Tesla Motors Inc (NASDAQ:TSLA) has taken the place of Apple Inc. (NASDAQ:AAPL) in some exchange traded funds (ETFs), reports The ETF Professor on Benzinga. The automaker’s stock has become the one some investors can’t seem to get enough of, while Apple Inc. (NASDAQ:AAPL) is being shunned by many of these same investors.

Tesla and Apple

Tesla Motors: A New ETF Trend?

Even today, many ETFs still have large portions of their portfolio in Apple Inc. (NASDAQ:AAPL), although when the stock was at its peak, it made up more than a fifth of some ETFs’ weights. Now we’re seeing something similar happen with Tesla Motors Inc (NASDAQ:TSLA).

Now some would say that we shouldn’t compare Apples to, well, Teslas, but there is a category of ETF that’s placing an Apple-esque weight on Tesla right now. Keep in mind though that this isn’t all ETFs or even most of them.

The Tesla Effect On QCLN

The ETF which has the biggest weight in Tesla Motors Inc (NASDAQ:TSLA) is the First Trust NASDAQ Clean Edge Green Energy Index Fund (ETF) (NASDAQ:QCLN). The fund has about 16 percent of its weight in the automaker’s stock.

Shares of Tesla Motors Inc (NASDAQ:TSLA) have risen 57 percent over the past month, and the First Trust NASDAQ Clean Edge Green Energy Index Fund (ETF) (NASDAQ:QCLN) is up 11 percent. Tesla Motors Inc (NASDAQ:TSLA) really helped give the fund a boost between May 13 and 14 when it started the 13th with $37.3 million in assets and then by the beginning of the 14th, it had more than $48 million in assets under management—largely thanks to Tesla’s incredible rise on those days.

Unfortunately it also works the other way. Shares of Tesla Motors Inc (NASDAQ:TSLA) has fallen 11 percent over the last five days, and the First Trust NASDAQ Clean Edge Green Energy Index Fund (ETF) (NASDAQ:QCLN) dropped 6.7 percent during the same time span.

The Tesla Effect On GEX

Something similar is happening with the Market Vectors Glbl Alter. Engy ETF Trst (NYSEARCA:GEX). According to The ETF Professor, it has almost 10 percent of its weight in the stock. This has helped the ETF climb more than 9 percent within the last month, but over the last week, it has fallen 5.5 percent, right along with Tesla.

In addition, the Market Vectors Glbl Alter. Engy ETF Trst (NYSEARCA:GEX) has also added to its assets under management with Tesla Motors Inc (NASDAQ:TSLA). On May 1, the ETF has $63.5 million in assets under its management. The following day, its assets had risen to $72 million.