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.


Rules-Based, Concentrated

MANAGEMENT MATRIX

TAN

CLOSEST COMP

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorGlobal X
CategoryGlobal Equities
Asset classEquity
Websitelink...
Inception dateSep 08, 2021
Assets (mns)$6
Expense ratio51 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsSemi-annual
Taxation1099
Stock selectionPrincipals-based
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
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 holdings48
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)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
-42.4% -47.2% -32.3% -- -- -- -27.5%
Market Correlations
versus...BetaR-squared
S&P 5000.9828%
MSCI EAFE0.9625%
MSCI Emg Mkts0.8821%
Liquidity Measures
Avg. volume (000)3
Turnover0.6%
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 volatility37.2%
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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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 -- -- -- -- -- -- --
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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 --%
1.1 11.7 1.6 1.2% --
Based on closing prices from 12/4/2023
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
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
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown

 

Market Activity
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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 .
Fundamental data for individual fund constituents sourced from FactSet Research Systems.