UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23568

Gabelli ETFs Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

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

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

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

Gabelli Global Technology Leaders ETF

GGTL - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli Global Technology Leaders ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGTL/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Global Technology Leaders ETF	$0	0.00%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Global Technology Leaders ETF outperformed its broad-based and comparative benchmarks the S&P 500, the MSCI USA IMI Consumer Discretionary, and MSCI USA IMI Industrials Indices. Semiconductor stocks experienced a surge in the first half of the year. The rapid buildout of AI infrastructure will drive sustained multi-year demand for memory, hardware, and components critical to power systems and thermal management. Contributors included TSMC, Dell Technologies, Inc, and Advanced Micro Devices. Detractor included Oracle Co., Kyndryl Holdings, and Check Point Software.

How has the Fund performed since inception?

The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests, since inception. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares. The Fund’s past performance is not a good predictor of the Fund’s future performance. Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli Global Technology Leaders ETF	S&P 500 Index	MSCI USA Consumer Discretionary Index	MSCI USA Industrials Index
1/22	10,000	10,000	10,000	10,000
6/22	7,827	8,115	7,213	8,463
6/23	9,382	9,705	8,980	10,804
6/24	10,365	12,088	10,219	12,611
6/25	11,922	13,921	12,040	15,202
6/26	16,740	17,028	13,014	19,730

Average Annual Total Returns

Table Summary
Name	6 months	1 Year	Since Inception (01/03/2022)
Gabelli Global Technology Leaders ETF	26.68%	40.41%	12.17%
S&P 500 Index	10.21%	22.32%	12.08%
MSCI USA Consumer Discretionary Index	(0.70)%	8.09%	3.52%
MSCI USA Industrials Index	21.47%	29.79%	15.43%

Fund Statistics

Total Net Assets$13,349,561
# of Portfolio Holdings65
Portfolio Turnover Rate20%
Management Fees$0

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGTL/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	8.9%
Advanced Micro Devices Inc.	4.9%
Oracle Corp.	3.8%
Renesas Electronics Corp.	3.4%
Broadcom Inc.	3.2%
Sony Group Corp.	3.1%
Arista Networks Inc.	3.0%
Texas Instruments Inc.	2.3%
NVIDIA Corp.	2.3%
Check Point Software Technologies Ltd.	2.3%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	87.6%
U.S. Government Obligations	9.5%
Other Assets and Liabilities (Net)	2.9%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Table Summary
Value	Value
Semiconductors	42.0%
Electronics	10.8%
U.S. Government Obligations	9.5%
Computer Software and Services	8.6%
Prepackaged Software	6.3%
Diversified Industrial	5.7%
Entertainment	4.9%
Communication Services	3.9%
Other Industry Sectors	5.4%
Other Assets and Liabilities (Net)	2.9%

Gabelli Global Technology Leaders ETF

Semi-Annual Shareholder Report - June 30, 2026

GGTL - NYSE Arca

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, Fund holdings, and proxy voting information, please visit https://gabelli.com/ticker/GGTL/.

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

Email: info@gabelli.com

Householding

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

GGTL-26-SATSR

Gabelli Commercial Aerospace and Defense ETF

GCAD - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli Commercial Aerospace and Defense ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GCAD/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Commercial Aerospace and Defense ETF	$7	0.13%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Commercial Aerospace and Defense ETF outperformed its benchmarks, the S&P 500 and the MSCI World Aerospace and Defense Indices. Performance for the first half was driven by continued investor confidence in the sector’s resilience amid geopolitical tensions, record defense spending, and a recovering commercial market. Commercial aerospace maintained its recovery momentum, driven by increased global passenger traffic and production. Contributors included Moog Inc., Ducommun Inc., and Albany International Corp. Detractors included Rheinmetall AG, CAE Inc., and Leidor Holdings, Inc.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli Commercial Aerospace and Defense ETF	S&P 500 Index	MSCI World Aerospace and Defense Index
1/23	10,000	10,000	10,000
6/23	10,335	11,736	11,924
6/24	12,692	14,618	14,342
6/25	17,124	16,835	21,277
6/26	23,485	21,592	23,830

Average Annual Total Returns

Table Summary
Name	6 months	1 Year	Since Inception (01/03/2023)
Gabelli Commercial Aerospace and Defense ETF	20.80%	37.15%	27.74%
S&P 500 Index	10.21%	22.32%	22.98%
MSCI World Aerospace and Defense Index	8.01%	17.68%	25.47%

Fund Statistics

Total Net Assets$43,675,246
# of Portfolio Holdings54
Portfolio Turnover Rate0%
Management Fees$18,723

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCAD/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Albany International Corp.	6.8%
Moog Inc.	6.2%
The Boeing Co.	5.2%
Ducommun Inc.	4.7%
Hexcel Corp.	4.6%
RTX Corp.	4.1%
L3Harris Technologies Inc.	4.0%
Lockheed Martin Corp.	4.0%
Mercury Systems Inc.	3.9%
Textron Inc.	3.9%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	95.8%
U.S. Government Obligations	4.1%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Aerospace and Defense	62.5%
Aviation: Parts and Services	32.1%
U.S. Government Obligations	4.1%
Automotive	0.7%
Computer Software and Services	0.5%
Other Assets and Liabilities (Net)	0.1%

Gabelli Commercial Aerospace and Defense ETF

Semi-Annual Shareholder Report - June 30, 2026

GCAD - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

GCAD-26-SATSR

Gabelli Financial Services Opportunities ETF

GABF - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli Financial Services Opportunities ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GABF/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Financial Services Opportunities ETF	$22	0.45%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Financial Services Opportunities ETF underperformed its broad-based and comparative benchmarks, the S&P 500 and S&P 500 Financials Indices. The second quarter brought strong capital markets activity, robust trading volumes and continued strong retail investor engagement. Equity capital markets volume was the second highest quarter in history and the most since 1Q21 and consumer spending remained strong. Top contributors included SuRo Capital Corp., Cohen & Steers, Inc., and Interactive Brokers Group, Inc. Detractors included Fiserv, Inc., KKR & Co Inc, and S&P Global, Inc.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli Financial Services Opportunities ETF	S&P 500 Index	S&P 500 Financials Index
5/22	10,000	10,000	10,000
6/22	9,463	9,489	9,401
6/23	11,487	11,348	10,294
6/24	16,292	14,135	12,786
6/25	21,012	16,278	16,552
6/26	19,890	19,911	17,222

Average Annual Total Returns

Table Summary
Name	6 months	1 Year	Since Inception (05/09/2022)
Gabelli Financial Services Opportunities ETF	(4.70)%	(5.34)%	18.06%
S&P 500 Index	10.21%	22.32%	18.16%
S&P 500 Financials Index	(1.18)%	4.05%	14.03%

Fund Statistics

Total Net Assets$49,753,895
# of Portfolio Holdings43
Portfolio Turnover Rate12%
Management Fees$113,891

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABF/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Berkshire Hathaway Inc.	5.7%
SuRo Capital Corp., BDC	5.6%
Cohen & Steers Inc.	5.2%
S&P Global Inc.	4.5%
Capital One Financial Corp.	4.4%
Moody's Corp.	4.2%
KKR & Co. Inc.	4.2%
Wells Fargo & Co.	4.1%
Rocket Companies Inc.	4.0%
Fiserv Inc.	4.0%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	93.8%
Closed-End Funds	5.6%
U.S. Government Obligations	0.8%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Financial Services	78.8%
Banking	6.8%
Closed-End Funds	5.6%
Real Estate	4.2%
Computer Software and Services	4.0%
U.S. Government Obligations	0.8%
Other Assets and Liabilities (Net)	(0.2)%

Gabelli Financial Services Opportunities ETF

Semi-Annual Shareholder Report - June 30, 2026

GABF - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

GABF-26-SATSR

Gabelli Growth Innovators ETF

GGRW - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli Growth Innovators ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGRW/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Growth Innovators ETF	$0	0.00%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Growth Innovators ETF underperformed its benchmarks, the S&P 500 and the Nasdaq Composite Indices. Following a turbulent start to the year, the second quarter marked a return to stability across markets, the economy, and geopolitics. The rebound was supported by improving economic fundamentals, expanding usage of AI technology, and a de-escalatory path for conflicts in the Middle East. Contributors included Applied Materials, Inc., GE Vernova Inc., and ASML Holdings NV. Detractors included Microsoft Corp., Boston Scientific Corp., and KKR & Co.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli Growth Innovators ETF	S&P 500 Index	NASDAQ Composite Index
2/21	10,000	10,000	10,000
6/21	10,063	10,987	11,543
6/22	6,291	9,820	8,838
6/23	7,667	11,744	11,149
6/24	11,152	14,628	14,450
6/25	13,450	16,846	16,716
6/26	15,292	20,606	21,644

Average Annual Total Returns

Table Summary
Name	6 months	1 Year	5 Years	Since Inception (02/12/2021)
Gabelli Growth Innovators ETF	8.05%	13.69%	8.73%	8.22%
S&P 500 Index	10.21%	22.32%	13.41%	14.37%
NASDAQ Composite Index	13.13%	29.48%	13.40%	13.05%

Fund Statistics

Total Net Assets$8,755,372
# of Portfolio Holdings42
Portfolio Turnover Rate6%
Management Fees$0

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGRW/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NVIDIA Corp.	8.5%
Alphabet Inc.	6.2%
Amazon.com Inc.	5.4%
Applied Materials Inc.	5.4%
GE Vernova Inc.	4.6%
Eli Lilly & Co.	4.2%
Broadcom Inc.	4.0%
General Electric Co.	3.6%
Amphenol Corp.	3.4%
Meta Platforms Inc.	3.3%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	99.7%
Other Assets and Liabilities (Net)	0.3%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Information Technology - Semiconductors	24.4%
Communication Services	12.8%
Information Technology - Software and Services	12.4%
Industrials	10.7%
Consumer Discretionary	10.1%
Financials	9.5%
Health Care	8.2%
Aerospace and Defense	4.8%
Other Industry Sectors	6.8%
Other Assets and Liabilities (Net)	0.3%

Gabelli Growth Innovators ETF

Semi-Annual Shareholder Report - June 30, 2026

GGRW - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

GGRW-26-SATSR

Gabelli High Income ETF

GBHI - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli High Income ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GBHI/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli High Income ETF	$0	0.00%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli High Income ETF underperformed its broad-based benchmark, the S&P 500 Index, and outperformed its comparative benchmark, the ICE BofA 1-10 Year BB Cash Pay High Yield Index. The Fund emphasizes research-driven credit selection and disciplined risk management. Contributors included Sunoco LP, Plains All American Pipeline, L.P., and Energy Transfer LP. Detractors included Bellring Brands, Inc. 7.0%, Suburban Propane Partners, L.p. 6.5%, and Albertsons Companies, Inc. 5.625%.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli High Income ETF	S&P 500 Index	ICE BofA 1-10 Year BB Cash Pay High Yield Index
11/25	10,000	10,000	10,000
6/26	10,358	11,325	10,325

Average Annual Total Returns

Table Summary
Name	6 months	Since Inception (11/14/2025)
Gabelli High Income ETF	2.32%	3.58%
S&P 500 Index	10.21%	13.25%
ICE BofA 1-10 Year BB Cash Pay High Yield Index	1.83%	3.19%

Fund Statistics

Total Net Assets$6,014,092
# of Portfolio Holdings93
Portfolio Turnover Rate29%
Management Fees$0

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GBHI/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
SoftBank Group Corp.	3.3%
Rogers Communications Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.59%)	2.1%
Garrett Motion Holdings Inc./Garrett LX I Sarl	1.8%
Knife River Corp.	1.7%
Celanese US Holdings LLC	1.7%
Phinia Inc.	1.7%
Industrial F&B Investments III Inc.	1.7%
Iron Mountain Inc.	1.7%
Alumina Pty Ltd.	1.7%
Qnity Electronics Inc.	1.7%

Portfolio Weighting (% of net assets)

Table Summary
Corporate Bond	95.5%
Common Stock	3.7%
Preferred Stock	0.3%
Other Assets and Liabilities (Net)	0.5%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Diversified Industrial	18.7%
Energy	15.2%
Materials	9.9%
Financials	8.1%
Communications	7.9%
Chemicals	6.9%
Automotive	5.9%
Food & Beverage	5.8%
Other Industry Sectors	21.1%
Other Assets and Liabilities (Net)	0.5%

Gabelli High Income ETF

Semi-Annual Shareholder Report - June 30, 2026

GBHI - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

GBHI-26-SATSR

Gabelli Love Our Planet & People ETF

LOPP - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli Love Our Planet & People ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/LOPP/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Love Our Planet & People ETF	$0	0.00%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Love Our Planet & People ETF outperformed its benchmarks, the S&P 500 and the MSCI USA SRI Indices. The portfolio emphasizes sustainable practices such as renewable energy, reduction or recycling of long-lived water conservation, and clean mobility. The build out of artificial intelligence (AI) infrastructure – specifically efficient and climate friendly energy generation and transmission – continued to be a major driver of returns. Contributors included GE Vernova Inc., Corning Inc., and Cummins Inc. Detractors included S&P Global, Inc., Mirion Technologies, Inc., and Xylem Inc.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli Love Our Planet & People ETF	S&P 500 Index	MSCI USA SRI Index
1/21	10,000	10,000	10,000
6/21	11,218	11,459	11,541
6/22	9,330	10,242	10,419
6/23	10,899	12,248	12,901
6/24	11,052	15,257	15,018
6/25	12,769	17,570	17,205
6/26	17,271	21,491	22,041

Average Annual Total Returns

Table Summary
Name	6 months	1 Year	5 Years	Since Inception (01/29/2021)
Gabelli Love Our Planet & People ETF	20.61%	35.26%	9.01%	10.62%
S&P 500 Index	10.21%	22.32%	13.41%	15.49%
MSCI USA SRI Index	18.48%	28.11%	13.81%	14.67%

Fund Statistics

Total Net Assets$16,325,132
# of Portfolio Holdings71
Portfolio Turnover Rate12%
Management Fees$0

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/LOPP/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
GE Vernova Inc.	4.0%
Cummins Inc.	3.6%
Valmont Industries Inc.	3.3%
IDACORP Inc.	3.1%
Crown Holdings Inc.	3.1%
Weyerhaeuser Co.	2.6%
Xylem Inc.	2.6%
AZZ Inc.	2.5%
Arcosa Inc.	2.5%
Sensient Technologies Corp.	2.4%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	96.8%
U.S. Government Obligations	2.3%
Other Assets and Liabilities (Net)	0.9%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Energy and Utilities	22.5%
Equipment and Supplies	12.5%
Building and Construction	8.4%
Machinery	6.1%
Automotive Parts and Accessories	5.6%
Electronics	5.4%
Metals and Mining	4.9%
Environmental Services	4.8%
Other Industry Sectors	28.9%
Other Assets and Liabilities (Net)	0.9%

Gabelli Love Our Planet & People ETF

Semi-Annual Shareholder Report - June 30, 2026

LOPP - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

LOPP-26-SATSR

Gabelli Opportunities in Live and Sports ETF

GOLS - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Gabelli Opportunities in Live and Sports ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GOLS/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Opportunities in Live and Sports ETF	$0	0.00%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Opportunities in Live and Sports underperformed its benchmarks the S&P 500 and Nasdaq Composite Indices. Against a tumultuous geopolitical backdrop, live entertainment and sports assets continued to play their role as stores of value with secular tailwinds. In the short-term, these stocks continue to be impacted by idiosyncrasies both positive and negative. Contributors included Madison Square Garden Sports Corp., Atlanta Braves Holdings Inc., and Madison Square Garden Entertainment Corp. Detractors included Sportradar Group AG, Walt Disney Company, and Fox Corporation.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Gabelli Opportunities in Live and Sports ETF	S&P 500 Index
12/25	10,000	10,000
6/26	10,556	11,021

Average Annual Total Returns

Table Summary
Name	6 months	Since Inception (12/31/2025)
Gabelli Opportunities in Live and Sports ETF	5.56%	5.56%
S&P 500 Index	10.21%	10.21%

Fund Statistics

Total Net Assets$31,062,048
# of Portfolio Holdings47
Portfolio Turnover Rate8%
Management Fees$0

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GOLS/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Madison Square Garden Sports Corp.	11.0%
Atlanta Braves Holdings Inc.	8.8%
Liberty Media Corp.-Liberty Formula One	6.5%
Madison Square Garden Entertainment Corp.	6.1%
Manchester United plc	5.8%
Liberty Live Holdings Inc.	4.9%
TKO Group Holdings Inc.	4.1%
Rogers Communications Inc.	3.9%
The Walt Disney Co.	3.8%
Churchill Downs Inc.	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	95.3%
U.S. Government Obligations	6.1%
Other Assets and Liabilities (Net)	(1.4)%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Sports	60.8%
Live Entertainment	16.5%
Media	15.2%
U.S. Government Obligations	6.1%
Financial Services	2.8%
Other Assets and Liabilities (Net)	(1.4)%

Gabelli Opportunities in Live and Sports ETF

Semi-Annual Shareholder Report - June 30, 2026

GOLS - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

GOLS-26-SATSR

Keeley Dividend ETF

KDVD - NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Keeley Dividend ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/KDVD/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Keeley Dividend ETF	$0	0.00%

How did the Fund perform?

For the six months ended June 30, 2026, the Keeley Dividend ETF outperformed its broad-based benchmark, the S&P 500 Index and underperformed its comparative the Russell 2500 Value Index. Dividend payers lagged non-dividend payers, especially relative to the Russell 2500 Value. Sector Allocation was the biggest source of underperformance, while Selection detracted slightly. Contributors included Qnity Electronics, Inc., Solstice Advanced Materials, Inc., and Select Water Solutions, Inc. Detractors included Alight, Inc., Universal Health Services, Inc., and Nexstar Media Group, Inc.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	Keeley Dividend ETF	S&P 500 Index	Russell 2500 Value Index
12/25	10,000	10,000	10,000
6/26	11,605	11,026	12,445

Average Annual Total Returns

Table Summary
Name	6 months	Since Inception (12/05/2025)
Keeley Dividend ETF	16.32%	16.05%
S&P 500 Index	10.21%	10.26%
Russell 2500 Value Index	24.16%	23.95%

Fund Statistics

Total Net Assets$8,440,372
# of Portfolio Holdings70
Portfolio Turnover Rate0%
Management Fees$0

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/KDVD/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Qnity Electronics Inc.	2.5%
Regal Rexnord Corp.	2.4%
Solstice Advanced Materials Inc.	2.4%
Select Water Solutions Inc.	2.2%
Ralliant Corp.	2.2%
Virtu Financial Inc.	2.1%
Douglas Dynamics Inc.	2.1%
Concentra Group Holdings Parent Inc.	2.0%
Spectrum Brands Holdings Inc.	1.9%
Fifth Third Bancorp	1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stock	92.8%
U.S. Government Obligations	7.5%
Other Assets and Liabilities (Net)	(0.3)%

Industry Allocation (% of net assets)

Table Summary
Value	Value
Financials	19.2%
Industrials	11.2%
Health Care	9.5%
Information Technology	9.1%
Consumer Discretionary	8.9%
Real Estate	8.3%
Materials	7.7%
U.S. Government Obligations	7.5%
Other Industry Sectors	18.9%
Other Assets and Liabilities (Net)	(0.3)%

Keeley Dividend ETF

Semi-Annual Shareholder Report - June 30, 2026

KDVD - NYSE Arca

Where can I find additional information about the Fund?

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

Email: info@gabelli.com

Householding

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

KDVD-26-SATSR

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.

(b)

Not applicable.

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

(a)

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

The semi-annual financial statements are attached herewith.

Gabelli Global Technology Leaders ETF

Semiannual Report — June 30, 2026


	Hendi Susanto Portfolio Manager BA, University of Minnesota MBA, Wharton School of Business

To Our Shareholders,

Effective December 15, 2025, the Gabelli Automation ETF changed its name to the Gabelli Global Technology Leaders ETF. For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli Global Technology Leaders ETF (the Fund) was 26.7% compared with a total return of 10.2% for the Standard & Poor’s (S&P) 500 Index. The total return based on the Fund’s market price was 27.1%. The Fund’s NAV per share was $40.45, while the price of the publicly traded shares closed at $40.62 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI GLOBAL TECHNOLOGY LEADERS ETF

Semiconductors	42.0	%
Electronics	10.8	%
U.S. Government Obligations	9.5	%
Computer Software and Services	8.6	%
Prepackaged Software	6.3	%
Diversified Industrial	5.7	%
Entertainment	4.9	%
Communication Services	3.9	%
Electronic & Other Electrical Equipment	1.8	%

Building and Construction	1.2	%
Consumer Services	0.9	%
Computer Integrated Systems Design	0.8	%
Financial Services	0.6	%
Information Technology	0.1	%
Other Assets and Liabilities (Net)	2.9	%
	100.0	%

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

Proxy Voting

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

Gabelli Global Technology Leaders ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 87.6%
		Building and Construction – 1.2%
	3,000	TOTO Ltd.	$	119,086	$	158,880

		Communication Services – 3.9%
	2,328	Arista Networks Inc.†		296,030		395,481
	314	Motorola Solutions Inc.		117,289		130,401
				413,319		525,882
		Computer Integrated Systems Design – 0.8%
	8,955	Kyndryl Holdings Inc.†		239,211		101,281

		Computer Software and Services – 8.6%
	143	Alphabet Inc., Cl. A		29,777		51,104
	210	CrowdStrike Holdings Inc., Cl. A†		100,687		160,259
	1,672	Fortinet Inc.†		132,271		256,853
	556	Microsoft Corp.		233,052		207,399
	5,000	Rigaku Holdings Corp.		81,561		76,878
	7,312	Stratasys Ltd.†		63,987		62,591
	3,302	Super Micro Computer Inc.†		102,291		96,848
	400	Synopsys Inc.†		179,080		178,428
	2,200	Tekscend Photomask Corp.		52,824		58,587
				975,530		1,148,947
		Consumer Services – 0.9%
	510	Amazon.com Inc.†		115,401		121,553

		Diversified Industrial – 5.7%
	200	Belden Inc.		23,346		23,982
	12,180	Nidec Corp.†		159,783		198,137
	5,000	Shin-Etsu Chemical Co. Ltd.		214,283		215,505
	1,880	Tokyo Ohka Kogyo Co. Ltd.		71,308		130,887
	7,000	Ushio Inc.		139,081		193,216
				607,801		761,727
		Electronic & Other Electrical Equipment – 1.8%
	1,900	Asia Vital Components Co. Ltd.		165,645		150,597
	3,500	Nitto Boseki Co. Ltd.		115,516		92,884
				281,161		243,481
		Electronics – 10.8%
	1,000	Delta Electronics Inc.		68,209		61,212
	12,500	Hon Hai Precision Industry Co. Ltd.		99,012		98,489
	737	Kimball Electronics Inc.†		18,796		18,867
	6,000	Macnica Holdings Inc.		85,299		116,018
	300	Maruwa Co. Ltd.		101,147		130,631
	700	Samsung Electronics Co. Ltd.		133,195		150,907

Shares			Cost		Market Value
	20,890	Sony Group Corp., ADR	$	544,245	$	419,053
	1,044	Texas Instruments Inc.		184,739		311,185
	1,628	Universal Display Corp.		177,765		140,969
				1,412,407		1,447,331
		Entertainment – 4.9%
	2,000	Netflix Inc.†		172,336		142,800
	16,056	Nintendo Co. Ltd., ADR		274,562		168,267
	3,000	Nintendo Co. Ltd.		154,435		125,742
	2,000	Screen Holdings Co. Ltd.		116,891		219,010
				718,224		655,819
		Financial Services – 0.6%
	2,000	SoftBank Group Corp.		63,530		73,348

		Information Technology – 0.1%
	335	Gen Digital Inc.		9,266		8,338

		Prepackaged Software – 6.3%
	2,333	Check Point Software Technologies Ltd.†		415,470		306,626
	1,116	N-able Inc.†		12,509		4,096
	3,500	Oracle Corp.		669,883		512,925
	123	PTC Inc.†		19,372		13,974
				1,117,234		837,621
		Semiconductors – 42.0%
	1,120	Advanced Micro Devices Inc.†		222,957		650,619
	1,400	Advantest Corp.		196,670		278,459
	408	Analog Devices Inc.		118,233		162,045
	250	ARM Holdings plc, ADR†		85,906		88,642
	6,000	ASE Technology Holding Co. Ltd.		105,914		128,074
	62	ASML Holding NV, ADR		67,136		123,345
	1,120	Broadcom Inc.		413,382		423,080
	400	Disco Corp.		172,181		199,908
	600	Entegris Inc.		67,154		107,916
	3,500	Ferrotec Corp.		128,264		205,142
	2,246	GlobalFoundries Inc.		79,751		185,093
	3,000	Kokusai Electric Corp.		95,054		200,283
	250	Lam Research Corp.		76,744		108,332
	800	MediaTek Inc.		87,840		106,603
	100	Micron Technology Inc.		87,994		115,429
	1,553	NVIDIA Corp.		275,029		310,740
	626	QUALCOMM Inc.		97,492		115,679
	15,222	Renesas Electronics Corp.		226,244		450,027
	3,000	Rorze Corp.		66,190		89,302
	120	SK hynix Inc.		97,078		205,254
	2,500	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		721,354		1,193,925

See accompanying notes to financial statements.

Gabelli Global Technology Leaders ETF

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Semiconductors (Continued)
	250	Tokyo Electron Ltd.	$	81,168	$	118,623
	2,000	Towa Corp.		34,708		41,084
				3,604,443		5,607,604
		TOTAL COMMON STOCKS		9,676,613		11,691,812

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS – 9.5%
$	1,275,000	U.S. Treasury Bills, 3.53% to 3.69%††, 08/20/26 to 09/10/26		1,267,609		1,267,655

		TOTAL INVESTMENTS — 97.1%	$	10,944,222		12,959,467

		Other Assets and Liabilities (Net) — 2.9%				390,094

		NET ASSETS — 100.0%			$	13,349,561

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

ADR	American Depositary Receipt

See accompanying notes to financial statements.

Gabelli Global Technology Leaders ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $10,944,222)	$	12,959,467
Cash		5,783
Foreign currency at value (cost $3661)		3,646
Receivable for investments sold		583,947
Dividends receivable		6,550
Total Assets		13,559,393
Liabilities:
Payable for investments purchased		209,832
Total Liabilities		209,832
Net Assets	$	13,349,561

Net Assets Consist of:
Paid-in capital	$	10,308,211
Total accumulated earnings		3,041,350
Net Assets	$	13,349,561

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		330,000
Net Asset Value per share:	$	40.45

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $1,911)	$	32,634
Interest		31,086
Total Investment Income		63,720
Expenses:
Investment advisory fees		44,510
Total Expenses		44,510
Less:
Expenses waived by Adviser (See Note 3)		(44,510	)
Net Expenses		—
Net Investment Income		63,720

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain on investments		806,469
Net realized gain on foreign currency transactions		5,027
Net realized gain on investments and foreign currency transactions		811,496
Net change in unrealized appreciation on investments		1,984,628
on foreign currency translations		(127	)
Net change in unrealized appreciation on investments and foreign currency translations		1,984,501
Net Realized and Unrealized Gain on Investments		2,795,997
Net Increase in Net Assets Resulting from Operations	$	2,859,717

See accompanying notes to financial statements.

Gabelli Global Technology Leaders ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)		Year Ended December 31, 2025
Operations:
Net investment income	$	63,720	$	72,035
Net realized gain on investments		811,496		475,632
Net realized gain on redemptions in-kind		—		1,263,320
Net change in unrealized appreciation/(depreciation) on investments		1,984,501		(626,624	)
Net Increase in Net Assets Resulting from Operations		2,859,717		1,184,363

Distributions to Shareholders:
Accumulated earnings		—		(74,925	)
Total Distributions to Shareholders		—		(74,925	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 6)		3,304,872		6,546,136
Cost of shares redeemed (See Note 6)		—		(5,858,223	)
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		3,304,872		687,913

Net Increase in Net Assets		6,164,589		1,797,351

Net Assets:
Beginning of period		7,184,972		5,387,621
End of period	$	13,349,561	$	7,184,972

Changes in Shares Outstanding:
Shares outstanding, beginning of period		225,000		200,000
Shares sold		105,000		205,000
Shares redeemed		—		(180,000	)
Shares outstanding, end of period		330,000		225,000

See accompanying notes to financial statements.

Gabelli Global Technology Leaders ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	31.93		$	26.94		$	24.45		$	20.85		$	25.00
Net Investment Income(b)		0.22			0.36			0.21			0.19			0.16
Net Realized and Unrealized Gain/(Loss) on Investments		8.30			4.96			2.48			3.62			(4.15	)
Total from Investment Operations		8.52			5.32			2.69			3.81			(3.99	)

Distributions to Shareholders:
Net Investment Income		—			(0.33	)		(0.20	)		(0.21	)		(0.16	)

Net Asset Value, End of Period	$	40.45		$	31.93		$	26.94		$	24.45		$	20.85
NAV total return†		26.68	%		19.78	%		10.99	%		18.23	%		(15.90	)%

Market price, End of Period	$	40.62		$	31.95		$	26.95		$	24.44		$	20.86
Investment total return††		27.14	%		19.79	%		11.09	%		18.14	%		(15.90	)%

Net Assets, End of Period (in 000’s)	$	13,350		$	7,185		$	5,388		$	4,646		$	4,379

Ratio to average net assets of:
Net Investment Income		1.29	%(c)		1.23	%		0.80	%		0.84	%		0.78	%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.92	%		0.90	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(d)		0.00	%		0.00	%		0.00	%(c)
Portfolio Turnover Rate(e)		20	%		37	%		1	%		13	%		28	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on January 5, 2022. The Fund first sold shares on January 3, 2022.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Global Technology Leaders ETF

Notes to Financial Statements (Unaudited)

1. Organization. Effective December 15, 2025, the Gabelli Automation ETF changed its name to the Gabelli Global Technology Leaders ETF. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Global Technology Leaders ETF (the Fund) commenced investment operations on January 5, 2022. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to provide growth of capital.

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

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

Security Valuation. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

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

●

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

●

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

●

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

Gabelli Global Technology Leaders ETF

Notes to Financial Statements (Unaudited) (Continued)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	11,691,812		—	$	11,691,812
U.S. Government Obligations		—	$	1,267,655		1,267,655
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	11,691,812	$	1,267,655	$	12,959,467

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

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

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

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

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

Gabelli Global Technology Leaders ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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

Distributions paid from:
Ordinary income	$	72,035
Net long term capital gains		2,890
Total distributions paid	$	74,925

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

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

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	10,931,739			$	2,843,255			$	(815,527	)		$	2,027,728

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2026, the Fund did not incur any income tax, interest, or penalties. The Fund’s federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to these conclusions are necessary.

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

Gabelli Global Technology Leaders ETF

Notes to Financial Statements (Unaudited) (Continued)

the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

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

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $44,510.

4. Portfolio Securities. Purchases of securities during the six months ended June 30, 2026, other than short term securities and U.S. Government obligations, aggregated $5,316,969 and $1,659,436, respectively.

