NACP vs. ACWV ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to iShares MSCI All Country World Minimum Volatility Index Fund (ACWV)

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

$41.34

Average Daily Volume

3,508

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

ACWV

iShares MSCI All Country World Minimum Volatility Index Fund

ACWV Description

The investment seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. It seeks to track the underlying index, which has been developed by MSCI Inc. ("MSCI") to measure the combined performance of equity securities in both emerging and developed markets that in aggregate have lower volatility. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$114.16

Average Daily Volume

157,232

Number of Holdings ^*

138

* may have additional holdings in another (foreign) market

Performance

Period	NACP	ACWV
30 Days	4.72%	0.72%
60 Days	11.57%	7.43%
90 Days	3.46%	8.44%
12 Months	35.78%	23.90%

48 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in ACWV	Overlap
ABBV	C	1.22%	0.55%	0.55%
ABT	C	0.69%	0.1%	0.1%
ACN	B	3.58%	0.25%	0.25%
AEP	C	0.19%	0.07%	0.07%
AON	A	0.24%	0.32%	0.24%
BAH	C	0.07%	0.38%	0.07%
BDX	C	0.23%	0.23%	0.23%
BMY	A	0.35%	0.21%	0.21%
CF	A	0.05%	0.25%	0.05%
CI	D	0.37%	0.25%	0.25%
CMS	A	0.07%	0.17%	0.07%
CPB	D	0.04%	0.24%	0.04%
DGX	D	0.06%	0.15%	0.06%
DUK	C	0.32%	0.83%	0.32%
EA	D	0.45%	0.54%	0.45%
ED	C	0.12%	0.9%	0.12%
ELV	F	0.47%	0.53%	0.47%
GILD	A	0.35%	0.42%	0.35%
HRL	F	0.03%	0.24%	0.03%
HSY	D	0.1%	0.47%	0.1%
IBM	A	3.08%	0.76%	0.76%
JNJ	D	1.44%	1.09%	1.09%
K	B	0.07%	0.55%	0.07%
KHC	F	0.12%	0.36%	0.12%
KO	C	0.99%	0.06%	0.06%
KR	C	0.13%	0.78%	0.13%
LNG	A	0.16%	0.13%	0.13%
MA	A	1.4%	0.17%	0.17%
MDLZ	D	0.36%	0.27%	0.27%
MPC	D	0.23%	0.15%	0.15%
MRK	F	1.03%	1.2%	1.03%
MSFT	D	4.63%	0.75%	0.75%
NEM	C	0.22%	0.12%	0.12%
NOC	B	0.29%	0.79%	0.29%
PCG	C	0.09%	0.1%	0.09%
PEP	F	0.92%	1.09%	0.92%
SJM	D	0.05%	0.29%	0.05%
SO	A	0.35%	0.82%	0.35%
T	B	0.45%	0.25%	0.25%
TRV	B	0.18%	0.28%	0.18%
TSN	D	0.07%	0.29%	0.07%
UNH	B	1.95%	0.8%	0.8%
V	B	1.53%	0.52%	0.52%
VZ	C	2.26%	0.81%	0.81%
WEC	B	0.1%	0.66%	0.1%
WMT	A	0.73%	1.69%	0.73%
XEL	C	0.12%	0.1%	0.1%
XOM	A	2.0%	0.1%	0.1%

NACP Overweight 148 Positions Relative to ACWV

Symbol	Grade	Weight
AAPL	C	5.03%
NVDA	B	4.9%
AMZN	C	4.47%
META	A	3.63%
QCOM	D	3.18%
GOOGL	B	2.41%
JPM	C	2.39%
UBER	C	2.29%
TSLA	C	2.22%
GOOG	B	2.16%
PANW	B	1.81%
MU	D	1.75%
INTC	D	1.52%
CVX	B	1.04%
BAC	B	0.99%
TMO	D	0.83%
GE	B	0.69%
NEE	C	0.66%
DHR	D	0.64%
HPQ	B	0.62%
PFE	D	0.62%
AXP	A	0.56%
UNP	F	0.56%
SPGI	C	0.55%
DELL	C	0.54%
LOW	C	0.51%
COP	D	0.49%
MS	A	0.47%
HON	C	0.46%
C	B	0.45%
ETN	B	0.44%
MDT	C	0.42%
PLD	D	0.42%
BSX	A	0.41%
ADP	A	0.4%
BA	F	0.38%
MELI	D	0.38%
DE	C	0.36%
NKE	D	0.36%
UPS	D	0.35%
SCHW	D	0.33%
EQIX	C	0.29%
TT	A	0.29%
PNC	C	0.27%
CVS	D	0.27%
PYPL	A	0.27%
ITW	C	0.27%
MMM	C	0.26%
MCO	D	0.26%
FDX	F	0.25%
FCX	B	0.25%
CSX	D	0.24%
PSX	D	0.22%
TFC	D	0.22%
EMR	B	0.22%
ECL	C	0.21%
NSC	C	0.2%
WMB	A	0.19%
MAR	A	0.19%
OKE	A	0.18%
SRE	C	0.18%
CCI	D	0.18%
D	A	0.18%
GM	D	0.18%
URI	C	0.18%
MET	A	0.17%
BK	A	0.17%
VLO	F	0.17%
JCI	C	0.17%
HLT	A	0.17%
IPG	D	0.16%
LHX	A	0.16%
KMI	A	0.15%
HES	D	0.15%
EXC	C	0.15%
CMI	A	0.15%
EW	F	0.15%
F	D	0.15%
DD	C	0.14%
PEG	A	0.14%
A	B	0.14%
HWM	A	0.14%
OTIS	A	0.13%
AME	C	0.13%
VRSK	D	0.13%
VMC	D	0.12%
IR	A	0.12%
MLM	F	0.12%
RCL	B	0.12%
AVB	C	0.11%
ROK	D	0.11%
EBAY	A	0.11%
VST	A	0.11%
EIX	C	0.11%
ADM	F	0.11%
RMD	C	0.11%
XYL	C	0.11%
DVN	F	0.1%
PPG	D	0.1%
BIIB	F	0.1%
TROW	D	0.09%
IFF	D	0.09%
DAL	C	0.09%
SYF	A	0.08%
APTV	D	0.08%
SBAC	C	0.08%
PPL	C	0.08%
FE	C	0.08%
ETR	A	0.08%
NDAQ	C	0.08%
DTE	B	0.08%
ES	D	0.08%
NRG	A	0.07%
LII	C	0.07%
EXPD	D	0.07%
CLX	C	0.07%
BAX	D	0.07%
ILMN	B	0.07%
HBAN	B	0.07%
RF	B	0.07%
SWK	C	0.06%
LUV	B	0.06%
DOC	C	0.06%
HUBB	A	0.06%
TXT	F	0.06%
AMH	D	0.05%
NI	A	0.05%
OC	C	0.05%
ACM	A	0.05%
NDSN	C	0.05%
UAL	A	0.05%
LNT	B	0.05%
AES	C	0.05%
JBHT	D	0.05%
BG	F	0.05%
REG	C	0.04%
LECO	D	0.04%
TFX	C	0.04%
ALB	D	0.04%
EMN	C	0.04%
USFD	C	0.04%
WBA	F	0.03%
BWA	C	0.03%
SCCO	B	0.03%
PFG	A	0.03%
MOS	F	0.03%
CNH	C	0.03%
TAP	D	0.03%

NACP Underweight 90 Positions Relative to ACWV

Symbol	Grade	Weight
TMUS	A	-1.72%
MSI	A	-1.66%
CSCO	A	-1.41%
WM	B	-1.36%
ROP	D	-1.3%
RSG	D	-1.11%
MCK	F	-1.11%
VRTX	D	-1.06%
MCD	A	-1.02%
COR	F	-0.95%
MMC	D	-0.88%
CB	A	-0.87%
BRK.A	B	-0.87%
PG	D	-0.83%
PGR	B	-0.81%
REGN	D	-0.8%
AZO	D	-0.77%
GIS	C	-0.69%
ACGL	A	-0.64%
LLY	D	-0.57%
ORLY	A	-0.56%
CBOE	B	-0.54%
GDDY	B	-0.53%
APH	D	-0.48%
ORCL	A	-0.48%
CHD	D	-0.44%
KEYS	B	-0.41%
FI	A	-0.4%
CL	D	-0.39%
MKL	B	-0.39%
KDP	C	-0.39%
L	C	-0.38%
WRB	C	-0.38%
CHT	C	-0.38%
UTHR	C	-0.37%
AMGN	D	-0.37%
WCN	D	-0.37%
VRSN	C	-0.36%
HUM	F	-0.35%
TJX	D	-0.35%
ERIE	A	-0.34%
INCY	B	-0.32%
JNPR	C	-0.32%
KMB	D	-0.32%
FFIV	B	-0.32%
AJG	C	-0.31%
AKAM	D	-0.3%
NBIX	F	-0.29%
GEN	A	-0.27%
BRO	A	-0.27%
LMT	A	-0.25%
YUM	C	-0.24%
CME	A	-0.22%
ROL	C	-0.21%
JKHY	A	-0.2%
CTSH	B	-0.2%
FWONK	D	-0.2%
BMRN	F	-0.2%
PTC	B	-0.2%
DPZ	D	-0.19%
GD	C	-0.19%
FCNCA	D	-0.19%
ULTA	D	-0.17%
CAH	B	-0.16%
MOH	F	-0.13%
CTVA	A	-0.12%
WIT	C	-0.11%
MNST	D	-0.11%
AIZ	B	-0.11%
TDY	A	-0.1%
FICO	C	-0.1%
AZPN	A	-0.1%
AEE	A	-0.1%
EG	A	-0.1%
WDAY	D	-0.09%
WTW	C	-0.09%
TPL	A	-0.07%
IT	A	-0.07%
ANET	A	-0.06%
TRGP	A	-0.06%
FANG	D	-0.06%
HSIC	D	-0.06%
CHRW	C	-0.06%
DINO	F	-0.06%
ACI	F	-0.05%
HOLX	D	-0.05%
GPC	D	-0.05%
KNX	D	-0.05%
CAG	D	-0.05%
HKD	C	-0.0%