Gabelli Funds launches new ETF focused on aerospace and defense

Greenwich-headquartered Gabelli Funds (OTCQX: GAMI) announced today the launch of its fifth exchange-traded fund (ETF) called Gabelli Commercial Aerospace & Defense ETF, which will begin trading under the ticker NYSE:GCAD on Jan. 4.

According to the company, GCAD will focus on the aerospace and defense sectors, seeking out investments in companies that manufacture and distribute aircraft and aircraft parts, along with producers of components and equipment for the defense industry such as military aircraft, radar equipment and weapons. The Fund may also invest in foreign securities by investing in American Depositary Receipts.

Lt. Col. G. Anthony (Tony) Bancroft, USMCR (pictured here), 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 U.S. Corps; he is a graduate from the U.S. Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.

As with the previous ETFs launched by Gabelli, the company will offer a “loyalty” program under which the first $25 million of the Fund”™s assets under management will incur no fees and expenses.