FDCF vs. RAYD ETF Comparison

Comparison of Fidelity Disruptive Communications ETF (FDCF) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

FDCF

Fidelity Disruptive Communications ETF

FDCF Description

The fund normally invests at least 80% of assets in securities of disruptive communications companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$35.53

Average Daily Volume

5,064

Number of Holdings ^*

* 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

$30.74

Average Daily Volume

6,479

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	FDCF	RAYD
30 Days	0.82%	1.42%
60 Days	1.61%	3.54%
90 Days	0.79%	4.66%
12 Months	45.66%	32.97%

4 Overlapping Holdings

Symbol	Grade	Weight in FDCF	Weight in RAYD	Overlap
AMZN	C	5.24%	3.3%	3.3%
GOOGL	D	5.59%	2.12%	2.12%
META	A	6.53%	1.24%	1.24%
NVDA	D	6.08%	6.08%	6.08%

FDCF Overweight 6 Positions Relative to RAYD

Symbol	Grade	Weight
AMT	C	6.01%
ANET	A	5.82%
SE	A	4.89%
TMUS	C	4.13%
TSM	C	3.94%
LBRDA	F	3.26%

FDCF Underweight 107 Positions Relative to RAYD

Symbol	Grade	Weight
AAPL	C	-5.21%
MSFT	C	-5.07%
COST	B	-2.5%
LLY	C	-1.87%
BKNG	B	-1.85%
MA	B	-1.8%
EME	A	-1.5%
SPOT	B	-1.44%
BRBR	C	-1.42%
MELI	B	-1.33%
PGR	A	-1.12%
MCK	F	-1.1%
ALL	B	-1.04%
SFM	B	-0.88%
NVS	C	-0.85%
DTM	A	-0.85%
JNJ	C	-0.84%
PANW	C	-0.81%
MO	C	-0.8%
T	C	-0.78%
CL	C	-0.65%
RGA	B	-0.65%
MORN	B	-0.64%
MUSA	D	-0.64%
MRK	D	-0.63%
PG	C	-0.59%
MMC	C	-0.59%
IBM	A	-0.57%
MMM	A	-0.57%
MEDP	D	-0.52%
ADP	B	-0.52%
THC	B	-0.51%
ANF	D	-0.5%
ABBV	C	-0.5%
CMI	C	-0.48%
V	C	-0.47%
DECK	D	-0.46%
VRTX	D	-0.46%
PRU	C	-0.44%
CRWD	D	-0.44%
CR	C	-0.41%
NU	B	-0.41%
HCA	A	-0.41%
WFRD	F	-0.4%
GM	B	-0.39%
COKE	C	-0.39%
CMG	C	-0.38%
NFLX	B	-0.37%
GOOG	D	-0.36%
TEAM	D	-0.35%
ORI	B	-0.34%
VRSK	D	-0.34%
APP	B	-0.33%
GRMN	D	-0.32%
MU	F	-0.3%
VEEV	C	-0.3%
HRB	C	-0.3%
HIG	B	-0.29%
GS	C	-0.28%
PINS	F	-0.28%
CHKP	A	-0.28%
INTC	F	-0.28%
TEVA	D	-0.27%
GRAB	B	-0.26%
WING	B	-0.26%
VRSN	D	-0.26%
TW	B	-0.25%
GDDY	C	-0.25%
TSN	D	-0.24%
ERIE	B	-0.22%
UBER	C	-0.22%
NTAP	D	-0.22%
XRX	F	-0.22%
DASH	B	-0.22%
PM	C	-0.21%
FANG	D	-0.21%
FICO	B	-0.21%
SMAR	C	-0.21%
VZ	B	-0.21%
LOGI	D	-0.21%
HLI	A	-0.2%
LPLA	F	-0.2%
DIS	D	-0.2%
DFS	B	-0.2%
HUBS	D	-0.2%
STX	C	-0.2%
NKE	D	-0.2%
MTG	B	-0.2%
TRGP	B	-0.2%
MANH	A	-0.2%
ALNY	C	-0.19%
UTHR	C	-0.19%
HPQ	D	-0.19%
NTNX	C	-0.19%
WWD	C	-0.18%
DBX	D	-0.18%
RPRX	D	-0.18%
TPL	A	-0.18%
MNDY	A	-0.18%
FTI	D	-0.18%
DXCM	F	-0.18%
AER	B	-0.17%
LDOS	B	-0.17%
LULU	D	-0.16%
CYBR	C	-0.16%
NRG	A	-0.15%
NBIX	F	-0.14%