For investors seeking momentum, Invesco Aerospace & Defense ETF (PPA Quick QuotePPA - Free Report) is probably on radar. The fund just hit a 52-week high and is up 25.8% from its 52-week low price of $64.48/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:

PPA in Focus

Invesco Aerospace & Defense ETF offers exposure to companies involved in the development, manufacturing, and operations as well as provides support to U.S. defense, homeland security and aerospace. It charges 58 bps in annual fees (see: all the Industrial ETFs here).

Why the Move?

The aerospace and defense sector has been an area to watch lately, given the still ongoing Russia-Ukraine issues that could result in increased defense spending. Additionally, the sector has shown its resiliency to the recent market volatility, which is expected to prevail in the coming days.

More Gains Ahead?

Currently, PPA has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.