RAYE Rayliant Quantamental Emerging Market ex-China ETF

Performance

(as of 05/31/2025)

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
RAYE NAV (%)	6.73%	9.05%	6.35%	6.61%	–	3.67%	2.72%
RAYE Market Price (%)	6.14%	9.07%	5.61%	6.90%	–	3.28%	2.67%
MSCI Emerging Markets ex China Index (%)	4.96%	9.15%	9.18%	5.22%	–	7.27%	1.31%

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
RAYE NAV (%)	-0.98%	-5.86%	-4.58%	2.25%	–	-5.86%	-0.11%
RAYE Market Price (%)	-0.36%	-5.64%	-5.13%	2.77%	–	-5.64%	0.02%
MSCI Emerging Markets ex China Index (%)	0.10%	-1.62%	-1.53%	0.45%	–	-1.62%	-1.26%

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

$25.65 Net Asset Value

NAV Change

+$0.09

Price

$25.42

Price Change

-$0.16

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

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	0.453%
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
Premium	186	40	22
NAV	9	0	1
Discount	57	20	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 06.17.2025) Holdings are subject to change.

Ticker	Company Name	% of Net Assets	SEDOL	Quantity
	Cash	-0.03 %		-20819.52
	BRAZILIAN REAL	0.02 %	BRL	87380.03
	CZECH REPUBLIC KORUNA	0 %	CZK	631.27
	EURO	0 %	EUR	123.84
	HONG KONG DOLLAR	0 %	HKD	636.31
	HUNGARIAN FORINT	0 %	HUF	221932.69
	INDIA RUPEE	0.01 %	INR	644317.20
	INDONESIA RUPIAH	0 %	IDR	19303740.00
	MALAYSIAN RINGGIT	0 %	MYR	0.52
	MEXICAN PESO	0 %	MXN	6930.40
	POLISH ZLOTY	0 %	PLN	75.40
	QATAR RIYAL SPOT	0 %	QAR	54.30
	SAUDI RIYAL	0 %	SAR	756.55
	SOUTH AFRICAN RAND	0 %	ZAR	28205.15
	TAIWAN DOLLAR	0 %	TWD	171.00
	THAILAND BAHT	0 %	THB	85269.41
	UAE DIRHAM	0 %	AED	3003.57
2345	ACCTON TECHNOLOGY CORP	1.48 %	6005214	41000.00
ALFAA	ALFA S.A.B.-A	0.4 %	2043423	386400.00
AMM	AMMB HOLDINGS BHD	0.31 %	6047023	184200.00
ANTM	ANEKA TAMBANG TBK	2.03 %	6053859	6704100.00
2357	ASUSTEK COMPUTER INC	1.72 %	6051046	51000.00
BAF	BAJAJ FINANCE LTD	0.97 %	BTFGH15	63930.00
BJHI	BAJAJ HOLDINGS A	0.81 %	6124142	3559.00
BBL	BANGKOK BANK PUB	1.69 %	6077008	279400.00
BBSE3	BB SEGURIDADE PA	0.92 %	B9N3SQ0	100300.00
BHARTI	BHARTI AIRTEL LTD	1.47 %	6442327	48226.00
BHARTIHE IN	BHARTI HEXACOM LTD	0.32 %	BMDR2V6	11234.00
BBDC4	Banco Bradesco SA	0.24 %	B00FM53	55900.00
CBC	CHINA BANKING CORP	0.88 %	B8B4VL4	523230.00
CIFC	CHOLAMANDALAM IN	0.21 %	BJ9K2H4	8019.00
CRIN	COROMANDEL INTER	1.97 %	B0VDZN5	51953.00
BAP	CREDICORP LTD	1.17 %	G2519Y108	3762.00
PLUS	DIGIPLUS INTERACTIVE CORP	0.6 %	6185600	373790.00
DIXON	DIXON TECHNOLOGI	1.06 %	BNC5412	4543.00
DHBK	DOHA BANK QPSC	1.17 %	6273420	1243417.00
EMAARDEV UH	EMAAR DEVELOPMENT PJSC	0.59 %	BDG1977	123310.00
EMAAR	EMAAR PROPERTIES PJSC	0.3 %	B01RM25	61171.00
DU	EMIRATES INTEGRA	1.34 %	B13TMN7	381782.00
2603	EVERGREEN MARINE CORP LTD	0.33 %	6324500	28000.00
ANDINAB	Embotelladora Andina SA	1.33 %	2311454	220509.00
FALAB	FALABELLA SA	0.41 %	2771672	55622.00
FMTY14	FIBRA MTY SAPI DE CV	0.49 %	BTFRPD6	504500.00
SIBN	GAZPROM NEFT PJSC	0 %	B59L417	111970.00
GENTERA* MM	GENTERA SAB DE CV	0.35 %	BHWQZW1	119300.00
GLXO	GLAXOSMITHKLINE	0.8 %	6117982	14994.00
GNP	GLENMARK PHARMA	0.44 %	6698755	16100.00
000880	HANWHA CORPORATION	0.6 %	6496755	5955.00
HCLT	HCL TECHNOLOGIES LTD	2 %	6294896	70495.00
267250	HD HYUNDAI	0.68 %	BD4HFT1	4953.00
329180	HD HYUNDAI HEAVY INDUSTRI	0.74 %	BMDHSH4	1620.00
009540	HD KOREA SHIPBUI	1.04 %	6446620	2731.00
HDFCB	HDFC BANK LIMITED	0.27 %	BK1N461	8359.00
HDFCLIFE IN	HDFC LIFE INSURA	0.46 %	BF0TRG6	35852.00
HEXT	HEXAWARE TECHNOLOGIES LTD	0.83 %	BQ98501	60494.00
HPCL	HINDUSTAN PETROLEUM CORP	0.87 %	6100476	134245.00
2317	HON HAI	1.56 %	6438564	209000.00
005387	Hyundai Motor Co	0.26 %	6148272	1594.00
ICICIBC	ICICI BANK LTD	1.12 %	BSZ2BY7	47867.00
ICICIGI	ICICI LOMBARD GE	0.91 %	BYXH7P9	28887.00
024110	INDUSTRIAL BANK OF KOREA	0.65 %	6462972	36262.00
INDIGO	INTERGLOBE AVIATION LTD	0.92 %	BYYZ7D0	10511.00
3293	INTL GAMES	0.56 %	6744807	13000.00
INL	INVESTEC LTD	0.63 %	B17BBR6	65440.00
ITUB4	Itau Unibanco Holding SA	0.21 %	B037HR3	22300.00
175330	JB FINANCIAL GROUP CO LTD	1.27 %	BB96Z33	55762.00
JBSS32	JBS NV	1.04 %	BSJQ811	53200.00
JKCE	JK CEMENT LTD	0.7 %	B0CJ800	7176.00
KBANK	KASIKORNBANK PCL	0.52 %	6888783	77300.00
000270	KIA CORP	0.82 %	6490928	7956.00
2059	KING SLIDE WORKS CO LTD	0.72 %	B01H720	7000.00
015760	KOREA ELECTRIC POWER CORP	1.01 %	6495730	34401.00
071050	KOREA INVESTMENT	0.7 %	6654586	5296.00
KMB	KOTAK MAHINDRA BANK LTD	0.38 %	6135661	10860.00
KIMS	KRISHNA INSTITUT	0.25 %	BRQPHN9	22925.00
032640	LG UPLUS CORP	0.37 %	6290902	27212.00
MTELEKOM HB	MAGYAR TELEKOM	1.19 %	4577469	163840.00
1477	MAKALOT INDUSTRIAL CO LTD	0.45 %	6580432	38440.00
MRCO	MARICO LTD	0.35 %	B1S34K5	31059.00
MOL	MOL	0.59 %	BD5ZXH8	49599.00
MTM	MOMENTUM GROUP LIMITED	1.31 %	BK9S758	482786.00
MUTH	MUTHOOT FINANCE LTD	0.63 %	B40MFF3	14498.00
NPN	NASPERS LTD-N SHS	1.25 %	BN0VX82	2975.00
NLMK	NOVOLIPETSK STEEL PJSC	0 %	B59FPC7	98630.00
OPAP	OPAP SA	0.72 %	7107250	23087.00
PKN	ORLEN SA	0.62 %	5810066	19751.00
OUT	OUTSURANCE GROUP LTD	0.51 %	BN6QSM0	82413.00
PAG	PAGE INDUSTRIES LTD	0.62 %	B1VJS64	826.00
PSYS	PERSISTENT SYSTEMS LTD	1.29 %	BLC87W9	12902.00
PETD	PETRONAS DAGANGAN BHD	0.28 %	6695938	39400.00
6446	PHARMAESSENTIA CORP	0.73 %	BJTCKZ4	29000.00
PHOR	PHOSAGRO PJSC-GDR REG S	0 %	B62QPJ1	22934.00
POLYCAB	POLYCAB INDIA LTD	0.2 %	BHKDY38	2040.00
2379	REALTEK SEMI	0.7 %	6051422	26000.00
RDOR3	REDE D'OR SAO LUIZ SA	0.25 %	BNDQ8P6	27700.00
REDI	REDINGTON LTD	1.19 %	B1R3S15	244503.00
RHBBANK	RHB BANK BHD	0.46 %	6244675	217800.00
RIBL	RIYAD BANK	1.78 %	B12LZW4	173952.00
RIYADHCA AB	RIYADH CABLES GROUP CO	0.83 %	BNBPXW7	16735.00
SALIK	SALIK CO PJSC	0.74 %	BJN5952	340929.00
005930	SAMSUNG ELECTRON	3.78 %	6771720	62464.00
SLM	SANLAM LTD	0.21 %	B0L6750	30932.00
SIBC	SAUDI INVESTMENT BANK/THE	0.38 %	B12M7M1	72014.00
SCB	SCB X PCL	0.57 %	BPH0706	111000.00
CHMF	SEVERSTAL PJSC	0 %	B5B9C59	11625.00
000660	SK HYNIX INC	2.11 %	6450267	8150.00
017670	SK TELECOM	0.4 %	6224871	7019.00
SOIL	SOLAR INDUSTRIES	0.73 %	BYZ9NH7	2602.00
SUZB3	SUZANO SA	1.26 %	B02GKC7	92500.00
TPE	TAURON POLSKA ENERGIA SA	2.2 %	B5P7L41	736044.00
TECHM	TECH MAHINDRA LTD	1.86 %	BWFGD63	65985.00
TTB	TMBTHANACHART BANK PCL	0.27 %	6887876	3126000.00
3044	TRIPOD TECHNOLOGY CORP	0.48 %	6305721	44000.00
2330	TSMC	15.87 %	6889106	316000.00
EXTRA	UNITED ELECTRONICS CO	0.32 %	B4P2SD7	9929.00
2404	UNITED INTEGRATE	2.07 %	6105136	75000.00
UPLL	UPL LTD	0.35 %	B0L0W35	32817.00
2615	WAN HAI LINES LTD	0.27 %	6932334	55000.00
WLCO	WELSPUN CORP LTD	0.59 %	B07PYG1	39163.00
316140	WOORI FINANCIAL GROUP INC	1.71 %	BGHWH98	78824.00

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