The VanEck Low Carbon Energy ETF (NYSEARCA:SMOG) witnessed a substantial increase in short interest as of December 31, 2023. The short interest rose to a total of 152 shares, reflecting an impressive increase of 83.1% from the previous total of 83 shares recorded on December 15. This surge indicates a growing interest among investors, although it represents approximately 0.0% of the total stock available for trading.
With an average daily trading volume of 1,875 shares, the days-to-cover ratio currently stands at 0.1 days. This metric suggests that it would take only a fraction of a day to cover all short positions, highlighting the relatively low volume of short selling in this ETF.
Institutional Investment Trends
Several institutional investors have recently engaged with the VanEck Low Carbon Energy ETF, indicating a rising confidence in the fund. Westfuller Advisors LLC established a new position in the ETF during the third quarter, valued at approximately $27,000. Meanwhile, Atlantic Union Bankshares Corp also acquired a new stake worth around $108,000 in the same period.
Additionally, AE Wealth Management LLC significantly expanded its holdings by 140.3%, now owning 865 shares valued at $110,000 after purchasing an extra 505 shares. Other notable investors include Lakeridge Wealth Management LLC, which invested about $212,000 during the second quarter, and Citadel Advisors LLC, which acquired a stake worth approximately $222,000 in the third quarter.
Market Performance Overview
On the trading day following the surge in short interest, the VanEck Low Carbon Energy ETF saw its price increase by 0.6%, reaching $134.03. The trading volume for the day was noted at 774 shares, which is lower than its average volume of 1,517 shares.
As of now, the ETF boasts a market capitalization of $131.35 million, a price-to-earnings ratio of 19.47, and a beta of 1.13. The fund has recorded a fifty-day moving average of $132.30 and a two-hundred-day average of $125.35. Over the past year, the ETF has experienced a low of $88.51 and a high of $138.84, demonstrating its volatility in the renewable energy sector.
The VanEck Low Carbon Energy ETF is designed to track the MVIS Global Low Carbon Energy Index, which focuses on companies dedicated to renewable energy solutions. Launched on May 3, 2007, this ETF aims to provide investors with exposure to the growing low carbon energy market, reflecting broader trends in sustainable investment.
As institutional interest continues to build, the VanEck Low Carbon Energy ETF is poised to be a focal point for investors looking to capitalize on the shift towards greener energy solutions.
