# EDGAR Filing Document

**Accession Number:** 0001748425
**File Stem:** 0001829126-25-007132
**Filing Date:** 2025-9
**Character Count:** 223547
**Document Hash:** 514eed614a585eb1e387f4c7092dd1bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007132.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001829126-25-007132

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gabelli ETFs Trust
- **CENTRAL INDEX KEY:** 0001748425

**ORGANIZATION NAME:**
- **EIN:** 831373005
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23568
- **FILM NUMBER:** 251292568

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914 921-8371

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### Gabelli Growth Innovators ETF (Series ID: S000069038)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000220751 | Gabelli Growth Innovators ETF | GGRW            |

### Gabelli Financial Services Opportunities ETF (Series ID: S000069039)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000220752 | Gabelli Financial Services Opportunities ETF | GABF            |

### Gabelli Love Our Planet & People ETF (Series ID: S000069043)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000220756 | Gabelli Love Our Planet & People ETF | LOPP            |

### Gabelli Commercial Aerospace and Defense ETF (Series ID: S000069045)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000220758 | Gabelli Commercial Aerospace and Defense ETF | GCAD            |

### Gabelli Automation ETF (Series ID: S000076599)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000236584 | Gabelli Automation ETF | GAST            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23568</u>

**Gabelli ETFs Trust**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Include
 a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

# Gabelli Automation ETF

# GAST - NYSE Arca

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3397c534ffcd04ad730f3546.jpg)

## How has the Fund performed since inception?
The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

## Fund Overview
This Semi-Annual shareholder report contains important information about the Gabelli Automation ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Gabelli Automation Exchange-Traded Fund (ETF) primarily seeks to provide growth of capital. The Fund will primarily invest in U.S. exchange listed common stock and preferred stock. The Fund may also invest in foreign securities by investing in American Depositary Receipts. The Fund focuses on companies which appear underpriced relative to their Private Market Value ("PMV"). PMV is the value the Adviser believes informed investors would be willing to pay for a company. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in publicly traded equity securities of automation firms throughout the world, including the United States. You may find additional information about the Fund at www.gabelli.com/funds/etfs. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Gabelli Automation ETF** | **$0** | **0.00%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i280f3613e13c6f1cde46ec26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gabelli Automation ETF** | **S&P 500 Index** | **MSCI USA Consumer Discretionary Index** | **MSCI USA Industrials Index** |
| **1/22** | 10000 | 10000 | 10000 | 10000 |
| **6/22** | 7827 | 8938 | 7213 | 8463 |
| **6/23** | 9382 | 10689 | 8980 | 10803 |
| **6/24** | 10365 | 13314 | 10219 | 12611 |
| **6/25** | 11922 | 15333 | 12040 | 15201 |

---

## How did the Fund perform?
For the six months ended June 30, 2025, the Gabelli Automation ETF outperformed its broad-based and comparative benchmarks, the S&P 500 and the MSCI USA IMI Consumer Discretionary Index, respectively, while underperforming the MSCI USA Industrials Index. Major companies in the industrial and technology sectors demonstrated resilience to the negative impact of tariffs, with shares rebounding following early concerns. Investor confidence was renewed due to favorable discussions around these companies' global supply chain strength, an ability to mitigate and offset tariff impacts, and their limited exposure to U.S.-bound shipments.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Name | **6 months** | **1 Year** | **Since Inception (01/05/2022)** |
| Gabelli Automation ETF | 8.06% | 15.02% | 5.18% |
| S&P 500 Index | 6.20% | 15.16% | 9.95% |
| MSCI USA Consumer Discretionary Index | (2.76)% | 17.92% | 3.34% |
| MSCI USA Industrials Index | 11.20% | 20.66% | 11.52% |

---

## Fund Statistics
* Total Net Assets$5,822,048

* # of Portfolio Holdings48

* Portfolio Turnover Rate3%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Emerson Electric Co. | 5.0% |
| Rockwell Automation Inc. | 4.9% |
| Check Point Software Technologies Ltd. | 4.2% |
| AZZ Inc. | 4.2% |
| Allient Inc. | 3.7% |
| AMETEK Inc. | 3.7% |
| Intercontinental Exchange Inc. | 3.5% |
| ITT Inc. | 3.2% |
| Oracle Corp. | 3.2% |
| Republic Services Inc. | 3.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 95.1% |
| Other Assets and Liabilities (Net) | 4.9% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i01e96520695c6d14bb5e4a25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Prepackaged Software | 10.1% |
| Metals & Mining | 7.4% |
| Aerospace and Defense | 7.3% |
| Diversified Industrial | 7.3% |
| Industrial Instruments For Measurement, Display, and Control | 6.1% |
| Consumer Services | 5.8% |
| Electronic & Other Electrical Equipment | 5.5% |
| Equipment and Supplies | 5.3% |
| Other Industry Sectors | 40.3% |
| Other Assets and Liabilities (Net) | 4.9% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

![Image](ie155c76a92e94629a67f9c00.jpg)

#### Gabelli Automation ETF

#### GAST - NYSE Arca

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/etfs.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

GAST-25-SATSR

# Gabelli Commercial Aerospace and Defense ETF

# GCAD - NYSE Arca

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3397c534ffcd04ad730f3546.jpg)

## How has the Fund performed since inception?
The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

## Fund Overview
This Semi-Annual shareholder report contains important information about the Gabelli Commercial Aerospace and Defense ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Gabelli Commercial Aerospace and Defense Exchange-Traded Fund's (ETF) investment objective is to seek a high level of total return on its assets with an emphasis on income. The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities including securities in the aerospace and defense sectors. Aerospace companies include manufacturers, assemblers, and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment, and weapons. You may find additional information about the Fund at www.gabelli.com/funds/etfs. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Gabelli Commercial Aerospace and Defense ETF** | **$0** | **0.00%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](ib8221dbcbcb348ce4936ad2c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Gabelli Commercial Aerospace and Defense ETF** | **S&P 500 Index** | **MSCI World Aerospace and Defense Index** |
| **1/23** | 10000 | 10000 | 10000 |
| **6/23** | 10335 | 11959 | 11924 |
| **6/24** | 12692 | 14896 | 14342 |
| **6/25** | 17124 | 17154 | 21231 |

---

## How did the Fund perform?
For the first six months of 2025, the Gabelli Commercial Aerospace and Defense ETF (GCAD) outperformed its broad-based benchmark, the S&P 500, but underperformed its comparative, the MSCI World Aerospace and Defense Index. While the S&P 500 faced volatility from tariff uncertainties and slower GDP growth, GCAD capitalized on robust demand for aerospace aftermarket services and increased global defense spending, driven by NATO's push toward a 5% GDP defense target. Commercial air travel continued to recover, with revenue passenger kilometers (RPKs) showing strong post-pandemic growth.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Name | **6 months** | **1 Year** | **Since Inception (01/03/2023)** |
| Gabelli Commercial Aerospace and Defense ETF | 22.73% | 34.92% | 24.14% |
| S&P 500 Index | 6.20% | 15.16% | 23.25% |
| MSCI World Aerospace and Defense Index | 35.19% | 48.35% | 28.74% |

---

## Fund Statistics
* Total Net Assets$9,581,564

* # of Portfolio Holdings36

* Portfolio Turnover Rate2%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Boeing Co. | 5.5% |
| Howmet Aerospace Inc. | 4.9% |
| Spirit AeroSystems Holdings Inc. | 4.8% |
| Mercury Systems Inc. | 4.7% |
| Ducommun Inc. | 4.5% |
| Curtiss-Wright Corp. | 4.3% |
| Honeywell International Inc. | 3.8% |
| Moog Inc. | 3.7% |
| Lockheed Martin Corp. | 3.5% |
| Woodward Inc. | 3.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 89.3% |
| Other Assets and Liabilities (Net) | 10.7% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i36a987e3cc2830d676da30c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Aerospace and Defense | 58.8% |
| Aviation: Parts and Services | 29.1% |
| Computer Software and Services | 1.4% |
| Other Assets and Liabilities (Net) | 10.7% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

![Image](ie155c76a92e94629a67f9c00.jpg)

#### Gabelli Commercial Aerospace and Defense ETF

#### GCAD - NYSE Arca

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/etfs.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

GCAD-25-SATSR

# Gabelli Financial Services Opportunities ETF

# GABF - NYSE Arca

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3397c534ffcd04ad730f3546.jpg)

## How has the Fund performed since inception?
The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

## Fund Overview
This Semi-Annual shareholder report contains important information about the Gabelli Financial Services Opportunities ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Gabelli Financial Services Opportunities Exchange-Traded Fund (ETF) seeks to provide capital appreciation. Under normal market conditions, the Fund invests at least 80% of the value of its net assets, in the securities of companies principally engaged in the group of industries comprising the financial services sector. The Fund may invest in the equity securities of such companies, such as common stock, or preferred stock in accordance with the foregoing 80% policy. The Fund may also invest in foreign securities by investing in American Depositary Receipts. The Fund may invest in companies without regard to market capitalization. You may find additional information about the Fund at www.gabelli.com/funds/etfs. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Gabelli Financial Services Opportunities ETF** | **$17** | **0.34%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](ia7d1aa8a8ce0ac80c17211fb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Gabelli Financial Services Opportunities ETF** | **S&P 500 Index** | **S&P 500 Financials Index** |
| **5/22** | 10000 | 10000 | 10000 |
| **6/22** | 9463 | 8938 | 8732 |
| **6/23** | 11487 | 10689 | 9562 |
| **6/24** | 16292 | 13314 | 11876 |
| **6/25** | 21012 | 15333 | 15374 |

---

## How did the Fund perform?
For the six months ended June 30, 2025, Gabelli Financial Services Opportunities Fund underperformed its broad-based and comparative benchmarks, the S&P 500 and the S&P 500 Financials, respectively. This was primarily due to holdings of alternative asset managers, such as Apollo Asset Management, Blackstone and KKR. Additional detractors included certain payments companies. As many alternative asset managers had particularly strong performances in 2024, it was not surprising to have a negative impact to start the year. First half concerns regarding tariffs, interest rates and inflation also contributed to lackluster performance.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Name | **6 months** | **1 Year** | **Since Inception (05/10/2022)** |
| Gabelli Financial Services Opportunities ETF | 4.26% | 28.97% | 26.68% |
| S&P 500 Index | 6.20% | 15.16% | 16.79% |
| S&P 500 Financials Index | 9.23% | 29.45% | 17.41% |

---

## Fund Statistics
* Total Net Assets$41,016,014

* # of Portfolio Holdings40

* Portfolio Turnover Rate19%

* Management Fees$68,714

Past performance does not guarantee future results.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| SuRo Capital Corp., BDC | 6.9% |
| Berkshire Hathaway Inc. | 6.4% |
| JPMorgan Chase & Co. | 5.4% |
| Wells Fargo & Co. | 4.8% |
| FactSet Research Systems Inc. | 4.8% |
| Interactive Brokers Group Inc. | 4.7% |
| KKR & Co. Inc. | 4.7% |
| W. R. Berkley Corp. | 4.2% |
| Blue Owl Capital Inc. | 4.2% |
| Chubb Ltd. | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 92.8% |
| Closed-End Funds | 7.0% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i320d93c3a50d93ef6190df4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 81.4% |
| Computer Software and Services | 7.6% |
| Closed-End Funds | 7.0% |
| Banking | 3.0% |
| Real Estate | 0.8% |
| Other Assets and Liabilities (Net) | 0.2% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

![Image](ie155c76a92e94629a67f9c00.jpg)

#### Gabelli Financial Services Opportunities ETF

#### GABF - NYSE Arca

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/etfs.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

GABF-25-SATSR

# Gabelli Growth Innovators ETF

# GGRW - NYSE Arca

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3397c534ffcd04ad730f3546.jpg)

## How has the Fund performed since inception?
The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

## Fund Overview
This Semi-Annual shareholder report contains important information about the Gabelli Growth Innovators ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund's primary investment objective is to seek to provide capital appreciation. The Fund will primarily invest in common stocks of companies that are relevant to the Fund's investment theme of innovation. The Adviser defines "innovation" as the introduction of new technologies, products or services that redefine how businesses operate. The Fund seeks to invest in companies whose prospects for earnings growth remain undervalued. The Fund may also invest in foreign securities by investing in American Depositary Receipts. The Adviser uses fundamental security analysis to develop earnings forecasts for companies and to identify investment opportunities. You may find additional information about the Fund at www.gabelli.com/funds/etfs. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Gabelli Growth Innovators ETF** | **$18** | **0.34%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i0d1174a44f6213255d7a7d23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Gabelli Growth Innovators ETF** | **S&P 500 Index** | **NASDAQ Composite Index** |
| **2/21** | 10000 | 10000 | 10000 |
| **6/21** | 10063 | 14079 | 14523 |
| **6/22** | 6291 | 12584 | 11120 |
| **6/23** | 7667 | 15049 | 14027 |
| **6/24** | 11152 | 18745 | 18181 |
| **6/25** | 13450 | 21587 | 21031 |

---

## How did the Fund perform?
In the first half of 2025, the Gabelli Growth Innovators ETF outperformed its broad-based benchmark, S&P 500 Index and its comparative, the NASDAQ Composite Index. The Trump Admin's reciprocal tariff program proposed in early-April, if enacted, may result in higher prices and slower growth. Absent these risks, the US economy remains on stable footing, upheld by low unemployment and positive GDP growth. Separately, the artificial intelligence space has seen end user adoption bend positively this year, prompting large infrastructure investments from scaled players. As a result, many of our large technology holdings performed well.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Name | **6 months** | **1 Year** | **Since Inception (02/12/2021)** |
| Gabelli Growth Innovators ETF | 12.27% | 20.60% | 7.00% |
| S&P 500 Index | 6.20% | 15.16% | 12.68% |
| NASDAQ Composite Index | 5.85% | 15.68% | 9.71% |

---

## Fund Statistics
* Total Net Assets$7,397,443

* # of Portfolio Holdings32

* Portfolio Turnover Rate2%

* Management Fees$10,157

Past performance does not guarantee future results.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6% |
| Amazon.com Inc. | 5.7% |
| Broadcom Inc. | 5.0% |
| Meta Platforms Inc. | 4.9% |
| Microsoft Corp. | 4.8% |
| Netflix Inc. | 4.2% |
| Mastercard Inc. | 3.9% |
| GE Vernova Inc. | 3.6% |
| General Electric Co. | 3.6% |
| Alphabet Inc. | 3.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 86.5% |
| Other Assets and Liabilities (Net) | 13.5% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i20f65021e01fdfadf9396899.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology - Semiconductors | 15.5% |
| Communication Services | 15.2% |
| Information Technology - Software and Services | 14.9% |
| Financials | 11.5% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.2% |
| Aerospace and Defense | 3.9% |
| Energy and Utilities | 3.6% |
| Other Industry Sectors | 3.6% |
| Other Assets and Liabilities (Net) | 13.5% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

![Image](ie155c76a92e94629a67f9c00.jpg)

#### Gabelli Growth Innovators ETF

#### GGRW - NYSE Arca

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/etfs.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

GGRW-25-SATSR

# Gabelli Love Our Planet & People ETF

# LOPP - NYSE Arca

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3397c534ffcd04ad730f3546.jpg)

## How has the Fund performed since inception?
The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

## Fund Overview
This Semi-Annual shareholder report contains important information about the Gabelli Love Our Planet & People ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective is capital appreciation. The Fund seeks to provide a high level of total return by investing no less than 80%, of its assets in U.S. exchange-listed common and preferred stocks of companies that meet the Fund's guidelines for social responsibility at the time of investment. The investment team looks for companies that have initiated programs to reduce the carbon footprint and/or waste profile or that produce goods or services that promote attributes such as energy and water conservation, recycling, the reduction of greenhouse gases and harmful chemicals and sustainable agriculture and clean-label food. The Fund will not invest in publicly traded fossil fuel (coal, oil, and gas) companies, or in companies that derive more than 10% of their revenues from the following areas: tobacco, cannabis, alcohol, gambling, and defense/weapons production. You may find additional information about the Fund at www.gabelli.com/funds/etfs. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Gabelli Love Our Planet & People ETF** | **$0** | **0.00%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](id75562d808f1c5346f6045ab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Gabelli Love Our Planet & People ETF** | **S&P 500 Index** | **MSCI USA SRI Index** |
| **1/21** | 10000 | 10000 | 10000 |
| **6/21** | 11218 | 14079 | 14131 |
| **6/22** | 9330 | 12584 | 12757 |
| **6/23** | 10899 | 15049 | 15796 |
| **6/24** | 11052 | 18745 | 18388 |
| **6/25** | 12769 | 21587 | 21066 |

---

## How did the Fund perform?
For the six months ended June 30, 2025, the Gabelli Love Our Planet & People ETF outperformed its broad-based and comparative benchmarks, the S&P 500 and the MSCI USA SRI Index, respectively. Cyclically-sensitive Industrial stocks, particularly those exposed to the theme of investment in the US power generation and distribution infrastructure, drove positive performance as the economic outlook appeared to improve. Rising interest rates and a general preference for riskier assets caused Utilities to be a detractor from first half performance.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Name | **6 months** | **1 Year** | **Since Inception (01/29/2021)** |
| Gabelli Love Our Planet & People ETF | 9.05% | 15.53% | 5.69% |
| S&P 500 Index | 6.20% | 15.16% | 13.62% |
| MSCI USA SRI Index | 3.98% | 14.65% | 12.49% |

---

## Fund Statistics
* Total Net Assets$10,535,429

* # of Portfolio Holdings51

* Portfolio Turnover Rate7%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Mirion Technologies Inc. | 5.3% |
| Republic Services Inc. | 4.5% |
| Xylem Inc. | 4.4% |
| Hubbell Inc. | 4.2% |
| Waste Connections Inc. | 4.0% |
| GE Vernova Inc. | 3.6% |
| S&P Global Inc. | 3.6% |
| Crown Holdings Inc. | 3.3% |
| Cummins Inc. | 3.2% |
| Johnson Controls International plc | 3.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 95.7% |
| U.S. Government Obligations | 4.2% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i84f27fd5eb50b62c4974a2a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equipment and Supplies | 13.5% |
| Energy and Utilities | 13.2% |
| Environmental Services | 9.5% |
| Building and Construction | 9.4% |
| Machinery | 8.8% |
| Electronics | 7.0% |
| Automotive Parts and Accessories | 5.1% |
| Metals and Mining | 4.7% |
| Other Industry Sectors | 28.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

![Image](ie155c76a92e94629a67f9c00.jpg)

#### Gabelli Love Our Planet & People ETF

#### LOPP - NYSE Arca

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/etfs.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

LOPP-25-SATSR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to
 shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual
 or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

**Gabelli Automation ETF**

**Semiannual Report — June 30, 2025**

**(Y)our Portfolio Management Team**

---

| | |
|:---|:---|
| ![](gast_001.jpg) | ![](gast_002.jpg) |
| **Justin Bergner, CFA**<br> *Portfolio Manager<br> BA, Yale University<br> MBA, University of Pennsylvania* | **Hendi Susanto**<br> *Portfolio Manager*<br> *BS, University of Minnesota*<br> *MBA, Wharton School of Business* |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return of Gabelli Automation ETF (the Fund) was 8.1% compared with a total return of 6.2% for the Standard & Poor's (S&P) S&P 500 Index. The total return based on the Fund's Market Price was 8.1%. The Fund's NAV per share was $29.11, while the price of the publicly traded shares closed at $29.14 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

**GABELLI AUTOMATION ETF**

---

| | |
|:---|:---|
| Prepackaged Software | 10.1% |
| Metals & Mining | 7.4% |
| Aerospace and Defense | 7.3% |
| Diversified Industrial | 7.3% |
| Industrial Instruments For Measurement, Display, and Control | 6.1% |
| Consumer Services | 5.8% |
| Electronic & Other Electrical Equipment | 5.5% |
| Equipment and Supplies | 5.3% |
| Financial Services | 5.0% |
| Electric Lighting & Wiring Equipment | 4.2% |
| Computer Software and Services | 3.5% |
| Consumer Products | 3.3% |
| Pumps & Pumping Equipment | 3.2% |

