VCEB vs. NACP ETF Comparison

Comparison of Vanguard ESG U.S. Corporate Bond ETF (VCEB) to Impact Shares NAACP Minority Empowerment ETF (NACP)

VCEB

Vanguard ESG U.S. Corporate Bond ETF

VCEB Description

The investment seeks to track the performance of the Bloomberg Barclays MSCI US Corporate SRI Select Index (the ?index?). The index excludes bonds with maturities of 1 year or less and with less than $750 million outstanding, and is screened for certain environmental, social, and governance (ESG) criteria by the index provider, which is independent of Vanguard. All of the fund?s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the fund?s assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$65.02

Average Daily Volume

31,435

Number of Holdings ^*

245

* may have additional holdings in another (foreign) market

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

Performance

Period	VCEB	NACP
30 Days	1.67%	2.07%
60 Days	4.61%	3.38%
90 Days	5.24%	3.52%
12 Months	11.76%	30.45%

94 Overlapping Holdings

Symbol	Grade	Weight in VCEB	Weight in NACP	Overlap
A	C	0.02%	0.14%	0.02%
AAPL	C	0.01%	5.03%	0.01%
ABBV	C	0.03%	1.22%	0.03%
ABT	C	0.03%	0.69%	0.03%
ADM	D	0.02%	0.11%	0.02%
ADP	B	0.03%	0.4%	0.03%
AMZN	C	0.01%	4.47%	0.01%
AON	B	0.01%	0.24%	0.01%
AXP	B	0.01%	0.56%	0.01%
BAC	D	0.02%	0.99%	0.02%
BAX	C	0.02%	0.07%	0.02%
BDX	D	0.03%	0.23%	0.03%
BG	D	0.03%	0.05%	0.03%
BIIB	F	0.01%	0.1%	0.01%
BK	B	0.01%	0.17%	0.01%
BMY	C	0.03%	0.35%	0.03%
BSX	B	0.01%	0.41%	0.01%
BWA	D	0.03%	0.03%	0.03%
C	D	0.01%	0.45%	0.01%
CCI	C	0.01%	0.18%	0.01%
CF	C	0.02%	0.05%	0.02%
CI	C	0.01%	0.37%	0.01%
CMI	C	0.02%	0.15%	0.02%
CPB	C	0.02%	0.04%	0.02%
CVS	D	0.01%	0.27%	0.01%
DD	B	0.06%	0.14%	0.06%
DE	B	0.02%	0.36%	0.02%
DELL	D	0.01%	0.54%	0.01%
DGX	B	0.03%	0.06%	0.03%
DHR	B	0.01%	0.64%	0.01%
DOC	C	0.03%	0.06%	0.03%
EA	D	0.01%	0.45%	0.01%
EBAY	B	0.01%	0.11%	0.01%
EMN	B	0.02%	0.04%	0.02%
EQIX	C	0.03%	0.29%	0.03%
ETN	C	0.03%	0.44%	0.03%
FDX	C	0.01%	0.25%	0.01%
GILD	B	0.01%	0.35%	0.01%
GM	C	0.01%	0.18%	0.01%
GOOGL	D	0.02%	2.41%	0.02%
HBAN	B	0.02%	0.07%	0.02%
HPQ	D	0.01%	0.62%	0.01%
HRL	C	0.02%	0.03%	0.02%
IBM	B	0.02%	3.08%	0.02%
IFF	B	0.03%	0.09%	0.03%
INTC	F	0.01%	1.52%	0.01%
ITW	C	0.03%	0.27%	0.03%
JNJ	C	0.01%	1.44%	0.01%
JPM	D	0.01%	2.39%	0.01%
K	B	0.03%	0.07%	0.03%
KO	C	0.01%	0.99%	0.01%
LOW	B	0.01%	0.51%	0.01%
LUV	C	0.01%	0.06%	0.01%
MA	B	0.03%	1.4%	0.03%
MAR	C	0.01%	0.19%	0.01%
MDLZ	B	0.01%	0.36%	0.01%
MDT	C	0.05%	0.42%	0.05%
MET	B	0.01%	0.17%	0.01%
MLM	D	0.02%	0.12%	0.02%
MMM	B	0.01%	0.26%	0.01%
MOS	F	0.06%	0.03%	0.03%
MRK	D	0.01%	1.03%	0.01%
MS	D	0.01%	0.47%	0.01%
MSFT	C	0.01%	4.63%	0.01%
MU	F	0.03%	1.75%	0.03%
NEM	B	0.02%	0.22%	0.02%
NKE	D	0.01%	0.36%	0.01%
NVDA	D	0.01%	4.9%	0.01%
OTIS	C	0.04%	0.13%	0.04%
PEP	C	0.01%	0.92%	0.01%
PFE	C	0.01%	0.62%	0.01%
PLD	C	0.01%	0.42%	0.01%
PNC	B	0.01%	0.27%	0.01%
PPG	D	0.03%	0.1%	0.03%
PYPL	B	0.01%	0.27%	0.01%
QCOM	D	0.01%	3.18%	0.01%
RF	B	0.03%	0.07%	0.03%
SCHW	D	0.01%	0.33%	0.01%
SJM	C	0.03%	0.05%	0.03%
SWK	B	0.02%	0.06%	0.02%
SYF	C	0.03%	0.08%	0.03%
T	C	0.01%	0.45%	0.01%
TFC	C	0.01%	0.22%	0.01%
TMO	B	0.01%	0.83%	0.01%
TRV	C	0.02%	0.18%	0.02%
TSN	C	0.01%	0.07%	0.01%
TT	B	0.02%	0.29%	0.02%
UNH	C	0.01%	1.95%	0.01%
UPS	D	0.01%	0.35%	0.01%
V	C	0.02%	1.53%	0.02%
VMC	D	0.02%	0.12%	0.02%
VRSK	D	0.04%	0.13%	0.04%
VZ	B	0.02%	2.26%	0.02%
WBA	F	0.02%	0.03%	0.02%

