Saba Opportunistically Hedged Closed-End Funds ETF (CEFS) ETF

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About

No description available.

Exchange: BATS
Inception: 2017-03-20
Has Options: No

Fund profile

holdings as of May 31, 2026SEC filingthrough May 2026flows, SEC filings

Alternative Multi-Strategy#5 of 22 by assets Saba Actively managed

Expense ratio: 2.61%
Assets: $424M
Trailing yield: 7.96%
Average daily volume: $2.2M
Holdings: 74
Listed: Mar 20, 2017
Last fee change: -168 bp
Closure risk, 12 months: 0.9%

FrenzyCap ETF score

36

how it is built

Cost11

Liquidity45

Scale60

Diversification44

Moves with. US large-cap stocks (45% of its variance, beta 0.59); Value over growth (9% of its variance, beta -0.13); Small caps over large (4% of its variance, beta 0.16). These factors explain 55% of its daily moves over the last year.

Stated objective. The Saba Closed-End Funds ETF (the Fund) seeks to provide capital appreciation and dividend income. (from the fund's prospectus)

All 74 holdings Flow history Similar funds Overlap tool All Multi-Strategy ETFs

Fund flows

through May 2026SEC filings

May 2026: +$5.0M
Latest 3 months: +$2.8M
Latest 12 months: +$83M

View as a table

Net flows of CEFS by month, Jun 2025 to May 2026
Month	Net flow
May 2026	+$5.0M
Apr 2026	+$1.2M
Mar 2026	−$3.4M
Feb 2026	+$9.3M
Jan 2026	+$5.8M
Dec 2025	+$11M
Nov 2025	+$16M
Oct 2025	+$9.1M
Sep 2025	+$5.6M
Aug 2025	+$11M
Jul 2025	+$5.6M
Jun 2025	+$6.6M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 75 months ago

Similar funds

Fund	Overlap	Fee	Assets	1Y
FCEFFirst Trust Exchange-Traded Fund VIII First Trust Income Opportunities ETF	15%	3.69%	$80M	−0.4%	compare
CCEFCalamos CEF Income & Arbitrage ETF	13%	3.19%	$34M	−1.7%	compare
CEFZRiverNorth Active Income ETF	11%	2.82%	$40M	−5.0%	compare
YYYAmplify CEF High Income ETF	11%	3.23%	$662M	−12.5%	compare

Ranked by how much of the two portfolios is the same securities.

What changed in the portfolio

Feb 28, 2026 → May 31, 2026

Action	Holding	Weight before	Weight after	Shares vs flows
Exit	OXLCOxford Lane Capital Corp	2.48%	—	—
New position	SPXXNUVEEN S&P 500 DYNAMIC OVERWRITE FUND	—	2.36%	—
New position	BTXBLACKROCK TECHNOLOGY AND PRIVATE EQUITY TERM TRUST	—	1.72%	—
Exit	BOEBlackrock Enhanced Global Dividend Trust	1.40%	—	—
Exit	DOWNuveen Dow 30 Dynamic Overwrite Fd	1.29%	—	—
Decrease	ECATBLACKROCK ESG CAPITAL ALLOCATION TERM TRUST	7.31%	6.10%	−11.6%
New position	BMEZBLACKROCK HEALTH SCIENCES TERM TRUST	—	1.12%	—
Increase	MXFMEXICO FUND INC	1.34%	2.00%	+67.3%
Decrease	HQLABRDN LIFE SCIENCES INVESTORS	0.78%	0.19%	−74.6%
Decrease	NCZVIRTUS CONVERTIBLE & INCOME FUND II	0.75%	0.17%	−77.7%

12 new, 7 exited, 10 increased and 9 decreased between the fund's two latest holdings reports; turnover 18.0%. Full holdings and history

Under the hood

fiscal year to Nov 30, 2025SEC census

Authorized participants: 3 active
Created · redeemed: $106M · $5.5M
Redemptions in kind: 0%
Creation unit: 50,000
Securities lending: not authorized

