One of the hottest themes of 2025 is defense companies as potential US isolationism has other countries scrambling to beef up their military. And within that it is European stocks that have really led the charge. This theme went from rags to riches overnight practically but it's been largely a winner take all category.

On this episode of Trillions Joel and Eric speak with Bloomberg Intelligence's Senior ETF Analyst for Europe, Henry Jim about the wild frenzy to launch European defense ETFs around the world to catch this massive wave of returns.

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