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
79.0 M
ASSETS UNDER MGMT
88 bp
EXPENSES
Fund Basics
| Fund sponsor | Rayliant Investment Research |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 16, 2021 |
| Assets (mns) | $79 |
| Expense ratio | 88 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 19.5 % |
| SAMSUNG ELECTRONICS CO LTD | 5.3 % |
| SAMSUNG SECURITIES CO LTD | 3.4 % |
| HYNIX SEMICONDUCTOR INC | 2.8 % |
| COROMANDEL INTERNATIONAL LTD | 2.7 % |
| FUBON FINANCIAL HOLDING CO | 2.6 % |
| JBS SA | 2.3 % |
| UNITED INTEGRATED SERVICES | 2.2 % |
| HON HAI PRECISION INDUSTRY | 2.2 % |
| BANGKOK BANK PUBLIC COMPANY LIMITED | 2.2 % |
Constituent Breakdown
| Number of holdings | 118 |
| Herfindahl-Hirschman Index | 539 |
| Wgt avg mkt cap (mns) | $269,948 |
| Large cap (>$10bn) | 65.3% |
| Mid cap ($2-10bn) | 34.6% |
| Small cap (<$2bn) | 4.2% |
| Developed mkts. | 0.9% |
| Emerging mkts. | 106.7% |
Country Exposure
 |
TAIWAN | 31.8 % |
 |
INDIA | 24.0 % |
 |
SOUTH KOREA | 21.2 % |
 |
BRAZIL | 10.4 % |
 |
THAILAND | 3.9 % |
 |
UAE | 2.6 % |
 |
SOUTH AFRICA | 2.4 % |
 |
SAUDI ARABIA | 2.3 % |
 |
CHILE | 2.0 % |
 |
POLAND | 1.6 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 22.0% | 16.4% | 15.4% | 11.0% | -- | -- | -- | 3.5% |
| Dividend Yield | 0.0% | 4.2% | 3.0% | 4.0% | -- | -- | -- | 2.9% |
| Total Returns | 22.0% | 20.6% | 18.3% | 14.9% | -- | -- | -- | 6.4% | Ann. Volatility | 17.8% | 17.3% | 15.7% | 15.5% | -- | -- | -- | 16.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.58 | 44% |
| MSCI EAFE | 0.70 | 46% |
| MSCI Emg Mkts | 0.80 | 67% |
Liquidity Measures
| Avg. volume (000) | 4 |
| ADV traded (mns) | $0 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 3.33% |
Technical Indicators
| 30d moving avg. (EMA) | $29.06 |
| Relative strength (RSI) | 52 |
| MACD/Signal | -0.06/0.02 |
| Bollinger Bands (Upper/Lower) | $30.18/$28.33 |
| Short interest (% of AUM) | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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 |
|---|---|---|---|---|
| XC | WisdomTree Emerging Markets Ex-China Fund | 35.9% | -56 bp | +5.7% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 34.5% | -64 bp | +7.3% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 33.7% | -73 bp | +7.4% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 32.1% | -63 bp | +6.9% |
| XCEM | Columbia EM Core ex-China ETF | 32.0% | -72 bp | +7.6% |
| STXE | Strive Emerging Markets Ex-China ETF | 31.7% | -56 bp | +7.4% |
| AIA | iShares Asia 50 ETF | 31.6% | -38 bp | +12.6% |
| EMSG | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 31.0% | -68 bp | 0.0% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 27.4% | -39 bp | +9.2% |
| FLTW | Franklin FTSE Taiwan ETF | 27.4% | -69 bp | +5.8% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| 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 | 2024 | 2025 | 2026 | |
| 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 12/7/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
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
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
RAYE
8.7%
Cat. Avg
7.7%
ALTAR Score™ Calculation
Category Overview
There are 126 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.7% and a standard deviation of
2.7%. RAYE's ALTAR Score™ is approximately
0.4 standard deviations
above
the category average. This places RAYE in the 65th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
RAYESELL
U/W
HOLD
O/W
BUY
Bid/Ask Spreads
333 bp
AVG SPREAD
16 —
1,547 bp
RANGE