Gabelli Funds has announced the launch of its fifth ETF, which will begin trading under the symbol GCAD on the New York Stock Exchange on January 4, 2023.
The firm writes that GCAD will focus on the aerospace and defence sectors, one of Gabelli Funds’ research core competencies. Following an update to the registration statement, GCAD will trade under the name: “Gabelli Commercial Aerospace & Defense ETF”.
Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR, is the team leader and portfolio manager of the Fund. Bancroft joined Gabelli Funds in 2009 after serving as an F/A-18 Hornet fighter pilot with the United States Marine Corps. He graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.
As with the previous ETF’s launched by Gabelli, GAMCO will offer a “loyalty” programme under which the first USD25 million of the Fund’s assets under management will incur no fees and expenses.
GCAD’s investment objective is to achieve a high level of total return with an emphasis on income. The fund will seek to invest in Aerospace companies that include manufacturers, assemblers and distributors of aircraft and aircraft parts as well as defence companies, including producers of components and equipment for the defence industry, such as military aircraft, radar equipment and weapons. Income producing equity securities include US exchange-listed common stock and preferred stock. The Fund may also invest in foreign securities by investing in American Depositary Receipts.