WASHINGTON, D.C. — A report has raised questions about a potential defense-sector investment tied to Defense Secretary Pete Hegseth shortly before U.S. military actions involving Iran.
According to reporting cited by the Financial Times, a broker connected to Hegseth contacted BlackRock in February about investing in its iShares Defense Industrials Active ETF, a fund focused on companies benefiting from increased military spending. The fund includes major defense contractors such as RTX, Lockheed Martin, and Northrop Grumman.
The investment did not proceed because the ETF was not yet available to Morgan Stanley clients at the time. It remains unclear whether any alternative investments were pursued.
Pentagon spokesperson Sean Parnell strongly denied the report, calling it “entirely false and fabricated” and stating that neither Hegseth nor his representatives made any such inquiry. He also demanded a retraction.
The report comes as scrutiny grows over market activity surrounding major geopolitical events, with analysts questioning whether financial trades may reflect access to advanced policy knowledge.
The ongoing U.S. military conflict involving Iran has heightened attention on defense-related investments and potential conflicts of interest tied to government officials.
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