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

6. Subscription-in-kind. When considered to be in the best interest of all shareholders, the Fund may accept portfolio securities as payment for the purchase of Fund shares (subscriptions-in-kind). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund had $327,283 of subscriptions-in-kind, including cash of $66,782.

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

Gabelli Global Technology Leaders ETF

Notes to Financial Statements (Unaudited) (Continued)

8. Significant Shareholder. As of June 30, 2026, approximately 87.8% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

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

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

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

●

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

GABELLI GLOBAL TECHNOLOGY LEADERS ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Hendi Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a vice president of Associated Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business.

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio managers’ commentary are unrestricted. Both the commentary and the financial statements, including the portfolios of investments, will be available on our website at www.gabelli.com.

Gabelli Commercial Aerospace and Defense ETF

Semiannual Report — June 30, 2026

Tony Bancroft

Portfolio Manager

BS, United States Naval Academy

MBA, Columbia Business School

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli Commercial Aerospace and Defense ETF (the Fund) was 20.8% compared with a total return of 10.2% for the Standard & Poor’s (S&P) 500 Index. The total return based on the Fund’s market price was 20.8%. The Fund’s NAV per share was $55.99, while the price of the publicly traded shares closed at $56.06 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI COMMERCIAL AEROSPACE AND DEFENSE ETF

Aerospace and Defense	62.5	%
Aviation: Parts and Services	32.1	%
U.S. Government Obligations	4.1	%
Automotive	0.7	%

Computer Software and Services	0.5	%
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

Gabelli Commercial Aerospace and Defense ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 95.8%
		Aerospace and Defense – 62.5%
	15,672	AeroEdge Co. Ltd.†	$	169,513	$	173,689
	2,211	Astronics Corp., Cl. B†		104,316		168,036
	1,032	BWX Technologies Inc.		211,386		200,879
	6,203	Cadre Holdings Inc.		198,010		176,847
	18,123	CAE Inc.†		562,001		454,162
	5,994	Crane Co.		1,026,398		1,337,082
	5,603	EchoStar Corp., Cl. A†		620,066		568,704
	319	Elbit Systems Ltd.		156,272		242,032
	11,666	Firefly Aerospace Inc.†		295,820		342,980
	2,951	General Dynamics Corp.		997,464		1,045,362
	1,816	General Electric Co.		434,608		678,694
	592	Graham Corp.†		56,157		73,284
	2,352	Hawkeye 360 Inc.†		73,889		47,557
	1,580	HEICO Corp.		413,206		562,780
	19,967	Hexcel Corp.		1,582,148		1,997,898
	3,920	Honeywell Aerospace Inc.†		810,102		866,634
	4,232	Howmet Aerospace Inc.		679,075		1,137,815
	1,036	Huntington Ingalls Industries Inc.		407,145		289,966
	28,219	Innovative Solutions and Support Inc.†		445,820		507,942
	155	Karman Holdings Inc.†		8,457		7,738
	3,824	Kratos Defense & Security Solutions Inc.†		206,266		190,665
	6,031	L3Harris Technologies Inc.		1,815,933		1,752,548
	1,965	Leidos Holdings Inc.		268,060		202,336
	9,045	Leonardo DRS Inc.		316,529		385,950
	3,407	Lockheed Martin Corp.		1,774,390		1,735,730
	14,024	Mercury Systems Inc.†		985,879		1,715,556
	809	MTU Aero Engines AG		347,343		336,375
	2,986	Northrop Grumman Corp.		1,750,788		1,520,800
	6,783	Park Aerospace Corp.		148,006		258,839
	49,886	Redwire Corp.†		462,876		610,106
	176	Rheinmetall AG		357,662		198,880
	9,521	RTX Corp.		1,621,125		1,806,419
	73,130	Senior plc		244,443		279,370
	13,693	StandardAero Inc.†		402,342		409,558
	18,431	Textron Inc.		1,598,349		1,690,676

Shares			Cost		Market Value
	10,487	The Boeing Co.†	$	2,295,808	$	2,270,121
	667	TransDigm Group Inc.		885,635		888,471
	7,404	York Space Systems Inc.†		213,109		182,286
				24,946,396		27,314,767
		Automotive – 0.7%
	5,874	RENK Group AG		372,425		283,062

		Aviation: Parts and Services – 32.1%
	5,111	AAR Corp.†		489,105		730,515
	40,093	Albany International Corp., Cl. A		2,290,096		2,986,929
	12,315	Astronics Corp.†		521,884		1,000,717
	5,079	ATI Inc.†		571,914		1,001,071
	995	Carpenter Technology Corp.		316,973		613,756
	1,409	Curtiss-Wright Corp.		677,915		1,067,684
	11,167	Ducommun Inc.†		1,140,824		2,068,240
	3,920	Honeywell International Inc.		885,172		877,688
	6,389	Moog Inc., Cl. A		1,653,742		2,707,914
	33,634	New Horizon Aircraft Ltd.†		62,131		66,259
	2,151	Woodward Inc.		553,242		915,121
				9,162,998		14,035,894
		Computer Software and Services – 0.5%
	1,693	Palantir Technologies Inc., Cl. A†		189,837		197,522

		TOTAL COMMON STOCKS		34,671,656		41,831,245

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS – 4.1%
$	1,835,000	U.S. Treasury Bills, 3.58% to 3.71%††, 08/27/26 to 09/17/26		1,821,904		1,821,897

		TOTAL INVESTMENTS — 99.9%	$	36,493,560		43,653,142

		Other Assets and Liabilities (Net) — 0.1%				22,104

		NET ASSETS — 100.0%			$	43,675,246

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

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $36,493,560)	$	43,653,142
Cash		20,491
Foreign currency at value (cost $67)		66
Dividends receivable		10,516
Foreign tax reclaims receivable		311
Total Assets		43,684,526
Liabilities:
Payable for investment advisory fees		9,280
Total Liabilities		9,280
Net Assets	$	43,675,246

Net Assets Consist of:
Paid-in capital	$	36,359,366
Total accumulated earnings		7,315,880
Net Assets	$	43,675,246

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		780,000
Net Asset Value per share:	$	55.99

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $1,840)	$	109,082
Interest		16,686
Total Investment Income		125,768
Expenses:
Investment advisory fees		124,197
Total Expenses		124,197
Less:
Expenses waived by Adviser (See Note 3)		(105,474	)
Net Expenses		18,723
Net Investment Income		107,045

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized loss on investments		(59	)
Net realized loss on foreign currency transactions		(208	)
Net change in unrealized appreciation on investments		4,155,486
on foreign currency translations		(9	)
Net change in unrealized appreciation on investments and foreign currency translations		4,155,477
Net Realized and Unrealized Gain on Investments		4,155,210
Net Increase in Net Assets Resulting from Operations	$	4,262,255

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	107,045		$	119,734
Net realized gain/(loss) on investments		(267	)		226,133
Net realized gain on redemptions in-kind		—			1,420,812
Net change in unrealized appreciation on investments		4,155,477			1,532,369
Net Increase in Net Assets Resulting from Operations		4,262,255			3,299,048

Distributions to Shareholders:
Accumulated earnings		—			(296,360	)
Total Distributions to Shareholders		—			(296,360	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 7)		25,043,456			8,980,566
Cost of shares redeemed (See Note 8)		—			(4,572,202	)
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		25,043,456			4,408,364

Net Increase in Net Assets		29,305,711			7,411,052

Net Assets:
Beginning of period		14,369,535			6,958,483
End of period	$	43,675,246		$	14,369,535

Changes in Shares Outstanding:
Shares outstanding, beginning of period		310,000			205,000
Shares sold		470,000			205,000
Shares redeemed		—			(100,000	)
Shares outstanding, end of period		780,000			310,000

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Period Ended December 31, 2023(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	46.35		$	33.94		$	28.27		$	25.00
Net Investment Income(b)		0.20			0.48			0.24			0.28
Net Realized and Unrealized Gain on Investments		9.44			12.89			6.05			3.26
Total from Investment Operations		9.64			13.37			6.29			3.54

Distributions to Shareholders:
Net Investment Income		—			(0.39	)		(0.21	)		(0.27	)
Net Realized Gains on Investments		—			(0.57	)		(0.41	)		—
Total Distributions		—			(0.96	)		(0.62	)		(0.27	)

Net Asset Value, End of Period	$	55.99		$	46.35		$	33.94		$	28.27
NAV total return†		20.80	%		39.34	%		22.24	%		14.14	%

Market price, End of Period	$	56.06		$	46.41		$	34.00		$	28.31
Investment total return††		20.79	%		39.28	%		22.24	%		14.31	%

Net Assets, End of Period (in 000’s)	$	43,675		$	14,370		$	6,958		$	4,382

Ratio to average net assets of:
Net Investment Income		0.77	%(c)		1.17	%		0.76	%		1.11	%(c)
Operating Expenses Before Waiver		0.89	%(c)		0.91	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.13	%(c)		0.00	%(d)		0.00	%		0.00	%(c)
Portfolio Turnover Rate(e)		0	%		9	%		6	%		28	%

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
	††	Based on market price per share. Total return for a period of less than one year is not annualized.
	(a)	The Fund commenced investment operations on January 4, 2023. The Fund first sold shares on January 3, 2023.
	(b)	Per share data are calculated using the average shares outstanding method.
	(c)	Annualized.
	(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
	(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Commercial Aerospace and Defense ETF (the Fund) commenced investment operations on January 4, 2023. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to seek a high level of total return on its assets with an emphasis on income.

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

●

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

●

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

●

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

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	41,831,245		—	$	41,831,245
U.S. Government Obligations		—	$	1,821,897		1,821,897
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	41,831,245	$	1,821,897	$	43,653,142

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

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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

Distributions paid from:
Ordinary income	$	154,210
Net long term capital gains		142,150
Total distributions paid	$	296,360

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	36,493,607			$	8,231,180			$	(1,071,645	)		$	7,159,535

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2026 the Fund did not incur any income tax, interest, or penalties. The Fund’s federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to these conclusions are necessary.

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

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

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

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2027 and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $105,474.

4. Portfolio Securities. Purchases of securities during the six months ended June 30, 2026, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $4,807,602, respectively.

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

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

7. Subscriptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may accept portfolio securities as payment for the purchase of Fund shares (subscriptions-in-kind). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund had $21,731,710 of subscriptions-in-kind, including cash of $1,107,180.

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

8. Significant Shareholder. As of June 30, 2026, approximately 40.2% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

GABELLI COMMERCIAL AEROSPACE AND DEFENSE ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager’s Biography

Lieutenant Colonel Tony Bancroft, United States Marine Corps Reserve, joined the Firm in 2009 as an associate in the alternative investments division and is currently an analyst covering the aerospace and defense and environmental services sectors, with a focus on suppliers to the commercial, military, and regional jet aircraft industry and waste services. He previously served in the United States Marine Corps as an F/A-18 Hornet fighter pilot. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio manager’s commentary are unrestricted. Both the commentary and the financial statements, including the portfolios of investments, will be available on our website at www.gabelli.com.

Gabelli Financial Services Opportunities ETF

Semiannual Report — June 30, 2026

Macrae Sykes

Portfolio Manager

BA, Hamilton College

MBA, Columbia Business School

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli Financial Services Opportunities ETF (the Fund) was (4.7)% compared with a total return of (1.2)% for the Standard & Poor’s (S&P) 500 Financials Index. The total return based on the Fund’s Market Price was (4.7)%. The Fund’s NAV per share was $44.03, while the price of the publicly traded shares closed at $44.01 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI FINANCIAL SERVICES OPPORTUNITIES ETF

Financial Services	78.8	%
Banking	6.8	%
Closed-End Funds	5.6	%
Real Estate	4.2	%

Computer Software and Services	4.0	%
U.S. Government Obligations	0.8	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

Proxy Voting

Gabelli Financial Services Opportunities ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 93.8%
		Banking – 6.8%
	10,954	Capital One Financial Corp.	$	2,509,369	$	2,197,592
	446	First Citizens BancShares Inc., Cl. A		856,261		928,032
	622	State Street Corp.		40,559		105,491
	1,257	The Bank of New York Mellon Corp.		58,683		181,775
				3,464,872		3,412,890
		Computer Software and Services – 4.0%
	40,680	Fiserv Inc.†		3,563,443		1,995,354

		Financial Services – 78.8%
	5,561	Affiliated Managers Group Inc.		1,453,892		1,881,842
	568	American Express Co.		109,845		192,126
	13,316	Apollo Global Management Inc.		1,763,102		1,575,416
	2,230	Bank of America Corp.		120,933		127,065
	5,678	Berkshire Hathaway Inc., Cl. B†		2,602,670		2,841,214
	15,480	Blackstone Inc.		2,238,510		1,821,532
	892	Chubb Ltd.		269,968		303,940
	33,722	Cohen & Steers Inc.		2,272,306		2,567,593
	1,257	Federated Hermes Inc.		42,789		69,412
	80,518	GPGI Inc.		1,491,789		1,276,210
	20,645	Interactive Brokers Group Inc., Cl. A		951,427		1,796,941
	5,292	JPMorgan Chase & Co.		1,219,399		1,732,230
	22,515	KKR & Co. Inc.		2,722,413		2,066,427
	3,122	LPL Financial Holdings Inc.		886,163		879,405
	3,568	M&T Bank Corp.		682,634		849,220
	160	Markel Group Inc.†		273,773		312,482
	3,841	Mastercard Inc., Cl. A		2,022,757		1,972,738
	4,563	Moody’s Corp.		2,245,036		2,066,674
	967	Morgan Stanley		81,570		202,142
	1,657	Nasdaq Inc.		102,538		130,605
	609	Raymond James Financial Inc.		81,846		92,586
	127,675	Rocket Companies Inc., Cl. A†		2,140,057		2,010,881
	5,532	S&P Global Inc.		2,652,810		2,252,962
	919	Stifel Financial Corp.		72,328		64,119
	18,313	The Charles Schwab Corp.		1,598,216		1,689,740
	2,204	The Progressive Corp.		488,463		481,464
	105,580	Tiptree Inc.		1,922,505		1,891,994
	5,229	Visa Inc., Cl. A		1,702,265		1,794,018
	20,097	W. R. Berkley Corp.		1,189,394		1,417,441
	84,503	Wealthfront Corp.†		908,608		755,457
	24,505	Wells Fargo & Co.		1,702,402		2,025,093

Shares			Cost		Market Value
	3,512	WisdomTree Inc.	$	35,821	$	59,493
				38,048,229		39,200,462
		Real Estate – 4.2%
	3,684	Howard Hughes Holdings Inc.†		253,173		263,369
	32,438	Millrose Properties Inc., REIT		940,567		974,762
	53,369	Safehold Inc., REIT		888,697		837,893
				2,082,437		2,076,024
		TOTAL COMMON STOCKS		47,158,981		46,684,730

		CLOSED-END FUNDS – 5.6%
	223,486	SuRo Capital Corp., BDC		1,146,503		2,802,514

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS – 0.8%
$	390,000	U.S. Treasury Bills, 3.54% to 3.74%††, 07/30/26 to 09/24/26		387,113		387,111

		TOTAL INVESTMENTS — 100.2%	$	48,692,597		49,874,355

		Other Assets and Liabilities (Net) — (0.2)%				(120,460	)

		NET ASSETS — 100.0%			$	49,753,895

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

BDC	Business Development Company
REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $48,692,597)	$	49,874,355
Cash		4,542
Receivable for investments sold		32,402
Dividends receivable		23,391
Total Assets		49,934,690
Liabilities:
Payable for investments purchased		160,273
Payable for investment advisory fees		20,522
Total Liabilities		180,795
Net Assets	$	49,753,895

Net Assets Consist of:
Paid-in capital	$	51,332,688
Total accumulated loss		(1,578,793	)
Net Assets	$	49,753,895

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		1,130,000
Net Asset Value per share:	$	44.03

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends	$	384,045
Interest		11,849
Total Investment Income		395,894
Expenses:
Investment advisory fees		225,467
Total Expenses		225,467
Less:
Expenses waived by Adviser (See Note 3)		(111,576	)
Net Expenses		113,891
Net Investment Income		282,003

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized loss on investments		(1,566,849	)
Net realized gain on redemptions in-kind		1,173,365
Net change in unrealized depreciation on investments		(2,726,259	)
Net Realized and Unrealized (Loss) on Investments		(3,119,743	)
Net Decrease in Net Assets Resulting from Operations	$	(2,837,740	)

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	282,003		$	449,735
Net realized loss on investments		(1,566,849	)		(611,367	)
Net realized gain on redemptions in-kind		1,173,365			5,113,054
Net change in unrealized depreciation on investments		(2,726,259	)		(4,185,861	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(2,837,740	)		765,561

Distributions to Shareholders:
Accumulated earnings		—			(729,974	)
Total Distributions to Shareholders		—			(729,974	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 5)		21,329,028			14,757,858
Cost of shares redeemed (See Note 6)		(5,928,008	)		(16,262,883	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		15,401,020			(1,505,025	)

Net Increase/(Decrease) in Net Assets		12,563,280			(1,469,438	)

Net Assets:
Beginning of period		37,190,615			38,660,053
End of period	$	49,753,895		$	37,190,615

Changes in Shares Outstanding:
Shares outstanding, beginning of period		805,000			850,000
Shares sold		460,000			320,000
Shares redeemed		(135,000	)		(365,000	)
Shares outstanding, end of period		1,130,000			805,000

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	46.20		$	45.48		$	32.78		$	24.77		$	25.00
Net Investment Income(b)		0.24			0.52			0.45			0.51			0.33
Net Realized and Unrealized Gain/(Loss) on Investments		(2.41	)		1.11			14.16			9.12			(0.23	)
Total from Investment Operations		(2.17	)		1.63			14.61			9.63			0.10

Distributions to Shareholders:
Net Investment Income		—			(0.91	)		(1.91	)		(1.62	)		(0.33	)

Net Asset Value, End of Period	$	44.03		$	46.20		$	45.48		$	32.78		$	24.77
NAV total return†		(4.70	)%		3.55	%		44.59	%		38.83	%		0.41	%

Market price, End of Period	$	44.01		$	46.20		$	45.46		$	32.79		$	24.77
Investment total return††		(4.74	)%		3.60	%		44.46	%		38.89	%		0.41	%

Net Assets, End of Period (in 000’s)	$	49,754		$	37,191		$	38,660		$	9,013		$	5,202

Ratio to average net assets of:
Net Investment Income		1.12	%(c)		1.13	%		1.08	%		1.77	%		2.01	%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.45	%(c)		0.34	%(d)		0.12	%		0.00	%		0.00	%(c)
Portfolio Turnover Rate(e)		12	%		31	%		13	%		31	%		72	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on May 10, 2022. The Fund first sold shares on May 9, 2022.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited)

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

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

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

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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

●

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

●

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

●

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

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	46,684,730		—	$	46,684,730
Closed-End Funds		2,802,514		—		2,802,514
U.S. Government Obligations		—	$	387,111		387,111
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	49,487,244	$	387,111	$	49,874,355

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

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2026, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 0.52%.

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

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

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

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

Distributions paid from:
Ordinary income	$	729,974
Total distributions paid	$	729,974

At December 31, 2025, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

Short term capital loss carryforward with no expiration	$	2,292,945
Long term capital loss carryforward with no expiration		363,853
Total Capital Loss Carryforward	$	2,656,798

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	48,709,418			$	5,551,695			$	(4,386,758	)		$	1,164,937

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

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

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2027, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $111,576.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2026, other than short term securities and U.S. Government obligations, and in-kind transactions, aggregated $26,990,621 and $5,878,420, respectively.

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

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund realized net gains of $1,173,365 on $5,928,008 of redemptions-in-kind, including cash of $12,662.

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

8. Significant Shareholder. As of June 30, 2026, approximately 60.1% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

GABELLI FINANCIAL SERVICES OPPORTUNITIES ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager’s Biography

Macrae Sykes joined the firm in 2008 as an analyst focused on financial services. He was ranked #1 investment services analyst by the Wall Street Journal in 2010, was a runner-up in the annual StarMine analyst awards for stock picking in 2014 and 2018, and received several honorable mentions for coverage of brokers and asset managers from Institutional Investor. In 2018, Mac was a contributing author to The Warren Buffet Shareholder: Stories from Inside the Berkshire Hathaway Annual Meeting edited by Lawrence Cunningham and Stephen Cuba. Mac holds a BA in economics from Hamilton College and an MBA degree in Finance from Columbia Business School.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio managers’ commentary are unrestricted. Both the commentary and the financial statements, including the portfolios of investments, will be available on our website at www.gabelli.com.

Gabelli Growth Innovators ETF

Semiannual Report — June 30, 2026

(Y)our Portfolio Management Team

Howard F. Ward, CFA

Portfolio Manager

BA, Northwestern University

John Belton, CFA
Portfolio Manager
BA, Boston College
MBA, Columbia School of Business

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli Growth Innovators ETF (the Fund) was 8.1% compared with a total return of 13.1% for the Nasdaq Composite Index. The total return based on the Fund’s Market Price was 7.8%. The Fund’s NAV per share was $38.07, while the price of the publicly traded shares closed at $38.02 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI GROWTH INNOVATORS ETF

Information Technology - Semiconductors	24.4	%
Communication Services	12.8	%
Information Technology - Software and Services	12.4	%
Industrials	10.7	%
Consumer Discretionary	10.1	%
Financials	9.5	%
Health Care	8.2	%

Aerospace and Defense	4.8	%
Energy and Utilities	4.6	%
Automotive	2.2	%
Other Assets and Liabilities (Net)	0.3	%
	100.0	%

Proxy Voting

Gabelli Growth Innovators ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 99.7%
		Aerospace and Defense – 4.8%
	844	General Electric Co.	$	197,026	$	315,428
	395	Howmet Aerospace Inc.		85,360		106,200
				282,386		421,628
		Automotive – 2.2%
	460	Tesla Inc.†		198,067		193,476

		Communication Services – 12.8%
	1,526	Alphabet Inc., CI. C		346,518		539,182
	511	Meta Platforms Inc., CI. A		292,821		287,841
	2,640	Netflix Inc.†		249,799		188,496
	239	Spotify Technology SA†		120,486		109,732
				1,009,624		1,125,251
		Consumer Discretionary – 10.1%
	1,983	Amazon.com Inc.†		426,509		472,628
	250	Booking Holdings Inc.		54,814		44,560
	100	Casey’s General Stores Inc.		78,843		79,479
	57	Costco Wholesale Corp.		47,588		53,322
	275	Hilton Worldwide Holdings Inc.		86,371		90,876
	18	MercadoLibre Inc.†		41,977		30,553
	330	The Sherwin-Williams Co.		118,004		113,626
				854,106		885,044
		Energy and Utilities – 4.6%
	340	GE Vernova Inc.		123,944		399,452

		Financials – 9.5%
	414	American Express Co.		140,106		140,035
	1,692	KKR & Co. Inc.		201,644		155,292
	517	Mastercard Inc., CI. A		268,130		265,531
	355	Moody’s Corp.		164,313		160,787
	1,180	The Charles Schwab Corp.		122,204		108,879
				896,397		830,524
		Health Care – 8.2%
	309	Eli Lilly & Co.		279,967		370,624
	392	Intuitive Surgical Inc.†		189,006		155,890
	595	Stryker Corp.		214,411		187,330
				683,384		713,844
		Industrials – 10.7%
	1,696	Amphenol Corp., CI. A		230,318		299,039
	180	Caterpillar Inc.		121,756		191,682
	494	Eaton Corp. plc		163,285		210,503
	130	Parker-Hannifin Corp.		124,013		127,156

Shares			Cost		Market Value
	226	Trane Technologies plc	$	89,202	$	111,002
				728,574		939,382
		Information Technology - Semiconductors – 24.4%
	166	Advanced Micro Devices Inc.†		86,225		96,431
	650	Applied Materials Inc.		150,312		469,950
	130	ASML Holding NV, ADR		125,752		258,627
	931	Broadcom Inc.		241,732		351,685
	350	Corning Inc.		77,074		89,401
	38	Micron Technology Inc.		45,190		43,863
	3,729	NVIDIA Corp.		521,743		746,136
	19	Sandisk Corp.†		43,832		43,201
	134	Texas Instruments Inc.		44,683		39,941
				1,336,543		2,139,235
		Information Technology - Software and Services – 12.4%
	975	Apple Inc.		245,853		282,126
	483	Cadence Design Systems Inc.†		152,678		181,279
	270	CrowdStrike Holdings Inc., CI. A†		112,801		206,048
	743	Microsoft Corp.		349,187		277,154
	932	Oracle Corp.		189,054		136,585
				1,049,573		1,083,192

		TOTAL INVESTMENTS — 99.7%	$	7,162,598		8,731,028

		Other Assets and Liabilities (Net) — 0.3%				24,344

		NET ASSETS — 100.0%			$	8,755,372

†

Non-income producing security.

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Statement of Assets and Liabilities
June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $7,162,598)	$	8,731,028‌
Cash		23,226‌
Dividends receivable		1,118‌
Total Assets		8,755,372‌
Liabilities:
Total Liabilities		—‌
Net Assets	$	8,755,372‌

Net Assets Consist of:
Paid-in capital	$	8,099,097‌
Total accumulated earnings		656,275‌
Net Assets	$	8,755,372‌

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		230,000‌
Net Asset Value per share:	$	38.07‌

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $99)	$	18,246
Interest		8,690
Total Investment Income		26,936
Expenses:
Investment advisory fees		36,495
Total Expenses		36,495
Less:
Expenses waived by Adviser (See Note 3)		(36,495	)
Net Expenses		—
Net Investment Income		26,936

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized loss on investments		(99,379	)
Net realized gain on redemptions in-kind		262,657
Net change in unrealized appreciation on investments		499,857
Net Realized and Unrealized Gain on Investments		663,135
Net Increase in Net Assets Resulting from Operations	$	690,071

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	26,936‌		$	34,874‌
Net realized gain/(loss) on investments		(99,379	)		153,160‌
Net realized gain on redemptions in-kind		262,657‌			1,298,620‌
Net change in unrealized appreciation/(depreciation) on investments		499,857‌			(294,546	)
Net Increase in Net Assets Resulting from Operations		690,071‌			1,192,108‌

Distributions to Shareholders:
Accumulated earnings		—‌			(34,785	)
Total Distributions to Shareholders		—‌			(34,785	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 6)		689,114‌			4,682,774‌
Cost of shares redeemed (See Note 7)		(727,004	)		(3,577,452	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(37,890	)		1,105,322‌

Net Increase in Net Assets		652,181‌			2,262,645‌

Net Assets:
Beginning of period		8,103,191‌			5,840,546‌
End of period	$	8,755,372‌		$	8,103,191‌

Changes in Shares Outstanding:
Shares outstanding, beginning of period		230,000‌			195,000‌
Shares sold		20,000‌			135,000‌
Shares redeemed		(20,000	)		(100,000	)
Shares outstanding, end of period		230,000‌			230,000‌

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	35.23		$	29.95		$	21.12		$	14.86		$	26.46		$	25.00
Net Investment Income (Loss)(b)		0.12			0.17			(0.15	)		(0.10	)		(0.11	)		(0.15	)
Net Realized and Unrealized Gain/(Loss) on Investments		2.72			5.26			8.98			6.36			(11.49	)		1.61
Total from Investment Operations		2.84			5.43			8.83			6.26			(11.60	)		1.46

Distributions to Shareholders:
Net Investment Income		—‌			(0.15	)		—‌			—‌			—‌			—‌

Net Asset Value, End of Period	$	38.07		$	35.23		$	29.95		$	21.12		$	14.86		$	26.46
NAV total return†		8.05	%		18.13	%		41.83	%		42.16	%		(43.86	)%		5.84	%

Market price, End of Period	$	38.02		$	35.26		$	29.93		$	21.11		$	14.84		$	26.47
Investment total return††		7.83	%		18.31	%		41.78	%		42.25	%		(43.94	)%		5.88	%

Net Assets, End of Period (in 000’s)	$	8,755		$	8,103		$	5,841		$	3,168		$	2,080		$	4,102

Ratio to average net assets of:
Net Investment Income (Loss)		0.66	%(c)		0.51	%		(0.55	)%		(0.54	)%		(0.59	)%		(0.68	)%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.92	%		0.90	%		0.90	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.15	%(d)		0.90	%		0.90	%		0.90	%		0.90	%(c)
Portfolio Turnover Rate(e)		6	%		6	%		45	%		87	%		77	%		56	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on February 16, 2021. The Fund first sold shares on February 12, 2021.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited)

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

Security Valuation. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

●

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

●

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

●

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

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	8,731,028		—	$	8,731,028
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	8,731,028		—	$	8,731,028

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

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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

Distributions paid from:
Ordinary income	$	34,785
Total distributions paid	$	34,785

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

Short term capital loss carryforward with no expiration	$	712,644
Long term capital loss carryforward with no expiration		387,797
Total Capital Loss Carryforward	$	1,100,441

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2026:

						Gross Unrealized				Gross Unrealized				Net Unrealized
		Cost				Appreciation				Depreciation				Appreciation
Investments		$	7,165,591			$	1,933,387			$	(367,950	)		$	1,565,437

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

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

Effective March 10, 2025, the Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2027, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $36,495.

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund had $639,974 of subscriptions-in-kind, including cash of $49,140.

7. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund realized net gains of $262,657 on $673,196 of redemptions-in-kind, including cash of $53,808.

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

9. Significant Shareholder. As of June 30, 2026, approximately 51.7% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

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

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

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

What do we do to protect your personal information?

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GABELLI GROWTH INNOVATORS ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University.

John Belton, CFA, joined GAMCO in January 2024. Mr. Belton was most recently an Investment Analyst and Partner at Absoluto Partners Global in Greenwich, Connecticut. Prior to joining Absoluto in 2021, Mr. Belton was an Equity Research Analyst at Evercore ISI for six years, culminating as a Vice President, Equity Research where he led ISI’s Communications Infrastructure Equity research team. He began his career in 2010 as an associate at State Street Global Services. Mr. Belton holds an M.B.A. with Honors in Finance and Economics from Columbia Business School. He also holds a B.A. in Mathematics and Philosophy from Boston College, and is a CFA Charterholder.

