OUSM Fees and Costs — ALPS O'Shares U.S. Small Cap Quality Dividend ETF
Data updated: 2026-07-29
The net expense ratio is 0.48%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $112K in broker commissions, 0.0123% of average net assets, and portfolio turnover was 39%.
OUSM Fees and Expenses
Annual operating expenses and sales charges of OUSM. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.48% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.48% |
| Fee waiver | — |
| Net expense ratio | 0.48% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
OUSM Costs Over Time
On $10,000 invested in OUSM, assuming 5% a year before costs, total costs come to $311 over 5 years, cutting the return by 0.52% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.48%) | $50 | $158 | $276 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $52 | $170 | $311 |
| Value after costs | $10,448 | $11,406 | $12,452 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
OUSM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0123%
- Total broker commissions: $112K
- Bought from dealers (principal trades, not a cost): $430.7M
- Portfolio turnover (prospectus): 39%
- Securities on loan, average value: $15.1M
- Net income from securities lending: $19K (0.002% of average net assets)
OUSM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $112K | 99.58% |
| BTIG, LLC | $466 | 0.42% |
OUSM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $163.4M | 37.99% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $124.0M | 28.81% |
| RBC CAPITAL MARKETS, LLC | $55.8M | 12.97% |
| GOLDMAN SACHS & CO. LLC | $37.3M | 8.68% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $24.3M | 5.66% |
| JANE STREET CAPITAL, LLC | $20.9M | 4.86% |
| ABN AMRO CLEARING CHICAGO LLC | $3.4M | 0.78% |
| HRT FINANCIAL LP | $1.1M | 0.25% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.