TAN Fund Description

The Guggenheim Solar ETF tracks an index of solar energy companies selected based on the relative importance of solar power to the company's business model.

TAN ETF.com Insight

TAN offers a unique and popular take on renewable energy, holding a concentrated portfolio of companies involved in the solar energy industry. It adjusts each company's weight in an attemptOffers coherent exposure to solar in an accessible wrapper to boost exposure to "pure-play" companies and underweight "nonpure-play" companies, based on revenues from solar-related activity. Relative to our broad renewables benchmark, TAN tilts toward smaller firms and has a heavy allocation to the US and China. The fund is by far more popular than its solar-focused rival KWT judging by AUM and trading volume. TAN makes the Opportunities List as it offers coherent, alternative exposure (solar) to the broader segment in an accessible wrapper. (Insight updated 10/15/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/17/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
TAN -18.38% -11.34% 2.02% -5.99% 9.03% -14.75% --
TAN (NAV) -19.08% -12.49% 1.68% -5.64% 8.63% -14.66% --
MAC Global Solar Energy Index -19.18% -12.71% 0.58% -7.33% 5.20% -16.70% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TAN Top 10 Countries

TAN Top 10 Sectors

TAN Top 10 Holdings View All

TAN Summary Data

Guggenheim

A company that produces and manages ETFs.

04/15/08

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

Open-Ended Fund

The organizational structure of the fund or ETN.

0.70%

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

$329.55 M

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

$9.27 M

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

0.17%

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.

TAN Portfolio Data

$3.26 B

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

-17.07

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

2.21

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

1.26%

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

12/24/14

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

28

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.

TAN Index Data

MAC Global Solar Energy Index

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

Tiered

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 TAN

QCLN, ICLN, GEX, PBW, PBD

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

TAN ETF.com Efficiency Insight

TAN charges a higher fee, but this hasn’t hurt investors lately. The fund has managed to beat its underlying index consistently over rolling 1-year periods. The issuer passes all securities-lending revenue through to the fund, which may be a significant source of revenue, due to strong short interest in the underlying stocks. The fund’s impressive asset base keeps any closure risk at bay. (Insight updated 10/15/2014)

Total Return - 10/17/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/17/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
TAN -18.38% -11.34% 2.02% -5.99% 9.03% -14.75% --
TAN (NAV) -19.08% -12.49% 1.68% -5.64% 8.63% -14.66% --
MAC Global Solar Energy Index -19.18% -12.71% 0.58% -7.33% 5.20% -16.70% --
Thomson Reuters Global Renewable Energy -15.47% -16.36% 4.59% 7.13% 4.99% -14.74% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TAN Portfolio Management

0.70%

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

3.19%

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.

5.76%

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

1.66%

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

TAN 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.

TAN 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.

Low

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.

TAN ETF.com Tradability Insight

TAN has very strong onscreen liquidity. While spreads are manageable, retail investors should set limit orders close to NAV to control costs. Strong block liquidity should help institutional investors too, but creates and redeems could adversely impact underlying prices. (Insight updated 10/15/2014)



Average Spread
Premium/Discount
Volume

TAN ETF.com/ Block LiquidityAs of 10/20/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of TAN. TAN is rated a 4 out of 5.

TAN Tradability

229,917

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

$9.27 M

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

188,745

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

$8.33 M

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

0.17%

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.

$0.07

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

-0.10%

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

1.75% / -1.80%

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.

66.97%

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

80,000

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.

2.36

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.

0.94%

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.

16,083

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

$35.79

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

4

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

TAN ETF.com Fit Insight

TAN only holds companies involved in the solar energy industry, so it naturally cuts out much of the broader renewable energy market. The fund gives "pure-plays" in the industry like First Solar a heavier weighting, which results in a concentrated portfolio—its top 10 holdings make up over 50% of the fund. TAN overweights the US and especially China, and favors smaller firms. While TAN Fits our broad renewable energy benchmark poorly, it offers solid exposure to solar firms. (Insight updated 10/15/2014)

TAN Geographic ExposureView All

TAN Segment Benchmark
31.41% 46.78%

5.05% 21.34%

19.75% 19.97%

1.88% 5.48%

-- 3.75%

-- 1.64%

-- 1.04%

26.01% --

1.34% --

14.56% 0%

TAN Segment Benchmark
31.41% 47.82%

34.04% 41.31%

34.55% 10.87%

93.22% / 6.78% 78.66% / 21.34%

TAN Performance Statistics

0.60

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

1.02

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.

0.81

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.

1.12

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.

1.37%

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.

TAN Benchmark Comparison

TAN
28 Holdings
Segment Benchmark
29 Constituents
Shared Holdings
9 (Count)
 
46.34% (Weight)
TANSegment Benchmark
$5.34 B$3.26 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%
78%49%
15%38%
7%14%
253.35-17.07

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

2.322.21

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

0.03%0.00%

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

2928

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.