UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21993
Oppenheimer Revenue Weighted ETF Trust
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette
VTL Associates, LLC
225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: June 30
Date of reporting period: June 30, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
| Annual Report | 6/30/16 |
Oppenheimer
Revenue Weighted
ETF Trust
Would you prefer to receive materials like this electronically? See inside front cover for details.
Receive investor materials electronically:
Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,
| 1. | Go to www.icsdelivery.com |
| 2. | Select the first letter of your brokerage firm’s name. |
| 3. | From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm. |
| 4. | Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents. |
Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.
TABLE OF CONTENTS
1
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
(UNAUDITED)
| Market Overview | June 30, 2016 |
One year trailing 6/30/16 the S&P 500 Index, which is a broad based index that represents 500 of the largest publicly traded securities in the U.S., returned a mere 3.99%. The primary driver for the S&P 500 index has been the information technology sector. The S&P 500 information technology sector has skyrocketed to a price to sales multiple, which is a ratio of the stock’s traded price divided by its 12 month trailing reported revenue figure, of 3.65. This has not been seen since just prior to the tech bubble burst, which was a phenomenon that occurred in the late 1990s where the information technology sector began to appreciate well beyond the suggested fundamentals of the companies that compromised the sector. After the turn of the century, and the hype from Y2K wore down, investors began realizing the information technology companies were not meeting their expected growth trajectory as those securities were trading so far and above their current sales and earnings; it made it nearly impossible to grow out of that overvaluation. The current trading environment around many of these technology companies has been predicated on the augmentation of product designs to enhance client demand, and subsequently drive sales. Given that U.S. year-over-year GDP is currently 1.2%, as well as the overall global economy looking bleak, it’s hard to expect information technology, or any sector for that matter, to sustain that kind of valuation. Looking back, after the tech bubble burst circa Q2 of 2000, the S&P 500 Value Index outperformed both the S&P 500 Growth Index and the S&P 500 broad-based index over the next five calendar years.
2
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer Large Cap Revenue ETF (Ticker: RWL) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500 Index (“S&P 500”) by attempting to replicate the RevenueShares Large Cap Index™, a custom index that is constructed by re-weighting the constituent securities of the S&P 500 according to revenue earned, subject to certain asset diversification requirements. The RevenueShares Large Cap Index™ generally contains the same securities as the S&P 500, but in different proportions. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by S&P Dow Jones Indices LLC. An investor cannot invest directly in an index. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The Oppenheimer Large Cap Revenue ETF (+1.55%) underperformed the S&P 500 (+3.99%) for the fiscal year ended 6/30/2016. The Fund underperformed in 8 of the 10 S&P 500 Global Industry Classification Standard (“GICS”) sectors for the fiscal year.
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors to return were Amazon.com, Inc. (+63.61%), Exxon Mobil Corp. (+17.94%), and AT&T, Inc. (+28.20%), while the bottom three contributors in this group were Apple, Inc. (–22.94%), AmerisourceBergen Corp. (–25.27%), and Marathon Petroleum Corp. (–27.21%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | ||
| 1 Year | 5 Year | Since Inception* | |
| Fund | |||
| Large Cap NAV Return | 1.55% | 12.25% | 7.74% |
| Large Cap Market Price | 1.61% | 12.27% | 7.75% |
| Index | |||
| RevenueShares Large | |||
| Cap Index™ | 1.86% | 12.76% | 7.98% |
| S&P 500 Index | 3.99% | 12.06% | 7.32% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.61% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 2/21/08, as opposed to the exchange list inception, which took place on 2/22/08. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
3
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer Mid Cap Revenue ETF (Ticker: RWK) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P Mid Cap 400 Index (“S&P Mid Cap 400”) by attempting to replicate the RevenueShares Mid Cap Index™, a custom index constructed by re-weighting the constituent securities of the S&P Mid Cap 400 by revenue earned, subject to certain asset diversification requirements. The RevenueShares Mid Cap Index™ generally contains the same securities as the S&P Mid Cap 400, but in different proportions. The S&P Mid Cap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by S&P Dow Jones Indices LLC. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P Mid Cap 400 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P Mid Cap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The Oppenheimer Mid Cap Revenue ETF (–2.39%) underperformed the S&P Mid Cap 400 (+1.32%) for the fiscal year ended 6/30/2016. The strong outperformance in the Information Technology sector relative to the S&P Mid Cap 400 was not enough to offset the underperformances in 7 of the other 9 GICS sectors.
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors to return were Ingram Micro, Inc., Class A (+39.76%), Tech Data Corp. (+25.17%), and Computer Sciences Corp. (+60.24%), while the bottom three contributors in this group were Community Health Systems, Inc. (–76.76%), Office Depot, Inc. (–62.17%), and SUPERVALU, Inc. (–41.58%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | ||
| 1 Year | 5 Year | Since Inception* | |
| Fund | |||
| Mid Cap NAV Return | (2.39)% | 10.27% | 9.39% |
| Mid Cap Market Price | (2.38)% | 10.37% | 9.45% |
| Index | |||
| RevenueShares | |||
| Mid Cap Index™ | (1.89)% | 11.04% | 9.14% |
| S&P Mid Cap 400 Index | 1.32% | 10.50% | 8.53% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Mid Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.68% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 2/21/08, as opposed to the exchange list inception, which took place on 2/22/08. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
4
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer Small Cap Revenue ETF (Ticker: RWJ) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P Small Cap 600 Index (“S&P Small Cap 600”) by attempting to replicate the RevenueShares Small Cap Index™, a custom index constructed by re-weighting the constituent securities of the S&P Small Cap 600 according to revenue earned, subject to certain asset diversification requirements. The RevenueShares Small Cap Index™ generally contains the same securities as the S&P Small Cap 600, but in different proportions. The S&P Small Cap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by S&P Dow Jones Indices LLC based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P Small Cap 600 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P Small Cap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The Oppenheimer Small Cap Revenue ETF (–4.46%) underperformed the S&P Small Cap 600 (–0.07%) for the fiscal year ended 6/30/2016. The Fund trailed in 7 of the 10 S&P Small Cap 600 GICS sectors for the fiscal year, including a large underperformance in the Consumer Discretionary sector.
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors to return were AK Steel Holding Corp. (+22.31%), Synnex Corp. (+24.75%), and SkyWest, Inc. (+81.77%), while the bottom three contributors in this group were Group 1 Automotive, Inc. (–45.86%), Lithia Motors, Inc., Class A (–37.45%), and Sonic Automotive, Inc., Class A (–27.94%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | ||
| 1 Year | 5 Year | Since Inception* | |
| Fund | |||
| Small Cap NAV Return | (4.46)% | 10.85% | 10.72% |
| Small Cap Market Price | (4.51)% | 10.91% | 10.75% |
| Index | |||
| RevenueShares | |||
| Small Cap Index™ | (3.80)% | 11.57% | 9.79% |
| S&P Small Cap 600 Index | (0.07)% | 11.16% | 8.20% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Small Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.67% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 2/21/08, as opposed to the exchange list inception, which took place on 2/22/08. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
5
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer Financials Sector Revenue ETF (Ticker: RWW) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500 Financials Index by attempting to replicate the RevenueShares Financials Sector Index™, a custom index constructed by re-weighting the constituent securities of the S&P 500 Financials Index™ by revenue earned, subject to certain asset diversification requirements. The RevenueShares Financials Sector Index generally contains the same securities as the S&P 500 Financials Index, but in different proportions. The S&P 500 Financials Index is a stock market index comprised of large cap companies that S&P Dow Jones Indices LLC deems to be part of the Financials sector of the United States economy, using the GICS. It is a subset of the S&P 500 Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in Financials companies included in the S&P 500 Financials Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines Financials companies as companies that are included in the S&P 500 Financials Index at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The Oppenheimer Financials Sector Revenue ETF (–7.49%) underperformed the S&P 500 Financials Sector (–4.21%) for the fiscal year ended 6/30/2016.
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors to return were Berkshire Hathaway, Inc., Class B (+5.29%), Chubb Ltd. (+33.29%), and The Travelers Cos., Inc. (+22.65%), while the bottom three contributors in this group were MetLife, Inc. (–27.15%), Bank of America Corp. (–21.93%), and Citigroup, Inc. (–23.56%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | ||
| 1 Year | 5 Year | Since Inception* | |
| Fund | |||
| Financials Sector | |||
| NAV Return | (7.49)% | 10.21% | 9.41% |
| Financials Sector | |||
| Market Price | (7.58)% | 10.21% | 9.40% |
| Index | |||
| RevenueShares Financials | |||
| Sector Index™ | (7.07)% | 10.77% | 4.86% |
| S&P 500 Financials Index | (4.21)% | 10.40% | 3.64% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Financials Sector Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.77% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 11/10/08, as opposed to the exchange list inception, which took place on 11/12/08. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
6
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer ADR Revenue ETF (Ticker: RTR) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by attempting to replicate the RevenueShares ADR Index™, a custom index constructed by re-weighting the constituent securities of the S&P ADR Index according to revenue earned, subject to certain asset diversification requirements. The RevenueShares ADR Index™ generally contains the same securities as the S&P ADR Index, but in different proportions. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200 Ex U.S. Index. American Depositary Receipts (“ADRs”) are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 Ex U.S. Index who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The Oppenheimer ADR Revenue ETF had an NAV return of (–13.32%) versus (–10.58%) for the S&P ADR Index for the fiscal year ended 6/30/2016.
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three performers were Nippon Telegraph & Telephone Corp. — ADR (+32.95%), Petroleo Brasileiro SA — ADR (+64.60%), and NTT DOCOMO, Inc. — ADR (+45.58%), while the bottom three contributors were PetroChina Co. Ltd. — ADR (–37.57%), Toyota Motor Corp. — ADR (–22.77%), and China Petroleum & Chemical Corp. — ADR (–13.02%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | ||
| 1 Year | 5 Year | Since Inception* | |
| Fund | |||
| ADR NAV Return | (13.32)% | (1.73)% | 5.87% |
| ADR Market Price | (13.47)% | (1.78)% | 5.83% |
| Index | |||
| RevenueShares | |||
| ADR Index™ | (13.06)% | (1.19)% | 2.01% |
| S&P ADR Index | (10.58)% | 0.40% | 2.53% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares ADR Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.01% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 11/18/08, as opposed to the exchange list inception, which took place on 11/20/08. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
7
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer Navellier Overall A-100 Revenue ETF (Ticker: RWV) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Index (“Index”) by attempting to replicate the RevenueShares Navellier Overall A-100 Index™, a custom index constructed by re-weighting the constituent securities of the Navellier Overall A-100 Index by revenue earned, subject to certain asset diversification requirements and a maximum 7% per company weighting. The RevenueShares Navellier Overall A-100 Index™ generally contains the same securities as the Navallier Overall A-100 Index, but in different proportions. The Navellier Overall A-100 Index is constructed from companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or NYSE MKT Exchange that have over 2,500 shares traded daily, a closing price over $1, and that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Modern Portfolio Theory. The Navellier Overall A-100 Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 5,000 stocks. Trailing 52-week “alphas” (measure of return independent of the market) are divided by trailing 52-week “standard deviations” (measure of volatility or risk) to create a “reward/risk” ratio. This factor has the highest weight in the Navellier Overall A-100 Index.
The Oppenheimer Navellier Overall A-100 Revenue ETF’s bias towards momentum and growth stocks resulted in an NAV return of (–2.67%) for the fiscal year ended 6/30/2016. In comparison, the Navellier Overall A-100 Index and the S&P 500 Index returned (+1.57%) and (+3.99%), respectively, for the same period.
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors were NTT DOCOMO, Inc. — ADR (+35.76%), AT&T, Inc. (+12.40%), and Reynolds American, Inc. (+28.49%), while the bottom three contributors were Aetna, Inc. (–14.53%), Target Corp. (–11.27%), and McKesson Corp. (–10.33%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | ||
| 1 Year | 5 Year | Since Inception* | |
| Fund | |||
| Navellier NAV Return | (2.67)% | 8.57% | 13.80% |
| Navellier Market Price | (2.66)% | 8.53% | 13.80% |
| Index | |||
| RevenueShares Navellier | |||
| Overall A-100 Index™ | (1.80)% | 9.64% | 14.12% |
| Navellier Overall | |||
| A-100 Index | 1.57% | 9.00% | 12.38% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Navellier Overall A-100 Index™ returns became publicly available on December 31, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.30% and the net expense ratio is 0.60%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 1/21/09, as opposed to the exchange list inception, which took place on 1/23/09. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
8
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| Oppenheimer Ultra Dividend Revenue ETF (Ticker: RDIV) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 900 Index by attempting to replicate the RevenueShares Ultra Dividend Index™, a custom index constructed by identifying the top 60 securities from the S&P 900® Index with the highest average of the 1-year trailing dividend yields for the current quarter and each of the past three quarters (excluding securities that have issued a special dividend over that time period), and re-weighting those securities according to the revenue earned by the companies, subject to certain asset diversification requirements and a maximum 5% per company weighting. The RevenueShares Ultra Dividend Index™ generally contains a subset of the securities in the S&P 900 Index, in different proportions. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the S&P 900 Index, and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.
The Oppenheimer Ultra Dividend Revenue ETF had an NAV return of (+13.91%) for the fiscal year ended 6/30/2016 compared to the S&P 900® Index return of (+3.77%).
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors were Chevron Corp. (+34.86%), The Southern Co. (+33.97%), and Altria Group, Inc. (+27.51%), while the leading detractors were Kinder Morgan, Inc. (–51.92%), Williams Cos., Inc. (–59.05%), and Seagate Technology PLC (–26.03%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | |
| 1 Year | Since Inception* | |
| Fund | ||
| Ultra Dividend NAV Return | 13.91% | 12.91% |
| Ultra Dividend Market Price | 13.90% | 12.90% |
| Index | ||
| RevenueShares Ultra | ||
| Dividend Index™ | 15.26% | 13.85% |
| S&P 900 Index | 3.77% | 10.53% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Ultra Dividend Index™ returns became publicly available on October 1, 2013. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.72% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 9/30/13, as opposed to the exchange list inception, which took place on 10/1/13. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
9
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — concluded
(UNAUDITED)
| Oppenheimer Global Growth Revenue ETF (Ticker: RGRO) | June 30, 2016 |
The Fund seeks to achieve its investment objective of outperforming to total return performance of the S&P Global Broad Market Index by attempting to replicate the portfolio of the RevenueShares Global Growth Index™, a custom index constructed by identifying the top five developed market (including the United States) and top five emerging market countries represented in the S&P Global Broad Market Index with the highest gross domestic product (“GDP”) growth (as measured by the 1-year trailing GDP growth rates as of the most recent two quarters). Each country will represent 10% of the RevenueShares Global Growth Index™. Once those ten countries are identified, the top ten securities in the S&P Global Broad Market Index from each of those countries are identified according to revenue earned by the companies. Those securities are then re-weighted according to the revenue earned by the companies, subject to certain asset diversification requirements and a maximum 5% per company weighting. The RevenueShares Global Growth Index™ generally contains a subset of the securities in the S&P Global Broad Market Index, in different proportions.
Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities (including common shares traded on local exchanges, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and global shares (“Global Shares”)) of companies included in the S&P Global Broad Market Index, and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. ADRs, GDRs and EDRs represent ownership interests in shares of foreign companies that are held in financial institution custodial accounts, and are traded on exchanges in the United States and around the world. Global Shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S. and are represented by the same share certificate in both the U.S. and the home market. The Fund may invest in securities of companies of any market capitalization, including small and medium capitalization companies. The Fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the RevenueShares Global Growth Index™ is concentrated, meaning that it will invest more than 25% of its total assets in that industry or group of industries.
The Oppenheimer Global Growth Revenue ETF had an NAV return of (–8.60%) for the fiscal year ended 6/30/2016 compared to the S&P Global Broad Market Index® Index return of (–3.44%).
Among the top and bottom contributing Fund holdings for the fiscal year ended 6/30/2016, the top three contributors were San Miguel Corp. (+29.72%), Strabag SE (+38.20%), and Cencosud SA (+23.95%), while the top three detractors were JBS SA (–37.95%), Volkswagen AG (–47.98%), and Vienna Insurance Group AG (–43.12%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2016 | |
| 1 Year | Since Inception* | |
| Fund | ||
| Global Growth NAV Return | (8.60)% | (4.97)% |
| Global Growth Market Price | (6.93)% | (4.24)% |
| RevenueShares Global | ||
| Growth Index™ | (4.44)% | (0.55)% |
| S&P Global Broad Market Index | (3.44)% | 1.02% |
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Global Growth Index™ returns became publicly available on October 16, 2014. Index returns do not represent Fund returns. One cannot invest directly in an index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.94% and the net expense ratio is 0.70%. Since the Fund is new, “Other expenses” are based on estimated amounts. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until December 2, 2017. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
| * | The since inception return is calculated from NAV performance inception on 1/30/15, as opposed to the exchange list inception, which took place on 2/2/15. NAV performance inception represents when the Fund's NAV was struck for the first time. Exchange list inception represents when the Fund began trading. |
10
(UNAUDITED)
As a shareholder of an Oppenheimer ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including management fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2016 to June 30, 2016.
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 01/01/2016 |
Ending Account Value 06/30/2016 |
Annualized Expense Ratios for the Six Month Period |
Expenses Paid During the Six Month Period1 | |
| Oppenheimer Large Cap Revenue ETF | ||||
| Actual | $1,000.00 | $1,037.40 | 0.49% | $2.48 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.43 | 0.49% | $2.46 |
| Oppenheimer Mid Cap Revenue ETF | ||||
| Actual | $1,000.00 | $1,061.20 | 0.54% | $2.77 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | 0.54% | $2.72 |
| Oppenheimer Small Cap Revenue ETF | ||||
| Actual | $1,000.00 | $1,065.90 | 0.54% | $2.77 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | 0.54% | $2.72 |
| Oppenheimer Financials Sector Revenue ETF | ||||
| Actual | $1,000.00 | $957.50 | 0.49% | $2.38 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.43 | 0.49% | $2.46 |
| Oppenheimer ADR Revenue ETF | ||||
| Actual | $1,000.00 | $1,053.40 | 0.49% | $2.50 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.43 | 0.49% | $2.46 |
| Oppenheimer Navellier Overall A-100 Revenue ETF | ||||
| Actual | $1,000.00 | $1,038.20 | 0.60% | $3.04 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | 0.60% | $3.02 |
| Oppenheimer Ultra Dividend Revenue ETF | ||||
| Actual | $1,000.00 | $1,153.50 | 0.49% | $2.62 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.43 | 0.49% | $2.46 |
| Oppenheimer Global Growth Revenue ETF | ||||
| Actual | $1,000.00 | $1,050.20 | 0.70% | $3.57 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,021.38 | 0.70% | $3.52 |
| 1 | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 182/366 (to reflect the six-month period). |
11
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED)
Oppenheimer Large Cap Revenue ETF
| Industry | % of Net Assets | ||
| Automobiles & Components | 3.6 | % | |
| Banks | 3.6 | ||
| Capital Goods | 7.9 | ||
| Commercial & Professional Services | 0.6 | ||
| Consumer Durables & Apparel | 1.6 | ||
| Consumer Services | 1.1 | ||
| Diversified Financials | 4.2 | ||
| Energy | 7.9 | ||
| Food & Staples Retailing | 10.4 | ||
| Food, Beverage & Tobacco | 4.3 | ||
| Health Care Equipment & Services | 11.8 | ||
| Household & Personal Products | 1.2 | ||
| Insurance | 4.1 | ||
| Materials | 3.1 | ||
| Media | 2.5 | ||
| Money Market Fund | 0.9 | ||
| Pharmaceuticals, Biotechnology | |||
| & Life Sciences | 3.6 | ||
| Real Estate | 0.8 | ||
| Retailing | 7.0 | ||
| Semiconductors & Semiconductor Equipment | 1.5 | ||
| Software & Services | 4.8 | ||
| Technology Hardware | |||
| & Equipment | 4.7 | ||
| Telecommunication Services | 3.3 | ||
| Transportation | 3.0 | ||
| Utilities | 3.2 | ||
| Total Investments | 100.7 | ||
| Liabilities in Excess of | |||
| Other Assets | (0.7 | ) | |
| Net Assets | 100.0 | % | |
Oppenheimer Mid Cap Revenue ETF
| Industry | % of Net Assets | ||
| Automobiles & Components | 0.8 | % | |
| Banks | 1.8 | ||
| Capital Goods | 10.8 | ||
| Commercial & Professional Services | 3.4 | ||
| Consumer Durables & Apparel | 3.9 | ||
| Consumer Services | 2.7 | ||
| Diversified Financials | 1.3 | ||
| Energy | 6.0 | ||
| Food & Staples Retailing | 2.9 | ||
| Food, Beverage & Tobacco | 3.1 | ||
| Health Care Equipment & Services | 8.2 | ||
| Household & Personal Products | 0.8 | ||
| Insurance | 6.0 | ||
| Materials | 8.1 | ||
| Media | 1.8 | ||
| Money Market Fund | 10.0 | ||
| Pharmaceuticals, Biotechnology | |||
| & Life Sciences | 1.0 | ||
| Real Estate | 2.6 | ||
| Retailing | 8.3 | ||
| Semiconductors & Semiconductor Equipment | 1.2 | ||
| Software & Services | 4.3 | ||
| Technology Hardware | |||
| & Equipment | 15.1 | ||
| Telecommunication Services | 0.4 | ||
| Transportation | 1.4 | ||
| Utilities | 3.8 | ||
| Total Investments | 109.7 | ||
| Liabilities in Excess of | |||
| Other Assets | (9.7 | ) | |
| Net Assets | 100.0 | % | |
Oppenheimer Small Cap Revenue ETF
| Industry | % of Net Assets | ||
| Automobiles & Components | 1.6 | % | |
| Banks | 2.8 | ||
| Capital Goods | 12.7 | ||
| Commercial & Professional Services | 7.0 | ||
| Consumer Durables & Apparel | 4.3 | ||
| Consumer Services | 3.5 | ||
| Diversified Financials | 1.9 | ||
| Energy | 3.1 | ||
| Food & Staples Retailing | 2.0 | ||
| Food, Beverage & Tobacco | 2.4 | ||
| Health Care Equipment & Services | 8.2 | ||
| Household & Personal Products | 0.5 | ||
| Insurance | 2.5 | ||
| Materials | 8.1 | ||
| Media | 1.0 | ||
| Money Market Fund | 9.4 | ||
| Pharmaceuticals, Biotechnology | |||
| & Life Sciences | 1.1 | ||
| Real Estate | 1.7 | ||
| Retailing | 14.4 | ||
| Semiconductors & Semiconductor | |||
| Equipment | 1.3 | ||
| Software & Services | 3.8 | ||
| Technology Hardware | |||
| & Equipment | 8.1 | ||
| Telecommunication Services | 2.0 | ||
| Transportation | 4.0 | ||
| Utilities | 1.8 | ||
| Total Investments | 109.2 | ||
| Liabilities in Excess of | |||
| Other Assets | (9.2 | ) | |
| Net Assets | 100.0 | % | |
Oppenheimer Financials Sector
Revenue ETF
| Industry | % of Net Assets | |||
| Banks | 28.4 | % | ||
| Capital Markets | 10.3 | |||
| Consumer Finance | 4.5 | |||
| Diversified Financial Services | 17.8 | |||
| Insurance | 32.2 | |||
| Money Market Fund | 0.1 | |||
| Real Estate Investment Trusts | 5.6 | |||
| Real Estate Management | ||||
| & Development | 0.7 | |||
| Total Investments | 99.6 | |||
| Other Assets in Excess | ||||
| of Liabilities | 0.4 | |||
| Net Assets | 100.0 | % | ||
Oppenheimer ADR Revenue ETF
| Industry | % of Net Assets | |||
| Automobiles & Components | 7.9 | % | ||
| Banks | 9.5 | |||
| Capital Goods | 1.4 | |||
| Consumer Durables & Apparel | 1.8 | |||
| Consumer Services | 0.4 | |||
| Diversified Financials | 2.7 | |||
| Energy | 32.1 | |||
| Food & Staples Retailing | 0.9 | |||
| Food, Beverage & Tobacco | 2.7 | |||
| Health Care Equipment & Services | 0.5 | |||
| Household & Personal Products | 2.7 | |||
| Insurance | 4.9 | |||
| Materials | 7.7 | |||
| Media | 1.4 | |||
| Money Market Fund | 26.0 | |||
| Pharmaceuticals, Biotechnology | ||||
| & Life Sciences | 4.1 | |||
| Semiconductors & Semiconductor Equipment | 0.9 | |||
| Software & Services | 0.6 | |||
| Technology Hardware | ||||
| & Equipment | 2.0 | |||
| Telecommunication Services | 11.8 | |||
| Transportation | 0.7 | |||
| Utilities | 2.2 | |||
| Total Investments | 124.9 | |||
| Liabilities in Excess of | ||||
| Other Assets | (24.9 | ) | ||
| Net Assets | 100.0 | % | ||
Oppenheimer Navellier Overall A-100 Revenue ETF
| Industry | % of Net Assets | |||
| Automobiles & Components | 0.9 | % | ||
| Banks | 4.4 | |||
| Capital Goods | 5.1 | |||
| Commercial & Professional Services | 2.2 | |||
| Consumer Durables & Apparel | 1.3 | |||
| Consumer Services | 1.5 | |||
| Diversified Financials | 1.6 | |||
| Food & Staples Retailing | 7.1 | |||
| Food, Beverage & Tobacco | 9.3 | |||
| Health Care Equipment & Services | 7.1 | |||
| Household & Personal Products | 0.9 | |||
| Insurance | 4.7 | |||
| Materials | 1.6 | |||
| Money Market Fund | 3.0 | |||
| Real Estate | 5.7 | |||
| Retailing | 3.4 | |||
| Semiconductors & Semiconductor Equipment | 1.1 | |||
| Software & Services | 13.4 | |||
| Technology Hardware | ||||
| & Equipment | 0.4 | |||
| Telecommunication Services | 24.6 | |||
| Transportation | 1.4 | |||
| Utilities | 1.7 | |||
| Total Investments | 102.4 | |||
| Liabilities in Excess of | ||||
| Other Assets | (2.4 | ) | ||
| Net Assets | 100.0 | % | ||
12
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED) — concluded
Oppenheimer Ultra Dividend Revenue ETF
| Industry | % of Net Assets | |||
| Automobiles & Components | 9.4 | % | ||
| Banks | 0.8 | |||
| Commercial & Professional Services | 2.8 | |||
| Consumer Durables & Apparel | 2.6 | |||
| Diversified Financials | 0.8 | |||
| Energy | 16.2 | |||
| Insurance | 0.8 | |||
| Materials | 2.0 | |||
| Media | 0.7 | |||
| Money Market Fund | 6.4 | |||
| Real Estate | 8.0 | |||
| Retailing | 22.2 | |||
| Technology Hardware | ||||
| & Equipment | 3.6 | |||
| Telecommunication Services | 16.8 | |||
| Utilities | 12.8 | |||
| Total Investments | 105.9 | |||
| Liabilities in Excess of | ||||
| Other Assets | (5.9 | ) | ||
| Net Assets | 100.0 | % | ||
Oppenheimer Global Growth Revenue ETF
| Industry |
% of | ||
| Automobiles & Components | 5.4 | % | |
| Banks | 3.6 | ||
| Capital Goods | 11.2 | ||
| Commercial & Professional Services | 0.5 | ||
| Diversified Financials | 3.3 | ||
| Energy | 21.5 | ||
| Food & Staples Retailing | 6.7 | ||
| Food, Beverage & Tobacco | 6.0 | ||
| Insurance | 8.8 | ||
| Materials | 7.8 | ||
| Money Market Fund | 0.7 | ||
| Pharmaceuticals, Biotechnology | |||
| & Life Sciences | 2.5 | ||
| Retailing | 1.3 | ||
| Semiconductors & Semiconductor | |||
| Equipment | 0.7 | ||
| Technology Hardware & Equipment | 7.4 | ||
| Telecommunication Services | 3.5 | ||
| Transportation | 1.5 | ||
| Utilities | 3.4 | ||
| Total Investments | 95.8 | ||
| Other Assets in Excess | |||
| of Liabilities | 4.2 | ||
| Net Assets | 100.0% | ||
13
SCHEDULE OF INVESTMENTS
OPPENHEIMER LARGE CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—99.8% | ||||||||
| Automobiles & Components—3.6% | ||||||||
| BorgWarner, Inc. | 8,689 | $ | 256,499 | |||||
| Delphi Automotive PLC | 8,135 | 509,251 | ||||||
| Ford Motor Co. | 409,708 | 5,150,030 | ||||||
| General Motors Co. | 185,910 | 5,261,253 | ||||||
| Goodyear Tire & Rubber Co. (The) | 20,041 | 514,252 | ||||||
| Harley-Davidson, Inc. | 4,911 | 222,468 | ||||||
| Johnson Controls, Inc. | 28,746 | 1,272,298 | ||||||
| Total Automobiles & Components | 13,186,051 | |||||||
| Banks—3.6% | ||||||||
| Bank of America Corp. | 190,034 | 2,521,751 | ||||||
| BB&T Corp. | 9,142 | 325,547 | ||||||
| Citigroup, Inc. | 52,333 | 2,218,396 | ||||||
| Citizens Financial Group, Inc. | 6,499 | 129,850 | ||||||
| Comerica, Inc. | 1,657 | 68,152 | ||||||
| Fifth Third Bancorp | 11,808 | 207,703 | ||||||
| Huntington Bancshares, Inc. | 11,005 | 98,385 | ||||||
| JPMorgan Chase & Co. | 47,984 | 2,981,726 | ||||||
| KeyCorp | 11,884 | 131,318 | ||||||
| M&T Bank Corp. | 1,548 | 183,020 | ||||||
| People’s United Financial, Inc. | 2,345 | 34,378 | ||||||
| PNC Financial Services | ||||||||
| Group, Inc. (The) | 5,800 | 472,062 | ||||||
| Regions Financial Corp. | 19,112 | 162,643 | ||||||
| SunTrust Banks, Inc. | 6,854 | 281,562 | ||||||
| U.S. Bancorp | 15,658 | 631,487 | ||||||
| Wells Fargo & Co. | 59,754 | 2,828,157 | ||||||
| Zions Bancorporation | 2,592 | 65,137 | ||||||
| Total Banks | 13,341,274 | |||||||
| Capital Goods—7.9% | ||||||||
| 3M Co. | 6,282 | 1,100,104 | ||||||
| Acuity Brands, Inc. | 431 | 106,871 | ||||||
| Allegion PLC | 1,032 | 71,652 | ||||||
| AMETEK, Inc. | 3,021 | 139,661 | ||||||
| Boeing Co. (The) | 25,895 | 3,362,984 | ||||||
| Caterpillar, Inc. | 20,150 | 1,527,571 | ||||||
| Cummins, Inc. | 5,655 | 635,848 | ||||||
| Deere & Co. | 11,498 | 931,798 | ||||||
| Dover Corp. | 3,606 | 249,968 | ||||||
| Eaton Corp. PLC | 11,263 | 672,739 | ||||||
| Emerson Electric Co. | 13,846 | 722,207 | ||||||
| Fastenal Co.1 | 3,272 | 145,244 | ||||||
| Flowserve Corp. | 2,875 | 129,864 | ||||||
| Fluor Corp. | 11,903 | 586,580 | ||||||
| Fortune Brands Home & | ||||||||
| Security, Inc.1 | 11,892 | 689,379 | ||||||
| General Dynamics Corp. | 7,993 | 1,112,945 | ||||||
| General Electric Co. | 136,003 | 4,281,374 | ||||||
| Honeywell International, Inc. | 11,890 | 1,383,045 | ||||||
| Illinois Tool Works, Inc. | 4,380 | 456,221 | ||||||
| Ingersoll-Rand PLC | 7,352 | 468,175 | ||||||
| Jacobs Engineering Group, Inc.2 | 7,791 | 388,070 | ||||||
| L-3 Communications Holdings, Inc. | 2,742 | 402,224 | ||||||
| Lockheed Martin Corp. | 7,128 | 1,768,956 | ||||||
| Masco Corp. | 8,148 | 252,099 | ||||||
| Northrop Grumman Corp. | 3,859 | 857,778 | ||||||
| PACCAR, Inc. | 11,316 | 586,961 | ||||||
| Shares | Value | |||||||
| Parker-Hannifin Corp. | 3,563 | $ | 384,982 | |||||
| Pentair PLC | 3,699 | 215,615 | ||||||
| Quanta Services, Inc.2 | 10,882 | 251,592 | ||||||
| Raytheon Co. | 6,446 | 876,334 | ||||||
| Rockwell Automation, Inc. | 1,873 | 215,058 | ||||||
| Rockwell Collins, Inc. | 1,970 | 167,726 | ||||||
| Roper Technologies, Inc. | 622 | 106,088 | ||||||
| Snap-on, Inc. | 701 | 110,632 | ||||||
| Stanley Black & Decker, Inc. | 3,548 | 394,608 | ||||||
| Textron, Inc. | 12,222 | 446,836 | ||||||
| TransDigm Group, Inc.2 | 415 | 109,431 | ||||||
| United Rentals, Inc.2 | 2,551 | 171,172 | ||||||
| United Technologies Corp. | 18,965 | 1,944,861 | ||||||
| W.W. Grainger, Inc. | 1,483 | 337,012 | ||||||
| Xylem, Inc. | 3,069 | 137,031 | ||||||
| Total Capital Goods | 28,899,296 | |||||||
| Commercial & Professional Services—0.6% | ||||||||
| Cintas Corp. | 1,926 | 188,998 | ||||||
| Dun & Bradstreet Corp. (The) | 597 | 72,739 | ||||||
| Equifax, Inc. | 843 | 108,241 | ||||||
| Nielsen Holdings PLC | 4,023 | 209,075 | ||||||
| Pitney Bowes, Inc. | 5,894 | 104,913 | ||||||
| Republic Services, Inc. | 6,632 | 340,288 | ||||||
| Robert Half International, Inc. | 4,582 | 174,849 | ||||||
| Stericycle, Inc.1,2 | 1,092 | 113,699 | ||||||
| Tyco International PLC | 7,561 | 322,099 | ||||||
| Verisk Analytics, Inc.2 | 867 | 70,296 | ||||||
| Waste Management, Inc. | 7,562 | 501,134 | ||||||
| Total Commercial & Professional Services | 2,206,331 | |||||||
| Consumer Durables & Apparel—1.6% | ||||||||
| Coach, Inc.1 | 3,859 | 157,216 | ||||||
| D.R. Horton, Inc. | 12,888 | 405,714 | ||||||
| Garmin Ltd.1 | 2,565 | 108,807 | ||||||
| Hanesbrands, Inc. | 8,155 | 204,935 | ||||||
| Harman International Industries, Inc.1 | 2,857 | 205,190 | ||||||
| Hasbro, Inc. | 1,705 | 143,203 | ||||||
| Leggett & Platt, Inc. | 2,845 | 145,408 | ||||||
| Lennar Corp., Class A | 7,022 | 323,714 | ||||||
| Mattel, Inc. | 5,811 | 181,826 | ||||||
| Michael Kors Holdings Ltd.1,2 | 3,639 | 180,058 | ||||||
| Mohawk Industries, Inc.2 | 1,476 | 280,086 | ||||||
| Newell Brands, Inc. | 4,562 | 221,576 | ||||||
| NIKE, Inc., Class B | 21,215 | 1,171,068 | ||||||
| PulteGroup, Inc. | 11,403 | 222,245 | ||||||
| PVH Corp. | 2,991 | 281,842 | ||||||
| Ralph Lauren Corp. | 2,678 | 240,002 | ||||||
| Under Armour, Inc., Class A1,2 | 1,907 | 76,528 | ||||||
| Under Armour, Inc., Class C2 | 2,043 | 74,365 | ||||||
| VF Corp. | 6,995 | 430,123 | ||||||
| Whirlpool Corp. | 4,114 | 685,557 | ||||||
| Total Consumer Durables & Apparel | 5,739,463 | |||||||
| Consumer Services—1.1% | ||||||||
| Carnival Corp. | 11,623 | 513,737 | ||||||
| Chipotle Mexican Grill, Inc.1,2 | 423 | 170,368 | ||||||
| Darden Restaurants, Inc. | 3,770 | 238,792 | ||||||
| H&R Block, Inc. | 4,566 | 105,018 | ||||||
| Marriott International, Inc., Class A1 | 1,638 | 108,862 | ||||||
14
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Consumer Services (continued) | ||||||||
| McDonald’s Corp. | 7,457 | $ | 897,375 | |||||
| Royal Caribbean Cruises Ltd. | 3,867 | 259,669 | ||||||
| Starbucks Corp. | 13,270 | 757,982 | ||||||
| Starwood Hotels & Resorts | ||||||||
| Worldwide, Inc. | 1,453 | 107,449 | ||||||
| Wyndham Worldwide Corp. | 2,701 | 192,392 | ||||||
| Wynn Resorts Ltd.1 | 1,456 | 131,972 | ||||||
| Yum! Brands, Inc. | 5,736 | 475,629 | ||||||
| Total Consumer Services | 3,959,245 | |||||||
| Diversified Financials—4.2% | ||||||||
| Affiliated Managers Group, Inc.2 | 458 | 64,473 | ||||||
| American Express Co. | 16,808 | 1,021,254 | ||||||
| Ameriprise Financial, Inc. | 4,029 | 362,006 | ||||||
| Bank of New York | ||||||||
| Mellon Corp. (The) | 12,387 | 481,235 | ||||||
| Berkshire Hathaway, Inc., Class B2 | 50,487 | 7,310,013 | ||||||
| BlackRock, Inc. | 1,188 | 406,926 | ||||||
| Capital One Financial Corp. | 9,406 | 597,375 | ||||||
| Charles Schwab Corp. (The) | 7,708 | 195,089 | ||||||
| CME Group, Inc. | 1,072 | 104,413 | ||||||
| Discover Financial Services | 4,516 | 242,012 | ||||||
| E*TRADE Financial Corp.2 | 2,823 | 66,312 | ||||||
| Franklin Resources, Inc. | 7,562 | 252,344 | ||||||
| Goldman Sachs Group, Inc. (The) | 6,810 | 1,011,830 | ||||||
| Intercontinental Exchange, Inc. | 627 | 160,487 | ||||||
| Invesco Ltd. | 6,417 | 163,890 | ||||||
| Legg Mason, Inc. | 2,282 | 67,296 | ||||||
| Leucadia National Corp. | 21,032 | 364,485 | ||||||
| Moody’s Corp. | 1,107 | 103,737 | ||||||
| Morgan Stanley | 44,296 | 1,150,810 | ||||||
| Nasdaq, Inc. | 1,654 | 106,964 | ||||||
| Navient Corp. | 5,609 | 67,027 | ||||||
| Northern Trust Corp. | 2,562 | 169,758 | ||||||
| S&P Global, Inc. | 1,702 | 182,556 | ||||||
| State Street Corp. | 6,065 | 327,025 | ||||||
| Synchrony Financial2 | 7,029 | 177,693 | ||||||
| T. Rowe Price Group, Inc. | 1,948 | 142,146 | ||||||
| Total Diversified Financials | 15,299,156 | |||||||
| Energy—7.9% | ||||||||
| Anadarko Petroleum Corp. | 5,532 | 294,579 | ||||||
| Apache Corp.1 | 3,456 | 192,396 | ||||||
| Baker Hughes, Inc. | 10,333 | 466,328 | ||||||
| Cabot Oil & Gas Corp. | 1,457 | 37,503 | ||||||
| Chesapeake Energy Corp.1,2 | 82,783 | 354,311 | ||||||
| Chevron Corp. | 39,343 | 4,124,327 | ||||||
| Cimarex Energy Co. | 319 | 38,063 | ||||||
| Columbia Pipeline Group, Inc. | 1,454 | 37,062 | ||||||
| Concho Resources, Inc.1,2 | 549 | 65,479 | ||||||
| ConocoPhillips | 20,481 | 892,972 | ||||||
| Devon Energy Corp. | 11,518 | 417,527 | ||||||
| Diamond Offshore Drilling, Inc.1 | 3,015 | 73,355 | ||||||
| EOG Resources, Inc. | 3,149 | 262,690 | ||||||
| EQT Corp. | 963 | 74,565 | ||||||
| Exxon Mobil Corp. | 86,488 | 8,107,385 | ||||||
| FMC Technologies, Inc.2 | 6,650 | 177,355 | ||||||
| Halliburton Co. | 15,675 | 709,921 | ||||||
| Helmerich & Payne, Inc.1 | 1,128 | 75,723 | ||||||
| Shares | Value | |||||||
| Hess Corp. | 3,178 | $ | 190,998 | |||||
| Kinder Morgan, Inc. | 27,112 | 507,537 | ||||||
| Marathon Oil Corp. | 10,913 | 163,804 | ||||||
| Marathon Petroleum Corp. | 58,180 | 2,208,513 | ||||||
| Murphy Oil Corp. | 2,508 | 79,629 | ||||||
| National Oilwell Varco, Inc.1 | 11,417 | 384,182 | ||||||
| Newfield Exploration Co.2 | 944 | 41,706 | ||||||
| Noble Energy, Inc. | 2,980 | 106,893 | ||||||
| Occidental Petroleum Corp. | 5,322 | 402,130 | ||||||
| ONEOK, Inc. | 5,696 | 270,275 | ||||||
| Phillips 661 | 34,659 | 2,749,845 | ||||||
| Pioneer Natural Resources Co. | 680 | 102,823 | ||||||
| Range Resources Corp. | 852 | 36,755 | ||||||
| Schlumberger Ltd. | 13,927 | 1,101,347 | ||||||
| Southwestern Energy Co.1,2 | 8,328 | 104,766 | ||||||
| Spectra Energy Corp.1 | 5,466 | 200,220 | ||||||
| Tesoro Corp. | 11,866 | 889,001 | ||||||
| Transocean Ltd.1 | 20,350 | 241,961 | ||||||
| Valero Energy Corp. | 52,890 | 2,697,390 | ||||||
| Williams Cos., Inc. (The) | 11,638 | 251,730 | ||||||
| Total Energy | 29,133,046 | |||||||
| Food & Staples Retailing—10.4% | ||||||||
| Costco Wholesale Corp. | 27,340 | 4,293,474 | ||||||
| CVS Health Corp. | 58,166 | 5,568,813 | ||||||
| Kroger Co. (The) | 107,421 | 3,952,018 | ||||||
| Sysco Corp. | 35,933 | 1,823,240 | ||||||
| Walgreens Boots Alliance, Inc. | 52,201 | 4,346,777 | ||||||
| Wal-Mart Stores, Inc. | 241,234 | 17,614,907 | ||||||
| Whole Foods Market, Inc. | 15,983 | 511,776 | ||||||
| Total Food & Staples Retailing | 38,111,005 | |||||||
| Food, Beverage & Tobacco—4.3% | ||||||||
| Altria Group, Inc. | 10,491 | 723,459 | ||||||
| Archer-Daniels-Midland Co. | 52,430 | 2,248,723 | ||||||
| Brown-Forman Corp., Class B | 1,106 | 110,335 | ||||||
| Campbell Soup Co. | 4,665 | 310,362 | ||||||
| Coca-Cola Co. (The) | 33,363 | 1,512,345 | ||||||
| ConAgra Foods, Inc. | 10,096 | 482,690 | ||||||
| Constellation Brands, Inc., Class A | 1,431 | 236,687 | ||||||
| Dr Pepper Snapple Group, Inc. | 2,304 | 222,635 | ||||||
| General Mills, Inc. | 9,483 | 676,328 | ||||||
| Hershey Co. (The) | 2,627 | 298,138 | ||||||
| Hormel Foods Corp. | 9,486 | 347,188 | ||||||
| JM Smucker Co. (The) | 2,024 | 308,478 | ||||||
| Kellogg Co. | 6,539 | 533,909 | ||||||
| Kraft Heinz Co. (The) | 9,002 | 796,497 | ||||||
| McCormick & Co., Inc. | 1,458 | 155,525 | ||||||
| Mead Johnson Nutrition Co. | 1,684 | 152,823 | ||||||
| Molson Coors Brewing Co., Class B | 1,058 | 106,996 | ||||||
| Mondelez International, Inc., Class A | 22,668 | 1,031,621 | ||||||
| Monster Beverage Corp.2 | 713 | 114,586 | ||||||
| PepsiCo, Inc. | 21,563 | 2,284,384 | ||||||
| Philip Morris International, Inc. | 9,334 | 949,454 | ||||||
| Reynolds American, Inc. | 7,882 | 425,076 | ||||||
| Tyson Foods, Inc., Class A | 23,540 | 1,572,237 | ||||||
| Total Food, Beverage & Tobacco | 15,600,476 | |||||||
15
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Health Care Equipment & Services—11.8% | ||||||||
| Abbott Laboratories | 19,044 | $ | 748,620 | |||||
| Aetna, Inc. | 17,576 | 2,146,557 | ||||||
| AmerisourceBergen Corp. | 66,378 | 5,265,103 | ||||||
| Anthem, Inc. | 21,394 | 2,809,888 | ||||||
| Baxter International, Inc. | 6,572 | 297,186 | ||||||
| Becton Dickinson and Co. | 2,592 | 439,577 | ||||||
| Boston Scientific Corp.2 | 11,115 | 259,757 | ||||||
| C.R. Bard, Inc. | 489 | 114,993 | ||||||
| Cardinal Health, Inc. | 52,680 | 4,109,567 | ||||||
| Centene Corp.2 | 11,930 | 851,444 | ||||||
| Cerner Corp.2 | 2,581 | 151,247 | ||||||
| Cigna Corp. | 10,285 | 1,316,377 | ||||||
| Danaher Corp. | 7,719 | 779,619 | ||||||
| DaVita HealthCare Partners, Inc.2 | 6,709 | 518,740 | ||||||
| DENTSPLY SIRONA, Inc. | 1,717 | 106,523 | ||||||
| Edwards Lifesciences Corp.2 | 1,014 | 101,126 | ||||||
| Express Scripts Holding Co.2 | 47,120 | 3,571,696 | ||||||
| HCA Holdings, Inc.2 | 17,887 | 1,377,478 | ||||||
| Henry Schein, Inc.2 | 2,250 | 397,800 | ||||||
| Hologic, Inc.2 | 3,114 | 107,744 | ||||||
| Humana, Inc. | 10,359 | 1,863,377 | ||||||
| Intuitive Surgical, Inc.2 | 158 | 104,503 | ||||||
| Laboratory Corp. of | ||||||||
| America Holdings2 | 2,552 | 332,449 | ||||||
| McKesson Corp. | 36,178 | 6,752,624 | ||||||
| Medtronic PLC | 11,935 | 1,035,600 | ||||||
| Patterson Cos., Inc. | 3,684 | 176,427 | ||||||
| Quest Diagnostics, Inc. | 3,303 | 268,897 | ||||||
| St. Jude Medical, Inc. | 2,360 | 184,080 | ||||||
| Stryker Corp. | 3,174 | 380,340 | ||||||
| UnitedHealth Group, Inc. | 42,210 | 5,960,052 | ||||||
| Universal Health Services, Inc., | ||||||||
| Class B | 2,423 | 324,924 | ||||||
| Varian Medical Systems, Inc.2 | 1,214 | 99,827 | ||||||
| Zimmer Biomet Holdings, Inc. | 2,139 | 257,493 | ||||||
| Total Health Care Equipment | ||||||||
| & Services | 43,211,635 | |||||||
| Household & Personal Products—1.2% | ||||||||
| Church & Dwight Co., Inc. | 1,102 | 113,385 | ||||||
| Clorox Co. (The) | 1,673 | 231,526 | ||||||
| Colgate-Palmolive Co. | 7,600 | 556,320 | ||||||
| Estee Lauder Cos., Inc., (The), Class A | 4,385 | 399,123 | ||||||
| Kimberly-Clark Corp. | 5,018 | 689,875 | ||||||
| Procter & Gamble Co. (The) | 28,912 | 2,447,979 | ||||||
| Total Household & Personal Products | 4,438,208 | |||||||
| Insurance—4.1% | ||||||||
| Aflac, Inc. | 10,595 | 764,535 | ||||||
| Allstate Corp. (The) | 18,942 | 1,324,993 | ||||||
| American International Group, Inc. | 33,804 | 1,787,893 | ||||||
| Aon PLC | 3,668 | 400,656 | ||||||
| Arthur J. Gallagher & Co. | 3,767 | 179,309 | ||||||
| Assurant, Inc. | 4,297 | 370,874 | ||||||
| Chubb Ltd. | 6,094 | 796,547 | ||||||
| Cincinnati Financial Corp. | 2,560 | 191,718 | ||||||
| Hartford Financial | ||||||||
| Services Group, Inc. (The) | 14,191 | 629,797 | ||||||
| Lincoln National Corp. | 10,184 | 394,834 | ||||||
| Shares | Value | |||||||
| Loews Corp. | 11,888 | $ | 488,478 | |||||
| Marsh & McLennan Cos., Inc. | 7,143 | 489,010 | ||||||
| MetLife, Inc. | 55,108 | 2,194,952 | ||||||
| Principal Financial Group, Inc. | 10,308 | 423,762 | ||||||
| Progressive Corp. (The) | 23,539 | 788,556 | ||||||
| Prudential Financial, Inc. | 26,803 | 1,912,126 | ||||||
| Torchmark Corp. | 2,375 | 146,822 | ||||||
| Travelers Cos., Inc. (The) | 8,351 | 994,103 | ||||||
| Unum Group | 10,500 | 333,795 | ||||||
| Willis Towers Watson PLC | 1,445 | 179,628 | ||||||
| XL Group PLC1 | 11,997 | 399,620 | ||||||
| Total Insurance | 15,192,008 | |||||||
| Materials—3.1% | ||||||||
| Air Products & Chemicals, Inc. | 2,246 | 319,022 | ||||||
| Albemarle Corp. | 1,247 | 98,899 | ||||||
| Alcoa, Inc. | 76,996 | 713,753 | ||||||
| Avery Dennison Corp. | 2,832 | 211,692 | ||||||
| Ball Corp. | 3,875 | 280,124 | ||||||
| CF Industries Holdings, Inc. | 5,038 | 121,416 | ||||||
| Dow Chemical Co. (The) | 31,429 | 1,562,336 | ||||||
| E.I. du Pont de Nemours & Co. | 12,970 | 840,456 | ||||||
| Eastman Chemical Co. | 4,504 | 305,822 | ||||||
| Ecolab, Inc. | 3,944 | 467,758 | ||||||
| FMC Corp. | 2,205 | 102,113 | ||||||
| Freeport-McMoRan, Inc.1 | 46,563 | 518,712 | ||||||
| International Flavors & | ||||||||
| Fragrances, Inc. | 851 | 107,285 | ||||||
| International Paper Co.1 | 17,718 | 750,889 | ||||||
| LyondellBasell Industries NV, | ||||||||
| Class A | 13,617 | 1,013,377 | ||||||
| Martin Marietta Materials, Inc.1 | 595 | 114,240 | ||||||
| Monsanto Co. | 4,331 | 447,869 | ||||||
| Mosaic Co. (The)1 | 10,832 | 283,582 | ||||||
| Newmont Mining Corp. | 8,138 | 318,358 | ||||||
| Nucor Corp. | 10,829 | 535,061 | ||||||
| Owens-Illinois, Inc.2 | 11,177 | 201,298 | ||||||
| PPG Industries, Inc. | 5,023 | 523,145 | ||||||
| Praxair, Inc. | 3,210 | 360,772 | ||||||
| Sealed Air Corp. | 5,309 | 244,055 | ||||||
| Sherwin-Williams Co. (The) | 1,416 | 415,837 | ||||||
| Vulcan Materials Co. | 952 | 114,583 | ||||||
| WestRock Co. | 12,170 | 473,048 | ||||||
| Total Materials | 11,445,502 | |||||||
| Media—2.5% | ||||||||
| CBS Corp., Class B | 9,679 | 526,925 | ||||||
| Comcast Corp., Class A | 42,446 | 2,767,055 | ||||||
| Discovery Communications, Inc., | ||||||||
| Class A2 | 4,192 | 105,764 | ||||||
| Discovery Communications, Inc., | ||||||||
| Class C2 | 4,340 | 103,509 | ||||||
| Interpublic Group of Cos., Inc. (The) | 10,646 | 245,923 | ||||||
| News Corp., Class A | 12,664 | 143,736 | ||||||
| News Corp., Class B1 | 12,297 | 143,506 | ||||||
| Omnicom Group, Inc. | 6,135 | 499,941 | ||||||
| Scripps Networks Interactive, Inc., | ||||||||
| Class A | 1,716 | 106,855 | ||||||
| TEGNA, Inc. | 4,981 | 115,410 | ||||||
| Time Warner, Inc. | 13,385 | 984,333 | ||||||
16
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Media (continued) | ||||||||
| Twenty-First Century Fox, Inc., | ||||||||
| Class A | 16,397 | $ | 443,539 | |||||
| Twenty-First Century Fox, Inc., | ||||||||
| Class B | 16,365 | 445,946 | ||||||
| Viacom, Inc., Class B1 | 10,440 | 432,947 | ||||||
| Walt Disney Co. (The) | 19,864 | 1,943,096 | ||||||
| Total Media | 9,008,485 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—3.6% | ||||||||
| AbbVie, Inc. | 13,765 | 852,191 | ||||||
| Agilent Technologies, Inc. | 3,211 | 142,440 | ||||||
| Alexion Pharmaceuticals, Inc.2 | 810 | 94,576 | ||||||
| Allergan PLC2 | 2,125 | 491,066 | ||||||
| Amgen, Inc. | 4,956 | 754,055 | ||||||
| Biogen, Inc.2 | 1,472 | 355,959 | ||||||
| Bristol-Myers Squibb Co. | 8,054 | 592,372 | ||||||
| Celgene Corp.2 | 3,143 | 309,994 | ||||||
| Eli Lilly & Co. | 9,388 | 739,305 | ||||||
| Endo International PLC2 | 6,501 | 101,351 | ||||||
| Gilead Sciences, Inc. | 13,410 | 1,118,662 | ||||||
| Illumina, Inc.2 | 517 | 72,576 | ||||||
| Johnson & Johnson | 21,526 | 2,611,104 | ||||||
| Mallinckrodt PLC2 | 1,836 | 111,592 | ||||||
| Merck & Co., Inc. | 24,409 | 1,406,203 | ||||||
| Mylan NV1,2 | 7,370 | 318,679 | ||||||
| PerkinElmer, Inc. | 1,361 | 71,344 | ||||||
| Perrigo Co. PLC | 1,839 | 166,742 | ||||||
| Pfizer, Inc. | 52,738 | 1,856,905 | ||||||
| Regeneron Pharmaceuticals, Inc.2 | 410 | 143,184 | ||||||
| Thermo Fisher Scientific, Inc. | 4,045 | 597,689 | ||||||
| Vertex Pharmaceuticals, Inc.2 | 408 | 35,096 | ||||||
| Waters Corp.2 | 497 | 69,903 | ||||||
| Zoetis, Inc. | 3,755 | 178,212 | ||||||
| Total Pharmaceuticals, Biotechnology | ||||||||
| & Life Sciences | 13,191,200 | |||||||
| Real Estate—0.8% | ||||||||
| American Tower Corp. | 1,665 | 189,161 | ||||||
| Apartment Investment & | ||||||||
| Management Co., Class A | 892 | 39,391 | ||||||
| AvalonBay Communities, Inc. | 387 | 69,811 | ||||||
| Boston Properties, Inc. | 574 | 75,711 | ||||||
| CBRE Group, Inc., Class A2 | 13,476 | 356,844 | ||||||
| Crown Castle International Corp. | 1,547 | 156,912 | ||||||
| Digital Realty Trust, Inc.1 | 534 | 58,201 | ||||||
| Equinix, Inc. | 314 | 121,747 | ||||||
| Equity Residential | 1,684 | 115,994 | ||||||
| Essex Property Trust, Inc. | 188 | 42,881 | ||||||
| Extra Space Storage, Inc. | 413 | 38,219 | ||||||
| Federal Realty Investment Trust | 204 | 33,772 | ||||||
| General Growth Properties, Inc. | 3,939 | 117,461 | ||||||
| HCP, Inc. | 3,155 | 111,624 | ||||||
| Host Hotels & Resorts, Inc. | 11,846 | 192,024 | ||||||
| Iron Mountain, Inc. | 2,946 | 117,339 | ||||||
| Kimco Realty Corp. | 1,233 | 38,692 | ||||||
| Macerich Co. (The) | 457 | 39,023 | ||||||
| Prologis, Inc. | 1,476 | 72,383 | ||||||
| Public Storage | 363 | 92,779 | ||||||
| Realty Income Corp. | 517 | 35,859 | ||||||
| Simon Property Group, Inc. | 925 | 200,632 | ||||||
| Shares | Value | |||||||
| SL Green Realty Corp. | 639 | $ | 68,034 | |||||
| UDR, Inc. | 1,068 | 39,431 | ||||||
| Ventas, Inc. | 1,600 | 116,512 | ||||||
| Vornado Realty Trust | 758 | 75,891 | ||||||
| Welltower, Inc. | 1,937 | 147,541 | ||||||
| Weyerhaeuser Co. | 8,267 | 246,109 | ||||||
| Total Real Estate | 3,009,978 | |||||||
| Retailing—7.0% | ||||||||
| Advance Auto Parts, Inc. | 2,146 | 346,858 | ||||||
| Amazon.com, Inc.2 | 5,546 | 3,968,828 | ||||||
| AutoNation, Inc.1,2 | 14,566 | 684,311 | ||||||
| AutoZone, Inc.1,2 | 558 | 442,963 | ||||||
| Bed Bath & Beyond, Inc. | 9,234 | 399,093 | ||||||
| Best Buy Co., Inc. | 44,613 | 1,365,158 | ||||||
| CarMax, Inc.1,2 | 10,365 | 508,196 | ||||||
| Dollar General Corp. | 7,917 | 744,198 | ||||||
| Dollar Tree, Inc.2 | 5,996 | 565,063 | ||||||
| Expedia, Inc. | 2,396 | 254,695 | ||||||
| Foot Locker, Inc. | 4,597 | 252,191 | ||||||
| Gap, Inc. (The) | 28,651 | 607,974 | ||||||
| Genuine Parts Co. | 5,671 | 574,189 | ||||||
| Home Depot, Inc. (The) | 24,392 | 3,114,614 | ||||||
| Kohl’s Corp. | 18,002 | 682,636 | ||||||
| L Brands, Inc. | 6,400 | 429,632 | ||||||
| LKQ Corp.2 | 7,907 | 250,652 | ||||||
| Lowe’s Cos., Inc. | 26,570 | 2,103,547 | ||||||
| Macy’s, Inc. | 28,740 | 965,951 | ||||||
| Netflix, Inc.1,2 | 2,714 | 248,277 | ||||||
| Nordstrom, Inc.1 | 13,236 | 503,630 | ||||||
| O’Reilly Automotive, Inc.2 | 1,118 | 303,090 | ||||||
| Priceline Group, Inc. (The)2 | 279 | 348,306 | ||||||
| Ross Stores, Inc. | 8,142 | 461,570 | ||||||
| Signet Jewelers Ltd. | 2,916 | 240,308 | ||||||
| Staples, Inc. | 83,844 | 722,735 | ||||||
| Target Corp. | 38,274 | 2,672,291 | ||||||
| Tiffany & Co.1 | 2,360 | 143,110 | ||||||
| TJX Cos., Inc. (The) | 14,244 | 1,100,064 | ||||||
| Tractor Supply Co. | 2,331 | 212,541 | ||||||
| TripAdvisor, Inc.2 | 545 | 35,043 | ||||||
| Ulta Salon Cosmetics & | ||||||||
| Fragrance, Inc.2 | 590 | 143,748 | ||||||
| Urban Outfitters, Inc.1,2 | 4,168 | 114,620 | ||||||
| Total Retailing | 25,510,082 | |||||||
| Semiconductors & Semiconductor Equipment—1.5% | ||||||||
| Analog Devices, Inc. | 1,933 | 109,485 | ||||||
| Applied Materials, Inc. | 13,625 | 326,591 | ||||||
| Broadcom Ltd. | 1,586 | 246,464 | ||||||
| First Solar, Inc.2 | 2,991 | 145,004 | ||||||
| Intel Corp. | 63,887 | 2,095,494 | ||||||
| KLA-Tencor Corp. | 1,504 | 110,168 | ||||||
| Lam Research Corp.1 | 2,637 | 221,666 | ||||||
| Linear Technology Corp. | 783 | 36,433 | ||||||
| Microchip Technology, Inc.1 | 1,352 | 68,628 | ||||||
| Micron Technology, Inc.2 | 39,098 | 537,988 | ||||||
| NVIDIA Corp. | 3,970 | 186,630 | ||||||
| Qorvo, Inc.1,2 | 2,008 | 110,962 | ||||||
| QUALCOMM, Inc. | 14,899 | 798,139 | ||||||
| Skyworks Solutions, Inc.1 | 1,677 | 106,121 | ||||||
17
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
| Texas Instruments, Inc. | 7,653 | $ | 479,460 | |||||
| Xilinx, Inc. | 1,529 | 70,533 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 5,649,766 | |||||||
| Software & Services—4.8% | ||||||||
| Accenture PLC, Class A | 9,560 | 1,083,052 | ||||||
| Activision Blizzard, Inc. | 4,821 | 191,056 | ||||||
| Adobe Systems, Inc.2 | 1,889 | 180,947 | ||||||
| Akamai Technologies, Inc.2 | 1,298 | 72,597 | ||||||
| Alliance Data Systems Corp.2 | 1,042 | 204,149 | ||||||
| Alphabet, Inc., Class A2 | 1,889 | 1,328,968 | ||||||
| Alphabet, Inc., Class C2 | 1,931 | 1,336,445 | ||||||
| Autodesk, Inc.2 | 1,308 | 70,815 | ||||||
| Automatic Data Processing, Inc. | 4,614 | 423,888 | ||||||
| CA, Inc. | 4,393 | 144,222 | ||||||
| Citrix Systems, Inc.2 | 1,269 | 101,634 | ||||||
| Cognizant Technology Solutions Corp., | ||||||||
| Class A2 | 7,274 | 416,364 | ||||||
| CSRA, Inc. | 6,037 | 141,447 | ||||||
| eBay, Inc.2 | 12,144 | 284,291 | ||||||
| Electronic Arts, Inc.2 | 1,939 | 146,899 | ||||||
| Facebook, Inc., Class A2 | 5,954 | 680,423 | ||||||
| Fidelity National Information | ||||||||
| Services, Inc. | 3,436 | 253,165 | ||||||
| Fiserv, Inc.2 | 1,719 | 186,907 | ||||||
| Global Payments, Inc. | 1,428 | 101,931 | ||||||
| International Business | ||||||||
| Machines Corp. | 18,688 | 2,836,465 | ||||||
| Intuit, Inc. | 1,375 | 153,464 | ||||||
| MasterCard, Inc., Class A | 3,454 | 304,159 | ||||||
| Microsoft Corp. | 59,675 | 3,053,570 | ||||||
| Oracle Corp. | 33,923 | 1,388,468 | ||||||
| Paychex, Inc. | 1,998 | 118,881 | ||||||
| PayPal Holdings, Inc.2 | 8,943 | 326,509 | ||||||
| Red Hat, Inc.2 | 927 | 67,300 | ||||||
| salesforce.com, Inc.2 | 2,687 | 213,375 | ||||||
| Symantec Corp. | 8,599 | 176,624 | ||||||
| Teradata Corp.2 | 2,631 | 65,959 | ||||||
| Total System Services, Inc. | 2,007 | 106,592 | ||||||
| VeriSign, Inc.1,2 | 398 | 34,411 | ||||||
| Visa, Inc., Class A | 6,365 | 472,092 | ||||||
| Western Union Co. (The) | 9,446 | 181,174 | ||||||
| Xerox Corp. | 62,484 | 592,973 | ||||||
| Yahoo!, Inc.2 | 4,861 | 182,579 | ||||||
| Total Software & Services | 17,623,795 | |||||||
| Technology Hardware & Equipment—4.7% | ||||||||
| Amphenol Corp., Class A | 3,081 | 176,634 | ||||||
| Apple, Inc. | 82,053 | 7,844,267 | ||||||
| Cisco Systems, Inc. | 60,387 | 1,732,503 | ||||||
| Corning, Inc. | 14,257 | 291,983 | ||||||
| EMC Corp. | 31,611 | 858,871 | ||||||
| F5 Networks, Inc.2 | 600 | 68,304 | ||||||
| FLIR Systems, Inc. | 2,326 | 71,990 | ||||||
| Harris Corp. | 2,704 | 225,622 | ||||||
| Hewlett Packard Enterprise Co. | 95,306 | 1,741,241 | ||||||
| HP, Inc. | 192,969 | 2,421,761 | ||||||
| Juniper Networks, Inc. | 7,929 | 178,323 | ||||||
| Shares | Value | |||||||
| Motorola Solutions, Inc. | 3,240 | $ | 213,743 | |||||
| NetApp, Inc. | 7,482 | 183,982 | ||||||
| Seagate Technology PLC1 | 17,422 | 424,400 | ||||||
| TE Connectivity Ltd.1 | 6,554 | 374,299 | ||||||
| Western Digital Corp. | 9,367 | 442,684 | ||||||
| Total Technology Hardware | ||||||||
| & Equipment | 17,250,607 | |||||||
| Telecommunication Services—3.3% | ||||||||
| AT&T, Inc. | 138,506 | 5,984,844 | ||||||
| CenturyLink, Inc. | 22,977 | 666,563 | ||||||
| Frontier Communications Corp. | 35,854 | 177,119 | ||||||
| Level 3 Communications, Inc.2 | 5,591 | 287,880 | ||||||
| Verizon Communications, Inc. | 91,481 | 5,108,299 | ||||||
| Total Telecommunication Services | 12,224,705 | |||||||
| Transportation—3.0% | ||||||||
| Alaska Air Group, Inc. | 3,299 | 192,299 | ||||||
| American Airlines Group, Inc. | 44,881 | 1,270,581 | ||||||
| C.H. Robinson Worldwide, Inc. | 6,502 | 482,774 | ||||||
| CSX Corp. | 15,003 | 391,278 | ||||||
| Delta Air Lines, Inc. | 35,108 | 1,278,984 | ||||||
| Expeditors International of | ||||||||
| Washington, Inc. | 4,446 | 218,032 | ||||||
| FedEx Corp. | 10,665 | 1,618,734 | ||||||
| JB Hunt Transport Services, Inc. | 2,706 | 218,997 | ||||||
| Kansas City Southern | 829 | 74,685 | ||||||
| Norfolk Southern Corp. | 4,340 | 369,464 | ||||||
| Ryder System, Inc. | 3,336 | 203,963 | ||||||
| Southwest Airlines Co. | 16,838 | 660,218 | ||||||
| Union Pacific Corp. | 8,228 | 717,893 | ||||||
| United Continental Holdings, Inc.2 | 29,710 | 1,219,298 | ||||||
| United Parcel Service, Inc., Class B | 19,917 | 2,145,459 | ||||||
| Total Transportation | 11,062,659 | |||||||
| Utilities—3.2% | ||||||||
| AES Corp. | 45,607 | 569,175 | ||||||
| Alliant Energy Corp. | 3,237 | 128,509 | ||||||
| Ameren Corp. | 4,293 | 230,019 | ||||||
| American Electric Power Co., Inc. | 9,859 | 691,017 | ||||||
| American Water Works Co., Inc.1 | 1,414 | 119,497 | ||||||
| CenterPoint Energy, Inc. | 11,015 | 264,360 | ||||||
| CMS Energy Corp. | 5,057 | 231,914 | ||||||
| Consolidated Edison, Inc. | 5,683 | 457,141 | ||||||
| Dominion Resources, Inc.1 | 5,408 | 421,445 | ||||||
| DTE Energy Co. | 3,880 | 384,586 | ||||||
| Duke Energy Corp.1 | 9,896 | 848,978 | ||||||
| Edison International | 5,436 | 422,214 | ||||||
| Entergy Corp. | 5,061 | 411,712 | ||||||
| Eversource Energy | 4,516 | 270,508 | ||||||
| Exelon Corp. | 28,496 | 1,036,115 | ||||||
| FirstEnergy Corp. | 15,177 | 529,829 | ||||||
| NextEra Energy, Inc.1 | 5,014 | 653,826 | ||||||
| NiSource, Inc. | 7,347 | 194,842 | ||||||
| NRG Energy, Inc.1 | 29,084 | 435,969 | ||||||
| PG&E Corp. | 9,842 | 629,101 | ||||||
| Pinnacle West Capital Corp. | 1,436 | 116,402 | ||||||
| PPL Corp. | 6,508 | 245,677 | ||||||
| Public Service Enterprise Group, Inc. | 8,218 | 383,041 | ||||||
| SCANA Corp. | 2,043 | 154,573 | ||||||
18
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER LARGE CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Utilities (continued) | ||||||||
| Sempra Energy | 3,337 | $ | 380,485 | |||||
| Southern Co. (The) | 12,150 | 651,605 | ||||||
| WEC Energy Group, Inc. | 4,084 | 266,685 | ||||||
| Xcel Energy, Inc. | 9,388 | 420,395 | ||||||
| Total Utilities | 11,549,620 | |||||||
| Total Common Stocks | ||||||||
| (Cost $320,850,379) | 365,843,593 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—0.9% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%3 | ||||||||
| (Cost $3,358,375) | 3,358,375 | 3,358,375 | ||||||
| Total Investments—100.7% | ||||||||
| (Cost $324,208,754) | 369,201,968 | |||||||
| Liabilities in Excess of Other Assets—(0.7)% | (2,523,001 | ) | ||||||
| Net Assets—100.0% | $ | 366,678,967 | ||||||
PLC – Public Limited Company
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $12,132,852; total value of the collateral held by the fund was $12,245,288. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,886,913 (Note 4). |
| 2 | Non-income producing security. |
| 3 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
The accompanying notes are an integral part of these financial statements.
