Fund Description: Saba Closed-End Funds ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Exchange Listed Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Saba Closed-End Funds ETF seeks to provide capital appreciation and dividend income. The Fund is an actively managed ETF and does not seek to replicate the performance of a specified Index. Instead, it uses an active investment strategy to seek to meet its investment objective. The Sub-Advisor, subject to the oversight of the Advisor and the Board, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund 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 Fund expects to invest in Underlying Funds operated by a diversified group of closed-end fund managers (Underlying Fund Managers). The Fund’s sub-adviser, uses an investment process that combines fundamental analysis, quantitative analysis and proprietary screening tools. The Fund normally invests in Underlying Funds that primarily pursue high yield opportunities. Substantially all of the Underlying Funds in which the Fund invests will be exchange-traded. The Underlying Funds will have the flexibility to invest in a broad range of securities. The Underlying Funds may invest in securities with a range of maturities from short- to long-term. Substantially all of the Underlying Funds’ assets may be invested in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments. The Underlying Funds also may invest in equities, investment grade securities and unrated securities. The Underlying Funds may invest in mortgage-related and other asset-backed securities, loan participations, inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques, including investments in derivative instruments. The Underlying Funds may also make short sales of securities or maintain a short position. The Fund may borrow for investment purposes. The Fund may also seek to hedge interest rate risk by engaging in short sales of U.S. Treasury securities and ETFs that seek to track the performance of bond indices or by entering into various types of derivatives transactions, including futures contracts, swaps (including total return swaps) and options (including swaptions). FUND MANAGEMENT: Exchange Traded Concepts, LLC serves as the investment adviser to the Fund. Saba Capital Management, L.P. serves as the sub-adviser to the Fund.