggenheim Active Allocation0.07%

Only in PCEF

79 securities, 69.8% of PCEF by weight

Eaton Vance Tax-Managed Global Diversified Equity Income Fund4.40%
Eaton Vance Tax-Managed Diversified Equity Income Fund3.42%
Nuveen Preferred & Income Opportunities Fund2.82%
BlackRock Enhanced Equity Dividend Trust2.57%
BlackRock Corporate High Yield Fund Inc2.40%
PIMCO Corporate & Income Opportunity Fund2.05%
Eaton Vance Tax-Managed Buy-Write Opportunities Fund2.05%
Blackrock Science & Technology Trust1.98%
Nuveen Floating Rate Income Fund/Closed-end Fund1.78%
Nuveen NASDAQ 100 Dynamic Overwrite Fund1.76%
BlackRock Technology and Private Equity Term Trust1.76%
DoubleLine Income Solutions Fund1.73%
PIMCO Dynamic Income Opportunities Fund1.58%
Columbia Seligman Premium Technology Growth Fund Inc1.41%
AllianceBernstein Global High Income Fund Inc1.41%
BlackRock Resources & Commodities Strategy Trust1.38%
BlackRock Credit Allocation Income Trust1.37%
BlackRock Capital Allocation Term Trust1.27%
First Trust Intermediate Duration Preferred & Income Fund1.20%
Eaton Vance Enhanced Equity Income Fund1.19%
BlackRock Taxable Municipal Bond Trust1.12%
Flaherty & Crumrine Preferred and Income Securities Fund1.08%
John Hancock Tax-Advantaged Dividend Income Fund1.00%
BlackRock Multi-Sector Income Trust0.98%
BlackRock Enhanced Global Dividend Trust0.97%
BlackRock Enhanced Large Cap Core Fund Inc0.92%
Cohen & Steers Limited Duration Preferred and Income Fund Inc0.86%
Eaton Vance Risk-Managed Diversified Equity Income Fund0.82%
BlackRock Energy and Resources Trust0.78%
BlackRock Core Bond Trust0.75%
PGIM Global High Yield Fund Inc0.75%
First Trust Enhanced Equity Income Fund0.74%
PIMCO Corporate & Income Strategy Fund0.73%
Aberdeen MultiMarket Income Fund0.72%
PIMCO High Income Fund0.71%
Eaton Vance Tax-Managed Buy-Write Income Fund0.68%
Aberdeen Asia-Pacific Income Fund Inc0.67%
Western Asset Emerging Markets Debt Fund Inc0.66%
BlackRock Utilities Infrastructure & Power Opportunities Trust0.63%
BlackRock Health Sciences Trust0.62%
PGIM High Yield Bond Fund Inc0.60%
BlackRock Debt Strategies Fund Inc0.59%
PGIM Short Duration High Yield Opportunities Fund0.57%
PIMCO Income Strategy Fund II0.57%
BlackRock Limited Duration Income Trust0.56%
Saba Capital Income & Opportunities Fund0.55%
Voya Global Equity Dividend and Premium Opportunity Fund0.52%
Nuveen Variable Rate Preferred & Income Fund0.50%
Western Asset High Income Opportunity Fund Inc0.48%
Franklin Premier Income Trust0.47%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in CEFS and PCEF, widest gap first
Holding	More in CEFSMore in PCEF	CEFS	PCEF
BlackRock Sci & Tech Trm TrBSTZ	CEFS +7.45 points	10.41%	2.96%
Nuveen S&P 500 Dynam OverwrSPXX	PCEF +2.19 points	1.72%	3.91%
Guggenheim Strategic OpportGOF	PCEF +1.89 points	0.48%	2.37%
BlackRock Esg Cap All Trm TrECAT	CEFS +1.82 points	3.05%	1.23%
Eaton Vance Enh Eqt Inc IiEOS	PCEF +1.80 points	0.07%	1.87%
Eaton Vance Ltd Durat IncEVV	PCEF +1.50 points	0.05%	1.55%
Nuveen Credit Strategies IncJQC	PCEF +1.08 points	0.08%	1.16%
Virtus Dvd Intrst & Prm StrNFJ	PCEF +1.05 points	0.91%	1.96%
John Hancock Prem Dvd FndPDT	PCEF +0.95 points	0.05%	1.00%
Eaton Vance T/M Glbl Buy-WrETW	PCEF +0.94 points	0.82%	1.76%
BlackRock Enh Intl Dvd TrBGY	PCEF +0.72 points	0.11%	0.83%
Flaherty & Crumrine Dyn PrefDFP	PCEF +0.57 points	0.03%	0.60%
Allspring Income OpportEAD	PCEF +0.57 points	0.04%	0.61%
Highland Opport & IncomeHFRO	CEFS +0.53 points	1.48%	0.95%
Western Asst Infl-Lnk OppWIW	CEFS +0.52 points	1.35%	0.83%
Nuveen Global High IncomeJGH	PCEF +0.50 points	<0.01%	0.50%
Invesco Senior Income TrustVVR	CEFS +0.45 points	1.23%	0.78%
Neuberger High Yield StrategNHS	PCEF +0.35 points	<0.01%	0.36%
Cohen & Steers Select PreferPSF	PCEF +0.35 points	0.03%	0.38%
Eaton Vance Fltng Rt Inc TrEFT	PCEF +0.34 points	0.14%	0.48%
Ubs Am High Yield CreditDHY	PCEF +0.27 points	0.12%	0.39%
Bnym High Yield StrategiesDHF	PCEF +0.22 points	0.07%	0.29%
BlackRock Hlth Sci Trm Tr IiBMEZ	PCEF +0.22 points	1.63%	1.85%
Eaton Vance Sr Fltg Rate TrEFR	CEFS +0.18 points	0.70%	0.52%
Saba Capital Income & Opp IiSABA	CEFS +0.14 points	0.54%	0.40%
High Income Securities FundPCF	CEFS +0.03 points	0.21%	0.18%
Blackstone Long-Short CreditBGX	PCEF +0.02 points	0.23%	0.25%

