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.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
3.9 M
ASSETS UNDER MGMT
51 bp
EXPENSES
Fund Basics
| Fund sponsor | Global X |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 08, 2021 |
| Assets (mns) | $4 |
| 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 +
| NINGBO DEYE TECHNOLOGY CO., LTD. CLASS A | 10.5 % |
| ENPHASE ENERGY INC | 9.8 % |
| XI'AN LONGI SILICON MATERIALS CO., LTD. | 8.3 % |
| FIRST SOLAR INC | 7.8 % |
| SUNGROW POWER SUPPLY CO., LTD. CLASS A | 7.1 % |
| NEXTRACKER, INC. CLASS A | 6.6 % |
| TIANJIN ZHONGHUAN SEMICOND-A | 4.0 % |
| SUNRUN INC. | 3.2 % |
| HANWHA CHEMICAL CORP | 3.1 % |
| SHENZHEN S.C NEW ENERGY TECHNOLOGY CORP. | 2.9 % |
Constituent Breakdown
| Number of holdings | 44 |
| Herfindahl-Hirschman Index | 526 |
| Wgt avg mkt cap (mns) | $6,636 |
| Large cap (>$10bn) | 23.2% |
| Mid cap ($2-10bn) | 54.2% |
| Small cap (<$2bn) | 19.0% |
| Developed mkts. | 36.2% |
| Emerging mkts. | 62.2% |
Country Exposure
 |
CHINA | 61.4 % |
 |
UNITED STATES | 30.7 % |
 |
SOUTH KOREA | 3.6 % |
 |
TAIWAN | 1.3 % |
 |
SPAIN | 0.9 % |
 |
GERMANY | 0.7 % |
 |
CANADA | 0.6 % |
 |
TURKEY | 0.5 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -12.9% | -28.2% | -36.0% | -23.6% | -- | -- | -- | -26.9% |
| Dividend Yield | 0.0% | 0.2% | 0.1% | 0.1% | -- | -- | -- | 0.1% |
| Total Returns | -12.9% | -28.0% | -35.9% | -23.5% | -- | -- | -- | -26.8% | Ann. Volatility | 38.3% | 42.0% | 37.3% | 37.1% | -- | -- | -- | 37.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.89 | 19% |
| MSCI EAFE | 1.12 | 31% |
| MSCI Emg Mkts | 1.07 | 29% |
Liquidity Measures
| Avg. volume (000) | 22 |
| Turnover | 4.4% |
| Avg. Bid/Ask (% of price) | 0.41% |
| ADV of underlying (mns) | $1,800 |
Technical Indicators
| Recent close | $7.79 |
| 30d moving avg. | $8.17 |
| Annualized volatility | 34.0% |
| Relative strength (RSI) | 42 |
| Short interest (ETF) | 0.5% |
| Short interest (underlying) | 0.0% |
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. RAYS |
Expenses vs. RAYS |
ALTAR Score™ vs. RAYS |
|---|---|---|---|---|
| TAN | Invesco Solar ETF | 37.8% | +16 bp | +2.7% |
| CTEC | Global X CleanTech ETF | 26.8% | -1 bp | -3.4% |
| FRNW | Fidelity Clean Energy ETF | 20.4% | -12 bp | -2.2% |
| ACES | ALPS Clean Energy ETF | 19.2% | +4 bp | -10.6% |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 18.5% | +7 bp | -10.5% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 18.4% | +8 bp | -0.7% |
| ICLN | iShares Global Clean Energy ETF | 17.2% | -10 bp | -0.3% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 17.0% | -6 bp | -6.3% |
| PBW | Invesco WilderHill Clean Energy ETF | 11.8% | +15 bp | -13.2% |
| ETEC | iShares Breakthrough Environmental Solutions ETF | 11.0% | -4 bp | -2.9% |
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
| 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
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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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 4/30/2025
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
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 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™
RAYS
7.0%
Cat. Avg
5.2%
ALTAR Score™ Calculation
Category Overview
There are 360 funds in the Global Equity category, with an average ALTAR Score™
of 5.2% and a standard deviation of
3.5%. RAYS's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places RAYS in the 70th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
RAYSSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| RAYS (51 bp) Percentile rank | 41 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| RAYS | 51.0 | 40.6 | 91.6 |
| Peer Avg. | 56.0 | 39.6 | 95.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .