QCLN’s “index started to breakout from a falling bear market trendline, at 16.80 points. However, after 2 months of a breakout attempt, there is no follow through for now,” reports ETF Daily News. “There is a potential risk with this breakout. More than 7 percent of the index is made up by Tesla, which, since February, has done exceptionally well. So there is a possibility of a false breakout if Tesla, the leader of the index, loses steam.”

Elon Musk’s Tesla (NASDAQ: TSLA) is pivotal to QCLN’s fortunes because it is the ETF’s largest holding. QCLN allocates 9.7% of its weight to Tesla, 200 basis points more than the ETF devotes to its second-largest holding.

“Intuitively, clean energy stocks should be in a raging bull market. If there is one clear trend in this world, it certainly is the “green trend”. Clean energy stocks certainly did very well in 2013 and the first months of 2014, but lost 50 percent of their value in the 2 years that followed. That could be changing now,” according to ETF Daily News.

QCLN has almost $55 million in assets under management.