VCEB Overweight 151 Positions Relative to NACP

Symbol	Grade	Weight
DT	C	0.19%
MTB	B	0.07%
TJX	B	0.07%
WRK	C	0.06%
PGR	B	0.05%
AFL	C	0.05%
EQH	C	0.05%
MCHP	F	0.04%
LEN	B	0.04%
KMB	D	0.04%
GWW	B	0.04%
NOW	B	0.04%
STLA	F	0.04%
AZO	D	0.04%
CTAS	B	0.04%
CPT	B	0.04%
MMC	C	0.04%
EXPE	C	0.04%
FTV	C	0.03%
EQR	B	0.03%
VRSN	D	0.03%
CMA	B	0.03%
ROP	C	0.03%
EG	C	0.03%
PWR	B	0.03%
ORLY	C	0.03%
AMP	A	0.03%
ACGL	C	0.03%
NVR	B	0.03%
LH	C	0.03%
HAS	B	0.03%
LLY	C	0.03%
NTRS	A	0.03%
BHF	F	0.03%
CFG	C	0.03%
GIS	B	0.03%
DG	F	0.03%
WAB	A	0.03%
ZBH	F	0.03%
ALLY	F	0.03%
VOD	C	0.03%
HUN	D	0.02%
HST	C	0.02%
HIG	B	0.02%
MKC	C	0.02%
MCK	F	0.02%
LEA	F	0.02%
AJG	D	0.02%
NTAP	D	0.02%
QRVO	F	0.02%
APH	D	0.02%
RL	C	0.02%
BEN	F	0.02%
VTR	C	0.02%
UHS	B	0.02%
CAH	C	0.02%
XRAY	D	0.02%
CSL	B	0.02%
VFC	C	0.02%
RJF	C	0.02%
AWK	B	0.02%
O	C	0.02%
BLK	B	0.02%
REGN	C	0.02%
EFX	B	0.02%
DLTR	F	0.02%
CME	C	0.02%
BR	D	0.02%
BKNG	C	0.02%
SHW	B	0.02%
SBUX	C	0.02%
GLW	C	0.02%
OMC	B	0.02%
APD	B	0.02%
FITB	B	0.02%
CRM	D	0.02%
BABA	B	0.02%
DB	B	0.02%
CSCO	C	0.02%
CARR	B	0.02%
HCA	B	0.02%
HSBC	B	0.02%
AVGO	C	0.02%
GSK	C	0.02%
AZN	D	0.02%
ORCL	C	0.02%
CHTR	D	0.02%
EXP	B	0.01%
ADI	C	0.01%
GLPI	C	0.01%
WM	D	0.01%
WB	D	0.01%
MRVL	C	0.01%
GPN	D	0.01%
PH	B	0.01%
AMAT	D	0.01%
MSI	B	0.01%
RSG	D	0.01%
BRX	B	0.01%
KEY	B	0.01%
RPRX	C	0.01%
ARE	C	0.01%
DLR	B	0.01%
ZTS	C	0.01%
TXN	C	0.01%
NXPI	F	0.01%
KLAC	D	0.01%
HUM	F	0.01%
USB	B	0.01%
BXP	B	0.01%
BMO	C	0.01%
BERY	B	0.01%
STT	B	0.01%
FIS	B	0.01%
WELL	C	0.01%
CM	B	0.01%
AER	B	0.01%
ADBE	F	0.01%
KDP	B	0.01%
CB	B	0.01%
CAT	B	0.01%
CAG	C	0.01%
BNS	B	0.01%
SYY	D	0.01%
SPG	B	0.01%
PRU	C	0.01%
AMT	C	0.01%
DOW	D	0.01%
DFS	C	0.01%
AL	D	0.01%
LRCX	F	0.01%
ICE	C	0.01%
HPE	D	0.01%
COF	B	0.01%
TGT	C	0.01%
TD	B	0.01%
SYK	C	0.01%
VTRS	D	0.01%
PG	C	0.01%
AMGN	B	0.01%
NWG	C	0.01%
MUFG	D	0.01%
AIG	D	0.01%
MCD	B	0.01%
HD	B	0.01%
RY	B	0.01%
FOXA	B	0.01%
DIS	D	0.01%
CMCSA	D	0.01%
TMUS	C	0.01%
GS	C	0.01%

VCEB Underweight 102 Positions Relative to NACP

Symbol	Grade	Weight
META	B	-3.63%
ACN	C	-3.58%
UBER	C	-2.29%
TSLA	C	-2.22%
GOOG	D	-2.16%
XOM	C	-2.0%
PANW	D	-1.81%
CVX	D	-1.04%
WMT	C	-0.73%
GE	B	-0.69%
NEE	C	-0.66%
UNP	C	-0.56%
SPGI	B	-0.55%
COP	D	-0.49%
ELV	C	-0.47%
HON	D	-0.46%
BA	F	-0.38%
MELI	B	-0.38%
SO	B	-0.35%
DUK	C	-0.32%
NOC	B	-0.29%
MCO	B	-0.26%
FCX	D	-0.25%
CSX	D	-0.24%
MPC	F	-0.23%
PSX	F	-0.22%
EMR	D	-0.22%
ECL	B	-0.21%
NSC	C	-0.2%
WMB	B	-0.19%
AEP	C	-0.19%
OKE	B	-0.18%
SRE	C	-0.18%
D	C	-0.18%
URI	B	-0.18%
VLO	F	-0.17%
JCI	B	-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%
PEG	C	-0.14%
HWM	B	-0.14%
KR	C	-0.13%
AME	C	-0.13%
IR	C	-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%
VST	C	-0.11%
EIX	C	-0.11%
RMD	C	-0.11%
XYL	D	-0.11%
HSY	C	-0.1%
DVN	F	-0.1%
WEC	C	-0.1%
PCG	C	-0.09%
TROW	D	-0.09%
DAL	C	-0.09%
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%
EXPD	C	-0.07%
CMS	C	-0.07%
CLX	C	-0.07%
BAH	C	-0.07%
ILMN	C	-0.07%
HUBB	B	-0.06%
TXT	D	-0.06%
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%
REG	C	-0.04%
LECO	F	-0.04%
TFX	C	-0.04%
ALB	D	-0.04%
USFD	B	-0.04%
SCCO	D	-0.03%
PFG	B	-0.03%
CNH	D	-0.03%
TAP	D	-0.03%