Insights

Phillip Wool believes private buyers will only purchase Treasuries if yields meet their return expectations.

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Disclosure: The opinions do not necessarily reflect the views of Rayliant Investment Research and are subject to change without notice. This materials if for informational purposes only and should not be considered investment advice. This content is developed from sources believed to be providing accurate information. While reasonable care has been taken to ensure that the information herein is factually correct, Rayliant Investment Research makes no representations or guarantee as to its accuracy or completeness.

Phillip Wool spoke with Barron’s about what he sees driving Treasury yields in today’s market.

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Disclosure: This article contains the opinions of Phillip Wool and not those of Rayliant. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. This material is for informational purposes only and should not be considered investment advice. An investor should consult with their financial professional before making any investment decisions. The opinions contained herein are subject to change without notice. Indices cannot be invested in directly and are unmanaged.

Rayliant and ChinaAMC Introduce the Rayliant-ChinaAMC Transformative China Tech ETF on NASDAQ

Los Angeles, 09/26/2025 — Rayliant Investment Research (“Rayliant”), a SEC registered investment advisor specializing in systematic, research-driven strategies across international markets, today announced the launch of the Rayliant-ChinaAMC Transformative China Tech ETF (NASDAQ: CNQQ). The fund has been developed in partnership with China Asset Management Co., Ltd. (“ChinaAMC”), one of China’s largest asset managers and the country’s largest ETF provider.

The Rayliant-ChinaAMC Transformative China Tech ETF offers investors a holistic, forward-looking, and long-term solution to access China’s rapidly evolving technology sector—an area that continues to capture global attention. Trading volumes in China’s technology benchmarks, such as the Hang Seng TECH Index,¹ have continued to surge in 2025, reflecting rising investor interest, while Rayliant believes valuations remain attractive for long-term allocations.

CNQQ seeks to track the investment results (before fees and expenses) of the Solactive ChinaAMC Transformative China Tech Index,² composed of about 100 Chinese and Hong Kong-listed firms at the forefront of transformative industries, including:

• Automotive and Transportation
• Commercial and Consumer Service Technology
• Electronics and Electrical Products
• Health Technology
• Industrial and Manufacturing Technology
• Digital Technology and Software

Leveraging ChinaAMC’s deep understanding of China’s market, the index integrates fundamental investment research and proprietary R&D and innovation metrics into its screening process. Unlike conventional market-cap-weighted approaches, CNQQ helps investors identify transformative Chinese technology companies with strong long-term growth potential.

CNQQ seeks to provide a differentiated way to capture China’s most dynamic opportunities through two key investment themes:

• Technology Innovation – spanning digital platforms, advanced electronics, biotechnology, pharmaceuticals, and health technology.
• Manufacturing Upgrade – which includes industrial automation and advanced hardware.

Through this dual framework, CNQQ aims to provide comprehensive coverage across China’s technology ecosystem, spanning both mainland and Hong Kong-listed companies.

CNQQ joins Rayliant’s expanding ETF lineup that aims to empower investors to build customized global equity portfolios that blend systematic methods with deep local market insights.

“We believe China’s technological strength—and especially its capacity for transformative innovation across future-focused industries—remains significantly underestimated by global investors,” said Li Yimei, CEO of ChinaAMC. “With CNQQ, we’re excited to offer a one-click way to access China’s most transformative technologies. This includes not only leading internet and e-commerce platforms, but also pioneering companies in automotive, robotics, pharmaceuticals, and new energy across A-share and Hong Kong markets. By pairing ChinaAMC’s deep local expertise with Rayliant’s global ETF platform, we are delivering differentiated tools to capture the opportunities driving China’s future economy.”

“CNQQ is the first U.S.-listed fund born out of a long-standing partnership between ChinaAMC—China’s largest ETF provider—and Rayliant,” said Jason Hsu, Rayliant founder and CIO. “CNQQ is China’s Nasdaq 100, capturing tech companies that are transforming China’s economy. Through CNQQ, investors will gain access to listed companies in both Hong Kong and Mainland China, which are China’s versions of stocks like Google, Meta, Tesla, Apple, and OpenAI. This factor-based stock picking and weighting methodology results in a higher quality portfolio of growth stocks.”

¹ Hang Seng TECH Index
The Hang Seng TECH Index tracks 30 of the largest and most innovative technology companies listed in Hong Kong. The index includes firms leading in areas such as e-commerce, digital finance, cloud, and internet services, providing a snapshot of China’s fast-growing tech sector.

