NACP vs. WBIL ETF Comparison

Comparison of Impact Shares NAACP Minority Empowerment ETF (NACP) to WBI Large Cap Tactical Select Shares (WBIL)

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

WBIL

WBI Large Cap Tactical Select Shares

WBIL Description

The investment seeks long-term capital appreciation and the potential for current income, while also seeking to protect principal during unfavorable market conditions. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the equity securities of large capitalization domestic and foreign companies which WBI Investments, Inc., the sub-advisor to the fund and an affiliate of Millington Securities Inc., the advisor, believes display an attractive financial condition and prospects for ongoing financial stability, and up to 20% of its net assets in other tactical investment opportunities.

Grade (RS Rating)

Last Trade

$37.05

Average Daily Volume

1,621

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	NACP	WBIL
30 Days	2.08%	6.43%
60 Days	4.48%	8.70%
90 Days	6.57%	8.92%
12 Months	32.92%	24.08%

11 Overlapping Holdings

Symbol	Grade	Weight in NACP	Weight in WBIL	Overlap
AAPL	C	5.03%	4.79%	4.79%
AMZN	C	4.47%	3.08%	3.08%
EA	A	0.45%	4.94%	0.45%
META	D	3.63%	0.91%	0.91%
NVDA	C	4.9%	3.46%	3.46%
PANW	C	1.81%	1.75%	1.75%
RMD	C	0.11%	1.88%	0.11%
SCHW	B	0.33%	5.19%	0.33%
TT	A	0.29%	0.87%	0.29%
UBER	D	2.29%	3.66%	2.29%
URI	B	0.18%	3.61%	0.18%

NACP Overweight 186 Positions Relative to WBIL

Symbol	Grade	Weight
MSFT	F	4.63%
ACN	C	3.58%
QCOM	F	3.18%
IBM	C	3.08%
GOOGL	C	2.41%
JPM	A	2.39%
VZ	C	2.26%
TSLA	B	2.22%
GOOG	C	2.16%
XOM	B	2.0%
UNH	C	1.95%
MU	D	1.75%
V	A	1.53%
INTC	D	1.52%
JNJ	D	1.44%
MA	C	1.4%
ABBV	D	1.22%
CVX	A	1.04%
MRK	F	1.03%
KO	D	0.99%
BAC	A	0.99%
PEP	F	0.92%
TMO	F	0.83%
WMT	A	0.73%
ABT	B	0.69%
GE	D	0.69%
NEE	D	0.66%
DHR	F	0.64%
HPQ	B	0.62%
PFE	D	0.62%
AXP	A	0.56%
UNP	C	0.56%
SPGI	C	0.55%
DELL	C	0.54%
LOW	D	0.51%
COP	C	0.49%
ELV	F	0.47%
MS	A	0.47%
HON	B	0.46%
C	A	0.45%
T	A	0.45%
ETN	A	0.44%
MDT	D	0.42%
PLD	D	0.42%
BSX	B	0.41%
ADP	B	0.4%
BA	F	0.38%
MELI	D	0.38%
CI	F	0.37%
DE	A	0.36%
MDLZ	F	0.36%
NKE	D	0.36%
BMY	B	0.35%
UPS	C	0.35%
GILD	C	0.35%
SO	D	0.35%
DUK	C	0.32%
EQIX	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%
MET	A	0.17%
BK	A	0.17%
VLO	C	0.17%
JCI	C	0.17%
HLT	A	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%
OTIS	C	0.13%
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%
XYL	D	0.11%
HSY	F	0.1%
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%
NDAQ	A	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%
CLX	B	0.07%
BAH	F	0.07%
BAX	D	0.07%
LH	C	0.07%
K	A	0.07%
ILMN	D	0.07%
HBAN	A	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%
BG	F	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%
EMN	D	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 29 Positions Relative to WBIL

Symbol	Grade	Weight
CRWD	B	-4.95%
AMP	A	-4.93%
MRVL	B	-4.54%
FI	A	-4.35%
LULU	C	-4.23%
TPL	A	-4.13%
CRM	B	-4.06%
CPAY	A	-3.21%
BX	A	-2.73%
FICO	B	-2.23%
BR	A	-2.17%
INTU	C	-2.15%
PWR	A	-2.11%
COST	B	-1.94%
SBUX	A	-1.84%
TYL	B	-1.74%
EME	C	-1.46%
NFLX	A	-1.11%
FAST	B	-1.06%
PH	A	-1.02%
PAYX	C	-1.0%
SPOT	B	-0.98%
TJX	A	-0.95%
AGZD	A	-0.74%
FLTR	A	-0.73%
FALN	B	-0.72%
FTSL	B	-0.67%
STIP	C	-0.52%
BKLN	A	-0.32%