OEUR

O’Shares FTSE Europe Quality Dividend ETF

Why OEUR for Europe Large Cap Quality Dividends?

Performance. Portfolio of over 200 High Quality European companies that are paying dividends
Diversified Portfolio. Efficient, cost effective approach to get exposure to top European companies.
Seeks Less Volatility. Aims to provide better managed approach to investing in Europe.

Fund Investment Objective

The Fund seeks to track the performance (before fees and expenses) of its target index, the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor 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 market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, 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.

FUND & MARKET DATA

MARKET DATA AS OF	01/23/2020
NAV Price	$25.77
NAV Price Change	$-0.18
Premium/Discount	$0.12
Market Price	$25.89
Market Price Change	$-0.06
Shares Outstanding	1,050,000
Volume	23,776
Total Net Assets	$27,061,020

Profile
Symbol	OEUR
Listing Exchange	NYSE/ARCA
Inception Date	8/19/2015
CUSIP	67110P506
Target Index Provider	FTSE Russell
Target Index Symbol	FEFQVY5N
IOPV Ticker	OEUR.IV
Expense Ratio	0.48%
30-Day SEC Yield¹ (as of 12/31/2019)	2.85%

PERFORMANCE

Monthly Performance (as of 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	3.68%	7.78%	7.48%	22.53%	7.78%	22.53%	3.82%
Market Value	3.57%	7.77%	7.32%	22.55%	7.77%	22.55%	3.72%

Quarterly Performance (as of 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	3.68%	7.78%	7.48%	22.53%	7.78%	22.53%	3.82%
Market Value	3.57%	7.77%	7.32%	22.55%	7.77%	22.55%	3.72%

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 beyond 1 year are 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 generally based on market value 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.

