ETF Research Center

Global X Solar ETF

ALTAR
Score™

6.5%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	18.0x	P/Sales ratio	1.1x
P/BV ratio	1.7x	Div. yield	0.8%

Description
Performance
Comps
Fundamentals
Valuation
Rating

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
Category	Global Equities
Fund Sponsor	Global X
Website	www.globalxetfs.com
Inception date	Sep 08, 2021
Assets (mns)	$5
Currency	USD
Expense ratio	51 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	0
Wgt avg mkt cap (mns)	$6,649
Large cap (>$10bn)	23.2%
Mid cap ($2-10bn)	54.2%
Small cap (<$2bn)	19.0%
Developed mkts	36.2%
Emerging mkts	62.2%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
		0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.3%	-12.1%	--	--	-22.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	33%
MSCI EAFE	1.29	44%
MSCI Emg. Mkts.	1.15	38%

Technical Indicators
Recent close	$10.10
30d moving avg.	$9.50
Annualized volatility	31.4%
Short interest (ETF)	1.2%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	5
Turnover	1.0%
Bid/Ask (% of price)	0.41%
ADV underlying (mns)	$1,800

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Global X Solar ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	51	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.