* A full explanation of expenses and fees are stated in the prospectus. Fee waivers are contractual and in effect until 1/31/23.
1 30-Day Median Bid/Ask Spread: The spread is calculated by identifying the ETF’s national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
The Rayliant Quantamental China Equity ETF (the “Fund”) seeks long-term capital appreciation.
The Rayliant Quantamental China Equity ETF is an active portfolio employing a systematic approach to harvesting behavioral alpha by exploiting mispricings among Chinese stocks traded in markets around the world. The strategy is localized to China, applying specialized data and models capturing features that make Chinese markets unique, including novel aspects of China’s accounting, regulations, market structure, state ownership, and investor behavior.
The performance quoted represents past performance and does not guarantee future results. Performance for periods greater than 1 year is annualized. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The returns shown do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. The market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. NAVs are calculated using prices as of 4:00 PM Eastern Time.
The Premium/Discount History chart demonstrates the difference between the daily market price of shares of the Fund and the Fund’s net asset value (NAV). The vertical axis of the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day. The data presented in the chart and table above represent past performance and cannot be used to predict future results.
Holdings are subject to change.
Carefully consider the Funds’ investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Funds’ full or summary prospectus, which may be obtained by visiting: RAYC, RAYE, RAYD. Please read the prospectus carefully before investing.
Risk of Investing
Investing involves risk, including the risk of total loss of principal. Please consider the following risks before investing in the ETF.
There can be no assurance that an ETF will achieve its stated objectives.
Investments in smaller companies typically exhibit higher volatility.
The ETF is not diversified.
Investments that are managed according to a quantitative model can perform differently from the market as a whole.
International and Emerging Markets
International markets involve political, social, economic and currency risks. These risks are heightened in emerging markets, which also include the risk of increased volatility and lower trading volume. Securities focusing on a single country may also be subject to higher volatility.
Compliance with Executive Order
The adviser confirms it has taken the following steps to comply with Executive Order 13959 dated 12 November 2020:
1. It has not purchased and will not purchase for value on or after January 11, 2021 any of the Sanctioned Securities of companies identified in the Executive Order;
2. As additional Sanctioned Securities become subject to restrictions under the Executive Order, it will not purchase for value any of these Sanctioned Securities on or after the effective date of the restrictions applicable to these Sanctioned Securities; and
3. To the extent it maintains holdings of Sanctioned Securities prior to the effective date of the restrictions under the Executive Order applicable to these Sanctioned Securities, it will divest all holdings of the Sanctioned Securities in accordance with the requirements of the Executive Order.
Local Rules and Regulations
Trading through Stock Connect is subject to a number of restrictions that may affect an ETF’s investments and returns. China A Shares purchased by the ETF through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions.
Active Management Risk
The Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect.
Sector Focus Risk
Because the Fund may be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors.
Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. A derivative is a contract that derives its value from the performance of an underlying asset and changes in the asset’s market value and the derivative may not be proportionate. Some derivatives can have the potential for unlimited losses.
The Fund is distributed by SEI Investments Distribution Co., which is not affiliated with the Fund’s adviser.
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