Internet and ecommerce Sep2018

1. OSHARES.COM
60 State Street | Boston, MA 02109 info@oshares.com
Trends Driving Internet & E-commerce Growth
3Q 2018
INTERNET & E-COMMERCE
INVESTING

2. Digital Trends: Who is Winning?03
E-commerce: How Much Growth is Left?04
Cloud Tech Services: Growth in B2B?05
U.S. Giants vs. International Giants:
Who has the Best Businesses?06
Consumer Trends: The Biggest Opportunity10
Global E-commerce: World #1 is not U.S.11
Investing: 50 of the Fastest Growing Internet Companies in
One ETF: OGIG
12
// TRENDS DRIVING INTERNET & E-COMMERCE GROWTH
About O’Shares ETF Investments14
2
OSHARES.COM
All investing involves risk. See page 15 to learn more about these risks.

3. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 2015 2016 2017
0%
20%
40%
60%
Est.%Contribution
80%
100%
2012
$-
$50
$100
$150
$200
$250
2012 2013 2014 2015 2016 2017
GlobalSpend$B
$250
$200
$150
$100
$50
$0
$89
$166
$105
$170
$126
$176
$151
$176 $178 $182
$209
$178
DIGITAL TV
2012 2013 2014 2015 2016 2017
Global Ad Spend - Digital vs. TV
Global Ad Spend - Est. % Contribution
GOOGLEFACEBOOKBAIDUALIBABATENCENT
3
OSHARES.COM
Internet/Digital Technology, e-commerce and social media have changed the way people communicate, shop
for clothes and groceries as well as consume news and entertainment. Companies looking to advertise their
products have recognized this secular shift and in 2017, digital surpassed TV advertising for the first time.
Digital Ad revenue totaled over $200 billion in 2017 compared $178 billion for TV. Digital has grown 134%
since 2012 compared to TV which has only experienced 7% growth.
Who stands to potentially benefit from this trend? Global Internet giants, Google, Facebook, Tencent, Alibaba
and Baidu dominate in terms of digital ads. These five companies capture roughly 80% share of global digital
ad revenue and that figure is growing. In 2012, the five companies made up less than 60%. If the trend away
from TV and towards digital continues, companies like these may end up the bigger winners.
DIGITAL TRENDS: WHO IS WINNING?
Source: Global Digital Ad Spend Est. % from Bloomberg. Data as of 12/31/2017. Global TV and Digital Ad Spend from https://www.recode.
net/2017/12/4/16733460/2017-digital-ad-spend-advertising-beat-tv. For top ten holdings of the OGIG ETF see page 13.For informational
purposes only. There is no guarantee that current trends will continue in the future.

4. U.S. E-commerce - % of Total Retail Sales
China E-commerce - % of Total Retail Sales
4
OSHARES.COM
The trend towards e-commerce is best
demonstrated by observing the two largest
economies in the world.
In the U.S.e-commerce salestotaledapproximately
$122 billion in the first quarter of 2018 compared
to just $36 billion in 2008, an annual growth
rate of 13%. This figure represents over 9% of
total retail sales. 10 years ago, e-commerce sales
represented just over 3%. Online sales as a % of
total retail volume has grown 160% in just 10
years.
E-COMMERCE: HOW MUCH GROWTH IS LEFT?
In China, adoption of e-commerce is even more
advanced. E-commerce in China totaled $1.1 trillion
in 2017, which represented 21% of total retail sales.
Between 2014 and 2017, total e-commerce in China
grew from $449.4 billion to over $1.1 trillion, a growth
rate of 145%.
Source: Data as of 3/31/2018. https://www.census.gov/retail/index.html#ecommerce
Past performance does not guarantee future results. It is impossible to predict future growth. Actual results may vary. The past and future
growth or loss of any sector does not represent the O’Shares Fund.

5. Worldwide Cloud Market Share
$0
$50
$100
$150
$200
$250
$300
$350
2017 2018 2019 2020 20212017 2018e 2019e 2020e 2021e
$350
$300
$250
$200
$150
$100
$50
$0
Compound annual
growth rate: 18.5%
$154
$186
$221
$260
$303
Years
Billions(USD)
Total Worldwide Cloud Sales
34%
20%
15%
13%
8%6%
4%
34%
20%
15%
13%
8%6%
4%
Amazon
Microsoft
IBM
Google
Alibaba
Next 10
(Tencent,
Salesforce,
Rackspace,
etc.)
Rest of Market
5
OSHARES.COM
Similar to the move to online retail (B2C), a transition to
the“Cloud”is occurring in tech services to businesses (B2B).
Traditional in-house or off premises data warehouses are
becoming obsolete as businesses take their data backup
needs to the “Cloud”.
The cloud market was $154 billion at the end of 2017and
is estimated to grow at a compounded annual growth rate
of over 18% per year through 2021 to over $300 billion.
The Cloud market is concentrated.Global Internet kingpins,
Amazon, Microsoft, IBM, Google and Alibaba account for
approximately 65% of the cloud market. The next 10,
which include names like Tencent and Salesforce comprise
approximately 15%. As the pie grows, will these Internet
companies maintain their stranglehold on cloud or will
there be more entrants in the space? Time will tell.
CLOUD TECH SERVICES: GROWTH IN B2B?
Source: Worldwide Cloud Sales data from Gartner. Source: https://www.gartner.com/newsroom/id/3871416. Data as of 04/12/2018.
Marketshare from: Synergy Research Group. Source: https://www.thestreet.com/story/14473315/1/how-cloud-computing-giants-stack-up.
html, http://www.globenewswire.com/NewsRoom/AttachmentNg/eb389a44-0ec7-47d6-bc6a-968f62b5032d. Data as of 02/02/2018. For
top ten holdings of the OGIG ETF see page 13.
The above charts are for informational purposes only, includes the estimated growth of a certain sector and does not represent the
O’Shares ETFs.It is impossible to predict future growth and actual results may vary. Potential growth or decline is not guaranteed and does
not represent the performance of the Fund.

6. 6
OSHARES.COM
U.S. VS. INTL.
// U.S. GIANTS VS. INTERNATIONAL GIANTS:
// WHO HAS THE BEST BUSINESSES?
Companies like Google, Amazon, and Facebook are household names. In the U.S., Google dominates Internet
search, $4 out of every $10 spent online is on Amazon, and Facebook boasts mobile app penetration over 80%.
There are companies comparable to these U.S. Internet behemoths such as Baidu,Alibaba and Tencent in China
and elsewhere in the world. What may come as a surprise is that many of these international equivalents are
not only as dominant in their parts of the world but have been growing at a faster pace.

7. • Facebook is a social networking website
that allows people to communicate and
share information, photos and videos.
• There are over 2.2 billion users on
Facebook.
Market Cap ($B USD) $555.3
Country U.S.
Revenue 2017 ($B USD) $40.7
Avg. Est. Revenue Growth 33%
• Tencent’s subsidiaries provide Internet,
mobile applications, social networking and
e-commerce services.
• Their social media platform has over 850
million users.
Market Cap ($B USD) $483.7
Country China
Revenue 2017 ($B USD) $35.2
Avg. Est. Revenue Growth 43%
7
OSHARES.COM
FACEBOOK VS TENCENT
Facebook is the largest social media company in the world, with a market cap exceeding $500 billion USD. It
has grown its user base to 2.2 billion and daily active users to 1.5 billion.The social media giant hauled in over
$40 billion in 2017 and is projected to grow revenue at an estimated 33%.
In Asia,Tencent is China’s answer to Facebook.It is comparable in size with a market cap of approximately $480
USD.Though, not solely focused on social media.Tencent’s WeChat messaging service has over 1 billion users.
The company had $35 billion USD in 2017 and is projected to grow even faster than Facebook at an estimated
43%.
TALE OF THE TAPE
The above includes estimated revenue growth of certain companies. It is impossible to predict future growth and actual results may vary.
The potential growth or decline of any individual company does not represent the performance of the Fund. All other data from Bloom-
berg as of 06/12/2018. Users are monthly active users. Avg. Revenue represents the average of the next two fiscal years estimates from
Bloomberg.

