FHEQ vs. RAYD ETF Comparison

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

FHEQ

Fidelity Hedged Equity ETF

FHEQ Description

FHEQ is actively managed, investing in equity securities with market caps similar to the S&P 500 and Russell 1000. The fund utilizes quantitative analysis and options for downside protection.

Grade (RS Rating)

Last Trade

$27.87

Average Daily Volume

24,517

Number of Holdings ^*

168

* 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 ^*

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	RAYD
30 Days	2.51%	4.23%
60 Days	3.80%	5.09%
90 Days	4.54%	6.59%
12 Months		37.58%

38 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in RAYD	Overlap
AAPL	C	7.31%	5.04%	5.04%
ADP	B	0.16%	0.45%	0.16%
ALL	A	0.07%	0.43%	0.07%
AMZN	C	3.64%	3.25%	3.25%
BAH	F	0.09%	0.34%	0.09%
CAH	B	0.4%	0.31%	0.31%
CL	D	0.58%	1.0%	0.58%
CLX	B	0.2%	0.34%	0.2%
COST	B	0.45%	2.4%	0.45%
DASH	A	0.12%	0.82%	0.12%
DOCU	A	0.18%	0.26%	0.18%
EXEL	B	0.43%	1.53%	0.43%
FTNT	C	0.24%	0.9%	0.24%
GOOG	C	1.74%	0.4%	0.4%
GOOGL	C	2.02%	2.85%	2.02%
GRMN	B	0.31%	0.34%	0.31%
LDOS	C	0.32%	0.18%	0.18%
LLY	F	0.76%	1.43%	0.76%
LMT	D	0.69%	0.44%	0.44%
LPLA	A	0.03%	0.29%	0.03%
META	D	2.87%	1.48%	1.48%
MMM	D	0.22%	0.57%	0.22%
MSFT	F	5.64%	4.59%	4.59%
MSI	B	0.26%	0.79%	0.26%
MU	D	0.47%	0.34%	0.34%
NFLX	A	1.26%	0.36%	0.36%
NOW	A	0.34%	0.32%	0.32%
NVDA	C	7.27%	5.39%	5.39%
PGR	A	0.63%	1.11%	0.63%
PM	B	0.92%	0.82%	0.82%
T	A	0.67%	0.96%	0.67%
TMUS	B	0.29%	0.33%	0.29%
TRV	B	0.49%	0.61%	0.49%
UNH	C	0.57%	0.56%	0.56%
UTHR	C	0.05%	0.19%	0.05%
VEEV	C	0.12%	0.27%	0.12%
VZ	C	0.18%	0.19%	0.18%
ZM	B	0.52%	0.32%	0.32%

