NACP vs. TVAL ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (TVAL)

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

$42.98

Average Daily Volume

3,547

Number of Holdings ^*

197

* may have additional holdings in another (foreign) market

TVAL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF

TVAL Description

The fund will invest primarily in U.S. equity securities. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. Some of the principal measures used to identify such stocks are: price/earnings ratio, price/book value ratio, price/sales ratio, dividend yield, price/cash flow, undervalued assets, and restructuring opportunities. The fund may purchase the stocks of companies of any size, but typically focuses on larger companies.

Grade (RS Rating)

Last Trade

$33.28

Average Daily Volume

12,971

Number of Holdings ^*

144

* may have additional holdings in another (foreign) market

Performance

Period	NACP	TVAL
30 Days	3.16%	4.23%
60 Days	4.10%	4.79%
90 Days	7.46%	6.26%
12 Months	33.96%	29.35%

64 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in TVAL	Overlap
A	D	0.14%	0.33%	0.14%
ABBV	D	1.22%	0.36%	0.36%
ACN	B	3.58%	0.7%	0.7%
AME	A	0.13%	0.31%	0.13%
AVB	B	0.11%	1.22%	0.11%
AXP	A	0.56%	0.26%	0.26%
BA	D	0.38%	0.56%	0.38%
BAC	A	0.99%	1.89%	0.99%
BAX	F	0.07%	0.5%	0.07%
BDX	F	0.23%	1.01%	0.23%
C	A	0.45%	0.81%	0.45%
CF	B	0.05%	0.52%	0.05%
CI	D	0.37%	0.87%	0.37%
CMI	A	0.15%	1.09%	0.15%
COP	D	0.49%	1.25%	0.49%
CSX	B	0.24%	0.49%	0.24%
CVS	D	0.27%	0.23%	0.23%
CVX	B	1.04%	0.73%	0.73%
D	C	0.18%	0.55%	0.18%
DHR	D	0.64%	0.65%	0.64%
DTE	C	0.08%	0.17%	0.08%
ELV	F	0.47%	1.81%	0.47%
EQIX	A	0.29%	0.16%	0.16%
GE	D	0.69%	1.21%	0.69%
GOOG	C	2.16%	0.95%	0.95%
HBAN	B	0.07%	0.45%	0.07%
HON	B	0.46%	0.68%	0.46%
HUBB	B	0.06%	0.7%	0.06%
HWM	B	0.14%	0.48%	0.14%
JNJ	D	1.44%	1.82%	1.44%
JPM	B	2.39%	1.23%	1.23%
KO	D	0.99%	0.72%	0.72%
LHX	C	0.16%	1.36%	0.16%
MAR	A	0.19%	0.47%	0.19%
MDLZ	F	0.36%	0.43%	0.36%
MET	A	0.17%	0.22%	0.17%
META	D	3.63%	0.87%	0.87%
MRK	F	1.03%	0.8%	0.8%
MS	B	0.47%	0.56%	0.47%
MSFT	D	4.63%	0.65%	0.65%
MU	D	1.75%	0.45%	0.45%
NEE	D	0.66%	0.59%	0.59%
NSC	A	0.2%	0.74%	0.2%
OTIS	C	0.13%	0.3%	0.13%
PLD	D	0.42%	0.34%	0.34%
QCOM	F	3.18%	1.08%	1.08%
ROK	B	0.11%	0.52%	0.11%
SCHW	A	0.33%	0.89%	0.33%
SO	D	0.35%	1.67%	0.35%
SPGI	C	0.55%	0.26%	0.26%
SRE	A	0.18%	0.68%	0.18%
SWK	D	0.06%	1.1%	0.06%
TMO	F	0.83%	1.12%	0.83%
TT	B	0.29%	0.31%	0.29%
UAL	B	0.05%	0.31%	0.05%
UNH	B	1.95%	1.9%	1.9%
UNP	C	0.56%	0.42%	0.42%
UPS	C	0.35%	0.28%	0.28%
VMC	B	0.12%	0.22%	0.12%
VST	B	0.11%	0.74%	0.11%
VZ	B	2.26%	0.58%	0.58%
WMB	B	0.19%	0.46%	0.19%
WMT	B	0.73%	1.89%	0.73%
XOM	C	2.0%	2.56%	2.0%

NACP Overweight 133 Positions Relative to TVAL

Symbol	Grade	Weight
AAPL	B	5.03%
NVDA	C	4.9%
AMZN	C	4.47%
IBM	C	3.08%
GOOGL	C	2.41%
UBER	D	2.29%
TSLA	B	2.22%
PANW	C	1.81%
V	A	1.53%
INTC	C	1.52%
MA	B	1.4%
PEP	F	0.92%
ABT	B	0.69%
HPQ	B	0.62%
PFE	D	0.62%
DELL	C	0.54%
LOW	C	0.51%
EA	C	0.45%
T	A	0.45%
ETN	A	0.44%
MDT	D	0.42%
BSX	C	0.41%
ADP	B	0.4%
MELI	C	0.38%
DE	B	0.36%
NKE	F	0.36%
BMY	B	0.35%
GILD	B	0.35%
DUK	C	0.32%
NOC	D	0.29%
PNC	A	0.27%
PYPL	A	0.27%
ITW	A	0.27%
MMM	D	0.26%
MCO	A	0.26%
FDX	B	0.25%
FCX	F	0.25%
AON	A	0.24%
MPC	F	0.23%
PSX	C	0.22%
TFC	B	0.22%
NEM	F	0.22%
EMR	A	0.22%
ECL	D	0.21%
AEP	D	0.19%
OKE	C	0.18%
TRV	B	0.18%
CCI	D	0.18%
GM	B	0.18%
URI	B	0.18%
BK	A	0.17%
VLO	C	0.17%
JCI	C	0.17%
HLT	A	0.17%
LNG	B	0.16%
IPG	C	0.16%
KMI	B	0.15%
HES	C	0.15%
EXC	D	0.15%
EW	C	0.15%
F	C	0.15%
DD	D	0.14%
PEG	A	0.14%
KR	A	0.13%
VRSK	A	0.13%
IR	A	0.12%
MLM	B	0.12%
XEL	A	0.12%
ED	D	0.12%
KHC	D	0.12%
RCL	B	0.12%
EBAY	C	0.11%
EIX	A	0.11%
ADM	F	0.11%
RMD	C	0.11%
XYL	D	0.11%
HSY	F	0.1%
DVN	F	0.1%
WEC	A	0.1%
PPG	D	0.1%
BIIB	F	0.1%
PCG	B	0.09%
TROW	A	0.09%
IFF	D	0.09%
DAL	B	0.09%
SYF	A	0.08%
APTV	F	0.08%
SBAC	D	0.08%
PPL	B	0.08%
FE	D	0.08%
ETR	B	0.08%
NDAQ	A	0.08%
ES	D	0.08%
NRG	C	0.07%
LII	A	0.07%
EXPD	C	0.07%
CMS	C	0.07%
TSN	B	0.07%
CLX	C	0.07%
BAH	F	0.07%
LH	B	0.07%
K	A	0.07%
ILMN	C	0.07%
RF	B	0.07%
LUV	B	0.06%
DOC	C	0.06%
DGX	B	0.06%
TXT	D	0.06%
SJM	D	0.05%
AMH	C	0.05%
NI	A	0.05%
OC	B	0.05%
ACM	A	0.05%
NDSN	B	0.05%
LNT	A	0.05%
AES	F	0.05%
JBHT	C	0.05%
BG	F	0.05%
CPB	D	0.04%
REG	B	0.04%
LECO	C	0.04%
TFX	F	0.04%
ALB	C	0.04%
EMN	D	0.04%
USFD	A	0.04%
WBA	D	0.03%
BWA	C	0.03%
SCCO	F	0.03%
PFG	C	0.03%
MOS	F	0.03%
HRL	D	0.03%
CNH	A	0.03%
TAP	C	0.03%

NACP Underweight 80 Positions Relative to TVAL

Symbol	Grade	Weight
CB	D	-2.23%
HIG	B	-1.96%
WFC	A	-1.77%
FI	A	-1.53%
KVUE	A	-1.49%
PM	B	-1.41%
LLY	F	-1.19%
EQH	B	-1.0%
TMUS	A	-0.88%
WY	D	-0.88%
AIG	B	-0.87%
ZBH	C	-0.85%
CL	D	-0.84%
EOG	C	-0.82%
MCK	C	-0.8%
FITB	B	-0.77%
NWSA	B	-0.75%
LIN	D	-0.73%
PG	A	-0.72%
TXN	D	-0.7%
GEV	C	-0.7%
TTE	F	-0.7%
MMC	A	-0.67%
KMB	C	-0.66%
AEE	A	-0.65%
IP	B	-0.64%
HD	A	-0.63%
RSG	A	-0.62%
WDC	C	-0.6%
USB	A	-0.56%
AZO	C	-0.52%
RPM	A	-0.52%
REXR	F	-0.48%
PGR	A	-0.48%
AZN	F	-0.47%
CMCSA	C	-0.46%
EQT	B	-0.46%
MCD	D	-0.46%
APO	A	-0.46%
TDG	D	-0.46%
ARES	B	-0.45%
HCA	F	-0.45%
PSA	C	-0.44%
BLK	C	-0.43%
FANG	F	-0.43%
REGN	F	-0.42%
CPAY	A	-0.42%
LEN	C	-0.42%
LVS	C	-0.41%
LAMR	C	-0.4%
KDP	D	-0.4%
CAG	D	-0.4%
TSM	C	-0.39%
ALL	B	-0.39%
AMAT	F	-0.38%
YUM	B	-0.36%
BKR	C	-0.35%
KEYS	B	-0.35%
ADI	D	-0.35%
MSI	C	-0.34%
EFX	D	-0.33%
COF	B	-0.33%
STLD	B	-0.32%
CAT	B	-0.3%
VRTX	D	-0.29%
ROP	B	-0.29%
TJX	A	-0.29%
MOH	F	-0.28%
CARR	C	-0.27%
MCHP	F	-0.27%
CDW	F	-0.25%
MGM	F	-0.24%
ZTS	D	-0.23%
CME	A	-0.23%
HAL	C	-0.22%
AMD	F	-0.22%
BHP	F	-0.2%
DIS	B	-0.2%
AVY	D	-0.19%
SNY	F	-0.19%