Solar energy · thematic · ETF deep dive
Invesco Solar ETF TAN
A concentrated, rate-sensitive pure-play on global solar — inverters, panels, trackers and installers — where two names are ~20% of the fund, so it is a high-torque single-industry bet, not diversified clean energy.
Price & momentum chart & stats through 2026-07-10
Data summary: last close $54.96 on 2026-07-10, 26% below the 52-week high of $73.93, 52% above the 52-week low of $36.07; trading above its 200-day average of $54.37. Trailing returns: YTD +7%, 1-year +41%, 3-year -18%, 5-year -38%.
What it holds
Top 10 holdings
| Holding | Ticker | Weight |
|---|---|---|
| Nextracker | NXT | 10.2% |
| First Solar | FSLR | 9.4% |
| Enlight Renewable Energy | ENLT | 6.7% |
| Enphase Energy | ENPH | 6.6% |
| SolarEdge Technologies | SEDG | 5.1% |
| Sunrun | RUN | 4.7% |
| Doral Renewables | DORL | 4.4% |
| Nofar Energy | NOFR | 4.0% |
| HA Sustainable Infrastructure | HASI | 3.7% |
| T1 Energy | TE | 3.4% |
Top-10 ≈ 58% of the fund (36 holdings total). Positions as of 2026-07-06, from the public aggregator (stockanalysis.com) (source). Holdings drift daily; weights are a snapshot, not live.
Sector mix live, FMP
- Technology61.9%
- Utilities28.7%
- Industrials5.8%
- Financial Services3.7%
What this fund is
TAN passively tracks the MAC Global Solar Energy Index, holding ≥90% of assets in index constituents (including ADRs/GDRs). The index targets pure-play global solar companies — panel and inverter makers, trackers, and residential/utility installers.
It is highly concentrated: a few dozen names — the index roster runs ~44 constituents while the fund's live line count reads 36 (counts drift as names enter and exit; either way it is a small basket) — modified-market-cap weighted, with the top two names near 20% and the top 10 around 58%. It also carries meaningful international exposure (notably Israel-listed developers).
Because solar companies are long-duration growth stocks with capital-intensive projects, TAN behaves like a high-beta, rate-sensitive instrument — it rallies hard when rates fall and subsidies expand, and sells off just as hard on rate and policy shocks.
The Synthos read
How the tracked themes this fund rides are reading right now — conviction-weighted net stance from independent expert voices in the Synthos knowledge base (management/officials laned out). Snapshot as of 2026-07-12.
| Tracked theme | Net stance (−100 to +100) | Recent drift | Reliability |
|---|---|---|---|
| Datacenter power / energy demand Imperfect map: the tracked energy-demand theme is about power for AI datacenters (grid, generation), while TAN is solar-generation equity. Directionally linked (electricity demand), but do not read datacenter-power sentiment as a TAN signal. | up +75 Very Bullish | flat 12 claims | Provisional |
Reliability tiers: Full ≥ 25 claims in the current window, Provisional 10–24, Insufficient < 10 (read as directional only). Net stance is a rate-of-change signal about the theme, not a price target for this fund and not advice. Themes can be right while the fund’s structure works against you.
Cost & structure
Expense ratio: issuer states 0.69%; FMP reports 0.70%. We show the issuer figure.
1940-Act open-end ETF (Invesco), NYSE Arca, inception 2008. Long history — but a brutal one, with multiple 60%+ drawdowns tied to rate and subsidy cycles.
Passive, index-tracking. Expense ratio 0.69% (issuer); FMP reports 0.70%.
Honest fit
The job it does
- The cleanest single-ticket pure-play on solar — inverters, panels, trackers and installers together.
- High torque to a rate-cut + pro-subsidy regime: it is a leveraged-feeling expression of that macro.
- Global reach, including developers most US investors could not easily buy directly.
What it does not do
- Is not diversified — top-2 ~20%, top-10 ~58%; a single-industry, few-names bet.
- Is not broad clean energy — no wind, hydro, nuclear or diversified utilities.
- Is not defensive — it is one of the most rate- and policy-sensitive equity baskets available, with a history of deep drawdowns.
What would change this read (falsifiers)
- A higher-for-longer rate regime keeps de-rating these long-duration names.
- A subsidy / tariff shock (loss of tax credits, import tariffs on panels) directly hits the thesis.
- Concentration cuts both ways — a single top holding blowup (First Solar, Nextracker, Enphase) can sink the fund on its own.