Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of Impact Shares
Trust I

In planning and performing our audits of the financial
statements of the Impact Shares Trust I (comprising Impact
Shares NAACP Minority Empowerment ETF, Impact Shares
Sustainable Development Goals Global Equity ETF, and
Impact Shares YWCA Womens Empowerment ETF) (the Funds) as
of and for the periods ended June 30, 2019, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Funds
internal control over financial reporting, including
controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not for
the purpose of expressing an opinion on the effectiveness
of the Funds internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. A funds internal control over financial
reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with U.S. generally accepted
accounting principles. A funds internal control over
financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the fund;
(2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with U.S. generally accepted
accounting principles, and that receipts and expenditures
of the fund are being made only in accordance with
authorizations of management and trustees of the fund; and
(3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or
disposition of a funds assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Funds annual or interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be
material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds internal
control over financial reporting and its operation,
including controls over safeguarding securities, that we
consider to be a material weakness as defined above as of
June 30, 2019.
This report is intended solely for the information and use
of management and the Board of Trustees of Impact Shares
Trust I (comprising Impact Shares NAACP Minority
Empowerment ETF, Impact Shares Sustainable Development
Goals Global Equity ETF, and Impact Shares YWCA Womens
Empowerment ETF) and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.
s/ Ernst & Young LLP
Dallas, Texas
August 29, 2019