---

---

| | |
|:---|:---|
| Energy and Utilities | 3.2% |
| Environmental Services | 3.1% |
| General Industrial Machinery & Equipment | 2.9% |
| Computer Integrated Systems Design | 2.9% |
| Electronics | 2.6% |
| Wholesale-Durable Goods | 2.6% |
| Building and Construction | 2.3% |
| Fabricated Structural Metal Products | 0.8% |
| Semiconductors | 0.7% |
| Other Assets and Liabilities (Net) | 4.9% |
|  | 100.0% |

---

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**Gabelli Automation ETF**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** |  | **<br>Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 95.1%** |  |  |
|  | **Aerospace and Defense – 7.3%** |  |  |
| 5999 | Allient Inc. | $235029 | $217824 |
| 2142 | Mercury Systems Inc.† | 89205 | 115368 |
| 182 | Northrop Grumman Corp. | 85886 | 90996 |
|  |  | 410120 | 424188 |
|  | **Building and Construction – 2.3%** |  |  |
| 1245 | Johnson Controls International plc | 99355 | 131497 |
|  | **Computer Integrated Systems Design – 2.9%** |  |  |
| 4030 | Kyndryl Holdings Inc.† | 75837 | 169099 |
|  | **Computer Software and Services – 3.5%** |  |  |
| 12037 | 3D Systems Corp.† | 54551 | 18537 |
| 876 | Alphabet Inc., Cl. A | 125521 | 154378 |
| 2858 | NCR Voyix Corp.† | 34754 | 33524 |
|  |  | 214826 | 206439 |
|  | **Consumer Products – 3.3%** |  |  |
| 1362 | Spectrum Brands Holdings Inc. | 103354 | 72186 |
| 2175 | The AZEK Co. Inc.† | 98309 | 118211 |
|  |  | 201663 | 190397 |
|  | **Consumer Services – 5.8%** |  |  |
| 496 | Amazon.com Inc.† | 82462 | 108818 |
| 6938 | Resideo Technologies Inc.† | 179103 | 153052 |
| 5000 | RXO Inc.† | 69400 | 78600 |
|  |  | 330965 | 340470 |
|  | **Diversified Industrial – 7.3%** |  |  |
| 1200 | Belden Inc. | 130419 | 138960 |
| 2500 | GXO Logistics Inc.† | 128910 | 121750 |
| 6428 | L.B. Foster Co., Cl. A† | 67057 | 140580 |
| 447 | Ralliant Corp.† | 24116 | 21675 |
|  |  | 350502 | 422965 |
|  | **Electric Lighting & Wiring Equipment – 4.2%** |  |  |
| 2563 | AZZ Inc. | 132181 | 242152 |
|  | **Electronic & Other Electrical Equipment – 5.5%** |  |  |
| 422 | Axcelis Technologies Inc.† | 47472 | 29409 |
| 2190 | Emerson Electric Co. | 211879 | 291993 |
|  |  | 259351 | 321402 |
|  | **Electronics – 2.6%** |  |  |
| 4397 | Kimball Electronics Inc.† | 100636 | 84554 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br> Shares** |  | **<br> Cost** | **Market<br> Value** |
| 316 | Texas Instruments Inc. | $47515 | $65608 |
|  |  | 148151 | 150162 |
|  | **Energy and Utilities – 3.2%** |  |  |
| 1243 | Halliburton Co. | 47221 | 25333 |
| 919 | Occidental Petroleum Corp. | 57697 | 38607 |
| 4028 | Oceaneering International Inc.† | 91942 | 83460 |
| 8152 | RPC Inc. | 70985 | 38559 |
|  |  | 267845 | 185959 |
|  | **Environmental Services – 3.1%** |  |  |
| 733 | Republic Services Inc. | 102112 | 180765 |
|  | **Equipment and Supplies – 5.3%** |  |  |
| 1194 | AMETEK Inc. | 175817 | 216066 |
| 1200 | Tennant Co. | 100959 | 92976 |
|  |  | 276776 | 309042 |
|  | **Fabricated Structural Metal Products – 0.8%** |  |  |
| 1171 | Proto Labs Inc.† | 61979 | 46887 |
|  | **Financial Services – 5.0%** |  |  |
| 1120 | Intercontinental Exchange Inc. | 150499 | 205486 |
| 480 | Nasdaq Inc. | 31348 | 42922 |
| 1428 | NCR Atleos Corp.† | 22442 | 40741 |
|  |  | 204289 | 289149 |
|  | **General Industrial Machinery & Equipment – 2.9%** |  |  |
| 1881 | Flowserve Corp. | 71619 | 98470 |
| 3048 | Matthews International Corp., Cl. A | 110967 | 72878 |
|  |  | 182586 | 171348 |
|  | **Industrial Instruments For Measurement, Display, and Control – 6.1%** |  |  |
| 1343 | Fortive Corp. | 75053 | 70011 |
| 862 | Rockwell Automation Inc. | 240725 | 286330 |
|  |  | 315778 | 356341 |
|  | **Metals & Mining – 7.4%** |  |  |
| 929 | Agnico Eagle Mines Ltd. | 48775 | 110486 |
| 4851 | Barrick Mining Corp. | 91369 | 100998 |
| 1303 | Cameco Corp. | 47693 | 96721 |
| 2119 | Newmont Corp. | 96456 | 123453 |
|  |  | 284293 | 431658 |
|  | **Prepackaged Software – 10.1%** |  |  |
| 1095 | Check Point Software Technologies Ltd.† | 129318 | 242269 |

---

See accompanying notes to financial statements.

**Gabelli Automation ETF**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Prepackaged Software (Continued)** |  |  |
| 6708 | N-able Inc.† | $74553 | $54335 |
| 854 | Oracle Corp. | 76408 | 186710 |
| 618 | PTC Inc.† | 76976 | 106506 |
|  |  | 357255 | 589820 |
|  | **Pumps & Pumping Equipment – 3.2%** |  |  |
| 1199 | ITT Inc. | 126333 | 188039 |
|  | **Semiconductors – 0.7%** |  |  |
| 1000 | GlobalFoundries Inc.† | 36550 | 38200 |
|  | **Wholesale-Durable Goods – 2.6%** |  |  |
| 144 | WW Grainger Inc. | 78483 | 149795 |
|  | **TOTAL INVESTMENTS — 95.1%** | $4517230 | 5535774 |
|  | **Other Assets and Liabilities (Net) — 4.9%** |  | 286274 |
|  | **NET ASSETS — 100.0%** |  | $5822048 |

---

† Non-income producing
 security.

See accompanying notes to financial statements.

**Gabelli Automation ETF**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $4,517,230) | $5535774 |
| &nbsp;&nbsp;&nbsp;Cash | 285140 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 1134 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 5822048 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 4180 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | (4180) |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $5822048 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $5052142 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 769906 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $5822048 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 200000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $29.11 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $659) | $21993 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 21993 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 23945 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 679 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 24624 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (23945) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 21993 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 51130 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 361304 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 412434 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $434427 |

---

See accompanying notes to financial statements.

**Gabelli Automation ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $21993 | $40444 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 51130 | 27825 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 361304 | 467539 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 434427 | 535808 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  | (40446) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (40446) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) |  | 246537 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** |  | 246537 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 434427 | 741899 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5387621 | 4645722 |
| &nbsp;&nbsp;&nbsp;End of period | $5822048 | $5387621 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 200000 | 190000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 10000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 200000 | 200000 |

---

See accompanying notes to financial statements.

**Gabelli Automation ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **<br>Year Ended<br> December 31,<br> 2024** | **<br>Year Ended<br> December 31,<br> 2023** | **<br>Period Ended<br> December 31,<br> 2022**(a) |
| **Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $26.94 | $24.45 | $20.85 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.11 | 0.21 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.06 | 2.48 | 3.62 | (4.15) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.17 | 2.69 | 3.81 | (3.99) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.20) | (0.21) | (0.16) |
| Net Asset Value, End of Period | $29.11 | $26.94 | $24.45 | $20.85 |
| **NAV total return†** | 8.06% | 10.99% | 18.23% | (15.90)% |
| Market price, End of Period | $29.14 | $26.95 | $24.44 | $20.86 |
| **Investment total return††** | 8.13% | 11.09% | 18.14% | (15.90)% |
| Net Assets, End of Period (in 000's) | $5822 | $5388 | $4646 | $4379 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.83 %(c) | 0.80% | 0.84% | 0.78 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.93 %(c) | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c)(d) | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 3% | 1% | 13% | 28% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on January 5, 2022. The Fund first sold shares on January 3, 2022. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Automation ETF**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Automation ETF (the Fund) commenced investment operations on January 5, 2022. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to provide growth of capital.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Security Valuation.** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology

**Gabelli Automation ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** |<br> **Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |
| **ASSETS (Market Value):** |  |  |
| Common Stocks (a) | $5535774 | $5535774 |
| **TOTAL INVESTMENTS IN SECURITIES - ASSETS** | $5535774 | $5535774 |

---

(a) Please refer to the Schedule of Investments
 for the industry classifications of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, and the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

**Gabelli Automation ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These book/ tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $40446 |
| Total distributions paid | $40446 |

---

***Provision for Income Taxes.*** The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Fund's net investment company taxable income and net capital gains on an annual basis. Therefore, no provision for federal income taxes is required.

At December 31, 2024, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

---

| | |
|:---|:---|
| Short term capital loss carryforward with no expiration | $94112 |
| Long term capital loss carryforward with no expiration | 227649 |
| Total Capital Loss Carryforward | $321761 |

---

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $4517230 | $1342270 | $(323725) | $1018544 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. The Fund's federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to these conclusions are necessary.

**Gabelli Automation ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

**3. Investment Advisory Agreement and Other Transactions.** Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the investments of the Fund's assets. Under the Investment Advisory Agreement, the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.90% of the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2026 and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2025, the Adviser waived expenses in the amount of $23,946.

---

| | |
|:---|:---|
| For the six months ended June 30, 2025 | $23946 |
|  | $23946 |

---

**4. Portfolio Securities.** Purchases of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $236,005 and $154,158, respectively.

**5. Capital Share Transactions.** Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged a transaction fee to cover the estimated cost to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the estimated transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition. The transaction fee is determined daily and will be limited to amounts approved by the Board and determined by the Adviser to be appropriate to defray the expenses that the Fund incurs in connection with the purchase or redemption. The purpose of transaction fees is to protect the Fund's existing shareholders from the dilutive costs associated with the purchase and redemption of Creation Units. The amount of transaction fees will differ depending on the estimated trading costs for portfolio positions and Basket processing costs and other considerations. Transaction fees may include fixed amounts per creation or redemption transactions, amounts varying with the number of Creation Units purchased or redeemed, and varying amounts based on the time an order is placed. The Fund may impose higher transaction fees when cash is substituted for Basket instruments. Higher transaction fees may apply to purchases and redemptions through the DTC than through the NSCC.

**6. Redemptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended December 31, 2024, the Fund accepted $246,537 of subscriptions-in-kind, including cash of $15,978. During the six months ended June 30, 2025, there was no such activity.

**Gabelli Automation ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $104 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Adviser pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $679.

**8. Significant Shareholder.** As of June 30, 2025, approximately 92.4% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**9. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC that is affiliated with GAMCO Investors, Inc. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone
 number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you buy or redeem. If we hire
 someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct
 through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

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**This page was intentionally left blank.**

![](gast_back.jpg)

**Gabelli Commercial Aerospace and Defense ETF**

**Semiannual Report** **— June 30, 2025**

![](gcad_001.jpg)

**Tony Bancroft**

**Portfolio Manager**

***BS, United States Naval Academy***

***MBA, Columbia Business School***

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return of Gabelli Commercial Aerospace and Defense ETF (the Fund) was 22.7% compared with a total return of 6.2% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's market price was 22.7% The Fund's NAV per share was $41.66, while the price of the publicly traded shares closed at $41.70 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

**GABELLI COMMERCIAL AEROSPACE AND DEFENSE ETF**

---

| | |
|:---|:---|
| Aerospace and Defense | 58.8% |
| Aviation: Parts and Services | 29.1% |
| Computer Software and Services | 1.4% |
| Other Assets and Liabilities (Net) | 10.7% |
|  | 100.0% |

---

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Gabelli Commercial Aerospace and Defense ETF**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 89.3%** |  |  |
|  | **Aerospace and Defense – 58.8%** |  |  |
| 2671 | Cadre Holdings Inc. | $59911 | $85071 |
| 1448 | Crane Co. | 108833 | 274961 |
| 212 | Elbit Systems Ltd. | 36923 | 95294 |
| 370 | General Dynamics Corp. | 89120 | 107914 |
| 1058 | General Electric Co. | 125592 | 272319 |
| 952 | HEICO Corp. | 158422 | 312256 |
| 5530 | Hexcel Corp. | 355701 | 312390 |
| 2516 | Howmet Aerospace Inc. | 107152 | 468303 |
| 10000 | Innovative Solutions and Support Inc.† | 99693 | 138800 |
| 100 | Karman Holdings Inc.† | 2200 | 5037 |
| 2960 | Kratos Defense & Security Solutions Inc.† | 36173 | 137492 |
| 824 | L3Harris Technologies Inc. | 173172 | 206692 |
| 1142 | Leidos Holdings Inc. | 116826 | 180162 |
| 2644 | Leonardo DRS Inc. | 36007 | 122893 |
| 728 | Lockheed Martin Corp. | 333909 | 337166 |
| 8342 | Mercury Systems Inc.† | 263233 | 449300 |
| 2505 | Mynaric Agnamens Aktien O N, ADR† | 9959 | 626 |
| 422 | Northrop Grumman Corp. | 198880 | 210992 |
| 4018 | Park Aerospace Corp. | 51734 | 59346 |
| 11071 | Redwire Corp.† | 27072 | 180457 |
| 2114 | RTX Corp. | 185608 | 308686 |
| 12052 | Spirit AeroSystems Holdings Inc., Cl. A† | 389951 | 459784 |
| 2252 | Textron Inc. | 167916 | 180813 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 2538 | The Boeing Co.† | $498143 | $531787 |
| 7718 | Triumph Group Inc.† | 89797 | 198739 |
|  |  | 3721927 | 5637280 |
|  | **Aviation: Parts and Services – 29.1%** |  |  |
| 1676 | AAR Corp.† | 91924 | 115292 |
| 1692 | Albany International Corp., Cl. A | 150457 | 118660 |
| 7326 | Astronics Corp.† | 106243 | 245275 |
| 3000 | ATI Inc.† | 172326 | 259020 |
| 600 | Carpenter Technology Corp. | 115778 | 165828 |
| 836 | Curtiss-Wright Corp. | 142259 | 408428 |
| 5264 | Ducommun Inc.† | 278341 | 434964 |
| 1568 | Honeywell International Inc. | 316864 | 365156 |
| 1956 | Moog Inc., Cl. A | 191252 | 353977 |
| 1290 | Woodward Inc. | 135060 | 316166 |
|  |  | 1700504 | 2782766 |
|  | **Computer Software and Services – 1.4%** |  |  |
| 1000 | Palantir Technologies Inc., Cl. A† | 61940 | 136320 |
|  | **TOTAL INVESTMENTS — 89.3%** | $5484371 | 8556366 |
|  | **Other Assets and Liabilities (Net) — 10.7%** |  | 1025198 |
|  | **NET ASSETS — 100.0%** |  | $9581564 |

---

† Non-income producing security. <br>ADR American Depositary Receipt

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $5,484,371) | $8556366 |
| &nbsp;&nbsp;&nbsp;Cash | 1024373 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 829 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 9581568 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 4 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 4 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $9581564 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $6455502 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 3126062 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $9581564 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 230000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $41.66 |

---

**Statement of Operations**

**For the Six Months June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $39) | $25469 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 25469 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 34266 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 677 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 34943 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (34266) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 25469 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 28576 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1600268 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 1628844 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1654313 |

---

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025**<br>**(Unaudited)** | **Year Ended<br> December 31,**<br>**2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $25469 | $43363 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 28576 | 124104 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1600268 | 940146 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1654313 | 1107613 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  | (126298) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (126298) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) | 968768 | 1595358 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 968768 | 1595358 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 2623081 | 2576673 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 6958483 | 4381810 |
| &nbsp;&nbsp;&nbsp;End of period | $9581564 | $6958483 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 205000 | 155000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 25000 | 50000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 230000 | 205000 |

---

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2023**(a) |
| **Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $33.94 | $28.27 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.12 | 0.24 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | 7.60 | 6.05 | 3.26 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 7.72 | 6.29 | 3.54 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.21) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains on Investments |  | (0.41) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.62) | (0.27) |
| Net Asset Value, End of Period | $41.66 | $33.94 | $28.27 |
| **NAV total return†** | 22.73% | 22.24% | 14.14% |
| Market price, End of Period | $41.70 | $34.00 | $28.31 |
| **Investment total return††** | 22.65% | 22.24% | 14.31% |
| Net Assets, End of Period (in 000's) | $9582 | $6958 | $4382 |
| **Ratio to average net assets of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 0.67 %(c) | 0.76% | 1.11 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92 %(c) | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c)(d) | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 2% | 6% | 28% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on January 3, 2023. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 presented, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Commercial Aerospace and Defense ETF (the Fund) commenced investment operations on January 3, 2023. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to seek a high level of total return on its assets with an emphasis on income.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Security Valuation.** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Market<br> Value at**<br> **06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |
| **ASSETS (Market Value):** |  |  |
| Common Stocks (a) | $8556366 | $8556366 |
| **TOTAL INVESTMENTS IN SECURITIES - ASSETS** | $8556366 | $8556366 |

---

(a) Please
 refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, and the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by a fund and timing differences. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $43364 |
| Net long term capital gains | 82934 |
| Total distributions paid | $126298 |

---

***Provision for Income Taxes.*** The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Fund's net investment company taxable income and net capital gains on an annual basis. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross** **<br> Unrealized<br> Appreciation** | **Gross** **<br> Unrealized<br> Depreciation** | **Net** **<br> Unrealized<br> Appreciation** |
| Investments | $5484371 | $3156436 | $(84441) | $3071995 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2025 the Fund did not incur any income tax, interest, or penalties. The Fund's federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to these conclusions are necessary.

**3. Investment Advisory Agreement and Other Transactions.** Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the investment of the Fund's assets. Under the Investment Advisory Agreement, the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.90% of the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2026 and shall not apply to any

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2025, the Adviser waived expenses in the amount of $34,266.

**4. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $270,335 and $150,670, respectively.

**5. Capital Share Transactions.** Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged a transaction fee to cover the estimated cost to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the estimated transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition. The transaction fee is determined daily and will be limited to amounts approved by the Board and determined by the Adviser to be appropriate to defray the expenses that the Fund incurs in connection with the purchase or redemption. The purpose of transaction fees is to protect the Fund's existing shareholders from the dilutive costs associated with the purchase and redemption of Creation Units. The amount of transaction fees will differ depending on the estimated trading costs for portfolio positions and Basket processing costs and other considerations. Transaction fees may include fixed amounts per creation or redemption transactions, amounts varying with the number of Creation Units purchased or redeemed, and varying amounts based on the time an order is placed. The Fund may impose higher transaction fees when cash is substituted for Basket instruments. Higher transaction fees may apply to purchases and redemptions through the DTC than through the NSCC.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $106 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Adviser pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $677.

**7. Subscriptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may accept portfolio securities as payment for the purchase of Fund shares (subscriptions-in-kind). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2025, the Fund had $968,768 of subscriptions-in-kind, including cash of $968,768.

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

**8. Significant Shareholder.** As of June 30, 2025, approximately 58.0% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**9. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

![](gcad_back.jpg)

**Gabelli Financial Services Opportunities ETF**

**Semiannual Report — June 30, 2025**

![](gabf_001.jpg)

**Macrae Sykes**

**Portfolio Manager**

***BA, Hamilton College***

***MBA, Columbia Business School***

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return of Gabelli Financial Services Opportunities ETF (the Fund) was 4.3% compared with a total return of 9.2% for the Standard & Poor's (S&P) 500 Financials Index. The total return based on the Fund's Market Price was 4.4%. The Fund's NAV per share was $47.42, while the price of the publicly traded shares closed at $47.45 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

**GABELLI FINANCIAL SERVICES OPPORTUNITIES ETF**

---

| | |
|:---|:---|
| Financial Services | 81.4% |
| Computer Software and Services | 7.6% |
| Closed-End Funds | 7.0% |
| Banking | 3.0% |
| Real Estate | 0.8% |
| Other Assets and Liabilities (Net) | 0.2% |
|  | 100.0% |

---

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**Gabelli Financial Services Opportunities ETF**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 92.8%** |  |  |
|  | **Banking – 3.0%** |  |  |
| 252 | Capital One Financial Corp. | $29285 | $53615 |
| 477 | First Citizens BancShares Inc., Cl. A | 717913 | 933236 |
| 858 | State Street Corp. | 55307 | 91240 |
| 1724 | The Bank of New York Mellon Corp. | 78811 | 157074 |
|  |  | 881316 | 1235165 |
|  | **Computer Software and Services –7.6%** |  |  |
| 4398 | FactSet Research Systems Inc. | 2046521 | 1967138 |
| 6574 | Fiserv Inc.† | 1029548 | 1133423 |
|  |  | 3076069 | 3100561 |
|  | **Financial Services – 81.4%** |  |  |
| 2133 | Affiliated Managers Group Inc. | 335109 | 419710 |
| 1958 | American Express Co. | 332354 | 624563 |
| 9594 | Apollo Global Management Inc. | 1137114 | 1361101 |
| 5376 | Berkshire Hathaway Inc., Cl. B† | 2275389 | 2611500 |
| 8380 | BGC Group Inc., Cl. A | 76505 | 85727 |
| 10114 | Blackstone Inc. | 1386814 | 1512852 |
| 89873 | Blue Owl Capital Inc. | 1687245 | 1726460 |
| 5800 | Chubb Ltd. | 1614518 | 1680376 |
| 45000 | CompoSecure Inc., Cl. A† | 588035 | 634050 |
| 2520 | Credit Acceptance Corp.† | 1275315 | 1283764 |
| 1724 | Federated Hermes Inc. | 58140 | 76408 |
| 35028 | Interactive Brokers Group Inc., Cl. A | 1157157 | 1940901 |
| 7588 | JPMorgan Chase & Co. | 1689774 | 2199837 |
| 14534 | KKR & Co. Inc. | 1759800 | 1933458 |
| 3521 | LPL Financial Holdings Inc. | 928941 | 1320269 |
| 6457 | M&T Bank Corp. | 1179766 | 1252593 |
| 636 | Markel Group Inc.† | 1031299 | 1270321 |
| 19800 | Millrose Properties Inc., REIT | 516492 | 564498 |
| 2608 | Moody's Corp. | 1243820 | 1308147 |
| 3742 | Morgan Stanley | 335344 | 527098 |
| 5880 | Nasdaq Inc. | 402729 | 525790 |
| 125756 | Paysafe Ltd.† | 2473205 | 1587041 |
| 840 | Raymond James Financial Inc. | 109064 | 128831 |
| 1581 | S&P Global Inc. | 769898 | 833646 |
| 840 | Stifel Financial Corp. | 86588 | 87175 |
| 16188 | The Charles Schwab Corp. | 1091727 | 1476993 |
| 2572 | Tiptree Inc. | 40731 | 60648 |
| 1680 | Visa Inc., Cl. A | 509023 | 596484 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 23598 | W. R. Berkley Corp. | $1314614 | $1733745 |
| 24774 | Wells Fargo & Co. | 1490355 | 1984893 |
| 4797 | WisdomTree Inc. | 48900 | 55213 |
|  |  | 28945765 | 33404092 |
|  | **Real Estate – 0.8%** |  |  |
| 5000 | Howard Hughes Holdings Inc.† | 343489 | 337500 |
|  | **TOTAL COMMON STOCKS** | 33246639 | 38077318 |
|  | **CLOSED-END FUNDS – 7.0%** |  |  |
| 1084 | Blue Owl Capital Corp., BDC | 16551 | 15545 |
| 345834 | SuRo Capital Corp., BDC† | 1551902 | 2839297 |
|  | **TOTAL CLOSED-END FUNDS** | 1568453 | 2854842 |
|  | **TOTAL INVESTMENTS — 99.8%** | $34815092 | 40932160 |
|  | **Other Assets and Liabilities (Net) — 0.2%** |  | 83854 |
|  | **NET ASSETS — 100.0%** |  | $41016014 |

---

† Non-income producing security.

BDC Business Development Company

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**Gabelli Financial Services Opportunities ETF**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $34,815,092) | $40932160 |
| &nbsp;&nbsp;&nbsp;Cash | 88569 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 6027 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 41026756 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 10742 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 10742 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $41016014 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $33994156 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 7021858 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $41016014 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 865000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $47.42 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $213969 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 213969 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 180288 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 712 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 181000 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 8) | (712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (111574) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 68714 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 145255 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 818509 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1762037 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1976810) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 603736 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $748991 |

---

See accompanying notes to financial statements.

**Gabelli Financial Services Opportunities ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $145255 | $216830 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | 818509 | (96129) |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1762037 | 846878 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (1976810) | 5874308 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 748991 | 6841887 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  | (1619990) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (1619990) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) | 8110635 | 26611053 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 6) | (6503665) | (2186043) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 1606970 | 24425010 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 2355961 | 29646907 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 38660053 | 9013146 |
| &nbsp;&nbsp;&nbsp;End of period | $41016014 | $38660053 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 850000 | 275000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 175000 | 620000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (160000) | (45000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 865000 | 850000 |

---

See accompanying notes to financial statements.

**Gabelli Financial Services Opportunities ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Period Ended<br> December 31,**<br> **2022**(a) |
| **Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $45.48 | $32.78 | $24.77 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.16 | 0.45 | 0.51 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 1.78 | 14.16 | 9.12 | (0.23) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.94 | 14.61 | 9.63 | 0.10 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (1.91) | (1.62) | (0.33) |
| Net Asset Value, End of Period | $47.42 | $45.48 | $32.78 | $24.77 |
| **NAV total return†** | 4.26% | 44.59% | 38.83% | 0.41% |
| Market price, End of Period | $47.45 | $45.46 | $32.79 | $24.77 |
| **Investment total return††** | 4.38% | 44.46% | 38.89% | 0.41% |
| Net Assets, End of Period (in 000's) | $41016 | $38660 | $9013 | $5202 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.73 %(c) | 1.08% | 1.77% | 2.01 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90 %(c) | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.34 %(c)(d) | 0.12% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 19% | 13% | 31% | 72% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on May 10, 2022. The Fund first sold shares on May 9, 2022. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 presented, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Financial Services Opportunities ETF (the Fund) commenced investment operations on May 10, 2022. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed exchange-traded fund (ETF), whose investment objective is to provide capital appreciation.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Effective September 13, 2024, the Board approved a change in the Fund's structure from a "non-transparent" or "semi-transparent" ETF, which does not publicly disclose its portfolio holdings on a daily basis, to a "transparent" ETF that will disclose its portfolio holdings daily and operate in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended. In connection with this change, the Fund will no longer provide a verified intraday indicative value ("VIIV"), which was intended to provide investors and other market participants with a highly correlated per share value of the Fund's underlying portfolio, while keeping the contents of the Fund's portfolio confidential. In addition, Authorized Participants (APs) transacting in the Fund's shares will no longer engage in creation and redemption activity for the Fund through an AP Representative that has knowledge of the composition of the Fund's portfolio holdings but is restricted from disclosing such composition to the APs. Accordingly, references to the VIIV and the AP Representative in the Fund's Summary Prospectus, Prospectus, and Statement of Additional Information have been removed.

In addition, in connection with the change in the Fund's structure, the Fund will no longer operate in reliance on an exemptive order from the U.S. Securities and Exchange Commission (the Order). The Order permitted the Fund to operate without publicly disclosing its portfolio holdings daily, but limited the types of investments the Fund was permitted to hold to those listed in the Fund's application for the Order, including limiting the Fund's investments to only those that are U.S. exchange-traded instruments as well as cash and cash equivalents. Because the Fund will no longer operate in reliance on the Order, the Board approved corresponding changes to the Fund's Summary Prospectus, Prospectus, and Statement of Additional Information to remove references to the terms, requirements and limitations of the Order, as applicable.

**Security Valuation.** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |
| **ASSETS (Market Value):** |  |  |
| Common Stocks (a) | $38077318 | $38077318 |
| Closed-End Funds | 2854842 | 2854842 |
| **TOTAL INVESTMENTS IN SECURITIES - ASSETS** | $40932160 | $40932160 |

---

(a) Please refer to the Schedule of Investments
 for the industry classifications of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, and the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by a Fund and timing differences. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $1619990 |
| Total distributions paid | $1619990 |

---

***Provision for Income Taxes.*** The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Fund's net investment company taxable income and net capital gains on an annual basis. Therefore, no provision for federal income taxes is required.

At December 31, 2024, the Fund had net short term capital loss carryforwards of $170,232 and net long term capital loss carryforwards of $6,743 for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $34815092 | $7089611 | $(972544) | $6117068 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. The Fund's federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to these conclusions are necessary.

**3. Investment Advisory Agreement and Other Transactions.** Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the investment of the Fund's assets. Under the Investment Advisory Agreement, the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.90% of the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2026, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2025, the Adviser waived expenses in the amount of $111,574.

