How does a former F/A-18 Hornet pilot view the stock market? Today, we’re joined by Lieutenant Colonel Tony Bancroft (USMCR), the Portfolio Manager behind the Gabelli Commercial Aerospace &amp; Defense ETF (GCAD).With global tensions escalating and defense budgets reaching record highs in 2026, the Aerospace &amp; Defense sector is on every investor’s radar. But Tony brings an edge most managers don&#x27;t: he’s flown the hardware. We discuss the &quot;Double Tailwind&quot; driving this sector—the massive rearmament of Europe and the post-COVID commercial travel explosion—and how GCAD is positioned to capture both.In this interview, we break down:The Military Edge: How Tony’s background as a Marine Pilot influences his stock-picking process.Rearming the Globe: Why surging defense budgets in the EU and abroad are creating a multi-year growth cycle.The Commercial Boom: The &quot;ground truth&quot; on aerospace manufacturers like Boeing and Airbus as travel demand hits new highs.GCAD Strategy: Why this fund looks for specific cash-flow metrics and high-quality suppliers over broad index plays.Featured ETF:$GCAD – Gabelli Commercial Aerospace &amp; Defense ETFAbout Lt. Col. Tony Bancroft:Tony Bancroft is a Portfolio Manager at Gabelli Funds and a Lieutenant Colonel in the U.S. Marine Corps Reserve. A graduate of the United States Naval Academy, Tony’s experience as an F/A-18 Hornet pilot provides a unique, first-hand understanding of the defense industry’s technology and operational needs.#DefenseStocks #Aerospace #GCAD #TonyBancroft #GabelliFunds #MilitaryInvesting #Boeing #LockheedMartin #Investing2026 #DefenseETFDisclaimer: This video is for educational purposes only and does not constitute financial advice. Aerospace and Defense stocks can be volatile and are subject to government contract risks and geopolitical shifts. Please read the GCAD prospectus carefully before investing, especially regarding the current fee waiver.If you want a better way to track your dividend portfolio, try Snowball Analytics! Here is my referral link (no added cost to you): https://snowball-analytics.com/register/dividendstockpileor you can use my promo code: DIVIDENDSTOCKPILE.

Global Conflict is Ramping Up: Is GCAD the Ultimate Defense Hedge?

Dividend Stockpile

# Full Transcript

**Podcast:** Dividend Stockpile

## Transcript

Hey everybody, welcome back to Dividend Stockpile. So today we're diving into the aerospace and defense sector with the Gabelli Commercial Aerospace and Defense ETF, ticker GCAD. It is my pleasure to be joined by Lieutenant Colonel Tony Bancroft, US Marine Corps Reserves, who is the Portfolio Manager of GCAD. So with all that is happening in the world right now, I know this sector is top of mind for a lot of investors, so I'm happy to have Tony join us. Tony, welcome to the channel.

Good to be here, Jeremy. Absolutely. I really appreciate your time. I know that a lot is going on in the world and the sector that you cover specifically. So can you give us a background on what GCAD is all about? Yeah, we, you know, Jeremy, about three years ago we started Gabelli Commercial Aerospace and Defense ETF. It's an active ETF. It's got about 27 million of assets under management.

And, you know, obviously we, we, we've been following the aerospace and defense industry here at Gabelli since, since the founding, Mario founded the firm in 1977. So in some of these names almost the entire time, it's a pretty large size of our, of our total assets under management, aerospace and defense being that.

And, you know, with my background flying F-18s in the Marine Corps sort of just had a natural, just a natural operational and, and, you know, knowledge of, of, of the industry. You know, I went to the Naval Academy and, you know, went to the Naval Academy and, I've been sort of doing this stuff for a long time. And a lot of the, a lot of the systems that, you know, that we invest in that these companies build and operate, you know, we, you know, I, I use those in the fleet.

So, you know, I've been to many, you know, road shows and, and company visits and seeing the parts that were on my plane and, you know, weapon systems that we employed on the, on the F-18. So sort of a natural fit, you know, following the States. And of course, there's a lot of secular growth here. So on both sides and the defense side is what you've seen over the last few days.

Operation Epic Fury, the amount of, or, you know, missiles and ordnance expended, you know, it's just sort of been probably unsurpassed, you know, in, in, in recent, in recent history. And on the commercial side, you know, aerospace, air travel is just, you know, continuing to grow with the middle, you know, the middle class coming in, in coming into the middle class in Asia and India. And just the, the amount of growth there.

So it's sort of a two-pronged attack for, for growth. And, you know, the fund is up 17, over 17%, I think almost 18% year to date. And, you know, things are, things are going pretty well. There's probably more, more goodness on the way. Absolutely. Thanks so much for that background. And I love the fact that you guys cover both the commercial and the civilian side of the industry. But before we dig into that, I just want to say t...

Global Conflict is Ramping Up: Is GCAD the Ultimate Defense Hedge?

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Global Conflict is Ramping Up: Is GCAD the Ultimate Defense Hedge?

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.