O’SHARES GLOBAL INTERNET GIANTS ETFGlobal Retail E-Commerce Sales Source: U.S. and China E-commerce estimates. Global Retail E-commerce Sales from: Statista. The above chart is for

Q4 2019Distributor Foreside Fund Services LLC

OrsquoSHARES GLOBAL INTERNET GIANTS ETF

2osharescom | infoosharescom

INTERNET AND E-COMMERCE MEGA TRENDSrdquosect Worldwide E-commerce Growthsect Mobile Phones High Speed Internet Adoptionsect Consumer Trends The Biggest Opportunitysect E-commerce Adoption The Largest Global Economies

WHAT IS DRIVING MEGA TRENDSrdquosect Digital Ad Spend Trendssect Global Digital Media Revenue Top Internet Stockssect B2B Cloud Servicessect Nearly Half the World on Social Mediasect Mobile Apps Worldwide Consumer Spendingsect Online Food Delivery Nearing $100 Billion

WHY OSHARES GLOBAL INTERNET GIANTS TICKER OGIGsect 60+ of the Fastest Growing Internet Stockssect Higher Revenue Growth than Generic Tech Indexes

Executive Summary

For index and definitions of financial terms please see page 22


$1336 $1548

$1845

$2304

$2982

$3535

$4206

$4927

$-

$1000

$2000

$3000

$4000

$5000

$6000

2014 2015 2016 2017 2018 2019e 2020e 2021e

Global Retail E-Commerce Sales

Source US and China E-commerce estimates Global Retail E-commerce Sales from Statista The above chart is for informational purposes only includes the estimated growth of a certain sector and does not represent the OrsquoShares ETFs It is impossible to predict future growth and actual results may vary

bull E-Commerce Growth Global retail E-commerce sales totaled nearly $3 trillion in 2018 and are forecasted to approach $5 trillion by 2021 representing a growth rate of ~65

Worldwide E-commerce GrowthSa

les (

$ Bi

llion

s)

$0


Source Bloomberg Finance LP data as of 12312018 4G Stands for fourth generation and refers to the fourth installment of mobile network technology that allows for faster internet connectivity 4G allows compatible phones to load webpages quicker download content and stream video and music without buffering

bull Growth in High Speed Internet Adoption In 2014 ~64 of mobile phones were equipped with 4G (High Speed Internet Connectivity) As of 2018 that percentage had grown to 975 Effectively all mobile phones now have access to high speed internet comparable to desktop PCs

Mobile Phone Industry High Speed Internet Adoption

Nearly all Global Mobile Phones Have Access to High Speed Internet

638

362

2014

975

25

2018

4G Other


54

40 88 69 89 68

4242

1320

829658

366 258

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Asia Africa Europe Latin America Caribbean

North America Middle East

Popu

latio

n (In

Mill

ions

)

Internet Users Non Internet Users

OpportunityOver 3 billion more consumers

Source Internet World Stats data as of 9202019 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

bull Developed Countries North America and Europe almost full adoption bull Asian Countries Internet adoption at ~54 room to growbull Growing Internet adoption rate in Asia will likely support revenue growth for Asia-Pacific Internet companies

Consumer Trends The Biggest Opportunity

Population vs Internet Penetration Rate


E-commerce Sales US vs China

Source Bloomberg Finance LP data as of 12312018 For informational purposes only Not meant to represent the Fund

bull E-commerce Sales E-commerce sales in the US totaled $513 billion in 2018 while China recorded more than 2x that value at $13 trillion

bull Growth Trend E-commerce sales in the US have grown ~72 since 2014 vs China at ~190Sa

les (

$ Bi

llion

s)

China - E-commerce Sales

US ndash E-commerce Sales

$297 $339$388

$449$513

$0$100$200$300$400$500$600

2014 2015 2016 2017 2018

Sale

s ($

Billi

ons)

723

$449$598

$743

$1103$1309

$0$200$400$600$800

$1000$1200$1400

2014 2015 2016 2017 2018

1914


E-commerce Adoption US vs China

Source Bloomberg Finance LP data as of 12312018 For informational purposes only Not meant to represent the Fund Past performance does not guarantee future results

bull E-commerce Adoption E-commerce sales in the US represented nearly 9 of total retail sales in 2018 vs China at over 23

bull Growth Trend E-commerce as a percent of total retail sales in the US has grown ~44 since 2014 vs China at over 120

