Saba Opportunistically Hedged Closed-End Funds ETF (CEFS) Announces Changes to Distribution Rate and Frequency

Fund Will Move from Monthly to Quarterly Distributions

OKLAHOMA CITY, Oct. 2, 2026 /PRNewswire/ -- 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 $6.8bn^[1] 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.

exchangetradedconcepts.com

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.

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.

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¹ AUM as of 9/1/26

SOURCE Saba Capital Management, L.P.