At a glance
AIRR charges 0.69% a year, above the 0.46% average of the 4 funds most like it (the most expensive of 5). It has $11.49B in assets, the largest of that group; it paid 0.1% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −0.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds; over three years it returned +28.4% a year. At its worst it fell 41.7% in the 2020 crash (S&P 500: 33.7%) and 21.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 5 months after the lows. Its ten largest positions make up 41.3% of the fund, out of 52 in all.
The short version
First Trust RBA American Industrial Renaissance ETF (AIRR) tracks an index of about 50 small and mid-sized U.S. industrial companies, plus a small slice of community banks from manufacturing states such as Ohio and Pennsylvania. Its rules exclude companies that make 25% or more of their sales abroad, so it is a focused bet on U.S. infrastructure and manufacturing. It costs 0.69% a year, more than similar funds, and its price has swung more than the broad market's.
Price history
The interactive chart needs JavaScript.
AIRR -0.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AIRR official prospectus, to Dec 31, 2025 | — | +27.92% | — | +23.97% | +19.76% | +14.71% |
| AIRR price data to Oct 27, 2026 | +0.6% | -0.9% | +28.4% | +18.5% | +18.0% | +13.9% |
- Over the year to Oct 27, 2026, AIRR returned -0.9%, 3rd of 5 among similar funds.
- Its 5-year annualized return was +18.5% and its 10-year +18.0%.
- In the 2020 COVID crash it fell 41.7% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2018 (-20.5%); its best was 2016 (+43.4%).
- The deepest fall in its price history was 42.4% (Feb 13, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.6% | — |
| 2025 | +27.9% | +27.92% |
| 2024 | +33.4% | +33.43% |
| 2023 | +31.4% | +31.65% |
| 2022 | -2.1% | -2.16% |
| 2021 | +33.0% | +33.19% |
| 2020 | +17.2% | +16.62% |
| 2019 | +34.0% | +34.00% |
| 2018 | -20.5% | -20.44% |
| 2017 | +16.3% | +16.36% |
| 2016 | +43.4% | +43.31% |
| 2015 | -9.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.5% over that stretch · deepest drop along the way 41.7%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.2% over that stretch · deepest drop along the way 21.2%, back to its old high 4.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0700 | |
| 2025 | $0.1900 | +35.7% |
| 2024 | $0.1400 | +7.7% |
| 2023 | $0.1300 | +116.7% |
| 2022 | $0.0600 | +140.0% |
| 2021 | $0.0250 | -37.5% |
| 2020 | $0.0400 | -33.3% |
| 2019 | $0.0600 | -40.0% |
| 2018 | $0.1000 | +19.0% |
| 2017 | $0.0840 | +320.0% |
| 2016 | $0.0200 | -75.0% |
| 2015 | $0.0800 |
What's inside
As of Jun 30, 2026, the fund held 52 securities; the ten largest made up 41.31% of assets.
| Holding | Weight | |
|---|---|---|
| STERLING INFRASTRUCTURE INC | 6.00% | |
| ARGAN INC | 4.73% | |
| COMFORT SYSTEMS USA INC | 4.42% | |
| MASTEC INC | 4.18% | |
| CH ROBINSON WORLDWIDE INC | 4.08% | |
| OWENS CORNING | 3.89% | |
| DYCOM INDUSTRIES INC | 3.76% | |
| EMCOR GROUP INC | 3.75% | |
| SAIA INC | 3.53% | |
| BWX TECHNOLOGIES INC | 2.97% | |
| POWELL INDUSTRIES INC | 2.48% | |
| HUNTINGTON INGALLS INDUSTRIES INC | 2.44% | |
| CLEAN HARBORS INC | 2.44% | |
| F.N.B. CORP (PENNSYLVANIA) | 2.43% | |
| KRATOS DEFENSE & SECURITY SOLUTIONS INC | 2.43% |
By country
United States 99.97%By asset type
Stocks 99.95%RA 0.02%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.32B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.47%, +1.74%, +3.20%.
How it works
AIRR aims to track the Richard Bernstein Advisors American Industrial Renaissance Index. Richard Bernstein Advisors (RBA) built and owns the index, and ICE Data Indices calculates it. The fund normally invests at least 90% of its assets in the index's stocks. Selection starts with the Russell 2500 Index, a broad list of small and mid-sized U.S. companies. Only industrial companies in 12 industries can qualify. These include construction and engineering, machinery, electrical equipment, aerospace and defense, and ground transportation. Banks are chosen from traditional manufacturing states such as Pennsylvania, Ohio, Michigan and Wisconsin, and they are capped at about 10% of the index.
More filters follow. The index drops any company with 25% or more of its sales outside the U.S. It also drops companies whose analysts' average earnings estimate for the next 12 months is not positive, and companies that fail its size, share-price and trading-volume tests. RBA's own rules-based model then sets each stock's weight according to its risk. Each stock gets between 0.5% and about 4% at each rebalance. As of December 31, 2025, the index held 52 stocks.
