Lithium battery ETF crumbles to an 11-month trading low
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The Global X Lithium & Battery Tech ETF (NYSEARCA:LIT) has stumbled to an eleven-month trading low, with the exchange traded fund plunging 13.3% since Apr. 20.
Additionally, the ETF has concluded lower in all four of its last sessions and appears to be on pace for a fifth straight down day, showing a performance of -3.7% early Tuesday.
Lithium battery technology is critical to the operation of electric vehicles, renewable energy storage and mobile devices. LIT aims to invest in stocks that are a part of the lithium cycle, including mining, refinement and battery production.
LIT has not only dropped of late, but the ETF is also down 26.6% in 2022 and off 35.4% from its record trading high in late Nov. 2021.
From a fund flow stance, the ETF has also watched $114.2M exit the door, leaving LIT with $4.17B assets under management.
The ETF has a 0.75% expense ratio and is built of 41 holdings led by Albemarle Corporation (ALB), Tesla (TSLA) and TDK Corporation (OTCPK:TTDKY). These stocks are weighted at 11.88%, 7.32% and 5.73%, respectively.
LIT's early decline Tuesday came alongside the Nasdaq Composite, which fell 2.1% in early trading.