An aerial vehicle including a toroidal fuselage having a longitudinal axis, and a duct extending along the longitudinal axis between a leading edge and a trailing edge of the fuselage, first and second counter-rotating, variable pitch rotor assemblies coaxially mounted within the duct of the fuselage, and at least one canard wing secured to the toroidal fuselage and having a leading edge positioned out of the duct of the fuselage and axially forward of the leading edge of the fuselage, wherein at least a portion of the canard wing comprises a control surface having a variable angle of attack. The invention provides an aerial vehicle that can take-off and land vertically, hover for extended periods of time over a fixed spatial point, and operate in confined areas. The aerial vehicle also has the ability to transition between a hover and high speed forward flight.