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.
Fund Basics
| Fund sponsor | Rayliant Investment Research |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 31, 2020 |
| Assets (mns) | $99 |
| 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
| CHINA MERCHANTS BANK -A | 3.6 % |
| JIANGXI GANFENG LITHIUM CO., LTD. CLASS | 3.5 % |
| YONGXING SPECIAL MATERIALS TECHNOLOGY CO | 3.2 % |
| KWEICHOW MOUTAI CO LTD-A | 3.1 % |
| SICHUAN ROAD & BRIDGE CO., LTD. CLASS A | 3.1 % |
| TIANQI LITHIUM INDUSTRIES, INC. CLASS A | 3.0 % |
| TONGWEI CO. LTD. CLASS A | 3.0 % |
| NINGBO DEYE TECHNOLOGY CO., LTD. CLASS A | 2.9 % |
| INDUSTRIAL BANK CO LTD -A | 2.9 % |
| PING AN INSURANCE (GROUP) COMPANY OF CHI | 2.8 % |
Constituent Breakdown
| Number of holdings | 73 |
| Herfindahl-Hirschman Index | 185 |
| Wgt avg mkt cap (mns) | $9,860 |
| Large cap (>$10bn) | 35.8% |
| Mid cap ($2-10bn) | 34.0% |
| Small cap (<$2bn) | 6.7% |
| Developed mkts. | 4.5% |
| Emerging mkts. | 95.5% |
Country Exposure
 |
CHINA | 86.4 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 3.7% | -24.8% | -17.7% | -- | -- | -- | -14.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.24 | 3% |
| MSCI EAFE | 0.48 | 13% |
| MSCI Emg Mkts | 0.85 | 40% |
Liquidity Measures
| Avg. volume (000) | 47 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.22% |
| ADV of underlying (mns) | $3,813 |
Technical Indicators
| Recent close | $17.32 |
| 30d moving avg. | $17.79 |
| Annualized volatility | 25.5% |
| Relative strength (RSI) | 38 |
| Short interest (ETF) | 3.4% |
| 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 |
|---|---|---|---|---|
| AFTY | Pacer CSOP FTSE China A50 ETF | 20.6% | -10 bp | -0.6% |
| KBA | KraneShares Bosera MSCI China A Share ETF | 19.4% | -24 bp | -1.5% |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | 19.1% | -15 bp | -2.7% |
| KFYP | KraneShares CICC China Leaders 100 Index ETF | 16.5% | -12 bp | +5.1% |
| CNYA | iShares MSCI China A ETF | 16.2% | -20 bp | -2.7% |
| KALL | KraneShares MSCI All China Index ETF | 11.4% | -32 bp | +0.1% |
| KFVG | KraneShares CICC China 5G & Semiconductor Index ETF | 10.5% | -15 bp | -6.3% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 3/23/2023
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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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
RAYC
10.7%
Cat. Avg
8.4%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 10.7% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 186 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 8.4% and a standard deviation of
4.4%. RAYC's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places RAYC in the 70th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
RAYC
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| RAYC | 80.0 | 21.9 | 101.9 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .