UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23167
OSI ETF Trust
(Exact name of registrant as specified in charter)
75 State Street
Suite 100
Boston, MA 02109
(Address of principal executive offices) (Zip code)
Connor O’Brien
75 State Street
Suite 100
Boston, MA 02109
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (617) 855-7670
Date of fiscal year end: June 30
Date of reporting period: June 30, 2020
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
Annual Report
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| ii | | | Management Discussion of Fund Performance | |
| | | | Schedule of Investments | |
| | | O’Shares U.S. Quality Dividend ETF (formerly known as O’Shares FTSE U.S. Quality Dividend ETF) | | |
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| | | O’Shares Global Internet Giants ETF | | |
| | | O’Shares Europe Quality Dividend ETF (formerly known as O’Shares FTSE Europe Quality Dividend ETF) | | |
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| | | Board Review and Approval of Investment Advisory and Sub-Advisory Agreement | | |
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| | | As of June 30, 2020 Based on Net Assets | | |||||||||
Fund Sector | | | Fund Sector Weights | | | Constituent Companies | | ||||||
Information Technology | | | | | 24.58% | | | | | | 20 | | |
Health Care | | | | | 17.77% | | | | | | 15 | | |
Consumer Discretionary | | | | | 13.55% | | | | | | 8 | | |
Consumer Staples | | | | | 12.29% | | | | | | 19 | | |
Industrials | | | | | 11.68% | | | | | | 22 | | |
Financials | | | | | 10.57% | | | | | | 10 | | |
Communication Services | | | | | 6.91% | | | | | | 4 | | |
Utilities | | | | | 2.57% | | | | | | 1 | | |
Other* | | | | | 0.08% | | | | | | | | |
Totals | | | | | 100.00% | | | | | | 99 | | |
O’Shares U.S. Quality Dividend ETF — (OUSA)
| | | 1 Year | | | 3 Year | | | Since Inception | | |||||||||
OUSA NAV Return | | | | | -0.12% | | | | | | 7.12% | | | | | | 8.58% | | |
OUSA Market Price Return | | | | | -0.15% | | | | | | 7.08% | | | | | | 8.56% | | |
U.S. Target Index** | | | | | 0.34% | | | | | | 7.66% | | | | | | 9.12% | | |
Russell 1000 Value Index*** | | | | | -8.85% | | | | | | 1.81% | | | | | | 4.42% | | |
| | | As of June 30, 2020 Based on Net Assets | | |||||||||
Fund Sector | | | Fund Sector Weights | | | Constituent Companies | | ||||||
Industrials | | | | | 25.22% | | | | | | 44 | | |
Financials | | | | | 19.83% | | | | | | 60 | | |
Consumer Discretionary | | | | | 18.43% | | | | | | 31 | | |
Information Technology | | | | | 14.76% | | | | | | 20 | | |
Health Care | | | | | 10.48% | | | | | | 8 | | |
Consumer Staples | | | | | 4.61% | | | | | | 6 | | |
Utilities | | | | | 4.46% | | | | | | 22 | | |
Communication Services | | | | | 2.05% | | | | | | 5 | | |
Other* | | | | | 0.16% | | | | | | | | |
Totals | | | | | 100.00% | | | | | | 196 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF (OUSM)
| | | 1 Year | | | 3 Year | | | Inception | | |||||||||
OUSM NAV Return | | | | | -6.82% | | | | | | 1.85% | | | | | | 2.31% | | |
OUSM Market Price Return | | | | | -6.78% | | | | | | 1.81% | | | | | | 2.32% | | |
U.S. Small Cap Target Index** | | | | | -6.32% | | | | | | 2.37% | | | | | | 2.82% | | |
Russell 2000 Value Index*** | | | | | -17.50% | | | | | | -4.36% | | | | | | -3.72% | | |
| | | As of June 30, 2020 Based on Net Assets | | |||||||||
Fund Sector | | | Fund Sector Weights | | | Constituent Companies | | ||||||
Information Technology | | | | | 43.58% | | | | | | 34 | | |
Communication Services | | | | | 31.36% | | | | | | 22 | | |
Consumer Discretionary | | | | | 24.94% | | | | | | 14 | | |
Other* | | | | | 0.12% | | | | | | | | |
Totals | | | | | 100.00% | | | | | | 70 | | |
O’Shares Global Internet Giants ETF (OGIG)
| | | 1 Year | | | Since Inception | | ||||||
OGIG NAV Return | | | | | 51.16% | | | | | | 22.17% | | |
OGIG Market Price Return | | | | | 51.46% | | | | | | 22.22% | | |
Global Internet Giants Target Index | | | | | 51.90% | | | | | | 22.77% | | |
NASDAQ-100 Index | | | | | 33.78% | | | | | | 19.75% | | |
| | | As of June 30, 2020 Based on Net Assets | | |||||||||
Fund Sector | | | Fund Sector Weights | | | Constituent Companies | | ||||||
Industrials | | | | | 20.55% | | | | | | 12 | | |
Consumer Staples | | | | | 19.05% | | | | | | 15 | | |
Health Care | | | | | 17.93% | | | | | | 6 | | |
Financials | | | | | 12.67% | | | | | | 4 | | |
Consumer Discretionary | | | | | 10.44% | | | | | | 6 | | |
Utilities | | | | | 8.00% | | | | | | 4 | | |
Information Technology | | | | | 6.12% | | | | | | 2 | | |
Communication Services | | | | | 5.05% | | | | | | 1 | | |
Other* | | | | | 0.19% | | | | | | | | |
Totals | | | | | 100.00% | | | | | | 50 | | |
O’Shares Europe Quality Dividend ETF — (OEUR)
| | | 1 Year | | | 3 Year | | | Since Inception | | |||||||||
OEUR NAV Return | | | | | -5.44% | | | | | | -0.01% | | | | | | 0.73% | | |
OEUR Market Price Return | | | | | -4.70% | | | | | | -0.03% | | | | | | 0.85% | | |
Europe Target Index** | | | | | -4.95% | | | | | | 0.52% | | | | | | 1.18% | | |
EURO STOXX 50 Net Return USD Index***† | | | | | -6.36% | | | | | | -0.15% | | | | | | 1.37% | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
COMMON STOCKS – 99.9% | | ||||||||||||
Aerospace & Defense – 2.7% | | ||||||||||||
Boeing Co. (The) | | | | | 9,094 | | | | | $ | 1,666,930 | | |
General Dynamics Corp. | | | | | 7,982 | | | | | | 1,192,990 | | |
L3Harris Technologies, Inc. | | | | | 3,976 | | | | | | 674,608 | | |
Lockheed Martin Corp. | | | | | 22,229 | | | | | | 8,111,807 | | |
Northrop Grumman Corp. | | | | | 3,071 | | | | | | 944,148 | | |
Raytheon Technologies Corp. | | | | | 9,154 | | | | | | 564,069 | | |
| | | | | | | | | | | 13,154,552 | | |
Air Freight & Logistics – 0.9% | | ||||||||||||
Expeditors International of Washington, Inc. | | | | | 14,146 | | | | | | 1,075,662 | | |
United Parcel Service, Inc., Class B | | | | | 28,553 | | | | | | 3,174,522 | | |
| | | | | | | | | | | 4,250,184 | | |
Banks – 0.4% | | ||||||||||||
JPMorgan Chase & Co. | | | | | 20,510 | | | | | | 1,929,171 | | |
Beverages – 5.5% | | ||||||||||||
Brown-Forman Corp., Class B | | | | | 11,333 | | | | | | 721,459 | | |
Coca-Cola Co. (The) | | | | | 110,660 | | | | | | 4,944,289 | | |
Constellation Brands, Inc., Class A | | | | | 3,494 | | | | | | 611,275 | | |
PepsiCo, Inc. | | | | | 150,134 | | | | | | 19,856,723 | | |
| | | | | | | | | | | 26,133,746 | | |
Biotechnology – 2.5% | | ||||||||||||
Amgen, Inc. | | | | | 43,219 | | | | | | 10,193,633 | | |
Gilead Sciences, Inc. | | | | | 22,789 | | | | | | 1,753,386 | | |
| | | | | | | | | | | 11,947,019 | | |
Capital Markets – 6.7% | | ||||||||||||
FactSet Research Systems, Inc. | | | | | 6,097 | | | | | | 2,002,682 | | |
Moody’s Corp. | | | | | 21,912 | | | | | | 6,019,884 | | |
MSCI, Inc. | | | | | 7,403 | | | | | | 2,471,269 | | |
S&P Global, Inc. | | | | | 45,810 | | | | | | 15,093,479 | | |
T. Rowe Price Group, Inc. | | | | | 52,329 | | | | | | 6,462,631 | | |
| | | | | | | | | | | 32,049,945 | | |
Commercial Services & Supplies – 0.5% | | ||||||||||||
Cintas Corp. | | | | | 3,792 | | | | | | 1,010,037 | | |
Waste Management, Inc. | | | | | 11,320 | | | | | | 1,198,901 | | |
| | | | | | | | | | | 2,208,938 | | |
Communications Equipment – 1.5% | | ||||||||||||
Cisco Systems, Inc. | | | | | 148,986 | | | | | | 6,948,707 | | |
Motorola Solutions, Inc. | | | | | 2,618 | | | | | | 366,860 | | |
| | | | | | | | | | | 7,315,567 | | |
Consumer Finance – 0.4% | | ||||||||||||
American Express Co. | | | | | 19,007 | | | | | | 1,809,466 | | |
Diversified Telecommunication Services – 2.5% | | ||||||||||||
AT&T, Inc. | | | | | 127,772 | | | | | | 3,862,548 | | |
Verizon Communications, Inc. | | | | | 151,304 | | | | | | 8,341,389 | | |
| | | | | | | | | | | 12,203,937 | | |
Electric Utilities – 2.6% | | ||||||||||||
NextEra Energy, Inc. | | | | | 51,167 | | | | | | 12,288,778 | | |
Electrical Equipment – 0.7% | | ||||||||||||
Eaton Corp. plc | | | | | 12,580 | | | | | | 1,100,498 | | |
Emerson Electric Co. | | | | | 13,964 | | | | | | 866,187 | | |
Rockwell Automation, Inc. | | | | | 5,507 | | | | | | 1,172,991 | | |
| | | | | | | | | | | 3,139,676 | | |
Electronic Equipment, Instruments & Components – 0.4% | | ||||||||||||
Amphenol Corp., Class A | | | | | 7,933 | | | | | | 760,061 | | |
TE Connectivity Ltd. | | | | | 11,905 | | | | | | 970,853 | | |
| | | | | | | | | | | 1,730,914 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Entertainment – 3.4% | | ||||||||||||
Walt Disney Co. (The) | | | | | 145,563 | | | | | $ | 16,231,730 | | |
Food & Staples Retailing – 1.5% | | ||||||||||||
Costco Wholesale Corp. | | | | | 14,520 | | | | | | 4,402,609 | | |
Sysco Corp. | | | | | 15,246 | | | | | | 833,346 | | |
Walgreens Boots Alliance, Inc. | | | | | 14,350 | | | | | | 608,297 | | |
Walmart, Inc. | | | | | 11,845 | | | | | | 1,418,794 | | |
| | | | | | | | | | | 7,263,046 | | |
Food Products – 0.7% | | ||||||||||||
Hershey Co. (The) | | | | | 9,434 | | | | | | 1,222,835 | | |
Hormel Foods Corp. | | | | | 21,475 | | | | | | 1,036,598 | | |
Mondelez International, Inc., Class A | | | | | 25,284 | | | | | | 1,292,771 | | |
| | | | | | | | | | | 3,552,204 | | |
Health Care Equipment & Supplies – 2.5% | | ||||||||||||
Abbott Laboratories | | | | | 14,353 | | | | | | 1,312,295 | | |
Baxter International, Inc. | | | | | 12,376 | | | | | | 1,065,573 | | |
Danaher Corp. | | | | | 22,325 | | | | | | 3,947,730 | | |
Medtronic plc | | | | | 39,252 | | | | | | 3,599,408 | | |
Stryker Corp. | | | | | 11,230 | | | | | | 2,023,534 | | |
| | | | | | | | | | | 11,948,540 | | |
Health Care Providers & Services – 2.5% | | ||||||||||||
UnitedHealth Group, Inc. | | | | | 40,916 | | | | | | 12,068,174 | | |
Hotels, Restaurants & Leisure – 4.1% | | ||||||||||||
McDonald’s Corp. | | | | | 48,758 | | | | | | 8,994,388 | | |
Starbucks Corp. | | | | | 129,306 | | | | | | 9,515,629 | | |
Yum! Brands, Inc. | | | | | 12,512 | | | | | | 1,087,418 | | |
| | | | | | | | | | | 19,597,435 | | |
Household Products – 2.6% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 8,288 | | | | | | 640,662 | | |
Clorox Co. (The) | | | | | 6,769 | | | | | | 1,484,916 | | |
Colgate-Palmolive Co. | | | | | 58,344 | | | | | | 4,274,282 | | |
Kimberly-Clark Corp. | | | | | 15,400 | | | | | | 2,176,790 | | |
Procter & Gamble Co. (The) | | | | | 31,895 | | | | | | 3,813,685 | | |
| | | | | | | | | | | 12,390,335 | | |
Industrial Conglomerates – 4.3% | | ||||||||||||
3M Co. | | | | | 46,524 | | | | | | 7,257,279 | | |
Honeywell International, Inc. | | | | | 85,740 | | | | | | 12,397,146 | | |
Roper Technologies, Inc. | | | | | 2,345 | | | | | | 910,470 | | |
| | | | | | | | | | | 20,564,895 | | |
Insurance – 3.1% | | ||||||||||||
Aon plc, Class A | | | | | 10,700 | | | | | | 2,060,820 | | |
Marsh & McLennan Cos., Inc. | | | | | 32,098 | | | | | | 3,446,362 | | |
Progressive Corp. (The) | | | | | 116,203 | | | | | | 9,309,023 | | |
| | | | | | | | | | | 14,816,205 | | |
IT Services – 7.6% | | ||||||||||||
Accenture plc, Class A | | | | | 29,602 | | | | | | 6,356,141 | | |
Automatic Data Processing, Inc. | | | | | 9,036 | | | | | | 1,345,370 | | |
Cognizant Technology Solutions Corp., Class A | | | | | 8,384 | | | | | | 476,379 | | |
Fidelity National Information Services, Inc. | | | | | 3,125 | | | | | | 419,031 | | |
International Business Machines Corp. | | | | | 20,331 | | | | | | 2,455,375 | | |
Jack Henry & Associates, Inc. | | | | | 2,420 | | | | | | 445,353 | | |
Mastercard, Inc., Class A | | | | | 32,952 | | | | | | 9,743,906 | | |
Paychex, Inc. | | | | | 14,989 | | | | | | 1,135,417 | | |
Visa, Inc., Class A | | | | | 73,398 | | | | | | 14,178,292 | | |
| | | | | | | | | | | 36,555,264 | | |
Life Sciences Tools & Services – 0.4% | | ||||||||||||
Thermo Fisher Scientific, Inc. | | | | | 5,788 | | | | | | 2,097,224 | | |
|
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
Machinery – 1.8% | | ||||||||||||
Cummins, Inc. | | | | | 9,003 | | | | | $ | 1,559,860 | | |
Illinois Tool Works, Inc. | | | | | 30,259 | | | | | | 5,290,786 | | |
Ingersoll Rand, Inc.* | | | | | 8,090 | | | | | | 227,491 | | |
PACCAR, Inc. | | | | | 10,852 | | | | | | 812,272 | | |
Snap-on, Inc. | | | | | 5,027 | | | | | | 696,290 | | |
| | | | | | | | | | | 8,586,699 | | |
Media – 1.0% | | ||||||||||||
Comcast Corp., Class A | | | | | 120,016 | | | | | | 4,678,224 | | |
Personal Products – 0.5% | | ||||||||||||
Estee Lauder Cos., Inc. (The), Class A | | | | | 12,609 | | | | | | 2,379,066 | | |
Pharmaceuticals – 9.8% | | ||||||||||||
Bristol-Myers Squibb Co. | | | | | 35,388 | | | | | | 2,080,814 | | |
Eli Lilly and Co. | | | | | 28,939 | | | | | | 4,751,205 | | |
Johnson & Johnson | | | | | 158,195 | | | | | | 22,246,963 | | |
Merck & Co., Inc. | | | | | 98,542 | | | | | | 7,620,253 | | |
Pfizer, Inc. | | | | | 256,211 | | | | | | 8,378,100 | | |
Zoetis, Inc. | | | | | 14,433 | | | | | | 1,977,898 | | |
| | | | | | | | | | | 47,055,233 | | |
Road & Rail – 0.8% | | ||||||||||||
Union Pacific Corp. | | | | | 23,820 | | | | | | 4,027,247 | | |
Semiconductors & Semiconductor Equipment – 1.8% | | ||||||||||||
Analog Devices, Inc. | | | | | 3,437 | | | | | | 421,514 | | |
Intel Corp. | | | | | 62,073 | | | | | | 3,713,827 | | |
Texas Instruments, Inc. | | | | | 35,702 | | | | | | 4,533,083 | | |
| | | | | | | | | | | 8,668,424 | | |
Software – 7.2% | | ||||||||||||
Intuit, Inc. | | | | | 5,274 | | | | | | 1,562,106 | | |
Microsoft Corp. | | | | | 142,735 | | | | | | 29,048,000 | | |
Oracle Corp. | | | | | 67,354 | | | | | | 3,722,656 | | |
| | | | | | | | | | | 34,332,762 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Specialty Retail – 7.8% | | ||||||||||||
Home Depot, Inc. (The) | | | | | 102,518 | | | | | $ | 25,681,784 | | |
Lowe’s Cos., Inc. | | | | | 19,549 | | | | | | 2,641,461 | | |
Ross Stores, Inc. | | | | | 16,112 | | | | | | 1,373,387 | | |
TJX Cos., Inc. (The) | | | | | 152,346 | | | | | | 7,702,614 | | |
| | | | | | | | | | | 37,399,246 | | |
Technology Hardware, Storage & Peripherals – 6.1% | | ||||||||||||
Apple, Inc. | | | | | 79,923 | | | | | | 29,155,911 | | |
Textiles, Apparel & Luxury Goods – 1.6% | | ||||||||||||
NIKE, Inc., Class B | | | | | 80,399 | | | | | | 7,883,122 | | |
Tobacco – 1.5% | | ||||||||||||
Altria Group, Inc. | | | | | 93,974 | | | | | | 3,688,479 | | |
Philip Morris International, Inc. | | | | | 49,560 | | | | | | 3,472,174 | | |
| | | | | | | | | | | 7,160,653 | | |
TOTAL COMMON STOCKS (Cost $453,341,689) | | | | | | | | | | | 478,573,532 | | |
Total Investments — 99.9% (Cost $453,341,689) | | | | | | | | | | | 478,573,532 | | |
Other Assets Less Liabilities — 0.1% | | | | | | | | | | | 547,585 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 479,121,117 | | |
|
| Aggregate gross unrealized appreciation | | | | $ | 37,830,574 | | |
| Aggregate gross unrealized depreciation | | | | | (12,694,166) | | |
| Net unrealized appreciation | | | | $ | 25,136,408 | | |
| Federal income tax cost of investments (including derivative contracts, if any) | | | | $ | 453,437,124 | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
COMMON STOCKS – 99.9% | | ||||||||||||
Aerospace & Defense – 1.9% | | ||||||||||||
BWX Technologies, Inc. | | | | | 13,203 | | | | | $ | 747,818 | | |
Curtiss-Wright Corp. | | | | | 3,937 | | | | | | 351,495 | | |
Hexcel Corp. | | | | | 16,036 | | | | | | 725,148 | | |
| | | | | | | | | | | 1,824,461 | | |
Airlines – 0.2% | | ||||||||||||
Alaska Air Group, Inc. | | | | | 6,013 | | | | | | 218,031 | | |
Auto Components – 2.1% | | ||||||||||||
BorgWarner, Inc. | | | | | 12,346 | | | | | | 435,814 | | |
Gentex Corp. | | | | | 60,126 | | | | | | 1,549,447 | | |
| | | | | | | | | | | 1,985,261 | | |
Automobiles – 0.2% | | ||||||||||||
Harley-Davidson, Inc. | | | | | 8,439 | | | | | | 200,595 | | |
Banks – 4.6% | | ||||||||||||
Associated Banc-Corp. | | | | | 4,717 | | | | | | 64,528 | | |
Bank of Hawaii Corp. | | | | | 1,472 | | | | | | 90,395 | | |
BOK Financial Corp. | | | | | 2,171 | | | | | | 122,531 | | |
Cathay General Bancorp | | | | | 2,846 | | | | | | 74,850 | | |
Commerce Bancshares, Inc. | | | | | 15,074 | | | | | | 896,451 | | |
Community Bank System, Inc. | | | | | 2,458 | | | | | | 140,155 | | |
Cullen/Frost Bankers, Inc. | | | | | 2,108 | | | | | | 157,489 | | |
CVB Financial Corp. | | | | | 4,897 | | | | | | 91,770 | | |
East West Bancorp, Inc. | | | | | 5,902 | | | | | | 213,888 | | |
First Citizens BancShares, Inc., Class A | | | | | 279 | | | | | | 113,001 | | |
First Financial Bankshares, Inc. | | | | | 5,422 | | | | | | 156,642 | | |
First Horizon National Corp. | | | | | 14,136 | | | | | | 140,794 | | |
FNB Corp. | | | | | 8,733 | | | | | | 65,497 | | |
Glacier Bancorp, Inc. | | | | | 2,851 | | | | | | 100,612 | | |
IBERIABANK Corp. | | | | | 1,430 | | | | | | 65,122 | | |
PacWest Bancorp | | | | | 4,273 | | | | | | 84,221 | | |
People’s United Financial, Inc. | | | | | 24,073 | | | | | | 278,525 | | |
Pinnacle Financial Partners, Inc. | | | | | 1,978 | | | | | | 83,056 | | |
Popular, Inc. | | | | | 2,394 | | | | | | 88,985 | | |
Prosperity Bancshares, Inc. | | | | | 1,625 | | | | | | 96,492 | | |
Signature Bank | | | | | 2,012 | | | | | | 215,123 | | |
Sterling Bancorp | | | | | 6,062 | | | | | | 71,047 | | |
Synovus Financial Corp. | | | | | 7,076 | | | | | | 145,270 | | |
TCF Financial Corp. | | | | | 7,197 | | | | | | 211,736 | | |
Umpqua Holdings Corp. | | | | | 9,317 | | | | | | 99,133 | | |
United Bankshares, Inc. | | | | | 4,933 | | | | | | 136,447 | | |
Valley National Bancorp | | | | | 8,862 | | | | | | 69,301 | | |
Webster Financial Corp. | | | | | 2,601 | | | | | | 74,415 | | |
Western Alliance Bancorp | | | | | 3,368 | | | | | | 127,546 | | |
| | | | | | | | | | | 4,275,022 | | |
Building Products – 4.9% | | ||||||||||||
A O Smith Corp | | | | | 23,057 | | | | | | 1,086,446 | | |
Allegion plc | | | | | 17,297 | | | | | | 1,768,099 | | |
Armstrong World Industries, Inc. | | | | | 2,908 | | | | | | 226,708 | | |
Fortune Brands Home & Security, Inc. | | | | | 17,223 | | | | | | 1,101,066 | | |
Owens Corning | | | | | 4,736 | | | | | | 264,079 | | |
Simpson Manufacturing Co., Inc. | | | | | 1,499 | | | | | | 126,456 | | |
| | | | | | | | | | | 4,572,854 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Capital Markets – 3.6% | | ||||||||||||
Cohen & Steers, Inc. | | | | | 3,304 | | | | | $ | 224,837 | | |
Eaton Vance Corp. | | | | | 14,934 | | | | | | 576,452 | | |
Evercore, Inc., Class A | | | | | 3,260 | | | | | | 192,079 | | |
Federated Hermes, Inc., Class B | | | | | 10,828 | | | | | | 256,624 | | |
Lazard Ltd., Class A | | | | | 8,958 | | | | | | 256,468 | | |
LPL Financial Holdings, Inc. | | | | | 2,131 | | | | | | 167,071 | | |
Morningstar, Inc. | | | | | 12,089 | | | | | | 1,704,186 | | |
| | | | | | | | | | | 3,377,717 | | |
Commercial Services & Supplies – 0.9% | | ||||||||||||
KAR Auction Services, Inc. | | | | | 6,612 | | | | | | 90,981 | | |
MSA Safety, Inc. | | | | | 1,711 | | | | | | 195,807 | | |
Tetra Tech, Inc. | | | | | 3,609 | | | | | | 285,544 | | |
UniFirst Corp. | | | | | 1,647 | | | | | | 294,731 | | |
| | | | | | | | | | | 867,063 | | |
Communications Equipment – 0.3% | | ||||||||||||
Ubiquiti, Inc. | | | | | 1,773 | | | | | | 309,495 | | |
Construction & Engineering – 0.5% | | ||||||||||||
EMCOR Group, Inc. | | | | | 4,533 | | | | | | 299,813 | | |
Quanta Services, Inc. | | | | | 2,569 | | | | | | 100,782 | | |
Valmont Industries, Inc. | | | | | 625 | | | | | | 71,012 | | |
| | | | | | | | | | | 471,607 | | |
Consumer Finance – 0.4% | | ||||||||||||
FirstCash, Inc. | | | | | 3,259 | | | | | | 219,917 | | |
Santander Consumer USA Holdings, Inc. | | | | | 5,924 | | | | | | 109,061 | | |
| | | | | | | | | | | 328,978 | | |
Distributors – 2.3% | | ||||||||||||
Pool Corp. | | | | | 7,892 | | | | | | 2,145,598 | | |
Diversified Consumer Services – 2.3% | | ||||||||||||
Graham Holdings Co., Class B | | | | | 395 | | | | | | 135,355 | | |
H&R Block, Inc. | | | | | 19,719 | | | | | | 281,587 | | |
Service Corp. International | | | | | 45,655 | | | | | | 1,775,523 | | |
| | | | | | | | | | | 2,192,465 | | |
Diversified Financial Services – 0.3% | | ||||||||||||
Jefferies Financial Group, Inc. | | | | | 20,765 | | | | | | 322,896 | | |
Diversified Telecommunication Services – 0.4% | | ||||||||||||
Cogent Communications Holdings, Inc. | | | | | 5,130 | | | | | | 396,857 | | |
Electric Utilities – 2.0% | | ||||||||||||
ALLETE, Inc. | | | | | 3,323 | | | | | | 181,469 | | |
El Paso Electric Co. | | | | | 1,293 | | | | | | 86,631 | | |
Hawaiian Electric Industries, Inc. | | | | | 4,280 | | | | | | 154,337 | | |
IDACORP, Inc. | | | | | 3,163 | | | | | | 276,351 | | |
MGE Energy, Inc. | | | | | 1,152 | | | | | | 74,316 | | |
OGE Energy Corp. | | | | | 23,396 | | | | | | 710,303 | | |
Otter Tail Corp. | | | | | 1,225 | | | | | | 47,518 | | |
PNM Resources, Inc. | | | | | 1,185 | | | | | | 45,551 | | |
Portland General Electric Co. | | | | | 6,536 | | | | | | 273,270 | | |
| | | | | | | | | | | 1,849,746 | | |
Electrical Equipment – 1.3% | | ||||||||||||
Acuity Brands, Inc. | | | | | 830 | | | | | | 79,464 | | |
Hubbell, Inc. | | | | | 8,208 | | | | | | 1,028,955 | | |
Regal Beloit Corp. | | | | | 1,124 | | | | | | 98,148 | | |
| | | | | | | | | | | 1,206,567 | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
Electronic Equipment, Instruments & Components – 5.5% | | ||||||||||||
Avnet, Inc. | | | | | 6,156 | | | | | $ | 171,660 | | |
Cognex Corp. | | | | | 7,251 | | | | | | 433,030 | | |
Dolby Laboratories, Inc., Class A | | | | | 22,164 | | | | | | 1,459,943 | | |
FLIR Systems, Inc. | | | | | 32,880 | | | | | | 1,333,941 | | |
Jabil, Inc. | | | | | 6,725 | | | | | | 215,738 | | |
Littelfuse, Inc. | | | | | 1,344 | | | | | | 229,327 | | |
National Instruments Corp. | | | | | 28,080 | | | | | | 1,086,977 | | |
SYNNEX Corp. | | | | | 2,109 | | | | | | 252,595 | | |
| | | | | | | | | | | 5,183,211 | | |
Entertainment – 0.3% | | ||||||||||||
Cinemark Holdings, Inc. | | | | | 27,079 | | | | | | 312,762 | | |
Food & Staples Retailing – 0.9% | | ||||||||||||
Casey’s General Stores, Inc. | | | | | 5,606 | | | | | | 838,209 | | |
Food Products – 3.3% | | ||||||||||||
Flowers Foods, Inc. | | | | | 31,252 | | | | | | 698,795 | | |
Ingredion, Inc. | | | | | 15,781 | | | | | | 1,309,823 | | |
J & J Snack Foods Corp. | | | | | 2,467 | | | | | | 313,630 | | |
Lancaster Colony Corp. | | | | | 5,280 | | | | | | 818,347 | | |
| | | | | | | | | | | 3,140,595 | | |
Gas Utilities – 1.3% | | ||||||||||||
National Fuel Gas Co. | | | | | 6,652 | | | | | | 278,918 | | |
New Jersey Resources Corp. | | | | | 3,909 | | | | | | 127,629 | | |
Northwest Natural Holding Co. | | | | | 888 | | | | | | 49,541 | | |
ONE Gas, Inc. | | | | | 4,039 | | | | | | 311,205 | | |
Southwest Gas Holdings, Inc. | | | | | 3,651 | | | | | | 252,102 | | |
Spire, Inc. | | | | | 2,538 | | | | | | 166,772 | | |
| | | | | | | | | | | 1,186,167 | | |
Health Care Equipment & Supplies – 3.7% | | ||||||||||||
Cantel Medical Corp. | | | | | 3,033 | | | | | | 134,150 | | |
Hill-Rom Holdings, Inc. | | | | | 12,463 | | | | | | 1,368,188 | | |
West Pharmaceutical Services, Inc. | | | | | 8,755 | | | | | | 1,988,873 | | |
| | | | | | | | | | | 3,491,211 | | |
Health Care Providers & Services – 2.4% | | ||||||||||||
Chemed Corp. | | | | | 2,628 | | | | | | 1,185,412 | | |
Encompass Health Corp. | | | | | 16,838 | | | | | | 1,042,777 | | |
| | | | | | | | | | | 2,228,189 | | |
Hotels, Restaurants & Leisure – 6.6% | | ||||||||||||
Choice Hotels International, Inc. | | | | | 12,117 | | | | | | 956,031 | | |
Churchill Downs, Inc. | | | | | 5,975 | | | | | | 795,571 | | |
Cracker Barrel Old Country Store, Inc. | | | | | 6,106 | | | | | | 677,216 | | |
Dunkin’ Brands Group, Inc. | | | | | 20,482 | | | | | | 1,336,041 | | |
Hyatt Hotels Corp., Class A | | | | | 5,906 | | | | | | 297,013 | | |
Six Flags Entertainment Corp. | | | | | 15,693 | | | | | | 301,463 | | |
Texas Roadhouse, Inc. | | | | | 5,381 | | | | | | 282,879 | | |
Wendy’s Co. (The) | | | | | 58,966 | | | | | | 1,284,280 | | |
Wyndham Destinations, Inc. | | | | | 9,054 | | | | | | 255,142 | | |
| | | | | | | | | | | 6,185,636 | | |
Household Durables – 2.5% | | ||||||||||||
Leggett & Platt, Inc. | | | | | 29,497 | | | | | | 1,036,820 | | |
MDC Holdings, Inc. | | | | | 3,283 | | | | | | 117,203 | | |
Toll Brothers, Inc. | | | | | 8,256 | | | | | | 269,063 | | |
Whirlpool Corp. | | | | | 7,361 | | | | | | 953,470 | | |
| | | | | | | | | | | 2,376,556 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Household Products – 0.4% | | ||||||||||||
WD-40 Co. | | | | | 1,772 | | | | | $ | 351,388 | | |
Independent Power and Renewable Electricity Producers – 0.1% | | ||||||||||||
Ormat Technologies, Inc. | | | | | 1,567 | | | | | | 99,489 | | |
Industrial Conglomerates – 1.7% | | ||||||||||||
Carlisle Cos., Inc. | | | | | 13,128 | | | | | | 1,571,028 | | |
Insurance – 10.3% | | ||||||||||||
American National Insurance Co. | | | | | 1,905 | | | | | | 137,293 | | |
Assurant, Inc. | | | | | 3,687 | | | | | | 380,830 | | |
Axis Capital Holdings Ltd. | | | | | 2,694 | | | | | | 109,269 | | |
Brown & Brown, Inc. | | | | | 46,430 | | | | | | 1,892,487 | | |
First American Financial Corp. | | | | | 33,512 | | | | | | 1,609,246 | | |
Hanover Insurance Group, Inc. (The) | | | | | 5,543 | | | | | | 561,672 | | |
Kemper Corp. | | | | | 2,650 | | | | | | 192,178 | | |
Mercury General Corp. | | | | | 3,217 | | | | | | 131,093 | | |
National General Holdings Corp. | | | | | 3,904 | | | | | | 84,365 | | |
Old Republic International Corp. | | | | | 83,484 | | | | | | 1,361,624 | | |
Primerica, Inc. | | | | | 2,024 | | | | | | 235,998 | | |
RenaissanceRe Holdings Ltd. | | | | | 8,839 | | | | | | 1,511,734 | | |
RLI Corp. | | | | | 6,350 | | | | | | 521,335 | | |
Safety Insurance Group, Inc. | | | | | 956 | | | | | | 72,905 | | |
Selective Insurance Group, Inc. | | | | | 6,663 | | | | | | 351,407 | | |
Unum Group | | | | | 3,425 | | | | | | 56,821 | | |
White Mountains Insurance Group Ltd. | | | | | 499 | | | | | | 443,097 | | |
| | | | | | | | | | | 9,653,354 | | |
IT Services – 5.2% | | ||||||||||||
Alliance Data Systems Corp. | | | | | 3,366 | | | | | | 151,874 | | |
Booz Allen Hamilton Holding Corp. | | | | | 23,347 | | | | | | 1,816,163 | | |
Genpact Ltd. | | | | | 49,046 | | | | | | 1,791,160 | | |
MAXIMUS, Inc. | | | | | 6,676 | | | | | | 470,324 | | |
Sabre Corp. | | | | | 28,089 | | | | | | 226,397 | | |
Science Applications International Corp. | | | | | 5,611 | | | | | | 435,863 | | |
| | | | | | | | | | | 4,891,781 | | |
Leisure Products – 0.5% | | ||||||||||||
Brunswick Corp. | | | | | 4,413 | | | | | | 282,476 | | |
Polaris, Inc. | | | | | 2,315 | | | | | | 214,253 | | |
| | | | | | | | | | | 496,729 | | |
Life Sciences Tools & Services – 4.4% | | ||||||||||||
Bio-Techne Corp. | | | | | 6,578 | | | | | | 1,737,052 | | |
Bruker Corp. | | | | | 13,514 | | | | | | 549,750 | | |
PerkinElmer, Inc. | | | | | 18,679 | | | | | | 1,832,223 | | |
| | | | | | | | | | | 4,119,025 | | |
Machinery – 9.4% | | ||||||||||||
AGCO Corp. | | | | | 2,730 | | | | | | 151,406 | | |
Albany International Corp., Class A | | | | | 996 | | | | | | 58,475 | | |
Allison Transmission Holdings, Inc. | | | | | 13,733 | | | | | | 505,100 | | |
Crane Co. | | | | | 5,451 | | | | | | 324,116 | | |
Donaldson Co., Inc. | | | | | 17,675 | | | | | | 822,241 | | |
Flowserve Corp. | | | | | 3,595 | | | | | | 102,529 | | |
Graco, Inc. | | | | | 36,352 | | | | | | 1,744,533 | | |
ITT, Inc. | | | | | 3,016 | | | | | | 177,160 | | |
Lincoln Electric Holdings, Inc. | | | | | 5,859 | | | | | | 493,562 | | |
Nordson Corp. | | | | | 6,029 | | | | | | 1,143,762 | | |
Oshkosh Corp. | | | | | 1,573 | | | | | | 112,658 | | |
Pentair plc | | | | | 21,492 | | | | | | 816,481 | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
Machinery (continued) | | ||||||||||||
Toro Co. (The) | | | | | 26,603 | | | | | $ | 1,764,843 | | |
Watts Water Technologies, Inc., Class A | | | | | 1,634 | | | | | | 132,354 | | |
Woodward, Inc. | | | | | 6,203 | | | | | | 481,043 | | |
| | | | | | | | | | | 8,830,263 | | |
Media – 1.3% | | ||||||||||||
John Wiley & Sons, Inc., Class A | | | | | 6,400 | | | | | | 249,600 | | |
New York Times Co. (The), Class A | | | | | 14,314 | | | | | | 601,618 | | |
News Corp., Class A | | | | | 30,497 | | | | | | 361,694 | | |
| | | | | | | | | | | 1,212,912 | | |
Multiline Retail – 0.1% | | ||||||||||||
Nordstrom, Inc. | | | | | 4,550 | | | | | | 70,479 | | |
Multi-Utilities – 0.9% | | ||||||||||||
Avista Corp. | | | | | 3,296 | | | | | | 119,942 | | |
Black Hills Corp. | | | | | 3,087 | | | | | | 174,909 | | |
MDU Resources Group, Inc. | | | | | 15,211 | | | | | | 337,380 | | |
NorthWestern Corp. | | | | | 3,090 | | | | | | 168,467 | | |
| | | | | | | | | | | 800,698 | | |
Professional Services – 1.4% | | ||||||||||||
Exponent, Inc. | | | | | 5,460 | | | | | | 441,878 | | |
ManpowerGroup, Inc. | | | | | 1,975 | | | | | | 135,781 | | |
Robert Half International, Inc. | | | | | 13,287 | | | | | | 701,952 | | |
| | | | | | | | | | | 1,279,611 | | |
Road & Rail – 0.8% | | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | | | | | 4,230 | | | | | | 176,433 | | |
Landstar System, Inc. | | | | | 5,125 | | | | | | 575,589 | | |
| | | | | | | | | | | 752,022 | | |
Semiconductors & Semiconductor Equipment – 3.2% | | ||||||||||||
Entegris, Inc. | | | | | 8,649 | | | | | | 510,723 | | |
Monolithic Power Systems, Inc. | | | | | 4,585 | | | | | | 1,086,645 | | |
Teradyne, Inc. | | | | | 16,262 | | | | | | 1,374,302 | | |
| | | | | | | | | | | 2,971,670 | | |
Software – 0.3% | | ||||||||||||
J2 Global, Inc.* | | | | | 4,307 | | | | | | 272,245 | | |
Specialty Retail – 0.6% | | ||||||||||||
Gap, Inc. (The) | | | | | 14,198 | | | | | | 179,179 | | |
Williams-Sonoma, Inc. | | | | | 4,342 | | | | | | 356,087 | | |
| | | | | | | | | | | 535,266 | | |
Technology Hardware, Storage & Peripherals – 0.2% | | ||||||||||||
Xerox Holdings Corp. | | | | | 14,486 | | | | | | 221,491 | | |
|
Investments | | | Shares | | | Value ($) | | ||||||
Textiles, Apparel & Luxury Goods – 1.2% | | ||||||||||||
Carter’s, Inc. | | | | | 4,950 | | | | | $ | 399,465 | | |
Columbia Sportswear Co. | | | | | 2,795 | | | | | | 225,221 | | |
Hanesbrands, Inc. | | | | | 14,007 | | | | | | 158,139 | | |
PVH Corp. | | | | | 1,784 | | | | | | 85,721 | | |
Ralph Lauren Corp. | | | | | 2,059 | | | | | | 149,319 | | |
Steven Madden Ltd. | | | | | 3,619 | | | | | | 89,353 | | |
| | | | | | | | | | �� | 1,107,218 | | |
Thrifts & Mortgage Finance – 0.7% | | ||||||||||||
MGIC Investment Corp. | | | | | 20,740 | | | | | | 169,861 | | |
New York Community Bancorp, Inc. | | | | | 19,354 | | | | | | 197,411 | | |
Radian Group, Inc. | | | | | 9,830 | | | | | | 152,463 | | |
TFS Financial Corp. | | | | | 9,214 | | | | | | 131,852 | | |
| | | | | | | | | | | 651,587 | | |
Trading Companies & Distributors – 2.2% | | ||||||||||||
Air Lease Corp. | | | | | 2,525 | | | | | | 73,957 | | |
MSC Industrial Direct Co., Inc., Class A | | | | | 5,551 | | | | | | 404,168 | | |
Watsco, Inc. | | | | | 8,978 | | | | | | 1,595,391 | | |
| | | | | | | | | | | 2,073,516 | | |
Water Utilities – 0.3% | | ||||||||||||
American States Water Co. | | | | | 2,195 | | | | | | 172,593 | | |
California Water Service Group | | | | | 1,585 | | | | | | 75,604 | | |
| | | | | | | | | | | 248,197 | | |
TOTAL COMMON STOCKS (Cost $96,784,240) | | | | | | | | | | | 93,697,718 | | |
Total Investments — 99.9% (Cost $96,784,240) | | | | | | | | | | | 93,697,718 | | |
Other Assets Less Liabilities — 0.1% | | | | | | | | | | | 113,961 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 93,811,679 | | |
|
| Aggregate gross unrealized appreciation | | | | $ | 2,653,672 | | |
| Aggregate gross unrealized depreciation | | | | | (5,758,502) | | |
| Net unrealized depreciation | | | | $ | (3,104,830) | | |
| Federal income tax cost of investments (including derivative contracts, if any) | | | | $ | 96,802,548 | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
COMMON STOCKS – 99.9% | | ||||||||||||
Entertainment – 9.0% | | ||||||||||||
Activision Blizzard, Inc. | | | | | 11,243 | | | | | $ | 853,344 | | |
Bilibili, Inc., ADR* | | | | | 101,964 | | | | | | 4,722,972 | | |
HUYA, Inc., ADR* | | | | | 171,224 | | | | | | 3,196,752 | | |
NetEase, Inc., ADR | | | | | 2,361 | | | | | | 1,013,766 | | |
Netflix, Inc.* | | | | | 10,450 | | | | | | 4,755,168 | | |
Spotify Technology SA* | | | | | 12,571 | | | | | | 3,245,706 | | |
Tencent Music Entertainment Group, ADR* | | | | | 225,375 | | | | | | 3,033,548 | | |
Ubisoft Entertainment SA* | | | | | 21,039 | | | | | | 1,734,439 | | |
Zynga, Inc., Class A* | | | | | 206,323 | | | | | | 1,968,321 | | |
| | | | | | | | | | | 24,524,016 | | |
Interactive Media & Services – 22.4% | | ||||||||||||
Alphabet, Inc., Class A* | | | | | 9,541 | | | | | | 13,529,615 | | |
Baidu, Inc., ADR* | | | | | 8,614 | | | | | | 1,032,733 | | |
Facebook, Inc., Class A* | | | | | 51,143 | | | | | | 11,613,041 | | |
IAC/interactivecorp* | | | | | 4,776 | | | | | | 1,544,558 | | |
LINE Corp.* | | | | | 27,900 | | | | | | 1,401,659 | | |
Match Group, Inc.* | | | | | 19,006 | | | | | | 2,034,592 | | |
Momo, Inc., ADR | | | | | 84,197 | | | | | | 1,471,764 | | |
Pinterest, Inc., Class A* | | | | | 148,649 | | | | | | 3,295,548 | | |
Snap, Inc., Class A* | | | | | 186,810 | | | | | | 4,388,167 | | |
Tencent Holdings Ltd. | | | | | 231,400 | | | | | | 14,886,367 | | |
Twitter, Inc.* | | | | | 43,324 | | | | | | 1,290,622 | | |
Z Holdings Corp. | | | | | 187,900 | | | | | | 916,118 | | |
Zillow Group, Inc., Class C* | | | | | 61,764 | | | | | | 3,558,224 | | |
| | | | | | | | | | | 60,963,008 | | |
Internet & Direct Marketing Retail – 24.9% | | ||||||||||||
Alibaba Group Holding Ltd., ADR* | | | | | 68,564 | | | | | | 14,789,255 | | |
Amazon.com, Inc.* | | | | | 5,800 | | | | | | 16,001,156 | | |
Booking Holdings, Inc.* | | | | | 446 | | | | | | 710,184 | | |
Chewy, Inc., Class A* | | | | | 56,006 | | | | | | 2,502,908 | | |
Delivery Hero SE* | | | | | 38,211 | | | | | | 3,903,702 | | |
Etsy, Inc.* | | | | | 29,923 | | | | | | 3,178,720 | | |
JD.com, Inc., ADR* | | | | | 54,170 | | | | | | 3,259,950 | | |
Meituan Dianping, Class B* | | | | | 275,600 | | | | | | 6,112,631 | | |
MercadoLibre, Inc.* | | | | | 4,770 | | | | | | 4,702,123 | | |
Pinduoduo, Inc., ADR* | | | | | 77,600 | | | | | | 6,661,184 | | |
Rakuten, Inc. | | | | | 132,300 | | | | | | 1,162,538 | | |
Trip.com Group Ltd., ADR* | | | | | 47,144 | | | | | | 1,221,972 | | |
Wayfair, Inc., Class A* | | | | | 11,565 | | | | | | 2,285,360 | | |
Zalando SE* | | | | | 21,325 | | | | | | 1,503,655 | | |
| | | | | | | | | | | 67,995,338 | | |
IT Services – 7.7% | | ||||||||||||
Kingsoft Cloud Holdings Ltd., ADR* | | | | | 278 | | | | | | 8,763 | | |
MongoDB, Inc.* | | | | | 15,424 | | | | | | 3,491,068 | | |
Okta, Inc.* | | | | | 19,195 | | | | | | 3,843,415 | | |
Shopify, Inc., Class A* | | | | | 7,163 | | | | | | 6,783,130 | | |
Twilio, Inc., Class A* | | | | | 16,698 | | | | | | 3,663,875 | | |
VeriSign, Inc.* | | | | | 3,129 | | | | | | 647,171 | | |
Wix.com Ltd.* | | | | | 10,411 | | | | | | 2,667,506 | | |
| | | | | | | | | | | 21,104,928 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Software – 35.9% | | ||||||||||||
Adobe, Inc.* | | | | | 9,876 | | | | | $ | 4,299,122 | | |
Anaplan, Inc.* | | | | | 64,462 | | | | | | 2,920,773 | | |
Atlassian Corp. plc, Class A* | | | | | 18,424 | | | | | | 3,321,295 | | |
Avalara, Inc.* | | | | | 22,983 | | | | | | 3,058,807 | | |
Coupa Software, Inc.* | | | | | 14,079 | | | | | | 3,900,446 | | |
Crowdstrike Holdings, Inc., Class A* | | | | | 38,761 | | | | | | 3,887,341 | | |
DocuSign, Inc.* | | | | | 20,963 | | | | | | 3,610,038 | | |
Elastic NV* | | | | | 37,899 | | | | | | 3,494,667 | | |
Fortinet, Inc.* | | | | | 12,214 | | | | | | 1,676,616 | | |
Guidewire Software, Inc.* | | | | | 13,728 | | | | | | 1,521,749 | | |
HubSpot, Inc.* | | | | | 11,142 | | | | | | 2,499,708 | | |
Intuit, Inc. | | | | | 4,759 | | | | | | 1,409,568 | | |
Kingsoft Corp. Ltd. | | | | | 812,000 | | | | | | 3,776,890 | | |
Microsoft Corp. | | | | | 68,730 | | | | | | 13,987,242 | | |
Palo Alto Networks, Inc.* | | | | | 7,951 | | | | | | 1,826,106 | | |
RingCentral, Inc., Class A* | | | | | 10,195 | | | | | | 2,905,677 | | |
salesforce.com, Inc.* | | | | | 24,302 | | | | | | 4,552,494 | | |
ServiceNow, Inc.* | | | | | 10,657 | | | | | | 4,316,724 | | |
Smartsheet, Inc., Class A* | | | | | 71,749 | | | | | | 3,653,459 | | |
Splunk, Inc.* | | | | | 16,162 | | | | | | 3,211,389 | | |
Temenos AG (Registered) | | | | | 9,352 | | | | | | 1,452,321 | | |
Trade Desk, Inc. (The), Class A* | | | | | 8,272 | | | | | | 3,362,568 | | |
VMware, Inc., Class A* | | | | | 11,037 | | | | | | 1,709,190 | | |
Workday, Inc., Class A* | | | | | 12,396 | | | | | | 2,322,515 | | |
Xero Ltd.* | | | | | 48,368 | | | | | | 3,000,786 | | |
Zendesk, Inc.* | | | | | 34,574 | | | | | | 3,060,836 | | |
Zoom Video Communications, Inc., Class A* | | | | | 23,491 | | | | | | 5,955,908 | | |
Zscaler, Inc.* | | | | | 27,550 | | | | | | 3,016,725 | | |
| | | | | | | | | | | 97,710,960 | | |
TOTAL COMMON STOCKS (Cost $230,878,613) | | | | | | | | | | | 272,298,250 | | |
Total Investments — 99.9% (Cost $230,878,613) | | | | | | | | | | | 272,298,250 | | |
Other Assets Less Liabilities — 0.1% | | | | | | | | | | | 214,212 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 272,512,462 | | |
|
Abbreviations | | | ||
ADR | | | American Depositary Receipt | |
| Aggregate gross unrealized appreciation | | | | $ | 42,063,211 | | |
| Aggregate gross unrealized depreciation | | | | | (685,600) | | |
| Net unrealized appreciation | | | | $ | 41,377,611 | | |
| Federal income tax cost of investments (including derivative contracts, if any) | | | | $ | 230,920,639 | | |
Schedule of Investments
| Argentina | | | | | 1.7% | | |
| Canada | | | | | 2.5% | | |
| China | | | | | 23.9% | | |
| France | | | | | 0.6% | | |
| Germany | | | | | 2.0% | | |
| Israel | | | | | 1.0% | | |
| Japan | | | | | 1.3% | | |
| New Zealand | | | | | 1.1% | | |
| Switzerland | | | | | 0.5% | | |
| United States | | | | | 65.3% | | |
| Other(1) | | | | | 0.1% | | |
| | | | | | 100.0% | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
COMMON STOCKS – 98.4% | | | | | | | | | | | | | |
Auto Components – 0.8% | | ||||||||||||
Cie Generale des Etablissements Michelin SCA | | | | | 1,336 | | | | | $ | 138,559 | | |
Beverages – 3.7% | | ||||||||||||
Carlsberg A/S, Class B | | | | | 389 | | | | | | 51,386 | | |
Diageo plc | | | | | 12,367 | | | | | | 409,751 | | |
Heineken NV | | | | | 1,525 | | | | | | 140,553 | | |
Pernod Ricard SA | | | | | 342 | | | | | | 53,796 | | |
| | | | | | | | | | | 655,486 | | |
Building Products – 1.8% | | ||||||||||||
Assa Abloy AB, Class B | | | | | 8,117 | | | | | | 165,056 | | |
Geberit AG (Registered) | | | | | 322 | | | | | | 161,144 | | |
| | | | | | | | | | | 326,200 | | |
Capital Markets – 5.2% | | ||||||||||||
3i Group plc | | | | | 39,432 | | | | | | 405,661 | | |
Partners Group Holding AG | | | | | 586 | | | | | | 531,485 | | |
| | | | | | | | | | | 937,146 | | |
Construction & Engineering – 1.9% | | ||||||||||||
Vinci SA | | | | | 3,748 | | | | | | 345,184 | | |
Diversified Financial Services – 7.2% | | ||||||||||||
Industrivarden AB, Class C* | | | | | 16,212 | | | | | | 367,337 | | |
Investor AB, Class B | | | | | 17,481 | | | | | | 922,586 | | |
| | | | | | | | | | | 1,289,923 | | |
Diversified Telecommunication Services – 5.0% | | ||||||||||||
Deutsche Telekom AG (Registered) | | | | | 53,045 | | | | | | 890,386 | | |
Electric Utilities – 7.9% | | ||||||||||||
Enel SpA | | | | | 77,545 | | | | | | 668,713 | | |
Iberdrola SA | | | | | 28,516 | | | | | | 330,526 | | |
Red Electrica Corp. SA | | | | | 8,890 | | | | | | 165,798 | | |
SSE plc | | | | | 14,233 | | | | | | 239,965 | | |
| | | | | | | | | | | 1,405,002 | | |
Electrical Equipment – 2.5% | | ||||||||||||
Legrand SA | | | | | 2,170 | | | | | | 164,806 | | |
Schneider Electric SE | | | | | 2,486 | | | | | | 276,088 | | |
| | | | | | | | | | | 440,894 | | |
Food & Staples Retailing – 1.0% | | ||||||||||||
Koninklijke Ahold Delhaize NV | | | | | 6,540 | | | | | | 178,199 | | |
Food Products – 5.9% | | ||||||||||||
Chocoladefabriken Lindt & Spruengli AG | | | | | 6 | | | | | | 49,390 | | |
Danone SA | | | | | 2,265 | | | | | | 156,605 | | |
Mowi ASA | | | | | 4,987 | | | | | | 94,420 | | |
Nestle SA (Registered) | | | | | 6,728 | | | | | | 743,698 | | |
| | | | | | | | | | | 1,044,113 | | |
Health Care Equipment & Supplies – 2.2% | | ||||||||||||
Coloplast A/S, Class B | | | | | 1,027 | | | | | | 159,097 | | |
Koninklijke Philips NV* | | | | | 5,138 | | | | | | 239,601 | | |
| | | | | | | | | | | 398,698 | | |
Hotels, Restaurants & Leisure – 1.8% | | ||||||||||||
Compass Group plc | | | | | 23,364 | | | | | | 321,018 | | |
|
Investments | | | Shares | | | Value ($) | | ||||||
Household Products – 1.8% | | ||||||||||||
Henkel AG & Co. KGaA | | | | | 719 | | | | | $ | 59,879 | | |
Reckitt Benckiser Group plc | | | | | 2,802 | | | | | | 257,307 | | |
| | | | | | | | | | | 317,186 | | |
Industrial Conglomerates – 1.2% | | ||||||||||||
Siemens AG (Registered) | | | | | 1,786 | | | | | | 210,143 | | |
IT Services – 2.0% | | ||||||||||||
Amadeus IT Group SA | | | | | 6,721 | | | | | | 350,108 | | |
Machinery – 2.7% | | ||||||||||||
Kone OYJ, Class B | | | | | 5,071 | | | | | | 348,678 | | |
Schindler Holding AG | | | | | 532 | | | | | | 125,203 | | |
| | | | | | | | | | | 473,881 | | |
Personal Products – 5.6% | | ||||||||||||
L’Oreal SA | | | | | 697 | | | | | | 223,656 | | |
Unilever plc | | | | | 14,389 | | | | | | 774,278 | | |
| | | | | | | | | | | 997,934 | | |
Pharmaceuticals – 15.4% | | ||||||||||||
GlaxoSmithKline plc | | | | | 35,558 | | | | | | 719,048 | | |
Novartis AG (Registered) | | | | | 6,055 | | | | | | 526,677 | | |
Novo Nordisk A/S, Class B | | | | | 10,039 | | | | | | 649,605 | | |
Roche Holding AG | | | | | 2,471 | | | | | | 856,264 | | |
| | | | | | | | | | | 2,751,594 | | |
Professional Services – 7.8% | | ||||||||||||
RELX plc | | | | | 37,718 | | | | | | 871,502 | | |
SGS SA (Registered) | | | | | 43 | | | | | | 105,055 | | |
Wolters Kluwer NV | | | | | 5,356 | | | | | | 418,204 | | |
| | | | | | | | | | | 1,394,761 | | |
Software – 4.1% | | ||||||||||||
SAP SE | | | | | 5,211 | | | | | | 727,612 | | |
Specialty Retail – 1.1% | | ||||||||||||
Industria de Diseno Textil SA | | | | | 7,640 | | | | | | 202,251 | | |
Textiles, Apparel & Luxury Goods – 6.6% | | ||||||||||||
Cie Financiere Richemont SA (Registered) | | | | | 1,691 | | | | | | 107,861 | | |
Hermes International | | | | | 312 | | | | | | 260,645 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 1,834 | | | | | | 804,374 | | |
| | | | | | | | | | | 1,172,880 | | |
Tobacco – 0.9% | | ||||||||||||
British American Tobacco plc | | | | | 2,484 | | | | | | 95,284 | | |
Imperial Brands plc | | | | | 3,163 | | | | | | 60,128 | | |
| | | | | | | | | | | 155,412 | | |
Trading Companies & Distributors – 2.3% | | ||||||||||||
Ferguson plc | | | | | 5,129 | | | | | | 419,028 | | |
TOTAL COMMON STOCKS (Cost $16,579,653) | | | | | | | | | | | 17,543,598 | | |
Total Investments — 98.4% (Cost $16,579,653) | | | | | | | | | | | 17,543,598 | | |
Other Assets Less Liabilities — 1.6% | | | | | | | | | | | 277,307 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 17,820,905 | �� | |
|
Schedule of Investments
Abbreviations | | | | |
OYJ | | | Public Limited Company | |
SCA | | | Limited partnership with share capital | |
| Aggregate gross unrealized appreciation | | | | $ | 1,280,943 | | |
| Aggregate gross unrealized depreciation | | | | | (329,176) | | |
| Net unrealized appreciation | | | | $ | 951,767 | | |
| Federal income tax cost of investments (including derivative contracts, if any) | | | | $ | 16,591,831 | | |
| Denmark | | | | | 4.8% | | |
| Finland | | | | | 2.0% | | |
| France | | | | | 13.6% | | |
| Germany | | | | | 10.6% | | |
| Italy | | | | | 3.7% | | |
| Netherlands | | | | | 5.5% | | |
| Norway | | | | | 0.5% | | |
| Spain | | | | | 5.9% | | |
| Sweden | | | | | 8.2% | | |
| Switzerland | | | | | 18.0% | | |
| United Kingdom | | | | | 23.3% | | |
| United States | | | | | 2.3% | | |
| Other(1) | | | | | 1.6% | | |
| | | | | | 100.0% | | |
June 30, 2020
| | | O’Shares U.S. Quality Dividend ETF | | | O’Shares U.S. Small-Cap Quality Dividend ETF | | | O’Shares Global Internet Giants ETF | | | O’Shares Europe Quality Dividend ETF | | ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(1) | | | | $ | 478,573,532 | | | | | $ | 93,697,718 | | | | | $ | 272,298,250 | | | | | $ | 17,543,598 | | |
Cash | | | | | 1,386,857 | | | | | | 248,536 | | | | | | 313,972 | | | | | | 83,114 | | |
Segregated cash balances with Authorized Participant for deposit securities | | | | | — | | | | | | — | | | | | | 6,238,540 | | | | | | — | | |
Foreign cash(2) | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1,515 | | |
Due from Authorized Participant | | | | | — | | | | | | — | | | | | | 5,672,784 | | | | | | — | | |
Receivables: | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities sold | | | | | 1,656,406 | | | | | | — | | | | | | — | | | | | | — | | |
Dividends | | | | | 379,662 | | | | | | 75,679 | | | | | | 5,238 | | | | | | 32,671 | | |
Capital shares issued | | | | | — | | | | | | 1,249,490 | | | | | | — | | | | | | — | | |
Foreign tax reclaims | | | | | — | | | | | | — | | | | | | 706 | | | | | | 239,473 | | |
Total Assets | | | | | 481,996,457 | | | | | | 95,271,423 | | | | | | 284,529,491 | | | | | | 17,900,371 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateral upon return of deposit securities | | | | | — | | | | | | — | | | | | | 6,238,540 | | | | | | — | | |
Payables: | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities purchased | | | | | — | | | | | | 1,248,611 | | | | | | 5,691,795 | | | | | | 3 | | |
Income distributions | | | | | 1,026,861 | | | | | | 175,396 | | | | | | — | | | | | | 69,758 | | |
Capital shares redeemed | | | | | 1,657,858 | | | | | | — | | | | | | — | | | | | | — | | |
Investment management fees | | | | | 190,621 | | | | | | 35,737 | | | | | | 86,694 | | | | | | 7,205 | | |
Accrued expenses and other liabilities | | | | | — | | | | | | — | | | | | | — | | | | | | 2,500 | | |
Total Liabilities | | | | | 2,875,340 | | | | | | 1,459,744 | | | | | | 12,017,029 | | | | | | 79,466 | | |
Net Assets | | | | $ | 479,121,117 | | | | | $ | 93,811,679 | | | | | $ | 272,512,462 | | | | | $ | 17,820,905 | | |
NET ASSETS CONSIST OF: | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 501,822,764 | | | | | $ | 113,531,430 | | | | | $ | 238,434,903 | | | | | $ | 22,951,668 | | |
Distributable earnings (loss) | | | | | (22,701,647) | | | | | | (19,719,751) | | | | | | 34,077,559 | | | | | | (5,130,763) | | |
Net Assets | | | | $ | 479,121,117 | | | | | $ | 93,811,679 | | | | | $ | 272,512,462 | | | | | $ | 17,820,905 | | |
The Funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets by the number of outstanding shares. | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding | | | | | 14,450,000 | | | | | | 3,754,000 | | | | | | 7,200,000 | | | | | | 800,000 | | |
Net Asset Value | | | | $ | 33.16 | | | | | $ | 24.99 | | | | | $ | 37.85 | | | | | $ | 22.28 | | |
(1) Investments in securities, at cost | | | | $ | 453,341,689 | | | | | $ | 96,784,240 | | | | | $ | 230,878,613 | | | | | $ | 16,579,653 | | |
(2) Cost of foreign cash | | | | $ | — | | | | | $ | — | | | | | $ | 1 | | | | | $ | 1,515 | | |
For the Year Ended June 30, 2020
| | | O’Shares U.S. Quality Dividend ETF | | | O’Shares U.S. Small-Cap Quality Dividend ETF | | | O’Shares Global Internet Giants ETF | | | O’Shares Europe Quality Dividend ETF | | ||||||||||||
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividend income | | | | $ | 16,860,934 | | | | | $ | 2,615,629 | | | | | $ | 98,081 | | | | | $ | 825,441 | | |
Special dividends (Note 3) | | | | | — | | | | | | 82,810 | | | | | | — | | | | | | 4,192 | | |
Foreign withholding tax on dividends | | | | | — | | | | | | (565) | | | | | | (854) | | | | | | (74,782) | | |
Total Investment Income | | | | | 16,860,934 | | | | | | 2,697,874 | | | | | | 97,227 | | | | | | 754,851 | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment management fees (Note 4) | | | | | 2,534,932 | | | | | | 452,093 | | | | | | 337,041 | | | | | | 113,255 | | |
Total Expenses | | | | | 2,534,932 | | | | | | 452,093 | | | | | | 337,041 | | | | | | 113,255 | | |
Net Investment Income (Loss) | | | | | 14,326,002 | | | | | | 2,245,781 | | | | | | (239,814) | | | | | | 641,596 | | |
NET REALIZED GAIN (LOSS) FROM: | | | | | | | | | | | | | | | | | | | | | | | | | |
Transactions in investment securities | | | | | (41,749,829) | | | | | | (14,172,254) | | | | | | (4,326,875) | | | | | | (4,351,926) | | |
In-kind redemptions of investments | | | | | 16,100,399 | | | | | | 4,039,475 | | | | | | 9,187,424 | | | | | | 55,203 | | |
Foreign currency transactions | | | | | — | | | | | | — | | | | | | (24,600) | | | | | | (53,138) | | |
Net Realized Gain (Loss) | | | | | (25,649,430) | | | | | | (10,132,779) | | | | | | 4,835,949 | | | | | | (4,349,861) | | |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities | | | | | (713,435) | | | | | | (589,841) | | | | | | 40,605,993 | | | | | | 1,914,400 | | |
Translation of assets and liabilities denominated in foreign currencies | | | | | — | | | | | | — | | | | | | (21) | | | | | | 3,489 | | |
Net Change in Unrealized Appreciation (Depreciation) | | | | | (713,435) | | | | | | (589,841) | | | | | | 40,605,972 | | | | | | 1,917,889 | | |
Net Realized and Unrealized Gain (Loss) | | | | | (26,362,865) | | | | | | (10,722,620) | | | | | | 45,441,921 | | | | | | (2,431,972) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (12,036,863) | | | | | $ | (8,476,839) | | | | | $ | 45,202,107 | | | | | $ | (1,790,376) | | |
| | | O’Shares U.S. Quality Dividend ETF | | | O’Shares U.S. Small-Cap Quality Dividend ETF | | ||||||||||||||||||
| | | Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | | Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | ||||||||||||
OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 14,326,002 | | | | | $ | 12,384,843 | | | | | $ | 2,245,781 | | | | | $ | 2,516,077 | | |
Net realized gain (loss) | | | | | (25,649,430) | | | | | | 17,024,316 | | | | | | (10,132,779) | | | | | | 5,968,739 | | |
Net change in unrealized appreciation (depreciation) | | | | | (713,435) | | | | | | 15,574,374 | | | | | | (589,841) | | | | | | (7,662,265) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | (12,036,863) | | | | | | 44,983,533 | | | | | | (8,476,839) | | | | | | 822,551 | | |
DISTRIBUTIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings | | | | | (14,484,046) | | | | | | (12,107,636) | | | | | | (1,994,051) | | | | | | (2,452,943) | | |
Tax return of capital | | | | | — | | | | | | — | | | | | | (175,670) | | | | | | — | | |
Total Distributions | | | | | (14,484,046) | | | | | | (12,107,636) | | | | | | (2,169,721) | | | | | | (2,452,943) | | |
CAPITAL TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | | | 154,339,258 | | | | | | 289,837,022 | | | | | | 41,704,091 | | | | | | 34,332,774 | | |
Cost of shares redeemed | | | | | (145,271,529) | | | | | | (237,407,319) | | | | | | (34,815,776) | | | | | | (71,934,364) | | |
Net Increase (Decrease) from Capital Transactions | | | | | 9,067,729 | | | | | | 52,429,703 | | | | | | 6,888,315 | | | | | | (37,601,590) | | |
Total Increase (Decrease) in Net Assets | | | | | (17,453,180) | | | | | | 85,305,600 | | | | | | (3,758,245) | | | | | | (39,231,982) | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | $ | 496,574,297 | | | | | $ | 411,268,697 | | | | | $ | 97,569,924 | | | | | $ | 136,801,906 | | |
End of Year | | | | $ | 479,121,117 | | | | | $ | 496,574,297 | | | | | $ | 93,811,679 | | | | | $ | 97,569,924 | | |
SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 14,550,000 | | | | | | 13,400,000 | | | | | | 3,554,000 | | | | | | 5,054,000 | | |
Shares issued in-kind | | | | | 4,450,000 | | | | | | 9,000,000 | | | | | | 1,550,000 | | | | | | 1,200,000 | | |
Shares redeemed in-kind | | | | | (4,550,000) | | | | | | (7,850,000) | | | | | | (1,350,000) | | | | | | (2,700,000) | | |
Shares Outstanding, End of Year | | | | | 14,450,000 | | | | | | 14,550,000 | | | | | | 3,754,000 | | | | | | 3,554,000 | | |
| | | O’Shares Global Internet Giants ETF | | | O’Shares Europe Quality Dividend ETF | | ||||||||||||||||||
| | | Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | | Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | ||||||||||||
OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | (239,814) | | | | | $ | (139,180) | | | | | $ | 641,596 | | | | | $ | 979,353 | | |
Net realized gain (loss) | | | | | 4,835,949 | | | | | | (2,098,870) | | | | | | (4,349,861) | | | | | | (414,151) | | |
Net change in unrealized appreciation (depreciation) | | | | | 40,605,972 | | | | | | 3,516,406 | | | | | | 1,917,889 | | | | | | 435,828 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | 45,202,107 | | | | | | 1,278,356 | | | | | | (1,790,376) | | | | | | 1,001,030 | | |
DISTRIBUTIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings | | | | | — | | | | | | — | | | | | | (675,654) | | | | | | (1,031,170) | | |
Total Distributions | | | | | — | | | | | | — | | | | | | (675,654) | | | | | | (1,031,170) | | |
CAPITAL TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | | | 217,409,165 | | | | | | 8,374,599 | | | | | | 1,198,543 | | | | | | 5,975,740 | | |
Cost of shares redeemed | | | | | (38,933,266) | | | | | | (12,553,104) | | | | | | (6,409,340) | | | | | | (21,146,226) | | |
Net Increase (Decrease) from Capital Transactions | | | | | 178,475,899 | | | | | | (4,178,505) | | | | | | (5,210,797) | | | | | | (15,170,486) | | |
Total Increase (Decrease) in Net Assets | | | | | 223,678,006 | | | | | | (2,900,149) | | | | | | (7,676,827) | | | | | | (15,200,626) | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | $ | 48,834,456 | | | | | $ | 51,734,605 | | | | | $ | 25,497,732 | | | | | $ | 40,698,358 | | |
End of Year | | | | $ | 272,512,462 | | | | | $ | 48,834,456 | | | | | $ | 17,820,905 | | | | | $ | 25,497,732 | | |
SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 1,950,000 | | | | | | 2,150,000 | | | | | | 1,050,000 | | | | | | 1,700,000 | | |
Shares issued in-kind | | | | | 6,700,000 | | | | | | 350,000 | | | | | | 50,000 | | | | | | 250,000 | | |
Shares redeemed in-kind | | | | | (1,450,000) | | | | | | (550,000) | | | | | | (300,000) | | | | | | (900,000) | | |
Shares Outstanding, End of Year | | | | | 7,200,000 | | | | | | 1,950,000 | | | | | | 800,000 | | | | | | 1,050,000 | | |
| | | | | | | | | PER SHARE OPERATING PERFORMANCE | | | | | | | | | | | | | | | RATIOS/SUPPLEMENTAL DATA | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | Investment Operations | | | Distributions | | | | | | | | | Ratios to Average Net Assets of(2) | | | | | | | | | Total Return(3)(4) | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of period | | | Net investment income (loss)(1) | | | Net realized and unrealized gain (loss) | | | Total investment operations | | | Net investment income | | | Net realized gains | | | Tax return of capital | | | Total distributions | | | Net asset value, end of period | | | Expenses | | | Expenses net of reimbursements | | | Net investment income before reimburse- ments | | | Net investment income net of reimburse- ments | | | Net investment income (loss) net of reimburse- ment excluding special dividends(10) | | | Net investment income (loss) per share excluding special dividends(11) | | | Net asset value(5) | | | Market value(6) | | | Portfolio turnover rate(3)(7) | | | Ending net assets (thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
O’Shares U.S. Quality Dividend ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended June 30, 2020 | | | | $ | 34.13 | | | | | $ | 0.93 | | | | | $ | (0.96) | | | | | $ | (0.03) | | | | | $ | (0.94) | | | | | $ | — | | | | | $ | — | | | | | $ | (0.94) | | | | | $ | 33.16 | | | | | | 0.48% | | | | | | 0.48% | | | | | | 2.71% | | | | | | 2.71% | | | | | | 2.71% | | | | | $ | 0.93 | | | | | | (0.12)% | | | | | | (0.15)% | | | | | | 64%(13) | | | | | $ | 479,121 | | |
Year ended June 30, 2019 | | | | | 30.69 | | | | | | 0.89 | | | | | | 3.44 | | | | | | 4.33 | | | | | | (0.89) | | | | | | — | | | | | | — | | | | | | (0.89) | | | | | | 34.13 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 2.76 | | | | | | 2.76 | | | | | | 2.71 | | | | | | 0.88 | | | | | | 14.31 | | | | | | 14.16 | | | | | | 15 | | | | | | 496,574 | | |
Year ended June 30, 2018 | | | | | 29.25 | | | | | | 0.78 | | | | | | 1.46 | | | | | | 2.24 | | | | | | (0.80) | | | | | | — | | | | | | — | | | | | | (0.80) | | | | | | 30.69 | | | | | | 0.48(12) | | | | | | 0.48(12) | | | | | | 2.53 | | | | | | 2.54 | | | | | | 2.54 | | | | | | 0.78 | | | | | | 7.67 | | | | | | 7.70 | | | | | | 18 | | | | | | 411,269 | | |
Year ended June 30, 2017 | | | | | 27.71 | | | | | | 0.69 | | | | | | 1.49 | | | | | | 2.18 | | | | | | (0.64) | | | | | | — | | | | | | — | | | | | | (0.64) | | | | | | 29.25 | | | | | | 0.48(12) | | | | | | 0.48(12) | | | | | | 2.46 | | | | | | 2.47 | | | | | | 2.45 | | | | | | 0.68 | | | | | | 8.00 | | | | | | 8.15 | | | | | | 17 | | | | | | 413,932 | | |
For the period 07/14/15* – 06/30/16 | | | | | 25.00 | | | | | | 0.69 | | | | | | 2.60 | | | | | | 3.29 | | | | | | (0.58) | | | | | | — | | | | | | — | | | | | | (0.58) | | | | | | 27.71 | | | | | | 0.49(12) | | | | | | 0.48(12) | | | | | | 2.74 | | | | | | 2.76 | | | | | | 2.75 | | | | | | 0.69 | | | | | | 13.39 | | | | | | 13.27 | | | | | | 7 | | | | | | 213,332 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended June 30, 2020 | | | | | 27.45 | | | | | | 0.64 | | | | | | (2.48) | �� | | | | | (1.84) | | | | | | (0.57) | | | | | | — | | | | | | (0.05) | | | | | | (0.62) | | | | | | 24.99 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 2.38 | | | | | | 2.38 | | | | | | 2.30 | | | | | $ | 0.62 | | | | | | (6.82) | | | | | | (6.78) | | | | | | 101(13) | | | | | | 93,812 | | |
Year ended June 30, 2019 | | | | | 27.07 | | | | | | 0.58 | | | | | | 0.38(8) | | | | | | 0.96 | | | | | | (0.58) | | | | | | — | | | | | | — | | | | | | (0.58) | | | | | | 27.45 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 2.16 | | | | | | 2.16 | | | | | | 2.03 | | | | | | 0.54 | | | | | | 3.65 | | | | | | 3.53 | | | | | | 52 | | | | | | 97,570 | | |
Year ended June 30, 2018 | | | | | 25.41 | | | | | | 0.66 | | | | | | 1.70 | | | | | | 2.36 | | | | | | (0.66) | | | | | | —(9) | | | | | | (0.04) | | | | | | (0.70) | | | | | | 27.07 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 2.51 | | | | | | 2.51 | | | | | | 2.51 | | | | | | 0.66 | | | | | | 9.39 | | | | | | 9.35 | | | | | | 64 | | | | | | 136,802 | | |
For the period 12/30/16** – 06/30/17 | | | | | 25.00 | | | | | | 0.38 | | | | | | 0.25 | | | | | | 0.63 | | | | | | (0.22) | | | | | | — | | | | | | — | | | | | | (0.22) | | | | | | 25.41 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 2.99 | | | | | | 2.99 | | | | | | 2.86 | | | | | | 0.36 | | | | | | 2.52 | | | | | | 2.68 | | | | | | 7 | | | | | | 38,223 | | |
O’Shares Global Internet Giants ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended June 30, 2020 | | | | | 25.04 | | | | | | (0.10) | | | | | | 12.91 | | | | | | 12.81 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37.85 | | | | | | 0.48 | | | | | | 0.48 | | | | | | (0.34) | | | | | | (0.34) | | | | | | (0.34) | | | | | $ | (0.10) | | | | | | 51.16 | | | | | | 51.46 | | | | | | 38 | | | | | | 272,512 | | |
Year ended June 30, 2019 | | | | | 24.06 | | | | | | (0.06) | | | | | | 1.04 | | | | | | 0.98 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25.04 | | | | | | 0.48 | | | | | | 0.48 | | | | | | (0.28) | | | | | | (0.28) | | | | | | (0.31) | | | | | | (0.07) | | | | | | 4.07 | | | | | | 3.69 | | | | | | 55 | | | | | | 48,834 | | |
For the period 06/05/18** – 06/30/18 | | | | | 25.00 | | | | | | (0.01) | | | | | | (0.93) | | | | | | (0.94) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24.06 | | | | | | 0.48 | | | | | | 0.48 | | | | | | (0.48) | | | | | | (0.48) | | | | | | (0.48) | | | | | | (0.01) | | | | | | (3.76) | | | | | | (3.52) | | | | | | 8 | | | | | | 51,735 | | |
O’Shares Europe Quality Dividend ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended June 30, 2020 | | | | | 24.28 | | | | | | 0.64 | | | | | | (1.95) | | | | | | (1.31) | | | | | | (0.69) | | | | | | — | | | | | | — | | | | | | (0.69) | | | | | | 22.28 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 2.72 | | | | | | 2.72 | | | | | | 2.70 | | | | | $ | 0.63 | | | | | | (5.44) | | | | | | (4.70) | | | | | | 72(13) | | | | | | 17,821 | | |
Year ended June 30, 2019 | | | | | 23.94 | | | | | | 0.76 | | | | | | 0.44 | | | | | | 1.20 | | | | | | (0.86) | | | | | | — | | | | | | — | | | | | | (0.86) | | | | | | 24.28 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 3.23 | | | | | | 3.23 | | | | | | 3.15 | | | | | | 0.74 | | | | | | 5.16 | | | | | | 5.25 | | | | | | 35 | | | | | | 25,498 | | |
Year ended June 30, 2018 | | | | | 24.69 | | | | | | 0.69 | | | | | | (0.55) | | | | | | 0.14 | | | | | | (0.89) | | | | | | — | | | | | | — | | | | | | (0.89) | | | | | | 23.94 | | | | | | 0.60(12) | | | | | | 0.58(12) | | | | | | 2.75 | | | | | | 2.77 | | | | | | 2.76 | | | | | | 0.69 | | | | | | 0.53 | | | | | | (0.41) | | | | | | 30 | | | | | | 40,698 | | |
Year ended June 30, 2017 | | | | | 23.17 | | | | | | 0.75 | | | | | | 1.34 | | | | | | 2.09 | | | | | | (0.57) | | | | | | — | | | | | | — | | | | | | (0.57) | | | | | | 24.69 | | | | | | 0.61(12) | | | | | | 0.58(12) | | | | | | 3.21 | | | | | | 3.24 | | | | | | 3.05 | | | | | | 0.70 | | | | | | 9.18 | | | | | | 8.91 | | | | | | 30 | | | | | | 62,947 | | |
For the period 08/19/15* – 06/30/16 | | | | | 25.00 | | | | | | 1.04 | | | | | | (2.32)(8) | | | | | | (1.28) | | | | | | (0.55) | | | | | | — | | | | | | — | | | | | | (0.55) | | | | | | 23.17 | | | | | | 0.66(12) | | | | | | 0.58(12) | | | | | | 5.14 | | | | | | 5.22 | | | | | | 5.21 | | | | | | 1.04 | | | | | | (5.06) | | | | | | (4.24) | | | | | | 7 | | | | | | 25,483 | | |
Notes to Financial Statements
June 30, 2020
| | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | | ||||||||||||
O’Shares U.S. Quality Dividend ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 478,573,532 | | | | | $ | — | | | | | $ | — | | | | | $ | 478,573,532 | | |
Total Investments | | | | $ | 478,573,532 | | | | | $ | — | | | | | $ | — | | | | | $ | 478,573,532 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 93,697,718 | | | | | $ | — | | | | | $ | — | | | | | $ | 93,697,718 | | |
Total Investments | | | | $ | 93,697,718 | | | | | $ | — | | | | | $ | — | | | | | $ | 93,697,718 | | |
O’Shares Global Internet Giants ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 272,298,250 | | | | | $ | — | | | | | $ | — | | | | | $ | 272,298,250 | | |
Total Investments | | | | $ | 272,298,250 | | | | | $ | — | | | | | $ | — | | | | | $ | 272,298,250 | | |
O’Shares Europe Quality Dividend ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 17,543,598 | | | | | $ | — | | | | | $ | — | | | | | $ | 17,543,598 | | |
Total Investments | | | | $ | 17,543,598 | | | | | $ | — | | | | | $ | — | | | | | $ | 17,543,598 | | |
| | | Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||
Fund | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long Term Capital gains | | | Tax Return of Capital | | | Total Distributions | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long Term Capital gains | | | Tax Return of Capital | | | Total Distributions | | ||||||||||||||||||||||||
O’Shares U.S. Quality Dividend ETF | | | | $ | 14,484,046 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,484,046 | | | | | $ | 12,107,636 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,107,636 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 1,994,051 | | | | | | — | | | | | | 175,670 | | | | | | 2,169,721 | | | | | | 2,452,943 | | | | | | — | | | | | | — | | | | | | 2,452,943 | | |
O’Shares Europe Quality Dividend ETF | | | | | 675,654 | | | | | | — | | | | | | — | | | | | | 675,654 | | | | | | 1,031,170 | | | | | | — | | | | | | — | | | | | | 1,031,170 | | |
Fund | | | Undistributed Ordinary Income | | | Undistributed Long Term Capital Gains | | | Accumulated Capital and Other Losses | | | Unrealized Appreciation/ (Depreciation)* | | ||||||||||||
O’Shares U.S. Quality Dividend ETF | | | | $ | 28,993 | | | | | $ | — | | | | | $ | (47,867,048) | | | | | $ | 25,136,408 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | — | | | | | | — | | | | | | (16,614,921) | | | | | | (3,104,830) | | |
O’Shares Global Internet Giants ETF | | | | | — | | | | | | — | | | | | | (7,319,853) | | | | | | 41,397,412 | | |
O’Shares Europe Quality Dividend ETF | | | | | 32,803 | | | | | | — | | | | | | (6,120,332) | | | | | | 956,766 | | |
Fund | | | Capital Loss Carryforwards | | | Utilized Capital Loss Carryforwards | | ||||||
O’Shares U.S. Quality Dividend ETF | | | | $ | 6,895,513 | | | | | $ | 570,294 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 7,244,580 | | | | | | — | | |
O’Shares Global Internet Giants ETF | | | | | 5,606,943 | | | | | | — | | |
O’Shares Europe Quality Dividend ETF | | | | | 2,330,424 | | | | | | — | | |
Fund | | | Ordinary Late Year Loss Deferrals | | | Post-October Capital Losses | | | Total | | |||||||||
O’Shares U.S. Quality Dividend ETF | | | | $ | — | | | | | $ | 40,971,535 | | | | | $ | 40,971,535 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | — | | | | | | 9,370,341 | | | | | | 9,370,341 | | |
O’Shares Global Internet Giants ETF | | | | | 168,210 | | | | | | 1,544,700 | | | | | | 1,712,910 | | |
O’Shares Europe Quality Dividend ETF | | | | | — | | | | | | 3,789,908 | | | | | | 3,789,908 | | |
Fund | | | Management Fee | | |||
O’Shares U.S. Quality Dividend ETF | | | | | 0.48% | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 0.48% | | |
O’Shares Global Internet Giants ETF | | | | | 0.48% | | |
O’Shares Europe Quality Dividend ETF | | | | | 0.48% | | |
Fund | | | Expense Limitation | | |||
OUSA Prior Fund | | | | | 0.48% | | |
OEUR Prior Fund | | | | | 0.58% | | |
Fund | | | Purchases | | | Sales | | ||||||
O’Shares U.S. Quality Dividend ETF | | | | $ | 332,975,080 | | | | | $ | 332,541,754 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 95,314,216 | | | | | | 95,259,270 | | |
O’Shares Global Internet Giants ETF | | | | | 29,650,866 | | | | | | 29,238,173 | | |
O’Shares Europe Quality Dividend ETF | | | | | 16,818,375 | | | | | | 16,901,333 | | |
Fund | | | Value | | | Realized Gain | | ||||||
O’Shares U.S. Quality Dividend ETF | | | | $ | 144,248,582 | | | | | $ | 16,100,399 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 34,721,724 | | | | | | 4,039,475 | | |
O’Shares Global Internet Giants ETF | | | | | 39,002,701 | | | | | | 9,187,424 | | |
O’Shares Europe Quality Dividend ETF | | | | | 6,302,061 | | | | | | 55,203 | | |
Fund | | | Value | | |||
O’Shares U.S. Quality Dividend ETF | | | | $ | 153,705,483 | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 41,571,672 | | |
O’Shares Global Internet Giants ETF | | | | | 216,600,328 | | |
O’Shares Europe Quality Dividend ETF | | | | | 1,182,785 | | |
and the Shareholders of O’Shares U.S. Quality Dividend ETF, O’Shares U.S. Small-Cap Quality Dividend ETF, O’Shares Global Internet Giants ETF, and O’Shares Europe Quality Dividend ETF
Fund | | | Financial Highlights Presented | |
O’Shares U.S. Quality Dividend ETF | | | For each of the years in the three-year period ended June 30, 2020 | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | For each of the years in the three-year period ended June 30, 2020 and for the period from December 30, 2016 (commencement of operations) to June 30, 2017 | |
O’Shares Global Internet Giants ETF | | | For each of the years in the two-year period ended June 30, 2020 and for the period from June 5, 2018 (commencement of operations) to June 30, 2018 | |
O’Shares Europe Quality Dividend ETF | | | For each of the years in the three-year period ended June 30, 2020 | |
August 21, 2020
June 30, 2020
| | | Beginning Account Value 01/01/20 | | | Ending Account Value 06/30/20 | | | Expenses Paid During the Period* | | | Annualized Expense Ratio During Period | | ||||||||||||
O’Shares U.S. Quality Dividend ETF | | ||||||||||||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 917.30 | | | | | $ | 2.29 | | | | | | 0.48% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.48 | | | | | $ | 2.41 | | | | | | 0.48% | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | ||||||||||||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 856.00 | | | | | $ | 2.22 | | | | | | 0.48% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.48 | | | | | $ | 2.41 | | | | | | 0.48% | | |
O’Shares Global Internet Giants ETF | | ||||||||||||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,445.20 | | | | | $ | 2.92 | | | | | | 0.48% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.48 | | | | | $ | 2.41 | | | | | | 0.48% | | |
O’Shares Europe Quality Dividend ETF | | ||||||||||||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 879.80 | | | | | $ | 2.24 | | | | | | 0.48% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.48 | | | | | $ | 2.41 | | | | | | 0.48% | | |
Board Review and Approval of Investment Advisory and Sub-Advisory Agreement
Board Review and Approval of Investment Advisory and Sub-Advisory Agreement (continued)
Board Review and Approval of Investment Advisory and Sub-Advisory Agreement (continued)
Board Review and Approval of Investment Advisory and Sub-Advisory Agreement (continued)
Board Review and Approval of Investment Advisory and Sub-Advisory Agreement (continued)
Fund | | | QDI | | | DRD | | ||||||
O’Shares U.S. Quality Dividend ETF | | | | | 100% | | | | | | 100% | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | | 100% | | | | | | 100% | | |
O’Shares Europe Quality Dividend ETF | | | | | 100% | | | | | | —% | | |
Fund | | | Foreign Taxes Paid | | | Foreign Source Income | | ||||||
O’Shares Europe Quality Dividend ETF | | | | $ | 68,477 | | | | | $ | 829,566 | | |
Name, Address*, Year of Birth | | | Position(s) Held with Trust | | | Term of Office** and Length of Time Served | | | Principal Occupation(s) During Past 5 Years | | | Number of Funds in Fund Complex Overseen by Trustee | | | Other Directorships Held by Trustee | |
Independent Trustees | | |||||||||||||||
Richard M. Goldman*** Year of Birth: 1961 | | | Trustee | | | Since 2016 | | | Managing Member, Becket Capital, LLC (advisory services firm) (2012 to present). | | | 8 | | | Harvest Volatility Edge Trust (2017 to 2019); Axonic Alternative Income Fund (2018 to 2020); Silver Spike Acquisition Corp. (2019 to present) | |
Charles A. Baker**** Year of Birth: 1953 | | | Trustee | | | Since 2016 | | | Chief Executive Officer of Investment Innovations LLC (investment consulting) (2013 to present). | | | 8 | | | Global X Funds (July 2018 to present) | |
Jeffrey D. Haroldson Year of Birth: 1957 | | | Lead Independent Trustee | | | Trustee since 2016 and Lead Independent since February 2019 | | | Chief Operating Officer and Chief Legal Officer, Bridgeton Holdings LLC (real estate investment and development) (2013 to present); Senior Managing Director, Lexden Capital, LLC (real estate and green energy financing) (2014 to 2018); President, Ridgewood Capital Advisors LLC (consulting and business advisory services) (2012 to 2018). | | | 8 | | | None | |
Interested Trustee***** | | |||||||||||||||
Connor O’Brien Year of Birth: 1961 | | | Trustee | | | Since 2016 | | | Chief Executive Officer/Director, O’Shares Investment Advisers, LLC (2016 to present); Chief Executive Officer and President, O’Shares Investments, Inc. (2015 to present); President, Beanstox Inc. (2017 to present); President and Chief Investment Officer, Stanton Asset Management Inc. (2002 to present); President, Chief Executive Officer and Director, O’Leary Funds Management LP (2008 to present). | | | 8 | | | None | |
Name, Address, Year of Birth | | | Position(s) Held with Trust | | | Term of Office* and Length of Time Served | | | Principal Occupation(s) During the Past 5 Years | |
Kevin Beadles 75 State Street, Suite 100 Boston, MA 02109 Year of Birth: 1966 | | | President and Secretary | | | Since 2016 | | | Director, Strategic Development, O’Shares Investment Advisers LLC (2017 to present); Director of Capital Markets and Strategic Development, O’Shares Investments, Inc. (2015 to 2017); Director, Product Development William O’Neil & Co. (2014-2015); Chief Strategy Officer, Managing Director of Capital Markets and Portfolio Risk Management and Head of Global Product Development, Wedbush Securities, Inc. and Lime Brokerage, LLC (a wholly owned subsidiary of Wedbush Securities, Inc.) (2004 to 2013). | |
Joshua G. Hunter 10 High Street, Suite 302 Boston, MA 02110 Year of Birth: 1981 | | | Principal Financial Officer and Treasurer | | | Since 2016 | | | Fund Principal Financial Officer, Foreside Fund Officer Services, LLC (2015 to present); Vice President/Assistant Vice President, Treasury Services, JPMorgan Chase & Co. (2008 to 2015).** | |
Kenneth A. Kalina 3 Canal Plaza, Suite 100 Portland, ME 04101 Year of Birth: 1959 | | | Chief Compliance Officer | | | Since 2017 | | | Fund Chief Compliance Officer/Director (“CCO”), Foreside Fund Officer Services, LLC (2017 to present); Chief Compliance Officer, Henderson Global Funds (2005 to 2017); Chief Compliance Officer, Henderson Global Investors (North America) Inc. (2005 to 2015).** | |
Boston, MA 02109
www.oshares.com
Foreside Fund Services, LLC
Item 2. Code of Ethics.
As of the end of the period, June 30, 2020, the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that Charles A. Baker is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Charles A. Baker is independent for purposes of Item 3 of Form N-CSR. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. During the period covered by this report, there have been no waivers granted under the code of ethics.
Item 4. Principal Accountant Fees and Services.
Aggregate fees for professional services rendered for OSI ETF Trust by BBD, LLP (“BBD”) for the fiscal years ended June 30, 2019 and June 30, 2020 were:
2019 | 2020 | |||||||
Audit Fees (a) | $49,500 | $49,500 | ||||||
Audit Related Fees (b) | 0 | 0 | ||||||
Tax Fees (c) | $12,000 | $12,000 | ||||||
All Other Fees (d) | 0 | 0 | ||||||
Total: | $61,500 | $61,500 |
(a) | Audit Fees: These fees relate to professional services rendered by BBD for the audits of the Registrant’s annual financial statements or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the Registrant and issuance of consents. |
(b) | Audit Related Fees: These fees relate to assurance and related services by BBD related to audit services in connection with the June 30, 2019 and June 30, 2020 annual financial statements. |
(c) | Tax Fees: These fees relate to professional services rendered by BBD for tax compliance, tax advice and tax planning. |
(d) | All Other Fees: These fees relate to products and services provided by BBD other than those reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above. |
(e)(1) | Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust. |
(e)(2) | 0% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | If greater than 50%, disclose the percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees: Not Applicable. |
(g) | Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended June 30, 2019 and June 30, 2020: $12,000 and $12,000, respectively. |
(h) | The Registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. |
Item 5. Audit Committee of Listed Registrants.
(a) | The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board’s independent Trustees, Charles A. Baker, Richard M. Goldman and Jeffrey D. Haroldson, are members of the Audit Committee. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Schedule I – Investments in Securities of Unaffiliated Issuers. |
Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR. |
(b) | Securities divested of in accordance with Section 13(c) of the Investment Company Act of 1940. |
Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
The Registrant did not have in place procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 13. Exhibits.
(a)(1) | Code of Ethics – Filed herewith. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
Not applicable. |
(a)(4) | Change in the Registrant’s independent public accountant. |
Not applicable. |
(b) | Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
OSI ETF Trust
By: | ||
/s/Kevin Beadles | ||
Kevin Beadles | ||
President and Principal Executive Officer | ||
September 2, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | ||
/s/Kevin Beadles | ||
Kevin Beadles | ||
President | ||
September 2, 2020 |
By: | ||
/s/Joshua Hunter | ||
Joshua Hunter | ||
Principal Financial Officer and Treasurer | ||
September 2, 2020 |