UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21993

Oppenheimer Revenue Weighted ETF Trust
(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette
VTL Associates, LLC

225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)

Registrant's telephone number, including area code: (303) 768-3200

Date of fiscal year end: June 30

Date of reporting period: June 30, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Annual Report
6/30/2017 

 

 

 

Oppenheimer

Revenue Weighted
ETF Trust

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Table of Contents

Management Discussion of Fund Performance	2
Shareholder Expense Examples	11
Schedule of Investments Summary Tables	12
Schedules of Investments
Oppenheimer Large Cap Revenue ETF	14
Oppenheimer Mid Cap Revenue ETF	20
Oppenheimer Small Cap Revenue ETF	25
Oppenheimer Financials Sector Revenue ETF	31
Oppenheimer Ultra Dividend Revenue ETF	32
Oppenheimer ESG Revenue ETF	33
Oppenheimer Global ESG Revenue ETF	36
Statements of Assets and Liabilities	43
Statements of Operations	45
Statements of Changes in Net Assets	47
Financial Highlights	50
Notes to Financial Statements	57
Report of Independent Registered Public Accounting Firm	67
Trustees and Officers	68
Supplemental Information	73

 

1

Management Discussion of Fund Performance

(Unaudited)

Market Overview June 30, 2017

 

Equity markets continued their upwards trend during the one-year period ended June 30, 2017, with the S&P 500 Index up 17.90%. Growth stocks’ notable performance over value continued for the reporting period, with the S&P 500 Growth Index outperforming the S&P 500 Value Index. Information Technology and Financials were the strongest performing sectors of the S&P 500 Index during the reporting period. Although the rally in the Information Technology sector slightly stalled with a massive five day selloff after the election and two day selloff in mid-June, the sector still ended the reporting period with strong results. Energy, a sector primarily consisting of value stocks, remained in its slide and experienced a roughly 5% decline for the S&P 500 Index, pressured by trending downward oil prices and a record-high oil supply level. The leading sector laggard for the S&P 500 Index ended up being Telecommunication Services, down roughly 12%.

During the reporting period, large-cap stocks within the S&P 500 Index underperformed the small-cap stocks within the S&P Small Cap 600 Index, which returned 22.47% during the period. The Financials sector carried the S&P Small Cap 600 Index, while the weakest performer came from the Energy sector.

2

Management Discussion of Fund Performance — continued

(Unaudited)

Performance Review

Oppenheimer Large Cap Revenue ETF (Ticker: RWL) June 30, 2017

 

The Oppenheimer Large Cap Revenue ETF (RWL) produced a total return of 15.96%, underperforming the S&P 500 Index’s 17.90% return during the one-year period ended 6/30/17. The underperformance was attributable to RWL’s ongoing underweight to the Information Technology sector, and overweight to the Consumer Staples and Discretionary sectors.

The so-called “FANG”—Facebook, Amazon, Netflix, and Google (now Alphabet)—stocks drove the strong performance of the Information Technology sector. Some investors snapped up volatile tech stocks after a significant decline in mid-June, driven by the expectation that the forward looking earnings growth in the sector would still exceed that of the S&P 500 Index. The sustained narrowing to tech left its valuation frothy, and at its highest since the tech bubble, with a 4.3 times price-to-sales multiple. A roughly 34% return in the Information Technology sector in the S&P 500 Index for the period, coupled with RWL’s underweight to the sector, resulted in the largest detraction from the performance. RWL’s large overweight positions to Consumer Staples and Consumer Discretionary also detracted from performance. Although both sectors returned produced positive absolute results, the gains were not enough to offset the sector allocation effect.

Outperformers for RWL included stocks in the Industrials and Energy sectors, and an underweight position in the Real Estate sector.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	1 Year			5 Year			Since Inception*
Large Cap NAV Return		15.96	%		15.04	%		8.58%
Large Cap Market Price Return		15.98	%		15.06	%		8.58%
OFI Revenue Weighted Large Cap Index		16.49	%		15.55	%		9.11%
S&P 500 Index		17.90	%		14.63	%		8.80%

 

The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative. On 2/22/2008 and 3/31/2008 for RWL, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates. On 9/30/2008, the last trade price for RWL was used to calculate market return because an uncorrected, failed trade resulted in an incorrect 4:00pm EST midpoint bid/ask price on that date.

* The since inception return is calculated from NAV performance inception on 2/19/08, as opposed to the exchange list inception of 2/22/08. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The S&P 500 Index (the “Benchmark Index”) measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization weighted. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted Large Cap Index^TM is constructed by re-weighting the constituent securities of the Benchmark Index according to the revenue earned by the companies in the Benchmark Index, subject to certain asset diversification requirements. The OFI Revenue Weighted Large Cap Index is rebalanced quarterly, and cannot be purchased directly by investors.

3

Management Discussion of Fund Performance — continued

(Unaudited)

Oppenheimer Mid Cap Revenue ETF (Ticker: RWK) June 30, 2017

 

Oppenheimer Mid Cap Revenue ETF (RWK) produced a return of 19.46%, outperforming the S&P Mid Cap 400 Index’s return of 18.57% during the one-year period ended 6/30/17. RWK’s exposure to the Information Technology sector was the strongest driver of the Fund’s return this period. The Fund also outperformed in the Real Estate, Materials and Industrials sectors. In addition, although the Fund’s slight overweight position in the Health Care sector resulted in underperformance, it had large overweight positions in Tech Data Corp and WellCare Health Plans, both of which produced strong returns, resulting in outperformance versus the Index.

RWK underperformed the S&P Mid Cap 400 Index in the Financials sector due to an underweight position, and in the Consumer Discretionary and Telecommunication Services sectors, as a result of overweight positions.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	1 Year			5 Year			Since Inception*
Mid Cap NAV Return		19.46	%		14.90	%		10.26%
Mid Cap Market Price Return		19.45	%		14.91	%		10.26%
OFI Revenue Weighted Mid Cap Index		20.04	%		15.54	%		11.00%
S&P Mid Cap 400 Index		18.57	%		14.92	%		10.45%

 

The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

* The since inception return is calculated from NAV performance inception on 2/20/08, as opposed to the exchange list inception of 2/22/08. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The S&P MidCap 400 Index (the “Benchmark Index”) measures the performance of mid-sized US companies, reflecting the distinctive risk and return characteristics of this market segment. It comprises stocks in the middle capitalization range, covering approximately 7% of the of US equity market. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted Mid Cap Index^TM is constructed by re-weighting the constituent securities of the Benchmark Index according to the revenue earned by the companies in the Benchmark Index, subject to certain asset diversification requirements. The OFI Revenue Weighted Mid Cap Index is rebalanced quarterly, and cannot be purchased directly by investors.

4

Management Discussion of Fund Performance — continued

(Unaudited)

Oppenheimer Small Cap Revenue ETF (Ticker: RWJ) June 30, 2017

 

The Oppenheimer Small Cap Revenue ETF (RWJ) produced a return of 20.75%, lagging the S&P Small Cap 600 Index’s return of 22.47% during the one-year period ended 6/30/17. Significant detractions came from two sectors—Consumer Discretionary, specifically Retail, and the Financials sector. Retail stocks had already begun eroding, but as we began to move towards the second quarter of 2017, more disruption came to the industry. Setting aside the uncertain macroeconomic conditions, Retail stocks experienced a large sector-specific issue during the second quarter, with Amazon announcing its acquisition of Whole Foods Market. However, our current RWJ portfolio represents a price-to-sales ratio of 0.31, which represents a 71% discount to the S&P Small Cap 600 Index’s price-to-sales ratio of 1.05.

Outperformers for RWJ included stocks in the Materials, Energy and Health Care sectors. In these sectors, the Fund also benefited from an overweight in Materials and underweight positions in Energy and Health Care.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	1 Year			5 Year			Since Inception*
Small Cap NAV Return		20.75	%		15.51	%		11.72%
Small Cap Market Price Return		20.76	%		15.51	%		11.72%
OFI Revenue Weighted Small Cap Index		21.32	%		16.22	%		12.56%
S&P Small Cap 600 Index		22.47	%		15.47	%		10.78%

 

The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative. On 2/22/2008 and 3/31/2008 for RWJ, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates.

* The since inception return is calculated from NAV performance inception on 2/19/08, as opposed to the exchange list inception of 2/22/08. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The S&P SmallCap 600 Index (the “Benchmark Index”) measures the performance of small cap segment of US equity market. It consists of 600 domestic stocks chosen for market size, liquidity, and industry group representation and covers approximately 3% of the domestic equities market. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted Small Cap Index^TM is constructed by re-weighting the constituent securities of the Benchmark Index according to the revenue earned by the companies in the Benchmark Index, subject to certain asset diversification requirements. The OFI Revenue Weighted Small Cap Index is rebalanced quarterly, and cannot be purchased directly by investors.

5

Management Discussion of Fund Performance — continued

(Unaudited)

Oppenheimer Financials Sector Revenue ETF (Ticker: RWW) June 30, 2017

 

The Oppenheimer Financials Sector Revenue ETF (RWW) produced a return of 36.14%, outperforming the S&P 500 Financials Index’s return of 35.37% during the one-year period ended 6/30/17. Although the Financials sector’s strong return was helped by a stable macroeconomic condition and a positive sentiment based on the Federal Reserve’s stress test results, the outperformance by RWW was mainly due to its overweight to insurance companies, which performed well as investors speculated on the possibility of repeal and replacement of the Affordable Care Act (ObamaCare).

The Fund’s underweight position to banks was the largest detractor to performance versus the S&P 500 Financials Index. Strong fundamentals, with the help of improving sentiment due to the Federal Reserve continuing to increase interest rates, resulted in strong performance from banks.

RWW has relatively attractive valuations with a price-to-sales ratio of 1.83 compared to that of its benchmark index of 2.3.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	1 Year			5 Year			Since Inception*
Financials Sector NAV Return		36.14	%		18.67	%		12.83%
Financials Sector Market Price Return		36.20	%		18.68	%		12.82%
OFI Revenue Weighted Financials Sector Index		36.81	%		19.27	%		13.44%
S&P 500 Financials Index		35.37	%		18.00	%		7.25%

 

The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

* The since inception return is calculated from NAV performance inception on 11/10/08, as opposed to the exchange list inception of 11/12/08. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The S&P 500 Financials Index (the “Benchmark Index”) measures the performance of all those companies held in the S&P 500 index classified as a financial (sector) company using the Global Industry Classification Standard (GICS) system. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted Financials Sector Index^TM is constructed by re-weighting the constituent securities of the Benchmark Index according to the revenue earned by the companies in the Benchmark Index, subject to certain asset diversification requirements. The OFI Revenue Weighted Financials Sector Index is rebalanced quarterly, and cannot be purchased directly by investors.

6

Management Discussion of Fund Performance — continued

(Unaudited)

Oppenheimer Ultra Dividend Revenue ETF (Ticker: RDIV) June 30, 2017

 

The Oppenheimer Ultra Dividend Revenue ETF (RDIV) returned 11.10%, while the S&P 900 Index was up 17.95% for the one-year period ended 6/30/17. The underperformance was mainly due to underweight positions in the Financials, Information Technology (particularly in Software & Services), and an overweight position in the Telecommunication Services sector. The Fund’s exposure to the Energy, Consumer Staples and Materials sectors benefited relative performance this reporting period.

The most recent rebalance turnover for RDIV was approximately 20%. The most significant changes included cutting its Utilities exposure in half (to around 10% from over 20%), which consequently led to an increase in Consumer Discretionary. This rebalancing on June 16 helped reduce the overall fund price-to-sales multiple to approximately 0.5.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	1 Year			Since Inception*
Ultra Dividend NAV Return		11.10	%		12.41%
Ultra Dividend Market Price Return		11.18	%		12.43%
OFI Revenue Weighted Ultra Dividend Index		11.78	%		13.31%
S&P 900 Index		17.95	%		12.46%

 

The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

* The since inception return is calculated from NAV performance inception on 9/30/13, as opposed to the exchange list inception of 10/1/13. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The S&P 900 Index (the “Benchmark Index”) combines the large-cap S&P 500 Index and the S&P MidCap 400 Index. It addresses the needs of investors who want to benchmark or invest in the large and mid-cap segments of the U.S. market. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted Ultra Dividend Index^TM is constructed by identifying the top 60 securities from the Benchmark Index with the highest average of the 1-year trailing dividend yields for the current quarter and each of the past three quarters (excluding securities that have issued a special dividend over that time period), which are then re-weighted according to the revenue earned by the companies, subject to certain asset diversification requirements and a maximum 5% per company weighting. The OFI Revenue Weighted Ultra Dividend Index is reconstituted quarterly, and cannot be purchased directly by investors.

7

Management Discussion of Fund Performance — continued

(Unaudited)

Oppenheimer ESG Revenue ETF (ESGL) June 30, 2017

 

The Oppenheimer ESG Revenue ETF (ESGL) produced a return of 14.78% from its inception of October 28, 2016 through June 30, 2017, underperforming the S&P 500 Index’s return of 15.62% during the same period. The Fund’s underperformance was a similar story to that of RWL: an underweight to Information Technology and an overweight to Consumer Staples, a sector that has struggled with meeting earnings expectations as well as Amazon’s recent purchase of WholeFoods, which effectively disrupted the landscape of the industry.

The Fund’s best relative contributor was its exposure to the Health Care sector. The Fund also outperformed in the Energy sector, where an underweight position benefited.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	Since Inception**
ESG NAV Return		14.78%*
ESG Market Price Return		14.82%*
OFI Revenue Weighted ESG Index		14.69%
S&P 500 Index		15.62%

 

* Not annualized.

This is a new fund with a limited operating history. The Fund has less than one year of operations; results shown are cumulative, not annualized. The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

** The since inception return is calculated from NAV performance inception on 10/28/16, as opposed to the exchange list inception of 10/31/16. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The S&P 500 Index (the “Benchmark Index”) measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization weighted. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted ESG Index^TM is constructed by selecting companies from within the Benchmark Index that have strong environmental, social and governance (“ESG”) practices, and re-weighting those companies according to the revenue earned, subject to certain asset diversification requirements. The OFI Revenue Weighted ESG Index is reconstituted quarterly, and cannot be purchased directly by investors.

8

Management Discussion of Fund Performance — continued

(Unaudited)

Oppenheimer Global ESG Revenue ETF (ESGF) June 30, 2017

 

The Oppenheimer Global ESG Revenue ETF (ESGF) produced a return of 13.49%, from its inception of October 27, 2016, through June 30, 2017, underperforming the MSCI All Country World Index’s return of 14.53% during the same period. From a sector perspective, ESGF’s underperformance stemmed from an overweight position in the Consumer Staples sector and an underweight position in the Financials sector. ESGF outperformed in the Energy and Information Technology sectors due to overweight positions and the Consumer Discretionary sector as a result of an underweight position.

As ESGF invests in stocks of various countries, one or two stocks in particular countries drove most of the Fund’s positive absolute performance. At a country level, Korea was the single best performer. An overweight in Samsung Electronics, which produced a strong return for the period, benefited the Fund’s relative performance. The second largest contributor was France, due largely to the performance of Christian Dior SE (France). The shares skyrocketed after the LVMH Moet Hennessy Louis Vuitton announced a take-over of the company for $13.1 billion on April 25. The stock rallied strongly and our overweight position in it versus the MSCI All Country World Index benefited performance. Underperforming countries included China and India, where underweight positions hurt.

 

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2017
	Since Inception**
Global ESG NAV Return		13.49%*
Global ESG Market Price Return		14.97%*
OFI Revenue Weighted Global ESG Index		13.81%
MSCI All Country World Index		14.53%

 

* Not annualized.

This is a new fund with a limited operating history. The Fund has less than one year of operations; results shown are cumulative, not annualized. The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. For the Fund’s most recent month end performance please visit oppenheimerfunds.com. The NAV return is based on the net asset value of the Fund and the market price return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. MKT and NAV return assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

** The since inception return is calculated from NAV performance inception on 10/27/16, as opposed to the exchange list inception of 10/31/16. NAV performance inception represents when the Fund’s NAV was struck for the first time. Exchange list inception represents when the Fund began trading.

The MSCI All Country World Index (the “Benchmark Index”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Benchmark Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Benchmark Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. The OFI Revenue Weighted Global ESG Index^TM is constructed by selecting companies from within the Benchmark Index that have strong environmental, social and governance (“ESG”) practices, as identified by MSCI ESG Research, Inc., and then re-weighting those companies according to the revenue earned, subject to certain asset diversification requirements. The OFI Revenue Weighted Global ESG Index is reconstituted quarterly, and cannot be purchased directly by investors.

9

Management Discussion of Fund Performance — continued

(Unaudited)

Outlook

At period end, investors continue to try to find a way to reconcile the Federal Open Market Committee’s (FOMC) monetary policy outlooks versus economic outlook, which will be impacted by eventual fiscal policy from the White House. As the U.S. economy continues to churn in purgatory, it’s driving investors to trade on future revenues and earnings, driving up valuations in growth, particularly in tech/e-commerce. In our analysis of Oppenheimer Large Cap Revenue ETF (RWL) versus the S&P 500, we have noticed that the Fund generally struggles when both growth and momentum are leading factors in the market. When these factors are prevalent, it’s generally due to a handful of growth stocks carrying market performance (a la a tech bubble). Similar behaviors are being shown today that existed during the tech bubble, so it is our belief that it is a matter of time before we see this narrowing unravel. In the past nine months, we have seen the market begin to unravel the oversaturation in tech twice: after the election and early/mid June. It’s clear that the market is trying to revert; however, it is looking for a more substantive catalyst. We believe that a “tech correction” may indeed occur by year-end as definitive fiscal plans from Washington continue to evolve and monetary policy continues on its current trajectory. That, coupled with investors’ frantic search for less saturated valuations (as evident by asset flows in the international space), should equate to this reversion.

In our estimation, there are six factors that greatly influence market behavior: size, growth, value, momentum, volatility, and quality. While each factor independently can cause great influence in the market, it is also interesting to note how they work in tandem. While revenue-weighted strategies generally tilt towards value, given their economic weighting mechanism, it’s important to note their broad output exposure. Since RWL, Oppenheimer Mid Cap Revenue ETF (RWK), and Oppenheimer Small Cap Revenue ETF (RWJ) have incepted (February 2008), RWJ has outperformed its benchmark (the S&P Small Cap 600); whereas, RWL and RWK have only marginally underperformed their benchmarks when each of the aforementioned factors have come in and out of favor. It has been evident that the market has generally been a growth market since the market bottoming in the first quarter of 2009. However, RWL, for example, has outperformed the S&P 500 Index in six of the eight past calendar years. During that time, the Fund has typically outperformed when the second-leading factor in the market was anything outside of momentum, and has underperformed when the second-leading factor was momentum. In fact, since 2009, there was only one period where RWL did not outperform the S&P 500 Index when the second-leading factor behind growth was not momentum. That was 2011, when both growth and volatility were in favor. In our view, this anomaly can be explained by the narrowing that started to occur in low-volatility strategies, when State Street launched SPLV in May of that year. In summary, we believe this shows that a revenue-weighted strategy can be more dynamic in nature than the market-cap alternative. Underperformance generally has only occurred in periods where growth pairs with momentum, drawing our tilt further away from growth and thus losing a grasp in the market. These types of cycles are generally short lived (i.e., the tech bubble had the most notable run, which had a total duration of roughly three years). In fact, we can draw similar parallels between what occurred during the tech bubble and what’s occurring in today’s market.

During the tech bubble, there was a market narrowing with software companies like Cisco and Oracle leading the way of a new generation into the 21^st century. This is very similar to that of the FANG stocks, which has propelled the market to some of the highest price-to-sales multiples since the tech bubble. In 1999, Oracle was trading at a price-to-sales multiple of over 4. Based on profit margin, expected growth, and expected market conditions, Oracle needed to grow its sales by nearly 3,000% to justify its current price-to-sales multiple. By the end of 2002, Oracle grew its revenues from 1999 by about 9.5%. Oracle’s cumulative return resulted in -61.45% compared to the S&P 500 of -37.63%. Today we are seeing a potentially more severe phenomenon. Facebook, for example, is currently trading at a price-to-sales multiple of over 14. Again, based on the same formula, over the next three years, it needs to grow its revenues by nearly 5,500% to justify its current multiple. History has shown these valuations are unsustainable, and once these oversaturated companies face the reality of not reaching lofty growth expectations, we see a reversion in the market. This reversion generally wipes out all gains on the way up and then some. We believe the revenue weight strategies have the potential to be a large benefactor of a reversion.

10

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 January 1, 2017 to June 30, 2017.

Actual expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 01/01/2017	Ending Account Value 06/30/2017	Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period1
Oppenheimer Large Cap Revenue ETF
Actual	$1,000.00	$1,071.70	0.39%	$2.00
Hypothetical (5% return before expenses)	$1,000.00	$1,022.86	0.39%	$1.96
Oppenheimer Mid Cap Revenue ETF
Actual	$1,000.00	$1,042.80	0.39%	$1.98
Hypothetical (5% return before expenses)	$1,000.00	$1,022.86	0.39%	$1.96
Oppenheimer Small Cap Revenue ETF
Actual	$1,000.00	$986.10	0.39%	$1.92
Hypothetical (5% return before expenses)	$1,000.00	$1,022.86	0.39%	$1.96
Oppenheimer Financials Sector Revenue ETF
Actual	$1,000.00	$1,066.40	0.49%	$2.51
Hypothetical (5% return before expenses)	$1,000.00	$1,022.36	0.49%	$2.46
Oppenheimer Ultra Dividend Revenue ETF
Actual	$1,000.00	$997.70	0.39%	$1.93
Hypothetical (5% return before expenses)	$1,000.00	$1,022.86	0.39%	$1.96
Oppenheimer ESG Revenue ETF
Actual	$1,000.00	$1,067.20	0.40%	$2.05
Hypothetical (5% return before expenses)	$1,000.00	$1,022.81	0.40%	$2.01
Oppenheimer Global ESG Revenue ETF
Actual	$1,000.00	$1,136.00	0.45%	$2.38
Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	0.45%	$2.26

 

¹ Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).

11

Schedule of Investments Summary Tables

(Unaudited)

Oppenheimer Large Cap
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		3.4%
Banks		4.6
Capital Goods		7.8
Commercial & Professional Services		0.5
Consumer Durables & Apparel		1.7
Consumer Services		1.2
Diversified Financials		5.0
Energy		7.2
Food & Staples Retailing		10.0
Food, Beverage & Tobacco		3.7
Health Care Equipment & Services		12.4
Household & Personal Products		1.1
Insurance		4.2
Materials		2.9
Media		2.9
Money Market Fund		1.2
Pharmaceuticals, Biotechnology & Life Sciences		3.7
Real Estate		0.9
Retailing		7.1
Semiconductors & Semiconductor Equipment		1.6
Software & Services		5.1
Technology Hardware & Equipment		4.1
Telecommunication Services		2.8
Transportation		3.1
Utilities		2.7
Total Investments		100.9
Liabilities in Excess of Other Assets		(0.9	)
Net Assets		100.0	%

 

Oppenheimer Mid Cap
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		1.3%
Banks		2.5
Capital Goods		10.7
Commercial & Professional Services		3.2
Consumer Durables & Apparel		4.1
Consumer Services		2.6
Diversified Financials		1.1
Energy		6.8
Food & Staples Retailing		1.5
Food, Beverage & Tobacco		3.1
Health Care Equipment & Services		8.1
Household & Personal Products		1.0
Insurance		5.9
Materials		9.7
Media		1.8
Money Market Fund		15.2
Pharmaceuticals, Biotechnology & Life Sciences		1.5
Real Estate		2.8
Retailing		6.9
Semiconductors & Semiconductor Equipment		1.3
Software & Services		4.7
Technology Hardware & Equipment		12.0
Telecommunication Services		1.1
Transportation		2.9
Utilities		3.2
Total Investments		115.0
Liabilities in Excess of Other Assets		(15.0	)
Net Assets		100.0	%

 

Oppenheimer Small Cap
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		2.0%
Banks		2.3
Capital Goods		11.1
Commercial & Professional Services		7.7
Consumer Durables & Apparel		4.8
Consumer Services		3.4
Diversified Financials		4.4
Energy		2.4
Food & Staples Retailing		3.1
Food, Beverage & Tobacco		2.4
Health Care Equipment & Services		9.6
Household & Personal Products		0.4
Insurance		2.7
Materials		6.3
Media		1.4
Money Market Fund		12.1
Pharmaceuticals, Biotechnology & Life Sciences		1.3
Real Estate		1.5
Retailing		17.1
Semiconductors & Semiconductor Equipment		1.0
Software & Services		2.8
Technology Hardware & Equipment		7.0
Telecommunication Services		0.6
Transportation		3.4
Utilities		1.1
Total Investments		111.9
Liabilities in Excess of Other Assets		(11.9	)
Net Assets		100.0	%

Oppenheimer Financials Sector Revenue ETF

Industry	% of Net Assets
Banks		33.5%
Capital Markets		13.0
Consumer Finance		6.4
Diversified Financial Services		16.6
Insurance		30.4
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

 

Oppenheimer Ultra Dividend Revenue ETF

Industry	% of Net Assets
Automobiles & Components		10.1%
Banks		0.6
Commercial & Professional Services		0.7
Consumer Durables & Apparel		1.2
Diversified Financials		1.1
Energy		16.4
Insurance		0.7
Materials		7.4
Money Market Fund		15.5
Real Estate		9.6
Retailing		25.0
Technology Hardware & Equipment		2.2
Telecommunication Services		14.9
Utilities		9.6
Total Investments		115.0
Liabilities in Excess of Other Assets		(15.0	)
Net Assets		100.0	%

 

12

Schedule of Investments Summary Tables — continued

(Unaudited)

Oppenheimer ESG Revenue ETF
 

Industry	% of Net Assets
Automobiles & Components		3.9%
Banks		2.0
Capital Goods		10.7
Commercial & Professional Services		0.4
Consumer Durables & Apparel		2.3
Consumer Services		1.8
Diversified Financials		2.9
Energy		4.6
Food & Staples Retailing		7.0
Food, Beverage & Tobacco		5.2
Health Care Equipment & Services		8.0
Household & Personal Products		2.3
Insurance		3.6
Materials		4.1
Media		3.3
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		3.0
Real Estate		1.1
Retailing		5.5
Semiconductors & Semiconductor Equipment		2.6
Software & Services		8.2
Technology Hardware & Equipment		3.4
Telecommunication Services		5.4
Transportation		3.7
Utilities		4.6
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

 

Oppenheimer Global ESG
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		2.4%
Banks		12.3
Capital Goods		16.1
Commercial & Professional Services		1.5
Consumer Durables & Apparel		4.1
Consumer Services		1.3
Diversified Financials		3.3
Energy		7.3
Food & Staples Retailing		5.9
Food, Beverage & Tobacco		3.1
Health Care Equipment & Services		1.3
Household & Personal Products		1.7
Insurance		4.8
Materials		6.9
Media		1.2
Money Market Fund		0.9
Pharmaceuticals, Biotechnology & Life Sciences		1.6
Real Estate		0.9
Retailing		2.6
Semiconductors & Semiconductor Equipment		1.9
Software & Services		5.4
Technology Hardware & Equipment		8.7
Telecommunication Services		0.9
Transportation		1.9
Utilities		2.6
Total Investments		100.6
Liabilities in Excess of Other Assets		(0.6	)
Net Assets		100.0	%

 

