Form N-Q OSI ETF Trust For: Sep 30

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November 26, 2018 11:09 AM EST

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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: July 1, 2018 to September 30, 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 U.S. Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 99.6%

Aerospace & Defense - 5.0%
Boeing Co. (The)		21,242		7,899,900
General Dynamics Corp.		13,091		2,679,989
Lockheed Martin Corp.		14,326		4,956,223
Raytheon Co.		10,127		2,092,846
United Technologies Corp.		19,760		2,762,646
				20,391,604
Air Freight & Logistics - 0.1%
Expeditors International of Washington, Inc.		4,940		363,238

Auto Components - 0.1%
Autoliv, Inc.		2,470		214,099
Gentex Corp.		7,904		169,620
				383,719
Beverages - 3.7%
Coca-Cola Co. (The)		135,109		6,240,685
Coca-Cola European Partners plc		6,916		314,470
Molson Coors Brewing Co., Class B		4,446		273,429
PepsiCo, Inc.		74,100		8,284,380
				15,112,964
Biotechnology - 2.3%
AbbVie, Inc.		46,189		4,368,556
Amgen, Inc.		23,959		4,966,461
				9,335,017
Capital Markets - 1.4%
Franklin Resources, Inc.		36,309		1,104,157
MSCI, Inc.		5,187		920,225
T. Rowe Price Group, Inc.		32,110		3,505,770
				5,530,152
Chemicals - 1.1%
Air Products & Chemicals, Inc.		6,422		1,072,795
International Flavors & Fragrances, Inc.		2,470		343,627
LyondellBasell Industries NV, Class A		13,585		1,392,598
Praxair, Inc.		10,127		1,627,713
				4,436,733
Commercial Services & Supplies - 0.5%
Republic Services, Inc.		6,175		448,676
Waste Management, Inc.		18,031		1,629,281
				2,077,957
Communications Equipment - 4.5%
Cisco Systems, Inc.		371,982		18,096,924

Containers & Packaging - 0.1%
Packaging Corp. of America		2,470		270,934

Diversified Consumer Services - 0.0%(a)
H&R Block, Inc.		5,928		152,646

Diversified Telecommunication Services - 4.2%
AT&T, Inc.		277,628		9,322,748
Verizon Communications, Inc.		145,730		7,780,525
				17,103,273
Electric Utilities - 4.0%
Alliant Energy Corp.		8,892		378,532
American Electric Power Co., Inc.		19,760		1,400,589
Avangrid, Inc.		2,470		118,387
Duke Energy Corp.		30,381		2,431,088
Edison International		14,820		1,003,017
Entergy Corp.		7,657		621,212
Evergy, Inc.		11,609		637,566
Eversource Energy		11,115		682,906
Exelon Corp.		33,839		1,477,411
FirstEnergy Corp.		16,055		596,764
NextEra Energy, Inc.		15,808		2,649,421
Pinnacle West Capital Corp.		4,940		391,149
PPL Corp.		27,664		809,449
Southern Co. (The)		47,671		2,078,456
Xcel Energy, Inc.		20,995		991,174
				16,267,121
Electrical Equipment - 1.0%
Eaton Corp. plc		14,079		1,221,072
Emerson Electric Co.		27,417		2,099,594
Rockwell Automation, Inc.		4,446		833,714
				4,154,380
Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity Ltd.		10,868		955,623

Energy Equipment & Services - 0.6%
Schlumberger Ltd.		37,050		2,257,086

Entertainment - 1.2%
Walt Disney Co. (The)		41,743		4,881,426

Equity Real Estate Investment Trusts (REITs) - 5.3%
AvalonBay Communities, Inc.		11,856		2,147,714
Extra Space Storage, Inc.		12,103		1,048,604
Federal Realty Investment Trust		4,199		531,048
Host Hotels & Resorts, Inc.		48,165		1,016,281
Liberty Property Trust		10,374		438,301
Prologis, Inc.		54,587		3,700,453
Public Storage		28,158		5,677,498
Simon Property Group, Inc.		38,038		6,723,217
				21,283,116
Food & Staples Retailing - 2.3%
Sysco Corp.		17,290		1,266,492
Walgreens Boots Alliance, Inc.		35,815		2,610,914
Walmart, Inc.		59,774		5,613,376
				9,490,782

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE U.S. Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Food Products - 0.9%
Bunge Ltd.		3,705		254,571
Campbell Soup Co.		9,386		343,809
Conagra Brands, Inc.		12,597		427,920
Hershey Co. (The)		8,151		831,402
Hormel Foods Corp.		11,609		457,395
Ingredion, Inc.		2,470		259,251
JM Smucker Co. (The)		3,705		380,170
Kellogg Co.		8,398		588,028
				3,542,546
Health Care Equipment & Supplies - 0.9%
Medtronic plc		38,532		3,790,393

Health Care Providers & Services - 0.8%
Cardinal Health, Inc.		8,892		480,168
CVS Health Corp.		34,086		2,683,250
				3,163,418
Hotels, Restaurants & Leisure - 3.4%
Carnival Corp.		17,290		1,102,583
Darden Restaurants, Inc.		6,916		768,990
McDonald’s Corp.		34,086		5,702,247
Starbucks Corp.		95,095		5,405,200
Yum! Brands, Inc.		9,139		830,827
				13,809,847
Household Durables - 0.2%
Garmin Ltd.		5,681		397,954
Leggett & Platt, Inc.		5,681		248,771
				646,725
Household Products - 5.4%
Clorox Co. (The)		5,681		854,479
Colgate-Palmolive Co.		53,599		3,588,453
Kimberly-Clark Corp.		20,501		2,329,734
Procter & Gamble Co. (The)		180,063		14,986,643
				21,759,309
Industrial Conglomerates - 2.5%
3M Co.		29,393		6,193,399
Honeywell International, Inc.		22,971		3,822,374
				10,015,773
Insurance - 1.8%
Arthur J Gallagher & Co.		11,362		845,787
Fidelity National Financial, Inc.		22,971		903,909
Marsh & McLennan Cos., Inc.		65,702		5,434,870
				7,184,566
IT Services - 4.6%
Accenture plc, Class A		25,688		4,372,098
Amdocs Ltd.		8,645		570,397
Automatic Data Processing, Inc.		19,760		2,977,041
International Business Machines Corp.		57,551		8,702,287
Paychex, Inc.		25,688		1,891,921
				18,513,744
Leisure Products - 0.1%
Hasbro, Inc.		4,693		493,328

Machinery - 1.4%
Cummins, Inc.		8,398		1,226,696
Illinois Tool Works, Inc.		14,326		2,021,685
Ingersoll-Rand plc		7,410		758,043
PACCAR, Inc.		11,856		808,461
Parker-Hannifin Corp.		3,458		636,030
Snap-on, Inc.		1,976		362,793
				5,813,708
Media - 0.2%
Interpublic Group of Cos., Inc. (The)		15,808		361,529
Omnicom Group, Inc.		9,386		638,436
				999,965
Metals & Mining - 0.0%(a)
Southern Copper Corp.		2,223		95,900

Multiline Retail - 0.4%
Target Corp.		18,525		1,634,090

Multi-Utilities - 2.3%
Ameren Corp.		10,127		640,229
CenterPoint Energy, Inc.		18,278		505,387
CMS Energy Corp.		10,127		496,223
Consolidated Edison, Inc.		20,254		1,543,152
Dominion Energy, Inc.		25,194		1,770,634
DTE Energy Co.		8,151		889,518
MDU Resources Group, Inc.		5,681		145,945
Public Service Enterprise Group, Inc.		20,501		1,082,248
Sempra Energy		10,621		1,208,139
WEC Energy Group, Inc.		12,597		840,976
				9,122,451
Oil, Gas & Consumable Fuels - 9.2%
Chevron Corp.		100,282		12,262,483
Exxon Mobil Corp.		242,307		20,600,941
Occidental Petroleum Corp.		35,815		2,942,918
Phillips 66		12,844		1,447,776
				37,254,118
Pharmaceuticals - 11.8%
Bristol-Myers Squibb Co.		71,877		4,462,124
Eli Lilly & Co.		35,568		3,816,802
Johnson & Johnson		143,507		19,828,362
Merck & Co., Inc.		118,066		8,375,602
Pfizer, Inc.		254,904		11,233,620
				47,716,510
Road & Rail - 0.9%
Union Pacific Corp.		21,736		3,539,273

Semiconductors & Semiconductor Equipment - 5.9%
Intel Corp.		283,803		13,421,044
KLA-Tencor Corp.		6,916		703,426
Maxim Integrated Products, Inc.		16,055		905,341
Texas Instruments, Inc.		73,606		7,897,188
Xilinx, Inc.		11,115		891,090
				23,818,089

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE U.S. Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Software - 0.1%
CA, Inc.		13,338		588,873

Specialty Retail - 4.6%
Home Depot, Inc. (The)		64,467		13,354,339
Lowe’s Cos., Inc.		22,477		2,580,809
TJX Cos., Inc. (The)		22,477		2,517,874
				18,453,022
Textiles, Apparel & Luxury Goods - 0.2%
VF Corp.		10,868		1,015,615

Tobacco - 4.1%
Altria Group, Inc.		121,277		7,314,216
Philip Morris International, Inc.		112,138		9,143,732
				16,457,948
Trading Companies & Distributors - 0.2%
Fastenal Co.		13,338		773,871

Water Utilities - 0.1%
American Water Works Co., Inc.		5,434		478,029

TOTAL COMMON STOCKS (Cost $371,328,872)				403,225,806

Total Investments - 99.6% (Cost $371,328,872)				403,225,806
Other Assets Less Liabilities - 0.4%				1,766,522
Net Assets - 100.0%				404,992,328

(a)

Represents less than 0.05% of net assets.

