OUSA

O’SHARES FTSE U.S. QUALITY DIVIDEND ETF

MARKET DATA AS OF	09/24/2018
NAV Price	$32.99
NAV Price Change	$-0.25
Premium/Discount	$0.04
Market Price	$33.03
Market Price Change	$-0.17
Shares Outstanding	12,350,000
Volume	24,833
Total Net Assets	$407,411,680

Profile
Symbol	OUSA
Listing Exchange	NYSE/ARCA
Inception Date	7/14/2015
CUSIP	67110P 407
Target Index Provider	FTSE Russell
Target Index Symbol	FUSYQVCF
IOPV Ticker	OUSA.IV
Expense Ratio	0.48%
30-Day SEC Yield¹	2.52%

Fund Investment Objective

The Fund seeks to track the performance (before fees and expenses) of its target index, the FTSE USA 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 the United States 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.

PERFORMANCE

Monthly Performance (as of 08/31/2018)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	1.87%	6.60%	6.06%	11.53%	5.77%	3.18%	39.46%
Market Value	1.87%	6.60%	5.92%	11.57%	5.70%	3.05%	39.46%

Quarterly Performance (as of 06/30/2018)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	0.79%	1.43%	-2.45%	7.67%	1.43%	-2.45%	31.85%
Market Value	0.86%	1.56%	-2.51%	7.70%	1.56%	-2.51%	31.94%

