Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) is an exchange-traded fund that seeks to track the total return performance, before fees and expenses, of the FT Wilshire US Large NxtGen Index through a passive replication strategy; the index applies a disciplined, quantitative framework developed by Wilshire Indexes and Rayliant Global Advisors to provide systematic exposure to US large cap equities, offering an alternative to traditional market-cap and legacy smart beta strategies by targeting more efficient exposure to long-term equity risk premia. The ETF invests primarily in large capitalization US equities across sectors such as technology, communication services, consumer cyclical, financial services, and consumer defensive, with top holdings including NVIDIA Corp, Microsoft Corp, Alphabet Inc Class A, Amazon.com Inc, and Mastercard Inc Class A; it maintains a portfolio of approximately 121 holdings and is classified as non-diversified. Launched on December 15, 2021, and sponsored by Rayliant Asset Management LLC, headquartered in Newport Beach, California, with Wilshire Indexes collaboration based in Santa Monica, California, RWLC targets institutional and retail investors seeking diversified US large cap equity exposure. In a major recent development, effective December 19, 2025, the fund underwent a name change from Rayliant Quantitative Developed Market Equity ETF, a ticker change from RAYD to RWLC, a strategy shift from active to passive management tracking the new benchmark index, and related fee adjustments as part of Rayliant's ETF lineup update to emphasize smart beta offerings.