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.
Fund Basics
Fund sponsor | Rayliant Investment Research |
Category | Emerging Market Equities |
Asset class | Equity |
Website | link... |
Inception date | Dec 16, 2021 |
Assets (mns) | $48 |
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 | 10.5 % |
SAMSUNG ELECTRONICS CO LTD | 4.6 % |
KIA MOTORS CORPORATION | 2.4 % |
EMAAR DEVELOPMENT PJSC | 1.7 % |
ASUSTEK COMPUTER INC | 1.6 % |
TRIPOD TECHNOLOGY CORP | 1.6 % |
ITAUSA-INVESTIMENTOS ITAU-PR | 1.6 % |
OTP BANK PLC | 1.6 % |
NOVATEK MICROELECTRONICS LTD | 1.4 % |
KPIT CUMMINS INFOSYSTEMS LTD | 1.4 % |
Constituent Breakdown
Number of holdings | 172 |
Herfindahl-Hirschman Index | 195 |
Wgt avg mkt cap (mns) | $100,074 |
Large cap (>$10bn) | 53.5% |
Mid cap ($2-10bn) | 41.6% |
Small cap (<$2bn) | 4.6% |
Developed mkts. | 2.0% |
Emerging mkts. | 98.1% |
Country Exposure
TAIWAN | 27.0 % | |
INDIA | 17.7 % | |
SOUTH KOREA | 17.4 % | |
BRAZIL | 5.2 % | |
SOUTH AFRICA | 4.2 % | |
THAILAND | 4.0 % | |
UAE | 3.1 % | |
MEXICO | 3.0 % | |
SAUDI ARABIA | 2.8 % | |
GREECE | 1.9 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
---|---|---|---|---|---|---|
4.7% | 27.0% | 5.9% | -- | -- | -- | 3.4% |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 0.76 | 61% |
MSCI EAFE | 0.86 | 76% |
MSCI Emg Mkts | 0.83 | 77% |
Liquidity Measures
Avg. volume (000) | 11 |
Turnover | 0.6% |
Avg. Bid/Ask (% of price) | 0.62% |
ADV of underlying (mns) | $9,529 |
Technical Indicators
Recent close | $24.51 |
30d moving avg. | $21.71 |
Annualized volatility | 18.9% |
Relative strength (RSI) | 71 |
Short interest (ETF) | 3.3% |
Short interest (underlying) | 0.0% |
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. RAYE |
Expenses vs. RAYE |
ALTAR Score™ vs. RAYE |
---|---|---|---|---|
KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 33.5% | -64 bp | +1.0% |
EMXC | iShares MSCI Emerging Markets ex China ETF | 32.1% | -63 bp | +0.5% |
STXE | Strive Emerging Markets Ex-China ETF | 31.7% | -56 bp | +0.8% |
XCEM | Columbia EM Core ex-China ETF | 29.0% | -72 bp | +1.2% |
XC | WisdomTree Emerging Markets Ex-China Fund | 28.4% | -56 bp | +0.0% |
DGRE | WisdomTree Emerging Markets Quality Dividend Growth Fund | 28.3% | -56 bp | +1.4% |
EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 27.2% | -58 bp | +1.2% |
EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 26.9% | -73 bp | +0.8% |
EMGF | iShares Emerging Markets Equity Factor ETF | 26.4% | -63 bp | +2.4% |
EEMA | iShares MSCI Emerging Markets Asia ETF | 26.3% | -39 bp | +0.4% |
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
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
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 5/7/2024
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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
RAYE
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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
RAYE
6.0%
Cat. Avg
7.5%
Fund Category: Emerging Market Equities
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 6.0% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 163 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.7%. RAYE's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places RAYE in the 34th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
RAYE
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
Latest price | |
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Today's Trading
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Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
RAYE | 88.0 | 61.5 | 149.5 |
Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .