MFEM vs. RAYE ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) to The Advisors' Inner Circle Fund III Rayliant Quantamental Emerging Market Equity ETF (RAYE)

MFEM

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

MFEM Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor Emerging Markets Index. The underlying index is constructed by RAFI Indices, LLC using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality and momentum.

Grade (RS Rating)

Last Trade

$19.65

Average Daily Volume

11,427

Number of Holdings ^*

* may have additional holdings in another (foreign) market

RAYE

The Advisors' Inner Circle Fund III Rayliant Quantamental Emerging Market Equity ETF

RAYE Description

The Advisors' Inner Circle Fund III - Rayliant Quantamental Emerging Market Equity ETF is an exchange traded fund launched by The Advisors Inner Circle Fund III. The fund is managed by Rayliant Investment Research. It invests in public equity markets of global emerging region. The fund invests in stocks of companies operating across diversified sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. It invests in stocks of companies that are deemed socially conscious in their business dealings and directly promote environmental responsibility. The fund employs fundamental and quantitative analysis to create its portfolio. The fund employs proprietary and external research to create its portfolio. The Advisors' Inner Circle Fund III - Rayliant Quantamental Emerging Market Equity ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$25.23

Average Daily Volume

5,535

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MFEM	RAYE
30 Days	-2.92%	-3.02%
60 Days	-0.81%	-4.60%
90 Days	-1.06%	-4.99%
12 Months	12.05%	18.59%

8 Overlapping Holdings

Symbol	Grade	Weight in MFEM	Weight in RAYE	Overlap
BRFS	D	0.13%	0.43%	0.13%
CAR	C	0.05%	0.64%	0.05%
KB	B	0.42%	0.24%	0.24%
KEP	B	0.32%	0.48%	0.32%
KT	A	0.33%	0.24%	0.24%
SBLK	F	0.05%	0.9%	0.05%
SHG	D	0.68%	0.21%	0.21%
SKM	D	0.27%	0.41%	0.27%

MFEM Overweight 15 Positions Relative to RAYE

Symbol	Grade	Weight
VALE	F	0.54%
TME	D	0.46%
CHT	D	0.4%
PDD	F	0.25%
VIPS	F	0.23%
BCH	F	0.16%
GGB	C	0.15%
LPL	F	0.13%
SBSW	D	0.11%
YUMC	C	0.1%
SGRP	D	0.09%
FN	D	0.09%
SIMO	D	0.04%
ZTO	F	0.04%
AKO.A	F	0.02%

MFEM Underweight 3 Positions Relative to RAYE

Symbol	Grade	Weight
IBN	C	-1.15%
HDB	C	-0.54%
MELI	D	-0.2%