Impact Shares

What Impact Shares does

Impact Shares is a 501(c)(3) nonprofit organization operating as an ETF issuer and investment manager, headquartered in Dallas, Texas. The company partners with established nonprofit organizations to translate social values into investable exchange-traded funds traded on NYSE Arca. Its current product lineup includes four ETFs: NACP (NAACP Minority Empowerment ETF, tracking the Morningstar Minority Empowerment Index), WOMN (Women's Empowerment ETF, tracking the Morningstar Women's Empowerment Index), OWNS (Affordable Housing MBS ETF, in partnership with Community Capital Management), and NTZO (MSCI Global Climate Select ETF); a fifth fund, SDGA (Sustainable Development Goals Global Equity ETF), was liquidated in February 2023. The underlying technology is index-tracking ETF construction, with proprietary Morningstar indices licensed for the firm's two flagship funds and standard fund administration outsourced to third parties.

Impact Shares generates revenue through ETF management fees, with expense ratios of 0.49% on NACP and 0.75% on WOMN applied to assets under management. Combined AUM across the two flagship funds is approximately $130M (NACP $74.28M, WOMN $55.74M). The company's stated model directs net profits, after operating expenses and a working capital reserve, to nonprofit partners; however, the company explicitly discloses that fund fees have not yet exceeded operating expenses and no charitable contributions have been made. Distribution is achieved through open-architecture retail brokerage platforms including Charles Schwab, Robinhood, Fidelity, Vanguard, BNY Mellon, Interactive Brokers, Public, Betterment, and SoFi, with a primary customer segment of impact-driven retail investors seeking to align portfolios with social values without sacrificing market-rate returns.

The operating model is asset-light and outsourced: Tidal Investments LLC serves as investment advisor, Foreside Fund Services LLC as distributor, and Morningstar as index provider. The team is small (1–10 employees), including founder Ethan Powell and Chief Engagement Officer Marvin J. Owens Jr. (former NAACP Senior Director of Economic Programs). Impact Shares maintains no venture capital or private equity backing, operating as an independent nonprofit entity under Section 501(c)(3), with Impact Shares Trust I registered as a Delaware statutory trust.

Name

Impact Shares

Legal name

Impact Shares Trust I

Website

https://impactetfs.org

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Impact Shares is a 501(c)(3) nonprofit ETF issuer that partners with nonprofits (NAACP, YWCA, Community Capital Management) to launch and manage socially conscious exchange-traded funds on NYSE Arca, including the NACP and WOMN ETFs, distributed through major retail brokerage platforms.

Ownership category

akta.pro rank

Product category

Impact Investing ETFs

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact Investing (Intentional, Measurable Social/Environmental Outcomes) (FSAAALAC)

akta.pro secondary industries

Sector & Industry Equity ETFs (FSAAAFAC), Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

Keywords

• Impact ETFs
• Thematic exchange-traded funds
• Social impact investing
• Nonprofit ETF issuer
• ESG equity funds

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. ETF Management Fees: Impact Shares earns fund fees from its ETF products. The expense ratios are 0.49% for NACP and 0.75% for WOMN. Net profits (excess fund fees after operating expenses and working capital reserves) are donated to nonprofit partners including NAACP and YWCA. Due to the relatively small fund sizes, fund fees have not yet exceeded operating expenses.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Impact Shares is an ETF issuer and investment manager that creates socially conscious exchange-traded funds tracking proprietary Morningstar and MSCI indexes aligned with nonprofit-defined social criteria (racial/ethnic diversity, women's empowerment, affordable housing, climate). The ETFs are listed on NYSE Arca and distributed through major retail brokerage platforms, with net profits from fund fees directed back to nonprofit partners such as NAACP and YWCA.

Product overview

Impact Shares is an ETF issuer and investment manager that operates a platform of socially conscious exchange-traded funds traded on the NYSE. The company partners with non-profit organizations to translate social values into investable products. The current active product lineup consists of four ETFs: NACP (NAACP Minority Empowerment ETF) focusing on racial and ethnic diversity in corporate America; WOMN (Women's Empowerment ETF) focused on gender equality; OWNS (Affordable Housing MBS ETF) targeting affordable housing through mortgage-backed securities; and NTZO (MSCI Global Climate Select ETF) focused on climate-aligned investing. Additionally, SDGA (Sustainable Development Goals Global Equity ETF) was liquidated in February 2023. All net profits from fund fees are directed back to the non-profit partners. The funds are non-diversified and trade on NYSE Arca.

Differentiator

Problem solved

Functional benefit

Brands

• NACP (NAACP Minority Empowerment ETF): ETF tracking the Morningstar Minority Empowerment Index, providing exposure to US companies with strong racial and ethnic diversity policies aligned with NAACP's vision of good corporate citizens.
• WOMN (Women's Empowerment ETF)
• SDGA (Sustainable Development Goals Global Equity ETF)
• OWNS (Impact Shares Affordable Housing MBS ETF)

Products and services

• NACP NAACP Minority Empowerment ETF The NACP ETF tracks the Morningstar Minority Empowerment Index, providing US large- and mid-cap equity exposure to companies with strong racial and ethnic diversity policies, designed for investors seeking to align portfolios with the NAACP's mission of advancing corporate racial equity.
• WOMN Women's Empowerment ETF The WOMN ETF tracks the Morningstar Women's Empowerment Index, providing global equity exposure to companies with strong policies and practices supporting women's empowerment and gender equality, in partnership with YWCA, for investors seeking gender-aligned portfolios.
• OWNS Affordable Housing MBS ETF The Impact Shares Affordable Housing MBS ETF provides exposure to the affordable housing sector through mortgage-backed securities, managed in partnership with Community Capital Management Inc., targeting investors seeking fixed income impact exposure.
• NTZO MSCI Global Climate Select ETF The NTZO ETF provides global equity exposure to companies aligned with climate-related investment criteria based on MSCI index methodology, serving investors seeking climate-aligned portfolios.

