RAYE Rayliant Quantamental Emerging Market ex-China ETF

Performance

(as of 10/31/2024)

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
NAV (%)	-3.00%	-0.20%	30.21%	–	–	11.31%	3.44%
Market Price (%)	-3.26%	-0.85%	30.30%	–	–	11.37%	3.41%
MSCI Emerging Markets ex China Index (%)	-3.71%	-0.64%	27.97%	–	–	8.93%	0.67%

	1-MO	3-MO	1Y	3Y	5Y	YTD	Since Inception (12.15.2021)
NAV (%)	0.57%	2.97%	26.44%	–	–	14.75%	4.68%
Market Price (%)	0.38%	3.20%	27.16%	–	–	15.12%	4.75%
MSCI Emerging Markets ex China Index (%)	1.30%	4.11%	26.99%	–	–	13.13%	2.06%

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

$25.13 Net Asset Value

NAV Change

+$0.19

Price

$25.13

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)

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	0.3462%
Gross Expense Ratio*	1.86%

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 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:	2023	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Premium	103	51	52	44	20
NAV	6	0	2	2	1
Discount	141	10	9	18	15

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 11.19.2024) Holdings are subject to change.

Ticker	Company Name	% of Net Assets	SEDOL	Quantity
	Cash	-11.41 %		-6166020.35
	BRAZILIAN REAL	-0.81 %	BRL	-2526653.99
	CHILEAN PESO	0.2 %	CLP	104087794.00
	CZECH REPUBLIC KORUNA	0 %	CZK	185.06
	EURO	0 %	EUR	119.99
	HONG KONG DOLLAR	0 %	HKD	628.15
	HUNGARIAN FORINT	0 %	HUF	691.04
	INDIA RUPEE	6.94 %	INR	316455243.57
	INDONESIA RUPIAH	0 %	IDR	19303740.00
	KOREAN WON	3.79 %	KRW	2850317296.00
	MALAYSIAN RINGGIT	0 %	MYR	0.54
	MEXICAN PESO	0 %	MXN	6930.40
	POLISH ZLOTY	0 %	PLN	75.01
	QATAR RIYAL SPOT	0 %	QAR	1.53
	SAUDI RIYAL	0.9 %	SAR	1820080.64
	SOUTH AFRICAN RAND	0 %	ZAR	10690.64
	TAIWAN DOLLAR	0 %	TWD	124.00
	THAILAND BAHT	0 %	THB	65691.32
	UAE DIRHAM	0 %	AED	655.33
360ONE	360 ONE WAM LTD	0.37 %	BQKRHR8	15889.00
ABB	ABB INDIA LTD	0.16 %	B1Y9QS9	1064.00
ADIB	ABU DHABI ISLAMIC BANK	0.62 %	6001728	96331.00
ADRO	ADARO ENERGY IND	0.56 %	B3BQFC4	1279600.00
ADNOCLS	ADNOC LOGISTICS	1.37 %	BRBN103	508905.00
ADVANC	ADVANCED INFO SERVICE PCL	0.62 %	6412568	40600.00
AJP	AJANTA PHARMA LTD	0.39 %	BWFGD74	5993.00
ARCCI	AL RAJHI TAKAFUL	0.31 %	B3P6M52	3529.00
AMBER	AMBER ENTERPRISE	0.61 %	BDDX4S2	4506.00