8. 8
OSHARES.COM
AMAZON VS. ALIBABA
Amazon,the online retail giant now accounts for 40% of all online retail sales in the U.S. It has grown in market
cap to nearly $800 billion USD. In 2017, Amazon’s sales totaled nearly $180 billion with a gross margin over
30%. Despite its size, it is still estimated to grow approximately 28% per year
China has its own online retail giant in Alibaba.It has a market cap over half a billion dollars in USD and though
its sales may pale in comparison to Amazon, they still totaled almost $40 billion USD with gross margins at
almost 60% and are projected to grow nearly twice the pace at an estimated 50%. Alibaba has 552 million
active accounts and 617 million mobile users.
• Amazon is an online retailer that offers
a wide range of products such as books,
electronics, home and garden, etc.
Market Cap ($B USD) $790.7
Country U.S.
Revenue 2017 ($B USD) $177.9
Avg. Est. Revenue Growth 28%
• Alibaba provides Internet infrastructure,
e-commerce, online financial and content
services.
• 552 million active accounts.
• 617 million mobile users.
Market Cap ($B USD) $507.1
Country China
Revenue 2017 ($B USD) $37.8
Avg. Est. Revenue Growth 50%
TALE OF THE TAPE
The above includes estimated revenue growth of certain companies. It is impossible to predict future growth and actual results may vary.
The potential growth or decline of any individual company does not represent the performance of the Fund. All other data from Bloom-
berg as of 06/12/2018. Users are monthly active users. Avg. Revenue represents the average of the next two fiscal years estimates from
Bloomberg.

9. 9
OSHARES.COM
GOOGLE/ALPHABET VS. BAIDU
Google has become synonymous with Internet search. It is the global leader and has a market cap of $758
billion. Google monopolizes the majority of global search at 90%.The company’s revenue topped $100 billion
in 2017 and revenue growth is projected to grow by 8% on average.
Though Google is the undisputed king of Internet search in many markets, they are a distant second in China.
Baidu owns 80% of Internet search share versus Google at only 10%. The gap grows even wider if comparing
mobile Internet search, where Baidu maintains its 80% share but Google only claims 1%. Baidu has a market
cap of approximately $85 billion and had revenue of over $12 billion in 2017. Though small by comparison,
Baidu has a projected revenue growth rate of 24%, 3 times the pace of Google/Alphabet.
• Alphabet’s subsidiaries provides web-based
search, maps, software applications and
online videos.
Market Cap ($B USD) $758.4
Country U.S.
Revenue 2017 ($B USD) $110.9
Avg. Est. Revenue Growth 8%
• Baidu offers an algorithmic Internet search
engine, news and navigation service.
Market Cap ($B USD) $84.6
Country China
Revenue 2017 ($B USD) $12.6
Avg. Est. Revenue Growth 24%
TALE OF THE TAPE
The above includes estimated revenue growth of certain companies. It is impossible to predict future growth and actual results may vary.
The potential growth or decline of any individual company does not represent the performance of the Fund. All other data from Bloom-
berg as of 06/12/2018. Users are monthly active users. Avg. Revenue represents the average of the next two fiscal years estimates from
Bloomberg.

10. 10
OSHARES.COM
Developed countries are nearing Internet adoption saturation. North America and Europe account for roughly
15% of the world’s population and are nearing full adoption at 95% and 85%, respectively.
Asia and Africa on the other hand have populations exceeding 4 billion and 1 billion, respectively accounting
for over 70% of the world’s population but have much lower adoption rates. Only half of Asia is online and
that proportion drops to nearly a third for Africa. As Internet adoption rates in Asia and Africa converge with
developed markets, growth in Internet and e-commerce will likely follow suit.
CONSUMER TRENDS: THE BIGGEST OPPORTUNITY
48%
35%
85%
67% 95% 64%
4,208
1,288
828
652
364
254
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Asia Africa Europe Latin America /
Caribbean
North America Middle East
Population(InMillions)
Internet Users Non Internet Users
Population vs. Internet Penetration Rate
Opportunity:
Over 3 billion more
consumers to go
Source: https://www.internetworldstats.com/stats.htm. Data as of 12/31/2017.The above includes information about the potential growth
of a certain sector. It is impossible to predict future growth and actual results may vary. The potential growth or decline of a particular
sector is not guaranteed and does not represent the performance of the Fund.

