Semi Annual Report by Investment Company Form N CSRS

Consolidated ssr-output-EDGAR XBRL File

(b)	Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)	Not applicable.

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

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

The semi-annual financial statements are attached herewith.

Gabelli Automation ETF

Semiannual Report -June 30, 2024

(Y)our Portfolio Management Team

	Justin Bergner, CFA	Hendi Susanto
	Portfolio Manager	Portfolio Manager
	BA, Yale University	BS, University of Minnesota
	MBA, University of Pennsylvania	MBA, Wharton School of
		Business

To Our Shareholders,

For the six months ended June 30, 2024, the net asset value (NAV) total return of Gabelli Automation ETF (the Fund) was 4.3% compared with a total return of 15.3% for the Standard & Poor's (S&P) S&P 500 Index. The total return based on the Fund's Market Price was 4.4%. The Fund's NAV per share was $25.50, while the price of the publicly traded shares closed at $25.51 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2024:

GABELLI AUTOMATION ETF

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

Proxy Voting

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

Gabelli Automation ETF

Schedule of Investments - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Automation ETF

Schedule of Investments (Continued) - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Automation ETF

See accompanying notes to financial statements.

Gabelli Automation ETF

Statement of Changes in Net Assets

		Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Operations:
Net investment income		$	19,338			$	38,922
Net realized loss on investments			-				(233,506	)
Net change in unrealized appreciation on investments			179,455				953,525
Net Increase in Net Assets Resulting from Operations			198,793				758,941
Distributions to Shareholders:
Accumulated earnings			-				(39,039	)
Total Distributions to Shareholders			-				(39,039	)
Shares of Beneficial Interest Transactions:
Cost of shares redeemed (See Note 5)			-				(453,399	)
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			-				(453,399	)
Net Increase in Net Assets			198,793				266,503
Net Assets:
Beginning of year			4,645,722				4,379,219
End of period		$	4,844,515			$	4,645,722
Changes in Shares Outstanding:
Shares outstanding, beginning of year			190,000				210,000
Shares redeemed			-				(20,000	)
Shares outstanding, end of period			190,000				190,000

See accompanying notes to financial statements.

Gabelli Automation ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	24.45			$	20.85			$	25.00
Net Investment Income(b)			0.00	(c)			0.19				0.16
Net Unrealized Gain/(Loss) on Investments			1.05				3.62				(4.15	)
Total from Investment Operations			1.05				3.81				(3.99	)
Distributions to Shareholders:
Net Investment Income			-				(0.21	)			(0.16	)
Net Asset Value, End of Period		$	25.50			$	24.45			$	20.85
NAV total return†			4.28	%			18.23	%			(15.90	)%
Market price, End of Period		$	25.51			$	24.44			$	20.86
Investment total return††			4.38	%			18.14	%			(15.90	)%
Net Assets, End of Period (in 000's)		$	4,845			$	4,646			$	4,379
Ratio to average net assets of:
Net Investment Income			0.81	%(d)			0.84	%			0.78	%(d)
Operating Expenses Before Waiver			0.90	%(d)			0.90	%			0.90	%(d)
Operating Expenses Net of Waiver			0.00	%(d)			0.00	%			0.00	%(d)
Portfolio Turnover Rate			0	%			13	%			28	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on January 5, 2022. The Fund first sold shares on January 3, 2022.

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

(c)	Amount represents less than $0.005.

(d)	Annualized.

See accompanying notes to financial statements.

Gabelli Automation ETF

Notes to Financial Statements (Unaudited)

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

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

Security Valuation. 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 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, 2024is as follows:

Gabelli Automation ETF

Notes to Financial Statements (Unaudited) (Continued)

		Valuation Inputs
INVESTMENTS IN SECURITIES:		Level 1 Quoted Prices		Total Market Value at 06/30/24
ASSETS (Market Value):
Common Stocks (a)		$	4,527,796			$	4,527,796
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	4,527,796			$	4,527,796

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

There were no Level 2 or Level 3 investments held at June 30, 2024or December 31, 2023. The Fund's policy is to recognize transfers among levels as of the beginning of the reporting period.

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.

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

Gabelli Automation ETF

Notes to Financial Statements (Unaudited) (Continued)

discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

The tax character of distributions paid during the year ended December 31, 2023 was as follows:

Distributions paid from:
Ordinary income		$	39,039
Total distributions paid		$	39,039

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, 2023, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

Short term capital loss carryforward with no expiration		$	95,386
Long term capital loss carryforward with no expiration			254,200
Total Capital Loss Carryforward		$	349,586

At June 30, 2024, there was no tax adjustment to the cost of investments.

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2024, 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.

Gabelli Automation ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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, 2025 and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2024, the Adviser waived expenses in the amount of $21,407.

For the year ended December 31, 2023			$	41,798
For the six months ended June 30, 2024				21,407
			$	63,205

4. Portfolio Securities. Purchases of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $208,100.

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

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended December 31, 2023, the Fund realized net gain of $14,650 on $453,399 of redemptions-in-kind, including cash of $59,609. During the six months ended June 30, 2024, there was no such activity.

Gabelli Automation ETF

Notes to Financial Statements (Unaudited) (Continued)

7. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2024, the Fund paid $28 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

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

8. Significant Shareholder. As of June 30, 2024, the Fund's Adviser and its affiliates beneficially owned 96.5% of the voting securities of the Fund.

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

10. 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.

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Gabelli Commercial Aerospace and Defense ETF

Semiannual Report -June 30, 2024

Tony Bancroft

Portfolio Manager

BS, United States Naval Academy

MBA, Columbia Business School

To Our Shareholders,

For the period ended June 30, 2024, the net asset value (NAV) total return of Gabelli Commercial Aerospace and Defense ETF (the Fund) was 11.2% compared with a total return of 15.3% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's market price was 11.0% The Fund's NAV per share was $31.43, while the price of the publicly traded shares closed at $31.43 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, for the Fund's annual report as of June 30, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2024:

GABELLI COMMERCIAL AEROSPACE AND DEFENSE ETF

Aerospace and Defense			68.6	%
Aviation: Parts and Services			29.6	%
Other Assets and Liabilities (Net)			1.8	%
			100.0	%

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

Gabelli Commercial Aerospace and Defense ETF

Schedule of Investments - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Statement of Changes in Net Assets

		Six Months Ended
		June 30, 2024			For the Period Ended
		(Unaudited)			December 31, 2023(a)
Operations:
Net investment income		$	19,825			$	41,407
Net realized gain/(loss) on investments			148,867				(41,170	)
Net change in unrealized appreciation on investments			372,904				531,580
Net Increase in Net Assets Resulting from Operations			541,596				531,817
Distributions to Shareholders:
Accumulated earnings			-				(41,383	)
Total Distributions to Shareholders			-				(41,383	)
Shares of Beneficial Interest Transactions:
Proceeds from sales of shares			577,575				3,891,376
Net Increase in Net Assets from Shares of Beneficial Interest Transactions			577,575				3,891,376
Net Increase in Net Assets			1,119,171				4,381,810
Net Assets:
Beginning of period			4,381,810				-
End of period		$	5,500,981			$	4,381,810
Changes in Shares Outstanding:
Shares outstanding, beginning of period			155,000				-
Shares sold			20,000				155,000
Shares outstanding, end of period			175,000				155,000

(a)	The Fund commenced investment operations on January 3, 2023.

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Financial Highlights

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

		Six MonthsEnded June 30, 2024 (Unaudited)		Period Ended December 31,2023(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	28.27				$	25.00
Net Investment Income(b)			0.12					0.28
Net Realized and Unrealized Gain on Investments			3.04					3.26
Total from Investment Operations			3.16					3.54
Distributions to Shareholders:
Net Investment Income			-					(0.27	)
Net Asset Value, End of Period		$	31.43				$	28.27
NAV total return†			11.19	%				14.14	%
Market price, End of Period		$	31.43				$	28.31
Investment total return††			11.02	%				14.31	%
Net Assets, End of Period (in 000's)		$	5,501				$	4,382
Ratio to average net assets of:
Net Investment Income			0.79	%(c)				1.11	%(c)
Operating Expenses Before Waiver			0.90	%(c)				0.90	%(c)
Operating Expenses Net of Waiver			0.00	%(c)				0.00	%(c)
Portfolio Turnover Rate			7	%				28	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on January 3, 2023.

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited)

1.  Organization. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Commercial Aerospace and Defense ETF (the Fund) commenced investment operations on January 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2024is as follows:

		Valuation Inputs
INVESTMENTS IN SECURITIES:		Level 1 Quoted Prices			Total Market Value at 06/30/24
ASSETS (Market Value):
Common Stocks (a)		$	5,404,467			$	5,404,467
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	5,404,467			$	5,404,467

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

The Fund held no Level 2 or Level 3 investments at June 30, 2024 or December 31, 2023. The Fund's policy is to recognize transfers among levels as of the beginning of the reporting period.

