Form N-Q OSI ETF Trust For: Mar 31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-23167

 

OSI ETF Trust

(Exact name of registrant as specified in charter)

 

60 State Street

Suite 700

Boston, MA 02109

(Address of principal executive offices) (Zip code)

 

Connor O’Brien

60 State Street

Suite 700

Boston, MA 02109

(Name and Address of Agent for Service)

 

Registrant’s telephone number, including area code: (617) 855-7670

 

Date of fiscal year end: June 30

 

Date of reporting period: January 1, 2018 to March 31, 2018

 

 

Item 1. Schedule of Investments.

 

The Trust’s Schedule of Investments as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:

  

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
COMMON STOCKS - 99.8%
Aerospace & Defense - 0.1%
National Presto Industries, Inc.			893				83,719
Air Freight & Logistics - 0.1%
Forward Air Corp.			3,183				168,253
Airlines - 0.1%
Allegiant Travel Co.			468				80,753
Auto Components - 0.5%
LCI Industries			5,758				599,696
Banks - 1.9%
Bank of Hawaii Corp.			1,811				150,494
City Holding Co.			710				48,678
Columbia Banking System, Inc.			2,275				95,436
Community Bank System, Inc.			2,085				111,673
Community Trust Bancorp, Inc.			805				36,386
CVB Financial Corp.			4,087				92,530
First Financial Bancorp			2,452				71,966
First Financial Corp.			376				15,642
FNB Corp.			14,672				197,338
Glacier Bancorp, Inc.			2,932				112,530
Hope Bancorp, Inc.			4,929				89,659
NBT Bancorp, Inc.			1,712				60,742
PacWest Bancorp			6,667				330,216
Sandy Spring Bancorp, Inc.			1,087				42,132
Stock Yards Bancorp, Inc.			805				28,255
Trustmark Corp.			2,805				87,404
Umpqua Holdings Corp.			9,930				212,601
United Bankshares, Inc.			5,089				179,387
Valley National Bancorp			11,850				147,651
Washington Trust Bancorp, Inc.			805				43,269
WesBanco, Inc.			1,631				68,991
Westamerica Bancorp			1,100				63,888
							2,286,868
Biotechnology - 0.0%(a)
Esperion Therapeutics, Inc.*			634				45,857
Building Products - 1.2%
Lennox International, Inc.			4,376				894,323
Simpson Manufacturing Co., Inc.			8,582				494,238
							1,388,561
Capital Markets - 4.2%
Artisan Partners Asset Management, Inc., Class A			5,297				176,390
BGC Partners, Inc., Class A			15,315				205,987
BrightSphere Investment Group plc			6,663				105,009
Cohen & Steers, Inc.			2,651				107,790
Eaton Vance Corp.			10,944				609,252
Evercore, Inc., Class A			2,358				205,618
FactSet Research Systems, Inc.			7,215				1,438,815
Federated Investors, Inc., Class B			12,415				414,661
Greenhill & Co., Inc.			2,928				54,168
Lazard Ltd., Class A			15,671				823,668
Legg Mason, Inc.			5,009				203,616
LPL Financial Holdings, Inc.			4,183				255,456
Morningstar, Inc.			2,214				211,481
Waddell & Reed Financial, Inc., Class A			8,935				180,576
							4,992,487
Chemicals - 3.5%
A Schulman, Inc.			4,460				191,780
Cabot Corp.			9,667				538,645
Innophos Holdings, Inc.			6,204				249,463
NewMarket Corp.			1,466				588,863
Olin Corp.			33,403				1,015,117
RPM International, Inc.			21,243				1,012,654
Sensient Technologies Corp.			7,898				557,441
							4,153,963
Commercial Services & Supplies - 5.6%
Brady Corp., Class A			9,736				361,692
Covanta Holding Corp.			18,664				270,628
Healthcare Services Group, Inc.			29,909				1,300,443
Herman Miller, Inc.			13,311				425,286
HNI Corp.			9,538				344,226
KAR Auction Services, Inc.			22,898				1,241,071
Knoll, Inc.			11,377				229,702
LSC Communications, Inc.			8,206				143,195
McGrath RentCorp			4,098				220,022
MSA Safety, Inc.			3,833				319,059
Pitney Bowes, Inc.			82,902				902,803
Rollins, Inc.			11,621				593,020
Steelcase, Inc., Class A			18,498				251,573
							6,602,720
Communications Equipment - 1.4%
ADTRAN, Inc.			24,429				379,871
InterDigital, Inc.			16,954				1,247,814
							1,627,685
Containers & Packaging - 1.9%
AptarGroup, Inc.			6,310				566,827
Graphic Packaging Holding Co.			39,916				612,711
Sonoco Products Co.			22,801				1,105,848
							2,285,386
Distributors - 1.0%
Pool Corp.			7,726				1,129,696
Diversified Consumer Services - 0.1%
Capella Education Co.			1,904				166,314
Diversified Telecommunication Services - 1.2%
ATN International, Inc.			2,812				167,651
Cogent Communications Holdings, Inc.			23,669				1,027,235
Consolidated Communications Holdings, Inc.			15,228				166,899
							1,361,785
Electric Utilities - 5.4%
ALLETE, Inc.			6,360				459,510
El Paso Electric Co.			4,191				213,741
Great Plains Energy, Inc.			26,708				849,047
Hawaiian Electric Industries, Inc.			16,282				559,775
IDACORP, Inc.			5,873				518,410
MGE Energy, Inc.			4,462				250,318
OGE Energy Corp.			44,756				1,466,654
Otter Tail Corp.			5,540				240,159
PNM Resources, Inc.			7,624				291,618
Portland General Electric Co.			12,878				521,688
Westar Energy, Inc.			20,056				1,054,745
							6,425,665

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
Electrical Equipment - 1.1%
Hubbell, Inc.			10,728				1,306,456
Electronic Equipment, Instruments & Components - 2.0%
AVX Corp.			12,393				205,104
FLIR Systems, Inc.			15,465				773,405
National Instruments Corp.			22,385				1,132,009
Vishay Intertechnology, Inc.			14,388				267,617
							2,378,135
Energy Equipment & Services - 0.2%
Oceaneering International, Inc.			11,838				219,477
Equity Real Estate Investment Trusts (REITs) - 18.9%
Acadia Realty Trust			5,476				134,710
Alexander's, Inc.			273				104,076
American Assets Trust, Inc.			1,927				64,381
American Campus Communities, Inc.			8,156				314,985
Apartment Investment & Management Co., Class A			6,092				248,249
Apple Hospitality REIT, Inc.			24,262				426,283
Brandywine Realty Trust			8,179				129,883
Brixmor Property Group, Inc.			29,232				445,788
Camden Property Trust			11,488				967,060
CBL & Associates Properties, Inc.			12,735				53,105
Chesapeake Lodging Trust			6,373				177,233
Colony NorthStar, Inc., Class A			55,255				310,533
Columbia Property Trust, Inc.			6,180				126,443
CoreCivic, Inc.			9,574				186,885
CoreSite Realty Corp.			2,821				282,833
Cousins Properties, Inc.			22,853				198,364
CubeSmart			14,957				421,787
DCT Industrial Trust, Inc.			4,919				277,136
DDR Corp.			11,768				86,259
DiamondRock Hospitality Co.			18,224				190,259
Douglas Emmett, Inc.			6,107				224,493
EastGroup Properties, Inc.			3,559				294,187
Education Realty Trust, Inc.			3,653				119,636
Empire State Realty Trust, Inc., Class A			4,934				82,842
EPR Properties			8,689				481,371
Equity Commonwealth*			12,229				375,063
Equity LifeStyle Properties, Inc.			7,088				622,114
First Industrial Realty Trust, Inc.			10,333				302,034
Four Corners Property Trust, Inc.			7,390				170,635
Franklin Street Properties Corp.			5,114				43,009
Gaming and Leisure Properties, Inc.			30,212				1,011,196
GEO Group, Inc. (The)			9,840				201,425
Getty Realty Corp.			3,547				89,455
Global Net Lease, Inc.			4,294				72,483
Government Properties Income Trust			8,281				113,118
Gramercy Property Trust			6,302				136,942
Healthcare Realty Trust, Inc.			10,827				300,016
Healthcare Trust of America, Inc., Class A			11,276				298,250
Hersha Hospitality Trust			5,011				89,697
Highwoods Properties, Inc.			7,569				331,674
InfraREIT, Inc.			2,101				40,822
Kilroy Realty Corp.			8,226				583,717
Kite Realty Group Trust			3,186				48,523
Lamar Advertising Co., Class A			13,633				867,877
LaSalle Hotel Properties			15,629				453,397
Lexington Realty Trust			21,405				168,457
Life Storage, Inc.			4,273				356,881
LTC Properties, Inc.			5,549				210,862
Mack-Cali Realty Corp.			6,388				106,744
Medical Properties Trust, Inc.			38,085				495,105
National Health Investors, Inc.			5,731				385,639
National Retail Properties, Inc.			15,297				600,560
Omega Healthcare Investors, Inc.			23,405				632,871
Outfront Media, Inc.			10,759				201,624
Pebblebrook Hotel Trust			4,556				156,499
Physicians Realty Trust			10,492				163,360
Piedmont Office Realty Trust, Inc., Class A			11,739				206,489
PotlatchDeltic Corp.			1,807				94,054
PS Business Parks, Inc.			2,005				226,645
QTS Realty Trust, Inc., Class A			1,894				68,601
Ramco-Gershenson Properties Trust			7,541				93,207
Rayonier, Inc.			16,479				579,731
Retail Opportunity Investments Corp.			6,019				106,356
Retail Properties of America, Inc., Class A			25,311				295,126
Rexford Industrial Realty, Inc.			2,831				81,505
RLJ Lodging Trust			20,676				401,941
Ryman Hospitality Properties, Inc.			6,399				495,603
Sabra Health Care REIT, Inc.			11,559				204,016
Saul Centers, Inc.			1,087				55,404
Select Income REIT			5,920				115,322
Senior Housing Properties Trust			19,200				300,672
Spirit Realty Capital, Inc.			24,027				186,450
STAG Industrial, Inc.			5,824				139,310
STORE Capital Corp.			12,576				312,136
Summit Hotel Properties, Inc.			13,189				179,502
Tanger Factory Outlet Centers, Inc.			15,388				338,536
Taubman Centers, Inc.			5,965				339,468
Universal Health Realty Income Trust			1,074				64,547
Urban Edge Properties			9,841				210,105
Urstadt Biddle Properties, Inc., Class A			3,276				63,227
Washington Prime Group, Inc.			8,660				57,762
Washington REIT			9,199				251,133
WP Carey, Inc.			11,027				683,564
Xenia Hotels & Resorts, Inc.			8,931				176,119
							22,305,361
Food & Staples Retailing - 0.2%
SpartanNash Co.			4,538				78,099
Weis Markets, Inc.			2,265				92,820
							170,919
Food Products - 2.0%
B&G Foods, Inc.			8,930				211,641
Flowers Foods, Inc.			47,790				1,044,689
Fresh Del Monte Produce, Inc.			4,556				206,114
J&J Snack Foods Corp.			2,466				336,757
Lancaster Colony Corp.			4,310				530,733
							2,329,934
Gas Utilities - 2.1%
National Fuel Gas Co.			10,239				526,797
Northwest Natural Gas Co.			3,636				209,615
ONE Gas, Inc.			5,145				339,673
South Jersey Industries, Inc.			9,569				269,463
Southwest Gas Holdings, Inc.*			6,323				427,624

