The First Trust RBA American Industrial Renaissance ETF (AIRR) focuses on small and mid-cap industrial companies involved in wiring, cooling, and powering hyperscale data centers. Its top holdings, including Comfort Systems, Sterling Infrastructure, EMCOR Group, and Powell Industries, have posted record backlogs driven by capital spending from major hyperscalers like Microsoft, Meta, Alphabet, and Amazon. The fund's performance heavily depends on these companies' 2027 capital expenditure guidance, which will influence contractor backlogs and AIRR's returns. A key event to watch is the ETF's September rebalance, which could adjust exposure to these top holdings based on market cap changes and index rules.
