Gabelli Opportunities in Live and Sports ETF (GOLS)

GOLS is an actively managed fund primarily investing in the equity securities of companies operating within the live media, entertainment, and sports industries. The fund's investment universe includes international businesses, accessible even through American Depositary Receipts (ADRs), and it is not constrained by a company's market capitalization. A portion of its net assets, up to ten percent, may be allocated to option contracts. The definition of live media for the fund encompasses a wide array of activities such as television, radio, film, internet content, and advertising services. Sports-related ventures cover aspects like professional team ownership, specialized real estate, athletic apparel and equipment manufacturing, event ticketing, and sports broadcasting. The core investment strategy centers on identifying undervalued assets by evaluating their private market value, considering various factors including stock price, earnings performance, financial statements, management quality, and potential catalysts such as industry shifts or regulatory changes. Holdings may be divested if their perceived value diminishes, often due to reaching specific price targets, adverse fundamental shifts, or changes in their risk/reward profile. Investors should be aware that equity securities are inherently exposed to market fluctuations, which carry associated risks.