Rayliant

The AI trade doesn’t have to be framed as a choice between the U.S. and China. In this excerpt from the recent Lead-Lag Media webinar, Rayliant CIO @hsu_jason discusses why both countries are protecting their domestic AI industries—and why the question may be less about replacing U.S. tech exposure than considering opportunities in both markets. Watch Jason’s take on the AI trade beyond the U.S. The views expressed are those of Jason Hsu, CIO of Rayliant Investment Research, from a September 30, 2026 webinar hosted by Lead-Lag Media, and are subject to change. They are for informational purposes only and are not investment advice or a recommendation to buy or sell any security. Lead-Lag Media is not affiliated with Rayliant. Opinions and forward-looking statements are not guarantees of future results. Investing involves risk, including possible loss of principal. The Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) is non-diversified and concentrated in Chinese technology companies. Investments in China involve heightened risks, including political, regulatory, economic, currency, and liquidity risks. Shares are bought and sold at market price, not NAV, and brokerage commissions will reduce returns. Investors should consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained at na2.hubs.ly/H08NhVt0. The Rayliant-ChinaAMC Transformative China Tech ETF is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Rayliant is not affiliated with Northern Lights Distributors, LLC.

Election night gives us a result. It doesn’t give us a market forecast. The S&P 500 has historically averaged more than 17.5% in the 12 months after midterms. But individual years have looked very different—and an election outcome is only one of many forces shaping returns. In the latest Perspectives, Phil Wool looks at what the post-midterm numbers show, and why they’re not a signal to time the market. Disclosure: Phillip Wool is Chief Research Officer at Rayliant Investment Research. The opinions expressed are those of the author as of the date of publication, are subject to change without notice, and should not be construed as investment advice or a recommendation to buy or sell any security. Indices are unmanaged and cannot be invested in directly. Past performance is not indicative of future results. Swipe through, then read the full article: na2.hubs.ly/H08KJRW0 #midterm #markets #investing

As competition among AI models intensifies, where could businesses capture lasting value? Rayliant Founder and CIO @hsu_jason joined @CNBC to share his outlook for AI infrastructure and China’s role in hardware—and explain why creating value doesn’t always translate into profits. He also discussed the memory-chip cycle, including how expanding Chinese supply could pressure chip pricing. Disclosure: For informational purposes only and not investment advice, an offer, or a recommendation to buy or sell any security. Views expressed are those of the speaker as of October 26, 2026 and are subject to change without notice. Securities discussed were selected as topics of the interview and not on the basis of performance; it should not be assumed that any investment in the securities discussed was or will be profitable. Rayliant Investment Research and its affiliates, and funds or accounts they manage, may hold positions in the securities discussed, and such positions may change at any time. Current holdings of Rayliant’s ETFs are available at na2.hubs.ly/H08Fj1j0. No representation is made regarding future results. Rayliant is not affiliated with CNBC and did not compensate CNBC for this appearance; the appearance is not an endorsement of Rayliant or its services. na2.hubs.ly/H08Fjdv0

A market update can tell a client what changed. It cannot, on its own, tell them whether they’re still on track for the life they want. In his latest Bridge piece, Jason Hsu argues that enduring trust is built when advisors move the conversation beyond benchmarks and help clients feel confident in their plan. Views expressed are those of Jason Hsu and are for informational purposes only. They are not investment advice or a recommendation to buy or sell any security. Read Jason’s perspective on his LinkedIn Newsletter: linkedin.com/pulse/happy-pla…

Private credit can be a sound approach to lending. But loans that take years to repay cannot always support the withdrawal timetable investors expect. Recent redemption limits have brought that tension into focus. In a recent Perspectives, Ben Ashby draws on two cautionary tales to examine where risk lands when it leaves the banking system—and what advisors should ask about income, valuations, and liquidity. Disclosures: Ben Ashby is Head of Fixed Income & Foreign Exchange at Rayliant Investment Research (“RIR”), an SEC-registered investment adviser; registration does not imply any level of skill or training. He is employed by @HendersonRowe Limited, an affiliate of RIR, and is a member of Sowell Management’s OCIO team. This material is informational only; it is not investment, tax or legal advice, or an offer or solicitation to buy or sell any security, and does not consider any investor’s individual objectives, financial situation or needs. Investors should consult their financial professional before making investment decisions. Views are the author’s as of the publication date and may change. Past performance does not guarantee future results. Third-party data is believed reliable but not guaranteed. Swipe through the key takeaways from “Squeezing the Balloon,” and read the full article: na2.hubs.ly/H08psm80 #PrivateCredit #PortfolioRisk #Perspectives

The global technology conversation doesn't begin and end in Silicon Valley. @hsu_jason, Founder & CIO of Rayliant, shares why he believes China belongs in that conversation. CNQQ seeks to provide exposure to Chinese companies involved in transformative technology across industries, beyond AI alone. Views expressed are Jason Hsu's as of August 17, 2026 and are subject to change. For informational purposes only and not a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. The Fund is non-diversified and concentrated in Chinese technology companies. Investments in China involve heightened risks, including political, regulatory, economic, currency, and liquidity risks. Shares are bought and sold at market price, not NAV, and brokerage commissions will reduce returns. Investors should consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained at na2.hubs.ly/H08kfVD0. The Rayliant-ChinaAMC Transformative China Tech ETF is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Rayliant is not affiliated with Northern Lights Distributors, LLC.

The AI buildout raises big questions about how growth will be financed. Rayliant’s Chief Research Officer @Phillip Wool weighs in for @BBC News as Nvidia-backed Firmus withdraws its IPO, highlighting financing risks investors should consider. Read Phil’s perspective: na2.hubs.ly/H08jFNk0

From the dollar to AI, there was a lot to unpack in San Antonio this week! @hsu_jason joined CFA Society San Antonio on Tuesday for “The New World Order,” exploring the forces shaping the U.S.–China relationship—from trade and debt to demographics and technology. A big thank-you to the CFA San Antonio team for hosting and to everyone who came out. Here are a few moments from the event! Views expressed by Dr. Hsu at the event are his own opinions as of the date presented, are not investment advice, and may change without notice.

What could the Firmus IPO signal about the next wave of AI infrastructure funding? Rayliant’s Phillip Wool shared his perspectives in a recent post following a conversation with @Bloomberg News. Read on for Phil's take: na2.hubs.ly/H08hcD00 Bloomberg's Article (subscription required): na2.hubs.ly/H08hcD10 Views expressed are those of Phil Wool as of the date of publication, are subject to change, and do not constitute investment advice or a recommendation regarding any security. #AI #IPO

A benchmark can measure relative performance. It can’t tell an advisor whether a client is on track for retirement. In his latest offering for The Bridge, Rayliant CIO Dr. Jason Hsu @hsu_jason questions the habit of defining advisory success by whether a portfolio beats the S&P 500. When a client is already ahead of plan, the more useful conversation may be about their goals—and how much risk they still need to take. Click the link to read “Beyond the Benchmark Trap” for Jason’s perspective on what it means to win for a client. linkedin.com/pulse/beyond-be…

Home bias didn't feel like a bias when it was working. From 2010 through 2024, U.S. equities meaningfully outperformed global stocks. More recently, however, market leadership has shifted—and emerging markets themselves look very different than they did a decade ago. In the latest Perspectives, Rayliant CRO Phil Wool asks whether investors are evaluating international markets as they are today, or through the lens of yesterday's winning cycle. Phillip Wool, Ph.D., is Chief Research Officer at Rayliant Investment Research. The opinions expressed are those of the author as of the date of publication, are subject to change without notice, and should not be construed as investment advice or a recommendation to buy or sell any security. Index data sourced from MSCI and S&P Dow Jones Indices as of June 30, 2026. Indices are unmanaged, cannot be invested in directly, and do not reflect fees, expenses, or taxes. Past performance is not indicative of future results. Swipe through for the key takeaways, and read the full article: bit.ly/3UW6Hbw #GlobalInvesting #EmergingMarkets #Portfolio

One year of CNQQ. China inspires strong opinions. It also raises important questions for investors: Where is innovation taking shape? Which industries are changing? And how do the opportunities stack up against the risks? As CNQQ marks its first year on @Nasdaq, Rayliant and @ChinaAMC_HQ remain focused on bringing a broader view of China’s innovation economy to that discussion. Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. This and other information is in the prospectus, available at na2.hubs.ly/H083c2s0 or (866) 949-4945. Read it carefully before investing. Investing involves risk, including possible loss of principal. The Fund invests in Chinese technology companies and is subject to China, emerging markets, currency, sector concentration, and non-diversification risks. Distributed by Northern Lights Distributors, LLC, Member FINRA. Explore CNQQ: na2.hubs.ly/H083c3b0

China’s strongest companies may have proven they can compete. The next question is whether they will be allowed to. Rayliant CIO @hsu_jason discusses how export controls could restrict competitive Chinese companies such as BYD from reaching major international markets. He also looks to the rise of Japan’s auto industry—and Toyota’s eventual success in the U.S.—as a historical parallel. Views as of August 17, 2026 and subject to change. For informational purposes only. Not investment advice or a recommendation to buy or sell any security. Companies referenced are discussed for illustrative purposes only; Rayliant strategies may hold positions in securities mentioned. Investing involves risk, including possible loss of principal. #China #GlobalTrade #ExportControls #Geopolitics #Investing

Where does China fit within portfolios already dominated by the Magnificent 7? Join @leadlagreport and Rayliant Founder and CIO @hsu_jason for a live webinar: Mag 7 Meets China: Investing in a G2 World with CNQQ. Hear perspectives on how China can complement U.S.-centric technology allocations, where opportunities may be emerging beyond AI and traditional tech, and how CNQQ seeks to capture China’s next generation of innovative companies. Wednesday, September 30 10:00AM ET / 7AM PT Register: na2.hubs.ly/H0819s60 “Magnificent Seven,” or “Mag 7,” is an informal term referring to Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla. Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ). Before investing in any ETF, it is critical for investors to carefully consider the fund's investment objectives, risks, charges and expenses. To obtain a full or summary Prospectus, which contains this and other information, please visit na2.hubs.ly/H0819s70. Please read the Prospectus carefully before investing. Investing involves risk, including possible loss of principal. The Fund is non-diversified and is concentrated in China and technology-related industries. Investments in Chinese issuers are subject to government intervention, policy shifts, currency and emerging markets risks. Distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Lead-Lag Publishing, LLC has been paid a fee in connection with the promotion of this event.

When the conversation turns to China’s less-followed sectors, Dr. Jason Hsu @hsu_jason points to Biotech. In this clip, Jason also describes what he feels e-commerce firms like Alibaba and Tencent need to demonstrate before global investors begin evaluating them more like Amazon—particularly their ability to turn data and computing power into a broader #AI advantage. This video is an excerpt from an interview recorded on August 17, 2026 and is provided for informational purposes only. Views expressed are those of Jason Hsu as of the recording date and are subject to change without notice. Nothing herein is investment advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. Rayliant-managed portfolios held securities of Alibaba and Tencent as of August 17, 2026; holdings are subject to change. #Biotech #ChinaTech #Alibaba #Tencent #GlobalMarkets

The AI gap may be closing. The S&P 500’s concentration risk is already here. In a wide-ranging conversation with Excess Returns, Rayliant CIO @hsu_jason discusses China’s AI progress, the economics behind the global #AI spending race, momentum crashes and how machine learning can help build more diversified portfolios. The conversation also explores a bigger question for financial advisors: Is the goal to keep generating more wealth—or help clients decide when they have enough? Rayliant Investment Research is an SEC-registered investment adviser; registration does not imply any level of skill or training. Views expressed are those of the speakers as of the recording date, are subject to change, and are not investment advice or a recommendation to buy or sell any security. Statements by the podcast hosts are their own; the hosts are not clients of Rayliant and received no compensation, and their comments are not an endorsement of Rayliant or an indication of any investor's experience. Discussion of portfolio construction is general and does not reflect the performance of any Rayliant fund or strategy. Past performance does not guarantee future results. Investing involves risk, including possible loss of principal. Watch the full episode: na2.hubs.ly/H07_1Q-0 #ArtificialIntelligence #China #Investing

Can China’s stock market mature into a market that behaves more like the S&P 500? Rayliant CIO @hsu_jason believes China’s leading companies are already reinventing themselves, expanding and compounding earnings. However, retail-driven volatility can mask that underlying growth and reinforce the perception that Chinese A-shares are primarily a cyclical market. Jason explains that more stable valuation ranges could help China’s A-share market mature over time. Views as of August 17, 2026 and subject to change. For informational purposes only. Not investment advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. #China #ChineseEquities #AShares #Investing #MarketOutlook