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

Allocation of Portfolio Holdings and Sector Weightings

 

 

Schedule of Investments

1

O’Shares U.S. Quality Dividend ETF

3

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

5

O’Shares Global Internet Giants ETF

7

O’Shares Europe Quality Dividend ETF

 

9

Statements of Assets and Liabilities

10

Statements of Operations

11

Statements of Changes in Net Assets

13

Financial Highlights

14

Notes to Financial Statements

23

Expense Examples

24

Board Review and Approval of Investment Advisory and Sub-Advisory Agreements

27

Liquidity Risk Management Program

28

Additional Information

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

OSI ETF Trust

Allocation of Portfolio Holdings and Sector Weightings

December 31, 2021 (Unaudited)

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

Company

% of Net Assets

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

Company

% of Net Assets

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

Company

% of Net Assets

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

Company

% of Net Assets

Roche Holding AG

5.4%

Nestle SA (Registered)

5.4%

Novo Nordisk A/S, Class B

4.2%

LVMH Moet Hennessy Louis
Vuitton SE

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.

Investments

Shares

 

Value ($)

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
Washington, Inc.

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

Investments

Shares

 

Value ($)

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.

Investments

Shares

 

Value ($)

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
Corp., Class A

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

Investments

Shares

 

Value ($)

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
(COST $653,488,594)

825,859,666

Total Investments – 100.0%
(Cost $653,488,594)

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
(including derivative contracts, if any)

$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.

Investments

Shares

 

Value ($)

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

Investments

Shares

 

Value ($)

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.

Investments

Shares

 

Value ($)

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

Investments

Shares

 

Value ($)

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
(COST $136,588,349)

163,501,028

Total Investments – 99.9%
(Cost $136,588,349)

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
(including derivative contracts, if any)

$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.

Investments

Shares

 

Value ($)

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

Investments

Shares

 

Value ($)

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
Group Co. Ltd.*

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.

Investments

Shares

 

Value ($)

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.,
Class A*

15,495

2,849,685

Zscaler, Inc.*

19,620

6,304,495

 

188,328,800

TOTAL COMMON STOCKS
(COST $476,301,372)

485,823,470

Total Investments – 99.9%
(Cost $476,301,372)

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
(including derivative contracts, if any)

$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.

Investments

Shares

 

Value ($)

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
Michelin SCA

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

Investments

Shares

 

Value ($)

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