The stock is the second-largest holding a 8.6% in the cap-weighted ITA. Boeing is the third-largest holding in the $147 million PPA at a weight of 6.2%.

Harmon also noted bullish signs in Lockheed Martin (NYSE: LMT). The defense contracting giant is PPA’s largest holding at 6.8% and the third-largest holding in ITA at a weight of 6.83%.

Another aerospace option not to be lost in the fray is the equal-weight SPDR S&P Aerospace & Defense ETF (NYSEArca: XAR), which was 2013’s best-performing industrial ETF with a gain of over 52%. [2013’s Top Industrial ETF]

From June 10 through Aug. 11, XAR looked dreadful, sliding 6.6%, but the ETF has reclaimed nearly all of those losses with a 6% gain over the past month. XAR is exceling despite not featuring Boeing among its top-10 holdings. The ETF does, however, feature ample large-cap aerospace exposure among its top-10 holdings with Lockheed, Northrop Grumman (NYSE: NOC) and General Dynamics (NYSE: GD) combing for 11.1% of the fund’s weight.

SPDR S&P Aerospace & Defense ETF