INRO vs. NACP ETF Comparison

Comparison of BlackRock U.S. Industry Rotation ETF (INRO) to Impact Shares NAACP Minority Empowerment ETF (NACP)

INRO

BlackRock U.S. Industry Rotation ETF

INRO Description

INRO is targeted US equity exposure, actively managed by shifting the selection and weighting of the portfolio towards industries among the broad domestic market. Portfolio allocation is based on five potential sources of return: information regarding the current economic cycle, valuation, quality metrics, analyst expectation data and recent individual industry trends. The strategy aims to capture the potential alpha from the dispersion between industry allocations and the broad market. During temporary defensive periods, the fund may depart from this principal investment strategy to invest 100% of the portfolio in liquid, short-term securities. The fund may engage in active and frequent trading. Derivatives may also be used to seek returns or hedge exposure. Up to one-third of the value of the funds assets may be lending.

Grade (RS Rating)

Last Trade

$28.39

Average Daily Volume

3,548

Number of Holdings ^*

429

* may have additional holdings in another (foreign) market

NACP

Impact Shares NAACP Minority Empowerment ETF

NACP Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar Minority Empowerment Index (the underlying index). The fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes (the "80% basket") in component securities of the underlying index ("Component Securities"). The underlying index is designed to measure the performance of large and mid- capitalization companies that are "empowering to minorities," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$42.72

Average Daily Volume

3,518

Number of Holdings ^*

197

* may have additional holdings in another (foreign) market

Performance

Period	INRO	NACP
30 Days	5.09%	2.08%
60 Days	6.25%	4.48%
90 Days	7.10%	6.57%
12 Months		32.92%

139 Overlapping Holdings

Symbol	Grade	Weight in INRO	Weight in NACP	Overlap
A	D	0.05%	0.14%	0.05%
AAPL	C	5.76%	5.03%	5.03%
ABBV	D	0.39%	1.22%	0.39%
ACM	A	0.11%	0.05%	0.05%
ACN	C	0.07%	3.58%	0.07%
ADP	B	0.29%	0.4%	0.29%
AEP	D	0.32%	0.19%	0.19%
AES	F	0.03%	0.05%	0.03%
AME	A	0.15%	0.13%	0.13%
AMZN	C	1.47%	4.47%	1.47%
AON	A	0.11%	0.24%	0.11%
AVB	B	0.01%	0.11%	0.01%
AXP	A	1.14%	0.56%	0.56%
BA	F	0.04%	0.38%	0.04%
BAC	A	0.81%	0.99%	0.81%
BAH	F	0.04%	0.07%	0.04%
BIIB	F	0.03%	0.1%	0.03%
BK	A	0.11%	0.17%	0.11%
BMY	B	0.11%	0.35%	0.11%
C	A	0.34%	0.45%	0.34%
CCI	D	0.06%	0.18%	0.06%
CMI	A	0.1%	0.15%	0.1%
CNH	C	0.02%	0.03%	0.02%
COP	C	0.24%	0.49%	0.24%
CSX	B	0.25%	0.24%	0.24%
CVX	A	0.5%	1.04%	0.5%
DAL	C	0.03%	0.09%	0.03%
DD	D	0.01%	0.14%	0.01%
DE	A	0.2%	0.36%	0.2%
DELL	C	0.07%	0.54%	0.07%
DHR	F	0.19%	0.64%	0.19%
DOC	D	0.03%	0.06%	0.03%
DUK	C	0.54%	0.32%	0.32%
DVN	F	0.04%	0.1%	0.04%
EBAY	D	0.02%	0.11%	0.02%
ECL	D	0.0%	0.21%	0.0%
EIX	B	0.21%	0.11%	0.11%
EMR	A	0.24%	0.22%	0.22%
EQIX	A	0.1%	0.29%	0.1%
ES	D	0.14%	0.08%	0.08%
ETN	A	0.48%	0.44%	0.44%
ETR	B	0.2%	0.08%	0.08%
EXC	C	0.25%	0.15%	0.15%
EXPD	D	0.0%	0.07%	0.0%
F	C	0.06%	0.15%	0.06%
FCX	D	0.12%	0.25%	0.12%
FDX	B	0.02%	0.25%	0.02%
FE	C	0.15%	0.08%	0.08%
GE	D	0.08%	0.69%	0.08%
GILD	C	0.14%	0.35%	0.14%
GM	B	0.09%	0.18%	0.09%
GOOG	C	2.72%	2.16%	2.16%
GOOGL	C	3.13%	2.41%	2.41%
HBAN	A	0.07%	0.07%	0.07%
HES	B	0.07%	0.15%	0.07%
HON	B	1.6%	0.46%	0.46%
HPQ	B	0.06%	0.62%	0.06%
HUBB	B	0.08%	0.06%	0.06%
HWM	A	0.02%	0.14%	0.02%
IBM	C	0.06%	3.08%	0.06%
ILMN	D	0.03%	0.07%	0.03%
INTC	D	0.22%	1.52%	0.22%
IR	B	0.08%	0.12%	0.08%
ITW	B	0.15%	0.27%	0.15%
JBHT	C	0.06%	0.05%	0.05%
JCI	C	0.39%	0.17%	0.17%
JNJ	D	0.37%	1.44%	0.37%
JPM	A	1.74%	2.39%	1.74%
KMI	A	0.1%	0.15%	0.1%
KR	B	0.05%	0.13%	0.05%
LHX	C	0.02%	0.16%	0.02%
LII	A	0.14%	0.07%	0.07%
LNG	B	0.09%	0.16%	0.09%
LNT	A	0.11%	0.05%	0.05%
LOW	D	0.43%	0.51%	0.43%
LUV	C	0.02%	0.06%	0.02%
MA	C	0.04%	1.4%	0.04%
MCO	B	0.28%	0.26%	0.26%
MELI	D	0.07%	0.38%	0.07%
MET	A	0.08%	0.17%	0.08%
META	D	3.68%	3.63%	3.63%
MLM	B	0.57%	0.12%	0.12%
MMM	D	0.76%	0.26%	0.26%
MPC	D	0.1%	0.23%	0.1%
MRK	F	0.24%	1.03%	0.24%
MS	A	0.55%	0.47%	0.47%
MSFT	F	4.24%	4.63%	4.24%
MU	D	0.23%	1.75%	0.23%
NDAQ	A	0.14%	0.08%	0.08%
NDSN	B	0.03%	0.05%	0.03%
NEE	D	0.97%	0.66%	0.66%
NEM	D	0.11%	0.22%	0.11%
NOC	D	0.03%	0.29%	0.03%
NRG	B	0.12%	0.07%	0.07%
NSC	B	0.22%	0.2%	0.2%
NVDA	C	7.62%	4.9%	4.9%
OC	A	0.12%	0.05%	0.05%
OKE	A	0.12%	0.18%	0.12%
OTIS	C	0.08%	0.13%	0.08%
PANW	C	0.18%	1.81%	0.18%
PCG	A	0.26%	0.09%	0.09%
PFE	D	0.14%	0.62%	0.14%
PFG	D	0.04%	0.03%	0.03%
PNC	B	0.21%	0.27%	0.21%
PPL	B	0.05%	0.08%	0.05%
PSX	C	0.1%	0.22%	0.1%
PYPL	B	0.01%	0.27%	0.01%
QCOM	F	0.39%	3.18%	0.39%
RF	A	0.07%	0.07%	0.07%
ROK	B	0.1%	0.11%	0.1%
SBAC	D	0.03%	0.08%	0.03%
SCHW	B	0.41%	0.33%	0.33%
SO	D	0.6%	0.35%	0.35%
SPGI	C	0.55%	0.55%	0.55%
SWK	D	0.03%	0.06%	0.03%
SYF	B	0.18%	0.08%	0.08%
TFC	A	0.17%	0.22%	0.17%
TMO	F	0.24%	0.83%	0.24%
TROW	B	0.05%	0.09%	0.05%
TRV	B	0.09%	0.18%	0.09%
TSLA	B	1.32%	2.22%	1.32%
TT	A	0.65%	0.29%	0.29%
TXT	D	0.01%	0.06%	0.01%
UBER	D	0.49%	2.29%	0.49%
UNH	C	0.01%	1.95%	0.01%
UNP	C	0.54%	0.56%	0.54%
UPS	C	0.04%	0.35%	0.04%
URI	B	0.47%	0.18%	0.18%
V	A	0.04%	1.53%	0.04%
VLO	C	0.08%	0.17%	0.08%
VMC	B	0.59%	0.12%	0.12%
VRSK	A	0.09%	0.13%	0.09%
VST	B	0.19%	0.11%	0.11%
WBA	F	0.0%	0.03%	0.0%
WMB	A	0.13%	0.19%	0.13%
WMT	A	0.45%	0.73%	0.45%
XEL	A	0.24%	0.12%	0.12%
XOM	B	0.95%	2.0%	0.95%
XYL	D	0.06%	0.11%	0.06%

