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QCLN - PBD ETF: Clean Energy Has An Expensive Price
First Trust NASDAQ Clean Edge Green Energy Idx Fd
Since my previous article, PBD has lost ~22% vs a loss of ~10% for the S&P 500 and has clearly underperformed the market.
PBD still trades at over 20x earnings, which is expensive, and I believe the current price doesn't provide a good margin of safety.
There might be more downside risk from the current level given investors' shift from ESG to traditional energy stocks in the face of high inflation and geopolitical risks.