CEFZ vs YYY: Grades, Fees and Holdings Compared

RiverNorth Active Income ETF

CEFZCCboe

Amplify CEF High Income ETF

YYYCNYSE Arca

Overlap

13.3%by weight

Expense ratio

CEFZ −0.41pt a year

CEFZ2.82%YYY3.23%

Avg volume · 30D

YYY 21.9×the volume

CEFZ20.6KYYY451K

CEFZ vs YYY Performance

Oct 31, 2025 – Oct 30, 2026

+5.6%CEFZ−0.5%YYY

Expense ratio: CEFZ 2.82%, better; YYY 3.23%
Fund size: CEFZ $41M; YYY $672M
1Y total return: CEFZ +5.6%, better; YYY −0.5%
Yield (12M): CEFZ 10.40%; YYY 13.98%, better
Holdings: CEFZ 45; YYY 61
Avg volume (30D): CEFZ 20.6K sh; YYY 451K sh, better
NAV per share: CEFZ $7.91; YYY $10.33
52W range

ETF.net Grade

Pillar letters and Scores for CEFZ, YYY, with each pillar’s weight
Pillar	CEFZ	YYY
Cost30% weight	C54Higher	D31
Mission25% weight	A89	Not scored
Risk15% weight	B57Higher	D39
Tradability15% weight	F24	A79Higher
Holdings10% weight	C51	A78Higher
Durability5% weight	C54	A79Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CEFZ 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 CEFZ 4th 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

Our read on each fund

ETF.net Research

CEFZCRiverNorth Active Income ETF

YYYCAmplify CEF High Income ETF

In short

CEFZ A 2006 mutual fund that became an ETF in 2025, still running the same play: buy closed-end funds trading below the value of what they hold, and collect the income. All-in cost is 2.82%, with no waiver behind it, and cash goes out monthly.

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

CEFZ The Fund seeks long-term capital appreciation and income. Its adviser allocates among international and domestic equities, fixed-income securities, and cash, using underlying funds or direct investments.

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

CEFZ The angle is closed-end fund discounts. RiverNorth hand-picks CEFs trading below asset value instead of tracking a CEF index, a strategy it has run since the predecessor fund launched in 2006.true-shares.com true-shares.com 2
At 2.82% total with no fee waiver in play, it sits below the median of its seven-fund peer group, and under YYY (3.23%) and FCEF (3.69%).
Most of that 2.82% is the underlying funds' own expenses, not the adviser's cut: the prospectus fee table shows acquired fund fees as the bigger line, with a unitary fee covering operating costs.sec.gov
Pays monthly, under a stated aim of a 10% annualized distribution rate, and the portfolio does what the mandate says: around 50 underlying funds across equities and bonds.true-shares.com

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

CEFZ A distribution target is a policy, not a yield. Payouts can include return of capital, which the fund discloses in its Section 19(a) notices.true-shares.com true-shares.com 2
Discount capture cuts both ways: the discounts on its holdings can widen before they close, and you carry the underlying funds' risks too.sec.gov
It is one of the smaller, thinner-traded names in an already small category, so the bid-ask spread is a real part of the cost of getting in and out.

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 CEFZ profile⁠

Full YYY profile⁠

CEFZ vs YYY Holdings

How CEFZ and YYY differ

Overlap by weight

13.3%

Shared holdings make up 22.0% of CEFZ and 16.8% of YYY.

Level by level

Holdings12 in both13.3%
Countryby domicile85.2%
Asset classEquity100%

Sector

No Sector split for CEFZ.

Country, concentration and asset class

Country by domicile

Country weights in CEFZ and YYY, widest gap first
Country	More in CEFZMore in YYY	CEFZ	YYY
United States	CEFZ +7.4 points	86.4%	79.0%
India	YYY +3.2 points	1.1%	4.3%
Canada	CEFZ +2.5 points	4.3%	1.8%
China	CEFZ +2.4 points	2.9%	0.5%
France	YYY +2.0 points	0.1%	2.1%
United Kingdom	YYY +1.7 points	0.3%	2.0%
Taiwan	CEFZ +1.2 points	2.0%	0.8%
Netherlands	YYY +1.2 points	0.2%	1.4%
Other countries (25)	YYY +5.6 points	2.6%	8.2%

