PowerShares Aerospace & Defense Portfolio (NYSEArca: PPA) rallied more than 2% Tuesday on heavy volume amid speculation the ETF’s move means some traders are positioning for a Romney victory in the presidential election.

PPA’s trading volume was five times the average daily pace on Tuesday afternoon.

The ETF’s rally attracted attention because Romney is expected to increase defense spending if he wins the election.

The fund hit its highest intraday price since June 2008, Barron’s reports.