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.

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

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

(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 paid during the period ended December 31, 2023 was ordinary income of $41,383.

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, 2023, the Fund had net short term capital loss carryforwards of $41,170 for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2024:

						Gross			Gross			Net
						Unrealized			Unrealized			Unrealized
			Cost			Appreciation			Depreciation			Appreciation
Investments			$	4,499,983			$	997,611			$	(93,127	)		$	904,484

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2024, the Fund did not incur any income tax, interest, or penalties. The Fund's federal and state tax returns will remain open and subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to these conclusions are necessary.

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

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

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

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

During the six months ended June 30, 2024, the Adviser waived expenses in the amount of $22,593.

For the year ended December 31, 2023			$	33,477
For the six months ended June 30, 2024				22,593
			$	56,070

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $2,064,054 and $337,798, respectively.

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

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2024, the Fund paid $121 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

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

7. Significant Shareholder. As of June 30, 2024, the Fund's Adviser and its affiliates beneficially owned 72.8% 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

Gabelli Commercial Aerospace and Defense ETF

Notes to Financial Statements (Unaudited) (Continued)

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 Financial Services Opportunities ETF

Semiannual Report -June 30, 2024

Macrae Sykes

Portfolio Manager

BA, Hamilton College

MBA, Columbia Business School

To Our Shareholders,

For the six months ended June 30, 2024, the net asset value (NAV) total return of Gabelli Financial Services Opportunities ETF (the Fund) was 16.9% compared with a total return of 10.2% for the Standard & Poor's (S&P) 500 Financials Index. The total return based on the Fund's Market Price was 16.8%. The Fund's NAV per share was $38.31, while the price of the publicly traded shares closed at $38.30 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, for the Fund's semiannual report as of June 30, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2024:

GABELLI FINANCIAL SERVICES OPPORTUNITIES ETF

Financial Services	65.4%
Leasing		10.5%
Banking		9.3%
Computer Software and Services		4.7%
Closed-End Funds		4.3%
Other Assets and Liabilities (Net)		5.8%
		100.0%

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

Proxy Voting

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

Gabelli Financial Services Opportunities ETF

Schedule of Investments - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Statement of Changes in Net Assets

		Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Operations:
Net investment income		$	91,552			$	122,607
Net realized gain on investments			43,261				3,066
Net change in unrealized appreciation on investments			1,798,479				2,249,837
Net Increase in Net Assets Resulting from Operations			1,933,292				2,375,510
Distributions to Shareholders:
Accumulated earnings			-				(446,020	)
Total Distributions to Shareholders			-				(446,020	)
Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 5)			3,801,277				1,881,965
Net Increase in Net Assets from Shares of Beneficial Interest Transactions			3,801,277				1,881,965
Net Increase in Net Assets			5,734,569				3,811,455
Net Assets:
Beginning of year			9,013,146				5,201,691
End of period		$	14,747,715			$	9,013,146
Changes in Shares Outstanding:
Shares outstanding, beginning of year			275,000				210,000
Shares sold			110,000				65,000
Shares outstanding, end of period			385,000				275,000

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	32.78			$	24.77			$	25.00
Net Investment Income(b)			0.26				0.51				0.33
Net Realized and Unrealized Gain/(Loss) on Investments			5.27				9.12				(0.23	)
Total from Investment Operations			5.53				9.63				0.10
Distributions to Shareholders:
Net Investment Income			-				(1.62	)			(0.33	)
Net Asset Value, End of Period		$	38.31			$	32.78			$	24.77
NAV total return†			16.87	%			38.83	%			0.41	%
Market price, End of Period		$	38.30			$	32.79			$	24.77
Investment total return††			16.80	%			38.89	%			0.41	%
Net Assets, End of Period (in 000's)		$	14,748			$	9,013			$	5,202
Ratio to average net assets of:
Net Investment Income			1.45	%(c)			1.77	%			2.01	%(c)
Operating Expenses Before Waiver			0.90	%(c)			0.90	%			0.90	%(c)
Operating Expenses Net of Waiver			0.00	%(c)			0.00	%			0.00	%(c)
Portfolio Turnover Rate			7	%			31	%			72	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on May 10, 2022. The Fund first sold shares on May 9, 2022.

