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Aerospace & Defense ETF (ITA) Hits New 52-Week High
For investors seeking momentum, US Aerospace & Defense iShares ETF (ITA - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 48.8% from its 52-week low price of $74.39 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:
ITA in Focus
The underlying Dow Jones U.S. Select Aerospace & Defense Index measures the performance of the aerospace and defense sector of the U.S. equity market. The ETF charges investors 42 basis points a year in fees (see: all Industrials ETFs here).
Why the Move?
The commercial aviation market has been recovering from the coronavirus-related slump while exposure to the defense sector always gives the Aerospace & Defense sector protection from the downside risks.
More Gains Ahead?
Currently, ITA has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
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