Rayliant NxtGen Multifactor US Equity ETF Rayliant NxtGen Multifactor US Equity ETF Shares Equity Market Risk Machine Learning Risk Large Capitalization Risk Small and Medium Capitalization Companies Risk Geographic Focus Risk Liquidity Risk ETF Risks Management Risk Quantitative Investing Risk Investments in Investment Companies Risk REITs Risk Valuation Risk Portfolio Turnover Risk S&P 500 Total Return Index (reflects reinvestment of dividends and no deduction for fees, expenses or taxes) S&P 500 Index (reflects no deduction for fees, expenses or taxes (except foreign withholding taxes)) MSCI World Index (Net) (USD) (reflects no deduction for fees, expenses or taxes (except foreign withholding taxes)) Rayliant NxtGen Multifactor Emerging Markets Equity ETF Rayliant NxtGen Multifactor Emerging Markets Equity ETF Shares Foreign Company Risk Emerging Markets Securities Risk Risk Of Investing in China Foreign Currency Risk Preferred Stock Risk Stock Connect Investing Risk MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes (except foreign withholding taxes)) MSCI Emerging Markets ex-China Index (Net) (USD) (reflects no deduction for fees, expenses or taxes (except foreign withholding taxes))