RAYE
Rayliant Quantamental Emerging Market ex-China Equity ETF
RAYE is an actively managed portfolio of emerging market equities that are selected and weighted using a combination of quantitative and fundamental, quantamental, proprietary research.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
$ 81.5 M
ASSETS UNDER MGMT
88 bp
EXPENSES
Fund Basics
| Inception date | Dec 16, 2021 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 12.5 % |
| SAMSUNG ELECTRONICS CO LTD | 5.3 % |
| MEDIATEK INC | 3.7 % |
| HYNIX SEMICONDUCTOR INC | 3.1 % |
| TENCENT HOLDINGS LTD | 2.8 % |
| NETEASE, INC | 1.7 % |
| HCL TECHNOLOGIES LTD | 1.7 % |
| AGRICULTURAL BANK OF CHINA-H | 1.6 % |
| DELTA ELECTRONICS INC | 1.6 % |
| PICC PROPERTY & CASUALTY -H | 1.1 % |
Constituent Breakdown
| Number of holdings | 239 |
| Herfindahl-Hirschman Index | 258 |
| Wgt avg mkt cap (mns) | $178,461 |
| Large cap (>$10bn) | 61.2% |
| Mid cap ($2-10bn) | 31.3% |
| Small cap (<$2bn) | 1.1% |
| Developed mkts. | 5.8% |
| Emerging mkts. | 89.6% |
Sector Breakdown
Country Exposure
 |
TAIWAN | 24.9 % |
 |
CHINA | 22.6 % |
 |
SOUTH KOREA | 15.7 % |
 |
INDIA | 11.2 % |
 |
HONG KONG | 3.5 % |
 |
BRAZIL | 3.4 % |
 |
SOUTH AFRICA | 2.3 % |
 |
POLAND | 2.1 % |
 |
THAILAND | 1.1 % |
 |
PERU | 1.0 % |
Historical Performance
Standardized Performance (as of 12/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 25.4% | 25.4% | 14.0% | 15.8% | -- | -- | -- | 4.1% |
| Dividend Yield | 0.0% | 0.0% | 2.0% | 2.0% | -- | -- | -- | 2.8% |
| Total Returns | 25.4% | 25.4% | 16.0% | 17.8% | -- | -- | -- | 7.0% | Ann. Volatility | 24.2% | 24.2% | 19.5% | 18.2% | -- | -- | -- | 18.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.40 | 4% |
| MSCI EAFE | 0.46 | 4% |
| MSCI Emg Mkts | 0.67 | 13% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 6.05% |
Technical Indicators
| 30d moving avg. (EMA) | $29.08 |
| Relative strength (RSI) | 53 |
| MACD/Signal | 0.06/0.00 |
| Bollinger Bands (Upper/Lower) | $30.51/$27.59 |
| Short interest (% of AUM) | 0.1% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. RAYE |
Expenses vs. RAYE |
ALTAR Score™ vs. RAYE |
|---|---|---|---|---|
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 42.4% | -43 bp | -0.8% |
| EMGF | iShares Emerging Markets Equity Factor ETF | 37.9% | -63 bp | +0.0% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 37.8% | -22 bp | -1.5% |
| JADE | JPMorgan Active Developing Markets Equity ETF | 37.4% | -23 bp | -2.3% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 37.3% | -73 bp | -0.8% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | 37.2% | -58 bp | -0.7% |
| EEM | iShares MSCI Emerging Markets ETF | 37.2% | -19 bp | -1.0% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 36.8% | -52 bp | -1.2% |
| FDEM | Fidelity Emerging Markets Multifactor ETF | 36.6% | -63 bp | +1.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 36.6% | -77 bp | -1.0% |
Risk and Returns: RAYE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 5/12/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
9.2%
ALTAR SCORE™
80th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 203 funds in the Emerging Equity category with an average
ALTAR Score™ of 7.4% and a standard deviation
of 2.2%. RAYE's ALTAR Score™ is approximately 0.8 standard
deviations above the category average. This places RAYE in the 80th percentile
among funds in the category.
Sell-Side Consensus
$38.68
PRICE TARGET
+19.4%
UPSIDE
Bid/Ask Spreads
605 bp
AVG SPREAD
225 —
908 bp
RANGE