Invesco Global Solar Energy
ALTAR
Score™
-3.4% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
42.7x P/Sales
ratio
1.2x
P/BV
ratio
1.4x Div.
yield
1.2%


  • 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) $404
Currency USD
Expense ratio 70 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) $1,832
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 33.4%
Small cap (<$2bn) 63.0%
Developed mkts 76.1%
Emerging mkts 23.9%

TOP TEN HOLDINGS
SOLAREDGE TECHNOLOGIES, INC. 9.0 %
FIRST SOLAR INC 8.4 %
XINYI SOLAR HOLDINGS LTD 6.9 %
SUNRUN INC. 6.0 %
ENPHASE ENERGY INC 5.6 %
HANNON ARMSTRONG SUSTAINABLE 4.8 %
SCATEC SOLAR ASA 4.8 %
ABENGOA YIELD PLC 4.4 %
SOLARIA ENERGIA Y MEDIO AMBI 4.4 %
GCL POLY ENERGY HOLDINGS LTD 4.3 %
Total 58.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 44.5 %
CHINA 13.2 %
NORWAY 4.8 %
BRITAIN 4.4 %
SPAIN 4.4 %
HONG KONG 4.3 %
GERMANY 4.0 %
CANADA 3.8 %
SWITZERLAND 3.4 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
51.5% 53.0% -4.0% -7.7% -15.5%

Market Correlations
versus... Beta R-squared
S&P500 1.15 28%
MSCI EAFE 1.15 24%
MSCI Emg. Mkts. 1.06 33%

Technical Indicators
Recent close $28.06
30d moving avg. $28.85
Annualized volatility 26.4%
Short interest (ETF) 1.3%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 210
Turnover 1.5%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $464

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Global Solar Energy 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: 70 bp ALTAR Score™: -3.4%


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 35.0 46 24 4.0 +7.3
XKCP SPDR Kensho Clean Power 28.7 45 25 3.0 +6.3
PBW Invesco WilderHill Clean Energy 23.0 70 0 -1.8 +1.5
ACES ALPS Clean Energy 19.9 65 5 0.7 +4.1
QCLN First Trust NASDAQ Clean Edge Green Energy 19.2 60 10 1.4 +4.8
PBD Invesco Gbl Clean Energy 13.5 75 -5 -1.5 +1.8
GEX VanEck Vectors Global Alternative Energy 9.1 63 7 4.0 +7.4
BOON NYSE Pickens Oil Response 8.5 85 -15 3.5 +6.9
KGRN KraneShares MSCI China Environment Index 8.4 80 -10 9.8 +13.2
YLCO Global X YieldCo & Renewable Energy Income 7.6 65 5 5.1 +8.4
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure 7.0 70 0 5.0 +8.4
PZD Invesco Cleantech 6.4 68 2 4.8 +8.1
KOMP SPDR Kensho New Economies Composite 4.7 20 50 3.8 +7.1
XSD SPDR S&P Semiconductors 4.4 35 35 4.7 +8.1
ITEQ BlueStar TA-BIGITech Israel Technology 4.1 75 -5 2.3 +5.6
MORT VanEck Vectors Mortgage REIT 3.8 42 28 11.0 +14.4
CHIK Global X MSCI China Information Technology 3.6 65 5 5.2 +8.6
FFTY Innovator IBD 50 Fund 2.7 80 -10 4.0 +7.3
REM iShares Mortgage Real Estate Capped 2.6 48 22 10.9 +14.2
GMAN Goldman Sachs Motif Manufacturing Revolution 2.5 50 20 4.6 +8.0

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco Global Solar Energy
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 -3.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 70 bp
Equals: ALTAR Score -3.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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