**4. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $16,053,191 and $7,708,247, respectively.

**5. Capital Share Transactions.** Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged a transaction fee to cover the estimated cost to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the estimated transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition. The transaction fee is determined daily and will be limited to amounts approved by the Board and determined by the Adviser to be appropriate to defray the expenses that the Fund

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

incurs in connection with the purchase or redemption. The purpose of transaction fees is to protect the Fund's existing shareholders from the dilutive costs associated with the purchase and redemption of Creation Units. The amount of transaction fees will differ depending on the estimated trading costs for portfolio positions and Basket processing costs and other considerations. Transaction fees may include fixed amounts per creation or redemption transactions, amounts varying with the number of Creation Units purchased or redeemed, and varying amounts based on the time an order is placed. The Fund may impose higher transaction fees when cash is substituted for Basket instruments. Higher transaction fees may apply to purchases and redemptions through the DTC than through the NSCC.

**6. Subscriptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may accept portfolio securities as payment for the purchase of Fund shares (subscriptions-in-kind). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2025, the Fund had $8,083,094 of subscriptions-in-kind, including cash of $8,083,094.

**7. Redemptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2025, the Fund realized net gains of $1,762,037 on $6,503,665 of redemptions-in-kind, including cash of $35,255.

**8. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $87 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Adviser pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $712.

**9. Significant Shareholder.** As of June 30, 2025, approximately 26.4% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**10. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**11. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies,

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**12. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC that is affiliated with GAMCO Investors, Inc. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

**This page was intentionally left blank.**

**This page was intentionally left blank.**

![](gabf_back.jpg)

**Gabelli Growth Innovators ETF**

**Semiannual Report — June 30, 2025**

**(Y)our Portfolio Management Team**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ![](ggrw_001.jpg) |  | ![](ggrw_002.jpg) |  |
| **** | **Howard F. Ward, CFA**<br> ***Portfolio Manager*** ****<br> BA, Northwestern University** | **** | **John Belton, CFA**<br> ***Portfolio Manager*** **** <br> BA, Boston College<br> MBA, Columbia School of *Business*** | **** |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return of Gabelli Growth Innovators ETF (the Fund) was 12.3% compared with a total return of 5.9% for the Nasdaq Composite Index. The total return based on the Fund's Market Price was 12.6%. The Fund's NAV per share was $33.62, while the price of the publicly traded shares closed at $33.69 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

**GABELLI GROWTH INNOVATORS ETF**

---

| | |
|:---|:---|
| Information Technology - Semiconductors | 15.5% |
| Communication Services | 15.2% |
| Information Technology - Software and Services | 14.9% |
| Financials | 11.5% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.2% |
| Aerospace and Defense | 3.9% |
| Energy and Utilities | 3.6% |
| Industrials | 3.6% |
| Other Assets and Liabilities (Net) | 13.5% |
|  | 100.0% |

---

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**Gabelli Growth Innovators ETF**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  |<br>**Cost** | **Market**<br>**Value** |
|  | **COMMON STOCKS – 86.5%** |  |  |
|  | **Aerospace and Defense – 3.9%** |  |  |
| 1041 | General Electric Co. | $167008 | $267943 |
| 105 | Howmet Aerospace Inc. | 17848 | 19543 |
|  |  | 184856 | 287486 |
|  | **Communication Services – 15.2%** |  |  |
| 1460 | Alphabet Inc., Cl. C | 215815 | 258989 |
| 489 | Meta Platforms Inc., Cl. A | 180222 | 360926 |
| 234 | Netflix Inc.† | 136097 | 313357 |
| 247 | Spotify Technology SA† | 61714 | 189533 |
|  |  | 593848 | 1122805 |
|  | **Consumer Discretionary – 8.2%** |  |  |
| 1915 | Amazon.com Inc.† | 330465 | 420132 |
| 1576 | Chipotle Mexican Grill Inc.† | 70123 | 88492 |
| 55 | Costco Wholesale Corp. | 35352 | 54447 |
| 16 | MercadoLibre Inc.† | 40299 | 41818 |
|  |  | 476239 | 604889 |
|  | **Energy and Utilities – 3.6%** |  |  |
| 510 | GE Vernova Inc. | 97560 | 269866 |
|  | **Financials – 11.5%** |  |  |
| 559 | Arthur J. Gallagher & Co. | 154267 | 178947 |
| 1618 | KKR & Co. Inc. | 177354 | 215243 |
| 513 | Mastercard Inc., Cl. A | 232331 | 288275 |
| 339 | Moody's Corp. | 140396 | 170039 |
|  |  | 704348 | 852504 |
|  | **Health Care – 10.1%** |  |  |
| 1316 | Boston Scientific Corp.† | 105694 | 141352 |
| 277 | Eli Lilly & Co. | 190370 | 215930 |
| 310 | Intuitive Surgical Inc.† | 120574 | 168457 |
| 569 | Stryker Corp. | 189942 | 225113 |
|  |  | 606580 | 750852 |
|  | **Industrials – 3.6%** |  |  |
| 472 | Eaton Corp. plc | 119804 | 168499 |
| 216 | Trane Technologies plc | 63984 | 94481 |
|  |  | 183788 | 262980 |
|  | **Information Technology - Semiconductors – 15.5%** |  |  |
| 622 | Applied Materials Inc. | 117110 | 113870 |
| 124 | ASML Holding NV | 94798 | 99372 |
| 1333 | Broadcom Inc. | 268020 | 367442 |
| 3567 | NVIDIA Corp. | 227952 | 563550 |
|  |  | 707880 | 1144234 |
|  | **Information Technology - Software and Services – 14.9%** |  |  |
| 955 | Apple Inc. | 213169 | 195937 |

---

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  |<br>**Cost** | **Market**<br>**Value** |
| 163 | Cadence Design Systems Inc.† | $44042 | $50229 |
| 240 | CrowdStrike Holdings Inc., Cl. A† | 55929 | 122234 |
| 137 | Intuit Inc. | 87257 | 107905 |
| 711 | Microsoft Corp. | 291790 | 353659 |
| 760 | Oracle Corp. | 140822 | 166159 |
| 102 | ServiceNow Inc.† | 58186 | 104864 |
|  |  | 891195 | 1100987 |
|  | **TOTAL INVESTMENTS — 86.5%** | $4446294 | 6396603 |
|  | **Other Assets and Liabilities (Net) — 13.5%** |  | 1000840 |
|  | **NET ASSETS — 100.0%** |  | $7397443 |

---

† Non-income producing
 security.

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $4,446,294) | $6396603 |
| &nbsp;&nbsp;&nbsp;Cash | 1000333 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 510 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 7397446 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 3 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 3 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $7397443 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $6540397 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 857046 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $7397443 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 220000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $33.62 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $60) | $11525 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 11525 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 26639 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 667 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 27306 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (16482) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 10157 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1368 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 160987 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 587190 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 748177 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $749545 |

---

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1368 | $(28651) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 160987 | 33637 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind |  | 1062762 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 587190 | 578076 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 749545 | 1645824 |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) | 807352 | 4410301 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 6) |  | (3383332) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 807352 | 1026969 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 1556897 | 2672793 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5840546 | 3167753 |
| &nbsp;&nbsp;&nbsp;End of period | $7397443 | $5840546 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 195000 | 150000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 25000 | 185000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (140000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 220000 | 195000 |

---

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Period Ended<br> December 31,<br> 2021**(a) |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $29.95 | $21.12 | $14.86 | $26.46 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)(b) | 0.01 | (0.15) | (0.10) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 3.66 | 8.98 | 6.36 | (11.49) | 1.61 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.67 | 8.83 | 6.26 | (11.60) | 1.46 |
| Net Asset Value, End of Period | $33.62 | $29.95 | $21.12 | $14.86 | $26.46 |
| **NAV total return†** | 12.27% | 41.83% | 42.16% | (43.86)% | 5.84% |
| Market price, End of Period | $33.69 | $29.93 | $21.11 | $14.84 | $26.47 |
| **Investment total return††** | 12.56% | 41.78% | 42.25% | (43.94)% | 5.88% |
| Net Assets, End of Period (in 000's) | $7397 | $5841 | $3168 | $2080 | $4102 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 0.05 %(c) | (0.55)% | (0.54)% | (0.59)% | (0.68)%(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92 %(c) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.34 %(c)(d) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 2% | 45% | 87% | 77% | 56% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on February 16, 2021. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 presented, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Growth Innovators ETF (the Fund) commenced investment operations on February 16, 2021. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to seek to provide capital appreciation.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Security Valuation.** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** |<br> **Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |
| **ASSETS (Market Value):** |  |  |
| Common Stocks (a) | $6396603 | $6396603 |
| **TOTAL INVESTMENTS IN SECURITIES - ASSETS** | $6396603 | $6396603 |

---

(a) Please refer to the
 Schedule of Investments for the industry classifications of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, and the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by a fund and timing differences. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The Fund did not have distributions for the year ended December 31, 2024.

***Provision for Income Taxes.*** The Fund qualifies as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Fund's net investment company taxable income and net capital gains on an annual basis. Therefore, no provision for federal income taxes is required.

At December 31, 2024, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

---

| | |
|:---|:---|
| Short term capital loss carryforward with no expiration | $830778 |
| Long term capital loss carryforward with no expiration | 422824 |
| Total Capital Loss Carryforward | $1253602 |

---

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $4446294 | $1970780 | $(20472) | $1950309 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. The Fund's federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to these conclusions are necessary.

**3. Investment Advisory Agreement and Other Transactions.** Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the investments of the Fund's assets. Under the Investment Advisory Agreement, the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.90% of the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2026, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2025, the Adviser waived expenses in the amount of $16,482.

