SPY vs. RAYD ETF Comparison

Comparison of SPDR S&P 500 (SPY) to The Advisors' Inner Circle Fund III Rayliant Quantitative Developed Market Equity ETF (RAYD)

SPY

SPDR S&P 500

SPY Description

The investment seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. The Trust holds the Portfolio and cash and is not actively "managed" by traditional methods. To maintain the correspondence between the composition and weightings of Portfolio Securities and component stocks of the S&P 500 Index, the Trustee adjusts the Portfolio from time to time to conform to periodic changes in the identity and/or relative weightings of Index Securities.

Grade (RS Rating)

Last Trade

$568.25

Average Daily Volume

51,175,729

Number of Holdings ^*

496

* 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	SPY	RAYD
30 Days	1.67%	1.42%
60 Days	2.77%	3.54%
90 Days	4.68%	4.66%
12 Months	33.51%	32.97%

61 Overlapping Holdings

Symbol	Grade	Weight in SPY	Weight in RAYD	Overlap
AAPL	C	6.87%	5.21%	5.21%
ABBV	C	0.74%	0.5%	0.5%
ADP	B	0.24%	0.52%	0.24%
ALL	B	0.1%	1.04%	0.1%
AMZN	C	3.61%	3.3%	3.3%
BKNG	B	0.28%	1.85%	0.28%
CL	C	0.19%	0.65%	0.19%
CMG	C	0.16%	0.38%	0.16%
CMI	C	0.09%	0.48%	0.09%
COST	B	0.85%	2.5%	0.85%
CRWD	D	0.13%	0.44%	0.13%
DECK	D	0.05%	0.46%	0.05%
DFS	B	0.07%	0.2%	0.07%
DIS	D	0.34%	0.2%	0.2%
DXCM	F	0.06%	0.18%	0.06%
FANG	D	0.06%	0.21%	0.06%
FICO	B	0.1%	0.21%	0.1%
GDDY	C	0.05%	0.25%	0.05%
GM	B	0.11%	0.39%	0.11%
GOOG	D	1.59%	0.36%	0.36%
GOOGL	D	1.9%	2.12%	1.9%
GRMN	D	0.06%	0.32%	0.06%
GS	C	0.33%	0.28%	0.28%
HCA	A	0.16%	0.41%	0.16%
HIG	B	0.07%	0.29%	0.07%
HPQ	D	0.06%	0.19%	0.06%
IBM	A	0.41%	0.57%	0.41%
INTC	F	0.18%	0.28%	0.18%
JNJ	C	0.85%	0.84%	0.84%
LDOS	B	0.04%	0.17%	0.04%
LLY	C	1.57%	1.87%	1.57%
LULU	D	0.06%	0.16%	0.06%
MA	B	0.86%	1.8%	0.86%
MCK	F	0.14%	1.1%	0.14%
META	A	2.4%	1.24%	1.24%
MMC	C	0.24%	0.59%	0.24%
MMM	A	0.15%	0.57%	0.15%
MO	C	0.2%	0.8%	0.2%
MRK	D	0.62%	0.63%	0.62%
MSFT	C	6.73%	5.07%	5.07%
MU	F	0.21%	0.3%	0.21%
NFLX	B	0.63%	0.37%	0.37%
NKE	D	0.2%	0.2%	0.2%
NRG	A	0.04%	0.15%	0.04%
NTAP	D	0.05%	0.22%	0.05%
NVDA	D	6.15%	6.08%	6.08%
PANW	C	0.24%	0.81%	0.24%
PG	C	0.88%	0.59%	0.59%
PGR	A	0.31%	1.12%	0.31%
PM	C	0.42%	0.21%	0.21%
PRU	C	0.09%	0.44%	0.09%
STX	C	0.04%	0.2%	0.04%
T	C	0.33%	0.78%	0.33%
TRGP	B	0.07%	0.2%	0.07%
TSN	D	0.04%	0.24%	0.04%
UBER	C	0.31%	0.22%	0.22%
V	C	0.96%	0.47%	0.47%
VRSK	D	0.08%	0.34%	0.08%
VRSN	D	0.03%	0.26%	0.03%
VRTX	D	0.26%	0.46%	0.26%
VZ	B	0.39%	0.21%	0.21%

SPY Overweight 435 Positions Relative to RAYD

Symbol	Grade	Weight
BRK.A	C	1.76%
AVGO	C	1.48%
TSLA	C	1.35%
JPM	D	1.27%
UNH	C	1.16%
XOM	D	1.05%
HD	A	0.79%
WMT	B	0.72%
KO	B	0.59%
BAC	D	0.57%
ADBE	F	0.56%
ORCL	B	0.54%
PEP	D	0.52%
CRM	D	0.52%
AMD	D	0.52%
TMO	C	0.51%
CVX	D	0.51%
LIN	B	0.48%
ACN	C	0.47%
MCD	B	0.45%
CSCO	B	0.43%
ABT	C	0.43%
QCOM	F	0.4%
WFC	D	0.4%
INTU	C	0.39%
GE	A	0.39%
TXN	C	0.39%
AMGN	B	0.38%
DHR	C	0.38%
NOW	A	0.38%
NEE	C	0.37%
ISRG	C	0.37%
PFE	C	0.36%
CAT	B	0.35%
SPGI	A	0.35%
RTX	C	0.34%
AMAT	D	0.33%
UNP	C	0.32%
CMCSA	D	0.32%
AXP	B	0.31%
LOW	A	0.3%
TJX	C	0.29%
HON	D	0.28%
SYK	C	0.27%
ELV	C	0.27%
COP	D	0.26%
MDT	C	0.26%
REGN	C	0.26%
PLD	C	0.26%
LMT	B	0.26%
BSX	B	0.26%
MS	C	0.26%
BLK	B	0.26%
CB	B	0.25%
ETN	C	0.25%
SBUX	C	0.24%
AMT	C	0.24%
ADI	C	0.24%
C	D	0.23%
DE	B	0.22%
KLAC	D	0.22%
GILD	B	0.22%
CI	C	0.22%
TMUS	C	0.22%
BX	B	0.22%
SO	A	0.21%
BMY	C	0.21%
LRCX	F	0.21%
MDLZ	C	0.21%
ICE	C	0.2%
BA	F	0.2%
UPS	F	0.2%
SCHW	D	0.2%
SHW	B	0.19%
DUK	B	0.19%
EQIX	B	0.18%
ZTS	C	0.18%
ANET	A	0.18%
KKR	A	0.17%
CME	C	0.17%
TT	A	0.17%
PYPL	B	0.16%
SNPS	D	0.16%
TDG	B	0.16%
APH	C	0.16%
AON	B	0.16%
PH	A	0.16%
MCO	A	0.16%
WM	D	0.16%
WELL	C	0.16%
GD	B	0.15%
EOG	D	0.15%
TGT	C	0.15%
USB	B	0.15%
PNC	A	0.15%
CVS	F	0.15%
CTAS	C	0.15%
NOC	A	0.15%
CDNS	D	0.15%
MSI	B	0.15%
ECL	A	0.14%
AJG	D	0.14%
FDX	F	0.14%
CSX	D	0.14%
ORLY	D	0.14%
ITW	C	0.14%
BDX	F	0.14%
ROP	C	0.13%
NEM	B	0.13%
CEG	A	0.13%
NXPI	D	0.13%
FCX	D	0.13%
CARR	B	0.13%
APD	B	0.13%
AZO	D	0.12%
AEP	C	0.12%
WMB	B	0.12%
O	C	0.12%
MAR	C	0.12%
DHI	C	0.12%
ADSK	C	0.12%
TFC	D	0.12%
AFL	C	0.12%
MPC	D	0.12%
SLB	F	0.12%
GEV	B	0.12%
PSA	B	0.12%
EMR	D	0.12%
NSC	C	0.12%
PCAR	D	0.11%
BK	A	0.11%
ROST	C	0.11%
DLR	B	0.11%
ABNB	D	0.11%
SRE	B	0.11%
COF	A	0.11%
CCI	C	0.11%
HLT	B	0.11%
OKE	B	0.11%
TRV	B	0.11%
PSX	D	0.11%
SPG	A	0.11%
MSCI	C	0.1%
MET	A	0.1%
FIS	B	0.1%
JCI	B	0.1%
URI	B	0.1%
AIG	D	0.1%
D	B	0.1%
KMB	D	0.1%
FTNT	B	0.1%
STZ	D	0.09%
KMI	A	0.09%
A	C	0.09%
ACGL	B	0.09%
IDXX	D	0.09%
F	F	0.09%
PEG	A	0.09%
EW	F	0.09%
GIS	B	0.09%
RSG	D	0.09%
MCHP	D	0.09%
PCG	B	0.09%
PAYX	C	0.09%
MPWR	C	0.09%
CPRT	D	0.09%
LHX	C	0.09%
VLO	F	0.09%
IQV	D	0.09%
GWW	A	0.09%
AMP	B	0.09%
LEN	C	0.09%
TEL	D	0.09%
KVUE	C	0.09%
XEL	B	0.08%
EA	D	0.08%
MNST	D	0.08%
DOW	D	0.08%
ED	C	0.08%
IR	C	0.08%
EFX	C	0.08%
HWM	B	0.08%
GEHC	C	0.08%
RMD	C	0.08%
EXR	B	0.08%
YUM	F	0.08%
OTIS	C	0.08%
SYY	D	0.08%
AME	C	0.08%
CTSH	C	0.08%
PWR	B	0.08%
RCL	A	0.08%
KDP	B	0.08%
CTVA	B	0.08%
IT	A	0.08%
EXC	B	0.08%
CNC	C	0.08%
HUM	F	0.08%
FAST	C	0.08%
EBAY	B	0.07%
VMC	D	0.07%
XYL	D	0.07%
MLM	D	0.07%
GLW	B	0.07%
EIX	C	0.07%
AVB	C	0.07%
CHTR	D	0.07%
CSGP	D	0.07%
NUE	F	0.07%
BKR	C	0.07%
IRM	B	0.07%
DD	B	0.07%
OXY	F	0.07%
KR	C	0.07%
ODFL	D	0.07%
CBRE	A	0.07%
