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Trending ETFs

Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$38.61

$43.5 M

1.15%

$0.44

0.49%

Vitals

YTD Return

14.0%

1 yr return

32.2%

3 Yr Avg Return

10.3%

5 Yr Avg Return

15.6%

Net Assets

$43.5 M

Holdings in Top 10

41.5%

52 WEEK LOW AND HIGH

$38.6
$29.15
$38.63

Expenses

OPERATING FEES

Expense Ratio 0.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$38.61

$43.5 M

1.15%

$0.44

0.49%

NACP - Profile

Distributions

  • YTD Total Return 14.0%
  • 3 Yr Annualized Total Return 10.3%
  • 5 Yr Annualized Total Return 15.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.03%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Impact Shares NAACP Minority Empowerment ETF
  • Fund Family Name
    Impact Shares
  • Inception Date
    Jul 18, 2018
  • Shares Outstanding
    1274885
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ethan Powell

Fund Description

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 Fund may invest the remaining 20% of its total assets (the “20% basket”) in securities and instruments not included in the Underlying Index, but which Impact Shares Corp (“Impact Shares” or the “Sub-Adviser”) believes will help the Fund track the Underlying Index. For example, the Fund may invest in securities that are not components of the Underlying Index to reflect various corporate actions (such as mergers) and other changes in the Underlying Index (such as reconstitutions, additions and deletions). The Fund may invest in securities of any type and of companies of any market capitalization (including small- and mid-capitalization companies), market sector or industry, but expects to invest primarily in equity securities of U.S. companies. The Fund may use the 20% basket to invest in securities issued by other investment companies, including other exchange-traded funds. In addition, the Fund’s 20% basket may be invested in cash and cash equivalents, including shares of money market funds advised by Impact Shares, or their affiliates.

Unlike many investment companies, the Fund does not try to “beat” the index it tracks. The Fund uses a passive management strategy designed to track the total return performance of the Underlying Index.

Impact Shares may employ a representative sampling indexing strategy for managing the Fund, which entails investing in a sample of securities that together have an investment profile mirroring the Underlying Index. However, the Fund will only use representative sampling in a manner consistent with its 80% policy. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, leverage and price to earnings ratios) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. “Tracking error” is the difference between the performance (return) of the Fund’s portfolio and that of the Underlying Index. Impact Shares expects that, over time, the Fund’s tracking error will not exceed 5%. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than funds that seek to replicate an index.

The Fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the Underlying Index is so concentrated.

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, as described below.

The Underlying Index is constructed using a rules-based methodology to select companies from the Morningstar US Large-Mid Cap® Index (the “Parent Index”), a free float market-cap weighted index that constitutes 90% of the total market capitalization of the U.S. market) that have strong minority empowerment practices. Morningstar constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Sustainalytics, the Fund’s ESG research provider, that include certain social criteria identified and compiled by the NAACP (“NAACP” or the “Partner Nonprofit”) to measure the strength of minority empowerment practices and products or services for each company within the Parent Index (a company’s “Minority Empowerment Composite Score”). Based on that scoring, after excluding those companies that Sustainalytics determines (i) derive more than 5% of their revenues from predatory lending activities, (ii) derive more than 5% of their revenues from the production of tobacco products, (iii) are involved in the production of riot control weapons, (iv) operate correctional facilities or provide security services, (v) are primarily involved in the production of oil, gas or coal, (vi) are not compliant with the principles of the UN Global Compact1, or (vii) have a detrimental score for applicable controversies, the 200 best scoring companies (after applying the optimized weighting methodology discussed below) are selected by Morningstar as the final underlying index components. The Underlying Index is constructed by Morningstar using an optimized weighting methodology. Under this methodology, Morningstar uses a quantitative process that is designed to determine optimal weights for securities to maximize exposure of companies with higher rankings as to minority empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. The Index Provider determines the weighting of each security in the Underlying Index using the following variables: Minority Empowerment Composite Score, market capitalization, maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.

The Underlying Index is expected to contain approximately 200 securities, but this number may change. If a company in the Underlying Index has acted in a manner inconsistent with the selection criteria of the Underlying Index, Morningstar may, in its discretion, after consulting with Sustainalytics, exclude the company from the Underlying Index between reconstitution periods. Morningstar may also make adjustments in accordance with its internal guidelines to reflect extraordinary corporate events (e.g., mergers and acquisitions, spin-offs, bankruptcies, insolvencies, and liquidations). The Underlying Index is rebalanced quarterly and reconstituted utilizing the rules-based methodology described above annually. Rebalancing refers to the process of adjusting the weights of the constituent securities in the Underlying Index in accordance with its optimized weighting methodology in response to changes in stock value and market capitalization. Reconstitution refers to the process of changing the constituent securities in the Underlying Index so that securities that no longer meet the criteria for the Underlying Index are excluded and new securities that do meet those criteria are included.