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 100.0%

Aerospace & Defense - 0.7%
BWX Technologies, Inc.		9,967		623,336
National Presto Industries, Inc.		2,493		323,218
				946,554
Air Freight & Logistics - 0.2%
Forward Air Corp.		4,985		357,424

Airlines - 0.1%
Copa Holdings SA, Class A		1,280		102,195

Auto Components - 1.0%
Dana, Inc.		14,029		261,922
Delphi Technologies plc		8,284		259,786
LCI Industries		8,688		719,366
Tenneco, Inc.		5,365		226,081
				1,467,155
Automobiles - 0.8%
Thor Industries, Inc.		14,628		1,224,364

Banks - 0.7%
BankUnited, Inc.		11,448		405,259
PacWest Bancorp		13,370		637,081
				1,042,340
Building Products - 3.0%
AO Smith Corp.		32,485		1,733,725
Lennox International, Inc.		4,881		1,066,010
Owens Corning		12,332		669,258
Simpson Manufacturing Co., Inc.		9,128		661,415
Universal Forest Products, Inc.		8,401		296,807
				4,427,215
Capital Markets - 14.0%
Artisan Partners Asset Management, Inc., Class A		36,009		1,166,691
BGC Partners, Inc., Class A		89,940		1,063,091
BrightSphere Investment Group plc		51,366		636,938
Cohen & Steers, Inc.		17,985		730,371
Eaton Vance Corp.		71,410		3,753,310
Evercore, Inc., Class A		18,832		1,893,558
FactSet Research Systems, Inc.		3,271		731,755
Federated Investors, Inc., Class B		76,314		1,840,694
Lazard Ltd., Class A		76,383		3,676,314
LPL Financial Holdings, Inc.		12,747		822,309
MarketAxess Holdings, Inc.		6,686		1,193,384
Moelis & Co., Class A		33,373		1,828,840
Morningstar, Inc.		1,637		206,098
Waddell & Reed Financial, Inc., Class A		41,605		881,194
				20,424,547
Chemicals - 4.2%
Cabot Corp.		14,632		917,719
Innospec, Inc.		3,698		283,822
Orion Engineered Carbons SA		3,641		116,876
Quaker Chemical Corp.		1,812		366,405
RPM International, Inc.		20,396		1,324,516
Scotts Miracle-Gro Co. (The)		12,189		959,640
Sensient Technologies Corp.		7,566		578,875
Stepan Co.		2,823		245,629
Tredegar Corp.		4,725		102,296
Trinseo SA		4,791		375,135
WR Grace & Co.		12,240		874,670
				6,145,583
Commercial Services & Supplies - 2.7%
Brady Corp., Class A		15,193		664,694
Deluxe Corp.		13,056		743,408
Herman Miller, Inc.		9,763		374,899
HNI Corp.		3,961		175,235
Interface, Inc.		5,065		118,268
KAR Auction Services, Inc.		17,856		1,065,825
Knoll, Inc.		7,330		171,888
McGrath RentCorp		4,938		268,973
Steelcase, Inc., Class A		22,175		410,237
				3,993,427
Communications Equipment - 1.1%
InterDigital, Inc.		20,098		1,607,840

Construction & Engineering - 0.5%
Granite Construction, Inc.		5,990		273,743
KBR, Inc.		15,304		323,373
Primoris Services Corp.		4,757		118,069
				715,185
Consumer Finance - 0.4%
FirstCash, Inc.		6,732		552,024

Containers & Packaging - 1.0%
AptarGroup, Inc.		5,788		623,599
Bemis Co., Inc.		13,559		658,968
Greif, Inc., Class A		4,488		240,826
				1,523,393
Distributors - 0.5%
Pool Corp.		4,556		760,305

Diversified Consumer Services - 0.2%
Strategic Education, Inc.		1,685		230,896

Diversified Telecommunication Services - 0.5%
ATN International, Inc.		1,898		140,224
Cogent Communications Holdings, Inc.		11,372		634,558
				774,782
Electric Utilities - 3.4%
ALLETE, Inc.		4,851		363,873
El Paso Electric Co.		4,789		273,931
Hawaiian Electric Industries, Inc.		9,656		343,657
IDACORP, Inc.		4,898		486,029
MGE Energy, Inc.		3,073		196,211
OGE Energy Corp.		62,763		2,279,552
Otter Tail Corp.		7,164		343,156
PNM Resources, Inc.		6,104		240,803
Portland General Electric Co.		9,287		423,580
				4,950,792
Electrical Equipment - 1.1%
Hubbell, Inc.		11,493		1,535,120

Electronic Equipment, Instruments & Components - 3.8%
AVX Corp.		20,571		371,307
Badger Meter, Inc.		4,700		248,865
Benchmark Electronics, Inc.		8,076		188,978
Dolby Laboratories, Inc., Class A		7,898		552,623
FLIR Systems, Inc.		21,287		1,308,512
MTS Systems Corp.		2,672		146,292
National Instruments Corp.		43,164		2,086,116

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Vishay Intertechnology, Inc.		31,759		646,296
				5,548,989
Energy Equipment & Services - 0.4%
Frank’s International NV*		28,054		243,509
RPC, Inc.		23,543		364,445
				607,954
Entertainment - 0.4%
Cinemark Holdings, Inc.		13,658		549,052

Food & Staples Retailing - 0.2%
PriceSmart, Inc.		1,611		130,410
Weis Markets, Inc.		3,879		168,349
				298,759
Food Products - 1.9%
Calavo Growers, Inc.		1,380		133,308
Dean Foods Co.		11,351		80,592
Flowers Foods, Inc.		36,614		683,217
Fresh Del Monte Produce, Inc.		4,472		151,556
J&J Snack Foods Corp.		3,052		460,516
Lancaster Colony Corp.		5,057		754,555
Sanderson Farms, Inc.		3,772		389,912
Tootsie Roll Industries, Inc.		3,500		102,375
				2,756,031
Gas Utilities - 2.2%
Atmos Energy Corp.		5,078		476,875
National Fuel Gas Co.		8,312		465,971
New Jersey Resources Corp.		7,777		358,520
Northwest Natural Gas Co.		2,984		199,630
ONE Gas, Inc.		3,603		296,455
South Jersey Industries, Inc.		7,113		250,875
Southwest Gas Holdings, Inc.		3,025		239,066
Spire, Inc.		3,140		230,947
UGI Corp.		12,699		704,540
				3,222,879
Health Care Equipment & Supplies - 0.4%
Meridian Bioscience, Inc.		38,229		569,612

Health Care Providers & Services - 1.3%
Patterson Cos., Inc.		75,455		1,844,875

Hotels, Restaurants & Leisure - 5.9%
Bloomin’ Brands, Inc.		12,979		256,854
Brinker International, Inc.		16,648		777,961
Cheesecake Factory, Inc. (The)		15,015		803,903
Choice Hotels International, Inc.		3,460		288,218
Cracker Barrel Old Country Store, Inc.		10,184		1,498,372
Dunkin’ Brands Group, Inc.		11,683		861,271
Extended Stay America, Inc.		20,917		423,151
International Speedway Corp., Class A		2,849		124,786
Jack in the Box, Inc.		6,250		523,937
Papa John’s International, Inc.		5,063		259,631
Six Flags Entertainment Corp.		22,552		1,574,581
Sonic Corp.		3,553		153,987
Texas Roadhouse, Inc.		16,350		1,132,892
				8,679,544
Household Durables - 1.0%
Ethan Allen Interiors, Inc.		9,529		197,727
La-Z-Boy, Inc.		8,983		283,863
MDC Holdings, Inc.		5,469		161,773
Tupperware Brands Corp.		24,227		810,393
				1,453,756
Household Products - 0.4%
Energizer Holdings, Inc.		6,873		403,101
WD-40 Co.		1,256		216,158
				619,259
Industrial Conglomerates - 0.1%
Raven Industries, Inc.		4,682		214,201

Insurance - 2.9%
Assured Guaranty Ltd.		26,313		1,111,198
Employers Holdings, Inc.		3,462		156,829
First American Financial Corp.		25,478		1,314,410
Mercury General Corp.		5,763		289,072
ProAssurance Corp.		8,446		396,540
RLI Corp.		7,180		564,204
Safety Insurance Group, Inc.		3,932		352,307
				4,184,560
Internet & Direct Marketing Retail - 0.1%
Nutrisystem, Inc.		4,901		181,582

IT Services - 6.5%
Booz Allen Hamilton Holding Corp.		16,534		820,582
Convergys Corp.		24,337		577,760
Jack Henry & Associates, Inc.		12,619		2,020,050
Leidos Holdings, Inc.		62,944		4,353,207
ManTech International Corp., Class A		6,344		401,575
NIC, Inc.		42,981		636,119
Sabre Corp.		28,862		752,721
				9,562,014
Leisure Products - 0.7%
Brunswick Corp.		11,307		757,795
Sturm Ruger & Co., Inc.		4,210		290,701
				1,048,496
Life Sciences Tools & Services - 0.6%
Luminex Corp.		30,798		933,487

Machinery - 8.4%
Allison Transmission Holdings, Inc.		21,247		1,105,056
Astec Industries, Inc.		2,204		111,104
Briggs & Stratton Corp.		5,601		107,707
Crane Co.		7,365		724,348
Donaldson Co., Inc.		29,480		1,717,505
Graco, Inc.		41,078		1,903,554
Hillenbrand, Inc.		10,247		535,918
IDEX Corp.		10,559		1,590,819
ITT, Inc.		11,013		674,656
Kennametal, Inc.		11,998		522,633
Lincoln Electric Holdings, Inc.		7,574		707,715
Lindsay Corp.		1,022		102,445
Mueller Industries, Inc.		13,305		385,579
Toro Co. (The)		33,682		2,019,910
				12,208,949
Media - 1.4%
Gannett Co., Inc.		19,723		197,427
John Wiley & Sons, Inc., Class A		15,110		915,666
New Media Investment Group, Inc.		9,228		144,788
Scholastic Corp.		6,780		316,558

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
TEGNA, Inc.		36,545		437,078
				2,011,517
Metals & Mining - 2.0%
Compass Minerals International, Inc.		8,351		561,187
Kaiser Aluminum Corp.		5,055		551,298
Nexa Resources SA*		10,863		131,008
Reliance Steel & Aluminum Co.		13,672		1,166,085
Schnitzer Steel Industries, Inc., Class A		6,869		185,806
Worthington Industries, Inc.		6,544		283,748
				2,879,132
Multiline Retail - 0.3%
Big Lots, Inc.		10,340		432,109

Multi-Utilities - 1.0%
Avista Corp.		5,071		256,390
Black Hills Corp.		5,293		307,470
NorthWestern Corp.		6,183		362,695
Vectren Corp.		6,863		490,636
				1,417,191
Oil, Gas & Consumable Fuels - 1.6%
CVR Energy, Inc.		5,308		213,488
PBF Energy, Inc., Class A		40,733		2,032,984
Ship Finance International Ltd.		9,680		134,552
				2,381,024
Paper & Forest Products - 1.7%
Boise Cascade Co.		5,677		208,914
Domtar Corp.		21,976		1,146,488
Louisiana-Pacific Corp.		31,173		825,773
Neenah, Inc.		1,761		151,974
Schweitzer-Mauduit International, Inc.		3,933		150,673
				2,483,822
Personal Products - 0.6%
Inter Parfums, Inc.		1,789		115,301
Medifast, Inc.		909		201,389
Nu Skin Enterprises, Inc., Class A		6,204		511,334
				828,024
Professional Services - 0.7%
Exponent, Inc.		10,311		552,669
Forrester Research, Inc.		8,824		405,022
				957,691
Road & Rail - 0.4%
Ryder System, Inc.		5,091		371,999
Werner Enterprises, Inc.		6,766		239,178
				611,177
Semiconductors & Semiconductor Equipment - 6.5%
Brooks Automation, Inc.		19,256		674,538
Cabot Microelectronics Corp.		18,164		1,873,980
Cypress Semiconductor Corp.		140,461		2,035,280
MKS Instruments, Inc.		20,277		1,625,201
Power Integrations, Inc.		7,077		447,266
Teradyne, Inc.		69,679		2,576,729
Xperi Corp.		17,836		264,865
				9,497,859
Software - 1.4%
j2 Global, Inc.		16,504		1,367,356
Progress Software Corp.		19,593		691,437
				2,058,793
Specialty Retail - 4.5%
Abercrombie & Fitch Co., Class A		5,080		107,290
American Eagle Outfitters, Inc.		34,575		858,497
Bed Bath & Beyond, Inc.		23,340		350,100
Buckle, Inc. (The)		11,111		256,109
Chico’s FAS, Inc.		28,475		246,878
Children’s Place, Inc. (The)		3,141		401,420
Dick’s Sporting Goods, Inc.		19,901		706,087
DSW, Inc., Class A		20,146		682,547
GameStop Corp., Class A		25,426		388,255
Guess?, Inc.		10,629		240,215
Signet Jewelers Ltd.		10,625		700,506
Williams-Sonoma, Inc.		24,850		1,633,142
				6,571,046
Textiles, Apparel & Luxury Goods - 1.1%
Carter’s, Inc.		8,181		806,646
Columbia Sportswear Co.		2,996		278,838
Oxford Industries, Inc.		2,708		244,262
Steven Madden Ltd.		4,643		245,615
				1,575,361
Thrifts & Mortgage Finance - 0.3%
Capitol Federal Financial, Inc.		12,888		164,193
Oritani Financial Corp.		4,266		66,336
Walker & Dunlop, Inc.		4,517		238,859
				469,388
Tobacco - 0.2%
Vector Group Ltd.		22,259		306,728

Trading Companies & Distributors - 2.1%
MSC Industrial Direct Co., Inc., Class A		11,183		985,334
Watsco, Inc.		11,447		2,038,711
				3,024,045
Transportation Infrastructure - 0.3%
Macquarie Infrastructure Corp.		8,614		397,364

Water Utilities - 0.6%
American States Water Co.		3,339		204,147
Aqua America, Inc.		13,090		483,021
California Water Service Group		3,587		153,882
SJW Group		1,074		65,675
				906,725
TOTAL COMMON STOCKS (Cost $141,427,289)				146,074,136

Investments	Number of Rights

RIGHTS - 0.0%

Chemicals - 0.0%
A Schulman, Inc., CVR*(a) (Cost $–)		5,220	—

Total Investments - 100.0% (Cost $141,427,289)			146,074,136
Other Assets Less Liabilities - 0.0%(b)			36,879
Net Assets - 100.0%			146,111,015

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell Small Cap Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

*	Non-income producing security.
(a)	Security fair valued as of September 30, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at September 30, 2018 amounted to $0, which represents approximately 0.00% of net assets of the Fund.
(b)	Represents less than 0.05% of net assets.

Abbreviations
CVR	Contingent Value Rights

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares Global Internet Giants ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 100.0%

Entertainment - 3.2%
NetEase, Inc., ADR		3,895		889,034
Spotify Technology SA*		5,258		950,804
				1,839,838
Interactive Media & Services - 31.2%
58.com, Inc., ADR*		7,006		515,642
Alphabet, Inc., Class A*		2,954		3,565,714
Autohome, Inc., ADR		6,832		528,865
Baidu, Inc., ADR*		3,152		720,799
Cargurus, Inc.*		13,532		753,597
Facebook, Inc., Class A*		21,642		3,559,243
IAC/InterActiveCorp*		1,725		373,842
Match Group, Inc.*		7,912		458,184
Momo, Inc., ADR*		18,593		814,373
SINA Corp.*		12,560		872,669
Tencent Holdings Ltd.		84,600		3,494,322
Twitter, Inc.*		11,461		326,180
Weibo Corp., ADR*		14,684		1,073,841
Zillow Group, Inc., Class C*		21,331		943,897
				18,001,168
Internet & Direct Marketing Retail - 32.2%
Alibaba Group Holding Ltd., ADR*		21,097		3,475,942
Amazon.com, Inc.*		1,755		3,515,265
ASOS plc*		9,175		689,404
Booking Holdings, Inc.*		218		432,512
Ctrip.com International Ltd., ADR*		20,051		745,296
Delivery Hero SE*(a)		19,169		922,208
eBay, Inc.*		6,778		223,809
Etsy, Inc.*		16,829		864,674
Expedia Group, Inc.		1,947		254,044
GrubHub, Inc.*		6,111		847,107
JD.com, Inc., ADR*		27,576		719,458
Just Eat plc*		63,482		554,816
MercadoLibre, Inc.		3,180		1,082,694
Netflix, Inc.*		5,045		1,887,486
Wayfair, Inc., Class A*		6,222		918,803
Zalando SE*(a)		11,232		437,170
ZOZO, Inc.		34,400		1,041,828
				18,612,516
IT Services - 4.0%
GoDaddy, Inc., Class A*		3,456		288,196
Shopify, Inc., Class A*		6,904		1,133,931
Twilio, Inc., Class A*		10,521		907,752
				2,329,879
Software - 29.4%
2U, Inc.*		11,159		839,045
Adobe Systems, Inc.*		4,313		1,164,294
Atlassian Corp. plc, Class A*		10,398		999,664
DocuSign, Inc.*		11,830		621,903
Dropbox, Inc., Class A*		16,429		440,790
Fortinet, Inc.*		3,883		358,284
Guidewire Software, Inc.*		5,496		555,151
Intuit, Inc.		1,314		298,804
LINE Corp.*		8,400		354,976
Microsoft Corp.		19,276		2,204,596
Nutanix, Inc., Class A*		13,231		565,228
Proofpoint, Inc.*		7,264		772,381
Red Hat, Inc.*		2,912		396,847
RingCentral, Inc., Class A*		7,390		687,640
salesforce.com, Inc.*		7,426		1,180,957
ServiceNow, Inc.*		5,395		1,055,424
Snap, Inc., Class A*		110,124		933,852
Splunk, Inc.*		6,592		797,039
Temenos AG (Registered)*		1,658		270,223
Ultimate Software Group, Inc. (The)*		1,466		472,331
VMware, Inc., Class A*		1,535		239,552
Workday, Inc., Class A*		6,234		910,039
Zendesk, Inc.*		12,503		887,713
				17,006,733
TOTAL COMMON STOCKS (Cost $60,238,856)				57,790,134

Total Investments - 100.0% (Cost $60,238,856)				57,790,134
Other Assets Less Liabilities - 0.0%(b)				21,668
Net Assets - 100.0%				57,811,802

*	Non-income producing security.
(a)	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.
(b)	Represents less than 0.05% of net assets.

Abbreviations
ADR	American Depositary Receipt

O’Shares Global Internet Giants ETF invested, as a percentage of net assets, in the following countries as of September 30, 2018:

Argentina	1.9	%
Canada	2.0	%
China	24.0	%
Germany	2.3	%
Japan	2.4	%
Switzerland	0.5	%
United Kingdom	2.1	%
United States	64.8	%
Other⁽¹⁾	0.0	%^(a)
	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

O’Shares FTSE Europe Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 99.1%

Aerospace & Defense - 0.8%
BAE Systems plc		36,810		302,317

Air Freight & Logistics - 1.2%
bpost SA		900		14,614
Deutsche Post AG (Registered)		9,720		346,709
Royal Mail plc		14,880		92,578
				453,901
Auto Components - 1.1%
Cie Generale des Etablissements Michelin SCA		2,160		258,285
Continental AG		750		130,625
Nokian Renkaat OYJ		750		30,742
				419,652
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		4,770		416,745

Building Products - 0.9%
Cie de Saint-Gobain		3,840		165,672
Geberit AG (Registered)		330		153,784
				319,456
Capital Markets - 1.5%
3i Group plc		22,920		281,314
Ashmore Group plc		4,770		22,642
Partners Group Holding AG		300		239,097
				543,053
Chemicals - 5.7%
Air Liquide SA		3,060		402,690
BASF SE		10,590		941,587
EMS-Chemie Holding AG (Registered)		60		35,934
FUCHS PETROLUB SE		240		11,847
FUCHS PETROLUB SE (Preference)		390		21,797
Givaudan SA (Registered)		60		148,219
Johnson Matthey plc		1,290		59,921
Koninklijke DSM NV		990		104,915
Linde AG		1,260		298,113
Solvay SA		390		52,320
				2,077,343
Commercial Services & Supplies - 0.4%
Babcock International Group plc		2,010		18,951
ISS A/S		1,350		47,521
Securitas AB, Class B		1,410		24,535
Societe BIC SA		450		41,213
				132,220
Construction & Engineering - 1.4%
Bouygues SA		1,170		50,594
Ferrovial SA		4,050		84,062
HOCHTIEF AG		150		24,879
Skanska AB, Class B		3,030		59,471
Vinci SA		2,940		280,083
				499,089
Construction Materials - 0.2%
HeidelbergCement AG		840		65,681

Containers & Packaging - 0.1%
Huhtamaki OYJ		420		13,469
RPC Group plc		3,300		34,212
				47,681
Distributors - 0.1%
Inchcape plc		4,410		38,473

Diversified Financial Services - 1.8%
Corp. Financiera Alba SA		360		20,050
Industrivarden AB, Class A		4,500		102,820
Industrivarden AB, Class C		3,720		82,614
Investor AB, Class A		1,710		78,797
Investor AB, Class B		5,760		266,004
Kinnevik AB, Class B		2,400		72,622
Sofina SA		180		35,918
				658,825
Diversified Telecommunication Services - 4.5%
BT Group plc		67,350		197,876
Deutsche Telekom AG (Registered)*		19,230		310,131
Elisa OYJ		1,620		68,736
Koninklijke KPN NV		19,110		50,430
Orange SA		10,920		174,209
Proximus SADP		2,010		48,046
Swisscom AG (Registered)		330		150,473
Telefonica Deutschland Holding AG		8,250		34,889
Telefonica SA		36,360		287,939
Telekom Austria AG*		750		5,810
Telenor ASA		8,430		164,701
Telia Co. AB		31,020		142,383
				1,635,623
Electric Utilities - 3.1%
EDP - Energias de Portugal SA		19,710		72,754
Endesa SA		4,920		106,348
Enel SpA		78,150		400,483
Fortum OYJ		3,030		75,983
Orsted A/S(a)		690		46,889
Red Electrica Corp. SA		4,950		103,720
SSE plc		13,890		207,578
Terna Rete Elettrica Nazionale SpA		18,210		97,315
				1,111,070
Electrical Equipment - 2.0%
ABB Ltd. (Registered)		15,600		370,356
Schneider Electric SE		4,290		345,311
Signify NV(a)		900		23,311
				738,978

