VLU vs. RAYD ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

VLU

SPDR S&P 1500 Value Tilt ETF

VLU Description

The investment seeks investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 1500 Low Valuation Tilt Index (the "index"). The fund employs a sampling strategy in seeking to track the index. It generally invests substantially all, but at least 80%, of its total assets in the securities. The index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively low valuations are overweight relative to the S&P Composite 1500 Index and stocks with relatively high valuations are underweight. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$193.82

Average Daily Volume

10,085

Number of Holdings ^*

1419

* 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	VLU	RAYD
30 Days	4.78%	4.23%
60 Days	5.81%	5.09%
90 Days	7.82%	6.59%
12 Months	31.37%	37.58%

87 Overlapping Holdings

Symbol	Grade	Weight in VLU	Weight in RAYD	Overlap
AAPL	C	2.4%	5.42%	2.4%
ABBV	D	0.37%	0.42%	0.37%
ADP	B	0.09%	0.86%	0.09%
ALL	A	0.16%	0.82%	0.16%
AMZN	C	2.04%	3.47%	2.04%
ANF	C	0.01%	0.48%	0.01%
AZO	C	0.06%	0.29%	0.06%
BKNG	A	0.12%	1.88%	0.12%
BRBR	A	0.01%	1.62%	0.01%
CAH	B	0.25%	0.33%	0.25%
CL	D	0.09%	0.95%	0.09%
CMG	B	0.04%	0.36%	0.04%
COKE	C	0.03%	0.99%	0.03%
COR	B	0.36%	0.56%	0.36%
COST	B	0.28%	2.39%	0.28%
CVLT	B	0.01%	0.87%	0.01%
DECK	A	0.02%	0.43%	0.02%
DFS	B	0.16%	0.51%	0.16%
DIS	B	0.32%	0.22%	0.22%
DXCM	D	0.01%	0.18%	0.01%
ERIE	D	0.02%	0.16%	0.02%
EVR	B	0.02%	0.72%	0.02%
EXEL	B	0.01%	0.63%	0.01%
FICO	B	0.02%	0.47%	0.02%
FTNT	C	0.04%	0.58%	0.04%
GDDY	A	0.03%	0.29%	0.03%
GM	B	0.55%	0.35%	0.35%
GOOG	C	1.15%	0.39%	0.39%
GOOGL	C	0.72%	2.82%	0.72%
GRMN	B	0.07%	0.35%	0.07%
GS	A	0.59%	0.33%	0.33%
HCA	F	0.18%	0.98%	0.18%
HIG	B	0.13%	0.28%	0.13%
HLI	B	0.01%	0.23%	0.01%
HPQ	B	0.31%	0.2%	0.2%
HRB	D	0.02%	0.56%	0.02%
INTC	D	0.33%	0.33%	0.33%
JNJ	D	0.78%	0.39%	0.39%
LDOS	C	0.05%	0.21%	0.05%
LLY	F	0.19%	1.51%	0.19%
LMT	D	0.32%	0.45%	0.32%
LPX	B	0.02%	0.23%	0.02%
LULU	C	0.03%	0.18%	0.03%
MANH	D	0.0%	0.2%	0.0%
MCK	B	0.39%	1.25%	0.39%
MCO	B	0.04%	0.29%	0.04%
META	D	1.68%	1.48%	1.48%
MMM	D	0.27%	1.18%	0.27%
MO	A	0.36%	1.32%	0.36%
MORN	B	0.01%	0.68%	0.01%
MRK	F	0.3%	0.51%	0.3%
MSFT	F	1.41%	4.67%	1.41%
MSI	B	0.04%	0.79%	0.04%
MTG	C	0.03%	0.48%	0.03%
MU	D	0.13%	0.66%	0.13%
MUSA	A	0.04%	0.92%	0.04%
NFLX	A	0.19%	0.64%	0.19%
NOW	A	0.06%	0.32%	0.06%
NRG	B	0.05%	0.16%	0.05%
NTAP	C	0.04%	0.21%	0.04%
NVDA	C	0.36%	5.62%	0.36%
ORI	A	0.04%	0.35%	0.04%
PANW	C	0.07%	0.45%	0.07%
PG	A	0.48%	0.54%	0.48%
PGR	A	0.18%	1.11%	0.18%
PM	B	0.56%	0.79%	0.56%
RGLD	C	0.01%	0.19%	0.01%
RMD	C	0.02%	0.21%	0.02%
SFM	A	0.03%	1.19%	0.03%
STX	D	0.04%	0.18%	0.04%
T	A	1.4%	1.15%	1.15%
THC	D	0.06%	0.8%	0.06%
TMUS	B	0.43%	0.34%	0.34%
TRGP	B	0.09%	0.6%	0.09%
TSN	B	0.16%	0.23%	0.16%
TXRH	C	0.02%	0.33%	0.02%
UBER	D	0.08%	0.21%	0.08%
UHS	D	0.05%	0.16%	0.05%
UNH	C	1.15%	0.19%	0.19%
UTHR	C	0.04%	0.2%	0.04%
V	A	0.45%	0.48%	0.45%
VRSN	F	0.02%	0.26%	0.02%
VZ	C	1.5%	0.18%	0.18%
WFRD	D	0.02%	0.35%	0.02%
WING	D	0.0%	0.45%	0.0%
WWD	B	0.02%	0.17%	0.02%
XRX	F	0.01%	0.22%	0.01%

VLU Overweight 1332 Positions Relative to RAYD

Symbol	Grade	Weight
BRK.A	B	2.43%
XOM	B	1.99%
WMT	A	1.82%
BAC	A	1.57%
JPM	A	1.53%
CVX	A	1.36%
WFC	A	1.25%
C	A	1.13%
PFE	D	0.7%
MS	A	0.63%
CMCSA	B	0.62%
TSLA	B	0.62%
COF	B	0.61%
CVS	D	0.58%
TFC	A	0.54%
HD	A	0.52%
CSCO	B	0.51%
PSX	C	0.47%
ORCL	B	0.45%
MPC	D	0.45%
KMI	A	0.45%
RTX	C	0.44%
AVGO	D	0.42%
MET	A	0.42%
COP	C	0.41%
PNC	B	0.41%
IBM	C	0.41%
USB	A	0.39%
PRU	A	0.39%
VLO	C	0.38%
F	C	0.37%
UPS	C	0.37%
KO	D	0.36%
GILD	C	0.35%
AXP	A	0.35%
DAL	C	0.35%
BMY	B	0.35%
CI	F	0.34%
CB	C	0.34%
NEE	D	0.34%
DUK	C	0.33%
CHTR	C	0.33%
PEP	F	0.33%
KR	B	0.33%
MDT	D	0.32%
ACN	C	0.31%
SO	D	0.3%
BK	A	0.29%
ELV	F	0.29%
GE	D	0.27%
CRM	B	0.27%
UAL	A	0.26%
CNC	D	0.26%
SCHW	B	0.26%
ABT	B	0.25%
FDX	B	0.25%
KHC	F	0.24%
TXN	C	0.24%
CAT	B	0.24%
EOG	A	0.24%
D	C	0.24%
AIG	B	0.24%
HON	B	0.23%
KVUE	A	0.23%
AMGN	D	0.23%
LOW	D	0.23%
HPE	B	0.23%
QCOM	F	0.22%
DE	A	0.22%
SW	A	0.22%
UNP	C	0.22%
ADM	D	0.22%
TGT	F	0.22%
BLK	C	0.22%
SYF	B	0.22%
CCL	B	0.21%
GD	F	0.21%
AFL	B	0.21%
LIN	D	0.19%
WMB	A	0.19%
EXC	C	0.19%
MTB	A	0.18%
CFG	B	0.18%
MDLZ	F	0.18%
LYB	F	0.18%
SRE	A	0.18%
TRV	B	0.18%
PYPL	B	0.18%
HUM	C	0.17%
LUV	C	0.17%
OXY	D	0.17%
ADBE	C	0.17%
DD	D	0.17%
IP	B	0.17%
WBD	C	0.17%
FI	A	0.16%
BBY	D	0.16%
BA	F	0.16%
EMR	A	0.16%
ETR	B	0.16%
JCI	C	0.16%
AEP	D	0.16%
PFG	D	0.16%
TJX	A	0.16%
NOC	D	0.15%
XEL	A	0.15%
APD	A	0.15%
MCD	D	0.15%
DOW	F	0.15%
KEY	B	0.15%
CMI	A	0.14%
PEG	A	0.14%
OKE	A	0.14%
BX	A	0.14%
SBUX	A	0.14%
STT	A	0.14%
TMO	F	0.14%
PCG	A	0.13%
EQT	B	0.13%
AMT	D	0.13%
HBAN	A	0.13%
LEN	D	0.13%
L	A	0.13%
RGA	A	0.13%
VTRS	A	0.13%
NEM	D	0.13%
PLD	D	0.13%
SLB	C	0.13%
MA	C	0.13%
SYY	B	0.12%
MMC	B	0.12%
ACGL	D	0.12%
AMD	F	0.12%
NKE	D	0.12%
FITB	A	0.12%
SPGI	C	0.12%
BKR	B	0.12%
RF	A	0.12%
DVN	F	0.12%
AMP	A	0.12%
PCAR	B	0.12%
WELL	A	0.12%
NSC	B	0.12%
ETN	A	0.12%
ED	D	0.12%
ADI	D	0.12%
FIS	C	0.11%
CTSH	B	0.11%
DHR	F	0.11%
O	D	0.11%
UNM	A	0.11%
ICE	C	0.11%
VST	B	0.11%
BSX	B	0.11%
PFGC	B	0.11%
KDP	D	0.11%
BG	F	0.11%
NUE	C	0.11%
WEC	A	0.1%
WM	A	0.1%
PH	A	0.1%
CCI	D	0.1%
KMB	D	0.1%
LHX	C	0.1%
REGN	F	0.1%
OVV	B	0.1%
EIX	B	0.1%
GIS	D	0.1%
GLW	B	0.1%
ISRG	A	0.1%
VRTX	F	0.1%
CME	A	0.1%
FANG	D	0.1%
AMAT	F	0.1%
CSX	B	0.1%
DHI	D	0.1%
AFG	A	0.09%
LAD	A	0.09%
FOXA	B	0.09%
RSG	A	0.09%
AEE	A	0.09%
MAR	B	0.09%
VICI	C	0.09%
DTE	C	0.09%
PPL	B	0.09%
ITW	B	0.09%
SYK	C	0.09%
TAP	C	0.09%
SNX	C	0.08%
ORLY	B	0.08%
CNP	B	0.08%
FNF	B	0.08%
CMA	A	0.08%
FCX	D	0.08%
LUMN	C	0.08%
USFD	A	0.08%
EQR	B	0.08%
CARR	D	0.08%
STLD	B	0.08%
EG	C	0.08%
K	A	0.08%
TT	A	0.08%
AAL	B	0.08%
CTVA	C	0.08%
NTRS	A	0.08%
MRO	B	0.08%
BDX	F	0.08%
VTR	C	0.08%
ALLY	C	0.08%
CBRE	B	0.08%
ES	D	0.08%
EBAY	D	0.08%
RCL	A	0.08%
FE	C	0.07%
LVS	C	0.07%
JXN	C	0.07%
CHRD	D	0.07%
WTW	B	0.07%
PSA	D	0.07%
BWA	D	0.07%
NXPI	D	0.07%
IVZ	B	0.07%
LRCX	F	0.07%
ATO	A	0.07%
X	C	0.07%
NDAQ	A	0.07%
ANET	C	0.07%
AVB	B	0.07%
AON	A	0.07%
CINF	A	0.07%
HRL	D	0.07%
EVRG	A	0.07%
BIIB	F	0.07%
URI	B	0.07%
EQH	B	0.07%
MOS	F	0.07%
HAL	C	0.07%
EQIX	A	0.07%
TROW	B	0.07%
ZION	B	0.07%
AJG	B	0.06%
PARA	C	0.06%
BEN	C	0.06%
BXP	D	0.06%
FHN	A	0.06%
GWW	B	0.06%
LH	C	0.06%
CMS	C	0.06%
VFC	C	0.06%
ROST	C	0.06%
NVR	D	0.06%
ALK	C	0.06%
VNO	B	0.06%
PHM	D	0.06%
PAYX	C	0.06%
OMC	C	0.06%
IBKR	A	0.06%
DINO	D	0.06%
CTRA	B	0.06%
PPG	F	0.06%
HES	B	0.06%
INTU	C	0.06%
R	B	0.06%
NI	A	0.06%
ABNB	C	0.06%
SHW	A	0.06%
JEF	A	0.06%
CF	B	0.06%
APH	A	0.06%
SPG	B	0.06%
CAG	D	0.06%
GPN	B	0.06%
RJF	A	0.06%
WY	D	0.06%
CHRW	C	0.06%
MHK	D	0.06%
DVA	B	0.06%
ALB	C	0.05%
LYV	A	0.05%
WPC	D	0.05%
JBL	B	0.05%
KMX	B	0.05%
PKG	A	0.05%
APTV	D	0.05%
JLL	D	0.05%
DOC	D	0.05%
LEA	D	0.05%
DG	F	0.05%
GPI	A	0.05%
BLDR	D	0.05%
ARE	D	0.05%
GPC	D	0.05%
IFF	D	0.05%
FOX	A	0.05%
EA	A	0.05%
ARMK	B	0.05%
OC	A	0.05%
EXPE	B	0.05%
STZ	D	0.05%
SWK	D	0.05%
ZBH	C	0.05%
TOL	B	0.05%
CNX	A	0.05%
RS	B	0.05%
JHG	A	0.05%
BAX	D	0.05%
ROP	B	0.05%
LNC	B	0.05%
RNR	C	0.05%
PNW	B	0.05%
GEN	B	0.05%
WRB	A	0.05%
WBA	F	0.05%
WHR	B	0.05%
MNST	C	0.05%
COOP	B	0.05%
ARW	D	0.05%
STWD	C	0.05%
HSY	F	0.05%
DGX	A	0.05%
EWBC	A	0.05%
AWK	D	0.05%
COLB	A	0.05%
AMCR	D	0.05%
J	F	0.04%
DOV	A	0.04%
XPO	B	0.04%
OGS	A	0.04%
BRO	B	0.04%
NOG	A	0.04%
CPT	B	0.04%
KIM	A	0.04%
TXT	D	0.04%
M	D	0.04%
EW	C	0.04%
SF	B	0.04%
AN	C	0.04%
CNO	A	0.04%
BKH	A	0.04%
OHI	C	0.04%
SANM	B	0.04%
EXPD	D	0.04%
DLTR	F	0.04%
MOH	F	0.04%
AME	A	0.04%
GL	B	0.04%
TMHC	B	0.04%
AES	F	0.04%
SWKS	F	0.04%
REG	B	0.04%
HST	C	0.04%
FYBR	D	0.04%
KRC	C	0.04%
SNA	A	0.04%
BERY	B	0.04%
TKO	B	0.04%
CEG	D	0.04%
MKC	D	0.04%
WSO	A	0.04%
GAP	C	0.04%
HWM	A	0.04%
VLY	B	0.04%
MCHP	D	0.04%
APA	D	0.04%
PWR	A	0.04%
ROK	B	0.04%
FAST	B	0.04%
BALL	D	0.04%
MAA	B	0.04%
MUR	D	0.04%
SNV	B	0.04%
CIVI	D	0.04%
AA	B	0.04%
CTAS	B	0.04%
GLPI	C	0.04%
INVH	D	0.04%
DLR	B	0.04%
AVT	C	0.04%
TPR	B	0.04%
VOYA	B	0.04%
ON	D	0.04%
WBS	A	0.04%
CPB	D	0.04%
LNT	A	0.04%
ROIV	C	0.04%
CPAY	A	0.04%
IQV	D	0.04%
AR	B	0.04%
SJM	D	0.04%
ESS	B	0.04%
IRM	D	0.04%
AIZ	A	0.04%
WDC	D	0.04%
AL	B	0.04%
MGM	D	0.04%
UGI	A	0.04%
OZK	B	0.04%
ECL	D	0.04%
ZTS	D	0.04%
SNPS	B	0.04%
EXR	D	0.04%
WCC	B	0.04%
DRI	B	0.04%
WAB	B	0.04%
KLAC	D	0.04%
EMN	D	0.04%
ABG	B	0.04%
CLH	B	0.03%
TGNA	B	0.03%
SSB	B	0.03%
HAS	D	0.03%
FMC	D	0.03%
INCY	C	0.03%
LAMR	D	0.03%
DAR	C	0.03%
MAN	D	0.03%
NXST	C	0.03%
ARCH	B	0.03%
CADE	B	0.03%
JNPR	F	0.03%
MAS	D	0.03%
CSL	C	0.03%
PK	B	0.03%
TRN	C	0.03%
BURL	A	0.03%
MTDR	B	0.03%
RDN	C	0.03%
SFNC	B	0.03%
ILMN	D	0.03%
FSLR	F	0.03%
ULTA	F	0.03%
BXMT	C	0.03%
CUZ	B	0.03%
TDS	B	0.03%
PENN	C	0.03%
AKAM	D	0.03%
POST	C	0.03%
PAG	B	0.03%
HBI	B	0.03%
WAFD	B	0.03%
WTFC	A	0.03%
GPK	C	0.03%
HSIC	B	0.03%
CR	A	0.03%
WTRG	B	0.03%
BRX	A	0.03%
DTM	B	0.03%
GNW	A	0.03%
FLR	B	0.03%
GEHC	F	0.03%
NFG	A	0.03%
BHF	B	0.03%
HUBB	B	0.03%
HWC	B	0.03%
CEIX	A	0.03%
APLE	B	0.03%
CWK	B	0.03%
HP	B	0.03%
PBF	D	0.03%
BKU	A	0.03%
CDW	F	0.03%
THO	B	0.03%
AGCO	D	0.03%
CNK	B	0.03%
UDR	B	0.03%
FNB	A	0.03%
CBOE	B	0.03%
ABM	B	0.03%
PR	B	0.03%
CFR	B	0.03%
EME	C	0.03%
PNFP	B	0.03%
GHC	C	0.03%
ODFL	B	0.03%
IT	C	0.03%
BTU	B	0.03%
DEI	B	0.03%
CHD	B	0.03%
RRC	B	0.03%
OGE	B	0.03%
NWSA	B	0.03%
PB	A	0.03%
RL	B	0.03%
ACM	A	0.03%
MTZ	B	0.03%
GEO	B	0.03%
COHR	B	0.03%
MLM	B	0.03%
CACI	D	0.03%
EL	F	0.03%
HIW	D	0.03%
HCC	B	0.03%
CLX	B	0.03%
NWL	B	0.03%
CALM	A	0.03%
KD	B	0.03%
FTV	C	0.03%
VMC	B	0.03%
YUM	B	0.03%
LKQ	D	0.03%
A	D	0.03%
JBHT	C	0.03%
CATY	B	0.03%
DKS	C	0.03%
BJ	A	0.03%
KEYS	A	0.03%
GME	C	0.03%
WU	D	0.03%
MLI	C	0.03%
DXC	B	0.03%
TDY	B	0.03%
OGN	D	0.03%
ONB	B	0.03%
IPG	D	0.03%
CASY	A	0.03%
FAF	A	0.03%
CCK	C	0.03%
KNX	B	0.03%
ASB	B	0.03%
CMC	B	0.03%
TSCO	D	0.03%
INGR	B	0.03%
ADSK	A	0.03%
WLK	D	0.03%
CPRT	A	0.03%
NCLH	B	0.03%
OTIS	C	0.03%
AYI	B	0.02%
INDB	B	0.02%
GMED	A	0.02%
ITT	A	0.02%
EPAM	C	0.02%
VVV	F	0.02%
HUBG	A	0.02%
KTB	B	0.02%
CNXC	F	0.02%
MGY	A	0.02%
FLO	D	0.02%
ADNT	F	0.02%
MAC	B	0.02%
VMI	B	0.02%
VSTS	C	0.02%
MRNA	F	0.02%
GATX	A	0.02%
NSIT	F	0.02%
AIT	A	0.02%
ATI	D	0.02%
PLXS	B	0.02%
VLTO	D	0.02%
AX	A	0.02%
CABO	C	0.02%
ELS	C	0.02%
NWBI	B	0.02%
VYX	B	0.02%
KMPR	B	0.02%
UAA	C	0.02%
MHO	D	0.02%
LITE	B	0.02%
MSM	C	0.02%
EFX	F	0.02%
MOG.A	B	0.02%
KRG	B	0.02%
MCY	A	0.02%
SIGI	C	0.02%
POR	C	0.02%
NDSN	B	0.02%
GEF	A	0.02%
AXTA	A	0.02%
SEIC	B	0.02%
CVBF	A	0.02%
SLM	A	0.02%
NWE	B	0.02%
NATL	B	0.02%
FLS	B	0.02%
TNL	A	0.02%
CBT	C	0.02%
ABCB	B	0.02%
NVT	B	0.02%
KSS	F	0.02%
RRX	B	0.02%
BCC	B	0.02%
OI	C	0.02%
FULT	A	0.02%
MTD	D	0.02%
PRG	C	0.02%
BHE	B	0.02%
PII	D	0.02%
FL	F	0.02%
BC	C	0.02%
LII	A	0.02%
SAIC	F	0.02%
SBAC	D	0.02%
CRC	B	0.02%
SR	A	0.02%
ALE	A	0.02%
CAR	C	0.02%
AXON	A	0.02%
BYD	C	0.02%
KAR	B	0.02%
ESNT	D	0.02%
LNW	D	0.02%
SLG	B	0.02%
MDU	D	0.02%
RUSHA	C	0.02%
PRGO	B	0.02%
AGO	B	0.02%
IDA	A	0.02%
OLN	D	0.02%
PTC	A	0.02%
REZI	A	0.02%
AUB	B	0.02%
WYNN	D	0.02%
WAT	B	0.02%
AAP	C	0.02%
PPC	C	0.02%
PVH	C	0.02%
BANC	A	0.02%
IDXX	F	0.02%
SWX	B	0.02%
CWEN	C	0.02%
AM	A	0.02%
HOG	D	0.02%
TYL	B	0.02%
GXO	B	0.02%
FBIN	D	0.02%
PNM	F	0.02%
EAT	A	0.02%
UMBF	B	0.02%
AVNT	B	0.02%
GBX	A	0.02%
TTWO	A	0.02%
RNST	B	0.02%
BBWI	D	0.02%
GBCI	B	0.02%
PRI	A	0.02%
TCBI	B	0.02%
HLT	A	0.02%
TPH	D	0.02%
CIEN	B	0.02%
MTH	D	0.02%
AVY	D	0.02%
URBN	C	0.02%
CLF	F	0.02%
RVTY	F	0.02%
MATX	C	0.02%
CW	B	0.02%
EHC	B	0.02%
BANF	B	0.02%
SBRA	C	0.02%
FHB	A	0.02%
JWN	C	0.02%
JBLU	F	0.02%
IBTX	B	0.02%
SIG	B	0.02%
ADC	B	0.02%
H	B	0.02%
KEX	C	0.02%
HII	D	0.02%
SLGN	A	0.02%
HOMB	A	0.02%
STE	F	0.02%
WSM	B	0.02%
KBH	D	0.02%
RHI	B	0.02%
BANR	B	0.02%
GNRC	B	0.02%
CBSH	A	0.02%
SEM	B	0.02%
ALGN	D	0.02%
THG	A	0.02%
RPM	A	0.02%
IBOC	A	0.02%
OSK	B	0.02%
UFPI	B	0.02%
PNR	A	0.02%
AMKR	D	0.02%
TRMB	B	0.02%
IR	B	0.02%
CRS	A	0.02%
SKYW	B	0.02%
CXW	B	0.02%
CUBE	D	0.02%
ALV	C	0.02%
G	B	0.02%
BR	A	0.02%
ABR	C	0.02%
SATS	D	0.02%
NOV	C	0.02%
FFIV	B	0.02%
PFS	B	0.02%
CSGP	D	0.02%
TDG	D	0.02%
HOLX	D	0.02%
ENVA	B	0.02%
FFBC	A	0.02%
AMG	B	0.02%
ZBRA	B	0.02%
SNEX	B	0.02%
CG	A	0.02%
NNN	D	0.02%
XYL	D	0.02%
MPW	F	0.02%
JAZZ	B	0.02%
SCI	B	0.02%
UBSI	B	0.02%
SON	D	0.02%
VSCO	B	0.02%
GT	C	0.02%
BIO	D	0.02%
SM	B	0.02%
ANSS	B	0.02%
BFH	B	0.02%
CE	F	0.02%
SKX	D	0.02%
CZR	F	0.02%
CDNS	B	0.02%
AMH	D	0.02%
GDOT	D	0.01%
RES	D	0.01%
TRST	A	0.01%
HTZ	C	0.01%
CHE	D	0.01%
PRA	C	0.01%
AVNS	F	0.01%
HFWA	B	0.01%
MSGS	A	0.01%
AIN	C	0.01%
TFIN	A	0.01%
FBNC	A	0.01%
CVI	F	0.01%
AEIS	B	0.01%
OLED	D	0.01%
GO	C	0.01%
KELYA	F	0.01%
VRTS	B	0.01%
SMCI	F	0.01%
MCRI	A	0.01%
PFBC	B	0.01%
SCHL	D	0.01%
AAT	B	0.01%
XHR	B	0.01%
UCTT	D	0.01%
EZPW	A	0.01%
MMI	B	0.01%
AWR	B	0.01%
SAFT	C	0.01%
CHEF	A	0.01%
AZZ	B	0.01%
RGEN	D	0.01%
EFC	C	0.01%
PAYO	A	0.01%
MATV	D	0.01%
HAIN	C	0.01%
PRDO	B	0.01%
POWL	C	0.01%
ONTO	D	0.01%
EPC	D	0.01%
VIR	D	0.01%
SHAK	C	0.01%
TDC	D	0.01%
UFCS	B	0.01%
INN	D	0.01%
FWRD	D	0.01%
HCSG	C	0.01%
CWT	D	0.01%
HLX	B	0.01%
AMWD	C	0.01%
MRCY	B	0.01%
WRLD	C	0.01%
MP	B	0.01%
CENX	B	0.01%
NBHC	B	0.01%
HALO	F	0.01%
MEDP	D	0.01%
HAE	C	0.01%
CUBI	C	0.01%
CHCO	B	0.01%
DRH	B	0.01%
FIZZ	C	0.01%
PLAB	C	0.01%
APOG	B	0.01%
HWKN	B	0.01%
FSS	B	0.01%
ELME	D	0.01%
HAFC	A	0.01%
CHH	A	0.01%
PLUS	F	0.01%
SYNA	C	0.01%
ESAB	B	0.01%
RCM	F	0.01%
WST	C	0.01%
STRA	C	0.01%
GTY	B	0.01%
NGVT	B	0.01%
JJSF	B	0.01%
LGND	B	0.01%
SMPL	B	0.01%
BLMN	F	0.01%
HXL	D	0.01%
GFF	A	0.01%
NHC	C	0.01%
JBT	B	0.01%
KNF	A	0.01%
MCW	B	0.01%
CPK	A	0.01%
ZD	C	0.01%
RDNT	B	0.01%
AMED	F	0.01%
CGNX	C	0.01%
ESE	B	0.01%
SHO	C	0.01%
YELP	C	0.01%
ACHC	F	0.01%
TPX	B	0.01%
NOVT	D	0.01%
DNOW	B	0.01%
HASI	D	0.01%
SPTN	D	0.01%
KN	B	0.01%
VRE	B	0.01%
MMSI	B	0.01%
KWR	C	0.01%
IBP	D	0.01%
SBCF	A	0.01%
CRI	D	0.01%
ASIX	A	0.01%
FCPT	C	0.01%
BRKR	D	0.01%
AHCO	F	0.01%
EXP	A	0.01%
LNTH	D	0.01%
ENPH	F	0.01%
BKE	B	0.01%
SCVL	F	0.01%
SKT	B	0.01%
VC	D	0.01%
EIG	B	0.01%
CORT	B	0.01%
TREX	C	0.01%
LANC	C	0.01%
OSIS	B	0.01%
ALKS	B	0.01%
ENR	B	0.01%
NBR	C	0.01%
FELE	B	0.01%
KALU	C	0.01%
CFFN	B	0.01%
MYRG	B	0.01%
AWI	A	0.01%
HQY	B	0.01%
BOOT	D	0.01%
KLIC	B	0.01%
NSP	D	0.01%
MNRO	D	0.01%
LXP	D	0.01%
OPCH	D	0.01%
STC	B	0.01%
PCTY	B	0.01%
MC	C	0.01%
PUMP	B	0.01%
OII	B	0.01%
VTLE	C	0.01%
LGIH	D	0.01%
TBBK	B	0.01%
ALGT	B	0.01%
WD	D	0.01%
FND	C	0.01%
DIOD	D	0.01%
PAYC	B	0.01%
CWEN	C	0.01%
CVCO	A	0.01%
IOSP	B	0.01%
CPF	A	0.01%
WEN	D	0.01%
CASH	A	0.01%
XRAY	F	0.01%
LPG	F	0.01%
CARG	C	0.01%
MGEE	C	0.01%
IPGP	D	0.01%
AXL	C	0.01%
OMCL	C	0.01%
ARCB	C	0.01%
ODP	F	0.01%
ETSY	D	0.01%
BCPC	B	0.01%
AVAV	D	0.01%
TMP	B	0.01%
VNT	B	0.01%
WMS	D	0.01%
RUN	F	0.01%
RWT	D	0.01%
LTC	B	0.01%
HI	C	0.01%
ROIC	A	0.01%
MPWR	F	0.01%
B	B	0.01%
SHOO	D	0.01%
SSD	D	0.01%
NBIX	C	0.01%
ALGM	D	0.01%
UE	C	0.01%
EGBN	B	0.01%
EXLS	B	0.01%
OFG	B	0.01%
PJT	A	0.01%
THS	D	0.01%
CPRI	F	0.01%
MKSI	C	0.01%
OMI	F	0.01%
ENOV	C	0.01%
SXT	B	0.01%
EXPI	C	0.01%
SHC	F	0.01%
MTSI	B	0.01%
FTDR	A	0.01%
DORM	B	0.01%
MASI	A	0.01%
ORA	B	0.01%
DAY	B	0.01%
CENTA	C	0.01%
AROC	B	0.01%
WGO	C	0.01%
UNF	B	0.01%
INVA	D	0.01%
DAN	D	0.01%
PARR	D	0.01%
GTLS	B	0.01%
CCS	D	0.01%
OTTR	C	0.01%
DLB	B	0.01%
CHX	C	0.01%
PCH	D	0.01%
MTX	B	0.01%
CBRL	C	0.01%
ITGR	B	0.01%
BDN	C	0.01%
FCF	A	0.01%
CNXN	C	0.01%
NMIH	D	0.01%
DLX	B	0.01%
BRKL	B	0.01%
IRT	A	0.01%
HMN	B	0.01%
ENSG	D	0.01%
PHIN	A	0.01%
SXC	A	0.01%
VAL	D	0.01%
AKR	B	0.01%
NPO	A	0.01%
FBK	B	0.01%
RXO	C	0.01%
KMT	B	0.01%
VSTO	A	0.01%
KLG	C	0.01%
EGP	F	0.01%
PATK	D	0.01%
DOCS	C	0.01%
SFBS	B	0.01%
NEU	C	0.01%
NYT	C	0.01%
CNM	D	0.01%
MAT	D	0.01%
BRC	D	0.01%
WTS	B	0.01%
APAM	B	0.01%
ROL	B	0.01%
PECO	A	0.01%
UA	C	0.01%
NSA	D	0.01%
SBSI	B	0.01%
RYN	D	0.01%
PINC	B	0.01%
PODD	C	0.01%
HGV	B	0.01%
STBA	B	0.01%
BWXT	B	0.01%
NWS	B	0.01%
DCOM	A	0.01%
SAH	A	0.01%
DPZ	C	0.01%
TEX	D	0.01%
LZB	B	0.01%
FUL	F	0.01%
OLLI	D	0.01%
POOL	C	0.01%
SCSC	B	0.01%
RH	B	0.01%
PSTG	D	0.01%
CTRE	D	0.01%
FCN	D	0.01%
RC	D	0.01%
AEO	F	0.01%
DEA	D	0.01%
BCO	D	0.01%
VSH	D	0.01%
LOPE	B	0.01%
EPR	D	0.01%
MKTX	D	0.01%
NBTB	B	0.01%
TTC	D	0.01%
LCII	C	0.01%
PRK	B	0.01%
KW	B	0.01%
CDP	C	0.01%
FN	D	0.01%
OUT	A	0.01%
FIX	A	0.01%
GRBK	D	0.01%
SAIA	B	0.01%
PIPR	B	0.01%
CAKE	C	0.01%
RLI	B	0.01%
BHLB	B	0.01%
ITRI	B	0.01%
WSFS	A	0.01%
KFY	B	0.01%
PSMT	C	0.01%
PBH	A	0.01%
BGC	C	0.01%
CRUS	D	0.01%
RBC	A	0.01%
PBI	B	0.01%
CRK	B	0.01%
IIPR	D	0.01%
ECPG	B	0.01%
MD	B	0.01%
FFIN	B	0.01%
BOH	B	0.01%
WEX	D	0.01%
DT	C	0.01%
PMT	D	0.01%
GVA	A	0.01%
SMG	D	0.01%
GIII	D	0.01%
UNFI	A	0.01%
TTMI	B	0.01%
WOR	F	0.01%
SBH	C	0.01%
BDC	B	0.01%
LSTR	D	0.01%
LFUS	F	0.01%
ARI	C	0.01%
CRL	C	0.01%
LRN	A	0.01%
ASGN	F	0.01%
SABR	C	0.01%
IDCC	A	0.01%
GMS	B	0.01%
GGG	B	0.01%
CROX	D	0.01%
WH	B	0.01%
WERN	C	0.01%
WS	B	0.01%
FDP	B	0.01%
CCOI	B	0.01%
NAVI	C	0.01%
LECO	B	0.01%
EPRT	B	0.01%
LBRT	D	0.01%
ACIW	B	0.01%
FHI	A	0.01%
KBR	F	0.01%
PTEN	C	0.01%
ICUI	D	0.01%
VRSK	A	0.01%
GNTX	C	0.01%
MTCH	D	0.01%
NWN	A	0.01%
ENS	D	0.01%
ASH	D	0.01%
JKHY	D	0.01%
HNI	B	0.01%
CHDN	B	0.01%
PEB	D	0.01%
LW	C	0.01%
ASO	F	0.01%
NVST	B	0.01%
FBP	B	0.01%
GNL	F	0.01%
COTY	F	0.01%
QRVO	F	0.01%
TRMK	B	0.01%
LEG	F	0.01%
MSCI	C	0.01%
CTLT	B	0.01%
UPBD	B	0.01%
TFX	F	0.01%
ACA	A	0.01%
FDS	B	0.01%
CBU	B	0.01%
AMR	C	0.01%
UVV	B	0.01%
TTEK	F	0.01%
STAG	F	0.01%
MMS	F	0.01%
DCI	B	0.01%
HTH	B	0.01%
CC	C	0.01%
TALO	C	0.01%
PDCO	D	0.01%
EEFT	B	0.01%
UCB	A	0.01%
TER	D	0.01%
JBGS	D	0.01%
REXR	F	0.01%
IEX	B	0.01%
AOS	F	0.01%
DY	D	0.01%
ATR	B	0.01%
BLD	D	0.01%
WKC	D	0.01%
SEE	C	0.01%
AVA	A	0.01%
FRT	B	0.01%
DBX	B	0.01%
FR	C	0.01%
ANDE	D	0.01%
SLVM	B	0.01%
NJR	A	0.01%
ATGE	B	0.01%
PPBI	B	0.01%
TKR	D	0.01%
WWW	B	0.01%
MLKN	D	0.01%
MTN	C	0.01%
VAC	B	0.01%
COLM	B	0.01%
VBTX	B	0.01%
MIDD	C	0.01%
HOPE	B	0.01%
ST	F	0.01%
SPNT	A	0.01%
ALLE	D	0.01%
AORT	B	0.0%
NPK	B	0.0%
WOLF	F	0.0%
XPEL	C	0.0%
NARI	C	0.0%
LESL	C	0.0%
AGYS	A	0.0%
VCEL	B	0.0%
PGNY	F	0.0%
GOGO	C	0.0%
MSEX	B	0.0%
EMBC	C	0.0%
STAA	F	0.0%
PCRX	C	0.0%
TNDM	F	0.0%
CELH	F	0.0%
RGNX	F	0.0%
CLB	B	0.0%
CERT	F	0.0%
ARWR	F	0.0%
SEDG	F	0.0%
NABL	F	0.0%
COHU	C	0.0%
TTGT	C	0.0%
ELF	C	0.0%
CRSR	C	0.0%
SSTK	F	0.0%
HCI	C	0.0%
JBSS	D	0.0%
BMI	B	0.0%
MYE	F	0.0%
SNCY	C	0.0%
LQDT	B	0.0%
ICHR	C	0.0%
CEVA	B	0.0%
SITM	B	0.0%
TGI	B	0.0%
NXRT	B	0.0%
BJRI	B	0.0%
MXL	C	0.0%
AAON	B	0.0%
GKOS	B	0.0%
SHEN	F	0.0%
COLL	F	0.0%
GPRE	F	0.0%
CYTK	F	0.0%
DGII	B	0.0%
IIIN	C	0.0%
SLAB	D	0.0%
AHH	D	0.0%
MGPI	F	0.0%
THRY	F	0.0%
CARS	B	0.0%
WT	B	0.0%
DV	C	0.0%
IRWD	F	0.0%
VECO	F	0.0%
CTS	C	0.0%
EPAC	B	0.0%
WSR	A	0.0%
ASTE	B	0.0%
CPRX	C	0.0%
CENT	C	0.0%
RGR	F	0.0%
JACK	D	0.0%
HRMY	D	0.0%
PZZA	D	0.0%
TRUP	B	0.0%
THRM	D	0.0%
TNC	D	0.0%
PEN	B	0.0%
VICR	B	0.0%
USNA	C	0.0%
SXI	B	0.0%
SPSC	C	0.0%
PRLB	A	0.0%
YETI	C	0.0%
XNCR	B	0.0%
LNN	B	0.0%
MTUS	C	0.0%
PRVA	B	0.0%
POWI	D	0.0%
SONO	C	0.0%
VVI	C	0.0%
HSII	B	0.0%
KOP	C	0.0%
IRDM	D	0.0%
MYGN	F	0.0%
KNSL	B	0.0%
SJW	D	0.0%
EXTR	B	0.0%
AMPH	D	0.0%
CALX	D	0.0%
HTLD	B	0.0%
ALG	B	0.0%
ASTH	D	0.0%
UFPT	B	0.0%
FLGT	F	0.0%
WNC	C	0.0%
ACLS	F	0.0%
WDFC	B	0.0%
DFIN	D	0.0%
MATW	C	0.0%
BLKB	B	0.0%
GDEN	B	0.0%
ALRM	C	0.0%
AOSL	C	0.0%
OXM	D	0.0%
CNMD	C	0.0%
JOE	F	0.0%
LIVN	F	0.0%
EYE	C	0.0%
RCUS	F	0.0%
NVEE	F	0.0%
QLYS	C	0.0%
LSCC	D	0.0%
AZTA	D	0.0%
USPH	B	0.0%
REX	D	0.0%
UHT	D	0.0%
EXPO	D	0.0%
CSGS	B	0.0%
SMP	B	0.0%
HLIT	D	0.0%
VIAV	B	0.0%
FTRE	D	0.0%
WABC	B	0.0%
BSIG	A	0.0%
CXT	B	0.0%
FOXF	F	0.0%
BGS	F	0.0%
NX	C	0.0%
RAMP	C	0.0%
AMSF	B	0.0%
HZO	D	0.0%
SVC	F	0.0%
NVRI	F	0.0%
ETD	C	0.0%
MRTN	C	0.0%
HAYN	C	0.0%
TWI	F	0.0%
VRRM	D	0.0%
FBRT	C	0.0%
AIR	B	0.0%
CNSL	C	0.0%
PLMR	B	0.0%
NEO	C	0.0%
DVAX	C	0.0%
NEOG	F	0.0%
TRIP	F	0.0%
ENV	B	0.0%
ROG	D	0.0%
BOX	B	0.0%
ZI	D	0.0%
EVTC	B	0.0%
TECH	D	0.0%
GES	F	0.0%
NTCT	C	0.0%
RMBS	C	0.0%
PRGS	A	0.0%
SMTC	B	0.0%
HAYW	B	0.0%
CRVL	A	0.0%
ADUS	D	0.0%
FIVE	F	0.0%
LKFN	B	0.0%
DXPE	B	0.0%
VTOL	B	0.0%
HPP	F	0.0%
AMN	F	0.0%
UTL	B	0.0%
TR	B	0.0%
AMBC	C	0.0%
PRAA	C	0.0%
PLAY	D	0.0%
PLNT	A	0.0%
MTRN	C	0.0%
SAM	C	0.0%
CSR	B	0.0%
TILE	B	0.0%
IPAR	B	0.0%
BFS	C	0.0%
QNST	B	0.0%
VSAT	F	0.0%
PAHC	C	0.0%
ROCK	C	0.0%
KREF	D	0.0%
HELE	C	0.0%
SUPN	C	0.0%
IART	C	0.0%
FORM	D	0.0%
ALEX	C	0.0%
SCL	C	0.0%
MODG	F	0.0%
SOLV	C	0.0%
MSA	D	0.0%
UNIT	B	0.0%
CAL	D	0.0%

VLU Underweight 24 Positions Relative to RAYD

Symbol	Grade	Weight
SPOT	B	-2.2%
MELI	D	-1.39%
APP	B	-0.74%
DASH	A	-0.62%
CRWD	B	-0.55%
TEAM	A	-0.49%
RBLX	C	-0.38%
ALNY	D	-0.36%
GRAB	B	-0.34%
ZM	B	-0.34%
GWRE	A	-0.31%
VEEV	C	-0.3%
CNA	B	-0.29%
SMAR	A	-0.29%
LPLA	A	-0.28%
DOCU	A	-0.26%
CHKP	D	-0.25%
HSBH	B	-0.24%
FTI	A	-0.2%
LOGI	D	-0.19%
MNDY	C	-0.16%
AER	B	-0.16%
CYBR	B	-0.16%
RPRX	D	-0.16%