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Data as of Nov 4, 2026.

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Thematic ETFs

GCAD vs NATO: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, GCAD returned +9.4% to NATO's −1.8%; 37% of their weight is in the same names.

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Net assets: $44m on Jun 30, 2026 for Gabelli Commercial Aerospace and Defense ETF, and $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF.

GCAD on its own →NATO on its own →
At a glance
40.1%
GCAD in the S&P 500
54.5%
NATO in the S&P 500
+9.4%
GCAD total return, 1 year
−1.8%
NATO total return, 1 year
GCAD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 48% of the fund · 51 holdings as filed for Jun 30, 2026 · Nasdaq-100: 4% in60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%in the S&P 500outside the S&P 500active share 97% · Nasdaq-100: 4% in

40% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.

NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500
46% of its weight is outside the S&P 50055% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.55%46%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 61% of the fund · 83 holdings as published by its issuer for Nov 4, 2026 · Nasdaq-100: 6% in46% of its weight is outside the S&P 50055% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.55%46%in the S&P 500outsideactive share 98% · Nasdaq-100: 6% in

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

GCAD costs 0.25 points a year less; their one-year returns differ by 11.2 points.

Points (pts) are percentage points.

GCAD vs NATO: Holdings Overlap & Returns
MeasureGCADNATO
Return
Total return, 1 year+9.4%−1.8%
Drawdown
Below its all-time high15.6%, high on Aug 14, 202616.1%, high on Mar 2, 2026
Against its benchmark
What it tracksDefenseDefense
Its benchmark, total return, 1 year+15.0%
Against its benchmark, 1 yearbehind by 16.8 pts
Cost and size
Expense ratio0.10%0.35%
Net assets, GCAD as of Jun 30, 2026 and NATO as of Nov 4, 2026$44m$88m
Holdings
Holdings in common37%

Method

What they share

37%

By the books each fund has filed, GCAD and NATO hold 37% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.

0 half 100%

half

37% in common

Positions both hold · largest shared weight first GCAD NATO
BOEING COMPANY (THE) 5.20% 6.81%
RTX CORP 4.14% 8.53%
LOCKHEED MARTIN CORP 3.97% 5.19%
NORTHROP GRUMMAN CORP 3.48% 3.90%
HOWMET AEROSPACE INC 2.60% 4.18%
L3HARRIS TECHNOLOGIES INC 4.01% 2.52%
GENERAL DYNAMICS CORP 2.39% 4.36%
TRANSDIGM GROUP INC 2.03% 3.45%
HONEYWELL AEROSPACE INC 1.98% 2.60%
GE AEROSPACE 1.55% 8.40%
CURTISS-WRIGHT CORP 2.44% 0.87%
TEXTRON INC 3.87% 0.78%
Only in one fund ↓
Only in GCAD
ALBANY INTERNATIONAL CORP 6.84%
ATI INC 2.29%
WOODWARD INC 2.10%
HONEYWELL INTERNATIONAL INC 2.01%
CARPENTER TECHNOLOGY CORP 1.41%
ECHOSTAR CORP 1.30%
CAE INC 1.04%
STANDARDAERO INC 0.94%
Only in NATO
Rolls-Royce Holdings PLC 7.09%
AIRBUS GROUP SE 6.66%
Safran SA 5.75%
BAE Systems PLC 4.19%
Axon Enterprise Inc 1.70%
Rocket Lab Corp 1.61%
Teledyne Technologies Inc 1.51%
LEONARDO-FINMECCANICA SPA 1.20%
Check overlap with more funds →

Window by window

Window by window: GCAD vs NATO: Holdings Overlap & Returns
Total returnvs its benchmark
WindowGCADNATOGCADNATO
3 months−14.0%−14.7%not measured−13.4 pts vs ACWI
6 months−7.1%−6.9%not measured−9.5 pts vs ACWI
1 year+9.4%−1.8%not measured−16.8 pts vs ACWI
3 years+105.6%–not measured–
Since launchNot the same days: GCAD Jan 2023 · NATO Oct 2024+117.4%+47.0%not measured+10.9 pts vs ACWI

– means no data for this window. Open this comparison in the app →

Side by side

GCAD Gabelli Commercial Aerospace and Defense ETF · Holds 51 stocks in defense, 40% of its weight in S&P 500 companies NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies
Issuer Gabelli Themes
Theme Defense Defense
In the S&P 500 40.1% 54.5%
Active share vs the S&P 500 97.2% 97.7%
In the Nasdaq-100 4.4% 5.9%
Holdings 51 83
Top ten, share of the fund 47.5% 61.2%
Expense ratio 0.10% 0.35%
Fee for the differing part 0.10% 0.36%
Total return, 1 year +9.4% −1.8%
vs its benchmark not measured −16.8 pts vs ACWI
Below its high −15.6% −16.1%
Net assets, GCAD as of Jun 30, 2026 and NATO as of Nov 4, 2026 $44m $88m

As of Nov 4, 2026. Source: ETFIQ.

37% of the two portfolios are the same securities at the same weight.

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About each fund
GCAD

By weight, 40% of GCAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 48% of the fund across 51 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +9.4% with distributions reinvested. It sits 15.6% below its all-time high of Aug 14, 2026.

NATO

By weight, 54% of NATO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 61% of the fund across 83 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 16.8 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do GCAD and NATO hold the same stocks?
By their latest filings, 37% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, GCAD or NATO?
GCAD has 40% of its weight in S&P 500 names and NATO has 54%, so NATO differs more from the index.
Which is cheaper, GCAD or NATO?
GCAD charges 0.10% a year and NATO charges 0.35%, so GCAD is cheaper. Fees come from each fund's prospectus.
Other comparisons
GCAD vs WDEFGCAD vs KDEFGCAD vs WARGCAD vs WDAFNATO vs SHLDNATO vs PPANATO vs WARNATO vs WDAF
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GCAD on its own →NATO on its own →GCAD dividend history →GCAD holdings →NATO dividend history →NATO holdings →Method →Standards and sources →
Sources and dates
GCAD filings on SEC EDGAR ↗
GCAD prospectus with the expense ratio (SEC) ↗
Gabelli website ↗
NATO filings on SEC EDGAR ↗
NATO prospectus with the expense ratio (SEC) ↗
Themes page for NATO ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, GCAD against NATO, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gcad-vs-nato

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.