RAYC
Rayliant Quantamental China Equity ETF
RAYC is an actively managed portfolio of Chinese stocks selected and weighted based on a combination of quantitative and fundamental, quantamental, proprietary research.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
17.6 M
ASSETS UNDER MGMT
80 bp
EXPENSES
Fund Basics
| Fund sponsor | Rayliant Investment Research |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 31, 2020 |
| Assets (mns) | $18 |
| Expense ratio | 80 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| KWEICHOW MOUTAI CO LTD-A | 5.5 % |
| CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD | 5.0 % |
| PING AN INSURANCE (GROUP) COMPANY OF CHI | 4.8 % |
| BYD CO LTD -A | 3.9 % |
| MIDEA GROUP CO. LTD. CLASS A | 3.6 % |
| CHINA MERCHANTS BANK -A | 2.9 % |
| CHINA LIFE INSURANCE CO. LTD. CLASS A | 2.4 % |
| CHINA COSCO HOLDINGS-A | 2.2 % |
| NEW CHINA LIFE INSURANCE C-A | 2.2 % |
| CHINA PACIFIC INSURANCE (GROUP) CO., LTD | 2.0 % |
Constituent Breakdown
| Number of holdings | 92 |
| Herfindahl-Hirschman Index | 204 |
| Wgt avg mkt cap (mns) | $62,488 |
| Large cap (>$10bn) | 76.8% |
| Mid cap ($2-10bn) | 17.4% |
| Small cap (<$2bn) | 5.9% |
| Developed mkts. | 7.8% |
| Emerging mkts. | 92.2% |
Country Exposure
 |
CHINA | 88.9 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -0.1% | 6.3% | -10.8% | -16.2% | -- | -- | -- | -13.4% |
| Dividend Yield | 2.3% | 0.9% | 3.7% | 3.9% | -- | -- | -- | 0.1% |
| Total Returns | 2.2% | 7.2% | -7.2% | -12.3% | -- | -- | -- | -13.3% | Ann. Volatility | 18.3% | 32.1% | 25.9% | 26.1% | -- | -- | -- | 24.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.23 | 3% |
| MSCI EAFE | 0.45 | 10% |
| MSCI Emg Mkts | 0.87 | 38% |
Liquidity Measures
| Avg. volume (000) | 4 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.27% |
| ADV of underlying (mns) | $14,339 |
Technical Indicators
| Recent close | $13.99 |
| 30d moving avg. | $14.11 |
| Annualized volatility | 24.5% |
| Relative strength (RSI) | 45 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. RAYC |
Expenses vs. RAYC |
ALTAR Score™ vs. RAYC |
|---|---|---|---|---|
| KBA | KraneShares Bosera MSCI China A 50 Connect Index ETF | 38.5% | -25 bp | -0.9% |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | 38.1% | -15 bp | -1.0% |
| JCHI | JPMorgan Active China ETF | 16.9% | -15 bp | +7.3% |
| KALL | KraneShares MSCI All China Index ETF | 15.8% | -31 bp | +5.7% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 15.1% | -48 bp | +9.4% |
| CNYA | iShares MSCI China A ETF | 13.2% | -20 bp | -1.9% |
Risk and Returns: RAYC vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/25/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
RAYC
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
RAYC
9.1%
Cat. Avg
10.2%
ALTAR Score™ Calculation
Category Overview
There are 153 funds in the Emerging Equity category, with an average ALTAR Score™
of 10.2% and a standard deviation of
3.9%. RAYC's ALTAR Score™ is approximately
0.3 standard deviations
below
the category average. This places RAYC in the 39th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
RAYCSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| RAYC (80 bp) Percentile rank | 82 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| RAYC | 80.0 | 27.1 | 107.1 |
| Peer Avg. | 59.1 | 23.3 | 82.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .