Saba Closed-End Funds ETF (CEFS) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from Exchange Traded Concepts. Key facts — expense ratio 2.61%; net assets about $427M; inception Mar 21, 2017. Its 1-year return is +14.79%.
Fund details
Fund overview
This is a US-listed ETF from Exchange Traded Concepts. Key facts — expense ratio 2.61%; net assets about $427M; inception Mar 21, 2017. Its 1-year return is +14.79%.
20 identified stocks · net exposure / NAV 65.96%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
20 identified stocks · net exposure / NAV 65.96%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Today's summary
On a constituent basis, Saba Closed-End Funds ETF's theoretical return is -0.05%p. Today's biggest hero is ASA Gold and Precious Metals, contributing -0.05%p (return -0.57%). The biggest suspect dragging it down is ASA Gold and Precious Metals, at -0.05%p.
Its top 10 holdings make up about 70.3% of the fund. The concentration index (HHI) is 793 — Low — evenly diversified, and the largest sector is Financials (79%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (793), so no single holding dominates.
Financials alone is 79%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
2.61% a year is on the high side — about 26.1% over a decade, so it needs a reason to earn that.
Net assets of $427M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (793), so no single holding dominates.
Financials alone is 79%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
2.61% a year is on the high side — about 26.1% over a decade, so it needs a reason to earn that.
Net assets of $427M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Top 20 holdings
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | BlackRock Science and Technology Term TrustBSTZ | 18.78% |
| 2 | ASA Gold and Precious MetalsASA | 12.55% |
| 3 | Royce Micro-Cap TrustRMT | 5.97% |
| 4 | BlackRock ESG Capital Allocation Term TrustECAT | 5.37% |
| 5 | The Gabelli Dividend & Income TrustGDV | 5.11% |
| 6 | General American InvestorsGAM | 4.90% |
| 7 | Neuberger Berman Income Funds - Neuberger Next Generation Connectivity FundNBXG | 4.67% |
| 8 | PIMCO Dynamic Income Strategy FundPDX | 4.52% |
| 9 | Destiny Tech100DXYZ | 4.38% |
| 10 | BlackRock Innovation and Growth Term TrustBTX | 4.05% |
| 11 | Virtus Global Dividend & Income FundZTR | 3.47% |
| 12 | The Mexico FundMXF | 3.46% |
| 13 | Nuveen S&P 500 Dynamic Overwrite FundSPXX | 3.23% |
| 14 | BlackRock TCP CapitalTCPC | 3.18% |
| 15 | Tri-ContinentalTY | 3.17% |
| 16 | Liberty All-Star Equity FundUSA | 2.91% |
| 17 | Neuberger Berman Income Funds - Neuberger Energy Infrastructure and Income FundNML | 2.89% |
| 18 | BlackRock Health Sciences Term TrustBMEZ | 2.55% |
| 19 | Highland Funds I - Highland Opportunities and Income FundHFRO | 2.55% |
| 20 | Western Asset Inflation-Linked Opportunities & Income FundWIW | 2.29% |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
Industry breakdown
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
How concentrated is it
Concentration (HHI) is low at 793, with the top 10 holdings at just 70.3% of equity weight. No single name can dominate the fund.
Good for damping single-stock risk — and equally, a big winner inside gets diluted.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
By sector, Financials alone is 79% — whatever the fund is called, this is a bet on that industry.
Bad news for the sector moves the whole fund. Worth checking against anything else you hold in the same space.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Even its closest peer, QRFT, overlaps only 15% (1 shared names).
Funds filed under the same label can hold quite different companies, so pairing this one with another may genuinely spread risk.
What it is made of
The fund holds 96 positions in total; this page lists the largest 20 and folds the rest into "Others".
Equities are 66.0% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 2.61% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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