{"id":139280,"date":"2026-04-27T18:43:41","date_gmt":"2026-04-27T22:43:41","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/bnp-paribas-am-advances-thematic-investing-with-a-targeted-defense-benchmark\/"},"modified":"2026-04-27T18:44:18","modified_gmt":"2026-04-27T22:44:18","slug":"bnp-paribas-am-advances-thematic-investing-with-a-targeted-defense-benchmark","status":"publish","type":[3763],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/bnp-paribas-am-advances-thematic-investing-with-a-targeted-defense-benchmark\/","title":{"rendered":"BNP Paribas AM advances thematic investing with a targeted defense benchmark"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69f2233f55b27]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233f55b27'>\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;\">CASE STUDY<\/span><\/strong><\/p>\n\n<\/div>\n    <h1 class=\"bbg-metadata bbg-metadata--title\">BNP Paribas AM advances thematic investing with a targeted defense benchmark<\/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:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>[vc_row_inner equal_height=&#8221;yes&#8221; el_class=&#8221;case-study_header-button&#8221;][vc_column_inner el_class=&#8221;case-study_header-CTA&#8221;]\n<div\n  id=\"cta_1181182454501504045\"\n  class=\"wpb_content_element bbg-cta button-cta button-wrap no-icon\">\n  <style>\n    #cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-button {\nmargin: 0px 0px 0px 16px;\n    background: #f4f4f9 !important;    border-width: 1px !important;\n    border-color: #000000 !important;\n    border-style: solid;\n  }\n\n#cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-button:hover {\n    background: #e2e2e7 !important;\n\n  }\n    #cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link {\n\tcolor: #000000 !important;\n}\n\n#cta_1181182454501504045.bbg-cta .bbg-cta-button__icon-right::after {\n\tcolor: #000000 !important;\n}\n\n#cta_1181182454501504045.bbg-cta .bbg-cta-button__icon-left::before {\n\tcolor: #000000 !important;\n}\n\n#cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link:after {\n\tbackground-color: #000000 !important;\n}\n    #cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link:hover {\n\tcolor: #000000 !important;\n}\n\n#cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link:hover:after {\n\tbackground-color: #000000 !important;\n\tcolor: #000000 !important;\n}\n\n#cta_1181182454501504045.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link:hover:before {\n\tcolor: #000000 !important;\n}\n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link bbg-cta-button small\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/contact-menu\/contact-specialist\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Contact a specialist\"\n        >\n                      Contact a specialist\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n[\/vc_column_inner][\/vc_row_inner]<\/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-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"801\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/new-chart.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"A data graph tracks the movement of stocks\" title=\"Stock Market Curve\" \/>\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 bg--white  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f2233f60f02'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bbg_jumplinks-container  --align-left\"\n\tdata-link-color=\"#000000\"\n\tdata-style=\"light\"\n\tdata-direction=\"\"\n\tdata-mobile-behavior=\"dropdown\"\n>\n\t<style>\n\t\t.bbg_jumplinks-container .bbg_jumplinks-scroll:after {\n\t\t\tbackground: #000000;\n\t\t}\n\t<\/style>\n<\/div>\n<hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\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-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Overview' data-anchor='row-69f2233f62fae' id='overview'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun Highlight SCXW161969156 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW161969156 BCX0\">BNP Paribas Asset Management<\/span><\/span><\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">BNP Paribas Asset Management (BNPP AM) is the asset manager of BNP Paribas, a leading banking group in Europe with international reach.\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Among the top three asset managers in Europe<\/span><span data-contrast=\"auto\">,\u202fBNPP AM<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">manages more than \u20ac1.6 trillion in assets for institutional, corporate, retail and\u00a0wealth\u202fclients worldwide, combining liquid and alternative capabilities with a leadership position in long-term savings management for insurers and pension funds<\/span><span data-contrast=\"auto\">\u00a0with \u20ac850bn\u00a0in AUM in this segment.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BNPP AM offers a broad range of liquid investment solutions, spanning fixed income, high conviction active strategies and a fast-growing ETF offering, together representing over \u20ac1 trillion in assets under management.\u202f\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The\u00a0alternatives\u00a0platform, built on over 30 years of experience, is the largest in Europe and a global leader<\/span><span data-contrast=\"auto\">, managing approximately \u20ac300bn\u00a0across real estate, infrastructure, alternative\u202fcredit\u202fand private equity.<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Sustainable and thematic investment capabilities are embedded across the business, supporting\u202fclients\u2019\u00a0\u202flong-term\u202fobjectives.