0001547950 2026-06-17 2026-06-17 0001547950 ck0001547950:S000056657Member 2026-06-17 2026-06-17 EXCHANGE LISTED FUNDS TRUST Saba Closed-End Funds ETF (Cboe BZX Ticker: CEFS) (the “Fund”) Supplement dated June 17, 2026, to the Fund’s currently effective prospectus, summary prospectus and statement of additional information Important Notice Regarding Change in Name and Investment Policy The Board of Trustees of the Exchange Listed Funds Trust approved the changes described below to the Fund’s name and non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940, effective on or about August 16, 2026. Effective on or about August 16, 2026: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.5in">1.</td><td style="text-align: justify">The Fund’s name will change from the “Saba Closed-End Funds ETF” to the “Saba Opportunistic Hedged Closed-End Funds ETF”</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.5in">2.</td><td style="text-align: justify">The Fund’s policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds, will be revised as follows:</td></tr></table> The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by normally investing at least 80% of its net assets, (a) in securities issued by closed-end funds or derivatives that provide investment exposure to closed-end funds either directly or indirectly and (b) opportunistically in long and/or short positions of (i) single name or basket securities or instruments seeking to hedge market exposure and/or (ii) derivatives instruments seeking to hedge market exposure. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. EXCHANGE LISTED FUNDS TRUST Saba Closed-End Funds ETF 2026-06-17 2.The Fund’s policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds, will be revised as follows: The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by normally investing at least 80% of its net assets, (a) in securities issued by closed-end funds or derivatives that provide investment exposure to closed-end funds either directly or indirectly and (b) opportunistically in long and/or short positions of (i) single name or basket securities or instruments seeking to hedge market exposure and/or (ii) derivatives instruments seeking to hedge market exposure. The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by normally investing at least 80% of its net assets, (a) in securities issued by closed-end funds or derivatives that provide investment exposure to closed-end funds either directly or indirectly and (b) opportunistically in long and/or short positions of (i) single name or basket securities or instruments seeking to hedge market exposure and/or (ii) derivatives instruments seeking to hedge market exposure. 497 N-1A 0001547950 false 2026-06-17