KWT Fund Description

The Market Vectors Solar Energy ETF tracks a market-cap-weighted index of companies that earn at least 50% of their revenues from the solar energy industry.

KWT ETF.com Insight

KWT only holds companies involved in the solar energy industry, so it covers a specific subset of the broader renewable energy market. To be included, a company must derive at least half ofBesides the US, the Greater China region accounts for another 40% its revenues from solar-related business. The market-cap weighted fund carries heavy exposure to the US and the Greater China region (Taiwan, China, Hong Kong). Most of the companies in KWT’s portfolio are quite small: Its weighted average market cap is only $2 billion. Unfortunately, with only $30M in assets, KWT hasn’t had as much success as its other solar-focused competitor, TAN, and is currently at medium risk for closure. Although KWT and TAN take slightly different approaches to constructing their portfolios, they mostly hold the same companies. (Insight updated 06/26/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 09/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

KWT
2.36% -5.17% 14.95% 40.65% -2.97% -19.03% --

KWT (NAV)
1.23% -4.97% 14.51% 40.64% -1.87% -18.39% --

Market Vectors Global Solar Energy Index
1.13% -4.86% 14.59% 41.01% -2.54% -18.88% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

KWT Top 10 Countries

KWT Top 10 Sectors

KWT Top 10 Holdings View All

KWT Summary Data

Van Eck

A company that produces and manages ETFs.

04/21/08

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.66%

The net total annual fee a fund holder pays to the issuer.

$24.95 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$206.86 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

1.14%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

KWT Portfolio Data

$3.41 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

-22.51

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.40

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.88%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/29/14

The date on which a security's price excludes an upcoming dividend.

34

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

KWT Index Data

Market Vectors Global
Solar Energy Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Thomson Reuters Global
Renewable Energy

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to KWT

TAN

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

KWT ETF.com Efficiency Insight

KWT struggles in Efficiency. While KWT is slightly cheaper than the only other solar ETF (TAN), its 0.66% expense ratio is nothing to brag about. More importantly, KWT has struggled to attract assets since its launch in 2008, and its $24M asset count puts the fund at a "medium" risk for closure. On the bright side, KWT has avoided making any capital gains distributions, so it has been tax efficient. (Insight updated 06/26/2014)


Total Return - 09/18/2014
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 09/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

KWT
2.36% -5.17% 14.95% 40.65% -2.97% -19.03% --

KWT (NAV)
1.23% -4.97% 14.51% 40.64% -1.87% -18.39% --

Market Vectors Global Solar Energy Index
1.13% -4.86% 14.59% 41.01% -2.54% -18.88% --

Thomson Reuters Global Renewable Energy
-3.47% -5.88% 25.96% 48.64% 6.19% -12.74% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

KWT Portfolio Management

0.66%

The net annual fee a fund holder pays to the issuer.

0.89%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

4.12%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

0.09%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

KWT Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

KWT Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Medium

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

KWT ETF.com Tradability Insight

KWT is dangerously illiquid. Most days the fund sees less than $250K in volume and spreads are prohibitively wide (north of 100 bps). Still, KWT rates highly in block liquidity, so large investors should be able to get a better deal on block trades with the aid of a liquidity provider. (Insight updated 06/26/2014)

Average Spread

Premium/Discount

Volume

KWT ETF.com/ Block LiquidityAs of 09/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of KWT. KWT is rated a 3 out of 5.

KWT Tradability

2,515

It is the daily number of shares traded, averaged over the past 45 trading days.

$206.86 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

1,551

Median number of shares traded over the past 45 trading days.

$125.92 K

Median dollar value of shares traded over the past 45 trading days.

1.14%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.93

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.12%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

1.75% / -3.08%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

54.50%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.03

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.02%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

1.08%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$83.17

The total market value of the assets that an ETF holds less fund expenses.

3

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

KWT ETF.com Fit Insight

KWT focuses solely on the solar energy space, not the broader renewable energy space, targeting companies that get more than 50% of their revenues from the niche industry. Accordingly, KWT’s low Fit score is to be expected. The fund mostly holds small- and micro-cap companies, tilting it very small. KWT is heavily exposed to the US and the Greater China region. The fund also caps any single position at 8%, meaning its First Solar position has been trimmed down. (Insight updated 06/26/2014)

KWT Geographic ExposureView All

KWT Segment Benchmark
32.76% 43.21%
5.27% 16.93%
17.05% 16.67%
2.11% 4.50%
-- 3.31%
-- 1.17%
1.26% 0.46%
25.96% --
10.42% 0%

KWT Segment Benchmark
32.01% 47.81%
32.76% 43.21%
35.23% 8.98%
92.18% / 7.82% 83.07% / 16.93%

KWT Performance Statistics

0.64

The degree to which the fund and its segment benchmark move up and down in unison.

0.87

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.67

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.92

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.12%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Thomson Reuters Global
Renewable Energy

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

KWT Benchmark Comparison

KWT
34 Holdings
Segment Benchmark
29 Constituents
Shared Holdings
16 (Count)
 
51.38% (Weight)
KWTSegment Benchmark
$5.65 B$3.41 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

0%0%
81%49%
12%39%
7%12%
-3,387.36-22.51

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.572.40

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.02%0.05%

The weighted average of the current yield on the portfolio’s holdings.

2934

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

HighHigh

The level of return contribution attributable to the average portfolio constituent.