Gabelli High Income ETF

Semiannual Report — June 30, 2026

Wayne Plewniak

Managing Director &

Portfolio Manager

BA, Rochester Institute of Technology

MBA, Georgetown University

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli High Income ETF (the Fund) was 2.3% compared with a total return of 10.2% for the Standard & Poor’s (S&P) 500 Index. The total return based on the Fund’s market price was 2.4%. The Fund’s NAV per share was $25.06, while the price of the publicly traded shares closed at $25.16 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI HIGH INCOME ETF

Diversified Industrial	18.7	%
Energy	15.2	%
Materials	9.9	%
Financials	8.1	%
Communications	7.9	%
Chemicals	6.9	%
Automotive	5.9	%
Consumer Services	5.8	%
Food & Beverage	5.8	%

Utilities	2.9	%
Metals & Mining	2.5	%
Health Care	2.5	%
Building Materials	2.5	%
Real Estate	2.3	%
Agriculture	1.7	%
Environmental Control	0.9	%
Other Assets and Liabilities (Net)	0.5	%
	100.0	%

Proxy Voting

Gabelli High Income ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BOND – 95.5%
		Agriculture – 1.7%
$	100,000	Darling Ingredients Inc., 6.00%, 06/15/30	$	100,653	$	100,705

		Automotive – 5.9%
	100,000	Garrett Motion Holdings Inc./Garrett LX I Sarl, 7.75%, 05/31/32		104,719		105,066
	100,000	Phinia Inc., 6.63%, 10/15/32		102,548		102,227
	100,000	Qnity Electronics Inc., 6.25%, 08/15/33		102,612		101,857
	50,000	Valvoline Inc., 3.63%, 06/15/31		46,450		46,145
				356,329		355,295
		Building Materials – 2.5%
	100,000	Installed Building Products Inc., 5.63%, 02/01/34		100,000		98,706
	50,000	Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28		50,121		50,130
				150,121		148,836
		Chemicals – 6.9%
	50,000	Ashland Inc., 3.38%, 09/01/31		45,247		46,547
	50,000	Huntsman International LLC, 5.70%, 10/15/34		45,301		48,172
	25,000	Ingevity Corp., 3.88%, 11/01/28		24,057		24,240
	100,000	Methanex US Operations Inc., 6.25%, 03/15/32		101,553		101,315
	50,000	Minerals Technologies Inc., 5.00%, 07/01/28		49,418		49,655
	100,000	Olin Corp., 6.63%, 04/01/33		98,876		98,871
	50,000	SNF Group SACA, 3.38%, 03/15/30		47,206		46,583
				411,658		415,383
		Communications – 7.9%
	100,000	CACI International Inc., 6.38%, 06/15/33		102,777		101,482
	100,000	Lamar Media Corp., 5.38%, 11/01/33		99,498		98,120
	50,000	Nexstar Media Inc., 7.25%, 04/15/34		50,000		49,886
	50,000	Nexstar Media Inc., 6.50%, 09/15/33		50,000		50,032

Principal Amount			Cost		Market Value
$	50,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 6.00%, 06/15/34	$	50,000	$	49,934
	125,000	Rogers Communications Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.59%), 5.25%, 03/15/82		124,246		124,573
				476,521		474,027
		Consumer Services – 5.8%
	100,000	Herc Holdings Inc., 6.00%, 03/15/34		100,000		99,414
	100,000	Hilton Domestic Operating Co. Inc., 5.50%, 03/31/34		100,355		99,196
	58,000	Seagate Data Storage Technology Pte Ltd., 3.13%, 07/15/29		53,427		53,753
	100,000	United Rentals North America Inc., 5.38%, 11/15/33		100,000		98,674
				353,782		351,037
		Diversified Industrial – 18.7%
	50,000	Advanced Drainage Systems Inc., 5.38%, 03/01/34		50,000		48,980
	100,000	AECOM, 6.00%, 08/01/33		102,176		100,214
	50,000	Boise Cascade Co., 4.88%, 07/01/30		49,388		49,322
	100,000	Clean Harbors Inc., 6.38%, 02/01/31		101,887		101,465
	50,000	Coherent Corp., 5.00%, 12/15/29		49,515		49,255
	50,000	Crown Americas LLC, 5.88%, 06/01/33		50,973		50,340
	100,000	Enpro Inc., 6.13%, 06/01/33		102,739		101,560
	50,000	Esab Corp., 5.63%, 04/01/31		50,000		50,092
	100,000	GFL Environmental Holdings US Inc., 5.50%, 02/01/34		100,000		97,931
	50,000	LSB Industries Inc., 6.25%, 10/15/28		49,814		50,211
	50,000	Moog Inc., 5.50%, 10/15/34		50,476		49,381

See accompanying notes to financial statements.

Gabelli High Income ETF

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BOND (Continued)
		Diversified Industrial (Continued)
$	50,000	Mueller Water Products Inc., 4.00%, 06/15/29	$	48,933	$	48,591
	50,000	Park-Ohio Industries Inc., 8.50%, 08/01/30		51,469		52,216
	50,000	RXO Inc., 6.38%, 05/15/31		50,000		50,802
	50,000	TopBuild Corp., 5.63%, 01/31/34		50,572		50,673
	100,000	TransDigm Inc., 6.13%, 07/31/34		101,106		100,027
	75,000	WESCO Distribution Inc., 5.50%, 04/15/34		75,000		74,386
				1,134,048		1,125,446
		Energy – 12.4%
	100,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 07/01/34		100,000		98,811
	100,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., New York, 5.75%, 10/15/33		100,356		99,106
	50,000	Chord Energy Corp., 6.00%, 10/01/30		50,022		50,238
	50,000	Chord Energy Corp., New York, 6.75%, 03/15/33		50,933		50,789
	50,000	Continental Resources Inc., 2.88%, 04/01/32		44,325		44,047
	50,000	Enerflex Inc., 6.88%, 01/15/31		50,666		51,220
	50,000	Harvest Midstream I LP, 6.75%, 05/15/34		50,000		50,727
	50,000	Hess Midstream Operations LP, 5.13%, 06/15/28		50,000		49,926
	50,000	Murphy Oil USA Inc., 5.88%, 06/01/34		50,000		50,190
	50,000	Range Resources Corp., 4.75%, 02/15/30		49,197		48,977
	100,000	Sunoco LP, 6.63%, 08/15/32		102,498		101,760
	50,000	Vistra Operations Co. LLC, 7.75%, 10/15/31		52,329		52,336
				750,326		748,127

Principal Amount			Cost		Market Value
		Environmental Control – 0.9%
$	50,000	GFL Environmental Inc., 6.75%, 01/15/31	$	51,941	$	51,501

		Financials – 7.5%
	75,000	Apollo Debt Solutions BDC, 5.20%, 12/08/28		74,996		73,911
	50,000	Carlyle Secured Lending Inc., 5.75%, 02/15/31		48,961		48,231
	100,000	Iron Mountain Inc., 7.00%, 02/15/29		101,926		101,942
	200,000	SoftBank Group Corp., 6.50%, 04/10/29		200,573		200,396
	25,000	Sword Purchaser LLC, 8.25%, 04/15/33		25,552		25,905
				452,008		450,385
		Food & Beverage – 5.8%
	100,000	Albertsons Cos. Inc., 5.63%, 03/31/32		100,000		96,889
	50,000	Aramark Services Inc., 5.00%, 02/01/28		49,952		49,925
	100,000	Industrial F&B Investments III Inc., 7.75%, 02/11/33		100,000		101,962
	100,000	Post Holdings Inc., 6.50%, 03/15/36		100,000		99,021
				349,952		347,797
		Health Care – 2.5%
	100,000	BellRing Brands Inc., 7.00%, 03/15/30		101,993		100,055
	50,000	Teleflex Inc., 5.88%, 01/15/32		50,186		50,484
				152,179		150,539
		Materials – 9.9%
	100,000	Carpenter Technology Corp., 5.63%, 03/01/34		100,619		100,048
	100,000	Celanese US Holdings LLC, 7.38%, 02/15/34		100,000		103,391
	100,000	Cleveland-Cliffs Inc., 6.75%, 04/15/30		101,432		100,166
	100,000	Commercial Metals Co., 5.75%, 11/15/33		101,349		99,458
	100,000	Knife River Corp., 7.75%, 05/01/31		103,708		103,811
	100,000	The Dow Chemical Co., 4.25%, 10/01/34		92,160		91,008
				599,268		597,882

See accompanying notes to financial statements.

Gabelli High Income ETF

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BOND (Continued)
		Metals & Mining – 2.5%
$	100,000	Alumina Pty Ltd., 6.38%, 09/15/32	$	103,571	$	101,898
	50,000	Mineral Resources Ltd., 6.00%, 05/01/32		50,000		49,506
				153,571		151,404
		Real Estate – 1.7%
	100,000	Rhp Hotel Properties LP/Rhp Finance Corp., 5.75%, 03/15/34		100,000		99,125

		Utilities – 2.9%
	100,000	NRG Energy Inc., 6.00%, 02/01/33		101,605		100,580
	75,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.50%, 12/15/35		75,000		72,524
				176,605		173,104
		TOTAL CORPORATE BOND		5,768,962		5,740,593

Shares			Cost		Market Value
		COMMON STOCKS – 3.7%
		Energy – 2.8%
	250	Enbridge Inc.	$	11,706	$	13,552
	1,325	Energy Transfer LP		21,329		25,334
	625	Enterprise Products Partners LP		19,662		22,975
	375	MPLX LP		19,844		21,124
	175	ONEOK Inc.		13,059		15,214
	1,000	Plains All American Pipeline LP		16,660		22,260
	325	Sunoco LP, New York		16,498		21,938
	175	Viper Energy Inc., Cl. A		6,366		7,420
	425	Western Midstream Partners LP		15,766		18,598
				140,890		168,415
		Financials – 0.3%
	375	Ares Capital Corp.		7,478		6,949
	300	Blackstone Secured Lending Fund		8,082		7,113
	375	Sixth Street Specialty Lending Inc.		8,130		6,439
				23,690		20,501
		Real Estate – 0.6%
	250	Gaming and Leisure Properties Inc., REIT		11,198		11,132
	125	Realty Income Corp., REIT		7,064		7,745
	425	Starwood Property Trust Inc., REIT		7,853		6,962
	375	VICI Properties Inc., REIT		10,589		9,956
				36,704		35,795
		TOTAL COMMON STOCKS		201,284		224,711

		PREFERRED STOCK – 0.3%
		Financials – 0.3%
	1,000	W. R. Berkley Corp., 5.70%, 03/30/58		22,256		21,060

		TOTAL INVESTMENTS — 99.5%	$	5,992,502		5,986,364

		Other Assets and Liabilities (Net) — 0.5%				27,728

		NET ASSETS — 100.0%			$	6,014,092

	BDC	Business Development Company
	REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Gabelli High Income ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $5,992,502)	$	5,986,364
Cash		18,042
Interest receivable		94,634
Total Assets		6,099,040
Liabilities:
Distributions payable		84,948
Total Liabilities		84,948
Net Assets	$	6,014,092

Net Assets Consist of:
Paid-in capital	$	6,003,701
Total accumulated earnings		10,391
Net Assets	$	6,014,092

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		240,000
Net Asset Value per share:	$	25.06

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $1,101)	$	3,178
Interest		165,254
Total Investment Income		168,432
Expenses:
Investment advisory fees		16,551
Total Expenses		16,551
Less:
Expenses waived by Adviser (See Note 3)		(16,551	)
Net Expenses		—
Net Investment Income		168,432

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain on investments		8,012
Net realized gain on foreign currency transactions		2
Net realized gain on investments and foreign currency transactions		8,014
Net change in unrealized depreciation on investments		(38,009	)
Net Realized and Unrealized (Loss) on Investments		(29,995	)
Net Increase in Net Assets Resulting from Operations	$	138,437

See accompanying notes to financial statements.

Gabelli High Income ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operations:
Net investment income	$	168,432		$	37,101
Net realized gain on investments		8,014			618
Net change in unrealized appreciation/(depreciation) on investments		(38,009	)		31,871
Net Increase in Net Assets Resulting from Operations		138,437			69,590

Distributions to Shareholders:
Accumulated earnings		(161,758	)		(35,878	)
Total Distributions to Shareholders		(161,758	)		(35,878	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 5)		—			6,003,701
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		—			6,003,701

Net Increase/(Decrease) in Net Assets		(23,321	)		6,037,413

Net Assets:
Beginning of period		6,037,413			—
End of period	$	6,014,092		$	6,037,413

Changes in Shares Outstanding:
Shares outstanding, beginning of period		240,000			—
Shares sold		—			240,000
Shares outstanding, end of period		240,000			240,000

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

See accompanying notes to financial statements.

Gabelli High Income ETF
Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	25.16		$	25.00
Net Investment Income(b)		0.70			0.16
Net Realized and Unrealized Gain/(Loss) on Investments		(0.45	)		0.15
Total from Investment Operations		0.25			0.31

Distributions to Shareholders:
Net Investment Income		(0.35	)		(0.15	)

Net Asset Value, End of Period	$	25.06		$	25.16
NAV total return†		2.32	%		1.24	%

Market price, End of Period	$	25.16		$	25.23
Investment total return††		2.43	%		1.52	%

Net Assets, End of Period (in 000’s)	$	6,014		$	6,037

Ratio to average net assets of:
Net Investment Income		5.60	%(c)		5.04	%(c)
Operating Expenses Before Waiver		0.55	%(c)		0.55	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(c)
Portfolio Turnover Rate(d)		29	%		0	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on November 17, 2025. The Fund first sold shares on November 14, 2025.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli High Income ETF
Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli High Income ETF (the Fund) commenced investment operations on November 17, 2025. The Fund first sold shares on November 14, 2025. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to seek a high level of total return through income and capital appreciation.

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

●

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

●

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

●

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

Gabelli High Income ETF
Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bond (a)		—	$	5,740,593	$	5,740,593
Common Stocks (a)	$	224,711		—		224,711
Preferred Stock (a)		21,060		—		21,060
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	245,771	$	5,740,593	$	5,986,364

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

Gabelli High Income ETF
Notes to Financial Statements (Unaudited) (Continued)

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

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

Distributions paid from:
Ordinary income	$	35,878
Total distributions paid	$	35,878

The following summarizes the tax cost on investments and the net unrealized depreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	5,992,502			$	43,846			$	(49,984	)		$	(6,138	)

Gabelli High Income ETF
Notes to Financial Statements (Unaudited) (Continued)

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

3. Investment Advisory Agreement and Other Transactions. Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the investment of the Fund’s assets. Under the Investment Advisory Agreement, the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.55% of the value of its average daily net assets and the Adviser is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to the Adviser; and (v) litigation expenses and any extraordinary expenses.

The Adviser has contractually agreed to waive its investment advisory fee of 0.55% for at least one year from the effective date of the Fund’s registration statement and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $16,551.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2026, other than short term securities, U.S. Government obligations, and in-kind transactions, aggregated $2,109,119 and $1,718,334, respectively.

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

Gabelli High Income ETF
Notes to Financial Statements (Unaudited) (Continued)

7. Significant Shareholder. As of June 30, 2026, the Fund’s Adviser and its affiliates beneficially owned 86.8% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

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

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

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

Gabelli High Income ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Wayne Plewniak, has been a Managing Director and Head of Gabelli Fixed Income since 2006, having served as Portfolio Manager of the firm’s investment grade, high yield and leveraged credit products, while participating in a number of other investment teams. Mr. Plewniak was formerly with Lehman Brothers/Neuberger Berman, where he served as Managing Director and Senior Portfolio Manager of the firm’s high yield business, following its acquisition from Lipper & Company in 2002. Mr. Plewniak has an MBA in Finance and International Business from Georgetown University and a B.S. in Industrial Engineering from the Rochester Institute of Technology.

Gabelli Love Our Planet & People ETF

Semiannual Report — June 30, 2026

Christopher J. Marangi

Co-Chief Investment Officer

BA, Williams College

MBA, Columbia Business School

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli Love Our Planet & People ETF (the Fund) was 20.6% compared with a total return of 10.2% for the Standard & Poor’s (S&P) 500 Index. The total return based on the Fund’s market price was 20.5%. The Fund’s NAV per share was $39.82, while the price of the publicly traded shares closed at $39.83 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI LOVE OUR PLANET & PEOPLE ETF

Energy and Utilities	22.5	%
Equipment and Supplies	12.5	%
Building and Construction	8.4	%
Machinery	6.1	%
Automotive Parts and Accessories	5.6	%
Electronics	5.4	%
Metals and Mining	4.9	%
Environmental Services	4.8	%
Diversified Industrial	4.5	%
Technology Services	3.9	%
Specialty Chemicals	3.8	%

General Industrial Machinery and Equipment	3.8	%
Health Care	2.9	%
Real Estate Investment Trust	2.6	%
Business Services	2.4	%
U.S. Government Obligations	2.3	%
Financial Services	1.2	%
Industrials	1.1	%
Pumps & Pumping Equipment	0.4	%
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

Proxy Voting

Gabelli Love Our Planet & People ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 96.8%
		Automotive Parts and Accessories – 5.6%
	4,262	Blue Bird Corp.†	$	152,658	$	336,528
	820	Cummins Inc.		270,812		584,832
				423,470		921,360
		Building and Construction – 8.4%
	2,768	Arcosa Inc.		253,289		402,163
	2,870	Carrier Global Corp.		155,111		210,514
	3,080	Centuri Holdings Inc.†		73,022		93,139
	2,050	Gibraltar Industries Inc.†		111,301		92,455
	2,296	Johnson Controls International plc		173,458		335,469
	4,864	Trex Co. Inc.†		198,498		243,394
				964,679		1,377,134
		Business Services – 2.4%
	17,500	Ranpak Holdings Corp.†		110,957		127,925
	4,196	Resideo Technologies Inc.†		81,976		130,496
	118	United Rentals Inc.		91,044		133,681
				283,977		392,102
		Diversified Industrial – 4.5%
	2,625	AZZ Inc.		191,600		407,006
	2,050	Ebara Corp.		64,468		78,876
	7,776	Shoals Technologies Group Inc., Cl. A†		73,269		76,983
	456	Watts Water Technologies Inc., Cl. A		141,722		178,501
				471,059		741,366
		Electronics – 5.4%
	1,558	Flex Ltd.†		53,073		252,505
	14,760	Mirion Technologies Inc.†		182,289		264,647
	3,034	Nextpower Inc., Cl. A†		256,538		361,471
				491,900		878,623
		Energy and Utilities – 22.5%
	3,854	Alliant Energy Corp.		236,479		294,022
	2,050	American Water Works Co. Inc.		288,761		269,739
	7,300	Avista Corp.		287,393		298,643
	2,227	Badger Meter Inc.		339,819		330,442
	4,500	Brookfield Renewable Corp.		180,911		167,040
	2,050	Clearway Energy Inc., Cl. C		73,305		70,069
	1,265	First Solar Inc.†		315,349		298,489
	557	GE Vernova Inc.		241,287		654,397
	2,624	H2O America		129,631		159,460
	3,362	IDACORP Inc.		407,201		508,671
	1,514	Landis+Gyr Group AG		103,761		81,134
	2,624	RWE AG		155,377		169,757

Shares			Cost		Market Value
	1,558	Severn Trent plc	$	59,482	$	61,089
	40,993	Ur-Energy Inc.†		66,523		55,750
	21,259	XPLR Infrastructure LP†		242,082		251,069
				3,127,361		3,669,771
		Environmental Services – 4.8%
	11,676	Ardagh Metal Packaging SA		42,201		55,344
	1,148	Republic Services Inc.		164,826		244,616
	1,312	Veralto Corp.		134,909		116,348
	2,200	Waste Connections Inc.		327,507		366,718
				669,443		783,026
		Equipment and Supplies – 12.5%
	4,510	Crown Holdings Inc.		445,068		504,308
	506	Hubbell Inc.		88,199		264,739
	284	Preformed Line Products Co.		44,364		116,599
	3,847	The Gorman-Rupp Co.		174,020		352,924
	1,722	The Timken Co.		137,373		250,241
	943	Valmont Industries Inc.		325,800		544,677
				1,214,824		2,033,488
		Financial Services – 1.2%
	500	S&P Global Inc.		214,430		203,630

		General Industrial Machinery and Equipment – 3.8%
	2,843	Flowserve Corp.		161,547		210,837
	3,034	Matthews International Corp., Cl. A		84,987		81,675
	12,654	Mueller Water Products Inc., Cl. A		314,506		326,853
				561,040		619,365
		Health Care – 2.9%
	1,620	Becton Dickinson & Co.		260,494		245,155
	21,000	Niagen Bioscience Inc.†		120,110		66,990
	400	Protagonist Therapeutics Inc.†		34,680		49,032
	1,250	Royalty Pharma plc, Cl. A		51,013		70,087
	81	Vertex Pharmaceuticals Inc.†		25,352		40,235
				491,649		471,499
		Industrials – 1.1%
	3,280	Fluor Corp.†		134,509		171,839

		Machinery – 6.1%
	10,660	CNH Industrial NV		118,734		119,712
	575	Deere & Co.		248,326		364,740
	656	Herc Holdings Inc.		100,357		94,031

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	3,543	Xylem Inc.	$	418,212	$	418,818
				885,629		997,301
		Metals and Mining – 4.9%
	3,500	Cameco Corp.		236,703		356,510
	5,700	Freeport-McMoRan Inc.		276,807		358,473
	1,230	Minerals Technologies Inc.		75,151		90,983
				588,661		805,966
		Pumps & Pumping Equipment – 0.4%
	1,500	Veolia Environnement SA		60,499		62,454

		Real Estate Investment Trust – 2.6%
	18,000	Weyerhaeuser Co.		537,960		430,920

		Specialty Chemicals – 3.8%
	405	Air Products and Chemicals Inc.		104,169		118,738
	3,200	Sensient Technologies Corp.		321,956		394,528
	1,230	Solstice Advanced Materials Inc.		65,798		108,978
				491,923		622,244
		Technology Services – 3.9%
	686	Alphabet Inc., Cl. C		138,878		242,384
	15,186	Aurora Innovation Inc.†		77,058		103,569
	1,114	Corning Inc.		73,096		284,549
				289,032		630,502
		TOTAL COMMON STOCKS		11,902,045		15,812,590

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS – 2.3%
$	375,000	U.S. Treasury Bills, 3.44% to 3.74%††, 07/23/26 to 09/24/26		372,818		372,837

		TOTAL INVESTMENTS — 99.1%	$	12,274,863		16,185,427

		Other Assets and Liabilities (Net) — 0.9%				139,705

		NET ASSETS — 100.0%			$	16,325,132

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

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $12,274,863)	$	16,185,427
Cash		4,176
Receivable for investments sold		154,036
Dividends receivable		7,878
Foreign tax reclaims receivable		3,494
Total Assets		16,355,011
Liabilities:
Payable for investments purchased		29,879
Total Liabilities		29,879
Net Assets	$	16,325,132

Net Assets Consist of:
Paid-in capital	$	12,921,351
Total accumulated earnings		3,403,781
Net Assets	$	16,325,132

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		410,000
Net Asset Value per share:	$	39.82

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $2,086)	$	96,318
Interest		11,428
Total Investment Income		107,746
Expenses:
Investment advisory fees		71,096
Total Expenses		71,096
Less:
Expenses waived by Adviser (See Note 3)		(71,096	)
Net Expenses		—
Net Investment Income		107,746

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain on investments		238,624
Net realized gain on redemptions in-kind		1,497,861
Net realized gain on foreign currency transactions		187
Net realized gain on investments and foreign currency transactions		1,736,672
Net change in unrealized appreciation on investments		1,210,971
on foreign currency translations		(33	)
Net change in unrealized appreciation on investments and foreign currency translations		1,210,938
Net Realized and Unrealized Gain on Investments		2,947,610
Net Increase in Net Assets Resulting from Operations	$	3,055,356

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	107,746		$	163,927
Net realized gain on investments		238,811			76,332
Net realized gain on redemptions in-kind		1,497,861			1,786,736
Net change in unrealized appreciation on investments		1,210,938			107,779
Net Increase in Net Assets Resulting from Operations		3,055,356			2,134,774

Distributions to Shareholders:
Accumulated earnings		—			(123,404	)
Total Distributions to Shareholders		—			(123,404	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 6)		1,066,573			7,776,572
Cost of shares redeemed (See Note 7)		(4,302,442	)		(4,984,346	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(3,235,869	)		2,792,226

Net Increase/(Decrease) in Net Assets		(180,513	)		4,803,596

Net Assets:
Beginning of period		16,505,645			11,702,049
End of period	$	16,325,132		$	16,505,645

Changes in Shares Outstanding:
Shares outstanding, beginning of period		500,000			430,000
Shares sold		30,000			235,000
Shares redeemed		(120,000	)		(165,000	)
Shares outstanding, end of period		410,000			500,000

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022
Operating Performance:
Net Asset Value, Beginning of Period	$	33.01		$	27.21		$	25.21		$	24.58		$	29.53
Net Investment Income(b)		0.25			0.44			0.44			0.51			0.53
Net Realized and Unrealized Gain/(Loss) on Investments		6.56			5.63			2.07			0.68			(4.99	)
Total from Investment Operations		6.81			6.07			2.51			1.19			(4.46	)

Distributions to Shareholders:
Net Investment Income		—			(0.27	)		(0.43	)		(0.50	)		(0.46	)
Return of Capital		—			—			(0.08	)		(0.06	)		(0.03	)
Total Distributions		—			(0.27	)		(0.51	)		(0.56	)		(0.49	)

Net Asset Value, End of Period	$	39.82		$	33.01		$	27.21		$	25.21		$	24.58
NAV total return†		20.61	%		22.30	%		9.95	%		4.85	%		(15.08	)%

Market price, End of Period	$	39.83		$	33.05		$	27.17		$	25.19		$	24.58
Investment total return††		20.51	%		22.64	%		9.88	%		4.75	%		(15.02	)%

Net Assets, End of Period (in 000’s)	$	16,325		$	16,506		$	11,702		$	11,598		$	12,536

Ratio to average net assets of:
Net Investment Income		1.36	%(c)		1.47	%		1.64	%		2.06	%		2.08	%
Operating Expenses Before Waiver		0.90	%(c)		0.91	%		0.90	%		0.90	%		0.90	%
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(d)		0.00	%		0.00	%		0.00	%
Portfolio Turnover Rate(e)		12	%		14	%		20	%		24	%		19	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on February 1, 2021. The Fund first sold shares on January 29, 2021.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited)

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

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

●

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

●

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

●

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

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	15,812,590		—	$	15,812,590
U.S. Government Obligations		—	$	372,837		372,837
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	15,812,590	$	372,837	$	16,185,427

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

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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

Distributions paid from:
Ordinary income	$	123,404
Total distributions paid	$	123,404

Short term capital loss carryforward with no expiration	$	1,751,228
Long term capital loss carryforward with no expiration		512,385
Total Capital Loss Carryforward	$	2,263,613

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

The following summarizes the tax cost of investments and the net unrealized appreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	12,225,541			$	4,239,672			$	(279,786	)		$	3,959,886

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (Continued)

threshold. For the six months ended June 30, 2026, the Fund did not incur any income tax, interest, or penalties. The Fund’s federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to these conclusions are necessary.

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $100 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2027, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $71,096.

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

6. Subscriptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may accept portfolio securities as payment for the purchase of Fund shares (subscriptions-in-kind). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (Continued)

date of contribution. Gains and losses realized on subscriptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund had $1,066,572 of subscriptions-in-kind, including cash of $66,116.

7. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2026, the Fund realized net gain of $1,497,861 on $4,302,442 of redemptions-in-kind, including cash of $1,684,558.

9. Significant Shareholder. As of June 30, 2026, the Fund’s Adviser and its affiliates beneficially owned 80.8% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

GABELLI LOVE OUR PLANET & PEOPLE ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is President of GAMCO Investors, Inc. and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

Gabelli Opportunities in Live and Sports ETF

Semiannual Report — June 30, 2026

(Y)our Portfolio Management Team

Christopher J. Marangi

Co-Chief Investment Officer

BA, Williams College

MBA, Columbia Business School

Alec Boccanfuso

Portfolio Manager
BA, New York University

MBA, Columbia Business School

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Gabelli Opportunities in Live and Sports ETF (the Fund) was 5.6% compared with a total return of 10.2% for the Standard & Poor’s (S&P) 500 Index. The total return based on the Fund’s Market Price was 5.8%. The Fund’s NAV per share was $26.39, while the price of the publicly traded shares closed at $26.46 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

GABELLI OPPORTUNITIES IN LIVE AND SPORTS ETF

Sports	60.8	%
Live Entertainment	16.5	%
Media	15.2	%
U.S. Government Obligations	6.1	%

Financial Services	2.8	%
Other Assets and Liabilities (Net)	(1.4	)%
	100.0	%

Proxy Voting

Gabelli Opportunities in Live and Sports ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 95.3%
		Financial Services – 2.8%
	61,154	Cannae Holdings Inc.	$	883,246	$	880,618

		Live Entertainment – 16.5%
	6,750	CTS Eventim AG & Co. KGaA		497,048		393,724
	14,924	Liberty Live Holdings Inc., Cl. A†		1,304,195		1,511,204
	1,044	Live Nation Entertainment Inc.†		165,761		191,167
	23,578	Madison Square Garden Entertainment Corp.†		1,443,488		1,907,225
	19,500	Parken Sport & Entertainment A/S		506,313		566,371
	3,143	Sphere Entertainment Co.†		347,865		543,833
				4,264,670		5,113,524
		Media – 15.2%
	14,671	Comcast Corp., Cl. A		423,215		360,173
	40,000	DeNA Co. Ltd.		659,714		602,848
	12,050	Fox Corp., Cl. B		674,672		564,422
	69,157	Grupo Televisa SAB, ADR		212,894		187,415
	6,025	Netflix Inc.†		506,575		430,185
	4,298	Nexstar Media Group Inc.		867,760		767,580
	6,025	Sirius XM Holdings Inc.		165,340		177,979
	2,189	Take-Two Interactive Software Inc.†		501,077		547,206
	22,001	Versant Media Group Inc.		755,424		792,256
	11,528	Warner Bros Discovery Inc.†		329,451		307,336
				5,096,122		4,737,400
		Sports – 60.8%
	9,000	AFC Ajax NV†		92,847		87,409
	310,000	AGF A/S†		52,369		56,156
	52,387	Atlanta Braves Holdings Inc., Cl. C†		2,245,237		2,718,885
	1,900,000	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS†		65,881		67,615
	245,000	Borussia Dortmund GmbH & Co. KGaA		927,764		839,808
	140,000	Broendbyernes IF Fodbold A/S†		6,014		5,885
	39,000	Celtic plc†		110,576		120,018
	11,006	Churchill Downs Inc.		1,045,335		986,578
	33,000	Eagle Football Group†		70,210		67,870
	6,250	EXOR NV		519,407		478,462
	1,600,000	Fenerbahce Futbol AS†		102,141		101,530
	1,678	Ferrari NV		619,255		624,703
	3,300	Futebol Clube Do Porto†		11,649		11,312
	105,000	Juventus Football Club SpA†		322,179		245,224
	32,485	Liberty Global Ltd., Cl. A†		380,558		369,354

Shares			Cost		Market Value
	23,056	Liberty Media Corp.-Liberty Formula One, Cl. A†	$	1,906,999	$	2,018,322
	8,496	Madison Square Garden Sports Corp.†		2,580,942		3,414,033
	78,586	Manchester United plc, Cl. A†		1,352,885		1,801,977
	6,286	NIKE Inc., Cl. B		388,390		258,040
	105,000	Ollamani SAB†		451,804		488,749
	50,000	Piaggio & C SpA		101,259		91,750
	37,716	Rogers Communications Inc., Cl. B		1,419,329		1,225,770
	87,000	Societa Sportiva Lazio SpA†		132,606		166,008
	22,000	Sport Lisboa e Benfica-Futebol SAD†		170,741		172,943
	12,311	The Walt Disney Co.		1,305,403		1,184,934
	6,286	TKO Group Holdings Inc.		1,295,501		1,265,435
	250,000	Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS†		5,044		4,877
				17,682,325		18,873,647
		TOTAL COMMON STOCKS		27,926,363		29,605,189

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS – 6.1%
$	1,910,000	U.S. Treasury Bills, 3.50% to 3.79%††, 07/02/26 to 10/01/26		1,899,517		1,899,403

		TOTAL INVESTMENTS — 101.4%	$	29,825,880		31,504,592

		Other Assets and Liabilities (Net) — (1.4)%				(442,544	)

		NET ASSETS — 100.0%			$	31,062,048

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

ADR	American Depositary Receipt

See accompanying notes to financial statements.