AMM	AMMB HOLDINGS BHD	0.55 %	6047023	256200.00
090430	AMOREPACIFIC CORP	0.37 %	B15SK50	2498.00
AEFES	ANADOLU EFES BIRACILIK VE	0.22 %	B03MNV4	19794.00
ASTRA	ASTRA INDUSTRIAL GROUP	0.6 %	B3CQKT5	7177.00
2357	ASUSTEK COMPUTER INC	1.49 %	6051046	42000.00
AVI	AVI LTD	0.64 %	6040958	56583.00
BJAUT	BAJAJ AUTO LTD	1.08 %	B2QKXW0	5167.00
BJHI	BAJAJ HOLDINGS A	0.43 %	6124142	1840.00
BBDC3	BANCO BRADESCO S.A.	0.18 %	B00FM86	46300.00
BRES	BARWA REAL ESTATE CO	0.21 %	B0YTG26	144246.00
BFT	BENEFIT SYSTEMS SA	0.17 %	B4XY9X2	149.00
BHARTI	BHARTI AIRTEL LTD	0.82 %	6442327	24414.00
BLSTR	BLUE STAR LTD	0.41 %	B1FDHG5	10334.00
BRFS3	BRF SA	0.42 %	2036995	53800.00
BH	BUMRUNGRAD HOSPITAL PCL	0.28 %	B0166D1	24900.00
CCC	CCC SA	0.46 %	B04QR13	5087.00
CDSL	CENTRAL DEPOSITO	0.34 %	BF47216	10238.00
CPF	CHAROEN POK FOOD	0.54 %	B4V9B00	415400.00
2385	CHICONY ELEC	1.1 %	6140579	128000.00
CHOLAHLD IN	CHOLAMANDALAM FI	0.36 %	BF93XC7	10594.00
CCOLA	COCA-COLA ICECEK AS	0.25 %	B058ZV4	96442.00
CLGT	COLGATE PALMOLIVE (INDIA)	0.86 %	6139696	14374.00
2324	COMPAL ELECTRONICS	0.72 %	6225744	339000.00
FRAGUAB	CORPORATIVO FRAG	0.17 %	2112107	2255.00
2891	CTBC FINANCIAL	0.2 %	6527666	94000.00
CMIG4	Cia Energetica de Minas G	0.4 %	B1YBRG0	104800.00
CPLE6	Cia Paranaense de Energia	0.37 %	2200154	119300.00
005830	DB INSURANCE CO LTD	0.27 %	6155937	1906.00
DIXON	DIXON TECHNOLOGI	0.83 %	BNC5412	2560.00
EAST	EASTERN CO SAE	0.14 %	6298177	139872.00
2458	ELAN	0.34 %	6241513	40000.00
EIC	ELECTRICAL INDUSTRIES CO	0.5 %	BSMSY94	124797.00
ELM	ELM CO	0.45 %	BNYDSH8	813.00
DU	EMIRATES INTEGRA	0.56 %	B13TMN7	146828.00
2618	EVA AIRWAYS CORP	0.66 %	6186023	279000.00
2603	EVERGREEN MARINE CORP LTD	1.02 %	6324500	76000.00
1519	FORTUNE ELECTRIC CO LTD	0.29 %	6347604	8800.00
2881	FUBON FINANCIAL	0.26 %	6411673	50400.00
SIBN	GAZPROM NEFT PJSC	0 %	B59L417	111970.00
GVTD	GE VERNOVA T&D INDIA LTD	0.86 %	6139890	20670.00
GLXO	GLAXOSMITHKLINE	0.44 %	6117982	8201.00
GNP	GLENMARK PHARMA	0.17 %	6698755	5337.00
2504	GOLDSUN BUILDING	1.21 %	6375564	381000.00
GESCO	GREAT EASTERN SHIPPING CO	0.4 %	B1GKL41	17099.00
078930	GS HOLDINGS	0.19 %	B01RJV3	3507.00
086790	HANA FINANCIAL GROUP	0.86 %	B0RNRF5	10818.00
161390	HANKOOK TIRE & T	0.56 %	B7T5KQ0	10983.00
HCLT	HCL TECHNOLOGIES LTD	0.44 %	6294896	10987.00
267250	HD HYUNDAI	0.51 %	BD4HFT1	5000.00
267260	HD HYUNDAI ELECTRIC CO	0.95 %	BD4HFR9	1939.00
009540	HD KOREA SHIPBUI	0.37 %	6446620	1393.00
HDFCAMC	HDFC ASSET MANAG	0.69 %	BG0R3M5	7496.00
HMCL	HERO MOTOCORP LTD	1 %	6327327	9582.00
HSCH	HIMADRI SPECIALI	0.16 %	B032MC8	15016.00
HNAL	HINDUSTAN AERONAUTICS LTD	0.6 %	BR56KD4	6719.00
2317	HON HAI	1.83 %	6438564	157000.00
005387	Hyundai Motor Co	0.58 %	6148272	2693.00
005385	Hyundai Motor Co	0.49 %	6451022	2334.00
ICICIBC	ICICI BANK LTD	1.12 %	BSZ2BY7	40715.00
ICICIGI	ICICI LOMBARD GE	0.8 %	BYXH7P9	19817.00
INDIGO	INTERGLOBE AVIATION LTD	0.18 %	BYYZ7D0	2040.00
ICT	INTL CONTAIN TER	0.2 %	6455819	16330.00
INL	INVESTEC LTD	1.59 %	B17BBR6	112261.00
ITUB4	ITAU UNIBANCO HOLDING SA	1.54 %	B037HR3	139000.00
ITSA4	Itausa SA	1.44 %	2458771	432430.00
175330	JB FINANCIAL GROUP CO LTD	0.5 %	BB96Z33	20912.00
JBSS3	JBS SA	1.02 %	B1V74X7	91300.00
KALYANKJ IN	KALYAN JEWELLERS	0.62 %	BMYLJB6	40010.00
105560	KB FINANCIAL GROUP INC	0.24 %	B3DF0Y6	1961.00
000270	KIA CORP	0.84 %	6490928	6624.00
039490	KIWOOM SECURITIES CO LTD	0.85 %	B00VS64	5087.00
071050	KOREA INVESTMENT	0.45 %	6654586	4602.00
259960	KRAFTON INC	1.24 %	BMBP900	3049.00
030200	KT CORP	0.24 %	6505316	4341.00
032640	LG UPLUS CORP	0.22 %	6290902	15975.00
LPC	LUPIN LTD	1.11 %	6143761	24729.00
1477	MAKALOT INDUSTRIAL CO LTD	0.5 %	6580432	27440.00
MER	MANILA ELECTRIC COMPANY	0.33 %	B247XZ6	22210.00
2454	MEDIATEK INC	0.81 %	6372480	11000.00
138040	MERITZ FINANCIAL	0.29 %	B4WRJD2	2095.00
MBT	METROPOLITAN BANK & TRUST	0.34 %	6514442	145390.00
MOL	MOL	0.43 %	BD5ZXH8	33597.00
MONET	MONETA MONEY BANK AS	0.23 %	BD3CQ16	24570.00
MRP	MR PRICE GROUP LTD	0.37 %	BYXW419	13422.00
NPN	NASPERS LTD-N SHS	1.05 %	BN0VX82	2490.00
ETE	NATIONAL BANK OF GREECE	0.17 %	BG087C6	12694.00
NCLE	NATIONAL CO FOR	0.42 %	BFMVZF5	4075.00
NRP	NEPI ROCKCASTLE N.V.	0.76 %	BLF9GQ6	53367.00
251270	NETMARBLE CORP	0.18 %	BF2S426	2785.00
NLL	NEULAND LABORATORIES LTD	0.61 %	6314727	1861.00
005940	NH INVESTMENT &	0.3 %	6537085	17168.00
8464	NIEN MADE	0.5 %	BSZLN15	21000.00
NLMK	NOVOLIPETSK STEEL PJSC	0 %	B59FPC7	98630.00
OINL	OIL INDIA LTD	0.51 %	B409HQ9	48036.00
OPAP	OPAP SA	0.6 %	7107250	20612.00
OFSS	ORACLE FINANCIAL SERVICES	0.6 %	6528443	2437.00
OSP	OSOTSPA PCL	0.18 %	BGR9QP8	160600.00
OUT	OUTSURANCE GROUP LTD	0.48 %	BN6QSM0	73009.00
PAG	PAGE INDUSTRIES LTD	0.35 %	B1VJS64	354.00
POLICYBZ IN	PB FINTECH LTD	0.52 %	BP4DVR3	13927.00
4938	PEGATRON CORP	1.26 %	B4PLX17	226000.00
PSYS	PERSISTENT SYSTEMS LTD	0.39 %	BLC87W9	3139.00
PHOR	PHOSAGRO PJSC-GDR REG S	0 %	B62QPJ1	22934.00
6239	POWERTECH TECHNOLOGY INC	0.37 %	6599676	52000.00
2912	PRESIDENT CHAIN	0.17 %	6704986	11000.00
PTTEP	PTT EXPL & PROD	0.23 %	B1359K1	34400.00
OR	PTT OIL & RETAIL	0.22 %	BN73M06	273300.00
PTT	PTT PCL	0.43 %	BD0BDH1	247700.00
TPEIR	Piraeus Financial	0.36 %	BNC0DB0	51407.00
RELIANCE IN	RELIANCE INDUSTRIES LTD	0.25 %	6099626	9176.00
SAL	SAL SAUDI LOGIST	0.18 %	BS82YJ0	1363.00
005930	SAMSUNG ELECTRON	3.99 %	6771720	53267.00
CHEMICAL AB	SAUDI CHEMICAL CO HOLDING	0.75 %	B132HG4	151449.00
CHMF	SEVERSTAL PJSC	0 %	B5B9C59	11625.00
2888	SHIN KONG FNCL	0.62 %	6452586	943000.00
000660	SK HYNIX INC	1.58 %	6450267	6977.00
017670	SK TELECOM	0.4 %	6224871	5437.00
SOIL	SOLAR INDUSTRIES	0.18 %	BYZ9NH7	837.00
SBLK	STAR BULK CARRIERS CORP	0.57 %	Y8162K204	15444.00
SUNP	SUN PHARMACEUTICAL INDUS	0.63 %	6582483	16047.00
TCS	TATA CONSULTANCY SVCS LTD	0.58 %	B01NPJ1	6537.00
TECHM	TECH MAHINDRA LTD	0.28 %	BWFGD63	7470.00
TOP	THAI OIL PCL	0.25 %	B0300P1	112400.00
TIMS3	TIM SA	0.26 %	BN71RB6	49200.00
5434	TOPCO SCIENTIFIC CO LTD	0.67 %	6254083	38000.00
TRP	TORRENT PHARMA	0.69 %	B0XPSB8	10140.00
TPW	TORRENT POWER LTD	0.19 %	B1JLL30	5417.00
TRENT	TRENT LTD	2.15 %	BDDRN32	15239.00
3044	TRIPOD TECHNOLOGY CORP	0.35 %	6305721	33000.00
2330	TSMC	15.74 %	6889106	265000.00
THYAO	TURK HAVA YOLLARI AO	0.18 %	B03MYK0	11746.00
GARAN	TURKIYE GARANTI BANKASI	0.78 %	B03MYP5	131719.00
UNTR	UNITED TRACTORS TBK PT	0.56 %	6230845	181500.00
UTIAM	UTI ASSET MANAGE	0.3 %	BLF7820	10801.00
VISTAA	VISTA ENERGY SAB DE CV	0.2 %	BYXGC17	2200.00
VOLT	VOLTAS LTD	0.19 %	B1FCQX2	5036.00
2615	WAN HAI LINES LTD	0.25 %	6932334	46000.00
WHIRL	WHIRLPOOL OF INDIA LTD	0.71 %	6291790	17665.00
316140	WOORI FINANCIAL GROUP INC	1.03 %	BGHWH98	47190.00
2609	YANG MING MARINE	0.6 %	6987583	141000.00
ZOMATO	ZOMATO LTD	0.85 %	BL6P210	142283.00

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.

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