EUROPE DIVIDEND STRATEGY SERIES:

EUROPE DIVIDEND STRATEGY SERIES: The Power of Dividend Investing Q1 2019 60 State Street Boston, MA 02109 info@oshares.com

// THE POWER OF DIVIDEND INVESTING 03 04 05 06 07 08 The Most Powerful Force in the Universe? Dividends Generated over 60% more Return than Value and Growth in 20 Years Europe Sector Scatterplot: Consumer Staples Best, Banks Worst Europe Banks, Risky Investments? Euro and Pound: Cheap Currency and Attractive Equity Valuations Dividends Instead of Value? Better Risk Adjusted Return Potential 09 10 11 12 13 14 15 Invest in Quality Europe Stocks with no Banks Investing in Europe: Why Quality Matters? OEUR has Delivered Higher Quality, Less Risk and More Income Key Porfolio Metrics OEUR Index: Sector Comparison OEUR Index: Country Comparison O Shares FTSE Europe Quality Dividend ETF: OEUR 16 17 About O Shares ETF Definitions All investing involves risk. See page 18 to learn more about these risks. 2

THE MOST POWERFUL FORCE IN THE UNIVERSE? Albert Einstein once stated, Compound interest is the most powerful force in the universe. This theory is highlighted by the contribution from dividends and compounding to the long-term performance of the European stocks. The 20 year price return of Europe stocks is nearly 20%. The total return which includes the impact of dividends and compounding is over 120%. Approximately 83% of the hypothetical total return that an investor would have earned over this long period is attributable to dividends and compounding. Dividends and Reinvestment Account for over 80% of Total Return European Stocks - Long-Term Performance 3 Source: Bloomberg, data as of 2/28/2019. European Stocks: Represented by STOXX Europe 600 Price Index. The STOXX Europe 600 Price Index represents large, mid and small capitalization companies across 17 countries of the European region. This is calculated as the reciprocal of the P/E ratio. Past performance does not guarantee future results. The referenced index is shown for illustrative purposes only and is not meant to represent the O Shares Funds. Investors cannot directly invest in an index.

DIVIDENDS GENERATED OVER 60% MORE RETURN THAN VALUE AND GROWTH IN 20 YEARS Investors often oversimplify the categorization of stocks into growth and value. Dividends may deserve a core allocation to an equity portfolio, not only for seeking income and risk reduction but for strong performance. Over the past 20 years, Europe dividend stocks have outperformed value, growth and the MSCI Europe Index. Additionally, dividends have outperformed value in the 5 and 10 year periods as well. The hypothetical growth of $10,000 invested over 20 years in dividends results in nearly $30,000. The hypothetical growth of $10,000 invested over 20 years in either value, growth or the MSCI Europe Index all results in approximately $21,000 Dividends Beat Value and Growth over 20 Years Hypothetical Growth of $10,000 $28,180 Performance Summary 1 Y 3 Y 5 Y 10 Y 20 Y Dividends 0.4% 8.4% 1.2% 10.5% 5.3% Value -7.8% 9.2% -0.9% 8.7% 4.0% Growth -3.1% 7.9% 2.2% 10.4% 3.6% MSCI Europe -5.5% 8.5% 0.7% 9.6% 3.9% 4 Source: Bloomberg, data as of 2/28/2019. Returns are in USD. Past performance does not guarantee future results. The referenced index is shown for illustrative purposes only and is not meant to represent the O Shares Funds. Investors cannot directly invest in an index.

EUROPE SECTOR SCATTERPLOT: CONSUMER STAPLES BEST, BANKS WORST The best performing European sectors over the last 10 years have been Consumer Discretionary and Information Technology, returning over 13% and 12%, respectively on an annualized basis. The worst performing sectors were Utilities and Communication Services, returning approximately 5% and 4% respectively on an annualized basis. Banks, as a sub-industry returned just over 5% as well. The most volatile sectors were Financials and Materials over the 10 year period. The sub-industry of Banks were more volatile than either. Adjusting for risk, Consumer Staples and Health Care were among the best performers as demonstrated by their upper-left positioning in the chart below. Banks were the poorest performer based on risk-adjusted return, relative to the main Europe equity sectors. MSCI Europe Net Total Return USD Index Sectors: 10 Year Risk vs. Return Annualized Return Annualized Volatility Risk Adjusted Return: Consumer Staples Best, Banks Worst Return/Risk (Annualized Return / Annualized Volatility) Return / Risk 5 Source: Bloomberg, data as of 2/28/2019. Returns are in USD. Past performance does not guarantee future results. The referenced index is shown for illustrative purposes only and is not meant to represent the O Shares Funds. Investors cannot directly invest in an index.

EUROPE BANKS, RISKY INVESTMENTS? 2018 has seen European banks suffer their worst loss in 7 years. This decline has been driven by factors such as old-fashioned business models and the persistence of negative rates. Looking at the 10 year history, European stocks outperformed European banks by nearly 4% on an annualized basis. Not only did European banks underperform, they were almost two times riskier than Europe stocks. Investors wanting to diversify their portfolios with Europe stocks may want to consider reducing their holdings in banks to potentially lower risk. 34% Amazon Performance Comparison - Hypothetical Return of $10,000 Performnce Europe Stocks Europe Banks 1Y -5.5% -22.9% 3 Years (Annualized) 8.5% 6.4% 5 Years (Annualized) 0.7% -5.7% 10 Years (Annualized) 9.6% 5.7% 10 Years (Total Return) 150.4% 74.2% Risk (Volatility) Europe Stocks Europe Banks 1Y 13.1% 19.4% 3Y 11.9% 20.7% 5Y 12.5% 19.6% 10Y 17.4% 28.4% Risk Adjusted Return (10Y) 0.55 0.20 Source: Bloomberg, data as of 2/28/2019. Returns are in USD. 6

EURO AND POUND: CHEAP CURRENCY AND ATTRACTIVE EQUITY VALUATIONS At current levels, the Euro and Pound are below their 10 year averages against the Dollar. Cheaper currency may benefit businesses in Europe and the U.K. with global operations. Equity markets in Europe and UK are currently trading at attractive valuations based on forward price to earnings ratio. Europe is trading at a 8% discount while UK at 14%. Could Europe and the U.K. be oversold and under-owned? Both may present an attractive investment opportunity for investors looking to diversify their portfolio geographically. Euro and GBP - 10 Year History Cheap Relative to USD Equities Relatively Attractive Valuations (Forward P/E) Current 5 Year Average Difference vs. 5Yr Avg. (%) Europe 13.2 14.5-8.8% UK 12.2 14.2-14.4% 7 Source: Bloomberg, data as of 2/28/2019. Actual results may vary. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the O Shares Funds. Investors cannot directly invest in an index.

DIVIDENDS INSTEAD OF VALUE? BETTER RISK ADJUSTED RETURN POTENTIAL The investment community often oversimplifies their equity allocations into two main buckets: Growth and Value. Growth is often viewed as a higher return potential option while Value is sometimes the default defensive equity positioning. What may come as a surprise to investors is that over 20 years, Europe Dividend strategies have not only been less risky than generic Europe Value but have outperformed as well. Going back 20 years, Dividends have generated an annualized return exceeding 5% compared to Value which was under 4%. Dividends were less risky and generated stronger performance than Value. Dividends: Less Risk, More Return than Value? Europe Risk vs. Return - 20 Year Less risk and more return More risk and more return Annualized Return Less risk and less return More risk and less return Volatility 8 Source: Bloomberg, data as of 2/28/2019. Returns are in USD. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the O Shares Funds. Investors cannot directly invest in an index.

OEUR: O SHARES FTSE EUROPE QUALITY DIVIDEND ETF INVEST IN QUALITY EUROPE STOCKS WITH NO BANKS Performance. Portfolio of over 150 High Quality European companies that are paying dividends. Diversified Portfolio. Efficient, cost effective approach to get exposure to top European companies. Seeks Less Volatility. Aims to provide better managed approach to investing in Europe. 9

INVESTING IN EUROPE: WHY QUALITY MATTERS In 2018, Europe stocks experienced their worst year since the finanical crisis in 2008. Slow downs in global growth and uncertainty surrounding Brexit were among contributing factors for the weakness in the market. The sell-off has brought valuations below their 5 year average and may indicate that Europe may be oversold and underowned. Quality dividends may provide better downside protection with less volatility. OEUR may present investors with a lower risk approach to Europe stocks. Performance OEUR Europe 1 M 2.24% 3.36% 3 M 3.32% 5.08% 6 M -2.13% -3.50% 1 Y -0.95% -5.46% S/I 1.13% 2.39% 34% Maximum Drawdown 1 Y -16.0% -21.0% S/I -17.5% -22.3% OEUR: Europe Quality Dividends may Provide Potential Downside Protection OEUR vs. Generic Europe - 1 Year Hypothetical Growth of $100 10 Source: Bloomberg, data as of 2/28/2019. Returns are in USD. S/I: 8/19/2015. For standard performance of the Fund, see page 15. Past performance does not guarantee future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

OEUR HAS DELIVERED HIGHER QUALITY, LESS RISK AND MORE INCOME Higher Profitability: OEUR has higher return on assets in 8 out of 11 sectors. Less Volatility: OEUR has lower average stock volatility in 8 out of 11 sectors. More Income: OEUR has higher dividend yield in 9 out of 11 sectors. ROA YIELD Sector OEUR FTSE Developed Europe OEUR FTSE Developed Europe OEUR FTSE Developed Europe Consumer Staples 9.1% 8.3% 19.5% 20.9% 3.4% 2.8% Health Care 9.8% 9.3% 19.8% 30.8% 3.8% 2.9% Financials 8.0% 1.2% 19.7% 19.0% 4.0% 4.5% Energy 5.4% 5.4% 21.2% 22.3% 5.9% 5.5% Real Estate 1.8% 1.6% 19.4% 18.5% 4.8% 4.4% Industrials 8.1% 6.5% 22.5% 22.9% 3.6% 2.7% Consumer Discretionary 10.1% 8.2% 24.9% 31.7% 4.2% 3.1% Materials 8.1% 7.4% 22.3% 24.4% 4.4% 3.5% Communication Services 4.5% 4.6% 21.9% 30.8% 6.1% 4.9% Utilities 3.2% 2.8% 21.8% 24.1% 5.9% 4.9% NM 9.2% NM 32.7% NM 1.7% 7.3% 6.1% 21.1% 23.1% 4.5% 3.1% Information Technology AVERAGE 11 VOLATILITY Source: Bloomberg, data as of 12/31/2018. * For list of indexes and financial definitions page 17. For standard performance of the Fund, see page 15. Past performance does not guarantee future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

OEUR INDEX VS. GENERIC PASSIVE INDEX OEUR Index FTSE Developed Europe Profitability (ROA) More Profitability Leverage Less Leverage Volatility Less Volatility Yield Higher Dividend Yield Market Cap ($ Billions) Number of Positions Higher Market Cap ~70% of FTSE Developed Index Excluded 12 Source: Bloomberg. Data as of 12/31/2018. OEUR Index: FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index. Past performance does not guarantee future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

OEUR INDEX SECTOR COMPARISON - NO BANKS OEUR Index FTSE Developed Europe Overweight / Underweight 13 Source: Bloomberg. Data as of 12/31/2018. OEUR Index: FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index. Past performance does not guarantee future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Weightings subject to change.

OEUR INDEX COUNTRY COMPARISON OEUR Index FTSE Developed Europe Overweight / Underweight 14 Source: Bloomberg. Data as of 12/31/2018. OEUR Index: FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index. Past performance does not guarantee future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Weightings subject to change.

// O SHARES FTSE EUROPE QUALITY DIVIDEND ETF: OEUR O Shares FTSE Europe Quality Dividend ETF (OEUR) is designed to be a core investment holding, providing efficient and transparent access to a portfolio of large-cap and mid-cap dividend paying companies in Europe selected based on several fundamental metrics such as: QUALITY LOW VOLATILITY DIVIDEND YIELD OEUR is an exchange traded fund (ETF) that seeks investment performance that correlates generally to price and yield before fees and expenses of the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index ( OEUR Target Index ). Why OEUR? Performance. Portfolio of over 150 High Quality European companies that are paying dividends. Diversified Portfolio. Efficient, cost effective approach to get exposure to top European companies. Seeks Less Volatility. Aims to provide better managed approach to investing in Europe. Quarterly Performance (as of 12/31/2018) 1 M 3 M 6 M 1 Y QTD YTD S/I Volatility NAV -4.53% -9.40% -7.75% -11.66% -9.40% -11.66% -1.17% 15.82% Market Value -4.80% -9.17% -7.83% -11.57% -9.17% -11.57% -1.29% 15.82% Annualized daily standard deviation from inception date (8/19/2015). The performance of OEUR Target Index is net of the taxes on dividends paid by the international securities. 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. For most recent month end performance, please visit oshares.com. NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. 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. FUND DETAILS Ticker: OEUR CUSIP: 67110P506 Intraday NAV: OEUR.IV Expense Ratio: 0.48% Inception Date: 8/19/2015 Rebalance: Quarterly / Annually 30-Day SEC Yield: 3.60% Number of Holdings: 192 Primary Listing: NYSE TOP 10 HOLDINGS Nestle SWIT 5.45% Roche Holdings SWIT 5.44% Novartis SWIT 5.07% Sanofi FRA 3.73% BP UK 3.45% Total FRA 3.45% GlaxoSmithKline UK 3.43% Royal Dutch Shell A UK 2.85% Royal Dutch Shell B UK 2.27% BASF GER 2.26% SECTOR ALLOCATIONS Health Care 21.06% Energy 13.96% Consumer Goods 13.57% Financials 11.71% Industrials 10.41% Telecommunications 7.36% Utilities 7.16% Consumer Services 6.75% Basic Materials 6.31% Other 1.72% COUNTRY ALLOCATIONS United Kingdom 29.67% Switzerland 20.37% France 15.77% Germany 8.93% Sweden 4.29% Other 20.96% RESOURCES Website Fund Page Prospectus Fact Sheet Summary Prospectus Data as of 12/31/2018. Holdings subject to change. 15

// ABOUT O SHARES ETF O Shares provides ETFs for long-term wealth management, with an emphasis on quality across our family of ETFs. O Shares provides a series of ETFs, designed for investors with objectives ranging from growth and capital appreciation, to income and wealth preservation. Each of the O Shares ETFs reflects our rules-based investment philosophy, including quality as an important characteristic. At O Shares, we prefer the ETF form of investment fund for cost-effective, tax-efficient, and transparent access to investment portfolios. At O Shares, we aim to serve investors by keeping investing simple, straightforward and easy to understand. O Shares ETFs are all managed according to rules-based indexes, and all are listed on the NYSE. 16

// INDEXES & FINANCIAL DEFINITIONS 30-Day SEC Yield: 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. Dividends Index: MSCI Europe High Dividend Yield Net Total Return Total Return USD Index. Dividend Yield: The most recently announced gross dividend, annualized based on the Dividend Frequency, then divided by the current market price. The MSCI High Dividend Yield Indices aim to capture the high dividend yield equity opportunity set within a standard MSCI parent index, by including only securities that offer a meaningfully higher than average dividend yield relative to the parent index and that pass dividend sustainability and persistence screens. EPS: Earnings per share. Earnings per share is the monetary value of earnings per outstanding share of common stock for a company. Europe Banks: MSCI Europe Banks Net Total Return USD Index. Index designed to measure the performance of banks in the developed markets of Europe. Europe, Generic Europe and Europe Stocks: MSCI Europe Net Total Return USD Index. The MSCI Europe Net Index is a free-float weighted equity index designed to measure the equity market performance of the developed markets in Europe. Forward P/E: Price divided by next four quarters earnings. FTSE Developed Europe: Free float market capitalization weighted index of large and mid-cap European stocks. FTSE 100 Index: Market Capitalization weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. German 10 Year Government Bond Yield: Represented by Germany Generic Government 10 Year Yield. Growth: MSCI Europe Growth Net Total Return USD Index. Leverage: Measures the average assets to average equity. Maximum Drawdown: Largest drop from a peak to a bottom over a period of time. It measures the magnitude of the worst loss an investor could have incurred by investing in that security. P/E Ratio: Price-to-Earnings Ratio. The Price-to-Earnings Ratio is the ratio of stock price to earnings per share. Risk Adjusted Return (10Y): 10 Yr Annualized Return divided by the 10 Yr annualized volatility. Measures the return per unit of risk ROA: Return on assets. Return on average assets based on net income, excluding one-time charges. Value Index: MSCI Europe Value Net Total Return USD Index. The MSCI Europe Value Weighted Index is based on a traditional market cap weighted parent index, the MSCI Europe Index, which includes large and mid cap stocks across 15 European Developed Markets (DM) countries*. The MSCI Europe Value Weighted Index reweights each security of the parent index to emphasize stocks with lower valuations. Index weights are determined using fundamental accounting data sales, book value, earnings and cash earnings rather than market prices. Volatility: A statistical measure of risk. Commonly, the higher the volatility, the riskier the security. UK: Represented by the FTSE 100 Index. The FTSE 100 Index is a Market Capitalization weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. Yield: The annual return on an investment, expressed as a percentage of the price. 17

// RULES-BASED ETFS // DESIGNED BY CONSERVATIVE LONG-TERM INVESTORS OUSA OUSM OEUR OGIG 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. 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. 18