This $10 Billion ETF Owns the Companies Wiring America's $68 Billion Data Center Boom

The First Trust RBA American Industrial Renaissance ETF (AIRR) has become a relatively direct public-market proxy for the hyperscaler data-center buildout, with about $10 billion in assets and a portfolio concentrated in electrical and mechanical contractors. The fund tracks the Richard Bernstein Advisors American Industrial Renaissance Index and holds 54 equity positions, with net assets of $8.39 billion reported in its latest NPORT filing. Its top data-center names are Comfort Systems USA (4.18%), Sterling Infrastructure (3.96%), EMCOR Group (3.54%), and Powell Industries (1.83%), together around 14% of the fund. Recent performance and backlog strength hinge on combined 2027 capex guidance from Microsoft, Meta, Alphabet, and Amazon, which flows into contractor orders within one to two quarters after revisions. The fund also faces a risk from index rebalancing as winners grow too large for “small and mid-cap” thresholds.