Last week’s passage of the hotly debated $95 billion U.S. aid package may present investors with an attractive opportunity for piling into stocks and funds focused on defense and aerospace.

The package, which President Joe Biden signed into law after weeks of resistance spearheaded by a small group of Republicans, will fund high tech weaponry, munitions and defense systems for Israel, Taiwan and the Ukraine and likely mean billions in revenue for defense industry giants over the next few years.

The S&P Aerospace & Defense Select Industry Index rose about 2.5% last week while larger ETFs targeting the space also generated small gains, with the iShares U.S. Aerospace & Defense ETF (ITA) and Invesco Aerospace & Defense ETF (PPA) up about 1.3% and 2% over the past five days.

ITA’s largest holding, RTX (formerly Raytheon), which produces air-defense systems, composes 18% of the fund, according to etf.com data. Lockheed Martin, which manufactures short-range precision missiles, is the third largest holding, comprising more than 8% of the fund.

Those companies have received a large portion of the billions in Federal contracts tied to the 26-month-old conflict in Ukraine.

By James Rubin