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Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

 

 

 

 

Description       Shares         Fair Value

COMMON STOCK — 99.3%

    

Communication Services— 7.9%

    

AT&T

     15,340      $ 295,295  

Comcast, Cl A

     18,190       689,583  

Interpublic Group

     836       31,133  

Lumen Technologies*

     2,048       5,427  

Match Group*

     587       22,535  

Meta Platforms, Cl A*

     4,842       1,026,213  

Omnicom Group

     439       41,415  

Verizon Communications

     9,035       351,371  

Walt Disney*

     3,921       392,610  
   

 

 

 

          2,855,582  
   

 

 

 

Consumer Discretionary— 10.1%

    

Amazon.com*

     18,614       1,922,640  

Aptiv PLC*

     599       67,202  

Best Buy

     444       34,752  

Deckers Outdoor*

     58       26,074  

DoorDash, Cl A*

     553       35,148  

eBay

     1,202       53,332  

Etsy*

     278       30,950  

Expedia Group*

     334       32,408  

General Motors

     3,144       115,322  

Hasbro

     288       15,463  

Lululemon Athletica*

     258       93,961  

McDonald’s

     1,621       453,248  

Starbucks

     2,539       264,386  

Target

     990       163,974  

TJX

     2,568       201,229  

VF

     730       16,724  

Williams-Sonoma

     143       17,397  

Yum! Brands

     623       82,286  
   

 

 

 

      3,626,496  
   

 

 

 

Consumer Staples— 8.3%

    

Archer-Daniels-Midland

     1,183       94,238  

Brown-Forman, Cl A

     2       131  

Brown-Forman, Cl B

     8       514  

Campbell Soup

     433       23,806  

Church & Dwight

     524       46,327  

Clorox

     265       41,933  

Coca-Cola

     8,375       519,501  

Colgate-Palmolive

     1,798       135,120  

Conagra Brands

     1,031       38,724  

Estee Lauder, Cl A

     498       122,737  

General Mills

     1,277       109,133  

Hershey

     316       80,394  

J M Smucker

     230       36,195  

Kellogg

     551       36,895  

Kimberly-Clark

     726       97,444  

Kraft Heinz

     1,710       66,126  

Kroger

     1,400       69,118  

Molson Coors Beverage, Cl B

     403       20,827  

Mondelez International, Cl A

     2,482       173,045  

PepsiCo

     2,964       540,337  

Procter & Gamble

     5,099       758,170  
   

 

 

 

      3,010,715  
   

 

 

 

Energy— 6.1%

    

Baker Hughes, Cl A

     2,305       66,522  

Chevron

     3,838       626,208  

ConocoPhillips

     2,685       266,379  

Exxon Mobil

     8,867       972,355  

Occidental Petroleum

     1,572       98,140  

Phillips 66

     1,018       103,205  
Description       Shares         Fair Value

Williams

     2,565      $ 76,591  
   

 

 

 

          2,209,400  
   

 

 

 

Financials— 14.3%

    

Allstate

     572       63,383  

American Express

     1,285       211,961  

American International Group

     1,601       80,626  

Ameriprise Financial

     229       70,188  

Bank of America

     15,016       429,458  

Bank of New York Mellon

     1,581       71,841  

BlackRock, Cl A

     322       215,457  

Capital One Financial

     821       78,947  

Citigroup

     4,160       195,063  

Fifth Third Bancorp

     1,475       39,294  

First Republic Bank*

     394       5,512  

Goldman Sachs Group

     728       238,136  

Hartford Financial Services Group

     686       47,807  

Huntington Bancshares

     3,102       34,742  

JPMorgan Chase

     1,046       136,304  

KeyCorp

     2,007       25,128  

Lincoln National

     333       7,483  

Mastercard, Cl A

     1,825       663,223  

MetLife

     1,422       82,391  

Moody’s

     339       103,741  

Morgan Stanley

     2,837       249,088  

Northern Trust

     448       39,482  

PayPal Holdings*

     2,453       186,281  

Principal Financial Group

     491       36,491  

Progressive

     1,260       180,256  

Prudential Financial

     793       65,613  

Regions Financial

     2,011       37,324  

S&P Global

     717       247,200  

State Street

     788       59,644  

T Rowe Price Group

     480       54,192  

US Bancorp

     2,907       104,797  

Visa, Cl A

     3,514       792,267  

Wells Fargo

     8,143       304,385  
   

 

 

 

      5,157,705  
   

 

 

 

Health Care— 15.1%

    

AbbVie

     3,806       606,562  

Agilent Technologies

     637       88,123  

AmerisourceBergen, Cl A

     347       55,558  

Amgen

     1,148       277,529  

Baxter International

     1,086       44,048  

Biogen*

     310       86,189  

BioMarin Pharmaceutical*

     400       38,896  

Bristol-Myers Squibb

     4,576       317,163  

Cardinal Health

     564       42,582  

Cigna Group

     658       168,139  

Elevance Health

     513       235,882  

Eli Lilly

     60       20,605  

Gilead Sciences

     2,700       224,019  

Johnson & Johnson

     5,627       872,185  

Merck

     5,455       580,357  

Pfizer

     12,092       493,354  

Regeneron Pharmaceuticals*

     231       189,806  

UnitedHealth Group

     1,979       935,256  

Vertex Pharmaceuticals*

     552       173,919  
   

 

 

 

      5,450,172  
   

 

 

 

Industrials— 8.6%

    

3M

     1,188       124,871  

Automatic Data Processing

     892       198,586  

Avis Budget Group*

     422       82,206  

Booz Allen Hamilton Holding, Cl A

     283       26,231  

Carrier Global

     1,761       80,565  
 

Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

 

 

 

 

Description       Shares         Fair Value

Caterpillar

     1,121      $ 256,530  

Cummins

     12       2,866  

Delta Air Lines*

     1,378       48,120  

Eaton PLC

     856       146,667  

Emerson Electric

     1,273       110,929  

Fortive

     1,117       76,146  

General Electric

     2,349       224,564  

Honeywell International

     60       11,467  

Ingersoll Rand

     852       49,569  

Johnson Controls International PLC

     1,481       89,186  

Norfolk Southern

     498       105,576  

Owens Corning

     201       19,256  

Pentair PLC

     355       19,621  

Republic Services, Cl A

     432       58,415  

Robert Half International

     234       18,854  

Rockwell Automation

     247       72,482  

Southwest Airlines

     1,274       41,456  

Stanley Black & Decker

     310       24,980  

Trane Technologies PLC

     485       89,230  

TransUnion

     414       25,726  

Uber Technologies*

     6,295       199,551  

Union Pacific

     1,323       266,267  

United Parcel Service, Cl B

     1,570       304,564  

Verisk Analytics, Cl A

     337       64,657  

Waste Management

     804       131,189  

WEX*

     137       25,193  

WW Grainger

     97       66,815  

Xylem

     388       40,624  
   

 

 

 

      3,102,959  
   

 

 

 

Information Technology— 23.3%

    

Accenture PLC, Cl A

     2,037       582,195  

Adobe*

     1,502       578,826  

ANSYS*

     274       91,187  

Apple

     7,950       1,310,955  

Autodesk*

     697       145,088  

HP

     2,872       84,293  

Intel

     13,323       435,262  

International Business Machines

     2,921       382,914  

Intuit

     911       406,151  

Keysight Technologies*

     578       93,335  

Motorola Solutions

     541       154,796  

NVIDIA

     8,040       2,233,271  

Okta, Cl A*

     478       41,223  

Paychex

     675       77,348  

QUALCOMM

     3,618       461,585  

Salesforce*

     3,231       645,489  

ServiceNow*

     636       295,562  

Splunk*

     472       45,255  

TE Connectivity

     1,028       134,822  

VMware, Cl A*

     656       81,902  

Workday, Cl A*

     650       134,251  
   

 

 

 

          8,415,710  
   

 

 

 

Materials— 1.8%

    

Air Products and Chemicals

     477       136,999  

Alcoa

     371       15,790  

Avery Dennison

     173       30,955  

Celanese, Cl A

     215       23,411  

Dow

     1,515       83,052  

DuPont de Nemours

     1,069       76,722  

Ecolab

     533       88,228  

International Flavors & Fragrances

     548       50,394  

Newmont

     1,710       83,824  

PPG Industries

     505       67,458  
   

 

