RAYE Rayliant Quantamental Emerging Market ex-China ETF

Performance

(as of 08/31/2025)

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
RAYE NAV (%)	0.86%	10.01%	6.82%	11.57%	–	14.04%	5.20%
RAYE Market Price (%)	1.43%	10.11%	6.34%	11.69%	–	13.72%	5.18%
MSCI Emerging Markets ex China Index (%)	0.03%	8.11%	8.21%	10.36%	–	15.97%	3.37%

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
RAYE NAV (%)	8.14%	19.09%	7.51%	12.34%	–	12.10%	4.94%
RAYE Market Price (%)	7.54%	17.71%	6.78%	11.98%	–	11.07%	4.73%
MSCI Emerging Markets ex China Index (%)	7.12%	16.80%	10.19%	10.11%	–	14.91%	3.26%

Benchmark Information

The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 680 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

Benchmark Disclosure

The benchmark depicted in the table is a linked benchmark, representing the performance of the MSCI Emerging Markets Index from the Fund’s inception, through Oct. 23, 2023, and the MSCI Emerging Markets ex-China Index thereafter. On Oct. 24, 2023, the Fund underwent a strategy change from a global Emerging Markets strategy to an Emerging Markets exChina strategy, at which point the Fund’s benchmark changed, accordingly.

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

$27.08 Net Asset Value

NAV Change

+$0.23

Price

$27.11

Price Change

+$0.25

Fund Documents

Fact Sheet

RAYE Approach

EM ex-China Strategy Overview

Fund Prospectus

Summary Prospectus

UK Reportable Income

Annual Report

Semi-Annual Report

SAI

RAYE Holdings (as of 12.31.2024)

RAYE Holdings (as of 06.30.2025)

Annual Shareholder Report

Semi-Annual Shareholder Report

SEC Proxy Form

Key Facts

Inception Date	12.15.2021
Ticker	RAYE
Primary Exchange	NYSE
Net Expense Ratio*	0.88%

CUSIP	00775Y710
Premium/Discount	0.00%
30-Day Median Bid/Ask Spread ¹	0.5917%
Gross Expense Ratio*	1.46%

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 1/31/2026.

Investment Objective

Investment Strategy

Investment Objective

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

Fund Highlights

RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF

WATCH VIDEO

Historical Premium
/ Discount Data

Number of Days At:	2024	2025 Q1	2025 Q2	2025 Q3
Premium	186	40	24	13
NAV	9	0	1	3
Discount	57	20	37	31

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 09.08.2025) Holdings are subject to change.

