Impact Shares Trust I

By (Signature and Title)

/s/ Ethan Powell

Ethan Powell, President and Principal

Executive Officer

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR § 270.30e-1), is attached hereto.

Each Fund files its complete schedule of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year or as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT is available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that Impact Shares, Corp. uses to determine how to vote proxies relating to Fund securities, as well as information relating to how a Fund voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-448-3383; and (ii) on the Commission’s website at http://www.sec.gov.

Sector Weightings^†:

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^† Percentages based on total investments.


Description	Shares		Fair Value

COMMON STOCK — 106.5%

Communication Services— 6.3%
AT&T		15,009	$	276,316
Comcast, Cl A		9,265		323,997
Interpublic Group		829		27,614
Lumen Technologies*		1,996		10,419
Meta Platforms, Cl A*		4,812		579,076
Omnicom Group		431		35,157
Paramount Global, Cl A		4		79
Paramount Global, Cl B		1,922		32,443
Verizon Communications		8,833		348,020
Walt Disney*		3,837		333,358
Warner Bros Discovery*		4,562		43,248


				2,009,727

Consumer Discretionary— 10.6%
Amazon.com*		13,795		1,158,780
Aptiv*		712		66,309
Autoliv		207		15,852
Best Buy		528		42,351
Carnival*		2,569		20,706
Deckers Outdoor*		69		27,542
eBay		1,448		60,049
Etsy*		335		40,126
Expedia Group*		402		35,215
Ford Motor		10,382		120,742
Gap		554		6,249
General Motors		3,834		128,976
Hasbro		343		20,926
Hilton Worldwide Holdings		720		90,979


Description	Shares		Fair Value

Lululemon Athletica*		306	$	98,036
Marriott International, Cl A		724		107,796
McDonald’s		1,935		509,931
PVH		178		12,565
Starbucks		3,018		299,386
Target		975		145,314
TJX		3,078		245,009
VF		868		23,966
Yum! Brands		749		95,932


				3,372,737

Consumer Staples— 9.3%
Archer-Daniels-Midland		1,184		109,934
Brown-Forman, Cl A		110		7,234
Brown-Forman, Cl B		361		23,710
Campbell Soup		424		24,062
Church & Dwight		508		40,950
Clorox		258		36,205
Coca-Cola		8,196		521,348
Colgate-Palmolive		1,757		138,434
Conagra Brands		1,010		39,087
Estee Lauder, Cl A		485		120,333
General Mills		1,253		105,064
Hershey		311		72,018
J M Smucker		225		35,654
Kellogg		535		38,113
Kimberly-Clark		711		96,518
Kraft Heinz		1,668		67,904
Kroger		1,369		61,030
Molson Coors Beverage, Cl B		392		20,196
PepsiCo		2,906		524,998
Procter & Gamble		5,030		762,347
Tyson Foods, Cl A		610		37,973
Walgreens Boots Alliance		1,511		56,451


				2,939,563

Energy— 7.1%
Baker Hughes, Cl A		2,041		60,271
Chevron		3,820		685,652
ConocoPhillips		2,689		317,302
Exxon Mobil		8,784		968,875
Occidental Petroleum		1,590		100,154
Phillips 66		1,012		105,329


				2,237,583

Financials— 11.2%
Aflac		1,216		87,479
Allstate		573		77,699
American Express		1,260		186,165
American International Group		1,605		101,500


Description	Shares		Fair Value

Ameriprise Financial		232	$	72,238
Bank of America		14,709		487,162
Bank of New York Mellon		1,543		70,237
BlackRock, Cl A		315		223,218
Capital One Financial		809		75,205
Citigroup		4,058		183,543
Fifth Third Bancorp		1,441		47,279
First Republic Bank		385		46,928
Goldman Sachs Group		722		247,920
Hartford Financial Services Group		683		51,792
Huntington Bancshares		3,032		42,751
KeyCorp		1,960		34,143
Lincoln National		330		10,137
MetLife		1,418		102,621
Moody’s		332		92,502
Morgan Stanley		2,822		239,926
Northern Trust		438		38,759
Principal Financial Group		490		41,121
Progressive		1,235		160,192
Prudential Financial		785		78,076
Regions Financial		1,967		42,409
S&P Global		717		240,152
State Street		770		59,729
T Rowe Price Group		476		51,913
US Bancorp		2,848		124,201
Voya Financial		208		12,790
Wells Fargo		5,510		227,508


				3,557,295

Health Care— 21.3%
Abbott Laboratories		3,686		404,686
AbbVie		3,720		601,189
Agilent Technologies		635		95,028
AmerisourceBergen, Cl A		325		53,856
Amgen		1,125		295,470
Baxter International		1,060		54,028
Becton Dickinson		602		153,089
Biogen*		311		86,122
BioMarin Pharmaceutical*		390		40,361
Bristol-Myers Squibb		4,492		323,199
Cardinal Health		574		44,123
Cigna		644		213,383
CVS Health		2,758		257,018
Elevance Health		500		256,485
Eli Lilly		1,658		606,563
Gilead Sciences		2,638		226,473
Johnson & Johnson		5,533		977,404
Medtronic PLC		2,795		217,227
Merck		5,323		590,587
Pfizer		11,833		606,323
Quest Diagnostics		245		38,328
Regeneron Pharmaceuticals*		227		163,778


Description	Shares		Fair Value

UnitedHealth Group		562	$	297,961
Vertex Pharmaceuticals*		539		155,653


				6,758,334

Industrials— 7.0%
3M		1,164		139,587
Booz Allen Hamilton Holding, Cl A		178		18,604
Caterpillar		1,116		267,349
Cummins		296		71,718
Delta Air Lines*		1,349		44,328
Eaton PLC		840		131,838
Emerson Electric		1,257		120,748
General Electric		2,308		193,387
Johnson Controls International PLC		1,449		92,736
Lyft, Cl A*		1,092		12,034
Norfolk Southern		491		120,992
Owens Corning		205		17,486
Pentair		345		15,518
Robert Half International		231		17,055
Rockwell Automation		246		63,362
Southwest Airlines		1,240		41,751
Sunrun*		764		18,351
TransUnion		400		22,700
Trex*		233		9,863
Union Pacific		1,313		271,883
United Parcel Service, Cl B		1,543		268,235
Verisk Analytics, Cl A		331		58,395
Waste Management		793		124,406
WW Grainger		91		50,619
Xylem		380		42,017


				2,234,962

Information Technology— 27.3%
Accenture PLC, Cl A		2,259		602,792
Adobe*		1,672		562,678
Autodesk*		776		145,011
Automatic Data Processing		874		208,764
HP		3,275		87,999
Intel		14,616		386,301
International Business Machines		3,219		453,525
Intuit		1,008		392,334
Keysight Technologies*		642		109,827
Mastercard, Cl A		1,795		624,175
Microsoft		6,560		1,573,219
Motorola Solutions		595		153,337
NVIDIA		8,928		1,304,738
PayPal Holdings*		2,437		173,563
QUALCOMM		3,988		438,441
Salesforce*		3,557		471,623
TE Connectivity		1,140		130,872


Description	Shares		Fair Value

Visa, Cl A		3,436	$	713,863
Workday, Cl A*		711		118,972


				8,652,034

Materials— 2.2%
Air Products and Chemicals		464		143,033
Avery Dennison		170		30,770
Celanese, Cl A		212		21,675
Dow		1,516		76,391
DuPont de Nemours		1,054		72,336
Ecolab		526		76,564
International Flavors & Fragrances		536		56,194
International Paper		956		33,106
Mosaic		729		31,981
Newmont		1,677		79,155
PPG Industries		494		62,116


				683,321

Real Estate— 1.7%
CBRE Group, Cl A*		676		52,025
Equinix‡		190		124,456
Equity LifeStyle Properties‡		365		23,579
Essex Property Trust‡		139		29,457
Healthpeak Properties‡		1,137		28,505
Host Hotels & Resorts‡		1,501		24,091
Iron Mountain‡		617		30,757
Jones Lang LaSalle*		103		16,415
Mid-America Apartment
Communities‡		243		38,148
STORE Capital‡		557		17,857
Ventas‡		839		37,797
VICI Properties‡		2,023		65,545
Welltower‡		974		63,846


				552,478

Utilities— 2.5%
American Water Works		383		58,377
CenterPoint Energy		1,317		39,497
CMS Energy		612		38,758
Consolidated Edison		747		71,196
Dominion Energy		1,751		107,371
Edison International		802		51,023
Entergy		425		47,813
Essential Utilities		500		23,865
Exelon		2,053		88,751
NiSource		852		23,362
PG&E*		3,384		55,024
PPL		1,546		45,174
Sempra Energy		665		102,769
UGI		440		16,311
Vistra		829		19,233


				788,524

Total Common Stock (Cost $36,074,918)				33,786,558


Description	Shares		Fair Value

SHORT-TERM INVESTMENT — 0.0%

Invesco Government & Agency Portfolio, Cl Institutional, 4.22% (A)		825	$	825


Total Short-Term Investment (Cost $825)				825


Total Investments - 106.5% (Cost $36,075,743)			$	33,787,383

Percentages are based on Net Assets of $31,739,392.

*	Non-income producing security.

‡	Real Estate Investment Trust

(A)	Rate shown represents the 7-day effective yield as of December 31, 2022.

Cl — Class

PLC — Public Limited Company

As of December 31, 2022, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance under U.S. Generally Accepted Accounting Principles.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

Sector Weightings^†:

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^† Percentages based on total investments.


Description	Shares		Fair Value

COMMON STOCK — 101.7%

Communication Services— 8.0%
Alphabet, Cl A*		8,769	$	773,689
Alphabet, Cl C*		7,274		645,422
AT&T		15,732		289,626
Electronic Arts		583		71,231
Lumen Technologies*		2,103		10,977
Meta Platforms, Cl A*		5,035		605,912
Verizon Communications		9,272		365,317


				2,762,174

Consumer Discretionary— 10.5%
Amazon.com*		14,931		1,254,204
Aptiv*		489		45,541
Autoliv		145		11,104
Chegg*		225		5,686
Dollar Tree*		371		52,474
eBay		990		41,055
Ford Motor		7,123		82,840
Gap		385		4,343
General Motors		2,630		88,473
Hilton Worldwide Holdings		492		62,169
Home Depot		1,854		585,604
Lear		111		13,766
Lowe’s		1,153		229,724
Marriott International, Cl A		498		74,147
MercadoLibre*		82		69,392
NIKE, Cl B		2,279		266,666
Royal Caribbean Cruises*		396		19,575
Target		818		121,915
Tesla*		4,804		591,757
VF		596		16,455


				3,636,890


Description	Shares		Fair Value

Consumer Staples— 5.0%
Archer-Daniels-Midland		986	$	91,550
Bunge		267		26,639
Campbell Soup		354		20,089
Clorox		217		30,452
Coca-Cola		6,848		435,601
Constellation Brands, Cl A		280		64,890
Hormel Foods		509		23,185
J M Smucker		187		29,632
Kellogg		450		32,058
Kimberly-Clark		596		80,907
Kraft Heinz		1,401		57,035
Kroger		1,146		51,089
Molson Coors Beverage, Cl B		327		16,847
Mondelez International, Cl A		2,411		160,693
PepsiCo		2,428		438,643
Sysco		894		68,346
Tyson Foods, Cl A		510		31,747
Walgreens Boots Alliance		1,262		47,148


				1,706,551

Energy— 6.7%
Cheniere Energy		439		65,832
Chevron		3,168		568,624
ConocoPhillips		2,240		264,320
Devon Energy		1,152		70,859
Exxon Mobil		7,333		808,830
Hess		490		69,492
Kinder Morgan		3,488		63,063
Marathon Petroleum		877		102,074
ONEOK		790		51,903
Phillips 66		846		88,052
Valero Energy		693		87,914
Williams		2,144		70,538


				2,311,501

Financials— 8.3%
American Express		1,055		155,876
Aon PLC, Cl A		375		112,553
Bank of America		12,300		407,376
Bank of New York Mellon		1,294		58,903
Charles Schwab		2,687		223,720
Citigroup		3,408		154,144
Huntington Bancshares		2,537		35,772
JPMorgan Chase		5,160		691,956
MetLife		1,179		85,324
Moody’s		278		77,456
Morgan Stanley		2,356		200,307
Nasdaq		596		36,565
PNC Financial Services Group		722		114,033
Prudential Financial		655		65,146
Regions Financial		1,644		35,444
S&P Global		599		200,629
Synchrony Financial		848		27,866
T Rowe Price Group		158		17,231


Description	Shares		Fair Value

Travelers		418	$	78,371
Truist Financial		2,334		100,432


				2,879,104

Health Care— 16.4%
Abbott Laboratories		3,081		338,263
AbbVie		3,111		502,769
Agilent Technologies		530		79,315
Baxter International		886		45,159
Becton Dickinson		502		127,659
Biogen*		258		71,445
Boston Scientific*		2,519		116,554
Bristol-Myers Squibb		3,757		270,316
Cigna		537		177,930
CVS Health		2,310		215,269
Edwards Lifesciences*		1,091		81,399
Gilead Sciences		2,205		189,299
Illumina*		277		56,010
Johnson & Johnson		4,626		817,183
Laboratory Corp of America
Holdings		159		37,441
Medtronic PLC		2,338		181,709
Merck		4,457		494,504
Pfizer		9,875		505,995
Quest Diagnostics		205		32,070
ResMed		260		54,114
Teleflex		85		21,219
Thermo Fisher Scientific		693		381,628
UnitedHealth Group		1,646		872,676


				5,669,926

Industrials— 8.1%
3M		974		116,802
American Airlines Group*		1,143		14,539
AMETEK		404		56,447
Boeing*		982		187,061
Booz Allen Hamilton Holding, Cl A		234		24,458
CSX		3,767		116,702
Cummins		250		60,573
Deere		489		209,664
Delta Air Lines*		1,124		36,935
Eaton PLC		701		110,022
Emerson Electric		1,055		101,343
Expeditors International of Washington		288		29,929
FedEx		422		73,090
General Electric		1,929		161,631
Honeywell International		1,163		249,231
Howmet Aerospace		651		25,656
Illinois Tool Works		496		109,269
JB Hunt Transport Services		146		25,456
Nordson		95		22,583
Northrop Grumman		256		139,676
Rockwell Automation		203		52,287
RXO*		202		3,474


Description	Shares		Fair Value

Southwest Airlines		1,043	$	35,118
Stanley Black & Decker		260		19,531
Textron		372		26,338
Uber Technologies*		8,681		214,681
Union Pacific		1,099		227,570
United Airlines Holdings*		575		21,677
United Parcel Service, Cl B		1,288		223,906
United Rentals*		123		43,717
XPO Logistics*		202		6,725
Xylem		313		34,608


				2,780,699

Information Technology— 30.9%
Accenture PLC, Cl A		2,773		739,947
Apple		11,677		1,517,193
Automatic Data Processing		731		174,607
Cisco Systems		18,155		864,904
Dell Technologies, Cl C		1,165		46,856
HP		3,990		107,211
Intel		18,002		475,793
International Business Machines		3,960		557,924
Mastercard, Cl A		1,501		521,943
Micron Technology		4,837		241,753
Microsoft		6,944		1,665,310
NVIDIA		10,978		1,604,325
Palo Alto Networks*		1,049		146,377
PayPal Holdings*		2,035		144,933
QUALCOMM		4,924		541,345
Salesforce*		4,362		578,358
Visa, Cl A		2,877		597,725
Western Union		679		9,350
Workday, Cl A*		872		145,912


				10,681,766

Materials— 1.8%
Albemarle		205		44,457
Alcoa		321		14,596
CF Industries Holdings		351		29,905
DuPont de Nemours		881		60,463
Eastman Chemical		216		17,591
Ecolab		436		63,464
FMC		220		27,456
Freeport-McMoRan, Cl B		2,516		95,608
International Flavors & Fragrances		449		47,073
Martin Marietta Materials		110		37,176
Mosaic		607		26,629
Newmont		1,396		65,891
PPG Industries		413		51,931
Vulcan Materials		235		41,151


				623,391

Real Estate— 1.5%
American Homes 4 Rent, Cl A^‡		532		16,034
AvalonBay Communities^‡		246		39,734


Description	Shares		Fair Value
Crown Castle International‡		762	$	103,358
Equinix‡		160		104,805
Equity Residential‡		596		35,164
Healthpeak Properties‡		949		23,791
Prologis‡		846		95,370
Regency Centers‡		265		16,563
Ventas‡		702		31,625
Welltower‡		773		50,670

				517,114

Utilities— 4.5%
AES		1,173		33,736
Alliant Energy		437		24,127
American Electric Power		890		84,505
American Water Works		320		48,774
Avangrid		122		5,244
CMS Energy		513		32,488
Consolidated Edison		624		59,473
Dominion Energy		1,465		89,834
DTE Energy		341		40,078
Duke Energy		1,355		139,551
Edison International		674		42,880
Entergy		356		40,050
Eversource Energy		613		51,394
Exelon		1,716		74,183
FirstEnergy		955		40,053
NextEra Energy		3,457		289,005
NiSource		714		19,578
NRG Energy		414		13,173
PPL		1,295		37,840
Public Service Enterprise Group		878		53,795
Sempra Energy		555		85,769
Southern		1,870		133,537
WEC Energy Group		555		52,037
Xcel Energy		962		67,446

				1,558,550


Total Common Stock (Cost $36,515,213)				35,127,666


SHORT-TERM INVESTMENT — 0.0%
Invesco Government & Agency Portfolio, Cl Institutional, 4.22% (A)		744		744

Total Short-Term Investment (Cost $744)				744

Total Investments - 101.7% (Cost $36,515,957)			$	35,128,410

Percentages are based on Net Assets of $34,541,192.

*	Non-income producing security.

‡	Real Estate Investment Trust

(A)	Rate shown represents the 7-day effective yield as of December 31, 2022.

Sector Weightings^†:

LOGO

† Percentages based on total investments.


Description	Shares		Fair Value
COMMON STOCK — 98.6%
Australia — 3.5%
ANZ Group Holdings		2,469	$	39,773
Aurizon Holdings		192		488
Brambles		1,372		11,275
Cromwell Property Group^‡		2,805		1,279
Dexus^‡		1,059		5,588
Downer EDI		831		2,099
Fortescue Metals Group		1,508		21,058
Iluka Resources		491		3,186
Mirvac Group‡		3,906		5,664
National Australia Bank		2,849		58,309
Newcrest Mining		800		11,242
OZ Minerals		335		6,364
Qantas Airways*		1,064		4,354
QBE Insurance Group		1,376		12,582
Scentre Group‡		4,915		9,638
Sierra Rutile Holdings*		491		75
South32		4,339		11,817
Stockland^‡		2,377		5,875
Vicinity Centres^‡		4,144		5,643

Total Australia				216,309

Austria — 0.0%
Raiffeisen Bank International*		149		2,448

Total Austria				2,448

Burkina Faso — 0.1%
Endeavour Mining		203		4,300

Total Burkina Faso				4,300


Description	Shares		Fair Value
Canada — 5.6%
Agnico Eagle Mines		354	$	18,395
Air Canada*		346		4,955
B2Gold		1,196		4,249
Bank of Nova Scotia		1,070		52,425
CAE*		315		6,093
Gildan Activewear		195		5,340
Kinross Gold		1,303		5,312
Ritchie Bros Auctioneers		114		6,585
Royal Bank of Canada		1,240		116,582
Stantec		115		5,510
Thomson Reuters		155		17,682
Toronto-Dominion Bank		1,603		103,793
Yamana Gold		1,078		5,987

Total Canada				352,908

Chile — 0.1%
Lundin Mining		666		4,088

Total Chile				4,088

China — 0.1%
China Eastern Airlines, Cl H*		6,132		2,490
China Southern Airlines, Cl H*		4,249		2,765
COSCO SHIPPING Holdings, Cl H		3,137		3,199

Total China				8,454

France — 3.3%
AXA		1,982		55,279
BNP Paribas		1,090		62,131
Covivio^‡		52		3,086
ICADE^‡		38		1,637
Kering		73		37,157
Societe Generale		1,850		46,498
Valeo		244		4,362

Total France				210,150

Germany — 4.4%
Bayerische Motoren Werke		312		27,847
Commerzbank*		1,004		9,496
Merck KGaA		133		25,755
SAP		1,064		109,784
Siemens		779		108,104

Total Germany				280,986

Hong Kong — 0.1%
Hong Kong & China Gas		8,702		8,272

Total Hong Kong				8,272

Italy — 1.8%
Intesa Sanpaolo		31,968		71,109
UniCredit		2,923		41,527

Total Italy				112,636


Description	Shares		Fair Value
Japan — 3.0%
Asics		218	$	4,841
Astellas Pharma		1,371		20,961
Bridgestone		452		16,156
Canon		781		16,993
DMG Mori		202		2,701
East Japan Railway		285		16,330
Eisai		234		15,519
Fast Retailing		47		28,840
FUJIFILM Holdings		295		14,892
Fujitsu		135		18,120
Konica Minolta		782		3,140
Mizuho Financial Group		1,861		26,318
NEC		226		7,981

Total Japan				192,792

Mexico — 0.4%
Cemex*		13,269		5,393
Grupo Aeroportuario del Sureste, Cl B		229		5,336
Wal-Mart de Mexico		4,096		14,478

Total Mexico				25,207

Netherlands — 0.3%
ABN AMRO Bank		427		5,908
Koninklijke Philips		917		13,746

Total Netherlands				19,654

Norway — 0.4%
DNB Bank		708		14,053
Norsk Hydro		1,197		8,958
SpareBank 1 SR-Bank		253		3,117

Total Norway				26,128

Philippines — 0.1%
AC Energy		867		119
Ayala		289		3,604
International Container Terminal
Services		1,078		3,869

Total Philippines				7,592

Singapore — 0.1%
BOC Aviation		393		3,280
Olam Group		1,550		1,690

Total Singapore				4,970

South Africa — 0.8%
Anglo American Platinum		58		4,864
Gold Fields		792		8,211
Impala Platinum Holdings		712		8,931
Kumba Iron Ore		105		3,042
Nedbank Group		478		5,980
NEPI Rockcastle		602		3,652
Scatec		189		1,516


Description	Shares		Fair Value
Standard Bank Group		1,073	$	10,596
Vodacom Group		712		5,142

Total South Africa				51,934

Spain — 1.3%
Acciona		28		5,152
Atlantica Sustainable Infrastructure PLC		21		544
Banco Santander		14,753		44,258
Industria de Diseno Textil		1,114		29,633

Total Spain				79,587

Switzerland — 4.0%
Barry Callebaut		3		5,934
Holcim		493		25,528
Novartis		2,331		210,727
Sonova Holding		59		13,993

Total Switzerland				256,182

Tanzania — 0.1%
AngloGold Ashanti		383		7,421

Total Tanzania				7,421

Thailand — 0.4%
Airports of Thailand*		3,930		8,510
Delta Electronics Thailand		462		11,071
SCB X		1,556		4,807
Siam Cement		369		3,644

Total Thailand				28,032

United Kingdom — 5.6%		2,322		5,313
Burberry Group PLC		436		10,700
GSK PLC		4,106		71,362
Haleon PLC*		5,133		20,314
Investec PLC		750		4,637
ITV		3,805		3,457
Lloyds Banking Group PLC		71,088		39,026
Mondi PLC		506		8,622
NatWest Group		4,884		15,659
Ninety One PLC		103		232
Pearson PLC		821		9,322
Pennon Group		307		3,298
Unilever PLC		3,410		172,404

Total United Kingdom				364,346

United States — 63.1%
Communication Services— 3.7%
Alphabet, Cl A*		1,880		165,872
Alphabet, Cl C*		760		67,435
Interpublic Group		18		600

				233,907

Consumer Discretionary— 7.8%
Ford Motor		3,568		41,496
Gap		237		2,673


Description	Shares		Fair Value
General Motors		1,295	$	43,564
Lululemon Athletica*		118		37,805
McDonald’s		704		185,525
NIKE, Cl B		1,225		143,337
VF		315		8,697
Yum! Brands		282		36,118

				499,215

Consumer Staples— 10.9%
Colgate-Palmolive		801		63,111
Mondelez International, Cl A		1,300		86,645
Nestle		2,742		317,718
PepsiCo		1,266		228,716

				696,190

Financials— 8.3%
Bank of America		6,531		216,307
Hannon Armstrong Sustainable Infrastructure Capital‡		15		435
JPMorgan Chase		2,030		272,223
Moody’s		157		43,743
Morgan Stanley		6		510

				533,218

Health Care— 15.9%
AbbVie		1,652		266,980
Edwards Lifesciences*		596		44,468
Elevance Health		228		116,957
Johnson & Johnson		2,362		417,247
Medtronic PLC		1,249		97,072
Roche Holding - GENUS		205		64,405
Viatris, Cl W*		1,153		12,833

				1,019,962

Industrials— 3.7%
AECOM		142		12,060
American Airlines Group*		637		8,103
CSX		2,105		65,213
Nordson		53		12,599
Otis Worldwide		406		31,794
Regal Rexnord		69		8,278
Signify		135		4,535
United Airlines Holdings*		312		11,763
United Parcel Service, Cl B		231		40,157
Verisk Analytics, Cl A		159		28,051
Xylem		175		19,350

				241,903

Information Technology— 11.9%
Accenture PLC, Cl A		608		162,239
Cisco Systems		3,972		189,226
Dell Technologies, Cl C		280		11,261
Enphase Energy*		6		1,590
First Solar*		9		1,348
Hewlett Packard Enterprise		1,228		19,599
HP		1,037		27,864
Intel		3,746		99,007
NVIDIA		58		8,476


Description	Shares/ Number of Warrants		Fair Value
QUALCOMM		1,050	$	115,437
Salesforce*		909		120,524
SolarEdge Technologies*		3		850
VMware, Cl A*		6		737
Western Digital*		302		9,528

				767,686

Materials— 0.6%
Newmont		813		38,374

Real Estate— 0.3%
Healthpeak Properties‡		525		13,162
Weyerhaeuser‡		278		8,618

				21,780

Utilities— 0.0%
Brookfield Renewable,
Cl A		15		413


Total United States				4,052,648


Total Common Stock (Cost $6,705,634)				6,317,044


PREFERRED STOCK — 0.1%

Germany — 0.1%
Bayerische Motoren
Werke(A)		59		5,024

Total Germany				5,024


Total Preferred Stock (Cost $4,699)				5,024


WARRANT — 0.0%
Occidental Petroleum Expires, 8/6/2027 Strike Price $22.00*		42		1,732


Total Warrant (Cost $1,826)				1,732


Total Investments - 98.7%
(Cost $6,712,159)			$	6,323,800

Percentages are based on Net Assets of $6,409,946.

^‡	Real Estate Investment Trust

*	Non-income producing security.

(A)	There is currently no rate available.

Cl — Class

PLC — Public Limited Company

As of December 31, 2022, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance under U.S. Generally Accepted Accounting Principles.

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.

Sector Weightings†:

LOGO

^† Percentages based on total investments.


Description	Face Amount		Fair Value



MORTGAGE-BACKED SECURITIES — 98.2%

Agency Mortgage-Backed Obligations — 98.2%
FHLMC 6.000%, 12/01/2023 to 01/01/2053	$	849,680	$	865,974
5.500%, 02/01/2029 to 01/01/2053		430,902		433,382
5.000%, 03/01/2050 to 01/01/2053		1,361,143		1,344,453
4.500%, 01/01/2049 to 01/01/2053		3,021,040		2,915,631
4.000%, 10/01/2037 to 01/01/2053		5,480,033		5,185,556
3.500%, 10/01/2051 to 07/01/2052		4,231,361		3,852,763
3.000%, 09/01/2034 to 08/01/2052		9,573,861		8,488,190
2.500%, 08/01/2051 to 03/01/2052		7,664,923		6,515,774
2.000%, 08/01/2035 to 01/01/2052		15,162,101		12,654,110
1.500%,08/01/2036		437,199		378,720
FNMA 6.000%,11/01/2052		113,898		115,625
5.500%, 04/01/2031 to 11/01/2052		1,419,355		1,424,064
5.000%, 12/01/2048 to 12/01/2052		2,321,624		2,294,332
4.500%, 11/01/2048 to 12/01/2052		2,747,551		2,658,137
4.000%, 07/01/2048 to 11/01/2052		4,392,806		4,136,596
3.500%, 06/01/2028 to 06/01/2052		7,160,132		6,616,294
3.000%, 04/01/2025 to 08/01/2052		5,516,833		4,933,748
2.500%, 05/01/2026 to 04/01/2052		16,606,588		14,383,955
2.000%, 04/01/2036 to 02/01/2052		17,148,276		14,186,606
1.500%, 10/01/2036		510,807		443,941
GNMA 5.000%,03/20/2050		143,150		144,130
4.500%,02/20/2050		393,231		385,452


Description	Face Amount/ Shares		Fair Value
4.000%, 10/20/2050 to 01/20/2051	$	930,781	$	884,558
3.500%,12/20/2050		1,899,831		1,761,495
3.000%,03/20/2050		2,364,161		2,112,945
2.500%,08/20/2051		1,339,822		1,137,748

Total Mortgage-Backed Securities
(Cost $113,569,122)				100,254,179


SHORT-TERM INVESTMENT — 1.6%

Morgan Stanley Institutional Liquidity Fund, Government Portfolio Institutional Share Class, Cl Institutional, 2.92% (A)		1,582,754		1,582,754


Total Short-Term Investment (Cost $1,582,754)				1,582,754


Total Investments - 99.8%
(Cost $115,151,876)			$	101,836,933

Percentages are based on Net Assets of $101,999,853.

(A)	Rate shown represents the 7-day effective yield as of December 31, 2022.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total

Mortgage- Backed Securities	$	—	$	100,254,179	$	—	$	100,254,179
Short-Term Investment		1,582,754		—		—		1,582,754

Total Investments in Securities	$1,582,754		$100,254,179		$—		$101,836,933

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.

For the six month period ended December 31, 2022 (Unaudited) and the periods ended June 30,

Impact Shares Trust I (the “Trust”), is an open-end management investment company organized as a Delaware statutory trust pursuant to a Declaration of Trust dated May 19, 2016. The Trust is registered with the Securities and Exchange Commission (the “Commission”) under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company with four separate exchange-traded funds or series. The financial statements herein and the related notes are those of Impact Shares YWCA Women’s Empowerment ETF (the “YWCA Women’s Empowerment ETF”), Impact Shares NAACP Minority Empowerment ETF (the “NAACP Minority Empowerment ETF”), Impact Shares Sustainable Development Goals Global Equity ETF (the “Sustainable Development Goals Global Equity ETF”) and the Impact Shares Affordable Housing MBS ETF (the “Affordable Housing MBS ETF”) (each a “Fund” and collectively, the “Funds”). The YWCA Women’s Empowerment ETF, NAACP Minority Empowerment ETF, and the Sustainable Development Goals Global Equity ETF each seek to provide investment results that, before fees and expenses, track the total return performance of the Morningstar^® Women’s Empowerment Index, the Morningstar^® Minority Empowerment Index and the Morningstar^® Societal Development Index (the “Underlying Indices” or “Index”), respectively. The primary investment objective of the Affordable Housing MBS ETF is to generate current income. The Funds are classified as “non-diversified” funds under the 1940 Act. Impact Shares, Corp. (the “Adviser”) serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the “Board”). The Adviser is responsible for managing the investment activities of the Funds, the Funds’ business affairs and other administrative matters. The Adviser is a nonprofit corporation organized under the laws of Texas and is tax exempt under Section 501(c)(3) of the Internal Revenue Code.

The Sustainable Development Goals Global Equity ETF commenced operations on September 20, 2018. The Affordable Housing MBS ETF commenced operations on July 26, 2021.

Shares of the Funds (“Shares”) are listed and traded on NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Funds, including Affordable Housing ETF, will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, each of which currently comprises 25,000 shares (“Creation Units”) or such other amount as may be from time to time determined to be in the best interests of a Fund by the President of the Fund (The President of the Funds has determined that it is in the best interests of the YWCA Women’s Empowerment ETF, NAACP Minority Empowerment ETF and Sustainable Development Goals Global Equity ETF, that the size of a creation unit in each of these Funds remain at 25,000 shares indefinitely). Creation Units will be issued and redeemed principally in-kind for securities included in the Funds’ Underlying Indices. Once created, Shares will trade in a secondary market at market prices that change throughout the day in amounts less than a Creation Unit.

The following is a summary of the significant accounting policies followed by the Funds:

Use of Estimates — The Funds are registered investment companies under Accounting Standard Codification in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets

and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using spot currency exchange rates. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the fair value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, if the Valuation Designee (discussed below) concludes it approximates fair value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Foreign securities listed on foreign exchanges are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the fair value of these investments may change on days when you cannot buy or redeem shares of the Fund. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Portfolio securities for which market quotations are readily available are valued at their current market value. When market quotations are not readily available (or are deemed unreliable) for one or more portfolio securities, the 1940 Act requires the Funds to use the investment’s fair value, as determined in good faith. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee to perform fair value determinations, subject to Board oversight. Pursuant to the Valuation Designee’s fair value policies and procedures, securities for which market quotations are not readily available or for which the market price is determined to be unreliable, may include but are not limited to securities that are subject to legal or contractual restrictions on resale, securities for which no or limited trading activity has occurred for a period of time, or securities that are otherwise deemed to be illiquid (i.e., securities that cannot be disposed of within seven days at approximately the price at which the security is currently priced by the Fund which holds the security). Market quotations may also be not “readily available” if a significant event occurs after the close of the principal exchange on which a portfolio security trades (but before the time for calculation of such Fund’s NAV) if that event affects or is likely to affect (more than minimally) the NAV per share of such Fund. In determining the fair value price of a security, the Valuation Designee may use a number of other methodologies, including those based on discounted cash flows, multiples, recovery rates, yield to maturity or discounts to public comparables. The Valuation Designee may also employ independent pricing services. Fair value pricing involves judgments that are inherently subjective and inexact; as a result, there can be no assurance that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a

security will be materially different from the value that actually could be or is realized upon the sale of that asset. Valuing the Funds’ investments using fair value pricing will result in using prices for those investments that may differ from current market valuations. Use of fair value prices and certain current market valuations could result in a difference between the prices used to calculate each Fund’s NAV and the prices used by each applicable Underlying Index, which, in turn, could result in a difference between a Fund’s performance and the performance of its Underlying Index.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

The valuation techniques used by the Funds to measure fair value during the period ended December 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended December 31, 2022, there have been no significant changes to the Funds’ fair valuation methodologies.

Federal Income Taxes — It is the Funds’ intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended. Accordingly, no provisions for federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof. As of and during the period ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the period ended December 31, 2022, the Funds did not recognize any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes and reclaims on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Dividends and Distributions to Shareholders — The Funds intend to declare and pay dividends of net investment income quarterly and to pay any capital gain distributions on an annual basis. All distributions are recorded on ex-dividend date.

Cash and Cash Equivalents — Idle cash may be swept into various time deposits and is classified as cash and cash equivalents on the Statement of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

Cash Overdraft Charges — Per the terms of an agreement with the Bank of New York Mellon, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge. Cash overdraft charges are included in other fees on the Statements of Operations.

Deferred Offering Costs — Offering costs of the Fund, including costs of printing the initial prospectus, legal, and registration fees, are being amortized to expense over a twelve month period. As of December 31, 2022, the Affordable Housing MBS ETF has been fully amortized.

Creation Units — The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares currently comprised of 25,000 shares for each of the Funds. Shares (each such block of Shares for the Funds are called a “Creation Unit” or multiples thereof). Purchasers of Creation Units at NAV must pay a standard creation transaction fee of $500 per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units (“Authorized Participants”) and wishes to redeem at NAV would also pay a standard redemption transaction fee of $500 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day. Creations and redemptions are also subject to an additional variable charge of up to 1% of the net asset value per Creation Unit, inclusive of the standard transaction fee, for (i) in-kind creations or redemptions effected outside the normal Clearing Process, (ii) in whole or partial cash creations, (iii) in whole or partial cash redemptions or (iv) non-standard orders. The variable component is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction. In all cases, the Transaction Fee will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. The Fund may determine not to charge the variable portion of a Transaction Fee on certain orders when Impact Shares has determined that doing so is in the best interests of Fund shareholders, e.g., for redemption orders that facilitate the rebalance of the Fund’s portfolio in a more tax efficient manner than could be achieved without such order. The variable portion of a Transaction Fee may be higher or lower than the trading expenses incurred by a Fund with respect to the transaction.

Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized

Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed an Authorized Participant Agreement with the Funds’ distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

The size of a creation unit for a Fund may be changed from time to time in the future if determined to be in the best interests of a Fund by the President of the Fund.

If a Creation Unit is purchased or redeemed in cash, a higher transaction fee will be charged. The following table discloses the Creation Unit breakdown based on the NAV as of December 31, 2022:

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other asset and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settle dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

Indemnifications — In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Adviser serves as investment adviser to the Funds, pursuant to an investment advisory agreement (“Advisory Agreement”). The Adviser arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain

clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or Trustees of the Trust.

Impact Shares Corp. has entered into the following three separate advisory agreements with the series of the Trust at the advisory fee rates noted below:

*The advisory fees was 0.75% for all three funds prior to the amended advisory agreement dated July 16, 2021.

For the services it provides to the YWCA Women’s Empowerment ETF, NAACP Minority Empowerment ETF and Sustainable Development Goals Global Equity ETF, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of average daily net assets of the YWCA Women’s Empowerment ETF and the Sustainable Development Goals Global Equity ETF, and 0.49% of average daily net assets with respect to NAACP Minority Empowerment ETF. Under the Advisory Agreement, the Adviser is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for: (i) distribution and service fees payable pursuant to a Rule 12b-1 plan, if any; (ii) taxes and governmental fees, if any, levied against a Fund; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred by or for a Fund; (iv) expenses of a Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; costs, including interest expenses, of borrowing money or engaging in other types of leverage financing; (v) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, contractual arrangements with Partner Charities and the legal obligations of a Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; and (vi) expenses of a Fund which are capitalized in accordance with generally accepted accounting principles (the “Excluded Expenses”).

Certain officers or interested trustees of the Trust are also officers or employees of the Advisor or its affiliates. They receive no fees for serving as officers of the Trust.

For the services it provides to the Affordable Housing MBS ETF, the Fund pays the Adviser an annual fee, payable monthly, at the rate of 0.30% of the Fund’s Average Daily Managed Assets. The Adviser has voluntarily agreed to waive all advisory fees payable by the Affordable Housing MBS ETF under the Advisory Agreement in excess of 0.25% of the average daily managed net assets of the Affordable Housing MBS ETF until the Affordable Housing MBS ETF’s net assets are greater than $100 million.

The Adviser has entered into a Sub-advisory Agreement with Community Capital Trust, Inc. (“CCM”) (the “Sub-Advisory Agreement”). Under the terms of the Sub-Advisory Agreement, CCM acts as

Sub-Adviser to the Affordable Housing MBS ETF. In such capacity, CCM, subject to the supervision of the Adviser and the Board, regularly shall provide the Fund with portfolio management, investment research, advice, and supervision and shall furnish continuously an investment program, consistent with the investment objective and policies of the Fund. The Sub-Adviser shall determine, from time to time, what securities shall be purchased for the Fund, what securities shall be held or sold by the Fund, and what portion of the Fund’s assets shall be held uninvested in cash, subject always to the investment objective, policies, and restrictions of the Fund, as each of the same from time to time shall be in effect. To carry out these obligations, the Sub- Adviser can exercise full discretion and act for the Adviser in the same manner and with the same force and effect as the Adviser itself might or could do with respect to purchases, sales, or other transactions.

The Adviser pays the Sub-Adviser, as compensation for the Sub-Adviser’s services, a fee equal to 0.15% of the Fund’s Average Daily Managed Assets. The Fund has no responsibility for any fee payable to the Sub-Adviser. The Sub-Adviser has agreed to assume the Fund’s organization and offering costs. The Fund does not have an obligation to reimburse the Sub-Adviser for organization and offering costs paid on its behalf. CCM has contractually agreed to limit the total annual operating expenses (exclusive of fees paid by the Fund pursuant to its distribution plan under Rule 12b-1 under the Investment Company Act of 1940, as amended, taxes, brokerage commissions and other transaction costs, interest payments, acquired fund fees and expenses, extraordinary expenses and dividend expenses on short sales) of the Fund to 0.30% through October 31, 2023. This contract may not be terminated without the action or consent of the Fund’s Board of Trustees.

