Impact Shares NAACP Minority Empowerment
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.2x P/Sales
ratio
2.6x
P/BV
ratio
3.5x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Impact Shares NAACP Minority Empowerment ETF tracks an index of US large- and midcap companies selected and weighted based on social criteria as defined by the NAACP.

FUND BASICS
Category US Equities
Fund Sponsor Impact Shares
Website impactetfs.org
Inception date Jul 18, 2018
Assets (mns) $3
Currency USD
Expense ratio 75 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Principles-based
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 173
Wgt avg mkt cap (mns) $343,210
Large cap (>$10bn) 98.6%
Mid cap ($2-10bn) 1.4%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.4 %
APPLE INC 5.4 %
AMAZON.COM INC 4.9 %
JPMORGAN CHASE & CO 2.8 %
ALPHABET INC. CLASS C 2.7 %
ALPHABET INC. CLASS A 2.7 %
JOHNSON & JOHNSON 2.6 %
VISA INC-CLASS A SHARES 2.3 %
PROCTER & GAMBLE CO/THE 2.1 %
INTEL CORP 1.9 %
Total 32.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.0 %
IRELAND 1.9 %
BRITAIN 1.4 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
30.8% 30.8% -- -- 11.7%

Market Correlations
versus... Beta R-squared
S&P500 1.00 99%
MSCI EAFE 1.08 83%
MSCI Emg. Mkts. 0.78 67%

Technical Indicators
Recent close $23.84
30d moving avg. $23.42
Annualized volatility 17.1%
Short interest (ETF) 3.3%
Relative strength (RSI) 80

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $87,216

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Impact Shares NAACP Minority Empowerment ETF based on the alternatives' overlap in portfolio holdings with NACP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: NACP Expense: 75 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH NACP
Ticker Fund
Name
Overlap1
vs NACP
(%)
Expense
ratio
(bp)
Savings
vs NACP
(bp)
ALTAR
Score™
(%)
ALTAR
vs NACP
(%)
OEF iShares S&P 100 63.6 20 55 5.2 0.0
WOMN Impact Shares YWCA Women's Empowerment 63.2 75 0 5.1 -0.0
IQSU IQ Candriam ESG US Equity ETF 62.1 9 66 5.5 +0.4
ESG FlexShares STOXX US ESG Impact Index Fund 61.9 32 43 5.0 -0.1
XLG Invesco S&P Top 50 61.4 20 55 4.8 -0.3
SNPE Xtrackers S&P 500 ESG 60.5 11 64 5.4 +0.3
IWL iShares Russell Top 200 59.5 15 60 5.3 +0.2
MGC Vanguard Mega Cap 300 ETF 58.3 7 68 5.5 +0.4
JUST Goldman Sachs JUST U.S. Large Cap Equity 57.1 20 55 5.2 +0.1
OVOL Invesco Russell 1000 Low Volatility Factor ETF 57.0 19 56 5.4 +0.2
SPXE ProShares S&P 500 Ex-Energy 55.9 27 48 5.5 +0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 55.7 20 55 5.6 +0.4
SPXN ProShares S&P 500 Ex-Financials 54.7 27 48 5.5 +0.4
PBP Invesco S&P 500 Buy/Write 54.4 49 26 5.2 +0.1
SPY S&P 500 SPDR 54.0 9 66 5.5 +0.4
HSPX Global X S&P 500 Covered Call 53.9 65 10 5.1 -0.1
IVV iShares Core S&P 500 53.9 4 71 5.6 +0.4
VOO Vanguard S&P 500 ETF 53.8 3 72 5.7 +0.5
OQAL Invesco Russell 1000 Quality Factor ETF 53.8 19 56 5.0 -0.2
SPXV ProShares S&P 500 Ex-Health Care 53.6 27 48 5.4 +0.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Impact Shares NAACP Minority Empowerment
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 18.4 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.55
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.