Schutte pointed out that half of TAN’s year-to-date performance can be attributed to the 157% surge in Hanergy this year.

“To put the 2015 rise of Hanergy Energy into perspective; if the stock price was to fall by 50%, this would impact TAN’s estimated NAV by a substantial ~6%,” Schutte added. “This would however still leave Hanergy’s stock up 30% year to date, and 230% up over the last 12 months.”

Guggenheim Solar ETF

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Max Chen contributed to this article.