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2026-04-30 2026-04-30 0001748425 get:S000076599Member get:C000236584Member 2026-04-30 2026-04-30 0001748425 get:S000069045Member get:C000220758Member 2026-04-30 2026-04-30 0001748425 get:S000095379Member get:C000264100Member 2026-04-30 2026-04-30 0001748425 get:S000096300Member get:C000265130Member 2026-04-30 2026-04-30 0001748425 get:S000099690Member get:C000269470Member 2026-04-30 2026-04-30 0001748425 get:S000069040Member get:C000220753Member 2026-04-30 2026-04-30 0001748425 get:S000069041Member get:C000220754Member 2026-04-30 2026-04-30 0001748425 get:S000069042Member get:C000220755Member 2026-04-30 2026-04-30 0001748425 get:S000069046Member get:C000220759Member 2026-04-30 2026-04-30 0001748425 get:S000076599Member oef:RiskNondiversifiedStatusMember 2026-04-30 2026-04-30 0001748425 get:S000069045Member oef:RiskNondiversifiedStatusMember 2026-04-30 2026-04-30 0001748425 get:S000099690Member oef:RiskNondiversifiedStatusMember 2026-04-30 2026-04-30 0001748425 get:S000069040Member oef:RiskNondiversifiedStatusMember 2026-04-30 2026-04-30 0001748425 get:S000069042Member get:RisksNondiversifiedStatusMember 2026-04-30 2026-04-30 0001748425 get:S000069046Member oef:RiskNondiversifiedStatusMember 2026-04-30 2026-04-30 0001748425 get:S000069038Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000069038Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000069043Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000069043Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000076599Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000076599Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000069045Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000069045Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000069039Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000069039Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000095379Member oef:RiskNotInsuredMember 2026-04-30 2026-04-30 0001748425 get:S000095379Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000096300Member oef:RiskNotInsuredMember 2026-04-30 2026-04-30 0001748425 get:S000096300Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000099690Member oef:RiskNotInsuredMember 2026-04-30 2026-04-30 0001748425 get:S000099690Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000069040Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000069040Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 get:S000069041Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0001748425 get:S000069041Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001748425 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0001748425 get:C000220752Member get:SP500IndexMember 2022-05-10 2025-12-31 0001748425 get:C000220751Member 2026-04-30 2026-04-30 0001748425 get:C000220751Member 2021-02-12 2025-12-31 0001748425 get:C000220751Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001748425 get:C000220751Member oef:AfterTaxesOnDistributionsMember 2021-02-12 2025-12-31 0001748425 get:C000220751Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001748425 get:C000220751Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-02-12 2025-12-31 0001748425 get:C000220751Member get:SP500IndexMember 2025-01-01 2025-12-31 0001748425 get:C000220751Member get:SP500IndexMember 2021-02-12 2025-12-31 0001748425 get:C000220751Member get:NasdaqsCompositeIndexMember 2025-01-01 2025-12-31 0001748425 get:C000220751Member get:NasdaqsCompositeIndexMember 2021-02-12 2025-12-31 0001748425 get:C000220756Member 2026-04-30 2026-04-30 0001748425 get:C000220756Member 2021-01-29 2025-12-31 0001748425 get:C000220756Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001748425 get:C000220756Member oef:AfterTaxesOnDistributionsMember 2021-01-29 2025-12-31 0001748425 get:C000220756Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001748425 get:C000220756Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-29 2025-12-31 0001748425 get:C000220756Member get:SP500IndexMember 2025-01-01 2025-12-31 0001748425 get:C000220756Member get:SP500IndexMember 2021-01-29 2025-12-31 0001748425 get:C000236584Member 2026-04-30 2026-04-30 0001748425 get:C000236584Member 2022-01-03 2025-12-31 0001748425 get:C000236584Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001748425 get:C000236584Member oef:AfterTaxesOnDistributionsMember 2022-01-03 2025-12-31 0001748425 get:C000236584Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001748425 get:C000236584Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-01-03 2025-12-31 0001748425 get:C000236584Member get:SP500IndexMember 2025-01-01 2025-12-31 0001748425 get:C000236584Member get:SP500IndexMember 2022-01-03 2025-12-31 0001748425 get:C000220758Member 2026-04-30 2026-04-30 0001748425 get:C000220758Member 2023-01-03 2025-12-31 0001748425 get:C000220758Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001748425 get:C000220758Member oef:AfterTaxesOnDistributionsMember 2023-01-03 2025-12-31 0001748425 get:C000220758Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001748425 get:C000220758Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-01-03 2025-12-31 0001748425 get:C000220758Member get:SP500IndexMember 2025-01-01 2025-12-31 0001748425 get:C000220758Member get:SP500IndexMember 2023-01-03 2025-12-31 iso4217:USD pure false 2026-04-30 497 N-1A GABELLI ETFs TRUST 0001748425 2026-04-30 Gabelli Growth Innovators Etf (the “Growth Innovators Fund” or the “Fund”) Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_z1KV9s8spcod" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s primary investment objective is to seek to provide capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zJSuPzxsCQP2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </b>The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zAcMFyje2iS4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zis8GKcXjLFi" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Shareholder Fees</b><br/>(fees paid directly from your investment):</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90D_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member__oef--ClassAxis__custom--C000220751Member_zhyQnD1hzyHd" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zl0aWAaibgO"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zlYIsuQLbR48" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment):</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_496_20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member__oef--ClassAxis__custom--C000220751Member_zR69gUXZh1Lf" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zWYj1DDiKeLg" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zNlJpVWVVQK5" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses<sup id="xdx_F40_z4fxDdm0IWV6">(1)</sup></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zAsIG17hzWgh" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Less Fee Waiver and/or Expenses Reimbursement<sup id="xdx_F43_zp26IoV9hyH8">(2)</sup></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(0.90</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">)%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zv700Zg5P43l" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F02_zP1AoCUTZlsk" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870">(1)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zrsCYwCAEnEj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"> <span id="xdx_90E_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zSYSjmfXCZ4d">Expenses have been restated to reflect the current year’s expected expenses</span>.</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span id="xdx_F0A_z4bOlV4YUVDj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zrsdNRNpSTjc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Growth Innovators Fund will continue for at least one year from the effective date of this Prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> 0.0090 0.0090 -0.0090 0.0000 Expenses have been restated to reflect the current year’s expected expenses Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_ztHo4vso7wJl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWTcyGr1GVy4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zmzwiGHu4Acl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 26%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_488_eoef--ExpenseExampleYear01_zjyJNf7NEdAe" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_z4e4sSpWdIJj" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zdU94StGpP8f" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>5 Years</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zMfb6j24yvT1" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>10 Years</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 26%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_41E_20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member__oef--ClassAxis__custom--C000220751Member_zGLcKqHtF3Zk" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$0</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$202</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$420</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$1,047</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> 0 202 420 1047 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zEUlekbNnMu" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Growth Innovators Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zK2LuCYddDT6">6%</span> of the average value of its portfolio.</span></p> 0.06 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zXD15zJbATAh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">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 redefines 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 will sell any Fund investments that lose their perceived value when compared with other investment alternatives in the judgment of the portfolio managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Adviser uses fundamental security analysis to develop earnings forecasts for companies and to identify investment opportunities. The Adviser bases its analysis on general economic and industry data provided by the U.S. Government, various trade associations and other sources, and published corporate financial data such as annual reports, 10-Ks, and quarterly statements as well as direct interviews with company management. Generally, the Adviser makes investment decisions first by looking at individual companies and then by scrutinizing their growth prospects in relation to their industries and the overall economy. The Adviser seeks to invest in companies with high future earnings potential relative to their current market valuations.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s assets will be invested primarily in a broad range of readily marketable equity securities consisting of U.S. exchange-listed common stock and preferred stock. The Fund may invest in companies without regard to market capitalization. Many of these common stocks will not pay dividends; instead, stocks will be bought for the potential that their prices will increase, providing capital appreciation for the Fund. The value of equity securities will fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, the forecasts for the issuer’s industry, and the value of the issuer’s assets. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_zbx2Jt4UczRb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek both growth of capital and some income</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you believe that the market will favor growth over value stocks over the long-term</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you wish to include a growth strategy as a portion of your overall investments</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_90C_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zY8svfApnrj4">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_90E_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z5tzX9PCck87">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_ziDEOb1TNHE"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zV5uhxJxNSu9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z0KRPXvZVgyi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward</span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_zeVvi83diOw6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zKOllQZsI4q2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zBqDOdjRbIIk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zH7TD41qgSFa"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>Foreign Securities Risk. </b>Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_zUrhIqL8sibh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Growth Stock Risk.</b> Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zu9pzAcnwKmk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_ziKFL24VEhce"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Inflation Risk. </b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities</span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment. Inflation has recently increased and it cannot be predicted whether and to what extent it may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z3t8DXI0rVIg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ztokLJOowrG2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zH5w0QgEv5Ll"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zBWevdrHcfJi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Technology Sector Risk.</b> Technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zNRAiUhdheE1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zTB3oQ3H8B78"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_z8PkVAnNbLYc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_z2brPNaOshA5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zIGYDNWHG8j6">The bar chart and table that follow provide an indication of the risk of investing in the Growth Innovators Fund by showing changes in the Growth Innovators Fund’s performance from year to year and by showing how the Growth Innovators Fund’s average annual returns compared with those of a broad-based securities market index and an additional index that has investment characteristics similar to those of the Growth Innovators Fund.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zUQZveBjRBI6">As with all mutual funds, the Growth Innovators Fund’s past performance (before and after taxes) does not predict how the Growth Innovators Fund will perform in the future.</span> Updated information on the Growth Innovators Fund’s results can be obtained by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zuyVz5ldA14k">www.gabelli.com</span>.</span></p> The bar chart and table that follow provide an indication of the risk of investing in the Growth Innovators Fund by showing changes in the Growth Innovators Fund’s performance from year to year and by showing how the Growth Innovators Fund’s average annual returns compared with those of a broad-based securities market index and an additional index that has investment characteristics similar to those of the Growth Innovators Fund. As with all mutual funds, the Growth Innovators Fund’s past performance (before and after taxes) does not predict how the Growth Innovators Fund will perform in the future. www.gabelli.com GROWTH INNOVATORS FUND (Total returns for the Year Ended December 31) <p id="xdx_A87_eoef--BarChartTableTextBlock_z7Nvh4sTEaZ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="img_001.jpg" style="height: 278px; width: 500px"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zYee32WBZTY6" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000220751Member_zXqQs8LXQ1E7" style="display: none; text-align: center; width: 50%">-43.86%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220751Member_z7hmz4yFs4v1" style="display: none; text-align: center">42.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220751Member_zHKyiXb5Xauc" style="display: none; text-align: center">41.83%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220751Member_zskHy7sgMv5i" style="display: none; text-align: center">18.13%</td></tr> </table> -0.4386 0.4216 0.4183 0.1813 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zgy0Sc60Ezd2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">During the calendar years shown in the bar chart, <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_ziWaPxkod6S">the highest return for a quarter</span></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zAFNYOifcze7">19.94% </span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">(quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_z7oKURk4ouq5">March 31, 2024</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">) and <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zjl2udtkJtf4">the lowest return for a quarter</span></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">was <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_z8ohDu9nmA8a">(31.27)% </span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">(quarter ended <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_z06wkAsAxMn9">June 30, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> the highest return for a quarter 0.1994 2024-03-31 the lowest return for a quarter -0.3127 2022-06-30 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zkntWmtBELv1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zlSWfsYtxDa5" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_983_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zPAgmwXxpAac" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Average Annual Total Returns<br/>(for the years ended December 31, 2025,<br/>with the maximum sales charges, if applicable)</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b> </b></span></td> <td colspan="4" id="xdx_490_20250101__20251231_z7Wqn8unFF1j" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Past<br/>One Year</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b> </b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td colspan="4" id="xdx_49D_20210212__20251231_zAixff2qa16j" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Since Inception<br/>(<span id="xdx_90F_eoef--PerfInceptionDate_c20260430__20260430__oef--ClassAxis__custom--C000220751Member_z3PlHxBZyx74">February 12, 2021</span>)</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Growth Innovators Fund</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220751Member_z7PB6lzGYIF8" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in; vertical-align: top; width: 78%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return Before Taxes</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 2%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">18.13</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 2%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">7.37</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220751Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z75Zu5Jp5T3l" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return After Taxes on Distributions</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">17.93</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">7.34</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220751Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zPbQJDYFJfK4" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">10.74</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">5.78</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220751Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_z0hoKGAtvKX8" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">S&amp;P 500 Index<br/> (reflects no deduction for fees, expenses or taxes)</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">17.88</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">13.72</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220751Member__oef--PerformanceMeasureAxis__custom--NasdaqsCompositeIndexMember_zTqaB0Q1O6G5" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Nasdaq Composite Index<br/>(reflects no deduction for fees, expenses or taxes)</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">21.14</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">11.73</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Average Annual Total Returns(for the years ended December 31, 2025,with the maximum sales charges, if applicable) 2021-02-12 0.1813 0.0737 0.1793 0.0734 0.1074 0.0578 0.1788 0.1372 0.2114 0.1173 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zRmU2IraaSp" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zdPVNm4fr3Ba">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_902_eoef--PerformanceTableExplanationAfterTaxHigher_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zYmzDavKZ234">In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260430__20260430__dei--LegalEntityAxis__custom--S000069038Member_zyQFwcyJW2J">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”).</span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). Gabelli Love Our Planet & People ETF (the “Love Our Planet Fund” or the “Fund”) Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z9UGodfVUQud" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s investment objective is capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zjtdfCO2JDYj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zwQepQwV0Zmf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zUwLvNAQ5yub" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Shareholder Fees</b><br/>(fees paid directly from your investment):</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_905_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member__oef--ClassAxis__custom--C000220756Member_zZ9Ckz72VFOf" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 3%"><span style="font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zvhQLbM7XTmd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z5B94SGjq23k" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment):</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_497_20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member__oef--ClassAxis__custom--C000220756Member_zpiQmCpOFgyb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zSolD4Q3wAjl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zvwErtM1Hzzd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Expenses<sup id="xdx_F4A_zpWOnWyvMxj9">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.00</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zfZgItWHWYRf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses<sup id="xdx_F4D_z9NXU89aG4F8">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span id="xdx_F0C_z88JXa1Dqpjg" style="font-size: 8pt; color: #004870">(1)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F17_zt10XmzzCZQ6" style="font-size: 8pt; color: #004870"> <span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_ze2I2vJSLnN5">Other Expenses have been restated to reflect estimated amounts for the current fiscal year</span>.</span></td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><span id="xdx_F06_zO8mJj6IuLt4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F1C_zgpfhTofjWli" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has voluntarily agreed to waive the Fund’s management fee of 0.90% on the first $100 million in net assets through the fiscal year ending December 31, 2026.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> 0.0090 0.0000 0.0090 Other Expenses have been restated to reflect estimated amounts for the current fiscal year Expense Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z6G35CpR5lDi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLjsAeffO4Kb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zB5h24t6FST5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 26%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zB3OF4fipjkd" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zVdGdTaDXld" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zA2oEctiV9Jj" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>5 Years</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zb4nRQ9dhQ14" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>10 Years</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 26%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_417_20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member__oef--ClassAxis__custom--C000220756Member_zbmzVlDSPuGl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$92</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$288</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$500</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$1,110</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> 92 288 500 1110 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zJg5NYBTyeQg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Love Our Planet Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zDPZFh9Dty9j">14%</span> of the average value of its portfolio.</span></p> 0.14 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zGTOj7bCsO5k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund seeks to achieve its objective by investing substantially all, and in any case 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 sustainability at the time of investment. The Fund may also invest in foreign securities by investing in American Depositary Receipts. Under normal market conditions, the Fund invests its assets in stocks that are listed on a national securities exchange or similar market, such as the National Market System of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Fund focuses on investments in companies whose securities are trading at a material discount to their private market value (“PMV”). PMV is the value the Adviser believes informed investors would be willing to pay for a company.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><i>Sustainability Criteria.</i> The Fund combines a differentiated, value-oriented investment philosophy with consideration of certain factors used to deliver returns in a manner that promotes environmental sustainability. In determining the sustainability factors of a particular company, the investment team looks for companies that, among other actions, have initiated programs to reduce the carbon footprint and/or waste profile of their products, services or operations 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 relies primarily on proprietary research conducted by the Adviser to reach a judgement on the sustainability of each investment candidate but may also employ third-party data services. Pursuant to the guidelines, 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">After identifying companies that satisfy these criteria, the Adviser then will invest in securities of companies that the Adviser believes are trading at a material discount to PMV. The Adviser will monitor each holding on a regular basis to ensure its compliance with the Fund’s guidelines. Securities that no longer meet these guidelines will be sold within a reasonable period of time after the Adviser makes such a determination. Securities may also be sold if the Adviser believes the securities no longer appear to be underpriced relative to their PMV, or if there is a change to an underlying industry or company that the Adviser believes may negatively affect the value of such securities.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_ztKFrHFxEdX2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek capital appreciation</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you want exposure to equity investments in companies that meet the Fund’s socially responsible guidelines</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek long-term growth of capital</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_909_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zDIYp9gpNLBl">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_90B_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zY0p3XZ2gjT8">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zZPadnYoglcl"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zBT8kqgrqhCg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zUmkLXyJDVrk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large</span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b></b>percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_zpwLSyuRlszi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zRmHiObSAInb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zgtiOvhOzHk6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z719pLHAPuD7"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>Foreign Securities Risk. </b>Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zIymcis4T9Hc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zJkeGaMwXDF8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities.</span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment. Inflation has recently increased and it cannot be predicted whether and to what extent it may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zQYzDGON3WZi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zEmpqYYmq3H5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zBWc0swwIr05"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zG9qlc5LexK3"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zW7MB5TrK445"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Sector Risk.</b> Although the Fund does not employ a sector focus, its exposure, from time to time, to specific sectors will increase based on the Adviser’s perception of available investment opportunities. If the Fund focuses on a particular sector, the Fund may face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that sector. Furthermore, investments in particular sectors may be more volatile than the broader market as a whole.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SociallyResponsibleInvestmentRiskMember_zAcEs4mahbVi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Socially Responsible Investment Risk.</b> The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries and may impact the relative financial performance of the Fund — positively or negatively — depending on whether such investments are in or out of favor.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zMCvQKl6nnYk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_z60T2lp1GKlc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zlXVyVtKDJKg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zll6zPVA4FHa">The bar chart and table that follow provide an indication of the risk of investing in the Love Our Planet Fund by showing changes in the Love Our Planet Fund’s performance from year to year and by showing how the Love Our Planet Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zwR6svamhUa6">As with all mutual funds, the Love Our Planet Fund’s past performance (before and after taxes) does not predict how the Love Our Planet Fund will perform in the future.</span> Updated information on the Love Our Planet Fund’s results can be obtained by visiting <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zRvZaOgAfOi9">www.gabelli.com.</span></span></p> The bar chart and table that follow provide an indication of the risk of investing in the Love Our Planet Fund by showing changes in the Love Our Planet Fund’s performance from year to year and by showing how the Love Our Planet Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index. As with all mutual funds, the Love Our Planet Fund’s past performance (before and after taxes) does not predict how the Love Our Planet Fund will perform in the future. www.gabelli.com. LOVE OUR PLANET FUND (Total returns for the Year Ended December 31) <p id="xdx_A87_eoef--BarChartTableTextBlock_zvbBWDxrag2e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><img alt="" src="img_002.jpg" style="height: 279px; width: 500px"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z7F5gLOQT564" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000220756Member_zZ2NM6SfrZA6" style="display: none; text-align: center; width: 50%">-15.08%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220756Member_zEtkMwvwvmVe" style="display: none; text-align: center">4.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220756Member_zJp03FWnZDqk" style="display: none; text-align: center">9.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220756Member_zskEAJXmJ3Ag" style="display: none; text-align: center">22.30%</td></tr> </table> -0.1508 0.0485 0.0995 0.2230 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zdg83cYJik04" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">During the calendar years shown in the bar chart, the <span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zRh3bEQfxAS1">highest return for a quarter</span> was <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zYxLuVzb8dRc">9.38%</span> (quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_z76ZyW4XJWAh">December 31, 2022</span>) and the <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zGiGJmbrbDXh">lowest return for a quarter</span> was <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zFAwSOhmsFFk">(15.27)%</span> (quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zEbc8OEibUT7">June 30, 2022</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> highest return for a quarter 0.0938 2022-12-31 lowest return for a quarter -0.1527 2022-06-30 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zxHbieBlYuz7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z8G1cqLfeQyd" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98F_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zGOgPW3Bef5b" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Average Annual Total Returns<br/>(for the years ended December 31, 2025,<br/> with the maximum sales charges, if applicable)</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b> </b></span></td> <td colspan="4" id="xdx_494_20250101__20251231_z6no90jWG2b" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Past<br/>One Year</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b> </b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td colspan="4" id="xdx_494_20210129__20251231_zJgSrxwphosg" style="border-bottom: rgb(0,72,112) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Since Inception<br/>(<span id="xdx_907_eoef--PerfInceptionDate_c20260430__20260430__oef--ClassAxis__custom--C000220756Member_zUJHdfIGUEV">January 29, 2021</span>)</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Love Our Planet Fund</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220756Member_zUPy7p7Fed5a" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in; vertical-align: top; width: 78%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return Before Taxes</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 2%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">22.30</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 2%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">7.57</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220756Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzyoIej069F4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">21.89</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">6.90</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220756Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zA80SsotJNtb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">13.20</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">5.63</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220756Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_zXe7HjknqDe7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">S&amp;P 500 Index<br/>(reflects no deduction for fees, expenses or taxes)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">17.88</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">14.56</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Average Annual Total Returns(for the years ended December 31, 2025, with the maximum sales charges, if applicable) 2021-01-29 0.2230 0.0757 0.2189 0.0690 0.1320 0.0563 0.1788 0.1456 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zKHGJuly2Yu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zCvFWaQUlJ82">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableExplanationAfterTaxHigher_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zuvIzNo6rh11">In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260430__20260430__dei--LegalEntityAxis__custom--S000069043Member_zNdEtAz9eUwd">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401 (k) plans or individual retirement accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”).</span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401 (k) plans or individual retirement accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). Gabelli Global Technology Leaders ETF (formerly, Gabelli Automation ETF) (the “Global Technology Leaders Fund” or the “Fund”) Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zrNDpBSH6Ln4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund seeks high total return consistent with capital preservation, comprised primarily of current income and secondarily of capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zIkneAZ3YHk3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zmyyUbfBSJ3h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zmFxTEjfXnod" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Shareholder Fees</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(fees paid directly from your investment):</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_901_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member__oef--ClassAxis__custom--C000236584Member_ziqeMqJAbmx5" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-size: 8pt"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zcBD4XGNNBh2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zZtHSOJo8id6" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Annual Fund Operating Expenses</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_492_20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member__oef--ClassAxis__custom--C000236584Member_z7V9aUuOAhT3" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(expenses that you pay each year as a percentage of the value of your investment):</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zxhllgKqndh8" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 89%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zgDfRKfHodud" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses<sup id="xdx_F4B_zVyGyQ64Hpne">(1)</sup></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zGwu0KirPQQd" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Less Fee Waiver and/or Expense Reimbursement<sup id="xdx_F40_zAqTJxwiLuLe">(2)</sup></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(0.90</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">)%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zY2AigLn9f4a" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span id="xdx_F0E_zHPHcWs5A4Cl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zbmFByKC0iT7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_z0TlVQY91qsg"> Expenses have been restated to reflect the current year’s expected expenses.</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"><span id="xdx_F08_z11XDTkRv4Uc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zEWYpOpYrUUc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Global Technology Leaders Fund will continue for at least one year following the effective date of this Prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> 0.0090 0.0090 -0.0090 0.0000 Expenses have been restated to reflect the current year’s expected expenses. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zGlO9iTQ5cb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zqMdtH4Olhv4"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_dU_zSfNxpiJDSr9" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zMzvrIWJkAGk" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zq5eAiQ7a16" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zT3nNozkaa4j" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>5 Years</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zT9GmavRdYje" style="border-bottom: rgb(0,72,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>10 Years</b></span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> <tr id="xdx_414_20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member__oef--ClassAxis__custom--C000236584Member_zKkvNgLa4LTg" style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$0</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$202</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$420</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$1,047</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> </tr> </table> 0 202 420 1047 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zvDDJ8zE5zDj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Global Technology Leader Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_z2KTk1LitR1l">37%</span> of the average value of its portfolio.</span></p> 0.37 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zPpTlwyNf2q8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund is an actively managed exchange-traded fund (“ETF”). 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 technology sector. As a fundamental policy, the Fund will concentrate (invest at least 25% of the value of its net assets) 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 capitalization, mid capitalization, and large capitalization issuers. As a “global” fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries outside of the U.S., and at least 40% of the Fund’s total net assets are invested in securities of non-U.S. issuers or, if market conditions are not favorable, the Fund will invest at least 25% of the Fund’s assets outside the U.S. The Fund will favor investing in companies that the Adviser believes possess market leadership and competitive advantages. The Fund may invest in the equity securities of such companies, such as common stock, or preferred stock of such companies in accordance with the foregoing 80% policy. The Fund may also invest in foreign securities, including, but not limited to: (i) direct investments in securities of foreign issuers principally located in Japan, the United Kingdom, and Europe; and (ii) investments in American Depositary Receipts that represent indirect investments in securities of foreign issuers. The Fund may invest in companies without regard to market capitalization.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund considers a company to be principally engaged in the group of industries comprising the technology sector if it devotes 50% of its assets to, or derives 50% of its revenues from, hardware, software and related services, data storage, and peripherals; communications services and equipment; semiconductors; and electronic equipment, instruments and components.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund invests in equity securities of companies that the Adviser believes are leaders within their respective industries as demonstrated by the ability to deliver high relative returns on invested capital and proprietary technology, the proficiency to leverage technological expertise into a competitive advantage, and/or a proven track record of research and development resulting in new products, services, or technologies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser considers factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The Adviser also considers changes in economic and political outlooks as well as individual corporate developments. Further, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">sale or spin-off of a division, or the development of a profitable new business. The Adviser expects to seek to sell any Fund investments that lose their perceived value relative to other investments, which could occur because of, among other things, a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870">The Fund may purchase or sell options on individual securities as well as on indices of securities as a means of achieving additional return on or hedging the value of the Fund’s portfolio.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_z5ac7vsyXbi2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">you seek growth of capital</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">you believe that the market will favor value over growth stocks over the long-term</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">you wish to include a value strategy as a portion of your overall investments</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_909_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z7UTwuVe4tE9">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_906_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member__oef--RiskAxis__oef--RiskLoseMoneyMember_znNQ7LX2Glj">you may lose money by investing in the Fund</span>. When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Investing in the ETF involves the following risks: </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zX5eRQJf6pXf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Equity Risk.</b> The Fund will invest in equity securities of companies principally engaged in the group of industries comprising the technology sector, and is thus exposed to equity risk. Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. These fluctuations may cause an equity security to be worth less than it was worth when it was purchased by the Fund. Because the value of equity securities, and thus shares of the Fund, could decline, you could lose money. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zq5lU9NPsg2l"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Foreign Securities Risk.</b> Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zPYp3mevjEyb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Concentration Risk.</b> The Fund concentrates its assets (i.e., invests 25% or more of its net assets) in securities of companies in the technology sector, and, as a result, the Fund may be subject to greater volatility with respect to its portfolio securities than the Fund that is more broadly diversified. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z3uzvPWaaKS3"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zvX7nr5DR9Sj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zg9zUczZpmIj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. To the extent that all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s domestic trading day. In turn, this could lead to differences between the market price of the Fund’s shares and the underlying value of its shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInJapanMember_z8qYwASiVFX6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Risk of Investing in Japan. </b>The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on the companies in which the Fund invests. Japan’s economic growth is heavily dependent on international trade, government support of the financial services sector, and consistent government policy supporting its export market. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund and its investments. Japan’s relations with its bordering countries have at times been strained, and strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInEuropeMember_zpCQ7GKxC2r"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Risk of Investing in Europe. </b>The Fund may be more exposed to the economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member states of the European Union (the “EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the Euro and may continue to significantly affect other European countries.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInUnitedKingdomMember_zvEuhF9q4pTb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Risk of Investing in the United Kingdom. </b>Investments in United Kingdom (“U.K.”) companies may subject the Fund and its shareholders to regulatory, political, currency, security, and economic risks specific to the U.K. The U.K. has one of the largest economies in Europe, and the U.S. and other European countries are substantial trading partners of the U.K. As a result, the U.K.’s economy may be impacted by changes to the economic condition of the U.S. and other European countries. Following the U.K. officially withdrawing from the EU, commonly referred to as “Brexit,” certain trading matters between the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship with the EU could have an adverse impact on the economy and currency of the U.K. Other risks to the U.K.’s economic growth and competitiveness include high public debt and relatively low productivity. </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zgfyDCpicWGj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Technology Sector Risk.</b> Technology companies may have limited product lines, markets, financial resources, or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.</span></td> </tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zHIA9rUiQzo6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zNeSj8XyvWrf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zu7qF5pHpvk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zkskcQsfiF3h"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Large Capitalization Companies Risk.</b> Large capitalization companies generally experience slower rates of growth in earnings per share than do mid and small capitalization companies.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapitalizationCompaniesRiskMember_zThlIvBYd4o4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Small- and Mid-Capitalization Companies Risk.</b> Investing in securities of small and mid-capitalization companies may involve greater risks than investing in larger, more established issuers. Small and mid-capitalization companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers, or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zclj8EguIC3h"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment. Inflation has recently increased and it cannot be predicted whether and to what extent it may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7TOq9fdsMa8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio manager is incorrect in his assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zr05J0yTTuBd" style="margin-top: 0; margin-bottom: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="color: rgb(0,72,112); vertical-align: top; text-align: justify"> <td style="color: rgb(0,72,112); width: 0.5in"></td> <td style="color: rgb(0,72,112); width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td> <td style="color: rgb(0,72,112); text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk. </b>Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations</span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="color: rgb(0,72,112); vertical-align: top; text-align: justify"> <td style="color: rgb(0,72,112); width: 0.5in"></td> <td style="color: rgb(0,72,112); width: 0.25in; text-align: left"> </td> <td style="color: rgb(0,72,112); text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zrSku8Oo2JFd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Non-Diversification Risk.</b> <span id="xdx_907_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zUPeAH2mnyya">As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_z8GUspvUVPGd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Options Risk.</b> The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund’s portfolio manager to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zIEGmPbAaJ0d"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund. </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveMarketMember_zYRTidWKOsE3"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zPidUH3fjxWl"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> Performance <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zh8EQQxaaWvj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zLALjjLj4qwa">The bar chart and table that follow provide an indication of the risk of investing in the Global Technology Leaders Fund by showing changes in the Global Technology Leaders Fund’s performance from year to year and by showing how the Global Technology Leaders Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index.</span> Prior to December 15, 2025, the Fund’s principal investment strategy was to invest at least 80% of the Fund’s assets in automation companies. Accordingly, performance prior to December 15, 2025 was attributable to the Fund’s prior investment strategy. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zBT6WmlVgOhb">As with all mutual funds, the Global Technology Leaders Fund’s past performance (before and after taxes) does not predict how the Global Technology Leaders Fund will perform in the future.</span> Updated information on the Global Technology Leaders Fund’s results can be obtained by visiting <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zYIAGXBSwn3b">www.gabelli.com</span>.</span></p> The bar chart and table that follow provide an indication of the risk of investing in the Global Technology Leaders Fund by showing changes in the Global Technology Leaders Fund’s performance from year to year and by showing how the Global Technology Leaders Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index. As with all mutual funds, the Global Technology Leaders Fund’s past performance (before and after taxes) does not predict how the Global Technology Leaders Fund will perform in the future. www.gabelli.com GLOBAL TECHNOLOGY LEADERS FUND(Total returns for the Year Ended December 31) <p id="xdx_A87_eoef--BarChartTableTextBlock_zV30xGXbI4t4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b> </b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b><img alt="" src="img_003.jpg" style="height: 282px; width: 500px"/></b></span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zsUtPnFsmdik" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000236584Member_zVmp6yiq55Di" style="display: none; text-align: center; width: 50%">18.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000236584Member_zOS3jxk4yuCb" style="display: none; text-align: center">10.99%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000236584Member_zG18LHPhiy4k" style="display: none; text-align: center">19.78%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b> </b></span></p> 0.1823 0.1099 0.1978 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zd7tIW5bMTIb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">During the calendar years shown in the bar chart, the <span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_z7ccqK2IhRCj">highest return for a quarter</span> was <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zFckScjz65Ue">8.51%</span> (quarter ended <span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_z3SqLGKAuxJf">December 31, 2023</span>) and the <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zXreFV4fHyWj">lowest return for a quarter</span> was <span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zN79jZAgLcg2">(3.38)%</span> (quarter ended <span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zusbbeibqt68">June 30, 2024</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> highest return for a quarter 0.0851 2023-12-31 lowest return for a quarter -0.0338 2024-06-30 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zzumivY9UoK6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z6PF3KRLp1W1" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td id="xdx_981_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000076599Member_zNUkVLl0NK18" style="border-bottom: rgb(0,72,112) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Average Annual Total Returns<br/>(for the years ended December 31, 2025,<br/>with the maximum sales charges, if applicable)</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td colspan="4" id="xdx_499_20250101__20251231_z5bhcNofZ2q" style="border-bottom: rgb(0,72,112) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Past<br/>One Year</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td colspan="4" id="xdx_497_20220103__20251231_zgtFVeUE1pr3" style="border-bottom: rgb(0,72,112) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Since Inception<br/>(<span id="xdx_907_eoef--PerfInceptionDate_c20260430__20260430__oef--ClassAxis__custom--C000236584Member_zmJPalbd7w56">January 3, 2022</span>)</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236584Member_zwHm6ObLFRr2" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 78%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Return Before Taxes</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">19.78</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">7.24</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236584Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIN7EznDgP81" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Return After Taxes On Distributions</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">19.27</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">6.87</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236584Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeikvgBTFkk5" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">11.71</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">5.46</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236584Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_zj5JSW2UqiYj" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">S&amp;P 500 Index<br/> (reflects no deduction for fees, expenses or taxes)</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">17.88</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">11.53</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td></tr> </table> Average Annual Total Returns(for the years ended December 31, 2025,with the maximum sales charges, if applicable) 2022-01-03 0.1978 0.0724 0.1927 0.0687 0.1171 0.0546 0.1788 0.1153 Gabelli Commercial Aerospace and Defense ETF (the “Aerospace and Defense Fund” or the “Fund”) Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_z2zBJj44HD26" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund seeks a high level of total return on its assets with an emphasis on income.</span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_z1O6c4UVhXx6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zFkTOsmnLzsa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zMpLx4fysXed" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 89%; font-weight: bold; text-align: left"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Shareholder Fees</b><span style="font-weight: normal"><br/> (fees paid directly from your investment):</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 2%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_907_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member__oef--ClassAxis__custom--C000220758Member_zEuXQE026by6" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zXKoSaCQR787"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zOIRSi6ZGvZ8" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; width: 89%"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><span style="font-weight: normal"><br/> (expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_498_20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member__oef--ClassAxis__custom--C000220758Member_zNA7rvGywkFk" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zlB44xcWtAl5" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zn13aLXeOrch" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses<sup id="xdx_F4F_z4NwXmKdIcT9">(1)</sup></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZ0LjRgrDFzl" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Less Fee Waiver and/or Expense Reimbursement<sup id="xdx_F48_zh2MADqqpDnf">(2)</sup></span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(0.80</span></td> <td style="padding-bottom: 0.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">)%</span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zvPAJVsWDKNe" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses After Fee Waiver<sup id="xdx_F44_z6zJCnukG6o5">(3)</sup></span></td> <td style="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 2.5pt double; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: #004870 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.10</span></td> <td style="vertical-align: middle; padding-bottom: 1.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span id="xdx_F0B_zmMViNAB8S48" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_zQ6pTmdmQyye" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zXyaBcpTWN9b"> Expenses have been restated to reflect the current year’s expected expenses.</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F00_zFtXehCHycE8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zbZKdlELp4N9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Aerospace and Defense Fund will continue for at least one year following the effective date of this Prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.