FLDZ vs GCAD: Grades, Fees and Holdings Compared

TrueShares Patriot Defense ETF

FLDZBCboe

Gabelli Commercial Aerospace and Defense ETF

GCADCNYSE Arca

Overlap

42.2%by weight

Expense ratio

FLDZ −0.50pt a year

FLDZ0.40%GCAD0.90%

Avg volume · 30D

GCAD 49.7×the volume

FLDZ125GCAD6.21K

3Y return · a year

GCAD +19.3pt

FLDZ+8.1%GCAD+27.4%

FLDZ vs GCAD Performance

Oct 31, 2025 – Nov 2, 2026

−6.8%FLDZ+11.2%GCAD

Expense ratio: FLDZ 0.40%, better; GCAD 0.90%
Fund size: FLDZ $7M; GCAD $45M
1Y total return: FLDZ −6.8%; GCAD +11.2%, better
Yield (12M): FLDZ 1.67%; GCAD 1.91%, better
Holdings: FLDZ 66; GCAD 57
Avg volume (30D): FLDZ 125 sh; GCAD 6.21K sh, better
NAV per share: FLDZ $26.38; GCAD $49.94
52W range

ETF.net Grade

Pillar letters and Scores for FLDZ, GCAD, with each pillar’s weight
Pillar	FLDZ	GCAD
Cost30% weight	A76Higher	F12
Mission25% weight	C42	A79Higher
Risk15% weight	C42	A76Higher
Tradability15% weight	D36	C44Higher
Holdings10% weight	A92Higher	B59
Durability5% weight	B62Higher	C53

Rank among Defense & Aerospace funds

How we build Categories ›

Same Category. FLDZ and GCAD are both graded against the same 25 Defense & Aerospace funds, so their Grades compare head to head.

Defense & Aerospace⁠

Category · 25 funds

See all 25 ›

FLDZ ranks 3rd and GCAD 14th of 25 funds in the Defense & Aerospace Category.

Rank 1AXARState Street SPDR S&P Aerospace & Defense ETFScore 78
Rank 2AITAiShares U.S. Aerospace & Defense ETFScore 74
Rank 3BFLDZTrueShares Patriot Defense ETFScore 62
Rank 4BFOWFPacer Solactive Whitney Future of Warfare ETFScore 61
Rank 14CDUTYU.S. Defense ETFScore 40
Rank 14CGCADGabelli Commercial Aerospace and Defense ETFScore 40
Rank 14CWARU.S. Global Technology and Aerospace & Defense ETFScore 40

Our read on each fund

ETF.net Research

FLDZBTrueShares Patriot Defense ETF

GCADCGabelli Commercial Aerospace and Defense ETF

In short

FLDZ A defense-stock ETF with an unusual arrangement: the adviser's management fee, less fund expenses, goes to the Folds of Honor Foundation. Launched in 2021 as a patriot-themed core equity fund, it now runs an active, concentrated book of aerospace and defense names.

GCAD A stock-picker's defense fund. Gabelli runs GCAD without a declared index, chasing total return with an emphasis on income, an unusual mandate in a corner of the market where index trackers set the rules.

Stated mandate

FLDZ The Fund seeks capital growth.

GCAD The Fund seeks a high level of total return, emphasizing income.

Why people hold it

FLDZ The adviser's management fee, less fund operating expenses, goes to Folds of Honor, a charity funding scholarships for families of fallen or disabled service members and first responders.true-shares.com true-shares.com 2
Charges 0.40% a year, below the median for its actively managed US stock peers. The charitable angle does not arrive with a premium price tag attached.
The mandate is spelled out: at least 80% of net assets in aerospace and defense companies as classified by GICS, with a policy of concentrating in that industry. No guessing what you own.sec.gov

GCAD No index to follow. The mandate is total return with an income emphasis, so the portfolio reflects Gabelli's own calls rather than a benchmark's weighting rules.
Trading since 2022, so there is a multi-year live record in the aerospace and defense theme to judge, not a backtest.
The book stays on-theme: holdings line up closely with the commercial aerospace and defense mandate on the label, with little drift into loosely related names.

Worth knowing

FLDZ The strategy was rewritten in 2026 from broad US-economy equities to defense companies, so the fund's older track record reflects a different portfolio.sec.gov sec.gov 2
Non-diversified and concentrated in one industry, so a single contract award or budget headline moves it more than it would a broad market fund.sec.gov
A small fund that trades thinly, so bid-ask spreads tend to run wider than on heavily traded ETFs. Limit orders matter more here.

GCAD Costs 0.90% a year, well above the defense-theme median of 0.50%. Index rivals XAR (0.35%) and ITA (0.37%) cover the sector for a fraction of that.
A small, thinly traded fund. Spreads tend to run wider than the big index names, and larger orders can push the price around.
Income sits in the objective, but cash reaches shareholders on an annual or semiannual schedule, not monthly.

Full FLDZ profile⁠

Full GCAD profile⁠

FLDZ vs GCAD Holdings

How FLDZ and GCAD differ

Overlap by weight

42.2%

Shared holdings make up 77.4% of GCAD and 57.0% of FLDZ.

Level by level

Holdings36 in both42.2%
Countryby domicile86.7%
Sector5 Sectors92.7%
Asset classEquity100%

Sector

Sector weights in FLDZ and GCAD, widest gap first
Sector	More in FLDZMore in GCAD	FLDZ	GCAD
Consumer Discretionary	GCAD +7.1 points	0.0%	7.1%
Industrials	FLDZ +3.8 points	94.3%	90.5%
Technology	FLDZ +2.3 points	3.3%	1.0%
Materials	FLDZ +1.2 points	1.2%	0.0%
Communication	GCAD +0.2 points	1.2%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in FLDZ and GCAD, widest gap first
Country	More in FLDZMore in GCAD	FLDZ	GCAD
United States	GCAD +11.1 points	84.0%	95.1%
United Kingdom	FLDZ +4.1 points	4.8%	0.7%
France	FLDZ +3.0 points	3.0%	0.0%
Sweden	FLDZ +1.8 points	1.8%	0.0%
Italy	FLDZ +1.7 points	1.7%	0.0%
Netherlands	FLDZ +1.6 points	1.6%	0.0%
Canada	GCAD +1.2 points	0.0%	1.2%
Germany	FLDZ +1.1 points	3.1%	2.0%
Other countries (2)	GCAD +1.0 points	0.0%	1.0%

Concentration

Weight in the 10 largest Holdings

FLDZ18.7%
GCAD50.6%

Securities held

FLDZ66
GCAD57

Asset class

FLDZ: Equity
GCAD: Equity

Holdings

Only in FLDZ30
In both36
Only in GCAD21

Only in FLDZ

30 securities, 43.0% of FLDZ by weight

V2X Inc1.80%
Saab AB1.79%
FTAI Aviation Ltd1.73%
BAE Systems PLC1.71%
Melrose Industries PLC1.69%
National Presto Industries Inc1.68%
Rheinmetall AG1.67%
Leonardo SpA1.66%
Loar Holdings Inc1.66%
Arxis Inc1.65%
Thales SA1.62%
Axon Enterprise Inc1.61%
Airbus SE1.60%
ESCO Technologies Inc1.50%
MTU Aero Engines AG1.47%
Voyager Technologies Inc1.41%
Beta Technologies Inc1.41%
Virgin Galactic Holdings Inc1.40%
Rolls-Royce Holdings PLC1.38%
VSE Corp1.37%
Planet Labs PBC1.35%
Safran SA1.34%
Rocket Lab Corp1.28%
Archer Aviation Inc1.25%
Aevex Corp1.24%
Red Cat Holdings Inc1.18%
Intuitive Machines Inc1.17%
AST SpaceMobile Inc1.15%
Satellogic Inc1.00%
State Street Inst U.s. Government Mmkt Admn Class0.25%

Only in GCAD

21 securities, 22.6% of GCAD by weight

Albany Intl Corp-Cl A7.19%
Crane Co3.03%
Treasury Bill 0 12/31/20262.04%
Innovative Solutions & Supp1.50%
Echostar Corp-A1.39%
CAE Inc1.19%
Treasury Bill 0 1/21/20270.77%
Mtu Aero Engines AG0.76%
Leidos Holdings Inc0.72%
Elbit Systems Ltd0.63%
Renk Group AG0.62%
Treasury Bill 0 3/11/20270.54%
Rheinmetall AG0.51%
Treasury Bill 0 1/14/20270.44%
Treasury Bill 0 3/18/20270.34%
Astronics Corp-Cl B0.33%
Aeroedge Co Ltd0.29%
Graham Corp0.11%
New Horizon Aircraft Ltd0.10%
Hawkeye 360 Inc0.08%
Net Current Assets<0.01%

Weight gaps

All 36 Holdings in both funds, largest gap first.