**4. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $95,745 and $840,683, respectively.

**5. Capital Share Transactions.** Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged a transaction fee to cover the estimated cost to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the estimated transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition. The transaction fee is determined daily and will be limited to amounts approved by the Board and determined by the Adviser to be appropriate to defray the expenses that the Fund incurs in connection with the purchase or redemption. The purpose of transaction fees is to protect the Fund's existing shareholders from the dilutive costs associated with the purchase and redemption of Creation Units. The amount of transaction fees will differ depending on the estimated trading costs for portfolio positions and Basket processing costs and other considerations. Transaction fees may include fixed amounts per creation or redemption transactions, amounts varying with the number of Creation Units purchased or redeemed, and varying amounts based on the time an order is placed. The Fund may impose higher transaction fees when cash is substituted for Basket instruments. Higher transaction fees may apply to purchases and redemptions through the DTC than through the NSCC.

**6. Subscriptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may accept portfolio securities as payment for the purchase of Fund shares (subscriptions-in-kind). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2025, the Fund had $807,352 of subscriptions-in-kind, including cash of $116,676.

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $100 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Adviser pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $667.

**8. Significant Shareholder.** As of June 30, 2025 approximately 49.2% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**9. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

![](ggrw_back.jpg)

**Gabelli Love Our Planet & People ETF**

**Semiannual Report — June 30, 2025**

**(Y)our Portfolio Management Team**

---

| | | |
|:---|:---|:---|
| ![](lopp_001.jpg) | ![](lopp_002.jpg) | ![](lopp_003.jpg) |
| **Christopher J. Marangi**<br> **Co-Chief Investment Officer**<br> ***BA, Williams College***<br> ***MBA, Columbia Business School*** | **Timothy M. Winter, CFA**<br> **Portfolio Manager**<br> ***BA, Rollins College***<br> ***MBA, University of<br> Notre Dame*** | **Melody Prenner Bryant**<br> **Portfolio Manager**<br> ***BA, Binghamton University*** |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return of Gabelli Love Our Planet & People ETF (the Fund) was 9.1% compared with a total return of 6.2% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's Market Price was 9.4% The Fund's NAV per share was $29.68, while the price of the publicly traded shares closed at $29.71 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

**GABELLI LOVE OUR PLANET & PEOPLE ETF**

---

| | |
|:---|:---|
| Equipment and Supplies | 13.5% |
| Energy and Utilities | 13.2% |
| Environmental Services | 9.5% |
| Building and Construction | 9.4% |
| Machinery | 8.8% |
| Electronics | 7.0% |
| Automotive Parts and Accessories | 5.1% |
| Metals and Mining | 4.7% |
| General Industrial Machinery and Equipment | 4.6% |
| Financial Services | 4.5% |
| U.S. Government Obligations | 4.2% |
| Diversified Industrial | 3.2% |
| Business Services | 2.5% |
| Real Estate Investment Trust | 2.4% |
| Specialty Chemicals | 1.9% |
| Technology Services | 1.8% |
| Banking | 1.8% |
| Health Care | 1.0% |
| Consumer Products | 0.8% |
| Other Assets and Liabilities (Net) | 0.1% |
|  | 100.0% |

---

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**Gabelli Love Our Planet & People ETF**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 95.7%** |  |  |
|  | **Automotive Parts and Accessories – 5.1%** |  |  |
| 4496 | Blue Bird Corp.† | $90086 | $194047 |
| 1040 | Cummins Inc. | 247695 | 340600 |
|  |  | 337781 | 534647 |
|  | **Banking – 1.8%** |  |  |
| 12530 | Banco Bilbao Vizcaya Argentaria SA, ADR | 68385 | 192586 |
|  | **Building and Construction – 9.4%** |  |  |
| 3684 | Arcosa Inc. | 289790 | 319440 |
| 1028 | Carrier Global Corp. | 44952 | 75239 |
| 2244 | Centuri Holdings Inc.† | 47124 | 50355 |
| 3688 | Gibraltar Industries Inc.† | 190777 | 217592 |
| 3090 | Johnson Controls International plc | 159022 | 326366 |
|  |  | 731665 | 988992 |
|  | **Business Services – 2.5%** |  |  |
| 11680 | Ranpak Holdings Corp.† | 78797 | 41698 |
| 9888 | Resideo Technologies Inc.† | 199844 | 218129 |
|  |  | 278641 | 259827 |
|  | **Consumer Products – 0.8%** |  |  |
| 1454 | Unilever plc, ADR | 78643 | 88941 |
|  | **Diversified Industrial – 3.2%** |  |  |
| 3015 | AZZ Inc. | 135506 | 284857 |
| 2475 | L.B. Foster Co., Cl. A† | 41037 | 54128 |
|  |  | 176543 | 338985 |
|  | **Electronics – 7.0%** |  |  |
| 1800 | Flex Ltd.† | 22374 | 89856 |
| 26064 | Mirion Technologies Inc.† | 234356 | 561158 |
| 1541 | NEXTracker Inc., Cl. A† | 40421 | 83784 |
|  |  | 297151 | 734798 |
|  | **Energy and Utilities – 13.2%** |  |  |
| 3345 | Alliant Energy Corp. | 167874 | 202272 |
| 1895 | American Water Works Co. Inc. | 267256 | 263613 |
| 5216 | Brookfield Renewable Corp. | 178835 | 170981 |
| 720 | GE Vernova Inc. | 207708 | 380988 |
| 2645 | IDACORP Inc. | 252071 | 305365 |
| 8088 | XPLR Infrastructure LP | 109868 | 66322 |
|  |  | 1183612 | 1389541 |
|  | **Environmental Services – 9.5%** |  |  |
| 13480 | Ardagh Metal Packaging SA | 47248 | 57694 |
| 1919 | Republic Services Inc. | 208782 | 473245 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Cost** | **Market<br> Value** |
| 500 | Veralto Corp. | $47500 | $50475 |
| 2244 | Waste Connections Inc. | 238989 | 419000 |
|  |  | 542519 | 1000414 |
|  | **Equipment and Supplies – 13.5%** |  |  |
| 3374 | Crown Holdings Inc. | 294550 | 347455 |
| 1075 | Hubbell Inc. | 180561 | 439041 |
| 318 | Preformed Line Products Co. | 31292 | 50820 |
| 2964 | The Gorman-Rupp Co. | 103738 | 108838 |
| 2377 | The Timken Co. | 184454 | 172451 |
| 927 | Valmont Industries Inc. | 219528 | 302730 |
|  |  | 1014123 | 1421335 |
|  | **Financial Services – 4.5%** |  |  |
| 4516 | ING Groep NV, ADR | 41409 | 98765 |
| 720 | S&P Global Inc. | 266400 | 379649 |
|  |  | 307809 | 478414 |
|  | **General Industrial Machinery and Equipment – 4.6%** |  |  |
| 3303 | Flowserve Corp. | 146084 | 172912 |
| 8088 | Matthews International Corp., Cl. A | 263385 | 193384 |
| 4940 | Mueller Water Products Inc., Cl. A | 98819 | 118758 |
|  |  | 508288 | 485054 |
|  | **Health Care – 1.0%** |  |  |
| 1440 | Royalty Pharma plc, Cl. A | 52191 | 51883 |
| 109 | Vertex Pharmaceuticals Inc.† | 24644 | 48527 |
|  |  | 76835 | 100410 |
|  | **Machinery – 8.8%** |  |  |
| 16095 | CNH Industrial NV | 196126 | 208591 |
| 513 | Deere & Co. | 172648 | 260856 |
| 3550 | Xylem Inc. | 312048 | 459228 |
|  |  | 680822 | 928675 |
|  | **Metals and Mining – 4.7%** |  |  |
| 4250 | Cameco Corp. | 169979 | 315477 |
| 4010 | Freeport-McMoRan Inc. | 171264 | 173834 |
|  |  | 341243 | 489311 |
|  | **Real Estate Investment Trust – 2.4%** |  |  |
| 9888 | Weyerhaeuser Co. | 352623 | 254023 |
|  | **Specialty Chemicals – 1.9%** |  |  |
| 720 | Air Products and Chemicals Inc. | 184568 | 203083 |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Technology Services – 1.8%** |  |  |
| 690 | Alphabet Inc., Cl. C | $64343 | $122399 |
| 1348 | Corning Inc. | 63089 | 70891 |
|  |  | 127432 | 193290 |
|  | **TOTAL COMMON STOCKS** | 7288683 | 10082326 |
| **Principal**<br> **Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 4.2%** |  |  |
| $445000 | U.S. Treasury Bills, 4.09% to 4.29%††, 07/03/25 to 09/25/25 | 441636 | 441629 |
|  | **TOTAL INVESTMENTS — 99.9%** | $7730319 | 10523955 |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 11474 |
|  | **NET ASSETS — 100.0%** |  | $10535429 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Statement of Assets and Liabilities June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $7,730,319) | $10523955 |
| &nbsp;&nbsp;&nbsp;Cash | 5037 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 3353 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 3089 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 10535434 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 5 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 5 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10535429 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $9621532 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 913897 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10535429 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 355000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $29.68 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $3,619) | $45067 |
| &nbsp;&nbsp;&nbsp;Interest | 8626 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 53693 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 47310 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 732 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 48042 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (47310) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 53693 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (43468) |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 611538 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 201821 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 769891 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $823584 |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $53693 | $194307 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (43468) | (812520) |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 611538 | 233261 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 201821 | 1508076 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 823584 | 1123124 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  | (186186) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (33295) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (219481) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 6) | (1990204) | (799732) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Shares of Beneficial Interest Transactions** | (1990204) | (799732) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (1166620) | 103911 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 11702049 | 11598138 |
| &nbsp;&nbsp;&nbsp;End of period | $10535429 | $11702049 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 430000 | 460000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (75000) | (30000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 355000 | 430000 |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended<br> December 31,<br> 2022** | **Period Ended**<br> **December 31,**<br> **2021**(a) |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $27.21 | $25.21 | $24.58 | $29.53 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.14 | 0.44 | 0.51 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.33 | 2.07 | 0.68 | (4.99) | 4.51 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.47 | 2.51 | 1.19 | (4.46) | 4.90 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.43) | (0.50) | (0.46) | (0.37) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  | (0.08) | (0.06) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.51) | (0.56) | (0.49) | (0.37) |
| Net Asset Value, End of Period | $29.68 | $27.21 | $25.21 | $24.58 | $29.53 |
| **NAV total return†** | 9.05% | 9.95% | 4.85% | (15.08)% | 19.62% |
| Market price, End of Period | $29.71 | $27.17 | $25.19 | $24.58 | $29.51 |
| **Investment total return††** | 9.35% | 9.88% | 4.75% | (15.02)% | 19.52% |
| Net Assets, End of Period (in 000's) | $10535 | $11702 | $11598 | $12536 | $11370 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.02 %(c) | 1.64% | 2.06% | 2.08% | 1.51 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90 %(c) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c)(d) | 0.00% | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 7% | 20% | 24% | 19% | 13% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on February 1, 2021. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Love Our Planet & People ETF (the Fund) commenced investment operations on February 1, 2021. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to provide capital appreciation.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Security Valuation.** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $10082326 |  | $10082326 |
| U.S. Government Obligations |  | $441629 | $441629 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $10082326 | $441629 | $10523955 |

---

(a) Please refer to the
 Schedule of Investments for the industry classifications of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, and the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by a Fund and timing differences. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $186186 |
| Return of capital | 33295 |
| Total distributions paid | $219481 |

---

***Provision for Income Taxes.*** The Fund qualifies as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Fund's net investment company taxable income and net capital gains on an annual basis. Therefore, no provision for federal income taxes is required.

