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RWLC

GradeCNew York Stock Exchange Arca

Rayliant NxtGen Multifactor US Equity ETF

Broad Stock Market · Rayliant · Inception 2021-12-15 · SEC filings

$38.77−0.41 (−1.05%)

As of Sep 23, 2026, 1:46 PM EDT

History starts Dec 16, 2021.
Intraday session: down, 9 prints from 39.18 to 38.77. Range 38.73 to 39.09. Use the arrow keys to read each point.$38.70$38.90$39.00$39.1010 AM12 PM2 PM4 PM
Expense ratio
0.32%
Fund size
$97M
1Y return
+18.2%
Yield · Last 12 months
12.45%
Holdings
114
Volume · 30D
0M sh
NAV per share
$38.72
52W range
low $31.10high $41.40

The ETF.net RWLC Grade

C

47/ 100

Rank 20 of 29 in US Large-Cap⁠

Confidence High

Six-pillar profile for RWLC. Scores out of 100: Cost 39, Risk 56, Mission 61, Tradability 32, Holdings 52, Durability 46. Strongest: Mission (61). Weakest: Tradability (32). Leans toward Mission and Risk.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 47 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 39
    Category rank18/29 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 61
    Category rank21/22 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 56
    Category rank10/28 · top 36%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 32
    Category rank23/29 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 52
    Category rank17/28 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 46
    Category rank20/29 · mid-pack

Graded as of Sep 22, 2026

Our read on RWLC

ETF.net Research

CA boutique quant shop's swing at US large caps: RWLC follows the FT Wilshire US Large NxtGen Index, a published multifactor rulebook rather than a plain cap-weighted list, and charges the category's middle price to do it.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  1. 010.32% expense ratio, right at the median for US multifactor ETFs. The rules-based tilt costs no more than the typical competitor in the group.
  2. 02The stock picks come from an outside index provider (the FT Wilshire US Large NxtGen Index), so the selection rules are published rather than left to a manager's mood.
  3. 03Simple plumbing: a standard 1940 Act US equity fund with one stated goal, long-term capital appreciation, and no structural red flags in the wrapper.
  4. 04Live since 2021, so there is a multi-year record of the strategy running with real money, not just a backtest of the index.

Worth knowing

  1. 01Small and thinly traded next to the category's giants. Spreads can be wider, which makes limit orders and mid-session trading worth the extra care.
  2. 02The peer shelf includes broad, deeply cheap alternatives such as VONV, VYM and IUSG at single-digit basis points. You are paying up for the factor rulebook.
  3. 03Distributions land annually or semiannually, not monthly, so this is a growth-mandate fund rather than an income schedule.

RWLC Holdings

As of Sep 20, 2026, 6:24 AM
Asset class
Stocks
Holdings
114
Top-10 weight
38%
Largest holding
AAPL9.2%

Sectors

  • Technology42.0%
  • Financials12.7%
  • Health Care12.6%
  • Communication9.0%
  • Consumer Discr.8.8%
  • Energy6.2%
  • Cons. Staples4.2%
  • Materials2.0%
  • Industrials1.8%
  • Real Estate0.7%

Geography

  • United States99.07%
  • Switzerland0.69%
  • Bermuda0.24%
The fund’s holdings, weight-ordered — page 1 of 7.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AAPLAPPLE INC9.17%27,627$9M707
002NVDANVIDIA CORP6.60%30,329$7M828
003GOOGLALPHABET INC-CL A3.69%10,641$4M704
004GOOGALPHABET INC-CL C3.27%9,539$3M471
005MUMICRON TECHNOLOGY INC3.03%3,081$3M655
006MSFTMICROSOFT CORP2.90%5,916$3M792
007MAMASTERCARD INC - A2.58%4,594$3M512
008AMZNAMAZON.COM INC2.28%9,071$2M720
009GILDGILEAD SCIENCES INC2.06%13,876$2M482
010LLYELI LILLY & CO1.99%1,754$2M569
011LRCXLAM RESEARCH CORP1.98%7,058$2M591
012DELLDELL TECHNOLOGIES -C1.98%3,421$2M427
013VLOVALERO ENERGY CORP1.96%4,767$2M395
014MOALTRIA GROUP INC1.89%27,235$2M369
015ADBEADOBE INC1.83%7,435$2M475

Showing 1–15 of 100 holdings

RWLC Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

RWLC$11,822
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. RWLC $11,822. SPY $11,723. Use the arrow keys to read each point.$9,186$10,643$12,101Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for RWLC. Periods over one year show the average yearly return.
PeriodRWLC
Year to date+18.0%
1 month+1.1%
3 months+5.6%
1 year+18.2%
3 years+25.1%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for RWLC
YearReturn barRWLC
2026 YTD+18.0%
2025+20.1%
2024+28.6%
2023+14.4%
2022−12.4%
2021+2.0%

History from Dec 16, 2021

RWLC in the news

ETF.net Research hasn’t filed on RWLC yet — coverage lands here as it’s written.

RWLC Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
12.45%Last 12 months
Payout per share
$4.88Last 12 months
Last payment
$4.88 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 28, 2022 $0.31; Dec 28, 2023 $0.41; Dec 30, 2024 $0.31; Dec 30, 2025 $4.88. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 7, 2026$4.88
Dec 30, 2024Jan 7, 2025$0.31
Dec 28, 2023Jan 5, 2024$0.41
Dec 28, 2022Jan 6, 2023$0.31
Dec 29, 2021Jan 6, 2022Data unavailable

RWLC Risk

How much the fund’s monthly returns vary, scaled to a year.
11.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.47
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−21.0%
57 months · trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.84
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

RWLC Cost

Expense ratio0.32%
  • The middle half of US Large-Cap funds
  • Median 0.20%

16 of the 28 US Large-Cap funds charge less.

RWLC costs $32.00 a year on $10,000. The median US Large-Cap fund costs $20.00.