\u202f\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BNPP AM brings together expert professionals across\u202fnearly 40\u202fcountries, blending global reach with local\u202fexpertise.<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p style=\"font-size: 14px; letter-spacing: 1px; line-height: 16px; color: #727277; font-weight: 600;\">FEATURED PRODUCTS<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>[vc_row_inner][vc_column_inner el_class=&#8221;case-study_product-mentions&#8221; width=&#8221;6\/12&#8243;]<hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_3166954583458775964\"\n  class=\"wpb_content_element bbg-cta case-study_product-mentions 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 left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Indices\"\n        >\n                      Bloomberg Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n[\/vc_column_inner][\/vc_row_inner]<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n        id=\"logo\"\n    >\n    <div class=\"wpb_content_element bbg-card case-study__info-box bbg-card-custom case-study__info-box bbg-card_hasImage\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #f4f4f9;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\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=\"2173\" height=\"724\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo.png\" class=\"bbg-single-image__image attachment-full\" alt=\"BNP Paribas Asset Management Logo\" title=\"BNP Paribas Asset Management Logo\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo.png 2173w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo-552x184.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo-800x267.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo-768x256.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo-1536x512.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo-2048x682.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BNP-Paribas-Logo-192x64.png 192w\" sizes=\"auto, (max-width: 2173px) 100vw, 2173px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n      \n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<p style=\"font-size: 14px; padding-top: 5px; letter-spacing: 1px; line-height: 16px; color: #727277; font-weight: 600;\">INDUSTRY<\/p>\n<p style=\"font-size: 20px; line-height: 36px; color: #2d2d32; margin-top: -15px! important; padding-bottom: 10px;\"><span class=\"TextRun Highlight SCXW121551268 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW121551268 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Asset Management<\/span><\/span><\/p>\n<p style=\"font-size: 14px; padding-top: 5px; letter-spacing: 1px; line-height: 16px; color: #727277; font-weight: 600;\">LOCATION<\/p>\n<p style=\"font-size: 20px; line-height: 36px; color: #2d2d32; margin-top: -15px! important; padding-bottom: 10px;\"><span class=\"TextRun SCXW148077635 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW148077635 BCX0\">Paris<\/span><\/span><\/p>\n<p style=\"font-size: 14px; padding-top: 5px; letter-spacing: 1px; line-height: 16px; color: #727277; font-weight: 600;\">GOAL<\/p>\n<p style=\"font-size: 20px; line-height: 36px; color: #2d2d32; margin-top: -15px! important;\"><span class=\"TextRun Highlight SCXW94556052 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW94556052 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Give investors a precise way to access one of Europe\u2019s most significant structural transformations<\/span><\/span><\/p>\n<p>\n<\/div>\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    <style>section[data-anchor=row-69f2233f67fe5]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black row-padding--bottom-compact row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Key insights' data-anchor='row-69f2233f67fe5' id='insights'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Key insights<\/h2>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <p><style>@media (max-width: 767px) {#bbg-ae-animation-69f2233f6914e svg {display: none;}}@media (min-width: 768px) {#bbg-ae-animation-69f2233f6974e svg {display: none;}}#bbg-ae-animation-69f2233f6914e{width:36px;}#bbg-ae-animation-69f2233f6974e{width:36px;}<\/style>\n<div class='bbg-ae-animation'id='bbg-ae-animation-69f2233f6914e' data-name='bbg-ae-animation-69f2233f6914e' data-animation-path='https:\/\/assets.bbhub.io\/professional\/sites\/41\/Anim_Picto_Export_Person_36_2411260924.json' data-animation-type='view' data-anim-loop='false' data-breakpoint='768' data-mobile='false' data-start-at='80' data-reset='true'><\/div>\n<div class='bbg-ae-animation'id='bbg-ae-animation-69f2233f6974e' data-name='bbg-ae-animation-69f2233f6974e' data-animation-path='https:\/\/assets.bbhub.io\/professional\/sites\/41\/Anim_Picto_Export_Person_36_2411260924.json' data-animation-type='view' data-anim-loop='false' data-breakpoint='768' data-mobile='false' data-start-at='75' data-reset='true'><\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 25px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun Highlight SCXW215260742 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215260742 BCX0\">Europe is entering a long-term\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW215260742 BCX0\">defense<\/span><span class=\"NormalTextRun SCXW215260742 BCX0\">\u00a0investment cycle driven by geopolitical change\u00a0<\/span><span class=\"NormalTextRun SCXW215260742 BCX0\">and rising budget commitments.