At December 31, 2024, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

---

| | |
|:---|:---|
| Short term capital loss carryforward with no expiration | $506420 |
| Long term capital loss carryforward with no expiration | 1949155 |
| Total Capital Loss Carryforward | $2455575 |

---

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross** **<br> Unrealized<br> Appreciation** | **Gross** **<br> Unrealized<br> Depreciation** | **Net** **<br> Unrealized<br> Appreciation** |
| Investments | $7730319 | $3066706 | $(273070) | $2793636 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. The Fund's federal and state tax returns will remain open and subject to examination for three years. On an

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to these conclusions are necessary.

**3. Investment Advisory Agreement and Other Transactions.** Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the investment of the Fund's assets. Under the Investment Advisory Agreement, the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.90% of the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $100 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2026, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2025, the Adviser waived expenses in the amount of $47,310.

**4. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities, U.S. Government obligations, and in-kind transactions, aggregated $694,264 and $668,344, respectively.

**5. Capital Share Transactions.** Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged a transaction fee to cover the estimated cost to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the estimated transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition. The transaction fee is determined daily and will be limited to amounts approved by the Board and determined by the Adviser to be appropriate to defray the expenses that the Fund incurs in connection with the purchase or redemption. The purpose of transaction fees is to protect the Fund's existing shareholders from the dilutive costs associated with the purchase and redemption of Creation Units. The amount of transaction fees will differ depending on the estimated trading costs for portfolio positions and Basket processing costs and other considerations. Transaction fees may include fixed amounts per creation or redemption transactions, amounts varying with the number of Creation Units purchased or redeemed, and varying amounts based on the time an order is placed. The Fund may impose higher transaction fees when cash is substituted for Basket instruments. Higher transaction fees may apply to purchases and redemptions through the DTC than through the NSCC.

**6. Redemptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2025, the Fund realized net gain of $611,538 on $1,990,204 of redemptions-in-kind, including cash of $94,625.

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Unaudited) (Continued)**

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $90 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Adviser pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $732.

**8. Significant Shareholder.** As of June 30, 2025, the Fund's Adviser and its affiliates beneficially owned 81.3% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**9. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC that is affiliated with GAMCO Investors, Inc. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

![](lopp_back.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) An
 open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR
 274.11A] must file the information required by Item 13 of Form N- 1A.

The Financial Highlights are attached herewith.

**Gabelli Automation ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **<br>Year Ended<br> December 31,<br> 2024** | **<br>Year Ended<br> December 31,<br> 2023** | **<br>Period Ended<br> December 31,<br> 2022**(a) |
| **Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $26.94 | $24.45 | $20.85 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.11 | 0.21 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.06 | 2.48 | 3.62 | (4.15) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.17 | 2.69 | 3.81 | (3.99) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.20) | (0.21) | (0.16) |
| Net Asset Value, End of Period | $29.11 | $26.94 | $24.45 | $20.85 |
| **NAV total return†** | 8.06% | 10.99% | 18.23% | (15.90)% |
| Market price, End of Period | $29.14 | $26.95 | $24.44 | $20.86 |
| **Investment total return††** | 8.13% | 11.09% | 18.14% | (15.90)% |
| Net Assets, End of Period (in 000's) | $5822 | $5388 | $4646 | $4379 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.83 %(c) | 0.80% | 0.84% | 0.78 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.93 %(c) | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c)(d) | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 3% | 1% | 13% | 28% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on January 5, 2022. The Fund first sold shares on January 3, 2022. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2023**(a) |
| **Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $33.94 | $28.27 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.12 | 0.24 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | 7.60 | 6.05 | 3.26 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 7.72 | 6.29 | 3.54 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.21) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains on Investments |  | (0.41) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.62) | (0.27) |
| Net Asset Value, End of Period | $41.66 | $33.94 | $28.27 |
| **NAV total return†** | 22.73% | 22.24% | 14.14% |
| Market price, End of Period | $41.70 | $34.00 | $28.31 |
| **Investment total return††** | 22.65% | 22.24% | 14.31% |
| Net Assets, End of Period (in 000's) | $9582 | $6958 | $4382 |
| **Ratio to average net assets of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 0.67 %(c) | 0.76% | 1.11 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92 %(c) | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c)(d) | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 2% | 6% | 28% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on January 3, 2023. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 presented, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Financial Services Opportunities ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Period Ended<br> December 31,**<br> **2022**(a) |
| **Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $45.48 | $32.78 | $24.77 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.16 | 0.45 | 0.51 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 1.78 | 14.16 | 9.12 | (0.23) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.94 | 14.61 | 9.63 | 0.10 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (1.91) | (1.62) | (0.33) |
| Net Asset Value, End of Period | $47.42 | $45.48 | $32.78 | $24.77 |
| **NAV total return†** | 4.26% | 44.59% | 38.83% | 0.41% |
| Market price, End of Period | $47.45 | $45.46 | $32.79 | $24.77 |
| **Investment total return††** | 4.38% | 44.46% | 38.89% | 0.41% |
| Net Assets, End of Period (in 000's) | $41016 | $38660 | $9013 | $5202 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.73 %(c) | 1.08% | 1.77% | 2.01 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90 %(c) | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.34 %(c)(d) | 0.12% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 19% | 13% | 31% | 72% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on May 10, 2022. The Fund first sold shares on May 9, 2022. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 presented, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Period Ended<br> December 31,<br> 2021**(a) |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $29.95 | $21.12 | $14.86 | $26.46 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)(b) | 0.01 | (0.15) | (0.10) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 3.66 | 8.98 | 6.36 | (11.49) | 1.61 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.67 | 8.83 | 6.26 | (11.60) | 1.46 |
| Net Asset Value, End of Period | $33.62 | $29.95 | $21.12 | $14.86 | $26.46 |
| **NAV total return†** | 12.27% | 41.83% | 42.16% | (43.86)% | 5.84% |
| Market price, End of Period | $33.69 | $29.93 | $21.11 | $14.84 | $26.47 |
| **Investment total return††** | 12.56% | 41.78% | 42.25% | (43.94)% | 5.88% |
| Net Assets, End of Period (in 000's) | $7397 | $5841 | $3168 | $2080 | $4102 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 0.05 %(c) | (0.55)% | (0.54)% | (0.59)% | (0.68)%(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92 %(c) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.34 %(c)(d) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 2% | 45% | 87% | 77% | 56% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on February 16, 2021. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 presented, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended<br> December 31,<br> 2022** | **Period Ended**<br> **December 31,**<br> **2021**(a) |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $27.21 | $25.21 | $24.58 | $29.53 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.14 | 0.44 | 0.51 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.33 | 2.07 | 0.68 | (4.99) | 4.51 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.47 | 2.51 | 1.19 | (4.46) | 4.90 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.43) | (0.50) | (0.46) | (0.37) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  | (0.08) | (0.06) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.51) | (0.56) | (0.49) | (0.37) |
| Net Asset Value, End of Period | $29.68 | $27.21 | $25.21 | $24.58 | $29.53 |
| **NAV total return†** | 9.05% | 9.95% | 4.85% | (15.08)% | 19.62% |
| Market price, End of Period | $29.71 | $27.17 | $25.19 | $24.58 | $29.51 |
| **Investment total return††** | 9.35% | 9.88% | 4.75% | (15.02)% | 19.52% |
| Net Assets, End of Period (in 000's) | $10535 | $11702 | $11598 | $12536 | $11370 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.02 %(c) | 1.64% | 2.06% | 2.08% | 1.51 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90 %(c) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c)(d) | 0.00% | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 7% | 20% | 24% | 19% | 13% |

---

---

| | |
|:---|:---|
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates. |
| †† | Based on market price per share. Total return for a period of less than one year is not annualized. |
| (a) | The Fund commenced investment operations on February 1, 2021. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025, there was minimal impact on the expense ratios. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |

---

See accompanying notes to financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members
 of any advisory board for regular compensation;

---

| | |
|:---|:---|
| John Birch | $1750 |
| Anthony S. Colavita | $2000 |
| Michael J. Ferrantino | $1500 |
| Leslie F. Foley | $1500 |
| Michael J. Melarkey | $1500 |
| Agnes Mullady | $1500 |
| Salvatore J. Zizza | $1750 |

---

(2) Each director and each
 member of an advisory board for special compensation; $0

(3) All officers; $0 and

(4) Each person of whom any
 officer or director of the Fund is an affiliated person.

---

| | |
|:---|:---|
| Agnes Mullady | $1500 |

---

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive and principal financial officers, or persons performing
 similar functions, have concluded that the registrant's disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
 date of the report that includes the disclosure required by this paragraph, based on their
 evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](gabellietf_ex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](gabellietf_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Gabelli ETFs Trust |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | September 4, 2025 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli ETFs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli ETFs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of Gabelli ETFs Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli ETFs Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---