MutualFundWire.com: 2 Years In, Gamco Transforms a $22MM-AUM ETF

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Thursday, September 19, 2024

2 Years In, Gamco Transforms a $22MM-AUM ETF

The folks at a $31.1-billion-AUM (as of December 31, 2023) fund firm in Gotham are transforming a two-year-old, actively managed ETF.

Mario J. Gabelli
Gabelli Asset Management Company
Chairman, CEO

Last Friday (September 13), the Gamco Investors, Inc. [profile] team revealed that they are switching the Gabelli Financial Services Opportunities ETF (GABF on the NYSE Arca) away from a translucent (aka "semi-transparent") structure. The active fund will now use a traditional "transparent" ETF structure, which involves daily disclosures of portfolio holdings.

GABF previously used the ActiveShares translucent ETF structure licensed from Precidian Investments, LLC. The ETF's inception date was May 9, 2022.

GABF's prospectus indicates that it comes with an expense ratio of 10 basis points, which bakes in a 90bps fee waiver on its first $25 million in AUM. In the release about the structure switch, the Gamco team notes that the fund has a loyalty program under which the firm has promised to waive all fees on the ETF's first $25 million in AUM, until at least September 13, 2025. Per ETF.com data, GABF currently has $22.46 million in AUM.

Gabelli Funds, LLC serves as investment advisor to GABF, which is a series of the Gabelli ETFs Trust. Macrae Sykes, a Gamco portfolio manager, has PMed the fund since inception.

GABF's other service providers include: Bank of New York Mellon as custodian, dividend disbursing agent, sub-administrator, and transfer agent; G.distributors, LLC as distributor; Paul Hastings LLP as counsel; and PricewaterhouseCoopers LLP as independent accounting firm.

Printed from: MFWire.com/story.asp?s=67927

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