FCEF vs YYY: Grades, Fees and Holdings Compared

First Trust Income Opportunities ETF

FCEFCNasdaq

Amplify CEF High Income ETF

YYYCNYSE Arca

Overlap

18.5%by weight

Expense ratio

YYY −0.46pt a year

FCEF3.69%YYY3.23%

Avg volume · 30D

YYY 27.6×the volume

FCEF16.3KYYY451K

10Y return · a year

FCEF +3.5pt

FCEF+8.1%YYY+4.6%

FCEF vs YYY Performance

Oct 29, 2021 – Oct 30, 2026

+27.4%FCEF+9.9%YYY

Expense ratio: FCEF 3.69%; YYY 3.23%, better
Fund size: FCEF $80M; YYY $672M
1Y total return: FCEF +7.3%, better; YYY −0.5%
Yield (12M): FCEF 7.16%; YYY 13.98%, better
Holdings: FCEF 59; YYY 61
Avg volume (30D): FCEF 16.3K sh; YYY 451K sh, better
NAV per share: FCEF $22.90; YYY $10.33
52W range

ETF.net Grade

Pillar letters and Scores for FCEF, YYY, with each pillar’s weight
Pillar	FCEF	YYY
Cost30% weight	F20	D31Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B60Higher	D39
Tradability15% weight	B61	A79Higher
Holdings10% weight	B61	A78Higher
Durability5% weight	A71	A79Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. FCEF 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 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

FCEFCFirst Trust Income Opportunities ETF

YYYCAmplify CEF High Income ETF

In short

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.

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

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.

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

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.

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

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.

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 FCEF profile⁠

Full YYY profile⁠

FCEF vs YYY Holdings

How FCEF and YYY differ

Overlap by weight

18.5%

Shared holdings make up 27.2% of YYY and 20.8% of FCEF.

Level by level

Holdings16 in both18.5%
Countryby domicile79.2%
Sector11 Sectors85.7%

Sector

Sector weights in FCEF and YYY, widest gap first
Sector	More in FCEFMore in YYY	FCEF	YYY
Real Estate	YYY +5.9 points	4.2%	10.1%
Utilities	FCEF +5.4 points	13.9%	8.6%
Health Care	YYY +4.3 points	10.1%	14.4%
Technology	FCEF +4.1 points	16.4%	12.3%
Energy	YYY +3.0 points	9.5%	12.5%
Financials	FCEF +2.7 points	24.9%	22.3%
Materials	FCEF +1.2 points	2.6%	1.4%
Industrials	YYY +1.0 points	8.4%	9.4%
Communication	FCEF +0.6 points	4.1%	3.5%
Consumer Discretionary	FCEF +0.5 points	4.0%	3.5%
Consumer Staples	YYY +0.2 points	1.9%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in FCEF and YYY, widest gap first
Country	More in FCEFMore in YYY	FCEF	YYY
United States	FCEF +20.8 points	99.8%	79.0%
India	YYY +4.3 points	0.0%	4.3%
France	YYY +2.1 points	0.0%	2.1%
United Kingdom	YYY +2.0 points	0.0%	2.0%
Canada	YYY +1.8 points	0.0%	1.8%
Netherlands	YYY +1.3 points	0.1%	1.4%
Japan	YYY +1.2 points	0.0%	1.2%
Germany	YYY +1.1 points	0.0%	1.1%
Other countries (23)	YYY +7.2 points	0.1%	7.3%

Concentration

Weight in the 10 largest Holdings

FCEF33.7%
YYY30.0%

Securities held

FCEF58
YYY61

Asset class

FCEF: Multi-Asset
YYY: Equity

Holdings

Only in FCEF42
In both16
Only in YYY45

Only in FCEF

42 securities, 73.9% 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%
The Gabelli Dividend & Income Trust2.99%
Cohen & Steers Infrastructure Fund, Inc.2.98%
Tri-Continental Corporation2.77%
BlackRock Science & Technology Trust2.77%
Source Capital2.54%
John Hancock Premium Dividend Fund2.52%
Western Asset Inflation-Linked Opportunities & Income Fund2.51%
Central Securities Corporation2.38%
abrdn Healthcare Opportunities Fund2.22%
Duff & Phelps Utility and Infrastructure Fund Inc.2.11%
Reaves Utility Income Fund2.00%
Royce Small-Cap Trust, Inc.1.99%
Angel Oak Financial Strategies Income Term Trust1.80%
BlackRock Income Trust, Inc.1.78%
Adams Natural Resources Fund, Inc.1.77%
Kayne Anderson Energy Infrastructure Fund, Inc.1.59%
PIMCO Dynamic Income Strategy Fund1.52%
BlackRock Enhanced Large Cap Core Fund, Inc.1.50%
Nuveen Variable Rate Preferred & Income Fund1.48%
BlackRock Health Sciences Trust1.42%
Virtus Equity & Convertible Income Fund1.23%
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund1.14%
BlackRock Utilities, Infrastructure and Power Opportunities Trust1.02%
Cohen & Steers Quality Income Realty Fund, Inc.1.02%
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%
Bancroft Fund Ltd.0.92%
BlackRock Resources & Commodities Strategy Trust0.78%
Nuveen Preferred & Income Opportunities Fund0.77%
Royce Micro-Cap Trust, Inc.0.72%
Eaton Vance Short Duration Diversified Income Fund0.50%
Nuveen Mortgage and Income Fund0.50%
BlackRock Technology and Private Equity Term Trust0.49%
BNY Mellon Global Infrastructure Income ETF0.48%

