RAYS
Global X Solar ETF
RAYS tracks a market-cap-weighted index of global solar energy companies selected based on their revenue generated from solar-related business, and ESG criteria.
Fund Basics
| Fund sponsor | Global X |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 08, 2021 |
| Assets (mns) | $6 |
| Expense ratio | 51 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-annual |
| Taxation | 1099 |
| Stock selection | Principals-based |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| FIRST SOLAR INC | 9.4 % |
| SUNGROW POWER SUPPLY CO., LTD. CLASS A | 9.0 % |
| XI'AN LONGI SILICON MATERIALS CO., LTD. | 8.2 % |
| ENPHASE ENERGY INC | 7.6 % |
| JA SOLAR TECHNOLOGY CO., LTD. CLASS A | 3.9 % |
| SUNRUN INC. | 3.4 % |
| XINYI SOLAR HOLDINGS LTD | 3.4 % |
| NINGBO DEYE TECHNOLOGY CO., LTD. CLASS A | 3.3 % |
| SOLAREDGE TECHNOLOGIES, INC. | 3.2 % |
| HANGZHOU FIRST PV MATERIAL CO LTD CLASS | 3.0 % |
Constituent Breakdown
| Number of holdings | 48 |
| Herfindahl-Hirschman Index | 434 |
| Wgt avg mkt cap (mns) | $7,959 |
| Large cap (>$10bn) | 33.2% |
| Mid cap ($2-10bn) | 45.1% |
| Small cap (<$2bn) | 21.7% |
| Developed mkts. | 36.3% |
| Emerging mkts. | 63.7% |
Country Exposure
 |
CHINA | 53.6 % |
 |
UNITED STATES | 30.0 % |
 |
SOUTH KOREA | 3.2 % |
 |
GERMANY | 2.9 % |
 |
TAIWAN | 2.6 % |
 |
SPAIN | 1.5 % |
 |
BRITAIN | 1.5 % |
 |
TURKEY | 1.2 % |
 |
CANADA | 1.2 % |
 |
SWITZERLAND | 1.1 % |
Historical Performance
Standardized Annual Returns (as of 11/30/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -42.4% | -47.2% | -32.3% | -- | -- | -- | -27.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 28% |
| MSCI EAFE | 0.96 | 25% |
| MSCI Emg Mkts | 0.88 | 21% |
Liquidity Measures
| Avg. volume (000) | 3 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.38% |
| ADV of underlying (mns) | $1,409 |
Technical Indicators
| Recent close | $11.89 |
| 30d moving avg. | $12.52 |
| Annualized volatility | 37.2% |
| Relative strength (RSI) | 36 |
| Short interest (ETF) | 0.3% |
| 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. RAYS |
Expenses vs. RAYS |
ALTAR Score™ vs. RAYS |
|---|---|---|---|---|
| TAN | Invesco Solar ETF | 48.3% | +18 bp | +1.4% |
| ICLN | iShares Global Clean Energy ETF | 35.7% | -10 bp | -1.0% |
| CTEC | Global X CleanTech ETF | 28.5% | -1 bp | -2.6% |
| FRNW | Fidelity Clean Energy ETF | 27.8% | -12 bp | -0.7% |
| ACES | ALPS Clean Energy ETF | 21.1% | +4 bp | -9.3% |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 19.8% | +7 bp | -6.4% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 19.0% | +8 bp | -1.4% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 15.9% | -6 bp | -7.2% |
| PBD | Invesco Global Clean Energy ETF | 15.0% | +24 bp | -6.6% |
| ETEC | iShares Breakthrough Environmental Solutions ETF | 14.5% | -4 bp | +0.5% |
Risk and Returns: RAYS 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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 12/4/2023
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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
RAYS
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™
RAYS
5.0%
Cat. Avg
3.6%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.0% |
Recommendation
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.
Category Overview
There are 343 funds in the Global Equities category, with an average ALTAR Score™
of 3.6% and a standard deviation of
5.0%. RAYS's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places RAYS in the 61st percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
RAYS
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
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) |
|
|---|---|---|---|
| RAYS | 51.0 | 38.0 | 89 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .