SPGM vs. RAYD ETF Comparison

Comparison of SPDR Portfolio MSCI Global Stock Market ETF (SPGM) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

SPGM

SPDR Portfolio MSCI Global Stock Market ETF

SPGM Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI ACWI IMI Index. The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in depositary receipts based on securities comprising the index. The index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets.

Grade (RS Rating)

Last Trade

$64.85

Average Daily Volume

59,737

Number of Holdings ^*

1003

* 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

$32.31

Average Daily Volume

6,219

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	SPGM	RAYD
30 Days	0.11%	2.60%
60 Days	1.66%	5.11%
90 Days	2.59%	6.20%
12 Months	24.96%	37.07%

68 Overlapping Holdings

Symbol	Grade	Weight in SPGM	Weight in RAYD	Overlap
AAPL	C	3.74%	5.42%	3.74%
ABBV	F	0.19%	0.42%	0.19%
ABBV	F	0.36%	0.42%	0.36%
ADP	A	0.23%	0.86%	0.23%
ALL	A	0.16%	0.82%	0.16%
ALNY	D	0.01%	0.36%	0.01%
AMZN	C	2.13%	3.47%	2.13%
ANF	F	0.0%	0.48%	0.0%
APP	B	0.06%	0.74%	0.06%
BKNG	A	0.31%	1.88%	0.31%
BRBR	A	0.0%	1.62%	0.0%
CL	D	0.13%	0.95%	0.13%
CMG	B	0.11%	0.36%	0.11%
COST	A	0.56%	2.39%	0.56%
CRWD	B	0.09%	0.55%	0.09%
DASH	B	0.03%	0.62%	0.03%
DFS	B	0.2%	0.51%	0.2%
DIS	B	0.3%	0.22%	0.22%
DOCU	B	0.01%	0.26%	0.01%
DXCM	C	0.02%	0.18%	0.02%
FICO	B	0.03%	0.47%	0.03%
FTI	A	0.03%	0.2%	0.03%
FTNT	C	0.03%	0.58%	0.03%
GM	C	0.09%	0.35%	0.09%
GOOG	C	1.1%	0.39%	0.39%
GOOGL	C	1.1%	2.82%	1.1%
GRAB	A	0.0%	0.34%	0.0%
GS	A	0.38%	0.33%	0.33%
HCA	F	0.02%	0.98%	0.02%
HPQ	B	0.11%	0.2%	0.11%
HSBH	B	0.19%	0.24%	0.19%
INTC	C	0.14%	0.33%	0.14%
JNJ	C	0.39%	0.39%	0.39%
LDOS	C	0.03%	0.21%	0.03%
LLY	F	0.7%	1.51%	0.7%
LMT	D	0.25%	0.45%	0.25%
LULU	C	0.02%	0.18%	0.02%
MCK	A	0.25%	1.25%	0.25%
MCO	B	0.02%	0.29%	0.02%
MELI	C	0.1%	1.39%	0.1%
META	D	1.43%	1.48%	1.43%
MMM	D	0.1%	1.18%	0.1%
MNDY	C	0.01%	0.16%	0.01%
MO	A	0.09%	1.32%	0.09%
MRK	D	0.31%	0.51%	0.31%
MSFT	D	3.35%	4.67%	3.35%
MU	D	0.07%	0.66%	0.07%
NFLX	A	0.37%	0.64%	0.37%
NOW	A	0.16%	0.32%	0.16%
NTAP	C	0.1%	0.21%	0.1%
NVDA	B	4.01%	5.62%	4.01%
PANW	B	0.11%	0.45%	0.11%
PG	C	0.49%	0.54%	0.49%
PGR	A	0.17%	1.11%	0.17%
PM	B	0.21%	0.79%	0.21%
RBLX	C	0.02%	0.38%	0.02%
SMAR	B	0.01%	0.29%	0.01%
STX	C	0.06%	0.18%	0.06%
T	A	0.21%	1.15%	0.21%
TEAM	A	0.03%	0.49%	0.03%
TMUS	B	0.07%	0.34%	0.07%
TSN	B	0.08%	0.23%	0.08%
UBER	F	0.13%	0.21%	0.13%
UNH	B	0.68%	0.19%	0.19%
V	A	0.7%	0.48%	0.48%
VEEV	C	0.02%	0.3%	0.02%
VZ	C	0.14%	0.18%	0.14%
ZM	C	0.02%	0.34%	0.02%

SPGM Overweight 935 Positions Relative to RAYD

Symbol	Grade	Weight
TSLA	B	1.01%
TSM	B	0.99%
JPM	A	0.95%
AVGO	D	0.87%
BRK.A	B	0.73%
XOM	B	0.68%
HD	B	0.57%
BAC	A	0.53%
CRM	B	0.49%
WFC	A	0.44%
ORCL	A	0.43%
MA	B	0.43%
WMT	A	0.41%
INTU	B	0.38%
TMO	F	0.38%
TXN	C	0.37%
CSCO	B	0.36%
AXP	A	0.36%
TJX	A	0.35%
CVX	A	0.35%
ADBE	C	0.34%
ABT	B	0.34%
RTX	D	0.33%
MS	A	0.32%
LIN	C	0.32%
LOW	C	0.31%
CAT	B	0.3%
KO	D	0.29%
ACN	B	0.28%
DHR	F	0.28%
QCOM	F	0.27%
CB	C	0.27%
IBM	C	0.27%
UNP	C	0.26%
PEP	F	0.26%
AFL	B	0.26%
CMI	A	0.26%
C	A	0.26%
TM	F	0.26%
NEE	C	0.25%
ETN	A	0.24%
SPGI	C	0.24%
AMAT	F	0.24%
PLD	F	0.23%
MCD	D	0.23%
AMD	F	0.23%
MDT	D	0.23%
SONY	B	0.22%
HON	C	0.22%
ORLY	B	0.22%
NVS	F	0.22%
PSA	C	0.22%
WM	B	0.22%
GD	D	0.22%
EMR	B	0.21%
AMGN	F	0.21%
TRV	B	0.21%
BABA	D	0.2%
A	D	0.2%
SBUX	A	0.2%
MET	A	0.2%
SYK	B	0.2%
GILD	C	0.19%
CSX	C	0.19%
TT	A	0.19%
BK	A	0.19%
SCHW	B	0.18%
ISRG	A	0.18%
CMCSA	B	0.18%
FDX	B	0.18%
JCI	B	0.18%
COP	C	0.18%
NKE	F	0.18%
DE	B	0.18%
MPC	D	0.17%
NSC	B	0.17%
MUFG	B	0.17%
PNC	B	0.17%
ELV	F	0.17%
IBN	C	0.17%
PH	A	0.17%
MMC	B	0.17%
PFE	F	0.17%
ROST	D	0.17%
PRU	A	0.16%
AEP	C	0.16%
EOG	A	0.16%
INFY	C	0.16%
AMT	C	0.16%
ADI	D	0.16%
BDX	F	0.16%
NOC	D	0.16%
UL	D	0.16%
GLW	B	0.15%
PEG	A	0.15%
SPG	A	0.15%
PYPL	B	0.15%
COF	C	0.15%
ITW	B	0.14%
ECL	D	0.14%
BMY	B	0.14%
BSX	A	0.14%
GE	D	0.14%
SHOP	B	0.14%
CVS	D	0.13%
CTSH	B	0.13%
PLTR	B	0.13%
IR	B	0.13%
CNI	F	0.13%
FAST	B	0.13%
MTB	A	0.13%
RDY	F	0.12%
ROIC	A	0.12%
EIX	B	0.12%
HES	B	0.12%
KEYS	A	0.12%
SYY	D	0.12%
CEG	C	0.12%
USB	A	0.12%
TGT	F	0.12%
CLX	A	0.12%
MKC	C	0.11%
KKR	A	0.11%
YUM	D	0.11%
UPS	C	0.11%
KMB	C	0.11%
TD	D	0.11%
VLO	C	0.11%
HSY	F	0.11%
DUK	C	0.1%
ICE	C	0.1%
EBAY	D	0.1%
CHTR	C	0.1%
BA	F	0.1%
CHRW	B	0.09%
UMH	B	0.09%
REGN	F	0.09%
CME	B	0.09%
BLK	B	0.09%
ZTS	D	0.09%
AZN	F	0.08%
CI	D	0.08%
STT	B	0.08%
DD	C	0.08%
PDD	F	0.08%
AON	A	0.08%
SMFG	B	0.08%
ADM	D	0.08%
APD	A	0.08%
CHT	C	0.08%
PPL	A	0.08%
WMB	A	0.08%
BCS	A	0.07%
K	A	0.07%
DEO	F	0.07%
LYB	F	0.07%
VRT	B	0.07%
GEV	B	0.07%
MFG	A	0.07%
ANET	C	0.07%
FE	C	0.07%
CDNS	B	0.07%
SJM	D	0.07%
BIIB	F	0.07%
HPE	B	0.07%
NXRT	B	0.07%
MRO	B	0.07%
TCOM	B	0.07%
F	C	0.07%
SO	C	0.07%
SLB	C	0.07%
CTVA	C	0.07%
VRTX	D	0.07%
CHD	A	0.07%
DEA	D	0.06%
UMC	F	0.06%
DOW	F	0.06%
AXON	A	0.06%
SYF	B	0.06%
COIN	C	0.06%
JNPR	D	0.06%
EQR	C	0.06%
FTV	C	0.06%
LRCX	F	0.06%
CARR	C	0.06%
BX	A	0.06%
WIT	B	0.06%
VALE	F	0.06%
EXC	C	0.06%
WDC	D	0.06%
HDB	C	0.06%
EQIX	A	0.05%
STLA	F	0.05%
DOC	C	0.05%
FI	A	0.05%
ITUB	F	0.05%
OXY	D	0.05%
HAL	C	0.05%
NMR	B	0.05%
MOD	A	0.05%
GOOD	B	0.05%
BEN	C	0.05%
MSTR	B	0.05%
BAX	F	0.05%
LYG	D	0.05%
E	F	0.05%
GIS	D	0.05%
MRVL	B	0.05%
TTD	B	0.05%
MDLZ	F	0.05%
PSX	C	0.05%
FOXA	A	0.05%
RCL	A	0.04%
KVUE	A	0.04%
AA	A	0.04%
ALLE	C	0.04%
YUMC	C	0.04%
KB	B	0.04%
DLTR	F	0.04%
LVS	B	0.04%
OTIS	C	0.04%
FCX	F	0.04%
KLAC	F	0.04%
LW	C	0.04%
SE	A	0.04%
SNPS	B	0.04%
VLTO	C	0.04%
ABNB	C	0.04%
CAG	F	0.04%
EL	F	0.04%
PKX	D	0.04%
TPR	B	0.04%
HMC	F	0.03%
LNTH	D	0.03%
ITCI	C	0.03%
LNW	F	0.03%
AXNX	A	0.03%
DDOG	A	0.03%
QTWO	A	0.03%
WTTR	A	0.03%
NU	C	0.03%
TAC	A	0.03%
BKR	A	0.03%
BIDU	F	0.03%
BBD	D	0.03%
PBR	D	0.03%
NET	B	0.03%
TBBK	B	0.03%
SQ	A	0.03%
CVNA	B	0.03%
BRSP	C	0.03%
KMI	A	0.03%
DX	B	0.03%
SHW	B	0.03%
NEM	D	0.03%
SNOW	B	0.03%
VERX	A	0.02%
TGTX	B	0.02%
NUE	C	0.02%
FSLR	F	0.02%
ACEL	C	0.02%
TOST	B	0.02%
GGB	C	0.02%
OII	B	0.02%
AGYS	A	0.02%
AIV	C	0.02%
AZEK	A	0.02%
PARA	C	0.02%
IIPR	D	0.02%
AFRM	A	0.02%
GOLD	C	0.02%
ABEV	F	0.02%
SKY	A	0.02%
AHH	D	0.02%
CHCT	C	0.02%
TTGT	B	0.02%
MOS	F	0.02%
CCL	A	0.02%
TMDX	F	0.02%
URI	C	0.02%
MPWR	F	0.02%
DKNG	B	0.02%
MDB	B	0.02%
ZS	B	0.02%
HUBS	A	0.02%
IFF	D	0.02%
RKLB	A	0.02%
CHX	C	0.02%
CF	A	0.02%
HOV	D	0.02%
WBD	B	0.02%
LI	F	0.02%
BABA	D	0.02%
ADMA	B	0.02%
GEHC	D	0.02%
CFG	B	0.02%
DELL	B	0.02%
SHG	C	0.02%
MT	B	0.02%
WDAY	B	0.02%
HIMS	B	0.02%
MITK	C	0.01%
DT	D	0.01%
AI	B	0.01%
LASR	D	0.01%