</span></td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F01_zJAtqS9iD19e" style="font-size: 8pt; color: rgb(0,71,112)">(3)</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zycvF3nW7khl" style="font-size: 8pt; color: rgb(0,71,112)">Total Annual Fund Operating Expenses After Fee Waiver are based on the application of the fee waiver to the Fund’s net assets as of the date of the Prospectus, and therefore do not correlate to the Ratio to Average Net Assets of Operating Expenses Net of Waiver in the Financial Highlights section of the Prospectus. The Fund’s expense ratio after fee waiver may fluctuate during the current fiscal year based on changes in the Fund’s net assets.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> 0.0090 0.0090 -0.0080 0.0010 Expenses have been restated to reflect the current year’s expected expenses. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_ze5A32lHlCN3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjt8px95E1ib"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zD5WPvvGdwg7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_489_eoef--ExpenseExampleYear01_zT1efQrxFoe" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">1 Year</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zyKHZ2pFKfQ8" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">3 Years</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zmiwtHGvv5ec" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">5 Years</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zzjwpbjNZNmc" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">10 Years</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_419_20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member__oef--ClassAxis__custom--C000220758Member_zeN14gGSV1Qk" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$10</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$206</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$419</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$1,034</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> 10 206 419 1034 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zLfWt0KhOQSh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Aerospace and Defense Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zFhVTo3rG2J8">9%</span> of the average value of its portfolio.</span></p> 0.09 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zLQcnAVEqtRg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870">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 in the aerospace and defense sectors. As a fundamental policy, the Fund will concentrate (invest at least 25% of the value of its net assets) in the securities of companies principally engaged in the group of industries comprising 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. The Fund defines an “aerospace and defense” company as a company that derives at least 50% of its revenues from, or devotes 50% of its assets to, aerospace and/or defense related activities or devotes 50% of its assets to, aerospace and/or defense related activities. Income producing equity securities (e.g., dividend paying securities) include U.S. exchange-listed common stock and preferred stock. The Fund may invest in companies without regard to market capitalization. The Fund may also invest in foreign securities by investing in American Depositary Receipts. In making stock selections, the Adviser looks for securities that have a better yield than the average of the Standard and Poor’s 500 Index (the “S&amp;P 500 Index”), as well as capital gains potential. In selecting investments for the Fund, the Adviser focuses on issuers that:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">have strong free cash flow and pay regular dividends;</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">have potential for long-term earnings per share growth;</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">may be subject to a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business are well managed; and</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">will benefit from sustainable long-term economic dynamics, such as globalization of an issuer’s industry or an issuer’s increased focus on productivity or enhancement of services</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Adviser also believes preferred stock of selected companies offer opportunities for capital appreciation as well as periodic income and may invest a portion of the Fund’s assets in such securities. This is particularly true in the case of companies that have performed below expectations. If a company’s performance has been poor enough, its preferred stock will trade more like common stock than like a fixed income security and may result in above average appreciation if performance improves. This leads to the possibility of capital appreciation if the price of the common stock recovers.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_z7ALgJi7F8Ke" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">you are seeking income as well as capital appreciation</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_90F_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zcl7yyfCKxDl">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_900_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zMNKqO1LOEuh">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AerospaceIndustryRiskMember_z9Gw0ALXel02"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Aerospace Industry Risk.</b> Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services. There are significant inherent risks in government contracting, which could have a material adverse effect on the business, financial condition and results of operations of industry participants. Government spending in aerospace generally is not correlated with any economic cycle, but rather, on the cycle of general political support for this type of spending. However, there is no assurance that future levels of aerospace and defense spending will increase or that levels of aerospace and defense spending will not decrease in the future. In addition, the aerospace industry in particular has recently been affected by adverse economic conditions and consolidation within the industry. Furthermore, competition in the airline industry continues to increase as a result of airline deregulation.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DefenseIndustryRiskMember_zHuMrTJX2rwk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Defense Industry Risk.</b> Companies in the defense industry are subject to numerous risks, including fierce competition, consolidation, adverse political, economic and governmental developments (both in the U.S. and abroad), compliance with varying regulation across international markets, substantial research and development costs, cuts in government funding, product and technology obsolescence, limited numbers of potential customers and decreased demand for new equipment. Since defense companies derive significant revenue from government contracts, they face a number of specific risks that may adversely affect a company’s financial condition and outlook. The government may terminate a contract with an issuer as a result of an issuer’s default, resulting in possible issuer liability to the government. The government may also terminate a contract for its own convenience, which may lead to difficulty for the issuer in recovering costs incurred prior to termination. Such contracts may also be modified or terminated due to changes in congressional funding levels. Government contractors are also subject to stringent routine audits and reviews, which may lead to significant price adjustments for products and services. The highly competitive bidding environment in which government contractors operate may also reduce the profitability of certain government contracts. Companies involved in the commercial aerospace industry are subject to risks including aircraft order cancellations, excess capacity, cutbacks in profitable business travel, fuel price hikes, labor union settlements, adverse changes in international politics and relations, intense global competition, government regulation and cyclical market patterns.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z7GcF4pzN1g4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zpft3A2uuQD8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zywar0BpEfL9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>Large Capitalization Companies Risk.</b> Large capitalization companies generally experience slower rates of growth in earnings per share than do mid and small capitalization companies.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapitalizationCompaniesRiskMember_zpYZIGVEqLY9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>Small- and Mid-Capitalization Companies Risk.</b> Investing in securities of small and mid-capitalization companies may involve greater risks than investing in larger, more established issuers. Small and mid-capitalization companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers, or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zrefxpVDY57c"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Non-Diversification Risk.</b> <span id="xdx_90A_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z7buz9vSYka4">The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund’s performance may depend on the performance of a small number of issuers.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund’s performance may depend on the performance of a small number of issuers. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zqGOzunxn6y5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zr0xd46Co7ii"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund. </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveMarketMember_zbHIrOXM98e2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zIPDI2eHjxMg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zVxeIQCF8ec2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z1SIu3aOXpvk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004870"><b>Foreign Securities Risk. </b>Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zoSzUaGfSw99"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zltn5KtUQWJf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment. Inflation has recently increased and it cannot be predicted whether and to what extent it may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zmTRAX3h0Gej"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zP9FyTTE1PE2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Management Risk.</b> If the Adviser is incorrect in its assessment of the investment prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zNMgyyAnIvld"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may</span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zi6zOEMOvt8j"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zDkrQzYpmcI8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z2j3zL8jDEg9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Value Investing Risk.</b> The Fund invests in “value” stocks. Value investing refers to buying securities that the Adviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_z0k2Tn6M7s25"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>●</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zs5lbKLzvvYe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zh7tYVjWbUti" style="color: #004870">The bar chart and table that follow provide an indication of the risk of investing in the Commercial Aerospace and Defense Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index.</span> <span style="color: #004870">Prior to March 10, 2023, the Fund operated under its prior name, the Gabelli Equity Income ETF. The Fund’s prior name reflected its former investment strategy of seeking to attain a high level of total return, with an emphasis on income, through investing at least 80% of its net assets in income producing equity securities. Accordingly, performance prior to March 10, 2023, was attributable to the Fund’s prior investment strategy. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zbiLqkW6D8Ce">As with all mutual funds, the Aerospace and Defense Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</span></span> <span style="color: #004870">Updated information on the Fund’s results can be obtained by visiting <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zdB1NgTD1pz">www.gabelli.com</span></span><span style="color: #004870">.</span></p> The bar chart and table that follow provide an indication of the risk of investing in the Commercial Aerospace and Defense Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index. As with all mutual funds, the Aerospace and Defense Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. www.gabelli.com <p id="xdx_A83_eoef--BarChartTableTextBlock_zKwrIRTeZjkf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><img alt="" src="img_004.jpg" style="height: 281px; width: 500px"/></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zHwIKhn4Wr61" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220758Member_z2ehFIiAlCq3" style="display: none; text-align: center; width: 50%">14.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220758Member_z3V3iDzxm55j" style="display: none; text-align: center">22.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220758Member_zPvSclr0CBZk" style="display: none; text-align: center">39.34%</td></tr> </table> 0.1414 0.2224 0.3934 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zW7k87S6kP4k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)">During the calendar years shown in the bar chart, the <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_ziLxuMb9Asza">highest return for a quarter</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zdRc5zZROajj">8.80%</span> (quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zhLO60mZjWLh">March 31, 2024</span>) and the <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zH3Py5hBluJ1">lowest return for a quarter</span> was <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zjgezt31yE15">(6.99)%</span> (quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zl4IJTV2a5">September 30, 2023</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"> </span></p> highest return for a quarter 0.0880 2024-03-31 lowest return for a quarter -0.0699 2023-09-30 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zjOmUSVYHrF"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zslDzWTRIZ6e" style="font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td id="xdx_983_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000069045Member_zcnsxwOJYsi1" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Average Annual Total Returns<br/>(for the years ended December 31, 2025,<br/>with the maximum sales charges, if applicable)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td colspan="4" id="xdx_49B_20250101__20251231_zyBxIlJ0ZIj7" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Past<br/> One Year</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td colspan="4" id="xdx_497_20230103__20251231_zduNKgVe9HO5" style="border-bottom: rgb(0,72,112) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Since Inception<br/>(<span id="xdx_903_eoef--PerfInceptionDate_c20260430__20260430__oef--ClassAxis__custom--C000220758Member_zDRAWGKki5Vg">January 3, 2023</span>)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220758Member_zShTVlQcp9w3" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 78%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return Before Taxes</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 2%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">39.34</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 2%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">24.89</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220758Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zoa4vNFIGW1k" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return After Taxes On Distributions</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">38.44</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">24.24</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220758Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_za0T2lELjRMe" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">23.53</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">19.60</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220758Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_zQjJ3BflNLIe" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">S&amp;P 500 Index</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">17.88</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">23.24</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> Average Annual Total Returns(for the years ended December 31, 2025,with the maximum sales charges, if applicable) 2023-01-03 0.3934 0.2489 0.3844 0.2424 0.2353 0.1960 0.1788 0.2324 Gabelli Financial Services Opportunities ETF (the “Financial Services Fund” or the “Fund”)   Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zUvUkgkXjz8l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to provide capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zQ83KU6HcNLk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zWzgjXSInOE6"></div> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--ShareholderFeesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_zpfKiIzqZm03" style="width: 89%; padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"><b>Shareholder Fees</b></span></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.125in; padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">(fees paid directly from your investment):</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"><span id="xdx_90B_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zKLro0hOX5ch" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td> </td> <td> </td></tr> </table> Shareholder Fees 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zBbS8DGNZLvc"></div> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98E_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_zxcBbrEM7ywc" style="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5.75pt; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span style="color: #00487a"><b>Annual Fund Operating Expenses</b></span><br/><span style="color: #00487a">(expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td id="xdx_49E_20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zGwafyLMFCqh" style="text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> <br/>  </span></td> <td style="width: 3%"><span style="font-size: 8pt"> </span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z8kIScaHfWT" style="vertical-align: top"> <td style="padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Management Fees</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">0.90</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">% </span></td> <td> </td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zdTp9EuHzPyj" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,122)">Acquired Fund Fees and Expenses</span></td> <td> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,122)"> </span></td> <td style="border-bottom: rgb(0,71,111) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,71,111)"> </span></td> <td style="border-bottom: rgb(0,71,111) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,122)">0.74</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,122)">% </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,122)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zEmUMvwGObY4" style="vertical-align: top"> <td style="padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Total Annual Fund Operating Expenses<sup id="xdx_F49_zYqtMbI95iai">(1)</sup></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">1.64</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">% </span></td> <td> </td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zz9cZC9SciU9" style="vertical-align: top"> <td style="padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Less Fee Waiver and/or Expense Reimbursement<sup id="xdx_F48_z9zgGNVi9kvl">(2)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: rgb(0,71,111) 1pt solid"> </td> <td style="border-bottom: rgb(0,71,111) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">(0.40</span></td> <td style="padding-bottom: 0.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">)% </span></td> <td> </td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zWWxOGZVkoDe" style="vertical-align: top"> <td style="padding-right: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Total Annual Fund Operating Expenses After Fee Waiver<sup id="xdx_F40_zVmUHSilgwJ">(3)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: #00476F 2.25pt double"> </td> <td style="border-bottom: #00476F 2.25pt double; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">1.24</span></td> <td style="padding-bottom: 1.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">% </span></td> <td> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="width: 25%"><div style="border-top: rgb(0,72,122) 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span id="xdx_F0E_z32bhZyGEH5l" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">(1)</span></td> <td style="text-align: justify"><span id="xdx_F10_z05HxMmRoM49" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"> <span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_zBPyhaqjaIDk"> Expenses have been restated to reflect the current year’s expected expenses.</span></span></td></tr> <tr style="vertical-align: top"> <td><span id="xdx_F01_zQxwHbIBzdnk" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">(2)</span></td> <td style="text-align: justify"><span id="xdx_F14_zHVeB5repSU7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Financial Services Fund will continue for a period of no less than one year from the date of this prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees (the “Board”).</span></td></tr> <tr style="font-size: 8pt; vertical-align: top"> <td style="font-size: 8pt"><span id="xdx_F02_zHQS6hNPGu7j" style="font-size: 8pt; color: rgb(0,72,122)">(3)</span></td> <td style="font-size: 8pt; text-align: justify"><span id="xdx_F1C_zPRSVIzRGkD4" style="font-size: 8pt; color: rgb(0,72,122)">Total Annual Fund Operating Expenses After Fee Waiver are based on the application of the fee waiver to the Fund’s net assets as of the date of the Prospectus, and therefore do not correlate to the Ratio to Average Net Assets of Operating Expenses Net of Waiver in the Financial Highlights section of the Prospectus. The Fund’s expense ratio after fee waiver may fluctuate during the current fiscal year based on changes in the Fund’s net assets.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #00487a"> </p> Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment): 0.0090 0.0074 0.0164 -0.0040 0.0124 Expenses have been restated to reflect the current year’s expected expenses. Expense Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zeS1JqpEuzx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNqGZcVSsUza"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 48%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zlhXD8MjXi9f" style="border-bottom: #00487a 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"><b>1 Year</b></span></td> <td style="width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z4k7SN5hw4Sa" style="border-bottom: #00487a 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"><b>3 Years</b></span></td> <td style="width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zPbilVj6GWu2" style="border-bottom: #00487a 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"><b>5 Years</b></span></td> <td style="width: 4%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_z19KQWrGZGo6" style="border-bottom: #00487a 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zGcbjKfcI05l" style="vertical-align: top"> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">$126</span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">$478</span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">$854</span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">$1,909</span></td></tr> </table> 126 478 854 1909 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zQscIlgb8oUe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Financial Services Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_z8Fp0X9vG2L1">31%</span> of the average value of its portfolio.</span></p> 0.31 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_z1tsfTjBL8jg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. As a fundamental policy, the Fund will concentrate (invest at least 25% 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 of such companies in accordance with the foregoing 80% policy. The Fund may also invest in foreign securities, including, but not limited to: (i) direct investments in securities of foreign issuers principally located in the United Kingdom, Europe, the European Union, and Japan; and (ii) investments in American Depositary Receipts that represent indirect investments in securities of foreign issuers. The Fund may invest in companies without regard to market capitalization.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund considers a company to be principally engaged in the group of industries comprising the financial services sector if it devotes a significant portion of its assets to, or derives a significant portion of its revenues from, providing financial services. The Fund considers a company to be principally engaged in the group of industries comprising the financial services sector if it devotes 50% of its assets to, or derives 50% of its revenues from, providing financial services. Such services include but are not limited to the following: commercial, consumer, and specialized banking and financing; asset management; publicly-traded, government sponsored financial enterprises; insurance; accountancy; mortgage REITs; brokerage; securities exchanges and electronic trading platforms; financial data, technology, and analysis; and financial transaction and other financial processing services.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Investment Company Act of 1940, as amended (the “1940 Act”), restricts the Fund from acquiring the securities of any company that derives more than 15% of its gross revenues from securities related activities, such as a broker, dealer, underwriter or a federally registered investment adviser (a “Securities Related Issuer”), subject to exception. Under Rule 12d3-1 under the 1940 Act, however, the Fund may generally purchase up to 5% of any class of equity securities of a Securities Related Issuer, or up to 10% of the outstanding principal amount of debt securities of a Securities Related Issuer, so long as, in each case, no more than 5% of the Fund’s total assets are invested in the Securities Related Issuer. These limitations are measured at the time of investment. Rule 12d3-1 may operate to limit the size of the Fund’s investment position with respect to one or more Securities Related Issuers. The 1940 Act also restricts the Fund from acquiring any security issued by an insurance company if the Fund owns, or will own as a result of the acquisition, more than 10% of the total outstanding voting stock of the insurance company. The 1940 Act may operate to limit the size of the Fund’s investment position with respect to one or more insurance companies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser considers factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The Adviser also considers changes in economic and political outlooks as well as individual corporate developments. Further, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business. The Adviser expects to seek to sell any Fund investments that lose their perceived value relative to other investments, which could occur because of, among other things, a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_zrggT789bsO3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">you are a long-term investor</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">you seek capital appreciation</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">you believe that the market will favor financial services companies over the long-term</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_901_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zlPhwDGeqbB">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_900_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zx5PuSYFa54c">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zSlHMb4Etf5b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Equity Risk.</b> The Fund will invest in equity securities of companies principally engaged in the group of industries comprising the financial services sector, and is thus exposed to equity risk. Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. These fluctuations may cause an equity security to be worth less than it was worth when it was purchased by the Fund. Because the value of equity securities, and thus shares of the Fund, could decline, you could lose money. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty. The value of equity securities of companies in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation; (ii) fluctuations in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers; (v) financial losses associated with investment activities; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially or adversely affect a number of other financial services companies.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjVCoYm9mPil"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Foreign Securities Risk.</b> Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z0c4oAIZ7lz3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Concentration Risk.</b> The Fund concentrates its assets (i.e., invests 25% or more of its net assets) in securities of companies in the financial services sector, and, as a result, the Fund may be subject to greater volatility with respect to its portfolio securities than the Fund that is more broadly diversified. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zO5jsUwuXsm7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zjICqrGF7F92"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zhA7uJyKty5k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>New Fund Risk.</b> The Fund has a limited operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss. However, the fee waiver in place limits this risk for the periods that such fee waiver is effective.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zOJM5pf6A3K6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInEuropeMember_zCK0vD2Wa4la"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Risk of Investing in Europe. </b>The Fund is more exposed to the economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member states of the European Union (the “EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the Euro and may continue to significantly affect other European countries.