INRO Overweight 290 Positions Relative to NACP

Symbol	Grade	Weight
TMUS	B	4.56%
AVGO	D	1.54%
BXP	D	1.35%
HD	A	1.17%
CBRE	B	0.87%
PM	B	0.87%
GS	A	0.64%
WFC	A	0.64%
CSGP	D	0.63%
LLY	F	0.57%
COF	B	0.48%
COST	B	0.47%
AMD	F	0.47%
BX	A	0.45%
ORCL	B	0.45%
CRM	B	0.45%
CEG	D	0.45%
GWW	B	0.44%
CARR	D	0.42%
MO	A	0.41%
FAST	B	0.4%
TXN	C	0.39%
TJX	A	0.39%
WM	A	0.37%
PWR	A	0.37%
CAT	B	0.35%
CTAS	B	0.34%
ICE	C	0.33%
DHI	D	0.33%
ADBE	C	0.32%
KKR	A	0.31%
GEV	B	0.31%
AMAT	F	0.3%
CME	A	0.3%
NOW	A	0.3%
DFS	B	0.29%
LEN	D	0.28%
INTU	C	0.26%
Z	A	0.25%
PGR	A	0.23%
GRMN	B	0.22%
ADI	D	0.22%
WCN	A	0.21%
ORLY	B	0.21%
CPRT	A	0.21%
NVR	D	0.21%
USB	A	0.2%
AMGN	D	0.2%
RSG	A	0.2%
COIN	C	0.2%
EME	C	0.19%
APH	A	0.19%
AMP	A	0.19%
LRCX	F	0.19%
WELL	A	0.18%
PLTR	B	0.18%
PHM	D	0.18%
CB	C	0.17%
PH	A	0.17%
KLAC	D	0.17%
ODFL	B	0.16%
WSO	A	0.16%
MMC	B	0.16%
MSCI	C	0.16%
VRT	B	0.16%
MRVL	B	0.16%
EOG	A	0.15%
AZO	C	0.15%
VRTX	F	0.15%
BLDR	D	0.15%
ROST	C	0.14%
CSL	C	0.14%
RJF	A	0.13%
SW	A	0.13%
MAS	D	0.12%
SNPS	B	0.12%
CDNS	B	0.12%
CRWD	B	0.12%
NXPI	D	0.12%
ARES	A	0.12%
EVRG	A	0.11%
REGN	F	0.11%
PAYX	C	0.11%
VLTO	D	0.11%
PCAR	B	0.11%
AMT	D	0.11%
APP	B	0.1%
AJG	B	0.1%
PKG	A	0.1%
MSTR	C	0.1%
NTRS	A	0.1%
GLW	B	0.09%
TSCO	D	0.09%
IP	B	0.09%
AIG	B	0.09%
MTB	A	0.09%
AFL	B	0.09%
ROP	B	0.09%
SLB	C	0.09%
ADSK	A	0.09%
MCHP	D	0.08%
BR	A	0.08%
TRGP	B	0.08%
EFX	F	0.08%
ZTS	D	0.08%
LPLA	A	0.08%
FDS	B	0.08%
ALL	A	0.08%
TGT	F	0.08%
FITB	A	0.08%
FICO	B	0.08%
ALLE	D	0.08%
FTNT	C	0.08%
WDAY	B	0.08%
BALL	D	0.08%
PSA	D	0.07%
BKR	B	0.07%
WAB	B	0.07%
PRU	A	0.07%
AMCR	D	0.07%
DLR	B	0.07%
AVY	D	0.07%
CFG	B	0.06%
DDOG	A	0.06%
VTR	C	0.06%
KEYS	A	0.06%
ON	D	0.06%
HOOD	B	0.06%
MPWR	F	0.06%
AOS	F	0.06%
OXY	D	0.06%
TEAM	A	0.06%
FANG	D	0.06%
BRK.A	B	0.06%
ROL	B	0.06%
FBIN	D	0.06%
RTX	C	0.06%
TW	A	0.06%
IQV	D	0.05%
WTW	B	0.05%
LMT	D	0.05%
ANSS	B	0.05%
HUBS	A	0.05%
ULTA	F	0.05%
ATO	A	0.05%
HPE	B	0.05%
LDOS	C	0.05%
CG	A	0.05%
CCK	C	0.05%
FTV	C	0.05%
BURL	A	0.05%
TPL	A	0.05%
CDW	F	0.05%
WSM	B	0.05%
FCNCA	A	0.05%
BBY	D	0.05%
PINS	D	0.05%
HIG	B	0.05%
KEY	B	0.05%
DOV	A	0.05%
VICI	C	0.05%
ACGL	D	0.05%
STT	A	0.05%
PNR	A	0.04%
SNA	A	0.04%
PTC	A	0.04%
ARE	D	0.04%
WDC	D	0.04%
TRMB	B	0.04%
ALNY	D	0.04%
BRO	B	0.04%
TYL	B	0.04%
CINF	A	0.04%
J	F	0.04%
MKL	A	0.04%
MKTX	D	0.04%
HAL	C	0.04%
FSLR	F	0.04%
CBOE	B	0.04%
EQT	B	0.04%
SYY	B	0.04%
IRM	D	0.04%
ZBRA	B	0.04%
EXR	D	0.04%
NTAP	C	0.04%
TDY	B	0.04%
TRU	D	0.04%
SMCI	F	0.03%
MANH	D	0.03%
MRO	B	0.03%
DT	C	0.03%
EG	C	0.03%
WAT	B	0.03%
PSTG	D	0.03%
ZS	C	0.03%
PAYC	B	0.03%
SWKS	F	0.03%
DAY	B	0.03%
GD	F	0.03%
CTRA	B	0.03%
WST	C	0.03%
WRB	A	0.03%
L	A	0.03%
TDG	D	0.03%
WY	D	0.03%
GGG	B	0.03%
ENTG	D	0.03%
LIN	D	0.03%
SNAP	C	0.03%
JBL	B	0.03%
ZM	B	0.03%
TER	D	0.03%
IEX	B	0.03%
SSNC	B	0.03%
BEN	C	0.03%
STX	D	0.03%
DKS	C	0.03%
MTD	D	0.03%
KMX	B	0.03%
KNX	B	0.03%
INCY	C	0.02%
IT	C	0.02%
BMRN	D	0.02%
NBIX	C	0.02%
MRNA	F	0.02%
TTC	D	0.02%
DINO	D	0.02%
DG	F	0.02%
SEIC	B	0.02%
ERIE	D	0.02%
ENPH	F	0.02%
AXON	A	0.02%
AVTR	F	0.02%
AIZ	A	0.02%
ALLY	C	0.02%
AFG	A	0.02%
RVTY	F	0.02%
UHAL	D	0.02%
IOT	A	0.02%
UTHR	C	0.02%
BBWI	D	0.02%
MTCH	D	0.02%
OVV	B	0.02%
DOCU	A	0.02%
GLPI	C	0.02%
GEN	B	0.02%
CPT	B	0.01%
CTVA	C	0.01%
FIS	C	0.01%
APD	A	0.01%
SUI	D	0.01%
DOW	F	0.01%
ACI	C	0.01%
SHW	A	0.01%
STLD	B	0.01%
MDB	C	0.01%
ESS	B	0.01%
RS	B	0.01%
VRSN	F	0.01%
MAA	B	0.01%
HEI	B	0.01%
INVH	D	0.01%
RPRX	D	0.01%
EPAM	C	0.01%
VTRS	A	0.01%
TWLO	A	0.01%
BIO	D	0.01%
NET	B	0.01%
APO	B	0.01%
CTLT	B	0.01%
APA	D	0.01%
RIVN	F	0.01%
EQR	B	0.01%
DLTR	F	0.01%
EXAS	D	0.01%
NUE	C	0.01%
SNOW	C	0.01%
CRL	C	0.01%
FI	A	0.01%
QRVO	F	0.01%
TECH	D	0.01%
CHRD	D	0.01%
GDDY	A	0.01%
BSY	D	0.01%
CTSH	B	0.01%
LYB	F	0.0%
HII	D	0.0%
CHRW	C	0.0%
FNF	B	0.0%
HEI	B	0.0%

