OUSM

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Why OUSM for Small Cap Quality Dividends?

Quality Advantages. Over 200 small cap stocks selected for quality, strong balance sheets and profitability.
Performance. Seeks less volatile approach to invest in small cap companies.
Use as Core Holding. Attractive long-term quality approach for investing in small caps, seeking income and less risk potential.

May 29, 2019/by O'Shares ETFs

Research Call | May 21 (Replay) | Trade Wars & Small-Caps

May 23, 2019/by O'Shares ETFs

Small-Caps have Beat Large-Caps 65% of the Time

May 16, 2019/by O'Shares ETFs

U.S. & China: Trade War Data

Market Data as of	06/25/2019
NAV Price	$26.94
NAV Price Change	-$0.12
Premium/Discount	-$0.03
Market Price	$26.91
Market Price Change	-$0.17
Shares Outstanding	3,454,000
Volume	14,056
Total Net Assets	$93,058,704.20

Profile
Symbol	OUSM
Listing Exchange	NYSE/ARCA
Inception Date	12/30/2016
CUSIP	67110P 100
Target Index Provider	FTSE Russell
Target Index Symbol	FUSRQVY3
IOPV Ticker	OUSM.IV
Expense Ratio	0.48%
30-Day SEC Yield¹	2.46%

Fund Investment Objective

The Fund seeks to track the performance (before fees and expenses) of its target index, the FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index (the “Target Index”).

The Target Index is designed to reflect the performance of publicly-listed small-capitalization dividend-paying issuers in the United States exhibiting high quality, low volatility and high dividend yields, as determined by FTSE Russell (the “Index Provider”). The quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines, as may occur with some dividend investing strategies.

PERFORMANCE

Monthly Performance (as of 05/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	-8.05%	-4.59%	-2.68%	-2.86%	-3.53%	8.83%	3.19%
Market Value	-8.05%	-4.55%	-2.68%	-2.93%	-3.53%	8.87%	3.19%

Quarterly Performance (as of 03/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	-1.09%	12.81%	-5.14%	4.70%	12.81%	12.81%	5.10%
Market Value	-1.05%	12.86%	-5.14%	4.71%	12.86%	12.86%	5.10%

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.

HOLDINGS

DOWNLOAD HOLDINGS

Name (As of 06/25/2019)	Ticker	Sector	Fund Weight
Leidos Holdings Inc	LDOS	Information Technology	3.68%
Teradyne Inc	TER	Information Technology	2.34%
Cypress Semiconductor Corp	CY	Information Technology	2.30%
Eaton Vance Corp	EV	Financials	2.20%
OGE Energy Corp	OGE	Utilities	2.01%
Lazard Ltd	LAZ	Financials	1.92%
Federated Investors Inc	FII	Financials	1.79%
Toro Co/The	TTC	Industrials	1.69%
MarketAxess Holdings Inc	MKTX	Financials	1.58%
Graco Inc	GGG	Industrials	1.55%
Cabot Microelectronics Corp	CCMP	Information Technology	1.43%
Watsco Inc	WSO	Industrials	1.36%
Patterson Cos Inc	PDCO	Health Care	1.35%
IDEX Corp	IEX	Industrials	1.31%
Cracker Barrel Old Country Sto	CBRL	Consumer Discretionary	1.29%
National Instruments Corp	NATI	Information Technology	1.28%
Jack Henry & Associates Inc	JKHY	Information Technology	1.27%
Evercore Inc	EVR	Financials	1.22%
Williams-Sonoma Inc	WSM	Consumer Discretionary	1.16%
AO Smith Corp	AOS	Industrials	1.11%
MKS Instruments Inc	MKSI	Information Technology	1.11%
Donaldson Co Inc	DCI	Industrials	1.09%
Hubbell Inc	HUBB	Industrials	1.08%
j2 Global Inc	JCOM	Information Technology	1.05%
First American Financial Corp	FAF	Financials	1.04%
Lennox International Inc	LII	Industrials	0.98%
InterDigital Inc	IDCC	Information Technology	0.96%
RPM International Inc	RPM	Materials	0.91%
Reliance Steel & Aluminum Co	RS	Materials	0.90%
Scotts Miracle-Gro Co/The	SMG	Materials	0.89%
FLIR Systems Inc	FLIR	Information Technology	0.84%
PBF Energy Inc	PBF	Energy	0.83%
Moelis & Co	MC	Financials	0.83%
Assured Guaranty Ltd	AGO	Financials	0.82%
Booz Allen Hamilton Holding Co	BAH	Information Technology	0.81%
Six Flags Entertainment Corp	SIX	Consumer Discretionary	0.81%
KAR Auction Services Inc	KAR	Industrials	0.81%
LPL Financial Holdings Inc	LPLA	Financials	0.72%
Allison Transmission Holdings	ALSN	Industrials	0.72%
Domtar Corp	UFS	Materials	0.70%
Artisan Partners Asset Managem	APAM	Financials	0.69%
Dunkin' Brands Group Inc	DNKN	Consumer Discretionary	0.69%
FactSet Research Systems Inc	FDS	Financials	0.69%
WR Grace & Co	GRA	Materials	0.67%
Cohen & Steers Inc	CNS	Financials	0.67%
Texas Roadhouse Inc	TXRH	Consumer Discretionary	0.64%
Flowers Foods Inc	FLO	Consumer Staples	0.64%
Pool Corp	POOL	Consumer Discretionary	0.62%
Thor Industries Inc	THO	Consumer Discretionary	0.61%
MSC Industrial Direct Co Inc	MSM	Industrials	0.59%
Louisiana-Pacific Corp	LPX	Materials	0.59%
Progress Software Corp	PRGS	Information Technology	0.57%
Carter's Inc	CRI	Consumer Discretionary	0.56%
LCI Industries	LCII	Consumer Discretionary	0.56%
Lancaster Colony Corp	LANC	Consumer Staples	0.55%
Brady Corp	BRC	Industrials	0.53%
Brooks Automation Inc	BRKS	Information Technology	0.53%
AptarGroup Inc	ATR	Materials	0.52%
ITT Inc	ITT	Industrials	0.52%
UGI Corp	UGI	Utilities	0.50%
John Wiley & Sons Inc	JW/A	Communication Services	0.50%
NIC Inc	EGOV	Information Technology	0.50%
Dick's Sporting Goods Inc	DKS	Consumer Discretionary	0.50%
Cogent Communications Holdings	CCOI	Communication Services	0.50%
Cabot Corp	CBT	Materials	0.50%
Waddell & Reed Financial Inc	WDR	Financials	0.49%
FirstCash Inc	FCFS	Financials	0.49%
Cheesecake Factory Inc/The	CAKE	Consumer Discretionary	0.48%
Sabre Corp	SABR	Information Technology	0.48%
Brinker International Inc	EAT	Consumer Discretionary	0.47%
