0001752724-22-100623.txt : 20220511 0001752724-22-100623.hdr.sgml : 20220511 20220511095932 ACCESSION NUMBER: 0001752724-22-100623 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220511 PERIOD START: 20220630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OSI ETF Trust CENTRAL INDEX KEY: 0001672826 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23167 FILM NUMBER: 22912413 BUSINESS ADDRESS: STREET 1: 60 STATE STREET STREET 2: STE 700 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-855-7670 MAIL ADDRESS: STREET 1: 60 STATE STREET STREET 2: STE 700 CITY: BOSTON STATE: MA ZIP: 02109 0001672826 S000055139 O'Shares U.S. Small Cap Quality Dividend ETF C000173416 O'Shares U.S. Small Cap Quality Dividend ETF OUSM NPORT-P 1 primary_doc.xml NPORT-P false 0001672826 XXXXXXXX S000055139 C000173416 OSI ETF Trust 811-23167 0001672826 549300GNXV2CM1BGXJ27 75 State Street Suite 100 Boston 02109 617-855-7670 O'Shares U.S. Small-Cap Quality Dividend ETF S000055139 54930046LUNMCCQK8119 2022-06-30 2022-03-31 N 162143770.82 328982.46 161814788.36 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 543118.34000000 N Werner Enterprises, Inc. 549300P6XRGOCHHJST37 Werner Enterprises, Inc. 950755108 12456.00000000 NS USD 510696.00000000 0.315605270183 Long EC CORP US N 1 N N N Acushnet Holdings Corp. 529900W5FI106H543E43 Acushnet Holdings Corp. 005098108 11549.00000000 NS USD 464962.74000000 0.287342550524 Long EC CORP US N 1 N N N RLI Corp. 529900AMTJE5ECN9PS55 RLI Corp. 749607107 14325.00000000 NS USD 1584774.75000000 0.979375720885 Long EC CORP US N 1 N N N Carter's, Inc. 5299003WAQK4R3L3ZU36 Carter's, Inc. 146229109 6736.00000000 NS USD 619644.64000000 0.382934493367 Long EC CORP US N 1 N N N Dolby Laboratories, Inc. 549300X04FB2QPCJ5J24 Dolby Laboratories, Inc., Class A 25659T107 35372.00000000 NS USD 2766797.84000000 1.709854746924 Long EC CORP US N 1 N N N Ingredion, Inc. 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N/A J&J Snack Foods Corp. 466032109 2460.00000000 NS USD 381546.00000000 0.235791798677 Long EC CORP US N 1 N N N Power Integrations, Inc. 54930085LGXSCIHD5W31 Power Integrations, Inc. 739276103 5306.00000000 NS USD 491760.08000000 0.303903051744 Long EC CORP US N 1 N N N Old Republic International Corp. 549300IV6O2YY2A1KH37 Old Republic International Corp. 680223104 132050.00000000 NS USD 3416133.50000000 2.111138008226 Long EC CORP US N 1 N N N Genpact Ltd. 529900OSEC6Q0L4L5B35 Genpact Ltd. N/A 35553.00000000 NS USD 1546911.03000000 0.955976302090 Long EC CORP BM N 1 N N N NorthWestern Corp. 3BPWMBHR1R9SHUN7J795 NorthWestern Corp. 668074305 4787.00000000 NS USD 289565.63000000 0.178948804948 Long EC CORP US N 1 N N N Exponent, Inc. 529900NY3F5Q2NWPUZ42 Exponent, Inc. 30214U102 9816.00000000 NS USD 1060618.80000000 0.655452329635 Long EC CORP US N 1 N N N Vector Group Ltd. 549300TUIF4WWN6NDN50 Vector Group Ltd. 92240M108 33043.00000000 NS USD 397837.72000000 0.245859926668 Long EC CORP US N 1 N N N Lincoln Electric Holdings, Inc. BIMGBY40SIN95O01BN93 Lincoln Electric Holdings, Inc. 533900106 21726.00000000 NS USD 2994060.06000000 1.850300637132 Long EC CORP US N 1 N N N Simpson Manufacturing Co., Inc. 529900EJUNNL15LZ8056 Simpson Manufacturing Co., Inc. 829073105 5106.00000000 NS USD 556758.24000000 0.344071296352 Long EC CORP US N 1 N N N News Corp. 549300ITS31QK8VRBQ14 News Corp., Class A 65249B109 56434.00000000 NS USD 1250013.10000000 0.772496205488 Long EC CORP US N 1 N N N Watsco, Inc. 549300F1Y3LN5BX5WN75 Watsco, Inc. 942622200 11845.00000000 NS USD 3608460.80000000 2.229994450180 Long EC CORP US N 1 N N N UniFirst Corp. 5493003XBTNWBC8UK019 UniFirst Corp. 904708104 1965.00000000 NS USD 362110.20000000 0.223780659153 Long EC CORP US N 1 N N N Encompass Health Corp. 549300FVRPM9DRQZRG64 Encompass Health Corp. 29261A100 41910.00000000 NS USD 2980220.10000000 1.841747673500 Long EC CORP US N 1 N N N Columbia Sportswear Co. 549300OTMCIEUXAH5Z60 Columbia Sportswear Co. 198516106 5930.00000000 NS USD 536842.90000000 0.331763805670 Long EC CORP US N 1 N N N Interpublic Group of Cos., Inc. 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JJ8FWOCWCV22X7GUPJ23 Hawaiian Electric Industries, Inc. 419870100 8494.00000000 NS USD 359381.14000000 0.222094126032 Long EC CORP US N 1 N N N Chemed Corp. 54930020031IDJT2IM79 Chemed Corp. 16359R103 3226.00000000 NS USD 1634130.30000000 1.009876981308 Long EC CORP US N 1 N N N Robert Half International, Inc. 529900VPCUY9H3HLIC08 Robert Half International, Inc. 770323103 31352.00000000 NS USD 3579771.36000000 2.212264649159 Long EC CORP US N 1 N N N Black Hills Corp. 3MGELCRSTNSAMJ962671 Black Hills Corp. 092113109 4224.00000000 NS USD 325332.48000000 0.201052378028 Long EC CORP US N 1 N N N WD-40 Co. 549300UZHTN0CNKBOB19 WD-40 Co. 929236107 3391.00000000 NS USD 621332.93000000 0.383977840528 Long EC CORP US N 1 N N N American States Water Co. 529900L26LIS2V8PWM23 American States Water Co. 029899101 4225.00000000 NS USD 376109.50000000 0.232432093390 Long EC CORP US N 1 N N N Stewart Information Services Corp. 529900TV1XI0PLKENU10 Stewart Information Services Corp. 860372101 15209.00000000 NS USD 921817.49000000 0.569674440354 Long EC CORP US N 1 N N N Casey's General Stores, Inc. 549300CAFWSI86V66Q65 Casey's General Stores, Inc. 147528103 3737.00000000 NS USD 740561.29000000 0.457659832890 Long EC CORP US N 1 N N N CSG Systems International, Inc. 549300D7FJZUOHHXUA81 CSG Systems International, Inc. 126349109 15931.00000000 NS USD 1012733.67000000 0.625859774785 Long EC CORP US N 1 N N N Oshkosh Corp. 549300FEKNPCFSA2B506 Oshkosh Corp. 688239201 5941.00000000 NS USD 597961.65000000 0.369534611799 Long EC CORP US N 1 N N N Evercore, Inc. 529900P6KLPT95DW3W58 Evercore, Inc., Class A 29977A105 10830.00000000 NS USD 1205595.60000000 0.745046612994 Long EC CORP US N 1 N N N MGE Energy, Inc. N/A MGE Energy, Inc. 55277P104 5004.00000000 NS USD 399269.16000000 0.246744542972 Long EC CORP US N 1 N N N Schneider National, Inc. 529900V6GZ6G6E3BLV72 Schneider National, Inc., Class B 80689H102 36333.00000000 NS USD 926491.50000000 0.572562934074 Long EC CORP US N 1 N N N Cboe Global Markets, Inc. 529900RLNSGA90UPEH54 Cboe Global Markets, Inc. 12503M108 26930.00000000 NS USD 3081330.60000000 1.904233000722 Long EC CORP US N 1 N N N Cohen & Steers, Inc. 549300XXIA338A0X2K65 Cohen & Steers, Inc. 19247A100 10725.00000000 NS USD 921170.25000000 0.569274452190 Long EC CORP US N 1 N N N PNM Resources, Inc. 5493003JOBJGLZSDDQ28 PNM Resources, Inc. 69349H107 5393.00000000 NS USD 257084.31000000 0.158875658155 Long EC CORP US N 1 N N N John Wiley & Sons, Inc. 5493003XM719UN7E8P64 John Wiley & Sons, Inc., Class A 968223206 18502.00000000 NS USD 981161.06000000 0.606348202129 Long EC CORP US N 1 N N N Sturm Ruger & Co., Inc. 529900DV1BWFJSHFO847 Sturm Ruger & Co., Inc. 864159108 10983.00000000 NS USD 764636.46000000 0.472538058943 Long EC CORP US N 1 N N N Erie Indemnity Co. 549300WA5KP94KRUFZ80 Erie Indemnity Co., Class A 29530P102 19025.00000000 NS USD 3350873.25000000 2.070807794492 Long EC CORP US N 1 N N N Houlihan Lokey, Inc. 549300S3CNGTQ1QZVY46 Houlihan Lokey, Inc. 441593100 37161.00000000 NS USD 3262735.80000000 2.016339688768 Long EC CORP US N 1 N N N CDK Global, Inc. 5493000L10CYRTHIJ385 CDK Global, Inc. 12508E101 33975.00000000 NS USD 1653903.00000000 1.022096321827 Long EC CORP US N 1 N N N Reynolds Consumer Products, Inc. N/A Reynolds Consumer Products, Inc. 76171L106 28173.00000000 NS USD 826595.82000000 0.510828354056 Long EC CORP US N 1 N N N Spire, Inc. 549300NXSY15DRY2R511 Spire, Inc. 84857L101 5705.00000000 NS USD 409390.80000000 0.252999620213 Long EC CORP US N 1 N N N Lear Corp. 549300UPNBTXA1SYTQ33 Lear Corp. 521865204 3320.00000000 NS USD 473398.80000000 0.292555955359 Long EC CORP US N 1 N N N LPL Financial Holdings, Inc. 549300XROQ4Y8G2L7682 LPL Financial Holdings, Inc. 50212V100 3560.00000000 NS USD 650340.80000000 0.401904428260 Long EC CORP US N 1 N N N Western Union Co. (The) 28ID94QU1140NC23S047 Western Union Co. (The) 959802109 157191.00000000 NS USD 2945759.34000000 1.820451251616 Long EC CORP US N 1 N N N Progress Software Corp. 549300R65B3JG6972S24 Progress Software Corp. 743312100 12717.00000000 NS USD 598843.53000000 0.370079605250 Long EC CORP US N 1 N N N Franklin Electric Co., Inc. RR6AURIKMXUE4Q24G284 Franklin Electric Co., Inc. 353514102 8132.00000000 NS USD 675281.28000000 0.417317407663 Long EC CORP US N 1 N N N MDC Holdings, Inc. 5299005FV4VNV75R8R35 MDC Holdings, Inc. 552676108 10258.00000000 NS USD 388162.72000000 0.239880868698 Long EC CORP US N 1 N N N Avnet, Inc. XJI53DCPL7QABOWK4Z75 Avnet, Inc. 053807103 25067.00000000 NS USD 1017469.53000000 0.628786491217 Long EC CORP US N 1 N N N Otter Tail Corp. N/A Otter Tail Corp. 689648103 5808.00000000 