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 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 09/25/2018)	Ticker	Sector	Fund Weight
Exxon Mobil Corporation	XOM	Energy	5.15%
Johnson & Johnson	JNJ	Health Care	4.95%
Cisco Systems	CSCO	Technology	4.42%
Procter & Gamble	PG	Consumer Goods	3.72%
Home Depot	HD	Consumer Services	3.29%
Intel Corp	INTC	Technology	3.27%
Chevron	CVX	Energy	3.02%
Pfizer	PFE	Health Care	2.75%
AT&T	T	Telecommunications	2.31%
Philip Morris International	PM	Consumer Goods	2.25%
International Bus Machns.	IBM	Technology	2.12%
Merck & Co	MRK	Health Care	2.05%
Pepsico	PEP	Consumer Goods	2.04%
Texas Instruments	TXN	Technology	1.98%
Boeing	BA	Industrials	1.92%
Verizon Communications	VZ	Telecommunications	1.91%
Altria Group	MO	Consumer Goods	1.82%
Simon Property Group	SPG	Financials	1.65%
3M Company	MMM	Industrials	1.54%
Coca-Cola	KO	Consumer Goods	1.53%
Public Storage	PSA	Financials	1.40%
Walmart	WMT	Consumer Services	1.39%
Marsh & Mclennan	MMC	Financials	1.38%
McDonalds Corp	MCD	Consumer Services	1.37%
Starbucks	SBUX	Consumer Services	1.32%
Amgen Corp	AMGN	Health Care	1.22%
Lockheed Martin Corp	LMT	Industrials	1.19%
Disney (Walt) Company	DIS	Consumer Services	1.16%
Accenture Cl A	ACN	Industrials	1.09%
Bristol Myers Squibb	BMY	Health Care	1.09%
AbbVie Inc	ABBV	Health Care	1.06%
Medtronic plc	MDT	Health Care	0.93%
Honeywell International Incorporation	HON	Industrials	0.93%
Lilly (Eli) & Co	LLY	Health Care	0.92%
Colgate-Palmolive	CL	Consumer Goods	0.89%
Prologis	PLD	Financials	0.89%
Price (T. Rowe) Group	TROW	Financials	0.87%
Union Pacific Corp	UNP	Industrials	0.87%
CASHUSD	CASHUSD	Cash	0.74%
Automatic Data Process	ADP	Industrials	0.72%
Occidental Petroleum	OXY	Energy	0.71%
United Technologies	UTX	Industrials	0.68%
CVS Health Corporation	CVS	Consumer Services	0.66%
NextEra Energy Inc	NEE	Utilities	0.65%
General Dynamics Corp	GD	Industrials	0.65%
Walgreens Boots Alliance	WBA	Consumer Services	0.63%
Lowes Cos Inc	LOW	Consumer Services	0.63%
TJX Companies	TJX	Consumer Services	0.61%
Duke Energy Corp	DUK	Utilities	0.59%
Kimberly-Clark	KMB	Consumer Goods	0.57%
Schlumberger	SLB	Energy	0.56%
Avalonbay Communities	AVB	Financials	0.53%
Emerson Electric	EMR	Industrials	0.52%
Illinois Tool Wks	ITW	Industrials	0.51%
Southern Co	SO	Utilities	0.51%
Raytheon	RTN	Industrials	0.50%
Paychex	PAYX	Industrials	0.47%
Dominion Energy	D	Utilities	0.43%
Praxair	PX	Basic Materials	0.41%
Waste Mgmt Inc	WM	Industrials	0.40%
Target Corp	TGT	Consumer Services	0.40%
Cons Edison Holding	ED	Utilities	0.38%
Exelon Corporation	EXC	Utilities	0.36%
Phillips 66	PSX	Energy	0.36%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.35%
American Elec Power Com	AEP	Utilities	0.34%
Sysco Corp	SYY	Consumer Services	0.31%
Cummins	CMI	Industrials	0.31%
Eaton Corp PLC	ETN	Industrials	0.30%
Sempra Energy	SRE	Utilities	0.30%
Franklin Resources	BEN	Financials	0.29%
Carnival Corp A	CCL	Consumer Services	0.28%
Air Products And Chemcom	APD	Basic Materials	0.27%
Public Svc Enterprise Group	PEG	Utilities	0.26%
Extra Space Storage	EXR	Financials	0.26%
Host Hotels & Resorts	HST	Financials	0.25%
Edison International	EIX	Utilities	0.25%
VF Corp	VFC	Consumer Goods	0.24%
XCEL Energy	XEL	Utilities	0.24%
TE Connectivity	TEL	Industrials	0.24%
Maxim Integrated Prod.	MXIM	Technology	0.24%
MSCI	MSCI	Financials	0.23%
FNF Group	FNF	Financials	0.22%
DTE Energy	DTE	Utilities	0.22%
Xilinx	XLNX	Technology	0.22%
Rockwell Automation	ROK	Industrials	0.21%
Arthur J Gallagher	AJG	Financials	0.21%
Clorox	CLX	Consumer Goods	0.21%
WEC Energy Group	WEC	Utilities	0.21%
Paccar	PCAR	Industrials	0.20%
Hershey Company	HSY	Consumer Goods	0.20%
Yum Brands	YUM	Consumer Services	0.20%
PPL Corporation	PPL	Utilities	0.20%
Darden Restaurants	DRI	Consumer Services	0.19%
Fastenal Co	FAST	Industrials	0.19%
Ingersoll-Rand	IR	Industrials	0.19%
Kla-Tencor Corp	KLAC	Technology	0.18%
Eversource Energy	ES	Utilities	0.17%
Omnicom Group	OMC	Consumer Services	0.16%
Parker-Hannifin	PH	Industrials	0.16%
Evergy	EVRG	Utilities	0.16%
Ameren Corp	AEE	Utilities	0.16%
Entergy Corp	ETR	Utilities	0.15%
Kellogg	K	Consumer Goods	0.15%
Firstenergy Corp.	FE	Utilities	0.15%
CA Inc	CA	Technology	0.14%
Amdocs	DOX	Technology	0.14%
Federal Realty Invs	FRT	Financials	0.13%
CenterPoint Energy	CNP	Utilities	0.12%
Hasbro	HAS	Consumer Goods	0.12%
CMS Energy Corp	CMS	Utilities	0.12%
Cardinal Health	CAH	Health Care	0.12%
American Water Works Company	AWK	Utilities	0.12%
ConAgra Brands Inc	CAG	Consumer Goods	0.11%
Hormel Foods	HRL	Consumer Goods	0.11%
Republic Services	RSG	Industrials	0.11%
Liberty Property Trust	LPT	Financials	0.11%
J M Smucker	SJM	Consumer Goods	0.10%
Garmin Ltd	GRMN	Consumer Goods	0.10%
Pinnacle West Capital Corp	PNW	Utilities	0.10%
Alliant Energy	LNT	Utilities	0.09%
Campbell Soup	CPB	Consumer Goods	0.09%
Snap-On Inc	SNA	Industrials	0.09%
Interpublic Group Cos	IPG	Consumer Services	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.09%
Intl Flavours & Fragrances	IFF	Basic Materials	0.08%
Coca-Cola European Partners		Consumer Goods	0.08%
Packaging Corp of America	PKG	Industrials	0.07%
Molson Coors CL B	TAP	Consumer Goods	0.07%
Leggett & Platt	LEG	Consumer Goods	0.06%
Ingredion	INGR	Consumer Goods	0.06%
Bunge	BG	Consumer Goods	0.06%
Autoliv	ALV	Consumer Goods	0.06%
Gentex Corp	GNTX	Consumer Goods	0.04%
Block (H & R) NPV	HRB	Consumer Services	0.04%
MDU Resources	MDU	Industrials	0.04%
Avangrid	AGR	Utilities	0.03%
Southern Copper Corp.		Basic Materials	0.02%

