NACP vs. DUSA ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to Davis Select U.S. Equity ETF (DUSA)

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

DUSA

Davis Select U.S. Equity ETF

DUSA Description

The investment seeks long-term capital growth and capital preservation. Under normal market conditions, the fund will invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities issued by U.S. companies. The fund's portfolio, generally, contains between 15 and 35 companies. It may invest a portion of its assets in financial services companies. The fund may also invest in mid- and small-capitalization companies, which the manager considers to be those companies with less than $10 billion in market capitalization. It may invest up to 20% of net assets in non-U.S. companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$44.34

Average Daily Volume

23,954

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	NACP	DUSA
30 Days	2.08%	6.87%
60 Days	4.48%	7.18%
90 Days	6.57%	8.44%
12 Months	32.92%	31.56%

13 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in DUSA	Overlap
AMZN	C	4.47%	6.51%	4.47%
AXP	A	0.56%	1.16%	0.56%
BK	A	0.17%	2.62%	0.17%
CI	F	0.37%	3.42%	0.37%
COP	C	0.49%	1.89%	0.49%
CVS	D	0.27%	2.83%	0.27%
DGX	A	0.06%	2.97%	0.06%
GOOG	C	2.16%	4.45%	2.16%
INTC	D	1.52%	1.44%	1.44%
JPM	A	2.39%	1.05%	1.05%
META	D	3.63%	10.16%	3.63%
OC	A	0.05%	3.28%	0.05%
TSN	B	0.07%	0.99%	0.07%

NACP Overweight 184 Positions Relative to DUSA

Symbol	Grade	Weight
AAPL	C	5.03%
NVDA	C	4.9%
MSFT	F	4.63%
ACN	C	3.58%
QCOM	F	3.18%
IBM	C	3.08%
GOOGL	C	2.41%
UBER	D	2.29%
VZ	C	2.26%
TSLA	B	2.22%
XOM	B	2.0%
UNH	C	1.95%
PANW	C	1.81%
MU	D	1.75%
V	A	1.53%
JNJ	D	1.44%
MA	C	1.4%
ABBV	D	1.22%
CVX	A	1.04%
MRK	F	1.03%
KO	D	0.99%
BAC	A	0.99%
PEP	F	0.92%
TMO	F	0.83%
WMT	A	0.73%
ABT	B	0.69%
GE	D	0.69%
NEE	D	0.66%
DHR	F	0.64%
HPQ	B	0.62%
PFE	D	0.62%
UNP	C	0.56%
SPGI	C	0.55%
DELL	C	0.54%
LOW	D	0.51%
ELV	F	0.47%
MS	A	0.47%
HON	B	0.46%
C	A	0.45%
EA	A	0.45%
T	A	0.45%
ETN	A	0.44%
MDT	D	0.42%
PLD	D	0.42%
BSX	B	0.41%
ADP	B	0.4%
BA	F	0.38%
MELI	D	0.38%
DE	A	0.36%
MDLZ	F	0.36%
NKE	D	0.36%
BMY	B	0.35%
UPS	C	0.35%
GILD	C	0.35%
SO	D	0.35%
SCHW	B	0.33%
DUK	C	0.32%
EQIX	A	0.29%
TT	A	0.29%
NOC	D	0.29%
PNC	B	0.27%
PYPL	B	0.27%
ITW	B	0.27%
MMM	D	0.26%
MCO	B	0.26%
FDX	B	0.25%
FCX	D	0.25%
AON	A	0.24%
CSX	B	0.24%
MPC	D	0.23%
BDX	F	0.23%
PSX	C	0.22%
TFC	A	0.22%
NEM	D	0.22%
EMR	A	0.22%
ECL	D	0.21%
NSC	B	0.2%
WMB	A	0.19%
AEP	D	0.19%
MAR	B	0.19%
OKE	A	0.18%
SRE	A	0.18%
TRV	B	0.18%
CCI	D	0.18%
D	C	0.18%
GM	B	0.18%
URI	B	0.18%
MET	A	0.17%
VLO	C	0.17%
JCI	C	0.17%
HLT	A	0.17%
LNG	B	0.16%
IPG	D	0.16%
LHX	C	0.16%
KMI	A	0.15%
HES	B	0.15%
EXC	C	0.15%
CMI	A	0.15%
EW	C	0.15%
F	C	0.15%
DD	D	0.14%
PEG	A	0.14%
A	D	0.14%
HWM	A	0.14%
OTIS	C	0.13%
KR	B	0.13%
AME	A	0.13%
VRSK	A	0.13%
VMC	B	0.12%
IR	B	0.12%
MLM	B	0.12%
XEL	A	0.12%
ED	D	0.12%
KHC	F	0.12%
RCL	A	0.12%
AVB	B	0.11%
ROK	B	0.11%
EBAY	D	0.11%
VST	B	0.11%
EIX	B	0.11%
ADM	D	0.11%
RMD	C	0.11%
XYL	D	0.11%
HSY	F	0.1%
DVN	F	0.1%
WEC	A	0.1%
PPG	F	0.1%
BIIB	F	0.1%
PCG	A	0.09%
TROW	B	0.09%
IFF	D	0.09%
DAL	C	0.09%
SYF	B	0.08%
APTV	D	0.08%
SBAC	D	0.08%
PPL	B	0.08%
FE	C	0.08%
ETR	B	0.08%
NDAQ	A	0.08%
DTE	C	0.08%
ES	D	0.08%
NRG	B	0.07%
LII	A	0.07%
EXPD	D	0.07%
CMS	C	0.07%
CLX	B	0.07%
BAH	F	0.07%
BAX	D	0.07%
LH	C	0.07%
K	A	0.07%
ILMN	D	0.07%
HBAN	A	0.07%
RF	A	0.07%
SWK	D	0.06%
LUV	C	0.06%
DOC	D	0.06%
HUBB	B	0.06%
TXT	D	0.06%
SJM	D	0.05%
AMH	D	0.05%
NI	A	0.05%
ACM	A	0.05%
NDSN	B	0.05%
UAL	A	0.05%
LNT	A	0.05%
AES	F	0.05%
JBHT	C	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%
WBA	F	0.03%
BWA	D	0.03%
SCCO	F	0.03%
PFG	D	0.03%
MOS	F	0.03%
HRL	D	0.03%
CNH	C	0.03%
TAP	C	0.03%

NACP Underweight 12 Positions Relative to DUSA

Symbol	Grade	Weight
COF	B	-11.02%
BRK.A	B	-8.67%
WFC	A	-4.93%
VTRS	A	-4.76%
MGM	D	-4.75%
MKL	A	-4.73%
USB	A	-4.46%
HUM	C	-3.58%
AMAT	F	-3.15%
SOLV	C	-1.51%
TXN	C	-1.03%
AGCO	D	-0.93%