O’SHARES FTSE US SMALL CAP QUALITY DIVIDEND ETF

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 US Small Cap Qual / Vol / Yield Factor 3% Capped Index (the “Target Index”).

The US Small Cap Target Index is designed to reflect the performance of publicly-listed small-capitalization dividend-paying issuers in the United States exhibiting high quality, low volatility and high dividend yields, as determined by FTSE-Russell (the “Index Provider”). The quality and low volatility factors 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 US Small Cap Quality Dividend ETF (OUSM) - Performance

This information not yet available.

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 01/18/2017)TickerSectorFund Weight
Leidos Holdings IncLDOSInformation Technology2.25%
Healthcare Services Group IncHCSGIndustrials1.82%
Six Flags Entertainment CorpSIXConsumer Discretionary1.68%
Brocade Communications SystemsBRCDInformation Technology1.56%
Bio-Techne CorpTECHHealth Care1.45%
Owens & Minor IncOMIHealth Care1.44%
OGE Energy CorpOGEUtilities1.38%
Packaging Corp of AmericaPKGMaterials1.24%
RPM International IncRPMMaterials1.15%
Sonoco Products CoSONMaterials1.10%
Hubbell IncHUBBIndustrials1.09%
Cracker Barrel Old Country StoCBRLConsumer Discretionary1.06%
MSC Industrial Direct Co IncMSMIndustrials1.02%
Mid-America Apartment CommunitMAAReal Estate0.99%
Tessera Holding CorpTSRAInformation Technology0.99%
Watsco IncWSOIndustrials0.96%
Reliance Steel & Aluminum CoRSMaterials0.95%
Intersil CorpISILInformation Technology0.92%
KAR Auction Services IncKARIndustrials0.92%
Graco IncGGGIndustrials0.92%
Williams-Sonoma IncWSMConsumer Discretionary0.90%
National Instruments CorpNATIInformation Technology0.84%
Tupperware Brands CorpTUPConsumer Discretionary0.84%
Lincoln Electric Holdings IncLECOIndustrials0.83%
Jack Henry & Associates IncJKHYInformation Technology0.81%
FactSet Research Systems IncFDSFinancials0.80%
Donaldson Co IncDCIIndustrials0.79%
Gaming and Leisure PropertiesGLPIReal Estate0.74%
MKS Instruments IncMKSIInformation Technology0.73%
Cinemark Holdings IncCNKConsumer Discretionary0.73%
Lamar Advertising CoLAMRReal Estate0.72%
Westar Energy IncWRUtilities0.71%
Cabot CorpCBTMaterials0.66%
Vail Resorts IncMTNConsumer Discretionary0.66%
Vector Group LtdVGRConsumer Staples0.66%
Brooks Automation IncBRKSInformation Technology0.65%
Atmos Energy CorpATOUtilities0.65%
Camden Property TrustCPTReal Estate0.65%
FLIR Systems IncFLIRInformation Technology0.63%
Brinker International IncEATConsumer Discretionary0.62%
National Retail Properties IncNNNReal Estate0.60%
Dunkin' Brands Group IncDNKNConsumer Discretionary0.59%
Rollins IncROLIndustrials0.58%
Omega Healthcare Investors IncOHIReal Estate0.58%
NIC IncEGOVInformation Technology0.58%
American Eagle Outfitters IncAEOConsumer Discretionary0.58%
Allison Transmission HoldingsALSNIndustrials0.57%
Thor Industries IncTHOConsumer Discretionary0.54%
GameStop CorpGMEConsumer Discretionary0.53%
Lancaster Colony CorpLANCConsumer Staples0.53%
Oceaneering International IncOIIEnergy0.53%
Cheesecake Factory Inc/TheCAKEConsumer Discretionary0.52%
Brixmor Property Group IncBRXReal Estate0.52%
Vectren CorpVVCUtilities0.50%
EPR PropertiesEPRReal Estate0.49%