19
SCHEDULE OF INVESTMENTS
OPPENHEIMER
MID
CAP
REVENUE
ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—99.7% | ||||||||
| Automobiles & Components—0.8% | ||||||||
| Dana Holding Corp. | 72,287 | $ | 763,351 | |||||
| Gentex Corp. | 14,237 | 219,962 | ||||||
| Thor Industries, Inc.1 | 9,263 | 599,686 | ||||||
| Total Automobiles & Components | 1,582,999 | |||||||
| Banks—1.8% | ||||||||
| Associated Banc-Corp. | 7,690 | 131,883 | ||||||
| BancorpSouth, Inc. | 4,519 | 102,536 | ||||||
| Bank of Hawaii Corp. | 1,211 | 83,317 | ||||||
| Bank of the Ozarks, Inc.1 | 1,820 | 68,286 | ||||||
| Cathay General Bancorp | 2,148 | 60,574 | ||||||
| Commerce Bancshares, Inc. | 3,258 | 156,058 | ||||||
| Cullen/Frost Bankers, Inc.1 | 2,263 | 144,221 | ||||||
| East West Bancorp, Inc. | 4,198 | 143,488 | ||||||
| F.N.B. Corp. | 7,120 | 89,285 | ||||||
| First Horizon National Corp. | 12,151 | 167,441 | ||||||
| First Niagara Financial Group, Inc. | 17,920 | 174,541 | ||||||
| FirstMerit Corp. | 6,314 | 127,985 | ||||||
| Fulton Financial Corp. | 7,000 | 94,500 | ||||||
| Hancock Holding Co. | 4,084 | 106,633 | ||||||
| International Bancshares Corp.1 | 2,528 | 65,955 | ||||||
| New York Community Bancorp, Inc.1 | 6,294 | 94,347 | ||||||
| PacWest Bancorp | 3,264 | 129,842 | ||||||
| PrivateBancorp, Inc. | 2,213 | 97,438 | ||||||
| Prosperity Bancshares, Inc. | 2,037 | 103,867 | ||||||
| Signature Bank2 | 1,120 | 139,910 | ||||||
| SVB Financial Group1,2 | 1,861 | 177,093 | ||||||
| Synovus Financial Corp. | 5,049 | 146,370 | ||||||
| TCF Financial Corp. | 12,800 | 161,920 | ||||||
| Trustmark Corp. | 3,263 | 81,086 | ||||||
| Umpqua Holdings Corp. | 10,249 | 158,552 | ||||||
| Valley National Bancorp | 9,631 | 87,835 | ||||||
| Washington Federal, Inc. | 2,845 | 69,020 | ||||||
| Webster Financial Corp.1 | 3,313 | 112,476 | ||||||
| Total Banks | 3,276,459 | |||||||
| Capital Goods—10.8% | ||||||||
| A.O. Smith Corp. | 4,411 | 388,653 | ||||||
| AECOM1,2 | 81,068 | 2,575,530 | ||||||
| AGCO Corp. | 19,819 | 934,069 | ||||||
| B/E Aerospace, Inc. | 8,322 | 384,268 | ||||||
| Carlisle Cos., Inc. | 5,266 | 556,511 | ||||||
| CLARCOR, Inc. | 3,492 | 212,418 | ||||||
| Crane Co. | 6,751 | 382,917 | ||||||
| Curtiss-Wright Corp. | 3,665 | 308,776 | ||||||
| Donaldson Co., Inc.1 | 9,120 | 313,363 | ||||||
| EMCOR Group, Inc. | 10,771 | 530,579 | ||||||
| Esterline Technologies Corp.2 | 3,942 | 244,562 | ||||||
| GATX Corp.1 | 4,531 | 199,228 | ||||||
| Graco, Inc. | 2,312 | 182,625 | ||||||
| Granite Construction, Inc. | 7,705 | 350,963 | ||||||
| Hubbell, Inc. | 4,692 | 494,865 | ||||||
| Huntington Ingalls Industries, Inc. | 6,617 | 1,111,855 | ||||||
| IDEX Corp. | 3,412 | 280,125 | ||||||
| ITT, Inc. | 10,275 | 328,595 | ||||||
| Joy Global, Inc. | 18,517 | 391,449 | ||||||
| KBR, Inc. | 45,357 | 600,527 | ||||||
| Kennametal, Inc. | 12,916 | 285,573 | ||||||
| Shares | Value | |||||||
| KLX, Inc.2 | 6,633 | $ | 205,623 | |||||
| Lennox International, Inc. | 3,705 | 528,333 | ||||||
| Lincoln Electric Holdings, Inc. | 5,807 | 343,078 | ||||||
| MSC Industrial Direct Co., Inc., | ||||||||
| Class A | 5,629 | 397,182 | ||||||
| Nordson Corp.1 | 2,803 | 234,359 | ||||||
| NOW, Inc.2 | 20,739 | 376,205 | ||||||
| Orbital ATK, Inc. | 7,206 | 613,519 | ||||||
| Oshkosh Corp.1 | 18,670 | 890,746 | ||||||
| Regal Beloit Corp. | 8,719 | 479,981 | ||||||
| Teledyne Technologies, Inc.2 | 3,298 | 326,667 | ||||||
| Terex Corp.1 | 44,341 | 900,566 | ||||||
| Timken Co. (The) | 12,231 | 375,002 | ||||||
| Toro Co. (The) | 3,952 | 348,566 | ||||||
| Trinity Industries, Inc. | 46,198 | 857,897 | ||||||
| Triumph Group, Inc.1 | 14,502 | 514,821 | ||||||
| Valmont Industries, Inc. | 2,720 | 367,934 | ||||||
| Wabtec Corp.1 | 6,163 | 432,828 | ||||||
| Watsco, Inc. | 4,481 | 630,432 | ||||||
| Woodward, Inc. | 4,973 | 286,644 | ||||||
| Total Capital Goods | 20,167,834 | |||||||
| Commercial & Professional Services—3.4% | ||||||||
| CEB, Inc. | 2,093 | 129,096 | ||||||
| Clean Harbors, Inc.1,2 | 8,594 | 447,833 | ||||||
| Copart, Inc.2 | 3,445 | 168,840 | ||||||
| Deluxe Corp. | 3,944 | 261,763 | ||||||
| FTI Consulting, Inc.2 | 6,243 | 253,965 | ||||||
| Herman Miller, Inc. | 10,291 | 307,598 | ||||||
| HNI Corp. | 7,179 | 333,752 | ||||||
| Manpowergroup, Inc.1 | 36,094 | 2,322,288 | ||||||
| MSA Safety, Inc. | 3,302 | 173,454 | ||||||
| R.R. Donnelley & Sons Co.1 | 98,408 | 1,665,064 | ||||||
| Rollins, Inc.1 | 7,705 | 225,525 | ||||||
| Total Commercial & Professional Services | 6,289,178 | |||||||
| Consumer Durables & Apparel—3.9% | ||||||||
| Brunswick Corp. | 12,427 | 563,192 | ||||||
| CalAtlantic Group, Inc.1 | 16,764 | 615,406 | ||||||
| Carter’s, Inc. | 4,218 | 449,090 | ||||||
| Deckers Outdoor Corp.1,2 | 4,996 | 287,370 | ||||||
| Fossil Group, Inc.1,2 | 16,134 | 460,303 | ||||||
| Helen of Troy Ltd.2 | 2,195 | 225,734 | ||||||
| Kate Spade & Co.2 | 8,551 | 176,236 | ||||||
| KB Home1 | 31,818 | 483,952 | ||||||
| NVR, Inc.2 | 450 | 801,153 | ||||||
| Polaris Industries, Inc.1 | 8,177 | 668,551 | ||||||
| Skechers U.S.A., Inc., Class A1,2 | 16,555 | 492,015 | ||||||
| Tempur Sealy International, Inc.1,2 | 7,446 | 411,913 | ||||||
| Toll Brothers, Inc.2 | 21,458 | 577,435 | ||||||
| TRI Pointe Group, Inc.2 | 29,899 | 353,406 | ||||||
| Tupperware Brands Corp.1 | 5,708 | 321,246 | ||||||
| Vista Outdoor, Inc.2 | 6,598 | 314,923 | ||||||
| Total Consumer Durables & Apparel | 7,201,925 | |||||||
| Consumer Services—2.7% | ||||||||
| Brinker International, Inc.1 | 10,174 | 463,222 | ||||||
| Buffalo Wild Wings, Inc.1,2 | 1,864 | 259,003 | ||||||
| Cheesecake Factory, Inc. (The) | 6,187 | 297,842 | ||||||
| Churchill Downs, Inc.1 | 5,421 | 684,997 | ||||||
20
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER
MID
CAP
REVENUE
ETF
June 30, 2016
| Shares | Value | |||||||
| Consumer Services (continued) | ||||||||
| Cracker Barrel Old | ||||||||
| Country Store, Inc.1 | 2,515 | $ | 431,247 | |||||
| DeVry Education Group, Inc.1 | 15,732 | 280,659 | ||||||
| Domino’s Pizza, Inc. | 2,330 | 306,115 | ||||||
| Dunkin’ Brands Group, Inc. | 2,622 | 114,372 | ||||||
| Graham Holdings Co., Class B | 733 | 358,833 | ||||||
| International Speedway Corp., | ||||||||
| Class A | 2,873 | 96,102 | ||||||
| Jack in the Box, Inc. | 2,636 | 226,485 | ||||||
| Panera Bread Co., Class A1,2 | 1,824 | 386,578 | ||||||
| Service Corp. International | 16,118 | 435,831 | ||||||
| Sotheby’s1 | 4,522 | 123,903 | ||||||
| Texas Roadhouse, Inc., Class A1 | 5,981 | 272,734 | ||||||
| Wendy’s Co. (The) | 27,773 | 267,176 | ||||||
| Total Consumer Services | 5,005,099 | |||||||
| Diversified Financials—1.3% | ||||||||
| CBOE Holdings, Inc.1 | 1,511 | 100,663 | ||||||
| Eaton Vance Corp.1 | 5,585 | 197,374 | ||||||
| FactSet Research Systems, Inc.1 | 985 | 158,999 | ||||||
| Federated Investors, Inc., Class B | 4,531 | 130,402 | ||||||
| Janus Capital Group, Inc. | 10,226 | 142,346 | ||||||
| MarketAxess Holdings, Inc. | 321 | 46,673 | ||||||
| MSCI, Inc. | 2,068 | 159,484 | ||||||
| Raymond James Financial, Inc. | 13,949 | 687,686 | ||||||
| SEI Investments Co. | 3,844 | 184,935 | ||||||
| SLM Corp.2 | 16,919 | 104,559 | ||||||
| Stifel Financial Corp.1,2 | 9,447 | 297,108 | ||||||
| Waddell & Reed Financial, Inc., | ||||||||
| Class A | 10,281 | 177,039 | ||||||
| WisdomTree Investments, Inc.1 | 3,849 | 37,682 | ||||||
| Total Diversified Financials | 2,424,950 | |||||||
| Energy—6.0% | ||||||||
| CONSOL Energy, Inc.1 | 20,429 | 328,703 | ||||||
| Denbury Resources, Inc.1 | 36,088 | 129,556 | ||||||
| Dril-Quip, Inc.1,2 | 1,777 | 103,830 | ||||||
| Energen Corp. | 2,117 | 102,061 | ||||||
| Ensco PLC, Class A | 47,042 | 456,778 | ||||||
| Gulfport Energy Corp.2 | 3,159 | 98,750 | ||||||
| HollyFrontier Corp.1 | 71,605 | 1,702,051 | ||||||
| Nabors Industries Ltd. | 41,635 | 418,432 | ||||||
| Noble Corp. PLC1 | 48,142 | 396,690 | ||||||
| Oceaneering International, Inc. | 12,342 | 368,532 | ||||||
| Oil States International, Inc.1,2 | 3,785 | 124,451 | ||||||
| Patterson-UTI Energy, Inc. | 10,313 | 219,873 | ||||||
| QEP Resources, Inc. | 13,118 | 231,270 | ||||||
| Rowan Cos. PLC, Class A | 15,711 | 277,456 | ||||||
| SM Energy Co.1 | 5,883 | 158,841 | ||||||
| Superior Energy Services, Inc. | 17,095 | 314,719 | ||||||
| Western Refining, Inc.1 | 62,993 | 1,299,546 | ||||||
| World Fuel Services Corp. | 92,260 | 4,381,427 | ||||||
| WPX Energy, Inc.2 | 15,924 | 148,252 | ||||||
| Total Energy | 11,261,218 | |||||||
| Shares | Value | |||||||
| Food & Staples Retailing—2.9% | ||||||||
| Casey’s General Stores, Inc. | 7,973 | $ | 1,048,529 | |||||
| Sprouts Farmers Market, Inc.1,2 | 22,624 | 518,090 | ||||||
| SUPERVALU, Inc.2 | 539,461 | 2,546,256 | ||||||
| United Natural Foods, Inc.1,2 | 27,738 | 1,298,138 | ||||||
| Total Food & Staples Retailing | 5,411,013 | |||||||
| Food, Beverage & Tobacco—3.1% | ||||||||
| Boston Beer Co., Inc. (The), Class A1,2 | 867 | 148,283 | ||||||
| Dean Foods Co.1 | 64,977 | 1,175,434 | ||||||
| Flowers Foods, Inc. | 30,398 | 569,962 | ||||||
| Hain Celestial Group, Inc. (The)2 | 8,494 | 422,577 | ||||||
| Ingredion, Inc. | 7,022 | 908,717 | ||||||
| Lancaster Colony Corp.1 | 1,427 | 182,099 | ||||||
| Post Holdings, Inc.1,2 | 9,799 | 810,279 | ||||||
| Snyder’s-Lance, Inc.1 | 7,772 | 263,393 | ||||||
| Tootsie Roll Industries, Inc.1 | 2,118 | 81,607 | ||||||
| TreeHouse Foods, Inc.1,2 | 5,631 | 578,022 | ||||||
| WhiteWave Foods Co. (The)2 | 12,724 | 597,265 | ||||||
| Total Food, Beverage & Tobacco | 5,737,638 | |||||||
| Health Care Equipment & Services—8.2% | ||||||||
| ABIOMED, Inc.1,2 | 442 | 48,306 | ||||||
| Align Technology, Inc.2 | 1,641 | 132,183 | ||||||
| Allscripts Healthcare | ||||||||
| Solutions, Inc.1,2 | 15,224 | 193,345 | ||||||
| Amsurg Corp.1,2 | 5,213 | 404,216 | ||||||
| Community Health Systems, Inc.1,2 | 197,214 | 2,376,429 | ||||||
| Cooper Cos., Inc. (The) | 1,609 | 276,056 | ||||||
| Halyard Health, Inc.2 | 6,871 | 223,445 | ||||||
| Hill-Rom Holdings, Inc. | 6,797 | 342,909 | ||||||
| IDEXX Laboratories, Inc.2 | 2,694 | 250,165 | ||||||
| LifePoint Hospitals, Inc.2 | 11,802 | 771,497 | ||||||
| LivaNova PLC1,2 | 1,494 | 75,044 | ||||||
| MEDNAX, Inc.1,2 | 6,035 | 437,115 | ||||||
| Molina Healthcare, Inc.1,2 | 42,174 | 2,104,483 | ||||||
| Owens & Minor, Inc. | 38,567 | 1,441,634 | ||||||
| ResMed, Inc. | 4,340 | 274,418 | ||||||
| STERIS PLC | 4,722 | 324,637 | ||||||
| Teleflex, Inc.1 | 1,553 | 275,362 | ||||||
| Tenet Healthcare Corp.1,2 | 96,076 | 2,655,541 | ||||||
| VCA, Inc.2 | 4,926 | 333,047 | ||||||
| WellCare Health Plans, Inc.2 | 19,509 | 2,092,925 | ||||||
| West Pharmaceutical Services, Inc. | 2,729 | 207,076 | ||||||
| Total Health Care Equipment & Services | 15,239,833 | |||||||
| Household & Personal Products—0.8% | ||||||||
| Avon Products, Inc. | 222,884 | 842,501 | ||||||
| Edgewell Personal Care Co.2 | 4,872 | 411,246 | ||||||
| Energizer Holdings, Inc. | 4,914 | 253,022 | ||||||
| Total Household & Personal Products | 1,506,769 | |||||||
| Insurance—6.0% | ||||||||
| Alleghany Corp.2 | 1,463 | 804,036 | ||||||
| American Financial Group, Inc. | 12,577 | 929,818 | ||||||
| Aspen Insurance Holdings Ltd. | 8,535 | 395,853 | ||||||
| Brown & Brown, Inc. | 6,801 | 254,833 | ||||||
| CNO Financial Group, Inc. | 28,456 | 496,842 | ||||||
| Endurance Specialty Holdings Ltd. | 4,807 | 322,838 | ||||||
| Everest Re Group Ltd. | 4,653 | 849,963 | ||||||
21
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER
MID
CAP
REVENUE
ETF
June 30, 2016
| Shares | Value | |||||||
| Insurance (continued) | ||||||||
| First American Financial Corp. | 20,439 | $ | 822,057 | |||||
| Genworth Financial, Inc., Class A2 | 338,534 | 873,418 | ||||||
| Hanover Insurance Group, Inc. (The) | 8,576 | 725,701 | ||||||
| Kemper Corp.1 | 11,116 | 344,374 | ||||||
| Mercury General Corp. | 8,581 | 456,166 | ||||||
| Old Republic International Corp. | 45,515 | 877,984 | ||||||
| Primerica, Inc.1 | 3,602 | 206,178 | ||||||
| Reinsurance Group of America, Inc. | 15,642 | 1,517,118 | ||||||
| RenaissanceRe Holdings Ltd. | 2,039 | 239,460 | ||||||
| W.R. Berkley Corp. | 19,014 | 1,139,319 | ||||||
| Total Insurance | 11,255,958 | |||||||
| Materials—8.1% | ||||||||
| Allegheny Technologies, Inc.1 | 35,117 | 447,742 | ||||||
| AptarGroup, Inc.1 | 4,420 | 349,755 | ||||||
| Ashland, Inc.1 | 6,359 | 729,822 | ||||||
| Bemis Co., Inc. | 11,613 | 597,953 | ||||||
| Cabot Corp. | 7,878 | 359,710 | ||||||
| Carpenter Technology Corp.1 | 8,112 | 267,128 | ||||||
| Commercial Metals Co. | 41,504 | 701,418 | ||||||
| Compass Minerals International, Inc. | 1,940 | 143,929 | ||||||
| Domtar Corp. | 19,819 | 693,863 | ||||||
| Eagle Materials, Inc. | 2,052 | 158,312 | ||||||
| Greif, Inc., Class A | 13,831 | 515,481 | ||||||
| Louisiana-Pacific Corp.2 | 15,855 | 275,084 | ||||||
| Minerals Technologies, Inc. | 4,438 | 252,078 | ||||||
| NewMarket Corp. | 755 | 312,857 | ||||||
| Olin Corp.1 | 22,744 | 564,961 | ||||||
| Packaging Corp. of America1 | 12,316 | 824,310 | ||||||
| PolyOne Corp. | 12,888 | 454,173 | ||||||
| Reliance Steel & Aluminum Co. | 17,045 | 1,310,761 | ||||||
| Royal Gold, Inc. | 748 | 53,871 | ||||||
| RPM International, Inc. | 13,680 | 683,316 | ||||||
| Scotts Miracle-Gro Co., (The), Class A | 5,110 | 357,240 | ||||||
| Sensient Technologies Corp. | 2,855 | 202,819 | ||||||
| Silgan Holdings, Inc.1 | 10,748 | 553,092 | ||||||
| Sonoco Products Co. | 15,418 | 765,658 | ||||||
| Steel Dynamics, Inc. | 40,314 | 987,693 | ||||||
| United States Steel Corp.1 | 88,376 | 1,490,019 | ||||||
| Valspar Corp. (The) | 5,748 | 620,956 | ||||||
| Worthington Industries, Inc.1 | 10,750 | 454,725 | ||||||
| Total Materials | 15,128,726 | |||||||
| Media—1.8% | ||||||||
| AMC Networks, Inc., Class A2 | 6,222 | 375,933 | ||||||
| Cable One, Inc. | 240 | 122,738 | ||||||
| Cinemark Holdings, Inc. | 12,514 | 456,260 | ||||||
| DreamWorks Animation SKG, Inc., | ||||||||
| Class A2 | 3,417 | 139,653 | ||||||
| John Wiley & Sons, Inc., Class A | 4,726 | 246,603 | ||||||
| Live Nation Entertainment, Inc.2 | 44,145 | 1,037,408 | ||||||
| Meredith Corp. | 4,597 | 238,630 | ||||||
| New York Times Co., (The), Class A | 19,061 | 230,638 | ||||||
| Time, Inc.1 | 26,201 | 431,269 | ||||||
| Total Media | 3,279,132 | |||||||
| Shares | Value | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—1.0% | ||||||||
| Akorn, Inc.1,2 | 4,879 | $ | 138,978 | |||||
| Bio-Rad Laboratories, Inc., Class A2 | 1,992 | 284,896 | ||||||
| Bio-Techne Corp. | 622 | 70,143 | ||||||
| Catalent, Inc.1,2 | 11,220 | 257,948 | ||||||
| Charles River Laboratories | ||||||||
| International, Inc.2 | 2,392 | 197,196 | ||||||
| Mettler-Toledo International, Inc.2 | 920 | 335,726 | ||||||
| PARAXEL International Corp.2 | 4,954 | 311,508 | ||||||
| Prestige Brands Holdings, Inc.2 | 2,232 | 123,653 | ||||||
| United Therapeutics Corp.1,2 | 1,917 | 203,049 | ||||||
| Total Pharmaceuticals, Biotechnology | ||||||||
| & Life Sciences | 1,923,097 | |||||||
| Real Estate—2.6% | ||||||||
| Alexander & Baldwin, Inc.1 | 2,012 | 72,714 | ||||||
| Alexandria Real Estate Equities, Inc. | 1,302 | 134,783 | ||||||
| American Campus Communities, Inc. | 2,357 | 124,614 | ||||||
| Camden Property Trust | 1,631 | 144,213 | ||||||
| Care Capital Properties, Inc. | 1,860 | 48,750 | ||||||
| Communications Sales & Leasing, Inc. | 4,889 | 141,292 | ||||||
| Corporate Office Properties Trust | 3,241 | 95,836 | ||||||
| Corrections Corp. of America | 7,753 | 271,510 | ||||||
| DCT Industrial Trust, Inc. | 1,167 | 56,063 | ||||||
| Douglas Emmett, Inc. | 2,814 | 99,953 | ||||||
| Duke Realty Corp.1 | 5,529 | 147,403 | ||||||
| Education Realty Trust, Inc. | 988 | 45,586 | ||||||
| EPR Properties | 879 | 70,918 | ||||||
| Equity One, Inc. | 1,809 | 58,214 | ||||||
| First Industrial Realty Trust, Inc. | 1,612 | 44,846 | ||||||
| Healthcare Realty Trust, Inc. | 1,727 | 60,428 | ||||||
| Highwoods Properties, Inc. | 1,927 | 101,746 | ||||||
| Hospitality Properties Trust | 10,834 | 312,019 | ||||||
| Jones Lang LaSalle, Inc. | 7,262 | 707,682 | ||||||
| Kilroy Realty Corp. | 1,347 | 89,293 | ||||||
| Lamar Advertising Co., Class A | 3,150 | 208,845 | ||||||
| LaSalle Hotel Properties | 7,636 | 180,057 | ||||||
| Liberty Property Trust | 3,021 | 119,994 | ||||||
| Mack-Cali Realty Corp. | 3,190 | 86,130 | ||||||
| Medical Properties Trust, Inc.1 | 3,696 | 56,216 | ||||||
| Mid-America Apartment | ||||||||
| Communities, Inc. | 1,532 | 163,005 | ||||||
| National Retail Properties, Inc. | 1,529 | 79,080 | ||||||
| Omega Healthcare Investors, Inc.1 | 3,627 | 123,137 | ||||||
| Post Properties, Inc. | 981 | 59,890 | ||||||
| Potlatch Corp. | 2,423 | 82,624 | ||||||
| Rayonier, Inc.1 | 3,050 | 80,032 | ||||||
| Regency Centers Corp. | 1,131 | 94,699 | ||||||
| Senior Housing Properties Trust | 7,837 | 163,245 | ||||||
| Sovran Self Storage, Inc. | 493 | 51,725 | ||||||
| Tanger Factory Outlet Centers, Inc.1 | 1,820 | 73,128 | ||||||
| Taubman Centers, Inc. | 1,182 | 87,704 | ||||||
| Urban Edge Properties | 1,702 | 50,822 | ||||||
| Weingarten Realty Investors | 2,089 | 85,273 | ||||||
| WP GLIMCHER, Inc. | 12,265 | 137,245 | ||||||
| Total Real Estate | 4,810,714 | |||||||
22
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER MID CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Retailing—8.3% | ||||||||
| Aaron’s, Inc. | 18,815 | $ | 411,860 | |||||
| Abercrombie & Fitch Co., Class A | 26,472 | 471,466 | ||||||
| American Eagle Outfitters, Inc. | 32,350 | 515,336 | ||||||
| Ascena Retail Group, Inc.2 | 109,520 | 765,545 | ||||||
| Big Lots, Inc. | 14,618 | 732,508 | ||||||
| Cabela’s, Inc.1,2 | 11,922 | 596,815 | ||||||
| Chico’s FAS, Inc. | 34,098 | 365,190 | ||||||
| CST Brands, Inc. | 36,765 | 1,583,836 | ||||||
| Dick’s Sporting Goods, Inc. | 25,473 | 1,147,813 | ||||||
| GameStop Corp., Class A1 | 48,863 | 1,298,779 | ||||||
| Guess?, Inc.1 | 20,297 | 305,470 | ||||||
| HSN, Inc. | 10,584 | 517,875 | ||||||
| JC Penney Co., Inc.1,2 | 214,510 | 1,904,849 | ||||||
| Murphy USA, Inc.2 | 20,814 | 1,543,566 | ||||||
| Office Depot, Inc.2 | 582,244 | 1,927,228 | ||||||
| Pool Corp. | 3,905 | 367,187 | ||||||
| Restoration Hardware Holdings, Inc.1,2 | 8,614 | 247,050 | ||||||
| Williams-Sonoma, Inc.1 | 13,188 | 687,490 | ||||||
| Total Retailing | 15,389,863 | |||||||
| Semiconductors & Semiconductor Equipment—1.2% | ||||||||
| Advanced Micro Devices, Inc.1,2 | 122,742 | 630,894 | ||||||
| Cree, Inc.1,2 | 9,529 | 232,889 | ||||||
| Cypress Semiconductor Corp. | 25,702 | 271,156 | ||||||
| Fairchild Semiconductor | ||||||||
| International, Inc.2 | 9,830 | 195,125 | ||||||
| Integrated Device Technology, Inc.2 | 4,213 | 84,808 | ||||||
| Intersil Corp., Class A | 5,415 | 73,319 | ||||||
| Microsemi Corp.2 | 5,498 | 179,674 | ||||||
| Silicon Laboratories, Inc.2 | 1,859 | 90,608 | ||||||
| Synaptics, Inc.1,2 | 4,157 | 223,439 | ||||||
| Teradyne, Inc. | 10,946 | 215,527 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 2,197,439 | |||||||
| Software & Services—4.3% | ||||||||
| ACI Worldwide, Inc.2 | 7,091 | 138,345 | ||||||
| Acxiom Corp.2 | 5,727 | 125,937 | ||||||
| ANSYS, Inc.2 | 1,570 | 142,478 | ||||||
| Broadridge Financial Solutions, Inc. | 6,569 | 428,299 | ||||||
| Cadence Design Systems, Inc.2 | 10,027 | 243,656 | ||||||
| CDK Global, Inc. | 5,431 | 301,366 | ||||||
| CommVault Systems, Inc.2 | 1,871 | 80,808 | ||||||
| Computer Sciences Corp. | 26,108 | 1,296,262 | ||||||
| comScore, Inc.2 | 1,697 | 40,524 | ||||||
| Convergys Corp.1 | 15,411 | 385,275 | ||||||
| CoreLogic, Inc.2 | 6,170 | 237,422 | ||||||
| DST Systems, Inc. | 3,529 | 410,881 | ||||||
| Fair Isaac Corp. | 1,107 | 125,102 | ||||||
| Fortinet, Inc.2 | 4,505 | 142,313 | ||||||
| Gartner, Inc.2 | 3,234 | 315,024 | ||||||
| j2 Global, Inc. | 1,615 | 102,020 | ||||||
| Jack Henry & Associates, Inc. | 2,278 | 198,801 | ||||||
| Leidos Holdings, Inc. | 15,105 | 723,076 | ||||||
| Manhattan Associates, Inc.2 | 1,237 | 79,329 | ||||||
| MAXIMUS, Inc.1 | 6,052 | 335,099 | ||||||
| Mentor Graphics Corp. | 7,869 | 167,295 | ||||||
| Shares | Value | |||||||
| NeuStar, Inc., Class A1,2 | 6,784 | $ | 159,492 | |||||
| PTC, Inc.2 | 4,696 | 176,476 | ||||||
| Rackspace Hosting, Inc.1,2 | 12,108 | 252,573 | ||||||
| Science Applications | ||||||||
| International Corp. | 10,658 | 621,894 | ||||||
| Synopsys, Inc.1,2 | 6,244 | 337,676 | ||||||
| Tyler Technologies, Inc.1,2 | 589 | 98,192 | ||||||
| Ultimate Software Group, Inc. (The)2 | 472 | 99,257 | ||||||
| WebMD Health Corp.1,2 | 1,481 | 86,061 | ||||||
| WEX, Inc.1,2 | 1,318 | 116,867 | ||||||
| Total Software & Services | 7,967,800 | |||||||
| Technology Hardware & Equipment—15.1% | ||||||||
| 3D Systems Corp.1,2 | 7,036 | 96,323 | ||||||
| ARRIS International PLC2 | 32,070 | 672,187 | ||||||
| Arrow Electronics, Inc.2 | 54,583 | 3,378,688 | ||||||
| Avnet, Inc.1 | 95,235 | 3,857,970 | ||||||
| Belden, Inc. | 5,427 | 327,628 | ||||||
| Brocade Communications | ||||||||
| Systems, Inc. | 36,885 | 338,604 | ||||||
| Ciena Corp.2 | 16,979 | 318,356 | ||||||
| Cognex Corp. | 1,445 | 62,279 | ||||||
| Diebold, Inc. | 14,179 | 352,065 | ||||||
| FEI Co. | 1,331 | 142,257 | ||||||
| Ingram Micro, Inc., Class A | 179,384 | 6,238,976 | ||||||
| InterDigital, Inc. | 1,091 | 60,747 | ||||||
| IPG Photonics Corp.2 | 1,540 | 123,200 | ||||||
| Jabil Circuit, Inc.1 | 144,306 | 2,665,332 | ||||||
| Keysight Technologies, Inc.2 | 13,564 | 394,577 | ||||||
| Knowles Corp.1,2 | 9,529 | 130,357 | ||||||
| Lexmark International, Inc., Class A | 13,741 | 518,723 | ||||||
| National Instruments Corp. | 6,370 | 174,538 | ||||||
| NCR Corp.2 | 30,074 | 835,155 | ||||||
| NetScout Systems, Inc.2 | 5,764 | 128,249 | ||||||
| Plantronics, Inc. | 2,800 | 123,200 | ||||||
| Polycom, Inc.2 | 14,966 | 168,368 | ||||||
| SYNNEX Corp. | 20,653 | 1,958,317 | ||||||
| Tech Data Corp.1,2 | 48,264 | 3,467,768 | ||||||
| Trimble Navigation Ltd.2 | 12,765 | 310,955 | ||||||
| VeriFone Systems, Inc.2 | 14,278 | 264,714 | ||||||
| ViaSat, Inc.1,2 | 2,854 | 203,776 | ||||||
| Vishay Intertechnology, Inc.1 | 25,323 | 313,752 | ||||||
| Zebra Technologies Corp., Class A1,2 | 9,684 | 485,168 | ||||||
| Total Technology Hardware | ||||||||
| & Equipment | 28,112,229 | |||||||
| Telecommunication Services—0.4% | ||||||||
| Telephone & Data Systems, Inc. | 26,319 | 780,621 | ||||||
| Transportation—1.4% | ||||||||
| Genesee & Wyoming, Inc., Class A1,2 | 4,765 | 280,897 | ||||||
| JetBlue Airways Corp.2 | 54,414 | 901,096 | ||||||
| Kirby Corp.1,2 | 4,096 | 255,549 | ||||||
| Landstar System, Inc.1 | 7,089 | 486,731 | ||||||
| Old Dominion Freight Line, Inc.2 | 7,006 | 422,532 | ||||||
| Werner Enterprises, Inc. | 12,100 | 277,937 | ||||||
| Total Transportation | 2,624,742 | |||||||
23
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER MID CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Utilities—3.8% | ||||||||
| Aqua America, Inc.1 | 3,535 | $ | 126,058 | |||||
| Atmos Energy Corp. | 6,610 | 537,525 | ||||||
| Black Hills Corp. | 3,079 | 194,100 | ||||||
| Great Plains Energy, Inc. | 12,566 | 382,006 | ||||||
| Hawaiian Electric Industries, Inc. | 11,059 | 362,625 | ||||||
| IDACORP, Inc. | 2,508 | 204,026 | ||||||
| MDU Resources Group, Inc.1 | 26,310 | 631,440 | ||||||
| National Fuel Gas Co. | 3,836 | 218,192 | ||||||
| New Jersey Resources Corp. | 7,673 | 295,794 | ||||||
| OGE Energy Corp. | 10,040 | 328,810 | ||||||
| ONE Gas, Inc. | 3,274 | 218,016 | ||||||
| PNM Resources, Inc. | 6,065 | 214,944 | ||||||
| Questar Corp. | 6,792 | 172,313 | ||||||
| Southwest Gas Corp. | 6,261 | 492,803 | ||||||
| Talen Energy Corp.2 | 49,991 | 677,378 | ||||||
| UGI Corp. | 19,308 | 873,687 | ||||||
| Vectren Corp. | 6,621 | 348,728 | ||||||
| Westar Energy, Inc. | 6,412 | 359,649 | ||||||
| WGL Holdings, Inc. | 5,074 | 359,188 | ||||||
| Total Utilities | 6,997,282 | |||||||
| Total Common Stocks | ||||||||
| (Cost $182,412,184) | 185,572,518 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—10.0% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%3 | ||||||||
| (Cost $18,689,114) | 18,689,114 | 18,689,114 | ||||||
| Total Investments—109.7% | ||||||||
| (Cost $201,101,298) | 204,261,632 | |||||||
| Liabilities in Excess of Other Assets—(9.7)% | (18,009,596 | ) | ||||||
| Net Assets—100.0% | $ | 186,252,036 | ||||||
PLC – Public Limited Company
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $44,937,714; total value of the collateral held by the fund was $45,355,408. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,666,294 (Note 4). |
| 2 | Non-income producing security. |
| 3 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
The accompanying notes are an integral part of these financial statements.
24
SCHEDULE OF INVESTMENTS
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—99.8% | ||||||||
| Automobiles & Components—1.6% | ||||||||
| American Axle & Manufacturing | ||||||||
| Holdings, Inc.1,2 | 114,268 | $ | 1,654,601 | |||||
| Dorman Products, Inc.1,2 | 7,125 | 407,550 | ||||||
| Drew Industries, Inc. | 8,812 | 747,610 | ||||||
| Gentherm, Inc.1,2 | 10,711 | 366,852 | ||||||
| Motorcar Parts of America, Inc.2 | 6,120 | 166,341 | ||||||
| Standard Motor Products, Inc.1 | 12,261 | 487,742 | ||||||
| Superior Industries International, Inc. | 12,958 | 347,015 | ||||||
| Winnebago Industries, Inc. | 20,117 | 461,082 | ||||||
| Total Automobiles & Components | 4,638,793 | |||||||
| Banks—2.8% | ||||||||
| Ameris Bancorp | 4,172 | 123,908 | ||||||
| Astoria Financial Corp.1 | 12,472 | 191,196 | ||||||
| Banc of California, Inc. | 10,930 | 197,833 | ||||||
| Bank Mutual Corp. | 5,707 | 43,830 | ||||||
| Banner Corp. | 3,861 | 164,247 | ||||||
| BBCN Bancorp, Inc. | 9,353 | 139,547 | ||||||
| BofI Holding, Inc.1,2 | 7,436 | 131,692 | ||||||
| Boston Private Financial | ||||||||
| Holdings, Inc. | 13,511 | 159,160 | ||||||
| Brookline Bancorp, Inc. | 8,778 | 96,821 | ||||||
| Cardinal Financial Corp. | 3,514 | 77,097 | ||||||
| Central Pacific Financial Corp. | 4,007 | 94,565 | ||||||
| City Holding Co. | 1,702 | 77,390 | ||||||
| Columbia Banking System, Inc. | 6,445 | 180,847 | ||||||
| Community Bank System, Inc. | 4,442 | 182,522 | ||||||
| Customers Bancorp, Inc.1,2 | 3,819 | 95,972 | ||||||
| CVB Financial Corp. | 8,066 | 132,202 | ||||||
| Dime Community Bancshares | 5,604 | 95,324 | ||||||
| First BanCorp2 | 47,695 | 189,349 | ||||||
| First Commonwealth Financial Corp. | 11,677 | 107,428 | ||||||
| First Financial Bancorp | 7,641 | 148,617 | ||||||
| First Financial Bankshares, Inc.1 | 4,080 | 133,783 | ||||||
| First Midwest Bancorp, Inc. | 11,259 | 197,708 | ||||||
| First NBC Bank Holding Co.2 | 2,533 | 42,529 | ||||||
| Glacier Bancorp, Inc. | 6,956 | 184,891 | ||||||
| Great Western Bancorp, Inc. | 5,130 | 161,800 | ||||||
| Hanmi Financial Corp. | 4,120 | 96,779 | ||||||
| Home BancShares, Inc. | 9,105 | 180,188 | ||||||
| Independent Bank Corp. | 2,894 | 132,256 | ||||||
| LegacyTexas Financial Group, Inc. | 4,608 | 124,001 | ||||||
| LendingTree, Inc.1,2 | 1,616 | 142,741 | ||||||
| MB Financial, Inc. | 10,274 | 372,741 | ||||||
| NBT Bancorp, Inc.1 | 5,840 | 167,199 | ||||||
| Northfield Bancorp, Inc. | 2,977 | 44,149 | ||||||
| Northwest Bancshares, Inc. | 10,935 | 162,166 | ||||||
| OFG Bancorp | 13,975 | 115,993 | ||||||
| Old National Bancorp | 21,253 | 266,300 | ||||||
| Opus Bank1 | 2,690 | 90,922 | ||||||
| Oritani Financial Corp. | 4,276 | 68,373 | ||||||
| Pinnacle Financial Partners, Inc.1 | 3,295 | 160,961 | ||||||
| Provident Financial Services, Inc. | 7,240 | 142,194 | ||||||
| S&T Bancorp, Inc. | 4,280 | 104,646 | ||||||
| ServisFirst Bancshares, Inc. | 1,537 | 75,912 | ||||||
| Simmons First National Corp., | ||||||||
| Class A | 3,954 | 182,616 | ||||||
| Shares | Value | |||||||
| Southside Bancshares, Inc. | 2,661 | $ | 82,278 | |||||
| Sterling Bancorp1 | 11,426 | 179,388 | ||||||
| Talmer Bancorp, Inc., Class A | 7,396 | 141,781 | ||||||
| Texas Capital Bancshares, Inc.1,2 | 5,295 | 247,594 | ||||||
| Tompkins Financial Corp. | 1,712 | 111,280 | ||||||
| TrustCo Bank Corp.1 | 11,679 | 74,862 | ||||||
| UMB Financial Corp. | 7,368 | 392,051 | ||||||
| United Bankshares, Inc. | 5,440 | 204,054 | ||||||
| United Community Banks, Inc. | 8,582 | 156,965 | ||||||
| Walker & Dunlop, Inc.2 | 8,382 | 190,942 | ||||||
| Westamerica Bancorporation1 | 1,757 | 86,550 | ||||||
| Wilshire Bancorp, Inc. | 8,158 | 85,006 | ||||||
| Wintrust Financial Corp. | 8,049 | 410,499 | ||||||
| Total Banks | 8,343,645 | |||||||
| Capital Goods—12.7% | ||||||||
| AAON, Inc. | 6,406 | 176,229 | ||||||
| AAR Corp. | 32,079 | 748,724 | ||||||
| Actuant Corp., Class A1 | 21,143 | 478,043 | ||||||
| Aegion Corp.2 | 30,727 | 599,484 | ||||||
| Aerojet Rocketdyne | ||||||||
| Holdings, Inc.1,2 | 46,177 | 844,115 | ||||||
| Aerovironment, Inc.2 | 4,048 | 112,534 | ||||||
| Alamo Group, Inc.1 | 6,863 | 452,752 | ||||||
| Albany International Corp., | ||||||||
| Class A | 8,242 | 329,103 | ||||||
| American Science & | ||||||||
| Engineering, Inc. | 1,541 | 57,649 | ||||||
| American Woodmark Corp.2 | 6,721 | 446,140 | ||||||
| Apogee Enterprises, Inc. | 10,279 | 476,432 | ||||||
| Applied Industrial Technologies, Inc. | 26,444 | 1,193,682 | ||||||
| Astec Industries, Inc.1 | 8,435 | 473,625 | ||||||
| AZZ, Inc. | 7,189 | 431,196 | ||||||
| Barnes Group, Inc. | 16,547 | 548,037 | ||||||
| Briggs & Stratton Corp. | 42,653 | 903,390 | ||||||
| Chart Industries, Inc.2 | 17,131 | 413,371 | ||||||
| CIRCOR International, Inc. | 5,232 | 298,172 | ||||||
| Comfort Systems USA, Inc. | 23,555 | 767,186 | ||||||
| Cubic Corp. | 16,466 | 661,275 | ||||||
| DXP Enterprises, Inc.1,2 | 38,346 | 572,506 | ||||||
| Dycom Industries, Inc.2 | 12,746 | 1,144,081 | ||||||
| Encore Wire Corp. | 11,935 | 444,937 | ||||||
| EnerSys | 16,695 | 992,852 | ||||||
| Engility Holdings, Inc.2 | 45,827 | 967,866 | ||||||
| EnPro Industries, Inc. | 11,648 | 517,055 | ||||||
| ESCO Technologies, Inc. | 6,521 | 260,449 | ||||||
| Federal Signal Corp. | 25,545 | 329,020 | ||||||
| Franklin Electric Co., Inc. | 13,005 | 429,815 | ||||||
| General Cable Corp. | 133,845 | 1,701,170 | ||||||
| Gibraltar Industries, Inc.2 | 16,841 | 531,670 | ||||||
| Greenbrier Cos., Inc. (The)1 | 46,874 | 1,365,440 | ||||||
| Griffon Corp. | 56,355 | 950,145 | ||||||
| Harsco Corp. | 109,852 | 729,417 | ||||||
| Hillenbrand, Inc. | 23,700 | 711,948 | ||||||
| John Bean Technologies Corp. | 9,018 | 552,082 | ||||||
| Kaman Corp. | 19,866 | 844,702 | ||||||
| Lindsay Corp.1 | 3,423 | 232,285 | ||||||
| Lydall, Inc.2 | 6,460 | 249,098 | ||||||
| Mercury Systems, Inc.2 | 5,618 | 139,663 | ||||||
25
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Capital Goods (continued) | ||||||||
| Moog, Inc., Class A2 | 21,529 | $ | 1,160,844 | |||||
| Mueller Industries, Inc. | 30,495 | 972,181 | ||||||
| MYR Group, Inc.2 | 20,768 | 500,093 | ||||||
| National Presto Industries, Inc. | 2,466 | 232,667 | ||||||
| Orion Group Holdings, Inc.2 | 47,492 | 252,182 | ||||||
| PGT, Inc.2 | 16,839 | 173,442 | ||||||
| Powell Industries, Inc.1 | 8,235 | 323,965 | ||||||
| Proto Labs, Inc.1,2 | 2,001 | 115,178 | ||||||
| Quanex Building Products Corp. | 17,731 | 329,619 | ||||||
| Simpson Manufacturing Co., Inc. | 9,913 | 396,223 | ||||||
| SPX Corp.2 | 37,370 | 554,944 | ||||||
| SPX FLOW, Inc.2 | 38,031 | 991,468 | ||||||
| Standex International Corp. | 4,154 | 343,245 | ||||||
| TASER International, Inc.1,2 | 4,293 | 106,810 | ||||||
| Tennant Co. | 6,994 | 376,767 | ||||||
| Titan International, Inc. | 85,316 | 528,959 | ||||||
| Trex Co., Inc.2 | 4,910 | 220,557 | ||||||
| Universal Forest Products, Inc. | 16,211 | 1,502,598 | ||||||
| Veritiv Corp.1,2 | 99,850 | 3,752,363 | ||||||
| Vicor Corp.2 | 9,000 | 90,630 | ||||||
| Watts Water Technologies, Inc., | ||||||||
| Class A1 | 12,080 | 703,781 | ||||||
| Total Capital Goods | 37,705,856 | |||||||
| Commercial & Professional Services—7.0% | ||||||||
| ABM Industries, Inc. | 71,867 | 2,621,708 | ||||||
| Brady Corp., Class A | 16,824 | 514,141 | ||||||
| Brink’s Co. (The) | 48,259 | 1,374,899 | ||||||
| CDI Corp. | 67,906 | 414,227 | ||||||
| Essendant, Inc. | 80,780 | 2,468,637 | ||||||
| Exponent, Inc. | 2,571 | 150,172 | ||||||
| G&K Services, Inc., Class A | 6,064 | 464,320 | ||||||
| Healthcare Services Group, Inc. | 17,723 | 733,378 | ||||||
| Heidrick & Struggles | ||||||||
| International, Inc. | 13,857 | 233,906 | ||||||
| Insperity, Inc. | 17,563 | 1,356,391 | ||||||
| Interface, Inc. | 27,817 | 424,209 | ||||||
| Kelly Services, Inc., Class A | 135,358 | 2,567,741 | ||||||
| Korn/Ferry International | 18,544 | 383,861 | ||||||
| Matthews International Corp., | ||||||||
| Class A1 | 12,615 | 701,899 | ||||||
| Mobile Mini, Inc. | 6,913 | 239,466 | ||||||
| Multi-Color Corp.1 | 6,764 | 428,838 | ||||||
| Navigant Consulting, Inc.2 | 25,322 | 408,950 | ||||||
| On Assignment, Inc.2 | 28,058 | 1,036,743 | ||||||
| Resources Connection, Inc. | 18,399 | 271,937 | ||||||
| Team, Inc.2 | 16,055 | 398,646 | ||||||
| Tetra Tech, Inc. | 27,251 | 837,832 | ||||||
| TrueBlue, Inc.2 | 65,987 | 1,248,474 | ||||||
| UniFirst Corp. | 6,056 | 700,800 | ||||||
| US Ecology, Inc.1 | 5,305 | 243,765 | ||||||
| Viad Corp. | 16,054 | 497,674 | ||||||
| WageWorks, Inc.2 | 2,726 | 163,042 | ||||||
| Total Commercial & | ||||||||
| Professional Services | 20,885,656 | |||||||
| Shares | Value | |||||||
| Consumer Durables & Apparel—4.3% | ||||||||
| Arctic Cat, Inc.1 | 17,885 | $ | 304,045 | |||||
| Callaway Golf Co. | 38,736 | 395,494 | ||||||
| Cavco Industries, Inc.2 | 3,316 | 310,709 | ||||||
| Crocs, Inc.2 | 51,004 | 575,325 | ||||||
| Ethan Allen Interiors, Inc. | 11,207 | 370,279 | ||||||
| G-III Apparel Group Ltd.1,2 | 25,610 | 1,170,889 | ||||||
| Iconix Brand Group, Inc.1,2 | 22,640 | 153,046 | ||||||
| Installed Building Products, Inc.1,2 | 9,897 | 359,162 | ||||||
| iRobot Corp.1,2 | 8,120 | 284,850 | ||||||
| La-Z-Boy, Inc. | 26,471 | 736,423 | ||||||
| M/I Homes, Inc.1,2 | 36,667 | 690,440 | ||||||
| M.D.C. Holdings, Inc. | 38,724 | 942,542 | ||||||
| Meritage Homes Corp.1,2 | 33,732 | 1,266,299 | ||||||
| Movado Group, Inc. | 13,717 | 297,385 | ||||||
| Oxford Industries, Inc. | 7,279 | 412,137 | ||||||
| Perry Ellis International, Inc.2 | 20,883 | 420,166 | ||||||
| Steven Madden Ltd.1,2 | 19,555 | 668,390 | ||||||
| Sturm Ruger & Co., Inc.1 | 4,556 | 291,630 | ||||||
| TopBuild Corp.2 | 21,548 | 780,038 | ||||||
| Tumi Holdings, Inc.2 | 10,035 | 268,336 | ||||||
| Unifi, Inc.2 | 11,979 | 326,188 | ||||||
| Universal Electronics, Inc.2 | 4,479 | 323,742 | ||||||
| Vera Bradley, Inc.2 | 15,651 | 221,775 | ||||||
| Wolverine World Wide, Inc. | 63,008 | 1,280,323 | ||||||
| Total Consumer Durables & Apparel | 12,849,613 | |||||||
| Consumer Services—3.5% | ||||||||
| American Public Education, Inc.2 | 5,682 | 159,664 | ||||||
| Belmond Ltd., Class A2 | 27,513 | 272,379 | ||||||
| Biglari Holdings, Inc.2 | 993 | 400,517 | ||||||
| BJ’s Restaurants, Inc.2 | 9,584 | 420,067 | ||||||
| Bob Evans Farms, Inc. | 14,258 | 541,091 | ||||||
| Boyd Gaming Corp.1,2 | 54,891 | 1,009,994 | ||||||
| Capella Education Co. | 3,936 | 207,191 | ||||||
| Career Education Corp.2 | 70,605 | 420,100 | ||||||
| Chuy’s Holdings, Inc.1,2 | 4,057 | 140,413 | ||||||
| DineEquity, Inc. | 3,849 | 326,318 | ||||||
| Interval Leisure Group, Inc. | 22,397 | 356,112 | ||||||
| Krispy Kreme Doughnuts, Inc.2 | 11,919 | 249,822 | ||||||
| Marcus Corp. (The) | 10,782 | 227,500 | ||||||
| Marriott Vacations Worldwide Corp.1 | 9,957 | 681,955 | ||||||
| Monarch Casino & Resort, Inc.2 | 4,535 | 99,634 | ||||||
| Papa John’s International, Inc. | 12,113 | 823,684 | ||||||
| Popeyes Louisiana Kitchen, Inc.2 | 2,103 | 114,908 | ||||||
| Red Robin Gourmet Burgers, Inc.1,2 | 11,271 | 534,584 | ||||||
| Regis Corp.2 | 66,594 | 829,095 | ||||||
| Ruby Tuesday, Inc.1,2 | 130,434 | 470,867 | ||||||
| Ruth’s Hospitality Group, Inc. | 10,768 | 171,750 | ||||||
| Scientific Games Corp., Class A1,2 | 130,283 | 1,197,301 | ||||||
| Sonic Corp.1 | 10,049 | 271,825 | ||||||
| Strayer Education, Inc.2 | 4,371 | 214,747 | ||||||
| Universal Technical Institute, Inc. | 51,923 | 117,346 | ||||||
| Total Consumer Services | 10,258,864 | |||||||
26
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Diversified Financials—1.9% | ||||||||
| Calamos Asset Management, Inc., | ||||||||
| Class A1 | 14,273 | $ | 104,336 | |||||
| Cash America International, Inc. | 12,776 | 544,513 | ||||||
| Encore Capital Group, Inc.1,2 | 22,294 | 524,578 | ||||||
| Enova International, Inc.2 | 37,849 | 278,569 | ||||||
| Evercore Partners, Inc., Class A | 11,625 | 513,709 | ||||||
| EZCORP, Inc., Class A1,2 | 56,335 | 425,892 | ||||||
| Financial Engines, Inc.1 | 5,830 | 150,822 | ||||||
| First Cash Financial Services, Inc.1 | 7,325 | 375,992 | ||||||
| Green Dot Corp., Class A2 | 14,896 | 342,459 | ||||||
| Greenhill & Co., Inc. | 6,332 | 101,945 | ||||||
| Interactive Brokers Group, Inc., | ||||||||
| Class A1 | 17,219 | 609,553 | ||||||
| INTL. FCStone, Inc.2 | 11,267 | 307,476 | ||||||
| Investment Technology Group, Inc. | 16,133 | 269,744 | ||||||
| Piper Jaffray Cos.2 | 7,736 | 291,647 | ||||||
| PRA Group, Inc.1,2 | 16,825 | 406,155 | ||||||
| Virtus Investment Partners, Inc.1 | 2,126 | 151,329 | ||||||
| World Acceptance Corp.2 | 6,372 | 290,563 | ||||||
| Total Diversified Financials | 5,689,282 | |||||||
| Energy—3.1% | ||||||||
| Archrock, Inc. | 27,212 | 256,337 | ||||||
| Atwood Oceanics, Inc.1 | 49,639 | 621,480 | ||||||
| Basic Energy Services, Inc.1,2 | 150,320 | 252,538 | ||||||
| Bill Barrett Corp.1,2 | 10,045 | 64,188 | ||||||
| Bonanza Creek Energy, Inc.1,2 | 43,579 | 87,594 | ||||||
| Bristow Group, Inc.1 | 46,680 | 532,619 | ||||||
| CARBO Ceramics, Inc. | 8,175 | 107,093 | ||||||
| Carrizo Oil & Gas, Inc.1,2 | 4,911 | 176,059 | ||||||
| Cloud Peak Energy, Inc.1,2 | 218,337 | 449,774 | ||||||
| Contango Oil & Gas Co.2 | 4,185 | 51,224 | ||||||
| Era Group, Inc.2 | 11,913 | 111,982 | ||||||
| Exterran Corp.2 | 64,827 | 833,027 | ||||||
| Geospace Technologies Corp.1,2 | 1,617 | 26,470 | ||||||
| Green Plains, Inc. | 71,295 | 1,405,937 | ||||||
| Gulf Island Fabrication, Inc. | 19,376 | 134,470 | ||||||
| GulfMark Offshore, Inc., Class A1,2 | 25,073 | 78,479 | ||||||
| Helix Energy Solutions Group, Inc.2 | 32,696 | 221,025 | ||||||
| Hornbeck Offshore Services, Inc.1,2 | 20,625 | 172,013 | ||||||
| Matrix Service Co.2 | 36,772 | 606,370 | ||||||
| Newpark Resources, Inc.2 | 52,932 | 306,476 | ||||||
| Northern Oil and Gas, Inc.1,2 | 18,119 | 83,710 | ||||||
| PDC Energy, Inc.1,2 | 3,221 | 185,562 | ||||||
| Pioneer Energy Services Corp.2 | 47,214 | 217,184 | ||||||
| REX American Resources Corp.1,2 | 3,517 | 210,422 | ||||||
| SEACOR Holdings, Inc.1,2 | 7,780 | 450,851 | ||||||
| Synergy Resources Corp.2 | 7,538 | 50,203 | ||||||
| Tesco Corp. | 13,674 | 91,479 | ||||||
| TETRA Technologies, Inc.2 | 77,956 | 496,580 | ||||||
| Tidewater, Inc.1 | 83,793 | 369,527 | ||||||
| U.S. Silica Holdings, Inc. | 8,058 | 277,759 | ||||||
| Unit Corp.2 | 22,316 | 347,237 | ||||||
| Total Energy | 9,275,669 | |||||||
| Shares | Value | |||||||
| Food & Staples Retailing—2.0% | ||||||||
| Andersons, Inc. (The) | 57,843 | $ | 2,055,740 | |||||
| SpartanNash Co. | 124,614 | 3,810,696 | ||||||
| Total Food & Staples Retailing | 5,866,436 | |||||||
| Food, Beverage & Tobacco—2.4% | ||||||||
| B&G Foods, Inc. | 10,232 | 493,182 | ||||||
| Calavo Growers, Inc.1 | 6,398 | 428,666 | ||||||
| Cal-Maine Foods, Inc.1 | 23,135 | 1,025,343 | ||||||
| Darling Ingredients, Inc.2 | 103,994 | 1,549,511 | ||||||
| J&J Snack Foods Corp. | 4,408 | 525,742 | ||||||
| Sanderson Farms, Inc.1 | 16,469 | 1,426,874 | ||||||
| Seneca Foods Corp., Class A2 | 18,862 | 682,993 | ||||||
| Universal Corp. | 18,398 | 1,062,301 | ||||||
| Total Food, Beverage & Tobacco | 7,194,612 | |||||||
| Health Care Equipment & Services—8.2% | ||||||||
| Abaxis, Inc. | 2,278 | 107,590 | ||||||
| Aceto Corp. | 12,056 | 263,906 | ||||||
| Adeptus Health, Inc., Class A1,2 | 3,330 | 172,028 | ||||||
| Air Methods Corp.1,2 | 14,698 | 526,629 | ||||||
| Almost Family, Inc.2 | 6,000 | 255,660 | ||||||
| Amedisys, Inc.2 | 11,703 | 590,767 | ||||||
| AMN Healthcare Services, Inc.1,2 | 18,806 | 751,676 | ||||||
| Analogic Corp.1 | 2,982 | 236,890 | ||||||
| AngioDynamics, Inc.2 | 12,675 | 182,140 | ||||||
| Anika Therapeutics, Inc.2 | 986 | 52,899 | ||||||
| Cantel Medical Corp. | 3,940 | 270,796 | ||||||
| Chemed Corp. | 5,595 | 762,655 | ||||||
| Computer Programs & Systems, Inc.1 | 2,449 | 97,764 | ||||||
| CONMED Corp. | 8,157 | 389,334 | ||||||
| CorVel Corp.2 | 5,013 | 216,461 | ||||||
| Cross Country Healthcare, Inc.2 | 26,128 | 363,702 | ||||||
| CryoLife, Inc. | 6,232 | 73,600 | ||||||
| Cynosure, Inc., Class A2 | 3,293 | 160,188 | ||||||
| Diplomat Pharmacy, Inc.1,2 | 50,895 | 1,781,325 | ||||||
| Ensign Group, Inc. (The) | 32,137 | 675,198 | ||||||
| ExamWorks Group, Inc.2 | 11,799 | 411,195 | ||||||
| Greatbatch, Inc.2 | 11,701 | 361,912 | ||||||
| Haemonetics Corp.2 | 14,774 | 428,298 | ||||||
| HealthEquity, Inc.1,2 | 2,108 | 64,052 | ||||||
| HealthStream, Inc.2 | 3,927 | 104,144 | ||||||
| Healthways, Inc.2 | 29,591 | 341,776 | ||||||
| HMS Holdings Corp.2 | 12,921 | 227,539 | ||||||
| ICU Medical, Inc.2 | 1,555 | 175,326 | ||||||
| Inogen, Inc.1,2 | 1,609 | 80,627 | ||||||
| Integra LifeSciences | ||||||||
| Holdings Corp.1,2 | 5,649 | 450,677 | ||||||
| Invacare Corp. | 47,226 | 572,851 | ||||||
| Kindred Healthcare, Inc.1 | 281,942 | 3,183,125 | ||||||
| Landauer, Inc. | 1,791 | 73,718 | ||||||
| LHC Group, Inc.2 | 9,200 | 398,176 | ||||||
| Magellan Health, Inc.2 | 33,817 | 2,224,144 | ||||||
| Masimo Corp.2 | 5,788 | 303,957 | ||||||
| Medidata Solutions, Inc.1,2 | 4,103 | 192,308 | ||||||
| Meridian Bioscience, Inc. | 4,710 | 91,845 | ||||||
| Merit Medical Systems, Inc.2 | 13,457 | 266,852 | ||||||
| Natus Medical, Inc.1,2 | 5,140 | 194,292 | ||||||
| Neogen Corp.1,2 | 2,820 | 158,625 | ||||||
| NuVasive, Inc.2 | 6,783 | 405,081 | ||||||
27
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| Omnicell, Inc.1,2 | 7,647 | $ | 261,757 | |||||
| PharMerica Corp.2 | 36,376 | 897,032 | ||||||
| Providence Service Corp. (The)2 | 17,104 | 767,628 | ||||||
| Quality Systems, Inc. | 19,253 | 229,303 | ||||||
| Quorum Health Corp.2 | 88,226 | 944,901 | ||||||
| Select Medical Holdings Corp.2 | 149,509 | 1,625,163 | ||||||
| Surgical Care Affiliates, Inc.2 | 11,120 | 530,090 | ||||||
| SurModics, Inc.2 | 1,355 | 31,815 | ||||||
| US Physical Therapy, Inc. | 2,697 | 162,386 | ||||||
| Vascular Solutions, Inc.2 | 1,830 | 76,238 | ||||||
| Zeltiq Aesthetics, Inc.1,2 | 4,346 | 118,776 | ||||||
| Total Health Care Equipment & Services | 24,286,817 | |||||||
| Household & Personal Products—0.5% | ||||||||
| Central Garden & Pet Co.1,2 | 21,333 | 487,033 | ||||||
| Central Garden & Pet Co., Class A2 | 21,941 | 476,339 | ||||||
| Inter Parfums, Inc. | 7,432 | 212,332 | ||||||
| Medifast, Inc. | 3,982 | 132,481 | ||||||
| WD-40 Co.1 | 1,584 | 186,041 | ||||||
| Total Household & Personal Products | 1,494,226 | |||||||
| Insurance—2.5% | ||||||||
| American Equity Investment | ||||||||
| Life Holding Co. | 44,572 | 635,151 | ||||||
| AMERISAFE, Inc. | 3,016 | 184,639 | ||||||
| eHealth, Inc.2 | 7,173 | 100,565 | ||||||
| Employers Holdings, Inc. | 12,433 | 360,806 | ||||||
| HCI Group, Inc.1 | 4,158 | 113,430 | ||||||
| Horace Mann Educators Corp. | 15,210 | 513,946 | ||||||
| Infinity Property & Casualty Corp.1 | 9,080 | 732,393 | ||||||
| Navigators Group, Inc. (The) | 5,611 | 516,044 | ||||||
| ProAssurance Corp. | 7,022 | 376,028 | ||||||
| RLI Corp. | 5,763 | 396,379 | ||||||
| Safety Insurance Group, Inc. | 6,424 | 395,590 | ||||||
| Selective Insurance Group, Inc. | 27,851 | 1,064,187 | ||||||
| Stewart Information Services Corp. | 25,518 | 1,056,700 | ||||||
| United Fire Group, Inc. | 12,298 | 521,804 | ||||||
| United Insurance Holdings Corp. | 10,499 | 171,974 | ||||||
| Universal Insurance Holdings, Inc. | 15,094 | 280,447 | ||||||
| Total Insurance | 7,420,083 | |||||||
| Materials—8.1% | ||||||||
| A. Schulman, Inc. | 47,431 | 1,158,265 | ||||||
| AK Steel Holding Corp.1,2 | 585,894 | 2,730,266 | ||||||
| American Vanguard Corp. | 9,344 | 141,188 | ||||||
| Balchem Corp.1 | 4,191 | 249,993 | ||||||
| Boise Cascade Co.2 | 77,772 | 1,784,867 | ||||||
| Calgon Carbon Corp. | 16,103 | 211,754 | ||||||
| Century Aluminum Co.1,2 | 111,622 | 706,567 | ||||||
| Chemours Co. (The)1 | 329,382 | 2,714,108 | ||||||
| Clearwater Paper Corp.2 | 13,289 | 868,702 | ||||||
| Deltic Timber Corp. | 1,419 | 95,257 | ||||||
| Flotek Industries, Inc.1,2 | 11,997 | 158,360 | ||||||
| FutureFuel Corp. | 12,862 | 139,939 | ||||||
| H.B. Fuller Co. | 20,829 | 916,268 | ||||||
| Hawkins, Inc. | 4,064 | 176,418 | ||||||
| Haynes International, Inc. | 6,548 | 210,060 | ||||||
| Headwaters, Inc.2 | 24,375 | 437,287 | ||||||
| Ingevity Corp.1,2 | 13,546 | 461,106 | ||||||
| Innophos Holdings, Inc. | 9,272 | 391,371 | ||||||
| Shares | Value | |||||||
| Innospec, Inc. | 9,170 | $ | 421,728 | |||||
| Intrepid Potash, Inc.2 | 71,679 | 103,218 | ||||||
| Kaiser Aluminum Corp. | 7,319 | 661,711 | ||||||
| KapStone Paper and | ||||||||
| Packaging Corp. | 85,840 | 1,116,778 | ||||||
| Koppers Holdings, Inc.2 | 25,917 | 796,429 | ||||||
| Kraton Performance Polymers, Inc.2 | 19,750 | 551,617 | ||||||
| LSB Industries, Inc.1,2 | 21,597 | 260,892 | ||||||
| Materion Corp. | 18,677 | 462,443 | ||||||
| Myers Industries, Inc. | 18,214 | 262,282 | ||||||
| Neenah Paper, Inc. | 6,064 | 438,852 | ||||||
| Olympic Steel, Inc. | 19,976 | 545,545 | ||||||
| PH Glatfelter Co. | 36,392 | 711,827 | ||||||
| Quaker Chemical Corp. | 3,858 | 344,134 | ||||||
| Rayonier Advanced Materials, Inc. | 33,052 | 449,177 | ||||||
| Schweitzer-Mauduit International, Inc. | 10,951 | 386,351 | ||||||
| Stepan Co. | 14,005 | 833,718 | ||||||
| Stillwater Mining Co.1,2 | 29,117 | 345,328 | ||||||
| SunCoke Energy, Inc. | 96,487 | 561,554 | ||||||
| TimkenSteel Corp.1 | 43,408 | 417,585 | ||||||
| Tredegar Corp. | 24,865 | 400,824 | ||||||
| US Concrete, Inc.1,2 | 7,902 | 481,311 | ||||||
| Total Materials | 24,105,080 | |||||||
| Media—1.0% | ||||||||
| E.W. Scripps Co., (The), Class A1,2 | 22,220 | 351,965 | ||||||
| Gannett Co., Inc. | 88,526 | 1,222,544 | ||||||
| Harte-Hanks, Inc. | 218,509 | 347,429 | ||||||
| Scholastic Corp. | 18,132 | 718,208 | ||||||
| Sizmek, Inc.2 | 33,958 | 77,764 | ||||||
| World Wrestling Entertainment, Inc., | ||||||||
| Class A1 | 17,529 | 322,709 | ||||||
| Total Media | 3,040,619 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—1.1% | ||||||||
| Acorda Therapeutics, Inc.2 | 8,874 | 226,331 | ||||||
| Albany Molecular Research, Inc.1,2 | 13,700 | 184,128 | ||||||
| AMAG Pharmaceuticals, Inc.1,2 | 9,399 | 224,824 | ||||||
| ANI Pharmaceuticals, Inc.1,2 | 686 | 38,293 | ||||||
| Cambrex Corp.1,2 | 4,113 | 212,766 | ||||||
| Depomed, Inc.1,2 | 9,735 | 191,001 | ||||||
| Emergent BioSolutions, Inc.2 | 6,263 | 176,116 | ||||||
| Enanta Pharmaceuticals, Inc.1,2 | 1,762 | 38,852 | ||||||
| Impax Laboratories, Inc.2 | 13,537 | 390,136 | ||||||
| Lannett Co., Inc.1,2 | 9,694 | 230,620 | ||||||
| Ligand Pharmaceuticals, Inc.1,2 | 363 | 43,295 | ||||||
| Luminex Corp.2 | 5,636 | 114,016 | ||||||
| Medicines Co. (The)1,2 | 3,512 | 118,109 | ||||||
| MiMedx Group, Inc.1,2 | 11,917 | 95,098 | ||||||
| Momenta Pharmaceuticals, Inc.2 | 4,014 | 43,351 | ||||||
| Nektar Therapeutics1,2 | 5,353 | 76,173 | ||||||
| Phibro Animal Health Corp., Class A | 18,647 | 347,953 | ||||||
| Repligen Corp.1,2 | 1,739 | 47,579 | ||||||
| Sagent Pharmaceuticals, Inc.2 | 10,130 | 151,747 | ||||||
| SciClone Pharmaceuticals, Inc.2 | 6,356 | 83,009 | ||||||
| Spectrum Pharmaceuticals, Inc.2 | 11,418 | 75,016 | ||||||
| Supernus Pharmaceuticals, Inc.2 | 3,931 | 80,075 | ||||||
| Total Pharmaceuticals, Biotechnology | ||||||||
| & Life Sciences | 3,188,488 | |||||||
28
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Real Estate—1.7% | ||||||||
| Acadia Realty Trust | 3,196 | $ | 113,522 | |||||
| Agree Realty Corp. | 814 | 39,267 | ||||||
| American Assets Trust, Inc. | 3,226 | 136,911 | ||||||
| Capstead Mortgage Corp. | 5,776 | 56,027 | ||||||
| CareTrust REIT, Inc. | 2,847 | 39,232 | ||||||
| Cedar Realty Trust, Inc. | 10,041 | 74,605 | ||||||
| Chesapeake Lodging Trust | 12,338 | 286,859 | ||||||
| CoreSite Realty Corp. | 2,041 | 181,016 | ||||||
| Cousins Properties, Inc. | 17,026 | 177,070 | ||||||
| DiamondRock Hospitality Co. | 48,912 | 441,675 | ||||||
| EastGroup Properties, Inc. | 1,709 | 117,784 | ||||||
| Forestar Group, Inc.1,2 | 9,608 | 114,239 | ||||||
| Four Corners Property Trust, Inc. | 1,448 | 29,814 | ||||||
| Franklin Street Properties Corp.1 | 9,750 | 119,633 | ||||||
| Geo Group, Inc. (The) | 27,590 | 943,026 | ||||||
| Getty Realty Corp. | 2,624 | 56,285 | ||||||
| Government Properties Income Trust1 | 5,887 | 135,754 | ||||||
| HFF, Inc., Class A | 7,698 | 222,318 | ||||||
| Kite Realty Group Trust | 6,134 | 171,936 | ||||||
| Lexington Realty Trust | 21,398 | 216,334 | ||||||
| LTC Properties, Inc.1 | 1,428 | 73,870 | ||||||
| Parkway Properties, Inc. | 12,598 | 210,765 | ||||||
| Pennsylvania Real Estate | ||||||||
| Investment Trust1 | 9,481 | 203,368 | ||||||
| PS Business Parks, Inc. | 1,776 | 188,398 | ||||||
| RE/MAX Holdings, Inc., Class A | 2,021 | 81,366 | ||||||
| Retail Opportunity Investments Corp. | 4,740 | 102,716 | ||||||
| Sabra Health Care REIT, Inc. | 5,375 | 110,913 | ||||||
| Saul Centers, Inc. | 1,766 | 108,980 | ||||||
| Summit Hotel Properties, Inc.1 | 18,746 | 248,197 | ||||||
| Universal Health Realty Income Trust1 | 578 | 33,050 | ||||||
| Urstadt Biddle Properties, Inc., | ||||||||
| Class A | 2,434 | 60,315 | ||||||
| Total Real Estate | 5,095,245 | |||||||
| Retailing—14.4% | ||||||||
| Asbury Automotive Group, Inc.1,2 | 55,469 | 2,925,435 | ||||||
| Barnes & Noble Education, Inc.1,2 | 87,287 | 885,963 | ||||||
| Barnes & Noble, Inc. | 206,245 | 2,340,881 | ||||||
| Big 5 Sporting Goods Corp. | 55,828 | 517,526 | ||||||
| Blue Nile, Inc. | 8,765 | 239,986 | ||||||
| Buckle, Inc. (The)1 | 20,848 | 541,839 | ||||||
| Caleres, Inc. | 49,373 | 1,195,320 | ||||||
| Cato Corp., (The), Class A | 12,644 | 476,932 | ||||||
| Children’s Place, Inc. (The) | 11,488 | 921,108 | ||||||
| Core-Mark Holding Co., Inc. | 98,746 | 4,627,238 | ||||||
| Express, Inc.2 | 75,466 | 1,095,012 | ||||||
| Finish Line, Inc., (The), Class A | 50,910 | 1,027,873 | ||||||
| Five Below, Inc.1,2 | 8,866 | 411,471 | ||||||
| Francesca’s Holdings Corp.2 | 19,600 | 216,580 | ||||||
| Fred’s, Inc., Class A | 67,207 | 1,082,705 | ||||||
| FTD Cos., Inc.2 | 20,791 | 518,943 | ||||||
| Genesco, Inc.2 | 22,274 | 1,432,441 | ||||||
| Group 1 Automotive, Inc.1 | 85,523 | 4,221,415 | ||||||
| Haverty Furniture Cos., Inc. | 20,656 | 372,428 | ||||||
| Hibbett Sports, Inc.1,2 | 12,866 | 447,608 | ||||||
| Kirkland’s, Inc.2 | 19,049 | 279,639 | ||||||
| Lithia Motors, Inc., Class A1 | 49,208 | 3,497,213 | ||||||
| Shares | Value | |||||||
| Lumber Liquidators | ||||||||
| Holdings, Inc.1,2 | 31,864 | $ | 491,343 | |||||
| MarineMax, Inc.2 | 22,837 | 387,544 | ||||||
| Monro Muffler Brake, Inc.1 | 7,372 | 468,564 | ||||||
| Nutrisystem, Inc. | 8,826 | 223,827 | ||||||
| Outerwall, Inc.1 | 25,157 | 1,056,594 | ||||||
| PetMed Express, Inc. | 5,975 | 112,091 | ||||||
| Rent-A-Center, Inc. | 117,856 | 1,447,272 | ||||||
| Select Comfort Corp.2 | 25,452 | 544,164 | ||||||
| Sonic Automotive, Inc., Class A | 264,178 | 4,520,086 | ||||||
| Stage Stores, Inc.1 | 139,680 | 681,638 | ||||||
| Stein Mart, Inc. | 89,131 | 688,091 | ||||||
| Tailored Brands, Inc.1 | 108,125 | 1,368,862 | ||||||
| Tuesday Morning Corp.1,2 | 65,206 | 457,746 | ||||||
| Vitamin Shoppe, Inc.1,2 | 19,595 | 599,019 | ||||||
| VOXX International Corp.2 | 99,822 | 278,503 | ||||||
| Zumiez, Inc.1,2 | 25,016 | 357,979 | ||||||
| Total Retailing | 42,958,879 | |||||||
| Semiconductors & Semiconductor Equipment—1.3% | ||||||||
| Advanced Energy Industries, Inc.2 | 5,743 | 218,004 | ||||||
| Brooks Automation, Inc. | 22,644 | 254,066 | ||||||
| Cabot Microelectronics Corp. | 4,394 | 186,042 | ||||||
| CEVA, Inc.2 | 1,111 | 30,186 | ||||||
| Cirrus Logic, Inc.1,2 | 15,167 | 588,328 | ||||||
| Cohu, Inc. | 10,785 | 117,017 | ||||||
| Diodes, Inc.2 | 20,720 | 389,329 | ||||||
| DSP Group, Inc.2 | 6,037 | 64,052 | ||||||
| Exar Corp.2 | 8,638 | 69,536 | ||||||
| Kopin Corp.2 | 6,592 | 14,634 | ||||||
| Kulicke & Soffa Industries, Inc.2 | 21,499 | 261,643 | ||||||
| MKS Instruments, Inc. | 8,967 | 386,119 | ||||||
| Monolithic Power Systems, Inc. | 2,356 | 160,962 | ||||||
| Nanometrics, Inc.2 | 4,723 | 98,191 | ||||||
| Power Integrations, Inc. | 3,205 | 160,474 | ||||||
| Rambus, Inc.2 | 11,624 | 140,418 | ||||||
| Rudolph Technologies, Inc.2 | 7,207 | 111,925 | ||||||
| Semtech Corp.2 | 9,703 | 231,514 | ||||||
| Tessera Technologies, Inc. | 3,730 | 114,287 | ||||||
| Ultratech, Inc.2 | 2,986 | 68,588 | ||||||
| Veeco Instruments, Inc.2 | 12,307 | 203,804 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 3,869,119 | |||||||
| Software & Services—3.8% | ||||||||
| Blackbaud, Inc.1 | 4,856 | 329,722 | ||||||
| Blucora, Inc.2 | 19,866 | 205,812 | ||||||
| Bottomline Technologies (de), Inc.2 | 6,508 | 140,117 | ||||||
| CACI International, Inc., Class A2 | 16,672 | 1,507,316 | ||||||
| Cardtronics, Inc.1,2 | 14,380 | 572,468 | ||||||
| Ciber, Inc.2 | 224,342 | 336,513 | ||||||
| CSG Systems International, Inc. | 8,420 | 339,410 | ||||||
| DHI Group, Inc.2 | 17,200 | 107,156 | ||||||
| Ebix, Inc.1 | 2,708 | 129,713 | ||||||
| EPIQ Systems, Inc. | 16,969 | 247,747 | ||||||
| Exlservice Holdings, Inc.2 | 5,998 | 314,355 | ||||||
| Forrester Research, Inc. | 4,070 | 150,020 | ||||||
| Interactive Intelligence Group, Inc.2 | 4,236 | 173,634 | ||||||
| Liquidity Services, Inc.2 | 21,107 | 165,479 | ||||||
29
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Software & Services (continued) | ||||||||
| LivePerson, Inc.1,2 | 15,998 | $ | 101,427 | |||||
| LogMeIn, Inc.2 | 2,232 | 141,576 | ||||||
| ManTech International Corp., | ||||||||
| Class A | 21,313 | 806,058 | ||||||
| MicroStrategy, Inc., Class A2 | 1,319 | 230,851 | ||||||
| Monotype Imaging Holdings, Inc. | 3,973 | 97,855 | ||||||
| Monster Worldwide, Inc.2 | 109,687 | 262,152 | ||||||
| NIC, Inc. | 6,866 | 150,640 | ||||||
| Perficient, Inc.2 | 10,618 | 215,652 | ||||||
| Progress Software Corp.2 | 6,929 | 190,270 | ||||||
| Qualys, Inc.2 | 2,595 | 77,357 | ||||||
| QuinStreet, Inc.2 | 36,657 | 130,132 | ||||||
| Rovi Corp.2 | 15,353 | 240,121 | ||||||
| Shutterstock, Inc.2 | 27,460 | 1,257,668 | ||||||
| Stamps.com, Inc.1,2 | 1,303 | 113,908 | ||||||
| Sykes Enterprises, Inc.2 | 20,183 | 584,500 | ||||||
| Synchronoss Technologies, Inc.1,2 | 7,856 | 250,292 | ||||||
| Take-Two Interactive | ||||||||
| Software, Inc.1,2 | 17,267 | 654,765 | ||||||
| Tangoe, Inc.1,2 | 13,400 | 103,448 | ||||||
| TeleTech Holdings, Inc. | 22,292 | 604,782 | ||||||
| VASCO Data Security | ||||||||
| International, Inc.1,2 | 6,212 | 101,815 | ||||||
| Virtusa Corp.2 | 8,327 | 240,484 | ||||||
| XO Group, Inc.2 | 4,017 | 70,016 | ||||||
| Total Software & Services | 11,345,231 | |||||||
| Technology Hardware & Equipment—8.1% | ||||||||
| ADTRAN, Inc. | 15,194 | 283,368 | ||||||
| Agilysys, Inc.1,2 | 5,043 | 52,800 | ||||||
| Anixter International, Inc.1,2 | 49,444 | 2,634,376 | ||||||
| Badger Meter, Inc. | 2,511 | 183,378 | ||||||
| Bel Fuse, Inc., Class B | 14,364 | 255,392 | ||||||
| Benchmark Electronics, Inc.2 | 55,695 | 1,177,949 | ||||||
| Black Box Corp. | 34,213 | 447,506 | ||||||
| CalAmp Corp.1,2 | 8,972 | 132,875 | ||||||
| Coherent, Inc.2 | 3,938 | 361,430 | ||||||
| Comtech Telecommunications Corp. | 6,190 | 79,480 | ||||||
| Cray, Inc.1,2 | 10,592 | 316,913 | ||||||
| CTS Corp. | 9,876 | 176,978 | ||||||
| Daktronics, Inc. | 43,369 | 271,056 | ||||||
| Digi International, Inc.2 | 9,074 | 97,364 | ||||||
| DTS, Inc.2 | 2,688 | 71,098 | ||||||
| Electro Scientific Industries, Inc.2 | 12,498 | 72,988 | ||||||
| Electronics For Imaging, Inc.2 | 9,810 | 422,222 | ||||||
| ePlus, Inc.2 | 6,335 | 518,140 | ||||||
| Fabrinet2 | 11,337 | 420,830 | ||||||
| FARO Technologies, Inc.2 | 4,144 | 140,192 | ||||||
| Harmonic, Inc.1,2 | 61,494 | 175,258 | ||||||
| II-VI, Inc.2 | 18,178 | 341,019 | ||||||
| Insight Enterprises, Inc.2 | 92,164 | 2,396,264 | ||||||
| Itron, Inc.2 | 20,430 | 880,533 | ||||||
| Ixia2 | 23,542 | 231,183 | ||||||
| Littelfuse, Inc. | 3,553 | 419,929 | ||||||
| Lumentum Holdings, Inc.2 | 16,687 | 403,825 | ||||||
| Methode Electronics, Inc. | 13,326 | 456,149 | ||||||
| MTS Systems Corp. | 6,055 | 265,451 | ||||||
| NETGEAR, Inc.2 | 13,943 | 662,850 | ||||||
| Shares | Value | |||||||
| OSI Systems, Inc.2 | 7,828 | $ | 455,042 | |||||
| Park Electrochemical Corp. | 4,173 | 60,634 | ||||||
| Plexus Corp.2 | 28,320 | 1,223,424 | ||||||
| QLogic Corp.2 | 16,182 | 238,523 | ||||||
| Rofin-Sinar Technologies, Inc.2 | 7,527 | 240,412 | ||||||
| Rogers Corp.2 | 4,683 | 286,131 | ||||||
| Sanmina Corp.2 | 107,319 | 2,877,222 | ||||||
| ScanSource, Inc.2 | 43,755 | 1,623,748 | ||||||
| Super Micro Computer, Inc.2 | 42,297 | 1,051,081 | ||||||
| TTM Technologies, Inc.2 | 141,977 | 1,069,087 | ||||||
| Viavi Solutions, Inc.2 | 92,472 | 613,089 | ||||||
| Total Technology Hardware | ||||||||
| & Equipment | 24,087,189 | |||||||
| Telecommunication Services—2.0% | ||||||||
| 8x8, Inc.2 | 7,287 | 106,463 | ||||||
| ATN International, Inc. | 2,342 | 182,231 | ||||||
| Cincinnati Bell, Inc.2 | 140,824 | 643,566 | ||||||
| Cogent Communications | ||||||||
| Holdings, Inc. | 4,843 | 194,011 | ||||||
| Consolidated Communications | ||||||||
| Holdings, Inc. | 14,894 | 405,712 | ||||||
| General Communication, Inc., | ||||||||
| Class A2 | 31,691 | 500,718 | ||||||
| Inteliquent, Inc. | 169,900 | 3,379,311 | ||||||
| Iridium Communications, Inc.1,2 | 23,225 | 206,238 | ||||||
| Lumos Networks Corp.2 | 8,477 | 102,572 | ||||||
| Spok Holdings, Inc. | 4,989 | 95,614 | ||||||
| Total Telecommunication Services | 5,816,436 | |||||||
| Transportation—4.0% | ||||||||
| Allegiant Travel Co. | 4,057 | 614,635 | ||||||
| ArcBest Corp. | 73,430 | 1,193,237 | ||||||
| Atlas Air Worldwide Holdings, Inc.2 | 18,626 | 771,489 | ||||||
| Celadon Group, Inc. | 49,362 | 403,288 | ||||||
| Echo Global Logistics, Inc.1,2 | 33,269 | 745,891 | ||||||
| Forward Air Corp.1 | 10,246 | 456,254 | ||||||
| Hawaiian Holdings, Inc.2 | 27,525 | 1,044,849 | ||||||
| Heartland Express, Inc.1 | 18,347 | 319,054 | ||||||
| Hub Group, Inc., Class A1,2 | 41,383 | 1,587,866 | ||||||
| Knight Transportation, Inc. | 20,884 | 555,097 | ||||||
| Marten Transport Ltd. | 16,131 | 319,394 | ||||||
| Matson, Inc. | 27,986 | 903,668 | ||||||
| Roadrunner Transportation | ||||||||
| Systems, Inc.2 | 115,443 | 861,205 | ||||||
| Saia, Inc.2 | 22,042 | 554,136 | ||||||
| SkyWest, Inc. | 59,493 | 1,574,185 | ||||||
| Total Transportation | 11,904,248 | |||||||
| Utilities—1.8% | ||||||||
| ALLETE, Inc. | 12,018 | 776,723 | ||||||
| American States Water Co.1 | 5,315 | 232,903 | ||||||
| Avista Corp. | 16,816 | 753,357 | ||||||
| California Water Service Group1 | 9,182 | 320,727 | ||||||
| El Paso Electric Co. | 8,791 | 415,550 | ||||||
| Northwest Natural Gas Co. | 5,963 | 386,522 | ||||||
| NorthWestern Corp.1 | 9,712 | 612,536 | ||||||
| Piedmont Natural Gas Co., Inc. | 9,845 | 591,881 | ||||||
30
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER SMALL CAP REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Utilities (continued) | ||||||||
| South Jersey Industries, Inc. | 14,672 | $ | 463,929 | |||||
| Spire, Inc. | 10,965 | 776,761 | ||||||
| Total Utilities | 5,330,889 | |||||||
| Total Common Stocks | ||||||||
| (Cost $288,747,373) | 296,650,975 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—9.4% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%3 | ||||||||
| (Cost $28,042,417) | 28,042,417 | 28,042,417 | ||||||
| Total Investments—109.2% | ||||||||
| (Cost $316,789,790) | 324,693,392 | |||||||
| Liabilities in Excess of Other Assets—(9.2)% | (27,272,164 | ) | ||||||
| Net Assets—100.0% | $ | 297,421,228 | ||||||
REIT – Real Estate Investment Trust
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $52,362,715; total value of the collateral held by the fund was $52,921,016. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $24,878,599 (Note 4). |
| 2 | Non-income producing security. |
| 3 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
The accompanying notes are an integral part of these financial statements.
31
SCHEDULE OF INVESTMENTS
OPPENHEIMER FINANCIALS SECTOR REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—99.5% | ||||||||
| Banks—28.4% | ||||||||
| Bank of America Corp. | 83,469 | $ | 1,107,634 | |||||
| BB&T Corp. | 3,965 | 141,194 | ||||||
| Citigroup, Inc. | 22,841 | 968,230 | ||||||
| Citizens Financial Group, Inc. | 3,011 | 60,160 | ||||||
| Comerica, Inc. | 833 | 34,261 | ||||||
| Fifth Third Bancorp | 5,035 | 88,566 | ||||||
| Huntington Bancshares, Inc. | 4,423 | 39,541 | ||||||
| JPMorgan Chase & Co. | 20,970 | 1,303,076 | ||||||
| KeyCorp | 4,933 | 54,510 | ||||||
| M&T Bank Corp. | 612 | 72,357 | ||||||
| People’s United Financial, Inc. | 1,231 | 18,046 | ||||||
| PNC Financial Services | ||||||||
| Group, Inc. (The) | 2,574 | 209,498 | ||||||
| Regions Financial Corp. | 8,082 | 68,778 | ||||||
| SunTrust Banks, Inc. | 2,831 | 116,297 | ||||||
| U.S. Bancorp | 6,755 | 272,429 | ||||||
| Wells Fargo & Co. | 26,211 | 1,240,567 | ||||||
| Zions Bancorporation1 | 1,088 | 27,341 | ||||||
| Total Banks | 5,822,485 | |||||||
| Capital Markets—10.3% | ||||||||
| Affiliated Managers Group, Inc.2 | 216 | 30,406 | ||||||
| Ameriprise Financial, Inc. | 1,825 | 163,976 | ||||||
| Bank of New York Mellon | ||||||||
| Corp. (The) | 5,531 | 214,879 | ||||||
| BlackRock, Inc. | 488 | 167,155 | ||||||
| Charles Schwab Corp. (The) | 3,453 | 87,395 | ||||||
| E*TRADE Financial Corp.2 | 1,093 | 25,675 | ||||||
| Franklin Resources, Inc. | 3,199 | 106,751 | ||||||
| Goldman Sachs Group, Inc. (The) | 2,969 | 441,134 | ||||||
| Invesco Ltd. | 2,622 | 66,966 | ||||||
| Legg Mason, Inc. | 1,205 | 35,536 | ||||||
| Morgan Stanley | 19,471 | 505,857 | ||||||
| Northern Trust Corp. | 1,028 | 68,115 | ||||||
| State Street Corp. | 2,585 | 139,383 | ||||||
| T. Rowe Price Group, Inc. | 863 | 62,973 | ||||||
| Total Capital Markets | 2,116,201 | |||||||
| Consumer Finance—4.5% | ||||||||
| American Express Co. | 7,256 | 440,875 | ||||||
| Capital One Financial Corp. | 4,083 | 259,311 | ||||||
| Discover Financial Services | 1,956 | 104,822 | ||||||
| Navient Corp. | 2,648 | 31,644 | ||||||
| Synchrony Financial2 | 3,351 | 84,713 | ||||||
| Total Consumer Finance | 921,365 | |||||||
| Diversified Financial Services—17.8% | ||||||||
| Berkshire Hathaway, Inc., Class B2 | 22,040 | 3,191,172 | ||||||
| CME Group, Inc. | 557 | 54,252 | ||||||
| Intercontinental Exchange, Inc. | 213 | 54,519 | ||||||
| Leucadia National Corp.1 | 9,350 | 162,035 | ||||||
| Moody’s Corp. | 529 | 49,573 | ||||||
| Nasdaq, Inc. | 823 | 53,223 | ||||||
| S&P Global, Inc. | 761 | 81,625 | ||||||
| Total Diversified Financial Services | 3,646,399 | |||||||
| Shares | Value | |||||||
| Insurance—32.2% | ||||||||
| Aflac, Inc. | 4,687 | $ | 338,214 | |||||
| Allstate Corp. (The) | 8,181 | 572,261 | ||||||
| American International Group, Inc. | 14,754 | 780,339 | ||||||
| Aon PLC | 1,644 | 179,574 | ||||||
| Arthur J. Gallagher & Co. | 1,729 | 82,300 | ||||||
| Assurant, Inc. | 1,799 | 155,272 | ||||||
| Chubb Ltd. | 2,630 | 343,767 | ||||||
| Cincinnati Financial Corp. | 1,159 | 86,798 | ||||||
| Hartford Financial Services | ||||||||
| Group, Inc. (The) | 6,322 | 280,570 | ||||||
| Lincoln National Corp. | 4,578 | 177,489 | ||||||
| Loews Corp. | 5,030 | 206,683 | ||||||
| Marsh & McLennan Cos., Inc. | 3,038 | 207,982 | ||||||
| MetLife, Inc. | 24,189 | 963,448 | ||||||
| Principal Financial Group, Inc. | 4,387 | 180,350 | ||||||
| Progressive Corp. (The) | 10,216 | 342,236 | ||||||
| Prudential Financial, Inc. | 11,622 | 829,114 | ||||||
| Torchmark Corp. | 1,003 | 62,005 | ||||||
| Travelers Cos., Inc. (The) | 3,661 | 435,805 | ||||||
| Unum Group | 4,599 | 146,202 | ||||||
| Willis Towers Watson PLC | 600 | 74,586 | ||||||
| XL Group PLC1 | 5,008 | 166,816 | ||||||
| Total Insurance | 6,611,811 | |||||||
| Real Estate Investment Trusts—5.6% | ||||||||
| American Tower Corp. | 717 | 81,458 | ||||||
| Apartment Investment & | ||||||||
| Management Co., Class A | 368 | 16,251 | ||||||
| AvalonBay Communities, Inc. | 180 | 32,470 | ||||||
| Boston Properties, Inc. | 310 | 40,889 | ||||||
| Crown Castle International Corp. | 612 | 62,075 | ||||||
| Digital Realty Trust, Inc.1 | 207 | 22,561 | ||||||
| Equinix, Inc. | 122 | 47,303 | ||||||
| Equity Residential | 652 | 44,910 | ||||||
| Essex Property Trust, Inc. | 93 | 21,212 | ||||||
| Extra Space Storage, Inc. | 146 | 13,511 | ||||||
| Federal Realty Investment Trust | 76 | 12,582 | ||||||
| General Growth Properties, Inc. | 1,450 | 43,239 | ||||||
| HCP, Inc. | 1,164 | 41,182 | ||||||
| Host Hotels & Resorts, Inc. | 5,367 | 86,999 | ||||||
| Iron Mountain, Inc.1 | 1,265 | 50,385 | ||||||
| Kimco Realty Corp. | 629 | 19,738 | ||||||
| Macerich Co. (The) | 248 | 21,177 | ||||||
| Prologis, Inc. | 793 | 38,889 | ||||||
| Public Storage | 161 | 41,150 | ||||||
| Realty Income Corp. | 255 | 17,687 | ||||||
| Simon Property Group, Inc. | 413 | 89,580 | ||||||
| SL Green Realty Corp. | 265 | 28,214 | ||||||
| UDR, Inc. | 421 | 15,543 | ||||||
| Ventas, Inc. | 746 | 54,324 | ||||||
| Vornado Realty Trust | 397 | 39,748 | ||||||
| Welltower, Inc.1 | 849 | 64,668 | ||||||
| Weyerhaeuser Co. | 3,623 | 107,857 | ||||||
| Total Real Estate Investment Trusts | 1,155,602 | |||||||
32
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER FINANCIALS SECTOR REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Real Estate Management & Development—0.7% | ||||||||
| CBRE Group, Inc., Class A2 | 5,844 | $ | 154,749 | |||||
| Total Common Stocks | ||||||||
| (Cost $19,180,874) | 20,428,612 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—0.1% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%3 | ||||||||
| (Cost $22,321) | 22,321 | 22,321 | ||||||
| Total Investments—99.6% | ||||||||
| (Cost $19,203,195) | 20,450,933 | |||||||
| Other Assets in Excess of Liabilities—0.4% | 72,952 | |||||||
| Net Assets—100.0% | $ | 20,523,885 | ||||||
PLC – Public Limited Company
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $483,774; total value of the collateral held by the fund was $482,245. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $459,924 (Note 4). |
| 2 | Non-income producing security. |
| 3 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
The accompanying notes are an integral part of these financial statements.
33
SCHEDULE OF INVESTMENTS
OPPENHEIMER ADR REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—97.0% | ||||||||
| Automobiles & Components—7.9% | ||||||||
| Honda Motor Co. Ltd.1 | 12,372 | $ | 313,383 | |||||
| Magna International, Inc. | 2,203 | 77,259 | ||||||
| Toyota Motor Corp.1 | 5,919 | 591,841 | ||||||
| Total Automobiles & Components | 982,483 | |||||||
| Banks—9.0% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA1,2 | 8,687 | 49,863 | ||||||
| Banco Bradesco SA1 | 6,373 | 49,773 | ||||||
| Banco de Chile1 | 98 | 6,286 | ||||||
| Banco Santander Chile1 | 251 | 4,862 | ||||||
| Banco Santander SA1,2 | 23,580 | 92,434 | ||||||
| Bancolombia SA1,2 | 246 | 8,590 | ||||||
| Bank of Montreal | 593 | 37,590 | ||||||
| Bank of Nova Scotia (The)2 | 887 | 43,472 | ||||||
| Barclays PLC1,2 | 8,609 | 65,428 | ||||||
| Canadian Imperial Bank of Commerce2 | 327 | 24,548 | ||||||
| Credicorp Ltd. | 58 | 8,951 | ||||||
| HSBC Holdings PLC1,2 | 4,596 | 143,901 | ||||||
| ING Groep NV1,2 | 3,844 | 39,709 | ||||||
| KB Financial Group, Inc.1 | 536 | 15,255 | ||||||
| Lloyds Banking Group PLC1,2 | 16,072 | 47,734 | ||||||
| Mitsubishi UFJ Financial Group, Inc.1 | 22,952 | 101,677 | ||||||
| Mizuho Financial Group, Inc.1 | 20,279 | 57,795 | ||||||
| Royal Bank of Canada | 1,136 | 67,126 | ||||||
| Royal Bank of Scotland Group PLC1,2,3 | 7,929 | 37,266 | ||||||
| Shinhan Financial Group Co. Ltd.1 | 692 | 22,656 | ||||||
| Sumitomo Mitsui Financial | ||||||||
| Group, Inc.1,2 | 15,869 | 90,771 | ||||||
| Toronto-Dominion Bank (The) | 1,405 | 60,317 | ||||||
| Westpac Banking Corp.1 | 1,859 | 41,065 | ||||||
| Total Banks | 1,117,069 | |||||||
| Capital Goods—1.4% | ||||||||
| ABB Ltd.1 | 4,427 | 87,788 | ||||||
| Brookfield Business Partners L.P.3 | 36 | 687 | ||||||
| Embraer SA1 | 764 | 16,594 | ||||||
| Koninklijke Philips NV2 | 2,881 | 71,852 | ||||||
| Total Capital Goods | 176,921 | |||||||
| Consumer Durables & Apparel—1.8% | ||||||||
| Gildan Activewear, Inc. | 245 | 7,186 | ||||||
| Luxottica Group S.p.A.1 | 477 | 23,306 | ||||||
| Sony Corp.1,2 | 6,328 | 185,727 | ||||||
| Total Consumer Durables & Apparel | 216,219 | |||||||
| Consumer Services—0.4% | ||||||||
| Carnival PLC1 | 858 | 38,430 | ||||||
| InterContinental Hotels Group PLC1,2 | 129 | 4,839 | ||||||
| Restaurant Brands International, Inc. | 245 | 10,192 | ||||||
| Total Consumer Services | 53,461 | |||||||
| Shares | Value | |||||||
| Diversified Financials—2.7% | ||||||||
| Brookfield Asset Management, Inc., | ||||||||
| Class A | 1,807 | $ | 59,758 | |||||
| Credit Suisse Group AG1 | 4,573 | 48,931 | ||||||
| Deutsche Bank AG2,3 | 5,673 | 77,890 | ||||||
| Nomura Holdings, Inc.1 | 7,840 | 27,518 | ||||||
| ORIX Corp.1 | 793 | 50,681 | ||||||
| UBS Group AG | 5,452 | 70,658 | ||||||
| Total Diversified Financials | 335,436 | |||||||
| Energy—31.0% | ||||||||
| Amec Foster Wheeler PLC1,2 | 3,602 | 23,521 | ||||||
| BP PLC1,2 | 17,407 | 618,122 | ||||||
| Cameco Corp. | 413 | 4,531 | ||||||
| Canadian Natural Resources Ltd. | 770 | 23,739 | ||||||
| Cenovus Energy, Inc. | 1,607 | 22,209 | ||||||
| China Petroleum & Chemical Corp.1,2 | 8,827 | 635,544 | ||||||
| CNOOC Ltd.1 | 552 | 68,812 | ||||||
| Crescent Point Energy Corp. | 291 | 4,595 | ||||||
| Ecopetrol SA1,3 | 4,703 | 44,961 | ||||||
| Enbridge, Inc. | 1,666 | 70,572 | ||||||
| Encana Corp. | 1,155 | 8,997 | ||||||
| Eni S.p.A.1,2 | 6,496 | 210,146 | ||||||
| Imperial Oil Ltd.2 | 1,516 | 47,845 | ||||||
| Pembina Pipeline Corp. | 307 | 9,314 | ||||||
| PetroChina Co. Ltd.1 | 8,660 | 588,187 | ||||||
| Petroleo Brasileiro SA1,2,3 | 17,604 | 126,045 | ||||||
| Royal Dutch Shell PLC, Class A1 | 6,025 | 332,700 | ||||||
| Royal Dutch Shell PLC, Class B1,2 | 5,985 | 335,160 | ||||||
| Statoil ASA1 | 8,206 | 142,046 | ||||||
| Suncor Energy, Inc. | 2,027 | 56,209 | ||||||
| Tenaris SA1,2 | 605 | 17,448 | ||||||
| Total SA1 | 7,518 | 361,616 | ||||||
| TransCanada Corp. | 519 | 23,469 | ||||||
| Ultrapar Participacoes SA1 | 2,826 | 62,200 | ||||||
| Total Energy | 3,837,988 | |||||||
| Food & Staples Retailing—0.9% | ||||||||
| Cencosud SA1,2 | 4,869 | 43,577 | ||||||
| Delhaize Group1 | 2,803 | 73,607 | ||||||
| Total Food & Staples Retailing | 117,184 | |||||||
| Food, Beverage & Tobacco—2.7% | ||||||||
| Ambev SA1 | 6,187 | 36,565 | ||||||
| Anheuser-Busch InBev NV1 | 886 | 116,669 | ||||||
| BRF SA1 | 1,823 | 25,395 | ||||||
| British American Tobacco PLC1,2 | 446 | 57,748 | ||||||
| Diageo PLC1,2 | 407 | 45,942 | ||||||
| Fomento Economico Mexicano | ||||||||
| SAB de CV1 | 570 | 52,719 | ||||||
| Total Food, Beverage & Tobacco | 335,038 | |||||||
| Health Care Equipment & Services—0.5% | ||||||||
| Fresenius Medical Care | ||||||||
| AG & Co. KGaA1,2 | 1,090 | 47,492 | ||||||
| Smith & Nephew PLC1 | 357 | 12,252 | ||||||
| Total Health Care Equipment & Services | 59,744 | |||||||
34
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER ADR REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Household & Personal Products—2.7% | ||||||||
| Unilever NV | 3,479 | $ | 163,304 | |||||
| Unilever PLC1,2 | 3,444 | 165,002 | ||||||
| Total Household & Personal Products | 328,306 | |||||||
| Insurance—4.9% | ||||||||
| Aegon NV | 16,454 | 65,981 | ||||||
| Aviva PLC1,2 | 6,812 | 72,820 | ||||||
| China Life Insurance Co. Ltd.1,2 | 20,625 | 221,925 | ||||||
| Manulife Financial Corp.2 | 5,400 | 73,818 | ||||||
| Prudential PLC1 | 4,058 | 138,013 | ||||||
| Sun Life Financial, Inc. | 1,187 | 38,969 | ||||||
| Total Insurance | 611,526 | |||||||
| Materials—7.4% | ||||||||
| Agnico Eagle Mines Ltd. | 118 | 6,313 | ||||||
| Agrium, Inc.2 | 412 | 37,253 | ||||||
| ArcelorMittal2,3 | 31,355 | 146,114 | ||||||
| Barrick Gold Corp. | 1,181 | 25,215 | ||||||
| BHP Billiton Ltd.1 | 2,995 | 85,537 | ||||||
| BHP Billiton PLC1 | 3,356 | 85,175 | ||||||
| Cemex SAB de CV1,3 | 5,625 | 34,706 | ||||||
| CRH PLC1,2 | 2,552 | 75,488 | ||||||
| Eldorado Gold Corp. | 576 | 2,592 | ||||||
| Franco-Nevada Corp. | 17 | 1,293 | ||||||
| Gerdau SA1 | 17,777 | 32,354 | ||||||
| Goldcorp, Inc. | 665 | 12,722 | ||||||
| James Hardie Industries PLC1 | 319 | 4,894 | ||||||
| Kinross Gold Corp.3 | 1,607 | 7,858 | ||||||
| POSCO1 | 2,867 | 127,582 | ||||||
| Potash Corp. of Saskatchewan, Inc. | 838 | 13,609 | ||||||
| Randgold Resources Ltd.1,2 | 25 | 2,801 | ||||||
| Rio Tinto PLC1,2 | 3,135 | 98,126 | ||||||
| Silver Wheaton Corp. | 117 | 2,753 | ||||||
| Sociedad Quimica y Minera de Chile SA1 | 199 | 4,919 | ||||||
| Southern Copper Corp.2 | 500 | 13,490 | ||||||
| Syngenta AG1,2 | 408 | 31,330 | ||||||
| Teck Resources Ltd., Class B2 | 1,440 | 18,965 | ||||||
| Vale SA1,2 | 7,036 | 35,602 | ||||||
| Yamana Gold, Inc. | 980 | 5,096 | ||||||
| Total Materials | 911,787 | |||||||
| Media—1.4% | ||||||||
| Grupo Televisa SAB1 | 579 | 15,077 | ||||||
| Pearson PLC1 | 1,166 | 15,147 | ||||||
| RELX NV1 | 1,377 | 23,974 | ||||||
| RELX PLC1,2 | 1,356 | 25,357 | ||||||
| Shaw Communications, Inc., Class B | 564 | 10,829 | ||||||
| Thomson Reuters Corp.2 | 765 | 30,921 | ||||||
| WPP PLC1 | 460 | 48,079 | ||||||
| Total Media | 169,384 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—4.1% | ||||||||
| AstraZeneca PLC1,2 | 2,281 | 68,863 | ||||||
| GlaxoSmithKline PLC1 | 2,343 | 101,546 | ||||||
| Novartis AG1 | 1,686 | 139,112 | ||||||
| Novo Nordisk A/S1 | 815 | 43,831 | ||||||
| QIAGEN NV2,3 | 171 | 3,729 | ||||||
| Sanofi1 | 2,650 | 110,902 | ||||||
| Shares | Value | |||||||
| Shire PLC1,2 | 97 | $ | 17,856 | |||||
| Valeant Pharmaceuticals | ||||||||
| International, Inc.2,3 | 1,172 | 23,604 | ||||||
| Total Pharmaceuticals, Biotechnology | ||||||||
| & Life Sciences | 509,443 | |||||||
| Semiconductors & Semiconductor Equipment—0.9% | ||||||||
| ARM Holdings PLC1,2 | 78 | 3,550 | ||||||
| ASML Holding NV | 191 | 18,949 | ||||||
| STMicroelectronics NV | 2,898 | 17,069 | ||||||
| Taiwan Semiconductor | ||||||||
| Manufacturing Co. Ltd.1 | 2,613 | 68,539 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 108,107 | |||||||
| Software & Services—0.6% | ||||||||
| CGI Group, Inc., Class A3 | 465 | 19,860 | ||||||
| SAP SE1 | 788 | 59,116 | ||||||
| Total Software & Services | 78,976 | |||||||
| Technology Hardware & Equipment—2.0% | ||||||||
| BlackBerry Ltd. | 861 | 5,777 | ||||||
| Canon, Inc.1,2 | 2,918 | 83,484 | ||||||
| Kyocera Corp.1 | 694 | 33,076 | ||||||
| Nokia OYJ1 | 7,766 | 44,188 | ||||||
| Telefonaktiebolaget LM Ericsson1,2 | 10,320 | 79,258 | ||||||
| Total Technology Hardware & Equipment | 245,783 | |||||||
| Telecommunication Services—11.8% | ||||||||
| America Movil SAB de CV, Class L1 | 11,488 | 140,843 | ||||||
| BCE, Inc. | 945 | 44,708 | ||||||
| BT Group PLC1 | 2,615 | 72,828 | ||||||
| China Mobile Ltd.1 | 4,909 | 284,231 | ||||||
| Chunghwa Telecom Co. Ltd.1 | 539 | 19,566 | ||||||
| Nippon Telegraph & Telephone Corp.1 | 5,915 | 278,478 | ||||||
| NTT DOCOMO, Inc.1 | 3,903 | 105,420 | ||||||
| Orange SA1 | 7,069 | 116,073 | ||||||
| Rogers Communications, Inc., Class B | 705 | 28,482 | ||||||
| Telecom Italia S.p.A.1,2,3 | 3,214 | 26,258 | ||||||
| Telecom Italia S.p.A., Class A1,2 | 3,849 | 24,749 | ||||||
| Telefonica SA1 | 13,884 | 131,620 | ||||||
| TELUS Corp. | 774 | 24,923 | ||||||
| Vodafone Group PLC1,2 | 5,116 | 158,033 | ||||||
| Total Telecommunication Services | 1,456,212 | |||||||
| Transportation—0.7% | ||||||||
| Canadian National Railway Co. | 422 | 24,923 | ||||||
| Canadian Pacific Railway Ltd. | 102 | 13,136 | ||||||
| Latam Airlines Group SA1,3 | 3,901 | 25,747 | ||||||
| Ryanair Holdings PLC1 | 240 | 16,690 | ||||||
| Total Transportation | 80,496 | |||||||
| Utilities—2.2% | ||||||||
| Cia Energetica de Minas Gerais1 | 8,582 | 18,966 | ||||||
| CPFL Energia SA1,2 | 1,142 | 14,686 | ||||||
| Empresa Nacional de Electricidad SA1 | 320 | 8,874 | ||||||
| Endesa Americas SA1 | 2 | 27 | ||||||
| Enersis Americas SA1 | 3,036 | 26,049 | ||||||
| Enersis Chile SA1 | 38 | 222 | ||||||
35
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER ADR REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Utilities (continued) | ||||||||
| Korea Electric Power Corp.1 | 5,526 | $ | 143,289 | |||||
| National Grid PLC1 | 856 | 63,626 | ||||||
| Total Utilities | 275,739 | |||||||
| Total Common Stocks | ||||||||
| (Cost $14,311,919) | 12,007,302 | |||||||
| PREFERRED STOCKS—1.9% | ||||||||
| Banks—0.5% | ||||||||
| Itau Unibanco Holding SA1 | 6,728 | 63,512 | ||||||
| Energy—1.1% | ||||||||
| Petroleo Brasileiro SA1,3 | 23,075 | 134,066 | ||||||
| Materials—0.3% | ||||||||
| Vale SA1,2 | 8,851 | 35,493 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $218,988) | 233,071 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—26.0% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%4 | ||||||||
| (Cost $3,217,400) | 3,217,400 | 3,217,400 | ||||||
| Total Investments—124.9% | ||||||||
| (Cost $17,748,307) | 15,457,773 | |||||||
| Liabilities in Excess of Other Assets—(24.9)% | (3,079,768 | ) | ||||||
| Net Assets—100.0% | $ | 12,378,005 | ||||||
PLC – Public Limited Company
| 1 | American Depositary Receipt. |
| 2 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $3,166,336; total value of the collateral held by the fund was $3,221,008. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,608 (Note 4). |
| 3 | Non-income producing security. |
| 4 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
| Country | Value | % of Net Assets | ||||||
| Australia | $ | 211,777 | 1.7 | % | ||||
| Belgium | 190,276 | 1.5 | ||||||
| Brazil | 651,251 | 5.3 | ||||||
| Canada | 1,078,709 | 8.7 | ||||||
| Chile | 120,563 | 1.0 | ||||||
| China | 1,798,699 | 14.5 | ||||||
| Colombia | 53,551 | 0.4 | ||||||
| Denmark | 43,831 | 0.4 | ||||||
| Finland | 44,188 | 0.4 | ||||||
| France | 588,591 | 4.8 | ||||||
| Germany | 184,498 | 1.5 | ||||||
| Ireland | 114,928 | 0.9 | ||||||
| Italy | 284,459 | 2.3 | ||||||
| Japan | 1,919,851 | 15.5 | ||||||
| Jersey Islands | 2,801 | 0.0 | 1 | |||||
| Luxembourg | 163,562 | 1.3 | ||||||
| Mexico | 243,345 | 2.0 | ||||||
| Netherlands | 864,351 | 7.0 | ||||||
| Norway | 142,046 | 1.1 | ||||||
| Peru | 22,441 | 0.2 | ||||||
| South Korea | 308,782 | 2.5 | ||||||
| Spain | 273,917 | 2.2 | ||||||
| Sweden | 79,258 | 0.6 | ||||||
| Switzerland | 394,888 | 3.2 | ||||||
| Taiwan | 88,105 | 0.7 | ||||||
| United Kingdom | 2,275,021 | 18.4 | ||||||
| United States | 3,314,084 | 26.8 | ||||||
| Total Investments | 15,457,773 | 124.9 | ||||||
| Liabilities in Excess of | ||||||||
| Other Assets | (3,079,768 | ) | (24.9 | ) | ||||
| Net Assets | $ | 12,378,005 | 100.0 | % | ||||
| 1 | Less than 0.05%. |
The accompanying notes are an integral part of these financial statements.