<\/span><\/span><span class=\"EOP Selected SCXW215260742 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <p><style>@media (max-width: 767px) {#bbg-ae-animation-69f2233f6acc3 svg {display: none;}}@media (min-width: 768px) {#bbg-ae-animation-69f2233f6b274 svg {display: none;}}#bbg-ae-animation-69f2233f6acc3{width:36px;}#bbg-ae-animation-69f2233f6b274{width:36px;}<\/style>\n<div class='bbg-ae-animation'id='bbg-ae-animation-69f2233f6acc3' data-name='bbg-ae-animation-69f2233f6acc3' data-animation-path='https:\/\/assets.bbhub.io\/professional\/sites\/41\/Anim_Picto_Export_5Balls_36_2411141434.json' data-animation-type='view' data-anim-loop='false' data-breakpoint='768' data-mobile='false' data-start-at='80' data-reset='true'><\/div>\n<div class='bbg-ae-animation'id='bbg-ae-animation-69f2233f6b274' data-name='bbg-ae-animation-69f2233f6b274' data-animation-path='https:\/\/assets.bbhub.io\/professional\/sites\/41\/Anim_Picto_Export_5Balls_36_2411141434.json' data-animation-type='view' data-anim-loop='false' data-breakpoint='768' data-mobile='false' data-start-at='75' data-reset='true'><\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 25px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun Highlight SCXW87700481 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW87700481 BCX0\">Traditional global\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW87700481 BCX0\">defense<\/span><span class=\"NormalTextRun SCXW87700481 BCX0\">\u00a0indices are heavily weighted toward U.S. companies and\u00a0<\/span><span class=\"NormalTextRun SCXW87700481 BCX0\">may not fully capture Europe\u2019s push for strategic autonomy.<\/span><\/span><span class=\"EOP Selected SCXW87700481 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <p><style>@media (max-width: 767px) {#bbg-ae-animation-69f2233f6baad svg {display: none;}}@media (min-width: 768px) {#bbg-ae-animation-69f2233f6c04f svg {display: none;}}#bbg-ae-animation-69f2233f6baad{width:36px;}#bbg-ae-animation-69f2233f6c04f{width:36px;}<\/style>\n<div class='bbg-ae-animation'id='bbg-ae-animation-69f2233f6baad' data-name='bbg-ae-animation-69f2233f6baad' data-animation-path='https:\/\/assets.bbhub.io\/professional\/sites\/41\/Anim_Picto_Export_UpArrow_36_2411261036.json' data-animation-type='view' data-anim-loop='false' data-breakpoint='768' data-mobile='false' data-start-at='80' data-reset='true'><\/div>\n<div class='bbg-ae-animation'id='bbg-ae-animation-69f2233f6c04f' data-name='bbg-ae-animation-69f2233f6c04f' data-animation-path='https:\/\/assets.bbhub.io\/professional\/sites\/41\/Anim_Picto_Export_UpArrow_36_2411261036.json' data-animation-type='view' data-anim-loop='false' data-breakpoint='768' data-mobile='false' data-start-at='75' data-reset='true'><\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 25px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun Highlight SCXW203549901 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203549901 BCX0\">A purpose-built European benchmark can better capture the full depth of this transformation.<\/span><\/span><span class=\"EOP Selected SCXW203549901 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/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--full-bg-bleed\" data-anchor='row-69f2233f6cd3c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n    class=\"bbg-spacer\"\n        style=\"height: 24pxpx !important\"\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--bottom-compact row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Problem' data-anchor='row-69f2233f6e043' id='problem'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card case-study__number-graphic bbg-card-custom case-study__number-graphic\" id=\"card_2\" data-card_type=\"image\">\n      <style>#card_2 .bbg-card__innerwrapper {background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/case-study_big-number-graphic_1.png);background-repeat: no-repeat;background-size: contain;}#card_2 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_2:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_2 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_2.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h2 class=\"bbg-card__title\">Problem<\/h2>\n      \n          <\/div>\n\n      <\/div>\n\n  <\/div>\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><span data-contrast=\"auto\">Europe\u2019s\u00a0defense\u00a0framework is undergoing a structural reset. The long-standing security model anchored to the U.S. is evolving, prompting governments to increase spending and strengthen domestic capabilities.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">EU\u00a0defense\u00a0expenditure reached \u20ac343bn in 2024 and continues to climb, with equipment and R&amp;D budgets rising even faster. This marks a strategic shift, not a short-term reaction.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BNPP AM\u00a0identified\u00a0early that investor demand was building. Clients were seeking a way to\u00a0participate\u00a0in Europe\u2019s rearmament and industrial expansion through a targeted and transparent vehicle.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The challenge was clear: most global aerospace and\u00a0defense\u00a0indices are dominated by U.S. names. While those companies are global leaders, they do not fully reflect Europe\u2019s push for autonomy.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The opportunity was to create a benchmark designed specifically for this new European chapter.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>\n\n<\/div><div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\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 row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Solution' data-anchor='row-69f2233f712ae' id='solution'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card case-study__number-graphic bbg-card-custom case-study__number-graphic\" id=\"card_3\" data-card_type=\"image\">\n      <style>#card_3 .bbg-card__innerwrapper {background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/case-study_big-number-graphic_21.png);background-repeat: no-repeat;background-size: contain;}#card_3 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_3:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_3 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_3.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h2 class=\"bbg-card__title\">Solution<\/h2>\n      \n          <\/div>\n\n      <\/div>\n\n  <\/div>\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><span data-contrast=\"auto\">Europe\u2019s\u00a0defense\u00a0framework is undergoing a structural reset. The long-standing security model anchored to the U.S. is evolving, prompting governments to increase spending and strengthen domestic capabilities.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">EU\u00a0defense\u00a0expenditure reached \u20ac343bn in 2024 and continues to climb, with equipment and R&amp;D budgets rising even faster. This marks a strategic shift, not a short-term reaction.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BNPP AM\u00a0identified\u00a0early that investor demand was building. Clients were seeking a way to\u00a0participate\u00a0in Europe\u2019s rearmament and industrial expansion through a targeted and transparent vehicle.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The challenge was clear: most global aerospace and\u00a0defense\u00a0indices are dominated by U.S. names. While those companies are global leaders, they do not fully reflect Europe\u2019s push for autonomy.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The opportunity was to create a benchmark designed specifically for this new European chapter.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>\n\n<\/div><div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\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-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Result' data-anchor='row-69f2233f74521' id='result'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card case-study__number-graphic bbg-card-custom case-study__number-graphic\" id=\"card_4\" data-card_type=\"image\">\n      <style>#card_4 .bbg-card__innerwrapper {background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/case-study_big-number-graphic_3.png);background-repeat: no-repeat;background-size: contain;}#card_4 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_4:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_4 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_4.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h2 class=\"bbg-card__title\">Result<\/h2>\n      \n          <\/div>\n\n      <\/div>\n\n  <\/div>\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><span data-contrast=\"auto\">With the launch of the ETF under ticker GUARD FP, investors now have a clear and focused way to access Europe\u2019s\u00a0defense\u00a0buildout.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Client conversations have shifted from broad geopolitical headlines to tangible exposure. Advisors and institutional investors can point to a defined basket of European companies aligned with rising\u00a0defense\u00a0budgets, expanding order books\u00a0and\u00a0long-term modernization plans.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The ETF structure provides diversification across countries,\u00a0subsectors\u00a0and\u00a0technologies, helping mitigate single-company risk in a complex and politically sensitive industry.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">For BNP\u202fParibas Asset Management, the product enriches its thematic ETF lineup and reinforces the firm\u2019s commitment to innovative, high\u2011conviction solutions.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:280,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\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-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233f76ed1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\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-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Looking Ahead' data-anchor='row-69f2233f782d9' id='looking-ahead'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card case-study__number-graphic bbg-card-custom case-study__number-graphic\" id=\"card_5\" data-card_type=\"image\">\n      <style>#card_5 .bbg-card__innerwrapper {background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/case-study_big-number-graphic_4_edit.png);background-repeat: no-repeat;background-size: contain;}#card_5 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_5:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_5 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_5.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h2 class=\"bbg-card__title\">Looking ahead<\/h2>\n      \n          <\/div>\n\n      <\/div>\n\n  <\/div>\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><span data-contrast=\"auto\">Europe\u2019s\u00a0defense\u00a0transformation is a multi-year shift toward greater autonomy and industrial resilience. As budgets expand and supply chains deepen, the opportunity continues to evolve.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BSHIELD is designed to evolve alongside it. Quarterly reviews and ongoing governance help ensure the index adapts as technologies advance and new leaders\u00a0emerge.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The collaboration extends beyond index construction. In 2025, Bloomberg and BNPP AM partnered on a 12-city European roadshow, bringing the GUARD story directly to investors across the region.\u00a0Joint research,\u00a0thought leadership\u00a0and\u00a0digital campaigns further amplified visibility and investor engagement.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This partnership reflects a shared commitment to building durable, differentiated thematic solutions positioned for long-term growth.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\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-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233f7af58'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\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 bbg-row--full-bg-bleed\" data-anchor='row-69f2233f7c51d'>\n        \n        \n        <div\n            class=\"bbg-row--content stretch-height\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--s-width-2\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg case-study_related-content-header\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right bbg-column--s-width-2\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_8545761127096697183\"\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\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"View all\"\n        >\n                      View all\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg_featured_insights default\">\n                                <div class=\"bbg-featured-card bbg-column--width-4 bbg-column--m-width-4\" style=background-color:#f4f4f9; data-element-cardtype=\"image\" data-element-position=\"feed_1\" data-element-pubdate=\"April 27, 2026\">\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/bnp-paribas-am-advances-thematic-investing-with-a-targeted-defense-benchmark\/\" target=\"\" rel=\"\" class=\"image\" data-element-cardtype=\"image\" data-element-position=\"feed_1\" data-element-title=\"BNP Paribas AM advances thematic investing with a targeted defense benchmark\">\n                    <figure class=\"image__figure\">\n                        <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/new-chart.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"A data graph tracks the movement of stocks\" \/>\n                    <\/figure>\n                <\/a>\n                <div class=\"content\">\n                    <a class=\"eyebrow type-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/type\/case-study\/\" data-element-cardtype=\"image\" data-element-type=\"case-study\" data-element-title=\"BNP Paribas AM advances thematic investing with a targeted defense benchmark\" data-element-position=\"feed_1\">Case Study<\/a>\n                    <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/bnp-paribas-am-advances-thematic-investing-with-a-targeted-defense-benchmark\/\" target=\"\" rel=\"\" class=\"title-link\" data-element-cardtype=\"image\" data-element-position=\"feed_1\" data-element-title=\"BNP Paribas AM advances thematic investing with a targeted defense benchmark\">\n                        <h3 class=\"title\">BNP Paribas AM advances thematic investing with a targeted defense benchmark<\/h3>\n                    <\/a>\n                                        <a class=\"category-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" data-element-cardtype=\"image\" data-element-position=\"feed_1\" data-element-topic=\"markets\" data-element-title=\"BNP Paribas AM advances thematic investing with a targeted defense benchmark\">\n                        <span class=\"category-link-text\">Markets<\/span>\n                    <\/a>\n                <\/div>\n            <\/div>\n                                        <div class=\"bbg-featured-card bbg-column--width-4 bbg-column--m-width-4\" style=background-color:#f4f4f9; data-element-cardtype=\"image\" data-element-position=\"feed_2\" data-element-pubdate=\"April 22, 2026\">\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/treasury\/ihh-healthcare-drives-operational-excellence\/\" target=\"\" rel=\"\" class=\"image\" data-element-cardtype=\"image\" data-element-position=\"feed_2\" data-element-title=\"IHH Healthcare drives operational excellence &amp;#038; strategic growth through a treasury-first digital transformation\">\n                    <figure class=\"image__figure\">\n                        <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"544\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/office-dusk_1.3.2.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"\" \/>\n                    <\/figure>\n                <\/a>\n                <div class=\"content\">\n                    <a class=\"eyebrow type-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/type\/case-study\/\" data-element-cardtype=\"image\" data-element-type=\"case-study\" data-element-title=\"IHH Healthcare drives operational excellence &amp;#038; strategic growth through a treasury-first digital transformation\" data-element-position=\"feed_2\">Case Study<\/a>\n                    <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/treasury\/ihh-healthcare-drives-operational-excellence\/\" target=\"\" rel=\"\" class=\"title-link\" data-element-cardtype=\"image\" data-element-position=\"feed_2\" data-element-title=\"IHH Healthcare drives operational excellence &amp;#038; strategic growth through a treasury-first digital transformation\">\n                        <h3 class=\"title\">IHH Healthcare drives operational excellence &#038; strategic growth through a treasury-first digital transformation<\/h3>\n                    <\/a>\n                                        <a class=\"category-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/treasury\/\" data-element-cardtype=\"image\" data-element-position=\"feed_2\" data-element-topic=\"treasury\" data-element-title=\"IHH Healthcare drives operational excellence &amp;#038; strategic growth through a treasury-first digital transformation\">\n                        <span class=\"category-link-text\">Treasury<\/span>\n                    <\/a>\n                <\/div>\n            <\/div>\n                                        <div class=\"bbg-featured-card bbg-column--width-4 bbg-column--m-width-4\" style=background-color:#f4f4f9; data-element-cardtype=\"image\" data-element-position=\"feed_3\" data-element-pubdate=\"March 24, 2026\">\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/cmb-wing-lung-asset-management-strengthens-governance-and-efficiency-with-bloomberg-aim\/\" target=\"\" rel=\"\" class=\"image\" data-element-cardtype=\"image\" data-element-position=\"feed_3\" data-element-title=\"CMB Wing Lung Asset Management strengthens governance and efficiency with Bloomberg AIM\">\n                    <figure class=\"image__figure\">\n                        <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_594782030-1-11.jpg 162w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n                    <\/figure>\n                <\/a>\n                <div class=\"content\">\n                    <a class=\"eyebrow type-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/type\/case-study\/\" data-element-cardtype=\"image\" data-element-type=\"case-study\" data-element-title=\"CMB Wing Lung Asset Management strengthens governance and efficiency with Bloomberg AIM\" data-element-position=\"feed_3\">Case Study<\/a>\n                    <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/cmb-wing-lung-asset-management-strengthens-governance-and-efficiency-with-bloomberg-aim\/\" target=\"\" rel=\"\" class=\"title-link\" data-element-cardtype=\"image\" data-element-position=\"feed_3\" data-element-title=\"CMB Wing Lung Asset Management strengthens governance and efficiency with Bloomberg AIM\">\n                        <h3 class=\"title\">CMB Wing Lung Asset Management strengthens governance and efficiency with Bloomberg AIM<\/h3>\n                    <\/a>\n                                        <a class=\"category-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" data-element-cardtype=\"image\" data-element-position=\"feed_3\" data-element-topic=\"financial-services\" data-element-title=\"CMB Wing Lung Asset Management strengthens governance and efficiency with Bloomberg AIM\">\n                        <span class=\"category-link-text\">Financial Services<\/span>\n                    <\/a>\n                <\/div>\n            <\/div>\n                                        <div class=\"bbg-featured-card bbg-column--width-4 bbg-column--m-width-4\" style=background-color:#f4f4f9; data-element-cardtype=\"image\" data-element-position=\"feed_4\" data-element-pubdate=\"March 17, 2026\">\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/how-t-rowe-price-boosted-research-productivity-with-bquant-enterprise\/\" target=\"\" rel=\"\" class=\"image\" data-element-cardtype=\"image\" data-element-position=\"feed_4\" data-element-title=\"How T. Rowe Price boosted research productivity with BQuant Enterprise\">\n                    <figure class=\"image__figure\">\n                        <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-800x534.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-800x534.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-552x368.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-768x512.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-1536x1025.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-2048x1366.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screen-chart_1-162x108.jpg 162w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n                    <\/figure>\n                <\/a>\n                <div class=\"content\">\n                    <a class=\"eyebrow type-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/type\/case-study\/\" data-element-cardtype=\"image\" data-element-type=\"case-study\" data-element-title=\"How T. Rowe Price boosted research productivity with BQuant Enterprise\" data-element-position=\"feed_4\">Case Study<\/a>\n                    <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/how-t-rowe-price-boosted-research-productivity-with-bquant-enterprise\/\" target=\"\" rel=\"\" class=\"title-link\" data-element-cardtype=\"image\" data-element-position=\"feed_4\" data-element-title=\"How T. Rowe Price boosted research productivity with BQuant Enterprise\">\n                        <h3 class=\"title\">How T. Rowe Price boosted research productivity with BQuant Enterprise<\/h3>\n                    <\/a>\n                                        <a class=\"category-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" data-element-cardtype=\"image\" data-element-position=\"feed_4\" data-element-topic=\"financial-services\" data-element-title=\"How T. Rowe Price boosted research productivity with BQuant Enterprise\">\n                        <span class=\"category-link-text\">Financial Services<\/span>\n                    <\/a>\n                <\/div>\n            <\/div>\n                                        <div class=\"bbg-featured-card bbg-column--width-4 bbg-column--m-width-4\" style=background-color:#f4f4f9; data-element-cardtype=\"image\" data-element-position=\"feed_5\" data-element-pubdate=\"February 2, 2026\">\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/jane-street-enhances-etf-liquidity-and-execution-efficiency-with-bloomberg-rfqe\/\" target=\"\" rel=\"\" class=\"image\" data-element-cardtype=\"image\" data-element-position=\"feed_5\" data-element-title=\"Jane Street enhances ETF liquidity and execution efficiency with Bloomberg RFQe\">\n                    <figure class=\"image__figure\">\n                        <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3643683581.