 

 

      656,833  
   

 

 

 

Description       Shares         Fair Value

Real Estate— 1.6%

    

Boston Properties‡

     300      $ 16,236  

CBRE Group, Cl A*

     679       49,438  

Equinix‡

     199       143,487  

Equity LifeStyle Properties‡

     376       25,241  

Essex Property Trust‡

     140       29,279  

Healthpeak Properties‡

     1,157       25,419  

Host Hotels & Resorts‡

     1,538       25,362  

Invitation Homes‡

     1,222       38,163  

Iron Mountain‡

     626       33,122  

Jones Lang LaSalle*

     102       14,840  

Mid-America Apartment Communities‡

     248       37,458  

Ventas‡

     860       37,281  

Welltower‡

     1,016       72,837  

Zillow Group, Cl A*

     121       5,288  

Zillow Group, Cl C*

     341       15,164  
   

 

 

 

      568,615  
   

 

 

 

Utilities— 2.2%

    

American Water Works

     391       57,277  

Avangrid

     151       6,022  

CenterPoint Energy

     1,352       39,830  

CMS Energy

     624       38,301  

Consolidated Edison

     763       72,996  

Dominion Energy

     1,792       100,191  

Edison International

     822       58,025  

Entergy

     17       1,832  

Exelon

     2,132       89,309  

NiSource

     873       24,409  

PG&E*

     3,461       55,964  

PPL

     1,582       43,964  

Public Service Enterprise Group

     1,050       65,573  

Sempra Energy

     676       102,184  

Vistra

     807       19,368  
   

 

 

 

      775,245  
   

 

 

 

Total Common Stock
  (Cost $35,333,268)

       35,829,432  
   

 

 

 

SHORT-TERM INVESTMENT — 0.7%

    

Invesco Government & Agency Portfolio, Cl Institutional, 4.73% (A)

     258,999       258,999  
   

 

 

 

Total Short-Term Investment
  (Cost $258,999)

       258,999  
   

 

 

 

Total Investments - 100.0%
  (Cost $35,592,267)

      $   36,088,431  
   

 

 

 

Percentages are based on Net Assets of $36,093,490.

 

*

Non-income producing security.

‡ 

Real Estate Investment Trust

(A)

Rate shown represents the 7-day effective yield as of March 31, 2023.

Cl — Class

PLC — Public Limited Company

IMP-QH-001-1000

 

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

 

 

 

 

Description       Shares         Fair Value

COMMON STOCK — 94.1%

    

Communication Services— 9.7%

    

Alphabet, Cl A*

     10,277      $ 1,066,033  

Alphabet, Cl C*

     9,110       947,440  

AT&T

     16,775       322,919  

Electronic Arts

     615       74,077  

Interpublic Group

     929       34,596  

Lumen Technologies*

     2,242       5,941  

Meta Platforms, Cl A*

     5,283       1,119,679  

Verizon Communications

     9,882       384,311  
   

 

 

 

      3,954,996  
   

 

 

 

Consumer Discretionary— 8.7%

    

Amazon.com*

     11,394       1,176,886  

Aptiv PLC*

     528       59,236  

BorgWarner

     461       22,640  

Dollar Tree*

     411       58,999  

eBay

     1,057       46,899  

Ford Motor

     7,665       96,579  

General Motors

     2,759       101,200  

Hasbro

     258       13,852  

Hilton Worldwide Holdings

     40       5,635  

Lear

     114       15,902  

Lowe’s

     1,206       241,164  

Marriott International, Cl A

     40       6,641  

MercadoLibre*

     91       119,944  

NIKE, Cl B

     2,445       299,855  

Royal Caribbean Cruises*

     423       27,622  

Target

     897       148,570  

Tesla*

     5,190       1,076,717  

VF

     643       14,731  
   

 

 

 

      3,533,072  
   

 

 

 

Consumer Staples— 4.6%

    

