DATA AS OF: 09/24/2020

Primary Exchange Cboe BZX Exchange, Inc.
Ticker  CEFS
Number 541865
CUSIP 30151E806
Net Assets $51,933,688.79
Shares Outstanding 2,850,001
Fund Inception Date 03/21/2017
Expense Ratio 1.11%
Other Fund Fees 1.10%
Acquired Fund Fees and Expenses[1] 2.27
Total Annual Fund Operating Expenses 4.48%
30-day SEC Yield** as of 04/30/20 9.49%
Distribution Yield* 9.22%
[1]The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund’s financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.

NAV $18.22
Daily Change $-0.01

Closing Price $18.27
Daily Change $0.08

NAV Market Price Premium/Discount Premium/Discount %
$18.22 $18.27 $0.04 0.24%
Month End Performance as of: 8/31/2020

  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV 2.74% 9.67% -4.46% 3.88% 25.59%
Market Price 2.90% 9.82% -3.86% 3.03% 26.26%
Quarter End Performance as of: 6/30/2020

  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV 1.32% 17.79% -11.74% -6.30% 16.03%
Market Price 1.67% 18.04% -11.00% -5.28% 16.89%

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Returns less than one year are not annualized. You cannot invest directly in an index. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns.

All of the distributions made from the inception of the Fund through its fiscal year end have been solely attributable to net investment income and capital gains. In the future, distributions could be attributable to net investment income, capital gains and / or from a return of capital. A return of capital is a return of all or part of a shareholder’s original investment in the Fund which could occur if the Fund makes distributions in an amount that exceeds the Fund’s net investment income and net capital gain.

*Distribution Yield: is the annual yield an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the fund and does not represent total return to the fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

**30-Day SEC Yield: is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month end. This figure reflects the interest earned during the period after deducting the Fund’s expenses for the period.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.


NEW YORK, NY 10174

Distributed by Foreside Fund Services, LLC

Exchange Traded Concepts, LLC serves as the investment advisor. Saba Capital Management, L.P. serves as sub advisors to the fund and is responsible for all investment decisions. Foreside Funds Services, LLC serves as the distributor.

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's prospectus, which may be obtained by visiting Investors should read it carefully before investing or sending money.

Investing involves risk, including possible loss of principal. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. 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. The Fund may engage in writing covered call options, which may limit its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. A liquid market may not exist for options held by the Fund. While the Fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock's current market price. 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. Diversification may not protect against market risk.

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