CEFS vs RDFI: Grades, Fees and Holdings Compared

Saba Opportunistic Hedged Closed-End Funds ETF

CEFSBCboe

Rareview Dynamic Fixed Income ETF

RDFIDCboe

Overlap

2.9%by weight

Expense ratio

CEFS −1.62pt a year

CEFS2.61%RDFI4.23%

Avg volume · 30D

CEFS 4.4×the volume

CEFS84.1KRDFI19.1K

5Y return · a year

CEFS +10.7pt

CEFS+12.3%RDFI+1.6%

CEFS vs RDFI Performance

Oct 29, 2021 – Oct 30, 2026

+78.5%CEFS+8.3%RDFI

Expense ratio: CEFS 2.61%, better; RDFI 4.23%
Fund size: CEFS $430M; RDFI $74M
1Y total return: CEFS +13.4%, better; RDFI −2.2%
Yield (12M): CEFS 7.38%; RDFI 8.92%, better
Holdings: CEFS 93; RDFI 36
Avg volume (30D): CEFS 84.1K sh, better; RDFI 19.1K sh
NAV per share: CEFS $24.35; RDFI $21.86
52W range

ETF.net Grade

Pillar letters and Scores for CEFS, RDFI, with each pillar’s weight
Pillar	CEFS	RDFI
Cost30% weight	A77Higher	F8
Mission25% weight	Not scored	Not scored
Risk15% weight	B62Higher	C42
Tradability15% weight	C47	B56Higher
Holdings10% weight	D34	A100Higher
Durability5% weight	B59Higher	C43

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CEFS and RDFI 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 RDFI 7th 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 6CCCEFCalamos CEF Income & Arbitrage ETFScore 42
Rank 7DRDFIRareview Dynamic Fixed Income ETFScore 39

Our read on each fund

ETF.net Research

CEFSBSaba Opportunistic Hedged Closed-End Funds ETF

RDFIDRareview Dynamic Fixed Income 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.

RDFI A fund of closed-end bond funds with a hand on the wheel: Rareview buys CEFs trading away from their net asset value for the monthly cash, then short-sells Treasury futures when it wants less interest-rate risk.

Stated mandate

CEFS The Fund seeks capital appreciation and dividend income.

RDFI The Fund seeks total return with an emphasis on current income. It invests primarily in fixed-income closed-end funds and may vary allocations across several fixed-income segments.

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.

RDFI Actively run, not a static basket. The adviser can short U.S. Treasury futures to hedge interest-rate risk and rotate across fixed-income segments as its outlook changes.sec.gov
Targets closed-end funds trading at a discount or premium to net asset value that pay regular cash distributions, with up to 30% allowed in ETFs when those trade better.sec.gov
It can also run a dividend-capture overlay, buying closed-end fund shares around their distribution dates rather than simply holding them.saytechnologies.com
Roughly 40 closed-end funds under the hood, and the ETF itself pays monthly.

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

RDFI You pay up for the hands-on work: 4.23%, above the category median and above peers like CEFS at 2.61% and PCEF at 2.71% net of a waiver through August 31, 2027.
Two layers of risk: the underlying closed-end funds can use derivatives and borrowing, and the short Treasury futures hedge loses value when Treasury prices rise.sec.gov
A smaller, thinly traded fund, so spreads can be wider and sizeable orders can move the price.

Full CEFS profile⁠

Full RDFI profile⁠

CEFS vs RDFI Holdings

How CEFS and RDFI differ

Overlap by weight

2.9%

Shared holdings make up 13.6% of RDFI and 2.9% of CEFS.

Level by level

Holdings5 in both2.9%
Sector11 Sectors66.4%
Countryby domicile88.5%

Sector

Sector weights in CEFS and RDFI, widest gap first
Sector	More in CEFSMore in RDFI	CEFS	RDFI
Energy	RDFI +29.0 points	8.6%	37.6%
Technology	CEFS +14.7 points	15.0%	0.3%
Industrials	CEFS +4.7 points	7.3%	2.6%
Health Care	CEFS +3.4 points	3.8%	0.4%
Real Estate	RDFI +3.2 points	1.1%	4.3%
Consumer Discretionary	CEFS +2.8 points	3.6%	0.8%
Communication	CEFS +2.6 points	3.1%	0.5%
Financials	CEFS +2.3 points	50.3%	48.0%
Consumer Staples	CEFS +1.6 points	2.0%	0.4%
Utilities	RDFI +1.4 points	3.6%	5.0%
Materials	CEFS +1.3 points	1.6%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in CEFS and RDFI, widest gap first
Country	More in CEFSMore in RDFI	CEFS	RDFI
United States	RDFI +11.5 points	88.5%	100.0%
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 (28)	CEFS +3.4 points	3.4%	0.0%

