PHEQ vs. NACP ETF Comparison

Comparison of Parametric Hedged Equity ETF (PHEQ) to Impact Shares NAACP Minority Empowerment ETF (NACP)

PHEQ

Parametric Hedged Equity ETF

PHEQ Description

The fund seeks to provide capital appreciation by investing its net assets in equity securities of certain U.S. large capitalization companies that are constituents of the Solactive GBS US 500 at the time of purchase.

Grade (RS Rating)

Last Trade

$29.49

Average Daily Volume

19,326

Number of Holdings ^*

203

* may have additional holdings in another (foreign) market

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

Performance

Period	PHEQ	NACP
30 Days	1.99%	2.08%
60 Days	3.02%	4.48%
90 Days	3.86%	6.57%
12 Months	16.61%	32.92%

78 Overlapping Holdings

Symbol	Grade	Weight in PHEQ	Weight in NACP	Overlap
AAPL	C	6.85%	5.03%	5.03%
ABBV	D	0.85%	1.22%	0.85%
ABT	B	0.6%	0.69%	0.6%
AME	A	0.28%	0.13%	0.13%
AMZN	C	4.1%	4.47%	4.1%
APTV	D	0.14%	0.08%	0.08%
AVB	B	0.35%	0.11%	0.11%
AXP	A	0.57%	0.56%	0.56%
BA	F	0.32%	0.38%	0.32%
BAC	A	0.98%	0.99%	0.98%
BAH	F	0.12%	0.07%	0.07%
BMY	B	0.48%	0.35%	0.35%
CMS	C	0.31%	0.07%	0.07%
CPB	D	0.18%	0.04%	0.04%
CVX	A	0.84%	1.04%	0.84%
DAL	C	0.39%	0.09%	0.09%
DE	A	0.44%	0.36%	0.36%
DELL	C	0.14%	0.54%	0.14%
DOC	D	0.29%	0.06%	0.06%
DTE	C	0.31%	0.08%	0.08%
DVN	F	0.17%	0.1%	0.1%
ETR	B	0.4%	0.08%	0.08%
EXPD	D	0.23%	0.07%	0.07%
FE	C	0.24%	0.08%	0.08%
GOOG	C	1.9%	2.16%	1.9%
GOOGL	C	2.28%	2.41%	2.28%
HBAN	A	0.31%	0.07%	0.07%
HUBB	B	0.13%	0.06%	0.06%
HWM	A	0.36%	0.14%	0.14%
IBM	C	0.56%	3.08%	0.56%
IFF	D	0.16%	0.09%	0.09%
ILMN	D	0.05%	0.07%	0.05%
JBHT	C	0.24%	0.05%	0.05%
JNJ	D	1.04%	1.44%	1.04%
JPM	A	1.73%	2.39%	1.73%
K	A	0.34%	0.07%	0.07%
KO	D	0.77%	0.99%	0.77%
LH	C	0.31%	0.07%	0.07%
LII	A	0.25%	0.07%	0.07%
LNG	B	0.22%	0.16%	0.16%
LNT	A	0.33%	0.05%	0.05%
LOW	D	0.57%	0.51%	0.51%
MA	C	1.14%	1.4%	1.14%
MDT	D	0.51%	0.42%	0.42%
MELI	D	0.25%	0.38%	0.25%
META	D	2.66%	3.63%	2.66%
MMM	D	0.44%	0.26%	0.26%
MRK	F	0.69%	1.03%	0.69%
MS	A	0.39%	0.47%	0.39%
MSFT	F	6.55%	4.63%	4.63%
MU	D	0.31%	1.75%	0.31%
NDAQ	A	0.24%	0.08%	0.08%
NDSN	B	0.14%	0.05%	0.05%
NEM	D	0.23%	0.22%	0.22%
NVDA	C	7.12%	4.9%	4.9%
OTIS	C	0.33%	0.13%	0.13%
PANW	C	0.3%	1.81%	0.3%
PEP	F	0.72%	0.92%	0.72%
PFG	D	0.2%	0.03%	0.03%
PPG	F	0.18%	0.1%	0.1%
PPL	B	0.34%	0.08%	0.08%
PYPL	B	0.28%	0.27%	0.27%
QCOM	F	0.33%	3.18%	0.33%
RMD	C	0.24%	0.11%	0.11%
SCCO	F	0.07%	0.03%	0.03%
SCHW	B	0.35%	0.33%	0.33%
SYF	B	0.27%	0.08%	0.08%
T	A	0.68%	0.45%	0.45%
TMO	F	0.59%	0.83%	0.59%
TRV	B	0.39%	0.18%	0.18%
TSLA	B	1.91%	2.22%	1.91%
UBER	D	0.29%	2.29%	0.29%
UNH	C	1.37%	1.95%	1.37%
UNP	C	0.52%	0.56%	0.52%
URI	B	0.24%	0.18%	0.18%
V	A	1.28%	1.53%	1.28%
WMT	A	0.96%	0.73%	0.73%
XOM	B	1.4%	2.0%	1.4%

PHEQ Overweight 125 Positions Relative to NACP

Symbol	Grade	Weight
AVGO	D	1.71%
BRK.A	B	1.42%
LLY	F	1.39%
HD	A	1.15%
PG	A	1.09%
COST	B	1.07%
NFLX	A	0.8%
CSCO	B	0.79%
ORCL	B	0.73%
WFC	A	0.67%
LIN	D	0.67%
CRM	B	0.63%
NOW	A	0.61%
TXN	C	0.59%
LMT	D	0.58%
ISRG	A	0.58%
DIS	B	0.57%
CAT	B	0.55%
AMD	F	0.51%
TMUS	B	0.51%
ADBE	C	0.48%
TRGP	B	0.46%
KKR	A	0.46%
AMGN	D	0.45%
WM	A	0.44%
CTAS	B	0.42%
BKNG	A	0.39%
PRU	A	0.37%
PLTR	B	0.36%
VRTX	F	0.36%
KLAC	D	0.34%
RSG	A	0.34%
DOV	A	0.33%
YUM	B	0.33%
KMB	D	0.33%
HIG	B	0.33%
EQR	B	0.32%
EXR	D	0.32%
ROST	C	0.32%
BRO	B	0.31%
DRI	B	0.3%
AEE	A	0.3%
COR	B	0.3%
PHM	D	0.3%
APO	B	0.3%
LRCX	F	0.29%
CNP	B	0.28%
MAA	B	0.27%
CFG	B	0.26%
MRVL	B	0.25%
ARES	A	0.25%
GLW	B	0.25%
MRO	B	0.24%
L	A	0.24%
FANG	D	0.24%
MKL	A	0.23%
ULTA	F	0.23%
LYB	F	0.22%
HEI	B	0.22%
WRB	A	0.21%
SSNC	B	0.21%
REGN	F	0.21%
ARE	D	0.21%
AMCR	D	0.21%
LULU	C	0.21%
MSTR	C	0.2%
ESS	B	0.19%
SPOT	B	0.19%
TTD	B	0.18%
ZM	B	0.18%
WBD	C	0.18%
CSL	C	0.18%
CRWD	B	0.17%
CAG	D	0.17%
AKAM	D	0.16%
HAL	C	0.16%
ABNB	C	0.15%
MOH	F	0.14%
HEI	B	0.14%
ZBH	C	0.14%
ON	D	0.14%
HUBS	A	0.14%
MGM	D	0.13%
WDAY	B	0.13%
DASH	A	0.13%
DDOG	A	0.13%
ALNY	D	0.13%
FCNCA	A	0.13%
SQ	B	0.12%
RBLX	C	0.12%
COIN	C	0.12%
TW	A	0.11%
STLD	B	0.11%
IBKR	A	0.11%
VRT	B	0.1%
VEEV	C	0.1%
SUI	D	0.1%
DOX	D	0.09%
TRU	D	0.09%
BLDR	D	0.08%
ZS	C	0.08%
NET	B	0.07%
AGR	B	0.07%
YUMC	C	0.07%
DKNG	B	0.07%
SNOW	C	0.06%
ALGN	D	0.06%
AVTR	F	0.06%
TEAM	A	0.06%
SNAP	C	0.05%
LPLA	A	0.05%
CE	F	0.05%
OWL	A	0.05%
OKTA	C	0.04%
WLK	D	0.04%
BSY	D	0.04%
RPRX	D	0.04%
CPNG	D	0.03%
PINS	D	0.03%
SIRI	C	0.03%
ENPH	F	0.03%
RKT	F	0.03%
WSM	B	0.02%
WMG	C	0.02%
MRNA	F	0.01%

PHEQ Underweight 119 Positions Relative to NACP

Symbol	Grade	Weight
ACN	C	-3.58%
VZ	C	-2.26%
INTC	D	-1.52%
GE	D	-0.69%
NEE	D	-0.66%
DHR	F	-0.64%
HPQ	B	-0.62%
PFE	D	-0.62%
SPGI	C	-0.55%
COP	C	-0.49%
ELV	F	-0.47%
HON	B	-0.46%
C	A	-0.45%
EA	A	-0.45%
ETN	A	-0.44%
PLD	D	-0.42%
BSX	B	-0.41%
ADP	B	-0.4%
CI	F	-0.37%
MDLZ	F	-0.36%
NKE	D	-0.36%
UPS	C	-0.35%
GILD	C	-0.35%
SO	D	-0.35%
DUK	C	-0.32%
EQIX	A	-0.29%
TT	A	-0.29%
NOC	D	-0.29%
PNC	B	-0.27%
CVS	D	-0.27%
ITW	B	-0.27%
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%
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%
CCI	D	-0.18%
D	C	-0.18%
GM	B	-0.18%
MET	A	-0.17%
BK	A	-0.17%
VLO	C	-0.17%
JCI	C	-0.17%
HLT	A	-0.17%
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%
KR	B	-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%
ROK	B	-0.11%
EBAY	D	-0.11%
VST	B	-0.11%
EIX	B	-0.11%
ADM	D	-0.11%
XYL	D	-0.11%
HSY	F	-0.1%
WEC	A	-0.1%
BIIB	F	-0.1%
PCG	A	-0.09%
TROW	B	-0.09%
SBAC	D	-0.08%
ES	D	-0.08%
NRG	B	-0.07%
TSN	B	-0.07%
CLX	B	-0.07%
BAX	D	-0.07%
RF	A	-0.07%
SWK	D	-0.06%
LUV	C	-0.06%
DGX	A	-0.06%
TXT	D	-0.06%
SJM	D	-0.05%
AMH	D	-0.05%
NI	A	-0.05%
OC	A	-0.05%
ACM	A	-0.05%
UAL	A	-0.05%
AES	F	-0.05%
BG	F	-0.05%
CF	B	-0.05%
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%
MOS	F	-0.03%
HRL	D	-0.03%
CNH	C	-0.03%
TAP	C	-0.03%