CEFS – Saba Opportunistically Hdg Clsd-End ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide capital appreciation and dividend income. The fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by normally investing at least 80% of its net assets, (a) in securities issued by closed-end funds or derivatives that provide investment exposure to closed-end funds either directly or indirectly and (b) opportunistically in long and/or short positions of (i) single name or basket securities or instruments seeking to hedge market exposure and/or (ii) derivatives instruments seeking to hedge market exposure.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
CEFS	Saba Opportunistically Hedged Closed-End Funds ETF	ETF	Open		—	Mar 20, 2017	$432.16M	2.420%	—	—	$49.65M

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