0001133228-18-004210.txt : 20180627 0001133228-18-004210.hdr.sgml : 20180627 20180627113846 ACCESSION NUMBER: 0001133228-18-004210 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 17 FILED AS OF DATE: 20180627 DATE AS OF CHANGE: 20180627 EFFECTIVENESS DATE: 20180627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GABELLI NEXTSHARES TRUST CENTRAL INDEX KEY: 0001637520 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-211881 FILM NUMBER: 18920917 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 9149215100 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 FORMER COMPANY: FORMER CONFORMED NAME: GABELLI ETMF TRUST DATE OF NAME CHANGE: 20150323 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GABELLI NEXTSHARES TRUST CENTRAL INDEX KEY: 0001637520 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23160 FILM NUMBER: 18920916 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 9149215100 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 FORMER COMPANY: FORMER CONFORMED NAME: GABELLI ETMF TRUST DATE OF NAME CHANGE: 20150323 0001637520 S000062139 Gabelli Pet Parents'(TM) NextShares(TM) C000201146 Gabelli Pet Parents'(TM) NextShares(TM) PETZC 485BPOS 1 tv496710_485bpos.htm REGISTRATION STATEMENT

 

As filed with the Securities and Exchange Commission on June 27, 2018

Securities Act File No. 333-211881

Investment Company Act File No. 811-23160

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

  FORM N-1A  
  REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
x
     
  Pre-Effective Amendment No.                 ¨
  Post-Effective Amendment No.   9       x
  and/or  
  REGISTRATION STATEMENT
UNDER
THE  INVESTMENT COMPANY ACT OF 1940
    x
  Amendment No.  10      x

 

 

 

    GABELLI NEXTSHARES TRUST    

(Exact Name of Registrant as Specified in Charter)

 

 

 

One Corporate Center, Rye, New York 10580-1422

(Address of Principal Executive Offices)

 

Registrant’s Telephone Number, including Area Code: 1-800-422-3554

 

Agnes Mullady

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and Address of Agent for Service)

  

 

 

Copies to:

 

Andrea R. Mango, Esq. Michael R. Rosella, Esq.
Gabelli NextShares Trust Paul Hastings LLP
One Corporate Center 200 Park Avenue
Rye, New York 10580-1422     New York, New York 10166

 

It is proposed that this filing will become effective:

 

  x immediately upon filing pursuant to paragraph (b); or
  ¨ on __________ pursuant to paragraph (b); or
  ¨ 60 days after filing pursuant to paragraph (a)(1); or
  ¨ on __________ pursuant to paragraph (a)(1); or
  o 75 days after filing pursuant to paragraph (a)(2); or
  ¨ on __________ pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Rye, and State of New York, on the 27th day of June, 2018.

 

  Gabelli NextShares Trust
     
  By: /s/ Agnes Mullady
  Name: Agnes Mullady
  Title: President and Principal Executive Officer

 

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

  

Signature

Title

Date

     

Mario J. Gabelli*

Mario J. Gabelli

 

Chairman of the Board June 27, 2018

/s/ Agnes Mullady

Agnes Mullady

 

President
(Principal Executive Officer)
June 27, 2018

/s/ John C. Ball

John C. Ball

 

Treasurer
(Principal Financial and Accounting Officer)
June 27, 2018

/s/ Andrea R. Mango

Andrea R. Mango

 

Secretary June 27, 2018

Salvatore M. Salibello*

Salvatore M. Salibello

 

Trustee June 27, 2018

Anthony S. Colavita*

Anthony S. Colavita

 

Trustee June 27, 2018

Kuni Nakamura*

Kuni Nakamura

 

Trustee June 27, 2018

Michael J. Melarkey*

Michael J. Melarkey

 

Trustee June 27, 2018

Frank J. Fahrenkopf, Jr.*

Frank J. Fahrenkopf, Jr.

Trustee June 27, 2018

 

*By: /s/ Agnes Mullady  
  Agnes Mullady  
  Attorney-in-Fact  

 

 

 

 

  

Exhibit Index

 

Exhibit No. Description
   
EX-101.INS XBRL Instance Document
EX-101.SCH XBRL Taxonomy Extension Schema Document
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase
   
   

 

 

 

 

 

EX-101.INS 3 ck0001637520-20170930.xml XBRL INSTANCE DOCUMENT 0001637520 2017-09-30 2017-09-30 0001637520 ck0001637520:S000062139Member ck0001637520:SummaryS000062139Member 2017-09-30 2017-09-30 0001637520 ck0001637520:C000201146Member ck0001637520:S000062139Member ck0001637520:SummaryS000062139Member 2017-09-30 2017-09-30 xbrli:pure iso4217:USD 485BPOS 2017-09-30 GABELLI NEXTSHARES TRUST 0001637520 false 2018-06-18 2018-06-18 2018-06-18 PETZC <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin: 0in; margin-bottom: .0001pt; text-align: center;"> <b> <font style="font-size:10.0pt;"> Gabelli Pet Parents&#8217;<sup> TM</sup> NextShares<sup> TM</sup> </font> </b> <font style="font-size:10.0pt;"> </font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin: 0in; margin-bottom: .0001pt; text-align: center;"> <b> <font style="font-size:10.0pt;"> (the &#8220;Pet Parents&#8217; Fund&#8221; or the &#8220;Fund&#8221;)</font> </b> <font style="font-size:10.0pt;"> </font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt; text-align: center;"> <font style="font-size:10.0pt;"> Investment Objective</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fund seeks to provide capital appreciation.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Fees and Expenses of the Fund:</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Shareholder Fees</font> </b> <font style="font-size:10.0pt;"> (fees paid directly from your investment):</font> </p> </div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesGabelliPetParents ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Annual Fund Operating Expenses</font> </b> <font style="font-size:10.0pt;"> (expenses that you pay each year as a percentage of the value of your investment):</font> </p> </div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesGabelliPetParents ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt; text-align: center;"> <font style="font-size:10.0pt;"> Expense Example</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The example assumes that you invest $10,000 in the Fund for the time periods shown and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the example reflects the Expense Cap through the first year after the commencement of investment operations). Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> </div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleGabelliPetParentsTransposed ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt; text-align: center;"> <font style="font-size:10.0pt;"> Portfolio Turnover</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund&#8217;s performance. As the Fund is new, it does not have any portfolio turnover as of the date of this prospectus.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt; text-align: center;"> <font style="font-size:10.0pt;"> Principal Investment Strategies</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common and preferred shares of publicly traded domestic and foreign companies of all capitalization ranges in the pet industry. The pet industry includes companies that offer services and products for pets and pet owners (&#8220;Pet Parents&#8221;). Such companies will generally derive at least 50% of their revenues or profits from, or will devote at least 50% of their assets to the following sectors: manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and products and services that support Pet Parents regarding their pet activities (hereinafter the &#8220;Pet Industry&#8221;).</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Gabelli Funds, LLC&#8217;s (the &#8220;Adviser&#8221;) investment philosophy with respect to securities is to identify assets that are selling in the public market at a discount to their private market value (&#8220;PMV&#8221;). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser also generally evaluates an issuer&#8217;s free cash flow and long term earnings trends. Finally, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fund is intended for investors seeking capital appreciation. It is not intended for those who wish to play short term swings in the stock market.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt; text-align: center;"> <font style="font-size:10.0pt;"> Principal Risks</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> You may want to invest in the Fund if:</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> you are a long term investor</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="display:none;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> you seek capital appreciation</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="display:none;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> you wish to include a value strategy as a portion of your overall investments</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fund&#8217;s share price will fluctuate with changes in the market value of the Fund&#8217;s portfolio securities. Your investment in the Fund is not guaranteed; you may lose money by investing in the Fund. When you sell Fund shares, they may be worth more or less than what you paid for them.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Investing in the Fund involves the following risks:</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Contingent Pricing Risk.</font> </b> <font style="font-size:10.0pt;"> Trading prices of Fund shares are directly linked to the Fund&#8217;s next-computed NAV, which is normally determined as of the close of regular market trading each business day. Buyers and sellers of shares will not know the value of their purchases and sales until the Fund&#8217;s NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities to transact intraday at currently (versus end of day) determined prices. Trade prices are contingent upon the determination of NAV and may vary significantly from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during periods of market volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used to control or limit trade execution prices.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Equity Risk.</font> </b> <font style="font-size:10.0pt;"> Equity risk is the risk that the prices of the securities held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies&#8217; particular circumstances. Holders of equity securities only have rights to value in the company only after all issuer debts have been paid and they could lose their entire investment in a company that encounters financial difficulty.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Foreign Securities Risk.</font> </b> <font style="font-size:10.0pt;"> Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Industry Concentration Risk.</font> </b> <font style="font-size:10.0pt;"> The Fund invests a significant portion of its assets in companies in the Pet Industry, which includes manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and product and services that support Pet Parents regarding their pet activities. As a result, the value of the Fund&#8217;s shares will be more susceptible to the factors affecting those particular types of companies, including government regulation, greater price volatility for the overall market, rapid obsolescence of products and services, intense competition, and strong market reactions to pet- or industry-related developments.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Management Risk.</font> </b> <font style="font-size:10.0pt;"> If the Adviser is incorrect in its assessment of the investment prospects of the securities the Fund holds, then the value of the Fund&#8217;s shares may decline.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Market Trading Risk.</font> </b> <font style="font-size:10.0pt;"> Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund&#8217;s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than you acquired shares.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> New Fund Risk.</font> </b> <font style="font-size:10.0pt;"> The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Non-Diversification Risk.</font> </b> <font style="font-size:10.0pt;"> As a non-diversified fund, more of the Fund&#8217;s assets may be focused in the securities of a small number of issuers, which may make the value of the Fund&#8217;s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified fund.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; text-indent: -.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Short Sale Risk</font> </b> <font style="font-size:10.0pt;"> . The Fund will incur a loss if it sells a security short and the price of the security rises rather than falls. Short sale expose the Fund to the risk that it may have to buy back the security sold short (also known as &#8220;covering&#8221; the short position) at a time when the security is at a higher price than it was when it was sold short. This will result in a loss to the Fund. The Fund&#8217;s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not associated with investing in securities directly, such as the cost of borrowing securities sold short and margin account maintenance costs associated with the Fund&#8217;s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs. There is no maximum price limit for a security sold short. Therefore, in theory, securities sold short have unlimited risk of loss.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in; margin-bottom:.0001pt;text-indent:-.25in;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in;"> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8226;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Value Investing Risk.</font> </b> <font style="font-size:10.0pt;"> The Fund invests in &#8220;value&#8221; stocks. Value investing refers to buying securities that the Adviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, &#8220;value&#8221; investing falls out of favor with investors. During those periods, the Fund&#8217;s relative performance may suffer.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:1.0pt;color:black;"> &#160;</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt; text-align: center;"> <font style="font-size:10.0pt;"> Performance</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fund has not yet commenced operations and, therefore, performance information is not yet available. Performance information will be available after the Fund has been in operation for one calendar year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> None</font> </p> </div> 0.01 0.0358 0.0458 -0.0368 0.009 92 1049 <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Other Expenses are estimated for the first year of operations.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common and preferred shares of publicly traded domestic and foreign companies of all capitalization ranges in the pet industry.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> you may lose money by investing in the Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> As a non-diversified fund, more of the Fund&#8217;s assets may be focused in the securities of a small number of issuers, which may make the value of the Fund&#8217;s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Your investment in the Fund is not guaranteed</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fund has not yet commenced operations and, therefore, performance information is not yet available. Performance information will be available after the Fund has been in operation for one calendar year.</font> </p> </div> Other Expenses are estimated for the first year of operations. Gabelli Funds, LLC has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) from exceeding 0.90% of the Fund's average daily net assets per year (the "Expense Cap"). This arrangement is in effect for one year from the commencement of investment operations, and may be terminated only by the Board of Trustees of the Company before such time. The Fund will carry forward, for a period not to exceed three fiscal years from the date that an amount is waived, any fees in excess of the expense limitation and repay the Adviser such amount provided the Fund is able to do so without exceeding the lesser of (1) the expense limit in effect at the time of the waiver or reimbursement, as applicable, or (2) the expense limit in effect at the time of recoupment. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2017
Entity Registrant Name dei_EntityRegistrantName GABELLI NEXTSHARES TRUST
Entity Central Index Key dei_EntityCentralIndexKey 0001637520
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jun. 18, 2018
Document Effective Date dei_DocumentEffectiveDate Jun. 18, 2018
Prospectus Date rr_ProspectusDate Jun. 18, 2018
Gabelli Pet Parents'(TM) NextShares(TM) (Prospectus Summary) | Gabelli Pet Parents'(TM) NextShares(TM) | Gabelli Pet Parents'(TM) NextShares(TM)  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol PETZC

XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Gabelli Pet Parents'(TM) NextShares(TM) (Prospectus Summary) | Gabelli Pet Parents'(TM) NextShares(TM)

Gabelli Pet Parents’ TM NextShares TM

(the “Pet Parents’ Fund” or the “Fund”)

Investment Objective

The Fund seeks to provide capital appreciation.

Fees and Expenses of the Fund:

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

Shareholder Fees
Gabelli Pet Parents'(TM) NextShares(TM)
Shareholder Fees (fees paid directly from your investment)

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Annual Fund Operating Expenses
Gabelli Pet Parents'(TM) NextShares(TM)
Management Fees 1.00%
Other Expenses 3.58% [1]
Total Annual Fund Operating Expenses 4.58%
Less Fee Waiver and/or Expense Reimbursement 3.68% [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.90% [2]
[1] Other Expenses are estimated for the first year of operations.
[2] Gabelli Funds, LLC has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) from exceeding 0.90% of the Fund's average daily net assets per year (the "Expense Cap"). This arrangement is in effect for one year from the commencement of investment operations, and may be terminated only by the Board of Trustees of the Company before such time. The Fund will carry forward, for a period not to exceed three fiscal years from the date that an amount is waived, any fees in excess of the expense limitation and repay the Adviser such amount provided the Fund is able to do so without exceeding the lesser of (1) the expense limit in effect at the time of the waiver or reimbursement, as applicable, or (2) the expense limit in effect at the time of recoupment.

Expense Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

 

The example assumes that you invest $10,000 in the Fund for the time periods shown and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the example reflects the Expense Cap through the first year after the commencement of investment operations). Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
1 Year
3 Years
| | Gabelli Pet Parents'(TM) NextShares(TM) | USD ($) 92 1,049

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. As the Fund is new, it does not have any portfolio turnover as of the date of this prospectus.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common and preferred shares of publicly traded domestic and foreign companies of all capitalization ranges in the pet industry. The pet industry includes companies that offer services and products for pets and pet owners (“Pet Parents”). Such companies will generally derive at least 50% of their revenues or profits from, or will devote at least 50% of their assets to the following sectors: manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and products and services that support Pet Parents regarding their pet activities (hereinafter the “Pet Industry”).

 

Gabelli Funds, LLC’s (the “Adviser”) investment philosophy with respect to securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser also generally evaluates an issuer’s free cash flow and long term earnings trends. Finally, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business.

 

The Fund is intended for investors seeking capital appreciation. It is not intended for those who wish to play short term swings in the stock market.

Principal Risks

You may want to invest in the Fund if:

 

you are a long term investor

 

you seek capital appreciation

 

you wish to include a value strategy as a portion of your overall investments

 

The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. Your investment in the Fund is not guaranteed; you may lose money by investing in the Fund. When you sell Fund shares, they may be worth more or less than what you paid for them.