Owens Corning	OC	Industrials	0.46%
RLI Corp	RLI	Financials	0.46%
Luminex Corp	LMNX	Health Care	0.46%
Lincoln Electric Holdings Inc	LECO	Industrials	0.45%
Crane Co	CR	Industrials	0.44%
American Eagle Outfitters Inc	AEO	Consumer Discretionary	0.44%
Exponent Inc	EXPO	Industrials	0.43%
Simpson Manufacturing Co Inc	SSD	Industrials	0.43%
BrightSphere Investment Group	BSIG	Financials	0.41%
Sensient Technologies Corp	SXT	Materials	0.41%
Aqua America Inc	WTR	Utilities	0.40%
TEGNA Inc	TGNA	Communication Services	0.39%
Deluxe Corp	DLX	Industrials	0.39%
Power Integrations Inc	POWI	Information Technology	0.38%
Portland General Electric Co	POR	Utilities	0.37%
BWX Technologies Inc	BWXT	Industrials	0.37%
IDACORP Inc	IDA	Utilities	0.37%
Dolby Laboratories Inc	DLB	Information Technology	0.37%
Brunswick Corp/DE	BC	Consumer Discretionary	0.37%
PacWest Bancorp	PACW	Financials	0.37%
Jack in the Box Inc	JACK	Consumer Discretionary	0.37%
Vishay Intertechnology Inc	VSH	Information Technology	0.36%
J&J Snack Foods Corp	JJSF	Consumer Staples	0.36%
Sanderson Farms Inc	SAFM	Consumer Staples	0.36%
Kaiser Aluminum Corp	KALU	Materials	0.35%
Cinemark Holdings Inc	CNK	Communication Services	0.35%
Tupperware Brands Corp	TUP	Consumer Discretionary	0.34%
Compass Minerals International	CMP	Materials	0.33%
NorthWestern Corp	NWE	Utilities	0.33%
National Fuel Gas Co	NFG	Utilities	0.33%
BGC Partners Inc	BGCP	Financials	0.33%
Meridian Bioscience Inc	VIVO	Health Care	0.32%
Black Hills Corp	BKH	Utilities	0.31%
Hawaiian Electric Industries I	HE	Utilities	0.31%
Kennametal Inc	KMT	Industrials	0.30%
ManTech International Corp/VA	MANT	Information Technology	0.30%
ALLETE Inc	ALE	Utilities	0.30%
Forrester Research Inc	FORR	Industrials	0.30%
Hillenbrand Inc	HI	Industrials	0.29%
New Jersey Resources Corp	NJR	Utilities	0.29%
KBR Inc	KBR	Information Technology	0.28%
BankUnited Inc	BKU	Financials	0.28%
Mueller Industries Inc	MLI	Industrials	0.28%
Otter Tail Corp	OTTR	Utilities	0.28%
Safety Insurance Group Inc	SAFT	Financials	0.27%
Designer Brands Inc	DBI	Consumer Discretionary	0.27%
Herman Miller Inc	MLHR	Industrials	0.27%
Steelcase Inc	SCS	Industrials	0.26%
Quaker Chemical Corp	KWR	Materials	0.26%
Mercury General Corp	MCY	Financials	0.26%
Extended Stay America Inc	STAY	Consumer Discretionary	0.25%
Xperi Corp	XPER	Information Technology	0.25%
Macquarie Infrastructure Corp	MIC	Industrials	0.25%
AVX Corp	AVX	Information Technology	0.24%
ONE Gas Inc	OGS	Utilities	0.24%
PNM Resources Inc	PNM	Utilities	0.24%
El Paso Electric Co	EE	Utilities	0.24%
Universal Forest Products Inc	UFPI	Industrials	0.23%
Innospec Inc	IOSP	Materials	0.23%
ProAssurance Corp	PRA	Financials	0.22%
Columbia Sportswear Co	COLM	Consumer Discretionary	0.22%
Choice Hotels International In	CHH	Consumer Discretionary	0.22%
Nu Skin Enterprises Inc	NUS	Consumer Staples	0.22%
McGrath RentCorp	MGRC	Industrials	0.22%
Children's Place Inc/The	PLCE	Consumer Discretionary	0.22%
Forward Air Corp	FWRD	Industrials	0.21%
Strategic Education Inc	STRA	Consumer Discretionary	0.21%
Big Lots Inc	BIG	Consumer Discretionary	0.21%
Badger Meter Inc	BMI	Information Technology	0.21%
Spire Inc	SR	Utilities	0.20%
Ryder System Inc	R	Industrials	0.20%
Southwest Gas Holdings Inc	SWX	Utilities	0.20%
La-Z-Boy Inc	LZB	Consumer Discretionary	0.20%
