NACP vs. ESG ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to FlexShares STOXX US ESG Impact Index Fund (ESG)

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

$41.28

Average Daily Volume

3,563

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

ESG

FlexShares STOXX US ESG Impact Index Fund

ESG Description

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX US ESG Impact Index.

Grade (RS Rating)

Last Trade

$134.28

Average Daily Volume

5,523

Number of Holdings ^*

258

* may have additional holdings in another (foreign) market

Performance

Period	NACP	ESG
30 Days	2.87%	0.92%
60 Days	7.16%	6.98%
90 Days	2.48%	2.55%
12 Months	34.60%	29.43%

113 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in ESG	Overlap
A	B	0.14%	0.07%	0.07%
AAPL	C	5.03%	4.94%	4.94%
ABT	C	0.69%	0.67%	0.67%
ACM	A	0.05%	0.06%	0.05%
ACN	B	3.58%	1.12%	1.12%
ADM	F	0.11%	0.1%	0.1%
ADP	A	0.4%	0.48%	0.4%
AEP	C	0.19%	0.23%	0.19%
AES	C	0.05%	0.06%	0.05%
AMZN	C	4.47%	4.81%	4.47%
AON	B	0.24%	0.26%	0.24%
APTV	D	0.08%	0.05%	0.05%
BAC	D	0.99%	0.91%	0.91%
BAX	D	0.07%	0.05%	0.05%
BDX	C	0.23%	0.12%	0.12%
BG	F	0.05%	0.03%	0.03%
BK	C	0.17%	0.22%	0.17%
BMY	B	0.35%	0.36%	0.35%
BSX	A	0.41%	0.2%	0.2%
C	C	0.45%	0.6%	0.45%
CI	D	0.37%	0.33%	0.33%
CLX	C	0.07%	0.1%	0.07%
CMI	A	0.15%	0.15%	0.15%
CMS	A	0.07%	0.05%	0.05%
CVS	C	0.27%	0.33%	0.27%
CVX	B	1.04%	1.3%	1.04%
D	A	0.18%	0.08%	0.08%
DD	C	0.14%	0.13%	0.13%
DE	B	0.36%	0.48%	0.36%
DOC	C	0.06%	0.08%	0.06%
DUK	B	0.32%	0.22%	0.22%
EA	D	0.45%	0.11%	0.11%
EBAY	A	0.11%	0.11%	0.11%
ECL	B	0.21%	0.18%	0.18%
ED	A	0.12%	0.06%	0.06%
EIX	B	0.11%	0.14%	0.11%
ELV	F	0.47%	0.5%	0.47%
EMR	B	0.22%	0.1%	0.1%
ETR	A	0.08%	0.07%	0.07%
EW	F	0.15%	0.13%	0.13%
EXPD	D	0.07%	0.03%	0.03%
FCX	B	0.25%	0.19%	0.19%
FDX	F	0.25%	0.21%	0.21%
GILD	A	0.35%	0.26%	0.26%
GM	D	0.18%	0.26%	0.18%
HBAN	D	0.07%	0.05%	0.05%
HLT	B	0.17%	0.24%	0.17%
HPQ	B	0.62%	0.17%	0.17%
HSY	F	0.1%	0.11%	0.1%
IBM	A	3.08%	1.02%	1.02%
INTC	D	1.52%	0.49%	0.49%
IPG	D	0.16%	0.06%	0.06%
ITW	B	0.27%	0.13%	0.13%
JNJ	D	1.44%	1.97%	1.44%
JPM	D	2.39%	2.98%	2.39%
K	A	0.07%	0.1%	0.07%
KHC	F	0.12%	0.1%	0.1%
KO	C	0.99%	1.42%	0.99%
KR	C	0.13%	0.19%	0.13%
LECO	F	0.04%	0.03%	0.03%
LII	C	0.07%	0.09%	0.07%
LNG	A	0.16%	0.07%	0.07%
LNT	A	0.05%	0.06%	0.05%
LOW	A	0.51%	0.53%	0.51%
MA	A	1.4%	1.04%	1.04%
MAR	B	0.19%	0.26%	0.19%
MCO	D	0.26%	0.13%	0.13%
MDLZ	D	0.36%	0.41%	0.36%
MDT	C	0.42%	0.39%	0.39%
MET	B	0.17%	0.2%	0.17%
META	A	3.63%	5.33%	3.63%
MRK	F	1.03%	1.22%	1.03%
MS	B	0.47%	0.21%	0.21%
MSFT	D	4.63%	4.79%	4.63%
MU	D	1.75%	0.56%	0.56%
NDAQ	B	0.08%	0.13%	0.08%
NDSN	C	0.05%	0.05%	0.05%
NEM	C	0.22%	0.26%	0.22%
NI	A	0.05%	0.04%	0.04%
NKE	D	0.36%	0.27%	0.27%
NRG	A	0.07%	0.05%	0.05%
OC	C	0.05%	0.03%	0.03%
OTIS	A	0.13%	0.17%	0.13%
PANW	D	1.81%	0.27%	0.27%
PEG	A	0.14%	0.15%	0.14%
PFE	D	0.62%	0.41%	0.41%
PFG	C	0.03%	0.08%	0.03%
PPL	B	0.08%	0.04%	0.04%
PYPL	C	0.27%	0.27%	0.27%
QCOM	C	3.18%	0.62%	0.62%
RF	C	0.07%	0.05%	0.05%
ROK	C	0.11%	0.13%	0.11%
SJM	D	0.05%	0.02%	0.02%
SPGI	B	0.55%	0.67%	0.55%
SRE	B	0.18%	0.13%	0.13%
SWK	C	0.06%	0.05%	0.05%
TFC	D	0.22%	0.19%	0.19%
TFX	C	0.04%	0.03%	0.03%
TRV	C	0.18%	0.22%	0.18%
TSLA	C	2.22%	2.42%	2.22%
TSN	D	0.07%	0.03%	0.03%
TT	A	0.29%	0.37%	0.29%
UBER	C	2.29%	0.53%	0.53%
UNH	B	1.95%	0.92%	0.92%
UNP	D	0.56%	0.63%	0.56%
V	C	1.53%	1.95%	1.53%
VLO	D	0.17%	0.11%	0.11%
VRSK	C	0.13%	0.13%	0.13%
VZ	B	2.26%	0.32%	0.32%
WMT	A	0.73%	1.8%	0.73%
XEL	B	0.12%	0.06%	0.06%
XOM	A	2.0%	2.69%	2.0%
XYL	C	0.11%	0.11%	0.11%

NACP Overweight 83 Positions Relative to ESG

Symbol	Grade	Weight
NVDA	B	4.9%
GOOGL	B	2.41%
GOOG	B	2.16%
ABBV	B	1.22%
PEP	F	0.92%
TMO	D	0.83%
GE	C	0.69%
NEE	A	0.66%
DHR	D	0.64%
AXP	B	0.56%
DELL	C	0.54%
COP	D	0.49%
HON	C	0.46%
T	A	0.45%
ETN	C	0.44%
PLD	D	0.42%
BA	F	0.38%
MELI	D	0.38%
UPS	D	0.35%
SO	A	0.35%
SCHW	D	0.33%
EQIX	C	0.29%
NOC	B	0.29%
PNC	C	0.27%
MMM	C	0.26%
CSX	D	0.24%
MPC	C	0.23%
PSX	D	0.22%
NSC	D	0.2%
WMB	A	0.19%
OKE	A	0.18%
CCI	C	0.18%
URI	C	0.18%
JCI	C	0.17%
LHX	A	0.16%
KMI	A	0.15%
HES	C	0.15%
EXC	A	0.15%
F	D	0.15%
HWM	A	0.14%
AME	D	0.13%
VMC	D	0.12%
IR	B	0.12%
MLM	F	0.12%
RCL	C	0.12%
AVB	C	0.11%
VST	B	0.11%
RMD	C	0.11%
DVN	F	0.1%
WEC	A	0.1%
PPG	D	0.1%
BIIB	F	0.1%
PCG	C	0.09%
TROW	D	0.09%
IFF	C	0.09%
DAL	C	0.09%
SYF	B	0.08%
SBAC	C	0.08%
FE	C	0.08%
DTE	A	0.08%
ES	D	0.08%
BAH	A	0.07%
ILMN	B	0.07%
LUV	B	0.06%
DGX	C	0.06%
HUBB	B	0.06%
TXT	F	0.06%
AMH	D	0.05%
UAL	B	0.05%
JBHT	D	0.05%
CF	A	0.05%
CPB	D	0.04%
REG	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%
MOS	F	0.03%
HRL	F	0.03%
CNH	D	0.03%
TAP	D	0.03%

NACP Underweight 145 Positions Relative to ESG

Symbol	Grade	Weight
BRK.A	C	-3.04%
LLY	D	-2.54%
PG	D	-2.06%
AVGO	C	-1.97%
HD	A	-1.03%
COST	C	-0.99%
CSCO	A	-0.9%
AMD	B	-0.87%
GS	D	-0.78%
ADBE	F	-0.75%
DIS	D	-0.72%
ORCL	C	-0.68%
TJX	D	-0.67%
BLK	A	-0.66%
TXN	C	-0.62%
AMAT	B	-0.55%
SYK	C	-0.54%
ICE	A	-0.47%
BKNG	C	-0.46%
AMT	C	-0.45%
CRM	B	-0.44%
INTU	F	-0.43%
VRTX	D	-0.4%
MCD	A	-0.37%
CTAS	C	-0.36%
ZTS	C	-0.36%
CL	D	-0.35%
USB	D	-0.35%
CAT	A	-0.33%
NOW	C	-0.31%
WELL	C	-0.31%
SLB	D	-0.31%
TGT	D	-0.3%
APO	B	-0.29%
ADSK	C	-0.29%
CB	B	-0.28%
MMC	D	-0.28%
LRCX	D	-0.26%
CMG	C	-0.26%
NXPI	F	-0.25%
AFL	A	-0.24%
KMB	D	-0.24%
MCK	F	-0.22%
GIS	C	-0.21%
FLUT	C	-0.21%
ROST	D	-0.21%
CRWD	D	-0.21%
CEG	A	-0.21%
GEHC	C	-0.2%
SBUX	C	-0.19%
CBRE	B	-0.19%
SNPS	F	-0.19%
VICI	C	-0.18%
KLAC	B	-0.18%
LULU	D	-0.16%
AJG	D	-0.16%
IT	B	-0.16%
DFS	C	-0.15%
SHW	C	-0.15%
AWK	C	-0.15%
WTW	C	-0.15%
GWW	B	-0.15%
IQV	F	-0.14%
IRM	A	-0.14%
HIG	B	-0.14%
DOW	B	-0.13%
YUM	B	-0.13%
WM	B	-0.13%
TSCO	B	-0.13%
WDC	C	-0.12%
CDNS	D	-0.12%
MSCI	B	-0.12%
WY	C	-0.12%
HUBS	D	-0.11%
FTV	C	-0.11%
HPE	B	-0.11%
PSA	C	-0.1%
EL	D	-0.1%
WSM	B	-0.1%
BBY	C	-0.1%
CTSH	B	-0.1%
OMC	C	-0.1%
DECK	B	-0.1%
NTAP	D	-0.09%
CAH	B	-0.09%
BKR	B	-0.09%
AZO	D	-0.09%
FDS	C	-0.09%
STZ	D	-0.08%
CCEP	D	-0.08%
WAB	B	-0.08%
AIG	F	-0.08%
BALL	C	-0.08%
BR	B	-0.08%
ALL	C	-0.08%
CTVA	A	-0.07%
RSG	C	-0.07%
MKC	C	-0.07%
GEN	B	-0.07%
PNR	B	-0.07%
STT	C	-0.07%
VTR	C	-0.07%
KDP	C	-0.07%
FITB	C	-0.07%
NU	D	-0.07%
IDXX	D	-0.07%
SUI	D	-0.06%
EXPE	B	-0.06%
GLW	C	-0.06%
MRNA	F	-0.06%
RPRX	D	-0.06%
ARE	D	-0.06%
HOLX	D	-0.06%
ESS	D	-0.06%
CCL	C	-0.06%
ZBRA	C	-0.06%
DOV	B	-0.05%
BURL	D	-0.05%
FANG	C	-0.05%
MRO	C	-0.05%
DOX	B	-0.05%
NVT	D	-0.05%
XPO	F	-0.05%
STX	B	-0.04%
WST	D	-0.04%
IEX	D	-0.04%
DPZ	D	-0.04%
AKAM	D	-0.04%
DLTR	F	-0.04%
KEY	C	-0.04%
ZBH	F	-0.04%
SNAP	D	-0.04%
LVS	B	-0.04%
DG	F	-0.03%
AVTR	D	-0.03%
JBL	C	-0.03%
MAS	A	-0.03%
CAG	D	-0.03%
OKTA	F	-0.02%
HST	D	-0.02%
DKS	D	-0.02%
FFIV	B	-0.02%
LKQ	F	-0.02%
RNR	A	-0.02%
PSTG	F	-0.02%