HOLDINGS

DOWNLOAD HOLDINGS

Name (as of 01/24/2020)	Country	Sector	Fund Weight
Roche Hldgs (GENUS)	SWIT	Health Care	5.14%
Novartis (REGD)	SWIT	Health Care	4.94%
Nestle	SWIT	Consumer Goods	4.83%
GlaxoSmithKline	UK	Health Care	3.82%
Total	FRA	Energy	2.77%
Royal Dutch Shell A	UK	Energy	2.59%
BP	UK	Energy	2.53%
Royal Dutch Shell B	UK	Energy	2.24%
Enel	ITA	Utilities	2.10%
Unilever NV CVA	NETH	Consumer Goods	2.01%
Novo-Nordisk B	DEN	Health Care	1.92%
Siemens AG	GER	Industrials	1.86%
British American Tobacco	UK	Consumer Goods	1.77%
Vodafone Group	UK	Telecommunications	1.68%
Diageo	UK	Consumer Goods	1.62%
Unilever	UK	Consumer Goods	1.57%
Rio Tinto	UK	Basic Materials	1.40%
National Grid	UK	Utilities	1.33%
Deutsche Telekom	GER	Telecommunications	1.23%
Vonovia SE	GER	Financials	1.16%
CASHUSD	Curr	Currency	1.11%
L'Oreal	FRA	Consumer Goods	1.10%
Vinci	FRA	Industrials	1.08%
BASF	GER	Basic Materials	1.04%
Sampo Oyi	FIN	Financials	1.01%
Schneider Electric	FRA	Industrials	0.98%
3i Group	UK	Financials	0.97%
Segro	UK	Financials	0.93%
Ahold Delhaize	NETH	Consumer Services	0.88%
Air Liquide	FRA	Basic Materials	0.86%
RELX	UK	Consumer Services	0.86%
Kering	FRA	Consumer Services	0.84%
Engie	FRA	Utilities	0.83%
Kone B	FIN	Industrials	0.82%
Telefonica	SP	Telecommunications	0.78%
Partners Group AG	SWIT	Financials	0.76%
Orange	FRA	Telecommunications	0.71%
Eni	ITA	Energy	0.66%
Deutsche Wohnen SE	GER	Financials	0.66%
Ferguson	UK	Industrials	0.66%
Imperial Brands	UK	Consumer Goods	0.66%
ABB	SWIT	Industrials	0.64%
Koninklijke Philips	NETH	Health Care	0.62%
Admiral Group	UK	Financials	0.62%
BT Group	UK	Telecommunications	0.61%
Aroundtown SA	GER	Financials	0.60%
Gecina	FRA	Financials	0.58%
Inditex	SP	Consumer Services	0.57%
Telenor A/S	NOR	Telecommunications	0.54%
Equinor ASA	NOR	Energy	0.54%
Direct Line Insurance Group	UK	Financials	0.54%
Unibail Rodamco Westfield	NETH	Financials	0.53%
SGS S.A.	SWIT	Industrials	0.51%
Alstom	FRA	Industrials	0.51%
Swisscom	SWIT	Telecommunications	0.51%
LEG Immobilien AG	GER	Financials	0.50%
Geberit N	SWIT	Industrials	0.49%
Aena SME SA	SP	Industrials	0.45%
BAE Systems	UK	Industrials	0.45%
Telia Co AB	SWED	Telecommunications	0.42%
Castellum	SWED	Financials	0.42%
H & M Hennes & Mauritz AB B	SWED	Consumer Services	0.42%
Sandvik AB	SWED	Industrials	0.42%
Kuehne & Nagel International	SWIT	Industrials	0.42%
UPM-Kymmene	FIN	Basic Materials	0.37%
Endesa	SP	Utilities	0.36%
St Gobain (Cie De)	FRA	Industrials	0.34%
Klepierre	FRA	Financials	0.34%
RED ELECTRICA CORP SA	SP	Utilities	0.34%
Michelin B	FRA	Consumer Goods	0.33%
Volvo B	SWED	Industrials	0.33%
Persimmon	UK	Consumer Goods	0.33%
Coloplast B	DEN	Health Care	0.32%
Legrand	FRA	Industrials	0.32%
Veolia Environnement	FRA	Utilities	0.32%
WPP	UK	Consumer Services	0.32%
Snam	ITA	Energy	0.30%
Merlin Properties Socimi SA	SP	Financials	0.30%
Royal DSM	NETH	Basic Materials	0.30%
Orkla A	NOR	Consumer Goods	0.30%
EDP	PTL	Utilities	0.29%
Mondi	UK	Basic Materials	0.29%
SSE	UK	Utilities	0.29%
Skanska B	SWED	Industrials	0.28%
Adecco Group AG	SWIT	Industrials	0.28%
Naturgy Energy Group SA	SP	Utilities	0.27%
Continental	GER	Consumer Goods	0.27%
Elisa	FIN	Telecommunications	0.26%
Terna	ITA	Utilities	0.26%
Enagas	SP	Utilities	0.26%
Swiss Prime Site	SWIT	Financials	0.25%
Covivio	FRA	Financials	0.24%
Henkel KG Pref	GER	Consumer Goods	0.24%
Repsol	SP	Energy	0.24%
Kingfisher	UK	Consumer Services	0.24%
United Utilities Group	UK	Utilities	0.24%
Mowi ASA	NOR	Consumer Goods	0.23%
Royal KPN	NETH	Telecommunications	0.22%
InterContinental Hotels Group	UK	Consumer Services	0.22%
Roche Hldgs (BR)	SWIT	Health Care	0.21%
Severn Trent	UK	Utilities	0.21%
Publicis Groupe	FRA	Consumer Services	0.20%
Carlsberg (B)	DEN	Consumer Goods	0.20%
Centrica	UK	Utilities	0.20%
Bureau Veritas S.A.	FRA	Industrials	0.19%
