The First Trust Income Opportunities ETF, previously named the First Trust CEF Income Opportunity ETF, has a primary objective of generating current income for its investors, with a secondary aim of achieving overall total return. In typical market conditions, the Fund pursues these goals by allocating investments to a range of closed-end investment companies (CEFs) and exchange-traded funds (ETFs) that are listed and traded on registered exchanges in the United States. Both CEFs and ETFs are professionally managed, registered investment vehicles that hold diverse portfolios of securities.