13

Schedule of Investments

Oppenheimer Large Cap Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—3.4%
BorgWarner, Inc.		13,633	$	577,494
Delphi Automotive PLC		12,595		1,103,952
Ford Motor Co.		844,126		9,445,770
General Motors Co.		315,571		11,022,895
Goodyear Tire & Rubber Co. (The)		28,092		982,096
Harley-Davidson, Inc.1		6,696		361,718
Total Automobiles & Components				23,493,925
Banks—4.6%
Bank of America Corp.		259,159		6,287,197
BB&T Corp.		16,940		769,245
Citigroup, Inc.		83,483		5,583,343
Citizens Financial Group, Inc.		10,386		370,573
Comerica, Inc.		2,602		190,570
Fifth Third Bancorp		16,459		427,276
Huntington Bancshares, Inc.		19,844		268,291
JPMorgan Chase & Co.		79,682		7,282,935
KeyCorp		20,254		379,560
M&T Bank Corp.		2,297		371,999
People’s United Financial, Inc.		5,387		95,134
PNC Financial Services Group, Inc. (The)		8,692		1,085,370
Regions Financial Corp.		26,310		385,178
SunTrust Banks, Inc.		10,619		602,310
U.S. Bancorp		28,249		1,466,688
Wells Fargo & Co.		112,019		6,206,973
Zions Bancorporation		3,771		165,585
Total Banks				31,938,227
Capital Goods—7.8%
3M Co.		9,212		1,917,846
Acuity Brands, Inc.1		1,232		250,441
Allegion PLC		1,812		146,989
AMETEK, Inc.		4,017		243,310
Arconic, Inc.		30,075		681,199
Boeing Co. (The)		30,469		6,025,245
Caterpillar, Inc.		23,424		2,517,143
Cummins, Inc.		7,064		1,145,922
Deere & Co.		13,529		1,672,049
Dover Corp.		5,429		435,514
Eaton Corp. PLC		16,637		1,294,858
Emerson Electric Co.		15,306		912,544
Fastenal Co.1		5,893		256,522
Flowserve Corp.		5,275		244,918
Fluor Corp.		27,857		1,275,293
Fortive Corp.		6,386		404,553
Fortune Brands Home & Security, Inc.		5,004		326,461
General Dynamics Corp.		9,849		1,951,087
General Electric Co.		264,055		7,132,126
Honeywell International, Inc.		18,700		2,492,523
Illinois Tool Works, Inc.		5,962		854,056
Ingersoll-Rand PLC		9,724		888,676
Jacobs Engineering Group, Inc.		12,146		660,621
Johnson Controls International PLC		51,991		2,254,330
L3 Technologies, Inc.		4,130		690,040
Lockheed Martin Corp.		10,926		3,033,167
Masco Corp.		12,298		469,907
Northrop Grumman Corp.		6,147		1,577,996
	Shares		Value
PACCAR, Inc.		16,691	$	1,102,274
Parker-Hannifin Corp.		4,613		737,250
Pentair PLC		4,713		313,603
Quanta Services, Inc.2		16,251		534,983
Raytheon Co.		9,572		1,545,687
Rockwell Automation, Inc.		2,401		388,866
Rockwell Collins, Inc.		3,179		334,049
Roper Technologies, Inc.		1,105		255,841
Snap-on, Inc.		1,546		244,268
Stanley Black & Decker, Inc.		5,242		737,707
Textron, Inc.		18,506		871,633
TransDigm Group, Inc.1		794		213,483
United Rentals, Inc.2		3,588		404,403
United Technologies Corp.		30,697		3,748,411
W.W. Grainger, Inc.1		3,684		665,072
Xylem, Inc.		4,742		262,849
Total Capital Goods				54,115,715
Commercial & Professional Services—0.5%
Cintas Corp.		2,577		324,805
Equifax, Inc.		1,467		201,595
IHS Markit Ltd.1,2		4,097		180,432
Nielsen Holdings PLC		10,577		408,907
Republic Services, Inc.		9,408		599,572
Robert Half International, Inc.		6,970		334,072
Stericycle, Inc.1,2		2,931		223,694
Verisk Analytics, Inc.2		1,541		130,014
Waste Management, Inc.		11,994		879,760
Total Commercial & Professional Services				3,282,851
Consumer Durables & Apparel—1.7%
Coach, Inc.		6,275		297,058
D.R. Horton, Inc.		24,892		860,516
Garmin Ltd.1		3,757		191,720
Hanesbrands, Inc.1		17,488		405,022
Hasbro, Inc.		2,963		330,404
Leggett & Platt, Inc.		4,617		242,531
Lennar Corp., Class A		13,620		726,218
Mattel, Inc.		16,481		354,836
Michael Kors Holdings Ltd.2		8,307		301,129
Mohawk Industries, Inc.2		2,379		574,981
Newell Brands, Inc.		17,841		956,634
NIKE, Inc., Class B		41,202		2,430,918
PulteGroup, Inc.		20,913		512,996
PVH Corp.		4,969		568,951
Ralph Lauren Corp.		5,952		439,258
Under Armour, Inc., Class A1,2		7,190		156,454
Under Armour, Inc., Class C1,2		7,679		154,809
VF Corp.1		13,505		777,888
Whirlpool Corp.		6,816		1,306,082
Total Consumer Durables & Apparel				11,588,405
Consumer Services—1.2%
Carnival Corp.1		16,157		1,059,414
Chipotle Mexican Grill, Inc.1,2		582		242,170
Darden Restaurants, Inc.		5,000		452,200
H&R Block, Inc.		6,410		198,133
Hilton Worldwide Holdings, Inc.		10,601		655,672
Marriott International, Inc., Class A		11,532		1,156,775
McDonald’s Corp.		10,350		1,585,206
Royal Caribbean Cruises Ltd.		4,907		535,992

14

Schedule of Investments — continued

Oppenheimer Large Cap Revenue ETF

June 30, 2017

	Shares		Value
Consumer Services (continued)
Starbucks Corp.		23,411	$	1,365,095
Wyndham Worldwide Corp.		3,571		358,564
Wynn Resorts Ltd.		2,365		317,194
Yum! Brands, Inc.		5,585		411,950
Total Consumer Services				8,338,365
Diversified Financials—5.0%
Affiliated Managers Group, Inc.		875		145,127
American Express Co.		26,692		2,248,534
Ameriprise Financial, Inc.		5,864		746,429
Bank of New York Mellon Corp. (The)		20,371		1,039,328
Berkshire Hathaway, Inc., Class B2		88,842		15,047,170
BlackRock, Inc.		1,722		727,390
Capital One Financial Corp.		21,999		1,817,557
CBOE Holdings, Inc.		607		55,480
Charles Schwab Corp. (The)		12,106		520,074
CME Group, Inc.		1,950		244,218
Discover Financial Services		11,239		698,953
E*TRADE Financial Corp.2		3,619		137,631
Franklin Resources, Inc.		9,219		412,919
Goldman Sachs Group, Inc. (The)		11,529		2,558,285
Intercontinental Exchange, Inc.		5,818		383,523
Invesco Ltd.		8,849		311,396
Leucadia National Corp.		28,714		751,158
Moody’s Corp.		1,992		242,387
Morgan Stanley		57,689		2,570,622
Nasdaq, Inc.		3,402		243,209
Navient Corp.		19,449		323,826
Northern Trust Corp.		3,582		348,206
Raymond James Financial, Inc.		4,890		392,276
S&P Global, Inc.		2,490		363,515
State Street Corp.		7,755		695,856
Synchrony Financial		33,779		1,007,290
T. Rowe Price Group, Inc.1		3,778		280,365
Total Diversified Financials				34,312,724
Energy—7.2%
Anadarko Petroleum Corp.		13,432		609,007
Apache Corp.1		7,729		370,451
Baker Hughes, Inc.		10,722		584,456
Cabot Oil & Gas Corp.		3,826		95,956
Chesapeake Energy Corp.1,2		80,801		401,581
Chevron Corp.		67,210		7,012,019
Cimarex Energy Co.		1,025		96,360
Concho Resources, Inc.2		1,079		131,131
ConocoPhillips		36,734		1,614,827
Devon Energy Corp.		23,897		763,987
EOG Resources, Inc.		6,338		573,716
EQT Corp.1		2,167		126,965
Exxon Mobil Corp.		164,114		13,248,923
Halliburton Co.		23,207		991,171
Helmerich & Payne, Inc.1		1,756		95,421
Hess Corp.		7,471		327,753
Kinder Morgan, Inc.		45,129		864,672
Marathon Oil Corp.		21,964		260,273
Marathon Petroleum Corp.		71,728		3,753,526
Murphy Oil Corp.1		5,059		129,662
National Oilwell Varco, Inc.		13,259		436,752
Newfield Exploration Co.2		3,507		99,809
	Shares		Value
Noble Energy, Inc.		7,949	$	224,957
Occidental Petroleum Corp.		11,737		702,694
ONEOK, Inc.1		12,880		671,821
Phillips 66		62,048		5,130,749
Pioneer Natural Resources Co.		1,871		298,574
Range Resources Corp.1		4,272		98,982
Schlumberger Ltd.		26,792		1,763,985
TechnipFMC PLC2		24,613		669,474
Tesoro Corp.		17,833		1,669,169
Transocean Ltd.1,2		27,001		222,218
Valero Energy Corp.		75,427		5,088,305
Williams Cos., Inc. (The)		17,683		535,441
Total Energy				49,664,787
Food & Staples Retailing—10.0%
Costco Wholesale Corp.		42,964		6,871,232
CVS Health Corp.		143,023		11,507,631
Kroger Co. (The)		307,597		7,173,162
Sysco Corp.		62,908		3,166,160
Walgreens Boots Alliance, Inc.		90,212		7,064,502
Wal-Mart Stores, Inc.		421,814		31,922,883
Whole Foods Market, Inc.		31,420		1,323,096
Total Food & Staples Retailing				69,028,666
Food, Beverage & Tobacco—3.7%
Altria Group, Inc.		16,253		1,210,361
Archer-Daniels-Midland Co.		95,189		3,938,921
Brown-Forman Corp., Class B1		3,895		189,297
Campbell Soup Co.		8,924		465,387
Coca-Cola Co. (The)		57,579		2,582,418
Conagra Brands, Inc.		14,321		512,119
Constellation Brands, Inc., Class A		2,606		504,860
Dr Pepper Snapple Group, Inc.		4,413		402,068
General Mills, Inc.		17,146		949,888
Hershey Co. (The)		4,169		447,626
Hormel Foods Corp.		17,607		600,575
JM Smucker Co. (The)		3,741		442,673
Kellogg Co.		11,219		779,272
Kraft Heinz Co. (The)		18,366		1,572,864
McCormick & Co., Inc.		2,683		261,619
Molson Coors Brewing Co., Class B		4,904		423,411
Mondelez International, Inc., Class A		36,121		1,560,066
Monster Beverage Corp.2		3,872		192,361
PepsiCo, Inc.		34,404		3,973,318
Philip Morris International, Inc.		14,170		1,664,267
Reynolds American, Inc.		12,222		794,919
Tyson Foods, Inc., Class A		38,056		2,383,447
Total Food, Beverage & Tobacco				25,851,737
Health Care Equipment & Services—12.4%
Abbott Laboratories		29,656		1,441,578
Aetna, Inc.		26,888		4,082,405
Align Technology, Inc.2		509		76,411
AmerisourceBergen Corp.1		101,466		9,591,581
Anthem, Inc.		29,560		5,561,123
Baxter International, Inc.		11,343		686,705
Becton Dickinson and Co.1		4,113		802,487
Boston Scientific Corp.2		19,807		549,050
C.R. Bard, Inc.		773		244,353
Cardinal Health, Inc.		108,431		8,448,944

15

Schedule of Investments — continued

Oppenheimer Large Cap Revenue ETF

June 30, 2017

	Shares		Value
Health Care Equipment & Services (continued)
Centene Corp.2		36,605	$	2,924,007
Cerner Corp.2		4,777		317,527
Cigna Corp.		15,378		2,574,123
Cooper Cos., Inc. (The)		540		129,287
Danaher Corp.		13,022		1,098,927
DaVita, Inc.2		14,508		939,538
DENTSPLY SIRONA, Inc.		3,915		253,849
Edwards Lifesciences Corp.2		1,755		207,511
Envision Healthcare Corp.1,2		5,371		336,601
Express Scripts Holding Co.2		101,659		6,489,911
HCA Holdings, Inc.2		31,899		2,781,593
Henry Schein, Inc.2		4,107		751,663
Hologic, Inc.2		4,143		188,009
Humana, Inc.		15,133		3,641,303
IDEXX Laboratories, Inc.2		725		117,030
Intuitive Surgical, Inc.2		201		188,009
Laboratory Corp. of America Holdings2		4,433		683,303
McKesson Corp.		77,417		12,738,193
Medtronic PLC		21,448		1,903,510
Patterson Cos., Inc.1		7,661		359,684
Quest Diagnostics, Inc.		4,489		498,997
Stryker Corp.		5,344		741,640
UnitedHealth Group, Inc.		67,127		12,446,688
Universal Health Services, Inc., Class B		5,477		668,632
Varian Medical Systems, Inc.1,2		1,851		191,005
Zimmer Biomet Holdings, Inc.		3,946		506,666
Total Health Care Equipment & Services				85,161,843
Household & Personal Products—1.1%
Church & Dwight Co., Inc.		4,207		218,259
Clorox Co. (The)		2,707		360,681
Colgate-Palmolive Co.		12,743		944,639
Coty, Inc., Class A		21,871		410,300
Estee Lauder Cos., Inc., (The), Class A		7,598		729,256
Kimberly-Clark Corp.		8,914		1,150,886
Procter & Gamble Co. (The)		46,617		4,062,672
Total Household & Personal Products				7,876,693
Insurance—4.2%
Aflac, Inc.		18,449		1,433,118
Allstate Corp. (The)		26,164		2,313,944
American International Group, Inc.		53,931		3,371,766
Aon PLC		5,300		704,635
Arthur J. Gallagher & Co.		6,215		355,809
Assurant, Inc.		4,046		419,530
Chubb Ltd.		14,022		2,038,519
Cincinnati Financial Corp.		4,858		351,962
Everest Re Group Ltd.		1,514		385,449
Hartford Financial Services Group, Inc. (The)		22,677		1,192,130
Lincoln National Corp.		12,788		864,213
Loews Corp.		17,699		828,490
Marsh & McLennan Cos., Inc.		10,692		833,548
MetLife, Inc.		73,397		4,032,431
Principal Financial Group, Inc.		12,186		780,757
Progressive Corp. (The)		34,604		1,525,691
Prudential Financial, Inc.		34,409		3,720,989
Torchmark Corp.		3,310		253,215
	Shares		Value
Travelers Cos., Inc. (The)		13,774	$	1,742,824
Unum Group		15,077		703,041
Willis Towers Watson PLC1		3,442		500,673
XL Group Ltd.		15,865		694,887
Total Insurance				29,047,621
Materials—2.9%
Air Products & Chemicals, Inc.		3,863		552,641
Albemarle Corp.		1,656		174,774
Avery Dennison Corp.		4,619		408,181
Ball Corp.1		15,215		642,225
CF Industries Holdings, Inc.1		8,887		248,481
Dow Chemical Co. (The)		50,626		3,192,982
E.I. du Pont de Nemours & Co.		19,550		1,577,881
Eastman Chemical Co.		7,057		592,717
Ecolab, Inc.		6,322		839,246
FMC Corp.		2,607		190,441
Freeport-McMoRan, Inc.2		53,339		640,601
International Flavors & Fragrances, Inc.		1,498		202,230
International Paper Co.		24,649		1,395,380
LyondellBasell Industries NV, Class A		24,660		2,081,057
Martin Marietta Materials, Inc.		1,083		241,054
Monsanto Co.		7,880		932,677
Mosaic Co. (The)		20,262		462,581
Newmont Mining Corp.		13,389		433,670
Nucor Corp.		20,304		1,174,993
PPG Industries, Inc.		8,497		934,330
Praxair, Inc.		5,106		676,800
Sealed Air Corp.		8,885		397,693
Sherwin-Williams Co. (The)		2,193		769,655
Vulcan Materials Co.		1,805		228,657
WestRock Co.		15,973		905,030
Total Materials				19,895,977
Media—2.9%
CBS Corp., Class B		13,446		857,586
Charter Communications, Inc., Class A2		6,929		2,334,034
Comcast Corp., Class A		126,735		4,932,526
Discovery Communications, Inc., Class A1,2		7,938		205,039
Discovery Communications, Inc., Class C2		8,215		207,100
DISH Network Corp., Class A2		14,697		922,384
Interpublic Group of Cos., Inc. (The)1		20,646		507,892
News Corp., Class A		19,491		267,027
News Corp., Class B1		18,886		267,237
Omnicom Group, Inc.		11,979		993,059
Scripps Networks Interactive, Inc., Class A1		3,258		222,554
Time Warner, Inc.		19,213		1,929,177
Twenty-First Century Fox, Inc., Class A		32,816		930,005
Twenty-First Century Fox, Inc., Class B		33,213		925,646
Viacom, Inc., Class B1		23,647		793,830
Walt Disney Co. (The)		33,570		3,566,812
Total Media				19,861,908

16

Schedule of Investments — continued

Oppenheimer Large Cap Revenue ETF

June 30, 2017

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.7%
AbbVie, Inc.		23,783	$	1,724,505
Agilent Technologies, Inc.		4,588		272,114
Alexion Pharmaceuticals, Inc.2		1,771		215,478
Allergan PLC		4,019		976,979
Amgen, Inc.		8,947		1,540,942
Biogen, Inc.2		2,897		786,130
Bristol-Myers Squibb Co.		23,560		1,312,763
Celgene Corp.2		6,191		804,025
Eli Lilly & Co.		16,844		1,386,261
Gilead Sciences, Inc.		28,758		2,035,491
Illumina, Inc.2		902		156,515
Incyte Corp.2		654		82,345
Johnson & Johnson		34,742		4,596,019
Mallinckrodt PLC2		5,278		236,507
Merck & Co., Inc.		40,464		2,593,338
Mettler-Toledo International, Inc.2		282		165,968
Mylan NV2		20,122		781,136
PerkinElmer, Inc.		2,136		145,547
Perrigo Co. PLC		4,474		337,877
Pfizer, Inc.		102,624		3,447,140
Regeneron Pharmaceuticals, Inc.2		676		332,011
Thermo Fisher Scientific, Inc.		6,895		1,202,971
Vertex Pharmaceuticals, Inc.2		1,045		134,669
Waters Corp.2		760		139,719
Zoetis, Inc.		5,119		319,323
Total Pharmaceuticals, Biotechnology & Life Sciences				25,725,773
Real Estate—0.9%
Alexandria Real Estate Equities, Inc.		517		62,283
American Tower Corp.		2,993		396,034
Apartment Investment & Management Co., Class A		1,437		61,748
AvalonBay Communities, Inc.		691		132,789
Boston Properties, Inc.		1,275		156,850
CBRE Group, Inc., Class A2		24,099		877,204
Crown Castle International Corp.		2,530		253,455
Digital Realty Trust, Inc.		1,197		135,201
Equinix, Inc.		549		235,609
Equity Residential		2,341		154,108
Essex Property Trust, Inc.		337		86,700
Extra Space Storage, Inc.		899		70,122
Federal Realty Investment Trust		403		50,935
GGP, Inc.		6,887		162,258
HCP, Inc.		4,678		149,509
Host Hotels & Resorts, Inc.		18,831		344,042
Iron Mountain, Inc.		6,846		235,229
Kimco Realty Corp.		4,469		82,006
Macerich Co. (The)		1,178		68,395
Mid-America Apartment Communities, Inc.		721		75,979
Prologis, Inc.		3,020		177,093
Public Storage		815		169,952
Realty Income Corp.		1,275		70,354
Regency Centers Corp.		716		44,850
Simon Property Group, Inc.		2,305		372,857
SL Green Realty Corp.		1,086		114,899
UDR, Inc.		1,656		64,534
Ventas, Inc.		3,235		224,768
	Shares		Value
Vornado Realty Trust		1,821	$	170,992
Welltower, Inc.		3,665		274,325
Weyerhaeuser Co.		12,673		424,546
Total Real Estate				5,899,626
Retailing—7.1%
Advance Auto Parts, Inc.1		4,634		540,278
Amazon.com, Inc.2		9,490		9,186,320
AutoNation, Inc.1,2		32,536		1,371,718
AutoZone, Inc.2		1,129		644,049
Bed Bath & Beyond, Inc.1		21,834		663,754
Best Buy Co., Inc.		44,456		2,548,663
CarMax, Inc.1,2		17,326		1,092,578
Dollar General Corp.		19,484		1,404,602
Dollar Tree, Inc.2		18,276		1,277,858
Expedia, Inc.1		3,981		592,970
Foot Locker, Inc.		9,498		468,061
Gap, Inc. (The)		43,069		947,087
Genuine Parts Co.		10,482		972,310
Home Depot, Inc. (The)		38,630		5,925,842
Kohl’s Corp.1		32,110		1,241,694
L Brands, Inc.		15,453		832,762
LKQ Corp.2		17,734		584,335
Lowe’s Cos., Inc.		51,816		4,017,294
Macy’s, Inc.		72,715		1,689,897
Netflix, Inc.2		4,010		599,134
Nordstrom, Inc.1		20,108		961,766
O’Reilly Automotive, Inc.1,2		2,376		519,726
Priceline Group, Inc. (The)2		389		727,632
Ross Stores, Inc.		13,550		782,242
Signet Jewelers Ltd.1		6,847		433,004
Staples, Inc.		129,885		1,307,942
Target Corp.		80,105		4,188,690
Tiffany & Co.		2,818		264,526
TJX Cos., Inc. (The)		29,314		2,115,591
Tractor Supply Co.		7,909		428,747
TripAdvisor, Inc.1,2		2,532		96,722
Ulta Beauty, Inc.2		1,052		302,282
Total Retailing				48,730,076
Semiconductors & Semiconductor Equipment—1.6%
Advanced Micro Devices, Inc.1,2		24,662		307,782
Analog Devices, Inc.		2,919		227,098
Applied Materials, Inc.		17,576		726,065
Broadcom Ltd.		4,201		979,043
Intel Corp.		109,683		3,700,704
KLA-Tencor Corp.		2,276		208,277
Lam Research Corp.		3,110		439,847
Microchip Technology, Inc.1		2,675		206,457
Micron Technology, Inc.2		30,868		921,718
NVIDIA Corp.		2,905		419,947
Qorvo, Inc.1,2		2,709		171,534
QUALCOMM, Inc.		27,244		1,504,414
Skyworks Solutions, Inc.		2,099		201,399
Texas Instruments, Inc.		11,009		846,922
Xilinx, Inc.		2,320		149,222
Total Semiconductors & Semiconductor Equipment				11,010,429

17

Schedule of Investments — continued

Oppenheimer Large Cap Revenue ETF

June 30, 2017

	Shares		Value
Software & Services—5.1%
Accenture PLC, Class A		17,995	$	2,225,622
Activision Blizzard, Inc.		7,485		430,911
Adobe Systems, Inc.2		2,867		405,508
Akamai Technologies, Inc.2		3,098		154,311
Alliance Data Systems Corp.		1,958		502,599
Alphabet, Inc., Class A2		3,160		2,937,789
Alphabet, Inc., Class C2		3,220		2,926,111
ANSYS, Inc.2		536		65,220
Autodesk, Inc.2		1,230		124,009
Automatic Data Processing, Inc.		7,650		783,819
CA, Inc.		8,115		279,724
Citrix Systems, Inc.2		2,628		209,136
Cognizant Technology Solutions Corp., Class A		13,334		885,378
CSRA, Inc.		9,865		313,214
DXC Technology Co.		6,523		500,445
eBay, Inc.2		17,016		594,199
Electronic Arts, Inc.2		2,814		297,496
Facebook, Inc., Class A2		12,944		1,954,285
Fidelity National Information Services, Inc.		6,930		591,822
Fiserv, Inc.2		2,842		347,690
Gartner, Inc.2		1,311		161,922
Global Payments, Inc.		2,512		226,884
International Business Machines Corp.		32,939		5,067,006
Intuit, Inc.		2,218		294,573
Mastercard, Inc., Class A		5,835		708,661
Microsoft Corp.		79,920		5,508,886
Oracle Corp.		53,625		2,688,757
Paychex, Inc.		3,274		186,422
PayPal Holdings, Inc.2		13,791		740,163
Red Hat, Inc.2		1,752		167,754
salesforce.com, Inc.2		6,228		539,345
Symantec Corp.		9,061		255,973
Synopsys, Inc.2		2,165		157,893
Total System Services, Inc.		4,965		289,211
VeriSign, Inc.1,2		800		74,368
Visa, Inc., Class A1		11,441		1,072,937
Western Union Co. (The)		18,308		348,767
Total Software & Services				35,018,810
Technology Hardware & Equipment—4.1%
Amphenol Corp., Class A		5,387		397,668
Apple, Inc.		97,832		14,089,765
Cisco Systems, Inc.		98,491		3,082,768
Corning, Inc.		21,172		636,219
F5 Networks, Inc.2		1,017		129,220
FLIR Systems, Inc.		3,031		105,054
Harris Corp.		3,665		399,778
Hewlett Packard Enterprise Co.		127,958		2,122,823
HP, Inc.		150,456		2,629,971
Juniper Networks, Inc.		11,344		316,271
Motorola Solutions, Inc.		4,642		402,647
NetApp, Inc.		9,136		365,897
Seagate Technology PLC1		16,965		657,394
TE Connectivity Ltd.		10,350		814,338
Western Digital Corp.		13,015		1,153,129
Xerox Corp.		23,715		681,332
Total Technology Hardware & Equipment				27,984,274
	Shares		Value
Telecommunication Services—2.8%
AT&T, Inc.		267,991	$	10,111,300
CenturyLink, Inc.1		41,093		981,301
Level 3 Communications, Inc.2		8,201		486,319
Verizon Communications, Inc.		169,721		7,579,740
Total Telecommunication Services				19,158,660
Transportation—3.1%
Alaska Air Group, Inc.		4,585		411,550
American Airlines Group, Inc.1		52,595		2,646,580
C.H. Robinson Worldwide, Inc.1		12,416		852,731
CSX Corp.		13,589		741,416
Delta Air Lines, Inc.		49,112		2,639,279
Expeditors International of Washington, Inc.1		6,961		393,157
FedEx Corp.		17,519		3,807,404
JB Hunt Transport Services, Inc.		4,722		431,496
Kansas City Southern		1,501		157,080
Norfolk Southern Corp.		5,437		661,683
Southwest Airlines Co.		21,829		1,356,454
Union Pacific Corp.		11,712		1,275,554
United Continental Holdings, Inc.2		30,457		2,291,889
United Parcel Service, Inc., Class B		35,891		3,969,186
Total Transportation				21,635,459
Utilities—2.7%
AES Corp.		44,173		490,762
Alliant Energy Corp.		5,119		205,630
Ameren Corp.		6,979		381,542
American Electric Power Co., Inc.		14,445		1,003,494
American Water Works Co., Inc.		2,589		201,813
CenterPoint Energy, Inc.		18,517		506,996
CMS Energy Corp.		8,564		396,085
Consolidated Edison, Inc.1		9,239		746,696
Dominion Energy, Inc.1		9,742		746,530
DTE Energy Co.		6,547		692,607
Duke Energy Corp.		16,838		1,407,488
Edison International		9,289		726,307
Entergy Corp.		8,661		664,905
Eversource Energy		7,865		477,484
Exelon Corp.		56,584		2,040,985
FirstEnergy Corp.		30,594		892,121
NextEra Energy, Inc.		7,357		1,030,936
NiSource, Inc.		11,439		290,093
NRG Energy, Inc.		15,761		271,404
PG&E Corp.		16,653		1,105,260
Pinnacle West Capital Corp.		2,527		215,199
PPL Corp.		12,108		468,095
Public Service Enterprise Group, Inc.		13,344		573,926
SCANA Corp.		3,869		259,262
Sempra Energy		5,897		664,887
Southern Co. (The)		26,839		1,285,051
WEC Energy Group, Inc.1		7,601		466,549
Xcel Energy, Inc.		15,183		696,596
Total Utilities				18,908,703
Total Common Stocks (Cost $596,332,108)				687,531,254

18

Schedule of Investments — continued

Oppenheimer Large Cap Revenue ETF

June 30, 2017

	Shares		Value
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—1.2%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 0.91%3 (Cost $8,514,926)		8,514,926	$	8,514,926
Total Investments—100.9% (Cost $604,847,034)				696,046,180
Liabilities in Excess of Other Assets—(0.9)%				(6,542,060	)
Net Assets—100.0%			$	689,504,120

 

PLC – Public Limited Company

¹ All or a portion of the security was on loan. The aggregate value of the securities on loan was $33,457,428; total value of the collateral held by the fund was $34,220,055. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $25,705,129 (Note 4).

² Non-income producing security.

³ Rate shown represents annualized 7-day yield as of June 30, 2017.

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

19

Schedule of Investments

Oppenheimer Mid Cap Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.3%
Cooper Tire & Rubber Co.1		21,080	$	760,988
Dana, Inc.		70,639		1,577,369
Gentex Corp.		23,666		448,944
Thor Industries, Inc.1		14,427		1,507,910
Total Automobiles & Components				4,295,211
Banks—2.5%
Associated Banc-Corp.		11,849		298,595
BancorpSouth, Inc.		6,581		200,721
Bank of Hawaii Corp.1		2,085		172,992
Bank of the Ozarks		4,625		216,774
Cathay General Bancorp		3,593		136,354
Chemical Financial Corp.		3,207		155,251
Commerce Bancshares, Inc.1		5,462		310,405
Cullen/Frost Bankers, Inc.		3,022		283,796
East West Bancorp, Inc.		5,942		348,082
F.N.B. Corp.		16,836		238,398
First Horizon National Corp.		20,240		352,581
Fulton Financial Corp.		10,971		208,449
Hancock Holding Co.		5,316		260,484
Home BancShares, Inc.1		4,988		124,201
International Bancshares Corp.		3,912		137,116
MB Financial, Inc.		5,659		249,222
New York Community Bancorp, Inc.1		34,773		456,570
PacWest Bancorp		5,934		277,118
Pinnacle Financial Partners, Inc.		1,990		124,972
Prosperity Bancshares, Inc.		3,038		195,161
Signature Bank2		2,477		355,524
SVB Financial Group2		2,467		433,674
Synovus Financial Corp.		7,855		347,505
TCF Financial Corp.		22,630		360,722
Texas Capital Bancshares, Inc.1,2		2,606		201,704
Trustmark Corp.		4,640		149,222
UMB Financial Corp.		3,548		265,603
Umpqua Holdings Corp.		16,991		311,955
United Bankshares, Inc.1		3,195		125,244
Valley National Bancorp1		19,394		229,043
Washington Federal, Inc.		4,470		148,404
Webster Financial Corp.		5,376		280,735
Wintrust Financial Corp.		3,906		298,575
Total Banks				8,255,152
Capital Goods—10.7%
A.O. Smith Corp.		12,731		717,137
AECOM1,2		139,530		4,511,005
AGCO Corp.		28,746		1,937,193
Carlisle Cos., Inc.		10,145		967,833
Crane Co.		9,090		721,564
Curtiss-Wright Corp.		5,990		549,762
Donaldson Co., Inc.		12,610		574,259
Dycom Industries, Inc.1,2		8,578		767,903
EMCOR Group, Inc.		30,567		1,998,470
EnerSys		8,052		583,367
Esterline Technologies Corp.1,2		5,349		507,085
GATX Corp.1		5,609		360,490
Graco, Inc.		3,158		345,106
Granite Construction, Inc.		13,196		636,575
Hubbell, Inc.		7,682		869,372
	Shares		Value
Huntington Ingalls Industries, Inc.		9,342	$	1,739,107
IDEX Corp.		4,965		561,095
ITT, Inc.		15,834		636,210
KBR, Inc.1		76,658		1,166,735
Kennametal, Inc.		12,800		478,976
KLX, Inc.1,2		7,657		382,850
Lennox International, Inc.		5,141		944,093
Lincoln Electric Holdings, Inc.		6,297		579,891
MSC Industrial Direct Co., Inc., Class A		8,858		761,434
Nordson Corp.		4,064		493,045
NOW, Inc.1,2		32,710		525,977
Orbital ATK, Inc.		11,676		1,148,451
Oshkosh Corp.		24,397		1,680,465
Regal Beloit Corp.		10,233		834,501
Teledyne Technologies, Inc.2		4,305		549,533
Terex Corp.1		31,847		1,194,263
Timken Co. (The)		15,226		704,203
Toro Co. (The)		8,775		608,020
Trinity Industries, Inc.		41,490		1,162,965
Valmont Industries, Inc.		4,379		655,098
Wabtec Corp.1		9,063		829,265
Watsco, Inc.1		7,333		1,130,749
Woodward, Inc.		7,718		521,582
Total Capital Goods				35,335,629
Commercial & Professional Services—3.2%
Clean Harbors, Inc.2		12,805		714,903
Copart, Inc.1,2		11,335		360,340
Deluxe Corp.1		6,840		473,465
Dun & Bradstreet Corp. (The)		4,199		454,122
FTI Consulting, Inc.2		13,326		465,877
Herman Miller, Inc.1		18,940		575,776
HNI Corp.1		14,080		561,370
Manpowergroup, Inc.		48,228		5,384,656
MSA Safety, Inc.		3,644		295,783
Pitney Bowes, Inc.		57,445		867,419
Rollins, Inc.1		9,555		388,984
Total Commercial & Professional Services				10,542,695
Consumer Durables & Apparel—4.1%
Brunswick Corp.		19,554		1,226,623
CalAtlantic Group, Inc.1		48,920		1,729,322
Carter’s, Inc.		9,525		847,249
Deckers Outdoor Corp.1,2		6,743		460,277
Helen of Troy Ltd.2		4,254		400,301
Kate Spade & Co.2		19,347		357,726
KB Home1		44,651		1,070,285
NVR, Inc.1,2		635		1,530,737
Polaris Industries, Inc.1		13,955		1,287,070
Skechers U.S.A., Inc., Class A1,2		34,006		1,003,177
Tempur Sealy International, Inc.1,2		16,670		890,011
Toll Brothers, Inc.		37,227		1,470,839
TRI Pointe Group, Inc.1,2		49,473		652,549
Tupperware Brands Corp.1		7,993		561,348
Total Consumer Durables & Apparel				13,487,514
Consumer Services—2.6%
Adtalem Global Education, Inc.1		12,729		483,066
Brinker International, Inc.1		22,564		859,688
Buffalo Wild Wings, Inc.1,2		3,725		471,957

20

Schedule of Investments — continued

Oppenheimer Mid Cap Revenue ETF

June 30, 2017

	Shares		Value
Consumer Services (continued)
Cheesecake Factory, Inc. (The)1		11,301	$	568,440
Churchill Downs, Inc.1		1,894		347,170
Cracker Barrel Old Country Store, Inc.1		4,643		776,542
Domino’s Pizza, Inc.		3,168		670,127
Dunkin’ Brands Group, Inc.1		3,829		211,054
Graham Holdings Co., Class B		1,073		643,424
International Speedway Corp., Class A		4,772		179,189
Jack in the Box, Inc.		3,964		390,454
Panera Bread Co., Class A2		2,342		736,887
Papa John’s International, Inc.1		5,763		413,553
Service Corp. International		24,479		818,823
Sotheby’s1,2		4,513		242,213
Texas Roadhouse, Inc.		10,721		546,235
Wendy’s Co. (The)1		22,954		356,017
Total Consumer Services				8,714,839
Diversified Financials—1.1%
Eaton Vance Corp.		7,330		346,856
FactSet Research Systems, Inc.1		1,775		294,970
Federated Investors, Inc., Class B1		10,749		303,659
Janus Henderson Group PLC2		7,474		247,464
Legg Mason, Inc.		19,031		726,223
MarketAxess Holdings, Inc.		482		96,930
MSCI, Inc.		2,877		296,302
SEI Investments Co.		6,841		367,909
SLM Corp.2		29,846		343,229
Stifel Financial Corp.2		15,216		699,632
Total Diversified Financials				3,723,174
Energy—6.8%
CONSOL Energy, Inc.1,2		35,839		535,435
Diamond Offshore Drilling, Inc.1,2		32,992		357,303
Dril-Quip, Inc.1,2		2,537		123,806
Energen Corp.1,2		3,367		166,229
Ensco PLC, Class A1		111,352		574,576
Gulfport Energy Corp.1,2		11,122		164,049
HollyFrontier Corp.1		117,942		3,239,867
Matador Resources Co.1,2		3,069		65,585
Nabors Industries Ltd.		70,286		572,128
Oceaneering International, Inc.1		22,383		511,228
Oil States International, Inc.1,2		6,243		169,497
Patterson-UTI Energy, Inc.		12,347		249,286
PBF Energy, Inc., Class A1		218,915		4,873,048
QEP Resources, Inc.2		44,354		447,975
Rowan Cos. PLC, Class A2		33,721		345,303
SM Energy Co.1		21,367		353,197
Southwestern Energy Co.1,2		110,814		673,749
Superior Energy Services, Inc.1,2		36,801		383,834
World Fuel Services Corp.		218,523		8,402,209
WPX Energy, Inc.2		26,551		256,483
Total Energy				22,464,787
Food & Staples Retailing—1.5%
Casey’s General Stores, Inc.1		17,267		1,849,468
Sprouts Farmers Market, Inc.1,2		48,271		1,094,304
United Natural Foods, Inc.1,2		58,727		2,155,281
Total Food & Staples Retailing				5,099,053
	Shares		Value
Food, Beverage & Tobacco—3.1%
Boston Beer Co., Inc. (The), Class A1,2		1,707	$	225,580
Dean Foods Co.1		111,781		1,900,277
Flowers Foods, Inc.1		55,445		959,753
Hain Celestial Group, Inc. (The)2		22,114		858,465
Ingredion, Inc.		13,161		1,568,923
Lamb Weston Holdings, Inc.		17,785		783,251
Lancaster Colony Corp.		2,411		295,637
Post Holdings, Inc.1,2		15,686		1,218,018
Snyder’s-Lance, Inc.1		15,558		538,618
Tootsie Roll Industries, Inc.1		3,769		131,350
TreeHouse Foods, Inc.1,2		21,130		1,726,110
Total Food, Beverage & Tobacco				10,205,982
Health Care Equipment & Services—8.1%
ABIOMED, Inc.2		808		115,787
Acadia Healthcare Co., Inc.1,2		16,230		801,438
Allscripts Healthcare Solutions, Inc.1,2		33,645		429,310
Globus Medical, Inc., Class A1,2		4,603		152,590
Halyard Health, Inc.2		10,703		420,414
HealthSouth Corp.		20,318		983,391
Hill-Rom Holdings, Inc.		8,807		701,125
LifePoint Health, Inc.1,2		25,986		1,744,960
LivaNova PLC1,2		5,150		315,232
Masimo Corp.2		2,025		184,640
Medidata Solutions, Inc.2		2,696		210,827
MEDNAX, Inc.1,2		15,106		911,949
Molina Healthcare, Inc.1,2		69,652		4,818,525
NuVasive, Inc.1,2		3,270		251,528
Owens & Minor, Inc.		78,002		2,510,884
ResMed, Inc.1		6,907		537,848
STERIS PLC		8,384		683,296
Teleflex, Inc.		2,505		520,439
Tenet Healthcare Corp.1,2		274,403		5,306,954
VCA, Inc.2		7,385		681,709
WellCare Health Plans, Inc.2		21,922		3,936,314
West Pharmaceutical Services, Inc.		4,131		390,462
Total Health Care Equipment & Services				26,609,622
Household & Personal Products—1.0%
Avon Products, Inc.1,2		415,939		1,580,568
Edgewell Personal Care Co.1,2		7,970		605,879
Energizer Holdings, Inc.		8,671		416,382
Nu Skin Enterprises, Inc., Class A1		9,872		620,357
Total Household & Personal Products				3,223,186
Insurance—5.9%
Alleghany Corp.2		2,663		1,583,952
American Financial Group, Inc.		16,685		1,657,988
Aspen Insurance Holdings Ltd.		14,218		708,767
Brown & Brown, Inc.		10,464		450,685
CNO Financial Group, Inc.		51,543		1,076,218
First American Financial Corp.		33,195		1,483,485
Genworth Financial, Inc., Class A1,2		607,427		2,290,000
Hanover Insurance Group, Inc. (The)		14,585		1,292,669
Kemper Corp.1		16,329		630,299
Mercury General Corp.		15,050		812,700
Old Republic International Corp.		74,936		1,463,500

21

Schedule of Investments — continued

Oppenheimer Mid Cap Revenue ETF

June 30, 2017

	Shares		Value
Insurance (continued)
Primerica, Inc.1		5,403	$	409,277
Reinsurance Group of America, Inc.		24,393		3,131,817
RenaissanceRe Holdings Ltd.		3,240		450,522
W.R. Berkley Corp.		28,334		1,959,863
Total Insurance				19,401,742
Materials—9.7%
Allegheny Technologies, Inc.1		51,811		881,305
AptarGroup, Inc.1		7,062		613,405
Ashland Global Holdings, Inc.1		19,891		1,311,016
Bemis Co., Inc.		22,923		1,060,189
Cabot Corp.		12,206		652,166
Carpenter Technology Corp.		12,335		461,699
Chemours Co. (The)		38,787		1,470,803
Commercial Metals Co.		65,235		1,267,516
Compass Minerals International, Inc.1		4,697		306,714
Domtar Corp.		35,909		1,379,624
Eagle Materials, Inc.		3,354		309,977
Greif, Inc., Class A1		15,829		882,942
Louisiana-Pacific Corp.2		25,191		607,355
Minerals Technologies, Inc.		5,846		427,927
NewMarket Corp.		1,160		534,157
Olin Corp.		51,302		1,553,424
Owens-Illinois, Inc.2		76,403		1,827,560
Packaging Corp. of America		14,585		1,624,623
PolyOne Corp.		23,636		915,659
Reliance Steel & Aluminum Co.		32,053		2,333,779
Royal Gold, Inc.		1,464		114,441
RPM International, Inc.1		22,865		1,247,286
Scotts Miracle-Gro Co., (The)1		8,348		746,812
Sensient Technologies Corp.		4,382		352,882
Silgan Holdings, Inc.1		29,733		944,915
Sonoco Products Co.		24,222		1,245,495
Steel Dynamics, Inc.		66,241		2,372,090
United States Steel Corp.1		135,950		3,009,933
Valvoline, Inc.1		21,987		521,532
Worthington Industries, Inc.		17,083		857,908
Total Materials				31,835,134
Media—1.8%
AMC Networks, Inc., Class A1,2		12,892		688,562
Cable One, Inc.		300		213,270
Cinemark Holdings, Inc.1		19,034		739,471
John Wiley & Sons, Inc., Class A		8,359		440,937
Live Nation Entertainment, Inc.2		61,520		2,143,972
Meredith Corp.1		7,514		446,707
New York Times Co., (The), Class A		23,121		409,242
TEGNA, Inc.1		57,743		832,076
Total Media				5,914,237
Pharmaceuticals, Biotechnology & Life Sciences—1.5%
Akorn, Inc.2		8,542		286,499
Bio-Rad Laboratories, Inc., Class A2		2,469		558,759
Bio-Techne Corp.		1,268		148,990
Bioverativ, Inc.2		4,402		264,868
Catalent, Inc.2		13,949		489,610
Charles River Laboratories International, Inc.2		4,831		488,656
	Shares		Value
Endo International PLC2		98,091	$	1,095,677
INC Research Holdings, Inc., Class A2		6,869		401,837
PAREXEL International Corp.2		7,606		661,037
Prestige Brands Holdings, Inc.2		4,362		230,357
United Therapeutics Corp.2		3,181		412,671
Total Pharmaceuticals, Biotechnology & Life Sciences				5,038,961
Real Estate—2.8%
Alexander & Baldwin, Inc.		2,389		98,857
American Campus Communities, Inc.		4,226		199,890
Camden Property Trust		2,631		224,977
Care Capital Properties, Inc.		3,452		92,168
CoreCivic, Inc.		16,545		456,311
Corporate Office Properties Trust		4,196		146,986
Cousins Properties, Inc.		9,875		86,801
CyrusOne, Inc.		2,526		140,824
DCT Industrial Trust, Inc.		1,920		102,605
Douglas Emmett, Inc.		5,200		198,692
Duke Realty Corp.		8,348		233,327
Education Realty Trust, Inc.1		1,993		77,229
EPR Properties		1,729		124,263
First Industrial Realty Trust, Inc.		3,337		95,505
GEO Group, Inc. (The)		18,721		553,580
Healthcare Realty Trust, Inc.		3,040		103,816
Highwoods Properties, Inc.		3,343		169,523
Hospitality Properties Trust		17,774		518,112
Jones Lang LaSalle, Inc.		15,311		1,913,875
Kilroy Realty Corp.		2,300		172,845
Lamar Advertising Co., Class A		5,440		400,221
LaSalle Hotel Properties		10,309		307,208
Liberty Property Trust		4,670		190,116
Life Storage, Inc.1		1,706		126,415
Mack-Cali Realty Corp.		5,802		157,466
Medical Properties Trust, Inc.		11,126		143,192
National Retail Properties, Inc.		3,597		140,643
Omega Healthcare Investors, Inc.1		7,359		242,994
Potlatch Corp.		3,426		156,568
Quality Care Properties, Inc.2		6,680		122,311
Rayonier, Inc.		7,570		217,789
Senior Housing Properties Trust		12,908		263,839
Tanger Factory Outlet Centers, Inc.1		4,745		123,275
Taubman Centers, Inc.1		3,031		180,496
Uniti Group, Inc.		7,787		195,765
Urban Edge Properties		3,831		90,910
Washington Prime Group, Inc.		26,276		219,930
Weingarten Realty Investors		4,752		143,035
Total Real Estate				9,132,359
Retailing—6.9%
Aaron’s, Inc.		21,299		828,531
American Eagle Outfitters, Inc.		81,864		986,461
Big Lots, Inc.1		27,670		1,336,461
Cabela’s, Inc.1,2		19,818		1,177,586
Chico’s FAS, Inc.1		69,207		651,930
Dick’s Sporting Goods, Inc.1		50,764		2,021,930
Dillard’s, Inc., Class A		29,837		1,721,297
GameStop Corp., Class A1		105,395		2,277,586
HSN, Inc.		28,702		915,594

22

Schedule of Investments — continued

Oppenheimer Mid Cap Revenue ETF

June 30, 2017

	Shares		Value
Retailing (continued)
Michaels Cos., Inc. (The)2		72,849	$	1,349,163
Murphy USA, Inc.1,2		37,614		2,787,574
Office Depot, Inc.		469,983		2,650,704
Pool Corp.		5,533		650,515
Sally Beauty Holdings, Inc.1,2		52,396		1,061,019
Urban Outfitters, Inc.1,2		50,795		941,739
Williams-Sonoma, Inc.1		27,021		1,310,518
Total Retailing				22,668,608
Semiconductors & Semiconductor Equipment—1.3%
Cirrus Logic, Inc.1,2		6,337		397,457
Cree, Inc.1,2		16,004		394,499
Cypress Semiconductor Corp.1		39,539		539,707
First Solar, Inc.1,2		21,736		866,832
Integrated Device Technology, Inc.2		7,737		199,537
Microsemi Corp.2		9,498		444,506
Monolithic Power Systems, Inc.		1,089		104,980
Silicon Laboratories, Inc.2		2,604		177,983
Synaptics, Inc.1,2		7,916		409,336
Teradyne, Inc.		14,441		433,663
Versum Materials, Inc.		8,670		281,775
Total Semiconductors & Semiconductor Equipment				4,250,275
Software & Services—4.7%
ACI Worldwide, Inc.2		11,590		259,268
Acxiom Corp.2		8,576		222,804
Blackbaud, Inc.		27,258		2,337,373
Broadridge Financial Solutions, Inc.		12,919		976,160
Cadence Design Systems, Inc.2		14,010		469,195
Cars.com, Inc.1,2		8,780		233,811
CDK Global, Inc.		9,311		577,841
CommVault Systems, Inc.2		2,993		168,955
Convergys Corp.		31,120		740,034
CoreLogic, Inc.2		11,723		508,544
DST Systems, Inc.		6,809		420,115
Fair Isaac Corp.1		1,776		247,592
Fortinet, Inc.2		9,172		343,400
j2 Global, Inc.1		2,759		234,763
Jack Henry & Associates, Inc.1		3,513		364,895
Leidos Holdings, Inc.		39,187		2,025,576
LogMeIn, Inc.		1,058		110,561
Manhattan Associates, Inc.2		3,310		159,079
MAXIMUS, Inc.		9,941		622,605
NeuStar, Inc., Class A1,2		9,453		315,258
PTC, Inc.2		5,204		286,844
Sabre Corp.1		39,467		859,197
Science Applications International Corp.		15,724		1,091,560
Take-Two Interactive Software, Inc.1,2		6,243		458,111
Teradata Corp.1,2		20,774		612,625
Tyler Technologies, Inc.1,2		1,190		209,047
Ultimate Software Group, Inc. (The)1,2		1,025		215,312
WebMD Health Corp.2		3,100		181,815
WEX, Inc.1,2		2,700		281,529
Total Software & Services				15,533,869
	Shares		Value
Technology Hardware & Equipment—12.0%
3D Systems Corp.1,2		7,909	$	147,898
ARRIS International PLC1,2		59,802		1,675,652
Arrow Electronics, Inc.2		81,603		6,399,307
Avnet, Inc.		129,145		5,021,158
Belden, Inc.		7,947		599,442
Brocade Communications Systems, Inc.		48,307		609,151
Ciena Corp.1,2		26,818		670,986
Cognex Corp.		1,619		137,453
Coherent, Inc.2		1,369		308,011
Diebold Nixdorf, Inc.1		38,407		1,075,396
InterDigital, Inc.		2,114		163,412
IPG Photonics Corp.1,2		2,036		295,424
Jabil, Inc.		160,904		4,696,788
Keysight Technologies, Inc.2		20,692		805,540
Knowles Corp.1,2		12,851		217,439
Littelfuse, Inc.1		1,784		294,360
National Instruments Corp.1		8,283		333,142
NCR Corp.2		43,434		1,773,845
NetScout Systems, Inc.1,2		8,443		290,439
Plantronics, Inc.		4,192		219,284
SYNNEX Corp.		31,605		3,791,336
Tech Data Corp.1,2		69,654		7,035,054
Trimble, Inc.2		17,066		608,744
VeriFone Systems, Inc.2		28,513		516,085
ViaSat, Inc.1,2		5,962		394,685
Vishay Intertechnology, Inc.1		36,619		607,875
Zebra Technologies Corp., Class A2		8,921		896,739
Total Technology Hardware & Equipment				39,584,645
Telecommunication Services—1.1%
Frontier Communications Corp.1		1,932,642		2,241,865
Telephone & Data Systems, Inc.1		47,326		1,313,296
Total Telecommunication Services				3,555,161
Transportation—2.9%
Avis Budget Group, Inc.1,2		97,741		2,665,397
Genesee & Wyoming, Inc., Class A1,2		7,895		539,939
JetBlue Airways Corp.2		74,413		1,698,849
Kirby Corp.1,2		7,270		485,999
Landstar System, Inc.		9,530		815,768
Old Dominion Freight Line, Inc.		8,362		796,397
Ryder System, Inc.		26,765		1,926,545
Werner Enterprises, Inc.		17,824		523,134
Total Transportation				9,452,028
Utilities—3.2%
Aqua America, Inc.		6,173		205,561
Atmos Energy Corp.		9,389		778,818
Black Hills Corp.1		6,124		413,186
Great Plains Energy, Inc.		23,287		681,843
Hawaiian Electric Industries, Inc.1		18,737		606,704
IDACORP, Inc.1		3,700		315,795
MDU Resources Group, Inc.		40,347		1,057,091
National Fuel Gas Co.		6,992		390,433
New Jersey Resources Corp.		13,057		518,363
NorthWestern Corp.		5,325		324,932
OGE Energy Corp.		16,436		571,808
ONE Gas, Inc.		5,295		369,644

23

Schedule of Investments — continued

Oppenheimer Mid Cap Revenue ETF

June 30, 2017

	Shares		Value
Utilities (continued)
PNM Resources, Inc.1		9,107	$	348,343
Southwest Gas Holdings, Inc.		8,018		585,795
UGI Corp.		30,434		1,473,310
Vectren Corp.		10,481		612,510
Westar Energy, Inc.		12,398		657,342
WGL Holdings, Inc.		7,257		605,452
Total Utilities				10,516,930
Total Common Stocks (Cost $289,437,218)			$	328,840,793
	Shares		Value
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—15.2%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 0.91%3 (Cost $49,958,289)		49,958,289	$	49,958,289
Total Investments—115.0% (Cost $339,395,507)				378,799,082
Liabilities in Excess of Other Assets—(15.0)%				(49,297,542	)
Net Assets—100.0%			$	329,501,540

 

PLC – Public Limited Company

¹ All or a portion of the security was on loan. The aggregate value of the securities on loan was $99,887,453; total value of the collateral held by the fund was $102,589,175. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $52,630,886 (Note 4).

² Non-income producing security.

³ Rate shown represents annualized 7-day yield as of June 30, 2017.

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

24

Schedule of Investments

Oppenheimer Small Cap Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—2.0%
American Axle & Manufacturing Holdings, Inc.1,2		190,657	$	2,974,249
Cooper-Standard Holding, Inc.1,2		24,027		2,423,603
Dorman Products, Inc.1,2		8,063		667,374
Fox Factory Holding Corp.2		9,728		346,317
Gentherm, Inc.1,2		18,062		700,806
LCI Industries1		13,085		1,339,904
Motorcar Parts of America, Inc.1,2		11,144		314,707
Standard Motor Products, Inc.		16,055		838,392
Superior Industries International, Inc.		27,316		561,344
Winnebago Industries, Inc.		29,222		1,022,770
Total Automobiles & Components				11,189,466
Banks—2.3%
Ameris Bancorp		5,469		263,606
Astoria Financial Corp.		18,082		364,352
Banc of California, Inc.1		21,304		458,036
Bank Mutual Corp.		8,790		80,428
Banner Corp.		6,167		348,497
BofI Holding, Inc.1,2		14,312		339,481
Boston Private Financial Holdings, Inc.		18,288		280,721
Brookline Bancorp, Inc.		13,780		201,188
Central Pacific Financial Corp.		4,757		149,703
City Holding Co.		2,188		144,124
Columbia Banking System, Inc.		7,887		314,297
Community Bank System, Inc.		5,700		317,889
Customers Bancorp, Inc.2		8,912		252,031
CVB Financial Corp.		10,044		225,287
Dime Community Bancshares, Inc.		7,506		147,118
Fidelity Southern Corp.		9,636		220,279
First BanCorp2		55,005		318,479
First Commonwealth Financial Corp.		16,155		204,845
First Financial Bancorp1		10,200		282,540
First Financial Bankshares, Inc.1		5,640		249,288
First Midwest Bancorp, Inc.		17,717		412,983
Glacier Bancorp, Inc.		9,244		338,423
Great Western Bancorp, Inc.		8,717		355,741
Hanmi Financial Corp.		5,446		154,939
HomeStreet, Inc.1,2		15,102		417,948
Hope Bancorp, Inc.		20,284		378,297
Independent Bank Corp.		3,711		247,338
LegacyTexas Financial Group, Inc.		7,370		281,018
LendingTree, Inc.1,2		1,884		324,425
National Bank Holdings Corp., Class A		4,440		147,008
NBT Bancorp, Inc.1		7,823		289,060
Northfield Bancorp, Inc.		5,861		100,516
Northwest Bancshares, Inc.1		19,625		306,346
OFG Bancorp		31,453		314,530
Old National Bancorp1		28,457		490,883
Opus Bank		10,775		260,755
Oritani Financial Corp.		7,375		125,744
Provident Financial Services, Inc.		10,578		268,470
S&T Bancorp, Inc.1		5,803		208,096
ServisFirst Bancshares, Inc.		4,740		174,859
	Shares		Value
Simmons First National Corp., Class A1		6,085	$	321,896
Southside Bancshares, Inc.1		4,361		152,373
Sterling Bancorp1		17,058		396,598
Tompkins Financial Corp.1		2,414		190,030
TrustCo Bank Corp.		16,915		131,091
United Community Banks, Inc.		11,657		324,065
Walker & Dunlop, Inc.2		10,101		493,232
Westamerica Bancorporation1		2,358		132,142
Total Banks				12,900,995
Capital Goods—11.1%
AAON, Inc.1		7,533		277,591
AAR Corp.		36,315		1,262,309
Actuant Corp., Class A		33,909		834,161
Aegion Corp.2		44,166		966,352
Aerojet Rocketdyne Holdings, Inc.1,2		63,744		1,325,875
Aerovironment, Inc.2		5,266		201,161
Alamo Group, Inc.1		6,767		614,511
Albany International Corp., Class A1		11,280		602,352
American Woodmark Corp.2		7,750		740,512
Apogee Enterprises, Inc.		14,646		832,479
Applied Industrial Technologies, Inc.		30,987		1,829,782
Astec Industries, Inc.		15,069		836,480
Axon Enterprise, Inc.1,2		8,716		219,120
AZZ, Inc.1		11,117		620,329
Barnes Group, Inc.		16,017		937,475
Briggs & Stratton Corp.		54,625		1,316,462
Chart Industries, Inc.2		18,462		641,185
CIRCOR International, Inc.1		6,539		388,286
Comfort Systems USA, Inc.		33,668		1,249,083
Cubic Corp.		22,962		1,063,141
DXP Enterprises, Inc.2		18,938		653,361
Encore Wire Corp.		17,007		726,199
Engility Holdings, Inc.2		51,461		1,461,492
EnPro Industries, Inc.		12,433		887,343
ESCO Technologies, Inc.		7,470		445,585
Federal Signal Corp.		30,494		529,376
Franklin Electric Co., Inc.1		16,703		691,504
General Cable Corp.1		163,406		2,671,688
Gibraltar Industries, Inc.2		20,987		748,187
Greenbrier Cos., Inc. (The)1		35,213		1,628,601
Griffon Corp.1		61,002		1,338,994
Harsco Corp.2		65,089		1,047,933
Hillenbrand, Inc.		30,924		1,116,356
Insteel Industries, Inc.		9,604		316,644
John Bean Technologies Corp.1		11,730		1,149,540
Kaman Corp.		25,941		1,293,678
Lindsay Corp.1		4,350		388,238
Lydall, Inc.2		8,274		427,766
Mercury Systems, Inc.2		7,278		306,331
Moog, Inc., Class A2		25,595		1,835,673
Mueller Industries, Inc.		50,937		1,551,032
MYR Group, Inc.2		28,186		874,330
National Presto Industries, Inc.1		2,301		254,261
Orion Group Holdings, Inc.2		58,697		438,467
Patrick Industries, Inc.1,2		12,211		889,571
PGT Innovations, Inc.2		27,977		358,106
Powell Industries, Inc.1		10,676		341,525
Proto Labs, Inc.1,2		3,413		229,524

25

Schedule of Investments — continued

Oppenheimer Small Cap Revenue ETF

June 30, 2017

	Shares		Value
Capital Goods (continued)
Quanex Building Products Corp.1		32,068	$	678,238
Raven Industries, Inc.		5,752		191,542
Simpson Manufacturing Co., Inc.		14,913		651,847
SPX Corp.2		43,085		1,084,019
SPX FLOW, Inc.2		36,469		1,344,977
Standex International Corp.		5,967		541,207
Tennant Co.1		8,190		604,422
Titan International, Inc.		79,138		950,447
Trex Co., Inc.1,2		5,381		364,078
Triumph Group, Inc.		79,296		2,505,754
Universal Forest Products, Inc.		28,501		2,488,422
Veritiv Corp.1,2		142,407		6,408,315
Vicor Corp.1,2		7,655		137,025
Wabash National Corp.		61,167		1,344,451
Watts Water Technologies, Inc., Class A		16,293		1,029,718
Total Capital Goods				61,684,413
Commercial & Professional Services—7.7%
ABM Industries, Inc.		93,282		3,873,069
Brady Corp., Class A		23,190		786,141
Brink’s Co. (The)		34,063		2,282,221
CDI Corp.2		72,576		424,570
Essendant, Inc.		248,856		3,690,534
Exponent, Inc.		3,904		227,603
Healthcare Services Group, Inc.1		24,356		1,140,591
Heidrick & Struggles International, Inc.		20,783		452,030
Insperity, Inc.		29,311		2,081,081
Interface, Inc.		35,854		704,531
Kelly Services, Inc., Class A		171,844		3,857,898
Korn/Ferry International		36,245		1,251,540
LSC Communications, Inc.1		126,563		2,708,448
Matthews International Corp., Class A		16,910		1,035,738
Mobile Mini, Inc.		12,828		382,916
Multi-Color Corp.		8,126		663,082
Navigant Consulting, Inc.2		38,473		760,226
On Assignment, Inc.1,2		33,665		1,822,960
Resources Connection, Inc.1		32,408		443,990
RR Donnelley & Sons Co.1		513,945		6,444,870
Team, Inc.1,2		36,016		844,575
Tetra Tech, Inc.		43,590		1,994,243
TrueBlue, Inc.2		74,226		1,966,989
UniFirst Corp.1		7,916		1,113,781
US Ecology, Inc.1		6,901		348,501
Viad Corp.		20,557		971,318
WageWorks, Inc.2		4,172		280,358
Total Commercial & Professional Services				42,553,804
Consumer Durables & Apparel—4.8%
Callaway Golf Co.		54,249		693,302
Cavco Industries, Inc.2		4,214		546,345
Crocs, Inc.2		101,797		784,855
Ethan Allen Interiors, Inc.		19,271		622,453
Fossil Group, Inc.1,2		237,391		2,456,997
G-III Apparel Group Ltd.1,2		68,223		1,702,164
Iconix Brand Group, Inc.1,2		6,970		48,163
Installed Building Products, Inc.2		12,840		679,878
iRobot Corp.1,2		5,204		437,864
	Shares		Value
La-Z-Boy, Inc.		40,636	$	1,320,670
LGI Homes, Inc.1,2		16,704		671,167
M.D.C. Holdings, Inc.		53,726		1,898,140
M/I Homes, Inc.2		47,171		1,346,732
Meritage Homes Corp.2		56,760		2,395,272
Movado Group, Inc.		18,327		462,757
Nautilus, Inc.1,2		16,334		312,796
Oxford Industries, Inc.		12,153		759,441
Perry Ellis International, Inc.2		33,501		651,929
Steven Madden Ltd.2		27,278		1,089,756
Sturm Ruger & Co., Inc.1		7,231		449,407
TopBuild Corp.2		24,698		1,310,723
Unifi, Inc.1,2		15,997		492,708
Universal Electronics, Inc.2		7,287		487,136
Vera Bradley, Inc.2		41,366		404,559
Vista Outdoor, Inc.1,2		79,276		1,784,503
William Lyon Homes, Class A1,2		45,703		1,103,270
Wolverine World Wide, Inc.		68,692		1,924,063
Total Consumer Durables & Apparel				26,837,050
Consumer Services—3.4%
American Public Education, Inc.2		9,556		226,000
Belmond Ltd., Class A2		30,706		408,390
Biglari Holdings, Inc.1,2		1,508		602,808
BJ’s Restaurants, Inc.2		18,829		701,380
Bob Evans Farms, Inc.		8,056		578,663
Boyd Gaming Corp.1		65,699		1,629,992
Capella Education Co.		3,674		314,494
Career Education Corp.2		50,295		482,832
Chuy’s Holdings, Inc.1,2		10,231		239,405
Dave & Buster’s Entertainment, Inc.1,2		10,939		727,553
DineEquity, Inc.1		10,721		472,260
El Pollo Loco Holdings, Inc.1,2		20,055		277,762
Fiesta Restaurant Group, Inc.1,2		24,736		510,798
ILG, Inc.		42,159		1,158,951
Marcus Corp. (The)		12,967		391,603
Marriott Vacations Worldwide Corp.		11,079		1,304,552
Monarch Casino & Resort, Inc.2		5,175		156,544
Penn National Gaming, Inc.2		105,216		2,251,622
Red Robin Gourmet Burgers, Inc.1,2		15,082		984,101
Regis Corp.2		120,023		1,232,636
Ruby Tuesday, Inc.2		294,623		592,192
Ruth’s Hospitality Group, Inc.		13,043		283,685
Scientific Games Corp., Class A1,2		83,697		2,184,492
Shake Shack, Inc., Class A1,2		5,709		199,130
Sonic Corp.1		14,709		389,642
Strayer Education, Inc.		3,535		329,533
Wingstop, Inc.1		2,326		71,873
Total Consumer Services				18,702,893
Diversified Financials—4.4%
Apollo Commercial Real Estate Finance, Inc.		10,946		203,048
Capstead Mortgage Corp.		14,109		147,157
Donnelley Financial Solutions, Inc.2		32,432		744,639
Encore Capital Group, Inc.1,2		19,033		764,175
Enova International, Inc.2		38,271		568,324
Evercore Partners, Inc., Class A1		16,525		1,165,012
EZCORP, Inc., Class A2		60,736		467,667
Financial Engines, Inc.1		8,546		312,784
FirstCash, Inc.		17,842		1,040,189

26

Schedule of Investments — continued

Oppenheimer Small Cap Revenue ETF

June 30, 2017

	Shares		Value
Diversified Financials (continued)
Green Dot Corp., Class A2		13,822	$	532,562
Greenhill & Co., Inc.1		11,692		235,009
Interactive Brokers Group, Inc., Class A1		27,484		1,028,451
INTL. FCStone, Inc.2		365,333		13,794,974
Investment Technology Group, Inc.		15,577		330,855
Piper Jaffray Cos.		9,749		584,453
PRA Group, Inc.1,2		16,364		620,196
Virtus Investment Partners, Inc.		2,196		243,646
Waddell & Reed Financial, Inc., Class A		47,676		900,123
WisdomTree Investments, Inc.1		18,320		186,314
World Acceptance Corp.1,2		5,455		408,634
Total Diversified Financials				24,278,212
Energy—2.4%
Archrock, Inc.		54,047		616,136
Atwood Oceanics, Inc.1,2		57,340		467,321
Bill Barrett Corp.1,2		15,831		48,601
Bristow Group, Inc.1		115,474		883,376
CARBO Ceramics, Inc.1,2		11,712		80,227
Carrizo Oil & Gas, Inc.1,2		20,467		356,535
Cloud Peak Energy, Inc.1,2		162,498		573,618
Contango Oil & Gas Co.2		8,923		59,249
Denbury Resources, Inc.2		514,285		786,856
Era Group, Inc.2		19,930		188,538
Exterran Corp.2		27,418		732,061
Geospace Technologies Corp.1,2		3,406		47,105
Green Plains, Inc.1		120,869		2,483,858
Gulf Island Fabrication, Inc.1		15,816		183,466
Helix Energy Solutions Group, Inc.2		40,128		226,322
Matrix Service Co.2		83,770		783,250
McDermott International, Inc.2		53,118		380,856
Newpark Resources, Inc.1,2		22,505		165,412
Noble Corp. PLC1		295,510		1,069,746
Northern Oil and Gas, Inc.1,2		51,947		72,726
PDC Energy, Inc.1,2		9,292		400,578
Pioneer Energy Services Corp.2		77,503		158,881
REX American Resources Corp.1,2		3,452		333,325
SEACOR Holdings, Inc.1,2		17,457		598,775
SRC Energy, Inc.1,2		15,226		102,471
Tesco Corp.2		24,595		109,448
TETRA Technologies, Inc.2		137,718		384,233
U.S. Silica Holdings, Inc.1		14,803		525,358
Unit Corp.1,2		26,076		488,403
Total Energy				13,306,731
Food & Staples Retailing—3.1%
Andersons, Inc. (The)		77,698		2,653,387
SpartanNash Co.		201,926		5,241,999
SUPERVALU, Inc.2		2,809,610		9,243,617
Total Food & Staples Retailing				17,139,003
Food, Beverage & Tobacco—2.4%
B&G Foods, Inc.		27,154		966,682
Calavo Growers, Inc.1		9,558		659,980
Cal-Maine Foods, Inc.1,2		20,537		813,265
Coca-Cola Bottling Co. Consolidated1		10,423		2,385,512
Darling Ingredients, Inc.2		158,843		2,500,189
	Shares		Value
J&J Snack Foods Corp.1		5,451	$	719,914
John B. Sanfilippo & Son, Inc.1		10,511		663,349
Sanderson Farms, Inc.1		16,460		1,903,599
Seneca Foods Corp., Class A2		29,294		909,579
Universal Corp.		22,773		1,473,413
Total Food, Beverage & Tobacco				12,995,482
Health Care Equipment & Services—9.6%
Abaxis, Inc.		3,245		172,050
Aceto Corp.		28,969		447,571
Almost Family, Inc.2		8,040		495,666
Amedisys, Inc.1,2		16,866		1,059,353
AMN Healthcare Services, Inc.1,2		39,525		1,543,451
Analogic Corp.		5,617		408,075
AngioDynamics, Inc.2		16,712		270,902
Anika Therapeutics, Inc.1,2		1,683		83,039
BioTelemetry, Inc.2		5,512		184,376
Cantel Medical Corp.		7,036		548,175
Chemed Corp.		5,687		1,163,162
Community Health Systems, Inc.1,2		1,446,955		14,411,672
Computer Programs & Systems, Inc.1		5,963		195,586
CONMED Corp.		11,123		566,606
CorVel Corp.2		8,179		388,094
Cross Country Healthcare, Inc.2		46,542		600,857
CryoLife, Inc.1,2		7,289		145,416
Diplomat Pharmacy, Inc.1,2		181,482		2,685,934
Ensign Group, Inc. (The)		61,122		1,330,626
Haemonetics Corp.1,2		16,104		635,947
HealthEquity, Inc.1,2		2,582		128,661
HealthStream, Inc.1,2		5,827		153,367
HMS Holdings Corp.2		18,800		347,800
ICU Medical, Inc.1,2		2,344		404,340
Inogen, Inc.2		1,708		162,977
Integer Holdings Corp.2		24,564		1,062,393
Integra LifeSciences Holdings Corp.1,2		14,201		774,097
Invacare Corp.		63,444		837,461
Kindred Healthcare, Inc.1		467,525		5,446,666
Landauer, Inc.		2,110		110,353
Lantheus Holdings, Inc.2		15,448		272,657
LeMaitre Vascular, Inc.1		2,521		78,706
LHC Group, Inc.2		10,492		712,302
Magellan Health, Inc.2		51,492		3,753,767
Meridian Bioscience, Inc.1		9,658		152,113
Merit Medical Systems, Inc.2		13,359		509,646
Natus Medical, Inc.1,2		8,945		333,648
Neogen Corp.2		3,836		265,106
Omnicell, Inc.2		11,562		498,322
OraSure Technologies, Inc.2		5,744		99,141
Orthofix International NV2		6,825		317,226
PharMerica Corp.2		61,778		1,621,672
Providence Service Corp. (The)2		24,383		1,234,024
Quality Systems, Inc.2		22,402		385,538
Quorum Health Corp.1,2		374,561		1,554,428
Select Medical Holdings Corp.2		223,340		3,428,269
Surmodics, Inc.2		2,167		61,001
Tivity Health, Inc.1,2		10,028		399,616
US Physical Therapy, Inc.		4,259		257,244
Varex Imaging Corp.1,2		13,745		464,581
Total Health Care Equipment & Services				53,163,680

27

Schedule of Investments — continued

Oppenheimer Small Cap Revenue ETF

June 30, 2017

	Shares		Value
Household & Personal Products—0.4%
Central Garden & Pet Co.1,2		22,726	$	722,460
Central Garden & Pet Co., Class A2		23,936		718,559
Inter Parfums, Inc.		11,239		411,909
Medifast, Inc.		4,723		195,863
WD-40 Co.1		2,512		277,199
Total Household & Personal Products				2,325,990
Insurance—2.7%
American Equity Investment Life Holding Co.		80,733		2,121,663
AMERISAFE, Inc.		5,085		289,591
eHealth, Inc.1,2		7,834		147,279
Employers Holdings, Inc.		13,796		583,571
HCI Group, Inc.1		4,123		193,699
Horace Mann Educators Corp.		21,454		810,961
Infinity Property & Casualty Corp.		12,039		1,131,666
Maiden Holdings Ltd.		185,267		2,056,464
Navigators Group, Inc. (The)		16,495		905,575
ProAssurance Corp.		10,922		664,058
RLI Corp.		10,499		573,455
Safety Insurance Group, Inc.		8,763		598,513
Selective Insurance Group, Inc.		32,842		1,643,742
Stewart Information Services Corp.		32,776		1,487,375
United Fire Group, Inc.		18,787		827,755
United Insurance Holdings Corp.1		22,592		355,372
Universal Insurance Holdings, Inc.		20,200		509,040
Total Insurance				14,899,779
Materials—6.3%
A. Schulman, Inc.		61,299		1,961,568
AdvanSix, Inc.2		31,910		996,868
AK Steel Holding Corp.1,2		687,742		4,518,465
American Vanguard Corp.		12,792		220,662
Balchem Corp.		5,017		389,871
Boise Cascade Co.2		98,426		2,992,150
Calgon Carbon Corp.		26,320		397,432
Century Aluminum Co.1,2		65,883		1,026,457
Clearwater Paper Corp.2		28,155		1,316,246
Deltic Timber Corp.1		2,258		168,582
Flotek Industries, Inc.1,2		23,286		208,177
FutureFuel Corp.		12,954		195,476
H.B. Fuller Co.1		30,255		1,546,333
Hawkins, Inc.		7,453		345,447
Haynes International, Inc.		8,224		298,613
Ingevity Corp.2		11,954		686,160
Innophos Holdings, Inc.		11,676		511,876
Innospec, Inc.		10,628		696,665
Kaiser Aluminum Corp.1		11,601		1,026,920
KapStone Paper and Packaging Corp.		107,460		2,216,900
Koppers Holdings, Inc.2		30,125		1,089,019
Kraton Corp.2		41,852		1,441,383
LSB Industries, Inc.1,2		28,377		293,134
Materion Corp.		19,696		736,630
Myers Industries, Inc.		21,962		394,218
Neenah Paper, Inc.1		8,659		694,885
Olympic Steel, Inc.		48,985		954,228
PH Glatfelter Co.		61,077		1,193,445
Quaker Chemical Corp.		3,881		563,638
Rayonier Advanced Materials, Inc.1		38,351		602,878
	Shares		Value
Schweitzer-Mauduit International, Inc.		16,767	$	624,235
Stepan Co.		14,967		1,304,224
SunCoke Energy, Inc.1,2		95,344		1,039,250
TimkenSteel Corp.1,2		53,675		824,985
Tredegar Corp.		37,800		576,450
U.S. Concrete, Inc.1,2		12,984		1,019,893
Total Materials				35,073,363
Media—1.4%
E.W. Scripps Co., (The), Class A1,2		38,046		677,599
Gannett Co., Inc.1		236,794		2,064,844
New Media Investment Group, Inc.1		69,661		939,030
Scholastic Corp.		28,394		1,237,694
Time, Inc.		166,462		2,388,730
World Wrestling Entertainment, Inc., Class A1		26,426		538,298
Total Media				7,846,195
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Acorda Therapeutics, Inc.1,2		22,465		442,560
Albany Molecular Research, Inc.1,2		21,549		467,613
AMAG Pharmaceuticals, Inc.1,2		25,662		472,181
Amphastar Pharmaceuticals, Inc.1,2		11,579		206,801
ANI Pharmaceuticals, Inc.2		2,366		110,729
Cambrex Corp.1,2		6,441		384,850
Cytokinetics, Inc.1,2		5,460		66,066
Depomed, Inc.1,2		33,901		364,097
Eagle Pharmaceuticals, Inc.1,2		2,386		188,232
Emergent BioSolutions, Inc.1,2		11,779		399,426
Enanta Pharmaceuticals, Inc.1,2		1,053		37,887
Heska Corp.2		954		97,375
Impax Laboratories, Inc.1,2		41,705		671,450
Innoviva, Inc.1,2		9,303		119,078
Lannett Co., Inc.1,2		26,702		544,721
Ligand Pharmaceuticals, Inc.1,2		683		82,916
Luminex Corp.1		10,325		218,064
Medicines Co. (The)1,2		2,789		106,010
MiMedx Group, Inc.1,2		13,163		197,050
Momenta Pharmaceuticals, Inc.2		5,287		89,350
Myriad Genetics, Inc.1,2		24,066		621,865
Nektar Therapeutics1,2		5,361		104,808
Phibro Animal Health Corp., Class A		16,056		594,875
Progenics Pharmaceuticals, Inc.1,2		7,582		51,482
Repligen Corp.1,2		2,106		87,273
SciClone Pharmaceuticals, Inc.2		11,389		125,279
Spectrum Pharmaceuticals, Inc.1,2		15,077		112,324
Sucampo Pharmaceuticals, Inc., Class A1,2		18,467		193,903
Supernus Pharmaceuticals, Inc.1,2		4,294		185,071
Total Pharmaceuticals, Biotechnology & Life Sciences				7,343,336
Real Estate—1.5%
Acadia Realty Trust		7,369		204,858
Agree Realty Corp.		1,510		69,264
American Assets Trust, Inc.		5,360		211,130
Armada Hoffler Properties, Inc.1		15,383		199,210
CareTrust REIT, Inc.		4,348		80,612
CBL & Associates Properties, Inc.		95,592		805,841
Cedar Realty Trust, Inc.		20,996		101,831
Chatham Lodging Trust		10,842		217,816

28

Schedule of Investments — continued

Oppenheimer Small Cap Revenue ETF

June 30, 2017

	Shares		Value
Real Estate (continued)
Chesapeake Lodging Trust		18,279	$	447,287
CoreSite Realty Corp.		2,902		300,444
DiamondRock Hospitality Co.		56,798		621,938
EastGroup Properties, Inc.1		2,216		185,701
Forestar Group, Inc.2		8,155		139,858
Four Corners Property Trust, Inc.		3,603		90,471
Franklin Street Properties Corp.		16,806		186,210
Getty Realty Corp.		3,266		81,977
Government Properties Income Trust1		9,528		174,458
Hersha Hospitality Trust		17,852		330,440
HFF, Inc., Class A		11,954		415,641
Independence Realty Trust, Inc.		11,242		110,959
Kite Realty Group Trust		13,575		256,975
Lexington Realty Trust		30,048		297,776
LTC Properties, Inc.		2,462		126,522
National Storage Affiliates Trust		23,719		548,146
Parkway, Inc.		7,076		161,970
Pennsylvania Real Estate Investment Trust1		26,020		294,546
PS Business Parks, Inc.		2,173		287,683
Ramco-Gershenson Properties Trust		11,974		154,465
RE/MAX Holdings, Inc., Class A1		2,476		138,780
Retail Opportunity Investments Corp.1		8,808		169,025
Sabra Health Care REIT, Inc.1		8,203		197,692
Saul Centers, Inc.		2,703		156,720
Summit Hotel Properties, Inc.		18,459		344,260
Universal Health Realty Income Trust		704		55,996
Urstadt Biddle Properties, Inc., Class A		4,324		85,615
Total Real Estate				8,252,117
Retailing—17.1%
Abercrombie & Fitch Co., Class A1		195,773		2,435,416
Asbury Automotive Group, Inc.1,2		83,527		4,723,452
Ascena Retail Group, Inc.1,2		2,293,249		4,930,485
Barnes & Noble Education, Inc.1,2		133,012		1,413,918
Barnes & Noble, Inc.		404,604		3,074,990
Big 5 Sporting Goods Corp.1		53,849		702,729
Buckle, Inc. (The)		41,077		731,171
Caleres, Inc.		70,008		1,944,822
Cato Corp., (The), Class A1		39,505		694,893
Children’s Place, Inc. (The)1		12,231		1,248,785
Core-Mark Holding Co., Inc.		312,398		10,327,878
DSW, Inc., Class A1		115,843		2,050,421
Express, Inc.2		208,808		1,409,454
Finish Line, Inc., (The), Class A1		97,494		1,381,490
Five Below, Inc.1,2		15,291		754,917
Francesca’s Holdings Corp.2		32,078		350,933
Fred’s, Inc., Class A1		144,435		1,333,135
FTD Cos., Inc.1,2		42,457		849,140
Genesco, Inc.2		60,984		2,067,358
Group 1 Automotive, Inc.1		129,319		8,188,479
Guess?, Inc.1		134,017		1,712,737
Haverty Furniture Cos., Inc.		24,075		604,282
Hibbett Sports, Inc.1,2		31,946		662,880
JC Penney Co., Inc.1,2		1,811,782		8,424,786
Kirkland’s, Inc.2		46,635		479,408
Lithia Motors, Inc., Class A1		97,438		9,181,583
Lumber Liquidators Holdings, Inc.1,2		28,874		723,582
MarineMax, Inc.2		41,205		805,558
	Shares		Value
Monro Muffler Brake, Inc.1		15,787	$	659,107
Nutrisystem, Inc.		8,357		434,982
Ollie’s Bargain Outlet Holdings, Inc.1,2		15,988		681,089
PetMed Express, Inc.1		4,731		192,079
Rent-A-Center, Inc.		173,652		2,035,201
RH1,2		29,920		1,930,438
Select Comfort Corp.2		30,946		1,098,274
Shoe Carnival, Inc.		36,837		769,157
Shutterfly, Inc.1,2		17,383		825,693
Sonic Automotive, Inc., Class A		400,585		7,791,378
Stein Mart, Inc.1		570,170		963,587
Tailored Brands, Inc.1		221,389		2,470,701
Tile Shop Holdings, Inc.1		12,004		247,883
Vitamin Shoppe, Inc.2		81,331		947,506
Zumiez, Inc.1,2		47,597		587,823
Total Retailing				94,843,580
Semiconductors & Semiconductor Equipment—1.0%
Advanced Energy Industries, Inc.2		5,426		351,008
Brooks Automation, Inc.		18,740		406,471
Cabot Microelectronics Corp.		4,616		340,799
CEVA, Inc.1,2		1,265		57,494
Cohu, Inc.		12,694		199,803
Diodes, Inc.2		27,226		654,241
DSP Group, Inc.2		8,351		96,872
Kopin Corp.1,2		4,120		15,285
Kulicke & Soffa Industries, Inc.2		25,742		489,613
MaxLinear, Inc.1,2		9,884		275,665
MKS Instruments, Inc.		15,632		1,052,034
Nanometrics, Inc.2		6,834		172,832
Power Integrations, Inc.		4,710		343,359
Rambus, Inc.2		22,494		257,106
Rudolph Technologies, Inc.2		7,671		175,282
Semtech Corp.2		11,251		402,223
Veeco Instruments, Inc.1,2		8,841		246,222
Xperi Corp.		6,456		192,389
Total Semiconductors & Semiconductor Equipment				5,728,698
Software & Services—2.8%
8x8, Inc.2		12,635		183,839
Agilysys, Inc.1,2		9,588		97,031
Blucora, Inc.2		16,540		350,648
Bottomline Technologies (de), Inc.1,2		9,998		256,849
CACI International, Inc., Class A2		25,302		3,164,015
Cardtronics PLC, Class A2		29,232		960,564
CSG Systems International, Inc.		13,700		555,946
DHI Group, Inc.2		61,895		176,401
Ebix, Inc.1		4,094		220,667
ExlService Holdings, Inc.2		9,856		547,796
Forrester Research, Inc.		6,111		239,246
Gigamon, Inc.1,2		5,660		222,721
Liquidity Services, Inc.2		34,657		220,072
LivePerson, Inc.2		14,296		157,256
ManTech International Corp., Class A		29,568		1,223,524
MicroStrategy, Inc., Class A2		2,144		410,940
Monotype Imaging Holdings, Inc.		8,007		146,528
NIC, Inc.		11,860		224,747
Perficient, Inc.2		19,920		371,309
Progress Software Corp.		10,309		318,445

29

Schedule of Investments — continued

Oppenheimer Small Cap Revenue ETF

June 30, 2017

	Shares		Value
Software & Services (continued)
Qualys, Inc.2		3,722	$	151,858
QuinStreet, Inc.2		25,782		107,511
Shutterstock, Inc.1,2		8,581		378,250
SPS Commerce, Inc.2		2,432		155,064
Stamps.com, Inc.1,2		1,984		307,272
Sykes Enterprises, Inc.2		33,067		1,108,736
Synchronoss Technologies, Inc.1,2		44,850		737,782
TeleTech Holdings, Inc.1		22,354		912,043
TiVo Corp.		28,788		536,896
VASCO Data Security International, Inc.2		10,051		144,232
Virtusa Corp.1,2		21,153		621,898
XO Group, Inc.2		6,719		118,389
Total Software & Services				15,328,475
Technology Hardware & Equipment—7.0%
ADTRAN, Inc.		24,231		500,370
Anixter International, Inc.2		72,572		5,675,130
Applied Optoelectronics, Inc.1,2		3,632		224,421
Badger Meter, Inc.		7,257		289,191
Bel Fuse, Inc., Class B		14,021		346,319
Benchmark Electronics, Inc.2		51,018		1,647,881
Black Box Corp.		79,013		675,561
CalAmp Corp.1,2		13,130		266,933
Comtech Telecommunications Corp.		20,954		397,497
Cray, Inc.1,2		24,669		453,910
CTS Corp.1		13,602		293,803
Daktronics, Inc.		43,996		423,682
Digi International, Inc.2		14,816		150,382
Electro Scientific Industries, Inc.2		14,399		118,648
Electronics For Imaging, Inc.1,2		14,690		696,012
ePlus, Inc.2		13,029		965,449
Fabrinet1,2		26,087		1,112,871
FARO Technologies, Inc.1,2		6,715		253,827
Harmonic, Inc.1,2		28,332		148,743
II-VI, Inc.2		21,471		736,455
Insight Enterprises, Inc.2		101,118		4,043,709
Itron, Inc.2		21,316		1,444,159
Lumentum Holdings, Inc.1,2		12,317		702,685
Methode Electronics, Inc.		14,390		592,868
MTS Systems Corp.1		10,475		542,605
NETGEAR, Inc.1,2		22,618		974,836
Oclaro, Inc.1,2		44,628		416,826
OSI Systems, Inc.1,2		9,128		685,969
Park Electrochemical Corp.		4,581		84,382
Plexus Corp.2		36,084		1,896,936
Rogers Corp.2		4,823		523,874
Sanmina Corp.2		129,835		4,946,714
ScanSource, Inc.2		66,763		2,690,549
Super Micro Computer, Inc.1,2		69,832		1,721,359
TTM Technologies, Inc.1,2		104,891		1,820,908
Viavi Solutions, Inc.2		56,302		592,860
Total Technology Hardware & Equipment				39,058,324
Telecommunication Services—0.6%
ATN International, Inc.		5,252		359,447
Cincinnati Bell, Inc.2		46,532		909,701
Cogent Communications Holdings, Inc.		8,278		331,948
	Shares		Value
Consolidated Communications Holdings, Inc.		25,407	$	545,488
General Communication, Inc., Class A2		18,782		688,172
Iridium Communications, Inc.1,2		28,369		313,477
Lumos Networks Corp.2		8,733		156,059
Spok Holdings, Inc.		7,241		128,166
Total Telecommunication Services				3,432,458
Transportation—3.4%
Allegiant Travel Co.		7,168		971,981
ArcBest Corp.		99,011		2,039,627
Atlas Air Worldwide Holdings, Inc.1,2		26,512		1,382,601
Echo Global Logistics, Inc.2		63,728		1,268,187
Forward Air Corp.		13,773		733,825
Hawaiian Holdings, Inc.2		39,318		1,845,980
Heartland Express, Inc.1		20,523		427,289
Hub Group, Inc., Class A2		73,469		2,817,536
Knight Transportation, Inc.1		22,987		851,668
Marten Transport Ltd.		18,460		505,804
Matson, Inc.		48,417		1,454,447
Roadrunner Transportation Systems, Inc.2		206,784		1,503,320
Saia, Inc.2		18,163		931,762
SkyWest, Inc.		62,214		2,183,711
Total Transportation				18,917,738
Utilities—1.1%
ALLETE, Inc.1		13,766		986,747
American States Water Co.1		6,538		309,966
Avista Corp.		24,582		1,043,752
California Water Service Group1		12,062		443,882
El Paso Electric Co.		12,464		644,389
Northwest Natural Gas Co.1		8,710		521,293
South Jersey Industries, Inc.		22,599		772,208
Spire, Inc.		17,183		1,198,514
Total Utilities				5,920,751
Total Common Stocks (Cost $498,883,102)				553,722,533
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—12.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 0.91%3 (Cost $67,073,312)		67,073,312		67,073,312
Total Investments—111.9% (Cost $565,956,414)				620,795,845
Liabilities in Excess of Other Assets—(11.9)%				(66,044,514	)
Net Assets—100.0%			$	554,751,331

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

¹ All or a portion of the security was on loan. The aggregate value of the securities on loan was $131,465,633; total value of the collateral held by the fund was $134,916,392. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $67,843,080 (Note 4).

² Non-income producing security.

³ Rate shown represents annualized 7-day yield as of June 30, 2017.

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

30

Schedule of Investments

Oppenheimer Financials Sector Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—99.9%
Banks—33.5%
Bank of America Corp.		91,520	$	2,220,275
BB&T Corp.		5,982		271,643
Citigroup, Inc.		29,490		1,972,291
Citizens Financial Group, Inc.		3,667		130,838
Comerica, Inc.		919		67,308
Fifth Third Bancorp		5,794		150,412
Huntington Bancshares, Inc.		7,005		94,708
JPMorgan Chase & Co.		28,143		2,572,270
KeyCorp		7,151		134,010
M&T Bank Corp.		805		130,370
People’s United Financial, Inc.		1,902		33,589
PNC Financial Services Group, Inc. (The)		3,071		383,476
Regions Financial Corp.		9,292		136,035
SunTrust Banks, Inc.		3,750		212,700
U.S. Bancorp		9,975		517,902
Wells Fargo & Co.		39,568		2,192,463
Zions Bancorporation		1,331		58,444
Total Banks				11,278,734
Capital Markets—13.0%
Affiliated Managers Group, Inc.		306		50,753
Ameriprise Financial, Inc.		2,077		264,381
Bank of New York Mellon Corp. (The)		7,196		367,140
BlackRock, Inc.		608		256,825
CBOE Holdings, Inc.		219		20,017
Charles Schwab Corp. (The)		4,274		183,611
CME Group, Inc.		678		84,913
E*TRADE Financial Corp.1		1,279		48,640
Franklin Resources, Inc.		3,254		145,747
Goldman Sachs Group, Inc. (The)		4,071		903,355
Intercontinental Exchange, Inc.		2,056		135,531
Invesco Ltd.		3,125		109,969
Moody’s Corp.		704		85,663
Morgan Stanley		20,371		907,732
Nasdaq, Inc.		1,200		85,788
Northern Trust Corp.		1,266		123,068
Raymond James Financial, Inc.		1,731		138,861
S&P Global, Inc.		880		128,471
State Street Corp.		2,739		245,770
T. Rowe Price Group, Inc.2		1,341		99,516
Total Capital Markets				4,385,751
Consumer Finance—6.4%
American Express Co.		9,433		794,636
Capital One Financial Corp.		7,769		641,875
Discover Financial Services		3,970		246,894
Navient Corp.		6,865		114,302
Synchrony Financial		11,925		355,604
Total Consumer Finance				2,153,311
	Shares		Value
Diversified Financial Services—16.6%
Berkshire Hathaway, Inc., Class B1		31,380	$	5,314,830
Leucadia National Corp.		10,143		265,341
Total Diversified Financial Services				5,580,171
Insurance—30.4%
Aflac, Inc.		6,519		506,396
Allstate Corp. (The)		9,245		817,628
American International Group, Inc.		19,050		1,191,006
Aon PLC		1,872		248,882
Arthur J. Gallagher & Co.		2,195		125,664
Assurant, Inc.		1,431		148,380
Chubb Ltd.		4,954		720,213
Cincinnati Financial Corp.		1,699		123,093
Everest Re Group Ltd.		534		135,951
Hartford Financial Services Group, Inc. (The)		8,012		421,191
Lincoln National Corp.		4,521		305,529
Loews Corp.		6,256		292,843
Marsh & McLennan Cos., Inc.		3,777		294,455
MetLife, Inc.		25,929		1,424,539
Principal Financial Group, Inc.		4,305		275,821
Progressive Corp. (The)		12,224		538,956
Prudential Financial, Inc.		12,153		1,314,225
Torchmark Corp.		1,172		89,658
Travelers Cos., Inc. (The)		4,866		615,695
Unum Group		5,327		248,398
Willis Towers Watson PLC		1,217		177,025
XL Group Ltd.		5,606		245,543
Total Insurance				10,261,091
Total Investments—99.9% (Cost $27,000,073)				33,659,058
Other Assets in Excess of Liabilities—0.1%				39,699
Net Assets—100.0%			$	33,698,757

 

PLC – Public Limited Company

¹ Non-income producing security.

² All or a portion of the security was on loan. The aggregate value of the security on loan was $97,512; total value of the collateral held by the fund was $99,540. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $99,540 (Note 4).

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

31

Schedule of Investments

Oppenheimer Ultra Dividend Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—99.5%
Automobiles & Components—10.1%
Ford Motor Co.1		2,264,044	$	25,334,652
General Motors Co.		745,347		26,034,971
Total Automobiles & Components				51,369,623
Banks—0.6%
New York Community Bancorp, Inc.1		147,867		1,941,494
PacWest Bancorp		25,569		1,194,072
Total Banks				3,135,566
Commercial & Professional Services—0.7%
Pitney Bowes, Inc.1		244,482		3,691,678
Consumer Durables & Apparel—1.2%
Mattel, Inc.		274,263		5,904,882
Diversified Financials—1.1%
Navient Corp.		333,729		5,556,588
Energy—16.4%
Helmerich & Payne, Inc.1		29,958		1,627,918
HollyFrontier Corp.1		487,145		13,381,873
Occidental Petroleum Corp.		193,940		11,611,188
ONEOK, Inc.1		213,777		11,150,608
PBF Energy, Inc., Class A1		903,609		20,114,336
Valero Energy Corp.1		384,553		25,941,946
Total Energy				83,827,869
Insurance—0.7%
Mercury General Corp.1		64,030		3,457,620
Materials—7.4%
CF Industries Holdings, Inc.1		144,071		4,028,225
Compass Minerals International, Inc.1		19,967		1,303,845
Domtar Corp.		152,690		5,866,350
LyondellBasell Industries NV, Class A		317,382		26,783,867
Total Materials				37,982,287
Real Estate—9.6%
Care Capital Properties, Inc.1		14,721		393,051
CoreCivic, Inc.		69,735		1,923,291
EPR Properties		7,359		528,891
GEO Group, Inc. (The)		79,348		2,346,320
HCP, Inc.		80,918		2,586,139
Hospitality Properties Trust		75,849		2,210,998
Host Hotels & Resorts, Inc.		315,062		5,756,183
Iron Mountain, Inc.		117,678		4,043,416
Kimco Realty Corp.		75,613		1,387,499
Lamar Advertising Co., Class A1		23,313		1,715,137
LaSalle Hotel Properties		43,976		1,310,485
Life Storage, Inc.1		7,264		538,262
Macerich Co. (The)1		20,214		1,173,625
Medical Properties Trust, Inc.		47,335		609,202
National Retail Properties, Inc.		15,292		597,917
Omega Healthcare Investors, Inc.1		31,402		1,036,894
Realty Income Corp.		21,998		1,213,850
Senior Housing Properties Trust		55,012		1,124,445
Simon Property Group, Inc.		39,996		6,469,753
Tanger Factory Outlet Centers, Inc.1		20,858		541,891
Taubman Centers, Inc.		13,267		790,050
Uniti Group, Inc.		33,093		831,958
	Shares		Value
Ventas, Inc.		55,839	$	3,879,694
Washington Prime Group, Inc.1		111,446		932,803
Weingarten Realty Investors		20,046		603,385
Welltower, Inc.		63,300		4,738,005
Total Real Estate				49,283,144
Retailing—25.0%
American Eagle Outfitters, Inc.		340,947		4,108,411
GameStop Corp., Class A1		461,147		9,965,387
HSN, Inc.		124,118		3,959,364
Kohl’s Corp.1		552,519		21,365,910
L Brands, Inc.1		265,416		14,303,268
Macy’s, Inc.		1,110,452		25,806,904
Staples, Inc.		2,287,237		23,032,477
Target Corp.		483,989		25,307,785
Total Retailing				127,849,506
Technology Hardware & Equipment—2.2%
Seagate Technology PLC		293,198		11,361,422
Telecommunication Services—14.9%
AT&T, Inc.		656,147		24,756,426
CenturyLink, Inc.1		741,005		17,695,200
Frontier Communications Corp.1		7,853,938		9,110,568
Verizon Communications, Inc.		545,965		24,382,797
Total Telecommunication Services				75,944,991
Utilities—9.6%
Entergy Corp.		149,308		11,462,375
FirstEnergy Corp.		528,450		15,409,602
Southern Co. (The)		462,409		22,140,143
Total Utilities				49,012,120
Total Common Stocks (Cost $527,607,618)				508,377,296
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—15.5%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 0.91%2 (Cost $79,017,484)		79,017,484		79,017,484
Total Investments—115.0% (Cost $606,625,102)				587,394,780
Liabilities in Excess of Other Assets—(15.0)%				(76,764,452	)
Net Assets—100.0%			$	510,630,328

 

PLC – Public Limited Company

¹ All or a portion of the security was on loan. The aggregate value of the securities on loan was $131,529,845; total value of the collateral held by the fund was $134,731,140. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $55,713,656 (Note 4).

² Rate shown represents annualized 7-day yield as of June 30, 2017.

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

32

Schedule of Investments

Oppenheimer ESG Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—99.6%
Automobiles & Components—3.9%
BorgWarner, Inc.		962	$	40,750
Delphi Automotive PLC		894		78,359
Ford Motor Co.		62,376		697,987
Goodyear Tire & Rubber Co. (The)		1,988		69,501
Total Automobiles & Components				886,597
Banks—2.0%
Bank of America Corp.		18,423		446,942
Comerica, Inc.		186		13,623
Total Banks				460,565
Capital Goods—10.7%
3M Co.		657		136,781
Arconic, Inc.		2,171		49,173
Cummins, Inc.		503		81,597
Deere & Co.		964		119,141
Dover Corp.		387		31,045
Eaton Corp. PLC		1,185		92,228
Emerson Electric Co.		1,090		64,986
Flowserve Corp.		375		17,411
Fluor Corp.		1,979		90,599
General Electric Co.		18,789		507,491
Illinois Tool Works, Inc.		425		60,881
Ingersoll-Rand PLC		694		63,425
Johnson Controls International PLC		3,696		160,258
Lockheed Martin Corp.		778		215,981
Northrop Grumman Corp.		437		112,182
Parker-Hannifin Corp.		330		52,741
Raytheon Co.		681		109,968
Rockwell Automation, Inc.		172		27,857
Rockwell Collins, Inc.		227		23,853
Stanley Black & Decker, Inc.		374		52,633
United Rentals, Inc.1		255		28,741
United Technologies Corp.		2,182		266,444
W.W. Grainger, Inc.		260		46,938
Xylem, Inc.		338		18,735
Total Capital Goods				2,431,089
Commercial & Professional Services—0.4%
Nielsen Holdings PLC		749		28,956
Waste Management, Inc.		854		62,641
Total Commercial & Professional Services				91,597
Consumer Durables & Apparel—2.3%
Coach, Inc.		446		21,114
Hanesbrands, Inc.		1,241		28,741
Hasbro, Inc.		212		23,640
Mattel, Inc.		1,172		25,233
Mohawk Industries, Inc.1		169		40,846
Newell Brands, Inc.		1,270		68,097
NIKE, Inc., Class B		2,916		172,044
PVH Corp.		354		40,533
Whirlpool Corp.		485		92,936
Total Consumer Durables & Apparel				513,184
Consumer Services—1.8%
Hilton Worldwide Holdings, Inc.		755		46,697
Marriott International, Inc., Class A		820		82,254
McDonald’s Corp.		730		111,807
Royal Caribbean Cruises Ltd.		349		38,121
	Shares		Value
Starbucks Corp.		1,666	$	97,144
Wyndham Worldwide Corp.		255		25,605
Total Consumer Services				401,628
Diversified Financials—2.9%
Bank of New York Mellon Corp. (The)		1,450		73,979
BlackRock, Inc.		123		51,956
Goldman Sachs Group, Inc. (The)		826		183,289
Invesco Ltd.		630		22,170
Moody’s Corp.		141		17,157
Morgan Stanley		4,100		182,696
Northern Trust Corp.		256		24,886
S&P Global, Inc.		177		25,840
State Street Corp.		552		49,531
T. Rowe Price Group, Inc.		270		20,037
Total Diversified Financials				651,541
Energy—4.6%
Apache Corp.		533		25,547
Baker Hughes, Inc.		764		41,646
ConocoPhillips		2,619		115,131
Devon Energy Corp.		1,696		54,221
EQT Corp.		150		8,788
Halliburton Co.		1,648		70,386
Hess Corp.		530		23,251
Marathon Oil Corp.		1,561		18,498
Marathon Petroleum Corp.		5,106		267,197
Newfield Exploration Co.1		248		7,058
Noble Energy, Inc.		563		15,933
Occidental Petroleum Corp.		823		49,273
ONEOK, Inc.2		918		47,883
Range Resources Corp.		302		6,997
Schlumberger Ltd.		1,893		124,635
TechnipFMC PLC1		1,749		47,573
Tesoro Corp.		1,270		118,872
Total Energy				1,042,889
Food & Staples Retailing—7.0%
CVS Health Corp.		10,331		831,233
Kroger Co. (The)		22,613		527,335
Sysco Corp.		4,452		224,069
Total Food & Staples Retailing				1,582,637
Food, Beverage & Tobacco—5.2%
Altria Group, Inc.		1,157		86,162
Brown-Forman Corp., Class B		277		13,462
Campbell Soup Co.		632		32,959
Coca-Cola Co. (The)		4,096		183,706
Conagra Brands, Inc.		1,014		36,261
Dr Pepper Snapple Group, Inc.		314		28,608
General Mills, Inc.		1,235		68,419
Hershey Co. (The)		296		31,781
Hormel Foods Corp.		1,264		43,115
J.M. Smucker Co. (The)		263		31,121
Kellogg Co.		803		55,776
McCormick & Co., Inc.		190		18,527
Molson Coors Brewing Co., Class B		350		30,219
Mondelez International, Inc., Class A		2,583		111,560
PepsiCo, Inc.		2,446		282,489
Philip Morris International, Inc.		1,010		118,624
Total Food, Beverage & Tobacco				1,172,789

33

Schedule of Investments — continued

Oppenheimer ESG Revenue ETF

June 30, 2017

	Shares		Value
Health Care Equipment & Services—8.0%
Abbott Laboratories		2,110	$	102,567
Baxter International, Inc.		808		48,917
Becton Dickinson and Co.		293		57,167
Boston Scientific Corp.1		1,410		39,085
C.R. Bard, Inc.		55		17,386
Cigna Corp.		1,097		183,627
Edwards Lifesciences Corp.1		125		14,780
Henry Schein, Inc.1		292		53,442
Humana, Inc.		1,079		259,629
Medtronic PLC		1,527		135,521
UnitedHealth Group, Inc.		4,780		886,308
Varian Medical Systems, Inc.1		133		13,724
Total Health Care Equipment & Services				1,812,153
Household & Personal Products—2.3%
Church & Dwight Co., Inc.		299		15,512
Clorox Co. (The)		193		25,715
Colgate-Palmolive Co.		906		67,162
Estee Lauder Cos., Inc., (The), Class A		541		51,925
Kimberly-Clark Corp.		634		81,856
Procter & Gamble Co. (The)		3,318		289,164
Total Household & Personal Products				531,334
Insurance—3.6%
Allstate Corp. (The)		1,861		164,587
Marsh & McLennan Cos., Inc.		761		59,327
MetLife, Inc.		5,219		286,732
Principal Financial Group, Inc.		867		55,549
Prudential Financial, Inc.		2,446		264,510
Total Insurance				830,705
Materials—4.1%
Air Products & Chemicals, Inc.		275		39,342
Albemarle Corp.		114		12,032
Avery Dennison Corp.		330		29,162
Ball Corp.		1,083		45,713
E.I. du Pont de Nemours & Co.		1,391		112,268
Eastman Chemical Co.		503		42,247
Ecolab, Inc.		451		59,870
FMC Corp.		186		13,587
International Flavors & Fragrances, Inc.		107		14,445
International Paper Co.		1,757		99,464
LyondellBasell Industries NV, Class A		1,753		147,936
Mosaic Co. (The)		1,440		32,875
Newmont Mining Corp.		952		30,835
PPG Industries, Inc.		605		66,526
Praxair, Inc.		364		48,248
Sealed Air Corp.		632		28,288
Sherwin-Williams Co. (The)		156		54,750
WestRock Co.		1,136		64,366
Total Materials				941,954
Media—3.3%
Comcast Corp., Class A		9,007		350,552
Time Warner, Inc.		1,368		137,361
Walt Disney Co. (The)		2,387		253,619
Total Media				741,532
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.0%
AbbVie, Inc.		1,693	$	122,760
Agilent Technologies, Inc.		327		19,394
Biogen, Inc.1		206		55,900
Bristol-Myers Squibb Co.		1,675		93,331
Celgene Corp.1		450		58,442
Eli Lilly & Co.		1,198		98,595
Pfizer, Inc.		7,305		245,375
Total Pharmaceuticals, Biotechnology & Life Sciences				693,797
Real Estate—1.1%
AvalonBay Communities, Inc.		45		8,648
Boston Properties, Inc.		100		12,302
CBRE Group, Inc., Class A1		1,715		62,426
Equinix, Inc.		39		16,737
GGP, Inc.		493		11,615
HCP, Inc.		333		10,643
Host Hotels & Resorts, Inc.		1,340		24,482
Iron Mountain, Inc.		482		16,561
Kimco Realty Corp.		298		5,468
Macerich Co. (The)		82		4,761
Prologis, Inc.		215		12,608
Regency Centers Corp.		51		3,195
Vornado Realty Trust		128		12,019
Welltower, Inc.		261		19,536
Weyerhaeuser Co.		902		30,217
Total Real Estate				251,218
Retailing—5.5%
Bed Bath & Beyond, Inc.		1,569		47,697
Best Buy Co., Inc.		3,162		181,277
Gap, Inc. (The)		1,197		26,322
Home Depot, Inc. (The)		2,747		421,390
Kohl’s Corp.		2,291		88,593
L Brands, Inc.		1,109		59,764
Macy’s, Inc.		5,178		120,337
Nordstrom, Inc.2		1,431		68,445
Staples, Inc.		9,211		92,755
TJX Cos., Inc. (The)		2,083		150,330
Total Retailing				1,256,910
Semiconductors & Semiconductor Equipment—2.6%
Advanced Micro Devices, Inc.1,2		1,753		21,877
Analog Devices, Inc.		214		16,649
Applied Materials, Inc.		1,251		51,679
Intel Corp.		7,800		263,172
KLA-Tencor Corp.		163		14,916
Lam Research Corp.		221		31,256
Microchip Technology, Inc.		191		14,741
Micron Technology, Inc.1		2,192		65,453
NVIDIA Corp.		208		30,069
Skyworks Solutions, Inc.		149		14,297
Texas Instruments, Inc.		783		60,236
Xilinx, Inc.		165		10,613
Total Semiconductors & Semiconductor Equipment				594,958

34

Schedule of Investments — continued

Oppenheimer ESG Revenue ETF

June 30, 2017

	Shares		Value
Software & Services—8.2%
Accenture PLC, Class A		1,281	$	158,434
Adobe Systems, Inc.1		205		28,995
Alphabet, Inc., Class A1		225		209,178
Alphabet, Inc., Class C1		229		208,099
Autodesk, Inc.1		87		8,771
CA, Inc.		577		19,889
Cognizant Technology Solutions Corp., Class A		949		63,014
DXC Technology Co.		462		35,445
eBay, Inc.1		1,210		42,253
International Business Machines Corp.		2,346		360,885
Intuit, Inc.		158		20,984
Microsoft Corp.		5,685		391,867
Oracle Corp.		3,818		191,435
salesforce.com, Inc.1		443		38,364
Symantec Corp.		644		18,193
Visa, Inc., Class A		814		76,337
Total Software & Services				1,872,143
Technology Hardware & Equipment—3.4%
Cisco Systems, Inc.		7,004		219,225
Corning, Inc.		1,506		45,255
HP, Inc.		12,841		224,461
Juniper Networks, Inc.		806		22,471
NetApp, Inc.		649		25,993
Seagate Technology PLC		1,207		46,771
TE Connectivity Ltd.		736		57,909
Western Digital Corp.		927		82,132
Xerox Corp.		1,743		50,076
Total Technology Hardware & Equipment				774,293
Telecommunication Services—5.4%
AT&T, Inc.		18,549		699,854
Verizon Communications, Inc.		12,094		540,118
Total Telecommunication Services				1,239,972
Transportation—3.7%
Delta Air Lines, Inc.		3,497		187,929
FedEx Corp.		1,246		270,793
Union Pacific Corp.		833		90,722
United Parcel Service, Inc., Class B		2,551		282,115
Total Transportation				831,559
Utilities—4.6%
AES Corp.		5,276		58,616
Ameren Corp.		497		27,171
American Electric Power Co., Inc.		1,028		71,415
American Water Works Co., Inc.		185		14,421
CMS Energy Corp.		609		28,166
Consolidated Edison, Inc.		657		53,099
Dominion Energy, Inc.		694		53,181
DTE Energy Co.		467		49,404
Edison International		662		51,762
Entergy Corp.		617		47,367
Eversource Energy		560		33,998
Exelon Corp.		4,029		145,326
NextEra Energy, Inc.		524		73,428
NiSource, Inc.		813		20,618
NRG Energy, Inc.		3,261		56,154
	Shares		Value
Pinnacle West Capital Corp.		181	$	15,414
PPL Corp.		862		33,325
Public Service Enterprise Group, Inc.		950		40,859
Southern Co. (The)		1,909		91,403
WEC Energy Group, Inc.		541		33,207
Xcel Energy, Inc.		1,080		49,550
Total Utilities				1,047,884
Total Common Stocks (Cost $20,554,860)				22,654,928
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—0.3%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 0.91%3 (Cost $63,689)		63,689		63,689
Total Investments—99.9% (Cost $20,618,549)				22,718,617
Other Assets in Excess of Liabilities—0.1%				17,396
Net Assets—100.0%			$	22,736,013

 

PLC – Public Limited Company

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 $100,768; total value of the collateral held by the fund was $102,565. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $38,876 (Note 4).

³ Rate shown represents annualized 7-day yield as of June 30, 2017.

⁴ Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares October 31, 2016a	Gross Additions	Gross Reductions	Shares June 30, 2017
Oppenheimer Large Cap Revenue ETF	—	26,769	26,769	—

 

	Value	Income	Realized Gain
Oppenheimer Large Cap Revenue ETF	$   —	$   —	$8,576

 

^a Commencement of Operations.

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

35

Schedule of Investments

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
COMMON STOCKS—98.2%
Automobiles & Components—2.4%
Aisin Seiki Co. Ltd.		1,423	$	72,822
Astra International Tbk PT		46,383		31,061
Cie Generale des Etablissements Michelin		395		52,440
Geely Automobile Holdings Ltd.		11,574		24,967
GKN PLC		5,531		23,422
Guangzhou Automobile Group Co. Ltd., Class H		3,327		5,839
Hankook Tire Co. Ltd.		244		13,563
Hero MotoCorp Ltd.		187		10,708
Nokian Renkaat OYJ		73		3,017
Peugeot SA		6,198		123,462
Stanley Electric Co. Ltd.		272		8,207
Sumitomo Rubber Industries Ltd.1		879		14,833
Tesla, Inc.1,2		56		20,250
Valeo SA		562		37,812
Yamaha Motor Co. Ltd.1		1,219		31,441
Total Automobiles & Components				473,844
Banks—11.5%
ABN AMRO Group NV3		1,468		38,861
Australia & New Zealand Banking Group Ltd.		3,042		67,014
Banco Bradesco SA		10,393		86,576
Banco de Credito e Inversiones		117		6,530
Banco do Brasil SA		15,304		123,790
Banco Santander Brasil SA		8,341		62,937
Banco Santander Chile		146,158		9,288
Banco Santander SA		26,993		178,318
Bank Central Asia Tbk PT		7,960		10,840
Bank Danamon Indonesia Tbk PT		12,153		4,673
Bank Hapoalim B.M.		1,554		10,483
Bank Leumi Le-Israel B.M.		1,870		9,094
Bank Mandiri Persero Tbk PT		17,981		17,202
Bank Millennium SA2		1,052		2,114
Bank Negara Indonesia Persero Tbk PT		18,725		9,273
Bank of Montreal		621		45,531
Bank Rakyat Indonesia Persero Tbk PT		17,072		19,535
Bank Zachodni WBK SA		58		5,354
Bankinter SA		643		5,915
Bendigo & Adelaide Bank Ltd.		590		5,014
BNP Paribas SA		3,101		223,034
BOC Hong Kong Holdings Ltd.		5,474		26,190
CaixaBank SA		5,802		27,661
Chugoku Bank Ltd. (The)		191		2,856
Comerica, Inc.		96		7,031
Commonwealth Bank of Australia		1,173		74,508
Credit Agricole SA		11,081		178,012
DBS Group Holdings Ltd.		1,528		23,017
DGB Financial Group, Inc.		550		5,672
DNB ASA		1,083		18,359
Dubai Islamic Bank PJSC		3,173		4,924
E.Sun Financial Holding Co. Ltd.		6,935		4,263
Erste Group Bank AG2		609		23,286
First Abu Dhabi Bank PJSC		6,312		18,044
Hana Financial Group, Inc.		680		26,893
Hang Seng Bank Ltd.		681		14,246
	Shares		Value
Housing Development Finance Corp. Ltd.		860	$	21,487
IDFC Bank Ltd.		3,646		3,086
Indiabulls Housing Finance Ltd.		222		3,696
ING Groep NV		6,920		119,178
KB Financial Group, Inc.		656		33,082
KBC Groep NV		411		31,131
KeyCorp		777		14,561
Krung Thai Bank PCL		19,763		10,937
mBank SA2		19		2,368
Mega Financial Holding Co. Ltd.		6,958		5,787
Mizrahi Tefahot Bank Ltd.		238		4,331
Mizuho Financial Group, Inc.		35,990		65,792
National Australia Bank Ltd.		2,772		62,916
Natixis SA		3,147		21,094
Nedbank Group Ltd.		984		15,680
Nordea Bank AB		2,499		31,761
People’s United Financial, Inc.		221		3,903
Raiffeisen Bank International AG2		589		14,846
Resona Holdings, Inc.		2,882		15,864
Royal Bank of Canada		1,085		78,666
Shinhan Financial Group Co. Ltd.		846		36,453
Siam Commercial Bank PCL (The)		2,477		11,339
Skandinaviska Enskilda Banken AB, Class A		1,371		16,563
Societe Generale SA		2,784		149,588
SVB Financial Group2		21		3,692
Swedbank AB, Class A		567		13,801
Taishin Financial Holding Co. Ltd.		8,224		3,744
Taiwan Business Bank		8,275		2,312
Westpac Banking Corp.		2,792		65,340
Yamaguchi Financial Group, Inc.		305		3,684
Total Banks				2,263,020
Capital Goods—16.1%
3M Co.		338		70,368
ABB Ltd.		3,122		77,198
Aboitiz Equity Ventures, Inc.		3,395		5,123
AGCO Corp.		250		16,847
Airbus SE		1,937		159,066
Alfa Laval AB		444		9,075
Allegion PLC		63		5,111
Alstom SA2		491		17,142
Amada Holdings Co. Ltd.		499		5,764
Arconic, Inc.		1,009		22,854
Ashtead Group PLC		364		7,513
Atlas Copco AB, Class A		478		18,305
Atlas Copco AB, Class B		249		8,594
BAE Systems PLC		5,969		49,118
Bidvest Group Ltd. (The)		888		10,680
Boeing Co. (The)		1,119		221,282
Bouygues SA		1,803		75,923
CAE, Inc.		264		4,545
Caterpillar, Inc.		807		86,720
Cie de Saint-Gobain		1,682		89,743
CNH Industrial NV		4,948		55,955
Cummins, Inc.		245		39,744
Daikin Industries Ltd.		411		41,956
Deere & Co.		483		59,694
Eaton Corp. PLC		555		43,196
Elbit Systems Ltd.		61		7,522

36

Schedule of Investments — continued

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
Capital Goods (continued)
Far Eastern New Century Corp.		20,159	$	16,402
Finning International, Inc.		476		9,317
Fortune Brands Home & Security, Inc.		173		11,286
Fuji Electric Co. Ltd.		3,256		17,155
Geberit AG		14		6,538
HAP Seng Consolidated Bhd		1,165		2,505
Hino Motors Ltd.		2,714		30,121
Hitachi Construction Machinery Co. Ltd.		630		15,739
Hiwin Technologies Corp.		184		1,243
HOCHTIEF AG		265		48,480
Honeywell International, Inc.		654		87,172
Huntington Ingalls Industries, Inc.		79		14,707
IHI Corp.2		8,270		28,116
IMI PLC		293		4,548
Ingersoll-Rand PLC		333		30,433
Jacobs Engineering Group, Inc.		452		24,584
Johnson Controls International PLC		1,406		60,964
Kajima Corp.		4,671		39,410
Keppel Corp. Ltd.		2,323		10,612
Komatsu Ltd.		1,482		37,650
Koninklijke Philips NV		1,748		61,993
L3 Technologies, Inc.		147		24,561
Legrand SA		178		12,435
Lennox International, Inc.		50		9,182
Lockheed Martin Corp.		375		104,104
Masco Corp.		445		17,003
Metso OYJ		177		6,129
Middleby Corp. (The)2		40		4,860
Mitsubishi Electric Corp.		6,069		87,259
Nabtesco Corp.		166		4,824
Northrop Grumman Corp.		214		54,936
NSK Ltd.		1,619		20,216
OSRAM Licht AG		122		9,705
Parker-Hannifin Corp.		154		24,612
Raytheon Co.		330		53,288
Rexel SA		1,822		29,769
Rockwell Automation, Inc.		84		13,605
Rockwell Collins, Inc.		136		14,291
Roper Technologies, Inc.		42		9,724
Safran SA		450		41,183
Sandvik AB		1,291		20,281
Schneider Electric SE2		826		63,375
Siemens AG		1,350		185,308
Singapore Technologies Engineering Ltd.		3,998		10,686
Skanska AB, Class B		1,497		35,479
SKF AB, Class B		823		16,656
Smiths Group PLC		444		9,210
SNC-Lavalin Group, Inc.		357		15,413
Taisei Corp.		3,395		31,001
Thales SA		325		34,933
THK Co. Ltd.		208		5,887
TOTO Ltd.		307		11,721
Toyota Tsusho Corp.		5,023		150,431
United Rentals, Inc.2		108		12,173
United Technologies Corp.		1,054		128,704
Volvo AB, Class B		3,675		62,568
	Shares		Value
Wartsila OYJ Abp		192	$	11,332
WEG SA		1,084		5,791
Weir Group PLC (The)		217		4,879
Wolseley PLC		716		43,833
Xylem, Inc.		162		8,980
Total Capital Goods				3,178,340
Commercial & Professional Services—1.5%
Adecco Group AG		744		56,636
Dai Nippon Printing Co. Ltd.		2,725		30,267
Edenred		100		2,604
Experian PLC		489		10,004
ISS A/S		637		24,986
Manpowergroup, Inc.		421		47,005
Recruit Holdings Co. Ltd.		1,998		34,337
RELX NV		507		10,409
RELX PLC		490		10,566
Robert Half International, Inc.		255		12,222
SGS SA		6		14,548
Toppan Printing Co. Ltd.		2,846		31,206
Wolters Kluwer NV		248		10,484
Total Commercial & Professional Services				295,274
Consumer Durables & Apparel—4.1%
adidas AG		254		48,597
Burberry Group PLC		327		7,055
Christian Dior SE2		369		105,363
Cie Financiere Richemont SA		275		22,686
Hasbro, Inc.		102		11,374
Hermes International		25		12,336
HUGO BOSS AG1		81		5,663
Husqvarna AB, Class B		709		7,036
Kering		92		31,290
LVMH Moet Hennessy Louis Vuitton SE		360		89,633
Mohawk Industries, Inc.2		89		21,510
Newell Brands, Inc.		629		33,727
Panasonic Corp.		12,141		164,675
SEB SA		73		13,093
Sega Sammy Holdings, Inc.		669		9,003
Sekisui Chemical Co. Ltd.		1,286		23,017
Sony Corp.		4,137		157,807
Titan Co. Ltd.2		588		4,771
Whirlpool Corp.		253		48,480
Total Consumer Durables & Apparel				817,116
Consumer Services—1.3%
Aramark		868		35,571
Aristocrat Leisure Ltd.		221		3,824
Compass Group PLC		2,553		53,723
Domino’s Pizza, Inc.		28		5,923
Hilton Worldwide Holdings, Inc.		277		17,132
InterContinental Hotels Group PLC		55		3,048
Marriott International, Inc., Class A		481		48,249
Melco Resorts & Entertainment Ltd.4		526		11,809
MGM China Holdings Ltd.		1,995		4,436
OPAP SA		964		10,885
Royal Caribbean Cruises Ltd.		171		18,678
Sands China Ltd.		3,295		15,090
Shangri-La Asia Ltd.		3,129		5,307
Tabcorp Holdings Ltd.		1,080		3,620

37

Schedule of Investments — continued

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
Consumer Services (continued)
Tatts Group Ltd.		1,452	$	4,656
Vail Resorts, Inc.		24		4,868
Total Consumer Services				246,819
Diversified Financials—3.3%
3i Group PLC		354		4,150
Ally Financial, Inc.		1,143		23,889
American Express Co.		954		80,365
ASX Ltd.		31		1,275
B3 SA—Brasil Bolsa Balcao		307		1,830
Bajaj Finance Ltd.		144		3,059
Bank of New York Mellon Corp. (The)		733		37,398
BlackRock, Inc.		65		27,457
Brookfield Asset Management, Inc., Class A		1,474		57,759
Chailease Holding Co. Ltd.		1,116		3,111
CME Group, Inc.		68		8,516
Deutsche Boerse AG		58		6,114
Franklin Resources, Inc.		344		15,408
Fubon Financial Holding Co. Ltd.2		5,170		8,234
Goldman Sachs Group, Inc. (The)		362		80,328
Groupe Bruxelles Lambert SA		143		13,747
Industrivarden AB, Class C		3		72
L E Lundbergforetagen AB, Class B		29		2,286
Macquarie Group Ltd.		143		9,707
Moody’s Corp.		67		8,152
Morgan Stanley		2,003		89,254
Northern Trust Corp.		129		12,540
Onex Corp.		692		55,314
PSG Group Ltd.		183		3,352
S&P Global, Inc.		88		12,847
State Street Corp.		283		25,394
TD Ameritrade Holding Corp.		201		8,641
Voya Financial, Inc.		709		26,155
Wendel SA		132		19,512
Total Diversified Financials				645,866
Energy—7.3%
Baker Hughes, Inc.		383		20,877
Banpu PCL		9,556		4,670
Cosan SA Industria e Comercio		452		4,717
Empresas COPEC SA		3,267		35,627
Encana Corp.		711		6,247
Exxaro Resources Ltd.		449		3,187
Galp Energia SGPS SA		1,913		28,921
Idemitsu Kosan Co. Ltd.		2,084		59,167
Indian Oil Corp. Ltd.		19,733		117,597
IRPC PCL		79,218		12,476
Marathon Petroleum Corp.		2,682		140,349
MOL Hungarian Oil & Gas PLC		344		26,941
Neste OYJ		706		27,772
Novatek PJSC		180		20,052
OMV AG		911		47,209
Origin Energy Ltd.2		3,546		18,659
Pembina Pipeline Corp.		220		7,276
Polski Koncern Naftowy ORLEN SA		1,594		48,100
PTT Exploration & Production PCL		3,599		9,138
PTT PCL		9,562		104,149
Repsol SA		5,139		78,541
	Shares		Value
Royal Dutch Shell PLC, Class A		10,543	$	278,690
Royal Dutch Shell PLC, Class B		8,812		236,081
Suncor Energy, Inc.		1,374		40,087
Thai Oil PCL		7,806		18,153
TransCanada Corp.		493		23,467
United Tractors Tbk PT		3,765		7,755
Woodside Petroleum Ltd.		383		8,775
Total Energy				1,434,680
Food & Staples Retailing—5.8%
Jeronimo Martins SGPS SA		1,795		34,988
President Chain Store Corp.		1,750		15,734
Wal-Mart Stores, Inc.		12,500		946,000
Whole Foods Market, Inc.		1,009		42,489
Woolworths Ltd.		4,784		93,721
Total Food & Staples Retailing				1,132,932
Food, Beverage & Tobacco—3.1%
Archer-Daniels-Midland Co.		2,046		84,663
Barry Callebaut AG2		11		15,139
British American Tobacco PLC		605		41,132
Bunge Ltd.		1,168		87,133
Cia Cervecerias Unidas SA		403		5,278
Coca-Cola Amatil Ltd.		1,275		9,027
Coca-Cola HBC AG2		524		15,369
Conagra Brands, Inc.		511		18,273
Ingredion, Inc.		110		13,113
ITC Ltd.		4,066		20,359
Kirin Holdings Co. Ltd.		1,969		40,112
Kraft Heinz Co. (The)		639		54,724
M Dias Branco SA		227		3,378
Marine Harvest ASA2		473		8,069
McCormick & Co., Inc.		82		7,996
Nestle India Ltd.		31		3,231
Orkla ASA		964		9,765
PepsiCo, Inc.		1,183		136,625
Pernod Ricard SA		155		20,728
PT Indofood CBP Sukses Makmur Tbk		8,464		5,589
Standard Foods Corp.		781		2,098
Tate & Lyle PLC		766		6,587
Tiger Brands Ltd.		175		4,914
Treasury Wine Estates Ltd.		435		4,391
Total Food, Beverage & Tobacco				617,693
Health Care Equipment & Services—1.3%
Align Technology, Inc.2		11		1,651
Becton Dickinson and Co.		149		29,071
Cochlear Ltd.		18		2,146
Coloplast A/S, Class B		46		3,839
Cooper Cos., Inc. (The)		21		5,028
Hoya Corp.		189		9,812
Humana, Inc.		513		123,438
IDEXX Laboratories, Inc.2		25		4,035
Quest Diagnostics, Inc.		151		16,785
Ramsay Health Care Ltd.		286		16,146
ResMed, Inc.1		55		4,283
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,940		11,734
Sonic Healthcare Ltd.		496		9,215
Sonova Holding AG1		30		4,878

38

Schedule of Investments — continued

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
Health Care Equipment & Services (continued)
Straumann Holding AG		4	$	2,278
Varian Medical Systems, Inc.2		72		7,430
VCA, Inc.2		60		5,539
Total Health Care Equipment & Services				257,308
Household & Personal Products—1.6%
Dabur India Ltd.		657		2,969
Henkel AG & Co KGaA		218		26,331
Lion Corp.		391		8,094
Natura Cosmeticos SA		512		3,972
Procter & Gamble Co. (The)		1,600		139,440
Unilever NV		1,377		75,888
Unilever PLC		1,048		56,562
Total Household & Personal Products				313,256
Insurance—4.8%
Allianz SE		902		177,361
CNP Assurances		3,470		77,789
Insurance Australia Group Ltd.		2,687		13,974
Manulife Financial Corp.		2,574		48,182
Mapfre SA1		13,335		46,510
Marsh & McLennan Cos., Inc.		375		29,235
MS&AD Insurance Group Holdings, Inc.		3,311		111,211
Progressive Corp. (The)		1,186		52,291
RSA Insurance Group PLC		2,267		18,125
Sanlam Ltd.		2,917		14,426
Sompo Holdings, Inc.		1,817		70,167
Sun Life Financial, Inc.		743		26,523
Suncorp Group Ltd.		2,228		25,327
T&D Holdings, Inc.		2,262		34,415
Tokio Marine Holdings, Inc.		2,372		98,186
Zurich Insurance Group AG		327		95,302
Total Insurance				939,024
Materials—6.9%
Akzo Nobel NV		407		35,321
Anglo American PLC2		3,761		50,026
Antofagasta PLC		778		8,080
Arkema SA		165		17,583
Asahi Kasei Corp.		3,862		41,504
Asian Paints Ltd.		327		5,580
Avery Dennison Corp.		155		13,697
Axalta Coating Systems Ltd2		291		9,324
Ball Corp.		543		22,920
BASF SE		1,470		135,956
BHP Billiton PLC		1,928		29,451
BlueScope Steel Ltd.		1,990		20,164
Boliden AB		361		9,840
Cemex SAB de CV2		34,436		32,439
CRH PLC		1,803		63,697
Duratex SA		1,009		2,488
E.I. du Pont de Nemours & Co.		693		55,932
Ecolab, Inc.		221		29,338
Fresnillo PLC		204		3,938
Hitachi Chemical Co. Ltd.		388		11,568
Hitachi Metals Ltd.		1,389		19,309
Hyosung Corp.		171		25,034
Imerys SA		112		9,727
	Shares		Value
International Flavors & Fragrances, Inc.		50	$	6,750
JSR Corp.		454		7,827
Kansai Paint Co. Ltd.		318		7,316
Koninklijke DSM NV		267		19,380
Kuraray Co. Ltd.		545		9,885
LafargeHolcim Ltd.1,2		1,063		60,939
Linde AG		220		41,603
Mitsubishi Chemical Holdings Corp.		9,306		77,034
Mitsui Chemicals, Inc.		4,874		25,810
Mondi Ltd.		147		3,805
Mondi PLC		467		12,217
Nitto Denko Corp.		193		15,871
Norsk Hydro ASA		3,804		21,017
Orica Ltd.		592		9,391
Praxair, Inc.		174		23,064
PTT Global Chemical PCL		10,762		21,701
Sherwin-Williams Co. (The)		83		29,130
Shin-Etsu Chemical Co. Ltd.		278		25,200
Siam Cement PCL (The)		1,769		26,246
Siam Cement PCL (The)		1,769		26,246
Sika AG		6		38,594
Solvay SA		211		28,277
South32 Ltd.		6,840		14,061
Stora Enso OYJ, Class R		1,430		18,446
Sumitomo Chemical Co. Ltd.		7,354		42,281
Teck Resources Ltd., Class B		790		13,675
Titan Cement Co. SA		112		3,164
Umicore SA		380		26,395
UPM-Kymmene OYJ		835		23,771
voestalpine AG		578		26,897
West Fraser Timber Co. Ltd.		154		7,278
Total Materials				1,366,187
Media—1.2%
Lagardere SCA		593		18,701
Naspers Ltd., Class N		64		12,431
Scripps Networks Interactive, Inc., Class A		82		5,601
Telenet Group Holding NV2		84		5,284
Time Warner, Inc.		648		65,066
Walt Disney Co. (The)		1,126		119,637
Total Media				226,720
Pharmaceuticals, Biotechnology & Life Sciences—1.6%
Agilent Technologies, Inc.		156		9,252
CSL Ltd.		144		15,246
Genmab A/S2		5		1,065
Grifols SA		217		6,035
H Lundbeck A/S		93		5,213
Ipsen SA		24		3,281
Lonza Group AG2		50		10,823
Merck & Co., Inc.		1,357		86,970
Merck KGaA		84		10,132
Mettler-Toledo International, Inc.2		10		5,885
Mitsubishi Tanabe Pharma Corp.		366		8,456
Orion OYJ, Class B		20		1,275
Piramal Enterprises Ltd.2		65		2,812
PT Kalbe Farma Tbk		27,971		3,410
QIAGEN NV2		50		1,661
Quintiles IMS Holdings, Inc.2		295		26,403

39

Schedule of Investments — continued

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Sanofi		863	$	82,445
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H2		201		779
Sumitomo Dainippon Pharma Co. Ltd.		531		7,245
TESARO Inc.1,2		10		1,399
Vertex Pharmaceuticals, Inc.2		31		3,995
Waters Corp.2		28		5,148
Zoetis, Inc.		169		10,542
Total Pharmaceuticals, Biotechnology & Life Sciences				309,472
Real Estate—0.9%
Alexandria Real Estate Equities, Inc.		13		1,566
American Tower Corp.		92		12,173
Ascendas Real Estate Investment Trust		706		1,338
Azrieli Group Ltd.		18		1,001
CapitaLand Commercial Trust		388		468
CapitaLand Ltd.		3,289		8,361
CBRE Group, Inc., Class A2		855		31,122
Central Pattana PCL		916		1,867
City Developments Ltd.		811		6,320
Deutsche Wohnen AG		67		2,559
Dexus Property Group		152		1,105
Duke Realty Corp.		71		1,985
Equinix, Inc.		21		9,012
Global Logistic Properties Ltd.		912		1,894
Goodman Group		429		2,590
Growthpoint Properties Ltd.		924		1,726
Hang Lung Group Ltd.		935		3,869
Hang Lung Properties Ltd.		1,473		3,680
Host Hotels & Resorts, Inc.		670		12,241
Hyprop Investments Ltd.		49		437
Hysan Development Co. Ltd.		218		1,040
LendLease Group		2,246		28,685
Liberty Property Trust		40		1,628
Link REIT		343		2,610
Mirvac Group		2,557		4,178
Multiplan Empreendimentos Imobiliarios SA		35		690
Prologis, Inc.		96		5,629
SBA Communications Corp., Class A2		26		3,507
SM Prime Holdings, Inc.		6,114		3,998
Stockland		1,180		3,964
Swire Properties Ltd.		1,423		4,694
UOL Group Ltd.		460		2,553
Weyerhaeuser Co.		443		14,841
Total Real Estate				183,331
Retailing—2.6%
Best Buy Co., Inc.		1,476		84,619
Canadian Tire Corp. Ltd., Class A		165		18,747
Foot Locker, Inc.		293		14,439
Foschini Group Ltd. (The)		418		4,380
Home Depot, Inc. (The)		1,344		206,170
Home Product Center PCL		13,114		3,706
Hotai Motor Co. Ltd.		1,022		12,800
Imperial Holdings Ltd.		1,505		18,493
	Shares		Value
Industria de Diseno Textil SA		1,406	$	53,897
Jardine Cycle & Carriage Ltd.		1,080		34,788
Lojas Renner SA		513		4,239
Nitori Holdings Co. Ltd.		65		8,701
Priceline Group, Inc. (The)2		15		28,058
Tiffany & Co.		103		9,669
Zalando SE2,3		184		8,397
Total Retailing				511,103
Semiconductors & Semiconductor Equipment—1.9%
Advanced Semiconductor Engineering, Inc.		16,588		21,294
Analog Devices, Inc.		128		9,958
Applied Materials, Inc.		585		24,166
ASM Pacific Technology Ltd.		285		3,852
ASML Holding NV		119		15,486
Infineon Technologies AG		705		14,864
Intel Corp.		3,674		123,961
Lam Research Corp.		86		12,163
NVIDIA Corp.		104		15,034
Siliconware Precision Industries Co. Ltd.2		3,789		6,122
Skyworks Solutions, Inc.		62		5,949
STMicroelectronics NV		944		13,534
Taiwan Semiconductor Manufacturing Co. Ltd.		10,262		70,336
Texas Instruments, Inc.		359		27,618
Tokyo Electron Ltd.		92		12,413
Vanguard International Semiconductor Corp.2		979		1,931
Total Semiconductors & Semiconductor Equipment				378,681
Software & Services—5.4%
Accenture PLC, Class A		639		79,032
Adobe Systems, Inc.2		94		13,295
Alphabet, Inc., Class A2		90		83,671
Alphabet, Inc., Class C2		107		97,234
Amadeus IT Group SA, Class A		190		11,344
ANSYS, Inc.2		17		2,069
Atos SE		200		28,035
Autodesk, Inc.2		33		3,327
Automatic Data Processing, Inc.		264		27,049
CA, Inc.		287		9,893
Cadence Design Systems, Inc.2		116		3,885
Citrix Systems, Inc.2		67		5,332
Computershare Ltd.		425		4,610
Dassault Systemes SE		73		6,535
Fujitsu Ltd.		12,317		90,744
International Business Machines Corp.		1,164		179,058
Intuit, Inc.		73		9,695
Jack Henry & Associates, Inc.		29		3,012
Konami Holdings Corp.		96		5,331
Microsoft Corp.		2,722		187,627
Nintendo Co. Ltd.		34		11,402
Oracle Corp.		1,833		91,907
Oracle Corp. Japan		49		3,179
PayPal Holdings, Inc.2		471		25,279
Red Hat, Inc.2		58		5,554
salesforce.com, Inc.2		202		17,493

