OUSM

O’Shares U.S. Small Cap Quality Dividend ETF

Small-caps focused on strong dividend growth and profitability.

Get the latest research for equity income strategies and dividend growth trends.

Should investors consider small-caps for diversification and income?

Get access:
• Latest research and data on income and growth investing
• Market commentary
• Strategy discussion webcasts with Kevin O’Leary and guests

Dividend Growth

Small-cap dividend paying stocks with strong dividend growth have outperformed.* A company’s ability to grow dividends in often an indicator of financial health.

Profitability

Top quartile small-cap companies by return on assets (ROA) have outperformed those in the bottom quartile historically.*

Strong Balance Sheets

Small-cap companies with strong cash flows** and responsible use of debt (leverage) have historically outperformed across most sectors.

Dividend Coverage

Strong dividend coverage may increase the likelihood of dividend growth while potentially reducing the risk of dividend cuts or suspensions.

Less Risk?

Focused on volatility may potentially reduce severity of small-cap portfolio drawdowns during market stress events.

Quality Dividend Income

Focus on dividend yield from quality small-cap companies to potentially provide a source of stable or growing equity income.

*Source: O'Shares ETFs and Bloomberg. Small-Cap Stocks: Why Quality Matters. Data as of 12/31/2021.
**Free Cash Flow – FCF: A measure of financial performance calculated as operating cash flow minus capital expenditures.

OUSM

O’Shares U.S. Small Cap Quality Dividend ETF

Small-caps focused on strong dividend growth and profitability.

Dividend Growth

Small-cap dividend paying stocks with strong dividend growth have outperformed.* A company’s ability to grow dividends in often an indicator of financial health.

Profitability

Top quartile small-cap companies by return on assets (ROA) have outperformed those in the bottom quartile historically.*

Strong Balance Sheets

Small-cap companies with strong cash flows** and responsible use of debt (leverage) have historically outperformed across most sectors.

Dividend Coverage

Strong dividend coverage may increase the likelihood of dividend growth while potentially reducing the risk of dividend cuts or suspensions.

Less Risk?

Focused on volatility may potentially reduce severity of small-cap portfolio drawdowns during market stress events.

Quality Dividend Income

Focus on dividend yield from quality small-cap companies to potentially provide a source of stable or growing equity income.

Get the latest research for equity income strategies and dividend growth trends.

Should investors consider small-caps for diversification and income?

Get access:
• Latest research and data on income and growth investing
• Market commentary
• Strategy discussion webcasts with Kevin O’Leary and guests

*Source: O'Shares ETFs and Bloomberg. Small-Cap Stocks: Why Quality Matters. Data as of 12/31/2021.
**Free Cash Flow – FCF: A measure of financial performance calculated as operating cash flow minus capital expenditures.

Why OUSM for Small Cap Quality Dividends?

  • Quality Advantages. Over 100 small cap stocks selected for quality, strong balance sheets and profitability.
  • Performance. Seeks less volatile approach to invest in small cap companies.
  • Use as Core Holding. Attractive long-term quality approach for investing in small caps, seeking income and less risk potential.

Fund Investment Objective

The Fund seeks to track the performance (before fees and expenses) of its target index, the O’Shares U.S. Small-Cap Quality Dividend Index (the “Target Index”).

The Target Index is designed to reflect the performance of publicly-listed small-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, 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.

Fund & Market Data

Profile 
SymbolOUSM
Listing ExchangeCboe
Inception Date12/30/2016
CUSIP67110P100
Target Index ProviderO'Shares
Target Index SymbolOUSMX
Expense Ratio0.48%
30 Day SEC Yield11.57%
(as of 12/31/2021)
Market Data as of01/28/2022
NAV Price$34.68
NAV Price Change$0.60
Market Price$34.69
Market Price Change$0.59
30 Day Median Bid/Ask Spread20.11% (as of 01/27/2022)
Premium/Discount30.06% (as of 01/27/2022)
Shares Outstanding4,404,000.000
Volume11,995
Total Net Assets$152,722,871.98
1. The 30 day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield. The 30 day SEC yield is as of the prior month end.
2. The median bid-ask spread is calculated by identifying the national best bid and national best offer (NBBO) for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
3. The premium discount information represents the difference between the daily market price for shares of the Fund and the Fund’s reported Net Asset Value. The amount that the Fund’s market price is above the reported NAV is called the premium. The amount that the Fund’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 p.m. EST).
Effective June 1, 2020 the target index for OUSM was changed from FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index to O’Shares U.S. Small-Cap Quality Dividend Index. The new index provides greater emphasis on our principles of Quality. Information beginning June 1, 2020, including yield and holdings data, reflect the index change.

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 capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

There are risks involved with investing, including 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 Fund may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. The Fund’s 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. See the prospectus for specific risks regarding the Fund.

Performance

MONTHLY PERFORMANCE (AS OF 12/31/2021)
 QTDYTD1 YR3 YR5 YRSI
NAV7.92%21.56%21.56%18.62%10.64%10.59%
Market Value7.89%21.48%21.48%18.64%10.62%10.59%
QUARTERLY PERFORMANCE (AS OF 12/31/2021)
 QTDYTD1 YR3 YR5 YRSI
NAV7.92%21.56%21.56%18.62%10.64%10.59%
Market Value7.89%21.48%21.48%18.64%10.62%10.59%

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 investor’s shares, when redeemed, may be worth more or less than original cost. Returns beyond 1 year are annualized.

Shares of the Funds are not individually redeemable and the owners of Shares may purchase or redeem Shares from each Fund in Creation Units only. The purchase and sale price of individual Shares trading on an Exchange may be below, at or above the most recently calculated NAV for such Shares.

Market Price returns are generally based on market value at 4:00PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

Holdings

Name
(As of 1/28/2022)
TickerSectorFund WeightQuantityCUSIP/ISIN
JUNIPER NETWORKS INCJNPRInformation Technology2.48%112498US48203R1041
HOULIHAN LOKEY INCHLIFinancials2.40%35166US4415931009
BUNGE LTDBGConsumer Staples2.37%36843BMG169621056
A O SMITH CORPAOSIndustrials2.20%44615US8318652091
ROBERT HALF INTERNATIONAL INCRHIIndustrials2.14%29667US7703231032
OLD REPUBLIC INTERNATIONAL CORPORIFinancials2.09%124955US6802231042
ERIE INDEMNITY COERIEFinancials2.08%18005US29530P1021
CARLYLE GROUP INC/THECGFinancials2.05%64489US14316J1088
WATSCO INCWSOIndustrials2.05%11210US9426222009
GENTEX CORPGNTXConsumer Discretionary2.04%101502US3719011096
AMDOCS LTDDOXInformation Technology2.02%40755GB0022569080
PREMIER INCPINCHealth Care2.02%81625US74051N1028
SERVICE CORP INTERNATIONAL/USSCIConsumer Discretionary2.01%50703US8175651046
JACK HENRY & ASSOCIATES INCJKHYInformation Technology2.00%18507US4262811015
INTERPUBLIC GROUP OF COS INC/THEIPGCommunication Services1.98%86054US4606901001
SEI INVESTMENTS COSEICFinancials1.98%52669US7841171033
CBOE GLOBAL MARKETS INCCBOEFinancials1.94%25485US12503M1080
SNAP-ON INCSNAIndustrials1.94%14383US8330341012
GRACO INCGGGIndustrials1.91%41022US3841091040
MAXIMUS INCMMSInformation Technology1.90%37630US5779331041
DOLBY LABORATORIES INCDLBInformation Technology1.89%33472US25659T1079
TORO CO/THETTCIndustrials1.87%29634US8910921084
WESTERN UNION CO/THEWUInformation Technology1.83%148746US9598021098
LINCOLN ELECTRIC HOLDINGS INCLECOIndustrials1.69%20561US5339001068
ENCOMPASS HEALTH CORPEHCHealth Care1.61%39660US29261A1007
FLOWERS FOODS INCFLOConsumer Staples1.55%83736US3434981011
NATIONAL HEALTHCARE CORPNHCHealth Care1.38%32595US6359061008
UGI CORPUGIUtilities1.38%46906US9026811052
DONALDSON CO INCDCIIndustrials1.30%36307US2576511099
LAZARD LTDLAZFinancials1.25%44720BMG540501027
MOELIS & COMCFinancials1.24%34554US60786M1053
INGREDION INCINGRConsumer Staples1.19%19289US4571871023
WHIRLPOOL CORPWHRConsumer Discretionary1.14%8502US9633201069
LANCASTER COLONY CORPLANCConsumer Staples1.12%10759US5138471033
BORGWARNER INCBWAConsumer Discretionary1.08%38652US0997241064
GENPACT LTDGInformation Technology1.07%33643BMG3922B1072
H&R BLOCK INCHRBConsumer Discretionary1.02%69571US0936711052
SAFETY INSURANCE GROUP INCSAFTFinancials0.97%18249US78648T1007
CHEMED CORPCHEHealth Care0.93%3051US16359R1032
RLI CORPRLIFinancials0.91%13555US7496071074
CDK GLOBAL INCCDKInformation Technology0.89%32150US12508E1010
MERCURY GENERAL CORPMCYFinancials0.89%24971US5894001008
MONOLITHIC POWER SYSTEMS INCMPWRInformation Technology0.84%3468US6098391054
ARTISAN PARTNERS ASSET MANAGEMENT INCAPAMFinancials0.81%29589US04316A1088
EVERCORE INCEVRFinancials0.80%10250US29977A1051
BRADY CORPBRCIndustrials0.77%22376US1046741062
MORNINGSTAR INCMORNFinancials0.77%4262US6177001095
NEWS CORPNWSACommunication Services0.76%53404US65249B1098
LEGGETT & PLATT INCLEGConsumer Discretionary0.75%29670US5246601075
NATIONAL INSTRUMENTS CORPNATIInformation Technology0.74%27795US6365181022
STEWART INFORMATION SERVICES CORPSTCFinancials0.65%14394US8603721015
LAMB WESTON HOLDINGS INCLWConsumer Staples0.64%15168US5132721045
LANDSTAR SYSTEM INCLSTRIndustrials0.63%6169US5150981018
AVNET INCAVTInformation Technology0.61%23722US0538071038
EXPONENT INCEXPOIndustrials0.57%9291US30214U1025
LITTELFUSE INCLFUSInformation Technology0.57%3342US5370081045
SCHNEIDER NATIONAL INCSNDRIndustrials0.57%34383US80689H1023
CSG SYSTEMS INTERNATIONAL INCCSGSInformation Technology0.56%15076US1263491094
JOHN WILEY & SONS INCJW/ACommunication Services0.56%17507US9682232064
MDU RESOURCES GROUP INCMDUUtilities0.55%28975US5526901096
COHEN & STEERS INCCNSFinancials0.54%10150US19247A1007
PINNACLE WEST CAPITAL CORPPNWUtilities0.52%11286US7234841010
REYNOLDS CONSUMER PRODUCTS INCREYNConsumer Staples0.52%26658US76171L1061
HAMILTON LANE INCHLNEFinancials0.51%9089US4074971064
BIO-TECHNE CORPTECHHealth Care0.50%2100US09073M1045
GRAHAM HOLDINGS COGHCConsumer Discretionary0.48%1290US3846371041
OGE ENERGY CORPOGEUtilities0.48%19470US6708371033
CABLE ONE INCCABOCommunication Services0.46%471US12685J1051
WD-40 COWDFCConsumer Staples0.46%3211US9292361071
IDACORP INCIDAUtilities0.45%6281US4511071064
STANDARD MOTOR PRODUCTS INCSMPConsumer Discretionary0.45%14810US8536661056
STURM RUGER & CO INCRGRConsumer Discretionary0.45%10393US8641591081
CASEY'S GENERAL STORES INCCASYConsumer Staples0.43%3537US1475281036
FRANKLIN ELECTRIC CO INCFELEIndustrials0.43%7697US3535141028
OSHKOSH CORPOSKIndustrials0.41%5621US6882392011
VISHAY INTERTECHNOLOGY INCVSHInformation Technology0.41%31242US9282981086
MURPHY USA INCMUSAConsumer Discretionary0.39%3113US6267551025
CARTER'S INCCRIConsumer Discretionary0.38%6376US1462291097
ITT INCITTIndustrials0.37%6255US45073V1089
LPL FINANCIAL HOLDINGS INCLPLAFinancials0.37%3370US50212V1008
ESSENTIAL UTILITIES INCWTRGUtilities0.36%11624US29670G1022
POLARIS INCPIIConsumer Discretionary0.36%4932US7310681025
PROGRESS SOFTWARE CORPPRGSInformation Technology0.36%12032US7433121008
NATIONAL FUEL GAS CONFGUtilities0.35%8967US6361801011
SIMPSON MANUFACTURING CO INCSSDIndustrials0.35%4831US8290731053
LEAR CORPLEAConsumer Discretionary0.34%3140US5218652049
WERNER ENTERPRISES INCWERNIndustrials0.34%11786US9507551086
ACUSHNET HOLDINGS CORPGOLFConsumer Discretionary0.33%10929US0050981085
COLUMBIA SPORTSWEAR COCOLMConsumer Discretionary0.33%5610US1985161066
MDC HOLDINGS INCMDCConsumer Discretionary0.31%9708US5526761086
MGIC INVESTMENT CORPMTGFinancials0.30%30126US5528481030
TOOTSIE ROLL INDUSTRIES INCTRConsumer Staples0.30%13827US8905161076
ONEMAIN HOLDINGS INCOMFFinancials0.27%8083US68268W1036
NEW YORK TIMES CO/THENYTCommunication Services0.25%9952US6501111073
ONE GAS INCOGSUtilities0.25%4840US68235P1084
POWER INTEGRATIONS INCPOWIInformation Technology0.25%5021US7392761034
AMERICAN STATES WATER COAWRUtilities0.24%4000US0298991011
ENNIS INCEBFIndustrials0.24%19818US2933891028
MGE ENERGY INCMGEEUtilities0.24%4734US55277P1049
NRG ENERGY INCNRGUtilities0.24%9013US6293775085
J & J SNACK FOODS CORPJJSFConsumer Staples0.23%2330US4660321096
OTTER TAIL CORPOTTRUtilities0.23%5498US6896481032
SPIRE INCSRUtilities0.23%5400US84857L1017
UNIFIRST CORP/MAUNFIndustrials0.23%1860US9047081040
VECTOR GROUP LTDVGRConsumer Staples0.23%31268US92240M1080
WEIS MARKETS INCWMKConsumer Staples0.23%5930US9488491047
HAWAIIAN ELECTRIC INDUSTRIES INCHEUtilities0.22%8039US4198701009
ALLETE INCALEUtilities0.20%4843US0185223007
SOUTHWEST GAS HOLDINGS INCSWXUtilities0.19%4341US8448951025
BLACK HILLS CORPBKHUtilities0.18%3999US0921131092
NEW JERSEY RESOURCES CORPNJRUtilities0.18%7056US6460251068
CASH0.17%257610.51
NORTHWESTERN CORPNWEUtilities0.17%4532US6680743050
HEALTHCARE SERVICES GROUP INCHCSGIndustrials0.15%13407US4219061086
PNM RESOURCES INCPNMUtilities0.15%5103US69349H1077
Holdings subject to change.

Sector Allocation

AS OF 12/31/2021
SectorWeight
Financials22.89%
Industrials20.48%
Information Technology18.20%
Consumer Discretionary12.22%
Consumer Staples8.71%
Health Care6.67%
Utilities6.62%
Communication Services4.14%
Cash-0.04%

Distributions

Ex-DividendRecordPayableDistribution Per Share
12/29/202112/30/202101/03/20220.106011
11/29/202111/30/202112/02/20210.051236
10/28/202110/29/202111/02/20210.041538
09/29/202109/30/202110/04/20210.067294
08/30/202108/31/202109/02/20210.045695
07/29/202107/30/202108/03/20210.045422
06/29/202106/30/202107/02/20210.054012
05/27/202105/28/202106/02/20210.037318
04/29/202104/30/202105/04/20210.022500
03/29/202103/30/202104/01/20210.040077
02/25/202102/26/202103/02/20210.032011
01/28/202101/29/202102/02/20210.034048
12/29/202012/30/202001/04/20210.143333
11/27/202011/30/202012/02/20200.069662
10/29/202010/30/202011/03/20200.030434
09/29/202009/30/202010/02/20200.035874
08/28/202008/31/202009/02/20200.020712
07/30/202007/31/202008/04/20200.009765
06/29/202006/30/202007/02/20200.047353
05/28/202005/29/202006/02/20200.051608
04/29/202004/30/202005/04/20200.043675
03/27/202003/30/202004/01/20200.070263
02/25/202002/26/202002/28/20200.049613
01/29/202001/31/202002/04/20200.054836
12/27/201912/30/201901/03/20200.076181
11/27/201911/29/201912/3/20190.058615
10/30/201910/31/201911/4/20190.040394
9/27/20199/30/201910/2/20190.051475
8/28/20198/30/20199/4/20190.0479
7/30/20197/31/20198/2/20190.023934
6/27/20196/28/20197/2/20190.063913
5/30/20195/31/20196/4/20190.040131
4/26/20194/30/20195/2/20190.034715
3/28/20193/29/20194/2/20190.066273
2/27/20192/28/20193/4/20190.05885
1/30/20191/31/20192/4/20190.02695
12/27/201812/28/20181/3/20190.073132
11/29/201811/30/201812/4/20180.071378
10/30/201810/31/201811/2/20180.032762
9/27/20189/28/201810/2/20180.044242
8/29/20188/31/20189/5/20180.0454
7/30/20187/31/20188/2/20180.021
6-26-20186-27-20186-29-20180.060068
5-30-20185-31-20186-4-20180.061
4-27-20184-30-20185-2-20180.069
3/27/20183/29/20184/3/20180.059
2/27/20182/28/20183/2/20180.045
1/30/20181/31/20182/2/20180.038
12/22/201712/26/201712/29/20170.156
11/15/201711/16/201711/21/20170.060
10/16/201710/17/201710/20/20170.058
9/15/20179/18/20179/21/20170.055
8/15/20178/17/20178/21/20170.030
7/17/20177/19/20177/21/20170.006
6/15/20176/19/20176/21/20170.052
5/15/20175/17/20175/19/20170.023
4/17/20174/19/20174/21/20170.077
3/15/20173/17/20173/21/20170.058
2/15/20172/17/20172/22/20170.009

Premium Discount

DateDays< -0.5%-0.5% to 0%00% to 0.5%> 0.5%
202125208211690
     12/31/2021640240400
     9/30/2021640311320
     6/30/2021630110520
     3/31/2021610160450
2020253510701401
201925201610910
2018251013201190

The above line chart and table present information about the difference between the daily market price for shares of the Fund and the Fund’s reported Net Asset Value. The amount that the Fund’s market price is above the reported NAV is called the premium. The amount that the Fund’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 p.m. EST). The vertical axis of the line chart shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium discount occurred. The table indicates the number of trading days in the respective period in which the Fund traded within the premium/discount percentage range as indicated.

OUSM Research & News

Our Next Livestream Starts In

O’Shares Livestreams are usually on Thursdays at 11AM ET. Topics include current market investment themes and internet and dividend related research.

Subscribe to O'Shares Research

Investing in ETFs starts with understanding it. O'Shares publishes original research, subscribe for access to exclusive content and industry insights.