Archer-Daniels-Midland

     1,069       85,156  

Bunge

     290       27,701  

Campbell Soup

     390       21,442  

Clorox

     238       37,661  

Coca-Cola

     7,565       469,257  

Constellation Brands, Cl A

     316       71,381  

Hormel Foods

     561       22,373  

J M Smucker

     208       32,733  

Kellogg

     497       33,279  

Kimberly-Clark

     656       88,048  

Kraft Heinz

     1,546       59,784  

Kroger

     1,265       62,453  

Molson Coors Beverage, Cl B

     367       18,967  

Mondelez International, Cl A

     2,655       185,107  

PepsiCo

     2,677       488,017  

Sysco

     985       76,072  

Tyson Foods, Cl A

     562       33,338  

US Foods Holding*

     403       14,887  

Walgreens Boots Alliance

     1,397       48,308  
   

 

 

 

          1,875,964  
   

 

 

 

Energy— 5.9%

    

Cheniere Energy

     484       76,279  

Chevron

     3,456       563,881  

ConocoPhillips

     2,420       240,088  

Devon Energy

     1,269       64,224  

Exxon Mobil

     8,009       878,267  

Hess

     540       71,464  

Kinder Morgan

     3,838       67,203  

Marathon Petroleum

     912       122,965  

ONEOK

     869       55,216  
Description       Shares         Fair Value

Phillips 66

     919      $ 93,168  

Range Resources

     73       1,932  

Valero Energy

     750       104,700  

Williams

     2,365       70,619  
   

 

 

 

      2,410,006  
   

 

 

 

Financials— 10.8%

    

American Express

     1,161       191,507  

Aon PLC, Cl A

     401       126,431  

Bank of America

     13,569       388,074  

Bank of New York Mellon

     1,429       64,934  

Charles Schwab

     2,959       154,992  

Citigroup

     3,760       176,307  

Huntington Bancshares

     2,806       31,427  

JPMorgan Chase

     5,698       742,506  

Mastercard, Cl A

     1,649       599,263  

MetLife

     1,283       74,337  

Moody’s

     308       94,254  

Morgan Stanley

     2,562       224,944  

Nasdaq

     658       35,973  

PayPal Holdings*

     2,213       168,055  

PNC Financial Services Group

     782       99,392  

Regions Financial

     1,815       33,686  

S&P Global

     648       223,411  

Synchrony Financial

     875       25,445  

T Rowe Price Group

     434       48,999  

Travelers

     454       77,820  

Truist Financial

     2,577       87,876  

Visa, Cl A

     3,176       716,061  
   

 

 

 

      4,385,694  
   

 

 

 

Health Care— 14.8%

    

Abbott Laboratories

     3,388       343,069  

AbbVie

     3,441       548,392  

Agilent Technologies

     573       79,269  

Baxter International

     984       39,911  

Becton Dickinson

     554       137,137  

Biogen*

     279       77,570  

Boston Scientific*

     2,783       139,233  

Bristol-Myers Squibb

     4,137       286,735  

Cigna Group

     595       152,040  

CVS Health

     2,550       189,491  

Edwards Lifesciences*

     1,201       99,359  

Elevance Health

     474       217,950  

Gilead Sciences

     2,443       202,696  

Illumina*

     303       70,463  

Johnson & Johnson

     5,088       788,640  

Laboratory Corp of America Holdings

     172       39,460  

Medtronic PLC

     2,590       208,806  

Merck

     4,938       525,354  

Pfizer

     10,945       446,556  

Quest Diagnostics

     221       31,267  

ResMed

     284       62,193  

Teleflex

     92       23,305  

Thermo Fisher Scientific

     762       439,194  

UnitedHealth Group

     1,815       857,751  
   

 

 

 

          6,005,841  
   

 

 

 

Industrials— 8.5%

    

3M

     1,075       112,993  

AECOM

     276       23,272  

American Airlines Group*

     1,258       18,555  

AMETEK

     446       64,817  

Automatic Data Processing

     807       179,663  

Boeing*

     1,089       231,336  

Booz Allen Hamilton Holding, Cl A

     258       23,914  
 

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

 

 

 

 

