O’SHARES STRATEGY SERIES
[Pages:2]O'SHARES STRATEGY SERIES
OCTOBER 2018
Dividend Stocks: Long-Term Winner, Now Cheap?
? Strong long-term performance: Dividend stocks have outperformed the S&P 500 by nearly 3% per year over the past 20 years.
? Generally trade at a premium: They have traded at approximately a 9% premium to the S&P 500 over the past 5 years.
? Cheapest in 5 years? They now have a P/E with only a 4% premium to the S&P 500, the cheapest in nearly 5 years.
Dividend Stocks vs. S&P 500 - Relative P/E
1.16 1.14 1.12 1.10 1.08 1.06 1.04 1.02 1.00
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Calendar Year Performance - Dividend Stocks vs. S&P 500
40% 30% 20% 10% 0% -10% -20% -30%
020010--54200%%4002202005032020006422000075 2200006822000709202008120002901201120021021122001 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD
S&P 500 Dividend ASrSi&sPPto550c00r0DaivtDsiSd&eiPvTn5id0d0oAeDtirvantidiesdnltdoRAcArirsarteoitcsrstatusTtoTorotctanalrlRaReItuntersntudInrdTeenxoIxntdaelSxR&P 5e00tIuNDrEnXSSI&n&PdP5e0x05I0nd0exINDSE&PX500 INDEX
OUSA: O'Shares Approach to U.S. Large Caps
Source: Bloomberg. Data as of 8/31/2018. Dividend stocks represented by S&P 500 Dividend Aristocrats Total Return Index. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index; unmanaged index returns do not reflect any fees, expenses or sales charges.
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O'SHARES STRATEGY SERIES
OCTOBER 2018
Related Content: U.S. Large Caps
O'SHARES STRATEGY SERIES
september 2018
Dividend Equity Strategies - Attractive Long-Term Performance ? Dividend stocks have outperformed the S&P 500 by over 2% per year for the past 20 years.
20 Year Annualized Performance Comparison
12% 9.9%
10%
10.4%
8%
7.7%
6%
4%
2%
0%
Dow Jones Select Dividend S&P 500 Dividend
Index
Aristocrats Total Return
Index
Index Dow Jones Select Dividend Index S&P 500 Dividend Aristocrats Total Return Index
S&P 500 Index
1Y 13.7% 17.7% 19.7%
3Y 15.3% 14.4% 16.1%
S&P 500 Index
5Y 13.3% 13.7% 14.5%
10Y 11.0% 13.2% 10.8%
20Y 9.9% 10.4% 7.7%
OUSA - O'Shares FTSE U.S. Quality Dividend ETF
Top 10 Holdings Exxon Mobil
Johnson & Johnson Cisco
Procter & Gamble Home Depot Intel Chevron Pfizer
Philip Morris International AT&T
Weight (%) 5.03% 5.00% 4.40% 3.77% 3.34% 3.23% 2.96% 2.74% 2.29% 2.29%
Dividend Yield 4.1% 2.7% 2.8% 3.5% 2.1% 2.5% 3.8% 3.3% 5.9% 6.3%
OUSA: O'Shares ETF Investments approach to Dividend Paying U.S. Large Cap Stocks To learn more, click here
Source: Bloomberg. Data as of 8/31/2018. Top 10 Holdings of OUSA as of 9/24/2018. Returns beyond 1 year are annualized. Holdings subject to change. The indices shown are for informational purposes only and are not meant to represent the Fund. It is not possible to invest directly in an index. Index performance does not reflect the deduction of any fees or expenses.
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Dividend Equity Strategies Attractive Long-Term Performance
O'SHARES STRATEGY SERIES
SEPTEMBER 2018
Is There Still Value in U.S. Equities? Here's What the Fed Model Says
What is the Fed Model? ? The model compares the stock market forward earnings yield to the yield on long-term government
bonds (The U.S. 10 Year Government Bond Yield). ? Stocks and bonds are considered fairly valued when these two yield measures are equal. ? When the earnings yield is higher, stocks are considered attractive relative to bonds. Conversely, when
bond yields are higher than earnings yields, bonds are considered more attractive relative to stocks.
Stocks appear attractive, earnings yield remains higher than bond yields.
Fed Model - S&P 500 Earnings Yield vs. Long-Term Government Bond Yield
1100%% 99%% 88%% 77%% 66%% 55%% 44%% 33%% 22%% 11%% 00%% 19199900
11999944
11999988
22000022
20200066
20210100
20201144
20201188
S&P 500 Earnings Yield S&P 500 Earnings Yield
U.S. 10 Year Government Bond Yield U.S. 10 Year Government Bond Yield
S&P 500 - Earnings Per Share
$$225500
+10% Growth
$$220000
+10% Growth
+21% Growth $178
$162
$196
$$115500
$134
$$110000 $84
$94 $99 $106 $112 $109 $109 $82
$54 $59 $$5500
$$00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e
OUSA: O'Shares ETF Investments approach to Dividend Paying U.S. Large Cap Stocks To learn more, click here
Source: Bloomberg. Fed Model chart, data as of 7/31/2018. S&P 500 Earnings per share chart, data as of 7/30/2018. Past performance is not a guarantee of future results.
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Is There Still Value in U.S. Equities? Here's What the Fed Model Says
EPS ($) Annualized Return
O'SHARES STRATEGY SERIES
AUGUST 2018
S&P 500 Scatterplot: Long-Term Performance Versus Risk
? Comparing 10 year return and risk data for the 11 sectors in the S&P 500, several observations can be made. ? The sectors with the lowest volatility in the past 10 years were Consumer Staples and Health Care. The highest
volatility sectors were Financials and Real Estate. ? The best performing sectors in the past 10 years were Consumer Discretionary and Information Technology. The worst
performing sectors were Energy and Real Estate. ? Adjusting for risk, the best performing sectors were Consumer Discretionary and Health Care.
18%
S&P 500 SSe&cPt5o0r0s:Se1c0toYres:a1r0RYeisakr Rvissk. Rvse. Rtuetrunrn
16%
Consumer Discretionary
Information Technology
14%
12% Consumer Staples
Health Care S&P 500
10%
Industrials
8% 6% 4%
Utilities
Telecommunication
Materials
Financials Real Estate
2%
Energy
0%
10%
15%
20%
25%
30%
35%
Annualized Volatility
0.90
Return/Risk (Annualized Return/Annualized Volatility)
0.80 0.79 0.77 0.75 0.75
0.70
0.60
0.59
0.50
0.48 0.44
0.40
0.38
0.30
0.27
0.22
0.20
0.16
0.11 0.10
0 Consumer Health Care Consumer Information S&P 500 Industrials Utilities Telecom Materials Financials Real Estate Energy
Discretionary
Staples Technology Index
Services
OUSA: O'Shares ETF Investments approach to Dividend Paying U.S. Large Cap Stocks. To learn more, click here
Source: Bloomberg. Data as of 7/31/2018. Past performance is not a guarantee of future results.
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S&P 500 Scatterplot: Long-Term Performance Versus Risk
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 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.
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.
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