RAYE Rayliant Quantamental Emerging Market ex-China ETF

Performance

(as of 03/31/2025)

	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%

	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%	–
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

$21.88 Net Asset Value

NAV Change

+$0.31

Price

$21.79

Price Change

+$0.04

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	0.4695%
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	5
NAV	9	0	0
Discount	57	20	6

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 04.15.2025) Holdings are subject to change.

Ticker	Company Name	% of Net Assets	SEDOL	Quantity
	Cash	-1.68 %		-1027652.34
	BRAZILIAN REAL	0 %	BRL	0.03
	CZECH REPUBLIC KORUNA	0 %	CZK	185.06
	EURO	0 %	EUR	122.28
	HONG KONG DOLLAR	0 %	HKD	634.83
	HUNGARIAN FORINT	0 %	HUF	691.00
	INDIA RUPEE	0.41 %	INR	21762617.15
	INDONESIA RUPIAH	0 %	IDR	19303740.00
	KOREAN WON	0.13 %	KRW	109674740.40
	MALAYSIAN RINGGIT	0 %	MYR	0.52
	MEXICAN PESO	0 %	MXN	6930.40
	POLISH ZLOTY	0 %	PLN	75.40
	QATAR RIYAL SPOT	0 %	QAR	62.35
	SAUDI RIYAL	1.72 %	SAR	3945860.54
	SOUTH AFRICAN RAND	0 %	ZAR	11168.48
	TAIWAN DOLLAR	0 %	TWD	150.00
	THAILAND BAHT	0 %	THB	10731.70
	UAE DIRHAM	0 %	AED	3003.57
AAVAS	AAVAS FINANCIERS LTD	0.41 %	BD102C5	10634.00
2345	ACCTON TECHNOLOGY CORP	1.18 %	6005214	43000.00
ADNOCDRI UH	ADNOC DRILLING CO PJSC	0.64 %	BN12D39	290825.00
ADRO	ALAMTRI RESOURCES IND	0.32 %	B3BQFC4	1803600.00
ALFAA	ALFA S.A.B.-A	0.4 %	2043423	387700.00
AMM	AMMB HOLDINGS BHD	0.59 %	6047023	310000.00
BAF	BAJAJ FINANCE LTD	0.37 %	BD2N0P2	2113.00
BJHI	BAJAJ HOLDINGS A	0.44 %	6124142	1961.00
BBDC3	BANCO BRADESCO S.A.	0.54 %	B00FM86	171400.00
BBDC4	BANCO BRADESCO SA	1.97 %	B00FM53	557400.00
BBL	BANGKOK BANK PUB	1.93 %	6077008	284900.00
BRES	BARWA REAL ESTATE CO	0.25 %	B0YTG26	209728.00
BBSE3	BB SEGURIDADE PA	0.99 %	B9N3SQ0	87700.00
BHARTI	BHARTI AIRTEL LTD	1.46 %	6442327	42693.00
CCC	CCC SA	0.73 %	B04QR13	7196.00
CDR	CD PROJEKT SA	0.24 %	7302215	2543.00
CBC	CHINA BANKING CORP	1.37 %	B8B4VL4	523380.00
CIFC	CHOLAMANDALAM IN	0.24 %	BJ9K2H4	8010.00
CLGT	COLGATE PALMOLIVE (INDIA)	0.96 %	6139696	20035.00
CRIN	COROMANDEL INTER	1.98 %	B0VDZN5	47389.00
DNP	DINO POLSKA SA	0.59 %	BD0YVN2	2788.00
DIVI	DIVI'S LABORATORIES LTD	0.2 %	6602518	1843.00
DIXON	DIXON TECHNOLOGI	1.27 %	BNC5412	4483.00
DHBK	DOHA BANK QPSC	0.53 %	6273420	612110.00
EMAARDEV UH	EMAAR DEVELOPMENT PJSC	0.64 %	BDG1977	124047.00
HMN	EMAMI LTD	0.6 %	6741035	51694.00
DU	EMIRATES INTEGRA	1.43 %	B13TMN7	402690.00
EEC	ETIHAD ETISALAT CO	0.33 %	B12LR51	12407.00
2618	EVA AIRWAYS CORP	0.59 %	6186023	291000.00
2603	EVERGREEN MARINE CORP LTD	1.51 %	6324500	140000.00
ANDINAB	Embotelladora Andina SA	1.29 %	2311454	200115.00
FIBRAMQ	FIBRA MACQUARIE MEXICO	0.38 %	B80RZK1	150600.00
2881	FUBON FINANCIAL	2.5 %	6411673	602400.00
SIBN	GAZPROM NEFT PJSC	0 %	B59L417	111970.00
GVTD	GE VERNOVA T&D INDIA LTD	0.81 %	6139890	30713.00
GLXO	GLAXOSMITHKLINE	1.14 %	6117982	20761.00
GNP	GLENMARK PHARMA	1.62 %	6698755	61912.00
012450	HANWHA AEROSPACE CO LTD	0.44 %	6772671	503.00
267250	HD HYUNDAI	0.44 %	BD4HFT1	5393.00
329180	HD HYUNDAI HEAVY INDUSTRI	0.99 %	BMDHSH4	2435.00
009540	HD KOREA SHIPBUI	1.11 %	6446620	4267.00
HDFCAMC	HDFC ASSET MANAG	0.43 %	BG0R3M5	5435.00
HDFCB	HDFC BANK LIMITED	0.29 %	BK1N461	8212.00
2317	HON HAI	1.76 %	6438564	251000.00
ICICIGI	ICICI LOMBARD GE	0.95 %	BYXH7P9	27342.00
INDUSTOW IN	INDUS TOWERS LTD	1.01 %	B92P9G4	138850.00
INFO	INFOSYS LTD	1.42 %	6205122	52218.00
3481	INNOLUX CORP	0.8 %	B0CC0M5	1126000.00
3293	INTL GAMES	0.53 %	6744807	13000.00
INL	INVESTEC LTD	1.38 %	B17BBR6	142129.00
175330	JB FINANCIAL GROUP CO LTD	1.01 %	BB96Z33	51784.00
JBSS3	JBS SA	1.17 %	B1V74X7	97500.00
KBANK	KASIKORNBANK PCL	0.58 %	6888783	79500.00
000270	KIA CORP	0.78 %	6490928	7912.00
015760	KOREA ELECTRIC POWER CORP	0.69 %	6495730	24871.00
KTB	KRUNG THAI BANK	0.45 %	6492827	437900.00
LPC	LUPIN LTD	1.19 %	6143761	30943.00
MTELEKOM HB	MAGYAR TELEKOM	0.67 %	4577469	90235.00
1477	MAKALOT INDUSTRIAL CO LTD	0.46 %	6580432	32440.00
MRCO	MARICO LTD	0.15 %	B1S34K5	10816.00
138040	MERITZ FINANCIAL	0.37 %	B4WRJD2	2797.00
MTM	MOMENTUM GROUP LIMITED	0.61 %	BK9S758	237446.00
MPHL	MPHASIS LTD	0.55 %	6151593	12610.00
MUTH	MUTHOOT FINANCE LTD	0.59 %	B40MFF3	14978.00
NPN	NASPERS LTD-N SHS	1.18 %	BN0VX82	3045.00
005940	NH INVESTMENT &	0.33 %	6537085	22168.00
NLMK	NOVOLIPETSK STEEL PJSC	0 %	B59FPC7	98630.00
OPAP	OPAP SA	0.8 %	7107250	22770.00
271560	ORION CORP/REPUB	0.38 %	BDVLJ72	2834.00
PKN	ORLEN SA	0.84 %	5810066	30981.00
OUT	OUTSURANCE GROUP LTD	0.5 %	BN6QSM0	83411.00
PAG	PAGE INDUSTRIES LTD	0.71 %	B1VJS64	820.00
PSYS	PERSISTENT SYSTEMS LTD	1.15 %	BLC87W9	12826.00
214450	PHARMARESEARCH CO LTD	0.23 %	BYMXFQ5	554.00
PHOR	PHOSAGRO PJSC-GDR REG S	0 %	B62QPJ1	22934.00
RDF	REDEFINE PROPERTIES LTD	0.38 %	BMP3858	1046591.00
REDI	REDINGTON LTD	1.07 %	B1R3S15	250556.00
RHBBANK	RHB BANK BHD	0.55 %	6244675	222600.00
RIYADHCA AB	RIYADH CABLES GROUP CO	1.62 %	BNBPXW7	28613.00
SALIK	SALIK CO PJSC	0.77 %	BJN5952	340929.00
005930	SAMSUNG ELECTRON	4.13 %	6771720	63622.00
016360	SAMSUNG SECURITIES CO LTD	1.13 %	6408448	22037.00
SLM	SANLAM LTD	0.54 %	B0L6750	78691.00
STC	SAUDI TELECOM CO	0.3 %	B12M7Q5	14533.00
CHMF	SEVERSTAL PJSC	0 %	B5B9C59	11625.00
000660	SK HYNIX INC	1.86 %	6450267	8967.00
SUVENPHA IN	SUVEN PHARMACEUTICALS LTD	0.23 %	BKTQQK0	10396.00
3045	TAIWAN MOBILE CO LTD	1.06 %	6290496	184000.00
TCS	TATA CONSULTANCY SVCS LTD	0.29 %	B01NPJ1	4756.00
TPE	TAURON POLSKA ENERGIA SA	0.43 %	B5P7L41	213317.00
TECHM	TECH MAHINDRA LTD	1.64 %	BWFGD63	66136.00
TRENT	TRENT LTD	1.01 %	BDDRN32	10921.00
3044	TRIPOD TECHNOLOGY CORP	0.37 %	6305721	42000.00
2330	TSMC	14.59 %	6889106	331000.00
EXTRA	UNITED ELECTRONICS CO	1.89 %	B4P2SD7	45691.00
2404	UNITED INTEGRATE	1.97 %	6105136	87000.00
UNTR	UNITED TRACTORS TBK PT	0.57 %	6230845	255300.00
UPLL	UPL LTD	0.41 %	B0L0W35	32968.00
VAKBN	VAKIBANK	0.52 %	B0N6YC4	565357.00
VISTAA	VISTA ENERGY SAB DE CV	0.19 %	BYXGC17	2900.00
2615	WAN HAI LINES LTD	0.26 %	6932334	60000.00
316140	WOORI FINANCIAL GROUP INC	1.33 %	BGHWH98	70684.00
2609	YANG MING MARINE	0.95 %	6987583	257000.00

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