RAYC Rayliant Quantamental China Equity ETF

Performance

(as of 06/30/2024)

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.30.2020)
NAV (%)	-3.17%	-0.22%	-7.82%	-19.21%	N/A	4.83%	-42.27%
Market Price (%)	-3.32%	-0.37%	-8.34%	-19.36%	N/A	4.77%	-42.48%

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.30.2020)
NAV (%)	-3.17%	-0.22%	-7.82%	-19.21%	N/A	4.83%	-42.27%
Market Price (%)	-3.32%	-0.37%	-8.34%	-19.36%	N/A	4.77%	-42.48%

Performance Disclosure

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.

NAV

$13.03 Net Asset Value

NAV Change

-$0.03

Price

$13.06

Price Change

-$0.05

Fund Documents

RAYC Overview

RAYC Approach

Fact Sheet

Fund Prospectus

Summary Prospectus

RAYC Holdings (as of 06.30.2023)

RAYC Holdings (as of 12.31.2023)

UK Reportable Income

Annual Report

Semi-Annual Report

SAI

Key Facts

Inception Date	12.30.2020
Ticker	RAYC
Primary Exchange	NYSE
Net Expense Ratio*	0.80%

CUSIP	00774Q197
Premium/Discount	0.00%
30-Day Median Bid/Ask Spread ¹	0.2981%
Gross Expense Ratio*	1.04%

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.

* A full explanation of expenses and fees are stated in the prospectus. Fee waivers are contractual and in effect until 1/31/2025.

Investment Objective

Investment Strategy

Investment Objective

The Rayliant Quantamental China Equity ETF (the “Fund”) seeks long-term capital appreciation.

Historical Premium
/ Discount Data

Number of Days At:	2023	Q1 2024	Q2 2024	Q3 2024
Premium	91	5	7	4
NAV	13	0	0	1
Discount	146	56	56	13

Chart Description

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.

Top 10 Holdings

(as of 07.25.2024) Holdings are subject to change.

Ticker	Company Name	% of Net Assets	SEDOL	Quantity
	Cash	1.02 %		326826.40
	CHINESE YUAN RENMINBI	0.03 %	CNY	77875.44
688012	ADVANCED MICRO-A	0.66 %	BK71F66	10707.00
601600	ALUMINUM CORP-A	0.82 %	BP3R4D3	283300.00
000596	ANHUI GUJINGD-A	1.02 %	BD5M1G4	12801.00
300866	ANKER INNOVATI-A	0.36 %	BNR4MR6	16020.00
688208	AUTEL INTELLIG-A	0.38 %	BNR4NW8	35800.00
601169	BANK OF BEIJING CO LTD -A	0.61 %	BP3R2W8	262200.00
601577	BANK OF CHANGSHA CO LTD-A	0.47 %	BK94875	144200.00
601838	BANK OF CHENGDU CO LTD-A	0.3 %	BFYQHF2	46300.00
601328	BANK OF COMMUN-A	0.88 %	BP3R2G2	268400.00
600926	BANK OF HANGZHOU CO LTD-A	0.69 %	BYW5MZ9	122600.00
600919	BANK OF JIANGSU CO LTD-A	1.73 %	BYW5MY8	512030.00
601009	BANK OF NANJING CO LTD -A	0.2 %	BP3R529	47000.00
002142	BANK OF NINGBO CO LTD -A	0.39 %	BD5CP06	41900.00
601229	BANK OF SHANGHAI CO LTD-A	0.21 %	BD8P9J9	65200.00
002966	BANK OF SUZHOU CO LTD-A	0.2 %	BK71760	64900.00
000786	BEIJING NEW BU-A	1.43 %	BD5CJ26	122000.00
002271	BEIJING ORIENTAL YUHONG-A	0.29 %	BD5CFP1	52900.00
688169	BEIJING ROBORO-A	0.74 %	BNR4NT5	5800.00
601126	BEIJING SIFANG-A	0.43 %	BP3RFT6	60400.00
000725	BOE TECHNOLOGY-A	0.27 %	BD5CPL7	162900.00
002594	BYD CO LTD -A	2.4 %	BD5CQ69	22100.00
002557	CHACHA FOOD CO LTD-A	0.2 %	BD5LW57	17600.00
601799	CHANGZHOU XING-A	0.2 %	BS7K3D2	3800.00
002697	CHENGDU HONGQI-A	0.35 %	BD5LXK9	182900.00
601939	CHINA CONSTRUCTION BANK-A	0.24 %	BP3R3L4	72900.00
002928	CHINA EXPRESS -A	0.2 %	BHQPRW8	78000.00
001979	CHINA MERCHANT-A	0.49 %	BD5CPM8	128607.00
600999	CHINA MERCHANT-A	0.44 %	BP3R303	70100.00
600036	CHINA MERCHANTS BANK-A	2.47 %	BP3R273	173897.00
601601	CHINA PACIFIC-A	1.74 %	BP3R2K6	140915.00
600028	CHINA PETROLEU-A	1.16 %	BP3R240	402300.00
000999	CHINA RESOURCE-A	0.19 %	BD5CL42	10270.00
601088	CHINA SHENHUA ENERGY CO-A	0.21 %	BP3R262	12000.00
601668	CHINA STATE -A	2.23 %	BP3R2Q2	926300.00
601888	CHINA TOURISM-A	0.46 %	BP3R466	15900.00
600900	CHINA YANGTZE-A	1.66 %	BP3R2M8	124200.00
601916	CHINA ZHESHANG-A	0.56 %	BK96BF0	458300.00
600132	CHONGQING BREWERY CO-A	0.19 %	BP3RCZ1	7400.00
600030	CITIC SECURITIES CO-A	0.25 %	BP3R2J5	30900.00
603993	CMOC GROUP LTD-A	0.84 %	BP3R574	277400.00
600737	COFCO SUGAR HO-A	0.5 %	BYYFJG7	126000.00
300750	CONTEMPORARY A-A	3.26 %	BHQPSY7	40084.00
601919	COSCO SHIPPING-A	0.84 %	BP3R552	150300.00
000423	DONG-E-E-JIAOCO LTD-A	0.28 %	BD5CM61	13400.00
600875	DONGFANG ELECT-A	0.19 %	BP3R604	28600.00
002993	DONGGUAN AOHAI-A	0.19 %	BNR4MB0	14400.00
605499	EASTROC BEVERA-A	1.27 %	BP91NL0	12700.00
300679	ELECTRIC CONNE-A	0.36 %	BFY8H69	25000.00
688018	ESPRESSIF SYSTEM	0.64 %	BK71FB1	14160.00
601865	FLAT GLASS GROUP CO LTD-A	0.4 %	BJLMPM4	48700.00
002027	FOCUS MEDIA IN-A	0.4 %	BD5CND5	159072.00
601138	FOXCONN INDUST-A	1.62 %	BG20N99	161300.00
600660	FUYAO GLASS-A	0.77 %	BP3R6K4	37500.00
600795	GD POWER DEVEL-A	0.38 %	BP3R3J2	154700.00
603986	GIGADEVICE SEM-A	0.36 %	BHWLWF8	9900.00
000651	GREE ELECTRIC-A	1.32 %	BD5CPN9	81500.00
002311	GUANGDONG HAID GROUP CO-A	0.54 %	BD5CJ60	28500.00
002705	GUANGDONG XINB-A	0.22 %	BHRV3N8	39500.00
603368	GUANGXI LIUZHO-A	0.38 %	BZ0D230	52100.00
601211	GUOTAI JUNAN S-A	0.49 %	BYQDMZ9	82100.00
600690	HAIER SMART HOME CO LTD-A	0.79 %	BP3R3G9	72100.00
603258	HANGZHOU ELECT-A	0.2 %	BYW5N34	30900.00
600285	HENAN LINGRUI-A	0.49 %	BP3RKY6	53000.00
600312	HENAN PINGGAO-A	1.12 %	BP3R734	133700.00
600346	HENGLI PETROC-A	0.44 %	BFB4HL5	75500.00
603556	HEXING ELECTRI-A	0.2 %	BYW5QY6	11200.00
000921	HISENSE H.A-A	0.34 %	BD5M2M7	30500.00
600027	HUADIAN POWER INTL CORP-A	0.2 %	BP3R637	74200.00
