ETF Research Center

OShares Global Internet Giants ETF tracks an index of global internet and internet technology stocks, selected and weighted by growth and quality factors.

FUND BASICS
Category	Global Equities
Fund Sponsor	OSI ETF Trust
Website	oshares.com
Inception date	Jun 05, 2018
Assets (mns)	$44
Currency	USD
Expense ratio	48 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Fundamental
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	71
Wgt avg mkt cap (mns)	$258,076
Large cap (>$10bn)	67.8%
Mid cap ($2-10bn)	30.7%
Small cap (<$2bn)	0.0%
Developed mkts	82.4%
Emerging mkts	17.7%

TOP TEN HOLDINGS
Total	42.4 %
ALPHABET INC. CLASS A	6.5 %
ALIBABA GROUP HOLDING LTD. SPONSOR	6.3 %
FACEBOOK	6.1 %
AMAZON.COM INC	5.7 %
MICROSOFT CORP	4.9 %
TENCENT HOLDINGS LTD	4.3 %
SALESFORCE.COM INC	2.3 %
NETFLIX INC	2.3 %
MEITUAN DIANPING	2.2 %
ADOBE SYSTEMS INC	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	66.1 %
	CHINA	20.2 %
	BRITAIN	2.3 %
	GERMANY	2.0 %
	ARGENTINA	1.7 %
	CANADA	1.6 %
	NEW ZEALAND	1.4 %
	NETHERLANDS	1.4 %
	LUXEMBOURG	1.2 %
	ISRAEL	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.8%	16.7%	--	--	-0.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.33	78%
MSCI EAFE	1.46	67%
MSCI Emg. Mkts.	1.22	65%

Technical Indicators
Recent close	$24.63
30d moving avg.	$23.95
Annualized volatility	24.9%
Short interest (ETF)	0.4%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	16
Turnover	0.9%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$28,480

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the O'Shares Global Internet Giants ETF based on the alternatives' overlap in portfolio holdings with OGIG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

OGIG

Expense:

48 bp

ALTAR Score™:

1.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH OGIG
Ticker	Fund Name	Overlap¹ vs OGIG (%)	Expense ratio (bp)	Savings vs OGIG (bp)	ALTAR Score™ (%)	ALTAR vs OGIG (%)
PLAT	WisdomTree Modern Tech Platforms	40.1	45	3	2.9	+1.4
PNQI	Invesco Nasdaq Internet	35.3	62	-14	2.8	+1.3
AIQ	Global X Future Analytics Tech	35.0	68	-20	4.6	+3.1
SKYY	First Trust Cloud Computing	34.8	60	-12	2.4	+0.9
TTTN	TigerShares China-U.S. Internet Titans	33.4	59	-11	3.9	+2.4
GBUY	Goldman Sachs Motif New Age Consumer	31.6	50	-2	3.6	+2.0
IGM	iShares S&P N. American Technology	31.3	46	2	4.6	+3.0
IETC	iShares Evolved U.S. Technology	31.2	18	30	4.8	+3.3
FDN	First Trust DJ Internet	30.0	52	-4	3.3	+1.8
GIGE	SoFi Gig Economy	28.2	59	-11	0.5	-1.0
ENTR	ERShares Entrepreneur 30	27.8	49	-1	3.9	+2.4
QYLD	Global X NASDAQ 100 Covered Call ETF	26.9	60	-12	4.9	+3.3
XNTK	SPDR NYSE Technology	26.9	35	13	5.5	+3.9
QQQ	Invesco QQQ	26.3	20	28	5.2	+3.7
JKE	iShares Morningstar Large Cap Growth	26.2	25	23	4.0	+2.5
ARKW	ARK Web x.O	26.1	75	-27	-0.9	-2.4
SOCL	Global X Social Media	26.0	65	-17	4.6	+3.1
IYW	iShares US Technology	25.5	42	6	5.1	+3.6
MGK	Vanguard Mega Cap 300 Growth	24.5	7	41	5.0	+3.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	O'Shares Global Internet Giants
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.2	%
Divided by: Fwd. P/BV	7.1	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	1.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.30	CATEGORY AVERAGE	1.54

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.