Bryce

Yeah, yeah, yeah.

So that's one big theme.

No points for guessing the other big theme.

Defense and geopolitics.

Yeah, the interesting thing, so let's, we'll talk about buying and then we'll talk about performance.

So there are three big ones in Australia, Arma, the beta shares one, ARMR, then DFND, Defend is the VanEck one, and then DTEK, D-T-E-C is the GlobalX one.

We actually did an episode where we compared all three in detail, so we'll include a link in the show notes if you want to look under the hood of those.

All three together were about 0.75% of buying on the platform.

Add in DroneShield that we've talked about, about 1.1% of all buying on the platform.

To put that in context is the equivalent of the big banks on the platform.

Interestingly, now this has been an I own armor, the beta shares one.

If there was ever a year where you think defense ETFs would do well, it's the first half of 2026.

But DTEK is down 8% year to date.

VanEck's global defense is down 6% year to date.

And the beta shares one is down just shy of 5% year to date.

Yeah, yeah, yeah.

Like investors who moved quickly, then the share prices moved.

Obviously, the ETFs moved with the share prices.

I would hazard a guess that there's probably another wave of news coming at some point, like Trump is trying to get the stupidly large increase to the US's already massive defense budget pass.

There's going to need to be a lot of rearming after Iran.