OUSM

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

Why Invest in OUSM

Profitable small-caps: 8.6% 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 3/31/2021.

Get Dividend Research

Why OUSM for U.S. Small Cap Quality Dividends?

January 12, 2021

Why OUSM

DIVIDEND INVESTING RESEARCH PAPER

May 17, 2021

Research Paper: The Power of a Quality Dividend Investment Strategy | Q1 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 Yield	1.51% (as of 5/31/2021)

Market Data as of	06/11/2021
NAV Price	$35.85
NAV Price Change	$0.25
Market Price	$35.86
Market Price Change	$0.24
30 Day Median Bid/Ask Spread	0.08% (as of 01/01/1970)
Premium/Discount
Shares Outstanding	4,204,000.000
Volume	26,433
Total Net Assets	$150,716,261.10

Please note that 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.

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 5/31/2021)

	QTD	YTD	1 YR	3 YR	SI
NAV	4.70%	15.11%	44.96%	12.16%	10.70%
Market Value	4.70%	15.07%	44.89%	12.14%	10.71%

QUARTERLY PERFORMANCE (AS OF 3/31/2020)

	QTD	YTD	1 YR	3 YR	SI
NAV	9.94%	9.94%	64.85%	11.90%	9.95%
Market Value	9.91%	9.91%	64.90%	11.91%	9.96%

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 06/11/2021)	Ticker	Sector	Fund Weight	Quantity	CUSIP/ISIN
Interpublic Group of Cos Inc/T	IPG US	Communication Services	3.149%	138,679.00	460690100
Bio-Techne Corp	TECH US	Health Care	2.814%	9,537.00	09073M104
Robert Half International Inc	RHI US	Industrials	2.777%	46,088.00	770323103
Snap-on Inc	SNA US	Industrials	2.526%	15,906.00	833034101
Dolby Laboratories Inc	DLB US	Information Technology	2.416%	36,275.00	25659T107
MSC Industrial Direct Co Inc	MSM US	Industrials	2.269%	37,225.00	553530106
Fidelity National Financial In	FNF US	Financials	2.232%	71,156.00	31620R303
A O Smith Corp	AOS US	Industrials	2.224%	48,535.00	831865209
Houlihan Lokey Inc	HLI US	Financials	2.150%	40,588.00	441593100
Encompass Health Corp	EHC US	Health Care	2.061%	36,967.00	29261A100
Maximus Inc	MMS US	Information Technology	2.053%	32,728.00	577933104
Gentex Corp	GNTX US	Consumer Discretionary	2.029%	89,170.00	371901109
Toro Co/The	TTC US	Industrials	2.019%	28,762.00	891092108
Service Corp International/US	SCI US	Consumer Discretionary	1.982%	54,213.00	817565104
First American Financial Corp	FAF US	Financials	1.971%	44,924.00	31847R102
Graco Inc	GGG US	Industrials	1.952%	39,763.00	384109104
Watsco Inc	WSO US	Industrials	1.920%	10,112.00	942622200
Whirlpool Corp	WHR US	Consumer Discretionary	1.912%	12,734.00	963320106
National Instruments Corp	NATI US	Information Technology	1.872%	66,656.00	636518102
National HealthCare Corp	NHC US	Health Care	1.871%	38,405.00	635906100
Ingredion Inc	INGR US	Consumer Staples	1.857%	29,535.00	457187102
Flowers Foods Inc	FLO US	Consumer Staples	1.639%	100,068.00	343498101
Evercore Inc	EVR US	Financials	1.588%	16,827.00	29977A105
Genpact Ltd	G US	Information Technology	1.545%	50,630.00	G3922B107
Hill-Rom Holdings Inc	HRC US	Health Care	1.513%	20,016.00	431475102
CDK Global Inc	CDK US	Information Technology	1.500%	42,240.00	12508E101
Lancaster Colony Corp	LANC US	Consumer Staples	1.476%	11,269.00	513847103
FirstCash Inc	FCFS US	Financials	1.403%	25,442.00	33767D105
Monolithic Power Systems Inc	MPWR US	Information Technology	1.391%	6,030.00	609839105
Donaldson Co Inc	DCI US	Industrials	1.376%	33,457.00	257651109
Leggett & Platt Inc	LEG US	Consumer Discretionary	1.365%	38,040.00	524660107
Erie Indemnity Co	ERIE US	Financials	1.345%	10,666.00	29530P102
Cogent Communications Holdings	CCOI US	Communication Services	1.181%	23,155.00	19239V302
Premier Inc	PINC US	Health Care	1.150%	51,006.00	74051N102
Artisan Partners Asset Managem	APAM US	Financials	1.144%	31,986.00	04316A108
ManTech International Corp/VA	MANT US	Information Technology	1.033%	17,368.00	564563104
Lazard Ltd	LAZ US	Financials	1.023%	33,023.00	G54050102
Moelis & Co	MC US	Financials	0.956%	26,317.00	60786M105
BorgWarner Inc	BWA US	Consumer Discretionary	0.929%	26,402.00	099724106
UGI Corp	UGI US	Utilities	0.901%	28,381.00	902681105
Safety Insurance Group Inc	SAFT US	Financials	0.898%	16,750.00	78648T100
Xerox Holdings Corp	XRX US	Information Technology	0.858%	51,089.00	98421M106
WD-40 Co	WDFC US	Consumer Staples	0.846%	5,026.00	929236107
Morningstar Inc	MORN US	Financials	0.835%	5,324.00	617700109
MDU Resources Group Inc	MDU US	Utilities	0.797%	35,983.00	552690109
J & J Snack Foods Corp	JJSF US	Consumer Staples	0.766%	6,540.00	466032109
Stewart Information Services C	STC US	Financials	0.761%	19,346.00	860372101
CSG Systems International Inc	CSGS US	Information Technology	0.745%	24,674.00	126349109
Brady Corp	BRC US	Industrials	0.725%	18,315.00	104674106
Graham Holdings Co	GHC US	Consumer Discretionary	0.713%	1,633.00	384637104
Exponent Inc	EXPO US	Industrials	0.698%	11,750.00	30214U102
Portland General Electric Co	POR US	Utilities	0.677%	20,432.00	736508847
Science Applications Internati	SAIC US	Information Technology	0.665%	10,651.00	808625107
Littelfuse Inc	LFUS US	Information Technology	0.643%	3,709.00	537008104
Cohen & Steers Inc	CNS US	Financials	0.637%	12,814.00	19247A100
Carter's Inc	CRI US	Consumer Discretionary	0.626%	8,951.00	146229109
Hanesbrands Inc	HBI US	Consumer Discretionary	0.599%	46,115.00	410345102
IDACORP Inc	IDA US	Utilities	0.591%	8,812.00	451107106
Casey's General Stores Inc	CASY US	Consumer Staples	0.587%	4,258.00	147528103
Williams-Sonoma Inc	WSM US	Consumer Discretionary	0.563%	4,992.00	969904101
Lear Corp	LEA US	Consumer Discretionary	0.534%	4,169.00	521865204
Tetra Tech Inc	TTEK US	Industrials	0.528%	6,345.00	88162G103
MSA Safety Inc	MSA US	Industrials	0.514%	4,637.00	553498106
Watts Water Technologies Inc	WTS US	Industrials	0.503%	5,298.00	942749102
Progress Software Corp	PRGS US	Information Technology	0.488%	15,249.00	743312100
Badger Meter Inc	BMI US	Information Technology	0.488%	7,760.00	056525108
Radian Group Inc	RDN US	Financials	0.485%	31,689.00	750236101
Tootsie Roll Industries Inc	TR US	Consumer Staples	0.473%	20,485.00	890516107
Hamilton Lane Inc	HLNE US	Financials	0.473%	7,858.00	407497106
Vector Group Ltd	VGR US	Consumer Staples	0.470%	48,521.00	92240M108
MDC Holdings Inc	MDC US	Consumer Discretionary	0.466%	12,987.00	552676108
Landstar System Inc	LSTR US	Industrials	0.464%	4,337.00	515098101
Virtu Financial Inc	VIRT US	Financials	0.446%	23,101.00	928254101
Healthcare Services Group Inc	HCSG US	Industrials	0.436%	20,944.00	421906108
InterDigital Inc	IDCC US	Information Technology	0.430%	7,996.00	45867G101
Simpson Manufacturing Co Inc	SSD US	Industrials	0.427%	5,788.00	829073105
ALLETE Inc	ALE US	Utilities	0.427%	9,110.00	018522300
ONE Gas Inc	OGS US	Utilities	0.421%	8,177.00	68235P108
AMERISAFE Inc	AMSF US	Financials	0.415%	10,014.00	03071H100
Federated Hermes Inc	FHI US	Financials	0.413%	19,066.00	314211103
Hawaiian Electric Industries I	HE US	Utilities	0.395%	13,253.00	419870100
ITT Inc	ITT US	Industrials	0.386%	6,226.00	45073V108
Universal Corp/VA	UVV US	Consumer Staples	0.385%	10,186.00	913456109
New Jersey Resources Corp	NJR US	Utilities	0.381%	12,977.00	646025106
Weis Markets Inc	WMK US	Consumer Staples	0.377%	10,584.00	948849104
Ennis Inc	EBF US	Industrials	0.356%	24,584.00	293389102
National Fuel Gas Co	NFG US	Utilities	0.350%	9,536.00	636180101
Kemper Corp	KMPR US	Financials	0.348%	7,228.00	488401100
NorthWestern Corp	NWE US	Utilities	0.336%	7,769.00	668074305
New York Times Co/The	NYT US	Communication Services	0.330%	11,958.00	650111107
Black Hills Corp	BKH US	Utilities	0.287%	6,195.00	092113109
Franklin Electric Co Inc	FELE US	Industrials	0.255%	4,738.00	353514102
Otter Tail Corp	OTTR US	Utilities	0.240%	7,256.00	689648103
American States Water Co	AWR US	Utilities	0.228%	4,156.00	029899101
UniFirst Corp/MA	UNF US	Industrials	0.213%	1,396.00	904708104
Spire Inc	SR US	Utilities	0.210%	4,171.00	84857L101
Avista Corp	AVA US	Utilities	0.208%	6,949.00	05379B107
PNM Resources Inc	PNM US	Utilities	0.208%	6,375.00	69349H107
Southwest Gas Holdings Inc	SWX US	Utilities	0.163%	3,631.00	844895102
MGE Energy Inc	MGEE US	Utilities	0.134%	2,637.00	55277P104
Chesapeake Utilities Corp	CPK US	Utilities	0.122%	1,528.00	165303108
Northwest Natural Holding Co	NWN US	Utilities	0.084%	2,286.00	66765N105
USD CURNCY	USD CURNCY		-0.035%	-52,677.36

Holdings subject to change.

Sector Allocation

AS OF 5/31/2021

Sector	Weight
Industrials	24.67%
Financials	19.53%
Information Technology	14.16%
Consumer Discretionary	11.89%
Health Care	9.25%
Consumer Staples	8.70%
Utilities	6.93%
Communication Services	4.63%
Cash	0.24%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
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% to 0.5%	> 0.5%
2021	61	0	16	45	0
3/31/2021	61	0	16	45	0
2020	253	5	107	140	1
2019	252	0	161	91	0
2018	251	0	132	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

O’Shares Strategy Series | U.S. Small Caps

January 29, 2021

A Decade of Small-Caps, Top Performing and Riskiest Sectors

January 12, 2021

Why OUSM

December 1, 2020

Small-Cap Stocks: Quality Dividends or Value for Income?

November 10, 2020

Small-Cap Stocks: Dividend Quality Could Be the Key to Finding Potential Winners

September 22, 2020

Quality Balance Sheets for Stronger Small-cap Performance

OUSM News

September 30, 2020

O’Shares Investment Advisers, LLC To Transfer Exchange Listing for O’Shares ETFs

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Before you invest in O’Shares ETF Investments Funds, please refer to the prospectus for important information about the investment objectives, risks, charges and expenses. To obtain a prospectus containing this and other important information, please view or download a prospectus. Read the prospectus carefully before you 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 that industry or sector. The Funds may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. A 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. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including political, diplomatic, economic, foreign market and trading risks. In addition, a Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns. See the prospectus for specific risks regarding the Funds.
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.
Companies involved with Internet technology and e-commerce are exposed to risks associated with rapid advances in technology, obsolescence of current products and services, the finite life of patents and the constant threat of global competition and substitutes.
Past performance does not guarantee future results. Shares are bought and sold at market price (not NAV), are not individually redeemable, and owners of Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations only, consisting of 50,000 Shares. Brokerage commissions will reduce returns. The market price of Shares can be at, below, or above NAV. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded Shares at other times.

O’Shares ETF Investments Funds are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with O’Shares ETF Investments or any of its affiliates.