Fund Will Move from Monthly to Quarterly Distributions
OKLAHOMA CITY, September 25, 2026 — Saba Opportunistically Hedged Closed-End Funds ETF (Cboe BZX: CEFS) (the "Fund") today announced changes to the rate and frequency of the Fund's distributions to shareholders, based on the recommendation of the Fund’s sub-adviser, Saba Capital Management, L.P. (“Saba”).
Effective September 25, 2026, the Fund will seek to pay distributions at an annualized rate of 12% of the Fund's net asset value ("NAV") and will pay distributions quarterly rather than monthly. The first distribution pursuant to the modified distribution policy will be $0.246 per share payable on September 30, 2026 to shareholders of record on September 28, 2026. The ex-distribution date is September 28, 2026.
"We are pleased to raise CEFS's distribution rate to 12%, which reflects Saba’s conviction in the opportunities we continue to see across the closed-end fund market and our commitment to delivering value to the Fund's shareholders. Moving to a quarterly schedule also provides greater flexibility in managing the portfolio as we pursue attractive risk-adjusted returns through our hedged approach."
— Paul Kazarian, Partner and Portfolio Manager, Saba Capital Management, L.P.
The Fund expects to pay distributions at a rate based on a fixed percentage of the Fund's NAV at a particular time. The Fund seeks, but cannot guarantee, a total return sufficient, after expenses, to support a 12% annual distribution rate. The distribution rate and frequency may be changed at any time. The Fund's quarterly distributions may exceed the Fund's income and gains, in which case some or all of a distribution may constitute a return of capital ("ROC"). A ROC reduces the amount of a shareholder's original investment and may result in the return to investors of the entire amount of their original investment. A ROC should not be confused with yield or income, and it is not a reflection of the Fund's investment performance.
Section 19(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), and Rule 19a-1 thereunder require the Fund to provide a written statement accompanying any distribution paid from a source other than net investment income, adequately disclosing its source or sources. Thus, if the source of a distribution were the original capital contribution of a shareholder, and the payment amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. Fund shareholders should read any written disclosure provided pursuant to Section 19(a) and Rule 19a-1 carefully and should not assume that the source of any distribution from the Fund is net income or net profit.
At the time of each distribution, the Fund's estimate of the sources of that distribution will be posted to https://sabaetf.com/ and provided to shareholders in a concurrent notice. These estimates may change, because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The target distribution rate is not guaranteed, nor does it represent a fixed amount of yield or total return. There is also no guarantee that the Fund's investment objective will be met, that the Fund’s investment strategy will be properly implemented, and that any amount of distributions will be made. You could lose money.
About Saba Opportunistically Hedged Closed-End Funds ETF (CEFS)
CEFS is an actively managed exchange-traded fund (“ETF”) that seeks to provide capital appreciation and dividend income by investing in closed-end funds trading at a discount to net asset value, while opportunistically hedging interest rate risk and broader portfolio market exposure.
About Saba Capital Management, L.P.
Saba Capital Management, L.P. is a $6.8bn1 SEC-registered investment adviser founded in 2009 by Boaz Weinstein.
Registration with the SEC does not imply a certain level of skill or training.
About Exchange Traded Concepts
Exchange Traded Concepts, LLC is an SEC-registered investment adviser specializing in white-label ETFs, sub-advisory, portfolio management, fund marketing and consulting services. ETC works with asset managers to bring ETF strategies to market. Registration with the SEC does not imply a certain level of skill or training.
Important Disclosures
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus containing this and other information about the Fund, please call +1 888-615-4310 or visit sabaetf.com. Read the prospectus or summary prospectus carefully before investing.
Investing involves risk. Principal loss is possible. There is no guarantee that the Fund will achieve its investment objective.
Shares of the Fund are bought and sold at market price, not net asset value, and may trade at a premium or discount to net asset value. Brokerage commissions will reduce returns. Shares are not individually redeemable and may be redeemed only in creation units through an authorized participant.
