QUAL vs. RAYD ETF Comparison

Comparison of iShares MSCI USA Quality Factor ETF (QUAL) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

QUAL

iShares MSCI USA Quality Factor ETF

QUAL Description

The investment seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with quality characteristics as identified through certain fundamental metrics. The fund seeks to track the investment results of the MSCI USA Quality Index (the "underlying index"), which is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid-capitalization stocks. It generally invests at least 90% of its assets in the securities of the underlying index or in depositary receipts representing securities in its underlying index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$182.75

Average Daily Volume

893,947

Number of Holdings ^*

123

* 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

$32.43

Average Daily Volume

4,090

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	QUAL	RAYD
30 Days	1.61%	4.23%
60 Days	2.39%	5.09%
90 Days	3.34%	6.59%
12 Months	30.86%	37.58%

27 Overlapping Holdings

Symbol	Grade	Weight in QUAL	Weight in RAYD	Overlap
AAPL	C	5.44%	5.42%	5.42%
ADP	B	1.75%	0.86%	0.86%
CMG	B	1.26%	0.36%	0.36%
COST	B	2.55%	2.39%	2.39%
DECK	A	0.49%	0.43%	0.43%
ERIE	D	0.09%	0.16%	0.09%
GOOG	C	1.55%	0.39%	0.39%
GOOGL	C	1.77%	2.82%	1.77%
GRMN	B	0.48%	0.35%	0.35%
JNJ	D	2.15%	0.39%	0.39%
LLY	F	3.42%	1.51%	1.51%
LMT	D	1.08%	0.45%	0.45%
LPLA	A	0.17%	0.28%	0.17%
LULU	C	0.66%	0.18%	0.18%
MANH	D	0.2%	0.2%	0.2%
MCO	B	0.53%	0.29%	0.29%
META	D	4.09%	1.48%	1.48%
MMM	D	0.5%	1.18%	0.5%
MSFT	F	4.5%	4.67%	4.5%
NFLX	A	1.76%	0.64%	0.64%
NTAP	C	0.21%	0.21%	0.21%
NVDA	C	6.93%	5.62%	5.62%
RMD	C	0.17%	0.21%	0.17%
UNH	C	2.81%	0.19%	0.19%
UTHR	C	0.08%	0.2%	0.08%
V	A	4.5%	0.48%	0.48%
VEEV	C	0.16%	0.3%	0.16%

QUAL Overweight 96 Positions Relative to RAYD

Symbol	Grade	Weight
MA	C	4.22%
TJX	A	2.03%
ADBE	C	1.76%
CSCO	B	1.74%
COP	C	1.73%
ACN	C	1.67%
KO	D	1.43%
NKE	D	1.41%
CAT	B	1.4%
TXN	C	1.34%
AMAT	F	1.17%
QCOM	F	1.15%
LIN	D	1.14%
PEP	F	1.1%
BLK	C	0.99%
SRE	A	0.93%
SLB	C	0.89%
KLAC	D	0.77%
MMC	B	0.74%
ANET	C	0.73%
ITW	B	0.73%
LRCX	F	0.73%
PLD	D	0.71%
DHI	D	0.7%
PEG	A	0.69%
VRTX	F	0.62%
CTAS	B	0.6%
GWW	B	0.59%
CDNS	B	0.58%
TPL	A	0.58%
SHW	A	0.57%
PSA	D	0.55%
CME	A	0.52%
NVR	D	0.52%
SNPS	B	0.51%
ZTS	D	0.51%
ED	D	0.5%
APH	A	0.5%
PAYX	C	0.49%
TSCO	D	0.43%
PHM	D	0.43%
AFL	B	0.42%
FAST	B	0.42%
ATO	A	0.4%
APD	A	0.35%
CBRE	B	0.35%
ODFL	B	0.34%
AMP	A	0.33%
ULTA	F	0.31%
IDXX	F	0.3%
WSM	B	0.29%
BBY	D	0.29%
FERG	B	0.28%
ACGL	D	0.26%
CSGP	D	0.26%
AVB	B	0.24%
EW	C	0.24%
ROK	B	0.22%
POOL	C	0.22%
EQT	B	0.22%
VLTO	D	0.21%
MNST	C	0.21%
EA	A	0.2%
A	D	0.2%
APA	D	0.19%
TROW	B	0.19%
MPWR	F	0.18%
EQR	B	0.18%
EME	C	0.17%
PPG	F	0.15%
HSY	F	0.15%
KEYS	A	0.15%
CBOE	B	0.14%
WAT	B	0.13%
ROL	B	0.12%
WSO	A	0.12%
WST	C	0.12%
FDS	B	0.12%
EXPD	D	0.12%
GGG	B	0.11%
OMC	C	0.1%
PKG	A	0.1%
RS	B	0.09%
MOH	F	0.09%
JKHY	D	0.09%
AVY	D	0.08%
PAYC	B	0.08%
SEIC	B	0.07%
MKTX	D	0.07%
ENPH	F	0.06%
SMCI	F	0.06%
AOS	F	0.06%
AFG	A	0.06%
SOLV	C	0.05%
IPG	D	0.05%
WBA	F	0.03%

QUAL Underweight 84 Positions Relative to RAYD

Symbol	Grade	Weight
AMZN	C	-3.47%
SPOT	B	-2.2%
BKNG	A	-1.88%
BRBR	A	-1.62%
MELI	D	-1.39%
MO	A	-1.32%
MCK	B	-1.25%
SFM	A	-1.19%
T	A	-1.15%
PGR	A	-1.11%
COKE	C	-0.99%
HCA	F	-0.98%
CL	D	-0.95%
MUSA	A	-0.92%
CVLT	B	-0.87%
ALL	A	-0.82%
THC	D	-0.8%
PM	B	-0.79%
MSI	B	-0.79%
APP	B	-0.74%
EVR	B	-0.72%
MORN	B	-0.68%
MU	D	-0.66%
EXEL	B	-0.63%
DASH	A	-0.62%
TRGP	B	-0.6%
FTNT	C	-0.58%
HRB	D	-0.56%
COR	B	-0.56%
CRWD	B	-0.55%
PG	A	-0.54%
DFS	B	-0.51%
MRK	F	-0.51%
TEAM	A	-0.49%
ANF	C	-0.48%
MTG	C	-0.48%
FICO	B	-0.47%
WING	D	-0.45%
PANW	C	-0.45%
ABBV	D	-0.42%
RBLX	C	-0.38%
ALNY	D	-0.36%
GM	B	-0.35%
WFRD	D	-0.35%
ORI	A	-0.35%
GRAB	B	-0.34%
TMUS	B	-0.34%
ZM	B	-0.34%
CAH	B	-0.33%
GS	A	-0.33%
TXRH	C	-0.33%
INTC	D	-0.33%
NOW	A	-0.32%
GWRE	A	-0.31%
CNA	B	-0.29%
GDDY	A	-0.29%
SMAR	A	-0.29%
AZO	C	-0.29%
HIG	B	-0.28%
VRSN	F	-0.26%
DOCU	A	-0.26%
CHKP	D	-0.25%
HSBH	B	-0.24%
HLI	B	-0.23%
LPX	B	-0.23%
TSN	B	-0.23%
DIS	B	-0.22%
XRX	F	-0.22%
LDOS	C	-0.21%
UBER	D	-0.21%
HPQ	B	-0.2%
FTI	A	-0.2%
LOGI	D	-0.19%
RGLD	C	-0.19%
VZ	C	-0.18%
DXCM	D	-0.18%
STX	D	-0.18%
WWD	B	-0.17%
MNDY	C	-0.16%
AER	B	-0.16%
NRG	B	-0.16%
CYBR	B	-0.16%
UHS	D	-0.16%
RPRX	D	-0.16%