Real Tickers. Real Returns. Real Horror.
The Instruments of Instability
138 real instruments across 8 primitives. Historical backtests. Correlation analysis. Everything you need to understand how chaos becomes capital.
FICTIONAL SATIRE — NOT INVESTMENT ADVICE
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Defense Procurement Momentum
Profits from military spending acceleration, conflict buildups, NATO rearmament
| Ticker | Name | Type | AUM/MCap | Description | Crisis Note |
|---|---|---|---|---|---|
ITA | iShares U.S. Aerospace & Defense ETF | ETF | ~$13.3B | Largest defense ETF. Top holdings: GE Aerospace (21.7%), RTX (16.1%), Boeing (8.3%). Market-cap weighted, top-heavy. | +8% Feb-Apr 2022 (Ukraine) |
PPA | Invesco Aerospace & Defense ETF | ETF | ~$7.1B | Broader defense exposure. Top: Boeing (9.0%), GE Aerospace (8.8%), RTX (8.6%). | — |
XAR | SPDR S&P Aerospace & Defense ETF | ETF | ~$5.3B | Equal-weighted, more mid-tier exposure. Top: Rocket Lab, Karman, ATI Inc. | — |
MISL | First Trust Indxx Aerospace & Defense ETF | ETF | ~$1.3B | Index of US defense stocks. Launched Oct 2022. | — |
DFEN | Direxion Daily Aerospace & Def. 3× Bull | ETF | ~$400M | 3× leveraged daily exposure. Extremely volatile, short-term only. Swaps on Dow Jones US Aerospace & Defense Index. | — |
LMT | Lockheed Martin | EQUITY | ~$115B | F-35 fighter jets, HIMARS missiles, space systems. ~75% of revenue from U.S. DoD. | +72% in year after 9/11; +15% Sep-Dec 2001 |
RTX | RTX Corporation (Raytheon) | EQUITY | ~$150B | Patriot missiles, Stinger, radar systems. Defense unit ~75% U.S. govt, ~25% FMS. Merged with UTC in 2020. | — |
NOC | Northrop Grumman | EQUITY | ~$80B | B-21 stealth bomber, Global Hawk UAV, nuclear systems. ~85% revenue U.S./Allies. | 2022 stock surged on nuclear modernization plans |
GD | General Dynamics | EQUITY | ~$65B | M1 Abrams tanks, submarines, Gulfstream jets. ~70% U.S. govt sales. | Big 2023 Ukraine tank orders via EU |
BA | Boeing | EQUITY | ~$130B | Military aircraft (F-15, F/A-18), tankers, helicopters. Defense ~40% of sales. | — |
LHX | L3Harris Technologies | EQUITY | ~$38B | Avionics, tactical radios, sensors. ~80% U.S./NATO sales. Acquired Aerojet in 2023 to enter missiles. | — |
HII | Huntington Ingalls Industries | EQUITY | ~$9B | Sole U.S. maker of aircraft carriers and amphibious ships. ~100% U.S. Navy revenue. | +7% after Oct 2023 Israel-Hamas conflict |
TXT | Textron | EQUITY | ~$14B | Bell helicopters, Shadow drones, armored vehicles. Was last U.S. cluster munition producer until 2016. | — |
LDOS | Leidos Holdings | EQUITY | ~$18B | Defense IT, cybersecurity, intelligence contracts. Major DHS and DoD contractor. | — |
BAESY | BAE Systems (UK ADR) | EQUITY | ~$30B | Eurofighter, Challenger tanks, defense electronics. ~45% revenue from U.S., 20% UK/EU. | Stock hit record highs on Ukraine war |
RHM.DE | Rheinmetall (Germany) | EQUITY | ~$11B | Tank cannons, ammunition, armored vehicles. Key Leopard 2 partner. | +150% in 2022-23 on Ukraine demand |
FINMY | Leonardo S.p.A. (Italy ADR) | EQUITY | ~$5B | Eurofighter partner, AW helicopters, defense electronics. Sells to NATO/EU. | — |
HO.PA | Thales S.A. (France) | EQUITY | ~$25B | Anti-tank missiles (Milan), radar, satellites. Benefitting from European defense spending boost. | — |
SAAB-B.ST | Saab AB (Sweden) | EQUITY | ~$5B | Gripen fighter jets, NLAW anti-tank weapons, submarines. Orders up sharply from Eastern Europe. | NLAW used extensively in Ukraine |
Crisis Performance
Post-9/11
Sep-Dec 2001
LMT: +15%S&P: +5%
Iraq Invasion
Mar-Aug 2003
LMT: +30%S&P: +20%
Ukraine War
Feb-Apr 2022
ITA: +8%S&P: -5%
Israel-Hamas
Oct 2023
ITA: +10%S&P: 0%
Key Insight
War is investable. There are established ETFs and stocks allowing investors to profit from conflict-driven military spending. From missiles to jets, the supply chains of war are largely privatized and securitized. During crises, defense shares often outperform as governments race to buy armaments.