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Aerospace & Defense ETF (ITA) Hits New 52-Week High
For investors seeking momentum, iShares U.S. Aerospace & Defense ETF (ITA - Free Report) is probably on radar. The fund just hit a 52-week high and is up 29.2% from its 52-week low price of $91.02/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:
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. It charges 39 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, ITA has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.