Investors seeking momentum may have First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN Quick QuoteQCLN - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of QCLN are up approximately 142.2% from their 52-week low of $16.14/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

QCLN in Focus

The underlying NASDAQ Clean Edge Green Energy Index is modified market capitalization weighted index which track the performance of clean energy companies publicly traded in the United States and includes companies engaged in manufacturing, development, distribution & installation of emerging clean-energy technologies including, but not limited to, solar photovoltaics, biofuels and advanced batteries. The fun charges 60 bps in fees.

Why the Move?

The fund QCLN puts about 9% weight in Tesla. Tesla Motors’ (TSLA Quick QuoteTSLA - Free Report) shares rose 13.1% on Aug 12 on the stock split news. Tesla announced a five-for-one stock split. The stock split came at the right time as Tesla shares have become lofty. The stock has soared more than 200% this year, pushing its valuation to around $289 billion. No wonder, Tesla’s gain helped QCLN to hit a 52-week high on Aug 12.

More Gains Ahead?

Currently, QCLN has a Zacks ETF Rank #3 (Hold) with a High risk outlook. So, it is difficult to get a handle on its future returns one way or another. The fund has a positive weighted alpha of 101.40. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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