The Saba Closed End Funds ETF (CEFS) is an actively managed exchange-traded fund designed to achieve its investment goals by primarily allocating capital to other closed-end funds, known as "underlying funds." The strategy typically involves committing at least 80% of its net assets, in addition to any borrowed funds, to securities issued by these underlying funds. The fund's advisor seeks out underlying funds managed by a broad spectrum of closed-end fund managers. These underlying funds, in turn, invest across various asset classes, specifically targeting both equity (stock) and fixed income (bond) securities.