RAYJ Fees and Costs — Rayliant SMDAM Japan Equity ETF
Data updated: 2026-08-28
The net expense ratio is 0.72%: a 0.65% management fee plus 1.10% other expenses, less a 1.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $13K in broker commissions, 0.0559% of average net assets, and portfolio turnover was 41%.
RAYJ Fees and Expenses
Annual operating expenses and sales charges of RAYJ. Prospectus, as of June 9, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 1.10% |
| Gross expense ratio | 1.75% |
| Fee waiver | −1.03% |
| Net expense ratio | 0.72% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
RAYJ Costs Over Time
On $10,000 invested in RAYJ, assuming 5% a year before costs, total costs come to $488 over 5 years, cutting the return by 0.81% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.72%) | $76 | $236 | $411 |
| Trading costs (broker commissions) | $6 | $18 | $32 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $81 | $267 | $488 |
| Value after costs | $10,419 | $11,309 | $12,275 |
| Impact on return, per year | 0.81% | 0.81% | 0.81% |
RAYJ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0559%
- Total broker commissions: $13K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 41%
- Securities lending: none during the year
RAYJ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG | $8K | 57.04% |
| AVIATE GLOBAL | $4K | 28.42% |
| VIRTU FINANCIAL BD LLC | $2K | 11.95% |
| INTERACTIVE BROKERS LLC | $347 | 2.58% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.