SECTORS

Sector Allocation (as of 9/24/2018)	Weight
Health Care	15.08%
Consumer Goods	14.69%
Industrials	14.20%
Consumer Services	12.73%
Technology	12.70%
Energy	9.79%
Financials	8.40%
Utilities	6.31%
Telecommunications	4.22%
Basic Materials	1.13%
Cash	0.74%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
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%
2018	125	0	62	1	62	0
6/30/2018	64	0	41	0	23	0
3/31/2018	61	0	21	1	39	0
2017	252	25	100	0	111	16
12/31/2017	63	1	26	0	36	0
9/30/2017	63	1	30	0	32	0
6/30/2017	63	22	14	0	11	16
3/31/2017	63	1	30	0	32	0
2016	252	1	117	1	133	0
12/31/2016	63	1	30	0	32	0
9/30/2016	64	0	26	1	37	0
6/30/2016	64	0	31	0	33	0
3/31/2016	61	0	30	0	31	0
2015	121	3	44	0	74	0
12/31/2015	64	2	23	0	39	0
9/30/2015	57	1	21	0	35	0

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 RESOURCES

Investor Materials
Fact Sheet
Prospectus
SAI
Semi-Annual Report
Annual Report
XBRL (zip file)

OUSA RESEARCH | NEWS

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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.

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.

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 visit www.oshares.com to view or download a prospectus online. 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. The funds' 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, unless perfectly hedged, the 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. The funds' hedging strategies may not be successful, and even if they are successful, the funds' exposure to foreign currency fluctuations is not expected to be fully hedged at all times. See the prospectus for specific risks regarding the Fund.
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.
Companies involved with the Internet, technology and e-commerce are exposed to risks associated with rapid advances in technology, obsolescence of current products and services, the finite life of patents and the constant threat of global competition and substitutes.
Past performance does not guarantee future results. Shares are bought and sold at market price (not NAV), are not individually redeemable, and owners of the Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations only, consisting of 50,000 Shares. Brokerage commissions will reduce returns. Shares are not individually redeemable and can be redeemed only in Creation Units. The market price of shares can be at, below or above the NAV. Brokerage commissions will reduce returns. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times.
O’Shares ETF Investments funds are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with O’Shares ETF Investments or any of its affiliates.

OUSA

Fund Investment Objective

O’Shares Strategy Series | U.S. Large Caps

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