Earlier on today I have captured this rare fallstreak hole and mock sun combo.
A little bit of info; A fallstreak hole is caused when supercooled water droplets - ones that says in an unfrozen state even at -40 C - touches a dirt particle and suddenly turns into ice crystals and spreads outwards in a kind of chain reaction. The outer... edge is clear because as water turns into ice, a little bit of latent heat is given off.
The rainbow effect is where them ice crystals just happened to be in perfect alignment with the sun and some refraction occurred.