OUSA

O’Shares FTSE U.S. Quality Dividend ETF

MARKET DATA AS OF	11/16/2018
NAV Price	$32.44
NAV Price Change	$0.20
Premium/Discount	$-0.02
Market Price	$32.42
Market Price Change	$0.21
Shares Outstanding	18,100,000
Volume	40,602
Total Net Assets	$587,178,480

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	2.67%

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 10/31/2018)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	-3.81%	-0.25%	5.87%	6.66%	-3.81%	1.02%	9.89%
Market Value	-3.75%	-0.22%	5.83%	6.66%	-3.75%	0.93%	9.90%

QUARTERLY Performance (as of 9/30/2018)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	1.79%	7.66%	9.19%	11.54%	7.66%	5.02%	11.51%
Market Value	1.76%	7.55%	9.23%	11.51%	7.55%	4.86%	11.50%

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

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Name (as of 11/16/2018)	Ticker	Sector	Fund Weight
Johnson & Johnson	JNJ	Health Care	5.24%
Exxon Mobil Corporation	XOM	Energy	4.76%
Cisco Systems	CSCO	Technology	4.43%
Procter & Gamble	PG	Consumer Goods	4.24%
Intel Corp	INTC	Technology	3.37%
Chevron	CVX	Energy	2.94%
Home Depot	HD	Consumer Services	2.87%
Pfizer	PFE	Health Care	2.77%
Philip Morris International	PM	Consumer Goods	2.42%
Merck & Co	MRK	Health Care	2.22%
Pepsico	PEP	Consumer Goods	2.17%
Verizon Communications	VZ	Telecommunications	2.16%
AT&T	T	Telecommunications	2.14%
Boeing	BA	Industrials	1.85%
Texas Instruments	TXN	Technology	1.84%
International Bus Machns.	IBM	Technology	1.75%
Altria Group	MO	Consumer Goods	1.74%
Simon Property Group	SPG	Financials	1.74%
Coca-Cola	KO	Consumer Goods	1.69%
Starbucks	SBUX	Consumer Services	1.61%
McDonalds Corp	MCD	Consumer Services	1.60%
3M Company	MMM	Industrials	1.51%
Walmart	WMT	Consumer Services	1.49%
Public Storage	PSA	Financials	1.47%
Marsh & Mclennan	MMC	Financials	1.44%
Disney (Walt) Company	DIS	Consumer Services	1.23%
Amgen Corp	AMGN	Health Care	1.16%
Lockheed Martin Corp	LMT	Industrials	1.10%
Accenture Cl A	ACN	Industrials	1.05%
AbbVie Inc	ABBV	Health Care	1.05%
Lilly (Eli) & Co	LLY	Health Care	1.00%
Bristol Myers Squibb	BMY	Health Care	0.96%
Prologis	PLD	Financials	0.91%
Medtronic plc	MDT	Health Care	0.90%
Honeywell International Incorporatio	HON	Industrials	0.85%
Colgate-Palmolive	CL	Consumer Goods	0.84%
Union Pacific Corp	UNP	Industrials	0.83%
Price (T. Rowe) Group	TROW	Financials	0.77%
Walgreens Boots Alliance	WBA	Consumer Services	0.74%
Automatic Data Process	ADP	Industrials	0.73%
NextEra Energy Inc	NEE	Utilities	0.71%
CVS Health Corporation	CVS	Consumer Services	0.68%
Duke Energy Corp	DUK	Utilities	0.66%
Occidental Petroleum	OXY	Energy	0.65%
United Technologies	UTX	Industrials	0.64%
General Dynamics Corp	GD	Industrials	0.60%
TJX Companies	TJX	Consumer Services	0.59%
Kimberly-Clark	KMB	Consumer Goods	0.57%
CASHUSD	CASHUSD	Cash	0.57%
Southern Co	SO	Utilities	0.56%
Avalonbay Communities	AVB	Financials	0.54%
Lowes Cos Inc	LOW	Consumer Services	0.53%
Illinois Tool Wks	ITW	Industrials	0.49%
Emerson Electric	EMR	Industrials	0.47%
Raytheon	RTN	Industrials	0.47%
Dominion Energy	D	Utilities	0.46%
Schlumberger	SLB	Energy	0.45%
Paychex	PAYX	Industrials	0.44%
Waste Mgmt Inc	WM	Industrials	0.42%
Linde plc	LIN	Basic Materials	0.39%
Cons Edison Holding	ED	Utilities	0.39%
Exelon Corporation	EXC	Utilities	0.39%
American Elec Power Com	AEP	Utilities	0.38%
Target Corp	TGT	Consumer Services	0.38%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.32%
Cummins	CMI	Industrials	0.31%
Phillips 66	PSX	Energy	0.31%
Sempra Energy	SRE	Utilities	0.30%
Franklin Resources	BEN	Financials	0.29%
Sysco Corp	SYY	Consumer Services	0.29%
Extra Space Storage	EXR	Financials	0.28%
Public Svc Enterprise Group	PEG	Utilities	0.28%
XCEL Energy	XEL	Utilities	0.27%
Eaton Corp PLC	ETN	Industrials	0.26%
Carnival Corp A	CCL	Consumer Services	0.26%
Air Products And Chemcom	APD	Basic Materials	0.26%
Xilinx	XLNX	Technology	0.25%
DTE Energy	DTE	Utilities	0.24%
Host Hotels & Resorts	HST	Financials	0.23%
VF Corp	VFC	Consumer Goods	0.23%
Clorox	CLX	Consumer Goods	0.23%
WEC Energy Group	WEC	Utilities	0.22%
Hershey Company	HSY	Consumer Goods	0.22%
Arthur J Gallagher	AJG	Financials	0.22%
Maxim Integrated Prod.	MXIM	Technology	0.22%
PPL Corporation	PPL	Utilities	0.21%
TE Connectivity	TEL	Industrials	0.21%
Yum Brands	YUM	Consumer Services	0.20%
MSCI	MSCI	Financials	0.20%
Darden Restaurants	DRI	Consumer Services	0.19%
Ingersoll-Rand	IR	Industrials	0.19%
Rockwell Automation	ROK	Industrials	0.19%
Fastenal Co	FAST	Industrials	0.19%
FNF Group	FNF	Financials	0.19%
Eversource Energy	ES	Utilities	0.18%
Omnicom Group	OMC	Consumer Services	0.18%
Paccar	PCAR	Industrials	0.18%
Ameren Corp	AEE	Utilities	0.18%
Edison International	EIX	Utilities	0.18%
Evergy	EVRG	Utilities	0.18%
Entergy Corp	ETR	Utilities	0.17%
Kla-Tencor Corp	KLAC	Technology	0.16%
Firstenergy Corp.	FE	Utilities	0.16%
Parker-Hannifin	PH	Industrials	0.15%
Amdocs	DOX	Technology	0.14%
Federal Realty Invs	FRT	Financials	0.13%
Hormel Foods	HRL	Consumer Goods	0.13%
Kellogg	K	Consumer Goods	0.13%
CMS Energy Corp	CMS	Utilities	0.13%
Cardinal Health	CAH	Health Care	0.13%
CenterPoint Energy	CNP	Utilities	0.13%
American Water Works Company	AWK	Utilities	0.13%
Republic Services	RSG	Industrials	0.12%
Hasbro	HAS	Consumer Goods	0.11%
Liberty Property Trust	LPT	Financials	0.11%
Pinnacle West Capital Corp	PNW	Utilities	0.11%
J M Smucker	SJM	Consumer Goods	0.11%
ConAgra Brands Inc	CAG	Consumer Goods	0.10%
Alliant Energy	LNT	Utilities	0.10%
Interpublic Group Cos	IPG	Consumer Services	0.09%
Garmin Ltd	GRMN	Consumer Goods	0.09%
Campbell Soup	CPB	Consumer Goods	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.09%
Intl Flavours & Fragrances	IFF	Basic Materials	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.08%
Snap-On Inc	SNA	Industrials	0.08%
Molson Coors CL B	TAP	Consumer Goods	0.07%
Ingredion	INGR	Consumer Goods	0.06%
Packaging Corp of America	PKG	Industrials	0.06%
Bunge	BG	Consumer Goods	0.05%
Leggett & Platt	LEG	Consumer Goods	0.05%
Autoliv	ALV	Consumer Goods	0.05%
Gentex Corp	GNTX	Consumer Goods	0.05%
Block (H & R) NPV	HRB	Consumer Services	0.04%
MDU Resources	MDU	Industrials	0.04%
Avangrid	AGR	Utilities	0.03%
Southern Copper Corp.	SCCO	Basic Materials	0.02%
Resideo Technologies	REZI	Industrials	0.02%
Garrett Motion	GTX	Consumer Goods	0.01%

SECTORS

Sector Allocation (as of 10/31/2018)	Weight
Consumer Goods	15.76%
Health Care	15.31%
Industrials	13.43%
Consumer Services	12.94%
Technology	12.21%
Energy	9.30%
Financials	8.62%
Utilities	6.75%
Telecommunications	4.37%
Basic Materials	1.11%
Cash	0.19%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
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%
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
Summary Prospectus
SAI
Semi-Annual Report
Annual Report

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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

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

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