61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)

China ndash Total Retail Sales

US ndash Total Retail Sales


bull Digital Ads Forecasted to Surpass Traditional Media Digital ads in the US are estimated to surpass TV radio and print combined in 2019

bull Growing Share of the US Ad Market Digital ads are estimated to grow nearly 60 to $172 billion by 2021 representing 62 of the total US ad market compared to 49 in 2018

bull Big 4 in Digital Ads Google Facebook Amazon and Microsoft made up an estimated 70 of the market in 2018

US Digital Advertising Soon To Beat All Traditional Forms

$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e

Traditional Ad Spend Digital Ad Spend

Digital Ads to Surpass all Traditional Forms

Source Recode and eMarketercom data as of 12312019 The above includes discussion about the estimated growth of a certain sector is for informational purposes only and does not represent the Fund It is impossible to predict future growth and actual results may vary

Ad S

pend

($ B

illio

ns)

37

229

4

28

4 Companies Lead Digital AdsEst Market Share - 2019

Google Facebook Amazon Microsoft Other


$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e

China Digital Advertising Top 3 Companies

Source Digital Advertising revenue for Baidu Alibaba and Tencent from Bloomberg Finance LP as of 12312019 For most recent fiscal year end Digital advertising in China from emarketer data as of 3282019 The above data is for informational purposes only includes the estimated growth of a certain companies and does not represent the OrsquoShares ETFs It is impossible to predict future growth and actual results may vary

bull China Digital Ad Market $65 billion as of 2018 forecasted to grow to over $130 billion by 2023bull 3 Companies over $45 billion in Digital Ad Revenue Alibaba Baidu and Tencent currently make up ~70 of

the digital ad market in China

China ndash Digital Advertising Spend

Name Digital Ad Revenue ndash Latest Fiscal Year($ Billions)

Est of Total

Alibaba $247 38Baidu $124 19

Tencent $88 13Total (BAT) $459 70Other $196 30Total $654 100

105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)

Global Digital Media Revenue by Category

Digital Music ePublishing Video-on-Demand Video Games

Global Digital Media Revenue Top Internet StocksDigital Entertainment Includes video games video-on-demand ePublishing and musicGrowth Trend Global digital media revenue is forecasted to approach $160 billion by 2023Top 4 Internet Giants Tencent Netflix Amazon and Spotify are among the leaders in their respective categories

Source Global Digital Media Category Revenue data as of August 2019 published 162020 from Statista Amazon E-book statistics from Bloomberg Finance LP Spotify number of subscribers from The Verge All Other revenue data from Bloomberg Finance LP Category revenue data estimates as of the 2018 year end It is impossible to predict future growth and actual results may vary The potential growth or decline of any sector or company does not represent the performance of the Fund

$0

Tencent(Video Games)

Over $15B in 2018 ~15 of Global Sales

Netflix(Video-on-Demand)

Nearly $16B in 2018~12 of Global Sales

Amazon(ePublishing)

Over 500 million e-books sold in the

US in 2018

Spotify(Digital Music)

Over 100 million paid Subscribers


Source Canalys data as of Feb 2019The above charts are for informational purposes only and does not represent the OrsquoShares ETFs

bull Growth in Cloud Infrastructure Services The worldwide cloud infrastructure market grew from ~$55 billion in 2017 to over $80 billion in 2018 representing a growth rate of ~46

bull Big 5 in Cloud The Big 5 Amazon Microsoft Google Alibaba and IBM had combined revenue of ~$52 billion in 2018 up ~60 from 2017

bull Increasing share of the market 4 out of the Big 5 Amazon Microsoft Google and Alibaba increased their market share from ~54 in 2017 to over 60 in 2018

The Big 5 in Cloud Infrastructure

Worldwide Cloud Infrastructure Spending Big 4 (Amazon Microsoft Google Alibaba) Increase Market Share

315

135

643047

408

Amazon (AWS) Microsoft (Azure) GoogleAlibaba IBM Others

317

16885

40

38

352

2017 2018

Company 2017($ Billion)

2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468

Microsoft (Azure) $74 $135 824

Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463


Worldwide Cloud Application Services (SaaS) $80 Billion Market

Source Market-Cap and Revenue Growth from Bloomberg Finance LP Data as of 12312019 Worldwide Cloud Services revenue from Gartner List of SaaS Companies from Mike Sonders and The Software Report Forward Revenue Gr Includes average of 1FY and 2FY forward revenue growth For informational purposes only Does not represent the Fund

