OUSM ALPS OShares US Small Cap Quality Dividend ETF

1.  Sub-Adviser Change for OUSA and OEUR.  Effective May 1, 2020, Vident Investment Advisory, LLC (“Vident”) will replace AGF Investments, LLC as the sub-adviser to OUSA and OEUR pursuant to an investment sub-advisory agreement between Vident and O’Shares Investment Advisers, LLC (“O’Shares”), investment adviser to OUSA and OUER.  Vident is a Delaware limited liability company with its principal offices located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009.  The co-portfolio managers of OUSA and OEUR will be Denise M. Krisko, CFA and Austin Wen, CFA. Vident currently sub-advises the O’Shares FTSE Russell Small Cap Quality Dividend ETF and O’Shares Global Internet Giants ETF.

Denise M. Krisko, CFA, joined Vident as its President in November 2014 and has over twenty years of investment management experience. Prior to joining Vident, Ms. Krisko was the Chief Investment Officer of Index Management Solutions, LLC from January 2010 to November 2014. Prior to that, she was a Managing Director and Co-Head of the Equity Index Management and Head of East Coast Equity Index Strategies for Mellon Capital Management from July 2007 to August 2009. She was also a Managing Director of The Bank of New York and Head of Equity Index Strategies for BNY Investment Advisors from August 2005 until the merger of The Bank of New York with Mellon Bank in 2007, when she assumed her role with Mellon Capital Management. Ms. Krisko attained the Chartered Financial Analyst designation in 2000. Ms. Krisko graduated with a Bachelor of Science from Pennsylvania State University and obtained her Master of Business Administration degree from Villanova University

Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

2.  Name Change.  Effective June 1, 2020, each Fund’s name will change, as set forth in the table below:

3.  Underlying Index and Index Provider Change.  Effective June 1, 2020, O’Shares Investment Advisers, LLC will become the index provider for each Fund and a new underlying index for each Fund (each, a “New Underlying Index”) will replace the current underlying index, as set forth in the table below:

4.  Investment Objective Change.  Effective June 1, 2020, each Fund’s new investment objective will be to track the investment results (before fees and expenses) of its New Underlying Index.

5.  Descriptions of New Underlying Indexes.  Effective June 1, 2020, the description of the Target Index of each Fund will reflect each Fund’s New Underlying Index as follows:

O’Shares U.S. Small-Cap Quality Dividend Index

The Target Index is designed to reflect the performance of publicly listed small capitalization dividend-paying issuers in the United States exhibiting high quality, low volatility and high dividend yields, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines, as may occur with some dividend investing strategies.

O’Shares U.S. Quality Dividend Index

The Target Index is designed to reflect the performance of publicly listed large capitalization and mid-capitalization dividend-paying issuers in the United States exhibiting high quality, low volatility and high dividend yields, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines.

O’Shares Europe Quality Dividend Index

The Target Index is designed to reflect the performance of publicly listed large capitalization and mid-capitalization dividend-paying issuers in Europe exhibiting high quality, low volatility and high dividend yields, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines.

6.  Principal Investment Strategy Change.  Effective June 1, 2020, each Fund’s principal investment strategy will be to seek to track the performance (before fees and expenses) of its New Underlying Index.

Please keep this Supplement for future reference.