Fund Description: Impact Shares YWCA Women's Empowerment ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Impact Shares Trust I, an open-end investment management company. INVESTMENT OBJECTIVE: The Impact Shares YWCA Women's Empowerment ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Morningstar Women’s Empowerment Index. INDEX DESCRIPTION: The Morningstar Women’s Empowerment 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), 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. FUND STRATEGY: The Fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes in component securities of the Index. The Fund may invest the remaining 20% of its total assets in securities and instruments not included in the Index, but which the Adviser believes will help the Fund track the Index. The Fund may invest in securities of any type 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. The Fund also may invest in warrants and may also use derivatives, primarily swaps (including equity, variance and volatility swaps), options and futures contracts on securities, interest rates, non-physical commodities and/or currencies, within the 20% basket to track the Index and as substitutes for direct investments the Fund can make. The Fund may also use derivatives such as swaps, options (including options on futures), futures, and foreign currency transactions (e.g., foreign currency swaps, futures and forwards) to hedge various investments for risk management and speculative purposes. In addition, the Fund’s 20% basket may be invested in cash and cash equivalents, including shares of money market funds. The Fund uses a passive management strategy designed to track the total return performance of the Index. Representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities that collectively has an investment profile similar to the Index. The Fund is a non-diversified. FUND MANAGEMENT: Impact Shares, Corp. serves as the investment adviser to the Fund.