Saba Capital Investment Trusts UCITS ETF Invests in a Diversified Portfolio of UK, Guernsey and Jersey-Listed Trusts Trading Below NAV

UKIT Is Actively Managed by Saba’s Specialist Investment Team and Builds on Saba’s Success Narrowing Investment Trust Discounts and Improving Governance

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today announced the launch of the Saba Capital Investment Trusts UCITS ETF (“UKIT” or the “ETF”), an actively managed ETF that seeks to achieve capital appreciation by investing in investment trusts trading at attractive discounts to net asset value (“NAV”).

UKIT invests in trusts with underlying holdings in public and private equities, bonds and alternative asset classes such as real estate investment trusts. The ETF, developed in partnership with HANetf, has been approved to trade on the London Stock Exchange and Borsa Italiana under the ticker UKIT and on Deutsche Borse Xetra under the ticker UK1T.

Managed by Saba Founder & CIO Boaz Weinstein and Partner & Portfolio Manager Paul Kazarian, UKIT builds on the firm’s more than a decade of experience investing in investment trusts and closed-end funds across the globe as well as its nine-year track record managing a similar US closed-end fund-focused ETF.

Key Features of UKIT:

• Compelling Discount Opportunity: UK investment trusts are trading at an average discount to NAV of 12.5%¹, following a prolonged period of widening discounts, which our data suggests was driven by higher interest rates and reduced retail investor demand. UKIT focuses on trusts that trade at attractive discounts to NAV and where corporate activity – including buybacks, tender offers or other liquidity events – may help narrow the gap.
  
  
• Diversified Exposure: UKIT is expected to initially invest in a portfolio of 40-60 trusts across investment managers and asset classes. It invests in the shares of investment trusts domiciled in the UK, Guernsey and Jersey. Across the market, investment trusts in these three domiciles account for an estimated £15 billion in total discounts.²
  

• Successful ETF Platform: UKIT builds on Saba’s success managing a similar US ETF focused on closed-end funds. Mr. Weinstein and Mr. Kazarian have served as the portfolio managers for Saba’s US ETF since its inception in 2017.
  
  
• Skilled Investment Team: As one of the world’s largest investors in investment trusts and closed-end funds, Saba’s investment team has extensive experience in the market – and within the underlying asset classes – that it will draw on to make daily investment decisions.
  
  
• Actively Managed Portfolio: Saba’s portfolio managers evaluate investment trust discounts, peer comparisons, liquidity, AUM and management, combined with broader market trends, to select what our research suggests are the most compelling investment opportunities.
  
  
• History Reforming the UK Trust Market: In our view, Saba’s active engagement has driven numerous trusts to take shareholder-friendly action and deliver exits at NAV – creating a tailwind for all UK trust investors to benefit from.

Boaz Weinstein, Founder and Chief Investment Officer of Saba, said:

“The £250 billion-plus UK investment trust sector is undergoing a fundamental realignment, with renewed attention on narrowing discounts creating an ideal environment for a trust-focused active ETF. We designed UKIT to help investors capitalise on this shifting landscape – empowering investors to profit from discounts to NAV, rather than suffer from them.

Through UKIT, individual investors can now gain exposure to our highest-conviction ideas in a single vehicle, while also supporting the long-term success of the UK trust market and benefitting from the record levels of share buybacks and shareholder-friendly deals currently reshaping the sector.”

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About Saba

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.

Disclaimer

This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Saba or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Saba’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Saba believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Saba has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Saba does not undertake to update or supplement any of the information, analysis and opinion contained herein.

Forward-Looking Statements

This announcement contains certain forward-looking statements and information that are based on Saba’s beliefs, as well as assumptions made by, and information currently available to, Saba. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect Saba’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of a company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Saba herein are based on assumptions that Saba believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Saba or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither Saba nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.

Permitted Recipients

In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement. No portion of this announcement is intended for distribution in the United States or for the account of US persons (“US Persons”), as defined in Regulation S under the US Securities Act of 1933, as amended, and shares of the ETF are not offered to US Persons.

Distribution

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Saba disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.

¹ The Association of Investment Companies, data as at year-end 2025. Link.

² Bloomberg, data for UK, Guernsey and Jersey domiciled trusts as of 4 March 2026.

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