SPWR - TAN: Current Valuation Makes This A Dangerous Play

• The ETF's nine largest holdings have appreciated an average of 418% YoY despite many struggling with revenue growth or profitability.
• Valuations measured on P/E and P/S are extreme and require a long-lasting positive development for ETF holdings.
• Some top ETF holdings have struggled with revenue growth for an entire decade despite massive marketplace expansion taking place.
• Comparing risk and current valuations are asking investors to take a leap of faith for many years despite limited visibility.
• I consider establishing a position at current valuation carrying significant risk with underlying holdings being very overvalued.

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