Boeing, Lockheed Martin and Raytheon combine for nearly 24% of ITA’s roster and that is a plus in the current environment.

“The broader group is starting to break out in a more substantial way than it had even just a few weeks ago. Lockheed Martin has seen a similar breakout on the chart, Miller Tabak Equity Strategist Matt Maley said, though pointed out the stock is nearing an overbought condition,” according to CNBC.

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.