NS USD 363000.00000000 0.224330547089 Long EC CORP US N 1 N N N Graco, Inc. 4T5VJ4S81BRT6Q7GGT78 Graco, Inc. 384109104 43352.00000000 NS USD 3022501.44000000 1.867877139434 Long EC CORP US N 1 N N N Murphy USA, Inc. 549300Y081F8XIKQIO72 Murphy USA, Inc. 626755102 3288.00000000 NS USD 657468.48000000 0.406309266701 Long EC CORP US N 1 N N N ITT, Inc. 549300KDSERHTJOXUS80 ITT, Inc. 45073V108 6610.00000000 NS USD 497138.10000000 0.307226616948 Long EC CORP US N 1 N N N Maximus, Inc. 549300DQCDS8HJ7QF202 Maximus, Inc. 577933104 39765.00000000 NS USD 2980386.75000000 1.841850661615 Long EC CORP US N 1 N N N OneMain Holdings, Inc. 549300E3VEW8SMS5XW09 OneMain Holdings, Inc. 68268W103 8543.00000000 NS USD 405023.63000000 0.250300750694 Long EC CORP US N 1 N N N SEI Investments Co. 5LJTIFADGZ6XH1RVOC11 SEI Investments Co. 784117103 55659.00000000 NS USD 3351228.39000000 2.071027267634 Long EC CORP US N 1 N N N Pinnacle West Capital Corp. TWSEY0NEDUDCKS27AH81 Pinnacle West Capital Corp. 723484101 11926.00000000 NS USD 931420.60000000 0.575609070987 Long EC CORP US N 1 N N N Lancaster Colony Corp. 529900X4O13HED1ZAS58 Lancaster Colony Corp. 513847103 11369.00000000 NS USD 1695686.35000000 1.047918034677 Long EC CORP US N 1 N N N National Instruments Corp. 549300TP4OOPCYWDUP86 National Instruments Corp. 636518102 29375.00000000 NS USD 1192331.25000000 0.736849370866 Long EC CORP US N 1 N N N Donaldson Co., Inc. OZE6KXY9QQPR8EJ8WL20 Donaldson Co., Inc. 257651109 38367.00000000 NS USD 1992398.31000000 1.231283203589 Long EC CORP US N 1 N N N IDACORP, Inc. N134NUJDWN8UEFA8B673 IDACORP, Inc. 451107106 6636.00000000 NS USD 765528.96000000 0.473089615453 Long EC CORP US N 1 N N N Southwest Gas Holdings, Inc. N/A Southwest Gas Holdings, Inc. 844895102 4586.00000000 NS USD 359037.94000000 0.221882031697 Long EC CORP US N 1 N N N Essential Utilities, Inc. 549300ILTEOF3E3QY357 Essential Utilities, Inc. 29670G102 12284.00000000 NS USD 628080.92000000 0.388148034160 Long EC CORP US N 1 N N N Toro Co. (The) YJKE4YIT6BWQHVEW0D14 Toro Co. (The) 891092108 31314.00000000 NS USD 2677033.86000000 1.654381461133 Long EC CORP US N 1 N N N ONE Gas, Inc. 549300HXDWI0LATTX840 ONE Gas, Inc. 68235P108 5115.00000000 NS USD 451347.60000000 0.278928523514 Long EC CORP US N 1 N N N Leggett & Platt, Inc. DKOVQUCDW4ZLYCUD4T55 Leggett & Platt, Inc. 524660107 31355.00000000 NS USD 1091154.00000000 0.674322792779 Long EC CORP US N 1 N N N BorgWarner, Inc. 549300DSFX2IE88NSX47 BorgWarner, Inc. 099724106 40847.00000000 NS USD 1588948.30000000 0.981954935086 Long EC CORP US N 1 N N N Carlyle Group, Inc. (The) 529900NGGVF94UK6PG95 Carlyle Group, Inc. (The) 14316J108 68149.00000000 NS USD 3333167.59000000 2.059865865031 Long EC CORP US N 1 N N N New York Times Co. (The) 529900J1WEMMIW7BOH57 New York Times Co. (The), Class A 650111107 10517.00000000 NS USD 482099.28000000 0.297932769239 Long EC CORP US N 1 N N N NRG Energy, Inc. 5E2UPK5SW04M13XY7I38 NRG Energy, Inc. 629377508 9523.00000000 NS USD 365302.28000000 0.225753334230 Long EC CORP US N 1 N N N Ennis, Inc. N/A Ennis, Inc. 293389102 20943.00000000 NS USD 386817.21000000 0.239049356316 Long EC CORP US N 1 N N N Cable One, Inc. 549300648QS85T0XSH18 Cable One, Inc. 12685J105 496.00000000 NS USD 726263.04000000 0.448823650397 Long EC CORP US N 1 N N N National Fuel Gas Co. 8JB38FFW1Y3C1HM8E841 National Fuel Gas Co. 636180101 9477.00000000 NS USD 651069.90000000 0.402355005125 Long EC CORP US N 1 N N N Graham Holdings Co. 529900BOSCEEEMAFQJ29 Graham Holdings Co., Class B 384637104 1365.00000000 NS USD 834656.55000000 0.515809808522 Long EC CORP US N 1 N N N H&R Block, Inc. 549300CE3KUCWLZBG404 H&R Block, Inc. 093671105 73521.00000000 NS USD 1914486.84000000 1.183134656234 Long EC CORP US N 1 N N N Service Corp. International 549300RKVM2ME20JHZ15 Service Corp. International 817565104 53583.00000000 NS USD 3526833.06000000 2.179549283316 Long EC CORP US N 1 N N N Monolithic Power Systems, Inc. 529900TB7O85LSZ1XU31 Monolithic Power Systems, Inc. 609839105 3663.00000000 NS USD 1779045.84000000 1.099433406569 Long EC CORP US N 1 N N N AO Smith Corp. 549300XG4US7UJNECY36 AO Smith Corp. 831865209 47150.00000000 NS USD 3012413.50000000 1.861642888472 Long EC CORP US N 1 N N N 2022-05-02 OSI ETF Trust Joshua Hunter Joshua Hunter Principal Financial Officer and Treasurer XXXX NPORT-EX 2 osi-nportex_033122.htm osi-nport_033122

1

OSI ETF Trust

O’Shares U.S. Quality Dividend ETF

Schedule of Investments

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

 

Value ($)

COMMON STOCKS - 99.9%

 

​

​

​

Aerospace & Defense - 5.1%

General Dynamics Corp.

11,491

​

$2,771,399​

L3Harris Technologies, Inc.

11,968

​

2,973,689

Lockheed Martin Corp.

60,692

​

26,789,449

Northrop Grumman Corp.

21,272

​

9,513,264

 

​

​

42,047,801

Air Freight & Logistics - 1.7%

Expeditors International of
Washington, Inc.

22,012

​

2,270,758

United Parcel Service, Inc., Class B

54,158

​

11,614,725

 

​

​

13,885,483

Banks - 0.3%

JPMorgan Chase & Co.

16,902

​

2,304,081

 

​

​

​

Beverages - 3.4%

Coca-Cola Co. (The)

238,315

​

14,775,530

PepsiCo, Inc.

80,731

​

13,512,755

 

​

​

28,288,285

Biotechnology - 3.8%

AbbVie, Inc.

53,323

​

8,644,192

Amgen, Inc.

63,614

​

15,383,137

Gilead Sciences, Inc.

122,288

​

7,270,022

 

​

​

31,297,351

Building Products - 0.2%

Trane Technologies plc

13,244

​

2,022,359

 

​

​

​

Capital Markets - 4.6%

BlackRock, Inc.

2,005

​

1,532,161

Blackstone, Inc.

110,028

​

13,966,954

Moody’s Corp.

8,277

​

2,792,743

MSCI, Inc.

2,466

​

1,240,102

S&P Global, Inc.

25,120

​

10,303,722

T. Rowe Price Group, Inc.

54,266

​

8,204,476

 

​

​

38,040,158

Commercial Services & Supplies - 0.9%

Cintas Corp.

9,474

​

4,030,145

Waste Management, Inc.

21,414

​

3,394,119

 

​

​

7,424,264

Communications Equipment - 2.4%

Cisco Systems, Inc.

338,296

​

18,863,385

Motorola Solutions, Inc.

5,415

​

1,311,513

 

​

​

20,174,898

Diversified Telecommunication Services - 4.2%

Verizon Communications, Inc.

684,434

​

34,865,068

 

​

​

​

Electrical Equipment - 0.5%

Emerson Electric Co.

22,268

​

2,183,377

Rockwell Automation, Inc.

6,482

​

1,815,155

 

​

3,998,532

Investments

Shares

 

Value ($)

Electronic Equipment, Instruments & Components - 0.2%

Amphenol Corp., Class A

14,134

​

$1,064,997​

TE Connectivity Ltd.

6,532

​

855,561

 

​

​

1,920,558

Entertainment - 0.4%

Activision Blizzard, Inc.

42,219

​

3,382,164

 

​

​

​

Food & Staples Retailing - 1.9%

Costco Wholesale Corp.

17,299

​

9,961,629

Walmart, Inc.

38,025

​

5,662,683

 

​

​

15,624,312

Food Products - 1.6%

Archer-Daniels-Midland Co.

14,056

​

1,268,695

General Mills, Inc.

30,734

​

2,081,307

Hershey Co. (The)

14,434

​

3,126,837

Hormel Foods Corp.

39,549

​

2,038,355

Mondelez International, Inc., Class A

79,782

​

5,008,714

 

​

​

13,523,908

Health Care Equipment & Supplies - 3.0%

Abbott Laboratories

136,724

​

16,182,653

Baxter International, Inc.

15,572

​

1,207,453

Becton Dickinson and Co.

4,788

​

1,273,608

Medtronic plc

44,098

​

4,892,673

Stryker Corp.

4,818

​

1,288,092

 

​

​

24,844,479

Health Care Providers & Services - 2.8%

Quest Diagnostics, Inc.

15,650

​

2,141,859

UnitedHealth Group, Inc.

41,645

​

21,237,701

 

​

​

23,379,560

Health Care Technology - 0.3%

Cerner Corp.

23,028

​

2,154,500

 

​

​

​

Hotels, Restaurants & Leisure - 4.4%

McDonald’s Corp.

97,137

​

24,020,037

Starbucks Corp.

97,322

​

8,853,382

Yum! Brands, Inc.

26,186

​

3,103,827

 

​

​

35,977,246

Household Durables - 0.3%

Garmin Ltd.

19,927

​

2,363,541

 

​

​

​

Household Products - 6.6%

Church & Dwight Co., Inc.

17,189

​

1,708,243

Clorox Co. (The)

12,153

​

1,689,631

Colgate-Palmolive Co.

97,874

​

7,421,785

Kimberly-Clark Corp.

29,019

​

3,573,980

Procter & Gamble Co. (The)

265,667

​

40,593,918

 

​

​

54,987,557

Industrial Conglomerates - 3.0%

3M Co.

99,527

​

14,817,579

Honeywell International, Inc.

51,829

​

10,084,887

 

​

​

24,902,466

​

2

OSI ETF Trust

O’Shares U.S. Quality Dividend ETF

Schedule of Investments (continued)

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

 

Value ($)

Insurance - 2.0%

Allstate Corp. (The)

41,109

​

$5,694,007​

Aon plc, Class A

7,145

​

2,326,626

Chubb Ltd.

14,934

​

3,194,383

Marsh & McLennan Cos., Inc.

29,111

​

4,961,097

 

​

​

16,176,113

Internet & Direct Marketing Retail - 0.2%

eBay, Inc.

24,376

​

1,395,770

 

​

​

​

IT Services - 4.3%

Accenture plc, Class A

37,387

​

12,608,018

Automatic Data Processing, Inc.

9,304

​

2,117,032

Broadridge Financial Solutions, Inc.

3,437

​

535,175

Cognizant Technology Solutions Corp., Class A

17,426

​

1,562,590

International Business Machines Corp.

8,793

​

1,143,266

Mastercard, Inc., Class A

10,801

​

3,860,061

Paychex, Inc.

16,508

​

2,252,847

Visa, Inc., Class A

52,235

​

11,584,156

 

​

​

35,663,145

Life Sciences Tools & Services - 0.3%

Agilent Technologies, Inc.

7,024

​

929,486

Thermo Fisher Scientific, Inc.

3,239

​

1,913,115

 

​

​

2,842,601

Machinery - 1.8%

Cummins, Inc.

10,198

​

2,091,712

Illinois Tool Works, Inc.

59,347

​

12,427,262

 

​

​

14,518,974

Media - 2.3%

Comcast Corp., Class A

414,970

​

19,428,895

 

​

​

​

Multiline Retail - 1.0%

Dollar General Corp.

14,142

​

3,148,433

Target Corp.

23,184

​

4,920,109

 

​

​

8,068,542

Personal Products - 0.3%

Estee Lauder Cos., Inc. (The), Class A

8,619

​

2,347,126

 

​

​

​

Pharmaceuticals - 13.2%

Eli Lilly & Co.

63,237

​

18,109,180

Johnson & Johnson

246,440

​

43,676,561

Merck & Co., Inc.

173,611

​

14,244,782

Pfizer, Inc.

593,080

​

30,703,752

Zoetis, Inc.

12,546

​

2,366,050

 

​

​

109,100,325

Road & Rail - 2.2%

CSX Corp.

65,404

​

2,449,380

Norfolk Southern Corp.

10,445

​

2,979,123

Union Pacific Corp.

