For the period ended June 30, 2023, the net asset value (NAV) total return of Gabelli Commercial Aerospace and Defense ETF (the Fund) was 3.4% compared with a total return of 17.4% for the Standard & Poor’s (S&P) 500 Index (S&P 500 Index). The total return based on the Fund’s market price was 3.4% The Fund’s NAV per share was $25.84, while the price of the publicly traded shares closed at $25.86 on the New York Stock Exchange (NYSE) Arca. See page 5 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, for the Fund’s semiannual report as of June 30, 2023.

The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities including securities in the aerospace and defense sectors. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment, and weapons.

The Fund defines an “aerospace and defense” company as a company that derives at least 50% of its revenues from, or devotes 50% of its assets to, aerospace and/or defense related activities, or has an identified business line that derives at least 50% of its revenues from, or devotes 50% of its assets to, aerospace and/or defense related activities. Income producing equity securities include U.S. exchange-listed common stock and preferred stock. The Fund may also invest in foreign securities by investing in American Depositary Receipts. In making stock selections, the Adviser looks for securities that have a better yield than the average of the S&P 500 Index, as well as capital gains potential. In selecting investments for the Fund, the Adviser focuses on issuers that:

The Adviser also believes preferred stock of selected companies offer opportunities for capital appreciation as well as periodic income and may invest a portion of the Fund’s assets in such securities. This is particularly true in the case of companies that have performed below expectations. If a company’s performance has been poor enough, its preferred stock will trade more like common stock than like a fixed income security and may result in above average appreciation if performance improves. This leads to the possibility of capital appreciation if the price of the common stock recovers.

In the first quarter of 2023, intensified threat levels led the United States and its allies to boost defense readiness and to invest in cutting-edge capabilities. The U.S. is moving from land based operations to operations more centered around water, which will require different kinds of military equipment. This means a need for increased military spending to operate in the Pacific.

On top of this, Russia’s invasion of Ukraine has threatened and motivated NATO to increase defense spending. If all NATO members met their two percent GDP spending target, it could mean an additional $80 billion dollars annually in NATO defense spending or about a seven percent increase to the $1.2 trillion NATO defense spending budget. To cause more strain, the U.S. and fellow NATO members are sending their own weapons to Ukraine to help it defend against Russia. This has depleted NATO’s inventories, requiring more spending to replenish armaments.

We attended the 54th Paris Air Show, the largest aerospace and defense tradeshow in the world, held June 19th – 25th this year at Airport Le Bourget. More than 300,000 participants attended, ranging from original

equipment manufacturers (OEMs), to suppliers, to aerospace and defense investors. The Paris Air Show hosted 2,500 exhibit booths, displaying the latest technology in aviation, including flight demonstrations of the F-35 and 737 MAX highlighting some of their capabilities. Over the course of three days, we met with the management teams of 16 different companies and attended the Honeywell and Raytheon investor days. Some common themes touched on across these days include the following:

Demand Outlook: Through 2042, Boeing and Airbus expect the industry to deliver around 40,000 commercial aircraft. Large airlines are placing orders today with the hopes of getting their deliveries by 2028 or 2029. More large orders are expected to continue as airlines lock in their spots in line with OEMs.

Execution: Currently, the aviation industry is unconstrained by demand and the main question is whether the OEMs can execute and build planes on schedule. This is a “show me” story where it will be key for OEMs to prove that they can ramp up production to realize operating leverage with higher build rates.

Supply Chain: The supply chain is beginning to normalize but is still not at 2019 levels. This has been the main inhibiting factor causing depressed OEM monthly production rates. It has been harder and more expensive to source systems and parts. Over the next two years, the supply chain is expected to return to its 2019 form, which will be a tailwind for more efficient aircraft production.

Aftermarket: The aftermarket is expected to grow at a low double digit compound annual growth rate over the next few years as revenue passenger miles (RPMs) return to the 40 year trend, which is above GDP growth, and OEMs ramp production. In addition, more planes flying means different parts and components will break or be mandated for replacement.

M&A: The M&A pipeline was virtually frozen for three years. Now, large operators are looking to execute more transactions. The opportunity set has become more attractive than in recent years from a valuation and operational perspective as air traffic normalizes. Companies with highly engineered parts that have aftermarket exposure will garner the most attention.

Holdings which contributed positively to performance for the period included: Crane NXT Co. (1.9% of net assets as of June 30, 2023), the renamed Payment & Merchandising Technologies businesses separated from Crane Holdings, has benefitted from operational efficiencies and a greater ability to respond to changes in their respective markets and allowed increased focus on its core competencies; and Honeywell International (6.1%), which operates as a diversified technology company with highly engineered products, including turbine propulsion engines, auxiliary power units, aircraft brake pads, environmental control systems, engine controls, communications and navigation systems, sensors, building automation, catalysts and absorbents and process technology for the petrochemical and refining industries and warehouse automation equipment and software. One of the key drivers of HON’s growth is acquisitions that increase the company’s growth profile globally, creating additional opportunities.

