# Invesco Solar Energy UCITS ETF AccumUSD (RAYS)

**Source:** https://fundology.uk/fund/rays · ISIN IE00BM8QRZ79 · Data: TradingView (LSE closes and returns, delayed), issuer documents and holdings (Invesco), ONS CPIH, FCA FIRDS

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 01/10/2026, RAYS (Invesco Solar Energy UCITS ETF AccumUSD, ISIN IE00BM8QRZ79) closed at £16.93 on the London Stock Exchange. Its ongoing charge is 0.69% a year (about £69 on £10,000). Over the five years to 01/10/2026 its price changed by −46.0%, or −57.3% after UK CPIH inflation.

## Summary

Invesco Solar Energy UCITS ETF AccumUSD is an exchange-traded fund (ETF) from Invesco, launched in 2021. It tracks the MAC Global Solar Energy Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.69% a year — about £69 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

Latest close: **£16.93** (01/10/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | RAYS |
| ISIN | IE00BM8QRZ79 |
| Category | Sustainable & clean energy |
| Type | ETF |
| Provider | Invesco |
| Tracks | MAC Global Solar Energy Index |
| Income | Accumulating |
| Ongoing charge | 0.69% a year (£69 per £10,000) |
| Fund size | £71.4m |
| Launched | 2021 |
| Domicile | Ireland |

## Past returns (periods to 01/10/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +2.20% | -1.01% | income reinvested |
| 3 years | -19.53% | -27.38% | income reinvested |
| 5 years | -45.98% | -57.28% | price only |

Returns: TradingView (delayed data) and Fundology, from recorded daily closes. Inflation: ONS CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Invesco Solar Energy UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund): 2022 +5.1%, 2023 −29.6%, 2024 −36.3%, 2025 +38.8%; 2026 to 01/10/2026 −13.9%. Returns of Invesco Solar Energy UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +3.3%; to 30/09/2025: −0.3%; to 30/09/2024: −24.5%; to 30/09/2023: −36.2%; to 30/09/2022: +12.8%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +5.1% | -3.8% | Price |
| 2023 | -29.6% | -32.4% | Price |
| 2024 | -36.3% | -38.5% | Price |
| 2025 | +38.8% | +34.1% | Price |
| 2026 to 01/10/2026 | -13.9% | -16.3% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 31.23% | -40.84% |
| 3 years | 35.18% | -51.64% |
| 5 years | 35.52% | -72.70% |

## Largest fall

Volatility of Invesco Solar Energy UCITS ETF AccumUSD in pounds, annualised from weekly returns to 01/10/2026: 31.2% over 1 year, 35.2% over 3 years, 35.5% over 5 years. Largest fall in the price of Invesco Solar Energy UCITS ETF AccumUSD since October 2021, in pounds: −72.7% from 09/09/2022 to 11/04/2025. The lowest 12-month return of Invesco Solar Energy UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund) since August 2021 was −50.6% (12 months to 10/11/2023); the highest was +126.5% (12 months to 29/05/2026). On 01/10/2026 the price of Invesco Solar Energy UCITS ETF AccumUSD was 57.0% below its highest weekly close since October 2021 (09/09/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco Solar Energy UCITS ETF AccumUSD 0.69% a year, as of 02/10/2026: 7 of the 163 other sustainable and clean-energy funds charge more, 1 the same and 155 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.69%** per year
- ISA eligible: yes
- SIPP eligible: yes

## What it holds

As of 30/09/2026, RAYS holds 36 positions, according to the holdings Invesco publishes. The largest is Nextpower Inc USD 0.000100000 at 10.04% of the fund; the ten largest make up 59.8%.

### Top holdings

Largest positions (as of 30/09/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Nextpower Inc USD 0.000100000 | — | 10.04% |
| 2 | First Solar | [FSLR](https://fundology.uk/stock/FSLR) | 8.95% |
| 3 | Enlight Renewable Energy | [ENLT](https://fundology.uk/stock/ENLT) | 7.96% |
| 4 | Enphase Energy | [ENPH](https://fundology.uk/stock/ENPH) | 7.14% |
| 5 | Doral Group Renewable Energy Ils | — | 4.98% |
| 6 | HA Sustainable Infrastructure Capital | [HASI](https://fundology.uk/stock/HASI) | 4.77% |
| 7 | GCL Technology | [3800](https://fundology.uk/stock/3800) | 4.69% |
| 8 | SolarEdge Technologies | [SEDG](https://fundology.uk/stock/SEDG) | 3.77% |
| 9 | Clearway Energy Inc-C | — | 3.76% |
| 10 | Sunrun | [RUN](https://fundology.uk/stock/RUN) | 3.76% |

Source: Invesco, holdings as published, as of 30/09/2026.

## Where it invests

Shares of the whole fund. Bonds, cash and positions the source does not classify are shown as they come, not guessed.

### By sector

As published by Invesco, as of 30/09/2026.

| Sector | Weight |
|---|---|
| Information Technology | 35.0% |
| Utilities | 32.2% |
| Industrials | 28.0% |
| Financials | 4.8% |

### By country

As published by Invesco, as of 30/09/2026.

| Country | Weight |
|---|---|
| United States | 46.6% |
| Israel | 17.8% |
| China | 11.8% |
| Taiwan | 6.0% |
| Spain | 5.3% |
| Germany | 2.4% |
| Norway | 1.9% |
| South Africa | 1.8% |
| Other countries | 6.4% |

All 36 holdings: https://fundology.uk/fund/rays/holdings

## Questions people ask

**What is the ongoing charge of RAYS?**

The ongoing charge of RAYS is 0.69% a year — about £69 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco Solar Energy UCITS ETF AccumUSD 0.69% a year, as of 02/10/2026: 7 of the 163 other sustainable and clean-energy funds charge more, 1 the same and 155 less (share classes counted once).

**What does RAYS track?**

RAYS tracks the MAC Global Solar Energy Index.

**Is RAYS accumulating or distributing?**

RAYS is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

**What is the ISIN of RAYS?**

The ISIN of RAYS is IE00BM8QRZ79. An ISIN identifies one exact share class of a fund; RAYS is its ticker on the London Stock Exchange.

**What does RAYS hold?**

As of 30/09/2026, RAYS holds 36 positions, according to the holdings Invesco publishes. The largest is Nextpower Inc USD 0.000100000 at 10.04% of the fund; the ten largest make up 59.8%. Its ten largest holdings are Nextpower Inc USD 0.000100000 (10.04%), First Solar (8.95%), Enlight Renewable Energy (7.96%), Enphase Energy (7.14%), Doral Group Renewable Energy Ils (4.98%), HA Sustainable Infrastructure Capital (4.77%), GCL Technology (4.69%), SolarEdge Technologies (3.77%), Clearway Energy Inc-C (3.76%) and Sunrun (3.76%).

**What were RAYS’s returns in each of the last five years?**

Calendar-year returns of RAYS in pounds (price, with income reinvested in the fund): 2022 +5.1%, 2023 −29.6%, 2024 −36.3%, 2025 +38.8%; 2026 to 01/10/2026 −13.9%. Past performance is not a guide to future returns.

**How has RAYS done after inflation?**

Over the five years to 01/10/2026 RAYS’s price changed by −46.0%, or −57.3% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.