Invesco Solar ETF
TAN ThematicUpdated: Jul 5, 2026, 21:17 UTC
Key Metrics
Top 10 Holdings
| Holding | Ticker | Weight | Bar |
|---|---|---|---|
| First Solar Inc | FSLR | 11.74% | |
| Nextpower Inc Class A | NXT | 9.81% | |
| Enphase Energy Inc | ENPH | 8.75% | |
| Enlight Renewable Energy Ltd | ENLT.TA | 7.58% | |
| SolarEdge Technologies Inc | SEDG | 6.31% | |
| Doral Group Renewable Eneryy Resources Ltd Ordinary Shares | DORL.TA | 5.08% | |
| Sunrun Inc | RUN | 4.83% | |
| OY Nofar Energy Ltd Ordinary Shares | NOFR.TA | 4.21% | |
| HA Sustainable Infrastructure Capital Inc | HASI | 3.46% | |
| Shoals Technologies Group Inc Ordinary Shares - Class A | SHLS | 3.38% |
Sector Allocation
About This ETF
The Invesco Solar ETF (TAN) is a Thematic ETF with an expense ratio (TER) of 0.7% and $2.3B in assets under management., with its largest holdings being First Solar Inc, Nextpower Inc Class A, Enphase Energy Inc. Year-to-date, TAN has returned +9.15%.
The fund will generally invest at least 90% of its total assets in the securities that comprise the underlying index. Strictly in accordance with its guidelines and mandated procedures, MAC Indexing LLC, has contracted with S&P DJI Netherlands B.V. to calculate and administer the underlying index, which seeks to track the performance of companies in global solar energy businesses. The fund is non-diversified.
FAQ — TAN
What is the TER of TAN (Invesco Solar ETF)?
TAN has a Total Expense Ratio (TER) of 0.70 % per year. That sits above the thematic category median (0.68 % across 15 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has TAN delivered?
Performance for TAN: YTD: +9.15 % · 3-year p.a.: -7.43 % · 5-year p.a.: -8.47 %. Over 5 years, TAN underperforms the thematic category median of +2.05 % by -10.52 pp. Past performance is no guarantee of future returns.
What are the top holdings of TAN?
The five largest positions in TAN are: FSLR, NXT, ENPH, ENLT.TA, SEDG. The full holdings list is updated daily on this page.
Where can I buy or set up a savings plan for TAN?
TAN is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
What is the Invesco Solar ETF?
The Invesco Solar ETF (TAN) is a focused thematic bet on the global solar industry. It bundles makers of panels, inverters and tracking systems alongside solar operators worldwide – from First Solar and Enphase Energy to Sunrun. With a comparatively high 0.70% expense ratio and $1.6B in assets, it is not a broadly diversified core holding but a concentrated wager that photovoltaics will shape the global energy mix for years to come. The upside potential and the swings are equally large.
Performance in context
The figures capture the boom-and-bust nature of a thematic ETF. Year to date TAN is up 39.4% and trades near its 52-week high of $72.49 – far above the $31.40 low. Over longer horizons the picture is sobering: the three-year return is just 0.07%, and over five years the fund is down 2.21%.
The main drivers are interest rates, subsidy policy, module prices and sentiment toward clean energy. Rising rates weighed heavily on capital-intensive solar names, while policy tailwinds can spark sharp rallies. The fund currently reports no dividend yield.
Risk profile
TAN is highly concentrated: the ten largest positions account for a large share of the fund, and by sector it is dominated by technology (62.1%) and utilities (30.6%). A single industry therefore drives almost all of the performance.
- Theme risk: as the five-year record shows, solar can stay out of favour for years.
- Volatility: the gap between the 52-week high and low reflects violent price swings.
- Rate & subsidy risk: changes to subsidies and interest rates hit capital-intensive solar names immediately.
- Currency risk: the fund is priced in US dollars, so for euro-area investors the USD/EUR exchange rate adds a second layer of risk on top of the price move.
Who is it for?
TAN suits conviction-driven, risk-tolerant investors with a long horizon who want targeted exposure to the energy transition and can stomach deep drawdowns. It makes sense only as a small, satellite allocation alongside a broadly diversified world portfolio – never as a core building block.
It is not appropriate for safety-focused savers, for anyone with a short time horizon, or for investors seeking regular income – the fund pays no dividend. Concentrating on one single industry demands patience and the willingness to sit through multi-year dry spells. This is educational context on the fund’s characteristics, not investment advice.
How it compares
Within the clean-energy theme, TAN stands as a pure solar play next to broader alternatives:
- iShares Global Clean Energy (ICLN): the best-known rival, which adds wind and other renewables to solar and is therefore broader.
- First Trust Nasdaq Clean Edge Green Energy (QCLN): blends solar with electric mobility and clean-energy technology.
- First Trust Global Wind Energy (FAN): focuses on wind power as an alternative bet within the same transition.
- Invesco WilderHill Clean Energy (PBW): spreads across many clean-energy niches, often with smaller companies.
At a 0.70% expense ratio, TAN is the most narrowly tailored of these thematically, but also the most dependent on a single technology.
Where can I buy TAN?
Compare the best brokers for ETF savings plans — low fees, trusted providers, fully regulated.