Detractors from the portfolio included: Spirit AeroSystems Holdings (5.1%), one of the world’s largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets faced increased operating losses and nearly a 15% decline revenues year over year; and Textron Inc. (3.6%), an American industrial conglomerate with subsidiaries including Arctic Cat, Bell Textron, Textron Aviation (which itself includes the Beechcraft, and Cessna brands), and Lycoming Engines. Textron saw manufacturing cash flows drop and a decrease in the number of jets delivered by their aviation division.

Cumulative Returns through June 30, 2023 (Unaudited)

Total returns and cumulative returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance returns for periods of less than one year are not annualized.

	Since
	Inception
	(1/3/23) (a)
Gabelli Commercial Aerospace and Defense ETF (GCAD)
NAV Total Return		3.35	%
Investment Total Return (b)		3.44
S&P 500 Index (c)		17.36

	(a)	GCAD first issued shares January 3, 2023, and shares commenced trading on the NYSE Arca January 4, 2023.
	(b)	Investment total returns are based on the closing market price on the NYSE Arca at the end of the period.
	(c)	The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

In the current prospectus of the Gabelli Commercial Aerospace and Defense ETF dated April 28, 2023, the gross expense ratio for the Fund is 0.90%. The net expense ratio for the Fund after contractual expense waiver by Gabelli Funds, LLC (the Adviser) was 0.00%. The waiver is in effect through April 30, 2024. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com/funds/etfs.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold or redeemed they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com/ funds/etfs for performance information as of the most recent month end.

Information regarding how often shares of the Fund traded on the New York Stock Exchange Arca at a price above, i.e., at a premium, or below, i.e., at a discount, the NAV can be found at www.gabelli.com/funds/etfs.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at www.gabelli.com/funds/etfs.

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.

The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared with other ETFs because it provides less information to traders.

These additional risks may be even greater in bad or uncertain market conditions.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance. For additional information regarding the unique attributes and risks of the ETF, see the Active Shares prospectus/registration statement.

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All funds have operating expenses. As a shareholder of a fund, you incur two types of costs, transaction costs, which include brokerage commissions on purchases and sales of fund shares, and ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the period ended June 30, 2023, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do

not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which would be described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 01/03/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period
Gabelli Commercial Aerospace and Defense ETF
Actual Fund Return
	$	1,000.00	$	1,033.50	0.00%	$	0.00	⁽¹⁾
Hypothetical 5% Return
	$	1,000.00	$	1,024.79	0.00%	$	0.00	⁽²⁾

	(1)	Expenses are equal to the Fund’s annualized expense ratio since inception, multiplied by the average account value over the period, multiplied by the number of days in the period since inception January 3, 2023 through June 30, 2023 (179 days), then divided by 365.
	(2)	Expenses are equal to the Fund’s annualized expense ratio since inception, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181 days), then divided by 365.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2023:

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.

Shares			Cost		Market Value
		COMMON STOCKS — 90.2%
		Aerospace and Defense — 71.9%
	1,320	Albany International Corp.,Cl. A	$	139,688	$	123,129
	2,527	Cadre Holdings Inc.		55,015		55,089
	1,370	Crane Co.		97,520		122,094
	1,370	Crane NXT Co.		52,506		77,323
	200	Elbit Systems Ltd.		34,668		41,792
	350	General Dynamics Corp.		83,295		75,302
	900	HEICO Corp.		146,205		159,246
	2,230	Hexcel Corp.		146,078		169,525
	1,170	Honeywell International Inc.		240,834		242,775
	2,380	Howmet Aerospace Inc.		94,527		117,953
	6,500	Kaman Corp.		159,474		158,145
	2,800	Kratos Defense & Security Solutions Inc.†		33,033		40,152
	780	L3Harris Technologies Inc.		163,104		152,701
	1,080	Leidos Holdings Inc.		107,855		95,558
	2,500	Leonardo DRS Inc.†		32,059		43,350
	240	Lockheed Martin Corp.		114,002		110,491
	940	Mercury Systems Inc.†		42,833		32,515
	2,369	Mynaric Agnamens Aktien O N, ADR†		9,404		15,825
	320	Northrop Grumman Corp.		163,256		145,856
	3,800	Park Aerospace Corp.		48,985		52,440

Shares			Cost		Market Value
	1,650	Raytheon Technologies Corp.	$	161,816	$	161,634
	10,473	Redwire Corp.†		23,861		26,706
	7,000	Spirit AeroSystems Holdings Inc., Cl. A		230,171		204,330
	17,320	Terran Orbital Corp.†		28,697		25,980
	2,130	Textron Inc.		157,566		144,052
	1,000	The Boeing Co.†		204,784		211,160
	6,100	Triumph Group Inc.†		68,485		75,457
				2,839,721		2,880,580
		Aviation: Parts and Services — 18.3%
	540	AAR Corp.†		25,597		31,190
	2,200	Astronics Corp.†		27,240		43,692
	790	Curtiss-Wright Corp.		128,520		145,091
	3,780	Ducommun Inc.†		202,466		164,695
	1,850	Moog Inc., Cl. A		171,797		200,596
	1,220	Woodward Inc.		124,123		145,070
				679,743		730,334
		TOTAL INVESTMENTS — 90.2%	$	3,519,464		3,610,914

		Other Assets and Liabilities (Net) — 9.8%				393,957

		NET ASSETS — 100.0%			$	4,004,871

†

Non-income producing security.

