ETF Evaluator:
Rayliant SMDAM Japan Equity ETF ()
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Best Performing in Japan Stock Over the Last Year
| 56.1% | WisdomTree Japan Opportunities ETF (OPPJ) |
| 48.3% | WisdomTree Japan Hedged Equity ETF (DXJ) |
| 44.1% | Xtrackers MSCI Japan Hedged Equity ETF (DBJP) |
| 43.6% | Franklin FTSE Japan Hedged ETF (FLJH) |
| 42.7% | iShares Currency Hedged MSCI Japan ETF (HEWJ) |
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ETF Details
Rayliant SMDAM Japan Equity ETF Overview
Rayliant SMDAM Japan Equity ETF (RAYJ) is an actively managed International Equity Japan Stock exchange-traded fund (ETF). Rayliant launched the ETF in 2024.
The investment seeks long-term capital appreciation.
The fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in equity securities of issuers located in Japan. The equity securities in which the fund primarily invests are common stock and preferred stock. The fund is non-diversified.
About Rayliant SMDAM Japan Equity ETF (RAYJ)
There are 4 members of the management team with an average tenure of 2.33 years: Jason Hsu (2024), Takahiro Uemura (2024), Phillip Wool (2024) and Tomoko Yokoyama (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: TOPIX NR JPY index with a weighting of 100%. Rayliant SMDAM Japan Equity ETF has 2 securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
Rayliant SMDAM Japan Equity ETF is part of the Equity global asset class and is within the International Equity ETF group. Rayliant SMDAM Japan Equity ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Rayliant SMDAM Japan Equity ETF has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $24 million in total assets, which is below the $2 billion average for the Japan Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RAYJ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Rayliant SMDAM Japan Equity ETF expense ratio is above average compared to funds in the Japan Stock category. Rayliant SMDAM Japan Equity ETF has an expense ratio of 0.72%, which is 43% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Rayliant SMDAM Japan Equity ETF has a portfolio turnover rate of 41%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Japan Stock category.
Recently, in the month of July 2026, Rayliant SMDAM Japan Equity ETF returned -5.2%, which earned it a grade of F, as the Japan Stock category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Rayliant SMDAM Japan Equity ETF has a trailing yield of 1.45%, which is below the 2.67% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Rayliant SMDAM Japan Equity ETF Grades
Year to date, the ETF has returned 18.9%, 2.2 percentage points better than the category, which translates into a grade of B. The fund has returned 23.0% over the past year (grade of F).
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RAYJ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RAYJ Return (NAV) | -5.2% | 0.1% | 23.0% | na | na | na |
| RAYJ Return (Price) | -6.9% | -0.5% | 23.5% | na | na | na |
| NAV +/- Price Return | 1.688% | 0.642% | -0.521% | na | na | na |
| Japan Stock Avg | 0.3% | 4.6% | 33.2% | 21.7% | 15.1% | 11.8% |
| RAYJ Grade (NAV) | F | F | F | na | na | na |
| +/- Category (NAV) | -5.5% | -4.5% | -10.2% | na | na | na |
| RAYJ Tax-Cost Ratio | na | na | 1.7% | na | na | na |
RAYJ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RAYJ Return (NAV) | 18.9% | 18.8% | na | na | na | na | na | na | na | na | na |
| RAYJ Return (Price) | 18.3% | 20.5% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.029% | 0.093% | na | na | na | na | na | na | na | na | na |
| Japan Stock Avg | 16.7% | 28.3% | 13.9% | 25.8% | -8.2% | 5.5% | 7.6% | 18.3% | -15.2% | 25.5% | 3.3% |
| RAYJ Grade (NAV) | B | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.2% | -9.6% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.5% |
| Total Assets: | $ 24 Mil |
| Share Class Assets: | $ 24 Mil |
| Turnover: | 41.0% |
| Expense Ratio: | 0.72% |
| Index Fund: | No |
| Index Tracked: | TOPIX NR JPY |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Hsu Jason (2024), Uemura Takahiro (2024), Wool Phillip (2024), Yokoyama Tomoko (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 2 |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Rayliant |
| Phone Number: | 866-898-1688 |
| Website: | |
| Inception Date: | April 3, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.72% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.50% |