Concentration

Weight in the 10 largest Holdings

CEFS58.8%
RDFI45.6%

Securities held

CEFS92
RDFI35

Asset class

CEFS: Multi-Asset
RDFI: Fixed Income

Holdings

Only in CEFS87
In both5
Only in RDFI30

Only in CEFS

87 securities, 86.4% of CEFS by weight

BlackRock Sci & Tech Trm Tr10.41%
Destiny TECH100 Inc7.10%
Asa Gold and Precious Metals6.83%
Royce Micro-Cap Trust Inc3.52%
BlackRock Esg Cap All Trm Tr3.05%
Gabelli Dividend & Income Tr3.01%
General American Investors2.85%
Neuberger Next Generation Co2.60%
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%
Nuveen S&P 500 Dynam Overwr1.72%
Japan Smaller Capitalization1.72%
BlackRock Hlth Sci Trm Tr Ii1.63%
Highland Opport & Income1.48%
Western Asst Infl-Lnk Opp1.35%
Invesco Senior Income Trust1.23%
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 Dvd Intrst & Prm Str0.91%
Virtus Equity & Convertible0.83%
Nylim Cbre Gb Infra Mtrnd Tf0.83%
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%
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%
Blackstone Long-Short Credit0.23%

Only in RDFI

30 securities, 85.2% of RDFI by weight

BlackRock Credit Allocation5.32%
Rareview Government Money5.27%
BlackRock Corporate High Yie4.96%
Templeton Emerg Mkts Inc Fd4.87%
Morgan Stanley Emerging Mark4.62%
Abrdn Asia-Pacific Income4.47%
Doubleline Yield Opportun4.00%
Western Asset High Income Op3.93%
Western Asset Emerging Marke3.83%
BlackRock Muniholdings Fund3.82%
Cohen & Steers Limited Durat3.69%
First Trust Intermediate Dur2.80%
Morgan Stanley Emerging Markets Debt Fund Inc2.77%
BlackRock Muniyield Quality2.64%
Angel Oak Income Etf2.63%
Kkr Income Opportunities2.62%
BlackRock Multi-Sector Incom2.43%
Tcw Strategic Income Fund In2.20%
Doubleline Income Solutions2.17%
Neuberger Berman Intermediate Municipal Fund Inc.2.16%
BlackRock Muniyield Quality2.08%
Eaton Vance Municipal Bond F1.94%
Brandywineglobal Global I1.90%
Pimco Municipal Income Fd Ii1.69%
BlackRock Taxable Municipal1.64%
BlackRock Core Bond Trust1.30%
Allspring Multi Sector Income Allspring Multi Sector Inc1.29%
Nuveen Municipal Credit Opport Nuveen Municipal Credit Opp1.07%
Western Asset Managed Munici0.81%
Vix Us 11/18/26 C220.24%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in CEFS and RDFI, widest gap first
Holding	More in CEFSMore in RDFI	CEFS	RDFI
Brookfield Real Assets IncomRA	RDFI +4.16 points	0.14%	4.30%
Western Asset Divers IncWDI	RDFI +2.43 points	0.04%	2.47%
Ubs Am High Yield CreditDHY	RDFI +2.15 points	0.12%	2.27%
Cohen & Steers Tax-AdvantagePTA	RDFI +1.89 points	<0.01%	1.89%
Pimco Dynamic Income StratPDX	RDFI +0.07 points	2.60%	2.67%

All 115 CEFS holdings⁠All 37 RDFI 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 RDFI Cost

Overpaying RDFI vs CEFS

$13,590

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

CEFS 2.61%
$39,834
RDFI 4.23%
$53,424

Amount$10,000

Years30 years

Cost over time

CEFS 2.61%
RDFI 4.23%
Overpaying

Year by year

Year	CEFS	RDFI	Overpaying
10	$4,305	$6,529	$2,224
20	$15,082	$21,425	$6,343
30	$39,834	$53,424	$13,590

Expense ratio

2.61%CEFS, cheaper
4.23%RDFI

CEFS2.61%RDFI4.23%

2.61%4.23%

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

CEFS cheapest of 7 funds

RDFI 7th cheapest of 7 funds

CEFS vs RDFI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CEFS 7.38%; RDFI 8.92%, better
Payout (12M): CEFS $1.77; RDFI $1.94
Last payment: CEFS $0.25; RDFI $0.16
Ex-dividend: CEFS Sep 28, 2026; RDFI Oct 2, 2026
Paid on: CEFS Sep 30, 2026; RDFI Oct 5, 2026
Frequency: CEFS Monthly; RDFI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CEFSMonthly · 45 paymentsAll CEFS payments⁠

RDFIMonthly · 46 paymentsAll RDFI payments⁠

CEFS vs RDFI Risk

Fall from peak · 5 years

CEFS
RDFI

Risk facts

VolatilityStd dev, 3 years: CEFS 11.5%RDFI 10.1%, better
Return per unit of riskSharpe ratio, 3 years: CEFS 1.44, betterRDFI 0.66
Worst fallMax drawdown, 5 years: CEFS −16.8%, betterRDFI −23.5%
Market sensitivityBeta, 5 years: CEFS 0.78RDFI 1.49; Market = 1

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