CEFS Fees and Costs — Saba Closed-End Funds ETF
Data updated: 2026-07-28
The net expense ratio is 2.61%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $56K in broker commissions, 0.0197% of average net assets, and portfolio turnover was 44%.
CEFS Fees and Expenses
Annual operating expenses and sales charges of CEFS. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 2.61% |
| Fee waiver | — |
| Net expense ratio | 2.61% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CEFS Costs Over Time
On $10,000 invested in CEFS, assuming 5% a year before costs, total costs come to $1,592 over 5 years, cutting the return by 2.76% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 2.61%) | $274 | $841 | $1,433 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $42 | $148 |
| Total costs | $276 | $889 | $1,592 |
| Value after costs | $10,224 | $10,687 | $11,171 |
| Impact on return, per year | 2.76% | 2.76% | 2.76% |
CEFS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0197%
- Total broker commissions: $56K
- Bought from dealers (principal trades, not a cost): $891.3M
- Portfolio turnover (prospectus): 44%
- Securities lending: none during the year
CEFS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CIBC World Markets Corp. | $29K | 51.25% |
| Jonestrading Institutional Services LLC | $9K | 16.87% |
| TD Securities (USA) LLC | $7K | 11.84% |
| Wallachbeth Capital, LLC | $7K | 11.67% |
| Stuart Frankel & Co., Incorporated | $3K | 5.34% |
| Mizuho Securities USA LLC | $553 | 0.99% |
| Citigroup Global Markets Inc. | $503 | 0.90% |
| GTS Securities, LLC | $298 | 0.53% |
| Goldman Sachs & Co. LLC | $208 | 0.37% |
| J.P. Morgan Securities LLC | $133 | 0.24% |
CEFS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas Securities Corp. | $891.2M | 99.99% |
| CIBC World Markets Corp. | $76K | 0.01% |
| Citigroup Global Markets Inc. | $59 | 0.00% |
| TD Securities (USA LLC | $24 | 0.00% |
| Goldman Sachs & Co. LLC | $11 | 0.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.