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Bats, a CBOE Holdings, Inc. company, and a leading market for exchange-traded fund (ETF) trading globally, today welcomed Saba Capital Management, L.P., (‘Saba’) as a new issuer to the Bats ETF Marketplace.
The Saba Closed-End Funds ETF (Bats: CEFS), and Saba’s first ever ETF, is an actively managed ETF that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value (“NAV”) and hedging the ETF’s risk to rising interest rates. Additional information is available here.
The ETF offers access to Saba Capital’s portfolio managers who have years of experience trading and hedging closed-end funds. Saba Capital’s investment process includes proprietary models that dynamically rank closed-end funds across a variety of factors, including yield, discount to NAV and quality of underlying securities. In addition, CEFS seeks to outperform index-based closed-end fund products by actively trading the portfolio in an attempt to capture the widening and narrowing of discounts to net asset value.
Year to date, Bats has welcomed 21 ETFs to its U.S. market. In the fourth quarter of 2016, Bats welcomed a total of 34 ETFs from 13 providers.
Bats was the largest exchange operator for U.S. ETF trading over 2016 and won 30% of all new U.S. ETF listings vs only 9% for 2015. Including transfers from competitor venues, Bats welcomed 85 ETF listings to its U.S. market in 2016, an increase of 145% over 2015. During 2016, Bats won 17% of ETF switches.
There are now 157 ETFs listed on Bats ETF Marketplace, from 28 different issuers. Additional information regarding listing and trading on the Bats ETF Marketplace is available on ETFMarketplace.com. ETF issuers interested in joining the many firms with listings on Bats may email listings@bats.com.
