Rayliant Quantamental China Equity ETF
ALTAR
Score™		 8.3% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 12.8x P/Sales
ratio		 1.6x
P/BV
ratio		 1.4x Div.
yield		 2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
Category Emerging Market Equities
Fund Sponsor Rayliant Investment Research
Website funds.rayliant.com
Inception date Dec 31, 2020
Assets (mns) $21
Currency USD
Expense ratio 80 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 78
Wgt avg mkt cap (mns) $74,652
Large cap (>$10bn) 76.8%
Mid cap ($2-10bn) 17.4%
Small cap (<$2bn) 5.9%
Developed mkts 7.8%
Emerging mkts 92.2%

TOP TEN HOLDINGS
CONTEMPORARY AMPEREX TECHNOLOGY CO 6.3 %
PING AN INSURANCE (GROUP) COMPANY 5.5 %
KWEICHOW MOUTAI CO LTD-A 5.5 %
MIDEA GROUP CO. LTD. CLASS A 4.0 %
CHINA MERCHANTS BANK -A 2.9 %
EOPTOLINK TECHNOLOGY INC., LTD. CL 2.9 %
NEW CHINA LIFE INSURANCE C-A 2.9 %
FOXCONN INDUSTRIAL INTERNET CO., L 2.7 %
CHINA PACIFIC INSURANCE (GROUP) CO 2.5 %
CHINA LIFE INSURANCE CO. LTD. CLAS 2.5 %
Total 37.7 %

TOP COUNTRY EXPOSURE
CHINA 101.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
30.7% 30.4% -- -- -4.4%

Market Correlations
versus... Beta R-squared
S&P500 0.31 9%
MSCI EAFE 0.51 17%
MSCI Emg. Mkts. 0.73 39%

Technical Indicators
Recent close $18.10
30d moving avg. $18.05
Annualized volatility 22.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 10
Turnover 0.9%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $14,339

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 114 potential alternatives to the Rayliant Quantamental China Equity ETF ETF based on the alternatives' overlap in portfolio holdings with RAYC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: RAYC Expense: 80 bp ALTAR Score™: 8.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH RAYC
Ticker Fund
Name		 Overlap1
vs RAYC
(%)		 Expense
ratio
(bp)		 Savings
vs RAYC
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs RAYC
(%)
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 43.8 65 15 7.0 -1.3
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 42.8 55 25 7.2 -1.2
JCHI JPMorgan Active China ETF 20.2 65 15 14.3 +6.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 18.4 32 48 13.5 +5.2
KALL KraneShares MSCI All China Index ETF 18.1 49 31 12.7 +4.4
TCHI iShares MSCI China Multisector Tech ETF 13.2 59 21 16.9 +8.6
CNYA iShares MSCI China A ETF 11.5 60 20 7.1 -1.3
MCH Matthews China Active ETF 10.7 79 1 14.0 +5.7
KGRN KraneShares MSCI China Clean Technology Index ETF 9.1 79 1 0.4 -7.9
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 7.6 60 20 7.8 -0.5
EV Mast Global Battery Recycling & Production ETF 7.5 65 15 6.8 -1.6
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 7.4 72 8 -1.3 -9.6
OBOR KraneShares MSCI One Belt One Road Index ETF 6.4 79 1 7.8 -0.5
BATT Amplify Lithium & Battery Technology ETF 6.3 59 21 2.8 -5.6
CGRO CoreValues Alpha Greater China Growth ETF 5.9 75 5 3.6 -4.8
FLCH Franklin FTSE China ETF 5.5 19 61 15.4 +7.0
MINV Matthews Asia Innovators Active ETF 5.0 79 1 7.0 -1.3
JADE JPMorgan Active Developing Markets Equity ETF 4.8 65 15 7.6 -0.7
DRGN Themes China Generative Artificial Intelligence ETF 4.4 39 41 10.8 +2.5
CHIQ Global X MSCI China Consumer Discretionary ETF 4.3 65 15 14.4 +6.0
GSFP Goldman Sachs Future Planet Equity ETF 4.2 75 5 4.2 -4.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.1 32 48 8.4 +0.0
ECON Columbia Emerging Markets Consumer ETF 4.0 49 31 11.6 +3.3
LIT Global X Lithium & Battery Tech ETF 4.0 75 5 4.4 -3.9
TTAI FCF International Quality ETF 3.7 59 21 7.3 -1.0
AIS VistaShares Artificial Intelligence Supercycle ETF 3.6 75 5 2.6 -5.7
DEM WisdomTree Emerging Markets High Dividend Fund 3.5 63 17 12.7 +4.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.4 33 47 9.2 +0.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.3 50 30 10.2 +1.9
BLLD JPMorgan Sustainable Infrastructure ETF 3.2 49 31 6.0 -2.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.9 36 44 7.3 -1.1
TEMP JPMorgan Climate Change Solutions ETF 2.8 49 31 5.6 -2.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.7 45 35 9.5 +1.2
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.2 65 15 5.2 -3.2
KSTR KraneShares SSE STAR Market 50 Index ETF 2.2 89 -9 0.9 -7.4
FLAX Franklin FTSE Asia Ex Japan ETF 2.1 19 61 8.4 +0.0
KURE KraneShares MSCI All China Health Care Index ETF 1.9 65 15 2.9 -5.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.9 25 55 6.4 -1.9
GXC SPDR S & P China ETF 1.8 59 21 15.7 +7.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.7 15 65 7.4 -0.9
DEHP Dimensional Emerging Markets High Profitability ETF 1.7 41 39 6.3 -2.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.6 15 65 9.5 +1.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.6 11 69 9.2 +0.9
MCHI iShares MSCI China ETF 1.6 59 21 16.7 +8.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.6 36 44 9.0 +0.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.6 66 14 8.8 +0.5
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 1.5 46 34 9.4 +1.1
VWO Vanguard FTSE Emerging Markets ETF 1.4 7 73 10.1 +1.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.4 30 50 9.0 +0.7
MEM Matthews Emerging Markets Equity Active ETF 1.3 79 1 7.3 -1.1
EMC Global X Emerging Markets Great Consumer ETF 1.2 75 5 7.4 -0.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.2 44 36 10.4 +2.1
CQQQ Invesco China Technology ETF 1.1 70 10 15.5 +7.1
BKF iShares MSCI BIC ETF 1.0 69 11 12.9 +4.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 39 8.1 -0.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.0 59 21 8.5 +0.2
JHEM John Hancock Multifactor Emerging Markets ETF 1.0 49 31 9.3 +1.0
ETEC iShares Breakthrough Environmental Solutions ETF 0.9 47 33 3.6 -4.7
ICLN iShares Global Clean Energy ETF 0.9 41 39 3.2 -5.2
IGRO iShares International Dividend Growth ETF 0.9 15 65 7.0 -1.4
DFAE Dimensional Emerging Core Equity Market ETF 0.8 35 45 8.5 +0.2
GMF SPDR S&P Emerging Asia Pacific ETF 0.8 49 31 9.3 +1.0
AIVC Amplify Bloomberg AI Value Chain ETF 0.8 59 21 5.8 -2.5
BOTT Themes Robotics & Automation ETF 0.8 35 45 -1.3 -9.6
HUMN Roundhill Humanoid Robotics ETF 0.7 75 5 1.9 -6.5
AGMI Themes Silver Miners ETF 0.7 35 45 3.8 -4.5
ION ProShares S&P Global Core Battery Metals ETF 0.7 58 22 7.0 -1.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.7 38 42 8.5 +0.2
EEMA iShares MSCI Emerging Markets Asia ETF 0.6 49 31 9.0 +0.7
VYMI Vanguard International High Dividend Yield ETF 0.6 17 63 9.0 +0.7
CHAT Roundhill Generative AI & Technology ETF 0.6 75 5 7.8 -0.5
SPEM SPDR Portfolio Emerging Markets ETF 0.6 7 73 10.3 +2.0
DFEV Dimensional Emerging Markets Value ETF 0.5 43 37 11.8 +3.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.5 70 10 8.4 +0.0
EMXF iShares ESG Advanced MSCI EM ETF 0.5 16 64 7.9 -0.4
JSTC Adasina Social Justice All Cap Global ETF 0.5 89 -9 5.0 -3.3
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.5 45 35 1.4 -7.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.5 30 50 9.8 +1.4
VEGI iShares MSCI Agriculture Producers ETF 0.5 39 41 9.1 +0.8
PXH Invesco FTSE RAFI Emerging Markets ETF 0.5 49 31 14.7 +6.4
CGXU Capital Group International Focus Equity ETF 0.5 54 26 5.4 -2.9
ACWV iShares MSCI Global Min Vol Factor ETF 0.5 20 60 5.9 -2.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.5 41 39 7.1 -1.3
EEM iShares MSCI Emerging Markets ETF 0.5 69 11 9.4 +1.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.5 4 76 7.6 -0.7
LDEM iShares ESG MSCI EM Leaders ETF 0.5 17 63 13.8 +5.5
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.5 18 62 7.2 -1.1
ESGE iShares ESG Aware MSCI EM ETF 0.4 25 55 9.3 +0.9
VSGX Vanguard ESG International Stock ETF 0.4 10 70 7.4 -0.9
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.4 35 45 16.1 +7.8
VIGI Vanguard International Dividend Appreciation ETF 0.4 10 70 6.3 -2.0
VXUS Vanguard Total International Stock ETF 0.4 5 75 7.6 -0.8
ZSB USCF Sustainable Battery Metals Strategy Fund 0.4 61 19 5.4 -3.0
IEMG iShares Core MSCI Emerging Markets ETF 0.4 9 71 9.7 +1.4
IVRS iShares Future Metaverse Tech and Communications ETF 0.3 47 33 3.2 -5.1
EMGF iShares Emerging Markets Equity Factor ETF 0.3 25 55 10.7 +2.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 60 5.5 -2.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 50 7.4 -0.9
JIVE JPMorgan International Value ETF 0.2 55 25 10.7 +2.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 68 5.1 -3.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 46 7.3 -1.1
CNXT VanEck ChiNext ETF 0.2 65 15 3.8 -4.5
VT Vanguard Total World Stock ETF 0.2 6 74 5.7 -2.7
IGPT Invesco AI and Next Gen Software ETF 0.1 60 20 4.3 -4.0
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 73 7.5 -0.9
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 50 7.5 -0.9
ACWI iShares MSCI ACWI ETF 0.1 32 48 5.3 -3.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 72 7.1 -1.2
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 10.4 +2.1
SDG iShares MSCI Global Sustainable Development Goals ETF 0.0 49 31 4.9 -3.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 5.6 -2.8
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.0 12 68 8.2 -0.2
GLOF iShares Global Equity Factor ETF 0.0 20 60 6.6 -1.7
EWX SPDR S&P Emerging Markets Small Cap ETF 0.0 65 15 7.8 -0.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Rayliant Quantamental China Equity ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.6 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.44 CATEGORY
AVERAGE		 1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.