Ticker	Company Name	% of Net Assets	SEDOL	Quantity
	Cash	-10.2 %		-7732884.52
	BRAZILIAN REAL	0 %	BRL	0.03
	CZECH REPUBLIC KORUNA	0 %	CZK	631.27
	EURO	0 %	EUR	123.98
	HONG KONG DOLLAR	0 %	HKD	636.75
	HUNGARIAN FORINT	0 %	HUF	221932.11
	INDIA RUPEE	6.39 %	INR	427516700.96
	INDONESIA RUPIAH	0 %	IDR	19303740.00
	KOREAN WON	2.83 %	KRW	2980525008.00
	MALAYSIAN RINGGIT	0 %	MYR	0.52
	MEXICAN PESO	0 %	MXN	6930.42
	POLISH ZLOTY	0 %	PLN	75.40
	QATAR RIYAL SPOT	0 %	QAR	83.45
	SAUDI RIYAL	1.12 %	SAR	3186284.86
	SOUTH AFRICAN RAND	0 %	ZAR	29909.82
	TAIWAN DOLLAR	0 %	TWD	146.00
	THAILAND BAHT	0 %	THB	49946.67
	UAE DIRHAM	0 %	AED	3156.80
2345	ACCTON TECHNOLOGY CORP	2.42 %	6005214	55000.00
ANTM	ANEKA TAMBANG TBK	1.93 %	6053859	7100600.00
278470	APR CORP/KOREA	0.51 %	BNNJP32	2512.00
CENOMICE AB	ARABIAN CENTRES CO LTD	0.47 %	BKBF694	63721.00
ASELS	ASELSAN ELEKTRONIK SANAYI	0.2 %	B03MP41	36461.00
ASTERDM	ASTER DM HEALTHCARE LTD	1.18 %	BZ2YSF5	123588.00
2357	ASUSTEK COMPUTER INC	1.14 %	6051046	41000.00
BJHI	BAJAJ HOLDINGS A	0.71 %	6124142	3676.00
BBL	BANGKOK BANK PUB	0.94 %	6077008	151000.00
BSF	BANQUE SAUDI FRANSI	0.26 %	B12LZT1	45976.00
BBSE3	BB SEGURIDADE PA	0.41 %	B9N3SQ0	51900.00
BPCL	BHARAT PETROLEUM CORP LTD	0.32 %	6099723	68671.00
BHARTI	BHARTI AIRTEL LTD	0.71 %	6442327	25228.00
BHARTIHE IN	BHARTI HEXACOM LTD	0.3 %	BMDR2V6	11471.00
BOS	BOSCH LTD	0.48 %	B01NFV3	790.00
BRIT	BRITANNIA INDUSTRIES LTD	1.15 %	BGSQG47	12667.00
2801	CHANG HWA COMMERCIAL BANK	0.73 %	6187855	867000.00
CBC	CHINA BANKING CORP	0.83 %	B8B4VL4	568740.00
CRIN	COROMANDEL INTER	0.55 %	B0VDZN5	16401.00
CPFE3	CPFL ENERGIA SA	0.28 %	B031NN3	30200.00
BAP	CREDICORP LTD	0.66 %	G2519Y108	1922.00
DNP	DINO POLSKA SA	1.07 %	BD0YVN2	61750.00
DIXON	DIXON TECHNOLOGI	1.04 %	BNC5412	3886.00
DHBK	DOHA BANK QPSC	1.18 %	6273420	1316383.00
2884	E.SUN FINANCIAL	1.16 %	6433912	781000.00
EIM	EICHER MOTORS LTD	0.29 %	BMW4CV8	2985.00
2383	ELITE MATERIAL CO LTD	0.15 %	6316121	3000.00
EMAARDEV UH	EMAAR DEVELOPMENT PJSC	0.64 %	BDG1977	125231.00
DU	EMIRATES INTEGRA	1.41 %	B13TMN7	396731.00
EEC	ETIHAD ETISALAT CO	0.23 %	B12LR51	10714.00
2618	EVA AIRWAYS CORP	0.6 %	6186023	350000.00
FALAB	FALABELLA SA	0.42 %	2771672	53240.00
FMTY14	FIBRA MTY SAPI DE CV	0.8 %	BTFRPD6	845800.00
SIBN	GAZPROM NEFT PJSC	0 %	B59L417	111970.00
GVTD	GE VERNOVA T&D INDIA LTD	1.19 %	6139890	29045.00
GENTERA* MM	GENTERA SAB DE CV	0.77 %	BHWQZW1	239000.00
086790	HANA FINANCIAL GROUP	1.73 %	B0RNRF5	22489.00
HCLT	HCL TECHNOLOGIES LTD	1.12 %	6294896	52940.00
267250	HD HYUNDAI	0.63 %	BD4HFT1	4607.00
329180	HD HYUNDAI HEAVY INDUSTRI	0.81 %	BMDHSH4	1660.00
HDFCAMC	HDFC ASSET MANAG	0.55 %	BG0R3M5	6605.00
HPCL	HINDUSTAN PETROLEUM CORP	0.7 %	6100476	122079.00
POWERIND IN	HITACHI ENERGY INDIA LTD	0.45 %	BK709V6	1588.00
2317	HON HAI	1.96 %	6438564	222000.00
064350	HYUNDAI ROTEM COMPANY	0.47 %	BFPM3C8	2423.00
005387	Hyundai Motor Co	0.65 %	6148272	4023.00
005385	Hyundai Motor Co	0.46 %	6451022	2872.00
ICICIBC	ICICI BANK LTD	1.4 %	BSZ2BY7	66607.00
INDF	INDOFOOD SUKSES	0.36 %	6283979	600500.00
024110	INDUSTRIAL BANK OF KOREA	0.62 %	6462972	34568.00
INL	INVESTEC LTD	1.47 %	B17BBR6	151331.00
JARIR	JARIR MARKETING CO	0.35 %	B128FM5	76310.00
JKCE	JK CEMENT LTD	1.26 %	B0CJ800	12689.00
KVB	KARUR VYSYA BANK LTD	0.41 %	BZ7PLF4	134770.00
105560	KB FINANCIAL GROUP INC	0.57 %	B3DF0Y6	5493.00
000270	KIA CORP	0.83 %	6490928	8252.00
071050	KOREA INVESTMENT	0.63 %	6654586	5088.00
KTB/F	KRUNG THAI BNK-F	0.48 %	6492838	465500.00
032640	LG UPLUS CORP	0.39 %	6290902	28535.00
MTELEKOM HB	MAGYAR TELEKOM	1.84 %	4577469	245444.00
1477	MAKALOT INDUSTRIAL CO LTD	0.49 %	6580432	40440.00
MUTH	MUTHOOT FINANCE LTD	0.58 %	B40MFF3	13709.00
NPN	NASPERS LTD-N SHS	1.29 %	BN0VX82	3003.00
NACL	NATIONAL ALUMINIUM CO LTD	0.66 %	6139447	207495.00
NFIL	NAVIN FLUORINE I	1.98 %	BF1BKG2	28365.00
NLMK	NOVOLIPETSK STEEL PJSC	0 %	B59FPC7	98630.00
OPAP	OPAP SA	0.67 %	7107250	23139.00
OPTIMA	OPTIMA BANK SA	0.47 %	BL571C1	39491.00
OUT	OUTSURANCE GROUP LTD	0.65 %	BN6QSM0	119212.00
PAG	PAGE INDUSTRIES LTD	0.56 %	B1VJS64	843.00
PSYS	PERSISTENT SYSTEMS LTD	0.38 %	BLC87W9	4962.00
PETR3	PETROBRAS - PETROLEO BRAS	0.85 %	2682365	105900.00
PETD	PETRONAS DAGANGAN BHD	0.27 %	6695938	39600.00
PHOR	PHOSAGRO PJSC-GDR REG S	0 %	B62QPJ1	22934.00
PSSA3	PORTO SEGURO SA	0.33 %	B0498T7	26800.00
PETR4	Petroleo Brasileiro SA -	1.37 %	2684532	183100.00
RDCK	RADICO KHAITAN LTD	1.09 %	B0VY3T0	26100.00
2379	REALTEK SEMI	0.93 %	6051422	40000.00
RDOR3	REDE D'OR SAO LUIZ SA	0.24 %	BNDQ8P6	25000.00
REDI	REDINGTON LTD	0.88 %	B1R3S15	248488.00
RIBL	RIYAD BANK	0.55 %	B12LZW4	60078.00
RIYADHCA AB	RIYADH CABLES GROUP CO	0.68 %	BNBPXW7	15273.00
SALIK	SALIK CO PJSC	0.57 %	BJN5952	249273.00
005930	SAMSUNG ELECTRON	4.3 %	6771720	65193.00
SACCO	SAUDI CEMENT	0.3 %	B132HD1	22132.00
SIBC	SAUDI INVESTMENT BANK/THE	0.33 %	B12M7M1	71666.00
SCB	SCB X PCL	0.56 %	BPH0706	108900.00
CHMF	SEVERSTAL PJSC	0 %	B5B9C59	11625.00
055550	SHINHAN FINANCIA	0.25 %	6397502	4053.00
SRCM	SHREE CEMENT LTD	0.23 %	6100357	514.00
000660	SK HYNIX INC	2.08 %	6450267	8005.00
SBIN	STATE BANK OF INDIA	1.38 %	BSQCB24	114678.00
SUZB3	SUZANO SA	1.26 %	B02GKC7	99200.00
TPE	TAURON POLSKA ENERGIA SA	2.38 %	B5P7L41	697062.00
TBS	TIGER BRANDS LTD	0.44 %	B0J4PP2	19445.00
TTB	TMBTHANACHART BANK PCL	0.25 %	6887876	3186100.00
3044	TRIPOD TECHNOLOGY CORP	1.88 %	6305721	146000.00
FUNO11	TRUST FIBRA UNO	0.78 %	B671GT8	389200.00
2330	TSMC	16.35 %	6889106	321000.00
2404	UNITED INTEGRATE	1.88 %	6105136	42000.00
UPLL	UPL LTD	0.31 %	B0L0W35	29985.00
316140	WOORI FINANCIAL GROUP INC	2.11 %	BGHWH98	91476.00

Download Full Holdings

FINRA’s BrokerCheck

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.

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.

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 Emerging Market ex-China Equity ETF

Performance

Benchmark Information

Benchmark Disclosure

Performance Disclosure

Fund Documents

Key Facts

Investment Objective

Investment Strategy

Fund Highlights

RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF

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

Active Management Risk

Distributor

Historical Premium
/ Discount Data