Impact Shares YWCA Women’s Empowerment ETF (WOMN US) – Portfolio Construction Methodology

The underlying Morningstar Women’s Empowerment Index targets US large- and mid-cap companies demonstrating strong policies and practices on gender equality and women’s empowerment. The index begins with roughly 1,200 of the largest US-listed companies and assigns each a Gender Equality Score using Equileap’s 19-criteria framework covering leadership representation, equal pay, work–life balance, workplace policies, and transparency and accountability. Companies involved in severe controversies around discrimination, harassment, or violations of international norms are removed. The remaining issuers are ranked by score, and the top 200 form the index, with buffer rules favouring current constituents when scores are close to the cutoff to limit turnover. Constituents are weighted by free-float market cap subject to single-issuer and sector caps to avoid concentration while preserving broad-market exposure. The index is reviewed annually with periodic rebalancing to reflect updated gender-equality data and market movements.

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