Rayliant to Liquidate Japan Equity ETF in August

The Rayliant SMDAM Japan Equity ETF will be liquidated following approval by the fund's board. The ETF will accept creation and redemption orders through July 30, 2026, which will also be its last trading day on NYSE Arca, with liquidation expected on or about August 6, 2026. As the fund prepares to close, it may hold more cash and other liquid assets, causing it to deviate from its stated investment strategy. Shareholders who do not sell before the delisting will receive a cash liquidation distribution based on the fund's net assets, which will generally be a taxable event for investors in taxable accounts.