NACP vs. LKOR ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to FlexShares Credit-Scored US Long Corporate Bond Index Fund (LKOR)

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

$40.95

Average Daily Volume

3,563

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

LKOR

FlexShares Credit-Scored US Long Corporate Bond Index Fund

LKOR Description

Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund is an exchange traded fund launched by Northern Trust Corporation. It is managed by Northern Trust Investments, Incorporated. The fund invests in fixed income markets of the United States. It invests in US-dollar denominated investment grade bonds of companies rated BBB or higher by S&P or Fitch or Baa3 or higher by Moody's and with maturities greater than or equal to ten years. The fund seeks to track the performance of the Northern Trust Credit-Scored US Long Corporate Bond Index, by employing representative sampling methodology. Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund was formed on September 23, 2015 and is domiciled in the United States.

Grade (RS Rating)

Last Trade

$45.08

Average Daily Volume

9,396

Number of Holdings ^*

163

* may have additional holdings in another (foreign) market

Performance

Period	NACP	LKOR
30 Days	2.87%	1.28%
60 Days	7.16%	2.83%
90 Days	2.48%	6.25%
12 Months	34.60%	21.14%

80 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in LKOR	Overlap
AAPL	C	5.03%	0.17%	0.17%
ABBV	A	1.22%	0.33%	0.33%
AEP	C	0.19%	0.28%	0.19%
AMZN	C	4.47%	0.18%	0.18%
AON	B	0.24%	0.13%	0.13%
APTV	D	0.08%	0.13%	0.08%
BA	F	0.38%	0.37%	0.37%
BAC	D	0.99%	0.23%	0.23%
BDX	C	0.23%	0.23%	0.23%
BIIB	F	0.1%	0.09%	0.09%
BWA	C	0.03%	0.11%	0.03%
C	C	0.45%	0.21%	0.21%
CCI	C	0.18%	0.19%	0.18%
CMS	A	0.07%	0.24%	0.07%
CPB	D	0.04%	0.18%	0.04%
CSX	D	0.24%	0.12%	0.12%
CVS	C	0.27%	0.36%	0.27%
D	A	0.18%	0.23%	0.18%
DHR	D	0.64%	0.1%	0.1%
DUK	B	0.32%	0.5%	0.32%
EA	D	0.45%	0.09%	0.09%
EBAY	A	0.11%	0.18%	0.11%
ED	A	0.12%	0.29%	0.12%
EIX	B	0.11%	0.21%	0.11%
ELV	F	0.47%	0.1%	0.1%
EMR	B	0.22%	0.12%	0.12%
EXC	A	0.15%	0.22%	0.15%
GILD	A	0.35%	0.35%	0.35%
GM	D	0.18%	0.13%	0.13%
GOOGL	B	2.41%	0.12%	0.12%
HON	C	0.46%	0.25%	0.25%
HPQ	C	0.62%	0.24%	0.24%
IBM	A	3.08%	0.23%	0.23%
IFF	C	0.09%	0.12%	0.09%
INTC	D	1.52%	0.37%	0.37%
IPG	D	0.16%	0.12%	0.12%
ITW	B	0.27%	0.06%	0.06%
JCI	C	0.17%	0.13%	0.13%
JNJ	D	1.44%	0.12%	0.12%
JPM	D	2.39%	0.09%	0.09%
KMI	A	0.15%	0.19%	0.15%
KO	C	0.99%	0.19%	0.19%
LHX	A	0.16%	0.05%	0.05%
LNT	A	0.05%	0.4%	0.05%
LOW	A	0.51%	0.25%	0.25%
MA	A	1.4%	0.22%	0.22%
MCO	D	0.26%	0.12%	0.12%
MDLZ	D	0.36%	0.09%	0.09%
MET	B	0.17%	0.14%	0.14%
MLM	F	0.12%	0.11%	0.11%
MMM	C	0.26%	0.26%	0.26%
MS	B	0.47%	0.14%	0.14%
MSFT	D	4.63%	0.1%	0.1%
NDAQ	B	0.08%	0.19%	0.08%
NEM	C	0.22%	0.24%	0.22%
NI	A	0.05%	0.37%	0.05%
NOC	B	0.29%	0.26%	0.26%
NSC	D	0.2%	0.12%	0.12%
NVDA	B	4.9%	0.21%	0.21%
OC	C	0.05%	0.11%	0.05%
OKE	A	0.18%	0.24%	0.18%
OTIS	A	0.13%	0.1%	0.1%
PCG	C	0.09%	0.09%	0.09%
REG	C	0.04%	0.11%	0.04%
RF	C	0.07%	0.28%	0.07%
SCCO	B	0.03%	0.64%	0.03%
SJM	D	0.05%	0.1%	0.05%
SO	A	0.35%	0.11%	0.11%
SPGI	B	0.55%	0.16%	0.16%
SRE	B	0.18%	0.21%	0.18%
T	A	0.45%	0.09%	0.09%
TT	A	0.29%	0.12%	0.12%
UNH	B	1.95%	0.16%	0.16%
UNP	D	0.56%	0.16%	0.16%
V	C	1.53%	0.4%	0.4%
VRSK	C	0.13%	0.1%	0.1%
VZ	B	2.26%	0.18%	0.18%
WBA	F	0.03%	0.1%	0.03%
WEC	A	0.1%	0.24%	0.1%
XOM	A	2.0%	0.12%	0.12%