The composition of the Underlying Index is based on the following social screens used in determining the Minority Empowerment Composite Score that narrows the Index Universe. Each of the social screens for the Minority Fund addresses an issue that has a history of NAACP support.

1. Board Diversity This indicator provides an assessment of the diversity of a company’s board of directors. Diversity of background can provide fresh perspectives in the boardroom and lead to better board decision-making.

2. Discrimination Policy This indicator provides an assessment of the quality of a company’s policy to eliminate discrimination, including racial discrimination, and ensure equal opportunity.

3. Scope of Supplier Social Standards This indicator provides a general assessment of whether a company has supply chain/contractor social policies and the scope of its social standards, including items such as nondiscrimination policies.

4. Freedom of Association Policy This indicator provides an assessment of the quality of a company’s freedom of association and collective bargaining policy, including its impact on racial minorities.

5. Diversity Programs This indicator assesses the strength of a company’s initiatives to increase the diversity of its workforce, including racial diversity.

6. Community Development Programs This indicator assesses the strength of a company’s local community development programs. It does not focus on cash donations, but formal programs that promote long-term economic development among communities, including minority communities, directly affected by the company’s operations.

1 The UN Global Compact is an arrangement by which companies voluntarily and publicly commit to a set of principles, known as the Ten Principles of the UN Global Compact, all of which are drawn from key UN Conventions and Declarations, in four areas: (i) human rights; (ii) labor; (iii) environment; and (iv) anti-corruption.

7. Minority-Inclusive Health and Safety Management System This indicator assesses the strength of the company’s initiatives to manage employee health and safety and prevent accidents and occupational illnesses.

8. Conflict Minerals Programs This indicator measures the strength of a company’s initiatives to eliminate conflict minerals from its products and its supply chain. The term conflict minerals refers to tantalum (coltan), tin (cassiterite), tungsten (wolframite), and gold (together, they are commonly referred to as the 3TG), which have originated in conflict-affected or high-risk regions and may be used to financially support the conflict or human rights abuses.

9. Media Ethics Programs This indicator assesses the strength of a company’s initiatives to ensure good governance, ethics, and integrity throughout its content creation to ensure impartiality, transparency, objectivity, fairness, age-appropriateness, independence, plurality, and inclusiveness (diversity of content, topics, and viewpoints).

10. Human Rights Programs This indicator assesses the strength of the company’s initiatives to comply with its obligation to respect human rights.

11. Editorial Guidelines This indicator provides an assessment of the company’s commitment to address media ethics as it relates to the dissemination of content. This includes the company’s stated values related to the impact of content on protected classes and minorities.

12. Advertising Ethics This indicator provides an assessment of the presence and strengths of a company policy on advertising ethics.

13. Human Capital Development This indicator assesses the strength of a company’s initiatives to recruit, retain, and develop human capital to avoid a shortage of skilled labor.

14. Responsible Product Offering This indicator assesses the strength of a financial institution’s initiatives to market products and services responsibly, so as to avoid predatory lending and minimize risks to the customers of such financial institution.

15. Responsible Marketing Policy This indicator provides an assessment of the quality of a company’s responsible marketing policy.

16. Human Rights Policy This indicator provides an assessment of the strength of the company’s commitment to respect human rights within its sphere of influence.

17. Gender Pay Equality Programs This indicator assesses the strength of programs a company has implemented to ensure gender pay equality. This includes initiatives to identify, measure, and close the gender pay gap.

18. Gender Pay Disclosure This indicator assesses the strength of a company’s disclosure related to the gender pay gap.

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NACP - Performance

Return Ranking - Trailing

Period NACP Return Category Return Low Category Return High Rank in Category (%)
YTD 14.0% -0.4% 18.5% 9.45%
1 Yr 32.2% 3.8% 52.7% 8.09%
3 Yr 10.3%* -12.7% 16.1% 22.98%
5 Yr 15.6%* -0.8% 109.2% 9.84%
10 Yr N/A* 2.7% 21.1% 82.30%

* Annualized

Return Ranking - Calendar

Period NACP Return Category Return Low Category Return High Rank in Category (%)
2023 27.9% -42.6% 47.4% 4.09%
2022 -25.6% -56.3% -4.2% 78.85%
2021 23.7% -27.2% 53.7% 20.34%
2020 23.9% -36.2% 2181.7% 2.90%
2019 29.0% -22.7% 40.4% 12.33%

Total Return Ranking - Trailing

Period NACP Return Category Return Low Category Return High Rank in Category (%)
YTD 14.0% -0.4% 18.5% 9.45%
1 Yr 32.2% 3.8% 52.7% 8.09%
3 Yr 10.3%* -12.7% 16.1% 22.98%
5 Yr 15.6%* -0.8% 109.2% 9.84%
10 Yr N/A* 2.7% 21.1% N/A