300979	HUALI INDUSTRI-A	0.28 %	BP91MX5	11500.00
601688	HUATAI SECURIT-A	0.51 %	BP3R3B4	91819.00
601166	INDUSTRIAL BANK CO LTD -A	0.56 %	BP3R295	77500.00
600887	INNER MONG YIL-A	1.17 %	BP3R2V7	108100.00
000426	INNER MONGOLIA-A	0.53 %	BD5LTX4	100000.00
601128	JIANGSU CHANGS-A	0.46 %	BFF1Z18	144820.00
600901	JIANGSU FINANC-A	1 %	BHWLWW5	461240.00
601100	JIANGSU HENGLI-A	0.19 %	BP3RFJ6	9900.00
600276	JIANGSU HENGRU-A	0.51 %	BP3R369	28400.00
600557	JIANGSU KANION-A	0.19 %	BP3R7P6	29700.00
603369	JIANGSU KING'S-A	0.36 %	BTFRHZ2	17985.00
603323	JIANGSU SUZHOU R	0.17 %	BMF7N00	84800.00
002068	JIANGXI BLACK -A	0.16 %	BFCCQ22	58400.00
600362	JIANGXI COPPER CO LTD-A	0.14 %	BP3R4R7	15500.00
601001	JINNENG HOLDIN-A	0.18 %	BP3R972	28200.00
600519	KWEICHOW MOUTAI CO LTD-A	5.5 %	BP3R2F1	8872.00
002475	LUXSHARE PRECI-A	1.1 %	BD5CN80	68300.00
000568	LUZHOU LAOJIAO CO LTD-A	0.88 %	BD5CMM7	15500.00
300782	MAXSCEND MICRO-A	0.4 %	BK4XS11	12500.00
000333	MIDEA GROUP CO LTD-A	2.77 %	BD5CPP1	107540.00
688008	MONTAGE TECHNO-A	0.45 %	BK71F77	18000.00
600406	NARI TECHNOLOGY CO LTD-A	0.65 %	BP3R444	62900.00
002371	NAURA TECH GR -A	0.71 %	BD5LYF1	5000.00
600114	NBTM NEW MATERIALS GROUP	0.2 %	BP3RJR2	34300.00
601336	NEW CHINA LIFE-A	0.22 %	BP3R3F8	17000.00
000997	NEWLAND DIGITA-A	0.44 %	BD5CJ15	81300.00
601857	PETROCHINA CO LTD-A	1.61 %	BP3R206	405984.00
601319	PICC HOLDING CO-A	0.18 %	BDFS9G8	75000.00
601318	PING AN INSURA-A	4.34 %	BP3R284	243900.00
601658	POSTAL SAVINGS-A	0.18 %	BL61XF9	83500.00
601669	POWER CONSTRUC-A	0.19 %	BP3R4M2	82800.00
601665	QILU BANK CO LTD-A	0.17 %	BP91NB0	85100.00
601058	SAILUN GROUP CO LTD-A	0.2 %	BP3RFY1	37500.00
002648	SATELLITE CHEM-A	0.41 %	BFCCQG6	57380.00
601127	SERES GROUP CO L-A	0.4 %	BYV1VC8	12700.00
601225	SHAANXI COAL I-A	0.2 %	BS7K5P8	19500.00
600000	SHANG PUDONG-A	0.75 %	BP3R2B7	202300.00
603899	SHANGHAI M&G S-A	0.23 %	BZ0D285	19100.00
601825	SHANGHAI RURAL-A	0.2 %	BQ3RWZ8	68900.00
600809	SHANXI XINGHUA-A	0.72 %	BP3R820	9200.00
600183	SHENGYI TECH C-A	0.51 %	BP3RC39	56800.00
002916	SHENNAN CIRCUITS CO LTD-A	0.24 %	BFY8GV7	5100.00
300124	SHENZHEN INOVA-A	0.67 %	BD5CMN8	33700.00
002106	SHENZHEN LAIBA-A	0.18 %	BD5C7R7	46800.00
300760	SHENZHEN MINDR-A	3.33 %	BHQK864	28456.00
300724	SHENZHEN SC NE-A	0.17 %	BKDQ8D3	7800.00
688036	SHENZHEN TRANS-A	1.71 %	BNR4NP1	50083.60
688506	SICHUAN BIOKIN P	0.2 %	BPH27W4	2800.00
601021	SPRING AIRLINES CO LTD-A	0.36 %	BZ0D1W2	15600.00
300274	SUNGROW POWER -A	0.58 %	BD5CGB4	18860.00
000100	TCL TECHNOLOGY-A	0.52 %	BD5CP28	318140.00
002035	VATTI CORPORATION LTD-A	0.39 %	BD73L09	158800.00
600309	WANHUA CHEMIC-A	1.13 %	BP3R3S1	33300.00
000338	WEICHAI POWER CO LTD-A	1.72 %	BD5CQ03	308700.00
603501	WILL SEMICONDU-A	1.28 %	BK947V2	28600.00
000858	WULIANGYE YIBIN CO LTD-A	1.98 %	BD5CPG2	36300.00
603259	WUXI APPTEC CO LTD-A	0.53 %	BHWLWV4	30900.00
000400	XUJI ELECTRIC CO LTD-A	0.2 %	BD5CJB5	16000.00
300628	YEALINK NETWOR-A	0.42 %	BFCCR07	28100.00
600066	YUTONG BUS CO LTD-A	0.89 %	BP3R5T6	96345.00
603338	ZHEJIANG DINGL-A	0.56 %	BYZW440	26200.00
603799	ZHEJIANG HUAYO-A	0.22 %	BFF5BV2	23100.00
603583	ZHEJIANG JIECA-A	0.17 %	BK947S9	24200.00
002318	ZHEJIANG JIULI HI-TECH-A	0.75 %	BD5CBX1	83200.00
002001	ZHEJIANG NHU CO LTD-A	0.69 %	BD5CH66	79300.00
002050	ZHEJIANG SANHU-A	0.15 %	BD5CDC4	19500.00
601717	ZHENGZHOU COAL-A	0.33 %	BP3RCS4	64300.00
300308	ZHONGJI INNOLI-A	0.99 %	BFFJRM7	18740.00
600325	ZHUHAI HUAFA-A	0.51 %	BP3RG37	202300.00
601899	ZIJIN MINING-A	1.04 %	BP3R400	155400.00
000157	ZOOMLION HEAVY-A	0.18 %	BD5CPZ1	64000.00

Download Full Holdings

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Important Information

Prospectus Disclosure

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 calling +1 (626) 407-4581 or visiting funds.rayliant.com

Please read the prospectus carefully before investing.

Risk of Investing

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.

Investment Objectives

There can be no assurance that an ETF will achieve its stated objectives.

Small Company Risk

Investments in smaller companies typically exhibit higher volatility.

Quantitative Investment Risk

Investments that are managed according to a quantitative model can perform differently from the market as a whole.

International Risk

International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations.

Emerging Markets Risk

Emerging markets risk assumes heightened risks to all the same factors within International Risk as well as increased volatility and lower trading volume.

Sector Risk

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.

Active Management Risk

The Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate.

Single Country Risk

Securities focusing on a single country may be subject to higher volatility.

Non-diversified Risk

The ETF is not diversified.

Stock Connect / A Shares Risk

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.

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;
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.

Distributor

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

Rayliant Quantamental China Equity ETF

Performance

Performance Disclosure

Fund Documents

Key Facts

Investment Objective

Investment Strategy

Historical Premium / Discount Data

Chart Description

Top 10 Holdings

Important Information

Prospectus Disclosure

Risk of Investing

Investment Objectives

Small Company Risk

Quantitative Investment Risk

International Risk

Emerging Markets Risk

Sector Risk

Active Management Risk

Single Country Risk

Non-diversified Risk

Stock Connect / A Shares Risk

Compliance with Executive Order

Distributor

Historical Premium
/ Discount Data