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Clean Energy ETF (CNRG) Hits 52-Week High

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For investors looking for momentum, SPDR S&P Kensho Clean Power ETF (CNRG - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 362% from its 52-week low price of $30.60/share.

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

CNRG in Focus

The underlying S&P Kensho Clean Power Index is comprised of U.S.-listed equity securities of companies domiciled across developed and emerging markets worldwide which are included in the Clean Power sector. The expense ratio is 0.45% annually.

Why the Move?

Climate change is one of the top priorities of the Biden administration. Biden already cancelled Keystone XL Pipeline and rejoined Paris Climate Agreement. Notably,  Paris Climate Agreement is the international treaty designed to counter disastrous global warming. Biden ordered federal agencies to start reviewing and reestablishing more than 100 environmental regulations that were weakened or canceled by Donald Trump. No wonder, clean energy ETFs will start soaring from such a move.

More Gains Ahead?

The fund has a positive weighted alpha of 276.62. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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