OUSA

O’Shares FTSE U.S. Quality Dividend ETF

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. Over 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 FTSE USA Qual/Vol/Yield Factor 5% Capped 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.

FUND & MARKET DATA

MARKET DATA AS OF	09/20/2019
NAV Price	$34.75
NAV Price Change	$-0.07
Premium/Discount	$0.07
Market Price	$34.82
Market Price Change	$-0.04
Shares Outstanding	16,750,000
Volume	35,632
Total Net Assets	$582,137,875

Profile
Symbol	OUSA
Listing Exchange	NYSE/ARCA
Inception Date	7/14/2015
CUSIP	67110P407
Target Index Provider	FTSE Russell
Target Index Symbol	FUSYQVCF
IOPV Ticker	OUSA.IV
Expense Ratio	0.48%
30-Day SEC Yield¹ (as of 08/31/2019)	2.62%

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 08/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	-0.57%	6.21%	4.39%	8.46%	0.36%	15.44%	10.53%
Market Value	-0.57%	6.18%	4.39%	8.43%	0.39%	15.41%	10.52%

Quarterly Performance (as of 06/30/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	5.83%	2.04%	15.03%	14.31%	2.04%	15.03%	10.89%
Market Value	5.77%	1.98%	14.96%	14.16%	1.98%	14.96%	10.88%

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 09/20/2019)	Ticker	Sector	Fund Weight
Procter & Gamble	PG	Consumer Goods	5.09%
Exxon Mobil Corporation	XOM	Energy	4.74%
Johnson & Johnson	JNJ	Health Care	4.53%
Cisco Systems	CSCO	Technology	4.29%
Home Depot	HD	Consumer Services	3.41%
Intel Corp	INTC	Technology	3.32%
Chevron	CVX	Energy	2.88%
AT&T	T	Telecommunications	2.42%
Merck & Co	MRK	Health Care	2.31%
Pepsico	PEP	Consumer Goods	2.31%
Texas Instruments	TXN	Technology	2.22%
Pfizer	PFE	Health Care	2.16%
Starbucks	SBUX	Consumer Services	2.04%
Verizon Communications	VZ	Telecommunications	2.04%
Boeing	BA	Industrials	1.92%
International Bus Machns.	IBM	Technology	1.90%
Philip Morris International	PM	Consumer Goods	1.88%
McDonalds Corp	MCD	Consumer Services	1.69%
Coca-Cola	KO	Consumer Goods	1.69%
Public Storage	PSA	Financials	1.63%
Walmart	WMT	Consumer Services	1.62%
Marsh & Mclennan	MMC	Financials	1.56%
Simon Property Group	SPG	Financials	1.36%
Lockheed Martin Corp	LMT	Industrials	1.32%
Disney (Walt) Company	DIS	Consumer Services	1.27%
Accenture Cl A	ACN	Industrials	1.16%
3M Company	MMM	Industrials	1.14%
Altria Group	MO	Consumer Goods	1.12%
Amgen Corp	AMGN	Health Care	1.08%
Prologis	PLD	Financials	1.08%
Medtronic plc	MDT	Health Care	0.98%
Lilly (Eli) & Co	LLY	Health Care	0.95%
Colgate-Palmolive	CL	Consumer Goods	0.88%
Honeywell International Incorporatio	HON	Industrials	0.88%
Price (T. Rowe) Group	TROW	Financials	0.86%
Bristol Myers Squibb	BMY	Health Care	0.84%
Union Pacific Corp	UNP	Industrials	0.84%
NextEra Energy Inc	NEE	Utilities	0.82%
AbbVie Inc	ABBV	Health Care	0.76%
Automatic Data Process	ADP	Industrials	0.73%
Southern Co	SO	Utilities	0.68%
Duke Energy Corp	DUK	Utilities	0.66%
United Technologies	UTX	Industrials	0.63%
Kimberly-Clark	KMB	Consumer Goods	0.63%
TJX Companies	TJX	Consumer Services	0.58%
Lowes Cos Inc	LOW	Consumer Services	0.58%
General Dynamics Corp	GD	Industrials	0.57%
Avalonbay Communities	AVB	Financials	0.57%
Illinois Tool Wks	ITW	Industrials	0.52%
CVS Health Corporation	CVS	Consumer Services	0.50%
Paychex	PAYX	Industrials	0.49%
Waste Mgmt Inc	WM	Industrials	0.48%
Raytheon	RTN	Industrials	0.47%
Dominion Energy	D	Utilities	0.47%
Target Corp	TGT	Consumer Services	0.46%
Walgreens Boots Alliance	WBA	Consumer Services	0.45%
Linde plc	LIN	Basic Materials	0.45%
CASHUSD	CASHUSD	Cash	0.44%
American Elec Power Com	AEP	Utilities	0.42%
Cons Edison Holding	ED	Utilities	0.42%
Emerson Electric	EMR	Industrials	0.41%
Exelon Corporation	EXC	Utilities	0.38%
Occidental Petroleum	OXY	Energy	0.38%
Sempra Energy	SRE	Utilities	0.35%
Air Products And Chemcom	APD	Basic Materials	0.33%
Extra Space Storage	EXR	Financials	0.33%
Schlumberger	SLB	Energy	0.32%
XCEL Energy	XEL	Utilities	0.31%
Phillips 66	PSX	Energy	0.31%
Cummins	CMI	Industrials	0.31%
Sysco Corp	SYY	Consumer Services	0.31%
Public Svc Enterprise Group	PEG	Utilities	0.29%
Hershey Company	HSY	Consumer Goods	0.29%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.28%
MSCI	MSCI	Financials	0.28%
Eaton Corp PLC	ETN	Industrials	0.27%
WEC Energy Group	WEC	Utilities	0.27%
Xilinx	XLNX	Technology	0.26%
Edison International	EIX	Utilities	0.25%
KLA Corporation	KLAC	Technology	0.25%
DTE Energy	DTE	Utilities	0.25%
Franklin Resources	BEN	Financials	0.24%
TE Connectivity	TEL	Industrials	0.24%
Yum Brands	YUM	Consumer Services	0.24%
FNF Group	FNF	Financials	0.23%
Arthur J Gallagher	AJG	Financials	0.23%
Eversource Energy	ES	Utilities	0.22%
Maxim Integrated Prod.	MXIM	Technology	0.21%
Ingersoll-Rand	IR	Industrials	0.21%
VF Corp	VFC	Consumer Goods	0.21%
PPL Corporation	PPL	Utilities	0.20%
Fastenal Co	FAST	Industrials	0.20%
Clorox	CLX	Consumer Goods	0.20%
Entergy Corp	ETR	Utilities	0.20%
Paccar	PCAR	Industrials	0.19%
Carnival Corp A	CCL	Consumer Services	0.19%
Host Hotels & Resorts	HST	Financials	0.19%
Darden Restaurants	DRI	Consumer Services	0.18%
Firstenergy Corp.	FE	Utilities	0.18%
Ameren Corp	AEE	Utilities	0.18%
Omnicom Group	OMC	Consumer Services	0.17%
Evergy	EVRG	Utilities	0.17%
Rockwell Automation	ROK	Industrials	0.16%
American Water Works Company	AWK	Utilities	0.15%
CMS Energy Corp	CMS	Utilities	0.14%
Parker-Hannifin	PH	Industrials	0.14%
Hasbro	HAS	Consumer Goods	0.13%
Amdocs	DOX	Technology	0.13%
Federal Realty Invs	FRT	Financials	0.13%
Kellogg	K	Consumer Goods	0.12%
Republic Services	RSG	Industrials	0.12%
CenterPoint Energy	CNP	Utilities	0.12%
Liberty Property Trust	LPT	Financials	0.12%
Pinnacle West Capital Corp	PNW	Utilities	0.11%
Alliant Energy	LNT	Utilities	0.11%
Garmin Ltd	GRMN	Consumer Goods	0.11%
Hormel Foods	HRL	Consumer Goods	0.11%
Campbell Soup	CPB	Consumer Goods	0.10%
Cardinal Health	CAH	Health Care	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.09%
J M Smucker	SJM	Consumer Goods	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.08%
ConAgra Brands Inc	CAG	Consumer Goods	0.08%
Interpublic Group Cos	IPG	Consumer Services	0.08%
Intl Flavours & Fragrances	IFF	Basic Materials	0.07%
Snap-On Inc	SNA	Industrials	0.06%
Packaging Corp of America	PKG	Industrials	0.06%
Leggett & Platt	LEG	Consumer Goods	0.05%
Molson Coors CL B	TAP	Consumer Goods	0.05%
Gentex Corp	GNTX	Consumer Goods	0.05%
Bunge	BG	Consumer Goods	0.05%
Autoliv	ALV	Consumer Goods	0.04%
Ingredion	INGR	Consumer Goods	0.04%
Block (H & R) NPV	HRB	Consumer Services	0.03%
Avangrid	AGR	Utilities	0.03%
MDU Resources	MDU	Industrials	0.03%
Kontoor Brands	KTB	Consumer Goods	0.01%
Southern Copper Corp.	SCCO	Basic Materials	0.01%

Holdings subject to change.

SECTORS

Sector Allocation (as of 08/31/2019)	Weight
Consumer Goods	15.86%
Consumer Services	14.16%
Health Care	13.85%
Industrials	13.57%
Technology	12.14%
Financials	8.93%
Energy	8.32%
Utilities	7.36%
Telecommunications	4.37%
Basic Materials	1.11%
Cash	0.33%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
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%
2019	124	0	62	0	62	0
6/30/2019	63	0	20	0	43	0
3/31/2019	61	0	42	0	19	0
2018	251	1	130	1	118	1
12/31/2018	63	1	22	0	39	1
9/30/2018	63	0	46	0	17	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

OUSA RESEARCH | NEWS

Fund & Market Data

Profile
Symbol	OUSA
Listing Exchange	NYSE/ARCA
Inception Date	7/14/2015
CUSIP	67110P407
Target Index Provider	FTSE Russell
Target Index Symbol	FUSYQVCF
IOPV Ticker	OUSA.IV
Expense Ratio	0.48%
30-Day SEC Yield¹ (as of 08/31/2019)	2.62%

MARKET DATA AS OF	09/20/2019
NAV Price	$34.75
NAV Price Change	$-0.07
Premium/Discount	$0.07
Market Price	$34.82
Market Price Change	$-0.04
Shares Outstanding	16,750,000
Volume	35,632
Total Net Assets	$582,137,875

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 08/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	-0.57%	6.21%	4.39%	8.46%	0.36%	15.44%	10.53%
Market Value	-0.57%	6.18%	4.39%	8.43%	0.39%	15.41%	10.52%

Quarterly Performance (as of 06/30/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	5.83%	2.04%	15.03%	14.31%	2.04%	15.03%	10.89%
Market Value	5.77%	1.98%	14.96%	14.16%	1.98%	14.96%	10.88%