HES	D	0.07%
VICI	C	0.07%
KEYS	C	0.06%
ETR	A	0.06%
SBAC	C	0.06%
VST	A	0.06%
VTR	C	0.06%
EQR	C	0.06%
MRNA	F	0.06%
IFF	C	0.06%
MTB	A	0.06%
ANSS	D	0.06%
CAH	C	0.06%
PHM	B	0.06%
GPN	D	0.06%
KHC	C	0.06%
FITB	B	0.06%
WAB	A	0.06%
AWK	C	0.06%
DAL	C	0.06%
HSY	D	0.06%
BIIB	F	0.06%
NVR	B	0.06%
CDW	D	0.06%
ADM	D	0.06%
PPG	D	0.06%
ROK	F	0.06%
WTW	C	0.06%
NDAQ	A	0.06%
TSCO	C	0.06%
MTD	D	0.06%
WEC	B	0.06%
ON	F	0.06%
HPE	D	0.05%
CINF	C	0.05%
HUBB	A	0.05%
K	A	0.05%
CPAY	C	0.05%
AEE	A	0.05%
RJF	C	0.05%
SW	C	0.05%
ZBH	F	0.05%
CBOE	C	0.05%
WST	D	0.05%
SMCI	F	0.05%
WY	C	0.05%
FE	C	0.05%
TROW	D	0.05%
PPL	B	0.05%
ES	C	0.05%
BRO	C	0.05%
LYB	F	0.05%
VLTO	B	0.05%
STE	C	0.05%
TTWO	D	0.05%
TYL	C	0.05%
BR	D	0.05%
STT	B	0.05%
HAL	F	0.05%
CHD	C	0.05%
FTV	C	0.05%
AXON	A	0.05%
DVN	D	0.05%
DOV	B	0.05%
DTE	B	0.05%
FSLR	C	0.05%
EXPE	C	0.04%
FDS	C	0.04%
CCL	C	0.04%
TXT	D	0.04%
DGX	C	0.04%
MAS	B	0.04%
LUV	C	0.04%
CTRA	D	0.04%
PFG	B	0.04%
ZBRA	B	0.04%
EXPD	C	0.04%
WRB	C	0.04%
AVY	D	0.04%
CNP	D	0.04%
DG	F	0.04%
APTV	D	0.04%
J	C	0.04%
NTRS	B	0.04%
ULTA	D	0.04%
PKG	B	0.04%
CFG	C	0.04%
SYF	C	0.04%
HOLX	C	0.04%
ARE	C	0.04%
BBY	C	0.04%
DRI	B	0.04%
GPC	D	0.04%
MAA	C	0.04%
WAT	C	0.04%
OMC	B	0.04%
EQT	D	0.04%
EL	F	0.04%
ESS	C	0.04%
BAX	C	0.04%
TDY	C	0.04%
ATO	B	0.04%
MOH	D	0.04%
PTC	D	0.04%
TER	D	0.04%
CMS	B	0.04%
WDC	D	0.04%
CLX	C	0.04%
HBAN	B	0.04%
RF	B	0.04%
BALL	C	0.04%
INVH	C	0.04%
MKC	C	0.04%
BLDR	C	0.04%
EMN	B	0.03%
HST	C	0.03%
IPG	C	0.03%
KMX	D	0.03%
AES	C	0.03%
CE	F	0.03%
ALLE	C	0.03%
FFIV	B	0.03%
SJM	C	0.03%
REG	C	0.03%
JNPR	A	0.03%
JBL	D	0.03%
JKHY	C	0.03%
CPT	B	0.03%
NDSN	C	0.03%
POOL	D	0.03%
VTRS	D	0.03%
TRMB	C	0.03%
JBHT	D	0.03%
LYV	B	0.03%
EVRG	B	0.03%
DLTR	F	0.03%
BG	D	0.03%
ROL	C	0.03%
UDR	C	0.03%
UHS	B	0.03%
CF	C	0.03%
L	D	0.03%
DPZ	D	0.03%
PNR	B	0.03%
LVS	D	0.03%
AKAM	D	0.03%
MRO	C	0.03%
SNA	C	0.03%
IEX	D	0.03%
LNT	B	0.03%
KEY	B	0.03%
CAG	C	0.03%
SWK	B	0.03%
NI	B	0.03%
ENPH	D	0.03%
WBD	D	0.03%
KIM	C	0.03%
DOC	C	0.03%
AMCR	C	0.03%
UAL	C	0.03%
PODD	B	0.03%
STLD	D	0.03%
ALGN	D	0.03%
EG	C	0.03%
SWKS	F	0.03%
IP	C	0.03%
AAL	D	0.02%
IVZ	B	0.02%
WYNN	D	0.02%
BWA	D	0.02%
MHK	C	0.02%
CZR	C	0.02%
FMC	C	0.02%
NCLH	C	0.02%
MOS	F	0.02%
PAYC	D	0.02%
DVA	B	0.02%
APA	F	0.02%
FRT	C	0.02%
HAS	B	0.02%
GL	C	0.02%
HSIC	D	0.02%
GNRC	D	0.02%
DAY	D	0.02%
MGM	D	0.02%
LW	D	0.02%
HRL	D	0.02%
INCY	C	0.02%
TPR	C	0.02%
SOLV	C	0.02%
MKTX	C	0.02%
MTCH	C	0.02%
FOXA	B	0.02%
AOS	D	0.02%
CPB	B	0.02%
CRL	F	0.02%
NWSA	D	0.02%
AIZ	B	0.02%
PNW	B	0.02%
TAP	D	0.02%
HII	D	0.02%
LKQ	F	0.02%
QRVO	F	0.02%
ALB	F	0.02%
BXP	B	0.02%
CTLT	B	0.02%
TFX	C	0.02%
TECH	D	0.02%
EPAM	F	0.02%
CHRW	A	0.02%
NWS	D	0.01%
FOX	B	0.01%
PARA	F	0.01%
BEN	F	0.01%
BBWI	F	0.01%
ETSY	F	0.01%
WBA	F	0.01%
BIO	C	0.01%
RL	B	0.01%

