RAYE Rayliant Quantamental Emerging Market ex-China ETF

Performance

(as of 01/31/2025)

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
RAYE NAV (%)	-0.13%	-4.11%	7.44%	2.49%	–	-0.13%	1.79%
RAYE Market Price (%)	-0.55%	-4.24%	6.98%	1.91%	–	-0.55%	1.72%
MSCI Emerging Markets ex China Index (%)	2.14%	-2.30%	9.13%	-0.05%	–	2.14%	-0.13%

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
RAYE NAV (%)	-0.97%	-6.87%	6.87%	1.28%	–	6.87%	1.88%
RAYE Market Price (%)	-1.16%	-6.85%	7.24%	1.39%	–	7.24%	1.95%
MSCI Emerging Markets ex China Index (%)	-1.12%	-7.89%	4.20%	-4.09%	–	4.20%	-0.83%

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

$23.44 Net Asset Value

NAV Change

-$0.02

Price

$23.60

Price Change

+$0.03

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 12.31.2023)

RAYE Holdings (as of 06.30.2024)

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	0.2567%
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
Premium	186	24
NAV	9	0
Discount	57	9

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 02.21.2025) Holdings are subject to change.

Ticker	Company Name	% of Net Assets	SEDOL	Quantity
	Cash	1.28 %		796667.55
	BRAZILIAN REAL	0.01 %	BRL	43409.12
	CHILEAN PESO	-0.54 %	CLP	-313227020.00
	CZECH REPUBLIC KORUNA	0 %	CZK	185.06
	EURO	0 %	EUR	121.78
	HONG KONG DOLLAR	0 %	HKD	632.60
	HUNGARIAN FORINT	0 %	HUF	691.00
	INDIA RUPEE	0.01 %	INR	450122.42
	INDONESIA RUPIAH	0 %	IDR	19303740.00
	MALAYSIAN RINGGIT	0 %	MYR	0.54
	MEXICAN PESO	0 %	MXN	6930.40
	POLISH ZLOTY	0 %	PLN	75.40
	QATAR RIYAL SPOT	0 %	QAR	57.69
	SAUDI RIYAL	0 %	SAR	756.03
	SOUTH AFRICAN RAND	0 %	ZAR	11062.02
	TAIWAN DOLLAR	0 %	TWD	147.00
	THAILAND BAHT	0.01 %	THB	111356.64
	UAE DIRHAM	0 %	AED	655.33
360ONE	360 ONE WAM LTD	1.05 %	BQKRHR8	59133.00
ADNOCDRI UH	ADNOC DRILLING CO PJSC	0.73 %	BN12D39	295538.00
ADRO	ALAMTRI RESOURCES IND	0.34 %	B3BQFC4	1574800.00
AMBER	AMBER ENTERPRISE	0.58 %	BDDX4S2	5339.00
ACP	ASSECO POLAND SA	0.46 %	5978953	8421.00
AVI	AVI LTD	0.18 %	6040958	22814.00
BFT	BENEFIT SYSTEMS SA	0.68 %	B4XY9X2	556.00
BLSTR	BLUE STAR LTD	0.42 %	B1FDHG5	11741.00
138930	BNK FINANCIAL GROUP INC	2.1 %	B3S98W7	158786.00
BRFS3	BRF SA	0.36 %	2036995	68000.00
CCC	CCC SA	0.88 %	B04QR13	11085.00
CDR	CD PROJEKT SA	0.52 %	7302215	5738.00
CPF	CHAROEN POK FOOD	0.3 %	B4V9B00	287700.00
CBC	CHINA BANKING CORP	0.29 %	B8B4VL4	120670.00
CIPLA	CIPLA LTD	0.64 %	B011108	23264.00
CLGT	COLGATE PALMOLIVE (INDIA)	0.91 %	6139696	19685.00
CRIN	COROMANDEL INTER	0.57 %	B0VDZN5	17510.00
BAP	CREDICORP LTD	0.18 %	G2519Y108	601.00
2891	CTBC FINANCIAL	2.16 %	6527666	1095000.00
CMIG4	Cia Energetica de Minas G	0.83 %	B1YBRG0	262000.00
CPLE6	Cia Paranaense de Energia	0.43 %	2200154	150600.00
DIXON	DIXON TECHNOLOGI	1.2 %	BNC5412	4544.00
EMBR3	EMBRAER SA	1.55 %	B16FPG6	89200.00
DU	EMIRATES INTEGRA	1.38 %	B13TMN7	402328.00
COPEC	EMPRESAS COPEC SA	0.56 %	2196026	49470.00
EEC	ETIHAD ETISALAT CO	0.34 %	B12LR51	12482.00
EUROB	EUROBANK ERGASIA	1.53 %	BYZ43T4	362910.00
2618	EVA AIRWAYS CORP	0.59 %	6186023	280000.00
2603	EVERGREEN MARINE CORP LTD	1.23 %	6324500	117000.00
ANDINAB	Embotelladora Andina SA	0.31 %	2311454	57213.00
2881	FUBON FINANCIAL	2.45 %	6411673	542400.00
SIBN	GAZPROM NEFT PJSC	0 %	B59L417	111970.00
GVTD	GE VERNOVA T&D INDIA LTD	1.75 %	6139890	66150.00
GGBR4	GERDAU SA	0.97 %	2645517	207200.00
