Impact Shares NAACP Minority Empowerment ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About NACP
The Fund will, under normal circumstances,invest at least 80% of its total assets, plus borrowings for investment purposes (the “80% basket”) in component securitiesof 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 whichTidal Investments LLC (the “Adviser”) believes will help the Fund track the Underlying Index. For example, the Fundmay 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 securitiesof any type and of companies of any market capitalization (including small- and mid-capitalization companies), marketsector or industry, but expects to invest primarily in equity securities of U.S. companies. The Fund may use the 20% basket toinvest in securities issued by other investment companies, including other exchange-traded funds. In addition, the Fund’s20% basket may be invested in cash and cash equivalents, including shares of money market funds advised by the Adviser or its affiliates. Unlike many investment companies, the Funddoes not try to “beat” the index it tracks. The Fund uses a passive management strategy designed to track the totalreturn performance of the Underlying Index. The Adviser may employ a representativesampling indexing strategy for managing the Fund, which entails investing in a sample of securities that together have an investmentprofile mirroring the Underlying Index. However, the Fund will only use representative sampling in a manner consistent with its80% policy. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such asmarket capitalization and industry weightings), fundamental characteristics (such as return variability, leverage and price toearnings ratios) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securitiesin the Underlying Index. “Tracking error” is the difference between the performance (return) of the Fund’s portfolioand that of the Underlying Index. The Adviser expects that, over time, the Fund’s tracking error will not exceed 5%. Fundsthat employ a representative sampling strategy may incur tracking error risk to a greater extent than funds that seek to replicatean index. The Fund concentrates its investments ina particular industry or group of industries to approximately the same extent as the Underlying Index is so concentrated. The Underlying Index is designed to measurethe performance of large and mid- capitalization companies that are “empowering to minorities,” and to exhibitrisk and return characteristics similar to those of the Morningstar US Large-Mid Cap® Index, as describedbelow. The Underlying Index is constructed usinga rules-based methodology to select companies from the Morningstar US Large-Mid Cap® Index (the “ParentIndex”), a free float market-cap weighted index that constitutes 90% of the total market capitalization of theU.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 socialcriteria identified and compiled by the NAACP (“NAACP” or the “Partner Nonprofit”) to measure the strengthof minority empowerment practices and products or services for each company within the Parent Index (a company’s “MinorityEmpowerment Composite Score”). Based on that scoring, after excluding those companies that Sustainalytics determines (i) derivemore than 5% of their revenues from predatory lending activities, (ii) derive more than 5% of their revenues from the productionof tobacco products, (iii) are involved in the production of riot control weapons, (iv) operate correctional facilitiesor provide security services, (v) are primarily involved in the production of oil, gas or coal, (vi) are not compliantwith 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 Morningstaras 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 tomaximize exposure of companies with higher rankings as to minority empowerment practices, while maintaining an Underlying Indexthat exhibits risk and return characteristics similar to those of the Parent Index. The Index Provider determines the weightingof 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 containapproximately 200 securities, but this number may change. If a company in the Underlying Index has acted in a manner inconsistentwith 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 accordancewith 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 methodologydescribed above annually. Rebalancing refers to the process of adjusting the weights of the constituent securities in the UnderlyingIndex in accordance with its optimized weighting methodology in response to changes in stock value and market capitalization. Reconstitutionrefers to the process of changing the constituent securities in the Underlying Index so that securities that no longer meet thecriteria for the Underlying Index are excluded and new securities that do meet those criteria are included. The composition of the Underlying Indexis 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 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. 1. Board Diversity Thisindicator provides an assessment of the diversity of a company’s board of directors. Diversity of background can providefresh perspectives in the boardroom and lead to better board decision-making. 2. DiscriminationPolicy This indicator provides an assessment of the quality of a company’s policy to eliminate discrimination, includingracial discrimination, and ensure equal opportunity. 3. Scope ofSupplier Social Standards This indicator provides a general assessment of whether a company has supply chain/contractor socialpolicies and the scope of its social standards, including items such as nondiscrimination policies. 4. Freedomof Association Policy This indicator provides an assessment of the quality of a company’s freedom of associationand collective bargaining policy, including its impact on racial minorities. 5. DiversityPrograms This indicator assesses the strength of a company’s initiatives to increase the diversity of its workforce,including racial diversity. 6. CommunityDevelopment Programs This indicator assesses the strength of a company’s local community development programs. Itdoes not focus on cash donations, but formal programs that promote long-term economic development among communities, includingminority communities, directly affected by the company’s operations. 7. Minority-InclusiveHealth and Safety Management System This indicator assesses the strength of the company’s initiatives to manageemployee health and safety and prevent accidents and occupational illnesses. 8. ConflictMinerals Programs This indicator measures the strength of a company’s initiatives to eliminate conflict minerals fromits 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 regionsand may be used to financially support the conflict or human rights abuses. 9. Media EthicsPrograms This indicator assesses the strength of a company’s initiatives to ensure good governance, ethics, and integritythroughout its content creation to ensure impartiality, transparency, objectivity, fairness, age-appropriateness, independence,plurality, and inclusiveness (diversity of content, topics, and viewpoints). 10. Human RightsPrograms This indicator assesses the strength of the company’s initiatives to comply with its obligation to respect humanrights. 11. Editorial GuidelinesThis indicator provides an assessment of the company’s commitment to address media ethics as it relates to the disseminationof content. This includes the company’s stated values related to the impact of content on protected classes and minorities. 12. AdvertisingEthics This indicator provides an assessment of the presence and strengths of a company policy on advertising ethics. 13. Human CapitalDevelopment This indicator assesses the strength of a company’s initiatives to recruit, retain, and develop human capitalto avoid a shortage of skilled labor. 14. ResponsibleProduct Offering This indicator assesses the strength of a financial institution’s initiatives to market products andservices responsibly, so as to avoid predatory lending and minimize risks to the customers of such financial institution. 15. ResponsibleMarketing Policy This indicator provides an assessment of the quality of a company’s responsible marketing policy. 16. Human RightsPolicy This indicator provides an assessment of the strength of the company’s commitment to respect human rights withinits sphere of influence. 17. Gender Pay EqualityPrograms This indicator assesses the strength of programs a company has implemented to ensure gender pay equality. This includesinitiatives to identify, measure, and close the gender pay gap. 18. Gender Pay DisclosureThis indicator assesses the strength of a company’s disclosure related to the gender pay gap.
NACP News
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- Trading the Move, Not the Narrative: (NACP) Edition
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- (NACP) Volatility Zones as Tactical Triggers
- Price-Driven Insight from (NACP) for Rule-Based Strategy
Data for NACP is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.