KYMR	D	0.01%
CYH	F	0.01%
BOOT	C	0.01%
BLFS	C	0.01%
PRTA	F	0.01%
ACMR	D	0.01%
PACB	F	0.01%
CTLP	B	0.01%
BLBD	D	0.01%
ODFL	C	0.01%
SMR	B	0.01%
NR	B	0.01%
ZLAB	C	0.01%
CCO	C	0.01%
FRO	D	0.01%
PGC	B	0.01%
M	F	0.01%
LC	A	0.01%
FLYW	B	0.01%
PCT	C	0.01%
BASE	B	0.01%
ALKT	B	0.01%
GDYN	B	0.01%
KOP	C	0.01%
EXPI	D	0.01%
WSR	A	0.01%
GATO	C	0.01%
DXC	B	0.01%
OMI	F	0.01%
BCRX	D	0.01%
LAZR	D	0.01%
PHI	D	0.01%
SLP	D	0.01%
CELH	F	0.01%
CLDX	F	0.01%
NOV	C	0.01%
IMVT	F	0.01%
IDYA	F	0.01%
PIXY	F	0.01%
JKS	F	0.01%
PACK	B	0.01%
PTEN	C	0.01%
KC	B	0.01%
BTU	B	0.01%
COHR	B	0.01%
U	C	0.01%
ITRI	C	0.01%
PCH	F	0.01%
RLX	C	0.01%
AUPH	B	0.01%
GTLB	B	0.01%
CROX	D	0.01%
COLL	F	0.01%
VMEO	B	0.01%
PNR	A	0.01%
SRPT	F	0.01%
VICR	C	0.01%
HASI	D	0.01%
CLNE	F	0.01%
AES	F	0.01%
ALEX	B	0.01%
NXPI	D	0.01%
PHR	F	0.01%
CIFR	C	0.01%
DLR	B	0.01%
RDFN	D	0.01%
BGNE	D	0.01%
YETI	D	0.01%
ALGN	D	0.01%
GNRC	C	0.01%
ZETA	D	0.01%
PNTG	D	0.01%
AGNC	C	0.01%
EXAS	D	0.01%
EFC	C	0.01%
ENPH	F	0.01%
DQ	F	0.01%
CZR	F	0.01%
RCUS	F	0.01%
FBK	C	0.01%
KD	B	0.01%
BBWI	C	0.01%
DOCS	C	0.01%
AUR	C	0.01%
BILL	A	0.01%
SEMR	C	0.01%
RIOT	C	0.01%
CCB	A	0.01%
LWLG	D	0.01%
SID	F	0.01%
TWST	F	0.01%
USLM	A	0.01%
PTCT	B	0.01%
MCB	B	0.01%
RNA	C	0.01%
ULH	C	0.01%
LIND	C	0.01%
AMSC	B	0.01%
MCRI	A	0.01%
TGI	B	0.01%
MGNI	B	0.01%
INMD	C	0.01%
PEN	B	0.01%
OSW	B	0.01%
LOB	C	0.01%
MBIN	F	0.01%
ROKU	D	0.01%
BZH	C	0.01%
DH	F	0.01%
XPO	B	0.01%
TREX	C	0.01%
CCS	D	0.01%
FUTU	D	0.01%
BE	B	0.01%
CASH	B	0.01%
OKTA	C	0.01%
SDGR	C	0.01%
ARWR	D	0.01%
TREE	F	0.01%
AKO.A	F	0.01%
GERN	D	0.01%
ENS	F	0.01%
ADSK	A	0.01%
VSTO	A	0.01%
LUMN	C	0.01%
THR	B	0.01%
CPRX	C	0.01%
TFIN	B	0.01%
MDGL	B	0.01%
APA	D	0.01%
AAOI	B	0.01%
SCCO	F	0.01%
TME	D	0.01%
FOUR	A	0.01%
CLDT	B	0.01%
MRC	B	0.01%
PBF	D	0.01%
Z	A	0.01%
RIVN	F	0.01%
ALB	B	0.01%
CLBT	B	0.01%
NBR	C	0.01%
CLSK	C	0.01%
NIO	F	0.01%
SMCI	F	0.01%
TTI	B	0.01%
CENX	B	0.01%
AKRO	B	0.01%
INTA	B	0.01%
FLNG	C	0.01%
