497

November 9, 2018 Kathleen M. Nichols T +1 617 854 2418 kathleen.nichols@ropesgray.com

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re: Impact Shares Trust I (the “Registrant”) (Registration Nos. 333-221764 and 811-23312)

Ladies and Gentlemen:

On behalf of the Registrant and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, accompanying this letter for filing are exhibits containing an XBRL interactive data file relating to the Supplement dated October 26, 2018 to the Trust’s Prospectus, dated August 24, 2018, filed with the Securities and Exchange Commission on October 26, 2018 under Rule 497(e) (SEC Accession No. 0001193125-18-308898).

The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T, General Instruction C.3.(g) of Form N-1A, and Rule 497(e).

Please direct any questions or comments regarding this filing to me at 617-854-2418 or Kathleen.Nichols@ropesgray.com. Thank you for your attention in this matter.

Very truly yours,

/s/ Kathleen Nichols

Kathleen Nichols, Esq.

cc: Ethan Powell

Donald Guiney, Esq.

Brian D. McCabe, Esq.

Sarah H. McLaughlin, Esq.

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Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	497
Document Period End Date	dei_DocumentPeriodEndDate	Oct. 26, 2018
Registrant Name	dei_EntityRegistrantName	Impact Shares Trust I
Central Index Key	dei_EntityCentralIndexKey	0001722388
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Oct. 26, 2018
Document Effective Date	dei_DocumentEffectiveDate	Oct. 26, 2018
Prospectus Date	rr_ProspectusDate	Aug. 24, 2018
Entity Inv Company Type	dei_EntityInvCompanyType	N-1A

XML

Aug. 24, 2018

IMPACT SHARES TRUST I

Impact Shares YWCA Women’s Empowerment ETF

Ticker: WOMN – NYSE ARCA

(the “Fund”)

Supplement dated October 26, 2018 to the Summary Prospectus and the Prospectus for the Fund, each dated August 24, 2018, and the Statement of Additional Information (“SAI”) for Impact Shares Trust I dated September 11, 2018, each as supplemented and amended from time to time.

This Supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

The seventh paragraph in the section titled “Principal Investment Strategies” beginning on page 2 of the Summary Prospectus is hereby deleted in its entirety and replaced with the following:

The Underlying Index is constructed using a rules based methodology to select companies from the Parent Index that have strong women’s empowerment practices. Morningstar, Inc. (“Morningstar” or the “Index Provider”) constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Equileap, the Fund’s ESG research provider. The YWCA USA (“YWCA” or the “Partner Nonprofit”) has reviewed and approved the use of Equileap’s social screens (through the use of the Underlying Index) to measure the strength of women’s empowerment practices and products or services for each company within the Parent Index (a company’s “Gender Diversity Score”). After excluding those companies that Equileap determines are (i) involved in the weapons, gambling, or tobacco industries, (ii) on the Norwegian Ethics Council List¹ or (iii) that have experienced an applicable legal controversy, 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 to companies with higher rankings as to women’s empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. Morningstar determines the weighting of each security in the Underlying Index using the following variables: Gender Diversity Score, market capitalization, and maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.

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Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

Impact Shares Trust I

Prospectus Date

rr_ProspectusDate

Aug. 24, 2018

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

IMPACT SHARES TRUST I

Impact Shares YWCA Women’s Empowerment ETF

Ticker: WOMN – NYSE ARCA

(the “Fund”)

Supplement dated October 26, 2018 to the Summary Prospectus and the Prospectus for the Fund, each dated August 24, 2018, and the Statement of Additional Information (“SAI”) for Impact Shares Trust I dated September 11, 2018, each as supplemented and amended from time to time.

This Supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

The seventh paragraph in the section titled “Principal Investment Strategies” beginning on page 2 of the Summary Prospectus is hereby deleted in its entirety and replaced with the following:

The Underlying Index is constructed using a rules based methodology to select companies from the Parent Index that have strong women’s empowerment practices. Morningstar, Inc. (“Morningstar” or the “Index Provider”) constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Equileap, the Fund’s ESG research provider. The YWCA USA (“YWCA” or the “Partner Nonprofit”) has reviewed and approved the use of Equileap’s social screens (through the use of the Underlying Index) to measure the strength of women’s empowerment practices and products or services for each company within the Parent Index (a company’s “Gender Diversity Score”). After excluding those companies that Equileap determines are (i) involved in the weapons, gambling, or tobacco industries, (ii) on the Norwegian Ethics Council List¹ or (iii) that have experienced an applicable legal controversy, 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 to companies with higher rankings as to women’s empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. Morningstar determines the weighting of each security in the Underlying Index using the following variables: Gender Diversity Score, market capitalization, and maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.

Impact Shares YWCA Women's Empowerment ETF

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

IMPACT SHARES TRUST I

Impact Shares YWCA Women’s Empowerment ETF

Ticker: WOMN – NYSE ARCA

(the “Fund”)

Supplement dated October 26, 2018 to the Summary Prospectus and the Prospectus for the Fund, each dated August 24, 2018, and the Statement of Additional Information (“SAI”) for Impact Shares Trust I dated September 11, 2018, each as supplemented and amended from time to time.

This Supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

The seventh paragraph in the section titled “Principal Investment Strategies” beginning on page 2 of the Summary Prospectus is hereby deleted in its entirety and replaced with the following:

The Underlying Index is constructed using a rules based methodology to select companies from the Parent Index that have strong women’s empowerment practices. Morningstar, Inc. (“Morningstar” or the “Index Provider”) constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Equileap, the Fund’s ESG research provider. The YWCA USA (“YWCA” or the “Partner Nonprofit”) has reviewed and approved the use of Equileap’s social screens (through the use of the Underlying Index) to measure the strength of women’s empowerment practices and products or services for each company within the Parent Index (a company’s “Gender Diversity Score”). After excluding those companies that Equileap determines are (i) involved in the weapons, gambling, or tobacco industries, (ii) on the Norwegian Ethics Council List¹ or (iii) that have experienced an applicable legal controversy, 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 to companies with higher rankings as to women’s empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. Morningstar determines the weighting of each security in the Underlying Index using the following variables: Gender Diversity Score, market capitalization, and maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.

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Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	Impact Shares Trust I
Prospectus Date	rr_ProspectusDate	Aug. 24, 2018
Document Creation Date	dei_DocumentCreationDate	Oct. 26, 2018