1
OSI ETF Trust
O’Shares U.S. Quality Dividend ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments |
| Shares |
| Value ($) |
COMMON STOCKS - 100.0% | ||||
| | | | |
Aerospace & Defense - 3.5% | ||||
General Dynamics Corp. | 14,724 | | $2,673,289 | |
L3Harris Technologies, Inc. | 4,855 | | 984,011 | |
Lockheed Martin Corp. | 39,189 | | 14,480,336 | |
Northrop Grumman Corp. | 11,969 | | 3,873,647 | |
| | | 22,011,283 | |
Air Freight & Logistics - 1.7% | ||||
CH Robinson Worldwide, Inc. | 10,667 | | 1,017,952 | |
Expeditors International of Washington, Inc. | 19,129 | | 2,060,002 | |
United Parcel Service, Inc., Class B | 44,549 | | 7,572,884 | |
| | | 10,650,838 | |
Banks - 0.8% | ||||
JPMorgan Chase & Co. | 31,957 | | 4,864,814 | |
| | | | |
Beverages - 4.4% | ||||
Brown-Forman Corp., Class B | 12,347 | | 851,573 | |
Coca-Cola Co. (The) | 262,032 | | 13,811,707 | |
PepsiCo, Inc. | 94,279 | | 13,335,764 | |
| | | 27,999,044 | |
Biotechnology - 3.2% | ||||
AbbVie, Inc. | 46,525 | | 5,034,936 | |
Amgen, Inc. | 62,863 | | 15,640,943 | |
| | | 20,675,879 | |
Building Products - 0.2% | ||||
Trane Technologies plc | 7,225 | | 1,196,171 | |
| | | | |
Capital Markets - 3.2% | ||||
CME Group, Inc. | 11,555 | | 2,359,878 | |
Moody’s Corp. | 8,722 | | 2,604,476 | |
MSCI, Inc. | 4,625 | | 1,939,170 | |
S&P Global, Inc. | 25,047 | | 8,838,335 | |
T. Rowe Price Group, Inc. | 26,648 | | 4,572,797 | |
| | | 20,314,656 | |
Commercial Services & Supplies - 0.7% | ||||
Cintas Corp. | 2,823 | | 963,518 | |
Waste Management, Inc. | 26,044 | | 3,360,197 | |
| | | 4,323,715 | |
Communications Equipment - 3.5% | ||||
Cisco Systems, Inc. | 411,052 | | 21,255,499 | |
Motorola Solutions, Inc. | 6,205 | | 1,166,850 | |
| | | 22,422,349 | |
Diversified Telecommunication Services - 4.7% | ||||
AT&T, Inc. | 203,237 | | 6,151,984 | |
Verizon Communications, Inc. | 412,247 | | 23,972,163 | |
| | | 30,124,147 | |
Electric Utilities - 1.2% | ||||
NextEra Energy, Inc. | 105,458 | | 7,973,679 | |
| | |
Investments |
| Shares |
| Value ($) |
Electrical Equipment - 0.4% | ||||
Emerson Electric Co. | 15,281 | | $1,378,652 | |
Rockwell Automation, Inc. | 4,538 | | 1,204,567 | |
| | | 2,583,219 | |
Electronic Equipment, Instruments & Components - 0.1% | ||||
Amphenol Corp., Class A | 14,050 | | 926,878 | |
| | | | |
Food & Staples Retailing - 2.3% | ||||
Costco Wholesale Corp. | 17,567 | | 6,192,016 | |
Walmart, Inc. | 60,579 | | 8,228,446 | |
| | | 14,420,462 | |
Food Products - 1.2% | ||||
General Mills, Inc. | 27,727 | | 1,700,220 | |
Hershey Co. (The) | 8,717 | | 1,378,681 | |
Hormel Foods Corp. | 32,426 | | 1,549,314 | |
Kellogg Co. | 8,846 | | 559,952 | |
Mondelez International, Inc., Class A | 43,253 | | 2,531,598 | |
| | | 7,719,765 | |
Health Care Equipment & Supplies - 1.8% | ||||
Abbott Laboratories | 26,259 | | 3,146,878 | |
Medtronic plc | 58,095 | | 6,862,762 | |
Stryker Corp. | 5,201 | | 1,266,860 | |
| | | 11,276,500 | |
Health Care Providers & Services - 3.1% | ||||
Anthem, Inc. | 2,923 | | 1,049,211 | |
CVS Health Corp. | 29,855 | | 2,245,992 | |
UnitedHealth Group, Inc. | 44,602 | | 16,595,066 | |
| | | 19,890,269 | |
Health Care Technology - 0.1% | ||||
Cerner Corp. | 12,659 | | 909,929 | |
| | | | |
Hotels, Restaurants & Leisure - 2.8% | ||||
McDonald’s Corp. | 51,801 | | 11,610,676 | |
Starbucks Corp. | 40,344 | | 4,408,389 | |
Yum! Brands, Inc. | 15,095 | | 1,632,977 | |
| | | 17,652,042 | |
Household Durables - 0.2% | ||||
Garmin Ltd. | 10,312 | | 1,359,637 | |
| | | | |
Household Products - 6.2% | ||||
Church & Dwight Co., Inc. | 9,930 | | 867,386 | |
Clorox Co. (The) | 11,447 | | 2,207,897 | |
Colgate-Palmolive Co. | 77,205 | | 6,086,070 | |
Kimberly-Clark Corp. | 35,229 | | 4,898,592 | |
Procter & Gamble Co. (The) | 187,636 | | 25,411,544 | |
| | | 39,471,489 | |
Industrial Conglomerates - 4.9% | ||||
3M Co. | 76,728 | | 14,783,951 | |
Honeywell International, Inc. | 74,406 | | 16,151,310 | |
| | | 30,935,261 |
2
OSI ETF Trust
O’Shares U.S. Quality Dividend ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments |
| Shares |
| Value ($) |
Insurance - 2.4% | ||||
Allstate Corp. (The) | 35,466 | | $4,075,043 | |
Aon plc, Class A | 16,062 | | 3,696,027 | |
Marsh & McLennan Cos., Inc. | 60,541 | | 7,373,894 | |
| | | 15,144,964 | |
Internet & Direct Marketing Retail - 0.3% | ||||
eBay, Inc. | 28,213 | | 1,727,764 | |
| | | | |
IT Services - 4.6% | ||||
Accenture plc, Class A | 29,342 | | 8,105,728 | |
Amdocs Ltd. | 8,918 | | 625,598 | |
Automatic Data Processing, Inc. | 14,330 | | 2,700,775 | |
Broadridge Financial Solutions, Inc. | 3,800 | | 581,780 | |
Cognizant Technology Solutions Corp., Class A | 15,377 | | 1,201,251 | |
International Business Machines Corp. | 16,539 | | 2,203,987 | |
Jack Henry & Associates, Inc. | 2,557 | | 387,948 | |
Mastercard, Inc., Class A | 8,553 | | 3,045,296 | |
Paychex, Inc. | 18,547 | | 1,817,977 | |
Visa, Inc., Class A | 40,150 | | 8,500,959 | |
Western Union Co. (The) | 19,152 | | 472,288 | |
| | | 29,643,587 | |
Machinery - 1.7% | ||||
Cummins, Inc. | 4,887 | | 1,266,271 | |
IDEX Corp. | 5,060 | | 1,059,159 | |
Illinois Tool Works, Inc. | 33,718 | | 7,469,211 | |
PACCAR, Inc. | 9,929 | | 922,603 | |
| | | 10,717,244 | |
Media - 2.1% | ||||
Comcast Corp., Class A | 247,029 | | 13,366,739 | |
| | | | |
Multiline Retail - 0.7% | ||||
Dollar General Corp. | 6,744 | | 1,366,469 | |
Target Corp. | 14,636 | | 2,898,953 | |
| | | 4,265,422 | |
Multi-Utilities - 0.4% | ||||
WEC Energy Group, Inc. | 28,115 | | 2,631,283 | |
| | | | |
Pharmaceuticals - 14.0% | ||||
Eli Lilly and Co. | 71,576 | | 13,371,828 | |
Johnson & Johnson | 195,071 | | 32,059,919 | |
Merck & Co., Inc. | 312,492 | | 24,090,008 | |
Pfizer, Inc. | 522,957 | | 18,946,732 | |
Zoetis, Inc. | 6,089 | | 958,896 | |
| | | 89,427,383 | |
Road & Rail - 1.5% | ||||
CSX Corp. | 13,016 | | 1,255,002 | |
Norfolk Southern Corp. | 4,915 | | 1,319,776 | |
Union Pacific Corp. | 32,746 | | 7,217,546 | |
| | | 9,792,324 |
Investments |
| Shares |
| Value ($) |
Semiconductors & Semiconductor Equipment - 4.5% | ||||
Analog Devices, Inc. | 4,668 | | $723,913 | |
Broadcom, Inc. | 1,831 | | 848,961 | |
Intel Corp. | 178,502 | | 11,424,128 | |
Maxim Integrated Products, Inc. | 8,304 | | 758,737 | |
Texas Instruments, Inc. | 79,940 | | 15,107,861 | |
| | | 28,863,600 | |
Software - 6.8% | ||||
Citrix Systems, Inc. | 4,262 | | 598,214 | |
Intuit, Inc. | 3,624 | | 1,388,209 | |
Microsoft Corp. | 139,424 | | 32,871,997 | |
Oracle Corp. | 117,911 | | 8,273,815 | |
| | | 43,132,235 | |
Specialty Retail - 5.7% | ||||
Home Depot, Inc. (The) | 105,014 | | 32,055,524 | |
Lowe’s Cos., Inc. | 23,801 | | 4,526,474 | |
| | | 36,581,998 | |
Technology Hardware, Storage & Peripherals - 2.9% | ||||
Apple, Inc. | 152,585 | | 18,638,258 | |
| | | | |
Textiles, Apparel & Luxury Goods - 0.6% | ||||
NIKE, Inc., Class B | 27,492 | | 3,653,412 | |
| | | | |
Tobacco - 1.2% | ||||
Philip Morris International, Inc. | 88,035 | | 7,812,226 | |
| | | | |
Trading Companies & Distributors - 0.4% | ||||
Fastenal Co. | 47,292 | | 2,377,842 | |
| | | | |
TOTAL COMMON STOCKS | | 637,478,307 | ||
Total Investments - 100.0% | | 637,478,307 | ||
Other assets less liabilities - 0.0%† | | 232,968 | ||
Net Assets - 100.0% | | $637,711,275 |
†Amount rounds to less than 0.1%.
3
OSI ETF Trust
O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments | Shares |
| Value ($) |
COMMON STOCKS - 99.9% | |||
| | | |
Auto Components - 3.5% | |||
BorgWarner, Inc. | 24,817 | | $1,150,516 |
Gentex Corp. | 83,661 | | 2,984,188 |
Lear Corp. | 3,881 | | 703,431 |
| | | 4,838,135 |
Building Products - 2.6% | |||
A O Smith Corp. | 45,542 | | 3,079,095 |
Simpson Manufacturing Co., Inc. | 5,455 | | 565,847 |
| | | 3,644,942 |
Capital Markets - 9.2% | |||
Artisan Partners Asset Management, Inc., Class A | 30,047 | | 1,567,552 |
Cohen & Steers, Inc. | 12,018 | | 785,136 |
Evercore, Inc., Class A | 15,798 | | 2,081,229 |
Federated Hermes, Inc. | 17,983 | | 562,868 |
Hamilton Lane, Inc., Class A | 7,315 | | 647,816 |
Houlihan Lokey, Inc. | 38,089 | | 2,533,299 |
Lazard Ltd., Class A | 31,033 | | 1,350,246 |
Moelis & Co., Class A | 24,728 | | 1,357,073 |
Morningstar, Inc. | 5,005 | | 1,126,325 |
Virtu Financial, Inc., Class A | 21,507 | | 667,792 |
| | | 12,679,336 |
Commercial Services & Supplies - 2.7% | |||
Brady Corp., Class A | 17,226 | | 920,730 |
Ennis, Inc. | 23,708 | | 506,166 |
Healthcare Services Group, Inc. | 19,737 | | 553,228 |
MSA Safety, Inc. | 4,319 | | 647,936 |
Tetra Tech, Inc. | 5,952 | | 807,805 |
UniFirst Corp. | 1,283 | | 287,020 |
| | | 3,722,885 |
Consumer Finance - 1.1% | |||
FirstCash, Inc. | 23,895 | | 1,569,185 |
| | | |
Diversified Consumer Services - 2.5% | |||
Graham Holdings Co., Class B | 1,537 | | 864,470 |
Service Corp. International | 50,876 | | 2,597,220 |
| | | 3,461,690 |
Diversified Telecommunication Services - 1.1% | |||
Cogent Communications Holdings, Inc. | 21,756 | | 1,495,942 |
| | | |
Electric Utilities - 2.6% | |||
ALLETE, Inc. | 8,586 | | 576,893 |
Hawaiian Electric Industries, Inc. | 12,189 | | 541,557 |
IDACORP, Inc. | 8,262 | | 825,952 |
MGE Energy, Inc. | 2,384 | | 170,194 |
Otter Tail Corp. | 6,570 | | 303,337 |
PNM Resources, Inc. | 5,770 | | 283,018 |
Portland General Electric Co. | 19,161 | | 909,573 |
| | | 3,610,524 |
Investments | Shares |
| Value ($) |
Electronic Equipment, Instruments & Components - 7.6% | |||
Badger Meter, Inc. | 7,278 | | $677,364 |
Dolby Laboratories, Inc., Class A | 34,031 | | 3,359,540 |
FLIR Systems, Inc. | 51,114 | | 2,886,408 |
Littelfuse, Inc. | 3,489 | | 922,631 |
National Instruments Corp. | 62,542 | | 2,700,876 |
| | | 10,546,819 |
Food & Staples Retailing - 1.0% | |||
Casey’s General Stores, Inc. | 3,960 | | 856,112 |
Weis Markets, Inc. | 9,976 | | 563,844 |
| | | 1,419,956 |
Food Products - 5.9% | |||
Flowers Foods, Inc. | 93,933 | | 2,235,605 |
Ingredion, Inc. | 27,717 | | 2,492,313 |
J & J Snack Foods Corp. | 6,149 | | 965,577 |
Lancaster Colony Corp. | 10,580 | | 1,855,309 |
Tootsie Roll Industries, Inc. | 19,060 | | 631,458 |
| | | 8,180,262 |
Gas Utilities - 2.5% | |||
Chesapeake Utilities Corp. | 1,474 | | 171,102 |
National Fuel Gas Co. | 8,942 | | 447,011 |
New Jersey Resources Corp. | 12,240 | | 488,009 |
Northwest Natural Holding Co. | 2,205 | | 118,960 |
ONE Gas, Inc. | 7,606 | | 584,977 |
Southwest Gas Holdings, Inc. | 3,502 | | 240,622 |
Spire, Inc. | 3,834 | | 283,294 |
UGI Corp. | 26,682 | | 1,094,229 |
| | | 3,428,204 |
Health Care Equipment & Supplies - 1.5% | |||
Hill-Rom Holdings, Inc. | 18,790 | | 2,075,919 |
| | | |
Health Care Providers & Services - 5.3% | |||
Encompass Health Corp. | 34,685 | | 2,840,702 |
National HealthCare Corp. | 36,039 | | 2,807,798 |
Premier, Inc., Class A | 47,898 | | 1,621,347 |
| | | 7,269,847 |
Household Durables - 3.6% | |||
Leggett & Platt, Inc. | 35,729 | | 1,631,029 |
MDC Holdings, Inc. | 12,101 | | 718,799 |
Whirlpool Corp. | 11,953 | | 2,633,844 |
| | | 4,983,672 |
Household Products - 1.0% | |||
WD-40 Co. | 4,720 | | 1,445,170 |
| | | |
Insurance - 7.8% | |||
AMERISAFE, Inc. | 9,313 | | 596,032 |
Erie Indemnity Co., Class A | 10,009 | | 2,211,088 |
Fidelity National Financial, Inc. | 66,772 | | 2,714,950 |
First American Financial Corp. | 42,166 | | 2,388,704 |
Kemper Corp. | 6,970 | | 555,648 |
Safety Insurance Group, Inc. | 15,739 | | 1,326,011 |
Stewart Information Services Corp. | 18,200 | | 946,946 |
| | | 10,739,379 |
4
OSI ETF Trust
O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments | Shares |
| Value ($) |
IT Services - 4.8% | |||
CSG Systems International, Inc. | 23,196 | | $1,041,268 |
Genpact Ltd. | 47,531 | | 2,035,277 |
MAXIMUS, Inc. | 30,713 | | 2,734,686 |
NIC, Inc. | 24,822 | | 842,211 |
| | | 6,653,442 |
Life Sciences Tools & Services - 2.5% | |||
Bio-Techne Corp. | 8,948 | | 3,417,510 |
| | | |
Machinery - 8.8% | |||
Donaldson Co., Inc. | 31,411 | | 1,826,864 |
Franklin Electric Co., Inc. | 4,300 | | 339,442 |
Graco, Inc. | 37,312 | | 2,672,285 |
ITT, Inc. | 5,872 | | 533,824 |
Snap-on, Inc. | 14,923 | | 3,443,333 |
Toro Co. (The) | 26,988 | | 2,783,542 |
Watts Water Technologies, Inc., Class A | 4,927 | | 585,377 |
| | | 12,184,667 |
Media - 3.2% | |||
Interpublic Group of Cos., Inc. (The) | 130,115 | | 3,799,358 |
New York Times Co. (The), Class A | 11,009 | | 557,276 |
| | | 4,356,634 |
Multi-Utilities - 1.6% | |||
Avista Corp. | 6,700 | | 319,925 |
Black Hills Corp. | 5,630 | | 375,915 |
MDU Resources Group, Inc. | 33,843 | | 1,069,777 |
NorthWestern Corp. | 7,283 | | 474,852 |
| | | 2,240,469 |
Professional Services - 4.9% | |||
Exponent, Inc. | 11,045 | | 1,076,335 |
ManTech International Corp., Class A | 16,318 | | 1,418,850 |
Robert Half International, Inc. | 43,235 | | 3,375,357 |
Science Applications International Corp. | 10,019 | | 837,488 |
| | | 6,708,030 |
Road & Rail - 0.5% | |||
Landstar System, Inc. | 4,038 | | 666,512 |
| | | |
Semiconductors & Semiconductor Equipment - 1.5% | |||
Monolithic Power Systems, Inc. | 5,660 | | 1,999,169 |
| | | |
Software - 2.4% | |||
CDK Global, Inc. | 39,652 | | 2,143,587 |
InterDigital, Inc. | 7,542 | | 478,540 |
Progress Software Corp. | 14,191 | | 625,255 |
| | | 3,247,382 |
Specialty Retail - 0.6% | |||
Williams-Sonoma, Inc. | 4,656 | | 834,355 |
| | |
Investments | Shares |
| Value ($) |
Technology Hardware, Storage & Peripherals - 0.8% | |||
Xerox Holdings Corp. | 48,007 | | $1,165,130 |
| | | |
Textiles, Apparel & Luxury Goods - 1.1% | |||
Carter’s, Inc.* | 8,236 | | 732,428 |
Hanesbrands, Inc. | 43,248 | | 850,688 |
| | | 1,583,116 |
Thrifts & Mortgage Finance - 0.5% | |||
Radian Group, Inc. | 29,492 | | 685,689 |
| | | |
Tobacco - 0.9% | |||
Universal Corp. | 9,369 | | 552,677 |
Vector Group Ltd. | 45,690 | | 637,376 |
| | | 1,190,053 |
Trading Companies & Distributors - 4.1% | |||
MSC Industrial Direct Co., Inc., Class A | 34,924 | | 3,149,796 |
Watsco, Inc. | 9,490 | | 2,474,517 |
| | | 5,624,313 |
Water Utilities - 0.2% | |||
American States Water Co. | 3,761 | | 284,407 |
| | | |
TOTAL COMMON STOCKS | | 137,952,745 | |
Total Investments - 99.9% | | 137,952,745 | |
Other assets less liabilities - 0.1% | | 107,900 | |
Net Assets - 100.0% | | $138,060,645 |
*Non-income producing security.
5
OSI ETF Trust
O’Shares Global Internet Giants ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments |
| |||
COMMON STOCKS - 99.9% | ||||
| | | | |
Entertainment - 11.1% | ||||
Activision Blizzard, Inc. | 26,814 | | $2,493,702 | |
Bilibili, Inc., ADR* | 94,078 | | 10,071,991 | |
CTS Eventim AG & Co. KGaA* | 117,854 | | 6,848,123 | |
Electronic Arts, Inc. | 16,202 | | 2,193,265 | |
Live Nation Entertainment, Inc.* | 110,496 | | 9,353,486 | |
NetEase, Inc., ADR | 50,102 | | 5,173,532 | |
Netflix, Inc.* | 14,292 | | 7,455,565 | |
Nexon Co. Ltd. | 81,557 | | 2,649,680 | |
Roku, Inc.* | 31,243 | | 10,178,032 | |
Spotify Technology SA* | 18,175 | | 4,869,991 | |
Take-Two Interactive Software, Inc.* | 16,755 | | 2,960,608 | |
Tencent Music Entertainment Group, ADR* | 237,180 | | 4,859,818 | |
Ubisoft Entertainment SA* | 72,373 | | 5,518,692 | |
Zynga, Inc., Class A* | 454,741 | | 4,642,906 | |
| | | 79,269,391 | |
Interactive Media & Services - 22.0% | ||||
Adevinta ASA* | 545,748 | | 8,049,069 | |
Alphabet, Inc., Class A* | 16,016 | | 33,033,320 | |
Baidu, Inc., ADR* | 18,838 | | 4,098,207 | |
Facebook, Inc., Class A* | 80,955 | | 23,843,676 | |
InterActive Corp.* | 13,425 | | 2,903,962 | |
Match Group, Inc.* | 24,918 | | 3,423,235 | |
Pinterest, Inc., Class A* | 133,347 | | 9,871,678 | |
Snap, Inc., Class A* | 214,109 | | 11,195,760 | |
Tencent Holdings Ltd. | 378,517 | | 29,699,255 | |
TripAdvisor, Inc.* | 147,854 | | 7,953,067 | |
Twitter, Inc.* | 85,822 | | 5,460,854 | |
Z Holdings Corp. | 413,877 | | 2,062,269 | |
Zillow Group, Inc., Class C* | 67,349 | | 8,731,124 | |
ZoomInfo Technologies, Inc., Class A* | 138,685 | | 6,781,696 | |
| | | 157,107,172 | |
Internet & Direct Marketing Retail - 29.7% | ||||
Alibaba Group Holding Ltd., ADR* | 119,330 | | 27,055,691 | |
Amazon.com, Inc.* | 11,737 | | 36,315,217 | |
Booking Holdings, Inc.* | 5,170 | | 12,045,273 | |
Chewy, Inc., Class A* | 64,786 | | 5,488,022 | |
Delivery Hero SE* | 81,446 | | 10,577,445 | |
eBay, Inc. | 37,823 | | 2,316,280 | |
Etsy, Inc.* | 21,105 | | 4,256,245 | |
Farfetch Ltd., Class A* | 128,934 | | 6,836,081 | |
Fiverr International Ltd.* | 32,304 | | 7,015,783 | |
HelloFresh SE* | 88,515 | | 6,616,415 | |
JD.com, Inc., ADR* | 109,933 | | 9,270,650 | |
Just Eat Takeaway.com NV* | 92,320 | | 8,530,561 | |
Meituan, Class B* | 502,166 | | 19,261,285 | |
MercadoLibre, Inc.* | 7,972 | | 11,735,900 | |
Ocado Group plc* | 145,972 | | 4,098,440 | |
Pinduoduo, Inc., ADR* | 119,762 | | 16,033,737 |
Investments | Shares |
| Value ($) | |
THG plc* | 741,292 | | $6,376,912 | |
Trip.com Group Ltd., ADR* | 178,224 | | 7,063,017 | |
Vipshop Holdings Ltd., ADR* | 91,996 | | 2,747,001 | |
Wayfair, Inc., Class A* | 10,921 | | 3,437,385 | |
Zalando SE* | 54,177 | | 5,325,712 | |
| | | 212,403,052 | |
IT Services - 7.7% | ||||
Kingsoft Cloud Holdings Ltd., ADR* | 170,298 | | 6,696,117 | |
MongoDB, Inc.* | 19,071 | | 5,100,158 | |
Okta, Inc.* | 27,745 | | 6,115,830 | |
Shopify, Inc., Class A* | 10,722 | | 11,835,959 | |
Snowflake, Inc., Class A* | 52,596 | | 12,059,211 | |
Twilio, Inc., Class A* | 23,589 | | 8,038,188 | |
Wix.com Ltd.* | 17,828 | | 4,977,934 | |
| | | 54,823,397 | |
Software - 29.4% | ||||
Adobe, Inc.* | 14,855 | | 7,061,621 | |
Atlassian Corp. plc, Class A* | 19,201 | | 4,046,803 | |
Avalara, Inc.* | 32,369 | | 4,318,996 | |
Bill.com Holdings, Inc.* | 43,046 | | 6,263,193 | |
Cloudflare, Inc., Class A* | 93,508 | | 6,569,872 | |
Coupa Software, Inc.* | 19,814 | | 5,042,267 | |
Crowdstrike Holdings, Inc., Class A* | 47,431 | | 8,656,632 | |
Datadog, Inc., Class A* | 88,091 | | 7,341,504 | |
DocuSign, Inc.* | 36,014 | | 7,291,034 | |
Dynatrace, Inc.* | 88,344 | | 4,261,715 | |
Fortinet, Inc.* | 18,082 | | 3,334,682 | |
HubSpot, Inc.* | 12,473 | | 5,665,361 | |
Intuit, Inc. | 13,071 | | 5,006,977 | |
Kingdee International Software Group Co. Ltd.* | 1,765,215 | | 5,471,986 | |
Microsoft Corp. | 111,639 | | 26,321,127 | |
Oracle Corp. | 36,685 | | 2,574,187 | |
Palantir Technologies, Inc., Class A* | 292,270 | | 6,806,968 | |
Palo Alto Networks, Inc.* | 11,187 | | 3,602,885 | |
Paycom Software, Inc.* | 11,419 | | 4,225,715 | |
RingCentral, Inc., Class A* | 14,918 | | 4,443,774 | |
salesforce.com, Inc.* | 33,746 | | 7,149,765 | |
SAP SE | 19,084 | | 2,342,081 | |
ServiceNow, Inc.* | 14,973 | | 7,488,147 | |
Sinch AB* | 47,746 | | 8,413,875 | |
Splunk, Inc.* | 28,209 | | 3,821,755 | |
TeamViewer AG* | 99,813 | | 4,273,611 | |
Trade Desk, Inc. (The), Class A* | 9,974 | | 6,499,657 | |
Unity Software, Inc.* | 54,158 | | 5,432,589 | |
VMware, Inc., Class A* | 15,098 | | 2,271,494 | |
Workday, Inc., Class A* | 15,245 | | 3,787,315 | |
Xero Ltd.* | 70,937 | | 6,836,310 | |
Zendesk, Inc.* | 36,870 | | 4,889,699 | |
Zoom Video Communications, Inc., Class A* | 38,695 | | 12,432,317 | |
Zscaler, Inc.* | 36,980 | | 6,348,357 | |
| | | 210,294,271 |
6
OSI ETF Trust
O’Shares Global Internet Giants ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments | Shares |
| Value ($) | |
TOTAL COMMON STOCKS | | $713,897,283 | ||
Total Investments - 99.9% | | 713,897,283 | ||
Other assets less liabilities - 0.1% | | 770,526 | ||
Net Assets - 100.0% | | $714,667,809 |
*Non-income producing security.
Abbreviations
ADR American Depositary Receipt
O’Shares Global Internet Giants ETF invested, as a percentage of net assets, in the following countries as of March 31, 2021:
Argentina | | 1.6% | |
Canada | | 1.7% | |
China | | 20.6% | |
France | | 1.9% | |
Germany | | 6.2% | |
Israel | | 1.7% | |
Japan | | 0.7% | |
New Zealand | | 1.0% | |
Sweden | | 1.2% | |
United Kingdom | | 2.4% | |
United States | | 60.9% | |
Other(1) | | 0.1% | |
| | 100.0% | |
(1)Includes cash and any non-equity securities and net other assets (liabilities).
7
OSI ETF Trust
O’Shares Europe Quality Dividend ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments | Shares |
| Value ($) |
COMMON STOCKS - 99.4% | |||
| | | |
Aerospace & Defense - 1.4% | |||
BAE Systems plc | 44,333 | | $308,890 |
| | | |
Air Freight & Logistics - 1.8% | |||
Deutsche Post AG (Registered) | 6,994 | | 384,041 |
| | | |
Beverages - 5.1% | |||
Carlsberg A/S, Class B | 2,085 | | 321,122 |
Diageo plc | 10,599 | | 437,168 |
Pernod Ricard SA | 1,801 | | 338,780 |
| | | 1,097,070 |
Building Products - 1.5% | |||
Geberit AG (Registered) | 501 | | 320,248 |
| | | |
Capital Markets - 1.8% | |||
Partners Group Holding AG | 297 | | 380,895 |
| | | |
Diversified Financial Services - 2.8% | |||
Investor AB, Class B | 7,692 | | 614,562 |
| | | |
Diversified Telecommunication Services - 5.9% | |||
Deutsche Telekom AG (Registered) | 18,855 | | 380,492 |
Elisa OYJ | 4,571 | | 274,739 |
Koninklijke KPN NV | 104,289 | | 354,720 |
Swisscom AG (Registered) | 505 | | 272,045 |
| | | 1,281,996 |
Electric Utilities - 2.6% | |||
Iberdrola SA | 44,056 | | 568,792 |
| | | |
Electrical Equipment - 5.3% | |||
ABB Ltd. (Registered) | 12,520 | | 379,930 |
Legrand SA | 3,487 | | 325,075 |
Schneider Electric SE | 2,844 | | 435,368 |
| | | 1,140,373 |
Entertainment - 1.5% | |||
Vivendi SE | 10,209 | | 335,962 |
| | | |
Food & Staples Retailing - 3.0% | |||
Kesko OYJ, Class B | 11,793 | | 361,477 |
Koninklijke Ahold Delhaize NV | 10,021 | | 279,720 |
| | | 641,197 |
Food Products - 5.8% | |||
Danone SA | 4,758 | | 327,136 |
Nestle SA (Registered) | 8,290 | | 927,874 |
| | | 1,255,010 |
Health Care Equipment & Supplies - 1.3% | |||
Coloplast A/S, Class B | 1,854 | | 279,450 |
| | |
Investments | Shares |
| Value ($) |
Hotels, Restaurants & Leisure - 1.7% | |||
Compass Group plc* | 17,916 | | $361,264 |
| | | |
Household Products - 1.4% | |||
Henkel AG & Co. KGaA | 2,994 | | 297,167 |
| | | |
Industrial Conglomerates - 2.2% | |||
Siemens AG (Registered) | 2,949 | | 485,234 |
| | | |
Insurance - 1.5% | |||
Admiral Group plc | 7,820 | | 334,575 |
| | | |
Machinery - 5.6% | |||
Atlas Copco AB, Class A | 6,856 | | 418,142 |
Kone OYJ, Class B | 5,686 | | 465,520 |
Schindler Holding AG | 1,107 | | 326,519 |
| | | 1,210,181 |
Personal Products - 5.0% | |||
L’Oreal SA | 1,132 | | 434,787 |
Unilever plc | 11,715 | | 655,579 |
| | | 1,090,366 |
Pharmaceuticals - 18.5% | |||
AstraZeneca plc | 4,247 | | 424,644 |
GlaxoSmithKline plc | 20,162 | | 358,290 |
Merck KGaA | 2,426 | | 415,716 |
Novartis AG (Registered) | 6,380 | | 547,535 |
Novo Nordisk A/S, Class B | 10,841 | | 736,245 |
Roche Holding AG | 2,776 | | 900,950 |
Sanofi | 6,251 | | 618,968 |
| | | 4,002,348 |
Professional Services - 6.6% | |||
Experian plc | 8,136 | | 280,294 |
RELX plc | 21,469 | | 538,802 |
SGS SA (Registered) | 107 | | 304,805 |
Wolters Kluwer NV | 3,393 | | 295,575 |
| | | 1,419,476 |
Semiconductors & Semiconductor Equipment - 3.5% | |||
ASML Holding NV | 1,262 | | 766,829 |
| | | |
Software - 3.9% | |||
Sage Group plc (The) | 29,631 | | 250,524 |
SAP SE | 4,854 | | 595,707 |
| | | 846,231 |
Specialty Retail - 1.7% | |||
Industria de Diseno Textil SA | 11,066 | | 365,465 |
| | | |
Textiles, Apparel & Luxury Goods - 4.8% | |||
Cie Financiere Richemont SA (Registered) | 4,406 | | 424,800 |
LVMH Moet Hennessy Louis Vuitton SE | 921 | | 614,940 |
| | | 1,039,740 |
8
OSI ETF Trust
O’Shares Europe Quality Dividend ETF
Schedule of Investments
March 31, 2021 (unaudited)
Investments | Shares |
| Value ($) |
Tobacco - 3.2% | |||
British American Tobacco plc | 10,828 | | $414,419 |
Swedish Match AB | 3,502 | | 273,931 |
| | | 688,350 |
TOTAL COMMON STOCKS | | 21,515,712 | |
Total Investments - 99.4% | | 21,515,712 | |
Other assets less liabilities - 0.6% | | 123,755 | |
Net Assets - 100.0% | | $21,639,467 |
*Non-income producing security.
Abbreviations
OYJ Public Limited Company
O’Shares Europe Quality Dividend ETF invested, as a percentage of net assets, in the following countries as of March 31, 2021:
Denmark | | 6.2% |
Finland | | 5.1% |
France | | 15.9% |
Germany | | 11.8% |
Netherlands | | 7.8% |
Spain | | 4.3% |
Sweden | | 6.0% |
Switzerland | | 22.1% |
United Kingdom | | 20.2% |
Other(1) | | 0.6% |
| | 100.0% |
(1)Includes cash and any non-equity securities and net other assets (liabilities).
9
OSI ETF Trust
Notes to Quarterly Schedules of Investments
Schedule of Investments
March 31, 2021 (unaudited)
Investment Valuation
The Funds disclose the fair market value of their investments in a hierarchy that distinguishes between:
(1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
•Level 1 — Quoted prices in active markets for identical assets.
•Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
•Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of March 31, 2021 for each Fund based upon the three levels defined above:
Level 1 — | Level 2 — | Level 3 — | Total | |
O’Shares U.S. Quality Dividend ETF | | | | |
Common Stocks* | $637,478,307 | $— | $— | $637,478,307 |
Total Investments | $637,478,307 | $— | $— | $637,478,307 |
| | | | |
O’Shares U.S. Small-Cap Quality Dividend ETF Investments | | | | |
Common Stocks* | $137,952,745 | $— | $— | $137,952,745 |
Total Investments | $137,952,745 | $— | $— | $137,952,745 |
| | | | |
O’Shares Global Internet Giants ETF | | | | |
Common Stocks* | $713,897,283 | $— | $— | $713,897,283 |
Total Investments | $713,897,283 | $— | $— | $713,897,283 |
| | | | |
O’Shares Europe Quality Dividend ETF Investments | | | | |
Common Stocks* | $21,515,712 | $— | $— | $21,515,712 |
Total Investments | $21,515,712 | $— | $— | $21,515,712 |
*See Schedules of Investments for segregation by industry type.