ETF Research Center

The Impact Shares Sustainable Development Goals Global Equity ETF tracks an index of global stocks that rank highly for societal development and ESG metrics. Holdings are weighted to maximize exposure to high-ranking firms, subject to marketlike constraints.

FUND BASICS
Category	Global Equities
Fund Sponsor	Impact Shares
Website	www.impactetfs.org
Inception date	Sep 24, 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	133
Wgt avg mkt cap (mns)	$276,789
Large cap (>$10bn)	88.8%
Mid cap ($2-10bn)	10.6%
Small cap (<$2bn)	0.6%
Developed mkts	98.9%
Emerging mkts	1.1%

TOP TEN HOLDINGS
Total	46.7 %
MICROSOFT CORP	10.5 %
NESTLE SA-REG	5.2 %
BANK OF AMERICA CORP	4.8 %
PROCTER & GAMBLE CO/THE	4.8 %
ROCHE HOLDING AG-GENUSSCHEIN	4.5 %
MERCK & CO. INC.	3.9 %
WALT DISNEY CO/THE	3.7 %
PFIZER INC	3.6 %
ABBVIE INC	2.9 %
STARBUCKS CORP	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	56.2 %
	SWITZERLAND	10.2 %
	AUSTRALIA	4.6 %
	FRANCE	3.0 %
	BRITAIN	3.0 %
	GERMANY	2.4 %
	NETHERLANDS	2.2 %
	CANADA	1.6 %
	DENMARK	1.6 %
	SWEDEN	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-9.6%	-2.0%	--	--	2.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	94%
MSCI EAFE	0.88	93%
MSCI Emg. Mkts.	0.68	83%

Technical Indicators
Recent close	$20.29
30d moving avg.	$20.12
Annualized volatility	17.8%
Short interest (ETF)	0.4%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.7%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$44,146

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Impact Shares Sustainable Development Goals Global ETF ETF based on the alternatives' overlap in portfolio holdings with SDGA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SDGA

Expense:

75 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SDGA
Ticker	Fund Name	Overlap¹ vs SDGA (%)	Expense ratio (bp)	Savings vs SDGA (bp)	ALTAR Score™ (%)	ALTAR vs SDGA (%)
IOO	iShares Global 100 ETF	26.8	40	35	4.7	-0.7
NACP	Impact Shares NAACP Minority Empowerment ETF	26.5	75	0	4.6	-0.8
EDOW	First Trust Dow 30 Equal Weight ETF	23.9	50	25	6.0	+0.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	23.1	75	0	4.6	-0.9
XLG	Invesco S&P 500 Top 50 ETF	22.5	20	55	4.5	-0.9
RAFE	PIMCO RAFI ESG U.S. ETF	22.4	29	46	7.9	+2.5
FDRR	Fidelity Dividend ETF for Rising Rates	21.6	29	46	7.0	+1.6
DIA	SPDR Dow Jones Industrial Average ETF Trust	21.3	16	59	5.7	+0.2
OEF	iShares S&P 100 ETF	21.3	20	55	4.8	-0.6
RFDA	RiverFront Dynamic US Dividend Advantage ETF	21.0	52	23	5.1	-0.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	21.0	10	65	5.3	-0.1
SUSL	iShares ESG MSCI USA Leaders ETF	20.9	10	65	5.3	-0.1
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	20.2	49	26	4.1	-1.3
DSI	iShares MSCI KLD 400 Social ETF	20.1	25	50	5.2	-0.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	19.4	12	63	4.9	-0.6
YLDE	ClearBridge Dividend Strategy ESG ETF	19.3	60	15	5.0	-0.4
NULC	Nuveen ESG Large-Cap ETF	19.0	20	55	5.0	-0.4
SNPE	Xtrackers S&P 500 ESG ETF	18.8	11	64	5.2	-0.3
RECS	Columbia Research Enhanced Core ETF	18.7	15	60	5.7	+0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	18.6	28	47	6.4	+1.0
BVAL	Brand Value ETF	18.4	65	10	6.2	+0.7
ESGG	FlexShares STOXX Global ESG Impact Index Fund	18.3	42	33	5.5	+0.1
MGV	Vanguard Mega Cap Value ETF	18.2	7	68	7.3	+1.9
ESG	FlexShares STOXX US ESG Impact Index Fund	18.1	32	43	5.1	-0.3
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	18.0	49	26	4.9	-0.5
DIVB	iShares U.S. Dividend & Buyback ETF	18.0	25	50	6.7	+1.2
FDVV	Fidelity Core Dividend ETF	17.8	29	46	7.2	+1.7
STLG	iShares Factors US Growth Style ETF	17.7	25	50	3.7	-1.7
JKF	iShares Morningstar Large Cap Value ETF	17.3	25	50	7.6	+2.2
DJD	Invesco Dow Jones Industrial Average Dividend ETF	17.2	7	68	6.9	+1.5
FVAL	Fidelity Value Factor ETF	17.0	29	46	8.1	+2.7
BKLC	BNY Mellon US Large Cap Core Equity ETF	17.0	0	75	5.3	-0.2
DGRO	iShares Core Dividend Growth ETF	17.0	8	67	6.7	+1.3
EFG	iShares MSCI EAFE Growth ETF	16.9	40	35	4.6	-0.8
DTD	WisdomTree U.S.Total Dividend Fund	16.8	28	47	6.7	+1.3
IWL	iShares Russell Top 200 ETF	16.8	15	60	5.1	-0.4
SPHQ	Invesco S&P 500 Quality ETF	16.8	15	60	4.7	-0.8
VTV	Vanguard Value Index Fund	16.6	4	71	7.5	+2.1
JOYY	Infusive Compounding Global Equities ETF	16.6	50	25	3.8	-1.6
MGC	Vanguard Mega Cap Index Fund	16.5	7	68	5.3	-0.2
IQLT	iShares Edge MSCI Intl Quality Factor ETF	16.5	30	45	6.1	+0.7
IQSI	IQ Candriam ESG International Equity ETF	16.5	15	60	7.3	+1.9
NULV	Nuveen ESG Large-Cap Value ETF	16.3	35	40	7.4	+2.0
IWY	iShares Russell Top 200 Growth ETF	16.2	20	55	4.2	-1.3
IXJ	iShares Global Healthcare ETF	16.2	46	29	6.3	+0.8
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	16.1	28	47	6.5	+1.1
VOOG	Vanguard S&P 500 Growth ETF	16.1	10	65	4.3	-1.2
OEUR	O'shares FTSE Europe Quality Dividend ETF	16.1	48	27	6.6	+1.2
IDHQ	Invesco S&P International Developed Quality ETF	16.1	29	46	5.1	-0.3
SPYG	SPDR Portfolio S&P 500 Growth ETF	16.1	4	71	4.4	-1.1
IVW	iShares S&P 500 Growth ETF	16.0	18	57	4.2	-1.2
IEV	iShares Europe ETF	15.9	59	16	6.8	+1.4
MMTM	SPDR S&P 1500 Momentum Tilt ETF	15.8	12	63	5.0	-0.5
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	15.7	14	61	7.0	+1.5
IQSU	IQ Candriam ESG US Equity ETF	15.6	9	66	5.1	-0.3
VYM	Vanguard High Dividend Yield Index ETF	15.5	6	69	7.4	+2.0
OUSA	O'Shares FTSE US Quality Dividend ETF	15.5	48	27	5.7	+0.3
EPS	WisdomTree U.S. Earnings 500 Fund	15.5	8	67	6.5	+1.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	15.4	20	55	5.0	-0.4
GDVD	Principal Active Global Dividend Income ETF	15.4	58	17	5.1	-0.3
XOUT	GraniteShares XOUT U.S. Large Cap ETF	15.3	60	15	4.4	-1.0
TMFC	Motley Fool 100 Index ETF	15.3	50	25	3.8	-1.7
PBP	Invesco S&P 500 BuyWrite ETF	15.3	49	26	5.0	-0.4
BBEU	JPMorgan BetaBuilders Europe ETF	15.3	9	66	7.4	+1.9
IUSG	iShares Core S&P US Growth ETF	15.2	4	71	4.4	-1.1
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	15.2	45	30	6.6	+1.2
IWF	iShares Russell 1000 Growth ETF	15.2	19	56	4.2	-1.3
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE ETF	15.2	30	45	6.8	+1.4
FLEH	Franklin FTSE Europe Hedged ETF	15.1	9	66	7.1	+1.7
RFEU	First Trust Riverfront Dynamic Europe ETF	15.1	83	-8	5.4	-0.0
FLEE	Franklin FTSE Europe ETF	15.1	9	66	7.0	+1.6
SPLG	SPDR Portfolio Large Cap ETF	15.0	3	72	5.5	+0.0
SPY	SPDR S&P 500 ETF Trust	15.0	9	66	5.4	-0.0
HSPX	Global X S&P 500 Covered Call ETF	15.0	65	10	4.9	-0.6
IVV	iShares Core S&P 500 ETF	15.0	4	71	5.5	+0.0
VOO	VANGUARD S&P 500 ETF	15.0	3	72	5.5	+0.0
CCOR	Core Alternative ETF	15.0	123	-48	4.4	-1.1
FDLO	Fidelity Low Volatility Factor ETF	15.0	29	46	5.2	-0.3
SFYF	SoFi 50 ETF	14.9	29	46	5.4	-0.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	14.9	27	48	5.1	-0.4
SYE	SPDR MFS Systematic Core Equity ETF	14.9	60	15	5.7	+0.2
SPXN	ProShares S&P 500 Ex-Financials ETF	14.8	27	48	5.0	-0.4
VSMV	VictoryShares US Multi-Factor Minimum Volatility ETF	14.8	35	40	6.9	+1.4
SCHV	Schwab U.S. Large-Cap Value ETF	14.8	4	71	7.2	+1.8
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	14.8	15	60	6.3	+0.8
SPXE	ProShares S&P 500 Ex-Energy ETF	14.7	27	48	5.4	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	14.6	20	55	5.4	-0.0
ESGU	iShares MSCI USA ESG Optimized ETF	14.6	15	60	5.2	-0.3
QWLD	SPDR MSCI World StrategicFactors ETF	14.6	30	45	6.2	+0.8
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	14.5	7	68	5.3	-0.2
IDMO	Invesco S&P International Developed Momentum ETF	14.5	26	49	4.6	-0.9
VV	Vanguard Large-Cap Index Fund	14.5	4	71	5.3	-0.1
ACIO	Aptus Collared Income Opportunity ETF	14.5	79	-4	4.4	-1.1
TTAC	TrimTabs All Cap U.S. Free-Cash-Flow ETF	14.4	59	16	3.7	-1.8
EQWL	Invesco Russell Top 200 Equal Weight ETF	14.3	25	50	6.2	+0.7
FQAL	Fidelity Quality Factor ETF	14.3	29	46	5.5	+0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	14.3	2	73	5.4	-0.1
TOK	iShares MSCI Kokusai ETF	14.3	25	50	5.6	+0.2
QDYN	FlexShares Quality Dividend Dynamic Index Fund	14.3	37	38	6.3	+0.9
KOKU	Xtrackers MSCI Kokusai Equity ETF	14.2	9	66	5.8	+0.3

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 Sustainable Development Goals Global 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	13.4	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.50

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.