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInJapanMember_zxfD2rIvCgl6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Risk of Investing in Japan. </b>The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on the companies in which the Fund invests. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund and its investments. Japan’s relations with its bordering countries have at times been strained, and strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedKingdomMember_zqTzcp3CjZuc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Risk of Investing in the United Kingdom. </b>Investments in United Kingdom (“U.K.”) companies may subject the Fund and its shareholders to regulatory, political, currency, security, and economic risks specific to the U.K. The U.K. has one of the largest economies in Europe, and the U.S. and other European countries are substantial trading partners of the U.K. As a result, the U.K.’s economy may be impacted by changes to the economic condition of the U.S. and other European countries. Following the U.K. officially withdrawing from the EU, commonly referred to as “Brexit,” certain trading matters between the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship with the EU could have an adverse impact on the economy and currency of the U.K. Other risks to the U.K.’s economic growth and competitiveness include high public debt and relatively low productivity. </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_zmhl1GyRH4Cj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Growth Stock Risk.</b> Securities of “growth companies” (i.e., companies which appear to have favorable, yet undervalued, prospects for earnings growth and price appreciation) may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks (i.e., stocks that are trading at a price lower relative to their fundamentals, such as dividends, earnings, or sales) that can cushion stock prices in a falling market.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_z2f9UagupLX9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zCjSWj5XSU6d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesRiskMember_z01IJ9mITXWj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Financial Services Risk.</b> The Fund will concentrate its investments in securities issued by financial services companies. Financial services companies can be significantly affected by changing economic conditions, demand for consumer loans, refinancing activity and intense competition, including price competition. Profitability can be largely dependent on the availability and cost of capital and the rate of consumer debt defaults, and can fluctuate significantly when interest rates change; unstable and/or rising interest rates may have a disproportionate effect on companies in the financial services sector. Financial services companies are subject to extensive government regulation, which can change frequently and may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain, or may affect them in other ways that are unforeseeable. In the past, financial services companies in general experienced considerable financial distress, which led to the implementation of government programs designed to ease that distress.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z29VDPJ7eFe5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zmQKwsJOSkH4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Large Capitalization Companies Risk.</b> Companies with $10 billion or more in market capitalization are considered by the Adviser to be large capitalization companies. Large capitalization companies generally experience slower rates of growth in earnings per share than do mid and small capitalization companies.</span></td></tr> </table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompaniesRiskMember_zxJTgx8jXAk6" style="margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Small- and Mid-Capitalization Companies Risk.</b> Investing in securities of small and mid-capitalization companies may involve greater risks than investing in larger, more established issuers. Small and mid-capitalization companies may be less well established and may have a</span></td></tr> </table> <p style="margin-left: 0.75in; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="color: #00487A">more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers, or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zHXrJhlVqS9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zAhulvdCgNBf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zt7KL0pUDzS8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Management Risk.</b> If the portfolio manager is incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zqyygoWItOpl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Non-Diversification Risk.</b> <span id="xdx_90D_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zlLnG1FCsgZh">As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zSTISCPAKWVc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Options Risk.</b> The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund’s portfolio manager to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options.</span></td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zLZ6SPHhhpH7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_zV6Uq6ZKkZW2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zDTiNDxiTJr4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zEP90RDuj33j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z6bTmOJYaG4j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00487a"><b>Value Investing Risk.</b> The Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio manager believes are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InfectiousIllnessRiskMember_zZvCzByQBpsb"></div> Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zwSaFmuZdO4f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_zToPcZ8X5DH9">The bar chart and table that follow provide an indication of the risk of investing in the Financial Services Fund by showing changes in the Financial Services Fund’s performance from year to year and by showing how the Financial Services Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_zzQzrOOGa495">As with all mutual funds, the Financial Services Fund’s past performance (before and after taxes) does not predict how the Financial Services Fund will perform in the future.</span> Updated information on the Financial Services Fund’s results can be obtained by visiting <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_z2TBP3DZOc41">www.gabelli.com</span>.</span></p> The bar chart and table that follow provide an indication of the risk of investing in the Financial Services Fund by showing changes in the Financial Services Fund’s performance from year to year and by showing how the Financial Services Fund’s average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad-based securities market index. As with all mutual funds, the Financial Services Fund’s past performance (before and after taxes) does not predict how the Financial Services Fund will perform in the future. www.gabelli.com FINANCIAL SERVICES FUND (Total returns for the Year Ended December 31) <p id="xdx_A87_eoef--BarChartTableTextBlock_zlF7dpRSQmPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="img_005.jpg" style="height: 281px; width: 500px"/></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zxAKdsVNyt11" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220752Member_zaRAs1FYGv8b" style="display: none; text-align: center; width: 50%">38.83%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220752Member_zw2XdwjKtnEf" style="display: none; text-align: center">44.59%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220752Member_znA5qqkLOI27" style="display: none; text-align: center">3.55%</td></tr> </table> 0.3883 0.4459 0.0355 <p id="xdx_A84_eoef--BarChartClosingTextBlock_z2etUI8Pj7R9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the calendar year shown in the bar chart, the <span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zLziJuE6mGy3">highest return for a quarter</span> was <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_ziLBjbIugjt">18.38%</span> (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zkn1uLuBMf1">December 31, 2023</span>) and the <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zvk7MGPYdp63">lowest return for a quarter</span> was <span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zNo5grNbjUpa">2.51%</span> (quarter ended <span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member__oef--ClassAxis__custom--C000220752Member_zqVuLoFygZRl">September 30, 2023</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> highest return for a quarter 0.1838 2023-12-31 lowest return for a quarter 0.0251 2023-09-30 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zTxFe4yW7Jth"></div> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-bottom: rgb(0,72,122) 1pt solid; text-align: left; vertical-align: bottom"> <p id="xdx_984_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000069039Member_zIiWX4yrDqmd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Average Annual Total Returns <br/> (for the years ended December 31, 2025)</b></span></p></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="4" id="xdx_492_20250101__20251231_zouPEMl5Nv8l" style="border-bottom: #00487a 1pt solid; text-align: center; vertical-align: bottom"> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Past<br/> One Year</b></span></p> </td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td colspan="4" id="xdx_496_20220510__20251231_zsOC5j3TOTA4"> <p style="border-bottom: #00487a 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #00487a"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Since Inception<br/> (<span id="xdx_900_eoef--PerfInceptionDate_c20260430__20260430__oef--ClassAxis__custom--C000220752Member_zAvC6GVUl3Fb">May 10,<br/> 2022</span></b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></b></p> </td> <td> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220752Member_zfhCaKP8Zwcj"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Return Before Taxes</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">3.55</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">22.37</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220752Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zL9uxCy0FB1e"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Return After Taxes On Distributions</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">2.74</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">20.74</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220752Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9T4ZqPs7qT8"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">2.11</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">17.14</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000220752Member__oef--PerformanceMeasureAxis__custom--SP500FinancialsIndexMember_zW3AawzD9Gic"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">S&amp;P 500 Financials Index</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">15.02</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">16.49</span></td> <td style="vertical-align: bottom; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000220752Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_zwbtLeyxVWD4"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: justify; width: 78%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">S&amp;P 500 Index</span></td> <td style="width: 1%"><span style="font-size: 8pt"> </span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">17.88</span></td> <td style="vertical-align: bottom; text-align: left; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td style="width: 1%"><span style="font-size: 8pt"> </span></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">17.65</span></td> <td style="vertical-align: bottom; text-align: left; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #00487a">%</span></td> <td style="width: 1%"> </td></tr> </table> Average Annual Total Returns (for the years ended December 31, 2025) 2022-05-10 0.0355 0.2237 0.0274 0.2074 0.0211 0.1714 0.1502 0.1649 0.1788 0.1765 Gabelli High Income ETF (the “High Income Fund” or the “Fund”) Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_z15IkqJC6BFg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund seeks high total return, comprised primarily of current income and secondarily of capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zVn51ytOc0gf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </b>The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zpZh29nKqMFl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_ztFAUmZB9Ux5" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; color: #00486F; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shareholder Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; color: #00486F; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(fees paid directly from your investment):</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: #00486F; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_900_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member__oef--ClassAxis__custom--C000264100Member_zjq2vqaFkpg8" title="Shareholder Fee (fees paid directly from your investment):">None</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> </table> 0 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zK9bC4YN0WA8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zm1VdWAe7nqf" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; color: rgb(0,72,111); text-align: left"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif"><b>Annual Fund Operating Expenses<br/> </b><span style="font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_497_20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member__oef--ClassAxis__custom--C000264100Member_zqR1fqnm9Iw5" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zvEf7exXsXw4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 89%; color: #00486F; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 3%; color: #00486F; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.55</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zlDr7ld73Mfb" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt arial, helvetica, sans-serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; color: #00486f; text-align: left"><span style="font-size: 8pt">Acquired Fund Fees and Expenses</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-size: 8pt"> </span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #00486F"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #00486F; text-align: right"><span style="font-size: 8pt">0.01</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-size: 8pt">%</span></td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"><span style="font-size: 8pt"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zRu14aROrAtb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; color: #00486F; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Annual Fund Operating Expenses<sup id="xdx_F49_zbptwTAcAMnb">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: #00486F; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.56</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zFTptjd17Y77" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; color: #00486F; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Less Fee Waiver and/or Expense Reimbursement<sup id="xdx_F49_zZdupzCyiuU2">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,71,111) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,71,111) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #00486F; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.55</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zcHMVRFh8Wdb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; color: #00486F; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,71,111) 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="border-bottom: rgb(0,71,111) 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; color: #00486F; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.01</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div style="width: 25%"><div style="border-top: #00476F 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span id="xdx_F08_zkqZsKniUyq9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,71,111)">(1)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_z0DflO0stNXd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,71,111)"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member_zx2NyWKrOwQf"> Expenses have been restated to reflect the current year’s expected expenses.</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span id="xdx_F03_zYRis2Qkwhk4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,71,111)">(2)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zif9Zvwqj9Be" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,71,111)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.55% for at least one year from the effective date of this prospectus, and this arrangement cannot be terminated by the Fund or the Adviser before such time. The Adviser is not permitted to recoup any such waived fees. </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> 0.0055 0.0001 0.0056 -0.0055 0.0001 Expenses have been restated to reflect the current year’s expected expenses. Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zW73nT6edJG7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwkqwBBXLeG4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zS0Qb56bvzzj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 48%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_ze59omhNuHdd" style="border-bottom: rgb(0,71,111) 1pt solid; color: #00476F; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1 Year</span></td> <td style="text-align: center; color: #00476F; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zf13iGdb3fLa" style="border-bottom: rgb(0,71,111) 1pt solid; color: #00476F; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3 Years</span></td> <td style="text-align: center; color: #00476F; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_znLyY1l0TH1k" style="border-bottom: rgb(0,71,111) 1pt solid; color: #00476F; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5 Years</span></td> <td style="text-align: center; color: #00476F; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zA2m4P84BJYf" style="border-bottom: rgb(0,71,111) 1pt solid; color: #00476F; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10 Years</span></td></tr> <tr id="xdx_41F_20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member__oef--ClassAxis__custom--C000264100Member_zUoS6ECDl8x8" style="vertical-align: bottom"> <td style="width: 9%; color: #00476F; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1</span></td> <td style="text-align: center; width: 4%; color: #00476F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="width: 9%; color: #00476F; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$124</span></td> <td style="text-align: center; width: 4%; color: #00476F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="width: 9%; color: #00476F; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$258</span></td> <td style="text-align: center; width: 4%; color: #00476F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="width: 9%; color: #00476F; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$649</span></td></tr> </table> 1 124 258 649 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_z4nkto4OGDuh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,111)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. As the Fund commenced operations on November 17, 2025, there is no portfolio turnover information to provide at this time.</span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zxFLJQ59gL9d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund is an actively managed exchange-traded fund (“ETF”). The Fund seeks to achieve its investment objective by investing, as a principal strategy, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broad range of income producing securities, including debt, equity and hybrid instruments (the “80% Policy”). As part of the 80% Policy, under normal market conditions, the Fund will attempt to achieve its investment objective primarily by investing in high-yield corporate bonds and other debt instruments, with an emphasis on those rated below investment grade (including, but not limited to, bank loans in the form of assignments or participations, payment-in-kind securities, and deferred payment securities). The high-yield securities the Fund invests in may be fixed, variable, or floating rate. The Fund may invest in new issuances of high yield securities, distressed securities, and restricted or illiquid securities, including significant investments in Rule 144A securities. The Fund intends to invest primarily in higher yielding and generally lower quality debt securities (rated Ba1 / BB+ or below by a nationally recognized statistical rating organization (“NRSRO”) or unrated but determined by the Adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.” In addition, as part of the 80% Policy, under normal market conditions, the Fund may also opportunistically invest in investment grade instruments, dividend-paying common stock, preferred stock, and other equity-related hybrid instruments, including convertible securities.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund may also invest in collateralized debt obligations (“CDOs”), including collateralized loan obligations (“CLOs”). CDOs are securitized interests in pools of generally non-mortgage-assets. Assets called collateral usually are comprised of loans or other debt instruments. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving ratings of A to AAA/Aaa and the latter receiving ratings of B to BBB/Baa. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. A CLO is a trust typically collateralized substantially by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. Senior tranches typically have higher ratings and lower yields than the CLO’s underlying securities and subordinated tranches and may be rated investment grade. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund may also invest in derivative instruments as a means of hedging risk and/or for investment or efficient portfolio management purposes, which may include altering the Fund’s exposure to currencies, interest rates, inflation, sectors, industries and individual issuers. These derivative instruments may include, among other things, options, futures, forward foreign currency contracts, and swaps, such as total return swaps, credit default swaps and interest rate swaps. The Fund will count the notional value of investments in derivative instruments towards compliance with the 80% Policy.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund may also invest in other investment companies, including ETFs, if the investment companies invest principally in the types of investments in which the Fund may invest directly. To the extent the Fund invests in other investment companies, including ETFs, the Fund will consider the underlying holdings of such funds for purposes of compliance with the 80% Policy.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund may also invest in fixed-income instruments of foreign issuers, including issuers of debt securities in emerging markets. The Fund considers a security to be from a developed country if its issuer is located in the following developed countries list, which is subject to change: Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, The Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The Fund considers a security to be an emerging markets security if its issuer is located outside of the countries listed above. Generally, the Fund invests in U.S. dollar denominated securities, however, the Fund may invest in securities denominated in foreign currencies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund has no average maturity limitations, but it typically invests in intermediate-term debt securities. The Fund may also invest in long-term debt securities and short-term money market instruments and U.S. government securities.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund may also hold cash or cash equivalents, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage of the Fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of Fund shares. The Adviser may determine that it is appropriate to invest a substantial portion of the Fund’s assets in such instruments in response to certain circumstances, such as periods of market turmoil.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund may change the 80% Policy without shareholder approval. The Fund will provide shareholders with written notice at least 60 days prior to the implementation of any such changes.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Adviser generally utilizes a fundamental, bottom-up, long-only investment strategy by investing in issuers that the Adviser believes can carry debt loads through different economic cycles. The Adviser seeks to invest in issuers that demonstrate the ability to generate strong, sustainable cash flows, which may enable an issuer to decrease leverage and improve its credit rating. The Adviser also uses proprietary research to identify areas of relative value, within the high yield market that the Adviser believes to be undervalued/overvalued relative to the overall market. The Adviser seeks to invest in issuers with high quality business models that have attractive risk adjusted return characteristics. The Adviser believes that the disciplined execution of its investment process will enable it to select individual securities that have the potential to perform well in diverse market environments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Adviser will sell any Fund investments that, in the Adviser’s judgment, lose their perceived value relative to other investments.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_zoQMyUrKUv72" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">you are seeking current income and appreciation of capital</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">you are able to tolerate the risks associated with significant investments in high yield bonds</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_907_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member__oef--RiskAxis__oef--RiskNotInsuredMember_zobKXGwSOhnk">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency;</span></span> <span id="xdx_900_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zQo0a0aHB6Ad" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">you may lose money by investing in the Fund.</span> <span style="color: #00476F">When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; you may lose money by investing in the Fund. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z7clzc8YfGbd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Credit Risk.</b> Credit risk is the risk that the value of loans or other debt instruments may decline if the borrower or the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. If the issuer of a debt instrument fails to pay interest or principal when due, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline. Credit rating agencies assign credit ratings to certain loans and debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated loans or instruments held by the Fund may present increased credit risk as compared to higher-rated loans or instruments. Non-investment grade loans or debt instruments may be subject to greater price fluctuations and are more likely to experience a default than investment grade loans or debt instruments and therefore may expose the Fund to increased credit risk.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtInstrumentsRiskMember_zyHgMFKVik31"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Debt Instruments Risk.</b> The risks of investing in debt or fixed-income instruments include (without limitation): (i) credit risk, <i>e.g.</i>, the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, <i>e.g.</i>, a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, <i>e.g.</i>, low demand for debt securities may negatively impact their price; (iv) interest rate risk, <i>e.g.</i>, when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, <i>e.g.</i>, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerratedDebtSecuritiesRiskMember_zDxDL332WbAl"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right; vertical-align: top; width: 0.5in"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Lower-Rated Debt Securities Risk.</b> Lower-rated debt securities (commonly known as “junk bonds”) and unrated debt securities determined to be of comparable quality involve greater risks than investment grade debt securities. Such securities may fluctuate more widely in price and </span></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-style: normal; font-weight: normal"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: #00476F">yield and may fall in price, sometimes abruptly, due to changes in interest rates, market activity, economic conditions, such as when economic conditions are deteriorating or are expected to deteriorate, or other factors. These securities may be less liquid, may require a greater degree of judgment to establish a price and may be difficult to sell at the time and price the Fund desires. Lower-rated debt securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay principal and interest and carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment grade debt securities, and the overreliance on credit ratings may present additional risks.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnratedFixedIncomeSecuritiesRiskMember_zzNXmqvA7kz6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Unrated Fixed Income Securities Risk. </b>The Adviser has the authority to make determinations regarding the quality of unrated fixed income securities for the purpose of assessing whether they meet the Fund’s investment restrictions. However, analysis of unrated securities is more complex than that of rated securities, making it more difficult for the Adviser to accurately predict risk.