Flagship Impact Shares ETFs Receive 5-Star Overall Morningstar Ratingtm

Impact Shares, the first 501(c)3 nonprofit ETF issuer in the U.S. announced its three flagship ETFs ? NACP, WOMN and SDGA ? have received 5-Star Overall Morningstar Ratingstm in their respective categories following their three-year anniversaries.

"Since day one, our mission at Impact Shares is to transform the way people think about investing," notes Ethan Powell, CEO of Impact Shares. "The outstanding financial performance of our three flagship funds demonstrates the viability of working with leading advocacy firms to achieve actively-managed social outcomes without sacrificing financial returns."

The Impact Shares NAACP Minority Empowerment ETF (NYSE:NACP) returned 20.6% annually over the past three years, placing it within the 6th percentile beating 1176 of the 1252 funds in the U.S. Fund Large Blend category (as of 7/20/21).

The Impact Shares YWCA Women's Empowerment ETF (NYSE:WOMN) generated a 25.08% annualized return over the past three years, placing it within the top percentile of the 1,256 funds in Morningstar's U.S. Fund Large Blend category (as of 8/25/21).

The Impact Shares Sustainable Development Goals Global Equity ETF (NYSE:SDGA) generated a 13.42% annualized return since inception, placing it in the top percentile of the 1,130 funds in the U.S. Large Value category (as of 10/6/21).

Backed by The Rockefeller Foundation, Impact Shares helps organizations such as the NAACP, YWCA and United Nations Capital Development Fund (UNCDF) translate their values into an investable product traded on the New York Stock Exchange. Companies included in each ETF must commit to an evolving set of criteria, defined by the nonprofit partners, to ensure ongoing alignment of corporate behaviors with social values. Impact Shares donates all net profits from advisor fees back to these nonprofit partners. *

For more information on Impact Shares, visit impactetfs.org.

About Impact Shares

Impact Shares is an ETF issuer and investment manager that is creating a new and innovative platform for clients seeking maximum social impact with market returns. Impact Shares' goal is to build a capital markets bridge between leading nonprofits, investors and corporate America to direct capital and social engagement on societal priorities. Impact Shares is a tax-exempt non-profit organization under Section 501(c)(3) of the Internal Revenue Code. For more information about Impact Shares visit impactetfs.org.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed herein are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Impact Shares disclaims any obligation to update or revise any statements or views expressed herein.

Carefully consider the Funds' investment objectives, risk factors, and expenses before investing. This and additional information can be found in the Impact Shares statutory and summary prospectuses, which may be obtained by calling 855-267-3837, or by visiting ImpactETFs.org. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. As an actively managed Fund, OWNS does not seek to replicate a specified index. Narrowly focused investments and investments in smaller companies typically exhibit higher volatility. Investments in commodities are subject to higher volatility than more traditional investments. NACP may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. The Funds are non-diversified.

There is no guarantee that investors mentioned will continue to hold shares of the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Impact Shares ETFS are distributed by SEI Investments Distribution Co., with is not affiliated with Impact Shares Corp., the Investment Adviser for the Funds, or Community Capital Management Inc.

*Net Profits is the excess, if any, of Impact Shares' fund fees after the deduction of operating expense and a reserve for working capital. Due to the relatively small size of the Fund, Impact Shares' Fund fees have not yet exceeded its related operating expenses. Accordingly, Impact Shares has not yet made any charitable contributions from such fees. There can be no assurance that Impact Shares' Fund fees will exceed operating expenses in the future.

The Morningstar Ratingtm for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. ETFs and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Impact Shares YWCA Women's Empowerment ETF (NYSE:WOMN) was rated against 1,256 U.S.-domiciled Large Blend funds over the last three years and received a Morningstar Rating of 5 stars.

The Impact Shares NAACP Minority Empowerment ETF (NYSE:NACP) was rated against 1,252 U.S.-domiciled Large Blend funds over the last three years and received a Morningstar Rating of 5 stars.

The Impact Shares Sustainable Development Goals Global Equity ETF (NYSE:SDGA) was rated against 1,130 U.S.-domiciled Large Value funds over the last three years and received a Morningstar Rating of 5 stars.

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