36
SCHEDULE OF INVESTMENTS
OPPENHEIMER NAVELLIER OVERALL A-100 REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—99.4% | ||||||||
| Automobiles & Components—0.9% | ||||||||
| Drew Industries, Inc. | 458 | $ | 38,857 | |||||
| Superior Industries International, Inc. | 1,043 | 27,931 | ||||||
| Total Automobiles & Components | 66,788 | |||||||
| Banks—4.4% | ||||||||
| Banc of California, Inc.1 | 1,276 | 23,096 | ||||||
| Chemical Financial Corp.1 | 624 | 23,269 | ||||||
| Enterprise Financial Services Corp. | 781 | 21,782 | ||||||
| First Bancorp | 1,133 | 19,918 | ||||||
| Flagstar Bancorp, Inc.1,2 | 1,234 | 30,122 | ||||||
| Great Western Bancorp, Inc. | 743 | 23,434 | ||||||
| Pacific Premier Bancorp, Inc.2 | 888 | 21,312 | ||||||
| QCR Holdings, Inc.1 | 766 | 20,828 | ||||||
| ServisFirst Bancshares, Inc. | 441 | 21,781 | ||||||
| TFS Financial Corp. | 1,378 | 23,729 | ||||||
| Tompkins Financial Corp. | 346 | 22,490 | ||||||
| TowneBank | 1,070 | 23,165 | ||||||
| Union Bankshares Corp. | 902 | 22,288 | ||||||
| WSFS Financial Corp. | 640 | 20,602 | ||||||
| Total Banks | 317,816 | |||||||
| Capital Goods—5.1% | ||||||||
| Acuity Brands, Inc.1 | 208 | 51,576 | ||||||
| BWX Technologies, Inc. | 1,029 | 36,807 | ||||||
| Comfort Systems USA, Inc. | 1,173 | 38,205 | ||||||
| Gibraltar Industries, Inc.2 | 1,053 | 33,243 | ||||||
| Huntington Ingalls Industries, Inc. | 628 | 105,523 | ||||||
| Insteel Industries, Inc. | 884 | 25,274 | ||||||
| Supreme Industries, Inc., Class A1 | 1,670 | 22,879 | ||||||
| Universal Forest Products, Inc. | 612 | 56,726 | ||||||
| Total Capital Goods | 370,233 | |||||||
| Commercial & Professional Services—2.2% | ||||||||
| Copart, Inc.2 | 688 | 33,719 | ||||||
| Equifax, Inc. | 408 | 52,387 | ||||||
| Exponent, Inc.1 | 431 | 25,175 | ||||||
| Insperity, Inc. | 685 | 52,902 | ||||||
| Total Commercial & Professional Services | 164,183 | |||||||
| Consumer Durables & Apparel—1.3% | ||||||||
| Ethan Allen Interiors, Inc. | 866 | 28,613 | ||||||
| Installed Building Products, Inc.2 | 810 | 29,395 | ||||||
| Smith & Wesson Holding Corp.1,2 | 1,295 | 35,198 | ||||||
| Total Consumer Durables & Apparel | 93,206 | |||||||
| Consumer Services—1.5% | ||||||||
| Eldorado Resorts, Inc.2 | 1,900 | 28,871 | ||||||
| New Oriental Education & | ||||||||
| Technology Group, Inc.3 | 930 | 38,948 | ||||||
| Vail Resorts, Inc. | 278 | 38,428 | ||||||
| Total Consumer Services | 106,247 | |||||||
| Diversified Financials—1.6% | ||||||||
| MarketAxess Holdings, Inc. | 167 | 24,282 | ||||||
| MSCI, Inc. | 420 | 32,391 | ||||||
| Nasdaq, Inc. | 911 | 58,914 | ||||||
| Total Diversified Financials | 115,587 | |||||||
| Shares | Value | |||||||
| Food & Staples Retailing—7.1% | ||||||||
| Sysco Corp. | 10,161 | $ | 515,569 | |||||
| Food, Beverage & Tobacco—9.3% | ||||||||
| Altria Group, Inc. | 3,605 | 248,601 | ||||||
| B&G Foods, Inc. | 719 | 34,656 | ||||||
| Constellation Brands, Inc., Class A | 614 | 101,556 | ||||||
| Dr Pepper Snapple Group, Inc. | 1,000 | 96,630 | ||||||
| Lancaster Colony Corp.1 | 274 | 34,965 | ||||||
| Reynolds American, Inc. | 2,982 | 160,819 | ||||||
| Total Food, Beverage & Tobacco | 677,227 | |||||||
| Health Care Equipment & Services—7.1% | ||||||||
| Becton, Dickinson and Co. | 934 | 158,397 | ||||||
| Edwards Lifesciences Corp.2 | 486 | 48,469 | ||||||
| Henry Schein, Inc.2 | 801 | 141,617 | ||||||
| Masimo Corp.2 | 532 | 27,938 | ||||||
| Stryker Corp. | 1,175 | 140,800 | ||||||
| Total Health Care Equipment & Services | 517,221 | |||||||
| Household & Personal Products—0.9% | ||||||||
| Central Garden & Pet Co., Class A2 | 2,098 | 45,548 | ||||||
| Orchids Paper Products Co.1 | 674 | 23,974 | ||||||
| Total Household & Personal Products | 69,522 | |||||||
| Insurance—4.7% | ||||||||
| Cincinnati Financial Corp. | 1,133 | 84,850 | ||||||
| Erie Indemnity Co., Class A | 384 | 38,147 | ||||||
| Markel Corp.2 | 88 | 83,845 | ||||||
| Old Republic International Corp. | 4,545 | 87,673 | ||||||
| Selective Insurance Group, Inc. | 1,195 | 45,661 | ||||||
| Total Insurance | 340,176 | |||||||
| Materials—1.6% | ||||||||
| Franco-Nevada Corp. | 370 | 28,142 | ||||||
| Richmont Mines, Inc.2 | 2,560 | 23,578 | ||||||
| Vulcan Materials Co. | 512 | 61,624 | ||||||
| Total Materials | 113,344 | |||||||
| Real Estate—5.7% | ||||||||
| Armada Hoffler Properties, Inc. | 1,825 | 25,075 | ||||||
| Chimera Investment Corp. | 1,926 | 30,238 | ||||||
| CoreSite Realty Corp. | 294 | 26,075 | ||||||
| CubeSmart | 832 | 25,692 | ||||||
| DCT Industrial Trust, Inc. | 546 | 26,230 | ||||||
| EastGroup Properties, Inc. | 343 | 23,640 | ||||||
| Education Realty Trust, Inc. | 560 | 25,838 | ||||||
| Extra Space Storage, Inc. | 335 | 31,001 | ||||||
| Federal Realty Investment Trust | 186 | 30,792 | ||||||
| First Industrial Realty Trust, Inc. | 958 | 26,652 | ||||||
| FirstService Corp. | 762 | 34,922 | ||||||
| Getty Realty Corp. | 1,039 | 22,287 | ||||||
| National Retail Properties, Inc. | 548 | 28,343 | ||||||
| Regency Centers Corp. | 347 | 29,054 | ||||||
| Weingarten Realty Investors | 687 | 28,043 | ||||||
| Total Real Estate | 413,882 | |||||||
37
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER NAVELLIER OVERALL A-100 REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Retailing—3.4% | ||||||||
| Core-Mark Holding Co., Inc.1 | 2,752 | $ | 128,959 | |||||
| Pool Corp. | 520 | 48,895 | ||||||
| Ulta Salon Cosmetics & Fragrance, Inc.2 | 281 | 68,463 | ||||||
| Total Retailing | 246,317 | |||||||
| Semiconductors & Semiconductor Equipment—1.1% | ||||||||
| NVIDIA Corp.1 | 1,707 | 80,246 | ||||||
| Software & Services—13.4% | ||||||||
| Accenture PLC, Class A | 3,347 | 379,181 | ||||||
| Descartes Systems Group, Inc. (The)2 | 1,098 | 20,961 | ||||||
| Euronet Worldwide, Inc.2 | 504 | 34,872 | ||||||
| Facebook, Inc., Class A2 | 2,061 | 235,531 | ||||||
| Fiserv, Inc.2 | 749 | 81,439 | ||||||
| Genpact Ltd.2 | 1,721 | 46,192 | ||||||
| Jack Henry & Associates, Inc. | 414 | 36,130 | ||||||
| Total System Services, Inc. | 981 | 52,101 | ||||||
| Vantiv, Inc., Class A2 | 1,075 | 60,845 | ||||||
| WebMD Health Corp.1,2 | 431 | 25,045 | ||||||
| Total Software & Services | 972,297 | |||||||
| Technology Hardware & Equipment—0.4% | ||||||||
| Fabrinet2 | 793 | 29,436 | ||||||
| Telecommunication Services—24.6% | ||||||||
| AT&T, Inc. | 12,409 | 536,193 | ||||||
| Chunghwa Telecom Co. Ltd.3 | 2,850 | 103,455 | ||||||
| Nippon Telegraph & | ||||||||
| Telephone Corp.3 | 11,068 | 521,081 | ||||||
| NTT DOCOMO, Inc.3 | 18,058 | 487,747 | ||||||
| Shenandoah Telecommunications Co.1 | 664 | 25,936 | ||||||
| PT Telekomunikasi Indonesia | ||||||||
| Persero Tbk3 | 1,870 | 114,930 | ||||||
| Total Telecommunication Services | 1,789,342 | |||||||
| Shares | Value | |||||||
| Transportation—1.4% | ||||||||
| Controladora Vuela Cia | ||||||||
| de Aviacion SAB de CV2,3 | 1,760 | $ | 32,894 | |||||
| Grupo Aeroportuario del | ||||||||
| Pacifico SAB de CV3 | 259 | 26,581 | ||||||
| Hawaiian Holdings, Inc.2 | 1,127 | 42,781 | ||||||
| Total Transportation | 102,256 | |||||||
| Utilities—1.7% | ||||||||
| Spark Energy, Inc., Class A1 | 726 | 23,994 | ||||||
| WEC Energy Group, Inc. | 1,566 | 102,260 | ||||||
| Total Utilities | 126,254 | |||||||
| Total Common Stocks | ||||||||
| (Cost $6,715,006) | 7,227,149 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—3.0% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%4 | ||||||||
| (Cost $219,165) | 219,165 | 219,165 | ||||||
| Total Investments—102.4% | ||||||||
| (Cost $6,934,171) | 7,446,314 | |||||||
| Liabilities in Excess of Other Assets—(2.4)% | (177,656 | ) | ||||||
| Net Assets—100.0% | $ | 7,268,658 | ||||||
PLC – Public Limited Company
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $463,780; total value of the collateral held by the fund was $466,415. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $247,250 (Note 4). |
| 2 | Non-income producing security. |
| 3 | American Depositary Receipt. |
| 4 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
The accompanying notes are an integral part of these financial statements.
38
SCHEDULE OF INVESTMENTS
OPPENHEIMER ULTRA DIVIDEND REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—99.5% | ||||||||
| Automobiles & Components—9.4% | ||||||||
| Ford Motor Co.1 | 410,780 | $ | 5,163,505 | |||||
| General Motors Co. | 185,594 | 5,252,310 | ||||||
| Total Automobiles & Components | 10,415,815 | |||||||
| Banks—0.8% | ||||||||
| New York Community Bancorp, Inc.1 | 11,498 | 172,355 | ||||||
| PacWest Bancorp | 6,001 | 238,720 | ||||||
| People’s United Financial, Inc. | 21,527 | 315,586 | ||||||
| Valley National Bancorp | 17,531 | 159,882 | ||||||
| Total Banks | 886,543 | |||||||
| Commercial & Professional Services—2.8% | ||||||||
| R.R. Donnelley & Sons Co. | 180,992 | 3,062,385 | ||||||
| Consumer Durables & Apparel—2.6% | ||||||||
| Garmin Ltd. | 18,019 | 764,366 | ||||||
| Mattel, Inc. | 48,332 | 1,512,308 | ||||||
| Tupperware Brands Corp.1 | 10,358 | 582,948 | ||||||
| Total Consumer Durables & Apparel | 2,859,622 | |||||||
| Diversified Financials—0.8% | ||||||||
| Navient Corp. | 46,556 | 556,344 | ||||||
| Waddell & Reed Financial, Inc., | ||||||||
| Class A | 18,864 | 324,838 | ||||||
| Total Diversified Financials | 881,182 | |||||||
| Energy—16.2% | ||||||||
| Helmerich & Payne, Inc.1 | 8,709 | 584,635 | ||||||
| HollyFrontier Corp.1 | 124,609 | 2,961,956 | ||||||
| Murphy Oil Corp. | 20,774 | 659,575 | ||||||
| Noble Corp. PLC1 | 88,977 | 733,170 | ||||||
| ONEOK, Inc. | 46,132 | 2,188,963 | ||||||
| Spectra Energy Corp.1 | 40,763 | 1,493,149 | ||||||
| Valero Energy Corp. | 100,901 | 5,145,951 | ||||||
| Western Refining, Inc.1 | 110,296 | 2,275,406 | ||||||
| Williams Cos., Inc. (The) | 85,836 | 1,856,633 | ||||||
| Total Energy | 17,899,438 | |||||||
| Insurance—0.8% | ||||||||
| Mercury General Corp. | 15,900 | 845,244 | ||||||
| Materials—2.0% | ||||||||
| Domtar Corp. | 36,084 | 1,263,301 | ||||||
| Greif, Inc., Class A | 25,734 | 959,106 | ||||||
| Total Materials | 2,222,407 | |||||||
| Media—0.7% | ||||||||
| Time, Inc.1 | 48,951 | 805,733 | ||||||
| Real Estate—8.0% | ||||||||
| Care Capital Properties, Inc. | 3,376 | 88,485 | ||||||
| Communications Sales & Leasing, Inc. | 9,079 | 262,383 | ||||||
| Corrections Corp. of America | 14,364 | 503,027 | ||||||
| EPR Properties | 1,627 | 131,266 | ||||||
| HCP, Inc. | 20,403 | 721,858 | ||||||
| Hospitality Properties Trust | 20,062 | 577,786 | ||||||
| Host Hotels & Resorts, Inc. | 94,518 | 1,532,137 | ||||||
| Iron Mountain, Inc.1 | 22,139 | 881,796 | ||||||
| Lamar Advertising Co., Class A | 5,867 | 388,982 | ||||||
| LaSalle Hotel Properties | 14,228 | 335,496 | ||||||
| Shares | Value | |||||||
| Liberty Property Trust | 5,629 | $ | 223,584 | |||||
| Medical Properties Trust, Inc.1 | 8,635 | 131,338 | ||||||
| Omega Healthcare Investors, Inc. | 6,766 | 229,706 | ||||||
| Potlatch Corp. | 4,477 | 152,666 | ||||||
| Senior Housing Properties Trust | 14,669 | 305,555 | ||||||
| Ventas, Inc. | 13,064 | 951,321 | ||||||
| Welltower, Inc.1 | 14,872 | 1,132,800 | ||||||
| WP GLIMCHER, Inc. | 21,345 | 238,851 | ||||||
| Total Real Estate | 8,789,037 | |||||||
| Retailing—22.2% | ||||||||
| Abercrombie & Fitch Co., Class A | 50,395 | 897,535 | ||||||
| GameStop Corp., Class A1 | 90,358 | 2,401,716 | ||||||
| Gap, Inc. (The) | 220,341 | 4,675,636 | ||||||
| Guess?, Inc.1 | 38,077 | 573,059 | ||||||
| Kohl’s Corp.1 | 137,126 | 5,199,818 | ||||||
| Macy’s, Inc. | 160,187 | 5,383,885 | ||||||
| Staples, Inc. | 616,631 | 5,315,359 | ||||||
| Total Retailing | 24,447,008 | |||||||
| Technology Hardware & Equipment—3.6% | ||||||||
| Diebold, Inc. | 25,917 | 643,519 | ||||||
| Seagate Technology PLC1 | 136,699 | 3,329,988 | ||||||
| Total Technology Hardware & Equipment | 3,973,507 | |||||||
| Telecommunication Services—16.8% | ||||||||
| AT&T, Inc. | 137,683 | 5,949,283 | ||||||
| CenturyLink, Inc.1 | 179,827 | 5,216,781 | ||||||
| Frontier Communications Corp.1 | 291,269 | 1,438,869 | ||||||
| Verizon Communications, Inc. | 106,523 | 5,948,244 | ||||||
| Total Telecommunication Services | 18,553,177 | |||||||
| Utilities—12.8% | ||||||||
| CenterPoint Energy, Inc. | 81,243 | 1,949,832 | ||||||
| Entergy Corp. | 38,823 | 3,158,251 | ||||||
| FirstEnergy Corp. | 116,451 | 4,065,305 | ||||||
| Southern Co. (The) | 93,405 | 5,009,310 | ||||||
| Total Utilities | 14,182,698 | |||||||
| Total Common Stocks | ||||||||
| (Cost $103,900,287) | 109,823,796 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—6.4% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%2 | ||||||||
| (Cost $7,077,976) | 7,077,976 | 7,077,976 | ||||||
| Total Investments—105.9% | ||||||||
| (Cost $110,978,263) | 116,901,772 | |||||||
| Liabilities in Excess of Other Assets—(5.9)% | (6,572,158 | ) | ||||||
| Net Assets—100.0% | $ | 110,329,614 | ||||||
PLC – Public Limited Company
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $28,722,097; total value of the collateral held by the fund was $29,105,064. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $22,027,088 (Note 4). |
| 2 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
The accompanying notes are an integral part of these financial statements.
39
SCHEDULE OF INVESTMENTS
OPPENHEIMER GLOBAL GROWTH REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| COMMON STOCKS—89.7% | ||||||||
| Automobiles & Components—4.4% | ||||||||
| Bayerische Motoren Werke AG | 284 | $ | 20,757 | |||||
| Daimler AG | 530 | 31,513 | ||||||
| Magna International, Inc. | 555 | 19,380 | ||||||
| Volkswagen AG1 | 162 | 21,669 | ||||||
| Total Automobiles & Components | 93,319 | |||||||
| Banks—2.7% | ||||||||
| DNB ASA | 801 | 9,510 | ||||||
| Erste Group Bank AG2 | 567 | 12,793 | ||||||
| Itau Unibanco Holding SA | 1,285 | 10,465 | ||||||
| Raiffeisen Bank International AG2 | 704 | 8,818 | ||||||
| Royal Bank of Canada | 291 | 17,106 | ||||||
| Total Banks | 58,692 | |||||||
| Capital Goods—11.2% | ||||||||
| ABB Ltd.2 | 856 | 16,800 | ||||||
| Alliance Global Group, Inc. | 31,258 | 9,833 | ||||||
| ANDRITZ AG | 307 | 14,485 | ||||||
| AntarChile SA | 3,991 | 36,470 | ||||||
| JG Summit Holdings, Inc. | 10,026 | 18,327 | ||||||
| Porr AG | 243 | 6,587 | ||||||
| Quinenco SA | 7,467 | 14,493 | ||||||
| San Miguel Corp. | 31,132 | 51,845 | ||||||
| Siemens AG | 170 | 17,339 | ||||||
| SM Investments Corp. | 1,142 | 23,472 | ||||||
| Strabag SE | 1,008 | 30,348 | ||||||
| Total Capital Goods | 239,999 | |||||||
| Commercial & Professional Services—0.5% | ||||||||
| Adecco Group AG | 213 | 10,689 | ||||||
| Diversified Financials—3.3% | ||||||||
| Aker ASA, Class A | 602 | 15,323 | ||||||
| Ayala Corp. | 913 | 16,476 | ||||||
| Fubon Financial Holding Co. Ltd. | 9,961 | 11,626 | ||||||
| GT Capital Holdings, Inc. | 417 | 12,763 | ||||||
| UBS Group AG | 1,035 | 13,355 | ||||||
| Total Diversified Financials | 69,543 | |||||||
| Energy—19.5% | ||||||||
| Aker Solutions ASA2 | 1,477 | 6,266 | ||||||
| Empresas Copec SA | 4,119 | 36,084 | ||||||
| Enbridge, Inc. | 427 | 17,995 | ||||||
| Formosa Petrochemical Corp. | 4,009 | 10,874 | ||||||
| IRPC PCL | 65,732 | 8,904 | ||||||
| OMV AG | 1,776 | 49,750 | ||||||
| Petroleo Brasileiro SA2 | 11,185 | 39,940 | ||||||
| Petron Corp. | 109,347 | 25,891 | ||||||
| PTT PCL | 9,614 | 85,634 | ||||||
| Seadrill Ltd.1,2 | 1,705 | 5,453 | ||||||
| Statoil ASA | 5,246 | 90,339 | ||||||
| Subsea 7 SA2 | 766 | 7,442 | ||||||
| Thai Oil PCL | 6,161 | 10,520 | ||||||
| Ultrapar Participacoes SA | 987 | 21,873 | ||||||
| Total Energy | 416,965 | |||||||
| Shares | Value | |||||||
| Food & Staples Retailing—5.8% | ||||||||
| Alimentation Couche-Tard, Inc., | ||||||||
| Class B | 537 | $ | 22,940 | |||||
| Cencosud SA | 12,238 | 34,866 | ||||||
| CP ALL PCL | 13,404 | 19,168 | ||||||
| George Weston Ltd. | 265 | 22,815 | ||||||
| Loblaw Cos. Ltd. | 444 | 23,627 | ||||||
| Total Food & Staples Retailing | 123,416 | |||||||
| Food, Beverage & Tobacco—5.9% | ||||||||
| Charoen Pokphand Foods PCL | 23,350 | 19,104 | ||||||
| JBS SA | 13,786 | 43,031 | ||||||
| Nestle SA | 648 | 49,987 | ||||||
| Orkla ASA | 777 | 6,857 | ||||||
| Thai Beverage PCL | 12,052 | 8,149 | ||||||
| Total Food, Beverage & Tobacco | 127,128 | |||||||
| Insurance—8.8% | ||||||||
| Allianz SE | 156 | 22,149 | ||||||
| Cathay Financial Holding Co. Ltd. | 13,028 | 14,135 | ||||||
| Great-West Lifeco, Inc. | 634 | 16,637 | ||||||
| Manulife Financial Corp. | 1,388 | 18,885 | ||||||
| Power Corp. of Canada | 871 | 18,444 | ||||||
| Power Financial Corp. | 761 | 17,374 | ||||||
| Swiss Re AG | 208 | 18,095 | ||||||
| UNIQA Insurance Group AG | 2,263 | 13,511 | ||||||
| Vienna Insurance Group AG | ||||||||
| Wiener Versicherung Gruppe | 1,060 | 20,025 | ||||||
| Zurich Insurance Group AG2 | 114 | 28,014 | ||||||
| Total Insurance | 187,269 | |||||||
| Materials—7.3% | ||||||||
| BASF SE | 193 | 14,717 | ||||||
| Empresas CMPC SA | 4,909 | 10,166 | ||||||
| Indorama Ventures PCL | 11,324 | 9,345 | ||||||
| LafargeHolcim Ltd.2 | 294 | 12,235 | ||||||
| Norsk Hydro ASA | 4,387 | 15,896 | ||||||
| PTT Global Chemical PCL | 9,895 | 16,684 | ||||||
| Siam Cement PCL (The) | 1,472 | 19,940 | ||||||
| Vale SA | 2,251 | 11,382 | ||||||
| voestalpine AG | 762 | 25,413 | ||||||
| Yara International ASA | 608 | 19,167 | ||||||
| Total Materials | 154,945 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—2.5% | ||||||||
| Novartis AG | 328 | 26,985 | ||||||
| Roche Holding AG | 104 | 27,340 | ||||||
| Total Pharmaceuticals, | ||||||||
| Biotechnology & Life Sciences | 54,325 | |||||||
| Retailing—1.3% | ||||||||
| S.A.C.I. Falabella | 3,721 | 28,315 | ||||||
| Semiconductors & Semiconductor Equipment—0.7% | ||||||||
| Taiwan Semiconductor | ||||||||
| Manufacturing Co. Ltd. | 2,945 | 14,835 | ||||||
40
SCHEDULE OF INVESTMENTS — concluded
OPPENHEIMER GLOBAL GROWTH REVENUE ETF
June 30, 2016
| Shares | Value | |||||||
| Technology Hardware & Equipment—7.4% | ||||||||
| Compal Electronics, Inc. | 24,610 | $ | 15,449 | |||||
| Hon Hai Precision Industry Co. Ltd. | 32,080 | 82,042 | ||||||
| Pegatron Corp. | 9,803 | 20,603 | ||||||
| Quanta Computer, Inc. | 10,170 | 19,231 | ||||||
| Wistron Corp. | 16,825 | 11,683 | ||||||
| WPG Holdings Ltd. | 8,237 | 9,563 | ||||||
| Total Technology Hardware & Equipment | 158,571 | |||||||
| Telecommunication Services—3.5% | ||||||||
| Deutsche Telekom AG | 947 | 16,076 | ||||||
| Globe Telecom, Inc. | 192 | 9,680 | ||||||
| Philippine Long Distance Telephone Co. | 298 | 13,618 | ||||||
| Telekom Austria AG2 | 1,647 | 9,551 | ||||||
| Telenor ASA | 1,612 | 26,507 | ||||||
| Total Telecommunication Services | 75,432 | |||||||
| Transportation—1.5% | ||||||||
| Latam Airlines Group SA2 | 2,959 | 19,576 | ||||||
| Thai Airways International PCL2 | 17,292 | 11,859 | ||||||
| Total Transportation | 31,435 | |||||||
| Utilities—3.4% | ||||||||
| E.ON SE | 2,518 | 25,249 | ||||||
| Empresa Nacional de Electricidad SA | 7,993 | 7,389 | ||||||
| Enersis Americas SA | 123,454 | 21,153 | ||||||
| Manila Electric Co. | 3,012 | 19,846 | ||||||
| Total Utilities | 73,637 | |||||||
| Total Common Stocks | ||||||||
| (Cost $1,893,456) | 1,918,515 | |||||||
| PREFERRED STOCKS—5.4% | ||||||||
| Automobiles & Components—1.0% | ||||||||
| Volkswagen AG, Class Preference | 170 | 20,454 | ||||||
| Banks—0.9% | ||||||||
| Banco Bradesco SA, Class Preference | 1,038 | 8,155 | ||||||
| Itau Unibanco Holding SA, | ||||||||
| Class Preference | 1,130 | 10,673 | ||||||
| Total Banks | 18,828 | |||||||
| Energy—2.0% | ||||||||
| Petroleo Brasileiro SA, | ||||||||
| Class Preference2 | 14,354 | 42,026 | ||||||
| Food & Staples Retailing—0.9% | ||||||||
| Cia Brasileira de Distribuicao, | ||||||||
| Class Preference | 1,383 | 20,112 | ||||||
| Shares | Value | |||||||
| Food, Beverage & Tobacco—0.1% | ||||||||
| Embotelladora Andina SA, | ||||||||
| Class Preference | 830 | $ | 2,632 | |||||
| Materials—0.5% | ||||||||
| Vale SA, Class Preference | 2,911 | 11,785 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $103,168) | 115,837 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—0.7% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Institutional Shares, 0.35%3 | ||||||||
| (Cost $14,053) | 14,053 | 14,053 | ||||||
| Total Investments—95.8% | ||||||||
| (Cost $2,010,677) | 2,048,405 | |||||||
| Other Assets in Excess of Liabilities—4.2% | 90,389 | |||||||
| Net Assets—100.0% | $ | 2,138,794 | ||||||
PCL – Public Company Limited
| 1 | All or a portion of the security was on loan. The aggregate value of the securities on loan was $13,348; total value of the collateral held by the fund was $14,053 (Note 4). |
| 2 | Non-income producing security. |
| 3 | Rate shown represents annualized 7-day yield as of June 30, 2016. |
| Country | Value | % of Net Assets | ||||||
| Austria | $ | 191,281 | 8.9 | % | ||||
| Bermuda | 5,453 | 0.3 | ||||||
| Brazil | 219,442 | 10.3 | ||||||
| Canada | 195,203 | 9.1 | ||||||
| Chile | 211,144 | 9.9 | ||||||
| Germany | 189,923 | 8.9 | ||||||
| Norway | 189,865 | 8.9 | ||||||
| Philippines | 201,751 | 9.4 | ||||||
| Switzerland | 203,500 | 9.5 | ||||||
| Taiwan | 210,041 | 9.8 | ||||||
| Thailand | 209,307 | 9.8 | ||||||
| United Kingdom | 7,442 | 0.3 | ||||||
| United States | 14,053 | 0.7 | ||||||
| Total Investments | 2,048,405 | 95.8 | ||||||
| Other Assets in Excess | ||||||||
| of Liabilities | 90,389 | 4.2 | ||||||
| Net Assets | $ | 2,138,794 | 100.0 | % | ||||
The accompanying notes are an integral part of these financial statements.
41
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2016
| Oppenheimer Large Cap Revenue ETF |
Oppenheimer Mid Cap Revenue ETF |
Oppenheimer Small Cap Revenue ETF |
Oppenheimer Financials Sector Revenue ETF | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments at value (including securities on loan) | ||||||||||||||||
| (Note 3)1 | $369,201,968 | $204,261,632 | $324,693,392 | $20,450,933 | ||||||||||||
| Cash | 731,351 | 983,031 | 829,972 | 103,186 | ||||||||||||
| Receivables and other assets: | ||||||||||||||||
| Dividends | 376,217 | 150,748 | 174,267 | 16,987 | ||||||||||||
| Investment securities sold | 219,108 | 1,007,582 | 4,643,995 | — | ||||||||||||
| Securities lending income, net (Note 4) | 1,043 | 3,769 | 22,147 | 75 | ||||||||||||
| Prepaid expenses | 4,715 | 4,231 | 4,261 | 12,000 | ||||||||||||
| Total Assets | 370,534,402 | 206,410,993 | 330,368,034 | 20,583,181 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payables and other liabilities: | ||||||||||||||||
| Investment of cash collateral for securities on loan | ||||||||||||||||
| (Note 4) | 3,358,375 | 18,689,114 | 28,042,417 | 22,321 | ||||||||||||
| Investment securities purchased | 227,498 | 1,324,576 | 4,640,926 | — | ||||||||||||
| Management fees (Note 9) | 128,230 | 44,897 | 120,724 | 7,530 | ||||||||||||
| BNY Fund Services fees | 76,170 | 46,515 | 83,996 | — | ||||||||||||
| Professional fees | 27,223 | 24,469 | 26,292 | 20,757 | ||||||||||||
| Trustee fees | 10,549 | 7,979 | 9,608 | 4,872 | ||||||||||||
| Other accrued expenses | 27,390 | 21,407 | 22,843 | 3,816 | ||||||||||||
| Total Liabilities | 3,855,435 | 20,158,957 | 32,946,806 | 59,296 | ||||||||||||
| NET ASSETS | $366,678,967 | $186,252,036 | $297,421,228 | $20,523,885 | ||||||||||||
| Composition of Net Assets: | ||||||||||||||||
| Paid-in capital | $327,335,840 | $190,264,597 | $309,584,696 | $19,756,187 | ||||||||||||
| Undistributed net investment income | 1,618,581 | 320,982 | 283,462 | 69,241 | ||||||||||||
| Accumulated undistributed net realized loss on | ||||||||||||||||
| investments | (7,268,668 | ) | (7,493,877 | ) | (20,350,532 | ) | (549,281 | ) | ||||||||
| Net unrealized appreciation on investments | 44,993,214 | 3,160,334 | 7,903,602 | 1,247,738 | ||||||||||||
| NET ASSETS | $366,678,967 | $186,252,036 | $297,421,228 | $20,523,885 | ||||||||||||
| Shares outstanding (unlimited number of shares of | ||||||||||||||||
| beneficial interest authorized, without par value) | 9,001,400 | 3,901,400 | 5,401,400 | 450,000 | ||||||||||||
| Net asset value, offering and redemption | ||||||||||||||||
| price per share | $ | 40.74 | $ | 47.74 | $ | 55.06 | $ | 45.61 | ||||||||
| Investments at cost | $324,208,754 | $201,101,298 | $316,789,790 | $19,203,195 | ||||||||||||
| 1 Includes value of securities on loan: | $ 12,132,852 | $ 44,937,714 | $ 52,362,715 | $ 483,774 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
42
STATEMENTS OF ASSETS AND LIABILITIES — concluded
June 30, 2016
| Oppenheimer ADR Revenue ETF |
Oppenheimer Navellier Overall A-100 Revenue ETF |
Oppenheimer Ultra Dividend Revenue ETF |
Oppenheimer Global Growth Revenue ETF | |||||||||
| ASSETS: | ||||||||||||
| Investments at value (including securities on loan) | ||||||||||||
| (Note 3)1 | $15,457,773 | $7,446,314 | $116,901,772 | $2,048,405 | ||||||||
| Cash | 73,283 | 41,345 | 416,535 | 89,700 | ||||||||
| Foreign currency at value | — | — | — | 13,415 | ||||||||
| Receivables and other assets: | ||||||||||||
| Dividends | 69,458 | 14,447 | 172,212 | 623 | ||||||||
| Investment securities sold | 400 | — | — | 16,017 | ||||||||
| Securities lending income, net (Note 4) | 1,451 | 296 | 1,144 | 13 | ||||||||
| Reclaims | 20,698 | 290 | — | 4,011 | ||||||||
| Prepaid expenses | 11,352 | 16,465 | 5,143 | 8,215 | ||||||||
| Total Assets | 15,634,415 | 7,519,157 | 117,496,806 | 2,180,399 | ||||||||
| LIABILITIES: | ||||||||||||
| Payables and other liabilities: | ||||||||||||
| Investment of cash collateral for securities on loan | ||||||||||||
| (Note 4) | 3,217,400 | 219,165 | 7,077,976 | 14,053 | ||||||||
| Management fees (Note 9) | 6,855 | 3,475 | 38,417 | 1,230 | ||||||||
| BNY Fund Services fees | — | — | 16,620 | — | ||||||||
| Professional fees | 23,612 | 20,414 | 21,464 | 20,307 | ||||||||
| Trustee fees | 4,722 | 4,586 | 5,529 | 4,493 | ||||||||
| Other accrued expenses | 3,821 | 2,859 | 7,186 | 1,522 | ||||||||
| Total Liabilities | 3,256,410 | 250,499 | 7,167,192 | 41,605 | ||||||||
| NET ASSETS | $12,378,005 | $7,268,658 | $110,329,614 | $2,138,794 | ||||||||
| Composition of Net Assets: | ||||||||||||
| Paid-in capital | $21,646,388 | $7,370,250 | $106,024,423 | $2,489,576 | ||||||||
| Undistributed net investment income | 161,306 | 30,190 | 763,360 | 1,358 | ||||||||
| Accumulated undistributed net realized loss on | ||||||||||||
| investments and foreign currency translation | (7,139,155 | ) | (643,925 | ) | (2,381,678 | ) | (389,965 | ) | ||||
| Net unrealized appreciation (depreciation) on | ||||||||||||
| investments and foreign currency translation | (2,290,534 | ) | 512,143 | 5,923,509 | 37,825 | |||||||
| NET ASSETS | $12,378,005 | $7,268,658 | $110,329,614 | $2,138,794 | ||||||||
| Shares outstanding (unlimited number of shares of | ||||||||||||
| beneficial interest authorized, without par value) | 400,000 | 150,000 | 3,500,000 | 50,000 | ||||||||
| Net asset value, offering and redemption | ||||||||||||
| price per share | $ 30.95 | $ 48.46 | $ 31.52 | $ 42.78 | ||||||||
| Investments at cost | $17,748,307 | $6,934,171 | $110,978,263 | $2,010,677 | ||||||||
| Foreign currency at cost | — | — | — | 13,357 | ||||||||
| 1 Includes value of securities on loan: | $ 3,166,336 | $ 463,780 | $ 28,722,097 | $ 13,348 | ||||||||
The accompanying notes are an integral part of these financial statements.
43
Year Ended June 30, 2016
| Oppenheimer Large Cap Revenue ETF | Oppenheimer Mid Cap Revenue ETF | Oppenheimer Small Cap Revenue ETF | Oppenheimer Financials Sector Revenue ETF | |||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividend income | $ 7,956,549 | $ 2,991,296 | $ 3,607,845 | $ 473,332 | ||||||||
| Foreign withholding tax | — | — | (1,160 | ) | — | |||||||
| Securities lending income, net (Note 4) | 41,076 | 117,718 | 258,241 | 428 | ||||||||
| Total Income | 7,997,625 | 3,109,014 | 3,864,926 | 473,760 | ||||||||
| EXPENSES: | ||||||||||||
| Management fees (Note 9) | 1,492,655 | 1,050,107 | 1,586,356 | 112,541 | ||||||||
| BNY Fund Services fees | 317,903 | 261,008 | 315,968 | 41,169 | ||||||||
| Professional fees | 125,613 | 90,657 | 120,717 | 30,585 | ||||||||
| Compliance Officer fees | 19,954 | 15,577 | 20,756 | — | ||||||||
| Trustees fees | 19,716 | 14,278 | 19,163 | 5,916 | ||||||||
| NYSE Listing fees | 10,071 | 10,078 | 10,062 | 10,115 | ||||||||
| NYSE Calculation fees | 9,024 | 9,024 | 14,066 | 19,341 | ||||||||
| Other expenses | 73,317 | 58,096 | 77,501 | 7,925 | ||||||||
| Total Expenses | 2,068,253 | 1,508,825 | 2,164,589 | 227,592 | ||||||||
| Less expense waivers (Note 9) | (442,917 | ) | (374,710 | ) | (451,324 | ) | (105,048 | ) | ||||
| Net Expenses | 1,625,336 | 1,134,115 | 1,713,265 | 122,544 | ||||||||
| Net Investment Income | 6,372,289 | 1,974,899 | 2,151,661 | 351,216 | ||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
| ON INVESTMENTS: | ||||||||||||
| Net realized gain (loss) on investments | (4,786,565 | ) | (4,528,254 | ) | (13,967,230 | ) | 22,850 | |||||
| Net realized gain on in-kind redemptions | 23,757,438 | 20,883,561 | 21,623,284 | 1,442,245 | ||||||||
| Total net realized gain | 18,970,873 | 16,355,307 | 7,656,054 | 1,465,095 | ||||||||
| Net change in unrealized depreciation on investments | (21,568,369 | ) | (29,452,236 | ) | (35,767,955 | ) | (4,166,644 | ) | ||||
| Net realized and unrealized loss on investments | (2,597,496 | ) | (13,096,929 | ) | (28,111,901 | ) | (2,701,549 | ) | ||||
| Net Increase (Decrease) in Net Assets Resulting | ||||||||||||
| From Operations | $ 3,774,793 | $(11,122,030 | ) | $(25,960,240 | ) | $(2,350,333 | ) | |||||
The accompanying notes are an integral part of these financial statements.
44
STATEMENTS OF OPERATIONS — concluded
Year Ended June 30, 2016
| Oppenheimer ADR Revenue ETF |
Oppenheimer Navellier Overall A-100 Revenue ETF |
Oppenheimer Ultra Dividend Revenue ETF |
Oppenheimer Global Growth Revenue ETF | |||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividend income | $ 747,241 | $ 102,117 | $3,115,578 | $ 69,303 | ||||||||
| Foreign withholding tax | (95,897 | ) | (2,263 | ) | — | (9,207 | ) | |||||
| Securities lending income, net (Note 4) | 27,207 | 3,846 | 26,963 | 661 | ||||||||
| Total Income | 678,551 | 103,700 | 3,142,541 | 60,757 | ||||||||
| EXPENSES: | ||||||||||||
| Management fees (Note 9) | 119,737 | 42,868 | 302,354 | 17,690 | ||||||||
| BNY Fund Services fees | 50,173 | 21,196 | 113,779 | 91,754 | ||||||||
| Professional fees | 23,874 | 23,886 | 35,471 | 19,552 | ||||||||
| Compliance Officer fees | 6,598 | 5,892 | 8,412 | 5,652 | ||||||||
| Trustees fees | 5,608 | 4,306 | 7,712 | 4,769 | ||||||||
| NYSE Listing fees | 10,118 | 10,119 | 10,209 | 20,656 | ||||||||
| NYSE Calculation fees | 9,024 | 9,023 | 8,987 | 6,983 | ||||||||
| Other expenses | 5,354 | 1,222 | 19,117 | 741 | ||||||||
| Total Expenses | 230,486 | 118,512 | 506,041 | 167,797 | ||||||||
| Less expense waivers (Note 9) | (132,701 | ) | (75,644 | ) | (176,811 | ) | (150,107 | ) | ||||
| Net Expenses | 97,785 | 42,868 | 329,230 | 17,690 | ||||||||
| Net Investment Income | 580,766 | 60,832 | 2,813,311 | 43,067 | ||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
| ON INVESTMENTS: | ||||||||||||
| Net realized loss on investments | (2,477,374 | ) | (643,925 | ) | (6,091,694 | ) | (390,238 | ) | ||||
| Net realized gain (loss) on in-kind redemptions | (300,059 | ) | — | 3,709,572 | (42,222 | ) | ||||||
| Net realized loss on foreign currency translation | (10 | ) | — | — | (42,472 | ) | ||||||
| Total net realized loss | (2,777,443 | ) | (643,925 | ) | (2,382,122 | ) | (474,932 | ) | ||||
| Net change in unrealized appreciation (depreciation) | ||||||||||||
| on investments | (2,438,760 | ) | 374,146 | 8,519,386 | 164,667 | |||||||
| Net change in unrealized appreciation on foreign | ||||||||||||
| currency translation | — | — | — | 157 | ||||||||
| Net change in unrealized appreciation (depreciation) | (2,438,760 | ) | 374,146 | 8,519,386 | 164,824 | |||||||
| Net realized and unrealized gain (loss) on investments | (5,216,203 | ) | (269,779 | ) | 6,137,264 | (310,108 | ) | |||||
| Net Increase (Decrease) in Net Assets Resulting | ||||||||||||
| From Operations | $(4,635,437 | ) | $(208,947 | ) | $8,950,575 | $(267,041 | ) | |||||
The accompanying notes are an integral part of these financial statements.
45
STATEMENTS OF CHANGES IN NET ASSETS
| Oppenheimer Large Cap Revenue ETF |
Oppenheimer Mid Cap Revenue ETF |
Oppenheimer Small Cap Revenue ETF | ||||||||||||||||
| Year
Ended June 30, 2016 |
Year
Ended June 30, 2015 |
Year
Ended June 30, 2016 |
Year
Ended June 30, 2015 |
Year
Ended June 30, 2016 |
Year
Ended June 30, 2015 | |||||||||||||
| OPERATIONS: | ||||||||||||||||||
| Net investment income | $ | 6,372,289 | $ | 5,038,183 | $ | 1,974,899 | $ | 1,890,080 | $ | 2,151,661 | $ | 2,240,589 | ||||||
| Net realized gain on | ||||||||||||||||||
| investments and in-kind | ||||||||||||||||||
| redemptions | 18,970,873 | 15,187,109 | 16,355,307 | 22,546,711 | 7,656,054 | 17,742,870 | ||||||||||||
| Net change in unrealized | ||||||||||||||||||
| appreciation (depreciation) | ||||||||||||||||||
| on investments | (21,568,369 | ) | 907,880 | (29,452,236 | ) | (13,770,229 | ) | (35,767,955 | ) | (5,676,222 | ) | |||||||
| Net increase (decrease) in | ||||||||||||||||||
| net assets resulting from | ||||||||||||||||||
| operations | 3,774,793 | 21,133,172 | (11,122,030 | ) | 10,666,562 | (25,960,240 | ) | 14,307,237 | ||||||||||
| DISTRIBUTIONS TO | ||||||||||||||||||
| SHAREHOLDERS FROM: | ||||||||||||||||||
| Net investment income | (6,322,234 | ) | (4,589,738 | ) | (2,125,196 | ) | (1,772,418 | ) | (2,283,532 | ) | (2,154,534 | ) | ||||||
| Realized gains | (234,442 | ) | (274,828 | ) | — | (745,289 | ) | — | (547,508 | ) | ||||||||
| Total distributions to | ||||||||||||||||||
| shareholders | (6,556,676 | ) | (4,864,566 | ) | (2,125,196 | ) | (2,517,707 | ) | (2,283,532 | ) | (2,702,042 | ) | ||||||
| SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||
| Proceeds from shares sold | 95,604,911 | 122,153,198 | 73,461,233 | 124,590,554 | 68,728,756 | 172,760,560 | ||||||||||||
| Cost of shares redeemed | (69,825,570 | ) | (37,709,828 | ) | (116,054,019 | ) | (96,050,919 | ) | (117,579,966 | ) | (102,433,927 | ) | ||||||
| Net increase (decrease) in | ||||||||||||||||||
| net assets resulting from | ||||||||||||||||||
| shareholder transactions | 25,779,341 | 84,443,370 | (42,592,786 | ) | 28,539,635 | (48,851,210 | ) | 70,326,633 | ||||||||||
| Increase (Decrease) in | ||||||||||||||||||
| net assets | 22,997,458 | 100,711,976 | (55,840,012 | ) | 36,688,490 | (77,094,982 | ) | 81,931,828 | ||||||||||
| NET ASSETS: | ||||||||||||||||||
| Beginning of year | 343,681,509 | 242,969,533 | 242,092,048 | 205,403,558 | 374,516,210 | 292,584,382 | ||||||||||||
| End of year | $ | 366,678,967 | $ | 343,681,509 | $ | 186,252,036 | $ | 242,092,048 | $ | 297,421,228 | $ | 374,516,210 | ||||||
| Undistributed net investment | ||||||||||||||||||
| income included in net | ||||||||||||||||||
| assets at end of year | $ | 1,618,581 | $ | 1,438,000 | $ | 320,982 | $ | 471,279 | $ | 283,462 | $ | 423,489 | ||||||
| CHANGES IN SHARES | ||||||||||||||||||
| OUTSTANDING: | ||||||||||||||||||
| Shares outstanding, | ||||||||||||||||||
| beginning of year | 8,401,400 | 6,301,400 | 4,901,400 | 4,301,400 | 6,451,400 | 5,201,400 | ||||||||||||
| Shares sold | 2,400,000 | 3,000,000 | 1,550,000 | 2,600,000 | 1,300,000 | 3,050,000 | ||||||||||||
| Shares redeemed | (1,800,000 | ) | (900,000 | ) | (2,550,000 | ) | (2,000,000 | ) | (2,350,000 | ) | (1,800,000 | ) | ||||||
| Shares outstanding, end of year | 9,001,400 | 8,401,400 | 3,901,400 | 4,901,400 | 5,401,400 | 6,451,400 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
46
STATEMENTS OF CHANGES IN NET ASSETS — continued
| Oppenheimer Financials Sector Revenue ETF |
Oppenheimer ADR Revenue ETF |
Oppenheimer Navellier Overall A-100 Revenue ETF | ||||||||||||||||
| Year
Ended June 30, 2016 |
Year
Ended June 30, 2015 |
Year
Ended June 30, 2016 |
Year
Ended June 30, 2015 |
Year
Ended June 30, 2016 |
Year
Ended June 30, 2015 | |||||||||||||
| OPERATIONS: | ||||||||||||||||||
| Net investment income | $ | 351,216 | $ | 374,948 | $ | 580,766 | $ | 675,047 | $ | 60,832 | $ | 50,732 | ||||||
| Net realized gain (loss) on | ||||||||||||||||||
| investments, in-kind | ||||||||||||||||||
| redemptions and foreign | ||||||||||||||||||
| currency translation | 1,465,095 | 1,083,800 | (2,777,443 | ) | (1,098,284 | ) | (643,925 | ) | 2,160,903 | |||||||||
| Net change in unrealized | ||||||||||||||||||
| appreciation (depreciation) | ||||||||||||||||||
| on investments | (4,166,644 | ) | 1,389,228 | (2,438,760 | ) | (1,695,829 | ) | 374,146 | (1,152,366 | ) | ||||||||
| Net increase (decrease) in net | ||||||||||||||||||
| assets resulting from | ||||||||||||||||||
| operations | (2,350,333 | ) | 2,847,976 | (4,635,437 | ) | (2,119,066 | ) | (208,947 | ) | 1,059,269 | ||||||||
| DISTRIBUTIONS TO | ||||||||||||||||||
| SHAREHOLDERS FROM: | ||||||||||||||||||
| Net investment income | (372,325 | ) | (347,753 | ) | (727,010 | ) | (679,055 | ) | (39,599 | ) | (59,319 | ) | ||||||
| Realized gains | — | — | — | — | (184,815 | ) | (1,431,498 | ) | ||||||||||
| Total distributions to | ||||||||||||||||||
| shareholders | (372,325 | ) | (347,753 | ) | (727,010 | ) | (679,055 | ) | (224,414 | ) | (1,490,817 | ) | ||||||
| SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||
| Proceeds from shares sold | — | — | 1,797,937 | 5,622,796 | — | 15,422,239 | ||||||||||||
| Cost of shares redeemed | (9,266,481 | ) | (2,564,428 | ) | (9,882,334 | ) | — | — | (15,447,872 | ) | ||||||||
| Net increase (decrease) in net | ||||||||||||||||||
| assets resulting from | ||||||||||||||||||
| shareholder transactions | (9,266,481 | ) | (2,564,428 | ) | (8,084,397 | ) | 5,622,796 | — | (25,633 | ) | ||||||||
| Increase (Decrease) in | ||||||||||||||||||
| net assets | (11,989,139 | ) | (64,205 | ) | (13,446,844 | ) | 2,824,675 | (433,361 | ) | (457,181 | ) | |||||||
| NET ASSETS: | ||||||||||||||||||
| Beginning of year | 32,513,024 | 32,577,229 | 25,824,849 | 23,000,174 | 7,702,019 | 8,159,200 | ||||||||||||
| End of year | $ | 20,523,885 | $ | 32,513,024 | $ | 12,378,005 | $ | 25,824,849 | $ | 7,268,658 | $ | 7,702,019 | ||||||
| Undistributed net investment | ||||||||||||||||||
| income included in net | ||||||||||||||||||
| assets at end of year | $ | 69,241 | $ | 90,350 | $ | 161,306 | $ | 298,698 | $ | 30,190 | $ | 8,958 | ||||||
| CHANGES IN SHARES | ||||||||||||||||||
| OUTSTANDING: | ||||||||||||||||||
| Shares outstanding, | ||||||||||||||||||
| beginning of year | 650,000 | 700,000 | 700,000 | 550,000 | 150,000 | 150,000 | ||||||||||||
| Shares sold | — | — | 50,000 | 150,000 | — | 300,000 | ||||||||||||
| Shares redeemed | (200,000 | ) | (50,000 | ) | (350,000 | ) | — | — | (300,000 | ) | ||||||||
| Shares outstanding, end of year | 450,000 | 650,000 | 400,000 | 700,000 | 150,000 | 150,000 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
47
STATEMENTS OF CHANGES IN NET ASSETS — concluded
| Oppenheimer Ultra Dividend Revenue ETF |
Oppenheimer Global Growth Revenue ETF | |||||||||||
| Year Ended June 30, 2016 |
Year Ended June 30, 2015 |
Year Ended June 30, 2016 |
For the Period February 2, 20151 to June 30, 2015 | |||||||||
| OPERATIONS: | ||||||||||||
| Net investment income | $ | 2,813,311 | $ | 1,942,003 | $ | 43,067 | $ | 67,104 | ||||
| Net realized gain (loss) on investments, | ||||||||||||
| in-kind redemptions and foreign | ||||||||||||
| currency translation | (2,382,122 | ) | 2,047,744 | (474,932 | ) | 151,589 | ||||||
| Net change in unrealized appreciation | ||||||||||||
| (depreciation) on investments and | ||||||||||||
| foreign currency translation | 8,519,386 | (3,957,606 | ) | 164,824 | (126,999 | ) | ||||||
| Net increase (decrease) in net assets | ||||||||||||
| resulting from operations | 8,950,575 | 32,141 | (267,041 | ) | 91,694 | |||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||
| Net investment income | (2,568,683 | ) | (1,572,990 | ) | (73,286 | ) | (2,563 | ) | ||||
| Realized gains | — | (51,249 | ) | (143,071 | ) | — | ||||||
| Total distributions to shareholders | (2,568,683 | ) | (1,624,239 | ) | (216,357 | ) | (2,563 | ) | ||||
| SHAREHOLDER TRANSACTIONS: | ||||||||||||
| Proceeds from shares sold | 101,389,903 | 90,292,154 | — | 5,000,000 | ||||||||
| Cost of shares redeemed | (63,696,211 | ) | (45,422,020 | ) | (2,466,939 | ) | — | |||||
| Net increase (decrease) in net | ||||||||||||
| assets resulting from shareholder | ||||||||||||
| transactions | 37,693,692 | 44,870,134 | (2,466,939 | ) | 5,000,000 | |||||||
| Increase (Decrease) in net assets | 44,075,584 | 43,278,036 | (2,950,337 | ) | 5,089,131 | |||||||
| NET ASSETS: | ||||||||||||
| Beginning of period | 66,254,030 | 22,975,994 | 5,089,131 | — | ||||||||
| End of period | $ | 110,329,614 | $ | 66,254,030 | $ | 2,138,794 | $ | 5,089,131 | ||||
| Undistributed net investment | ||||||||||||
| income included in net assets | ||||||||||||
| at end of period | $ | 763,360 | $ | 531,324 | $ | 1,358 | $ | 62,498 | ||||
| CHANGES IN SHARES OUTSTANDING: | ||||||||||||
| Shares outstanding, | ||||||||||||
| beginning of period | 2,300,000 | 800,000 | 100,000 | — | ||||||||
| Shares sold | 3,350,000 | 3,050,000 | — | 100,000 | ||||||||
| Shares redeemed | (2,150,000 | ) | (1,550,000 | ) | (50,000 | ) | — | |||||
| Shares outstanding, end of period | 3,500,000 | 2,300,000 | 50,000 | 100,000 | ||||||||
| 1 Commencement of operations. | ||||||||||||
The accompanying notes are an integral part of these financial statements.
48
OPPENHEIMER LARGE CAP REVENUE ETF
For a share outstanding throughout each year presented.
| Year Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||
| Per Share Operating Performance: | |||||||||||||||
| Net asset value, beginning of year | $ | 40.91 | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | |||||
| Net investment income1 | 0.76 | 0.68 | 0.59 | 0.54 | 2 | 0.41 | |||||||||
| Net realized and unrealized gain (loss) | |||||||||||||||
| on investments | (0.14 | ) | 2.35 | 7.13 | 6.17 | 0.21 | 3 | ||||||||
| Total gain from investment operations | 0.62 | 3.03 | 7.72 | 6.71 | 0.62 | ||||||||||
| Less Distributions from: | |||||||||||||||
| Net investment income | (0.76 | ) | (0.64 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | |||||
| Realized gains | (0.03 | ) | (0.04 | ) | — | — | — | ||||||||
| Total distributions | (0.79 | ) | (0.68 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | |||||
| Net asset value, end of year | $ | 40.74 | $ | 40.91 | $ | 38.56 | $ | 31.38 | $ | 25.20 | |||||
| Total Return at Net Asset Value4 | 1.55 | % | 7.91 | % | 24.84 | % | 26.98 | % | 2.59 | % | |||||
| Total Return at Market Value4 | 1.61 | % | 7.85 | % | 25.10 | % | 28.86 | % | 2.57 | % | |||||
| Ratios/Supplemental Data: | |||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 366,679 | $ | 343,682 | $ | 242,970 | $ | 182,025 | $ | 156,284 | |||||
| Average Net Assets (000’s) omitted | 331,701 | 296,609 | 201,920 | 163,192 | 165,508 | ||||||||||
| Ratio to average net assets of: | |||||||||||||||
| Expenses, net of expense waivers | |||||||||||||||
| and reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||
| Expenses, prior to expense waivers | |||||||||||||||
| and reimbursements | 0.62 | % | 0.61 | % | 0.68 | % | 0.71 | % | 0.75 | % | |||||
| Net investment income, net of waivers | |||||||||||||||
| and reimbursements | 1.92 | % | 1.70 | % | 1.66 | % | 1.93 | %2 | 1.72 | % | |||||
| Portfolio turnover rate5 | 14.13 | % | 18.79 | % | 11.98 | % | 23.47 | % | 29.05 | % | |||||
| 1 | Based on average daily shares outstanding. |
| 2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.85%. |
| 3 | The amount of net gain from securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the year. |
| 4 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 5 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
49
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER MID CAP REVENUE ETF
For a share outstanding throughout each year presented.
| Year Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||
| Per Share Operating Performance: | |||||||||||||||
| Net asset value, beginning of year | $ | 49.39 | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | |||||
| Net investment income1 | 0.44 | 0.41 | 0.34 | 0.39 | 2 | 0.23 | |||||||||
| Net realized and unrealized gain (loss) | |||||||||||||||
| on investments | (1.63 | ) | 1.79 | 9.97 | 8.18 | (1.15 | ) | ||||||||
| Total gain (loss) from investment operations | (1.19 | ) | 2.20 | 10.31 | 8.57 | (0.92 | ) | ||||||||
| Less Distributions from: | |||||||||||||||
| Net investment income | (0.46 | ) | (0.39 | ) | (0.34 | ) | (0.31 | ) | (0.22 | ) | |||||
| Realized gains | — | (0.17 | ) | (0.22 | ) | (0.14 | ) | (0.67 | ) | ||||||
| Total distributions | (0.46 | ) | (0.56 | ) | (0.56 | ) | (0.45 | ) | (0.89 | ) | |||||
| Net asset value, end of year | $ | 47.74 | $ | 49.39 | $ | 47.75 | $ | 38.00 | $ | 29.88 | |||||
| Total Return at Net Asset Value3 | (2.39 | )% | 4.63 | % | 27.28 | % | 28.95 | % | (2.72 | )% | |||||
| Total Return at Market Value3 | (2.38 | )% | 5.05 | % | 27.14 | % | 29.25 | % | (2.80 | )% | |||||
| Ratios/Supplemental Data: | |||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 186,252 | $ | 242,092 | $ | 205,404 | $ | 123,565 | $ | 122,557 | |||||
| Average Net Assets (000’s) omitted | 210,021 | 223,753 | 167,424 | 115,203 | 128,669 | ||||||||||
| Ratio to average net assets of: | |||||||||||||||
| Expenses, net of expense waivers | |||||||||||||||
| and reimbursements | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | |||||
| Expenses, prior to expense waivers | |||||||||||||||
| and reimbursements | 0.72 | % | 0.68 | % | 0.73 | % | 0.80 | % | 0.82 | % | |||||
| Net investment income, net of waivers | |||||||||||||||
| and reimbursements | 0.94 | % | 0.84 | % | 0.78 | % | 1.17 | %2 | 0.77 | % | |||||
| Portfolio turnover rate4 | 22.23 | % | 13.93 | % | 24.19 | % | 44.42 | % | 55.02 | % | |||||
| 1 | Based on average daily shares outstanding. |
| 2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%. |
| 3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
50
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
For a share outstanding throughout each year presented.
| Year Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||
| Per Share Operating Performance: | |||||||||||||||
| Net asset value, beginning of year | $ | 58.05 | $ | 56.25 | $ | 43.82 | $ | 33.71 | $ | 34.47 | |||||
| Net investment income1 | 0.36 | 0.39 | 0.26 | 0.38 | 2 | 0.20 | |||||||||
| Net realized and unrealized gain (loss) | |||||||||||||||
| on investments | (2.97 | ) | 1.89 | 12.81 | 10.22 | (0.81 | ) | ||||||||
| Total gain (loss) from investment operations | (2.61 | ) | 2.28 | 13.07 | 10.60 | (0.61 | ) | ||||||||
| Less Distributions from: | |||||||||||||||
| Net investment income | (0.38 | ) | (0.38 | ) | (0.52 | ) | (0.35 | ) | (0.15 | ) | |||||
| Realized gains | — | (0.10 | ) | (0.12 | ) | (0.14 | ) | — | |||||||
| Total distributions | (0.38 | ) | (0.48 | ) | (0.64 | ) | (0.49 | ) | (0.15 | ) | |||||
| Net asset value, end of year | $ | 55.06 | $ | 58.05 | $ | 56.25 | $ | 43.82 | $ | 33.71 | |||||
| Total Return at Net Asset Value3 | (4.46 | )% | 4.06 | % | 30.03 | % | 31.74 | % | (1.75 | )% | |||||
| Total Return at Market Value3 | (4.51 | )% | 4.24 | % | 30.38 | % | 31.53 | % | (1.67 | )% | |||||
| Ratios/Supplemental Data: | |||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 297,421 | $ | 374,516 | $ | 292,584 | $ | 153,441 | $ | 109,601 | |||||
| Average Net Assets (000’s) omitted | 317,271 | 322,714 | 232,088 | 129,239 | 114,027 | ||||||||||
| Ratio to average net assets of: | |||||||||||||||
| Expenses, net of expense waivers | |||||||||||||||
| and reimbursements | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | |||||
| Expenses, prior to expense waivers | |||||||||||||||
| and reimbursements | 0.68 | % | 0.67 | % | 0.72 | % | 0.79 | % | 0.84 | % | |||||
| Net investment income, net of waivers | |||||||||||||||
| and reimbursements | 0.68 | % | 0.69 | % | 0.51 | % | 0.99 | %2 | 0.61 | % | |||||
| Portfolio turnover rate4 | 44.07 | % | 21.21 | % | 10.69 | % | 39.39 | % | 47.80 | % | |||||
| 1 | Based on average daily shares outstanding. |
| 2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69%. |
| 3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
51
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER FINANCIALS SECTOR REVENUE ETF
For a share outstanding throughout each year presented.
| Year Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||
| Per Share Operating Performance: | |||||||||||||||
| Net asset value, beginning of year | $ | 50.02 | $ | 46.54 | $ | 39.35 | $ | 27.62 | $ | 29.70 | |||||
| Net investment income1 | 0.66 | 0.54 | 0.45 | 0.38 | 2 | 0.26 | |||||||||
| Net realized and unrealized gain (loss) | |||||||||||||||
| on investments | (4.38 | ) | 3.44 | 7.17 | 11.71 | (2.05 | ) | ||||||||
| Total gain (loss) from investment operations | (3.72 | ) | 3.98 | 7.62 | 12.09 | (1.79 | ) | ||||||||
| Less Distributions from: | |||||||||||||||
| Net investment income | (0.69 | ) | (0.50 | ) | (0.43 | ) | (0.36 | ) | (0.29 | ) | |||||
| Net asset value, end of year | $ | 45.61 | $ | 50.02 | $ | 46.54 | $ | 39.35 | $ | 27.62 | |||||
| Total Return at Net Asset Value3 | (7.49 | )% | 8.57 | % | 19.44 | % | 44.09 | % | (5.95 | )% | |||||
| Total Return at Market Value3 | (7.58 | )% | 8.66 | % | 19.32 | % | 44.24 | % | (5.93 | )% | |||||
| Ratios/Supplemental Data: | |||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 20,524 | $ | 32,513 | $ | 32,577 | $ | 29,509 | $ | 9,667 | |||||
| Average Net Assets (000’s) omitted | 25,009 | 33,925 | 31,390 | 12,464 | 8,638 | ||||||||||
| Ratio to average net assets of: | |||||||||||||||
| Expenses, net of expense waivers | |||||||||||||||
| and reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||
| Expenses, prior to expense waivers | |||||||||||||||
| and reimbursements | 0.91 | % | 0.77 | % | 0.80 | % | 1.03 | % | 1.29 | % | |||||
| Net investment income, net of waivers | |||||||||||||||
| and reimbursements | 1.40 | % | 1.11 | % | 1.03 | % | 1.12 | %2 | 0.98 | % | |||||
| Portfolio turnover rate4 | 20.42 | % | 12.79 | % | 13.27 | % | 20.20 | % | 26.17 | % | |||||
| 1 | Based on average daily shares outstanding. |
| 2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%. |
| 3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
52
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER ADR REVENUE ETF
For a share outstanding throughout each year presented.
| Year Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||
| Per Share Operating Performance: | |||||||||||||||
| Net asset value, beginning of year | $ | 36.89 | $ | 41.82 | $ | 34.45 | $ | 31.81 | $ | 39.84 | |||||
| Net investment income1 | 0.91 | 1.07 | 1.33 | 0.97 | 2 | 1.00 | |||||||||
| Net realized and unrealized gain (loss) | |||||||||||||||
| on investments | (5.78 | ) | (4.83 | ) | 7.24 | 2.47 | (7.47 | ) | |||||||
| Total gain (loss) from investment operations | (4.87 | ) | (3.76 | ) | 8.57 | 3.44 | (6.47 | ) | |||||||
| Less Distributions from: | |||||||||||||||
| Net investment income | (1.07 | ) | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.33 | ) | |||||
| Realized gains | — | — | — | — | (0.23 | ) | |||||||||
| Total distributions | (1.07 | ) | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.56 | ) | |||||
| Net asset value, end of year | $ | 30.95 | $ | 36.89 | $ | 41.82 | $ | 34.45 | $ | 31.81 | |||||
| Total Return at Net Asset Value3 | (13.32 | )%5 | (9.13 | )% | 25.38 | % | 10.87 | % | (16.30 | )% | |||||
| Total Return at Market Value3 | (13.47 | )%5 | (9.08 | )% | 25.39 | % | 10.76 | % | (16.32 | )% | |||||
| Ratios/Supplemental Data: | |||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 12,378 | $ | 25,825 | $ | 23,000 | $ | 24,118 | $ | 36,587 | |||||
| Average Net Assets (000’s) omitted | 19,956 | 24,074 | 22,885 | 28,629 | 42,642 | ||||||||||
| Ratio to average net assets of: | |||||||||||||||
| Expenses, net of expense waivers | |||||||||||||||
| and reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||
| Expenses, prior to expense waivers | |||||||||||||||
| and reimbursements | 1.15 | % | 1.01 | % | 1.04 | % | 1.06 | % | 1.05 | % | |||||
| Net investment income, net of waivers | |||||||||||||||
| and reimbursements | 2.91 | % | 2.80 | % | 3.47 | % | 2.83 | %2 | 2.97 | % | |||||
| Portfolio turnover rate4 | 26.31 | % | 25.62 | % | 21.31 | % | 21.02 | % | 35.04 | % | |||||
| 1 | Based on average daily shares outstanding. |
| 2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.003 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.82%. |
| 3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
| 5 | The return includes adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. |
The accompanying notes are an integral part of these financial statements.
53
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER NAVELLIER OVERALL A-100 REVENUE ETF
For a share outstanding throughout each year presented.
| Year Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||
| Per Share Operating Performance: | |||||||||||||||
| Net asset value, beginning of year | $ | 51.35 | $ | 54.39 | $ | 43.80 | $ | 37.93 | $ | 41.98 | |||||
| Net investment income1 | 0.41 | 0.33 | 0.39 | 0.86 | 2 | 0.44 | |||||||||
| Net realized and unrealized gain (loss) | |||||||||||||||
| on investments | (1.81 | ) | 6.57 | 11.00 | 5.49 | (3.67 | ) | ||||||||
| Total gain (loss) from investment operations | (1.40 | ) | 6.90 | 11.39 | 6.35 | (3.23 | ) | ||||||||
| Less Distributions from: | |||||||||||||||
| Net investment income | (0.26 | ) | (0.40 | ) | (0.80 | ) | (0.48 | ) | (0.38 | ) | |||||
| Realized gains | (1.23 | ) | (9.54 | ) | — | — | (0.44 | ) | |||||||
| Total distributions | (1.49 | ) | (9.94 | ) | (0.80 | ) | (0.48 | ) | (0.82 | ) | |||||
| Net asset value, end of year | $ | 48.46 | $ | 51.35 | $ | 54.39 | $ | 43.80 | $ | 37.93 | |||||
| Total Return at Net Asset Value3 | (2.67 | )% | 13.65 | % | 26.37 | % | 16.79 | % | (7.61 | )% | |||||
| Total Return at Market Value3 | (2.66 | )% | 13.62 | % | 26.61 | % | 16.77 | % | (7.93 | )% | |||||
| Ratios/Supplemental Data: | |||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 7,269 | $ | 7,702 | $ | 8,159 | $ | 6,570 | $ | 7,585 | |||||
| Average Net Assets (000’s) omitted | 7,145 | 7,991 | 7,411 | 7,373 | 9,483 | ||||||||||
| Ratio to average net assets of: | |||||||||||||||
| Expenses, net of expense waivers | |||||||||||||||
| and reimbursements | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | |||||
| Expenses, prior to expense waivers | |||||||||||||||
| and reimbursements | 1.66 | % | 1.30 | % | 1.37 | % | 1.43 | % | 1.42 | % | |||||
| Net investment income, net of waivers | |||||||||||||||
| and reimbursements | 0.85 | % | 0.63 | % | 0.79 | % | 2.05 | %2 | 1.18 | % | |||||
| Portfolio turnover rate4 | 271.35 | % | 200.05 | % | 142.40 | % | 224.74 | % | 154.06 | % | |||||
| 1 | Based on average daily shares outstanding. |
| 2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.06 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.91%. |
| 3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
54
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER ULTRA DIVIDEND REVENUE ETF
For a share outstanding throughout each period presented.
| Year Ended June 30, | For
the Period October 1, 20131 Through | ||||||||
| 2016 | 2015 | June 30, 2014 | |||||||
| Per Share Operating Performance: | |||||||||
| Net asset value, beginning of period | $ | 28.81 | $ | 28.72 | $ | 24.87 | |||
| Net investment income2 | 1.21 | 1.20 | 0.91 | ||||||
| Net realized and unrealized gain on investments | 2.66 | 0.03 | 3 | 3.39 | |||||
| Total gain from investment operations | 3.87 | 1.23 | 4.30 | ||||||
| Less Distributions from: | |||||||||
| Net investment income | (1.16 | ) | (1.11 | ) | (0.45 | ) | |||
| Realized gains | — | (0.03 | ) | — | |||||
| Total distributions | (1.16 | ) | (1.14 | ) | (0.45 | ) | |||
| Net asset value, end of period | $ | 31.52 | $ | 28.81 | $ | 28.72 | |||
| Total Return at Net Asset Value4 | 13.91 | % | 4.30 | % | 17.46 | %7 | |||
| Total Return at Market Value4 | 13.90 | % | 4.19 | % | 17.58 | %7 | |||
| Ratios/Supplemental Data: | |||||||||
| Net assets, end of period (000’s) omitted | $ | 110,330 | $ | 66,254 | $ | 22,976 | |||
| Average Net Assets (000’s) omitted | 67,190 | 47,799 | 10,504 | ||||||
| Ratio to average net assets of: | |||||||||
| Expenses, net of expense waivers and reimbursements | 0.49 | % | 0.49 | % | 0.49 | %5 | |||
| Expenses, prior to expense waivers and reimbursements | 0.75 | % | 0.72 | % | 1.18 | %5 | |||
| Net investment income, net of waivers and reimbursements | 4.19 | % | 4.06 | % | 4.57 | %5 | |||
| Portfolio turnover rate6 | 208.25 | % | 51.83 | % | 37.43 | % | |||
| 1 | Commencement of operations. |
| 2 | Based on average daily shares outstanding. |
| 3 | The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to timing of sales and repurchase of creation unit Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
| 4 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 5 | Annualized for periods less than one full year. |
| 6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
| 7 | Not Annualized. |
The accompanying notes are an integral part of these financial statements.
55
FINANCIAL HIGHLIGHTS — concluded
OPPENHEIMER GLOBAL GROWTH REVENUE ETF
For a share outstanding throughout each period presented.
| Year
Ended June 30, 2016 |
For
the Period February 2, 20151 Through June 30, 2015 | |||||
| Per Share Operating Performance: | ||||||
| Net asset value, beginning of period | $ | 50.89 | $ | 50.00 | ||
| Net investment income2 | 0.77 | 0.67 | ||||
| Net realized and unrealized gain (loss) | ||||||
| on investments | (5.20 | ) | 0.25 | |||
| Total gain (loss) from investment operations | (4.43 | ) | 0.92 | |||
| Less Distributions from: | ||||||
| Net investment income | (0.82 | ) | (0.03 | ) | ||
| Realized gains | (2.86 | ) | — | |||
| Total distributions | (3.68 | ) | (0.03 | ) | ||
| Net asset value, end of period | $ | 42.78 | $ | 50.89 | ||
| Total Return at Net Asset Value3 | (8.60 | )% | 1.83 | %4 | ||
| Total Return at Market Value3 | (6.93 | )% | 1.09 | %4 | ||
| Ratios/Supplemental Data: | ||||||
| Net assets, end of period (000’s) omitted | $ | 2,139 | $ | 5,089 | ||
| Average Net Assets (000’s) omitted | 2,527 | 5,244 | ||||
| Ratio to average net assets of: | ||||||
| Expenses, net of expense waivers and reimbursements | 0.70 | % | 0.70 | %5 | ||
| Expenses, prior to expense waivers and reimbursements | 6.64 | % | 1.94 | %5 | ||
| Net investment income, net of waivers and reimbursements | 1.70 | % | 3.13 | %5 | ||
| Portfolio turnover rate6 | 304.06 | % | 137.64 | % | ||
| 1 | Commencement of operations. |
| 2 | Based on average daily shares outstanding. |
| 3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
| 4 | Not Annualized. |
| 5 | Annualized for periods less than one full year. |
| 6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
56
June 30, 2016
1. ORGANIZATION
The Oppenheimer Revenue Weighted ETF Trust (the “Trust”, formerly “RevenueShares ETF Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which, as of the date of this report, is comprised of eight active funds (collectively, the “Funds” and each individually a “Fund”). The Funds are investment companies and accordingly follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services Investment Companies. The Oppenheimer Large Cap Revenue ETF (formerly “RevenueShares Large Cap Fund”), the Oppenheimer Mid Cap Revenue ETF (formerly “RevenueShares Mid Cap Fund”), the Oppenheimer Small Cap Revenue ETF (formerly “RevenueShares Small Cap Fund”) and the Oppenheimer Global Growth Revenue ETF (formerly, “RevenueShares Global Growth Fund”) are diversified funds under the Act. The Oppenheimer Financials Sector Revenue ETF (formerly “RevenueShares Financials Sector Fund”), the Oppenheimer ADR Revenue ETF (formerly “RevenueShares ADR Fund”), the Oppenheimer Navellier Overall A-100 Revenue ETF (formerly “RevenueShares Navellier Overall A-100 Fund”) and the Oppenheimer Ultra Dividend Revenue ETF (formerly “RevenueShares Ultra Dividend Fund”) are not diversified. Each Fund’s investment objective is to outperform the total return performance of the Fund’s corresponding benchmark index (each a “Benchmark Index” and, collectively, the “Benchmark Indexes”).
The following is a summary of significant accounting policies followed in the Funds’ preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
2. SIGNIFICANT ACCOUNTING POLICIES
Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Reporting Period End Date. The last day of the Trust’s reporting period is the last day the New York Stock Exchange (“NYSE” or the “Exchange”) was open for trading during the period. The Trust’s financial statements have been presented through that date to maintain consistency with the Trust’s net asset value calculations used for shareholder transactions.
Foreign Currency Translation. The Trust’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees (the “Board”).
Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Trust’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in values of securities held and reported with all other foreign currency gains and losses in the Trust’s Statements of Operations.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually.
Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Withholding taxes on foreign dividends, have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statements of Operations, are amortized or accreted daily.
Expenses. Expenses of the Trust which are directly identifiable to a specific Fund are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
57
NOTES TO FINANCIAL STATEMENTS — continued
Return of Capital Estimates. Distributions received from the Trust’s investments in Real Estate Investments Trusts (REITs) generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received from REITs after their tax reporting periods are concluded.
Custodian Fees. “BNY Fund Services fees” in the Statements of Operations may include interest expense incurred by the Funds on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Funds may pay interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Funds.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.
Federal Taxes. The Funds intend to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three preceding fiscal reporting period ends. The Funds have analyzed their tax positions for the fiscal year ended June 30, 2016, including open tax years, and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.
The tax components of capital shown in the following table represent distribution requirements the Funds must satisfy under the income tax regulations, losses the Funds may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
| Fund | Undistributed Net Investment Income | Undistributed Long-Term Gain | Capital Loss Carryforwards | Post-October Capital Losses3 | Net Unrealized Appreciation (Depreciation) Based on cost of Securities and Other Investments for Federal Income Tax Purposes | |||||||||||||||
| Oppenheimer Large Cap Revenue ETF | $ | 1,597,553 | $ | — | $ | — | 1 | $ | (4,380,914 | ) | $ | 42,126,489 | ||||||||
| Oppenheimer Mid Cap Revenue ETF | 320,981 | — | (2,091,070 | )1 | (4,046,071 | ) | 1,803,598 | |||||||||||||
| Oppenheimer Small Cap Revenue ETF | 273,718 | — | (7,299,324 | )1 | (10,692,378 | ) | 5,554,516 | |||||||||||||
| Oppenheimer Financials Sector | ||||||||||||||||||||
| Revenue ETF | 69,241 | — | (441,484 | )2 | — | 1,139,941 | ||||||||||||||
| Oppenheimer ADR Revenue ETF | 161,306 | — | (4,833,436 | )1 | (1,672,262 | ) | (2,923,991 | ) | ||||||||||||
| Oppenheimer Navellier Overall A-100 | ||||||||||||||||||||
| Revenue ETF | 30,190 | — | (213,631 | )1 | (430,041 | ) | 511,890 | |||||||||||||
| Oppenheimer Ultra Dividend | ||||||||||||||||||||
| Revenue ETF | 763,360 | 124,151 | — | 1 | — | 3,417,680 | ||||||||||||||
| Oppenheimer Global Growth | ||||||||||||||||||||
| Revenue ETF | 1,345 | — | (277,289 | )1 | (112,130 | ) | 37,292 | |||||||||||||
| 1 | During the reporting period, the Funds did not utilize any capital loss carryforward. |
| 2 | During the reporting period, the Fund utilized $106,498 of capital loss carryforward to offset capital gains realized in that fiscal year. |
| 3 | At period end, the Fund elected to treat all, or a portion of, post-October losses as arising on the first day of the following taxable year. |
58
NOTES TO FINANCIAL STATEMENTS — continued
At period end, the Funds have capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.
| Fund | Capital
Loss Available Through 2017 | Capital
Loss Available Through 2018 | Capital
Loss Available Through 2019 | Short
Term Post-Effective No Expiration | Long
Term Post-Effective No Expiration | Total | ||||||||||||||||||
| Oppenheimer Mid Cap Revenue ETF | $ | — | $ | — | $ | — | $ | 2,091,070 | $ | — | $ | 2,091,070 | ||||||||||||
| Oppenheimer Small Cap Revenue ETF | — | — | — | 5,700,823 | 1,598,501 | 7,299,324 | ||||||||||||||||||
| Oppenheimer Financials Sector Revenue ETF | 52,317 | 21,626 | 78,535 | 54 | 288,952 | 441,484 | ||||||||||||||||||
| Oppenheimer ADR Revenue ETF | — | — | — | 912,169 | 3,921,267 | 4,833,436 | ||||||||||||||||||
| Oppenheimer Navellier Overall A-100 | ||||||||||||||||||||||||
| Revenue ETF | — | — | — | 213,631 | — | 213,631 | ||||||||||||||||||
| Oppenheimer Global Growth Revenue ETF | — | — | — | 277,289 | — | 277,289 |
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains determined in accordance with federal realized gains presented in those financial statements in accordance with GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
Accordingly, the following amounts have been reclassified for the reporting period. Net assets of each Fund were unaffected by the reclassifications.
| Fund | Increase (Decrease) to Paid- in-Capital | Increase (Decrease) to Accumulated Net Investment Income | Increase (Decrease) to Accumulated Net Realized Gain/Loss on Investments | |||||||||
| Oppenheimer Large Cap Revenue ETF | $ | 23,059,596 | $ | 130,526 | $ | (23,190,122 | ) | |||||
| Oppenheimer Mid Cap Revenue ETF | 20,183,568 | — | (20,183,568 | ) | ||||||||
| Oppenheimer Small Cap Revenue ETF | 18,585,204 | (8,156 | ) | (18,577,048 | ) | |||||||
| Oppenheimer Financials Sector Revenue ETF | 1,359,127 | — | (1,359,127 | ) | ||||||||
| Oppenheimer ADR Revenue ETF | (1,000,221 | ) | 8,852 | 991,369 | ||||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | — | (1 | ) | 1 | ||||||||
| Oppenheimer Ultra Dividend Revenue ETF | (344,156 | ) | (12,592 | ) | 356,748 | |||||||
| Oppenheimer Global Growth Revenue ETF | (43,485 | ) | (30,921 | ) | 74,406 | |||||||
The tax character of distributions paid during the reporting periods:
| Year Ended June 30, 2016 | Year Ended June 30, 2015 | |||||||||||||||||||||||
| Fund | Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Capital Gains | Total | Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Capital Gains | Total | ||||||||||||||||||
| Oppenheimer Large Cap Revenue ETF | $ | 6,322,311 | $ | 234,365 | $ | 6,556,676 | $ | 4,589,744 | $ | 274,822 | $ | 4,864,566 | ||||||||||||
| Oppenheimer Mid Cap Revenue ETF | 2,125,196 | — | 2,125,196 | 1,772,461 | 745,246 | 2,517,707 | ||||||||||||||||||
| Oppenheimer Small Cap Revenue ETF | 2,283,532 | — | 2,283,532 | 2,154,563 | 547,479 | 2,702,042 | ||||||||||||||||||
| Oppenheimer Financials Sector Revenue ETF | 372,325 | — | 372,325 | 347,753 | — | 347,753 | ||||||||||||||||||
| Oppenheimer ADR Revenue ETF | 727,010 | — | 727,010 | 679,055 | — | 679,055 | ||||||||||||||||||
| Oppenheimer Navellier Overall | ||||||||||||||||||||||||
| A-100 Revenue ETF | 171,461 | 52,953 | 224,414 | 730,710 | 760,107 | 1,490,817 | ||||||||||||||||||
| Oppenheimer Ultra Dividend Revenue ETF | 2,568,683 | — | 2,568,683 | 1,624,239 | — | 1,624,239 | ||||||||||||||||||
| Oppenheimer Global Growth Revenue ETF | 216,357 | — | 216,357 | 2,563 | — | 2,563 | ||||||||||||||||||
59
NOTES TO FINANCIAL STATEMENTS — continued
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.
| Fund | Federal tax cost of securities | Gross unrealized appreciation | Gross unrealized (depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Oppenheimer Large Cap Revenue ETF | $ | 327,075,479 | $ | 53,702,232 | $ | (11,575,743 | ) | $ | 42,126,489 | |||||||
| Oppenheimer Mid Cap Revenue ETF | 202,458,034 | 21,722,313 | (19,918,715 | ) | 1,803,598 | |||||||||||
| Oppenheimer Small Cap Revenue ETF | 319,138,876 | 38,132,825 | (32,578,309 | ) | 5,554,516 | |||||||||||
| Oppenheimer Financials Sector Revenue ETF | 19,310,992 | 2,294,202 | (1,154,261 | ) | 1,139,941 | |||||||||||
| Oppenheimer ADR Revenue ETF | 18,381,764 | 829,036 | (3,753,027 | ) | (2,923,991 | ) | ||||||||||
| Oppenheimer Navellier Overall A-100 | ||||||||||||||||
| Revenue ETF | 6,934,424 | 544,220 | (32,330 | ) | 511,890 | |||||||||||
| Oppenheimer Ultra Dividend Revenue ETF | 113,484,092 | 7,649,748 | (4,232,068 | ) | 3,417,680 | |||||||||||
| Oppenheimer Global Growth Revenue ETF | 2,024,580 | 70,415 | (33,123 | ) | 37,292 | |||||||||||
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
3. Securities Valuation
The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open, except in the case of a scheduled early closing of the NYSE, in which case the Fund will calculated the NAV of the shares as of the scheduled early closing time of the NYSE.
Valuation Methods and Inputs. Securities traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board.
Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates fair value.
The authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification™ Topic 820 (“Topic 820”), establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices in an active market for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
60
NOTES TO FINANCIAL STATEMENTS — continued
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2016 in valuing the Funds’ assets carried at fair value:
| (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
| Fund | Common Stock | Preferred Stock | Money Market Funds | Common Stock | Total | |||||||||||||
| Oppenheimer Large Cap Revenue ETF | $ | 365,843,593 | $ | — | $ | 3,358,375 | $ | — | $369,201,968 | |||||||||
| Oppenheimer Mid Cap Revenue ETF | 185,572,518 | — | 18,689,114 | — | 204,261,632 | |||||||||||||
| Oppenheimer Small Cap Revenue ETF | 296,650,975 | — | 28,042,417 | — | 324,693,392 | |||||||||||||
| Oppenheimer Financials Sector Revenue ETF | 20,428,612 | — | 22,321 | — | 20,450,933 | |||||||||||||
| Oppenheimer ADR Revenue ETF | 12,007,302 | 233,071 | 3,217,400 | — | 15,457,773 | |||||||||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | 7,227,149 | — | 219,165 | — | 7,446,314 | |||||||||||||
| Oppenheimer Ultra Dividend Revenue ETF | 109,823,796 | — | 7,077,976 | — | 116,901,772 | |||||||||||||
| Oppenheimer Global Growth Revenue ETF | 1,918,515 | 115,837 | 14,053 | — | 2,048,405 | |||||||||||||
At June 30, 2016, the Funds did not hold any Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.
The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period.
For the year ended June 30, 2016, there were no transfers between levels.
4. Securities Lending
Each Fund may lend portfolio securities up to one-third of a Fund’s total assets to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of U.S. dollar cash and/or U.S. government securities is maintained at all times. The cash collateral can be invested in a certain money market mutual fund, which may also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of a Fund. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.
The value of loaned securities and related collateral outstanding at June 30, 2016 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2016, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, and Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:
61
NOTES TO FINANCIAL STATEMENTS — continued
Remaining Contractual Maturity of the Agreements, as of June 30, 2016
| Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
| Oppenheimer Large Cap Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | $ | 3,358,375 | $ | — | $ | — | $ | — | $ | 3,358,375 | ||||||||||
| U.S. Government Securities | — | 8,624,713 | 87,012 | 175,188 | 8,886,913 | |||||||||||||||
| Total | 3,358,375 | 8,624,713 | 87,012 | 175,188 | 12,245,288 | |||||||||||||||
| Oppenheimer Mid Cap Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 18,689,114 | — | — | — | 18,689,114 | |||||||||||||||
| U.S. Government Securities | — | 25,791,575 | 207,893 | 666,826 | 26,666,294 | |||||||||||||||
| Total | 18,689,114 | 25,791,575 | 207,893 | 666,826 | 45,355,408 | |||||||||||||||
| Oppenheimer Small Cap Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 28,042,417 | — | — | — | 28,042,417 | |||||||||||||||
| U.S. Government Securities | — | 24,135,682 | 153,803 | 589,114 | 24,878,599 | |||||||||||||||
| Total | 28,042,417 | 24,135,682 | 153,803 | 589,114 | 52,921,016 | |||||||||||||||
| Oppenheimer Financials Sector Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 22,321 | — | — | — | 22,321 | |||||||||||||||
| U.S. Government Securities | — | 445,083 | 5,019 | 9,822 | 459,924 | |||||||||||||||
| Total | 22,321 | 445,083 | 5,019 | 9,822 | 482,245 | |||||||||||||||
| Oppenheimer ADR Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 3,217,400 | — | — | — | 3,217,400 | |||||||||||||||
| U.S. Government Securities | — | 3,492 | 39 | 77 | 3,608 | |||||||||||||||
| Total | 3,217,400 | 3,492 | 39 | 77 | 3,221,008 | |||||||||||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 219,165 | — | — | — | 219,165 | |||||||||||||||
| U.S. Government Securities | — | 238,103 | 1,145 | 8,002 | 247,250 | |||||||||||||||
| Total | 219,165 | 238,103 | 1,145 | 8,002 | 466,415 | |||||||||||||||
| Oppenheimer Ultra Dividend Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 7,077,976 | — | — | — | 7,077,976 | |||||||||||||||
| U.S. Government Securities | — | 21,446,636 | 191,937 | 388,515 | 22,027,088 | |||||||||||||||
| Total | 7,077,976 | 21,446,636 | 191,937 | 388,515 | 29,105,064 | |||||||||||||||
| Oppenheimer Global Growth Revenue ETF | ||||||||||||||||||||
| Money Market Mutual Fund | 14,053 | — | — | — | 14,053 | |||||||||||||||
| U.S. Government Securities | — | — | — | — | — | |||||||||||||||
| Total | 14,053 | — | — | — | 14,053 | |||||||||||||||
62
NOTES TO FINANCIAL STATEMENTS — continued
Master Netting Arrangements. For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of June 30, 2016, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Securities Lending Authorization Agreement are detailed in the following table:
| Assets | Liabilities | |||||||||||||||||||||||||||
| Fund | Gross Amounts Presented in Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities Cash Collateral Received1 | Gross Amounts Not Offset in the Statement of Assets and Liabilities Non-cash Collateral Received1 | Net Amount | Gross Amounts Presented in Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received | Net Amount | |||||||||||||||||||||
| Oppenheimer Large Cap | ||||||||||||||||||||||||||||
| Revenue ETF | $ | 12,132,852 | $ | (3,245,939 | ) | $ | (8,886,913 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Oppenheimer Mid Cap | ||||||||||||||||||||||||||||
| Revenue ETF | 44,937,714 | (18,271,420 | ) | (26,666,294 | ) | — | — | — | — | |||||||||||||||||||
| Oppenheimer Small Cap | ||||||||||||||||||||||||||||
| Revenue ETF | 52,362,715 | (27,484,116 | ) | (24,878,599 | ) | — | — | — | — | |||||||||||||||||||
| Oppenheimer Financials Sector | ||||||||||||||||||||||||||||
| Revenue ETF | 483,774 | (22,321 | ) | (459,924 | ) | 1,529 | — | — | — | |||||||||||||||||||
| Oppenheimer ADR Revenue ETF | 3,166,336 | (3,162,728 | ) | (3,608 | ) | — | — | — | — | |||||||||||||||||||
| Oppenheimer Navellier | ||||||||||||||||||||||||||||
| Overall A-100 Revenue ETF | 463,780 | (216,530 | ) | (247,250 | ) | — | — | — | — | |||||||||||||||||||
| Oppenheimer Ultra Dividend | ||||||||||||||||||||||||||||
| Revenue ETF | 28,722,097 | (6,695,009 | ) | (22,027,088 | ) | — | — | — | — | |||||||||||||||||||
| Oppenheimer Global Growth | ||||||||||||||||||||||||||||
| Revenue ETF | 13,348 | (13,348 | ) | — | — | — | — | — | ||||||||||||||||||||
| 1 | The amount of collateral presented is limited such that the net amount cannot be less than zero. |
5. Investments and Risks
Risks of Foreign Investing. The Funds may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Funds to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Funds may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Funds to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Funds do not price their shares. At times, the Funds may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.
Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of a Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.
63
NOTES TO FINANCIAL STATEMENTS — continued
The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.
6. Market Risk Factors
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
7. Shares of Beneficial Interest
As of June 30, 2016, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.
Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Fund shares may only be purchased or redeemed directly from the Funds by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a participant agreement with the OppenheimerFunds Distributor, Inc. (“OFDI” or the “Distributor”) Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated basket of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
8. Purchases & Sales of Securities
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the year ended June 30, 2016, were as follows:
| Fund | Purchases | Sales | ||||||
| Oppenheimer Large Cap Revenue ETF | $ | 84,028,205 | $ | 47,074,346 | ||||
| Oppenheimer Mid Cap Revenue ETF | 95,850,997 | 46,867,699 | ||||||
| Oppenheimer Small Cap Revenue ETF | 167,224,316 | 140,794,322 | ||||||
| Oppenheimer Financials Sector Revenue ETF | 5,152,484 | 5,247,477 | ||||||
| Oppenheimer ADR Revenue ETF | 5,234,083 | 5,399,933 | ||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | 19,458,111 | 19,646,939 | ||||||
| Oppenheimer Ultra Dividend Revenue ETF | 191,283,420 | 142,781,847 | ||||||
| Oppenheimer Global Growth Revenue ETF | 7,833,118 | 8,602,713 | ||||||
64
NOTES TO FINANCIAL STATEMENTS — continued
For the year ended June 30, 2016, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
| Fund | Purchases | Sales | ||||||
| Oppenheimer Large Cap Revenue ETF | $ | 50,030,942 | $ | 61,390,036 | ||||
| Oppenheimer Mid Cap Revenue ETF | 7,158,576 | 98,405,965 | ||||||
| Oppenheimer Small Cap Revenue ETF | 14,054,617 | 87,723,858 | ||||||
| Oppenheimer Financials Sector Revenue ETF | — | 9,244,768 | ||||||
| Oppenheimer ADR Revenue ETF | 1,798,548 | 9,842,885 | ||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | — | — | ||||||
| Oppenheimer Ultra Dividend Revenue ETF | 52,067,228 | 62,315,284 | ||||||
| Oppenheimer Global Growth Revenue ETF | — | 2,096,318 | ||||||
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
9. Fees and Other Transactions With Affiliates
Management Fees. On September 4, 2015, VTL Associates, LLC (“VTL” or the “Adviser”), the investment adviser to each Fund entered into an agreement with OppenheimerFunds, Inc. (“OFI”) whereby OFI would acquire VTL (the “Transaction”). The Transaction closed on December 2, 2015 (“Closing”).
The Funds’ investment advisory agreement with VTL and sub-advisory agreement with Index Management Solutions, LLC (“IMS”) terminated upon Closing and a new investment advisory agreement between the Trust, on behalf of each Fund, and VTL took effect (the “New Agreement”). The New Agreement was approved by shareholders of each Fund except the Oppenheimer Financials Sector Revenue ETF and Oppenheimer Navellier Overall A-100 Revenue ETF on November 13, 2015, and by shareholders of Oppenheimer Financials Sector Revenue ETF and Oppenheimer Navellier Overall A-100 Revenue ETF on November 24, 2015. Under the New Agreement, VTL provides the portfolio management previously provided by IMS, and the investment advisory personnel of VTL and IMS who previously managed the Funds will continue to do so as employees of VTL after the Closing. In connection with the Transaction, the Trust and VTL have entered into a new written fee waiver and expense reimbursement agreement under the same terms as were in effect before the Closing on behalf of each Fund for a period of two years following the Closing.
VTL has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. For the services it provides to the Funds, the Adviser receives an advisory fee.
The Funds pay the Adviser the following annualized fees:
| Fund | Management Fees | Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement | ||||||
| Oppenheimer Large Cap Revenue ETF | 0.45% | 0.49% | ||||||
| Oppenheimer Mid Cap Revenue ETF | 0.50% | 0.54% | ||||||
| Oppenheimer Small Cap Revenue ETF | 0.50% | 0.54% | ||||||
| Oppenheimer Financials Sector Revenue ETF | 0.45% | 0.49% | ||||||
| Oppenheimer ADR Revenue ETF | 0.60% | 0.49% | ||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | 0.60% | 0.60% | ||||||
| Oppenheimer Ultra Dividend Revenue ETF | 0.45% | 0.49% | ||||||
| Oppenheimer Global Growth Revenue ETF | 0.70% | 0.70% | ||||||
Waivers and Reimbursements of Expenses. The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreements pursuant to which the Adviser has agreed to waive all or a portion of its fees and/or reimburse expenses to the extent necessary to keep fund expenses (excluding any taxes, interest, brokerage fees, certain insurance costs and other non-routine expenses) for the Funds from exceeding the percentage of each Fund’s daily net assets in the column “Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement” in the above table. Under this agreement, the Adviser retains the right to seek reimbursement from each Fund of fees previously waived or expenses previously reimbursed to the extent such fees were waived or expenses were reimbursed
65
NOTES TO FINANCIAL STATEMENTS — continued
within three years of such reimbursement (effective for all Funds beginning in October 2015, except Global Growth, which has maintained the right of reimbursement since its inception in February 2015), provided such reimbursement does not cause the Fund to exceed any applicable fee waiver and expense reimbursement agreement that was in place at the time the fees were waived or expenses were reimbursed. These agreements will remain in effect and will be contractually binding until December 2, 2017, after which they may be terminated or revised.
For the period ended June 30, 2016, the Adviser waived fees and reimbursed expenses for each Fund as follows.
Each Fund may recoup such waivers until the date indicated.
| Fund: | Expenses Reimbursed: | Recoupment Balance: | Recoupment Expiration: | |||||||
| Oppenheimer Large Cap Revenue ETF | $ | 344,337 | $ | 344,337 | 6/30/2019 | |||||
| Oppenheimer Mid Cap Revenue ETF | 281,135 | 281,135 | 6/30/2019 | |||||||
| Oppenheimer Small Cap Revenue ETF | 350,636 | 350,636 | 6/30/2019 | |||||||
| Oppenheimer Financials Sector Revenue ETF | 78,895 | 78,895 | 6/30/2019 | |||||||
| Oppenheimer ADR Revenue ETF | 91,569 | 91,569 | 6/30/2019 | |||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | 58,560 | 58,560 | 6/30/2019 | |||||||
| Oppenheimer Ultra Dividend Revenue ETF | 132,110 | 132,110 | 6/30/2019 | |||||||
| Oppenheimer Global Growth Revenue ETF | 26,624 | 26,624 | 6/30/2018 | |||||||
| 150,107 | 150,107 | 6/30/2019 | ||||||||
| Total | 176,731 | 176,731 | ||||||||
Prior to Closing and pursuant to a Sub-Advisory Agreement between the Adviser and IMS, an affiliate of the Adviser, IMS was responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the board of trustees that oversaw the Funds prior to the Closing. In this regard, IMS was responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as agreed between the Adviser and IMS from time to time. Out of the advisory fee, the Adviser paid all fees and expenses of IMS. Since the Closing and the termination of the Sub-Advisory Agreement, IMS no longer manages the Funds.
Administrator, Custodian, Fund Accounting and Transfer Agent Fees. The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distributor Fees. Prior to Closing, Foreside Fund Services, LLC served as the Funds’ distributor. In connection with the Closing, OFDI replaced Foreside Fund Services, LLC, as the Funds’ principal underwriter pursuant to a Distribution Agreement that was approved by the Board of Trustees that oversaw the Funds prior to the Closing on September 21, 2015. The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of its average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.
Trustee's Fees. The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.
Licensing Fee Agreements. The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.
Related Party. The Interested Trustee and Officers of the Funds are also Officers or Trustees of companies affiliated with OFI Global, OFDI, and the Adviser.
Organization and Offering Costs. As of February 2, 2015, VTL had directly assumed all organization and initial offering costs of the Global Growth Revenue ETF.
66
NOTES TO FINANCIAL STATEMENTS — concluded
10. Pending Litigation
In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OFI, OFDI and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.
OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Funds and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.
11. Subsequent Events
On July 1, 2016, the Funds declared quarterly income dividends with an ex-date of July 5, 2016 and payable date of July 11, 2016. The income dividend per share for each Fund was as follows:
| Fund | Income Dividend Per Share | |||
| Oppenheimer Large Cap Revenue ETF | $ | 0.15912 | ||
| Oppenheimer Mid Cap Revenue ETF | 0.07972 | |||
| Oppenheimer Small Cap Revenue ETF | 0.04792 | |||
| Oppenheimer Financials Sector Revenue ETF | 0.15046 | |||
| Oppenheimer ADR Revenue ETF | 0.40075 | |||
| Oppenheimer Navellier Overall A-100 Revenue ETF | 0.19906 | |||
| Oppenheimer Ultra Dividend Revenue ETF | 0.21191 | |||
| Oppenheimer Global Growth Revenue ETF | — | |||
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, except as set forth above, there are no material events that would require disclosure in the Funds’ financial statements through this date.
67
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of Oppenheimer Revenue Weighted ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oppenheimer Revenue Weighted ETF Trust (formerly RevenueShares ETF Trust) comprising Oppenheimer Large Cap Revenue ETF, Oppenheimer Mid Cap Revenue ETF, Oppenheimer Small Cap Revenue ETF, Oppenheimer Financials Sector Revenue ETF, Oppenheimer ADR Revenue ETF, Oppenheimer Navellier Overall A-100 Revenue ETF, Oppenheimer Ultra Dividend Revenue ETF, and Oppenheimer Global Growth Revenue ETF (the “Funds”) as of June 30, 2016, and the related statements of operations and changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The Funds’ financial statements and financial highlights for the periods ended on or prior to June 30, 2015, were audited by other auditors whose report dated August 25, 2015, expressed an unqualified opinion on those financial statements and financial highlights.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2016, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker or counterparties were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting Oppenheimer Revenue Weighted EFT Trust, as of June 30, 2016, the results of their operations, changes in their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
COHEN FUND AUDIT SERVICES, LTD.
Cleveland, Ohio
August 25, 2016
68
(UNAUDITED)
Independent Trustees
Name, Position(s) Held with |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen |
INDEPENDENT TRUSTEES |
The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. |
|
Sam Freedman, |
Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with OppenheimerFunds, Inc. and with subsidiary or affiliated companies of OppenheimerFunds, Inc. (until October 1994). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
|
Jon S. Fossel, |
Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (March 2005 – December 2014); Chairman of the Board (2006 – December 2011) and Director (June 2002 – December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004 – December 2009); Director of P.R. Pharmaceuticals (October 1999 – October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998 – February 2003 and February 2005 – February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of OppenheimerFunds, Inc.; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of OppenheimerFunds, Inc.), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
|
Richard F. Grabish, |
Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997 – December 2007), Director (March 1987 – December 2007) and Manager of Private Client Services (June 1985 – June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001 – December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987 – March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005 – December 2007). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
69
(UNAUDITED) — continued
Independent Trustees — continued
Name, Position(s) Held with |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen |
|
Beverly L. Hamilton, |
Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005 – June 2011); Chairman (since 2010) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002 – April 2008); Director (February 2002 – 2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991 – 2005) and Vice Chairman (2006-2009) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991 – April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994 – January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996 – June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989 – June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 47 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
|
Victoria J. Herget, |
Board Chair (2008 – 2015) and Director (since 2004), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 47 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
70
(UNAUDITED) — continued
Independent Trustees — continued
Name, Position(s) Held with |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen |
|
Robert J. Malone, |
Chairman – Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005 – March 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2015); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003 – January 2015); Board of Directors of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996 – April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997 – February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Trustee (1984-1999) of Young Presidents Organization. Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. |
|
F. William Marshall, Jr., |
Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012 – December 2015); President and Treasurer of the SIS Fund (private charitable fund) (January 1999 – March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999 – July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999 – July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
|
Karen L. Stuckey, |
Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006), member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; Women’s Investment Management Forum (professional organization) since inception; and member of Desert Mountain Community Foundation Advisory Board (non-profit organization) (since May 2015). Oversees 47 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
71
(UNAUDITED) — continued
Independent Trustees — continued
Name, Position(s) Held with |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen |
|
James D. Vaughn, |
Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
INTERESTED TRUSTEE |
Mr. Steinmetz is an “Interested Trustee” because he is affiliated with VTL by virtue of his positions as Chairman and director of OFI and officer and director of OFI Global Asset Management, Inc. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008. |
|
Arthur P. Steinmetz, |
Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013 – December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013 – May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010 – December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009 – October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009 – December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009 – April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993 – September 2009). An officer of 102 portfolios in the OppenheimerFunds complex. |
OTHER OFFICERS OF THE FUND |
The addresses of the Officers in the chart below are as follows: for Mss. Lo Bessette, Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924; and for Messrs. Gompers, Vincent Lowry, Justin Lowry and Reichert, One Commerce Square, 2005 Market Street, Suite 2020, Philadelphia, Pennsylvania 19103. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. |
|
Vincent T. Lowry, |
Senior Vice President, VTL (since December 2015); Chief Executive Officer and Chief Investment Officer, VTL (2004-2015); Managing Director, Smith Barney, Inc. (1984-2004). A portfolio manager and officer in the OppenheimerFunds complex. |
72
(UNAUDITED) — concluded
Other Officers of the Fund — continued
Name, Position(s) Held with |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen |
|
Michael J. Gompers |
Vice President, VTL (since December 2015); Chief Operating Officer, VTL (2007-2015); Chief Executive Officer and Chief Compliance Officer, IMS (2009-2015); Analyst, VTL (2005-2007); Accountant, Gompers & Associates, PLLC (2005). A portfolio manager and officer in the OppenheimerFunds complex. |
|
Justin V. Lowry |
Vice President, VTL (since December 2015); Portfolio Manager, IMS (2009-2015). A portfolio manager and officer in the OppenheimerFunds complex. |
|
Sean P. Reichert |
Portfolio Manager, VTL (since December 2015); Portfolio Manager, IMS (2009-2015). A portfolio manager and officer in the OppenheimerFunds complex. |
|
Mary Ann Picciotto, |
Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010 – January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007 – January 2014). An officer of 102 portfolios in the OppenheimerFunds complex. |
|
Cynthia Lo Bessette, |
Senior Vice President and Deputy General Counsel (March 2015 – February 2016) and Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Vice President, Corporate Counsel (February 2012 – March 2015) and Deputy Chief Legal Officer (April 2013 – March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008 – September 2009) and Deputy General Counsel (October 2009 – February 2012) of Lord Abbett & Co. LLC. An officer of 102 portfolios in the OppenheimerFunds complex. |
|
Jennifer Sexton, |
Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006 – June 2014); Vice President of OppenheimerFunds, Inc. (January 1998 – March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991 – December 1998). An officer of 102 portfolios in the OppenheimerFunds complex. |
|
Brian S. Petersen, |
Vice President of OFI Global Asset Management, Inc. (since January 2013); Vice President of OppenheimerFunds, Inc. (February 2007 – December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002 – 2007). An officer of 102 portfolios in the OppenheimerFunds complex. |
The Trust's Statement of Additional Information contains additional information about the Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).
73
(UNAUDITED)
Change in Independent Registered Public Accounting Firm
Effective February 24, 2016, Cohen Fund Audit Services was appointed as the Funds' independent registered public accounting firm for the 2016 fiscal year. The selection of Cohen Fund Audit Services was recommended by the Trust's Audit Committee and was approved by the Board.
BBD LLP was previously the principal accountant for the Funds. On February 24, 2016, BBD LLP resigned and Cohen Fund Audit Services, Ltd. was engaged as principal accountants. The decision to change accountants was approved by the audit committee of the Board of Trustees. As of and for the two most recent fiscal years ended, there were no: (1) disagreements with BBD LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events.
The audit reports of BBD LLP on the financial statements of the Funds as of and for the two most recent fiscal years ended did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Oppenheimer Revenue Weighted ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenueshares.com.
Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:
| QDI | DRD | |||||||
| Oppenheimer Large Cap Revenue ETF | 100% | 100% | ||||||
| Oppenheimer Mid Cap Revenue ETF | 100% | 100% | ||||||
| Oppenheimer Small Cap Revenue ETF | 100% | 100% | ||||||
| Oppenheimer Financials Sector Revenue ETF | 100% | 100% | ||||||
| Oppenheimer ADR Revenue ETF | 69% | 0% | ||||||
| Oppenheimer Navellier Overall A-100 Revenue ETF | 18% | 18% | ||||||
| Oppenheimer Ultra Dividend Revenue ETF | 93% | 93% | ||||||
| Oppenheimer Global Growth Revenue ETF | 86% | 0% | ||||||
74
SUPPLEMENTAL INFORMATION — concluded
(UNAUDITED)
With respect to the taxable year ended June 30, 2016, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year. The capital gain distribution should be treated by Shareholders as a gain from the sale of capital assets held for more than one year (long term capital gains).
| Oppenheimer Large Cap Revenue ETF | $64,944 |
| Oppenheimer Navellier Overall A-100 Revenue ETF | $52,953 |
In accordance with Section 853 of the Internal Revenue Code the Funds intend to elect to pass through to its shareholders the credit or deduction, at their option, for taxes paid in foreign countries during its fiscal year ended June 30, 2016. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2016 is as follows:
| Foreign Dividend | Foreign Taxes | |||||||
| Oppenheimer ADR Revenue ETF | $ | 744,441 | $ | 59,850 | ||||
| Oppenheimer Global Growth Revenue ETF | $ | 69,710 | $ | 8,024 |
75
THE OPPENHEIMER REVENUE WEIGHTED ETF TRUST
| Investment Adviser | Independent Registered Public Accounting Firm |
| VTL Associates, LLC | Cohen Fund Audit Services |
| Distributor | Legal Counsel |
| OppenheimerFunds Distributor, Inc. | Ropes & Gray LLP |
| Administrator, Custodian and Transfer Agent | |
| The Bank of New York Mellon (BNY Mellon) | |
©2016 OppenheimerFunds, Inc. All rights reserved.
Oppenheimer Revenue Weighted ETF Trust
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103
This report is submitted for the general information of the shareholders of each Fund.
It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.
Visit Us
revenueshares.com |
Oppenheimer Revenue Weighted ETF Trust is distributed by OppenheimerFunds Distributor, Inc. |
| © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. | |
| Call Us | |
| 888 854 8181 | RA0000.011.0616 June 30, 2016 |
Item 2. Code of Ethics.
| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
| (d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, F. William Marshall, Jr. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $116,000 for 2016 and $104,900 for 2015. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2016 and $0 for 2015. |
Tax Fees
| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $33,600 for 2016 and $16,000 for 2015. |
All Other Fees
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2016 and $0 for 2015. |
| (e)(1) | Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| (e) | Per Rule 2-01(c)(7)(A), the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. |
The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of
engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: 0% |
| (f) | No response required. |
| (g) | The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $33,600 for 2016 and $16,000 for 2015. |
| (h) | The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. |
Item 5. Audit Committee of Listed registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
| (a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (a)(3) | Not applicable. |
(12.other) Not applicable.
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.
| (Registrant) | Oppenheimer Revenue Weighted ETF Trust |
| By (Signature and Title)* | /s/ Arthur P. Steinmetz |
Arthur P. Steinmetz Principal Executive Officer |
| Date | 8/25/2016 |
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 (Signature and Title)* | /s/ Arthur P. Steinmetz |
Arthur P. Steinmetz Principal Executive Officer |
| Date | 8/25/2016 |
| By (Signature and Title)* | /s/ Brian S. Petersen |
Brian S. Petersen Principal Financial Officer |
| Date | 8/24/2016 |
* Print the name and title of each signing officer under his or her signature.