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited)

1.  Organization. The Gabelli ETFs Trust (the Trust) was organized on July 26, 2018 as a Delaware statutory trust and Gabelli Financial Services Opportunities ETF (the Fund) commenced investment operations on May 10, 2022. The Fund is a 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2024is as follows:

		Valuation Inputs
INVESTMENTS IN SECURITIES:		Level 1 Quoted Prices		Total Market Value at 06/30/24
ASSETS (Market Value):
Common Stocks (a)		$	13,252,256			$	13,252,256
Closed-End Funds			638,282				638,282
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	13,890,538			$	13,890,538

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

There were no Level 2 or Level 3 investments held at June 30, 2024 or December 31, 2023. The Fund's policy is to recognize transfers among levels as of the beginning of the reporting period.

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 Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2023 was as follows:

Distributions paid from:
Ordinary income		$	446,020
Total distributions paid		$	446,020

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, 2023, the Fund had net short term capital loss carryforwards of $29,177 for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2024:

					Gross		Gross		Net
					Unrealized		Unrealized		Unrealized
		Cost		Appreciation		Depreciation		Appreciation
Investments		$	9,888,580			$	4,045,765			$	(43,807	)		$	4,001,958

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2024, 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.

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

3.  Investment Advisory Agreement and Other Transactions. Pursuant to an Investment Advisory Agreement with the Trust, the Adviser manages the 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, 2025, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2024, the Adviser waived expenses in the amount of $56,639.

For the year ended December 31, 2023		$	62,414
For the six months ended June 30, 2024			56,639
		$	119,053

4.  Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $3,477,484 and $880,945, respectively.

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

6. Transactions with Affiliates and Other Arrangements. During the period ended June 30, 2024, the Fund paid $173 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Fund pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of

Gabelli Financial Services Opportunities ETF

Notes to Financial Statements (Unaudited) (Continued)

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, 2024, approximately 56.4% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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. The Board has approved a change in the Fund's structure from a "non-transparent" or "semi-transparent" exchange-traded fund (ETF), which does not publicly disclose its portfolio holdings on a daily basis, to a "transparent" ETF that will disclose its portfolio holdings daily and operate in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended, effective on or about August 30, 2024 (the Effective Date"). In connection with this change, the Fund will no longer provide a verified intraday indicative value ("VIIV"), which was intended to provide investors and other market participants with a highly correlated per share value of the Fund's underlying portfolio, while keeping the contents of the Fund's portfolio confidential. In addition, Authorized Participants (APs) transacting in the Fund's shares will no longer engage in creation and redemption activity for the Fund through an AP Representative that has knowledge of the composition of the Fund's portfolio holdings but is restricted from disclosing such composition to the APs. Accordingly, references to the VIIV and the AP Representative in the Fund's Summary Prospectus, Prospectus, and Statement of Additional Information will be removed.

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

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

Gabelli Growth Innovators ETF

Semiannual Report -June 30, 2024

(Y)our Portfolio Management Team

Howard F. Ward, CFA	John Belton, CFA
Portfolio Manager	Portfolio Manager
BA, Northwestern University	BA, Boston College
	MBA, Columbia School of Business

To Our Shareholders,

For the six months ended June 30, 2024, the net asset value (NAV) total return of Gabelli Growth Innovators ETF (the Fund) was 32.0% compared with a total return of 18.6% for the Nasdaq Composite Index. The total return based on the Fund's Market Price was 32.5%. The Fund's NAV per share was $27.88, while the price of the publicly traded shares closed at $27.97 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, for the Fund's semiannual report as of June 30, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2024:

GABELLI GROWTH INNOVATORS ETF

Information Technology - Semiconductors		20.7	%
Communication Services		18.5	%
Consumer Discretionary		13.8	%
Health Care		13.5	%
Information Technology - Software and Services		12.0	%
Financials		9.8	%
Industrials		4.8	%
Aerospace and Defense		3.1	%
Energy and Utilities		2.0	%
Other Assets and Liabilities (Net)		1.8	%
		100.0	%

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

Proxy Voting

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

Gabelli Growth Innovators ETF

Schedule of Investments - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Statement of Changes in Net Assets

		Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Operations:
Net investment loss		$	(12,259	)		$	(14,077	)
Net realized gain/(loss) on investments			68,371				(335,046	)
Net realized gain on redemptions in-kind			781,858				-
Net change in unrealized appreciation on investments			422,638				1,253,831
Net Increase in Net Assets Resulting from Operations			1,260,608				904,708
Shares of Beneficial Interest Transactions:
Proceeds from sales of shares (See Note 5)			3,844,677				183,240
Cost of shares redeemed (See Note 5)			(2,418,237	)			-
Net Increase in Net Assets from Shares of Beneficial Interest Transactions			1,426,440				183,240
Net Increase in Net Assets			2,687,048				1,087,948
Net Assets:
Beginning of year			3,167,753				2,079,805
End of period		$	5,854,801			$	3,167,753
Changes in Shares Outstanding:
Shares outstanding, beginning of year			150,000				140,000
Shares sold			165,000				10,000
Shares redeemed			(105,000	)			-
Shares outstanding, end of period			210,000				150,000

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Year Ended December 31, 2022		Period Ended December 31, 2021(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	21.12			$	14.86			$	26.46			$	25.00
Net Investment Loss(b)			(0.07	)			(0.10	)			(0.11	)			(0.15	)
Net Realized and Unrealized Gain/(Loss) on Investments			6.83				6.36				(11.49	)			1.61
Total from Investment Operations			6.76				6.26				(11.60	)			1.46
Net Asset Value, End of Period		$	27.88			$	21.12			$	14.86			$	26.46
NAV total return†			32.02	%			42.16	%			(43.86	)%			5.84	%
Market price, End of Period		$	27.97			$	21.11			$	14.84			$	26.47
Investment total return††			32.50	%			42.25	%			(43.94	)%			5.88	%
Net Assets, End of Period (in 000's)		$	5,855			$	3,168			$	2,080			$	4,102
Ratio to average net assets of:
Net Investment Loss			(0.55	)%(c)			(0.54	)%			(0.59	)%			(0.68	)%(c)
Operating Expenses			0.90	%(c)			0.90	%			0.90	%			0.90	%(c)
Portfolio Turnover Rate			27	%			87	%			77	%			56	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on February 16, 2021.

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited)

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

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

Security Valuation. 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 used for valuing securities are not necessarily an indication of the risk associated with investing in those

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2024is as follows:

		Valuation Inputs
INVESTMENTS IN SECURITIES:		Level 1 Quoted Prices		Total Market Value at 06/30/24
ASSETS (Market Value):
Common Stocks (a)		$	5,748,161			$	5,748,161
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	5,748,161			$	5,748,161

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

There were no Level 2 or Level 3 investments held at June 30, 2024 or December 31, 2023. The Fund's policy is to recognize transfers among levels as of the beginning of the reporting period.

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.

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

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

(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 Fund did not make distributions for the year ended December 31, 2023.

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

At December 31, 2023, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

Short term capital loss carryforward with no expiration			$	834,705
Long term capital loss carryforward with no expiration				450,870
Total Capital Loss Carryforward			$	1,285,575

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2024:

						Gross		Gross		Net
						Unrealized		Unrealized		Unrealized
			Cost		Appreciation		Depreciation		Appreciation
Investments			$	4,542,507			$	1,205,654			$	-			$	1,205,654

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2024, 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 investments of the Fund's assets. Under the Investment Advisory

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

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.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $3,218,494 and $1,086,417, respectively.

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

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2024, the Fund realized net gains of $781,858 on $1,426,440 of redemptions-in-kind.

7. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2024, the Fund paid $382 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Fund pays retainer and per meeting fees to Independent Trustees and certain Interested, 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.

8. Significant Shareholder. As of June 30, 2024 approximately 49.4% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Growth Innovators ETF

Notes to Financial Statements (Unaudited) (Continued)

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

10. 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

Semiannual Report -June 30, 2024

(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 six months ended June 30, 2024, the net asset value (NAV) total return of Gabelli Love Our Planet & People ETF (the Fund) was 3.8% compared with a total return of 15.3% for the Standard & Poor's (S&P) 500 Index. The total return based on the Fund's Market Price was 3.9% The Fund's NAV per share was $26.17, while the price of the publicly traded shares closed at $26.18 on the New York Stock Exchange (NYSE) Arca.

