QCLN features an 11.2% weight to Tesla, about 330 basis points more than the fund allocates to its second-largest holding, Cree (NasdaqGM: CREE). QCLN also offers the benefit of tracking the NASDAQ Clean Edge Green Energy Index, which has a lengthy track record of outperforming rival clean energy indices. [The King of Clean Energy Indices]
GEX allocates 12% of its weight to Tesla and is up more than 6% this year. However, GEX has lagged QCLN because the former allocates over 11% of its weight to Chinese stocks.
QCLN has benefited from its status as a Tesla ETF in another way. With shares of Tesla well into the triple digits, some investors are looking to ETFs as a capital efficient way of gaining exposure to the high-flying stock. That has helped QCLN bring almost $36 million of its $142.1 million in assets just this year.
First Trust NASDAQ Clean Edge Green Energy Index Fund