40

Schedule of Investments — continued

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
Software & Services (continued)
SAP SE		514	$	53,612
Shopify, Inc.2		10		867
Symantec Corp.		285		8,051
VMware Inc, Class A1,2		35		3,060
Workday, Inc., Class A2		14		1,358
Total Software & Services				1,072,540
Technology Hardware & Equipment—8.4%
AAC Technologies Holdings, Inc.		386		4,826
Acer, Inc.2		31,605		16,571
Apple, Inc.		3,177		457,552
Arista Networks, Inc.2		17		2,546
AU Optronics Corp.		61,369		28,042
BlackBerry Ltd.2		274		2,734
Cisco Systems, Inc.		3,430		107,359
CommScope Holding Co., Inc.2		302		11,485
Corning, Inc.		666		20,013
Delta Electronics, Inc.		2,857		15,637
F5 Networks, Inc.2		35		4,447
Flex Ltd.2		3,090		50,398
Hewlett Packard Enterprise Co.		3,835		63,623
Hitachi High-Technologies Corp.		318		12,340
HP, Inc.		5,739		100,318
Keyence Corp.		19		8,343
Kyocera Corp.		498		28,836
LG Display Co. Ltd.		1,809		58,658
LG Innotek Co. Ltd.		91		13,123
Lite-On Technology Corp.		10,389		17,076
Micro-Star International Co. Ltd.		3,171		7,370
Motorola Solutions, Inc.		161		13,965
Omron Corp.		382		16,574
Samsung Electro-Mechanics Co. Ltd.		166		14,799
Samsung Electronics Co. Ltd.		210		436,280
Samsung SDI Co. Ltd.		60		8,994
Seiko Epson Corp.		1,095		24,354
TE Connectivity Ltd.		352		27,695
Trimble, Inc.2		143		5,101
Wistron Corp.		55,359		56,324
Yaskawa Electric Corp.		400		8,476
Yokogawa Electric Corp.		452		7,245
Total Technology Hardware & Equipment				1,651,104
Telecommunication Services—0.8%
Advanced Info Service PCL		1,864		9,740
Far EasTone Telecommunications Co. Ltd.		2,747		6,998
Ooredoo Q.S.C.		682		17,123
Rogers Communications, Inc., Class B		370		17,450
SK Telecom Co. Ltd.		175		40,685
Taiwan Mobile Co. Ltd.2		2,891		10,882
TDC A/S		1,229		7,138
Tele2 AB, Class B		675		7,058
Telekomunikasi Indonesia Persero Tbk PT		59,771		20,271
TELUS Corp.		604		20,822
Total Telecommunication Services				158,167
	Shares		Value
Transportation—1.9%
Abertis Infraestructuras SA		693	$	12,820
Aena SA3		47		9,159
Auckland International Airport Ltd.		184		961
Aurizon Holdings Ltd.		1,419		5,834
Canadian National Railway Co.		248		20,093
Deutsche Post AG		3,901		146,026
DSV A/S		382		23,440
Expeditors International of Washington, Inc.		254		14,346
Fraport AG Frankfurt Airport Services Worldwide		71		6,260
Localiza Rent a Car SA		216		2,943
Macquarie Infrastructure Corp.		47		3,685
MTR Corp. Ltd.		2,201		12,391
Norfolk Southern Corp.		175		21,297
SATS Ltd.		718		2,665
Southwest Airlines Co.		756		46,978
Union Pacific Corp.		396		43,128
Total Transportation				372,026
Utilities—2.5%
Ameren Corp.		240		13,121
American Water Works Co., Inc.		94		7,327
Atco Ltd./Canada, Class I		152		5,935
AusNet Services		2,475		3,294
China Longyuan Power Group Corp. Ltd., Class H		3,885		2,827
CLP Holdings Ltd.		2,102		22,241
CMS Energy Corp.		302		13,968
Consolidated Edison, Inc.		331		26,751
CPFL Energia SA		1,632		13,058
Dominion Energy, Inc.		330		25,288
DTE Energy Co.		217		22,956
Edison International		328		25,646
EDP—Energias do Brasil SA		1,541		6,600
Endesa SA		1,874		43,111
Enel Americas SA		88,479		16,759
Fortis, Inc./Canada		437		15,337
Huaneng Renewables Corp. Ltd., Class H		3,825		1,181
Inter RAO UES PJSC		618,151		39,977
Interconexion Electrica SA ESP		1,078		4,707
Korea Gas Corp.2		949		44,126
Mercury NZ Ltd.		1,043		2,535
Meridian Energy Ltd.		1,560		3,324
NextEra Energy, Inc.		258		36,154
PG&E Corp.		586		38,893
Pinnacle West Capital Corp.		88		7,494
RusHydro PJSC		1,015,498		13,642
Sempra Energy		196		22,099
Xcel Energy, Inc.		520		23,858
Total Utilities				502,209
Total Common Stocks (Cost $18,446,476)				19,346,712

41

Schedule of Investments — continued

Oppenheimer Global ESG Revenue ETF

June 30, 2017

	Shares		Value
PREFERRED STOCKS—1.5%
Banks—0.8%
Itausa—Investimentos Itau SA		704	$	1,916
Banco Bradesco SA		10,145		86,194
Itau Unibanco Holding SA		6,519		72,308
Total Banks				160,418
Food & Staples Retailing—0.1%
Cia Brasileira de Distribuicao2		818		16,085
Food, Beverage & Tobacco—0.0%5
Embotelladora Andina SA		729		3,081
Household & Personal Products—0.1%
Henkel AG & Co KGaA		128		17,592
Technology Hardware & Equipment—0.3%
Samsung Electronics Co. Ltd.		38		61,841
Telecommunication Services—0.1%
Telefonica Brasil SA		1,351		18,308
Utilities—0.1%
Cia Energetica de Minas Gerais		3,527		8,601
Total Preferred Stocks (Cost $265,036)				285,926
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—0.9%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 0.91%6 (Cost $185,488)		185,488		185,488
Total Investments—100.6% (Cost $18,897,000)				19,818,126
Liabilities in Excess of Other Assets—(0.6)%				(120,714	)
Net Assets—100.0%			$	19,697,412

 

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

¹ All or a portion of the security was on loan. The aggregate value of the securities on loan was $180,260; total value of the collateral held by the fund was $189,655. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,167 (Note 4).

² Non-income producing security.

³ Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $56,417 or 0.29% of the Fund’s net assets at period end.

⁴ American Depositary Receipt.

⁵ Less than 0.05%

⁶ Rate shown represents annualized 7-day yield as of June 30, 2017.

Country	Value			% of Net Assets
Australia	$	641,829			3.3	%
Austria		112,238			0.6
Belgium		104,834			0.5
Brazil		526,421			2.7
Canada		541,267			2.8
Chile		84,643			0.4
China		78,343			0.4
Colombia		4,707			0.0	1
Denmark		65,681			0.3
Finland		91,744			0.5
France		1,847,664			9.4
Germany		944,558			4.8
Greece		14,049			0.1
Hong Kong		100,827			0.5
Hungary		26,942			0.1
India		199,354			1.0
Indonesia		129,609			0.7
Ireland		63,697			0.3
Israel		32,429			0.2
Japan		2,161,467			11.0
Macau		4,437			0.0	1
Malaysia		2,505			0.0	1
Mexico		36,376			0.2
Netherlands		815,475			4.1
New Zealand		6,820			0.0	1
Norway		57,209			0.3
Philippines		9,122			0.0	1
Poland		57,935			0.3
Portugal		63,909			0.3
Qatar		17,123			0.1
Russia		73,671			0.4
Singapore		102,702			0.5
South Africa		105,727			0.5
South Korea		819,205			4.2
Spain		473,312			2.4
Sweden		259,375			1.3
Switzerland		478,296			2.4
Taiwan		334,311			1.7
Thailand		260,369			1.3
United Arab Emirates		22,969			0.1
United Kingdom		501,920			2.6
United States		7,543,055			38.3
Total Investments		19,818,126			100.6
Liabilities in Excess of Other Assets		(120,714	)		(0.6	)
Net Assets	$	19,697,412			100.0	%

 

¹ Less than 0.05%

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

42

Statements of Assets and Liabilities

June 30, 2017

	Oppenheimer Large Cap Revenue ETF			Oppenheimer Mid Cap Revenue ETF			Oppenheimer Small Cap Revenue ETF			Oppenheimer Financials Sector Revenue ETF
ASSETS:
Investments at value (including securities on loan) (Note 3)1	$	696,046,180		$	378,799,082		$	620,795,845		$	33,659,058
Cash		1,687,717			3,001,353			—			82,336
Cash held as collateral		—			—			952,971			—
Receivables and other assets:
Dividends		645,598			244,050			365,283			17,879
Investment securities sold		—			—			1,528,776			—
Securities lending income, net (Note 4)		3,215			26,279			51,472			—
Reclaims		—			145			—			—
Prepaid expenses		5,601			3,959			5,062			2,056
Total Assets		698,388,311			382,074,868			623,699,409			33,761,329
LIABILITIES:
Payables and other liabilities:
Due to custodian		—			—			22,278			—
Payable to securities lending agent		—			—			952,971			—
Investment of cash collateral for securities on loan (Note 4)		8,514,926			49,958,289			67,073,312			—
Investment securities purchased		—			2,440,409			575,186			—
Management fees (Note 9)		163,729			82,817			131,747			22,798
BNY Fund Services fees		78,171			4,541			80,903			5,447
Professional fees		79,366			50,493			69,711			23,292
Trustee fees		3,832			2,696			3,409			1,730
Other accrued expenses		44,167			34,083			38,561			9,305
Total Liabilities		8,884,191			52,573,328			68,948,078			62,572
NET ASSETS	$	689,504,120		$	329,501,540		$	554,751,331		$	33,698,757
Composition of Net Assets:
Paid-in capital	$	602,547,729		$	300,099,298		$	524,650,947		$	27,096,326
Undistributed net investment income (loss)		3,083,115			—			1,057,352			91,319
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(7,325,870	)		(10,001,333	)		(25,796,399	)		(147,873	)
Net unrealized appreciation on investments and foreign currency translations		91,199,146			39,403,575			54,839,431			6,658,985
NET ASSETS	$	689,504,120		$	329,501,540		$	554,751,331		$	33,698,757
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		14,851,400			5,851,400			8,401,400			550,000
Net asset value, offering and redemption price per share	$	46.43		$	56.31		$	66.03		$	61.27
Investments at cost	$	604,847,034		$	339,395,507		$	565,956,414		$	27,000,073
1  Includes value of securities on loan:	$	33,457,428		$	99,887,453		$	131,465,633		$	97,512

 

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

43

Statements of Assets and Liabilities — continued

June 30, 2017

	Oppenheimer Ultra Dividend Revenue ETF			Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
ASSETS:
Investments at value (including securities on loan) (Note 3)1	$	587,394,780		$	22,718,617		$	19,818,126
Cash		832,492			26,874			—
Foreign currency at value		—			—			36,657
Receivables and other assets:
Expense reimbursement due from Adviser		—			771			199
Dividends		1,622,159			25,559			21,558
Interest		—			—			340
Investment securities sold		—			60,676			47,308
Securities lending income, net (Note 4)		40,871			125			26
Reclaims		—			—			2,228
Prepaid expenses		5,061			506			436
Total Assets		589,895,363			22,833,128			19,926,878
LIABILITIES:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)		79,017,484			63,689			185,488
Due to custodian		—			—			1,303
Management fees (Note 9)		129,846			—			—
BNY Fund Services fees		46,943			4,338			11,908
Professional fees		44,439			19,875			21,112
Trustee fees		1,990			1,787			1,760
Other accrued expenses		24,333			7,426			7,895
Total Liabilities		79,265,035			97,115			229,466
NET ASSETS	$	510,630,328		$	22,736,013		$	19,697,412
Composition of Net Assets:
Paid-in capital	$	538,828,227		$	20,549,132		$	18,682,859
Undistributed net investment income		5,302,588			114,271			119,836
Accumulated undistributed net realized gain on investments and foreign currency transactions		(14,270,165	)		(27,458	)		(26,159	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(19,230,322	)		2,100,068			920,876
NET ASSETS	$	510,630,328		$	22,736,013		$	19,697,412
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		15,100,000			800,000			700,000
Net asset value, offering and redemption price per share	$	33.82		$	28.42		$	28.14
Investments at cost	$	606,625,102		$	20,618,549		$	18,897,000
Foreign currency at cost		—			—			37,020
1  Includes value of securities on loan:	$	131,529,845		$	100,768		$	180,260

 

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

44

Statements of Operations

Period/Year Ended June 30, 2017

	Oppenheimer Large Cap Revenue ETF			Oppenheimer Mid Cap Revenue ETF			Oppenheimer Small Cap Revenue ETF			Oppenheimer Financials Sector Revenue ETF
INVESTMENT INCOME:
Dividend income	$	11,476,244		$	3,576,974		$	5,185,175		$	468,410
Foreign withholding tax		—			(217	)		(501	)		—
Securities lending income, net (Note 4)		24,814			140,260			315,114			131
Total Income		11,501,058			3,717,017			5,499,788			468,541
EXPENSES:
Management fees (Note 9)		2,023,690			1,047,616			1,781,319			119,209
BNY Fund Services fees		373,833			225,693			340,785			42,385
Professional fees		160,741			93,249			139,375			30,884
Trustees fees		14,215			9,569			13,265			5,819
NYSE Listing fees		4,976			4,975			4,976			4,975
NYSE Calculating Agent expense		2,979			2,979			2,979			2,979
Printing expense		22,714			15,915			20,834			4,129
Other expenses		17,051			9,621			14,825			4,429
Total Expenses		2,620,199			1,409,617			2,318,358			214,809
Less expense waivers and reimbursements (Note 9)		(546,288	)		(336,480	)		(495,491	)		(85,003	)
Net Expenses		2,073,911			1,073,137			1,822,867			129,806
Net Investment Income		9,427,147			2,643,880			3,676,921			338,735
NET REALIZED AND UNREALIZED GAIN (LOSS)   ON INVESTMENTS:
Net realized gain (loss) on investments		(758,387	)		(2,642,181	)		(5,758,162	)		387,910
Net realized gain on in-kind redemptions		16,848,979			3,595,757			18,063,578			858,866
Total net realized gain		16,090,592			953,576			12,305,416			1,246,776
Net change in unrealized appreciation on investments		46,205,932			36,243,241			46,935,829			5,411,247
Net realized and unrealized gain on investments		62,296,524			37,196,817			59,241,245			6,658,023
Net Increase in Net Assets Resulting From Operations	$	71,723,671		$	39,840,697		$	62,918,166		$	6,996,758

 

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

45

Statements of Operations — continued

Period/Year Ended June 30, 2017

	Oppenheimer Ultra Dividend Revenue ETF			Oppenheimer ESG Revenue ETF1			Oppenheimer Global ESG Revenue ETF1
INVESTMENT INCOME:
Dividend income	$	16,215,747		$	382,751		$	349,742
Foreign withholding tax		—			—			(31,224	)
Securities lending income, net (Note 4)		105,056			323			354
Total Income		16,320,803			383,074			318,872
EXPENSES:
Management fees (Note 9)		1,332,271			58,139			55,253
BNY Fund Services fees		252,681			14,066			45,540
Professional fees		87,721			23,200			24,201
Trustees fees		11,692			6,106			6,025
NYSE Listing fees		4,976			3,678			3,678
NYSE Calculating Agent expense		2,979			2,043			2,043
Printing expense		6,173			4,793			4,793
Other expenses		23,940			2,525			3,765
Total Expenses		1,722,433			114,550			145,298
Less expense waivers and reimbursements (Note 9)		(369,998	)		(56,411	)		(90,045	)
Net Expenses		1,352,435			58,139			55,253
Net Investment Income		14,968,368			324,935			263,619
NET REALIZED AND UNREALIZED GAIN (LOSS)   ON INVESTMENTS:
Net realized gain (loss) on investments		(16,091,151	)		25,325			34,499	2
Net realized (loss) on investments in affiliates		—			(1,397	)		—
Net realized gain on in-kind redemptions		43,382,782			476,369			1,128,396
Net realized gain on in-kind redemptions in affiliates		—			9,973			—
Net realized gain on foreign currency transactions		—			—			964
Total net realized gain		27,291,631			510,270			1,163,859
Net change in unrealized appreciation (depreciation) on investments		(25,153,831	)		2,100,068			921,126
Net change in unrealized (depreciation) on foreign currency translations		—			—			(250	)
Net change in unrealized appreciation (depreciation)		(25,153,831	)		2,100,068			920,876
Net realized and unrealized gain on investments		2,137,800			2,610,338			2,084,735
Net Increase in Net Assets Resulting From Operations	$	17,106,168		$	2,935,273		$	2,348,354

 

¹ Commencement of Operations was October 31, 2016.

² Net of foreign taxes of $110.

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

46

Statements of Changes in Net Assets

	Oppenheimer Large Cap Revenue ETF						Oppenheimer Mid Cap Revenue ETF
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
OPERATIONS:
Net investment income	$	9,427,147		$	6,372,289		$	2,643,880		$	1,974,899
Net realized gain on investments and in-kind redemptions		16,090,592			18,970,873			953,576			16,355,307
Net change in unrealized appreciation (depreciation) on investments		46,205,932			(21,568,369	)		36,243,241			(29,452,236	)
Net increase (decrease) in net assets resulting from operations		71,723,671			3,774,793			39,840,697			(11,122,030	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,952,583	)		(6,322,234	)		(2,968,690	)		(2,125,196	)
Realized gains		—			(234,442	)		—			—
Total distributions to shareholders		(7,952,583	)		(6,556,676	)		(2,968,690	)		(2,125,196	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		300,285,997			95,604,911			119,978,743			73,461,233
Cost of shares redeemed		(41,231,932	)		(69,825,570	)		(13,601,246	)		(116,054,019	)
Net increase (decrease) in net assets resulting from shareholder transactions		259,054,065			25,779,341			106,377,497			(42,592,786	)
Increase (Decrease) in net assets		322,825,153			22,997,458			143,249,504			(55,840,012	)
NET ASSETS:
Beginning of period/year		366,678,967			343,681,509			186,252,036			242,092,048
End of period/year	$	689,504,120		$	366,678,967		$	329,501,540		$	186,252,036
Undistributed net investment income (loss) included in net assets at end of period/year	$	3,083,115		$	1,618,581		$	—		$	320,982
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period/year		9,001,400			8,401,400			3,901,400			4,901,400
Shares sold		6,800,000			2,400,000			2,200,000			1,550,000
Shares redeemed		(950,000	)		(1,800,000	)		(250,000	)		(2,550,000	)
Shares outstanding, end of period/year		14,851,400			9,001,400			5,851,400			3,901,400

 

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

47

Statements of Changes in Net Assets — continued

	Oppenheimer Small Cap Revenue ETF						Oppenheimer Financials Sector Revenue ETF
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
OPERATIONS:
Net investment income	$	3,676,921		$	2,151,661		$	338,735		$	351,216
Net realized gain (loss) on investments and in-kind redemptions		12,305,416			7,656,054			1,246,776			1,465,095
Net change in unrealized appreciation (depreciation) on investments		46,935,829			(35,767,955	)		5,411,247			(4,166,644	)
Net increase (decrease) in net assets resulting from operations		62,918,166			(25,960,240	)		6,996,758			(2,350,333	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,898,715	)		(2,283,532	)		(316,657	)		(372,325	)
Realized gains		—			—			—			—
Total distributions to shareholders		(2,898,715	)		(2,283,532	)		(316,657	)		(372,325	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		259,063,313			68,728,756			11,915,035			—
Cost of shares redeemed		(61,752,661	)		(117,579,966	)		(5,420,264	)		(9,266,481	)
Net increase (decrease) in net assets resulting from shareholder transactions		197,310,652			(48,851,210	)		6,494,771			(9,266,481	)
Increase (Decrease) in net assets		257,330,103			(77,094,982	)		13,174,872			(11,989,139	)
NET ASSETS:
Beginning of period/year		297,421,228			374,516,210			20,523,885			32,513,024
End of period/year	$	554,751,331		$	297,421,228		$	33,698,757		$	20,523,885
Undistributed net investment income (loss) included in net assets at end of period/year	$	1,057,352		$	283,462		$	91,319		$	69,241
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period/year		5,401,400			6,451,400			450,000			650,000
Shares sold		3,950,000			1,300,000			200,000			—
Shares redeemed		(950,000	)		(2,350,000	)		(100,000	)		(200,000	)
Shares outstanding, end of period/year		8,401,400			5,401,400			550,000			450,000

 

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

48

Statements of Changes in Net Assets — continued

	Oppenheimer Ultra Dividend Revenue ETF						Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
	Year Ended June 30, 2017			Year Ended June 30, 2016			For the Period October 31, 20161 to June 30, 2017			For the Period October 31, 20161 to June 30, 2017
OPERATIONS:
Net investment income	$	14,968,368		$	2,813,311		$	324,935		$	263,619
Net realized gain (loss) on investments, in-kind redemptions and foreign currency transactions		27,291,631			(2,382,122	)		510,270			1,163,859
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(25,153,831	)		8,519,386			2,100,068			920,876
Net increase in net assets resulting from operations		17,106,168			8,950,575			2,935,273			2,348,354
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(10,429,096	)		(2,568,683	)		(210,664	)		(148,617	)
Realized gains		(191,360	)		—			—			—
Total distributions to shareholders		(10,620,456	)		(2,568,683	)		(210,664	)		(148,617	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		834,239,866			101,389,903			27,111,168			28,495,808
Cost of shares redeemed		(440,424,864	)		(63,696,211	)		(7,099,764	)		(10,998,133	)
Net increase in net assets resulting from shareholder transactions		393,815,002			37,693,692			20,011,404			17,497,675
Increase in net assets		400,300,714			44,075,584			22,736,013			19,697,412
NET ASSETS:
Beginning of period/year		110,329,614			66,254,030			—			—
End of period/year	$	510,630,328		$	110,329,614		$	22,736,013		$	19,697,412
Undistributed net investment income (loss) included in net assets at end of period/year	$	5,302,588		$	763,360		$	114,271		$	119,836
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period/year		3,500,000			2,300,000			—			—
Shares sold		24,400,000			3,350,000			1,050,000			1,100,000
Shares redeemed		(12,800,000	)		(2,150,000	)		(250,000	)		(400,000	)
Shares outstanding, end of period/year		15,100,000			3,500,000			800,000			700,000

 

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 year presented.

	Year Ended June 30,
	2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of year	$	40.74		$	40.91		$	38.56		$	31.38		$	25.20
Net investment income1		0.83			0.76			0.68			0.59			0.54	2
Net realized and unrealized gain (loss) on investments		5.60			(0.14	)		2.35			7.13			6.17
Total gain from investment operations		6.43			0.62			3.03			7.72			6.71
Less Distributions from:
Net investment income		(0.74	)		(0.76	)		(0.64	)		(0.54	)		(0.53	)
Realized gains		—			(0.03	)		(0.04	)		—			—
Total distributions		(0.74	)		(0.79	)		(0.68	)		(0.54	)		(0.53	)
Net asset value, end of year	$	46.43		$	40.74		$	40.91		$	38.56		$	31.38
Total Return at Net Asset Value3		15.96	%		1.55	%		7.91	%		24.84	%		26.98	%
Total Return at Market Value3		15.98	%		1.61	%		7.85	%		25.10	%		28.86	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	689,504		$	366,679		$	343,682		$	242,970		$	182,025
Average Net Assets (000’s omitted)		499,579			331,701			296,609			201,920			163,192
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.42	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.52	%		0.62	%		0.61	%		0.68	%		0.71	%
Net investment income, net of waivers and reimbursements		1.89	%		1.92	%		1.70	%		1.66	%		1.93	%2
Portfolio turnover rate4		15.22	%		14.13	%		18.79	%		11.98	%		23.47	%

 

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 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁴ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

50

Financial Highlights — continued

Oppenheimer Mid Cap Revenue ETF

For a share outstanding throughout each year presented.

	Year Ended June 30,
	2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of year	$	47.74		$	49.39		$	47.75		$	38.00		$	29.88
Net investment income1		0.56			0.44			0.41			0.34			0.39	2
Net realized and unrealized gain (loss) on investments		8.68			(1.63	)		1.79			9.97			8.18
Total gain (loss) from investment operations		9.24			(1.19	)		2.20			10.31			8.57
Less Distributions from:
Net investment income		(0.67	)		(0.46	)		(0.39	)		(0.34	)		(0.31	)
Realized gains		—			—			(0.17	)		(0.22	)		(0.14	)
Total distributions		(0.67	)		(0.46	)		(0.56	)		(0.56	)		(0.45	)
Net asset value, end of year	$	56.31		$	47.74		$	49.39		$	47.75		$	38.00
Total Return at Net Asset Value3		19.46	%		(2.39	)%		4.63	%		27.28	%		28.95	%
Total Return at Market Value3		19.45	%		(2.38	)%		5.05	%		27.14	%		29.25	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	329,502		$	186,252		$	242,092		$	205,404		$	123,565
Average Net Assets (000’s omitted)		250,624			210,021			223,753			167,424			115,203
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.43	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.56	%		0.72	%		0.68	%		0.73	%		0.80	%
Net investment income, net of waivers and reimbursements		1.05	%		0.94	%		0.84	%		0.78	%		1.17	%2
Portfolio turnover rate4		46.40	%		22.23	%		13.93	%		24.19	%		44.42	%

 

¹ Based on average daily shares outstanding.

² For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁴ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

51

Financial Highlights — continued

Oppenheimer Small Cap Revenue ETF

For a share outstanding throughout each year presented.

	Year Ended June 30,
	2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of year	$	55.06		$	58.05		$	56.25		$	43.82		$	33.71
Net investment income1		0.55			0.36			0.39			0.26			0.38	2
Net realized and unrealized gain (loss) on investments		10.85			(2.97	)		1.89			12.81			10.22
Total gain (loss) from investment operations		11.40			(2.61	)		2.28			13.07			10.60
Less Distributions from:
Net investment income		(0.43	)		(0.38	)		(0.38	)		(0.52	)		(0.35	)
Realized gains		—			—			(0.10	)		(0.12	)		(0.14	)
Total distributions		(0.43	)		(0.38	)		(0.48	)		(0.64	)		(0.49	)
Net asset value, end of year	$	66.03		$	55.06		$	58.05		$	56.25		$	43.82
Total Return at Net Asset Value3		20.75	%		(4.46	)%		4.06	%		30.03	%		31.74	%
Total Return at Market Value3		20.76	%		(4.51	)%		4.24	%		30.38	%		31.53	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	554,751		$	297,421		$	374,516		$	292,584		$	153,441
Average Net Assets (000’s omitted)		427,452			317,271			322,714			232,088			129,239
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.43	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.54	%		0.68	%		0.67	%		0.72	%		0.79	%
Net investment income, net of waivers and reimbursements		0.86	%		0.68	%		0.69	%		0.51	%		0.99	%2
Portfolio turnover rate4		46.33	%		44.07	%		21.21	%		10.69	%		39.39	%

 

¹ Based on average daily shares outstanding.

² For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69%.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁴ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

52

Financial Highlights — continued

Oppenheimer Financials Sector Revenue ETF

For a share outstanding throughout each year presented.

	Year Ended June 30,
	2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of year	$	45.61		$	50.02		$	46.54		$	39.35		$	27.62
Net investment income1		0.70			0.66			0.54			0.45			0.38	2
Net realized and unrealized gain (loss) on investments		15.65			(4.38	)		3.44			7.17			11.71
Total gain (loss) from investment operations		16.35			(3.72	)		3.98			7.62			12.09
Less Distributions from:
Net investment income		(0.69	)		(0.69	)		(0.50	)		(0.43	)		(0.36	)
Net asset value, end of year	$	61.27		$	45.61		$	50.02		$	46.54		$	39.35
Total Return at Net Asset Value3		36.14	%		(7.49	)%		8.57	%		19.44	%		44.09	%
Total Return at Market Value3		36.20	%		(7.58	)%		8.66	%		19.32	%		44.24	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	33,699		$	20,524		$	32,513		$	32,577		$	29,509
Average Net Assets (000’s omitted)		26,491			25,009			33,925			31,390			12,464
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.81	%		0.91	%		0.77	%		0.80	%		1.03	%
Net investment income, net of waivers and reimbursements		1.28	%		1.40	%		1.11	%		1.03	%		1.12	%2
Portfolio turnover rate4		17.70	%		20.42	%		12.79	%		13.27	%		20.20	%

 

¹ Based on average daily shares outstanding.

² For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁴ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

53

Financial Highlights — continued

Oppenheimer Ultra Dividend Revenue ETF

For a share outstanding throughout each period/year presented.

	Year Ended June 30,									For the Period October 1, 20131 Through June 30, 2014
	2017			2016			2015
Per Share Operating Performance:
Net asset value, beginning of period/year	$	31.52		$	28.81		$	28.72		$	24.87
Net investment income2		1.50			1.21			1.20			0.91
Net realized and unrealized gain on investments		1.96			2.66			0.03	3		3.39
Total gain from investment operations		3.46			3.87			1.23			4.30
Less Distributions from:
Net investment income		(1.14	)		(1.16	)		(1.11	)		(0.45	)
Realized gains		(0.02	)		—			(0.03	)		—
Total distributions		(1.16	)		(1.16	)		(1.14	)		(0.45	)
Net asset value, end of period/year	$	33.82		$	31.52		$	28.81		$	28.72
Total Return at Net Asset Value4		11.10	%		13.91	%		4.30	%		17.46	%
Total Return at Market Value4		11.18	%		13.90	%		4.19	%		17.58	%
Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	510,630		$	110,330		$	66,254		$	22,976
Average Net Assets (000’s omitted)		333,853			67,190			47,799			10,504
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.41	%		0.49	%		0.49	%		0.49	% 5
Expenses, prior to expense waivers and reimbursements		0.52	%		0.75	%		0.72	%		1.18	%5
Net investment income, net of waivers and reimbursements		4.48	%		4.19	%		4.06	%		4.57	%5
Portfolio turnover rate6		80.57	%		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 value of the investments of the Fund.

⁴ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁵ Annualized for periods less than one full year.

⁶ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

54

Financial Highlights — continued

Oppenheimer ESG Revenue ETF

For a share outstanding throughout each period presented.

	For the Period October 31, 20161 Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.40
Net realized and unrealized gain on investments		3.28
Total gain from investment operations		3.68
Less Distributions from:
Net investment income		(0.26	)
Net asset value, end of period	$	28.42
Total Return at Net Asset Value3		14.78	%
Total Return at Market Value3		14.82	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	22,736
Average Net Assets (000’s omitted)		21,828
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.40	%4
Expenses, prior to expense waivers and reimbursements		0.78	%4
Net investment income, net of waivers and reimbursements		2.22	%4
Portfolio turnover rate5		42.11	%

 

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 for periods less than one full year.

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.

55

Financial Highlights — continued

Oppenheimer Global ESG Revenue ETF

For a share outstanding throughout each period presented.

	For the Period October 31, 20161 Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.38
Net realized and unrealized gain on investments		2.97
Total gain from investment operations		3.35
Less Distributions from:
Net investment income		(0.21	)
Net asset value, end of period	$	28.14
Total Return at Net Asset Value3		13.49	%
Total Return at Market Value3		14.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	19,697
Average Net Assets (000’s omitted)		18,443
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.45	%4
Expenses, prior to expense waivers and reimbursements		1.18	%4
Net investment income, net of waivers and reimbursements		2.15	%4
Portfolio turnover rate5		78.36	%

 

¹ Commencement of operations.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁴ Annualized for periods less than one full year.

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

Notes to Financial Statements

June 30, 2017

1. Organization

Oppenheimer Revenue Weighted ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006. 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 seven 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 ESG Revenue ETF, and the Oppenheimer ESG Revenue ETF are diversified funds under the Act. The Oppenheimer Financials Sector 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 November 10, 2016, the Board of Trustees of the Funds, upon the recommendation of the Funds’ Adviser, approved a plan to liquidate Oppenheimer Navellier Overall A-100 Revenue ETF. The Fund liquidated on December 26, 2016. On February 14, 2017, the Board of Trustees of the Funds, upon the recommendation of the Funds’ Adviser, approved a plan to liquidate Oppenheimer ADR Revenue ETF and Oppenheimer Global Growth Revenue ETF Funds. The Funds liquidated on March 16, 2017.

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, currency holdings and other assets and liabilities are translated into U.S. dollars as of the 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “NYSE”) is open for trading. Amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the transaction date. 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 market 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 Funds’ fiscal year end. Therefore, a portion of the Funds’ distributions made to shareholders prior to the Funds’ fiscal year end may ultimately be categorized as a tax return of capital. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

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. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received.

57

Notes to Financial Statements — continued

June 30, 2017

The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

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.

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, 2017, 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	$	3,072,117	$	—	$	(1,351,069	)1	$	—	$	85,235,343
Oppenheimer Mid Cap Revenue ETF		—		—		(6,993,346	)1		—		36,395,588
Oppenheimer Small Cap Revenue ETF		1,051,924		—		(13,376,930	)1		—		42,425,390
Oppenheimer Financials Sector Revenue ETF		91,319		—		(37,292	)2		—		6,548,404
Oppenheimer Ultra Dividend Revenue ETF		5,302,588		—		(518,242	)1		—		(32,982,245	)
Oppenheimer ESG Revenue ETF		114,271		—		—			—		2,072,610
Oppenheimer Global ESG Revenue ETF		129,714		—		—			—		884,839

 

¹ During the reporting period, the Funds did not utilize any capital loss carryforward.

² During the reporting period, the Fund utilized $404,192 of capital loss carryforward to offset capital gains realized in that fiscal year.

³ At period end, the Fund elected to treat all, or a portion of, post-October losses as arising on the first day of the following taxable year.

58

Notes to Financial Statements — continued

June 30, 2017

At June 30, 2017, 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 2019		Short Term Post-Effective No Expiration		Long Term Post-Effective No Expiration		Total
Oppenheimer Large Cap Revenue ETF	$	—	$	—	$	1,351,069	$	1,351,069
Oppenheimer Mid Cap Revenue ETF		—		3,643,472		3,349,874	$	6,993,346
Oppenheimer Small Cap Revenue ETF		—		211,174		13,165,756	$	13,376,930
Oppenheimer Financials Sector Revenue ETF		37,292		—		—	$	37,292
Oppenheimer Ultra Dividend Revenue ETF		—		518,242		—	$	518,242
Oppenheimer ESG Revenue ETF		—		—		—	$	—
Oppenheimer Global ESG Revenue ETF		—		—		—	$	—

 

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of each Fund were unaffected by the reclassifications.

Fund	Increase (Decrease) to Paid-in-Capital		Increase (Decrease) to Accumulated Net Investment Income			Increase (Decrease) to Accumulated Net Realized Gain/Loss on Investments
Oppenheimer Large Cap Revenue ETF	$	16,157,824	$	(10,030	)	$	(16,147,794	)
Oppenheimer Mid Cap Revenue ETF		3,457,204		3,828			(3,461,032	)
Oppenheimer Small Cap Revenue ETF		17,755,599		(4,316	)		(17,751,283	)
Oppenheimer Financials Sector Revenue ETF		845,368		—			(845,368	)
Oppenheimer Ultra Dividend Revenue ETF		38,988,802		(44	)		(38,988,758	)
Oppenheimer ESG Revenue ETF		537,728		—			(537,728	)
Oppenheimer Global ESG Revenue ETF		1,185,184		4,834			(1,190,018	)

 

The tax character of distributions paid during the reporting periods:

	Period/Year Ended June 30, 2017						Year Ended June 30, 2016
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	$	7,952,583	$	—	$	7,952,583	$	6,322,311	$	234,365	$	6,556,676
Oppenheimer Mid Cap Revenue ETF		2,968,690		—		2,968,690		2,125,196		—		2,125,196
Oppenheimer Small Cap Revenue ETF		2,898,715		—		2,898,715		2,283,532		—		2,283,532
Oppenheimer Financials Sector Revenue ETF		316,657		—		316,657		372,325		—		372,325
Oppenheimer Ultra Dividend Revenue ETF		10,429,140		191,316		10,620,456		2,568,683		—		2,568,683
Oppenheimer ESG Revenue ETF		210,664		—		210,664		—		—		—
Oppenheimer Global ESG Revenue ETF		148,617		—		148,617		—		—		—

 

59

Notes to Financial Statements — continued

June 30, 2017

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	$	610,810,837	$	103,459,793	$	(18,224,450	)	$	85,235,343
Oppenheimer Mid Cap Revenue ETF		342,403,494		50,312,907		(13,917,319	)		36,395,588
Oppenheimer Small Cap Revenue ETF		578,370,455		87,961,140		(45,535,750	)		42,425,390
Oppenheimer Financials Sector Revenue ETF		27,110,654		6,710,292		(161,888	)		6,548,404
Oppenheimer Ultra Dividend Revenue ETF		620,377,025		9,423,892		(42,406,137	)		(32,982,245	)
Oppenheimer ESG Revenue ETF		20,646,007		2,399,575		(326,965	)		2,072,610
Oppenheimer Global ESG Revenue ETF		18,970,057		1,122,374		(237,535	)		884,839

 

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global Asset Management, Inc., an affiliated company of the Adviser, is currently evaluating the amendments and their impact, if any, on the Funds’ financial statements.

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 4:00 p.m., Eastern Time on each day that the NYSE is open, except in the case of a scheduled early closing of the NYSE, in which case the Fund will calculate 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 Codification^TM Topic 820 (“Topic 820”), establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices in an active market for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

60

Notes to Financial Statements — continued

June 30, 2017

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2017 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	$	687,531,254	$	—	$	8,514,926	$	—	$	—	$	—	$	696,046,180
Oppenheimer Mid Cap Revenue ETF		328,840,793		—		49,958,289		—		—		—		378,799,082
Oppenheimer Small Cap Revenue ETF		553,722,533		—		67,073,312		—		—		—		620,795,845
Oppenheimer Financials Sector Revenue ETF		33,659,058		—		—		—		—		—		33,659,058
Oppenheimer Ultra Dividend Revenue ETF		508,377,296		—		79,017,484		—		—		—		587,394,780
Oppenheimer ESG Revenue ETF		22,654,928		—		63,689		—		—		—		22,718,617
Oppenheimer Global ESG Revenue ETF		19,346,712		285,926		185,488		—		—		—		19,818,126

 

At June 30, 2017, the Funds did not hold any Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period.

For the year ended June 30, 2017, there were no transfers between levels.

4. Securities Lending

Each Fund may lend portfolio securities up to one-third of a Fund’s total assets to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of U.S. dollar cash and/or U.S. government securities is maintained at all times. The cash collateral can be invested in a certain money market mutual fund, which may also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned and unrealized gain or loss on the securities loaned is accounted for in the same manner as the income and gain or loss on other securities. 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.

61

Notes to Financial Statements — continued

June 30, 2017

The value of loaned securities and related collateral outstanding at June 30, 2017 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2017, the cash collateral was invested in a government money market mutual fund and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

Remaining Contractual Maturity of the Agreements, as of June 30, 2017

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer Large Cap Revenue ETF
Money Market Mutual Fund		8,514,926		—		—		—		8,514,926
U.S. Government Securities		—		313,687		618,645		24,772,797		25,705,129
Total		8,514,926		313,687		618,645		24,772,797		34,220,055
Oppenheimer Mid Cap Revenue ETF
Money Market Mutual Fund		49,958,289		—		—		—		49,958,289
U.S. Government Securities		—		646,544		1,521,892		50,462,450		52,630,886
Total		49,958,289		646,544		1,521,892		50,462,450		102,589,175
Oppenheimer Small Cap Revenue ETF
Money Market Mutual Fund		67,073,312		—		—		—		67,073,312
U.S. Government Securities		—		900,574		2,193,817		64,748,689		67,843,080
Total		67,073,312		900,574		2,193,817		64,748,689		134,916,392
Oppenheimer Financials Sector Revenue ETF
Money Market Mutual Fund		—		—		—		—		—
U.S. Government Securities		—		—		3,857		95,683		99,540
Total		—		—		3,857		95,683		99,540
Oppenheimer Ultra Dividend Revenue ETF
Money Market Mutual Fund		79,017,484		—		—		—		79,017,484
U.S. Government Securities		—		432,106		537,077		54,744,473		55,713,656
Total		79,017,484		432,106		537,077		54,744,473		134,731,140
Oppenheimer ESG Revenue ETF
Money Market Mutual Fund		63,689		—		—		—		63,689
U.S. Government Securities		—		396		335		38,145		38,876
Total		63,689		396		335		38,145		102,565
Oppenheimer Global ESG Revenue ETF
Money Market Mutual Fund		185,488		—		—		—		185,488
U.S. Government Securities		—		42		36		4,089		4,167
Total		185,488		42		36		4,089		189,655

 

62

Notes to Financial Statements — continued

June 30, 2017

Master Netting Arrangements. For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of June 30, 2017, 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 Statements of Assets and Liabilities		Gross Amounts Not Offset in the Statements of Assets and Liabilities Cash Collateral Received*			Gross Amounts Not Offset in the Statements of Assets and Liabilities Non-cash Collateral Received*			Net Amount		Gross Amounts Presented in Statements of Assets and Liabilities		Gross Amounts Not Offset in the Statements of Assets and Liabilities Collateral Received		Net Amount
Oppenheimer Large Cap Revenue ETF	$	33,457,428	$	(7,752,299	)	$	(25,705,129	)	$	—	$	—	$	—	$	—
Oppenheimer Mid Cap Revenue ETF		99,887,453		(47,256,567	)		(52,630,886	)		—		—		—		—
Oppenheimer Small Cap Revenue ETF		131,465,633		(63,622,553	)		(67,843,080	)		—		—		—		—
Oppenheimer Financials Sector Revenue ETF		97,512		—			(97,512	)		—		—		—		—
Oppenheimer Ultra Dividend Revenue ETF		131,529,845		(75,816,189	)		(55,713,656	)		—		—		—		—
Oppenheimer ESG Revenue ETF		100,768		(61,892	)		(38,876	)		—		—		—		—
Oppenheimer Global ESG Revenue ETF		180,260		(176,093	)		(4,167	)		—		—		—		—

 

* The amount of collateral presented is limited such that the net amount cannot be less than zero.

5. Investments and Risks

Risks of Foreign Investing. The Funds may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Funds to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Funds may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Funds to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Funds do not price their shares. At times, the Funds may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of a Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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.

63

Notes to Financial Statements — continued

June 30, 2017

6. Market Risk Factors

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

7. Shares of Beneficial Interest

As of June 30, 2017, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.

Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Fund shares may only be purchased or redeemed directly from the Funds by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a participant agreement with the OppenheimerFunds Distributor, Inc. (“OFDI” or the “Distributor”). Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated basket of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

8. Purchases & Sales of Securities

The aggregate cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and sales and short-term investments) for the year ended June 30, 2017, were as follows:

Fund	Purchases		Sales
Oppenheimer Large Cap Revenue ETF	$	100,529,381	$	76,356,942
Oppenheimer Mid Cap Revenue ETF		126,621,790		116,289,154
Oppenheimer Small Cap Revenue ETF		208,580,237		198,456,597
Oppenheimer Financials Sector Revenue ETF		4,674,106		6,157,280
Oppenheimer Ultra Dividend Revenue ETF		431,674,790		269,223,296
Oppenheimer ESG Revenue ETF		9,191,900		10,392,145
Oppenheimer Global ESG Revenue ETF		21,013,078		14,375,519

 

For the year ended June 30, 2017, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer Large Cap Revenue ETF	$	275,121,991	$	39,725,128
Oppenheimer Mid Cap Revenue ETF		106,098,292		9,411,246
Oppenheimer Small Cap Revenue ETF		238,185,862		50,178,807
Oppenheimer Financials Sector Revenue ETF		11,891,571		3,829,317
Oppenheimer Ultra Dividend Revenue ETF		663,840,782		428,993,327
Oppenheimer ESG Revenue ETF		27,056,367		5,808,777
Oppenheimer Global ESG Revenue ETF		21,273,261		10,359,993

 

64

Notes to Financial Statements — continued

June 30, 2017

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 based on the daily net assets of each Fund.

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 Ultra Dividend Revenue ETF		0.45	%		0.49	%

 

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 Ultra Dividend Revenue ETF		0.39	%		0.39	%
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 acquired fund fees and expenses, 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 ESG and Global ESG, which have maintained the right of reimbursement since their inception on October 31, 2016), provided such reimbursement does not cause each Fund to exceed the lower of (a) any applicable fee waiver and expense reimbursement agreement that was in place at the time the fees were waived or expenses were reimbursed or (b) any applicable fee waiver and expense reimbursement agreement in place for the Funds at the time the Funds would make such repayment. These agreements will remain in effect and will be contractually binding until October 25, 2018, after which they may be terminated or revised. During the reporting period, one or more of the Funds invested in another Fund advised by VTL (“Affiliated Fund”). The Adviser decided to waive any Management Fees incurred from the investment in the Affiliated Fund.

65

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June 30, 2017

For the periods ended June 30, 2017, the Adviser waived fees and/or 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
		546,288		546,288		6/30/2020
Total		890,625		890,625
Oppenheimer Mid Cap Revenue ETF		281,135		281,135		6/30/2019
		336,480		336,480		6/30/2020
Total		617,615		617,615
Oppenheimer Small Cap Revenue ETF		350,636		350,636		6/30/2019
		495,491		495,491		6/30/2020
Total		846,127		846,127
Oppenheimer Financials Sector Revenue ETF		78,895		78,895		6/30/2019
		85,003		85,003		6/30/2020
Total		163,898		163,898
Oppenheimer Ultra Dividend Revenue ETF		132,110		132,110		6/30/2019
		369,998		369,998		6/30/2020
Total		502,108		502,108
Oppenheimer ESG Revenue ETF		56,411		56,411		6/30/2020
Total		56,411		56,411
Oppenheimer Global ESG Revenue ETF		90,045		90,045		6/30/2020
Total		90,045		90,045

 

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 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 Trustees of companies affiliated with OFI Global Asset Management, Inc., OFDI, and the Adviser.

Organization and Offering Costs. VTL has directly assumed all organization and initial offering costs of Oppenheimer Global ESG Revenue ETF and Oppenheimer ESG Revenue ETF.

10. Subsequent Event

At the August 23, 2017 Board meeting, the Board approved an amendment to the current investment advisory agreement changing the Funds’ advisory fees to a unitary fee structure that will be effective October 2017. The Board also approved a rescission of the fee waiver and expense reimbursement agreement between the Trust and VTL, such rescission will be effective upon implementation of the amended Advisory Agreement and the Adviser does not intend to recoup previously waived fees.

66

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Oppenheimer Revenue Weighted ETF Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oppenheimer Revenue Weighted ETF Trust comprising Oppenheimer Large Cap Revenue ETF, Oppenheimer Mid Cap Revenue ETF, Oppenheimer Small Cap Revenue ETF, Oppenheimer Financials Sector Revenue ETF, Oppenheimer Ultra Dividend Revenue ETF, Oppenheimer ESG Revenue ETF, and Oppenheimer Global ESG Revenue ETF (the “Funds”) as of June 30, 2017, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended for Oppenheimer Large Cap Revenue ETF, Oppenheimer Mid Cap Revenue ETF, Oppenheimer Small Cap Revenue ETF, Oppenheimer Financials Sector Revenue ETF, and Oppenheimer Ultra Dividend Revenue ETF, and the related statements of operations and changes in net assets, and the financial highlights for the period October 31, 2016 (commencement of operations) to June 30, 2017, for Oppenheimer ESG Revenue ETF and Oppenheimer Global ESG Revenue ETF (collectively, for all Funds presented, the “financial statements”). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The Funds’ financial highlights for the periods ended on or prior to June 30, 2015, were audited by other auditors, whose report dated August 25, 2015, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2017, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting Oppenheimer Revenue Weighted ETF Trust as of June 30, 2017, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

 

COHEN & COMPANY, LTD
Cleveland, Ohio
August 25, 2017

67

Trustees and Officers

Independent Trustees
Name, Position(s) Held with the Funds, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016) and Trustee (since 2015) Year of Birth: 1944	Chairman—Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012 – 2016) and Director (August 2005 – January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000 – 2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003 – January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008 – 2012); Director of Colorado UpLIFT (charitable organization) (1986 – 2010); Director of Jones Knowledge, Inc. (2006 – 2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996 – April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993 – 2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997 – February 2004); Chairman of the Board (1991 – 1994) and Trustee (1985 – 1994) of Regis University; and Chairman of the Board (1990 – 1991) and Member (1984 – 1999) of Young Presidents Organization. Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015 – February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012 – May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011 – October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006 – November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003 – May 2006); General Counsel (October 1991 – November 2001) and Executive Vice President (January 1993 – November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991 – November 2001). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

 

68

Trustees and Officers — continued

Independent Trustees — continued
Name, Position(s) Held with the Funds, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
Jon S. Fossel, Trustee (since 2015) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005 – 2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006 – December 2011) and Director (June 2002 – December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004 – December 2009); Director of P.R. Pharmaceuticals (October 1999 – October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998 – February 2003 and February 2005 – February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the OppenheimerFunds, Inc.; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of OppenheimerFunds, Inc.), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2015) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997 – December 2007), Director (March 1987 – December 2007) and Manager of Private Client Services (June 1985 – June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001 – December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987 – March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005 – December 2007). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2015) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000 – 2014); Board Member of Middlebury College (educational organization) (December 2005 – June 2011); Director (1991 – 2016), Vice Chairman of the Board (2006 – 2009) and Chairman of the Board (2010 – 2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002 – April 2008); Director (February 2002 – 2005) and Chairman of Trustees (2006 – 2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991 – April 2000); Member of the investment committees of The Rockefeller Foundation (2001 – 2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994 – January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996 – June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989 – June 2004); Member of the investment committee of Hartford Hospital (2000 – 2003); and Advisor to Unilever (Holland) pension fund (2000 – 2003). Oversees 42 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

 

69

Trustees and Officers — continued

Independent Trustees — continued
Name, Position(s) Held with the Funds, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
Victoria J. Herget, Trustee (since 2015) Year of Birth: 1951	Board Chair (2008 – 2015) and Director (2004 – Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003 – 2011); former Managing Director (1993 – 2001), Principal (1985 – 1993), Vice President (1978 – 1985) and Assistant Vice President (1973 – 1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992 – 2007), Chair of the Board of Trustees (1999 – 2007), Investment Committee Chair (1994 – 1999) and Investment Committee member (2007 – 2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006 – 2009) and Chicago City Day School (K-8 School) (1994 – 2005). Oversees 42 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
F. William Marshall, Jr., Trustee (since 2015) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996 – 2015), MML Series Investment Fund (investment company) (1996 – 2015) and Mass Mutual Premier Funds (investment company) (January 2012 – December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999 – March 2011); Former Trustee of WPI (1985 – 2008); Former Chairman of the Board (2004 – 2006) and Former Chairman of the Investment Committee of WPI (1994 – 2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999 – July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999 – July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993 – 1999). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2015) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990 – 2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975 – 1990); Trustee (1992 – 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992 – 2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 42 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

 

70

Trustees and Officers — continued

Independent Trustees — continued
Name, Position(s) Held with the Funds, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
James D. Vaughn, Trustee (since 2015) Year of Birth: 1945	Retired; former managing partner (1994 – 2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969 – 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003 – 2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with VTL by virtue of his positions as Chairman and director of OFI and officer and director of OFI Global Asset Management, Inc. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281 – 1008.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958	Chairman of the OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013 – December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013 – May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010 – December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009 – October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009 – December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009 – April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993 – September 2009). An officer of 99 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUNDS	The addresses of the Officers in the chart below are as follows: for Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924; and for Messrs. Vincent Lowry, Justin Lowry and Reichert, One Commerce Square, 2005 Market Street, Suite 2020, Philadelphia, Pennsylvania 19103. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Vincent T. Lowry,1 Vice President (since 2015) Year of Birth: 1957	Senior Vice President, VTL (since December 2015); Chief Executive Officer and Chief Investment Officer, VTL (2004 – 2015); Managing Director, Smith Barney, Inc. (1984 — 2004). A portfolio manager and officer in the OppenheimerFunds complex.
Justin V. Lowry,1 Vice President (since 2015) Year of Birth: 1987	Vice President, VTL (since December 2015); Portfolio Manager, IMS (2009 – 2015). A portfolio manager and officer in the OppenheimerFunds complex.

 

¹ Effective August 16, 2017, Vincent T. Lowry and Justin V. Lowry are no longer officers of the Funds.

71

Trustees and Officers — continued

Other Officers of the Fund — continued
Name, Position(s) Held with the Funds, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
Sean P. Reichert, Vice President (since 2015) Year of Birth: 1987	Assistant Vice President and Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager, VTL (since December 2015); Portfolio Manager, IMS (2009 – 2015). A portfolio manager and officer in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2015) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Chief Compliance Officer of VTL (since December 2015); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010 – January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007 – January 2014). An officer of 99 portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Senior Vice President and Deputy General Counsel (March 2015 – February 2016) and Executive Vice President, Vice President, Corporate Counsel (February 2012 – March 2015) and Deputy Chief Legal Officer (April 2013 – March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008 – September 2009) and Deputy General Counsel (October 2009 – February 2012) of Lord Abbett & Co. LLC. An officer of 99 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2015) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006 – June 2014); Vice President of OppenheimerFunds, Inc. (January 1998 – March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991 – December 1998). An officer of 99 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial and Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013 – January 2017); Vice President of Sub-Adviser (February 2007 – December 2012); Assistant Vice President of Sub-Adviser (August 2002 – 2007). An officer of 99 portfolios in the OppenheimerFunds complex.

 

The Trust’s Statement of Additional Information contains additional information about the Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

72

Supplemental Information

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.oppenheimerfunds.com.

Federal Tax Status of Dividends Declared during the Tax Year

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:

	QDI			DRD
Oppenheimer Large Cap Revenue ETF		100	%		100	%
Oppenheimer Mid Cap Revenue ETF		100	%		100	%
Oppenheimer Small Cap Revenue ETF		100	%		100	%
Oppenheimer Financials Sector Revenue ETF		100	%		100	%
Oppenheimer Ultra Dividend Revenue ETF		93	%		91	%
Oppenheimer ESG Revenue ETF		94	%		89	%
Oppenheimer Global ESG Revenue ETF		84	%		24	%

In accordance with Section 853 of the Internal Revenue Code the Funds intend to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2017. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2017 is as follows:

	Gross Foreign Income		Foreign Taxes Paid
Oppenheimer Global ESG Revenue ETF	$	247,083	$	30,272

 

73

Oppenheimer Revenue Weighted ETF Trust

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)

 

©2017 OppenheimerFunds, Inc. All rights reserved.

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
800 225 5677 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.

RA0000.011.0617        June 30, 2017

 

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, Karen L. Stuckey. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $101,500 for 2017 and $116,000 for 2016.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2017 and $0 for 2016.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $29,400 for 2017 and $33,600 for 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $0 in fiscal 2017 and $0 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2017 and $0 for 2016.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A), the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: 0%

(f) No response required.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $29,400 for 2017 and $33,600 for 2016.

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

SIGNATURES

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

(Registrant)    Oppenheimer Revenue Weighted ETF Trust  

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

Date 8/15/2017 

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 8/15/2017 

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

Date 8/15/2017 

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