FHEQ Overweight 130 Positions Relative to RAYD

Symbol	Grade	Weight
BRK.A	B	2.19%
JPM	A	1.82%
XOM	B	1.54%
AVGO	D	1.49%
MA	C	1.34%
HD	A	1.32%
TSLA	B	1.26%
BAC	A	1.17%
CRM	B	1.09%
ABBV	D	1.0%
ADBE	C	0.93%
PG	A	0.87%
QCOM	F	0.84%
CMCSA	B	0.83%
WMT	A	0.8%
CSCO	B	0.79%
NEE	D	0.73%
UNP	C	0.73%
TJX	A	0.73%
GILD	C	0.73%
AMAT	F	0.7%
MRK	F	0.69%
TT	A	0.69%
BMY	B	0.68%
CTAS	B	0.66%
CI	F	0.63%
ECL	D	0.62%
JNJ	D	0.61%
SQ	B	0.59%
BDX	F	0.59%
DIS	B	0.57%
NOC	D	0.56%
SCHW	B	0.56%
PFE	D	0.56%
SEIC	B	0.54%
C	A	0.54%
PYPL	B	0.54%
KLAC	D	0.54%
DVN	F	0.53%
CVNA	B	0.52%
MMC	B	0.52%
TXT	D	0.51%
DBX	B	0.51%
MSCI	C	0.49%
CMG	B	0.49%
CAT	B	0.48%
ZBRA	B	0.47%
V	A	0.47%
GE	D	0.45%
IGT	F	0.45%
ALLE	D	0.44%
RTX	C	0.44%
EOG	A	0.43%
CSX	B	0.43%
AXP	A	0.43%
PCAR	B	0.42%
ALRM	C	0.4%
WM	A	0.38%
CME	A	0.37%
BK	A	0.36%
TDC	D	0.35%
PPG	F	0.34%
ANF	C	0.33%
NUE	C	0.32%
MEDP	D	0.31%
CACI	D	0.3%
SKYW	B	0.29%
SPGI	C	0.28%
HWM	A	0.27%
INCY	C	0.27%
TMO	F	0.26%
IDXX	F	0.26%
NSC	B	0.26%
AMT	D	0.24%
AMGN	D	0.24%
BLK	C	0.23%
TROW	B	0.23%
LRCX	F	0.23%
LHX	C	0.23%
AME	A	0.22%
MGM	D	0.22%
CVS	D	0.22%
BIIB	F	0.21%
XEL	A	0.21%
RSG	A	0.2%
GL	B	0.2%
PSA	D	0.19%
GAP	C	0.18%
HLT	A	0.18%
GEHC	F	0.17%
LNW	D	0.17%
FTI	A	0.17%
WDAY	B	0.16%
SPG	B	0.16%
MS	A	0.16%
PEGA	A	0.16%
F	C	0.15%
TPH	D	0.15%
ETN	A	0.15%
WFC	A	0.15%
UBER	D	0.14%
GEN	B	0.13%
CINF	A	0.12%
SOLV	C	0.12%
NBIX	C	0.11%
BBWI	D	0.11%
QRVO	F	0.11%
VST	B	0.11%
KR	B	0.11%
ROST	C	0.1%
PLTK	B	0.1%
MKL	A	0.09%
ANET	C	0.08%
DOC	D	0.08%
BCC	B	0.07%
MDLZ	F	0.07%
L	A	0.07%
TENB	C	0.06%
CRUS	D	0.06%
LYFT	C	0.06%
BLD	D	0.05%
ORCL	B	0.04%
QGEN	D	0.04%
SCCO	F	0.04%
CVX	A	0.02%
MHO	D	0.02%
TWLO	A	0.02%
UNM	A	0.01%
NWL	B	0.01%
OGE	B	0.01%

FHEQ Underweight 60 Positions Relative to RAYD

Symbol	Grade	Weight
BKNG	A	-2.43%
SPOT	B	-2.01%
BRBR	A	-1.69%
MO	A	-1.57%
THC	D	-1.51%
MELI	D	-1.44%
PNW	B	-1.22%
SFM	A	-1.19%
GWRE	A	-1.02%
ALSN	B	-0.98%
HCA	F	-0.95%
GM	B	-0.93%
SMAR	A	-0.91%
RYAN	B	-0.9%
TXRH	C	-0.9%
FICO	B	-0.88%
APP	B	-0.87%
HSBH	B	-0.87%
AZO	C	-0.83%
CVLT	B	-0.82%
MCK	B	-0.74%
TRGP	B	-0.64%
HLNE	B	-0.62%
OTIS	C	-0.6%
AYI	B	-0.57%
HIG	B	-0.57%
COR	B	-0.55%
HRB	D	-0.54%
GEV	B	-0.53%
EVR	B	-0.53%
COKE	C	-0.5%
JXN	C	-0.47%
WING	D	-0.45%
VLTO	D	-0.42%
MORN	B	-0.39%
RBLX	C	-0.38%
ORI	A	-0.36%
WFRD	D	-0.36%
MUSA	A	-0.36%
ALNY	D	-0.35%
CNA	B	-0.29%
MCO	B	-0.29%
GDDY	A	-0.29%
VRSN	F	-0.26%
CHKP	D	-0.25%
TSN	B	-0.24%
HLI	B	-0.24%
XRX	F	-0.23%
NTAP	C	-0.22%
RMD	C	-0.22%
DXCM	D	-0.2%
CYBR	B	-0.18%
NRG	B	-0.17%
RPRX	D	-0.17%
LULU	C	-0.17%
WWD	B	-0.17%
ERIE	D	-0.17%
UHS	D	-0.16%
AER	B	-0.16%
MNDY	C	-0.15%