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 09/20/2019)	Ticker	Sector	Fund Weight
Procter & Gamble	PG	Consumer Goods	5.09%
Exxon Mobil Corporation	XOM	Energy	4.74%
Johnson & Johnson	JNJ	Health Care	4.53%
Cisco Systems	CSCO	Technology	4.29%
Home Depot	HD	Consumer Services	3.41%
Intel Corp	INTC	Technology	3.32%
Chevron	CVX	Energy	2.88%
AT&T	T	Telecommunications	2.42%
Merck & Co	MRK	Health Care	2.31%
Pepsico	PEP	Consumer Goods	2.31%
Texas Instruments	TXN	Technology	2.22%
Pfizer	PFE	Health Care	2.16%
Starbucks	SBUX	Consumer Services	2.04%
Verizon Communications	VZ	Telecommunications	2.04%
Boeing	BA	Industrials	1.92%
International Bus Machns.	IBM	Technology	1.90%
Philip Morris International	PM	Consumer Goods	1.88%
McDonalds Corp	MCD	Consumer Services	1.69%
Coca-Cola	KO	Consumer Goods	1.69%
Public Storage	PSA	Financials	1.63%
Walmart	WMT	Consumer Services	1.62%
Marsh & Mclennan	MMC	Financials	1.56%
Simon Property Group	SPG	Financials	1.36%
Lockheed Martin Corp	LMT	Industrials	1.32%
Disney (Walt) Company	DIS	Consumer Services	1.27%
Accenture Cl A	ACN	Industrials	1.16%
3M Company	MMM	Industrials	1.14%
Altria Group	MO	Consumer Goods	1.12%
Amgen Corp	AMGN	Health Care	1.08%
Prologis	PLD	Financials	1.08%
Medtronic plc	MDT	Health Care	0.98%
Lilly (Eli) & Co	LLY	Health Care	0.95%
Colgate-Palmolive	CL	Consumer Goods	0.88%
Honeywell International Incorporatio	HON	Industrials	0.88%
Price (T. Rowe) Group	TROW	Financials	0.86%
Bristol Myers Squibb	BMY	Health Care	0.84%
Union Pacific Corp	UNP	Industrials	0.84%
NextEra Energy Inc	NEE	Utilities	0.82%
AbbVie Inc	ABBV	Health Care	0.76%
Automatic Data Process	ADP	Industrials	0.73%
Southern Co	SO	Utilities	0.68%
Duke Energy Corp	DUK	Utilities	0.66%
United Technologies	UTX	Industrials	0.63%
Kimberly-Clark	KMB	Consumer Goods	0.63%
TJX Companies	TJX	Consumer Services	0.58%
Lowes Cos Inc	LOW	Consumer Services	0.58%
General Dynamics Corp	GD	Industrials	0.57%
Avalonbay Communities	AVB	Financials	0.57%
Illinois Tool Wks	ITW	Industrials	0.52%
CVS Health Corporation	CVS	Consumer Services	0.50%
Paychex	PAYX	Industrials	0.49%
Waste Mgmt Inc	WM	Industrials	0.48%
Raytheon	RTN	Industrials	0.47%
Dominion Energy	D	Utilities	0.47%
Target Corp	TGT	Consumer Services	0.46%
Walgreens Boots Alliance	WBA	Consumer Services	0.45%
Linde plc	LIN	Basic Materials	0.45%
CASHUSD	CASHUSD	Cash	0.44%
American Elec Power Com	AEP	Utilities	0.42%
Cons Edison Holding	ED	Utilities	0.42%
Emerson Electric	EMR	Industrials	0.41%
Exelon Corporation	EXC	Utilities	0.38%
Occidental Petroleum	OXY	Energy	0.38%
Sempra Energy	SRE	Utilities	0.35%
Air Products And Chemcom	APD	Basic Materials	0.33%
Extra Space Storage	EXR	Financials	0.33%
Schlumberger	SLB	Energy	0.32%
XCEL Energy	XEL	Utilities	0.31%
Phillips 66	PSX	Energy	0.31%
Cummins	CMI	Industrials	0.31%
Sysco Corp	SYY	Consumer Services	0.31%
Public Svc Enterprise Group	PEG	Utilities	0.29%
Hershey Company	HSY	Consumer Goods	0.29%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.28%
MSCI	MSCI	Financials	0.28%
Eaton Corp PLC	ETN	Industrials	0.27%
WEC Energy Group	WEC	Utilities	0.27%
Xilinx	XLNX	Technology	0.26%
Edison International	EIX	Utilities	0.25%
KLA Corporation	KLAC	Technology	0.25%
DTE Energy	DTE	Utilities	0.25%
Franklin Resources	BEN	Financials	0.24%
TE Connectivity	TEL	Industrials	0.24%
Yum Brands	YUM	Consumer Services	0.24%
FNF Group	FNF	Financials	0.23%
Arthur J Gallagher	AJG	Financials	0.23%
Eversource Energy	ES	Utilities	0.22%
Maxim Integrated Prod.	MXIM	Technology	0.21%
Ingersoll-Rand	IR	Industrials	0.21%
VF Corp	VFC	Consumer Goods	0.21%
PPL Corporation	PPL	Utilities	0.20%
Fastenal Co	FAST	Industrials	0.20%
Clorox	CLX	Consumer Goods	0.20%
Entergy Corp	ETR	Utilities	0.20%
Paccar	PCAR	Industrials	0.19%
Carnival Corp A	CCL	Consumer Services	0.19%
Host Hotels & Resorts	HST	Financials	0.19%
Darden Restaurants	DRI	Consumer Services	0.18%
Firstenergy Corp.	FE	Utilities	0.18%
Ameren Corp	AEE	Utilities	0.18%
Omnicom Group	OMC	Consumer Services	0.17%
Evergy	EVRG	Utilities	0.17%
Rockwell Automation	ROK	Industrials	0.16%
American Water Works Company	AWK	Utilities	0.15%
CMS Energy Corp	CMS	Utilities	0.14%
Parker-Hannifin	PH	Industrials	0.14%
Hasbro	HAS	Consumer Goods	0.13%
Amdocs	DOX	Technology	0.13%
Federal Realty Invs	FRT	Financials	0.13%
Kellogg	K	Consumer Goods	0.12%
Republic Services	RSG	Industrials	0.12%
CenterPoint Energy	CNP	Utilities	0.12%
Liberty Property Trust	LPT	Financials	0.12%
Pinnacle West Capital Corp	PNW	Utilities	0.11%
Alliant Energy	LNT	Utilities	0.11%
Garmin Ltd	GRMN	Consumer Goods	0.11%
Hormel Foods	HRL	Consumer Goods	0.11%
Campbell Soup	CPB	Consumer Goods	0.10%
Cardinal Health	CAH	Health Care	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.09%
J M Smucker	SJM	Consumer Goods	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.08%
ConAgra Brands Inc	CAG	Consumer Goods	0.08%
Interpublic Group Cos	IPG	Consumer Services	0.08%
Intl Flavours & Fragrances	IFF	Basic Materials	0.07%
Snap-On Inc	SNA	Industrials	0.06%
Packaging Corp of America	PKG	Industrials	0.06%
Leggett & Platt	LEG	Consumer Goods	0.05%
Molson Coors CL B	TAP	Consumer Goods	0.05%
Gentex Corp	GNTX	Consumer Goods	0.05%
Bunge	BG	Consumer Goods	0.05%
Autoliv	ALV	Consumer Goods	0.04%
Ingredion	INGR	Consumer Goods	0.04%
Block (H & R) NPV	HRB	Consumer Services	0.03%
Avangrid	AGR	Utilities	0.03%
MDU Resources	MDU	Industrials	0.03%
Kontoor Brands	KTB	Consumer Goods	0.01%
Southern Copper Corp.	SCCO	Basic Materials	0.01%

