# EDGAR Filing Document

**Accession Number:** 0001748425
**File Stem:** 0001829126-26-002089
**Filing Date:** 2026-3
**Character Count:** 443018
**Document Hash:** fd5c1e8f79849f97010fc6d7ea571c8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002089.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001829126-26-002089

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23568
- **FILM NUMBER:** 26734148

**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 Global Technology Leaders ETF (Series ID: S000076599)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000236584 | Gabelli Global Technology Leaders ETF | GGTL            |

### Gabelli High Income ETF (Series ID: S000095379)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000264100 | Gabelli High Income ETF | GBHI            |

### Keeley Dividend ETF (Series ID: S000096300)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000265130 | Keeley Dividend ETF | KDVD            |

### Gabelli Opportunities in Live and Sports ETF (Series ID: S000099690)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000269470 | Gabelli Opportunities in Live and Sports ETF | GOLS            |

?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>December 31, 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) The Report to Shareholders is attached herewith.

# Gabelli Commercial Aerospace and Defense ETF

# GCAD -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about the Gabelli Commercial Aerospace and Defense ETF (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GCAD/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(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](i53261c02ee08368f963568ce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **G10K** | **Gabelli Commercial Aerospace and Defense ETF** | **S&P 500 Index** | **MSCI World Aerospace and Defense Index** |
| **1/23** | 10000 | 10000 | 10000 |
| **12/23** | 11414 | 12679 | 12679 |
| **12/24** | 13953 | 15851 | 15075 |
| **12/25** | 19442 | 18685 | 22207 |

---

## How did the Fund perform?
For the fiscal year ended December 31, 2025, the Gabelli Commercial Aerospace and Defense ETF (GCAD) outperformed its broad-based benchmark, the S&P 500 Index and underperformed its comparative, the MSCI World Aerospace and Defense Index. Unprecedented global defense spending, increased airline revenues, and AI provided significant tailwinds. Contributors included Howmet Aerospace Inc., Astronics Corp., and Mercury Systems, Inc. Detractors included Redwire Corp. and Honeywell Inc.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (01/03/2023)** |
| Gabelli Commercial Aerospace and Defense ETF | 39.34% | 24.89% |
| S&P 500 Index | 17.88% | 23.24% |
| MSCI World Aerospace and Defense Index | 47.31% | 26.97% |

---

## Fund Statistics
* Total Net Assets$14,369,535

* # of Portfolio Holdings41

* Portfolio Turnover Rate9%

* 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. | 6.9% |
| Northrop Grumman Corp. | 5.2% |
| Albany International Corp. | 5.1% |
| Lockheed Martin Corp. | 5.0% |
| Textron Inc. | 4.9% |
| Moog Inc. | 4.7% |
| Hexcel Corp. | 4.5% |
| Honeywell International Inc. | 3.9% |
| L3Harris Technologies Inc. | 3.3% |
| Ducommun Inc. | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 85.2% |
| U.S. Government Obligations | 16.8% |
| Other Assets and Liabilities (Net) | (2.0)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i0cca3f3f242a76edd2069c7b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Aerospace and Defense | 56.8% |
| Aviation: Parts and Services | 27.5% |
| U.S. Government Obligations | 16.8% |
| Computer Software and Services | 0.9% |
| Other Assets and Liabilities (Net) | (2.0)% |

---

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

![Image](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli Commercial Aerospace and Defense ETF

# GCAD -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GCAD/.

**Contact Us**

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

Email: info@gabelli.com

GCAD-25-ATSR

# Gabelli Financial Services Opportunities ETF

# GABF -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about the Gabelli Financial Services Opportunities ETF (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GABF/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(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** | **$35** | **0.34%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i143322737c8d62d6a4a138fe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **G10K** | **Gabelli Financial Services Opportunities ETF** | **S&P 500 Index** | **S&P 500 Financials Index** |
| **5/22** | 10000 | 10000 | 10000 |
| **12/22** | 10041 | 9708 | 10349 |
| **12/23** | 13939 | 12260 | 11606 |
| **12/24** | 20155 | 15328 | 15153 |
| **12/25** | 20870 | 18068 | 17429 |

---

## How did the Fund perform?
For the year ended December 31, 2025, the Gabelli Financial Services Opportunities ETF underperformed its benchmarks, the S&P 500 and S&P 500 Financials Indices. Technological innovation is benefiting and transforming traditional banking institutions through lower cost new client acquisition, improved operating efficiency, and higher customer engagement. Contributors included SuRO Capital Corp., Interactive Brokers Group, and JPMorgan Chase & Co. Detractors included Blue Owl Capital, Inc., Paysafe Ltd, and Fiserv, Inc.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (05/10/2022)** |
| Gabelli Financial Services Opportunities ETF | 3.55% | 22.37% |
| S&P 500 Index | 17.88% | 17.65% |
| S&P 500 Financials Index | 15.02% | 16.49% |

---

## Fund Statistics
* Total Net Assets$37,190,615

* # of Portfolio Holdings44

* Portfolio Turnover Rate31%

* Management Fees$134,431

Past performance does not guarantee future results.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SuRo Capital Corp., BDC | 6.1% |
| Berkshire Hathaway Inc. | 6.0% |
| JPMorgan Chase & Co. | 5.1% |
| Wells Fargo & Co. | 5.1% |
| Cohen & Steers Inc. | 5.1% |
| KKR & Co. Inc. | 5.0% |
| Fiserv Inc. | 4.7% |
| Blue Owl Capital Inc. | 4.6% |
| Blackstone Inc. | 4.3% |
| W. R. Berkley Corp. | 4.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 94.5% |
| Closed-End Funds | 6.1% |
| U.S. Government Obligations | 1.2% |
| Other Assets and Liabilities (Net) | (1.8)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](if98acc9d75901fc6693c60f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 81.8% |
| Closed-End Funds | 6.1% |
| Computer Software and Services | 4.7% |
| Real Estate | 3.1% |
| Banking | 3.0% |
| Diversified Industrial | 1.9% |
| U.S. Government Obligations | 1.2% |
| Other Assets and Liabilities (Net) | (1.8)% |

---

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

![Image](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli Financial Services Opportunities ETF

# GABF -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GABF/.

**Contact Us**

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

Email: info@gabelli.com

GABF-25-ATSR

# Gabelli Global Technology Leaders ETF

# GGTL -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about the Gabelli Global Technology Leaders ETF (the Fund) for the period of January 1, 2025 to December 31, 2025. The Gabelli Global Technology Leaders Exchange-Traded Fund (ETF) primarily seeks to provide growth of capital. The Fund will invest in the securities of companies principally engaged in the group of industries comprising the technology sector. The Fund invests primarily in common stocks of foreign and domestic small cap, mid cap, and large cap issuers that the Adviser believes are leaders within their respective industries. As a "global" fund, the Fund invests in securities of issuers in at least three countries outside the U.S. You may find additional information about the Fund at https://gabelli.com/ticker/GGTL/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

**This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund costs for the last year?
(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 Global Technology Leaders ETF** | **$0** | **0.00%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i334e461a843cf9e882f06fe5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **G10K** | **Gabelli Global Technology Leaders ETF** | **S&P 500 Index** | **MSCI USA Consumer Discretionary Index** | **MSCI USA Industrials Index** |
| **1/22** | 10000 | 10000 | 10000 | 10000 |
| **12/22** | 8407 | 10948 | 6220 | 9260 |
| **12/23** | 9940 | 13826 | 8824 | 11150 |
| **12/24** | 11033 | 17286 | 11471 | 12992 |
| **12/25** | 13214 | 20376 | 12143 | 15437 |

---

## How did the Fund perform?
For the year ended December 31, 2025, the Gabelli Global Technology Leaders ETF outperformed its broad-based and comparative benchmarks, the S&P 500, the MSCI USA IMI Consumer Discretionary, and MSCI USA IMI Industrials Indices. GGTL's investment strategy reflects a dynamic, global investment universe of technology leaders with leading market positions compelling long-term growth potential. Contributors to the portfolio included Allient Inc., Newmont Corporation, and Rockwell Automation, Inc. Detractors included Spectrum Brands Holdings, Inc., Sony Group, and Broadcom Inc.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (01/05/2022)** |
| Gabelli Global Technology Leaders ETF | 19.78% | 7.24% |
| S&P 500 Index | 17.88% | 11.53% |
| MSCI USA Consumer Discretionary Index | 5.86% | 5.12% |
| MSCI USA Industrials Index | 18.82% | 11.84% |

---

## Fund Statistics
* Total Net Assets$7,184,972

* # of Portfolio Holdings45

* Portfolio Turnover Rate37%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.3% |
| Oracle Corp. | 9.9% |
| Sony Group Corp. | 7.1% |
| Broadcom Inc. | 5.2% |
| NVIDIA Corp. | 3.9% |
| Advanced Micro Devices Inc. | 3.2% |
| Kyndryl Holdings Inc. | 3.2% |
| Arista Networks Inc. | 2.9% |
| Texas Instruments Inc. | 2.4% |
| Check Point Software Technologies Ltd. | 2.0% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 69.3% |
| U.S. Government Obligations | 53.5% |
| Other Assets and Liabilities (Net) | (22.8)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i9785183be1d394f989a9fe4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Obligations | 53.5% |
| Semiconductors | 26.2% |
| Prepackaged Software | 12.3% |
| Electronics | 10.8% |
| Computer Software and Services | 8.0% |
| Communication Services | 4.5% |
| Computer Integrated Systems Design | 3.2% |
| Entertainment | 2.2% |
| Other Industry Sectors | 2.1% |
| Other Assets and Liabilities (Net) | (22.8)% |

---

## Material Fund Changes
Effective December 15, 2025, The Gabelli Automation ETF changed its name to the Gabelli Global Technology Leaders ETF.

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

![Image](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli Global Technology Leaders ETF

# GGTL -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GGTL/.

**Contact Us**

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

Email: info@gabelli.com

GGTL-25-ATSR

# Gabelli Growth Innovators ETF

# GGRW -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about the Gabelli Growth Innovators ETF (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GGRW/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(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** | **$16** | **0.15%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i92234e75cfdbcbad1f4a94fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **G10K** | **Gabelli Growth Innovators ETF** | **S&P 500 Index** | **NASDAQ Composite Index** |
| **2/21** | 10000 | 10000 | 10000 |
| **12/21** | 10584 | 12270 | 11202 |
| **12/22** | 5942 | 10048 | 7557 |
| **12/23** | 8447 | 12689 | 10930 |
| **12/24** | 11980 | 15864 | 14162 |
| **12/25** | 14153 | 18701 | 17156 |

---

## How did the Fund perform?
For the year ended December 31, 2025, the Gabelli Growth Innovators ETF outperformed its broad-based benchmark, the S&P 500 Index, and underperformed its comparative benchmark, the NASDAQ Composite Index. U.S. stocks capped off a third consecutive year of double-digit returns as market leadership broadened, muddling through the longest federal government shutdown on record and some mixed economic data. Contributors included GE Vernova Inc., Broadcom Inc., and NVIDIA. Detractors included ServiceNow, Inc., Chipotle Mexican Grill, and KKR & Co.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (02/12/2021)** |
| Gabelli Growth Innovators ETF | 18.13% | 7.37% |
| S&P 500 Index | 17.88% | 13.72% |
| NASDAQ Composite Index | 21.14% | 11.73% |

---

## Fund Statistics
* Total Net Assets$8,103,191

* # of Portfolio Holdings37

* Portfolio Turnover Rate6%

* 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. | 8.6% |
| Alphabet Inc. | 5.9% |
| Amazon.com Inc. | 5.6% |
| Broadcom Inc. | 4.6% |
| Microsoft Corp. | 4.4% |
| Meta Platforms Inc. | 4.2% |
| GE Vernova Inc. | 4.1% |
| Eli Lilly & Co. | 4.1% |
| General Electric Co. | 4.1% |
| Mastercard Inc. | 3.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 86.3% |
| U.S. Government Obligations | 14.1% |
| Other Assets and Liabilities (Net) | (0.4)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i538657cf578013bfef07e04b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology - Semiconductors | 16.9% |
| Communication Services | 14.8% |
| Information Technology - Software and Services | 14.2% |
| U.S. Government Obligations | 14.1% |
| Health Care | 10.6% |
| Financials | 8.5% |
| Consumer Discretionary | 6.5% |
| Aerospace and Defense | 4.6% |
| Other Industry Sectors | 10.2% |
| Other Assets and Liabilities (Net) | (0.4)% |

---

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

![Image](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli Growth Innovators ETF

# GGRW -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GGRW/.

**Contact Us**

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

Email: info@gabelli.com

GGRW-25-ATSR

# Gabelli High Income ETF

# GBHI -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about Gabelli High Income ETF (the Fund) for the period of November 14, 2025 to December 31, 2025. The Fund is an actively managed, fully transparent exchange traded fund whose investment objective is to provide investors with consistent income opportunities while seeking to preserve capital. Under normal conditions, the Fund invests primarily in a diversified portfolio of income-producing securities, including high-yield corporate bonds, convertible securities, and other income-generating instruments. The strategy seeks to capitalize on market inefficiencies within the credit and hybrid markets—focusing on issuers with strong fundamentals, improving balance sheets, and identifiable catalysts that can unlock value over time. You may find additional information about the Fund at https://gabelli.com/ticker/GBHI/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(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 High Income ETF** | **$0** | **0.00%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i50ef8eb37672e718ceac4298.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **G10K** | **Gabelli High Income ETF** | **S&P 500 Index** | **ICE BofA 1-10 Year BB Cash Pay High Yield Index** |
| **11/25** | 10000 | 10000 | 10000 |
| **12/25** | 10124 | 10204 | 10055 |

---

## How did the Fund perform?
For the year ended December 31, 2025 the Gabelli High Income ETF underperformed its broad-based benchmark, the S&P 500 Index and its comparative, the ICE BofA 1-10 Year BB Cash Pay High Yield Index. The Fund emphasizes research-driven credit selection and disciplined risk management. Contributors to performance included Ashland Inc. 3.375%, Carpenter Technology Corporation 5.625%, and Minerals Technologies Inc. 5.0%. Detractors included FMC Corporation 5.65%, Garrett Motion Holdings, Inc. 7.75%, and MPLX LP.

### Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Since Inception (11/14/2025)** |
| Gabelli High Income ETF | 1.24% |
| S&P 500 Index | 1.83% |
| ICE BofA 1-10 Year BB Cash Pay High Yield Index | 1.34% |

---

## Fund Statistics
* Total Net Assets$6,037,413

* # of Portfolio Holdings75

* Portfolio Turnover Rate0%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SoftBank Group Corp. | 3.3% |
| Celanese US Holdings LLC | 2.1% |
| Post Holdings Inc. | 2.1% |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | 2.1% |
| Rogers Communications Inc., | 2.1% |
| Garrett Motion Holdings Inc./Garrett LX I Sarl | 1.8% |
| Herc Holdings Inc., New York | 1.7% |
| Knife River Corp. | 1.7% |
| GFL Environmental Inc. | 1.7% |
| Alumina Pty Ltd. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Corporate Bond | 89.8% |
| U.S. Government Obligations | 6.9% |
| Common Stock | 3.0% |
| Preferred Stock | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | (0.2)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](ifeeee9af276012fab8ea3c64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Diversified Industrial | 16.0% |
| Energy | 13.2% |
| Materials | 10.5% |
| Chemicals | 8.8% |
| Financials | 8.4% |
| U.S. Government Obligations | 6.9% |
| Consumer Services | 6.8% |
| Utilities | 5.4% |
| Other Industry Sectors | 24.2% |
| 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](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli High Income ETF

# GBHI -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GBHI/.

**Contact Us**

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

Email: info@gabelli.com

GBHI-25-ATSR

# Gabelli Love Our Planet & People ETF

# LOPP -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about the Gabelli Love Our Planet & People ETF (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/LOPP/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(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](id48923ac29f62e7df2ca6048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **G10K** | **Gabelli Love Our Planet & People ETF** | **S&P 500 Index** | **MSCI USA SRI Index** |
| **1/21** | 10000 | 10000 | 10000 |
| **12/21** | 11962 | 12796 | 13580 |
| **12/22** | 10157 | 10479 | 10418 |
| **12/23** | 10650 | 13233 | 13911 |
| **12/24** | 11709 | 16544 | 16509 |
| **12/25** | 14320 | 19503 | 18561 |

---

## How did the Fund perform?
For the year ended December 31, 2025 the Gabelli Love Our Planet & People ETF outperformed its broad-based and comparative benchmarks, the S&P 500 and MSCI USA SRI Indices. The Fund benefitted from themes such as renewable power; water conservation; waste reduction, reuse and recycling; precision agriculture; clean mobility; and human health and nutrition. Contributors included GE Vernova Inc., Miron Technologies, Inc., and Cameco Corp. Detractors included Gibraltar Industries, Inc., Weyerhaeuser Company, and XPLR Infrastructure, LP.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (01/29/2021)** |
| Gabelli Love Our Planet & People ETF | 22.30% | 7.57% |
| S&P 500 Index | 17.88% | 14.56% |
| MSCI USA SRI Index | 12.43% | 12.92% |

---

## Fund Statistics
* Total Net Assets$16,505,645

* # of Portfolio Holdings63

* Portfolio Turnover Rate14%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Xylem Inc. | 3.5% |
| Waste Connections Inc. | 3.3% |
| Crown Holdings Inc. | 3.1% |
| Cummins Inc. | 3.1% |
| GE Vernova Inc. | 3.0% |
| S&P Global Inc. | 2.9% |
| Mirion Technologies Inc. | 2.8% |
| Cameco Corp. | 2.8% |
| IDACORP Inc. | 2.8% |
| Hubbell Inc. | 2.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 85.4% |
| U.S. Government Obligations | 22.3% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i44ebf46c047a50fe6cbfd18e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Obligations | 22.3% |
| Energy and Utilities | 14.7% |
| Equipment and Supplies | 11.2% |
| Machinery | 7.0% |
| Building and Construction | 6.9% |
| Environmental Services | 6.6% |
| Metals and Mining | 5.3% |
| Electronics | 5.1% |
| Other Industry Sectors | 28.6% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

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

![Image](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli Love Our Planet & People ETF

# LOPP -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/LOPP/.

**Contact Us**

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

Email: info@gabelli.com

LOPP-25-ATSR

# Gabelli Opportunities in Live and Sports ETF

# GOLS -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about Gabelli Opportunities in Live and Sports ETF (the Fund) for the period of December 31, 2025 to December 31, 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 securities of companies principally engaged in the group of industries comprising the live media and entertainment and sports sectors. Live media and entertainment include, but are not limited to, television and radio stations, motion picture companies, print publishers and providers of internet content, as media service providers. Sports-related activities can include direct operation or ownership of sports teams or leagues, sports related real estate, sale of sports related products or services, and sports media and content distribution. You may find additional information about the Fund at https://gabelli.com/ticker/GOLS/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(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 Opportunities in Live and Sports ETF** | **$0** | **0.00%** |

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i07065cf7000b47bee813f9a3.jpg)

---

| | | |
|:---|:---|:---|
| **G10K** | **Gabelli Opportunities in Live and Sports ETF** | **S&P 500 Index** |
| **12/25** | 10000 | 10000 |

---

## How did the Fund perform?
The Gabelli Opportunities in Live and Sports (GOLS) launched on 12/31/25. As consumers display a preference for "experiences" over "things," attendance at live events including concerts and sporting events continue to reach all-time highs. GOLS invests in companies providing these experiences, including concert promoters and sports-related entities. Sports teams themselves have compounded at a mid-teens rate over the last decade as they are a conduit not only for the above secular trends, but represent scarce assets with pricing power and economic resilience.

### Average Annual Total Returns

---

| |
|:---|
| AATR |
| Gabelli Opportunities in Live and Sports ETF |
| S&P 500 Index |

---

## Fund Statistics
* Total Net Assets$10,673,273

* # of Portfolio Holdings21

* Portfolio Turnover Rate0%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Atlanta Braves Holdings Inc. | 3.8% |
| Liberty Media Corp. - Liberty Formula One | 3.8% |
| Madison Square Garden Sports Corp. | 3.6% |
| Liberty Live Holdings Inc. | 3.0% |
| Madison Square Garden Entertainment Corp. | 2.5% |
| Comcast Corp. | 2.5% |
| Ferrari NV | 2.1% |
| The Walt Disney Co. | 2.0% |
| Fox Corp. | 2.0% |
| Warner Bros Discovery Inc. | 2.0% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 100.0% |
| Common Stock | 40.1% |
| Other Assets and Liabilities (Net) | (40.1)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](i895efd2e208314719c5ad9bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Obligations | 100.0% |
| Sports | 23.2% |
| Media | 10.8% |
| Live Entertainment | 6.1% |
| Other Assets and Liabilities (Net) | (40.1)% |

---

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

![Image](i2a0dbaf6f5304ce34da28c25.jpg)

#### Gabelli Opportunities in Live and Sports ETF

# GOLS -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GOLS/.

**Contact Us**

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

Email: info@gabelli.com

GOLS-25-ATSR

# Keeley Dividend ETF

# KDVD -

# NYSE Arca

# Annual Shareholder Report - December 31, 2025
![Image](i336189b1e127d7d091e4e982.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 annual shareholder report contains important information about Keeley Dividend ETF (the Fund) for the period of December 5, 2025 to December 31, 2025. The Fund is an actively managed, fully transparent exchange traded fund whose investment objective is seeking long-term capital appreciation and current income by investing primarily in dividend-paying U.S. equities. The strategy focuses on small- and mid-cap companies: an underutilized and often overlooked segment of the market that historically offers higher yields, lower valuations, and stronger domestic growth exposure. Under normal conditions, the Fund invests across the full dividend spectrum, from companies with modest payouts and high reinvestment opportunities to steady growers and established high yielders. You may find additional information about the Fund at https://gabelli.com/ticker/KDVD/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

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

---

### Total Return Based on a $10,000 Investment
![Line Graph Depicting Growth of 10k from dates mentioned](i194ea1b9b65afb56ccb8662e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **G10K** | **Keeley Dividend ETF** | **S&P 500 Index** | **Russell 2500 Value Index** |
| **12/25** | 10000 | 10000 | 10000 |
| **12/25** | 9977 | 10183 | 10023 |

---

## How did the Fund perform?
For the year ended December 31, 2025, the Keeley Dividend ETF underperformed its benchmarks, the S&P 500 and Russell 2500 Value Indices. From a fundamental standpoint, domestic economic stimulus, a more accommodating regulatory environment, and a pickup in mergers and acquisitions all bode well for shares of smaller companies. Small cap stocks currently trade at a steep valuation discount relative to, and yield more than, comparative large caps. Contributors included OUTFRONT Media, Comerica, and Merck. Detractors included Perrigo, Crane NXT, and Alight.

### Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Since Inception (12/05/2025)** |
| Keeley Dividend ETF | (0.23)% |
| S&P 500 Index | 0.05% |
| Russell 2500 Value Index | 0.23% |

---

## Fund Statistics
* Total Net Assets$6,222,884

* # of Portfolio Holdings67

* Portfolio Turnover Rate0%

* Management Fees$0

Past performance does not guarantee future results.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Allison Transmission Holdings Inc. | 1.8% |
| Gen Digital Inc. | 1.8% |
| Comerica Inc. | 1.7% |
| Chemed Corp. | 1.7% |
| Regal Rexnord Corp. | 1.7% |
| Voya Financial Inc. | 1.7% |
| Brunswick Corp. | 1.7% |
| Reinsurance Group of America Inc. | 1.6% |
| Nexstar Media Group Inc. | 1.6% |
| Molson Coors Beverage Co. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stock | 90.5% |
| U.S. Government Obligations | 9.6% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Group By Industry Chart](ic8be02ebe013fb10fd24de75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.6% |
| Industrials | 10.2% |
| Health Care | 9.9% |
| U.S. Government Obligations | 9.6% |
| Consumer Discretionary | 9.6% |
| Real Estate | 8.7% |
| Materials | 7.7% |
| Information Technology | 7.4% |
| Other Industry Sectors | 18.4% |
| 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](i2a0dbaf6f5304ce34da28c25.jpg)

#### Keeley Dividend ETF

# KDVD -

# NYSE Arca

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/KDVD/.

**Contact Us**

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

Email: info@gabelli.com

KDVD-25-ATSR

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

 **Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period
 covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial
 officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
 are employed by the registrant or a third party (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period
 covered by this report, to a provision of the Code of Ethics that applies to the registrant's principal executive officer, principal
 financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
 are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b)
 of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers,
 including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether
 these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of
 Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an
 Exhibit.

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

As of the end of the period covered by the report, the registrant's board of directors has determined that Salvatore J. Zizza is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered
 by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided
 by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $91,800 in 2024 and $126,726
 in 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance
 and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's
 financial statements and are not reported under paragraph (a) of this Item are $10,000 in 2024 and $0 in 2025. The fee related to
 review of the Registrant's registration statement.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional
 services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $23,920 in 2024 and $37,905 in 2025.
 Tax fees include amounts related to tax compliance, tax reporting and tax planning.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products
 and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item
 are $0 in 2024 and $0 in 2025. Tax fees represent tax compliance services provided in connection with the review of the Registrant's
 tax returns.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal
 accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed
 to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant
 for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose
 role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal
 years of the registrant was $10,000 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the
 board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
 to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining
 the principal accountant's independence.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has a separately designated
 audit committee consisting of the following members: John Birch, Anthony S. Colavita, and Salvatore J. Zizza.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If applicable, provide the disclosure required
 by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

 **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 7 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 annual financial statements are attached herewith.

**Gabelli Commercial Aerospace and Defense ETF**

**Annual Report — December 31, 2025**

---

| |
|:---|
| ![](gcad_001.jpg) |
| **Tony Bancroft**<br> **Portfolio Manager**<br> ***BS, United States Naval Academy***<br> ***MBA, Columbia Business School*** |

---

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return of Gabelli Commercial Aerospace and Defense ETF (the Fund) was 39.3% compared with a total return of 17.9% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's market price was 39.3%. The Fund's NAV per share was $46.35, while the price of the publicly traded shares closed at $46.41 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI COMMERCIAL AEROSPACE AND DEFENSE ETF**

---

| | |
|:---|:---|
| Aerospace and Defense | 56.8% |
| Aviation: Parts and Services | 27.5% |
| U.S. Government Obligations | 16.8% |
| Computer Software and Services | 0.9% |
| Other Assets and Liabilities (Net) | (2.0)% |
|  | 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 — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 85.2%** |  |  |
|  | **Aerospace and Defense – 56.8%** |  |  |
| 2687 | Cadre Holdings Inc. | $73032 | $109737 |
| 2058 | Crane Co. | 277588 | 379557 |
| 151 | Elbit Systems Ltd. | 29080 | 87234 |
| 5073 | Firefly Aerospace Inc.† | 105226 | 113483 |
| 1275 | General Dynamics Corp. | 409148 | 429241 |
| 773 | General Electric Co. | 101243 | 238107 |
| 701 | HEICO Corp. | 126725 | 226837 |
| 8704 | Hexcel Corp. | 577234 | 643226 |
| 1841 | Howmet Aerospace Inc. | 98199 | 377442 |
| 12313 | Innovative Solutions and Support Inc.† | 126939 | 233208 |
| 73 | Karman Holdings Inc.† | 1793 | 5341 |
| 1656 | Kratos Defense & Security Solutions Inc.† | 27944 | 125707 |
| 1600 | L3Harris Technologies Inc. | 411445 | 469712 |
| 840 | Leidos Holdings Inc. | 91931 | 151536 |
| 3935 | Leonardo DRS Inc. | 99140 | 134144 |
| 1485 | Lockheed Martin Corp. | 675554 | 718250 |
| 6113 | Mercury Systems Inc.† | 220175 | 446310 |
| 1310 | Northrop Grumman Corp. | 702079 | 746975 |
| 2939 | Park Aerospace Corp. | 39623 | 62718 |
| 21759 | Redwire Corp.† | 130494 | 165368 |
| 1544 | RTX Corp. | 144809 | 283170 |
| 2000 | StandardAero Inc.† | 57305 | 57360 |
| 8040 | Textron Inc. | 653986 | 700847 |
| 4580 | The Boeing Co.† | 933241 | 994410 |
| 200 | TransDigm Group Inc. | 253433 | 265970 |
|  |  | 6367366 | 8165890 |
|  | **Aviation: Parts and Services – 27.5%** |  |  |
| 2228 | AAR Corp.† | 157247 | 184456 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 14460 | Albany International Corp., Cl. A | $737202 | $733122 |
| 5365 | Astronics Corp.† | 93127 | 290998 |
| 2196 | ATI Inc.† | 131506 | 252013 |
| 444 | Carpenter Technology Corp. | 88652 | 139789 |
| 612 | Curtiss-Wright Corp. | 122055 | 337377 |
| 4856 | Ducommun Inc.† | 311974 | 461951 |
| 2876 | Honeywell International Inc. | 567662 | 561079 |
| 2791 | Moog Inc., Cl. A | 478858 | 679748 |
| 14633 | New Horizon Aircraft Ltd.† | 22901 | 21511 |
| 944 | Woodward Inc. | 109864 | 285390 |
|  |  | 2821048 | 3947434 |
|  | **Computer Software and Services – 0.9%** |  |  |
| 732 | Palantir Technologies Inc., Cl. A† | 51158 | 130113 |
|  | **TOTAL COMMON STOCKS** | 9239572 | 12243437 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 16.8%** |  |  |
| $2415000 | U.S. Treasury Bills, 3.49% to 3.74%††, 01/08/26 to 02/12/26 | 2407493 | 2407724 |
|  | **TOTAL INVESTMENTS — 102.0%** | $11647065 | 14651161 |
|  | **Other Assets and Liabilities (Net) — (2.0)%** |  | (281626) |
|  | **NET ASSETS — 100.0%** |  | $14369535 |

---

† Non-income producing security. <br> †† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $11,647,065) | $14651161 |
| &nbsp;&nbsp;&nbsp;Cash | 10137 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 4601 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 14665899 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 296360 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 4 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 296364 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $14369535 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $11315910 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 3053625 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $14369535 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 310000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $46.35 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $66) | $65044 |
| &nbsp;&nbsp;&nbsp;Interest | 54690 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 119734 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 92351 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 1353 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 93704 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (1353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (92351) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 119734 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 226133 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1420812 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1532369 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 3179314 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $3299048 |

---

See accompanying notes to financial statements.

**Gabelli Commercial Aerospace and Defense ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $119734 | $43363 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 226133 | 124104 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1420812 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1532369 | 940146 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3299048 | 1107613 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (296360) | (126298) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (296360) | (126298) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 7) | 8980566 | 1595358 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 8) | (4572202) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 4408364 | 1595358 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 7411052 | 2576673 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 6958483 | 4381810 |
| &nbsp;&nbsp;&nbsp;End of year | $14369535 | $6958483 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 205000 | 155000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 205000 | 50000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (100000) |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 310000 | 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.48 | 0.24 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | 12.89 | 6.05 | 3.26 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 13.37 | 6.29 | 3.54 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.39) | (0.21) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains on Investments | (0.57) | (0.41) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.96) | (0.62) | (0.27) |
| Net Asset Value, End of Period | $46.35 | $33.94 | $28.27 |
| **NAV total return†** | 39.34% | 22.24% | 14.14% |
| Market price, End of Period | $46.41 | $34.00 | $28.31 |
| **Investment total return††** | 39.28% | 22.24% | 14.31% |
| Net Assets, End of Period (in 000's) | $14370 | $6958 | $4382 |
| **Ratio to average net assets of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.17% | 0.76% | 1.11 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.91% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(d) | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 9% | 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 year ended December 31, 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**

**Notes to Financial Statements**

**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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee. 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).

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Continued)**

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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant Observable<br> Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $12243437 |  | $12243437 |
| U.S. Government Obligations |  | $2407724 | 2407724 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $12243437 | $2407724 | $14651161 |

---

(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

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Continued)**

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. Permanent differences were primarily due to the reversal of redemption-in-kind loss. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $1,420,812, with an offsetting adjustment to total accumulated earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $154210 | $43364 |
| Net long term capital gains | 142150 | 82934 |
| Total distributions paid | $296360 | $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.

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income (inclusive of short term capital gains) | $1031 |
| Undistributed long term capital gains | 48662 |
| Unrealized appreciation on investments | 3003932 |
| Total accumulated earnings | $3053625 |

---

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation/depreciation on investments were primarily due to derral of losses from wash sales for tax purposes.

The following summarizes the tax cost on investments and the net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net**<br>**Unrealized**<br>**Appreciation** |
| Investments | $11647228 | $3152671 | $(148738) | $3003933 |

---

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Continued)**

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 year ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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 year ended December 31, 2025, the Adviser waived expenses in the amount of $92,351.

**4. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $6,077,953 and $779,768, 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

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Continued)**

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 year ended December 31, 2025, the Fund paid $226 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 $1,353.

**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 year ended December 31, 2025, the Fund had $688,705 of subscriptions-in-kind, including cash of $204,357.

**8. 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, 2025, the Fund realized net gain of $1,420,812 on $4,572,202 of redemptions-in-kind, including cash of $1,046,761.

**9. Significant Shareholder.** As of December 31, 2025, approximately 53.8% 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 ASC 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

**Gabelli Commercial Aerospace and Defense ETF**

**Notes to Financial Statements (Continued)**

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 Commercial Aerospace and Defense ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli Commercial Aerospace and Defense ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Commercial Aerospace and Defense ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2025, and for the period January 3, 2023 (commencement of operations) through December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the two years in the period ended December 31, 2025, and for the period January 3, 2023 (commencement of operations) through December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Commercial Aerospace and Defense ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Commercial Aerospace and Defense ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions totaling $0.39 per share. During the year ended December 31, 2025, the Fund paid to shareholders long term capital gains of $142,150, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund's Board of Trustees. For the year ended December 31, 2025, 39.93% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 40.27% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 45.68%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 16.8%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

![](gcad_back.jpg)

**Gabelli Financial Services Opportunities ETF**

**Annual Report — December 31, 2025**

---

| |
|:---|
| ![](gabf_001.jpg) |
| **Macrae Sykes**<br> **Portfolio Manager**<br> ***BA, Hamilton College***<br> ***MBA, Columbia Business School*** |

---

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return of Gabelli Financial Services Opportunities ETF (the Fund) was 3.6% compared with a total return of 15.0% for the Standard & Poor's (S&P) 500 Financials Index. The total return based on the Fund's Market Price was 3.6%. The Fund's NAV per share was $46.20, while the price of the publicly traded shares closed at $46.20 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI FINANCIAL SERVICES OPPORTUNITIES ETF**

---

| | |
|:---|:---|
| Financial Services | 81.8% |
| Closed-End Funds | 6.1% |
| Computer Software and Services | 4.7% |
| Real Estate | 3.1% |
| Banking | 3.0% |
| Diversified Industrial | 1.9% |
| U.S. Government Obligations | 1.2% |
| Other Assets and Liabilities (Net) | (1.8)% |
|  | 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 — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  |<br>**Cost** | **Market**<br>**Value** |
|  | **COMMON STOCKS – 94.5%** |  |  |
|  | **Banking – 3.0%** |  |  |
| 211 | Capital One Financial Corp. | $25267 | $51138 |
| 389 | First Citizens BancShares Inc., Cl. A | 666960 | 834864 |
| 703 | State Street Corp. | 45621 | 90694 |
| 1419 | The Bank of New York Mellon Corp. | 65702 | 164732 |
|  |  | 803550 | 1141428 |
|  | **Computer Software and Services – 4.7%** |  |  |
| 25883 | Fiserv Inc.† | 2751445 | 1738561 |
|  | **Diversified Industrial – 1.9%** |  |  |
| 140000 | Hertz Global Holdings Inc.† | 882002 | 719600 |
|  | **Financial Services – 81.8%** |  |  |
| 2736 | Affiliated Managers Group Inc. | 534149 | 788734 |
| 622 | American Express Co. | 118575 | 230109 |
| 7909 | Apollo Global Management Inc. | 1013142 | 1144907 |
| 4430 | Berkshire Hathaway Inc., Cl. B† | 1935930 | 2226740 |
| 6917 | BGC Group Inc., Cl. A | 63151 | 61769 |
| 10343 | Blackstone Inc. | 1479391 | 1594270 |
| 115411 | Blue Owl Capital Inc. | 2074242 | 1724240 |
| 79 | Chubb Ltd. | 20928 | 24657 |
| 30245 | Cohen & Steers Inc. | 2029312 | 1898781 |
| 51010 | CompoSecure Inc., Cl. A† | 760362 | 983473 |
| 2981 | Credit Acceptance Corp.† | 1472211 | 1321954 |
| 1419 | Federated Hermes Inc. | 48114 | 73887 |
| 19102 | Interactive Brokers Group Inc., Cl. A | 766985 | 1228450 |
| 5913 | JPMorgan Chase & Co. | 1346001 | 1905287 |
| 14465 | KKR & Co. Inc. | 1839903 | 1843998 |
| 2980 | LPL Financial Holdings Inc. | 815112 | 1064367 |
| 5330 | M&T Bank Corp. | 1011452 | 1073888 |
| 187 | Markel Group Inc.† | 319972 | 401985 |
| 36326 | Millrose Properties Inc., REIT | 1036794 | 1085058 |
| 2153 | Moody's Corp. | 1038085 | 1099860 |
| 3075 | Morgan Stanley | 280865 | 545905 |
| 4846 | Nasdaq Inc. | 350823 | 470692 |
| 690 | Raymond James Financial Inc. | 91390 | 110807 |
| 2307 | S&P Global Inc. | 1158433 | 1205615 |
| 685 | Stifel Financial Corp. | 77266 | 85776 |
| 10000 | The Charles Schwab Corp. | 671814 | 999100 |
| 2174 | The Progressive Corp. | 482396 | 495063 |
| 34990 | Tiptree Inc. | 708706 | 639267 |
| 1375 | Visa Inc., Cl. A | 427456 | 482226 |
| 22500 | W. R. Berkley Corp. | 1315261 | 1577700 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 6000 | Wealthfront Corp.† | $81084 | $81540 |
| 20421 | Wells Fargo & Co. | 1283095 | 1903237 |
| 3944 | WisdomTree Inc. | 40218 | 48077 |
|  |  | 26692618 | 30421419 |
|  | **Real Estate – 3.1%** |  |  |
| 4116 | Howard Hughes Holdings Inc.† | 282847 | 328334 |
| 59741 | Safehold Inc., REIT | 994624 | 817854 |
|  |  | 1277471 | 1146188 |
|  | **TOTAL COMMON STOCKS** | 32407086 | 35167196 |
|  | **CLOSED-END FUNDS – 6.1%** |  |  |
| 241150 | SuRo Capital Corp., BDC | 1128678 | 2276456 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 1.2%** |  |  |
| $435000 | U.S. Treasury Bills, 3.48% to 3.49%††, 02/12/26 to 03/05/26 | 432467 | 432596 |
|  | **TOTAL INVESTMENTS — 101.8%** | $33968231 | 37876248 |
|  | **Other Assets and Liabilities (Net) — (1.8)%** |  | (685633) |
|  | **NET ASSETS — 100.0%** |  | $37190615 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| 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**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $33,968,231) | $37876248 |
| &nbsp;&nbsp;&nbsp;Cash | 43581 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 10651 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 37930480 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 729974 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 9891 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 739865 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $37190615 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $35931668 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 1258947 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $37190615 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 805000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $46.20 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $572181 |
| &nbsp;&nbsp;&nbsp;Interest | 11985 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 584166 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 359430 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 1424 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 360854 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (1424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (224999) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 134431 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 449735 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (611367) |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 5113054 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (4185861) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 315826 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $765561 |

---

See accompanying notes to financial statements.

**Gabelli Financial Services Opportunities ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $449735 | $216830 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (611367) | (96129) |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 5113054 | 846878 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (4185861) | 5874308 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 765561 | 6841887 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (729974) | (1619990) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (729974) | (1619990) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 5) | 14757858 | 26611053 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 6) | (16262883) | (2186043) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions** | (1505025) | 24425010 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (1469438) | 29646907 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 38660053 | 9013146 |
| &nbsp;&nbsp;&nbsp;End of year | $37190615 | $38660053 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 850000 | 275000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 320000 | 620000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (365000) | (45000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 805000 | 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.52 | 0.45 | 0.51 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 1.11 | 14.16 | 9.12 | (0.23) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.63 | 14.61 | 9.63 | 0.10 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.91) | (1.91) | (1.62) | (0.33) |
| Net Asset Value, End of Period | $46.20 | $45.48 | $32.78 | $24.77 |
| **NAV total return†** | 3.55% | 44.59% | 38.83% | 0.41% |
| Market price, End of Period | $46.20 | $45.46 | $32.79 | $24.77 |
| **Investment total return††** | 3.60% | 44.46% | 38.89% | 0.41% |
| Net Assets, End of Period (in 000's) | $37191 | $38660 | $9013 | $5202 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.13% | 1.08% | 1.77% | 2.01 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.34 %(d) | 0.12% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 31% | 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 year ended December 31, 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 Financial Services Opportunities ETF**

**Notes to Financial Statements**

**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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee shall determine

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Continued)**

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 Valuation Designee. 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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $35167196 |  | $35167196 |
| Closed-End Funds | 2276456 |  | 2276456 |
| U.S. Government Obligations |  | $432596 | 432596 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $37443652 | $432596 | $37876248 |

---

(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.

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Continued)**

***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.

***Investments in Other Investment Companies.*** The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund's expenses. For the year ended December 31, 2025, the Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was 0.74%.

***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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***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. Permanent differences were primarily due to the reversal of redemption-in-kind loss and the sale of investments in passive foreign investment companies. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $5,049,507, with an offsetting adjustment to total accumulated earnings.

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Continued)**

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,<br> 2025** | **Year Ended**<br>**December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $729974 | $1619990 |
| Total distributions paid | $729974 | $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.

---

| | |
|:---|:---|
| Accumulated capital loss carryforwards | $(2656798) |
| Unrealized appreciation on investments | 3915745 |
| Total accumulated earnings | $1258947 |

---

At December 31, 2025, the Fund had net short term capital loss carryforwards of $2,292,945 and net long term capital loss carryforwards of $363,853 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.

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation/depreciation on investments were primarily due to adjustments on Real Estate Investment Trusts.

The following summarizes the tax cost on investments and the net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $33960503 | $6186512 | $(2270767) | $3915745 |

---

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 year ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Continued)**

amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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 year ended December 31, 2025, the Adviser waived expenses in the amount of $224,999.

**4. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $27,156,855 and $12,348,520, 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 year ended December 31, 2025, the Fund realized net gains of $5,113,054 on $16,262,883 of redemptions-in-kind, including cash of $266,944.

**Gabelli Financial Services Opportunities ETF**

**Notes to Financial Statements (Continued)**

**7. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid $177 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 $1,424.

**8. Significant Shareholder.** As of December 31, 2025, approximately 26.7% 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 ASC 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 Financial Services Opportunities ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli Financial Services Opportunities ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Financial Services Opportunities ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 10, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 10, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Financial Services Opportunities ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Financial Services Opportunities ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions totaling $0.91 per share, comprised of ordinary income. For the year ended December 31, 2025, 87.03% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 85.96% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 1.85%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 1.2%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

![](gabf_back.jpg)

**Gabelli Global Technology Leaders ETF**

**Annual Report — December 31, 2025**

---

| |
|:---|
| ![](ggtl_001.jpg) |
| **Hendi Susanto**<br> *Portfolio Manager*<br> *BA, University of Minnesota*<br> *MBA, Wharton School of Business* |

---

**To Our Shareholders,**

Effective December 15, 2025, the Gabelli Automation ETF changed its name to the Gabelli Global Technology Leaders ETF. For the year ended December 31, 2025, the net asset value (NAV) total return of Gabelli Global Technology Leaders ETF (the Fund) was 19.8% compared with a total return of 17.9% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's market price was 19.8%. The Fund's NAV per share was $31.93, while the price of the publicly traded shares closed at $31.95 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI GLOBAL TECHNOLOGY LEADERS ETF**

---

| | |
|:---|:---|
| U.S. Government Obligations | 53.5% |
| Semiconductors | 26.2% |
| Prepackaged Software | 12.3% |
| Electronics | 10.8% |
| Computer Software and Services | 8.0% |
| Communication Services | 4.5% |
| Computer Integrated Systems Design | 3.2% |
| Entertainment | 2.2% |
| Consumer Services | 0.4% |
| Energy and Utilities | 0.3% |
| Diversified Industrial | 0.3% |

---

---

| | |
|:---|:---|
| Metals & Mining | 0.2% |
| Equipment and Supplies | 0.2% |
| Consumer Products | 0.2% |
| General Industrial Machinery & Equipment | 0.2% |
| Information Technology | 0.1% |
| Aerospace and Defense | 0.1% |
| Electronic & Other Electrical Equipment | 0.1% |
| Other Assets and Liabilities (Net) | (22.8)% |
|  | 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 Global Technology Leaders ETF**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 69.3%** |  |  |
|  | **Aerospace and Defense – 0.1%** |  |  |
| 12 | Northrop Grumman Corp. | $6820 | $6842 |
|  | **Communication Services – 4.5%** |  |  |
| 1608 | Arista Networks Inc.† | 209037 | 210696 |
| 300 | Motorola Solutions Inc. | 111645 | 114996 |
|  |  | 320682 | 325692 |
|  | **Computer Integrated Systems Design – 3.2%** |  |  |
| 8573 | Kyndryl Holdings Inc.† | 230307 | 227699 |
|  | **Computer Software and Services – 8.0%** |  |  |
| 137 | Alphabet Inc., Cl. A | 27748 | 42881 |
| 200 | CrowdStrike Holdings Inc., Cl. A† | 96241 | 93752 |
| 600 | Dell Technologies Inc., Cl. C | 75618 | 75528 |
| 1000 | Fortinet Inc.† | 79470 | 79410 |
| 645 | Hewlett Packard Enterprise Co. | 15093 | 15493 |
| 700 | MKS Inc. | 112344 | 111860 |
| 7000 | Stratasys Ltd.† | 60480 | 60760 |
| 3162 | Super Micro Computer Inc.† | 98074 | 92552 |
|  |  | 565068 | 572236 |
|  | **Consumer Products – 0.2%** |  |  |
| 221 | Spectrum Brands Holdings Inc. | 17061 | 13057 |
|  | **Consumer Services – 0.4%** |  |  |
| 94 | Amazon.com Inc.† | 17847 | 21697 |
| 807 | RXO Inc.† | 12534 | 10200 |
|  |  | 30381 | 31897 |
|  | **Diversified Industrial – 0.3%** |  |  |
| 192 | Belden Inc. | 22387 | 22378 |
|  | **Electronic & Other Electrical Equipment – 0.1%** |  |  |
| 51 | Axcelis Technologies Inc.† | 5653 | 4097 |
|  | **Electronics – 10.8%** |  |  |
| 705 | Kimball Electronics Inc.† | 17818 | 19613 |
| 20000 | Sony Group Corp., ADR | 524407 | 512000 |
| 1000 | Texas Instruments Inc. | 175104 | 173490 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 600 | Universal Display Corp. | $70404 | $70068 |
|  |  | 787733 | 775171 |
|  | **Energy and Utilities – 0.3%** |  |  |
| 636 | Oceaneering International Inc.† | 15385 | 15283 |
| 1306 | RPC Inc. | 11238 | 7105 |
|  |  | 26623 | 22388 |
|  | **Entertainment – 2.2%** |  |  |
| 536 | Netflix Inc.† | 50207 | 50255 |
| 6429 | Nintendo Co. Ltd., ADR | 119112 | 108393 |
|  |  | 169319 | 158648 |
|  | **Equipment and Supplies – 0.2%** |  |  |
| 192 | Tennant Co. | 16644 | 14150 |
|  | **General Industrial Machinery & Equipment – 0.2%** |  |  |
| 497 | Matthews International Corp., Cl. A | 18261 | 12982 |
|  | **Information Technology – 0.1%** |  |  |
| 321 | Gen Digital Inc. | 8931 | 8728 |
|  | **Metals & Mining – 0.2%** |  |  |
| 181 | Cameco Corp. | 10974 | 16560 |
|  | **Prepackaged Software – 12.3%** |  |  |
| 777 | Check Point Software Technologies Ltd.† | 140887 | 144180 |
| 1068 | N-able Inc.† | 12214 | 7989 |
| 3649 | Oracle Corp. | 706034 | 711227 |
| 117 | PTC Inc.† | 18451 | 20382 |
|  |  | 877586 | 883778 |
|  | **Semiconductors – 26.2%** |  |  |
| 1072 | Advanced Micro Devices Inc.† | 210852 | 229580 |
| 200 | Analog Devices Inc. | 54398 | 54240 |
| 60 | ASML Holding NV, ADR | 64225 | 64192 |
| 1072 | Broadcom Inc. | 397507 | 371019 |
| 2150 | GlobalFoundries Inc.† | 75482 | 75078 |
| 1487 | NVIDIA Corp. | 262324 | 277325 |
| 2680 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 773453 | 814425 |
|  |  | 1838241 | 1885859 |
|  | **TOTAL COMMON STOCKS** | 4952671 | 4982162 |

---

See accompanying notes to financial statements.