The Fund is a party to contractual arrangements with various parties, including, among others, the Fund’s investment adviser, administrator, distributor, and shareholder servicing agent, who provide services to the Fund. Shareholders are not parties to, or intended (“third-party”) beneficiaries of, any such contractual arrangements, and such contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Fund.

SEI Investments Distribution Co. (the “Distributor”) serves as the Funds’ underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, the Distributor, as agent, receives orders to purchase shares in Creation Units and transmits such orders to the Funds’ custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor bears the following costs and expenses relating to the distribution of shares: (i) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (ii) filing fees; and (iii) all other expenses incurred in connection with the distribution services, that are not reimbursed by the Adviser, as contemplated in the Distribution Agreement. The Distributor does not maintain any secondary market in Fund Shares.

The Funds have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average net assets each year for certain distribution-related activities. For the period ended December 31, 2022, no fees were charged by the Distributor under the Plan. No payments have yet been authorized by the Board, nor are any such expected to be made by a Fund under the Plan during the period ended December 31, 2022.

For the period ended December 31, 2022, the Trustees of the Funds are paid $20,000 quarterly in aggregate and the fee is allocated equally to each of the Funds. The trustee fees are the responsibility of the Adviser for the YWCA Women’s Empowerment ETF, NAACP Minority Empowerment ETF, and Sustainable Development Goals Global Equity ETF under the investment advisory agreement dated July 16, 2021 for those Funds. The trustee fees for the Affordable Housing ETF are the responsibility of the Fund and are presented on the Statements of Operations.

SEI Investments Global Funds Services (the “Administrator”) serves as the Funds’ Administrator pursuant to an Administration Agreement. The Bank of New York Mellon (the “Custodian” and “Transfer Agent”) serves as the Funds’ Custodian and Transfer Agent pursuant to a Custodian Agreement and Transfer Agency Services Agreement. The Adviser of the Funds pays these fees.

Certain officers of the Trust may also be officers of the Administrator or its affiliates. They receive no fees for serving as officers of the Trust.

For the period ended December 31, 2022, the purchases and sales of investments in securities, excluding in-kind transactions and short-term securities were:

For the period ended December 31, 2022, in-kind transactions associated with creations and redemptions were:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the last two fiscal years ending June 30, were as follows:

As of June 30, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains.

Funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital. Capital loss carryforwards are as follows:

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Funds at December 31, 2022, were as follows:

As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in the prospectus under the heading “Principal Risks”.

Under normal circumstances, the Funds will invest at least 80% of their total assets in securities of the Index, which reflects the performance of an investable universe of publicly-traded companies that directly or indirectly provide services or support to ETFs, including but not limited to the management, servicing, trading or sale of ETFs (“ETF Activities”).

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any investment company, there is no guarantee that the Fund will achieve its goal.

Active Investment Management Risk (Affordable Housing MBS ETF only) - The Fund is actively managed. The Adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security or investment strategy.

Asset Class Risk (All Funds) - The securities in an Underlying Index or in a Fund’s portfolio may underperform the returns of other securities or indices that track other countries, regions, industries, groups of industries, markets, asset classes or sectors. Various types of securities or indices tend to experience cycles of outperformance and underperformance in comparison to general securities markets.

Brexit (Sustainable Development Goals Global Equity ETF only) - In June 2016, the United Kingdom approved a referendum to leave the European Union (commonly known as “Brexit”). On January 31, 2020, the United Kingdom left the European Union and during a transition period that ended on December 31, 2020, negotiated an agreement that governs the terms of the ongoing relationship between the United Kingdom and the European Union. At present the political and economic consequences of Brexit remain uncertain. Given the size and importance of the United Kingdom’s economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the European Union may continue to be a source of instability. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the European Union. The ultimate effects of these events and other socio-political or geopolitical issues

are not known but could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund’s investments.

Call Risk (Affordable Housing MBS ETF only) - Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in the Fund’s income.

Cash Transaction Risk (All Funds) - The Funds can effect creations and redemptions principally for cash, rather than for in-kind securities. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the fund level. Because the Funds currently can effect redemptions for cash, rather than for in-kind securities, they may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Funds may recognize a capital gain on these sales that might not have been incurred if the Funds had made a redemption in-kind, and this may decrease the tax efficiency of the Funds compared to ETFs that utilize an in-kind redemption process.

Counterparty Risk (All Funds) - The Funds may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement or the party with whom a Fund executes transactions) to a transaction with a Fund may be unable or unwilling to make timely principal, interest, settlement or margin payments, or otherwise honor its obligations. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the affected Fund’s income or the value of its assets may decrease. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances. In an attempt to limit the counterparty risk associated with such transactions, the Funds conduct business only with financial institutions judged by the Adviser to present acceptable credit risk.

Credit Risk (Affordable Housing MBS ETF only) - An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the issuer’s ability or unwillingness to make such payments. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

Derivatives Risk (All Funds) - Derivatives Risk is a combination of several risks, including the risks that: (1) an investment in a derivative instrument may not correlate well with the performance of the securities or asset class to which the Fund seeks exposure, (2) derivative contracts, including options, may expire worthless and the use of derivatives may result in losses to the Fund, (3) a derivative instrument entailing leverage may result in a loss greater than the principal amount invested, (4) derivatives not traded on an exchange may be subject to credit risk, for example, if the counterparty does not meet its obligations (see also “Counterparty Risk”), and (5) derivatives not traded on an exchange may be subject to liquidity risk and the related risk that the instrument is difficult or impossible to value accurately. As a general matter, when the Fund establishes certain derivative instrument positions, such as certain futures and options contract positions, it will segregate liquid

assets (such as cash, U.S. Treasury bonds or commercial paper) equivalent to the Fund’s outstanding obligations under the contract or in connection with the position. In addition, recent legislation has called for a new regulatory framework for the derivatives market. The impact of the new regulations are still unknown, but has the potential to increase the costs of using derivatives, may limit the availability of some forms of derivatives or the Fund’s ability to use derivatives, and may adversely affect the performance of some derivative instruments used by the Fund as well as the Fund’s ability to pursue its investment objective through the use of such instruments.

Derivatives Risk – Futures Contracts Risk (All Funds). A futures contract is an exchange-traded derivative transaction between two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets are highly volatile, and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their attendant risks.

Derivatives Risk – Options Risk (All Funds). Options are derivatives that give the purchaser the option to buy (call) or sell (put)an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration date. By investing in options, the Fund is exposed to the risk that it may be required to buy or sell the underlying reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which could result in greater volatility in price movement. The Fund’s losses could be significant, and are potentially unlimited for certain types of options. Options may be traded on a securities exchange or in the over the-counter market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure to underlying references and their attendant risks.

Emerging Markets Risk (Sustainable Development Goals Global Equity ETF only) - Investing in issuers located in or tied economically to emerging markets is subject to the same risks as foreign market investments, generally to a greater extent. The Fund will be subject to these risks to an even greater extent, to the extent the Fund invests in issuers exposed to countries defined as “low income” or “lower middle income” by the World Bank or as a “Least Developed Country” by the United Nations. These

countries typically confront severe structural impediments to sustainable development and are highly vulnerable to economic and environmental shocks and have low levels of human assets. Emerging markets may have additional risks including greater fluctuations in market values and currency exchange rates; increased risk of default; greater social, economic, and political uncertainty and instability; increased risk of nationalization, expropriation, or other confiscation of assets of issuers to which the Fund may be exposed; increased risk of embargoes or economic sanctions on a country, sector, or issuer; greater governmental involvement in the economy; less governmental supervision and regulation of the securities markets and participants in those markets; controls on non-U.S. investment, capital controls and limitations on repatriation of invested capital, dividends, interest, and other income, and on the Fund’s ability to exchange local currencies for U.S. dollars; lower levels of liquidity; inability to purchase and sell investments or otherwise settle security or derivative transactions; greater risk of issues with share registration and safe custody; unavailability of currency hedging techniques; differences in, or lack of, auditing and financial reporting standards and resulting unavailability of material information about issuers; slower clearance and longer settlement; and difficulties in obtaining and/or enforcing legal judgments.

Additionally a foreign issuer is not generally subject to uniform accounting, auditing and financial reporting standards and practices comparable to those in the United States. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Exchange-Traded Funds Risk (All Funds) - The price movement of an exchange-traded fund may not exactly track the underlying index and may result in a loss. In addition, shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company.

Equity Investing Risk (All Funds, except Affordable Housing MBS ETF) - The market prices of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer, such as management performance, financial leverage, non-compliance with regulatory requirements, and reduced demand for the issuer’s goods or services. The values of equity securities also may decline due to general industry or market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Ethnic Diversity Risk (NAACP Minority Empowerment ETF only) - The returns on a portfolio of securities that excludes companies that are not ethnically diverse may trail the returns on a portfolio of securities that includes companies that are not ethnically diverse. Investing only in a portfolio of securities that are ethnically diverse may affect the Fund’s exposure to certain types of investments and may adversely impact the Fund’s performance depending on whether such investments are in or out of favor in the market.

Extension Risk (Affordable Housing MBS ETF only) - Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

Fee Risk (All Funds) - Because the fees paid by a Fund to Impact Shares are based on the average daily value of the total assets of such Fund, less all accrued liabilities of such Fund (other than the amount of any outstanding borrowings constituting financial leverage), Impact Shares has a financial incentive to cause the Funds to utilize leverage, which creates a conflict of interest between Impact Shares, on the one hand, and the shareholders of the Funds, on the other hand.

Foreign Securities Risk (Sustainable Development Goals Global Equity ETF only) - Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments (for example, fluctuations in foreign exchange rates (for non-U.S. securities not denominated in U.S. dollars); future foreign economic, financial, political and social developments; nationalization; exploration or confiscatory taxation; smaller markets; different trading and settlement practices; less governmental supervision; and different accounting, auditing and financial recordkeeping standards and requirements) that may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These risks are magnified for investments in issuers tied economically to emerging markets, the economies of which tend to be more volatile than the economies of developed markets. In addition, investments by the Fund in non-U.S. securities may be subject to withholding and other taxes imposed by foreign countries on dividends, interest, capital gains, or other income or proceeds. Those taxes will reduce the Fund’s yield on any such securities.

Futures Contracts Risk (All Funds) - Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of an underlying asset at a price, date and time specified when the contract is made. Funds, such as the Funds, that use futures contracts, which are a type of derivative, are subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes and there may at times not be a liquid secondary market for certain futures contracts.

Gender Diversity Risk (YWCA Women’s Empowerment ETF only) - The returns on a portfolio of securities that excludes companies that are not gender diverse may trail the returns on a portfolio of securities that includes companies that are not gender diverse. Investing only in a portfolio of securities that are gender diverse may affect the Fund’s exposure to certain types of investments and may adversely impact the Fund’s performance depending on whether such investments are in or out of favor in the market.

Geographic Risk (Sustainable Development Goals Global Equity ETF only) - To the extent the Fund’s investments in a single country or a limited number of countries represent a large percentage of the Fund’s assets, the Fund will be subject to the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance and the Fund’s shares may be subject to increased price volatility.

Income Risk (Affordable Housing MBS ETF only) - The Fund’s income may decline when interest rates fall or if there are defaults in the mortgage loans underling the securities in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.

Illiquid Securities Risk (All Funds) - Illiquid investments may be difficult to resell at approximately the price they are valued in the ordinary course of business within seven days. When investments cannot be sold readily at the desired time or price, a Fund may have to accept a much lower price, may not be able to sell the investment at all or may be forced to forego other investment opportunities, all of which may adversely impact a Fund’s returns. Illiquid investments also may be subject to valuation risk.

Index Performance Risk (All Funds, except Affordable Housing MBS ETF) - Each Fund is linked to an index maintained by a third party provider unaffiliated with the Funds or the Adviser. There can be no guarantee or assurance that the methodology used by the third party provider to create the index will result in the Funds achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the index or the daily calculation of the index will be free from error. It is also possible that the value of the index may be subject to intentional manipulation by third-party market participants. The particular indices used by the Funds may underperform other asset classes and may underperform other similar indices. Each of these factors could have a negative impact on the performance of the Funds.

Industry Concentration Risk (All Funds, except Affordable Housing MBS ETF) - Because each Fund may invest 25% or more of the value of its assets in an industry or group of industries to the extent that the Underlying Index concentrates in an industry or group of industries, the Fund’s performance largely depends on the overall condition of such industry or group of industries and the Fund is susceptible to economic, political and regulatory risks or other occurrences associated with that industry or group of industries.

Inflation Risk (All Funds) - Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline.

Intellectual Property Risk (All Funds, except Affordable Housing MBS ETF) - The Funds rely on licenses that permit the Adviser to use the Underlying Indices and associated trade names, trademarks and service marks, as well as the partner nonprofits’ names and logos (the “Intellectual Property”) in connection with the investment strategies of each respective Fund and/or in marketing and other materials for each Fund. Such licenses may be terminated, and,

as a result, the relevant Fund may lose its ability to use the Intellectual Property. In the event a license is terminated or the license provider does not have rights to license the Intellectual Property, the operations of such Fund may be adversely affected.

Interest Rate Risk (Affordable Housing MBS ETF only) - Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Duration is a reasonably accurate measure

of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. As of the date of this Prospectus, the United States is experiencing a low interest rate environment, which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect interest rates.

Limited Fund Size Risk (All Funds) - The Funds may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If a Fund fails to achieve sufficient scale, it may be liquidated.

Liquidity Risk (Affordable Housing MBS ETF only) - The Fund may hold certain investments that may trade over-the-counter or in limited volume or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. The prices of illiquid securities may be more volatile than more liquid investments. The risks associated with illiquid securities may be greater in times of financial stress.

Management Risk (All Funds) - Management risk is the risk associated with the fact that the Fund relies on the Adviser’s ability to achieve its investment objective. The Adviser is a non-profit organization with limited personnel and financial resources. The relative lack of resources may increase the Fund’s management risk.

Market Price Variance Risk (All Funds) - Fund shares are listed for trading on NYSE Arca, Inc. (the “Exchange”) and can be bought and sold in the secondary market at prevailing market prices. The market prices of shares will fluctuate in response to changes in the NAV and supply and demand for shares. As a result, the trading prices of Shares may deviate significantly from NAV during periods of market volatility. The Adviser cannot predict whether shares will trade above, below or at their NAV. Given the fact that shares can be created and redeemed in Creation Units, the Adviser believes that large discounts or premiums to the NAV of shares should not be sustained in the long-term. In addition, the securities held by the Fund may be traded in markets that close at a different time than NYSE. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when NYSE is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV may widen. Further, secondary

markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. In times of market stress, market makers and authorized participants may step away from

their respective roles in making a market in Fund shares or in executing purchase and redemption orders, which could lead to variances between the market price of Fund shares and the underlying value of those shares. Also, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity of the Fund’s portfolio holdings, which could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. During periods of high market volatility, a Fund share may trade at a significant discount to its NAV, and in these circumstances certain types of brokerage orders may expose an investor to an increased risk of loss. A “stop order,” sometimes called a “stop-loss order,” may cause a Fund share to be sold at the next prevailing market price once the “stop” level is reached, which during a period of high volatility can be at a price that is substantially below NAV. By including a “limit” criteria with your brokerage order, you may be able to limit the size of the loss resulting from the execution of an ill-timed stop order. The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange where the Fund’s primary listing is maintained, and may otherwise be made available to non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market. The Fund’s shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. Certain information available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other markets, which may result in secondary market prices in such markets being less efficient.

The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling shares in the secondary market may not experience investment results consistent with those experienced by those purchasing and redeeming directly with the Fund.

Mid-Cap Company Risk (All Funds, except Affordable Housing MBS ETF) - Investing in securities of mid-cap companies may entail greater risks than investments in larger, more established companies. Mid-cap companies tend to have more narrow product lines, more limited financial resources and a more limited trading market for their stocks, as compared with larger companies. As a result, their stock prices may decline significantly as market conditions change.

Mortgage-Related Securities Risk (Affordable Housing MBS ETF only) - Mortgage-related securities are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage related securities are particularly sensitive to prepayment risk, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-related

securities. Along with prepayment risk, mortgage-related securities are significantly affected by interest rate risk.

Non-Diversification Risk (All Funds) - Due to the nature of the Funds’ investment strategies and their non-diversified status (for purposes of the 1940 Act), the Funds may invest a greater percentage of their respective assets in the securities of fewer issuers than a “diversified” fund, and accordingly may be more vulnerable to changes in the value of those issuers’ securities. Since the Funds invest in the securities of a limited number of issuers, the Funds are particularly exposed to adverse developments affecting those issuers, and a decline in the market value of a particular security held by a Fund is likely to affect such Fund’s performance more than if such Fund invested in the securities of a larger number of issuers. Although the Funds will be “non-diversified” for purposes of the 1940 Act, the Funds intend to comply with the diversification requirements under Subchapter M of the Code in order to be eligible to qualify as a regulated investment company.

Operational and Technology Risk (All Funds) - Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, index providers, Authorized Participants, market makers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

Passive Investment Risk (All Funds, except Affordable Housing ETF) - The Funds are not actively managed and may be affected by a general decline in market segments included in the applicable Underlying Indices. The Funds invest in securities included in, or representative of, each Fund’s respective Underlying Index regardless of such security’s investment merits. The Adviser does not attempt to take defensive positions under any market conditions, including during declining markets.

Prepayment Risk (Affordable Housing MBS ETF only) - Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an investment in the Fund to change.

Securities Market Risk (All Funds) - Securities market risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. The profitability of a Fund substantially depends upon the Adviser correctly assessing the future price movements of stocks, bonds, loans, options on stocks, and other securities and the movements of interest rates. The Adviser cannot guarantee that it will be successful in accurately predicting price movements. The market prices of equities may decline for reasons that directly relate to the issuing company (such as poor management performance or reduced demand for its goods or services), factors that affect a particular industry (such as a decline in demand, labor or raw material shortages, or increased production costs) or general market conditions not specifically related to a company or industry (such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally, or natural and environmental disasters and systemic market dislocations). The spread of infectious disease including epidemics and pandemics such as the recent COVID-19 outbreak, the novel respiratory disease also known as “coronavirus,” also could affect the economies of many nations in ways that cannot necessarily be foreseen. The coronavirus has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports

of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this outbreak and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund’s investments, the Fund and your investment in the Fund.

In addition, the increasing popularity of passive index-based investing may have the potential to increase security price correlations and volatility. As passive strategies generally buy or sell securities based simply on inclusion and representation in an index, securities prices will have an increasing tendency to rise or fall based on whether money is flowing into or out of passive strategies rather than based on an analysis of the prospects and valuation of individual securities. This may result in increased market volatility as more money is invested through passive strategies. As a result of the nature of a Fund’s investment activities, it is possible that such Fund’s financial performance may fluctuate substantially from period to period. Additionally, at any point in time an investment in a Fund may be worth less than the original investment, even after taking into account the reinvestment of dividends and distributions.

Significant Exposure Risk (All Funds) - To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

Small-Cap Company Risk (All Funds, except Affordable Housing MBS ETF) - Investing in the securities of small-cap companies either directly or indirectly through investments in ETFs, closed-end funds or mutual funds may pose greater market and liquidity risks than larger, more established companies, because of limited product lines and/or operating history, limited financial resources, limited trading markets, and the potential lack of management depth. In addition, the securities of such companies are typically more volatile than securities of larger capitalization companies.

Specified Pools Risk (Affordable Housing MBS ETF only) - The Fund is expected to primarily invest in specified pools of mortgage loans. This may cause the Fund to take longer to fully achieve its principal investment strategy.

Swaps Risk (All Funds) - Investments in swaps involve both the risks associated with an investment in the underlying investments or instruments (including equity investments) and counterparty risk. In a standard over-the-counter (“OTC”) swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount calculated based on the “notional amount” of

predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investments in securities, because swaps may be leveraged and OTC swaps are subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. Certain swap transactions, including interest rate swaps and index credit default swaps, may be subject to mandatory clearing and exchange trading, although the swaps in which the Fund will invest are not currently subject to mandatory clearing and exchange trading. The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. The value of swaps, like many other derivatives, may move in unexpected ways and may result in losses for the Fund.

Tracking Error Risk (All Funds, except Affordable Housing MBS ETF) - The performance of the Fund may diverge from that of the Underlying Index. Because the Fund employs a representative sampling strategy, the Fund may experience tracking error to a greater extent than a fund that seeks to replicate an index. The Adviser may not be able to cause the Fund’s performance to correlate to that of the Fund’s benchmark, either on a daily or aggregate basis. Because the Underlying Index rebalances monthly but the Fund is not obligated to do the same, the risk of tracking error may increase following the rebalancing of the Underlying Index.

Trading Issues Risk (All Funds) - Although the shares of the Fund are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. Market makers are under no obligation to make a market in the Fund’s shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units (as defined below). In the event market makers cease making a market in the Fund’s shares or authorized participants stop submitting purchase or redemption orders for Creation Units, Fund shares may trade at a larger premium or discount to their net asset value. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small or the Fund does not have enough shareholders.

Transactions Risk (Affordable Housing MBS ETF only) - The Fund may purchase securities via to-be-announced transactions (“TBA Transactions”). In such a transaction, the purchase price of the securities is typically fixed at the

time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities in a TBA Transaction may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a TBA Transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction.

U.S. Government Securities Risk (Affordable Housing MBS ETF only) - U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are

generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

Obligations of U.S. government agencies, authorities, instrumentalities and sponsored enterprises (such as Fannie Mae and Freddie Mac) have historically involved little risk of loss of principal if held to maturity. However, the maximum potential liability of the issuers of some of these securities may greatly exceed their current resources and no assurance can be given that the U.S. government would provide financial support to any of these entities if it were not obligated to do so by law. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae or Freddie Mac and the value of their securities and the securities that they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

Valuation Risk (All Funds) - The Funds are subject to the risk of mispricing or improper valuation of their investments, in particular to the extent that their securities are fair valued.

At December 31, 2022, the records of the Trust reflected that 100% of the Funds’ total Shares outstanding were held by four Authorized Participants, in the form of Creation Units. However, the individual shares comprising such Creation Units are listed and traded on the NYSE Arca, Inc. and have been purchased and sold by persons other than Authorized Participants.

On February 3, 2023, the Board of the Trust approved the liquidation of the Impact Shares Sustainable Development Goals Global Equity ETF. The liquidation will be effective on or about February 28, 2023.

The Funds have evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements.

All ETFs have operating expenses. As a shareholder of the Fund you incur an Advisory fee. In addition to the Advisory fee, a shareholder may pay brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses), if any. It is important for you to understand the impact of these ongoing costs of your investment returns. Shareholders may incur brokerage commissions on their purchases and sales of Fund shares, which are not reflected in these examples.

The following examples use the annualized expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in each Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (July 1, 2022 to December 31, 2022) (unless otherwise noted below).

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Fund’s NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of the Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in their NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds’ website at www.impactetfs.org.

This information must be preceded or accompanied by a current prospectus for the Funds.

The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this

report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for the Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


	Impact Shares YWCA Women’s Empowerment ETF			Impact Shares NAACP Minority Empowerment ETF
Assets:
Investments, at Cost	$	36,075,743		$	36,515,957

Investments, at Fair Value	$	33,787,383		$	35,128,410
Dividend Receivable		27,647			21,905
Reclaims Receivable		1,227			510

Total Assets		33,816,257			35,150,825

Liabilities:
Due to Custodian		2,055,334			594,529
Advisory Fees Payable		21,531			15,104

Total Liabilities		2,076,865			609,633

Net Assets	$	31,739,392		$	34,541,192

Net Assets Consist of:
Paid-in Capital	$	34,926,441		$	36,915,717
Total Distributable Loss		(3,187,049	)		(2,374,525	)

Net Assets	$	31,739,392		$	34,541,192

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,200,001			1,300,000
Net Asset Value, Offering and Redemption Price Per Share	$	26.45		$	26.57


	Impact Shares Sustainable Development Goals Global Equity ETF			Impact Shares Affordable Housing MBS ETF
Assets:
Investments, at Cost	$	6,712,159		$	115,151,876

Investments, at Fair Value	$	6,323,800		$	101,836,933
Cash and Cash Equivalents		—			2,857
Foreign Currency, at Value (Cost $129,673 and $–)		121,163			—
Reclaims Receivable		13,617			—
Dividend and Interest Receivable		5,676			288,611

Total Assets		6,464,256			102,128,401

Liabilities:
Due to Custodian		50,063			—
Advisory Fees Payable		4,247			5,052
Payable for Legal Fees		—			21,016
Payable for Exchange Listing Fees		—			5,398
Payable due to Administrator		—			6,852
Payable for Trustees’ Fee		—			17,554
Payable for Printing Fees		—			14,902
Payable for Miscellaneous Fees		—			9,870
Payable for Custodian Fees		—			13,942
Payable for Insurance Fees		—			17,554
Payable for Audit Fees		—			10,476
Other Accrued Expenses		—			5,932

Total Liabilities		54,310			128,548

Net Assets	$	6,409,946		$	101,999,853

Net Assets Consist of:
Paid-in Capital	$	6,824,331		$	117,825,935
Total Distributable Loss		(414,385	)		(15,826,082	)

Net Assets	$	6,409,946		$	101,999,853

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		300,001			6,000,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.37		$	17.00


	Impact Shares YWCA Women’s Empowerment ETF			Impact Shares NAACP Minority Empowerment ETF
Investment Income:
Dividend Income	$	330,785		$	341,107

Total Investment Income		330,785			341,107

Expenses:
Advisory Fees		121,054			90,415

Total Expenses		121,054			90,415

Net Expenses		121,054			90,415

Net Investment Income		209,731			250,692

Net Realized Gain (Loss) on:
Investments		(720,778	)		(717,312	)

Net Realized Gain (Loss)		(720,778	)		(717,312	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,197,644			97,006

Net Change in Unrealized Appreciation (Depreciation)		1,197,644			97,006

Net Realized and Unrealized Gain (Loss)		476,866			(620,306	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	686,597		$	(369,614	)


	Impact Shares Sustainable Development Goals Global Equity ETF			Impact Shares Affordable Housing MBS ETF
Investment Income:
Dividend Income	$	71,712		$	51,946
Interest Income		–			589,381
Less: Foreign Taxes Withheld		(2,592	)		—

Total Investment Income		69,120			641,327

Expenses:
Advisory Fees		23,064			143,817
Administration Fees		—			36,775
Audit Fees		—			15,476
Legal Fees		—			12,602
Custodian Fees		—			19,598
Pricing Fees		—			5,349
Printing Fees		—			5,041
Registration Fees		—			234
Exchange Listing Fees		—			4,898
Transfer Agent Fees		—			1,977
Other Fees		—			5,962

Total Expenses		23,064			251,729

Less:
Advisory Waiver		—			(107,891	)
Advisor Expense Reimbursement		—			—

Net Expenses		23,064			143,838

Net Investment Income		46,056			497,489

Net Realized Gain (Loss) on:
Investments		2,458			1,924
Foreign Currency Transactions		(2,904	)		—

Net Realized Gain (Loss)		(446	)		1,924

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		162,551			(3,892,382	)
Foreign Currency Translation		2,697			—

Net Change in Unrealized Appreciation (Depreciation)		165,248			(3,892,382	)

Net Realized and Unrealized Gain (Loss)		164,802			(3,890,458	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	210,858		$	(3,392,969	)


	Impact Shares YWCA Women’s Empowerment ETF
	Period Ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
Operations:
Net Investment Income	$	209,731		$	279,485
Net Realized Gain (Loss)		(720,778	)		3,201,122
Net Change in Unrealized Appreciation (Depreciation)		1,197,644			(7,917,685	)

Net Increase (Decrease) in Net Assets Resulting from Operations		686,597			(4,437,078	)

Distributions		(2,585,904	)		(1,236,425	)

Capital Share Transactions:
Issued		3,569,981			9,454,889
Redeemed		–			(3,274,454	)

Increase in Net Assets from Capital Share Transactions		3,569,981			6,180,435

Total Increase in Net Assets		1,670,674			506,932

Net Assets:
Beginning of Period/Year		30,068,718			29,561,786

End of Period/Year	$	31,739,392		$	30,068,718

Share Transactions:
Issued		125,000			275,000
Redeemed		–			(100,000	)

Net Increase in Shares Outstanding from Share Transactions		125,000			175,000


Schedules of Investments			1
Statements of Assets and Liabilities			11
Statements of Operations			13
Statements of Changes in Net Assets			15
Financial Highlights			19
Notes to Financial Statements			21
Disclosure of Fund Expenses			42
Supplemental Information			43


	Impact Shares NAACP Minority Empowerment ETF
	Period Ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
Operations:
Net Investment Income	$	250,692		$	371,757
Net Realized Gain (Loss)		(717,312	)		1,015,412
Net Change in Unrealized Appreciation (Depreciation)		97,006			(6,871,089	)

Net Decrease in Net Assets Resulting from Operations		(369,614	)		(5,483,920	)

Distributions		(1,109,441	)		(1,258,151	)

Capital Share Transactions:
Issued		783,805			10,960,006
Redeemed		–			(856,098	)

Increase in Net Assets from Capital Share Transactions		783,805			10,103,908

Total Increase (Decrease) in Net Assets		(695,250	)		3,361,837

Net Assets:
Beginning of Period/Year		35,236,442			31,874,605

End of Period/Year	$	34,541,192		$	35,236,442

Share Transactions:
Issued		25,000			325,000
Redeemed		–			(25,000	)

Net Increase in Shares Outstanding from Share Transactions		25,000			300,000


	Impact Shares Sustainable Development Goals Global Equity ETF
	Period Ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
Operations:
Net Investment Income	$	46,056		$	93,119
Net Realized Gain (Loss)		(446	)		184,622
Net Change in Unrealized Appreciation (Depreciation)		165,248			(1,009,810	)

Net Increase (Decrease) in Net Assets Resulting from Operations		210,858			(732,069	)

Distributions		(240,724	)		(645,717	)

Capital Share Transactions:
Issued		1,048,407			1,313,720

Increase in Net Assets from Capital Share Transactions		1,048,407			1,313,720

Total Increase (Decrease) in Net Assets		1,018,541			(64,066	)

Net Assets:
Beginning of Period/Year		5,391,405			5,455,471

End of Period/Year	$	6,409,946		$	5,391,405

Share Transactions:
Issued		50,000			50,000

Net Increase in Shares Outstanding from Share Transactions		50,000			50,000


	Impact Shares Affordable Housing MBS ETF
	Period Ended December 31, 2022 (Unaudited)			Period Ended June 30, 2022⁽¹⁾
Operations:
Net Investment Income	$	497,489		$	718,198
Net Realized Gain (Loss)		1,924			(687,053	)
Net Change in Unrealized Appreciation (Depreciation)		(3,892,382	)		(9,422,561	)

Net Decrease in Net Assets Resulting from Operations		(3,392,969	)		(9,391,416	)

Distributions		(1,309,665	)		(1,732,032	)

Capital Share Transactions:
Issued		17,401,978			107,781,233
Redeemed		(2,511,804	)		(4,845,472	)

Increase in Net Assets from Capital Share Transactions		14,890,174			102,935,761

Total Increase in Net Assets		10,187,540			91,812,313

Net Assets:
Beginning of Period		91,812,313			—

End of Period	$	101,999,853		$	91,812,313

Share Transactions:
Issued		1,000,000			5,400,000
Redeemed		(150,000	)		(250,000	)

Net Increase in Shares Outstanding from Share Transactions		850,000			5,150,000


	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distributions from Net Investment Income ($)			Distributions from Net Realized Capital Gains ($)			Return of Capital ($)		Total Distributions ($)			Net Asset Value, End of Period ($)		Market Price, End of Period ($)		Total Return(%)⁽¹⁾			Net Assets End of Period ($) (000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)⁽²⁾
Impact Shares YWCA Women’s Empowerment ETF

2022**		27.97		0.19		0.45			0.64			(0.18	)		(1.98	)		—		(2.16	)		26.45		26.48		2.34			31,739		0.75	⁽³⁾		1.30	⁽³⁾		5

2022		32.85		0.27		(3.99	)		(3.72	)		(0.27	)		(0.89	)		—		(1.16	)		27.97		27.92		(11.98	)		30,069		0.75			0.83			36

2021		22.81		0.21		11.59			11.80			(0.47	)		(1.29	)		—		(1.76	)		32.85		32.88		52.85			29,562		0.75	⁽⁴⁾		0.73			39

2020		20.63		0.28		2.16			2.44			(0.26	)		—			—		(0.26	)		22.81		22.77		11.92			7,414		0.75	⁽⁵⁾		1.30			47

2019⁽⁶⁾		20.00		0.27		0.63			0.90			(0.25	)		(0.02	)		—^		(0.27	)		20.63		20.62		4.71			4,126		0.76	^(3),(7)		1.60	⁽³⁾		7
Impact Shares NAACP Minority Empowerment ETF

2022**		27.64		0.19		(0.40	)		(0.21	)		(0.20	)		(0.66	)		—		(0.86	)		26.57		26.56		(0.76	)		34,541		0.49	⁽³⁾		1.36	⁽³⁾		6

2022		32.69		0.33		(4.25	)		(3.92	)		(0.32	)		(0.81	)		—		(1.13	)		27.64		27.70		(12.70	)		35,236		0.49			1.00			35

2021		23.17		0.30		9.68			9.98			(0.35	)		(0.11	)		—		(0.46	)		32.69		32.76		43.35			31,875		0.50	⁽⁸⁾		1.03			49

2020		21.16		0.28		1.97			2.25			(0.24	)		—			—		(0.24	)		23.17		23.23		10.71			5,792		0.75	⁽⁵⁾		1.27			25

2019⁽⁹⁾		20.00		0.28		1.17			1.45			(0.28	)		(0.01	)		—		(0.29	)		21.16		21.11		7.37			2,222		0.75	^(3),(10)		1.46	⁽³⁾		19


	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distributions from Net Investment Income ($)			Distributions from Net Realized Capital Gains ($)			Total Distributions ($)			Net Asset Value, End of Period ($)		Market Price, End of Period ($)		Total Return(%)⁽¹⁾			Net Assets End of Period ($) (000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)⁽²⁾
Impact Shares Sustainable Development Goals Global Equity ETF
2022**		21.57		0.16		0.45			0.61			(0.15	)		(0.66	)		(0.81	)		21.37		21.50		2.86			6,410		0.75	⁽³⁾		1.50	(3)		—

2022		27.28		0.43		(3.27	)		(2.84	)		(0.39	)		(2.48	)		(2.87	)		21.57		21.78		(12.29	)		5,391		0.75			1.65			30

2021		20.05		0.30		7.33			7.63			(0.35	)		(0.05	)		(0.40	)		27.28		27.51		38.16			5,455		0.75	⁽⁴⁾		1.21			77

2020		20.54		0.35		(0.70	)		(0.35	)		(0.14	)		—			(0.14	)		20.05		20.00		(1.75	)		3,008		0.75	⁽⁵⁾		1.72			41

2019⁽⁶⁾		20.00		0.32		0.60			0.92			(0.38	)		—			(0.38	)		20.54		20.66		4.67			1,027		0.75	^(3),(7)		2.08	⁽³⁾		25
Impact Shares Affordable Housing MBS ETF

2022**		17.83		0.09		(0.69	)		(0.60	)		(0.23	)		—			(0.23	)		17.00		17.07		(3.35	)		102,000		0.30	^(3),(9)		1.04	⁽³⁾		16

2022⁽⁸⁾		20.00		0.14		(1.97	)		(1.83	)		(0.34	)		—			(0.34	)		17.83		17.88		(9.22	)		91,812		0.30	^(3),(9)		0.81	⁽³⁾		78


	Creation Unit Shares		Creation Transaction Fee		Value		Redemption Transaction Fee
YWCA Women’s Empowerment ETF		25,000	$	500	$	661,250	$	500
NAACP Minority Empowerment ETF		25,000		500		664,250		500
Sustainable Development Goals Global Equity ETF		25,000		500		534,250		500
Affordable Housing MBS ETF		25,000		500		425,000		500


	Purchases		Purchases - U.S. Govt.		Sales		Sales - U.S. Govt.
YWCA Women’s Empowerment ETF	$	1,530,714	$	-	$	1,710,798	$	-
NAACP Minority Empowerment ETF		2,092,982		-		2,180,683		-
Sustainable Development Goals Global Equity ETF		-		-		5,855,840		-
Affordable Housing MBS ETF		-		34,264,915		-		13,929,105


	Purchases		Sales and Maturities		Realized Gain/(Loss)
YWCA Women’s Empowerment ETF	$	3,535,160	$	-	$	-
NAACP Minority Empowerment ETF		738,625		-		-
Sustainable Development Goals Global Equity ETF		931,205		-		-
Affordable Housing MBS ETF		-		-		-


	Ordinary Income		Long-Term Capital Gain		Total
YWCA Women’s Empowerment ETF
2022	$	787,659	$	448,766	$	1,236,425
2021		665,602		104,821		770,423
NAACP Minority Empowerment ETF
2022	$	1,026,449	$	231,702	$	1,258,151
2021		290,187		26,991		317,178
Sustainable Development Goals Global Equity ETF
2022	$	98,098	$	547,619	$	645,717
2021		39,855		25,740		65,595
Affordable Housing MBS ETF^*
2022	$	1,732,032	$	-	$	1,732,032


	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Capital Loss Carryforwards		Post October Losses		Unrealized Appreciation/ (Depreciation)		Other Temporary Differences		Total Distributable Earnings/(Loss)
YWCA Women’s Empowerment ETF	$	911,568	$	1,463,528	$	— $		—$		(3,662,836)	$	(2)	$	(1,287,742)
NAACP Minority Empowerment ETF		397,130		460,743		—		—		(1,753,343)		—		(895,470)
Sustainable Development Goals Global Equity
ETF		67,514		127,187		—		—		(579,325)		105		(384,519)
Affordable Housing MBS ETF		60,588		—		(467,660)		(1,281,762)		(9,434,612)		(2)		(11,123,448)


	Short-Term Loss		Long-Term Loss		Total
Affordable Housing MBS ETF	$	467,660	$	-	$	467,660


	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
YWCA Women’s Empowerment ETF	$	36,075,743	$	3,080,550	$	(5,368,910)		$	(2,288,360	)
NAACP Minority Empowerment ETF		36,515,957		4,014,933		(5,402,480	)		(1,387,547	)
Sustainable Development Goals Global Equity ETF		6,712,159		321,221		(709,580	)		(388,359	)
Affordable Housing MBS ETF		115,151,876		65,120		(13,380,063	)		(13,314,943	)



	Beginning Account Value 7/1/2022		Ending Account Value 12/31/2022		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Impact Shares YWCA Women’s Empowerment ETF
Actual Fund Return	$	1,000.00	$	1,023.40		0.75	%	$	3.83
Hypothetical 5% Return	$	1,000.00	$	1,021.43		0.75	%	$	3.82
Impact Shares NAACP Minority Empowerment ETF
Actual Fund Return	$	1,000.00	$	992.40		0.49	%	$	2.46
Hypothetical 5% Return	$	1,000.00	$	1,022.74		0.49	%	$	2.50
Impact Shares Sustainable Development Goals Global Equity ETF
Actual Fund Return	$	1,000.00	$	1,028.60		0.75	%	$	3.83
Hypothetical 5% Return	$	1,000.00	$	1,021.43		0.75	%	$	3.82
Impact Shares Affordable Housing MBS ETF
Actual Fund Return	$	1,000.00	$	966.50		0.30	%	$	1.49
Hypothetical 5% Return	$	1,000.00	$	1,023.69		0.30	%	$	1.53


(Registrant)	Impact Shares Trust I

By (Signature and Title)		/s/ Ethan Powell
		Ethan Powell, President, Principal
		Executive Officer, Treasurer, and
		Principal Financial Officer