Enclosed are the financial statements, including the schedule of investments, for the Fund's annual report as of June 30, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2024:

GABELLI LOVE OUR PLANET & PEOPLE ETF

Equipment and Supplies			13.9	%
Environmental Services			11.0	%
Energy and Utilities			10.0	%
Building and Construction			8.6	%
Machinery			8.5	%
Automotive Parts and Accessories			7.1	%
Electronics			6.8	%
Financial Services			5.7	%
U.S. Government Obligations			5.7	%
Metals and Mining			3.7	%
Real Estate Investment Trust			3.4	%
Specialty Chemicals			3.3	%
General Industrial Machinery and Equipment			2.8	%
Diversified Industrial			2.5	%
Business Services			1.9	%
Health Care			1.4	%
Technology Services			1.4	%
Banking			1.4	%
Consumer Products			0.9	%
Other Assets and Liabilities (Net)			(0.0	)%*
			100.0	%

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

Proxy Voting

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

Gabelli Love Our Planet & People ETF

Schedule of Investments - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Schedule of Investments (Continued) - June 30, 2024 (Unaudited)

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Statement of Changes in Net Assets

		Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Operations:
Net investment income		$	124,822			$	248,390
Net realized loss on investments			(723,874	)			(1,009,465	)
Net realized gain on redemptions in-kind			233,261				146,643
Net change in unrealized appreciation on investments			794,044				1,100,138
Net Increase in Net Assets Resulting from Operations			428,253				485,706
Distributions to Shareholders:
Accumulated earnings			-				(227,980	)
Return of capital			-				(30,080	)
Total Distributions to Shareholders			-				(258,060	)
Shares of Beneficial Interest Transactions:
Cost of shares redeemed (See Note 5)			(774,985	)			(1,165,597	)
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			(774,985	)			(1,165,597	)
Net Decrease in Net Assets			(346,732	)			(937,951	)
Net Assets:
Beginning of year			11,598,138				12,536,089
End of period		$	11,251,406			$	11,598,138
Changes in Shares Outstanding:
Shares outstanding, beginning of year			460,000				510,000
Shares redeemed			(30,000	)			(50,000	)
Shares outstanding, end of period			430,000				460,000

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Year Ended December 31, 2022		Period Ended December 31, 2021(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	25.21			$	24.58			$	29.53			$	25.00
Net Investment Income(b)			0.27				0.51				0.53				0.39
Net Realized and Unrealized Gain/(Loss) on Investments			0.69				0.68				(4.99	)			4.51
Total from Investment Operations			0.96				1.19				(4.46	)			4.90
Distributions to Shareholders:
Net Investment Income			-				(0.50	)			(0.46	)			(0.37	)
Return of Capital			-				(0.06	)			(0.03	)			-
Total Distributions			-				(0.56	)			(0.49	)			(0.37	)
Net Asset Value, End of Period		$	26.17			$	25.21			$	24.58			$	29.53
NAV total return†			3.78	%			4.85	%			(15.08	)%			19.62	%
Market price, End of Period		$	26.18			$	25.19			$	24.58			$	29.51
Investment total return††			3.93	%			4.75	%			(15.02	)%			19.52	%
Net Assets, End of Period (in 000's)		$	11,251			$	11,598			$	12,536			$	11,370
Ratio to average net assets of:
Net Investment Income			2.13	%(c)			2.06	%			2.08	%			1.51	%(c)
Operating Expenses Before Waiver			0.90	%(c)			0.90	%			0.90	%			0.90	%(c)
Operating Expenses Net of Waiver			0.00	%(c)			0.00	%			0.00	%			0.00	%(c)
Portfolio Turnover Rate			11	%			24	%			19	%			13	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

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

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited)

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

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

Security Valuation. 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 used for valuing securities are not necessarily an indication of the risk associated with investing in those

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (Continued)

securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2024is as follows:

		Valuation Inputs
INVESTMENTS IN SECURITIES:		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Total Market Value at 06/30/24
ASSETS (Market Value):
Common Stocks (a)		$	10,610,341				-			$	10,610,341
U.S. Government Obligations			-			$	645,200			$	645,200
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	10,610,341			$	645,200			$	11,255,541

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

There were no Level 3 investments held at June 30, 2024 and December 31, 2023. The Fund's policy is to recognize transfers among levels as of the beginning of the reporting period.

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 (Unaudited) (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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2023 was as follows:

Distributions paid from:
Ordinary income		$	227,980
Return of capital			30,080
Total distributions paid		$	258,060

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

At December 31, 2023, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

Short term capital loss carryforward with no expiration		$	322,693
Long term capital loss carryforward with no expiration			1,344,558
Total Capital Loss Carryforward		$	1,667,251

The following summarizes the tax cost on investments and the net unrealized appreciation at June 30, 2024:

			Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments			$	9,431,972			$	2,362,496			$	(538,927	)		$	1,823,569

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (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 six months ended June 30, 2024, 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 (the Fee Waiver). The Fee Waiver will continue until at least April 30, 2025, and shall not apply to any brokerage costs, acquired Fund fees and expenses, interest, taxes, and extraordinary expenses that the Fund may incur. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.