Cloud Application Services (SaaS) Software-as-a-Service is a software licensing model where access is provided on a subscription basis via the internet SaaS companies create develop host and update the product from one central locationStrong Growth Forecasts Worldwide SaaS revenue totaled $80 billion in 2018 and is forecasted to reach $144 billion by 2022 a growth rate of ~80Top 5 Companies The top 5 had combined revenue of ~$21 billion in 2018 representing over a quarter of the global market

Top 5 SaaS Companies

$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)

Worldwide Cloud Application Services Revenue (SaaS)

Name Country Market Cap ($ B) Revenue Last FY ($ B) Forward Revenue Growth

salesforcecom US $1443 $133 255

ServiceNow US $532 $26 301

Workday US $461 $11 403

Shopify CA $378 $28 243

Atlassian US $294 $12 280

80


35 Billion Social Media Users Worldwide Top 3 Companies in Social Media

Source Wearesocial data as of Jan 2019 Statista data as of April 2019 For informational purposes only Does not represent the Fund

bull Nearly half of the worlds population is on social media There are roughly 35 billion social media users among the approximate 77 billion people in the world

bull Strong growth trend The number of social media users has grown 88 from 18 billion in 2014 to 35 billion in 2019bull 3 companies dominate social media 8 out of the top 10 social networking sites are owned by three companies

Facebook Google and Tencent

Worldwide Social Media Users 2014 -2019 Top 10 Social Networks by Monthly Active Users

1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions

Social Network Monthly Active Users(Millions)

Facebook 2414

YouTube (Google) 2000

WhatsApp (Facebook) 1600

Messenger (Facebook) 1300

WeChat (Tencent) 1133

Instagram (Facebook) 1000

QQ (Tencent) 808

Qzone (Tencent) 554

Douyin Tik Tok (ByteDance) 500

Sina Weibo 486

88


Mobile Apps Worldwide Consumer Spending

Source APAC is Asia-Pacific EMEA is Europe the Middle East and Africa Worldwide consumer spending on Mobile Apps by Region from Statista Top Companies of 2018 from Report The State of Mobile 2019 retrieved from App Annie For informational purposes only and does not represent the OShares ETFs It is impossible to predict future spending and actual results may vary

bull Mobile App Spending over $100 billion Worldwide consumer spending on mobile apps was over $100 billion in 2018 and forecasted to reach nearly $160 billion by 2022

bull Asia Pacific accounts over 60 Asia Pacific leads the way with over $70 billion in 2018 Americas comes second at over $20 billion followed by Europe Middle East and Africa at nearly $15 billion

bull Top 10 Companies by Consumer Spend 5 of the top 10 companies are US the other 5 are in Asia

Worldwide Consumer Spending on Mobile AppsAsia Pacific accounts over for over 60

$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA

Top Companies of 2018Combined iOS and Google Play Consumer Spend

Company Country

Tencent China

InterActiveCorp (IAC) United States

Netflix United States

Google United States

Baidu China

LINE Japan

Pandora United States

Alibaba Group China

OneSmile China

Microsoft United States


Worldwide Online Food Delivery Nearing $100 Billion

Source Global Online Food Delivery Revenue from Statista Top Companies from VisionGain Eleme revenue estimate from Nikkei Asia Review All other data from Bloomberg Finance LP data as of 12312019 The data shown is for informational purposes only includes the estimated growth of a certain sector and does not represent the OrsquoShares ETFs It is impossible to predict future growth and actual results may vary

bull Online food delivery over $90 billion Global food delivery orders placed online totaled over $90 billion in 2018 and are forecasted to reach nearly $160 billion by 2023 a growth rate of ~72

bull China accounts for ~40 China leads with an estimated market share of ~40 followed by the US at ~20bull Top 5 Platforms The top platforms by revenue include Chinese-based Meituan-Dianping and Eleme acquired by

Alibaba The other three spots are occupied by Uber Eats Just Eat and Grubhub Their combined revenue in 2018 was ~$12 billion

Top 5 Online Food Delivery Platforms by Revenue

Name Country Revenue 2018 ($ Billions)

