ETF Research Center

WOMN tracks the Morningstar Women�s Empowerment Index, which is designed to provide exposure to companies worldwide with strong policies and practices in support of women�s empowerment and gender equality.

FUND BASICS
Category	US Equities
Fund Sponsor	Impact Shares
Website	impactetfs.org
Inception date	Aug 27, 2018
Assets (mns)	$7
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	178
Wgt avg mkt cap (mns)	$385,416
Large cap (>$10bn)	98.5%
Mid cap ($2-10bn)	1.5%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	29.1 %
MICROSOFT CORP	5.3 %
APPLE INC	5.2 %
JOHNSON & JOHNSON	2.9 %
VISA INC-CLASS A SHARES	2.6 %
EXXON MOBIL CORP	2.5 %
PROCTER & GAMBLE CO/THE	2.3 %
AT&T INC	2.1 %
ALPHABET INC. CLASS A	2.1 %
UNITEDHEALTH GROUP INC	2.1 %
ALPHABET INC. CLASS C	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	IRELAND	3.0 %
	BRITAIN	1.3 %

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.
32.5%	32.5%	--	--	12.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	99%
MSCI EAFE	1.10	85%
MSCI Emg. Mkts.	0.81	70%

Technical Indicators
Recent close	$23.45
30d moving avg.	$23.11
Annualized volatility	17.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$77,851

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

WOMN

Expense:

75 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH WOMN
Ticker	Fund Name	Overlap¹ vs WOMN (%)	Expense ratio (bp)	Savings vs WOMN (bp)	ALTAR Score™ (%)	ALTAR vs WOMN (%)
NACP	Impact Shares NAACP Minority Empowerment	63.2	75	0	5.2	+0.0
SNPE	Xtrackers S&P 500 ESG	58.0	11	64	5.4	+0.3
USSG	Xtrackers MSCI USA ESG Leaders Equity	56.3	10	65	5.4	+0.3
SUSL	iShares ESG MSCI USA Leaders	56.2	10	65	5.4	+0.3
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	55.3	19	56	5.4	+0.2
OEF	iShares S&P 100	54.9	20	55	5.2	+0.0
IQSU	IQ Candriam ESG US Equity ETF	54.8	9	66	5.5	+0.4
IWL	iShares Russell Top 200	54.5	15	60	5.3	+0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity	54.2	20	55	5.2	+0.1
MGC	Vanguard Mega Cap 300 ETF	53.7	7	68	5.5	+0.4
ESGU	iShares MSCI USA ESG Optimized	52.7	15	60	5.3	+0.2
XLG	Invesco S&P Top 50	52.6	20	55	4.8	-0.3
SPXN	ProShares S&P 500 Ex-Financials	51.5	27	48	5.5	+0.4
ESG	FlexShares STOXX US ESG Impact Index Fund	51.1	32	43	5.0	-0.1
DLN	WisdomTree Large Cap Dividend	50.4	28	47	6.4	+1.2
PBP	Invesco S&P 500 Buy/Write	50.2	49	26	5.2	+0.1
DSI	iShares MSCI KLD 400 Social	50.1	25	50	5.3	+0.2
DGRO	iShares Core Dividend Growth	50.1	8	67	6.2	+1.1
SPY	S&P 500 SPDR	49.8	9	66	5.5	+0.4
HSPX	Global X S&P 500 Covered Call	49.8	65	10	5.1	-0.0

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 YWCA Women's 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	18.0	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.