During the six months ended June 30, 2024, the Adviser waived expenses in the amount of $52,749.

For the year ended December 31, 2023			$	108,622
For the six months ended June 30, 2024				52,749
			$	161,371

4.  Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $1,188,307 and $1,316,909, 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

Gabelli Love Our Planet & People ETF

Notes to Financial Statements (Unaudited) (Continued)

varying amounts based on the time an order is placed. The Fund may impose higher transaction fees when cash is substituted for Basket instruments. Higher transaction fees may apply to purchases and redemptions through the DTC than through the NSCC.

6.  Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2024, the Fund realized net gain of $233,261 on $799,732 of redemptions-in-kind.

7. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2024, the Fund paid $55 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The Fund pays retainer and per meeting fees to Independent Trustees and certain interested, 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.

8.  Significant Shareholder. As of June 30, 2024, the Fund's Adviser and its affiliates beneficially owned 85.5% of the voting securities of the Fund, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

10.  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.

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

The Financial Highlights are attached herewith.

Gabelli Automation ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	24.45			$	20.85			$	25.00
Net Investment Income(b)			0.00	(c)			0.19				0.16
Net Unrealized Gain/(Loss) on Investments			1.05				3.62				(4.15	)
Total from Investment Operations			1.05				3.81				(3.99	)
Distributions to Shareholders:
Net Investment Income			-				(0.21	)			(0.16	)
Net Asset Value, End of Period		$	25.50			$	24.45			$	20.85
NAV total return†			4.28	%			18.23	%			(15.90	)%
Market price, End of Period		$	25.51			$	24.44			$	20.86
Investment total return††			4.38	%			18.14	%			(15.90	)%
Net Assets, End of Period (in 000's)		$	4,845			$	4,646			$	4,379
Ratio to average net assets of:
Net Investment Income			0.81	%(d)			0.84	%			0.78	%(d)
Operating Expenses Before Waiver			0.90	%(d)			0.90	%			0.90	%(d)
Operating Expenses Net of Waiver			0.00	%(d)			0.00	%			0.00	%(d)
Portfolio Turnover Rate			0	%			13	%			28	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on January 5, 2022. The Fund first sold shares on January 3, 2022.

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

(c)	Amount represents less than $0.005.

(d)	Annualized.

See accompanying notes to financial statements.

Gabelli Commercial Aerospace and Defense ETF

Financial Highlights

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

		Six MonthsEnded June 30, 2024 (Unaudited)		Period Ended December 31,2023(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	28.27				$	25.00
Net Investment Income(b)			0.12					0.28
Net Realized and Unrealized Gain on Investments			3.04					3.26
Total from Investment Operations			3.16					3.54
Distributions to Shareholders:
Net Investment Income			-					(0.27	)
Net Asset Value, End of Period		$	31.43				$	28.27
NAV total return†			11.19	%				14.14	%
Market price, End of Period		$	31.43				$	28.31
Investment total return††			11.02	%				14.31	%
Net Assets, End of Period (in 000's)		$	5,501				$	4,382
Ratio to average net assets of:
Net Investment Income			0.79	%(c)				1.11	%(c)
Operating Expenses Before Waiver			0.90	%(c)				0.90	%(c)
Operating Expenses Net of Waiver			0.00	%(c)				0.00	%(c)
Portfolio Turnover Rate			7	%				28	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on January 3, 2023.

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Financial Services Opportunities ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Period Ended December 31, 2022(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	32.78			$	24.77			$	25.00
Net Investment Income(b)			0.26				0.51				0.33
Net Realized and Unrealized Gain/(Loss) on Investments			5.27				9.12				(0.23	)
Total from Investment Operations			5.53				9.63				0.10
Distributions to Shareholders:
Net Investment Income			-				(1.62	)			(0.33	)
Net Asset Value, End of Period		$	38.31			$	32.78			$	24.77
NAV total return†			16.87	%			38.83	%			0.41	%
Market price, End of Period		$	38.30			$	32.79			$	24.77
Investment total return††			16.80	%			38.89	%			0.41	%
Net Assets, End of Period (in 000's)		$	14,748			$	9,013			$	5,202
Ratio to average net assets of:
Net Investment Income			1.45	%(c)			1.77	%			2.01	%(c)
Operating Expenses Before Waiver			0.90	%(c)			0.90	%			0.90	%(c)
Operating Expenses Net of Waiver			0.00	%(c)			0.00	%			0.00	%(c)
Portfolio Turnover Rate			7	%			31	%			72	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on May 10, 2022. The Fund first sold shares on May 9, 2022.

