ETF Evaluator: Impact Shares Women’s Empowerment ETF () Follow This ETF

Impact Shares Women’s Empowerment ETF Overview

Impact Shares Women’s Empowerment ETF (WOMN) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). Impact Shares launched the ETF in 2018.

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar® Women's Empowerment Index (the "underlying index"). The fund will, under normal circumstances, invest at least 80% of its total assets plus any borrowings for investment purposes (the "80% basket") in component securities of the underlying index. The underlying index is designed to measure the performance of U.S. large and mid-capitalization companies that are "empowering to women," and to exhibit risk and return characteristics similar to those of the Morningstar U.S. Large-Mid Cap ® Index (the "parent index").

About Impact Shares Women’s Empowerment ETF (WOMN)

There are 2 members of the management team with an average tenure of 2.92 years: Charles Ragauss (2023) and Qiao Duan (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Morningstar Women's Empowerment TR USD index with a weighting of 100%. Impact Shares Women’s Empowerment ETF has 205 securities in its portfolio. The top 10 holdings constitute 33.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.

Impact Shares Women’s Empowerment ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Impact Shares Women’s Empowerment ETF has 1.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.5% There is 1.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Impact Shares Women’s Empowerment ETF has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $57 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

WOMN Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Impact Shares Women’s Empowerment ETF expense ratio is above average compared to funds in the Large Blend category. Impact Shares Women’s Empowerment ETF has an expense ratio of 0.75%, which is 81% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Impact Shares Women’s Empowerment ETF has a portfolio turnover rate of 21%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.

Recently, in the month of July 2026, Impact Shares Women’s Empowerment ETF returned 3.8%, which earned it a grade of A, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Impact Shares Women’s Empowerment ETF has a trailing yield of 0.81%, which is below the 1.16% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Impact Shares Women’s Empowerment ETF Grades

Year to date, the ETF has returned 6.7%, 2.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.6% over the past year (grade of F), 12.7% over the past three years (grade of F) and 8.9% per year over the past five years (grade of F).

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