A $33.378-billion-AUM (as of March 31
), publicly traded fund firm's team has rolled out their fourth ETF.
Yesterday, the team at Gamco Investors, Inc.
the new Gabelli Financial Services Opportunities ETF
(GABF on the NYSE Arca
). The fund's inception date was Monday, and it had $5 million in AUM as of yesterday.
The fund is a series of the Gabelli ETFs Trust
, with Gabelli Funds, LLC as its investment advisor and G.distirbutors, LLC as distributor. It is an active, translucent ETF, built using the ActiveShares
structure licensed from Precidian Investments, LLC
Gamco's Macrae Sykes
PMs the new fund, which comes with an expense ratio of 90 basis points. Yet as what they're describing as a "loyalty program," the Gamco team will charge no fees on the first $25 million in AUM in the new fund.
The new fund's other service providers include: Bank of New York Mellon (BNY Mellon
) as custodian, dividend disbursing agent, sub-admininstrator, and transfer agent; Paul Hastings LLP
as counsel; and PricewaterhouseCoopers LLP
as independent accounting firm.
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