MARA	B	0.01%
GMS	B	0.01%
HSTM	B	0.01%
RDNT	B	0.01%
BHF	C	0.01%
LBRDK	C	0.01%
AAON	B	0.01%
FIS	C	0.01%
EXPE	B	0.01%
SQ	A	0.01%
TDOC	C	0.01%
GME	C	0.01%
RVLV	A	0.01%
PAY	A	0.01%
SNAP	D	0.01%
UPST	B	0.01%
MHO	D	0.01%
BBIO	F	0.01%
ABR	C	0.01%
GSAT	C	0.01%
CNH	C	0.01%
KOS	D	0.01%
KSS	F	0.01%
ERJ	A	0.01%
BEKE	D	0.01%
DVAX	C	0.01%
VNT	C	0.01%
XPEV	C	0.01%
NWSA	A	0.01%
KEX	B	0.01%
EPAM	B	0.01%
ILMN	C	0.01%
ORA	B	0.01%
INSP	D	0.01%
GMRE	F	0.01%
TWLO	A	0.01%
PTON	A	0.01%
VIPS	F	0.01%
ON	D	0.01%
COMP	B	0.01%
DDD	C	0.01%
VTRS	A	0.01%
APH	A	0.01%
EPRT	B	0.01%
SOLV	D	0.01%
MRNA	F	0.01%
MATX	C	0.01%
TAL	F	0.01%
GRBK	D	0.01%
TEVA	C	0.01%
IMXI	B	0.01%
PLAY	D	0.01%
WBA	F	0.01%
PINS	F	0.01%
DVN	F	0.01%
BLDR	D	0.01%
RYTM	C	0.01%
TDG	D	0.01%
DYN	F	0.01%
SRRK	C	0.01%
MTDR	B	0.01%
SOFI	B	0.01%
POWL	C	0.01%
ALLY	C	0.01%
PLMR	A	0.01%
KRYS	C	0.0%
LI	F	0.0%
AGL	F	0.0%
XPEV	C	0.0%
SCLX	F	0.0%
SMWB	A	0.0%
JAMF	F	0.0%
OEC	C	0.0%
MP	C	0.0%
JOBY	B	0.0%
CRCT	F	0.0%
TH	C	0.0%
WOLF	F	0.0%
FLWS	D	0.0%
BMBL	C	0.0%
DAN	D	0.0%
CGEM	F	0.0%
MLCO	F	0.0%
SEDG	F	0.0%
ASTH	F	0.0%
HDSN	F	0.0%
MRVI	F	0.0%
MGPI	F	0.0%
BOC	C	0.0%
ZEUS	C	0.0%
SHEN	F	0.0%
SAGE	F	0.0%
DENN	D	0.0%
SPRY	C	0.0%
PKST	F	0.0%
OVV	B	0.0%
KE	C	0.0%
LGIH	F	0.0%
MLNK	C	0.0%
FLGT	F	0.0%
FIGS	F	0.0%
ITOS	F	0.0%
LSCC	D	0.0%
OLPX	D	0.0%
APTV	F	0.0%
MXL	C	0.0%
GRPN	F	0.0%
SNCY	C	0.0%
MNSO	D	0.0%
VRE	B	0.0%
PRVA	C	0.0%
FNA	B	0.0%
MAX	F	0.0%
EYE	C	0.0%
RENB	F	0.0%
ORLA	C	0.0%
PUMP	C	0.0%
TPB	B	0.0%
PD	C	0.0%
KRNT	B	0.0%
RGNX	D	0.0%
SVC	F	0.0%
CHRD	D	0.0%
REPL	D	0.0%
VIR	D	0.0%
PARR	F	0.0%
NABL	F	0.0%
CEVA	B	0.0%
LYEL	F	0.0%
BVN	D	0.0%
CTKB	C	0.0%
FSBC	C	0.0%
HOG	D	0.0%
CRSR	C	0.0%
SGRY	F	0.0%
OLO	A	0.0%
OLMA	F	0.0%
TMCI	C	0.0%
HUMA	F	0.0%
PFC	B	0.0%
GOGO	C	0.0%
COTY	F	0.0%
MBAVU	C	0.0%
ICHR	C	0.0%
IRTC	C	0.0%
HE	C	0.0%
SWBI	C	0.0%
CNDT	C	0.0%
IBP	D	0.0%
ELVN	D	0.0%
MAT	D	0.0%
ZUO	B	0.0%
LAND	F	0.0%
TLRY	F	0.0%
APLS	F	0.0%
ETNB	C	0.0%