1AUM as of 9/1/26
Because the Fund is a “fund of funds,” its investment performance largely depends on the investment performance of the underlying funds in which it invests, and the Fund is subject to the risks associated with the underlying funds. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund's portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Derivatives may be more sensitive to changes in market conditions, amplifying risks. High-yield bonds have a higher risk of default or other adverse credit events but have the potential to pay higher earnings over investment grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high yield bonds.
Exchange Traded Concepts, LLC serves as the investment adviser to the Fund. Saba Capital Management, L.P. serves as sub-adviser to the Fund and is responsible for investment decisions. The Fund is distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with Exchange Traded Concepts, LLC, Saba Capital Management, L.P., or any of their affiliates.
Contacts
Exchange Traded Concepts:
Garrett Stevens
Co-Founder, Chief Business Officer
T: 405-778-8377
Garrett@exchangetradedconcepts.com
Saba Capital Management, L.P.:
Investor Relations
+1 888-615-4310
Exchange Traded Concepts, LLC (“ETC”) is an SEC Registered Investment Adviser. ETC presently offers two lines of business, the first being the provision of white-label ETF services, that include investment advisory and administrative platform services, and the second is offering its portfolio management services on a stand-alone basis to other advisers managing funds that have a need for a specialized trading sub-adviser familiar with and skilled in trading on behalf of an ETF and other investment vehicles. ETC provides the trust, board, and decades of experience to offer asset managers (hedge, SMAs, mutual) and others an efficient, cost-effective means to leverage the benefits of the ETF wrapper. ETC’s Form ADV can be found here https://adviserinfo.sec.gov/firm/summary/151197
Important Disclosures
Exchange Traded Concepts is an SEC Registered Investment Adviser. The Firm's Form ADV is publicly available and can be found here: https://www.adviserinfo.sec.gov/Firm/151197. ETC may be subject to various conflicts of interest in the provision of its services. Potential conflicts of interest shall be identified in the Firm's Form ADV. The Exchange Traded Funds are referred to as "Funds" for purposes of this document. ETC transacts business in the United States and other jurisdictions where it is properly registered or excluded or exempted from registration requirements. This document does not constitute an offer of services in jurisdictions where ETC does not have the necessary licenses.
No representation is made that any Fund's investment process, objectives, goals or risk management techniques will or are likely to be achieved or be successful or that any Fund or any underlying investment will make any profit or will not sustain losses. The risks of investing in a Fund will not be negated by ETC's Fund services, and no assurance is given that a Fund will not be exposed to risks of significant trading losses.
The information provided herein does not constitute tax, legal or accounting advice. ETC does not provide legal, financial, accounting or tax advice. Clients and prospective Clients, as well as investors and prospective investors in a Fund ("Investors") are advised to seek the counsel of their own legal, financial and tax advisors for all matters relating to the services and structures contemplated herein. Each Investor (either alone or with its professional advisors) is solely responsible for its own due diligence, risk assessment and tolerance, investment objectives, any decision to invest in a Fund, and for monitoring its investment for purposes of determining whether it wishes to remain invested in such product and whether such product continues to be appropriate for its circumstances and requirements.
The information provided herein: (a) is provided as of the date indicated, (b) is in summary only and is not complete, and (c) is subject to change at any time without notice. Certain information provided by ETC is based on third-party sources and, although generally believed to be reliable, has not been independently verified. ETC is not responsible for errors or omissions from these sources. No representation is made with respect to the accuracy, completeness, or timeliness of such information, and ETC assumes no obligation to update or otherwise revise such information. In no event will ETC be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with the use of the information contained herein, even if advised of the possibility of such damages. ETC and its respective employees and its affiliates hereby exclude, to the extent permitted by applicable law, all liability in connection with the use of the information herein.
Interests in Funds will not be insured by the FDIC, the SIPC or any other organization, will not be deposits of any bank, and are not guaranteed by any bank.