The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds (the "underlying funds"). The advisor expects to invest in underlying funds operated by a diversified group of closed-end fund managers ("underlying fund managers") that invest in equity and fixed income securities. The fund normally invests in underlying funds that primarily pursue high income opportunities.

BlackRock Science and Technology Trust II

Destiny Tech100 Inc.

ASA Gold and Precious Metals Limited

Royce Micro-Cap Trust, Inc.

The Gabelli Dividend & Income Trust

General American Investors Company, Inc.

BlackRock ESG Capital Allocation Trust

BlackRock TCP Capital Corp.

Neuberger Next Generation Connectivity Fund Inc.

FS Specialty Lending Fund

Financial Services

Technology

Energy

Industrials

Utilities

Healthcare

Communication Services

Consumer Cyclical

Consumer Defensive

Basic Materials

Saba Opportunistic Hedged Closed-End Funds ETF

CEFS Holdings & Sector Breakdown