KRUS	B	0.0%
RIG	D	0.0%
LILAK	D	0.0%
SAVA	C	0.0%
CECO	B	0.0%
HAE	C	0.0%
LPRO	B	0.0%
CALX	D	0.0%
SHLS	F	0.0%
XPOF	C	0.0%
CXM	C	0.0%
APPN	B	0.0%
THRM	F	0.0%
CAR	C	0.0%
GDS	C	0.0%
PDFS	C	0.0%
QFIN	A	0.0%
QTRX	F	0.0%
AOSL	C	0.0%
NMIH	C	0.0%
AMRC	F	0.0%
ESTA	D	0.0%
SHC	F	0.0%
XPRO	D	0.0%
THO	B	0.0%
XHR	B	0.0%
DJT	C	0.0%
DBI	F	0.0%
RXST	F	0.0%
FBRT	D	0.0%
NCNO	C	0.0%
ATRO	D	0.0%
MQ	D	0.0%
SM	B	0.0%
PUBM	C	0.0%
DNOW	B	0.0%
ADUS	D	0.0%
ATEC	C	0.0%
LESL	D	0.0%
HURN	C	0.0%
BROS	A	0.0%
CLF	F	0.0%
ENIC	B	0.0%
CEIX	A	0.0%
NVRI	D	0.0%
MDXG	B	0.0%
UCTT	D	0.0%
CUBI	B	0.0%
AMRK	F	0.0%
FDMT	F	0.0%
LXRX	F	0.0%
STAA	F	0.0%
YMAB	F	0.0%
MNTK	F	0.0%
NARI	C	0.0%
ATEN	A	0.0%
IOVA	F	0.0%
DGII	C	0.0%
GKOS	B	0.0%
UVV	B	0.0%
HAYN	A	0.0%
YOU	D	0.0%
SIBN	F	0.0%
MERC	F	0.0%
VNET	B	0.0%
ORIC	F	0.0%
PRO	C	0.0%
TASK	C	0.0%
CHEF	A	0.0%
ARLO	C	0.0%
NNDM	D	0.0%
IDT	B	0.0%
VTLE	C	0.0%
NOVA	F	0.0%
ARDX	F	0.0%
S	B	0.0%
HL	D	0.0%
ALHC	C	0.0%
DHI	F	0.0%
IAS	C	0.0%
SABR	C	0.0%
SANA	F	0.0%
ULCC	D	0.0%
SKE	C	0.0%
HAYW	B	0.0%
TITN	C	0.0%
ARQT	B	0.0%
NEOG	F	0.0%
GDRX	F	0.0%
CYRX	F	0.0%
PENN	C	0.0%
GH	B	0.0%
FVRR	B	0.0%
CDNA	D	0.0%
AVNS	F	0.0%
RVNC	F	0.0%
NEXT	C	0.0%
KRNY	C	0.0%
MEG	F	0.0%
SIGA	F	0.0%
TNDM	D	0.0%
DHC	F	0.0%
ATHM	C	0.0%
EB	C	0.0%
NTLA	F	0.0%
FSLY	D	0.0%
FIZZ	C	0.0%
CNC	D	0.0%
CYTK	F	0.0%
RRC	B	0.0%
PCVX	D	0.0%
GLBE	B	0.0%
RKT	F	0.0%
VCYT	B	0.0%
NVCR	C	0.0%
EMBC	C	0.0%
TXG	F	0.0%
VZIO	A	0.0%
STOK	F	0.0%
ZI	D	0.0%
HTHT	D	0.0%
YY	B	0.0%
SITM	B	0.0%
UWMC	D	0.0%
AR	B	0.0%
METC	C	0.0%
ADNT	F	0.0%
BIGC	B	0.0%
EWCZ	F	0.0%
EYPT	D	0.0%
WGO	C	0.0%
FC	F	0.0%
GNK	D	0.0%
SOUN	B	0.0%
PHAT	F	0.0%
ARRY	F	0.0%
LMND	B	0.0%
OSPN	A	0.0%
SNDX	F	0.0%
BEAM	D	0.0%
BHB	C	0.0%
ENVA	B	0.0%
FIVN	C	0.0%
NVAX	F	0.0%
CFLT	B	0.0%
HRI	C	0.0%
MTW	C	0.0%
AMC	C	0.0%
CRMT	D	0.0%
DFH	D	0.0%
IIIV	C	0.0%
UNIT	B	0.0%
EVH	F	0.0%
WOOF	D	0.0%
INN	D	0.0%
GDOT	D	0.0%
CDMO	A	0.0%
EGBN	B	0.0%
APPF	B	0.0%
ARCT	F	0.0%
HUYA	F	0.0%
MOMO	D	0.0%
