My bull case:
Structural demand: Defence spending is no longer cyclical it’s becoming structural (NATO commitments, geopolitics, re-armament).
Tech focus: Exposure isn’t just traditional defence primes, but also AI, cyber, drones, space, and autonomous systems.
Diversification: Holdings across US, Europe, and allies (e.g. Lockheed, RTX, BAE, Palantir, Thales, Saab).
Policy tailwinds: Multi-year government contracts + long procurement cycles = revenue visibility.
UCITS / unleveraged: Suitable for long-term holding, unlike single-stock or leveraged ETFs.
Not risk-free, but as a thematic allocation to defence tech, ARMG looks well positioned for the next decade rather than just a short-term trade.