Description       Shares         Fair Value

CSX

     4,082      $ 122,215  

Cummins

     274       65,453  

Deere

     535       220,891  

Delta Air Lines*

     1,243       43,406  

Eaton PLC

     772       132,275  

Emerson Electric

     1,149       100,124  

Expeditors International of Washington

     311       34,247  

FedEx

     463       105,791  

General Electric

     2,120       202,672  

Honeywell International

     1,308       249,985  

Howmet Aerospace

     715       30,295  

Illinois Tool Works

     543       132,193  

Jacobs Solutions

     254       29,848  

JB Hunt Transport Services

     161       28,249  

Johnson Controls International PLC

     1,358       81,779  

Lennox International

     63       15,830  

Lincoln Electric Holdings

     114       19,278  

Nordson

     105       23,337  

Northrop Grumman

     281       129,743  

Rockwell Automation

     223       65,439  

Southwest Airlines

     1,153       37,519  

Stanley Black & Decker

     286       23,046  

Textron

     408       28,817  

Uber Technologies*

     7,964       252,459  

Union Pacific

     1,195       240,506  

United Airlines Holdings*

     633       28,010  

United Parcel Service, Cl B

     1,414       274,302  

United Rentals

     133       52,636  

Xylem

     349       36,540  
   

 

 

 

          3,461,435  
   

 

 

 

Information Technology— 24.3%

    

Accenture PLC, Cl A

     2,519       719,956  

Apple

     13,227       2,181,132  

Cisco Systems

     16,432       858,983  

Dell Technologies, Cl C

     1,038       41,738  

HP

     3,542       103,958  

Intel

     16,502       539,120  

International Business Machines

     3,621       474,677  

Micron Technology

     4,356       262,841  

Microsoft

     524       151,069  

NVIDIA

     9,932       2,758,812  

Palo Alto Networks*

     1,175       234,694  

QUALCOMM

     4,490       572,834  

Salesforce*

     3,993       797,722  

Workday, Cl A*

     802       165,645  
   

 

 

 

      9,863,181  
   

 

 

 

Materials— 1.8%

    

Albemarle

     227       50,176  

Alcoa

     343       14,598  

CF Industries Holdings

     381       27,619  

DuPont de Nemours

     963       69,114  

Eastman Chemical

     232       19,567  

Ecolab

     482       79,785  

FMC

     243       29,678  

Freeport-McMoRan, Cl B

     2,774       113,484  

International Flavors & Fragrances

     495       45,520  

Martin Marietta Materials

     120       42,607  

Mosaic

     661       30,327  

Newmont

     1,541       75,540  

PPG Industries

     455       60,779  

Southern Copper

     168       12,810  
Description       Shares         Fair Value

Vulcan Materials

     259      $ 44,434  
   

 

 

 

      716,038  
   

 

 

 

Real Estate— 1.5%

    

American Homes 4 Rent, Cl A‡

     597       18,776  

AvalonBay Communities‡

     272       45,712  

Crown Castle International‡

     60       8,031  

Equinix‡

     179       129,066  

Equity Residential‡

     661       39,660  

Healthpeak Properties‡

     1,044       22,937  

Jones Lang LaSalle*

     95       13,821  

Prologis‡

     1,794       223,837  

Regency Centers‡

     301       18,415  

Welltower‡

     919       65,883  
   

 

 

 

      586,138  
   

 

 

 

Utilities— 3.5%

    

AES

     1,295       31,184  

Alliant Energy

     484       25,846  

American Electric Power

     1,007       91,627  

Avangrid

     133       5,304  

CMS Energy

     563       34,557  

Consolidated Edison

     691       66,108  

Dominion Energy

     1,621       90,630  

DTE Energy

     377       41,297  

Edison International

     740       52,236  

Entergy

     28       3,017  

Eversource Energy

     675       52,825  

Exelon

     1,926       80,680  

FirstEnergy

     1,054       42,223  

NextEra Energy

     3,859       297,452  

NiSource

     787       22,004  

NRG Energy

     447       15,328  

PPL

     1,430       39,740  

Public Service Enterprise Group

     967       60,389  

Sempra Energy

     610       92,208  

Southern

     2,117       147,301  

WEC Energy Group

     612       58,011  

Xcel Energy

     1,062       71,621  
   

 

