ALPS Clean Energy ETF (ACES) Hits a 52-Week High
For investors seeking momentum, ALPS Clean Energy ETF ACES is probably a suitable pick. The fund just hit a 52-week high and is up 158.9% from its 52-week low price of $23.15/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
ACES in Focus
The fund seeks to track the performance of an index comprised of U.S. and Canadian based companies that primarily operate in the Clean Energy sector. Constituents are companies focused on renewables and other clean technologies which enable the evolution of a more sustainable energy sector. It has AUM of $391.3 million and charges an expense ratio of 65 basis points.
Why the Move?
The space has been hitting the 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 ACES an attractive investment option.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 113.91 which gives cues of further rally.
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ALPS Clean Energy ETF (ACES): ETF Research Reports
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.