 

Investing in the Fund involves the following risks:

 

Contingent Pricing Risk. Trading prices of Fund shares are directly linked to the Fund’s next-computed NAV, which is normally determined as of the close of regular market trading each business day. Buyers and sellers of shares will not know the value of their purchases and sales until the Fund’s NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities to transact intraday at currently (versus end of day) determined prices. Trade prices are contingent upon the determination of NAV and may vary significantly from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during periods of market volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used to control or limit trade execution prices.

 

Equity Risk. Equity risk is the risk that the prices of the securities held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. Holders of equity securities only have rights to value in the company only after all issuer debts have been paid and they could lose their entire investment in a company that encounters financial difficulty.

 

Foreign Securities Risk. Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.

 

Industry Concentration Risk. The Fund invests a significant portion of its assets in companies in the Pet Industry, which includes manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and product and services that support Pet Parents regarding their pet activities. As a result, the value of the Fund’s shares will be more susceptible to the factors affecting those particular types of companies, including government regulation, greater price volatility for the overall market, rapid obsolescence of products and services, intense competition, and strong market reactions to pet- or industry-related developments.

 

Management Risk. If the Adviser is incorrect in its assessment of the investment prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.

 

Market Trading Risk. Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than you acquired shares.

 

New Fund Risk. The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.

 

Non-Diversification Risk. As a non-diversified fund, more of the Fund’s assets may be focused in the securities of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified fund.

 

Short Sale Risk . The Fund will incur a loss if it sells a security short and the price of the security rises rather than falls. Short sale expose the Fund to the risk that it may have to buy back the security sold short (also known as “covering” the short position) at a time when the security is at a higher price than it was when it was sold short. This will result in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not associated with investing in securities directly, such as the cost of borrowing securities sold short and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs. There is no maximum price limit for a security sold short. Therefore, in theory, securities sold short have unlimited risk of loss.

 

Value Investing Risk. The Fund invests in “value” stocks. Value investing refers to buying securities that the Adviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.

 

Performance

The Fund has not yet commenced operations and, therefore, performance information is not yet available. Performance information will be available after the Fund has been in operation for one calendar year.

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Risk/Return: rr_RiskReturnAbstract  
Entity Central Index Key dei_EntityCentralIndexKey 0001637520
Gabelli Pet Parents'(TM) NextShares(TM) (Prospectus Summary) | Gabelli Pet Parents'(TM) NextShares(TM)  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Gabelli Pet Parents’ TM NextShares TM

(the “Pet Parents’ Fund” or the “Fund”)

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide capital appreciation.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment):

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. As the Fund is new, it does not have any portfolio turnover as of the date of this prospectus.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Other Expenses are estimated for the first year of operations.

Expense Example [Heading] rr_ExpenseExampleHeading

Expense Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

 

The example assumes that you invest $10,000 in the Fund for the time periods shown and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the example reflects the Expense Cap through the first year after the commencement of investment operations). Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common and preferred shares of publicly traded domestic and foreign companies of all capitalization ranges in the pet industry. The pet industry includes companies that offer services and products for pets and pet owners (“Pet Parents”). Such companies will generally derive at least 50% of their revenues or profits from, or will devote at least 50% of their assets to the following sectors: manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and products and services that support Pet Parents regarding their pet activities (hereinafter the “Pet Industry”).

 

Gabelli Funds, LLC’s (the “Adviser”) investment philosophy with respect to securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Adviser also generally evaluates an issuer’s free cash flow and long term earnings trends. Finally, the Adviser looks for a catalyst, something indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business.

 

The Fund is intended for investors seeking capital appreciation. It is not intended for those who wish to play short term swings in the stock market.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common and preferred shares of publicly traded domestic and foreign companies of all capitalization ranges in the pet industry.

Risk [Heading] rr_RiskHeading

Principal Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You may want to invest in the Fund if:

 

you are a long term investor

 

you seek capital appreciation

 

you wish to include a value strategy as a portion of your overall investments

 

The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. Your investment in the Fund is not guaranteed; you may lose money by investing in the Fund. When you sell Fund shares, they may be worth more or less than what you paid for them.

 

Investing in the Fund involves the following risks:

 

Contingent Pricing Risk. Trading prices of Fund shares are directly linked to the Fund’s next-computed NAV, which is normally determined as of the close of regular market trading each business day. Buyers and sellers of shares will not know the value of their purchases and sales until the Fund’s NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities to transact intraday at currently (versus end of day) determined prices. Trade prices are contingent upon the determination of NAV and may vary significantly from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during periods of market volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used to control or limit trade execution prices.

 

Equity Risk. Equity risk is the risk that the prices of the securities held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. Holders of equity securities only have rights to value in the company only after all issuer debts have been paid and they could lose their entire investment in a company that encounters financial difficulty.

 

Foreign Securities Risk. Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.

 

Industry Concentration Risk. The Fund invests a significant portion of its assets in companies in the Pet Industry, which includes manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and product and services that support Pet Parents regarding their pet activities. As a result, the value of the Fund’s shares will be more susceptible to the factors affecting those particular types of companies, including government regulation, greater price volatility for the overall market, rapid obsolescence of products and services, intense competition, and strong market reactions to pet- or industry-related developments.

 

Management Risk. If the Adviser is incorrect in its assessment of the investment prospects of the securities the Fund holds, then the value of the Fund’s shares may decline.

 

Market Trading Risk. Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at, or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or narrower premium to NAV than you acquired shares.

 

New Fund Risk. The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.

 

Non-Diversification Risk. As a non-diversified fund, more of the Fund’s assets may be focused in the securities of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified fund.

 

Short Sale Risk . The Fund will incur a loss if it sells a security short and the price of the security rises rather than falls. Short sale expose the Fund to the risk that it may have to buy back the security sold short (also known as “covering” the short position) at a time when the security is at a higher price than it was when it was sold short. This will result in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not associated with investing in securities directly, such as the cost of borrowing securities sold short and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs. There is no maximum price limit for a security sold short. Therefore, in theory, securities sold short have unlimited risk of loss.

 

Value Investing Risk. The Fund invests in “value” stocks. Value investing refers to buying securities that the Adviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, “value” investing falls out of favor with investors. During those periods, the Fund’s relative performance may suffer.

 

Risk Lose Money [Text] rr_RiskLoseMoney

you may lose money by investing in the Fund.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

As a non-diversified fund, more of the Fund’s assets may be focused in the securities of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified fund.

Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution

Your investment in the Fund is not guaranteed

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The Fund has not yet commenced operations and, therefore, performance information is not yet available. Performance information will be available after the Fund has been in operation for one calendar year.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

The Fund has not yet commenced operations and, therefore, performance information is not yet available. Performance information will be available after the Fund has been in operation for one calendar year.

Gabelli Pet Parents'(TM) NextShares(TM) (Prospectus Summary) | Gabelli Pet Parents'(TM) NextShares(TM) | Gabelli Pet Parents'(TM) NextShares(TM)  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeesColumnName

None

Management Fees rr_ManagementFeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 3.58% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.58%
Less Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 3.68% [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90% [2]
1 Year rr_ExpenseExampleYear01 $ 92
3 Years rr_ExpenseExampleYear03 $ 1,049
[1] Other Expenses are estimated for the first year of operations.
[2] Gabelli Funds, LLC has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) from exceeding 0.90% of the Fund's average daily net assets per year (the "Expense Cap"). This arrangement is in effect for one year from the commencement of investment operations, and may be terminated only by the Board of Trustees of the Company before such time. The Fund will carry forward, for a period not to exceed three fiscal years from the date that an amount is waived, any fees in excess of the expense limitation and repay the Adviser such amount provided the Fund is able to do so without exceeding the lesser of (1) the expense limit in effect at the time of the waiver or reimbursement, as applicable, or (2) the expense limit in effect at the time of recoupment.
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Document Effective Date dei_DocumentEffectiveDate Jun. 18, 2018
Prospectus Date rr_ProspectusDate Jun. 18, 2018
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