NX	C	0.0%
INSW	F	0.0%
TRNS	D	0.0%
OSCR	D	0.0%
ALT	C	0.0%
FROG	C	0.0%
JANX	C	0.0%
ACLS	F	0.0%
MTCH	D	0.0%
INDI	C	0.0%
FRSH	B	0.0%
FATE	F	0.0%
ATUS	B	0.0%
BXC	B	0.0%
KHC	F	0.0%
QNST	B	0.0%
ERAS	C	0.0%
GXO	B	0.0%
NTRA	A	0.0%
PODD	C	0.0%
IQ	F	0.0%
ALEC	F	0.0%
RCKT	F	0.0%
BRZE	C	0.0%
AX	B	0.0%
VSCO	C	0.0%
DIN	C	0.0%
FUBO	D	0.0%
AXSM	B	0.0%
BURL	B	0.0%
TUYA	D	0.0%
RXRX	F	0.0%
VPG	F	0.0%
ETSY	D	0.0%
HST	C	0.0%
CCBG	B	0.0%
LMB	B	0.0%
ATKR	D	0.0%
BYND	F	0.0%
LCID	F	0.0%
RVMD	C	0.0%
CERT	F	0.0%
KIM	A	0.0%
CSTL	D	0.0%
ESTC	C	0.0%
PFSI	C	0.0%
VRNS	D	0.0%
ARVN	F	0.0%
YEXT	B	0.0%
ELF	C	0.0%
UEC	B	0.0%
NSSC	D	0.0%
TRUP	B	0.0%
NUVL	C	0.0%
ASPN	F	0.0%
NUVB	C	0.0%
SPT	C	0.0%
DUOL	A	0.0%
PCG	A	0.0%
VITL	D	0.0%
DCO	C	0.0%
KLG	B	0.0%
IIIN	C	0.0%
RLAY	F	0.0%
DOCN	C	0.0%
JELD	F	0.0%
PLPC	B	0.0%
CSGP	D	0.0%
SPR	D	0.0%
TTWO	A	0.0%
CASS	C	0.0%
RGEN	D	0.0%
SAM	C	0.0%
VRDN	D	0.0%
ALLO	F	0.0%
RNG	C	0.0%
JBI	F	0.0%
SITE	F	0.0%
ENFN	B	0.0%
IBUY	B	0.0%
LSPD	C	0.0%
RLJ	C	0.0%
PRG	C	0.0%
PTGX	D	0.0%
RUN	F	0.0%
ACVA	B	0.0%
HCP	B	0.0%
WRBY	A	0.0%
RPAY	D	0.0%
CIG	C	0.0%
AMPS	C	0.0%
CHGX	A	0.0%
CC	C	0.0%
CLOV	D	0.0%
ACHR	B	0.0%
PLUG	F	0.0%
EDIT	F	0.0%
KEP	B	0.0%
VVI	C	0.0%
REZI	A	0.0%
PL	B	0.0%
PATH	C	0.0%
DMRC	B	0.0%
BZ	F	0.0%
BILI	D	0.0%
PLAB	C	0.0%
CIB	B	0.0%
NCLH	B	0.0%
ENVX	F	0.0%
RAMP	B	0.0%
OGN	F	0.0%
NPAB	F	0.0%
QS	F	0.0%
WRLD	C	0.0%
CHPT	F	0.0%
NVT	B	0.0%
EVRI	A	0.0%
EQT	B	0.0%
APLD	B	0.0%
DRH	B	0.0%
KREF	C	0.0%
LYFT	C	0.0%
EXTR	C	0.0%
ROIV	C	0.0%
PAYO	A	0.0%
BLND	A	0.0%
AMG	B	0.0%
UPWK	B	0.0%
ROCK	C	0.0%
WULF	C	0.0%
HSII	B	0.0%
LEU	C	0.0%
VKTX	F	0.0%
OPEN	F	0.0%
NEO	C	0.0%
ASAN	B	0.0%
FLNC	D	0.0%
PAR	A	0.0%
BJRI	C	0.0%
REPX	A	0.0%
NRIX	C	0.0%
LEGH	D	0.0%
PRCT	B	0.0%
CARS	C	0.0%
TIGR	D	0.0%
IDXX	F	0.0%
AMR	C	0.0%
WIX	A	0.0%
ELAN	D	0.0%
SONO	C	0.0%
CDE	C	0.0%
SQM	D	0.0%
W	D	0.0%
MNMD	C	0.0%
VERV	F	0.0%
GPN	B	0.0%
HEES	C	0.0%
REG	A	0.0%
WEAV	C	0.0%
XMTR	B	0.0%
EA	A	0.0%
CMPR	D	0.0%

