“Obviously we have a situation where President Trump wants to increase the defense budget, and we’re not getting a whole lot of pushback from Democrats; they’re focused on other issues. We also have North Korea, and I think that’s going to escalate. So on a fundamental, long-term basis, they still should look good,” Maley said in an interview with CNBC.

Related: Big Growth for Aerospace Stocks, ETFs 

The SPDR S&P Aerospace & Defense ETF (NYSEArca: XAR) gives investors an equal-weight approach to aerospace investing. That ETF is up more than 25% this year. XAR holds 38 stocks, none of which command more than 4.4% of the ETF’s weight. XAR’s weighted average market capitalization is $24 billion, smaller than what investors find in ITA and PPA, underscoring the point that some equal-weight strategies provide increased exposure to mid- and small-cap stocks.

Traders looking for a more aggressive play on aerospace equities can consider the Direxion Daily Aerospace & Defense Bull 3X Shares (NYSEARCA: DFEN). DFEN, which debuted earlier this year, seeks to deliver triple the daily returns of the Dow Jones U.S. Select Aerospace & Defense Index.

For more information on the defense industry, visit our aerospace & defense category.