ADR

American Depositary Receipt

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments at value (cost $3,519,464)	$	3,610,914
Cash		391,461
Dividends receivable		2,496
Total Assets		4,004,871
Liabilities:
Total Liabilities		—
Net Assets	$	4,004,871
Net Assets Consist of:
Paid-in capital	$	3,891,376
Total accumulated earnings		113,495
Net Assets	$	4,004,871

Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:		155,000
Net Asset Value per share:	$	25.84

Statement of Operations

For the Period Ended June 30, 2023* (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $17)	$	22,045
Total Investment Income		22,045
Expenses:
Investment advisory fees		15,418
Total Expenses		15,418
Less:
Expenses waived by Adviser (See Note 3)		(15,418	)
Net Expenses		—
Net Investment Income		22,045

Net Unrealized Gain/(Loss) on Investments
Net change in unrealized appreciation on investments		91,450
Net Unrealized Gain on Investments		91,450
Net Increase in Net Assets Resulting from Operations	$	113,495

For the period January 3, 2023 (commencement of investment operations) through June 30, 2023.

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

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

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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

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

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

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

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, 2023 is as follows:

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

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

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

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

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

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

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, if any, will be determined at the end of the current year.

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

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2023:

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the period ended June 30, 2023, the Fund did not incur any income tax, interest, or penalties. The Fund’s federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to these conclusions are necessary.

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

The Adviser has contractually agreed to waive its investment advisory fee of 0.90% on the first $25 million in net assets (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2024 and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.

During the period ended June 30, 2023, the Adviser waived expenses in the amount of $15,418.

4. Portfolio Securities. Purchases of securities during the period ended June 30, 2023, other than short term securities and U.S. Government obligations, aggregated $3,519,464.

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

6. Transactions with Affiliates and Other Arrangements. During the period ended June 30, 2023, the Fund paid $14 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Adviser pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

7. Significant Shareholder. As of June 30, 2023, the Fund’s Adviser and its affiliates beneficially owned 74.6% of the voting securities of the Fund.

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. 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.

Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR, 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.

	Period Ended
	June 30, 2023(a)
Operating Performance:
Net Asset Value, Beginning of Period	$	25.00
Net Investment Income(b)		0.16
Net Unrealized Gain on Investments		0.68
Total from Investment Operations		0.84

Net Asset Value, End of Period	$	25.84
NAV total return†		3.35	%
Market price, End of Period	$	25.86
Investment total return††		3.44	%
Net Assets, End of Period (in 000’s)	$	4,005

Ratio to average net assets of:
Net Investment Income		1.29	%(c)
Operating Expenses Before Waiver		0.90	%(c)
Operating Expenses Net of Waiver		0.00	%(c)
Portfolio Turnover Rate		0	%

	Valuation Inputs
	Level 1 Quoted Prices		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	3,610,914	$	3,610,914
TOTAL INVESTMENTS IN SECURITIES - ASSETS	$	3,610,914	$	3,610,914


	GABELLI ETFS TRUST GABELLI COMMERCIAL AEROSPACE AND DEFENSE ETF One Corporate Center Rye, New York 10580-1422

	t 800-GABELLI (800-422-3554)
	f 914-921-5118
	e [email protected]
	GABELLI.COM

	Net Asset Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	BOARD OF TRUSTEES Christopher J. Marangi Managing Director and Co-Chief Investment Officer, GAMCO Investors, Inc. Portfolio Manager for Gabelli Funds, LLC John Birch Partner, The Cardinal Partners Global Anthony S. Colavita Attorney, Anthony S. Colavita, P.C. Michael J. Ferrantino Chief Executive Officer, InterEx Inc. Leslie F. Foley Attorney Michael J.Melarkey Of Counsel, McDonald Carano Wilson LLP Agnes Mullady Former Senior Vice President, GAMCO Investors, Inc. Kuni Nakamura President, Advanced Polymer, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.		OFFICERS John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT The Bank of New York Mellon LEGAL COUNSEL Paul Hastings LLP

	This report is submitted for the general information of the shareholders of Gabelli Commercial Aerospace and Defense ETF. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.



	GCAD Q2/2023

Aerospace and Defense	71.9	%
Aviation: Parts and Services	18.3	%
Other Assets and Liabilities (Net)	9.8	%
	100.0	%

	For the Period Ended
	June 30, 2023(a)
Operations:
Net investment income	$	22,045
Net change in unrealized appreciation on investments		91,450
Net Increase in Net Assets Resulting from Operations		113,495

Shares of Beneficial Interest Transactions:
Proceeds from sales of shares		3,891,376
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		3,891,376

Net Increase in Net Assets		4,004,871

Net Assets:
Beginning of period		—
End of period	$	4,004,871

Changes in Shares Outstanding:
Shares outstanding, beginning of period		—
Shares sold		155,000
Shares outstanding, end of period		155,000

			Gross		Gross			Net
			Unrealized		Unrealized			Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	3,519,464	$	251,284	$	(159,834	)	$	91,450