TAN: Another New High, Thanks First Solar

ETF Trends

The Guggenheim Solar ETF’s (TAN) seemingly indomitable run continues Friday as the ETF is up 1.1% on volume that has already eclipsed the trailing three-month average of 297,400 shares. Nearly 351,000 shares of TAN have already changed hands.

In just the past month, TAN is up nearly 26%. Last week, TAN got a lift after Elon Musk’s SolarCity (SCTY) projected 90% installation growth. SolarCity is TAN’s second-largest holding at 5.72%. [Solar City Boosts Solar ETF]

First Solar (FSLR), the largest U.S.-based solar company, is aiding TAN’s ascent. Shares of First Solar are soaring 8% on volume that is already more than 25% above the daily average. Arizona-based First Solar is TAN’s third-largest holding at 5.5% of the fund’s weight.

One catalyst for First Solar may be  new out Thursday that it has entered into an agreement to construct a 250 megawatt (MW) AC solar power plant in Riverside County, California, for a subsidiary of NextEra Energy Resources (NEE), according to a statement.

TAN’s rival, the Market Vectors Solar Energy ETF (KWT) , is also flirting with a new high today. That ETF has a 7.5% weight to First Solar.

Fun fact: TAN was reverse split 1-for-10 in February 2012. Today, the ETF hit another split-adjusted all-time high.

Guggenheim Solar ETF

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ETF Trends editorial team contributed to this post.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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