ETF Research Center

Claymore/MAC Global Solar Energy Index ETF seeks investment results that correspond to the price and yield of the MAC Global Solar Energy Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Apr 15, 2008
Assets (mns)	$670
Currency	USD
Expense ratio	71 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	23
Wgt avg mkt cap (mns)	$2,132
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	41.0%
Small cap (<$2bn)	55.5%
Developed mkts	76.6%
Emerging mkts	23.4%

TOP TEN HOLDINGS
Total	61.9 %
SOLAREDGE TECHNOLOGIES, INC.	9.4 %
ENPHASE ENERGY INC	8.8 %
FIRST SOLAR INC	7.4 %
XINYI SOLAR HOLDINGS LTD	7.0 %
SCATEC SOLAR ASA	6.8 %
SUNRUN INC.	6.5 %
HANNON ARMSTRONG SUSTAINABLE	4.2 %
GCL POLY ENERGY HOLDINGS LTD	4.0 %
DAQO NEW ENERGY CORP. SPONSORED AD	4.0 %
TERRAFORM POWER, INC. CLASS A	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	46.9 %
	CHINA	14.6 %
	NORWAY	6.8 %
	HONG KONG	4.0 %
	CANADA	4.0 %
	BRITAIN	3.9 %
	SPAIN	3.8 %
	GERMANY	2.9 %
	SWITZERLAND	1.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.4%	38.4%	0.8%	-6.8%	-14.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	32%
MSCI EAFE	1.13	23%
MSCI Emg. Mkts.	0.99	30%

Technical Indicators
Recent close	$41.86
30d moving avg.	$34.26
Annualized volatility	26.2%
Short interest (ETF)	2.3%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	245
Turnover	1.5%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$548

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Solar ETF ETF based on the alternatives' overlap in portfolio holdings with TAN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TAN

Expense:

71 bp

ALTAR Score™:

1.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TAN
Ticker	Fund Name	Overlap¹ vs TAN (%)	Expense ratio (bp)	Savings vs TAN (bp)	ALTAR Score™ (%)	ALTAR vs TAN (%)
ICLN	iShares S&P Global Clean Energy	41.2	46	25	3.0	+2.0
XKCP	SPDR Kensho Clean Power	30.3	45	26	-7.3	-8.3
PBW	Invesco WilderHill Clean Energy	29.2	70	1	-0.7	-1.7
ACES	ALPS Clean Energy	23.4	65	6	0.6	-0.4
QCLN	First Trust NASDAQ Clean Edge Green Energy	21.7	60	11	1.2	+0.1
PBD	Invesco Gbl Clean Energy	19.9	75	-4	0.3	-0.7
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	13.0	70	1	4.1	+3.1
KGRN	KraneShares MSCI China Environment Index	10.3	80	-9	7.1	+6.1
YLCO	Global X YieldCo & Renewable Energy Income	9.7	65	6	4.0	+3.0
GEX	VanEck Vectors Global Alternative Energy	9.4	63	8	3.3	+2.3
WOMN	Impact Shares YWCA Women's Empowerment	8.9	75	-4	4.7	+3.7
PZD	Invesco Cleantech	8.6	68	3	4.1	+3.1
SDGA	Impact Shares Sustainable Development Goals Global	8.2	75	-4	4.9	+3.9
NACP	Impact Shares NAACP Minority Empowerment	7.5	75	-4	4.8	+3.8
XSD	SPDR S&P Semiconductors	6.0	35	36	4.2	+3.2
ITEQ	BlueStar TA-BIGITech Israel Technology	5.4	75	-4	1.8	+0.8
MORT	VanEck Vectors Mortgage REIT	4.0	42	29	9.4	+8.4
GHII	Invesco S&P High Income Infrastructure	4.0	45	26	5.0	+4.0
KOMP	SPDR Kensho New Economies Composite	3.7	20	51	1.9	+0.9
CHIK	Global X MSCI China Information Technology	3.4	65	6	4.9	+3.8

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco Solar ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	3.5	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	71	bp
Equals: ALTAR Score	1.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.