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 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

OFI Advisors, LLC

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

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

Date of fiscal year end:   June 30

Date of reporting period: December 31, 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.

Semiannual Report
12/31/2017

 

 

 

Oppenheimer
ETF Trust

Revenue Weighted ETFs:
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 Emerging Markets Revenue ETF
Oppenheimer International Revenue ETF
Oppenheimer Global Revenue ETF

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TABLE OF CONTENTS

  
 

Shareholder Expense Examples	2
Schedule of Investments Summary Tables	4
Schedules of Investments
Oppenheimer Large Cap Revenue ETF	6
Oppenheimer Mid Cap Revenue ETF	13
Oppenheimer Small Cap Revenue ETF	19
Oppenheimer Financials Sector Revenue ETF	28
Oppenheimer Ultra Dividend Revenue ETF	30
Oppenheimer Emerging Markets Revenue ETF	32
Oppenheimer International Revenue ETF	42
Oppenheimer Global Revenue ETF	51
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Financial Highlights	72
Notes to Financial Statements	80
Board Approval of Investment Advisory Agreements	94
Distribution Sources	101
Supplemental Information	102

 

1     OPPENHEIMER ETF TRUST

SHAREHOLDER EXPENSE EXAMPLES UNAUDITED

  
 

As a shareholder of an Oppenheimer ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including management fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2017 to December 31, 2017 (except for Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF and Oppenheimer Global Revenue ETF, which are for the period from July 11, 2017 (commencement of operations) to December 31, 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.

2     OPPENHEIMER ETF TRUST

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

	Beginning Account Value 07/01/2017		Ending Account Value 12/31/2017		Annualized Expense Ratio for the Six Month Period		Expenses Paid During the Six Month Period
Oppenheimer Large Cap Revenue ETF
Actual	$	1,000.00	$	1,118.60		0.39%	$	2.08	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39%	$	1.99
Oppenheimer Mid Cap Revenue ETF
Actual	$	1,000.00	$	1,082.50		0.39%	$	2.05	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39%	$	1.99
Oppenheimer Small Cap Revenue ETF
Actual	$	1,000.00	$	1,066.60		0.39%	$	2.03	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39%	$	1.9
Oppenheimer Financials Sector Revenue ETF
Actual	$	1,000.00	$	1,132.20		0.47%	$	2.53	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84		0.47%	$	2.40
Oppenheimer Ultra Dividend Revenue ETF
Actual	$	1,000.00	$	1,117.70		0.39%	$	2.08	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39%	$	1.99
Oppenheimer Emerging Markets Revenue ETF
Actual	$	1,000.00	$	1,121.00		0.46%	$	2.31	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89		0.46%	$	2.35
Oppenheimer International Revenue ETF
Actual	$	1,000.00	$	1,117.00		0.42%	$	2.11	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09		0.42%	$	2.14
Oppenheimer Global Revenue ETF
Actual	$	1,000.00	$	1,117.90		0.43%	$	2.16	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04		0.43%	$	2.19

 

¹ Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

² Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 174/365 (to reflect the period from July 11, 2017 (commencement of operations) to December 31, 2017).

3     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES UNAUDITED

  
 

Oppenheimer Large Cap
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		3.2	%
Banks		4.6
Capital Goods		8.0
Commercial & Professional Services		0.5
Consumer Durables & Apparel		1.6
Consumer Services		1.4
Diversified Financials		4.9
Energy		8.0
Food & Staples Retailing		9.9
Food, Beverage & Tobacco		3.6
Health Care Equipment & Services		11.9
Household & Personal Products		1.2
Insurance		4.3
Materials		2.8
Media		2.9
Money Market Fund		0.5
Pharmaceuticals, Biotechnology & Life Sciences		3.5
Real Estate		0.8
Retailing		6.9
Semiconductors & Semiconductor Equipment		1.8
Software & Services		5.3
Technology Hardware & Equipment		4.0
Telecommunication Services		2.7
Transportation		3.2
Utilities		2.8
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

 

Oppenheimer Mid Cap
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		1.8	%
Banks		2.6
Capital Goods		10.6
Commercial & Professional Services		3.2
Consumer Durables & Apparel		3.8
Consumer Services		2.6
Diversified Financials		1.4
Energy		7.7
Food & Staples Retailing		1.6
Food, Beverage & Tobacco		3.3
Health Care Equipment & Services		7.4
Household & Personal Products		0.9
Insurance		5.8
Materials		9.1
Media		1.8
Money Market Fund		5.4
Pharmaceuticals, Biotechnology & Life Sciences		1.5
Real Estate		2.7
Retailing		8.6
Semiconductors & Semiconductor Equipment		1.4
Software & Services		3.9
Technology Hardware & Equipment		11.8
Telecommunication Services		0.4
Transportation		2.8
Utilities		3.1
Total Investments		105.2
Liabilities in Excess of Other Assets		(5.2	)
Net Assets		100.0	%

 

Oppenheimer Small Cap
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		2.2	%
Banks		2.3
Capital Goods		11.2
Commercial & Professional Services		7.0
Consumer Durables & Apparel		4.8
Consumer Services		3.0
Diversified Financials		4.4
Energy		3.6
Food & Staples Retailing		3.5
Food, Beverage & Tobacco		2.2
Health Care Equipment & Services		8.8
Household & Personal Products		0.4
Insurance		2.6
Materials		6.4
Media		1.3
Money Market Fund		9.3
Pharmaceuticals, Biotechnology & Life Sciences		1.1
Real Estate		1.4
Retailing		16.5
Semiconductors & Semiconductor Equipment		1.1
Software & Services		2.8
Technology Hardware & Equipment		7.1
Telecommunication Services		1.7
Transportation		3.3
Utilities		1.1
Total Investments		109.1
Liabilities in Excess of Other Assets		(9.1	)
Net Assets		100.0	%

Oppenheimer Financials Sector Revenue ETF

Industry	% of Net Assets
Banks		33.3	%
Capital Markets		13.0
Consumer Finance		6.3
Diversified Financial Services		16.4
Insurance		30.9
Money Market Fund		0.1
Total Investments		100.0
Other Assets in Excess of Liabilities		0.0	†
Net Assets		100.0	%

 

† Less than 0.05%

Oppenheimer Ultra Dividend Revenue ETF

Industry	% of Net Assets
Automobiles & Components		5.0	%
Banks		0.8
Capital Goods		4.9
Commercial & Professional Services		0.9
Consumer Durables & Apparel		0.6
Consumer Services		1.2
Diversified Financials		1.4
Energy		8.9
Health Care Equipment & Services		2.4
Insurance		0.9
Materials		0.4
Money Market Fund		3.0
Real Estate		11.7
Retailing		21.1
Technology Hardware & Equipment		2.8
Telecommunication Services		14.4
Utilities		22.3
Total Investments		102.7
Liabilities in Excess of Other Assets		(2.7	)
Net Assets		100.0	%

 

4     OPPENHEIMER ETF TRUST

Oppenheimer Emerging
Markets Revenue ETF

Industry	% of Net Assets
Automobiles & Components		5.1	%
Banks		14.4
Capital Goods		9.2
Commercial & Professional Services		0.1
Consumer Durables & Apparel		1.6
Consumer Services		0.4
Diversified Financials		1.3
Energy		16.6
Food & Staples Retailing		3.0
Food, Beverage & Tobacco		4.2
Health Care Equipment & Services		0.5
Household & Personal Products		0.5
Insurance		3.6
Materials		8.7
Media		0.3
Money Market Fund		0.6
Pharmaceuticals, Biotechnology & Life Sciences		0.8
Real Estate		2.7
Retailing		2.1
Semiconductors & Semiconductor Equipment		1.3
Software & Services		2.1
Technology Hardware & Equipment		10.0
Telecommunication Services		5.9
Transportation		1.7
Utilities		3.7
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

 

Oppenheimer International
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		12.0	%
Banks		8.2
Capital Goods		12.3
Commercial & Professional Services		1.4
Consumer Durables & Apparel		2.8
Consumer Services		1.0
Diversified Financials		3.0
Energy		7.3
Food & Staples Retailing		4.8
Food, Beverage & Tobacco		3.9
Health Care Equipment & Services		1.5
Household & Personal Products		1.3
Insurance		7.6
Materials		8.2
Media		1.1
Money Market Fund		1.2
Pharmaceuticals, Biotechnology & Life Sciences		2.9
Real Estate		1.5
Retailing		1.3
Semiconductors & Semiconductor Equipment		0.3
Software & Services		1.2
Technology Hardware & Equipment		2.3
Telecommunication Services		4.6
Transportation		3.3
Utilities		6.0
Total Investments		101.0
Liabilities in Excess of Other Assets		(1.0	)
Net Assets		100.0	%

 

Oppenheimer Global
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		7.5	%
Banks		8.1
Capital Goods		10.2
Commercial & Professional Services		0.8
Consumer Durables & Apparel		2.1
Consumer Services		1.0
Diversified Financials		3.2
Energy		9.8
Food & Staples Retailing		6.4
Food, Beverage & Tobacco		4.0
Health Care Equipment & Services		4.7
Household & Personal Products		1.0
Insurance		5.7
Materials		6.4
Media		1.5
Money Market Fund		0.7
Pharmaceuticals, Biotechnology & Life Sciences		2.6
Real Estate		1.6
Retailing		3.3
Semiconductors & Semiconductor Equipment		0.9
Software & Services		2.8
Technology Hardware & Equipment		4.5
Telecommunication Services		4.5
Transportation		2.9
Utilities		4.2
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

 

5     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Large Cap Revenue ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—3.2%
Aptiv PLC		15,817	$	1,341,756
BorgWarner, Inc.		13,873		708,771
Ford Motor Co.		941,459		11,758,823
General Motors Co.		292,243		11,979,041
Goodyear Tire & Rubber Co. (The)		36,274		1,172,013
Harley-Davidson, Inc.		8,303		422,457
Total Automobiles & Components				27,382,861
Banks—4.6%
Bank of America Corp.		260,897		7,701,679
BB&T Corp.		18,445		917,085
Citigroup, Inc.		88,543		6,588,485
Citizens Financial Group, Inc.		11,555		485,079
Comerica, Inc.		2,691		233,606
Fifth Third Bancorp		19,200		582,528
Huntington Bancshares, Inc.		24,544		357,361
JPMorgan Chase & Co.		81,468		8,712,188
KeyCorp		26,169		527,829
M&T Bank Corp.		2,634		450,388
People’s United Financial, Inc.		6,469		120,970
PNC Financial Services Group, Inc. (The)		9,368		1,351,709
Regions Financial Corp.		26,744		462,136
SunTrust Banks, Inc.		11,366		734,130
U.S. Bancorp		32,730		1,753,673
Wells Fargo & Co.		131,487		7,977,316
Zions Bancorporation		4,088		207,793
Total Banks				39,163,955
Capital Goods—8.0%
3M Co.		9,930		2,337,224
A.O. Smith Corp.		3,677		225,327
Acuity Brands, Inc.1		1,603		282,128
Allegion PLC		2,181		173,520
AMETEK, Inc.		4,417		320,100
Arconic, Inc.		38,492		1,048,907
Boeing Co. (The)		23,853		7,034,488
Caterpillar, Inc.		21,729		3,424,056
Cummins, Inc.		8,788		1,552,312
Deere & Co.		14,097		2,206,321
Dover Corp.		6,045		610,485
Eaton Corp. PLC		19,806		1,564,872
Emerson Electric Co.		17,396		1,212,327
Fastenal Co.1		6,131		335,304
Flowserve Corp.		6,911		291,160
Fluor Corp.		29,828		1,540,616
Capital Goods (Continued)
Fortive Corp.		6,850	$	495,598
Fortune Brands Home & Security, Inc.		5,919		405,096
General Dynamics Corp.		12,048		2,451,166
General Electric Co.		518,567		9,048,994
Harris Corp.		3,323		470,703
Honeywell International, Inc.		19,512		2,992,360
Illinois Tool Works, Inc.		6,594		1,100,209
Ingersoll-Rand PLC		12,253		1,092,845
Jacobs Engineering Group, Inc.		11,263		742,908
Johnson Controls International PLC		61,362		2,338,506
L3 Technologies, Inc.		4,358		862,230
Lockheed Martin Corp.		11,856		3,806,369
Masco Corp.		13,725		603,077
Northrop Grumman Corp.		6,352		1,949,492
PACCAR, Inc.		19,714		1,401,271
Parker-Hannifin Corp.		4,984		994,707
Pentair PLC		5,359		378,453
Quanta Services, Inc.2		18,184		711,176
Raytheon Co.		10,033		1,884,699
Rockwell Automation, Inc.		2,537		498,140
Rockwell Collins, Inc.		3,891		527,697
Roper Technologies, Inc.		1,313		340,067
Snap-on, Inc.1		1,767		307,988
Stanley Black & Decker, Inc.		5,657		959,936
Textron, Inc.		19,640		1,111,428
TransDigm Group, Inc.1		991		272,148
United Rentals, Inc.2		2,927		503,181
United Technologies Corp.		36,066		4,600,940
W.W. Grainger, Inc.1		3,515		830,419
Xylem, Inc.		5,131		349,934
Total Capital Goods				68,190,884
Commercial & Professional Services—0.5%
Cintas Corp.		2,794		435,389
Equifax, Inc.		2,179		256,948
IHS Markit Ltd.2		6,007		271,216
Nielsen Holdings PLC1		13,405		487,942
Republic Services, Inc.		11,595		783,938
Robert Half International, Inc.		7,307		405,831
Stericycle, Inc.2		4,174		283,790
Verisk Analytics, Inc.1,2		1,700		163,200
Waste Management, Inc.		12,827		1,106,970
Total Commercial & Professional Services				4,195,224

 

6     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Durables & Apparel—1.6%
D.R. Horton, Inc.		21,670	$	1,106,687
Garmin Ltd.		3,859		229,881
Hanesbrands, Inc.1		23,084		482,686
Hasbro, Inc.		4,179		379,829
Leggett & Platt, Inc.		6,397		305,329
Lennar Corp., Class A		15,355		971,050
Mattel, Inc.1		25,081		385,746
Michael Kors Holdings Ltd.2		5,665		356,612
Mohawk Industries, Inc.2		2,586		713,477
Newell Brands, Inc.		38,134		1,178,341
NIKE, Inc., Class B		40,733		2,547,849
PulteGroup, Inc.		19,028		632,681
PVH Corp.		4,857		666,429
Ralph Lauren Corp.		5,011		519,590
Tapestry, Inc.		8,588		379,847
Under Armour, Inc., Class A1,2		12,513		180,563
Under Armour, Inc., Class C1,2		14,200		189,144
VF Corp.		12,312		911,088
Whirlpool Corp.		9,725		1,640,024
Total Consumer Durables & Apparel				13,776,853
Consumer Services—1.4%
Carnival Corp.		20,069		1,331,980
Chipotle Mexican Grill, Inc.1,2		1,055		304,927
Darden Restaurants, Inc.		6,463		620,577
H&R Block, Inc.		8,551		224,207
Hilton Worldwide Holdings, Inc.		9,766		779,913
Marriott International, Inc., Class A		13,410		1,820,139
McDonald’s Corp.		10,387		1,787,810
MGM Resorts International		24,569		820,359
Norwegian Cruise Line Holdings Ltd.2		7,596		404,487
Royal Caribbean Cruises Ltd.		5,374		641,011
Starbucks Corp.		28,820		1,655,133
Wyndham Worldwide Corp.		3,938		456,296
Wynn Resorts Ltd.		2,750		463,622
Yum! Brands, Inc.		5,906		481,989
Total Consumer Services				11,792,450
Diversified Financials—4.9%
Affiliated Managers Group, Inc.		900		184,725
American Express Co.		27,109		2,692,195
Ameriprise Financial, Inc.		5,526		936,491
Diversified Financials (Continued)
Bank of New York Mellon Corp. (The)		22,994	$	1,238,457
Berkshire Hathaway, Inc., Class B2		92,791		18,393,032
BlackRock, Inc.		1,805		927,247
Capital One Financial Corp.		23,711		2,361,141
CBOE Global Markets, Inc.		1,075		133,934
Charles Schwab Corp. (The)		13,103		673,101
CME Group, Inc.		1,939		283,191
Discover Financial Services		11,614		893,349
E*TRADE Financial Corp.2		3,662		181,525
Franklin Resources, Inc.		11,441		495,739
Goldman Sachs Group, Inc. (The)		12,069		3,074,699
Intercontinental Exchange, Inc.		6,579		464,214
Invesco Ltd.		10,429		381,076
Leucadia National Corp.		37,513		993,719
Moody’s Corp.		2,041		301,272
Morgan Stanley		61,177		3,209,957
Nasdaq, Inc.		3,831		294,336
Navient Corp.		30,142		401,491
Northern Trust Corp.		4,293		428,828
Raymond James Financial, Inc.		5,710		509,903
S&P Global, Inc.		2,672		452,637
State Street Corp.		8,272		807,430
Synchrony Financial		27,748		1,071,350
T. Rowe Price Group, Inc.		3,527		370,088
Total Diversified Financials				42,155,127
Energy—8.0%
Anadarko Petroleum Corp.		20,383		1,093,344
Andeavor		21,380		2,444,589
Apache Corp.1		10,972		463,238
Baker Hughes a GE Co.		31,441		994,793
Cabot Oil & Gas Corp.		4,612		131,903
Chesapeake Energy Corp.1,2		200,139		792,550
Chevron Corp.		82,016		10,267,583
Cimarex Energy Co.		1,183		144,338
Concho Resources, Inc.2		1,289		193,634
ConocoPhillips		41,023		2,251,753
Devon Energy Corp.		25,578		1,058,929
EOG Resources, Inc.		7,808		842,561
EQT Corp.		3,529		200,871
Exxon Mobil Corp.		206,609		17,280,777
Halliburton Co.		31,999		1,563,791
Helmerich & Payne, Inc.1		2,387		154,296
Hess Corp.		9,128		433,306
Kinder Morgan, Inc.		57,534		1,039,639

7     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Large Cap Revenue ETF

	Shares		Value
Energy (Continued)
Marathon Oil Corp.		21,315	$	360,863
Marathon Petroleum Corp.		74,201		4,895,782
National Oilwell Varco, Inc.		16,496		594,186
Newfield Exploration Co.2		4,409		139,016
Noble Energy, Inc.		11,180		325,785
Occidental Petroleum Corp.		12,888		949,330
ONEOK, Inc.		15,942		852,100
Phillips 66		63,412		6,414,124
Pioneer Natural Resources Co.		2,622		453,213
Range Resources Corp.		12,662		216,014
Schlumberger Ltd.		35,534		2,394,636
TechnipFMC PLC		43,931		1,375,480
Valero Energy Corp.		76,908		7,068,614
Williams Cos., Inc. (The)		21,068		642,363
Total Energy				68,033,401
Food & Staples Retailing—9.9%
Costco Wholesale Corp.		51,396		9,565,824
CVS Health Corp.		191,523		13,885,418
Kroger Co. (The)		342,415		9,399,292
Sysco Corp.		69,676		4,231,423
Walgreens Boots Alliance, Inc.		126,133		9,159,778
Wal-Mart Stores, Inc.		387,047		38,220,891
Total Food & Staples Retailing				84,462,626
Food, Beverage & Tobacco—3.6%
Altria Group, Inc.		20,677		1,476,544
Archer-Daniels-Midland Co.		116,596		4,673,168
Brown-Forman Corp., Class B		3,548		243,641
Campbell Soup Co.		12,284		590,983
Coca-Cola Co. (The)		61,701		2,830,842
Conagra Brands, Inc.		15,874		597,973
Constellation Brands, Inc., Class A		2,578		589,253
Dr Pepper Snapple Group, Inc.		5,412		525,289
General Mills, Inc.		20,996		1,244,853
Hershey Co. (The)		5,108		579,809
Hormel Foods Corp.		19,205		698,870
JM Smucker Co. (The)		4,751		590,264
Kellogg Co.		14,911		1,013,650
Kraft Heinz Co. (The)		25,308		1,967,950
McCormick & Co., Inc.		3,468		353,424
Molson Coors Brewing Co., Class B		10,325		847,373
Food, Beverage & Tobacco (Continued)
Mondelez International, Inc., Class A		45,634	$	1,953,135
Monster Beverage Corp.2		4,009		253,730
PepsiCo, Inc.		40,967		4,912,763
Philip Morris International, Inc.		19,313		2,040,418
Tyson Foods, Inc., Class A		35,338		2,864,852
Total Food, Beverage & Tobacco				30,848,784
Health Care Equipment & Services—11.9%
Abbott Laboratories		34,962		1,995,281
Aetna, Inc.		26,270		4,738,845
Align Technology, Inc.2		442		98,208
AmerisourceBergen Corp.		126,180		11,585,848
Anthem, Inc.		30,321		6,822,528
Baxter International, Inc.		12,345		797,981
Becton Dickinson and Co.		4,687		1,003,274
Boston Scientific Corp.2		26,305		652,101
Cardinal Health, Inc.		158,645		9,720,179
Centene Corp.2		38,509		3,884,788
Cerner Corp.2		5,591		376,778
Cigna Corp.		15,119		3,070,518
Cooper Cos., Inc. (The)		720		156,874
Danaher Corp.		14,502		1,346,076
DaVita, Inc.2		16,352		1,181,432
DENTSPLY SIRONA, Inc.		4,521		297,617
Edwards Lifesciences Corp.2		2,199		247,849
Envision Healthcare Corp.2		16,285		562,810
Express Scripts Holding Co.2		106,999		7,986,405
HCA Healthcare, Inc.2		37,189		3,266,682
Henry Schein, Inc.2		13,547		946,664
Hologic, Inc.2		5,368		229,482
Humana, Inc.		15,977		3,963,414
IDEXX Laboratories, Inc.2		918		143,557
Intuitive Surgical, Inc.2		617		225,168
Laboratory Corp. of America Holdings2		4,937		787,501
McKesson Corp.		95,331		14,866,869
Medtronic PLC		27,660		2,233,545
Patterson Cos., Inc.		11,842		427,852
Quest Diagnostics, Inc.		6,019		592,811
ResMed, Inc.		1,914		162,097
Stryker Corp.		6,060		938,330
UnitedHealth Group, Inc.		68,059		15,004,287
Universal Health Services, Inc., Class B		6,888		780,755

8     OPPENHEIMER ETF TRUST

	Shares		Value
Health Care Equipment & Services (Continued)
Varian Medical Systems, Inc.1,2		1,927	$	214,186
Zimmer Biomet Holdings, Inc.		5,238		632,069
Total Health Care Equipment & Services				101,940,661
Household & Personal Products—1.2%
Church & Dwight Co., Inc.		5,791		290,534
Clorox Co. (The)		3,150		468,531
Colgate-Palmolive Co.		15,957		1,203,956
Coty, Inc., Class A		34,448		685,171
Estee Lauder Cos., Inc., (The), Class A		7,332		932,924
Kimberly-Clark Corp.		11,888		1,434,406
Procter & Gamble Co. (The)		54,703		5,026,111
Total Household & Personal Products				10,041,633
Insurance—4.3%
Aflac, Inc.		19,250		1,689,765
Allstate Corp. (The)		27,710		2,901,514
American International Group, Inc.		68,179		4,062,105
Aon PLC		5,835		781,890
Arthur J. Gallagher & Co.		7,082		448,149
Assurant, Inc.		4,909		495,024
Brighthouse Financial, Inc.2		8,538		500,668
Chubb Ltd.		16,696		2,439,786
Cincinnati Financial Corp.		5,865		439,699
Everest Re Group Ltd.		2,198		486,330
Hartford Financial Services Group, Inc. (The)		25,386		1,428,724
Lincoln National Corp.		13,908		1,069,108
Loews Corp.		20,329		1,017,060
Marsh & McLennan Cos., Inc.		12,588		1,024,537
MetLife, Inc.		102,466		5,180,681
Principal Financial Group, Inc.		15,813		1,115,765
Progressive Corp. (The)		35,525		2,000,768
Prudential Financial, Inc.		39,308		4,519,634
Torchmark Corp.		3,503		317,757
Travelers Cos., Inc. (The)		16,331		2,215,137
Unum Group		15,687		861,059
Willis Towers Watson PLC		3,998		602,459
XL Group Ltd.		23,667		832,132
Total Insurance				36,429,751
Materials—2.8%
Air Products & Chemicals, Inc.		3,861		633,513
Albemarle Corp.		1,714		219,203
Avery Dennison Corp.		4,309		494,932
Materials (Continued)
Ball Corp.		21,326	$	807,189
CF Industries Holdings, Inc.		7,240		307,990
DowDuPont, Inc.		60,039		4,275,977
Eastman Chemical Co.		7,685		711,938
Ecolab, Inc.		7,682		1,030,771
FMC Corp.		2,342		221,694
Freeport-McMoRan, Inc.2		69,809		1,323,579
International Flavors & Fragrances, Inc.		1,655		252,569
International Paper Co.		30,616		1,773,891
LyondellBasell Industries NV, Class A		23,584		2,601,787
Martin Marietta Materials, Inc.		1,452		320,950
Monsanto Co.		9,491		1,108,359
Mosaic Co. (The)		22,280		571,705
Newmont Mining Corp.		15,430		578,934
Nucor Corp.		23,684		1,505,829
Packaging Corp. of America		4,083		492,206
PPG Industries, Inc.		9,651		1,127,430
Praxair, Inc.		5,640		872,395
Sealed Air Corp.		7,904		389,667
Sherwin-Williams Co. (The)		2,613		1,071,434
Vulcan Materials Co.		2,355		302,311
WestRock Co.		17,704		1,119,070
Total Materials				24,115,323
Media—2.9%
CBS Corp., Class B		16,397		967,423
Charter Communications, Inc., Class A2		9,604		3,226,560
Comcast Corp., Class A		161,988		6,487,619
Discovery Communications, Inc., Class A1,2		12,434		278,273
Discovery Communications, Inc., Class C1,2		13,111		277,560
DISH Network Corp., Class A2		22,875		1,092,281
Interpublic Group of Cos., Inc. (The)		29,630		597,341
News Corp., Class A		19,308		312,983
News Corp., Class B		19,050		316,230
Omnicom Group, Inc.		15,905		1,158,361
Scripps Networks Interactive, Inc., Class A		3,281		280,132
Time Warner, Inc.		25,981		2,376,482
Twenty-First Century Fox, Inc., Class A		32,107		1,108,655

9     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Large Cap Revenue ETF

	Shares		Value
Media (Continued)
Twenty-First Century Fox, Inc., Class B		32,454	$	1,107,330
Viacom, Inc., Class B		33,728		1,039,160
Walt Disney Co. (The)		37,859		4,070,221
Total Media				24,696,611
Pharmaceuticals, Biotechnology & Life Sciences—3.5%
AbbVie, Inc.		21,459		2,075,300
Agilent Technologies, Inc.		5,047		337,998
Alexion Pharmaceuticals, Inc.2		2,317		277,090
Allergan PLC		6,953		1,137,372
Amgen, Inc.		9,869		1,716,219
Biogen, Inc.2		2,503		797,381
Bristol-Myers Squibb Co.		24,822		1,521,092
Celgene Corp.2		8,715		909,497
Eli Lilly & Co.		19,582		1,653,896
Gilead Sciences, Inc.		27,446		1,966,231
Illumina, Inc.2		926		202,322
Incyte Corp.2		1,108		104,939
IQVIA Holdings, Inc.2		7,125		697,537
Johnson & Johnson		39,886		5,572,872
Merck & Co., Inc.		53,358		3,002,455
Mettler-Toledo International, Inc.2		326		201,964
Mylan NV2		22,715		961,072
PerkinElmer, Inc.		2,344		171,393
Perrigo Co. PLC1		4,446		387,513
Pfizer, Inc.		108,721		3,937,875
Regeneron Pharmaceuticals, Inc.2		1,093		410,924
Thermo Fisher Scientific, Inc.		7,931		1,505,938
Vertex Pharmaceuticals, Inc.2		1,215		182,080
Waters Corp.2		874		168,848
Zoetis, Inc.		5,432		391,321
Total Pharmaceuticals, Biotechnology & Life Sciences				30,291,129
Real Estate—0.8%
Alexandria Real Estate Equities, Inc.		620		80,966
American Tower Corp.		3,464		494,209
Apartment Investment & Management Co., Class A		1,743		76,186
AvalonBay Communities, Inc.		888		158,428
Real Estate (Continued)
Boston Properties, Inc.		1,603	$	208,438
CBRE Group, Inc., Class A2		24,290		1,052,000
Crown Castle International Corp.		2,854		316,822
Digital Realty Trust, Inc.		1,524		173,584
Duke Realty Corp.		2,310		62,855
Equinix, Inc.		701		317,707
Equity Residential		2,838		180,979
Essex Property Trust, Inc.		420		101,375
Extra Space Storage, Inc.		943		82,465
Federal Realty Investment Trust		486		64,546
GGP, Inc.		7,555		176,711
HCP, Inc.		5,521		143,988
Host Hotels & Resorts, Inc.		20,762		412,126
Iron Mountain, Inc.		7,567		285,503
Kimco Realty Corp.		4,919		89,280
Macerich Co. (The)1		1,154		75,795
Mid-America Apartment Communities, Inc.		1,085		109,108
Prologis, Inc.		3,054		197,013
Public Storage		954		199,386
Realty Income Corp.		1,624		92,600
Regency Centers Corp.		972		67,243
SBA Communications Corp.2		788		128,728
Simon Property Group, Inc.		2,544		436,907
SL Green Realty Corp.		1,107		111,729
UDR, Inc.		1,932		74,421
Ventas, Inc.		3,711		222,697
Vornado Realty Trust		2,399		187,554
Welltower, Inc.		4,948		315,534
Weyerhaeuser Co.		14,938		526,714
Total Real Estate				7,223,597
Retailing—6.9%
Advance Auto Parts, Inc.		7,039		701,718
Amazon.com, Inc.2		10,484		12,260,724
AutoZone, Inc.2		1,181		840,128
Best Buy Co., Inc.		47,026		3,219,870
CarMax, Inc.2		18,935		1,214,302
Dollar General Corp.		19,032		1,770,166
Dollar Tree, Inc.2		15,359		1,648,174
Expedia, Inc.		6,296		754,072
Foot Locker, Inc.		13,014		610,096
Gap, Inc. (The)		35,656		1,214,443
Genuine Parts Co.		13,049		1,239,786
Home Depot, Inc. (The)		40,741		7,721,642
Kohl’s Corp.		27,764		1,505,642
L Brands, Inc.		15,973		961,894

10     OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (Continued)
LKQ Corp.2		18,005	$	732,263
Lowe’s Cos., Inc.		60,203		5,595,267
Macy’s, Inc.1		78,266		1,971,521
Netflix, Inc.2		4,405		845,584
Nordstrom, Inc.		24,838		1,176,824
O’Reilly Automotive, Inc.2		2,780		668,701
Priceline Group, Inc. (The)2		534		927,953
Ross Stores, Inc.		13,277		1,065,479
Signet Jewelers Ltd.1		8,895		503,012
Target Corp.		85,032		5,548,338
Tiffany & Co.		3,173		329,833
TJX Cos., Inc. (The)		35,135		2,686,422
Tractor Supply Co.		8,141		608,540
TripAdvisor, Inc.1,2		3,423		117,957
Ulta Beauty, Inc.2		1,893		423,388
Total Retailing				58,863,739
Semiconductors & Semiconductor Equipment—1.8%
Advanced Micro Devices, Inc.1,2		37,510		385,603
Analog Devices, Inc.		4,097		364,756
Applied Materials, Inc.		20,386		1,042,132
Broadcom Ltd.		4,898		1,258,296
Intel Corp.		106,946		4,936,628
KLA-Tencor Corp.		2,724		286,211
Lam Research Corp.		3,687		678,666
Microchip Technology, Inc.		3,298		289,828
Micron Technology, Inc.2		36,841		1,514,902
NVIDIA Corp.		3,392		656,352
Qorvo, Inc.1,2		3,337		222,244
QUALCOMM, Inc.		26,309		1,684,302
Skyworks Solutions, Inc.		2,918		277,064
Texas Instruments, Inc.		11,177		1,167,326
Xilinx, Inc.		2,736		184,461
Total Semiconductors & Semiconductor Equipment				14,948,771
Software & Services—5.3%
Accenture PLC, Class A		18,562		2,841,657
Activision Blizzard, Inc.		8,244		522,010
Adobe Systems, Inc.2		2,969		520,288
Akamai Technologies, Inc.2		3,296		214,372
Alliance Data Systems Corp.		2,399		608,098
Alphabet, Inc., Class A2		3,737		3,936,556
Alphabet, Inc., Class C2		3,755		3,929,232
ANSYS, Inc.2		571		84,274
Autodesk, Inc.2		1,408		147,601
Automatic Data Processing, Inc.		8,190		959,786
Software & Services (Continued)
CA, Inc.		9,363	$	311,601
Cadence Design Systems, Inc.2		3,398		142,104
Citrix Systems, Inc.2		2,608		229,504
Cognizant Technology Solutions Corp., Class A		15,465		1,098,324
CSRA, Inc.		12,758		381,719
DXC Technology Co.		12,812		1,215,859
eBay, Inc.2		18,682		705,059
Electronic Arts, Inc.2		3,577		375,800
Facebook, Inc., Class A2		15,546		2,743,247
Fidelity National Information Services, Inc.		7,506		706,240
Fiserv, Inc.2		3,285		430,762
Gartner, Inc.2		1,894		233,246
Global Payments, Inc.		3,001		300,820
International Business Machines Corp.		39,382		6,041,986
Intuit, Inc.		2,537		400,288
Mastercard, Inc., Class A		6,029		912,549
Microsoft Corp.		82,567		7,062,781
Oracle Corp.		60,773		2,873,347
Paychex, Inc.		3,545		241,344
PayPal Holdings, Inc.2		12,528		922,311
Red Hat, Inc.2		1,607		193,001
salesforce.com, Inc.2		6,918		707,227
Symantec Corp.		12,229		343,146
Synopsys, Inc.2		2,321		197,842
Total System Services, Inc.		4,793		379,078
VeriSign, Inc.1,2		785		89,835
Visa, Inc., Class A1		12,408		1,414,760
Western Union Co. (The)		21,567		409,989
Total Software & Services				44,827,643
Technology Hardware & Equipment—4.0%
Amphenol Corp., Class A		5,749		504,762
Apple, Inc.		100,837		17,064,646
Cisco Systems, Inc.		96,386		3,691,584
Corning, Inc.		23,615		755,444
F5 Networks, Inc.2		1,234		161,925
FLIR Systems, Inc.		2,878		134,172
Hewlett Packard Enterprise Co.		210,803		3,027,131
HP, Inc.		185,718		3,901,935
Juniper Networks, Inc.		13,611		387,914
Motorola Solutions, Inc.		5,150		465,251
NetApp, Inc.		7,354		406,823
Seagate Technology PLC1		19,315		808,140
TE Connectivity Ltd.		10,543		1,002,007

11     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Large Cap Revenue ETF

	Shares		Value
Technology Hardware & Equipment (Continued)
Western Digital Corp.		17,914	$	1,424,700
Xerox Corp.		26,688		777,955
Total Technology Hardware & Equipment				34,514,389
Telecommunication Services—2.7%
AT&T, Inc.		322,588		12,542,221
CenturyLink, Inc.		75,357		1,256,955
Verizon Communications, Inc.		181,304		9,596,421
Total Telecommunication Services				23,395,597
Transportation—3.2%
Alaska Air Group, Inc.		8,149		599,033
American Airlines Group, Inc.1		62,229		3,237,775
C.H. Robinson Worldwide, Inc.1		12,507		1,114,249
CSX Corp.		15,384		846,274
Delta Air Lines, Inc.		55,353		3,099,768
Expeditors International of Washington, Inc.		7,880		509,757
FedEx Corp.		19,290		4,813,626
JB Hunt Transport Services, Inc.		4,739		544,890
Kansas City Southern		1,774		186,660
Norfolk Southern Corp.		5,603		811,875
Southwest Airlines Co.		24,948		1,632,846
Union Pacific Corp.		12,327		1,653,051
United Continental Holdings, Inc.2		44,944		3,029,226
United Parcel Service, Inc., Class B		41,278		4,918,274
Total Transportation				26,997,304
Utilities—2.8%
AES Corp.		101,514		1,099,397
Alliant Energy Corp.		5,747		244,880
Ameren Corp.		7,675		452,748
American Electric Power Co., Inc.		15,294		1,125,179
American Water Works Co., Inc.		2,843		260,106
CenterPoint Energy, Inc.		24,043		681,859
CMS Energy Corp.		10,023		474,088
Consolidated Edison, Inc.		10,246		870,398
Dominion Energy, Inc.		11,183		906,494
DTE Energy Co.		8,165		893,741
Duke Energy Corp.		19,754		1,661,509
Utilities (Continued)
Edison International		13,149	$	831,543
Entergy Corp.		10,220		831,806
Eversource Energy		8,982		567,483
Exelon Corp.		62,175		2,450,317
FirstEnergy Corp.		32,873		1,006,571
NextEra Energy, Inc.		7,748		1,210,160
NiSource, Inc.		13,919		357,301
NRG Energy, Inc.		30,869		879,149
PG&E Corp.		25,604		1,147,827
Pinnacle West Capital Corp.		3,040		258,947
PPL Corp.		16,626		514,575
Public Service Enterprise Group, Inc.		13,038		671,457
SCANA Corp.		7,676		305,351
Sempra Energy		7,370		788,000
Southern Co. (The)		33,397		1,606,062
WEC Energy Group, Inc.		8,522		566,116
Xcel Energy, Inc.		17,170		826,049
Total Utilities				23,489,113
Total Common Stocks (Cost $694,737,509)				851,777,426
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $1,007,718)		1,007,718		1,007,718
Investment of Cash Collateral for Securities Loaned—0.4%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $3,216,181)		3,216,181		3,216,181
Total Investments—100.3% (Cost $698,961,408)				856,001,325
Liabilities in Excess of Other Assets—(0.3)%				(2,602,188	)
Net Assets—100.0%			$	853,399,137

 

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $11,312,571; total value of the collateral held by the Fund was $11,717,666. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,501,485 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

 

12     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Mid Cap Revenue ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.8%
Cooper Tire & Rubber Co.1		23,401	$	827,225
Dana, Inc.		60,395		1,933,244
Delphi Technologies PLC2		25,716		1,349,319
Gentex Corp.		24,114		505,188
Thor Industries, Inc.		13,484		2,032,309
Total Automobiles & Components				6,647,285
Banks—2.6%
Associated Banc-Corp.		13,425		340,995
BancorpSouth Bank1		6,702		210,778
Bank of Hawaii Corp.1		2,128		182,370
Bank of the Ozarks		5,749		278,539
Cathay General Bancorp1		3,725		157,083
Chemical Financial Corp.1		3,920		209,603
Commerce Bancshares, Inc.1		6,189		345,594
Cullen/Frost Bankers, Inc.1		3,568		337,711
East West Bancorp, Inc.		6,618		402,573
F.N.B. Corp.1		22,932		316,920
First Horizon National Corp.		19,774		395,282
Fulton Financial Corp.		12,888		230,695
Hancock Holding Co.		6,216		307,692
Home BancShares, Inc.1		6,788		157,821
International Bancshares Corp.		3,964		157,371
MB Financial, Inc.		6,461		287,644
New York Community Bancorp, Inc.		40,019		521,047
PacWest Bancorp		6,761		340,754
Pinnacle Financial Partners, Inc.		2,604		172,645
Prosperity Bancshares, Inc.1		3,136		219,740
Signature Bank2		3,035		416,584
Sterling Bancorp1		6,529		160,613
SVB Financial Group2		2,156		504,008
Synovus Financial Corp.		8,088		387,739
TCF Financial Corp.		19,156		392,698
Texas Capital Bancshares, Inc.1,2		2,766		245,897
Trustmark Corp.1		5,133		163,537
UMB Financial Corp.		3,926		282,358
Umpqua Holdings Corp.		16,968		352,934
United Bankshares, Inc.		5,402		187,720
Valley National Bancorp		22,814		255,973
Washington Federal, Inc.		4,770		163,373
Webster Financial Corp.1		5,666		318,203
Wintrust Financial Corp.		4,143		341,259
Total Banks				9,745,753
Capital Goods—10.6%
AECOM2		137,521	$	5,108,905
AGCO Corp.		29,329		2,094,970
Carlisle Cos., Inc.		9,818		1,115,816
Crane Co.		8,996		802,623
Curtiss-Wright Corp.		5,127		624,725
Donaldson Co., Inc.		13,708		671,007
Dycom Industries, Inc.1,2		7,789		867,928
EMCOR Group, Inc.		26,364		2,155,257
EnerSys		9,973		694,420
Esterline Technologies Corp.2		7,632		570,110
GATX Corp.		6,475		402,486
Graco, Inc.		9,136		413,130
Granite Construction, Inc.		12,801		811,967
Hubbell, Inc.		7,821		1,058,494
Huntington Ingalls Industries, Inc.		8,645		2,037,627
IDEX Corp.		4,785		631,476
ITT, Inc.		13,287		709,127
KBR, Inc.		66,151		1,311,774
Kennametal, Inc.1		12,637		611,757
KLX, Inc.2		7,425		506,756
Lennox International, Inc.		5,219		1,086,909
Lincoln Electric Holdings, Inc.		7,527		689,323
MSC Industrial Direct Co., Inc., Class A		8,900		860,274
Nordson Corp.		3,857		564,665
NOW, Inc.1,2		67,848		748,363
Orbital ATK, Inc.		9,867		1,297,511
Oshkosh Corp.		21,575		1,960,952
Regal Beloit Corp.		12,231		936,895
Teledyne Technologies, Inc.2		3,754		680,037
Terex Corp.		25,622		1,235,493
Timken Co. (The)		16,841		827,735
Toro Co. (The)		10,685		696,983
Trinity Industries, Inc.		29,323		1,098,440
Valmont Industries, Inc.		4,672		774,851
Wabtec Corp.1		12,855		1,046,783
Watsco, Inc.		7,183		1,221,397
Woodward, Inc.		7,629		583,924
Total Capital Goods				39,510,890
Commercial & Professional Services—3.2%
Brink’s Co. (The)		11,369		894,740
Clean Harbors, Inc.2		15,425		836,035
Copart, Inc.1,2		9,160		395,621
Deluxe Corp.		7,170		550,943
Dun & Bradstreet Corp. (The)		4,005		474,232

 

13     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Mid Cap Revenue ETF

	Shares		Value
Commercial & Professional Services (Continued)
Herman Miller, Inc.		17,901	$	716,935
HNI Corp.		17,231		664,600
ManpowerGroup, Inc.		45,397		5,725,016
MSA Safety, Inc.		4,087		316,824
Pitney Bowes, Inc.		86,762		969,999
Rollins, Inc.1		9,944		462,694
Total Commercial & Professional Services				12,007,639
Consumer Durables & Apparel—3.8%
Brunswick Corp.		23,891		1,319,261
CalAtlantic Group, Inc.		33,143		1,868,934
Carter’s, Inc.		8,188		962,008
Deckers Outdoor Corp.2		6,743		541,126
Helen of Troy Ltd.1,2		4,650		448,027
KB Home1		37,427		1,195,793
NVR, Inc.2		502		1,761,126
Polaris Industries, Inc.1		11,590		1,437,044
Skechers U.S.A., Inc., Class A2		29,063		1,099,744
Tempur Sealy International, Inc.2		12,898		808,576
Toll Brothers, Inc.		33,211		1,594,792
TRI Pointe Group, Inc.2		38,956		698,091
Tupperware Brands Corp.		9,837		616,780
Total Consumer Durables & Apparel				14,351,302
Consumer Services—2.6%
Adtalem Global Education, Inc.1,2		11,004		462,718
Brinker International, Inc.1		22,964		891,922
Buffalo Wild Wings, Inc.2		3,581		559,889
Cheesecake Factory, Inc. (The)1		13,267		639,204
Churchill Downs, Inc.		1,642		382,093
Cracker Barrel Old Country Store, Inc.1		4,970		789,683
Domino’s Pizza, Inc.		4,124		779,271
Dunkin’ Brands Group, Inc.		3,876		249,886
Graham Holdings Co., Class B		1,257		701,846
ILG, Inc.		18,004		512,754
International Speedway Corp., Class A		4,546		181,158
Jack in the Box, Inc.		4,321		423,933
Papa John’s International, Inc.1		8,472		475,364
Service Corp. International		23,059		860,562
Six Flags Entertainment Corp.		5,658		376,653
Consumer Services (Continued)
Sotheby’s2		5,406	$	278,950
Texas Roadhouse, Inc.		11,591		610,614
Wendy’s Co. (The)		22,083		362,603
Total Consumer Services				9,539,103
Diversified Financials—1.4%
Eaton Vance Corp.		7,475		421,515
FactSet Research Systems, Inc.1		1,672		322,295
Federated Investors, Inc., Class B1		8,925		322,014
Interactive Brokers Group, Inc., Class A		16,442		973,531
Janus Henderson Group PLC1		11,691		447,298
Legg Mason, Inc.		20,449		858,449
MarketAxess Holdings, Inc.		556		112,173
MSCI, Inc.		2,677		338,747
SEI Investments Co.		5,831		419,016
SLM Corp.2		34,400		388,720
Stifel Financial Corp.		13,439		800,427
Total Diversified Financials				5,404,185
Energy—7.7%
Callon Petroleum Co.1,2		8,319		101,076
CNX Resources Corp.2		43,640		638,453
Core Laboratories NV1		1,770		193,904
Diamond Offshore Drilling, Inc.1,2		25,518		474,380
Dril-Quip, Inc.1,2		2,778		132,511
Energen Corp.2		4,146		238,685
Ensco PLC, Class A1		105,949		626,159
Gulfport Energy Corp.2		22,150		282,634
HollyFrontier Corp.		76,556		3,921,198
Matador Resources Co.1,2		4,804		149,549
Murphy Oil Corp.		19,090		592,744
Nabors Industries Ltd.1		124,157		847,992
Oceaneering International, Inc.		28,706		606,845
Patterson-UTI Energy, Inc.1		24,408		561,628
PBF Energy, Inc., Class A		168,702		5,980,486
QEP Resources, Inc.2		53,944		516,244
Rowan Cos. PLC, Class A2		27,360		428,458
SM Energy Co.1		18,737		413,713
Southwestern Energy Co.2		170,761		952,846
Superior Energy Services, Inc.2		58,049		559,012
Transocean Ltd.2		96,680		1,032,542
World Fuel Services Corp.		327,345		9,211,488
WPX Energy, Inc.2		24,871		349,935
Total Energy				28,812,482

14     OPPENHEIMER ETF TRUST

	Shares		Value
Food & Staples Retailing—1.6%
Casey’s General Stores, Inc.1		20,096	$	2,249,546
Sprouts Farmers Market, Inc.1,2		52,319		1,273,968
United Natural Foods, Inc.1,2		50,421		2,484,243
Total Food & Staples Retailing				6,007,757
Food, Beverage & Tobacco—3.3%
Boston Beer Co., Inc. (The), Class A1,2		1,312		250,723
Dean Foods Co.		190,819		2,205,868
Flowers Foods, Inc.1		54,830		1,058,767
Hain Celestial Group, Inc. (The)2		19,569		829,530
Ingredion, Inc.		11,552		1,614,970
Lamb Weston Holdings, Inc.		16,038		905,345
Lancaster Colony Corp.		2,605		336,592
Post Holdings, Inc.1,2		18,661		1,478,511
Sanderson Farms, Inc.1		6,104		847,113
Snyder’s-Lance, Inc.		13,479		675,028
Tootsie Roll Industries, Inc.1		3,930		143,052
TreeHouse Foods, Inc.1,2		37,776		1,868,401
Total Food, Beverage & Tobacco				12,213,900
Health Care Equipment & Services—7.4%
ABIOMED, Inc.2		742		139,058
Acadia Healthcare Co., Inc.1,2		24,832		810,268
Allscripts Healthcare Solutions, Inc.1,2		32,826		477,618
Globus Medical, Inc., Class A1,2		4,398		180,758
Halyard Health, Inc.2		9,466		437,140
HealthSouth Corp.2		21,565		1,065,527
Hill-Rom Holdings, Inc.		9,260		780,525
LifePoint Health, Inc.2		36,070		1,796,286
LivaNova PLC2		4,236		338,541
Masimo Corp.2		2,462		208,778
Medidata Solutions, Inc.1,2		2,242		142,075
MEDNAX, Inc.1,2		18,331		979,609
Molina Healthcare, Inc.1,2		71,357		5,471,655
NuVasive, Inc.2		4,753		278,003
Owens & Minor, Inc.1		136,477		2,576,686
STERIS PLC		8,119		710,169
Teleflex, Inc.		2,295		571,042
Tenet Healthcare Corp.1,2		371,482		5,631,667
WellCare Health Plans, Inc.2		22,302		4,485,155
Health Care Equipment & Services (Continued)
West Pharmaceutical Services, Inc.		4,419	$	436,023
Total Health Care Equipment & Services				27,516,583
Household & Personal Products—0.9%
Avon Products, Inc.2		732,585		1,575,058
Edgewell Personal Care Co.2		10,584		628,584
Energizer Holdings, Inc.1		10,236		491,123
Nu Skin Enterprises, Inc., Class A		8,949		610,590
Total Household & Personal Products				3,305,355
Insurance—5.8%
Alleghany Corp.2		3,015		1,797,211
American Financial Group, Inc.		17,700		1,921,158
Aspen Insurance Holdings Ltd.		17,763		721,178
Brown & Brown, Inc.		9,884		508,631
CNO Financial Group, Inc.		47,307		1,168,010
First American Financial Corp.		28,797		1,613,784
Genworth Financial, Inc., Class A2		741,664		2,306,575
Hanover Insurance Group, Inc. (The)		13,871		1,499,178
Kemper Corp.1		10,680		735,852
Mercury General Corp.		17,287		923,817
Old Republic International Corp.		82,133		1,756,003
Primerica, Inc.		4,540		461,037
Reinsurance Group of America, Inc.		21,765		3,393,816
RenaissanceRe Holdings Ltd.		4,374		549,331
W.R. Berkley Corp.		30,402		2,178,303
Total Insurance				21,533,884
Materials—9.1%
Allegheny Technologies, Inc.1,2		40,815		985,274
AptarGroup, Inc.		7,643		659,438
Ashland Global Holdings, Inc.		16,928		1,205,274
Bemis Co., Inc.1		24,019		1,147,868
Cabot Corp.		13,369		823,397
Carpenter Technology Corp.		10,529		536,874
Chemours Co. (The)		34,600		1,732,076
Commercial Metals Co.		65,980		1,406,694

15     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Mid Cap Revenue ETF

	Shares		Value
Materials (Continued)
Compass Minerals International, Inc.1		5,449	$	393,690
Domtar Corp.		29,495		1,460,592
Eagle Materials, Inc.		3,337		378,082
Greif, Inc., Class A		15,961		966,917
Louisiana-Pacific Corp.2		26,888		706,079
Minerals Technologies, Inc.		6,877		473,481
NewMarket Corp.		1,556		618,339
Olin Corp.		49,617		1,765,373
Owens-Illinois, Inc.2		84,184		1,866,359
PolyOne Corp.		21,163		920,591
Reliance Steel & Aluminum Co.		31,617		2,712,422
Royal Gold, Inc.		1,425		117,021
RPM International, Inc.		27,234		1,427,606
Scotts Miracle-Gro Co., (The)1		7,887		843,830
Sensient Technologies Corp.		5,107		373,577
Silgan Holdings, Inc.		37,591		1,104,799
Sonoco Products Co.		25,462		1,353,051
Steel Dynamics, Inc.		63,384		2,733,752
United States Steel Corp.1		103,358		3,637,168
Valvoline, Inc.		23,562		590,464
Worthington Industries, Inc.		20,735		913,584
Total Materials				33,853,672
Media—1.8%
AMC Networks, Inc., Class A1,2		14,309		773,831
Cable One, Inc.1		370		260,239
Cinemark Holdings, Inc.1		22,574		786,027
John Wiley & Sons, Inc., Class A		7,449		489,772
Live Nation Entertainment, Inc.1,2		62,349		2,654,197
Meredith Corp.		6,788		448,347
New York Times Co., (The), Class A		24,700		456,950
TEGNA, Inc.		54,085		761,517
Total Media				6,630,880
Pharmaceuticals, Biotechnology & Life Sciences—1.5%
Akorn, Inc.2		8,077		260,322
Bio-Rad Laboratories, Inc., Class A2		2,342		558,965
Bio-Techne Corp.		1,236		160,124
Bioverativ, Inc.2		5,680		306,265
Catalent, Inc.2		14,833		609,340
Charles River Laboratories International, Inc.2		4,771		522,186
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Endo International PLC2		137,767	$	1,067,694
INC Research Holdings, Inc., Class A1,2		13,511		589,080
Mallinckrodt PLC1,2		39,719		896,061
Prestige Brands Holdings, Inc.1,2		5,899		261,974
United Therapeutics Corp.2		3,379		499,923
Total Pharmaceuticals, Biotechnology & Life Sciences				5,731,934
Real Estate—2.7%
Alexander & Baldwin, Inc.1		2,794		77,505
American Campus Communities, Inc.		4,985		204,534
Camden Property Trust		2,719		250,311
CoreCivic, Inc.		22,772		512,370
CoreSite Realty Corp.		1,096		124,834
Corporate Office Properties Trust		5,400		157,680
Cousins Properties, Inc.		13,763		127,308
CyrusOne, Inc.		2,926		174,185
DCT Industrial Trust, Inc.		1,941		114,092
Douglas Emmett, Inc.		5,197		213,389
Education Realty Trust, Inc.1		2,438		85,135
EPR Properties		2,286		149,642
First Industrial Realty Trust, Inc.		3,329		104,764
GEO Group, Inc. (The)		26,793		632,315
Healthcare Realty Trust, Inc.		3,547		113,930
Highwoods Properties, Inc.		3,718		189,283
Hospitality Properties Trust		19,455		580,732
JBG SMITH Properties		4,158		144,407
Jones Lang LaSalle, Inc.		14,250		2,122,252
Kilroy Realty Corp.		2,646		197,524
Lamar Advertising Co., Class A1		5,408		401,490
LaSalle Hotel Properties		11,117		312,054
Liberty Property Trust		4,608		198,190
Life Storage, Inc.1		1,642		146,253
Mack-Cali Realty Corp.		8,284		178,603
Medical Properties Trust, Inc.		13,152		181,235
National Retail Properties, Inc.1		3,710		160,012
Omega Healthcare Investors, Inc.1		9,016		248,301
Potlatch Corp.		3,582		178,742

