Rayliant Quantamental China Equity ETF
ALTAR
Score™		 7.3% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 14.3x P/Sales
ratio		 1.7x
P/BV
ratio		 1.5x Div.
yield		 2.1%


  • 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) $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 92
Wgt avg mkt cap (mns) $54,737
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 September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
30.4% 21.6% -- -- -4.6%

Market Correlations
versus... Beta R-squared
S&P500 0.45 7%
MSCI EAFE 0.43 8%
MSCI Emg. Mkts. 0.75 27%

Technical Indicators
Recent close $18.16
30d moving avg. $18.04
Annualized volatility 23.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.4%
Bid/Ask (% of price) 0.36%
ADV underlying (mns) $14,339

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 107 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™: 7.3%


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 6.8 -0.5
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 42.8 55 25 7.0 -0.3
JCHI JPMorgan Active China ETF 20.2 65 15 14.8 +7.5
CXSE WisdomTree China ex-State-Owned Enterprises Fund 18.4 32 48 15.7 +8.4
KALL KraneShares MSCI All China Index ETF 18.1 49 31 15.1 +7.8
TCHI iShares MSCI China Multisector Tech ETF 13.2 59 21 16.1 +8.8
CNYA iShares MSCI China A ETF 11.9 60 20 6.2 -1.1
MCH Matthews China Active ETF 10.7 79 1 13.9 +6.6
KGRN KraneShares MSCI China Clean Technology Index ETF 9.1 79 1 0.3 -7.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 7.6 60 20 8.4 +1.1
EV Mast Global Battery Recycling & Production ETF 7.5 65 15 10.6 +3.3
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 7.4 72 8 -0.9 -8.2
OBOR KraneShares MSCI One Belt One Road Index ETF 6.4 79 1 8.5 +1.2
BATT Amplify Lithium & Battery Technology ETF 6.3 59 21 2.9 -4.4
CGRO CoreValues Alpha Greater China Growth ETF 5.6 75 5 4.5 -2.8
FLCH Franklin FTSE China ETF 5.5 19 61 15.5 +8.2
MINV Matthews Asia Innovators Active ETF 5.0 79 1 7.0 -0.3
CHIQ Global X MSCI China Consumer Discretionary ETF 4.5 65 15 16.3 +9.0
GSFP Goldman Sachs Future Planet Equity ETF 4.2 75 5 4.9 -2.4
LIT Global X Lithium & Battery Tech ETF 4.1 75 5 3.8 -3.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.1 32 48 8.8 +1.5
ECON Columbia Emerging Markets Consumer ETF 4.0 49 31 11.8 +4.5
TTAI FCF International Quality ETF 3.7 59 21 7.4 +0.1
AIS VistaShares Artificial Intelligence Supercycle ETF 3.6 75 5 2.5 -4.9
DEM WisdomTree Emerging Markets High Dividend Fund 3.5 63 17 13.7 +6.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.4 33 47 9.6 +2.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.3 50 30 10.9 +3.6
BLLD JPMorgan Sustainable Infrastructure ETF 3.2 49 31 6.2 -1.1
NUEM Nuveen ESG Emerging Markets Equity ETF 2.9 36 44 7.6 +0.3
TEMP JPMorgan Climate Change Solutions ETF 2.8 49 31 5.7 -1.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.7 45 35 9.9 +2.6
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.2 65 15 4.8 -2.5
KSTR KraneShares SSE STAR Market 50 Index ETF 2.2 89 -9 1.0 -6.3
FLAX Franklin FTSE Asia Ex Japan ETF 2.1 19 61 8.9 +1.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 2.0 25 55 6.5 -0.8
GXC SPDR S&P China ETF 1.9 59 21 15.0 +7.7
KURE KraneShares MSCI All China Health Care Index ETF 1.9 65 15 2.7 -4.7
AGMI Themes Silver Miners ETF 1.8 35 45 4.0 -3.3
DEHP Dimensional Emerging Markets High Profitability ETF 1.7 41 39 6.5 -0.8
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.7 15 65 7.6 +0.3
MCHI iShares MSCI China ETF 1.7 59 21 17.1 +9.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.6 15 65 9.9 +2.6
BKEM BNY Mellon Emerging Markets Equity ETF 1.6 11 69 9.7 +2.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.6 36 44 9.4 +2.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.6 66 14 9.1 +1.8
VWO Vanguard FTSE Emerging Markets ETF 1.5 7 73 10.0 +2.7
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 1.5 46 34 9.7 +2.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.5 30 50 9.0 +1.7
EMC Global X Emerging Markets Great Consumer ETF 1.3 75 5 10.8 +3.5
MEM Matthews Emerging Markets Equity Active ETF 1.3 79 1 7.6 +0.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.2 44 36 10.6 +3.3
CQQQ Invesco China Technology ETF 1.1 70 10 12.2 +4.9
BKF iShares MSCI BIC ETF 1.0 69 11 13.5 +6.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 39 8.5 +1.2
ETEC iShares Breakthrough Environmental Solutions ETF 1.0 47 33 3.2 -4.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.0 59 21 8.7 +1.4
JHEM John Hancock Multifactor Emerging Markets ETF 1.0 49 31 9.8 +2.5
ICLN iShares Global Clean Energy ETF 0.9 41 39 4.4 -2.9
IGRO iShares International Dividend Growth ETF 0.9 15 65 7.3 -0.1
DFAE Dimensional Emerging Core Equity Market ETF 0.9 35 45 9.0 +1.7
GMF SPDR S&P Emerging Asia Pacific ETF 0.8 49 31 9.2 +1.9
BOTT Themes Robotics & Automation ETF 0.8 35 45 3.5 -3.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.7 38 42 9.0 +1.7
ION ProShares S&P Global Core Battery Metals ETF 0.7 58 22 8.1 +0.8
JSTC Adasina Social Justice All Cap Global ETF 0.7 89 -9 4.9 -2.4
EEMA iShares MSCI Emerging Markets Asia ETF 0.7 49 31 9.8 +2.5
VYMI Vanguard International High Dividend Yield ETF 0.6 17 63 9.6 +2.3
SPEM SPDR Portfolio Emerging Markets ETF 0.6 7 73 10.3 +3.0
EMXF iShares ESG Advanced MSCI EM ETF 0.6 16 64 8.3 +1.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.6 70 10 8.9 +1.6
PXH Invesco FTSE RAFI Emerging Markets ETF 0.6 49 31 15.6 +8.3
DFEV Dimensional Emerging Markets Value ETF 0.6 43 37 13.1 +5.8
VEGI iShares MSCI Agriculture Producers ETF 0.5 39 41 9.1 +1.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.5 30 50 9.9 +2.6
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.5 45 35 4.0 -3.3
EEM iShares MSCI Emerging Markets ETF 0.5 69 11 9.9 +2.6
VEU Vanguard FTSE All-World ex-US Index Fund 0.5 4 76 8.0 +0.7
CGXU Capital Group International Focus Equity ETF 0.5 54 26 5.3 -2.0
LDEM iShares ESG MSCI EM Leaders ETF 0.5 17 63 13.6 +6.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.5 41 39 7.2 -0.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.5 18 62 7.9 +0.6
VIGI Vanguard International Dividend Appreciation ETF 0.4 10 70 6.4 -0.9
VSGX Vanguard ESG International Stock ETF 0.4 10 70 7.5 +0.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.4 20 60 6.2 -1.1
IEMG iShares Core MSCI Emerging Markets ETF 0.4 9 71 10.1 +2.8
VXUS Vanguard Total International Stock ETF 0.4 5 75 7.8 +0.5
ZSB USCF Sustainable Battery Metals Strategy Fund 0.4 61 19 6.7 -0.6
IVRS iShares Future Metaverse Tech and Communications ETF 0.3 47 33 2.5 -4.8
EMGF iShares Emerging Markets Equity Factor ETF 0.3 25 55 11.3 +4.0
ESGE iShares ESG Aware MSCI EM ETF 0.3 25 55 9.8 +2.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 50 7.8 +0.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 60 5.5 -1.8
CNXT VanEck ChiNext ETF 0.2 65 15 4.0 -3.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 46 7.5 +0.2
VT Vanguard Total World Stock ETF 0.2 6 74 5.8 -1.5
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 68 5.1 -2.3
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 73 7.7 +0.4
IGPT Invesco AI and Next Gen Software ETF 0.1 60 20 3.9 -3.4
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.1 35 45 17.5 +10.2
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 50 7.4 +0.1
ACWI iShares MSCI ACWI ETF 0.1 32 48 5.4 -1.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 72 6.1 -1.2
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 10.6 +3.3
EWX SPDR S&P Emerging Markets Small Cap ETF 0.0 65 15 7.8 +0.5
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.0 12 68 8.1 +0.8
GLOF iShares Global Equity Factor ETF 0.0 20 60 6.4 -0.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 5.6 -1.7

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

  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

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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:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 7.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.44 CATEGORY
AVERAGE		 1.51
 
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.