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile

holdings as of 2026-05-31

Holdings

74

AUM

$379.0M

Provider

Nport

Inception

2017-03-20

Exchange

BATS

Data As Of

2026-05-31

Expense Ratio

2.61%

Dividend Yield

7.96%

Distribution

Monthly

Recent distributions

Ex-Date	Pay Date	Amount	Type
2026-09-28	2026-09-30	$0.2460	CD
2026-08-27	2026-08-31	$0.1400	CD
2026-07-29	2026-07-31	$0.1400	CD
2026-06-26	2026-06-30	$0.1400	CD
2026-05-27	2026-05-29	$0.1400	CD
2026-04-28	2026-04-30	$0.1400	CD

Asset Allocation

Top Holdings

top 50 of 74 holdings

Symbol	Name	Weight %	Asset Class	Country
BSTZ	BLACKROCK SCIENCE & TECHNOLOGY TERM TRUST	12.02%	Equity (common)	US
—	BBH SWEEP VEHICLE	11.88%	Short-term investment	US
ASA	ASA GOLD AND PRECIOUS METALS LTD	8.75%	Equity (common)	BM
NFJ	VIRTUS DIVIDEND, INTEREST & PREMIUM STRATEGY FUND	6.86%	Equity (common)	US
ECAT	BLACKROCK ESG CAPITAL ALLOCATION TERM TRUST	6.10%	Equity (common)	US
GDV	GABELLI DIVIDEND & INCOME TRUST (THE)	3.36%	Equity (common)	US
PDX	PIMCO DYNAMIC INCOME STRATEGY FUND	2.96%	Equity (common)	US
NBXG	NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND INC	2.93%	Equity (common)	US
GAM	GENERAL AMERICAN INVESTORS COMPANY INC	2.88%	Equity (common)	US
NML	NEUBERGER ENERGY INFRASTRUCTURE AND INCOME FUND INC	2.54%	Equity (common)	US
SPXX	NUVEEN S&P 500 DYNAMIC OVERWRITE FUND	2.36%	Equity (common)	US
TY	TRI-CONTINENTAL CORP	2.25%	Equity (common)	US
MXF	MEXICO FUND INC	2.00%	Equity (common)	US
RMT	ROYCE MICRO-CAP TRUST INC	1.90%	Equity (common)	US
JOF	JAPAN SMALLER CAPITALIZATION FUND INC	1.81%	Equity (common)	US
BTX	BLACKROCK TECHNOLOGY AND PRIVATE EQUITY TERM TRUST	1.72%	Equity (common)	US
—	BNP LINE OF CREDIT SABA	1.70%	Debt	US
MEGI	NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND	1.51%	Equity (common)	US
HFRO	HIGHLAND OPPORTUNITIES AND INCOME FUND	1.45%	Equity (common)	US
GF	NEW GERMANY FUND INC (THE)	1.40%	Equity (common)	US
BPRE	BLUEROCK PRIVATE REAL ESTATE FUND	1.24%	Equity (common)	US
LEO	BNY MELLON STRATEGIC MUNICIPALS INC	1.23%	Equity (common)	US
ZTR	VIRTUS TOTAL RETURN FUND INC	1.23%	Equity (common)	US
KF	KOREA FUND INC (THE)	1.20%	Equity (common)	US
NIE	VIRTUS EQUITY & CONVERTIBLE INCOME FUND	1.14%	Equity (common)	US
BMEZ	BLACKROCK HEALTH SCIENCES TERM TRUST	1.12%	Equity (common)	US
DMB	BNY MELLON MUNICIPAL BOND INFRASTRUCTURE FUND INC	1.05%	Equity (common)	US
AIO	VIRTUS ARTIFICIAL INTELLIGENCE & TECHNOLOGY OPPORTUNITIES FUND	0.99%	Equity (common)	US
NCV	VIRTUS CONVERTIBLE & INCOME FUND	0.66%	Equity (common)	US
SABA	SABA CAPITAL INCOME & OPPORTUNITIES FUND II	0.62%	Equity (common)	US
ECF	ELLSWORTH GROWTH AND INCOME FUND LTD	0.59%	Equity (common)	US
IAE	VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND	0.58%	Equity (common)	US
GRX	GABELLI HEALTHCARE & WELLNESS TRUST	0.56%	Equity (common)	US
DSM	BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC	0.53%	Equity (common)	US
TWN	TAIWAN FUND INC	0.53%	Equity (common)	US
CHW	CALAMOS GLOBAL DYNAMIC INCOME FUND	0.50%	Equity (common)	US
GLO	CLOUGH GLOBAL OPPORTUNITIES FUND	0.48%	Equity (common)	US
DMA	DESTRA MULTI-ALTERNATIVE FUND	0.46%	Equity (common)	US
DPG	DUFF & PHELPS UTILITY & INFRASTRUCTURE FUND INC	0.34%	Equity (common)	US
PEO	ADAMS NATURAL RESOURCES FUND INC	0.30%	Equity (common)	US
EFR	EATON VANCE SENIOR FLOATING RATE TRUST	0.28%	Equity (common)	US
WIW	WESTERN ASSET INFLATION-LINKED OPPORTUNITIES & INCOME FUND	0.28%	Equity (common)	US
KYN	KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND INC	0.28%	Equity (common)	US
IIF	MORGAN STANLEY INDIA INVESTMENT FUND INC	0.27%	Equity (common)	US
IHD	VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND	0.27%	Equity (common)	US
GLQ	CLOUGH GLOBAL EQUITY FUND	0.24%	Equity (common)	US
PCF	HIGH INCOME SECURITIES FUND	0.24%	Equity (common)	US
HQL	ABRDN LIFE SCIENCES INVESTORS	0.19%	Equity (common)	US
PCQ	PIMCO CALIFORNIA MUNICIPAL INCOME FUND	0.19%	Equity (common)	US
TDF	TEMPLETON DRAGON FUND INC	0.19%	Equity (common)	US