GNP	GLENMARK PHARMA	1.55 %	6698755	61997.00
HDFCAMC	HDFC ASSET MANAG	0.86 %	BG0R3M5	11983.00
HMCL	HERO MOTOCORP LTD	0.33 %	6327327	4495.00
2317	HON HAI	1.76 %	6438564	197000.00
ICICIGI	ICICI LOMBARD GE	0.83 %	BYXH7P9	25928.00
INDF	INDOFOOD SUKSES	0.52 %	6283979	664000.00
INFO	INFOSYS LTD	1.14 %	6205122	33495.00
IGIL	INTERNATIONAL GE	0.2 %	BTDQFW4	23644.00
ICT	INTL CONTAIN TER	0.19 %	6455819	19870.00
3293	INTL GAMES	0.54 %	6744807	12000.00
INL	INVESTEC LTD	1.64 %	B17BBR6	150418.00
175330	JB FINANCIAL GROUP CO LTD	0.98 %	BB96Z33	47097.00
JBSS3	JBS SA	0.84 %	B1V74X7	96200.00
KBANK	KASIKORNBANK PCL	0.61 %	6888783	78400.00
000270	KIA CORP	0.84 %	6490928	7948.00
015760	KOREA ELECTRIC POWER CORP	0.91 %	6495730	37163.00
071050	KOREA INVESTMENT	0.53 %	6654586	5800.00
KIMS	KRISHNA INSTITUT	0.57 %	BRQPHN9	56126.00
032640	LG UPLUS CORP	0.23 %	6290902	19124.00
LPC	LUPIN LTD	1.18 %	6143761	32158.00
1477	MAKALOT INDUSTRIAL CO LTD	0.44 %	6580432	24440.00
MCX	MCX INDIA LTD	0.54 %	B7L5LS7	5103.00
2454	MEDIATEK INC	0.29 %	6372480	4000.00
138040	MERITZ FINANCIAL	0.37 %	B4WRJD2	2704.00
MBT	METROPOLITAN BANK & TRUST	0.36 %	6514442	178750.00
006800	MIRAE ASSET SECURITIES CO	0.32 %	6249658	31993.00
3706	MITAC HOLDINGS CORP	0.67 %	BDRZRW9	190000.00
MPHL	MPHASIS LTD	0.63 %	6151593	12927.00
NPN	NASPERS LTD-N SHS	1.3 %	BN0VX82	3050.00
005940	NH INVESTMENT &	0.36 %	6537085	21392.00
NLMK	NOVOLIPETSK STEEL PJSC	0 %	B59FPC7	98630.00
OPAP	OPAP SA	0.71 %	7107250	24221.00
OUT	OUTSURANCE GROUP LTD	0.51 %	BN6QSM0	87093.00
PAG	PAGE INDUSTRIES LTD	0.62 %	B1VJS64	812.00
PSYS	PERSISTENT SYSTEMS LTD	0.43 %	BLC87W9	3907.00
PETR3	PETROBRAS - PETROLEO BRAS	1.21 %	2682365	101100.00
PETD	PETRONAS DAGANGAN BHD	0.28 %	6695938	40400.00
PHOR	PHOSAGRO PJSC-GDR REG S	0 %	B62QPJ1	22934.00
9904	POU CHEN	0.41 %	6696157	220000.00
FIBRAPL	PROLOGIS MEXICO	0.29 %	BN56JP1	56700.00
RDF	REDEFINE PROPERTIES LTD	0.42 %	BMP3858	1091693.00
RHBBANK	RHB BANK BHD	0.5 %	6244675	208600.00
RIYADHCA AB	RIYADH CABLES GROUP CO	0.31 %	BNBPXW7	4817.00
SALIK	SALIK CO PJSC	1.53 %	BJN5952	633336.00
005930	SAMSUNG ELECTRON	4 %	6771720	61219.00
016360	SAMSUNG SECURITIES CO LTD	2.12 %	6408448	38973.00
STBP3	SANTOS BRP-ORD	0.39 %	2835545	104700.00
SACCO	SAUDI CEMENT	0.27 %	B132HD1	14726.00
SAUDIRE	SAUDI RE FOR COO	1.74 %	B39J2Q8	78269.00
STC	SAUDI TELECOM CO	0.39 %	B12M7Q5	20452.00
CHMF	SEVERSTAL PJSC	0 %	B5B9C59	11625.00
000660	SK HYNIX INC	1.92 %	6450267	8087.00
SUNP	SUN PHARMACEUTICAL INDUS	0.62 %	6582483	19991.00
TCS	TATA CONSULTANCY SVCS LTD	2.57 %	B01NPJ1	36619.00
TAVHL	TAV	0.54 %	B1RMFT9	49254.00
TECHM	TECH MAHINDRA LTD	2.04 %	BWFGD63	66311.00
TRP	TORRENT PHARMA	0.16 %	B0XPSB8	2784.00
TRENT	TRENT LTD	0.93 %	BDDRN32	9765.00
3044	TRIPOD TECHNOLOGY CORP	0.34 %	6305721	35000.00
TRUE	TRUE CORP PCL/NEW	0.78 %	BQMRPZ0	1274400.00
2330	TSMC	16.07 %	6889106	303000.00
EXTRA	UNITED ELECTRONICS CO	1.84 %	B4P2SD7	44415.00
2404	UNITED INTEGRATE	0.9 %	6105136	41000.00
UNTR	UNITED TRACTORS TBK PT	0.57 %	6230845	232200.00
VBBR3	VIBRA ENERGIA SA	0.34 %	BPBLV81	69100.00
VISTAA	VISTA ENERGY SAB DE CV	0.24 %	BYXGC17	2700.00
VOLT	VOLTAS LTD	0.57 %	B1FCQX2	23952.00
2615	WAN HAI LINES LTD	0.2 %	6932334	49000.00
316140	WOORI FINANCIAL GROUP INC	1.68 %	BGHWH98	86598.00
2609	YANG MING MARINE	0.75 %	6987583	212000.00

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