Gabelli Love Our Planet & People ETF

Annual Report — December 31, 2021

(Y)our Portfolio Management Team


  Christopher J. Marangi Timothy M. Winter, CFA Melody Prenner Bryant  
  Co-Chief Investment Officer Portfolio Manager Portfolio Manager  
  BA, Williams College BA, Rollins College BA, Binghamton University  
  MBA, Columbia Business School MBA, University of    
    Notre Dame    


To Our Shareholders,


For the period ended December 31, 2021, the net asset value (NAV) total return of Gabelli Love Our Planet & People ETF (the Fund) was 19.6% compared with a total return of 32.8% for the Standard & Poor’s (S&P) 500 ESG Index. The total return based on the Fund’s Market Price was 19.5%. The Fund’s NAV per share was $29.53, while the price of the publicly traded shares closed at $29.51 on the New York Stock Exchange (NYSE) Arca. See page 4 for additional performance information.


Enclosed are the financial statements, including the schedule of investments, for the Fund’s annual report as of December 31, 2021.


As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to





Investment Objective and Strategy (Unaudited)


The Fund’s investment objective is capital appreciation. The Fund seeks to achieve its objective by investing substantially all, and in any case no less than 80%, of its assets in U.S. exchange-listed common and preferred stocks of companies that meet the Fund’s guidelines for social responsibility at the time of investment. The Fund may also invest in foreign securities by investing in American Depositary Receipts. Under normal market conditions, the Fund invests its assets in stocks that are listed on a national securities exchange or similar market, such as the National Market System of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Fund focuses on investments in companies whose securities are trading at a material discount to their private market value (“PMV”). PMV is the value the Adviser believes informed investors would be willing to pay for a company.


Socially Responsible Criteria. The Fund combines a differentiated, value oriented investment philosophy with social screens and a holistic ESG (Environmental, Social, Governance) analysis to deliver returns in a socially responsive manner. The Adviser employs a social screening overlay process at the time of investment to identify companies that meet the Fund’s social guidelines. In determining the social responsiveness of a particular company the investment team looks for companies that have initiated and implemented internal policies with respect to certain social issues such as inequality in the workspace and/ or fair treatment of workers. The Fund relies primarily on proprietary research conducted by the Adviser to reach a judgment on the social responsiveness of each investment candidate but may also employ third-party data services. The Adviser will look to MSCI Inc. to provide third-party data services along with internal research in reaching the final judgment on the social responsiveness of an issuer. Pursuant to the guidelines, the Fund will not invest in publicly traded fossil fuel (coal, oil, and gas) companies, the top 50 defense/weapons contractors, or in companies that derive more than 5% of their revenues from the following areas: tobacco, alcohol, gaming, and defense/weapons production.


After identifying companies that satisfy these social criteria, the Adviser then will invest in securities of companies that the Adviser believes are trading at a material discount to PMV. The Adviser will monitor each holding on a regular basis to ensure its compliance with the Fund’s guidelines. Securities that no longer meet these guidelines will be sold within a reasonable period of time after the Adviser makes such a determination. Securities may also be sold if the Adviser believes the securities no longer appear to be underpriced relative to their PMV, or if there is a change to an underlying industry or company that the Adviser believes may negatively affect the value of such securities.


Performance Discussion (Unaudited)


Although an underweight to megacap growth stocks hurt performance relative to the broad indices, absolute performance over LOPP’s first eleven months was strong. The Fund’s bias toward established, cash generating entities provided stability during periods of volatility late in the year. Indeed, the two largest contributors to return for the year were mature industrial companies pivoting toward sustainability. Johnson Controls (+62%, 4.1% of net assets as of December 31, 2021) continued to execute well against pent-up demand for the company’s building efficiency solutions. CNH Industrial (+49%, 4.4%) completed the spin-off of its on-highway truck business at year end, leaving the remaining company focused on agricultural equipment, including the technology to implement more sustainable farming. Notably, Ranpak Holdings (+106%, 2.5%) continues to gain users for its environmentally friendly packaging systems.


Two of the largest detractors from returns were former special purpose acquisition companies (SPACs), a structure that has lost favor with investors. EOS Energy Solutions (-67%, 0.6%) provides utility scale battery storage, a necessary but early stage, component for renewables based electricity generation and distribution.





Ardagh Metal Packaging (-15%, 3.2%) is a leading manufacturer of recyclable aluminum cans formed through the combination of closely-held Ardagh Group and a SPAC. Although secular demand for metal cans remains high and supply is short, several competitors announced capacity expansions that have called into question the company’s longer term growth projections.


We appreciate your investment in Love Our Planet and People.


Thank you for your confidence and trust.





Comparative Results


Cumulative Returns through December 31, 2021 (a)(b)


    (1/29/21) (c)
Gabelli Love Our Planet & People ETF (LOPP)      
NAV Total Return   19.62 %
Investment Total Return   19.52  
S&P 500 ESG Index (d)   32.78  


(a) The Fund's fiscal year ends on December 31.


(b) Returns would have been lower had the Adviser not waived certain expenses of the Fund.


(c) The Fund first issued shares January 29, 2021, and shares commenced trading on the NYSE Arca February 1, 2021.


(d) The S&P 500 ESG Index is a market capitalization weighted, broad based index of large capitalization stocks meeting sustainability criteria, while maintaining similar overall industry weights as the S&P 500. Dividends are considered reinvested. You cannot invest directly in an index.


In the current prospectus of Gabelli Love Our Planet & People ETF dated January 19, 2021, the gross expense ratio for the Fund was 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 January 28, 2022. 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


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 for performance information as of the most recent month end.






PEOPLE ETF AND S&P 500 INDEX (Unaudited)


Cumulative Returns*
Investment 19.52%



* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption/sale of Fund shares.


** Since inception 1/29/21.





Discount & Premium Information


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


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


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 to 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.





Gabelli Love Our Planet & People ETF

Disclosure of Fund Expenses (Unaudited)

For the Six Months Period from July 1, 2021 through December 31, 2021 Expense Table


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 past six months ended December 31, 2021, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the period ended December 31, 2021.


  Beginning Ending Annualized Expenses
  Account Value Account Value Expense Paid During
  07/01/21 12/31/21 Ratio Period*
Gabelli Love Our Planet & People ETF
Actual Fund Return
  $1,000.00 $1,066.30 0.00% $0.00
Hypothetical 5% Return
  $1,000.00 $1,025.21 0.00% $0.00


* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184 days), then divided by 365.





Summary of Portfolio Holdings (Unaudited)


The following table presents portfolio holdings as a percent of net assets as of December 31, 2021:




Energy and Utilities   17.6 %
Environmental Services   11.6 %
Machinery   8.5 %
Equipment and Supplies   7.6 %
Diversified Industrial   6.6 %
Business Services   5.7 %
Financial Services   5.2 %
Building and Construction   5.1 %
Automotive Parts and Accessories   4.7 %
Health Care   4.6 %
Real Estate Investment Trust   3.7 %
Technology Services   3.5 %
Automotive   3.3 %
Electronics   3.0 %
U.S. Government Obligations   2.7 %
Specialty Chemicals   2.6 %
Food and Beverage   2.1 %
Consumer Products   1.5 %
Banking   0.9 %
Metals and Mining   0.3 %
Other Assets and Liabilities (Net)   (0.8 )%
    100.0 %


The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at 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 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





Gabelli Love Our Planet & People ETF

Schedule of Investments — December 31, 2021


Shares         Cost     Value  
        COMMON STOCKS – 98.1%                
        Automotive – 3.3%                
  6,510     General Motors Co.†   $ 354,082     $ 381,681  
        Automotive Parts and Accessories – 4.7%                
  1,130     Cummins Inc.     267,891       246,498  
  12,422     Dana Inc.     278,161       283,470  
              546,052       529,968  
        Banking – 0.9%                
  16,820     Banco Bilbao Vizcaya                
        Argentaria SA, ADR     92,938       98,733  
        Building and Construction – 5.1%                
  1,642     Gibraltar Industries Inc.†     110,714       109,489  
  5,775     Johnson Controls                
        International plc     316,393       469,565  
              427,107       579,054  
        Business Services – 5.7%                
  2,902     IHS Markit Ltd.     283,597       385,734  
  7,836     Resideo Technologies Inc.†     200,045       203,971  
  1,768     Willdan Group Inc.†     74,104       62,234  
              557,746       651,939  
        Consumer Products – 1.5%                
  3,252     Unilever plc, ADR     181,864       174,925  
        Diversified Industrial – 6.6%                
  12,089     ABB Ltd., ADR     367,029       461,437  
  7,700     Ranpak Holdings Corp.†     151,477       289,366  
              518,506       750,803  
        Electronics – 3.0%                
  12,628     Flex Ltd.†     224,670       231,471  
  10,266     Mirion Technologies Inc.†     110,934       107,485  
              335,604       338,956  
        Energy and Utilities – 17.6%                
  1,232     American Water Works Co.                
        Inc.     199,846       232,675  
  5,420     Archaea Energy Inc.†     65,381       99,077  
  8,678     Avangrid Inc     420,093       432,859  
  5,820     Brookfield Renewable                
        Corp., Cl. A     292,185       214,351  
  5,272     Enviva Inc.     270,030       371,254  
  9,762     Eos Energy Enterprises                
        Inc.†     177,500       73,410  
  1,413     NextEra Energy Inc.     115,686       131,918  
  3,994     NextEra Energy Partners LP     315,940       337,094  
Shares         Cost     Value  
  1,613     Xcel Energy Inc.   $ 104,365     $ 109,200  
              1,961,026       2,001,838  
        Environmental Services – 11.6%                
  40,481     Ardagh Metal Packaging                
        SA†     406,645       365,543  
  4,839     Evoqua Water Technologies                
        Corp.†     134,194       226,223  
  2,081     Republic Services Inc.     200,314       290,196  
  3,226     Waste Connections Inc.     335,165       439,607  
              1,076,318       1,321,569  
        Equipment and Supplies – 7.6%                
  2,237     Crown Holdings Inc.     211,673       247,457  
  1,613     Hubbell Inc.     269,890       335,939  
  2,320     The Timken Co.     175,468       160,753  
  468     Valmont Industries Inc.     99,768       117,234  
              756,799       861,383  
        Financial Services – 5.2%                
  11,032     AEA-Bridges Impact Corp.,                
        Cl. A†     110,283       110,210  
  3,538     Franklin Resources Inc.     96,259       118,488  
  5,484     HumanCo Acquisition Corp.,                
        Cl. A†     56,285       53,633  
  10,614     ING Groep NV, ADR     107,887       147,747  
  3,854     Janus Henderson Group plc     124,054       161,637  
              494,768       591,715  
        Food and Beverage – 2.1%                
  9,625     Nomad Foods Ltd.†     252,224       244,379  
        Health Care – 4.6%                
  2,549     Baxter International Inc.     199,798       218,806  
  1,145     BioMarin Pharmaceutical                
        Inc.†     95,047       101,161  
  2,500     Bristol-Myers Squibb Co.     153,251       155,875  
  135     Illumina Inc.†     55,175       51,359  
              503,271       527,201  
        Machinery – 8.5%                
  25,666     CNH Industrial NV     364,685       498,690  
  468     Deere & Co.     148,617       160,473  
  2,549     Xylem Inc.     259,337       305,676  
              772,639       964,839  
        Metals and Mining – 0.3%                
  1,200     Livent Corp.†     30,096       29,256  


See accompanying notes to financial statements.





Gabelli Love Our Planet & People ETF

Schedule of Investments (Continued) — December 31, 2021


Shares         Cost     Value  
      COMMON STOCKS (Continued)            
        Real Estate Investment Trust – 3.7%                
  10,188     Weyerhaeuser Co.   $ 353,575     $ 419,542  
        Specialty Chemicals – 2.6%                
  958     Air Products and Chemicals                
        Inc.     248,632       291,481  
        Technology Services – 3.5%                
  137     Alphabet Inc., Cl. C†     288,078       396,422  
        TOTAL COMMON STOCKS     9,751,325       11,155,684  


        U.S. GOVERNMENT OBLIGATIONS – 2.7%                
        U.S. Treasury Bill, 0.05%††,                
$ 310,000     02/10/22     309,983       309,984  
        TOTAL INVESTMENTS 100.8%   $ 10,061,308       11,465,668  
        Other Assets and Liabilities (Net) — (0.8)%             (95,428 )
        NET ASSETS 100.0%           $ 11,370,240  


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


ADR American Depositary Receipt


See accompanying notes to financial statements.





Gabelli Love Our Planet & People ETF


Statement of Assets and Liabilities

December 31, 2021

Investments at value (cost $10,061,308)   $ 11,465,668  
Cash     35,332  
Dividends receivable     11,236  
Total Assets     11,512,236  
Distributions payable     141,996  
Total Liabilities     141,996  
Net Assets   $ 11,370,240  
Net Assets Consist of:        
Paid-in capital   $ 9,977,046  
Total accumulated earnings     1,393,194  
Net Assets   $ 11,370,240  
Shares of Beneficial Interest issued and outstanding, no par value; unlimited number of shares authorized:     385,000  
Net Asset Value per share:   $ 29.53  

Statement of Operations

For the Period Ended December 31, 2021*

Investment Income:      
Dividends (net of foreign withholding taxes of $7,414)   $ 133,546  
Interest     155  
Total Investment Income     133,701  
Investment advisory fees     79,149  
Total Expenses     79,149  
Expenses waived by Adviser (See Note 3)     (79,149 )
Net Expenses      
Net Investment Income     133,701  
Net Realized and Unrealized Gain/(Loss) on Investments        
Net realized loss on investments     (5,497 )
Net change in unrealized appreciation on Investments     1,404,360  
Net Realized and Unrealized Gain on Investments     1,398,863  
Net Increase in Net Assets Resulting from Operations   $ 1,532,564  


* For the period February 1, 2021 (commencement of investment operations) through December 31, 2021.


See accompanying notes to financial statements.





Gabelli Love Our Planet & People ETF


Statement of Changes in Net Assets


    For the Period  
    December 31,  
Net investment income   $ 133,701  
Net realized loss on investments     (5,497 )
Net change in unrealized appreciation on investments     1,404,360  
Net Increase in Net Assets Resulting from Operations     1,532,564  
Distributions to Shareholders:        
Accumulated earnings     (141,996 )
Total Distributions to Shareholders     (141,996 )
Shares of Beneficial Interest Transactions:        
Proceeds from sales of shares     9,979,672  
Net Increase in Net Assets from Shares of Beneficial Interest Transactions     9,979,672  
Net Increase in Net Assets     11,370,240  
Net Assets:        
Beginning of period      
End of period   $ 11,370,240  
Changes in Shares Outstanding:        
Shares outstanding, beginning of period      
Shares sold     385,000  
Shares outstanding, end of period     385,000  


(a) The Fund commenced investment operations on February 1, 2021.


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:


    Period Ended
    December 31,
Operating Performance:        
Net Asset Value, Beginning of Period   $ 25.00  
Net Investment Income(b)     0.39  
Net Realized and Unrealized Gain on Investments     4.51  
Total from Investment Operations     4.90  
Distributions to Shareholders:        
Net Investment Income     (0.37 )
Net Asset Value, End of Period   $ 29.53  
NAV total return†     19.62 %
Market price, End of Period   $ 29.51  
Investment total return††     19.52 %
Net Assets, End of Period (in 000's)   $ 11,370  
Ratio to average net assets of:        
Net Investment Income     1.51 %(c)
Operating Expenses Before Waiver     0.90 %(c)
Operating Expenses Net of Waiver     0.00 %(c)(d)
Portfolio Turnover Rate     13 %


Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Market Return is calculated using the inception NAV of $25.00.

†† Based on market price per share. Total return for a period of less than one year is not annualized.
(a) The Fund commenced investment operations on February 1, 2021.

(b) Per share data are calculated using the average shares outstanding method.

(c) Annualized.

(d) Under an expense waiver agreement with the Adviser, the Adviser waived expenses of $79,149 for the period ended December 31, 2021.


See accompanying notes to financial statements.





Gabelli Love Our Planet & People ETF

Notes to Financial Statements

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


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:

Level 1 — quoted prices in active markets for identical securities;
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).


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





Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Continued)

used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2021 is as follows:


    Valuation Inputs  
    Level 1     Level 2 Significant     Total Market Value  
INVESTMENTS IN SECURITIES:   Quoted Prices     Unobservable Inputs     at 12/31/21  
ASSETS (Market Value):                        
Common Stocks (a)   $ 11,155,684           $ 11,155,684  
U.S. Government Obligations         $ 309,984       309,984  
TOTAL INVESTMENTS IN SECURITIES – ASSETS   $ 11,155,684     $ 309,984     $ 11,465,668  



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


There were no Level 3 investments held at December 31, 2021.


Additional Information to Evaluate Qualitative Information


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 Love Our Planet & People ETF

Notes to Financial Statements (Continued)

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. Permanent differences were primarily due to redesignation of dividends paid and a taxable distribution in excess of net investment income. These reclassifications have no impact on the NAV of the Fund. For the period ended December 31, 2021, reclassifications were made to decrease paid-in capital by $2,626, with an offsetting adjustment to total accumulated earnings.


The tax character of distributions paid during the period ended December 31, 2021 was as follows:


    Period Ended  
  December 31, 2021  
Distributions paid from:       
Ordinary income   $ 141,996  
Total distributions paid   $ 141,996  


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


At December 31, 2021, the components of accumulated earnings/losses on a tax basis were as follows:


Unrealized appreciation on investments   $ 1,393,194  
Total accumulated earnings   $ 1,393,194  


At December 31, 2021, the temporary difference between book basis and tax basis net unrealized appreciation/ depreciation on investments were primarily due to deferral of losses from wash sales for tax purposes.


The following summarizes the tax cost on investments and the net unrealized appreciation as December 31, 2021:


            Gross     Gross     Net  
            Unrealized     Unrealized     Unrealized  
      Cost     Appreciation     Depreciation     Appreciation  
Investments     $ 10,072,474     $ 1,720,414     $ (327,220 )   $ 1,393,194  





Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Continued)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the period ended December 31, 2021, 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 $100 million in net assets for one year from the commencement of the Fund’s operations (the Fee Waiver). The Fee Waiver shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund’s Board of Trustees.


During the period ended December 31, 2021, the Adviser waived expenses in the amount of $79,149.


4.  Portfolio Securities. Purchases and sales of securities during the period ended December 31, 2021, other than short term securities and U.S. Government obligations, aggregated $4,834,613 and $1,196,618, 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





Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Continued)

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 December 31, 2021, the Fund paid $4,449 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 December 31, 2021, the Fund’s Adviser and its affiliates beneficially owned greater than 25% of the voting securities of the Fund. This includes 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.  Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.





Gabelli Love Our Planet & People ETF

Report of Independent Registered Public Accounting Firm

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


Opinion on the Financial Statements


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


Basis for Opinion


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


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


Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.


/s/PricewaterhouseCoopers LLP

New York, New York

February 28, 2022


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





Gabelli Love Our Planet & People ETF

Liquidity Risk Management Program (Unaudited)

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


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


At a meeting of the Board held on May 11, 2021, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.


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





Gabelli Love Our Planet & People ETF

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to Gabelli Love Our Planet & People ETF at One Corporate Center, Rye, NY 10580-1422.


Name, Position(s)


and Age


Term of Office


Length of

Time Served2


Number of


in Fund



by Trustee3


Principal Occupation(s)

During Past Five Years


Other Directorships

Held by Trustee4

INTERESTED TRUSTEES5:                

Christopher J. Marangi


Age: 47

  Since 2021   3   Managing Director and Co-Chief Investment Officer of the Value team of GAMCO Investors, Inc.; Portfolio Manager for Gabelli Funds, LLC and GAMCO Asset Management Inc.  

Agnes Mullady


Age: 63

  Since 2021   11   Senior Vice President of GAMCO Investors, Inc. (2008-2019); Executive Vice President of Associated Capital Group, Inc. (November 2016-2019); President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC (2010- 2019); Vice President of Gabelli Funds, LLC (2006-2019); Chief Executive Officer of G.distributors, LLC (2011-2019); and an officer of all of the Gabelli/Teton Funds (2006-2019)  

John Birch


Age: 70

  Since 2021   6   Partner, The Cardinal Partners Global; Chief Operating Officer of Sentinel Asset Management and Chief Financial Officer and Chief Risk Officer of Sentinel Group Funds (2005-2015)  

Anthony S. Colavita7


Age: 60

  Since 2021   20   Attorney, Anthony S. Colavita, P.C.; Supervisor, Town of Eastchester, NY  

Michael J. Ferrantino7


Age: 50

  Since 2021   4   Chief Executive Officer of InterEx Inc.   President, CEO, and Director of LGL Group; Director of LGL Systems Acquisition Corp. (Acquisition Corp Defense Communications)





Gabelli Love Our Planet & People ETF

Additional Fund Information (Unaudited)


Name, Position(s)


and Age


Term of Office


Length of

Time Served2


Number of


in Fund



by Trustee3


Principal Occupation(s)

During Past Five Years


Other Directorships

Held by Trustee4


Leslie F. Foley7


Age: 53

  Since 2021   13   Attorney; Board of Governors of Addison Gallery of American Art at Phillips Academy; Vice President, Global Ethics & Compliance and Associate General Counsel for News Corporation (2008-2010)  

Michael J. Melarkey


Age: 72

  Since 2021   21   Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015)   Chairman of Southwest Gas Corporation (natural gas utility)

Kuni Nakamura


Age: 53

  Since 2021   34   President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees  

Salvatore J. Zizza7


Age: 76

  Since 2021   32   President, Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)   Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)





Gabelli Love Our Planet & People ETF

Additional Fund Information (Unaudited)

Name, Position(s)


and Age


Term of Office

and Length of

Time Served2


Principal Occupation(s)

During Past Five Years


John C. Ball


Age: 45

  Since 2021   Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020

Bruce N. Alpert

Vice President

Age: 70

  Since 2021   Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Vice President – Mutual Funds, G.research, LLC

Peter Goldstein

Secretary and Vice


Age: 68

  Since 2021   General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Chandler Iorio


Age: 35

  Since 2021   Vice President of GAMCO Investors, Inc. (since 2019); Assistant Treasurer for Gabelli NextShares (2016-2019); Senior Fund Administrator for Gabelli Fund Complex (2011-2016)

Richard J. Walz

Chief Compliance


Age: 62

  Since 2021   Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Office for Gabelli Funds, LLC since 2015


1 Address: One Corporate Center, Rye, NY 10580-1422.

2 Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board or shareholders, in accordance with the Company By-Laws and Declaration of Trust. For officers, includes time served in prior officer positions with the Trust. Each officer will hold office for an indefinite term or until the date he or she resigns or retires or until his or her successor is elected and qualified.

3 The “Fund Complex” or the “Gabelli Fund Complex” includes all the U.S. registered investment companies that are considered part of the same Fund complex as the Fund because they have common or affiliated investment advisers.

4 This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (the “1934 Act”), as amended, i.e. public companies, or other investment companies registered under the 1940 Act.

5 “Interested persons” of a Fund as defined in the 1940 Act. Mr. Christopher J. Marangi and Ms. Agnes Mullady are considered to be “interested persons” because of their affiliation with the Trust’s Adviser.

6 Trustees who are not considered to be “interested persons” of a Fund as defined in the 1940 Act are considered to be Independent Trustees.

7 Mr. Colavita’s father, Anthony J. Colavita, and Ms. Foley’s father, Frank J. Fahrenkopf, Jr., serve as directors of other funds in the Gabelli Fund Complex. Mr. Ferrantino is the President, CEO and a Director of the LGL Group, Inc. and a Director of LGL Systems Acquisition Corp., Mr. Zizza is an independent director of Gabelli International Ltd., and Mr. Birch is a director of Gabelli Merger Plus+ Trust Plc, GAMCO International SICAV, Gabelli Associates Limited, and Gabelli Associates Limited IIE, all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser.





Gabelli Love Our Planet & People ETF



During the period ended December 31, 2021, the Fund paid to shareholders ordinary income distributions totaling $0.37 per share. For the period ended December 31, 2021, 57.83% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 91.66% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.


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





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One Corporate Center

Rye, NY 10580-1422


Portfolio Management Team Biographies


Christopher J. Marangi has been primarily responsible for the day to day management of the Love Our Planet & People ETF since inception. Mr. Marangi joined GBL in 2003 and currently serves as a Managing Director and Co-Chief Investment Officer of its Value Team. Mr. Marangi is a portfolio manager of the Adviser, managing several funds within the Gabelli Fund Complex, and GAMCO, on its institutional and high net worth accounts team. 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.


Timothy M. Winter, CFA, has been the portfolio manager of the Love Our Planet & People ETF since inception. Mr. Winter joined Gabelli & Company in April of 2009 and covers the utility industry. He has over 20 years’ experience as an equity research analyst covering this industry, including the years 1992-2007 at AG Edwards from where he received industry recognition as a 3 time Wall Street Journal All-Star and was a senior member of the Institutional Investor (I.I.) #1 ranked Electric Utility Team for the years 2001, 2002, 2003, 2004 and 2005. He was most recently recognized in the 2017 Thomson Reuters US Analyst Awards as a “Top Stock Picker” in the gas utility industry. Mr. Winter received his BA in Economics from Rollins College and MBA in Finance from Notre Dame. Mr. Winter is also a portfolio manager of several funds in the Gabelli Fund Complex.


Melody Prenner Bryant joined GAMCO Investors, Inc. in September 2018 and has been jointly responsible for the day to day investment management of the Love Our Planet & People ETF since inception. She has almost thirty years of experience as a portfolio manager. Most recently, Ms. Prenner Bryant was a Managing Director and Chief Investment Officer for Trevor, Stewart, Burton & Jacobsen Inc., a New York based registered investment adviser, and has held senior and portfolio management positions at Neuberger Berman, LLC, John A. Levin & Co., and Kempner Asset Management. Ms. Prenner Bryant received her BA from Binghamton University. Ms. Prenner Bryant is also a portfolio manager of several funds in the Gabelli Fund Complex.


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