Bed Bath & Beyond Inc	BBBY	Consumer Discretionary	0.20%
Granite Construction Inc	GVA	Industrials	0.20%
Energizer Holdings Inc	ENR	Consumer Staples	0.19%
CVR Energy Inc	CVI	Energy	0.18%
Stepan Co	SCL	Materials	0.18%
American States Water Co	AWR	Utilities	0.18%
Dana Inc	DAN	Consumer Discretionary	0.18%
Bloomin' Brands Inc	BLMN	Consumer Discretionary	0.18%
Morningstar Inc	MORN	Financials	0.18%
Worthington Industries Inc	WOR	Materials	0.18%
South Jersey Industries Inc	SJI	Utilities	0.17%
National Presto Industries Inc	NPK	Industrials	0.17%
Walker & Dunlop Inc	WD	Financials	0.17%
MGE Energy Inc	MGEE	Utilities	0.17%
Scholastic Corp	SCHL	Communication Services	0.16%
Avista Corp	AVA	Utilities	0.16%
Sturm Ruger & Co Inc	RGR	Consumer Discretionary	0.16%
Steven Madden Ltd	SHOO	Consumer Discretionary	0.16%
Vector Group Ltd	VGR	Consumer Staples	0.16%
Papa John's International Inc	PZZA	Consumer Discretionary	0.16%
Northwest Natural Holding Co	NWN	Utilities	0.15%
Oxford Industries Inc	OXM	Consumer Discretionary	0.14%
WD-40 Co	WDFC	Consumer Staples	0.14%
Werner Enterprises Inc	WERN	Industrials	0.14%
Trinseo SA	TSE	Materials	0.14%
Benchmark Electronics Inc	BHE	Information Technology	0.14%
Ethan Allen Interiors Inc	ETH	Consumer Discretionary	0.14%
Buckle Inc/The	BKE	Consumer Discretionary	0.13%
MDC Holdings Inc	MDC	Consumer Discretionary	0.13%
California Water Service Group	CWT	Utilities	0.13%
Signet Jewelers Ltd	SIG	Consumer Discretionary	0.13%
Capitol Federal Financial Inc	CFFN	Financials	0.12%
Schnitzer Steel Industries Inc	SCHN	Materials	0.12%
RPC Inc	RES	Energy	0.12%
Raven Industries Inc	RAVN	Industrials	0.12%
Gannett Co Inc	GCI	Communication Services	0.11%
Guess? Inc	GES	Consumer Discretionary	0.11%
Knoll Inc	KNL	Industrials	0.11%
Delphi Technologies PLC	DLPH	Consumer Discretionary	0.11%
MTS Systems Corp	MTSC	Information Technology	0.11%
Frank's International NV	FI	Energy	0.11%
Employers Holdings Inc	EIG	Financials	0.11%
Boise Cascade Co	BCC	Materials	0.10%
Greif Inc	GEF	Materials	0.10%
Weis Markets Inc	WMK	Consumer Staples	0.10%
GameStop Corp	GME	Consumer Discretionary	0.10%
HNI Corp	HNI	Industrials	0.10%
Tootsie Roll Industries Inc	TR	Consumer Staples	0.10%
Calavo Growers Inc	CVGW	Consumer Staples	0.09%
International Speedway Corp	ISCA	Consumer Discretionary	0.09%
Schweitzer-Mauduit Internation	SWM	Materials	0.09%
Fresh Del Monte Produce Inc	FDP	Consumer Staples	0.09%
Copa Holdings SA	CPA	Industrials	0.09%
Inter Parfums Inc	IPAR	Consumer Staples	0.09%
Ship Finance International Ltd	SFL	Energy	0.09%
Neenah Inc	NP	Materials	0.08%
Medifast Inc	MED	Consumer Staples	0.08%
Nexa Resources SA	NEXA	Materials	0.08%
ATN International Inc	ATNI	Communication Services	0.08%
Primoris Services Corp	PRIM	Industrials	0.07%
Chico's FAS Inc	CHS	Consumer Discretionary	0.07%
New Media Investment Group Inc	NEWM	Communication Services	0.06%
Lindsay Corp	LNN	Industrials	0.06%
PriceSmart Inc	PSMT	Consumer Staples	0.06%
Abercrombie & Fitch Co	ANF	Consumer Discretionary	0.06%
Interface Inc	TILE	Industrials	0.05%
Tredegar Corp	TG	Materials	0.05%
Orion Engineered Carbons SA	OEC	Materials	0.05%
Astec Industries Inc	ASTE	Industrials	0.05%
Oritani Financial Corp	ORIT	Financials	0.05%
SJW Group	SJW	Utilities	0.05%
Tenneco Inc	TEN	Consumer Discretionary	0.04%
Briggs & Stratton Corp	BGG	Industrials	0.04%
US DOLLAR	USD		0.30%

Holdings subject to change.

SECTORS

Sector Allocations (As of 05/31/2019)	WEIGHT
Information Technology	21.37%
Industrials	20.03%
Financials	18.30%
Consumer Discretionary	14.28%
Materials	8.80%
Utilities	7.94%
Consumer Staples	3.35%
Communication Services	2.27%
Health Care	2.07%
Energy	1.35%
Cash	0.25%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
5/30/2019	5/31/2019	6/4/2019	0.040131
4/26/2019	4/30/2019	5/2/2019	0.034715
3/28/2019	3/29/2019	4/2/2019	0.066273
2/27/2019	2/28/2019	3/4/2019	0.05885
1/30/2019	1/31/2019	2/4/2019	0.02695
12/27/2018	12/28/2018	1/3/2019	0.073132
11/29/2018	11/30/2018	12/4/2018	0.071378
10/30/2018	10/31/2018	11/2/2018	0.032762
9/27/2018	9/28/2018	10/2/2018	0.044242
8/29/2018	8/31/2018	9/5/2018	0.0454
7/30/2018	7/31/2018	8/2/2018	0.021
6-26-2018	6-27-2018	6-29-2018	0.020
5-30-2018	5-31-2018	6-4-2018	0.061
4-27-2018	4-30-2018	5-2-2018	0.069
3/27/2018	3/29/2018	4/3/2018	0.059
2/27/2018	2/28/2018	3/2/2018	0.045
1/30/2018	1/31/2018	2/2/2018	0.038
12/22/2017	12/26/2017	12/29/2017	0.156
11/15/2017	11/16/2017	11/21/2017	0.060
10/16/2017	10/17/2017	10/20/2017	0.058
9/15/2017	9/18/2017	9/21/2017	0.055
8/15/2017	8/17/2017	8/21/2017	0.030
7/17/2017	7/19/2017	7/21/2017	0.006
6/15/2017	6/19/2017	6/21/2017	0.052
5/15/2017	5/17/2017	5/19/2017	0.023
4/17/2017	4/19/2017	4/21/2017	0.077
3/15/2017	3/17/2017	3/21/2017	0.058
2/15/2017	2/17/2017	2/22/2017	0.009

PREMIUM / DISCOUNT

Date	Days	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2019	61	49	0	12	0
3/31/2019	61	49	0	12	0
2018	251	132	0	119	0
12/31/2018	63	48	0	15	0
9/30/2018	63	25	0	38	0
6/30/2018	64	32	0	32	0
3/31/2018	61	27	0	34	0
2017	251	67	0	175	9
12/30/2017	63	10	0	53	0
9/30/2017	63	27	0	36	0
6/30/2017	63	18	0	45	0
3/31/2017	62	12	0	41	9
2016	2	1	1	0	0
12/30/2016	2	0	1	0	1

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
Prospectus
Summary Prospectus
SAI
Semi-Annual Report
Annual Report
OUSM Index Change Supplement \| March 2018
Organizational Actions Form 8937

OUSM RESEARCH | NEWS

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.

Effective May 4, 2018, the OUSM target index was changed to FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index (the “Target Index”) from FTSE USA Small Cap Qual/Vol/Yield 3% Capped Factor Index.

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.

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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 Funds’ 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, the Funds’ 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 Funds’ returns. See the prospectus for specific risks regarding the Funds.
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 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. The market price of Shares can be at, below, or above 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.