OEUR

O’Shares Europe Quality Dividend ETF

Why Invest in OEUR

Strong 5-Year Dividend Growth: 5.9%
Less risk than generic Europe?

Global leaders in Europe with strong profitability, balance sheets and dividend growth.

Dividend Growth: Portfolio weighted average growth rate over five years in net dividend per share. Data as of 6/30/2021.

Why OEUR for Europe Large Cap Quality Dividends?

Performance. Portfolio of approximately 50 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 O’Shares Europe Quality Dividend 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 O’Shares Investment Advisers, LLC (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

Profile
Symbol	OEUR
Listing Exchange	Cboe
Inception Date	8/19/2015
CUSIP	67110P506
Target Index Provider	O'Shares
Target Index Symbol	OEURX
Expense Ratio	0.48%
30 Day SEC Yield¹	1.76% (as of 8/31/2021)

Market Data as of	09/23/2021
NAV Price	$28.98
NAV Price Change	$0.24
Market Price	$28.99
Market Price Change	$0.32
30 Day Median Bid/Ask Spread²	0.17% (as of 09/24/2021)
Premium/Discount³	0.28% (as of 09/24/2021)
Shares Outstanding	1,400,000.000
Volume	3,007
Total Net Assets	$40,565,541.05

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.
2. The median bid-ask spread is calculated by identifying the national best bid and national best offer (NBBO) for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
3. The premium discount information represents 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).

Effective June 1, 2020 the target index for OEUR was changed from FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index to O’Shares Europe Quality Dividend Index. The new index provides greater emphasis on our principles of Quality. Information beginning June 1, 2020, including yield and holdings data, reflect the index change.

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 8/31/2021)

	QTD	YTD	1 YR	3 YR	5 YR	SI
NAV	5.71%	20.42%	26.46%	10.15%	8.29%	5.99%
Market Value	5.29%	21.13%	26.59%	10.43%	8.17%	6.01%

QUARTERLY PERFORMANCE (AS OF 6/30/2021)

	QTD	YTD	1 YR	3 YR	5 YR	SI
NAV	10.74%	13.92%	29.72%	8.86%	7.20%	5.17%
Market Value	11.30%	15.05%	29.67%	9.16%	7.12%	5.26%

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

Name (As of 09/23/2021)	Ticker	Sector	Fund Weight	Quantity	CUSIP/ISIN
ROCHE HOLDING AG	ROG	Health Care	4.95%	5392	CH0012032048
NESTLE SA	NESN	Consumer Staples	4.94%	16005	CH0038863350
NOVO NORDISK A/S	NOVOB	Health Care	3.95%	15612	DK0060534915
LVMH MOET HENNESSY LOUIS VUITTON SE	MC	Consumer Discretionary	3.68%	1937	FR0000121014
SAP SE	SAP	Information Technology	3.33%	9322	DE0007164600
UNILEVER PLC	ULVR	Consumer Staples	3.19%	23494	GB00B10RZP78
ASML HOLDING NV	ASML	Information Technology	3.00%	1371	NL0010273215
L'OREAL SA	OR	Consumer Staples	2.89%	2569	FR0000120321
NOVARTIS AG	NOVN	Health Care	2.56%	12327	CH0012005267
DEUTSCHE POST AG	DPW	Industrials	2.55%	15172	DE0005552004
ASTRAZENECA PLC	AZN	Health Care	2.41%	8190	GB0009895292
WOLTERS KLUWER NV	WKL	Industrials	2.25%	8029	NL0000395903
KONE OYJ	KNEBV	Industrials	2.22%	11986	FI0009013403
SIEMENS AG	SIE	Industrials	2.13%	4878	DE0007236101
SANOFI	SAN	Health Care	1.94%	8064	FR0000120578
DIAGEO PLC	DGE	Consumer Staples	1.90%	15916	GB0002374006
SCHNEIDER ELECTRIC SE	SU	Industrials	1.87%	4245	FR0000121972
GLAXOSMITHKLINE PLC	GSK	Health Care	1.84%	38352	GB0009252882
MERCK KGAA	MRK	Health Care	1.83%	3171	DE0006599905
ESSILORLUXOTTICA SA	EL	Consumer Discretionary	1.69%	3358	FR0000121667
INDUSTRIA DE DISENO TEXTIL SA	ITX	Consumer Discretionary	1.68%	18053	ES0148396007
RELX PLC	REL	Industrials	1.68%	22275	GB00B2B0DG97
ABB LTD	ABBN	Industrials	1.65%	18703	CH0012221716
HERMES INTERNATIONAL	RMS	Consumer Discretionary	1.65%	431	FR0000052292
ATLAS COPCO AB	ATCOA	Industrials	1.65%	9950	SE0011166610
PARTNERS GROUP HOLDING AG	PGHN	Financials	1.62%	369	CH0024608827
DANONE SA	BN	Consumer Staples	1.59%	9138	FR0000120644
KERING SA	KER	Consumer Discretionary	1.56%	821	FR0000121485
IBERDROLA SA	IBE	Utilities	1.55%	57388	ES0144580Y14
HEXAGON AB	HEXAB	Information Technology	1.53%	35866	SE0015961909
SIEMENS HEALTHINEERS AG	SHL	Health Care	1.50%	8644	DE000SHL1006
LEGRAND SA	LR	Industrials	1.49%	5332	FR0010307819
KUEHNE + NAGEL INTERNATIONAL AG	KNIN	Industrials	1.49%	1567	CH0025238863
SGS SA	SGSN	Industrials	1.46%	189	CH0002497458
ORSTED AS	ORSTED	Utilities	1.46%	4064	DK0060094928
GEBERIT AG	GEBN	Industrials	1.45%	732	CH0030170408
3I GROUP PLC	III	Financials	1.45%	32096	GB00B1YW4409
CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA	ML	Consumer Discretionary	1.44%	3709	FR0000121261
SCHINDLER HOLDING AG	SCHP	Industrials	1.44%	1980	CH0024638196
ASSA ABLOY AB	ASSAB	Industrials	1.44%	18993	SE0007100581
ESSITY AB	ESSITYB	Consumer Staples	1.43%	18553	SE0009922164
COLOPLAST A/S	COLOB	Health Care	1.43%	3369	DK0060448595
HENKEL AG & CO KGAA	HEN	Consumer Staples	1.42%	6646	DE0006048408
SWISSCOM AG	SCMN	Communication Services	1.41%	988	CH0008742519
CARLSBERG AS	CARLB	Consumer Staples	1.41%	3462	DK0010181759
SWEDISH MATCH AB	SWMA	Consumer Staples	1.41%	61336	SE0015812219
INVESTOR AB	INVEB	Financials	1.39%	24566	SE0015811963
ADMIRAL GROUP PLC	ADM	Financials	1.38%	11727	GB00B02J6398
BUNZL PLC	BNZL	Industrials	1.37%	15899	GB00B0744B38
INDUSTRIVARDEN AB	INDUC	Financials	1.33%	16894	SE0000107203
CASH			0.12%	49076.46
SWEDISH KRONA			0.00%	1.15
EURO			0.00%	-500.92
BRITISH POUND			-0.01%	-3404.89

Holdings subject to change.

Sector Allocation

AS OF 8/31/2021

Sector	Weight
Industrials	24.63%
Consumer Staples	22.63%
Health Care	20.96%
Information Technology	8.31%
Consumer Discretionary	7.67%
Communication Services	6.88%
Financials	6.63%
Utilities	2.18%
Cash	0.12%

Country Allocation

AS OF 8/31/2021

Country	Weight
Switzerland	22.6236%
United Kingdom	19.556%
France	13.4916%
Germany	11.8164%
Netherlands	8.4856%
Denmark	7.0736%
Sweden	6.1022%
Finland	5.0129%
Spain	3.6888%
United States	2.0336%
Cash	0.1159%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
08/30/2021	08/31/2021	09/02/2021	0.078891
07/29/2021	07/30/2021	08/03/2021	0.079225
06/29/2021	06/30/2021	07/02/2021	0.060586
05/27/2021	05/28/2021	06/02/2021	0.073223
04/29/2021	04/30/2021	05/04/2021	0.059130
03/29/2021	03/30/2021	04/01/2021	0.020208
02/25/2021	02/26/2021	03/02/2021	0.010010
01/28/2021	01/29/2021	02/02/2021	0.010007
12/29/2020	12/30/2020	01/04/2021	0.394546
11/27/2020	11/30/2020	12/02/2020	0.021858
10/29/2020	10/30/2020	11/03/2020	0.039176
09/29/2020	09/30/2020	10/02/2020	0.026266
08/28/2020	08/31/2020	09/02/2020	0.027388
07/30/2020	07/31/2020	08/04/2020	0.060126
06/29/2020	06/30/2020	07/02/2020	0.087198
05/28/2020	05/29/2020	06/02/2020	0.087637
04/29/2020	04/30/2020	05/04/2020	0.063249
03/27/2020	03/30/2020	04/01/2020	0.068562
02/25/2020	02/26/2020	02/28/2020	0.020023
01/29/2020	01/31/2020	02/04/2020	0.010016
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%
2021	124	4	17	0	83	20
6/30/2021	63	1	7	0	43	12
3/31/2021	61	3	10	0	40	8
2020	253	58	95	0	75	25
2019	252	21	166	1	60	4
2018	251	68	117	0	49	17

The above line chart and table present 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 vertical axis of the line chart shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium discount occurred. The table indicates the number of trading days in the respective period in which the Fund traded within the premium/discount percentage range as indicated.

Investor Resources

Investor Materials
Fact Sheet
Prospectus
Summary Prospectus
SAI
Semi-Annual Report
Annual Report
Fiscal Year Q1 Portfolio Holdings
Fiscal Year Q3 Portfolio Holdings

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