NACP vs. RAFE ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to PIMCO RAFI ESG U.S. ETF (RAFE)

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

$40.87

Average Daily Volume

2,485

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

RAFE

PIMCO RAFI ESG U.S. ETF

RAFE Description

The investment seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index. The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets in the component securities of the RAFI ESG US Index. The underlying index is constructed by RAFI Indices, LLC using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels.

Grade (RS Rating)

Last Trade

$36.85

Average Daily Volume

5,207

Number of Holdings ^*

233

* may have additional holdings in another (foreign) market

Performance

Period	NACP	RAFE
30 Days	2.07%	2.88%
60 Days	3.38%	3.07%
90 Days	3.52%	4.25%
12 Months	30.45%	24.22%

92 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in RAFE	Overlap
A	C	0.14%	0.13%	0.13%
AAPL	C	5.03%	5.15%	5.03%
ABBV	C	1.22%	1.46%	1.22%
ABT	C	0.69%	0.93%	0.69%
ACN	C	3.58%	0.76%	0.76%
ADM	D	0.11%	0.21%	0.11%
ADP	B	0.4%	0.33%	0.33%
AVB	B	0.11%	0.13%	0.11%
AXP	B	0.56%	0.52%	0.52%
BAC	D	0.99%	1.13%	0.99%
BAX	C	0.07%	0.13%	0.07%
BDX	D	0.23%	0.26%	0.23%
BIIB	F	0.1%	0.28%	0.1%
BK	B	0.17%	0.16%	0.16%
BMY	C	0.35%	1.22%	0.35%
BSX	B	0.41%	0.14%	0.14%
C	C	0.45%	2.36%	0.45%
CCI	C	0.18%	0.26%	0.18%
CF	C	0.05%	0.11%	0.05%
CI	C	0.37%	1.2%	0.37%
CMI	C	0.15%	0.26%	0.15%
CPB	C	0.04%	0.05%	0.04%
CVS	D	0.27%	0.22%	0.22%
DD	B	0.14%	0.51%	0.14%
DE	B	0.36%	0.4%	0.36%
DELL	D	0.54%	0.05%	0.05%
DGX	B	0.06%	0.09%	0.06%
DHR	B	0.64%	0.34%	0.34%
EA	D	0.45%	0.21%	0.21%
EBAY	B	0.11%	0.25%	0.11%
ECL	B	0.21%	0.24%	0.21%
EIX	C	0.11%	0.2%	0.11%
ELV	C	0.47%	1.04%	0.47%
EQIX	C	0.29%	0.18%	0.18%
EW	F	0.15%	0.11%	0.11%
F	F	0.15%	0.87%	0.15%
FDX	C	0.25%	0.46%	0.25%
GILD	B	0.35%	0.71%	0.35%
GM	C	0.18%	1.57%	0.18%
HLT	B	0.17%	0.1%	0.1%
HPQ	D	0.62%	0.52%	0.52%
HRL	C	0.03%	0.01%	0.01%
HSY	C	0.1%	0.05%	0.05%
IBM	B	3.08%	1.64%	1.64%
IFF	B	0.09%	0.08%	0.08%
ILMN	C	0.07%	0.02%	0.02%
INTC	F	1.52%	1.72%	1.52%
ITW	C	0.27%	0.23%	0.23%
JCI	B	0.17%	0.38%	0.17%
JNJ	C	1.44%	2.76%	1.44%
JPM	D	2.39%	2.99%	2.39%
K	B	0.07%	0.14%	0.07%
KHC	C	0.12%	0.19%	0.12%
KO	C	0.99%	0.92%	0.92%
LOW	B	0.51%	0.9%	0.51%
MA	B	1.4%	0.6%	0.6%
MAR	C	0.19%	0.19%	0.19%
MCO	B	0.26%	0.13%	0.13%
MDLZ	B	0.36%	0.27%	0.27%
MET	B	0.17%	0.57%	0.17%
META	B	3.63%	1.99%	1.99%
MMM	B	0.26%	0.97%	0.26%
MOS	F	0.03%	0.12%	0.03%
MRK	D	1.03%	1.62%	1.03%
MSFT	C	4.63%	4.99%	4.63%
MU	F	1.75%	0.75%	0.75%
NDAQ	A	0.08%	0.01%	0.01%
NEM	B	0.22%	0.45%	0.22%
NKE	D	0.36%	0.38%	0.36%
NVDA	D	4.9%	0.53%	0.53%
OC	D	0.05%	0.15%	0.05%
OTIS	C	0.13%	0.08%	0.08%
PFE	C	0.62%	2.04%	0.62%
PFG	B	0.03%	0.13%	0.03%
PLD	C	0.42%	0.13%	0.13%
PPG	D	0.1%	0.17%	0.1%
PYPL	B	0.27%	0.42%	0.27%
QCOM	D	3.18%	1.37%	1.37%
ROK	D	0.11%	0.04%	0.04%
SJM	C	0.05%	0.08%	0.05%
SPGI	B	0.55%	0.16%	0.16%
SWK	B	0.06%	0.08%	0.06%
T	C	0.45%	2.05%	0.45%
TROW	D	0.09%	0.04%	0.04%
TSLA	C	2.22%	0.32%	0.32%
TSN	C	0.07%	0.12%	0.07%
UNH	C	1.95%	0.99%	0.99%
UPS	D	0.35%	0.4%	0.35%
USFD	B	0.04%	0.07%	0.04%
V	C	1.53%	0.84%	0.84%
VZ	B	2.26%	1.0%	1.0%
WBA	F	0.03%	0.11%	0.03%

NACP Overweight 104 Positions Relative to RAFE

Symbol	Grade	Weight
AMZN	C	4.47%
GOOGL	D	2.41%
UBER	C	2.29%
GOOG	D	2.16%
XOM	C	2.0%
PANW	D	1.81%
CVX	D	1.04%
PEP	C	0.92%
TMO	B	0.83%
WMT	C	0.73%
GE	B	0.69%
NEE	C	0.66%
UNP	C	0.56%
COP	D	0.49%
MS	D	0.47%
HON	D	0.46%
ETN	C	0.44%
MDT	C	0.42%
BA	F	0.38%
MELI	B	0.38%
SO	B	0.35%
SCHW	D	0.33%
DUK	C	0.32%
TT	B	0.29%
NOC	B	0.29%
PNC	B	0.27%
FCX	D	0.25%
AON	B	0.24%
CSX	D	0.24%
MPC	F	0.23%
PSX	F	0.22%
TFC	C	0.22%
EMR	D	0.22%
NSC	C	0.2%
WMB	B	0.19%
AEP	C	0.19%
OKE	B	0.18%
SRE	C	0.18%
TRV	C	0.18%
D	C	0.18%
URI	B	0.18%
VLO	F	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%
PEG	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%
RCL	B	0.12%
VST	C	0.11%
RMD	C	0.11%
XYL	C	0.11%
DVN	F	0.1%
WEC	C	0.1%
PCG	C	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%
DTE	C	0.08%
ES	C	0.08%
NRG	C	0.07%
LII	B	0.07%
EXPD	C	0.07%
CMS	C	0.07%
CLX	C	0.07%
BAH	C	0.07%
HBAN	B	0.07%
RF	B	0.07%
LUV	C	0.06%
DOC	C	0.06%
HUBB	B	0.06%
TXT	D	0.06%
AMH	C	0.05%
NI	B	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%
REG	C	0.04%
LECO	F	0.04%
TFX	C	0.04%
ALB	D	0.04%
EMN	B	0.04%
BWA	D	0.03%
SCCO	D	0.03%
CNH	D	0.03%
TAP	D	0.03%

NACP Underweight 141 Positions Relative to RAFE

Symbol	Grade	Weight
PG	C	-2.37%
CSCO	C	-2.02%
WFC	D	-1.83%
HD	B	-1.37%
ORCL	C	-1.31%
CMCSA	D	-1.15%
LIN	B	-1.09%
AMGN	B	-1.06%
AVGO	C	-1.05%
TGT	C	-0.92%
DIS	D	-0.82%
LLY	C	-0.74%
AMAT	D	-0.72%
TXN	C	-0.7%
ADBE	F	-0.52%
ALL	B	-0.49%
BLK	B	-0.49%
DOW	D	-0.46%
GS	C	-0.46%
PRU	C	-0.45%
BBY	C	-0.45%
HPE	D	-0.44%
LRCX	F	-0.44%
CL	D	-0.4%
TJX	B	-0.39%
FIS	B	-0.33%
WM	D	-0.33%
CARR	B	-0.33%
TMUS	C	-0.32%
PGR	B	-0.31%
WDC	D	-0.3%
MCK	F	-0.29%
IP	B	-0.29%
WELL	C	-0.28%
KMB	D	-0.28%
GIS	B	-0.28%
APD	B	-0.28%
CBRE	A	-0.26%
HUM	F	-0.25%
NTAP	D	-0.25%
CRM	D	-0.24%
LUMN	C	-0.23%
ADI	C	-0.22%
CAH	C	-0.22%
WY	C	-0.21%
AMP	A	-0.21%
HIG	B	-0.21%
STT	A	-0.2%
VTR	C	-0.19%
SYY	D	-0.19%
IRM	C	-0.19%
JLL	B	-0.17%
AMT	C	-0.17%
MSI	B	-0.16%
JNPR	B	-0.16%
CTSH	C	-0.16%
SYK	C	-0.16%
DVA	B	-0.16%
KLAC	D	-0.15%
GEHC	C	-0.15%
WHR	D	-0.15%
EQR	B	-0.14%
VFC	C	-0.14%
GWW	B	-0.14%
BALL	C	-0.14%
SHW	B	-0.14%
ARW	C	-0.13%
PARA	F	-0.13%
DG	F	-0.13%
AWK	B	-0.12%
KDP	B	-0.12%
NFLX	B	-0.12%
AMD	D	-0.12%
KSS	F	-0.12%
SOLV	C	-0.11%
VTRS	D	-0.11%
GAP	F	-0.11%
OMC	B	-0.11%
ZTS	C	-0.11%
PKG	B	-0.11%
CDW	D	-0.1%
ISRG	B	-0.1%
EL	F	-0.09%
PVH	F	-0.09%
TSCO	C	-0.09%
LNC	D	-0.09%
TER	D	-0.09%
CDNS	D	-0.09%
HST	C	-0.09%
FITB	B	-0.09%
LEA	F	-0.08%
TPR	C	-0.08%
HOLX	B	-0.08%
WAT	C	-0.08%
AVT	C	-0.08%
FOXA	B	-0.08%
ON	D	-0.08%
MHK	C	-0.08%
AKAM	D	-0.07%
HAS	B	-0.07%
FAST	C	-0.07%
DOX	C	-0.07%
PAYX	C	-0.07%
GPC	D	-0.07%
LKQ	F	-0.07%
MRVL	C	-0.06%
O	C	-0.06%
EQH	C	-0.06%
RSG	D	-0.06%
MCHP	F	-0.06%
SNPS	D	-0.06%
MAA	B	-0.06%
DOV	B	-0.06%
FLEX	C	-0.05%
DXC	C	-0.05%
XRX	D	-0.05%
FL	D	-0.05%
ESS	B	-0.05%
CHD	D	-0.05%
BKNG	C	-0.05%
CTVA	B	-0.04%
NWL	C	-0.04%
NTRS	A	-0.04%
CAG	C	-0.04%
KEYS	C	-0.04%
OGN	D	-0.04%
WU	F	-0.04%
HUN	D	-0.04%
HSIC	C	-0.04%
KD	D	-0.03%
AAP	F	-0.03%
AGCO	D	-0.03%
VNO	B	-0.03%
ORLY	C	-0.02%
NWSA	D	-0.02%
GT	F	-0.02%
KLG	C	-0.01%
WAB	B	-0.01%
MAN	C	-0.01%
KIM	C	-0.01%
ANET	B	-0.01%