They may not be getting a lot of attention, but select water exchange traded funds have been delivering solid returns this year.

Buoyed by increased talk of water scarcity around the world and speculation of higher spending water infrastructure in the years ahead, water ETFs have impressed this year. For example, the Guggenheim S&P Global Water ETF (NYSEArca: CGW) is up nearly 6% year-to-date. [Infrastructure Spending Could Lift Water ETFs]

More gains could be on the way for the $337.4 million CGW, which tracks the S&P Global Water NR Index.

“CGW looks great on the daily chart, as it has been tightening up the past three weeks while holding the rising 50-day MA. This week’s action is very tight and could possibly lead to a breakout next week,” said Deron Wagner of Morpheus Trading Group.

Although CGW currently labors slightly below its 50-day moving average, the ETF is trading 8% above its 200-day line.

CGW also offers ample developed market exposure. After the 37.8% allocation to the U.S., CGW devotes a combine 34% of its weight to the U.K., France and Switzerland.

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