OUSM

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

Why Invest in OUSM

Profitable small-caps: 9.2% ROA
Less risk than small-cap Value?

Seeks small-cap companies with strong profitability, balance sheets and dividend growth, a potentially lower risk way to invest in small-caps.

ROA: Portfolio weighted average return on assets measured as trailing 12M Net Income / Average Total Assets. Data as of 6/30/2021.

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
Symbol	OUSM
Listing Exchange	Cboe
Inception Date	12/30/2016
CUSIP	67110P100
Target Index Provider	O'Shares
Target Index Symbol	OUSMX
Expense Ratio	0.48%
30 Day SEC Yield¹	1.63% (as of 9/30/2021)

Market Data as of	10/19/2021
NAV Price	$36.19
NAV Price Change	$0.14
Market Price	$36.18
Market Price Change	$0.13
30 Day Median Bid/Ask Spread²	0.09% (as of 10/18/2021)
Premium/Discount³	0.00% (as of 10/18/2021)
Shares Outstanding	4,304,000.000
Volume	9,198
Total Net Assets	$155,750,513.93

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 9/30/2021)

	QTD	YTD	1 YR	3 YR	SI
NAV	-0.84%	12.64%	34.40%	9.16%	9.41%
Market Value	-0.84%	12.60%	34.54%	9.17%	9.42%

QUARTERLY PERFORMANCE (AS OF 9/30/2021)

	QTD	YTD	1 YR	3 YR	SI
NAV	-0.84%	12.64%	34.40%	9.16%	9.41%
Market Value	-0.84%	12.60%	34.54%	9.17%	9.42%

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 10/19/2021)	Ticker	Sector	Fund Weight	Quantity	CUSIP/ISIN
GENTEX CORP	GNTX	Consumer Discretionary	2.31%	98533	US3719011096
HOULIHAN LOKEY INC	HLI	Financials	2.30%	34140	US4415931009
ERIE INDEMNITY CO	ERIE	Financials	2.21%	17478	US29530P1021
CARLYLE GROUP INC/THE	CG	Financials	2.13%	62598	US14316J1088
INTERPUBLIC GROUP OF COS INC/THE	IPG	Communication Services	2.05%	83494	US4606901001
SEI INVESTMENTS CO	SEIC	Financials	2.05%	51109	US7841171033
AMDOCS LTD	DOX	Information Technology	2.03%	39529	GB0022569080
PREMIER INC	PINC	Health Care	2.03%	79191	US74051N1028
ROBERT HALF INTERNATIONAL INC	RHI	Industrials	2.02%	28787	US7703231032
SNAP-ON INC	SNA	Industrials	2.02%	13955	US8330341012
CBOE GLOBAL MARKETS INC	CBOE	Financials	2.00%	24734	US12503M1080
WATSCO INC	WSO	Industrials	2.00%	10883	US9426222009
BUNGE LTD	BG	Consumer Staples	1.99%	35738	BMG169621056
MAXIMUS INC	MMS	Information Technology	1.99%	36494	US5779331041
JUNIPER NETWORKS INC	JNPR	Information Technology	1.98%	109247	US48203R1041
JACK HENRY & ASSOCIATES INC	JKHY	Information Technology	1.97%	17951	US4262811015
SERVICE CORP INTERNATIONAL/US	SCI	Consumer Discretionary	1.96%	49220	US8175651046
DOLBY LABORATORIES INC	DLB	Information Technology	1.93%	32467	US25659T1079
OLD REPUBLIC INTERNATIONAL CORP	ORI	Financials	1.93%	121223	US6802231042
WESTERN UNION CO/THE	WU	Information Technology	1.87%	144194	US9598021098
GRACO INC	GGG	Industrials	1.85%	39812	US3841091040
TORO CO/THE	TTC	Industrials	1.83%	28742	US8910921084
A O SMITH CORP	AOS	Industrials	1.82%	43324	US8318652091
LINCOLN ELECTRIC HOLDINGS INC	LECO	Industrials	1.79%	19935	US5339001068
ENCOMPASS HEALTH CORP	EHC	Health Care	1.67%	38433	US29261A1007
MOELIS & CO	MC	Financials	1.52%	33435	US60786M1053
LAZARD LTD	LAZ	Financials	1.43%	43246	BMG540501027
NATIONAL HEALTHCARE CORP	NHC	Health Care	1.43%	31553	US6359061008
DONALDSON CO INC	DCI	Industrials	1.34%	35140	US2576511099
UGI CORP	UGI	Utilities	1.30%	45402	US9026811052
FLOWERS FOODS INC	FLO	Consumer Staples	1.29%	81064	US3434981011
INGREDION INC	INGR	Consumer Staples	1.16%	18648	US4571871023
LANCASTER COLONY CORP	LANC	Consumer Staples	1.14%	10392	US5138471033
BORGWARNER INC	BWA	Consumer Discretionary	1.10%	37349	US0997241064
WHIRLPOOL CORP	WHR	Consumer Discretionary	1.09%	8224	US9633201069
MONOLITHIC POWER SYSTEMS INC	MPWR	Information Technology	1.07%	3351	US6098391054
GENPACT LTD	G	Information Technology	1.06%	32490	BMG3922B1072
H&R BLOCK INC	HRB	Consumer Discretionary	1.06%	67180	US0936711052
EVERCORE INC	EVR	Financials	1.01%	9937	US29977A1051
SAFETY INSURANCE GROUP INC	SAFT	Financials	0.90%	17692	US78648T1007
ARTISAN PARTNERS ASSET MANAGEMENT INC	APAM	Financials	0.89%	28685	US04316A1088
CDK GLOBAL INC	CDK	Information Technology	0.88%	31168	US12508E1010
RLI CORP	RLI	Financials	0.88%	13078	US7496071074
LEGGETT & PLATT INC	LEG	Consumer Discretionary	0.85%	28764	US5246601075
MERCURY GENERAL CORP	MCY	Financials	0.85%	24207	US5894001008
CHEMED CORP	CHE	Health Care	0.83%	2945	US16359R1032
NEWS CORP	NWSA	Communication Services	0.79%	51770	US65249B1098
MORNINGSTAR INC	MORN	Financials	0.75%	4133	US6177001095
BRADY CORP	BRC	Industrials	0.71%	21693	US1046741062
NATIONAL INSTRUMENTS CORP	NATI	Information Technology	0.71%	26946	US6365181022
BIO-TECHNE CORP	TECH	Health Care	0.66%	2052	US09073M1045
HILL-ROM HOLDINGS INC	HRC	Health Care	0.66%	6765	US4314751029
EXPONENT INC	EXPO	Industrials	0.64%	9081	US30214U1025
LANDSTAR SYSTEM INC	LSTR	Industrials	0.64%	6029	US5150981018
STEWART INFORMATION SERVICES CORP	STC	Financials	0.63%	14068	US8603721015
LITTELFUSE INC	LFUS	Information Technology	0.60%	3266	US5370081045
JOHN WILEY & SONS INC	JW/A	Communication Services	0.58%	17109	US9682232064
AVNET INC	AVT	Information Technology	0.57%	23184	US0538071038
COHEN & STEERS INC	CNS	Financials	0.57%	9920	US19247A1007
MDU RESOURCES GROUP INC	MDU	Utilities	0.56%	28317	US5526901096
HAMILTON LANE INC	HLNE	Financials	0.54%	8883	US4074971064
LAMB WESTON HOLDINGS INC	LW	Consumer Staples	0.53%	14824	US5132721045
CABLE ONE INC	CABO	Communication Services	0.52%	461	US12685J1051
SCHNEIDER NATIONAL INC	SNDR	Industrials	0.52%	33603	US80689H1023
STURM RUGER & CO INC	RGR	Consumer Discretionary	0.52%	10157	US8641591081
PINNACLE WEST CAPITAL CORP	PNW	Utilities	0.48%	11030	US7234841010
CSG SYSTEMS INTERNATIONAL INC	CSGS	Information Technology	0.47%	14734	US1263491094
REYNOLDS CONSUMER PRODUCTS INC	REYN	Consumer Staples	0.47%	26052	US76171L1061
WD-40 CO	WDFC	Consumer Staples	0.46%	3139	US9292361071
GRAHAM HOLDINGS CO	GHC	Consumer Discretionary	0.44%	1208	US3846371041
STANDARD MOTOR PRODUCTS INC	SMP	Consumer Discretionary	0.44%	14474	US8536661056
CASEY'S GENERAL STORES INC	CASY	Consumer Staples	0.42%	3457	US1475281036
FRANKLIN ELECTRIC CO INC	FELE	Industrials	0.41%	7523	US3535141028
IDACORP INC	IDA	Utilities	0.41%	6139	US4511071064
OGE ENERGY CORP	OGE	Utilities	0.41%	19028	US6708371033
POLARIS INC	PII	Consumer Discretionary	0.41%	4820	US7310681025
CARTER'S INC	CRI	Consumer Discretionary	0.40%	6232	US1462291097
PROGRESS SOFTWARE CORP	PRGS	Information Technology	0.38%	11758	US7433121008
VISHAY INTERTECHNOLOGY INC	VSH	Information Technology	0.38%	30532	US9282981086
ITT INC	ITT	Industrials	0.37%	6113	US45073V1089
LPL FINANCIAL HOLDINGS INC	LPLA	Financials	0.37%	3294	US50212V1008
OSHKOSH CORP	OSK	Industrials	0.36%	5493	US6882392011
SIMPSON MANUFACTURING CO INC	SSD	Industrials	0.35%	4721	US8290731053
COLUMBIA SPORTSWEAR CO	COLM	Consumer Discretionary	0.34%	5482	US1985161066
ESSENTIAL UTILITIES INC	WTRG	Utilities	0.34%	11360	US29670G1022
LEAR CORP	LEA	Consumer Discretionary	0.34%	3068	US5218652049
NEW YORK TIMES CO/THE	NYT	Communication Services	0.34%	9726	US6501111073
WERNER ENTERPRISES INC	WERN	Industrials	0.34%	11518	US9507551086
ACUSHNET HOLDINGS CORP	GOLF	Consumer Discretionary	0.33%	10681	US0050981085
MURPHY USA INC	MUSA	Consumer Discretionary	0.33%	3043	US6267551025
NATIONAL FUEL GAS CO	NFG	Utilities	0.32%	8763	US6361801011
MGIC INVESTMENT CORP	MTG	Financials	0.31%	29442	US5528481030
POWER INTEGRATIONS INC	POWI	Information Technology	0.31%	4907	US7392761034
MDC HOLDINGS INC	MDC	Consumer Discretionary	0.30%	9488	US5526761086
ONEMAIN HOLDINGS INC	OMF	Financials	0.30%	7899	US68268W1036
TOOTSIE ROLL INDUSTRIES INC	TR	Consumer Staples	0.28%	13513	US8905161076
VECTOR GROUP LTD	VGR	Consumer Staples	0.26%	30558	US92240M1080
UNIFIRST CORP/MA	UNF	Industrials	0.25%	1818	US9047081040
ENNIS INC	EBF	Industrials	0.24%	19368	US2933891028
NRG ENERGY INC	NRG	Utilities	0.23%	8809	US6293775085
AMERICAN STATES WATER CO	AWR	Utilities	0.22%	3910	US0298991011
J & J SNACK FOODS CORP	JJSF	Consumer Staples	0.22%	2278	US4660321096
MGE ENERGY INC	MGEE	Utilities	0.22%	4626	US55277P1049
HAWAIIAN ELECTRIC INDUSTRIES INC	HE	Utilities	0.21%	7857	US4198701009
SPIRE INC	SR	Utilities	0.21%	5278	US84857L1017
HEALTHCARE SERVICES GROUP INC	HCSG	Industrials	0.20%	13103	US4219061086
ONE GAS INC	OGS	Utilities	0.20%	4730	US68235P1084
OTTER TAIL CORP	OTTR	Utilities	0.20%	5374	US6896481032
WEIS MARKETS INC	WMK	Consumer Staples	0.20%	5796	US9488491047
SOUTHWEST GAS HOLDINGS INC	SWX	Utilities	0.19%	4243	US8448951025
ALLETE INC	ALE	Utilities	0.17%	4226	US0185223007
BLACK HILLS CORP	BKH	Utilities	0.16%	3909	US0921131092
PNM RESOURCES INC	PNM	Utilities	0.16%	4987	US69349H1077
NEW JERSEY RESOURCES CORP	NJR	Utilities	0.15%	6096	US6460251068
NORTHWESTERN CORP	NWE	Utilities	0.15%	3943	US6680743050
CASH			0.04%	65218.65

Holdings subject to change.

Sector Allocation

AS OF 9/30/2021

Sector	Weight
Financials	22.74%
Industrials	19.53%
Information Technology	18.41%
Consumer Discretionary	12.22%
Consumer Staples	8.51%
Health Care	7.74%
Utilities	6.42%
Communication Services	4.35%
Cash	0.07%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
09/29/2021	09/30/2021	10/04/2021	0.067294
08/30/2021	08/31/2021	09/02/2021	0.045695
07/29/2021	07/30/2021	08/03/2021	0.045422
06/29/2021	06/30/2021	07/02/2021	0.054012
05/27/2021	05/28/2021	06/02/2021	0.037318
04/29/2021	04/30/2021	05/04/2021	0.022500
03/29/2021	03/30/2021	04/01/2021	0.040077
02/25/2021	02/26/2021	03/02/2021	0.032011
01/28/2021	01/29/2021	02/02/2021	0.034048
12/29/2020	12/30/2020	01/04/2021	0.143333
11/27/2020	11/30/2020	12/02/2020	0.069662
10/29/2020	10/30/2020	11/03/2020	0.030434
09/29/2020	09/30/2020	10/02/2020	0.035874
08/28/2020	08/31/2020	09/02/2020	0.020712
07/30/2020	07/31/2020	08/04/2020	0.009765
06/29/2020	06/30/2020	07/02/2020	0.047353
05/28/2020	05/29/2020	06/02/2020	0.051608
04/29/2020	04/30/2020	05/04/2020	0.043675
03/27/2020	03/30/2020	04/01/2020	0.070263
02/25/2020	02/26/2020	02/28/2020	0.049613
01/29/2020	01/31/2020	02/04/2020	0.054836
12/27/2019	12/30/2019	01/03/2020	0.076181
11/27/2019	11/29/2019	12/3/2019	0.058615
10/30/2019	10/31/2019	11/4/2019	0.040394
9/27/2019	9/30/2019	10/2/2019	0.051475
8/28/2019	8/30/2019	9/4/2019	0.0479
7/30/2019	7/31/2019	8/2/2019	0.023934
6/27/2019	6/28/2019	7/2/2019	0.063913
5/30/2019	5/31/2019	6/4/2019	0.040131
4/26/2019	4/30/2019	5/2/2019	0.034715
3/28/2019	3/29/2019	4/2/2019	0.066273
2/27/2019	2/28/2019	3/4/2019	0.05885
1/30/2019	1/31/2019	2/4/2019	0.02695
12/27/2018	12/28/2018	1/3/2019	0.073132
11/29/2018	11/30/2018	12/4/2018	0.071378
10/30/2018	10/31/2018	11/2/2018	0.032762
9/27/2018	9/28/2018	10/2/2018	0.044242
8/29/2018	8/31/2018	9/5/2018	0.0454
7/30/2018	7/31/2018	8/2/2018	0.021
6-26-2018	6-27-2018	6-29-2018	0.060068
5-30-2018	5-31-2018	6-4-2018	0.061
4-27-2018	4-30-2018	5-2-2018	0.069
3/27/2018	3/29/2018	4/3/2018	0.059
2/27/2018	2/28/2018	3/2/2018	0.045
1/30/2018	1/31/2018	2/2/2018	0.038
12/22/2017	12/26/2017	12/29/2017	0.156
11/15/2017	11/16/2017	11/21/2017	0.060
10/16/2017	10/17/2017	10/20/2017	0.058
9/15/2017	9/18/2017	9/21/2017	0.055
8/15/2017	8/17/2017	8/21/2017	0.030
7/17/2017	7/19/2017	7/21/2017	0.006
6/15/2017	6/19/2017	6/21/2017	0.052
5/15/2017	5/17/2017	5/19/2017	0.023
4/17/2017	4/19/2017	4/21/2017	0.077
3/15/2017	3/17/2017	3/21/2017	0.058
2/15/2017	2/17/2017	2/22/2017	0.009

Premium Discount

Date	Days	< -0.5%	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2021	188	0	58	1	129	0
9/30/2021	64	0	31	1	32	0
6/30/2021	63	0	11	0	52	0
3/31/2021	61	0	16	0	45	0
2020	253	5	107	0	140	1
2019	252	0	161	0	91	0
2018	251	0	132	0	119	0

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.

Investor Resources

Investor Materials
Fact Sheet
Prospectus
Summary Prospectus
SAI
Semi-Annual Report
Annual Report
Fiscal Year Q1 Portfolio Holdings
Fiscal Year Q3 Portfolio Holdings
Organizational Actions Form 8937

OUSM Research & News

OUSM: Waiting for Pullbacks Could Prove Costly

Sep 21, 2021

Aside from the global pandemic, OUSM suffered only 2 pullbacks greater than 10% in the past 3 years. Investors waiting for a pullback to invest...

Small-Cap Dividend Risks and Cuts, The Quality Difference

Sep 7, 2021

~80% of stocks in OUSM increased their dividends in the past year vs. ~55% for Russell 2000 Value dividend paying stocks. Energy, Real Estate,...

Research Report: Dividend Watch Equity Income Trends & Strategies | Q2 2021

Sep 1, 2021

Hidden Dangers of the Value Rotation Value stocks are those that appear to trade at a low price relative to their fundamentals. They tend to exhibit...

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