For investors looking for momentum, Invesco WilderHill Clean Energy ETF (PBW Quick QuotePBW - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 169% from its 52-week low price of $22.20/share.

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

PBW in Focus

The fund is based on the WilderHill Clean Energy Index. The index is composed of stocks of companies that are publicly traded in the United States and engaged in the business of advancement of cleaner energy and conservation. It has AUM of $868.9 million and charges expense ratio of 70 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 achieving the most coveted carbon neutral status. Also, the green energy space has been a hot discussion topic in the ongoing U.S. election campaign. Joe Biden, the Democratic presidential candidate, 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, charging stations, etc. This is making funds like PBW an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 137.30, which gives cues of further rally.

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