• The actively managed ETF format will provide clients an additional option to access the Gabelli research driven investment process. The ETF structure offers trading and tax advantages over mutual funds, providing clients access to our proprietary strategies through a more efficient investment vehicle.

• ETF stands for 'Exchange Traded Fund.' An ETF is a portfolio of securities, much like a mutual fund. In fact, ETFs are regulated under the Investment Company Act of 1940, which is also the primary source of regulation in mutual funds and closed end funds. Its main differentiating feature from mutual funds is that it trades on an exchange, like a single stock or closed end fund, and can thus be bought and sold during the day.

• Like purchasing a stock, buying a Gabelli ETF requires a brokerage account. GCAD should be available for purchase on financial platforms that offer access to exchange traded vehicles.

• The tax efficiency of ETFs is directly due to the creation/redemption process. Through this process, ETFs can potentially minimize capital gains that must be paid by shareholders on appreciated assets used to redeem fund shares. This may enable the investor to defer any tax impact until sale of the ETF shares.
• Gabelli professionals are available to help you with and advise you on the execution of larger orders. That resource may also be available at your brokerage firm. If you have any questions regarding our ETF products, please reach out to us at etf@Gabelli.com. We are here to help!

• Active ETFs, like Gabelli's, take a different approach. Our experienced team of financial experts employs rigorous research and analysis to actively manage the portfolio. This means they make strategic decisions to buy and sell securities, aiming to outperform the market.
• With active ETFs, you're not just following the market trends; you're tapping into the insights and expertise of skilled professionals who actively navigate the complexities of the financial landscape.
• Think of active ETFs as a bridge connecting you to an array of opportunities – opportunities that are diligently researched, carefully curated, and ready to adapt to market changes.

• Active ETFs provide you with the potential for higher returns, as the skilled management team strives to capitalize on market inefficiencies. Plus, they offer the added benefit of flexibility – you can buy and sell them throughout the trading day, just like stocks.
• Here's where Gabelli shines. Our active ETF lineup is built upon a legacy of research-driven excellence. We don't just follow market trends; we anticipate them. With strategies like Love Our Planet & People, Growth Innovators, and others, you're investing in companies poised for growth and innovation.

Important Information

Unlike traditional ETFs, these ETFs will not tell the public what assets they hold each day. This may create additional risks for your investment. For example:

• You may have to pay more money to trade an ETF's shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information about the underlying holdings.
• The price you pay to buy ETF shares on an exchange may not match the value of an ETF's portfolio. The same is true when you sell shares. These price differences may be greater for the ETFs offered pursuant to this Prospectus compared to other ETFs because these ETFs provide less information to traders with respect to the underlying portfolio holdings.
• These additional risks may be even greater in bad or uncertain market conditions.

The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about an ETF secret, the ETF may face less risk that other traders can predict or copy its investment strategy. This may improve an ETF's performance. If other traders are able to copy or predict an ETF's investment strategy, however, this may hurt the ETF's performance. For additional information regarding the unique attributes and risks of the Funds, see the “Non-Transparent Exchange-Traded Fund (“ETF”) Structure Risk”, “Early Close/Trading Halt Risk” and “Authorized Participant and AP Representative Concentration Risk” in the “Principal Risks” section of the Prospectus.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com/funds.

Exchange traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or a discount to their NAV in the secondary market. There is no guarantee the investment strategy will be successful. Investing involves risk including the possible loss of principal.

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