Only in YYY

45 securities, 73.8% of YYY by weight

abrdn Total Dynamic Dividend Fund3.60%
Tortoise Energy Infrastructure Corp3.33%
BlackRock ESG Capital Allocation Term Trust3.26%
Guggenheim Strategic Opportunities Fund3.17%
PIMCO High Income Fund3.06%
abrdn Global Infrastructure Income Fund2.62%
PIMCO Income Strategy Fund II2.45%
PIMCO Access Income Fund2.44%
Aberdeen Asia-Pacific Income Fund Inc2.24%
CBRE Global Real Estate Income Fund2.22%
abrdn Income Credit Strategies Fund2.15%
Aberdeen India Fund Inc1.79%
BlackRock Health Sciences Term Trust1.76%
KKR Income Opportunities Fund1.63%
ClearBridge Energy Midstream Opportunity Fund Inc1.55%
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%
Gabelli Equity Trust Inc/The1.42%
Morgan Stanley Emerging Markets Domestic Debt Fund Inc1.40%
DoubleLine Yield Opportunities Fund1.40%
BlackRock Corporate High Yield Fund Inc1.38%
DoubleLine Income Solutions Fund1.37%
Eaton Vance Ltd Duration Income Fund1.35%
PIMCO Income Strategy Fund1.34%
First Trust High Yield Opportunities 2027 Term Fund1.33%
Western Asset Emerging Markets Debt Fund Inc1.33%
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%
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%
Calamos Long/Short Equity & Dynamic Income Trust0.99%
Franklin Ltd Duration Income Trust0.88%
Bluerock Private Real Estate Fund0.85%
Nuveen Core Plus Impact Fund0.78%
Clough Global Opportunities Fund0.71%
UBS Asset Management High Yield Credit Fund0.70%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in FCEF and YYY, widest gap first
Holding	More in FCEFMore in YYY	FCEF	YYY
Nuveen Floating Rate Income FundJFR	YYY +2.60 points	0.71%	3.31%
Nuveen Credit Strategies Income FundJQC	YYY +2.31 points	0.42%	2.73%
Nuveen Real Asset Income and Growth FundJRI	YYY +0.68 points	0.95%	1.63%
Brookfield Real Assets Income Fund Inc.RA	FCEF +0.67 points	2.01%	1.34%
NYLIM CBRE Global Infrastructure Megatrends Term FundMEGI	YYY +0.62 points	0.77%	1.39%
BlackRock Credit Allocation Income TrustBTZ	FCEF +0.61 points	2.00%	1.39%
Western Asset High Income Opportunity Fund Inc.HIO	YYY +0.55 points	0.36%	0.91%
PGIM Global High Yield Fund, Inc.GHY	YYY +0.52 points	0.73%	1.25%
General American Investors Company, Inc.GAM	FCEF +0.51 points	1.93%	1.42%
abrdn Life Sciences InvestorsHQL	YYY +0.49 points	1.76%	2.25%
BlackRock Multi-Sector Income TrustBIT	YYY +0.37 points	1.00%	1.37%
Western Asset Diversified Income FundWDI	YYY +0.29 points	2.12%	2.41%
BlackRock Core Bond TrustBHK	FCEF +0.27 points	1.69%	1.42%
abrdn Healthcare InvestorsHQH	YYY +0.26 points	1.35%	1.61%
Nuveen Multi-Asset Income FundNMAI	FCEF +0.23 points	1.52%	1.29%
Nuveen Nasdaq 100 Dynamic Overwrite FundQQQX	FCEF +0.02 points	1.52%	1.50%

All 58 FCEF 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.

FCEF vs YYY Cost

Overpaying FCEF vs YYY

$3,787

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

FCEF 3.69%
$49,560
YYY 3.23%
$45,773

Amount$10,000

Years30 years

Cost over time

FCEF 3.69%
YYY 3.23%
Overpaying

Year by year

Year	FCEF	YYY	Overpaying
10	$5,822	$5,193	$629
20	$19,517	$17,735	$1,782
30	$49,560	$45,773	$3,787

Expense ratio

3.69%FCEF
3.23%YYY, cheaper

YYY3.23%FCEF3.69%

2.61%4.23%

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

YYY 5th cheapest of 7 funds

FCEF 6th cheapest of 7 funds

FCEF vs YYY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FCEF 7.16%; YYY 13.98%, better
Payout (12M): FCEF $1.64; YYY $1.44
Last payment: FCEF $0.14; YYY $0.12
Ex-dividend: FCEF Oct 14, 2026; YYY Oct 29, 2026
Paid on: FCEF Oct 30, 2026; YYY Oct 30, 2026
Frequency: FCEF Monthly; YYY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FCEFMonthly · 46 paymentsAll FCEF payments⁠

YYYMonthly · 46 paymentsAll YYY payments⁠

FCEF vs YYY Risk

Fall from peak · 5 years

FCEF
YYY

Risk facts

VolatilityStd dev, 3 years: FCEF 9.2%, betterYYY 10.2%
Return per unit of riskSharpe ratio, 3 years: FCEF 1.26, betterYYY 0.75
Worst fallMax drawdown, 5 years: FCEF −25.0%, betterYYY −27.7%
Market sensitivityBeta, 5 years: FCEF 0.97YYY 0.95; Market = 1

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