NACP vs. FDWM ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to Fidelity Women's Leadership ETF (FDWM)

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

FDWM

Fidelity Women's Leadership ETF

FDWM Description

The investment seeks long-term growth of capital. The Advisor normally invests at least 80% of assets in equity securities of companies that prioritize and advance women's leadership and development. The Adviser may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers. The fund may invest a significant percentage of its assets in relatively few companies and may invest up to 25% in a single company. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.72

Average Daily Volume

241

Number of Holdings ^*

101

* may have additional holdings in another (foreign) market

Performance

Period	NACP	FDWM
30 Days	2.08%	2.79%
60 Days	4.48%	2.73%
90 Days	6.57%	4.82%
12 Months	32.92%	24.93%

29 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in FDWM	Overlap
AAPL	C	5.03%	4.35%	4.35%
ACN	C	3.58%	2.03%	2.03%
AMZN	C	4.47%	2.56%	2.56%
BAC	A	0.99%	1.11%	0.99%
BG	F	0.05%	0.47%	0.05%
C	A	0.45%	0.98%	0.45%
CI	F	0.37%	1.69%	0.37%
CLX	B	0.07%	0.83%	0.07%
DE	A	0.36%	0.92%	0.36%
DELL	C	0.54%	0.53%	0.53%
ELV	F	0.47%	0.92%	0.47%
EMN	D	0.04%	0.62%	0.04%
ETN	A	0.44%	0.94%	0.44%
GOOG	C	2.16%	2.61%	2.16%
HBAN	A	0.07%	0.65%	0.07%
HLT	A	0.17%	0.78%	0.17%
HSY	F	0.1%	0.5%	0.1%
JPM	A	2.39%	1.5%	1.5%
LOW	D	0.51%	0.54%	0.51%
MA	C	1.4%	1.09%	1.09%
MRK	F	1.03%	0.68%	0.68%
MSFT	F	4.63%	3.66%	3.66%
MU	D	1.75%	0.87%	0.87%
NDAQ	A	0.08%	0.95%	0.08%
NEE	D	0.66%	1.0%	0.66%
NKE	D	0.36%	0.37%	0.36%
NVDA	C	4.9%	3.24%	3.24%
OTIS	C	0.13%	0.71%	0.13%
UPS	C	0.35%	0.77%	0.35%

NACP Overweight 168 Positions Relative to FDWM

Symbol	Grade	Weight
META	D	3.63%
QCOM	F	3.18%
IBM	C	3.08%
GOOGL	C	2.41%
UBER	D	2.29%
VZ	C	2.26%
TSLA	B	2.22%
XOM	B	2.0%
UNH	C	1.95%
PANW	C	1.81%
V	A	1.53%
INTC	D	1.52%
JNJ	D	1.44%
ABBV	D	1.22%
CVX	A	1.04%
KO	D	0.99%
PEP	F	0.92%
TMO	F	0.83%
WMT	A	0.73%
ABT	B	0.69%
GE	D	0.69%
DHR	F	0.64%
HPQ	B	0.62%
PFE	D	0.62%
AXP	A	0.56%
UNP	C	0.56%
SPGI	C	0.55%
COP	C	0.49%
MS	A	0.47%
HON	B	0.46%
EA	A	0.45%
T	A	0.45%
MDT	D	0.42%
PLD	D	0.42%
BSX	B	0.41%
ADP	B	0.4%
BA	F	0.38%
MELI	D	0.38%
MDLZ	F	0.36%
BMY	B	0.35%
GILD	C	0.35%
SO	D	0.35%
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%
ITW	B	0.27%
MMM	D	0.26%
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%
NEM	D	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%
TRV	B	0.18%
CCI	D	0.18%
D	C	0.18%
GM	B	0.18%
URI	B	0.18%
MET	A	0.17%
BK	A	0.17%
VLO	C	0.17%
JCI	C	0.17%
LNG	B	0.16%
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%
HWM	A	0.14%
KR	B	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%
ED	D	0.12%
KHC	F	0.12%
RCL	A	0.12%
AVB	B	0.11%
ROK	B	0.11%
EBAY	D	0.11%
VST	B	0.11%
EIX	B	0.11%
ADM	D	0.11%
RMD	C	0.11%
XYL	D	0.11%
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%
SYF	B	0.08%
APTV	D	0.08%
SBAC	D	0.08%
PPL	B	0.08%
FE	C	0.08%
ETR	B	0.08%
DTE	C	0.08%
ES	D	0.08%
NRG	B	0.07%
LII	A	0.07%
EXPD	D	0.07%
CMS	C	0.07%
TSN	B	0.07%
BAH	F	0.07%
BAX	D	0.07%
LH	C	0.07%
K	A	0.07%
ILMN	D	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%
TXT	D	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%
CF	B	0.05%
CPB	D	0.04%
REG	B	0.04%
LECO	B	0.04%
TFX	F	0.04%
ALB	C	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%
TAP	C	0.03%

NACP Underweight 72 Positions Relative to FDWM

Symbol	Grade	Weight
DIS	B	-1.93%
HOLX	D	-1.76%
PGR	A	-1.73%
CRM	B	-1.62%
ANET	C	-1.41%
WSM	B	-1.4%
ADBE	C	-1.32%
CDW	F	-1.23%
HUBS	A	-1.21%
AMD	F	-1.19%
VTR	C	-1.16%
NXPI	D	-1.16%
CNC	D	-1.13%
PODD	C	-1.1%
MRVL	B	-1.08%
BKR	B	-1.04%
HIG	B	-1.04%
ALNY	D	-1.0%
WEX	D	-0.99%
FSLR	F	-0.98%
GEV	B	-0.96%
LDOS	C	-0.94%
ULTA	F	-0.94%
GEN	B	-0.93%
MMC	B	-0.93%
TMHC	B	-0.92%
PH	A	-0.87%
INTU	C	-0.85%
FIS	C	-0.82%
EL	F	-0.8%
ZTS	D	-0.78%
CBT	C	-0.78%
NSIT	F	-0.76%
PSA	D	-0.75%
FSS	B	-0.74%
SAIC	F	-0.71%
RRX	B	-0.7%
BALL	D	-0.69%
GSK	F	-0.67%
AR	B	-0.66%
NFLX	A	-0.66%
ETSY	D	-0.64%
ICLR	D	-0.61%
EXAS	D	-0.61%
BBY	D	-0.61%
VRTX	F	-0.59%
CE	F	-0.57%
OLED	D	-0.57%
SUM	B	-0.57%
USB	A	-0.56%
OXY	D	-0.55%
PINS	D	-0.55%
SBUX	A	-0.55%
EQT	B	-0.52%
NVT	B	-0.51%
TPR	B	-0.51%
ATI	D	-0.51%
MAN	D	-0.47%
WRBY	B	-0.45%
MTN	C	-0.44%
VLTO	D	-0.42%
RUN	F	-0.36%
AMN	F	-0.36%
ARCB	C	-0.34%
ZLAB	C	-0.31%
PD	C	-0.29%
ELF	C	-0.28%
GAP	C	-0.24%
RDUS	C	-0.24%
SEDG	F	-0.21%
MLKN	D	-0.2%
SAGE	F	-0.08%