45,558

​

12,446,901

 

​

17,875,404

Investments

Shares

 

Value ($)

Semiconductors & Semiconductor Equipment - 3.2%

Analog Devices, Inc.

9,004

​

$1,487,281​

Broadcom, Inc.

2,125

​

1,338,070

Intel Corp.

94,885

​

4,702,500

QUALCOMM, Inc.

5,795

​

885,592

Texas Instruments, Inc.

97,692

​

17,924,528

 

​

​

26,337,971

Software - 5.7%

Intuit, Inc.

1,897

​

912,154

Microsoft Corp.

126,394

​

38,968,534

Oracle Corp.

85,852

​

7,102,536

 

​

​

46,983,224

Specialty Retail - 4.8%

Home Depot, Inc. (The)

102,397

​

30,650,494

Lowe’s Cos., Inc.

30,951

​

6,257,983

TJX Cos., Inc. (The)

46,938

​

2,843,504

 

​

​

39,751,981

Technology Hardware, Storage & Peripherals - 3.9%

Apple, Inc.

184,358

​

32,190,750

 

​

​

​

Textiles, Apparel & Luxury Goods - 0.7%

NIKE, Inc., Class B

42,100

​

5,664,976

 

​

​

​

Tobacco - 1.9%

Altria Group, Inc.

107,995

​

5,642,739

Philip Morris International, Inc.

108,757

​

10,216,632

 

​

​

15,859,371

Trading Companies & Distributors - 0.5%

Fastenal Co.

73,231

​

4,349,921

 

​

​

​

TOTAL COMMON STOCKS
(COST $706,097,830)

​

825,963,660

Total Investments - 99.9%
(Cost $706,097,830)

​

825,963,660

Other assets less liabilities - 0.1%

​

1,024,564

Net Assets - 100.0%

​

$826,988,224


​

3

OSI ETF Trust

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

Schedule of Investments

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

Value ($)

COMMON STOCKS - 99.8%

 

​

​

​

Auto Components - 3.6%

BorgWarner, Inc.

40,847

​

$1,588,948​

Gentex Corp.

107,262

​

3,128,833

Lear Corp.

3,320

​

473,399

Standard Motor Products, Inc.

15,650

​

675,141

 

​

​

5,866,321

Building Products - 2.2%

A O Smith Corp.

47,150

​

3,012,414

Simpson Manufacturing Co., Inc.

5,106

​

556,758

 

​

​

3,569,172

Capital Markets - 13.8%

Artisan Partners Asset Management, Inc., Class A

31,269

​

1,230,435

Carlyle Group, Inc. (The)

68,149

​

3,333,168

Cboe Global Markets, Inc.

26,930

​

3,081,331

Cohen & Steers, Inc.

10,725

​

921,170

Evercore, Inc., Class A

10,830

​

1,205,596

Hamilton Lane, Inc., Class A

9,604

​

742,293

Houlihan Lokey, Inc.

37,161

​

3,262,736

Lazard Ltd., Class A

47,260

​

1,630,470

LPL Financial Holdings, Inc.

3,560

​

650,341

Moelis & Co., Class A

36,514

​

1,714,332

Morningstar, Inc.

4,502

​

1,229,811

SEI Investments Co.

55,659

​

3,351,228

 

​

​

22,352,911

Commercial Services & Supplies - 1.3%

Brady Corp., Class A

23,646

​

1,094,101

Ennis, Inc.

20,943

​

386,817

Healthcare Services Group, Inc.

14,167

​

263,081

UniFirst Corp.

1,965

​

362,110

 

​

​

2,106,109

Communications Equipment - 2.7%

Juniper Networks, Inc.

118,883

​

4,417,692

 

​

​

​

Construction & Engineering - 0.5%

MDU Resources Group, Inc.

30,620

​

816,023

 

​

​

​

Consumer Finance - 0.3%

OneMain Holdings, Inc.

8,543

​

405,024

 

​

​

​

Diversified Consumer Services - 3.9%

Graham Holdings Co., Class B

1,365

​

834,656

H&R Block, Inc.

73,521

​

1,914,487

Service Corp. International

53,583

​

3,526,833

 

​

​

6,275,976

Electric Utilities - 2.9%

ALLETE, Inc.

5,118

​

342,804

Hawaiian Electric Industries, Inc.

8,494

​

359,381

IDACORP, Inc.

6,636

​

765,529

Investments

Shares

Value ($)

MGE Energy, Inc.

5,004

​

$399,269​

NRG Energy, Inc.

9,523

​

365,302

OGE Energy Corp.

20,575

​

839,049

Otter Tail Corp.

5,808

​

363,000

Pinnacle West Capital Corp.

11,926

​

931,421

PNM Resources, Inc.

5,393

​

257,084

 

​

​

4,622,839

Electronic Equipment, Instruments & Components - 2.3%

Avnet, Inc.

25,067

​

1,017,470

Littelfuse, Inc.

3,532

​

880,916

National Instruments Corp.

29,375

​

1,192,331

Vishay Intertechnology, Inc.

33,017

​

647,133

 

​

​

3,737,850

Food & Staples Retailing - 0.7%

Casey’s General Stores, Inc.

3,737

​

740,561

Weis Markets, Inc.

6,265

​

447,447

 

​

​

1,188,008

Food Products - 7.4%

Bunge Ltd.

38,933

​

4,314,166

Flowers Foods, Inc.

88,491

​

2,275,104

Ingredion, Inc.

20,384

​

1,776,466

J & J Snack Foods Corp.

2,460

​

381,546

Lamb Weston Holdings, Inc.

16,028

​

960,237

Lancaster Colony Corp.

11,369

​

1,695,686

Tootsie Roll Industries, Inc.

15,052

​

526,218

 

​

​

11,929,423

Gas Utilities - 2.5%

National Fuel Gas Co.

9,477

​

651,070

New Jersey Resources Corp.

7,456

​

341,932

ONE Gas, Inc.

5,115

​

451,347

Southwest Gas Holdings, Inc.

4,586

​

359,038

Spire, Inc.

5,705

​

409,391

UGI Corp.

49,571

​

1,795,462

 

​

​

4,008,240

Health Care Providers & Services - 6.2%

Chemed Corp.

3,226

​

1,634,130

Encompass Health Corp.

41,910

​

2,980,220

National HealthCare Corp.