Bouygues	FRA	Industrials	0.19%
Swedish Match	SWED	Consumer Goods	0.19%
ITV	UK	Consumer Services	0.19%
Taylor Wimpey	UK	Consumer Goods	0.19%
Sage Group	UK	Technology	0.19%
Associated British Foods	UK	Consumer Goods	0.19%
Proximus	BELG	Telecommunications	0.18%
Thales	FRA	Industrials	0.18%
Next	UK	Consumer Services	0.18%
Carnival	UK	Consumer Services	0.18%
Bunzl	UK	Industrials	0.17%
PSP Swiss Property	SWIT	Financials	0.17%
Pennon Group	UK	Utilities	0.17%
Galp Energia SGPS SA	PTL	Energy	0.16%
Barratt Developments	UK	Consumer Goods	0.16%
Schindler Holding (Cert)	SWIT	Industrials	0.16%
Wartsila B	FIN	Industrials	0.15%
Fortum	FIN	Utilities	0.15%
Euronext	FRA	Financials	0.15%
Henkel Kgaa ORD	GER	Consumer Goods	0.15%
Randstad NV	NETH	Industrials	0.15%
SKF B	SWED	Industrials	0.15%
Suez	FRA	Utilities	0.14%
PKN (Polski Koncern Naftowy)	POL	Energy	0.14%
Alfa Laval	SWED	Industrials	0.14%
Amundi	FRA	Financials	0.14%
Sodexo	FRA	Consumer Services	0.13%
Sofina	BELG	Financials	0.13%
HeidelbergCement AG	GER	Industrials	0.13%
Tate & Lyle	UK	Consumer Goods	0.13%
Bellway	UK	Consumer Goods	0.13%
Orion B	FIN	Health Care	0.12%
Rubis	FRA	Utilities	0.12%
Ashmore Group	UK	Financials	0.12%
Evonik Industries AG	GER	Basic Materials	0.11%
Nokian Tyres	FIN	Consumer Goods	0.11%
Gjensidige Forsikring ASA	NOR	Financials	0.11%
Inchcape	UK	Consumer Services	0.11%
Morrison (Wm) Supermarkets	UK	Consumer Services	0.11%
Croda International	UK	Basic Materials	0.11%
Marks & Spencer Group	UK	Consumer Services	0.11%
Electrolux Ser B	SWED	Consumer Goods	0.10%
Uniper SE	GER	Utilities	0.10%
OMV	OEST	Energy	0.10%
Solvay A	BELG	Basic Materials	0.10%
RTL Group	GER	Consumer Services	0.10%
Meggitt	UK	Industrials	0.10%
Ems Chemie I	SWIT	Basic Materials	0.10%
Travis Perkins	UK	Industrials	0.10%
ISS	DEN	Industrials	0.09%
BIC	FRA	Consumer Goods	0.09%
GEA Group AG	GER	Industrials	0.09%
Hera	ITA	Utilities	0.09%
Aeroports de Paris	FRA	Industrials	0.09%
Recordati	ITA	Health Care	0.09%
A2A	ITA	Utilities	0.09%
Colruyt	BELG	Consumer Services	0.08%
Telefonica Deutschland Holdings	GER	Telecommunications	0.08%
Trelleborg Ab Ser B	SWED	Industrials	0.08%
IMI	UK	Industrials	0.08%
Schindler Holding (Reg)	SWIT	Industrials	0.08%
Swatch Group AG BR	SWIT	Consumer Goods	0.08%
International Consolidated Airlines	UK	Consumer Services	0.08%
Howden Joinery Group	UK	Industrials	0.08%
Fuchs Petrolub Pref SE	GER	Basic Materials	0.07%
Securitas AB B	SWED	Industrials	0.07%
Kesko B	FIN	Consumer Services	0.07%
SCA B	SWED	Basic Materials	0.07%
Hochtief	GER	Industrials	0.07%
Italgas	ITA	Utilities	0.07%
ICA Gruppen AB	SWED	Consumer Services	0.07%
Inwit	ITA	Telecommunications	0.07%
Signify NV	NETH	Industrials	0.07%
Salmar ASA	NOR	Consumer Goods	0.06%
Zardoya Otis	SP	Industrials	0.06%
Latour Investment B	SWED	Financials	0.06%
Norsk Hydro	NOR	Basic Materials	0.06%
DKSH Holding	SWIT	Industrials	0.06%
Aalberts NV	NETH	Industrials	0.06%
Jeronimo Martins	PTL	Consumer Services	0.06%
Fielmann	GER	Consumer Services	0.06%
Clariant	SWIT	Basic Materials	0.06%
Babcock International Group	UK	Industrials	0.06%
Hugo Boss AG	GER	Consumer Goods	0.05%
Polskie Gornictwo Naftowe I Gazownic	POL	Energy	0.05%
Acciona S.A.	SP	Industrials	0.05%
Fischer (Georg)	SWIT	Industrials	0.05%
Flughafen Zurich	SWIT	Industrials	0.05%
OC Oerlikon Corp AG	SWIT	Industrials	0.05%
Lagardere Groupe	FRA	Consumer Services	0.04%
Deutsche Lufthansa AG	GER	Consumer Services	0.04%
Fuchs Petrolub SE	GER	Basic Materials	0.04%
Imerys	FRA	Basic Materials	0.04%
ProSiebenSat.1 Media SE	GER	Consumer Services	0.04%
Fraport AG Frankfurt	GER	Industrials	0.04%
Rational	GER	Industrials	0.03%
Dufry	SWIT	Consumer Services	0.03%
DWS Group	GER	Financials	0.03%
Boskalis Westminster	NETH	Industrials	0.03%
Telekom Austria	OEST	Telecommunications	0.03%
LEROY SEAFOOD GROUP	NOR	Consumer Goods	0.02%