**Gabelli Global Technology Leaders ETF**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS – 53.5%** |  |  |
| $3865000 | U.S. Treasury Bills, 3.48% to 3.55%††, 02/05/26 to 03/19/26 | $3842939 | $3844064 |
|  | **TOTAL INVESTMENTS — 122.8%** | $8795610 | 8826226 |
|  | **Other Assets and Liabilities (Net) — (22.8)%** |  | (1641254) |
|  | **NET ASSETS — 100.0%** |  | $7184972 |

---

---

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

---

See accompanying notes to financial statements.

**Gabelli Global Technology Leaders ETF**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $8,795,610) | $8826226 |
| &nbsp;&nbsp;&nbsp;Cash | 17734 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 101 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 8844061 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 74925 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1584164 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1659089 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $7184972 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $7003339 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 181633 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $7184972 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 225000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $31.93 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $1,195) | $37595 |
| &nbsp;&nbsp;&nbsp;Interest | 34440 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 72035 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 52844 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 1357 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | **54201** |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 8) | (1357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (52844) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 72035 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 475632 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1263320 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (626624) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 1112328 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1184363 |

---

See accompanying notes to financial statements.

**Gabelli Global Technology Leaders ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $72035 | $40444 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 475632 | 27825 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1263320 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (626624) | 467539 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1184363 | 535808 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (74925) | (40446) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (74925) | (40446) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) | 6546136 | 246537 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 7) | (5858223) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 687913 | 246537 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 1797351 | 741899 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5387621 | 4645722 |
| &nbsp;&nbsp;&nbsp;End of year | $7184972 | $5387621 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 200000 | 190000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 205000 | 10000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (180000) |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 225000 | 200000 |

---

See accompanying notes to financial statements.

**Gabelli Global Technology Leaders ETF**

**Financial Highlights**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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 | $26.94 | $24.45 | $20.85 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.36 | 0.21 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 4.96 | 2.48 | 3.62 | (4.15) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.32 | 2.69 | 3.81 | (3.99) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.33) | (0.20) | (0.21) | (0.16) |
| Net Asset Value, End of Period | $31.93 | $26.94 | $24.45 | $20.85 |
| **NAV total return†** | 19.78% | 10.99% | 18.23% | (15.90)% |
| Market price, End of Period | $31.95 | $26.95 | $24.44 | $20.86 |
| **Investment total return††** | 19.79% | 11.09% | 18.14% | (15.90)% |
| Net Assets, End of Period (in 000's) | $7185 | $5388 | $4646 | $4379 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.23% | 0.80% | 0.84% | 0.78 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(d) | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 37% | 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 year ended December 31, 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 Global Technology Leaders ETF**

**Notes to Financial Statements**

**1. Organization.** Effective December 15, 2025, the Gabelli Automation ETF changed its name to the Gabelli Global Technology Leaders ETF. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Global Technology Leaders 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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee. 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).

**Gabelli Global Technology Leaders ETF**

**Notes to Financial Statements (Continued)**

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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $4982162 |  | $4982162 |
| U.S. Government Obligations |  | $3844064 | 3844064 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $4982162 | $3844064 | $8826226 |

---

(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

**Gabelli Global Technology Leaders ETF**

**Notes to Financial Statements (Continued)**

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. Permanent differences were primarily due to the reversal of redemption-in-kind loss. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $1,263,284, with an offsetting adjustment to total accumulated earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $72035 | $40446 |
| Net long term capital gains | 2890 | - |
| Total distributions paid | $74925 | $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, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long term capital gains | $151020 |
| Unrealized appreciation on investments | 30613 |
| Total accumulated earnings | $181633 |

---

The Fund utilized $321,761 of the capital loss carryforward for the year ended December 31, 2025.

At December 31, 2025, the temporary difference between book basis and tax basis unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes.

**Gabelli Global Technology Leaders ETF**

**Notes to Financial Statements (Continued)**

The following summarizes the tax cost on investments and the net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized**<br> **Appreciation** |
| Investments | $8795613 | $128799 | $(98186) | $30613 |

---

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 year ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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 year ended December 31, 2025, the Adviser waived expenses in the amount of $52,844.

**4. Portfolio Securities.** Purchases of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $5,022,305 and $1,868,042, 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

**Gabelli Global Technology Leaders ETF**

**Notes to Financial Statements (Continued)**

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. Subscription-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 year ended December 31, 2025, the Fund had $803,863 of subscriptions-in-kind, including cash of $329,680.

**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 year ended December 31, 2025, the Fund realized net gains of $1,263,320 on $5,858,223 of redemptions-in-kind, including cash of $1,059,763.

**8. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid $219 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 year was $1,357.

**9. Significant Shareholder.** As of December 31, 2025, approximately 82.0% 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.

**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 ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating

**Gabelli Global Technology Leaders ETF**

**Notes to Financial Statements (Continued)**

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.

**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 Global Technology Leaders ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli Global Technology Leaders ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Global Technology Leaders ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025,including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period January 5, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for the each of the three years in the period ended December 31, 2025 and for the period January 5, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**/s/ PricewaterhouseCoopers LLP**

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Global Technology Leaders ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Global Technology Leaders ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year December 31, 2025, the Fund paid to shareholders ordinary income distributions totaling $0.33 per share. During the year ended December 31, 2025, the Fund paid to shareholders long term capital gains of $2,890, or the maximum allowable. For the year ended December 31, 2025, 48.56% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 52.55% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 47.81%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 53.5%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**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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![](ggtl_back.jpg)

**Gabelli Growth Innovators ETF**

**Annual Report — December 31, 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 year ended December 31, 2025, the net asset value (NAV) total return of Gabelli Growth Innovators ETF (the Fund) was 18.1% compared with a total return of 21.1% for the Nasdaq Composite Index. The total return based on the Fund's Market Price was 18.3%. The Fund's NAV per share was $35.23, while the price of the publicly traded shares closed at $35.26 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI GROWTH INNOVATORS ETF**

---

| | |
|:---|:---|
| Information Technology - Semiconductors | 16.9% |
| Communication Services | 14.8% |
| Information Technology - Software and Services | 14.2% |
| U.S. Government Obligations | 14.1% |
| Health Care | 10.6% |
| Financials | 8.5% |
| Consumer Discretionary | 6.5% |
| Aerospace and Defense | 4.6% |
| Energy and Utilities | 4.1% |
| Industrials | 3.5% |
| Automotive | 2.6% |
| Other Assets and Liabilities (Net) | (0.4)% |
|  | 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 — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 86.3%** |  |  |
|  | **Aerospace and Defense – 4.6%** |  |  |
| 1069 | General Electric Co. | $254285 | $329284 |
| 195 | Howmet Aerospace Inc. | 39316 | 39979 |
|  |  | 293601 | 369263 |
|  | **Automotive – 2.6%** |  |  |
| 460 | Tesla Inc.† | 198067 | 206871 |
|  | **Communication Services – 14.8%** |  |  |
| 1526 | Alphabet Inc., Cl. C | 323808 | 478859 |
| 511 | Meta Platforms Inc., Cl. A | 276976 | 337306 |
| 2640 | Netflix Inc.† | 237272 | 247526 |
| 239 | Spotify Technology SA† | 114296 | 138790 |
|  |  | 952352 | 1202481 |
|  | **Consumer Discretionary – 6.5%** |  |  |
| 1983 | Amazon.com Inc.† | 413499 | 457716 |
| 57 | Costco Wholesale Corp. | 45609 | 49153 |
| 8 | MercadoLibre Inc.† | 20245 | 16114 |
|  |  | 479353 | 522983 |
|  | **Energy and Utilities – 4.1%** |  |  |
| 514 | GE Vernova Inc. | 198210 | 335935 |
|  | **Financials – 8.5%** |  |  |
| 1692 | KKR & Co. Inc. | 201644 | 215696 |
| 517 | Mastercard Inc., Cl. A | 265476 | 295145 |
| 355 | Moody's Corp. | 163367 | 181352 |
|  |  | 630487 | 692193 |
|  | **Health Care – 10.6%** |  |  |
| 1376 | Boston Scientific Corp.† | 128592 | 131201 |
| 309 | Eli Lilly & Co. | 271650 | 332076 |
| 324 | Intuitive Surgical Inc.† | 156998 | 183501 |
| 595 | Stryker Corp. | 214168 | 209125 |
|  |  | 771408 | 855903 |
|  | **Industrials – 3.5%** |  |  |
| 304 | Amphenol Corp., Cl. A | 41329 | 41083 |
| 494 | Eaton Corp. plc | 156167 | 157344 |
| 226 | Trane Technologies plc | 85252 | 87959 |
|  |  | 282748 | 286386 |
|  | **Information Technology - Semiconductors – 16.9%** |  |  |
| 650 | Applied Materials Inc. | 138686 | 167043 |
| 130 | ASML Holding NV, ADR | 117106 | 139082 |
| 1069 | Broadcom Inc. | 276216 | 369981 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 3729 | **NVIDIA Corp.** | $478194 | $695459 |
|  |  | 1010202 | 1371565 |
|  | **Information Technology - Software and Services – 14.2%** |  |  |
| 979 | Apple Inc. | 243742 | 266151 |
| 171 | Cadence Design Systems Inc.† | 53394 | 53451 |
| 270 | CrowdStrike Holdings Inc., Cl. A† | 108030 | 126565 |
| 143 | Intuit Inc. | 93946 | 94726 |
| 743 | Microsoft Corp. | 349187 | 359330 |
| 794 | Oracle Corp. | 164817 | 154758 |
| 630 | ServiceNow Inc.† | 97170 | 96510 |
|  |  | 1110286 | 1151491 |
|  | **TOTAL COMMON STOCKS** | 5926714 | 6995071 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 14.1%** |  |  |
| $1145000 | U.S. Treasury Bills,3.49% to 3.74%††, 01/08/26 to 03/19/26 | 1140535 | 1140751 |
|  | **TOTAL INVESTMENTS — 100.4%** | $7067249 | 8135822 |
|  | **Other Assets and Liabilities (Net) — (0.4)%** |  | (32631) |
|  | **NET ASSETS — 100.0%** |  | $8103191 |

---

---

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

---

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $7,067,249) | $8135822 |
| &nbsp;&nbsp;&nbsp;Cash | 1173 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 984 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 8137979 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 34785 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 3 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 34788 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8103191 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $8136987 |
| &nbsp;&nbsp;&nbsp;Total accumulated loss | (33796) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8103191 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 230000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $35.23 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $129) | $25340 |
| &nbsp;&nbsp;&nbsp;Interest | 19691 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 45031 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 61678 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 1335 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 63013 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 8) | (1335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (51521) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 10157 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 34874 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 153160 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1298620 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (294546) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 1157234 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1192108 |

---

See accompanying notes to financial statements.

**Gabelli Growth Innovators ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended**<br> **December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $34874 | $(28651) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 153160 | 33637 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1298620 | 1062762 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (294546) | 578076 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1192108 | 1645824 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (34785) |  |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (34785) |  |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) | 4682774 | 4410301 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 7) | (3577452) | (3383332) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 1105322 | 1026969 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 2262645 | 2672793 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5840546 | 3167753 |
| &nbsp;&nbsp;&nbsp;End of year | $8103191 | $5840546 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 195000 | 150000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 135000 | 185000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (100000) | (140000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 230000 | 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.17 | (0.15) | (0.10) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 5.26 | 8.98 | 6.36 | (11.49) | 1.61 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.43 | 8.83 | 6.26 | (11.60) | 1.46 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.15) |  |  |  |  |
| Net Asset Value, End of Period | $35.23 | $29.95 | $21.12 | $14.86 | $26.46 |
| **NAV total return†** | 18.13% | 41.83% | 42.16% | (43.86)% | 5.84% |
| Market price, End of Period | $35.26 | $29.93 | $21.11 | $14.84 | $26.47 |
| **Investment total return††** | 18.31% | 41.78% | 42.25% | (43.94)% | 5.88% |
| Net Assets, End of Period (in 000's) | $8103 | $5841 | $3168 | $2080 | $4102 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 0.51% | (0.55)% | (0.54)% | (0.59)% | (0.68)%(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92% | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.15 %(d) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 6% | 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 year ended December 31, 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 Growth Innovators ETF**

**Notes to Financial Statements**

**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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee 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 Valuation Designee. 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 (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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **<br>Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $6995071 |  | $6995071 |
| U.S. Government Obligations |  | $1140751 | 1140751 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $6995071 | $1140751 | $8135822 |

---

(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 Growth Innovators ETF**

**Notes to Financial Statements (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. Permanent differences were primarily due to the reversal of redemption-in-kind. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $1,298,620, with an offsetting adjustment to total distributable earnings.

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $34785 |
| Total distributions paid | $34785 |

---

***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, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income (inclusive of short term capital gains) | $89 |
| Accumulated capital loss carryforwards | (1100441) |
| Unrealized appreciation on investments | 1066556 |
| Total accumulated losses | $(33796) |

---

The Fund utilized $153,160 of the capital loss carryforward for the year ended December 31, 2025.

At December 31, 2025, 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 | $712644 |
| Long term capital loss carryforward with no expiration | 387797 |
| Total Capital Loss Carryforward | $1100441 |

---

At December 31, 2025, the temporary difference between book basis and tax basis unrealized appreciation/depreciation on investments were primarily due to deferral of losses from wash sales for tax purposes.

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Continued)**

The following summarizes the tax cost on investments and the net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized**<br> **Appreciation** |
| Investments | $7069265 | $1205326 | $(138769) | $1066557 |

---

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 year ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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.

Effective March 10, 2025, 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 year ended December 31, 2025, the Adviser waived expenses in the amount of $51,521.

**4. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $374,846 and $1,165,338, 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

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Continued)**

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 year ended December 31, 2025, the Fund had $4,682,774 of subscriptions-in-kind, including cash of $608,753.

**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 year ended December 31, 2025, the Fund realized net gains of $1,298,620 on $3,577,452 of redemptions-in-kind, including cash of $429,349.

**8. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid $136 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 $1,335.

**9. Significant Shareholder.** As of December 31, 2025, approximately 47.1% 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.

**Gabelli Growth Innovators ETF**

**Notes to Financial Statements (Continued)**

**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 ASC 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.

**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 Growth Innovators ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli Growth Innovators ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Growth Innovators ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period February 16, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period February 16, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**/s/ PricewaterhouseCoopers LLP**

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Growth Innovators ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Growth Innovators ETF**

**2025 TAX NOTICE TO SHAREHOLDERS (UNAUDITED)**

During the year December 31, 2025, the Fund paid to shareholders ordinary income distributions totaling $0.15 per share. For the year ended December 31, 2025, 70.76% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 67.4% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 43.73%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 14.1%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

![](ggrw_back.jpg)

**Gabelli High Income ETF**

**Annual Report — December 31, 2025**

---

| |
|:---|
| ![](gbhi_001.jpg) |
| **Wayne Plewniak**<br> *Managing Director &*<br> *Portfolio Manager*<br> *BA, Rochester Institute of Technology*<br> *MBA, Georgetown University* |

---

**To Our Shareholders,**

For the period ended December 31, 2025, the net asset value (NAV) total return of Gabelli High Income ETF (the Fund) was 1.2% compared with a total return of 1.8% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's market price was 1.5%. The Fund's NAV per share was $25.16, while the price of the publicly traded shares closed at $25.23 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI HIGH INCOME ETF**

---

| | |
|:---|:---|
| Diversified Industrial | 16.0% |
| Energy | 13.2% |
| Materials | 10.5% |
| Chemicals | 8.8% |
| Financials | 8.4% |
| U.S. Government Obligations | 6.9% |
| Consumer Services | 6.8% |
| Utilities | 5.4% |
| Automotive | 5.2% |
| Food & Beverage | 3.7% |
| Communications | 3.7% |
| Health Care | 3.4% |
| Real Estate | 2.3% |
| Environmental Control | 1.7% |
| Metals & Mining | 1.7% |
| Agriculture | 1.7% |
| Building Materials | 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 High Income ETF**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **CORPORATE BOND – 89.8%** |  |  |
|  | **Agriculture – 1.7%** |  |  |
| $100000 | Darling Ingredients Inc., 6.00%, 06/15/30 | $100980 | $101701 |
|  | **Automotive – 5.2%** |  |  |
| 100000 | Garrett Motion Holdings Inc./Garrett LX I Sarl, 7.75%, 05/31/32 | 105157 | 106357 |
| 100000 | Phinia Inc., 6.63%, 10/15/32 | 102711 | 103921 |
| 100000 | Qnity Electronics Inc., 6.25%, 08/15/33 | 102758 | 103780 |
|  |  | 310626 | 314058 |
|  | **Building Materials – 0.8%** |  |  |
| 50000 | Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 | 50296 | 50270 |
|  | **Chemicals – 8.8%** |  |  |
| 100000 | Ashland Inc., 3.38%, 09/01/31 | 89717 | 91563 |
| 50000 | FMC Corp., 5.65%, 05/18/33 | 45926 | 43924 |
| 50000 | Huntsman International LLC, 5.70%, 10/15/34 | 45098 | 45318 |
| 100000 | Methanex US Operations Inc., 6.25%, 03/15/32 | 101678 | 103030 |
| 100000 | Minerals Technologies Inc., 5.00%, 07/01/28 | 98565 | 99373 |
| 100000 | Olin Corp., 6.63%, 04/01/33 | 98876 | 99372 |
| 50000 | SNF Group SACA, 3.38%, 03/15/30 | 46870 | 47012 |
|  |  | 526730 | 529592 |
|  | **Communications – 3.7%** |  |  |
| 100000 | Lamar Media Corp., 5.38%, 11/01/33 | 99498 | 99470 |
| 125000 | Rogers Communications Inc.,, 5.25%, 03/15/82 | 124246 | 125031 |
|  |  | 223744 | 224501 |
|  | **Consumer Services – 6.8%** |  |  |
| 100000 | Herc Holdings Inc., 6.00%, 03/15/34 | 100000 | 101358 |
| 100000 | Herc Holdings Inc., New York, 7.00%, 06/15/30 | 104279 | 105299 |
| 100000 | Hilton Domestic Operating Co. Inc., 5.50%, 03/31/34 | 100373 | 100820 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
| $100000 | United Rentals North America Inc., 5.38%, 11/15/33 | $100000 | $99991 |
|  |  | 404652 | 407468 |
|  | **Diversified Industrial – 16.0%** |  |  |
| 100000 | AECOM, 6.00%, 08/01/33 | 102299 | 102543 |
| 100000 | Boise Cascade Co., 4.88%, 07/01/30 | 98640 | 99253 |
| 100000 | Clean Harbors Inc., 6.38%, 02/01/31 | 102143 | 103086 |
| 100000 | Coherent Corp., 5.00%, 12/15/29 | 99030 | 99740 |
| 100000 | Crown Americas LLC, 5.88%, 06/01/33 | 102059 | 102366 |
| 100000 | Enpro Inc., 6.13%, 06/01/33 | 102898 | 103433 |
| 100000 | Moog Inc., 4.25%, 12/15/27 | 98721 | 99114 |
| 50000 | Mueller Water Products Inc., 4.00%, 06/15/29 | 48768 | 48857 |
| 50000 | Park-Ohio Industries Inc., 8.50%, 08/01/30 | 51619 | 51588 |
| 50000 | TopBuild Corp., 5.63%, 01/31/34 | 50602 | 50606 |
| 100000 | TransDigm Inc., 6.00%, 01/15/33 | 101357 | 102428 |
|  |  | 958136 | 963014 |
|  | **Energy – 11.2%** |  |  |
| 100000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 07/01/34 | 100000 | 100857 |
| 100000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., New York, 5.75%, 10/15/33 | 100375 | 100658 |
| 75000 | Chord Energy Corp., 6.00%, 10/01/30 | 75037 | 76131 |
| 50000 | Chord Energy Corp., New York, 6.75%, 03/15/33 | 50987 | 51733 |
| 50000 | Continental Resources Inc., 2.88%, 04/01/32 | 43910 | 43652 |
| 50000 | Enerflex Inc., 6.88%, 01/15/31 | 50728 | 51156 |
| 50000 | Hess Midstream Operations LP, 5.13%, 06/15/28 | 50011 | 50242 |
| 100000 | Range Resources Corp., |  |  |

---

See accompanying notes to financial statements.

**Gabelli High Income ETF**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **CORPORATE BOND (Continued)** |  |  |
|  | **Energy (Continued)** |  |  |
|  | 4.75%, 02/15/30 | $98196 | $98774 |
| $100000 | Sunoco LP, 6.63%, 08/15/32 | 102663 | 103249 |
|  |  | 671907 | 676452 |
|  | **Environmental Control – 1.7%** |  |  |
| 100000 | GFL Environmental Inc., 6.75%, 01/15/31 | 104338 | 105041 |
|  | **Financials – 7.5%** |  |  |
| 100000 | Apollo Debt Solutions BDC, 5.20%, 12/08/28 | 99995 | 100014 |
| 50000 | Carlyle Secured Lending Inc., 5.75%, 02/15/31 | 48865 | 49359 |
| 100000 | Iron Mountain Inc., 7.00%, 02/15/29 | 102618 | 102788 |
| 200000 | SoftBank Group Corp., 6.50%, 04/10/29 | 200674 | 200972 |
|  |  | 452152 | 453133 |
|  | **Food & Beverage – 3.7%** |  |  |
| 100000 | Aramark Services Inc., 5.00%, 02/01/28 | 99905 | 100074 |
| 125000 | Post Holdings Inc., 6.50%, 03/15/36 | 125000 | 125287 |
|  |  | 224905 | 225361 |
|  | **Health Care – 3.4%** |  |  |
| 100000 | BellRing Brands Inc., 7.00%, 03/15/30 | 102323 | 103465 |
| 100000 | Teleflex Inc., 4.25%, 06/01/28 | 98130 | 99118 |
|  |  | 200453 | 202583 |
|  | **Materials – 10.5%** |  |  |
| 100000 | Carpenter Technology Corp., 5.63%, 03/01/34 | 100651 | 101665 |
| 125000 | Celanese US Holdings LLC, 7.38%, 02/15/34 | 125000 | 127182 |
| 100000 | Cleveland-Cliffs Inc., 6.75%, 04/15/30 | 101596 | 102963 |
| 100000 | Commercial Metals Co., 5.75%, 11/15/33 | 101422 | 102311 |
| 100000 | Knife River Corp., 7.75%, 05/01/31 | 104679 | 105181 |
| 100000 | The Dow Chemical Co., 4.25%, 10/01/34 | 91790 | 91527 |
|  |  | 625138 | 630829 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **Metals & Mining – 1.7%** |  |  |
| $100000 | Alumina Pty Ltd., 6.38%, 09/15/32 | $103806 | $104223 |
|  | **Real Estate – 1.7%** |  |  |
| 100000 | RHP Hotel Properties LP/RHP Finance Corp., 6.50%, 04/01/32 | 102488 | 103777 |
|  | **Utilities – 5.4%** |  |  |
| 100000 | NRG Energy Inc., 6.00%, 02/01/33 | 101704 | 102140 |
| 125000 | Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.50%, 12/15/35 | 125000 | 125123 |
| 100000 | The Southern Co., Ser. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.73%), 4.00%, 01/15/51 | 99828 | 100321 |
|  |  | 326532 | 327584 |
|  | **TOTAL CORPORATE BOND** | 5386883 | 5419587 |
| **Shares** |  |  |  |
|  | **COMMON STOCKS – 3.0%** |  |  |
|  | **Energy – 2.0%** |  |  |
| 250 | Enbridge Inc. | 11706 | 11957 |
| 1325 | Energy Transfer LP | 22220 | 21849 |
| 625 | Enterprise Products Partners LP | 20350 | 20038 |
| 375 | MPLX LP | 20652 | 20014 |
| 1000 | Plains All American Pipeline LP | 17495 | 17960 |
| 325 | Sunoco LP, New York | 17123 | 17033 |
| 425 | Western Midstream Partners LP | 16547 | 16788 |
|  |  | 126093 | 125639 |
|  | **Financials – 0.4%** |  |  |
| 375 | Ares Capital Corp. | 7478 | 7586 |
| 300 | Blackstone Secured Lending Fund | 8082 | 7899 |
| 375 | Sixth Street Specialty Lending Inc. | 8130 | 8145 |
|  |  | 23690 | 23630 |
|  | **Real Estate – 0.6%** |  |  |
| 250 | Gaming and Leisure Properties Inc., REIT | 11198 | 11172 |
| 125 | Realty Income Corp., REIT | 7064 | 7046 |

---

See accompanying notes to financial statements.

**Gabelli High Income ETF**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate (Continued)** |  |  |
| 375 | Starwood Property Trust Inc., REIT | $6949 | $6754 |
| 375 | VICI Properties Inc., REIT | 10589 | 10545 |
|  |  | 35800 | 35517 |
|  | **TOTAL COMMON STOCKS** | 185583 | 184786 |
|  | **PREFERRED STOCK – 0.4%** |  |  |
|  | **Financials – 0.4%** |  |  |
| 1000 | W. R. Berkley Corp., 5.70%, 03/30/58 | 22256 | 22100 |
|  | **CLOSED-END FUNDS – 0.1%** |  |  |
| 500 | Blue Owl Capital Corp. | 6275 | 6215 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 6.9%** |  |  |
| $420000 | U.S. Treasury Bill, 3.47%††, 02/19/26 | 417831 | 418011 |
|  | **TOTAL INVESTMENTS — 100.2%** | $6018828 | 6050699 |
|  | **Other Assets and Liabilities (Net) — (0.2)%** |  | (13286) |
|  | **NET ASSETS — 100.0%** |  | $6037413 |

---

---

| | |
|:---|:---|
| †† | Represents annualized yield at date of purchase. |
| BDC | Business Development Company |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**Gabelli High Income ETF**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $6,018,828) | $6050699 |
| &nbsp;&nbsp;&nbsp;Cash | 11430 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 69031 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 6131160 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 35878 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 57869 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 93747 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6037413 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $6003701 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 33712 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6037413 |
| **Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:** | 240000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $25.16 |

---

**Statement of Operations**

**For the Period Ended December 31, 2025 (a)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $986 |
| &nbsp;&nbsp;&nbsp;Interest | 36115 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 37101 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 4031 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 4031 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (4031) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 37101 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 618 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 31871 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 32489 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $69590 |

---

(a) The
 Fund commenced investment operations on November 17, 2025. The Fund first sold shares on November 14, 2025.

See accompanying notes to financial statements.

**Gabelli High Income ETF**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025(a)** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $37101 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 618 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 31871 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 69590 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (35878) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (35878) |
| **Shares of Beneficial Interest Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 5) | 6003701 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 6003701 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 6037413 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $6037413 |
| **Changes in Shares Outstanding:** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 240000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 240000 |

---

(a) The
 Fund commenced investment operations on November 17, 2025. The Fund first sold shares on November 14, 2025.

See accompanying notes to financial statements.

**Gabelli High Income ETF**

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operating Performance:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | 0.15 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.31 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.15) |
| Net Asset Value, End of Period | $25.16 |
| **NAV total return†** | 1.24% |
| Market price, End of Period | $25.23 |
| **Investment total return††** | 1.52% |
| Net Assets, End of Period (in 000's) | $6037 |
| **Ratio to average net assets of:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 5.04 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.55 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(d) | 0% |

---

---

| | |
|:---|:---|
| † | 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 November 17, 2025. The Fund first sold shares on November 14, 2025. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | 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 High Income ETF**

**Notes to Financial Statements**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli High Income ETF (the Fund) commenced investment operations on November 17, 2025. The Fund first sold shares on November 14, 2025. 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 a high level of total return through income and 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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee. 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).

**Gabelli High Income ETF**

**Notes to Financial Statements (Continued)**

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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Corporate Bond (a) |  | $5419587 | $5419587 |
| Common Stocks (a) | $184786 |  | 184786 |
| Preferred Stock (a) | 22100 |  | 22100 |
| Closed-End Funds | 6215 |  | 6215 |
| U.S. Government Obligations |  | 418011 | 418011 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $213101 | $5837598 | $6050699 |

---

(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.

***Investments in Other Investment Companies.*** The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the

**Gabelli High Income ETF**

**Notes to Financial Statements (Continued)**

Acquired Funds in addition to the Fund's expenses. For the year ended December 31, 2025, the Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was 0.01%.

***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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***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 period ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $35878 |
| Total distributions paid | $35878 |

---

***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, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income (inclusive of short term capital gains) | $1841 |
| Unrealized appreciation on investments | 31871 |
| Total accumulated earnings | $33712 |

---

**Gabelli High Income ETF**

**Notes to Financial Statements (Continued)**

The following summarizes the tax cost on investments and the net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $6018828 | $36666 | $(4795) | $31871 |

---

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 period ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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 0.55% 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 0.55% for at least one year from the effective date of the Fund's registration statement 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 period ended December 31, 2025, the Adviser waived expenses in the amount of $4,031.

**4. Portfolio Securities.** Purchases of securities during the period ended December 31, 2025, other than short term securities, U.S. Government obligations, and in-kind transactions, aggregated $5,601,673, 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.,

**Gabelli High Income ETF**

**Notes to Financial Statements (Continued)**

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.** 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.

**7. Significant Shareholder.** As of December 31, 2025, the Fund's Adviser and its affiliates beneficially owned 83.9% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**8. 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.

**9. 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 ASC 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.

**10. 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 High Income ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli High Income ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli High Income ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period November 17, 2025 (commencement of operations) through December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period November 17, 2025 (commencement of operations) through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and broker. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli High Income ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli High Income ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the period ended December 31, 2025, the Fund paid distributions to shareholders totaling $0.15, comprised of ordinary income. For the period ended December 31, 2025, 0.0% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 0.0% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 21.82%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 6.9%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**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.**

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![](gbhi_back.jpg)

**Gabelli Love Our Planet & People ETF**

**Annual Report — December 31, 2025**

---

| |
|:---|
| ![](lopp_001.jpg) |
| **Christopher J. Marangi**<br> *Co-Chief Investment Officer*<br> *BA, Williams College*<br> *MBA, Columbia Business School* |

---

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return of Gabelli Love Our Planet & People ETF (the Fund) was 22.3% compared with a total return of 17.9% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's market price was 22.6%. The Fund's NAV per share was $33.01, while the price of the publicly traded shares closed at $33.05 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI LOVE OUR PLANET & PEOPLE ETF**

---

| | |
|:---|:---|
| U.S. Government Obligations | 22.3% |
| Energy and Utilities | 14.7% |
| Equipment and Supplies | 11.2% |
| Machinery | 7.0% |
| Building and Construction | 6.9% |
| Environmental Services | 6.6% |
| Metals and Mining | 5.3% |
| Electronics | 5.1% |
| Automotive Parts and Accessories | 4.6% |
| General Industrial Machinery and Equipment | 4.4% |
| Financial Services | 3.7% |
| Technology Services | 2.8% |
| Health Care | 2.6% |
| Real Estate Investment Trust | 2.4% |
| Diversified Industrial | 2.3% |
| Business Services | 2.1% |
| Banking | 1.9% |
| Specialty Chemicals | 1.1% |
| Industrials | 0.7% |
| Other Assets and Liabilities (Net) | (7.7)% |
|  | 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.

**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 — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 85.4%** |  |  |
|  | **Automotive Parts and Accessories – 4.6%** |  |  |
| 5198 | Blue Bird Corp.† | $161646 | $244306 |
| 1000 | Cummins Inc. | 291109 | 510450 |
|  |  | 452755 | 754756 |
|  | **Banking – 1.9%** |  |  |
| 13220 | Banco Bilbao Vizcaya Argentaria SA, ADR | 134212 | 308158 |
|  | **Building and Construction – 6.9%** |  |  |
| 3380 | Arcosa Inc. | 291816 | 359362 |
| 2600 | Carrier Global Corp. | 132512 | 137384 |
| 3000 | Centuri Holdings Inc.† | 65647 | 75750 |
| 3896 | Gibraltar Industries Inc.† | 221044 | 192618 |
| 3064 | Johnson Controls International plc | 218568 | 366914 |
|  |  | 929587 | 1132028 |
|  | **Business Services – 2.1%** |  |  |
| 15500 | Ranpak Holdings Corp.† | 99060 | 83855 |
| 7500 | Resideo Technologies Inc.† | 165175 | 263400 |
|  |  | 264235 | 347255 |
|  | **Diversified Industrial – 2.3%** |  |  |
| 3201 | AZZ Inc. | 199395 | 343083 |
| 1318 | L.B. Foster Co., Cl. A† | 25148 | 35520 |
|  |  | 224543 | 378603 |
|  | **Electronics – 5.1%** |  |  |
| 1900 | Flex Ltd.† | 49920 | 114798 |
| 20000 | Mirion Technologies Inc.† | 238325 | 468400 |
| 2900 | Nextpower Inc., Cl. A† | 185495 | 252619 |
|  |  | 473740 | 835817 |
|  | **Energy and Utilities – 14.7%** |  |  |
| 3900 | Alliant Energy Corp. | 219473 | 253539 |
| 2202 | American Water Works Co. Inc. | 308793 | 287361 |
| 7000 | Avista Corp. | 271208 | 269780 |
| 850 | Badger Meter Inc. | 152533 | 148248 |
| 5490 | Brookfield Renewable Corp. | 208902 | 210487 |
| 760 | GE Vernova Inc. | 295692 | 496713 |
| 1900 | H2O America | 92200 | 93081 |
| 3600 | IDACORP Inc. | 397894 | 455616 |
| 50000 | Ur-Energy Inc.† | 75457 | 69500 |
| 15000 | XPLR Infrastructure LP† | 174671 | 150000 |
|  |  | 2196823 | 2434325 |
|  | **Environmental Services – 6.6%** |  |  |
| 14240 | Ardagh Metal Packaging SA | 50416 | 58384 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 1584 | Republic Services Inc. | $215343 | $335697 |
| 1600 | Veralto Corp. | 162345 | 159648 |
| 3100 | Waste Connections Inc. | 431488 | 543616 |
|  |  | 859592 | 1097345 |
|  | **Equipment and Supplies – 11.2%** |  |  |
| 5000 | Crown Holdings Inc. | 476999 | 514850 |
| 950 | Hubbell Inc. | 222991 | 421905 |
| 352 | Preformed Line Products Co. | 46494 | 72762 |
| 4600 | The Gorman-Rupp Co. | 191954 | 219650 |
| 2748 | The Timken Co. | 217347 | 231189 |
| 979 | Valmont Industries Inc. | 286441 | 393871 |
|  |  | 1442226 | 1854227 |
|  | **Financial Services – 3.7%** |  |  |
| 4772 | ING Groep NV, ADR | 67631 | 133616 |
| 900 | S&P Global Inc. | 392744 | 470331 |
|  |  | 460375 | 603947 |
|  | **General Industrial Machinery and Equipment – 4.4%** |  |  |
| 3473 | Flowserve Corp. | 180714 | 240957 |
| 6500 | Matthews International Corp., CI. A | 192191 | 169780 |
| 13300 | Mueller Water Products Inc., CI. A | 315874 | 316806 |
|  |  | 688779 | 727543 |
|  | **Health Care – 2.6%** |  |  |
| 850 | Becton Dickinson & Co. | 166396 | 164959 |
| 13500 | Niagen Bioscience Inc.† | 92586 | 85860 |
| 900 | Protagonist Therapeutics Inc.† | 78207 | 78606 |
| 1520 | Royalty Pharma plc, CI. A | 58425 | 58733 |
| 99 | Vertex Pharmaceuticals Inc.† | 27915 | 44883 |
|  |  | 423529 | 433041 |
|  | **Industrials – 0.7%** |  |  |
| 3000 | Fluor Corp.† | 121005 | 118890 |
|  | **Machinery – 7.0%** |  |  |
| 16000 | CNH Industrial NV | 176134 | 147520 |
| 650 | Deere & Co. | 257715 | 302621 |
| 800 | Herc Holdings Inc. | 121923 | 118704 |
| 4250 | Xylem Inc. | 487626 | 578765 |
|  |  | 1043398 | 1147610 |
|  | **Metals and Mining – 5.3%** |  |  |
| 5100 | Cameco Corp. | 311355 | 466599 |
| 6300 | Freeport-McMoRan Inc. | 276465 | 319977 |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Metals and Mining (Continued)** |  |  |
| 1500 | Minerals Technologies Inc. | $89870 | $91425 |
|  |  | 677690 | 878001 |
|  | **Real Estate Investment Trust – 2.4%** |  |  |
| 17000 | Weyerhaeuser Co. | 497384 | 402730 |
|  | **Specialty Chemicals – 1.1%** |  |  |
| 760 | Air Products and Chemicals Inc. | 199807 | 187735 |
|  | **Technology Services – 2.8%** |  |  |
| 830 | Alphabet Inc., CI. C | 140579 | 260454 |
| 13000 | Aurora Innovation Inc.† | 64665 | 49920 |
| 1699 | Corning Inc. | 106522 | 148764 |
|  |  | 311766 | 459138 |
|  | **TOTAL COMMON STOCKS** | 11401446 | 14101149 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 22.3%** |  |  |
| $3700000 | U.S. Treasury Bills, 3.49% to 3.72%††, 01/27/26 to 03/26/26 | 3681585 | 3681475 |
|  | **TOTAL INVESTMENTS — 107.7%** | $15083031 | 17782624 |
|  | **Other Assets and Liabilities (Net) — (7.7)%** |  | (1276979) |
|  | **NET ASSETS — 100.0%** |  | $16505645 |

---

---

| | |
|:---|:---|
| † | 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**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $15,083,031) | $17782624 |
| &nbsp;&nbsp;&nbsp;Cash | 377 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 3811 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 3089 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 17789901 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 123403 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1160848 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 5 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1284256 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $16505645 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $16157220 |
| &nbsp;&nbsp;&nbsp;Total accumulated earnings | 348425 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $16505645 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 500000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $33.01 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $6,660) | $147195 |
| &nbsp;&nbsp;&nbsp;Interest | 16732 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 163927 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 99851 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 1463 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 101314 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 8) | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (99851) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 163927 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 76332 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1786736 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 107779 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 1970847 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $2134774 |

---

See accompanying notes to financial statements.

**Gabelli Love Our Planet & People ETF**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $163927 | $194307 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | 76332 | (812520) |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 1786736 | 233261 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 107779 | 1508076 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2134774 | 1123124 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (123404) | (186186) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (33295) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (123404) | (219481) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 6) | 7776572 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (See Note 7) | (4984346) | (799732) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions** | 2792226 | (799732) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 4803596 | 103911 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 11702049 | 11598138 |
| &nbsp;&nbsp;&nbsp;End of year | $16505645 | $11702049 |
| **Changes in Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 430000 | 460000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 235000 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (165000) | (30000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 500000 | 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.44 | 0.44 | 0.51 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 5.63 | 2.07 | 0.68 | (4.99) | 4.51 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 6.07 | 2.51 | 1.19 | (4.46) | 4.90 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (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 | (0.27) | (0.51) | (0.56) | (0.49) | (0.37) |
| Net Asset Value, End of Period | $33.01 | $27.21 | $25.21 | $24.58 | $29.53 |
| **NAV total return†** | 22.30% | 9.95% | 4.85% | (15.08)% | 19.62% |
| Market price, End of Period | $33.05 | $27.17 | $25.19 | $24.58 | $29.51 |
| **Investment total return††** | 22.64% | 9.88% | 4.75% | (15.02)% | 19.52% |
| Net Assets, End of Period (in 000's) | $16506 | $11702 | $11598 | $12536 | $11370 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.47% | 1.64% | 2.06% | 2.08% | 1.51 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.91% | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(d) | 0.00% | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 14% | 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 year ended December 31, 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**

**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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee. 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).

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Continued)**

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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $14101149 |  | $14101149 |
| U.S. Government Obligations |  | $3681475 | 3681475 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $14101149 | $3681475 | $17782624 |

---

(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

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Continued)**

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. Permanent differences were primarily due to the reversal of redemption-in-kind loss and adjustments on Real Estate Investment Trusts. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $1,753,258, with an offsetting adjustment to total accumulated earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $123404 | $186186 |
| Return of capital |  | 33295 |
| Total distributions paid | $123404 | $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, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income (inclusive of short term capital gains) | $406 |
| Accumulated capital loss carryforwards | (2263612) |
| Unrealized appreciation on investments | 2611631 |
| Total accumulated earnings | $348425 |

---

At December 31, 2025, 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 | $512385 |
| Long term capital loss carryforward with no expiration | 1751228 |
| Total Capital Loss Carryforward | $2263613 |

---

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Continued)**

The Fund utilized $168,596 of the capital loss carryforward for the year ended December 31, 2025.

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation on investments were primarily due to adjustments in investments which were primarily adjustments in investments in certain securities and deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost on investments and the net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized**<br> **Appreciation** |
| Investments | $15170993 | $3079505 | $(467874) | $2611631 |

---

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 year ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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 year ended December 31, 2025, the Adviser waived expenses in the amount of $99,851.

**4. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities, U.S. Government obligations, and in-kind transactions, aggregated $3,783,388 and $1,537,858, respectively.

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Continued)**

**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. 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 year ended December 31, 2025, the Fund had $3,578,007 of subscriptions-in-kind, including cash of $119,583.

**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 year ended December 31, 2025, the Fund realized net gain of $1,786,736 on $4,984,346 of redemptions-in-kind, including cash of $197,215.

**8. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid $270 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 $1,463.

**9. Significant Shareholder.** As of December 31, 2025, the Fund's Adviser and its affiliates beneficially owned 57.6% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**Gabelli Love Our Planet & People ETF**

**Notes to Financial Statements (Continued)**

**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 ASC 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.

**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 Love Our Planet & People ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli Love Our Planet & People ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Love Our Planet & People ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period February 1, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period February 1, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Love Our Planet & People ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Love Our Planet & People ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year ended December 31, 2025, the Fund paid distributions to shareholders totaling $0.27. For the year ended December 31, 2025, 93.59% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 12.76%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 22.3%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**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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**Gabelli Opportunities in Live and Sports ETF**

**Annual Report — December 31, 2025**

**(Y)our Portfolio Management Team**

---

| | |
|:---|:---|
| ![](gols_001.jpg) | ![](gols_002.jpg) |
| **Christopher J. Marangi**<br> *Co-Chief Investment Officer*<br> *BA, Williams College*<br> *MBA, Columbia Business School*<br>| **Alec Boccanfuso**<br> *Portfolio Manager*<br> *BA, New York University*<br> *MBA, Columbia Business School* |

---

**To Our Shareholders,**

For the period ended December 31, 2025, the net asset value (NAV) total return of Gabelli Opportunities in Live and Sports ETF (the Fund) was 0.0% compared with a total return of 0.0% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's Market Price was 0.0%. The Fund's NAV per share was $25.00, while the price of the publicly traded shares closed at $25.00 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**GABELLI OPPORTUNITIES IN LIVE AND SPORTS ETF**

---

| | |
|:---|:---|
| U.S. Government Obligations | 100.0% |
| Sports | 23.2% |
| Media | 10.8% |
| Live Entertainment | 6.1% |
| Other Assets and Liabilities (Net) | (40.1)% |
|  | 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 Opportunities in Live and Sports ETF Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 40.1%** |  |  |
|  | **Live Entertainment – 6.1%** |  |  |
| 4000 | Liberty Live Holdings Inc., Cl. A† | $326080 | $326000 |
| 5000 | Madison Square Garden Entertainment Corp.† | 269550 | 269450 |
| 600 | Sphere Entertainment Co.† | 57060 | 57048 |
|  |  | 652690 | 652498 |
|  | **Media – 10.8%** |  |  |
| 8900 | Comcast Corp., Cl. A | 266199 | 266021 |
| 3300 | Fox Corp., Cl. B | 214335 | 214269 |
| 18500 | Grupo Televisa SAB, ADR | 54020 | 53835 |
| 1000 | Nexstar Media Group Inc. | 203070 | 203050 |
| 800 | Take-Two Interactive Software Inc.† | 204840 | 204824 |
| 7400 | Warner Bros Discovery Inc.† | 213416 | 213268 |
|  |  | 1155880 | 1155267 |
|  | **Sports – 23.2%** |  |  |
| 10200 | Atlanta Braves Holdings Inc., Cl. C† | 402595 | 402390 |
| 600 | Ferrari NV | 221748 | 221736 |
| 4800 | Liberty Global Ltd., Cl. A† | 53568 | 53472 |
| 4500 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 402300 | 402210 |
| 1500 | Madison Square Garden Sports Corp.† | 388005 | 387975 |
| 9900 | Manchester United plc, Cl. A† | 157806 | 157608 |
| 1700 | Nike Inc., Cl. B | 108341 | 108307 |
| 5600 | Rogers Communications Inc., Cl. B | 211400 | 211288 |
| 4400 | Sportradar Group AG, Cl. A† | 104676 | 104588 |
| 1900 | The Walt Disney Co. | 216201 | 216163 |
| 1000 | TKO Group Holdings Inc. | 209020 | 209000 |
|  |  | 2475660 | 2474737 |
|  | **TOTAL COMMON STOCKS** | 4284230 | 4282502 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 100.0%** |  |  |
| $10700000 | U.S. Treasury Bill, 3.58%††, 01/27/26 | 10672790 | 10671747 |
|  | **TOTAL INVESTMENTS — 140.1%** | $14957020 | 14954249 |
|  | **Other Assets and Liabilities (Net) — (40.1)%** |  | (4280976) |
|  | **NET ASSETS — 100.0%** |  | $10673273 |

---

† Non-income producing security. <br> †† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

See accompanying notes to financial statements.

**Gabelli Opportunities in Live and Sports ETF**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $14,957,020) | $14954249 |
| &nbsp;&nbsp;&nbsp;Cash | 7124393 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 22078642 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 11405369 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 11405369 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10673273 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $10675000 |
| &nbsp;&nbsp;&nbsp;Total accumulated loss | (1727) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10673273 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 427000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $25.00 |

---

**Statement of Operations**

**For the Period Ended December 31, 2025 (a)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $1044 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1044 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;**Total Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1044 |
| **Net Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (2771) |
| &nbsp;&nbsp;&nbsp;**Net Unrealized (Loss) on Investments** | (2771) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(1727) |

---

(a) The
 Fund commenced investment operations on December 31, 2025.

See accompanying notes to financial statements.

**Gabelli Opportunities in Live and Sports ETF**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1044 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (2771) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (1727) |
| **Shares of Beneficial Interest Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 5) | 10675000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 10675000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 10673273 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $10673273 |
| **Changes in Shares Outstanding:** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 427000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 427000 |

---

(a) The
 Fund commenced investment operations on December 31, 2025.

See accompanying notes to financial statements.

**Gabelli Opportunities in Live and Sports ETF**

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operating Performance:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.00 (c) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Gain on Investments | 0.00 (c) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.00 |
| Net Asset Value, End of Period | $25.00 |
| **NAV total return†** | 0.00% |
| Market price, End of Period | $25.00 |
| **Investment total return††** | 0.00% |
| Net Assets, End of Period (in 000's) | $10673 |
| **Ratio to average net assets of:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 3.57 %(d) |
| &nbsp;&nbsp;&nbsp;Operating Expenses | 0.00 %(d) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 0% |

---

---

| | |
|:---|:---|
| † | 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 December 31, 2025. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Amount represents less than $0.005. |
| (d) | Annualized. |
| (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 Opportunities in Live and Sports ETF**

**Notes to Financial Statements**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Opportunities in Live and Sports ETF (the Fund) commenced investment operations on December 31, 2025. 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 long term 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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee. 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).

**Gabelli Opportunities in Live and Sports ETF**

**Notes to Financial Statements (Continued)**

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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | <br>**Level 1**<br> **Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value**<br> **at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $4282502 |  | $4282502 |
| U.S. Government Obligations |  | $10671747 | 10671747 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $4282502 | $10671747 | $14954249 |

---

(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

**Gabelli Opportunities in Live and Sports ETF**

**Notes to Financial Statements (Continued)**

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.

***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, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income (inclusive of short term capital gains)** | $1044 |
| Unrealized depreciation on investments | (2771) |
| Total accumulated losses | $(1727) |

---

The following summarizes the tax cost on investments and the net unrealized depreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized**<br> **Depreciation** |
| Investments | $14957020 | $– $| (2771) | $(2771) |

---

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 period ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The

**Gabelli Opportunities in Live and Sports ETF**

**Notes to Financial Statements (Continued)**

amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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% for at least one year from the effective date of the Fund's registration statement 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.

**4. Portfolio Securities.** Purchases of securities during the period ended December 31, 2025, other than short term securities, U.S. Government obligations, and in-kind transactions, aggregated $4,284,229, 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.** 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 Opportunities in Live and Sports ETF**

**Notes to Financial Statements (Continued)**

**7. Significant Shareholder.** As of December 31, 2025, the Fund's Adviser and its affiliates beneficially owned 100% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**8. 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.

**9. 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 ASC 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.

**10. 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 Opportunities in Live and Sports ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Gabelli Opportunities in Live and Sports ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Opportunities in Live and Sports ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 31, 2025 (commencement of operations) through December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period December 31, 2025 (commencement of operations) through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Opportunities in Live and Sports ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Opportunities in Live and Sports ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 0.0%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 100.0%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**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.

![](gols_back.jpg)

**Keeley Dividend ETF**

**Annual Report — December 31, 2025**

**(Y)our Portfolio Management Team**

---

| | |
|:---|:---|
| ![](kdvd_001.jpg) | ![](kdvd_002.jpg) |
| **Thomas E. Brown, Jr., CFA**<br> *Portfolio Manager*<br> *BBA, University of Notre Dame*<br> *MBA, New York University Stern*<br> *School of Business* | **Brian P. Leonard, CFA**<br> *Portfolio Manager*<br> *BA, DePaul University*<br> *MS, St. Xavier University's*<br> *Graham School of Management* |

---

**To Our Shareholders,**

For the period ended December 31, 2025, the net asset value (NAV) total return of Keeley Dividend ETF (the Fund) was (0.2)% compared with a total return of 0.1% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's Market Price was 0.1%. The Fund's NAV per share was $24.89, while the price of the publicly traded shares closed at $24.98 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**KEELEY DIVIDEND ETF**

---

| | |
|:---|:---|
| Financials | 18.6% |
| Industrials | 10.2% |
| Health Care | 9.9% |
| U.S. Government Obligations | 9.6% |
| Consumer Discretionary | 9.6% |
| Real Estate | 8.7% |
| Materials | 7.7% |
| Information Technology | 7.4% |
| Energy | 4.6% |
| Utilities | 4.5% |
| Automotive | 3.3% |
| Consumer Staples | 3.1% |
| Communication Services | 2.9% |
| 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.

**Keeley Dividend ETF**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS – 90.5%** |  |  |
|  | **Automotive – 3.3%** |  |  |
| 1130 | Allison Transmission Holdings Inc. | $109059 | $110627 |
| 2880 | Douglas Dynamics Inc. | 93489 | 94032 |
|  |  | 202548 | 204659 |
|  | **Communication Services – 2.9%** |  |  |
| 3500 | Cinemark Holdings Inc. | 82049 | 81340 |
| 500 | Nexstar Media Group Inc. | 95981 | 101525 |
|  |  | 178030 | 182865 |
|  | **Consumer Discretionary – 9.6%** |  |  |
| 1380 | Brunswick Corp. | 98209 | 102451 |
| 1120 | Hasbro Inc. | 92142 | 91840 |
| 4740 | JAKKS Pacific Inc. | 79225 | 80011 |
| 1500 | KB Home | 93757 | 84615 |
| 2620 | Shoe Carnival Inc. | 45699 | 44226 |
| 2620 | Standard Motor Products Inc. | 96047 | 96547 |
| 1250 | Wyndham Hotels & Resorts Inc. | 89891 | 94450 |
|  |  | 594970 | 594140 |
|  | **Consumer Staples – 3.1%** |  |  |
| 2120 | Molson Coors Beverage Co., CI. B | 97661 | 98962 |
| 1630 | Spectrum Brands Holdings Inc. | 92813 | 96300 |
|  |  | 190474 | 195262 |
|  | **Energy – 4.6%** |  |  |
| 1750 | Cactus Inc., CI. A | 80975 | 79940 |
| 620 | Expand Energy Corp. | 74890 | 68423 |
| 4280 | NOV Inc. | 69363 | 66897 |
| 6750 | Select Water Solutions Inc. | 76523 | 71010 |
|  |  | 301751 | 286270 |
|  | **Financials – 18.6%** |  |  |
| 120 | Ameriprise Financial Inc. | 57154 | 58841 |
| 250 | Arthur J. Gallagher & Co. | 59444 | 64697 |
| 3180 | Columbia Banking System Inc. | 90671 | 88881 |
| 1250 | Comerica Inc. | 105602 | 108662 |
| 2000 | Equitable Holdings Inc. | 91483 | 95300 |
| 620 | Popular Inc. | 72795 | 77202 |
| 1380 | Prosperity Bancshares Inc. | 98161 | 95372 |
| 500 | Reinsurance Group of America Inc. | 94261 | 101730 |
| 1000 | SouthState Bank Corp. | 92182 | 94110 |
| 1500 | Victory Capital Holdings Inc., CI. A | 95440 | 94635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 2630 | Virtu Financial Inc., CI. A | $92817 | $87632 |
| 1380 | Voya Financial Inc. | 96963 | 102796 |
| 630 | Wintrust Financial Corp. | 86904 | 88087 |
|  |  | 1133877 | 1157945 |
|  | **Health Care – 9.9%** |  |  |
| 250 | Chemed Corp. | 103873 | 106965 |
| 4880 | Concentra Group Holdings Parent Inc. | 94929 | 96038 |
| 750 | Merck & Co. Inc. | 74043 | 78945 |
| 1250 | Mesa Laboratories Inc. | 99536 | 98125 |
| 4630 | Perrigo Co. plc | 61474 | 64450 |
| 500 | The Ensign Group Inc. | 88433 | 87100 |
| 380 | Universal Health Services Inc., CI. B | 86575 | 82848 |
|  |  | 608863 | 614471 |
|  | **Industrials – 10.2%** |  |  |
| 2130 | ABM Industries Inc. | 94948 | 90099 |
| 23000 | Alight Inc., CI. A | 49391 | 44850 |
| 2130 | Fluor Corp.† | 92928 | 84412 |
| 1880 | Fortune Brands Innovations Inc. | 93321 | 94038 |
| 750 | Oshkosh Corp. | 97828 | 94222 |
| 250 | Primoris Services Corp. | 33762 | 31035 |
| 750 | Regal Rexnord Corp. | 110317 | 105240 |
| 880 | Veralto Corp. | 88342 | 87806 |
|  |  | 660837 | 631702 |
|  | **Information Technology – 7.4%** |  |  |
| 1630 | Crane NXT Co. | 95011 | 76724 |
| 4000 | Gen Digital Inc. | 107713 | 108760 |
| 1130 | Qnity Electronics Inc. | 94864 | 92264 |
| 1880 | Ralliant Corp. | 96633 | 95711 |
| 1380 | Skyworks Solutions Inc. | 96344 | 87506 |
|  |  | 490565 | 460965 |
|  | **Materials – 7.7%** |  |  |
| 11250 | Amcor plc | 93524 | 93825 |
| 1750 | Amrize Ltd.† | 94237 | 94640 |
| 1500 | DuPont de Nemours Inc. | 61101 | 60300 |
| 250 | Franco-Nevada Corp. | 50309 | 51820 |
| 750 | RPM International Inc. | 77755 | 78000 |
| 2000 | Solstice Advanced Materials Inc.† | 95055 | 97160 |
|  |  | 471981 | 475745 |
|  | **Real Estate – 8.7%** |  |  |
| 2500 | Brixmor Property Group Inc., REIT | 62364 | 65550 |
| 1620 | CareTrust REIT Inc. | 61395 | 58579 |
| 2500 | Millrose Properties Inc., REIT | 78463 | 74675 |

---

See accompanying notes to financial statements.

**Keeley Dividend ETF**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate (Continued)** |  |  |
| 4000 | Outfront Media Inc., REIT | $93340 | $96400 |
| 4130 | Sila Realty Trust Inc., REIT | 94172 | 96271 |
| 2000 | STAG Industrial Inc., REIT | 76840 | 73520 |
| 2750 | VICI Properties Inc., REIT | 76571 | 77330 |
|  |  | 543145 | 542325 |
|  | **Utilities – 4.5%** |  |  |
| 16000 | Algonquin Power & Utilities Corp. | 93327 | 98400 |
| 1130 | Southwest Gas Holdings Inc. | 89771 | 90423 |
| 2500 | UGI Corp. | 93608 | 93575 |
|  |  | 276706 | 282398 |
|  | **TOTAL COMMON STOCKS** | 5653747 | 5628747 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS – 9.6%** |  |  |
| $600000 | **U.S. Treasury Bill, 3.76%††, 02/03/26** | 597998 | 597906 |
|  | **TOTAL INVESTMENTS — 100.1%** | $6251745 | 6226653 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** |  | (3769) |
|  | **NET ASSETS — 100.0%** |  | $6222884 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| †† | Represents annualized yield at date of purchase. |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**Keeley Dividend ETF**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments at value (cost $6,251,745) | $6226653 |
| &nbsp;&nbsp;&nbsp;Cash | 2236 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 6788 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 6235677 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 12793 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 12793 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6222884 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $6247991 |
| &nbsp;&nbsp;&nbsp;Total accumulated loss | (25107) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6222884 |
| Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized: | 250000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share: | $24.89 |

---

**Statement of Operations**

**For the Period Ended December 31, 2025 (a)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $8885 |
| &nbsp;&nbsp;&nbsp;Interest | 1899 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 10784 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3673 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 3673 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by Adviser (See Note 3) | (3673) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 10784 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (15) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (25092) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized (Loss) on Investments** | (25107) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(14323) |

---

(a) The
 Fund commenced investment operations on December 8, 2025. The Fund first sold shares on December 5, 2025.

See accompanying notes to financial statements.

**Keeley Dividend ETF**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $10784 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (15) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (25092) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (14323) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (10784) |
| &nbsp;&nbsp;&nbsp;Return of capital | (2009) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (12793) |
| **Shares of Beneficial Interest Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares (See Note 5) | 6250000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Shares of Beneficial Interest Transactions** | 6250000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 6222884 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $6222884 |
| **Changes in Shares Outstanding:** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 250000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 250000 |

---

(a) The
 Fund commenced investment operations on December 8, 2025. The Fund first sold shares on December 5, 2025.

See accompanying notes to financial statements.

**Keeley Dividend ETF**

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operating Performance:** | |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss on Investments | (0.10) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.06) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of Capital | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.05) |
| Net Asset Value, End of Period | $24.89 |
| **NAV total return†** | (0.23)% |
| Market price, End of Period | $24.98 |
| **Investment total return††** | 0.13% |
| Net Assets, End of Period (in 000's) | $6223 |
| **Ratio to average net assets of:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 2.64 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(d) | 0% |

---

---

| | |
|:---|:---|
| † | 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 December 8, 2025. The Fund first sold shares on December 5, 2025. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | 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.

**Keeley Dividend ETF**

**Notes to Financial Statements**

**1. Organization.** The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Keeley Dividend ETF (the Fund) commenced investment operations on December 8, 2025. 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 capital appreciation and current 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. 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.** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee. 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).

**Keeley Dividend ETF**

**Notes to Financial Statements (Continued)**

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 December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** | | | |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $5628747 |  | $5628747 |
| U.S. Government Obligations |  | $597906 | 597906 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $5628747 | $597906 | $6226653 |

---

(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

**Keeley Dividend ETF**

**Notes to Financial Statements (Continued)**

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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***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 period ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $10784 |
| Return of capital | 2009 |
| Total distributions paid | $12793 |

---

***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, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated capital loss carryforwards | $(15) |
| Unrealized depreciation on investments | (25092) |
| Total accumulated losses | $(25107) |

---

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. The Fund has a short term capital loss carryforward with no expiration of $15.

The following summarizes the tax cost on investments and the net unrealized depreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Cost** | **Gross<br> Unrealized**<br>**Appreciation** | **Gross<br> Unrealized**<br>**Depreciation** | **Net<br> Unrealized**<br>**Depreciation** |
| Investments | $6251745 | $91090 | $(116182) | $(25092) |

---

**Keeley Dividend ETF**

**Notes to Financial Statements (Continued)**

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 period ended December 31, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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% for at least one year from the effective date of the Fund's registration statement 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 period ended December 31, 2025, the Adviser waived expenses in the amount of $3,673.

**4. Portfolio Securities.** Purchases and sales of securities during the period ended December 31, 2025, other than short term securities, U.S. Government obligations, and in-kind transactions, aggregated $5,653,747 and $0, 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

**Keeley Dividend ETF**

**Notes to Financial Statements (Continued)**

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.** 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.

