Volumes of sub-wavelength electromagnetic elements can act like homogeneous materials: metamaterials. In analogy, sheets of optical elements such as prisms can act ray-optically like homogeneous sheet materials. In this sense, such sheets can be considered to be metamaterials for light rays (METATOYs). METATOYs realize new and unusual transformations of the directions of transmitted light rays. We study here, in the ray-optics and scalar-wave limits, the wave-optical analog of such transformations, and we show that such an analog does not always exist. Perhaps, this is the reason why many of the ray-optical possibilities offered by METATOYs have never before been considered.