Semi-Annual
Report
December 31, 2021
Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Fund’s prospectus, a copy of which may be obtained by visiting the Fund’s website at www.oshares.com. Please read the prospectus carefully before you invest.
There are risks involved with investing, including possible loss of principal. Concentration in a particular industry or sector may subject the Funds to a greater degree to the risks particular to that industry or sector. A Fund’s emphasis on dividend paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend after a Fund’s purchase of such a company’s securities. The securities of small and mid-capitalization companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of securities during market downturns. Compared to larger companies, small and mid-capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks. In addition, the Fund’s investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund’s returns. See the prospectus for specific risks regarding the Funds.
Individual shares of the Funds may be purchased or sold in the secondary market throughout the regular trading day on the Cboe BZX Exchange, Inc. through a brokerage account. However, shares are not individually redeemable directly from the Funds. Each Fund issues and redeems shares on a continuous basis, at net asset value (‘‘NAV’’), only in large blocks of shares (‘‘Creation Units’’), principally in-kind for securities included in the relevant Index.
Distributor: Foreside Fund Services, LLC
Table of Contents
i |
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Schedule of Investments |
1 |
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3 |
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5 |
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7 |
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9 |
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10 |
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11 |
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13 |
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14 |
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23 |
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24 |
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Board Review and Approval of Investment Advisory and Sub-Advisory Agreements |
27 |
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28 |
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The O’Shares U.S. Quality Dividend Index (the ‘‘OUSA Index’’), O’Shares U.S. Small-Cap Quality Dividend Index (the ‘‘OUSM Index’’), O’Shares Global Internet Giants Index (the ‘‘OGIG Index’’) and O’Shares Europe Quality Dividend Index (the ‘‘OEUR Index’’, and together with the OUSA Index, the OUSM Index and the OGIG Index, the “O’Shares Indexes”) are the exclusive property of O’Shares Investment Advisers, LLC, which has contracted with S-Network Global Indexes Inc. (‘‘S-Network’’) to maintain and calculate the O’Shares Indexes. S-Network shall have no liability for any errors or omissions in calculating the O’Shares Indexes.
The O’Shares U.S. Quality Dividend ETF, O’Shares U.S. Small-Cap Quality Dividend ETF, O’Shares Global Internet Giants ETF, and O’Shares Europe Quality Dividend ETF (the “Funds”) are not sponsored, endorsed, sold or promoted by S-Network, its affiliates or their third party licensors and neither S-Network, its affiliates nor their third party licensors make any representation regarding the advisability of investing in the Funds.
S-Network Global Indexes Inc. (‘‘S-Network’’ or ‘‘SNGISM’’) is the property of S-Network and has been licensed by S-Network for use by O’Shares Investment Advisers, LLC in connection with the O’Shares Indexes.
i
O’Shares U.S. Quality Dividend ETF (OUSA)
The Fund seeks to track the performance (before fees and expenses) of the O’Shares U.S. Quality Dividend Index (the “OUSA Index”). The OUSA Index is designed to measure the performance of publicly-listed large capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The high quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines.
Market Exposure | ||
Investment Type |
|
% of Net Assets |
Equity Securities |
|
100% |
‘‘Market Exposure’’ includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.
Largest Equity Holdings | ||
|
||
Procter & Gamble Co. (The) |
|
5.0% |
Microsoft Corp. |
|
4.9% |
Home Depot, Inc. (The) |
|
4.9% |
Johnson & Johnson |
|
4.8% |
Verizon Communications, Inc. |
|
4.1% |
Pfizer, Inc. |
|
4.0% |
Apple, Inc. |
|
3.7% |
McDonald’s Corp. |
|
3.0% |
Lockheed Martin Corp. |
|
2.5% |
Cisco Systems, Inc. |
|
2.5% |
Sector Exposure | ||
Sectors |
|
% of Net Assets |
Communication Services |
|
6.8% |
Consumer Discretionary |
|
13.2% |
Consumer Staples |
|
15.4% |
Financials |
|
7.0% |
Health Care |
|
22.6% |
Industrials |
|
15.0% |
Information Technology |
|
20.0% |
Other(1) |
|
0.0%(2) |
|
|
100.0% |
(1)Includes cash and net other assets (liabilities).
(2)Represents less than 0.05% of net assets.
ii
OSI ETF Trust
Allocation of Portfolio Holdings and Sector Weightings
December 31, 2021 (Unaudited)
O’Shares U.S. Small-Cap Quality Dividend ETF (OUSM)
The Fund seeks to track the performance (before fees and expenses) of the O’Shares U.S. Small-Cap Quality Dividend Index (the “OUSM Index”). The OUSM Index is designed to reflect the performance of publicly-listed small capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The high quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines, as may occur with some dividend investing strategies.
Market Exposure | ||
| ||
Investment Type |
|
% of Net Assets |
Equity Securities |
|
100% |
‘‘Market Exposure’’ includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.
Largest Equity Holdings | ||
|
||
Juniper Networks, Inc. |
|
2.5% |
A O Smith Corp. |
|
2.3% |
Houlihan Lokey, Inc. |
|
2.2% |
Service Corp. International |
|
2.2% |
Carlyle Group, Inc. (The) |
|
2.2% |
Gentex Corp. |
|
2.2% |
Watsco, Inc. |
|
2.1% |
Erie Indemnity Co., Class A |
|
2.1% |
Bunge Ltd. |
|
2.1% |
Premier, Inc., Class A |
|
2.1% |
Sector Exposure | ||
Sectors |
|
% of Net Assets |
Communication Services |
|
4.1% |
Consumer Discretionary |
|
12.3% |
Consumer Staples |
|
8.7% |
Financials |
|
22.9% |
Health Care |
|
6.7% |
Industrials |
|
20.5% |
Information Technology |
|
18.1% |
Utilities |
|
6.6% |
Other(1) |
|
0.1% |
|
|
100.0% |
(1)Includes cash and net other assets (liabilities).
iii
OSI ETF Trust
Allocation of Portfolio Holdings and Sector Weightings
December 31, 2021 (Unaudited)
O’Shares Global Internet Giants ETF (OGIG)
The Fund seeks to track the performance (before fees and expenses) of the O’Shares Global Internet Giants Index (the “OGIG Index”). The OGIG Index is a rules-based index intended to give investors a means of tracking stocks exhibiting quality and growth characteristics in the “internet sector”, as defined by O’Shares Investment Advisers, LLC (the “Index Provider”).
