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Trending ETFs

Name

As of 02/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Saba Closed-End Funds ETF

CEFS | Active ETF

$19.96

$122 M

8.42%

$1.68

2.42%

Vitals

YTD Return

6.0%

1 yr return

19.6%

3 Yr Avg Return

10.2%

5 Yr Avg Return

10.2%

Net Assets

$122 M

Holdings in Top 10

62.2%

52 WEEK LOW AND HIGH

$19.8
$16.56
$19.96

Expenses

OPERATING FEES

Expense Ratio 2.42%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 85.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 02/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Saba Closed-End Funds ETF

CEFS | Active ETF

$19.96

$122 M

8.42%

$1.68

2.42%

CEFS - Profile

Distributions

  • YTD Total Return 6.0%
  • 3 Yr Annualized Total Return 10.2%
  • 5 Yr Annualized Total Return 10.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.54%
DIVIDENDS
  • Dividend Yield 8.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Saba Closed-End Funds ETF
  • Fund Family Name
    SABA ETF
  • Inception Date
    Mar 20, 2017
  • Shares Outstanding
    4748801
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Paul Kazarian

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds (the “Underlying Funds”). The Fund expects to invest in Underlying Funds operated by a diversified group of closed-end fund managers (“Underlying Fund Managers”) that invest in equity and fixed income securities. The Fund may invest in Underlying Funds that are domiciled outside of the U.S. or whose securities are traded on a non-U.S. exchange. The Fund’s sub-adviser, Saba Capital Management, L.P. (the “Sub-Adviser”), uses an investment process that combines fundamental analysis, quantitative analysis and proprietary screening tools. In seeking to maximize value, the Fund may invest in Underlying Funds that are, or the Sub-Adviser believes may become, the subject of an activist campaign by a shareholder, such as a proxy contest, whose aim is to eliminate or reduce the discount to the Underlying Fund’s net asset value (“NAV”). Such activism may be initiated by the Sub-Adviser (on behalf of its other clients) or by third parties.

The Fund normally invests in Underlying Funds that primarily pursue high income opportunities, including Underlying Funds that invest in dividend and other income-producing securities (equity securities) and Underlying Funds that invest in high yield or non-investment grade securities (commonly referred to as “junk bonds”). The Underlying Funds will have the flexibility to invest in a broad range of securities. The Underlying Funds may invest in securities with a range of maturities from short- to long-term. Substantially all of the Underlying Funds’ assets may be invested in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments (i.e., rated C by Moody’s Investors Service or CCC+ or lower by Standard & Poor’s Ratings Services and Fitch Ratings) and unrated securities of equivalent investment quality. The Underlying Funds may invest in equity securities, municipal securities, investment grade securities, and unrated securities. The Underlying Funds also may invest in foreign and emerging markets securities (including through depositary receipts or other securities convertible into securities of foreign issuers), mortgage-related and other asset-backed securities, real estate investment trusts (“REITs”), loan participations, inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques, including investments in derivative instruments. The Underlying Funds may also make short sales of securities or maintain a short position. Substantially all of the Underlying Funds in which the Fund invests will be exchange-traded.

The Fund may borrow for investment purposes. The Fund also may seek to hedge interest rate risk by engaging in short sales of U.S. Treasury securities and ETFs that seek to track the performance of bond indices or by entering into various types of derivatives transactions, including futures contracts, swaps (including total return swaps) and options (including swaptions). For speculative or hedging purposes, the Fund also may take short positions in Underlying Funds by engaging in short sales or using derivatives.

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CEFS - Performance

Return Ranking - Trailing

Period CEFS Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -3.1% 12.3% 7.46%
1 Yr 19.6% -5.1% 78.0% 7.49%
3 Yr 10.2%* -24.9% 10.2% 0.44%
5 Yr 10.2%* -11.7% 21.2% 3.81%
10 Yr N/A* -4.9% 9.3% 48.34%

* Annualized

Return Ranking - Calendar

Period CEFS Return Category Return Low Category Return High Rank in Category (%)
2023 9.9% -18.9% 60.2% 34.21%
2022 -16.6% -48.5% 0.1% 47.81%
2021 5.9% -19.0% 48.3% 32.60%
2020 -5.8% -16.5% 52.8% 95.83%
2019 18.1% -8.5% 27.3% 8.06%

Total Return Ranking - Trailing

Period CEFS Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -3.1% 12.3% 7.46%
1 Yr 19.6% -5.1% 78.0% 7.49%
3 Yr 10.2%* -24.9% 10.2% 0.44%
5 Yr 10.2%* -11.7% 21.2% 3.81%
10 Yr N/A* -4.9% 9.3% N/A

* Annualized

Total Return Ranking - Calendar

Period CEFS Return Category Return Low Category Return High Rank in Category (%)
2023 21.0% -11.7% 61.8% 3.95%
2022 -7.1% -48.5% 4.6% 13.60%
2021 17.9% -14.2% 48.3% 12.78%
2020 3.3% -11.7% 77.4% 78.24%
2019 28.4% -3.9% 30.2% 0.95%

