The Rayliant Quantitative Developed Market Equity ETF is designed to invest predominantly in the stock market of advanced economies. As a standard practice, the fund allocates at least 80% of its total capital, including any leveraged assets, to equity instruments of companies operating within these established markets. The Adviser considers a company to be a developed market entity if it is either incorporated in, or primarily conducts its business activities within, a country classified as a developed market. While its core holdings typically consist of common shares and various depositary receipts (which may include unsponsored types), the portfolio can also incorporate preferred stocks, shares of other exchange-traded funds (ETFs), and holdings in other pooled investment vehicles.