Holdings subject to change.

Sector Allocation

Sector Allocation (as of 08/31/2019)	Weight
Consumer Goods	15.86%
Consumer Services	14.16%
Health Care	13.85%
Industrials	13.57%
Technology	12.14%
Financials	8.93%
Energy	8.32%
Utilities	7.36%
Telecommunications	4.37%
Basic Materials	1.11%
Cash	0.33%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
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%
2019	124	0	62	0	62	0
6/30/2019	63	0	20	0	43	0
3/31/2019	61	0	42	0	19	0
2018	251	1	130	1	118	1
12/31/2018	63	1	22	0	39	1
9/30/2018	63	0	46	0	17	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

OUSA Research & News

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

September 20, 2019

OUSA

Why OUSA for Large Cap Quality Dividends?

Fund Investment Objective

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

OUSA News

Fund & Market Data

Performance

Holdings

Sector Allocation

Distributions

Premium Discount

Investor Resources

OUSA Research & News

Value Investing Strategies, Why Quality Matters

S&P 500 Equity Sector Scatterplot: Long-Term Performance vs. Risk

Research Call – U.S. Equity: 2019 Q4 Strategy (Replay)

Quality Beats Value, Stronger Performance, Less Risk

ETF Strategy Fund Flows: Strong inflows in Quality and Dividends, Outflows from Value

Research Paper: Dividend Investing | 3Q 2019

ETF Prime Podcast: Connor O’Brien Spotlights Lineup of ETFs

A Steady Dividend ETF From O’Shares

Invest Like a Boss | O’Shares ETFs’ Quality Score Approach to Value Investing

FFCM LLC and O’Shares ETF Investments announce the proposed reorganization

Sign up to get updates on OUSA: