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 Yield11.87%
(as of 4/30/2022)
Market Data as of05/23/2022
NAV Price$32.85
NAV Price Change$0.22
Market Price$32.84
Market Price Change$0.23
30 Day Median Bid/Ask Spread20.12% (as of 05/23/2022)
Premium/Discount3-0.02% (as of 05/23/2022)
Shares Outstanding4,704,000.000
Volume6,263
Total Net Assets$154,502,664.23
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 4/30/2022)
 QTDYTD1 YR3 YR5 YRSI
NAV-5.24%-11.04%-5.16%7.85%7.38%7.52%
Market Value-5.27%-11.07%-5.18%7.84%7.38%7.51%
QUARTERLY PERFORMANCE (AS OF 3/31/2021)
 QTDYTD1 YR3 YR5 YRSI
NAV-6.12%-6.12%3.80%11.58%8.85%8.75%
Market Value-6.12%-6.12%3.77%11.58%8.85%8.75%

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 5/23/2022)
TickerSectorFund WeightQuantityCUSIP/ISIN
BUNGE LTDBGConsumer Staples2.89%39351BMG169621056
SERVICE CORP INTERNATIONAL/USSCIConsumer Discretionary2.44%54563US8175651046
AMDOCS LTDDOXInformation Technology2.38%43533GB0022569080
JACK HENRY & ASSOCIATES INCJKHYInformation Technology2.34%19767US4262811015
JUNIPER NETWORKS INCJNPRInformation Technology2.32%120969US48203R1041
PREMIER INCPINCHealth Care2.11%87187US74051N1028
SNAP-ON INCSNAIndustrials2.11%15361US8330341012
GENTEX CORPGNTXConsumer Discretionary2.08%108414US3719011096
HOULIHAN LOKEY INCHLIFinancials2.08%37863US4415931009
ERIE INDEMNITY COERIEFinancials2.05%19381US29530P1021
SEI INVESTMENTS COSEICFinancials2.02%56257US7841171033
OLD REPUBLIC INTERNATIONAL CORPORIFinancials1.98%133469US6802231042
WATSCO INCWSOIndustrials1.94%12073US9426222009
CBOE GLOBAL MARKETS INCCBOEFinancials1.90%27219US12503M1080
INTERPUBLIC GROUP OF COS INC/THEIPGCommunication Services1.86%91916US4606901001
LINCOLN ELECTRIC HOLDINGS INCLECOIndustrials1.86%21959US5339001068
ROBERT HALF INTERNATIONAL INCRHIIndustrials1.82%31689US7703231032
A O SMITH CORPAOSIndustrials1.82%48061US8318652091
WESTERN UNION CO/THEWUInformation Technology1.79%158880US9598021098
ENCOMPASS HEALTH CORPEHCHealth Care1.76%42360US29261A1007
DOLBY LABORATORIES INCDLBInformation Technology1.75%35752US25659T1079
GRACO INCGGGIndustrials1.73%43818US3841091040
MAXIMUS INCMMSInformation Technology1.68%40192US5779331041
CARLYLE GROUP INC/THECGFinancials1.64%68881US14316J1088
H&R BLOCK INCHRBConsumer Discretionary1.59%74311US0936711052
TORO CO/THETTCIndustrials1.56%31650US8910921084
NATIONAL HEALTHCARE CORPNHCHealth Care1.54%34815US6359061008
FLOWERS FOODS INCFLOConsumer Staples1.51%89442US3434981011
UGI CORPUGIUtilities1.33%50104US9026811052
DONALDSON CO INCDCIIndustrials1.25%38779US2576511099
INGREDION INCINGRConsumer Staples1.25%20603US4571871023
CDK GLOBAL INCCDKInformation Technology1.21%34340US12508E1010
SAFETY INSURANCE GROUP INCSAFTFinancials1.12%19491US78648T1007
RLI CORPRLIFinancials1.08%14479US7496071074
MOELIS & COMCFinancials1.06%36906US60786M1053
LAZARD LTDLAZFinancials1.04%47768BMG540501027
CHEMED CORPCHEHealth Care1.04%3261US16359R1032
BORGWARNER INCBWAConsumer Discretionary1.02%41286US0997241064
WHIRLPOOL CORPWHRConsumer Discretionary1.02%9084US9633201069
MONOLITHIC POWER SYSTEMS INCMPWRInformation Technology1.00%3702US6098391054
GENPACT LTDGInformation Technology0.98%35935BMG3922B1072
LANCASTER COLONY CORPLANCConsumer Staples0.92%11491US5138471033
MERCURY GENERAL CORPMCYFinancials0.83%26668US5894001008
EVERCORE INCEVRFinancials0.78%10946US29977A1051
AVNET INCAVTInformation Technology0.77%25842US0538071038
LEGGETT & PLATT INCLEGConsumer Discretionary0.76%31692US5246601075
ARTISAN PARTNERS ASSET MANAGEMENT INCAPAMFinancials0.73%31605US04316A1088
MORNINGSTAR INCMORNFinancials0.73%4550US6177001095
BRADY CORPBRCIndustrials0.70%23900US1046741062
NATIONAL INSTRUMENTS CORPNATIInformation Technology0.68%29691US6365181022
LAMB WESTON HOLDINGS INCLWConsumer Staples0.67%16200US5132721045
CSG SYSTEMS INTERNATIONAL INCCSGSInformation Technology0.64%16506US1263491094
NEWS CORPNWSACommunication Services0.64%57040US65249B1098
LANDSTAR SYSTEM INCLSTRIndustrials0.63%6589US5150981018
JOHN WILEY & SONS INCWLYCommunication Services0.62%18701US9682232064
LITTELFUSE INCLFUSInformation Technology0.61%3570US5370081045
PINNACLE WEST CAPITAL CORPPNWUtilities0.59%12054US7234841010
EXPONENT INCEXPOIndustrials0.58%10174US30214U1025
STEWART INFORMATION SERVICES CORPSTCFinancials0.56%15372US8603721015
SCHNEIDER NATIONAL INCSNDRIndustrials0.55%36723US80689H1023
MDU RESOURCES GROUP INCMDUIndustrials0.54%30949US5526901096
OGE ENERGY CORPOGEUtilities0.54%20796US6708371033
BIO-TECHNE CORPTECHHealth Care0.53%2244US09073M1045
GRAHAM HOLDINGS COGHCConsumer Discretionary0.53%1380US3846371041
COHEN & STEERS INCCNSFinancials0.52%10840US19247A1007
MURPHY USA INCMUSAConsumer Discretionary0.51%3323US6267551025
REYNOLDS CONSUMER PRODUCTS INCREYNConsumer Staples0.50%28476US76171L1061
CASEY'S GENERAL STORES INCCASYConsumer Staples0.49%3777US1475281036
IDACORP INCIDAUtilities0.46%6707US4511071064
STURM RUGER & CO INCRGRConsumer Discretionary0.46%11101US8641591081
NATIONAL FUEL GAS CONFGUtilities0.44%9579US6361801011
LPL FINANCIAL HOLDINGS INCLPLAFinancials0.43%3598US50212V1008
VISHAY INTERTECHNOLOGY INCVSHInformation Technology0.43%33372US9282981086
CABLE ONE INCCABOCommunication Services0.41%520US12685J1051
HAMILTON LANE INCHLNEFinancials0.41%9707US4074971064
WD-40 COWDFCConsumer Staples0.40%3427US9292361071
PROGRESS SOFTWARE CORPPRGSInformation Technology0.39%12854US7433121008
STANDARD MOTOR PRODUCTS INCSMPConsumer Discretionary0.39%15818US8536661056
FRANKLIN ELECTRIC CO INCFELEIndustrials0.38%8219US3535141028
ESSENTIAL UTILITIES INCWTRGUtilities0.37%12416US29670G1022
OSHKOSH CORPOSKIndustrials0.35%6005US6882392011
POLARIS INCPIIConsumer Discretionary0.34%5268US7310681025
SIMPSON MANUFACTURING CO INCSSDIndustrials0.34%5161US8290731053
CARTER'S INCCRIConsumer Discretionary0.33%6808US1462291097
WERNER ENTERPRISES INCWERNIndustrials0.33%12590US9507551086
TOOTSIE ROLL INDUSTRIES INCTRConsumer Staples0.32%15214US8905161076
ACUSHNET HOLDINGS CORPGOLFConsumer Discretionary0.30%11673US0050981085
ITT INCITTIndustrials0.30%6681US45073V1089
WEIS MARKETS INCWMKConsumer Staples0.30%6332US9488491047
COLUMBIA SPORTSWEAR COCOLMConsumer Discretionary0.29%5994US1985161066
LEAR CORPLEAConsumer Discretionary0.29%3356US5218652049
NRG ENERGY INCNRGUtilities0.29%9625US6293775085
ONE GAS INCOGSUtilities0.29%5170US68235P1084
POWER INTEGRATIONS INCPOWIInformation Technology0.29%5363US7392761034
MGIC INVESTMENT CORPMTGFinancials0.28%32178US5528481030
SOUTHWEST GAS HOLDINGS INCSWXUtilities0.28%4635US8448951025
SPIRE INCSRUtilities0.28%5766US84857L1017
MGE ENERGY INCMGEEUtilities0.26%5058US55277P1049
VECTOR GROUP LTDVGRConsumer Staples0.26%33398US92240M1080
ENNIS INCEBFIndustrials0.24%21168US2933891028
MDC HOLDINGS INCMDCConsumer Discretionary0.24%10368US5526761086
NEW YORK TIMES CO/THENYTCommunication Services0.24%10630US6501111073
ONEMAIN HOLDINGS INCOMFFinancials0.24%8635US68268W1036
OTTER TAIL CORPOTTRUtilities0.24%5870US6896481032
HAWAIIAN ELECTRIC INDUSTRIES INCHEUtilities0.23%8585US4198701009
AMERICAN STATES WATER COAWRUtilities0.22%4270US0298991011
NEW JERSEY RESOURCES CORPNJRUtilities0.22%7536US6460251068
BLACK HILLS CORPBKHUtilities0.21%4269US0921131092
UNIFIRST CORP/MAUNFIndustrials0.21%1986US9047081040
ALLETE INCALEUtilities0.20%5173US0185223007
J & J SNACK FOODS CORPJJSFConsumer Staples0.20%2486US4660321096
NORTHWESTERN CORPNWEUtilities0.19%4838US6680743050
PNM RESOURCES INCPNMUtilities0.17%5451US69349H1077
HEALTHCARE SERVICES GROUP INCHCSGIndustrials0.16%14319US4219061086
CASH0.04%57008.8
Holdings subject to change.

Sector Allocation

AS OF 4/30/2022
Sector Weight
Financials21.42%
Industrials19.89%
Information Technology19.39%
Consumer Discretionary12.17%
Consumer Staples9.93%
Health Care6.90%
Utilities6.35%
Communication Services3.97%

Distributions

Ex-DividendRecordPayableDistribution Per Share
04/28/202204/29/202205/03/20220.038743
03/29/202203/30/202204/01/20220.057923
02/24/202202/25/202203/01/20220.041197
01/27/202201/28/202202/01/20220.025745
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%
2022
     3/31/2022 620190430
202125208211690
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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