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Europe Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Equity Real Estate Investment Trusts (REITs) - 4.1%
British Land Co. plc (The)		11,670		93,866
Covivio		630		65,674
Gecina SA		1,800		300,643
Hammerson plc		9,150		54,494
Klepierre SA		4,110		145,743
Merlin Properties Socimi SA		3,780		51,303
Segro plc		27,600		229,555
Unibail-Rodamco-Westfield		2,670		537,191
				1,478,469
Food & Staples Retailing - 1.0%
Colruyt SA		480		27,179
ICA Gruppen AB		540		17,123
Jeronimo Martins SGPS SA		2,040		30,057
Kesko OYJ, Class B		540		29,347
Koninklijke Ahold Delhaize NV		11,970		274,587
				378,293
Food Products - 5.8%
Associated British Foods plc		2,070		61,816
Marine Harvest ASA		4,260		98,636
Nestle SA (Registered)		21,390		1,791,697
Orkla ASA		15,540		131,216
Tate & Lyle plc		3,690		32,856
				2,116,221
Gas Utilities - 0.3%
Italgas SpA		3,900		21,173
Naturgy Energy Group SA		2,580		70,452
Rubis SCA		600		32,489
				124,114
Health Care Equipment & Supplies - 0.6%
Coloplast A/S, Class B		960		98,208
Smith & Nephew plc		6,330		115,523
				213,731
Hotels, Restaurants & Leisure - 1.9%
Carnival plc		1,560		96,915
Compass Group plc		15,060		335,041
GVC Holdings plc		3,180		38,089
Sodexo SA		510		54,107
TUI AG		4,650		89,320
Whitbread plc		1,110		68,278
William Hill plc		5,550		18,246
				699,996
Household Durables - 0.3%
Electrolux AB, Series B		1,050		23,141
Persimmon plc		2,340		72,168
				95,309
Independent Power and Renewable Electricity Producers - 0.1%
Uniper SE		1,440		44,340

Industrial Conglomerates - 0.2%
Investment AB Latour, Class B		1,440		17,957
Smiths Group plc		3,390		66,112
				84,069
Insurance - 2.2%
Admiral Group plc		5,790		157,050
Direct Line Insurance Group plc		29,340		123,927
Gjensidige Forsikring ASA		1,890		31,843
Sampo OYJ, Class A		8,310		430,482
Tryg A/S		1,980		49,312
				792,614
Machinery - 2.7%
Atlas Copco AB, Class A		6,870		197,915
Atlas Copco AB, Class B		4,230		112,799
GEA Group AG		1,140		40,624
IMI plc		2,460		35,191
Kone OYJ, Class B		4,500		240,535
MAN SE		180		19,579
OC Oerlikon Corp. AG (Registered)*		1,050		14,469
Sandvik AB		5,550		98,447
Schindler Holding AG		270		67,610
Schindler Holding AG (Registered)		150		36,364
SKF AB, Class B		2,010		39,632
Trelleborg AB, Class B		1,140		23,234
Wartsila OYJ Abp		2,040		39,783
Zardoya Otis SA		2,610		24,343
				990,525
Marine - 0.4%
Kuehne + Nagel International AG (Registered)		810		128,947

Media - 1.2%
Axel Springer SE		240		16,154
Informa plc		8,280		82,299
ITV plc		25,590		52,676
Mediaset Espana Comunicacion SA		1,830		13,370
ProSiebenSat.1 Media SE		1,740		45,210
Publicis Groupe SA		1,290		77,134
RTL Group SA		570		40,683
WPP plc		6,780		99,422
				426,948
Metals & Mining - 1.3%
Rio Tinto plc		9,360		473,589

Multiline Retail - 0.3%
Marks & Spencer Group plc		11,340		42,708
Next plc		840		60,181
				102,889
Multi-Utilities - 2.6%
A2A SpA		14,550		25,265
Centrica plc		68,730		138,833
Engie SA		14,400		211,830
Innogy SE(a)		540		24,141
National Grid plc		45,570		470,294
Veolia Environnement SA		3,390		67,685
				938,048

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Europe Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Oil, Gas & Consumable Fuels - 14.5%
BP plc		168,720		1,296,574
Enagas SA		2,190		59,141
Eni SpA		22,500		425,510
Equinor ASA		4,800		135,277
Galp Energia SGPS SA		2,460		48,831
Polski Koncern Naftowy ORLEN SA		2,190		60,006
Polskie Gornictwo Naftowe i Gazownictwo SA*		9,120		16,008
Royal Dutch Shell plc, Class A		29,850		1,026,281
Royal Dutch Shell plc, Class B		23,520		824,750
Snam SpA		13,320		55,526
TOTAL SA		20,310		1,317,269
				5,265,173
Paper & Forest Products - 0.6%
Mondi plc		2,790		76,550
UPM-Kymmene OYJ		3,240		127,198
				203,748
Personal Products - 3.7%
L’Oreal SA		1,830		441,476
Unilever NV, CVA		8,250		459,619
Unilever plc		8,310		456,873
				1,357,968
Pharmaceuticals - 18.4%
Bayer AG (Registered)		4,590		407,897
GlaxoSmithKline plc		56,220		1,126,685
Novartis AG (Registered)		18,810		1,625,270
Novo Nordisk A/S, Class B		10,950		515,748
Orion OYJ, Class B		750		28,416
Roche Holding AG		7,020		1,708,646
Roche Holding AG - BR		270		66,007
Sanofi		13,770		1,224,489
				6,703,158
Professional Services - 2.3%
Adecco Group AG (Registered)		1,170		61,734
Bureau Veritas SA		1,620		41,829
DKSH Holding AG		150		10,258
Experian plc		5,820		149,553
Randstad NV		510		27,237
RELX plc		10,920		230,122
RELX plc*		6,870		144,389
SGS SA (Registered)		60		158,722
				823,844
Real Estate Management & Development - 2.8%
Aroundtown SA		20,880		185,771
Deutsche Wohnen SE		3,840		184,294
LEG Immobilien AG		1,290		153,205
PSP Swiss Property AG (Registered)		420		40,869
Swiss Prime Site AG (Registered)*		630		53,951
Vonovia SE		7,950		388,564
				1,006,654
Specialty Retail - 1.6%
CECONOMY AG		1,050		7,420
Fielmann AG		360		21,680
Hennes & Mauritz AB, Class B		10,740		198,347
Industria de Diseno Textil SA		8,520		258,384
Kingfisher plc		24,420		82,160
				567,991
Textiles, Apparel & Luxury Goods - 0.4%
HUGO BOSS AG		450		34,664
Luxottica Group SpA		1,110		75,448
Puma SE		60		29,618
				139,730
Tobacco - 0.8%
Imperial Brands plc		6,540		227,796
Swedish Match AB		1,140		58,325
				286,121
Trading Companies & Distributors - 0.1%
Travis Perkins plc		1,620		22,509

Transportation Infrastructure - 0.5%
Aena SME SA(a)		540		93,768
Atlantia SpA		4,170		86,552
				180,320
Water Utilities - 0.4%
Pennon Group plc		3,510		32,645
Severn Trent plc		1,800		43,401
United Utilities Group plc		7,260		66,651
				142,697
Wireless Telecommunication Services - 2.1%
Tele2 AB, Class B		2,190		26,349
Vodafone Group plc		340,740		730,943
				757,292
TOTAL COMMON STOCKS (Cost $36,738,831)				36,005,414

Total Investments - 99.1% (Cost $36,738,831)				36,005,414
Other Assets Less Liabilities - 0.9%				334,268
Net Assets - 100.0%				36,339,682

*	Non-income producing security.
(a)	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.

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Europe Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Abbreviations
CVA	Dutch Certification
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 Europe Quality Dividend ETF invested, as a percentage of net assets, in the following countries as of September 30, 2018:

Australia	1.3	%
Austria	0.0	%^(a)
Belgium	1.6	%
Denmark	2.1	%
Finland	3.0	%
France	17.2	%
Germany	10.7	%
Italy	3.3	%
Luxembourg	0.1	%
Netherlands	6.4	%
Norway	1.5	%
Poland	0.2	%
Portugal	0.4	%
Spain	3.2	%
Sweden	4.5	%
Switzerland	18.9	%
United Kingdom	24.4	%
United States	0.3	%
Other⁽¹⁾	0.9	%
	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

O’Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 99.5%

Aerospace & Defense - 1.1%
BAE Systems plc		6,652		54,632
Meggitt plc		1,120		8,273
Safran SA		385		53,974
Singapore Technologies Engineering Ltd.		4,700		12,246
Thales SA		173		24,585
				153,710
Air Freight & Logistics - 0.7%
Deutsche Post AG (Registered)		1,958		69,841
Royal Mail plc		2,931		18,236
				88,077
Airlines - 0.2%
Air New Zealand Ltd.		155		317
Japan Airlines Co. Ltd.		500		17,978
Singapore Airlines Ltd.		1,300		9,267
				27,562
Auto Components - 1.6%
Bridgestone Corp.		2,300		86,930
Cie Generale des Etablissements Michelin SCA		415		49,624
Continental AG		187		32,569
Magna International, Inc.		689		36,166
Nokian Renkaat OYJ		222		9,100
				214,389
Automobiles - 0.3%
Subaru Corp.		1,300		39,829