Meituan-Dianping China $58

Eleme (Alibaba) China $29

Uber Eats (Uber) United States $15

Just Eat United Kingdom $10

Grubhub United States $10

$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s

Global online food delivery forecasted to reach over $150 Billion


Source OrsquoShares ETFs data as of 12312019 Holdings subject to change

Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226

salesforcecom US 215

Delivery Hero SE DE 199

Shopify CA 186

OGIG Top 10 Holdings

Own 60+ of The Fastest Growing Internet Stocks


Source Bloomberg Finance LP Market Cap as of 12312019 Revenue Growth Trailing 12 month revenue growth Past performance does not guarantee future results The indices shown are for informational purposes only Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees expenses or sales charges For index and definitions of financial terms please see page 22

bull OGIG Index Revenue Growth Over 3x Nasdaq 100 and ~6x Technology Select Sector Indexbull The OGIG Index owns more than 60 of the fastest growing Internet and E-commerce

companies in the world

Top Internet Giants Growing Revenue Faster than Generic ldquoTechrdquo

36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index

NASDAQ 100 Stock Index

SampP 500 Index

Technology Select Sector Total Return Index

OGIG Index vs Other Notable Indexes - Revenue Growth


Sales Growth TTM

Higher Revenue Growth

Sales Growth Fwd 1Y

Higher Revenue Growth Estimates

EPS Growth Fwd 1Y

Higher Earnings Growth Estimates

Number of Stocks

Over 60 of the Fastest Growing Internet amp E-commerce Companies

Source Bloomberg Finance LP data as of 12312019 OGIG Index OrsquoShares Global Internet Giants IndexPast performance is not indicative of future results One cannot invest directly in an index It is impossible to predict future growth and actual results may vary The potential growth or decline of any sector does not represent the performance of the Fund For index and definitions of financial terms please see page 22

NASDAQ-100 Total Return IndexOGIG Index

OGIG Index Key Metrics

114

358

120316

95150

10371


Source Bloomberg Finance LP data as of 12312019 Subject to change

OGIG Sector amp Country Allocation

334

401

264

Sector Allocation

Communication ServicesInformation TechnologyConsumer Discretionary

663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation


Quarterly performance as of 12312019 OGIG launched on June 5 2018 Performance data quoted represents past performance and is no guarantee of future results Current performance may be lower or higher than the performance data quoted Investment return and principal value will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than original cost Returns beyond 1 year are annualized For most recent month end performance please visit wwwosharescom

Expense Ratio 048

Quarterly Performance

1 M 3 M 6 M 1 Y QTD YTD SI

OGIG NAV 259 1192 459 3662 1192 3662 300

OGIG Market Value 235 1158 444 3683 1158 3683 282

Performance of OGIGOrsquoShares Global Internet Giants ETF


OrsquoShares ETFs US and Global ETFsConsistent Investment Process Focused on Quality Yield amp Growth


Definitions and Financial Terms

EPS Growth Fwd 1Y The percent change in the Earnings Per Share (EPS) estimate for the specified period from the same period a year earlier

FY Fiscal Year

1FY Forward 1 Fiscal Year

2FY Forward 2 Fiscal Years

NASDAQ-100 Total Return Index The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ No security can have more than a 24 weighting The index was developed with a base value of 125 as of February 1 1985 Prior to December 211998 the Nasdaq 100 was a cap-weighted index

Sales Growth TTM Trailing 12 months

Sales Growth Fwd 1Y The percent change in the sales estimate for the specified period from the same period a year earlier

SampP 500 The SampP 500reg is widely regarded as the best single gauge of large-cap US equities and serves as the foundation for a wide range of investment products The index includes 500 leading companies and captures approximately 80 coverage of available market capitalization

Technology Select Sector Total Return Index The Technology Select Sector Index is a modified cap-weighted index The index is intended to track the movements of companies that are components of the SampP 500 and are involved in the development or production of technology products The index which serves as a benchmark for The Technology Select Sector SPDR FundXLK was established with a value of 250 on June 30 1998


Before you invest in OrsquoShares ETF Investments Funds please refer to the prospectus for important information about theinvestment objectives risks charges and expenses To obtain a prospectus containing this and other importantinformation please visit wwwosharescom to view or download a prospectus online Read the prospectus carefully beforeyou 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 thatindustry or sector The Funds may use derivatives which may involve risks different from or greater than those associatedwith more traditional investments A Funds emphasis on dividend-paying stocks involves the risk that such stocks may fall outof favor with investors and underperform the market Also a company may reduce or eliminate its dividend after the Fundspurchase of such a companys securities Returns on investments in foreign securities could be more volatile than or trail thereturns on investments in US securities Exposures to foreign securities entail special risks including political diplomaticeconomic foreign market and trading risks In addition a Funds investments in securities denominated in other currenciescould decline due to changes in local currency relative to the value of the US dollar which may affect the Funds returns Seethe prospectus for specific risks regarding the Funds

Companies involved with the Internet technology and e-commerce are exposed to risks associated with rapid advances intechnology obsolescence of current products and services the finite life of patents and the constant threat of globalcompetition and substitutes

Past performance does not guarantee future results Shares are bought and sold at market price (not NAV) are notindividually redeemable and owners of Shares may acquire those Shares from the Funds and tender those shares forredemption to the Funds in Creation Unit aggregations only consisting of 50000 Shares Brokerage commissions will reducereturns The market price of Shares can be at below or above NAV Market Price returns are based upon the midpoint of thebidask spread at 400 PM Eastern time (when NAV is normally determined) and do not represent the returns you wouldreceive if you traded Shares at other times

OrsquoShares ETF Investments Funds are distributed by Foreside Fund Services LLC Foreside Fund Services LLC is not affiliatedwith OrsquoShares ETF Investments or any of its affiliates

osharescom | infoosharescom


Distributed by Foreside Fund Services LLC


INTERNET AND E-COMMERCE MEGA TRENDSrdquosect Worldwide E-commerce Growthsect Mobile Phones High Speed Internet Adoptionsect Consumer Trends The Biggest Opportunitysect E-commerce Adoption The Largest Global Economies

WHAT IS DRIVING MEGA TRENDSrdquosect Digital Ad Spend Trendssect Global Digital Media Revenue Top Internet Stockssect B2B Cloud Servicessect Nearly Half the World on Social Mediasect Mobile Apps Worldwide Consumer Spendingsect Online Food Delivery Nearing $100 Billion

WHY OSHARES GLOBAL INTERNET GIANTS TICKER OGIGsect 60+ of the Fastest Growing Internet Stockssect Higher Revenue Growth than Generic Tech Indexes

Executive Summary

For index and definitions of financial terms please see page 22


$1336 $1548

$1845

$2304

$2982

$3535

$4206

$4927

$-

$1000

$2000

$3000

$4000

$5000

$6000

2014 2015 2016 2017 2018 2019e 2020e 2021e





les (

$ Bi

llion

s)

$0






638

362

2014

975

25

2018

4G Other


54

40 88 69 89 68

4242

1320

829658

366 258

0

500

1000

1500

2000

2500

3000

3500

4000

4500



Popu

latio

n (In

Mill

ions

)












les (

$ Bi

llion

s)



$297 $339$388

$449$513

$0$100$200$300$400$500$600

2014 2015 2016 2017 2018

Sale

s ($

Billi

ons)

723

$449$598

$743

$1103$1309

$0$200$400$600$800

$1000$1200$1400

2014 2015 2016 2017 2018

1914






61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)








$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year


















$1336 $1548

$1845

$2304

$2982

$3535

$4206

$4927

$-

$1000

$2000

$3000

$4000

$5000

$6000

2014 2015 2016 2017 2018 2019e 2020e 2021e





les (

$ Bi

llion

s)

$0






638

362

2014

975

25

2018

4G Other


54

40 88 69 89 68

4242

1320

829658

366 258

0

500

1000

1500

2000

2500

3000

3500

4000

4500



Popu

latio

n (In

Mill

ions

)












les (

$ Bi

llion

s)



$297 $339$388

$449$513

$0$100$200$300$400$500$600

2014 2015 2016 2017 2018

Sale

s ($

Billi

ons)

723

$449$598

$743

$1103$1309

$0$200$400$600$800

$1000$1200$1400

2014 2015 2016 2017 2018

1914






61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)








$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















638

362

2014

975

25

2018

4G Other


54

40 88 69 89 68

4242

1320

829658

366 258

0

500

1000

1500

2000

2500

3000

3500

4000

4500



Popu

latio

n (In

Mill

ions

)












les (

$ Bi

llion

s)



$297 $339$388

$449$513

$0$100$200$300$400$500$600

2014 2015 2016 2017 2018

Sale

s ($

Billi

ons)

723

$449$598

$743

$1103$1309

$0$200$400$600$800

$1000$1200$1400

2014 2015 2016 2017 2018

1914






61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)








$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year


















54

40 88 69 89 68

4242

1320

829658

366 258

0

500

1000

1500

2000

2500

3000

3500

4000

4500



Popu

latio

n (In

Mill

ions

)












les (

$ Bi

llion

s)



$297 $339$388

$449$513

$0$100$200$300$400$500$600

2014 2015 2016 2017 2018

Sale

s ($

Billi

ons)

723

$449$598

$743

$1103$1309

$0$200$400$600$800

$1000$1200$1400

2014 2015 2016 2017 2018

1914






61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)








$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















les (

$ Bi

llion

s)



$297 $339$388

$449$513

$0$100$200$300$400$500$600

2014 2015 2016 2017 2018

Sale

s ($

Billi

ons)

723

$449$598

$743

$1103$1309

$0$200$400$600$800

$1000$1200$1400

2014 2015 2016 2017 2018

1914






61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)








$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















61 66 72 80 88

$4851 $5135 $5379 $5608 $5814

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

106 129 155 196 236

$4227 $4639 $4789$5629 $5539

$0

$2000

$4000

$6000

2014 2015 2016 2017 2018E-Commerce

Sale

s ($

Bill

ions

)Sa

les

($ B

illio

ns)








$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















$115 $109 $107 $104 $109

$129 $151

$172

$0

$40

$80

$120

$160

$200

2018 2019e 2020e 2021e




Ad S

pend

($ B

illio

ns)

37

229

4

28




$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year


















$65 $80

$95 $109

$123 $134

$0

$20

$40

$60

$80

$100

$120

$140

$160

2018 2019e 2020e 2021e 2022e 2023e







Est of Total



105

($ B

illio

ns)


$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year


















$124 $129

$136 $143 $150 $156 $160

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

Reve

nue

($ B

illio

ns)





$0





Amazon(ePublishing)


US in 2018










315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year
























315

135

643047

408


317

16885

40

38

352

2017 2018


2018($ Billion)

AnnualGrowth

Amazon (AWS) $173 $254 468


Google $35 $68 943

Alibaba $17 $32 882

IBM $26 $31 192

Others $224 $283 263

Total $549 $803 463






$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















$80$95

$111$127

$144

$0

$50

$100

$150

$200

2018 2019e 2020e 2021e 2022e

Reve

nue

($ B

illio

ns)





Workday US $461 $11 403

Shopify CA $378 $28 243


80








1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year
























1857 2078

2307

2796

3196 3484

0

1000

2000

3000

4000

2014 2015 2016 2017 2018 2019

Num

ber o

f use

rs in

Mill

ions


Facebook 2414






QQ (Tencent) 808

Qzone (Tencent) 554


Sina Weibo 486

88








$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year
























$82

$106

$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018e 2022e

Spen

d ($

Bill

ions

)

APAC Americas EMEA


Company Country

Tencent China




Baidu China

LINE Japan


Alibaba Group China

OneSmile China















$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






























$76

$91

$107

$123$136

$148$157

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2017 2018 2019e 2020e 2021e 2022e 2023e

$ Bi

llion

s




Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year



















Name Country Weight

Amazon US 601

Alibaba CN 593

Facebook US 582

Alphabet US 569

Microsoft US 467

Tencent CN 464

Netflix US 226



Shopify CA 186








36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















36

11

8

6

0 5 10 15 20 25 30 35 40

OGIG Index


SampP 500 Index




Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year


















Sales Growth TTM


Sales Growth Fwd 1Y


EPS Growth Fwd 1Y


Number of Stocks





114

358

120316

95150

10371




334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year




















334

401

264

Sector Allocation


663

194

27

22

19

16

13

12

10

10

08

05

United States

China

Germany

United Kingdom

Canada

Argentina

Netherlands

New Zealand

Sweden

Israel

Japan

Switzerland

Other

Country Allocation



Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year



















Expense Ratio 048



OGIG NAV 259 1192 459 3662 1192 3662 300








FY Fiscal Year






















FY Fiscal Year




















FY Fiscal Year




























Documents

O’SHARES GLOBAL INTERNET GIANTS ETFGlobal Retail E-Commerce Sales Source: U.S. and China E-commerce estimates. Global Retail E-commerce Sales from: Statista. The above chart is for