Market Exposure | ||
Investment Type |
|
% of Net Assets |
Equity Securities |
|
100% |
‘‘Market Exposure’’ includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.
Largest Equity Holdings | ||
|
||
Alphabet, Inc., Class A |
|
5.5% |
Microsoft Corp. |
|
5.1% |
Amazon.com, Inc. |
|
4.5% |
Meta Platforms, Inc., Class A |
|
3.3% |
Tencent Holdings Ltd. |
|
2.0% |
Snowflake, Inc., Class A |
|
1.9% |
Sea Ltd. (ADR) |
|
1.9% |
Shopify, Inc., Class A |
|
1.9% |
Meituan, Class B |
|
1.8% |
Pinduoduo, Inc. (ADR) |
|
1.6% |
Sector Exposure | ||
Sectors |
|
% of Net Assets |
Communication Services |
|
29.5% |
Consumer Discretionary |
|
20.0% |
Consumer Staples |
|
0.9% |
Information Technology |
|
48.1% |
Real Estate |
|
1.4% |
Other(1) |
|
0.1% |
|
|
100.0% |
(1)Includes cash and net other assets (liabilities).
iv
OSI ETF Trust
Allocation of Portfolio Holdings and Sector Weightings
December 31, 2021 (Unaudited)
O’Shares Europe Quality Dividend ETF (OEUR)
The Fund seeks to track the performance (before fees and expenses) of the O’Shares Europe Quality Dividend Index (the “OEUR Index”). The OEUR Index is designed to measure the performance of publicly-listed large capitalization and mid-capitalization dividend-paying issuers in Europe that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The high quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines.
Market Exposure | ||
Investment Type |
|
% of Net Assets |
Equity Securities |
|
100% |
‘‘Market Exposure’’ includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.
Largest Equity Holdings | ||
|
||
Roche Holding AG |
|
5.4% |
Nestle SA (Registered) |
|
5.4% |
Novo Nordisk A/S, Class B |
|
4.2% |
LVMH Moet Hennessy Louis |
|
3.9% |
SAP SE |
|
3.2% |
Unilever plc |
|
3.0% |
L’Oreal SA |
|
2.9% |
ASML Holding NV |
|
2.7% |
Novartis AG (Registered) |
|
2.6% |
Deutsche Post AG (Registered) |
|
2.3% |
Sector Exposure | ||
Sectors |
|
% of Net Assets |
Communication Services |
|
1.3% |
Consumer Discretionary |
|
11.9% |
Consumer Staples |
|
20.2% |
Financials |
|
7.0% |
Health Care |
|
23.5% |
Industrials |
|
25.7% |
Information Technology |
|
7.2% |
Utilities |
|
2.9% |
Other(1) |
|
0.3% |
|
|
100.0% |
(1)Includes cash and net other assets (liabilities).
1
OSI ETF Trust
O’Shares U.S. Quality Dividend ETF
Schedule of Investments
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
COMMON STOCKS - 100.0% | ||||
|
|
|
| |
Aerospace & Defense - 4.0% | ||||
General Dynamics Corp. |
10,840 |
|
$2,259,815 | |
L3Harris Technologies, Inc. |
11,296 |
|
2,408,759 | |
Lockheed Martin Corp. |
57,307 |
|
20,367,481 | |
Northrop Grumman Corp. |
20,075 |
|
7,770,430 | |
|
|
|
32,806,485 | |
Air Freight & Logistics - 1.7% | ||||
Expeditors International of |
20,773 |
|
2,789,606 | |
United Parcel Service, Inc., Class B |
51,134 |
|
10,960,062 | |
|
|
|
13,749,668 | |
Banks - 0.3% | ||||
JPMorgan Chase & Co. |
15,957 |
|
2,526,791 | |
|
|
|
| |
Beverages - 3.2% | ||||
Coca-Cola Co. (The) |
224,993 |
|
13,321,836 | |
PepsiCo, Inc. |
76,216 |
|
13,239,481 | |
|
|
|
26,561,317 | |
Biotechnology - 3.5% | ||||
AbbVie, Inc. |
50,341 |
|
6,816,172 | |
Amgen, Inc. |
60,061 |
|
13,511,923 | |
Gilead Sciences, Inc. |
115,459 |
|
8,383,478 | |
|
|
|
28,711,573 | |
Building Products - 0.3% | ||||
Trane Technologies plc |
12,509 |
|
2,527,193 | |
|
|
|
| |
Capital Markets - 4.9% | ||||
BlackRock, Inc. |
1,900 |
|
1,739,564 | |
Blackstone, Inc. |
103,875 |
|
13,440,386 | |
Moody’s Corp. |
7,815 |
|
3,052,383 | |
MSCI, Inc. |
2,319 |
|
1,420,828 | |
S&P Global, Inc. |
23,713 |
|
11,190,876 | |
T. Rowe Price Group, Inc. |
51,238 |
|
10,075,440 | |
|
|
|
40,919,477 | |
Commercial Services & Supplies - 0.9% | ||||
Cintas Corp. |
8,949 |
|
3,965,929 | |
Waste Management, Inc. |
20,217 |
|
3,374,217 | |
|
|
|
7,340,146 | |
Communications Equipment - 2.6% | ||||
Cisco Systems, Inc. |
319,388 |
|
20,239,617 | |
Motorola Solutions, Inc. |
5,121 |
|
1,391,376 | |
|
|
|
21,630,993 | |
Diversified Telecommunication Services - 4.1% | ||||
Verizon Communications, Inc. |
646,194 |
|
33,576,240 | |
|
|
|
| |
Electrical Equipment - 0.5% | ||||
Emerson Electric Co. |
21,029 |
|
1,955,066 | |
Rockwell Automation, Inc. |
6,125 |
|
2,136,706 | |
|
|
|
4,091,772 |
|
||||
Electronic Equipment, Instruments & Components - 0.3% | ||||
Amphenol Corp., Class A |
13,336 |
|
$1,166,367 | |
TE Connectivity Ltd. |
6,175 |
|
996,274 | |
|
|
|
2,162,641 | |
Entertainment - 0.3% | ||||
Activision Blizzard, Inc. |
39,863 |
|
2,652,085 | |
|
|
|
| |
Food & Staples Retailing - 1.7% | ||||
Costco Wholesale Corp. |
16,333 |
|
9,272,244 | |
Walmart, Inc. |
35,904 |
|
5,194,950 | |
|
|
|
14,467,194 | |
Food Products - 1.5% | ||||
Archer-Daniels-Midland Co. |
13,279 |
|
897,528 | |
General Mills, Inc. |
29,012 |
|
1,954,828 | |
Hershey Co. (The) |
13,636 |
|
2,638,157 | |
Hormel Foods Corp. |
37,344 |
|
1,822,761 | |
Mondelez International, Inc., Class A |
75,326 |
|
4,994,867 | |
|
|
|
12,308,141 | |
Health Care Equipment & Supplies - 3.2% | ||||
Abbott Laboratories |
129,076 |
|
18,166,156 | |
Baxter International, Inc. |
14,707 |
|
1,262,449 | |
Becton Dickinson and Co. |
4,515 |
|
1,135,432 | |
Medtronic plc |
41,637 |
|
4,307,348 | |
Stryker Corp. |
4,545 |
|
1,215,424 | |
|
|
|
26,086,809 | |
Health Care Providers & Services - 2.7% | ||||
Quest Diagnostics, Inc. |
14,768 |
|
2,555,012 | |
UnitedHealth Group, Inc. |
39,314 |
|
19,741,132 | |
|
|
|
22,296,144 | |
Health Care Technology - 0.2% | ||||
Cerner Corp. |
21,747 |
|
2,019,644 | |
|
|
|
| |
Hotels, Restaurants & Leisure - 4.7% | ||||
McDonald’s Corp. |
91,715 |
|
24,586,040 | |
Starbucks Corp. |
91,879 |
|
10,747,086 | |
Yum! Brands, Inc. |
24,716 |
|
3,432,064 | |
|
|
|
38,765,190 | |
Household Durables - 0.3% | ||||
Garmin Ltd. |
18,814 |
|
2,561,902 | |
|
|
|
| |
Household Products - 6.8% | ||||
Church & Dwight Co., Inc. |
16,223 |
|
1,662,858 | |
Clorox Co. (The) |
11,481 |
|
2,001,827 | |
Colgate-Palmolive Co. |
92,410 |
|
7,886,269 | |
Kimberly-Clark Corp. |
27,402 |
|
3,916,294 | |
Procter & Gamble Co. (The) |
250,816 |
|
41,028,481 | |
|
|
|
56,495,729 | |
Industrial Conglomerates - 3.3% | ||||
3M Co. |
93,962 |
|
16,690,470 | |
Honeywell International, Inc. |
48,931 |
|
10,202,603 | |
|
|
|
26,893,073 |
2
OSI ETF Trust
O’Shares U.S. Quality Dividend ETF
Schedule of Investments (continued)
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
Insurance - 1.7% | ||||
Allstate Corp. (The) |
38,820 |
|
$4,567,173 | |
Aon plc, Class A |
6,746 |
|
2,027,578 | |
Chubb Ltd. |
14,094 |
|
2,724,511 | |
Marsh & McLennan Cos., Inc. |
27,490 |
|
4,778,312 | |
|
|
|
14,097,574 | |
Internet & Direct Marketing Retail - 0.2% | ||||
eBay, Inc. |
23,011 |
|
1,530,232 | |
|
|
|
| |
IT Services - 4.4% | ||||
Accenture plc, Class A |
35,304 |
|
14,635,273 | |
Automatic Data Processing, Inc. |
8,779 |
|
2,164,726 | |
Broadridge Financial Solutions, Inc. |
3,248 |
|
593,799 | |
Cognizant Technology Solutions |
16,460 |
|
1,460,331 | |
International Business Machines Corp. |
8,310 |
|
1,110,715 | |
Mastercard, Inc., Class A |
10,192 |
|
3,662,190 | |
Paychex, Inc. |
15,584 |
|
2,127,216 | |
Visa, Inc., Class A |
49,316 |
|
10,687,270 | |
|
|
|
36,441,520 | |
Life Sciences Tools & Services - 0.4% | ||||
Agilent Technologies, Inc. |
6,625 |
|
1,057,681 | |
Thermo Fisher Scientific, Inc. |
3,050 |
|
2,035,082 | |
|
|
|
3,092,763 | |
Machinery - 1.9% | ||||
Cummins, Inc. |
9,631 |
|
2,100,907 | |
Illinois Tool Works, Inc. |
56,029 |
|
13,827,957 | |
|
|
|
15,928,864 | |
Media - 2.4% | ||||
Comcast Corp., Class A |
391,774 |
|
19,717,985 | |
|
|
|
| |
Multiline Retail - 1.0% | ||||
Dollar General Corp. |
13,344 |
|
3,146,916 | |
Target Corp. |
21,882 |
|
5,064,370 | |
|
|
|
8,211,286 | |
Personal Products - 0.4% | ||||
Estee Lauder Cos., Inc. (The), Class A |
8,136 |
|
3,011,947 | |
|
|
|
| |
Pharmaceuticals - 12.7% | ||||
Eli Lilly & Co. |
59,705 |
|
16,491,715 | |
Johnson & Johnson |
232,677 |
|
39,804,054 | |
Merck & Co., Inc. |
163,905 |
|
12,561,679 | |
Pfizer, Inc. |
559,943 |
|
33,064,634 | |
Zoetis, Inc. |
11,853 |
|
2,892,488 | |
|
|
|
104,814,570 | |
Road & Rail - 1.9% | ||||
CSX Corp. |
61,750 |
|
2,321,800 | |
Norfolk Southern Corp. |
9,857 |
|
2,934,527 | |
Union Pacific Corp. |
43,017 |
|
10,837,273 | |
|
|
|
16,093,600 |
|
||||
Semiconductors & Semiconductor Equipment - 3.1% | ||||
Analog Devices, Inc. |
8,500 |
|
$1,494,045 | |
Broadcom, Inc. |
1,999 |
|
1,330,155 | |
Intel Corp. |
89,589 |
|
4,613,833 | |
QUALCOMM, Inc. |
5,480 |
|
1,002,128 | |
Texas Instruments, Inc. |
92,228 |
|
17,382,211 | |
|
|
|
25,822,372 | |
Software - 5.9% | ||||
Intuit, Inc. |
1,792 |
|
1,152,650 | |
Microsoft Corp. |
119,334 |
|
40,134,411 | |
Oracle Corp. |
81,060 |
|
7,069,243 | |
|
|
|
48,356,304 | |
Specialty Retail - 6.2% | ||||
Home Depot, Inc. (The) |
96,681 |
|
40,123,582 | |
Lowe’s Cos., Inc. |
29,225 |
|
7,554,078 | |
TJX Cos., Inc. (The) |
44,313 |
|
3,364,243 | |
|
|
|
51,041,903 | |
Technology Hardware, Storage & Peripherals - 3.7% | ||||
Apple, Inc. |
174,060 |
|
30,907,834 | |
|
|
|
| |
Textiles, Apparel & Luxury Goods - 0.8% | ||||
NIKE, Inc., Class B |
39,748 |
|
6,624,799 | |
|
|
|
| |
Tobacco - 1.8% | ||||
Altria Group, Inc. |
101,964 |
|
4,832,074 | |
Philip Morris International, Inc. |
102,684 |
|
9,754,980 | |
|
|
|
14,587,054 | |
Trading Companies & Distributors - 0.5% | ||||
Fastenal Co. |
69,136 |
|
4,428,852 | |
|
|
|
| |
TOTAL COMMON STOCKS |
|
825,859,666 | ||
Total Investments – 100.0% |
|
825,859,666 | ||
Other assets less liabilities – 0.0%(1) |
|
401,304 | ||
Net Assets – 100.0% |
|
$826,260,970 |
(1)Represents less than 0.05% of net assets.
As of December 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative contracts, if any) for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation |
|
$178,292,017 |
|
Aggregate gross unrealized depreciation |
|
(6,116,773 |
) |
Net unrealized appreciation |
|
$172,175,244 |
|
Federal income tax cost of investments |
|
$653,684,422 |
3
OSI ETF Trust
O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
COMMON STOCKS - 99.9% | ||||
|
|
|
| |
Auto Components - 4.0% | ||||
BorgWarner, Inc. |
38,652 |
|
$1,742,045 | |
Gentex Corp. |
101,502 |
|
3,537,345 | |
Lear Corp. |
3,140 |
|
574,463 | |
Standard Motor Products, Inc. |
14,810 |
|
775,896 | |
|
|
|
6,629,749 | |
Building Products - 2.7% | ||||
A O Smith Corp. |
44,615 |
|
3,830,198 | |
Simpson Manufacturing Co., Inc. |
4,831 |
|
671,847 | |
|
|
|
4,502,045 | |
Capital Markets - 15.0% | ||||
Artisan Partners Asset Management, Inc., Class A |
29,589 |
|
1,409,620 | |
Carlyle Group, Inc. (The) |
64,489 |
|
3,540,446 | |
Cboe Global Markets, Inc. |
25,485 |
|
3,323,244 | |
Cohen & Steers, Inc. |
10,150 |
|
938,977 | |
Evercore, Inc., Class A |
10,250 |
|
1,392,462 | |
Hamilton Lane, Inc., Class A |
9,089 |
|
941,802 | |
Houlihan Lokey, Inc. |
35,166 |
|
3,640,384 | |
Lazard Ltd., Class A |
44,720 |
|
1,951,134 | |
LPL Financial Holdings, Inc. |
3,370 |
|
539,503 | |
Moelis & Co., Class A |
34,554 |
|
2,159,971 | |
Morningstar, Inc. |
4,262 |
|
1,457,561 | |
SEI Investments Co. |
52,669 |
|
3,209,649 | |
|
|
|
24,504,753 | |
Commercial Services & Supplies - 1.4% | ||||
Brady Corp., Class A |
22,376 |
|
1,206,066 | |
Ennis, Inc. |
19,818 |
|
387,046 | |
Healthcare Services Group, Inc. |
13,407 |
|
238,511 | |
UniFirst Corp. |
1,860 |
|
391,344 | |
|
|
|
2,222,967 | |
Communications Equipment - 2.5% | ||||
Juniper Networks, Inc. |
112,498 |
|
4,017,304 | |
|
|
|
| |
Consumer Finance - 0.2% | ||||
OneMain Holdings, Inc. |
8,083 |
|
404,473 | |
|
|
|
| |
Diversified Consumer Services - 3.7% | ||||
Graham Holdings Co., Class B |
1,290 |
|
812,480 | |
H&R Block, Inc. |
69,571 |
|
1,639,093 | |
Service Corp. International |
50,703 |
|
3,599,406 | |
|
|
|
6,050,979 |
|
||||
Electric Utilities - 2.6% | ||||
ALLETE, Inc. |
4,843 |
|
$321,333 | |
Hawaiian Electric Industries, Inc. |
8,039 |
|
333,618 | |
IDACORP, Inc. |
6,281 |
|
711,700 | |
MGE Energy, Inc. |
4,734 |
|
389,372 | |
NRG Energy, Inc. |
9,013 |
|
388,280 | |
OGE Energy Corp. |
19,470 |
|
747,259 | |
Otter Tail Corp. |
5,498 |
|
392,667 | |
Pinnacle West Capital Corp. |
11,286 |
|
796,679 | |
PNM Resources, Inc. |
5,103 |
|
232,748 | |
|
|
|
4,313,656 | |
Electronic Equipment, Instruments & Components - 2.4% | ||||
Avnet, Inc. |
23,722 |
|
978,058 | |
Littelfuse, Inc. |
3,342 |
|
1,051,661 | |
National Instruments Corp. |
27,795 |
|
1,213,808 | |
Vishay Intertechnology, Inc. |
31,242 |
|
683,262 | |
|
|
|
3,926,789 | |
Food & Staples Retailing - 0.7% | ||||
Casey’s General Stores, Inc. |
3,537 |
|
698,027 | |
Weis Markets, Inc. |
5,930 |
|
390,668 | |
|
|
|
1,088,695 | |
Food Products - 6.9% | ||||
Bunge Ltd. |
36,843 |
|
3,439,663 | |
Flowers Foods, Inc. |
83,736 |
|
2,300,228 | |
Ingredion, Inc. |
19,289 |
|
1,864,089 | |
J & J Snack Foods Corp. |
2,330 |
|
368,047 | |
Lamb Weston Holdings, Inc. |
15,168 |
|
961,348 | |
Lancaster Colony Corp. |
10,759 |
|
1,781,690 | |
Tootsie Roll Industries, Inc. |
13,827 |
|
500,952 | |
|
|
|
11,216,017 | |
Gas Utilities - 2.5% | ||||
National Fuel Gas Co. |
8,967 |
|
573,350 | |
New Jersey Resources Corp. |
7,056 |
|
289,719 | |
ONE Gas, Inc. |
4,840 |
|
375,536 | |
Southwest Gas Holdings, Inc. |
4,341 |
|
304,087 | |
Spire, Inc. |
5,400 |
|
352,188 | |
UGI Corp. |
46,906 |
|
2,153,454 | |
|
|
|
4,048,334 | |
Health Care Providers & Services - 6.0% | ||||
Chemed Corp. |
3,051 |
|
1,614,101 | |
Encompass Health Corp. |
39,660 |
|
2,588,212 | |
National HealthCare Corp. |
32,595 |
|
2,214,504 | |
Premier, Inc., Class A |
81,625 |
|
3,360,501 | |
|
|
|
9,777,318 | |
Household Durables - 2.3% | ||||
Leggett & Platt, Inc. |
29,670 |
|
1,221,217 | |
MDC Holdings, Inc. |
9,708 |
|
541,998 | |
Whirlpool Corp. |
8,502 |
|
1,995,079 | |
|
|
|
3,758,294 |
4
OSI ETF Trust
O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments (continued)
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
Household Products - 1.0% | ||||
Reynolds Consumer Products, Inc. |
26,658 |
|
$837,061 | |
WD-40 Co. |
3,211 |
|
785,539 | |
|
|
|
1,622,600 | |
Insurance - 7.4% | ||||
Erie Indemnity Co., Class A |
18,005 |
|
3,468,843 | |
Mercury General Corp. |
24,971 |
|
1,324,961 | |
Old Republic International Corp. |
124,955 |
|
3,071,394 | |
RLI Corp. |
13,555 |
|
1,519,516 | |
Safety Insurance Group, Inc. |
18,249 |
|
1,551,712 | |
Stewart Information Services Corp. |
14,394 |
|
1,147,634 | |
|
|
|
12,084,060 | |
IT Services - 8.8% | ||||
Amdocs Ltd. |
40,755 |
|
3,050,104 | |
CSG Systems International, Inc. |
15,076 |
|
868,679 | |
Genpact Ltd. |
33,643 |
|
1,785,770 | |
Jack Henry & Associates, Inc. |
18,507 |
|
3,090,484 | |
Maximus, Inc. |
37,630 |
|
2,997,982 | |
Western Union Co. (The) |
148,746 |
|
2,653,629 | |
|
|
|
14,446,648 | |
Leisure Products - 1.1% | ||||
Acushnet Holdings Corp. |
10,929 |
|
580,111 | |
Polaris, Inc. |
4,932 |
|
542,076 | |
Sturm Ruger & Co., Inc. |
10,393 |
|
706,932 | |
|
|
|
1,829,119 | |
Life Sciences Tools & Services - 0.7% | ||||
Bio-Techne Corp. |
2,100 |
|
1,086,414 | |
|
|
|
| |
Machinery - 10.0% | ||||
Donaldson Co., Inc. |
36,307 |
|
2,151,553 | |
Franklin Electric Co., Inc. |
7,697 |
|
727,828 | |
Graco, Inc. |
41,022 |
|
3,307,194 | |
ITT, Inc. |
6,255 |
|
639,198 | |
Lincoln Electric Holdings, Inc. |
20,561 |
|
2,867,643 | |
Oshkosh Corp. |
5,621 |
|
633,543 | |
Snap-on, Inc. |
14,383 |
|
3,097,810 | |
Toro Co. (The) |
29,634 |
|
2,960,733 | |
|
|
|
16,385,502 | |
Media - 4.1% | ||||
Cable One, Inc. |
471 |
|
830,585 | |
Interpublic Group of Cos., Inc. (The) |
86,054 |
|
3,222,722 | |
John Wiley & Sons, Inc., Class A |
17,507 |
|
1,002,626 | |
New York Times Co. (The), Class A |
9,952 |
|
480,682 | |
News Corp., Class A |
53,404 |
|
1,191,443 | |
|
|
|
6,728,058 | |
Multi-Utilities - 0.9% | ||||
Black Hills Corp. |
3,999 |
|
282,210 | |
MDU Resources Group, Inc. |
28,975 |
|
893,589 | |
NorthWestern Corp. |
4,532 |
|
259,049 | |
|
|
|
1,434,848 |
|
||||
Professional Services - 2.7% | ||||
Exponent, Inc. |
9,291 |
|
$1,084,538 | |
Robert Half International, Inc. |
29,667 |
|
3,308,464 | |
|
|
|
4,393,002 | |
Road & Rail - 1.6% | ||||
Landstar System, Inc. |
6,169 |
|
1,104,374 | |
Schneider National, Inc., Class B |
34,383 |
|
925,247 | |
Werner Enterprises, Inc. |
11,786 |
|
561,721 | |
|
|
|
2,591,342 | |
Semiconductors & Semiconductor Equipment - 1.3% | ||||
Monolithic Power Systems, Inc. |
3,468 |
|
1,710,868 | |
Power Integrations, Inc. |
5,021 |
|
466,401 | |
|
|
|
2,177,269 | |
Software - 3.1% | ||||
CDK Global, Inc. |
32,150 |
|
1,341,941 | |
Dolby Laboratories, Inc., Class A |
33,472 |
|
3,187,204 | |
Progress Software Corp. |
12,032 |
|
580,785 | |
|
|
|
5,109,930 | |
Specialty Retail - 0.4% | ||||
Murphy USA, Inc. |
3,113 |
|
620,234 | |
|
|
|
| |
Textiles, Apparel & Luxury Goods - 0.7% | ||||
Carter’s, Inc. |
6,376 |
|
645,379 | |
Columbia Sportswear Co. |
5,610 |
|
546,638 | |
|
|
|
1,192,017 | |
Thrifts & Mortgage Finance - 0.3% | ||||
MGIC Investment Corp. |
30,126 |
|
434,417 | |
|
|
|
| |
Tobacco - 0.2% | ||||
Vector Group Ltd. |
31,268 |
|
358,957 | |
|
|
|
| |
Trading Companies & Distributors - 2.1% | ||||
Watsco, Inc. |
11,210 |
|
3,507,385 | |
|
|
|
| |
Water Utilities - 0.6% | ||||
American States Water Co. |
4,000 |
|
413,760 | |
Essential Utilities, Inc. |
11,624 |
|
624,093 | |
|
|
|
1,037,853 | |
TOTAL COMMON STOCKS |
|
163,501,028 | ||
Total Investments – 99.9% |
|
163,501,028 | ||
Other assets less liabilities – 0.1% |
|
190,214 | ||
Net Assets – 100.0% |
|
$163,691,242 |
As of December 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative contracts, if any) for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation |
|
$28,541,907 |
|
Aggregate gross unrealized depreciation |
|
(1,649,333 |
) |
Net unrealized appreciation |
|
$26,892,574 |
|
Federal income tax cost of investments |
|
$136,608,454 |
|
5
OSI ETF Trust
O’Shares Global Internet Giants ETF
Schedule of Investments
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
COMMON STOCKS - 99.9% | ||||
|
|
|
| |
Entertainment - 11.5% | ||||
Activision Blizzard, Inc. |
23,027 |
|
$1,531,986 | |
Bilibili, Inc., ADR* |
106,235 |
|
4,929,304 | |
CTS Eventim AG & Co. KGaA* |
92,111 |
|
6,741,622 | |
Electronic Arts, Inc. |
21,535 |
|
2,840,466 | |
Live Nation Entertainment, Inc.* |
63,508 |
|
7,601,273 | |
NetEase, Inc., ADR |
26,365 |
|
2,683,430 | |
Netflix, Inc.* |
7,404 |
|
4,460,466 | |
ROBLOX Corp., Class A* |
71,683 |
|
7,394,818 | |
Roku, Inc.* |
24,937 |
|
5,690,623 | |
Sea Ltd., ADR* |
41,414 |
|
9,264,726 | |
Spotify Technology SA* |
11,950 |
|
2,796,659 | |
|
|
|
55,935,373 | |
Food & Staples Retailing - 0.9% | ||||
HelloFresh SE* |
24,764 |
|
1,902,036 | |
Ocado Group plc* |
96,506 |
|
2,193,357 | |
|
|
|
4,095,393 | |
Hotels, Restaurants & Leisure - 1.2% | ||||
Trip.com Group Ltd., ADR* |
241,898 |
|
5,955,529 | |
|
|
|
| |
Interactive Media & Services - 18.0% | ||||
Adevinta ASA* |
495,097 |
|
6,585,723 | |
Alphabet, Inc., Class A* |
9,301 |
|
26,945,369 | |
Baidu, Inc., ADR* |
16,670 |
|
2,480,329 | |
Match Group, Inc.* |
24,735 |
|
3,271,204 | |
Meta Platforms, Inc., Class A* |
47,865 |
|
16,099,393 | |
Pinterest, Inc., Class A* |
124,720 |
|
4,533,572 | |
Snap, Inc., Class A* |
164,075 |
|
7,716,447 | |
Tencent Holdings Ltd. |
167,917 |
