CEFS vs SPY

ACEFS

BSPY

Measures won2–3SPY wins · of 6 · 5Y

$10,000 · 5Y$17,156VOO · CEFS $17,108

Lowest cost0.03%VOO · $3 on $10k

Most income7.70%CEFS · $770 on $10k

Smallest drop−8.9%SPY · worst fall in 1Y

Held in common0.0%CEFS and SPY

CEFS

SPY

Saba Opportunistic Hedged Closed-End Funds ETF · $425MState Street SPDR S&P 500 ETF · $805B

+20.7%3 years · per year$17,565 · $18,174+22.0%

+11.3%5 years · per year$17,108 · $17,099+11.3%

1.11%Expense ratio$111 · $9 on $10k · lower wins0.09%

7.70%12-mo yield$770 · $103 on $10k1.03%

−9.4%Worst dropSmaller wins−8.9%

12.8%VolatilityLower wins13.6%

2–3SPY wins

$10,000 · 5 yearsAll three, one scale

Shared top holdingsCEFS · SPY

They share no top holdings, or holdings aren’t on file […]

Held in common0.0%

End-of-day Nov 5, 2026 · $10,000 5 years ago, dividends reinvested · ● winner of the row · each row scaled to the bigger of the two

All Three

5Y3 funds

#
1	VOO	Vanguard S&P 500 ETFRead Desk	0.03%	1.10%	−4.4%	+8.4%	+9.8%	+22.1%	+11.4%	−8.9%	$1.00T
2	ACEFS	Saba Opportunistic Hedged Closed-End Funds ETFRead Desk	1.11%	7.70%	−4.5%	+5.6%	+8.5%	+20.7%	+11.3%	−9.4%	$425M
3	BSPY	State Street SPDR S&P 500 ETFRead Desk	0.09%	1.03%	−4.4%	+8.3%	+9.7%	+22.0%	+11.3%	−8.9%	$804.8B

End-of-day Nov 5, 2026 · total return, dividends in · 3Y and 5Y per year · A and B = the pair in versus

All Three

5Y3 funds

#
1	VOO	Vanguard S&P 500 ETFRead Desk	0.03%	1.10%	−4.4%	+8.4%	+9.8%	+22.1%	+11.4%	−8.9%	$1.00T
2	ACEFS	Saba Opportunistic Hedged Closed-End Funds ETFRead Desk	1.11%	7.70%	−4.5%	+5.6%	+8.5%	+20.7%	+11.3%	−9.4%	$425M
3	BSPY	State Street SPDR S&P 500 ETFRead Desk	0.09%	1.03%	−4.4%	+8.3%	+9.7%	+22.0%	+11.3%	−8.9%	$804.8B

End-of-day Nov 5, 2026 · total return, dividends in · 3Y and 5Y per year · A and B = the pair in versus

Cards for this view

CEFS vs SPY

CEFS

Saba Opportunistic Hedged Closed-End Funds

$17,108

SPY

SPDR S&P 500

$17,099

MeasureCEFSSPY

Fee1.11%0.09%

Cost on $10k a year$111$9

Yield7.70%1.03%

5 years, per year+11.3%+11.3%

3 years, per year+20.7%+22.0%

Worst drop · 1Y−9.4%−8.9%

Volatility · 1Y12.8%13.6%

3–2measures won
SPY first

0.0%

holdings shared

Nov 5, 2026 · $10,000 five years ago, dividends reinvested

SPYM vs SPY

YTD

SPDRSPYM

+8.4%

SPYSPDR

+8.3%

+8.4%Year to date+8.3%

1.1%Yield1.0%

$182BAssets$805B

2–0SPYM wins

End-of-day Nov 5, 2026

VOO vs IVV

YTD

VanguardVOO

+8.4%

IVViShares

+8.4%

+8.4%Year to date+8.4%

1.1%Yield1.1%

$1.00TAssets$887B

0–0level

End-of-day Nov 5, 2026

SCHD vs VIG

YTD

SchwabSCHD

+32.3%

VIGVanguard

+12.5%

+32.3%Year to date+12.5%

3.0%Yield1.5%

$123BAssets$109B

2–0SCHD wins

End-of-day Nov 5, 2026

Overlap: CEFS, SPY, VOO

Today

93.5%most shared, SPY and VOO

CEFSSPYVOO

CEFS—0.0%0.0%

SPY0.0%—93.5%

VOO0.0%93.5%—

End-of-day Nov 5, 2026 · share held in common · outlined: the pair in versus

Income After Fees on $10,000

$659most kept, CEFS

CEFS$770 − $111 = $659

VOO$110 − $3 = $107

SPY$103 − $9 = $94

KeptFee

End-of-day Nov 5, 2026 · yield in dollars minus the fee