Consolidated ssr-output-EDGAR XBRL File

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23568

Gabelli ETFs Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

Gabelli Automation ETF

GAST -

NYSE Arca

Semi-Annual Shareholder Report - June 30, 2024

How has the Fund performed since inception?

The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Fund Overview

This Semi-Annual shareholder report contains important information about the Gabelli Automation ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024. The Gabelli Automation Exchange-Traded Fund (ETF) primarily seeks to provide growth of capital. The Fund will primarily invest in U.S. exchange listed common stock and preferred stock. The Fund may also invest in foreign securities by investing in American Depositary Receipts. The Fund focuses on companies which appear underpriced relative to their Private Market Value (“PMV”). PMV is the value the Adviser believes informed investors would be willing to pay for a company. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in publicly traded equity securities of automation firms throughout the world, including the United States. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Automation ETF	$0	0.00%

Total Return Based on a $10,000 Investment

Line Graph Depicting Growth of 10k from dates mentioned

	Gabelli Automation ETF	S&P 500 Index	MSCI USA Consumer Discretionary Index
1/22	10,000	10,000	10,000
6/22	7,827	8,938	7,329
6/23	9,382	10,689	9,125
6/24	10,365	13,314	10,418

How did the Fund perform?

During the six months ended June 30, 2024, the Gabelli Automation ETF underperformed its broad-based benchmark, the S&P 500 and comparative, the MSCI USA Consumer Discretionary Index. The Fund invests in companies seeking growth opportunities in the evolution of automation utilizing technology, industrial solutions and professional services. The Fund has an all-cap approach with a skew towards small to mid-cap companies providing modest exposure to recent AI catalysts. We believe companies pursuing automation should benefit from using AI overall.

Average Annual Total Returns

Name	6 months	1 Year	Since Inception (01/05/22)
Gabelli Automation ETF	4.28%	10.48%	1.46%
S&P 500 Index	15.29%	24.56%	7.92%
MSCI USA Consumer Discretionary Index	5.86%	14.16%	19.65%

Fund Statistics

Total Net Assets$4,844,515
# of Portfolio Holdings46
Portfolio Turnover Rate0%
Management Fees$0

Past performance does not guarantee future results.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Emerson Electric Co.	4.7%
Rockwell Automation Inc.	4.1%
AMETEK Inc.	3.9%
AZZ Inc.	3.9%
Check Point Software Technologies Ltd.	3.5%
Alphabet Inc.	3.1%
ITT Inc.	3.0%
Intercontinental Exchange Inc.	3.0%
Allient Inc.	3.0%
Republic Services Inc.	2.8%

Industry Allocation (% of net assets)

Prepackaged Software	11.6%
Equipment and Supplies	6.2%
Electronic & Other Electrical Equipment	5.9%
Metals & Mining	5.8%
Aerospace and Defense	5.7%
Electronics	5.2%
Diversified Industrial	4.8%
Energy and Utilities	4.8%
Other Industry Sectors	43.5%
Other Assets and Liabilities (Net)	6.5%

Portfolio Weighting (% of net assets)

Pie chart depicting Group By Asset Type Chart

Value	Value
Common Stock	93.5%
Other Assets and Liabilities (Net)	6.5%

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

Gabelli Automation ETF

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

GAST-24-SATSR

Gabelli Commercial Aerospace and Defense ETF

GCAD -

NYSE Arca

Semi-Annual Shareholder Report - June 30, 2024

How has the Fund performed since inception?

Fund Overview

This Semi-Annual shareholder report contains important information about the Gabelli Commercial Aerospace and Defense ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024. The Gabelli Commercial Aerospace and Defense Exchange-Traded Fund's (ETF) investment objective is to seek a high level of total return on its assets with an emphasis on income. The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities including securities in the aerospace and defense sectors. Aerospace companies include manufacturers, assemblers, and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment, and weapons. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gabelli Commercial Aerospace and Defense ETF	$0	0.00%

Total Return Based on a $10,000 Investment

	Gabelli Commercial Aerospace and Defense ETF	S&P 500 Index
1/23	10,000	10,000
6/23	10,335	11,959
6/24	12,692	14,896

How did the Fund perform?

During the six months ended June 30, 2024 the Gabelli Commercial Aerospace and Defense ETF underperformed its broad-based benchmark, the S&P 500. During the period, the Fund benefitted from exposure to aerospace & defense companies with higher aftermarket services. Commercial air travel continues to grow as revenue passenger kilometers (RPKs) expand in the post-pandemic travel recovery.