Invesco Solar ETF
ALTAR
Score™		 1.5% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 48.9x P/Sales
ratio		 1.7x
P/BV
ratio		 1.9x Div.
yield		 0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $725
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) $2,674
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 59.0%
Small cap (<$2bn) 36.8%
Developed mkts 73.0%
Emerging mkts 27.0%

TOP TEN HOLDINGS
SOLAREDGE TECHNOLOGIES, INC. 8.1 %
ENPHASE ENERGY INC 7.0 %
FIRST SOLAR INC 6.9 %
XINYI SOLAR HOLDINGS LTD 6.8 %
SUNRUN INC. 6.5 %
CANADIAN SOLAR INC 4.6 %
ENCAVIS AG 4.6 %
SCATEC SOLAR ASA 4.5 %
DAQO NEW ENERGY CORP. SPONSORED AD 4.5 %
VIVINT SOLAR INC 4.2 %
Total 57.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 43.8 %
CHINA 15.0 %
CANADA 4.6 %
NORWAY 4.5 %
SPAIN 4.2 %
BRITAIN 3.7 %
GERMANY 2.6 %
HONG KONG 2.6 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
17.2% 28.1% 0.2% -2.8% -12.9%

Market Correlations
versus... Beta R-squared
S&P500 1.28 40%
MSCI EAFE 1.35 39%
MSCI Emg. Mkts. 1.20 48%

Technical Indicators
Recent close $41.39
30d moving avg. $35.63
Annualized volatility 34.4%
Short interest (ETF) 1.2%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 371
Turnover 2.1%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $693

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 1.5%


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 Global Clean Energy ETF 47.5 46 25 3.0 +1.5
XKCP SPDR Kensho Clean Power ETF 37.2 45 26 0.3 -1.3
PBW Invesco WilderHill Clean Energy ETF 27.9 70 1 -4.0 -5.5
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 26.8 60 11 0.3 -1.2
ACES ALPS Clean Energy ETF 23.7 65 6 0.9 -0.7
PBD Invesco Global Clean Energy ETF 20.1 75 -4 1.6 +0.1
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde 13.0 70 1 4.2 +2.7
GEX VanEck Vectors Global Alternative Energy ETF 10.0 62 9 4.3 +2.8
PZD Invesco Cleantech ETF 9.7 68 3 4.7 +3.1
WOMN Impact Shares YWCA Women's Empowerment ETF 9.6 75 -4 4.5 +3.0
YLCO Global X YieldCo Index ETF 9.0 65 6 4.6 +3.1
KGRN KraneShares MSCI China Environment Index ETF 7.9 80 -9 4.8 +3.2
ITEQ BlueStar Israel Technology ETF 7.5 75 -4 1.8 +0.2
XSD SPDR S&P Semiconductor ETF 7.0 35 36 3.9 +2.3
SDGA Impact Shares Sustainable Development Goals Global ETF 6.8 75 -4 5.4 +3.9
NACP Impact Shares NAACP Minority Empowerment ETF 5.2 75 -4 4.5 +3.0
ISRA VanEck Vectors Israel ETF 4.4 62 9 6.8 +5.3
KOMP SPDR Kensho New Economies Composite ETF 4.3 20 51 2.5 +1.0
QMOM Alpha Architect U.S. Quantitative Momentum ETF 3.8 49 22 2.1 +0.5
MORT VanEck Vectors Mortgage REIT Income ETF 3.7 42 29 19.8 +18.2
REM iShares Mortgage Real Estate ETF 3.7 48 23 18.9 +17.3
IZRL ARK Israel Innovative Technology ETF 3.7 49 22 0.4 -1.1
RFG Invesco S&P Midcap 400 Pure Growth ETF 3.6 35 36 4.0 +2.5
SIMS SPDR S&P Kensho Intelligent Structures ETF 3.4 45 26 6.0 +4.5
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 3.3 50 21 3.9 +2.3
CHIK Global X MSCI China Information Technology ETF 3.2 66 5 7.2 +5.7
OSCV Opus Small Cap Value Plus ETF 3.2 79 -8 5.7 +4.2
DIV Global X SuperDividend US ETF 3.0 46 25 7.4 +5.8
XMMO Invesco S&P MidCap Momentum ETF 2.9 39 32 4.7 +3.2
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 2.8 75 -4 1.9 +0.4
PLCY EventShares U.S. Legislative Opportunities ETF 2.5 75 -4 3.8 +2.2
ECNS iShares MSCI China Small-Cap ETF 2.3 59 12 11.2 +9.7
DTEC ALPS Disruptive Technologies ETF 2.1 50 21 3.5 +1.9
PSCI Invesco S&P SmallCap Industrials ETF 2.0 29 42 6.9 +5.4
PFI Invesco DWA Financial Momentum ETF 1.9 60 11 3.7 +2.1
JKK iShares Morningstar Small-Cap Growth ETF 1.9 30 41 1.1 -0.4
ETHO Etho Climate Leadership U.S. ETF 1.8 47 24 4.4 +2.9
ECOZ TrueMark ESG Active Opportunities ETF 1.6 58 13 4.3 +2.7
XKST SPDR Kensho Smart Mobility ETF 1.6 45 26 5.3 +3.7
QGRO American Century STOXX U.S. Quality Growth ETF 1.6 29 42 3.1 +1.5
VAMO Cambria Value & Momentum ETF 1.5 64 7 7.8 +6.2
FDMO Fidelity Momentum Factor ETF 1.4 29 42 3.8 +2.2
NUSC Nuveen ESG Small-Cap ETF 1.4 40 31 5.5 +4.0
FYC First Trust Small Cap Growth AlphaDEX Fund 1.4 70 1 2.5 +1.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 1.4 70 1 2.3 +0.8
PGJ Invesco Golden Dragon China ETF 1.4 70 1 3.0 +1.4
ENOR iShares MSCI Norway Capped ETF 1.3 53 18 10.3 +8.7
NORW Global X MSCI Norway ETF 1.3 50 21 10.4 +8.9
EWGS iShares MSCI Germany Small Cap ETF 1.3 59 12 5.1 +3.6
MDYG SPDR S&P 400 Mid Cap Growth ETF 1.3 15 56 5.0 +3.5
IJK iShares S&P Mid-Cap 400 Growth ETF 1.3 24 47 4.9 +3.4
XITK SPDR FactSet Innovative Technology ETF 1.2 45 26 0.3 -1.2
SLT Salt TruBeta High Exposure ETF 1.2 29 42 9.9 +8.3
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 1.2 15 56 5.0 +3.4
MDY SPDR S&P Midcap 400 ETF Trust 1.1 23 48 6.6 +5.1
IJH iShares Core S&P Mid-Cap ETF 1.1 6 65 6.8 +5.2
SPMD SPDR Portfolio Mid Cap ETF 1.1 5 66 6.8 +5.3
SSLY Syntax Stratified SmallCap ETF 1.1 30 41 6.4 +4.9
PEXL Pacer US Export Leaders ETF 1.1 60 11 6.0 +4.5
IVOO Vanguard S&P Mid-Cap 400 ETF 1.1 10 61 6.7 +5.1
BKSE BNY Mellon US Small Cap Core Equity ETF 1.0 4 67 5.9 +4.3
EQAL Invesco Russell 1000 Equal Weight ETF 1.0 20 51 5.8 +4.3
FNY First Trust Mid Cap Growth AlphaDEX Fund 1.0 70 1 2.1 +0.5
VTWG Vanguard Russell 2000 Growth Index Fund 1.0 15 56 0.8 -0.8
SFYX Sofi Next 500 ETF 0.9 0 71 6.0 +4.5
PXSG Invesco S&P SmallCap Momentum ETF 0.9 39 32 5.1 +3.6
EWMC Invesco S&P MidCap 400 Equal Weight ETF 0.9 40 31 7.5 +5.9
FXN First Trust Energy AlphaDEX Fund 0.9 65 6 -0.8 -2.3
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 0.9 29 42 5.8 +4.3
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 0.9 17 54 5.3 +3.8
AFSM First Trust Active Factor Small Cap ETF 0.8 75 -4 5.8 +4.3
IJJ iShares S&P Mid-Cap 400 Value ETF 0.8 25 46 9.0 +7.4
MDYV SPDR S&P 400 Mid Cap Value ETF 0.8 15 56 9.1 +7.5
IVOV Vanguard S&P Mid-Cap 400 Value ETF 0.8 15 56 9.0 +7.4
DFE WisdomTree Europe SmallCap Dividend Fund 0.8 58 13 8.6 +7.1
AIIQ AI Powered International Equity ETF 0.8 79 -8 4.6 +3.1
USMF WisdomTree U.S. Multifactor Fund 0.8 28 43 5.5 +3.9
PBSM Invesco PureBeta MSCI USA Small Cap ETF 0.8 6 65 5.5 +3.9
SCHA Schwab U.S. Small-Cap ETF 0.8 4 67 4.8 +3.3
FLHK Franklin FTSE Hong Kong ETF 0.8 9 62 8.0 +6.5
PVAL Principal Contrarian Value Index ETF 0.8 29 42 10.7 +9.2
VTWO Vanguard Russell 2000 Index Fund 0.7 10 61 3.8 +2.3
FYX First Trust Small Cap Core AlphaDEX Fund 0.7 63 8 6.9 +5.3
PIE Invesco DWA Emerging Markets Momentum ETF 0.7 90 -19 5.1 +3.6
JKL iShares Morningstar Small Cap Value ETF 0.7 30 41 11.0 +9.4
JKJ iShares Morningstar Small-Cap ETF 0.7 25 46 7.0 +5.5
AFMC First Trust Active Factor Mid Cap ETF 0.7 65 6 6.5 +4.9
DWAS Invesco DWA SmallCap Momentum ETF 0.7 60 11 -1.1 -2.6
DON WisdomTree U.S. MidCap Dividend Fund 0.7 38 33 8.0 +6.5
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.6 18 53 6.4 +4.8
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.6 24 47 6.4 +4.8
VBK Vanguard Small-Cap Growth Index Fund 0.6 7 64 2.4 +0.9
IYE iShares U.S. Energy ETF 0.6 42 29 4.3 +2.8
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.6 20 51 6.2 +4.7
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.6 7 64 5.6 +4.0
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 0.6 24 47 7.4 +5.9
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.6 39 32 4.3 +2.8
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.6 66 5 2.5 +1.0
SMDY Syntax Stratified MidCap ETF 0.6 30 41 6.5 +5.0
EES WisdomTree SmallCap Earnings Fund 0.6 38 33 12.3 +10.7

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 info ** ** ** ** ** ** **
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:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 4.2 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 71 bp
Equals: ALTAR Score 1.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.54 CATEGORY
AVERAGE		 1.50
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.