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
53.7 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) | $54 |
| 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 | 14.3 % |
| SAMSUNG ELECTRONICS CO LTD | 5.2 % |
| MAKALOT INDUSTRIAL CO LTD | 1.8 % |
| TRENT LTD | 1.4 % |
| HON HAI PRECISION INDUSTRY | 1.3 % |
| OTP BANK PLC | 1.3 % |
| HYNIX SEMICONDUCTOR INC | 1.3 % |
| ITAUSA-INVESTIMENTOS ITAU SA | 1.3 % |
| INVESTEC LTD | 1.2 % |
| NOVATEK MICROELECTRONICS LTD | 1.2 % |
Constituent Breakdown
| Number of holdings | 200 |
| Herfindahl-Hirschman Index | 285 |
| Wgt avg mkt cap (mns) | $153,385 |
| Large cap (>$10bn) | 60.5% |
| Mid cap ($2-10bn) | 36.1% |
| Small cap (<$2bn) | 3.4% |
| Developed mkts. | 1.7% |
| Emerging mkts. | 98.3% |
Country Exposure
 |
TAIWAN | 29.8 % |
 |
INDIA | 19.4 % |
 |
SOUTH KOREA | 19.2 % |
 |
BRAZIL | 5.0 % |
 |
SOUTH AFRICA | 3.2 % |
 |
THAILAND | 2.2 % |
 |
SAUDI ARABIA | 2.2 % |
 |
GREECE | 1.8 % |
 |
MEXICO | 1.7 % |
 |
UAE | 1.4 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.3% | 27.9% | 19.0% | -- | -- | -- | 4.3% | Volatility | 13.6% | 14.2% | 15.0% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.75 | 59% |
| MSCI EAFE | 0.77 | 63% |
| MSCI Emg Mkts | 0.80 | 71% |
Liquidity Measures
| Avg. volume (000) | 5 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.62% |
| ADV of underlying (mns) | $8,071 |
Technical Indicators
| Recent close | $24.97 |
| 30d moving avg. | $26.26 |
| Annualized volatility | 17.2% |
| Relative strength (RSI) | 45 |
| 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. RAYE |
Expenses vs. RAYE |
ALTAR Score™ vs. RAYE |
|---|---|---|---|---|
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 38.5% | -64 bp | +1.8% |
| STXE | Strive Emerging Markets Ex-China ETF | 38.4% | -56 bp | -0.4% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 36.6% | -63 bp | -0.7% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 36.3% | -56 bp | -1.4% |
| XCEM | Columbia EM Core ex-China ETF | 33.8% | -72 bp | +0.3% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 33.5% | -73 bp | +2.9% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 30.9% | -43 bp | +3.7% |
| EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 30.9% | -13 bp | +0.8% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 30.4% | -55 bp | +0.9% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 29.6% | -58 bp | -0.1% |
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 11/15/2024
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
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 Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
RAYE
7.4%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 165 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
4.1%. RAYE's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places RAYE in the 47th 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 |
| RAYE (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) |
|
|---|---|---|---|
| RAYE | 88.0 | 61.5 | 149.5 |
| Peer Avg. | 62.5 | 25.9 | 88.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .