Rayliant Quantamental Emerging Market Equity ETF (RAYE) Exchange: NYSE ARCA

The Fund invests, under normal circumstances, at least80% of its net assets plus any borrowings for investment purposes in equity securities of emerging market companies. This investment policymay be changed by the Fund upon 60 days’ prior written notice to shareholders. The Adviser considers a company to be an emergingmarket company if it is organized or maintains its principal place of business in an emerging market country. The Adviser considers acountry to be an emerging market country if the country is represented in the MSCI Emerging Markets Index or another widely recognizedemerging markets index. As of November 30, 2021, the MSCI Emerging Markets Index consisted of the following 25 emerging markets countries:Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines,Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. Emerging markets are oftencharacterized by low to middle income but with rapid economic growth, as well as financial liberalization and institutional development. The equity securities in which the Fund investsare primarily common stocks and depositary receipts, including unsponsored depositary receipts, but may also include preferred stockand securities of other investment companies. The Fund may invest in securities of companies with any market capitalization with a particularfocus on mid- and large-capitalization securities. The Fund will invest in A Shares of companies incorporated in China (“ChinaA Shares”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong andShenzhen – Hong Kong Stock Connect programs (“Stock Connect”). The Fund is primarily made up of stocks from emergingmarkets that are selected using a "quantamental approach" using a combination of quantitative and fundamental investment strategies.In quantamental investment strategies, investment decisions are made by combining large amounts of data and computer models. The Adviser’squantitative investment model allocates more weight to stocks for which the model identifies the potential for higher future returns,taking into account risk (i.e., risk-adjusted returns), and less weight to stocks for which the model identifies the potential for lowerfuture risk-adjusted returns. The Adviser’s portfolio management team may adjust portfolio weights for the Fund based on theirown analysis of the securities in the Fund’s investment universe in order to enhance evaluations made by the quantitative model.In addition to excluding stocks in specific countries as a result of the Fund’s investment models, the Adviser may avoid investingin a given country for which the transaction costs of investing exceed the benefits of investing in that country. Due to its investmentstrategy, the Fund may buy and sell securities frequently.The Adviser uses data from a variety of sources, including data purchased fromvendors and data accessed by the Adviser from alternative sources (e.g., data collected from public websites). Such data are collectedat varying frequencies (e.g., daily price data, quarterly financial statements) and considered over varying horizons, ranging from monthsto years, depending on the nature of the data in question. The Adviser employs a proprietary data cleaning process, whereby data obtainedfrom vendors and other sources is inspected for errors, processed to make information obtained from different sources useful in comparingvarious companies, sectors, and markets, and formatted for inclusion in the Adviser’s database and for use in its models. The Advisermonitors its data and models through a combination of automated and manual checks. The Adviser pays for data used in the strategy’smodels. The Adviser also takes into account certain environmental,social, and governance (“ESG”) criteria in choosing and weighting investments in the Fund, basing its evaluation on a combinationof third-party data and proprietary metrics. ESG considerations that will impact the quantitative ranking of stocks may include (butare not limited to) evaluations of firms’ financial reporting practices (e.g., reducing the weight of companies suspected of manipulativeaccounting) and the degree of alignment between a firm’s managers and shareholders (e.g., whether managers are prone to wastefullyreinvest the company’s earnings rather than distributing earnings to shareholders). Governance characteristics will lead to eitheran increase or decrease of weight in a stock, depending on whether the Adviser determines that the company exhibits good or bad governance,respectively, on the basis of that characteristic. In addition, the Fund will screen out the stock of companies that are identified bythe Adviser as having extremely poor environmental performance (e.g., firms with exceedingly high CO2 emissions, energy intensity, waterintensity, and waste generation). Such exclusions will be made regardless of the expected future returns of stocks failing to meet theFund’s ESG screening criteria. Because the Fund’s universe of stocks is large relative to the number of companies expectedby the Adviser to fail their ESG criteria, the Adviser does not expect screening on ESG to have a significant impact on the Fund’sability to meet its investment objective.