The renewable energy market has drawn considerable attention over the past decade. The effects of climate change will intensify in the years ahead, increasing the urgency to meet renewable goals. Last year, Allied Market Research estimated that the global renewable energy market was valued at $881 billion in 2020. This market researcher projects that the market will reach $1.97 trillion by 2030. That would represent a CAGR of 8.4% from 2021 through to the end of the forecast period.
Investors who want to get in on this promising market may want to snatch up the Harvest Clean Energy ETF (TSX:HCLN) before October draws to a close. This exchange-traded fund (ETF) invests in a portfolio of the 40 largest Clean Energy Issuers selected from the Clean Energy Investable Universe. The fund is considered medium risk according to its own fund facts. Moreover, investors will have to take on a middling management fee of 0.40%.
Shares of this ETF have dropped 22% in 2022 as of close on October 21. The fund is now down 26% in the year-over-year period.
This fund boasts a nearly 40% geographic exposure to the United States and Canada. It is weighted 57% in Renewable Power Generation and 28% in Solar Equipment and Services. Some of the top holdings in this account include First Solar, SunPower, and Enphase Energy. Meanwhile, this ETF also possesses an RSI of 26. That puts Harvest Clean in technically oversold territory at the time of this writing. I’m looking to snag this cheap clean energy ETF right now.
