The RWLC is an Exchange-Traded Fund designed to mirror the performance of a strategically chosen basket of large-capitalization U.S. equities. Its selection process integrates a multi-factor approach, which is further refined through advanced machine learning algorithms. The sophisticated model underpinning the ETF leverages over 100 distinct signals, encompassing market-level, fundamental company data, and technical indicators, all drawn from 12 key factor categories. To mitigate risk, strict constraints are imposed on both single-stock concentration and industry exposure, measured against the FT Wilshire US Large Cap Index. The index construction methodology follows a three-step process: initially estimating risk-adjusted returns, followed by the calculation of the covariance matrix, and culminating in optimization for mean tracking error. Reconstitution of the index occurs on a quarterly basis. The data utilized for estimating stock risk-adjusted returns and the covariance matrix is derived from month-end figures, specifically from the month preceding each reconstitution event. Notably, before December 19, 2025, the fund operated under a different structure and name: the actively managed Rayliant Quantitative Developed Market Equity ETF (RAYD).

Apple Inc.

NVIDIA Corporation

Alphabet Inc.

Micron Technology, Inc.

Mastercard Incorporated

Microsoft Corporation

Amazon.com, Inc.

Lam Research Corporation

Eli Lilly and Company

Technology

Financial Services

Healthcare

Communication Services

Consumer Cyclical

Energy

Consumer Defensive

Basic Materials

Industrials

Real Estate

The Advisors' Inner Circle Fund III - Rayliant Wilshire NxtGen US Large Cap Equity ETF

RWLC Holdings & Sector Breakdown