NACP vs. USMV ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to iShares MSCI USA Minimum Volatility ETF (USMV)

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

$40.83

Average Daily Volume

2,489

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. 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. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$91.29

Average Daily Volume

2,249,365

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	NACP	USMV
30 Days	1.64%	1.48%
60 Days	2.20%	6.10%
90 Days	3.42%	8.43%
12 Months	32.53%	25.48%

65 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in USMV	Overlap
AAPL	C	5.03%	0.97%	0.97%
ABBV	C	1.22%	1.22%	1.22%
ABT	C	0.69%	0.09%	0.09%
ACN	C	3.58%	1.28%	1.28%
ADP	B	0.4%	0.08%	0.08%
AEP	C	0.19%	0.42%	0.19%
AMZN	C	4.47%	0.12%	0.12%
AON	B	0.24%	0.49%	0.24%
BAH	B	0.07%	0.44%	0.07%
BDX	F	0.23%	0.59%	0.23%
BMY	C	0.35%	0.41%	0.35%
CI	C	0.37%	0.23%	0.23%
CMS	B	0.07%	0.2%	0.07%
CPB	B	0.04%	0.39%	0.04%
CVS	F	0.27%	0.05%	0.05%
CVX	D	1.04%	0.3%	0.3%
D	B	0.18%	0.23%	0.18%
DELL	C	0.54%	0.1%	0.1%
DGX	C	0.06%	0.1%	0.06%
DTE	B	0.08%	0.21%	0.08%
DUK	B	0.32%	1.55%	0.32%
EA	D	0.45%	0.78%	0.45%
ED	C	0.12%	1.22%	0.12%
ELV	C	0.47%	0.72%	0.47%
GILD	B	0.35%	0.89%	0.35%
GOOG	D	2.16%	0.14%	0.14%
HON	D	0.46%	0.22%	0.22%
HRL	D	0.03%	0.22%	0.03%
HSY	D	0.1%	0.35%	0.1%
IBM	A	3.08%	1.7%	1.7%
JNJ	C	1.44%	1.28%	1.28%
K	A	0.07%	0.81%	0.07%
KHC	C	0.12%	0.44%	0.12%
KO	B	0.99%	0.11%	0.11%
KR	C	0.13%	0.59%	0.13%
LNT	B	0.05%	0.1%	0.05%
MA	B	1.4%	0.67%	0.67%
MDLZ	C	0.36%	0.52%	0.36%
MDT	C	0.42%	0.14%	0.14%
MELI	B	0.38%	0.2%	0.2%
MPC	D	0.23%	0.56%	0.23%
MRK	D	1.03%	1.22%	1.03%
MSFT	C	4.63%	1.38%	1.38%
NEM	B	0.22%	0.58%	0.22%
NOC	A	0.29%	1.52%	0.29%
NVDA	D	4.9%	0.54%	0.54%
OTIS	C	0.13%	0.06%	0.06%
PEP	D	0.92%	1.15%	0.92%
PFE	C	0.62%	0.24%	0.24%
PSX	D	0.22%	0.06%	0.06%
SO	A	0.35%	1.37%	0.35%
T	C	0.45%	0.71%	0.45%
TRV	B	0.18%	1.05%	0.18%
TSN	D	0.07%	0.69%	0.07%
UBER	C	2.29%	0.47%	0.47%
UNH	C	1.95%	1.38%	1.38%
V	C	1.53%	0.83%	0.83%
VLO	F	0.17%	0.05%	0.05%
VRSK	D	0.13%	0.4%	0.13%
VZ	B	2.26%	1.44%	1.44%
WEC	B	0.1%	0.75%	0.1%
WMB	B	0.19%	0.23%	0.19%
WMT	B	0.73%	1.66%	0.73%
XEL	B	0.12%	0.42%	0.12%
XOM	D	2.0%	0.43%	0.43%

NACP Overweight 131 Positions Relative to USMV

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

NACP Underweight 105 Positions Relative to USMV

Symbol	Grade	Weight
TMUS	C	-1.7%
PGR	A	-1.68%
MSI	B	-1.64%
LLY	C	-1.58%
WCN	D	-1.55%
RSG	D	-1.52%
CB	B	-1.5%
BRK.A	C	-1.49%
TXN	C	-1.38%
WM	D	-1.37%
ROP	C	-1.31%
CSCO	B	-1.29%
APH	C	-1.29%
AJG	D	-1.29%
MCD	B	-1.27%
PG	C	-1.26%
AVGO	C	-1.21%
MMC	C	-1.16%
MCK	F	-1.14%
ORCL	B	-1.12%
AZO	D	-0.99%
REGN	C	-0.92%
LMT	B	-0.88%
CBOE	C	-0.87%
GDDY	C	-0.81%
ACGL	B	-0.8%
CTSH	C	-0.77%
GIS	B	-0.77%
VRTX	D	-0.75%
FCNCA	D	-0.73%
KDP	B	-0.71%
AMGN	B	-0.7%
COR	D	-0.66%
NOW	A	-0.65%
VRSN	D	-0.65%
ORLY	D	-0.63%
FI	A	-0.57%
KEYS	C	-0.54%
FANG	D	-0.53%
ERIE	B	-0.52%
TDY	C	-0.52%
CME	C	-0.51%
YUM	F	-0.51%
FFIV	B	-0.49%
JNPR	A	-0.49%
INCY	C	-0.48%
FICO	B	-0.48%
CL	C	-0.47%
HUM	F	-0.47%
PTC	D	-0.47%
AKAM	D	-0.45%
CDW	D	-0.45%
TJX	C	-0.45%
EG	C	-0.45%
WDAY	D	-0.42%
CTVA	B	-0.37%
ROL	C	-0.37%
CHD	C	-0.37%
WTW	C	-0.36%
CMCSA	D	-0.36%
AFG	B	-0.34%
IT	A	-0.34%
NBIX	F	-0.33%
MKL	C	-0.32%
GEN	B	-0.32%
WRB	C	-0.3%
BMRN	F	-0.3%
ICE	C	-0.29%
FWONK	C	-0.29%
HD	A	-0.28%
AIZ	B	-0.28%
GLW	B	-0.28%
L	D	-0.27%
GRMN	D	-0.27%
ANET	A	-0.27%
ALNY	C	-0.25%
ADI	C	-0.25%
MOH	D	-0.23%
AEE	A	-0.22%
KMB	D	-0.22%
NTAP	D	-0.21%
AZPN	B	-0.21%
HUBS	D	-0.18%
PKG	B	-0.18%
SNPS	D	-0.17%
HOLX	C	-0.17%
STX	C	-0.17%
TW	B	-0.17%
LIN	B	-0.17%
DPZ	D	-0.17%
CDNS	D	-0.16%
EOG	D	-0.15%
CRWD	D	-0.14%
OXY	F	-0.13%
UTHR	C	-0.13%
HIG	B	-0.12%
RTX	C	-0.09%
TEL	D	-0.07%
FSLR	C	-0.07%
GD	B	-0.06%
KNX	D	-0.06%
ULTA	D	-0.05%
BR	D	-0.05%
ATO	B	-0.05%
CRM	D	-0.04%