Impact Shares Trust I NPORT-P Impact Shares Sustainable Development Goals Global Equity ETF (Sep 2022 report)

Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 98.9%
Communication Services — 6.5%
AT&T		13,699	$	210,143
Comcast, Cl A		8,591		251,974
Interpublic Group		757		19,380
Lumen Technologies		1,735		12,631
Meta Platforms, Cl A*		4,386		595,092
Omnicom Group		402		25,362
Paramount Global, Cl A		4		86
Paramount Global, Cl B		1,150		21,896
Verizon Communications		8,027		304,785
Walt Disney*		3,491		329,306
Warner Bros Discovery*		8,265		95,047
				1,865,702
Consumer Discretionary — 11.1%
Amazon.com*		13,798		1,559,174
Aptiv*		569		44,501
Autoliv		163		10,861
Best Buy		435		27,553
Carnival*		1,717		12,070
Deckers Outdoor*		57		17,819
eBay		1,219		44,871
Etsy*		280		28,037
Expedia Group*		327		30,637
Ford Motor		8,517		95,391
Gap		496		4,072
General Motors		3,159		101,372
Hasbro		296		19,956
Hilton Worldwide Holdings		609		73,458
Lululemon Athletica*		253		70,729
Marriott International, Cl A		583		81,702
McDonald’s		1,588		366,415
PVH		177		7,929
Starbucks		2,459		207,195
Target		878		130,287
TJX		2,518		156,418
VF		676		20,219
Yum! Brands		607		64,548
				3,175,214
Consumer Staples — 8.3%
Archer-Daniels-Midland		1,088		87,530
Brown-Forman, Cl A		99		6,689
Brown-Forman, Cl B		344		22,900
Campbell Soup		380		17,906
Church & Dwight		468		33,434
Clorox		231		29,658
Coca-Cola		7,451		417,405
Colgate-Palmolive		1,629		114,437
Conagra Brands		916		29,889
Estee Lauder, Cl A		445		96,075
General Mills		1,169		89,557
Hershey		283		62,393
J M Smucker		212		29,131
Kellogg		491		34,203
Kimberly-Clark		651		73,264
Kraft Heinz		1,366		45,556
Kroger		1,224		53,550
Molson Coors Beverage, Cl B		357		17,132
PepsiCo		2,647		432,149
Procter & Gamble		4,588		579,235
Tyson Foods, Cl A		568		37,448
Walgreens Boots Alliance		1,392		43,709
				2,353,250

Description	Shares			Fair Value
Energy — 6.0%
Baker Hughes, Cl A		1,736		$	36,386
Chevron		3,774			542,211
ConocoPhillips		2,472			252,984
Exxon Mobil		8,055			703,282
Occidental Petroleum		1,711			105,141
Phillips 66		887			71,599
					1,711,603
Financials — 10.2%
Aflac		1,175			66,035
Allstate		521			64,880
American Express		1,156			155,956
American International Group		1,504			71,410
Ameriprise Financial		212			53,413
Bank of America		13,525			408,455
Bank of New York Mellon		1,419			54,660
BlackRock, Cl A		271			149,126
Capital One Financial		741			68,298
Citigroup		3,695			153,971
Fifth Third Bancorp		1,311			41,899
First Republic Bank		347			45,301
Goldman Sachs Group		662			193,999
Hartford Financial Services Group		614			38,031
Huntington Bancshares		2,745			36,179
KeyCorp		1,775			28,435
Lincoln National		320			14,051
MetLife		1,369			83,208
Moody’s		311	��		75,607
Morgan Stanley		2,661			210,246
Northern Trust		397			33,967
Principal Financial Group		467			33,694
Progressive		1,139			132,363
Prudential Financial		708			60,733
Regions Financial		1,795			36,026
S&P Global		667			203,669
State Street		700			42,567
T Rowe Price Group		436			45,784
US Bancorp		2,612			105,316
Voya Financial		203			12,281
Wells Fargo		5,003			201,221
					2,920,781
Health Care — 19.1%
Abbott Laboratories		3,342			323,372
AbbVie		3,380			453,630
Agilent Technologies		579			70,377
AmerisourceBergen, Cl A		291			39,381
Amgen		1,021			230,133
Baxter International		950			51,167
Becton Dickinson		542			120,774
Biogen*		283			75,561
BioMarin Pharmaceutical*		346			29,330
Bristol-Myers Squibb		4,064			288,910
Cardinal Health		537			35,807
Cigna		610			169,257
CVS Health		2,496			238,044
Elevance Health		460			208,950
Eli Lilly		1,507			487,288
Embecta		191			5,499
Gilead Sciences		2,391			147,501
Johnson & Johnson		5,033			822,191
Medtronic PLC		2,559			206,639
Merck		4,833			416,218
Pfizer		10,773			471,427
Quest Diagnostics		232			28,464
Regeneron Pharmaceuticals*		207			142,596
UnitedHealth Group		512			258,580

Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares		Fair Value
Vertex Pharmaceuticals*		488	$	141,296
				5,462,392
Industrials — 6.3%
3M		1,081		119,451
Booz Allen Hamilton Holding, Cl A		162		14,961
Caterpillar		1,020		167,362
Cummins		272		55,355
Delta Air Lines*		1,226		34,401
Eaton PLC		777		103,621
Emerson Electric		1,149		84,130
General Electric		2,131		131,930
Johnson Controls International PLC		1,354		66,644
Lyft, Cl A*		1,070		14,092
Nielsen Holdings PLC		674		18,683
Norfolk Southern		451		94,552
Owens Corning		189		14,857
Pentair		313		12,717
Robert Half International		205		15,683
Rockwell Automation		226		48,615
Southwest Airlines*		1,132		34,911
Sunrun*		699		19,285
TransUnion		368		21,892
Trex*		213		9,359
Union Pacific		1,195		232,810
United Parcel Service, Cl B		1,403		226,641
Verisk Analytics, Cl A		309		52,694
Waste Management		730		116,953
WW Grainger		83		40,603
Xylem		343		29,964
				1,782,166
Information Technology — 25.5%
Accenture PLC, Cl A		2,352		605,170
Adobe*		1,487		409,223
Autodesk*		689		128,705
Automatic Data Processing		797		180,273
HP		3,277		81,663
Intel		12,864		331,505
International Business Machines		2,820		335,044
Intuit		891		345,102
Keysight Technologies*		564		88,751
Mastercard, Cl A		1,647		468,308
Microsoft		6,087		1,417,662
Motorola Solutions		519		116,241
NVIDIA		7,874		955,825
PayPal Holdings*		2,233		192,194
QUALCOMM		3,522		397,916
Salesforce*		3,124		449,356
TE Connectivity		1,022		112,788
Visa, Cl A		3,144		558,532
Workday, Cl A*		628		95,594
				7,269,852
Materials — 1.9%
Air Products and Chemicals		424		98,678
Avery Dennison		158		25,706
Celanese, Cl A		208		18,791
Dow		1,423		62,512
DuPont de Nemours		986		49,694
Ecolab		482		69,611
International Flavors & Fragrances		478		43,417
International Paper		798		25,297
Mosaic		698		33,734
Newmont		1,514		63,634

Description	Shares		Fair Value
PPG Industries		460	$	50,917
				541,991
Real Estate — 1.6%
CBRE Group, Cl A*		641		43,274
Equinix‡		174		98,978
Equity LifeStyle Properties‡		333		20,926
Essex Property Trust‡		127		30,763
Healthpeak Properties‡		1,026		23,516
Host Hotels & Resorts‡		1,365		21,676
Iron Mountain‡		561		24,667
Jones Lang LaSalle*		95		14,352
Mid-America Apartment Communities‡		223		34,581
STORE Capital‡		460		14,412
Ventas‡		767		30,810
VICI Properties‡		1,875		55,969
Welltower‡		842		54,157
				468,081
Utilities — 2.4%
American Water Works		357		46,467
CenterPoint Energy		1,213		34,182
CMS Energy		560		32,615
Consolidated Edison		687		58,917
Constellation Energy		30		2,496
Dominion Energy		1,584		109,470
Edison International		734		41,530
Entergy		389		39,145
Essential Utilities		448		18,538
Exelon		1,906		71,399
NiSource		754		18,993
PG&E*		2,931		36,637
PPL		1,454		36,859
Sempra Energy		609		91,314
UGI		398		12,867
Vistra		918		19,278
				670,707
Total Common Stock (Cost $33,479,064)				28,221,739
SHORT-TERM INVESTMENT — 1.1%
Invesco Government & Agency, Cl Institutional, 2.95% (A)		326,918		326,918
Total Short-Term Investment (Cost $326,918)				326,918
Total Investments - 100.0% (Cost $33,805,982)			$	28,548,657

Percentages are based on Net Assets of $28,557,289.

* Non-income producing security.

^‡  Real Estate Investment Trust

(A) Rate shown represents the 7-day effective yield as of September 30, 2022.

Cl — Class

PLC — Public Limited Company

Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

September 30, 2022 (Unaudited)

As of September 30, 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 regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

IMP-QH-001-0900

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 99.6%
Communication Services — 9.2%
Alphabet, Cl A*		8,769	$	838,755
Alphabet, Cl C*		8,048		773,815
AT&T		15,635		239,841
Electronic Arts		614		71,046
Lumen Technologies		2,233		16,256
Meta Platforms, Cl A*		5,012		680,028
Twitter*		1,665		72,994
Verizon Communications		9,168		348,109
Warner Bros Discovery*		4,172		47,978
				3,088,822
Consumer Discretionary — 13.4%
Amazon.com*		15,373		1,737,149
Aptiv*		479		37,463
Autoliv		145		9,661
Chegg*		225		4,741
Dollar Tree*		405		55,121
eBay		990		36,442
Ford Motor		6,980		78,176
Gap		352		2,890
General Motors		2,577		82,696
Hilton Worldwide Holdings		492		59,345
Home Depot		1,826		503,866
Lear		111		13,286
Lowe’s		1,169		219,550
Marriott International, Cl A		486		68,108
MercadoLibre*		82		67,878
NIKE, Cl B		2,245		186,604
Royal Caribbean Cruises*		427		16,183
Target		818		121,383
Tesla*		4,458		1,182,484
VF		610		18,245
				4,501,271
Consumer Staples — 4.5%
Archer-Daniels-Midland		1,000		80,450
Bunge		248		20,477
Campbell Soup		348		16,398
Clorox		212		27,219
Coca-Cola		6,901		386,594
Constellation Brands, Cl A		296		67,985
Hormel Foods		498		22,629
J M Smucker		193		26,520
Kellogg		450		31,347
Kimberly-Clark		596		67,074
Kraft Heinz		1,253		41,788
Kroger		1,184		51,800
Molson Coors Beverage, Cl B		327		15,693
Mondelez International, Cl A		2,449		134,279
PepsiCo		2,445		399,171
Sysco		894		63,215
Tyson Foods, Cl A		523		34,481
Walgreens Boots Alliance		1,279		40,160
				1,527,280
Energy — 5.9%
Cheniere Energy		418		69,350
Chevron		3,477		499,541
ConocoPhillips		2,315		236,917
Devon Energy		1,103		66,323
Exxon Mobil		7,451		650,547
Hess		482		52,533
Kinder Morgan		3,431		57,092

Description	Shares		Fair Value
Marathon Petroleum		956	$	94,959
ONEOK		790		40,480
Phillips 66		851		68,693
Valero Energy		726		77,573
Williams		2,154		61,669
				1,975,677
Financials — 7.6%
American Express		1,091		147,187
Aon PLC, Cl A		375		100,452
Bank of America		12,533		378,497
Bank of New York Mellon		1,306		50,307
Charles Schwab		2,669		191,821
Citigroup		3,429		142,886
Huntington Bancshares		2,522		33,240
JPMorgan Chase		5,195		542,877
MetLife		1,259		76,522
Moody’s		286		69,529
Morgan Stanley		2,473		195,392
Nasdaq		615		34,858
PNC Financial Services Group		740		110,571
Prudential Financial		681		58,416
Regions Financial		1,650		33,115
S&P Global		614		187,485
Synchrony Financial		902		25,427
T Rowe Price Group		158		16,592
Travelers		436		66,795
Truist Financial		2,370		103,190
				2,565,159
Health Care — 15.2%
Abbott Laboratories		3,096		299,569
AbbVie		3,124		419,272
Agilent Technologies		530		64,421
Baxter International		922		49,659
Becton Dickinson		514		114,535
Biogen*		258		68,886
Boston Scientific*		2,576		99,769
Bristol-Myers Squibb		3,764		267,583
Cigna		561		155,661
CVS Health		2,319		221,163
Edwards Lifesciences*		1,099		90,810
Embecta		79		2,274
Gilead Sciences		2,195		135,410
Illumina*		277		52,849
Johnson & Johnson		4,653		760,114
Laboratory Corp of America Holdings		165		33,794
Medtronic PLC		2,372		191,539
Merck		4,469		384,870
Pfizer		9,927		434,406
Quest Diagnostics		212		26,010
ResMed		260		56,758
Teleflex		85		17,124
Thermo Fisher Scientific		693		351,482
UnitedHealth Group		1,658		837,356
				5,135,314
Industrials — 6.9%
3M		1,016		112,268
American Airlines Group*		1,124		13,533
AMETEK		410		46,498
Boeing*		971		117,569
Booz Allen Hamilton Holding, Cl A		234		21,610
CSX		3,845		102,431
Cummins		250		50,877

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares		Fair Value
Deere		499	$	166,611
Delta Air Lines*		1,124		31,539
Eaton PLC		712		94,953
Emerson Electric		1,055		77,247
Expeditors International of Washington		296		26,140
FedEx		422		62,654
General Electric		1,963		121,529
Honeywell International		1,200		200,364
Howmet Aerospace		669		20,692
Illinois Tool Works		511		92,312
JB Hunt Transport Services		151		23,619
Nordson		95		20,166
Northrop Grumman		262		123,224
Rockwell Automation		208		44,743
Southwest Airlines*		1,043		32,166
Stanley Black & Decker		285		21,435
Textron		388		22,605
Uber Technologies*		6,708		177,762
Union Pacific		1,110		216,250
United Airlines Holdings*		567		18,445
United Parcel Service, Cl B		1,309		211,456
United Rentals*		128		34,575
XPO Logistics*		171		7,613
Xylem		313		27,344
				2,340,230
Information Technology — 29.2%
Accenture PLC, Cl A		2,516		647,367
Apple		13,041		1,802,266
Automatic Data Processing		743		168,059
Cisco Systems		16,493		659,720
Dell Technologies, Cl C		1,088		37,177
HP		4,183		104,241
Intel		16,228		418,196
International Business Machines		3,571		424,270
Mastercard, Cl A		1,518		431,628
Micron Technology		4,430		221,943
Microsoft		7,135		1,661,741
NVIDIA		9,941		1,206,738
Palo Alto Networks*		972		159,204
PayPal Holdings*		2,048		176,271
QUALCOMM		4,442		501,857
Salesforce*		3,948		567,880
Visa, Cl A		2,909		516,784
Western Union		674		9,099
Workday, Cl A*		790		120,254
				9,834,695
Materials — 1.7%
Albemarle		205		54,210
Alcoa		321		10,805
CF Industries Holdings		370		35,613
DuPont de Nemours		906		45,662
Eastman Chemical		224		15,915
Ecolab		443		63,978
FMC		220		23,254
Freeport-McMoRan, Cl B		2,613		71,413
International Flavors & Fragrances		463		42,054
Martin Marietta Materials		110		35,430
Mosaic		641		30,980
Newmont		1,445		60,733
PPG Industries		421		46,601
Vulcan Materials		235		37,062
				573,710

Description	Shares		Fair Value
Real Estate — 1.6%
American Homes 4 Rent, Cl A‡		522	$	17,127
AvalonBay Communities‡		251		46,232
Crown Castle International‡		769		111,159
Duke Realty‡		676		32,583
Equinix‡		160		91,014
Equity Residential‡		611		41,071
Healthpeak Properties‡		940		21,545
Prologis‡		693		70,409
Regency Centers‡		270		14,540
Ventas‡		702		28,199
Welltower‡		773		49,719
				523,598
Utilities — 4.4%
AES		1,173		26,510
Alliant Energy		442		23,422
American Electric Power		901		77,891
American Water Works		326		42,432
Avangrid		113		4,712
CMS Energy		513		29,877
Consolidated Edison		630		54,029
Constellation Energy		11		915
Dominion Energy		1,455		100,555
DTE Energy		346		39,807
Duke Energy		1,381		128,461
Edison International		674		38,135
Entergy		356		35,824
Eversource Energy		613		47,789
Exelon		1,749		65,518
FirstEnergy		1,010		37,370
NextEra Energy		3,475		272,475
NiSource		691		17,406
NRG Energy		429		16,418
PPL		1,333		33,792
Public Service Enterprise Group		904		50,832
Sempra Energy		555		83,217
Southern		1,909		129,812
WEC Energy Group		561		50,170
Xcel Energy		954		61,056
				1,468,425
Total Common Stock (Cost $36,866,530)				33,534,181
SHORT-TERM INVESTMENT — 0.4%
Invesco Government & Agency, Cl Institutional, 2.95% (A)		132,001		132,001
Total Short-Term Investment (Cost $132,001)				132,001
Total Investments - 100.0% (Cost $36,998,531)			$	33,666,182

Percentages are based on Net Assets of $33,674,739.

* Non-income producing security.

^‡  Real Estate Investment Trust

(A) Rate shown represents the 7-day effective yield as of September 30, 2022.

Cl — Class

PLC — Public Limited Company

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

September 30, 2022 (Unaudited)

As of September 30, 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 regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

IMP-QH-001-0900

Impact Shares

Sustainable Development Goals Global Equity ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 96.2%
Australia — 3.2%
Aurizon Holdings		128	$	283
Australia & New Zealand Banking Group		2,307		33,645
Brambles		1,269		9,262
Cromwell Property Group‡		2,459		1,054
Dexus‡		976		4,820
Downer EDI		751		2,195
Fortescue Metals Group		1,410		15,170
Iluka Resources		448		2,596
Mirvac Group‡		3,597		4,475
National Australia Bank		2,661		49,038
Newcrest Mining		746		8,074
OZ Minerals		309		5,096
Qantas Airways*		969		3,112
QBE Insurance Group		1,280		9,440
Scentre Group‡		4,553		7,397
Sierra Rutile Holdings*		448		60
South32		4,029		9,355
Stockland‡		2,192		4,585
Vicinity Centres‡		3,795		4,212
Total Australia				173,869
Austria — 0.0%
Raiffeisen Bank International*		129		1,544
Total Austria				1,544
Burkina Faso — 0.1%
Endeavour Mining		169		3,097
Total Burkina Faso				3,097
Canada — 5.9%
Agnico Eagle Mines		335		14,153
Air Canada*		317		3,809
B2Gold		1,077		3,462
Bank of Nova Scotia		996		47,372
CAE*		289		4,433
Gildan Activewear		178		5,032
Kinross Gold		1,194		4,495
Ritchie Bros Auctioneers		104		6,498
Royal Bank of Canada		1,159		104,351
Stantec		105		4,605
Thomson Reuters		143		14,680
Toronto-Dominion Bank		1,495		91,690
Yamana Gold		974		4,407
Total Canada				308,987
Chile — 0.0%
Lundin Mining		610		3,082
Total Chile				3,082
China — 0.1%
China Eastern Airlines, Cl H*		6,041		2,055
China Southern Airlines, Cl H*		4,187		2,208
COSCO SHIPPING Holdings, Cl H		3,089		3,624
Total China				7,887
France — 2.8%
AXA		1,806		39,780
BNP Paribas		994		42,478
Covivio‡		45		2,184

Description	Shares		Fair Value
ICADE‡		32	$	1,198
Kering		66		29,661
Societe Generale		1,781		35,634
Valeo		215		3,293
Total France				154,228
Germany — 3.6%
Bayerische Motoren Werke		284		19,480
Commerzbank*		896		6,447
Merck KGaA		119		19,453
SAP		965		79,556
Siemens		708		70,220
Total Germany				195,156
Hong Kong — 0.1%
Hong Kong & China Gas		8,576		7,561
Total Hong Kong				7,561
Italy — 1.4%
Intesa Sanpaolo		30,551		50,984
UniCredit		2,714		27,817
Total Italy				78,801
Japan — 3.1%
Asics		218		3,464
Astellas Pharma		1,370		18,146
Bridgestone		452		14,582
Canon		780		17,095
DMG Mori		202		2,303
East Japan Railway		285		14,613
Eisai		234		12,529
Fast Retailing		47		24,911
FUJIFILM Holdings		295		13,471
Fujitsu		135		14,724
Konica Minolta		781		2,407
Mizuho Financial Group		1,859		20,070
NEC		226		7,222
Total Japan				165,537
Mexico — 0.5%
Cemex*		13,192		4,559
Grupo Aeroportuario del Sureste, Cl B		228		4,483
Wal-Mart de Mexico		4,073		14,304
Total Mexico				23,346
Netherlands — 0.4%
ABN AMRO Bank		378		3,419
Koninklijke Philips		818		12,827
Total Netherlands				16,246
Norway — 0.3%
DNB Bank		699		11,096
Norsk Hydro		1,183		6,393
SpareBank 1 SR-Bank		250		2,342
Total Norway				19,831
Philippines — 0.2%
AC Energy		867		83
Ayala		289		3,037

Impact Shares

Sustainable Development Goals Global Equity ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares		Fair Value
International Container Terminal Services		1,078	$	2,879
Total Philippines				5,999
Singapore — 0.0%
BOC Aviation		388		2,756
Olam Group		1,371		1,251
Total Singapore				4,007
South Africa — 0.7%
Anglo American Platinum		58		4,128
Gold Fields		786		6,403
Impala Platinum Holdings		707		6,627
Kumba Iron Ore		104		2,228
Nedbank Group		475		5,242
NEPI Rockcastle		598		2,678
Scatec		186		1,280
Standard Bank Group		1,066		8,481
Vodacom Group		707		4,768
Total South Africa				41,835
Spain — 1.1%
Acciona		24		4,248
Atlantica Sustainable Infrastructure PLC		14		368
Banco Santander		13,426		31,546
Industria de Diseno Textil		1,006		20,980
Total Spain				57,142
Switzerland — 3.6%
Barry Callebaut		3		5,683
Holcim		450		18,690
Novartis		2,128		162,894
Sonova Holding		53		11,817
Total Switzerland				199,084
Tanzania — 0.1%
AngloGold Ashanti		380		5,242
Total Tanzania				5,242
Thailand — 0.5%
Airports of Thailand*		3,930		7,554
Delta Electronics Thailand		462		8,010
SCB X		1,556		4,290
Siam Cement		369		3,189
Total Thailand				23,043
United Kingdom — 5.3%
abrdn		2,005		3,114
Burberry Group PLC		379		7,651
GSK PLC		3,688		53,770
Haleon PLC*		4,610		14,374
Investec PLC		628		2,546
ITV		3,263		2,087
Lloyds Banking Group PLC		64,058		29,604
Mondi PLC		445		6,926
NatWest Group		4,325		10,909
Ninety One PLC		86		175
Pearson PLC		703		6,804
Pennon Group		257		2,258
Unilever PLC		3,129		138,663
Total United Kingdom				278,881

Description	Shares		Fair Value
United States — 63.2%
Communication Services — 4.3%
Alphabet, Cl A*		1,720	$	164,518
Alphabet, Cl C*		700		67,305
Interpublic Group		12		307
				232,130
Consumer Discretionary — 7.2%
Ford Motor		3,304		37,005
Gap		208		1,708
General Motors		1,185		38,027
Lululemon Athletica*		107		29,913
McDonald’s		645		148,827
NIKE, Cl B		1,117		92,845
VF		286		8,554
Yum! Brands		256		27,223
				384,102
Consumer Staples — 10.8%
Colgate-Palmolive		732		51,423
Mondelez International, Cl A		1,192		65,357
Nestle		2,493		270,549
PepsiCo		1,159		189,218
				576,547
Financials — 7.9%
Bank of America		6,026		181,985
Hannon Armstrong Sustainable Infrastructure Capital‡		10		299
JPMorgan Chase		2,030		212,135
Moody’s		143		34,765
Morgan Stanley		4		316
				429,500
Health Care — 16.0%
AbbVie		1,517		203,597
Edwards Lifesciences*		544		44,950
Elevance Health		208		94,482
Johnson & Johnson		2,158		352,531
Medtronic PLC		1,149		92,782
Roche Holding - GENUS		186		60,973
Viatris, Cl W*		1,055		8,989
				858,304
Industrials — 3.7%
AECOM		128		8,751
American Airlines Group*		577		6,947
CSX		1,925		51,282
Nielsen Holdings PLC		331		9,175
Nordson		48		10,189
Otis Worldwide		371		23,670
Regal Rexnord		62		8,702
Signify		119		3,106
United Airlines Holdings*		284		9,239
United Parcel Service, Cl B		211		34,085
Verisk Analytics, Cl A		144		24,556
Xylem		159		13,890
				203,592
Information Technology — 12.4%
Accenture PLC, Cl A		554		142,544
Cisco Systems		3,640		145,600

Impact Shares

Sustainable Development Goals Global Equity ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Shares/Number of Warrants		Fair Value
Dell Technologies, Cl C		255	$	8,713
Enphase Energy*		4		1,110
First Solar*		6		794
Hewlett Packard Enterprise		1,123		13,454
HP		946		23,574
Intel		3,455		89,035
NVIDIA		53		6,434
QUALCOMM		965		109,026
Salesforce*		828		119,099
SolarEdge Technologies*		2		463
VMware, Cl A*		4		426
Western Digital*		275		8,951
				669,223
Materials — 0.6%
Newmont		748		31,439
Real Estate — 0.3%
Healthpeak Properties‡		477		10,933
Weyerhaeuser‡		251		7,168
				18,101
Utilities — 0.0%
Brookfield Renewable, Cl A		10		327
Total United States				3,403,265
Total Common Stock (Cost $6,254,468)				5,177,670
PREFERRED STOCK — 0.1%
Germany — 0.1%
Bayerische Motoren Werke(A)		52		3,410
Total Germany				3,410
Total Preferred Stock (Cost $4,198)				3,410
WARRANT — 0.0%
Occidental Petroleum Expires, 8/6/27
Strike Price $22.00*		28		1,109
Total Warrants (Cost $1,141)				1,109
SHORT-TERM INVESTMENT — 1.4%
Invesco Government & Agency, Cl Institutional, 2.95% (B)		78,013		78,013
Total Short-Term Investment (Cost $78,013)				78,013
Total Investments - 97.7% (Cost $6,337,820)			$	5,260,202
Percentages are based on Net Assets of $5,384,274.

* Non-income producing security.

^‡  Real Estate Investment Trust

(A) There is currently no rate available.

(B) Rate shown represents the 7-day effective yield as of September 30, 2022.

Cl — Class

PLC — Public Limited Company

As of September 30, 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 regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

IMP-QH-001-0900

Impact Shares

Affordable Housing MBS ETF

Schedule of Investments

September 30, 2022 (Unaudited)

Description	Face Amount/Shares		Fair Value
MORTGAGE-BACKED SECURITIES — 95.0%
Agency Mortgage-Backed Obligations — 95.0%
FHLMC
6.000%, 12/01/2023	$	75,101	$	76,341
5.500%, 02/01/2029		88,485		88,081
5.000%, 03/01/2050 to 08/01/2052		443,917		433,292
4.500%, 01/01/2049 to 09/01/2052		1,256,283		1,203,812
4.000%, 04/01/2048 to 09/01/2052		2,322,497		2,177,718
3.500%, 10/01/2051 to 06/01/2052		3,316,990		2,991,639
3.000%, 09/01/2034 to 08/01/2052		9,095,355		7,992,042
2.500%, 08/01/2051 to 03/01/2052		7,008,017		5,917,600
2.000%, 08/01/2035 to 01/01/2052		12,998,116		10,834,854
1.500%, 08/01/2036		448,601		385,264
FNMA
5.500%, 04/01/2031		120,316		119,720
5.000%, 12/01/2048 to 09/01/2052		1,121,082		1,098,507
4.500%, 11/01/2048 to 09/01/2052		2,498,325		2,396,896
4.000%, 07/01/2048 to 09/01/2052		4,902,637		4,570,645
3.500%, 06/01/2028 to 06/01/2052		6,717,814		6,129,930
3.000%, 04/01/2025 to 05/01/2052		4,551,393		4,067,936
2.500%, 05/01/2026 to 04/01/2052		15,559,566		13,402,237
2.000%, 04/01/2036 to 02/01/2052		17,826,114		14,691,234
1.500%, 10/01/2036		520,292		448,310
GNMA
5.000%, 03/20/2050		149,027		148,283
4.500%, 02/20/2050		412,253		399,977
4.000%, 10/20/2050 to 01/20/2051		964,175		906,180
3.500%, 12/20/2050		1,955,897		1,795,117
3.000%, 03/20/2050		2,448,449		2,181,989
2.500%, 08/20/2051		1,348,010		1,156,577
Total Mortgage-Backed Securities (Cost $100,013,659)				85,614,181
SHORT-TERM INVESTMENT — 4.9%
Morgan Stanley Institutional Liquidity Fund, Government Portfolio Institutional Share Class, 5.099% (A)		4,412,633		4,412,633
Total Short-Term Investment (Cost $4,412,633)				4,412,633
Total Investments - 99.9% (Cost $104,426,292)			$	90,026,814

Percentages are based on Net Assets of $90,150,393.

(A) Rate shown represents the 7-day effective yield as of September 30, 2022.

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 September 30, 2022 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Mortgage-Backed Securities	$	—	$	85,614,181	$	—	$	85,614,181
Short-Term Investment		4,412,633		—		—		4,412,633
Total Investments in Securities	$	4,412,633	$	85,614,181	$	—	$	90,026,814

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

IMP-QH-001-0900