Rayliant Quantamental China Equity ETF
ALTAR
Score™		 9.0% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 11.3x P/Sales
ratio		 1.4x
P/BV
ratio		 1.2x Div.
yield		 2.7%


  • 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) $18
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 92
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%

TOP TEN HOLDINGS
KWEICHOW MOUTAI CO LTD-A 5.5 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 5.0 %
PING AN INSURANCE (GROUP) COMPANY 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. CLAS 2.4 %
CHINA COSCO HOLDINGS-A 2.2 %
NEW CHINA LIFE INSURANCE C-A 2.2 %
CHINA PACIFIC INSURANCE (GROUP) CO 2.0 %
Total 34.6 %

TOP COUNTRY EXPOSURE
CHINA 88.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.1% 6.3% -- -- -11.9%

Market Correlations
versus... Beta R-squared
S&P500 0.25 3%
MSCI EAFE 0.45 10%
MSCI Emg. Mkts. 0.88 38%

Technical Indicators
Recent close $14.32
30d moving avg. $14.44
Annualized volatility 24.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.4%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $14,339

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 115 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™: 9.0%


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
(%)
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 38.5 55 25 8.1 -1.0
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 38.1 65 15 7.9 -1.2
CNYA iShares MSCI China A ETF 30.5 60 20 7.2 -1.8
JCHI JPMorgan Active China ETF 16.9 65 15 16.8 +7.8
KALL KraneShares MSCI All China Index ETF 15.8 49 31 15.3 +6.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 15.1 32 48 17.8 +8.7
TCHI iShares MSCI China Multisector Tech ETF 9.8 59 21 22.4 +13.3
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 9.0 72 8 -1.2 -10.2
EV Mast Global Battery Recycling & Production ETF 8.9 65 15 11.6 +2.6
MCH Matthews China Active ETF 8.7 79 1 15.3 +6.3
KGRN KraneShares MSCI China Clean Technology Index ETF 8.3 79 1 3.8 -5.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 8.0 60 20 8.0 -1.1
OBOR KraneShares MSCI One Belt One Road Index ETF 5.7 79 1 7.7 -1.3
IBAT iShares Energy Storage & Materials ETF 5.0 47 33 5.3 -3.8
BATT Amplify Lithium & Battery Technology ETF 5.0 59 21 3.8 -5.2
LIT Global X Lithium & Battery Tech ETF 4.9 75 5 5.9 -3.1
FLCH Franklin FTSE China ETF 4.8 19 61 17.2 +8.2
GSFP Goldman Sachs Future Planet Equity ETF 4.7 75 5 4.8 -4.2
CGRO CoreValues Alpha Greater China Growth ETF 4.7 75 5 4.0 -5.1
CHIQ Global X MSCI China Consumer Discretionary ETF 4.6 65 15 13.7 +4.7
MINV Matthews Asia Innovators Active ETF 4.3 79 1 7.7 -1.3
MCHI iShares MSCI China ETF 4.1 59 21 17.8 +8.8
TTAI FCF International Quality ETF 3.7 59 21 6.9 -2.1
ECON Columbia Emerging Markets Consumer ETF 3.6 49 31 12.9 +3.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.4 32 48 9.6 +0.6
DEM WisdomTree Emerging Markets High Dividend Fund 3.3 63 17 13.6 +4.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.7 33 47 10.6 +1.6
BLLD JPMorgan Sustainable Infrastructure ETF 2.7 49 31 4.8 -4.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.5 50 30 11.6 +2.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.5 36 44 8.1 -0.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 2.5 25 55 6.5 -2.6
TEMP JPMorgan Climate Change Solutions ETF 2.3 49 31 5.9 -3.2
BKF iShares MSCI BIC ETF 2.3 69 11 13.0 +4.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.2 45 35 11.0 +2.0
GXC SPDR S&P China ETF 2.1 59 21 16.7 +7.6
EMC Global X Emerging Markets Great Consumer ETF 2.1 75 5 8.5 -0.6
AIS VistaShares Artificial Intelligence Supercycle ETF 1.9 75 5 4.6 -4.4
DEHP Dimensional Emerging Markets High Profitability ETF 1.8 41 39 6.5 -2.5
FLAX Franklin FTSE Asia Ex Japan ETF 1.8 19 61 10.8 +1.8
KSTR KraneShares SSE STAR Market 50 Index ETF 1.8 89 -9 1.6 -7.5
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 1.8 65 15 4.4 -4.7
EEMA iShares MSCI Emerging Markets Asia ETF 1.6 49 31 10.7 +1.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.6 30 50 9.3 +0.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.5 70 10 9.8 +0.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.5 15 65 10.8 +1.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.4 15 65 8.6 -0.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.4 66 14 10.2 +1.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.4 36 44 11.2 +2.1
VWO Vanguard FTSE Emerging Markets ETF 1.4 8 72 10.9 +1.9
BKEM BNY Mellon Emerging Markets Equity ETF 1.4 11 69 11.8 +2.8
EEM iShares MSCI Emerging Markets ETF 1.3 69 11 10.7 +1.7
MEM Matthews Emerging Markets Equity Active ETF 1.3 79 1 8.5 -0.5
KURE KraneShares MSCI All China Health Care Index ETF 1.3 65 15 3.2 -5.9
EMXF iShares ESG Advanced MSCI EM ETF 1.2 16 64 8.4 -0.6
RAYS Global X Solar ETF 1.2 51 29 6.3 -2.8
PXH Invesco FTSE RAFI Emerging Markets ETF 1.1 49 31 16.7 +7.6
IEMG iShares Core MSCI Emerging Markets ETF 1.1 9 71 10.9 +1.9
ETEC iShares Breakthrough Environmental Solutions ETF 1.0 47 33 5.8 -3.3
EMGF iShares Emerging Markets Equity Factor ETF 1.0 25 55 12.4 +3.4
CQQQ Invesco China Technology ETF 1.0 70 10 18.3 +9.3
LDEM iShares ESG MSCI EM Leaders ETF 1.0 17 63 12.9 +3.8
IGRO iShares International Dividend Growth ETF 1.0 15 65 7.3 -1.8
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 1.0 46 34 10.4 +1.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.9 41 39 9.4 +0.3
GMF SPDR S&P Emerging Asia Pacific ETF 0.9 49 31 10.0 +1.0
ESGE iShares ESG Aware MSCI EM ETF 0.9 25 55 10.7 +1.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.9 59 21 13.7 +4.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.9 44 36 11.0 +2.0
DFAE Dimensional Emerging Core Equity Market ETF 0.8 35 45 10.2 +1.1
ICLN iShares Global Clean Energy ETF 0.8 41 39 6.4 -2.7
IWTR iShares MSCI Water Management Multisector ETF 0.8 47 33 6.5 -2.6
JHEM John Hancock Multifactor Emerging Markets ETF 0.8 49 31 10.5 +1.5
RING iShares MSCI Global Gold Miners ETF 0.8 39 41 5.8 -3.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.7 20 60 7.6 -1.5
XT iShares Exponential Technologies ETF 0.7 46 34 5.5 -3.5
SPEM SPDR Portfolio Emerging Markets ETF 0.7 7 73 10.9 +1.9
JSTC Adasina Social Justice All Cap Global ETF 0.7 89 -9 4.5 -4.6
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.6 38 42 9.9 +0.9
AGMI Themes Silver Miners ETF 0.6 35 45 3.1 -6.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.6 30 50 10.6 +1.5
VEGI iShares MSCI Agriculture Producers ETF 0.6 39 41 8.8 -0.3
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.6 45 35 0.0 -9.0
DFEV Dimensional Emerging Markets Value ETF 0.5 43 37 14.5 +5.4
ION ProShares S&P Global Core Battery Metals ETF 0.5 58 22 11.2 +2.2
VIGI Vanguard International Dividend Appreciation ETF 0.5 15 65 6.2 -2.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.5 35 45 21.6 +12.5
CGXU Capital Group International Focus Equity ETF 0.5 54 26 5.9 -3.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.5 34 46 8.1 -0.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 8 72 8.5 -0.6
VYMI Vanguard International High Dividend Yield ETF 0.4 22 58 10.0 +1.0
WNDY Global X Wind Energy ETF 0.4 50 30 3.2 -5.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 39 7.1 -1.9
ZSB USCF Sustainable Battery Metals Strategy Fund 0.4 61 19 17.4 +8.3
DMAT Global X Disruptive Materials ETF 0.4 59 21 9.2 +0.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 62 8.1 -0.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 60 6.3 -2.7
VXUS Vanguard Total International Stock ETF 0.4 7 73 8.3 -0.7
VSGX Vanguard ESG International Stock ETF 0.4 12 68 8.2 -0.9
IXUS iShares Core MSCI Total International Stock ETF 0.4 7 73 8.3 -0.7
ICOP iShares Copper and Metals Mining ETF 0.3 47 33 10.0 +0.9
GLOF iShares Global Equity Factor ETF 0.2 20 60 7.0 -2.1
IVRS iShares Future Metaverse Tech and Communications ETF 0.2 47 33 2.8 -6.2
CNXT VanEck ChiNext ETF 0.2 65 15 5.9 -3.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 50 8.6 -0.4
ACWI iShares MSCI ACWI ETF 0.2 32 48 6.1 -3.0
VT Vanguard Total World Stock ETF 0.2 7 73 6.4 -2.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 68 5.2 -3.9
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 50 8.2 -0.8
IGPT Invesco AI and Next Gen Software ETF 0.1 60 20 4.9 -4.1
FILL iShares MSCI Global Energy Producers ETF 0.1 39 41 11.4 +2.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.0 65 15 8.1 -1.0
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.0 12 68 7.7 -1.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 73 7.0 -2.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 6.0 -3.1
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 11.6 +2.5

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 11.7 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 9.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.41 CATEGORY
AVERAGE		 1.50
 
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.