Timken Co/TheTKRIndustrials0.49%
Cogent Communications HoldingsCCOITelecommunication Services0.48%
WGL Holdings IncWGLUtilities0.47%
Sun Communities IncSUIReal Estate0.46%
NewMarket CorpNEUMaterials0.46%
Life Storage IncLSIReal Estate0.46%
Lazard LtdLAZFinancials0.46%
Great Plains Energy IncGXPUtilities0.45%
Meridian Bioscience IncVIVOHealth Care0.45%
Southwest Gas Holdings IncSWXUtilities0.44%
National Health Investors IncNHIReal Estate0.44%
Wendy's Co/TheWENConsumer Discretionary0.44%
Texas Roadhouse IncTXRHConsumer Discretionary0.43%
Portland General Electric CoPORUtilities0.42%
Aqua America IncWTRUtilities0.42%
Alexandria Real Estate EquitieAREReal Estate0.41%
Sensient Technologies CorpSXTMaterials0.41%
Eaton Vance CorpEVFinancials0.40%
Domtar CorpUFSMaterials0.40%
IDACORP IncIDAUtilities0.40%
Deluxe CorpDLXIndustrials0.39%
National Fuel Gas CoNFGUtilities0.39%
John Wiley & Sons IncJW/AConsumer Discretionary0.39%
Applied Industrial TechnologieAITIndustrials0.38%
Tanger Factory Outlet CentersSKTReal Estate0.38%
WP Carey IncWPCReal Estate0.38%
Kaiser Aluminum CorpKALUMaterials0.38%
CoreCivic IncCXWReal Estate0.38%
Chico's FAS IncCHSConsumer Discretionary0.37%
ALLETE IncALEUtilities0.36%
Brady CorpBRCIndustrials0.36%
CSG Systems International IncCSGSInformation Technology0.36%
DSW IncDSWConsumer Discretionary0.36%
HSN IncHSNIConsumer Discretionary0.36%
Kilroy Realty CorpKRCReal Estate0.35%
Meredith CorpMDPConsumer Discretionary0.35%
Cal-Maine Foods IncCALMConsumer Staples0.35%
American Campus Communities InACCReal Estate0.35%
ABM Industries IncABMIndustrials0.35%
Hawaiian Electric Industries IHEUtilities0.35%
Equity LifeStyle Properties InELSReal Estate0.34%
Regal Entertainment GroupRGCConsumer Discretionary0.34%
Compass Minerals InternationalCMPMaterials0.33%
CBOE Holdings IncCBOEFinancials0.33%
Apartment Investment & ManagemAIVReal Estate0.33%
Senior Housing Properties TrusSNHReal Estate0.33%
CEB IncCEBIndustrials0.32%
Endurance Specialty Holdings LENHFinancials0.32%
Colony NorthStar IncCLNSReal Estate0.32%
Taubman Centers IncTCOReal Estate0.32%
RLJ Lodging TrustRLJReal Estate0.32%
Spire IncSRUtilities0.31%
SLM CorpSLMFinancials0.31%
South Jersey Industries IncSJIUtilities0.31%
DCT Industrial Trust IncDCTReal Estate0.30%
Highwoods Properties IncHIWReal Estate0.30%
PacWest BancorpPACWFinancials0.30%
GEO Group Inc/TheGEOReal Estate0.29%
HNI CorpHNIIndustrials0.29%
Avista CorpAVAUtilities0.29%
Starwood Property Trust IncSTWDFinancials0.29%
New Residential Investment CorNRZFinancials0.29%
Apple Hospitality REIT IncAPLEReal Estate0.28%
Consolidated Communications HoCNSLTelecommunication Services0.28%
NorthWestern CorpNWEUtilities0.28%
ONE Gas IncOGSUtilities0.28%
Hillenbrand IncHIIndustrials0.28%
MFA Financial IncMFAFinancials0.28%
Two Harbors Investment CorpTWOFinancials0.28%
Bob Evans Farms Inc/DEBOBEConsumer Discretionary0.27%
Innophos Holdings IncIPHSMaterials0.27%
MSCI IncMSCIFinancials0.26%
Herman Miller IncMLHRIndustrials0.26%
Validus Holdings LtdVRFinancials0.26%
Weis Markets IncWMKConsumer Staples0.26%
American Financial Group Inc/OAFGFinancials0.26%
Piedmont Office Realty Trust IPDMReal Estate0.26%
Corporate Office Properties TrOFCReal Estate0.26%
CubeSmartCUBEReal Estate0.26%
ILG IncILGConsumer Discretionary0.26%
ADTRAN IncADTNInformation Technology0.25%
J&J Snack Foods CorpJJSFConsumer Staples0.25%
Retail Properties of America IRPAIReal Estate0.25%
Ryman Hospitality Properties IRHPReal Estate0.25%
PNM Resources IncPNMUtilities0.25%
STORE Capital CorpSTORReal Estate0.24%
Black Hills CorpBKHUtilities0.24%
Buckle Inc/TheBKEConsumer Discretionary0.24%
LaSalle Hotel PropertiesLHOReal Estate0.23%
KBR IncKBRIndustrials0.23%
Spirit Realty Capital IncSRCReal Estate0.23%
Medical Properties Trust IncMPWReal Estate0.23%
Time IncTIMEConsumer Discretionary0.23%
Federated Investors IncFIIFinancials0.22%
Simpson Manufacturing Co IncSSDIndustrials0.22%
First American Financial CorpFAFFinancials0.22%
MGE Energy IncMGEEUtilities0.22%
AVX CorpAVXInformation Technology0.22%
Universal Corp/VAUVVConsumer Staples0.22%
G&K Services IncGKIndustrials0.22%
Chimera Investment CorpCIMFinancials0.21%
Covanta Holding CorpCVAIndustrials0.21%
PS Business Parks IncPSBReal Estate0.21%
LTC Properties IncLTCReal Estate0.21%
RLI CorpRLIFinancials0.21%
National Presto Industries IncNPKIndustrials0.21%
Healthcare Realty Trust IncHRReal Estate0.21%
Steelcase IncSCSIndustrials0.20%
Otter Tail CorpOTTRUtilities0.20%
Lexington Realty TrustLXPReal Estate0.20%
Washington Real Estate InvestmWREReal Estate0.20%
Exponent IncEXPOIndustrials0.20%
FNB Corp/PAFNBFinancials0.19%
Valley National BancorpVLYFinancials0.19%
Choice Hotels International InCHHConsumer Discretionary0.19%
Cousins Properties IncCUZReal Estate0.19%
Healthcare Trust of America InHTAReal Estate0.19%
MTS Systems CorpMTSCInformation Technology0.18%
Forrester Research IncFORRInformation Technology0.18%
DineEquity IncDINConsumer Discretionary0.18%
Equity CommonwealthEQCReal Estate0.18%
Community Bank System IncCBUFinancials0.18%
Douglas Emmett IncDEIReal Estate0.17%
Guess? IncGESConsumer Discretionary0.17%
Cullen/Frost Bankers IncCFRFinancials0.17%
Northwest Natural Gas CoNWNUtilities0.17%
Rayonier IncRYNReal Estate0.17%
Capitol Federal Financial IncCFFNFinancials0.17%
Hanover Insurance Group Inc/ThTHGFinancials0.17%
Assured Guaranty LtdAGOFinancials0.17%
First Industrial Realty TrustFRReal Estate0.16%
Care Capital Properties IncCCPReal Estate0.16%
EastGroup Properties IncEGPReal Estate0.16%
EVERTEC IncEVTCInformation Technology0.16%
Umpqua Holdings CorpUMPQFinancials0.16%
Cato Corp/TheCATOConsumer Discretionary0.16%
Computer Programs & Systems InCPSIHealth Care0.16%
LPL Financial Holdings IncLPLAFinancials0.16%
Allied World Assurance Co HoldAWHFinancials0.15%
Glacier Bancorp IncGBCIFinancials0.15%
El Paso Electric CoEEUtilities0.15%
Capella Education CoCPLAConsumer Discretionary0.15%
La-Z-Boy IncLZBConsumer Discretionary0.15%
Allegiant Travel CoALGTIndustrials0.15%
Gannett Co IncGCIConsumer Discretionary0.15%
CoreSite Realty CorpCORReal Estate0.15%
WD-40 CoWDFCConsumer Staples0.15%
Webster Financial CorpWBSFinancials0.15%
Aspen Insurance Holdings LtdAHLFinancials0.15%
Waddell & Reed Financial IncWDRFinancials0.15%
BGC Partners IncBGCPFinancials0.15%
ManTech International Corp/VAMANTInformation Technology0.14%
Xenia Hotels & Resorts IncXHRReal Estate0.14%
