OUSA

O’Shares U.S. Quality Dividend ETF

Why Invest in OUSA

Strong 5-Year Dividend Growth: 10.1%
More return, less risk than generic Value?

Seeks companies with strong profitability, balance sheets and dividend growth which may reduce risk of dividend yield traps while providing a growing source of income.

Dividend Growth: Portfolio weighted average growth rate over five years in net dividend per share. Data as of 6/30/2021.
Due to favorable market conditions, the fund has experienced high performance and dividend growth that may not be sustainable over the long-term.

Why OUSA for Large Cap Quality Dividends?

Quality Advantages. Seek companies with strong balance sheets and profitability, for long-term investors.
Performance. High Quality Dividend paying companies provide a performance alternative to value investing.
Diversified Portfolio. Approximately 100 major companies selected according to measures of financial quality.

Fund Investment Objective

The Fund seeks to track the performance (before fees and expenses) of its target index, the O’Shares U.S. 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 the United States 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	OUSA
Listing Exchange	Cboe
Inception Date	7/14/2015
CUSIP	67110P407
Target Index Provider	O'Shares
Target Index Symbol	OUSAX
Expense Ratio	0.48%
30 Day SEC Yield¹	1.69% (as of 9/30/2021)

Market Data as of	10/19/2021
NAV Price	$43.31
NAV Price Change	$0.38
Market Price	$43.29
Market Price Change	$0.36
30 Day Median Bid/Ask Spread²	0.05% (as of 10/18/2021)
Premium/Discount³	-0.02% (as of 10/18/2021)
Shares Outstanding	16,650,000.000
Volume	47,220
Total Net Assets	$721,192,782.44

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 OUSA was changed from FTSE USA Qual/Vol/Yield Factor 5% Capped Index to O’Shares U.S. 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 9/30/2021)

	QTD	YTD	1 YR	3 YR	5 YR	SI
NAV	-0.41%	10.14%	17.03%	10.81%	11.37%	11.17%
Market Value	-0.45%	10.08%	17.03%	10.81%	11.36%	11.16%

QUARTERLY PERFORMANCE (AS OF 9/30/2021)

	QTD	YTD	1 YR	3 YR	5 YR	SI
NAV	-0.41%	10.14%	17.03%	10.81%	11.37%	11.17%
Market Value	-0.45%	10.08%	17.03%	10.81%	11.36%	11.16%

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 10/19/2021)	Ticker	Sector	Fund Weight	Quantity	CUSIP/ISIN
HOME DEPOT INC/THE	HD	Consumer Discretionary	5.41%	108928	US4370761029
MICROSOFT CORP	MSFT	Information Technology	5.20%	121577	US5949181045
JOHNSON & JOHNSON	JNJ	Health Care	4.89%	215023	US4781601046
PROCTER & GAMBLE CO/THE	PG	Consumer Staples	4.52%	231760	US7427181091
VERIZON COMMUNICATIONS INC	VZ	Communication Services	4.34%	597152	US92343V1044
APPLE INC	AAPL	Information Technology	3.32%	160902	US0378331005
PFIZER INC	PFE	Health Care	3.02%	517716	US7170811035
MCDONALD'S CORP	MCD	Consumer Discretionary	2.86%	84797	US5801351017
COMCAST CORP	CMCSA	Communication Services	2.73%	362222	US20030N1019
LOCKHEED MARTIN CORP	LMT	Industrials	2.73%	52962	US5398301094
TEXAS INSTRUMENTS INC	TXN	Information Technology	2.34%	85214	US8825081040
CISCO SYSTEMS INC/DELAWARE	CSCO	Information Technology	2.28%	295121	US17275R1023
3M CO	MMM	Industrials	2.20%	86828	US88579Y1010
UNITEDHEALTH GROUP INC	UNH	Health Care	2.14%	36326	US91324P1021
ABBOTT LABORATORIES	ABT	Health Care	1.98%	119247	US0028241000
ELI LILLY & CO	LLY	Health Care	1.85%	55145	US5324571083
BLACKSTONE GROUP INC/THE	BX	Financials	1.69%	96044	US09260D1072
MERCK & CO INC	MRK	Health Care	1.67%	151543	US58933Y1055
ILLINOIS TOOL WORKS INC	ITW	Industrials	1.60%	51795	US4523081093
AMGEN INC	AMGN	Health Care	1.59%	55530	US0311621009
ACCENTURE PLC	ACN	Information Technology	1.58%	32647	IE00B4BNMY34
PEPSICO INC	PEP	Consumer Staples	1.57%	70459	US7134481081
COCA-COLA CO/THE	KO	Consumer Staples	1.56%	208019	US1912161007
VISA INC	V	Information Technology	1.48%	45595	US92826C8394
HONEYWELL INTERNATIONAL INC	HON	Industrials	1.39%	45237	US4385161066
S&P GLOBAL INC	SPGI	Financials	1.37%	21894	US78409V1044
STARBUCKS CORP	SBUX	Consumer Discretionary	1.34%	84950	US8552441094
T ROWE PRICE GROUP INC	TROW	Financials	1.33%	47382	US74144T1088
UNITED PARCEL SERVICE INC	UPS	Industrials	1.27%	47278	US9113121068
PHILIP MORRIS INTERNATIONAL INC	PM	Consumer Staples	1.26%	94945	US7181721090
UNION PACIFIC CORP	UNP	Industrials	1.25%	39754	US9078181081
NORTHROP GRUMMAN CORP	NOC	Industrials	1.03%	18552	US6668071029
ORACLE CORP	ORCL	Information Technology	1.01%	74952	US68389X1054
GILEAD SCIENCES INC	GILD	Health Care	0.99%	106748	US3755581036
COSTCO WHOLESALE CORP	COST	Consumer Staples	0.98%	15094	US22160K1051
COLGATE-PALMOLIVE CO	CL	Consumer Staples	0.89%	85438	US1941621039
LOWE'S COS INC	LOW	Consumer Discretionary	0.84%	27027	US5486611073
NIKE INC	NKE	Consumer Discretionary	0.81%	36756	US6541061031
TARGET CORP	TGT	Consumer Discretionary	0.71%	20224	US87612E1064
ABBVIE INC	ABBV	Health Care	0.69%	46539	US00287Y1091
WALMART INC	WMT	Consumer Staples	0.67%	33193	US9311421039
MEDTRONIC PLC	MDT	Health Care	0.65%	38494	IE00BTN1Y115
ALLSTATE CORP/THE	ALL	Financials	0.63%	35893	US0200021014
ALTRIA GROUP INC	MO	Consumer Staples	0.63%	94279	US02209S1033
INTEL CORP	INTC	Information Technology	0.63%	82833	US4581401001
MARSH & MCLENNAN COS INC	MMC	Financials	0.58%	25427	US5717481023
MONDELEZ INTERNATIONAL INC	MDLZ	Consumer Staples	0.58%	69650	US6092071058
FASTENAL CO	FAST	Industrials	0.50%	63919	US3119001044
CINTAS CORP	CTAS	Industrials	0.49%	8274	US1729081059
MASTERCARD INC	MA	Information Technology	0.47%	9425	US57636Q1040
KIMBERLY-CLARK CORP	KMB	Consumer Staples	0.46%	25339	US4943681035
WASTE MANAGEMENT INC	WM	Industrials	0.41%	18694	US94106L1098
YUM\| BRANDS INC	YUM	Consumer Discretionary	0.40%	22830	US9884981013
GARMIN LTD	GRMN	Consumer Discretionary	0.39%	17399	CH0114405324
ACTIVISION BLIZZARD INC	ATVI	Communication Services	0.39%	36855	US00507V1098
MOODY'S CORP	MCO	Financials	0.38%	7221	US6153691059
DOLLAR GENERAL CORP	DG	Consumer Discretionary	0.37%	12334	US2566771059
TJX COS INC/THE	TJX	Consumer Discretionary	0.36%	40970	US8725401090
JPMORGAN CHASE & CO	JPM	Financials	0.35%	14758	US46625H1005
L3HARRIS TECHNOLOGIES INC	LHX	Industrials	0.35%	10448	US5024311095
NORFOLK SOUTHERN CORP	NSC	Industrials	0.35%	9117	US6558441084
CHUBB LTD	CB	Financials	0.33%	13030	CH0044328745
ESTEE LAUDER COS INC/THE	EL	Consumer Staples	0.33%	7515	US5184391044
EXPEDITORS INTERNATIONAL OF WASHINGTON INC	EXPD	Industrials	0.32%	19196	US3021301094
HERSHEY CO/THE	HSY	Consumer Staples	0.31%	12610	US4278661081
ZOETIS INC	ZTS	Health Care	0.31%	10962	US98978V1035
CUMMINS INC	CMI	Industrials	0.30%	8902	US2310211063
GENERAL DYNAMICS CORP	GD	Industrials	0.29%	10019	US3695501086
TRANE TECHNOLOGIES PLC	TT	Industrials	0.28%	11564	IE00BK9ZQ967
QUEST DIAGNOSTICS INC	DGX	Health Care	0.28%	13650	US74834L1008
AON PLC	AON	Financials	0.27%	6233	IE00BLP1HW54
CSX CORP	CSX	Industrials	0.27%	57100	US1264081035
EMERSON ELECTRIC CO	EMR	Industrials	0.26%	19452	US2910111044
ROCKWELL AUTOMATION INC	ROK	Industrials	0.25%	5666	US7739031091
AUTOMATIC DATA PROCESSING INC	ADP	Information Technology	0.24%	8120	US0530151036
PAYCHEX INC	PAYX	Information Technology	0.24%	14412	US7043261079
CLOROX CO/THE	CLX	Consumer Staples	0.23%	10617	US1890541097
GENERAL MILLS INC	GIS	Consumer Staples	0.23%	26814	US3703341046
THERMO FISHER SCIENTIFIC INC	TMO	Health Care	0.23%	2823	US8835561023
BLACKROCK INC	BLK	Financials	0.22%	1765	US09247X1019
EBAY INC	EBAY	Consumer Discretionary	0.22%	21272	US2786421030
CERNER CORP	CERN	Health Care	0.20%	20116	US1567821046
HORMEL FOODS CORP	HRL	Consumer Staples	0.20%	34525	US4404521001
ANALOG DEVICES INC	ADI	Information Technology	0.19%	7857	US0326541051
MSCI INC	MSCI	Financials	0.19%	2146	US55354G1004
CHURCH & DWIGHT CO INC	CHD	Consumer Staples	0.17%	14997	US1713401024
COGNIZANT TECHNOLOGY SOLUTIONS CORP	CTSH	Information Technology	0.17%	15218	US1924461023
MOTOROLA SOLUTIONS INC	MSI	Information Technology	0.16%	4738	US6200763075
STRYKER CORP	SYK	Health Care	0.16%	4200	US8636671013
BAXTER INTERNATIONAL INC	BAX	Health Care	0.15%	13597	US0718131099
INTERNATIONAL BUSINESS MACHINES CORP	IBM	Information Technology	0.15%	7688	US4592001014
BECTON DICKINSON AND CO	BDX	Health Care	0.14%	4171	US0758871091
AGILENT TECHNOLOGIES INC	A	Health Care	0.13%	6119	US00846U1016
AMPHENOL CORP	APH	Information Technology	0.13%	12320	US0320951017
BROADCOM INC	AVGO	Information Technology	0.13%	1846	US11135F1012
INTUIT INC	INTU	Information Technology	0.13%	1658	US4612021034
TE CONNECTIVITY LTD	TEL	Information Technology	0.12%	5711	CH0102993182
ARCHER-DANIELS-MIDLAND CO	ADM	Consumer Staples	0.11%	12281	US0394831020
QUALCOMM INC	QCOM	Information Technology	0.09%	5069	US7475251036
BROADRIDGE FINANCIAL SOLUTIONS INC	BR	Information Technology	0.08%	3006	US11133T1034
CASH			0.03%	243547.89

Holdings subject to change.

Sector Allocation

AS OF 9/30/2021

Sector	Weight
Health Care	21.60%
Information Technology	19.73%
Industrials	15.00%
Consumer Staples	14.94%
Consumer Discretionary	13.46%
Communication Services	7.98%
Financials	7.21%
Cash	0.08%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
09/29/2021	09/30/2021	10/04/2021	0.058105
08/30/2021	08/31/2021	09/02/2021	0.069436
07/29/2021	07/30/2021	08/03/2021	0.069806
06/29/2021	06/30/2021	07/02/2021	0.061743
05/27/2021	05/28/2021	06/02/2021	0.050730
04/29/2021	04/30/2021	05/04/2021	0.065399
03/29/2021	03/30/2021	04/01/2021	0.066479
02/25/2021	02/26/2021	03/02/2021	0.046043
01/28/2021	01/29/2021	02/02/2021	0.046163
12/29/2020	12/30/2020	01/04/2021	0.088403
11/27/2020	11/30/2020	12/02/2020	0.051062
10/29/2020	10/30/2020	11/03/2020	0.059382
09/29/2020	09/30/2020	10/02/2020	0.060621
08/28/2020	08/31/2020	09/02/2020	0.038724
07/30/2020	07/31/2020	08/04/2020	0.020381
06/29/2020	06/30/2020	07/02/2020	0.070818
05/28/2020	05/29/2020	06/02/2020	0.093515
04/29/2020	04/30/2020	05/04/2020	0.067912
03/27/2020	03/30/2020	04/01/2020	0.092086
02/25/2020	02/26/2020	02/28/2020	0.090179
01/29/2020	01/31/2020	02/04/2020	0.043146
12/27/2019	12/30/2019	01/03/2020	0.106313
11/27/2019	11/29/2019	12/03/2019	0.085099
10/30/2019	10/31/2019	11/04/2019	0.063451
9/27/2019	9/30/2019	10/2/2019	0.081163
8/28/2019	8/30/2019	9/4/2019	0.083196
7/30/2019	7/31/2019	8/2/2019	0.059927
6/27/2019	6/28/2019	7/2/2019	0.052483
5/30/2019	5/31/2019	6/4/2019	0.049536
4/26/2019	4/30/2019	5/2/2019	0.069547
3/28/2019	3/29/2019	4/2/2019	0.070789
2/27/2019	2/28/2019	3/4/2019	0.080658
1/30/2019	1/31/2019	2/4/2019	0.042709
12/27/2018	12/28/2018	1/3/2019	0.115449
11/29/2018	11/30/2018	12/4/2018	0.077441
10/30/2018	10/31/2018	11/2/2018	0.081878
9/27/2018	9/28/2018	10/2/2018	0.107168
8/29/2018	8/31/2018	9/5/2018	0.0759
7/30/2018	7/31/2018	8/2/2018	0.062
6/26/2018	6/27/2018	6/29/2018	0.072
5/30/2018	5/31/2018	6/4/2018	0.072
4/27/2018	4/30/2018	5/2/2018	0.070
3/27/2018	3/29/2018	4/3/2018	0.079
2/27/2018	2/28/2018	3/2/2018	0.061
1/30/2018	1/31/2018	2/2/2018	0.046
12/22/2017	12/26/2017	12/29/2017	0.144
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	0.060
8/15/2017	8/17/2017	8/21/2017	0.026
7/17/2017	7/19/2017	7/21/2017	0.029
6/15/2017	6/19/2017	6/21/2017	0.065
5/12/2017	5/17/2017	5/19/2017	0.019
4/17/2017	4/19/2017	4/21/2017	0.060
3/15/2017	3/17/2017	3/21/2017	0.074
2/15/2017	2/17/2017	2/22/2017	0.043
1/17/2017	1/19/2017	1/23/2017	0.026
12/23/2016	12/28/2016	12/30/2016	0.093
11/15/2016	11/17/2016	11/21/2016	0.067
10/17/2016	10/19/2016	10/21/2016	0.066
9/15/2016	9/19/2016	9/21/2016	0.061
8/15/2016	8/17/2016	8/19/2016	0.026
7/15/2016	7/19/2016	7/21/2016	0.040
6/15/2016	6/17/2016	6/21/2016	0.099
5/16/2016	5/18/2016	5/20/2016	0.018
4/15/2016	4/19/2016	4/21/2016	0.047
3/15/2016	3/17/2016	3/21/2016	0.073
2/16/2016	2/18/2016	2/22/2016	0.022
1/15/2016	1/20/2016	1/22/2016	0.024
12/24/2015	12/29/2015	12/31/2015	0.091
11/16/2015	11/18/2015	11/20/2015	0.049
10/15/2015	10/19/2015	10/21/2015	0.059
9/15/2015	9/17/2015	9/21/2015	0.069
8/17/2015	8/19/2015	8/21/2015	0.024

Premium Discount

Date	Days	< -0.5%	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2021	188	0	53	0	135	0
9/30/2021	64	0	24	0	40	0
6/30/2021	63	0	16	0	47	0
3/31/2021	61	0	13	0	48	0
2020	253	3	101	0	148	3
2019	252	0	112	0	139	1
2018	251	1	130	1	118	1

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

OUSA Research & News

OUSA: Waiting for Pullbacks Could Prove Costly

Sep 24, 2021

Aside from the global pandemic, OUSA suffered only 1 pullback greater than 10% in the past 3...

Research Report: Dividend Watch Equity Income Trends & Strategies | Q2 2021

Sep 1, 2021

Hidden Dangers of the Value Rotation Value stocks are those that appear to trade at a low price...

Best Performing and Riskiest Sectors, Past 10-Years

Feb 1, 2021

Drawdown as a measure of risk. There are several ways to express risk but one way most investors...

Our Next Livestream Starts In

O’Shares Livestreams are usually on Thursdays at 11AM ET. Topics include current market investment themes and internet and dividend related research.

Subscribe to O'Shares Research

Investing in ETFs starts with understanding it. O'Shares publishes original research, subscribe for access to exclusive content and industry insights.