Although the aerospace and defense industry is perceived as being beholden to Uncle Sam’s whims, the allure of late-cycle sectors, including industrials, in a rising rate environment remains in place. Industrials perform well when interest rates rise because rising rates can go hand-in-hand with economic growth.

Related: Government Programs Send Aerospace ETFs Flying

In addition to political rhetoric, potential catalysts for aerospace ETFs include include, renewed airline pricing power evidenced by higher ticket prices, and more fees paid per traveler, increased airline profitability, new aircraft program launches and continued demand for aircraft models and technology.

“The way I think investors are thinking about this election is infrastructure [spending]is going to go up no matter who gets elected. Defense is going up no matter who gets elected,” Daniel Clifton, head of policy research at Strategas, said in a recent interview with CNBC.com.

Related: Fighting ISIS is Good Business for Defense ETFs

SPDR S&P Aerospace & Defense ETF