Gabelli Opportunities in Live and Sports ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $29,825,880)	$	31,504,592
Cash		10,753
Foreign currency at value (cost $9318)		9,281
Receivable for investments sold		79,918
Receivable for Fund shares sold		1,451,498
Dividends receivable		24,460
Foreign tax reclaims receivable		4,807
Total Assets		33,085,309
Liabilities:
Payable for investments purchased		2,023,261
Total Liabilities		2,023,261
Net Assets	$	31,062,048

Net Assets Consist of:
Paid-in capital	$	29,462,103
Total accumulated earnings		1,599,945
Net Assets	$	31,062,048

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		1,177,000
Net Asset Value per share:	$	26.39

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $7,420)	$	128,032
Interest		42,512
Total Investment Income		170,544
Expenses:
Investment advisory fees		103,345
Total Expenses		103,345
Less:
Expenses waived by Adviser (See Note 3)		(103,345	)
Net Expenses		—
Net Investment Income		170,544

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized loss on investments		(247,629	)
Net realized loss on foreign currency transactions		(2,610	)
Net change in unrealized appreciation on investments		1,681,483
on foreign currency translations		(116	)
Net change in unrealized appreciation on investments and foreign currency translations		1,681,367
Net Realized and Unrealized Gain on Investments		1,431,128
Net Increase in Net Assets Resulting from Operations	$	1,601,672

See accompanying notes to financial statements.

Gabelli Opportunities in Live and Sports ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operations:
Net investment income	$	170,544		$	1,044
Net realized loss on investments		(250,239	)		—
Net change in unrealized appreciation/(depreciation) on investments		1,681,367			(2,771	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,601,672			(1,727	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 5)		18,787,103			10,675,000
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		18,787,103			10,675,000

Net Increase in Net Assets		20,388,775			10,673,273

Net Assets:
Beginning of period		10,673,273			—
End of period	$	31,062,048		$	10,673,273

Changes in Shares Outstanding:
Shares outstanding, beginning of period		427,000			—
Shares sold		750,000			427,000
Shares outstanding, end of period		1,177,000			427,000

(a)	The Fund commenced investment operations on January 2, 2026. The Fund first sold shares on December 31, 2025.

See accompanying notes to financial statements.

Gabelli Opportunities in Live and Sports ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	25.00		$	25.00
Net Investment Income(b)		0.18			0.00	(c)
Net Realized and Unrealized Gain on Investments		1.21			0.00	(c)
Total from Investment Operations		1.39			0.00

Net Asset Value, End of Period	$	26.39		$	25.00
NAV total return†		5.56	%		0.00	%

Market price, End of Period	$	26.46		$	25.00
Investment total return††		5.84	%		0.00	%

Net Assets, End of Period (in 000’s)	$	31,062		$	10,673

Ratio to average net assets of:
Net Investment Income		1.47	%(d)		3.57	%(d)
Operating Expenses Before Waiver		0.89	%(d)		0.00	%(d)
Operating Expenses Net of Waiver		0.00	%(d)		0.00	%(d)
Portfolio Turnover Rate(e)		8	%		0	%

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
	††	Based on market price per share. Total return for a period of less than one year is not annualized.
	(a)	The Fund commenced investment operations on January 2, 2026. The Fund first sold shares on December 31, 2025.
	(b)	Per share data are calculated using the average shares outstanding method.
	(c)	Amount represents less than $0.005.
	(d)	Annualized.
	(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Opportunities in Live and Sports ETF

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Opportunities in Live and Sports ETF (the Fund) commenced investment operations on December 31, 2025. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to seek long term capital appreciation.

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

●

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

●

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

●

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

Gabelli Opportunities in Live and Sports ETF

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	29,605,189		—	$	29,605,189
U.S. Government Obligations		—	$	1,899,403		1,899,403
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	29,605,189	$	1,899,403	$	31,504,592

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

Gabelli Opportunities in Live and Sports ETF

Notes to Financial Statements (Unaudited) (Continued)

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

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	29,783,072			$	3,007,913			$	(1,286,393	)		$	1,721,520

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% for at least one year from the effective date of the Fund’s registration statement and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

Gabelli Opportunities in Live and Sports ETF

Notes to Financial Statements (Unaudited) (Continued)

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

7. Significant Shareholder. As of June 30, 2026, the Fund’s Adviser and its affiliates beneficially owned 85.4% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Opportunities in Live and Sports ETF

Notes to Financial Statements (Unaudited) (Continued)

in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

THE GABELLI OPPORTUNITIES in LIVE and SPORTS ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Alec Boccanfuso joined the Firm in 2018 as an analyst covering communications services and technology with a focus on interactive entertainment and outdoor leisure products. Mr. Boccanfuso graduated with honors from New York University with a BS in finance, and holds an MBA from Columbia Business School.

Keeley Dividend ETF

Semiannual Report — June 30, 2026

(Y)our Portfolio Management Team

Thomas E. Brown, Jr., CFA
Portfolio Manager

BBA, University of Notre Dame

MBA, New York University Stern

School of Business

Brian P. Leonard, CFA
Portfolio Manager
BA, DePaul University
MS, St. Xavier University’s
Graham School of Management

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of Keeley Dividend ETF (the Fund) was 16.3% compared with a total return of 10.2% for the Standard & Poor’s (S&P) 500 Index. The total return based on the Fund’s Market Price was 16.0%. The Fund’s NAV per share was $28.61, while the price of the publicly traded shares closed at $28.62 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

KEELEY DIVIDEND ETF

Financials	19.2	%
Industrials	11.2	%
Health Care	9.5	%
Information Technology	9.1	%
Consumer Discretionary	8.9	%
Real Estate	8.3	%
Materials	7.7	%
U.S. Government Obligations	7.5	%

Energy	5.6	%
Automotive	3.8	%
Utilities	3.8	%
Consumer Staples	3.0	%
Communication Services	2.7	%
Other Assets and Liabilities (Net)	(0.3	)%
	100.0	%

Proxy Voting

Keeley Dividend ETF

Schedule of Investments — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS – 92.8%
		Automotive – 3.8%
	1,291	Allison Transmission Holdings Inc.	$	125,874	$	145,547
	3,286	Douglas Dynamics Inc.		108,700		177,280
				234,574		322,827
		Communication Services – 2.7%
	3,990	Cinemark Holdings Inc.		93,731		126,603
	570	Nexstar Media Group Inc.		111,205		101,796
				204,936		228,399
		Consumer Discretionary – 8.9%
	1,576	Brunswick Corp.		114,108		132,762
	1,274	Hasbro Inc.		105,928		105,220
	5,405	JAKKS Pacific Inc.		91,822		125,828
	1,710	KB Home		105,485		107,029
	2,986	Shoe Station Group Inc.		52,362		44,282
	2,986	Standard Motor Products Inc.		109,701		116,365
	1,425	Wyndham Hotels & Resorts Inc.		103,420		119,999
				682,826		751,485
		Consumer Staples – 3.0%
	2,416	Molson Coors Beverage Co., Cl. B		111,265		94,127
	1,861	Spectrum Brands Holdings Inc.		108,139		159,581
				219,404		253,708
		Energy – 5.6%
	1,995	Cactus Inc., Cl. A		93,273		102,204
	991	Expand Energy Corp.		112,320		90,369
	4,882	NOV Inc.		79,865		90,561
	9,406	Select Water Solutions Inc.		109,462		187,932
				394,920		471,066
		Financials – 19.2%
	208	Ameriprise Financial Inc.		97,699		95,422
	389	Arthur J. Gallagher & Co.		89,743		89,303
	3,628	Columbia Banking System Inc.		103,389		116,277
	2,822	Equitable Holdings Inc.		125,194		123,829
	2,660	Fifth Third Bancorp		121,432		149,944
	704	Popular Inc.		83,652		115,583
	1,576	Prosperity Bancshares Inc.		111,769		115,095
	570	Reinsurance Group of America Inc.		108,441		121,211
	1,140	SouthState Bank Corp.		105,597		113,886
	1,710	Victory Capital Holdings Inc., Cl. A		109,460		143,743

Shares			Cost		Market Value
	3,001	Virtu Financial Inc., Cl. A	$	105,983	$	178,770
	1,576	Voya Financial Inc.		111,601		142,675
	721	Wintrust Financial Corp.		99,967		115,879
				1,373,927		1,621,617
		Health Care – 9.5%
	285	Chemed Corp.		118,889		132,736
	5,566	Concentra Group Holdings Parent Inc.		108,907		165,588
	855	Merck & Co. Inc.		85,702		109,868
	1,425	Mesa Laboratories Inc.		114,907		141,859
	7,313	Perrigo Co. plc		91,448		75,982
	570	The Ensign Group Inc.		101,551		91,371
	530	Universal Health Services Inc., Cl. B		116,165		78,806
				737,569		796,210
		Industrials – 11.2%
	2,431	ABM Industries Inc.		108,004		107,547
	26,224	Alight Inc., Cl. A		54,286		14,685
	1,317	Apogee Enterprises Inc.		43,139		60,240
	3,498	CNH Industrial NV		38,093		39,283
	2,431	Fluor Corp.†		106,415		127,360
	2,146	Fortune Brands Innovations Inc.		106,655		117,815
	855	Oshkosh Corp.		113,091		131,225
	533	Primoris Services Corp.		66,352		52,831
	855	Regal Rexnord Corp.		127,479		203,653
	1,006	Veralto Corp.		100,756		89,212
				864,270		943,851
		Information Technology – 9.1%
	2,190	Crane NXT Co.		122,923		112,041
	5,461	Gen Digital Inc.		142,273		135,924
	1,291	Qnity Electronics Inc.		110,505		210,833
	2,540	Ralliant Corp.		127,363		187,020
	1,794	Skyworks Solutions Inc.		121,210		121,633
				624,274		767,451
		Materials – 7.7%
	2,565	Amcor plc		106,781		111,193
	1,995	Amrize Ltd.		107,888		106,334
	570	DuPont de Nemours Inc.		70,300		77,315
	285	Franco-Nevada Corp.		58,379		59,405
	855	RPM International Inc.		88,696		95,033
	2,280	Solstice Advanced Materials Inc.		111,360		202,008
				543,404		651,288
		Real Estate – 8.3%
	2,850	Brixmor Property Group Inc., REIT		71,834		89,861

See accompanying notes to financial statements.

Keeley Dividend ETF

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Real Estate (Continued)
	1,844	CareTrust REIT Inc.	$	69,908	$	74,405
	3,481	Millrose Properties Inc., REIT		107,696		104,604
	3,704	Outfront Media Inc., REIT		86,431		121,343
	4,711	Sila Realty Trust Inc., REIT		107,774		143,026
	2,280	STAG Industrial Inc., REIT		87,413		86,777
	3,135	VICI Properties Inc., REIT		87,395		83,234
				618,451		703,250
		Utilities – 3.8%
	18,242	Algonquin Power & Utilities Corp.		107,557		106,898
	1,291	Southwest Gas Holdings Inc.		103,059		114,486
	2,850	UGI Corp.		106,480		98,439
				317,096		319,823
		TOTAL COMMON STOCKS		6,815,651		7,830,975

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS – 7.5%
$	635,000	U.S. Treasury Bills, 3.54% to 3.69%††, 07/30/26 to 09/10/26		631,867		631,870

		TOTAL INVESTMENTS — 100.3%	$	7,447,518		8,462,845

		Other Assets and Liabilities (Net) — (0.3)%				(22,473	)

		NET ASSETS — 100.0%			$	8,440,372

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

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Keeley Dividend ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments at value (cost $7,447,518)	$	8,462,845
Cash		21,343
Dividends receivable		9,042
Total Assets		8,493,230
Liabilities:
Distributions payable		52,858
Total Liabilities		52,858
Net Assets	$	8,440,372

Net Assets Consist of:
Paid-in capital	$	7,413,455
Total accumulated earnings		1,026,917
Net Assets	$	8,440,372

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		295,000
Net Asset Value per share:	$	28.61

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $698)	$	89,487
Interest		10,787
Total Investment Income		100,274
Expenses:
Investment advisory fees		34,426
Total Expenses		34,426
Less:
Expenses waived by Adviser (See Note 3)		(34,426	)
Net Expenses		—
Net Investment Income		100,274

Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain on investments		6,764
Net change in unrealized appreciation on investments		1,040,419
Net Realized and Unrealized Gain on Investments		1,047,183
Net Increase in Net Assets Resulting from Operations	$	1,147,457

See accompanying notes to financial statements.

Keeley Dividend ETF

Statement of Changes in Net Assets

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operations:
Net investment income	$	100,274		$	10,784
Net realized gain/(loss) on investments		6,764			(15	)
Net change in unrealized appreciation/(depreciation) on investments		1,040,419			(25,092	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,147,457			(14,323	)

Distributions to Shareholders:
Accumulated earnings		(95,433	)		(10,784	)
Return of capital		—			(2,009	)
Total Distributions to Shareholders		(95,433	)		(12,793	)

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 5)		1,165,464			6,250,000
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		1,165,464			6,250,000

Net Increase in Net Assets		2,217,488			6,222,884

Net Assets:
Beginning of period		6,222,884			—
End of period	$	8,440,372		$	6,222,884

Changes in Shares Outstanding:
Shares outstanding, beginning of period		250,000			—
Shares sold		45,000			250,000
Shares outstanding, end of period		295,000			250,000

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

See accompanying notes to financial statements.

Keeley Dividend ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	24.89		$	25.00
Net Investment Income(b)		0.35			0.04
Net Realized and Unrealized Gain/(Loss) on Investments		3.51			(0.10	)
Total from Investment Operations		3.86			(0.06	)

Distributions to Shareholders:
Net Investment Income		(0.14	)		(0.04	)
Return of Capital		—			(0.01	)
Total Distributions		(0.14	)		(0.05	)

Net Asset Value, End of Period	$	28.61		$	24.89
NAV total return†		16.32	%		(0.23	)%

Market price, End of Period	$	28.62		$	24.98
Investment total return††		15.95	%		0.13	%

Net Assets, End of Period (in 000’s)	$	8,440		$	6,223

Ratio to average net assets of:
Net Investment Income		2.62	%(c)		2.64	%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(c)
Portfolio Turnover Rate(d)		0	%		0	%

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
	††	Based on market price per share. Total return for a period of less than one year is not annualized.
	(a)	The Fund commenced investment operations on December 8, 2025. The Fund first sold shares on December 5, 2025.
	(b)	Per share data are calculated using the average shares outstanding method.
	(c)	Annualized.
	(d)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Keeley Dividend ETF

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Keeley Dividend ETF (the Fund) commenced investment operations on December 8, 2025. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an actively managed ETF, whose investment objective is to seek capital appreciation and current income.

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

●

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

●

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

●

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

Keeley Dividend ETF

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	7,830,975		—	$	7,830,975
U.S. Government Obligations		—	$	631,870		631,870
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	7,830,975	$	631,870	$	8,462,845

(a)

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

Keeley Dividend ETF

Notes to Financial Statements (Unaudited) (Continued)

discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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

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

Distributions paid from:
Ordinary income	$	10,784
Return of capital		2,009
Total distributions paid	$	12,793

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a short term capital loss carryforward with no expiration of $15.