Holdings subject to change.

SECTORS

Sector Allocation (as of 12/31/2019)	Weight
Consumer Goods	16.97%
Health Care	16.82%
Industrials	14.06%
Energy	12.71%
Financials	11.20%
Utilities	7.89%
Telecommunications	7.35%
Consumer Services	6.44%
Basic Materials	5.30%
Currency	1.07%
Technology	0.19%

COUNTRIES

COUNTRY ALLOCATION (AS OF 12/31/2019)	WEIGHT
United Kingdom	32.16%
Switzerland	19.54%
France	13.95%
Germany	8.97%
Netherlands	5.01%
Spain	3.73%
Italy	3.62%
Sweden	3.26%
Finland	3.03%
Denmark	2.43%
Norway	1.89%
Currency	1.07%
Portugal	0.50%
Belgium	0.49%
Poland	0.20%
Austria	0.14%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
12/27/2019	12/30/2019	01/03/2020	0.075846
11/27/2019	11/29/2019	12/03/2019	0.043407
10/30/2019	10/31/2019	11/04/2019	0.026271
9/27/2019	9/30/2019	10/02/2019	0.061076
8/28/2019	8/30/2019	9/4/2019	0.077041
7/30/2019	7/31/2019	8/2/2019	0.069644
6/27/2019	6/28/2019	7/2/2019	0.157961
5/30/2019	5/31/2019	6/4/2019	0.202602
4/26/2019	4/30/2019	5/2/2019	0.107351
3/28/2019	3/29/2019	4/2/2019	0.071441
2/27/2019	2/28/2019	3/4/2019	0.023321
1/30/2019	1/31/2019	2/4/2019	0.02221
12/27/2018	12/28/2018	1/3/2019	0.031869
11/29/2018	11/30/2018	12/4/2018	0.053308
10/30/2018	10/31/2018	11/2/2018	0.040566
9/27/2018	9/28/2018	10/2/2018	0.041525
8/29/2018	8/31/2018	9/5/2018	0.0630
7/30/2018	7/31/2018	8/2/2018	0.042
6/26/2018	6/27/2018	6/29/2018	0.153
5/30/2018	5/31/2018	6/4/2018	0.155
4/27/2018	4/30/2018	5/2/2018	0.096
3/27/2018	3/29/2018	4/3/2018	0.040
2/27/2018	2/28/2018	3/2/2018	0.020
1/30/2018	1/31/2018	2/2/2018	0.020
12/22/2017	12/26/2017	12/29/2017	0.185
11/15/2017	11/16/2017	11/21/2017	0.069
10/16/2017	10/17/2017	10/20/2017	0.070
9/15/2017	9/18/2017	9/21/2017	0.061
8/15/2017	8/17/2017	8/21/2017	0.008
7/17/2017	7/19/2017	7/21/2017	0.017
5/15/2017	6/19/2017	6/21/2017	0.082
5/12/2017	5/17/2017	5/19/2017	0.125
4/17/2017	4/19/2017	4/21/2017	0.101
3/15/2017	3/17/2017	3/21/2017	0.033
2/15/2017	2/17/2017	2/22/2017	0.004
1/17/2017	1/19/2017	1/23/2017	0.014
12/22/2016	12/28/2016	12/30/2016	0.018
11/15/2016	11/17/2016	11/21/2016	0.031
10/17/2016	10/19/2016	10/21/2016	0.029
9/15/2016	9/19/2016	9/21/2016	0.051
8/15/2016	8/17/2016	8/19/2016	0.039
7/15/2016	7/19/2016	7/21/2016	0.047
6/15/2016	6/17/2016	6/21/2016	0.133
5/16/2016	5/18/2016	5/20/2016	0.141
4/15/2016	4/19/2016	4/21/2016	0.051
3/15/2016	3/17/2016	3/21/2016	0.039
2/16/2016	2/18/2016	2/22/2016	0.041
1/15/2016	1/20/2016	1/22/2016	0.000
12/24/2015	12/29/2015	12/31/2015	0.106
11/16/2015	11/18/2015	11/20/2015	0.019
10/15/2015	10/19/2015	10/21/2015	0.013
9/15/2015	9/17/2015	9/21/2015	0.007

PREMIUM / DISCOUNT

Date	Days	< -0.5%	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2019	252	21	166	1	60	4
12/31/2019	64	5	43	1	15	0
9/30/2019	64	7	48	0	9	0
6/30/2019	63	2	43	0	16	2
3/31/2019	61	7	32	0	20	2
2018	251	68	117	0	49	17
12/31/2018	63	22	30	0	7	4
9/30/2018	63	27	32	0	3	1
6/30/2018	64	13	40	0	10	1
3/31/2018	61	6	15	0	29	11
2017	252	25	51	0	129	47
12/31/2017	63	2	12	0	35	14
9/30/2017	63	0	11	0	41	11
6/30/2017	63	22	11	0	19	11
3/31/2017	63	1	17	0	34	11
2016	252	4	31	0	88	129
12/31/2016	63	1	17	0	34	11
9/30/2016	64	1	1	0	21	41
6/30/2016	64	2	7	0	25	30
3/31/2016	61	0	6	0	8	47
2015	95	4	8	0	21	62
12/31/2015	64	2	6	0	14	42
9/30/2015	31	2	2	0	7	20

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.