34,445

​

2,419,072

Premier, Inc., Class A

86,260

​

3,069,994

 

​

​

10,103,416

Household Durables - 1.9%

Leggett & Platt, Inc.

31,355

​

1,091,154

MDC Holdings, Inc.

10,258

​

388,163

Whirlpool Corp.

8,987

​

1,552,774

 

​

​

3,032,091

Household Products - 0.9%

Reynolds Consumer Products, Inc.

28,173

​

826,596

WD-40 Co.

3,391

​

621,333

 

​

​

1,447,929

​

4

OSI ETF Trust

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

Schedule of Investments (continued)

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

Value ($)

Insurance - 7.7%

Erie Indemnity Co., Class A

19,025

​

$3,350,873​

Mercury General Corp.

26,385

​

1,451,175

Old Republic International Corp.

132,050

​

3,416,134

RLI Corp.

14,325

​

1,584,775

Safety Insurance Group, Inc.

19,284

​

1,751,951

Stewart Information Services Corp.

15,209

​

921,817

 

​

​

12,476,725

IT Services - 9.8%

Amdocs Ltd.

43,070

​

3,540,785

CSG Systems International, Inc.

15,931

​

1,012,733

Genpact Ltd.

35,553

​

1,546,911

Jack Henry & Associates, Inc.

19,557

​

3,853,707

Maximus, Inc.

39,765

​

2,980,387

Western Union Co. (The)

157,191

​

2,945,759

 

​

​

15,880,282

Leisure Products - 1.1%

Acushnet Holdings Corp.

11,549

​

464,963

Polaris, Inc.

5,212

​

548,928

Sturm Ruger & Co., Inc.

10,983

​

764,636

 

​

​

1,778,527

Life Sciences Tools & Services - 0.6%

Bio-Techne Corp.

2,220

​

961,349

 

​

​

​

Machinery - 9.6%

Donaldson Co., Inc.

38,367

​

1,992,398

Franklin Electric Co., Inc.

8,132

​

675,281

Graco, Inc.

43,352

​

3,022,502

ITT, Inc.

6,610

​

497,138

Lincoln Electric Holdings, Inc.

21,726

​

2,994,060

Oshkosh Corp.

5,941

​

597,962

Snap-on, Inc.

15,198

​

3,122,885

Toro Co. (The)

31,314

​

2,677,034

 

​

​

15,579,260

Media - 4.1%

Cable One, Inc.

496

​

726,263

Interpublic Group of Cos., Inc. (The)

90,939

​

3,223,788

John Wiley & Sons, Inc., Class A

18,502

​

981,161

New York Times Co. (The), Class A

10,517

​

482,099

News Corp., Class A

56,434

​

1,250,013

 

​

​

6,663,324

Multi-Utilities - 0.4%

Black Hills Corp.

4,224

​

325,332

NorthWestern Corp.

4,787

​

289,566

 

​

​

614,898

Professional Services - 2.9%

Exponent, Inc.

9,816

​

1,060,619

Robert Half International, Inc.

31,352

​

3,579,771

 

​

4,640,390

Investments

Shares

Value ($)

Road & Rail - 1.5%

Landstar System, Inc.

6,519

​

$983,261​

Schneider National, Inc., Class B

36,333

​

926,491

Werner Enterprises, Inc.

12,456

​

510,696

 

​

​

2,420,448

Semiconductors & Semiconductor Equipment - 1.4%

Monolithic Power Systems, Inc.

3,663

​

1,779,046

Power Integrations, Inc.

5,306

​

491,760

 

​

​

2,270,806

Software - 3.1%

CDK Global, Inc.

33,975

​

1,653,903

Dolby Laboratories, Inc., Class A

35,372

​

2,766,798

Progress Software Corp.

12,717

​

598,843

 

​

​

5,019,544

Specialty Retail - 0.4%

Murphy USA, Inc.

3,288

​

657,468

 

​

​

​

Textiles, Apparel & Luxury Goods - 0.7%

Carter’s, Inc.

6,736

​

619,644

Columbia Sportswear Co.

5,930

​

536,843

 

​

​

1,156,487

Thrifts & Mortgage Finance - 0.3%

MGIC Investment Corp.

31,836

​

431,378

 

​

​

​

Tobacco - 0.3%

Vector Group Ltd.

33,043

​

397,838

 

​

​

​

Trading Companies & Distributors - 2.2%

Watsco, Inc.

11,845

​

3,608,461

 

​

​

​

Water Utilities - 0.6%

American States Water Co.

4,225

​

376,109

Essential Utilities, Inc.

12,284

​

628,081

 

​

​

1,004,190

TOTAL COMMON STOCKS
(COST $145,527,502)

​

161,440,399

Total Investments - 99.8%
(Cost $145,527,502)

​

161,440,399

Other assets less liabilities - 0.2%

​

374,389

Net Assets - 100.0%

​

$161,814,788


​

5

OSI ETF Trust

O’Shares Global Internet Giants ETF

Schedule of Investments

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

 

Value ($)

COMMON STOCKS - 100.0%

 

​

​

​

Entertainment - 11.3%

Activision Blizzard, Inc.

10,599

​

$849,086​

Bilibili, Inc., ADR*

162,788

​

4,164,117

CTS Eventim AG & Co. KGaA*

61,216

​

4,224,305

Electronic Arts, Inc.

9,881

​

1,250,045

Live Nation Entertainment, Inc.*

37,517

​

4,413,500

NetEase, Inc.

81,568

​

1,497,750

Netflix, Inc.*

5,777

​

2,164,006

Nexon Co. Ltd.

56,100

​

1,355,182

ROBLOX Corp., Class A*

83,753

​

3,872,739

Roku, Inc.*

27,390

​

3,431,145

Sea Ltd., ADR*

50,766

​

6,081,259

Spotify Technology SA*

10,186

​

1,538,290

Take-Two Interactive Software, Inc.*

11,896

​

1,828,891

 

​

​

36,670,315

Interactive Media & Services - 17.0%

Adevinta ASA*

312,555

​

2,890,347

Alphabet, Inc., Class A*

6,711

​

18,665,640

Baidu, Inc., ADR*

3,515

​

465,035

IAC/InterActiveCorp*

22,078

​

2,213,982

Kuaishou Technology*

322,100

​

3,051,794

Match Group, Inc.*

16,130

​

1,753,976

Meta Platforms, Inc., Class A*

29,076

​

6,465,339

Pinterest, Inc., Class A*

83,158

​

2,046,518

Snap, Inc., Class A*

137,300

​

4,941,427

Tencent Holdings Ltd.

135,817

​

6,489,609

Twitter, Inc.*

50,226

​

1,943,244

Z Holdings Corp.

194,777

​

860,790

ZoomInfo Technologies, Inc., Class A*

57,769

​

3,451,120

 

​

​

55,238,821

Internet & Direct Marketing Retail - 17.7%

Alibaba Group Holding Ltd., ADR*

35,933

​

3,909,510

Amazon.com, Inc.*

5,412

​

17,642,849

Chewy, Inc., Class A*

40,959

​

1,670,308

Delivery Hero SE*

85,791

​

3,804,851

DoorDash, Inc., Class A*

22,664

​

2,655,994

Etsy, Inc.*

11,911

​

1,480,299

Global-e Online Ltd.*

117,714

​

3,976,379

JD.com, Inc., Class A*

114,046

​

3,407,662

Just Eat Takeaway.com NV*

116,304

​

3,979,871

Meituan, Class B*

309,766

​

6,154,658

MercadoLibre, Inc.*

3,815

​

4,537,866

Pinduoduo, Inc., ADR*

101,779

​

4,082,356

 

​

​

57,302,603

IT Services - 9.6%

Cloudflare, Inc., Class A*

37,783

​

4,522,625

DigitalOcean Holdings, Inc.*

49,852

​

2,883,938

MongoDB, Inc.*

10,486

​

4,651,485

Investments

Shares

 

Value ($)

Okta, Inc.*

22,616

​

$3,414,111​

Shopify, Inc., Class A*

7,235

​

4,890,571

Snowflake, Inc., Class A*

27,478

​

6,296,034

Twilio, Inc., Class A*

21,709

​

3,577,860

VeriSign, Inc.*

3,664

​

815,094

 

​

​

31,051,718

Software - 44.4%

Adobe, Inc.*

6,541

​

2,980,211

AppLovin Corp., Class A*

50,311

​

2,770,627

Asana, Inc., Class A*

82,828

​

3,310,635

Atlassian Corp. plc, Class A*

11,075

​

3,254,167

Bill.com Holdings, Inc.*

19,610

​

4,447,352

Confluent, Inc., Class A*

90,615

​

3,715,215

Coupa Software, Inc.*

16,226

​

1,649,048

Crowdstrike Holdings, Inc., Class A*

22,300

​

5,063,884

Datadog, Inc., Class A*

31,487

​

4,769,336

Digital Turbine, Inc.*

84,635

​

3,707,859

DocuSign, Inc.*

29,305

​

3,139,152

Dynatrace, Inc.*

48,311

​

2,275,448

Elastic NV*

29,632

​

2,635,766

Fortinet, Inc.*

8,530

​

2,915,042

Gitlab, Inc., Class A*

81,701

​

4,448,620

HubSpot, Inc.*

6,067

​

2,881,461

Intuit, Inc.

4,874

​

2,343,614

ironSource Ltd., Class A*

648,378

​

3,112,214

Kingdee International Software
Group Co. Ltd.*

1,296,215

​

2,883,273

Microsoft Corp.

62,236

​

19,187,981

Monday.com Ltd.*

26,501

​

4,189,013

Oracle Corp.

17,536

​

1,450,753

Palantir Technologies, Inc., Class A*

226,118

​

3,104,600

Palo Alto Networks, Inc.*

4,256

​

2,649,403

Paycom Software, Inc.*

6,490

​

2,248,006

Paylocity Holding Corp.*

9,339

​

1,921,686

Qualtrics International, Inc., Class A*

75,538

​

2,156,610

RingCentral, Inc., Class A*

18,025

​

2,112,710

salesforce.com, Inc.*

20,580

​

4,369,546

SAP SE

9,696

​

1,090,908

SentinelOne, Inc., Class A*

111,171

​

4,306,765

ServiceNow, Inc.*

6,674

​

3,716,684

Sinch AB*

356,722

​

2,467,359

Smartsheet, Inc., Class A*

60,702

​

3,325,256

Splunk, Inc.*

13,289

​

1,974,878

Trade Desk, Inc. (The), Class A*

43,621

​

3,020,754

UiPath, Inc., Class A*

113,220

​

2,444,420

Unity Software, Inc.*

34,942

​

3,466,596

VMware, Inc., Class A

7,161

​

815,423

Workday, Inc., Class A*

8,490

​

2,033,015

Xero Ltd.*

29,926

​

2,309,094

Zendesk, Inc.*

17,824

​

2,144,049

​

6

OSI ETF Trust

O’Shares Global Internet Giants ETF

Schedule of Investments (continued)

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

 

Value ($)

Zoom Video Communications, Inc.,
Class A*

11,944

​

$1,400,195​

Zscaler, Inc.*

16,450

​

3,969,056

 

​

​

144,177,684

TOTAL COMMON STOCKS
(COST $375,568,534)

​

324,441,141

Total Investments - 100.0%
(Cost $375,568,534)

​

324,441,141

Other assets less liabilities - 0.0%(1)

​

16,160

Net Assets - 100.0%

​

$324,457,301

*Non-income producing security.

(1)Represents less than 0.05% of net assets.

Abbreviations
ADRAmerican Depositary Receipt

O’Shares Global Internet Giants ETF invested, as a percentage of net assets, in the following countries as of March 31, 2022:

Brazil

​

1.4%

​

Canada

​

1.5%

​

China

​

11.1%

​

France

​

0.9%

​

Germany

​

1.6%

​

Israel

​

2.2%

​

Japan

​

0.7%

​

New Zealand

​

0.7%

​

Saudi Arabia

​

1.2%

​

Sweden

​

0.8%

​

Taiwan

​

1.9%

​

United Kingdom

​

1.2%

​

United States

​

74.8%

​

Other(1)

​

0.0%

(2) 

 

​

100.0%

​

 

(1)Includes cash and net other assets (liabilities).

(2)Represents less than 0.05% of net assets.

​

7

OSI ETF Trust

O’Shares Europe Quality Dividend ETF

Schedule of Investments

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

 

Value ($)

COMMON STOCKS - 99.5%

 

​

​

​

Air Freight & Logistics - 2.0%

Deutsche Post AG (Registered)

23,774

​

$1,151,991​

 

​

​

​

Auto Components - 1.4%

Cie Generale des Etablissements
Michelin SCA

5,801

​

793,579

 

​

​

​

Beverages - 3.4%

Carlsberg A/S, Class B

5,410

​

671,663

Diageo plc

24,900

​

1,266,632

 

​

​

1,938,295

Building Products - 2.7%

Assa Abloy AB, Class B

29,841

​

816,197

Geberit AG (Registered)

1,141

​

709,460

 

​

​

1,525,657

Capital Markets - 2.8%

3i Group plc

50,163

​

917,064

Partners Group Holding AG

574

​

719,488

 

​

​

1,636,552

Diversified Financial Services - 2.8%

Industrivarden AB, Class C

26,542

​

751,597

Investor AB, Class B

38,467

​

850,910

 

​

​

1,602,507

Diversified Telecommunication Services - 1.6%

Swisscom AG (Registered)

1,541

​

929,372

 

​

​

​

Electric Utilities - 3.1%

Iberdrola SA

89,715

​

990,228

Orsted A/S*

6,345

​

805,967

 

​

​

1,796,195

Electrical Equipment - 5.0%

ABB Ltd. (Registered)

29,169

​

956,293

Legrand SA

8,327

​

800,314

Schneider Electric SE

6,641

​

1,124,327

 

​

​

2,880,934

Electronic Equipment, Instruments & Components - 1.4%

Hexagon AB, Class B

56,362

​

802,847

 

​

​

​

Food Products - 7.1%

Danone SA

14,287

​

795,299

Nestle SA (Registered)

25,020

​

3,268,029

 

​

​

4,063,328

Health Care Equipment & Supplies - 2.9%

Coloplast A/S, Class B

5,271

​

807,757

Siemens Healthineers AG

13,511

​

845,457

 

​

​

1,653,214

Household Products - 2.4%

Essity AB, Class B

29,009

​

691,654

Henkel AG & Co. KGaA

10,394

​

693,315

 

​

1,384,969

Investments

Shares

 

Value ($)

Industrial Conglomerates - 1.9%

Siemens AG (Registered)

7,646

​

$1,069,030​

 

​

​

​

Insurance - 1.1%

Admiral Group plc

18,431

​

621,968

 

​

​

​

Machinery - 4.3%

Atlas Copco AB, Class A

15,566

​

821,276

Kone OYJ, Class B

18,748

​

992,726

Schindler Holding AG

3,082

​

666,469

 

​

​

2,480,471

Marine - 1.2%

Kuehne + Nagel International AG (Registered)

2,451

​

700,742

 

​

​

​

Personal Products - 5.7%

L’Oreal SA

4,026

​

1,629,877

Unilever plc

36,814

​

1,674,678

 

​

​

3,304,555

Pharmaceuticals - 22.9%

AstraZeneca plc

12,833

​

1,711,960

GlaxoSmithKline plc

59,984

​

1,300,925

Merck KGaA

4,964

​

1,048,578

Novartis AG (Registered)

19,237

​

1,698,458

Novo Nordisk A/S, Class B

24,460

​

2,740,035

Roche Holding AG

8,429

​

3,356,487

Sanofi

12,618

​

1,298,787

 

​

​

13,155,230

Professional Services - 5.7%

RELX plc

34,837

​

1,093,038

SGS SA (Registered)

299

​

836,973

Wolters Kluwer NV

12,580

​

1,351,843

 

​

​

3,281,854

Semiconductors & Semiconductor Equipment - 2.5%

ASML Holding NV

2,149

​

1,458,562

 

​

​

​

Software - 2.9%

SAP SE

14,607

​

1,643,450

 

​

​

​

Specialty Retail - 1.1%

Industria de Diseno Textil SA

28,211

​

620,874

 

​

​

​

Textiles, Apparel & Luxury Goods - 8.6%

EssilorLuxottica SA

5,246

​

970,687

Hermes International

678

​

974,278

Kering SA

1,282

​

821,188

LVMH Moet Hennessy Louis Vuitton SE

3,031

​

2,190,064

 

​

​

4,956,217

​

8

OSI ETF Trust

O’Shares Europe Quality Dividend ETF

Schedule of Investments (continued)

March 31, 2022 (unaudited)

See accompanying notes to the financial statements.

Investments

Shares

 

Value ($)

Tobacco - 1.3%

Swedish Match AB

96,392

​

$733,123​

 

​

​

​

Trading Companies & Distributors - 1.7%

Bunzl plc

24,855

​

971,288

 

​

​

​

TOTAL COMMON STOCKS
(COST $58,736,286)

​

57,156,804

Total Investments - 99.5%
(Cost $58,736,286)

​

57,156,804

Other assets less liabilities - 0.5%

​

304,128

Net Assets - 100.0%

​

$57,460,932​

*Non-income producing security.

Abbreviations

OYJPublic 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 March 31, 2022:

Denmark

​

8.8%

​

Finland

​

1.7%

​

France

​

17.9%

​

Germany

​

11.2%

​

Netherlands

​

4.9%

​

Spain

​

2.8%

​

Sweden

​

9.5%

​

Switzerland

​

24.1%

​

United Kingdom

​

14.4%

​

United States

​

4.2%

​

Other(1)

​

0.5%

​

 

​

100.0%

​

(1)Includes cash and net other assets (liabilities).

​

9

OSI ETF Trust

Notes to Quarterly Schedules of Investments

March 31, 2022 (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, 2022 for each Fund based upon the three levels defined above:

 

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*

$825,963,660 ​

$—​

$—​

$825,963,660​

Total Investments

$825,963,660 ​

$—​

$—​

$825,963,660​

 

​

​

​

​

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

​

​

​

​

Investments

​

​

​

​

Common Stocks*

$161,440,399 ​

$—​

$—​

$161,440,399​

Total Investments

$161,440,399 ​

$—​

$—​

$161,440,399​

 

​

​

​

​

O’Shares Global Internet Giants ETF

​

​

​

​

Investments

​

​

​

​

Common Stocks*

$324,441,141 ​

$—​

$—​

$324,441,141​

Total Investments

$324,441,141 ​

$—​

$—​

$324,441,141​

 

​

​

​

​

O’Shares Europe Quality Dividend ETF

​

​

​

​

Investments

​

​

​

​

Common Stocks*

$57,156,804​

$—​

$—​

$57,156,804​

Total Investments

$57,156,804​

$—​

$—​

$57,156,804​

* See Schedules of Investments for segregation by industry type.