Impact Shares YWCA Women's Empowerment ETF
ETF
WOMN
Price as of:
$34.59
- $0.07
- 0.19%
Primary Theme
fund company
Name
As of 04/16/2024Price
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
Vitals
YTD Return
4.1%
1 yr return
22.6%
3 Yr Avg Return
7.5%
5 Yr Avg Return
15.7%
Net Assets
$53.2 M
Holdings in Top 10
31.8%
52 WEEK LOW AND HIGH
$34.7
$27.95
$36.14
Expenses
OPERATING FEES
Expense Ratio 0.75%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 39.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/16/2024Price
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
WOMN - Profile
Distributions
- YTD Total Return 4.1%
- 3 Yr Annualized Total Return 7.5%
- 5 Yr Annualized Total Return 15.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.73%
- Dividend Yield 1.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameImpact Shares YWCA Women's Empowerment ETF
-
Fund Family NameImpact Shares
-
Inception DateAug 27, 2018
-
Shares Outstanding1049951
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerEthan Powell
Fund Description
The Fund will, under normal circumstances, invest at least 80% of its total assets plus any 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 or other instruments not included in the Underlying Index, but which Impact Shares 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 (including equity and debt securities) 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 its 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 U.S. large and mid‑ capitalization companies that are “empowering to women,” and to exhibit risk and return characteristics similar to those of the Morningstar US Large‑Mid Cap® Index (the “Parent Index”), as described below. The Parent Index is a free float market‑cap weighted index that constitutes 90% of the total market capitalization of the U.S. market. The Parent Index is an equity benchmark designed to comprehensively represent the performance of the companies incorporated and/or listed in the United States and contains large and mid‑capitalization equities and is designed with the following objectives in mind: (1) transparent and objective rules; (2) full investibility; and (3) low turnover.
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
| 1 | The list of companies that the Council of Ethics for the Norwegian Government Pension Fund Global (the “Pension Fund”) has recommended excluding from the Pension Fund’s portfolio of investments on the grounds that investment in such companies would be inconsistent with the Pension Fund’s Ethical Guidelines. |
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.
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 Equileap, 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 Gender Diversity Score that narrows the universe of companies included in the Parent Index. Equileap determines a company’s Gender Diversity Score based upon its analysis of publicly available information, as reported by such company in its most recent annual report for its fiscal year end.
Each of the social screens for the Fund addresses an issue that has a history of YWCA support.
CATEGORY A: GENDER BALANCE IN LEADERSHIP & WORKFORCE
1. Non‑Executive Board: Percentage of male and female as a proportion of the total number of non‑executive Board members, as of the fiscal year end wherever available, otherwise as of the date of the latest filing.
2. Executives: Percentage of male and female executives as a proportion of the total number of executives, as of the fiscal year end wherever available, otherwise as of the date of the latest filing Executives are either defined by the company or represent those individuals that form the company executive committee/ board, management committee/board or equivalent.
3. Senior Management: Percentage of male and female senior management, as a proportion of the total number of senior management, as of the fiscal year end wherever available, otherwise as of the date of the latest filing. Senior management are defined and reported by the company.
4. Workforce: Percentage of male and female employees at the company, as a percentage of total employees.
5. Promotion & Career Development Opportunities: Ratio of male and female employees in management compared to ratio of each gender in total employees.
CATEGORY B: EQUAL COMPENSATION & WORK LIFE BALANCE
6. Fair Remuneration: Demonstrates a commitment to ensure payment of a fair wage to all employees, even in those countries that do not legally require a minimum wage.
7. Equal Pay: Commitment to provide comparable wages, hours, and benefits, including retirement benefits, for all employees for comparable work in country of incorporation.
8. Parental Leave: Paid leave programs for child and dependent care to both women and men (maternity leave, paternity leave, dependent care) in country of incorporation.
9. Flexible Work Options: Option for employees to control and/or vary the start/end times of the workday and/or vary the location from which employees work in country of incorporation.
CATEGORY C: POLICIES PROMOTING GENDER EQUALITY
10. Training and Career Development: Ensures equal access to training and career development.
11. Recruitment Strategy: Commitment to ensure non‑discrimination against any type of demographic group. This could be in the form of an equal opportunities policy, as described by the company.
12. Freedom from Violence, Abuse and Sexual Harassment: Prohibit all forms of violence in the workplace, including verbal, physical and sexual harassment.
13. Safety at Work: Commitment to the safety of employees in the workplace, in travel to and from the workplace, and on company related business, and ensure the safety of vendors in the workplace.
14. Human Rights: Commitment to ensure the protection of the rights of all people it works with including employees’ rights to participate in legal, civic and political affairs.
15. Social Supply Chain: Commitment to reduce social risks in its supply chain such as forbidding business-related activities that condone, support, or otherwise participate in human trafficking, including for labor or sexual exploitation
16. Supplier Diversity: Commitment to ensure diversity in the supply chain, including a focus to ensure female-owned businesses in the supply chain.
17. Employee Protection: Systems and policies for the reporting of internal ethical compliance complaints without retaliation or retribution, including but not limited to access to confidential third-party ethics hotlines or systems for confidential written complaints
CATEGORY D: COMMITMENT, TRANSPARENCY & ACCOUNTABILITY
18. Commitment to Women’s Empowerment: Recognition and commitment to ensuring women’s empowerment in the workplace.
19. Audit: Undertaken and awarded an independent gender audit certificate by an Equileap recognized body.
WOMN - Performance
Return Ranking - Trailing
| Period | WOMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.1% | -47.2% | 13.8% | 78.73% |
| 1 Yr | 22.6% | -38.4% | 44.8% | 52.87% |
| 3 Yr | 7.5%* | -15.0% | 26.9% | 35.42% |
| 5 Yr | 15.7%* | -8.9% | 106.7% | 1.51% |
| 10 Yr | N/A* | 0.2% | 20.6% | 77.63% |
* Annualized
Return Ranking - Calendar
| Period | WOMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 25.8% | -42.6% | 47.4% | 7.91% |
| 2022 | -24.7% | -56.3% | -4.2% | 76.52% |
| 2021 | 21.1% | -27.2% | 53.7% | 30.48% |
| 2020 | 26.0% | -36.2% | 2181.7% | 0.85% |
| 2019 | 30.9% | -22.7% | 40.4% | 6.03% |
Total Return Ranking - Trailing
| Period | WOMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.1% | -47.2% | 13.8% | 78.73% |
| 1 Yr | 22.6% | -38.4% | 44.8% | 52.87% |
| 3 Yr | 7.5%* | -15.0% | 26.9% | 35.42% |
| 5 Yr | 15.7%* | -8.9% | 106.7% | 1.51% |
| 10 Yr | N/A* | 0.2% | 20.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | WOMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 28.2% | -5.0% | 47.4% | 12.14% |
| 2022 | -18.0% | -36.8% | -2.2% | 47.36% |
| 2021 | 24.9% | 3.0% | 124.3% | 70.17% |
| 2020 | 34.1% | -15.8% | 2266.0% | 0.76% |
| 2019 | 32.0% | -0.4% | 241.3% | 16.42% |
WOMN - Holdings
Concentration Analysis
| WOMN | Category Low | Category High | WOMN % Rank | |
|---|---|---|---|---|
| Net Assets | 53.2 M | 2.34 M | 1.55 T | 91.44% |
| Number of Holdings | 201 | 1 | 4053 | 33.44% |
| Net Assets in Top 10 | 15.6 M | 885 K | 387 B | 93.56% |
| Weighting of Top 10 | 31.79% | 0.3% | 112.0% | 59.89% |
Top 10 Holdings
- AMAZON.COM INC COMMON STOCK 5.04%
- APPLE INC COMMON STOCK 4.91%
- META PLATFORMS INC COMMON STOCK 4.06%
- MICROSOFT CORP COMMON STOCK 3.13%
- ADOBE INC COMMON STOCK 2.71%
- SALESFORCE INC COMMON STOCK 2.56%
- ELI LILLY CO COMMON STOCK 2.54%
- UNITEDHEALTH GROUP INC COMMON STOCK 2.52%
- ACCENTURE PLC-CL A COMMON STOCK 2.20%
- VISA INC-CLASS A SHARES COMMON STOCK 2.12%
Asset Allocation
| Weighting | Return Low | Return High | WOMN % Rank | |
|---|---|---|---|---|
| Stocks | 100.53% | 0.00% | 124.03% | 1.57% |
| Preferred Stocks | 0.00% | 0.00% | 2.38% | 94.82% |
| Other | 0.00% | -13.91% | 100.00% | 94.90% |
| Convertible Bonds | 0.00% | 0.00% | 5.54% | 94.17% |
| Cash | 0.00% | 0.00% | 99.06% | 99.84% |
| Bonds | 0.00% | -0.50% | 93.78% | 94.27% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | WOMN % Rank | |
|---|---|---|---|---|
