O’SHARES FTSE EUROPE QUALITY DIVIDEND ETF

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OEUR-Listed-ARCA-01

FUND INVESTMENT OBJECTIVE

The Fund employs a “passive management” or “rules based” investment approach that seeks to track the performance of the Target Index, before fees and expenses.

The Fund seeks to track the performance (before fees and expenses) of its target index, the FTSE Developed Europe Qual/Vol/Yield Factor 5% Capped Index (the “Target Index”).

The Target Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in Europe that meet certain requirements for market capitalization, liquidity, high quality, low volatility and dividend yield, as determined by FTSE-Russell (the “Index Provider”). The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines, as may occur with some dividend investing strategies.

O'Shares FTSE Europe Quality Dividend ETF (OEUR) - Performance
Quarterly Performance
(as of 12/31/2016)
1 MTH3 MTH6 MTH1 YRQTDYTDSince
Inception
NAV %4.48%-6.18%-5.71%-3.55%-6.18%-3.55%-10.48%
Market Value %4.89%-6.47%-6.61%-3.43%-6.47%-3.43%-10.57%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

Shares of the Funds are not individually redeemable and the owners of Shares may purchase or redeem Shares from each Fund in Creation Units only. The purchase and sale price of individual Shares trading on an Exchange may be below, at or above the most recently calculated NAV for such Shares.

Market Price returns are based upon the midpoint of the bid/ask spread at 4:00PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods. Absent these waivers, results would have been less favorable.

IOPV = Indicative Optimized Portfolio Value (IOPV) is an estimated fair value based on most recent intraday price of underlying assets

HOLDINGS
Name
(as of 1/17/2017)
CountrySectorFund Weight
NestleSWITConsumer Goods4.84%
Roche Hldgs (GENUS)SWITHealth Care4.82%
Novartis (REGD)SWITHealth Care4.18%
British American TobaccoUKConsumer Goods3.61%
SanofiFRAHealth Care3.39%
BASFGERBasic Materials2.96%
Novo-Nordisk BDENHealth Care2.88%
Anheuser-Busch InBevBELGConsumer Goods2.44%
Unilever NV CVANETHConsumer Goods2.10%
GlaxoSmithKlineUKHealth Care2.06%
Siemens AGGERIndustrials1.95%
Vodafone GroupUKTelecommunications1.94%
Hennes & Mauritz BSWEDConsumer Services1.69%
AstraZenecaUKHealth Care1.66%
Reckitt Benckiser GroupUKConsumer Goods1.61%
UnileverUKConsumer Goods1.54%
Unibail - RodamcoNETHFinancials1.47%
National GridUKUtilities1.45%
DiageoUKConsumer Goods1.39%
Sampo OyiFINFinancials1.29%
Deutsche TelekomGERTelecommunications1.18%
Deutsche PostGERIndustrials1.17%
L'OrealFRAConsumer Goods1.08%
LVMHFRAConsumer Goods1.08%
TelefonicaSPTelecommunications1.05%
ABBSWITIndustrials1.05%
CASHUSDCurrCurrency0.98%
Ericsson BSWEDTechnology0.97%
Investor B FreeSWEDFinancials0.94%
CentricaUKUtilities0.90%
IberdrolaSPUtilities0.83%
Air LiquideFRABasic Materials0.81%
Imperial BrandsUKConsumer Goods0.80%
VivendiFRAConsumer Services0.78%
Ahold DelhaizeNETHConsumer Services0.75%
Land Securities GroupUKFinancials0.75%
British Land CoUKFinancials0.73%
Swiss ReSWITFinancials0.72%
Compass GroupUKConsumer Services0.69%
Telenor A/SNORTelecommunications0.68%
Michelin BFRAConsumer Goods0.65%
EnelITAUtilities0.64%
Kone BFINIndustrials0.60%
Atlas Copco ASWEDIndustrials0.58%
EngieFRAUtilities0.57%
VinciFRAIndustrials0.57%
SSEUKUtilities0.57%
OrangeFRATelecommunications0.54%
Givaudan NSWITBasic Materials0.50%
Skanska BSWEDIndustrials0.49%
SafranFRAIndustrials0.48%
HammersonUKFinancials0.48%
3i GroupUKFinancials0.48%
WPPUKConsumer Services0.48%
Vonovia SEGERFinancials0.47%
Telia Co ABSWEDTelecommunications0.47%
RELXUKConsumer Services0.44%
SegroUKFinancials0.43%
Direct Line Insurance GroupUKFinancials0.43%
GecinaFRAFinancials0.42%
SnamITAUtilities0.42%
Amadeus IT Group SASPIndustrials0.42%
SwisscomSWITTelecommunications0.42%
Provident FinancialUKFinancials0.41%
Groupe Bruxelles LambertBELGFinancials0.39%
SkyUKConsumer Services0.39%
EndesaSPUtilities0.38%
SGS S.A.SWITIndustrials0.38%
Relx NVNETHConsumer Services0.37%
Atlas Copco BSWEDIndustrials0.37%
Partners Group AGSWITFinancials0.37%
Abertis InfraestructurasSPIndustrials0.36%
Yara InternationalNORBasic Materials0.35%
ExperianUKIndustrials0.35%
Publicis GroupeFRAConsumer Services0.34%
KingfisherUKConsumer Services0.34%
RED ELECTRICA CORP SASPUtilities0.33%
Kuehne & Nagel InternationalSWITIndustrials0.32%
LegrandFRAIndustrials0.31%
NextUKConsumer Services0.31%
E.ONGERUtilities0.29%
Coloplast BDENHealth Care0.28%
WolseleyUKIndustrials0.28%
Swedish MatchSWEDConsumer Goods0.27%
ITVUKConsumer Services0.26%
ElisaFINTelecommunications0.25%
SES FDRFRAConsumer Services0.25%
Evonik Industries AGGERBasic Materials0.25%
EnagasSPUtilities0.25%
Christian DiorFRAConsumer Goods0.24%
Luxottica GroupITAConsumer Goods0.24%
Orion BFINHealth Care0.23%
FortumFINUtilities0.23%
Geberit NSWITIndustrials0.23%
Admiral GroupUKFinancials0.23%
ProximusBELGTelecommunications0.22%
AtlantiaITAIndustrials0.22%
Marks & Spencer GroupUKConsumer Services0.22%
United Utilities GroupUKUtilities0.22%
Telefonica Deutschland HoldingsGERTelecommunications0.21%
FerrovialSPIndustrials0.21%
Adecco Group AGSWITIndustrials0.21%
Intu PropertiesUKFinancials0.21%
Orkla ANORConsumer Goods0.20%
Roche Hldgs (BR)SWITHealth Care0.20%
bpost SABELGIndustrials0.19%
ThalesFRAIndustrials0.19%
TernaITAUtilities0.19%
Gas NaturalSPUtilities0.19%
SKF BSWEDIndustrials0.19%
Tele2 ABSWEDTelecommunications0.19%
Swatch Group AG BRSWITConsumer Goods0.19%
Johnson MattheyUKBasic Materials0.19%
Royal MailUKIndustrials0.19%
CarnivalUKConsumer Services0.19%
Hugo Boss AGGERConsumer Goods0.18%
Alfa LavalSWEDIndustrials0.18%
Swiss Prime SiteSWITFinancials0.18%
MondiUKBasic Materials0.18%
ISSDENIndustrials0.17%
SodexoFRAConsumer Services0.17%
A P Moller - Maersk BDENIndustrials0.16%
BICFRAConsumer Goods0.16%
RTL GroupGERConsumer Services0.16%
PearsonUKConsumer Services0.16%
Severn TrentUKUtilities0.16%
A P Moller - Maersk ADENIndustrials0.15%
Sage GroupUKTechnology0.15%
BouyguesFRAIndustrials0.14%
Bureau Veritas S.A.FRAIndustrials0.14%
EDPPTLUtilities0.13%
Electrolux Ser BSWEDConsumer Goods0.13%
Industrivarden AB Ser ASWEDFinancials0.13%
EdenredFRAIndustrials0.12%
Uniper SEGERUtilities0.12%
Norsk HydroNORBasic Materials0.12%
Gjensidige Forsikring ASANORFinancials0.12%
Jeronimo MartinsPTLConsumer Services0.12%
Securitas AB BSWEDIndustrials0.12%
Tryg A/SDENFinancials0.11%
SuezFRAUtilities0.11%
MANGERIndustrials0.11%
InformaUKConsumer Services0.11%
UmicoreBELGBasic Materials0.10%
Euler Hermes GroupFRAFinancials0.10%
Boskalis WestminsterNETHIndustrials0.10%
ICA Gruppen ABSWEDConsumer Services0.10%
Industrivarden AB C FreeSWEDFinancials0.10%
Croda InternationalUKBasic Materials0.10%
Pennon GroupUKUtilities0.10%
Booker GroupUKConsumer Services0.10%
Kesko BFINConsumer Services0.09%
Fonciere Des RegionsFRAFinancials0.09%
ItalgasITAUtilities0.09%
RecordatiITAHealth Care0.09%
AndritzOESTIndustrials0.09%
Zardoya OtisSPIndustrials0.09%
Tate & LyleUKConsumer Goods0.09%
InmarsatUKTelecommunications0.09%
CapitaUKIndustrials0.09%
William HillUKConsumer Services0.09%
ColruytBELGConsumer Services0.08%
Aeroports de ParisFRAIndustrials0.08%
FielmannGERConsumer Services0.08%
PSP Swiss PropertySWITFinancials0.08%
CobhamUKIndustrials0.08%
InchcapeUKConsumer Services0.08%
MeggittUKIndustrials0.08%
SofinaBELGFinancials0.07%
TDCDENTelecommunications0.07%
AmundiFRAFinancials0.07%
DIASPConsumer Services0.07%
IMIUKIndustrials0.07%
Ashmore GroupUKFinancials0.07%
EasyjetUKConsumer Services0.07%
Casino Guichard PerrachonFRAConsumer Services0.06%
Eutelsat CommunicationsFRAConsumer Services0.06%
Fuchs Petrolub Pref SEGERBasic Materials0.06%
Swatch Group AG Reg.SWITConsumer Goods0.06%
Babcock International GroupUKIndustrials0.06%
Ems Chemie ISWITBasic Materials0.05%
Fraport AG FrankfurtGERIndustrials0.04%
Latour Investment BSWEDFinancials0.04%
Pargesa HoldingSWITFinancials0.04%
Fuchs Petrolub SEGERBasic Materials0.03%
Alba (Corp. Fin)SPFinancials0.03%
Fastighets AB Balder PrefSWEDFinancials0.03%
DKSH HoldingSWITIndustrials0.03%
Sulzer AGSWITIndustrials0.02%
TalkTalk Telecom GroupUKTelecommunications0.02%
SKF ASWEDIndustrials0.01%
Sector Allocation (as of 12/31/2016)Weight
Consumer Goods22.72%
Health Care20.03%
Industrials13.33%
Financials11.58%
Consumer Services9.19%
Utilities8.18%
Telecommunications7.18%
Basic Materials5.64%
Technology1.10%
Currency1.05%
Energy0.00%
Other0.00%
O'Shares FTSE Europe Quality Dividend ETF (OEUR) - Distribution Schedule
RecordEx-DividendPayableDistribution Per Share
09/17/1509/15/1509/21/150.0071
10/19/1510/15/1510/21/150.013124
11/18/1511/16/1511/20/150.019501
12/29/1512/24/1512/31/150.1058
01/20/1601/15/1601/22/160.000000
02/18/1602/16/1602/22/160.041011
03/17/1603/15/1603/21/160.038896
04/19/1604/15/1604/21/160.050635
05/18/1605/16/1605/20/160.141614
06/17/1606/15/1606/21/160.133348
07/19/1607/15/1607/21/160.046647
08/17/1608/15/1608/19/160.038584
09/19/1609/15/1609/21/160.050785
10/19/1610/17/1610/21/160.029038
11/17/1611/15/1611/21/160.0312
01/19/1701/17/1701/23/17TBA
02/17/1702/15/1702/22/17TBA
03/17/1703/15/1703/21/17TBA
04/19/1704/17/1704/21/17TBA
05/17/1705/15/1705/19/17TBA
06/19/1706/15/1706/21/17TBA
07/19/1707/17/1707/21/17TBA
08/17/1708/15/1708/21/17TBA
09/19/1709/15/1709/21/17TBA
10/18/1710/16/1710/20/17TBA
11/17/1711/15/1711/21/17TBA
NAV Premium/Discount History
DateDays< -0.5%-0.5% to 0%0%0% to 0.5%> 0.5%
2015954802162
     09/30/201531220720
     12/31/2015642601442
2016
     03/31/201661060847
     06/30/2016642702530
     09/30/2016641102141

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares because shares are bought and sold at current market prices.

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund’s reported Net Asset Value. The amount that the Fund’s market price is above the reported NAV is called the premium. The amount that the Fund’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Market Data as of1/18/2017
NAV Price$21.78
NAV Price Change$0.04
Premium/Discount-$0.02
Market Price$21.76
Market Price Change-$0.02
Shares Outstanding1,550,001
Volume8,294
Total Net Assets$33,759,022
Profile 
SymbolOEUR
Listing ExchangeNYSE/ARCA
Inception Date8/19/2015
Cusip351680848
Target Index ProviderFTSE/Russell
Target Index SymbolFEFQVY5N
IOPV TickerOEUR.IV
Gross Expense Ratio0.66%
Net Expense Ratio0.58%
Portfolio Characteristicsas of 12/31/2016
30 Day SEC Yield12.82%
30 Day SEC Yield12.75% (unsubsidized)
Investor Materials 
Fact SheetPDF
Summary ProspectusPDF
ProspectusPDF
SAIPDF
Semi-Annual ReportPDF
Annual ReportPDF
XBRLZIP

The Fund’s investment adviser, FFCM LLC (“Adviser”), has agreed to reimburse the Fund in an amount equal to the Fund’s allocable portion of the compensation and expenses of the Independent Trustees (including Independent Trustee counsel fees) until at least July 10, 2018.

1. The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.

There are risks involved with investing, including possible loss of principal. Concentration in a particular industry or sector will subject the Funds to loss due to adverse occurrences that may affect that industry or sector. The fund may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend after the Fund’s purchase of such a company’s securities. See the prospectus for specific risks regarding the Fund.