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 
SymbolOUSM
Listing ExchangeCboe
Inception Date12/30/2016
CUSIP67110P100
Target Index ProviderO'Shares
Target Index SymbolOUSMX
Expense Ratio0.48%
30 Day SEC Yield11.56%
(as of 10/31/2021)
Market Data as of11/26/2021
NAV Price$36.11
NAV Price Change-$0.96
Market Price$36.15
Market Price Change-$0.93
30 Day Median Bid/Ask Spread20.11% (as of 11/26/2021)
Premium/Discount30.12% (as of 11/26/2021)
Shares Outstanding4,454,000.000
Volume11,008
Total Net Assets$160,823,063.19
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 10/31/2021)
 QTDYTD1 YR3 YRSI
NAV5.23%18.54%38.58%14.58%10.40%
Market Value5.20%18.46%38.48%14.57%10.40%
QUARTERLY PERFORMANCE (AS OF 9/30/2021)
 QTDYTD1 YR3 YRSI
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 11/26/2021)
TickerSectorFund WeightQuantityCUSIP/ISIN
HOULIHAN LOKEY INCHLIFinancials2.46%35331US4415931009
ERIE INDEMNITY COERIEFinancials2.35%18087US29530P1021
GENTEX CORPGNTXConsumer Discretionary2.26%101968US3719011096
A O SMITH CORPAOSIndustrials2.26%44833US8318652091
CARLYLE GROUP INC/THECGFinancials2.21%64779US14316J1088
JUNIPER NETWORKS INCJNPRInformation Technology2.21%113054US48203R1041
SERVICE CORP INTERNATIONAL/USSCIConsumer Discretionary2.15%50834US8175651046
ROBERT HALF INTERNATIONAL INCRHIIndustrials2.12%29789US7703231032
WATSCO INCWSOIndustrials2.10%11261US9426222009
BUNGE LTDBGConsumer Staples2.08%36983BMG169621056
CBOE GLOBAL MARKETS INCCBOEFinancials2.05%25595US12503M1080
SEI INVESTMENTS COSEICFinancials2.01%52891US7841171033
PREMIER INCPINCHealth Care1.99%81951US74051N1028
OLD REPUBLIC INTERNATIONAL CORPORIFinancials1.96%125447US6802231042
GRACO INCGGGIndustrials1.93%41201US3841091040
TORO CO/THETTCIndustrials1.92%29744US8910921084
SNAP-ON INCSNAIndustrials1.90%14441US8330341012
INTERPUBLIC GROUP OF COS INC/THEIPGCommunication Services1.82%86404US4606901001
MAXIMUS INCMMSInformation Technology1.81%37766US5779331041
DOLBY LABORATORIES INCDLBInformation Technology1.80%33598US25659T1079
LINCOLN ELECTRIC HOLDINGS INCLECOIndustrials1.80%20631US5339001068
AMDOCS LTDDOXInformation Technology1.79%40906GB0022569080
JACK HENRY & ASSOCIATES INCJKHYInformation Technology1.75%18578US4262811015
WESTERN UNION CO/THEWUInformation Technology1.52%149219US9598021098
ENCOMPASS HEALTH CORPEHCHealth Care1.51%39771US29261A1007
FLOWERS FOODS INCFLOConsumer Staples1.38%83890US3434981011
MOELIS & COMCFinancials1.36%34599US60786M1053
NATIONAL HEALTHCARE CORPNHCHealth Care1.36%32654US6359061008
DONALDSON CO INCDCIIndustrials1.33%36364US2576511099
UGI CORPUGIUtilities1.29%46983US9026811052
LAZARD LTDLAZFinancials1.23%44752BMG540501027
WHIRLPOOL CORPWHRConsumer Discretionary1.20%8512US9633201069
INGREDION INCINGRConsumer Staples1.16%19299US4571871023
MONOLITHIC POWER SYSTEMS INCMPWRInformation Technology1.15%3468US6098391054
BORGWARNER INCBWAConsumer Discretionary1.09%38651US0997241064
H&R BLOCK INCHRBConsumer Discretionary1.08%69520US0936711052
LANCASTER COLONY CORPLANCConsumer Staples1.05%10755US5138471033
GENPACT LTDGInformation Technology1.03%33621BMG3922B1072
CHEMED CORPCHEHealth Care0.92%3047US16359R1032
EVERCORE INCEVRFinancials0.92%10282US29977A1051
RLI CORPRLIFinancials0.92%13534US7496071074
SAFETY INSURANCE GROUP INCSAFTFinancials0.90%18310US78648T1007
ARTISAN PARTNERS ASSET MANAGEMENT INCAPAMFinancials0.87%29684US04316A1088
MORNINGSTAR INCMORNFinancials0.83%4277US6177001095
MERCURY GENERAL CORPMCYFinancials0.81%25050US5894001008
CDK GLOBAL INCCDKInformation Technology0.80%32254US12508E1010
LEGGETT & PLATT INCLEGConsumer Discretionary0.76%29766US5246601075
NATIONAL INSTRUMENTS CORPNATIInformation Technology0.75%27885US6365181022
NEWS CORPNWSACommunication Services0.72%53573US65249B1098
BRADY CORPBRCIndustrials0.70%22449US1046741062
STEWART INFORMATION SERVICES CORPSTCFinancials0.69%14557US8603721015
EXPONENT INCEXPOIndustrials0.68%9396US30214U1025
HILL-ROM HOLDINGS INCHRCHealth Care0.68%7002US4314751029
LANDSTAR SYSTEM INCLSTRIndustrials0.66%6239US5150981018
LITTELFUSE INCLFUSInformation Technology0.64%3380US5370081045
BIO-TECHNE CORPTECHHealth Care0.63%2124US09073M1045
HAMILTON LANE INCHLNEFinancials0.61%9192US4074971064
COHEN & STEERS INCCNSFinancials0.60%10265US19247A1007
JOHN WILEY & SONS INCJW/ACommunication Services0.58%17706US9682232064
AVNET INCAVTInformation Technology0.55%23991US0538071038
CABLE ONE INCCABOCommunication Services0.55%476US12685J1051
SCHNEIDER NATIONAL INCSNDRIndustrials0.55%34773US80689H1023
MDU RESOURCES GROUP INCMDUUtilities0.52%29304US5526901096
REYNOLDS CONSUMER PRODUCTS INCREYNConsumer Staples0.51%26961US76171L1061
LAMB WESTON HOLDINGS INCLWConsumer Staples0.50%15340US5132721045
CSG SYSTEMS INTERNATIONAL INCCSGSInformation Technology0.49%15247US1263491094
STANDARD MOTOR PRODUCTS INCSMPConsumer Discretionary0.48%14978US8536661056
WD-40 COWDFCConsumer Staples0.48%3247US9292361071
STURM RUGER & CO INCRGRConsumer Discretionary0.47%10511US8641591081
GRAHAM HOLDINGS COGHCConsumer Discretionary0.46%1250US3846371041
PINNACLE WEST CAPITAL CORPPNWUtilities0.46%11414US7234841010
FRANKLIN ELECTRIC CO INCFELEIndustrials0.44%7784US3535141028
CASEY'S GENERAL STORES INCCASYConsumer Staples0.43%3577US1475281036
IDACORP INCIDAUtilities0.42%6352US4511071064
OGE ENERGY CORPOGEUtilities0.42%19691US6708371033
CARTER'S INCCRIConsumer Discretionary0.41%6448US1462291097
VISHAY INTERTECHNOLOGY INCVSHInformation Technology0.41%31597US9282981086
OSHKOSH CORPOSKIndustrials0.40%5685US6882392011
ITT INCITTIndustrials0.39%6326US45073V1089
ACUSHNET HOLDINGS CORPGOLFConsumer Discretionary0.38%11053US0050981085
POLARIS INCPIIConsumer Discretionary0.37%4988US7310681025
PROGRESS SOFTWARE CORPPRGSInformation Technology0.37%12169US7433121008
SIMPSON MANUFACTURING CO INCSSDIndustrials0.36%4886US8290731053
COLUMBIA SPORTSWEAR COCOLMConsumer Discretionary0.35%5674US1985161066
ESSENTIAL UTILITIES INCWTRGUtilities0.35%11756US29670G1022
MURPHY USA INCMUSAConsumer Discretionary0.35%3148US6267551025
LPL FINANCIAL HOLDINGS INCLPLAFinancials0.34%3408US50212V1008
LEAR CORPLEAConsumer Discretionary0.34%3176US5218652049
NATIONAL FUEL GAS CONFGUtilities0.34%9069US6361801011
WERNER ENTERPRISES INCWERNIndustrials0.34%11920US9507551086
POWER INTEGRATIONS INCPOWIInformation Technology0.32%5078US7392761034
VECTOR GROUP LTDVGRConsumer Staples0.31%31623US92240M1080
MDC HOLDINGS INCMDCConsumer Discretionary0.30%9818US5526761086
NEW YORK TIMES CO/THENYTCommunication Services0.30%10065US6501111073
MGIC INVESTMENT CORPMTGFinancials0.28%30468US5528481030
TOOTSIE ROLL INDUSTRIES INCTRConsumer Staples0.28%13984US8905161076
ONEMAIN HOLDINGS INCOMFFinancials0.25%8175US68268W1036
ENNIS INCEBFIndustrials0.24%20043US2933891028
AMERICAN STATES WATER COAWRUtilities0.23%4045US0298991011
OTTER TAIL CORPOTTRUtilities0.23%5560US6896481032
WEIS MARKETS INC76KDConsumer Staples0.23%5997US9488491047
MGE ENERGY INCMGEEUtilities0.22%4788US55277P1049
UNIFIRST CORP/MAUNFIndustrials0.22%1881US9047081040
J & J SNACK FOODS CORPJJSFConsumer Staples0.21%2356US4660321096
NRG ENERGY INCNRGUtilities0.21%9115US6293775085
SPIRE INCSRUtilities0.21%5461US84857L1017
HAWAIIAN ELECTRIC INDUSTRIES INCHEUtilities0.20%8130US4198701009
ONE GAS INCOGSUtilities0.20%4895US68235P1084
SOUTHWEST GAS HOLDINGS INCSWXUtilities0.19%4390US8448951025
ALLETE INCALEUtilities0.16%4373US0185223007
BLACK HILLS CORPBKHUtilities0.16%4044US0921131092
PNM RESOURCES INCPNMUtilities0.16%5161US69349H1077
HEALTHCARE SERVICES GROUP INCHCSGIndustrials0.15%13559US4219061086
NEW JERSEY RESOURCES CORPNJRUtilities0.15%6309US6460251068
NORTHWESTERN CORPNWEUtilities0.14%4081US6680743050
CASH0.09%146621.74
Holdings subject to change.

Sector Allocation

AS OF 10/31/2021
Sector Weight
Financials24.10%
Industrials19.77%
Information Technology17.88%
Consumer Discretionary12.21%
Consumer Staples8.47%
Health Care7.20%
Utilities6.22%
Communication Services4.14%
Cash0.02%

Distributions

Ex-DividendRecordPayableDistribution Per Share
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%
202118805811290
     9/30/2021 640311320
     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

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