**7. Significant Shareholder.** As of December 31, 2025, the Fund's Adviser and its affiliates beneficially owned 80.2% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**8. 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.

**9. 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 ASC 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.

**10. 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.

**Keeley Dividend ETF**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Gabelli ETFs Trust and Shareholders of Keeley Dividend ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Keeley Dividend ETF (one of the funds constituting Gabelli ETFs Trust, referred to hereafter as the "Fund") as of December 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 8, 2025 (commencement of operations) through December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period December 8, 2025 (commencement of operations) through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Keeley Dividend ETF**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Keeley Dividend ETF**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the period ended December 31, 2025, the Fund paid distributions to shareholders totaling $0.05, comprised of ordinary income of $0.04 and return of capital of $0.01 per share.

**U.S. Government Income:**

The percentage of ordinary income dividends paid by the Fund during 2025 derived from U.S. Government securities was 17.61%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 9.6%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

![](kdvd_back.jpg)

(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. <br>The Financial Highlights are attached herewith.

**Gabelli Commercial Aerospace and Defense ETF**

**Financial Highlights**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.48 | 0.24 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | 12.89 | 6.05 | 3.26 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 13.37 | 6.29 | 3.54 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.39) | (0.21) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains on Investments | (0.57) | (0.41) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.96) | (0.62) | (0.27) |
| Net Asset Value, End of Period | $46.35 | $33.94 | $28.27 |
| **NAV total return†** | 39.34% | 22.24% | 14.14% |
| Market price, End of Period | $46.41 | $34.00 | $28.31 |
| **Investment total return††** | 39.28% | 22.24% | 14.31% |
| Net Assets, End of Period (in 000's) | $14370 | $6958 | $4382 |
| **Ratio to average net assets of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.17% | 0.76% | 1.11 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.91% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(d) | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 9% | 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 year ended December 31, 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 Financial Services Opportunities ETF**

**Financial Highlights**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.52 | 0.45 | 0.51 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 1.11 | 14.16 | 9.12 | (0.23) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.63 | 14.61 | 9.63 | 0.10 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.91) | (1.91) | (1.62) | (0.33) |
| Net Asset Value, End of Period | $46.20 | $45.48 | $32.78 | $24.77 |
| **NAV total return†** | 3.55% | 44.59% | 38.83% | 0.41% |
| Market price, End of Period | $46.20 | $45.46 | $32.79 | $24.77 |
| **Investment total return††** | 3.60% | 44.46% | 38.89% | 0.41% |
| Net Assets, End of Period (in 000's) | $37191 | $38660 | $9013 | $5202 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.13% | 1.08% | 1.77% | 2.01 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.34 %(d) | 0.12% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 31% | 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 year ended December 31, 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 Global Technology Leaders ETF**

**Financial Highlights**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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 | $26.94 | $24.45 | $20.85 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.36 | 0.21 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 4.96 | 2.48 | 3.62 | (4.15) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.32 | 2.69 | 3.81 | (3.99) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.33) | (0.20) | (0.21) | (0.16) |
| Net Asset Value, End of Period | $31.93 | $26.94 | $24.45 | $20.85 |
| **NAV total return†** | 19.78% | 10.99% | 18.23% | (15.90)% |
| Market price, End of Period | $31.95 | $26.95 | $24.44 | $20.86 |
| **Investment total return††** | 19.79% | 11.09% | 18.14% | (15.90)% |
| Net Assets, End of Period (in 000's) | $7185 | $5388 | $4646 | $4379 |
| **Ratio to average net assets of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.23% | 0.80% | 0.84% | 0.78 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(d) | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 37% | 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 year ended December 31, 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 Growth Innovators ETF**

**Financial Highlights**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.17 | (0.15) | (0.10) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 5.26 | 8.98 | 6.36 | (11.49) | 1.61 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.43 | 8.83 | 6.26 | (11.60) | 1.46 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.15) |  |  |  |  |
| Net Asset Value, End of Period | $35.23 | $29.95 | $21.12 | $14.86 | $26.46 |
| **NAV total return†** | 18.13% | 41.83% | 42.16% | (43.86)% | 5.84% |
| Market price, End of Period | $35.26 | $29.93 | $21.11 | $14.84 | $26.47 |
| **Investment total return††** | 18.31% | 41.78% | 42.25% | (43.94)% | 5.88% |
| Net Assets, End of Period (in 000's) | $8103 | $5841 | $3168 | $2080 | $4102 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 0.51% | (0.55)% | (0.54)% | (0.59)% | (0.68)%(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.92% | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.15 %(d) | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 6% | 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 year ended December 31, 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 High Income ETF**

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operating Performance:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | 0.15 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.31 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.15) |
| Net Asset Value, End of Period | $25.16 |
| **NAV total return†** | 1.24% |
| Market price, End of Period | $25.23 |
| **Investment total return††** | 1.52% |
| Net Assets, End of Period (in 000's) | $6037 |
| **Ratio to average net assets of:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 5.04 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.55 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(d) | 0% |

---

---

| | |
|:---|:---|
| † | 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 November 17, 2025. The Fund first sold shares on November 14, 2025. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **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) | 0.44 | 0.44 | 0.51 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 5.63 | 2.07 | 0.68 | (4.99) | 4.51 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 6.07 | 2.51 | 1.19 | (4.46) | 4.90 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (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 | (0.27) | (0.51) | (0.56) | (0.49) | (0.37) |
| Net Asset Value, End of Period | $33.01 | $27.21 | $25.21 | $24.58 | $29.53 |
| **NAV total return†** | 22.30% | 9.95% | 4.85% | (15.08)% | 19.62% |
| Market price, End of Period | $33.05 | $27.17 | $25.19 | $24.58 | $29.51 |
| **Investment total return††** | 22.64% | 9.88% | 4.75% | (15.02)% | 19.52% |
| Net Assets, End of Period (in 000's) | $16506 | $11702 | $11598 | $12536 | $11370 |
| **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.47% | 1.64% | 2.06% | 2.08% | 1.51 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.91% | 0.90% | 0.90% | 0.90% | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(d) | 0.00% | 0.00% | 0.00% | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 14% | 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 year ended December 31, 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 Opportunities in Live and Sports ETF**

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operating Performance:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.00 (c) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Gain on Investments | 0.00 (c) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.00 |
| Net Asset Value, End of Period | $25.00 |
| **NAV total return†** | 0.00% |
| Market price, End of Period | $25.00 |
| **Investment total return††** | 0.00% |
| Net Assets, End of Period (in 000's) | $10673 |
| **Ratio to average net assets of:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 3.57 %(d) |
| &nbsp;&nbsp;&nbsp;Operating Expenses | 0.00 %(d) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(e) | 0% |

---

---

| | |
|:---|:---|
| † | 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 December 31, 2025. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Amount represents less than $0.005. |
| (d) | Annualized. |
| (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.

**Keeley Dividend ETF**

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025**(a) |
| **Operating Performance:** | |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net Investment Income(b) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss on Investments | (0.10) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.06) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of Capital | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.05) |
| Net Asset Value, End of Period | $24.89 |
| **NAV total return†** | (0.23)% |
| Market price, End of Period | $24.98 |
| **Investment total return††** | 0.13% |
| Net Assets, End of Period (in 000's) | $6223 |
| **Ratio to average net assets of:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 2.64 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waiver | 0.90 %(c) |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waiver | 0.00 %(c) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate(d) | 0% |

---

---

| | |
|:---|:---|
| † | 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 December 8, 2025. The Fund first sold shares on December 5, 2025. |
| (b) | Per share data are calculated using the average shares outstanding method. |
| (c) | Annualized. |
| (d) | 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:

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

---

| | |
|:---|:---|
| John Birch | $2500 |
| Anthony S. Colavita | $3500 |
| Michael J. Ferrantino | $2000 |
| Leslie F. Foley | $2000 |
| Michael J. Melarkey | $2000 |
| Salvatore J. Zizza | $2500 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; $0 and

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

---

| | |
|:---|:---|
| Agnes Mullady | $2000 |

---

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

In determining whether to approve the continuance of the Investment Advisory Agreements (the Agreements), the Board, including a majority of the Trustees who have no direct or indirect interest in the Agreements and are not interested persons of the Fund, as defined in the 1940 Act (the Independent Board Members), considered the following information at a meeting on August 20, 2025:

1) *The nature, extent and quality of services provided by the Adviser.*

The Board reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreements and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting and related services for the Funds, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Adviser provided certain non-advisory and compliance services, including services for the Funds' Rule 38a-1 compliance program.

The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Trust who are affiliated with the Adviser. The Board evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged BNY, at its expense, to assist it in performing certain of its administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

The Board reviewed the personnel responsible for providing services to the Funds and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreements, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser's resources was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Funds and the industry in general. The Board Members evaluated these factors based on their direct experience with the Adviser and in consultation with Fund Counsel. The Board also focused on the Adviser's reputation and long-standing relationship with the Funds. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds. The Board Members concluded that the nature and extent of the services provided were reasonable and appropriate in relation to the advisory fee, that the level of services provided had not diminished over the past year, and that the quality of such services continued to be high.

2) *The performance of the Funds and the Adviser.*

The Board reviewed the investment performance of the Love Our Planet & People ETF, the Growth Innovators ETF, the Automation ETF, the Financial Services Opportunities ETF and the Aerospace and Defense ETF, on an absolute basis, as compared to peer groups comprised of other SEC registered funds, and against each Fund's broad-based securities market benchmark as reflected in each Fund's prospectus and annual report. The Board considered each Fund's average annual total returns for the periods ended June 30, 2025. The peer groups considered by the Board with respect to each of the active Funds were groups of other comparable funds prepared by the Adviser (each, an "Adviser Peer Group") and groups prepared by Broadridge comprised of the active Funds and other peer funds (each, a "Broadridge Performance Peer Group"). The Board considered these comparisons helpful in its assessment as to whether the Adviser was obtaining for the Funds' shareholders the total return performance that was available in the marketplace, given their investment objectives, strategies, limitations and restrictions. In reviewing the performance of each Fund against its Adviser Peer Group and Broadridge Performance Peer Group, the Board noted that: (i) the Love Our Planet & People ETF's performance was above the median for the one-year period and below the median for the three-year period compared to its Adviser Peer Group and its Broadridge Performance Peer Group; (ii) the Growth Innovators ETF's performance was above the median for the one- and three-year period compared to its Adviser Peer Group and its Broadridge Performance Peer Group; (iii) the Automation ETF's performance was below the median for the one-and three-year periods compared to the Adviser Peer Group and Broadridge Performance Peer Group; (iv) the Financial Services Opportunities ETF's performance was above the median for the one- and three-year periods compared to the Adviser Peer Group and Broadridge Performance Peer Group; and (v) the Aerospace and Defense ETF's performance was below the median of its Adviser Peer Group and above the median of its Broadridge Performance Peer Group for the one-year period. The Board Members concluded that each Fund's performance was reasonable in comparison to that of its Adviser Peer Group and Broadridge Performance Peer Group.

In connection with its assessment of the performance of the Adviser, the Board considered the Adviser's financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreements. The Board concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreements and to continue to provide the high-quality services that it has provided to the Funds to date.

3) *The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.*

In connection with the Board's consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from their relationship with each of the Funds, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each of the Funds against the Adviser Peer Groups and comparative peer groups developed by Broadridge (each, a "Broadridge Expense Peer Group"). The Board also considered comparative non-advisory fee expenses and comparative total fund expenses of the Funds and each Adviser Peer Group and Broadridge Expense Peer Group. The Board considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that the total expense ratios for Love Our Planet & People ETF, Financial Services Opportunities ETF, Automation ETF and Aerospace and Defense ETF were lower than the median, and the total expense ratio for Growth Innovators ETF was above the median, when compared with their respective Adviser Peer Groups and Broadridge Expense Peer Groups.

The Board also reviewed the fees charged by the Adviser to provide similar advisory services to other RICs with similar investment objectives and to separate accounts, noting that in some cases the fees charged by the Adviser were higher and, in other cases lower, than the fees charged to the Funds. In evaluating this information, the Board considered the difference in services provided by the Adviser to these other accounts. In particular, the Board considered the differences in risks involved in managing separate accounts and the Funds from a compliance and regulatory perspective.

The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Funds and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed pro forma Income Statements of the Adviser for the year ended December 31, 2024. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to each of the Funds. With respect to the Funds analysis, the Board received an analysis based on the Funds' average net assets during the period as well as a pro forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Funds to the Adviser under either analysis was not excessive.

4) *The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.*

With respect to the Board's consideration of economies of scale, the Board discussed whether economies of scale would be realized by each of the Funds at higher asset levels. The Board also assessed whether certain of the Adviser's costs would increase if asset levels rise. The Board concluded that, under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5) *Other Factors.*

In addition to the above factors, the Board also discussed other benefits received by the Adviser from its management of the Funds. The Board considered that the Adviser does use soft dollars in connection with its management of the Funds.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Funds' advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board determined to approve the continuation of the Advisory Agreements. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

Additionally, at a meeting held October 13, 2025 the Board approved the Advisory Agreements for Gabelli High Income ETF and Keeley Dividend ETF, and at a meeting held December 2, 2025 approved the Advisory Agreement for Gabelli Opportunities in Live and Sports ETF.

 **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
 officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of
 the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17
 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are
 effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed,
 summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that
 information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated
 to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely
 decisions regarding required disclosure.

&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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time during or after the last completed
 fiscal year the registrant was required to prepare an accounting restatement that required recovery of erroneously awarded compensation
 pursuant to the registrant's compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1,
 or there was an outstanding balance as of the end of the last completed fiscal year of erroneously awarded compensation to be recovered
 from the application of the policy to a prior restatement, the registrant must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For each restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date on which the registrant was required
 to prepare an accounting restatement; N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The aggregate dollar amount of erroneously
 awarded compensation attributable to such accounting restatement, including an analysis of how the amount was calculated; N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the financial reporting measure defined in 17 CFR 10D-1(d) related to a stock price or total shareholder
 return metric, the estimates that were used in determining the erroneously awarded compensation attributable to such accounting restatement
 and an explanation of the methodology used for such estimates; N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The aggregate dollar amount of erroneously
 awarded compensation that remains outstanding at the end of the last completed fiscal year; N/A and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the aggregate dollar amount of erroneously
 awarded compensation has not yet been determined, disclose this fact, explain the reason(s) and disclose the information required in (ii)
 through (iv) in the next annual report that the registrant files on this Form N-CSR; N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If recovery would be impracticable pursuant
 to 17 CFR 10D-1(b)(1)(iv), for each named executive officer and for all other executive officers as a group, disclose the amount of recovery
 forgone and a brief description of the reason the registrant decided in each case not to pursue recovery; N/A and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For each named executive officer from whom,
 as of the end of the last completed fiscal year, erroneously awarded compensation had been outstanding for 180 days or longer since the
 date the registrant determined the amount the individual owed, disclose the dollar amount of outstanding erroneously awarded compensation
 due from each such individual. N/A

&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time during or after its last completed
 fiscal year the registrant was required to prepare an accounting restatement, and the registrant concluded that recovery of erroneously
 awarded compensation was not required pursuant to the registrant's compensation recovery policy required by the listing standards
 adopted pursuant to 17 CFR 240.10D-1, briefly explain why application of the recovery policy resulted in this conclusion. N/A

 **Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](gabellietf_ex99codeeth.htm) |
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. |
| (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 | March 9, 2026 |

---

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 | March 9, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | March 9, 2026 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014 1

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014 2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company's standards, policies and procedures designed to promote compliance with this policy.

Revised: July 30, 2014 3

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014 4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

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| |
|:---|
| Printed Name |
| Signature |
| Date |

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Revised: July 30, 2014 6

## 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.

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| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /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.

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| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

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## 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: | March 9, 2026 | /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: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

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