CEFS vs YYY: Grades, Fees and Holdings Compared

Saba Opportunistic Hedged Closed-End Funds ETF

CEFSBCboe

Amplify CEF High Income ETF

YYYCNYSE Arca

Overlap

14.0%by weight

Expense ratio

CEFS −0.62pt a year

CEFS2.61%YYY3.23%

Avg volume · 30D

YYY 5.4×the volume

CEFS84.1KYYY451K

5Y return · a year

CEFS +10.4pt

CEFS+12.3%YYY+1.9%

CEFS vs YYY Performance

Oct 29, 2021 – Oct 30, 2026

+78.5%CEFS+9.9%YYY

Expense ratio: CEFS 2.61%, better; YYY 3.23%
Fund size: CEFS $430M; YYY $672M
1Y total return: CEFS +13.4%, better; YYY −0.5%
Yield (12M): CEFS 7.38%; YYY 13.98%, better
Holdings: CEFS 93; YYY 61
Avg volume (30D): CEFS 84.1K sh; YYY 451K sh, better
NAV per share: CEFS $24.35; YYY $10.33
52W range

ETF.net Grade

Pillar letters and Scores for CEFS, YYY, with each pillar’s weight
Pillar	CEFS	YYY
Cost30% weight	A77Higher	D31
Mission25% weight	Not scored	Not scored
Risk15% weight	B62Higher	D39
Tradability15% weight	C47	A79Higher
Holdings10% weight	D34	A78Higher
Durability5% weight	B59	A79Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CEFS 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 ›

CEFS ranks 2nd and YYY 3rd 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

Our read on each fund

ETF.net Research

CEFSBSaba Opportunistic Hedged Closed-End Funds ETF

YYYCAmplify CEF High 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.

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

CEFS The Fund seeks capital appreciation and dividend income.

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

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.

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

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

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 CEFS profile⁠

Full YYY profile⁠

CEFS vs YYY Holdings

How CEFS and YYY differ

Overlap by weight

14.0%

Shared holdings make up 36.8% of YYY and 16.3% of CEFS.

Level by level

Holdings22 in both14.0%
Sector11 Sectors69.0%
Countryby domicile88.8%

Sector

Sector weights in CEFS and YYY, widest gap first
Sector	More in CEFSMore in YYY	CEFS	YYY
Financials	CEFS +28.0 points	50.3%	22.3%
Health Care	YYY +10.6 points	3.8%	14.4%
Real Estate	YYY +9.0 points	1.1%	10.1%
Utilities	YYY +5.0 points	3.6%	8.6%
Energy	YYY +3.9 points	8.6%	12.5%
Technology	CEFS +2.7 points	15.0%	12.3%
Industrials	YYY +2.1 points	7.3%	9.4%
Communication	YYY +0.4 points	3.1%	3.5%
Materials	CEFS +0.2 points	1.6%	1.4%
Consumer Discretionary	CEFS +0.1 points	3.6%	3.5%
Consumer Staples	YYY +0.1 points	2.0%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in CEFS and YYY, widest gap first
Country	More in CEFSMore in YYY	CEFS	YYY
United States	CEFS +9.5 points	88.5%	79.0%
India	YYY +4.1 points	0.2%	4.3%
France	YYY +1.6 points	0.5%	2.1%
Netherlands	YYY +0.8 points	0.6%	1.4%
Australia	YYY +0.7 points	0.1%	0.8%
Germany	YYY +0.7 points	0.4%	1.1%
Japan	YYY +0.5 points	0.7%	1.2%
Other countries (31)	YYY +1.3 points	9.0%	10.3%

Concentration

Weight in the 10 largest Holdings

CEFS58.8%
YYY30.0%

Securities held

CEFS92
YYY61

Asset class

CEFS: Multi-Asset
YYY: Equity

Holdings

Only in CEFS70
In both22
Only in YYY39

Only in CEFS

70 securities, 73.0% 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%
Gabelli Dividend & Income Tr3.01%
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%
Tri-Continental Corp1.85%
Neuberger Energy Infrastruct1.76%
Japan Smaller Capitalization1.72%
Highland Opport & Income1.48%
Western Asst Infl-Lnk Opp1.35%
Lmp Capital and Income Fund1.19%
New Germany Fund Inc/The1.17%
Bny Mellon Strategic Muni1.13%
Royce Small-Cap Trust Inc1.03%
Bny Mellon Muni Bnd Infra0.96%
Korea Fund Inc0.91%
Virtus Dvd Intrst & Prm Str0.91%
Virtus Equity & Convertible0.83%
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%
Bnym Strat Muni Bnd0.48%
Taiwan Fund Inc/Th/Md-Us Inc0.47%
Adams Natural Resources Fund0.47%
Destra Multi-Alternative0.45%
Kayne Anderson Energy Infra0.41%
Duff & Phelps Utility & Inc0.39%
Blackstone Long-Short Credit0.23%
High Income Securities Fund0.21%
Templeton Dragon Fund Inc0.15%
Eaton Vance Fltng Rt Inc Tr0.14%
Bancroft Fund Ltd0.14%
Morgan Stanley China A Share0.14%
Liberty All-Star Growth Fd0.12%
Clough Global Dividend & Inc0.12%
BlackRock Enh Intl Dvd Tr0.11%
Bexil Investment Trust0.11%
Clough Global Equity Fund0.10%
Pimco California Muni Inc Fd0.09%

Only in YYY

39 securities, 64.2% of YYY by weight

abrdn Total Dynamic Dividend Fund3.60%
Tortoise Energy Infrastructure Corp3.33%
Nuveen Floating Rate Income Fund/Closed-end Fund3.31%
PIMCO High Income Fund3.06%
abrdn Global Infrastructure Income Fund2.62%
PIMCO Income Strategy Fund II2.45%
PIMCO Access Income Fund2.44%
abrdn Life Sciences Investors2.25%
Aberdeen Asia-Pacific Income Fund Inc2.24%
KKR Income Opportunities Fund1.63%
abrdn Healthcare Investors1.61%
Nuveen NASDAQ 100 Dynamic Overwrite Fund1.50%
BlackRock Debt Strategies Fund Inc1.44%
BlackRock Floating Rate Income Strategies Fund Inc1.43%
NXG NextGen Infrastructure Income Fund1.43%
Gabelli Equity Trust Inc/The1.42%
BlackRock Core Bond Trust1.42%
Morgan Stanley Emerging Markets Domestic Debt Fund Inc1.40%
DoubleLine Yield Opportunities Fund1.40%
BlackRock Credit Allocation Income Trust1.39%
BlackRock Corporate High Yield Fund Inc1.38%
BlackRock Multi-Sector Income Trust1.37%
DoubleLine Income Solutions Fund1.37%
PIMCO Income Strategy Fund1.34%
First Trust High Yield Opportunities 2027 Term Fund1.33%
Western Asset Emerging Markets Debt Fund Inc1.33%
Nuveen Multi-Asset Income Fund1.29%
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%
PGIM Global High Yield Fund Inc1.25%
BlackRock Floating Rate Income Trust1.18%
Invesco Government & Agency Portfolio 12/31/20311.14%
RiverNorth Opportunities Fund Inc1.13%
NXG Cushing Midstream Energy Fund1.02%
Western Asset High Income Opportunity Fund Inc0.91%
Franklin Ltd Duration Income Trust0.88%
Nuveen Core Plus Impact Fund0.78%

Weight gaps

All 22 Holdings in both funds, largest gap first.

Holding weights in CEFS and YYY, widest gap first
Holding	More in CEFSMore in YYY	CEFS	YYY
Guggenheim Strategic OpportGOF	YYY +2.69 points	0.48%	3.17%
Nuveen Credit Strategies IncJQC	YYY +2.65 points	0.08%	2.73%
Western Asset Divers IncWDI	YYY +2.37 points	0.04%	2.41%
Cbre Global Real Estate IncIGR	YYY +2.22 points	<0.01%	2.22%
Abrdn Income Credit StratACP	YYY +1.81 points	0.34%	2.15%
Aberdeen India Fund IncIFN	YYY +1.78 points	0.01%	1.79%
Nuveen Real Asset Inc & GrwJRI	YYY +1.63 points	<0.01%	1.63%
Clearbridge Energy MidstreamEMO	YYY +1.44 points	0.11%	1.55%
General American InvestorsGAM	CEFS +1.43 points	2.85%	1.42%
Eaton Vance Ltd Durat IncEVV	YYY +1.30 points	0.05%	1.35%
Advent Convert & IncomeAVK	YYY +1.21 points	0.01%	1.22%
Brookfield Real Assets IncomRA	YYY +1.20 points	0.14%	1.34%
Calamos Lng/Shrt Eqty & DynCPZ	YYY +0.75 points	0.24%	0.99%
Ubs Am High Yield CreditDHY	YYY +0.58 points	0.12%	0.70%
Nylim Cbre Gb Infra Mtrnd TfMEGI	YYY +0.56 points	0.83%	1.39%
Liberty All Star Equity FundUSA	CEFS +0.42 points	1.88%	1.46%
Nuveen S&P 500 Dynam OverwrSPXX	CEFS +0.27 points	1.72%	1.45%
Clough Global OpportunitiesGLO	YYY +0.27 points	0.44%	0.71%
BlackRock Esg Cap All Trm TrECAT	YYY +0.21 points	3.05%	3.26%
Bluerock Private Real EstateBPRE	CEFS +0.17 points	1.02%	0.85%
BlackRock Hlth Sci Trm Tr IiBMEZ	YYY +0.13 points	1.63%	1.76%
Invesco Senior Income TrustVVR	YYY +0.01 points	1.23%	1.24%

All 115 CEFS 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.

CEFS vs YYY Cost

Overpaying YYY vs CEFS

$5,939

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

CEFS 2.61%
$39,834
YYY 3.23%
$45,773

Amount$10,000

Years30 years

Cost over time

CEFS 2.61%
YYY 3.23%
Overpaying

Year by year

Year	CEFS	YYY	Overpaying
10	$4,305	$5,193	$888
20	$15,082	$17,735	$2,653
30	$39,834	$45,773	$5,939

Expense ratio

2.61%CEFS, cheaper
3.23%YYY

CEFS2.61%YYY3.23%

2.61%4.23%

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

CEFS cheapest of 7 funds

YYY 5th cheapest of 7 funds

CEFS vs YYY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CEFS 7.38%; YYY 13.98%, better
Payout (12M): CEFS $1.77; YYY $1.44
Last payment: CEFS $0.25; YYY $0.12
Ex-dividend: CEFS Sep 28, 2026; YYY Oct 29, 2026
Paid on: CEFS Sep 30, 2026; YYY Oct 30, 2026
Frequency: CEFS Monthly; YYY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CEFSMonthly · 45 paymentsAll CEFS payments⁠

YYYMonthly · 46 paymentsAll YYY payments⁠

CEFS vs YYY Risk

Fall from peak · 5 years

CEFS
YYY

Risk facts

VolatilityStd dev, 3 years: CEFS 11.5%YYY 10.2%, better
Return per unit of riskSharpe ratio, 3 years: CEFS 1.44, betterYYY 0.75
Worst fallMax drawdown, 5 years: CEFS −16.8%, betterYYY −27.7%
Market sensitivityBeta, 5 years: CEFS 0.78YYY 0.95; Market = 1

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