Rayliant Wilshire NxtGen Emerging Markets Equity ETF(AMEX:RWEM)

RWEM tracks a selection of large-cap emerging markets stocks chosen using various factors and optimized through machine learning models. The model employs over 100 market-level, fundamental, and technical signals from 12 major factor categories. Constraints are applied to limit stock concentration and industry exposure relative to the FT Wilshire Emerging Large Cap Index. The index construction consists of three steps: risk-adjusted returns estimation, covariance matrix estimation, and mean tracking err optimization. The index is reconstituted quarterly. The data used for estimating stock risk-adjusted returns and the covariance matrix is based on the month-end figures from the month prior to the reconstitution. Before Dec. 19, 2025, the fund was an actively managed fund named Rayliant Quantamental Emerging Market ex-China Equity ETF (RAYE).