For investors seeking momentum, Sprott Junior Uranium Miners ETF (URNJ Quick QuoteURNJ - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 136.55% from its 52-week low price of $11.52 per share.

But are there more gains in store for this ETF? Let us 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.

URNJ in Focus

The underlying Nasdaq Sprott Junior Uranium Miners Index tracks the performance of companies that derive at least 50% of their revenues and assets from mining, exploration, development and production of uranium; earning uranium royalties and supplying uranium. The product charges 80 bps in annual fees (See: all Materials ETFs here).

Why the Move?

As the demand for AI soars and clean energy needs grow, tech giants are looking at nuclear power to fuel energy-hungry data centers. Data centers are energy-intensive, with AI applications consuming even more energy than traditional computing.

The growing interest in nuclear energy and increasing AI-driven data centers are expected to boost the demand for uranium. Projections of uranium demand growing in the coming years are a key tailwind for the fund.

More Gains Ahead?

URNJ may continue its strong performance in the near term, with a positive weighted alpha of 53.55 (as of Barchart.com), which gives cues of a further rally.