INVESTOR RESOURCE

Investor Materials
Fact Sheet
Prospectus
Summary Prospectus
SAI
Semi-Annual Report
Annual Report

OEUR RESEARCH | NEWS

Fund & Market Data

Profile
Symbol	OEUR
Listing Exchange	NYSE/ARCA
Inception Date	8/19/2015
CUSIP	67110P506
Target Index Provider	FTSE Russell
Target Index Symbol	FEFQVY5N
IOPV Ticker	OEUR.IV
Expense Ratio	0.48%
30-Day SEC Yield¹ (as of 12/31/2019)	2.85%

MARKET DATA AS OF	01/23/2020
NAV Price	$25.77
NAV Price Change	$-0.18
Premium/Discount	$0.12
Market Price	$25.89
Market Price Change	$-0.06
Shares Outstanding	1,050,000
Volume	23,776
Total Net Assets	$27,061,020

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. 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. The 30-day SEC yield is as of the prior month end.

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

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.

Performance

Monthly Performance (as of 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	3.68%	7.78%	7.48%	22.53%	7.78%	22.53%	3.82%
Market Value	3.57%	7.77%	7.32%	22.55%	7.77%	22.55%	3.72%

Quarterly Performance (as of 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	3.68%	7.78%	7.48%	22.53%	7.78%	22.53%	3.82%
Market Value	3.57%	7.77%	7.32%	22.55%	7.77%	22.55%	3.72%