SPY Underweight 50 Positions Relative to RAYD

Symbol	Grade	Weight
EME	A	-1.5%
SPOT	B	-1.44%
BRBR	C	-1.42%
MELI	B	-1.33%
SFM	B	-0.88%
NVS	C	-0.85%
DTM	A	-0.85%
RGA	B	-0.65%
MORN	B	-0.64%
MUSA	D	-0.64%
MEDP	D	-0.52%
THC	B	-0.51%
ANF	D	-0.5%
CR	C	-0.41%
NU	B	-0.41%
WFRD	F	-0.4%
COKE	C	-0.39%
TEAM	D	-0.35%
ORI	B	-0.34%
APP	B	-0.33%
VEEV	C	-0.3%
HRB	C	-0.3%
PINS	F	-0.28%
CHKP	A	-0.28%
TEVA	D	-0.27%
GRAB	B	-0.26%
WING	B	-0.26%
TW	B	-0.25%
ERIE	B	-0.22%
XRX	F	-0.22%
DASH	B	-0.22%
SMAR	C	-0.21%
LOGI	D	-0.21%
HLI	A	-0.2%
LPLA	F	-0.2%
HUBS	D	-0.2%
MTG	B	-0.2%
MANH	A	-0.2%
ALNY	C	-0.19%
UTHR	C	-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%
AER	B	-0.17%
CYBR	C	-0.16%
NBIX	F	-0.14%