Quantifiable outcome

• NACP has delivered 256.79% cumulative returns (17.35% annualized) since inception in July 2018, outperforming benchmarks.
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• NAACPcoreStrategic or Co-development Partner · 18 July 2018NAACP is the nonprofit partner for the NACP Minority Empowerment ETF. Founded in 1909, NAACP defines the evolving criteria for corporate racial and ethnic diversity policies that the fund tracks. All net profits from the fund go directly back to NAACP to support their mission. NAACP sees corporate America as the 'third act' for the equity movement.
• YWCAcoreStrategic or Co-development PartnerYWCA is the nonprofit partner for the WOMN Women's Empowerment ETF. YWCA's vision of how corporations can advance women's empowerment and gender equality shapes the fund's criteria.
• MorningstarcoreTechnology or IntegrationMorningstar provides the Minority Empowerment Index and Women's Empowerment Index that NACP and WOMN respectively track. Index licensing agreement between Impact Shares and Morningstar, Inc.
• Tidal Investments LLCcoreStrategic or Co-development PartnerTidal Investments LLC serves as the investment advisor to NACP and WOMN ETFs.
• Foreside Fund Services, LLCcoreChannel Partner/ Reseller/ DistributorForeside Fund Services, LLC distributes NACP and WOMN ETFs. Not affiliated with Tidal Investments LLC.
• SEI Investments Distribution Co (SIDCO)minorChannel Partner/ Reseller/ DistributorSIDCO distributed the SDGA (now liquidated) ETF. Not affiliated with Impact Shares Corp.
• Community Capital Management Inc (CCM)coreStrategic or Co-development PartnerCCM is the partner for the OWNS Affordable Housing MBS ETF. Logo appears on Impact Shares website indicating strategic relationship for this impact-focused fixed income product.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Others

• Community Capital Management: CCM is both a strategic partner (sub-advisor for Impact Shares' OWNS ETF) and a peer in the impact fixed-income / MBS space. It manages fixed-income strategies targeting community-development outcomes, sharing Impact Shares' mission-aligned DNA.

Emerging players

• KraneShares: KraneShares offers thematic ETFs spanning ESG, climate, and China strategies. While its impact angle is narrower, it is comparable as a smaller issuer of themed ETFs competing for the same values-oriented retail investor.
• Calvert Impact Capital: Calvert Impact Capital operates in the impact-investing space with community-development and mission-aligned products. While focused on private debt/notes rather than public equity ETFs, it shares Impact Shares' nonprofit-aligned impact ethos and donor-advised fund overlap.

Broad incumbents

• Parnassus Investments: Parnassus is one of the largest US ESG-focused asset managers offering mutual funds (and increasingly ETFs) applying sustainability screens. Comparable to Impact Shares for investors seeking values-aligned US equity exposure.
• Natixis Investment Managers (ESG/Impact funds): Natixis' affiliated managers (e.g., Mirova, Loomis Sayles ESG) offer sustainable investment strategies spanning equities and fixed income. They compete with Impact Shares' growing climate and affordable-housing product extensions and bring much greater AUM and global distribution.
• iShares ESG Aware ETFs (BlackRock): iShares offers a broad suite of ESG-screened ETFs (e.g., ESGU, SUSA) that compete for impact-oriented capital with vastly greater AUM, marketing, and distribution. BlackRock is the dominant incumbent in the thematic/ESG ETF category where Impact Shares operates.
• Vanguard ESG ETFs: Vanguard's ESG family (e.g., ESGV, VSGX) competes on the same retail brokerage shelves as Impact Shares ETFs, often with lower expense ratios. Vanguard's brand and scale create pricing pressure across the impact-ETF category.

Direct peers

• SPDR SSGA Gender Diversity ETF (SHE): SPDR's SHE ETF provides exposure to US companies that excel in gender diversity, directly competing with Impact Shares' WOMN ETF for gender-focused investors. Both trade on NYSE Arca and target the same retail impact-investor segment.
• Goldman Sachs JUST ETFs: Goldman Sachs' JUST ETF lineup (e.g., JSTC, JUSA) similarly offers thematic equity ETFs built around social and environmental criteria, competing for impact-oriented retail investors via major brokerages. Both target values-aligned investors seeking market-rate returns alongside measurable social outcomes.
• Pax Ellevate Global Women's Leadership Fund: Pax's Ellevate fund is a long-running gender-equality investment product that overlaps directly with Impact Shares' WOMN ETF. Both target investors seeking exposure to companies advancing women's leadership and gender equality.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ImpactETFs

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Impact Shares