Holdings

DOWNLOAD HOLDINGS

Name (as of 01/24/2020)	Country	Sector	Fund Weight
Roche Hldgs (GENUS)	SWIT	Health Care	5.14%
Novartis (REGD)	SWIT	Health Care	4.94%
Nestle	SWIT	Consumer Goods	4.83%
GlaxoSmithKline	UK	Health Care	3.82%
Total	FRA	Energy	2.77%
Royal Dutch Shell A	UK	Energy	2.59%
BP	UK	Energy	2.53%
Royal Dutch Shell B	UK	Energy	2.24%
Enel	ITA	Utilities	2.10%
Unilever NV CVA	NETH	Consumer Goods	2.01%
Novo-Nordisk B	DEN	Health Care	1.92%
Siemens AG	GER	Industrials	1.86%
British American Tobacco	UK	Consumer Goods	1.77%
Vodafone Group	UK	Telecommunications	1.68%
Diageo	UK	Consumer Goods	1.62%
Unilever	UK	Consumer Goods	1.57%
Rio Tinto	UK	Basic Materials	1.40%
National Grid	UK	Utilities	1.33%
Deutsche Telekom	GER	Telecommunications	1.23%
Vonovia SE	GER	Financials	1.16%
CASHUSD	Curr	Currency	1.11%
L'Oreal	FRA	Consumer Goods	1.10%
Vinci	FRA	Industrials	1.08%
BASF	GER	Basic Materials	1.04%
Sampo Oyi	FIN	Financials	1.01%
Schneider Electric	FRA	Industrials	0.98%
3i Group	UK	Financials	0.97%
Segro	UK	Financials	0.93%
Ahold Delhaize	NETH	Consumer Services	0.88%
Air Liquide	FRA	Basic Materials	0.86%
RELX	UK	Consumer Services	0.86%
Kering	FRA	Consumer Services	0.84%
Engie	FRA	Utilities	0.83%
Kone B	FIN	Industrials	0.82%
Telefonica	SP	Telecommunications	0.78%
Partners Group AG	SWIT	Financials	0.76%
Orange	FRA	Telecommunications	0.71%
Eni	ITA	Energy	0.66%
Deutsche Wohnen SE	GER	Financials	0.66%
Ferguson	UK	Industrials	0.66%
Imperial Brands	UK	Consumer Goods	0.66%
ABB	SWIT	Industrials	0.64%
Koninklijke Philips	NETH	Health Care	0.62%
Admiral Group	UK	Financials	0.62%
BT Group	UK	Telecommunications	0.61%
Aroundtown SA	GER	Financials	0.60%
Gecina	FRA	Financials	0.58%
Inditex	SP	Consumer Services	0.57%
Telenor A/S	NOR	Telecommunications	0.54%
Equinor ASA	NOR	Energy	0.54%
Direct Line Insurance Group	UK	Financials	0.54%
Unibail Rodamco Westfield	NETH	Financials	0.53%
SGS S.A.	SWIT	Industrials	0.51%
Alstom	FRA	Industrials	0.51%
Swisscom	SWIT	Telecommunications	0.51%
LEG Immobilien AG	GER	Financials	0.50%
Geberit N	SWIT	Industrials	0.49%
Aena SME SA	SP	Industrials	0.45%
BAE Systems	UK	Industrials	0.45%
Telia Co AB	SWED	Telecommunications	0.42%
Castellum	SWED	Financials	0.42%
H & M Hennes & Mauritz AB B	SWED	Consumer Services	0.42%
Sandvik AB	SWED	Industrials	0.42%
Kuehne & Nagel International	SWIT	Industrials	0.42%
UPM-Kymmene	FIN	Basic Materials	0.37%
Endesa	SP	Utilities	0.36%
St Gobain (Cie De)	FRA	Industrials	0.34%
Klepierre	FRA	Financials	0.34%
RED ELECTRICA CORP SA	SP	Utilities	0.34%
Michelin B	FRA	Consumer Goods	0.33%
Volvo B	SWED	Industrials	0.33%
Persimmon	UK	Consumer Goods	0.33%
Coloplast B	DEN	Health Care	0.32%
Legrand	FRA	Industrials	0.32%
Veolia Environnement	FRA	Utilities	0.32%
WPP	UK	Consumer Services	0.32%
Snam	ITA	Energy	0.30%
Merlin Properties Socimi SA	SP	Financials	0.30%
Royal DSM	NETH	Basic Materials	0.30%
Orkla A	NOR	Consumer Goods	0.30%
EDP	PTL	Utilities	0.29%
Mondi	UK	Basic Materials	0.29%
SSE	UK	Utilities	0.29%
Skanska B	SWED	Industrials	0.28%
Adecco Group AG	SWIT	Industrials	0.28%
Naturgy Energy Group SA	SP	Utilities	0.27%
Continental	GER	Consumer Goods	0.27%
Elisa	FIN	Telecommunications	0.26%
Terna	ITA	Utilities	0.26%
Enagas	SP	Utilities	0.26%
Swiss Prime Site	SWIT	Financials	0.25%
Covivio	FRA	Financials	0.24%
Henkel KG Pref	GER	Consumer Goods	0.24%
Repsol	SP	Energy	0.24%
Kingfisher	UK	Consumer Services	0.24%
United Utilities Group	UK	Utilities	0.24%
Mowi ASA	NOR	Consumer Goods	0.23%
Royal KPN	NETH	Telecommunications	0.22%
InterContinental Hotels Group	UK	Consumer Services	0.22%
Roche Hldgs (BR)	SWIT	Health Care	0.21%
Severn Trent	UK	Utilities	0.21%
Publicis Groupe	FRA	Consumer Services	0.20%
Carlsberg (B)	DEN	Consumer Goods	0.20%
Centrica	UK	Utilities	0.20%
Bureau Veritas S.A.	FRA	Industrials	0.19%
Bouygues	FRA	Industrials	0.19%
Swedish Match	SWED	Consumer Goods	0.19%
ITV	UK	Consumer Services	0.19%
Taylor Wimpey	UK	Consumer Goods	0.19%
Sage Group	UK	Technology	0.19%
Associated British Foods	UK	Consumer Goods	0.19%
Proximus	BELG	Telecommunications	0.18%
Thales	FRA	Industrials	0.18%
Next	UK	Consumer Services	0.18%
Carnival	UK	Consumer Services	0.18%
Bunzl	UK	Industrials	0.17%
PSP Swiss Property	SWIT	Financials	0.17%
Pennon Group	UK	Utilities	0.17%
Galp Energia SGPS SA	PTL	Energy	0.16%
Barratt Developments	UK	Consumer Goods	0.16%
Schindler Holding (Cert)	SWIT	Industrials	0.16%
Wartsila B	FIN	Industrials	0.15%
Fortum	FIN	Utilities	0.15%
Euronext	FRA	Financials	0.15%
Henkel Kgaa ORD	GER	Consumer Goods	0.15%
Randstad NV	NETH	Industrials	0.15%
SKF B	SWED	Industrials	0.15%
Suez	FRA	Utilities	0.14%
PKN (Polski Koncern Naftowy)	POL	Energy	0.14%
Alfa Laval	SWED	Industrials	0.14%
Amundi	FRA	Financials	0.14%
Sodexo	FRA	Consumer Services	0.13%
Sofina	BELG	Financials	0.13%
HeidelbergCement AG	GER	Industrials	0.13%
Tate & Lyle	UK	Consumer Goods	0.13%
Bellway	UK	Consumer Goods	0.13%
Orion B	FIN	Health Care	0.12%
Rubis	FRA	Utilities	0.12%
Ashmore Group	UK	Financials	0.12%
Evonik Industries AG	GER	Basic Materials	0.11%
Nokian Tyres	FIN	Consumer Goods	0.11%
Gjensidige Forsikring ASA	NOR	Financials	0.11%
Inchcape	UK	Consumer Services	0.11%
Morrison (Wm) Supermarkets	UK	Consumer Services	0.11%
Croda International	UK	Basic Materials	0.11%
Marks & Spencer Group	UK	Consumer Services	0.11%
Electrolux Ser B	SWED	Consumer Goods	0.10%
Uniper SE	GER	Utilities	0.10%
OMV	OEST	Energy	0.10%
Solvay A	BELG	Basic Materials	0.10%
RTL Group	GER	Consumer Services	0.10%
Meggitt	UK	Industrials	0.10%
Ems Chemie I	SWIT	Basic Materials	0.10%
Travis Perkins	UK	Industrials	0.10%
ISS	DEN	Industrials	0.09%
BIC	FRA	Consumer Goods	0.09%
GEA Group AG	GER	Industrials	0.09%
Hera	ITA	Utilities	0.09%
Aeroports de Paris	FRA	Industrials	0.09%
Recordati	ITA	Health Care	0.09%
A2A	ITA	Utilities	0.09%
Colruyt	BELG	Consumer Services	0.08%
Telefonica Deutschland Holdings	GER	Telecommunications	0.08%
Trelleborg Ab Ser B	SWED	Industrials	0.08%
IMI	UK	Industrials	0.08%
Schindler Holding (Reg)	SWIT	Industrials	0.08%
Swatch Group AG BR	SWIT	Consumer Goods	0.08%
International Consolidated Airlines	UK	Consumer Services	0.08%
Howden Joinery Group	UK	Industrials	0.08%
Fuchs Petrolub Pref SE	GER	Basic Materials	0.07%
Securitas AB B	SWED	Industrials	0.07%
Kesko B	FIN	Consumer Services	0.07%
SCA B	SWED	Basic Materials	0.07%
Hochtief	GER	Industrials	0.07%
Italgas	ITA	Utilities	0.07%
ICA Gruppen AB	SWED	Consumer Services	0.07%
Inwit	ITA	Telecommunications	0.07%
Signify NV	NETH	Industrials	0.07%
Salmar ASA	NOR	Consumer Goods	0.06%
Zardoya Otis	SP	Industrials	0.06%
Latour Investment B	SWED	Financials	0.06%
Norsk Hydro	NOR	Basic Materials	0.06%
DKSH Holding	SWIT	Industrials	0.06%
Aalberts NV	NETH	Industrials	0.06%
Jeronimo Martins	PTL	Consumer Services	0.06%
Fielmann	GER	Consumer Services	0.06%
Clariant	SWIT	Basic Materials	0.06%
Babcock International Group	UK	Industrials	0.06%
Hugo Boss AG	GER	Consumer Goods	0.05%
Polskie Gornictwo Naftowe I Gazownic	POL	Energy	0.05%
Acciona S.A.	SP	Industrials	0.05%
Fischer (Georg)	SWIT	Industrials	0.05%
Flughafen Zurich	SWIT	Industrials	0.05%
OC Oerlikon Corp AG	SWIT	Industrials	0.05%
Lagardere Groupe	FRA	Consumer Services	0.04%
Deutsche Lufthansa AG	GER	Consumer Services	0.04%
Fuchs Petrolub SE	GER	Basic Materials	0.04%
Imerys	FRA	Basic Materials	0.04%
ProSiebenSat.1 Media SE	GER	Consumer Services	0.04%
Fraport AG Frankfurt	GER	Industrials	0.04%
Rational	GER	Industrials	0.03%
Dufry	SWIT	Consumer Services	0.03%
DWS Group	GER	Financials	0.03%
Boskalis Westminster	NETH	Industrials	0.03%
Telekom Austria	OEST	Telecommunications	0.03%
LEROY SEAFOOD GROUP	NOR	Consumer Goods	0.02%

Holdings subject to change.

Sector Allocation

Sector Allocation (as of 12/31/2019)	Weight
Consumer Goods	16.97%
Health Care	16.82%
Industrials	14.06%
Energy	12.71%
Financials	11.20%
Utilities	7.89%
Telecommunications	7.35%
Consumer Services	6.44%
Basic Materials	5.30%
Currency	1.07%
Technology	0.19%

Country Allocation

COUNTRY ALLOCATION (AS OF 12/31/2019)	WEIGHT
United Kingdom	32.16%
Switzerland	19.54%
France	13.95%
Germany	8.97%
Netherlands	5.01%
Spain	3.73%
Italy	3.62%
Sweden	3.26%
Finland	3.03%
Denmark	2.43%
Norway	1.89%
Currency	1.07%
Portugal	0.50%
Belgium	0.49%
Poland	0.20%
Austria	0.14%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
12/27/2019	12/30/2019	01/03/2020	0.075846
11/27/2019	11/29/2019	12/03/2019	0.043407
10/30/2019	10/31/2019	11/04/2019	0.026271
9/27/2019	9/30/2019	10/02/2019	0.061076
8/28/2019	8/30/2019	9/4/2019	0.077041
7/30/2019	7/31/2019	8/2/2019	0.069644
6/27/2019	6/28/2019	7/2/2019	0.157961
5/30/2019	5/31/2019	6/4/2019	0.202602
4/26/2019	4/30/2019	5/2/2019	0.107351
3/28/2019	3/29/2019	4/2/2019	0.071441
2/27/2019	2/28/2019	3/4/2019	0.023321
1/30/2019	1/31/2019	2/4/2019	0.02221
12/27/2018	12/28/2018	1/3/2019	0.031869
11/29/2018	11/30/2018	12/4/2018	0.053308
10/30/2018	10/31/2018	11/2/2018	0.040566
9/27/2018	9/28/2018	10/2/2018	0.041525
8/29/2018	8/31/2018	9/5/2018	0.0630
7/30/2018	7/31/2018	8/2/2018	0.042
6/26/2018	6/27/2018	6/29/2018	0.153
5/30/2018	5/31/2018	6/4/2018	0.155
4/27/2018	4/30/2018	5/2/2018	0.096
3/27/2018	3/29/2018	4/3/2018	0.040
2/27/2018	2/28/2018	3/2/2018	0.020
1/30/2018	1/31/2018	2/2/2018	0.020
12/22/2017	12/26/2017	12/29/2017	0.185
11/15/2017	11/16/2017	11/21/2017	0.069
10/16/2017	10/17/2017	10/20/2017	0.070
9/15/2017	9/18/2017	9/21/2017	0.061
8/15/2017	8/17/2017	8/21/2017	0.008
7/17/2017	7/19/2017	7/21/2017	0.017
5/15/2017	6/19/2017	6/21/2017	0.082
5/12/2017	5/17/2017	5/19/2017	0.125
4/17/2017	4/19/2017	4/21/2017	0.101
3/15/2017	3/17/2017	3/21/2017	0.033
2/15/2017	2/17/2017	2/22/2017	0.004
1/17/2017	1/19/2017	1/23/2017	0.014
12/22/2016	12/28/2016	12/30/2016	0.018
11/15/2016	11/17/2016	11/21/2016	0.031
10/17/2016	10/19/2016	10/21/2016	0.029
9/15/2016	9/19/2016	9/21/2016	0.051
8/15/2016	8/17/2016	8/19/2016	0.039
7/15/2016	7/19/2016	7/21/2016	0.047
6/15/2016	6/17/2016	6/21/2016	0.133
5/16/2016	5/18/2016	5/20/2016	0.141
4/15/2016	4/19/2016	4/21/2016	0.051
3/15/2016	3/17/2016	3/21/2016	0.039
2/16/2016	2/18/2016	2/22/2016	0.041
1/15/2016	1/20/2016	1/22/2016	0.000
12/24/2015	12/29/2015	12/31/2015	0.106
11/16/2015	11/18/2015	11/20/2015	0.019
10/15/2015	10/19/2015	10/21/2015	0.013
9/15/2015	9/17/2015	9/21/2015	0.007

Premium Discount

Date	Days	< -0.5%	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2019	252	21	166	1	60	4
12/31/2019	64	5	43	1	15	0
9/30/2019	64	7	48	0	9	0
6/30/2019	63	2	43	0	16	2
3/31/2019	61	7	32	0	20	2
2018	251	68	117	0	49	17
12/31/2018	63	22	30	0	7	4
9/30/2018	63	27	32	0	3	1
6/30/2018	64	13	40	0	10	1
3/31/2018	61	6	15	0	29	11
2017	252	25	51	0	129	47
12/31/2017	63	2	12	0	35	14
9/30/2017	63	0	11	0	41	11
6/30/2017	63	22	11	0	19	11
3/31/2017	63	1	17	0	34	11
2016	252	4	31	0	88	129
12/31/2016	63	1	17	0	34	11
9/30/2016	64	1	1	0	21	41
6/30/2016	64	2	7	0	25	30
3/31/2016	61	0	6	0	8	47
2015	95	4	8	0	21	62
12/31/2015	64	2	6	0	14	42
9/30/2015	31	2	2	0	7	20

Investor Resources

Investor Materials
Fact Sheet
Prospectus
Summary Prospectus
SAI
Semi-Annual Report
Annual Report

OEUR Research & News

O’Shares Strategy Series | Europe Large Caps

January 17, 2020

Euro and Pound: Cheap Currency and Attractive Valuations

January 13, 2020

Kevin O’Leary: Why Invest in ETFs?

December 20, 2019

Europe Equity Sector Scatterplot: Long-Term Performance vs. Risk

December 19, 2019

Europe Equity Country Scatterplot: Long-Term Performance vs. Risk

June 18, 2019

Quality Europe Stocks, Strong Performers

Europe Dividend Investing Research Paper

March 27, 2019

Research Paper: Europe Dividend Strategy Series

OEUR News

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Before you invest in O’Shares ETF Investments Funds, please refer to the prospectus for important information about the investment objectives, risks, charges and expenses. To obtain a prospectus containing this and other important information, please view or download a prospectus. Read the prospectus carefully before you invest. There are risks involved with investing including the 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 Funds may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. A 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. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including political, diplomatic, economic, foreign market and trading risks. In addition, a Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns. See the prospectus for specific risks regarding the Funds.
The securities of small capitalization companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of securities during market downturns. Compared to larger companies, small capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.
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