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Clean Energy ETF (ICLN) Hits New 52-Week High

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Investors seeking momentum may have Global Clean Energy iShares ETF (ICLN - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of ICLN are up approximately 250.1% from their 52-week low of $8.08/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

ICLN in Focus

The S&P Global Clean Energy Index tracks the performance of approximately 30 of the most liquid and tradable global companies which represent the listed clean energy universe. The expense ratio is 0.30% (see all alternative energy ETFs here).

Why the move?

Biden has expansionary plans for clean energy.He has a plan — a Clean Energy Revolution — to address the issue of climate emergency. He sees America as becoming a 100% clean energy economy by 2035 and having net zero emission by 2050. So, his win favored the clean energy rally. Moreover, clean energy is getting increasing acceptance globally.

More Gains Ahead?

The fund has a positive weighted alpha of 181.60. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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