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 20, 2018
Assets (mns)	$1
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)	$202,204
Large cap (>$10bn)	95.8%
Mid cap ($2-10bn)	4.2%
Small cap (<$2bn)	0.0%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	47.4 %
NESTLE SA-REG	6.8 %
MICROSOFT CORP	6.1 %
MERCK & CO. INC.	5.6 %
PROCTER & GAMBLE CO/THE	5.4 %
ROCHE HOLDING AG-GENUSSCHEIN	5.1 %
BANK OF AMERICA CORP	4.7 %
INTEL CORP	4.0 %
WALT DISNEY CO/THE	3.9 %
HEWLETT PACKARD ENTERPRISE CO.	3.5 %
PFIZER INC	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	56.8 %
	SWITZERLAND	12.4 %
	AUSTRALIA	6.3 %
	FRANCE	4.1 %
	NETHERLANDS	3.5 %
	GERMANY	2.9 %
	SWEDEN	2.4 %
	DENMARK	2.0 %
	CANADA	2.0 %
	IRELAND	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.9%	14.0%	--	--	8.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	95%
MSCI EAFE	0.87	87%
MSCI Emg. Mkts.	0.70	79%

Technical Indicators
Recent close	$21.67
30d moving avg.	$21.08
Annualized volatility	14.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	86

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$19,790

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Impact Shares Sustainable Development Goals Global 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™:

5.6%

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 (%)
SPHQ	Invesco S&P High Quality Portfolio	24.9	15	60	5.6	-0.1
EDOW	First Trust Dow 30 Equal Weight	24.2	50	25	6.2	+0.5
IOO	iShares S&P Global 100	23.1	40	35	5.4	-0.2
FDRR	Fidelity Dividend for Rising Rates	22.8	29	46	7.8	+2.2
NACP	Impact Shares NAACP Minority Empowerment	22.0	75	0	5.6	-0.1
WOMN	Impact Shares YWCA Women's Empowerment	21.2	75	0	5.4	-0.2
ESGG	FlexShares STOXX Global ESG Impact Index Fund	21.1	42	33	5.7	+0.0
SPMO	Invesco S&P 500 Momentum Portfolio	21.0	13	62	4.2	-1.5
ESG	FlexShares STOXX US ESG Impact Index Fund	20.9	32	43	5.4	-0.2
NULV	NuShares ESG Large-Cap Value	20.8	35	40	6.6	+0.9
YLDE	ClearBridge Dividend Strategy ESG	20.5	60	15	4.6	-1.0
OEF	iShares S&P 100	20.5	20	55	5.5	-0.1
USSG	Xtrackers MSCI USA ESG Leaders Equity	20.2	10	65	5.7	+0.1
SUSL	iShares ESG MSCI USA Leaders	20.2	10	65	5.7	+0.1
DSI	iShares MSCI KLD 400 Social	20.2	25	50	5.6	-0.1
MTUM	iShares MSCI USA Momentum Factor	20.1	15	60	4.3	-1.3
JKF	iShares Morningstar Large Value	19.9	25	50	7.7	+2.1
MGV	Vanguard Mega Cap 300 Value	19.6	7	68	7.1	+1.4
DIVB	iShares U.S. Dividend & Buyback	19.4	25	50	6.6	+1.0
IWX	iShares Russell Top 200 Value	19.4	20	55	7.0	+1.3

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

	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 Sustainable Development Goals Global
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	14.5	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.54

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.