For investors seeking momentum, First Trust S&P REIT ETF (FRI Quick QuoteFRI - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 35.7% from its 52-week low price of $20.13 per 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 on where it might be headed:

FRI in Focus

The underlying S&P United States REIT Index measures the investable US real estate investment trust market and maintains a constituency that reflects the overall composition of the market. All securities added to the Index must meet liquidity and market capitalization requirements. It charges investors 50 basis points a year in fees (see: all Real Estate ETFs here).

Why the Move?

The real estate corner of the broad market has been an area to watch lately given the Fed’s accommodative stance and pullback in rising yields. This has returned the lure for rate-sensitive sectors. Rising reopening trade amid falling virus cases is another factor for the real estate rally.

More Gains Ahead?

The fund has a positive weighted alpha of 35.59. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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