A solar and wind ETF are each in a solid uptrend as Biden widens his lead over Trump in recent polls.
As clean energy supporter and Democratic Presidential candidate Joe Biden’s election chances seem to brighten, so do the prices on two renewable energy ETFs.
Renewable energy: Invesco Solar ETF
The Invesco Solar ETF (NYSEARCA: TAN) tracks the MAC Global Solar Energy Index, which is designed to provide exposure to companies listed on exchanges in developed markets that derive a significant amount of their revenues from the following business segments of the solar industry: solar power equipment producers including ancillary or enabling products.
With assets of $1.493 billion, the ETF has an expense ratio of 0.71%.
The ETF has been on a bull charge over the past trading sessions. Between September 24 and October 7 the ETF has gained nearly 35% to $75.18.
According to Bloomberg, on Tuesday, about 17,000 calls on the TAN ETF changed hands.
The site quoted Todd Rosenbluth, head of ETF and mutual fund research for CFRA Research: “As investors digest a greater likelihood of a clean-energy-friendly Biden administration, demand for solar and other alternative energy has increased. TAN is the largest solar ETF and has benefited from growing liquidity.”
First Trust Global Wind Energy ETF
The First Trust Global Wind Energy ETF (NYSEARCA: FAN) has similarly enjoyed a bullish tailwind. The fund tracks an equity index called the ISE Clean Edge Global Wind Energy Index. The index comprises public companies across the globe that involve in the wind energy industry.
This ETF is smaller with an AUM of $203.9 million. Its expense ratio is 0.62%.
Between September 24 and October 7 the ETF has gained nearly 12% to $18.80.
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