* Annualized

Total Return Ranking - Calendar

Period NACP Return Category Return Low Category Return High Rank in Category (%)
2023 29.7% -5.0% 47.4% 7.37%
2022 -23.0% -36.8% -2.2% 94.27%
2021 27.6% 3.0% 124.3% 38.72%
2020 25.9% -15.8% 2266.0% 3.58%
2019 30.4% -0.4% 241.3% 46.65%

NACP - Holdings

Concentration Analysis

NACP Category Low Category High NACP % Rank
Net Assets 43.5 M 2.34 M 1.55 T 94.32%
Number of Holdings 200 2 4048 34.29%
Net Assets in Top 10 17.3 M 885 K 387 B 93.84%
Weighting of Top 10 41.48% 0.3% 112.0% 21.03%

Top 10 Holdings

  1. NVIDIA CORP COMMON STOCK 10.38%
  2. STIT GOVT AGENCY INST CLASS INSTITUTIONAL 5.53%
  3. APPLE INC COMMON STOCK 5.34%
  4. META PLATFORMS INC COMMON STOCK 3.92%
  5. AMAZON.COM INC COMMON STOCK 3.64%
  6. ALPHABET INC-CL A COMMON STOCK 3.01%
  7. TESLA INC COMMON STOCK 2.73%
  8. ALPHABET INC-CL C COMMON STOCK 2.69%
  9. SALESFORCE INC COMMON STOCK 2.21%
  10. JPMORGAN CHASE CO COMMON STOCK 2.03%

Asset Allocation

Weighting Return Low Return High NACP % Rank
Stocks
94.34% 0.00% 124.03% 92.73%
Cash
5.66% 0.00% 99.06% 6.63%
Preferred Stocks
0.00% 0.00% 2.38% 96.56%
Other
0.00% -13.91% 100.00% 95.12%
Convertible Bonds
0.00% 0.00% 5.54% 96.31%
Bonds
0.00% -0.37% 93.78% 96.08%

Stock Sector Breakdown

Weighting Return Low Return High NACP % Rank
Technology
26.75% 0.00% 48.94% 14.40%
Healthcare
14.75% 0.00% 60.70% 41.01%
Consumer Cyclical
11.70% 0.00% 30.33% 26.28%
Financial Services
11.29% 0.00% 55.59% 87.14%
Communication Services
10.20% 0.00% 27.94% 16.35%
Industrials
6.90% 0.00% 29.90% 90.72%
Energy
5.79% 0.00% 41.64% 16.03%
Consumer Defense
4.79% 0.00% 47.71% 86.33%
Utilities
4.30% 0.00% 20.91% 11.96%
Basic Materials
1.86% 0.00% 25.70% 79.41%
Real Estate
1.67% 0.00% 31.91% 74.13%

Stock Geographic Breakdown

Weighting Return Low Return High NACP % Rank
US
94.34% 0.00% 124.03% 83.53%
Non US
0.00% 0.00% 62.81% 96.80%

NACP - Expenses

Operational Fees

NACP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.49% 0.01% 19.75% 74.98%
Management Fee 0.49% 0.00% 1.90% 45.46%
12b-1 Fee 0.00% 0.00% 1.00% 19.71%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

NACP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

NACP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

NACP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% 46.58%

NACP - Distributions

Dividend Yield Analysis

NACP Category Low Category High NACP % Rank
Dividend Yield 1.15% 0.00% 25.47% 56.25%

Dividend Distribution Analysis

NACP Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Monthly Quarterly

Net Income Ratio Analysis

NACP Category Low Category High NACP % Rank
Net Income Ratio 1.03% -54.00% 6.06% 31.59%

Capital Gain Distribution Analysis

NACP Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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NACP - Fund Manager Analysis

Managers

Ethan Powell


Start Date

Tenure

Tenure Rank

Jul 12, 2018

3.89

3.9%

Mr. Powell, has spent over two decades in financial services, primarily in hedge funds and private equity. Most recently Ethan founded Impact Shares which is a single issue ESG ETF issuer. Mr. Powell is the Chief Product Strategist, Executive Vice President and Secretary of Highland Capital Management Fund Advisors, L.P. and was previously a Senior Retail Fund Analyst at HCMFA and its predecessor since 2007. He has served as the Secretary of the funds in the Highland Fund Complex since November 2010 and as the Executive Vice President of the funds in the Highland Fund Complex since June 2012. Prior to joining HCMFA and its predecessor, Mr. Powell was the manager in the Merger and Acquisitions Division at Ernst & Young from 1999 to 2007.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.28 2.42