Holding weights in FLDZ and GCAD, widest gap first
Holding	More in FLDZMore in GCAD	FLDZ	GCAD
L3Harris Technologies IncLHX	GCAD +3.72 points	1.91%	5.63%
Lockheed Martin CorpLMT	GCAD +3.56 points	1.99%	5.55%
Honeywell Aerospace IncHONA	GCAD +3.35 points	1.58%	4.93%
Moog IncMOG.A	GCAD +3.35 points	1.57%	4.92%
Boeing Co/TheBA	GCAD +3.15 points	1.44%	4.59%
Rtx CorporationRTX	GCAD +3.15 points	1.71%	4.86%
Ducommun IncDCO	GCAD +3.01 points	1.56%	4.57%
Hexcel CorpHXL	GCAD +2.64 points	1.50%	4.14%
Northrop Grumman CorpNOC	GCAD +2.47 points	1.78%	4.25%
Textron IncTXT	GCAD +2.18 points	1.85%	4.03%
Karman Holdings IncKRMN	FLDZ +1.99 points	2.01%	0.02%
Cadre Holdings IncCDRE	FLDZ +1.40 points	1.88%	0.48%
Mercury Systems IncMRCY	GCAD +1.22 points	1.56%	2.78%
BWX Technologies IncBWXT	FLDZ +1.18 points	1.53%	0.35%
Kratos Defense & Security SoluKTOS	FLDZ +1.09 points	1.49%	0.40%
Huntington Ingalls IndustriesHII	FLDZ +1.09 points	1.93%	0.84%
General Dynamics CorpGD	GCAD +1.02 points	1.79%	2.81%
Park Aerospace CorpPKE	FLDZ +1.00 points	1.45%	0.45%
York Space Systems IncYSS	FLDZ +0.96 points	1.08%	0.12%
AeroVironment IncAVAV	FLDZ +0.92 points	1.35%	0.43%
StandardAero IncSARO	FLDZ +0.89 points	1.71%	0.82%
Firefly Aerospace IncFLY	FLDZ +0.82 points	1.35%	0.53%
Leonardo DRS IncDRS	FLDZ +0.81 points	1.68%	0.87%
Palantir Technologies IncPLTR	FLDZ +0.80 points	1.60%	0.80%
Howmet Aerospace IncHWM	GCAD +0.71 points	1.44%	2.15%
ATI IncATI	GCAD +0.67 points	1.48%	2.15%
Space Exploration TechnologiesSPCX	FLDZ +0.55 points	1.51%	0.96%
Carpenter Technology CorpCRS	FLDZ +0.47 points	1.19%	0.71%
Astronics CorpATRO	GCAD +0.44 points	1.43%	1.87%
HEICO CorpHEI	FLDZ +0.43 points	1.73%	1.30%
Curtiss-Wright CorpCW	GCAD +0.27 points	1.44%	1.71%
TransDigm Group IncTDG	GCAD +0.24 points	1.70%	1.94%
Redwire CorpRDW	FLDZ +0.17 points	1.24%	1.07%
General Electric CoGE	FLDZ +0.16 points	1.56%	1.40%
Woodward IncWWD	GCAD +0.11 points	1.57%	1.68%
AAR CorpAIR	FLDZ +0.09 points	1.40%	1.31%

All 66 FLDZ holdings⁠All GCAD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLDZ vs GCAD Cost

Overpaying GCAD vs FLDZ

$8,950

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLDZ 0.40%
$8,090
GCAD 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

FLDZ 0.40%
GCAD 0.90%
Overpaying

Year by year

Year	FLDZ	GCAD	Overpaying
10	$723	$1,593	$870
20	$2,793	$6,015	$3,222
30	$8,090	$17,040	$8,950

Expense ratio

0.40%FLDZ, cheaper
0.90%GCAD

FLDZ0.40%GCAD0.90%

0.35%1.11%

Middle half of Defense & Aerospace funds
Median 0.50%

FLDZ 6th cheapest of 25 funds

GCAD 22nd cheapest of 25 funds

FLDZ vs GCAD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FLDZ 1.67%; GCAD 1.91%, better
Payout (12M): FLDZ $0.45; GCAD $0.96
Last payment: FLDZ $0.45; GCAD $0.96
Ex-dividend: FLDZ Dec 24, 2025; GCAD Dec 29, 2025
Paid on: FLDZ Dec 26, 2025; GCAD Jan 9, 2026
Frequency: FLDZ Annual; GCAD Annual

Distribution history

Per share, 2022 to 2026, same scale for both

FLDZAnnual · 4 paymentsAll FLDZ payments⁠

GCADAnnual · 3 paymentsAll GCAD payments⁠

FLDZ vs GCAD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLDZ 14.5%, betterGCAD 17.3%
Return per unit of riskSharpe ratio, 3 years: FLDZ 0.35GCAD 1.25, better
Worst fallMax drawdown, 5 years: FLDZ −25.1%since Jan 2022GCAD −17.8%since Jan 2023
Market sensitivityBeta, 5 years: FLDZ 0.77GCAD 0.99; Market = 1

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