NACP vs. QLC ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to FlexShares US Quality Large Cap Index Fund (QLC)

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

QLC

FlexShares US Quality Large Cap Index Fund

QLC Description

FlexShares Trust - FlexShares US Quality Large Cap Index Fund is an exchange traded fund launched by Northern Trust Corporation. The fund is managed by Northern Trust Investments, Incorporated. It invests in public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors. It invests in momentum stocks of large-cap companies. The fund seeks to track the performance of the Northern Trust Quality Large Cap Index, by employing representative sampling methodology. FlexShares Trust - FlexShares US Quality Large Cap Index Fund is domiciled in the United States.

Grade (RS Rating)

Last Trade

$67.43

Average Daily Volume

43,756

Number of Holdings ^*

164

* may have additional holdings in another (foreign) market

Performance

Period	NACP	QLC
30 Days	2.08%	3.14%
60 Days	4.48%	4.71%
90 Days	6.57%	6.03%
12 Months	32.92%	34.37%

59 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in QLC	Overlap
AAPL	C	5.03%	7.51%	5.03%
ABBV	D	1.22%	0.19%	0.19%
ABT	B	0.69%	0.13%	0.13%
ACN	C	3.58%	0.68%	0.68%
ADM	D	0.11%	0.02%	0.02%
ADP	B	0.4%	0.05%	0.05%
AMZN	C	4.47%	2.34%	2.34%
AVB	B	0.11%	0.55%	0.11%
BAC	A	0.99%	1.5%	0.99%
BK	A	0.17%	0.68%	0.17%
BMY	B	0.35%	0.44%	0.35%
C	A	0.45%	1.25%	0.45%
CI	F	0.37%	0.76%	0.37%
CMI	A	0.15%	0.31%	0.15%
DELL	C	0.54%	0.33%	0.33%
DHR	F	0.64%	0.04%	0.04%
EA	A	0.45%	0.28%	0.28%
EBAY	D	0.11%	0.47%	0.11%
ED	D	0.12%	0.51%	0.12%
EIX	B	0.11%	0.21%	0.11%
ELV	F	0.47%	0.12%	0.12%
EMR	A	0.22%	0.02%	0.02%
ETR	B	0.08%	0.66%	0.08%
EXC	C	0.15%	0.38%	0.15%
EXPD	D	0.07%	0.38%	0.07%
GE	D	0.69%	0.96%	0.69%
GILD	C	0.35%	0.15%	0.15%
GOOG	C	2.16%	2.82%	2.16%
GOOGL	C	2.41%	2.85%	2.41%
ITW	B	0.27%	0.77%	0.27%
JNJ	D	1.44%	1.48%	1.44%
JPM	A	2.39%	2.1%	2.1%
KR	B	0.13%	0.46%	0.13%
LH	C	0.07%	0.33%	0.07%
LOW	D	0.51%	0.45%	0.45%
MELI	D	0.38%	0.38%	0.38%
MET	A	0.17%	0.55%	0.17%
META	D	3.63%	2.34%	2.34%
MMM	D	0.26%	0.25%	0.25%
MPC	D	0.23%	0.54%	0.23%
MRK	F	1.03%	0.88%	0.88%
MS	A	0.47%	0.69%	0.47%
MSFT	F	4.63%	4.69%	4.63%
NRG	B	0.07%	0.47%	0.07%
NVDA	C	4.9%	6.54%	4.9%
PEG	A	0.14%	0.61%	0.14%
PPL	B	0.08%	0.56%	0.08%
PSX	C	0.22%	0.19%	0.19%
QCOM	F	3.18%	0.66%	0.66%
RCL	A	0.12%	0.4%	0.12%
RMD	C	0.11%	0.38%	0.11%
SO	D	0.35%	0.84%	0.35%
SYF	B	0.08%	0.56%	0.08%
T	A	0.45%	0.78%	0.45%
TAP	C	0.03%	0.28%	0.03%
TSLA	B	2.22%	0.73%	0.73%
TXT	D	0.06%	0.02%	0.02%
UPS	C	0.35%	0.37%	0.35%
VLO	C	0.17%	0.53%	0.17%

NACP Overweight 138 Positions Relative to QLC

Symbol	Grade	Weight
IBM	C	3.08%
UBER	D	2.29%
VZ	C	2.26%
XOM	B	2.0%
UNH	C	1.95%
PANW	C	1.81%
MU	D	1.75%
V	A	1.53%
INTC	D	1.52%
MA	C	1.4%
CVX	A	1.04%
KO	D	0.99%
PEP	F	0.92%
TMO	F	0.83%
WMT	A	0.73%
NEE	D	0.66%
HPQ	B	0.62%
PFE	D	0.62%
AXP	A	0.56%
UNP	C	0.56%
SPGI	C	0.55%
COP	C	0.49%
HON	B	0.46%
ETN	A	0.44%
MDT	D	0.42%
PLD	D	0.42%
BSX	B	0.41%
BA	F	0.38%
DE	A	0.36%
MDLZ	F	0.36%
NKE	D	0.36%
SCHW	B	0.33%
DUK	C	0.32%
EQIX	A	0.29%
TT	A	0.29%
NOC	D	0.29%
PNC	B	0.27%
CVS	D	0.27%
PYPL	B	0.27%
MCO	B	0.26%
FDX	B	0.25%
FCX	D	0.25%
AON	A	0.24%
CSX	B	0.24%
BDX	F	0.23%
TFC	A	0.22%
NEM	D	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%
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%
EW	C	0.15%
F	C	0.15%
DD	D	0.14%
A	D	0.14%
HWM	A	0.14%
OTIS	C	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%
KHC	F	0.12%
ROK	B	0.11%
VST	B	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%
APTV	D	0.08%
SBAC	D	0.08%
FE	C	0.08%
NDAQ	A	0.08%
DTE	C	0.08%
ES	D	0.08%
LII	A	0.07%
CMS	C	0.07%
TSN	B	0.07%
CLX	B	0.07%
BAH	F	0.07%
BAX	D	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%
DGX	A	0.06%
HUBB	B	0.06%
SJM	D	0.05%
AMH	D	0.05%
NI	A	0.05%
OC	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%

NACP Underweight 105 Positions Relative to QLC

Symbol	Grade	Weight
BRK.A	B	-2.35%
AVGO	D	-1.69%
PG	A	-1.27%
CSCO	B	-1.25%
LLY	F	-1.14%
ORCL	B	-1.12%
INTU	C	-1.08%
CAT	B	-0.95%
ADBE	C	-0.82%
CMCSA	B	-0.78%
MCK	B	-0.77%
LRCX	F	-0.72%
COF	B	-0.72%
NFLX	A	-0.69%
GS	A	-0.68%
FICO	B	-0.68%
BKNG	A	-0.66%
AMAT	F	-0.66%
HD	A	-0.66%
GWW	B	-0.64%
KLAC	D	-0.64%
SPG	B	-0.64%
CBRE	B	-0.63%
AFL	B	-0.62%
LMT	D	-0.58%
AZO	C	-0.56%
COR	B	-0.56%
AMGN	D	-0.55%
LDOS	C	-0.54%
PM	B	-0.54%
NVR	D	-0.54%
APP	B	-0.53%
ESS	B	-0.53%
AIG	B	-0.52%
FTNT	C	-0.5%
PSA	D	-0.48%
STLD	B	-0.47%
ADI	D	-0.47%
CHKP	D	-0.46%
WFC	A	-0.45%
STT	A	-0.44%
HST	C	-0.44%
EQR	B	-0.44%
WY	D	-0.43%
KMB	D	-0.43%
OMC	C	-0.39%
DVA	B	-0.39%
NUE	C	-0.39%
CSL	C	-0.35%
GIS	D	-0.34%
CTSH	B	-0.34%
FIS	C	-0.34%
CL	D	-0.33%
ALLY	C	-0.33%
MTD	D	-0.31%
PCAR	B	-0.3%
CNC	D	-0.29%
MO	A	-0.29%
WAB	B	-0.28%
PRU	A	-0.28%
FITB	A	-0.27%
JBL	B	-0.27%
MAS	D	-0.24%
DASH	A	-0.24%
PHM	D	-0.23%
ABNB	C	-0.22%
MCHP	D	-0.22%
OXY	D	-0.21%
HOOD	B	-0.21%
CAH	B	-0.21%
HOLX	D	-0.2%
HCA	F	-0.19%
IT	C	-0.19%
BBY	D	-0.19%
IDXX	F	-0.18%
FI	A	-0.18%
DFS	B	-0.18%
NTAP	C	-0.17%
PAYX	C	-0.16%
ICLR	D	-0.14%
THC	D	-0.14%
UTHR	C	-0.13%
WSM	B	-0.13%
EME	C	-0.12%
LYB	F	-0.11%
MANH	D	-0.11%
CRBG	B	-0.09%
LEN	D	-0.09%
AOS	F	-0.08%
CE	F	-0.07%
FLEX	A	-0.07%
GEHC	F	-0.07%
ZM	B	-0.06%
REGN	F	-0.06%
TGT	F	-0.06%
SYK	C	-0.05%
EXPE	B	-0.05%
CRM	B	-0.04%
EVRG	A	-0.03%
JLL	D	-0.03%
ROP	B	-0.03%
MEDP	D	-0.02%
MAA	B	-0.02%
SMCI	F	-0.02%
LAMR	D	-0.02%