Veteran PM Tony Bancroft to Lead Team

Gabelli Funds (“GAMCO”) (OTCQX: GAMI) announced today the launch of its fifth ETF, which will begin trading under the symbol GCAD on the New York Stock Exchange on January 4, 2023. GCAD will focus on the aerospace and defense sectors, one of Gabelli Funds’ research core competencies. Following an update to the registration statement, GCAD will trade under the name: “Gabelli Commercial Aerospace & Defense ETF”.

Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR, is the team leader and portfolio manager of the Fund. Mr. Bancroft joined Gabelli Funds in 2009 after serving as an F/A-18 Hornet fighter pilot with the United States Marine Corps. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.

As with the previous ETF’s launched by Gabelli, GAMCO will offer a “loyalty” program under which the first $25 million of the Fund’s assets under management will incur no fees and expenses.

GCAD’s investment objective is to achieve a high level of total return with an emphasis on income. The fund will seek to invest in Aerospace companies that include manufacturers, assemblers and distributors of aircraft and aircraft parts as well as defense companies, including producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. Income producing equity securities include U.S. exchange-listed common stock and preferred stock. The Fund may also invest in foreign securities by investing in American Depositary Receipts.

GAMCO Investors, Inc. (OTCQX: GAMI), through its subsidiaries, manages assets of private advisory accounts (GAMCO) and mutual funds and closed-end funds (Gabelli Funds, LLC), and is known for its Private Market Value with a Catalyst™ style of investment. As of September 30, 2022, GAMCO Investors, Inc. had $27.6 billion in assets under management. Further information can be found at www.gabelli.com

About this ETF

The Fund is a non-diversified, open-end management investment company whose primary investment objective is to seek a high level of total return with an emphasis on income. Under normal market conditions, the Fund will invest at least 80%, of its assets in U.S. exchange-listed common and preferred stocks of companies that meet the Fund’s guidelines for aerospace and defense. Your investment in the Fund is not guaranteed and you could lose some or all of the amount you invested. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

This ETF is not yet available to purchase, and this is not a solicitation to purchase a security. Please read the Prospectus, including the Risk Discussion, carefully (when it becomes available) to understand the attributes and risks of this ETF before investing.

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

• You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
• The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
• These additional risks may be even greater in bad or uncertain market conditions. The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance. For additional information regarding the unique attributes and risks of the ETF, see the ActiveShares prospectus/registration statement.

You should consider the ETF’s investment objectives, risks, charges and expenses carefully before you invest. The ETF’s Prospectus, which will be available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, will contain this and other information about the ETF, and should be read carefully before investing.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI)

To obtain a Prospectus (when it becomes available), please visit https://www.gabelli.com/funds/etfs or call:

John Ball

914-921-7728

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