NACP vs. OUSA ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to O'Shares FTSE U.S. Quality Dividend ETF (OUSA)

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

$40.65

Average Daily Volume

2,485

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

OUSA

O'Shares FTSE U.S. Quality Dividend ETF

OUSA Description

The investment seeks to track the performance (before fees and expenses) of its target index, the FTSE US Qual / Vol / Yield Factor 5% Capped Index (the "target index"). The U.S. target index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by FTSE-Russell (the "index provider"). Under normal market conditions, the fund will invest at least 80% of its total assets in the components of the U.S. target index.

Grade (RS Rating)

Last Trade

$53.46

Average Daily Volume

31,719

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	NACP	OUSA
30 Days	2.07%	2.98%
60 Days	3.38%	5.87%
90 Days	3.52%	7.18%
12 Months	30.45%	25.42%

50 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in OUSA	Overlap
A	C	0.14%	0.16%	0.14%
AAPL	C	5.03%	5.16%	5.03%
ABBV	C	1.22%	1.69%	1.22%
ABT	C	0.69%	0.97%	0.69%
ACN	C	3.58%	1.55%	1.55%
ADM	D	0.11%	0.12%	0.11%
ADP	B	0.4%	0.71%	0.4%
AON	B	0.24%	0.49%	0.24%
BMY	C	0.35%	0.49%	0.35%
CI	C	0.37%	0.44%	0.37%
CMI	C	0.15%	0.23%	0.15%
CSX	D	0.24%	0.39%	0.24%
DE	B	0.36%	0.58%	0.36%
DHR	B	0.64%	0.8%	0.64%
ELV	C	0.47%	0.54%	0.47%
ETN	C	0.44%	0.66%	0.44%
EXPD	C	0.07%	0.1%	0.07%
GILD	B	0.35%	0.5%	0.35%
HON	D	0.46%	0.84%	0.46%
HSY	C	0.1%	0.11%	0.1%
ITW	C	0.27%	0.46%	0.27%
JCI	B	0.17%	0.25%	0.17%
JNJ	C	1.44%	1.95%	1.44%
JPM	D	2.39%	4.24%	2.39%
KO	C	0.99%	1.21%	0.99%
LOW	B	0.51%	1.16%	0.51%
MA	B	1.4%	3.26%	1.4%
MCO	B	0.26%	0.61%	0.26%
MDLZ	B	0.36%	0.37%	0.36%
MDT	C	0.42%	0.55%	0.42%
MRK	D	1.03%	1.37%	1.03%
MSFT	C	4.63%	5.32%	4.63%
NEE	C	0.66%	1.97%	0.66%
NKE	D	0.36%	0.69%	0.36%
NOC	B	0.29%	0.48%	0.29%
NSC	C	0.2%	0.32%	0.2%
OTIS	C	0.13%	0.22%	0.13%
PEG	B	0.14%	0.46%	0.14%
PEP	C	0.92%	0.96%	0.92%
PFE	C	0.62%	0.83%	0.62%
QCOM	D	3.18%	1.08%	1.08%
SPGI	B	0.55%	1.12%	0.55%
TROW	D	0.09%	0.17%	0.09%
TT	B	0.29%	0.47%	0.29%
UNH	C	1.95%	2.69%	1.95%
UNP	C	0.56%	0.93%	0.56%
UPS	D	0.35%	0.6%	0.35%
V	C	1.53%	3.76%	1.53%
VZ	B	2.26%	4.24%	2.26%
WMT	C	0.73%	1.28%	0.73%

NACP Overweight 146 Positions Relative to OUSA

Symbol	Grade	Weight
NVDA	D	4.9%
AMZN	C	4.47%
META	B	3.63%
IBM	B	3.08%
GOOGL	D	2.41%
UBER	C	2.29%
TSLA	C	2.22%
GOOG	D	2.16%
XOM	C	2.0%
PANW	D	1.81%
MU	F	1.75%
INTC	F	1.52%
CVX	D	1.04%
BAC	D	0.99%
TMO	B	0.83%
GE	B	0.69%
HPQ	D	0.62%
AXP	B	0.56%
DELL	D	0.54%
COP	D	0.49%
MS	D	0.47%
C	C	0.45%
EA	D	0.45%
T	C	0.45%
PLD	C	0.42%
BSX	B	0.41%
BA	F	0.38%
MELI	B	0.38%
SO	B	0.35%
SCHW	D	0.33%
DUK	C	0.32%
EQIX	C	0.29%
PNC	B	0.27%
CVS	D	0.27%
PYPL	B	0.27%
MMM	B	0.26%
FDX	C	0.25%
FCX	D	0.25%
MPC	F	0.23%
BDX	D	0.23%
PSX	F	0.22%
TFC	C	0.22%
NEM	B	0.22%
EMR	D	0.22%
ECL	B	0.21%
WMB	B	0.19%
AEP	C	0.19%
MAR	C	0.19%
OKE	B	0.18%
SRE	C	0.18%
TRV	C	0.18%
CCI	C	0.18%
D	C	0.18%
GM	C	0.18%
URI	B	0.18%
MET	B	0.17%
BK	B	0.17%
VLO	F	0.17%
HLT	B	0.17%
LNG	C	0.16%
IPG	C	0.16%
LHX	C	0.16%
KMI	B	0.15%
HES	F	0.15%
EXC	C	0.15%
EW	F	0.15%
F	F	0.15%
DD	B	0.14%
HWM	B	0.14%
KR	C	0.13%
AME	C	0.13%
VRSK	D	0.13%
VMC	D	0.12%
IR	C	0.12%
MLM	D	0.12%
XEL	B	0.12%
ED	C	0.12%
KHC	C	0.12%
RCL	B	0.12%
AVB	B	0.11%
ROK	D	0.11%
EBAY	B	0.11%
VST	C	0.11%
EIX	C	0.11%
RMD	C	0.11%
XYL	C	0.11%
DVN	F	0.1%
WEC	C	0.1%
PPG	D	0.1%
BIIB	F	0.1%
PCG	C	0.09%
IFF	B	0.09%
DAL	C	0.09%
SYF	C	0.08%
APTV	D	0.08%
SBAC	C	0.08%
PPL	C	0.08%
FE	C	0.08%
ETR	B	0.08%
NDAQ	A	0.08%
DTE	C	0.08%
ES	C	0.08%
NRG	C	0.07%
LII	B	0.07%
CMS	C	0.07%
TSN	C	0.07%
CLX	C	0.07%
BAH	C	0.07%
BAX	C	0.07%
K	B	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%
DGX	B	0.06%
HUBB	B	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%
LNT	B	0.05%
AES	C	0.05%
JBHT	D	0.05%
BG	D	0.05%
CF	C	0.05%
CPB	C	0.04%
REG	C	0.04%
LECO	F	0.04%
TFX	C	0.04%
ALB	D	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%
HRL	C	0.03%
CNH	D	0.03%
TAP	D	0.03%

NACP Underweight 49 Positions Relative to OUSA

Symbol	Grade	Weight
AVGO	C	-4.37%
LLY	C	-3.85%
CMCSA	D	-3.42%
HD	B	-3.19%
MCD	B	-1.78%
PG	C	-1.63%
ORCL	C	-1.59%
COST	B	-1.56%
CSCO	C	-1.35%
TXN	C	-1.2%
TJX	B	-1.06%
CAT	B	-1.01%
LMT	C	-0.9%
BLK	B	-0.89%
SBUX	C	-0.88%
MMC	C	-0.87%
AMGN	B	-0.86%
CB	B	-0.81%
PM	C	-0.73%
ADI	C	-0.67%
SYK	C	-0.54%
WM	D	-0.51%
GD	B	-0.47%
APH	D	-0.46%
MSI	B	-0.44%
ZTS	C	-0.4%
CTAS	B	-0.4%
MO	C	-0.36%
CL	D	-0.32%
YUM	D	-0.29%
MSCI	C	-0.29%
PCAR	D	-0.28%
TEL	D	-0.27%
PAYX	C	-0.26%
GWW	B	-0.25%
CTSH	C	-0.24%
FAST	C	-0.24%
TGT	C	-0.23%
TSCO	C	-0.22%
GRMN	D	-0.21%
KMB	D	-0.17%
CBOE	C	-0.15%
GIS	B	-0.15%
GGG	C	-0.08%
IEX	D	-0.08%
SNA	C	-0.08%
WSO	C	-0.08%
DOX	C	-0.06%
DG	F	-0.06%