What is the Saba closed-end funds ETF?

The Saba Closed-End Funds ETF (Cboe BZX Exchange: CEFS) is an actively-managed Exchange Traded Fund that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value, and hedging the portfolio’s exposure to rising interest rates.

Is Saba a good hedge fund?

Saba, an activist hedge fund led by Boaz Weinstein, has spent years and billions of dollars buying up products trading at steep discounts and then pressuring managers to close the gap via tender offers and other means. While CEFS doesn’t initiate activism, the ETF often stands to benefit from Saba’s campaigns, Jordan said.

What is Saba doing against Blackrock?

Saba has ramped up campaigns against some of the closed-end fund industry’s biggest money managers in recent months, including BlackRock Inc. Saba has urged fund sponsors to take steps like buying back shares, making tender offers, liquidating assets or open-ending funds to return value to shareholders and collapse the discount.