INRO Underweight 58 Positions Relative to NACP

Symbol	Grade	Weight
VZ	C	-2.26%
KO	D	-0.99%
PEP	F	-0.92%
ABT	B	-0.69%
ELV	F	-0.47%
EA	A	-0.45%
T	A	-0.45%
MDT	D	-0.42%
PLD	D	-0.42%
BSX	B	-0.41%
CI	F	-0.37%
MDLZ	F	-0.36%
NKE	D	-0.36%
CVS	D	-0.27%
BDX	F	-0.23%
MAR	B	-0.19%
SRE	A	-0.18%
D	C	-0.18%
HLT	A	-0.17%
IPG	D	-0.16%
EW	C	-0.15%
PEG	A	-0.14%
ED	D	-0.12%
KHC	F	-0.12%
RCL	A	-0.12%
ADM	D	-0.11%
RMD	C	-0.11%
HSY	F	-0.1%
WEC	A	-0.1%
PPG	F	-0.1%
IFF	D	-0.09%
APTV	D	-0.08%
DTE	C	-0.08%
CMS	C	-0.07%
TSN	B	-0.07%
CLX	B	-0.07%
BAX	D	-0.07%
LH	C	-0.07%
K	A	-0.07%
DGX	A	-0.06%
SJM	D	-0.05%
AMH	D	-0.05%
NI	A	-0.05%
UAL	A	-0.05%
BG	F	-0.05%
CF	B	-0.05%
CPB	D	-0.04%
REG	B	-0.04%
LECO	B	-0.04%
TFX	F	-0.04%
ALB	C	-0.04%
EMN	D	-0.04%
USFD	A	-0.04%
BWA	D	-0.03%
SCCO	F	-0.03%
MOS	F	-0.03%
HRL	D	-0.03%
TAP	C	-0.03%