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
69.9 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) | $70 |
| 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 | 15.4 % |
| SAMSUNG ELECTRONICS CO LTD | 3.9 % |
| FUBON FINANCIAL HOLDING CO | 2.5 % |
| SAMSUNG SECURITIES CO LTD | 2.1 % |
| BANGKOK BANK PUBLIC COMPANY LIMITED | 2.1 % |
| COROMANDEL INTERNATIONAL LTD | 2.1 % |
| GLENMARK PHARMACEUTICALS LTD | 2.0 % |
| TECH MAHINDRA LTD | 1.9 % |
| UNITED ELECTRONICS CO. | 1.9 % |
| HYNIX SEMICONDUCTOR INC | 1.9 % |
Constituent Breakdown
| Number of holdings | 117 |
| Herfindahl-Hirschman Index | 348 |
| Wgt avg mkt cap (mns) | $132,783 |
| Large cap (>$10bn) | 49.5% |
| Mid cap ($2-10bn) | 31.7% |
| Small cap (<$2bn) | 5.4% |
| Developed mkts. | 0.8% |
| Emerging mkts. | 89.8% |
Country Exposure
 |
TAIWAN | 26.0 % |
 |
INDIA | 23.4 % |
 |
SOUTH KOREA | 15.0 % |
 |
BRAZIL | 7.4 % |
 |
THAILAND | 3.5 % |
 |
UAE | 2.3 % |
 |
SAUDI ARABIA | 2.3 % |
 |
SOUTH AFRICA | 2.1 % |
 |
CHILE | 1.8 % |
 |
POLAND | 1.5 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 3.3% | 2.0% | 10.8% | 3.2% | -- | -- | -- | -0.9% |
| Dividend Yield | 0.0% | 0.0% | 0.9% | 2.4% | -- | -- | -- | 2.1% |
| Total Returns | 3.3% | 2.0% | 11.7% | 5.6% | -- | -- | -- | 1.2% | Ann. Volatility | 21.3% | 18.2% | 16.2% | 16.6% | -- | -- | -- | 17.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.74 | 56% |
| MSCI EAFE | 0.65 | 45% |
| MSCI Emg Mkts | 0.73 | 57% |
Liquidity Measures
| Avg. volume (000) | 6 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.62% |
Technical Indicators
| Recent close | $25.42 |
| 30d moving avg. | $24.50 |
| Annualized volatility | 16.7% |
| Relative strength (RSI) | 66 |
| Short interest | 0.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| XC | WisdomTree Emerging Markets Ex-China Fund | 29.4% | -56 bp | +6.0% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 29.0% | -63 bp | +7.7% |
| STXE | Strive Emerging Markets Ex-China ETF | 28.2% | -56 bp | +7.8% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 27.6% | -73 bp | +8.3% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 27.6% | -64 bp | +8.3% |
| XCEM | Columbia EM Core ex-China ETF | 25.6% | -72 bp | +8.2% |
| AIA | iShares Asia 50 ETF | 25.2% | -38 bp | +14.0% |
| EMSG | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 25.1% | -68 bp | +10.5% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 24.4% | -39 bp | +10.4% |
| EWT | iShares MSCI Taiwan ETF | 23.1% | -30 bp | +6.3% |
Risk and Returns: 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 6/16/2025
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™
9.8%
Cat. Avg
8.2%
ALTAR Score™ Calculation
Category Overview
There are 112 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.6%. 's ALTAR Score™ is approximately
0.6 standard deviations
above
the category average. This places in the 72nd 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
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| (88 bp) Percentile rank | 90 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 88.0 | 0.0 | 88 | |
| Peer Avg. | 76.2 | 48.9 | 125.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .