This fund provides exposure to an interesting segment of the industrials industry, the aerospace and defense sector. Companies in this sector tend to be rather large, slow growing, but remarkably stable due to the widespread use of long-term government contracts for most of their services. However, this focus on the government could also present a downside especially if defense spending declines sharply in the years ahead or if budget concerns force drastic cuts to more 'discretionary' defense programs. For those willing to take the risks of the industry, PPA remains a viable choice although it is significantly more expensive than its counterpart ITA. However, the fund is much more liquid and significantly less concentrated, suggesting that the fund may be a better choice for those seeking broad exposure to the industry.