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Green Energy ETF (QCLN) Hits a 52-Week High

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For investors seeking momentum, First Trust NASDAQ Clean Edge Green Energy ETF (QCLN - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 184.1% from its 52-week low price of $16.14/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

QCLN in Focus

The fund seeks investment results that correspond generally to the price and yield, before fees and expenses, of the NASDAQ Clean Edge Green Energy Index. It has AUM of $531.6 million and charges an expense ratio of 60 basis points.

Why the Move?

The space has been hitting headlines these days for several reasons. Increasingly, big corporations are making or promising investments in the pursuit of achieving the most-coveted carbon neutral status. Also, the green energy space has been a hot topic of discussion in the ongoing U.S. election campaign. Democratic presidential candidate Joe Biden has been strongly campaigning for his clean energy and infrastructural plans. He aims to pump $2 trillion into green energy for over four years to build solar panels and charging stations among others. Notably, following the first of the three presidential debates, the wind seems to be flowing in favor of Biden. This is making funds like QCLN an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 138.30, which gives cues of further rally.

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