SPGM Underweight 44 Positions Relative to RAYD

Symbol	Grade	Weight
SPOT	B	-2.2%
SFM	A	-1.19%
COKE	C	-0.99%
MUSA	B	-0.92%
CVLT	B	-0.87%
THC	D	-0.8%
MSI	B	-0.79%
EVR	B	-0.72%
MORN	B	-0.68%
EXEL	B	-0.63%
TRGP	A	-0.6%
HRB	D	-0.56%
COR	B	-0.56%
MTG	C	-0.48%
WING	D	-0.45%
DECK	A	-0.43%
WFRD	D	-0.35%
ORI	A	-0.35%
GRMN	B	-0.35%
CAH	B	-0.33%
TXRH	B	-0.33%
GWRE	A	-0.31%
CNA	C	-0.29%
GDDY	A	-0.29%
AZO	C	-0.29%
LPLA	A	-0.28%
HIG	B	-0.28%
VRSN	C	-0.26%
CHKP	C	-0.25%
HLI	A	-0.23%
LPX	B	-0.23%
XRX	F	-0.22%
RMD	C	-0.21%
MANH	D	-0.2%
UTHR	C	-0.2%
LOGI	D	-0.19%
RGLD	C	-0.19%
WWD	C	-0.17%
AER	A	-0.16%
NRG	B	-0.16%
CYBR	A	-0.16%
UHS	D	-0.16%
RPRX	D	-0.16%
ERIE	D	-0.16%