Rayliant Quantamental Emerging Market Equity ETF
RAYE
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- Rayliant Quantamental Emerging Market ex-China Equity ETF (RAYE) is an actively managed exchange-traded fund that employs big data, sophisticated quantitative models, and fundamental insights to select and weight emerging market equities excluding China, seeking long-term capital appreciation through a quantamental investment approach. The fund invests primarily in large- and mid-cap stocks across sectors such as technology, financials, and energy, with top holdings including Taiwan Semiconductor Manufacturing Company Ltd. (17.14%), Samsung Electronics Co. Ltd. (5.44%), and SK Hynix Inc. (3.03%); it trades on the NYSE Arca under ticker RAYE with a net expense ratio of 0.88% and assets under management of approximately $79 million as of late 2025. RAYE targets investors seeking diversified exposure to emerging markets in regions including Developed Asia (47%), Emerging Asia (26%), Latin America (12%), Middle East (7%), and Africa (4%), while mitigating risks associated with China through its ex-China mandate. Launched on December 15, 2021, and domiciled in the United States, the ETF is managed by Rayliant Global Advisors LP, a global asset management firm founded in 2016 and headquartered in Newport Beach, California, with additional offices in Los Angeles, London, Taipei, Beijing, Shanghai, and Hangzhou. Rayliant, a minority-owned firm specializing in behavioral finance, data science, and local market insights for inefficient markets like emerging economies, also offers related ETFs including Rayliant Quantamental China Equity ETF (RAYC), Rayliant Quantitative Developed Market Equity ETF (RAYD), and the recently launched Rayliant SMDAM Japan Equity ETF (RAYJ). In October 2023, the fund underwent a significant strategic shift, changing its name from Rayliant Quantamental Emerging Market Equity ETF to its current ex-China focus, accompanied by updates to its 80% investment policy and benchmark to exclude China from the investment universe. Rayliant has expanded its ETF lineup through key partnerships, including a April 2024 collaboration with Sumitomo Mitsui DS Asset Management to launch RAYJ, leveraging SMDAM's Japanese equity expertise within Rayliant's quantamental framework, and a September 2025 partnership with China Asset Management Co. (ChinaAMC) to introduce the Rayliant-ChinaAMC Transformative Tech ETF (CNQQ). These developments reflect Rayliant's ongoing emphasis on active international strategies amid evolving market dynamics.