Geographic Breakdown

Non-Equity Breakdown

Saba Closed-End Funds ETF · NPORT-P period 2026-05-31 (filed 2026-07-28)

Net assets: $422M · 74 total positions · equity 76.26% · non-equity 13.53%

Non-equity holdings — 4 positions, 13.53% of NAV

Category	Weight	Value	Positions
Short-term investment	11.88%	$50.1M	1
Corporate	1.70%	$7.2M	1
Derivative (interest rate)	-0.05%	$-195848	2

Summary

—

composite

—

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart

Seasonality

Month	'21	'22	'23	'24	'25	'26	Avg
Jan	2.31%	-1.98%	9.48%	1.16%	3.98%	1.98%	2.82%
Feb	1.12%	-2.99%	-3.69%	1.76%	-1.58%	0.82%	-0.76%
Mar	2.31%	-0.99%	-0.39%	4.50%	-2.07%	-3.76%	-0.07%
Apr	0.40%	-5.77%	-1.46%	-3.49%	-1.84%	7.07%	-0.85%
May	0.09%	0.28%	-2.48%	4.45%	2.82%	4.08%	1.54%
Jun	0.57%	-7.57%	3.40%	2.36%	1.83%	0.55%	0.19%
Jul	-1.22%	6.12%	1.98%	0.94%	0.09%	-3.65%	0.71%
Aug	1.33%	0.38%	-3.10%	1.75%	1.40%	1.36%	0.52%
Sep	-0.79%	-9.21%	-5.50%	2.87%	1.70%	-2.90%	-2.31%
Oct	0.61%	1.44%	-3.55%	-3.25%	0.00%	-3.17%*	-1.32%
Nov	-2.59%	6.94%	9.59%	2.60%	-0.13%	--	3.28%
Dec	-3.09%	-6.59%	1.17%	-4.55%	1.41%	--	-2.33%
Total	0.89%	-19.42%	4.22%	11.12%	7.67%	1.81%	1.05%

Technical Indicators

? Indicator Guide

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators

SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
+DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.

Momentum Oscillators

RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility

Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
ATR / True Range — average daily $ move; sizing and stop-loss reference.
HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $24.35

SMA 50: $24.84

SMA 200: $24.35

Current: $23.85

EMA 12: $24.18

EMA 26: $24.42

MACD: -0.2375 | Signal: -0.0233

BEARISH

ADX (14): 29.05

TREND

+DI: 11.81

−DI: 27.54

Momentum Oscillators

RSI (14): 37.10

NEUTRAL

Stoch %K: 34.37

Stoch %D: 37.74

Williams %R: -76.75

Volume & Volatility

BB Upper: $24.94

BB Lower: $23.77

NEUTRAL

OBV: 1,879,076

Vol SMA 20: 90,715

Vol ROC: -73.84%

ATR: $0.36

True Range: $0.34

HV 20: 13.8%

HV 30: 13.4%

HV 60: 11.0%

Data Summary

Data Points: 500

Last Updated: Oct 23, 11:05 AM ET

Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00

AI Analysis

Click Frenzy-Pro™ for an AI analysis of this ticker.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

News

All CEFS news →

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Earnings History

Earnings calendar: this week’s reports with expected vs actual moves →

CEFS Options Activity & IV Rank

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Options Chain

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Spread Scanner GPU

Auto Refresh

? Score Guide Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)

Group 1 · Directional Bias (±0.25)

RSI <40 bullish / >60 bearish
MACD crossover + histogram trend
Price vs SMA 50 & SMA 200

Group 2 · Momentum (±0.10)

Stochastic %K <20 / >80
Williams %R <−80 / >−20

Group 3 · Volatility (up to −0.25 / +0.15)

Blended ATR + straddle expected-move penalty
Bollinger Band signal (+ counter-trend penalty)
BB width — vol contraction boost for ICs

Group 4 · IV Regime (±0.15)

IV rank ≥ 75 → strong boost for credit spreads
IV rank < 25 → penalty (selling cheap vol)

Group 5 · Liquidity (penalty up to −0.10)

Min open interest across all legs
OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Dealer Positioning

—

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Skew (Wing IV − ATM IV)

DTE:

Wing Δ:

Metric:

? What do these mean

Wing vs ATM

IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.

Risk Reversal

IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.

Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.

14 DTE / 10d —

— pts

ATM — / Wing —

30 DTE / 10d —

— pts

ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Skew Metrics per Expiry ? Guide

Risk Reversal (RR)

IV(10% OTM call) − IV(10% OTM put)

Measures the direction of skew — which side the market is paying up for. Expressed as a vol difference in percentage points.

−3% to −10% → mild to moderate put skew. Normal for most large-cap stocks — puts always carry some premium from portfolio hedging demand.
−10% to −20% → strong put skew. Elevated fear, heavy hedging, or an upcoming catalyst (earnings, macro event). Worth noting.
Below −20% → extreme put skew. Stress signal — market aggressively buying downside protection.
−3% to 0% → nearly symmetric. Rare for equities; means the market sees roughly equal up/down risk.
Positive → calls more expensive than puts. Unusual — signals strong upside momentum, short squeeze risk, or takeover speculation.

Butterfly (BF)

½ × (IV call + IV put) − IV ATM

Measures curvature — how much the wings are bid up relative to ATM. Always expressed as a positive number (wing premium). Think of it as the cost of a tail hedge above and beyond the ATM vol.

0% to 2% → flat smile. Market pricing near-normal return distribution, low tail risk.
2% to 5% → moderate wing premium. Some tail risk priced in — typical in earnings cycles or elevated VIX environments.
Above 5% → high curvature. Fat tails aggressively priced — market expects a large move but is uncertain of direction. Very common right before earnings.

