RAYD vs. QDF ETF Comparison

Comparison of The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD) to FlexShares Quality Dividend Index Fund (QDF)

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

$30.79

Average Daily Volume

6,342

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

QDF

FlexShares Quality Dividend Index Fund

QDF Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Dividend IndexSM. The fund generally will invest under normal circumstances at least 80% of its total assets in the securities of the underlying index. The underlying index is designed to provide exposure to a high-quality, income-oriented portfolio of U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall volatility similar to that of the Northern Trust 1250 IndexSM (the "Parent Index"). It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$71.22

Average Daily Volume

46,144

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	RAYD	QDF
30 Days	2.09%	2.42%
60 Days	5.07%	4.87%
90 Days	4.83%	6.57%
12 Months	31.61%	27.18%

26 Overlapping Holdings

Symbol	Grade	Weight in RAYD	Weight in QDF	Overlap
AAPL	C	5.21%	8.27%	5.21%
ABBV	C	0.5%	3.1%	0.5%
ADP	B	0.52%	1.06%	0.52%
BKNG	C	1.85%	0.06%	0.06%
CL	D	0.65%	0.17%	0.17%
COST	B	2.5%	0.24%	0.24%
GOOG	D	0.36%	1.49%	0.36%
GOOGL	D	2.12%	1.69%	1.69%
HRB	C	0.3%	0.18%	0.18%
JNJ	C	0.84%	3.32%	0.84%
MA	B	1.8%	0.26%	0.26%
META	B	1.24%	3.04%	1.24%
MMM	B	0.57%	0.69%	0.57%
MO	C	0.8%	0.84%	0.8%
MRK	D	0.63%	0.56%	0.56%
MSFT	C	5.07%	5.21%	5.07%
NKE	D	0.2%	0.9%	0.2%
NTAP	D	0.22%	0.22%	0.22%
NVDA	D	6.08%	4.94%	4.94%
ORI	B	0.34%	0.53%	0.34%
PG	C	0.59%	3.22%	0.59%
PM	C	0.21%	1.38%	0.21%
PRU	C	0.44%	0.58%	0.44%
V	C	0.47%	0.38%	0.38%
WFRD	F	0.4%	0.07%	0.07%
WING	B	0.26%	0.25%	0.25%

RAYD Overweight 85 Positions Relative to QDF

Symbol	Grade	Weight
AMZN	C	3.3%
LLY	C	1.87%
EME	B	1.5%
SPOT	B	1.44%
BRBR	C	1.42%
MELI	B	1.33%
PGR	B	1.12%
MCK	F	1.1%
ALL	B	1.04%
SFM	B	0.88%
NVS	C	0.85%
DTM	B	0.85%
PANW	D	0.81%
T	C	0.78%
RGA	C	0.65%
MORN	C	0.64%
MUSA	D	0.64%
MMC	C	0.59%
IBM	B	0.57%
MEDP	F	0.52%
THC	A	0.51%
ANF	D	0.5%
CMI	C	0.48%
DECK	C	0.46%
VRTX	D	0.46%
CRWD	D	0.44%
CR	C	0.41%
NU	B	0.41%
HCA	B	0.41%
GM	C	0.39%
COKE	C	0.39%
CMG	C	0.38%
NFLX	B	0.37%
TEAM	D	0.35%
VRSK	D	0.34%
APP	C	0.33%
GRMN	D	0.32%
MU	F	0.3%
VEEV	C	0.3%
HIG	B	0.29%
GS	C	0.28%
PINS	F	0.28%
CHKP	B	0.28%
INTC	F	0.28%
TEVA	C	0.27%
GRAB	C	0.26%
VRSN	D	0.26%
TW	B	0.25%
GDDY	C	0.25%
TSN	C	0.24%
ERIE	B	0.22%
UBER	C	0.22%
XRX	D	0.22%
DASH	C	0.22%
FANG	D	0.21%
FICO	B	0.21%
SMAR	C	0.21%
VZ	B	0.21%
LOGI	D	0.21%
HLI	B	0.2%
LPLA	D	0.2%
DIS	D	0.2%
DFS	C	0.2%
HUBS	D	0.2%
STX	C	0.2%
MTG	B	0.2%
TRGP	B	0.2%
MANH	B	0.2%
ALNY	C	0.19%
UTHR	C	0.19%
HPQ	D	0.19%
NTNX	C	0.19%
WWD	D	0.18%
DBX	D	0.18%
RPRX	C	0.18%
TPL	B	0.18%
MNDY	B	0.18%
FTI	D	0.18%
DXCM	F	0.18%
AER	B	0.17%
LDOS	B	0.17%
LULU	D	0.16%
CYBR	D	0.16%
NRG	C	0.15%
NBIX	F	0.14%

RAYD Underweight 99 Positions Relative to QDF

Symbol	Grade	Weight
KO	C	-2.57%
ACN	C	-1.98%
QCOM	D	-1.74%
INTU	C	-1.69%
HD	B	-1.68%
UNP	C	-1.37%
LOW	B	-1.23%
GILD	B	-0.96%
LRCX	F	-0.95%
KLAC	D	-0.92%
AVGO	C	-0.89%
ZTS	C	-0.83%
MS	D	-0.75%
SBUX	C	-0.74%
ITW	C	-0.71%
CAT	B	-0.69%
LMT	C	-0.68%
PSA	B	-0.66%
JPM	D	-0.65%
EBAY	B	-0.62%
PAYX	C	-0.62%
BK	B	-0.62%
AFL	C	-0.62%
FIS	B	-0.61%
D	C	-0.61%
AVB	B	-0.6%
VRT	C	-0.6%
MAA	B	-0.59%
FAST	C	-0.59%
PEG	C	-0.59%
EQR	B	-0.58%
NSA	B	-0.57%
VIRT	C	-0.55%
NXPI	F	-0.55%
MPC	F	-0.55%
OHI	B	-0.55%
WTW	C	-0.54%
CPT	B	-0.54%
MCHP	F	-0.54%
VLO	F	-0.53%
EA	D	-0.53%
MET	B	-0.53%
KTB	B	-0.52%
IPG	C	-0.52%
RDN	C	-0.52%
STWD	A	-0.52%
JHG	B	-0.51%
CHRW	B	-0.51%
NEP	D	-0.5%
BPOP	C	-0.5%
CMA	B	-0.5%
OGE	C	-0.5%
WU	F	-0.5%
IVZ	B	-0.49%
FAF	B	-0.49%
UGI	C	-0.49%
XOM	C	-0.48%
DVN	F	-0.48%
SMG	C	-0.48%
WSM	D	-0.47%
SWKS	D	-0.47%
SNA	C	-0.45%
POOL	C	-0.45%
OMF	D	-0.45%
WY	C	-0.45%
TPR	C	-0.44%
WDFC	C	-0.44%
NUE	F	-0.42%
EVRG	B	-0.42%
HST	C	-0.42%
CUBE	C	-0.42%
WMS	D	-0.41%
TT	B	-0.4%
CTAS	B	-0.38%
PFG	B	-0.38%
SCCO	D	-0.36%
ALLY	F	-0.35%
EIX	C	-0.35%
LNC	D	-0.34%
CFR	C	-0.34%
RHI	D	-0.33%
APLE	D	-0.33%
IRDM	D	-0.31%
BR	D	-0.29%
OLN	D	-0.27%
NNN	C	-0.27%
RMD	C	-0.19%
PNW	C	-0.16%
DPZ	F	-0.16%
BSY	D	-0.14%
PAYC	D	-0.13%
WMT	C	-0.12%
EXP	B	-0.08%
CSWI	B	-0.06%
MAR	C	-0.04%
COP	D	-0.04%
STNG	D	-0.02%
BAC	D	-0.02%
BBWI	F	-0.01%