Rayliant Quantamental China Equity ETF
ALTAR
Score™		 8.7% info Recommen-
dation		 OVERWEIGHT
2024E    2025E
P/E
ratio		 10.3x P/Sales
ratio		 0.8x
P/BV
ratio		 1.5x Div.
yield		 3.1%


  • 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) $37
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 125
Wgt avg mkt cap (mns) $56,318
Large cap (>$10bn) 76.2%
Mid cap ($2-10bn) 20.5%
Small cap (<$2bn) 3.3%
Developed mkts 5.1%
Emerging mkts 94.9%

TOP TEN HOLDINGS
KWEICHOW MOUTAI CO LTD-A 5.5 %
PING AN INSURANCE (GROUP) COMPANY 4.3 %
CHINA MERCHANTS BANK -A 3.2 %
SHENZHEN MINDRAY BIO-MEDICAL ELECT 2.7 %
SHENZHEN TRANSSION HOLDING CO., LT 2.6 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 2.2 %
WEICHAI POWER CO LTD-A 2.2 %
LUZHOU LAOJIAO CO LTD-A 1.9 %
BEIJING ROBOROCK TECHNOLOGY CO. LT 1.9 %
SUNGROW POWER SUPPLY CO., LTD. CLA 1.9 %
Total 28.4 %

TOP COUNTRY EXPOSURE
CHINA 97.2 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
3.7% -19.6% -- -- -19.4%

Market Correlations
versus... Beta R-squared
S&P500 0.28 5%
MSCI EAFE 0.50 15%
MSCI Emg. Mkts. 0.76 37%

Technical Indicators
Recent close $13.63
30d moving avg. $13.55
Annualized volatility 22.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 39

Liquidity measures
Avg. volume (thou.) 16
Turnover 0.6%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $15,417

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™: 8.7%


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 52.5 65 15 8.9 +0.2
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 42.0 55 25 8.5 -0.2
AFTY Pacer CSOP FTSE China A50 ETF 41.3 70 10 9.3 +0.6
CNYA iShares MSCI China A ETF 38.6 60 20 8.7 -0.1
KALL KraneShares MSCI All China Index ETF 24.7 49 31 9.5 +0.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 17.8 32 48 5.8 -3.0
JCHI JPMorgan Active China ETF 16.8 65 15 8.1 -0.6
KBUY KraneShares CICC China Consumer Leaders Index ETF 15.7 69 11 0.0 -8.7
MCH Matthews China Active ETF 13.8 79 1 6.2 -2.6
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 12.9 60 20 10.0 +1.3
TCHI iShares MSCI China Multisector Tech ETF 11.8 59 21 3.1 -5.6
KFVG KraneShares CICC China 5G & Semiconductor Index ETF 10.6 65 15 5.1 -3.7
CGRO CoreValues Alpha Greater China Growth ETF 8.6 75 5 2.6 -6.1
FLCH Franklin FTSE China ETF 8.5 19 61 9.8 +1.0
OBOR KraneShares MSCI One Belt One Road Index ETF 8.4 79 1 10.4 +1.6
MCHI iShares MSCI China ETF 7.3 59 21 9.1 +0.4
KSTR KraneShares SSE STAR Market 50 Index ETF 6.3 89 -9 2.7 -6.1
MEM Matthews Emerging Markets Equity Active ETF 6.3 79 1 5.8 -3.0
KGRN KraneShares MSCI China Clean Technology Index ETF 6.0 79 1 6.6 -2.2
TTAI FCF International Quality ETF 6.0 59 21 7.3 -1.4
KURE KraneShares MSCI All China Health Care Index ETF 5.9 65 15 3.6 -5.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 5.3 33 47 7.2 -1.5
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 4.9 72 8 2.2 -6.6
EV Mast Global Battery Recycling & Production ETF 4.9 65 15 12.8 +4.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 4.2 45 35 8.6 -0.1
GXC SPDR S&P China ETF 4.1 59 21 9.2 +0.4
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 3.9 45 35 6.3 -2.5
CHIQ Global X MSCI China Consumer Discretionary ETF 3.9 65 15 5.4 -3.3
BKF iShares MSCI BIC ETF 3.8 69 11 7.2 -1.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.6 32 48 6.3 -2.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.6 44 36 10.3 +1.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 3.4 25 55 7.0 -1.7
ESGE iShares ESG Aware MSCI EM ETF 3.0 25 55 7.7 -1.0
ICLN iShares Global Clean Energy ETF 3.0 41 39 4.2 -4.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.9 36 44 6.8 -1.9
CQQQ Invesco China Technology ETF 2.9 70 10 -5.8 -14.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.9 50 30 10.6 +1.9
LUX Tema Luxury ETF 2.9 75 5 3.3 -5.5
RAYS Global X Solar ETF 2.8 51 29 4.6 -4.1
LIT Global X Lithium & Battery Tech ETF 2.7 75 5 10.2 +1.4
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.7 65 15 6.4 -2.4
FLAX Franklin FTSE Asia Ex Japan ETF 2.6 19 61 7.2 -1.5
BATT Amplify Lithium & Battery Technology ETF 2.5 59 21 2.9 -5.8
EEMA iShares MSCI Emerging Markets Asia ETF 2.4 49 31 6.7 -2.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 2.3 70 10 6.4 -2.4
GSFP Goldman Sachs Future Planet Equity ETF 2.2 75 5 4.6 -4.2
DEHP Dimensional Emerging Markets High Profitability ETF 2.2 41 39 7.3 -1.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 2.1 30 50 8.6 -0.2
VWO Vanguard FTSE Emerging Markets ETF 2.1 8 72 7.6 -1.1
EEM iShares MSCI Emerging Markets ETF 1.9 69 11 7.0 -1.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.9 66 14 7.2 -1.5
IGRO iShares International Dividend Growth ETF 1.9 15 65 7.0 -1.7
BKEM BNY Mellon Emerging Markets Equity ETF 1.9 11 69 7.7 -1.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.8 36 44 7.5 -1.3
SDG iShares MSCI Global Sustainable Development Goals ETF 1.8 49 31 5.7 -3.0
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.8 45 35 4.8 -3.9
EMGF iShares Emerging Markets Equity Factor ETF 1.7 25 55 8.7 -0.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.7 15 65 7.1 -1.6
DEM WisdomTree Emerging Markets High Dividend Fund 1.6 63 17 12.9 +4.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.5 41 39 7.9 -0.9
IEMG iShares Core MSCI Emerging Markets ETF 1.5 9 71 7.6 -1.2
EMXF iShares ESG Advanced MSCI EM ETF 1.5 16 64 7.5 -1.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.4 59 21 9.6 +0.9
LDEM iShares ESG MSCI EM Leaders ETF 1.4 17 63 7.8 -1.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.3 49 31 6.4 -2.3
DFAE Dimensional Emerging Core Equity Market ETF 1.2 35 45 7.8 -1.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.2 20 60 7.5 -1.2
JHEM John Hancock Multifactor Emerging Markets ETF 1.2 49 31 8.4 -0.4
VCLN Virtus Duff & Phelps Clean Energy ETF 1.2 59 21 3.5 -5.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.1 30 50 7.5 -1.2
MINV Matthews Asia Innovators Active ETF 1.1 79 1 2.9 -5.9
XT iShares Exponential Technologies ETF 1.0 46 34 3.9 -4.9
BLLD JPMorgan Sustainable Infrastructure ETF 1.0 49 31 6.2 -2.6
PXH Invesco FTSE RAFI Emerging Markets ETF 1.0 49 31 12.5 +3.8
ACWV iShares MSCI Global Min Vol Factor ETF 1.0 20 60 6.7 -2.1
SPEM SPDR Portfolio Emerging Markets ETF 1.0 7 73 7.5 -1.2
ETEC iShares Breakthrough Environmental Solutions ETF 0.9 47 33 5.3 -3.4
ADIV SmartETFs Asia Pacific Dividend Builder ETF 0.8 78 2 9.0 +0.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.8 38 42 8.3 -0.5
CGXU Capital Group International Focus Equity ETF 0.8 54 26 4.1 -4.6
BECO BlackRock Future Climate and Sustainable Economy ETF 0.7 70 10 13.7 +4.9
DFEV Dimensional Emerging Markets Value ETF 0.7 43 37 11.0 +2.2
TEMP JPMorgan Climate Change Solutions ETF 0.7 49 31 4.7 -4.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.7 34 46 6.7 -2.1
EMC Global X Emerging Markets Great Consumer ETF 0.7 75 5 4.9 -3.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.6 8 72 7.2 -1.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.6 41 39 6.6 -2.1
JIG JPMorgan International Growth ETF 0.6 55 25 4.3 -4.5
RING iShares MSCI Global Gold Miners ETF 0.5 39 41 6.0 -2.7
IXUS iShares Core MSCI Total International Stock ETF 0.5 7 73 6.9 -1.9
VSGX Vanguard ESG International Stock ETF 0.5 12 68 6.8 -1.9
VXUS Vanguard Total International Stock ETF 0.5 7 73 7.1 -1.7
VYMI Vanguard International High Dividend Yield ETF 0.5 22 58 9.7 +0.9
GLOF iShares Global Equity Factor ETF 0.5 20 60 7.0 -1.7
BTEK Future Tech ETF 0.4 88 -8 2.1 -6.6
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 35 3.3 -5.4
VEGI iShares MSCI Agriculture Producers ETF 0.3 39 41 9.1 +0.4
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 0.3 20 60 10.7 +2.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 60 5.6 -3.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 68 5.0 -3.7
ION ProShares S&P Global Core Battery Metals ETF 0.2 58 22 11.5 +2.8
DMAT Global X Disruptive Materials ETF 0.2 59 21 10.2 +1.4
ACWI iShares MSCI ACWI ETF 0.2 32 48 5.4 -3.3
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.2 12 68 8.6 -0.2
VT Vanguard Total World Stock ETF 0.2 7 73 5.8 -3.0
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -9 4.7 -4.0
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 50 6.8 -2.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 50 7.8 -1.0
VIGI Vanguard International Dividend Appreciation ETF 0.2 15 65 5.5 -3.3
PICK iShares MSCI Global Metals & Mining Producers ETF 0.2 39 41 11.1 +2.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 34 8.9 +0.1
FILL iShares MSCI Global Energy Producers ETF 0.1 39 41 9.1 +0.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 5.7 -3.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 73 6.5 -2.3
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 7.6 -1.1

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%.

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RESULTS & ESTIMATES

  2019 2020 2021 2022 2023 2024E 2025E
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

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VALUATION METRICS
  2023 2024E 2025E
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:

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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.20 CATEGORY
AVERAGE		 1.39
 
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.