Gabelli Financial Services Opportunities ETF

Gabelli Financial Services Opportunities ETF (GABF) is an actively managed fund from GAMCO Investors. As of June 30, 2026, it held 43 financial stocks, from Berkshire Hathaway and S&P Global to smaller names like SuRo Capital and Rocket Companies. Its managers look for companies priced below what informed purchasers would pay for the whole business. That hands-on approach costs 1.08% a year, against a 0.31% average for similar financial-sector ETFs.

• Over the year to Oct 27, 2026, GABF returned -8.5%, 9th of 9 among similar funds.
• Its worst full calendar year was 2025 (+3.6%); its best was 2024 (+44.5%).
• The deepest fall in its price history was 20.9% (Feb 6, 2025 to Apr 8, 2025), recovered by Jul 10, 2025.

As of Jun 30, 2026, the fund held 43 securities; the ten largest made up 45.88% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $3.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.72%, -2.25%, +0.72%.

GABF does not track an index. GAMCO's managers pick the stocks. At least 80% of net assets must go to companies that get at least half their assets or revenues from financial services. That includes banks, lenders, asset managers, insurers, brokers, exchanges, financial data firms, payment processors and mortgage REITs (trusts that hold home loans). Companies of any size qualify. The fund may own stocks from the UK, Europe and Japan, either directly or through American Depositary Receipts. Even so, 99.6% of the portfolio was in US companies as of June 30, 2026.

Stock picking follows Gabelli's "private market value" approach. That value is the price informed purchasers would pay to acquire the whole business. The managers look for shares trading below that value. They also want a catalyst that could close the gap, such as a regulatory change, new management, a spin-off or a profitable new business line. They exit a position when it hits a price target, when its fundamentals weaken, or when the fund's overall risk needs adjusting. Portfolio turnover was 31%, according to the prospectus filed April 30, 2026.

No formula sets the weights, and there is no fixed rebalancing date. Federal fund rules add limits. GABF generally can't put more than 5% of total assets into any one broker, dealer, underwriter or investment adviser. It also can't own more than 10% of an insurer's voting stock. The fund uses no leverage, and it reported no derivatives as of June 30, 2026.

• GABF charges 1.08% a year, versus an average of 0.31% for the similar funds below (9th of 9, cheapest first).
• Of that, 0.9% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.56% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $110 in the first year and $1,895 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed bet on one sector at a 1.08% expense ratio, so it fits a small slice of a portfolio better than the core.

GABF launched in May 2022. It has no record through the 2008 crisis or the 2020 crash, and it missed most of the 2022 bear market. Its worst full calendar year was 2025, which was still a 3.6% gain. But it was down 7.4% in 2026 through October 27. Its deepest drop was 20.9%, from February 6 to April 8, 2025, and it recovered by July 10, 2025, about three months later. A single-sector fund can fall harder in a financial crisis, which matters for anyone drawing cash in a bad year. Income is modest: the trailing yield was 2.13% as of October 27, 2026, paid once a year. Costs are high. The SEC's standard example puts costs on $10,000 at $110 after one year and $1,895 after ten. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.