GCAD Fees and Costs — Gabelli Commercial Aerospace and Defense ETF
Data updated: 2026-08-31
The net expense ratio is 0.10% (0.90% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2K in broker commissions, 0.0151% of average net assets, and portfolio turnover was 9%.
GCAD Fees and Expenses
Annual operating expenses and sales charges of GCAD. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 0.90% |
| Fee waiver | −0.80% |
| Net expense ratio | 0.10% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GCAD Costs Over Time
On $10,000 invested in GCAD, assuming 5% a year before costs, total costs come to $73 over 5 years, cutting the return by 0.12% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.10%) | $10 | $33 | $58 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $12 | $40 | $73 |
| Value after costs | $10,488 | $11,536 | $12,690 |
| Impact on return, per year | 0.12% | 0.12% | 0.12% |
GCAD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0151%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $20.5M
- Portfolio turnover (prospectus): 9%
- Securities lending: none during the year
GCAD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $360 | 26.26% |
| Stifel, Nicolaus & Company, Incorporated | $320 | 23.34% |
| WELLS FARGO CLEARING SERVICES, LLC | $241 | 17.58% |
| J.P. Morgan Securities LLC | $200 | 14.59% |
| RBC CAPITAL MARKETS, LLC | $150 | 10.94% |
| JONESTRADING INTERNATIONAL LIMITED | $100 | 7.29% |
GCAD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $6.0M | 29.52% |
| Cantor Fitzgerald & Co | $4.0M | 19.60% |
| BMO CAPITAL MARKETS CORP. | $3.9M | 19.22% |
| Daiwa Capital Markets America, Inc. | $2.4M | 11.62% |
| GOLDMAN SACHS & CO. LLC | $1.5M | 7.39% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $1.3M | 6.57% |
| Bank of Montreal | $664K | 3.24% |
| BMO Nesbitt Burns Securities Ltd. | $579K | 2.83% |
| CitiGroup Global Markets Inc. | $2K | 0.01% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.