ETF Research Center

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 12, 2018
Assets (mns)	$21
Currency	USD
Expense ratio	49 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)	$562,391
Large cap (>$10bn)	97.4%
Mid cap ($2-10bn)	1.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	35.2 %
APPLE INC	6.9 %
AMAZON.COM INC	5.3 %
MICROSOFT CORP	5.1 %
JPMORGAN CHASE & CO	2.9 %
JOHNSON & JOHNSON	2.8 %
ALPHABET INC. CLASS A	2.8 %
ALPHABET INC. CLASS C	2.7 %
VISA INC-CLASS A SHARES	2.3 %
PROCTER & GAMBLE CO/THE	2.2 %
WALT DISNEY CO/THE	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.8 %
	IRELAND	0.7 %
	BRITAIN	0.6 %

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.
26.0%	26.0%	--	--	17.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	99%
MSCI EAFE	0.93	85%
MSCI Emg. Mkts.	0.77	70%

Technical Indicators
Recent close	$29.02
30d moving avg.	$28.74
Annualized volatility	21.1%
Short interest (ETF)	2.7%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	8
Turnover	1.1%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$120,712

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Impact Shares NAACP Minority Empowerment ETF 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:

49 bp

ALTAR Score™:

4.8%

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 (%)
WOMN	Impact Shares YWCA Women's Empowerment ETF	65.1	75	-26	3.6	-1.1
ESGV	Vanguard ESG U.S. Stock ETF	61.5	12	37	4.6	-0.2
EFIV	SPDR S&P 500 ESG ETF	60.2	10	39	4.7	-0.1
SNPE	Xtrackers S&P 500 ESG ETF	60.1	10	39	4.7	-0.1
OEF	iShares S&P 100 ETF	59.7	20	29	4.3	-0.5
ESG	FlexShares STOXX US ESG Impact Index Fund	58.4	32	17	4.6	-0.2
XLG	Invesco S&P 500 Top 50 ETF	58.1	20	29	4.2	-0.6
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	57.1	15	34	4.7	-0.0
MGC	Vanguard Mega Cap Index Fund	57.0	7	42	4.7	-0.1
IWL	iShares Russell Top 200 ETF	56.2	15	34	4.5	-0.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	55.9	20	29	4.7	-0.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	55.1	0	49	4.6	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	54.3	20	29	4.9	+0.1
PBP	Invesco S&P 500 BuyWrite ETF	53.5	49	0	4.4	-0.4
SPXE	ProShares S&P 500 Ex-Energy ETF	53.5	27	22	4.7	-0.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	53.1	28	21	6.2	+1.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	53.0	60	-11	4.4	-0.3
VOO	VANGUARD S&P 500 ETF	52.6	3	46	4.9	+0.1
IQSU	IQ Candriam ESG US Equity ETF	52.5	9	40	4.6	-0.2
SPY	SPDR S&P 500 ETF Trust	52.5	9	40	4.8	0.0
SPLG	SPDR Portfolio Large Cap ETF	52.4	3	46	4.8	+0.1
IVV	iShares Core S&P 500 ETF	52.4	3	46	4.8	+0.1
SPXN	ProShares S&P 500 Ex-Financials ETF	52.2	27	22	4.5	-0.3
ESGU	iShares MSCI USA ESG Optimized ETF	51.6	15	34	4.5	-0.3
EPS	WisdomTree U.S. Earnings 500 Fund	51.6	8	41	6.0	+1.2
DIVB	iShares U.S. Dividend & Buyback ETF	51.5	25	24	5.9	+1.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	51.2	27	22	4.4	-0.4
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	51.1	7	42	4.6	-0.1
SUSL	iShares ESG MSCI USA Leaders ETF	50.5	10	39	4.9	+0.1
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	50.5	10	39	4.9	+0.1
VOOG	Vanguard S&P 500 Growth ETF	50.3	10	39	4.1	-0.7
VTV	Vanguard Value Index Fund	49.8	4	45	6.5	+1.8
BBUS	JP Morgan Betabuilders U.S. Equity ETF	49.6	2	47	4.7	-0.1
PBUS	Invesco PureBeta MSCI USA ETF	49.5	4	45	4.7	-0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	49.3	60	-11	3.7	-1.1
VV	Vanguard Large-Cap Index Fund	49.3	4	45	4.7	-0.1
CATH	Global X S&P 500 Catholic Values Custom ETF	49.2	29	20	4.7	-0.1
DTD	WisdomTree U.S.Total Dividend Fund	49.2	28	21	6.3	+1.5
RAFE	PIMCO RAFI ESG U.S. ETF	48.7	30	19	6.7	+1.9
SPTM	SPDR Portfolio Total Stock Market ETF	48.1	3	46	4.9	+0.1
SCHX	Schwab U.S. Large-Cap ETF	48.0	3	46	4.6	-0.1
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	47.7	12	37	5.0	+0.3
DGRO	iShares Core Dividend Growth ETF	47.5	8	41	6.0	+1.2
SCHK	Schwab 1000 Index ETF	46.9	5	44	4.7	-0.1
IWB	iShares Russell 1000 ETF	46.9	15	34	4.6	-0.2
SPXT	ProShares S&P 500 Ex-Technology ETF	46.6	27	22	4.9	+0.1
RECS	Columbia Research Enhanced Core ETF	46.5	15	34	5.2	+0.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	46.4	49	0	3.5	-1.2
IYY	iShares Dow Jones U.S. ETF	46.3	20	29	4.5	-0.3
SCHV	Schwab U.S. Large-Cap Value ETF	46.2	4	45	6.1	+1.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	46.2	15	34	5.8	+1.0
FVAL	Fidelity Value Factor ETF	46.1	29	20	6.9	+2.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	46.0	12	37	4.1	-0.6
MGV	Vanguard Mega Cap Value ETF	45.8	7	42	6.4	+1.7
SPYV	SPDR Portfolio S&P 500 Value ETF	45.6	4	45	6.4	+1.6
SFY	SoFi Select 500 ETF	45.5	0	49	4.6	-0.1
IVE	iShares S&P 500 Value ETF	45.5	18	31	6.3	+1.5
DSI	iShares MSCI KLD 400 Social ETF	45.5	25	24	4.7	-0.1
IWX	iShares Russell Top 200 Value ETF	45.4	20	29	6.0	+1.3
KRMA	Global X Conscious Companies ETF	45.1	43	6	4.9	+0.2
VTHR	Vanguard Russell 3000 Index Fund	45.0	10	39	4.5	-0.3
SPYG	SPDR Portfolio S&P 500 Growth ETF	45.0	4	45	3.8	-1.0
IVW	iShares S&P 500 Growth ETF	45.0	18	31	3.7	-1.1
FDRR	Fidelity Dividend ETF for Rising Rates	44.8	29	20	6.0	+1.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	44.7	9	40	4.9	+0.1
QUS	SPDR MSCI USA StrategicFactors ETF	44.6	15	34	5.3	+0.5
IOO	iShares Global 100 ETF	44.3	40	9	4.4	-0.4
VONV	Vanguard Russell 1000 Value Index Fund	44.1	8	41	6.1	+1.4
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	43.9	25	24	5.8	+1.0
IWY	iShares Russell Top 200 Growth ETF	43.8	20	29	3.7	-1.0
IUSG	iShares Core S&P US Growth ETF	43.8	4	45	3.8	-1.0
IWV	iShares Russell 3000 ETF	43.8	20	29	4.4	-0.4
SCHB	Schwab U.S. Broad Market ETF	43.6	3	46	4.5	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	43.3	3	46	4.5	-0.3
RESP	WisdomTree US ESG Fund of Benef Interest	43.3	28	21	5.2	+0.4
VONE	Vanguard Russell 1000 ETF	43.2	8	41	4.6	-0.1
VOOV	Vanguard S&P 500 Value ETF	43.2	10	39	6.6	+1.8
IUSV	iShares Core S&P U.S. Value ETF	43.1	4	45	6.4	+1.6
DFAU	Dimensional US Core Equity Market ETF	42.8	12	37	4.7	-0.0
PRF	Invesco FTSE RAFI US 1000 ETF	42.6	39	10	5.8	+1.1
VTI	Vanguard Total Stock Market Index Fund	42.4	3	46	4.5	-0.3
IWD	iShares Russell 1000 Value ETF	42.1	19	30	6.0	+1.3
ACIO	Aptus Collared Income Opportunity ETF	41.9	79	-30	3.9	-0.9
HIPR	Direxion High Growth ETF	41.9	40	9	4.0	-0.8
MGK	Vanguard Mega Cap Growth ETF	41.4	7	42	3.8	-1.0
FQAL	Fidelity Quality Factor ETF	41.4	29	20	5.1	+0.3
EQWL	Invesco Russell Top 200 Equal Weight ETF	41.3	25	24	5.6	+0.9
JHML	John Hancock Multifactor Large Cap ETF	40.8	29	20	4.9	+0.1
IWF	iShares Russell 1000 Growth ETF	40.8	19	30	3.6	-1.2
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	40.7	25	24	5.7	+0.9
OUSA	O'Shares FTSE US Quality Dividend ETF	40.7	48	1	5.5	+0.8
VONG	Vanguard Russell 1000 Growth Index Fund	40.3	8	41	3.7	-1.1
QLC	FlexShares US Quality Large Cap Index Fund	40.0	32	17	4.5	-0.3
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	39.8	19	30	5.4	+0.6
VYM	Vanguard High Dividend Yield Index ETF	39.7	6	43	6.6	+1.9
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	39.5	28	21	6.1	+1.3
ESGG	FlexShares STOXX Global ESG Impact Index Fund	39.5	42	7	4.7	-0.1
IUS	Invesco Strategic US ETF	39.4	19	30	5.5	+0.7

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%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

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VALUATION METRICS

	2019	2020E	2021E
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 ETF
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	18.9	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.49

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.