CEFS - Holdings

Concentration Analysis

CEFS Category Low Category High CEFS % Rank
Net Assets 122 M 1.67 M 13.2 B 61.30%
Number of Holdings 117 2 1893 33.48%
Net Assets in Top 10 90.3 M -18.4 M 10.1 B 56.09%
Weighting of Top 10 62.17% -86.0% 149.2% 64.78%

Top 10 Holdings

  1. BlackRock ESG Capital Allocation Term Trust 15.57%
  2. ClearBridge Energy Midstream Opportunity Fund Inc 8.23%
  3. Nuveen Multi-Asset Income Fund 6.49%
  4. BlackRock Capital Allocation Term Trust 5.02%
  5. Neuberger Berman Next Generation Connectivity Fund Inc 4.72%
  6. ClearBridge MLP Midstream Total Return Fund Inc 4.60%
  7. BlackRock California Municipal Income Trust 4.54%
  8. MainStay CBRE Global Infrastructure Megatrends Term Fund 4.48%
  9. Adams Diversified Equity Fund Inc 4.34%
  10. BlackRock Innovation and Growth Term Trust 4.17%

Asset Allocation

Weighting Return Low Return High CEFS % Rank
Stocks
115.65% 0.00% 135.63% 2.61%
Convertible Bonds
5.05% 0.00% 8.92% 1.30%
Preferred Stocks
0.01% 0.00% 5.36% 14.78%
Cash
0.00% -33.22% 203.47% 97.83%
Bonds
0.00% 0.00% 106.59% 73.04%
Other
-0.25% -175.70% 149.98% 80.43%

Stock Sector Breakdown

Weighting Return Low Return High CEFS % Rank
Energy
44.28% 0.00% 60.89% 4.59%
Technology
18.61% 0.00% 85.77% 37.76%
Utilities
8.67% 0.00% 91.12% 11.22%
Real Estate
5.29% 0.00% 99.45% 31.63%
Industrials
4.91% 0.00% 23.85% 77.04%
Consumer Cyclical
4.36% 0.00% 25.83% 68.88%
Financial Services
3.73% 0.00% 98.22% 84.69%
Healthcare
3.21% 0.00% 38.63% 84.69%
Communication Services
2.89% 0.00% 21.61% 67.86%
Basic Materials
2.47% 0.00% 56.73% 69.90%
Consumer Defense
1.58% 0.00% 37.51% 83.67%

Stock Geographic Breakdown

Weighting Return Low Return High CEFS % Rank
US
115.65% 0.00% 135.63% 2.61%
Non US
0.00% -1.94% 49.02% 66.52%

CEFS - Expenses

Operational Fees

CEFS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.42% 0.49% 5.69% 20.87%
Management Fee 1.10% 0.00% 1.50% 88.70%
12b-1 Fee 0.00% 0.00% 1.00% 21.05%
Administrative Fee N/A 0.05% 0.70% N/A

Sales Fees

CEFS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

CEFS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CEFS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 85.00% 1.75% 441.00% 43.32%

CEFS - Distributions

Dividend Yield Analysis

CEFS Category Low Category High CEFS % Rank
Dividend Yield 8.42% 0.00% 12.10% 0.87%

Dividend Distribution Analysis

CEFS Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Annual

Net Income Ratio Analysis

CEFS Category Low Category High CEFS % Rank
Net Income Ratio 2.54% -2.01% 13.72% 10.87%

Capital Gain Distribution Analysis

CEFS Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

CEFS - Fund Manager Analysis

Managers

Paul Kazarian


Start Date

Tenure

Tenure Rank

Mar 20, 2017

5.2

5.2%

Paul Kazarian joined Saba in March 2013 and is responsible for exchange traded products, including ETF arbitrage and closed-end funds. Prior to Saba, Mr. Kazarian was a Director at RBC Capital Markets in the Global Arbitrage and Trading Group from 2007-2013. While there, Mr. Kazarian was responsible for the development and management of the Fixed Income ETF Group and also responsible for overseeing other ETF and index strategies. Prior to RBC, Mr. Kazarian worked as a technology analyst at Merrill Lynch from 2006-2007. Mr. Kazarian holds a BA in Political Science from Bates College.

Boaz Weinstein


Start Date

Tenure

Tenure Rank

Mar 20, 2017

5.2

5.2%

Mr. Boaz Weinstein is the founder and Chief Investment Officer of Saba. Mr. Weinstein founded Saba in 2009 as a lift-out of Saba Principal Strategies. At Saba, Mr. Weinstein leads a team of 30 professionals, with the senior investment team having worked together for seventeen years.

Pierre Weinstein


Start Date

Tenure

Tenure Rank

Mar 20, 2017

5.2

5.2%

Mr. Pierre Weinstein (no relation to Boaz) joined Saba at launch in April 2009. Prior to Saba, Mr. Weinstein was a Portfolio Manager at Saba Principal Strategies, the proprietary credit trading group at Deutsche Bank since January 2005, where he managed the equity derivatives and international convertible bond strategies. Mr. Weinstein started his investment career at Société Générale in Paris in 1998 as an equity derivatives market maker and had various roles until 2004 including a position as a convertible bond proprietary trader in New York. Mr. Weinstein holds a Ms in Engineering from École Centrale Lyon and a Ms in Finance from École HEC in Paris.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.83 6.58 13.0