| Technology | 21.95% | 0.00% | 48.94% | 66.85% |
| Healthcare | 18.32% | 0.00% | 60.70% | 11.98% |
| Financial Services | 14.90% | 0.00% | 55.59% | 31.39% |
| Consumer Cyclical | 10.36% | 0.00% | 30.33% | 55.99% |
| Consumer Defense | 8.22% | 0.00% | 47.71% | 22.60% |
| Communication Services | 7.50% | 0.00% | 27.94% | 64.22% |
| Industrials | 6.80% | 0.00% | 29.90% | 91.37% |
| Energy | 5.96% | 0.00% | 41.64% | 14.78% |
| Utilities | 2.38% | 0.00% | 20.91% | 58.95% |
| Basic Materials | 1.96% | 0.00% | 25.70% | 77.72% |
| Real Estate | 1.65% | 0.00% | 31.91% | 73.96% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | WOMN % Rank | |
|---|---|---|---|---|
| US | 100.53% | 0.00% | 124.03% | 1.18% |
| Non US | 0.00% | 0.00% | 62.81% | 94.98% |
WOMN - Expenses
Operational Fees
| WOMN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.75% | 0.01% | 16.07% | 54.50% |
| Management Fee | 0.75% | 0.00% | 1.89% | 91.32% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 20.69% |
| Administrative Fee | N/A | 0.00% | 0.85% | N/A |
Sales Fees
| WOMN 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
| WOMN 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.
| WOMN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 39.00% | 0.00% | 496.00% | 69.50% |
WOMN - Distributions
Dividend Yield Analysis
| WOMN | Category Low | Category High | WOMN % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.01% | 0.00% | 25.84% | 40.52% |
Dividend Distribution Analysis
| WOMN | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Monthly | Annual |
Net Income Ratio Analysis
| WOMN | Category Low | Category High | WOMN % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.73% | -54.00% | 6.06% | 48.48% |
Capital Gain Distribution Analysis
| WOMN | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Monthly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Apr 01, 2024 | $0.081 | OrdinaryDividend |
| Dec 29, 2023 | $0.360 | OrdinaryDividend |
| Sep 29, 2023 | $0.083 | OrdinaryDividend |
| Jun 30, 2023 | $0.080 | OrdinaryDividend |
| Mar 31, 2023 | $0.077 | OrdinaryDividend |
| Sep 30, 2022 | $0.089 | OrdinaryDividend |
| Jun 30, 2022 | $0.080 | OrdinaryDividend |
| Mar 31, 2022 | $0.093 | OrdinaryDividend |
| Sep 30, 2021 | $0.049 | OrdinaryDividend |
| Jun 30, 2021 | $0.040 | OrdinaryDividend |
| Mar 31, 2021 | $0.061 | OrdinaryDividend |
| Sep 30, 2020 | $0.054 | OrdinaryDividend |
| Jun 30, 2020 | $0.057 | OrdinaryDividend |
| Mar 31, 2020 | $0.063 | OrdinaryDividend |
| Sep 30, 2019 | $0.062 | OrdinaryDividend |
| Jun 28, 2019 | $0.072 | OrdinaryDividend |
| Mar 29, 2019 | $0.044 | OrdinaryDividend |
| Sep 28, 2018 | $0.021 | OrdinaryDividend |
WOMN - Fund Manager Analysis
Managers
Ethan Powell
Start Date
Tenure
Tenure Rank
Aug 24, 2018
3.77
3.8%
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.
Emma Muhleman
Start Date
Tenure
Tenure Rank
Mar 31, 2022
0.17
0.2%
Ms. Muhleman is a Certified Public Accountant and CFA Charterholder, having served as an investment specialist focused on global macroeconomics, equities, foreign exchange, rates and credit over the past decade. Ms. Mulheman joined Brookmont and Impact Shares in March 2022. Ms. Muhleman brings skills in data science, machine learning and artificial intelligence to the investment process. Prior to joining Impact Shares, Ms. Muhleman worked in various roles at Ascend Investment Management, Allianz Global Investors, and Pacific View Asset Management. Emma received a Bachelor of Science from San Diego State University in 2009, a Master of Science in Accounting and Finance and a Master of Taxation from the University of Notre Dame in 2010.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 39.02 | 7.23 | 2.42 |