Reading them together

RR	BF	Interpretation
-15%	+5%	Strong put skew + fat tails — fear or upcoming catalyst (earnings, FDA)
-5%	+1%	Normal mild put skew, calm market
-20%	+8%	Extreme fear — heavy hedging, major event risk
~0%	+2%	Balanced market, no strong directional bias
+5%	+3%	Call skew — bullish momentum or short squeeze risk

Expiry	DTE	ATM IV	25d Put IV	25d Call IV	Risk Reversal	Butterfly	Interpretation	Strategy Suggestions (hover for rationale)

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)

IV Rank (30 DTE)

Straddle Price (30 DTE)

Beta Analysis

Risk Metrics

Beta: 0.6674

Alpha: -3.72%

Correlation: 0.7158

R-Squared: 51.2%

Stock Volatility: 11.9%

Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days

Interpretation:
Low volatility - stock moves less than market

Beta & Alpha Over Time

Notable investors who own CEFS

Investor	Value	Share of their portfolio	Rank	Q/Q shares	Source

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

CEFS Institutional Ownership (13F)

Latest filings — 2026-09-30

? 13F Guide

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

Shares — long equity positions in this name, aggregated across share classes.
Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
% of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

92 filers6,370,778 shares$160.15M value

#	Filer	Shares	Value	% of Total	% of Float	Period
1	LPL Financial LLC Custodian	423,147	$10.85M	6.77%	—	2026-06-30
2	New England Private Wealth Advisors LLC	410,877	$10.31M	6.44%	—	2026-06-30
3	Raymond James Financial, Inc. Custodian	353,867	$9.07M	5.67%	—	2026-06-30
4	Envestnet Asset Management, Inc.	326,100	$8.36M	5.22%	—	2026-06-30
5	AdvisorNet Financial, Inc	338,747	$8.13M	5.08%	—	2026-09-30
6	Fortress Wealth Management, Inc.	352,729	$8.03M	5.02%	—	2025-09-30
7	Arete Wealth Advisors, LLC	286,252	$7.34M	4.58%	—	2026-06-30
8	Cetera Investment Advisers Custodian	285,866	$7.33M	4.58%	—	2026-06-30
9	Columbus Macro, LLC	292,136	$7.16M	4.47%	—	2026-09-30
10	XML Financial, LLC	270,311	$6.93M	4.33%	—	2026-06-30
11	Royal Bank of Canada Custodian	266,188	$6.83M	4.26%	—	2026-06-30
12	Private Capital Management, LLC	243,252	$6.24M	3.89%	—	2026-06-30
13	Foundations Investment Advisors, LLC	190,181	$4.88M	3.04%	—	2026-06-30
14	Farther Finance Advisors, LLC Custodian	159,461	$3.91M	2.44%	—	2026-09-30
15	OSAIC HOLDINGS, INC. Custodian	135,375	$3.47M	2.17%	—	2026-06-30
16	INDEPENDENT FINANCIAL GROUP, LLC	126,541	$3.10M	1.94%	—	2026-09-30
17	Ares Financial Consulting, LLC	105,934	$2.72M	1.70%	—	2026-06-30
18	SCOTIA CAPITAL INC.	105,734	$2.71M	1.69%	—	2026-06-30
19	Quattro Advisors LLC	100,670	$2.58M	1.61%	—	2026-06-30
20	Visionary Wealth Advisors	95,683	$2.45M	1.53%	—	2026-06-30
21	ROVIN CAPITAL /UT/ /ADV	72,766	$1.68M	1.05%	—	2025-12-31
22	Commerce Advisors, LLC	63,473	$1.63M	1.02%	—	2026-06-30
23	Thomas J. Herzfeld Advisors, Inc.	62,053	$1.59M	0.99%	—	2026-06-30
24	3EDGE Asset Management, LP	61,164	$1.57M	0.98%	—	2026-06-30
25	Proficio Capital Partners LLC	59,455	$1.52M	0.95%	—	2026-06-30

#	Filer	Notional Value	% of Total	Period

#	Filer	Notional Value	% of Total	Period

CEFS Insider Trading (Form 4)

Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.

Filed	Reporter	Role	Action	Shares	Avg Price	Net $	Link

Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

CEFS Proposed Insider Sales (Form 144)

Recent SEC Filings

Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).

Filing Date	Accession	Link

Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.

Filing Date	Accession	Link

Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.

Filing Date	Accession	Link

ETF Holders

#	ETF	Provider	Weight	$ Exposure	ETF AUM	As Of

Fundamentals

? Fundamentals Guide

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics

Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.