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Stock market curve\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3643683581.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3643683581.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3643683581.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3643683581.jpg 162w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n                    <\/figure>\n                <\/a>\n                <div class=\"content\">\n                    <a class=\"eyebrow type-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/type\/case-study\/\" data-element-cardtype=\"image\" data-element-type=\"case-study\" data-element-title=\"Jane Street enhances ETF liquidity and execution efficiency with Bloomberg RFQe\" data-element-position=\"feed_5\">Case Study<\/a>\n                    <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/jane-street-enhances-etf-liquidity-and-execution-efficiency-with-bloomberg-rfqe\/\" target=\"\" rel=\"\" class=\"title-link\" data-element-cardtype=\"image\" data-element-position=\"feed_5\" data-element-title=\"Jane Street enhances ETF liquidity and execution efficiency with Bloomberg RFQe\">\n                        <h3 class=\"title\">Jane Street enhances ETF liquidity and execution efficiency with Bloomberg RFQe<\/h3>\n                    <\/a>\n                                        <a class=\"category-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" data-element-cardtype=\"image\" data-element-position=\"feed_5\" data-element-topic=\"trading\" data-element-title=\"Jane Street enhances ETF liquidity and execution efficiency with Bloomberg RFQe\">\n                        <span class=\"category-link-text\">Trading<\/span>\n                    <\/a>\n                <\/div>\n            <\/div>\n                                        <div class=\"bbg-featured-card bbg-column--width-4 bbg-column--m-width-4\" style=background-color:#f4f4f9; data-element-cardtype=\"image\" data-element-position=\"feed_6\" data-element-pubdate=\"January 22, 2026\">\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/rbc-and-silac-partner-with-bloomberg-to-set-a-new-standard-for-fia-index-design\/\" target=\"\" rel=\"\" class=\"image\" data-element-cardtype=\"image\" data-element-position=\"feed_6\" data-element-title=\"RBC and SILAC partner with Bloomberg to set a new standard for FIA index design\">\n                    <figure class=\"image__figure\">\n                        <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Stock Market Performance\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/data-2.jpg 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n                    <\/figure>\n                <\/a>\n                <div class=\"content\">\n                    <a class=\"eyebrow type-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/type\/case-study\/\" data-element-cardtype=\"image\" data-element-type=\"case-study\" data-element-title=\"RBC and SILAC partner with Bloomberg to set a new standard for FIA index design\" data-element-position=\"feed_6\">Case Study<\/a>\n                    <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/rbc-and-silac-partner-with-bloomberg-to-set-a-new-standard-for-fia-index-design\/\" target=\"\" rel=\"\" class=\"title-link\" data-element-cardtype=\"image\" data-element-position=\"feed_6\" data-element-title=\"RBC and SILAC partner with Bloomberg to set a new standard for FIA index design\">\n                        <h3 class=\"title\">RBC and SILAC partner with Bloomberg to set a new standard for FIA index design<\/h3>\n                    <\/a>\n                                        <a class=\"category-link\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" data-element-cardtype=\"image\" data-element-position=\"feed_6\" data-element-topic=\"markets\" data-element-title=\"RBC and SILAC partner with Bloomberg to set a new standard for FIA index design\">\n                        <span class=\"category-link-text\">Markets<\/span>\n                    <\/a>\n                <\/div>\n            <\/div>\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--white row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233f95424'>\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 case-study_request-demo-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_6.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\/demo-Interstitial-bg.jpg);\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_6.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_6.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_6.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_6.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_6\" 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\">Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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