The index is rebalanced every three months. Portfolio turnover was 60%, which means the fund replaces a large share of its holdings each year. Stocks that rise can grow past the 4% cap between rebalances. As of June 30, 2026, Sterling Infrastructure made up 6.0% of the fund, and the 10 largest holdings made up 41.3%. The fund held no derivatives.
What it really costs
- AIRR charges 0.69% a year, versus an average of 0.46% for the similar funds below (5th of 5, cheapest first).
In a retirement portfolio
AIRR is a concentrated, high-cost bet on U.S. small and mid-sized industrial stocks whose price has swung much more than the broad market's, so it may fit as a small add-on rather than a foundation.
AIRR could add a focused stake in U.S. infrastructure and manufacturing companies. Over the 10 years to December 31, 2025, it returned 19.76% a year. The ride has been rough. Its deepest drop was 42.4%, from February 13 to March 23, 2020, and it took about 7.6 months to recover. In 2022 it fell 21.2% by mid-June, then recovered by November. Its worst calendar year was 2018, when it lost 20.44%. The fund launched in 2014, so it has no record from 2008. In the six months to October 27, 2026, it fell 21.2%. Anyone who needs to sell shares in a slump like these could lock in steep losses. It provides almost no income: the yield was 0.1% as of October 27, 2026, paid twice a year. The expense ratio is 0.69%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, separate bet on U.S. infrastructure builders such as Sterling Infrastructure, Argan, Comfort Systems USA and MasTec.
- Long-term holders who could sit through a drop like its 42.4% fall in early 2020 without needing to sell.
- People who want companies that sell mostly in the U.S.: the index excludes companies with 25% or more of sales abroad.
Look elsewhere if
- Retirees who need income: the yield was 0.1% as of October 27, 2026, paid only twice a year.
- Cost-conscious investors: its 0.69% expense ratio is above the 0.46% average of four similar funds.
- Anyone who wants broad diversification or a steady ride: it holds about 52 stocks, mostly industrials, and has swung about 1.5 times as much as the market.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AIRR this fund | — | 0.69% | $11.49B | -0.9% | +28.4% |
| PKB Invesco Building & Construction ETF | 18% | 0.57% | $429.6M | -10.6% | +23.5% |
| SMCO Hilton Small-MidCap Opportunity ETF | 12% | 0.55% | $142.1M | +3.1% | — |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 10% | 0.35% | $338.5M | +8.9% | +16.2% |
| XHB SPDR S&P Homebuilders ETF | 8% | 0.35% | $1.63B | -7.9% | +13.4% |
Questions investors ask
Does AIRR pay dividends?
Yes, but very little. AIRR pays distributions twice a year, and its trailing 12-month yield was 0.1% as of October 27, 2026. Most of its holdings are small and mid-sized industrial companies that pay small dividends or none. Nearly all of the fund's return has come from changes in its share price. That makes it a poor fit for anyone who needs regular income from their investments.
What's the difference between AIRR and PKB?
They overlap only partly. Invesco Building & Construction ETF (PKB) has the most holdings in common with AIRR, but only 18% of their holdings match. PKB costs 0.57% a year and AIRR costs 0.69%. As of October 27, 2026, AIRR returned -0.9% over one year, compared with -10.6% for PKB. Over three years, AIRR returned 28.4% a year and PKB returned 23.5%. AIRR's index also adds community banks and excludes companies with large foreign sales.
What are AIRR's top holdings?
As of June 30, 2026, the largest holdings were Sterling Infrastructure (6.0%), Argan (4.7%), Comfort Systems USA (4.4%), MasTec (4.2%) and C.H. Robinson Worldwide (4.1%). Owens Corning, Dycom Industries, EMCOR Group, Saia and BWX Technologies completed the top 10. Together, the top 10 made up 41.3% of the fund. It held 52 stocks, almost all U.S. companies. The largest bank holding was F.N.B. Corp., at 2.4%.
How volatile is AIRR?
It has been more volatile than the broad market. Over the year to October 27, 2026, it moved about 1.54 times as much as the market. It fell 17.9% over the three months and 21.2% over the six months to that date. Its worst quarter was the first quarter of 2020, with a 31% loss. Its deepest drop was 42.4% in early 2020, and it took about 7.6 months to recover.
Is AIRR good for retirement?
It may suit a small part of a retirement portfolio, but it is not a core holding. AIRR returned 23.97% a year over five years and 19.76% a year over 10 years to December 31, 2025. It also lost 20.44% in 2018 and fell 42.4% in early 2020. It yields about 0.1% and costs 0.69% a year. Someone who may need to sell in a downturn would be hit hardest by drops like these.