16     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Quality Care Properties, Inc.2		6,745	$	93,148
Rayonier, Inc.1		7,220		228,369
Sabra Health Care REIT, Inc.		4,319		81,068
Senior Housing Properties Trust		15,266		292,344
Tanger Factory Outlet Centers, Inc.1		5,257		139,363
Taubman Centers, Inc.		2,700		176,661
Uniti Group, Inc.		13,431		238,937
Urban Edge Properties1		4,218		107,517
Washington Prime Group, Inc.		31,593		224,942
Weingarten Realty Investors		4,845		159,255
Total Real Estate				10,022,676
Retailing—8.6%
Aaron’s, Inc.		25,000		996,250
American Eagle Outfitters, Inc.1		58,537		1,100,496
AutoNation, Inc.2		113,385		5,820,052
Bed Bath & Beyond, Inc.1		150,123		3,301,205
Big Lots, Inc.		26,973		1,514,534
Dick’s Sporting Goods, Inc.		79,909		2,296,585
Dillard’s, Inc., Class A		30,320		1,820,716
GameStop Corp., Class A1		131,738		2,364,697
Michaels Cos., Inc. (The)2		66,760		1,614,924
Murphy USA, Inc.1,2		45,523		3,658,228
Office Depot, Inc.		843,256		2,985,126
Pool Corp.		5,868		760,786
Sally Beauty Holdings, Inc.1,2		65,193		1,223,021
Urban Outfitters, Inc.1,2		30,116		1,055,867
Williams-Sonoma, Inc.1		28,267		1,461,404
Total Retailing				31,973,891
Semiconductors & Semiconductor Equipment—1.4%
Cirrus Logic, Inc.2		8,827		457,768
Cree, Inc.1,2		10,075		374,186
Cypress Semiconductor Corp.		41,647		634,700
First Solar, Inc.2		12,512		844,810
Integrated Device Technology, Inc.2		6,955		206,772
Microsemi Corp.2		9,769		504,569
MKS Instruments, Inc.		5,228		494,046
Monolithic Power Systems, Inc.		1,119		125,731
Silicon Laboratories, Inc.2		2,359		208,300
Synaptics, Inc.1,2		11,887		474,767
Semiconductors & Semiconductor Equipment (Continued)
Teradyne, Inc.		13,693	$	573,326
Versum Materials, Inc.		8,417		318,583
Total Semiconductors & Semiconductor Equipment				5,217,558
Software & Services—3.9%
ACI Worldwide, Inc.2		12,814		290,493
Acxiom Corp.2		9,053		249,501
Blackbaud, Inc.		2,230		210,713
Broadridge Financial Solutions, Inc.		13,096		1,186,236
Cars.com, Inc.1,2		6,383		184,086
CDK Global, Inc.		8,861		631,612
CommVault Systems, Inc.2		3,495		183,487
Convergys Corp.1		33,531		787,979
CoreLogic, Inc.2		11,419		527,672
DST Systems, Inc.		9,376		581,968
Fair Isaac Corp.		1,660		254,312
Fortinet, Inc.2		9,265		404,788
j2 Global, Inc.1		3,861		289,691
Jack Henry & Associates, Inc.1		3,444		402,810
Leidos Holdings, Inc.		44,287		2,859,612
LogMeIn, Inc.		1,864		213,428
Manhattan Associates, Inc.1,2		3,610		178,839
MAXIMUS, Inc.		9,592		686,595
PTC, Inc.2		5,368		326,213
Sabre Corp.		48,600		996,300
Science Applications International Corp.		15,586		1,193,420
Take-Two Interactive Software, Inc.2		4,835		530,786
Teradata Corp.1,2		15,433		593,553
Tyler Technologies, Inc.2		1,255		222,198
Ultimate Software Group, Inc. (The)1,2		1,156		252,274
WEX, Inc.2		2,601		367,339
Total Software & Services				14,605,905
Technology Hardware & Equipment—11.8%
3D Systems Corp.1,2		17,360		149,990
ARRIS International PLC2		71,141		1,827,612
Arrow Electronics, Inc.2		90,979		7,315,621
Avnet, Inc.		128,698		5,099,015
Belden, Inc.		8,226		634,801
Ciena Corp.2		36,165		756,934
Cognex Corp.		3,171		193,938
Coherent, Inc.2		1,673		472,154
Diebold Nixdorf, Inc.1		76,880		1,256,988

17     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Mid Cap Revenue ETF

	Shares		Value
Technology Hardware & Equipment (Continued)
InterDigital, Inc.		2,245	$	170,957
IPG Photonics Corp.2		1,791		383,507
Jabil, Inc.		191,156		5,017,845
Keysight Technologies, Inc.2		20,091		835,786
Knowles Corp.1,2		16,284		238,724
Littelfuse, Inc.1		1,721		340,448
National Instruments Corp.		8,459		352,148
NCR Corp.2		55,506		1,886,649
NetScout Systems, Inc.1,2		10,248		312,052
Plantronics, Inc.		4,690		236,282
SYNNEX Corp.		32,833		4,463,646
Tech Data Corp.2		88,801		8,699,834
Trimble, Inc.2		17,432		708,437
VeriFone Systems, Inc.2		28,568		505,939
ViaSat, Inc.1,2		5,944		444,908
Vishay Intertechnology, Inc.1		33,443		693,942
Zebra Technologies Corp., Class A2		9,683		1,005,095
Total Technology Hardware & Equipment				44,003,252
Telecommunication Services—0.4%
Telephone & Data Systems, Inc.		52,949		1,471,982
Transportation—2.8%
Avis Budget Group, Inc.2		55,433		2,432,400
Genesee & Wyoming, Inc., Class A2		7,804		614,409
JetBlue Airways Corp.2		90,275		2,016,743
Kirby Corp.2		8,488		566,998
Knight-Swift Transportation Holdings, Inc.1		8,715		381,020
Landstar System, Inc.		9,319		970,108
Old Dominion Freight Line, Inc.		6,949		914,141
Ryder System, Inc.		24,333		2,048,109
Werner Enterprises, Inc.		15,102		583,692
Total Transportation				10,527,620
Utilities—3.1%
Aqua America, Inc.1		5,926		232,477
Atmos Energy Corp.		8,553		734,617
Black Hills Corp.		7,944		477,514
Great Plains Energy, Inc.		22,270		717,985
Hawaiian Electric Industries, Inc.		18,980		686,127

 

Utilities (Continued)
IDACORP, Inc.	3,916	$	357,765
MDU Resources Group, Inc.	44,467		1,195,273
National Fuel Gas Co.	7,391		405,840
New Jersey Resources Corp.	15,480		622,296
NorthWestern Corp.	5,877		350,857
OGE Energy Corp.	18,747		616,964
ONE Gas, Inc.	5,551		406,666
PNM Resources, Inc.	9,225		373,151
Southwest Gas Holdings, Inc.	8,550		688,104
UGI Corp.	35,861		1,683,674
Vectren Corp.	10,939		711,254
Westar Energy, Inc.	13,015		687,192
WGL Holdings, Inc.	7,532		646,547
Total Utilities			11,594,303
Total Common Stocks (Cost $310,231,391)			372,229,791
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $518,110)	518,110		518,110
Investment of Cash Collateral for Securities Loaned—5.3%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $19,569,523)	19,569,523		19,569,523
Total Investments—105.2% (Cost $330,319,024)			392,317,424
Liabilities in Excess of Other Assets—(5.2)%			(19,455,930	)
Net Assets—100.0%		$	372,861,494

 

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 $55,667,954; total value of the collateral held by the Fund was $57,346,512. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $37,776,989 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

18     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Small Cap Revenue ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—2.2%
American Axle & Manufacturing Holdings, Inc.1		209,282	$	3,564,072
Cooper-Standard Holding, Inc.1		19,551		2,394,997
Dorman Products, Inc.1		9,461		578,445
Fox Factory Holding Corp.1		7,956		309,091
Gentherm, Inc.1,2		19,516		619,633
LCI Industries2		10,219		1,328,470
Motorcar Parts of America, Inc.1,2		11,443		285,961
Standard Motor Products, Inc.		16,180		726,644
Superior Industries International, Inc.		38,282		568,488
Winnebago Industries, Inc.		18,181		1,010,864
Total Automobiles & Components				11,386,665
Banks—2.3%
Ameris Bancorp		5,330		256,906
Banc of California, Inc.2		16,223		335,005
Bank Mutual Corp.2		6,854		72,995
Banner Corp.		5,963		328,680
BofI Holding, Inc.1,2		11,182		334,342
Boston Private Financial Holdings, Inc.		17,001		262,665
Brookline Bancorp, Inc.		12,090		189,813
Central Pacific Financial Corp.		4,689		139,873
City Holding Co.		1,181		79,682
Columbia Banking System, Inc.		6,864		298,172
Community Bank System, Inc.		6,183		332,336
Customers Bancorp, Inc.1		10,242		266,190
CVB Financial Corp.		8,840		208,270
Dime Community Bancshares, Inc.		6,741		141,224
Fidelity Southern Corp.		9,320		203,176
First BanCorp1		88,420		450,942
First Commonwealth Financial Corp.		13,999		200,466
First Financial Bancorp		9,468		249,482
First Financial Bankshares, Inc.2		4,802		216,330
First Midwest Bancorp, Inc.		17,606		422,720
Glacier Bancorp, Inc.		8,199		322,959
Great Western Bancorp, Inc.		8,436		335,753
Banks (Continued)
Hanmi Financial Corp.		5,021	$	152,387
HomeStreet, Inc.1,2		11,348		328,525
Hope Bancorp, Inc.		22,373		408,307
Independent Bank Corp.		3,261		227,781
LegacyTexas Financial Group, Inc.		6,547		276,349
LendingTree, Inc.1,2		1,074		365,643
Meta Financial Group, Inc.2		2,001		185,393
National Bank Holdings Corp., Class A		4,166		135,103
NBT Bancorp, Inc.2		7,290		268,272
NMI Holdings, Inc., Class A1		6,256		106,352
Northfield Bancorp, Inc.2		2,453		41,897
Northwest Bancshares, Inc.		14,734		246,500
OFG Bancorp		28,640		269,216
Old National Bancorp2		25,426		443,684
Opus Bank1,2		7,884		215,233
Oritani Financial Corp.		3,329		54,596
Pacific Premier Bancorp, Inc.1		4,371		174,840
Provident Financial Services, Inc.		9,079		244,861
S&T Bancorp, Inc.2		5,097		202,912
ServisFirst Bancshares, Inc.		4,310		178,865
Simmons First National Corp., Class A2		5,471		312,394
Southside Bancshares, Inc.2		4,118		138,694
Tompkins Financial Corp.2		2,246		182,712
TrustCo Bank Corp.2		13,423		123,492
United Community Banks, Inc.		10,916		307,176
Walker & Dunlop, Inc.1		8,712		413,820
Westamerica Bancorporation2		1,984		118,147
Total Banks				11,771,132
Capital Goods—11.2%
AAON, Inc.2		7,334		269,158
AAR Corp.		28,015		1,100,709
Actuant Corp., Class A2		27,833		704,175
Aegion Corp.1		34,256		871,130
Aerojet Rocketdyne Holdings, Inc.1		38,801		1,210,591
Aerovironment, Inc.1,2		3,225		181,116
Alamo Group, Inc.2		5,132		579,249
Albany International Corp., Class A		8,983		552,005
American Woodmark Corp.1		5,477		713,379
Apogee Enterprises, Inc.2		16,352		747,777

 

19     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Small Cap Revenue ETF

	Shares		Value
Capital Goods (Continued)
Applied Industrial Technologies, Inc.		27,060	$	1,842,786
Astec Industries, Inc.2		14,364		840,294
Axon Enterprise, Inc.1,2		8,403		222,679
AZZ, Inc.		10,978		560,976
Barnes Group, Inc.2		14,491		916,846
Briggs & Stratton Corp.		49,113		1,245,997
Chart Industries, Inc.1,2		13,081		612,976
CIRCOR International, Inc.2		8,646		420,887
Comfort Systems USA, Inc.		26,064		1,137,694
Cubic Corp.		16,554		975,858
DXP Enterprises, Inc.1		22,529		666,183
Encore Wire Corp.		15,130		736,074
Engility Holdings, Inc.1,2		45,536		1,291,856
EnPro Industries, Inc.		9,061		847,294
ESCO Technologies, Inc.		7,343		442,416
Federal Signal Corp.		27,588		554,243
Franklin Electric Co., Inc.2		15,483		710,670
General Cable Corp.		83,792		2,480,243
Gibraltar Industries, Inc.1		20,763		685,179
Greenbrier Cos., Inc. (The)2		27,994		1,492,080
Griffon Corp.		61,143		1,244,260
Harsco Corp.1		54,956		1,024,929
Hillenbrand, Inc.		23,054		1,030,514
Insteel Industries, Inc.2		9,248		261,903
John Bean Technologies Corp.		9,119		1,010,385
Kaman Corp.		19,914		1,171,740
Lindsay Corp.		3,798		334,984
Lydall, Inc.1		8,567		434,775
Mercury Systems, Inc.1,2		5,405		277,547
Moog, Inc., Class A1		18,697		1,623,834
Mueller Industries, Inc.		40,443		1,432,895
MYR Group, Inc.1		25,492		910,829
National Presto Industries, Inc.2		1,933		192,237
Orion Group Holdings, Inc.1		48,551		380,154
Patrick Industries, Inc.1		14,764		1,025,360
PGT Innovations, Inc.1		19,928		335,787
Powell Industries, Inc.		8,838		253,209
Proto Labs, Inc.1,2		2,104		216,712
Quanex Building Products Corp.2		23,930		559,962
Raven Industries, Inc.		6,250		214,688
Simpson Manufacturing Co., Inc.		10,824		621,406
SPX Corp.1		30,565		959,435
Capital Goods (Continued)
SPX FLOW, Inc.1		26,878	$	1,278,049
Standex International Corp.		5,166		526,157
Tennant Co.2		9,324		677,389
Titan International, Inc.		77,077		992,752
Trex Co., Inc.1,2		3,236		350,750
Triumph Group, Inc.		76,673		2,085,506
Universal Forest Products, Inc.		66,637		2,506,884
Veritiv Corp.1,2		190,533		5,506,404
Vicor Corp.1,2		6,412		134,011
Wabash National Corp.		56,972		1,236,292
Watts Water Technologies, Inc., Class A		12,360		938,742
Total Capital Goods				57,363,001
Commercial & Professional Services—7.0%
ABM Industries, Inc.		92,253		3,479,783
Brady Corp., Class A		18,512		701,605
Essendant, Inc.		377,271		3,497,302
Exponent, Inc.		3,071		218,348
Forrester Research, Inc.		4,844		214,105
FTI Consulting, Inc.1		27,101		1,164,259
Healthcare Services Group, Inc.2		21,403		1,128,366
Heidrick & Struggles International, Inc.		16,962		416,417
Insperity, Inc.		36,030		2,066,321
Interface, Inc.		26,123		656,993
Kelly Services, Inc., Class A		120,848		3,295,525
Korn/Ferry International		25,842		1,069,342
LSC Communications, Inc.		142,861		2,164,344
Matthews International Corp., Class A		18,277		965,026
Mobile Mini, Inc.2		10,143		349,934
Multi-Color Corp.		8,558		640,566
Navigant Consulting, Inc.1		35,159		682,436
On Assignment, Inc.1		26,207		1,684,324
Resources Connection, Inc.		24,508		378,649
RR Donnelley & Sons Co.		494,897		4,602,542
Team, Inc.1,2		54,373		810,158
Tetra Tech, Inc.		37,755		1,817,903
TrueBlue, Inc.1		59,001		1,622,528
UniFirst Corp.2		6,207		1,023,534
US Ecology, Inc.2		6,374		325,074
Viad Corp.		14,751		817,205
WageWorks, Inc.1		4,968		308,016
Total Commercial & Professional Services				36,100,605

20     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Durables & Apparel—4.8%
Callaway Golf Co.2		44,990	$	626,711
Cavco Industries, Inc.1,2		3,671		560,195
Crocs, Inc.1,2		53,066		670,754
Ethan Allen Interiors, Inc.		17,628		504,161
Fossil Group, Inc.1,2		271,191		2,107,154
G-III Apparel Group Ltd.1		48,964		1,806,282
Installed Building Products, Inc.1,2		9,683		735,424
iRobot Corp.1,2		6,781		520,103
La-Z-Boy, Inc.		32,594		1,016,933
LGI Homes, Inc.1		9,937		745,573
M.D.C. Holdings, Inc.		52,668		1,679,056
M/I Homes, Inc.1		35,575		1,223,780
Meritage Homes Corp.1		41,629		2,131,405
Movado Group, Inc.		11,634		374,615
Nautilus, Inc.1,2		19,104		255,038
Oxford Industries, Inc.2		9,541		717,388
Perry Ellis International, Inc.1		22,391		560,671
Steven Madden Ltd.1		22,713		1,060,697
Sturm Ruger & Co., Inc.2		7,110		397,093
TopBuild Corp.1		17,775		1,346,278
Unifi, Inc.1		12,106		434,242
Universal Electronics, Inc.1,2		9,258		437,440
Vera Bradley, Inc.1		25,165		306,510
Vista Outdoor, Inc.1,2		105,684		1,539,816
William Lyon Homes, Class A1		37,718		1,096,839
Wolverine World Wide, Inc.		53,334		1,700,288
Total Consumer Durables & Apparel				24,554,446
Consumer Services—3.0%
American Public Education, Inc.1		7,737		193,812
Belmond Ltd., Class A1,2		29,409		360,260
Biglari Holdings, Inc.1,2		1,338		554,467
BJ’s Restaurants, Inc.2		18,093		658,585
Boyd Gaming Corp.		47,600		1,668,380
Capella Education Co.		3,575		276,705
Career Education Corp.1		31,638		382,187
Chuy’s Holdings, Inc.1,2		8,956		251,216
Dave & Buster’s Entertainment, Inc.1		12,897		711,527
DineEquity, Inc.2		7,753		393,310
El Pollo Loco Holdings, Inc.1,2		25,360		251,064
Fiesta Restaurant Group, Inc.1,2		23,091		438,729
Marcus Corp. (The)		14,179		387,796
Consumer Services (Continued)
Marriott Vacations Worldwide Corp.2		10,155	$	1,373,058
Monarch Casino & Resort, Inc.1		3,273		146,696
Penn National Gaming, Inc.1		68,858		2,157,321
Red Robin Gourmet Burgers, Inc.1,2		16,009		902,908
Regis Corp.1		66,363		1,019,336
Ruth’s Hospitality Group, Inc.2		12,122		262,441
Scientific Games Corp., Class A1,2		38,944		1,997,827
Shake Shack, Inc., Class A1,2		4,827		208,526
Sonic Corp.2		10,969		301,428
Strayer Education, Inc.2		3,300		295,614
Wingstop, Inc.		1,584		61,744
Total Consumer Services				15,254,937
Diversified Financials—4.4%
Apollo Commercial Real Estate Finance, Inc.		11,198		206,603
ARMOUR Residential REIT, Inc.		3,112		80,041
Capstead Mortgage Corp.		15,084		130,476
Donnelley Financial Solutions, Inc.1		32,679		636,914
Encore Capital Group, Inc.1,2		16,594		698,607
Enova International, Inc.1		34,722		527,774
Evercore, Inc., Class A2		11,872		1,068,480
EZCORP, Inc., Class A1,2		40,551		494,722
Financial Engines, Inc.2		10,689		323,877
FirstCash, Inc.		17,104		1,153,665
Green Dot Corp., Class A1		9,147		551,198
Greenhill & Co., Inc.		9,630		187,785
INTL. FCStone, Inc.1		310,277		13,196,081
Invesco Mortgage Capital, Inc.		23,408		417,365
Investment Technology Group, Inc.		16,423		316,143
Piper Jaffray Cos.		7,395		637,819
PRA Group, Inc.1,2		14,209		471,739
Virtus Investment Partners, Inc.2		2,167		249,313
Waddell & Reed Financial, Inc., Class A		35,113		784,424
WisdomTree Investments, Inc.2		12,425		155,934
World Acceptance Corp.1,2		4,336		350,002
Total Diversified Financials				22,638,962

21     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Small Cap Revenue ETF

	Shares		Value
Energy—3.6%
Archrock, Inc.		49,547	$	520,243
Bill Barrett Corp.1		31,008		159,071
Bristow Group, Inc.2		74,740		1,006,748
CARBO Ceramics, Inc.1,2		10,441		106,289
Carrizo Oil & Gas, Inc.1,2		21,936		466,798
Cloud Peak Energy, Inc.1		133,434		593,781
CONSOL Energy, Inc.1,2		33,577		1,326,627
Denbury Resources, Inc.1		422,798		934,384
Era Group, Inc.1		15,319		164,679
Exterran Corp.1		26,285		826,400
Geospace Technologies Corp.1		3,870		50,194
Green Plains, Inc.		144,316		2,431,725
Gulf Island Fabrication, Inc.		9,884		132,693
Helix Energy Solutions Group, Inc.1		52,201		393,596
Matrix Service Co.1		42,222		751,552
McDermott International, Inc.1		258,365		1,700,042
Newpark Resources, Inc.1,2		51,954		446,804
Noble Corp. PLC1,2		237,935		1,075,466
Oil States International, Inc.1,2		16,951		479,713
Par Pacific Holdings, Inc.1		77,229		1,488,975
PDC Energy, Inc.1,2		10,089		519,987
Pioneer Energy Services Corp.1		109,860		335,073
REX American Resources Corp.1,2		3,523		291,669
SEACOR Holdings, Inc.1		9,657		446,347
SRC Energy, Inc.1,2		20,745		176,955
TETRA Technologies, Inc.1		123,851		528,844
U.S. Silica Holdings, Inc.		19,901		647,977
Unit Corp.1,2		23,740		522,280
Total Energy				18,524,912
Food & Staples Retailing—3.5%
Andersons, Inc. (The)		77,981		2,429,108
SpartanNash Co.		206,948		5,521,373
SUPERVALU, Inc.1		456,871		9,868,413
Total Food & Staples Retailing				17,818,894
Food, Beverage & Tobacco—2.2%
B&G Foods, Inc.		31,248		1,098,367
Bob Evans Farms, Inc.		3,457		272,481
Calavo Growers, Inc.2		9,064		765,002
Cal-Maine Foods, Inc.1,2		16,019		712,045
Coca-Cola Bottling Co. Consolidated2		11,630		2,503,474
Darling Ingredients, Inc.1,2		141,852		2,571,777
Food, Beverage & Tobacco (Continued)
J&J Snack Foods Corp.		4,710	$	715,119
John B. Sanfilippo & Son, Inc.2		8,753		553,627
Seneca Foods Corp., Class A1		25,032		769,734
Universal Corp.		25,247		1,325,467
Total Food, Beverage & Tobacco				11,287,093
Health Care Equipment & Services—8.8%
Abaxis, Inc.2		3,080		152,522
Aceto Corp.		42,535		439,387
Almost Family, Inc.1		8,576		474,682
Amedisys, Inc.1		17,745		935,339
AMN Healthcare Services, Inc.1,2		26,434		1,301,874
Analogic Corp.		3,747		313,811
AngioDynamics, Inc.1		13,245		220,264
Anika Therapeutics, Inc.1		1,378		74,288
BioTelemetry, Inc.1,2		5,530		165,347
Cantel Medical Corp.		5,063		520,831
Chemed Corp.		4,511		1,096,263
Community Health Systems, Inc.1,2		2,586,529		11,018,613
Computer Programs & Systems, Inc.		5,881		176,724
CONMED Corp.2		10,044		511,943
CorVel Corp.1		6,209		328,456
Cross Country Healthcare, Inc.1,2		43,882		559,934
CryoLife, Inc.1,2		6,113		117,064
Cutera, Inc.1		1,937		87,843
Diplomat Pharmacy, Inc.1		145,185		2,913,863
Ensign Group, Inc. (The)		51,904		1,152,269
Haemonetics Corp.1		10,082		585,563
HealthEquity, Inc.1,2		2,915		136,014
HealthStream, Inc.1		6,927		160,429
Heska Corp.1,2		1,101		88,311
HMS Holdings Corp.1,2		19,847		336,407
ICU Medical, Inc.1,2		3,033		655,128
Inogen, Inc.1		1,277		152,065
Integer Holdings Corp.1		20,449		926,340
Integra LifeSciences Holdings Corp.1,2		13,837		662,239
Invacare Corp.2		36,362		612,700
Kindred Healthcare, Inc.		497,734		4,828,020
Lantheus Holdings, Inc.1		10,520		215,134
LeMaitre Vascular, Inc.		1,963		62,502
LHC Group, Inc.1		10,829		663,276
Magellan Health, Inc.1		36,627		3,536,337

22     OPPENHEIMER ETF TRUST

	Shares		Value
Health Care Equipment & Services (Continued)
Meridian Bioscience, Inc.2		9,560	$	133,840
Merit Medical Systems, Inc.1		10,316		445,651
Natus Medical, Inc.1,2		7,855		300,061
Neogen Corp.1		3,024		248,603
Omnicell, Inc.1		8,870		430,195
OraSure Technologies, Inc.1		5,518		104,069
Orthofix International NV1		5,308		290,348
Providence Service Corp. (The)1		18,330		1,087,702
Quality Systems, Inc.1		24,572		333,688
Quorum Health Corp.1		269,013		1,678,641
Select Medical Holdings Corp.1		172,830		3,050,449
Surmodics, Inc.1		1,641		45,948
Tactile Systems Technology, Inc.1,2		2,297		66,567
Tivity Health, Inc.1,2		9,930		362,941
US Physical Therapy, Inc.		3,576		258,187
Varex Imaging Corp.1,2		11,952		480,112
Total Health Care Equipment & Services				45,498,784
Household & Personal Products—0.4%
Central Garden & Pet Co.1,2		17,538		682,579
Central Garden & Pet Co., Class A1		18,197		686,209
Inter Parfums, Inc.		8,443		366,848
Medifast, Inc.		2,572		179,551
WD-40 Co.2		2,096		247,328
Total Household & Personal Products				2,162,515
Insurance—2.6%
American Equity Investment Life Holding Co.		45,643		1,402,609
AMERISAFE, Inc.		4,017		247,447
eHealth, Inc.1		6,433		111,741
Employers Holdings, Inc.		11,092		492,485
HCI Group, Inc.		5,623		168,128
Horace Mann Educators Corp.		17,390		766,899
Infinity Property & Casualty Corp.		9,521		1,009,226
Maiden Holdings Ltd.2		266,685		1,760,121
Navigators Group, Inc. (The)		16,715		814,020
ProAssurance Corp.		9,383		536,238
RLI Corp.2		9,138		554,311
Safety Insurance Group, Inc.		6,735		541,494
Selective Insurance Group, Inc.		26,817		1,574,158
Stewart Information Services Corp.		30,423		1,286,893
Insurance (Continued)
Third Point Reinsurance Ltd.1,2		31,570	$	462,501
United Fire Group, Inc.		14,694		669,753
United Insurance Holdings Corp.		23,854		411,481
Universal Insurance Holdings, Inc.		18,559		507,589
Total Insurance				13,317,094
Materials—6.4%
A. Schulman, Inc.		44,791		1,668,465
AdvanSix, Inc.1		21,875		920,281
AK Steel Holding Corp.1,2		744,236		4,212,376
American Vanguard Corp.		11,218		220,434
Balchem Corp.		4,594		370,276
Boise Cascade Co.2		70,646		2,818,775
Calgon Carbon Corp.		18,002		383,443
Century Aluminum Co.1,2		61,555		1,208,940
Clearwater Paper Corp.1		25,856		1,173,862
Deltic Timber Corp.		1,639		150,050
Flotek Industries, Inc.1,2		44,990		209,653
FutureFuel Corp.		12,236		172,405
H.B. Fuller Co.2		26,804		1,443,932
Hawkins, Inc.		8,398		295,610
Haynes International, Inc.		8,128		260,502
Ingevity Corp.1		8,782		618,868
Innophos Holdings, Inc.		10,111		472,487
Innospec, Inc.		11,424		806,534
Kaiser Aluminum Corp.		8,973		958,765
KapStone Paper and Packaging Corp.		97,239		2,206,353
Koppers Holdings, Inc.1		19,445		989,751
Kraton Corp.1		26,469		1,275,012
LSB Industries, Inc.1,2		33,685		295,081
Materion Corp.		14,242		692,161
Myers Industries, Inc.		18,953		369,584
Neenah Paper, Inc.2		7,012		635,638
Olympic Steel, Inc.		38,494		827,236
PH Glatfelter Co.		51,552		1,105,275
Quaker Chemical Corp.		3,512		529,574
Rayonier Advanced Materials, Inc.2		29,316		599,512
Schweitzer-Mauduit International, Inc.		14,120		640,483
Stepan Co.		15,439		1,219,218
SunCoke Energy, Inc.1		75,619		906,672
TimkenSteel Corp.1,2		58,027		881,430
Tredegar Corp.		30,526		586,099
U.S. Concrete, Inc.1,2		10,998		919,983
Total Materials				33,044,720

23     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Small Cap Revenue ETF

	Shares		Value
Media—1.3%
E.W. Scripps Co., (The), Class A1,2		38,968	$	609,070
Gannett Co., Inc.		180,744		2,094,823
New Media Investment Group, Inc.2		49,199		825,559
Scholastic Corp.		26,352		1,056,979
Time, Inc.		100,297		1,850,480
World Wrestling Entertainment, Inc., Class A		15,806		483,347
Total Media				6,920,258
Pharmaceuticals, Biotechnology & Life Sciences—1.1%
Acorda Therapeutics, Inc.1,2		16,847		361,368
AMAG Pharmaceuticals, Inc.1,2		27,437		363,540
Amphastar Pharmaceuticals, Inc.1,2		8,381		161,250
ANI Pharmaceuticals, Inc.1,2		1,634		105,311
Cambrex Corp.1,2		6,947		333,456
Corcept Therapeutics, Inc.1		10,571		190,912
Cytokinetics, Inc.1		3,752		30,579
Depomed, Inc.1		32,434		261,094
Eagle Pharmaceuticals, Inc.1,2		3,076		164,320
Emergent BioSolutions, Inc.1		7,230		335,978
Enanta Pharmaceuticals, Inc.1		1,191		69,888
Impax Laboratories, Inc.1		28,095		467,782
Innoviva, Inc.1,2		9,966		141,418
Lannett Co., Inc.1,2		14,390		333,848
Ligand Pharmaceuticals, Inc.1,2		611		83,664
Luminex Corp.		9,522		187,583
Medicines Co. (The)1,2		2,013		55,035
MiMedx Group, Inc.1,2		15,782		199,011
Momenta Pharmaceuticals, Inc.1		5,362		74,800
Myriad Genetics, Inc.1,2		15,265		524,276
Nektar Therapeutics1		2,926		174,741
Phibro Animal Health Corp., Class A		14,934		500,289
Progenics Pharmaceuticals, Inc.1,2		1,451		8,634
Repligen Corp.1,2		2,224		80,687
Spectrum Pharmaceuticals, Inc.1,2		4,668		88,459
Sucampo Pharmaceuticals, Inc., Class A1,2		9,648		173,182
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Supernus Pharmaceuticals, Inc.1,2		4,617	$	183,987
Total Pharmaceuticals, Biotechnology & Life Sciences				5,655,092
Real Estate—1.4%
Acadia Realty Trust		5,711		156,253
Agree Realty Corp.		1,373		70,627
American Assets Trust, Inc.		5,113		195,521
Armada Hoffler Properties, Inc.2		13,222		205,338
CareTrust REIT, Inc.		4,556		76,359
CBL & Associates Properties, Inc.		111,574		631,509
Cedar Realty Trust, Inc.		15,097		91,790
Chatham Lodging Trust		8,222		187,133
Chesapeake Lodging Trust		13,910		376,822
Community Healthcare Trust, Inc.2		22,466		631,295
DiamondRock Hospitality Co.		49,517		559,047
Easterly Government Properties, Inc.2		3,389		72,321
EastGroup Properties, Inc.		1,911		168,894
Four Corners Property Trust, Inc.		3,173		81,546
Franklin Street Properties Corp.		16,339		175,481
Getty Realty Corp.		2,659		72,218
Government Properties Income Trust2		10,424		193,261
Hersha Hospitality Trust		17,994		313,096
HFF, Inc., Class A		8,565		416,602
Independence Realty Trust, Inc.		9,477		95,623
Kite Realty Group Trust		11,621		227,772
Lexington Realty Trust		24,839		239,696
LTC Properties, Inc.		2,350		102,342
National Storage Affiliates Trust		6,250		170,375
Pennsylvania Real Estate Investment Trust2		21,886		260,224
PS Business Parks, Inc.		1,639		205,022
Ramco-Gershenson Properties Trust		11,809		173,947
RE/MAX Holdings, Inc., Class A		2,378		115,333
Retail Opportunity Investments Corp.		8,289		165,365
Saul Centers, Inc.		2,319		143,198

24     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Summit Hotel Properties, Inc.2		21,465	$	326,912
Universal Health Realty Income Trust		605		45,441
Urstadt Biddle Properties, Inc., Class A		3,493		75,938
Whitestone REIT		5,297		76,330
Total Real Estate				7,098,631
Retailing—16.5%
Abercrombie & Fitch Co., Class A		129,555		2,258,144
Asbury Automotive Group, Inc.1		65,109		4,166,976
Ascena Retail Group, Inc.1,2		2,170,990		5,101,827
Barnes & Noble Education, Inc.1		157,991		1,301,846
Barnes & Noble, Inc.		367,797		2,464,240
Big 5 Sporting Goods Corp.2		88,902		675,655
Buckle, Inc. (The)2		26,871		638,186
Caleres, Inc.		54,523		1,825,430
Cato Corp., (The), Class A		36,956		588,340
Chico’s FAS, Inc.		177,968		1,569,678
Children’s Place, Inc. (The)2		8,704		1,265,126
Core-Mark Holding Co., Inc.2		322,993		10,200,119
DSW, Inc., Class A2		86,457		1,851,044
Express, Inc.1		137,356		1,394,163
Finish Line, Inc., (The), Class A2		99,063		1,439,385
Five Below, Inc.1,2		10,863		720,434
Francesca’s Holdings Corp.1		45,469		332,378
Fred’s, Inc., Class A2		342,849		1,388,539
FTD Cos., Inc.1		101,065		726,657
Genesco, Inc.1		60,328		1,960,660
Group 1 Automotive, Inc.		93,776		6,655,283
Guess?, Inc.2		90,991		1,535,928
Haverty Furniture Cos., Inc.		23,174		524,891
Hibbett Sports, Inc.1,2		29,749		606,880
JC Penney Co., Inc.1,2		2,649,673		8,372,967
Kirkland’s, Inc.1		31,705		379,350
Lithia Motors, Inc., Class A2		53,582		6,086,379
Lumber Liquidators Holdings, Inc.1,2		22,327		700,845
MarineMax, Inc.1		33,199		627,461
Monro, Inc.2		13,862		789,441
Nutrisystem, Inc.		8,664		455,726
Ollie’s Bargain Outlet Holdings, Inc.1,2		12,735		678,139
Retailing (Continued)
PetMed Express, Inc.2		3,845	$	174,948
Rent-A-Center, Inc.2		164,027		1,820,700
RH1,2		15,130		1,304,357
Shoe Carnival, Inc.		25,727		688,197
Shutterfly, Inc.1		16,242		808,040
Sleep Number Corp.1		24,815		932,796
Sonic Automotive, Inc., Class A		317,376		5,855,587
Tailored Brands, Inc.		105,246		2,297,520
Tile Shop Holdings, Inc.		24,426		234,490
Vitamin Shoppe, Inc.1,2		193,516		851,470
Zumiez, Inc.1,2		27,691		576,665
Total Retailing				84,826,887
Semiconductors & Semiconductor Equipment—1.1%
Advanced Energy Industries, Inc.1		5,829		393,341
Axcelis Technologies, Inc.1		8,131		233,360
Brooks Automation, Inc.		18,430		439,555
Cabot Microelectronics Corp.		3,600		338,688
CEVA, Inc.1		1,244		57,411
Cohu, Inc.		10,007		219,654
Diodes, Inc.1		23,270		667,151
DSP Group, Inc.1		6,516		81,450
Kopin Corp.1,2		4,764		15,245
Kulicke & Soffa Industries, Inc.1		21,453		522,059
MaxLinear, Inc.1,2		10,101		266,868
Nanometrics, Inc.1		6,250		155,750
PDF Solutions, Inc.1,2		4,002		62,831
Photronics, Inc.1		32,789		279,526
Power Integrations, Inc.		3,792		278,902
Rambus, Inc.1		17,086		242,963
Rudolph Technologies, Inc.1		6,795		162,400
Semtech Corp.1		10,831		370,420
SolarEdge Technologies, Inc.1,2		9,056		340,053
Veeco Instruments, Inc.1		18,299		271,740
Xperi Corp.2		8,387		204,643
Total Semiconductors & Semiconductor Equipment				5,604,010
Software & Services—2.8%
8x8, Inc.1		12,523		176,574
Agilysys, Inc.1		6,689		82,141
Alarm.com Holdings, Inc.1		24,722		933,256
Barracuda Networks, Inc.1		8,590		236,225
Blucora, Inc.1,2		14,487		320,163

25     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Small Cap Revenue ETF

	Shares		Value
Software & Services (Continued)
Bottomline Technologies (de), Inc.1		6,676	$	231,524
CACI International, Inc., Class A1		21,193		2,804,894
Cardtronics PLC, Class A1		51,227		948,724
CSG Systems International, Inc.		11,392		499,197
DHI Group, Inc.1		71,970		136,743
Ebix, Inc.		2,823		223,723
ExlService Holdings, Inc.1		7,871		475,015
Liquidity Services, Inc.1		37,065		179,765
LivePerson, Inc.1		11,898		136,827
ManTech International Corp., Class A		21,247		1,066,387
MicroStrategy, Inc., Class A1		2,481		325,755
Monotype Imaging Holdings, Inc.		6,134		147,829
NIC, Inc.		11,812		196,079
Perficient, Inc.1		15,806		301,420
Progress Software Corp.		6,307		268,489
Qualys, Inc.1,2		2,441		144,873
QuinStreet, Inc.1		23,056		193,209
Shutterstock, Inc.1,2		8,096		348,371
SPS Commerce, Inc.1		2,879		139,891
Stamps.com, Inc.1,2		1,610		302,680
Sykes Enterprises, Inc.1		32,422		1,019,672
Synchronoss Technologies, Inc.1		43,420		388,175
TeleTech Holdings, Inc.2		22,974		924,704
TiVo Corp.		38,204		595,982
VASCO Data Security International, Inc.1		8,468		117,705
Virtusa Corp.1,2		13,258		584,413
XO Group, Inc.1		5,450		100,607
Total Software & Services				14,551,012
Technology Hardware & Equipment—7.1%
ADTRAN, Inc.		21,000		406,350
Anixter International, Inc.1		72,926		5,542,376
Applied Optoelectronics, Inc.1,2		6,394		241,821
Badger Meter, Inc.2		5,540		264,812
Bel Fuse, Inc., Class B		11,958		301,043
Benchmark Electronics, Inc.1		52,814		1,536,887
CalAmp Corp.1,2		10,423		223,365
Comtech Telecommunications Corp.		15,916		352,062
Control4 Corp.1,2		4,923		146,508
Cray, Inc.1,2		14,674		355,111
Technology Hardware & Equipment (Continued)
CTS Corp.		10,493	$	270,195
Daktronics, Inc.		42,595		388,892
Digi International, Inc.1		11,965		114,266
Electro Scientific Industries, Inc.1		7,096		152,067
Electronics For Imaging, Inc.1		22,477		663,746
ePlus, Inc.1		11,712		880,742
Fabrinet1,2		31,555		905,628
FARO Technologies, Inc.1		4,682		220,054
Harmonic, Inc.1,2		55,570		233,394
II-VI, Inc.1		14,689		689,648
Insight Enterprises, Inc.1		108,435		4,151,976
Itron, Inc.1		18,016		1,228,691
KEMET Corp.1,2		40,190		605,261
Lumentum Holdings, Inc.1,2		12,434		608,023
Methode Electronics, Inc.		13,490		540,949
MTS Systems Corp.2		9,204		494,255
NETGEAR, Inc.1,2		16,455		966,731
Oclaro, Inc.1,2		55,963		377,191
OSI Systems, Inc.1,2		9,870		635,431
Park Electrochemical Corp.		3,786		74,395
Plexus Corp.1		26,887		1,632,579
Rogers Corp.1		3,240		524,621
Sanmina Corp.1		147,406		4,864,398
ScanSource, Inc.1		66,729		2,388,898
Super Micro Computer, Inc.1		75,217		1,573,916
TTM Technologies, Inc.1,2		105,814		1,658,105
Viavi Solutions, Inc.1,2		59,355		518,763
Total Technology Hardware & Equipment				36,733,150
Telecommunication Services—1.7%
ATN International, Inc.		5,974		330,123
Cincinnati Bell, Inc.1		36,788		767,030
Cogent Communications Holdings, Inc.2		6,548		296,625
Consolidated Communications Holdings, Inc.		44,485		542,272
Frontier Communications Corp.2		757,599		5,121,369
General Communication, Inc., Class A1		14,613		570,199
Iridium Communications, Inc.1,2		25,012		295,142
Spok Holdings, Inc.		7,119		111,412
Vonage Holdings Corp.1		62,630		636,947
Total Telecommunication Services				8,671,119

26     OPPENHEIMER ETF TRUST

	Shares		Value
Transportation—3.3%
Allegiant Travel Co.2		6,409	$	991,793
ArcBest Corp.		51,074		1,825,895
Atlas Air Worldwide Holdings, Inc.1,2		23,296		1,366,310
Echo Global Logistics, Inc.1		43,876		1,228,528
Forward Air Corp.		12,037		691,405
Hawaiian Holdings, Inc.2		43,334		1,726,860
Heartland Express, Inc.2		16,799		392,089
Hub Group, Inc., Class A1		54,332		2,602,503
Marten Transport Ltd.		22,083		448,285
Matson, Inc.		47,113		1,405,852
Roadrunner Transportation Systems, Inc.1		176,983		1,364,539
Saia, Inc.1		12,539		887,134
SkyWest, Inc.		39,157		2,079,237
Total Transportation				17,010,430
Utilities—1.1%
ALLETE, Inc.		11,960		889,345
American States Water Co.2		5,202		301,248
Avista Corp.		18,195		936,860
California Water Service Group2		9,991		453,092
El Paso Electric Co.		10,100		559,035
Northwest Natural Gas Co.		7,606		453,698
South Jersey Industries, Inc.		24,603		768,352
Spire, Inc.		14,671		1,102,526
Total Utilities				5,464,156
Total Common Stocks (Cost $457,726,694)				513,258,505
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $989,093)		989,093	$	989,093
Investment of Cash Collateral for Securities Loaned—9.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $46,947,237)		46,947,237		46,947,237
Total Investments—109.1% (Cost $505,663,024)			$	561,194,835
Liabilities in Excess of Other Assets—(9.1)%				(46,986,021	)
Net Assets—100.0%			$	514,208,814

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $108,561,788; total value of the collateral held by the Fund was $112,716,446. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $65,769,209 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

27     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Financials Sector Revenue ETF

	Shares		Value
COMMON STOCKS—99.9%
Banks—33.3%
Bank of America Corp.		91,259	$	2,693,966
BB&T Corp.		6,461		321,241
Citigroup, Inc.		31,229		2,323,750
Citizens Financial Group, Inc.		4,023		168,885
Comerica, Inc.		940		81,601
Fifth Third Bancorp		6,731		204,219
Huntington Bancshares, Inc.		8,604		125,274
JPMorgan Chase & Co.		28,517		3,049,608
KeyCorp		9,159		184,737
M&T Bank Corp.		924		157,995
People’s United Financial, Inc.		2,268		42,412
PNC Financial Services Group, Inc. (The)		3,260		470,385
Regions Financial Corp.		9,374		161,983
SunTrust Banks, Inc.		3,961		255,841
U.S. Bancorp		11,473		614,723
Wells Fargo & Co.		46,042		2,793,368
Zions Bancorporation		1,432		72,789
Total Banks				13,722,777
Capital Markets—13.0%
Affiliated Managers Group, Inc.		311		63,833
Ameriprise Financial, Inc.		1,925		326,230
Bank of New York Mellon Corp. (The)		8,060		434,111
BlackRock, Inc.		629		323,123
Cboe Global Markets, Inc.		377		46,970
Charles Schwab Corp. (The)		4,525		232,449
CME Group, Inc.		677		98,876
E*TRADE Financial Corp.1		1,267		62,805
Franklin Resources, Inc.		4,011		173,797
Goldman Sachs Group, Inc. (The)		4,225		1,076,361
Intercontinental Exchange, Inc.		2,306		162,711
Invesco Ltd.		3,651		133,407
Moody’s Corp.		710		104,803
Morgan Stanley		21,510		1,128,630
Nasdaq, Inc.		1,343		103,183
Northern Trust Corp.		1,500		149,835
Raymond James Financial, Inc.		1,997		178,332
S&P Global, Inc.		934		158,220
State Street Corp.		2,901		283,167
T. Rowe Price Group, Inc.		1,232		129,274
Total Capital Markets				5,370,117
Consumer Finance—6.3%
American Express Co.		9,467	$	940,168
Capital One Financial Corp.		8,292		825,717
Discover Financial Services		4,046		311,218
Navient Corp.		10,526		140,206
Synchrony Financial		9,693		374,247
Total Consumer Finance				2,591,556
Diversified Financial Services—16.4%
Berkshire Hathaway, Inc., Class B1		32,496		6,441,357
Leucadia National Corp.		13,097		346,940
Total Diversified Financial Services				6,788,297
Insurance—30.9%
Aflac, Inc.		6,718		589,706
Allstate Corp. (The)		9,675		1,013,069
American International Group, Inc.		23,861		1,421,638
Aon PLC		2,025		271,350
Arthur J. Gallagher & Co.		2,482		157,061
Assurant, Inc.		1,719		173,344
Brighthouse Financial, Inc.1		2,993		175,510
Chubb Ltd.		5,852		855,153
Cincinnati Financial Corp.		2,053		153,913
Everest Re Group Ltd.		758		167,715
Hartford Financial Services Group, Inc. (The)		8,897		500,723
Lincoln National Corp.		4,869		374,280
Loews Corp.		7,126		356,514
Marsh & McLennan Cos., Inc.		4,413		359,174
MetLife, Inc.		35,788		1,809,441
Principal Financial Group, Inc.		5,544		391,185
Progressive Corp. (The)		12,518		705,014
Prudential Financial, Inc.		13,736		1,579,365
Torchmark Corp.		1,225		111,120
Travelers Cos., Inc. (The)		5,714		775,047
Unum Group		5,535		303,816
Willis Towers Watson PLC		1,380		207,952
XL Group Ltd.		8,285		291,301
Total Insurance				12,743,391
Total Common Stocks (Cost $30,749,130)				41,216,138

 

28     OPPENHEIMER ETF TRUST

	Shares		Value
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%2 (Cost $40,699)		40,699	$	40,699
Total Investments—100.0% (Cost $30,789,829)				41,256,837
Other Assets in Excess of Liabilities—0.0%3				14,201
Net Assets—100.0%			$	41,271,038

 

PLC – Public Limited Company

1. Non-income producing security.

2. Rate shown represents annualized 7-day yield as of December 31, 2017.

3. Less than 0.05%

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

29     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Ultra Dividend Revenue ETF

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—5.0%
Ford Motor Co.		2,198,643	$	27,461,051
Banks—0.8%
New York Community Bancorp, Inc.		206,914		2,694,021
PacWest Bancorp		35,058		1,766,923
Total Banks				4,460,944
Capital Goods—4.9%
General Electric Co.		1,552,132		27,084,703
Commercial & Professional Services—0.9%
Pitney Bowes, Inc.		452,818		5,062,505
Consumer Durables & Apparel—0.6%
Tupperware Brands Corp.		51,242		3,212,873
Consumer Services—1.2%
Brinker International, Inc.1		120,248		4,670,432
Six Flags Entertainment Corp.		29,245		1,946,840
Total Consumer Services				6,617,272
Diversified Financials—1.4%
Navient Corp.		570,602		7,600,419
Energy—8.9%
Helmerich & Payne, Inc.1		45,546		2,944,093
Occidental Petroleum Corp.		243,104		17,907,041
ONEOK, Inc.1		309,727		16,554,908
Williams Cos., Inc. (The)		392,447		11,965,709
Total Energy				49,371,751
Health Care Equipment & Services—2.4%
Owens & Minor, Inc.		712,399		13,450,093
Insurance—0.9%
Mercury General Corp.		89,986		4,808,852
Materials—0.4%
Compass Minerals International, Inc.1		27,979		2,021,483
Real Estate—11.7%
American Campus Communities, Inc.		26,515		1,087,911
CoreCivic, Inc.		118,181		2,659,073
Education Realty Trust, Inc.1		12,683		442,890
EPR Properties		11,764		770,071
GEO Group, Inc. (The)		138,682		3,272,895
Real Estate (Continued)
HCP, Inc.		105,756	$	2,758,117
Hospitality Properties Trust		101,011		3,015,178
Host Hotels & Resorts, Inc.		389,615		7,733,858
Iron Mountain, Inc.		146,651		5,533,142
Kimco Realty Corp.		93,423		1,695,628
Lamar Advertising Co., Class A1		29,089		2,159,567
LaSalle Hotel Properties		57,935		1,626,235
Life Storage, Inc.1		8,634		769,030
Macerich Co. (The)		22,389		1,470,510
Medical Properties Trust, Inc.		68,162		939,272
National Retail Properties, Inc.1		19,288		831,891
Omega Healthcare Investors, Inc.1		46,942		1,292,783
Realty Income Corp.		30,580		1,743,672
Sabra Health Care REIT, Inc.		21,991		412,771
Senior Housing Properties Trust		78,748		1,508,024
Simon Property Group, Inc.		47,888		8,224,285
Tanger Factory Outlet Centers, Inc.1		27,227		721,788
Taubman Centers, Inc.		14,288		934,864
Uniti Group, Inc.		71,132		1,265,438
Ventas, Inc.		70,250		4,215,703
Washington Prime Group, Inc.1		163,952		1,167,338
Weingarten Realty Investors		25,326		832,466
Welltower, Inc.		93,507		5,962,941
Total Real Estate				65,047,341
Retailing—21.1%
GameStop Corp., Class A1		694,801		12,471,678
Kohl’s Corp.1		525,918		28,520,533
L Brands, Inc.1		307,728		18,531,380
Macy’s, Inc.1		1,124,810		28,333,964
Target Corp.		441,770		28,825,493
Total Retailing				116,683,048
Technology Hardware & Equipment—2.8%
Seagate Technology PLC1		368,073		15,400,174
Telecommunication Services—14.4%
AT&T, Inc.		723,305		28,122,098
CenturyLink, Inc.		1,426,688		23,797,156
Verizon Communications, Inc.		525,142		27,795,766
Total Telecommunication Services				79,715,020

 

30     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities—22.3%
AES Corp.		1,906,018	$	20,642,175
Duke Energy Corp.		314,886		26,485,061
Entergy Corp.		193,475		15,746,930
FirstEnergy Corp.		634,580		19,430,840
PPL Corp.		315,667		9,769,894
SCANA Corp.		141,396		5,624,733
Southern Co. (The)		539,070		25,923,876
Total Utilities				123,623,509
Total Common Stocks (Cost $543,309,693)				551,621,038
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%2 (Cost $920,344)		920,344		920,344

 

Investment of Cash Collateral for Securities Loaned—2.8%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%2 (Cost $15,596,144)	15,596,144	$	15,596,144
Total Investments—102.7% (Cost $559,826,181)			568,137,526
Liabilities in Excess of Other Assets—(2.7)%			(14,940,746	)
Net Assets—100.0%		$	553,196,780

 

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 $60,223,546; total value of the collateral held by the Fund was $62,255,421. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $46,659,277 (Note 4).

2. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

31     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Emerging Markets Revenue ETF

	Shares		Value
COMMON STOCKS—97.0%
Automobiles & Components—4.8%
Astra International Tbk PT		53,564	$	32,768
Bajaj Auto Ltd.		211		11,020
Bosch Ltd.		17		5,371
Brilliance China Automotive Holdings Ltd.		958		2,561
BYD Co. Ltd., Class H		1,186		10,332
Cheng Shin Rubber Industry Co. Ltd.		8,075		14,246
Dongfeng Motor Group Co. Ltd., Class H		10,953		13,255
Ford Otomotiv Sanayi AS		669		10,631
Fuyao Glass Industry Group Co. Ltd., Class H1		695		2,929
Geely Automobile Holdings Ltd.		4,822		16,716
Great Wall Motor Co. Ltd., Class H		7,893		9,037
Guangzhou Automobile Group Co. Ltd., Class H		2,520		5,970
Hankook Tire Co. Ltd.2		245		12,495
Hanon Systems		948		12,309
Hyundai Mobis Co. Ltd.2		296		72,718
Hyundai Motor Co.		980		142,805
Hyundai Wia Corp.2		220		13,358
Kia Motors Corp.2		2,974		93,063
Mahindra & Mahindra Ltd.		2,580		30,361
Maruti Suzuki India Ltd.		127		19,359
Motherson Sumi Systems Ltd.		2,989		17,760
Nexteer Automotive Group Ltd.2		2,946		7,017
Tata Motors Ltd.2		11,057		74,810
Tata Motors Ltd., Class A2		2,208		8,444
Tofas Turk Otomobil Fabrikasi AS		1,065		9,275
UMW Holdings Bhd2		6,051		7,775
Total Automobiles & Components				656,385
Banks—13.4%
Abu Dhabi Commercial Bank PJSC		3,543		6,560
Agricultural Bank of China Ltd., Class H		45,806		21,329
Alliance Bank Malaysia Bhd		10,406		10,491
Alpha Bank AE2		4,271		9,165
AMMB Holdings Bhd		9,091		9,906
Axis Bank Ltd.		2,195		19,394
Banco Bradesco SA		8,190		79,157
Banks (Continued)
Banco de Credito e Inversiones		206	$	14,330
Banco do Brasil SA		12,803		122,816
Banco Santander Brasil SA		5,730		55,070
Bancolombia SA		1,794		18,021
Bank Danamon Indonesia Tbk PT		15,406		7,892
Bank Handlowy w Warszawie SA		250		5,891
Bank Mandiri Persero Tbk PT		41,691		24,583
Bank of China Ltd., Class H		130,000		63,858
Bank of Communications Co. Ltd., Class H		70,000		51,936
Bank Rakyat Indonesia Persero Tbk PT		94,581		25,375
Bank Zachodni WBK SA		114		13,000
Barclays Africa Group Ltd.		1,459		21,448
BNK Financial Group, Inc.2		1,321		11,624
Capitec Bank Holdings Ltd.		125		11,086
China CITIC Bank Corp Ltd., Class H		46,563		29,186
China Construction Bank Corp., Class H		307,470		283,190
China Everbright Bank Co. Ltd., Class H		26,476		12,362
China Merchants Bank Co. Ltd., Class H		4,815		19,156
China Minsheng Banking Corp. Ltd., Class H		15,138		15,163
Chongqing Rural Commercial Bank Co. Ltd., Class H		9,945		7,022
CIMB Group Holdings Bhd		13,067		21,116
Commercial International Bank Egypt SAE		914		3,982
CTBC Financial Holding Co. Ltd.		40,000		27,555
DGB Financial Group, Inc.2		905		8,919
Dubai Islamic Bank PJSC		3,386		5,707
First Abu Dhabi Bank PJSC		3,388		9,455
Grupo Financiero Banorte SAB de CV, Class O		2,500		13,778
Habib Bank Ltd.		2,743		4,153
Hana Financial Group, Inc.		609		28,330
Housing Development Finance Corp. Ltd.		888		23,796
ICICI Bank Ltd.		7,163		35,238
IDFC Bank Ltd.		5,517		4,689

 

32     OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
Indiabulls Housing Finance Ltd.		295	$	5,531
Industrial & Commercial Bank of China Ltd., Class H		94,858		76,325
Industrial Bank of Korea		1,316		20,222
Itau CorpBanca		1,521,703		13,847
Kasikornbank PCL		5,898		41,986
KB Financial Group, Inc.		640		37,902
Krung Thai Bank PCL		14,045		8,274
LIC Housing Finance Ltd.		823		7,266
Malayan Banking Bhd		6,721		16,275
MCB Bank Ltd.		1,804		3,471
Metropolitan Bank & Trust Co.		4,406		8,950
Nedbank Group Ltd.3		950		19,652
OTP Bank PLC		215		8,922
Piraeus Bank SA2		2,795		10,304
Public Bank Bhd		1,862		9,561
Qatar National Bank QPSC		886		30,574
RHB Bank Bhd		12,214		15,090
Sberbank of Russia PJSC4		6,720		114,442
Shinhan Financial Group Co. Ltd.		855		39,454
Siam Commercial Bank PCL (The)		1,873		8,621
State Bank of India		18,663		90,614
Turkiye Is Bankasi, Class C		14,095		25,910
Turkiye Vakiflar Bankasi TAO, Class D		8,443		15,075
United Bank Ltd./Pakistan		2,693		4,587
VTB Bank PJSC		19,406		35,513
Woori Bank		1,628		23,951
Yes Bank Ltd.		1,775		8,764
Total Banks				1,856,812
Capital Goods—9.2%
AKR Corporindo Tbk PT		11,192		5,238
Alfa SAB de CV, Class A		29,881		33,019
Alliance Global Group, Inc.2		26,454		8,479
Ashok Leyland Ltd.		5,012		9,352
AviChina Industry & Technology Co. Ltd., Class H		7,333		3,902
Beijing Enterprises Holdings Ltd.		3,046		18,080
Berli Jucker PCL		6,259		12,675
BGF Co. Ltd.2		52		741
Bharat Heavy Electricals Ltd.		7,777		11,271
Bidvest Group Ltd. (The)		805		14,181
Capital Goods (Continued)
China Communications Construction Co. Ltd., Class H		30,384	$	34,514
China Railway Construction Corp. Ltd., Class H		23,956		27,764
China Railway Group Ltd., Class H		46,765		34,577
China State Construction International Holdings Ltd.		10,559		14,777
CITIC Ltd.		68,012		98,138
CJ Corp.2		264		44,758
CRRC Corp. Ltd., Class H		10,896		11,652
Daelim Industrial Co. Ltd.2		210		16,164
Daewoo Engineering & Construction Co. Ltd.2		3,516		19,443
DMCI Holdings, Inc.		20,757		5,988
Doosan Bobcat, Inc.2		195		6,521
Doosan Heavy Industries & Construction Co. Ltd.2		1,703		24,418
Eicher Motors Ltd.		10		4,754
Embraer SA		2,511		15,140
Far Eastern New Century Corp.		26,387		23,764
Fosun International Ltd.		10,695		23,696
GS Engineering & Construction Corp.2		816		21,571
Haitian International Holdings Ltd.		1,386		4,166
Hanwha Corp.2		2,479		96,099
Hanwha Techwin Co. Ltd.2		196		6,509
Hiwin Technologies Corp.		530		5,735
Hyundai Development Co.-Engineering & Construction2		269		9,687
Hyundai Engineering & Construction Co. Ltd.2		972		32,958
Hyundai Heavy Industries Co. Ltd.2		265		24,877
JG Summit Holdings, Inc.		8,802		12,713
KCC Corp.		18		6,406
KOC Holding AS		10,256		49,987
Larsen & Toubro Ltd.		1,905		37,554
LG Corp.2		235		19,976
Lotte Corp.2		179		10,885
Posco Daewoo Corp.2		2,070		35,095
Samsung C&T Corp.2		459		54,023
Samsung Heavy Industries Co. Ltd.2		1,835		12,564
Shanghai Electric Group Co. Ltd., Class H2		14,299		5,890

33     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Emerging Markets Revenue ETF

	Shares		Value
Capital Goods (Continued)
Shanghai Industrial Holdings Ltd.		3,591	$	10,290
Siemens Ltd.		401		7,778
Sime Darby Bhd		6,247		3,411
SK Holdings Co. Ltd.2		732		193,504
SK Networks Co. Ltd.2		5,898		36,637
SM Investments Corp.		603		11,958
Teco Electric and Machinery Co. Ltd.		13,597		13,022
Waskita Karya Persero Tbk PT		46,165		7,520
Weichai Power Co. Ltd., Class H		7,344		8,042
Zhuzhou CRRC Times Electric Co. Ltd., Class H		500		3,252
Total Capital Goods				1,265,115
Commercial & Professional Services—0.1%
S-1 Corp.		116		11,594
Consumer Durables & Apparel—1.6%
ANTA Sports Products Ltd.		636		2,884
Arcelik AS		1,841		10,449
CCC SA		60		4,921
Coway Co. Ltd.		40		3,651
Eclat Textile Co. Ltd.		209		2,089
Feng TAY Enterprise Co. Ltd.		1,410		6,420
Haier Electronics Group Co. Ltd.2		7,670		20,997
Hanssem Co. Ltd.2		43		7,230
LG Electronics, Inc.		1,124		111,292
LPP SA		2		5,128
Nien Made Enterprise Co. Ltd.		230		2,458
Pou Chen Corp.		20,390		26,414
Ruentex Industries Ltd.2		1,404		2,387
Shenzhou International Group Holdings Ltd.		333		3,169
Steinhoff International Holdings NV		9,658		3,628
Titan Co. Ltd.		471		6,333
Total Consumer Durables & Apparel				219,450
Consumer Services—0.4%
Genting Malaysia Bhd		10,032		13,956
Jollibee Foods Corp.		2,244		11,373
OPAP SA		1,035		13,049
Yum China Holdings, Inc.		387		15,488
Total Consumer Services				53,866
Diversified Financials—1.3%
Bajaj Finance Ltd.		230	$	6,330
Chailease Holding Co. Ltd.		2,752		8,009
China Cinda Asset Management Co. Ltd., Class H		35,592		13,021
China Everbright Ltd.		2,023		4,524
China Huarong Asset Management Co. Ltd., Class H1		52,742		24,896
CITIC Securities Co. Ltd., Class H		2,500		5,155
Dubai Investments PJSC		5,191		3,406
Far East Horizon Ltd.		6,107		5,211
FirstRand Ltd.		4,623		25,113
Fubon Financial Holding Co. Ltd.		9,980		17,003
GF Securities Co. Ltd., Class H		2,226		4,476
Grupo de Inversiones Suramericana SA		1,182		15,961
GT Capital Holdings, Inc.		450		11,647
Haitong Securities Co. Ltd., Class H		4,000		5,802
Metro Pacific Investments Corp.		84,906		11,651
Yuanta Financial Holding Co. Ltd.		34,622		16,055
Total Diversified Financials				178,260
Energy—16.1%
Adaro Energy Tbk PT		57,766		7,919
Banpu PCL		14,786		8,847
Bharat Petroleum Corp. Ltd.		8,077		65,512
China Petroleum & Chemical Corp., Class H		197,253		144,584
China Shenhua Energy Co. Ltd., Class H		5,000		12,952
CNOOC Ltd.		35,000		50,235
Coal India Ltd.		6,008		24,751
Dialog Group BHD		11,645		7,222
Ecopetrol SA		61,341		45,423
Empresas COPEC SA		2,989		47,221
Formosa Petrochemical Corp.		12,974		50,355
Gazprom PJSC4		51,488		227,062
Grupa Lotos SA		844		14,015
GS Holdings Corp.2		445		25,855
Hindustan Petroleum Corp. Ltd.		9,001		59,031
Indian Oil Corp. Ltd.		17,897		108,948
IRPC PCL		44,806		9,693
Kunlun Energy Co. Ltd.		25,727		26,789

34     OPPENHEIMER ETF TRUST

	Shares		Value
Energy—16.1%
LUKOIL PJSC4		4,190	$	241,553
MOL Hungarian Oil & Gas PLC		2,764		32,152
Novatek PJSC		200		24,040
Oil & Natural Gas Corp. Ltd.		15,268		46,693
PetroChina Co. Ltd., Class H		96,069		66,977
Petroleo Brasileiro SA2		19,362		98,704
Petronas Dagangan Bhd		2,006		12,025
Polski Koncern Naftowy ORLEN SA		1,552		47,344
Polskie Gornictwo Naftowe i Gazownictwo SA		10,455		18,925
PTT Exploration & Production PCL		4,200		12,887
PTT PCL		9,582		129,367
Reliance Industries Ltd.		7,166		103,408
Rosneft Oil Co. PJSC2		33,938		169,351
SK Innovation Co. Ltd.		412		78,702
S-Oil Corp.		320		34,973
Surgutneftegas OJSC4		7,669		36,122
Tatneft PJSC4		461		22,801
Thai Oil PCL		5,691		18,074
Tupras Turkiye Petrol Rafinerileri AS		818		26,212
Ultrapar Participacoes SA		2,045		46,238
United Tractors Tbk PT		4,154		10,839
Yanzhou Coal Mining Co. Ltd., Class H		5,486		6,414
Total Energy				2,220,215
Food & Staples Retailing—2.9%
Atacadao Distribuicao Comercio e Industria Ltda2		6,072		27,915
BGF retail Co. Ltd.2		27		5,296
Bid Corp. Ltd.		930		22,611
BIM Birlesik Magazalar AS		735		15,140
Cencosud SA		11,575		34,197
CP ALL PCL		13,469		31,823
E-MART Inc2		128		32,402
GS Retail Co. Ltd.2		386		14,531
Magnit PJSC		1,348		36,868
Pick n Pay Stores Ltd.		2,350		13,204
President Chain Store Corp.		1,000		9,544
Raia Drogasil SA		396		10,959
Shoprite Holdings Ltd.		1,440		25,728
SPAR Group Ltd. (The)		1,200		19,709
Sun Art Retail Group Ltd.		30,394		32,115
Wal-Mart de Mexico SAB de CV		25,520		62,856
Total Food & Staples Retailing				394,898
Food, Beverage & Tobacco—4.1%
Ambev SA		4,898	$	31,422
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,684		10,748
Arca Continental SAB de CV		2,000		13,895
BRF SA2		1,601		17,665
Charoen Pokphand Foods PCL		48,201		35,496
Charoen Pokphand Indonesia Tbk PT		41,265		9,124
China Mengniu Dairy Co. Ltd.2		7,248		21,557
China Resources Beer Holdings Co. Ltd.		2,590		9,294
CJ CheilJedang Corp.2		77		26,325
Coca-Cola Femsa SAB de CV, Series L		1,500		10,499
Coca-Cola Icecek AS		630		5,686
Felda Global Ventures Holdings Bhd		24,230		10,118
Fomento Economico Mexicano SAB de CV		3,145		29,729
Gruma SAB de CV, Class B		850		10,831
Grupo Bimbo SAB de CV, Series A		12,500		27,798
Grupo Lala SAB de CV		4,030		5,687
Gudang Garam Tbk PT		2,415		14,916
Hanjaya Mandala Sampoerna Tbk PT		40,877		14,251
ITC Ltd.		3,730		15,384
JBS SA		42,273		125,018
KT&G Corp.		90		9,710
Kuala Lumpur Kepong Bhd		1,378		8,513
M Dias Branco SA		344		5,403
Ottogi Corp.2		9		6,776
Pioneer Foods Group Ltd.		430		4,761
Tiger Brands Ltd.		340		12,633
Tingyi Cayman Islands Holding Corp.		10,622		20,654
Ulker Biskuvi Sanayi AS		620		3,216
Uni-President Enterprises Corp.		15,607		34,614
United Spirits Ltd.2		75		4,311
Want Want China Holdings Ltd.		5,273		4,418
Total Food, Beverage & Tobacco				560,452

35     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Emerging Markets Revenue ETF

	Shares		Value
Health Care Equipment & Services—0.5%
Bangkok Dusit Medical Services PCL		8,132	$	5,215
Life Healthcare Group Holdings Ltd.		2,198		4,927
Netcare Ltd.		4,007		8,140
Odontoprev SA		827		3,967
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,827		13,060
Sinopharm Group Co. Ltd., Class H		9,008		38,948
Total Health Care Equipment & Services				74,257
Household & Personal Products—0.5%
Amorepacific Corp.2		29		8,249
AMOREPACIFIC Group2		101		13,303
Hengan International Group Co. Ltd.		1,062		11,785
Hindustan Unilever Ltd.		453		9,708
Kimberly-Clark de Mexico SAB de CV, Class A		5,000		8,855
LG Household & Health Care Ltd.2		13		14,438
Total Household & Personal Products				66,338
Insurance—3.6%
Bajaj Finserv Ltd.		67		5,490
Cathay Financial Holding Co. Ltd.		9,395		16,890
China Life Insurance Co. Ltd., Class H		11,292		35,462
China Life Insurance Co. Ltd./Taiwan		11,000		11,071
China Pacific Insurance Group Co. Ltd., Class H		5,000		24,017
China Taiping Insurance Holdings Co. Ltd.		11,236		42,114
DB Insurance Co. Ltd.2		460		30,594
Hanwha Life Insurance Co. Ltd.2		4,528		29,227
Hyundai Marine & Fire Insurance Co. Ltd.2		705		30,951
ING Life Insurance Korea Ltd.1		139		6,933
Liberty Holdings Ltd.		970		9,749
New China Life Insurance Co. Ltd., Class H		1,813		12,385
People’s Insurance Co. Group of China Ltd. (The), Class H		44,543		21,937
Insurance (Continued)
PICC Property & Casualty Co. Ltd., Class H		13,957	$	26,817
Ping An Insurance Group Co. of China Ltd., Class H		6,298		65,540
Porto Seguro SA		875		9,583
Powszechny Zaklad Ubezpieczen SA		885		10,738
Qatar Insurance Co. SAQ		435		6,348
Samsung Fire & Marine Insurance Co. Ltd.2		151		37,660
Samsung Life Insurance Co. Ltd.2		312		36,284
Sanlam Ltd.		2,790		19,607
Sul America SA		1,547		8,702
Total Insurance				498,099
Materials—8.4%
Aluminum Corp. of China Ltd., Class H2		22,241		15,904
Ambuja Cements Ltd.		2,265		9,654
Anglo American Platinum Ltd.2		377		10,764
AngloGold Ashanti Ltd.		975		10,130
Anhui Conch Cement Co. Ltd., Class H		1,055		4,960
Asia Cement Corp.		10,092		9,563
Asian Paints Ltd.		482		8,749
Cemex SAB de CV2		31,768		23,868
China National Building Material Co. Ltd., Class H		20,184		18,048
China Steel Corp.		37,630		31,297
Cia Siderurgica Nacional SA2		2,848		7,195
Empresas CMPC SA		4,647		15,802
Eregli Demir ve Celik Fabrikalari TAS		3,292		8,700
Fibria Celulose SA		401		5,785
Formosa Chemicals & Fibre Corp.		5,000		17,306
Formosa Plastics Corp.		2,000		6,633
Gold Fields Ltd.		1,783		7,792
Grasim Industries Ltd.		715		13,059
Grupa Azoty SA		367		7,351
Grupo Argos SA		1,403		9,816
Grupo Mexico SAB de CV, Series B		5,705		18,927
Hanwha Chemical Corp.		585		17,268
Hindalco Industries Ltd.		7,724		33,103
Hyosung Corp.2		183		23,846
Hyundai Steel Co.2		590		32,296

36     OPPENHEIMER ETF TRUST

	Shares		Value
Materials (Continued)
Indorama Ventures PCL		12,303	$	20,102
Industrias Penoles SAB de CV		520		10,887
Jastrzebska Spolka Weglowa SA2		190		5,264
Jiangxi Copper Co. Ltd., Class H		16,834		26,702
JSW Steel Ltd.		5,332		22,538
Korea Zinc Co. Ltd.2		25		11,513
Kumba Iron Ore Ltd.		262		8,024
Kumho Petrochemical Co. Ltd.2		126		11,711
LG Chem Ltd.		107		40,479
Lotte Chemical Corp.2		80		27,500
Mexichem SAB de CV		5,500		13,670
MMC Norilsk Nickel PJSC4		1,473		27,854
Mondi Ltd.		235		6,060
Nan Ya Plastics Corp.		5,000		13,089
Nine Dragons Paper Holdings Ltd.		7,881		12,622
Novolipetsk Steel PJSC		962		24,550
OCI Co. Ltd.2		56		7,114
Petkim Petrokimya Holding AS		2,435		4,990
Petronas Chemicals Group Bhd		3,031		5,767
PhosAgro PJSC		709		10,883
POSCO		381		118,334
PTT Global Chemical PCL		12,300		32,080
Sappi Ltd.		1,580		11,422
Sasol Ltd.		888		30,713
Semen Indonesia Persero Tbk PT		8,590		6,268
Severstal PJSC		815		12,535
Shree Cement Ltd.		18		5,097
Siam Cement PCL (The)		3,886		57,712
Sibanye Gold Ltd.		4,704		6,011
Sinopec Shanghai Petrochemical Co. Ltd., Class H		8,534		4,858
Southern Copper Corp.3		492		23,345
Suzano Papel e Celulose SA		728		4,102
Taiwan Cement Corp.		9,202		11,271
Tata Steel Ltd.		3,137		35,996
UltraTech Cement Ltd.		165		11,169
UPL Ltd.		615		7,349
Vale SA		6,399		77,665
Vedanta Ltd.		5,105		26,386
Zijin Mining Group Co. Ltd., Class H		15,458		5,833
Total Materials				1,167,281
Media—0.3%
Astro Malaysia Holdings Bhd		21,540	$	14,105
Cheil Worldwide, Inc.		440		8,713
Cyfrowy Polsat SA		1,225		8,764
Grupo Televisa SAB, Series CPO		2,603		9,789
Total Media				41,371
Pharmaceuticals, Biotechnology & Life Sciences—0.8%
3SBio, Inc.1,2		1,379		2,706
Aspen Pharmacare Holdings Ltd.		439		9,840
Aurobindo Pharma Ltd.		735		7,922
China Resources Pharmaceutical Group Ltd.1		32,879		42,564
Cipla Ltd./India		449		4,281
CSPC Pharmaceutical Group Ltd.		1,520		3,068
Dr Reddy’s Laboratories Ltd.		130		4,917
Hanmi Pharm Co. Ltd.2		6		3,273
Hypermarcas SA		750		8,140
Kalbe Farma Tbk PT		31,364		3,907
Lupin Ltd.		421		5,838
Sino Biopharmaceutical Ltd.		2,879		5,104
Sun Pharmaceutical Industries Ltd.		1,505		13,467
Total Pharmaceuticals, Biotechnology & Life Sciences				115,027
Real Estate—2.7%
Agile Group Holdings Ltd.		8,506		12,905
Ayala Land, Inc.		11,500		10,274
China Evergrande Group2		24,084		83,029
China Jinmao Holdings Group Ltd.		28,592		12,582
China Overseas Land & Investment Ltd.		13,751		44,240
China Resources Land Ltd.		10,000		29,422
China Vanke Co. Ltd., Class H		2,764		11,032
Country Garden Holdings Co. Ltd.		32,126		61,233
DAMAC Properties Dubai Co. PJSC		4,150		3,729
Emaar Properties PJSC		3,806		7,192
Fortress REIT Ltd., Class B		2,185		7,448
Guangzhou R&F Properties Co. Ltd., Class H		2,821		6,358

37     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Emerging Markets Revenue ETF

	Shares		Value
Real Estate (Continued)
Longfor Properties Co. Ltd.		7,738	$	19,381
NEPI Rockcastle PLC		219		3,778
Resilient REIT Ltd.		559		6,825
Robinsons Land Corp.		9,805		4,184
Shimao Property Holdings Ltd.		10,961		23,837
Sino-Ocean Group Holding Ltd.		24,187		16,677
Sunac China Holdings Ltd.		2,824		11,686
Total Real Estate				375,812
Retailing—2.0%
Ctrip.Com International Ltd.2,4		139		6,130
FF Group2		310		7,073
GOME Retail Holdings Ltd.		219,032		26,338
Hotai Motor Co. Ltd.		1,000		11,896
Hotel Shilla Co. Ltd.2		83		6,582
Hyundai Department Store Co. Ltd.2		80		7,809
Imperial Holdings Ltd.		1,136		24,054
JD.com, Inc.2,3,4		1,731		71,698
Lojas Renner SA		702		7,511
Lotte Shopping Co. Ltd.2		189		35,132
Matahari Department Store Tbk PT		3,698		2,726
S.A.C.I. Falabella		2,635		26,283
Shinsegae, Inc.2		30		8,407
Vipshop Holdings Ltd.2,4		1,693		19,842
Woolworths Holdings Ltd./South Africa		2,374		12,524
Total Retailing				274,005
Semiconductors & Semiconductor Equipment—1.3%
Advanced Semiconductor Engineering, Inc.		19,980		25,614
GCL-Poly Energy Holdings Ltd.2		37,737		6,758
Globalwafers Co. Ltd.		320		4,274
Macronix International2		2,000		2,971
MediaTek Inc.		1,830		18,080
Nanya Technology Corp.		1,240		3,175
Semiconductor Manufacturing International Corp.2		3,586		6,202
SK Hynix, Inc.		575		41,089
Taiwan Semiconductor Manufacturing Co. Ltd.		9,015		69,524
Semiconductors & Semiconductor Equipment (Continued)
United Microelectronics Corp.		17,000	$	8,112
Total Semiconductors & Semiconductor Equipment				185,799
Software & Services—2.1%
58.Com, Inc.2,4		44		3,149
Alibaba Group Holding Ltd.2,3,4		269		46,384
Baidu, Inc.2,4		86		20,142
Cielo SA		908		6,438
HCL Technologies Ltd.		1,008		14,063
Infosys Ltd.		1,618		26,416
Kakao Corp.2		31		3,967
Kingsoft Corp. Ltd.		1,158		3,852
NAVER Corp.2		11		8,939
NetEase Inc.4		37		12,768
Samsung SDS Co. Ltd.2		98		18,308
SINA Corp.2		30		3,009
Tata Consultancy Services Ltd.		955		40,416
Tech Mahindra Ltd.		1,659		13,101
Tencent Holdings Ltd.		1,142		59,311
Wipro Ltd.		3,150		15,509
Total Software & Services				295,772
Technology Hardware & Equipment—9.7%
AAC Technologies Holdings, Inc.		296		5,278
Acer, Inc.2		24,268		19,694
Asustek Computer, Inc.		3,391		31,849
AU Optronics Corp.		59,046		24,604
BYD Electronic International Co. Ltd.		4,075		8,872
Catcher Technology Co. Ltd.		610		6,724
Compal Electronics, Inc.		88,280		63,188
Delta Electronics, Inc.		3,000		14,467
Foxconn Technology Co. Ltd.		2,500		7,158
General Interface Solution Holding Ltd.		1,000		6,687
Hon Hai Precision Industry Co. Ltd.		82,969		265,425
HTC Corp.2		2,680		6,583
Innolux Corp.		53,430		22,264
Inventec Corp.		44,177		35,257
Kingboard Chemical Holdings Ltd.		1,328		7,177

38     OPPENHEIMER ETF TRUST

	Shares		Value
Technology Hardware & Equipment (Continued)
Largan Precision Co. Ltd.		25	$	3,377
Lenovo Group Ltd.		156,733		88,418
LG Display Co. Ltd.		1,814		50,664
LG Innotek Co. Ltd.2		81		10,895
Lite-On Technology Corp.		12,695		17,320
Micro-Star International Co. Ltd.		3,320		8,546
Pegatron Corp.		33,055		79,976
Quanta Computer, Inc.		28,510		59,303
Samsung Electro-Mechanics Co. Ltd.2		126		11,770
Samsung Electronics Co. Ltd.		144		342,732
Samsung SDI Co. Ltd.		57		10,888
Sunny Optical Technology Group Co. Ltd.		338		4,319
Synnex Technology International Corp.		15,000		20,440
Wistron Corp.		60,674		48,831
WPG Holdings Ltd.		30,680		40,620
Zhen Ding Technology Holding Ltd.		3,101		6,826
ZTE Corp., Class H2		1,741		6,537
Total Technology Hardware & Equipment				1,336,689
Telecommunication Services—5.8%
Advanced Info Service PCL		1,047		6,136
America Movil SAB de CV, Series L		86,315		74,776
Axiata Group Bhd		12,617		17,116
Bharti Airtel Ltd.		3,928		32,595
Bharti Infratel Ltd.		515		3,056
China Communications Services Corp. Ltd., Class H		19,204		12,873
China Mobile Ltd.		21,401		216,958
China Telecom Corp. Ltd., Class H		30,563		14,544
China Unicom Hong Kong Ltd.2		55,840		75,431
Chunghwa Telecom Co. Ltd.		3,000		10,686
Emirates Telecommunications Group Co. PJSC		6,127		29,194
Empresa Nacional de Telecomunicaciones SA		415		4,665
Global Telecom Holding SAE2		14,025		5,853
Globe Telecom, Inc.		200		7,612
Telecommunication Services (Continued)
Hellenic Telecommunications Organization SA		1,042	$	14,389
Idea Cellular Ltd.2		7,409		12,554
KT Corp.4		2,162		33,749
Mobile TeleSystems PJSC4		1,717		17,496
MTN Group Ltd.		2,479		27,353
Ooredoo Q.S.C.		898		22,206
Orange Polska SA2		5,961		9,933
PLDT, Inc.		285		8,450
SK Telecom Co. Ltd.		155		38,658
Taiwan Mobile Co. Ltd.		1,000		3,612
Telekom Malaysia Bhd		3,121		4,858
Telekomunikasi Indonesia Persero Tbk PT		54,320		17,776
Telkom SA SOC Ltd.		1,459		5,671
TIM Participacoes SA		3,829		15,122
Tower Bersama Infrastructure Tbk PT		7,652		3,624
True Corp. PCL2		62,371		11,866
Turk Telekomunikasyon AS2		8,055		13,681
Turkcell Iletisim Hizmetleri AS		2,087		8,521
Vodacom Group Ltd.		1,590		18,710
XL Axiata Tbk PT2		19,813		4,323
Total Telecommunication Services				804,047
Transportation—1.7%
Adani Ports & Special Economic Zone Ltd.		830		5,275
Air China Ltd., Class H		11,911		14,444
AirAsia Bhd		7,185		5,948
BTS Group Holdings PCL		21,618		5,506
China Airlines Ltd.2		29,384		11,503
China Southern Airlines Co. Ltd., Class H		11,876		12,260
CJ Logistics Corp.2		125		16,347
DP World Ltd.		452		11,300
Eva Airways Corp.		13,000		6,924
Evergreen Marine Corp. Taiwan Ltd.2		20,688		11,366
Hyundai Glovis Co. Ltd.2		226		28,710
Jasa Marga Persero Tbk PT		20,184		9,521
Korean Air Lines Co. Ltd.2		704		22,260
Latam Airlines Group SA		1,550		21,973
MISC Bhd		6,196		11,360
Pan Ocean Co. Ltd.2		872		4,293
TAV Havalimanlari Holding AS		912		5,402

39     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Emerging Markets Revenue ETF

	Shares		Value
Transportation (Continued)
Turk Hava Yollari AO2		6,922	$	28,644
Total Transportation				233,036
Utilities—3.7%
Centrais Eletricas Brasileiras SA2		3,680		21,456
CEZ AS		1,171		27,347
China Gas Holdings Ltd.		3,234		8,936
China Resources Gas Group Ltd.		2,733		9,911
China Resources Power Holdings Co. Ltd.		8,032		14,960
Cia de Saneamento Basico do Estado de Sao Paulo		1,107		11,457
Cia Energetica de Minas Gerais2		3,202		6,188
Colbun SA		19,886		4,574
CPFL Energia SA		457		2,666
EDP—Energias do Brasil SA		2,252		9,505
Enel Americas SA		94,058		20,958
Enel Chile SA		91,261		10,805
Enel Generacion Chile SA		9,548		8,646
Engie Brasil Energia SA		508		5,438
ENN Energy Holdings Ltd.		1,813		12,930
Equatorial Energia SA		391		7,738
GAIL India Ltd.		2,410		18,866
Huaneng Power International, Inc., Class H		15,111		9,472
Infraestructura Energetica Nova SAB de CV		1,000		4,930
Interconexion Electrica SA ESP		1,492		7,099
Korea Electric Power Corp.		3,031		108,012
Korea Gas Corp.2		1,031		40,978
Manila Electric Co.		1,252		8,241
NTPC Ltd.		10,233		28,377
Perusahaan Gas Negara Persero Tbk PT		44,487		5,738
PGE Polska Grupa Energetyczna SA2		4,964		17,214
Qatar Electricity & Water Co. QSC		200		9,837
RusHydro PJSC4		10,625		12,750
Tata Power Co. Ltd. (The)		4,702		6,888
Tauron Polska Energia SA2		13,705		12,029
Tenaga Nasional Bhd		9,214		34,743
Total Utilities				508,689
Total Common Stocks (Cost $12,417,335)				13,393,269
PREFERRED STOCKS—2.8%
Automobiles & Components—0.3%
Hyundai Motor Co.-2nd Preferred		236	$	22,486
Hyundai Motor Co.		142		12,428
Total Automobiles & Components				34,914
Banks—1.0%
Banco Bradesco SA		7,450		76,025
Itau Unibanco Holding SA		5,103		65,505
Total Banks				141,530
Energy—0.5%
Petroleo Brasileiro SA2		13,716		66,572
Food & Staples Retailing—0.1%
Cia Brasileira de Distribuicao		770		18,322
Food, Beverage & Tobacco—0.1%
Embotelladora Andina SA, Class A		1,898		8,796
Household & Personal Products—0.0%5
Amorepacific Corp.2		19		2,946
Materials—0.3%
Gerdau SA		4,531		16,911
LG Chem Ltd.2		22		5,117
Braskem SA, Class A		956		12,355
Total Materials				34,383
Retailing—0.1%
Lojas Americanas SA		2,013		10,347
Technology Hardware & Equipment—0.3%
Samsung Electronics Co. Ltd.		23		44,902
Telecommunication Services—0.1%
Telefonica Brasil SA		1,313		19,245
Total Preferred Stocks (Cost $339,258)				381,957
Money Market Fund—0.5%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%6 (Cost $67,646)		67,646		67,646

 

40     OPPENHEIMER ETF TRUST

	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%6 (Cost $20,425)		20,425	$	20,425
Total Investments—100.4% (Cost $12,844,664)				13,863,297
Liabilities in Excess of Other Assets—(0.4)%				(51,869	)
Net Assets—100.0%			$	13,811,428

 

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. 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 $80,028 or 0.58% of the Fund’s net assets at period end.

2. Non-income producing security.

3. All or a portion of the security was on loan. The aggregate value of the securities on loan was $158,121; total value of the collateral held by the Fund was $162,561. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $142,136 (Note 4).

4. American Depositary Receipt.

5. Less than 0.05%

6. Rate shown represents annualized 7-day yield as of December 31, 2017.

Geographic Holdings (Unaudited)

Country	Value			% of Net Assets
South Korea	$	3,006,075			21.8	%
China		2,914,221			21.1
Taiwan		1,353,665			9.8
India		1,315,666			9.5
Brazil		1,139,445			8.2
Russia		1,013,820			7.3
Thailand		456,361			3.3
South Africa		439,518			3.2
Mexico		373,794			2.7
Turkey		252,268			1.8
Malaysia		239,357			1.7
Chile		232,097			1.7
Indonesia		214,307			1.6
Poland		180,518			1.3
Philippines		121,519			0.9
United States		103,559			0.7
Colombia		96,319			0.7
Hong Kong		93,710			0.7
United Arab Emirates		76,542			0.6
Qatar		68,965			0.5
Greece		53,980			0.4
Hungary		41,074			0.3
Czech Republic		27,347			0.2
Peru		23,345			0.2
Pakistan		12,212			0.1
Egypt		9,835			0.1
Romania		3,778			0.0	1
Total Investments	$	13,863,297			100.4
Liabilities in Excess of Other Assets		(51,869	)		(0.4	)
Net Assets	$	13,811,428			100.0	%

 

1. Less than 0.05%

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

41     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer International Revenue ETF

	Shares		Value
COMMON STOCKS—98.9%
Automobiles & Components—11.2%
Aisin Seiki Co. Ltd.		600	$	33,715
Bayerische Motoren Werke AG		898		93,630
Bridgestone Corp.		700		32,549
Cie Generale des Etablissements Michelin		176		25,266
Continental AG		191		51,616
Daimler AG		2,074		176,325
Denso Corp.		700		42,025
Fiat Chrysler Automobiles NV1		6,621		118,542
Honda Motor Co. Ltd.		3,500		119,991
Isuzu Motors Ltd.		1,200		20,101
Koito Manufacturing Co. Ltd.		100		7,031
Mazda Motor Corp.		2,000		26,835
Minth Group Ltd.		262		1,580
Mitsubishi Motors Corp.		2,300		16,620
Nissan Motor Co. Ltd.		10,000		99,734
NOK Corp.		400		9,342
Peugeot SA		2,527		51,449
Renault SA		606		61,060
Stanley Electric Co. Ltd.		200		8,122
Subaru Corp.		800		25,445
Sumitomo Electric Industries Ltd.		1,500		25,366
Sumitomo Rubber Industries Ltd.		400		7,443
Suzuki Motor Corp.		600		34,802
Toyoda Gosei Co. Ltd.		300		7,635
Toyota Industries Corp.		300		19,281
Toyota Motor Corp.		3,954		253,175
Valeo SA		281		21,011
Volkswagen AG		694		140,587
Yamaha Motor Co. Ltd.		500		16,400
Yokohama Rubber Co. Ltd. (The)		300		7,358
Total Automobiles & Components				1,554,036
Banks—8.2%
ABN AMRO Group NV2		712		22,999
AIB Group PLC		604		3,989
Aozora Bank Ltd.		100		3,893
Australia & New Zealand Banking Group Ltd.		1,336		30,032
Banco Bilbao Vizcaya Argentaria SA		4,823		41,189
Banco Santander SA		13,182		86,727
Banks (Continued)
Bank Hapoalim B.M.		1,030	$	7,592
Bankinter SA		572		5,429
BNP Paribas SA		1,192		89,102
BOC Hong Kong Holdings Ltd.		3,483		17,644
CaixaBank SA		2,684		12,534
Commerzbank AG1		1,179		17,704
Commonwealth Bank of Australia		492		30,916
Credit Agricole SA		4,500		74,570
Danske Bank A/S		591		23,028
DBS Group Holdings Ltd.		883		16,419
DNB ASA		610		11,343
Erste Group Bank AG1		311		13,483
Fukuoka Financial Group, Inc.		1,000		5,619
Hachijuni Bank Ltd. (The)		500		2,872
HSBC Holdings PLC		7,203		74,726
ING Groep NV		800		14,722
Intesa Sanpaolo SpA		6,000		19,957
Japan Post Bank Co. Ltd.		1,700		22,138
KBC Group NV		204		17,419
Kyushu Financial Group, Inc.		400		2,422
Lloyds Banking Group PLC		68,387		62,963
Mebuki Financial Group, Inc.		600		2,541
Mitsubishi UFJ Financial Group, Inc.		7,700		56,487
Mizrahi Tefahot Bank Ltd.		181		3,344
Mizuho Financial Group, Inc.		14,700		26,699
National Australia Bank Ltd.		1,170		27,060
Nordea Bank AB		1,427		17,307
Oversea-Chinese Banking Corp. Ltd.		2,500		23,178
Resona Holdings, Inc.		1,400		8,365
Royal Bank of Scotland Group PLC1		5,569		20,943
Shizuoka Bank Ltd. (The)		1,000		10,333
Societe Generale SA		1,111		57,432
Standard Chartered PLC1		2,004		21,148
Sumitomo Mitsui Financial Group, Inc.		1,100		47,535
Sumitomo Mitsui Trust Holdings, Inc.		300		11,912
Suruga Bank Ltd.		100		2,145
UniCredit SpA1		1,271		23,778
United Overseas Bank Ltd.		800		15,834

 

42     OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
Westpac Banking Corp.		1,181	$	28,959
Total Banks				1,136,431
Capital Goods—12.3%
ABB Ltd.		1,275		34,174
ACS Actividades de Construccion y Servicios SA		1,031		40,384
Airbus SE		725		72,258
ANDRITZ AG		188		10,629
Asahi Glass Co. Ltd.		300		12,996
Assa Abloy AB, Class B		474		9,865
Atlas Copco AB, Class A		427		18,472
BAE Systems PLC		3,088		23,936
Bouygues SA		714		37,133
Brenntag AG		215		13,624
Bunzl PLC		403		11,296
Cie de Saint-Gobain		716		39,532
CIMIC Group Ltd.		280		11,268
CK Hutchison Holdings Ltd.		2,010		25,224
CNH Industrial NV		1,946		26,076
Daikin Industries Ltd.		200		23,675
DCC PLC		190		19,187
Eiffage SA		175		19,194
Elbit Systems Ltd.		22		2,947
Ferguson PLC		346		24,947
Ferrovial SA		596		13,544
Fuji Electric Co. Ltd.		1,000		7,537
Geberit AG		21		9,247
Hino Motors Ltd.		1,200		15,553
Hitachi Construction Machinery Co. Ltd.		300		10,905
HOCHTIEF AG		132		23,395
IHI Corp.		400		13,316
ITOCHU Corp.		2,294		42,825
Jardine Matheson Holdings Ltd.		1,000		60,750
Jardine Matheson Holdings Ltd.		25		1,519
Jardine Strategic Holdings Ltd.		700		27,706
JGC Corp.		500		9,672
JTEKT Corp.		700		12,030
Kawasaki Heavy Industries Ltd.		400		14,043
Keihan Holdings Co. Ltd.		300		8,842
Komatsu Ltd.		600		21,720
Kone OYJ, Class B		230		12,368
Kubota Corp.		900		17,652
Kurita Water Industries Ltd.		200		6,498
Legrand SA		139		10,714
Capital Goods (Continued)
Leonardo SpA		1,065	$	12,686
LIXIL Group Corp.		700		18,953
Marubeni Corp.		9,285		67,266
MINEBEA MITSUMI, Inc.		400		8,391
Mitsubishi Corp.		2,200		60,795
Mitsubishi Electric Corp.		2,200		36,549
Mitsubishi Heavy Industries Ltd.		800		29,898
Mitsui & Co. Ltd.		2,325		37,811
NGK Insulators Ltd.		200		3,778
Nidec Corp.		88		12,350
NSK Ltd.		700		11,024
Obayashi Corp.		1,400		16,952
OSRAM Licht AG		70		6,298
Prysmian SpA		373		12,178
Rexel SA		832		15,106
Rolls-Royce Holdings PLC1		1,739		19,925
Rolls-Royce Holdings PLC Entitlement1		79,994		108
Safran SA		185		19,085
Schindler Holding AG		80		18,102
Schneider Electric SE1		340		28,930
Seibu Holdings, Inc.		400		7,567
Shimizu Corp.		1,500		15,499
Siemens AG		626		87,310
Siemens Gamesa Renewable Energy SA		1,126		15,455
Skanska AB, Class B		1,125		23,359
Sumitomo Corp.		2,083		35,410
Sumitomo Heavy Industries Ltd.		200		8,469
Taisei Corp.		240		11,972
Thales SA		155		16,729
Toshiba Corp.1		15,542		43,736
TOTO Ltd.		100		5,903
Toyota Tsusho Corp.		1,700		68,438
Travis Perkins PLC		452		9,581
Vestas Wind Systems A/S		169		11,687
Vinci SA		466		47,648
Volvo AB, Class B		1,672		31,183
Zodiac Aerospace		205		6,137
Total Capital Goods				1,698,921
Commercial & Professional Services—1.4%
Adecco Group AG		322		24,633
Brambles Ltd.		902		7,104
Capita PLC		919		4,984
Experian PLC		461		10,202
G4S PLC		3,066		11,074
ISS A/S		278		10,774

43     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer International Revenue ETF

	Shares		Value
Commercial & Professional Services (Continued)
Randstad Holding NV		530	$	32,610
Recruit Holdings Co. Ltd.		700		17,399
RELX NV		457		10,517
RELX PLC		355		8,351
Securitas AB, Class B		999		17,473
SGS SA		5		13,038
Toppan Printing Co. Ltd.		2,000		18,092
Wolters Kluwer NV		188		9,816
Total Commercial & Professional Services				196,067
Consumer Durables & Apparel—2.8%
adidas AG		104		20,874
Asics Corp.		300		4,783
Cie Financiere Richemont SA		120		10,873
Electrolux AB, Series B		484		15,624
Hermes International		11		5,894
Iida Group Holdings Co. Ltd.		700		13,205
Kering		37		17,461
Li & Fung Ltd.		35,969		19,739
Luxottica Group SpA		163		10,012
LVMH Moet Hennessy Louis Vuitton SE		142		41,844
Nikon Corp.		500		10,075
Panasonic Corp.		4,300		62,964
SEB SA		41		7,604
Sega Sammy Holdings, Inc.		500		6,205
Sekisui Chemical Co. Ltd.		700		14,056
Sekisui House Ltd.		1,100		19,876
Sharp Corp.1		600		20,613
Sony Corp.		1,369		61,772
Swatch Group AG (The)		20		8,156
Techtronic Industries Co. Ltd.		1,448		9,438
Yue Yuen Industrial Holdings Ltd.		2,480		9,739
Total Consumer Durables & Apparel				390,807
Consumer Services—1.0%
Benesse Holdings, Inc.		200		7,057
Compass Group PLC		1,462		31,644
Galaxy Entertainment Group Ltd.		1,220		9,785
Genting Singapore PLC		5,300		5,195
McDonald’s Holdings Co. Japan Ltd.		215		9,457
Melco Resorts & Entertainment Ltd.3		267		7,754
Consumer Services (Continued)
MGM China Holdings Ltd.		1,598	$	4,834
Sands China Ltd.		2,422		12,501
Shangri-La Asia Ltd.		2,617		5,939
SJM Holdings Ltd.		11,077		9,919
TUI AG		1,355		28,228
Wynn Macau Ltd.		2,340		7,409
Total Consumer Services				139,722
Diversified Financials—3.0%
Credit Saison Co. Ltd.		395		7,188
Credit Suisse Group AG1		1,905		34,014
Deutsche Bank AG		2,413		45,998
EXOR NV		2,427		148,923
First Pacific Co. Ltd.		11,959		8,108
Groupe Bruxelles Lambert SA		127		13,724
Hong Kong Exchanges & Clearing Ltd.		140		4,295
Japan Exchange Group, Inc.		100		1,741
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,700		10,126
Nomura Holdings, Inc.		2,600		15,351
ORIX Corp.		1,600		27,050
Pargesa Holding SA		95		8,237
SBI Holdings, Inc.		400		8,366
Standard Life Aberdeen PLC		4,365		25,780
UBS Group AG1		2,111		38,862
Wendel SA		80		13,872
Total Diversified Financials				411,635
Energy—7.3%
BP PLC		29,365		207,635
Caltex Australia Ltd.		713		18,989
Eni SpA		4,227		70,046
Galp Energia SGPS SA		902		16,599
Idemitsu Kosan Co. Ltd.		1,123		45,109
Inpex Corp.		1,396		17,461
John Wood Group PLC		1,182		10,393
JXTG Holdings, Inc.		12,895		83,219
Neste OYJ		253		16,208
OMV AG		356		22,584
Repsol SA		2,152		38,103
Royal Dutch Shell PLC, Class A		4,160		139,560
Royal Dutch Shell PLC, Class B		3,508		119,039
Showa Shell Sekiyu KK		1,400		19,015
Statoil ASA		2,296		49,180
Tenaris SA		221		3,492
TOTAL SA		2,361		130,542
Total Energy				1,007,174

44     OPPENHEIMER ETF TRUST

	Shares		Value
Food & Staples Retailing—4.8%
Aeon Co. Ltd.		4,258	$	71,912
Carrefour SA		4,403		95,380
Casino Guichard Perrachon SA		651		39,524
Colruyt SA		160		8,331
FamilyMart UNY Holdings Co. Ltd.		100		7,013
ICA Gruppen AB		399		14,517
J Sainsbury PLC		12,556		41,002
Jeronimo Martins SGPS SA		823		16,005
Koninklijke Ahold Delhaize NV		4,039		88,925
METRO AG1		2,040		40,786
Seven & i Holdings Co. Ltd.		1,200		49,885
Tesco PLC		27,928		79,054
Wesfarmers Ltd.		1,481		51,455
Wm Morrison Supermarkets PLC		7,463		22,200
Woolworths Group Ltd.		1,993		42,556
Total Food & Staples Retailing				668,545
Food, Beverage & Tobacco—3.9%
Ajinomoto Co., Inc.		600		11,297
Anheuser-Busch InBev SA		295		32,990
Asahi Group Holdings Ltd.		298		14,788
Associated British Foods PLC		455		17,357
British American Tobacco PLC		452		30,682
Carlsberg A/S, Class B		77		9,252
Coca-Cola Amatil Ltd.		920		6,124
Coca-Cola Bottlers Japan, Inc.		200		7,306
Coca-Cola European Partners PLC		349		13,908
Coca-Cola HBC AG1		322		10,541
Danone SA		321		26,963
Davide Campari-Milano SpA		173		1,339
Diageo PLC		555		20,459
Golden Agri-Resources Ltd.		37,631		10,419
Heineken Holding NV		262		25,952
Heineken NV		246		25,679
Imperial Brands PLC		418		17,902
Japan Tobacco, Inc.		600		19,339
Kerry Group PLC, Class A		64		7,186
Kikkoman Corp.		100		4,048
Kirin Holdings Co. Ltd.		800		20,172
Marine Harvest ASA1		135		2,294
Food, Beverage & Tobacco (Continued)
MEIJI Holdings Co. Ltd.		100	$	8,513
Nestle SA		923		79,371
Orkla ASA		726		7,727
Pernod Ricard SA		70		11,091
Suntory Beverage & Food Ltd.		300		13,342
Swedish Match AB		180		7,105
WH Group Ltd.2		21,175		23,891
Wilmar International Ltd.		18,664		43,154
Yamazaki Baking Co. Ltd.		600		11,702
Total Food, Beverage & Tobacco				541,893
Health Care Equipment & Services—1.5%
Alfresa Holdings Corp.		1,200		28,197
Essilor International Cie Generale d’Optique SA		85		11,733
Fresenius Medical Care AG & Co. KGaA		214		22,557
Fresenius SE & Co. KGaA		455		35,552
Koninklijke Philips NV		680		25,754
Medipal Holdings Corp.		1,500		29,387
Olympus Corp.		200		7,670
Ramsay Health Care Ltd.		155		8,501
Smith & Nephew PLC		449		7,823
Sonic Healthcare Ltd.		370		6,615
Suzuken Co. Ltd.		572		23,535
Total Health Care Equipment & Services				207,324
Household & Personal Products—1.2%
Essity AB, Class B1		407		11,582
Henkel AG & Co KGaA		80		9,606
Kao Corp.		200		13,527
L’Oreal SA		158		35,090
Reckitt Benckiser Group PLC		131		12,261
Shiseido Co. Ltd.		200		9,669
Unicharm Corp.		300		7,802
Unilever NV		631		35,578
Unilever PLC		479		26,732
Total Household & Personal Products				161,847
Insurance—7.6%
Aegon NV		4,464		28,490
Ageas		248		12,125
AIA Group Ltd.		2,486		21,196
Allianz SE		293		67,376
Assicurazioni Generali SpA		3,628		66,219
Aviva PLC		4,130		28,297

45     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer International Revenue ETF

	Shares		Value
Insurance (Continued)
AXA SA		3,505	$	104,105
Baloise Holding AG		79		12,298
CNP Assurances		1,408		32,555
Dai-ichi Life Holdings, Inc.		1,900		39,198
Direct Line Insurance Group PLC		1,102		5,690
Hannover Rueck SE		148		18,643
Insurance Australia Group Ltd.		1,935		10,957
Japan Post Holdings Co. Ltd.		9,657		110,758
Legal & General Group PLC		3,415		12,625
Mapfre SA		5,984		19,243
Medibank Pvt Ltd.		3,130		8,054
MS&AD Insurance Group Holdings, Inc.		1,400		47,400
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		252		54,695
NN Group NV		287		12,448
Poste Italiane SpA2		4,583		34,533
Prudential PLC		2,013		51,888
QBE Insurance Group Ltd.		1,470		12,279
RSA Insurance Group PLC		1,206		10,319
Sampo OYJ, Class A		144		7,920
SCOR SE		398		16,032
Sompo Holdings, Inc.		700		27,118
Sony Financial Holdings, Inc.		600		10,631
Suncorp Group Ltd.		1,211		13,128
Swiss Life Holding AG1		22		7,789
Swiss Re AG		331		30,994
T&D Holdings, Inc.		900		15,395
Tokio Marine Holdings, Inc.		1,000		45,637
Tryg A/S		224		5,607
UnipolSai Assicurazioni SpA		5,651		13,212
Zurich Insurance Group AG		135		41,089
Total Insurance				1,055,943
Materials—8.2%
Air Liquide SA		176		22,201
Air Water, Inc.		500		10,555
Akzo Nobel NV		200		17,536
Amcor Ltd.		893		10,770
Anglo American PLC4		1,258		26,369
ArcelorMittal1		1,952		63,557
Asahi Kasei Corp.		1,173		15,135
BASF SE		649		71,495
BHP Billiton Ltd.		1,118		25,857
BHP Billiton PLC		801		16,497
BlueScope Steel Ltd.		772		9,281
Materials (Continued)
Covestro AG2		161	$	16,632
CRH PLC		380		13,658
Evonik Industries AG		371		13,975
Fortescue Metals Group Ltd.		2,198		8,390
Fresnillo PLC		100		1,933
Givaudan SA		5		11,555
Glencore PLC1		34,370		181,327
HeidelbergCement AG		180		19,507
Hitachi Chemical Co. Ltd.		300		7,707
Hitachi Metals Ltd.		700		10,054
Israel Chemicals Ltd.		1,294		5,256
JFE Holdings, Inc.		1,248		29,979
Johnson Matthey PLC		419		17,429
Kaneka Corp.		1,000		9,134
Kobe Steel Ltd.1		1,500		13,915
Kuraray Co. Ltd.		400		7,549
LafargeHolcim Ltd.1		433		24,416
Linde AG		100		21,782
Mitsubishi Chemical Holdings Corp.		3,000		32,929
Mitsubishi Gas Chemical Co., Inc.		300		8,615
Mitsubishi Materials Corp.		300		10,679
Newcrest Mining Ltd.		258		4,605
Nippon Paint Holdings Co. Ltd.		200		6,329
Nippon Steel & Sumitomo Metal Corp.		1,764		45,270
Nitto Denko Corp.		100		8,886
Norsk Hydro ASA		1,550		11,815
Oji Holdings Corp.		3,000		19,973
Rio Tinto Ltd.		155		9,191
Rio Tinto PLC		588		31,355
Shin-Etsu Chemical Co. Ltd.		100		10,164
Solvay SA		70		9,742
South32 Ltd.		2,795		7,630
Stora Enso OYJ, Class R		630		10,001
Sumitomo Chemical Co. Ltd.		3,000		21,571
Sumitomo Metal Mining Co. Ltd.		200		9,193
Taiheiyo Cement Corp.		200		8,637
Taiyo Nippon Sanso Corp.		500		7,000
Teijin Ltd.		400		8,913
thyssenkrupp AG		1,782		51,816
Toray Industries, Inc.		2,100		19,807
Tosoh Corp.		400		9,069
Toyo Seikan Group Holdings Ltd.		500		8,034

46     OPPENHEIMER ETF TRUST

	Shares		Value
Materials (Continued)
Umicore SA		351	$	16,630
UPM-Kymmene OYJ		365		11,356
voestalpine AG		276		16,520
Yara International ASA		270		12,435
Total Materials				1,131,616
Media—1.1%
Altice NV, Class B1		2,455		26,045
Dentsu, Inc.		200		8,478
Hakuhodo DY Holdings, Inc		1,100		14,286
Lagardere SCA		361		11,587
Pearson PLC		660		6,571
Publicis Groupe SA		187		12,721
RTL Group SA		140		11,206
Sky PLC1		1,263		17,290
Toho Co. Ltd.		100		3,467
Vivendi SA		627		16,880
WPP PLC		1,108		20,100
Total Media				148,631
Pharmaceuticals, Biotechnology & Life Sciences—2.9%
Astellas Pharma, Inc.		1,000		12,756
AstraZeneca PLC		305		21,129
Bayer AG		427		53,325
Chugai Pharmaceutical Co. Ltd.		100		5,122
CSL Ltd.		70		7,736
Daiichi Sankyo Co. Ltd.		500		13,036
Eurofins Scientific SE		12		7,314
GlaxoSmithKline PLC		1,988		35,566
Grifols SA		80		2,346
H Lundbeck A/S		41		2,083
Kyowa Hakko Kirin Co. Ltd.		200		3,869
Lonza Group AG1		30		8,106
Merck KGaA		60		6,466
Novartis AG		587		49,634
Novo Nordisk A/S, Class B		260		14,026
Otsuka Holdings Co. Ltd.		300		13,177
Recordati SpA		25		1,113
Roche Holding AG		150		37,943
Sanofi		401		34,597
Shire PLC		272		14,350
Takeda Pharmaceutical Co. Ltd.		300		17,047
Teva Pharmaceutical Industries Ltd.3		1,611		30,528
Vifor Pharma AG		45		5,768
Total Pharmaceuticals, Biotechnology & Life Sciences				397,037
Real Estate—1.5%
Azrieli Group Ltd.		35	$	1,959
CapitaLand Ltd.		3,100		8,188
CK Asset Holdings Ltd.		1,656		14,469
Daito Trust Construction Co. Ltd.		100		20,395
Daiwa House Industry Co. Ltd.		900		34,570
Goodman Group		1,608		10,590
Hang Lung Group Ltd.		889		3,270
Hulic Co. Ltd.		200		2,248
ICADE		114		11,215
LendLease Group		1,158		14,809
Mirvac Group		4,124		7,580
Mitsubishi Estate Co. Ltd.		700		12,179
Mitsui Fudosan Co. Ltd.		700		15,690
New World Development Co. Ltd.		5,305		7,967
Nomura Real Estate Holdings, Inc.		300		6,727
Segro PLC		1,227		9,743
Tokyu Fudosan Holdings Corp.		1,500		10,852
Wharf Holdings Ltd. (The)		1,894		6,542
Wheelock & Co. Ltd.		1,538		10,978
Total Real Estate				209,971
Retailing—1.3%
Don Quijote Holdings Co. Ltd.		200		10,457
Dufry AG1		65		9,665
Hennes & Mauritz AB, Class B		840		17,369
Industria de Diseno Textil SA		669		23,333
Isetan Mitsukoshi Holdings Ltd.		1,100		13,641
J Front Retailing Co. Ltd.		600		11,308
Jardine Cycle & Carriage Ltd.		521		15,855
Kingfisher PLC		4,141		18,917
Marks & Spencer Group PLC		3,310		14,096
Next PLC		100		6,121
Rakuten, Inc.		900		8,249
Takashimaya Co. Ltd.		1,000		10,528
Yamada Denki Co. Ltd.		3,600		19,846
Zalando SE1,2,4		110		5,827
Total Retailing				185,212

47     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer International Revenue ETF

	Shares		Value
Semiconductors & Semiconductor Equipment—0.3%
ASM Pacific Technology Ltd.		359	$	5,001
NXP Semiconductors NV1		156		18,266
Renesas Electronics Corp.1		500		5,828
STMicroelectronics NV		447		9,772
Total Semiconductors & Semiconductor Equipment				38,867
Software & Services—1.2%
Amadeus IT Group SA		110		7,940
Atos SE		110		16,029
Capgemini SE		142		16,862
Dassault Systemes SE		102		10,851
Fujitsu Ltd.		5,277		37,602
Otsuka Corp.		100		7,670
SAP SE		331		37,143
United Internet AG		81		5,577
Worldpay Group PLC2		2,114		12,182
Yahoo Japan Corp.		2,000		9,179
Total Software & Services				161,035
Technology Hardware & Equipment—2.3%
Alps Electric Co. Ltd.		200		5,717
Brother Industries Ltd.		300		7,403
Canon, Inc.		1,100		41,012
FUJIFILM Holdings Corp.		600		24,527
Hitachi High-Technologies Corp.		200		8,433
Hitachi Ltd.		10,067		78,454
Konica Minolta, Inc.		1,000		9,623
NEC Corp.		788		21,260
Nippon Electric Glass Co. Ltd.		100		3,817
Nokia OYJ		5,066		23,688
Omron Corp.		200		11,931
Ricoh Co. Ltd.		2,100		19,518
Seiko Epson Corp.		500		11,802
TDK Corp.		200		15,961
Telefonaktiebolaget LM Ericsson, Class B		3,565		23,447
Yaskawa Electric Corp.		200		8,815
Total Technology Hardware & Equipment				315,408
Telecommunication Services—4.6%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,901		2,880
BT Group PLC		9,565		35,156
Deutsche Telekom AG		4,248		75,469
Elisa OYJ		135		5,304
Iliad SA		27		6,476
KDDI Corp.		1,600		39,833
Telecommunication Services (Continued)
Koninklijke KPN NV		2,824	$	9,861
Millicom International Cellular SA		95		6,428
Nippon Telegraph & Telephone Corp.		1,900		89,409
NTT DOCOMO, Inc.		1,600		37,795
Orange SA		2,426		42,168
Proximus SADP4		240		7,882
SoftBank Group Corp.		841		66,593
Spark New Zealand Ltd.		4,369		11,279
Swisscom AG		10		5,321
TDC A/S		290		1,784
Tele2 AB, Class B		554		6,821
Telecom Italia SpA1		24,774		21,434
Telefonica Deutschland Holding AG		1,737		8,731
Telefonica SA		5,873		57,300
Telenor ASA		711		15,290
Telia Co. AB		2,390		10,669
Telstra Corp. Ltd.		6,842		19,426
TPG Telecom Ltd.		606		3,114
Vodafone Group PLC		14,054		44,677
Total Telecommunication Services				631,100
Transportation—3.3%
A.P. Moeller—Maersk A/S, Class A		4		6,683
A.P. Moeller—Maersk A/S, Class B		16		27,972
Abertis Infraestructuras SA		758		16,884
Aena SME SA2		53		10,756
Aeroports de Paris		41		7,803
ANA Holdings, Inc.		500		20,888
Atlantia SpA		292		9,229
Bollore SA		3,641		19,797
Central Japan Railway Co.		100		17,914
Deutsche Lufthansa AG		1,080		39,840
Deutsche Post AG		1,694		80,858
DSV A/S		210		16,548
East Japan Railway Co.		300		29,281
easyJet PLC		464		9,189
Fraport AG Frankfurt Airport Services Worldwide		73		8,052
International Consolidated Airlines Group SA		2,910		25,285
Mitsui OSK Lines Ltd.		500		16,689
Nippon Express Co. Ltd.		300		19,947
Nippon Yusen KK1		900		21,963
Royal Mail PLC		3,211		19,655

48     OPPENHEIMER ETF TRUST

	Shares		Value
Transportation (Continued)
Ryanair Holdings PLC1,3		81	$	8,439
Singapore Airlines Ltd.		1,375		10,978
Yamato Holdings Co. Ltd.		800		16,103
Total Transportation				460,753
Utilities—6.0%
AGL Energy Ltd.		554		10,555
Centrica PLC		16,046		29,803
Chubu Electric Power Co., Inc.		1,700		21,135
Chugoku Electric Power Co., Inc. (The)		1,300		13,975
E.ON SE		3,666		39,888
EDP—Energias de Portugal SA		4,391		15,212
Electric Power Development Co. Ltd.		300		8,082
Electricite de France SA		5,978		74,799
Endesa SA		887		19,017
Enel SpA		11,197		68,975
Engie SA		4,227		72,761
Gas Natural SDG SA		1,107		25,589
Iberdrola SA		3,577		27,747
Innogy SE2		992		38,922
Kansai Electric Power Co., Inc. (The)		1,900		23,276
Kyushu Electric Power Co., Inc.		1,400		14,677
National Grid PLC		1,350		15,981
Orsted A/S2		195		10,652
RWE AG1		1,873		38,235
Severn Trent PLC		157		4,592
SSE PLC		2,036		36,355
Suez		964		16,976
Terna Rete Elettrica Nazionale SpA		1,379		8,021
Toho Gas Co. Ltd.		200		5,486
Tohoku Electric Power Co., Inc.		1,300		16,629
Tokyo Electric Power Co. Holdings, Inc.1		10,900		43,155
Tokyo Gas Co. Ltd.		600		13,734
Uniper SE4		2,648		82,673
United Utilities Group PLC		378		4,242
Veolia Environnement SA		1,161		29,660
Total Utilities				830,804
Total Common Stocks (Cost $12,491,453)				13,680,779

 

PREFERRED STOCKS—0.9%
Automobiles & Components—0.8%
Volkswagen AG	512	$	102,335
Bayerische Motoren Werke AG	94		8,425
Total Automobiles & Components			110,760
Household & Personal Products—0.1%
Henkel AG & Co KGaA	119		15,768
Total Preferred Stocks (Cost $104,289)			126,528
RIGHT—0.0%5
Energy—0.0%5
Repsol SA, expiring 1/10/18 (Cost $986)1	2,152		979
Money Market Fund—0.3%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%6 (Cost $36,446)	36,446		36,446
Investment of Cash Collateral for Securities Loaned—0.9%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%6 (Cost $126,348)	126,348		126,348
Total Investments—101.0% (Cost $12,759,522)			13,971,080
Liabilities in Excess of Other Assets—(1.0)%			(138,981	)
Net Assets—100.0%		$	13,832,099

 

PLC – Public Limited Company

1. Non-income producing security.

2. 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 $176,394 or 1.28% of the Fund’s net assets at period end.

3. American Depositary Receipt.

4. All or a portion of the security was on loan. The aggregate value of the securities on loan was $122,541; total value of the collateral held by the Fund was $126,348.

5. Less than 0.05%

6. Rate shown represents annualized 7-day yield as of December 31, 2017.

49     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer International Revenue ETF

Geographic Holdings (Unaudited)

Country	Value			% of Net Assets
Japan	$	4,361,514			31.5	%
Germany		1,797,547			13.0
France		1,705,428			12.3
United Kingdom		1,633,781			11.8
Netherlands		766,627			5.5
Switzerland		749,871			5.4
Australia		470,837			3.4
Spain		464,500			3.4
Italy		372,731			2.7
Hong Kong		305,728			2.2
Sweden		224,795			1.6
United States		177,144			1.3
Singapore		149,221			1.1
Denmark		140,098			1.0
Belgium		118,842			0.9
Norway		110,084			0.8
Finland		86,844			0.6
Luxembourg		85,570			0.6
Austria		63,217			0.5
Israel		54,507			0.4
Portugal		47,815			0.4
Ireland		33,272			0.2
China		19,224			0.1
Macau		12,243			0.1
New Zealand		11,279			0.1
Colombia		6,428			0.1
Mexico		1,933			0.0	1
Total Investments	$	13,971,080			101.0
Liabilities in Excess of Other Assets		(138,981	)		(1.0	)
Net Assets	$	13,832,099			100.0	%

 

1. Less than 0.05%

50     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Global Revenue ETF

	Shares		Value
COMMON STOCKS—98.7%
Automobiles & Components—6.7%
Aisin Seiki Co. Ltd.		300	$	16,857
Aptiv PLC		109		9,246
Bayerische Motoren Werke AG		495		51,611
Bridgestone Corp.		348		16,181
Daimler AG		975		82,891
Delphi Technologies PLC1		36		1,889
Denso Corp.		384		23,054
Fiat Chrysler Automobiles NV1		2,938		52,602
Ford Motor Co.		5,331		66,584
Geely Automobile Holdings Ltd.		1,383		4,794
General Motors Co.		1,486		60,911
Goodyear Tire & Rubber Co. (The)		272		8,788
Honda Motor Co. Ltd.		1,600		54,853
Hyundai Mobis Co. Ltd.1		67		16,460
Hyundai Motor Co.		249		36,284
Hyundai Wia Corp.1		78		4,736
Isuzu Motors Ltd.		700		11,726
Kia Motors Corp.1		710		22,218
Lear Corp.		79		13,956
Magna International, Inc.		362		20,583
Mahindra & Mahindra Ltd.		1,008		11,862
Mazda Motor Corp.		1,100		14,759
Mitsubishi Motors Corp.		1,235		8,924
Nissan Motor Co. Ltd.		4,936		49,229
Peugeot SA		1,415		28,809
Renault SA		307		30,933
Subaru Corp.		500		15,903
Sumitomo Electric Industries Ltd.		900		15,220
Suzuki Motor Corp.		273		15,835
Tata Motors Ltd.1		2,893		19,574
Tesla, Inc.1,2		22		6,850
Toyota Motor Corp.		1,895		121,337
Yamaha Motor Co. Ltd.		300		9,840
Total Automobiles & Components				925,299
Banks—8.0%
Alior Bank SA1		141		3,226
Australia & New Zealand Banking Group Ltd.		937		21,063
Axis Bank Ltd.		872		7,705
Banco Bilbao Vizcaya Argentaria SA		2,958		25,262
Banco Bradesco SA		4,238		40,961
Banks (Continued)
Banco de Chile		63,441	$	10,171
Banco do Brasil SA		3,009		28,864
Banco Santander Brasil SA		1,703		16,367
Banco Santander SA		3,350		22,040
Banco Santander SA3		3,735		24,427
Bank Central Asia Tbk PT		11,532		18,614
Bank Handlowy w Warszawie SA		197		4,642
Bank Millennium SA1		974		2,506
Bank of America Corp.		1,722		50,833
Bank of China Ltd., Class H		40,866		20,074
BDO Unibank, Inc.		2,647		8,696
BNP Paribas SA		625		46,719
CaixaBank SA		2,095		9,783
China Construction Bank Corp., Class H		67,269		61,957
Citigroup, Inc.		629		46,804
Commercial International Bank Egypt SAE		476		2,074
Commerzbank AG1		646		9,700
Credit Agricole SA		2,472		40,964
DNB ASA		553		10,283
Dubai Islamic Bank PJSC		8,929		15,049
Erste Group Bank AG1		206		8,931
Grupo Financiero Banorte SAB de CV, Class O		1,038		5,721
HSBC Holdings PLC		4,186		43,427
ICICI Bank Ltd.		2,078		10,223
Industrial & Commercial Bank of China Ltd., Class H		26,261		21,130
ING Groep NV		2,073		38,148
JPMorgan Chase & Co.		603		64,485
Kasikornbank PCL		2,057		14,643
Lloyds Banking Group PLC		35,740		32,905
Masraf Al Rayan QSC		1,292		13,025
MCB Bank Ltd.		1,279		2,461
Mitsubishi UFJ Financial Group, Inc.		3,871		28,398
Moneta Money Bank AS4		1,507		5,841
National Bank of Greece SA1		12,916		4,948
OTP Bank PLC		208		8,631
Piraeus Bank SA1		1,011		3,727
Royal Bank of Canada		474		38,833
Royal Bank of Scotland Group PLC1		3,571		13,429
Sberbank of Russia PJSC3		1,524		25,954
Security Bank Corp.		640		3,223
Societe Generale SA		602		31,120
Standard Chartered PLC1		1,234		13,022
State Bank of India		4,363		21,184

 

51     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global Revenue ETF

	Shares		Value
Banks (Continued)
Sumitomo Mitsui Financial Group, Inc.		600	$	25,928
SVB Financial Group1		26		6,078
UniCredit SpA1		676		12,647
VTB Bank PJSC		7,902		14,461
Wells Fargo & Co.		897		54,421
Total Banks				1,115,728
Capital Goods—10.2%
ABB Ltd.		997		26,723
ACS Actividades de Construccion y Servicios SA		518		20,290
AGCO Corp.		126		9,000
Airbus SE		362		36,079
Alfa SAB de CV, Class A		6,082		6,721
Alliance Global Group, Inc.1		4,946		1,585
ANDRITZ AG		114		6,446
Arconic, Inc.		280		7,630
Asahi Glass Co. Ltd.		200		8,664
BAE Systems PLC		1,940		15,037
Berli Jucker PCL		2,496		5,055
Bharat Heavy Electricals Ltd.		2,625		3,804
Boeing Co. (The)		148		43,647
Bombardier, Inc., Class B1		2,621		6,338
Bouygues SA		461		23,975
CAE, Inc.		385		7,175
Caterpillar, Inc.		152		23,952
China Communications Construction Co. Ltd., Class H		8,462		9,612
China Railway Construction Corp. Ltd., Class H		7,425		8,605
China Railway Group Ltd., Class H		13,538		10,010
China State Construction International Holdings Ltd.		3,814		5,338
CIMIC Group Ltd.		137		5,513
CITIC Ltd.		16,071		23,190
CJ Corp.1		68		11,529
CNH Industrial NV		1,075		14,405
Cobham PLC1		1,691		2,889
Cummins, Inc.		82		14,484
Daewoo Engineering & Construction Co. Ltd.1		1,028		5,685
DCC PLC		138		13,936
Deere & Co.		110		17,216
Doosan Heavy Industries & Construction Co. Ltd.1		475		6,811
Embraer SA		997		6,011
Ferguson PLC		207		14,925
Capital Goods (Continued)
Finning International, Inc.		199	$	5,038
Fluor Corp.		239		12,344
Fosun International Ltd.		3,005		6,658
Fuji Electric Co. Ltd.		1,000		7,537
General Dynamics Corp.		107		21,769
General Electric Co.		2,798		48,825
GS Engineering & Construction Corp.1		278		7,349
Hanwha Corp.1		550		21,321
HD Supply Holdings, Inc.1		145		5,804
Hino Motors Ltd.		700		9,072
Hitachi Construction Machinery Co. Ltd.		200		7,270
HOCHTIEF AG		85		15,065
Huntington Ingalls Industries, Inc.		29		6,835
Hyundai Engineering & Construction Co. Ltd.1		258		8,748
Hyundai Heavy Industries Co. Ltd.1		69		6,477
IHI Corp.		200		6,658
Ingersoll-Rand PLC		131		11,684
ITOCHU Corp.		1,222		22,813
Jacobs Engineering Group, Inc.		135		8,905
Jardine Matheson Holdings Ltd.		588		35,721
Jardine Strategic Holdings Ltd.		474		18,761
JGC Corp.		300		5,803
Johnson Controls International PLC		403		15,358
JTEKT Corp.		400		6,874
Kajima Corp.		865		8,324
Kawasaki Heavy Industries Ltd.		300		10,533
KOC Holding AS		3,832		18,677
Komatsu Ltd.		279		10,100
Kubota Corp.		500		9,807
Leonardo SpA		582		6,933
LIXIL Group Corp.		400		10,830
Lockheed Martin Corp.		81		26,005
Lotte Corp.1		1		58
Marubeni Corp.		4,100		29,703
MINEBEA MITSUMI, Inc.		200		4,195
MISUMI Group, Inc.		27		786
Mitsubishi Corp.		960		26,529
Mitsubishi Electric Corp.		1,054		17,511
Mitsubishi Heavy Industries Ltd.		400		14,949

52     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
Mitsui & Co. Ltd.		1,138	$	18,507
Nabtesco Corp.		63		2,416
Northrop Grumman Corp.		60		18,415
NSK Ltd.		400		6,299
Obayashi Corp.		700		8,476
Posco Daewoo Corp.1		599		10,155
Raytheon Co.		93		17,470
Rexel SA		596		10,821
Rolls-Royce Holdings PLC1		963		11,034
Rolls-Royce Holdings PLC Entitlement1		32,200		44
Samsung C&T Corp.1		119		14,006
Samsung Heavy Industries Co. Ltd.1		498		3,410
Schindler Holding AG		106		24,398
Siemens AG		325		45,329
Siemens Gamesa Renewable Energy SA		561		7,700
SK Holdings Co. Ltd.1		152		40,181
SK Networks Co. Ltd.1		1,568		9,740
SNC-Lavalin Group, Inc.		194		8,833
Spirit AeroSystems Holdings, Inc., Class A		79		6,893
Sumitomo Corp.		1,000		17,000
Taisei Corp.		100		4,980
Textron, Inc.		212		11,997
Toshiba Corp.1		6,543		18,412
TOTO Ltd.		100		5,903
Toyota Tsusho Corp.		800		32,206
Travis Perkins PLC		326		6,910
United Technologies Corp.		261		33,296
Vestas Wind Systems A/S		85		5,878
Vinci SA		311		31,799
Volvo AB, Class B		1,004		18,725
W.W. Grainger, Inc.2		33		7,796
Weichai Power Co. Ltd., Class H		2,741		3,001
Zodiac Aerospace		253		7,574
Total Capital Goods				1,409,513
Commercial & Professional Services—0.8%
Capita PLC		687		3,726
Dai Nippon Printing Co. Ltd.		500		11,154
G4S PLC		2,544		9,188
ISS A/S		291		11,278
ManpowerGroup, Inc.		135		17,025
Persol Holdings Co. Ltd.		300		7,521
Randstad Holding NV		347		21,351
Recruit Holdings Co. Ltd.		500		12,428
Commercial & Professional Services (Continued)
SGS SA		5	$	13,037
Total Commercial & Professional Services				106,708
Consumer Durables & Apparel—2.1%
adidas AG		63		12,645
D.R. Horton, Inc.		182		9,295
Electrolux AB, Series B		452		14,591
Feng TAY Enterprise Co. Ltd.		1,000		4,553
Haier Electronics Group Co. Ltd.1		2,123		5,812
Husqvarna AB, Class B		1,313		12,525
Iida Group Holdings Co. Ltd.		400		7,545
LG Electronics, Inc.		239		23,664
Li & Fung Ltd.		21,368		11,726
Lululemon Athletica, Inc.1		52		4,087
LVMH Moet Hennessy Louis Vuitton SE		102		30,057
Mattel, Inc.2		189		2,907
Michael Kors Holdings Ltd.1		66		4,155
Newell Brands, Inc.		303		9,363
NIKE, Inc., Class B		265		16,576
Panasonic Corp.		1,970		28,846
Polaris Industries, Inc.2		36		4,464
PulteGroup, Inc.		198		6,583
PVH Corp.		44		6,037
Sega Sammy Holdings, Inc.		300		3,723
Sharp Corp.1		300		10,306
Sony Corp.		636		28,698
Steinhoff International Holdings NV		2,898		1,088
Under Armour, Inc., Class A1,2		255		3,680
VF Corp.		125		9,250
Whirlpool Corp.		72		12,142
Yue Yuen Industrial Holdings Ltd.		2,287		8,981
Total Consumer Durables & Apparel				293,299
Consumer Services—1.0%
Aramark		421		17,994
Benesse Holdings, Inc.		200		7,057
Chipotle Mexican Grill, Inc.1		16		4,624
Flight Centre Travel Group Ltd.		98		3,391
Hilton Worldwide Holdings, Inc.		231		18,448

53     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global Revenue ETF

	Shares		Value
Consumer Services (Continued)
Marriott International, Inc., Class A		143	$	19,409
McDonald’s Holdings Co. Japan Ltd.		100		4,399
Melco Resorts & Entertainment Ltd.3		266		7,725
MGM Resorts International		268		8,948
Minor International PCL		8,004		10,745
SJM Holdings Ltd.		9,536		8,539
Tabcorp Holdings Ltd.		1,826		7,969
TUI AG		836		17,416
Yum China Holdings, Inc.		142		5,683
Total Consumer Services				142,347
Diversified Financials—3.2%
Ally Financial, Inc.		193		5,628
Ameriprise Financial, Inc.		52		8,812
ASX Ltd.		206		8,839
Berkshire Hathaway, Inc., Class B1		305		60,457
Brookfield Asset Management, Inc., Class A		444		19,391
Capital One Financial Corp.		162		16,132
Cboe Global Markets, Inc.		57		7,102
Challenger Ltd.		331		3,632
CI Financial Corp.		300		7,128
Credit Suisse Group AG1		1,012		18,070
Deutsche Bank AG		1,066		20,321
EXOR NV		1,103		67,681
First Pacific Co. Ltd.		11,392		7,724
Goldman Sachs Group, Inc. (The)		80		20,381
GT Capital Holdings, Inc.		136		3,520
Haci Omer Sabanci Holding AS		2,398		7,033
Hargreaves Lansdown PLC		315		7,679
Leucadia National Corp.		301		7,974
Morgan Stanley		433		22,720
Onex Corp.		222		16,334
ORIX Corp.		721		12,189
S&P Global, Inc.		65		11,011
Singapore Exchange Ltd.		5,268		29,328
Standard Life Aberdeen PLC		2,520		14,883
Synchrony Financial		248		9,575
UBS Group AG1		1,183		21,778
Voya Financial, Inc.		158		7,816
Total Diversified Financials				443,138
Energy—9.8%
Andeavor		169		19,323
Baker Hughes a GE Co.		461		14,586
Energy (Continued)
Banpu PCL		7,664	$	4,586
Bharat Petroleum Corp. Ltd.		1,877		15,224
BP PLC		13,648		96,503
Caltex Australia Ltd.		355		9,454
Cenovus Energy, Inc.		675		6,185
Chevron Corp.		505		63,221
China Oilfield Services Ltd., Class H		5,332		5,191
China Petroleum & Chemical Corp., Class H		45,989		33,709
CNOOC Ltd.		14,211		20,397
ConocoPhillips		394		21,627
Empresas COPEC SA		547		8,642
Enbridge, Inc.		453		17,774
Eni SpA		2,217		36,738
EOG Resources, Inc.		215		23,201
Exxon Mobil Corp.		1,248		104,383
Gazprom PJSC3		10,802		47,637
Grupa Lotos SA		149		2,474
Hindustan Petroleum Corp. Ltd.		2,039		13,372
HollyFrontier Corp.		143		7,324
Idemitsu Kosan Co. Ltd.		497		19,964
Indian Oil Corp. Ltd.		3,847		23,419
John Wood Group PLC		1,128		9,918
JXTG Holdings, Inc.		5,700		36,786
LUKOIL PJSC3		936		53,960
Marathon Petroleum Corp.		509		33,584
Neste OYJ		148		9,481
Oil & Natural Gas Corp. Ltd.		5,162		15,787
OMV AG		183		11,609
Origin Energy Ltd.1		884		6,513
Petroleo Brasileiro SA1		6,820		34,767
Phillips 66		483		48,855
Plains GP Holdings LP, Class A1		577		12,665
Polski Koncern Naftowy ORLEN SA		287		8,755
PrairieSky Royalty Ltd.		354		9,058
PTT PCL		2,282		30,809
Reliance Industries Ltd.		1,497		21,602
Repsol SA		1,175		20,804
Rosneft Oil Co. PJSC1		7,340		36,627
Royal Dutch Shell PLC, Class A		3,673		123,223
Showa Shell Sekiyu KK		700		9,507
SK Innovation Co. Ltd.		98		18,720
S-Oil Corp.		87		9,508
Statoil ASA		1,290		27,632
TechnipFMC PLC		361		11,303

54     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
TOTAL SA		1,293	$	71,491
Tupras Turkiye Petrol Rafinerileri AS		266		8,524
Ultrapar Participacoes SA		748		16,912
Valero Energy Corp.		461		42,371
Total Energy				1,355,705
Food & Staples Retailing—6.4%
Aeon Co. Ltd.		2,400		40,532
Alimentation Couche-Tard, Inc., Class B		314		16,437
Bid Corp. Ltd.		384		9,336
Carrefour SA		2,236		48,437
Casino Guichard Perrachon SA		373		22,646
Costco Wholesale Corp.		327		60,861
CVS Health Corp.		1,046		75,835
Empire Co. Ltd.		315		6,157
George Weston Ltd.		251		21,868
J Sainsbury PLC		6,108		19,946
Koninklijke Ahold Delhaize NV		1,926		42,404
Kroger Co. (The)		2,095		57,508
Magnit PJSC		348		9,518
METRO AG1		1,104		22,073
Raia Drogasil SA		290		8,026
Seven & i Holdings Co. Ltd.		700		29,100
Sun Art Retail Group Ltd.		7,169		7,575
Sysco Corp.		531		32,248
Tesco PLC		12,934		36,611
Walgreens Boots Alliance, Inc.		709		51,487
Wal-Mart de Mexico SAB de CV		5,311		13,081
Wal-Mart Stores, Inc.		2,028		200,265
Wesfarmers Ltd.		768		26,683
Woolworths Group Ltd.		1,090		23,274
Total Food & Staples Retailing				881,908
Food, Beverage & Tobacco—4.0%
Ajinomoto Co., Inc.		300		5,648
Anadolu Efes Biracilik Ve Malt Sanayii AS		663		4,232
Anheuser-Busch InBev SA		265		29,635
Arca Continental SAB de CV		316		2,195
Archer-Daniels-Midland Co.		673		26,974
Asahi Group Holdings Ltd.		179		8,882
Associated British Foods PLC		228		8,698
Food, Beverage & Tobacco (Continued)
BRF SA1		616	$	6,797
Britannia Industries Ltd.		54		3,984
British American Tobacco PLC		228		15,477
Bunge Ltd.		301		20,191
Calbee, Inc.		100		3,253
Carlsberg A/S, Class B		25		3,004
Charoen Pokphand Foods PCL		11,945		8,797
China Mengniu Dairy Co. Ltd.1		1,962		5,835
China Resources Beer Holdings Co. Ltd.		1,675		6,010
CJ CheilJedang Corp.1		24		8,205
Coca-Cola Amatil Ltd.		735		4,892
Coca-Cola Bottlers Japan, Inc.		84		3,068
Coca-Cola Icecek AS		521		4,702
Felda Global Ventures Holdings Bhd		10,368		4,330
Fomento Economico Mexicano SAB de CV		615		5,813
Genting Plantations Bhd		8,039		20,857
Gruma SAB de CV, Class B		139		1,771
Grupo Bimbo SAB de CV, Series A		2,657		5,909
Grupo Lala SAB de CV		948		1,338
Hormel Foods Corp.		193		7,023
Indofood Sukses Makmur Tbk PT		13,214		7,426
Ingredion, Inc.		47		6,571
Japan Tobacco, Inc.		87		2,804
JBS SA		8,696		25,718
Kikkoman Corp.		200		8,096
Kirin Holdings Co. Ltd.		346		8,724
MEIJI Holdings Co. Ltd.		100		8,513
Molson Coors Brewing Co., Class B		93		7,633
Mondelez International, Inc., Class A		337		14,424
Nestle SA		574		49,360
Nisshin Seifun Group, Inc.		400		8,082
Nissin Foods Holdings Co. Ltd.		100		7,306
Ottogi Corp.1		5		3,764
PepsiCo, Inc.		295		35,376
Philip Morris International, Inc.		143		15,108
Saputo, Inc.		205		7,392
Sime Darby Plantation Bhd1		3,100		4,596

