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 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
Total	32.7 %
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 %

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%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
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

	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	%

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.