President Donald Trump could soon face a major decision on how far to take the conflict with Iran, with mid-April shaping up as a key turning point, Eurasia Group’s Firas Maksad told CNBC. As more U.S. military assets arrive in the region, the administration will need to decide whether to escalate further or begin pulling back. Maksad explained that this decision will depend heavily on how the situation develops in the coming weeks, as well as how prepared the U.S. is on the ground. Nevertheless, investors may want to consider hedging against any further escalations with the following defense ETFs:

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Invesco Aerospace & Defense ETF (PPA)

iShares U.S. Aerospace & Defense ETF (ITA)

SPDR S&P Aerospace & Defense ETF (XAR)

At the same time, Maksad said that Trump’s recent remarks were mainly for a domestic audience rather than to signal a real change in strategy. From a policy standpoint, he noted that the president largely repeated what was already expected: that the conflict would likely continue for at least two to three more weeks. In addition, the official goals remain focused on weakening Iran’s military capabilities, such as its missile program, navy, and remaining nuclear infrastructure. However, Maksad also highlighted a less openly stated objective, which is the possibility of taking control of Iran’s oil.

Moreover, the timing of any major move will likely depend on the arrival of key military assets, including the USS Bush, Marine units, and elements of the 82nd Airborne, which are expected by mid-April. Meanwhile, the administration appears to be carefully managing its messaging to avoid sharp swings in oil (USO) and stock prices. As a result, Maksad suggests that those who are trying to predict the next move should focus more on military activity than on public statements.

Turning to Wall Street, out of the three ETFs mentioned above, analysts think that XAR has the most room to run. In fact, XAR’s price target of $324.76 per share implies 24.4% upside potential.

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