 

 

      1,421,588  
   

 

 

 

Total Common Stock
  (Cost $35,793,383)

       38,213,953  
   

 

 

 

SHORT-TERM INVESTMENT — 5.9%

    

Invesco Government & Agency Portfolio, Cl Institutional, 4.73% (A)

     2,398,401       2,398,401  
   

 

 

 

Total Short-Term Investment
  (Cost $2,398,401)

       2,398,401  
   

 

 

 

Total Investments - 100.0%
  (Cost $38,191,784)

      $   40,612,354  
   

 

 

 

Percentages are based on Net Assets of $40,629,192.

 

*

Non-income producing security.

‡ 

Real Estate Investment Trust

(A)

Rate shown represents the 7-day effective yield as of March 31, 2023.

Cl — Class

PLC — Public Limited Company

IMP-QH-001-1000

 

Impact Shares

Affordable Housing MBS ETF

Schedule of Investments

March 31, 2023 (Unaudited)

 

 

 

 

Description  

Face

Amount/Shares

   Fair Value

MORTGAGE-BACKED SECURITIES — 98.2%

 

Agency Mortgage-Backed Obligations — 98.2%

 

FHLMC

        

6.000%, 12/01/2023 to 04/01/2053

     $ 1,036,297     $ 1,060,989

5.500%, 02/01/2029 to 03/01/2053

       560,857       567,808

5.000%, 03/01/2050 to 04/01/2053

       1,481,995       1,481,641

4.500%, 01/01/2049 to 04/01/2053

       3,078,355       3,023,474

4.000%, 10/01/2037 to 01/01/2053

       5,381,222       5,183,496

3.500%, 10/01/2051 to 07/01/2052

       4,189,110       3,897,543

3.000%, 09/01/2034 to 08/01/2052

       9,401,433       8,525,357

2.500%, 08/01/2051 to 03/01/2052

       7,563,331       6,542,310

2.000%, 08/01/2035 to 01/01/2052

       14,992,601       12,690,848

1.500%, 08/01/2036

       426,358       374,965

FNMA

        

6.000%, 11/01/2052 to 02/01/2053

       315,119       323,165

5.500%, 04/01/2031 to 04/01/2053

       1,535,455       1,555,058

5.000%, 12/01/2048 to 02/01/2053

       3,147,299       3,144,643

4.500%, 11/01/2048 to 12/01/2052

       3,419,307       3,362,776

4.000%, 07/01/2048 to 11/01/2052

       4,708,384       4,523,161

3.500%, 06/01/2028 to 06/01/2052

       6,996,430       6,590,561

3.000%, 04/01/2025 to 08/01/2052

       5,389,633       4,913,039

2.500%, 05/01/2026 to 04/01/2052

       16,147,259       14,195,356

2.000%, 04/01/2036 to 02/01/2052

       16,797,312       14,103,952

1.500%, 10/01/2036

       501,723       442,680

GNMA

        

5.000%, 03/20/2050

       138,565       140,913

4.500%, 02/20/2050

       386,140       384,057

4.000%, 10/20/2050 to 01/20/2051

       900,113       873,630

3.500%, 12/20/2050

       1,860,060       1,758,896

3.000%, 03/20/2050

       2,305,305       2,118,524

2.500%, 08/20/2051

       1,332,112       1,167,656
       

 

 

 

          102,946,498
       

 

 

 

Total Mortgage-Backed Securities
  (Cost $114,288,794)

 

       102,946,498
       

 

 

 

SHORT-TERM INVESTMENT — 1.7%

 

Morgan Stanley Institutional Liquidity Fund, Government Portfolio Institutional Share Class, 4.73% (A)

       1,734,822       1,734,822
       

 

 

 

Total Short-Term Investment
  (Cost $1,734,822)

           1,734,822
       

 

 

 

Description                 Fair Value

Total Investments - 99.9%
  (Cost $116,023,616)

        $   104,681,320  
     

 

 

 

Percentages are based on Net Assets of $104,823,288.

 

(A)

Rate shown represents the 7-day effective yield as of March 31, 2023.

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

IMP-QH-001-1000