11. 11
OSHARES.COM
Source: International Post Corporation, https://www.ipc.be/en/knowledge-centre/e-commerce/articles/global-ecommerce-figures-2017.
Bloomberg Data as at 06/29/2018.
GLOBAL E-COMMERCE: WORLD #1 IS NOT U.S.
The rapid adoption of e-commerce in China has helped fuel regional dominance from Asia-Pacific. In 2010,
Asia-Pacific accounted for only a third of total e-commerce. As of last year, that proportion had grown to 60%.
North America and Europe comprised a total of 36%, at 21% and 15%, respectively. By 2021, Asia-Pacific’s
share of global e-commerce is projected to grow to 67%.
2010201020102010
2010 2017 2021
Asia-Pacific
32% Asia-Pacific
60%
Asia-Pacific
67%
North America
39%
NorthAmerica
21%
NorthAmerica
18%
Western
Europe 26%
Western
Europe 15%
Western Europe
10%
Rest of the
World 3%
Rest of the
World 4%
Rest of the
World 5%
Asia: Global Leadership in E-Commerce

12. 12
OSHARES.COM
// INVESTING: 50 OF THE FASTEST GROWING INTERNET COMPANIES
// IN ONE ETF: OGIG
Global Internet
giants such as
Amazon, Facebook,
Netflix, Alibaba and
Tencent
• Strong Revenue Growth
• Profitability
• Strong Balance Sheets
Over 50 of the Fastest
Growing Internet Giants in
the World!
Source: Bloomberg. Data as of 6/30/2018. Holdings subject to change.

13. 13
OSHARES.COM
// O’SHARES GLOBAL INTERNET GIANTS ETF: OGIG
O’Shares Global Internet Giants ETF (OGIG) is an exchange
traded fund (ETF) designed to provide investors with the
means to invest in some of the largest global companies
that derive most of their revenue from the Internet and
e-commerce sectors that exhibit above average growth
potential.
OGIG seeks to track the performance (before fees and
expenses) of the O’Shares Global Internet Giants Index (the
“Target Index”).
Why OGIG?
• Strong revenue growth: portfolio companies that exhibit
above average growth.
• Strong balance sheets: profitable portfolio companies
with healthy cash reserve positions.
• Global portfolio: Includes some of the largest high growth
companies in the world engaged in the Internet and
e-commerce sectors in regions where Internet adoption
is rising and consumer spending increasing.
TOP 10 HOLDINGS
Facebook US 6.41%
Amazon US 6.24%
Alphabet US 6.18%
Tencent Holdings CN 5.71%
Alibaba CN 5.65%
Netflix US 3.87%
Microsoft US 3.25%
JD.com CN 2.68%
Snap US 2.35%
MercadoLibre AR 2.30%
FUND DETAILS
Ticker: OGIG
CUSIP: 67110P704
Intraday NAV: OGIG.IV
Expense Ratio: 0.48%
Inception Date: 6/5/2018
Rebalance: Quarterly
Reconstitution: Semi-annually
Number of Holdings: 52
Primary Listing: NYSE
SECTOR ALLOCATION
Information Technology 74.26%
Consumer Discretionary 24.65%
Industrials 0.92%
Cash 0.48%
RESOURCES
Website Fund Page
Fact Sheet
Prospectus
Summary Prospectus
SAI
COUNTRY ALLOCATION
55%31%
5%
3%
2% 2% 2%
United States
China
United Kingdom
Japan
Argentina
Germany
Canada
Data as of 6/30/2018. Holdings subject to change.

14. 14
OSHARES.COM
O’Shares Investments 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.
// ABOUT O’SHARES ETF

15. 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, eco-
nomic, 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 for-
eign 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 capital-
ization 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 tech-
nology, 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.
15
OSHARES.COM
OUSA
OUSM OEUR
OASI
// RULES-BASED ETFS
// DESIGNED BY CONSERVATIVE LONG-TERM INVESTORS
OGIG ONTL