Rayliant Quantamental China Equity ETF
ALTAR
Score™		 8.6% info Recommen-
dation		 NEUTRAL
2024E    2025E
P/E
ratio		 11.6x P/Sales
ratio		 1.1x
P/BV
ratio		 1.7x Div.
yield		 3.0%


  • 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) $36
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 141
Wgt avg mkt cap (mns) $57,526
Large cap (>$10bn) 77.5%
Mid cap ($2-10bn) 19.9%
Small cap (<$2bn) 2.5%
Developed mkts 7.5%
Emerging mkts 92.5%

TOP TEN HOLDINGS
KWEICHOW MOUTAI CO LTD-A 5.4 %
PING AN INSURANCE (GROUP) COMPANY 4.3 %
SHENZHEN MINDRAY BIO-MEDICAL ELECT 3.3 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 3.3 %
MIDEA GROUP CO. LTD. CLASS A 2.9 %
CHINA MERCHANTS BANK -A 2.4 %
BYD CO LTD -A 2.4 %
CHINA STATE CONSTRUCTION -A 2.2 %
WULIANGYE YIBIN CO LTD-A 2.0 %
WEICHAI POWER CO LTD-A 1.9 %
Total 30.2 %

TOP COUNTRY EXPOSURE
CHINA 96.3 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
14.9% 12.0% -- -- -14.0%

Market Correlations
versus... Beta R-squared
S&P500 0.28 4%
MSCI EAFE 0.45 10%
MSCI Emg. Mkts. 0.86 36%

Technical Indicators
Recent close $14.86
30d moving avg. $15.50
Annualized volatility 25.0%
Short interest (ETF) 0.4%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 12
Turnover 0.5%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $24,229

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 127 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™: 8.6%


