OSHARES FTSE EUROPE QUALITY DIVIDEND HEDGED ETF (OEUH) Exchange: NYSE ARCA

DELISTED - The Fund seeks to track the performance (before fees and expenses) of the Europe Hedged Target Index. Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Europe Hedged Target Index (“80% policy”), including indirectly through the O'Shares FTSE Europe Quality Dividend ETF (the “Underlying Fund”).   The Europe Hedged Target Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in Europe 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.   The constituents of the Europe Hedged Target Index are selected from the FTSE Developed Europe Index, comprised of 543 of the largest Developed Europe publicly-listed equities that had an average market capitalization of $21 billion and minimum market capitalization of over approximately $212 million as of June 30, 2017. The Index Provider selects and weights securities for the Europe Hedged Target Index based on a proprietary approach that combines the following three factors: 1) high quality, including measures of profitability, operating efficiency, earnings quality and leverage, 2) low volatility, and 3) high dividend yield for the twelve months preceding each annual reconstitution. Individual index constituent weights are capped at 5% at each quarterly rebalance to avoid overexposure to any single security and are tested for liquidity semi-annually. The Europe Hedged Target Index's investable universe includes real estate investment trusts (“REITs”). To the extent that the Europe Hedged Target Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent.   The Europe Hedged Target Index hedges against fluctuations in the relative value of foreign currencies in which the Europe Hedged Target Index's components are denominated against the U.S. dollar. Thus, it is designed to have higher returns than an equivalent index that does not hedge against a weakening of such foreign currencies relative to the U.S. dollar. Conversely, the Europe Hedged Target Index would be expected to have lower returns than an equivalent unhedged index when these foreign currencies are rising in value relative to the U.S. dollar. The Europe Hedged Target Index applies published one-month currency forward rates to the Europe Hedged Target Index's total foreign currency exposures to adjust the value of the foreign currencies against the U.S. dollar. The Fund intends to enter into forward currency contracts or futures contracts to effectuate the hedging strategy embedded in the Europe Hedged Target Index. Although the hedged nature of the Europe Hedged Target Index is designed to minimize the impact of currency fluctuations on returns, it does not eliminate the Fund's exposure to foreign currency fluctuations.   Currently, the Fund achieves its investment objective by investing a substantial portion of its assets in the Underlying Fund. The Underlying Fund employs a “passive management” or “rules based” investment approach that seeks to track the performance of its underlying index. The Underlying Fund tracks an unhedged version of the Europe Hedged Target Index. The Underlying Fund expects to employ a representative sampling strategy in seeking to track the performance of its underlying index, which means it will typically invest in a portfolio of investments that collectively have an investment profile similar to its underlying index, rather than holding all of the investments in its underlying index.   The Fund may invest up to 20% of its total assets in investments not included in the Europe Hedged Target Index, but which the Adviser believes will help the Fund track the Europe Hedged Target Index. For example, there may be instances in which the Adviser may choose to purchase or sell investments including exchange-traded funds (“ETFs”) and other investment company securities, derivatives, cash and cash equivalents as substitutes for one or more Europe Hedged Target Index components or in anticipation of changes in the Europe Hedged Target Index's components.   O'Shares Investments, Inc. is the sponsor of the Fund (the “Sponsor”). The Index Provider, in consultation with the Sponsor, developed the Europe Hedged Target Index methodology. The Index Provider is responsible for the ongoing maintenance, compilation, calculation and administration of the Europe Hedged Target Index.