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
80 bp
EXPENSES
$32.0 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Rayliant Investment Research |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 31, 2020 |
| Assets (mns) | $32 |
| 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 | 5.4 % |
| PING AN INSURANCE (GROUP) COMPANY OF CHI | 4.2 % |
| SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS | 3.5 % |
| CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD | 3.0 % |
| MIDEA GROUP CO. LTD. CLASS A | 2.7 % |
| BYD CO LTD -A | 2.3 % |
| CHINA MERCHANTS BANK -A | 2.2 % |
| WEICHAI POWER CO LTD-A | 2.1 % |
| WULIANGYE YIBIN CO LTD-A | 2.0 % |
| CHINA STATE CONSTRUCTION -A | 1.9 % |
Constituent Breakdown
| Number of holdings | 153 |
| Herfindahl-Hirschman Index | 155 |
| Wgt avg mkt cap (mns) | $51,423 |
| Large cap (>$10bn) | 72.1% |
| Mid cap ($2-10bn) | 24.1% |
| Small cap (<$2bn) | 3.8% |
| Developed mkts. | 6.1% |
| Emerging mkts. | 93.9% |
Country Exposure
 |
CHINA | 97.2 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 3.3% | -9.6% | -20.5% | -19.8% | -- | -- | -18.1% | Volatility | 18.1% | 17.6% | 19.6% | 21.2% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.23 | 4% |
| MSCI EAFE | 0.43 | 12% |
| MSCI Emg Mkts | 0.74 | 36% |
Liquidity Measures
| Avg. volume (000) | 12 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.27% |
| ADV of underlying (mns) | $16,065 |
Technical Indicators
| Recent close | $13.06 |
| 30d moving avg. | $13.43 |
| Annualized volatility | 21.9% |
| Relative strength (RSI) | 48 |
| Short interest (ETF) | 1.4% |
| 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 |
|---|---|---|---|---|
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | 50.6% | -15 bp | +0.1% |
| KBA | KraneShares Bosera MSCI China A 50 Connect Index ETF | 43.4% | -25 bp | 0.0% |
| AFTY | Pacer CSOP FTSE China A50 ETF | 43.0% | -10 bp | +0.7% |
| CNYA | iShares MSCI China A ETF | 40.5% | -20 bp | +0.0% |
| KALL | KraneShares MSCI All China Index ETF | 24.5% | -31 bp | +0.8% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 17.6% | -48 bp | -2.1% |
| MCH | Matthews China Active ETF | 17.3% | -1 bp | -2.5% |
| JCHI | JPMorgan Active China ETF | 14.9% | -15 bp | -0.4% |
| TCHI | iShares MSCI China Multisector Tech ETF | 13.5% | -21 bp | -6.7% |
| KFVG | KraneShares CICC China 5G & Semiconductor Index ETF | 10.8% | -15 bp | -4.1% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 7/25/2024
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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
8.9%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.9% |
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 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. RAYC's ALTAR Score™ is approximately
0.4 standard deviations
above
the category average. This places RAYC in the 64th 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
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. | 63.4 | 34.5 | 98.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .