For investors seeking momentum, First Trust RBA American Industrial Renaissance ETF (AIRR Quick QuoteAIRR - Free Report) is probably on radar. The fund just hit a 52-week high and is up 139.8% from its 52-week low price of $36.11/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

AIRR in Focus

First Trust RBA American Industrial Renaissance ETF offers exposure to small and mid-cap securities in the industrial and community banking sectors by tracking the Richard Bernstein Advisors American Industrial Renaissance Index. It is home to well-diversified 49 securities and charges 70 basis points in annual fees (see: all the Industrials ETFs here).

Why the Move?

The industrial segment of the broad market has been an area to watch lately as business conditions remain good, and demand seems decent. Though the first half of 2023 seems to be stressful for the industrial activities due to rising rate worries, manufacturing companies indicated that the business sentiment is positive for the second half of the year.

More Gains Ahead?

Currently, AIRR has a Zacks ETF Rank #2 (Buy) with a High risk outlook. The fund has a positive weighted alpha of 29.30.