NACP vs. FVAL ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to Fidelity Value Factor ETF (FVAL)

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

FVAL

Fidelity Value Factor ETF

FVAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations.

Grade (RS Rating)

Last Trade

$60.77

Average Daily Volume

60,509

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

Performance

Period	NACP	FVAL
30 Days	4.72%	4.67%
60 Days	11.57%	10.40%
90 Days	3.46%	4.82%
12 Months	35.78%	30.90%

64 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in FVAL	Overlap
AAPL	C	5.03%	6.97%	5.03%
ABBV	C	1.22%	1.35%	1.22%
ACN	B	3.58%	1.17%	1.17%
ADM	F	0.11%	0.4%	0.11%
ADP	A	0.4%	0.6%	0.4%
AEP	C	0.19%	0.29%	0.19%
AMZN	C	4.47%	3.71%	3.71%
AXP	A	0.56%	0.81%	0.56%
BAC	B	0.99%	0.98%	0.98%
BG	F	0.05%	0.36%	0.05%
BMY	A	0.35%	0.91%	0.35%
C	B	0.45%	0.69%	0.45%
CF	A	0.05%	0.18%	0.05%
CI	D	0.37%	0.9%	0.37%
CMI	A	0.15%	0.48%	0.15%
COP	D	0.49%	0.39%	0.39%
CVS	D	0.27%	0.84%	0.27%
CVX	B	1.04%	0.62%	0.62%
DAL	C	0.09%	0.53%	0.09%
DE	C	0.36%	0.64%	0.36%
DUK	C	0.32%	0.36%	0.32%
DVN	F	0.1%	0.18%	0.1%
EBAY	A	0.11%	0.55%	0.11%
ELV	F	0.47%	0.9%	0.47%
EXC	C	0.15%	0.27%	0.15%
F	D	0.15%	0.51%	0.15%
FCX	B	0.25%	0.3%	0.25%
FDX	F	0.25%	0.45%	0.25%
GILD	A	0.35%	0.94%	0.35%
GM	D	0.18%	0.56%	0.18%
GOOGL	B	2.41%	3.64%	2.41%
HON	C	0.46%	0.64%	0.46%
IBM	A	3.08%	1.21%	1.21%
INTC	D	1.52%	0.77%	0.77%
JNJ	D	1.44%	1.42%	1.42%
JPM	C	2.39%	1.63%	1.63%
KR	C	0.13%	0.43%	0.13%
META	A	3.63%	2.69%	2.69%
MMM	C	0.26%	0.55%	0.26%
MOS	F	0.03%	0.14%	0.03%
MPC	D	0.23%	0.26%	0.23%
MRK	F	1.03%	1.23%	1.03%
MSFT	D	4.63%	6.76%	4.63%
MU	D	1.75%	0.97%	0.97%
NEE	C	0.66%	0.53%	0.53%
NEM	C	0.22%	0.26%	0.22%
NRG	A	0.07%	0.27%	0.07%
NVDA	B	4.9%	6.45%	4.9%
OC	C	0.05%	0.38%	0.05%
PCG	C	0.09%	0.28%	0.09%
PLD	D	0.42%	0.36%	0.36%
QCOM	D	3.18%	1.09%	1.09%
SYF	A	0.08%	0.52%	0.08%
T	B	0.45%	0.62%	0.45%
TRV	B	0.18%	0.63%	0.18%
UAL	A	0.05%	0.55%	0.05%
UNH	B	1.95%	1.71%	1.71%
UNP	F	0.56%	0.66%	0.56%
UPS	D	0.35%	0.57%	0.35%
V	B	1.53%	1.31%	1.31%
VLO	F	0.17%	0.22%	0.17%
VZ	C	2.26%	0.67%	0.67%
WMT	A	0.73%	1.04%	0.73%
XOM	A	2.0%	1.14%	1.14%

NACP Overweight 132 Positions Relative to FVAL

Symbol	Grade	Weight
UBER	C	2.29%
TSLA	C	2.22%
GOOG	B	2.16%
PANW	B	1.81%
MA	A	1.4%
KO	C	0.99%
PEP	F	0.92%
TMO	D	0.83%
ABT	C	0.69%
GE	B	0.69%
DHR	D	0.64%
HPQ	B	0.62%
PFE	D	0.62%
SPGI	C	0.55%
DELL	C	0.54%
LOW	C	0.51%
MS	A	0.47%
EA	D	0.45%
ETN	B	0.44%
MDT	C	0.42%
BSX	A	0.41%
BA	F	0.38%
MELI	D	0.38%
MDLZ	D	0.36%
NKE	D	0.36%
SO	A	0.35%
SCHW	D	0.33%
EQIX	C	0.29%
TT	A	0.29%
NOC	B	0.29%
PNC	C	0.27%
PYPL	A	0.27%
ITW	C	0.27%
MCO	D	0.26%
AON	A	0.24%
CSX	D	0.24%
BDX	C	0.23%
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%
URI	C	0.18%
MET	A	0.17%
BK	A	0.17%
JCI	C	0.17%
HLT	A	0.17%
LNG	A	0.16%
IPG	D	0.16%
LHX	A	0.16%
KMI	A	0.15%
HES	D	0.15%
EW	F	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%
XEL	C	0.12%
ED	C	0.12%
KHC	F	0.12%
RCL	B	0.12%
AVB	C	0.11%
ROK	D	0.11%
VST	A	0.11%
EIX	C	0.11%
RMD	C	0.11%
XYL	C	0.11%
HSY	D	0.1%
WEC	B	0.1%
PPG	D	0.1%
BIIB	F	0.1%
TROW	D	0.09%
IFF	D	0.09%
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%
LII	C	0.07%
EXPD	D	0.07%
CMS	A	0.07%
TSN	D	0.07%
CLX	C	0.07%
BAH	C	0.07%
BAX	D	0.07%
K	B	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%
DGX	D	0.06%
HUBB	A	0.06%
TXT	F	0.06%
SJM	D	0.05%
AMH	D	0.05%
NI	A	0.05%
ACM	A	0.05%
NDSN	C	0.05%
LNT	B	0.05%
AES	C	0.05%
JBHT	D	0.05%
CPB	D	0.04%
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%
HRL	F	0.03%
CNH	C	0.03%
TAP	D	0.03%

NACP Underweight 60 Positions Relative to FVAL

Symbol	Grade	Weight
BRK.A	B	-2.08%
CRM	B	-1.28%
HD	A	-1.23%
PG	D	-1.14%
MCD	A	-0.9%
ZM	B	-0.87%
WFC	B	-0.84%
CAT	A	-0.8%
HPE	B	-0.79%
CTSH	B	-0.78%
BKNG	B	-0.77%
CNC	F	-0.73%
RPRX	D	-0.69%
SWKS	F	-0.68%
LMT	A	-0.63%
CMCSA	B	-0.61%
LVS	B	-0.61%
COF	A	-0.6%
LIN	C	-0.58%
RNR	A	-0.58%
EXPE	B	-0.56%
WYNN	B	-0.55%
PRU	B	-0.55%
DFS	A	-0.55%
EG	A	-0.54%
KVUE	C	-0.52%
MO	D	-0.52%
JXN	A	-0.52%
TGT	C	-0.5%
PCAR	D	-0.48%
KMB	D	-0.45%
OZK	D	-0.45%
G	A	-0.44%
AGCO	D	-0.41%
RHI	D	-0.41%
M	D	-0.4%
ACI	F	-0.34%
PARA	F	-0.29%
EOG	B	-0.29%
PSA	C	-0.28%
O	C	-0.26%
SPG	A	-0.26%
ATKR	F	-0.25%
CBRE	C	-0.23%
VICI	C	-0.22%
DOW	B	-0.21%
NUE	D	-0.2%
NFG	A	-0.2%
BXP	B	-0.19%
ARE	D	-0.19%
UGI	C	-0.19%
LYB	B	-0.18%
JLL	C	-0.18%
HST	D	-0.18%
WPC	C	-0.18%
STLD	C	-0.17%
GLPI	C	-0.17%
MUR	F	-0.14%
CLF	D	-0.13%
CIVI	F	-0.13%