ONEQ vs. RAYD ETF Comparison

Comparison of Fidelity Nasdaq Composite Index Tracking Stock (ONEQ) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

ONEQ

Fidelity Nasdaq Composite Index Tracking Stock

ONEQ Description

ONEQ tracks only Nasdaq-listed companies and ignores those trading on the NYSE or other exchanges. The funds underlying index comprises all domestic and international companies listed in Nasdaq. ONEQs portfolio may favor technology firms, which in the past have dominated the Nasdaq market. This is at the expense of energy, industrials, financials and other industries. Its heavy weightings to large-cap firms may increase single-stock blowup risk. Much like the market it aims to track, ONEQ is essentially a growth play, carrying elevated P/E and P/B ratios and paying smaller dividends. This exposure has translated to higher market risk. ONEQ uses a sampling strategy to track its index, which is reconstituted and rebalanced daily.

Grade (RS Rating)

Last Trade

$71.45

Average Daily Volume

295,593

Number of Holdings ^*

850

* may have additional holdings in another (foreign) market

RAYD

The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF

RAYD Description

The Advisors' Inner Circle Fund III - Rayliant Quantitative Developed Market Equity ETF is an exchange traded fund launched by The Advisors Inner Circle Fund III. The fund is managed by Rayliant Investment Research. The fund invests in public equity markets across global developed 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 quantitative analysis to create its portfolio. The fund employs proprietary and external research to create its portfolio. The Advisors' Inner Circle Fund III - Rayliant Quantitative Developed Market Equity ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$30.88

Average Daily Volume

6,165

Number of Holdings ^*

108

* may have additional holdings in another (foreign) market

Performance

Period	ONEQ	RAYD
30 Days	3.39%	2.15%
60 Days	4.50%	5.88%
90 Days	2.34%	4.93%
12 Months	38.67%	33.74%

53 Overlapping Holdings

Symbol	Grade	Weight in ONEQ	Weight in RAYD	Overlap
AAPL	C	11.98%	5.33%	5.33%
ADP	C	0.39%	0.52%	0.39%
ALNY	C	0.12%	0.39%	0.12%
AMZN	C	6.94%	3.22%	3.22%
APP	C	0.13%	0.34%	0.13%
BKNG	B	0.46%	2.15%	0.46%
CHKP	B	0.07%	0.29%	0.07%
COKE	C	0.04%	0.78%	0.04%
COST	C	1.38%	2.43%	1.38%
CRWD	D	0.24%	0.45%	0.24%
CVLT	B	0.02%	0.5%	0.02%
CYBR	B	0.04%	0.16%	0.04%
DASH	B	0.19%	0.22%	0.19%
DBX	C	0.02%	0.18%	0.02%
DOCU	C	0.04%	0.2%	0.04%
DXCM	F	0.1%	0.19%	0.1%
ERIE	B	0.09%	0.23%	0.09%
EXEL	C	0.03%	0.51%	0.03%
FANG	F	0.11%	0.22%	0.11%
FTNT	B	0.2%	0.19%	0.19%
GOOG	D	3.18%	0.37%	0.37%
GOOGL	D	3.31%	2.68%	2.68%
GRAB	B	0.05%	0.27%	0.05%
INTC	D	0.32%	0.3%	0.3%
LOGI	D	0.05%	0.22%	0.05%
LPLA	D	0.06%	0.2%	0.06%
LULU	D	0.11%	0.16%	0.11%
MANH	B	0.06%	0.2%	0.06%
MEDP	F	0.04%	0.53%	0.04%
MELI	C	0.37%	1.29%	0.37%
META	B	4.23%	1.46%	1.46%
MNDY	C	0.05%	0.18%	0.05%
MORN	C	0.05%	0.66%	0.05%
MSFT	C	11.17%	5.03%	5.03%
MU	D	0.35%	0.62%	0.35%
NFLX	B	1.04%	0.57%	0.57%
NTAP	D	0.08%	0.22%	0.08%
NVDA	C	9.83%	5.38%	5.38%
PANW	D	0.38%	0.4%	0.38%
RGLD	C	0.04%	0.2%	0.04%
RPRX	C	0.04%	0.19%	0.04%
SFM	B	0.04%	0.92%	0.04%
STX	B	0.08%	0.2%	0.08%
TEAM	D	0.09%	0.33%	0.09%
TMUS	B	0.78%	0.29%	0.29%
TW	B	0.05%	0.26%	0.05%
UTHR	B	0.05%	0.19%	0.05%
VRSK	D	0.13%	0.53%	0.13%
VRSN	C	0.06%	0.26%	0.06%
WFRD	F	0.03%	0.4%	0.03%
WING	C	0.04%	0.26%	0.04%
WWD	C	0.03%	0.17%	0.03%
XRX	D	0.01%	0.23%	0.01%

ONEQ Overweight 797 Positions Relative to RAYD

Symbol	Grade	Weight
AVGO	C	2.73%
TSLA	C	2.63%
AMD	C	0.87%
ADBE	F	0.8%
PEP	D	0.79%
LIN	B	0.76%
CSCO	B	0.72%
QCOM	D	0.65%
TXN	B	0.63%
INTU	D	0.62%
AMGN	D	0.62%
ISRG	C	0.59%
AMAT	D	0.55%
CMCSA	C	0.53%
HON	C	0.45%
REGN	D	0.42%
VRTX	D	0.41%
ADI	C	0.39%
SBUX	C	0.38%
LRCX	D	0.35%
KLAC	D	0.35%
GILD	B	0.35%
MDLZ	C	0.34%
CEG	C	0.28%
EQIX	B	0.28%
CTAS	C	0.27%
SNPS	F	0.27%
CME	B	0.27%
PYPL	B	0.27%
ASML	F	0.26%
CDNS	D	0.25%
MAR	B	0.23%
PDD	D	0.23%
MRVL	D	0.22%
CSX	C	0.22%
ORLY	B	0.22%
ABNB	D	0.2%
NXPI	D	0.2%
ROP	C	0.2%
ADSK	B	0.19%
PCAR	D	0.18%
MNST	D	0.18%
WDAY	D	0.18%
AEP	C	0.18%
CPRT	D	0.17%
TTD	B	0.17%
KDP	B	0.17%
ROST	C	0.17%
PAYX	C	0.16%
CHTR	D	0.16%
FAST	C	0.15%
NDAQ	C	0.15%
MPWR	B	0.15%
ACGL	B	0.15%
AZN	D	0.15%
MCHP	D	0.14%
GEHC	B	0.14%
IDXX	D	0.14%
KHC	C	0.14%
ODFL	D	0.14%
XEL	B	0.13%
CTSH	B	0.13%
EXC	B	0.13%
COIN	F	0.12%
DDOG	D	0.12%
BKR	C	0.12%
CCEP	C	0.12%
EA	D	0.12%
EBAY	B	0.11%
ON	D	0.11%
CSGP	D	0.11%
AXON	B	0.1%
CDW	D	0.1%
BIIB	F	0.1%
TSCO	B	0.1%
WTW	B	0.1%
ZS	F	0.09%
SBAC	C	0.09%
MRNA	F	0.09%
FSLR	C	0.09%
MSTR	C	0.09%
FITB	B	0.09%
TTWO	D	0.09%
FCNCA	D	0.09%
SMCI	F	0.09%
ANSS	D	0.09%
GFS	F	0.08%
ILMN	D	0.08%
WDC	C	0.08%
TROW	C	0.08%
TER	C	0.08%
ICLR	F	0.08%
ZBRA	B	0.07%
PFG	B	0.07%
TCOM	B	0.07%
ALGN	D	0.07%
CINF	C	0.07%
PTC	C	0.07%
HBAN	B	0.07%
WBD	D	0.07%
MDB	D	0.07%
NTRA	C	0.06%
ENPH	D	0.06%
JBHT	D	0.06%
ENTG	D	0.06%
UAL	B	0.06%
PODD	C	0.06%
EXPE	C	0.06%
ARGX	B	0.06%
ZM	C	0.06%
SMMT	D	0.06%
SSNC	C	0.06%
HOLX	D	0.06%
ARM	C	0.06%
SNY	B	0.06%
HOOD	C	0.06%
ULTA	D	0.06%
NTRS	C	0.06%
STLD	C	0.06%
DKNG	C	0.06%
EXAS	D	0.05%
CASY	D	0.05%
VTRS	D	0.05%
POOL	C	0.05%
FLEX	B	0.05%
BMRN	F	0.05%
NDSN	C	0.05%
JD	A	0.05%
TRMB	C	0.05%
LNT	A	0.05%
SWKS	F	0.05%
BSY	C	0.05%
AKAM	D	0.05%
NTNX	D	0.05%
DLTR	F	0.05%
IBKR	B	0.05%
CPB	C	0.05%
CG	C	0.05%
TXRH	B	0.04%
NWSA	D	0.04%
MKTX	D	0.04%
NTES	D	0.04%
HAS	B	0.04%
CHK	C	0.04%
LAMR	B	0.04%
QRVO	F	0.04%
PPC	D	0.04%
INSM	D	0.04%
EWBC	C	0.04%
CHRW	B	0.04%
FFIV	B	0.04%
JKHY	B	0.04%
BNTX	C	0.04%
SAIA	D	0.04%
Z	C	0.04%
PAA	D	0.04%
NBIX	F	0.04%
HST	D	0.04%
AFRM	D	0.04%
GLPI	C	0.04%
BIDU	C	0.04%
RIVN	F	0.04%
SRPT	F	0.04%
INCY	C	0.04%
OKTA	F	0.04%
TTEK	C	0.04%
PCVX	C	0.04%
REG	C	0.04%
TECH	C	0.04%
EVRG	B	0.04%
UFPI	C	0.03%
HLNE	B	0.03%
ENSG	D	0.03%
LNTH	D	0.03%
MAT	D	0.03%
REYN	C	0.03%
HALO	D	0.03%
AMKR	F	0.03%
FOX	B	0.03%
WSC	D	0.03%
MIDD	C	0.03%
GLBE	C	0.03%
ACHC	D	0.03%
XP	D	0.03%
MKSI	F	0.03%
RVMD	C	0.03%
LSCC	D	0.03%
RGEN	F	0.03%
CELH	F	0.03%
VKTX	D	0.03%
MMYT	D	0.03%
WYNN	C	0.03%
LBRDK	C	0.03%
HSIC	C	0.03%
SPSC	D	0.03%
WBA	F	0.03%
CROX	C	0.03%
NICE	D	0.03%
MTSI	C	0.03%
CHRD	F	0.03%
ITCI	D	0.03%
PARA	D	0.03%
CZR	C	0.03%
SAIC	C	0.03%
WTFC	C	0.03%
ASND	C	0.03%
FOXA	B	0.03%
AAON	B	0.03%
CBSH	D	0.03%
LCID	C	0.03%
SOFI	D	0.03%
CHDN	D	0.03%
APA	F	0.03%
WIX	C	0.03%
SEIC	B	0.03%
DOX	C	0.03%
FYBR	C	0.03%
OLED	D	0.03%
OTEX	D	0.03%
ROKU	D	0.03%
PCTY	D	0.03%
LKQ	F	0.03%
LNW	F	0.03%
LECO	D	0.03%
BRKR	D	0.03%
DUOL	C	0.03%
BGNE	B	0.03%
MTCH	C	0.03%
PATK	C	0.02%
RMBS	F	0.02%
ALKT	D	0.02%
APLS	F	0.02%
CALM	B	0.02%
VICR	C	0.02%
LOPE	D	0.02%
RNA	D	0.02%
SATS	C	0.02%
ROAD	C	0.02%
RUSHA	C	0.02%
TCBI	C	0.02%
ADMA	C	0.02%
TBBK	C	0.02%
CVCO	B	0.02%
CLBT	C	0.02%
FOLD	F	0.02%
BANF	C	0.02%
SLAB	D	0.02%
AEIS	D	0.02%
NMIH	C	0.02%
CRSP	F	0.02%
IPAR	D	0.02%
KTOS	B	0.02%
VOD	C	0.02%
NEOG	D	0.02%
PTEN	F	0.02%
PLXS	B	0.02%
LI	D	0.02%
AUR	C	0.02%
VCTR	B	0.02%
TFSL	D	0.02%
MARA	D	0.02%
RKLB	C	0.02%
IBOC	D	0.02%
IAC	C	0.02%
GLNG	B	0.02%
PCH	C	0.02%
INTA	C	0.02%
SANM	D	0.02%
QLYS	D	0.02%
IMVT	F	0.02%
XRAY	D	0.02%
IESC	B	0.02%
CRNX	D	0.02%
OPCH	C	0.02%
COLM	C	0.02%
LITE	B	0.02%
APPF	C	0.02%
CNXC	F	0.02%
ACLX	C	0.02%
WMG	D	0.02%
BGC	D	0.02%
CHCI	B	0.02%
RUN	D	0.02%
STEP	B	0.02%
BECN	F	0.02%
LYFT	D	0.02%
SITM	B	0.02%
FIZZ	D	0.02%
LEGN	F	0.02%
BLKB	C	0.02%
LANC	F	0.02%
CFLT	F	0.02%
ONB	D	0.02%
HCP	A	0.02%
SRCL	B	0.02%
VLY	D	0.02%
KRYS	D	0.02%
DNLI	C	0.02%
HTHT	C	0.02%
CRDO	D	0.02%
ITRI	C	0.02%
SBRA	C	0.02%
PECO	C	0.02%
HWC	D	0.02%
SGRY	D	0.02%
AXSM	C	0.02%
CACC	F	0.02%
EEFT	F	0.02%
PRCT	C	0.02%
LSTR	D	0.02%
ICUI	C	0.02%
STRL	C	0.02%
ALKS	D	0.02%
BPMC	F	0.02%
VRRM	D	0.02%
SLM	C	0.02%
MDGL	F	0.02%
ALTR	C	0.02%
CORT	B	0.02%
COOP	C	0.02%
ASO	D	0.02%
FELE	B	0.02%
RDNT	B	0.02%
FIVE	D	0.02%
RARE	C	0.02%
TMDX	C	0.02%
EXLS	B	0.02%
BBIO	F	0.02%
ALGM	D	0.02%
TIGO	B	0.02%
TENB	F	0.02%
UBSI	D	0.02%
CWST	D	0.02%
AVAV	C	0.02%
CHX	F	0.02%
GNTX	D	0.02%
UMBF	C	0.02%
SHC	C	0.02%
ACIW	B	0.02%
SIGI	D	0.02%
PI	B	0.02%
CYTK	F	0.02%
MMSI	C	0.02%
BPOP	C	0.02%
NSIT	C	0.02%
ZION	D	0.02%
QXO	F	0.02%
VRNS	B	0.02%
NXST	D	0.02%
AGNC	B	0.02%
COLB	B	0.02%
EXPO	B	0.02%
CRVL	B	0.02%
PNFP	C	0.02%
CRUS	D	0.02%
TPG	C	0.02%
BCPC	C	0.02%
IEP	F	0.02%
PEGA	B	0.02%
RCM	C	0.02%
AAL	D	0.02%
JAZZ	D	0.02%
CGNX	F	0.02%
ETSY	D	0.02%
MASI	C	0.02%
FFIN	C	0.02%
ACT	C	0.02%
FRHC	C	0.02%
CSWI	B	0.02%
NUVL	D	0.02%
FRPT	C	0.02%
IONS	F	0.02%
HQY	C	0.02%
FUTU	A	0.02%
OLLI	C	0.02%
LFUS	C	0.02%
BOKF	C	0.02%
NOVT	D	0.02%
GTLB	D	0.02%
EBTC	B	0.01%
GRFS	C	0.01%
CIFR	D	0.01%
AMWD	C	0.01%
TRDA	D	0.01%
BASE	F	0.01%
IRON	C	0.01%
LBRDA	C	0.01%
PYCR	D	0.01%
IQ	D	0.01%
HAFC	D	0.01%
JACK	F	0.01%
MOMO	B	0.01%
GDEN	D	0.01%
TTGT	F	0.01%
LQDA	F	0.01%
SRCL	B	0.01%
JBSS	F	0.01%
OABI	F	0.01%
NNDM	C	0.01%
FLYW	F	0.01%
GSM	F	0.01%
CNSL	A	0.01%
SCHL	D	0.01%
ISTR	B	0.01%
PLAY	D	0.01%
RIOT	F	0.01%
ICHR	D	0.01%
ASTL	B	0.01%
CNTA	C	0.01%
NRIX	D	0.01%
CBRL	D	0.01%
NEXT	F	0.01%
IMNM	F	0.01%
FFIC	D	0.01%
BCBP	C	0.01%
EYE	F	0.01%
PLYA	D	0.01%
ESTA	D	0.01%
MNTK	D	0.01%
GLUE	F	0.01%
TRS	C	0.01%
MATW	F	0.01%
KELYA	D	0.01%
SOUN	D	0.01%
WVE	C	0.01%
WASH	C	0.01%
IREN	D	0.01%
GIII	D	0.01%
CVAC	F	0.01%
NNBR	C	0.01%
IMKTA	D	0.01%
ODP	F	0.01%
OPK	D	0.01%
CEVA	C	0.01%
WOOF	C	0.01%
EMBC	D	0.01%
BVS	C	0.01%
FWRG	F	0.01%
PHAT	C	0.01%
GMAB	F	0.01%
FLGT	F	0.01%
KRNT	A	0.01%
SVRA	D	0.01%
SRRK	F	0.01%
ULCC	D	0.01%
SAVA	D	0.01%
CMCO	D	0.01%
KALU	D	0.01%
COMM	C	0.01%
PFC	D	0.01%
BCYC	D	0.01%
DHC	C	0.01%
PGNY	F	0.01%
LBPH	D	0.01%
SDGR	F	0.01%
SABR	C	0.01%
IBUY	A	0.01%
DLO	F	0.01%
VIR	F	0.01%
COHU	F	0.01%
BLMN	F	0.01%
TREE	C	0.01%
VRNT	F	0.01%
SPRY	C	0.01%
AVAH	D	0.01%
MRVI	D	0.01%
HTLD	F	0.01%
TVTX	C	0.01%
NVEE	F	0.01%
CNDT	C	0.01%
CDNA	C	0.01%
PDFS	D	0.01%
MLCO	C	0.01%
COLL	C	0.01%
NSSC	F	0.01%
WB	C	0.01%
RLAY	F	0.01%
PSNY	C	0.01%
PCT	C	0.01%
VSEC	D	0.01%
AMSF	C	0.01%
HBNC	D	0.01%
STAA	D	0.01%
WULF	C	0.01%
TARS	D	0.01%
IMCR	F	0.01%
TH	F	0.01%
SEDG	F	0.01%
GDYN	C	0.01%
AVO	C	0.01%
WABC	D	0.01%
AMED	D	0.01%
COGT	C	0.01%
HROW	C	0.01%
CLOV	D	0.01%
HTZ	F	0.01%
FWRD	D	0.01%
CRAI	C	0.01%
THRM	F	0.01%
ANAB	D	0.01%
IMTX	D	0.01%
CLSK	F	0.01%
ANIP	F	0.01%
APOG	B	0.01%
PEBO	D	0.01%
RDWR	C	0.01%
SPT	F	0.01%
PFBC	D	0.01%
TYRA	C	0.01%
INMD	D	0.01%
TRNS	D	0.01%
ARDX	D	0.01%
NFE	F	0.01%
DGII	D	0.01%
VITL	C	0.01%
UNIT	C	0.01%
NVAX	D	0.01%
UCTT	D	0.01%
MCRI	B	0.01%
RDFN	D	0.01%
VMEO	C	0.01%
ZLAB	C	0.01%
MRTN	D	0.01%
CSGS	C	0.01%
PLAB	D	0.01%
CENX	C	0.01%
AUPH	C	0.01%
SAFT	D	0.01%
MBUU	D	0.01%
SCSC	D	0.01%
ULH	D	0.01%
UDMY	F	0.01%
AOSL	D	0.01%
TCBK	D	0.01%
OCFC	B	0.01%
ECPG	D	0.01%
VRDN	B	0.01%
ATAT	B	0.01%
QNST	C	0.01%
INFN	B	0.01%
CAKE	B	0.01%
SIMO	F	0.01%
GABC	D	0.01%
INVA	C	0.01%
BLBD	D	0.01%
WINA	C	0.01%
DAWN	D	0.01%
ENVX	F	0.01%
TLRY	F	0.01%
INBK	D	0.01%
MYRG	F	0.01%
MSEX	C	0.01%
BCRX	D	0.01%
NAVI	D	0.01%
VECO	F	0.01%
SCVL	C	0.01%
CENTA	F	0.01%
FIVN	F	0.01%
ANDE	D	0.01%
AXNX	B	0.01%
DVAX	D	0.01%
RNW	D	0.01%
MNKD	C	0.01%
SNDX	F	0.01%
TTMI	D	0.01%
AKRO	D	0.01%
BILI	A	0.01%
RCKT	F	0.01%
LKFN	D	0.01%
PRDO	D	0.01%
IDCC	B	0.01%
PLUG	F	0.01%
CHEF	C	0.01%
OLPX	D	0.01%
PDCO	F	0.01%
HAIN	C	0.01%
AHCO	C	0.01%
ROIC	C	0.01%
MLKN	F	0.01%
NWBI	D	0.01%
APPN	C	0.01%
HLIT	C	0.01%
VERA	C	0.01%
IAS	D	0.01%
PAGP	D	0.01%
AY	B	0.01%
SUPN	D	0.01%
NVCR	F	0.01%
AMRK	C	0.01%
KURA	D	0.01%
IRTC	F	0.01%
SASR	C	0.01%
RPD	D	0.01%
GDS	C	0.01%
NEO	F	0.01%
MGNI	D	0.01%
ARVN	F	0.01%
DCOM	C	0.01%
SBLK	C	0.01%
WSBC	D	0.01%
DOOO	F	0.01%
BUSE	D	0.01%
XNCR	D	0.01%
TRUP	D	0.01%
CAR	D	0.01%
VBTX	C	0.01%
VRNA	C	0.01%
VC	F	0.01%
CNXN	B	0.01%
SKWD	B	0.01%
CASH	D	0.01%
SYBT	C	0.01%
GTX	D	0.01%
FRME	D	0.01%
PRVA	F	0.01%
CRTO	D	0.01%
HEES	D	0.01%
HOPE	D	0.01%
ATEX	C	0.01%
EXTR	C	0.01%
RRR	D	0.01%
LAUR	C	0.01%
CHCO	D	0.01%
EVCM	D	0.01%
PINC	D	0.01%
STRA	F	0.01%
OSW	C	0.01%
WERN	C	0.01%
JANX	D	0.01%
FTRE	F	0.01%
SPNS	D	0.01%
LGND	D	0.01%
NTCT	C	0.01%
RXST	D	0.01%
YY	C	0.01%
BEAM	F	0.01%
PTVE	D	0.01%
JBLU	C	0.01%
DNUT	F	0.01%
TRMK	D	0.01%
XPEL	D	0.01%
VIAV	C	0.01%
SBCF	D	0.01%
MGPI	F	0.01%
GGAL	C	0.01%
EFSC	D	0.01%
CPRX	C	0.01%
AZTA	F	0.01%
HPK	F	0.01%
STBA	D	0.01%
HRMY	B	0.01%
CLBK	D	0.01%
PTGX	C	0.01%
HURN	C	0.01%
ROCK	D	0.01%
LMAT	B	0.01%
TWST	D	0.01%
GT	F	0.01%
FFBC	D	0.01%
KLIC	D	0.01%
CMPR	F	0.01%
BANR	C	0.01%
MIRM	D	0.01%
ALHC	C	0.01%
ATRC	D	0.01%
WEN	C	0.01%
NMRK	B	0.01%
ADUS	C	0.01%
MYGN	D	0.01%
LGIH	D	0.01%
INDB	D	0.01%
MGRC	D	0.01%
DIOD	F	0.01%
MBIN	D	0.01%
FBNC	C	0.01%
ATSG	C	0.01%
ARCB	D	0.01%
VCYT	C	0.01%
KROS	C	0.01%
ALRM	F	0.01%
EWTX	C	0.01%
AMRX	C	0.01%
ACLS	F	0.01%
RBCAA	C	0.01%
PLTK	C	0.01%
VCEL	F	0.01%
NARI	F	0.01%
KYMR	C	0.01%
LIVN	D	0.01%
GOGL	C	0.01%
PRGS	A	0.01%
NBTB	D	0.01%
FROG	F	0.01%
MQ	F	0.01%
GSHD	C	0.01%
FRSH	F	0.01%
MRCY	C	0.01%
PSMT	B	0.01%
CVBF	D	0.01%
ERII	C	0.01%
SWTX	F	0.01%
CARG	C	0.01%
PPBI	D	0.01%
OSIS	C	0.01%
BL	D	0.01%
VERX	D	0.01%
IOVA	F	0.01%
SVC	F	0.01%
SKYW	C	0.01%
PLMR	C	0.01%
TXG	D	0.01%
IDYA	F	0.01%
TNDM	D	0.01%
PRFT	B	0.01%
NWE	A	0.01%
ERIC	B	0.01%
ARWR	F	0.01%
CLDX	F	0.01%
ZD	D	0.01%
FULT	D	0.01%
JAMF	D	0.01%
AMPH	D	0.01%
FLNC	C	0.01%
GERN	D	0.01%
IOSP	F	0.01%
ZG	C	0.01%
SYNA	D	0.01%
OMCL	C	0.01%
LILAK	D	0.01%
AGIO	D	0.01%
SMTC	C	0.01%
DRVN	C	0.01%
POWL	B	0.01%
ACAD	F	0.01%
USLM	B	0.01%
CGON	C	0.01%
SNEX	C	0.01%
BHF	F	0.01%
MRUS	D	0.01%
HTLF	C	0.01%
IBTX	C	0.01%
PLUS	B	0.01%
UPST	C	0.01%
BRZE	F	0.01%
ASTE	F	0.01%
PTCT	C	0.01%
TOWN	D	0.01%
AGYS	D	0.01%
DYN	D	0.01%
TGTX	C	0.01%
FHB	D	0.01%
EXPI	C	0.01%
HUBG	C	0.01%
BZ	C	0.01%
HWKN	B	0.01%
EBC	C	0.01%
STNE	F	0.01%
FORM	F	0.01%
ASTH	B	0.01%
QFIN	A	0.01%
RYTM	C	0.01%
URBN	F	0.01%
GH	F	0.01%
UFPT	D	0.01%
LFST	C	0.01%
ESGR	D	0.01%
OTTR	F	0.01%
AMBA	C	0.01%
SFNC	C	0.01%
AVT	B	0.01%
POWI	F	0.01%
PENN	D	0.01%
OZK	F	0.01%
CATY	C	0.01%
SMPL	D	0.01%
VIRT	C	0.01%
SHOO	B	0.01%
FA	B	0.01%
FIBK	C	0.01%
FTDR	B	0.01%
ARLP	B	0.01%
NPAB	D	0.01%
XENE	F	0.01%
MGEE	C	0.01%
TRMD	D	0.01%
DORM	C	0.01%
WAFD	D	0.01%
NWL	C	0.01%
WDFC	C	0.01%
IRDM	C	0.01%
ACVA	C	0.01%
WSFS	D	0.01%
NCNO	F	0.01%
JJSF	B	0.01%
NWS	D	0.01%
ICFI	C	0.01%
CCOI	C	0.01%

ONEQ Underweight 55 Positions Relative to RAYD

Symbol	Grade	Weight
LLY	D	-1.78%
EME	B	-1.53%
SPOT	C	-1.43%
BRBR	B	-1.42%
T	B	-1.2%
PGR	C	-1.16%
MCK	F	-1.1%
ALL	C	-1.07%
MO	C	-0.97%
MUSA	D	-0.96%
MA	B	-0.95%
HCA	B	-0.88%
DTM	C	-0.88%
NVS	C	-0.87%
CL	C	-0.83%
MMM	B	-0.78%
MRK	F	-0.66%
EVR	B	-0.63%
PG	C	-0.6%
IBM	B	-0.57%
PM	C	-0.53%
THC	C	-0.52%
ABBV	B	-0.51%
ANF	D	-0.49%
V	C	-0.48%
DECK	C	-0.46%
PRU	C	-0.45%
MSI	B	-0.45%
JNJ	C	-0.45%
DFS	C	-0.42%
FICO	B	-0.41%
CMG	D	-0.37%
ORI	B	-0.35%
RGA	C	-0.33%
GRMN	D	-0.3%
HIG	B	-0.3%
HRB	C	-0.3%
VEEV	C	-0.29%
GS	B	-0.28%
GDDY	C	-0.25%
TSN	D	-0.24%
UBER	C	-0.23%
MTG	B	-0.22%
VZ	A	-0.21%
DIS	D	-0.21%
TRGP	C	-0.21%
LMT	A	-0.2%
HPQ	C	-0.2%
UHS	C	-0.2%
HLI	C	-0.2%
UNH	C	-0.19%
FTI	D	-0.19%
AER	C	-0.17%
LDOS	A	-0.17%
NRG	B	-0.15%