American States Water CoAWRUtilities0.14%
Morningstar IncMORNFinancials0.14%
Pebblebrook Hotel TrustPEBReal Estate0.14%
Insperity IncNSPIndustrials0.14%
Equity One IncEQYReal Estate0.14%
United Bankshares Inc/WVUBSIFinancials0.14%
Blackstone Mortgage Trust IncBXMTFinancials0.14%
ProAssurance CorpPRAFinancials0.14%
DiamondRock Hospitality CoDRHReal Estate0.14%
Select Income REITSIRReal Estate0.14%
Extended Stay America IncSTAYConsumer Discretionary0.14%
Columbia Property Trust IncCXPReal Estate0.13%
ATN International IncATNITelecommunication Services0.13%
California Water Service GroupCWTUtilities0.13%
Bank of Hawaii CorpBOHFinancials0.13%
Acadia Realty TrustAKRReal Estate0.13%
Chesapeake Lodging TrustCHSPReal Estate0.13%
Sunstone Hotel Investors IncSHOReal Estate0.13%
DuPont Fabros Technology IncDFTReal Estate0.13%
Education Realty Trust IncEDRReal Estate0.13%
Janus Capital Group IncJNSFinancials0.12%
Knoll IncKNLIndustrials0.12%
BankUnited IncBKUFinancials0.12%
Urban Edge PropertiesUEReal Estate0.12%
Physicians Realty TrustDOCReal Estate0.12%
Artisan Partners Asset ManagemAPAMFinancials0.12%
Tennant CoTNCIndustrials0.12%
New Media Investment Group IncNEWMConsumer Discretionary0.12%
Superior Industries InternatioSUPConsumer Discretionary0.12%
Resources Connection IncRECNIndustrials0.12%
PH Glatfelter CoGLTMaterials0.12%
Sturm Ruger & Co IncRGRConsumer Discretionary0.11%
Fulton Financial CorpFULTFinancials0.11%
Oxford Industries IncOXMConsumer Discretionary0.11%
Columbia Banking System IncCOLBFinancials0.11%
Sabra Health Care REIT IncSBRAReal Estate0.11%
Briggs & Stratton CorpBGGIndustrials0.11%
SPX CorpSPXCIndustrials0.11%
Potlatch CorpPCHReal Estate0.11%
Evercore Partners IncEVRFinancials0.11%
McGrath RentCorpMGRCIndustrials0.10%
Retail Opportunity InvestmentsROICReal Estate0.10%
Ethan Allen Interiors IncETHConsumer Discretionary0.10%
Pier 1 Imports IncPIRConsumer Discretionary0.10%
National CineMedia IncNCMIConsumer Discretionary0.10%
GNC Holdings IncGNCConsumer Discretionary0.10%
Mercury General CorpMCYFinancials0.10%
Washington Prime Group IncWPGReal Estate0.10%
Ship Finance International LtdSFLEnergy0.10%
HFF IncHFReal Estate0.10%
Ramco-Gershenson Properties TrRPTReal Estate0.09%
Nordic American Tankers LtdNATEnergy0.09%
Monogram Residential Trust IncMOREReal Estate0.09%
Old National Bancorp/INONBFinancials0.09%
CBL & Associates Properties InCBLReal Estate0.09%
Essendant IncESNDIndustrials0.09%
QTS Realty Trust IncQTSReal Estate0.09%
Universal Health Realty IncomeUHTReal Estate0.08%
Franklin Street Properties CorFSPReal Estate0.08%
Northwest Bancshares IncNWBIFinancials0.08%
AmTrust Financial Services IncAFSIFinancials0.08%
Invesco Mortgage Capital IncIVRFinancials0.08%
Trustmark CorpTRMKFinancials0.08%
Finish Line Inc/TheFINLConsumer Discretionary0.08%
Urstadt Biddle Properties IncUBAReal Estate0.08%
Haynes International IncHAYNMaterials0.08%
PennyMac Mortgage Investment TPMTFinancials0.08%
Kite Realty Group TrustKRGReal Estate0.08%
CVB Financial CorpCVBFFinancials0.07%
Koppers Holdings IncKOPMaterials0.07%
Provident Financial Services IPFSFinancials0.07%
NBT Bancorp IncNBTBFinancials0.07%
Alexander's IncALXReal Estate0.07%
TeleTech Holdings IncTTECInformation Technology0.07%
American Assets Trust IncAATReal Estate0.07%
EarthLink Holdings CorpELNKInformation Technology0.07%
Greenhill & Co IncGHLFinancials0.07%
Rent-A-Center Inc/TXRCIIConsumer Discretionary0.06%
WesBanco IncWSBCFinancials0.06%
Schnitzer Steel Industries IncSCHNMaterials0.06%
First Financial BancorpFFBCFinancials0.06%
Parkway IncPKYReal Estate0.06%
Horace Mann Educators CorpHMNFinancials0.06%
Hyster-Yale Materials HandlingHYIndustrials0.06%
Park National CorpPRKFinancials0.06%
Capstead Mortgage CorpCMOFinancials0.06%
Cohen & Steers IncCNSFinancials0.06%
Fred's IncFREDConsumer Discretionary0.06%
Frank's International NVFIEnergy0.06%
Getty Realty CorpGTYReal Estate0.06%
Maiden Holdings LtdMHLDFinancials0.06%
Seaspan CorpSSWIndustrials0.06%
Tredegar CorpTGMaterials0.06%
Saul Centers IncBFSReal Estate0.05%
Myers Industries IncMYEMaterials0.05%
Westamerica BancorporationWABCFinancials0.05%
Redwood Trust IncRWTFinancials0.05%
CYS Investments IncCYSFinancials0.05%
Oritani Financial CorpORITFinancials0.05%
Kemper CorpKMPRFinancials0.05%
BOK Financial CorpBOKFFinancials0.05%
City Holding CoCHCOFinancials0.04%
Boston Private Financial HoldiBPFHFinancials0.04%
Hersha Hospitality TrustHTReal Estate0.04%
Ashford Hospitality Trust IncAHTReal Estate0.04%
Brookline Bancorp IncBRKLFinancials0.04%
Speedway Motorsports IncTRKConsumer Discretionary0.04%
Investors Real Estate TrustIRETReal Estate0.04%
Infinity Property & Casualty CIPCCFinancials0.04%
S&T Bancorp IncSTBAFinancials0.04%
American National Insurance CoANATFinancials0.04%
First Commonwealth Financial CFCFFinancials0.03%
Tompkins Financial CorpTMPFinancials0.03%
Sandy Spring Bancorp IncSASRFinancials0.03%
TrustCo Bank Corp NYTRSTFinancials0.03%
Washington Trust Bancorp IncWASHFinancials0.03%
ARMOUR Residential REIT IncARRFinancials0.03%
Community Trust Bancorp IncCTBIFinancials0.03%
United Fire Group IncUFCSFinancials0.03%
Flushing Financial CorpFFICFinancials0.03%
FBL Financial Group IncFFGFinancials0.03%
Stock Yards Bancorp IncSYBTFinancials0.03%
Anworth Mortgage Asset CorpANHFinancials0.03%
OM Asset Management PlcOMAMFinancials0.03%
Dime Community Bancshares IncDCOMFinancials0.02%
Cedar Realty Trust IncCDRReal Estate0.02%
First Financial Corp/INTHFFFinancials0.02%
Republic Bancorp Inc/KYRBCAAFinancials0.01%
US DOLLARUSD0.14%
Sector Allocations
Sector Allocations (as of 12/31/2016) 
Real Estate19.59%
Consumer Discretionary15.89%
Industrials15.07%
Financials12.25%
Information Technology11.65%
Utilities10.10%
Materials7.75%
Health Care3.54%
Consumer Staples2.42%
Telecommunication Services0.89%
Energy0.78%
Cash0.06%
Market Data as of1/18/2017
NAV Price$25.08
NAV Price Change$0.09
Premium/Discount$0.03
Market Price$25.11
Market Price Change$0.09
Shares Outstanding 104,000
Volume 13,070
Total Net Assets 2,608,320
Profile 
SymbolOUSM
Listing ExchangeNYSE/ARCA
Inception Date12/30/2016
Cusip67110P100
Target Index ProviderFTSE/Russell
Target Index SymbolFUSSCQVY
IOPV TickerOUSM.IV
Expense Ratio0.48%
Investor Materials 
Fact SheetPDF
Summary ProspectusPDF
ProspectusPDF
SAIPDF
Semi-Annual ReportNA
Annual ReportNA
XBRLNA

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. 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.