OUSA

O’SHARES FTSE U.S. QUALITY DIVIDEND ETF

MARKET DATA AS OF	7/19/2018
NAV Price	$31.45
NAV Price Change	$-0.01
Premium/Discount	$0
Market Price	$31.45
Market Price Change	$-0.01
Shares Outstanding	12,700,000
Volume	41,260
Total Net Assets	$399,427,700

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	2.60%

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 6/30/2018)	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%

Quarterly Performance (as of 6/30/2018)	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

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Name (as of 7/20/2018)	Ticker	Sector	Fund Weight
Johnson & Johnson	JNJ	Health Care	4.72%
Exxon Mobil Corporation	XOM	Energy	4.71%
Intel Corp	INTC	Technology	4.29%
Home Depot	HD	Consumer Services	3.58%
Procter & Gamble	PG	Consumer Goods	3.16%
AT&T	T	Telecommunications	3.11%
Pfizer	PFE	Health Care	3.03%
Boeing	BA	Industrials	2.52%
Cisco Systems	CSCO	Technology	2.46%
Texas Instruments	TXN	Technology	2.44%
Verizon Communications	VZ	Telecommunications	2.30%
Merck & Co	MRK	Health Care	2.09%
Walmart	WMT	Consumer Services	1.95%
Coca-Cola	KO	Consumer Goods	1.91%
Philip Morris International	PM	Consumer Goods	1.85%
International Bus Machns.	IBM	Technology	1.80%
McDonalds Corp	MCD	Consumer Services	1.80%
3M Company	MMM	Industrials	1.76%
Pepsico	PEP	Consumer Goods	1.69%
Simon Property Group	SPG	Financials	1.63%
Chevron	CVX	Energy	1.60%
Public Storage	PSA	Financials	1.51%
Disney (Walt) Company	DIS	Consumer Services	1.40%
Marsh & Mclennan	MMC	Financials	1.32%
Qualcomm	QCOM	Technology	1.32%
Accenture Cl A	ACN	Industrials	1.19%
United Parcel Service	UPS	Industrials	1.15%
Lockheed Martin Corp	LMT	Industrials	1.14%
Altria Group	MO	Consumer Goods	1.08%
Union Pacific Corp	UNP	Industrials	1.05%
Price (T. Rowe) Group	TROW	Financials	1.04%
Lilly (Eli) & Co	LLY	Health Care	0.96%
Honeywell International Incorporation	HON	Industrials	0.95%
CVS Health Corporation	CVS	Consumer Services	0.94%
Medtronic plc	MDT	Health Care	0.94%
Equity Residential	EQR	Financials	0.94%
CASHUSD	CASHUSD	Cash	0.91%
Abbott Laboratories	ABT	Health Care	0.88%
Automatic Data Process	ADP	Industrials	0.87%
General Electric	GE	Industrials	0.83%
Bristol Myers Squibb	BMY	Health Care	0.79%
Starbucks	SBUX	Consumer Services	0.79%
Colgate-Palmolive	CL	Consumer Goods	0.78%
Lowes Cos Inc	LOW	Consumer Services	0.71%
TJX Companies	TJX	Consumer Services	0.70%
Nike Inc Cl B	NKE	Consumer Goods	0.68%
NextEra Energy Inc	NEE	Utilities	0.65%
United Technologies	UTX	Industrials	0.64%
Avalonbay Communities	AVB	Financials	0.61%
Kimberly-Clark	KMB	Consumer Goods	0.58%
Target Corp	TGT	Consumer Services	0.55%
Duke Energy Corp	DUK	Utilities	0.51%
Raytheon	RTN	Industrials	0.51%
Occidental Petroleum	OXY	Energy	0.50%
Analog Devices	ADI	Technology	0.48%
Paychex	PAYX	Industrials	0.48%
Walgreens Boots Alliance	WBA	Consumer Services	0.45%
Illinois Tool Wks	ITW	Industrials	0.43%
Praxair	PX	Basic Materials	0.42%
General Dynamics Corp	GD	Industrials	0.40%
Southern Co	SO	Utilities	0.38%
Host Hotels & Resorts	HST	Financials	0.37%
Waste Mgmt Inc	WM	Industrials	0.34%
American Elec Power Com	AEP	Utilities	0.33%
Dominion Energy	D	Utilities	0.33%
Air Products And Chemcom	APD	Basic Materials	0.33%
VF Corp	VFC	Consumer Goods	0.33%
Exelon Corporation	EXC	Utilities	0.30%
General Mills	GIS	Consumer Goods	0.28%
Public Svc Enterprise Group	PEG	Utilities	0.28%
Eaton Corp PLC	ETN	Industrials	0.27%
GGP Inc	GGP	Financials	0.27%
TE Connectivity	TEL	Industrials	0.26%
Sysco Corp	SYY	Consumer Services	0.25%
Grainger (W W)	GWW	Industrials	0.24%
Extra Space Storage	EXR	Financials	0.24%
Cummins	CMI	Industrials	0.23%
Genuine Parts	GPC	Consumer Goods	0.23%
WEC Energy Group	WEC	Utilities	0.23%
Maxim Integrated Prod.	MXIM	Technology	0.23%
Clorox	CLX	Consumer Goods	0.22%
Cons Edison Holding	ED	Utilities	0.22%
XCEL Energy	XEL	Utilities	0.22%
Vornado Realty	VNO	Financials	0.22%
Xilinx	XLNX	Technology	0.21%
PG & E Corp.	PCG	Utilities	0.20%
PPL Corporation	PPL	Utilities	0.20%
Edison International	EIX	Utilities	0.20%
Fastenal Co	FAST	Industrials	0.20%
Arthur J Gallagher	AJG	Financials	0.20%
Carnival Corp A	CCL	Consumer Services	0.19%
Franklin Resources	BEN	Financials	0.19%
Omnicom Group	OMC	Consumer Services	0.18%
Eversource Energy	ES	Utilities	0.17%
DTE Energy	DTE	Utilities	0.16%
Darden Restaurants	DRI	Consumer Services	0.16%
Federal Realty Invs	FRT	Financials	0.16%
Liberty Property Trust	LPT	Financials	0.16%
Macerich	MAC	Financials	0.16%
Kellogg	K	Consumer Goods	0.15%
Hershey Company	HSY	Consumer Goods	0.15%
Duke Realty Corp	DRE	Financials	0.15%
Entergy Corp	ETR	Utilities	0.14%
Rockwell Automation	ROK	Industrials	0.14%
Ameren Corp	AEE	Utilities	0.14%
Garmin Ltd	GRMN	Technology	0.14%
McCormick & Co	MKC	Consumer Goods	0.14%
Regency Centers	REG	Financials	0.14%
Stanley Black & Decker	SWK	Consumer Goods	0.13%
Broadridge Financial Solutions	BR	Industrials	0.13%
Everest Re Group	RE	Financials	0.13%
CenterPoint Energy	CNP	Utilities	0.12%
Firstenergy Corp.	FE	Utilities	0.12%
Amdocs	DOX	Technology	0.12%
Hormel Foods	HRL	Consumer Goods	0.12%
American Water Works Company	AWK	Utilities	0.11%
CMS Energy Corp	CMS	Utilities	0.10%
Tiffany & Co	TIF	Consumer Services	0.10%
Church & Dwight	CHD	Consumer Goods	0.10%
Republic Services	RSG	Industrials	0.10%
Campbell Soup	CPB	Consumer Goods	0.09%
Intl Flavours & Fragrances	IFF	Basic Materials	0.09%
Hasbro	HAS	Consumer Goods	0.09%
Snap-On Inc	SNA	Consumer Goods	0.09%
Weingarten Realty Investors	WRI	Financials	0.09%
Alliant Energy	LNT	Utilities	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.09%
J M Smucker	SJM	Consumer Goods	0.09%
Pinnacle West Capital Corp	PNW	Utilities	0.08%
Leggett & Platt	LEG	Consumer Goods	0.08%
Avery Dennison Corp	AVY	Basic Materials	0.07%
Nielsen Holdings	NLSN	Consumer Services	0.07%
Robert Half International	RHI	Industrials	0.07%
Interpublic Group Cos	IPG	Consumer Services	0.06%
Hospitality Properties Trust	HPT	Financials	0.06%
L Brands	LB	Consumer Services	0.05%
Foot Locker Inc	FL	Consumer Services	0.05%
Gentex Corp	GNTX	Consumer Goods	0.05%
SCANA Corp	SCG	Utilities	0.05%
Keurig Dr Pepper Inc	KDP	Consumer Goods	0.04%
Avangrid		Utilities	0.03%
Bemis Company	BMS	Industrials	0.03%

SECTORS

Sector Allocation (as of 6/30/2018)	Weight
Industrials	15.80%
Consumer Goods	14.42%
Consumer Services	13.86%
Technology	13.36%
Health Care	13.29%
Financials	9.69%
Energy	7.09%
Telecommunications	5.60%
Utilities	5.41%
Basic Materials	0.91%
Cash	0.57%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
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%
2017	188	1	90	1	96
09/30/2017	63	1	30	0	32
06/30/2017	63	0	25	0	38
03/31/2017	62	0	35	1	26
2016	252	1	117	1	133
12/31/2016	63	1	30	0	32
09/30/2016	64	0	26	1	37
06/30/2016	64	0	31	0	33
03/31/2016	61	0	30	0	31
2015	121	3	44	0	74
12/31/2015	64	2	23	0	39
09/30/2015	57	1	21	0	35

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 RESOURCE

Investor Materials
Fact Sheet
Supplement to Prospectus and SAI
Prospectus Supplement
Summary Prospectus
Prospectus
SAI
Semi-Annual Report
Annual Report
XBRL (zip file)

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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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