Combined, the two ETFs have less than $170 million in assets under management. Despite the diminutive each ETF, GEX and QCLN have significant allocations to Tesla. Tesla was once the largest holding in GEX, but the recent decline in the company’s market value has pared the ETF’s exposure to the stock to 9.81%, about 175 basis points behind Cree (NasdaqGM: CREE). QCLN allocates 7.74% to Tesla and the stock is also that ETF’s second-largest holding behind Cree. [Tesla Leads This ETF’s Surge]
For now, the two ETFs have held up well following the release of the Tesla fire video. GEX even traded higher on Thursday, underscoring the notion that although ETFs often do not perform as well as their best-performing holding, ETFs also mitigate single stock risk.
Market Vectors Global Alternative Energy ETF
ETF Trends editorial team contributed to this post.