How to read the bars

Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
YoY growth — compare to the same quarter a year earlier to remove seasonality.
Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Valuation

? Valuation Guide

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples

P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
EV/Sales — like P/S but accounts for debt + cash. Compare within sector.

Profitability & Yields

ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.

Balance Sheet

Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.

Reading the history chart

Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
Multiples expanding while earnings are flat = sentiment-driven rally.
Multiples compressing while earnings grow = value coming from fundamentals.

Metric:

Short Interest & Float

? Short Interest Guide

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions

Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
SI % of Float — short interest / free float. The key crowding metric.
Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
Free Float — shares available for public trading (total shares minus insider / restricted).
Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.

How to read the signals

SI % of Float < 5% — typical, no particular signal.
5–15% — elevated; watch for catalysts (earnings, guidance, macro).
15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
>30% — extreme; borrow is likely expensive and squeeze risk is material.
Days to Cover > 5 combined with high SI% amplifies squeeze potential.

History chart

Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Metric:

CEFS Constituent Performance

Select Timeframe:

Click any bar to view the full quote for that stock.

CEFS Constituents (69 of 70)

Symbol	Name	Weight %	Price	1 Day	1 Week	1 Month
BSTZ	BLACKROCK SCIENCE & TECHNOLOGY TERM TRUST	12.02%	$26.82	-0.15%	-2.19%	-9.88%
ASA	ASA GOLD AND PRECIOUS METALS LTD	8.75%	$48.85	-0.29%	-6.77%	-13.81%
NFJ	VIRTUS DIVIDEND, INTEREST & PREMIUM STRATEGY FUND	6.86%	$14.62	-0.27%	+0.00%	-3.43%
ECAT	BLACKROCK ESG CAPITAL ALLOCATION TERM TRUST	6.10%	$13.12	-0.87%	-0.72%	-6.72%
GDV	GABELLI DIVIDEND & INCOME TRUST (THE)	3.36%	$28.36	-0.67%	+0.25%	-2.04%
PDX	PIMCO DYNAMIC INCOME STRATEGY FUND	2.96%	$20.34	+1.22%	+1.57%	-0.32%
NBXG	NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND INC	2.93%	$14.72	+0.07%	+0.75%	-5.70%
GAM	GENERAL AMERICAN INVESTORS COMPANY INC	2.88%	$63.98	-0.44%	-0.29%	-0.84%
NML	NEUBERGER ENERGY INFRASTRUCTURE AND INCOME FUND INC	2.54%	$10.24	+1.18%	+1.49%	+0.10%
SPXX	NUVEEN S&P 500 DYNAMIC OVERWRITE FUND	2.36%	$18.53	-0.38%	+0.05%	-0.70%
TY	TRI-CONTINENTAL CORP	2.25%	$34.67	+0.32%	+0.20%	+0.14%
MXF	MEXICO FUND INC	2.00%	$20.21	+0.17%	-1.49%	-2.39%
RMT	ROYCE MICRO-CAP TRUST INC	1.90%	$12.63	+0.08%	+0.40%	-6.24%