All 115 CEFS holdings⁠All 106 PCEF 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 PCEF Cost

Overpaying PCEF vs CEFS

$1,029

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

CEFS 2.61%
$39,834
PCEF 2.71%
$40,863

Amount$10,000

Years30 years

Cost over time

CEFS 2.61%
PCEF 2.71%
Overpaying

Year by year

Year	CEFS	PCEF	Overpaying
10	$4,305	$4,451	$146
20	$15,082	$15,531	$449
30	$39,834	$40,863	$1,029

Expense ratio

2.61%CEFS, cheaper
2.71%PCEF

CEFS2.61%PCEF2.71%

2.61%4.23%

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

CEFS cheapest of 7 funds

PCEF 2nd cheapest of 7 funds

CEFS vs PCEF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CEFS 7.38%; PCEF 7.78%, better
Payout (12M): CEFS $1.77; PCEF $1.49
Last payment: CEFS $0.25; PCEF $0.11
Ex-dividend: CEFS Sep 28, 2026; PCEF Oct 19, 2026
Paid on: CEFS Sep 30, 2026; PCEF Oct 23, 2026
Frequency: CEFS Monthly; PCEF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CEFSMonthly · 45 paymentsAll CEFS payments⁠

PCEFMonthly · 46 paymentsAll PCEF payments⁠

CEFS vs PCEF Risk

Fall from peak · 5 years

CEFS
PCEF

Risk facts

VolatilityStd dev, 3 years: CEFS 11.5%PCEF 10.0%, better
Return per unit of riskSharpe ratio, 3 years: CEFS 1.44, betterPCEF 0.99
Worst fallMax drawdown, 5 years: CEFS −16.8%, betterPCEF −24.2%
Market sensitivityBeta, 5 years: CEFS 0.78PCEF 1.04; Market = 1

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