Procure Space ETF (UFO Quick QuoteUFO - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 165.87% from its 52-week low price of $18.40 per share.

Are 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.

UFO in Focus

The underlying S-Network Space Index measures the performance of companies engaged in space-related industries. The product charges 0.75% in annual fees (see: all Industrials ETFs).

Why the Move?

The space sector has been an area to watch, following reports that SpaceX may soon file for a public listing. According to CNBC, it could be the largest listing ever, targeting a $1.75 trillion valuation, and is likely to raise more than $75 billion.

Such a move could be a key catalyst, setting valuation benchmarks for the broader industry and driving fresh investor interest and inflows into listed space companies. Additionally, the space sector is benefiting from the growing push toward the militarization of space. At the same time, rising energy demands from AI-driven data centers are prompting interest in space-based data center solutions.

More Gains Ahead?

UFO might continue its strong performance in the near term, with a positive weighted alpha of 113.29 (per Barchart.com), which hints at a rally.