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Growth Innovators ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Year Ended December 31, 2022		Period Ended December 31, 2021(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	21.12			$	14.86			$	26.46			$	25.00
Net Investment Loss(b)			(0.07	)			(0.10	)			(0.11	)			(0.15	)
Net Realized and Unrealized Gain/(Loss) on Investments			6.83				6.36				(11.49	)			1.61
Total from Investment Operations			6.76				6.26				(11.60	)			1.46
Net Asset Value, End of Period		$	27.88			$	21.12			$	14.86			$	26.46
NAV total return†			32.02	%			42.16	%			(43.86	)%			5.84	%
Market price, End of Period		$	27.97			$	21.11			$	14.84			$	26.47
Investment total return††			32.50	%			42.25	%			(43.94	)%			5.88	%
Net Assets, End of Period (in 000's)		$	5,855			$	3,168			$	2,080			$	4,102
Ratio to average net assets of:
Net Investment Loss			(0.55	)%(c)			(0.54	)%			(0.59	)%			(0.68	)%(c)
Operating Expenses			0.90	%(c)			0.90	%			0.90	%			0.90	%(c)
Portfolio Turnover Rate			27	%			87	%			77	%			56	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

(a)	The Fund commenced investment operations on February 16, 2021.

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

(c)	Annualized.

See accompanying notes to financial statements.

Gabelli Love Our Planet & People ETF

Financial Highlights

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

		Six Months Ended June 30, 2024 (Unaudited)		Year Ended December 31, 2023		Year Ended December 31, 2022		Period Ended December 31, 2021(a)
Operating Performance:
Net Asset Value, Beginning of Period		$	25.21			$	24.58			$	29.53			$	25.00
Net Investment Income(b)			0.27				0.51				0.53				0.39
Net Realized and Unrealized Gain/(Loss) on Investments			0.69				0.68				(4.99	)			4.51
Total from Investment Operations			0.96				1.19				(4.46	)			4.90
Distributions to Shareholders:
Net Investment Income			-				(0.50	)			(0.46	)			(0.37	)
Return of Capital			-				(0.06	)			(0.03	)			-
Total Distributions			-				(0.56	)			(0.49	)			(0.37	)
Net Asset Value, End of Period		$	26.17			$	25.21			$	24.58			$	29.53
NAV total return†			3.78	%			4.85	%			(15.08	)%			19.62	%
Market price, End of Period		$	26.18			$	25.19			$	24.58			$	29.51
Investment total return††			3.93	%			4.75	%			(15.02	)%			19.52	%
Net Assets, End of Period (in 000's)		$	11,251			$	11,598			$	12,536			$	11,370
Ratio to average net assets of:
Net Investment Income			2.13	%(c)			2.06	%			2.08	%			1.51	%(c)
Operating Expenses Before Waiver			0.90	%(c)			0.90	%			0.90	%			0.90	%(c)
Operating Expenses Net of Waiver			0.00	%(c)			0.00	%			0.00	%			0.00	%(c)
Portfolio Turnover Rate			11	%			24	%			19	%			13	%

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates.

††	Based on market price per share. Total return for a period of less than one year is not annualized.

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

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

(c)	Annualized.

See accompanying notes to financial statements.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

(3) All officers; $0 and

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

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

(1)	For each restatement:

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

(ii)	The aggregate dollar amount of erroneously awarded compensation attributable to such accounting restatement, including an analysis of how the amount was calculated; $0

(ii)

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

(iv)	The aggregate dollar amount of erroneously awarded compensation that remains outstanding at the end of the last completed fiscal year; $0 and

(v)	If the aggregate dollar amount of erroneously awarded compensation has not yet been determined, disclose this fact, explain the reason(s) and disclose the information required in (ii) through (iv) in the next annual report that the registrant files on this Form N-CSR; $0

(2)	If recovery would be impracticable pursuant to 17 CFR 10D-1(b)(1)(iv), for each named executive officer and for all other executive officers as a group, disclose the amount of recovery forgone and a brief description of the reason the registrant decided in each case not to pursue recovery; $0 and

(3)

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

(b)

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

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

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

(a)(3)(1)

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

(a)(3)(2)

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

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

SIGNATURES

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

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