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 50.0 65 15 7.9 -0.7
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 43.3 55 25 8.5 -0.1
AFTY Pacer CSOP FTSE China A50 ETF 43.2 70 10 9.0 +0.4
CNYA iShares MSCI China A ETF 40.2 60 20 8.0 -0.6
KALL KraneShares MSCI All China Index ETF 24.4 49 31 9.0 +0.4
MCH Matthews China Active ETF 18.8 79 1 5.4 -3.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 17.2 32 48 6.1 -2.6
JCHI JPMorgan Active China ETF 14.9 65 15 8.0 -0.6
TCHI iShares MSCI China Multisector Tech ETF 13.6 59 21 1.9 -6.7
KFVG KraneShares CICC China 5G & Semiconductor Index ETF 10.3 65 15 3.9 -4.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.5 60 20 9.8 +1.2
OBOR KraneShares MSCI One Belt One Road Index ETF 8.6 79 1 10.3 +1.7
FLCH Franklin FTSE China ETF 7.9 19 61 8.8 +0.2
CGRO CoreValues Alpha Greater China Growth ETF 7.6 75 5 2.0 -6.6
KGRN KraneShares MSCI China Clean Technology Index ETF 7.4 79 1 5.6 -3.0
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 7.2 72 8 1.0 -7.6
EV Mast Global Battery Recycling & Production ETF 6.8 65 15 12.2 +3.6
MCHI iShares MSCI China ETF 6.8 59 21 8.4 -0.2
CHIQ Global X MSCI China Consumer Discretionary ETF 6.0 65 15 5.9 -2.7
KURE KraneShares MSCI All China Health Care Index ETF 4.8 65 15 4.3 -4.3
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 4.7 33 47 8.2 -0.4
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 4.6 65 15 6.2 -2.4
GSFP Goldman Sachs Future Planet Equity ETF 4.3 75 5 4.2 -4.4
MEM Matthews Emerging Markets Equity Active ETF 4.1 79 1 5.4 -3.2
EMC Global X Emerging Markets Great Consumer ETF 4.1 75 5 4.5 -4.1
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 4.0 45 35 5.7 -2.9
LIT Global X Lithium & Battery Tech ETF 4.0 75 5 9.1 +0.5
BATT Amplify Lithium & Battery Technology ETF 4.0 59 21 -0.1 -8.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.7 32 48 6.2 -2.4
KSTR KraneShares SSE STAR Market 50 Index ETF 3.6 89 -9 2.1 -6.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.5 44 36 10.6 +2.0
BKF iShares MSCI BIC ETF 3.5 69 11 6.9 -1.7
GXC SPDR S&P China ETF 3.4 59 21 8.3 -0.3
IBAT iShares Energy Storage & Materials ETF 3.3 47 33 3.1 -5.5
MINV Matthews Asia Innovators Active ETF 3.3 79 1 3.0 -5.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 3.2 25 55 6.6 -2.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.2 50 30 13.0 +4.4
ECON Columbia Emerging Markets Consumer ETF 2.9 49 31 7.3 -1.3
DEHP Dimensional Emerging Markets High Profitability ETF 2.9 41 39 5.0 -3.6
ESGE iShares ESG Aware MSCI EM ETF 2.8 25 55 7.1 -1.5
TTAI FCF International Quality ETF 2.7 59 21 5.6 -3.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.6 45 35 11.0 +2.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.6 36 44 6.5 -2.1
EQLT iShares MSCI Emerging Markets Quality Factor ETF 2.6 35 45 7.4 -1.2
EEMA iShares MSCI Emerging Markets Asia ETF 2.3 49 31 6.5 -2.1
FLAX Franklin FTSE Asia Ex Japan ETF 2.3 19 61 6.9 -1.8
WBAT WisdomTree Battery Value Chain and Innovation Fund 2.2 45 35 -0.6 -9.2
ICLN iShares Global Clean Energy ETF 2.2 41 39 6.0 -2.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 2.2 70 10 6.2 -2.5
GBUY Goldman Sachs Future Consumer Equity ETF 2.0 75 5 3.3 -5.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 2.0 30 50 8.1 -0.5
IGRO iShares International Dividend Growth ETF 1.9 15 65 7.5 -1.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.9 66 14 10.0 +1.4
DEM WisdomTree Emerging Markets High Dividend Fund 1.9 63 17 18.9 +10.3
VWO Vanguard FTSE Emerging Markets ETF 1.8 8 72 6.9 -1.7
EEM iShares MSCI Emerging Markets ETF 1.8 69 11 6.9 -1.7
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.8 15 65 7.2 -1.4
BKEM BNY Mellon Emerging Markets Equity ETF 1.8 11 69 8.4 -0.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.7 36 44 7.8 -0.8
TEMP JPMorgan Climate Change Solutions ETF 1.6 49 31 5.5 -3.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.5 15 65 10.2 +1.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.5 41 39 7.4 -1.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.5 59 21 11.3 +2.7
IEMG iShares Core MSCI Emerging Markets ETF 1.5 9 71 7.5 -1.2
EMXF iShares ESG Advanced MSCI EM ETF 1.4 16 64 6.8 -1.8
EMGF iShares Emerging Markets Equity Factor ETF 1.3 25 55 8.5 -0.1
CQQQ Invesco China Technology ETF 1.3 70 10 -7.9 -16.5
LDEM iShares ESG MSCI EM Leaders ETF 1.3 17 63 7.6 -1.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.3 49 31 6.1 -2.5
DFAE Dimensional Emerging Core Equity Market ETF 1.2 35 45 7.3 -1.3
ADIV SmartETFs Asia Pacific Dividend Builder ETF 1.2 78 2 9.0 +0.4
JHEM John Hancock Multifactor Emerging Markets ETF 1.1 49 31 8.2 -0.4
BLLD JPMorgan Sustainable Infrastructure ETF 1.1 49 31 5.7 -2.9
PXH Invesco FTSE RAFI Emerging Markets ETF 1.0 49 31 12.2 +3.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.0 20 60 6.8 -1.8
DFEV Dimensional Emerging Markets Value ETF 1.0 43 37 11.1 +2.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.0 30 50 7.3 -1.3
SPEM SPDR Portfolio Emerging Markets ETF 1.0 7 73 7.3 -1.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.0 38 42 7.8 -0.8
ACWV iShares MSCI Global Min Vol Factor ETF 1.0 20 60 6.3 -2.3
SDEM Global X MSCI SuperDividend Emerging Markets ETF 0.9 67 13 15.0 +6.4
ION ProShares S&P Global Core Battery Metals ETF 0.8 58 22 15.5 +6.9
BECO BlackRock Future Climate and Sustainable Economy ETF 0.8 70 10 11.9 +3.3
RAYS Global X Solar ETF 0.7 51 29 6.9 -1.7
CGXU Capital Group International Focus Equity ETF 0.7 54 26 4.9 -3.8
VIGI Vanguard International Dividend Appreciation ETF 0.7 15 65 6.4 -2.2
AGMI Themes Silver Miners ETF 0.7 35 45 4.5 -4.1
XT iShares Exponential Technologies ETF 0.7 46 34 4.8 -3.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.7 34 46 7.0 -1.7
FBOT Fidelity Disruptive Automation ETF 0.7 50 30 3.6 -5.0
RING iShares MSCI Global Gold Miners ETF 0.7 39 41 5.6 -3.0
VEU Vanguard FTSE All-World ex-US Index Fund 0.6 8 72 7.3 -1.4
VYMI Vanguard International High Dividend Yield ETF 0.6 22 58 9.8 +1.2
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.6 35 45 12.4 +3.8
JIG JPMorgan International Growth ETF 0.6 55 25 4.6 -4.0
VCLN Virtus Duff & Phelps Clean Energy ETF 0.6 59 21 3.9 -4.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.5 41 39 7.4 -1.2
IXUS iShares Core MSCI Total International Stock ETF 0.5 7 73 7.2 -1.4
VXUS Vanguard Total International Stock ETF 0.5 7 73 7.2 -1.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.5 46 34 9.3 +0.7
BIGFX Baron International Growth Retail 0.5 75 5 3.1 -5.5
VSGX Vanguard ESG International Stock ETF 0.5 12 68 6.8 -1.8
JSTC Adasina Social Justice All Cap Global ETF 0.4 89 -9 4.9 -3.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 60 5.2 -3.5
SDG iShares MSCI Global Sustainable Development Goals ETF 0.4 49 31 5.6 -3.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 62 7.0 -1.6
VEGI iShares MSCI Agriculture Producers ETF 0.3 39 41 9.2 +0.6
GLOF iShares Global Equity Factor ETF 0.3 20 60 7.0 -1.6
ICOP iShares Copper and Metals Mining ETF 0.3 47 33 10.1 +1.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 50 8.0 -0.6
ROBO ROBO Global Robotics & Automation Index ETF 0.3 95 -15 3.5 -5.1
DMAT Global X Disruptive Materials ETF 0.2 59 21 10.5 +1.9
LIMI Themes Lithium & Battery Metal Miners ETF 0.2 35 45 4.7 -3.9
ACWI iShares MSCI ACWI ETF 0.2 32 48 5.3 -3.3
VT Vanguard Total World Stock ETF 0.2 7 73 5.5 -3.1
FILL iShares MSCI Global Energy Producers ETF 0.2 39 41 9.6 +1.0
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 50 6.9 -1.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 68 4.8 -3.8
EFRA iShares Environmental Infrastructure and Industrials ETF 0.2 47 33 4.9 -3.7
COPA Themes Copper Miners ETF 0.1 35 45 7.3 -1.3
PICK iShares MSCI Global Metals & Mining Producers ETF 0.1 39 41 12.8 +4.2
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 68 8.3 -0.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 73 6.7 -1.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.1 58 22 10.2 +1.6
EWX SPDR S&P Emerging Markets Small Cap ETF 0.0 65 15 8.2 -0.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 5.4 -3.3
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 7.1 -1.5

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%.

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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:

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 14.5 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 8.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.35 CATEGORY
AVERAGE		 1.48
 
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.