FNCL vs. RAYD ETF Comparison

Comparison of Fidelity MSCI Financials Index ETF (FNCL) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

FNCL

Fidelity MSCI Financials Index ETF

FNCL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Financials Index. Investing at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Financials Index, which represents the performance of the financial sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Financials Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$70.95

Average Daily Volume

108,821

Number of Holdings ^*

380

* 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

$32.06

Average Daily Volume

6,228

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	FNCL	RAYD
30 Days	5.19%	1.84%
60 Days	10.77%	4.29%
90 Days	15.45%	5.77%
12 Months	46.39%	35.79%

14 Overlapping Holdings

Symbol	Grade	Weight in FNCL	Weight in RAYD	Overlap
ALL	A	0.64%	0.82%	0.64%
DFS	B	0.54%	0.51%	0.51%
ERIE	F	0.13%	0.16%	0.13%
EVR	B	0.14%	0.72%	0.14%
GS	B	2.35%	0.33%	0.33%
HIG	B	0.43%	0.28%	0.28%
HLI	B	0.12%	0.23%	0.12%
LPLA	A	0.29%	0.28%	0.28%
MCO	D	0.98%	0.29%	0.29%
MORN	B	0.12%	0.68%	0.12%
MTG	D	0.08%	0.48%	0.08%
ORI	A	0.12%	0.35%	0.12%
PGR	B	1.87%	1.11%	1.11%
V	A	6.01%	0.48%	0.48%

FNCL Overweight 366 Positions Relative to RAYD

Symbol	Grade	Weight
JPM	A	8.6%
BRK.A	B	7.67%
MA	B	5.35%
BAC	A	4.0%
WFC	A	3.14%
AXP	B	2.05%
SPGI	D	2.02%
MS	A	2.0%
BLK	B	1.93%
C	B	1.61%
BX	A	1.6%
FI	A	1.53%
SCHW	A	1.5%
CB	C	1.37%
MMC	D	1.35%
KKR	A	1.16%
ICE	C	1.11%
PYPL	B	1.05%
PNC	B	1.03%
CME	A	0.99%
USB	B	0.98%
AON	B	0.91%
COF	B	0.87%
APO	A	0.81%
AJG	B	0.8%
TFC	A	0.77%
AFL	C	0.74%
TRV	A	0.73%
BK	B	0.71%
AMP	A	0.69%
COIN	A	0.66%
MET	A	0.63%
AIG	C	0.63%
FIS	C	0.61%
MSCI	B	0.59%
SQ	A	0.58%
PRU	B	0.56%
ACGL	D	0.46%
MTB	A	0.44%
NDAQ	A	0.42%
WTW	B	0.4%
FITB	B	0.4%
ARES	A	0.39%
RJF	A	0.39%
GPN	C	0.37%
STT	B	0.35%
BRO	B	0.33%
TROW	B	0.33%
HBAN	B	0.32%
SYF	B	0.32%
CPAY	A	0.31%
RF	A	0.3%
CINF	A	0.29%
MKL	A	0.28%
CFG	B	0.27%
NTRS	A	0.27%
FCNCA	A	0.27%
CBOE	C	0.26%
PFG	C	0.25%
KEY	B	0.23%
WRB	B	0.23%
FDS	B	0.23%
IBKR	A	0.22%
HOOD	A	0.21%
L	A	0.2%
EG	D	0.2%
RGA	B	0.19%
EQH	B	0.19%
FNF	A	0.19%
EWBC	A	0.18%
TOST	A	0.18%
TW	A	0.18%
SOFI	A	0.17%
RNR	C	0.17%
UNM	A	0.16%
AFRM	A	0.16%
JKHY	D	0.16%
AIZ	A	0.15%
CG	B	0.15%
SF	B	0.15%
JEF	A	0.15%
FHN	A	0.14%
GL	C	0.13%
WBS	A	0.13%
AFG	A	0.13%
KNSL	B	0.13%
OWL	A	0.13%
PRI	A	0.13%
PNFP	B	0.12%
WAL	B	0.12%
ALLY	C	0.12%
MKTX	D	0.12%
SNV	B	0.11%
CBSH	A	0.11%
WTFC	B	0.11%
ZION	B	0.11%
SEIC	B	0.11%
CMA	B	0.11%
PB	A	0.1%
SSB	B	0.1%
VOYA	B	0.1%
CFR	B	0.1%
JXN	C	0.09%
OMF	A	0.09%
ONB	B	0.09%
RLI	A	0.09%
RYAN	B	0.09%
BPOP	C	0.09%
HLNE	A	0.09%
AXS	A	0.09%
WEX	F	0.09%
JHG	B	0.08%
FNB	B	0.08%
BEN	C	0.08%
GBCI	B	0.08%
COOP	B	0.08%
COLB	B	0.08%
CADE	B	0.08%
FAF	C	0.08%
AGNC	C	0.08%
RDN	D	0.07%
FOUR	A	0.07%
UBSI	B	0.07%
UMBF	B	0.07%
HOMB	A	0.07%
LNC	B	0.07%
THG	A	0.07%
STWD	C	0.07%
IVZ	C	0.07%
SIGI	B	0.07%
ESNT	D	0.07%
AMG	C	0.07%
PIPR	B	0.07%
VLY	B	0.06%
ABCB	B	0.06%
KMPR	A	0.06%
EEFT	C	0.06%
CNO	B	0.06%
MC	B	0.06%
SFBS	B	0.06%
SLM	B	0.06%
WTM	A	0.06%
FFIN	B	0.06%
AGO	A	0.06%
UPST	B	0.06%
TPG	A	0.06%
OZK	B	0.06%
HWC	B	0.06%
WD	D	0.05%
BGC	C	0.05%
PJT	B	0.05%
FHB	B	0.05%
STEP	B	0.05%
TCBI	B	0.05%
ESGR	B	0.05%
IBOC	B	0.05%
ASB	B	0.05%
AX	B	0.05%
PFSI	C	0.05%
VCTR	B	0.04%
HTLF	B	0.04%
INDB	B	0.04%
GSHD	B	0.04%
SFNC	B	0.04%
BKU	A	0.04%
CACC	F	0.04%
BXMT	C	0.04%
BOH	B	0.04%
NMIH	D	0.04%
VIRT	A	0.04%
WAFD	B	0.04%
CVBF	B	0.04%
HASI	F	0.04%
PRK	B	0.04%
GNW	A	0.04%
APAM	B	0.04%
FIBK	B	0.04%
FHI	B	0.04%
CBU	B	0.04%
BOKF	B	0.04%
FBP	B	0.04%
WSFS	B	0.04%
AUB	B	0.04%
EBC	B	0.04%
CATY	B	0.04%
FULT	B	0.04%
UCB	A	0.04%
BHF	C	0.04%
SYBT	B	0.03%
NATL	B	0.03%
AGM	B	0.03%
FBK	B	0.03%
PRG	C	0.03%
FRHC	A	0.03%
TRMK	B	0.03%
BANC	B	0.03%
EVTC	B	0.03%
DBRG	F	0.03%
MCY	B	0.03%
TFIN	B	0.03%
RNST	B	0.03%
NBTB	B	0.03%
EFSC	B	0.03%
WSBC	B	0.03%
SBCF	B	0.03%
IBTX	B	0.03%
TBBK	B	0.03%
FLYW	B	0.03%
BANR	B	0.03%
BANF	B	0.03%
PPBI	B	0.03%
OSCR	C	0.03%
WU	F	0.03%
PFS	B	0.03%
ABR	B	0.03%
PLMR	A	0.03%
TOWN	B	0.03%
CNS	B	0.03%
FRME	B	0.03%
FFBC	B	0.03%
PAYO	A	0.03%
ENVA	B	0.03%
SNEX	B	0.03%
PMT	D	0.02%
OCFC	B	0.02%
SRCE	B	0.02%
EIG	B	0.02%
PEBO	B	0.02%
ARI	C	0.02%
BHLB	B	0.02%
RC	D	0.02%
ACT	D	0.02%
GABC	B	0.02%
WT	A	0.02%
NAVI	F	0.02%
WABC	B	0.02%
NBHC	B	0.02%
NNI	D	0.02%
NIC	B	0.02%
HTH	B	0.02%
VBTX	B	0.02%
CODI	B	0.02%
TCBK	B	0.02%
LOB	C	0.02%
LADR	B	0.02%
STBA	B	0.02%
SPNT	A	0.02%
MQ	F	0.02%
QCRH	B	0.02%
HOPE	B	0.02%
CUBI	C	0.02%
HMN	B	0.02%
BUSE	B	0.02%
CHCO	B	0.02%
LMND	A	0.02%
RKT	F	0.02%
LC	B	0.02%
SKWD	A	0.02%
DFIN	D	0.02%
LKFN	B	0.02%
NWBI	B	0.02%
SASR	B	0.02%
TRUP	B	0.02%
VRTS	B	0.02%
FCF	B	0.02%
FBNC	B	0.02%
STC	B	0.02%
CASH	B	0.02%
OFG	B	0.02%
CLBK	C	0.01%
HONE	B	0.01%
KRNY	B	0.01%
CCBG	B	0.01%
GDOT	D	0.01%
PX	A	0.01%
TRTX	B	0.01%
GSBC	B	0.01%
UFCS	A	0.01%
HAFC	B	0.01%
TREE	F	0.01%
UWMC	D	0.01%
NFBK	B	0.01%
NRDS	C	0.01%
BHB	B	0.01%
SPFI	B	0.01%
AMBC	C	0.01%
TIPT	B	0.01%
PGC	A	0.01%
KREF	D	0.01%
FMNB	B	0.01%
TRST	B	0.01%
MCB	B	0.01%
EZPW	A	0.01%
LPRO	C	0.01%
FSBC	B	0.01%
THFF	B	0.01%
CTLP	B	0.01%
MSBI	B	0.01%
PAY	A	0.01%
SMBC	B	0.01%
UVE	A	0.01%
IIIV	B	0.01%
CAC	B	0.01%
RBCAA	B	0.01%
EQBK	B	0.01%
BFH	B	0.01%
RPAY	D	0.01%
TFSL	A	0.01%
IMXI	B	0.01%
CPF	B	0.01%
BFST	B	0.01%
CASS	B	0.01%
MCBS	B	0.01%
AMTB	C	0.01%
FG	B	0.01%
CFFN	B	0.01%
FCBC	B	0.01%
HTBK	B	0.01%
CMTG	D	0.01%
PRA	B	0.01%
PFBC	B	0.01%
AMAL	B	0.01%
OSBC	B	0.01%
EGBN	B	0.01%
FMBH	B	0.01%
CCB	A	0.01%
CFB	C	0.01%
WASH	B	0.01%
HFWA	B	0.01%
TMP	B	0.01%
PRAA	C	0.01%
BFC	B	0.01%
BHRB	B	0.01%
HBNC	B	0.01%
BRSP	C	0.01%
MBIN	F	0.01%
BSIG	A	0.01%
DX	A	0.01%
MBWM	B	0.01%
RWT	D	0.01%
BY	B	0.01%
SBSI	B	0.01%
OBK	B	0.01%
ECPG	C	0.01%
CNOB	B	0.01%
EFC	C	0.01%
CTBI	B	0.01%
CNNE	B	0.01%
HCI	C	0.01%
IBCP	B	0.01%
BRKL	B	0.01%
FBMS	B	0.01%
UVSP	B	0.01%
FBRT	C	0.01%
AMSF	B	0.01%
PFC	B	0.01%
DCOM	A	0.01%
SAFT	B	0.01%
AROW	B	0.0%
RILY	F	0.0%
GCBC	C	0.0%
DGICA	A	0.0%
DHIL	A	0.0%
HGTY	B	0.0%
HBT	B	0.0%
WRLD	D	0.0%

FNCL Underweight 97 Positions Relative to RAYD

Symbol	Grade	Weight
NVDA	A	-5.62%
AAPL	C	-5.42%
MSFT	D	-4.67%
AMZN	B	-3.47%
GOOGL	B	-2.82%
COST	A	-2.39%
SPOT	B	-2.2%
BKNG	A	-1.88%
BRBR	A	-1.62%
LLY	F	-1.51%
META	C	-1.48%
MELI	D	-1.39%
MO	A	-1.32%
MCK	A	-1.25%
SFM	A	-1.19%
MMM	D	-1.18%
T	A	-1.15%
COKE	C	-0.99%
HCA	F	-0.98%
CL	D	-0.95%
MUSA	B	-0.92%
CVLT	B	-0.87%
ADP	B	-0.86%
THC	C	-0.8%
PM	A	-0.79%
MSI	B	-0.79%
APP	A	-0.74%
MU	D	-0.66%
NFLX	A	-0.64%
EXEL	B	-0.63%
DASH	A	-0.62%
TRGP	A	-0.6%
FTNT	B	-0.58%
HRB	D	-0.56%
COR	B	-0.56%
CRWD	B	-0.55%
PG	C	-0.54%
MRK	F	-0.51%
TEAM	A	-0.49%
ANF	C	-0.48%
FICO	B	-0.47%
LMT	D	-0.45%
WING	D	-0.45%
PANW	B	-0.45%
DECK	A	-0.43%
ABBV	F	-0.42%
JNJ	D	-0.39%
GOOG	B	-0.39%
RBLX	B	-0.38%
ALNY	D	-0.36%
CMG	C	-0.36%
GM	B	-0.35%
WFRD	F	-0.35%
GRMN	B	-0.35%
GRAB	A	-0.34%
TMUS	B	-0.34%
ZM	B	-0.34%
CAH	B	-0.33%
TXRH	B	-0.33%
INTC	C	-0.33%
NOW	B	-0.32%
GWRE	A	-0.31%
VEEV	C	-0.3%
CNA	C	-0.29%
GDDY	A	-0.29%
SMAR	A	-0.29%
AZO	C	-0.29%
VRSN	F	-0.26%
DOCU	B	-0.26%
CHKP	D	-0.25%
HSBH	A	-0.24%
LPX	B	-0.23%
TSN	B	-0.23%
DIS	B	-0.22%
XRX	F	-0.22%
LDOS	C	-0.21%
RMD	C	-0.21%
NTAP	C	-0.21%
UBER	F	-0.21%
HPQ	B	-0.2%
MANH	D	-0.2%
FTI	A	-0.2%
UTHR	C	-0.2%
LOGI	F	-0.19%
RGLD	C	-0.19%
UNH	C	-0.19%
LULU	C	-0.18%
VZ	C	-0.18%
DXCM	C	-0.18%
STX	D	-0.18%
WWD	B	-0.17%
MNDY	D	-0.16%
AER	B	-0.16%
NRG	B	-0.16%
CYBR	A	-0.16%
UHS	D	-0.16%
RPRX	F	-0.16%