{"id":115198,"date":"2025-05-13T09:18:40","date_gmt":"2025-05-13T13:18:40","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/defense-reinvented-a-new-european-index-for-a-new-era\/"},"modified":"2025-07-08T09:48:19","modified_gmt":"2025-07-08T13:48:19","slug":"defense-reinvented-a-new-european-index-for-a-new-era","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/defense-reinvented-a-new-european-index-for-a-new-era\/","title":{"rendered":"Defense reinvented: A new European index for a new era"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04d6da94ae5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Defense reinvented: A new European index for a new era<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"5038\" height=\"3359\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stock market movements on an electronic display. Photographer: Paul Hanna\/Bloomberg\" title=\"Stock Market Performance\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg 5038w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpg 2048w\" sizes=\"auto, (max-width: 5038px) 100vw, 5038px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04d6daa3107'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">May 13, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a04d6daa6845'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Sean Murphy, Equity Indices Product Manager at Bloomberg.<\/em><\/p>\n<p>Governments across the globe are responding to geopolitical events by increasing defense spending. For example, the German government has relaxed their debt rules to significantly increase their <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-18\/german-lawmakers-vote-on-landmark-spending-bill-what-to-watch?sref=KeM3kOBb\">\u00a0defense spending<\/a>. The EU governing body is also examining their rules pertaining to member states\u2019 <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-06\/eu-backs-german-push-to-look-at-easing-fiscal-rules-for-defense\">military investing<\/a>. Europe aims to not just increase defense spending but also increase in-continent defense reliance.<\/p>\n<p>Investors have taken note, with many traditional defense companies performing well despite the recent market pullback. The Bloomberg World Aerospace &amp; Defense Index (WAERLST Index), which includes defense names throughout the world, is up 18% through April. But is a \u201cWorld\u201d approach best suited for this new norm? For example, over 60% of that index consists of US companies like GE Aerospace and RTX. While US companies undoubtedly lead the world in terms revenue, they may not benefit from a ramp up of European spending, especially with the imposition of tariffs. Both <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2025-04-25\/trump-tariff-chaos-means-companies-earnings-forecasts-are-already-wrong?ref=biztoc.com\">GE<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-22\/rtx-falls-after-outlining-potential-tariff-impact-on-business\">RTX<\/a> noted the increase in costs they expect to incur as a result of tariffs, which will impact input costs and may be passed on to end customers.<\/p>\n<p>In leveraging the supply chain function (SPLC) on the Bloomberg Terminal, investors can see a company\u2019s geographic breakdown of suppliers as well as customers.\u00a0 Taking a closer look at RTX (Figure 1), the largest pure play defense name in the world, only 18% of revenue is estimated to come from Europe, while over 50% of their supplier facilities are located outside of the US and may be subject to tariffs. On the contrary, if we examine Rheinmetall, a German defense name, over 70% of their revenue comes from continental Europe and only 36% of their suppliers\u2019 facilities are in the US.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2146\" height=\"1510\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1: Screenshot of SPLC summary for RTX\" title=\"Figure-1-Screenshot-of-SPLC-summary-for-RTX\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 2146w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Screenshot-of-SPLC-summary-for-RTX.png 153w\" sizes=\"auto, (max-width: 2146px) 100vw, 2146px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Additionally, traditional approaches to defense equity indices may not work with the recent evolution of global conflict. Where countries historically fought with tanks and artillery, the new era of conflict, witnessed in conflicts like Ukraine, relies on innovative tools and hardware not seen before on the battlefield. This has sparked governments, both in the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-01\/hegseth-wants-streamlined-army-focused-on-advanced-weapons\">US<\/a> and abroad, to take note and question the future state of their militaries.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a04d6daabe0d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Share your interests to receive Indices news, research, and event invitations directly to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1647263347427278944\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04d6dab2cf8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>With that backdrop in mind, Bloomberg has launched a new approach to defense index construction. The Bloomberg Europe Defense Select Index (BSHIELD Index) is constructed to track the performance of European defense companies that are focused on developing new technologies to keep pace with advancements and changing threats. The Index includes companies that are engaged in the design of vehicles, weapons, technology, and equipment for military, defense, and space use. BSHIELD also includes companies that are suppliers to defense manufacturers as well as companies engaged in researching and developing solutions for the conflicts of tomorrow.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1700\" height=\"1542\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Returns reflect performance through April. Historical performance is not a guarantee of future returns\" title=\"Returns-reflect-performance-through-April\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png 1700w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Returns-reflect-performance-through-April.png 119w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>BSHIELD leverages two sources of proprietary Bloomberg data to identify companies aligned with this theme. The first is the Bloomberg Industry Classification System (BICS), which creates groupings of issuers with similar activities and drivers, covering over 60,000 listed equities with up to 7 levels of granularity. BSHIELD incorporates European based companies that are categorized by BICS as Aerospace &amp; Defense. As such, the index includes names like Rheinmetall as well as 19 other such names in this category.<br \/>\nWhile industry classifications are helpful, relying solely on this data may not capture all the names with high exposure to this theme. Some companies that stand to benefit are not classified in a defense related industry. BSHIELD seeks to capture the entire European Defense value chain, and to ensure that relevant names do not slip through the cracks, the index also relies on our <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\">Bloomberg Intelligence<\/a> data. Bloomberg Intelligence (BI) delivers an independent perspective, providing interactive data and investment research on companies, industries and global markets. It is a team of 400+ research professionals created to help clients make informed decisions in the rapidly moving investment landscape. The data BICS and BI provide are complimentary and help to ensure proper coverage for the European defense theme.<\/p>\n<p>While BSHIELD consists largely of companies classified as Aerospace &amp; Defense, it also includes stocks from 5 other BICS Level 3 industries. The index, for example, includes Indra Sistemas, a Spanish company operating within the Technology sector. While at first glance the name may appear as an outlier, supply chain data available on the Bloomberg Terminal (SPLC) shows their clients are primarily in the defense space. The company delivers advanced systems for command and control, surveillance, electronic warfare, and military simulation training. While they serve customers worldwide, over 70% of their revenue is estimated to come from European nations.<\/p>\n<p>New innovations are also captured in the Bloomberg Europe Defense Index. \u00a0Kongsberg Gruppen is a Norwegian Industrial company categorized within the Transportation Equipment industry. Kongsberg, however, is involved in many different businesses that have naval and defense applications, including critical defense systems that provide protection against aircraft, missile, and drone attacks. Despite being one of the largest military suppliers in this arena, such a name may be excluded from traditional defense approaches.<\/p>\n<p>While many defense indices are performing well this year, BSHIELD\u2019s performance stands out, up over 50% through April (in EUR terms). With such an upward move, many investors may question if there is anything left in the tank (pun intended). The modernization of armies and the bolstering of in-house defense production will not be an overnight endeavor but a longer-term strategic goal. \u00a0Bloomberg Intelligence has noted factors such as strong fundamentals and year-over-year earnings outlook.<\/p>\n<p>The Bloomberg European Defense Select Index (BSHIELD) is constructed with expected new norms in mind. Governments throughout Europe and elsewhere are looking to adapt to ensure adequate and self-sourced national security. Just as alliances are changing, so too is the approach to defense. While European countries hope to achieve this future state in quick order, the result may be decades in the making. In a similar vein, traditional approaches to defense index construction may no longer suffice. Thoughtfully built to avoid defense index vulnerabilities, yet still capture evolution in the space, constituents of BSHIELD are selected based on reliable innovative data in conjunction with in-depth research to ensure the proper capture of the European Defense theme.<\/p>\n<p>European investors will be able to gain exposure to the companies in BSHIELD through a new ETF offered by BNP Paribas Asset Management under the Bloomberg ticker GUARD FP.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a04d6dab7ebc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a04d6dab9a10\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a04d6dab9a10\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\">The data and other information included in this publication is for illustrative purposes only, available \u201cas is\u201d, non-binding and constitutes the provision of factual information, rather than financial product advice. BLOOMBERG and BLOOMBERG INDICES (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. (\u201cBFLP\u201d). BFLP and its affiliates, including BISL, the administrator of the Indices, or their licensors own all proprietary rights in the Indices. Bloomberg L.P. (\u201cBLP\u201d) or one of its subsidiaries provides BFLP, BISL and its subsidiaries with global marketing and operational support and service. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. Bloomberg (as defined below) does not approve or endorse these materials or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith. Nothing in the Services or Indices shall constitute or be construed as an offering of financial instruments by Bloomberg, or as investment advice or investment recommendations (i.e., recommendations as to whether or not to \u201cbuy\u201d, \u201csell\u201d, \u201chold\u201d, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg. Information available via the Index should not be considered as information sufficient upon which to base an investment decision. All information provided by the Index or in this publication is impersonal and not tailored to the needs of any person, entity or group of persons. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name, mark or logo. 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The Bloomberg World Aerospace &#038; Defense Index (WAERLST Index), which includes defense names throughout the world, is up 18% through April.<\/p>\n","protected":false},"author":1933,"featured_media":77425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453,534],"tags":[3819,454,3672,547],"series":[],"class_list":["post-115198","post","type-post","status-publish","format-standard","hentry","category-markets","category-regional-analysis","tag-emea","tag-equities","tag-equity-indices","tag-indices","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Defense reinvented: A new European index for a new era | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Many traditional defense companies are performing well despite the recent market pullback. 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