For investors seeking momentum: iShares U.S. Aerospace & Defense ETF (ITA Quick QuoteITA - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 26.13% from its 52-week low price of $126.65/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. The product charges 40 bps in annual fees (See: All Industrials ETFs).

Why the Move?

The Aerospace and Defense sector has been an area to watch lately, given the complicated geopolitical landscape. Additionally, Israel's recent airstrike on Gaza, following a failed ceasefire agreement, has raised concerns about escalating Middle East tensions.

More Gains Ahead?

Currently, ITA has a Zacks ETF Rank #2 (Buy), with a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 21.44 (as per Barchart.com), which gives cues of a further rally.