ETF Evaluator:
Saba Closed-End Funds ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Event Driven Over the Last Year
| 20.1% | Saba Closed-End Funds ETF (CEFS) |
| 10.9% | AltShares Event-Driven ETF (EVNT) |
| 10.3% | ProShares Merger (MRGR) |
| 8.2% | Event Driven () |
| 7.9% | First Trust Equity Market Neutral ETF (NTRL) |
Risk
Index
Risk
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ETF Details
Saba Closed-End Funds ETF Overview
Saba Closed-End Funds ETF (CEFS) is an actively managed Alternative Event Driven exchange-traded fund (ETF). SABA ETF launched the ETF in 2017.
The investment seeks to provide capital appreciation and dividend income.
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 advisor 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 normally invests in underlying funds that primarily pursue high income opportunities.
About Saba Closed-End Funds ETF (CEFS)
There are 2 members of the management team with an average tenure of 9.37 years: Boaz Weinstein (2017) and Paul Kazarian (2017). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Markit iBoxx Liquid High Yield TR USD index with a weighting of 100%. Saba Closed-End Funds ETF has 82 securities in its portfolio. The top 10 holdings constitute 63.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Saba Closed-End Funds ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Saba Closed-End Funds ETF has 4.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 59.8% There is 3.0% allocated to foreign stock, and 1.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 5.8% (4.1% domestic bond, 1.8% foreign bond and 2.7% convertible bond). Saba Closed-End Funds ETF has 16.5% of the portfolio in cash.
Assets Under Management
The fund has $424 million in total assets, which is above the $118 million average for the Event Driven category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CEFS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Saba Closed-End Funds ETF expense ratio is high compared to funds in the Event Driven category. Saba Closed-End Funds ETF has an expense ratio of 2.61%, which is 93% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Saba Closed-End Funds ETF has a portfolio turnover rate of 44%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 292% for the Event Driven category.
Recently, in the month of July 2026, Saba Closed-End Funds ETF returned -2.0%, which earned it a grade of F, as the Event Driven category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Saba Closed-End Funds ETF has a trailing yield of 6.17%, which is above the 3.65% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Saba Closed-End Funds ETF Grades
Year to date, the ETF has returned 13.7%, 9.2 percentage points better than the category, which translates into a grade of A. The fund has returned 20.1% over the past year (grade of A), 18.8% over the past three years (grade of A) and 13.8% per year over the past five years (grade of A).
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CEFS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CEFS Return (NAV) | -2.0% | 2.8% | 20.1% | 18.8% | 13.8% | na |
| CEFS Return (Price) | -2.7% | 2.9% | 19.8% | 18.9% | 13.6% | na |
| NAV +/- Price Return | 0.719% | -0.107% | 0.323% | -0.128% | 0.221% | na |
| Event Driven Avg | 0.4% | 1.5% | 8.2% | 8.1% | 4.5% | 4.6% |
| CEFS Grade (NAV) | F | B | A | A | A | na |
| +/- Category (NAV) | -2.4% | 1.3% | 11.9% | 10.6% | 9.2% | na |
| CEFS Tax-Cost Ratio | na | na | 2.9% | 3.3% | 3.8% | na |
CEFS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CEFS Return (NAV) | 13.7% | 15.5% | 23.8% | 21.1% | -6.6% | 15.7% | 3.9% | 29.0% | -10.4% | na | na |
| CEFS Return (Price) | 12.1% | 16.6% | 23.5% | 21.0% | -7.1% | 17.9% | 3.3% | 28.4% | -10.5% | na | na |
| NAV +/- Price Ret | -0.113% | 0.071% | -0.013% | -0.003% | 0.080% | 0.140% | -0.154% | -2.2% | 1.0% | na | na |
| Event Driven Avg | 4.5% | 9.9% | 6.7% | 6.0% | -3.9% | 4.2% | 13.2% | 11.2% | -2.3% | 4.6% | 2.7% |
| CEFS Grade (NAV) | A | A | A | A | D | A | B | A | F | na | na |
| +/- Category | 9.2% | 5.6% | 17.1% | 15.1% | -2.7% | 11.5% | -9.3% | 17.8% | -8.1% | na | na |
| Risk Measures | |
| Beta: | 0.85 |
| R-Squared: | 82% |
| Standard Deviation: | 11.8% |
| Category Risk Index: | 2.48 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.96 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 6.2% |
| Total Assets: | $ 425 Mil |
| Share Class Assets: | $ 425 Mil |
| Turnover: | 44.0% |
| Expense Ratio: | 2.61% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.4 years | |||
| Average Tenure: 9.4 years | |||
| Managers (Year): Weinstein Boaz (2017), Kazarian Paul (2017) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 82 |
| % in Top 10 Holdings: | 63.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.8% |
Portfolio Allocation |
|
| Domestic Stock: | 59.8% |
| Foreign Stock: | 3.0% |
| Preferred Stock: | 1.5% |
| Domestic Bond: | 4.1% |
| Foreign Bond: | 1.8% |
| Convertible Bond: | 2.7% |
| Other: | 10.7% |
| Cash: | 16.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | SABA ETF |
| Phone Number: | 888-615-4310 |
| Website: | |
| Inception Date: | March 20, 2017 |
Expenses and Fees
| Expense Ratio (%): | 2.61% (Rating: High) |
| Category Average Expense Ratio (%): | 1.36% |
