TAN
Invesco Solar ETF
Claymore/MAC Global Solar Energy Index ETF seeks investment results that correspond to the price and yield of the MAC Global Solar Energy Index.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
67 bp
EXPENSES
$985.3 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Guggenheim |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 15, 2008 |
| Assets (mns) | $985 |
| Expense ratio | 67 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ENPHASE ENERGY INC | 9.4 % |
| FIRST SOLAR INC | 8.8 % |
| NEXTRACKER, INC. CLASS A | 7.6 % |
| SUNRUN INC. | 7.0 % |
| GCL POLY ENERGY HOLDINGS LTD | 5.4 % |
| XINYI SOLAR HOLDINGS LTD | 4.5 % |
| ENCAVIS AG | 4.3 % |
| HANNON ARMSTRONG SUSTAINABLE | 3.6 % |
| NEOEN S.A. | 3.4 % |
| ARRAY TECHNOLOGIES INC | 3.2 % |
Constituent Breakdown
| Number of holdings | 36 |
| Herfindahl-Hirschman Index | 440 |
| Wgt avg mkt cap (mns) | $5,667 |
| Large cap (>$10bn) | 18.6% |
| Mid cap ($2-10bn) | 45.3% |
| Small cap (<$2bn) | 31.1% |
| Developed mkts. | 72.7% |
| Emerging mkts. | 27.3% |
Country Exposure
 |
UNITED STATES | 50.7 % |
 |
CHINA | 11.4 % |
 |
GERMANY | 5.5 % |
 |
HONG KONG | 5.4 % |
 |
ISRAEL | 4.5 % |
 |
TAIWAN | 4.1 % |
 |
FRANCE | 3.4 % |
 |
SOUTH KOREA | 2.3 % |
 |
SPAIN | 2.2 % |
 |
CANADA | 2.1 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -28.3% | -46.4% | -26.8% | -24.6% | 6.3% | -0.4% | -9.6% | Volatility | 39.4% | 38.7% | 38.8% | 40.6% | 44.3% | 37.5% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.39 | 35% |
| MSCI EAFE | 1.51 | 38% |
| MSCI Emg Mkts | 1.31 | 30% |
Liquidity Measures
| Avg. volume (000) | 1,223 |
| Turnover | 5.2% |
| Avg. Bid/Ask (% of price) | 0.11% |
| ADV of underlying (mns) | $3,327 |
Technical Indicators
| Recent close | $42.08 |
| 30d moving avg. | $41.47 |
| Annualized volatility | 42.5% |
| Relative strength (RSI) | 57 |
| Short interest (ETF) | 7.5% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. TAN |
Expenses vs. TAN |
ALTAR Score™ vs. TAN |
|---|---|---|---|---|
| RAYS | Global X Solar ETF | 47.5% | -16 bp | +3.9% |
| FRNW | Fidelity Clean Energy ETF | 40.9% | -28 bp | +0.5% |
| CTEC | Global X CleanTech ETF | 38.4% | -17 bp | -0.7% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 29.4% | -22 bp | -0.9% |
| ICLN | iShares Global Clean Energy ETF | 28.3% | -26 bp | +1.5% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 28.3% | -8 bp | +0.2% |
| ACES | ALPS Clean Energy ETF | 26.6% | -12 bp | -6.5% |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 25.5% | -9 bp | -3.2% |
| PBD | Invesco Global Clean Energy ETF | 20.6% | +8 bp | -10.2% |
| RNRG | Global X Renewable Energy Producers ETF | 17.7% | -1 bp | +1.4% |
Risk and Returns: TAN vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
TAN
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
TAN
3.2%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 3.2% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. TAN's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places TAN in the 44th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
TAN
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| TAN (67 bp) Percentile rank | 75 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TAN | 67.0 | 11.0 | 78 |
| Peer Avg. | 56.7 | 40.3 | 97.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .