1
OSI ETF Trust
O’Shares U.S. Quality Dividend ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
COMMON STOCKS - 100.0% | |||
| | | |
Aerospace & Defense - 4.2% | |||
General Dynamics Corp. | 10,049 | | $1,969,906 |
L3Harris Technologies, Inc. | 10,479 | | 2,307,895 |
Lockheed Martin Corp. | 53,121 | | 18,332,057 |
Northrop Grumman Corp. | 18,608 | | 6,701,671 |
| | | 29,311,529 |
Air Freight & Logistics - 1.6% | |||
Expeditors International of | 19,254 | | 2,293,729 |
United Parcel Service, Inc., Class B | 47,420 | | 8,635,182 |
| | | 10,928,911 |
Banks - 0.4% | |||
JPMorgan Chase & Co. | 14,802 | | 2,422,939 |
| | | |
Beverages - 3.1% | |||
Coca-Cola Co. (The) | 208,644 | | 10,947,551 |
PepsiCo, Inc. | 70,671 | | 10,629,625 |
| | | 21,577,176 |
Biotechnology - 3.5% | |||
AbbVie, Inc. | 46,679 | | 5,035,264 |
Amgen, Inc. | 55,697 | | 11,843,967 |
Gilead Sciences, Inc. | 107,069 | | 7,478,769 |
| | | 24,358,000 |
Building Products - 0.3% | |||
Trane Technologies plc | 11,599 | | 2,002,567 |
| | | |
Capital Markets - 5.1% | |||
BlackRock, Inc. | 1,770 | | 1,484,428 |
Blackstone, Inc. | 96,332 | | 11,207,265 |
Moody’s Corp. | 7,243 | | 2,572,062 |
MSCI, Inc. | 2,152 | | 1,309,148 |
S&P Global, Inc. | 21,960 | | 9,330,584 |
T. Rowe Price Group, Inc. | 47,524 | | 9,347,971 |
| | | 35,251,458 |
Commercial Services & Supplies - 0.9% | |||
Cintas Corp. | 8,299 | | 3,159,097 |
Waste Management, Inc. | 18,750 | | 2,800,500 |
| | | 5,959,597 |
Communications Equipment - 2.5% | |||
Cisco Systems, Inc. | 296,007 | | 16,111,661 |
Motorola Solutions, Inc. | 4,752 | | 1,103,985 |
| | | 17,215,646 |
Diversified Telecommunication Services - 4.7% | |||
Verizon Communications, Inc. | 598,945 | | 32,349,020 |
| | | |
Electrical Equipment - 0.5% | |||
Emerson Electric Co. | 19,510 | | 1,837,842 |
Rockwell Automation, Inc. | 5,683 | | 1,671,029 |
| | | 3,508,871 |
Investments | Shares |
| Value ($) |
Electronic Equipment, Instruments & Components - 0.2% | |||
Amphenol Corp., Class A | 12,357 | | $904,903 |
TE Connectivity Ltd. | 5,728 | | 785,996 |
| | | 1,690,899 |
Entertainment - 0.4% | |||
Activision Blizzard, Inc. | 36,966 | | 2,860,799 |
| | | |
Food & Staples Retailing - 1.7% | |||
Costco Wholesale Corp. | 15,139 | | 6,802,710 |
Walmart, Inc. | 33,293 | | 4,640,378 |
| | | 11,443,088 |
Food Products - 1.4% | |||
Archer-Daniels-Midland Co. | 12,318 | | 739,203 |
General Mills, Inc. | 26,895 | | 1,608,859 |
Hershey Co. (The) | 12,648 | | 2,140,674 |
Hormel Foods Corp. | 34,629 | | 1,419,789 |
Mondelez International, Inc., Class A | 69,859 | | 4,064,397 |
| | | 9,972,922 |
Health Care Equipment & Supplies - 3.2% | |||
Abbott Laboratories | 119,605 | | 14,128,939 |
Baxter International, Inc. | 13,638 | | 1,096,904 |
Becton Dickinson and Co. | 4,184 | | 1,028,511 |
Medtronic plc | 38,610 | | 4,839,764 |
Stryker Corp. | 4,213 | | 1,111,052 |
| | | 22,205,170 |
Health Care Providers & Services - 2.3% | |||
Quest Diagnostics, Inc. | 13,691 | | 1,989,439 |
UnitedHealth Group, Inc. | 36,435 | | 14,236,612 |
| | | 16,226,051 |
Health Care Technology - 0.2% | |||
Cerner Corp. | 20,176 | | 1,422,812 |
| | | |
Hotels, Restaurants & Leisure - 4.7% | |||
McDonald’s Corp. | 85,052 | | 20,506,888 |
Starbucks Corp. | 85,205 | | 9,398,963 |
Yum! Brands, Inc. | 22,899 | | 2,800,777 |
| | | 32,706,628 |
Household Durables - 0.4% | |||
Garmin Ltd. | 17,451 | | 2,712,933 |
| | | |
Household Products - 6.5% | |||
Church & Dwight Co., Inc. | 15,042 | | 1,242,018 |
Clorox Co. (The) | 10,649 | | 1,763,581 |
Colgate-Palmolive Co. | 85,695 | | 6,476,828 |
Kimberly-Clark Corp. | 25,415 | | 3,365,962 |
Procter & Gamble Co. (The) | 232,456 | | 32,497,349 |
| | | 45,345,738 |
Industrial Conglomerates - 3.6% | |||
3M Co. | 87,089 | | 15,277,152 |
Honeywell International, Inc. | 45,373 | | 9,631,781 |
| | | 24,908,933 |
2
OSI ETF Trust
O’Shares U.S. Quality Dividend ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
Insurance - 1.8% | | | |
Allstate Corp. (The) | 36,001 | | $4,583,288 |
Aon plc, Class A | 6,252 | | 1,786,634 |
Chubb Ltd. | 13,069 | | 2,267,210 |
Marsh & McLennan Cos., Inc. | 25,503 | | 3,861,919 |
| | | 12,499,051 |
Internet & Direct Marketing Retail - 0.2% | |||
eBay, Inc. | 21,336 | | 1,486,479 |
| | | |
IT Services - 4.3% | |||
Accenture plc, Class A | 32,745 | | 10,475,780 |
Automatic Data Processing, Inc. | 8,144 | | 1,628,149 |
Broadridge Financial Solutions, Inc. | 3,015 | | 502,420 |
Cognizant Technology Solutions Corp., Class A | 15,264 | | 1,132,741 |
International Business Machines Corp. | 7,711 | | 1,071,289 |
Mastercard, Inc., Class A | 9,453 | | 3,286,619 |
Paychex, Inc. | 14,455 | | 1,625,465 |
Visa, Inc., Class A | 45,732 | | 10,186,803 |
| | | 29,909,266 |
Life Sciences Tools & Services - 0.4% | |||
Agilent Technologies, Inc. | 6,137 | | 966,762 |
Thermo Fisher Scientific, Inc. | 2,831 | | 1,617,435 |
| | | 2,584,197 |
Machinery - 1.8% | |||
Cummins, Inc. | 8,929 | | 2,005,096 |
Illinois Tool Works, Inc. | 51,951 | | 10,734,635 |
| | | 12,739,731 |
Media - 2.9% | |||
Comcast Corp., Class A | 363,310 | | 20,319,928 |
| | | |
Multiline Retail - 1.0% | |||
Dollar General Corp. | 12,371 | | 2,624,384 |
Target Corp. | 20,285 | | 4,640,599 |
| | | 7,264,983 |
Personal Products - 0.3% | |||
Estee Lauder Cos., Inc. (The), Class A | 7,538 | | 2,260,872 |
| | | |
Pharmaceuticals - 12.0% | |||
Eli Lilly and Co. | 55,311 | | 12,779,607 |
Johnson & Johnson | 215,669 | | 34,830,543 |
Merck & Co., Inc. | 151,998 | | 11,416,570 |
Pfizer, Inc. | 519,271 | | 22,333,846 |
Zoetis, Inc. | 10,995 | | 2,134,569 |
| | | 83,495,135 |
Road & Rail - 1.7% | |||
CSX Corp. | 57,271 | | 1,703,239 |
Norfolk Southern Corp. | 9,144 | | 2,187,702 |
Union Pacific Corp. | 39,873 | | 7,815,507 |
| | | 11,706,448 |
Investments | Shares |
| Value ($) |
Semiconductors & Semiconductor Equipment - 3.4% | |||
Analog Devices, Inc. | 7,881 | | $1,319,910 |
Broadcom, Inc. | 1,852 | | 898,090 |
Intel Corp. | 83,082 | | 4,426,609 |
QUALCOMM, Inc. | 5,084 | | 655,734 |
Texas Instruments, Inc. | 85,470 | | 16,428,189 |
| | | 23,728,532 |
Software - 6.0% | |||
Intuit, Inc. | 1,663 | | 897,205 |
Microsoft Corp. | 121,942 | | 34,377,889 |
Oracle Corp. | 75,177 | | 6,550,172 |
| | | 41,825,266 |
Specialty Retail - 6.3% | |||
Home Depot, Inc. (The) | 109,255 | | 35,864,046 |
Lowe’s Cos., Inc. | 27,108 | | 5,499,129 |
TJX Cos., Inc. (The) | 41,093 | | 2,711,316 |
| | | 44,074,491 |
Technology Hardware, Storage & Peripherals - 3.3% | |||
Apple, Inc. | 161,385 | | 22,835,978 |
| | | |
Textiles, Apparel & Luxury Goods - 0.8% | |||
NIKE, Inc., Class B | 36,866 | | 5,354,049 |
| | | |
Tobacco - 1.9% | |||
Altria Group, Inc. | 94,562 | | 4,304,462 |
Philip Morris International, Inc. | 95,230 | | 9,026,852 |
| | | 13,331,314 |
Trading Companies & Distributors - 0.5% | |||
Fastenal Co. | 64,111 | | 3,308,769 |
| | | |
TOTAL COMMON STOCKS | | 695,106,176 | |
Total Investments - 100.0% | | 695,106,176 | |
Other assets less liabilities - 0.0%(1) | | 232,558 | |
Net Assets - 100.0% | | $695,338,734 |
(1)Represents less than 0.05% of net assets.
3
OSI ETF Trust
O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
COMMON STOCKS - 100.0% | | | |
| | | |
Auto Components - 4.0% | |||
BorgWarner, Inc. | 37,349 | | $1,613,850 |
Gentex Corp. | 98,533 | | 3,249,618 |
Lear Corp. | 3,068 | | 480,081 |
Standard Motor Products, Inc. | 14,474 | | 632,659 |
| | | 5,976,208 |
Building Products - 2.1% | |||
A O Smith Corp. | 43,324 | | 2,645,797 |
Simpson Manufacturing Co., Inc. | 4,721 | | 505,005 |
| | | 3,150,802 |
Capital Markets - 14.9% | |||
Artisan Partners Asset Management, Inc., Class A | 28,685 | | 1,403,270 |
Carlyle Group, Inc. (The) | 62,598 | | 2,959,633 |
Cboe Global Markets, Inc. | 24,734 | | 3,063,553 |
Cohen & Steers, Inc. | 9,920 | | 830,998 |
Evercore, Inc., Class A | 9,937 | | 1,328,279 |
Hamilton Lane, Inc., Class A | 8,883 | | 753,456 |
Houlihan Lokey, Inc. | 34,140 | | 3,144,294 |
Lazard Ltd., Class A | 43,246 | | 1,980,667 |
LPL Financial Holdings, Inc. | 3,294 | | 516,368 |
Moelis & Co., Class A | 33,435 | | 2,068,624 |
Morningstar, Inc. | 4,133 | | 1,070,571 |
SEI Investments Co. | 51,109 | | 3,030,764 |
| | | 22,150,477 |
Commercial Services & Supplies - 1.5% | |||
Brady Corp., Class A | 21,693 | | 1,099,835 |
Ennis, Inc. | 19,368 | | 365,087 |
Healthcare Services Group, Inc. | 13,103 | | 327,444 |
UniFirst Corp. | 1,818 | | 386,543 |
| | | 2,178,909 |
Communications Equipment - 2.0% | |||
Juniper Networks, Inc. | 109,247 | | 3,006,477 |
| | | |
Consumer Finance - 0.3% | |||
OneMain Holdings, Inc. | 7,899 | | 437,052 |
| | | |
Diversified Consumer Services - 3.6% | |||
Graham Holdings Co., Class B | 1,233 | | 726,434 |
H&R Block, Inc. | 67,180 | | 1,679,500 |
Service Corp. International | 49,220 | | 2,965,997 |
| | | 5,371,931 |
Electric Utilities - 2.6% | |||
ALLETE, Inc. | 4,476 | | 266,411 |
Hawaiian Electric Industries, Inc. | 7,857 | | 320,801 |
IDACORP, Inc. | 6,139 | | 634,650 |
MGE Energy, Inc. | 4,626 | | 340,011 |
NRG Energy, Inc. | 8,809 | | 359,671 |
OGE Energy Corp. | 19,028 | | 627,163 |
Otter Tail Corp. | 5,374 | | 300,783 |
Pinnacle West Capital Corp. | 11,030 | | 798,131 |
PNM Resources, Inc. | 4,987 | | 246,757 |
| | | 3,894,378 |
Investments | Shares |
| Value ($) |
Electronic Equipment, Instruments & Components - 2.3% | |||
Avnet, Inc. | 23,184 | | $857,112 |
Littelfuse, Inc. | 3,266 | | 892,500 |
National Instruments Corp. | 26,946 | | 1,057,092 |
Vishay Intertechnology, Inc. | 30,532 | | 613,388 |
| | | 3,420,092 |
Food & Staples Retailing - 0.6% | |||
Casey’s General Stores, Inc. | 3,457 | | 651,471 |
Weis Markets, Inc. | 5,796 | | 304,580 |
| | | 956,051 |
Food Products - 6.6% | |||
Bunge Ltd. | 35,738 | | 2,906,214 |
Flowers Foods, Inc. | 81,064 | | 1,915,542 |
Ingredion, Inc. | 18,648 | | 1,659,858 |
J & J Snack Foods Corp. | 2,278 | | 348,124 |
Lamb Weston Holdings, Inc. | 14,824 | | 909,749 |
Lancaster Colony Corp. | 10,392 | | 1,754,274 |
Tootsie Roll Industries, Inc. | 13,513 | | 411,201 |
| | | 9,904,962 |
Gas Utilities - 2.4% | |||
National Fuel Gas Co. | 8,763 | | 460,233 |
New Jersey Resources Corp. | 6,096 | | 212,202 |
ONE Gas, Inc. | 4,730 | | 299,740 |
Southwest Gas Holdings, Inc. | 4,243 | | 283,772 |
Spire, Inc. | 5,278 | | 322,908 |
UGI Corp. | 45,402 | | 1,935,033 |
| | | 3,513,888 |
Health Care Equipment & Supplies - 0.7% | |||
Hill-Rom Holdings, Inc. | 6,765 | | 1,014,750 |
| | | |
Health Care Providers & Services - 6.4% | |||
Chemed Corp. | 2,945 | | 1,369,779 |
Encompass Health Corp. | 38,433 | | 2,884,012 |
National HealthCare Corp. | 31,553 | | 2,208,079 |
Premier, Inc., Class A | 79,191 | | 3,069,443 |
| | | 9,531,313 |
Household Durables - 2.3% | |||
Leggett & Platt, Inc. | 28,764 | | 1,289,778 |
MDC Holdings, Inc. | 9,488 | | 443,279 |
Whirlpool Corp. | 8,224 | | 1,676,545 |
| | | 3,409,602 |
Household Products - 1.0% | |||
Reynolds Consumer Products, Inc. | 26,052 | | 712,261 |
WD-40 Co. | 3,139 | | 726,616 |
| | | 1,438,877 |
Insurance - 7.3% | |||
Erie Indemnity Co., Class A | 17,478 | | 3,118,425 |
Mercury General Corp. | 24,207 | | 1,347,604 |
Old Republic International Corp. | 121,223 | | 2,803,888 |
RLI Corp. | 13,078 | | 1,311,331 |
Safety Insurance Group, Inc. | 17,692 | | 1,402,091 |
Stewart Information Services Corp. | 14,068 | | 889,941 |
| | | 10,873,280 |
4
OSI ETF Trust
O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
IT Services - 9.5% | |||
Amdocs Ltd. | 39,529 | | $2,992,740 |
CSG Systems International, Inc. | 14,734 | | 710,179 |
Genpact Ltd. | 32,490 | | 1,543,600 |
Jack Henry & Associates, Inc. | 17,951 | | 2,945,041 |
Maximus, Inc. | 36,494 | | 3,036,301 |
Western Union Co. (The) | 144,194 | | 2,915,603 |
| | | 14,143,464 |
Leisure Products - 1.2% | |||
Acushnet Holdings Corp. | 10,681 | | 498,803 |
Polaris, Inc. | 4,820 | | 576,761 |
Sturm Ruger & Co., Inc. | 10,157 | | 749,383 |
| | | 1,824,947 |
Life Sciences Tools & Services - 0.7% | |||
Bio-Techne Corp. | 2,052 | | 994,338 |
| | | |
Machinery - 9.9% | |||
Donaldson Co., Inc. | 35,140 | | 2,017,387 |
Franklin Electric Co., Inc. | 7,523 | | 600,712 |
Graco, Inc. | 39,812 | | 2,785,646 |
ITT, Inc. | 6,113 | �� | 524,740 |
Lincoln Electric Holdings, Inc. | 19,935 | | 2,567,429 |
Oshkosh Corp. | 5,493 | | 562,318 |
Snap-on, Inc. | 13,955 | | 2,915,897 |
Toro Co. (The) | 28,742 | | 2,799,758 |
| | | 14,773,887 |
Media - 4.3% | |||
Cable One, Inc. | 461 | | 835,853 |
Interpublic Group of Cos., Inc. (The) | 83,494 | | 3,061,725 |
John Wiley & Sons, Inc., Class A | 17,109 | | 893,261 |
New York Times Co. (The), Class A | 9,726 | | 479,200 |
News Corp., Class A | 51,770 | | 1,218,148 |
| | | 6,488,187 |
Multi-Utilities - 0.9% | |||
Black Hills Corp. | 3,909 | | 245,329 |
MDU Resources Group, Inc. | 28,317 | | 840,165 |
NorthWestern Corp. | 3,943 | | 225,934 |
| | | 1,311,428 |
Professional Services - 2.6% | |||
Exponent, Inc. | 9,081 | | 1,027,515 |
Robert Half International, Inc. | 28,787 | | 2,888,200 |
| | | 3,915,715 |
Road & Rail - 1.5% | |||
Landstar System, Inc. | 6,029 | | 951,497 |
Schneider National, Inc., Class B | 33,603 | | 764,132 |
Werner Enterprises, Inc. | 11,518 | | 509,902 |
| | | 2,225,531 |
Semiconductors & Semiconductor Equipment - 1.4% | |||
Monolithic Power Systems, Inc. | 3,351 | | 1,624,163 |
Power Integrations, Inc. | 4,907 | | 485,744 |
| | | 2,109,907 |
Investments | Shares |
| Value ($) |
Software - 3.2% | |||
CDK Global, Inc. | 31,168 | | $1,326,198 |
Dolby Laboratories, Inc., Class A | 32,467 | | 2,857,096 |
Progress Software Corp. | 11,758 | | 578,376 |
| | | 4,761,670 |
Specialty Retail - 0.3% | |||
Murphy USA, Inc. | 3,043 | | 508,972 |
| | | |
Textiles, Apparel & Luxury Goods - 0.8% | |||
Carter’s, Inc. | 6,232 | | 606,000 |
Columbia Sportswear Co. | 5,482 | | 525,395 |
| | | 1,131,395 |
Thrifts & Mortgage Finance - 0.3% | |||
MGIC Investment Corp. | 29,442 | | 440,452 |
| | | |
Tobacco - 0.3% | |||
Vector Group Ltd. | 30,558 | | 389,615 |
| | | |
Trading Companies & Distributors - 1.9% | |||
Watsco, Inc. | 10,883 | | 2,879,859 |
| | | |
Water Utilities - 0.6% | |||
American States Water Co. | 3,910 | | 334,383 |
Essential Utilities, Inc. | 11,360 | | 523,469 |
| | | 857,852 |
TOTAL COMMON STOCKS | | 148,986,268 | |
Total Investments - 100.0% | | 148,986,268 | |
Other assets less liabilities - 0.0%(1) | | 46,339 | |
Net Assets - 100.0% | | $149,032,607 |
(1)Represents less than 0.05% of net assets.
5
OSI ETF Trust
O’Shares Global Internet Giants ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
COMMON STOCKS - 99.2% | | | |
| | | |
Entertainment - 12.2% | |||
Activision Blizzard, Inc. | 23,858 | | $1,846,371 |
Bilibili, Inc., ADR* | 101,636 | | 6,725,254 |
CTS Eventim AG & Co. KGaA* | 125,397 | | 9,489,974 |
Electronic Arts, Inc. | 24,996 | | 3,555,681 |
Live Nation Entertainment, Inc.* | 102,913 | | 9,378,462 |
NetEase, Inc., ADR | 38,000 | | 3,245,200 |
Netflix, Inc.* | 9,479 | | 5,785,413 |
ROBLOX Corp., Class A* | 116,065 | | 8,768,711 |
Roku, Inc.* | 23,790 | | 7,454,596 |
Sea Ltd., ADR* | 45,832 | | 14,608,033 |
Spotify Technology SA* | 14,765 | | 3,327,145 |
| | | 74,184,840 |
Food & Staples Retailing - 0.4% | |||
Ocado Group plc* | 103,634 | | 2,323,093 |
| | | |
Hotels, Restaurants & Leisure - 1.3% | |||
Trip.com Group Ltd., ADR* | 261,449 | | 8,039,557 |
| | | |
Interactive Media & Services - 19.7% | |||
Adevinta ASA* | 446,453 | | 7,671,673 |
Alphabet, Inc., Class A* | 11,745 | | 31,400,493 |
Baidu, Inc., ADR* | 19,947 | | 3,066,851 |
Facebook, Inc., Class A* | 59,500 | | 20,193,705 |
Match Group, Inc.* | 27,500 | | 4,317,225 |
Pinterest, Inc., Class A* | 118,640 | | 6,044,708 |
Snap, Inc., Class A* | 165,830 | | 12,249,862 |
Tencent Holdings Ltd. | 210,617 | | 12,483,372 |
Twitter, Inc.* | 77,247 | | 4,664,946 |
Z Holdings Corp. | 377,677 | | 2,429,387 |
Zillow Group, Inc., Class C* | 97,630 | | 8,605,108 |
ZoomInfo Technologies, Inc., Class A* | 100,765 | | 6,165,810 |
| | | 119,293,140 |
Internet & Direct Marketing Retail - 18.4% | |||
Alibaba Group Holding Ltd., ADR* | 74,989 | | 11,102,121 |
Amazon.com, Inc.* | 8,245 | | 27,085,155 |
Chewy, Inc., Class A* | 52,879 | | 3,601,589 |
Delivery Hero SE* | 61,693 | | 7,897,076 |
Etsy, Inc.* | 16,266 | | 3,382,677 |
Farfetch Ltd., Class A* | 125,566 | | 4,706,214 |
HelloFresh SE* | 26,836 | | 2,486,882 |
JD.com, Inc., ADR* | 77,937 | | 5,630,169 |
Just Eat Takeaway.com NV* | 82,076 | | 5,996,490 |
Meituan, Class B* | 389,566 | | 12,340,565 |
MercadoLibre, Inc.* | 4,897 | | 8,224,022 |
Pinduoduo, Inc., ADR* | 113,889 | | 10,326,316 |
THG plc* | 571,929 | | 3,909,784 |
Wayfair, Inc., Class A* | 9,046 | | 2,311,343 |
Zalando SE* | 28,709 | | 2,639,158 |
| | | 111,639,561 |
Investments | Shares |
| Value ($) |
IT Services - 9.2% | |||
Cloudflare, Inc., Class A* | 53,465 | | $6,022,832 |
Kingsoft Cloud Holdings Ltd., ADR* | 243,672 | | 6,900,791 |
MongoDB, Inc.* | 13,733 | | 6,475,247 |
Okta, Inc.* | 28,896 | | 6,858,177 |
Shopify, Inc., Class A* | 8,380 | | 11,372,351 |
Snowflake, Inc., Class A* | 38,167 | | 11,542,846 |
Twilio, Inc., Class A* | 20,185 | | 6,440,024 |
| | | 55,612,268 |
Software - 38.0% | |||
Adobe, Inc.* | 10,445 | | 6,013,395 |
Asana, Inc., Class A* | 65,872 | | 6,840,148 |
Atlassian Corp. plc, Class A* | 14,735 | | 5,767,574 |
Avalara, Inc.* | 22,231 | | 3,885,312 |
Bill.com Holdings, Inc.* | 31,630 | | 8,443,628 |
Ceridian HCM Holding, Inc.* | 29,745 | | 3,349,882 |
Coupa Software, Inc.* | 18,310 | | 4,013,186 |
Crowdstrike Holdings, Inc., Class A* | 30,239 | | 7,432,141 |
Datadog, Inc., Class A* | 57,799 | | 8,169,889 |
Digital Turbine, Inc.* | 130,028 | | 8,939,425 |
DocuSign, Inc.* | 25,078 | | 6,455,830 |
Dynatrace, Inc.* | 66,610 | | 4,727,312 |
Elastic NV* | 28,703 | | 4,276,460 |
Fortinet, Inc.* | 11,647 | | 3,401,390 |
HubSpot, Inc.* | 8,493 | | 5,742,032 |
Intuit, Inc. | 6,868 | | 3,705,355 |
Kingdee International Software | 1,289,215 | | 4,314,138 |
Lightspeed Commerce, Inc.* | 70,664 | | 6,817,345 |
Microsoft Corp. | 93,112 | | 26,250,135 |
Oracle Corp. | 30,454 | | 2,653,457 |
Palantir Technologies, Inc., Class A* | 224,565 | | 5,398,543 |
Palo Alto Networks, Inc.* | 8,494 | | 4,068,626 |
Paycom Software, Inc.* | 9,096 | | 4,509,342 |
Paylocity Holding Corp.* | 14,560 | | 4,082,624 |
RingCentral, Inc., Class A* | 18,630 | | 4,052,025 |
salesforce.com, Inc.* | 28,131 | | 7,629,690 |
SAP SE | 15,249 | | 2,065,600 |
ServiceNow, Inc.* | 10,643 | | 6,622,820 |
Sinch AB* | 332,651 | | 6,505,831 |
Smartsheet, Inc., Class A* | 74,623 | | 5,135,555 |
Splunk, Inc.* | 21,039 | | 3,044,554 |
Trade Desk, Inc. (The), Class A* | 73,532 | | 5,169,300 |
Tyler Technologies, Inc.* | 8,376 | | 3,841,652 |
UiPath, Inc., Class A* | 127,494 | | 6,707,459 |
Unity Software, Inc.* | 39,482 | | 4,984,602 |
VMware, Inc., Class A* | 13,400 | | 1,992,580 |
Workday, Inc., Class A* | 14,353 | | 3,586,671 |
Xero Ltd.* | 50,281 | | 5,048,547 |
Zendesk, Inc.* | 36,737 | | 4,275,819 |
Zoom Video Communications, Inc., | 14,332 | | 3,747,818 |
Zscaler, Inc.* | 26,952 | | 7,067,353 |
| | | 230,735,045 |
6
OSI ETF Trust
O’Shares Global Internet Giants ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
TOTAL COMMON STOCKS | | $601,827,504 | |
Total Investments - 99.2% | | 601,827,504 | |
Other assets less liabilities - 0.8% | | 4,863,022 | |
Net Assets - 100.0% | | $606,690,526 |
*Non-income producing security.
Abbreviations
ADR American Depositary Receipt
O’Shares Global Internet Giants ETF invested, as a percentage of net assets, in the following countries as of September 30, 2021:
Argentina | | 1.4% | |
Canada | | 3.0% | |
China | | 13.9% | |
France | | 1.3% | |
Germany | | 2.7% | |
Japan | | 0.4% | |
New Zealand | | 0.8% | |
Saudi Arabia | | 1.3% | |
Sweden | | 1.1% | |
Taiwan | | 2.4% | |
United Kingdom | | 2.8% | |
United States | | 68.1% | |
Other(1) | | 0.8% | |
| | 100.0% | |
(1)Includes cash and any non-equity securities and net other assets (liabilities).
7
OSI ETF Trust
O’Shares Europe Quality Dividend ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
COMMON STOCKS - 99.7% | | | |
| | | |
Air Freight & Logistics - 2.5% | |||
Deutsche Post AG (Registered) | 15,172 | | $957,954 |
| | | |
Auto Components - 1.5% | |||
Cie Generale des Etablissements | 3,709 | | 570,847 |
| | | |
Beverages - 3.5% | |||
Carlsberg A/S, Class B | 3,462 | | 566,289 |
Diageo plc | 15,916 | | 773,860 |
| | | 1,340,149 |
Building Products - 2.8% | |||
Assa Abloy AB, Class B | 18,993 | | 555,122 |
Geberit AG (Registered) | 725 | | 535,482 |
| | | 1,090,604 |
Capital Markets - 2.9% | |||
3i Group plc | 32,096 | | 554,590 |
Partners Group Holding AG | 366 | | 575,376 |
| | | 1,129,966 |
Diversified Financial Services - 2.8% | |||
Industrivarden AB, Class C | 16,894 | | 525,249 |
Investor AB, Class B | 24,566 | | 531,107 |
| | | 1,056,356 |
Diversified Telecommunication Services - 1.5% | |||
Swisscom AG (Registered) | 981 | | 565,138 |
| | | |
Electric Utilities - 2.9% | |||
Iberdrola SA | 57,388 | | 577,571 |
Orsted A/S | 4,064 | | 537,636 |
| | | 1,115,207 |
Electrical Equipment - 5.0% | |||
ABB Ltd. (Registered) | 18,561 | | 624,570 |
Legrand SA | 5,332 | | 573,212 |
Schneider Electric SE | 4,245 | | 707,951 |
| | | 1,905,733 |
Electronic Equipment, Instruments & Components - 1.5% | |||
Hexagon AB, Class B | 35,866 | | 557,348 |
| | | |
Food Products - 6.7% | |||
Danone SA | 9,138 | | 625,368 |
Nestle SA (Registered) | 15,966 | | 1,928,894 |
| | | 2,554,262 |
Health Care Equipment & Supplies - 2.8% | |||
Coloplast A/S, Class B | 3,369 | | 528,499 |
Siemens Healthineers AG( | 8,644 | | 562,809 |
| | | 1,091,308 |
Household Products - 3.0% | |||
Essity AB, Class B | 18,553 | | 576,829 |
Henkel AG & Co. KGaA | 6,646 | | 574,212 |
| | | 1,151,041 |
Investments | Shares |
| Value ($) |
Industrial Conglomerates - 2.1% | |||
Siemens AG (Registered) | 4,862 | | $799,693 |
| | | |
Insurance - 1.3% | |||
Admiral Group plc | 11,727 | | 491,440 |
| | | |
Machinery - 5.2% | |||
Atlas Copco AB, Class A | 9,950 | | 605,288 |
Kone OYJ, Class B | 11,986 | | 844,305 |
Schindler Holding AG | 1,962 | | 528,332 |
| | | 1,977,925 |
Marine - 1.4% | |||
Kuehne + Nagel International AG (Registered) | 1,555 | | 532,419 |
| | | |
Personal Products - 6.1% | |||
L’Oreal SA | 2,569 | | 1,062,465 |
Unilever plc | 23,494 | | 1,268,709 |
| | | 2,331,174 |
Pharmaceuticals - 20.0% | |||
AstraZeneca plc | 8,190 | | 989,231 |
GlaxoSmithKline plc | 38,352 | | 725,828 |
Merck KGaA | 3,156 | | 686,357 |
Novartis AG (Registered) | 12,270 | | 1,010,563 |
Novo Nordisk A/S, Class B | 15,612 | | 1,512,024 |
Roche Holding AG | 5,380 | | 1,972,119 |
Sanofi | 8,064 | | 776,447 |
| | | 7,672,569 |
Professional Services - 5.3% | |||
RELX plc | 22,275 | | 644,841 |
SGS SA (Registered) | 187 | | 546,456 |
Wolters Kluwer NV | 8,029 | | 852,171 |
| | | 2,043,468 |
Semiconductors & Semiconductor Equipment - 2.7% | |||
ASML Holding NV | 1,368 | | 1,024,038 |
| | | |
Software - 3.3% | |||
SAP SE | 9,322 | | 1,262,740 |
| | | |
Specialty Retail - 1.7% | |||
Industria de Diseno Textil SA | 18,053 | | 665,755 |
| | | |
Textiles, Apparel & Luxury Goods - 8.4% | |||
EssilorLuxottica SA | 3,358 | | 644,085 |
Hermes International | 431 | | 597,661 |
Kering SA | 821 | | 586,123 |
LVMH Moet Hennessy Louis Vuitton SE | 1,937 | | 1,392,054 |
| | | 3,219,923 |
Tobacco - 1.4% | |||
Swedish Match AB | 61,336 | | 537,462 |
8
OSI ETF Trust
O’Shares Europe Quality Dividend ETF
Schedule of Investments
September 30, 2021 (unaudited)
See accompanying notes to the financial statements.
Investments | Shares |
| Value ($) |
Trading Companies & Distributors - 1.4% | |||
Bunzl plc | 15,899 | | $526,289 |
| | | |
TOTAL COMMON STOCKS | | 38,170,808 | |
Total Investments - 99.7% | | 38,170,808 | |
Other assets less liabilities - 0.3% | | 109,601 | |
Net Assets - 100.0% | | $38,280,409 |
Abbreviations
OYJ Public Limited Company
SCA Limited partnership with share capital
O’Shares Europe Quality Dividend ETF invested, as a percentage of net assets, in the following countries as of September 30, 2021:
Denmark | | 8.2% | |
Finland | | 2.2% | |
France | | 17.8% | |
Germany | | 12.7% | |
Netherlands | | 4.9% | |
Spain | | 3.2% | |
Sweden | | 10.2% | |
Switzerland | | 23.0% | |
United Kingdom | | 15.6% | |
United States | | 1.9% | |
Other(1) | | 0.3% | |
| | 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
September 30, 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 September 30, 2021 for each Fund based upon the three levels defined above:
| Level 1 — | Level 2 — | Level 3 —Significant | Total |
O’Shares U.S. Quality Dividend ETF | | | | |
Common Stocks* | $695,106,176 | $— | $— | $695,106,176 |
Total Investments | $695,106,176 | $— | $— | $695,106,176 |
| | | | |
O’Shares U.S. Small-Cap Quality Dividend ETF | | | | |
Common Stocks* | $148,986,268 | $— | $— | $148,986,268 |
Total Investments | $148,986,268 | $— | $— | $148,986,268 |
| | | | |
O’Shares Global Internet Giants ETF | | | | |
Common Stocks* | $601,827,504 | $— | $— | $601,827,504 |
Total Investments | $601,827,504 | $— | $— | $601,827,504 |
| | | | |
O’Shares Europe Quality Dividend ETF | | | | |
Common Stocks* | $38,170,808 | $— | $— | $38,170,808 |
Total Investments | $38,170,808 | $— | $— | $38,170,808 |
*See Schedules of Investments for segregation by industry type.