FAQ: Updates to Rayliant ETFs

Overview of Rayliant's ETF Updates

An Evolution of Rayliant's ETF Offerings:

• Rayliant is updating its ETF suite to better align with advisor demand for smart beta strategies offering exposure to global equities.
• The ETFs are transitioning from a quantamental active approach to track smart beta indices built in partnership with Wilshire Indexes (initiated in 2021).
• The FT Wilshire NxtGen indices are grounded in Rayliant's longstanding quantitative research approach, packaging Rayliant's research insights into a highly efficient index format.
• These indices combine 100+ data-driven signals, along with portfolio construction based on machine learning and optimization, to deliver intelligent exposure to global stocks.
• Rayliant's investment philosophy hasn't changed—we still believe in using investment science to pursue alpha opportunities created by investors' behavioral bias. The new approach is, in our view, simply a better way of delivering that approach to investors.

Rayliant Emerging Markets ETF (RAYE → RWEM)

What's changing:

• The Fund is transitioning from a quantamental active approach to a smart beta index offering broad exposure to Emerging Markets stocks.
• Based on feedback from clients, we are putting the "China" back into "Emerging Markets", offering investors easy access to one of the largest emerging markets and what we believe will be a key source of growth in the years to come.
• The ticker will change from RAYE → RWEM.
• The efficiency gain from the move to a smart beta index tracking approach will be passed on to investors through a substantial reduction in the Fund's total expense ratio.

What this means for current investors:

• Exposure will broaden to include China, changing country-level risk and potential return profiles.
• No action is required; your holdings will automatically reflect the new ticker and strategy.
• We recommend reviewing your overall emerging markets allocation to ensure it aligns with your objectives.

Next Steps

• No immediate action is required; your shares will automatically transition to the updated tickers and strategies.
• Review your portfolio allocation to confirm the updated exposure aligns with your goals and risk tolerance.
• Updated Summary Prospectuses, Prospectuses, and holdings will be available on the Rayliant website on or shortly after December 22, 2025.

If you have any questions about how these changes may impact your portfolio, please contact your financial advisor.

Thank you for your attention to these updates and for your continued trust.

Investing involves risk, including the risk of total loss of principal. Please consider the risks outlined in the sections below before investing in the ETF.

The RWLC and RWEM ETFs are distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456), which is not affiliated with the Fund's adviser.