Hypothetically. Ideally. It would be fractional shares of common stock in a company that included the real estate and all components up until the watts were sold on the wire to the grid operator or long term contract to another party.
Also, ideally, that fractionalization would provide some kind of liquidity and diversification across projects/regions.
All ETFs operate at a level above this. They do not operate entities or even do a great job at modelling assets(go look at the contango of USO((the largest US oil ETF)) and the WTI West Texas oil price it proports to reflect; its trading paper assets with management cost layers beneath and trading fees of all sort, reflected and not).
So, that to me sounds like equity in the parent company of an operating business. Which may well be a very worth investment! But not for me on the risk/reward scale.
I’m not sure why you’re bringing up the commodity ETFs, but 100% agree with you, those are a mess and I personally wouldn’t touch them.
Also, ideally, that fractionalization would provide some kind of liquidity and diversification across projects/regions.
All ETFs operate at a level above this. They do not operate entities or even do a great job at modelling assets(go look at the contango of USO((the largest US oil ETF)) and the WTI West Texas oil price it proports to reflect; its trading paper assets with management cost layers beneath and trading fees of all sort, reflected and not).