The RAYJ ETF pursued long-term capital growth through an active strategy focused on stocks of issuers based in Japan, combining local research with the judgment of quantitative models. It uses the TOPIX, which reflects the Japanese equity market as a whole, as its benchmark.

It can serve as a reference for investors who want to understand how an active approach to Japanese stocks is structured, but before placing any new trade, they should first confirm the liquidation status and whether the fund can still be traded.

This is an actively managed ETF operated by Rayliant SMDAM.

It is an active strategy that invests mainly in stocks of issuers based in Japan and seeks long-term capital growth by combining local analytical capability with the judgment of quantitative models. Because the fund concentrates on a single country, changes in the Japanese equity market and the currency environment can affect its net asset value.

• A combination of local research and quantitative models
• An active approach focused on the Japanese equity market

Assets under management (AUM) stand at $24.4M, and the total expense ratio is 0.72% per year.

According to the official notices, this product has gone through delisting and liquidation procedures, so investors should first check how the fund is handled after trading ends, rather than comparing liquidity or costs as they would for an ordinary exchange-traded fund.

During a liquidation phase, the usual performance trend may not fully reflect the results of the original investment strategy. The official supplemental notice states that, to facilitate the liquidation, the fund may hold cash or highly liquid assets, in which case it may be managed differently from its previous strategy.

After a delisting announcement, market prices and tradability may form differently from those of a normally operating exchange-traded fund. Holders should review the end of trading and the cash distribution procedures described in the official notices, and separately check their own account conditions and the tax implications.

The fund is characterized by active management concentrated on Japanese stocks and a combination of local analysis, but its delisting and ongoing liquidation limit its practical usefulness today.

The EWY ETF shown in the table offers exposure to the Korean equity market, so its country composition differs from a Japan-focused strategy. The EWJ ETF is a passive option that gives broad access to the Japanese equity market, and the BBJP ETF and FLJP ETF can also be compared as low-cost Japanese equity alternatives. The FLKR ETF can serve as a reference when widening the scope to the Korean equity market to check country diversification. However, the RAYJ ETF is under delisting and liquidation notices, so it is hard to regard it as an alternative for new purchases.

According to the official notices, the RAYJ ETF has been announced to be in the process of ending trading and liquidating. Therefore, before comparing it with other Japanese equity products, investors should first check practical items such as whether they hold it in their accounts, whether it can be traded, and how the cash distribution is handled.

After delisting, it is hard to assume that an on-exchange trading market will be maintained, and during the liquidation process the fund may also be managed differently from its original strategy. Moves in the Japanese equity market, exchange rate changes, and geopolitical variables can affect the fund's value and cash distributions before and after liquidation.

The RAYJ ETF was designed as an active strategy combining Japanese stock analysis with quantitative models, but at present the liquidation-related notices are the starting point for any investment decision. Rather than buying new shares, it is appropriate to check the holding status and how the fund is handled after trading ends, and, if exposure to Japanese stocks is needed, to compare alternatives that are still trading normally.