² Solactive ChinaAMC Transformative China Tech Index
The Solactive ChinaAMC Transformative China Tech Index is designed to track the performance of innovative Chinese companies in technology-related industries driving structural transformation in the economy. The index includes firms engaged in areas such as next-generation information technology, new energy, advanced manufacturing, and other high-growth sectors shaping China’s long-term development.

About Rayliant
Rayliant Investment Research (“Rayliant”) delivers innovative investment strategies to financial advisors and their clients. The firm specializes in dynamic asset allocation, systematic ETFs, and alternative investments, offering globally diversified portfolios that combine behavioral finance, data science, and fundamental insights.

Grounded in rigorous academic research, Rayliant applies quantitative methods to uncover unique signals and construct high-conviction models and portfolios.

Founded in 2016 by Jason Hsu, PhD—co-founder of Research Affiliates and co-author of the pioneering Fundamental Indexation research published in 2005, which helped launch the smart beta revolution—Rayliant continues to push the frontier of evidence-based investing. Dr. Hsu is a finance professor at UCLA Anderson School of Management.

For more information about Rayliant, please visit https://rayliant.com

To access Rayliant’s articles and research, please visit https://rayliant.com/insights

About ChinaAMC
China Asset Management Company (ChinaAMC) is a leading asset manager in China with USD 423.5 billion (3 trillion yuan) in Assets Under Management as of June 30, 2025. As China’s largest equity ETF manager for 20 consecutive years, ChinaAMC has built a strong track record of innovation and investment leadership. Headquartered in Beijing, with a subsidiary in Hong Kong, the firm serves over 240 million individual investors and more than 320,000 institutional clients.

For more information about ChinaAMC, please visit https://en.chinaamc.com/

Disclosure: Investing involves risk, including risk of loss.  Investing in emerging and foreign markets bears additional risks. Risks and additional information about fees can be found in the Fund’s prospectus linked here. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts.  The reader should not assume that an investment in the securities identified was or will be profitable. Information contained herein includes opinions of employees of Rayliant, does not reflect the opinion of all employees of Rayliant and may be subject to change without notice.

Investors should consider the investment objectives, risks, and charges and expenses of the Fund(s) before investing. The prospectus {and, if available, the summary prospectus,} contains this and other information about the Fund(s) and should be read carefully before investing. The prospectus may be obtained at www.funds.rayliant.com. The Rayliant-ChinaAMC Transformative China Tech ETF is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. The Rayliant-ChinaAMC Transformative China Tech ETF is not affiliated with Northern Lights Distributors, LLC.

Media Contact:
Tyler Bradford
Hewes Communications
212.207.9454
tyler@hewescomm.com

Jason Hsu explains why factor-based, systematic strategies—especially in less efficient Asian markets—can outperform simple S&P 500 index investing.

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Disclosure: The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Past performance is not indicative of future results. Indices cannot be invested in directly and are unmanaged. The opinions contained herein are subject to change without notice. The views expressed herein are those of the author and do not necessarily reflect the views of Rayliant Investment Research. This material is intended for general informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. It does not consider the specific investment objectives, tax and financial condition or needs of any specific person and therefore, the strategies and investment ideas may not be suitable for all individuals. An investor should consult with their financial professional before making any investment decisions.

Philipp Wool sees stretched valuations in some sectors but remains optimistic on stocks and says international outperformance still has room to run.

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Disclosure: The opinions do not necessarily reflect the views of Rayliant Investment Research and are subject to change without notice. This material is for informational purposes only and should not be considered investment advice.

Jason Hsu believes a TikTok sale to a U.S. group is nearly certain, Trump may visit Beijing, and Chinese tech stocks remain undervalued but competitive.

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Disclosure: The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. The information in this video contains opinions, which includes opinions of Jason Hsu’s and not that of Rayliant, that may be subject to change without notice. This is not a recommendation to purchase or sell any securities discussed herein. Investing in foreign markets involves risks and there can be no guarantee that the opinions and analysis in this video are correct and will result in successful investments.

Philipp Wool says traders worry about U.S. debt long term, but current bond moves reflect uncertainty over the Fed’s easing cycle.

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Disclosure: The opinions do not necessarily reflect the views of Rayliant Investment Research and are subject to change without notice. This material is for informational purposes only and should not be considered investment advice.

Philipp Wool says reduced tariff risk is positive for autos, with Japanese automakers poised to keep gaining global market share.

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Disclosure: The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. The opinions do not necessarily reflect the views of Rayliant Investment Research and are subject to change without notice. This material is for informational purposes only and should not be considered investment advice.