Beverages - 1.5%
Anheuser-Busch InBev SA/NV		1,058		92,435
Carlsberg A/S, Class B		106		12,719
Diageo plc		2,821		100,025
				205,179
Building Products - 0.7%
Aica Kogyo Co. Ltd.		200		8,082
Assa Abloy AB, Class B		774		15,548
Cie de Saint-Gobain		667		28,777
Geberit AG (Registered)		75		34,951
				87,358
Capital Markets - 1.8%
3i Group plc		4,239		52,028
Ashmore Group plc		1,071		5,084
ASX Ltd.		482		22,202
CI Financial Corp.		1,940		30,782
IGM Financial, Inc.		375		10,299
IOOF Holdings Ltd.		673		3,964
Magellan Financial Group Ltd.		326		6,531
Partners Group Holding AG		62		49,413
Perpetual Ltd.		222		6,838
Platinum Asset Management Ltd.		805		3,122
Singapore Exchange Ltd.		4,300		23,194
Thomson Reuters Corp.		653		29,776
				243,233
Chemicals - 5.0%
Air Liquide SA		672		88,434
Arkema SA		73		9,047
Asahi Kasei Corp.		2,700		40,957
BASF SE		2,302		204,677
Covestro AG(a)		219		17,770
Croda International plc		209		14,178
Daicel Corp.		500		5,811
DuluxGroup Ltd.		996		5,527
EMS-Chemie Holding AG (Registered)		13		7,786
FUCHS PETROLUB SE		75		3,702
FUCHS PETROLUB SE (Preference)		111		6,204
Givaudan SA (Registered)		17		41,995
Israel Chemicals Ltd.		723		4,414
Johnson Matthey plc		333		15,468
Koninklijke DSM NV		247		26,176
Kuraray Co. Ltd.		1,400		21,052
Linde AG		291		68,850
Lintec Corp.		200		5,124
Mitsubishi Gas Chemical Co., Inc.		700		14,908
Nippon Kayaku Co. Ltd.		800		9,515
NOF Corp.		200		6,753
Nutrien Ltd.		705		40,677
Solvay SA		90		12,074
				671,099
Commercial Services & Supplies - 1.0%
Babcock International Group plc		356		3,357
Brambles Ltd.		3,414		26,925
Dai Nippon Printing Co. Ltd.		600		13,956
Edenred		355		13,537
G4S plc		2,511		7,924
ISS A/S		254		8,941
Secom Co. Ltd.		600		48,925
Securitas AB, Class B		319		5,551
Societe BIC SA		75		6,869
				135,985
Construction & Engineering - 1.1%
ACS Actividades de Construccion y Servicios SA		401		17,084
Bouygues SA		228		9,860
COMSYS Holdings Corp.		400		11,850
Ferrovial SA		802		16,646
Skanska AB, Class B		602		11,816
Taisei Corp.		500		22,802
Vinci SA		551		52,492
				142,550
Construction Materials - 0.2%
CSR Ltd.		1,636		4,463

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
HeidelbergCement AG		210		16,420
				20,883
Containers & Packaging - 0.3%
Amcor Ltd.		1,991		19,707
Huhtamaki OYJ		128		4,105
Orora Ltd.		2,449		5,883
RPC Group plc		705		7,309
				37,004
Distributors - 0.0%(b)
Inchcape plc		445		3,882

Diversified Consumer Services - 0.0%(b)
Benesse Holdings, Inc.		200		5,696

Diversified Financial Services - 1.1%
Corp. Financiera Alba SA		89		4,957
Industrivarden AB, Class A		888		20,290
Industrivarden AB, Class C		736		16,345
Investor AB, Class A		380		17,510
Investor AB, Class B		1,284		59,297
Kinnevik AB, Class B		597		18,065
Sofina SA		25		4,988
				141,452
Diversified Telecommunication Services - 3.7%
BCE, Inc.		609		24,655
Bezeq The Israeli Telecommunication Corp. Ltd.		6,855		7,886
BT Group plc		11,028		32,400
Deutsche Telekom AG (Registered)*		3,564		57,478
Elisa OYJ		415		17,608
Koninklijke KPN NV		4,287		11,313
Nippon Telegraph & Telephone Corp.		1,400		63,255
Orange SA		1,976		31,524
Proximus SADP		455		10,876
Singapore Telecommunications Ltd.		20,100		47,663
Spark New Zealand Ltd.		5,564		14,939
Swisscom AG (Registered)		55		25,079
Telefonica Deutschland Holding AG		1,652		6,986
Telefonica SA		7,200		57,018
Telenor ASA		1,432		27,978
Telia Co. AB		5,463		25,075
Telstra Corp. Ltd.		7,541		17,406
TELUS Corp.		436		16,059
				495,198
Electric Utilities - 2.8%
AusNet Services		3,938		4,630
Chugoku Electric Power Co., Inc. (The)		900		11,568
CK Infrastructure Holdings Ltd.		1,000		7,923
CLP Holdings Ltd.		2,500		29,282
Contact Energy Ltd.		2,436		9,415
EDP - Energias de Portugal SA		3,631		13,403
Endesa SA		1,025		22,156
Enel SpA		15,142		77,596
Fortis, Inc.		806		26,114
Fortum OYJ		775		19,435
Hydro One Ltd.(a)		705		10,712
Mercury NZ Ltd.		1,871		4,174
Orsted A/S(a)		176		11,960
Power Assets Holdings Ltd.		4,000		27,860
Red Electrica Corp. SA		1,080		22,630
SSE plc		2,860		42,741
Terna Rete Elettrica Nazionale SpA		3,428		18,319
Tohoku Electric Power Co., Inc.		1,000		13,576
				373,494
Electrical Equipment - 1.7%
ABB Ltd. (Registered)		3,198		75,923
Legrand SA		280		20,417
Mitsubishi Electric Corp.		3,900		53,443
Schneider Electric SE		926		74,536
Signify NV(a)		125		3,238
				227,557
Electronic Equipment, Instruments & Components - 0.5%
Hirose Electric Co. Ltd.		105		11,481
Kyocera Corp.		600		36,026
Venture Corp. Ltd.		1,100		14,193
				61,700
Equity Real Estate Investment Trusts (REITs) - 5.9%
Ascendas REIT		8,100		15,650
British Land Co. plc (The)		1,857		14,937
CapitaLand Commercial Trust		17,000		22,147
CapitaLand Mall Trust		9,600		15,598
Champion REIT		8,000		5,603
Covivio		100		10,424
Derwent London plc		175		6,520
Dexus		5,397		41,237
Gecina SA		316		52,779
Goodman Group		5,721		42,884
GPT Group (The)		10,832		40,833
Hammerson plc		1,269		7,558
Kiwi Property Group Ltd.		4,885		4,502
Klepierre SA		684		24,255
Link REIT		10,500		103,391
Merlin Properties Socimi SA		879		11,930
Mirvac Group		18,827		32,830
RioCan REIT		1,556		29,709
Scentre Group		31,538		90,593
Segro plc		4,839		40,247
Shopping Centres Australasia Property Group		4,542		7,887
Stockland		10,935		32,835
Unibail-Rodamco-Westfield		497		99,994

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Vicinity Centres		16,765		31,781
				786,124
Food & Staples Retailing - 3.0%
Colruyt SA		147		8,324
ICA Gruppen AB		202		6,405
Jeronimo Martins SGPS SA		564		8,310
Kesko OYJ, Class B		185		10,054
Koninklijke Ahold Delhaize NV		2,837		65,080
Lawson, Inc.		100		6,092
Loblaw Cos. Ltd.		201		10,319
Metro, Inc.		336		10,444
Seven & i Holdings Co. Ltd.		1,900		84,641
Wesfarmers Ltd.		3,690		133,095
Woolworths Group Ltd.		3,111		63,207
				405,971
Food Products - 3.7%
Associated British Foods plc		438		13,080
Marine Harvest ASA		829		19,195
Nestle SA (Registered)		4,865		407,508
Orkla ASA		2,877		24,293
Saputo, Inc.		335		9,957
Tate & Lyle plc		813		7,239
Wilmar International Ltd.		6,800		16,025
				497,297
Gas Utilities - 0.7%
Hong Kong & China Gas Co. Ltd.		8,080		16,047
Italgas SpA		827		4,490
Naturgy Energy Group SA		695		18,978
Osaka Gas Co. Ltd.		1,100		21,460
Rubis SCA		107		5,794
Tokyo Gas Co. Ltd.		1,100		27,044
				93,813
Health Care Equipment & Supplies - 0.8%
Cochlear Ltd.		75		10,888
Coloplast A/S, Class B		214		21,892
Fisher & Paykel Healthcare Corp. Ltd.		1,296		12,931
Koninklijke Philips NV		880		40,103
Smith & Nephew plc		1,108		20,221
				106,035
Health Care Providers & Services - 0.2%
Miraca Holdings, Inc.		200		5,203
Ramsay Health Care Ltd.		130		5,167
Sonic Healthcare Ltd.		796		14,347
				24,717
Hotels, Restaurants & Leisure - 1.4%
Carnival plc		250		15,531
Compass Group plc		3,257		72,459
Crown Resorts Ltd.		996		9,866
Flight Centre Travel Group Ltd.		91		3,500
GVC Holdings plc		734		8,792
InterContinental Hotels Group plc		123		7,667
SKYCITY Entertainment Group Ltd.		1,835		4,878
Sodexo SA		124		13,155
TUI AG		966		18,556
Whitbread plc		325		19,991
William Hill plc		1,969		6,473
				180,868
Household Durables - 0.3%
Barratt Developments plc		1,026		7,586
Bellway plc		170		6,682
Persimmon plc		526		16,222
Taylor Wimpey plc		4,471		10,017
				40,507
Household Products - 0.2%
Henkel AG & Co. KGaA		107		11,365
Henkel AG & Co. KGaA (Preference)		153		17,958
				29,323
Independent Power and Renewable Electricity Producers - 0.1%
Meridian Energy Ltd.		2,413		5,255
Uniper SE		320		9,853
				15,108
Industrial Conglomerates - 0.4%
CK Hutchison Holdings Ltd.		2,000		23,055
Hopewell Holdings Ltd.		2,000		6,581
Investment AB Latour, Class B		245		3,055
NWS Holdings Ltd.		4,000		7,913
Smiths Group plc		545		10,629
				51,233
Insurance - 1.6%
Admiral Group plc		1,042		28,263
Direct Line Insurance Group plc		4,779		20,186
Gjensidige Forsikring ASA		284		4,785
Insurance Australia Group Ltd.		5,780		30,613
Intact Financial Corp.		249		20,689
Medibank Pvt Ltd.		9,973		20,998
Sampo OYJ, Class A		1,549		80,243
Tryg A/S		269		6,700
				212,477
IT Services - 0.4%
Amadeus IT Group SA		386		35,876
Computershare Ltd.		1,016		14,666
				50,542
Leisure Products - 0.1%
Sankyo Co. Ltd.		300		11,740

Machinery - 2.5%
ANDRITZ AG		124		7,237
Atlas Copco AB, Class A		1,564		45,057
Atlas Copco AB, Class B		769		20,506
FANUC Corp.		500		94,291
GEA Group AG		293		10,441
IMI plc		488		6,981

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Kone OYJ, Class B		910		48,642
MAN SE		36		3,916
Nabtesco Corp.		300		7,976
Sandvik AB		1,280		22,705
Schindler Holding AG		57		14,273
Schindler Holding AG (Registered)		28		6,788
Trelleborg AB, Class B		320		6,522
Volvo AB, Class B		1,218		21,516
Wartsila OYJ Abp		490		9,556
Zardoya Otis SA		751		7,004
				333,411
Marine - 0.2%
Kuehne + Nagel International AG (Registered)		152		24,197