|
9,838,575 | |
Twitter, Inc.* |
76,238 |
|
3,295,006 | |
Z Holdings Corp. |
294,377 |
|
1,706,111 | |
ZoomInfo Technologies, Inc., Class A* |
80,264 |
|
5,152,949 | |
|
|
|
87,624,678 | |
Internet & Direct Marketing Retail - 18.8% | ||||
Alibaba Group Holding Ltd., ADR* |
65,312 |
|
7,758,413 | |
Allegro.eu SA* |
309,059 |
|
2,979,861 | |
Amazon.com, Inc.* |
6,594 |
|
21,986,638 | |
Chewy, Inc., Class A* |
53,542 |
|
3,157,372 | |
Delivery Hero SE* |
59,329 |
|
6,611,956 | |
Etsy, Inc.* |
11,721 |
|
2,566,196 | |
Farfetch Ltd., Class A* |
113,393 |
|
3,790,728 | |
JD.com, Inc., ADR* |
61,032 |
|
4,276,512 | |
Just Eat Takeaway.com NV* |
100,870 |
|
5,559,963 | |
Meituan, Class B* |
307,266 |
|
8,883,413 | |
MercadoLibre, Inc.* |
5,519 |
|
7,441,820 | |
Pinduoduo, Inc., ADR* |
135,101 |
|
7,876,388 | |
THG plc* |
1,508,535 |
|
4,683,095 | |
Wayfair, Inc., Class A* |
8,304 |
|
1,577,511 | |
Zalando SE* |
28,207 |
|
2,281,958 | |
|
|
|
91,431,824 |
|
||||
IT Services - 9.4% | ||||
Cloudflare, Inc., Class A* |
36,374 |
|
$4,783,181 | |
Kingsoft Cloud Holdings Ltd., ADR* |
393,847 |
|
6,203,090 | |
MongoDB, Inc.* |
9,944 |
|
5,263,856 | |
Okta, Inc.* |
25,482 |
|
5,712,300 | |
Shopify, Inc., Class A* |
6,618 |
|
9,125,206 | |
Snowflake, Inc., Class A* |
27,505 |
|
9,317,319 | |
Twilio, Inc., Class A* |
19,399 |
|
5,108,533 | |
|
|
|
45,513,485 | |
Real Estate Management & Development - 1.4% | ||||
Zillow Group, Inc., Class C* |
108,667 |
|
6,938,388 | |
|
|
|
| |
Software - 38.7% | ||||
Adobe, Inc.* |
8,375 |
|
4,749,127 | |
Asana, Inc., Class A* |
65,728 |
|
4,900,022 | |
Atlassian Corp. plc, Class A* |
11,603 |
|
4,424,108 | |
Avalara, Inc.* |
20,753 |
|
2,679,420 | |
Bill.com Holdings, Inc.* |
27,869 |
|
6,943,561 | |
Ceridian HCM Holding, Inc.* |
24,614 |
|
2,571,178 | |
Coupa Software, Inc.* |
21,482 |
|
3,395,230 | |
Crowdstrike Holdings, Inc., Class A* |
29,076 |
|
5,953,311 | |
Datadog, Inc., Class A* |
37,662 |
|
6,707,979 | |
Digital Turbine, Inc.* |
116,924 |
|
7,131,195 | |
DocuSign, Inc.* |
32,755 |
|
4,988,914 | |
Dynatrace, Inc.* |
57,368 |
|
3,462,159 | |
Elastic NV* |
29,056 |
|
3,576,503 | |
Fortinet, Inc.* |
8,901 |
|
3,199,019 | |
HubSpot, Inc.* |
6,132 |
|
4,041,908 | |
Intuit, Inc. |
5,045 |
|
3,245,045 | |
Kingdee International Software |
1,097,215 |
|
3,377,648 | |
Lightspeed Commerce, Inc.* |
139,712 |
|
5,649,756 | |
Microsoft Corp. |
73,764 |
|
24,808,308 | |
Oracle Corp. |
23,768 |
|
2,072,807 | |
Palantir Technologies, Inc., Class A* |
224,769 |
|
4,093,043 | |
Palo Alto Networks, Inc.* |
5,981 |
|
3,329,982 | |
Paycom Software, Inc.* |
7,828 |
|
3,250,107 | |
Paylocity Holding Corp.* |
12,376 |
|
2,922,716 | |
RingCentral, Inc., Class A* |
17,600 |
|
3,297,360 | |
salesforce.com, Inc.* |
22,030 |
|
5,598,484 | |
SAP SE |
12,455 |
|
1,769,062 | |
ServiceNow, Inc.* |
8,397 |
|
5,450,577 | |
Sinch AB* |
454,082 |
|
5,772,664 | |
Smartsheet, Inc., Class A* |
59,453 |
|
4,604,635 | |
Splunk, Inc.* |
21,728 |
|
2,514,364 | |
Trade Desk, Inc. (The), Class A* |
45,804 |
|
4,197,479 | |
Tyler Technologies, Inc.* |
6,047 |
|
3,252,984 | |
UiPath, Inc., Class A* |
111,946 |
|
4,828,231 | |
Unity Software, Inc.* |
29,536 |
|
4,223,353 | |
VMware, Inc., Class A |
12,695 |
|
1,471,097 |
6
OSI ETF Trust
O’Shares Global Internet Giants ETF
Schedule of Investments (continued)
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
Workday, Inc., Class A* |
10,900 |
|
$2,977,662 | |
Xero Ltd.* |
41,410 |
|
4,258,354 | |
Zendesk, Inc.* |
33,419 |
|
3,485,268 | |
Zoom Video Communications, Inc., |
15,495 |
|
2,849,685 | |
Zscaler, Inc.* |
19,620 |
|
6,304,495 | |
|
|
|
188,328,800 | |
TOTAL COMMON STOCKS |
|
485,823,470 | ||
Total Investments – 99.9% |
|
485,823,470 | ||
Other assets less liabilities – 0.1% |
|
319,492 | ||
Net Assets – 100.0% |
|
$486,142,962 |
*Non-income producing security.
Abbreviations
ADR American Depositary Receipt
As of December 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative contracts, if any) for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation |
|
$78,212,114 |
|
Aggregate gross unrealized depreciation |
|
(68,706,821 |
) |
Net unrealized appreciation |
|
$9,505,293 |
|
Federal income tax cost of investments |
|
$476,318,177 |
|
O’Shares Global Internet Giants ETF invested, as a percentage of net assets, in the following countries as of December 31, 2021:
Argentina |
|
1.5% |
Canada |
|
3.0% |
China |
|
13.2% |
France |
|
1.4% |
Germany |
|
2.6% |
Japan |
|
0.4% |
New Zealand |
|
0.9% |
Poland |
|
0.6% |
Saudi Arabia |
|
1.4% |
Sweden |
|
1.2% |
Taiwan |
|
1.9% |
United Kingdom |
|
3.3% |
United States |
|
68.5% |
Other(1) |
|
0.1% |
|
|
100.0% |
(1)Includes cash and net other assets (liabilities).
7
OSI ETF Trust
O’Shares Europe Quality Dividend ETF
Schedule of Investments
December 31, 2021 (Unaudited)
See accompanying notes to the financial statements.
|
||||
COMMON STOCKS - 99.7% | ||||
|
|
|
| |
Air Freight & Logistics - 2.4% | ||||
Deutsche Post AG (Registered) |
15,068 |
|
$968,831 | |
|
|
|
| |
Auto Components - 1.5% | ||||
Cie Generale des Etablissements |
3,689 |
|
604,728 | |
|
|
|
| |
Beverages - 3.5% | ||||
Carlsberg A/S, Class B |
3,442 |
|
594,433 | |
Diageo plc |
15,844 |
|
866,122 | |
|
|
|
1,460,555 | |
Building Products - 2.8% | ||||
Assa Abloy AB, Class B |
18,993 |
|
579,407 | |
Geberit AG (Registered) |
725 |
|
592,954 | |
|
|
|
1,172,361 | |
Capital Markets - 3.0% | ||||
3i Group plc |
31,923 |
|
626,520 | |
Partners Group Holding AG |
366 |
|
607,557 | |
|
|
|
1,234,077 | |
Diversified Financial Services - 2.8% | ||||
Industrivarden AB, Class C |
16,894 |
|
530,116 | |
Investor AB, Class B |
24,310 |
|
611,519 | |
|
|
|
1,141,635 | |
Diversified Telecommunication Services - 1.3% | ||||
Swisscom AG (Registered) |
981 |
|
554,050 | |
|
|
|
| |
Electric Utilities - 2.9% | ||||
Iberdrola SA |
57,091 |
|
675,858 | |
Orsted A/S |
4,041 |
|
516,042 | |
|
|
|
1,191,900 | |
Electrical Equipment - 5.2% | ||||
ABB Ltd. (Registered) |
18,561 |
|
710,947 | |
Legrand SA |
5,303 |
|
620,546 | |
Schneider Electric SE |
4,225 |
|
828,613 | |
|
|
|
2,160,106 | |
Electronic Equipment, Instruments & Components - 1.4% | ||||
Hexagon AB, Class B |
35,866 |
|
569,056 | |
|
|
|
| |
Food Products - 6.8% | ||||
Danone SA |
9,087 |
|
564,119 | |
Nestle SA (Registered) |
15,892 |
|
2,222,769 | |
|
|
|
2,786,888 | |
Health Care Equipment & Supplies - 3.0% | ||||
Coloplast A/S, Class B |
3,351 |
|
589,733 | |
Siemens Healthineers AG |
8,599 |
|
643,639 | |
|
|
|
1,233,372 | |
Household Products - 2.7% | ||||
Essity AB, Class B |
18,465 |
|
602,457 | |
Henkel AG & Co. KGaA |
6,565 |
|
512,895 | |
|
|
|
1,115,352 |
|
||||
Industrial Conglomerates - 2.0% | ||||
Siemens AG (Registered) |
4,862 |
|
$844,178 | |
|
|
|
| |
Insurance - 1.2% | ||||
Admiral Group plc |
11,727 |
|
501,446 | |
|
|
|
| |
Machinery - 5.0% | ||||
Atlas Copco AB, Class A |
9,902 |
|
684,424 | |
Kone OYJ, Class B |
11,932 |
|
855,394 | |
Schindler Holding AG |
1,962 |
|
528,641 | |
|
|
|
2,068,459 | |
Marine - 1.2% | ||||
Kuehne + Nagel International AG (Registered) |
1,555 |
|
502,433 | |
|
|
|
| |
Personal Products - 6.0% | ||||
L’Oreal SA |
2,554 |
|
1,210,993 | |
Unilever plc |
23,358 |
|
1,248,248 | |
|
|
|
2,459,241 | |
Pharmaceuticals - 20.5% | ||||
AstraZeneca plc |
8,137 |
|
956,416 | |
GlaxoSmithKline plc |
38,176 |
|
830,732 | |
Merck KGaA |
3,156 |
|
814,704 | |
Novartis AG (Registered) |
12,198 |
|
1,074,747 | |
Novo Nordisk A/S, Class B |
15,530 |
|
1,745,277 | |
Roche Holding AG |
5,355 |
|
2,228,042 | |
Sanofi |
8,026 |
|
808,485 | |
|
|
|
8,458,403 | |
Professional Services - 5.5% | ||||
RELX plc |
22,165 |
|
721,114 | |
SGS SA (Registered) |
187 |
|
625,351 | |
Wolters Kluwer NV |
7,970 |
|
938,977 | |
|
|
|
2,285,442 | |
Semiconductors & Semiconductor Equipment - 2.7% | ||||
ASML Holding NV |
1,365 |
|
1,096,995 | |
|
|
|
| |
Software - 3.2% | ||||
SAP SE |