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
UGI Corp.			16,123				716,184
							2,489,356
Health Care Equipment & Supplies - 2.3%
Meridian Bioscience, Inc.			21,385				303,667
STERIS plc			26,275				2,453,034
							2,756,701
Health Care Providers & Services - 2.3%
Encompass Health Corp.			35,443				2,026,276
Owens & Minor, Inc.			41,529				645,776
							2,672,052
Hotels, Restaurants & Leisure - 7.8%
Bloomin' Brands, Inc.			13,087				317,752
Brinker International, Inc.			17,062				615,938
Cheesecake Factory, Inc. (The)			15,001				723,348
Cracker Barrel Old Country Store, Inc.			6,546				1,042,123
Dine Brands Global, Inc.			3,373				221,201
Dunkin' Brands Group, Inc.			12,630				753,885
Extended Stay America, Inc.			29,417				581,574
International Game Technology plc			13,361				357,140
International Speedway Corp., Class A			2,903				128,022
Jack in the Box, Inc.			4,828				411,973
Papa John's International, Inc.			2,923				167,488
Six Flags Entertainment Corp.			19,387				1,207,035
Sonic Corp.			6,098				153,853
Speedway Motorsports, Inc.			2,364				42,126
Texas Roadhouse, Inc.			13,023				752,469
Vail Resorts, Inc.			7,865				1,743,671
							9,219,598
Household Durables - 1.1%
Ethan Allen Interiors, Inc.			4,740				108,783
La-Z-Boy, Inc.			6,201				185,720
MDC Holdings, Inc.			6,841				191,000
Tupperware Brands Corp.			16,760				810,849
							1,296,352
Household Products - 0.3%
WD-40 Co.			3,076				405,109
Independent Power and Renewable Electricity Producers - 0.1%
Pattern Energy Group, Inc., Class A			8,544				147,726
Industrial Conglomerates - 1.0%
Carlisle Cos., Inc.			10,372				1,082,941
Raven Industries, Inc.			4,103				143,810
							1,226,751
Insurance - 2.3%
American Financial Group, Inc.			3,079				345,525
American National Insurance Co.			281				32,866
AmTrust Financial Services, Inc.			3,735				45,978
Argo Group International Holdings Ltd.			1,274				73,128
Aspen Insurance Holdings Ltd.			2,717				121,857
Assured Guaranty Ltd.			4,738				171,516
FBL Financial Group, Inc., Class A			470				32,594
First American Financial Corp.			9,389				550,946
Horace Mann Educators Corp.			1,657				70,837
Infinity Property & Casualty Corp.			564				66,778
Maiden Holdings Ltd.			3,923				25,499
Mercury General Corp.			1,719				78,851
ProAssurance Corp.			3,638				176,625
RLI Corp.			4,729				299,771
Safety Insurance Group, Inc.			1,375				105,669
Validus Holdings Ltd.			6,913				466,282
							2,664,722
Internet Software & Services - 0.5%
NIC, Inc.			47,056				625,845
IT Services - 2.9%
Convergys Corp.			14,328				324,099
CSG Systems International, Inc.			14,434				653,716
EVERTEC, Inc.			8,569				140,103
Jack Henry & Associates, Inc.			10,827				1,309,526
ManTech International Corp., Class A			5,010				277,905
Sabre Corp.			35,874				769,497
							3,474,846
Leisure Products - 0.1%
Sturm Ruger & Co., Inc.			2,186				114,765
Life Sciences Tools & Services - 1.3%
Bio-Techne Corp.			9,797				1,479,739
Machinery - 4.5%
Crane Co.			6,499				602,717
Donaldson Co., Inc.			17,306				779,635
Graco, Inc.			21,416				979,140
Hillenbrand, Inc.			8,917				409,290
ITT, Inc.			9,660				473,147
Lincoln Electric Holdings, Inc.			6,676				600,506
Tennant Co.			2,113				143,050
Timken Co. (The)			10,821				493,438
Toro Co. (The)			12,974				810,226
							5,291,149
Media - 1.7%
Cinemark Holdings, Inc.			18,803				708,309
John Wiley & Sons, Inc., Class A			11,190				712,803
Meredith Corp.			7,241				389,566
National CineMedia, Inc.			10,483				54,407
Scholastic Corp.			4,009				155,709
							2,020,794
Mortgage Real Estate Investment Trusts (REITs) - 2.3%
Anworth Mortgage Asset Corp.			6,193				29,726
Apollo Commercial Real Estate Finance, Inc.			17,148				308,321
Blackstone Mortgage Trust, Inc., Class A			6,287				197,538
Capstead Mortgage Corp.			5,360				46,364
Chimera Investment Corp.			23,605				410,963
CYS Investments, Inc.			6,539				43,942
Invesco Mortgage Capital, Inc.			8,180				133,988
MFA Financial, Inc.			40,079				301,795
New Residential Investment Corp.			30,119				495,458
PennyMac Mortgage Investment Trust			4,085				73,653
Redwood Trust, Inc.			5,284				81,743
Starwood Property Trust, Inc.			14,234				298,202
Two Harbors Investment Corp.			15,286				234,946
							2,656,639
Multiline Retail - 0.3%
Big Lots, Inc.			7,026				305,842
Multi-Utilities - 1.2%
Avista Corp.			6,993				358,391

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
NorthWestern Corp.			6,670				358,846
Vectren Corp.			10,582				676,402
							1,393,639
Oil, Gas & Consumable Fuels - 0.1%
Ship Finance International Ltd.			10,756				153,811
Paper & Forest Products - 1.0%
Domtar Corp.			14,373				611,428
Neenah, Inc.			3,610				283,024
Schweitzer-Mauduit International, Inc.			6,636				259,799
							1,154,251
Professional Services - 0.6%
Exponent, Inc.			2,993				235,399
Forrester Research, Inc.			5,817				241,115
Insperity, Inc.			3,972				276,253
							752,767
Real Estate Management & Development - 0.2%
HFF, Inc., Class A			3,929				195,271
RMR Group, Inc. (The), Class A			445				31,128
							226,399
Road & Rail - 0.4%
Ryder System, Inc.			6,264				455,957
Software - 0.7%
Progress Software Corp.			21,768				836,980
Specialty Retail - 3.5%
American Eagle Outfitters, Inc.			32,233				642,404
Buckle, Inc. (The)			8,471				187,633
Chico's FAS, Inc.			35,897				324,509
Children's Place, Inc. (The)			2,074				280,508
Dick's Sporting Goods, Inc.			16,255				569,738
DSW, Inc., Class A			16,273				365,492
Finish Line, Inc. (The), Class A			8,475				114,751
Guess?, Inc.			12,116				251,286
Williams-Sonoma, Inc.			26,753				1,411,488
							4,147,809
Textiles, Apparel & Luxury Goods - 0.9%
Carter's, Inc.			10,288				1,070,981
Thrifts & Mortgage Finance - 0.3%
Capitol Federal Financial, Inc.			7,928				97,911
Dime Community Bancshares, Inc.			1,465				26,956
Northwest Bancshares, Inc.			4,367				72,317
Oritani Financial Corp.			2,381				36,548
Provident Financial Services, Inc.			2,735				69,989
TFS Financial Corp.			2,270				33,346
TrustCo Bank Corp.			4,728				39,952
							377,019
Tobacco - 0.8%
Universal Corp.			5,633				273,200
Vector Group Ltd.			35,315				720,073
							993,273
Trading Companies & Distributors - 3.0%
Applied Industrial Technologies, Inc.			6,130				446,877
Kaman Corp.			2,916				181,142
MSC Industrial Direct Co., Inc., Class A			11,774				1,079,793
Watsco, Inc.			10,035				1,816,034
							3,523,846
Transportation Infrastructure - 0.4%
Macquarie Infrastructure Corp.			14,208				524,701
Water Utilities - 0.9%
American States Water Co.			3,174				168,412
Aqua America, Inc.			21,627				736,616
California Water Service Group			4,287				159,691
							1,064,719
Wireless Telecommunication Services - 0.3%
Telephone & Data Systems, Inc.			12,655				354,720
TOTAL COMMON STOCKS (Cost $120,952,421)							117,988,548
Total Investments - 99.8% (Cost $120,952,421)							117,988,548
Other Assets Less Liabilities - 0.2%							282,856
Net Assets - 100.0%							118,271,404

 

*

Non-income producing security.

(a)

Represents less than 0.05% of net assets.