Media - 1.1%
Axel Springer SE		49		3,298
Informa plc		1,793		17,822
ITV plc		5,823		11,986
Lagardere SCA		123		3,787
Mediaset Espana Comunicacion SA		356		2,601
ProSiebenSat.1 Media SE		444		11,536
Publicis Groupe SA		275		16,443
RTL Group SA		147		10,492
SES SA, FDR		337		7,398
Shaw Communications, Inc., Class B		1,344		26,171
Singapore Press Holdings Ltd.		3,500		7,352
WPP plc		1,498		21,967
				140,853
Metals & Mining - 2.6%
Alumina Ltd.		4,203		8,424
BHP Billiton Ltd.		4,653		116,588
Boliden AB		639		17,812
Maruichi Steel Tube Ltd.		500		16,310
Norsk Hydro ASA		1,966		11,796
Rio Tinto Ltd.		975		55,562
Rio Tinto plc		2,306		116,677
				343,169
Multiline Retail - 0.3%
Canadian Tire Corp. Ltd., Class A		64		7,493
Harvey Norman Holdings Ltd.		1,809		4,607
Marks & Spencer Group plc		2,446		9,212
Next plc		192		13,756
				35,068
Multi-Utilities - 1.7%
A2A SpA		3,312		5,751
AGL Energy Ltd.		1,958		27,626
Canadian Utilities Ltd., Class A		275		6,757
Centrica plc		14,305		28,896
Engie SA		3,017		44,381
Innogy SE(a)		141		6,303
National Grid plc		9,027		93,161
Veolia Environnement SA		737		14,715
				227,590
Oil, Gas & Consumable Fuels - 13.2%
BP plc		43,286		332,643
Caltex Australia Ltd.		616		13,327
Enagas SA		470		12,692
Eni SpA		5,265		99,569
Equinor ASA		1,464		41,259
Galp Energia SGPS SA		710		14,093
Imperial Oil Ltd.		336		10,866
Inter Pipeline Ltd.		530		9,185
JXTG Holdings, Inc.		4,900		37,027
Repsol SA		1,753		34,950
Royal Dutch Shell plc, Class A		9,930		341,406
Royal Dutch Shell plc, Class B		7,936		278,283
Snam SpA		3,052		12,723
Suncor Energy, Inc.		2,519		97,400
TOTAL SA		5,117		331,879
TransCanada Corp.		825		33,355
Woodside Petroleum Ltd.		1,880		52,479
				1,753,136
Paper & Forest Products - 0.4%
Mondi plc		597		16,380
UPM-Kymmene OYJ		891		34,980
				51,360
Personal Products - 2.2%
L’Oreal SA		374		90,225
Unilever NV, CVA		1,905		106,130
Unilever plc		1,657		91,100
				287,455
Pharmaceuticals - 12.7%
Astellas Pharma, Inc.		4,600		80,268
Bayer AG (Registered)		1,092		97,042
GlaxoSmithKline plc		10,916		218,764
Mitsubishi Tanabe Pharma Corp.		900		15,055
Novartis AG (Registered)		4,281		369,898
Novo Nordisk A/S, Class B		2,678		126,134
Orion OYJ, Class B		184		6,971
Recordati SpA		209		7,079
Roche Holding AG		2,061		501,641
Roche Holding AG - BR		81		19,802
Sanofi		2,765		245,876
				1,688,530
Professional Services - 1.4%
Adecco Group AG (Registered)		215		11,344
Bureau Veritas SA		555		14,330
DKSH Holding AG		49		3,351
Experian plc		1,551		39,855
Intertek Group plc		157		10,221
RELX plc		3,759		79,215
SGS SA (Registered)		13		34,390
				192,706

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Real Estate Management & Development - 3.7%
Alony Hetz Properties & Investments Ltd.		575		6,047
Aroundtown SA		3,922		34,894
CK Asset Holdings Ltd.		4,500		33,786
Daito Trust Construction Co. Ltd.		500		64,335
Deutsche Wohnen SE		867		41,610
Hang Lung Properties Ltd.		2,000		3,911
Henderson Land Development Co. Ltd.		4,980		25,043
Hongkong Land Holdings Ltd.		4,300		28,466
Kerry Properties Ltd.		1,500		5,090
LEG Immobilien AG		255		30,285
LendLease Group		945		13,443
PSP Swiss Property AG (Registered)		72		7,006
Sino Land Co. Ltd.		4,000		6,860
Sun Hung Kai Properties Ltd.		4,327		63,040
Swire Pacific Ltd., Class A		500		5,479
Swire Properties Ltd.		3,000		11,368
Vonovia SE		1,754		85,728
Wharf Holdings Ltd. (The)		3,000		8,166
Wharf Real Estate Investment Co. Ltd.		3,000		19,361
				493,918
Road & Rail - 1.2%
Aurizon Holdings Ltd.		4,274		12,710
Canadian National Railway Co.		1,064		95,403
ComfortDelGro Corp. Ltd.		8,200		14,583
Kyushu Railway Co.		800		24,369
MTR Corp. Ltd.		1,500		7,898
				154,963
Software - 0.7%
OneMarket Ltd.*		461		360
SAP SE		786		96,772
				97,132
Specialty Retail - 1.3%
ABC-Mart, Inc.		100		5,564
Aoyama Trading Co. Ltd.		200		6,145
Autobacs Seven Co. Ltd.		400		6,867
Fielmann AG		98		5,902
Hennes & Mauritz AB, Class B		2,482		45,838
Industria de Diseno Textil SA		2,035		61,715
Kingfisher plc		5,116		17,212
Shimachu Co. Ltd.		300		9,693
USS Co. Ltd.		600		11,141
				170,077
Technology Hardware, Storage & Peripherals - 3.5%
Canon, Inc.		5,000		158,912
Samsung Electronics Co. Ltd., GDR(a)		288		301,536
				460,448
Textiles, Apparel & Luxury Goods - 0.3%
Burberry Group plc		341		8,961
HUGO BOSS AG		124		9,552
Luxottica Group SpA		234		15,905
Yue Yuen Industrial Holdings Ltd.		2,000		5,559
				39,977
Tobacco - 0.8%
Imperial Brands plc		949		33,055
Japan Tobacco, Inc.		2,400		62,670
Swedish Match AB		264		13,507
				109,232
Trading Companies & Distributors - 1.5%
Brenntag AG		178		10,991
Howden Joinery Group plc		1,071		6,549
Mitsubishi Corp.		2,400		73,974
Mitsui & Co. Ltd.		3,200		56,923
Sumitomo Corp.		2,300		38,362
Travis Perkins plc		513		7,128
				193,927
Transportation Infrastructure - 0.7%
Aena SME SA(a)		112		19,448
Atlantia SpA		738		15,318
Atlas Arteria Ltd.		1,070		5,404
Hutchison Port Holdings Trust		14,700		3,675
SATS Ltd.		2,500		9,551
Sydney Airport		2,056		10,250
Transurban Group		3,429		27,837
				91,483
Water Utilities - 0.2%
Severn Trent plc		353		8,512
United Utilities Group plc		1,476		13,550
				22,062
Wireless Telecommunication Services - 3.2%
KDDI Corp.		4,700		129,888
M1 Ltd.		1,300		2,008
NTT DOCOMO, Inc.		5,100		137,170
Rogers Communications, Inc., Class B		644		33,097
StarHub Ltd.		2,500		3,421
Tele2 AB, Class B		717		8,627
Vodafone Group plc		52,850		113,372
				427,583
TOTAL COMMON STOCKS (Cost $13,424,427)				13,219,869

Total Investments - 99.5% (Cost $13,424,427)				13,219,869
Other Assets Less Liabilities - 0.5%				69,951
Net Assets - 100.0%				13,289,820

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Russell International Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

*	Non-income producing security.
(a)	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.
(b)	Represents less than 0.05% of net assets.

Abbreviations
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 September 30, 2018:

Australia	9.2	%
Austria	0.1	%
Belgium	1.0	%
Canada	4.7	%
Denmark	1.4	%
Finland	1.8	%
France	10.8	%
Germany	7.5	%
Hong Kong	3.4	%
Israel	0.1	%
Italy	1.9	%
Japan	13.1	%
Luxembourg	0.1	%
Netherlands	5.8	%
New Zealand	0.4	%
Norway	1.0	%
Portugal	0.3	%
Singapore	1.6	%
South Korea	2.3	%
Spain	2.6	%
Sweden	3.0	%
Switzerland	12.3	%
United Kingdom	15.0	%
United States	0.1	%
Other⁽¹⁾	0.5	%
	100.0	%

(1)	Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Asia Pacific Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 99.1%

Aerospace & Defense - 0.3%
Singapore Technologies Engineering Ltd.		12,180		31,735

Air Freight & Logistics - 0.1%
Hyundai Glovis Co. Ltd.		35		4,102
Kerry Logistics Network Ltd.		1,162		1,939
Singapore Post Ltd.		7,371		6,096
				12,137
Airlines - 0.8%
Air New Zealand Ltd.		2,401		4,918
ANA Holdings, Inc.		378		13,212
Japan Airlines Co. Ltd.		896		32,216
Singapore Airlines Ltd.		3,542		25,249
				75,595
Auto Components - 3.3%
Aisin Seiki Co. Ltd.		644		31,354
Bridgestone Corp.		5,033		190,225
Denso Corp.		1,848		97,602
NHK Spring Co. Ltd.		532		5,531
Tokai Rika Co. Ltd.		168		3,550
				328,262
Automobiles - 0.9%
Subaru Corp.		2,926		89,646

Beverages - 0.2%
Coca-Cola Amatil Ltd.		3,213		22,690
Hite Jinro Co. Ltd.		140		2,126
				24,816
Building Products - 0.2%
Aica Kogyo Co. Ltd.		259		10,466
Sanwa Holdings Corp.		616		7,338
				17,804
Capital Markets - 1.0%
ASX Ltd.		448		20,635
IOOF Holdings Ltd.		679		3,999
Magellan Financial Group Ltd.		623		12,482
Perpetual Ltd.		378		11,643
Platinum Asset Management Ltd.		1,134		4,398
Singapore Exchange Ltd.		9,030		48,707
				101,864
Chemicals - 4.0%
Air Water, Inc.		385		7,067
Asahi Kasei Corp.		5,320		80,700
Daicel Corp.		1,141		13,260
Denka Co. Ltd.		322		11,226
DuluxGroup Ltd.		2,037		11,305
JSR Corp.		616		11,503
Kuraray Co. Ltd.		2,436		36,631
Lintec Corp.		280		7,174
Mitsubishi Gas Chemical Co., Inc.		910		19,380
Nippon Kayaku Co. Ltd.		784		9,325
Nippon Shokubai Co. Ltd.		98		7,618
Nissan Chemical Corp.		350		18,488
NOF Corp.		280		9,454
Shin-Etsu Chemical Co. Ltd.		1,309		115,993
Sumitomo Chemical Co. Ltd.		3,990		23,360
Teijin Ltd.		581		11,146
Ube Industries Ltd.		406		11,045
				404,675
Commercial Services & Supplies - 1.6%
Brambles Ltd.		6,370		50,238
Dai Nippon Printing Co. Ltd.		1,071		24,912
Downer EDI Ltd.		1,561		8,911
KEPCO Plant Service & Engineering Co. Ltd.		56		1,716
S-1 Corp.		105		8,652
Secom Co. Ltd.		854		69,637
Toppan Forms Co. Ltd.		154		1,481
				165,547
Communications Equipment - 0.1%
VTech Holdings Ltd.		840		9,704

Construction & Engineering - 1.2%
CIMIC Group Ltd.		287		10,665
COMSYS Holdings Corp.		343		10,162
Kajima Corp.		1,285		18,671
Kinden Corp.		448		7,174
Kyowa Exeo Corp.		294		8,606
Maeda Road Construction Co. Ltd.		294		5,982
Nippo Corp.		217		3,983
Obayashi Corp.		1,792		16,976
Taisei Corp.		924		42,139
				124,358
Construction Materials - 0.7%
Adelaide Brighton Ltd.		2,387		10,673
Boral Ltd.		4,529		22,644
CSR Ltd.		2,415		6,588
James Hardie Industries plc, CHDI		1,442		21,869
Sumitomo Osaka Cement Co. Ltd.		113		4,673
				66,447
Containers & Packaging - 0.6%
Amcor Ltd.		4,690		46,422
Orora Ltd.		4,949		11,889
				58,311
Distributors - 0.1%
Canon Marketing Japan, Inc.		112		2,378
Jardine Cycle & Carriage Ltd.		343		8,031
				10,409
Diversified Consumer Services - 0.1%
Benesse Holdings, Inc.		280		7,975

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Asia Pacific Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Diversified Telecommunication Services - 3.4%
LG Uplus Corp.		616		10,163
Nippon Telegraph & Telephone Corp.		2,555		115,440
PCCW Ltd.		8,512		4,960
Singapore Telecommunications Ltd.		53,032		125,754
Spark New Zealand Ltd.		15,211		40,841
Telstra Corp. Ltd.		18,662		43,074
				340,232
Electric Utilities - 3.5%
AusNet Services		7,700		9,053
Chubu Electric Power Co., Inc.		2,310		34,949
Chugoku Electric Power Co., Inc. (The)		1,414		18,175
CK Infrastructure Holdings Ltd.		3,388		26,845
CLP Holdings Ltd.		9,121		106,831
Contact Energy Ltd.		4,816		18,614
Korea Electric Power Corp.		686		18,151
Mercury NZ Ltd.		4,522		10,088
Power Assets Holdings Ltd.		12,649		88,100
Tohoku Electric Power Co., Inc.		1,624		22,047
				352,853
Electrical Equipment - 1.0%
Johnson Electric Holdings Ltd.		651		1,839
Mabuchi Motor Co. Ltd.		119		4,803
Mitsubishi Electric Corp.		7,154		98,034
				104,676
Electronic Equipment, Instruments & Components - 1.8%
Azbil Corp.		518		11,273
Hirose Electric Co. Ltd.		126		13,778
Hitachi Ltd.		2,076		70,556
Kyocera Corp.		1,036		62,205
Venture Corp. Ltd.		1,771		22,851
				180,663
Entertainment - 0.2%
Daiichikosho Co. Ltd.		203		9,794
Koei Tecmo Holdings Co. Ltd.		126		2,167
Toho Co. Ltd.		378		11,864
				23,825
Equity Real Estate Investment Trusts (REITs) - 8.3%
Ascendas REIT		14,672		28,349
CapitaLand Commercial Trust		21,994		28,652
CapitaLand Mall Trust		21,322		34,643
Champion REIT		19,418		13,599
Dexus		9,387		71,723
Goodman Group		10,066		75,454
GPT Group (The)		17,220		64,914
Kiwi Property Group Ltd.		7,112		6,554
Link REIT		20,447		201,337
Mirvac Group		32,704		57,028
Scentre Group		49,966		143,527
Shopping Centres Australasia Property Group		5,866		10,186
Stockland		15,666		47,041
Vicinity Centres		26,964		51,116
				834,123
Food & Staples Retailing - 7.1%
Dairy Farm International Holdings Ltd.		1,106		9,954
Dongsuh Cos., Inc.		161		3,048
Lawson, Inc.		329		20,044
Seven & i Holdings Co. Ltd.		3,808		169,639
Sugi Holdings Co. Ltd.		105		5,158
Sundrug Co. Ltd.		175		6,248
Wesfarmers Ltd.		9,198		331,762
Woolworths Group Ltd.		8,106		164,692
				710,545
Food Products - 0.5%
Golden Agri-Resources Ltd.		23,380		4,278
NongShim Co. Ltd.		14		3,073
Toyo Suisan Kaisha Ltd.		308		11,945
Want Want China Holdings Ltd.		18,543		15,617
Wilmar International Ltd.		6,797		16,018
				50,931
Gas Utilities - 1.8%
APA Group		4,004		28,913
Hong Kong & China Gas Co. Ltd.		28,266		56,135
Osaka Gas Co. Ltd.		1,953		38,102
Toho Gas Co. Ltd.		224		8,510
Tokyo Gas Co. Ltd.		2,009		49,392
				181,052
Health Care Equipment & Supplies - 0.4%
Cochlear Ltd.		126		18,292
Fisher & Paykel Healthcare Corp. Ltd.		1,848		18,438
				36,730
Health Care Providers & Services - 0.6%
Healthscope Ltd.		2,856		4,340
Miraca Holdings, Inc.		427		11,109
Ramsay Health Care Ltd.		315		12,519
Ryman Healthcare Ltd.		945		8,771
Sonic Healthcare Ltd.		1,281		23,088
				59,827
Hotels, Restaurants & Leisure - 1.4%
Aristocrat Leisure Ltd.		1,183		24,343
Cafe de Coral Holdings Ltd.		3,143		7,190
Crown Resorts Ltd.		1,897		18,791
Flight Centre Travel Group Ltd.		147		5,654
Genting Singapore Ltd.		30,905		23,976
Kangwon Land, Inc.		812		21,009
Sands China Ltd.		5,005		22,675
SKYCITY Entertainment Group Ltd.		4,522		12,021
Star Entertainment Grp Ltd. (The)		1,722		6,467
				142,126

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Asia Pacific Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Household Durables - 1.1%
Coway Co. Ltd.		448		35,057
Nikon Corp.		1,120		21,052
Sekisui Chemical Co. Ltd.		1,435		26,480
Sekisui House Ltd.		2,044		31,177
				113,766
Independent Power and Renewable Electricity Producers - 0.3%
Electric Power Development Co. Ltd.		532		14,730
Meridian Energy Ltd.		8,379		18,248
				32,978
Industrial Conglomerates - 1.9%
CK Hutchison Holdings Ltd.		7,287		84,000
Hanwha Corp. (Preference)		119		1,588
Hopewell Holdings Ltd.		2,044		6,726
Jardine Matheson Holdings Ltd.		490		30,748
Keppel Corp. Ltd.		4,543		23,141
LG Corp.		343		22,449
NWS Holdings Ltd.		9,954		19,692
				188,344
Insurance - 0.9%
Insurance Australia Group Ltd.		8,211		43,488
Medibank Pvt Ltd.		20,342		42,831
				86,319
Interactive Media & Services - 0.1%
REA Group Ltd.		105		6,528

IT Services - 0.5%
Computershare Ltd.		1,862		26,878
Nomura Research Institute Ltd.		238		12,027
Otsuka Corp.		231		8,623
SCSK Corp.		105		4,964
				52,492
Leisure Products - 0.4%
Bandai Namco Holdings, Inc.		651		25,304
Sankyo Co. Ltd.		469		18,354
				43,658
Machinery - 3.3%
Amada Holdings Co. Ltd.		1,267		13,531
FANUC Corp.		847		159,728
Glory Ltd.		140		3,423
Hitachi Construction Machinery Co. Ltd.		252		8,431
Komatsu Ltd.		2,737		83,277
Kurita Water Industries Ltd.		364		10,607
Mitsubishi Heavy Industries Ltd.		700		27,036
Nabtesco Corp.		413		10,981
OSG Corp.		252		5,740
Sumitomo Heavy Industries Ltd.		266		9,496
				332,250
Media - 0.5%
Cheil Worldwide, Inc.		336		6,558
Fairfax Media Ltd.		5,005		2,988
Hakuhodo DY Holdings, Inc.		623		10,931
Nippon Television Holdings, Inc.		210		3,639
Singapore Press Holdings Ltd.		8,722		18,320
Television Broadcasts Ltd.		1,288		3,662
TV Asahi Holdings Corp.		77		1,480
				47,578
Metals & Mining - 5.7%
Alumina Ltd.		9,128		18,295
BHP Billiton Ltd.		13,188		330,445
Korea Zinc Co. Ltd.		49		19,260
Maruichi Steel Tube Ltd.		357		11,645
Nippon Steel & Sumitomo Metal Corp.		2,534		53,620
Rio Tinto Ltd.		2,415		137,623
				570,888
Multiline Retail - 0.1%
Harvey Norman Holdings Ltd.		2,450		6,240
Lifestyle International Holdings Ltd.		2,107		4,136
				10,376
Multi-Utilities - 0.7%
AGL Energy Ltd.		4,739		66,864

Oil, Gas & Consumable Fuels - 3.8%
Caltex Australia Ltd.		1,561		33,771
GS Holdings Corp.		203		10,084
JXTG Holdings, Inc.		14,322		108,223
SK Innovation Co. Ltd.		273		52,914
S-Oil Corp.		231		28,530
Woodside Petroleum Ltd.		5,243		146,356
				379,878
Personal Products - 0.1%
Noevir Holdings Co. Ltd.		91		4,959
Pola Orbis Holdings, Inc.		238		8,696
				13,655
Pharmaceuticals - 2.3%
Astellas Pharma, Inc.		7,490		130,697
KYORIN Holdings, Inc.		133		2,747
Mitsubishi Tanabe Pharma Corp.		1,253		20,960
Mochida Pharmaceutical Co. Ltd.		35		2,893
Takeda Pharmaceutical Co. Ltd.		1,680		71,897
				229,194
Professional Services - 0.1%
SEEK Ltd.		714		10,725

Real Estate Management & Development - 7.0%
CapitaLand Ltd.		5,698		14,054
CK Asset Holdings Ltd.		12,110		90,923
Daikyo, Inc.		112		2,280
Daito Trust Construction Co. Ltd.		805		103,579
Frasers Property Ltd.		840		1,039
Hang Lung Properties Ltd.		8,393		16,411

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Asia Pacific Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

Investments	Shares		Value ($)
Henderson Land Development Co. Ltd.		9,842		49,494
Hongkong Land Holdings Ltd.		10,010		66,266
Hysan Development Co. Ltd.		2,730		13,798
Kerry Properties Ltd.		3,024		10,260
LendLease Group		2,429		34,552
Sino Land Co. Ltd.		14,091		24,167
Sun Hung Kai Properties Ltd.		10,129		147,568
Swire Pacific Ltd., Class A		1,554		17,030
Swire Pacific Ltd., Class B		3,367		5,955
Swire Properties Ltd.		8,008		30,344
UOL Group Ltd.		2,646		13,343
Wharf Holdings Ltd. (The)		6,251		17,016
Wharf Real Estate Investment Co. Ltd.		4,998		32,256
Wheelock & Co. Ltd.		1,869		11,214
Wing Tai Holdings Ltd.		854		1,219
				702,768
Road & Rail - 1.8%
Aurizon Holdings Ltd.		9,261		27,540
ComfortDelGro Corp. Ltd.		19,831		35,269
Kyushu Railway Co.		1,253		38,168
MTR Corp. Ltd.		6,027		31,734
West Japan Railway Co.		644		44,910
				177,621
Semiconductors & Semiconductor Equipment - 0.7%
Disco Corp.		63		10,549
Tokyo Electron Ltd.		427		58,683
				69,232
Software - 0.3%
Oracle Corp. Japan		84		6,774
Trend Micro, Inc.		287		18,471
				25,245
Specialty Retail - 0.8%
ABC-Mart, Inc.		147		8,179
Aoyama Trading Co. Ltd.		266		8,173
Autobacs Seven Co. Ltd.		588		10,095
Chow Tai Fook Jewellery Group Ltd.		2,128		2,189
K’s Holdings Corp.		651		7,881
L’Occitane International SA		1,295		2,327
Shimachu Co. Ltd.		252		8,142
Shimamura Co. Ltd.		77		7,308
USS Co. Ltd.		994		18,456
Yamada Denki Co. Ltd.		1,995		10,099
				82,849
Technology Hardware, Storage & Peripherals - 7.8%
Canon, Inc.		8,925		283,658
Samsung Electronics Co. Ltd.		10,717		448,776
Samsung Electronics Co. Ltd. (Preference)		1,449		49,443
				781,877
Textiles, Apparel & Luxury Goods - 0.3%
Samsonite International SA*(a)		2,940		10,896
Wacoal Holdings Corp.		315		9,041
Yue Yuen Industrial Holdings Ltd.		3,906		10,857
				30,794
Tobacco - 2.4%
Japan Tobacco, Inc.		5,159		134,715
KT&G Corp.		1,141		106,977
				241,692
Trading Companies & Distributors - 4.5%
BOC Aviation Ltd.(a)		679		5,267
ITOCHU Corp.		4,060		74,348
Marubeni Corp.		5,075		46,468
Mitsubishi Corp.		4,291		132,260
Mitsui & Co. Ltd.		5,656		100,612
Sumitomo Corp.		4,172		69,585
Toyota Tsusho Corp.		511		19,300
				447,840
Transportation Infrastructure - 1.4%
Atlas Arteria Ltd.		1,617		8,166
Auckland International Airport Ltd.		1,897		9,181
Hutchison Port Holdings Trust		27,762		6,940
Kamigumi Co. Ltd.		385		8,487
SATS Ltd.		5,236		20,004
SIA Engineering Co. Ltd.		2,268		4,897
Sydney Airport		4,816		24,009
Transurban Group		7,840		63,647
				145,331
Wireless Telecommunication Services - 5.1%
KDDI Corp.		8,652		239,104
M1 Ltd.		2,254		3,481
NTT DOCOMO, Inc.		8,960		240,990
SK Telecom Co. Ltd.		91		23,134
StarHub Ltd.		3,703		5,068
				511,777
TOTAL COMMON STOCKS (Cost $9,355,131)				9,949,387

Investments	Number of Rights		Value ($)

RIGHTS - 0.0%(b)

Multiline Retail - 0.0%(b)
Harvey Norman Holdings Ltd., expiring 10/15/2018, price 2.50 AUD* (Cost $103)		347		201

Total Investments - 99.1% (Cost $9,355,234)				9,949,588
Other Assets Less Liabilities - 0.9%				94,401
Net Assets - 100.0%				10,043,989

See accompanying notes to schedule of investments.

OSI ETF Trust

O’Shares FTSE Asia Pacific Quality Dividend ETF

Schedule of Investments

September 30, 2018 (Unaudited)

*	Non-income producing security.
(a)	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.
(b)	Represents less than 0.05% of net assets.

Abbreviations
AUD	Australian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
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.

O’Shares FTSE Asia Pacific Quality Dividend ETF invested, as a percentage of net assets, in the following countries as of September 30, 2018:

Australia	24.9	%
China	0.2	%
Hong Kong	12.6	%
Ireland	0.2	%
Japan	45.2	%
Luxembourg	0.0	%^(a)
Macau	0.2	%
New Zealand	1.5	%
Singapore	5.5	%
South Korea	8.7	%
United States	0.1	%
Other⁽¹⁾	0.9	%
	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

September 30, 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 six operational exchange-traded funds (each a “Fund” and collectively, the “Funds”). The O’Shares FTSE U.S. Quality Dividend ETF, O’Shares FTSE Russell Small Cap Quality Dividend ETF, O’Shares FTSE Europe Quality Dividend ETF, O’Shares FTSE Russell International Quality Dividend ETF and O’Shares FTSE Asia Pacific Quality Dividend ETF are diversified series of the Trust, pursuant to the 1940 Act. The O’Shares Global Internet Giants ETF is a non-diversified series of the Trust, pursuant to the 1940 Act.

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 adopted amendments to Regulation S-X, which 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 first filing compliance date for Form N-PORT is no later than April 30, 2020, reflecting data as of March 31, 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 and instruments not traded on an exchange are generally 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.

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

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

September 30, 2018 (Unaudited)

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.

At September 30, 2018, there were no 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 Level 1 and 3 or Level 2 and 3 as of September 30, 2018, based on levels assigned to securities on June 30, 2018. Transfer between Level 1 and 2 are included in a summary of valuations below.

The following is a summary of the valuations as of September 30, 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 U.S. Quality Dividend ETF
Investments
Common Stocks*	$	403,225,806	$	—	$	—	$	403,225,806
Total Investments	$	403,225,806	$	—	$	—	$	403,225,806

	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*	$	146,074,136	$	—	$	—	$	146,074,136
Rights		—		—		—		—
Total Investments	$	146,074,136	$	—	$	—	$	146,074,136

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

September 30, 2018 (Unaudited)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
O’Shares Global Internet Giants ETF
Investments
Common Stocks*	$	57,790,134	$	—	$	—	$	57,790,134
Total Investments	$	57,790,134	$	—	$	—	$	57,790,134

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
O’Shares FTSE Europe Quality Dividend ETF
Investments
Common Stocks*	$	36,005,414	$	—	$	—	$	36,005,414
Total Investments	$	36,005,414	$	—	$	—	$	36,005,414

	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*	$	13,219,869	$	—	$	—	$	13,219,869
Total Investments	$	13,219,869	$	—	$	—	$	13,219,869

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
O’Shares FTSE Asia Pacific Quality Dividend ETF
Investments
Common Stocks*	$	9,949,387	$	—	$	—	$	9,949,387
Rights		201		—		—		201
Total Investments	$	9,949,588	$	—	$	—	$	9,949,588

* See Schedules of Investments for segregation by industry type.

Real Estate Investment Trusts (“REITs”)

Certain Funds 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

Some principal risks apply to all Funds while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other principal risks in addition to these identified principal risks. This section discusses certain principal risks encountered by the Funds.

Asia Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

September 30, 2018 (Unaudited)

Asia-Pacific region, including certain legal, regulatory, political and economic risks. The market for securities in this region may also be directly influenced by the flow of international capital, and by the economic and market conditions of neighboring countries. Many Asia-Pacific economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asia-Pacific economies are highly dependent on trade and economic conditions in other countries can impact these economies.

Authorized Participants Concentration Risk. Each Fund has a limited number of financial institutions that may purchase and redeem Fund shares directly from the Funds (“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.

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.

Europe Risk. Decreasing imports or exports, changes in governmental or European Union (the “E.U.”) regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an E.U. member country on its sovereign debt, and/or an economic recession in an E.U. member country may have a significant adverse effect on the securities of E.U. issuers. The European financial markets have recently experienced volatility and adversity due to concerns about economic downturns, or rising government debt levels, in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect every country in Europe. The risk of investing in Europe may be heightened due to the recent referendum in which the United Kingdom voted to withdraw from membership in the E.U. In addition, if one or more countries were to exit the E.U. or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably. Any such event could have a material adverse impact on the value and risk profile of the Funds’ portfolios.

Flash Crash Risk. Sharp price declines in securities owned by a Fund may trigger trading halts, which may result in the Fund’s shares trading in the market at an increasingly large discount to NAV during part (or all) of a trading day.

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. 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.

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

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

September 30, 2018 (Unaudited)

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. To the extent a Target Index is new it will have a limited performance history. The foregoing risks may be greater for a new index.

Internet Companies Risk. Companies involved with the internet, technology and e-commerce are exposed to risks associated with rapid advances in technology, obsolescence of current products and services, the finite life of patents and the constant threat of global competition and substitutes. In addition to these risks, these companies may be adversely impacted by market and economic cyclicality and changing industry standards.

Large Shareholder Risk. Certain shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund shares. In addition, a third party investor, the Adviser or an affiliate of the Adviser, an authorized participant, a lead market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the Exchange and may, therefore, have a material upward or downward effect on the market price of the Fund shares.

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.

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. A Fund’s Target Index, and thus the corresponding Fund, seeks to achieve specific factor exposures identified in the Fund’s principal investment strategies. 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 identified above.

Non-Diversification Risk. The O’Shares Global Internet Giants ETF is classified as “non-diversified” under the 1940 Act, which means that the Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

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

OSI ETF Trust

Notes to Quarterly Schedules of Investments (continued)

September 30, 2018 (Unaudited)

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 areas 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 its Target Index. As a result, an adverse development respecting a security held by a Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Target Index. Conversely, a positive development relating to a security in a Fund’s Target Index that is not held by the Fund could cause the Fund to underperform the Target Index. To the extent the assets in a Fund are smaller, these risks will be greater.

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.

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.

The Funds’ prospectuses contain additional information regarding the principal risks associated with an investment in a Fund.

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

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require disclosure in the Funds’ financial statements.

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
	November 26, 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
	November 26, 2018

By:	/s/ Joshua Hunter
	Joshua Hunter
	Principal Financial Officer and Treasurer
	November 26, 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:

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

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;

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;

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:

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;

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;

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

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

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):

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

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:	November 26, 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:

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

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:	November 26, 2018	By:	/s/ Joshua Hunter
			Joshua Hunter
			Principal Financial Officer and Treasurer

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Form N-Q OSI ETF Trust For: Sep 30

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