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedDebtObligationsRiskMember_zxFVcoeq2Iyg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Collateralized Debt Obligations Risk. </b>CDOs, which include CLOs, issue classes or “tranches” of securities that vary in risk and yield and may experience substantial losses due to interest rate fluctuations, actual defaults, collateral defaults, disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CDO securities as a class. The risks of investing in CDOs depend largely on the quality and type of the underlying debt, which may include loans, bonds and mortgages, and the tranche of the CDO in which the Fund invests. In addition, CDOs that obtain their exposure through derivative instruments entail the additional risks associated with such instruments. CDOs may be difficult to value, may at times be illiquid, may be highly leveraged (which could make them highly volatile), and may produce unexpected investment results due to their complex structure. In addition, CDOs involve many of the same risks of investing in debt securities and asset-backed securities including, but not limited to, interest rate risk, credit risk, liquidity risk, and valuation risk.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zVnWaiMaDYAh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Interest Rate Risk. </b>The value of debt instruments usually rise and fall in response to changes in interest rates. Declining interest rates generally increase the value of existing debt instruments, and rising interest rates generally decrease the value of existing debt instruments. Changes in a debt instrument’s value usually will not affect the amount of interest income paid to the Fund, but it will affect the value of the Fund’s shares. Interest rate risk is generally greater for investments with longer maturities, and the link between interest rates and debt security prices tends to be weaker with lower-rated debt securities than with investment grade debt securities. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for investments.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoanRiskMember_zLLyogHPre3k"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Bank Loan Risk.</b> Bank loans may be unsecured or not fully collateralized, subject to restrictions on resale, and sometimes trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zMZv7mgXvCr6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Convertible Securities Risk.</b> The Fund may invest in convertible securities which may include both convertible debt and convertible preferred stock. Such securities may be converted into shares of the underlying common stock at either a stated price or stated rate. Convertible securities provide higher yields than the underlying common stock, but generally offer lower yields than nonconvertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates and, in addition, fluctuates in relation to the underlying common stock.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zz320DyTwBYc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Preferred Stock Risk.</b> A preferred stock is a blend of the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership but does not have the seniority of a bond and, unlike common stock, its participation in the issuer’s growth may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zdzE04tZALbh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z3Eg5y9hjlzb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zO6hUVijAOx9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may</span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="color: #00476F">be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="color: #00476F">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zesNMOZQoAxe"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Equity Risk.</b> Equity risk is the risk that the prices of the securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. These fluctuations may cause an equity security to be worth less than it was worth when it was purchased by the Fund. Because the value of equity securities, and thus shares of the Fund, could decline, you could lose money.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zjErz1vnTv9e"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Counterparty Risk.</b> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zU22EecZiYch"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Prepayment and Extension Risk.</b> Prepayment and extension risk is the risk that a loan, bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio manager may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or other asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of a mortgage- or other asset-backed security beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer time, the portfolio manager may be unable to capitalize on securities with higher interest rates or wider spreads.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zd1pnITFPBA6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Call Risk.</b> Upon an issuer’s desire to call a security, or under other circumstances where a security is called, including when interest rates are low and issuers opt to repay the obligation underlying a “callable security” early, the Fund may have to reinvest the proceeds in an investment offering a lower yield and may not benefit from any increase in value that might otherwise result from declining interest rates.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesRiskMember_z2VXYSnETZCg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Restricted and Illiquid Securities Risk.</b> The Fund may invest in restricted or illiquid securities, including Rule 144A securities, which are securities that are not registered for sale to the general public under the Securities Act of 1933, as amended (the “Securities Act”). These securities may be resold to certain institutional investors but, if at any time an insufficient number of qualified institutional buyers are interested in purchasing the securities, the Fund may not have the ability to dispose of such securities promptly or at expected prices. As such, even if determined to be liquid, the Fund’s investment in Rule 144A securities may subject the Fund to enhanced liquidity risk and potentially increase the Fund’s exposure to illiquid investments. Certain investments that were liquid when the Fund purchased them may become illiquid, sometimes abruptly. Unexpected episodes of illiquidity, including due to market or political factors, instrument or issuer-specific factors and/or unanticipated outflows or other factors, may limit the Fund’s ability to pay redemption proceeds within the allowable time period. To meet redemption requests during periods of illiquidity, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LoanInterestsRiskMember_zFPe6FBNlOA5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Loan Interests Risk.</b> The Fund may acquire loan interests by direct investment as a lender, by obtaining an assignment of all or a portion of the interests in a particular loan that are held by an original lender or a prior assignee or by participation in a loan interest that is held by another party. As an assignee, the Fund normally will succeed to all rights and obligations of its assignor with respect to the portion of the loan that is being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited than, those held by the original lenders of the assignor. When the Fund’s loan interest is a participation, the Fund may have less control over the exercise of remedies than the party selling the participation interest, and the Fund normally would not have any rights against the borrower. It is possible that the Fund could be held liable, or may be called upon to fulfill other obligations, with respect to loans in which it receives an assignment in whole or in part, or in which it owns a participation. The potential for such liability is greater for an assignee than for a participant. Loan interests may be difficult to value and may have extended settlement periods (the settlement cycle for many bank loans exceeds 7 days). Extended settlement periods may result in cash not being immediately available to the Fund. As a result, during periods of unusually heavy redemptions, the Fund may have to sell other investments or borrow money to meet its obligations.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zrn5ZPP6TM9b"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Variable and Floating Rate Instruments Risk.</b> The market prices of instruments with variable and floating interest rates are generally less sensitive to interest rate changes than are the market prices of instruments with fixed interest rates. Variable and floating rate instruments may decline in value if market interest rates or interest rates paid by such instruments do not move as expected. Certain types of floating rate instruments, such as interests in bank loans, may be subject to greater liquidity risk than other debt securities, may have restrictions on resale and may lack an active market.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighlyLeveragedTransactionsRiskMember_ziIzrJWSZYY"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Highly Leveraged Transactions Risk.</b> The loans or other debt instruments in which the Fund invests may include highly leveraged transactions where the borrower assumes large amounts of debt. Loans or other debt instruments that are part of highly leveraged transactions involve a greater risk (including default or bankruptcy) than other investments.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ImpairmentOfCollateralRiskMember_zilLHq1wD2H6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Impairment of Collateral Risk.</b> The value of collateral, if any, securing a loan can decline, and may be insufficient to meet the borrower’s obligations or may be difficult or costly to liquidate. In addition, the Fund’s access to collateral may be limited by bankruptcy or other insolvency laws. Certain floating rate and other loans may not be fully collateralized and may decline in value.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistressedSecuritiesRiskMember_zGkbDDmG1zAk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right; vertical-align: top; width: 0.5in"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Distressed Securities Risk.</b> Distressed securities may present a substantial risk of default or may be in default. Distressed securities involve the substantial risk that principal will not be repaid and the Fund may lose a substantial portion or all of its investment. The Fund may not receive interest payments on the distressed securities, which would not generate income for shareholders, and may incur costs to protect its investment. The prices of such securities may be subject to periods of abrupt and erratic market movements and above-average price volatility and it may be difficult to value such securities. In certain periods, there may be little or no liquidity in the markets for distressed securities meaning that the Fund may be unable to exit its position.</span></td> </tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DeferredPaymentSecuritiesRiskMember_zysWjHqaxHLb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Deferred Payment Securities Risk. </b>Deferred payment securities are zero-coupon securities that convert on a specified date to interest bearing debt securities. On this date, the stated coupon rate becomes effective and interest is paid at regular intervals. During the time that interest payments are not being made on these securities, holders are deemed to receive income (phantom income) annually, even though cash is not received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to greater price fluctuations when interest rates change than securities that currently pay interest. Longer term zero-coupon bonds are more exposed to this risk than those with shorter terms.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PaymentinkindSecuritiesRiskMember_z00XxFs5IJJb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Payment-in-Kind Securities Risk.</b> Payment-in-kind securities carry additional risks as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of payment-in-kind securities is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities which pay interest in cash.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zDwOfy5VYxSc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Foreign Securities Risk.</b> Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zChjL60T90Ge"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Emerging Markets Risk. </b>Securities of companies in emerging markets or companies with significant exposure to emerging markets may be more volatile than those of companies in more developed markets. Emerging markets may be more likely to experience economic, political or social instability than more developed markets. Foreign securities risks are more pronounced in the securities of companies located in emerging markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zSy8wvtio76l"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Currency Risk. </b>Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar. To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingDistributionLevelRiskMember_zxxYkcGrE568"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Changing Distribution Level Risk.</b> The Fund normally expects to receive income, which may include interest, dividends and/or capital gains, depending on its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level. Income received from the Fund may vary widely over the short- and long-term and/or be less than anticipated if the proceeds from maturing securities in the Fund are reinvested in lower-yielding securities. In certain circumstances, the Fund may be treated as receiving income even though no cash is received.</span></td> </tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zBVQT9drJ5l"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Issuer Risk.</b> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its loans or securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, diseases/virus outbreaks, epidemics or other events, and various conditions and other factors, all of which may impair the value of your investment in the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zpdhfzrDMOQ9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Derivatives Risk.</b> Derivatives and other similar instruments (collectively referred to as “derivatives”) may include, among other things, futures, options, forwards and swap agreements, including credit default swaps. The Fund may use derivatives for any purpose, including to attempt to enhance income, yield or return, as a substitute for investing directly in a security or asset, or as a hedging technique in an attempt to manage risk in the Fund’s portfolio. The Fund may choose not to make use of derivatives for a variety of reasons, and no assurance can be given that any derivatives strategy employed will be successful. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investment. </span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="text-align: justify; margin-left: 0.75in; margin-top: 0; margin-bottom: 0"><span style="color: rgb(0,71,112)">The performance of derivatives depends largely on the performance of their underlying asset reference, rate, or index; therefore, derivatives often have risks similar to those risks of the underlying asset, reference rate or index, in addition to other risks. However, the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, reference, rate or index. Many derivatives create leverage, thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Over-the-counter (“OTC”) derivatives are traded bilaterally between two parties, which exposes the Fund to heightened liquidity risk, valuation risk and counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including the credit risk of the derivative counterparty, compared to other types of investments. Changes in the value of a derivative may also create</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">margin delivery or settlement payment obligations for the Fund. Certain derivatives are subject to exchange trading and/or mandatory clearing (which interposes a central clearinghouse to each participant’s derivative transaction). Exchange trading, central clearing and margin requirements are intended to reduce counterparty credit risk and increase liquidity and transparency, but do not make a derivatives transaction risk-free and may subject the Fund to increased costs. The use of derivatives may not be successful, and certain of the Fund’s transactions in derivatives may not perform as expected, which may prevent the Fund from realizing the intended benefits, and could result in a loss to the Fund. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation, as well as liquidity risk. The use of derivatives is also subject to operational risk which refers to risk related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error, as well as legal risk which refers to the risk of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShorttermInvestmentsMember_zK3Z9SHkU25a"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Short-Term Investments.</b> Short-term investments include money market instruments, repurchase agreements, certificates of deposit and bankers’ acceptances and other short-term instruments that are not U.S. government securities. These securities generally present less risk than many other investments, but they are generally subject to credit risk and may be subject to other risks as well.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zmo8QP7Lu3Mg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>New Fund Risk.</b> The Fund is a new fund with no operating history. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer its assets at a loss.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zBMML34cgq26"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market <span style="font-style: normal; font-variant: normal; font-weight: normal">control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market </span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zAcTgKhoPy2h"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation is often accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zauB1eCCsSPk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Management Risk.</b> If the portfolio manager is incorrect in his assessment of the investment prospects of securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zbFJcHuWWFl5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Value Investing Risk.</b> Value investing refers to buying securities that the Adviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td> </tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zoD2bJvBsiEe"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesMember_zh6TsWPPen43"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>U.S. Government Securities.</b> Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities and backed by the full faith and credit of the United States only guarantee principal and interest will be timely paid to holders of the securities. The entities do not guarantee that the value of Fund shares will increase, and the market values of such obligations may fluctuate.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompanyRiskMember_zgCIJd9bIYce"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Other Investment Company Risk.</b> To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies and to the allocation of its assets among those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ investments, as well as to the other investment companies’ expenses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveMarketMember_zbYRZHOcWKl7"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zwnbLz5vxlYb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zdOMYZQo4jGi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00476F"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca (as defined below) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund. </span></td> </tr> </table> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zHY3W9Jq2fZ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,111)"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000095379Member_zoiVWst6RV93">The Fund commenced operations on November 17, 2025, and, therefore, performance information is not yet available.</span> Performance information will be available after the Fund has been in operation for one calendar year.</span></p> The Fund commenced operations on November 17, 2025, and, therefore, performance information is not yet available. Keeley Dividend ETF (the “Dividend Fund” or the “Fund”) Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zKL0cb8RB6J8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The Fund seeks capital appreciation and current income.</span></p> Fees and Expenses of the Fund: <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zAsIt8vJrL2k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zTnVLMNxHv4f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zbf3Lsp1BQj6" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Shareholder Fees</span></td> <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: center; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(fees paid directly from your investment):</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90B_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--ClassAxis__custom--C000265130Member_zQgyijRZVcr1" title="Shareholder Fee (fees paid directly from your investment):">None</span></span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_ziVixO9jcJq1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zrTVVd6w7Pmj" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment):⁽¹⁾</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 89%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_98C_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--ClassAxis__custom--C000265130Member_fKDEp_zK8uA3NrHuoj" style="border-bottom: rgb(0,71,112) 1pt solid; width: 3%; text-align: right" title="Management Fees"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses⁽²⁾</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_985_eoef--ExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--ClassAxis__custom--C000265130Member_fKDEpKDIp_zsWbUJ3b9yQ3" style="text-align: right" title="Total Annual Fund Operating Expenses"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Less Fee Waiver and/or Expense Reimbursement⁽³⁾</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_98C_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--ClassAxis__custom--C000265130Member_fKDEpKDMp_zkJoocgc1Eoj" style="border-bottom: rgb(0,72,112) 1pt solid; text-align: right" title="Less Fee Waiver and/or Expense Reimbursement"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(0.90</span></td> <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">)%</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_988_eoef--NetExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--ClassAxis__custom--C000265130Member_fKDEp_zslGOQ8KE5e2" style="border-bottom: rgb(0,72,112) 2.5pt double; text-align: right" title="Total Annual Fund Operating Expenses After Fee Waiver"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"><span style="color: rgb(0,72,112)"> </span></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span id="xdx_F00_ziFOMvimSFp2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zy7pPUQAovT6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F0D_zhKyMWd4I5Of" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_zXSXBTGYXOu7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member_zksQ0xT1iTZ5"> Expenses have been restated to reflect the current year’s expected expenses.</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F0A_zr71fy028kBb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(3)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zP9EkglELfM2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% for at least one year from the effective date of this prospectus, and this arrangement cannot be terminated by the Fund or the Adviser before such time. The Adviser is not permitted to recoup any such waived fees.</span></td> </tr> </table> 0.0090 0.0090 -0.0090 0.0000 Expenses have been restated to reflect the current year’s expected expenses. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zavQR9ndrEU7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_znj56SxPKGZb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 48%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zwBEpYE8gFCk" style="border-bottom: rgb(0,72,112) 1pt solid; font-style: normal; vertical-align: bottom; font-weight: normal; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b>1 Year</b></span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b> </b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_z2LOVK7ac6Ne" style="border-bottom: rgb(0,72,112) 1pt solid; font-style: normal; vertical-align: bottom; font-weight: normal; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b>3 Years</b></span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b> </b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_z9lni2vZUc96" style="border-bottom: rgb(0,72,112) 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b>5 Years</b></span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b> </b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zN55cnqsFzK2" style="border-bottom: rgb(0,72,112) 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"><b>10 Years</b></span></td></tr> <tr id="xdx_416_20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--ClassAxis__custom--C000265130Member_zFikbXSytDeg" style="vertical-align: bottom"> <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870">$0</span></td> <td style="text-align: center; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"> </span></td> <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870">$196</span></td> <td style="width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"> </span></td> <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870">$410</span></td> <td style="width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870"> </span></td> <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004870">$1,025</span></td></tr> </table> 0 196 410 1025 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zBMwNtI2PKD5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. As the Fund commenced operations on December 8, 2025, there is no portfolio turnover information to provide at this time.</span></p> Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_z8zoq5wixl97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif">The Fund is an actively managed exchange-traded fund (“ETF”). <span id="xdx_904_eoef--StrategyPortfolioConcentration_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member_zjrm5uuNR0y5">The Fund seeks to achieve its investment objective by investing, as a principal strategy, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and other equity-type securities (such as preferred stock, convertible debt securities and warrants) of dividend-paying companies, as defined below.</span> While the Fund expects to invest primarily in small- and mid-cap companies, it may invest in companies of any market capitalization.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">“Dividend-paying companies” have one or more of the following characteristics: (i) attractive dividend yields that, in the opinion of the Adviser, are relatively stable or expected to grow; (ii) that pay a small dividend, but could grow their dividend over the next few years; and (iii) that pay no dividend, but may initiate a dividend or return cash to shareholders in other ways, such as a share repurchase program. The Adviser believes that a track record of dividend increases is an excellent indicator of a company’s financial health and growth prospects, and that over the long-term, income can contribute significantly to total return. Dividends also can help reduce the Fund’s volatility during periods of market turbulence and can help offset losses when stock prices are falling.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify stocks that are selling in the public market at a discount to their intrinsic value. The Adviser defines intrinsic value as the product of a reasonable earnings multiple and an assessment of normalized future earnings. The Adviser considers factors such as price, earnings expectations, earnings and price histories, dividends and their sustainability, balance sheet characteristics, and perceived management skills. The Adviser also considers changes in economic and political outlooks as well as individual corporate developments. Further, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning, that may surface additional value.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">It is the Adviser’s intention for the Fund typically to hold securities for more than one year. However, the Adviser may sell securities when a more attractive opportunity emerges, when a company becomes over-weighted in the portfolio, or when operating difficulties or other circumstances make selling desirable.</span></p> The Fund seeks to achieve its investment objective by investing, as a principal strategy, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and other equity-type securities (such as preferred stock, convertible debt securities and warrants) of dividend-paying companies, as defined below. <p id="xdx_A8E_eoef--RiskTextBlock_zOEUiyYIjhT5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)">you seek capital appreciation</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)">You believe that the market will favor dividend-paying companies over the long-term</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_900_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--RiskAxis__oef--RiskNotInsuredMember_zDxd9xDVuDK2">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency;</span> <span id="xdx_90C_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zYmMLuLFtZq4">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; you may lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zqQXyC5y1BHd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. These fluctuations may cause a security to be worth less than it was worth when it was purchased by the Fund. Because the value of securities, and thus shares of the Fund could decline, you could lose money.</span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"> </span></td> </tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendpayingSecuritiesRiskMember_zaX7GDlhS3pk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Dividend-Paying Securities Risk.</b> There can be no guarantee that companies that have historically paid dividends will continue to pay them or pay them at the current rates in the future. The prices of dividend-paying equity securities can be highly volatile. In addition, dividend-paying equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Fund’s investment in such securities may also limit its potential for appreciation during a broad market advance.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zaSDfTirZCl6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zJCg59NCA0Pi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"><span style="color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zI4iFIZP2jqf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"><b>Authorized Participant Concentration Risk.</b> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized </span></p> </td> </tr> </table> <p style="margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 0.75in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="color: #004870">Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zkwECfhNtflk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>New Fund Risk.</b> The Fund is a new ETF with no operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zc4ofsulvwUj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00486F">●</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00486F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 0.75in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(0,72,112)">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00486F"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zYvvuoUP67D1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zFmR0cLcZza1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Large Capitalization Companies Risk.</b> Companies with $10 billion or more in market capitalization are considered by the Adviser to be large capitalization companies. Large capitalization companies generally experience slower rates of growth in earnings per share than do mid and small capitalization companies.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapitalizationCompaniesRiskMember_zQkMJIizDuW3"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Small- and Mid-Capitalization Companies Risk.</b> Investing in securities of small and mid-capitalization companies may involve greater risks than investing in larger, more established issuers. Small and mid-capitalization companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers, or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zXLIkhYv6ZZe"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Interest Rate Risk.</b> Investments in dividend and interest paying securities involve interest rate risk. When interest rates decline, the value of such securities generally rises. Conversely, when interest rates rise, the value of such securities generally declines. It is also possible that the issuer of a security will not be able to make dividend, interest and principal payments when due. The Fund may be subject to heightened interest rate risk as a result of changes in economic conditions, inflation and government monetary policy, such as changes in the federal funds rate. There is no way of predicting the frequency or quantum of potential interest rate changes.</span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zTgWpLBbWFwj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation is often accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zEmSfY94cSc2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)">militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7dHvi5EMmfd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"> </span></td> </tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zZT16Nl97KIf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca (as defined below) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund. </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveMarketMember_zbrEKV5KbW3f"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00486F">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00486F"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zp1Ku7X87mt8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zcoucodLcrTc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zCBqiOjecMVi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="color: rgb(0,72,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="color: rgb(0,72,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="color: rgb(0,72,112)"><b>Value Investing Risk.</b> The Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td> </tr> </table> Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zmhPLJJiSsq2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000096300Member_znKUZ5wmNNH3">The Fund commenced operations on December 8, 2025, and, therefore, performance information is not yet available.</span> Performance information will be available after the Fund has been in operation for one calendar year.</span></p> The Fund commenced operations on December 8, 2025, and, therefore, performance information is not yet available. Gabelli Opportunities in Live and Sports ETF (the “Sports Fund” or the “Fund”) Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zuamw5aWXCde" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The Fund seeks to provide capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zT8yDayduiob" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zPWTcLOhgZkj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z7eaJ117ZqK1" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; width: 89%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Shareholder Fees</span></td> <td style="width: 1%"> </td> <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"> </td> <td style="text-align: center; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(fees paid directly from your investment):</span></td> <td> </td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td> </td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90E_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--ClassAxis__custom--C000269470Member_zM7LDIIafUg6" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td> </td> </tr> </table> 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zaOKhVpFrOdl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z7gLcv5VTCHi" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)⁽¹⁾</span></td> <td> </td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td> </td> <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 89%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="width: 1%"> </td> <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid; width: 1%"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--ClassAxis__custom--C000269470Member_fKDEp_zfimkXnctLtd" style="border-bottom: rgb(0,71,112) 1pt solid; width: 3%; text-align: right" title="Management Fees"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="width: 3%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses⁽²⁾</span></td> <td> </td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td> </td> <td id="xdx_982_eoef--ExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--ClassAxis__custom--C000269470Member_fKDEpKDIp_zwxMUy0SuiDd" style="text-align: right" title="Total Annual Fund Operating Expenses"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Less Fee Waiver and/or Expense Reimbursement⁽³⁾</span></td> <td> </td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 1pt solid"> </td> <td id="xdx_982_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--ClassAxis__custom--C000269470Member_fKDEpKDMp_zUqF5lqrR8p1" style="border-bottom: rgb(0,72,112) 1pt solid; text-align: right" title="Less Fee Waiver and/or Expense Reimbursement"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(0.90</span></td> <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">)%</span></td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td> </td> <td style="padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,71,112) 2.5pt double"> </td> <td id="xdx_980_eoef--NetExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--ClassAxis__custom--C000269470Member_fKDEp_zqSgX3uxbRB6" style="border-bottom: rgb(0,72,112) 2.5pt double; text-align: right" title="Total Annual Fund Operating Expenses After Fee Waiver"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"><span style="color: rgb(0,72,112)"> </span></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span id="xdx_F0D_zMHuoY6BP4G2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_zVWVAXhYpwkd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F05_zxptjqCzdhA8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_zMfKQsK6HSuj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member_zhypoLkszsea"> Expenses have been restated to reflect the current year’s expected expenses.</span></span></td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span id="xdx_F03_zKUUKfY1I9e2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(3)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zz02MCo68yy6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% for at least one year from the effective date of this prospectus, and this arrangement cannot be terminated by the Fund or the Adviser before such time. The Adviser is not permitted to recoup any such waived fees.</span></td> </tr> </table> 0.0090 0.0090 -0.0090 0.0000 Expenses have been restated to reflect the current year’s expected expenses. Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zROEOIHcOda8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="color: rgb(0,72,112)"> </span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgohc5XHLWIe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zdqdWl3X8Kvg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 48%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zEgZqe0j0Ls3" style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">1 Year</span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_ztQ1rgU1beS2" style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">3 Years</span></td> <td style="text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zIj3uzArtANh" style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">5 Years</span></td> <td style="text-align: center"> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_z258OEbxr7A3" style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">10 Years</span></td> </tr> <tr id="xdx_417_20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--ClassAxis__custom--C000269470Member_zGETgbhxxxuf" style="vertical-align: bottom"> <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$0</span></td> <td style="text-align: center; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$196</span></td> <td style="text-align: center; width: 4%"> </td> <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$410</span></td> <td style="text-align: center; width: 4%"> </td> <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$1,025</span></td> </tr> </table> 0 196 410 1025 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z7gTF1miDbwb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. As the Fund commenced operations on December 31, 2025, there is no portfolio turnover information to provide at this time.</span></p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_ziQ8EivdHcn6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Fund is an actively managed exchange-traded fund (“ETF”). <span id="xdx_908_eoef--StrategyPortfolioConcentration_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member_zCUMCqOcqIMh">Under normal market conditions, the Fund invests at least 80% of the value of its net assets in securities of companies principally engaged in the group of industries comprising the live media and entertainment and sports sectors.</span> As a fundamental policy, the Fund will concentrate (invest at least 25% of the value of its net assets) in the securities of companies principally engaged in the sports, media and entertainment industries. The Fund may invest in the equity securities of such companies, such as common stock, or preferred stock of such companies in accordance with the foregoing 80% policy. The Fund may also invest in foreign securities, including, but not limited to, direct investments in securities of foreign issuers and investments in American Depositary Receipts that represent indirect investments in securities of foreign issuers. The Fund may invest in companies without regard to market capitalization. In addition, the Fund may invest up to 10% of the value of its net assets in option contracts in accordance with Rule 18f-4 under the 1940 Act.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Fund considers a company to be principally engaged in the live media and entertainment sector if it devotes a significant portion of its assets to or derives at least 50% of its revenues from the development, production or distribution of live media and entertainment. Live media and entertainment include, but are not limited to, television and radio stations, motion picture companies, print publishing and providers of internet content, as well as satellite service providers, cable service providers and advertising service providers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Fund considers a company to be principally engaged in the group of industries comprising the sports sector if it devotes a significant portion of its assets to or derives at least 50% of its revenues from sports-related activities. Sports-related activities include, but are not limited to, the following: (i) the direct operation or ownership of sports teams or leagues; (ii) the development or monetization of sports-related real estate (<i>e.g.</i>, stadiums, sports resorts, or experiential venues such as golf and ski destinations); (iii) the sale of sports related products or services (<i>e.g.,</i> athletic apparel, equipment, or ticketing); and (iv) sports media and content distribution. A company with indirect or adjacent exposure to a sports-related activity—such as an event promoter, live entertainment company, or large conglomerate with business lines that own or operate sports assets—may also qualify for investment if the Adviser believes the sports-related component represents a meaningful portion of the company’s business value.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Fund’s assets will be invested primarily in a broad range of readily marketable equity securities consisting of common stock and preferred stock. Many of the common stocks the Fund will buy will not pay dividends; instead, stocks will be bought for the potential that their prices will increase, providing capital appreciation for the Fund. The value of equity securities will fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions,</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">the forecasts for the issuer’s industry, and the value of the issuer’s assets. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty. The Fund may also buy warrants, which are rights to purchase securities at a specified time at a specified price.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser considers factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The Adviser also considers changes in economic and political outlooks as well as individual corporate developments. Further, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business. The Adviser expects to seek to sell any Fund investments that lose their perceived value relative to other investments, which could occur because of, among other things, a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund.</span></p> Under normal market conditions, the Fund invests at least 80% of the value of its net assets in securities of companies principally engaged in the group of industries comprising the live media and entertainment and sports sectors. <p id="xdx_A8F_eoef--RiskTextBlock_z9AV3JhgCW9a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">you seek capital appreciation</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">You believe that the market will favor companies in the sports sector over the long-term</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_906_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--RiskAxis__oef--RiskNotInsuredMember_zdK846Waffs7">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_90A_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zEOjrIFx0Xnh">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zhgSPF55Rb5e"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Equity Risk</b>. Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. These fluctuations may cause an equity security to be worth less than it was worth when it was purchased by the Fund. Because the value of equity securities, and thus shares of the Fund, could decline, you could lose money. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zPxNEclOlNM2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Concentration Risk</b>. The Fund concentrates its assets (<i>i.e.,</i> invests 25% or more of its net assets) in securities of companies in the sports sector, and, as a result, the Fund may be subject to greater volatility with respect to its portfolio securities than a fund that is more </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">broadly diversified. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities. Risks associated with investments in the sports sector include, among others:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Communication Services Risk</b>. The Fund’s investments include securities issued by companies that conduct business in the communication services sector. The communication services sector consists of, among other things, companies in the media and entertainment industry. Companies in the media and entertainment industry group encompass a variety of services and products including television broadcasting, gaming products, social media, networking platforms, online classifieds, online review websites and Internet search engines. The communication services sector is often subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of communications companies. Companies in the communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in developing new products and services using new technology. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. The Fund’s investments in the communication services sector include companies in the media and entertainment industry, which are subject to risks that include competition, particularly with respect to products and services using new technologies; high costs of production, research and development for new content, products and services; cyclicality of revenues and earnings; changing consumer tastes and preferences; and decreases in the discretionary income of targeted consumers.</span><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Professional Sports Risk</b>. Professional sports teams depend on the performance and/or popularity of their franchises, and they compete with other sporting events, which are delivered through the Internet and online services (<i>e.g.,</i> streaming), mobile applications, television networks, radio and other sources. Professional sports teams also depend on attracting attendance to competitions at their home venues, and they compete with other leisure-time activities and entertainment options such as television shows, motion pictures, concerts and other live performances, restaurants, nightlife venues, Internet websites and other online applications such as social media and social networking platforms, and other sources of entertainment. Economic downturns and other adverse conditions, such as suspension of sports events or limitations on in-person attendance at such events, can negatively affect professional sports companies’ operations. Professional sports companies also depend on the on-field success of their teams, which is affected by the teams’ ability to develop, obtain and retain talented players.</span><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z0zFkejA2GZg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Early Close/Trading Halt Risk</b>. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities</span></td> </tr> </table> <p style="margin-left: 0.75in; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="color: #004770">or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zUlichlQT4c2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Authorized Participant Concentration Risk</b>. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the Fund and who have entered into agreements with the Fund’s distributor. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the Fund and no other Authorized Participant steps forward to create or redeem, Fund shares may trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Additionally, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. This adverse effect on liquidity for the Fund’s shares could, in turn, lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of those shares.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zP9b2gRS7mi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>New Fund Risk</b>. The Fund is a new fund with no operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zKimQpVt2w4e"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Market Trading Risk</b>. Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_zambus4iiFtd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Growth Stock Risk</b>. Securities of “growth companies” (<i>i.e.</i>, companies which appear to have favorable, yet undervalued, prospects for earnings growth and price appreciation) may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks (<i>i.e.</i>, stocks that are trading at a price lower relative to their fundamentals, such as dividends, earnings, or sales) that can cushion stock prices in a falling market.</span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z9uJ7yl4520b"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Foreign Securities Risk</b><span style="font-style: normal; font-weight: normal">.</span> Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zKxIzNOn8kH4"></span></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zqtM7sv0iIt6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>American Depositary Receipts (“ADRs”) Risk</b>. Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zVn2Ex7ABwGj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Geopolitical Risk</b>. Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zrEBhxhv7O0i"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Issuer Risk</b>. The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zQ4oJ6erRBYc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Large Capitalization Companies Risk</b>. Companies with $10 billion or more in market capitalization are considered by the Adviser to be large capitalization companies. Large capitalization companies generally experience slower rates of growth in earnings per share than do mid and small capitalization companies.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapitalizationCompaniesRiskMember_zqpRV2M5NJh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Small- and Mid-Capitalization Companies Risk</b>. Investing in securities of small and mid-capitalization companies may involve greater risks than investing in larger, more established issuers. Small and mid-capitalization companies may be less well established and may have a </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers, or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zebZPMD7uanh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Inflation Risk</b>. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation is often accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td> </tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zkdIHRumk9pj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Market Risk</b>. Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjAUx6IHO4R9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Management Risk</b>. If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zJRdFbdZqF56"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Non-Diversification Risk</b>. <span id="xdx_90A_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zmBi5XrxZiT4">As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zZkDR1JTVl78"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Options Risk</b>. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund’s portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z6QZESNkcMAf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Large Shareholder Risk</b>. Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca (as defined below) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund. </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveMarketMember_zFwTPwLnfu5b"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Absence of an Active Market</b>. Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_z1894yiCQe82"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Preferred Stock Risk</b>. Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zx0vXJ7bknei"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Trading Issues Risk</b>. Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_ztYvKBmBSuk5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">●</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)"><b>Value Investing Risk</b>. The Fund invests in “value” stocks. The portfolio managers may be wrong in the assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td> </tr> </table> Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z64RbDVYk4Gi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,71,112)">The Fund commenced operations on December 31, 2025, and, therefore, performance information is not yet available. <span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000099690Member_zUuY4i9Ir8M9">Performance information will be available after the Fund has been in operation for one calendar year.</span></span></p> Performance information will be available after the Fund has been in operation for one calendar year. Gabelli Equity Income ETF (the “Equity Income Fund” or the “Fund”)  Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zhKW0kfHgjZ6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund seeks to provide high level of total return on its assets with an emphasis on income.</span></p> Fees and Expenses of the Fund: <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zQDTOPiZYUE1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zL2fwaTSYXM2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zuopXXjw3Koc" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_981_eoef--ShareholderFeesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member_zP6WKN3T2oZi" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); font-weight: bold; text-align: left; width: 89%"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Shareholder Fees</b><br/> <span style="font-weight: normal">(fees paid directly from your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90C_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member__oef--ClassAxis__custom--C000220753Member_zCK2hOKHSPqe" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="color: rgb(0,72,112); text-align: center; width: 3%"><span style="font-size: 8pt"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zG597kmrQpB5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zbqPk9IYOshb" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_98D_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member_zg1UpXKka3c9" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; width: 89%"><span style="font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><span style="font-family: Arial, Helvetica, Sans-Serif"><br/> (expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_493_20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member__oef--ClassAxis__custom--C000220753Member_zqaOIDRhT4Q9" style="vertical-align: bottom; color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left; width: 3%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z1dDolfmTs1" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zsqkcsCpXk5g" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Other Expenses<sup id="xdx_F49_z03BuWnGWHT5">(1)</sup></span></td> <td style="padding-bottom: 1pt; color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zW0ylQoX4Rbd" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses</span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zC5bYnrQGfn" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Less Fee Waiver and/or Expense Reimbursement<sup id="xdx_F4A_zPu1pHBLidaj">(2)</sup></span></td> <td style="padding-bottom: 1pt; color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(0.90</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">)%</span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zA0qS7xGn1Wf" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="color: rgb(0,72,112); padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.5pt; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="padding-bottom: 2.5pt; vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0B_zWj6Iuz5j7ab" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="text-align: justify"><span id="xdx_F1C_z2JsUsyNdRSe" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> <span id="xdx_90B_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member_zcnUYaQyPmS"> “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched.</span></span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0A_z2rjNeMrqPL" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(2)</span></td> <td style="text-align: justify"><span id="xdx_F11_zxbYyRH58WT8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Equity Income Fund will continue until at least <span id="xdx_90C_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member_z1vr7AHFuJ3i">April 30, 2026</span>. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0090 0.0000 0.0090 -0.0090 0.0000 “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched. April 30, 2026 Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z6TP4Tg0bH7k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgJQ0z7hiebc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zPHcpgYK1eX7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 1pt; width: 39%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zgB2HyvKyr3a" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zPkPyVZpYqY9" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="padding-bottom: 1pt; width: 39%"> </td> </tr> <tr id="xdx_412_dei--LegalEntityAxis_custom--S000069040Member_oef--ClassAxis_custom--C000220753Member_zReOUXxGNe5g" style="vertical-align: top; text-align: justify"> <td> </td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$0</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$197</span></td> <td> </td> </tr> </table> 0 197 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zvFzi8XpBwnh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover is included for the Fund because the Fund has not yet commenced operations.