JOF	JAPAN SMALLER CAPITALIZATION FUND INC	1.81%	$11.62	-0.85%	-2.27%	-8.21%
BTX	BLACKROCK TECHNOLOGY AND PRIVATE EQUITY TERM TRUST	1.72%	$8.41	-0.30%	-0.65%	-6.91%
MEGI	NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND	1.51%	$14.19	-0.13%	+1.37%	+4.35%
HFRO	HIGHLAND OPPORTUNITIES AND INCOME FUND	1.45%	$6.05	-0.49%	-2.26%	-10.90%
GF	NEW GERMANY FUND INC (THE)	1.40%	$10.13	-1.27%	-1.94%	-5.77%
BPRE	BLUEROCK PRIVATE REAL ESTATE FUND	1.24%	$12.73	+2.95%	+3.20%	+3.12%
LEO	BNY MELLON STRATEGIC MUNICIPALS INC	1.23%	$5.67	-0.53%	+0.35%	+0.71%
ZTR	VIRTUS TOTAL RETURN FUND INC	1.23%	$6.41	-0.85%	+1.83%	+6.04%
KF	KOREA FUND INC (THE)	1.19%	$53.98	+0.71%	+0.07%	-19.56%
NIE	VIRTUS EQUITY & CONVERTIBLE INCOME FUND	1.14%	$24.43	-0.97%	-2.55%	-2.67%
BMEZ	BLACKROCK HEALTH SCIENCES TERM TRUST	1.12%	$16.67	-0.68%	+2.31%	-0.86%
DMB	BNY MELLON MUNICIPAL BOND INFRASTRUCTURE FUND INC	1.05%	$9.96	-0.45%	+2.94%	+4.67%
AIO	VIRTUS ARTIFICIAL INTELLIGENCE & TECHNOLOGY OPPORTUNITIES FUND	0.99%	$22.89	-0.17%	-1.12%	-7.59%
NCV	VIRTUS CONVERTIBLE & INCOME FUND	0.66%	$14.86	-0.07%	+0.54%	-3.26%
SABA	SABA CAPITAL INCOME & OPPORTUNITIES FUND II	0.62%	$7.58	-0.41%	-1.70%	-5.86%
ECF	ELLSWORTH GROWTH AND INCOME FUND LTD	0.59%	$11.43	-0.09%	-1.89%	-4.11%
IAE	VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND	0.58%	$7.01	-1.54%	-22.46%	-18.11%
GRX	GABELLI HEALTHCARE & WELLNESS TRUST	0.56%	$9.96	-0.60%	-1.29%	+3.00%
DSM	BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC	0.53%	$5.29	-0.75%	+0.19%	+0.57%
TWN	TAIWAN FUND INC	0.53%	$90.9	+0.03%	-3.48%	-11.88%
CHW	CALAMOS GLOBAL DYNAMIC INCOME FUND	0.50%	$7.72	-0.71%	-0.77%	-6.54%
GLO	CLOUGH GLOBAL OPPORTUNITIES FUND	0.48%	$5.39	+0.09%	+0.09%	+0.28%
DMA	DESTRA MULTI-ALTERNATIVE FUND	0.46%	$7.12	+0.78%	-0.14%	-6.25%
DPG	DUFF & PHELPS UTILITY & INFRASTRUCTURE FUND INC	0.34%	$13.61	-0.22%	+2.64%	+5.34%
PEO	ADAMS NATURAL RESOURCES FUND INC	0.30%	$30.11	+1.69%	+0.90%	+7.57%
EFR	EATON VANCE SENIOR FLOATING RATE TRUST	0.28%	$9.98	-0.60%	-1.96%	-3.11%
WIW	WESTERN ASSET INFLATION-LINKED OPPORTUNITIES & INCOME FUND	0.28%	$7.93	-1.02%	-0.40%	+0.10%
KYN	KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND INC	0.28%	$14.27	+0.96%	+0.81%	+3.15%
IIF	MORGAN STANLEY INDIA INVESTMENT FUND INC	0.27%	$21.06	-1.57%	-3.51%	-4.35%
IHD	VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND	0.27%	$7.41	+0.14%	-3.52%	-0.67%
GLQ	CLOUGH GLOBAL EQUITY FUND	0.24%	$7.43	+0.95%	+0.54%	-3.76%
PCF	HIGH INCOME SECURITIES FUND	0.24%	$4.94	-1.00%	-2.76%	-6.26%
HQL	ABRDN LIFE SCIENCES INVESTORS	0.19%	$17.61	-1.92%	+4.92%	-7.20%
PCQ	PIMCO CALIFORNIA MUNICIPAL INCOME FUND	0.19%	$7.88	-0.51%	-0.88%	+0.38%
TDF	TEMPLETON DRAGON FUND INC	0.19%	$9.06	+0.55%	-3.51%	-7.46%
BCV	BANCROFT FUND LTD	0.17%	$21.76	+0.88%	-1.15%	-8.53%
NCZ	VIRTUS CONVERTIBLE & INCOME FUND II	0.17%	$13.97	+0.00%	+1.53%	-2.78%

CEFS Saba Opportunistically Hedged Closed-End Funds ETF