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
6.0 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) | $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 +
| ENPHASE ENERGY INC | 10.7 % |
| FIRST SOLAR INC | 9.5 % |
| NINGBO DEYE TECHNOLOGY CO., LTD. CLASS A | 8.3 % |
| SUNGROW POWER SUPPLY CO., LTD. CLASS A | 7.6 % |
| XI'AN LONGI SILICON MATERIALS CO., LTD. | 7.3 % |
| NEXTRACKER, INC. CLASS A | 4.5 % |
| TIANJIN ZHONGHUAN SEMICOND-A | 3.9 % |
| SUNRUN INC. | 3.7 % |
| JA SOLAR TECHNOLOGY CO., LTD. CLASS A | 3.6 % |
| SHENZHEN S.C NEW ENERGY TECHNOLOGY CORP. | 2.9 % |
Constituent Breakdown
| Number of holdings | 47 |
| Herfindahl-Hirschman Index | 467 |
| Wgt avg mkt cap (mns) | $7,833 |
| Large cap (>$10bn) | 33.6% |
| Mid cap ($2-10bn) | 48.3% |
| Small cap (<$2bn) | 16.8% |
| Developed mkts. | 32.9% |
| Emerging mkts. | 67.1% |
Country Exposure
 |
CHINA | 58.9 % |
 |
UNITED STATES | 32.7 % |
 |
SOUTH KOREA | 2.1 % |
 |
TAIWAN | 1.3 % |
 |
SPAIN | 0.8 % |
 |
CANADA | 0.8 % |
 |
GERMANY | 0.6 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -23.4% | -13.7% | -32.5% | -26.6% | -- | -- | -23.4% | Volatility | 41.0% | 40.8% | 35.5% | 37.6% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.89 | 18% |
| MSCI EAFE | 1.12 | 28% |
| MSCI Emg Mkts | 1.06 | 25% |
Liquidity Measures
| Avg. volume (000) | 8 |
| Turnover | 1.2% |
| Avg. Bid/Ask (% of price) | 0.41% |
| ADV of underlying (mns) | $2,730 |
Technical Indicators
| Recent close | $9.30 |
| 30d moving avg. | $9.97 |
| Annualized volatility | 36.6% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 1.5% |
| 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 | 37.3% | +16 bp | +2.8% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 27.3% | +8 bp | -3.0% |
| ICLN | iShares Global Clean Energy ETF | 23.0% | -10 bp | -0.9% |
| CTEC | Global X CleanTech ETF | 22.8% | -1 bp | -4.4% |
| FRNW | Fidelity Clean Energy ETF | 20.8% | -12 bp | -4.5% |
| ACES | ALPS Clean Energy ETF | 17.5% | +4 bp | -11.4% |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 16.6% | +7 bp | -9.8% |
| ETEC | iShares Breakthrough Environmental Solutions ETF | 12.7% | -4 bp | +1.3% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 12.2% | -6 bp | -4.3% |
| SDG | iShares MSCI Global Sustainable Development Goals ETF | 11.8% | -2 bp | -0.9% |
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
| 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 12/20/2024
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
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
6.9%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 374 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
4.8%. RAYS's ALTAR Score™ is approximately
0.6 standard deviations
above
the category average. This places RAYS in the 72nd 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. | 57.0 | 39.6 | 96.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .