VLUE vs. RAYD ETF Comparison

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

VLUE

iShares MSCI USA Value Factor

VLUE Description

The investment seeks to track the performance of MSCI USA Value Weighted Index that measures the performance of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, before fees and expenses. The fund 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 MSCI USA Value Weighted Index (the "underlying index") is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid- capitalization stocks.

Grade (RS Rating)

Last Trade

$103.41

Average Daily Volume

303,491

Number of Holdings ^*

149

* 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

$29.54

Average Daily Volume

3,459

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	VLUE	RAYD
30 Days	1.49%	2.42%
60 Days	2.53%	6.93%
90 Days	-2.56%	5.69%
12 Months	12.35%	26.59%

15 Overlapping Holdings

Symbol	Grade	Weight in VLUE	Weight in RAYD	Overlap
CMI	D	0.5%	0.2%	0.2%
CNC	D	0.71%	0.18%	0.18%
GM	B	3.1%	0.2%	0.2%
GS	A	1.16%	0.27%	0.27%
IBM	B	3.47%	0.48%	0.48%
INTC	D	4.95%	0.43%	0.43%
KR	C	0.69%	0.23%	0.23%
LDOS	B	0.18%	0.17%	0.17%
MO	A	1.27%	0.45%	0.45%
PCAR	D	0.76%	0.27%	0.27%
PRU	A	0.46%	0.2%	0.2%
RPRX	F	0.21%	0.19%	0.19%
T	B	5.39%	0.3%	0.3%
TSN	C	0.42%	0.22%	0.22%
UTHR	B	0.21%	0.17%	0.17%

VLUE Overweight 134 Positions Relative to RAYD

Symbol	Grade	Weight
CSCO	C	5.72%
AMAT	B	3.52%
VZ	B	3.07%
PFE	C	2.5%
BAC	A	2.04%
F	B	2.01%
CVS	D	1.73%
C	B	1.72%
RTX	D	1.62%
WFC	C	1.6%
CI	D	1.53%
HPE	B	1.51%
NXPI	B	1.48%
LEN	D	1.42%
ELV	B	1.4%
DHI	D	1.32%
FDX	A	1.28%
BMY	F	1.24%
HPQ	B	1.21%
SPG	B	1.13%
TEL	B	1.11%
GILD	C	1.08%
CTSH	C	1.04%
GLW	B	0.98%
DELL	B	0.96%
VLO	C	0.92%
PHM	D	0.86%
KHC	D	0.83%
ADM	C	0.79%
ON	D	0.75%
FANG	B	0.72%
SWKS	B	0.62%
URI	C	0.62%
NTAP	A	0.61%
WBD	F	0.6%
PCG	D	0.56%
WY	F	0.54%
FSLR	C	0.53%
AIG	C	0.53%
JCI	D	0.52%
LHX	B	0.52%
COF	C	0.51%
NUE	D	0.51%
MRO	B	0.47%
TFC	C	0.47%
MET	D	0.43%
D	D	0.43%
USB	C	0.41%
VTRS	D	0.4%
CTRA	D	0.4%
BK	A	0.39%
GEN	B	0.38%
OVV	C	0.38%
BBY	B	0.37%
ZM	F	0.36%
EXPE	C	0.35%
JNPR	B	0.35%
OC	D	0.34%
TAP	F	0.33%
WBA	F	0.33%
QRVO	B	0.33%
VST	C	0.3%
DOW	D	0.3%
BLDR	F	0.3%
FFIV	C	0.29%
PPL	D	0.29%
JBL	F	0.28%
WAB	D	0.28%
EQT	D	0.27%
CAG	D	0.27%
TXT	D	0.27%
FOXA	A	0.27%
PARA	D	0.27%
LYB	D	0.27%
LKQ	D	0.27%
STLD	C	0.26%
HST	D	0.26%
BG	B	0.25%
SJM	D	0.24%
EVRG	D	0.24%
LH	C	0.23%
MTB	B	0.23%
STT	C	0.22%
APA	D	0.22%
HIG	C	0.22%
DINO	D	0.22%
ES	D	0.22%
SSNC	B	0.22%
MOS	F	0.21%
CFG	B	0.21%
TWLO	D	0.21%
GPN	D	0.2%
ATO	B	0.2%
AZPN	D	0.2%
DAL	D	0.2%
UHS	B	0.19%
EG	D	0.19%
CHK	D	0.19%
DGX	D	0.18%
SNA	D	0.18%
MAA	B	0.18%
KNX	C	0.18%
APTV	F	0.18%
SYF	A	0.17%
FITB	C	0.17%
CNH	F	0.17%
RF	B	0.16%
CF	D	0.15%
IP	B	0.15%
AKAM	F	0.15%
WRK	D	0.14%
HBAN	C	0.14%
CLF	D	0.14%
FOX	A	0.14%
CPT	A	0.13%
HII	D	0.13%
L	D	0.13%
ACI	F	0.13%
SOLV	F	0.12%
EQH	A	0.12%
UHAL	D	0.12%
NLY	C	0.12%
FBIN	F	0.11%
EMN	D	0.11%
LUV	C	0.11%
ALLY	B	0.11%
SWK	D	0.1%
KEY	C	0.1%
FCNCA	C	0.09%
DVA	C	0.08%
FNF	C	0.08%
BEN	F	0.07%
WLK	D	0.06%
BIO	F	0.05%

VLUE Underweight 96 Positions Relative to RAYD

Symbol	Grade	Weight
NVDA	B	-7.44%
AAPL	A	-4.91%
MSFT	A	-4.85%
AMZN	A	-2.83%
COST	A	-2.07%
BKNG	B	-1.91%
META	B	-1.84%
LLY	A	-1.78%
GOOGL	A	-1.61%
EME	D	-1.53%
MA	D	-1.43%
BRBR	C	-1.13%
SPOT	B	-1.09%
WFRD	B	-1.07%
MCK	B	-1.06%
BWLP	C	-1.01%
MELI	C	-1.01%
JNJ	F	-0.99%
CMG	C	-0.94%
QCOM	B	-0.83%
NVS	A	-0.81%
CR	C	-0.77%
SPNT	D	-0.75%
PANW	B	-0.73%
TJX	A	-0.71%
PAYX	D	-0.7%
ALL	D	-0.68%
UNH	C	-0.63%
VRSK	A	-0.63%
MEDP	B	-0.62%
MUSA	B	-0.59%
ETRN	D	-0.57%
PG	C	-0.56%
NOW	B	-0.55%
STLA	F	-0.52%
DECK	C	-0.52%
MRK	C	-0.51%
OTIS	C	-0.46%
V	D	-0.46%
ABBV	B	-0.45%
CAH	D	-0.43%
ANF	B	-0.42%
DTM	B	-0.39%
WMB	B	-0.38%
MORN	B	-0.37%
PSN	B	-0.36%
PGR	B	-0.36%
CRWD	B	-0.35%
NU	B	-0.35%
TEAM	C	-0.34%
CL	B	-0.34%
KMB	B	-0.32%
JHX	F	-0.32%
GRMN	B	-0.3%
SFM	A	-0.3%
CHRD	C	-0.29%
MOH	F	-0.29%
CBOE	D	-0.29%
FG	D	-0.28%
VRSN	C	-0.27%
GRAB	D	-0.27%
GE	D	-0.27%
TEVA	B	-0.26%
LOGI	B	-0.26%
UBER	B	-0.25%
MUFG	A	-0.25%
CHKP	A	-0.24%
VRTX	B	-0.24%
NYT	A	-0.24%
WSM	D	-0.24%
GDDY	A	-0.23%
MANH	B	-0.23%
SKX	C	-0.22%
STZ	B	-0.22%
XRX	F	-0.21%
THC	B	-0.2%
WWD	C	-0.2%
ADP	D	-0.2%
FTI	C	-0.2%
MMM	B	-0.2%
PINS	B	-0.2%
MMC	B	-0.2%
ABBV	B	-0.2%
TT	B	-0.2%
DASH	D	-0.19%
LULU	F	-0.19%
MNDY	B	-0.18%
AER	B	-0.17%
ERIE	C	-0.16%
NRG	C	-0.16%
DBX	D	-0.16%
NFLX	A	-0.16%
NTNX	C	-0.16%
CYBR	B	-0.15%
AIZ	D	-0.15%
NBIX	C	-0.15%