TAN offers a unique take on renewable energy, holding a concentrated portfolio of companies involved in the solar energy industry, thus cutting out much of the broader renewable energy market. Selection begins with global solar energy companies of all caps including all solar technologies (crystalline and thin-film photovoltaic solar and solar thermal), the entire value chain (raw materials, installers, to financing), and related solar equipment (power inverters and encapsulates). Eligible companies are categorized into either pure-play or medium-play. Pure-play companies have the solar industry as their primary business, generating more than two-thirds of their revenue. Medium-play companies cover those with multiple business industries but still generate more than one-third of their revenue from solar-related businesses. The funds weighting tilts towards pure-plays and underweights the medium-play firms. The index is rebalanced quarterly.