Concentration

Weight in the 10 largest Holdings

CEFZ50.3%
YYY30.0%

Securities held

CEFZ45
YYY61

Asset class

CEFZ: Equity
YYY: Equity

Holdings

Only in CEFZ33
In both12
Only in YYY49

Only in CEFZ

33 securities, 78.0% of CEFZ by weight

Pershing Square USA Ltd10.46%
Saba Capital Income & Opportunity Fund II5.85%
Invesco RAFI Emerging Markets4.63%
BlackRock Science and Technology4.56%
State Street Inst Treasury MMKT - Premier Class4.49%
Pershing Square Holdings Ltd4.43%
Clough Global Equity Fund4.17%
Royce Micro-Cap Trust Inc3.90%
Blue Owl Technology Finance Corp3.75%
Royce Small-Cap Trust Inc3.53%
FS Specialty Lending Fund3.02%
FS Credit Opportunities Corp2.80%
Blackstone Senior Floating Rate 20272.72%
Kayne Anderson Energy Infrastr2.55%
Blue Owl Capital Corp2.31%
Western Asset Inflation-Linked Opp & Income2.22%
Calamos Strategic Total Return1.84%
iShares Flexible Income Active1.50%
Sixth Street Specialty Lending1.37%
Howard Hughes Holdings Inc1.20%
Clough Global Dividend and Income Fund1.06%
PIMCO Dynamic Income Strategy1.04%
BlackRock Capital Allocation Term Trust1.03%
BlackRock Technology and Priva0.71%
Special Opportunities Fund Inc0.56%
Morgan Stanley Direct Lending0.52%
New Mountain Finance Corp0.47%
Crescent Capital BDC Inc0.44%
Neuberger High Yield Strategies0.35%
Flaherty & Crumrine Preferred and Income Opp0.27%
Cohen & Steers Quality Income0.25%
Pimco Dynamic Income Fund0.04%
Recv Saba 880198205<0.01%

Only in YYY

49 securities, 84.2% of YYY by weight

abrdn Total Dynamic Dividend Fund3.60%
Tortoise Energy Infrastructure Corp3.33%
Nuveen Floating Rate Income Fund/Closed-end Fund3.31%
BlackRock ESG Capital Allocation Term Trust3.26%
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%
abrdn Income Credit Strategies Fund2.15%
KKR Income Opportunities Fund1.63%
Nuveen Real Asset Income and Growth Fund1.63%
abrdn Healthcare Investors1.61%
ClearBridge Energy Midstream Opportunity Fund Inc1.55%
Nuveen NASDAQ 100 Dynamic Overwrite Fund1.50%
Liberty All-Star Equity Fund1.46%
Nuveen S&P 500 Dynamic Overwrite Fund1.45%
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%
DoubleLine Income Solutions Fund1.37%
Eaton Vance Ltd Duration Income Fund1.35%
Brookfield Real Assets Income Fund Inc1.34%
PIMCO Income Strategy Fund1.34%
Western Asset Emerging Markets Debt Fund Inc1.33%
Nuveen Multi-Asset Income Fund1.29%
abrdn Global Premier Properties Fund1.28%
BlackRock Limited Duration Income Trust1.28%
Western Asset High Income Fund II Inc1.26%
PGIM Global High Yield Fund Inc1.25%
Invesco Senior Income Trust1.24%
Advent Convertible and Income Fund1.22%
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 12 Holdings in both funds, largest gap first.

Holding weights in CEFZ and YYY, widest gap first
Holding	More in CEFZMore in YYY	CEFZ	YYY
Clough Global Opportunities FundGLO	CEFZ +2.35 points	3.06%	0.71%
BlackRock Health Sciences TermBMEZ	CEFZ +2.33 points	4.09%	1.76%
Calamos Long/Short Equity & Dynamic IncomeCPZ	CEFZ +2.02 points	3.01%	0.99%
India Fund Inc/TheIFN	YYY +1.54 points	0.25%	1.79%
BlackRock Corporate High YieldHYT	CEFZ +0.86 points	2.24%	1.38%
First Trust High Yield Opportunities 2027FTHY	YYY +0.72 points	0.61%	1.33%
BlackRock Multi-Sector IncomeBIT	YYY +0.63 points	0.74%	1.37%
Gabelli Equity Trust Inc/TheGAB	CEFZ +0.57 points	1.99%	1.42%
Guggenheim Strategic OpportunitiesGOF	CEFZ +0.39 points	3.56%	3.17%
Saba Capital Income & OpportunitiesBRW	YYY +0.34 points	0.94%	1.28%
UBS Asset Management High Yield Credit FundDHY	YYY +0.20 points	0.50%	0.70%
Bluerock Private Real Estate FundBPRE	CEFZ +0.13 points	0.98%	0.85%

All 46 CEFZ 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.

CEFZ vs YYY Cost

Overpaying YYY vs CEFZ

$3,811

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

CEFZ 2.82%
$41,962
YYY 3.23%
$45,773

Amount$10,000

Years30 years

Cost over time

CEFZ 2.82%
YYY 3.23%
Overpaying

Year by year

Year	CEFZ	YYY	Overpaying
10	$4,611	$5,193	$582
20	$16,015	$17,735	$1,720
30	$41,962	$45,773	$3,811

Expense ratio

2.82%CEFZ, cheaper
3.23%YYY

CEFZ2.82%YYY3.23%

2.61%4.23%

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

CEFZ 3rd cheapest of 7 funds

YYY 5th cheapest of 7 funds

CEFZ vs YYY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CEFZ 10.40%; YYY 13.98%, better
Payout (12M): CEFZ $0.81; YYY $1.44
Last payment: CEFZ $0.07; YYY $0.12
Ex-dividend: CEFZ Oct 29, 2026; YYY Oct 29, 2026
Paid on: CEFZ Oct 30, 2026; YYY Oct 30, 2026
Frequency: CEFZ Monthly; YYY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CEFZMonthly · 15 paymentsAll CEFZ payments⁠

YYYMonthly · 46 paymentsAll YYY payments⁠

CEFZ vs YYY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CEFZ 9.2%since Sep 2025YYY 10.2%
Return per unit of riskSharpe ratio, 3 years: CEFZ 0.40since Sep 2025YYY 0.75
Worst fallMax drawdown, 5 years: CEFZ −6.7%since Aug 2025YYY −27.7%
Market sensitivityBeta, 5 years: CEFZ 0.84YYY 0.95; Market = 1

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