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	7,447,518			$	1,240,200			$	(224,873	)		$	1,015,327

Keeley Dividend ETF

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended June 30, 2026, the Adviser waived expenses in the amount of $34,426.

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

Keeley Dividend ETF

Notes to Financial Statements (Unaudited) (Continued)

7. Significant Shareholder. As of June 30, 2026, the Fund’s Adviser and its affiliates beneficially owned 68.6% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

Keeley Dividend ETF

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Brian P. Leonard, CFA joined Gabelli in May 2025 following the acquisition of former affiliate Keeley Teton by Gabelli. Prior to that, he served as a Portfolio Manager for Keeley Teton Advisors and its predecessor, Keeley Asset Management Corp. (“KAMCO”). From 2004 to 2009, he served as a Research Analyst and Client Service Associate. Before joining GAMCO, Mr. Leonard was an Associate with CRA RogersCasey and its predecessor firm, Capital Resource Advisors, from 1998 to 2004. Mr. Leonard earned his M.S. in Finance from St. Xavier University’s Graham School of Management and his B.S. from DePaul University. He also holds the Chartered Financial Analyst designation from the CFA Institute.

Thomas E. Browne, Jr., CFA joined Gabelli in May 2025 upon the acquisition of former affiliate Keeley Teton by Gabelli. Prior to that date, Mr. Browne served as a Portfolio Manager for Keeley Teton Advisors and its predecessor Keeley Asset Management Corp. (“KAMCO”). Before joining KAMCO, he was a Portfolio Manager in charge of Oppenheimer Capital’s small-cap core and small-cap value strategies. Prior to that, Mr. Browne managed a mid-cap portfolio for SEB Asset Management and was an analyst at small-cap investment firm Palisade Capital Management. Mr. Browne earned his M.B.A. from New York University Stern School of Business and his B.B.A. from the University of Notre Dame. In addition, Mr. Browne holds the Chartered Financial Analyst designation from the CFA Institute.

(b)

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

The Financial Highlights are attached herewith.

Gabelli Global Technology Leaders ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	31.93		$	26.94		$	24.45		$	20.85		$	25.00
Net Investment Income(b)		0.22			0.36			0.21			0.19			0.16
Net Realized and Unrealized Gain/(Loss) on Investments		8.30			4.96			2.48			3.62			(4.15	)
Total from Investment Operations		8.52			5.32			2.69			3.81			(3.99	)

Distributions to Shareholders:
Net Investment Income		—			(0.33	)		(0.20	)		(0.21	)		(0.16	)

Net Asset Value, End of Period	$	40.45		$	31.93		$	26.94		$	24.45		$	20.85
NAV total return†		26.68	%		19.78	%		10.99	%		18.23	%		(15.90	)%

Market price, End of Period	$	40.62		$	31.95		$	26.95		$	24.44		$	20.86
Investment total return††		27.14	%		19.79	%		11.09	%		18.14	%		(15.90	)%

Net Assets, End of Period (in 000’s)	$	13,350		$	7,185		$	5,388		$	4,646		$	4,379

Ratio to average net assets of:
Net Investment Income		1.29	%(c)		1.23	%		0.80	%		0.84	%		0.78	%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.92	%		0.90	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(d)		0.00	%		0.00	%		0.00	%(c)
Portfolio Turnover Rate(e)		20	%		37	%		1	%		13	%		28	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on January 5, 2022. The Fund first sold shares on January 3, 2022.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Period Ended December 31, 2023(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	46.35		$	33.94		$	28.27		$	25.00
Net Investment Income(b)		0.20			0.48			0.24			0.28
Net Realized and Unrealized Gain on Investments		9.44			12.89			6.05			3.26
Total from Investment Operations		9.64			13.37			6.29			3.54

Distributions to Shareholders:
Net Investment Income		—			(0.39	)		(0.21	)		(0.27	)
Net Realized Gains on Investments		—			(0.57	)		(0.41	)		—
Total Distributions		—			(0.96	)		(0.62	)		(0.27	)

Net Asset Value, End of Period	$	55.99		$	46.35		$	33.94		$	28.27
NAV total return†		20.80	%		39.34	%		22.24	%		14.14	%

Market price, End of Period	$	56.06		$	46.41		$	34.00		$	28.31
Investment total return††		20.79	%		39.28	%		22.24	%		14.31	%

Net Assets, End of Period (in 000’s)	$	43,675		$	14,370		$	6,958		$	4,382

Ratio to average net assets of:
Net Investment Income		0.77	%(c)		1.17	%		0.76	%		1.11	%(c)
Operating Expenses Before Waiver		0.89	%(c)		0.91	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.13	%(c)		0.00	%(d)		0.00	%		0.00	%(c)
Portfolio Turnover Rate(e)		0	%		9	%		6	%		28	%

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
	††	Based on market price per share. Total return for a period of less than one year is not annualized.
	(a)	The Fund commenced investment operations on January 4, 2023. The Fund first sold shares on January 3, 2023.
	(b)	Per share data are calculated using the average shares outstanding method.
	(c)	Annualized.
	(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
	(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	46.20		$	45.48		$	32.78		$	24.77		$	25.00
Net Investment Income(b)		0.24			0.52			0.45			0.51			0.33
Net Realized and Unrealized Gain/(Loss) on Investments		(2.41	)		1.11			14.16			9.12			(0.23	)
Total from Investment Operations		(2.17	)		1.63			14.61			9.63			0.10

Distributions to Shareholders:
Net Investment Income		—			(0.91	)		(1.91	)		(1.62	)		(0.33	)

Net Asset Value, End of Period	$	44.03		$	46.20		$	45.48		$	32.78		$	24.77
NAV total return†		(4.70	)%		3.55	%		44.59	%		38.83	%		0.41	%

Market price, End of Period	$	44.01		$	46.20		$	45.46		$	32.79		$	24.77
Investment total return††		(4.74	)%		3.60	%		44.46	%		38.89	%		0.41	%

Net Assets, End of Period (in 000’s)	$	49,754		$	37,191		$	38,660		$	9,013		$	5,202

Ratio to average net assets of:
Net Investment Income		1.12	%(c)		1.13	%		1.08	%		1.77	%		2.01	%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.45	%(c)		0.34	%(d)		0.12	%		0.00	%		0.00	%(c)
Portfolio Turnover Rate(e)		12	%		31	%		13	%		31	%		72	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on May 10, 2022. The Fund first sold shares on May 9, 2022.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	35.23		$	29.95		$	21.12		$	14.86		$	26.46		$	25.00
Net Investment Income (Loss)(b)		0.12			0.17			(0.15	)		(0.10	)		(0.11	)		(0.15	)
Net Realized and Unrealized Gain/(Loss) on Investments		2.72			5.26			8.98			6.36			(11.49	)		1.61
Total from Investment Operations		2.84			5.43			8.83			6.26			(11.60	)		1.46

Distributions to Shareholders:
Net Investment Income		—‌			(0.15	)		—‌			—‌			—‌			—‌

Net Asset Value, End of Period	$	38.07		$	35.23		$	29.95		$	21.12		$	14.86		$	26.46
NAV total return†		8.05	%		18.13	%		41.83	%		42.16	%		(43.86	)%		5.84	%

Market price, End of Period	$	38.02		$	35.26		$	29.93		$	21.11		$	14.84		$	26.47
Investment total return††		7.83	%		18.31	%		41.78	%		42.25	%		(43.94	)%		5.88	%

Net Assets, End of Period (in 000’s)	$	8,755		$	8,103		$	5,841		$	3,168		$	2,080		$	4,102

Ratio to average net assets of:
Net Investment Income (Loss)		0.66	%(c)		0.51	%		(0.55	)%		(0.54	)%		(0.59	)%		(0.68	)%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.92	%		0.90	%		0.90	%		0.90	%		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.15	%(d)		0.90	%		0.90	%		0.90	%		0.90	%(c)
Portfolio Turnover Rate(e)		6	%		6	%		45	%		87	%		77	%		56	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on February 16, 2021. The Fund first sold shares on February 12, 2021.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli High Income ETF
Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	25.16		$	25.00
Net Investment Income(b)		0.70			0.16
Net Realized and Unrealized Gain/(Loss) on Investments		(0.45	)		0.15
Total from Investment Operations		0.25			0.31

Distributions to Shareholders:
Net Investment Income		(0.35	)		(0.15	)

Net Asset Value, End of Period	$	25.06		$	25.16
NAV total return†		2.32	%		1.24	%

Market price, End of Period	$	25.16		$	25.23
Investment total return††		2.43	%		1.52	%

Net Assets, End of Period (in 000’s)	$	6,014		$	6,037

Ratio to average net assets of:
Net Investment Income		5.60	%(c)		5.04	%(c)
Operating Expenses Before Waiver		0.55	%(c)		0.55	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(c)
Portfolio Turnover Rate(d)		29	%		0	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on November 17, 2025. The Fund first sold shares on November 14, 2025.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022
Operating Performance:
Net Asset Value, Beginning of Period	$	33.01		$	27.21		$	25.21		$	24.58		$	29.53
Net Investment Income(b)		0.25			0.44			0.44			0.51			0.53
Net Realized and Unrealized Gain/(Loss) on Investments		6.56			5.63			2.07			0.68			(4.99	)
Total from Investment Operations		6.81			6.07			2.51			1.19			(4.46	)

Distributions to Shareholders:
Net Investment Income		—			(0.27	)		(0.43	)		(0.50	)		(0.46	)
Return of Capital		—			—			(0.08	)		(0.06	)		(0.03	)
Total Distributions		—			(0.27	)		(0.51	)		(0.56	)		(0.49	)

Net Asset Value, End of Period	$	39.82		$	33.01		$	27.21		$	25.21		$	24.58
NAV total return†		20.61	%		22.30	%		9.95	%		4.85	%		(15.08	)%

Market price, End of Period	$	39.83		$	33.05		$	27.17		$	25.19		$	24.58
Investment total return††		20.51	%		22.64	%		9.88	%		4.75	%		(15.02	)%

Net Assets, End of Period (in 000’s)	$	16,325		$	16,506		$	11,702		$	11,598		$	12,536

Ratio to average net assets of:
Net Investment Income		1.36	%(c)		1.47	%		1.64	%		2.06	%		2.08	%
Operating Expenses Before Waiver		0.90	%(c)		0.91	%		0.90	%		0.90	%		0.90	%
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(d)		0.00	%		0.00	%		0.00	%
Portfolio Turnover Rate(e)		12	%		14	%		20	%		24	%		19	%

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
††	Based on market price per share. Total return for a period of less than one year is not annualized.
(a)	The Fund commenced investment operations on February 1, 2021. The Fund first sold shares on January 29, 2021.
(b)	Per share data are calculated using the average shares outstanding method.
(c)	Annualized.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2025, there was minimal impact on the expense ratios.
(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Gabelli Opportunities in Live and Sports ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	25.00		$	25.00
Net Investment Income(b)		0.18			0.00	(c)
Net Realized and Unrealized Gain on Investments		1.21			0.00	(c)
Total from Investment Operations		1.39			0.00

Net Asset Value, End of Period	$	26.39		$	25.00
NAV total return†		5.56	%		0.00	%

Market price, End of Period	$	26.46		$	25.00
Investment total return††		5.84	%		0.00	%

Net Assets, End of Period (in 000’s)	$	31,062		$	10,673

Ratio to average net assets of:
Net Investment Income		1.47	%(d)		3.57	%(d)
Operating Expenses Before Waiver		0.89	%(d)		0.00	%(d)
Operating Expenses Net of Waiver		0.00	%(d)		0.00	%(d)
Portfolio Turnover Rate(e)		8	%		0	%

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
	††	Based on market price per share. Total return for a period of less than one year is not annualized.
	(a)	The Fund commenced investment operations on January 2, 2026. The Fund first sold shares on December 31, 2025.
	(b)	Per share data are calculated using the average shares outstanding method.
	(c)	Amount represents less than $0.005.
	(d)	Annualized.
	(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

Keeley Dividend ETF

Financial Highlights

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

	Six Months Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	24.89		$	25.00
Net Investment Income(b)		0.35			0.04
Net Realized and Unrealized Gain/(Loss) on Investments		3.51			(0.10	)
Total from Investment Operations		3.86			(0.06	)

Distributions to Shareholders:
Net Investment Income		(0.14	)		(0.04	)
Return of Capital		—			(0.01	)
Total Distributions		(0.14	)		(0.05	)

Net Asset Value, End of Period	$	28.61		$	24.89
NAV total return†		16.32	%		(0.23	)%

Market price, End of Period	$	28.62		$	24.98
Investment total return††		15.95	%		0.13	%

Net Assets, End of Period (in 000’s)	$	8,440		$	6,223

Ratio to average net assets of:
Net Investment Income		2.62	%(c)		2.64	%(c)
Operating Expenses Before Waiver		0.90	%(c)		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)		0.00	%(c)
Portfolio Turnover Rate(d)		0	%		0	%

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.
	††	Based on market price per share. Total return for a period of less than one year is not annualized.
	(a)	The Fund commenced investment operations on December 8, 2025. The Fund first sold shares on December 5, 2025.
	(b)	Per share data are calculated using the average shares outstanding method.
	(c)	Annualized.
	(d)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying notes to financial statements.

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

Not applicable.

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

Not applicable.

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

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

(1)

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

	John Birch		$1,750
	Anthony S. Colavita		$2,000
	Michael J. Ferrantino		$1,500
	Leslie F. Foley		$1,500
	Michael J. Melarkey		$1,500
	Agnes Mullady		$1,500
	Salvatore J. Zizza		$1,500

(2)

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

(3)

All officers; $0 and

(4)

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

Agnes Mullady

$1,500

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)

There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)	Gabelli ETFs Trust

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	September 8, 2026

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

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	September 8, 2026

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date	September 8, 2026

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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: gabellietf_ncsrs_htm.xml

Gabelli Global Technology Leaders ETF

GGTL - NYSE Arca

Fund Overview

What were the Fund costs for the last six months?

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Average Annual Total Returns

Fund Statistics

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Portfolio Weighting (% of net assets)

Industry Allocation (% of net assets)

Where can I find additional information about the Fund?

Householding

Gabelli Commercial Aerospace and Defense ETF

GCAD - NYSE Arca

Fund Overview

What were the Fund costs for the last six months?

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Average Annual Total Returns

Fund Statistics

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Portfolio Weighting (% of net assets)

Industry Allocation (% of net assets)

Where can I find additional information about the Fund?

Householding

Gabelli Financial Services Opportunities ETF

GABF - NYSE Arca

Fund Overview

What were the Fund costs for the last six months?

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Average Annual Total Returns

Fund Statistics

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Portfolio Weighting (% of net assets)

Industry Allocation (% of net assets)

Where can I find additional information about the Fund?

Householding

Gabelli Growth Innovators ETF

GGRW - ­ NYSE Arca

Fund Overview

What were the Fund costs for the last six months?

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Average Annual Total Returns

Fund Statistics

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Portfolio Weighting (% of net assets)

Industry Allocation (% of net assets)

Where can I find additional information about the Fund?

Householding

Gabelli High Income ETF

GBHI - NYSE Arca

Fund Overview

What were the Fund costs for the last six months?

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Average Annual Total Returns

Fund Statistics

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Portfolio Weighting (% of net assets)

Industry Allocation (% of net assets)

Where can I find additional information about the Fund?

Householding

Gabelli Love Our Planet & People ETF

LOPP - NYSE Arca

Fund Overview

What were the Fund costs for the last six months?

How did the Fund perform?

GGRW - NYSE Arca