Fund Description: O’Shares Global Internet Giants ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the FQF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The O’Shares Global Internet Giants ETF seeks to provide investment returns that closely correspond to the price and yield performance of the O’Shares Global Internet Giants Index. INDEX DESCRIPTION: The O’Shares Global Internet Giants Index is a rules-based index intended to give investors a means of tracking stocks exhibiting quality and growth characteristics in the internet sector, as defined by O'Shares Investment Advisers, LLC (the Index Provider). The Index is constructed using a proprietary, rules-based methodology designed to select equity securities from 2500 global stocks in two main business segments, Internet Technology and Internet Commerce, by identifying companies in the following industries: Internet Software & Services, Systems Software, Application Software and Internet & Direct Marketing Retail, selecting those that have exposure to the following factors: 1) quality and 2) growth. The Index is rebalanced quarterly and reconstituted semi-annually. FUND STRATEGY: Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Index. The Fund may invest up to 20% of its total assets in investments not included in the Index, but which the Sub-Adviser believes will help the Fund track the Target Index. The Fund may use a representative sampling strategy when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the U.S. Index. The Fund may also use a representative sampling strategy to exclude less liquid component securities contained in the U.S. Index from the Fund's portfolio in order to create a more tradable portfolio and improve arbitrage opportunities. The Fund is classified as non-diversified. FUND MANAGEMENT: O'Shares Investment Advisers, LLC serves as the investment adviser to the Fund. Vident Investment Advisory, LLC serves as the sub-adviser to the Fund.