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O'Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
COMMON STOCKS - 98.2%
Aerospace & Defense - 1.1%
BAE Systems plc			8,494				69,276
Cobham plc*			4,784				8,248
Meggitt plc			1,456				8,819
Safran SA			499				52,765
Singapore Technologies Engineering Ltd.			6,200				16,974
Thales SA			224				27,257
							183,339
Air Freight & Logistics - 1.0%
bpost SA			720				16,257
Deutsche Post AG (Registered)			2,747				120,001
Royal Mail plc			3,810				28,904
							165,162
Airlines - 0.2%
Air New Zealand Ltd.			201				468
Japan Airlines Co. Ltd.			600				24,158
Singapore Airlines Ltd.			1,600				13,227
							37,853
Auto Components - 2.3%
Bridgestone Corp.			2,600				113,046
Cie Generale des Etablissements Michelin SCA			539				79,480
Continental AG			161				44,413
Denso Corp.			1,300				71,142
GKN plc			5,362				34,826
Magna International, Inc.			896				50,435
Nokian Renkaat OYJ			288				13,070
							406,412
Banks - 3.3%
Bank of Montreal			904				68,239
Bank of Nova Scotia (The)			1,813				111,600
Canadian Imperial Bank of Commerce			752				66,331
Royal Bank of Canada			2,211				170,672
Toronto-Dominion Bank (The)			2,623				148,743
							565,585
Beverages - 1.0%
Diageo plc			5,156				174,456
Building Products - 0.6%
Assa Abloy AB, Class B			1,005				21,643
Cie de Saint-Gobain			868				45,753
Geberit AG (Registered)			96				42,346
							109,742
Capital Markets - 1.5%
3i Group plc			4,176				50,321
Ashmore Group plc			1,392				7,432
ASX Ltd.			626				26,918
CI Financial Corp.			1,848				39,562
IGM Financial, Inc.			488				14,259
IOOF Holdings Ltd.			874				6,825
Partners Group Holding AG			48				35,589
Perpetual Ltd.			288				10,283
Platinum Asset Management Ltd.			1,047				4,706
Singapore Exchange Ltd.			5,500				30,912
Thomson Reuters Corp.			848				32,749
							259,556
Chemicals - 3.0%
Akzo Nobel NV			425				40,111
BASF SE			1,265				128,304
Croda International plc			272				17,430
Daicel Corp.			800				8,741
DuluxGroup Ltd.			1,296				7,336
EMS-Chemie Holding AG (Registered)			16				10,075
Evonik Industries AG			578				20,359
FUCHS PETROLUB SE			96				4,882
FUCHS PETROLUB SE (Preference)			144				7,810
Givaudan SA (Registered)			29				65,898
Israel Chemicals Ltd.			939				3,958
Johnson Matthey plc			432				18,435
JSR Corp.			600				13,501
Koninklijke DSM NV			169				16,761
Kuraray Co. Ltd.			1,700				28,901
Linde AG			326				65,352
Lintec Corp.			200				5,811
Orica Ltd.			282				3,842
Sika AG			1				7,816
Solvay SA			26				3,608
Umicore SA			454				23,970
Yara International ASA			613				25,852
							528,753
Commercial Services & Supplies - 1.1%
Babcock International Group plc			464				4,353
Brambles Ltd.			4,437				33,966
Dai Nippon Printing Co. Ltd.			900				18,601
Edenred			463				16,080
G4S plc			3,264				11,360
ISS A/S*			538				19,848
Park24 Co. Ltd.			600				16,090
Secom Co. Ltd.			900				67,024
Societe BIC SA			96				9,546
							196,868
Construction & Engineering - 1.0%
ACS Actividades de Construccion y Servicios SA			464				18,061
Boskalis Westminster			231				6,761
Bouygues SA			432				21,629
COMSYS Holdings Corp.			400				10,682
Ferrovial SA			1,879				39,204
Vinci SA			874				85,884
							182,221

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O'Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
Construction Materials - 0.8%
Adelaide Brighton Ltd.			1,792				8,550
CRH plc			1,482				50,250
CSR Ltd.			2,128				8,455
Fletcher Building Ltd.			2,308				10,040
James Hardie Industries plc, CHDI			1,392				24,419
LafargeHolcim Ltd. (Registered)*			593				32,387
							134,101
Containers & Packaging - 0.3%
Amcor Ltd.			3,039				33,031
Huhtamaki OYJ			167				7,320
Orora Ltd.			3,184				8,060
							48,411
Distributors - 0.0%(a)
Inchcape plc			580				5,622
Diversified Consumer Services - 0.0%(a)
Benesse Holdings, Inc.			200				7,250
Diversified Financial Services - 0.9%
Corp. Financiera Alba SA			116				7,005
Industrivarden AB, Class A			913				22,109
Industrivarden AB, Class C			741				17,161
Investment AB Latour, Class B			320				3,626
Investor AB, Class B			2,208				97,339
Sofina SA			33				5,592
							152,832
Diversified Telecommunication Services - 5.0%
BCE, Inc.			1,052				45,238
Bezeq The Israeli Telecommunication Corp. Ltd.			8,912				11,372
BT Group plc			35,216				112,387
Deutsche Telekom AG (Registered)			6,696				109,115
Elisa OYJ			541				24,465
Inmarsat plc			590				2,997
Nippon Telegraph & Telephone Corp.			1,700				78,326
Orange SA			4,416				74,867
Proximus SADP			592				18,369
Singapore Telecommunications Ltd.			18,300				47,030
Spark New Zealand Ltd.			8,998				21,680
Swisscom AG (Registered)			70				34,620
TDC A/S*			1,120				9,262
Telefonica Deutschland Holding AG			3,204				15,037
Telefonica SA			9,998				98,713
Telenor ASA			2,966				66,869
Telia Co. AB			8,714				40,798
Telstra Corp. Ltd.			15,421				37,142
TELUS Corp.			568				19,931
							868,218
Electric Utilities - 2.6%
AusNet Services			5,120				6,578
CK Infrastructure Holdings Ltd.			1,500				12,261
CLP Holdings Ltd.			6,000				61,083
Contact Energy Ltd.			3,168				11,998
EDP - Energias de Portugal SA			4,720				17,926
Endesa SA			1,574				34,622
Enel SpA			15,613				95,432
Fortum OYJ			1,007				21,611
Hokuriku Electric Power Co.*			700				5,950
Mercury NZ Ltd.			2,432				5,649
Orsted A/S(b)			230				14,876
Power Assets Holdings Ltd.			2,500				22,282
Red Electrica Corp. SA			1,693				34,834
SSE plc			3,718				66,551
Terna Rete Elettrica Nazionale SpA			5,966				34,845
							446,498
Electrical Equipment - 1.6%
ABB Ltd. (Registered)			5,401				128,144
Legrand SA			560				43,871
Philips Lighting NV(b)			163				6,114
Schneider Electric SE			1,233				108,181
							286,310
Electronic Equipment, Instruments & Components - 0.6%
Halma plc			996				16,473
Hirose Electric Co. Ltd.			105				14,434
Kyocera Corp.			900				50,810
Venture Corp. Ltd.			1,400				30,011
							111,728
Energy Equipment & Services - 0.3%
TechnipFMC plc			1,052				30,573
Tenaris SA			844				14,480
							45,053
Equity Real Estate Investment Trusts (REITs) - 5.0%
Ascendas REIT			10,500				21,059
CapitaLand Commercial Trust			8,400				11,723
CapitaLand Mall Trust			12,600				19,986
Dexus			7,017				50,164
Fonciere Des Regions			73				8,049
Gecina SA			192				33,318
Goodman Group			7,437				48,089
GPT Group (The)			11,521				41,888
Hammerson plc			1,650				12,420
Kiwi Property Group Ltd.			6,352				6,140
Klepierre SA			861				34,679
Link REIT			13,000				110,980
Mirvac Group			23,396				38,584
RioCan REIT			2,024				37,113
Scentre Group			35,552				104,445
Shopping Centres Australasia Property Group			5,904				10,552
Stockland			14,217				43,948
Suntec REIT			8,600				12,395
Unibail-Rodamco SE			489				111,649

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O'Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
Vicinity Centres			17,440				32,239
Westfield Corp.			12,000				78,423
							867,843
Food & Staples Retailing - 2.5%
Colruyt SA			192				10,607
Distribuidora Internacional de Alimentacion SA			1,390				5,893
ICA Gruppen AB			262				9,241
Jeronimo Martins SGPS SA			732				13,328
Kesko OYJ, Class B			240				13,743
Lawson, Inc.			400				27,268
Metro, Inc.			200				6,376
Seven & i Holdings Co. Ltd.			2,300				98,704
Wesfarmers Ltd.			5,588				178,138
Woolworths Group Ltd.			3,356				67,676
							430,974
Food Products - 4.1%
Marine Harvest ASA			1,463				29,294
Nestle SA (Registered)			7,714				609,161
Orkla ASA			2,999				32,141
Saputo, Inc.			437				14,016
Tate & Lyle plc			1,056				8,068
Toyo Suisan Kaisha Ltd.			200				7,757
Want Want China Holdings Ltd.			7,000				5,610
							706,047
Gas Utilities - 0.7%
APA Group			3,969				23,990
Gas Natural SDG SA			902				21,510
Hong Kong & China Gas Co. Ltd.			14,800				30,398
Osaka Gas Co. Ltd.			1,400				27,638
Rubis SCA			138				9,954
							113,490
Health Care Equipment & Supplies - 0.9%
Cochlear Ltd.			96				13,374
Coloplast A/S, Class B			432				36,394
Fisher & Paykel Healthcare Corp. Ltd.			1,686				16,055
Koninklijke Philips NV			1,600				61,325
Smith & Nephew plc			1,441				26,905
							154,053
Health Care Providers & Services - 0.2%
Miraca Holdings, Inc.			200				7,814
Ryman Healthcare Ltd.			816				6,234
Sonic Healthcare Ltd.			1,036				18,182
							32,230
Hotels, Restaurants & Leisure - 1.2%
Carnival plc			325				20,881
Compass Group plc			2,338				47,737
Crown Resorts Ltd.			1,296				12,615
Flight Centre Travel Group Ltd.			118				5,158
InterContinental Hotels Group plc			395				23,649
SKYCITY Entertainment Group Ltd.			2,384				6,707
Sodexo SA			160				16,116
Tabcorp Holdings Ltd.			5,399				18,180
TUI AG			1,257				26,944
Whitbread plc			424				22,007
William Hill plc			2,560				11,862
							211,856
Household Durables - 0.4%
Bellway plc			221				9,452
Berkeley Group Holdings plc			248				13,182
Persimmon plc			685				24,311
Taylor Wimpey plc			11,233				29,089
							76,034
Household Products - 0.9%
Reckitt Benckiser Group plc			1,820				154,054
Independent Power and Renewable Electricity Producers - 0.1%
Meridian Energy Ltd.			3,136				6,459
Uniper SE			416				12,662
							19,121
Industrial Conglomerates - 2.3%
CK Hutchison Holdings Ltd.			6,000				71,786
Hopewell Holdings Ltd.			3,000				11,448
Jardine Matheson Holdings Ltd.			400				24,648
Keppel Corp. Ltd.			3,200				18,961
NWS Holdings Ltd.			4,000				7,258
Siemens AG (Registered)			1,977				251,700
Smiths Group plc			707				15,011
							400,812
Insurance - 1.7%
Admiral Group plc			915				23,669
Direct Line Insurance Group plc			3,269				17,485
Gjensidige Forsikring ASA			368				6,731
Great-West Lifeco, Inc.			452				11,527
Insurance Australia Group Ltd.			7,514				43,112
Intact Financial Corp.			324				24,329
Medibank Pvt Ltd.			12,964				28,838
Sampo OYJ, Class A			1,751				97,466
Sun Life Financial, Inc.			880				36,115
Tryg A/S			350				8,114
							297,386
Internet Software & Services - 0.1%
Yahoo Japan Corp.			2,500				11,613
IT Services - 0.6%
Amadeus IT Group SA			896				66,095
Computershare Ltd.			1,322				17,553
Nomura Research Institute Ltd.			300				14,217
							97,865
Leisure Products - 0.1%
Sankyo Co. Ltd.			300				10,578
Machinery - 2.1%
Alfa Laval AB			399				9,393

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O'Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
ANDRITZ AG			160				8,934
Atlas Copco AB, Class A			1,454				62,710
Atlas Copco AB, Class B			1,000				38,747
GEA Group AG			380				16,147
IMI plc			1,035				15,681
Kone OYJ, Class B			1,493				74,420
Kurita Water Industries Ltd.			400				12,694
Makita Corp.			800				39,116
MAN SE			48				5,593
OSG Corp.			200				4,592
Sandvik AB			1,664				30,290
Schindler Holding AG			48				10,326
Schindler Holding AG (Registered)			16				3,342
SKF AB, Class B			979				19,931
Spirax-Sarco Engineering plc			73				5,893
Zardoya Otis SA			976				9,819
							367,628
Marine - 0.2%
Kuehne + Nagel International AG (Registered)			208				32,647
Media - 1.6%
Axel Springer SE			64				5,352
Daiichikosho Co. Ltd.			200				10,607
Hakuhodo DY Holdings, Inc.			500				6,878
ITV plc			12,128				24,524
JCDecaux SA			160				5,561
Lagardere SCA			159				4,537
Mediaset Espana Comunicacion SA			464				4,717
Pearson plc			1,744				18,324
ProSiebenSat.1 Media SE			652				22,596
Publicis Groupe SA			460				32,009
RTL Group SA			192				15,927
SES SA, FDR			731				9,876
Shaw Communications, Inc., Class B			1,232				23,718
Singapore Press Holdings Ltd.			4,600				8,840
SKY Network Television Ltd.			2,448				4,044
Sky plc			2,183				39,734
WPP plc			2,400				38,128
							275,372
Metals & Mining - 0.5%
Maruichi Steel Tube Ltd.			600				18,364
Norsk Hydro ASA			2,557				14,965
Rio Tinto Ltd.			867				48,348
							81,677
Multiline Retail - 0.4%
Canadian Tire Corp. Ltd., Class A			82				10,774
Harvey Norman Holdings Ltd.			2,352				6,657
Marks & Spencer Group plc			4,912				18,618
Next plc			537				35,850
							71,899
Multi-Utilities - 2.0%
AGL Energy Ltd.			2,546				42,339
Canadian Utilities Ltd., Class A			356				9,496
Centrica plc			16,128				32,172
Engie SA			4,816				80,286
Innogy SE(b)			311				14,714
National Grid plc			12,406				139,608
Suez			864				12,507
Veolia Environnement SA			959				22,698
							353,820
Oil, Gas & Consumable Fuels - 5.1%
ARC Resources Ltd.			998				10,868
Caltex Australia Ltd.			802				19,317
Enagas SA			916				25,043
Enbridge, Inc.			3,580				112,516
Eni SpA			5,038				88,528
Imperial Oil Ltd.			200				5,293
Inter Pipeline Ltd.			936				16,234
Koninklijke Vopak NV			101				4,950
Neste OYJ			208				14,479
Pembina Pipeline Corp.			880				27,439
Snam SpA			9,176				42,127
Statoil ASA			1,527				35,914
TOTAL SA			6,602				374,551
TransCanada Corp.			1,071				44,261
Woodside Petroleum Ltd.			2,444				54,815
							876,335
Paper & Forest Products - 0.4%
Mondi plc			601				16,145
Svenska Cellulosa AB SCA, Class B			1,216				12,911
UPM-Kymmene OYJ*			1,158				42,867
							71,923
Personal Products - 3.1%
Kao Corp.			1,600				120,072
L'Oreal SA			581				131,011
Unilever NV, CVA			2,995				168,958
Unilever plc			1,969				109,255
							529,296
Pharmaceuticals - 14.8%
Astellas Pharma, Inc.			9,900				150,245
AstraZeneca plc			2,649				181,918
Bayer AG (Registered)			1,199				135,352
GlaxoSmithKline plc			19,754				386,290
Mitsubishi Tanabe Pharma Corp.			700				13,691
Novartis AG (Registered)			6,807				549,195
Novo Nordisk A/S, Class B			4,868				238,946
Orion OYJ, Class B			402				12,296
Recordati SpA			272				10,029
Roche Holding AG - BR			105				24,320
Roche Holding AG - Genusschein			2,400				549,123
Sanofi			3,846				309,011
							2,560,416
Professional Services - 1.5%
Adecco Group AG (Registered)			278				19,741
Bureau Veritas SA			720				18,693

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O'Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
Capita plc			1,584				3,201
DKSH Holding AG			64				5,186
Experian plc			2,016				43,481
RELX NV			2,418				50,049
RELX plc			2,592				53,268
SEEK Ltd.			608				8,674
SGS SA (Registered)			16				39,231
Wolters Kluwer NV			330				17,529
							259,053
Real Estate Management & Development - 3.2%
Alony Hetz Properties & Investments Ltd.			316				2,845
Daito Trust Construction Co. Ltd.			700				121,044
Deutsche Wohnen SE			1,128				52,577
Hang Lung Properties Ltd.			2,000				4,658
Henderson Land Development Co. Ltd.			3,800				24,742
Hongkong Land Holdings Ltd.			4,700				32,383
Kerry Properties Ltd.			1,500				6,756
LEG Immobilien AG			331				37,183
LendLease Group			1,230				16,331
Sino Land Co. Ltd.			10,000				16,182
Sun Hung Kai Properties Ltd.			4,827				76,265
Swire Pacific Ltd., Class A			500				5,042
Swire Properties Ltd.			4,200				14,717
Swiss Prime Site AG (Registered)*			128				12,358
Vonovia SE			2,071				102,517
Wharf Holdings Ltd. (The)			3,000				10,302
Wharf Real Estate Investment Co. Ltd.*			3,000				19,533
							555,435
Road & Rail - 0.9%
Aurizon Holdings Ltd.			7,537				24,455
Canadian National Railway Co.			1,382				100,934
ComfortDelGro Corp. Ltd.			10,600				16,571
Kintetsu Group Holdings Co. Ltd.			300				11,692
MTR Corp. Ltd.			2,000				10,754
							164,406
Software - 0.2%
Sage Group plc (The)			1,103				9,890
Trend Micro, Inc.			300				17,913
							27,803
Specialty Retail - 1.1%
ABC-Mart, Inc.			100				6,591
Aoyama Trading Co. Ltd.			200				7,880
Autobacs Seven Co. Ltd.			400				7,500
Dixons Carphone plc			2,016				5,276
Fielmann AG			128				10,342
Hennes & Mauritz AB, Class B			2,924				43,706
Industria de Diseno Textil SA			1,665				52,073
Kingfisher plc			7,936				32,563
Shimachu Co. Ltd.			300				9,591
USS Co. Ltd.			900				18,194
							193,716
Technology Hardware, Storage & Peripherals - 2.5%
Samsung Electronics Co. Ltd., GDR(b)			385				441,210
Textiles, Apparel & Luxury Goods - 1.5%
Burberry Group plc			896				21,317
Cie Financiere Richemont SA (Registered)			587				52,570
HUGO BOSS AG			160				13,924
Luxottica Group SpA			303				18,819
LVMH Moet Hennessy Louis Vuitton SE			406				124,930
Pandora A/S			130				13,937
Yue Yuen Industrial Holdings Ltd.			2,000				7,938
							253,435
Tobacco - 2.8%
British American Tobacco plc			4,244				245,938
Imperial Brands plc			1,656				56,357
Japan Tobacco, Inc.			5,400				155,679
Swedish Match AB			727				32,770
							490,744
Trading Companies & Distributors - 0.4%
Ferguson plc			558				41,909
Howden Joinery Group plc			1,392				8,998
Rexel SA			553				9,351
Travis Perkins plc			666				11,529
							71,787
Transportation Infrastructure - 1.1%
Abertis Infraestructuras SA			1,406				31,505
Aena SME SA(b)			95				19,120
Aeroports de Paris			48				10,449
Atlantia SpA			960				29,694
Fraport AG Frankfurt Airport Services Worldwide			32				3,152
Hutchison Port Holdings Trust			19,200				5,664
Macquarie Atlas Roads Group			1,391				6,167
SATS Ltd.			3,200				12,519
Sydney Airport			3,136				16,141
Transurban Group			6,280				55,011
							189,422
Water Utilities - 0.3%
Pennon Group plc			1,649				14,883
Severn Trent plc			664				17,176
United Utilities Group plc			1,920				19,269
							51,328
Wireless Telecommunication Services - 3.5%
KDDI Corp.			6,700				171,138
M1 Ltd.			1,600				2,123
NTT DOCOMO, Inc.			7,500				191,573
Rogers Communications, Inc., Class B			836				37,311
StarHub Ltd.			3,200				5,613
Tele2 AB, Class B			933				11,157

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

O'Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

March 31, 2018 (Unaudited)

 

Investments		Shares				Value ($)
Vodafone Group plc			67,984				185,224
							604,139
TOTAL COMMON STOCKS (Cost $17,059,117)							17,023,417
EXCHANGE TRADED FUNDS - 1.1%
iShares MSCI South Korea ETF
(Cost $168,201)			2,464				185,909
Total Investments - 99.3%  (Cost $17,227,318)							17,209,326
Other Assets Less Liabilities - 0.7%							122,146
Net Assets - 100.0%							17,331,472

 

*	Non-income producing security.
(a)	Represents less than 0.05% of net assets.
(b)	Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Rule 144A may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

 

Abbreviations
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference.  Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital

 

O'Shares FTSE Russell International Quality Dividend ETF invested, as a percentage of net assets, in the following countries as of March 31, 2018:

 

Australia			7.6	%
Austria			0.1	%
Belgium			0.5	%
Canada			7.5	%
China			0.0	%(a)
Denmark			2.0	%
Finland			1.9	%
France			11.0	%
Germany			7.1	%
Hong Kong			3.4	%
Ireland			0.4	%
Israel			0.1	%
Italy			1.8	%
Japan			10.6	%
Luxembourg			0.2	%
Netherlands			0.9	%
New Zealand			0.6	%
Norway			1.2	%
Portugal			0.2	%
Singapore			1.5	%
South Africa			0.1	%
South Korea			2.5	%
Spain			2.7	%
Sweden			2.7	%
Switzerland			13.3	%
United Kingdom			18.2	%
United States			1.2	%
Other(1)			0.7	%
			100.0	%

 

(a)	Represents less than 0.05% of net assets.
(1)	Includes any non-equity securities and net other assets (liabilities).

 

See accompanying notes to schedule of investments.

 

 

OSI ETF Trust

Notes to Quarterly Schedules of Investments

March 31, 2018 (Unaudited)

 

1.

Organization

 

OSI ETF Trust (the ‘‘Trust’’) was organized as a Delaware statutory trust on April 12, 2016 and is authorized to issue multiple series or portfolios. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). The Trust currently consists of two operational exchange-traded funds (each a ‘‘Fund’’ and collectively, the ‘‘Funds’’). The O’Shares FTSE Russell Small Cap Quality Dividend ETF and O’Shares FTSE Russell International Quality Dividend ETF are diversified series of the Trust, pursuant to the 1940 Act.

 

The O’Shares FTSE Russell Small Cap Quality Dividend ETF commenced operations on December 30, 2016. The O’Shares FTSE Russell International Quality Dividend ETF commenced operations on March 22, 2017.

 

Each Fund seeks to track the performance (before fees and expenses) of a specified benchmark index (each, a ‘‘Target Index’’). There can be no assurance that the Funds’ investment objectives will be achieved.

 

2.

Significant Accounting Policies

 

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (‘‘FASB’’) Accounting Standards Codification Topic 946, ‘‘Financial Services— Investment Companies.’’

 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (‘‘U.S. GAAP’’). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

 

Investment Company Modernization

 

In October 2016, the Securities and Exchange Commission (‘‘SEC’’) issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization (the ‘‘Release’’). The Release calls for the adoption of new rules and forms as well as amendments to current rules and forms to modernize the reporting and disclosure of information by registered investment companies. The SEC is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The Funds have updated disclosure in these financial statements to reflect the amendments, which were effective August 1, 2017. The compliance date for the FORM N-CEN is on June 1, 2018. The effective date for the FORM N-PORT has been extended for the Funds until April 1, 2020. The adoption had no effect on the Funds’ net assets or results of operations.

 

Investment Valuation

 

The net asset value (‘‘NAV’’) of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange (‘‘NYSE’’), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of each Fund’s shares outstanding.

 

When calculating the NAV of each Fund’s shares, securities held by the Funds are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter securities not traded on an exchange are valued at the last traded price. In the absence of a recorded transaction sale price; or if the last sale price is unavailable, securities are valued at the mean between last bid and ask, as quoted. If an ask price is unavailable, last bid price is used. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below.

 

 

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

March 31, 2018 (Unaudited)

 

When reliable market quotations are not readily available, securities are priced at their fair value in accordance with the Trust’s valuation guidelines, which were approved by the Board of Trustees (the ‘‘Trustees’’). The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund’s security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Target Index. This may adversely affect the Fund’s ability to track its Target Index. Securities of non-exchange traded investment companies are valued at their NAV.

 

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, 2018 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 FTSE Russell Small Cap Quality Dividend ETF
Investments
Common Stocks*		$	117,988,548			$	—			$	—			$	117,988,548
Total Investments		$	117,988,548			$	—			$	—			$	117,988,548

 

		Level 1 — Quoted Prices				Level 2 — Other Significant Observable Inputs				Level 3 — Significant Unobservable Inputs				Total
O'Shares FTSE Russell International Quality Dividend ETF
Investments
Common Stocks*		$	17,023,417			$	—			$	—			$	17,023,417
Exchange Traded Funds			185,909				—				—				185,909
Total Investments		$	17,209,326			$	—			$	—			$	17,209,326

 

* See Schedules of Investments for segregation by industry type.

 

 

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

March 31, 2018 (Unaudited)

 

At March 31, 2018, there were no Level 2 or Level 3 securities held by the Funds for which significant unobservable inputs were used to determine fair value.

 

The Funds disclose transfer between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2, and 3 for the period ended March 31, 2018, based on levels assigned to securities as of June 30, 2017.

 

Real Estate Investment Trusts (‘‘REITs’’)

 

Each Fund may invest in REITs. Equity REITs invest primarily in real property while mortgage REITs make construction, development and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REIT, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as those relating to the environment.

 

REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation and the possibility of failing to qualify for tax free income status under the Internal Revenue Code of 1986 and failing to be exempt from registration as a registered investment company under the 1940 Act.

 

3.

Principal Risks

 

Each Fund is subject to the principal risks noted below, which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of the principal risks to which each Fund is subject is included in the Funds’ prospectus.

 

Authorized Participants Concentration Risk. Each Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they cannot or are otherwise unwilling to engage in creation and redemption transactions with the Funds and no other Authorized Participant steps in, shares of the Funds may trade like closed-end fund shares at a significant discount to NAV and may face trading halts and/or delisting from the Exchange. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally.

 

Cash and Cash Equivalents Risk. Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which each Fund may invest is rapidly rising.

 

Concentration Risk. To the extent that a Fund’s Target Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries which may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry or group of industries.

 

Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to Foreign Investment Risks. In addition, depositary receipts may not track the price of the underlying foreign securities, and their value may change materially at times when the U.S. markets are not open for trading.

 

Dividend-Paying Stocks Risk. 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.

 

Equity Investing Risk. An investment in a Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

 

 

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

March 31, 2018 (Unaudited)

 

ETFs and Other Investment Companies Risk. The risks of investing in securities of ETFs and other investment companies typically reflect the risks of the types of instruments in which the underlying ETF or other investment company invests. In addition, with such investments, a Fund indirectly bears its proportionate share of the fees and expenses of the underlying entity. As a result, a Fund’s operating expenses may be higher and performance may be lower.

 

Foreign Investment Risk. 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 due to: differences in information available about foreign issuers; differences in investor protection standards in other jurisdictions; capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. Current political uncertainty surrounding the European Union (‘‘EU’’) and its membership, including the 2016 referendum in which the United Kingdom voted to exit the EU, may increase market volatility. In addition, a 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 such Fund’s returns.

 

Geographic Concentration Risk. Because a Fund’s investments may be concentrated in a particular geographic region or country, the value of such Fund shares may be affected by events that adversely affect that region or country and may fluctuate more than that of a less concentrated funds.

 

Index-Related Risk. Each Fund is managed with an investment strategy that attempts to track the performance of the Target Index. As a result, the Funds expect to hold constituent securities of the Target Index regardless of their current or projected performance. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause a Fund’s return to be lower than if the Funds employed an active strategy.

 

There is no assurance that the Index Provider will compile each Target Index accurately, or that each Target Index will be determined, composed or calculated accurately. While the Index Provider provides descriptions of what each Target Index is designed to achieve, the Index Provider does not guarantee the quality, accuracy or completeness of data in respect of its indices, and does not guarantee that each Target Index will be in line with its described index methodology. Any gains, losses or costs to a Fund that are caused by Index Provider errors will therefore be borne by the Fund and its shareholders. Each Target Index is new and has a limited performance history. The foregoing risks may be greater for a new index.

 

International Closed Market Trading Risk. If a Fund’s underlying securities trade on markets that may be closed when the Exchange is open, there are likely to be deviations between current pricing of an underlying security and stale pricing resulting in the Fund trading at a discount or premium to NAV that may be greater than those incurred by other ETFs.

 

Large Capitalization Securities Risk. The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.

 

Liquidity Risk. Liquidity risk exists when investments are difficult to purchase or sell. This can reduce a Fund’s returns because the Fund or an entity in which it invests may be unable to transact at advantageous times or prices.

 

Market Events Risk. The market values of a Fund’s investments, and therefore the value of such Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on a Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and disruption in the creation/redemption process of a Fund, which could have a negative impact on the Fund.

 

 

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

March 31, 2018 (Unaudited)

 

Mid-Capitalization Securities Risk. The securities of mid-capitalization companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities during market downturns. Compared to larger companies, mid-capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

 

Multifactor Risk. Each Target Index, and thus each Fund, seeks to achieve specific factor exposures. There can be no assurance that targeting exposure to such factors will enhance a Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is no guarantee the Index Provider’s methodology will be successful in creating an index that achieves the specific factor exposures.

 

Premium-Discount Risk. Fund shares may trade above or below their NAV on the Exchange. The market prices of Fund shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Fund shares. Therefore, you may pay more than NAV when you buy shares of a Fund on the Exchange, and you may receive less than NAV when you sell those shares on the Exchange. This risk is separate and distinct from the risk that the NAV of Fund shares may decrease.

 

Quality Stocks Risk. Quality investing entails investing in securities of companies with high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on ‘‘quality’’ equity securities are less than returns on other styles of investing or the overall stock market. In addition, there may be periods when quality investing is out of favor and during which the investment performance of a fund using a quality strategy may suffer.

 

REIT Risk. A REIT is a company that owns or finances income-producing real estate. Each Fund, through its investments in REITs, is subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

 

REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value and the real estate market, and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. To the extent a Fund invests in REITs concentrated in specific geographic areas or property types, the Fund may be subject to a greater loss as a result of adverse developments affecting such area or property types. REITs are pooled investment vehicles with their own fees and expenses and a Fund will indirectly bear a proportionate share of those fees and expenses.

 

Sampling Risk. To the extent a Fund uses a representative sampling approach; it will hold a smaller number of securities than are in the Target Index. As a result, an adverse development respecting a security held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Target Index. Conversely, a positive development relating to a security in the Target Index that is not held by the Fund could cause the Fund to underperform the Target Index. To the extent the assets in the Fund are smaller, these risks will be greater.

 

Secondary Market Trading Risk. Investors buying or selling Fund shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares. Although a Fund’s shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Fund shares on the Exchange may be halted.

 

 

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

March 31, 2018 (Unaudited)

 

Sector Risk. To the extent a Target Index, and thereby a Fund, emphasizes, from time to time, investments in a particular sector, the Funds are subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Funds invest in a few sectors, it may have increased exposure to the price movements of those sectors.

 

Small Capitalization Securities Risk. The securities of small 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 capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

 

Tracking Error Risk. Tracking error is the divergence of a Fund’s performance from that of its Target Index. Tracking error may occur due to, among other things, fees and expenses paid by a Fund, including the cost of buying and selling securities, that are not reflected in its Target Index. If a Fund is small, it may experience greater tracking error. If a Fund is not fully invested, holding cash balances may prevent it from tracking its Target Index. In addition, a Fund’s NAV may deviate from its Target Index if such Fund fair values a portfolio security at a price other than the price used by its Target Index for that security. To the extent a Fund uses a representative sampling strategy to track its Target Index, such a strategy may produce greater tracking error than if the Fund employed a full replication strategy.

 

Volatility Risk. There is a risk that the present and future volatility of a security, relative to the market index, will not be the same as it historically has been and thus that a Fund’s Target Index will not be exposed to the less volatile securities in the index universe. Volatile stocks are subject to sharp swings in value.

 

4.

Guarantees and Indemnifications

 

In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

 

5.

Subsequent Events

 

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the report was issued.

 

 

Item 2. Controls and Procedures.

 

(a)

The Registrant's principal executive officer and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

(b)

There were no changes in the Registrant's internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

OSI ETF Trust

 

By:	/s/ Kevin Beadles
	Kevin Beadles
	President
	May 24, 2018

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:	/s/ Kevin Beadles
	Kevin Beadles
	President
	May 24, 2018
By:	/s/ Joshua Hunter
	Joshua Hunter
	Principal Financial Officer and Treasurer
	May 24, 2018

 

 

Exhibit 99.cert

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

 

I, Kevin Beadles, certify that:

 

1.

I have reviewed this report on Form N-Q of OSI ETF Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:	May 24, 2018	By:	/s/ Kevin Beadles
			Kevin Beadles
			President

 

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

 

I, Joshua Hunter, certify that:

 

1.

I have reviewed this report on Form N-Q of OSI ETF Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:	May 24, 2018	By:	/s/ Joshua Hunter
			Joshua Hunter
			Principal Financial Officer and Treasurer