</span></p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zbOyEU9dMbc8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including any assets purchased using borrowings for investment purposes) in income producing equity. The Fund may also invest in foreign securities by investing in American Depositary Receipts. In making stock selections, the Adviser looks for securities that have a better yield than the average of the Standard and Poor’s 500 Index (the “S&amp;P 500 Index”), as well as capital gains potential. In selecting investments for the Fund, the Adviser focuses on issuers that:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> have strong free cash flow and pay regular dividends;</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">have potential for long-term earnings per share growth;</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> may be subject to a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business are well managed; and</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">will benefit from sustainable long-term economic dynamics, such as globalization of an issuer’s industry or an issuer’s increased focus on productivity or enhancement of services</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Adviser also believes preferred stock of selected companies offer opportunities for capital appreciation as well as periodic income and may invest a portion of the Fund’s assets in such securities. This is particularly true in the case of companies that have performed below expectations. If a company’s performance has been poor enough, its preferred stock will trade more like common stock than like a fixed income security and may result in above average appreciation if performance improves. This leads to the possibility of capital appreciation if the price of the common stock recovers.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_zg8HuRQ0TIh1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are seeking income as well as capital appreciation</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_905_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zlI9u4hKSPx2">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_90A_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zhxY5kRKKC1i">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Investing in the ETF involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonTransparentExchangeTradedFundETFStructureRiskMember_zB4gQeKlNmY8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Transparent Exchange-Traded Fund (“ETF”) Structure Risk.</b> Unlike most actively managed ETFs the Fund does not provide daily disclosure of its portfolio holding. Instead, the Fund provides a verified intraday indicative value (“VIIV”), calculated and disseminated every second throughout the trading day. The VIIV is intended to provide investors and other market participants with a highly correlated per share value of the underlying portfolio that can be compared to the current market price. There is, however, a risk that shares of the Fund may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade. Because the Fund trades on the basis of the VIIV, it may trade at a wider bid/ask spread than traditional ETFs that publish their portfolios on a daily basis. Accordingly, the Adviser or its designee will monitor on an ongoing basis how shares of the Fund trade, including the level of any market price premium or discount to net asset value (“NAV”) and the bid/ask spreads on market transactions. Should there be extended periods of unusually high bid/ask spreads, the Board will consider the continuing viability of the Fund, whether shareholders are being harmed, and what, if any, action would be appropriate to among other things, narrow the premium/discount or spread, as applicable. Potential actions may include, but are not limited to, changing lead market makers, listing the Fund on a different exchange, changing the size of Creation Units (as defined below), changing the Fund’s investment objective or strategy, and liquidating the Fund. There is also a risk that the market price may vary significantly from the NAV and, thus, the underlying value of the Fund significantly from the underlying NAV of the Fund. There is also a risk that, despite not disclosing the portfolio holdings each day, some market participants may seek to use publically available information, including the VIIV, to identify the Fund’s investment strategy and engage in certain predatory trading practices that may have the potential to harm the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zpsDGHif5gyj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. In addition, due to the non-transparency of the portfolio a trading halt in a portfolio security could cause discrepancies between the VIIV and NAV of the Fund resulting in uncertainty on the part of the AP that results in wider, less liquid markets. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantAndAPRepresentativeConcentrationRiskMember_z015Fr8FDFf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Authorized Participant and AP Representative Concentration Risk.</b> The creation and redemption process for the Fund occurs through a confidential brokerage account with an agent, called an “AP Representative,” on behalf of an authorized participant permitted to engage in creation or redemption transactions (each, an “Authorized Participant”). Each day, the AP Representative will be given the names and quantities of the securities to be deposited, in the case of a creation, or redeemed, in the case of a redemption, allowing the AP Representative to buy and sell positions in the portfolio securities to permit creations or redemptions on the Authorized Participant’s behalf, without disclosing the information to the Authorized Participant. The Fund may have a limited number of institutions that act as Authorized Participants and AP Representatives, none of which are obligated to engage in creation or redemption transactions.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to process creation and/or redemption orders, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. The fact that the Fund is offering a novel and unique structure may affect the number of entities willing to act as Authorized Participants and AP Representatives. During times of market stress, Authorized Participants may be more likely to step away from this type of ETF than a traditional ETF.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zQ5SbSMdn4hh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_z3PhJZ6eht03"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zTHTEYUKabL"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>New Fund Risk.</b> The Fund is new with a limited operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss. However, the fee waiver in place limits this risk for the periods that such fee waiver is effective.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zNutXHBoW7A9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_z0mmfE7sDmfa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div></div> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z4AvDmR4TS3c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z7HzckFiPbM3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z4C3JOcvoFDd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zKXlQnoc0Hd4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio manager is incorrect in his assessment of the growth prospects of the securities the ETF holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zODJ222X4hMd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to</span></p> </td> </tr> </table> <div style="display: none"></div> <div></div> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zwiZdIPL0fW4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Diversification Risk.</b> <span id="xdx_907_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zEo46JtpMIUk">The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund’s performance may depend on the performance of a small number of issuers.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund’s performance may depend on the performance of a small number of issuers. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zUvzC0fiMeIe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zpiGQkgXv9G2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zyGnsqjPGxZe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Value Investing Risk.</b> The Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio manager believes are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zk7pjNCjcKDj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_z9hj4gAFVlWh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000069040Member_zBmBvsUY89Tk">The Fund has not yet commenced operations, therefore, performance information is not yet available.</span> Performance information will be available after the Fund has been in operation for one calendar year.</span></p> The Fund has not yet commenced operations, therefore, performance information is not yet available. Gabelli Small & Mid Cap ETF (the “Small & Mid Cap Fund” or the “Fund”) Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zm3euCAYtJe7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund seeks long-term capital growth.</span></p> Fees and Expenses of the Fund: <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zC87ulERIAv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zISeRBs4SP0f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zfX9pirHErig" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_983_eoef--ShareholderFeesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member_z1ZxpYPeq8Al" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); font-weight: bold; text-align: left; width: 89%"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Shareholder Fees</b><br/> <span style="font-weight: normal">(fees paid directly from your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_905_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member__oef--ClassAxis__custom--C000220754Member_zYP2G8Yyo4yf" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="color: rgb(0,72,112); text-align: center; width: 3%"><span style="font-size: 8pt"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zSNEjthnGtx1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z1cs8AVBFXR9" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_98C_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member_zJbXTXwRECe5" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; width: 89%"><span style="font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><span style="font-family: Arial, Helvetica, Sans-Serif"><br/> (expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_496_20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member__oef--ClassAxis__custom--C000220754Member_zWJjQpaHRVZd" style="vertical-align: bottom; color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left; width: 3%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zzHAaDHK61Bd" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zjkkrLzcO9s4" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Other Expenses<sup id="xdx_F49_zZmz4D6K0X8c">(1)</sup></span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zIRtiSlK35Ai" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses</span></td> <td style="color: rgb(0,72,112); padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.5pt; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="padding-bottom: 2.5pt; vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F02_zsZpdZXAUSn9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="text-align: justify"><span id="xdx_F1E_z9ZysiKE5Osl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> <span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member_zxUbXhu52T2c"> “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0090 0.0000 0.0090 “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched. Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zRIE7t5lbqW6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zP6sbkJDjxT4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zX9eUkFbfsDh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 1pt; width: 39%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zJgDbLQzKum5" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z5zbNq1jXKkj" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="padding-bottom: 1pt; width: 39%"> </td> </tr> <tr id="xdx_414_dei--LegalEntityAxis_custom--S000069041Member_oef--ClassAxis_custom--C000220754Member_zqs0VtiHEYO9" style="vertical-align: top; text-align: justify"> <td> </td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$92</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$287</span></td> <td> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> 92 287 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z3ff5ACbHJda" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover is included for the Fund because the Fund has not yet commenced operations.</span></p> Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zgcHeHjm7R0b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities (such as U.S. exchange-listed common stock and preferred stock) of companies with small or medium sized market capitalizations (“small-cap” and “mid-cap” companies, respectively). The Fund may also invest in foreign securities by investing in American Depositary Receipts. A company’s market capitalization is generally calculated by multiplying the number of a company’s shares outstanding by its stock price. The Fund defines “small-cap companies” as those with a market capitalization generally less than $3 billion at the time of investment, and “mid-cap companies” as those with a market capitalization between $3 billion and $12 billion at the time of investment. The Fund may invest in equity securities of companies of any market capitalization, subject to its policy of investing at least 80% of its net assets in the equity securities of small-cap and/or mid-cap companies at the time of investment. The Fund may invest up to 25% of its net assets in securities of issuers in a single industry.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Adviser’s investment philosophy with respect to equity securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser also normally evaluates an issuer’s free cash flow and long-term earnings trends. Finally, the Adviser looks for a catalyst, something indigenous to the company, its industry or country that will surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund is intended for investors seeking long-term growth of capital. It is not intended for those who wish to play short-term swings in the stock market.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_z7eoM27l95Nj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek long-term growth of capital</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_904_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zXXkOqFrHPvl">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_900_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zs6KWkQswO27">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="margin: 0pt"> </p> <div style="display: none"></div> <div></div> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonTransparentExchangeTradedFundETFStructureRiskMember_zqQG1l1WG7J7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Transparent Exchange-Traded Fund (“ETF”) Structure Risk.</b> Unlike most actively managed ETFs the Fund does not provide daily disclosure of its portfolio holding. Instead, the Fund provides a verified intraday indicative value (“VIIV”), calculated and disseminated every second throughout the trading day. The VIIV is intended to provide investors and other</span></p> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"> </td> <td style="text-align: justify"> <p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">market participants with a highly correlated per share value of the underlying portfolio that can be compared to the current market price. There is, however, a risk that shares of the Fund may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade. Because the Fund trades on the basis of the VIIV, it may trade at a wider bid/ask spread than traditional ETFs that publish their portfolios on a daily basis. Accordingly, the Adviser or its designee will monitor on an ongoing basis how shares of the Fund trade, including the level of any market price premium or discount to net asset value (“NAV”) and the bid/ask spreads on market transactions. Should there be extended periods of unusually high bid/ask spreads, the Board will consider the continuing viability of the Fund, whether shareholders are being harmed, and what, if any, action would be appropriate to among other things, narrow the premium/discount or spread, as applicable. Potential actions may include, but are not limited to, changing lead market makers, listing the Fund on a different exchange, changing the size of Creation Units (as defined below), changing the Fund’s investment objective or strategy, and liquidating the Fund. There is also a risk that the market price may vary significantly from the NAV and, thus, the underlying value of the Fund. There is also a risk that, despite not disclosing the portfolio holdings each day, some market participants may seek to use publically available information, including the VIIV, to identify the Fund’s investment strategy and engage in certain predatory trading practices that may have the potential to harm the Fund.</span></p> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zu6x9tqHfhj9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. In addition, due to the non-transparency of the portfolio a trading halt in a portfolio security could cause discrepancies between the VIIV and NAV of the Fund resulting in uncertainty on the part of the AP that results in wider, less liquid markets. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantAndAPRepresentativeConcentrationRiskMember_zm4wT5gQbHkk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Authorized Participant and AP Representative Concentration Risk.</b> The creation and redemption process for the Fund occurs through a confidential brokerage account with an agent, called an “AP Representative,” on behalf of an authorized participant permitted to engage in creation or redemption transactions (each, an “Authorized Participant”). Each day, the AP Representative will be given the names and quantities of the securities to be deposited, in the case of a creation, or redeemed, in the case of a redemption, allowing the AP Representative to buy and sell positions in the portfolio securities to permit creations or redemptions on the Authorized Participant’s behalf, without disclosing the information to the Authorized Participant. The Fund may have a limited number of institutions that act as Authorized Participants and AP Representatives, none of which are obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to process creation and/or redemption orders, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. The fact</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"> </td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">that the Fund is offering a novel and unique structure may affect the number of entities willing to act as Authorized Participants and AP Representatives. During times of market stress, Authorized Participants may be more likely to step away from this type of ETF than a traditional ETF.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zmkXytI4GiA7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_zsisZUzf2Tn5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zW53jijP4T3l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>New Fund Risk.</b> The Fund is new with a limited operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z4gVN2v9xfok"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zajBNrnkg1l3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <div style="display: none"></div> <div></div> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zefFnoP7nsje"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zAmPaVbDTeAe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to</span></p> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="color: #004770"> increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z6VKj2uoN85a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zoi9Aub7qv4h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Management Risk.</b> If the Adviser is incorrect in its assessment of the investment prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zorlVIjSb7S3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants </span></p> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="color: #004870">that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="color: #004870">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zPNqE05Uaac7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Mid-Capitalization Company Risk.</b> Mid-cap company risk is the risk that investing in securities of mid-cap companies could entail greater risks than investments in larger, more established companies. Mid-cap companies tend to have narrower product lines, more limited financial resources and a more limited trading market for their stocks, as compared with larger companies. As a result, their stock prices may decline more significantly or more rapidly than stocks of larger companies as market conditions change.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zoANzgFlbCL6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zgzITeaZn3Oe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Small-Capitalization Company Risk.</b> Investing in securities of small-capitalization companies may involve greater risks than investing in larger, more established issuers. Smaller capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have a smaller share of the market for their products or services, than larger capitalization companies. The stocks of smaller capitalization companies tend to have less trading volume than stocks of larger capitalization companies. Less trading volume may make it more difficult for the Adviser to sell securities of smaller capitalization companies at quoted market prices. Finally, there are periods when investing in smaller capitalization stocks falls out of favor with investors and the stocks of smaller capitalization companies underperform.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zwSBJdJBxGQk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zKvcjT449wxj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Value Investing Risk.</b> The Fund invests in “value” stocks. Value investing refers to buying securities that the Adviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_z6gD1Ni6TEK2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility </span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><span style="color: #004870">and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></p> Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zW1s1YxIg2lc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000069041Member_z9GqpAG3Uhe1">The Fund has not yet commenced operations, therefore, performance information is not yet available.</span> Performance information will be available after the Fund has been in operation for one calendar year.</span></p> The Fund has not yet commenced operations, therefore, performance information is not yet available. Gabelli Micro Cap ETF (the “Micro Cap Fund” or the “Fund”) Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zr7H1EO5n5b1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund primarily seeks to provide investors with long-term capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zFFDrWUdmFj7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z9kMi1D1i8Ja"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zKjJkHXgyTIf" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_980_eoef--ShareholderFeesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member_zx4QLLnRYu63" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); font-weight: bold; text-align: left; width: 89%"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Shareholder Fees</b><br/> <span style="font-weight: normal">(fees paid directly from your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_90B_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member__oef--ClassAxis__custom--C000220755Member_znq1lNSkRFN9" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="color: rgb(0,72,112); text-align: center; width: 3%"><span style="font-size: 8pt"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zMUt3Mhhx00d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zLczQ601Cbee" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_98E_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member_zwPxP5y4ypFb" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; width: 89%"><span style="font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><span style="font-family: Arial, Helvetica, Sans-Serif"><br/> (expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_498_20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member__oef--ClassAxis__custom--C000220755Member_zE8yavlte3I7" style="vertical-align: bottom; color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left; width: 3%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z11RkY1Q5La9" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z6IPE7rA3Fk3" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Other Expenses<sup id="xdx_F42_z60bkkxkRaK3">(1)</sup></span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zV2i9exESrQa" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses</span></td> <td style="color: rgb(0,72,112); padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.5pt; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="padding-bottom: 2.5pt; vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"></span> </p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zNfMMv6GLvs2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="text-align: justify"><span id="xdx_F11_zC8eFbpXmIOl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> <span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member_zoSfEBTVGSvi"> “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0090 0.0000 0.0090 “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zudsCoAq4gMf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1ZHodewgik6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zfOuFYHJ1Jei" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 1pt; width: 39%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zHSmYvxtA6B1" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_z7Xecpqh4DC5" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="padding-bottom: 1pt; width: 39%"> </td> </tr> <tr id="xdx_41C_dei--LegalEntityAxis_custom--S000069042Member_oef--ClassAxis_custom--C000220755Member_zQQqAzh2ZmAd" style="vertical-align: top; text-align: justify"> <td> </td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$92</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$287</span></td> <td> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"></span> </p> 92 287 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zSmmqcub7PQ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover is included for the Fund because the Fund has not yet commenced operations.</span></p> Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zOoOKwmThgoc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of companies that are considered micro-cap companies at the time the Micro Cap Fund makes its investment. The Fund defines as companies that have a market capitalization (defined as shares outstanding multiplied by the current market price) of $250 million or less at the time of the Fund’s investment. Equity securities include common stocks (including indirect holdings of common stock of foreign securities through American Depositary Receipts), as well as preferred stocks. The Fund will not purchase any securities that are illiquid at the time of purchase. Micro-cap companies may be engaged in new and emerging industries. Micro-cap companies are generally not well-known to investors and have less of an investor following than larger companies. The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”), and the Fund focuses on micro-cap companies that appear to be underpriced relative to their PMV. PMV is the value the Adviser believes informed purchasers would be willing to pay to acquire a company or other assets with similar characteristics. The Adviser considers factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The Adviser also considers changes in economic and political outlooks as well as individual corporate developments. Further, the Adviser looks for catalysts, factors indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_zjK6fFLLBXZf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek exposure to the micro-capitalization market segment despite the potential vitality of micro-capitalization stocks</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek long-term growth of capital</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_90A_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zk95U2Lq5uY9">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_908_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z5cQSbEUkAge">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="margin: 0pt"> </p> <div style="display: none"></div> <div></div> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonTransparentExchangeTradedFundETFStructureRiskMember_zekugwbzpGH2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Transparent Exchange-Traded Fund (“ETF”) Structure Risk.</b> Unlike most actively managed ETFs the Fund does not provide daily disclosure of its portfolio holding. Instead, the Fund provides a verified intraday indicative value (“VIIV”), calculated and disseminated every second throughout the trading day. The VIIV is intended to provide investors and other market participants with a highly correlated per share value of the underlying portfolio that can be compared to the current market price. There is, however, a risk that shares of the Fund may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Because the Fund trades on the basis of the VIIV, it may trade at a wider bid/ask spread than traditional ETFs that publish their portfolios on a daily basis. Accordingly, the Adviser or its designee will monitor on an ongoing basis how shares of the Fund trade, including the level of any market price premium or discount to net asset value (“NAV”) and the bid/ask spreads on market transactions. Should there be extended periods of unusually high bid/ask spreads, the Board will consider the continuing viability of the Fund, whether shareholders are being harmed, and what, if any, action would be appropriate to among other things, narrow the premium/discount or spread, as applicable. Potential actions may include, but are not limited to, changing lead market makers, listing the Fund on a different exchange, changing the size of Creation Units (as defined below), changing the Fund’s investment objective or strategy, and liquidating the Fund. There is also a risk that the market price may vary significantly from the NAV and, thus, the underlying value of the Fund significantly from the underlying NAV of the Fund. There is also a risk that, despite not disclosing the portfolio holdings each day, some market participants may seek to use publically available information, including the VIIV, to identify the Fund’s investment strategy and engage in certain predatory trading practices that may have the potential to harm the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zPGthLsIrC74"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. In addition, due to the non-transparency of the portfolio a trading halt in a portfolio security could cause discrepancies between the VIIV and NAV of the Fund resulting in uncertainty on the part of the AP that results in wider, less liquid markets. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantAndAPRepresentativeConcentrationRiskMember_zLKvFCNJEfE1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Authorized Participant and AP Representative Concentration Risk.</b> The creation and redemption process for the Fund occurs through a confidential brokerage account with an agent, called an “AP Representative,” on behalf of an authorized participant permitted to engage in creation or redemption transactions (each, an “Authorized Participant”). Each day, the AP Representative will be given the names and quantities of the securities to be deposited, in the case of a creation, or redeemed, in the case of a redemption, allowing the AP Representative to buy and sell positions in the portfolio securities to permit creations or redemptions on the Authorized Participant’s behalf, without disclosing the information to the Authorized Participant. The Fund may have a limited number of institutions that act as Authorized Participants and AP Representatives, none of which are obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to process creation and/or redemption orders, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. The fact that the Fund is offering a novel and unique structure may affect the number of entities willing to act as Authorized Participants and AP Representatives. During times of market stress, Authorized Participants may be more likely to step away from this type of ETF than a traditional ETF.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zCiHQM0wAO3c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_zMdg802VBUPa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zyw9t1LmpDdd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>New Fund Risk.</b> The Fund is new with a limited operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zcdFt5yka8Xg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_zJbgxgWL33rj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Growth Stock Risk.</b> Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_zVK6IdQkpIf5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div></div> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zIE8AnzmE0g4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapCompanyRiskMember_z7awTVTNVMTl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Micro Cap Company Risk.</b> Although micro cap companies may offer greater potential for capital appreciation than larger companies, investing in securities of micro cap companies may involve greater risks than investing in larger, more established issuers. Micro cap companies <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volume than the securities of larger, more established companies. The securities of micro cap companies tend to be more volatile and less liquid than securities of larger companies. Also, micro cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, micro cap company stock prices tend to rise and fall in value more than other stocks.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_ze6zSR3rmjSl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zZcr8TFzBiF4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zN3gOmL4nuf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zIZdyrs61tHd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p> <p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_ztQihGYrhnMj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Diversification Risk.</b> <span id="xdx_90C_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member__oef--RiskAxis__custom--RisksNondiversifiedStatusMember_zKVjvqFkRSn9">As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zvnGwQ0G4zS6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Preferred Stock Risk.</b> Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zci6Bl61cTrd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zzyrvyDkMO01"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></td> </tr> </table> Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zbu3cVMCWnqa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000069042Member_z5GjMsNmTPc2">The Fund has not yet commenced operations, therefore, performance information is not yet available.</span> Performance information will be available after the Fund has been in operation for one calendar year.</span></p> The Fund has not yet commenced operations, therefore, performance information is not yet available. Gabelli Green Energy ETF (the “Green Fund” or the “Fund”) Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_z3JbGTmRmvVh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund seeks total return through current income and capital appreciation.</span></p> Fees and Expenses of the Fund: <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zZq3nWE3m06k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses.</span></p> <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zpKYwgW2fhgl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zBBXrc0xEwL7" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_98F_eoef--ShareholderFeesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member_zuydBrlP8Eij" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); font-weight: bold; text-align: left; width: 89%"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,112)"><b>Shareholder Fees</b><br/> <span style="font-weight: normal">(fees paid directly from your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><span id="xdx_903_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member__oef--ClassAxis__custom--C000220759Member_zQYIGN4OUY52" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td> <td style="color: rgb(0,72,112); text-align: center; width: 3%"><span style="font-size: 8pt"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zEROc1hOuSee"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zbk7T2gOxiy8" style="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(0,72,122); width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(0,72,112); vertical-align: bottom"> <td id="xdx_982_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member_zumuIs7bOKQ8" style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; width: 89%"><span style="font-size: 8pt; color: rgb(0,72,112)"><b>Annual Fund Operating Expenses</b><span style="font-family: Arial, Helvetica, Sans-Serif"><br/> (expenses that you pay each year as a percentage of the value of your investment):</span></span></td> <td style="color: rgb(0,72,112); width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 2%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td id="xdx_493_20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member__oef--ClassAxis__custom--C000220759Member_zaFssaWrt14" style="vertical-align: bottom; color: rgb(0,72,112); text-align: right; width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left; width: 3%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="width: 1%"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zlrpRdGiFIBj" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Management Fees</span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zYkgL9JF1Z7c" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Other Expenses<sup id="xdx_F4F_zecbIsaocy72">(1)</sup></span></td> <td style="color: rgb(0,72,112)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 1pt solid; vertical-align: bottom; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.00</span></td> <td style="vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zDx3FVVLLoOe" style="color: rgb(0,72,112); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; color: rgb(0,72,112); text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">Total Annual Fund Operating Expenses</span></td> <td style="color: rgb(0,72,112); padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="border-bottom: rgb(0,72,112) 2.5pt double"><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.5pt; color: rgb(0,72,112); text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">0.90</span></td> <td style="padding-bottom: 2.5pt; vertical-align: bottom; color: rgb(0,72,112); text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">%</span></td> <td><span style="font-size: 8pt; color: rgb(0,72,112)"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div style="width: 25%"><div style="border-top: rgb(0,72,112) 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0E_zioHKYWhBl9c" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">(1)</span></td> <td style="text-align: justify"><span id="xdx_F1F_zkhMWV66q4r7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"> <span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member_zP2A2HdVEa6h"> “Other Expenses” are based on estimated amounts for the current fiscal year.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0090 0.0000 0.0090 “Other Expenses” are based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zQYCITLkIbK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQt9JL5TSxSa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zBYHMMI3yYBe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 1pt; width: 39%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_z6h6IE57Ykei" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; width: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zicf3n37dti7" style="border-bottom: rgb(0,72,112) 1pt solid; padding-bottom: 1pt; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)"><b>3 Years</b></span></td> <td style="padding-bottom: 1pt; width: 39%"> </td> </tr> <tr id="xdx_411_dei--LegalEntityAxis_custom--S000069046Member_oef--ClassAxis_custom--C000220759Member_zWI5NgaQAuEh" style="vertical-align: top; text-align: justify"> <td> </td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$92</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,72,112)">$287</span></td> <td> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> 92 287 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zZPQGB30lpQj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover is included for the Fund because the Fund has not yet commenced operations.</span></p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zfekOK4gpUed" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund invests, under normal circumstances, at least 80% of its net assets (measured at the time of purchase) in U.S. equity securities and American Depositary Receipts (“ADRs”) issued by clean energy companies which should benefit from evolution of the global energy industry to a cleaner and more environmentally responsible one. In order to generate current income, the Adviser also seeks to identity companies that have favorable income-paying histories and for which income payments are expected to continue to increase.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund invests in clean energy production, transmission and distribution companies, and clean energy equipment and technology providers. For these purposes, “clean energy” sources include biomass, geothermal energy, hydroelectricity, solar and wind energy. The Fund considers nuclear and gas to be fuel sources that enable a low-carbon transition and thus will count toward the Fund’s 80% policy discussed above. For purposes of that policy, the Fund’s investments in clean energy companies may include: U.S. and depositary receipts of non-U.S. companies that have at least 50% of their assets, income, earnings, sales, or profits committed to, or derived from clean energy (or transmitting and delivering clean energy). The Fund may invest in companies that provide energy-saving solutions to companies engaged in the production or delivery of clean water and/or treating wastewater. In addition, the Fund may invest outside of its 80% policy in companies that transmit or deliver clean water and/or treat wastewater. The Fund cannot invest in coal, oil, or petroleum drillers or producers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Clean energy companies include electric and gas utilities which have made a commitment to environmentally responsible energy (significant carbon reduction goals) and are in the process of a material transformation from some portion of fossil-fired or coal-fired generation to a more significant renewable energy and lower-carbon mix. In addition, some clean energy companies are considered to be industrials as they supply equipment, towers, solar panels, turbines, motors, pumps, or valves to the production generation or distribution of clean energy. The Adviser considers energy storage, battery storage, and battery storage companies to be an important element to optimizing renewable energy. Some information technology companies that provide or communicate valuable data resulting in efficiencies or conservation of energy may also be considered clean energy stocks. The Fund can invest in domestic or foreign companies (through ADRs) that are involved to a substantial extent in clean energy-related businesses.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_z8mEwJDUkdUh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b><i>You may want to invest in the Fund if:</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you are a long-term investor</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">you seek current income and capital appreciation</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. <span id="xdx_90F_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zvczQYuwjw6h">Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency</span>; <span id="xdx_90F_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zYvHkIV4UDda">you may lose money by investing in the Fund.</span> When you sell Fund shares, they may be worth more or less than what you paid for them.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Investing in the Fund involves the following risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> Your investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency you may lose money by investing in the Fund. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonTransparentExchangeTradedFundETFStructureRiskMember_z2KDJNFNckaj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Transparent Exchange-Traded Fund (“ETF”) Structure Risk.</b> Unlike most actively managed ETFs the Fund does not provide daily disclosure of its portfolio holding. Instead, the Fund provides a verified intraday indicative value (“VIIV”), calculated and disseminated every second throughout the trading day. The VIIV is intended to provide investors and other market participants with a highly correlated per share value of the underlying portfolio that can be compared to the current market price. There is, however, a risk that shares of the Fund may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade. Because the Fund trades on the basis of the VIIV, it may trade at a wider bid/ask spread than traditional ETFs that publish their portfolios on a daily basis. Accordingly, the Adviser or its designee will monitor on an ongoing basis how shares of the Fund trade, including the level of any market price premium or discount to net asset value (“NAV”) and the bid/ask spreads on market transactions. Should there be extended periods of unusually high bid/ask spreads, the Board will consider the continuing viability of the Fund, whether shareholders are being harmed, and what, if any, action would be appropriate to among other things, narrow the premium/discount or spread, as applicable. Potential actions may include, but are not limited to, changing lead market makers, listing the Fund on a different exchange, changing the size of Creation Units (as defined below), changing the Fund’s investment objective or strategy, and liquidating the Fund. There is also a risk that the market price may vary significantly from the NAV and, thus, the underlying value of the Fund significantly from the underlying NAV of the Fund. There is also a risk that, despite not disclosing the portfolio holdings each day, some market participants may seek to use publically available information, including the VIIV, to identify the Fund’s investment strategy and engage in certain predatory trading practices that may have the potential to harm the Fund.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_z4oTGMXujeP5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. In addition, due to the non-transparency of the portfolio a trading halt in a portfolio security could cause discrepancies between the VIIV and NAV of the Fund resulting in uncertainty on the part of the AP that results in wider, less liquid markets. Any security for which trading has been halted for an extended period of time will be disclosed on the Fund’s website, www.gabelli.com.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantAndAPRepresentativeConcentrationRiskMember_zXZB1kMbtYj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Authorized Participant and AP Representative Concentration Risk.</b> The creation and redemption process for the Fund occurs through a confidential brokerage account with an agent, called an “AP Representative,” on behalf of an authorized participant permitted to engage in creation or redemption transactions (each, an “Authorized Participant”). Each day, the AP Representative will be given the names and quantities of the securities to be deposited, in the case of a creation, or redeemed, in the case of a redemption, allowing the AP Representative to buy and sell positions in the portfolio securities to permit creations or redemptions on the Authorized Participant’s behalf, without disclosing the information to the Authorized Participant. The Fund may have a limited number of institutions that act as Authorized Participants and AP</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Representatives, none of which are obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to process creation and/or redemption orders, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs, generally. The fact that the Fund is offering a novel and unique structure may affect the number of entities willing to act as Authorized Participants and AP Representatives. During times of market stress, Authorized Participants may be more likely to step away from this type of ETF than a traditional ETF.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zIvqKOb8TECb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">●</span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Large Shareholder Risk.</b> Certain shareholders, including the Adviser and its affiliates, may own a substantial amount of the Fund’s shares. The disposition of shares by large shareholders, resulting in redemptions through or by Authorized Participants, could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. The form of a large shareholder’s contribution and any redemption activity in the Fund can adversely affect the tax efficiency of the Fund.</span> </td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfAnActiveMarketMember_zmd7sHMsn0nj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Absence of an Active Market.</b> Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. The absence of an active market for the Fund’s shares may lead to wider bid-ask spreads and may contribute to the Fund’s shares trading at a premium or discount to NAV. If a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells Fund shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zxP3hBCAGgQk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>New Fund Risk.</b> The Fund is new with a limited operating history and may have higher expenses. There can be no assurance that the Fund will grow to or maintain an economically viable size. The Fund could cease operations, and investors may be required to liquidate or transfer their assets at a loss.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zwLM9F0oqgMj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Equity Risk.</b> Equity risk is the risk that the prices of the equity securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. Holders of equity securities only have rights to value in the company after all issuer debts have been paid, and they could lose their entire investment in a company that encounters financial difficulty.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsADRsRiskMember_z2Q7IADrZYT5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>American Depositary Receipts (“ADRs”) Risk.</b> Investment in ADRs does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of ADRs is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the ADRs and the underlying securities are quoted.</span></td> </tr> </table> <div></div> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CleanEnergyCompanyRiskMember_zBCuM4AAloy1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"> </td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Clean Energy Company Risk.</b> Renewable and alternative energy companies can be significantly affected by the following factors: obsolescence of existing technology, short product cycles, legislation resulting in more strict government regulations and enforcement policies, fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, the supply of and demand for oil and gas, world events and economic conditions. In addition, shares of clean energy companies have been significantly more volatile than shares of companies operating in other more established industries and the securities included in the Fund may be subject to sharp price declines. This industry is relatively nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as having greater investment risk.</span></td></tr> </table> <p style="margin: 0; display: none"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z5fxpaZBFne7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Issuer Risk.</b> The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></td> </tr> </table> <p style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zfTveJYq3jnc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Inflation Risk.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.</span></td> </tr> </table> <p style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhAmboEO3ai2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="text-align: left; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Risk.</b> Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other </span></p> </td> </tr> </table> <p style="text-align: justify; margin-left: 0.75in; margin-top: 0; margin-bottom: 0"><span style="color: #004770">militant groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zyNUfb2wFD18"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Management Risk.</b> If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zvJH26XuFmke"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Market Trading Risk.</b> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than when you acquired shares. In addition, the market price of shares includes a “bid-ask spread” charged by the market makers or other participants that trade the shares. The spread of the Fund’s shares varies over time based on the Fund’s trading volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decrease.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the domestic market in which the Fund’s shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the Fund’s domestic trading day. This could lead to differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zxwkj4YDKuYd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Non-Diversification Risk.</b> <span id="xdx_900_eoef--RiskTextBlock_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zWxX0cQYCss4">As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund.</span></span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div></div> As a non-diversified Fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified Fund. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesRiskMember_zU0mNdaaj7qb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Trading Issues Risk.</b> Trading in Fund shares on NYSE Arca, Inc. (“NYSE Arca”) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the Fund will continue to be met.</span></td> </tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zEl8qMvFG6I7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>●</b></span></td> <td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"><b>Geopolitical Risk.</b> Occurrences of global events such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, pandemics and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain </span></td> </tr> </table> <p style="text-align: justify; margin-left: 0.75in; margin-top: 0; margin-bottom: 0"><span style="color: #004770">foreign goods, and some foreign governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and foreign governments with respect to trade policy may impair the value of your investment in the Fund.</span></p> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zY7AUL8E5SBf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)">The Fund has not yet commenced operations, therefore, performance information is not yet available. <span id="xdx_901_eoef--PerformanceOneYearOrLess_c20260430__20260430__dei--LegalEntityAxis__custom--S000069046Member_z3uSFc3heIw4">Performance information will be available after the Fund has been in operation for one calendar year.</span></span></p> Performance information will be available after the Fund has been in operation for one calendar year. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Growth Innovators Fund will continue for at least one year from the effective date of this Prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees. Other Expenses have been restated to reflect estimated amounts for the current fiscal year. The Adviser has voluntarily agreed to waive the Fund’s management fee of 0.90% on the first $100 million in net assets through the fiscal year ending December 31, 2026. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Global Technology Leaders Fund will continue for at least one year following the effective date of this Prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Aerospace and Defense Fund will continue for at least one year following the effective date of this Prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees. Total Annual Fund Operating Expenses After Fee Waiver are based on the application of the fee waiver to the Fund’s net assets as of the date of the Prospectus, and therefore do not correlate to the Ratio to Average Net Assets of Operating Expenses Net of Waiver in the Financial Highlights section of the Prospectus. The Fund’s expense ratio after fee waiver may fluctuate during the current fiscal year based on changes in the Fund’s net assets. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Financial Services Fund will continue for a period of no less than one year from the date of this prospectus. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees (the “Board”). Total Annual Fund Operating Expenses After Fee Waiver are based on the application of the fee waiver to the Fund’s net assets as of the date of the Prospectus, and therefore do not correlate to the Ratio to Average Net Assets of Operating Expenses Net of Waiver in the Financial Highlights section of the Prospectus. The Fund’s expense ratio after fee waiver may fluctuate during the current fiscal year based on changes in the Fund’s net assets. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.55% for at least one year from the effective date of this prospectus, and this arrangement cannot be terminated by the Fund or the Adviser before such time. The Adviser is not permitted to recoup any such waived fees. The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% for at least one year from the effective date of this prospectus, and this arrangement cannot be terminated by the Fund or the Adviser before such time. The Adviser is not permitted to recoup any such waived fees. The investment advisory agreement between Gabelli ETFs Trust (the “Trust”) and Gabelli Funds, LLC (the “Adviser”) provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses, and any extraordinary expenses. Expenses have been restated to reflect the current year’s expected expenses. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% for at least one year from the effective date of this prospectus, and this arrangement cannot be terminated by the Fund or the Adviser before such time. The Adviser is not permitted to recoup any such waived fees. “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched. The Adviser has contractually agreed to waive the Fund’s management fee of 0.90% on the first $25 million in net assets. The fee waiver agreement for the Equity Income Fund will continue until at least April 30, 2026. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees. “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched. “Other Expenses” are based on estimated amounts for the current fiscal year. As of April 30, 2025, the Fund had not yet launched. “Other Expenses” are based on estimated amounts for the current fiscal year.