• In 2019, the SEC approved an ETF structure called ActiveShares. This structure fits our money management style and process, as it almost directly mirrors the management style of a mutual fund. Additionally, the ETF structure offers trading and tax advantages over mutual funds, providing clients access to our proprietary strategies through a more efficient investment vehicle.
• Since our founding we have worked tirelessly to make money for our clients through our rigorous investment process and our resulting intellectual capital. ETFs will allow our clients a new choice in the way they invest.

• 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 trading day.
• Further, as mentioned, due to the structural makeup of ETFs, they are considered to be trading and tax efficient.

• We are pleased to have launched Love Our Planet & People (LOPP) and Growth Innovators (GGRW). Tentatively, the other seven ETFs include the Gabelli Financial Services ETF, the Gabelli Small Cap Growth ETF, the Gabelli Small & Mid Cap ETF, the Gabelli Micro Cap ETF, the Gabelli Asset ETF, the Gabelli Equity Income ETF, and the Gabelli Green Energy ETF. The fund managers and dates of launch have not been finalized.

• Like purchasing a stock, buying a Gabelli ETF requires a brokerage account. You can use market orders, limit orders, or any type of algorithmic order offered by the brokerage platform.
• In an effort to encourage investment in LOPP even further, and to acknowledge our appreciation for our longstanding clients, we offer a “loyalty” program under which the first $100 million invested in that Fund will incur no fees or expenses for at least one year.
• 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!

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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