N-CSRS 1 e72907ncsrs.htm SEMI-ANNUAL REPORT

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: December 31, 2016

 

 

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Semiannual Report
12/31/2016
  
 
 


 
 

Oppenheimer

Revenue Weighted
ETF Trust

 

 

 

 

Would you prefer to receive materials like this electronically? See inside front cover for details.

 
 

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Table of Contents

2
 
4
 
Schedules of Investments
     
 
6
 
12
 
17
 
23
 
24
 
27
 
28
 
30
 
33
 
40
 
43
 
46
 
50
 
59
 
69
 
71
 
72
 

1

 
 

Shareholder Expense Examples
(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 July 1, 2016 to December 31, 2016 (except for Oppenheimer ESG Revenue ETF and Oppenheimer Global ESG Revenue ETF, which are for the period October 31, 2016 to December 31, 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.

2

 
 

Shareholder Expense Examples — concluded
(Unaudited)

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
07/01/2016
    
 Ending
Account
Value
12/31/2016
    
 Annualized
Expense Ratios
for the Six Month
Period
    
 Expenses Paid
During the
Six Month
Period1
Oppenheimer Large Cap Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,082.00      0.45 %      
$2.36
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.94      0.45 %      
$2.29
Oppenheimer Mid Cap Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,145.60      0.48 %      
$2.60
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.79      0.48 %      
$2.45
Oppenheimer Small Cap Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,224.50      0.48 %      
$2.69
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.79      0.48 %      
$2.45
Oppenheimer Financials Sector Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,276.60      0.49 %      
$2.81
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.74      0.49 %      
$2.50
Oppenheimer ADR Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,086.30      0.49 %      
$2.58
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.74      0.49 %      
$2.50
Oppenheimer Ultra Dividend Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,113.50      0.44 %      
$2.34
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.99      0.44 %      
$2.24
Oppenheimer Global Growth Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,122.90      0.64 %      
$3.42
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,021.98      0.64 %      
$3.26
Oppenheimer ESG Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 1,075.50      0.40 %      
$0.73
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,023.19      0.40 %      
$2.04
Oppenheimer Global ESG Revenue ETF
                                                 
Actual
          $ 1,000.00          $ 999.00      0.45 %      
$0.80
Hypothetical (5% return before expenses)
          $ 1,000.00          $ 1,022.94      0.45 %      
$2.29
1   Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).
2   Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 62/365 (to reflect the period from October 31, 2016 to December 31, 2016).

3

 
 

Schedule of Investments Summary Tables
(Unaudited)

Oppenheimer Large Cap Revenue ETF

Industry  % of
Net Assets		  
Automobiles & Components   3.4%
Banks   3.9 
Capital Goods   8.3 
Commercial & Professional Services   0.5 
Consumer Durables & Apparel   1.6 
Consumer Services   1.0 
Diversified Financials   4.3 
Energy   7.1 
Food & Staples Retailing   10.2 
Food, Beverage & Tobacco   4.1 
Health Care Equipment & Services   12.3 
Household & Personal Products   1.2 
Insurance   4.3 
Materials   2.9 
Media   2.7 
Money Market Fund   0.9 
Pharmaceuticals, Biotechnology & Life Sciences   3.8 
Real Estate   0.8 
Retailing   7.0 
Semiconductors & Semiconductor Equipment   1.6 
Software & Services   5.0 
Technology Hardware & Equipment   4.4 
Telecommunication Services   3.3 
Transportation   3.2 
Utilities   3.0 
Total Investments   100.8 
Liabilities in Excess of Other Assets   (0.8)
Net Assets   100.0%

Oppenheimer Mid Cap Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   1.0%
Banks   2.0 
Capital Goods   12.1 
Commercial & Professional Services   2.9 
Consumer Durables & Apparel   4.4 
Consumer Services   2.7 
Diversified Financials   1.7 
Energy   5.8 
Food & Staples Retailing   1.5 
Food, Beverage & Tobacco   3.6 
Health Care Equipment & Services   7.9 
Household & Personal Products   0.8 
Insurance   6.9 
Materials   9.0 
Media   1.9 
Money Market Fund   7.2 
Pharmaceuticals, Biotechnology & Life Sciences   1.0 
Real Estate   2.8 
Retailing   7.6 
Semiconductors & Semiconductor Equipment   1.4 
Software & Services   4.5 
Technology Hardware & Equipment   12.4 
Telecommunication Services   0.4 
Transportation   2.2 
Utilities   3.4 
Total Investments   107.1 
Liabilities in Excess of Other Assets   (7.1)
Net Assets   100.0%

Oppenheimer Small Cap Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   2.1%
Banks   2.6 
Capital Goods   11.3 
Commercial & Professional Services   8.7 
Consumer Durables & Apparel   4.0 
Consumer Services   3.1 
Diversified Financials   4.0 
Energy   2.4 
Food & Staples Retailing   4.0 
Food, Beverage & Tobacco   2.0 
Health Care Equipment & Services   10.2 
Household & Personal Products   0.4 
Insurance   2.7 
Materials   7.2 
Media   1.1 
Money Market Fund   9.0 
Pharmaceuticals, Biotechnology & Life Sciences   1.1 
Real Estate   1.5 
Retailing   14.8 
Semiconductors & Semiconductor Equipment   1.0 
Software & Services   3.1 
Technology Hardware & Equipment   7.3 
Telecommunication Services   0.7 
Transportation   3.5 
Utilities   1.1 
Total Investments   108.9 
Liabilities in Excess of Other Assets   (8.9)
Net Assets   100.0%


 

Oppenheimer Financials Sector Revenue ETF

Industry  % of
Net Assets
Banks   31.2%
Capital Markets   12.4 
Consumer Finance   5.1 
Diversified Financial Services   16.8 
Insurance   34.5 
Total Investments   100.0 
Liabilities in Excess of Other Assets   0.0‡
Net Assets   100.0%

Oppenheimer ADR Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   8.4%
Banks   10.5 
Capital Goods   1.5 
Commercial & Professional Services   0.4 
Consumer Durables & Apparel   1.8 
Consumer Services   0.5 
Diversified Financials   3.2 
Energy   29.8 
Food & Staples Retailing   0.3 
Food, Beverage & Tobacco   2.6 
Health Care Equipment & Services   0.5 
Household & Personal Products   1.3 
Insurance   7.8 
Materials   7.3 
Media   0.7 
Money Market Fund   20.7 
Pharmaceuticals, Biotechnology & Life Sciences   4.2 
Semiconductors & Semiconductor Equipment   0.9 
Software & Services   0.7 
Technology Hardware & Equipment   2.1 
Telecommunication Services   12.6 
Transportation   0.7 
Utilities   2.0 
Total Investments   120.5 
Liabilities in Excess of Other Assets   (20.5)
Net Assets   100.0%

Oppenheimer Ultra Dividend Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   9.6%
Banks   0.2 
Commercial & Professional Services   0.9 
Consumer Durables & Apparel   2.8 
Diversified Financials   0.4 
Energy   9.1 
Food, Beverage & Tobacco   5.2 
Insurance   2.5 
Materials   2.5 
Media   0.8 
Money Market Fund   6.8 
Pharmaceuticals, Biotechnology & Life Sciences   5.1 
Real Estate   11.5 
Retailing   7.0 
Technology Hardware & Equipment   2.9 
Telecommunication Services   17.1 
Utilities   22.2 
Total Investments   106.6 
Liabilities in Excess of Other Assets   (6.6)
Net Assets   100.0%


 
‡
   Less than 0.05%

4

 
 

Schedule of Investments Summary Tables — concluded
(Unaudited)

Oppenheimer Global Growth Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   5.3%
Banks   8.9 
Capital Goods   6.9 
Commercial & Professional Services   0.8 
Consumer Durables & Apparel   0.6 
Consumer Services   0.8 
Diversified Financials   0.6 
Energy   15.4 
Food & Staples Retailing   10.4 
Food, Beverage & Tobacco   5.6 
Household & Personal Products   2.0 
Insurance   12.0 
Materials   7.9 
Media   0.3 
Money Market Fund   1.0 
Pharmaceuticals, Biotechnology & Life Sciences   3.5 
Retailing   0.4 
Semiconductors & Semiconductor Equipment   0.8 
Technology Hardware & Equipment   8.1 
Telecommunication Services   3.9 
Utilities   6.9 
Total Investments   102.1 
Liabilities in Excess of Other Assets   (2.1)
Net Assets   100.0%

Oppenheimer ESG Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   3.9%
Banks   2.1 
Capital Goods   10.9 
Commercial & Professional Services   0.5 
Consumer Durables & Apparel   1.8 
Consumer Services   0.9 
Diversified Financials   2.4 
Energy   4.6 
Food & Staples Retailing   7.3 
Food, Beverage & Tobacco   5.7 
Health Care Equipment & Services   7.6 
Household & Personal Products   2.5 
Insurance   2.6 
Materials   3.7 
Media   3.6 
Money Market Fund   0.1 
Pharmaceuticals, Biotechnology & Life Sciences   2.8 
Real Estate   1.2 
Retailing   5.6 
Semiconductors & Semiconductor Equipment   3.0 
Software & Services   8.3 
Technology Hardware & Equipment   3.2 
Telecommunication Services   6.4 
Transportation   4.5 
Utilities   4.8 
Total Investments   100.0 
Liabilities in Excess of Other Assets   0.0‡
Net Assets   100.0%

Oppenheimer Global ESG Revenue ETF

Industry  % of
Net Assets
Automobiles & Components   2.2%
Capital Goods   19.3 
Commercial & Professional Services   1.2 
Consumer Durables & Apparel   3.7 
Consumer Services   1.1 
Diversified Financials   0.8 
Energy   6.0 
Food & Staples Retailing   7.4 
Food, Beverage & Tobacco   5.6 
Health Care Equipment & Services   2.0 
Household & Personal Products   1.9 
Insurance   1.0 
Materials   9.3 
Media   0.6 
Money Market Fund   0.2 
Pharmaceuticals, Biotechnology & Life Sciences   2.5 
Real Estate   1.1 
Retailing   1.9 
Semiconductors & Semiconductor Equipment   2.8 
Software & Services   7.4 
Technology Hardware & Equipment   8.6 
Telecommunication Services   4.5 
Transportation   3.4 
Utilities   5.6 
Total Investments   100.1 
Liabilities in Excess of Other Assets   (0.1)
Net Assets   100.0%


 
‡
   Less than 0.05%
 

5

 
 

Schedule of Investments
Oppenheimer Large Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—99.9%          
Automobiles & Components—3.4%     
BorgWarner, Inc.   10,730   $423,191 
Delphi Automotive PLC   11,133    749,807 
Ford Motor Co.   572,921    6,949,532 
General Motors Co.   210,220    7,324,065 
Goodyear Tire & Rubber Co. (The)1
   22,506    694,760 
Harley-Davidson, Inc.   4,773    278,457 
Total Automobiles & Components        16,419,812 
           
Banks—3.9%          
Bank of America Corp.   165,829    3,664,821 
BB&T Corp.   10,115    475,607 
Citigroup, Inc.   51,000    3,030,930 
Citizens Financial Group, Inc.   6,257    222,937 
Comerica, Inc.   1,804    122,871 
Fifth Third Bancorp   10,705    288,714 
Huntington Bancshares, Inc.   11,169    147,654 
JPMorgan Chase & Co.   49,983    4,313,033 
KeyCorp   11,050    201,884 
M&T Bank Corp.   1,559    243,874 
People’s United Financial, Inc.1
   3,130    60,597 
PNC Financial Services Group, Inc. (The)   6,092    712,520 
Regions Financial Corp.   17,513    251,487 
SunTrust Banks, Inc.   6,913    379,178 
U.S. Bancorp   17,485    898,205 
Wells Fargo & Co.   73,012    4,023,691 
Zions Bancorporation1
   2,509    107,987 
Total Banks        19,145,990 
           
Capital Goods—8.3%          
3M Co.   8,033    1,434,453 
Acuity Brands, Inc.   635    146,596 
Allegion PLC   1,597    102,208 
AMETEK, Inc.   3,657    177,730 
Arconic, Inc.   47,265    876,293 
Boeing Co. (The)   28,977    4,511,139 
Caterpillar, Inc.   20,161    1,869,731 
Cummins, Inc.   6,253    854,598 
Deere & Co.   12,559    1,294,079 
Dover Corp.   4,190    313,957 
Eaton Corp. PLC   13,903    932,752 
Emerson Electric Co.   15,686    874,495 
Fastenal Co.   3,845    180,638 
Flowserve Corp.   4,038    194,026 
Fluor Corp.   15,590    818,787 
Fortive Corp.   5,354    287,135 
Fortune Brands Home & Security, Inc.   4,140    221,324 
General Dynamics Corp.   8,434    1,456,214 
General Electric Co.   169,255    5,348,458 
Honeywell International, Inc.   15,909    1,843,058 
Illinois Tool Works, Inc.   5,105    625,158 
Ingersoll-Rand PLC   8,186    614,277 
Jacobs Engineering Group, Inc.2
   8,963    510,891 
Johnson Controls International PLC   41,473    1,708,273 
L-3 Communications Holdings, Inc.   3,109    472,910 
Lockheed Martin Corp.   8,647    2,161,231 
Masco Corp.   10,643    336,532 
Northrop Grumman Corp.   4,848    1,127,548 
           
   Shares  Value
PACCAR, Inc.   12,440   $794,916 
Parker-Hannifin Corp.   3,797    531,580 
Pentair PLC   4,635    259,884 
Quanta Services, Inc.2
   9,879    344,283 
Raytheon Co.   8,077    1,146,934 
Rockwell Automation, Inc.   2,055    276,192 
Rockwell Collins, Inc.   2,673    247,948 
Roper Technologies, Inc.   925    169,349 
Snap-on, Inc.   999    171,099 
Stanley Black & Decker, Inc.   4,501    516,220 
Textron, Inc.   13,554    658,182 
TransDigm Group, Inc.   600    149,376 
United Rentals, Inc.2
   2,615    276,092 
United Technologies Corp.   24,568    2,693,144 
W.W. Grainger, Inc.1
   2,029    471,235 
Xylem, Inc.   3,324    164,605 
Total Capital Goods        40,165,530 
           
Commercial & Professional Services—0.5%          
Cintas Corp.   1,974    228,115 
Dun & Bradstreet Corp. (The)   654    79,343 
Equifax, Inc.   1,218    144,004 
Nielsen Holdings PLC   6,871    288,238 
Pitney Bowes, Inc.   10,319    156,746 
Republic Services, Inc.   7,771    443,336 
Robert Half International, Inc.   5,203    253,802 
Stericycle, Inc.1,2
   2,212    170,413 
Verisk Analytics, Inc.2
   1,176    95,456 
Waste Management, Inc.   9,023    639,821 
Total Commercial & Professional Services           2,499,274 
      
Consumer Durables & Apparel—1.6%     
Coach, Inc.   5,647    197,758 
D.R. Horton, Inc.   20,185    551,656 
Garmin Ltd.1
   2,837    137,566 
Hanesbrands, Inc.1
   12,055    260,026 
Harman International Industries, Inc.   3,023    336,037 
Hasbro, Inc.1
   2,699    209,955 
Leggett & Platt, Inc.1
   3,590    175,479 
Lennar Corp., Class A   11,294    484,852 
Mattel, Inc.   8,977    247,316 
Michael Kors Holdings Ltd.1,2
   4,980    214,041 
Mohawk Industries, Inc.2
   2,004    400,159 
Newell Brands, Inc.   10,840    484,006 
NIKE, Inc., Class B   30,139    1,531,965 
PulteGroup, Inc.   17,922    329,406 
PVH Corp.   3,879    350,041 
Ralph Lauren Corp.   3,397    306,817 
Under Armour, Inc., Class A1,2
   3,529    102,518 
Under Armour, Inc., Class C2
   4,218    106,167 
VF Corp.1
   10,465    558,308 
Whirlpool Corp.   5,530    1,005,188 
Total Consumer Durables & Apparel           7,989,261 
           
Consumer Services—1.0%          
Carnival Corp.   14,573    758,670 
Chipotle Mexican Grill, Inc.1,2
   482    181,868 
Darden Restaurants, Inc.   4,312    313,569 
H&R Block, Inc.1
   6,077    139,710 
Marriott International, Inc., Class A   1,685    139,316 
McDonald’s Corp.   9,584    1,166,565 


6

 
 

Schedule of Investments — continued
Oppenheimer Large Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Consumer Services (continued)          
Royal Caribbean Cruises Ltd.   4,683   $384,193 
Starbucks Corp.   16,754    930,182 
Wyndham Worldwide Corp.   3,436    262,407 
Wynn Resorts Ltd.1
   1,673    144,731 
Yum! Brands, Inc.   6,605    418,295 
Total Consumer Services        4,839,506 
           
Diversified Financials—4.3%          
Affiliated Managers Group, Inc.2
   670    97,351 
American Express Co.   19,480    1,443,078 
Ameriprise Financial, Inc.   4,933    547,267 
Bank of New York Mellon Corp. (The)   14,782    700,371 
Berkshire Hathaway, Inc., Class B2
   60,033    9,784,178 
BlackRock, Inc.   1,356    516,012 
Capital One Financial Corp.   10,140    884,614 
Charles Schwab Corp. (The)   8,666    342,047 
CME Group, Inc.   1,365    157,453 
Discover Financial Services   4,770    343,869 
E*TRADE Financial Corp.2
   2,760    95,634 
Franklin Resources, Inc.   7,951    314,701 
Goldman Sachs Group, Inc. (The)   5,874    1,406,529 
Intercontinental Exchange, Inc.   3,420    192,956 
Invesco Ltd.   7,149    216,901 
Leucadia National Corp.   21,315    495,574 
Moody’s Corp.   1,713    161,485 
Morgan Stanley   36,798    1,554,716 
Nasdaq, Inc.   2,484    166,726 
Navient Corp.   6,419    105,464 
Northern Trust Corp.   2,628    234,023 
S&P Global, Inc.   2,320    249,493 
State Street Corp.   6,064    471,294 
Synchrony Financial   9,108    330,347 
T. Rowe Price Group, Inc.   2,617    196,956 
Total Diversified Financials        21,009,039 
           
Energy—7.1%          
Anadarko Petroleum Corp.   5,285    368,523 
Apache Corp.   3,665    232,618 
Baker Hughes, Inc.1
   7,928    515,082 
Cabot Oil & Gas Corp.   2,317    54,125 
Chesapeake Energy Corp.1,2
   65,449    459,452 
Chevron Corp.   41,187    4,847,710 
Cimarex Energy Co.   405    55,040 
Concho Resources, Inc.2
   501    66,433 
ConocoPhillips   21,172    1,061,564 
Devon Energy Corp.   10,276    469,305 
EOG Resources, Inc.   3,158    319,274 
EQT Corp.   1,188    77,695 
Exxon Mobil Corp.   102,539    9,255,170 
FMC Technologies, Inc.2
   7,125    253,151 
Halliburton Co.   14,982    810,376 
Helmerich & Payne, Inc.1
   943    72,988 
Hess Corp.   3,514    218,887 
Kinder Morgan, Inc.   29,410    609,081 
Marathon Oil Corp.   10,327    178,760 
Marathon Petroleum Corp.   52,986    2,667,845 
Murphy Oil Corp.1
   2,690    83,740 
National Oilwell Varco, Inc.   9,963    373,015 
Newfield Exploration Co.2
   1,462    59,211 
           
   Shares  Value
Noble Energy, Inc.   3,736   $142,192 
Occidental Petroleum Corp.   6,707    477,740 
ONEOK, Inc.   6,745    387,230 
Phillips 66   37,729    3,260,163 
Pioneer Natural Resources Co.   892    160,622 
Range Resources Corp.   1,554    53,395 
Schlumberger Ltd.   15,768    1,323,724 
Southwestern Energy Co.1,2
   10,685    115,612 
Spectra Energy Corp.   5,711    234,665 
Tesoro Corp.   12,524    1,095,224 
Transocean Ltd.1,2
   13,812    203,589 
Valero Energy Corp.   49,451    3,378,492 
Williams Cos., Inc. (The)   10,639    331,299 
Total Energy        34,272,992 
           
Food & Staples Retailing—10.2%          
Costco Wholesale Corp.   35,218    5,638,754 
CVS Health Corp.   103,096    8,135,305 
Kroger Co. (The)   147,538    5,091,536 
Sysco Corp.   42,334    2,344,034 
Walgreens Boots Alliance, Inc.   63,701    5,271,895 
Wal-Mart Stores, Inc.   319,970    22,116,326 
Whole Foods Market, Inc.   22,585    694,715 
Total Food & Staples Retailing        49,292,565 
           
Food, Beverage & Tobacco—4.1%          
Altria Group, Inc.   13,821    934,576 
Archer-Daniels-Midland Co.   64,445    2,941,914 
Brown-Forman Corp., Class B1
   3,213    144,328 
Campbell Soup Co.   6,358    384,468 
Coca-Cola Co. (The)   46,802    1,940,411 
Conagra Brands, Inc.   14,352    567,622 
Constellation Brands, Inc., Class A   2,139    327,930 
Dr Pepper Snapple Group, Inc.   3,365    305,105 
General Mills, Inc.   12,192    753,100 
Hershey Co. (The)   3,433    355,075 
Hormel Foods Corp.   12,605    438,780 
JM Smucker Co. (The)   2,826    361,898 
Kellogg Co.   8,471    624,397 
Kraft Heinz Co. (The)   14,843    1,296,091 
McCormick & Co., Inc.   2,244    209,432 
Mead Johnson Nutrition Co.   2,468    174,636 
Molson Coors Brewing Co., Class B   1,639    159,491 
Mondelez International, Inc., Class A   29,136    1,291,599 
Monster Beverage Corp.2
   3,146    139,494 
PepsiCo, Inc.   27,915    2,920,746 
Philip Morris International, Inc.   13,578    1,242,251 
Reynolds American, Inc.   10,558    591,670 
Tyson Foods, Inc., Class A   28,991    1,788,165 
Total Food, Beverage & Tobacco        19,893,179 
           
Health Care Equipment & Services—12.3%          
Abbott Laboratories   25,205    968,124 
Aetna, Inc.   23,273    2,886,085 
AmerisourceBergen Corp.1
   89,885    7,028,108 
Anthem, Inc.   27,178    3,907,381 
Baxter International, Inc.   10,612    470,536 
Becton Dickinson and Co.   3,512    581,412 
Boston Scientific Corp.2
   17,825    385,555 
C.R. Bard, Inc.   773    173,662 


7

 
 

Schedule Investments — continued
Oppenheimer Large Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Health Care Equipment & Services (continued)          
Cardinal Health, Inc.   81,551   $5,869,225 
Centene Corp.2
   27,777    1,569,678 
Cerner Corp.2
   4,479    212,170 
Cigna Corp.   13,877    1,851,053 
Cooper Cos., Inc. (The)   517    90,439 
Danaher Corp.   12,745    992,071 
DaVita, Inc.2
   10,744    689,765 
DENTSPLY SIRONA, Inc.   2,700    155,871 
Edwards Lifesciences Corp.2
   1,501    140,644 
Envision Healthcare Corp.2
   2,154    136,327 
Express Scripts Holding Co.2
   68,056    4,681,572 
HCA Holdings, Inc.2
   26,505    1,961,900 
Henry Schein, Inc.2
   3,488    529,164 
Hologic, Inc.2
   3,286    131,834 
Humana, Inc.   12,624    2,575,675 
Intuitive Surgical, Inc.2
   197    124,931 
Laboratory Corp. of America Holdings2
   3,441    441,756 
McKesson Corp.   64,030    8,993,014 
Medtronic PLC   18,472    1,315,761 
Patterson Cos., Inc.   6,539    268,295 
Quest Diagnostics, Inc.   3,887    357,215 
St. Jude Medical, Inc.   3,427    274,811 
Stryker Corp.   4,389    525,846 
UnitedHealth Group, Inc.   53,380    8,542,935 
Universal Health Services, Inc., Class B   4,400    468,072 
Varian Medical Systems, Inc.2
   1,687    151,459 
Zimmer Biomet Holdings, Inc.   2,675    276,060 
Total Health Care Equipment & Services           59,728,406 
           
Household & Personal Products—1.2%          
Church & Dwight Co., Inc.   3,655    161,514 
Clorox Co. (The)   2,354    282,527 
Colgate-Palmolive Co.   11,000    719,840 
Coty, Inc., Class A   10,777    197,327 
Estee Lauder Cos., Inc., (The), Class A   6,852    524,110 
Kimberly-Clark Corp.   7,477    853,275 
Procter & Gamble Co. (The)   36,502    3,069,088 
Total Household & Personal Products           5,807,681 
           
Insurance—4.3%          
Aflac, Inc.   15,034    1,046,366 
Allstate Corp. (The)   23,352    1,730,850 
American International Group, Inc.   37,932    2,477,339 
Aon PLC   4,885    544,824 
Arthur J. Gallagher & Co.   5,150    267,594 
Assurant, Inc.   4,256    395,212 
Chubb Ltd.   10,021    1,323,975 
Cincinnati Financial Corp.   3,304    250,278 
Hartford Financial Services Group, Inc. (The)   17,971    856,318 
Lincoln National Corp.   9,479    628,173 
Loews Corp.   13,090    613,005 
Marsh & McLennan Cos., Inc.   9,076    613,447 
MetLife, Inc.   56,672    3,054,054 
Principal Financial Group, Inc.   9,417    544,868 
Progressive Corp. (The)   29,964    1,063,722 
Prudential Financial, Inc.   28,293    2,944,170 
           
   Shares  Value
Torchmark Corp.   2,508   $184,990 
Travelers Cos., Inc. (The)   10,618    1,299,856 
Unum Group   11,925    523,865 
Willis Towers Watson PLC1
   2,143    262,046 
XL Group Ltd.   13,335    496,862 
Total Insurance        21,121,814 
           
Materials—2.9%          
Air Products & Chemicals, Inc.   3,034    436,350 
Albemarle Corp.   1,536    132,219 
Avery Dennison Corp.   3,908    274,420 
Ball Corp.   5,267    395,394 
CF Industries Holdings, Inc.1
   6,294    198,135 
Dow Chemical Co. (The)   38,134    2,182,027 
E.I. du Pont de Nemours & Co.   15,742    1,155,463 
Eastman Chemical Co.   5,649    424,861 
Ecolab, Inc.   5,149    603,566 
FMC Corp.   2,739    154,918 
Freeport-McMoRan, Inc.1,2
   46,179    609,101 
International Flavors & Fragrances, Inc.   1,225    144,342 
International Paper Co.   18,855    1,000,446 
LyondellBasell Industries NV, Class A   15,290    1,311,576 
Martin Marietta Materials, Inc.   737    163,268 
Monsanto Co.   6,101    641,886 
Mosaic Co. (The)1
   11,842    347,326 
Newmont Mining Corp.   9,890    336,952 
Nucor Corp.   11,155    663,945 
PPG Industries, Inc.   7,303    692,032 
Praxair, Inc.   4,035    472,862 
Sealed Air Corp.   6,702    303,869 
Sherwin-Williams Co. (The)   2,064    554,679 
Vulcan Materials Co.   1,359    170,079 
WestRock Co.   12,751    647,368 
Total Materials        14,017,084 
           
Media—2.7%          
CBS Corp., Class B   10,728    682,515 
Charter Communications, Inc., Class A2
   3,473    999,946 
Comcast Corp., Class A   52,981    3,658,338 
Discovery Communications, Inc., Class A1,2
   5,326    145,986 
Discovery Communications, Inc., Class C2
   5,513    147,638 
Interpublic Group of Cos., Inc. (The)   15,232    356,581 
News Corp., Class A   16,434    188,334 
News Corp., Class B   16,004    188,847 
Omnicom Group, Inc.   8,238    701,136 
Scripps Networks Interactive, Inc., Class A1
   2,226    158,870 
TEGNA, Inc.   6,603    141,238 
Time Warner, Inc.   14,239    1,374,491 
Twenty-First Century Fox, Inc., Class A   23,221    651,117 
Twenty-First Century Fox, Inc., Class B   23,576    642,446 
Viacom, Inc., Class B   16,725    587,047 
Walt Disney Co. (The)   25,409    2,648,126 
Total Media        13,272,656 


8

 
 

Schedule Investments — continued
Oppenheimer Large Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Pharmaceuticals, Biotechnology & Life Sciences—3.8%          
AbbVie, Inc.   19,293   $1,208,128 
Agilent Technologies, Inc.   4,218    192,172 
Alexion Pharmaceuticals, Inc.2
   1,210    148,044 
Allergan PLC2
   3,654    767,377 
Amgen, Inc.   7,153    1,045,840 
Biogen, Inc.2
   1,878    532,563 
Bristol-Myers Squibb Co.   14,899    870,698 
Celgene Corp.2
   4,403    509,647 
Eli Lilly & Co.   14,324    1,053,530 
Endo International PLC2
   11,307    186,226 
Gilead Sciences, Inc.   19,711    1,411,505 
Illumina, Inc.1,2
   862    110,371 
Johnson & Johnson   29,056    3,347,542 
Mallinckrodt PLC2
   3,015    150,207 
Merck & Co., Inc.   30,431    1,791,473 
Mettler-Toledo International, Inc.2
   284    118,871 
Mylan NV2
   12,876    491,219 
PerkinElmer, Inc.   2,009    104,769 
Perrigo Co. PLC   3,244    269,998 
Pfizer, Inc.   77,878    2,529,478 
Regeneron Pharmaceuticals, Inc.1,2
   587    215,482 
Thermo Fisher Scientific, Inc.   5,952    839,827 
Vertex Pharmaceuticals, Inc.2
   1,008    74,259 
Waters Corp.2
   634    85,203 
Zoetis, Inc.   4,346    232,641 
Total Pharmaceuticals, Biotechnology & Life Sciences        18,287,070 
           
Real Estate—0.8%          
American Tower Corp.   2,449    258,810 
Apartment Investment & Management Co., Class A   1,067    48,495 
AvalonBay Communities, Inc.   559    99,027 
Boston Properties, Inc.   959    120,623 
CBRE Group, Inc., Class A1,2
   19,199    604,577 
Crown Castle International Corp.   2,098    182,043 
Digital Realty Trust, Inc.1
   1,038    101,994 
Equinix, Inc.   453    161,907 
Equity Residential   1,891    121,705 
Essex Property Trust, Inc.   267    62,077 
Extra Space Storage, Inc.   623    48,121 
Federal Realty Investment Trust   266    37,801 
General Growth Properties, Inc.   4,475    111,786 
HCP, Inc.   4,113    122,238 
Host Hotels & Resorts, Inc.   13,491    254,170 
Iron Mountain, Inc.   4,881    158,535 
Kimco Realty Corp.   2,031    51,100 
Macerich Co. (The)   760    53,838 
Mid-America Apartment Communities, Inc.   577    56,500 
Prologis, Inc.   2,505    132,239 
Public Storage   569    127,172 
Realty Income Corp.   926    53,226 
Simon Property Group, Inc.   1,401    248,916 
SL Green Realty Corp.   783    84,212 
UDR, Inc.   1,182    43,119 
Ventas, Inc.   2,630    164,428 
Vornado Realty Trust   1,147    119,712 
           
   Shares  Value
Welltower, Inc.   2,437   $163,108 
Weyerhaeuser Co.   9,578    288,202 
Total Real Estate        4,079,681 
           
Retailing—7.0%          
Advance Auto Parts, Inc.   2,641    446,646 
Amazon.com, Inc.2
   7,874    5,904,476 
AutoNation, Inc.2
   21,301    1,036,294 
AutoZone, Inc.2
   631    498,358 
Bed Bath & Beyond, Inc.   12,168    494,508 
Best Buy Co., Inc.   38,654    1,649,366 
CarMax, Inc.1,2
   11,814    760,704 
Dollar General Corp.   13,052    966,762 
Dollar Tree, Inc.2
   11,351    876,070 
Expedia, Inc.   3,394    384,472 
Foot Locker, Inc.   4,686    332,191 
Gap, Inc. (The)   28,912    648,785 
Genuine Parts Co.   7,342    701,455 
Home Depot, Inc. (The)   31,937    4,282,113 
Kohl’s Corp.   16,160    797,981 
L Brands, Inc.   8,118    534,489 
LKQ Corp.2
   12,228    374,788 
Lowe’s Cos., Inc.   39,194    2,787,477 
Macy’s, Inc.   31,062    1,112,330 
Netflix, Inc.2
   3,140    388,732 
Nordstrom, Inc.1
   11,961    573,291 
O’Reilly Automotive, Inc.1,2
   1,435    399,518 
Priceline Group, Inc. (The)2
   337    494,062 
Ross Stores, Inc.   8,604    564,422 
Signet Jewelers Ltd.1
   3,392    319,730 
Staples, Inc.   98,005    886,945 
Target Corp.   43,762    3,160,929 
Tiffany & Co.1
   2,266    175,456 
TJX Cos., Inc. (The)   19,623    1,474,276 
Tractor Supply Co.   4,077    309,077 
TripAdvisor, Inc.2
   1,461    67,747 
Ulta Salon Cosmetics & Fragrance, Inc.2
   801    204,207 
Urban Outfitters, Inc.2
   5,153    146,758 
Total Retailing        33,754,415 
           
Semiconductors & Semiconductor Equipment—1.6%          
Analog Devices, Inc.   2,217    160,999 
Applied Materials, Inc.   14,359    463,365 
Broadcom Ltd.   2,904    513,340 
First Solar, Inc.1,2
   4,585    147,133 
Intel Corp.   73,707    2,673,353 
KLA-Tencor Corp.   1,869    147,053 
Lam Research Corp.   2,678    283,145 
Linear Technology Corp.   1,080    67,338 
Microchip Technology, Inc.1
   2,008    128,813 
Micron Technology, Inc.2
   28,854    632,480 
NVIDIA Corp.   2,691    287,237 
Qorvo, Inc.1,2
   2,313    121,964 
QUALCOMM, Inc.   16,459    1,073,127 
Skyworks Solutions, Inc.   2,140    159,772 
Texas Instruments, Inc.   8,551    623,966 
Xilinx, Inc.   1,802    108,787 
Total Semiconductors & Semiconductor Equipment        7,591,872 


9

 
 

Schedule Investments — continued
Oppenheimer Large Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Software & Services—5.0%          
Accenture PLC, Class A   12,563   $1,471,504 
Activision Blizzard, Inc.   7,636    275,736 
Adobe Systems, Inc.2
   2,477    255,007 
Akamai Technologies, Inc.2
   1,628    108,555 
Alliance Data Systems Corp.   1,451    331,554 
Alphabet, Inc., Class A2
   2,469    1,956,559 
Alphabet, Inc., Class C2
   2,531    1,953,476 
Autodesk, Inc.2
   1,423    105,316 
Automatic Data Processing, Inc.   5,733    589,238 
CA, Inc.   5,921    188,110 
Citrix Systems, Inc.2
   1,784    159,329 
Cognizant Technology Solutions Corp., Class A2
   11,105    622,213 
CSRA, Inc.   6,693    213,105 
eBay, Inc.2
   14,101    418,659 
Electronic Arts, Inc.1,2
   2,659    209,423 
Facebook, Inc., Class A2
   9,698    1,115,755 
Fidelity National Information Services, Inc.   5,374    406,489 
Fiserv, Inc.2
   2,414    256,560 
Global Payments, Inc.   2,042    141,735 
International Business Machines Corp.   22,469    3,729,629 
Intuit, Inc.   1,872    214,550 
Mastercard, Inc., Class A   4,815    497,149 
Microsoft Corp.   64,312    3,996,348 
Oracle Corp.   43,082    1,656,503 
Paychex, Inc.   2,347    142,885 
PayPal Holdings, Inc.2
   12,431    490,652 
Red Hat, Inc.2
   1,333    92,910 
salesforce.com, Inc.2
   4,963    339,767 
Symantec Corp.   6,984    166,848 
Teradata Corp.2
   3,994    108,517 
Total System Services, Inc.   3,579    175,478 
VeriSign, Inc.1,2
   659    50,130 
Visa, Inc., Class A1
   9,007    702,726 
Western Union Co. (The)1
   11,661    253,277 
Xerox Corp.   80,955    706,737 
Yahoo!, Inc.2
   5,077    196,328 
Total Software & Services        24,298,757 
           
Technology Hardware & Equipment—4.4%          
Amphenol Corp., Class A   4,223    283,786 
Apple, Inc.   88,360    10,233,855 
Cisco Systems, Inc.   75,941    2,294,937 
Corning, Inc.   17,729    430,283 
F5 Networks, Inc.2
   663    95,950 
FLIR Systems, Inc.   2,127    76,976 
Harris Corp.   3,291    337,229 
Hewlett Packard Enterprise Co.   100,801    2,332,535 
HP, Inc.   185,886    2,758,548 
Juniper Networks, Inc.   8,051    227,521 
Motorola Solutions, Inc.   3,406    282,323 
NetApp, Inc.   7,023    247,701 
Seagate Technology PLC1
   13,295    507,470 
TE Connectivity Ltd.   8,180    566,711 
Western Digital Corp.   9,997    679,296 
Total Technology Hardware & Equipment           21,355,121 
           
   Shares  Value
Telecommunication Services—3.3%          
AT&T, Inc.   188,159   $8,002,402 
CenturyLink, Inc.1
   34,460    819,459 
Frontier Communications Corp.1
   104,678    353,811 
Level 3 Communications, Inc.2
   6,849    386,010 
Verizon Communications, Inc.   116,786    6,234,037 
Total Telecommunication Services        15,795,719 
           
Transportation—3.2%          
Alaska Air Group, Inc.1
   3,190    283,049 
American Airlines Group, Inc.   39,607    1,849,251 
C.H. Robinson Worldwide, Inc.   7,981    584,688 
CSX Corp.   14,020    503,739 
Delta Air Lines, Inc.   37,805    1,859,628 
Expeditors International of Washington, Inc.   5,202    275,498 
FedEx Corp.   12,591    2,344,444 
JB Hunt Transport Services, Inc.   3,092    300,140 
Kansas City Southern   1,296    109,966 
Norfolk Southern Corp.   4,355    470,645 
Ryder System, Inc.   3,969    295,452 
Southwest Airlines Co.   19,626    978,160 
Union Pacific Corp.   9,186    952,404 
United Continental Holdings, Inc.2
   23,908    1,742,415 
United Parcel Service, Inc., Class B   24,165    2,770,276 
Total Transportation        15,319,755 
           
Utilities—3.0%          
AES Corp.   53,184    617,998 
Alliant Energy Corp.   4,187    158,646 
Ameren Corp.   5,413    283,966 
American Electric Power Co., Inc.   12,978    817,095 
American Water Works Co., Inc.   2,152    155,719 
CenterPoint Energy, Inc.   13,969    344,196 
CMS Energy Corp.   7,231    300,954 
Consolidated Edison, Inc.   7,974    587,524 
Dominion Resources, Inc.   7,117    545,091 
DTE Energy Co.   4,981    490,678 
Duke Energy Corp.   14,266    1,107,327 
Edison International   7,653    550,940 
Entergy Corp.   7,027    516,274 
Eversource Energy   6,694    369,710 
Exelon Corp.   39,866    1,414,844 
FirstEnergy Corp.   21,258    658,360 
NextEra Energy, Inc.   6,696    799,904 
NiSource, Inc.   8,997    199,194 
NRG Energy, Inc.   48,565    595,407 
PG&E Corp.   13,529    822,157 
Pinnacle West Capital Corp.   2,169    169,247 
PPL Corp.   10,168    346,220 
Public Service Enterprise Group, Inc.   10,206    447,839 
SCANA Corp.   2,677    196,171 
Sempra Energy   4,686    471,599 
Southern Co. (The)   17,767    873,959 
WEC Energy Group, Inc.   5,409    317,238 
Xcel Energy, Inc.   11,652    474,236 
Total Utilities        14,632,493 
Total Common Stocks
   (Cost $427,078,238)		        484,589,672 
 


10

 
 

Schedule Investments — concluded
Oppenheimer Large Cap Revenue ETF
December 31, 2016 (Unaudited)

  Shares  Value
INVESTMENT OF CASH COLLATERAL   
FOR SECURITIES LOANED—0.9%    
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%3
(Cost $4,472,236)
  4,472,236   $4,472,236 
Total Investments—100.8%
  (Cost $431,550,474)		       489,061,908 
Liabilities in Excess of Other Assets—(0.8)%          (4,046,055)
Net Assets—100.0%      $485,015,853 
 

PLC – Public Limited Company

1   All or a portion of the security was on loan. The aggregate value of the securities on loan was $12,754,280; total value of the collateral held by the fund was $13,129,420. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,657,184 (Note 4).
2   Non-income producing security.
3   Rate shown represents annualized 7-day yield as of December 31, 2016.


The accompanying notes are an integral part of these financial statements.

11

 
 

Schedule Investments
Oppenheimer Mid Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—99.9%      
Automobiles & Components—1.0%     
Dana, Inc.   61,985   $1,176,475 
Gentex Corp.   16,737    329,552 
Thor Industries, Inc.   9,099    910,355 
Total Automobiles & Components        2,416,382 
           
Banks—2.0%          
Associated Banc-Corp.1
   7,866    194,290 
BancorpSouth, Inc.   4,770    148,109 
Bank of Hawaii Corp.1
   1,401    124,255 
Bank of the Ozarks, Inc.   2,278    119,800 
Cathay General Bancorp   2,504    95,227 
Chemical Financial Corp.   1,517    82,176 
Commerce Bancshares, Inc.1
   3,875    224,014 
Cullen/Frost Bankers, Inc.1
   2,438    215,105 
East West Bancorp, Inc.   4,471    227,261 
F.N.B. Corp.   9,184    147,220 
First Horizon National Corp.   12,712    254,367 
Fulton Financial Corp.   7,501    141,019 
Hancock Holding Co.   3,612    155,677 
International Bancshares Corp.1
   2,373    96,818 
MB Financial, Inc.   3,584    169,272 
New York Community Bancorp, Inc.   8,222    130,812 
PacWest Bancorp   3,776    205,565 
PrivateBancorp, Inc.   2,605    141,165 
Prosperity Bancshares, Inc.   2,123    152,389 
Signature Bank2
   1,386    208,177 
SVB Financial Group2
   1,719    295,084 
Synovus Financial Corp.   5,572    228,898 
TCF Financial Corp.   13,087    256,374 
Trustmark Corp.   3,127    111,478 
UMB Financial Corp.   2,106    162,415 
Umpqua Holdings Corp.   11,653    218,843 
Valley National Bancorp   11,660    135,722 
Washington Federal, Inc.   2,741    94,153 
Webster Financial Corp.1
   3,453    187,429 
Total Banks        4,923,114 
           
Capital Goods—12.1%          
A.O. Smith Corp.   11,036    522,555 
AECOM2
   93,283    3,391,770 
AGCO Corp.   25,821    1,494,003 
B/E Aerospace, Inc.   9,756    587,214 
Carlisle Cos., Inc.   6,565    724,054 
CLARCOR, Inc.   3,436    283,367 
Crane Co.   7,543    544,001 
Curtiss-Wright Corp.   4,257    418,718 
Donaldson Co., Inc.1
   10,429    438,852 
Dycom Industries, Inc.1,2
   6,862    550,950 
EMCOR Group, Inc.   20,790    1,471,100 
EnerSys   6,243    487,578 
Esterline Technologies Corp.2
   4,397    392,212 
GATX Corp.1
   4,843    298,232 
Graco, Inc.   3,172    263,561 
Granite Construction, Inc.   8,753    481,415 
Hubbell, Inc.   6,157    718,522 
Huntington Ingalls Industries, Inc.   8,011    1,475,546 
IDEX Corp.   4,636    417,518 
ITT, Inc.   12,288    473,948 
Joy Global, Inc.   18,626    521,528 
           
   Shares  Value
KBR, Inc.   48,514   $809,699 
Kennametal, Inc.   12,591    393,595 
KLX, Inc.2
   6,513    293,801 
Lennox International, Inc.   4,644    711,321 
Lincoln Electric Holdings, Inc.   5,892    451,740 
MSC Industrial Direct Co., Inc., Class A   6,358    587,416 
Nordson Corp.   3,141    351,949 
NOW, Inc.1,2
   20,363    416,831 
Orbital ATK, Inc.   10,418    913,971 
Oshkosh Corp.   18,832    1,216,736 
Regal Beloit Corp.   9,377    649,357 
Teledyne Technologies, Inc.2
   3,646    448,458 
Terex Corp.   32,209    1,015,550 
Timken Co. (The)   14,116    560,405 
Toro Co. (The)   8,882    496,948 
Trinity Industries, Inc.   36,250    1,006,300 
Triumph Group, Inc.   28,270    749,155 
Valmont Industries, Inc.   3,335    469,901 
Wabtec Corp.1
   7,641    634,356 
Watsco, Inc.   5,706    845,173 
Woodward, Inc.   5,895    407,050 
Total Capital Goods        29,386,356 
           
Commercial & Professional Services—2.9%          
CEB, Inc.   3,191    193,375 
Clean Harbors, Inc.1,2
   9,929    552,549 
Copart, Inc.1,2
   4,616    255,772 
Deluxe Corp.   5,231    374,592 
FTI Consulting, Inc.2
   8,148    367,312 
Herman Miller, Inc.   13,079    447,302 
HNI Corp.   8,268    462,347 
Manpowergroup, Inc.   44,360    3,942,273 
MSA Safety, Inc.   3,447    238,980 
Rollins, Inc.   9,371    316,552 
Total Commercial & Professional Services           7,151,054 
           
Consumer Durables & Apparel—4.4%          
Brunswick Corp.   16,184    882,675 
CalAtlantic Group, Inc.1
   36,686    1,247,691 
Carter’s, Inc.   6,826    589,698 
Deckers Outdoor Corp.1,2
   6,496    359,814 
Fossil Group, Inc.1,2
   20,345    526,122 
Helen of Troy Ltd.2
   3,814    322,092 
Kate Spade & Co.2
   17,911    334,398 
KB Home1
   41,578    657,348 
NVR, Inc.2
   713    1,189,997 
Polaris Industries, Inc.1
   11,219    924,334 
Skechers U.S.A., Inc., Class A2
   28,230    693,894 
Tempur Sealy International, Inc.1,2
   9,576    653,849 
Toll Brothers, Inc.2
   30,525    946,275 
TRI Pointe Group, Inc.2
   42,302    485,627 
Tupperware Brands Corp.   8,431    443,639 
Vista Outdoor, Inc.2
   13,120    484,128 
Total Consumer Durables & Apparel           10,741,581 
           
Consumer Services—2.7%          
Brinker International, Inc.1
   12,965    642,157 
Buffalo Wild Wings, Inc.2
   2,446    377,662 
Cheesecake Factory, Inc. (The)   7,256    434,489 
Churchill Downs, Inc.   1,738    261,482 


    

12

 
 

Schedule Investments — continued
Oppenheimer Mid Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Consumer Services (continued)          
Cracker Barrel Old Country Store, Inc.   3,487   $582,259 
DeVry Education Group, Inc.   11,761    366,943 
Domino’s Pizza, Inc.   2,733    435,203 
Dunkin’ Brands Group, Inc.   3,108    162,984 
Graham Holdings Co., Class B   953    487,888 
International Speedway Corp., Class A   3,516    129,389 
Jack in the Box, Inc.   2,850    318,174 
Panera Bread Co., Class A1,2
   2,658    545,129 
Papa John’s International, Inc.   3,866    330,852 
Service Corp. International   21,904    622,074 
Sotheby’s1,2
   4,382    174,667 
Texas Roadhouse, Inc.   8,174    394,314 
Wendy’s Co. (The)1
   24,952    337,351 
Total Consumer Services        6,603,017 
           
Diversified Financials—1.7%          
CBOE Holdings, Inc.1
   1,716    126,795 
Eaton Vance Corp.   6,556    274,565 
FactSet Research Systems, Inc.1
   1,390    227,168 
Federated Investors, Inc., Class B   8,121    229,662 
Janus Capital Group, Inc.   15,441    204,902 
Legg Mason, Inc.   18,028    539,218 
MarketAxess Holdings, Inc.   432    63,469 
MSCI, Inc.   2,870    226,099 
Raymond James Financial, Inc.   15,150    1,049,441 
SEI Investments Co.   5,690    280,858 
SLM Corp.2
   15,036    165,697 
Stifel Financial Corp.2
   9,879    493,456 
Waddell & Reed Financial, Inc., Class A   13,002    253,669 
WisdomTree Investments, Inc.1
   4,030    44,894 
Total Diversified Financials        4,179,893 
           
Energy—5.8%          
CONSOL Energy, Inc.1
   19,028    346,880 
Denbury Resources, Inc.1,2
   50,379    185,395 
Diamond Offshore Drilling, Inc.1,2
   17,752    314,210 
Dril-Quip, Inc.1,2
   2,032    122,022 
Energen Corp.2
   2,173    125,317 
Ensco PLC, Class A   60,381    586,903 
Gulfport Energy Corp.2
   4,503    97,445 
HollyFrontier Corp.   67,209    2,201,767 
Nabors Industries Ltd.   31,086    509,810 
Noble Corp. PLC1
   82,373    487,648 
Oceaneering International, Inc.   16,296    459,710 
Oil States International, Inc.1,2
   4,075    158,925 
Patterson-UTI Energy, Inc.1
   7,578    204,000 
QEP Resources, Inc.2
   14,530    267,497 
Rowan Cos. PLC, Class A2
   20,840    393,668 
SM Energy Co.   6,267    216,086 
Superior Energy Services, Inc.1
   19,451    328,333 
Western Refining, Inc.   40,385    1,528,572 
World Fuel Services Corp.   116,743    5,359,671 
WPX Energy, Inc.2
   13,557    197,526 
Total Energy        14,091,385 
           
   Shares  Value
Food & Staples Retailing—1.5%          
Casey’s General Stores, Inc.   10,205   $1,213,170 
Sprouts Farmers Market, Inc.1,2
   37,538    710,219 
United Natural Foods, Inc.2
   36,783    1,755,285 
Total Food & Staples Retailing        3,678,674 
      
Food, Beverage & Tobacco—3.6%     
Boston Beer Co., Inc. (The), Class A1,2
   1,090    185,137 
Dean Foods Co.   71,266    1,552,174 
Flowers Foods, Inc.1
   40,327    805,330 
Hain Celestial Group, Inc. (The)2
   15,511    605,394 
Ingredion, Inc.   9,315    1,164,002 
Lamb Weston Holdings, Inc.2
   17,703    670,059 
Lancaster Colony Corp.   1,753    247,857 
Post Holdings, Inc.1,2
   13,252    1,065,328 
Snyder’s-Lance, Inc.   10,122    388,077 
Tootsie Roll Industries, Inc.1
   2,712    107,802 
TreeHouse Foods, Inc.1,2
   14,677    1,059,533 
WhiteWave Foods Co. (The)2
   15,399    856,184 
Total Food, Beverage & Tobacco        8,706,877 
           
Health Care Equipment & Services—7.9%          
ABIOMED, Inc.2
   664    74,819 
Align Technology, Inc.1,2
   2,073    199,277 
Allscripts Healthcare Solutions, Inc.2
   27,962    285,492 
Globus Medical, Inc., Class A2
   4,561    113,158 
Halyard Health, Inc.2
   8,432    311,815 
HealthSouth Corp.   17,317    714,153 
Hill-Rom Holdings, Inc.   9,850    552,979 
IDEXX Laboratories, Inc.2
   2,953    346,298 
LifePoint Health, Inc.2
   21,615    1,227,732 
LivaNova PLC1,2
   4,312    193,911 
MEDNAX, Inc.2
   9,674    644,869 
Molina Healthcare, Inc.1,2
   63,807    3,462,168 
NuVasive, Inc.1,2
   2,766    186,318 
Owens & Minor, Inc.   57,190    2,018,235 
ResMed, Inc.1
   6,195    384,400 
STERIS PLC   7,610    512,838 
Teleflex, Inc.   2,398    386,438 
Tenet Healthcare Corp.2
   265,423    3,938,877 
VCA, Inc.2
   7,484    513,777 
WellCare Health Plans, Inc.2
   21,144    2,898,420 
West Pharmaceutical Services, Inc.   3,563    302,249 
Total Health Care Equipment & Services           19,268,223 
           
Household & Personal Products—0.8%          
Avon Products, Inc.2
   216,910    1,093,226 
Edgewell Personal Care Co.2
   6,388    466,260 
Energizer Holdings, Inc.   7,700    343,497 
Total Household & Personal Products           1,902,983 
           
Insurance—6.9%          
Alleghany Corp.2
   2,057    1,250,903 
American Financial Group, Inc.   14,898    1,312,812 
Aspen Insurance Holdings Ltd.   11,507    632,885 
Brown & Brown, Inc.   7,889    353,901 
CNO Financial Group, Inc.   41,270    790,320 
Endurance Specialty Holdings Ltd.   5,462    504,689 
Everest Re Group Ltd.   5,493    1,188,685 
First American Financial Corp.   29,535    1,081,867 


    

13

 
 

Schedule Investments — continued
Oppenheimer Mid Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Insurance (continued)          
Genworth Financial, Inc., Class A2
   431,416   $1,643,695 
Hanover Insurance Group, Inc. (The)   11,199    1,019,221 
Kemper Corp.1
   11,389    504,533 
Mercury General Corp.   11,507    692,836 
Old Republic International Corp.   63,662    1,209,578 
Primerica, Inc.1
   4,372    302,324 
Reinsurance Group of America, Inc.   18,187    2,288,470 
RenaissanceRe Holdings Ltd.   2,754    375,150 
W.R. Berkley Corp.   23,201    1,543,098 
Total Insurance        16,694,967 
           
Materials—9.0%          
Allegheny Technologies, Inc.1
   37,527    597,805 
AptarGroup, Inc.   6,550    481,098 
Ashland Global Holdings, Inc.   8,998    983,391 
Bemis Co., Inc.   16,771    801,989 
Cabot Corp.   9,264    468,203 
Carpenter Technology Corp.   9,204    332,909 
Commercial Metals Co.   40,296    877,647 
Compass Minerals International, Inc.1
   2,511    196,737 
Domtar Corp.   26,506    1,034,529 
Eagle Materials, Inc.   2,419    238,344 
Greif, Inc., Class A   12,603    646,660 
Louisiana-Pacific Corp.2
   22,008    416,611 
Minerals Technologies, Inc.   4,310    332,948 
NewMarket Corp.   973    412,396 
Olin Corp.1
   43,094    1,103,637 
Owens-Illinois, Inc.2
   76,545    1,332,649 
Packaging Corp. of America   13,442    1,140,150 
PolyOne Corp.   19,835    635,513 
Reliance Steel & Aluminum Co.   21,233    1,688,873 
Royal Gold, Inc.   1,307    82,798 
RPM International, Inc.   18,321    986,219 
Scotts Miracle-Gro Co., (The), Class A   4,748    453,671 
Sensient Technologies Corp.   3,564    280,059 
Silgan Holdings, Inc.   14,668    750,708 
Sonoco Products Co.1
   18,985    1,000,510 
Steel Dynamics, Inc.   40,741    1,449,565 
United States Steel Corp.1
   57,479    1,897,382 
Valspar Corp. (The)   8,380    868,252 
Worthington Industries, Inc.   10,268    487,114 
Total Materials        21,978,367 
           
Media—1.9%          
AMC Networks, Inc., Class A2
   10,728    561,504 
Cable One, Inc.   276    171,597 
Cinemark Holdings, Inc.   15,354    588,979 
John Wiley & Sons, Inc., Class A   6,230    339,535 
Live Nation Entertainment, Inc.2
   62,934    1,674,044 
Meredith Corp.   5,905    349,281 
New York Times Co., (The), Class A1
   23,285    309,691 
Time, Inc.   34,990    624,572 
Total Media        4,619,203 
           
   Shares  Value
Pharmaceuticals, Biotechnology & Life Sciences—1.0%          
Akorn, Inc.1,2
   10,799   $235,742 
Bio-Rad Laboratories, Inc., Class A2
   2,332    425,077 
Bio-Techne Corp.   1,002    103,036 
Catalent, Inc.2
   14,098    380,082 
Charles River Laboratories International, Inc.2
   4,202    320,150 
PAREXEL International Corp.1,2
   6,486    426,260 
Prestige Brands Holdings, Inc.2
   3,387    176,463 
United Therapeutics Corp.1,2
   2,242    321,570 
Total Pharmaceuticals, Biotechnology & Life Sciences        2,388,380 
           
Real Estate—2.8%          
Alexander & Baldwin, Inc.   2,165    97,144 
Alexandria Real Estate Equities, Inc.   1,721    191,255 
American Campus Communities, Inc.1
   3,359    167,177 
Camden Property Trust   2,295    192,941 
Care Capital Properties, Inc.   2,770    69,250 
Communications Sales & Leasing, Inc.   7,636    194,031 
CoreCivic, Inc.   15,262    373,308 
Corporate Office Properties Trust   3,826    119,448 
Cousins Properties, Inc.1
   9,352    79,585 
DCT Industrial Trust, Inc.   1,685    80,678 
Douglas Emmett, Inc.   3,850    140,756 
Duke Realty Corp.   6,977    185,309 
Education Realty Trust, Inc.1
   1,406    59,474 
EPR Properties   1,369    98,253 
Equity One, Inc.   2,410    73,963 
First Industrial Realty Trust, Inc.   2,650    74,332 
Healthcare Realty Trust, Inc.   2,608    79,075 
Highwoods Properties, Inc.   2,753    140,430 
Hospitality Properties Trust   13,517    429,030 
Jones Lang LaSalle, Inc.   13,218    1,335,547 
Kilroy Realty Corp.   1,701    124,547 
Lamar Advertising Co., Class A   4,518    303,790 
LaSalle Hotel Properties   8,175    249,092 
Liberty Property Trust   4,026    159,027 
Life Storage, Inc.   987    84,152 
Mack-Cali Realty Corp.   4,460    129,429 
Medical Properties Trust, Inc.1
   8,619    106,014 
National Retail Properties, Inc.   2,538    112,180 
Omega Healthcare Investors, Inc.1
   5,856    183,059 
Potlatch Corp.   2,899    120,743 
Quality Care Properties, Inc.2
   6,575    101,912 
Rayonier, Inc.   5,252    139,703 
Regency Centers Corp.   1,986    136,935 
Senior Housing Properties Trust   12,088    228,826 
Tanger Factory Outlet Centers, Inc.   2,605    93,207 
Taubman Centers, Inc.   1,683    124,424 
Urban Edge Properties   2,310    63,548 
Washington Prime Group, Inc.   16,889    175,814 
Weingarten Realty Investors   3,163    113,204 
Total Real Estate        6,930,592 
           
Retailing—7.6%          
Aaron’s, Inc.1
   19,828    634,298 
American Eagle Outfitters, Inc.   44,278    671,697 
Big Lots, Inc.1
   19,342    971,162 


    

14

 
 

Schedule Investments — continued
Oppenheimer Mid Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Retailing (continued)          
Cabela’s, Inc.1,2
   13,430   $786,326 
Chico’s FAS, Inc.   32,314    464,998 
CST Brands, Inc.   36,315    1,748,567 
Dick’s Sporting Goods, Inc.   26,439    1,403,911 
GameStop Corp., Class A1
   73,010    1,844,233 
HSN, Inc.   20,412    700,132 
JC Penney Co., Inc.1,2
   281,684    2,340,794 
Murphy USA, Inc.2
   28,977    1,781,216 
Office Depot, Inc.   549,726    2,484,762 
Pool Corp.   4,902    511,475 
Restoration Hardware Holdings, Inc.1,2
   13,784    423,169 
Sally Beauty Holdings, Inc.2
   30,034    793,498 
Williams-Sonoma, Inc.1
   18,511    895,747 
Total Retailing        18,455,985 
           
Semiconductors & Semiconductor Equipment—1.4%          
Advanced Micro Devices, Inc.1,2
   77,708    881,209 
Cirrus Logic, Inc.2
   4,489    253,808 
Cree, Inc.1,2
   11,264    297,257 
Cypress Semiconductor Corp.   32,845    375,747 
Integrated Device Technology, Inc.2
   5,861    138,085 
Intersil Corp., Class A   4,655    103,806 
Microsemi Corp.2
   5,599    302,178 
Monolithic Power Systems, Inc.   903    73,983 
Silicon Laboratories, Inc.1,2
   2,006    130,390 
Synaptics, Inc.1,2
   5,652    302,834 
Teradyne, Inc.   12,619    320,523 
Versum Materials, Inc.2
   6,844    192,111 
Total Semiconductors & Semiconductor Equipment        3,371,931 
           
Software & Services—4.5%          
ACI Worldwide, Inc.2
   10,878    197,436 
Acxiom Corp.2
   6,602    176,934 
ANSYS, Inc.2
   2,094    193,674 
Broadridge Financial Solutions, Inc.   9,985    662,006 
Cadence Design Systems, Inc.2
   14,047    354,265 
CDK Global, Inc.   7,414    442,542 
CommVault Systems, Inc.2
   2,376    122,126 
Computer Sciences Corp.   23,867    1,418,177 
comScore, Inc.2
   2,275    71,845 
Convergys Corp.1
   23,927    587,647 
CoreLogic, Inc.2
   10,158    374,119 
DST Systems, Inc.   3,563    381,775 
Fair Isaac Corp.   1,487    177,280 
Fortinet, Inc.2
   8,112    244,333 
Gartner, Inc.2
   4,706    475,635 
j2 Global, Inc.1
   2,078    169,980 
Jack Henry & Associates, Inc.   3,142    278,947 
Leidos Holdings, Inc.   23,007    1,176,578 
Manhattan Associates, Inc.2
   2,367    125,522 
MAXIMUS, Inc.   8,968    500,325 
Mentor Graphics Corp.   6,041    222,853 
NeuStar, Inc., Class A1,2
   7,062    235,871 
PTC, Inc.2
   4,911    227,232 
Science Applications International Corp.   10,950    928,560 
Synopsys, Inc.2
   8,040    473,234 
Tyler Technologies, Inc.1,2
   1,037    148,052 
           
   Shares  Value
Ultimate Software Group, Inc. (The)2
   822   $149,892 
WebMD Health Corp.1,2
   2,679    132,798 
WEX, Inc.2
   1,730    193,068 
Total Software & Services        10,842,706 
           
Technology Hardware & Equipment—12.4%          
3D Systems Corp.1,2
   8,701    115,636 
ARRIS International PLC2
   40,561    1,222,103 
Arrow Electronics, Inc.2
   70,609    5,034,422 
Avnet, Inc.   101,558    4,835,176 
Belden, Inc.   6,071    453,929 
Brocade Communications Systems, Inc.   37,091    463,267 
Ciena Corp.1,2
   22,187    541,585 
Cognex Corp.   1,384    88,050 
Diebold Nixdorf, Inc.1
   21,867    549,955 
InterDigital, Inc.   1,137    103,865 
IPG Photonics Corp.2
   1,959    193,373 
Jabil Circuit, Inc.   154,237    3,650,790 
Keysight Technologies, Inc.2
   16,174    591,483 
Knowles Corp.1,2
   11,227    187,603 
Littelfuse, Inc.1
   1,209    183,490 
National Instruments Corp.   8,191    252,447 
NCR Corp.2
   31,887    1,293,337 
NetScout Systems, Inc.2
   6,938    218,547 
Plantronics, Inc.   3,220    176,327 
SYNNEX Corp.   22,290    2,697,536 
Tech Data Corp.1,2
   60,268    5,103,494 
Trimble, Inc.2
   15,170    457,375 
VeriFone Systems, Inc.1,2
   22,487    398,694 
ViaSat, Inc.1,2
   4,370    289,381 
Vishay Intertechnology, Inc.1
   29,098    471,388 
Zebra Technologies Corp., Class A2
   8,703    746,369 
Total Technology Hardware & Equipment           30,319,622 
           
Telecommunication Services—0.4%          
Telephone & Data Systems, Inc.   35,348    1,020,497 
           
Transportation—2.2%          
Avis Budget Group, Inc.2
   46,495    1,705,437 
Genesee & Wyoming, Inc., Class A2
   5,752    399,246 
JetBlue Airways Corp.2
   59,820    1,341,164 
Kirby Corp.1,2
   5,580    371,070 
Landstar System, Inc.   7,323    624,652 
Old Dominion Freight Line, Inc.2
   6,934    594,868 
Werner Enterprises, Inc.   14,895    401,420 
Total Transportation        5,437,857 
           
Utilities—3.4%          
Aqua America, Inc.   5,443    163,508 
Atmos Energy Corp.   9,347    693,080 
Black Hills Corp.1
   4,851    297,560 
Great Plains Energy, Inc.   19,499    533,298 
Hawaiian Electric Industries, Inc.1
   14,519    480,143 
IDACORP, Inc.   3,208    258,404 
MDU Resources Group, Inc.   28,987    833,956 
National Fuel Gas Co.   5,126    290,337 
New Jersey Resources Corp.   10,487    372,289 
NorthWestern Corp.1
   4,518    256,939 
OGE Energy Corp.   13,073    437,292 
 


    

15

 
 

Schedule Investments — concluded
Oppenheimer Mid Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Utilities (continued)          
ONE Gas, Inc.   4,492   $287,308 
PNM Resources, Inc.   8,242    282,701 
Southwest Gas Corp.   6,749    517,108 
UGI Corp.   25,836    1,190,523 
Vectren Corp.   9,221    480,875 
Westar Energy, Inc.   8,926    502,980 
WGL Holdings, Inc.   6,179    471,334 
Total Utilities        8,349,635 
Total Common Stocks
   (Cost $212,738,184)		        243,459,281 
      
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—7.2%     
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%3
(Cost $17,518,410)
   17,518,410    17,518,410 
Total Investments—107.1%
   (Cost $230,256,594)		        260,977,691 
Liabilities in Excess of Other Assets—(7.1)%           (17,389,902)
Net Assets—100.0%       $243,587,789 
 

PLC – Public Limited Company

1   All or a portion of the security was on loan. The aggregate value of the securities on loan was $33,190,687; total value of the collateral held by the fund was $34,195,170. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $16,676,760 (Note 4).
2   Non-income producing security.
3   Rate shown represents annualized 7-day yield as of December 31, 2016.


The accompanying notes are an integral part of these financial statements.

16

 
 

Schedule Investments
Oppenheimer Small Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—99.9%      
Automobiles & Components—2.1%          
American Axle & Manufacturing Holdings, Inc.1
   138,033   $2,664,037 
Cooper-Standard Holding, Inc.1
   21,265    2,198,376 
Dorman Products, Inc.1,2
   7,152    522,525 
Drew Industries, Inc.1
   9,278    999,704 
Fox Factory Holding Corp.1
   9,186    254,911 
Gentherm, Inc.1,2
   16,423    555,919 
Motorcar Parts of America, Inc.1
   9,239    248,714 
Standard Motor Products, Inc.   12,009    639,119 
Superior Industries International, Inc.   17,290    455,591 
Winnebago Industries, Inc.   17,335    548,653 
Total Automobiles & Components        9,087,549 
           
Banks—2.6%          
Ameris Bancorp   4,288    186,957 
Astoria Financial Corp.   14,059    262,200 
Banc of California, Inc.2
   20,188    350,262 
Bank Mutual Corp.   6,798    64,241 
Banner Corp.   5,271    294,175 
BofI Holding, Inc.1,2
   7,751    221,291 
Boston Private Financial Holdings, Inc.   13,906    230,144 
Brookline Bancorp, Inc.   8,346    136,874 
Cardinal Financial Corp.   3,435    112,634 
Central Pacific Financial Corp.   4,133    129,859 
City Holding Co.   1,587    107,281 
Columbia Banking System, Inc.   5,888    263,076 
Community Bank System, Inc.   4,211    260,198 
Customers Bancorp, Inc.1
   5,105    182,861 
CVB Financial Corp.   8,177    187,499 
Dime Community Bancshares   6,821    137,102 
Fidelity Southern Corp.   6,560    155,275 
First BanCorp1
   45,278    299,288 
First Commonwealth Financial Corp.   10,331    146,494 
First Financial Bancorp   7,202    204,897 
First Financial Bankshares, Inc.   4,182    189,026 
First Midwest Bancorp, Inc.   11,920    300,742 
Glacier Bancorp, Inc.   6,880    249,262 
Great Western Bancorp, Inc.2
   5,792    252,473 
Hanmi Financial Corp.2
   3,697    129,025 
Home BancShares, Inc.   10,369    287,947 
HomeStreet, Inc.1,2
   10,159    321,024 
Hope Bancorp, Inc.   9,885    216,383 
Independent Bank Corp.   2,675    188,454 
LegacyTexas Financial Group, Inc.   4,355    187,526 
LendingTree, Inc.1,2
   2,181    221,044 
National Bank Holdings Corp., Class A   3,414    108,873 
NBT Bancorp, Inc.2
   5,439    227,785 
Northfield Bancorp, Inc.   3,352    66,939 
Northwest Bancshares, Inc.2
   12,237    220,633 
OFG Bancorp   12,404    162,492 
Old National Bancorp   21,883    397,177 
Opus Bank   4,621    138,861 
Oritani Financial Corp.   4,987    93,506 
Pinnacle Financial Partners, Inc.2
   3,720    257,796 
Provident Financial Services, Inc.   6,751    191,053 
           
   Shares  Value
S&T Bancorp, Inc.   3,935   $153,622 
ServisFirst Bancshares, Inc.   3,118    116,738 
Simmons First National Corp., Class A   3,992    248,103 
Southside Bancshares, Inc.   2,828    106,531 
Sterling Bancorp   11,698    273,733 
Texas Capital Bancshares, Inc.1,2
   4,707    369,029 
Tompkins Financial Corp.   1,692    159,962 
TrustCo Bank Corp.   11,706    102,428 
United Bankshares, Inc.2
   5,912    273,430 
United Community Banks, Inc.   8,486    251,355 
Walker & Dunlop, Inc.1
   9,955    310,596 
Westamerica Bancorporation2
   1,806    113,652 
Wintrust Financial Corp.2
   8,460    613,942 
Total Banks        11,433,750 
           
Capital Goods—11.3%          
AAON, Inc.2
   7,495    247,710 
AAR Corp.   28,658    947,147 
Actuant Corp., Class A   25,664    665,981 
Aegion Corp.1
   30,464    721,997 
Aerojet Rocketdyne Holdings, Inc.1
   59,232    1,063,214 
Aerovironment, Inc.1,2
   5,836    156,580 
Alamo Group, Inc.   7,276    553,704 
Albany International Corp., Class A   9,888    457,814 
American Woodmark Corp.1
   7,967    599,517 
Apogee Enterprises, Inc.2
   13,299    712,294 
Applied Industrial Technologies, Inc.   25,382    1,507,691 
Astec Industries, Inc.   10,254    691,735 
AZZ, Inc.2
   8,704    556,186 
Barnes Group, Inc.   15,430    731,691 
Briggs & Stratton Corp.   60,872    1,355,011 
Chart Industries, Inc.1,2
   14,925    537,598 
CIRCOR International, Inc.2
   5,885    381,819 
Comfort Systems USA, Inc.   29,956    997,535 
Cubic Corp.2
   18,533    888,657 
DXP Enterprises, Inc.1
   17,516    608,506 
Encore Wire Corp.   13,478    584,271 
Engility Holdings, Inc.1
   38,596    1,300,685 
EnPro Industries, Inc.   11,687    787,236 
ESCO Technologies, Inc.   6,277    355,592 
Federal Signal Corp.   25,745    401,879 
Franklin Electric Co., Inc.   14,130    549,657 
General Cable Corp.   117,394    2,236,356 
Gibraltar Industries, Inc.1
   15,683    653,197 
Greenbrier Cos., Inc. (The)2
   40,487    1,682,235 
Griffon Corp.   48,877    1,280,577 
Harsco Corp.   63,835    868,156 
Hillenbrand, Inc.   25,770    988,279 
Insteel Industries, Inc.2
   7,809    278,313 
John Bean Technologies Corp.   9,549    820,737 
Kaman Corp.   22,852    1,118,148 
Lindsay Corp.2
   3,782    282,175 
Lydall, Inc.1
   5,558    343,762 
Mercury Systems, Inc.1
   5,828    176,122 
Moog, Inc., Class A1
   22,629    1,486,273 
Mueller Industries, Inc.   31,399    1,254,704 
MYR Group, Inc.1
   17,698    666,861 
National Presto Industries, Inc.2
   2,692    286,429 
Orion Group Holdings, Inc.1
   38,012    378,219 
Patrick Industries, Inc.1,2
   9,845    751,173 
           


    

17

 
 

Schedule Investments — continued
Oppenheimer Small Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Capital Goods (continued)          
PGT Innovations, Inc.1,2
   22,991   $263,247 
Powell Industries, Inc.   9,017    351,663 
Proto Labs, Inc.1,2
   3,545    182,036 
Quanex Building Products Corp.   27,642    561,133 
Raven Industries, Inc.   6,335    159,642 
Simpson Manufacturing Co., Inc.   11,809    516,644 
SPX Corp.1
   47,061    1,116,287 
SPX FLOW, Inc.1
   44,855    1,438,051 
Standex International Corp.2
   4,906    430,992 
TASER International, Inc.1,2
   6,318    153,148 
Tennant Co.   6,882    489,998 
Titan International, Inc.   69,945    784,083 
Trex Co., Inc.1,2
   4,448    286,451 
Universal Forest Products, Inc.   18,542    1,894,622 
Veritiv Corp.1,2
   103,057    5,539,314 
Vicor Corp.1
   8,080    122,008 
Wabash National Corp.1
   77,990    1,233,802 
Watts Water Technologies, Inc., Class A   13,210    861,292 
Total Capital Goods        50,297,836 
           
Commercial & Professional Services—8.7%          
ABM Industries, Inc.   80,846    3,301,751 
Brady Corp., Class A   18,366    689,643 
Brink’s Co. (The)   44,108    1,819,455 
CDI Corp.1
   71,086    526,036 
Essendant, Inc.   162,184    3,389,646 
Exponent, Inc.   3,011    181,563 
G&K Services, Inc., Class A   6,395    616,798 
Healthcare Services Group, Inc.2
   24,000    940,080 
Heidrick & Struggles International, Inc.   14,746    356,116 
Insperity, Inc.   25,247    1,791,275 
Interface, Inc.   32,664    605,917 
Kelly Services, Inc., Class A   152,401    3,493,031 
Korn/Ferry International   29,916    880,428 
LSC Communications, Inc.   99,075    2,940,546 
Matthews International Corp., Class A   12,613    969,309 
Mobile Mini, Inc.   10,528    318,472 
Multi-Color Corp.   7,410    575,016 
Navigant Consulting, Inc.1
   21,306    557,791 
On Assignment, Inc.1
   34,057    1,503,957 
Resources Connection, Inc.   20,475    394,144 
RR Donnelley & Sons Co.2
   416,063    6,790,148 
Team, Inc.1,2
   19,855    779,309 
Tetra Tech, Inc.   27,588    1,190,422 
TrueBlue, Inc.1
   75,598    1,863,491 
UniFirst Corp.2
   6,311    906,575 
US Ecology, Inc.   6,470    318,000 
Viad Corp.   16,635    733,603 
WageWorks, Inc.1
   2,973    215,543 
Total Commercial & Professional Services           38,648,065 
           
Consumer Durables & Apparel—4.0%          
Arctic Cat, Inc.1,2
   21,638    325,003 
Callaway Golf Co.   47,832    524,239 
Cavco Industries, Inc.1
   4,559    455,216 
Crocs, Inc.1
   93,091    638,604 
Ethan Allen Interiors, Inc.   13,707    505,103 
           
   Shares  Value
G-III Apparel Group Ltd.1,2
   47,327   $1,398,986 
Iconix Brand Group, Inc.1
   25,960    242,466 
Installed Building Products, Inc.1
   12,672    523,354 
iRobot Corp.1,2
   6,792    396,992 
La-Z-Boy, Inc.   30,434    944,976 
LGI Homes, Inc.1,2
   16,947    486,887 
M.D.C. Holdings, Inc.2
   52,784    1,354,438 
M/I Homes, Inc.1
   40,690    1,024,574 
Meritage Homes Corp.1
   51,794    1,802,431 
Movado Group, Inc.   12,001    345,029 
Nautilus, Inc.1,2
   12,851    237,744 
Oxford Industries, Inc.2
   10,233    615,310 
Perry Ellis International, Inc.1
   21,104    525,701 
Steven Madden Ltd.1
   23,092    825,539 
Sturm Ruger & Co., Inc.2
   7,799    411,007 
TopBuild Corp.1
   29,950    1,066,220 
Unifi, Inc.1
   11,924    389,080 
Universal Electronics, Inc.1
   6,093    393,303 
Vera Bradley, Inc.1
   25,282    296,305 
WCI Communities, Inc.1
   17,729    415,745 
Wolverine World Wide, Inc.   67,417    1,479,803 
Total Consumer Durables & Apparel           17,624,055 
           
Consumer Services—3.1%          
American Public Education, Inc.1
   7,603    186,654 
Belmond Ltd., Class A1
   25,685    342,895 
Biglari Holdings, Inc.1
   1,133    536,136 
BJ’s Restaurants, Inc.1
   15,706    617,246 
Bob Evans Farms, Inc.   15,920    847,103 
Boyd Gaming Corp.1
   66,050    1,332,228 
Capella Education Co.   3,058    268,492 
Career Education Corp.1
   53,022    534,992 
Chuy’s Holdings, Inc.1
   6,002    194,765 
Dave & Buster’s Entertainment, Inc.1
   10,636    598,807 
DineEquity, Inc.2
   4,949    381,073 
El Pollo Loco Holdings, Inc.1,2
   17,857    219,641 
Fiesta Restaurant Group, Inc.1,2
   15,487    462,287 
ILG, Inc.   30,284    550,260 
Marcus Corp. (The)   9,413    296,509 
Marriott Vacations Worldwide Corp.   8,951    759,492 
Monarch Casino & Resort, Inc.1
   5,283    136,196 
Popeyes Louisiana Kitchen, Inc.1
   2,671    161,542 
Red Robin Gourmet Burgers, Inc.1
   14,373    810,637 
Regis Corp.1
   75,226    1,092,282 
Ruby Tuesday, Inc.1
   201,451    650,687 
Ruth’s Hospitality Group, Inc.   12,790    234,057 
Scientific Games Corp., Class A1,2
   115,615    1,618,610 
Sonic Corp.   13,957    370,000 
Strayer Education, Inc.1
   3,404    274,465 
Wingstop, Inc., Class A2
   2,375    70,276 
Total Consumer Services        13,547,332 
           
Diversified Financials—4.0%          
Calamos Asset Management, Inc., Class A   18,158    155,251 
Capstead Mortgage Corp.   7,018    71,513 
Donnelley Financial Solutions, Inc.1
   30,682    705,072 
Encore Capital Group, Inc.1,2
   24,550    703,358 
Enova International, Inc.1
   33,118    415,631 
Evercore Partners, Inc., Class A   12,878    884,719 
EZCORP, Inc., Class A1,2
   44,239    471,145 


    

18

 
 

Schedule Investments — continued
Oppenheimer Small Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Diversified Financials (continued)          
Financial Engines, Inc.2
   6,380   $234,465 
FirstCash, Inc.   11,091    521,277 
Green Dot Corp., Class A1
   18,176    428,045 
Greenhill & Co., Inc.   7,123    197,307 
Interactive Brokers Group, Inc., Class A   22,154    808,843 
INTL. FCStone, Inc.1
   257,447    10,194,901 
Investment Technology Group, Inc.   17,650    348,411 
Piper Jaffray Cos.1
   6,142    445,295 
PRA Group, Inc.1,2
   15,831    618,992 
Virtus Investment Partners, Inc.2
   1,824    215,323 
World Acceptance Corp.1,2
   5,284    339,656 
Total Diversified Financials        17,759,204 
           
Energy—2.4%          
Atwood Oceanics, Inc.2
   45,321    595,065 
Bill Barrett Corp.1,2
   15,498    108,331 
Bristow Group, Inc.   43,984    900,792 
CARBO Ceramics, Inc.1,2
   9,373    98,042 
Carrizo Oil & Gas, Inc.1,2
   6,069    226,677 
Cloud Peak Energy, Inc.1,2
   84,887    476,216 
Contango Oil & Gas Co.1
   4,942    46,158 
Era Group, Inc.1
   11,519    195,477 
Exterran Corp.1
   44,556    1,064,888 
Geospace Technologies Corp.1,2
   1,764    35,915 
Green Plains, Inc.   70,013    1,949,862 
Gulf Island Fabrication, Inc.   14,526    172,859 
Helix Energy Solutions Group, Inc.1,2
   30,912    272,644 
Hornbeck Offshore Services, Inc.1,2
   22,068    159,331 
Matrix Service Co.1
   38,347    870,477 
Newpark Resources, Inc.1
   38,822    291,165 
Northern Oil and Gas, Inc.1,2
   28,230    77,633 
PDC Energy, Inc.1,2
   3,210    232,982 
Pioneer Energy Services Corp.1
   32,610    223,379 
REX American Resources Corp.1,2
   2,736    270,180 
SEACOR Holdings, Inc.1
   7,913    564,039 
Synergy Resources Corp.1,2
   5,949    53,006 
Tesco Corp.1
   11,176    92,202 
TETRA Technologies, Inc.1
   104,119    522,677 
Tidewater, Inc.1,2
   112,083    382,203 
U.S. Silica Holdings, Inc.2
   6,281    356,007 
Unit Corp.1,2
   14,852    399,073 
Total Energy        10,637,280 
           
Food & Staples Retailing—4.0%          
Andersons, Inc. (The)   59,681    2,667,741 
SpartanNash Co.   127,065    5,024,150 
SUPERVALU, Inc.1
   2,179,427    10,177,924 
Total Food & Staples Retailing        17,869,815 
           
Food, Beverage & Tobacco—2.0%          
B&G Foods, Inc.   17,578    769,916 
Calavo Growers, Inc.2
   9,712    596,317 
Cal-Maine Foods, Inc.2
   23,569    1,041,161 
Darling Ingredients, Inc.1
   154,097    1,989,392 
J&J Snack Foods Corp.   4,684    624,986 
Sanderson Farms, Inc.2
   19,113    1,801,209 
Seneca Foods Corp., Class A1
   19,086    764,394 
Universal Corp.2
   21,861    1,393,639 
Total Food, Beverage & Tobacco        8,981,014 
           
   Shares  Value
Health Care Equipment & Services—10.2%          
Abaxis, Inc.   2,641   $139,366 
Aceto Corp.2
   16,255    357,122 
Adeptus Health, Inc., Class A1,2
   30,633    234,036 
Air Methods Corp.1,2
   22,250    708,662 
Almost Family, Inc.1
   8,726    384,817 
Amedisys, Inc.1
   20,837    888,281 
AMN Healthcare Services, Inc.1,2
   30,031    1,154,692 
Analogic Corp.   3,745    310,648 
AngioDynamics, Inc.1
   13,247    223,477 
Anika Therapeutics, Inc.1
   1,352    66,194 
BioTelemetry, Inc.1
   5,786    129,317 
Cantel Medical Corp.   5,151    405,641 
Chemed Corp.   6,230    999,354 
Community Health Systems, Inc.1,2
   2,075,407    11,601,525 
Computer Programs & Systems, Inc.2
   6,555    154,698 
CONMED Corp.2
   10,506    464,050 
CorVel Corp.1
   8,937    327,094 
Cross Country Healthcare, Inc.1
   34,387    536,781 
CryoLife, Inc.1
   5,647    108,140 
Cynosure, Inc., Class A1
   5,481    249,934 
Diplomat Pharmacy, Inc.1,2
   203,084    2,558,858 
Ensign Group, Inc. (The)   44,694    992,654 
Haemonetics Corp.1
   14,113    567,343 
HealthEquity, Inc.1,2
   2,291    92,831 
HealthStream, Inc.1,2
   5,421    135,796 
Healthways, Inc.1
   15,291    347,870 
HMS Holdings Corp.1
   16,630    302,001 
ICU Medical, Inc.1
   1,565    230,603 
Inogen, Inc.1,2
   1,821    122,317 
Integer Holdings Corp.1
   23,650    696,492 
Integra LifeSciences Holdings Corp.1
   7,428    637,248 
Invacare Corp.   51,927    677,647 
Kindred Healthcare, Inc.   591,060    4,639,821 
Landauer, Inc.   1,969    94,709 
LHC Group, Inc.1
   12,669    578,973 
Magellan Health, Inc.1
   40,672    3,060,568 
Masimo Corp.1
   6,341    427,383 
Medidata Solutions, Inc.1
   5,346    265,536 
Meridian Bioscience, Inc.   6,848    121,210 
Merit Medical Systems, Inc.1
   13,888    368,032 
Natus Medical, Inc.1
   6,337    220,528 
Neogen Corp.1
   3,218    212,388 
Omnicell, Inc.1
   12,083    409,614 
PharMerica Corp.1
   52,201    1,312,855 
Providence Service Corp. (The)1
   27,586    1,049,647 
Quality Systems, Inc.1
   23,297    306,356 
Quorum Health Corp.1
   185,306    1,347,175 
Select Medical Holdings Corp.1,2
   195,050    2,584,413 
Surgical Care Affiliates, Inc.1,2
   16,543    765,445 
SurModics, Inc.1
   1,837    46,660 
US Physical Therapy, Inc.   3,080    216,216 
Vascular Solutions, Inc.1
   1,804    101,204 
Zeltiq Aesthetics, Inc.1,2
   4,689    204,065 
Total Health Care Equipment & Services           45,138,287 
           
Household & Personal Products—0.4%          
Central Garden & Pet Co.1,2
   17,842    590,392 
Central Garden & Pet Co., Class A1
   18,892    583,763 
Inter Parfums, Inc.   9,195    301,136 


    

19

 
 

Schedule Investments — continued
Oppenheimer Small Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Household & Personal Products (continued)          
Medifast, Inc.   4,223   $175,803 
WD-40 Co.2
   2,142    250,400 
Total Household & Personal Products           1,901,494 
           
Insurance—2.7%          
American Equity Investment Life Holding Co.   60,375    1,360,852 
AMERISAFE, Inc.   4,056    252,891 
eHealth, Inc.1,2
   11,602    123,561 
Employers Holdings, Inc.   13,071    517,612 
HCI Group, Inc.2
   4,193    165,540 
Horace Mann Educators Corp.   16,488    705,686 
Infinity Property & Casualty Corp.   10,738    943,870 
Maiden Holdings Ltd.   93,497    1,631,523 
Navigators Group, Inc. (The)   6,291    740,765 
ProAssurance Corp.   8,459    475,396 
RLI Corp.   8,132    513,373 
Safety Insurance Group, Inc.   7,007    516,416 
Selective Insurance Group, Inc.2
   33,173    1,428,098 
Stewart Information Services Corp.   29,674    1,367,378 
United Fire Group, Inc.   14,344    705,294 
United Insurance Holdings Corp.2
   18,876    285,783 
Universal Insurance Holdings, Inc.2
   15,919    452,100 
Total Insurance        12,186,138 
           
Materials—7.2%          
A. Schulman, Inc.   44,653    1,493,643 
AdvanSix, Inc.1
   36,538    808,951 
AK Steel Holding Corp.1,2
   357,988    3,655,057 
American Vanguard Corp.   10,253    196,345 
Balchem Corp.   3,980    334,002 
Boise Cascade Co.1
   103,091    2,319,547 
Calgon Carbon Corp.   17,807    302,719 
Century Aluminum Co.1
   96,562    826,571 
Chemours Co. (The)   132,614    2,929,443 
Clearwater Paper Corp.1
   16,826    1,102,944 
Deltic Timber Corp.2
   1,696    130,711 
Flotek Industries, Inc.1,2
   17,605    165,311 
FutureFuel Corp.   10,058    139,806 
H.B. Fuller Co.2
   26,421    1,276,399 
Hawkins, Inc.   5,191    280,054 
Haynes International, Inc.   5,635    242,249 
Headwaters, Inc.1
   26,030    612,226 
Ingevity Corp.1
   10,675    585,630 
Innophos Holdings, Inc.   7,983    417,192 
Innospec, Inc.   7,799    534,231 
Kaiser Aluminum Corp.   10,618    824,912 
KapStone Paper and Packaging Corp.   85,490    1,885,054 
Koppers Holdings, Inc.1
   22,013    887,124 
Kraton Corp.1
   30,011    854,713 
LSB Industries, Inc.1,2
   35,853    301,882 
Materion Corp.2
   14,264    564,854 
Myers Industries, Inc.   24,233    346,532 
Neenah Paper, Inc.   6,860    584,472 
Olympic Steel, Inc.   23,665    573,403 
PH Glatfelter Co.   42,983    1,026,864 
Quaker Chemical Corp.2
   3,554    454,699 
Rayonier Advanced Materials, Inc.   36,078    557,766 
Schweitzer-Mauduit International, Inc.   12,335    561,613 
           
   Shares  Value
Stepan Co.   13,087   $1,066,329 
Stillwater Mining Co.1,2
   25,098    404,329 
SunCoke Energy, Inc.1
   66,352    752,432 
TimkenSteel Corp.1,2
   31,810    492,419 
Tredegar Corp.   21,713    521,112 
US Concrete, Inc.1,2
   10,838    709,889 
Total Materials        31,723,429 
           
Media—1.1%          
E.W. Scripps Co., (The), Class A1,2
   29,598    572,129 
Gannett Co., Inc.   183,434    1,781,144 
New Media Investment Group, Inc.   49,657    794,016 
Scholastic Corp.   23,098    1,096,924 
World Wrestling Entertainment, Inc., Class A2
   23,796    437,846 
Total Media        4,682,059 
           
Pharmaceuticals, Biotechnology & Life Sciences—1.1%          
Acorda Therapeutics, Inc.1
   15,303    287,696 
Albany Molecular Research, Inc.1,2
   17,574    329,688 
AMAG Pharmaceuticals, Inc.1,2
   8,739    304,117 
Amphastar Pharmaceuticals, Inc.1,2
   8,808    162,243 
ANI Pharmaceuticals, Inc.1,2
   1,154    69,955 
Cambrex Corp.1
   5,376    290,035 
Depomed, Inc.1,2
   15,116    272,390 
Eagle Pharmaceuticals, Inc.1,2
   1,058    83,942 
Emergent BioSolutions, Inc.1
   10,207    335,198 
Enanta Pharmaceuticals, Inc.1,2
   1,743    58,391 
Impax Laboratories, Inc.1
   43,002    569,777 
Innoviva, Inc.1,2
   6,508    69,636 
Lannett Co., Inc.1,2
   16,271    358,776 
Ligand Pharmaceuticals, Inc.1,2
   538    54,666 
Luminex Corp.1,2
   7,894    159,696 
Medicines Co. (The)1,2
   3,652    123,949 
MiMedx Group, Inc.1,2
   15,748    139,527 
Momenta Pharmaceuticals, Inc.1
   4,100    61,705 
Nektar Therapeutics, Class A1,2
   8,320    102,086 
Phibro Animal Health Corp., Class A   16,871    494,320 
Repligen Corp.1,2
   1,895    58,404 
SciClone Pharmaceuticals, Inc.1
   10,244    110,635 
Spectrum Pharmaceuticals, Inc.1,2
   22,204    98,364 
Supernus Pharmaceuticals, Inc.1
   4,959    125,215 
Total Pharmaceuticals, Biotechnology & Life Sciences        4,720,411 
           
Real Estate—1.5%          
Acadia Realty Trust   4,239    138,531 
Agree Realty Corp.   1,234    56,826 
American Assets Trust, Inc.   4,304    185,416 
CareTrust REIT, Inc.   4,163    63,777 
Cedar Realty Trust, Inc.   15,192    99,204 
Chesapeake Lodging Trust   14,836    383,659 
CoreSite Realty Corp.   3,114    247,158 
DiamondRock Hospitality Co.   51,997    599,525 
EastGroup Properties, Inc.2
   2,189    161,636 
Forestar Group, Inc.1
   11,869    157,858 
Four Corners Property Trust, Inc.   3,674    75,390 
Franklin Street Properties Corp.2
   12,198    158,086 
Geo Group, Inc. (The)   38,260    1,374,682 
Getty Realty Corp.2
   2,962    75,501 


    

20

 
 

Schedule Investments — continued
Oppenheimer Small Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Real Estate (continued)          
Government Properties Income Trust2
   8,673   $165,351 
HFF, Inc., Class A   10,798    326,640 
Kite Realty Group Trust   9,505    223,177 
Lexington Realty Trust   26,016    280,973 
LTC Properties, Inc.   2,176    102,228 
Parkway, Inc.1
   9,188    204,433 
Pennsylvania Real Estate Investment Trust2
   13,943    264,359 
PS Business Parks, Inc.   2,167    252,499 
RE/MAX Holdings, Inc., Class A   2,041    114,296 
Retail Opportunity Investments Corp.   7,017    148,269 
Sabra Health Care REIT, Inc.   7,190    175,580 
Saul Centers, Inc.   2,020    134,552 
Summit Hotel Properties, Inc.   20,164    323,229 
Universal Health Realty Income Trust   706    46,307 
Urstadt Biddle Properties, Inc., Class A   3,155    76,067 
Total Real Estate        6,615,209 
           
Retailing—14.8%          
Abercrombie & Fitch Co., Class A2
   164,335    1,972,020 
Asbury Automotive Group, Inc.1
   65,762    4,057,515 
Ascena Retail Group, Inc.1
   624,626    3,866,435 
Barnes & Noble Education, Inc.1
   91,886    1,053,932 
Barnes & Noble, Inc.   208,241    2,321,887 
Big 5 Sporting Goods Corp.2
   35,617    617,955 
Blue Nile, Inc.   7,396    300,499 
Buckle, Inc. (The)2
   28,125    641,250 
Caleres, Inc.   45,962    1,508,473 
Cato Corp., (The), Class A   21,034    632,703 
Children’s Place, Inc. (The)   10,133    1,022,926 
Core-Mark Holding Co., Inc.   161,929    6,974,282 
Express, Inc.1
   125,617    1,351,639 
Finish Line, Inc., (The), Class A2
   53,441    1,005,225 
Five Below, Inc.1,2
   14,305    571,628 
Francesca’s Holdings Corp.1
   14,151    255,143 
Fred’s, Inc., Class A2
   122,252    2,268,997 
FTD Cos., Inc.1
   28,996    691,265 
Genesco, Inc.1
   28,005    1,739,111 
Group 1 Automotive, Inc.2
   88,741    6,916,474 
Guess?, Inc.2
   108,045    1,307,345 
Haverty Furniture Cos., Inc.   21,913    519,338 
Hibbett Sports, Inc.1,2
   15,131    564,386 
Kirkland’s, Inc.1,2
   21,234    329,339 
Lithia Motors, Inc., Class A2
   54,283    5,256,223 
Lumber Liquidators Holdings, Inc.1,2
   36,001    566,656 
MarineMax, Inc.1,2
   29,701    574,714 
Monro Muffler Brake, Inc.2
   10,713    612,784 
Nutrisystem, Inc.   9,552    330,977 
Ollie’s Bargain Outlet Holdings, Inc.1,2
   17,272    491,388 
PetMed Express, Inc.2
   6,601    152,285 
Rent-A-Center, Inc.   162,301    1,825,886 
Select Comfort Corp.1,2
   33,318    753,653 
Shoe Carnival, Inc.   22,088    595,934 
Sonic Automotive, Inc., Class A   272,744    6,245,838 
Stage Stores, Inc.2
   202,049    882,954 
Stein Mart, Inc.   152,621    836,363 
           
   Shares  Value
Tailored Brands, Inc.   78,837   $2,014,285 
Tile Shop Holdings, Inc.1
   9,750    190,613 
Tuesday Morning Corp.1,2
   109,136    589,334 
Vitamin Shoppe, Inc.1,2
   32,209    764,964 
Zumiez, Inc.1,2
   19,960    436,126 
Total Retailing        65,610,744 
           
Semiconductors & Semiconductor Equipment—1.0%          
Advanced Energy Industries, Inc.1
   5,066    277,364 
Brooks Automation, Inc.   21,115    360,433 
Cabot Microelectronics Corp.   4,363    275,611 
CEVA, Inc.1
   1,251    41,971 
Cohu, Inc.   12,766    177,448 
Diodes, Inc.1
   22,166    569,001 
DSP Group, Inc.1
   7,225    94,286 
Exar Corp.1
   8,333    89,830 
Kopin Corp.1
   4,673    13,271 
Kulicke & Soffa Industries, Inc.1
   23,438    373,836 
MKS Instruments, Inc.   11,137    661,538 
Nanometrics, Inc.1
   5,179    129,786 
Power Integrations, Inc.2
   3,398    230,554 
Rambus, Inc.1
   14,184    195,314 
Rudolph Technologies, Inc.1
   6,526    152,382 
Semtech Corp.1
   9,706    306,224 
Tessera Holding Corp.   3,586    158,501 
Ultratech, Inc.1
   4,045    96,999 
Veeco Instruments, Inc.1
   7,607    221,744 
Total Semiconductors & Semiconductor Equipment        4,426,093 
           
Software & Services—3.1%          
8x8, Inc.1
   9,821    140,440 
Blackbaud, Inc.2
   6,880    440,320 
Blucora, Inc.1
   15,300    225,675 
Bottomline Technologies (de), Inc.1,2
   8,917    223,103 
CACI International, Inc., Class A1
   19,913    2,475,186 
Cardtronics PLC, Class A1
   14,772    806,108 
Ciber, Inc.1
   538,020    339,921 
CSG Systems International, Inc.2
   9,876    477,998 
DHI Group, Inc.1
   22,427    140,169 
Ebix, Inc.2
   3,039    173,375 
Exlservice Holdings, Inc.1
   8,419    424,654 
Forrester Research, Inc.   4,742    203,669 
Liquidity Services, Inc.1
   19,682    191,900 
LivePerson, Inc.1
   17,858    134,828 
LogMeIn, Inc.2
   1,987    191,845 
ManTech International Corp., Class A   24,018    1,014,761 
MicroStrategy, Inc., Class A1
   1,612    318,209 
Monotype Imaging Holdings, Inc.   6,223    123,527 
NIC, Inc.   7,710    184,269 
Perficient, Inc.1
   15,811    276,534 
Progress Software Corp.   8,037    256,621 
Qualys, Inc.1
   3,642    115,269 
QuinStreet, Inc.1,2
   49,015    184,296 
Shutterstock, Inc.1,2
   6,121    290,870 
SPS Commerce, Inc.1
   1,716    119,931 
Stamps.com, Inc.1,2
   1,809    207,402 
Sykes Enterprises, Inc.1
   30,055    867,387 
Synchronoss Technologies, Inc.1
   9,555    365,957 
Take-Two Interactive Software, Inc.1
   19,044    938,679 
 


    

21

 
 

Schedule Investments — concluded
Oppenheimer Small Cap Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Software & Services (continued)          
Tangoe, Inc.1
   17,603   $138,712 
TeleTech Holdings, Inc.2
   25,723    784,552 
TiVo Corp.1,2
   16,454    343,889 
VASCO Data Security International, Inc.1,2
   8,597    117,349 
Virtusa Corp.1
   18,811    472,532 
XO Group, Inc.1
   4,754    92,465 
Total Software & Services        13,802,402 
           
Technology Hardware & Equipment—7.3%          
ADTRAN, Inc.   16,976    379,413 
Agilysys, Inc.1
   7,569    78,415 
Anixter International, Inc.1
   54,613    4,426,384 
Badger Meter, Inc.2
   6,572    242,835 
Bel Fuse, Inc., Class B   10,920    337,428 
Benchmark Electronics, Inc.1
   49,134    1,498,587 
Black Box Corp.   35,371    539,408 
CalAmp Corp.1,2
   13,159    190,805 
Coherent, Inc.1
   3,798    521,788 
Comtech Telecommunications Corp.   22,565    267,395 
Cray, Inc.1
   16,449    340,494 
CTS Corp.   10,226    229,062 
Daktronics, Inc.   35,721    382,215 
Digi International, Inc.1
   9,336    128,370 
Electro Scientific Industries, Inc.1
   19,490    115,381 
Electronics For Imaging, Inc.1,2
   14,124    619,479 
ePlus, Inc.1
   6,909    795,917 
Fabrinet1
   16,593    668,698 
FARO Technologies, Inc.1,2
   5,323    191,628 
Harmonic, Inc.1,2
   44,303    221,515 
II-VI, Inc.1
   17,457    517,600 
Insight Enterprises, Inc.1
   83,215    3,365,215 
Itron, Inc.1
   19,290    1,212,376 
Ixia1
   18,547    298,607 
Lumentum Holdings, Inc.1
   14,271    551,574 
Methode Electronics, Inc.   11,739    485,408 
MTS Systems Corp.   6,531    370,308 
NETGEAR, Inc.1
   14,962    813,185 
OSI Systems, Inc.1,2
   7,075    538,549 
Park Electrochemical Corp.   4,363    81,370 
Plexus Corp.1
   30,208    1,632,440 
Rogers Corp.1
   5,186    398,337 
Sanmina Corp.1
   113,002    4,141,523 
ScanSource, Inc.1
   57,137    2,305,478 
Super Micro Computer, Inc.1,2
   49,693    1,393,889 
TTM Technologies, Inc.1
   113,653    1,549,090 
Viavi Solutions, Inc.1
   66,973    547,839 
Total Technology Hardware & Equipment           32,378,005 
           
Telecommunication Services—0.7%          
ATN International, Inc.   3,330    266,833 
Cincinnati Bell, Inc.1
   34,095    762,023 
Cogent Communications Holdings, Inc.   6,494    268,527 
Consolidated Communications Holdings, Inc.   17,156    460,638 
General Communication, Inc., Class A1
   33,886    659,083 
           
   Shares  Value
Inteliquent, Inc.   9,657   $221,338 
Iridium Communications, Inc.1,2
   27,201    261,130 
Lumos Networks Corp.1
   8,627    134,754 
Spok Holdings, Inc.   5,639    117,009 
Total Telecommunication Services        3,151,335 
           
Transportation—3.5%          
Allegiant Travel Co.2
   5,046    839,654 
ArcBest Corp.   54,800    1,515,220 
Atlas Air Worldwide Holdings, Inc.1
   21,586    1,125,710 
Celadon Group, Inc.   79,102    565,579 
Echo Global Logistics, Inc.1,2
   38,674    968,784 
Forward Air Corp.   12,677    600,636 
Hawaiian Holdings, Inc.1,2
   26,485    1,509,645 
Heartland Express, Inc.2
   19,079    388,449 
Hub Group, Inc., Class A1
   49,968    2,186,100 
Knight Transportation, Inc.   20,045    662,487 
Marten Transport Ltd.   16,686    388,784 
Matson, Inc.2
   31,914    1,129,437 
Roadrunner Transportation Systems, Inc.1
   111,953    1,163,192 
Saia, Inc.1
   15,955    704,413 
SkyWest, Inc.   50,547    1,842,438 
Total Transportation        15,590,528 
           
Utilities—1.1%          
ALLETE, Inc.2
   13,475    864,960 
American States Water Co.2
   6,152    280,285 
Avista Corp.   21,407    856,066 
California Water Service Group   11,072    375,341 
El Paso Electric Co.   11,785    548,003 
Northwest Natural Gas Co.   7,011    419,258 
South Jersey Industries, Inc.   17,789    599,311 
Spire, Inc.   15,276    986,066 
Total Utilities        4,929,290 
Total Common Stocks
  (Cost $371,798,857)		        442,741,324 
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—9.0%     
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%3
(Cost $39,775,262)
   39,775,262    39,775,262 
Total Investments—108.9%
  (Cost $411,574,119)		        482,516,586 
Liabilities in Excess of Other Assets—(8.9)%        (39,304,317)
Net Assets—100.0%       $443,212,269 
 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1   Non-income producing security.
2   All or a portion of the security was on loan. The aggregate value of the securities on loan was $61,454,702; total value of the collateral held by the fund was $63,364,995. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $23,589,733 (Note 4).
3   Rate shown represents annualized 7-day yield as of December 31, 2016.


The accompanying notes are an integral part of these financial statements.

22

 
 

Schedule Investments
Oppenheimer Financials Sector Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—100.0%          
Banks—31.2%          
Bank of America Corp.   70,408   $1,556,017 
BB&T Corp.   4,283    201,387 
Citigroup, Inc.   21,558    1,281,192 
Citizens Financial Group, Inc.   2,712    96,629 
Comerica, Inc.   760    51,764 
Fifth Third Bancorp   4,529    122,147 
Huntington Bancshares, Inc.   4,724    62,451 
JPMorgan Chase & Co.   21,123    1,822,704 
KeyCorp   4,733    86,472 
M&T Bank Corp.   658    102,931 
People’s United Financial, Inc.   1,317    25,497 
PNC Financial Services Group, Inc. (The)   2,575    301,172 
Regions Financial Corp.   7,398    106,235 
SunTrust Banks, Inc.   2,926    160,491 
U.S. Bancorp   7,403    380,292 
Wells Fargo & Co.   30,867    1,701,080 
Zions Bancorporation1
   1,058    45,536 
Total Banks        8,103,997 
           
Capital Markets—12.4%          
Affiliated Managers Group, Inc.2
   290    42,137 
Ameriprise Financial, Inc.   2,087    231,532 
Bank of New York Mellon Corp. (The)   6,261    296,646 
BlackRock, Inc.   571    217,288 
Charles Schwab Corp. (The)   3,664    144,618 
CME Group, Inc.   577    66,557 
E*TRADE Financial Corp.2
   1,169    40,506 
Franklin Resources, Inc.   3,366    133,226 
Goldman Sachs Group, Inc. (The)   2,480    593,836 
Intercontinental Exchange, Inc.   1,452    81,922 
Invesco Ltd.   3,029    91,900 
Moody’s Corp.   726    68,440 
Morgan Stanley   15,574    658,002 
Nasdaq, Inc.   1,054    70,745 
Northern Trust Corp.   1,108    98,667 
S&P Global, Inc.   984    105,819 
State Street Corp.   2,571    199,818 
T. Rowe Price Group, Inc.   1,103    83,012 
Total Capital Markets        3,224,671 
           
Consumer Finance—5.1%          
American Express Co.   8,231    609,753 
Capital One Financial Corp.   4,281    373,475 
Discover Financial Services   2,016    145,333 
Navient Corp.   2,775    45,593 
Synchrony Financial   3,837    139,168 
Total Consumer Finance        1,313,322 
           
   Shares  Value
Diversified Financial Services—16.8%          
Berkshire Hathaway, Inc., Class B2
   25,442   $4,146,537 
Leucadia National Corp.   9,031    209,971 
Total Diversified Financial Services        4,356,508 
           
Insurance—34.5%          
Aflac, Inc.   6,377    443,839 
Allstate Corp. (The)   9,866    731,268 
American International Group, Inc.   16,066    1,049,270 
Aon PLC   2,069    230,756 
Arthur J. Gallagher & Co.   2,174    112,961 
Assurant, Inc.   1,804    167,519 
Chubb Ltd.   4,244    560,717 
Cincinnati Financial Corp.   1,405    106,429 
Hartford Financial Services Group, Inc. (The)   7,617    362,950 
Lincoln National Corp.   3,986    264,152 
Loews Corp.   5,544    259,625 
Marsh & McLennan Cos., Inc.   3,847    260,019 
MetLife, Inc.   23,955    1,290,935 
Principal Financial Group, Inc.   3,987    230,688 
Progressive Corp. (The)   12,890    457,595 
Prudential Financial, Inc.   11,711    1,218,647 
Torchmark Corp.   1,060    78,186 
Travelers Cos., Inc. (The)   4,495    550,278 
Unum Group   5,038    221,319 
Willis Towers Watson PLC1
   1,119    136,831 
XL Group Ltd.   5,649    210,482 
Total Insurance        8,944,466 
Total Investments—100.0%
  (Cost $20,523,023)		        25,942,964 
Liabilities in Excess of Other Assets—(0.0)%3
        (10,428)
Net Assets—100.0%       $25,932,536 
 

PLC – Public Limited Company

1   All or a portion of the security was on loan. The aggregate value of the securities on loan was $158,863; total value of the collateral held by the fund was $161,812. The total value of the collateral is non-cash U.S. Treasury securities collateral having a value of $161,812 (Note 4).
2   Non-income producing security.
3   Less than 0.05%


The accompanying notes are an integral part of these financial statements.

23

 
 

Schedule Investments
Oppenheimer ADR Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—97.9%      
Automobiles & Components—8.4%          
Honda Motor Co. Ltd.1
   12,432   $362,890 
Magna International, Inc.   2,330    101,122 
Toyota Motor Corp.1
   5,467    640,732 
Total Automobiles & Components        1,104,744 
           
Banks—9.8%          
Banco Bilbao Vizcaya Argentaria SA1
   9,815    66,448 
Banco Bradesco SA1
   7,916    68,948 
Banco de Chile1
   87    6,129 
Banco Santander Chile1
   241    5,271 
Banco Santander SA1,2
   21,632    112,054 
Bancolombia SA1
   295    10,821 
Bank of Montreal   610    43,871 
Bank of Nova Scotia (The)   891    49,611 
Barclays PLC1
   6,789    74,679 
Canadian Imperial Bank of Commerce2
   363    29,621 
Credicorp Ltd.   61    9,629 
HSBC Holdings PLC1
   3,222    129,460 
ING Groep NV1,2
   3,594    50,675 
KB Financial Group, Inc.1
   457    16,127 
Lloyds Banking Group PLC1,2
   20,952    64,951 
Mitsubishi UFJ Financial Group, Inc.1
   16,976    104,572 
Mizuho Financial Group, Inc.1,2
   18,288    65,654 
Royal Bank of Canada   1,152    78,002 
Royal Bank of Scotland Group PLC1,2,3
   8,857    48,979 
Shinhan Financial Group Co. Ltd.1,2
   898    33,801 
Sumitomo Mitsui Financial Group, Inc.1
   13,889    106,112 
Toronto-Dominion Bank (The)   1,393    68,731 
Westpac Banking Corp.1
   1,822    42,781 
Total Banks        1,286,927 
           
Capital Goods—1.5%          
ABB Ltd.1,2,3
   4,716    99,366 
Embraer SA1
   1,025    19,731 
Koninklijke Philips NV   2,665    81,469 
Total Capital Goods        200,566 
           
Commercial & Professional Services—0.4%          
RELX NV1
   1,587    26,598 
RELX PLC1
   1,474    26,488 
Total Commercial & Professional Services           53,086 
           
Consumer Durables & Apparel—1.8%          
Gildan Activewear, Inc.   262    6,647 
Luxottica Group S.p.A.1
   544    29,213 
Sony Corp.1,2
   7,067    198,088 
Total Consumer Durables & Apparel           233,948 
           
Consumer Services—0.5%          
Carnival PLC1
   902    46,173 
InterContinental Hotels Group PLC1,2
   113    5,009 
Restaurant Brands International, Inc.   242    11,534 
Total Consumer Services        62,716 
           
   Shares  Value
Diversified Financials—3.2%          
Brookfield Asset Management, Inc., Class A   2,188   $72,226 
Credit Suisse Group AG1,3
   3,745    53,591 
Deutsche Bank AG3
   4,931    89,251 
Nomura Holdings, Inc.1
   5,356    31,601 
ORIX Corp.1
   813    63,276 
Thomson Reuters Corp.   740    32,397 
UBS Group AG   5,087    79,713 
Total Diversified Financials        422,055 
           
Energy—28.9%          
Amec Foster Wheeler PLC1,2
   4,040    23,068 
BP PLC1
   14,931    558,121 
Cameco Corp.2
   545    5,706 
Canadian Natural Resources Ltd.   638    20,339 
Cenovus Energy, Inc.   1,628    24,632 
China Petroleum & Chemical Corp.1,2
   8,991    638,541 
CNOOC Ltd.1
   475    58,881 
Crescent Point Energy Corp.   335    4,553 
Ecopetrol SA1,2,3
   5,116    46,300 
Enbridge, Inc.   1,786    75,226 
Encana Corp.   740    8,688 
Eni S.p.A.1,2
   5,601    180,576 
Imperial Oil Ltd.2
   1,396    48,525 
Pembina Pipeline Corp.2
   297    9,302 
PetroChina Co. Ltd.1
   8,786    647,528 
Petroleo Brasileiro SA1,3
   11,449    115,749 
Royal Dutch Shell PLC, Class A1
   6,181    336,123 
Royal Dutch Shell PLC, Class B1,2
   5,800    336,226 
Statoil ASA1,2
   7,368    134,392 
Suncor Energy, Inc.   1,727    56,456 
Tenaris SA1,2
   410    14,641 
Total SA1,2
   7,238    368,921 
TransCanada Corp.   566    25,555 
Ultrapar Participacoes SA1,2
   3,380    70,101 
Total Energy        3,808,150 
           
Food & Staples Retailing—0.3%          
Cencosud SA1,2
   5,051    42,428 
           
Food, Beverage & Tobacco—2.6%          
Ambev SA1
   8,206    40,291 
Anheuser-Busch InBev SA/NV1
   1,184    124,841 
BRF SA1
   1,934    28,546 
British American Tobacco PLC1,2
   483    54,420 
Diageo PLC1,2
   400    41,576 
Fomento Economico Mexicano SAB de CV1
   774    58,986 
Total Food, Beverage & Tobacco        348,660 
           
Health Care Equipment & Services—0.5%          
Fresenius Medical Care AG & Co. KGaA1,2
   1,285    54,240 
Smith & Nephew PLC1
   459    13,807 
Total Health Care Equipment & Services           68,047 
           
Household & Personal Products—1.3%          
Unilever NV   2,107    86,513 
Unilever PLC1
   2,083    84,778 
Total Household & Personal Products           171,291 


    

24

 
 

Schedule Investments — continued
Oppenheimer ADR Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Insurance—7.8%          
Aegon NV2
   34,315   $189,762 
Aviva PLC1,2
   13,150    155,301 
China Life Insurance Co. Ltd.1,2
   17,670    227,413 
Manulife Financial Corp.   8,063    143,683 
Prudential PLC1,2
   6,234    248,051 
Sun Life Financial, Inc.   1,817    69,791 
Total Insurance        1,034,001 
           
Materials—7.0%          
Agnico Eagle Mines Ltd.2
   163    6,846 
Agrium, Inc.2
   394    39,617 
ArcelorMittal3
   20,621    150,533 
Barrick Gold Corp.   1,679    26,830 
BHP Billiton Ltd.1,2
   2,408    86,158 
BHP Billiton PLC1
   2,699    84,911 
Cemex SAB de CV1,3
   4,801    38,552 
CRH PLC1
   2,531    87,016 
Eldorado Gold Corp.2,3
   531    1,710 
Franco-Nevada Corp.2
   30    1,793 
Gerdau SA1,2
   10,288    32,304 
Goldcorp, Inc.   860    11,696 
James Hardie Industries PLC1,2
   336    5,342 
Kinross Gold Corp.3
   2,979    9,265 
POSCO1
   2,365    124,281 
Potash Corp. of Saskatchewan, Inc.   668    12,084 
Randgold Resources Ltd.1
   46    3,512 
Rio Tinto PLC1,2
   2,279    87,650 
Silver Wheaton Corp.2
   132    2,550 
Sociedad Quimica y Minera de Chile SA1
   177    5,071 
Southern Copper Corp.2
   456    14,565 
Syngenta AG1
   491    38,814 
Teck Resources Ltd., Class B   809    16,204 
Vale SA1,2
   4,666    35,555 
Yamana Gold, Inc.2
   1,851    5,201 
Total Materials        928,060 
           
Media—0.7%          
Grupo Televisa SAB1
   740    15,459 
Pearson PLC1,2
   1,460    14,585 
Shaw Communications, Inc., Class B2
   524    10,512 
WPP PLC1
   473    52,342 
Total Media        92,898 
           
Pharmaceuticals, Biotechnology & Life Sciences—4.2%          
AstraZeneca PLC1,2
   2,522    68,901 
GlaxoSmithKline PLC1,2
   2,802    107,905 
Novartis AG1
   2,026    147,574 
Novo Nordisk A/S1
   1,367    49,021 
QIAGEN NV3
   129    3,615 
Sanofi1
   2,803    113,353 
Shire PLC1
   162    27,601 
Valeant Pharmaceuticals International, Inc.3
   2,055    29,839 
Total Pharmaceuticals, Biotechnology & Life Sciences        547,809 
           
   Shares  Value
Semiconductors & Semiconductor Equipment—0.9%          
ASML Holding NV   184   $20,645 
STMicroelectronics NV2
   1,830    20,771 
Taiwan Semiconductor Manufacturing Co. Ltd.1
   2,691    77,366 
Total Semiconductors & Semiconductor Equipment        118,782 
           
Software & Services—0.7%          
CGI Group, Inc., Class A3
   485    23,295 
SAP SE1,2
   824    71,218 
Total Software & Services        94,513 
           
Technology Hardware & Equipment—2.1%          
BlackBerry Ltd.3
   659    4,541 
Canon, Inc.1,2
   3,166    89,091 
Kyocera Corp.1
   757    37,683 
Nokia OYJ1,2
   14,009    67,383 
Telefonaktiebolaget LM Ericsson1
   13,838    80,676 
Total Technology Hardware & Equipment           279,374 
           
Telecommunication Services—12.6%          
America Movil SAB de CV, Class L1
   12,345    155,176 
BCE, Inc.   1,099    47,521 
BT Group PLC1,2
   3,796    87,422 
China Mobile Ltd.1
   6,042    316,782 
Chunghwa Telecom Co. Ltd.1
   649    20,476 
Nippon Telegraph & Telephone Corp.1
   7,395    311,108 
NTT DOCOMO, Inc.1
   5,344    121,576 
Orange SA1,2
   9,014    136,472 
Rogers Communications, Inc., Class B   769    29,668 
Telecom Italia S.p.A.1,2,3
   3,775    33,560 
Telecom Italia S.p.A.1,2
   4,612    33,621 
Telefonica SA1
   18,526    170,439 
TELUS Corp.   864    27,518 
Vodafone Group PLC1
   6,976    170,424 
Total Telecommunication Services        1,661,763 
           
Transportation—0.7%          
Canadian National Railway Co.   392    26,421 
Canadian Pacific Railway Ltd.   102    14,562 
Latam Airlines Group SA1,2,3
   2,973    24,319 
Ryanair Holdings PLC1,3
   256    21,315 
Total Transportation        86,617 
           
Utilities—2.0%          
Cia Energetica de Minas Gerais1
   7,670    17,488 
CPFL Energia SA1
   1,028    15,831 
Enel Americas SA1
   2,627    21,568 
Enel Generacion Chile SA1
   369    7,173 
Korea Electric Power Corp.1
   7,788    143,922 
National Grid PLC1
   1,076    62,763 
Total Utilities        268,745 
Total Common Stocks
  (Cost $14,100,958)		        12,915,180 
 


    

25

 
 

Schedule Investments — concluded
Oppenheimer ADR Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
PREFERRED STOCKS—1.9%      
Banks—0.7%      
Itau Unibanco Holding SA1
   8,330   $85,632 
Energy—0.9%          
Petroleo Brasileiro SA1,3
   13,811    121,675 
Materials—0.3%          
Vale SA1,2
   5,322    36,669 
Total Preferred Stocks
  (Cost $169,077)		        243,976 
      
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—20.7%     
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%4
(Cost $2,728,590)
   2,728,590    2,728,590 
Total Investments—120.5%
  (Cost $16,998,625)		        15,887,746 
Liabilities in Excess of Other Assets—(20.5)%        (2,700,170)
Net Assets—100.0%       $13,187,576 
 

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 $2,829,636; total value of the collateral held by the fund was $2,921,857. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $193,267 (Note 4).
3   Non-income producing security.
4   Rate shown represents annualized 7-day yield as of December 31, 2016.
Country  Value  % of
Net Assets
Australia  $213,849    1.6 %    
Belgium   124,841    1.0  
Brazil   688,522    5.2  
Canada   1,271,652    9.6  
Chile   111,960    0.9  
China   1,889,145    14.3  
Colombia   57,120    0.4  
Denmark   49,021    0.4  
Finland   67,383    0.5  
France   618,746    4.7  
Germany   214,709    1.6  
Ireland   113,673    0.9  
Italy   276,970    2.1  
Japan   2,132,383    16.2  
Jersey Island   3,512    0.0 1
Luxembourg   165,174    1.3  
Mexico   268,174    2.0  
Netherlands   1,014,900    7.7  
Norway   134,392    1.0  
Peru   24,194    0.2  
South Korea   318,131    2.4  
Spain   348,941    2.7  
Sweden   80,676    0.6  
Switzerland   439,828    3.3  
Taiwan   97,842    0.7  
United Kingdom   2,293,793    17.4  
United States   2,868,215    21.8  
Total Investments   15,887,746    120.5  
Liabilities in Excess of Other Assets   (2,700,170)   (20.5 )    
Net Assets  $13,187,576    100.0 %    
 
1   Less than 0.05%


The accompanying notes are an integral part of these financial statements.

26

 
 

Schedule Investments
Oppenheimer Ultra Dividend Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—99.8%      
Automobiles & Components—9.6%          
Ford Motor Co.   1,347,213   $16,341,693 
General Motors Co.   468,389    16,318,673 
Total Automobiles & Components        32,660,366 
           
Banks—0.2%          
New York Community Bancorp, Inc.1
   37,620    598,534 
           
Commercial & Professional Services—0.9%          
Pitney Bowes, Inc.   201,834    3,065,858 
           
Consumer Durables & Apparel—2.8%          
Garmin Ltd.   55,341    2,683,485 
Mattel, Inc.   176,850    4,872,218 
Tupperware Brands Corp.1
   37,679    1,982,669 
Total Consumer Durables & Apparel           9,538,372 
           
Diversified Financials—0.4%          
Waddell & Reed Financial, Inc., Class A   59,186    1,154,719 
           
Energy—9.1%          
HollyFrontier Corp.   303,972    9,958,123 
Occidental Petroleum Corp.   126,988    9,045,355 
ONEOK, Inc.   129,460    7,432,298 
Spectra Energy Corp.   108,929    4,475,893 
Total Energy        30,911,669 
           
Food, Beverage & Tobacco—5.2%          
Philip Morris International, Inc.   191,752    17,543,391 
           
Insurance—2.5%          
Mercury General Corp.   50,812    3,059,391 
Old Republic International Corp.   289,410    5,498,790 
Total Insurance        8,558,181 
           
Materials—2.5%          
CF Industries Holdings, Inc.1
   123,114    3,875,629 
Domtar Corp.   119,360    4,658,621 
Total Materials        8,534,250 
           
Media—0.8%          
Time, Inc.   159,065    2,839,310 
           
Pharmaceuticals, Biotechnology & Life Sciences—5.1%          
AbbVie, Inc.   273,969    17,155,939 
           
Real Estate—11.5%          
Care Capital Properties, Inc.   13,018    325,450 
Communications Sales & Leasing, Inc.   35,248    895,652 
CoreCivic, Inc.   67,724    1,656,529 
Crown Castle International Corp.   42,263    3,667,160 
EPR Properties   6,080    436,362 
Extra Space Storage, Inc.   12,409    958,471 
HCP, Inc.   83,122    2,470,386 
Healthcare Realty Trust, Inc.   12,347    374,361 
Hospitality Properties Trust   61,368    1,947,820 
Host Hotels & Resorts, Inc.   264,453    4,982,295 
Iron Mountain, Inc.   95,782    3,110,999 
Kimco Realty Corp.   42,542    1,070,357 
Lamar Advertising Co., Class A   20,075    1,349,843 
LaSalle Hotel Properties   37,096    1,130,315 
           
   Shares  Value
Liberty Property Trust   17,904   $707,208 
Life Storage, Inc.   4,410    375,997 
Macerich Co. (The)   14,827    1,050,345 
Medical Properties Trust, Inc.1
   39,180    481,914 
National Retail Properties, Inc.   11,301    499,504 
Omega Healthcare Investors, Inc.1
   26,716    835,142 
Realty Income Corp.   17,947    1,031,594 
Senior Housing Properties Trust   54,951    1,040,222 
Ventas, Inc.   51,462    3,217,404 
Washington Prime Group, Inc.   76,781    799,290 
Weingarten Realty Investors   14,798    529,620 
Welltower, Inc.   58,514    3,916,342 
Total Real Estate        38,860,582 
           
Retailing—7.0%          
GameStop Corp., Class A1
   331,907    8,383,971 
Staples, Inc.   1,699,193    15,377,696 
Total Retailing        23,761,667 
           
Technology Hardware & Equipment—2.9%          
Seagate Technology PLC1
   259,815    9,917,139 
           
Telecommunication Services—17.1%          
AT&T, Inc.   409,081    17,398,215 
CenturyLink, Inc.1
   674,009    16,027,934 
Frontier Communications Corp.1
   2,047,398    6,920,205 
Verizon Communications, Inc.   326,121    17,408,339 
Total Telecommunication Services        57,754,693 
           
Utilities—22.2%          
CenterPoint Energy, Inc.   274,924    6,774,128 
Duke Energy Corp.   223,673    17,361,498 
Entergy Corp.   136,104    9,999,561 
FirstEnergy Corp.   415,790    12,877,016 
Great Plains Energy, Inc.   88,648    2,424,523 
Hawaiian Electric Industries, Inc.1
   66,004    2,182,752 
PPL Corp.   198,883    6,771,966 
Southern Co. (The)   344,815    16,961,450 
Total Utilities        75,352,894 
Total Common Stocks
  (Cost $332,513,062)		        338,207,564 
      
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—6.8%     
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%2
(Cost $23,048,421)
   23,048,421    23,048,421 
Total Investments—106.6%
  (Cost $355,561,483)		        361,255,985 
Liabilities in Excess of Other Assets—(6.6)%        (22,320,557)
Net Assets—100.0%       $338,935,428 
 

PLC – Public Limited Company

1   All or a portion of the security was on loan. The aggregate value of the securities on loan was $29,525,912; total value of the collateral held by the fund was $30,406,075. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $7,357,654 (Note 4).
2   Rate shown represents annualized 7-day yield as of December 31, 2016.


The accompanying notes are an integral part of these financial statements.

27

 
 

Schedule Investments
Oppenheimer Global Growth Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—97.2%      
Automobiles & Components—5.3%          
Honda Motor Co. Ltd.   922   $26,996 
Magna International, Inc.   537    23,345 
Nissan Motor Co. Ltd.   2,319    23,372 
Toyota Motor Corp.   896    52,837 
Total Automobiles & Components        126,550 
           
Banks—8.3%          
Banco BPI SA1
   3,820    4,557 
Banco do Brasil SA   1,984    17,123 
Bank Hapoalim B.M.   2,732    16,263 
Bank Leumi Le-Israel B.M.1
   3,525    14,526 
BBVA Banco Continental SA   10,066    12,009 
CIMB Group Holdings Bhd   12,930    12,999 
Credicorp Ltd.   264    41,675 
ING Groep NV   982    13,848 
Intercorp Financial Services, Inc.   324    10,368 
Itau Unibanco Holding SA   1,631    15,034 
Malayan Banking Bhd   11,043    20,186 
Royal Bank of Canada   274    18,566 
Total Banks        197,154 
           
Capital Goods—6.9%          
Elbit Systems Ltd.   143    14,491 
Ellaktor SA1
   10,305    11,847 
Ferreycorp SAA   34,512    17,396 
GEK Terna Holding Real Estate Construction SA1
   3,829    9,208 
Grana y Montero SAA   17,013    23,849 
Koninklijke Philips NV   736    22,512 
Mota-Engil SGPS SA   5,095    8,652 
Mytilineos Holdings SA1
   1,596    10,353 
Sime Darby Bhd   25,244    45,581 
Total Capital Goods        163,889 
           
Commercial & Professional Services—0.8%          
Randstad Holding NV   332    18,045 
           
Consumer Durables & Apparel—0.6%          
Sony Corp.   535    15,022 
           
Consumer Services—0.8%          
Genting Bhd   10,866    19,378 
           
Diversified Financials—0.6%          
Fubon Financial Holding Co. Ltd.   8,398    13,289 
           
Energy—13.6%          
Aegean Marine Petroleum Network, Inc.   2,471    25,081 
Enbridge, Inc.   415    17,484 
Formosa Petrochemical Corp.   3,288    11,426 
Galp Energia SGPS SA   3,663    54,824 
Hellenic Petroleum SA1
   10,850    50,583 
JX Holdings, Inc.   3,623    15,367 
Motor Oil Hellas Corinth Refineries SA   3,254    44,961 
Oil Refineries Ltd.1
   46,289    16,297 
Petroleo Brasileiro SA1
   7,881    41,019 
Petronas Dagangan Bhd   4,280    22,707 
Ultrapar Participacoes SA   1,133    23,828 
Total Energy        323,577 
           
   Shares  Value
Food & Staples Retailing—9.6%          
AEON Co. Ltd.   1,099   $15,604 
Alimentation Couche-Tard, Inc., Class B   481    21,836 
George Weston Ltd.   271    22,954 
InRetail Peru Corp.1,2
   1,309    25,368 
Jeronimo Martins SGPS SA   3,827    59,499 
Koninklijke Ahold Delhaize NV   1,679    35,472 
Loblaw Cos. Ltd.   449    23,718 
Sonae SGPS SA1
   26,445    24,378 
Total Food & Staples Retailing        228,829 
           
Food, Beverage & Tobacco—5.6%          
Alicorp SAA   11,311    24,627 
Ambev SA   2,693    13,570 
Felda Global Ventures Holdings Bhd   42,412    14,654 
Heineken NV   135    10,147 
JBS SA   14,973    52,445 
Kuala Lumpur Kepong Bhd   3,216    17,205 
Total Food, Beverage & Tobacco        132,648 
           
Household & Personal Products—2.0%          
Unilever NV   1,159    47,816 
           
Insurance—11.9%          
Aegon NV   9,391    51,784 
Cathay Financial Holding Co. Ltd.   11,869    17,751 
Delta Lloyd NV   2,124    11,912 
Great-West Lifeco, Inc.   895    23,472 
Harel Insurance Investments & Financial Services Ltd.   3,465    15,935 
Japan Post Holdings Co. Ltd.   2,046    25,594 
Manulife Financial Corp.   1,863    33,216 
Migdal Insurance & Financial Holding Ltd.1
   23,059    18,873 
NN Group NV   586    19,899 
Phoenix Holdings Ltd. (The)1
   4,103    14,232 
Power Corp. of Canada   1,147    25,702 
Power Financial Corp.3
   988    24,725 
Total Insurance        283,095 
           
Materials—7.3%          
Akzo Nobel NV   213    13,343 
Cia de Minas Buenaventura SAA4
   1,216    13,717 
Israel Chemicals Ltd.   5,624    23,088 
Israel Corp. Ltd. (The)1
   152    25,276 
Navigator Co. SA (The)   1,938    6,674 
Semapa-Sociedade de Investimento e Gestao   645    9,116 
Southern Copper Corp.   1,954    62,411 
Titan Cement Co. SA   490    11,525 
Volcan Cia Minera SAA   41,136    8,834 
Total Materials        173,984 
           
Media—0.3%          
NOS SGPS SA   1,058    6,292 
           
Pharmaceuticals, Biotechnology & Life Sciences—3.5%          
Teva Pharmaceutical Industries Ltd.   2,279    81,895 
           
Retailing—0.4%          
FF Group1
   494    10,020 
 


    

28

 
 

Schedule Investments — concluded
Oppenheimer Global Growth Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Semiconductors & Semiconductor Equipment—0.8%          
Taiwan Semiconductor Manufacturing Co. Ltd.   3,189   $17,959 
           
Technology Hardware & Equipment—8.1%          
Compal Electronics, Inc.   27,113    15,521 
Hitachi Ltd.   3,416    18,510 
Hon Hai Precision Industry Co. Ltd.   34,670    90,577 
Pegatron Corp.   10,477    25,031 
Quanta Computer, Inc.   10,047    18,798 
Wistron Corp.   16,948    13,120 
WPG Holdings Ltd.   8,926    10,525 
Total Technology Hardware & Equipment           192,082 
           
Telecommunication Services—3.9%          
Axiata Group Bhd   20,713    21,794 
Hellenic Telecommunications Organization SA   3,190    30,046 
Nippon Telegraph & Telephone Corp.   554    23,331 
SoftBank Group Corp.   270    17,975 
Total Telecommunication Services        93,146 
           
Utilities—6.9%          
EDP—Energias de Portugal SA   20,069    61,260 
EDP Renovaveis SA   1,002    6,379 
Public Power Corp. SA1
   12,256    37,359 
Tenaga Nasional Bhd   14,785    45,812 
YTL Corp Bhd   41,035    14,178 
Total Utilities        164,988 
Total Common Stocks
  (Cost $2,252,564)		        2,309,658 
           
PREFERRED STOCKS—3.9%          
Banks—0.6%          
Itau Unibanco Holding SA   1,433    14,904 
           
Energy—1.8%          
Petroleo Brasileiro SA1
   9,194    42,005 
           
Food & Staples Retailing—0.8%          
Cia Brasileira de Distribuicao   1,124    18,908 
           
Insurance—0.1%          
Cathay Financial Holding Co. Ltd.1
   702    1,307 
           
Materials—0.6%          
Braskem SA, Class A   1,384    14,564 
Total Preferred Stocks
  (Cost $86,192)		        91,688 
           
   Shares  Value
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—1.0%     
Dreyfus Institutional Preferred Money Market Fund-Institutional Shares, 0.67%5
(Cost $24,498)
   24,498   $24,498 
Total Investments—102.1%
  (Cost $2,363,254)		        2,425,844 
Liabilities in Excess of Other Assets—(2.1)%        (49,337)
Net Assets—100.0%       $2,376,507 
 
1   Non-income producing security.
2   Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
3   All or a portion of the security was on loan. The aggregate value of the security on loan was $23,399; total value of the collateral held by the fund was $24,498 (Note 4).
4   American Depositary Receipt.
5   Rate shown represents annualized 7-day yield as of December 31, 2016.
Country  Value  % of
Net Assets
Brazil  $253,399    10.7%
Canada   235,019    9.9 
Greece   240,983    10.1 
Israel   240,878    10.1 
Japan   234,608    9.9 
Malaysia   234,494    9.9 
Netherlands   196,962    8.3 
Peru   240,253    10.1 
Portugal   235,251    9.9 
Spain   6,379    0.3 
Taiwan   235,304    9.9 
United Kingdom   47,816    2.0 
United States   24,498    1.0 
Total Investments   2,425,844    102.1 
Liabilities in Excess of Other Assets   (49,337)   (2.1)
Net Assets  $2,376,507    100.0%
 


The accompanying notes are an integral part of these financial statements.

29

 
 

Schedule Investments
Oppenheimer ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—99.9%      
Automobiles & Components—3.9%          
BorgWarner, Inc.   1,024   $40,387 
Delphi Automotive PLC   1,063    71,593 
Ford Motor Co.   54,747    664,081 
Goodyear Tire & Rubber Co. (The)   2,151    66,401 
Total Automobiles & Components        842,462 
           
Banks—2.1%          
Bank of America Corp.   15,842    350,108 
Comerica, Inc.   170    11,579 
U.S. Bancorp   1,668    85,685 
Total Banks        447,372 
           
Capital Goods—10.9%          
3M Co.   768    137,142 
Arconic, Inc.   4,497    83,374 
Cummins, Inc.   592    80,909 
Deere & Co.   1,198    123,442 
Dover Corp.   400    29,972 
Eaton Corp. PLC   1,328    89,096 
Emerson Electric Co.   1,498    83,513 
Fastenal Co.   367    17,242 
Flowserve Corp.   384    18,451 
Fluor Corp.   1,488    78,150 
General Electric Co.   16,155    510,498 
Illinois Tool Works, Inc.   489    59,883 
Ingersoll-Rand PLC   782    58,681 
Lockheed Martin Corp.   826    206,450 
Northrop Grumman Corp.   468    108,847 
Parker-Hannifin Corp.   361    50,540 
Raytheon Co.   772    109,624 
Rockwell Automation, Inc.   201    27,014 
Rockwell Collins, Inc.   256    23,747 
Stanley Black & Decker, Inc.   430    49,317 
Textron, Inc.   1,292    62,740 
United Technologies Corp.   2,347    257,278 
W.W. Grainger, Inc.1
   202    46,914 
Xylem, Inc.   327    16,193 
Total Capital Goods        2,329,017 
           
Commercial & Professional Services—0.5%          
Nielsen Holdings PLC   656    27,519 
Pitney Bowes, Inc.   855    12,988 
Waste Management, Inc.   862    61,124 
Total Commercial & Professional Services           101,631  
           
Consumer Durables & Apparel—1.8%          
Coach, Inc.   536    18,771 
Harman International Industries, Inc.   289    32,125 
Hasbro, Inc.   257    19,992 
Mohawk Industries, Inc.2
   196    39,137 
Newell Brands, Inc.   1,033    46,124 
NIKE, Inc., Class B   2,874    146,085 
PVH Corp.   366    33,028 
VF Corp.   997    53,190 
Total Consumer Durables & Apparel           388,452 
           
   Shares  Value
Consumer Services—0.9%          
Darden Restaurants, Inc.   410   $29,815 
Marriott International, Inc., Class A   160    13,229 
Royal Caribbean Cruises Ltd.   446    36,590 
Starbucks Corp.   1,599    88,776 
Wyndham Worldwide Corp.   326    24,897 
Total Consumer Services        193,307 
           
Diversified Financials—2.4%          
Bank of New York Mellon Corp. (The)   1,409    66,758 
BlackRock, Inc.   128    48,709 
Goldman Sachs Group, Inc. (The)   559    133,853 
Morgan Stanley   3,508    148,213 
Northern Trust Corp.   249    22,174 
S&P Global, Inc.   221    23,766 
State Street Corp.   579    45,000 
T. Rowe Price Group, Inc.   246    18,514 
Total Diversified Financials        506,987 
           
Energy—4.6%          
Baker Hughes, Inc.   753    48,922 
ConocoPhillips   2,021    101,333 
Devon Energy Corp.   980    44,757 
EQT Corp.   112    7,325 
Halliburton Co.   1,427    77,186 
Hess Corp.   334    20,805 
Kinder Morgan, Inc.   2,731    56,559 
Marathon Oil Corp.   858    14,852 
Marathon Petroleum Corp.   5,062    254,872 
Newfield Exploration Co.2
   139    5,629 
Noble Energy, Inc.   352    13,397 
Occidental Petroleum Corp.   642    45,730 
ONEOK, Inc.   644    36,972 
Schlumberger Ltd.   1,506    126,429 
Spectra Energy Corp.   547    22,476 
Tesoro Corp.   1,195    104,503 
Total Energy        981,747 
           
Food & Staples Retailing—7.3%          
CVS Health Corp.   9,861    778,132 
Kroger Co. (The)   14,597    503,742 
Sysco Corp.   4,045    223,972 
Whole Foods Market, Inc.   2,083    64,073 
Total Food & Staples Retailing        1,569,919 
           
Food, Beverage & Tobacco—5.7%          
Altria Group, Inc.   1,321    89,326 
Brown-Forman Corp., Class B   307    13,790 
Campbell Soup Co.   607    36,705 
Coca-Cola Co. (The)   4,476    185,575 
Conagra Brands, Inc.   1,375    54,381 
Dr Pepper Snapple Group, Inc.   322    29,196 
General Mills, Inc.   1,166    72,024 
Hershey Co. (The)   330    34,132 
Hormel Foods Corp.   1,220    42,468 
J.M. Smucker Co. (The)   270    34,576 
Kellogg Co.   810    59,705 
McCormick & Co., Inc.   215    20,066 


    

30

 
 

Schedule Investments — continued
Oppenheimer ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Food, Beverage & Tobacco (continued)          
Molson Coors Brewing Co., Class B   157   $15,278 
Mondelez International, Inc., Class A   2,791    123,725 
PepsiCo, Inc.   2,670    279,362 
Philip Morris International, Inc.   1,297    118,663 
Total Food, Beverage & Tobacco        1,208,972 
           
Health Care Equipment & Services—7.6%          
Abbott Laboratories   2,405    92,376 
Baxter International, Inc.   1,013    44,916 
Becton Dickinson and Co.   336    55,625 
Boston Scientific Corp.2
   1,570    33,959 
Cigna Corp.   1,328    177,142 
Edwards Lifesciences Corp.2
   144    13,493 
Humana, Inc.   1,205    245,856 
Medtronic PLC   1,767    125,863 
UnitedHealth Group, Inc.   5,102    816,524 
Varian Medical Systems, Inc.2
   161    14,455 
Total Health Care Equipment & Services           1,620,209 
           
Household & Personal Products—2.5%          
Church & Dwight Co., Inc.   349    15,422 
Clorox Co. (The)   226    27,125 
Colgate-Palmolive Co.   1,051    68,777 
Estee Lauder Cos., Inc., (The), Class A   653    49,948 
Kimberly-Clark Corp.   716    81,710 
Procter & Gamble Co. (The)   3,489    293,355 
Total Household & Personal Products           536,337 
           
Insurance—2.6%          
Allstate Corp. (The)   2,232    165,436 
Marsh & McLennan Cos., Inc.   867    58,601 
Principal Financial Group, Inc.   897    51,900 
Prudential Financial, Inc.   2,692    280,129 
Total Insurance        556,066 
           
Materials—3.7%          
Air Products & Chemicals, Inc.   290    41,708 
Albemarle Corp.   146    12,568 
Avery Dennison Corp.   373    26,192 
Ball Corp.   505    37,910 
Eastman Chemical Co.   539    40,538 
Ecolab, Inc.   492    57,672 
FMC Corp.   261    14,762 
International Flavors & Fragrances, Inc.   117    13,786 
International Paper Co.   1,801    95,561 
LyondellBasell Industries NV, Class A   1,459    125,153 
Mosaic Co. (The)1
   995    29,183 
Newmont Mining Corp.   958    32,639 
PPG Industries, Inc.   698    66,143 
Praxair, Inc.   386    45,235 
Sealed Air Corp.   640    29,018 
Sherwin-Williams Co. (The)   198    53,211 
WestRock Co.   1,271    64,529 
Total Materials        785,808 
           
   Shares  Value
Media—3.6%          
Comcast Corp., Class A   5,062   $349,531 
Interpublic Group of Cos., Inc. (The)   1,455    34,061 
Time Warner, Inc.   1,358    131,088 
Walt Disney Co. (The)   2,427    252,942 
Total Media        767,622 
           
Pharmaceuticals, Biotechnology & Life Sciences—2.8%          
AbbVie, Inc.   1,845    115,534 
Agilent Technologies, Inc.   403    18,361 
Biogen, Inc.2
   180    51,044 
Bristol-Myers Squibb Co.   1,423    83,160 
Eli Lilly & Co.   1,388    102,087 
Pfizer, Inc.   7,301    237,137 
Total Pharmaceuticals, Biotechnology & Life Sciences        607,323 
           
Real Estate—1.2%          
American Tower Corp.   234    24,729 
AvalonBay Communities, Inc.   58    10,275 
Boston Properties, Inc.   92    11,572 
CBRE Group, Inc., Class A2
   1,834    57,752 
Crown Castle International Corp.   200    17,354 
Digital Realty Trust, Inc.   99    9,728 
HCP, Inc.   258    7,668 
Host Hotels & Resorts, Inc.   1,152    21,704 
Iron Mountain, Inc.   465    15,103 
Kimco Realty Corp.   58    1,459 
Prologis, Inc.   239    12,617 
Ventas, Inc.   251    15,692 
Vornado Realty Trust   110    11,481 
Welltower, Inc.   289    19,343 
Weyerhaeuser Co.   935    28,134 
Total Real Estate        264,611 
           
Retailing—5.6%          
Bed Bath & Beyond, Inc.   1,152    46,817 
Best Buy Co., Inc.   3,686    157,282 
Gap, Inc. (The)   2,757    61,867 
Home Depot, Inc. (The)   3,052    409,212 
Kohl’s Corp.   1,540    76,045 
L Brands, Inc.   773    50,894 
Macy’s, Inc.   2,961    106,033 
Nordstrom, Inc.   1,136    54,449 
Staples, Inc.   9,254    83,749 
Tiffany & Co.1
   214    16,570 
TJX Cos., Inc. (The)   1,874    140,794 
Total Retailing        1,203,712 
           
Semiconductors & Semiconductor Equipment—3.0%          
Analog Devices, Inc.   211    15,323 
Applied Materials, Inc.   1,238    39,950 
First Solar, Inc.1,2
   472    15,146 
Intel Corp.   7,038    255,268 
KLA-Tencor Corp.   176    13,848 
Lam Research Corp.   256    27,067 
Micron Technology, Inc.2
   2,642    57,913 
NVIDIA Corp.   254    27,112 
QUALCOMM, Inc.   1,571    102,429 
Skyworks Solutions, Inc.   205    15,305 
 


    

31

 
 

Schedule Investments — concluded
Oppenheimer ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Semiconductors & Semiconductor Equipment (continued)          
Texas Instruments, Inc.   817   $59,617 
Xilinx, Inc.   176    10,625 
Total Semiconductors & Semiconductor Equipment        639,603 
           
Software & Services—8.3%          
Accenture PLC, Class A   1,199    140,439 
Adobe Systems, Inc.2
   237    24,399 
Alphabet, Inc., Class A2
   236    187,018 
Alphabet, Inc., Class C2
   242    186,781 
Autodesk, Inc.2
   138    10,213 
CA, Inc.   565    17,950 
Cognizant Technology Solutions Corp., Class A2
   1,060    59,392 
eBay, Inc.2
   1,346    39,963 
International Business Machines Corp.   2,146    356,215 
Intuit, Inc.   176    20,171 
Microsoft Corp.   6,142    381,664 
Oracle Corp.   4,102    157,722 
salesforce.com, Inc.2
   472    32,313 
Symantec Corp.   665    15,887 
Teradata Corp.2
   381    10,352 
Visa, Inc., Class A   859    67,019 
Xerox Corp.   8,632    75,357 
Total Software & Services        1,782,855 
           
Technology Hardware & Equipment—3.2%          
Cisco Systems, Inc.   7,139    215,741 
HP, Inc.   17,745    263,336 
Juniper Networks, Inc.   782    22,099 
NetApp, Inc.   685    24,160 
Seagate Technology PLC   1,267    48,361 
TE Connectivity Ltd.   781    54,108 
Western Digital Corp.   954    64,824 
Total Technology Hardware & Equipment           692,629 
           
Telecommunication Services—6.4%          
AT&T, Inc.   17,997    765,412 
Verizon Communications, Inc.   11,168    596,148 
Total Telecommunication Services        1,361,560 
           
Transportation—4.5%          
CSX Corp.   1,336    48,003 
Delta Air Lines, Inc.   3,591    176,641 
FedEx Corp.   1,202    223,812 
Norfolk Southern Corp.   416    44,957 
Ryder System, Inc.   379    28,213 
Southwest Airlines Co.   1,859    92,653 
Union Pacific Corp.   876    90,824 
United Parcel Service, Inc., Class B   2,308    264,589 
Total Transportation        969,692 
           
   Shares  Value
Utilities—4.8%          
AES Corp.   5,075   $58,971 
Alliant Energy Corp.   401    15,194 
Ameren Corp.   517    27,122 
American Electric Power Co., Inc.   1,243    78,259 
American Water Works Co., Inc.   205    14,834 
CMS Energy Corp.   692    28,801 
Consolidated Edison, Inc.   764    56,292 
Dominion Resources, Inc.   681    52,158 
DTE Energy Co.   476    46,891 
Edison International   733    52,769 
Entergy Corp.   673    49,445 
Eversource Energy   641    35,402 
Exelon Corp.   3,878    137,630 
NextEra Energy, Inc.   642    76,693 
NiSource, Inc.   726    16,074 
NRG Energy, Inc.   4,638    56,862 
Pinnacle West Capital Corp.   207    16,152 
Public Service Enterprise Group, Inc.   976    42,827 
Southern Co. (The)   1,700    83,623 
WEC Energy Group, Inc.   582    34,134 
Xcel Energy, Inc.   1,233    50,183 
Total Utilities        1,030,316 
Total Common Stocks
  (Cost $20,197,028)		        21,388,209 
      
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—0.1%     
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%3
(Cost $31,873)
   31,873    31,873 
Total Investments—100.0%
  (Cost $20,228,901)		        21,420,082 
Liabilities in Excess of Other Assets—(0.0)%4
        (6,617)
Net Assets—100.0%       $21,413,465 
 

PLC – Public Limited Company

1   All or a portion of the security was on loan. The aggregate value of the securities on loan was $103,855; total value of the collateral held by the fund was $106,480. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $74,607. (Note 4)
2   Non-income producing security.
3   Rate shown represents annualized 7-day yield as of December 31, 2016.
4   Less than 0.05%


The accompanying notes are an integral part of these financial statements.

32

 
 

Schedule Investments
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
COMMON STOCKS—98.7%      
Automobiles & Components—2.2%          
Aisin Seiki Co. Ltd.   1,960   $85,199 
Astra International Tbk PT   60,369    37,080 
BYD Co. Ltd., Class H   2,151    11,333 
Cie Generale des Etablissements Michelin   570    63,548 
Fuji Heavy Industries Ltd.   1,929    78,923 
Geely Automobile Holdings Ltd.   13,005    12,430 
Guangzhou Automobile Group Co. Ltd., Class H   4,165    5,039 
Hankook Tire Co. Ltd.1
   336    16,135 
Stanley Electric Co. Ltd.   362    9,916 
Toyoda Gosei Co. Ltd.   854    20,018 
Valeo SA   802    46,195 
Total Automobiles & Components        385,816 
           
Capital Goods—19.3%          
3M Co.   431    76,964 
ABB Ltd.1
   4,634    97,937 
Aboitiz Equity Ventures, Inc.   3,913    5,573 
Acuity Brands, Inc.   33    7,618 
AGCO Corp.   352    20,367 
Amada Holdings Co. Ltd.   682    7,631 
Asahi Glass Co. Ltd.   4,952    33,796 
Ashtead Group PLC   409    7,985 
Atlas Copco AB, Class A   645    19,702 
Atlas Copco AB, Class B   336    9,195 
Bidvest Group Ltd. (The)   1,159    15,361 
CAE, Inc.   328    4,593 
Caterpillar, Inc.   1,160    107,578 
CNH Industrial NV   8,381    72,831 
Cummins, Inc.   345    47,151 
Daikin Industries Ltd.   529    48,689 
DCC PLC   441    32,913 
Deere & Co.   744    76,662 
Doosan Heavy Industries & Construction Co. Ltd.1
   1,451    32,677 
Eaton Corp. PLC   806    54,075 
Eiffage SA   593    41,437 
Fastenal Co.   202    9,490 
Finning International, Inc.   579    11,351 
Fluor Corp.   900    47,268 
Fortune Brands Home & Security, Inc.   174    9,302 
Fuji Electric Co. Ltd.   3,984    20,700 
Geberit AG   19    7,631 
General Electric Co.   9,629    304,276 
GS Engineering & Construction Corp.1
   1,092    23,959 
HAP Seng Consolidated Bhd   1,492    2,947 
Hitachi Construction Machinery Co. Ltd.   862    18,706 
HOCHTIEF AG   394    55,292 
Honeywell International, Inc.   889    102,991 
Hoshizaki Corp.   48    3,807 
Huntington Ingalls Industries, Inc.   104    19,156 
Hyundai Heavy Industries Co. Ltd.1
   821    98,903 
Ingersoll-Rand PLC   457    34,293 
           
   Shares  Value
Jacobs Engineering Group, Inc.1
   510   $29,070 
Johnson Controls International PLC   1,387    57,131 
Kajima Corp.   6,426    44,572 
Komatsu Ltd.   2,029    46,056 
Kone OYJ, Class B   476    21,373 
Koninklijke Philips NV   2,383    72,891 
Kurita Water Industries Ltd.   216    4,767 
Lockheed Martin Corp.   461    115,222 
Masco Corp.   538    17,012 
Metso OYJ   258    7,375 
Mitsubishi Corp.   7,443    158,898 
Mitsubishi Electric Corp.   7,353    102,728 
Nabtesco Corp.   216    5,035 
Obayashi Corp.   4,681    44,829 
Parker-Hannifin Corp.   213    29,820 
Prysmian SpA   893    22,982 
Raytheon Co.   418    59,356 
Rockwell Automation, Inc.   116    15,590 
Sandvik AB   1,922    23,844 
Schindler Holding AG   89    15,578 
Schindler Holding AG   56    9,896 
Schneider Electric SE   1,142    79,631 
Siemens AG   1,966    242,201 
Sime Darby Bhd   15,472    27,936 
Skanska AB, Class B   1,853    43,874 
Smiths Group PLC   528    9,238 
SNC-Lavalin Group, Inc.   412    17,754 
Stanley Black & Decker, Inc.   223    25,576 
Sumitomo Heavy Industries Ltd.   2,859    18,458 
Taisei Corp.   5,324    37,339 
Thales SA   433    42,076 
THK Co. Ltd.   288    6,385 
Toshiba Corp.1
   38,331    93,038 
TOTO Ltd.   362    14,355 
United Rentals, Inc.1
   160    16,893 
United Technologies Corp.   1,303    142,835 
Vestas Wind Systems A/S   410    26,695 
WEG SA   1,672    7,963 
Weir Group PLC (The)   259    6,049 
Xylem, Inc.   160    7,923 
Total Capital Goods        3,361,051 
           
Commercial & Professional Services—1.2%          
Brambles Ltd.   1,626    14,600 
Dun & Bradstreet Corp. (The)   35    4,246 
Edenred   147    2,920 
Experian PLC   658    12,798 
IHS Markit Ltd.1
   241    8,534 
Intertek Group PLC   182    7,828 
ISS A/S   840    28,407 
Park24 Co. Ltd.   118    3,207 
Recruit Holdings Co. Ltd.   1,031    41,458 
RELX NV   728    12,278 
RELX PLC   616    11,029 
Secom Co. Ltd.   300    21,987 
SEEK Ltd.   168    1,810 
SGS SA   14    28,541 
Wolters Kluwer NV   336    12,198 
Total Commercial & Professional Services           211,841 


    

33

 
 

Schedule Investments — continued
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Consumer Durables & Apparel—3.7%          
adidas AG   364   $57,647 
Arcelik AS   2,129    12,831 
Garmin Ltd.2
   118    5,722 
Hasbro, Inc.   112    8,712 
Hermes International   42    17,277 
Husqvarna AB, Class B   1,106    8,626 
Kering   151    33,972 
LG Electronics, Inc.1
   3,176    135,686 
Mattel, Inc.   426    11,736 
Newell Brands, Inc.   602    26,879 
Pandora A/S   70    9,175 
PVH Corp.   196    17,687 
SEB SA   102    13,851 
Sega Sammy Holdings, Inc.   681    10,154 
Sekisui Chemical Co. Ltd.   1,844    29,470 
Sekisui House Ltd.   2,949    49,190 
Sony Corp.   6,596    185,209 
Yamaha Corp.   328    10,040 
Total Consumer Durables & Apparel           643,864 
           
Consumer Services—1.1%          
Aramark   1,087    38,828 
Aristocrat Leisure Ltd.   300    3,367 
Compass Group PLC   3,338    61,910 
Crown Resorts Ltd.   857    7,186 
Domino’s Pizza, Inc.   47    7,484 
MGM China Holdings Ltd.   2,491    5,166 
MGM Resorts International1
   805    23,208 
Minor International PCL   3,624    3,618 
Sands China Ltd.   3,437    14,939 
Shangri-La Asia Ltd.   4,772    5,035 
Tabcorp Holdings Ltd.   1,246    4,340 
Tatts Group Ltd.   2,006    6,508 
Tsogo Sun Holdings Ltd.   1,260    2,543 
Total Consumer Services        184,132 
           
Diversified Financials—0.8%          
ASX Ltd.   42    1,513 
BM&FBovespa SA—Bolsa de Valores Mercadorias e Futuros   364    1,845 
Brookfield Asset Management, Inc., Class A   1,654    54,638 
Challenger Ltd.   451    3,671 
Grupo de Inversiones Suramericana SA   630    8,017 
L E Lundbergforetagen AB, Class B   53    3,258 
Macquarie Group Ltd.   146    9,210 
Metro Pacific Investments Corp.   15,997    2,143 
Onex Corp.   769    52,400 
Samsung Card Co. Ltd.1
   174    5,719 
Total Diversified Financials        142,414 
           
Energy—6.0%          
ARC Resources Ltd.   62    1,068 
Banpu PCL   11,078    5,940 
Caltex Australia Ltd.   1,616    35,643 
Cosan SA Industria e Comercio   580    6,799 
Empresas COPEC SA   5,060    48,489 
Encana Corp.   854    10,036 
Energy Absolute PCL   1,084    901 
           
   Shares  Value
Exxaro Resources Ltd.   533   $3,488 
Galp Energia SGPS SA   2,710    40,560 
Grupa Lotos SA1
   1,638    15,009 
GS Holdings Corp.1
   608    27,234 
Idemitsu Kosan Co. Ltd.   3,521    93,734 
IRPC PCL   103,719    13,902 
Koninklijke Vopak NV   34    1,609 
Lundin Petroleum AB1
   98    2,137 
MOL Hungarian Oil & Gas PLC   527    37,136 
Neste OYJ   790    30,414 
Newfield Exploration Co.1
   48    1,944 
Novatek PJSC   205    26,609 
Occidental Petroleum Corp.   406    28,919 
OMV AG   1,791    63,397 
Pembina Pipeline Corp.   258    8,073 
Petronas Dagangan Bhd   2,586    13,720 
Polski Koncern Naftowy ORLEN SA   3,034    61,999 
PrairieSky Royalty Ltd.   50    1,191 
PTT Exploration & Production PCL   5,336    14,342 
PTT PCL   13,494    140,176 
Repsol SA   7,914    112,021 
Snam SpA   2,922    12,063 
S-Oil Corp.   513    35,975 
Spectra Energy Corp.   313    12,861 
Technip SA   352    25,176 
Thai Oil PCL   9,956    20,087 
Tourmaline Oil Corp.1
   70    1,874 
TransCanada Corp   532    24,016 
Ultrapar Participacoes SA   3,188    67,047 
Vermilion Energy, Inc.   50    2,106 
Total Energy        1,047,695 
           
Food & Staples Retailing—7.2%          
Jeronimo Martins SGPS SA   2,506    38,961 
Koninklijke Ahold Delhaize NV   8,821    186,358 
Metro, Inc., Class A   762    22,820 
President Chain Store Corp.   2,316    16,600 
Wal-Mart Stores, Inc.   12,403    857,295 
Wesfarmers Ltd.   4,220    128,767 
Total Food & Staples Retailing        1,250,801 
           
Food, Beverage & Tobacco—5.6%          
Arca Continental SAB de CV   2,265    11,882 
Barry Callebaut AG1
   19    23,293 
BRF SA   1,639    24,298 
Campbell Soup Co.   378    22,858 
Carlsberg A/S, Class B   233    20,145 
Coca-Cola Amatil Ltd.   1,448    10,611 
Coca-Cola Co. (The)   2,706    112,191 
Coca-Cola European Partners PLC   784    24,824 
Danone SA   1,061    67,369 
Dr Pepper Snapple Group, Inc.   196    17,771 
General Mills, Inc.   658    40,645 
Hormel Foods Corp.   636    22,139 
Indofood Sukses Makmur Tbk PT   22,195    13,056 
Ingredion, Inc.   118    14,745 
Kellogg Co.   457    33,686 
Kirin Holdings Co. Ltd.   3,193    52,055 
Kraft Heinz Co. (The)   809    70,642 
Marine Harvest ASA1
   538    9,732 
McCormick & Co., Inc.   112    10,453 


    

34

 
 

Schedule Investments — continued
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Food, Beverage & Tobacco (continued)          
Molson Coors Brewing Co., Class B   98   $9,536 
Mondelez International, Inc., Class A   1,597    70,795 
Nissin Foods Holdings Co. Ltd.   202    10,634 
Orkla ASA   1,269    11,529 
PepsiCo, Inc.   1,570    164,269 
Pernod Ricard SA   202    21,935 
PT Indofood CBP Sukses Makmur Tbk   9,658    6,147 
Suntory Beverage & Food Ltd.   843    35,090 
Swedish Match AB   90    2,871 
Tate & Lyle PLC   860    7,518 
Tiger Brands Ltd.   188    5,469 
Toyo Suisan Kaisha Ltd.   280    10,167 
Treasury Wine Estates Ltd.   546    4,222 
WhiteWave Foods Co. (The)1
   160    8,896 
Total Food, Beverage & Tobacco        971,473 
           
Health Care Equipment & Services—2.0%          
Alfresa Holdings Corp.   4,126    68,416 
Align Technology, Inc.1
   50    4,806 
Bangkok Dusit Medical Services PCL   7,442    4,801 
Becton Dickinson and Co.   201    33,275 
Cochlear Ltd.   28    2,485 
Cooper Cos., Inc. (The)   33    5,773 
Edwards Lifesciences Corp.1
   70    6,559 
HCA Holdings, Inc.1
   1,437    106,367 
Henry Schein, Inc.1
   196    29,735 
IDEXX Laboratories, Inc.1
   47    5,512 
Miraca Holdings, Inc.   76    3,421 
Quest Diagnostics, Inc.   216    19,850 
Ramsay Health Care Ltd.   280    13,848 
ResMed, Inc.2
   84    5,212 
Ryman Healthcare Ltd.   34    192 
Shanghai Pharmaceuticals Holding Co. Ltd., Class H   4,877    11,184 
Sonic Healthcare Ltd.   574    8,895 
Sonova Holding AG   47    5,706 
Sysmex Corp.   99    5,746 
Total Health Care Equipment & Services           341,783 
      
Household & Personal Products—1.7%     
Colgate-Palmolive Co.   595    38,937 
Estee Lauder Cos., Inc., (The), Class A   215    16,445 
Henkel AG & Co KGaA   308    32,155 
Kao Corp.   784    37,246 
Natura Cosmeticos SA   842    5,955 
Procter & Gamble Co. (The)   1,931    162,359 
PT Unilever Indonesia Tbk   2,515    7,243 
Total Household & Personal Products           300,340 
           
Insurance—1.0%          
CNP Assurances   5,279    97,997 
Gjensidige Forsikring ASA   398    6,335 
Hyundai Marine & Fire Insurance Co. Ltd.1
   669    17,448 
Insurance Australia Group Ltd.   3,676    15,944 
           
   Shares  Value
Marsh & McLennan Cos., Inc.   487   $32,916 
Tryg A/S   363    6,576 
Total Insurance        177,216 
           
Materials—9.3%          
Agnico Eagle Mines Ltd.   112    4,714 
Air Products & Chemicals, Inc.   175    25,168 
Amcor Ltd.   2,305    24,952 
Anglo American PLC1
   3,906    55,987 
Arkema SA   216    21,174 
Asahi Kasei Corp.   5,308    46,397 
Avery Dennison Corp.   224    15,729 
Ball Corp.   291    21,845 
BASF SE   1,980    184,427 
Boliden AB   434    11,365 
Boral Ltd.   1,870    7,325 
Braskem SA   2,215    20,410 
Cementos Argos SA   2,173    8,585 
Cemex SAB de CV1
   41,624    33,418 
Chr Hansen Holding A/S   42    2,330 
Covestro AG3
   533    36,643 
CRH PLC   2,240    77,861 
Duratex SA1
   1,550    3,238 
E.I. du Pont de Nemours & Co.   809    59,381 
Fletcher Building Ltd.   2,222    16,424 
Franco-Nevada Corp.   28    1,676 
Fresnillo PLC   254    3,832 
Givaudan SA   7    12,852 
Grupo Argos SA   1,638    10,520 
Hanwha Chemical Corp.1
   943    19,285 
HeidelbergCement AG   412    38,515 
Hitachi Chemical Co. Ltd.   575    14,410 
Hitachi Metals Ltd.   1,796    24,391 
Hyosung Corp.1
   248    29,876 
International Flavors & Fragrances, Inc.   64    7,541 
Kansai Paint Co. Ltd.2
   420    7,753 
Kinross Gold Corp.1
   2,468    7,711 
Koninklijke DSM NV   322    19,345 
Kuraray Co. Ltd.   866    13,038 
Mitsubishi Chemical Holdings Corp.   14,454    93,935 
Mitsui Chemicals, Inc.   7,000    31,509 
Newcrest Mining Ltd.   574    8,417 
Nippon Paint Holdings Co. Ltd.   370    10,104 
Norsk Hydro ASA   5,751    27,593 
POSCO   607    129,411 
Praxair, Inc.   244    28,594 
PTT Global Chemical PCL   14,728    25,910 
Shin-Etsu Chemical Co. Ltd.   420    32,650 
Siam Cement PCL (The)   2,444    33,851 
Siam Cement PCL (The)   2,454    34,127 
Sika AG   5    24,067 
Silver Wheaton Corp.   84    1,625 
Solvay SA   315    36,996 
South32 Ltd.   7,850    15,632 
Symrise AG   112    6,832 
Syngenta AG   89    35,246 
Taiwan Fertilizer Co. Ltd.   1,011    1,259 


    

35

 
 

Schedule Investments — continued
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Materials (continued)          
Teck Resources Ltd., Class B   632   $12,663 
Teijin Ltd.   1,022    20,758 
Titan Cement Co. SA   132    3,105 
Toray Industries, Inc.   6,326    51,320 
Umicore SA   468    26,730 
UPM-Kymmene OYJ   1,242    30,575 
Total Materials        1,611,027 
           
Media—0.6%          
PT Media Nusantara Citra Tbk   10,144    1,321 
Publicis Groupe SA   432    29,868 
Scripps Networks Interactive, Inc., Class A   62    4,425 
Time Warner, Inc.   781    75,390 
Total Media        111,004 
           
Pharmaceuticals, Biotechnology & Life Sciences—2.5%          
Actelion Ltd.1
   42    9,112 
Agilent Technologies, Inc.   202    9,203 
CSL Ltd.   213    15,487 
Genmab A/S1
   5    832 
Johnson & Johnson   1,572    181,110 
Lonza Group AG1
   61    10,581 
Merck & Co., Inc.   1,630    95,958 
Merck KGaA   131    13,700 
Mettler-Toledo International, Inc.1
   19    7,953 
Mitsubishi Tanabe Pharma Corp.   564    11,088 
Orion OYJ, Class B   50    2,230 
PT Kalbe Farma Tbk   33,667    3,786 
Quintiles IMS Holdings, Inc.1
   394    29,964 
Santen Pharmaceutical Co. Ltd.   356    4,365 
Shionogi & Co. Ltd.   160    7,681 
Sumitomo Dainippon Pharma Co. Ltd.   592    10,202 
Waters Corp.1
   42    5,644 
Zoetis, Inc.   216    11,562 
Total Pharmaceuticals, Biotechnology & Life Sciences        430,458 
           
Real Estate—1.1%          
Alexandria Real Estate Equities, Inc.   28    3,112 
American Tower Corp.   132    13,950 
Ascendas Real Estate Investment Trust   882    1,386 
Azrieli Group Ltd.   48    2,084 
Brixmor Property Group, Inc.   126    3,077 
Camden Property Trust   33    2,774 
CapitaLand Commercial Trust   440    451 
CapitaLand Ltd.   4,256    8,897 
CapitaLand Mall Trust   910    1,187 
Central Pattana PCL   1,291    2,046 
City Developments Ltd.   1,086    6,224 
Deutsche Wohnen AG   76    2,392 
Dexus Property Group   252    1,755 
Duke Realty Corp.   48    1,275 
Equinix, Inc.   28    10,007 
Federal Realty Investment Trust   14    1,989 
First Capital Realty, Inc.   84    1,295 
Gecina SA   14    1,941 
Goodman Group   701    3,619 
           
   Shares  Value
GPT Group (The)   364   $1,326 
Hysan Development Co. Ltd.   252    1,042 
Iron Mountain, Inc.   266    8,640 
LendLease Group   2,954    31,272 
Liberty Property Trust   6    237 
Link REIT   412    2,678 
Mid-America Apartment Communities, Inc.   33    3,231 
Mirvac Group   3,110    4,797 
Multiplan Empreendimentos Imobiliarios SA   6    109 
New Europe Property Investments PLC   28    326 
Nippon Prologis REIT, Inc.   5    10,241 
Prologis, Inc.   126    6,652 
Regency Centers Corp.   21    1,448 
Scentre Group   1,809    6,078 
SM Prime Holdings, Inc.   8,272    4,717 
Stockland   1,489    4,938 
Swiss Prime Site AG1
   33    2,706 
UDR, Inc.   70    2,554 
Vonovia SE   182    5,933 
Welltower, Inc.   154    10,307 
Weyerhaeuser Co.   590    17,753 
Total Real Estate        196,446 
           
Retailing—1.9%          
Best Buy Co., Inc.   2,265    96,648 
Canadian Tire Corp. Ltd., Class A   207    21,497 
Harvey Norman Holdings Ltd.   1,046    3,893 
Home Product Center PCL   15,190    4,327 
Jardine Cycle & Carriage Ltd.   1,350    38,527 
LKQ Corp.1
   630    19,309 
Lojas Renner SA   761    5,418 
Nitori Holdings Co. Ltd.   134    15,349 
Priceline Group, Inc. (The)1
   20    29,321 
S.A.C.I. Falabella   4,293    33,967 
Yamada Denki Co. Ltd.   9,027    48,759 
Zalando SE1,3
   216    8,268 
Total Retailing        325,283 
           
Semiconductors & Semiconductor Equipment—2.8%          
Advanced Semiconductor Engineering, Inc.   20,692    21,219 
Analog Devices, Inc.   104    7,553 
Applied Materials, Inc.   804    25,945 
ASM Pacific Technology Ltd.   434    4,599 
ASML Holding NV   182    20,473 
Infineon Technologies AG   1,065    18,546 
Intel Corp.   4,143    150,267 
Lam Research Corp.   132    13,956 
Marvell Technology Group Ltd.   431    5,978 
Microchip Technology, Inc.2
   62    3,977 
NVIDIA Corp.   149    15,904 
NXP Semiconductors NV1
   180    17,642 
Siliconware Precision Industries Co. Ltd.   4,585    6,807 
SK Hynix, Inc.1
   1,100    40,711 
STMicroelectronics NV2
   1,900    21,593 
Taiwan Semiconductor Manufacturing Co. Ltd.   12,067    67,956 


    

36

 
 

Schedule Investments — continued
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Semiconductors & Semiconductor Equipment (continued)          
Texas Instruments, Inc.   454   $33,128 
Tokyo Electron Ltd.   151    14,299 
Vanguard International Semiconductor Corp.   1,053    1,836 
Total Semiconductors & Semiconductor Equipment        492,389 
           
Software & Services—7.4%          
Accenture PLC, Class A   720    84,334 
Adobe Systems, Inc.1
   148    15,237 
Alphabet, Inc., Class A1
   115    91,132 
Alphabet, Inc., Class C1
   135    104,196 
Amadeus IT Group SA, Class A   244    11,110 
Atos SE   314    33,202 
Autodesk, Inc.1
   48    3,552 
Automatic Data Processing, Inc.   315    32,376 
CA, Inc.   336    10,675 
Cadence Design Systems, Inc.1
   160    4,035 
CGI Group, Inc., Class A1
   383    18,404 
Cielo SA   1,141    9,777 
Citrix Systems, Inc.1
   112    10,003 
Dassault Systemes SE   112    8,551 
Fujitsu Ltd.   19,294    107,442 
International Business Machines Corp.   1,282    212,799 
Intuit, Inc.   112    12,836 
Konami Holdings Corp.   160    6,475 
Microsoft Corp.   3,589    223,020 
Nintendo Co. Ltd.   57    11,993 
NTT Data Corp.   813    39,383 
Oracle Corp.   2,406    92,511 
Oracle Corp. Japan   84    4,242 
PayPal Holdings, Inc.1
   638    25,182 
Sage Group PLC (The)   538    4,354 
salesforce.com, Inc.1
   252    17,252 
SAP SE   713    62,276 
Symantec Corp.   321    7,669 
VMware Inc, Class A1
   64    5,039 
Western Union Co. (The)   676    14,683 
Workday, Inc., Class A1
   28    1,850 
Yahoo!, Inc.1
   272    10,518 
Total Software & Services        1,296,108 
           
Technology Hardware & Equipment—8.1%          
AAC Technologies Holdings, Inc.   500    4,543 
Acer, Inc.1
   48,864    19,862 
Amphenol Corp., Class A   216    14,515 
AU Optronics Corp.   72,192    26,432 
Cisco Systems, Inc.   4,157    125,624 
Corning, Inc.   952    23,105 
F5 Networks, Inc.1
   50    7,236 
Flex Ltd.1
   4,496    64,607 
Hexagon AB, Class B   224    8,026 
Hirose Electric Co. Ltd.   33    4,100 
Hitachi High-Technologies Corp.   384    15,523 
HP, Inc.   9,921    147,228 
Inventec Corp.   50,146    34,386 
Keyence Corp.   19    13,065 
Kyocera Corp.   750    37,373 
LG Display Co. Ltd.1
   2,461    64,082 
           
   Shares  Value
Lite-On Technology Corp.   11,528   $17,384 
Motorola Solutions, Inc.   165    13,677 
Nippon Electric Glass Co. Ltd.   1,145    6,204 
Omron Corp.   532    20,457 
Samsung Electronics Co. Ltd.   391    583,360 
Seiko Epson Corp.   1,488    31,575 
TDK Corp.   398    27,435 
TE Connectivity Ltd.   442    30,622 
Trimble, Inc.1
   188    5,668 
Wistron Corp.   67,722    52,427 
Yaskawa Electric Corp.   608    9,477 
Yokogawa Electric Corp.   696    10,103 
Total Technology Hardware & Equipment           1,418,096 
           
Telecommunication Services—4.3%          
Asia Pacific Telecom Co. Ltd.1
   3,780    1,214 
Chunghwa Telecom Co. Ltd.   5,690    17,920 
Far EasTone Telecommunications Co. Ltd.   2,817    6,337 
HKT Trust & HKT Ltd.   9,025    11,070 
KDDI Corp.   4,660    118,243 
KT Corp.1
   2,082    50,680 
Nippon Telegraph & Telephone Corp.   7,406    311,898 
NTT DOCOMO, Inc.   5,329    121,671 
PCCW Ltd.   22,831    12,368 
Rogers Communications, Inc., Class B   482    18,614 
Singapore Telecommunications Ltd.   11,746    29,676 
Spark New Zealand Ltd.   2,725    6,479 
Taiwan Mobile Co. Ltd.   2,834    9,145 
Telekom Malaysia Bhd   5,104    6,770 
Telekomunikasi Indonesia Persero Tbk PT   72,111    21,303 
Total Telecommunication Services        743,388 
           
Transportation—3.4%          
Aena SA3
   84    11,487 
Auckland International Airport Ltd.   210    915 
Canadian National Railway Co.   360    24,257 
CSX Corp.   817    29,355 
Deutsche Post AG   5,302    174,675 
DSV A/S   468    20,859 
Expeditors International of Washington, Inc.   305    16,153 
Hankyu Hanshin Holdings, Inc.   566    18,198 
Keio Corp.   1,305    10,752 
Keisei Electric Railway Co. Ltd.   244    5,935 
Kintetsu Group Holdings Co. Ltd.   7,708    29,474 
Localiza Rent a Car SA   330    3,470 
MTR Corp. Ltd.   2,750    13,372 
Nagoya Railroad Co. Ltd.   3,004    14,552 
Norfolk Southern Corp.   250    27,017 
Odakyu Electric Railway Co. Ltd.   664    13,168 
Sydney Airport   574    2,490 
Tobu Railway Co. Ltd.   2,886    14,351 
Transurban Group   546    4,080 
United Parcel Service, Inc., Class B   1,036    118,767 
Yamato Holdings Co. Ltd.   1,714    34,924 
Total Transportation        588,251 


    

37

 
 

Schedule Investments — concluded
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

   Shares  Value
Utilities—5.5%          
AES Corp.   3,044   $35,371 
AES Tiete Energia SA   298    1,282 
Aguas Andinas SA, Class A   2,892    1,506 
Ameren Corp.   300    15,738 
American Electric Power Co., Inc.   686    43,191 
American Water Works Co., Inc.   126    9,117 
Atco Ltd./Canada, Class I   210    6,993 
AusNet Services   3,450    3,947 
Canadian Utilities Ltd., Class A   161    4,345 
Cia Energetica de Minas Gerais   85    206 
Cia Paranaense de Energia   61    358 
CLP Holdings Ltd.   2,758    25,345 
CMS Energy Corp.   401    16,690 
Consolidated Edison, Inc.   455    33,524 
CPFL Energia SA   2,095    16,227 
Dominion Resources, Inc.   370    28,338 
DTE Energy Co.   258    25,416 
Edison International   395    28,436 
EDP—Energias do Brasil SA   2,372    9,766 
Enel Americas SA   131,820    21,427 
Engie Brasil Energia SA   418    4,495 
Eversource Energy   342    18,889 
Exelon Corp.   2,302    81,698 
Fortis, Inc./Canada   584    18,055 
Fortum OYJ   663    10,189 
Interconexion Electrica SA ESP   1,675    5,568 
Korea Gas Corp.1
   1,437    57,644 
Mercury NZ Ltd.   1,323    2,731 
Meridian Energy Ltd.   2,390    4,333 
NextEra Energy, Inc.   397    47,426 
Osaka Gas Co. Ltd.   8,053    31,042 
PG&E Corp.   720    43,754 
Public Service Enterprise Group, Inc.   603    26,460 
RusHydro PJSC   1,197,624    18,165 
RWE AG1
   9,548    118,986 
SCANA Corp.   118    8,647 
Sempra Energy   230    23,147 
Southern Co. (The)   952    46,829 
Tenaga Nasional Bhd   8,535    26,446 
Toho Gas Co. Ltd.   1,384    11,285 
Xcel Energy, Inc.   692    28,164 
Total Utilities        961,176 
Total Common Stocks
  (Cost $17,217,533)		        17,192,052 
           
PREFERRED STOCKS—1.2%          
Diversified Financials—0.0%4
          
Grupo de Inversiones Suramericana SA   140    1,725 
           
   Shares  Value
Food & Staples Retailing—0.2%          
Cia Brasileira de Distribuicao   2,256   $37,950 
           
Food, Beverage & Tobacco—0.0%4
          
Embotelladora Andina SA   936    3,199 
           
Household & Personal Products—0.2%          
Henkel AG & Co KGaA,   182    21,740 
LG Household & Health Care Ltd1
   5    2,331 
Amorepacific Corp1
   14    2,382 
Total Household & Personal Products           26,453 
           
Materials—0.0%4
          
Sociedad Quimica y Minera de Chile SA, Class B   34    969 
           
Technology Hardware & Equipment—0.5%          
Samsung Electronics Co. Ltd.   76    90,171 
           
Telecommunication Services—0.2%          
Telefonica Brasil SA   1,769    23,958 
           
Utilities—0.1%          
Cia Paranaense de Energia   546    4,590 
Cia Energetica de Minas Gerais   4,284    10,148 
Total Utilities        14,738 
Total Preferred Stocks
(Cost $200,967)		        199,163 
INVESTMENT OF CASH COLLATERAL     
FOR SECURITIES LOANED—0.2%     
Dreyfus Institutional Preferred Money Market Fund—Institutional Shares, 0.67%5
(Cost $40,295)
   40,295    40,295 
Total Investments—100.1%
  (Cost $17,458,795)		        17,431,510 
Liabilities in Excess of Other Assets—(0.1)%        (13,674)
Net Assets—100.0%       $17,417,836 
 

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1   Non-income producing security.
2   All or a portion of the security was on loan. The aggregate value of the securities on loan was $43,860; total value of the collateral held by the fund was $45,521. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $5,226 (Note 4).
3   Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
4   Less than 0.05%
5   Rate shown represents annualized 7-day yield as of December 31, 2016.


    

38

 
 

Schedule Investments — concluded
Oppenheimer Global ESG Revenue ETF
December 31, 2016 (Unaudited)

Country  Value  % of
Net Assets 		 
Australia  $412,625    2.4 %
Austria   63,397    0.4  
Belgium   63,725    0.4  
Bermuda   5,978    0.0 1
Brazil   265,309    1.5  
Canada   353,771    2.0  
Chile   109,556    0.6  
China   44,529    0.3  
Colombia   34,415    0.2  
Denmark   115,019    0.7  
Finland   102,156    0.6  
France   648,121    3.7  
Germany   1,080,226    6.2  
Greece   3,105    0.0 1
Hong Kong   90,448    0.5  
Hungary   37,136    0.2  
Indonesia   89,936    0.5  
Ireland   90,658    0.5  
Israel   2,084    0.0 1
Italy   35,045    0.2  
Japan   3,119,658    17.9  
Macau   5,166    0.0 1
Malaysia   77,819    0.4  
Mexico   49,132    0.3  
Netherlands   330,516    1.9  
New Zealand   31,074    0.2  
Norway   55,188    0.3  
Philippines   12,433    0.1  
Poland   77,008    0.4  
Portugal   79,521    0.5  
Romania   326    0.0 1
Russia   44,774    0.3  
Singapore   86,348    0.5  
South Africa   26,862    0.2  
South Korea   1,463,668    8.4  
Spain   134,618    0.8  
Sweden   132,898    0.8  
Switzerland   304,741    1.7  
Taiwan   300,784    1.7  
Thailand   304,026    1.7  
Turkey   12,831    0.1  
United Kingdom   314,746    1.8  
United States   6,820,134    39.2  
Total Investments   17,431,510    100.1 %    
Liabilities in Excess of Other Assets   (13,674)   (0.1 )    
Net Assets  $17,417,836    100.0 %    
 
1   Less than 0.05%  


The accompanying notes are an integral part of these financial statements.

39

 
 

Statements of Assets and Liabilities
December 31, 2016 (Unaudited)
 
 Oppenheimer
Large Cap
Revenue ETF
  
 Oppenheimer
Mid Cap
Revenue ETF
  
 Oppenheimer
Small Cap
Revenue ETF
ASSETS:
                                          
Investments at value (including securities on loan) (Note 3)1
            $ 489,061,908         $ 260,977,691         $ 482,516,586   
Cash
             1,574,495          229,812          691,928   
Receivables and other assets:
                                          
Dividends
             652,730          186,354          302,218   
Capital shares sold
             —         —         68,602   
Investment securities sold
             707,842          1,182,457          353,925   
Securities lending income, net (Note 4)
             1,279          3,996          13,957   
Prepaid expenses
             44,915          22,442          37,248   
Total Assets
             492,043,169          262,602,752          483,984,464   
LIABILITIES:
                                          
Payables and other liabilities:
                                          
Investment of cash collateral for securities on loan (Note 4)
             4,472,236          17,518,410          39,775,262   
Income Distributions
             2,279,123          1,366,985          734,528   
Management fees (Note 9)
             141,436          77,675          126,862   
BNY Fund Services fees
             90,168          12,981          95,357   
Professional fees
             9,426          9,426          9,426   
Trustee fees
             7,780          6,111          7,075   
Other accrued expenses
             27,147          23,375          23,685   
Total Liabilities
             7,027,316          19,014,963          40,772,195   
NET ASSETS
            $ 485,015,853         $ 243,587,789         $ 443,212,269   
Composition of Net Assets:
                                          
Paid-in capital
            $ 418,908,030         $ 221,674,777         $ 386,441,597   
Undistributed net investment income (loss)
             (49,278 )         1,232          11,588   
Accumulated undistributed net realized gain (loss) on investments and foreign currency translations
             8,645,667          (8,809,317 )         (14,183,383 )  
Net unrealized appreciation on investments and foreign currency translations
             57,511,434          30,721,097          70,942,467   
NET ASSETS
            $ 485,015,853         $ 243,587,789         $ 443,212,269   
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)
             11,151,400          4,501,400          6,601,400   
Net asset value, offering and redemption price per share1
            $ 43.49         $ 54.11         $ 67.14   
Investments at cost
            $ 431,550,474         $ 230,256,594         $ 411,574,119   
1Includes value of securities on loan:
            $ 12,754,280         $ 33,190,687         $ 61,454,702   
 


The accompanying notes are an integral part of these financial statements.

40

 
 

Statements of Assets and Liabilities — continued
December 31, 2016 (Unaudited)
 
 Oppenheimer
Financials Sector
Revenue ETF
  
 Oppenheimer
ADR
Revenue ETF
  
 Oppenheimer
Ultra Dividend
Revenue ETF
ASSETS:
                                          
Investments at value (including securities on loan) (Note 3)1
            $ 25,942,964         $ 15,887,746         $ 361,255,985   
Cash
             51,245          20,933          484,892   
Receivables and other assets:
                                          
Dividends
             16,813          17,229          943,266   
Capital shares sold
             —         —         8,586,219   
Investment securities sold
             23,403          —         2,646,528   
Securities lending income, net (Note 4)
             3         1,467          1,531   
Reclaims
             —         19,917          —  
Prepaid expenses
             3,233          —         20,616   
Total Assets
             26,037,661          15,947,292          373,939,037   
LIABILITIES:
                                          
Payables and other liabilities:
                                          
Investment of cash collateral for securities on loan (Note 4)
             —         2,728,590          23,048,421   
Investment securities purchased
             —         —         8,583,792   
Income Distributions
             69,795          —         3,024,310   
Capital Gains Distributions
             —         —         191,360   
Management fees (Note 9)
             21,431          14,373          98,824   
BNY Fund Services fees
             —         94         41,160   
Professional fees
             7,084          9,831          9,426   
Trustee fees
             3,610          3,486          3,339   
Other accrued expenses
             3,205          3,342          2,977   
Total Liabilities
             105,125          2,759,716          35,003,609   
NET ASSETS
            $ 25,932,536         $ 13,187,576         $ 338,935,428   
Composition of Net Assets:
                                          
Paid-in capital
            $ 20,312,165         $ 21,646,388         $ 318,839,660   
Undistributed net investment income
             21         72,431          52,395   
Accumulated undistributed net realized gain (loss) on investments and foreign currency translations
             200,409          (7,420,364 )         14,348,871   
Net unrealized appreciation (depreciation) on investments and foreign currency translations
             5,419,941          (1,110,879 )         5,694,502   
NET ASSETS
            $ 25,932,536         $ 13,187,576         $ 338,935,428   
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)
             450,000          400,000          9,900,000   
Net asset value, offering and redemption price per share1
            $ 57.63         $ 32.97         $ 34.24   
Investments at cost
            $ 20,523,023         $ 16,998,625         $ 355,561,483   
1Includes value of securities on loan:
            $ 158,863         $ 2,829,636         $ 29,525,912   
 


The accompanying notes are an integral part of these financial statements.

41

 
 

Statements of Assets and Liabilities — concluded
December 31, 2016 (Unaudited)
 
 Oppenheimer
Global Growth
Revenue ETF
  
 Oppenheimer
ESG
Revenue ETF
  
 Oppenheimer
Global ESG
Revenue ETF
ASSETS:
                                          
Investments at value (including securities on loan) (Note 3)1
            $ 2,425,844         $ 21,420,082         $ 17,431,510   
Cash
             28,608          36,694          17,247   
Foreign currency at value
             11,732          —         2,754   
Receivables and other assets:
                                          
Expense reimbursement due from Advisor
             —         —         6,024   
Dividends
             889         29,830          33,234   
Investment securities sold
             —         65,175          52,659   
Securities lending income, net (Note 4)
             18          17         6  
Reclaims
             2,901          —         459   
Prepaid expenses
             2,267          774         630   
Total Assets
             2,472,259          21,552,572          17,544,523   
LIABILITIES:
                                          
Payables and other liabilities:
                                          
Investment of cash collateral for securities on loan (Note 4)
             24,498          31,873          40,295   
Investment securities purchased
             24,769          —         —  
Income Distributions
             —         96,120          64,323   
Management fees (Note 9)
             10,873          201         —  
BNY Fund Services fees
             23,809          2,925          13,826   
Professional fees
             8,517          5,919          6,174   
Trustee fees
             3,286          2,069          2,069   
Total Liabilities
             95,752          139,107          126,687   
NET ASSETS
            $ 2,376,507         $ 21,413,465         $ 17,417,836   
Composition of Net Assets:
                                          
Paid-in capital
            $ 2,489,576         $ 20,000,025         $ 17,500,025   
Undistributed net investment income (loss)
             (3,953 )         235         2,523   
Accumulated undistributed net realized gain (loss) on investments and foreign currency translations
             (171,641 )         222,024          (57,518 )  
Net unrealized appreciation (depreciation) on investments and foreign currency translations
             62,525          1,191,181          (27,194 )  
NET ASSETS
            $ 2,376,507         $ 21,413,465         $ 17,417,836   
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)
             50,000          800,001          700,001   
Net asset value, offering and redemption price per share1
            $ 47.53         $ 26.77         $ 24.88   
Investments at cost
            $ 2,363,254         $ 20,228,901         $ 17,458,795   
Foreign currency at cost
             11,563          —         2,702   
1Includes value of securities on loan:
            $ 23,399         $ 103,855         $ 43,860   
 


The accompanying notes are an integral part of these financial statements.

42

 
 

Statements of Operations
For the Period Ended December 31, 2016 (Unaudited)
 
 Oppenheimer
Large Cap
Revenue ETF
  
 Oppenheimer
Mid Cap
Revenue ETF
  
 Oppenheimer
Small Cap
Revenue ETF
INVESTMENT INCOME:
                                          
Dividend income
            $ 4,807,257         $ 2,485,967         $ 2,005,137   
Foreign withholding tax
             —         —         (150 )  
Securities lending income, net (Note 4)
             10,462          32,933          98,189   
Total Income
             4,817,719          2,518,900          2,103,176   
EXPENSES:
                                          
Management fees (Note 9)
             874,959          474,569          786,876   
BNY Fund Services fees
             180,729          118,386          165,208   
Professional fees
             14,363          12,767          13,823   
Trustees fees
             6,988          5,281          6,421   
AMEX Listing Fees
             2,500          2,500          2,500   
Calculating Agent Expense
             1,500          1,500          1,500   
Other Expenses
             19,437          13,753          17,671   
Total Expenses
             1,100,476          628,756          993,999   
Less expense waivers (Note 9)
             (175,296 )         (128,666 )         (165,575 )  
Net Expenses
             925,180          500,090          828,424   
Net Investment Income
             3,892,539          2,018,810          1,274,752   
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
                                          
Net realized gain (loss) on investments
             (934,643 )         (4,562,636 )         4,060,445   
Net realized gain on in-kind redemptions
             16,848,978          3,247,196          2,106,704   
Total net realized gain (loss)
             15,914,335          (1,315,440 )         6,167,149   
Net change in unrealized appreciation on investments
             12,518,220          27,560,763          63,038,865   
Net realized and unrealized gain on investments
             28,432,555          26,245,323          69,206,014   
Net Increase in Net Assets Resulting From Operations
            $ 32,325,094         $ 28,264,133         $ 70,480,766   
 


The accompanying notes are an integral part of these financial statements.

43

 
 

Statements of Operations — continued
For the Period Ended December 31, 2016 (Unaudited)
 
 Oppenheimer
Financials Sector
Revenue ETF
  
 Oppenheimer
ADR
Revenue ETF
  
 Oppenheimer
Ultra Dividend
Revenue ETF
INVESTMENT INCOME:
                                          
Dividend income
            $ 201,894         $ 196,017         $ 5,110,041   
Foreign withholding tax
             —         (23,034 )         —  
Securities lending income, net (Note 4)
             100         10,200          13,588   
Total Income
             201,994          183,183          5,123,629   
EXPENSES:
                                          
Management fees (Note 9)
             48,695          38,775          411,487   
BNY Fund Services fees
             22,754          22,803          106,134   
Professional fees
             11,179          9,931          11,028   
Trustees fees
             3,260          3,171          3,785   
AMEX Listing Fees
             2,500          2,500          2,500   
Calculating Agent Expense
             1,500          1,500          1,500   
Other Expenses
             4,055          4,003          6,935   
Total Expenses
             93,943          82,683          543,369   
Less expense waivers (Note 9)
             (40,919 )         (51,017 )         (111,719 )  
Net Expenses
             53,024          31,666          431,650   
Net Investment Income
             148,970          151,517          4,691,979   
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
                                          
Net realized gain (loss) on investments
             360,384          (281,209 )         (930,183 )  
Net realized gain on in-kind redemptions
             389,306          —         17,852,092   
Total net realized gain (loss)
             749,690          (281,209 )         16,921,909   
Net change in unrealized appreciation (depreciation) on investments
             4,172,203          1,179,655          (229,007 )  
Net change in unrealized appreciation (depreciation)
             —         1,179,655          (229,007 )  
Net realized and unrealized gain on investments
             4,921,893          898,446          16,692,902   
Net Increase in Net Assets Resulting From Operations
            $ 5,070,863         $ 1,049,963         $ 21,384,881   
 


The accompanying notes are an integral part of these financial statements.

44

 
 

Statements of Operations — concluded
For the Period Ended December 31, 2016 (Unaudited)
 
 Oppenheimer
Global Growth
Revenue ETF
  
 Oppenheimer
ESG
Revenue ETF1
  
 Oppenheimer
Global ESG
Revenue ETF1
INVESTMENT INCOME:
                                          
Dividend income
            $ 32,510         $ 110,651         $ 84,812   
Foreign withholding tax
             (6,284 )         —         (4,689 )  
Securities lending income, net (Note 4)
             99         20         7  
Total Income
             26,325          110,671          80,130   
EXPENSES:
                                          
Management fees (Note 9)
             7,329          14,316          13,284   
BNY Fund Services fees
             38,815          2,925          13,825   
Professional fees
             10,357          5,919          6,174   
Trustees fees
             3,015          2,069          2,069   
AMEX Listing Fees
             2,500          1,276          1,276   
Calculating Agent Expense
             1,500          766         766  
Other Expenses
             2,692          1,342          1,342   
Total Expenses
             66,208          28,613          38,736   
Less expense waivers (Note 9)
             (58,879 )         (14,297 )         (25,452 )  
Net Expenses
             7,329          14,316          13,284   
Net Investment Income
             18,996          96,355          66,846   
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
                                          
Net realized gain (loss) on investments
             107,019          222,024          (63,639 )  
Net realized gain on foreign currency translation
             111,305          —         6,121   
Total net realized gain (loss)
             218,324          222,024          (57,518 )  
Net change in unrealized appreciation (depreciation) on investments
             24,862          1,191,181          (27,285 )  
Net change in unrealized appreciation (depreciation) on foreign currency translations
             (162 )         —         91  
Net change in unrealized appreciation (depreciation)
             24,700          1,191,181          (27,194 )  
Net realized and unrealized gain (loss) on investments
             243,024          1,413,205          (84,712 )  
Net Increase (Decrease) in Net Assets Resulting From Operations
            $ 262,020         $ 1,509,560         $ (17,866 )  
 
1   Commencement of Operations was October 31, 2016.


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
Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
  
 Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
  
 Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
OPERATIONS:
                                                                        
Net investment income
      $ 3,892,539         $ 6,372,289         $ 2,018,810         $ 1,974,899         $ 1,274,752         $ 2,151,661   
Net realized gain (loss) on investments and in-kind redemptions
       15,914,335          18,970,873          (1,315,440 )         16,355,307          6,167,149          7,656,054   
Net change in unrealized appreciation (depreciation) on investments
       12,518,220          (21,568,369 )         27,560,763          (29,452,236 )         63,038,865          (35,767,955 )  
Net increase (decrease) in net assets resulting from operations
       32,325,094          3,774,793          28,264,133          (11,122,030 )         70,480,766          (25,960,240 )  
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                                                        
Net investment income
       (5,560,398 )         (6,322,234 )         (2,338,560 )         (2,125,196 )         (1,546,626 )         (2,283,532 )  
Realized gains
       —         (234,442 )         —         —         —         —  
Total distributions to shareholders
       (5,560,398 )         (6,556,676 )         (2,338,560 )         (2,125,196 )         (1,546,626 )         (2,283,532 )  
SHAREHOLDER TRANSACTIONS:
                                                                        
Proceeds from shares sold
       132,804,122          95,604,911          42,260,911          73,461,233          91,802,675          68,728,756   
Cost of shares redeemed
       (41,231,932 )         (69,825,570 )         (10,850,731 )         (116,054,019 )         (14,945,774 )         (117,579,966 )  
Net increase (decrease) in net assets resulting from shareholder transactions
       91,572,190          25,779,341          31,410,180          (42,592,786 )         76,856,901          (48,851,210 )  
Increase (Decrease) in net assets
       118,336,886          22,997,458          57,335,753          (55,840,012 )         145,791,041          (77,094,982 )  
NET ASSETS:
                                                                        
Beginning of period
       366,678,967          343,681,509          186,252,036          242,092,048          297,421,228          374,516,210   
End of period
      $ 485,015,853         $ 366,678,967         $ 243,587,789         $ 186,252,036         $ 443,212,269         $ 297,421,228   
Undistributed net investment income (loss) included in net assets at end of period
      $ (49,278 )        $ 1,618,581         $ 1,232         $ 320,982         $ 11,588         $ 283,462   
CHANGES IN SHARES OUTSTANDING:
                                                                        
Shares outstanding, beginning of period
       9,001,400          8,401,400          3,901,400          4,901,400          5,401,400          6,451,400   
Shares sold
       3,100,000          2,400,000          800,000          1,550,000          1,450,000          1,300,000   
Shares redeemed
       (950,000 )         (1,800,000 )         (200,000 )         (2,550,000 )         (250,000 )         (2,350,000 )  
Shares outstanding, end of period
       11,151,400          9,001,400          4,501,400          3,901,400          6,601,400          5,401,400   
 


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
 
 Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
  
 Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
OPERATIONS:
                                                      
Net investment income
            $ 148,970         $ 351,216         $ 151,517         $ 580,766   
Net realized gain (loss) on investments, in-kind redemptions and foreign currency translations
             749,690          1,465,095          (281,209 )         (2,777,443 )  
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations
             4,172,203          (4,166,644 )         1,179,655          (2,438,760 )  
Net increase (decrease) in net assets resulting from operations
             5,070,863          (2,350,333 )         1,049,963          (4,635,437 )  
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                                      
Net investment income
             (218,190 )         (372,325 )         (240,392 )         (727,010 )  
Total distributions to shareholders
             (218,190 )         (372,325 )         (240,392 )         (727,010 )  
SHAREHOLDER TRANSACTIONS:
                                                      
Proceeds from shares sold
             2,937,351          —         —         1,797,937   
Cost of shares redeemed
             (2,381,373 )         (9,266,481 )         —         (9,882,334 )  
Net increase (decrease) in net assets resulting from shareholder transactions
             555,978          (9,266,481 )         —         (8,084,397 )  
Increase (Decrease) in net assets
             5,408,651          (11,989,139 )         809,571          (13,446,844 )  
NET ASSETS:
                                                      
Beginning of period
             20,523,885          32,513,024          12,378,005          25,824,849   
End of period
            $ 25,932,536         $ 20,523,885         $ 13,187,576         $ 12,378,005   
Undistributed net investment income included in net assets at end of period
            $ 21        $ 69,241         $ 72,431         $ 161,306   
CHANGES IN SHARES OUTSTANDING:
                                                      
Shares outstanding, beginning of period
             450,000          650,000          400,000          700,000   
Shares sold
             50,000          —         —         50,000   
Shares redeemed
             (50,000 )         (200,000 )         —         (350,000 )  
Shares outstanding, end of period
             450,000          450,000          400,000          400,000   
 


The accompanying notes are an integral part of these financial statements.

47

 
 

Statements of Changes in Net Assets — continued
 
 Oppenheimer
Ultra Dividend
Revenue ETF
  
 Oppenheimer
Global Growth
Revenue ETF
  
 Oppenheimer
ESG
Revenue ETF
 
 Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
  
 Six Months
Ended
December 31,
2016
(Unaudited)
  
 Year Ended
June 30,
2016
  
 For the
Period
October 31,
20161 to
December 31, 2016
OPERATIONS:
                                                                  
Net investment income
            $ 4,691,979         $ 2,813,311         $ 18,996         $ 43,067         $ 96,355   
Net realized gain (loss) on investments, in-kind redemptions and foreign currency translations
             16,921,909          (2,382,122 )         218,324          (474,932 )         222,024   
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations
             (229,007 )         8,519,386          24,700          164,824          1,191,181   
Net increase (decrease) in net assets resulting from operations
             21,384,881          8,950,575          262,020          (267,041 )         1,509,560   
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                                                  
Net investment income
             (5,402,944 )         (2,568,683 )         (24,307 )         (73,286 )         (96,120 )  
Realized gains
             (191,360 )         —         —         (143,071 )         —  
Total distributions to shareholders
             (5,594,304 )         (2,568,683 )         (24,307 )         (216,357 )         (96,120 )  
SHAREHOLDER TRANSACTIONS:
                                                                  
Proceeds from shares sold
             358,357,213          101,389,903          —         —         20,000,025   
Cost of shares redeemed
             (145,541,976 )         (63,696,211 )         —         (2,466,939 )         —  
Net increase (decrease) in net assets resulting from shareholder transactions
             212,815,237          37,693,692          —         (2,466,939 )         20,000,025   
Increase (Decrease) in net assets
             228,605,814          44,075,584          237,713          (2,950,337 )         21,413,465   
NET ASSETS:
                                                                  
Beginning of period
             110,329,614          66,254,030          2,138,794          5,089,131          —  
End of period
            $ 338,935,428         $ 110,329,614         $ 2,376,507         $ 2,138,794         $ 21,413,465   
Undistributed net investment income (loss) included in net assets at end of period
            $ 52,395         $ 763,360         $ (3,953 )        $ 1,358         $ 235  
CHANGES IN SHARES OUTSTANDING:
                                                                  
Shares outstanding, beginning of period
             3,500,000          2,300,000          50,000          100,000          —  
Shares sold
             10,650,000          3,350,000          —         —         800,001   
Shares redeemed
             (4,250,000 )         (2,150,000 )         —         (50,000 )         —  
Shares outstanding, end of period
             9,900,000          3,500,000          50,000          50,000          800,001   
 
1   Commencement of operations.


The accompanying notes are an integral part of these financial statements.

48

 
 

Statements of Changes in Net Assets — concluded
 
 Oppenheimer
Global ESG
Revenue ETF
 
 For the Period
October 31,
20161 to
December 31,
2016
OPERATIONS:
                  
Net investment income
            $ 66,846   
Net realized loss on investments
             (57,518 )  
Net change in unrealized depreciation on investments and foreign currency translations
             (27,194 )  
Net decrease in net assets resulting from operations
             (17,866 )  
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                  
Net investment income
             (64,323 )  
Total distributions to shareholders
             (64,323 )  
SHAREHOLDER TRANSACTIONS:
                  
Proceeds from shares sold
             17,500,025   
Net increase in net assets resulting from shareholder transactions
             17,500,025   
Increase in net assets
             17,417,836   
NET ASSETS:
                  
Beginning of period
             —  
End of period
            $ 17,417,836   
Undistributed net investment income included in net assets at end of period
            $ 2,523   
CHANGES IN SHARES OUTSTANDING:
                  
Shares outstanding, beginning of period
             —  
Shares sold
             700,001   
Shares redeemed
             —  
Shares outstanding, end of period
             700,001   
 
1   Commencement of operations.


The accompanying notes are an integral part of these financial statements.

49

 
 


Financial Highlights
Oppenheimer Large Cap Revenue ETF

For a share outstanding throughout each period presented.

       Six-Months
Ended
December 31,
2016
(Unaudited)
    Year Ended June 30,
 
  
 2016
  
 2015
  
 2014
  
 2013
  
 2012
Per Share Operating Performance:
                                                                              
Net asset value, beginning of period
            $ 40.74         $ 40.91         $ 38.56         $ 31.38         $ 25.20         $ 25.00   
Net investment income1
             0.40          0.76          0.68          0.59          0.54 2         0.41   
Net realized and unrealized gain (loss) on investments
             2.91          (0.14 )         2.35          7.13          6.17          0.21 3  
Total gain from investment operations
             3.31          0.62          3.03          7.72          6.71          0.62   
Less Distributions from:
                                                                              
Net investment income
             (0.56 )         (0.76 )         (0.64 )         (0.54 )         (0.53 )         (0.42 )  
Realized gains
             —         (0.03 )         (0.04 )         —         —         —  
Total distributions
             (0.56 )         (0.79 )         (0.68 )         (0.54 )         (0.53 )         (0.42 )  
Net asset value, end of period
            $ 43.49         $ 40.74         $ 40.91         $ 38.56         $ 31.38         $ 25.20   
Total Return at Net Asset Value4
             8.20 %         1.55 %         7.91 %         24.84 %         26.98 %         2.59 %  
Total Return at Market Value4
             8.20 %         1.61 %         7.85 %         25.10 %         28.86 %         2.57 %  
Ratios/Supplemental Data:
                                                                              
Net assets, end of period (000’s) omitted
            $ 485,016         $ 366,679         $ 343,682         $ 242,970         $ 182,025         $ 156,284   
Average Net Assets (000’s) omitted
             406,723          331,701          296,609          201,920          163,192          165,508   
Ratio to average net assets of:
                                                                              
Expenses, net of expense waivers and reimbursements
             0.45 %5         0.49 %         0.49 %         0.49 %         0.49 %         0.49 %  
Expenses, prior to expense waivers and reimbursements
             0.54 %5         0.62 %         0.61 %         0.68 %         0.71 %         0.75 %  
Net investment income, net of waivers and reimbursements
             1.90 %5         1.92 %         1.70 %         1.66 %         1.93 %2          1.72 %  
Portfolio turnover rate6
             5.01 %         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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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.
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.

50

 
 


Financial Highlights — continued
Oppenheimer Mid Cap Revenue ETF

For a share outstanding throughout each period presented.

       Six-Months
Ended
December 31,
2016
(Unaudited)
    Year Ended June 30,
 
  
 2016
  
 2015
  
 2014
  
 2013
  
 2012
Per Share Operating Performance:
                                                                              
Net asset value, beginning of period
            $ 47.74         $ 49.39         $ 47.75         $ 38.00         $ 29.88         $ 31.69   
Net investment income1
             0.50 2         0.44          0.41          0.34          0.39 3         0.23   
Net realized and unrealized gain (loss) on investments
             6.42          (1.63 )         1.79          9.97          8.18          (1.15 )  
Total gain (loss) from investment operations
             6.92          (1.19 )         2.20          10.31          8.57          (0.92 )  
Less Distributions from:
                                                                              
Net investment income
             (0.55 )         (0.46 )         (0.39 )         (0.34 )         (0.31 )         (0.22 )  
Realized gains
             —         —         (0.17 )         (0.22 )         (0.14 )         (0.67 )  
Total distributions
             (0.55 )         (0.46 )         (0.56 )         (0.56 )         (0.45 )         (0.89 )  
Net asset value, end of period
            $ 54.11         $ 47.74         $ 49.39         $ 47.75         $ 38.00         $ 29.88   
Total Return at Net Asset Value4
             14.56 %         (2.39 )%         4.63 %         27.28 %         28.95 %         (2.72 )%  
Total Return at Market Value4
             14.52 %         (2.38 )%         5.05 %         27.14 %         29.25 %         (2.80 )%  
Ratios/Supplemental Data:
                                                                              
Net assets, end of period (000’s) omitted
            $ 243,588         $ 186,252         $ 242,092         $ 205,404         $ 123,565         $ 122,557   
Average Net Assets (000’s) omitted
             205,688          210,021          223,753          167,424          115,203          128,669   
Ratio to average net assets of:
                                                                              
Expenses, net of expense waivers and reimbursements
             0.48 %5         0.54 %         0.54 %         0.54 %         0.54 %         0.54 %  
Expenses, prior to expense waivers and reimbursements
             0.61 %5         0.72 %         0.68 %         0.73 %         0.80 %         0.82 %  
Net investment income, net of waivers and reimbursements
             1.95 %2,5         0.94 %         0.84 %         0.78 %         1.17 %3         0.77 %  
Portfolio turnover rate6
             24.64 %         22.23 %         13.93 %         24.19 %         44.42 %         55.02 %  
 
1   Based on average daily shares outstanding.
2   Net investment per share and the net investment income ratio include $0.16 and 0.63%, respectively, resulting from a special dividend from Cousins Properties, Inc in 2016.
3   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%.
4   Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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.
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.

51

 
 


Financial Highlights — continued
Oppenheimer Small Cap Revenue ETF

For a share outstanding throughout each period presented.

       Six-Months
Ended
December 31,
2016
(Unaudited)
    Year Ended June 30,
 
  
 2016
  
 2015
  
 2014
  
 2013
  
 2012
Per Share Operating Performance:
                                                                              
Net asset value, beginning of period
            $ 55.06         $ 58.05         $ 56.25         $ 43.82         $ 33.71         $ 34.47   
Net investment income1
             0.22          0.36          0.39          0.26          0.38 2         0.20   
Net realized and unrealized gain (loss) on investments
             12.12          (2.97 )         1.89          12.81          10.22          (0.81 )  
Total gain (loss) from investment operations
             12.34          (2.61 )         2.28          13.07          10.60          (0.61 )  
Less Distributions from:
                                                                              
Net investment income
             (0.26 )         (0.38 )         (0.38 )         (0.52 )         (0.35 )         (0.15 )  
Realized gains
             —         —         (0.10 )         (0.12 )         (0.14 )         —  
Total distributions
             (0.26 )         (0.38 )         (0.48 )         (0.64 )         (0.49 )         (0.15 )  
Net asset value, end of period
            $ 67.14         $ 55.06         $ 58.05         $ 56.25         $ 43.82         $ 33.71   
Total Return at Net Asset Value3
             22.45 %         (4.46 )%         4.06 %         30.03 %         31.74 %         (1.75 )%  
Total Return at Market Value3
             22.60 %         (4.51 )%         4.24 %         30.38 %         31.53 %         (1.67 )%  
Ratios/Supplemental Data:
                                                                              
Net assets, end of period (000’s) omitted
            $ 443,212         $ 297,421         $ 374,516         $ 292,584         $ 153,441         $ 109,601   
Average Net Assets (000’s) omitted
             342,121          317,271          322,714          232,088          129,239          114,027   
Ratio to average net assets of:
                                                                              
Expenses, net of expense waivers and reimbursements
             0.48 %4         0.54 %         0.54 %         0.54 %         0.54 %         0.54 %  
Expenses, prior to expense waivers and reimbursements
             0.58 %4         0.68 %         0.67 %         0.72 %         0.79 %         0.84 %  
Net investment income, net of waivers and reimbursements
             0.74 %4         0.68 %         0.69 %         0.51 %         0.99 %2         0.61 %  
Portfolio turnover rate5
             24.76 %         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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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   Annualized.
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.

52

 
 


Financial Highlights — continued
Oppenheimer Financials Sector Revenue ETF

For a share outstanding throughout each period presented.

       Six-Months
Ended
December 31,
2016
(Unaudited)
    Year Ended June 30,
 
  
 2016
  
 2015
  
 2014
  
 2013
  
 2012
Per Share Operating Performance:
                                                                              
Net asset value, beginning of period
            $ 45.61         $ 50.02         $ 46.54         $ 39.35         $ 27.62         $ 29.70   
Net investment income1
             0.35          0.66          0.54          0.45          0.38 2         0.26   
Net realized and unrealized gain (loss) on investments
             12.18          (4.38 )         3.44          7.17          11.71          (2.05 )  
Total gain (loss) from investment operations
             12.53          (3.72 )         3.98          7.62          12.09          (1.79 )  
Less Distributions from:
                                                                              
Net investment income
             (0.51 )         (0.69 )         (0.50 )         (0.43 )         (0.36 )         (0.29 )  
Net asset value, end of period
            $ 57.63         $ 45.61         $ 50.02         $ 46.54         $ 39.35         $ 27.62   
Total Return at Net Asset Value3
             27.66 %         (7.49 )%         8.57 %         19.44 %         44.09 %         (5.95 )%  
Total Return at Market Value3
             27.89 %         (7.58 )%         8.66 %         19.32 %         44.24 %         (5.93 )%  
Ratios/Supplemental Data:
                                                                              
Net assets, end of period (000’s) omitted
            $ 25,933         $ 20,524         $ 32,513         $ 32,577         $ 29,509         $ 9,667   
Average Net Assets (000’s) omitted
             21,466          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 %4         0.49 %         0.49 %         0.49 %         0.49 %         0.49 %  
Expenses, prior to expense waivers and reimbursements
             0.87 %4         0.91 %         0.77 %         0.80 %         1.03 %         1.29 %  
Net investment income, net of waivers and reimbursements
             1.38 %4         1.40 %         1.11 %         1.03 %         1.12 %2         0.98 %  
Portfolio turnover rate5
             11.95 %         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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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   Annualized.
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.

53

 
 


Financial Highlights — continued
Oppenheimer ADR Revenue ETF

For a share outstanding throughout each period presented.

       Six-Months
Ended
December 31,
2016
(Unaudited)
    Year Ended June 30,
 
  
 2016
  
 2015
  
 2014
  
 2013
  
 2012
Per Share Operating Performance:
                                                                              
Net asset value, beginning of period
            $ 30.95         $ 36.89         $ 41.82         $ 34.45         $ 31.81         $ 39.84   
Net investment income1
             0.38          0.91          1.07          1.33          0.97 2         1.00   
Net realized and unrealized gain (loss) on investments
             2.24          (5.78 )         (4.83 )         7.24          2.47          (7.47 )  
Total gain (loss) from investment operations
             2.62          (4.87 )         (3.76 )         8.57          3.44          (6.47 )  
Less Distributions from:
                                                                              
Net investment income
             (0.60 )         (1.07 )         (1.17 )         (1.20 )         (0.80 )         (1.33 )  
Realized gains
             —         —         —         —         —         (0.23 )  
Total distributions
             (0.60 )         (1.07 )         (1.17 )         (1.20 )         (0.80 )         (1.56 )  
Net asset value, end of period
            $ 32.97         $ 30.95         $ 36.89         $ 41.82         $ 34.45         $ 31.81   
Total Return at Net Asset Value3
             8.63 %         (13.32 )%6         (9.13 )%         25.38 %         10.87 %         (16.30 )%  
Total Return at Market Value3
             8.73 %         (13.47 )%6         (9.08 )%         25.39 %         10.76 %         (16.32 )%  
Ratios/Supplemental Data:
                                                                              
Net assets, end of period (000’s) omitted
            $ 13,188         $ 12,378         $ 25,825         $ 23,000         $ 24,118         $ 36,587   
Average Net Assets (000’s) omitted
             12,820          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 %4         0.49 %         0.49 %         0.49 %         0.49 %         0.49 %  
Expenses, prior to expense waivers and reimbursements
             1.28 %4         1.15 %         1.01 %         1.04 %         1.06 %         1.05 %  
Net investment income, net of waivers and reimbursements
             2.34 %4         2.91 %         2.80 %         3.47 %         2.83 %2         2.97 %  
Portfolio turnover rate5
             12.00 %         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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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   Annualized.
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.
6   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.

54

 
 


Financial Highlights — continued
Oppenheimer Ultra Dividend Revenue ETF

For a share outstanding throughout each period presented.

       Six-Months
Ended
December 31,
2016
(Unaudited)
    Year Ended June 30,
    For the Period
October 1, 20131
Through
June 30,
2014
 
  
 2016
  
 2015
  
Per Share Operating Performance:
                                                      
Net asset value, beginning of period
            $ 31.52         $ 28.81         $ 28.72         $ 24.87   
Net investment income2
             0.79          1.21          1.20          0.91   
Net realized and unrealized gain on investments
             2.75          2.66          0.03 3         3.39   
Total gain from investment operations
             3.54          3.87          1.23          4.30   
Less Distributions from:
                                                      
Net investment income
             (0.80 )         (1.16 )         (1.11 )         (0.45 )  
Realized gains
             (0.02 )         —         (0.03 )         —  
Total distributions
             (0.82 )         (1.16 )         (1.14 )         (0.45 )  
Net asset value, end of period
            $ 34.24         $ 31.52         $ 28.81         $ 28.72   
Total Return at Net Asset Value4
             11.35 %         13.91 %         4.30 %         17.46 %  
Total Return at Market Value4
             11.40 %         13.90 %         4.19 %         17.58 %  
Ratios/Supplemental Data:
                                                      
Net assets, end of period (000’s) omitted
            $ 338,935         $ 110,330         $ 66,254         $ 22,976   
Average Net Assets (000’s) omitted
             193,915          67,190          47,799          10,504   
Ratio to average net assets of:
                                                      
Expenses, net of expense waivers and reimbursements
             0.44 %5         0.49 %         0.49 %         0.49 %5  
Expenses, prior to expense waivers and reimbursements
             0.56 %5         0.75 %         0.72 %         1.18 %5  
Net investment income, net of waivers and reimbursements
             4.80 %5         4.19 %         4.06 %         4.57 %5  
Portfolio turnover rate6
             2.29 %         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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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.
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.

55

 
 


Financial Highlights — continued
Oppenheimer Global Growth Revenue ETF

For a share outstanding throughout each period presented.
 
 Six-Months Ended
December 31, 2016
(Unaudited)
  
 Year Ended
June 30, 2016
  
 For the Period
February 02, 20151
Through
June 30, 2015
Per Share Operating Performance:
                                          
Net asset value, beginning of period
            $ 42.78         $ 50.89         $ 50.00   
Net investment income2
             0.38          0.77          0.67   
Net realized and unrealized gain (loss) on investments
             4.86          (5.20 )         0.25   
Total gain (loss) from investment operations
             5.24          (4.43 )         0.92   
Less Distributions from:
                                          
Net investment income
             (0.49 )         (0.82 )         (0.03 )  
Realized gains
             —         (2.86 )         —  
Total distributions
             (0.49 )         (3.68 )         (0.03 )  
Net asset value, end of period
            $ 47.53         $ 42.78         $ 50.89   
Total Return at Net Asset Value3
             12.29 %         (8.60 )%         1.83 %  
Total Return at Market Value3
             10.35 %         (6.93 )%         1.09 %  
Ratios/Supplemental Data:
                                          
Net assets, end of period (000’s) omitted
            $ 2,377         $ 2,139         $ 5,089   
Average Net Assets (000’s) omitted
             2,258          2,527          5,244   
Ratio to average net assets of:
                                          
Expenses, net of expense waivers and reimbursements
             0.64 %4         0.70 %         0.70 %4  
Expenses, prior to expense waivers and reimbursements
             5.82 %4         6.64 %         1.94 %4  
Net investment income, net of waivers and reimbursements
             1.67 %4         1.70 %         3.13 %4  
Portfolio turnover rate5
             158.81 %         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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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   Annualized.
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.

56

 
 


Financial Highlights — continued
Oppenheimer ESG Revenue ETF

For a share outstanding throughout each period presented.
 
 For the Period
October 31, 20161
Through
December 31, 2016
Per Share Operating Performance:
                  
Net asset value, beginning of period
            $ 25.00   
Net investment income2
             0.12   
Net realized and unrealized gain on investments
             1.77   
Total gain from investment operations
             1.89   
Less Distributions from:
                  
Net investment income
             (0.12 )  
Net asset value, end of period
            $ 26.77   
Total Return at Net Asset Value3
             7.55 %  
Total Return at Market Value3
             7.76 %  
Ratios/Supplemental Data:
                  
Net assets, end of period (000’s) omitted
            $ 21,413   
Average Net Assets (000’s) omitted
             21,070   
Ratio to average net assets of:
                  
Expenses, net of expense waivers and reimbursements
             0.40 %4  
Expenses, prior to expense waivers and reimbursements
             0.80 %4  
Net investment income, net of waivers and reimbursements
             2.69 %4  
Portfolio turnover rate5
             11.87 %  
 
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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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   Annualized.
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.

57

 
 


Financial Highlights — concluded
Oppenheimer Global ESG Revenue ETF

For a share outstanding throughout each period presented.
 
 For the Period
October 31, 20161
Through
December 31, 2016
Per Share Operating Performance:
                  
Net asset value, beginning of period
            $ 25.00   
Net investment income2
             0.10   
Net realized and unrealized loss on investments
             (0.13 )  
Total loss from investment operations
             (0.03 )  
Less Distributions from:
                  
Net investment income
             (0.09 )  
Net asset value, end of period
            $ 24.88   
Total Return at Net Asset Value3
             (0.10 )%  
Total Return at Market Value3
             0.53 %  
Ratios/Supplemental Data:
                  
Net assets, end of period (000’s) omitted
            $ 17,418   
Average Net Assets (000’s) omitted
             17,379   
Ratio to average net assets of:
                  
Expenses, net of expense waivers and reimbursements
             0.45 %4  
Expenses, prior to expense waivers and reimbursements
             1.31 %4  
Net investment income, net of waivers and reimbursements
             2.26 %4  
Portfolio turnover rate5
             22.16 %  
 
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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. 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   Annualized.
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.

58

 
 

Notes to Financial Statements
December 31, 2016 (Unaudited)

1.
   Organization

The Oppenheimer Revenue Weighted ETF Trust (the “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 nine 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, the Oppenheimer Mid Cap Revenue ETF, the Oppenheimer Small Cap Revenue ETF, the Oppenheimer Global Growth Revenue ETF, the Oppenheimer Global ESG Revenue ETF, and the Oppenheimer ESG Revenue ETF are diversified funds under the Act. The Oppenheimer Financials Sector Revenue ETF, the Oppenheimer ADR Revenue ETF, and the Oppenheimer Ultra Dividend Revenue ETF, 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 Trust’s investment adviser is VTL Associates, LLC (“VTL” or the “Adviser”).

On February 15, 2017, the Board of Trustees of the Funds, upon the recommendation of the Funds’ Adviser, approved a plan to liquidate the Oppenheimer ADR Revenue ETF and Oppenheimer Global Growth Revenue ETF Funds (the “Liquidation”), with such Liquidation to take place on or about March 16, 2017 (the “Liquidation Date“). Beginning on or about March 3, 2017, each Fund will only accept Creation Units on a limited basis. Effective as of the close of the New York Stock Exchange (the “Exchange”) on or about March 9, 2017, the Funds will no longer trade on the Exchange.

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.

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.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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.

59

 
 

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 Ultra Dividend Revenue ETF
         76,360       124,151       — 1       —       3,417,680  
Oppenheimer Global Growth Revenue ETF
         1,345       —       (277,289 )1      (112,130 )      37,292  
Oppenheimer ESG Revenue ETF
         —       —       —       —       —  
Oppenheimer Global ESG Revenue ETF
         —       —       —       —       —  
 
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.

60

 
 

Notes to Financial Statements — continued

At June 30, 2016 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 Global Growth Revenue ETF
         —       —       —       277,289       —       277,289  
 

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 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  
Oppenheimer ESG Revenue ETF
         —       —       —       —       —       —  
Oppenheimer Global ESG Revenue ETF
         —       —       —       —       —       —  
 

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
        $ 434,417,199      $ 63,137,685      $ (8,492,976 )     $ 54,644,709  
Oppenheimer Mid Cap Revenue ETF
         231,613,330       38,259,031       (8,894,670 )      29,364,361  
Oppenheimer Small Cap Revenue ETF
         413,923,205       87,374,967       (18,781,586 )      68,593,381  
Oppenheimer Financials Sector Revenue ETF
         20,630,820       5,511,346       (199,202 )      5,312,144  
Oppenheimer ADR Revenue ETF
         17,632,082       969,143       (2,713,479 )      (1,744,336 ) 
Oppenheimer Ultra Dividend Revenue ETF
         358,067,312       11,246,093       (8,057,420 )      3,188,673  
Oppenheimer Global Growth Revenue ETF
         2,375,363       77,641       (15,428 )      62,213  
Oppenheimer ESG Revenue ETF
         20,228,901       1,412,039       (220,858 )      1,191,181  
Oppenheimer Global ESG Revenue ETF
         17,461,497       478,090       (505,323 )      (27,233 ) 
 

Use of Estimates. The preparation of financial statements in conformity with U.S. 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.

61

 
 

Notes to Financial Statements — continued
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 New York Stock Exchange (“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 the official closing 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 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 are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

The authoritative guidance for fair value measurements and disclosures, Accounting Standards CodificationTM 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)

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 December 31, 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
  
 Preferred
Stock
  
 Common
Stock
  
 Total
Oppenheimer Large Cap Revenue ETF
        $ 484,589,672      $ —      $ 4,472,236      $ —      $ —      $  —      $ 489,061,908  
Oppenheimer Mid Cap Revenue ETF
         243,459,281       —       17,518,410       —       —       —       260,977,691  
Oppenheimer Small Cap Revenue ETF
         442,741,324       —       39,775,262       —       —       —       482,516,586  
Oppenheimer Financials Sector Revenue ETF
         25,942,964       —       —       —       —       —       25,942,964  
Oppenheimer ADR Revenue ETF
         12,915,180       243,976       2,728,590       —       —       —       15,887,746  
Oppenheimer Ultra Dividend
Revenue ETF
         338,207,564       —       23,048,421       —       —       —       361,255,985  
Oppenheimer Global Growth Revenue ETF
         2,309,658       90,381       24,498       —       1,307       —       2,425,844  
Oppenheimer ESG Revenue ETF
         21,388,209       —       31,873       —       —       —       21,420,082  
Oppenheimer Global ESG Revenue ETF
         17,165,443       199,163       40,295       26,609       —       —       17,431,510  
 

At December 31, 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 period ended December 31, 2016, there were no transfers between levels.

62

 
 

Notes to Financial Statements — continued
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 December 31, 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 December 31, 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:

Remaining Contractual Maturity of the Agreements, as of December 31, 2016
Overnight and
Continuous
  
 <30 Days
  
 Between
30 & 90 days
  
 >90 days
  
 Total
Oppenheimer Large Cap Revenue ETF
                                        
Money Market Mutual Fund
     4,472,236       —       —       —       4,472,236  
U.S. Government Securities
     —       352,535       2,866,239       5,438,410       8,657,184  
Total
     4,472,236       352,535       2,866,239       5,438,410       13,129,420  
Oppenheimer Mid Cap Revenue ETF
                                        
Money Market Mutual Fund
     17,518,410       —       —       —       17,518,410  
U.S. Government Securities
     —       669,167       2,512,437       13,495,156       16,676,760  
Total
     17,518,410       669,167       2,512,437       13,495,156       34,195,170  
Oppenheimer Small Cap Revenue ETF
                                        
Money Market Mutual Fund
     39,775,262       —       —       —       39,775,262  
U.S. Government Securities
     —       1,303,840       1,805,908       20,479,985       23,589,733  
Total
     39,775,262       1,303,840       1,805,908       20,479,985       63,364,995  
Oppenheimer Financials Sector Revenue ETF
                                        
Money Market Mutual Fund
     —       —       —       —       —  
U.S. Government Securities
             3,791       6,182       151,839       161,812  
Total
     —       3,791       6,182       151,839       161,812  
Oppenheimer ADR Revenue ETF
                                        
Money Market Mutual Fund
     2,728,590       —       —       —       2,728,590  
U.S. Government Securities
     —       22,726       8,920       161,621       193,267  
Total
     2,728,590       22,726       8,920       161,621       2,921,857  
Oppenheimer Ultra Dividend Revenue ETF
                                        
Money Market Mutual Fund
     23,048,421       —       —       —       23,048,421  
U.S. Government Securities
     —       198,929       244,836       6,913,889       7,357,654  
Total
     23,048,421       198,929       244,836       6,913,889       30,406,075  
Oppenheimer Global Growth Revenue ETF
                                        
Money Market Mutual Fund
     24,498       —       —       —       24,498  
U.S. Government Securities
     —       —       —       —       —  
Total
     24,498       —       —       —       24,498  

63

 
 

Notes to Financial Statements — continued
Overnight and
Continuous
  
 <30 Days
  
 Between
30 & 90 days
  
 >90 days
  
 Total
Oppenheimer ESG Revenue ETF
                                        
Money Market Mutual Fund
     31,873       —       —       —       31,873  
U.S. Government Securities
     —       —       405       74,202       74,607  
Total
     31,873       —       405       74,202       106,480  
Oppenheimer Global ESG Revenue ETF
                                      
Money Market Mutual Fund
     40,295       —       —       —       40,295  
U.S. Government Securities
     —       —       47       5,179       5,226  
Total
     40,295       —       47       5,179       45,521  
 

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 December 31, 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
Received
  
 Gross
Amounts
Not Offset in
the Statement
of Assets
and Liabilities
Non-cash
Collateral
Received
  
 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
        $ 12,754,280      $ (4,097,096 )     $ (8,657,184 )     $ —      $  —      $  —      $  —    
Oppenheimer Mid Cap Revenue ETF
         33,190,687       (16,513,927 )      (16,676,760 )      —       —       —       —    
Oppenheimer Small Cap Revenue ETF
         61,454,702       (37,864,969 )      (23,589,733 )      —       —       —       —    
Oppenheimer Financials Sector Revenue ETF
         158,863       —       (161,812 )      2,949       —       —       —    
Oppenheimer ADR Revenue ETF
         2,829,636       (2,636,369 )      (193,267 )      —       —       —       —    
Oppenheimer Ultra Dividend Revenue ETF
         29,525,912       (22,168,258 )      (7,357,654 )      —       —       —       —    
Oppenheimer Global Growth Revenue ETF
         23,399       (23,399 )      —       —       —       —       —    
Oppenheimer ESG Revenue ETF
         103,855       (29,248 )      (74,607 )      —       —       —       —    
Oppenheimer Global ESG Revenue ETF
         43,860       (38,634 )      (5,226 )      —       —       —       —    
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

64

 
 

Notes to Financial Statements — continued


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.

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 December 31, 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.

65

 
 

Notes to Financial Statements — continued
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 period ended December 31, 2016, were as follows:

Fund
 
 Purchases
  
 Sales
Oppenheimer Large Cap Revenue ETF
        $ 42,458,541      $ 20,475,599  
Oppenheimer Mid Cap Revenue ETF
         59,624,929       50,782,573  
Oppenheimer Small Cap Revenue ETF
         95,373,971       85,339,450  
Oppenheimer Financials Sector Revenue ETF
         2,616,643       2,576,976  
Oppenheimer ADR Revenue ETF
         1,562,288       1,530,622  
Oppenheimer Ultra Dividend Revenue ETF
         156,879,679       4,583,019  
Oppenheimer Global Growth Revenue ETF
         3,808,141       3,573,032  
Oppenheimer ESG Revenue ETF
         2,470,334       2,474,279  
Oppenheimer Global ESG Revenue ETF
         6,309,135       3,836,763  
 

For the period ended December 31, 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
        $ 108,068,383      $ 39,725,128  
Oppenheimer Mid Cap Revenue ETF
         31,167,548       8,346,869  
Oppenheimer Small Cap Revenue ETF
         72,666,002       5,782,411  
Oppenheimer Financials Sector Revenue ETF
         2,929,264       2,373,553  
Oppenheimer ADR Revenue ETF
         —       —  
Oppenheimer Ultra Dividend Revenue ETF
         196,497,434       137,066,352  
Oppenheimer Global Growth Revenue ETF
         —       —  
Oppenheimer ESG Revenue ETF
         19,978,966       —  
Oppenheimer Global ESG Revenue ETF
         15,009,947       —  
 

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. VTL has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. Under the investment advisory agreement, the Adviser receives an advisory fee paid by the Funds.

Prior to October 28, 2016, the Funds paid the Adviser the following annualized fees:

Fund
 
 Management
Fees
  
 Expense Limit
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 Ultra Dividend Revenue ETF
         0.45 %      0.49 % 
Oppenheimer Global Growth Revenue ETF
         0.70 %      0.70 % 
 

66

 
 

Notes to Financial Statements — continued

Effective October 28, 2016, the Funds pay the Adviser the following annualized fees:

Fund
 
 Management
Fees
  
 Expense Limit
Oppenheimer Large Cap Revenue ETF
         0.39 %      0.39 % 
Oppenheimer Mid Cap Revenue ETF
         0.39 %      0.39 % 
Oppenheimer Small Cap Revenue ETF
         0.39 %      0.39 % 
Oppenheimer Financials Sector Revenue ETF
         0.45 %      0.49 % 
Oppenheimer ADR Revenue ETF
         0.60 %      0.49 % 
Oppenheimer Ultra Dividend Revenue ETF
         0.39 %      0.39 % 
Oppenheimer Global Growth Revenue ETF
         0.54 %      0.54 % 
Oppenheimer ESG Revenue ETF
         0.40 %      0.40 % 
Oppenheimer Global ESG Revenue ETF
         0.45 %      0.45 % 
 

Waivers and Reimbursements of Expenses. The Trust and the Adviser have entered into 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 “Expense Limit” in the above tables. 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 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 December 31, 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  
 
         175,296       175,296       6/30/2020  
Oppenheimer Mid Cap Revenue ETF
         281,135       281,135       6/30/2019  
 
         128,666       128,666       6/30/2020  
Oppenheimer Small Cap Revenue ETF
         350,636       350,636       6/30/2019  
 
         165,575       165,575       6/30/2020  
Oppenheimer Financials Sector Revenue ETF
         78,895       78,895       6/30/2019  
 
         40,919       40,919       6/30/2020  
Oppenheimer ADR Revenue ETF
         91,569       91,569       6/30/2019  
 
         51,017       51,017       6/30/2020  
Oppenheimer Ultra Dividend Revenue ETF
         132,110       132,110       6/30/2019  
 
         111,719       111,719       6/30/2020  
Oppenheimer Global Growth Revenue ETF
         26,624       26,624       6/30/2018  
 
         150,107       150,107       6/30/2019  
 
         58,879       58,879       6/30/2020  
Oppenheimer ESG Revenue ETF
         14,297       14,297       6/30/2020  
Oppenheimer Global ESG Revenue ETF
         25,452       25,452       6/30/2020  
Total
         2,227,233       2,227,233          
 

67

 
 

Notes to Financial Statements — concluded

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. OppenheimerFunds Distributor, Inc. (“OFDI”) acts as the Funds’ principal underwriter. 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.

Trustees’ 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 Asset Management, Inc., OFDI, and the Adviser.

Organization and Offering Costs. As of October 31, 2016, VTL had directly assumed all organization and initial offering costs of Oppenheimer Global ESG Revenue ETF and Oppenheimer ESG Revenue ETF.

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 in connection with the investment performance of Oppenheimer Rochester California Municipal Fund (the “California Fund”), a fund advised by OppenheimerFunds, Inc. (“OFI”) — the parent company of the manager and distributed by OppenheimerFunds Distributor, Inc. (“OFDI”). 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. An amended complaint and a motion to dismiss were filed, and in 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In October 2015, following a successful appeal by defendants and a subsequent hearing, the court granted plaintiffs’ motion for class certification and appointed class representatives and class counsel.

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 Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

68

 
 

Board Approval of Investment Advisory Agreements(Unaudited)

Board Approval of the Investment Advisory Agreement for Oppenheimer Revenue Weighted ETF Trust (the “Trust”)

The Trust, on behalf of Oppenheimer Global ESG Revenue ETF and Oppenheimer ESG Revenue ETF, each a series of the Trust, (each, a “Fund” and together, the “Funds”), has entered into an investment advisory agreement with VTL Associates, LLC (“VTL” or the “Manager”) (the “Agreement”). The Agreement was approved by the Funds’ Board of Trustees (the “Board”), including a majority of the independent Trustees, at a meeting held on August 23-24, 2016. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. The Board requested and received such information, including information regarding the proposed services, fees, and expenses of each Fund.

The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s proposed services, (ii) the proposed fees and projected expenses of each Fund, including estimated and comparative fee and expense information, (iii) the estimated cost to the Manager and its affiliates of providing services, (iv) whether economies of scale are expected to be realized as each Fund grows and whether fee levels reflect these economies of scale for each Fund’s investors, and (v) other benefits that are expected to accrue to the Manager from its relationship with the Funds. The Board was aware that there are alternatives to retaining the Manager.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services to be provided to each Fund and information regarding the Manager’s key personnel who provide such services. The Board also considered that the Manager’s duties will include providing each Fund with day-to-day general management and investment of each Fund’s securities portfolio. The Manager will also be responsible for daily review of each Fund’s creation and redemption baskets, daily monitoring of tracking error and quarterly reporting to the Board, implementing periodic rebalances and reconstitutions to track each Fund’s underlying indexes; and monitoring each Fund’s securities lending program. The Board took into account that the Manager will be responsible for overseeing third-party service providers who render certain administrative services to each Fund as well. Those services include supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Funds; compiling and maintaining records with respect to the Funds’ operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Funds for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Funds’ shares. The Manager will also provide the Funds with office space, facilities and equipment.

The Board also considered the quality of the services to be provided and the quality of the Manager’s resources that will be available to the Funds. In evaluating the Manager, the Board considered the history, reputation, qualification and background of the Manager, including its corporate parent, OppenheimerFunds, Inc. (“OFI”) and corporate affiliate, OFI Global Asset Management, Inc. (“OFI Global” and OFI and OFI Global are collectively referred to hereinafter as “OFI”), and the fact that OFI has over 50 years of experience as an investment adviser and that its assets under management rank among the top mutual fund managers in the United States. The Board evaluated the Manager’s and OFI’s advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Manager’s and OFI’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Vincent T. Lowry, Michael J. Gompers, Justin V. Lowry and Sean P. Reichert, the proposed portfolio managers for each Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager and OFI as trustees of the Funds and other funds advised by the Manager or OFI. The Board considered information regarding the quality of services to be provided by affiliates of the Manager, which its members have become knowledgeable about in connection with other funds advised by the Manager or OFI. The Board concluded, in light of the Manager’s and OFI’s experience, reputation, personnel, operations and resources that the Funds should benefit from the services to be provided under the Agreement.

Investment Performance. Because the Funds have no operating history, the Board was unable to consider performance.

Costs of Services to be Provided by the Manager. The Board reviewed the fees to be paid to the Manager and the other expenses to be borne by the Funds. The Manager provided comparative data in regard to the proposed fees and expenses of the Funds based on a subset of other funds classified by an independent service provider as being in the same category as the Funds. Based on this information, the Board considered that:

69

 
 

Board Approval of Investment Advisory Agreements — concluded

• 
   Oppenheimer Global ESG Revenue ETF’s contractual management fee and total expense ratio are expected to be higher than the selected peer group averages and peer group medians.
• 
   Oppenheimer ESG Revenue ETF’s contractual management fee is expected to be higher than the selected peer group average and equal to the selected peer group median, and its total expense ratio is expected to be lower than the selected peer group average and peer group median.

The Board also considered that the Funds will be party to the Expense Limitation Agreement between VTL and exchange-traded funds currently managed by VTL, pursuant to which VTL will waive a portion of its fees and/or reimburse expenses to the extent necessary to keep Oppenheimer Global ESG Revenue ETF’s total annual fund operating expenses from exceeding 0.55% of average daily net assets and Oppenheimer ESG Revenue ETF’s total annual fund operating expenses from exceeding 0.50% of average daily net assets. Subsequent to the Board meeting, the Manager amended the Expense Limitation Agreement and agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep Oppenheimer Global ESG Revenue ETF’s total annual fund operating expenses from exceeding 0.45% of average daily net assets and Oppenheimer ESG Revenue ETF’s total annual fund operating expenses from exceeding 0.40% of average daily net assets.

Economies of Scale to be Realized by the Manager. The Board considered information regarding the Manager’s anticipated costs in serving as the Funds’ investment adviser, including the costs associated with the personnel and systems necessary to manage the Funds. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Funds. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Funds.

Other Benefits to the Manager. In evaluating other benefits that accrue to the Manager from its relationship with the Funds, the Board noted that OppenheimerFunds Distributor, Inc., an affiliate of OFI, is each Fund’s Distributor. Each Fund compensates the Distributor in connection with the provision of those services. The Board reviewed and approved the distribution agreement for each Fund which sets forth the anticipated services to be provided by the Distributor and their estimated costs in so doing. The Board also considered information that was provided regarding the direct and indirect benefits the Manager is expected to receive as a result of its relationship with the Funds.

Conclusions. The Board, including the independent Board members, considered the data provided by the Manager and concluded that sufficient information had been provided to allow them to evaluate the terms of the Agreement and the reasonableness of the proposed investment advisory fee. They concluded that each Fund’s proposed management fee is reasonable in light of the services to be provided to each Fund.

The Board considered the Agreement in light of all the surrounding circumstances. It also considered that the Manager and its affiliates have been the investment advisers for other Oppenheimer funds and that it has found the performance of the Manager to be satisfactory.

The Board, including the independent Board members, concluded that the Board should approve the Agreement. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fees, in light of all the surrounding circumstances.

70

 
 

Distribution Sources
(Unaudited)

For any distribution that took place over the reporting period, the table below details, on a per-share basis, the percentage of each ETF’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the ETFs are passively managed, the relative amount of each ETF’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name
 
 Record Date
  
 Ex-Div Date
  
 Pay Date
  
 Net Income
  
 Net Profit
from Sale
  
 Other Capital
Sources
Oppenheimer Large Cap Revenue ETF
         12/30/16       12/28/16       1/4/2017       98.30 %      0.00 %      1.70 % 
Oppenheimer Mid Cap Revenue ETF
         12/30/16       12/28/16       1/4/2017       99.00 %      0.00 %      1.00 % 
Oppenheimer Small Cap Revenue ETF
         12/30/16       12/28/16       1/4/2017       95.70 %      4.30 %      0.00 % 
Oppenheimer Financials Sector Revenue ETF
         12/30/16       12/28/16       1/4/2017       100.00 %      0.00 %      0.00 % 
Oppenheimer Ultra Dividend Revenue ETF
         12/30/16       12/28/16       1/4/2017       93.20 %      0.00 %      6.80 % 
Oppenheimer ESG Revenue ETF
         12/30/16       12/28/16       1/4/2017       97.60 %      2.40 %      0.00 % 
Oppenheimer ESG Global ESG Revenue ETF
         12/30/16       12/28/16       1/4/2017       100.00 %      0.00 %      0.00 % 
 

71

 
 

Supplemental Information
(Unaudited)

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.

72

 
 

The Oppenheimer Revenue Weighted ETF Trust

Trustees and Officers
Robert J. Malone, Chairman of the Board of Trustees and Trustee
Jon S. Fossel, Trustee
Richard F. Grabish, Trustee
Beverly L. Hamilton, Trustee
Victoria J. Herget, Trustee
F. William Marshall, Jr., Trustee
Karen L. Stuckey, Trustee
James D. Vaughn, Trustee
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
Vincent T. Lowry, Vice President
Michael J. Gompers, Vice President
Justin V. Lowry, Vice President
Sean P. Reichert, Vice President
Cynthia Lo Bessette, Secretary and Chief Legal Officer
Jennifer Foxson, Vice President and Chief Business Officer
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
 
Investment Adviser
      
Independent Registered Public Accounting Firm
VTL Associates, LLC
      
Cohen & Company, Ltd.
 
Distributor
      
Legal Counsel
OppenheimerFunds Distributor, Inc.
      
Ropes & Gray LLP
 
Administrator, Custodian and Transfer Agent
            
The Bank of New York Mellon (BNY Mellon)
            
 


 
 
 

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
oppenheimerfunds.com
 

Call Us
888 854 8181
  
 
Oppenheimer Revenue Weighted ETF Trust is distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008
© 2017 OppenheimerFunds Distributor, Inc. All rights reserved.
 

RS0000.011.1216    December 31, 2016

 

 

Item 2. Code of Ethics.

Not applicable.

 

Item 3. Audit Committee Financial Expert.

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable.

 

Item 6. Investments.

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

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.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

 

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 1/29/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

 

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 12. Exhibits.

(a)(1) Not applicable to semiannual reports.

 

(2) Exhibits attached hereto.

 

(3) Not applicable.

 

(b)Exhibit attached hereto.

 

 

 

 

SIGNATURES

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

 

(Registrant) Oppenheimer Revenue Weighted ETF Trust

 

 

By (Signature and Title)*  /s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

 

Date 2/17/2017

 

 

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 2/17/2017

 

 

By (Signature and Title)*  /s/ Brian S. Petersen

Brian S. Petersen

Principal Financial Officer

 

Date 2/17/2017

 

 

 

* Print the name and title of each signing officer under his or her signature.