NACP Overweight 116 Positions Relative to LKOR

Symbol	Grade	Weight
META	A	3.63%
ACN	B	3.58%
QCOM	C	3.18%
UBER	C	2.29%
TSLA	C	2.22%
GOOG	B	2.16%
PANW	D	1.81%
MU	D	1.75%
CVX	B	1.04%
MRK	F	1.03%
PEP	F	0.92%
TMO	D	0.83%
WMT	A	0.73%
ABT	C	0.69%
GE	C	0.69%
NEE	A	0.66%
PFE	D	0.62%
AXP	B	0.56%
DELL	C	0.54%
COP	D	0.49%
ETN	C	0.44%
MDT	C	0.42%
PLD	D	0.42%
BSX	A	0.41%
ADP	A	0.4%
MELI	D	0.38%
CI	D	0.37%
DE	B	0.36%
NKE	D	0.36%
BMY	B	0.35%
UPS	D	0.35%
SCHW	D	0.33%
EQIX	C	0.29%
PNC	C	0.27%
PYPL	C	0.27%
FDX	D	0.25%
FCX	B	0.25%
MPC	C	0.23%
PSX	D	0.22%
TFC	D	0.22%
ECL	B	0.21%
WMB	A	0.19%
MAR	B	0.19%
TRV	C	0.18%
URI	C	0.18%
BK	C	0.17%
VLO	F	0.17%
HLT	B	0.17%
LNG	A	0.16%
HES	C	0.15%
CMI	A	0.15%
EW	F	0.15%
F	D	0.15%
DD	C	0.14%
PEG	A	0.14%
A	B	0.14%
HWM	A	0.14%
KR	C	0.13%
AME	D	0.13%
VMC	D	0.12%
IR	B	0.12%
XEL	B	0.12%
KHC	F	0.12%
RCL	C	0.12%
AVB	C	0.11%
ROK	C	0.11%
VST	B	0.11%
ADM	F	0.11%
RMD	C	0.11%
XYL	C	0.11%
HSY	F	0.1%
DVN	F	0.1%
PPG	D	0.1%
TROW	D	0.09%
DAL	C	0.09%
SYF	B	0.08%
SBAC	C	0.08%
PPL	B	0.08%
FE	C	0.08%
ETR	A	0.08%
DTE	A	0.08%
ES	D	0.08%
NRG	A	0.07%
LII	C	0.07%
EXPD	D	0.07%
TSN	D	0.07%
CLX	C	0.07%
BAH	A	0.07%
BAX	D	0.07%
K	A	0.07%
ILMN	B	0.07%
HBAN	D	0.07%
SWK	C	0.06%
LUV	B	0.06%
DOC	C	0.06%
DGX	C	0.06%
HUBB	B	0.06%
TXT	F	0.06%
AMH	D	0.05%
ACM	A	0.05%
NDSN	C	0.05%
UAL	B	0.05%
AES	C	0.05%
JBHT	D	0.05%
BG	F	0.05%
CF	A	0.05%
LECO	F	0.04%
TFX	C	0.04%
ALB	D	0.04%
EMN	C	0.04%
USFD	C	0.04%
PFG	C	0.03%
MOS	F	0.03%
HRL	F	0.03%
CNH	D	0.03%
TAP	D	0.03%

NACP Underweight 83 Positions Relative to LKOR

Symbol	Grade	Weight
PM	D	-0.7%
ACGL	A	-0.55%
HSBC	A	-0.48%
FITB	C	-0.39%
KOF	D	-0.37%
HPE	B	-0.37%
DOW	B	-0.32%
CAH	B	-0.31%
CP	D	-0.29%
NNN	A	-0.29%
TEL	D	-0.28%
AMT	C	-0.27%
KMB	D	-0.26%
JEF	A	-0.26%
CHTR	D	-0.26%
ORCL	C	-0.25%
WFC	F	-0.25%
CAG	D	-0.24%
AEE	A	-0.24%
MMC	D	-0.24%
GWW	B	-0.24%
BHP	B	-0.24%
CMCSA	C	-0.24%
HCA	C	-0.24%
DOV	B	-0.24%
KDP	C	-0.24%
MKL	D	-0.24%
LMT	A	-0.24%
FOXA	A	-0.24%
LH	D	-0.23%
LYB	F	-0.23%
PGR	C	-0.23%
MCK	F	-0.23%
AIG	F	-0.23%
TXN	C	-0.23%
WRB	C	-0.23%
ATO	A	-0.23%
SBUX	C	-0.23%
AMGN	D	-0.23%
CSCO	A	-0.23%
MRO	C	-0.22%
VMI	B	-0.22%
EL	D	-0.21%
GS	D	-0.21%
SHW	B	-0.21%
KLAC	B	-0.2%
EG	B	-0.2%
HIG	B	-0.2%
AVGO	C	-0.2%
PAA	C	-0.2%
MO	D	-0.2%
STZ	D	-0.19%
ZTS	C	-0.19%
HD	A	-0.19%
LEA	F	-0.18%
AIZ	B	-0.18%
ARE	D	-0.18%
EPD	A	-0.18%
REGN	D	-0.17%
HAL	D	-0.14%
EFX	C	-0.13%
HAS	A	-0.13%
WELL	C	-0.12%
VTR	C	-0.12%
AFL	A	-0.12%
MCD	A	-0.12%
PRU	C	-0.11%
CHD	D	-0.11%
DG	F	-0.11%
RJF	B	-0.11%
MAS	A	-0.11%
FMC	C	-0.11%
BABA	B	-0.11%
KIM	C	-0.1%
RPM	B	-0.1%
BHF	F	-0.1%
WTW	C	-0.1%
GLW	C	-0.1%
RPRX	D	-0.09%
HUM	F	-0.07%
SIGI	D	-0.06%
FTV	C	-0.05%
ALL	C	-0.04%