Learn more about GCAD here: https://gabelli.com/ticker/gcad/ Global defense budgets are rising at a pace not seen since the Cold War. With a record $1.5 trillion U.S. defense budget request on the table, NATO allies accelerating procurement to 3.5% of GDP, and ongoing conflict demanding urgent replenishment, the investment case for aerospace & defense has rarely been more compelling. Join us for an expert conversation with the portfolio manager of The Gabelli Commercial Aerospace and Defense ETF, GCAD, Lieutenant Colonel G. Anthony Bancroft, USMCR, a decorated F/A-18 fighter pilot who brings rare operational perspective to defense investing. Moderated by Daniel Gleim, Gabelli Aerospace & Defense Research Analyst based in Zurich. This webinar was recorded live on May 20th, 2026 at 11am ET. Topics Covered: • Why defense spending remains historically low relative to GDP and history • The Iran conflict and its impact on air defense demand and drone economics • Missile production surge: LMT, RTX, LHX, and the supplier ecosystem • How GCAD differs from passive defense ETFs and broad market indexes • Record industry backlogs and what they signal for multi-year revenue visibility • NATO allies’ accelerating budgets: a $400B+ incremental spending opportunity • Defense sector correlation to markets and role in portfolio construction 0:00 Tony Bancroft’s Background 2:20 GCAD ETF Overview 4:30 Aerospace Industry 12:27 Defense Industry 19:40 Current Conflicts 26:44 How to invest in Aerospace & Defense: GCAD ETF 29:38 Albany International (AIN) – Stock Idea 34:35 RENK – Euro Stock Idea 36:27 Audience Q&A 43:47 Contact Us 44:33 Important Disclosures To learn more about Gabelli Funds’ fundamental, research-driven approach to investing, visit https://m.gabelli.com/gtv_cu or email invest@gabelli.com. Connect with Gabelli Funds: • X – https://x.com/InvestGabelli • Instagram – https://www.instagram.com/investgabelli/ • Facebook – https://www.facebook.com/InvestGabelli • LinkedIn – https://www.linkedin.com/company/investgabelli/ http://www.Gabelli.com Invest with Us 1-800-GABELLI (800-422-3554).