55     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global Revenue ETF

	Shares		Value
Food, Beverage & Tobacco (Continued)
Standard Foods Corp.		441	$	1,097
Suntory Beverage & Food Ltd.		200		8,895
Tiger Brands Ltd.		407		15,123
Tingyi Cayman Islands Holding Corp.		2,617		5,089
Toyo Suisan Kaisha Ltd.		100		4,274
Treasury Wine Estates Ltd.		195		2,434
Tyson Foods, Inc., Class A		167		13,539
Ulker Biskuvi Sanayi AS		894		4,638
WH Group Ltd.4		12,718		14,349
Wilmar International Ltd.		10,736		24,824
Yamazaki Baking Co. Ltd.		400		7,801
Total Food, Beverage & Tobacco				550,476
Health Care Equipment & Services—4.7%
Aetna, Inc.		156		28,141
Alfresa Holdings Corp.		700		16,448
AmerisourceBergen Corp.		817		75,017
Anthem, Inc.		167		37,577
Cardinal Health, Inc.		1,015		62,189
Centene Corp.1		221		22,295
Cigna Corp.		90		18,278
DaVita, Inc.1		169		12,210
Envision Healthcare Corp.1		174		6,014
Express Scripts Holding Co.1		713		53,218
Fisher & Paykel Healthcare Corp. Ltd.		588		6,001
Fresenius Medical Care AG & Co. KGaA		193		20,344
Fresenius SE & Co. KGaA		294		22,972
HCA Healthcare, Inc.1		289		25,386
Humana, Inc.		103		25,551
IHH Healthcare Bhd		15,452		22,374
McKesson Corp.		592		92,322
Medipal Holdings Corp.		800		15,673
Suzuken Co. Ltd.		324		13,331
UnitedHealth Group, Inc.		320		70,547
Total Health Care Equipment & Services				645,888
Household & Personal Products—1.0%
Amorepacific Corp.1		18		5,120
AMOREPACIFIC Group1		38		5,005
Coty, Inc., Class A		357		7,101
Essity AB, Class B1		601		17,103
Hengan International Group Co. Ltd.		610		6,769
Lion Corp.		200		3,791
Natura Cosmeticos SA		415		4,136
Household & Personal Products (Continued)
Procter & Gamble Co. (The)		441	$	40,519
PT Unilever Indonesia Tbk		3,841		15,826
Shiseido Co. Ltd.		100		4,834
Unilever NV		517		29,150
Total Household & Personal Products				139,354
Insurance—5.7%
Aegon NV		1,721		10,984
Aflac, Inc.		107		9,392
AIA Group Ltd.		1,814		15,466
Alleghany Corp.1		8		4,769
Allianz SE		150		34,493
Allstate Corp. (The)		153		16,021
American International Group, Inc.		197		11,737
Aon PLC		55		7,370
Arthur J. Gallagher & Co.		117		7,404
Assicurazioni Generali SpA		1,659		30,280
Assurant, Inc.		44		4,437
Athene Holding Ltd., Class A1		37		1,913
Aviva PLC		2,059		14,108
AXA SA		1,699		50,463
China Life Insurance Co. Ltd., Class H		2,796		8,781
China Pacific Insurance Group Co. Ltd., Class H		1,303		6,259
China Taiping Insurance Holdings Co. Ltd.		2,494		9,348
Chubb Ltd.		82		11,983
Cincinnati Financial Corp.		68		5,098
CNP Assurances		820		18,960
Dai-ichi Life Holdings, Inc.		800		16,504
DB Insurance Co. Ltd.1		118		7,848
Direct Line Insurance Group PLC		766		3,955
Everest Re Group Ltd.		15		3,319
Fairfax Financial Holdings Ltd.		9		4,808
FNF Group		103		4,042
Great-West Lifeco, Inc.		414		11,598
Hanwha Life Insurance Co. Ltd.1		1,195		7,713
Hartford Financial Services Group, Inc. (The)		119		6,697
Hyundai Marine & Fire Insurance Co. Ltd.1		164		7,200
Industrial Alliance Insurance & Financial Services, Inc.		68		3,246

56     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (Continued)
ING Life Insurance Korea Ltd.4		50	$	2,494
Insurance Australia Group Ltd.		555		3,143
Intact Financial Corp.		60		5,028
Japan Post Holdings Co. Ltd.		4,300		49,317
Liberty Holdings Ltd.		654		6,573
Loews Corp.		59		2,952
Manulife Financial Corp.		427		8,936
Mapfre SA		2,831		9,104
Markel Corp.1		5		5,696
Medibank Pvt Ltd.		1,269		3,265
MetLife, Inc.		382		19,314
MS&AD Insurance Group Holdings, Inc.		600		20,314
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		109		23,658
People’s Insurance Co. Group of China Ltd. (The), Class H		12,548		6,180
PICC Property & Casualty Co. Ltd., Class H		3,259		6,262
Ping An Insurance Group Co. of China Ltd., Class H		1,332		13,861
Poste Italiane SpA4		2,313		17,428
Power Corp. of Canada		383		9,895
Power Financial Corp.		404		11,137
Powszechny Zaklad Ubezpieczen SA		78		946
Progressive Corp. (The)		240		13,517
Prudential Financial, Inc.		116		13,338
Prudential PLC		960		24,746
QBE Insurance Group Ltd.		590		4,928
Reinsurance Group of America, Inc.		38		5,925
RenaissanceRe Holdings Ltd.		24		3,014
RSA Insurance Group PLC		776		6,640
Samsung Fire & Marine Insurance Co. Ltd.1		42		10,475
Samsung Life Insurance Co. Ltd.1		71		8,257
SCOR SE		282		11,359
Sompo Holdings, Inc.		300		11,622
Sony Financial Holdings, Inc.		300		5,316
Sul America SA		653		3,673
Sun Life Financial, Inc.		145		6,004
Insurance (Continued)
Suncorp Group Ltd.		361	$	3,913
T&D Holdings, Inc.		400		6,842
Tokio Marine Holdings, Inc.		500		22,818
Torchmark Corp.		89		8,073
Travelers Cos., Inc. (The)		87		11,801
Tryg A/S		25		626
Unum Group		84		4,611
W.R. Berkley Corp.		89		6,377
Willis Towers Watson PLC		34		5,123
XL Group Ltd.		130		4,571
Total Insurance				785,268
Materials—6.4%
ACC Ltd.		160		4,408
Akzo Nobel NV		185		16,221
Aluminum Corp. of China Ltd., Class H1		6,775		4,845
Ambuja Cements Ltd.		1,010		4,305
Amcor Ltd.		448		5,403
Anglo American Platinum Ltd.1		189		5,396
Anglo American PLC2		647		13,562
AngloGold Ashanti Ltd.		472		4,904
ArcelorMittal1		1,040		33,862
Asahi Kasei Corp.		903		11,651
Avery Dennison Corp.		52		5,973
Ball Corp.		196		7,419
BASF SE		396		43,624
BlueScope Steel Ltd.		469		5,638
Boliden AB		334		11,447
Boral Ltd.		248		1,511
CCL Industries, Inc., Class B		61		2,828
Cemex SAB de CV1		5,044		3,790
Chemours Co. (The)		64		3,204
China National Building Material Co. Ltd., Class H		4,260		3,809
Covestro AG4		93		9,607
CRH PLC		375		13,478
Crown Holdings, Inc.1		136		7,650
DowDuPont, Inc.		732		52,135
Formosa Chemicals & Fibre Corp.		6,000		20,767
Freeport-McMoRan, Inc.1		523		9,916
Glencore PLC1		16,182		85,372
Grasim Industries Ltd.		206		3,762
Grupa Azoty SA		104		2,083
Grupo Mexico SAB de CV, Series B		1,788		5,932
HeidelbergCement AG		84		9,103
Hindalco Industries Ltd.		2,186		9,369

57     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global Revenue ETF

	Shares		Value
Materials (Continued)
Hyosung Corp.1		66	$	8,600
International Paper Co.		219		12,689
James Hardie Industries PLC		87		1,539
Jastrzebska Spolka Weglowa SA1		58		1,607
JFE Holdings, Inc.		693		16,647
Jiangxi Copper Co. Ltd., Class H		5,997		9,513
Johnson Matthey PLC		262		10,898
Kinross Gold Corp.1		819		3,543
Kobe Steel Ltd.1		700		6,494
Kumba Iron Ore Ltd.		162		4,961
LafargeHolcim Ltd.1		228		12,856
LG Chem Ltd.		33		12,484
Lotte Chemical Corp.1		25		8,594
LyondellBasell Industries NV, Class A		198		21,843
Maruichi Steel Tube Ltd.		200		5,859
Mexichem SAB de CV		2,052		5,100
Mitsubishi Chemical Holdings Corp.		1,570		17,233
Mitsubishi Materials Corp.		200		7,119
MMC Norilsk Nickel PJSC3		296		5,597
Nan Ya Plastics Corp.		7,000		18,324
Nine Dragons Paper Holdings Ltd.		1,742		2,790
Nippon Paint Holdings Co. Ltd.		200		6,329
Nippon Steel & Sumitomo Metal Corp.		1,080		27,717
Oji Holdings Corp.		1,000		6,658
Orica Ltd.		324		4,587
POSCO		100		31,059
Sappi Ltd.		672		4,858
Sasol Ltd.		359		12,417
Siam Cement PCL (The)		929		13,797
Sibanye Gold Ltd.		2,168		2,770
South32 Ltd.		1,638		4,471
Southern Copper Corp.2		114		5,409
Sumitomo Chemical Co. Ltd.		1,866		13,417
Sumitomo Metal Mining Co. Ltd.		100		4,597
Taiheiyo Cement Corp.		100		4,319
Tata Steel Ltd.		1,023		11,739
Teck Resources Ltd., Class B		202		5,299
thyssenkrupp AG		1,065		30,967
Toray Industries, Inc.		66		623
Toyo Seikan Group Holdings Ltd.		200		3,214
Materials (Continued)
Umicore SA		385	$	18,240
Vale SA		1,674		20,318
Vedanta Ltd.		1,618		8,363
West Fraser Timber Co. Ltd.		28		1,733
WestRock Co.		129		8,154
Wheaton Precious Metals Corp.		253		5,611
Yara International ASA		181		8,336
Total Materials				882,266
Media—1.5%
Altice NV, Class A1,2		1,297		13,621
Charter Communications, Inc., Class A1		59		19,822
Comcast Corp., Class A		1,068		42,773
Grupo Televisa SAB, Series CPO		860		3,234
Hakuhodo DY Holdings, Inc		800		10,390
Lagardere SCA		470		15,086
Liberty Global PLC, Class A1,2		277		9,928
Live Nation Entertainment, Inc.1		197		8,386
News Corp., Class A		314		5,090
Pearson PLC		448		4,460
ProSiebenSat.1 Media SE		182		6,273
Schibsted ASA, Class B		93		2,479
Time Warner, Inc.		202		18,477
Twenty-First Century Fox, Inc., Class A		473		16,333
Viacom, Inc., Class B		235		7,240
Walt Disney Co. (The)		300		32,253
Total Media				215,845
Pharmaceuticals, Biotechnology & Life Sciences—2.6%
AbbVie, Inc.		131		12,669
Allergan PLC		43		7,034
Amgen, Inc.		72		12,521
AstraZeneca PLC		164		11,361
Bayer AG		214		26,725
Bristol-Myers Squibb Co.		182		11,153
Celgene Corp.1		69		7,201
China Resources Pharmaceutical Group Ltd.4		8,614		11,152
CSL Ltd.		39		4,310
Eli Lilly & Co.		176		14,865
Gilead Sciences, Inc.		178		12,752
GlaxoSmithKline PLC		1,245		22,273
H Lundbeck A/S		25		1,270

58     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Hisamitsu Pharmaceutical Co., Inc.		100	$	6,063
IQVIA Holdings, Inc.1		67		6,559
Johnson & Johnson		249		34,790
Merck & Co., Inc.		363		20,426
Mylan NV1		156		6,601
Novo Nordisk A/S, Class B		119		6,420
Perrigo Co. PLC		45		3,922
Pfizer, Inc.		797		28,867
Roche Holding AG		104		26,307
Sanofi		268		23,123
Shire PLC		156		8,230
Sumitomo Dainippon Pharma Co. Ltd.		300		4,458
Taisho Pharmaceutical Holdings Co. Ltd.		100		7,989
Teva Pharmaceutical Industries Ltd.3		697		13,208
Thermo Fisher Scientific, Inc.		65		12,342
Valeant Pharmaceuticals International, Inc.1		209		4,343
Total Pharmaceuticals, Biotechnology & Life Sciences				368,934
Real Estate—1.6%
Agile Group Holdings Ltd.		2,366		3,590
Camden Property Trust		92		8,470
CBRE Group, Inc., Class A1		225		9,745
China Evergrande Group1		5,058		17,437
China Jinmao Holdings Group Ltd.		7,758		3,414
China Overseas Land & Investment Ltd.		3,841		12,357
China Resources Land Ltd.		2,982		8,774
Colony NorthStar, Inc., Class A		392		4,473
Country Garden Holdings Co. Ltd.		6,859		13,073
Daito Trust Construction Co. Ltd.		100		20,395
Daiwa House Industry Co. Ltd.		445		17,093
First Capital Realty, Inc.		447		7,392
H&R Real Estate Investment Trust		460		7,842
Jones Lang LaSalle, Inc.		36		5,362
LendLease Group		549		7,021
Real Estate (Continued)
Longfor Properties Co. Ltd.		2,045	$	5,122
Megaworld Corp.		12,378		1,279
Mirvac Group		1,776		3,264
Mitsui Fudosan Co. Ltd.		400		8,966
Nomura Real Estate Holdings, Inc.		200		4,485
Public Storage		39		8,151
RioCan Real Estate Investment Trust		408		7,932
Robinsons Land Corp.		4,359		1,860
Shimao Property Holdings Ltd.		2,797		6,083
Sime Darby Property Bhd1		3,100		1,363
Sino-Ocean Group Holding Ltd.		6,283		4,332
SmartCentres Real Estate Investment Trust		300		7,401
Tokyo Tatemono Co. Ltd.		300		4,053
Tokyu Fudosan Holdings Corp.		900		6,511
Total Real Estate				217,240
Retailing—3.3%
Advance Auto Parts, Inc.		67		6,679
Amazon.com, Inc.1		56		65,490
AutoNation, Inc.1		200		10,266
Best Buy Co., Inc.		321		21,979
Canadian Tire Corp. Ltd., Class A		67		8,764
CarMax, Inc.1		143		9,171
Dollar General Corp.		157		14,603
Dollar Tree, Inc.1		126		13,521
Gap, Inc. (The)		270		9,196
Genuine Parts Co.		136		12,921
GOME Retail Holdings Ltd.		62,228		7,483
Hennes & Mauritz AB, Class B		624		12,903
Home Depot, Inc. (The)		281		53,258
Imperial Holdings Ltd.		506		10,714
Isetan Mitsukoshi Holdings Ltd.		600		7,441
JD.com, Inc.1,2,3		433		17,935
Kingfisher PLC		2,229		10,183
Kohl’s Corp.		204		11,063
L Brands, Inc.		137		8,250
Liberty Interactive Corp. QVC Group, Class A1		250		6,105
Lotte Shopping Co. Ltd.1		44		8,179
Lowe’s Cos., Inc.		412		38,291
Macy’s, Inc.		523		13,174

59     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global Revenue ETF

	Shares		Value
Retailing (Continued)
Marks & Spencer Group PLC		2,349	$	10,003
Netflix, Inc.1		36		6,911
Nordstrom, Inc.		192		9,097
Start Today Co. Ltd.		100		3,040
Target Corp.		526		34,322
Vipshop Holdings Ltd.1,3		464		5,438
Yamada Denki Co. Ltd.		2,000		11,025
Total Retailing				457,405
Semiconductors & Semiconductor Equipment—0.9%
Advanced Micro Devices, Inc.1,2		247		2,539
Intel Corp.		655		30,235
Micron Technology, Inc.1		208		8,553
NXP Semiconductors NV1		109		12,763
QUALCOMM, Inc.		200		12,804
Renesas Electronics Corp.1		400		4,662
Siliconware Precision Industries Co. Ltd.		10,000		16,902
SK Hynix, Inc.		146		10,433
Taiwan Semiconductor Manufacturing Co. Ltd.		3,943		30,409
Total Semiconductors & Semiconductor Equipment				129,300
Software & Services—2.8%
Accenture PLC, Class A		131		20,055
Alibaba Group Holding Ltd.1,2,3		87		15,001
Alliance Data Systems Corp.		22		5,577
Alphabet, Inc., Class A1		47		49,510
Atos SE		88		12,823
Automatic Data Processing, Inc.		70		8,203
Cadence Design Systems, Inc.1		127		5,311
CGI Group, Inc., Class A1		130		7,086
Check Point Software Technologies Ltd.1		85		8,808
Cognizant Technology Solutions Corp., Class A		121		8,593
Computershare Ltd.		175		2,231
Constellation Software, Inc./Canada		6		3,649
DXC Technology Co.		114		10,819
Fortinet, Inc.1		76		3,320
Fujitsu Ltd.		1,902		13,553
HCL Technologies Ltd.		366		5,106
Infosys Ltd.		386		6,302
Software & Services (Continued)
International Business Machines Corp.		228	$	34,980
Jack Henry & Associates, Inc.		70		8,187
Leidos Holdings, Inc.		103		6,651
MercadoLibre, Inc.		10		3,147
Microsoft Corp.		491		42,000
NTT Data Corp.		800		9,509
Oracle Corp.		367		17,352
Otsuka Corp.		100		7,670
Samsung SDS Co. Ltd.1		25		4,671
Synopsys, Inc.1		85		7,245
Tata Consultancy Services Ltd.		218		9,226
Tech Mahindra Ltd.		442		3,491
Tencent Holdings Ltd.		326		16,931
Total System Services, Inc.		66		5,220
Vakrangee Ltd.		224		1,475
Vantiv, Inc., Class A1,2		61		4,487
Wipro Ltd.		1,053		5,184
Worldpay Group PLC4		1,010		5,820
Yahoo Japan Corp.		1,600		7,343
Total Software & Services				386,536
Technology Hardware & Equipment—4.4%
Acer, Inc.1		7,000		5,681
Alps Electric Co. Ltd.		100		2,858
Apple, Inc.		533		90,200
Arista Networks, Inc.1		18		4,241
Arrow Electronics, Inc.1		194		15,600
AU Optronics Corp.		14,645		6,102
Avnet, Inc.		257		10,182
Brother Industries Ltd.		200		4,936
BYD Electronic International Co. Ltd.		1,387		3,020
CDW Corp.		161		11,188
Compal Electronics, Inc.		24,430		17,486
F5 Networks, Inc.1		65		8,529
Flex Ltd.1		783		14,086
FUJIFILM Holdings Corp.		300		12,264
Hewlett Packard Enterprise Co.		773		11,100
Hitachi High-Technologies Corp.		100		4,217
Hitachi Ltd.		4,602		35,864
Hon Hai Precision Industry Co. Ltd.		18,117		57,958
HP, Inc.		1,035		21,745
HTC Corp.1		1,621		3,982
Innolux Corp.		13,000		5,417
Inventec Corp.		15,000		11,971

60     OPPENHEIMER ETF TRUST

	Shares		Value
Technology Hardware & Equipment (Continued)
Konica Minolta, Inc.		600	$	5,774
Lenovo Group Ltd.		36,937		20,837
LG Display Co. Ltd.		426		11,898
LG Innotek Co. Ltd.1		26		3,497
NEC Corp.		500		13,493
Nokia OYJ		3,507		16,398
Palo Alto Networks, Inc.1		28		4,058
Pegatron Corp.		7,702		18,635
Quanta Computer, Inc.		7,317		15,220
Ricoh Co. Ltd.		955		8,876
Samsung Electronics Co. Ltd.		28		66,642
Seagate Technology PLC		150		6,276
Seiko Epson Corp.		300		7,081
TDK Corp.		100		7,981
Telefonaktiebolaget LM Ericsson, Class B		2,192		14,417
Western Digital Corp.		99		7,874
Wistron Corp.		16,444		13,234
Xerox Corp.		248		7,229
Total Technology Hardware & Equipment				608,047
Telecommunication Services—4.5%
America Movil SAB de CV, Series L		17,033		14,756
Asia Pacific Telecom Co. Ltd.1		29,000		9,726
AT&T, Inc.		1,924		74,805
Bharti Airtel Ltd.		984		8,165
BT Group PLC		4,943		18,168
CenturyLink, Inc.		458		7,639
China Communications Services Corp. Ltd., Class H		5,908		3,960
China Mobile Ltd.		4,913		49,807
China Unicom Hong Kong Ltd.1		12,419		16,776
Chunghwa Telecom Co. Ltd.		87		310
Deutsche Telekom AG		2,536		45,054
Empresa Nacional de Telecomunicaciones SA		232		2,608
Idea Cellular Ltd.1		2,158		3,657
KDDI Corp.		800		19,917
KT Corp.3		900		14,049
Mobile TeleSystems PJSC3		505		5,146
Nippon Telegraph & Telephone Corp.		900		42,352
NTT DOCOMO, Inc.		900		21,260
Orange Polska SA1		1,198		1,996
Orange SA		1,875		32,590
PLAY Communications SA1,4		224		2,180
Telecommunication Services (Continued)
Sistema PJSC FC		710	$	2,961
SK Telecom Co. Ltd.		45		11,223
SoftBank Group Corp.		400		31,673
Sprint Corp.1		2,376		13,995
StarHub Ltd.		5,544		11,823
Telecom Italia SpA1		13,100		11,334
Telefonica SA		3,005		29,318
Telstra Corp. Ltd.		4,009		11,382
T-Mobile US, Inc.1		322		20,450
TPG Telecom Ltd.		404		2,076
Verizon Communications, Inc.		1,151		60,922
Vodafone Group PLC		8,028		25,521
Total Telecommunication Services				627,599
Transportation—2.9%
A.P. Moeller—Maersk A/S, Class B		10		17,483
American Airlines Group, Inc.		409		21,280
Bollore SA		2,407		13,088
C.H. Robinson Worldwide, Inc.		171		15,234
Delta Air Lines, Inc.		466		26,096
Deutsche Lufthansa AG		499		18,408
Deutsche Post AG		952		45,441
DSV A/S		124		9,771
FedEx Corp.		167		41,673
Hyundai Glovis Co. Ltd.1		79		10,036
International Consolidated Airlines Group SA		1,582		13,746
Japan Airlines Co. Ltd.		200		7,826
Knight-Swift Transportation Holdings, Inc.2		156		6,820
Latam Airlines Group SA		350		4,962
Mitsui OSK Lines Ltd.		300		10,013
Nippon Express Co. Ltd.		200		13,298
Nippon Yusen KK1		400		9,761
Royal Mail PLC		1,689		10,339
Ryanair Holdings PLC1,3		72		7,502
Southwest Airlines Co.		225		14,726
Transurban Group		1,296		12,600
United Continental Holdings, Inc.1		293		19,748
United Parcel Service, Inc., Class B		328		39,081
Yamato Holdings Co. Ltd.		600		12,077
Total Transportation				401,009

61     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global Revenue ETF

	Shares		Value
Utilities—4.2%
AGL Energy Ltd.		389	$	7,412
Aguas Andinas SA, Class A		6,022		3,989
Centrica PLC		9,443		17,539
China Resources Gas Group Ltd.		1,176		4,265
Chubu Electric Power Co., Inc.		1,100		13,676
Chugoku Electric Power Co., Inc. (The)		1,000		10,750
Colbun SA		9,107		2,095
CPFL Energia SA		1,361		7,939
E.ON SE		1,780		19,367
EDP—Energias de Portugal SA		5,856		20,287
Electricite de France SA		2,718		34,009
Endesa SA		769		16,488
Enel Americas SA		27,373		6,099
Enel Chile SA		15,769		1,867
Enel Generacion Chile SA		2,504		2,267
Enel SpA		6,980		42,998
Engie SA		2,216		38,145
ENN Energy Holdings Ltd.		627		4,471
Exelon Corp.		488		19,232
FirstEnergy Corp.		316		9,676
Fortum OYJ		525		10,402
GAIL India Ltd.		832		6,513
Gas Natural SDG SA		884		20,434
HK Electric Investments & HK Electric Investments Ltd.4		16,147		14,769
Innogy SE4		534		20,952
Kansai Electric Power Co., Inc. (The)		1,000		12,250
Korea Electric Power Corp.		676		24,090
Korea Gas Corp.1		269		10,692
Kyushu Electric Power Co., Inc.		800		8,387
Utilities (Continued)
Manila Electric Co.		792	$	5,213
Orsted A/S4		95		5,189
PG&E Corp.		230		10,311
PGE Polska Grupa Energetyczna SA1		764		2,649
RWE AG1		872		17,801
SSE PLC		1,419		25,338
Tauron Polska Energia SA1		1,624		1,425
Tohoku Electric Power Co., Inc.		900		11,513
Tokyo Electric Power Co. Holdings, Inc.1		5,100		20,192
Tokyo Gas Co. Ltd.		452		10,346
Uniper SE2		1,195		37,309
Veolia Environnement SA		801		20,463
Vistra Energy Corp.1,2		254		4,653
Total Utilities				583,462
Total Common Stocks (Cost $12,590,175)				13,672,274
PREFERRED STOCKS—1.0%
Automobiles & Components—0.8%
Volkswagen AG		521		104,134
Banks—0.1%
Grupo Aval Acciones y Valores SA		38,184		16,504
Technology Hardware & Equipment—0.1%
Samsung Electronics Co. Ltd.		4		7,809
Utilities—0.0%5
Centrais Eletricas Brasileiras SA, Class B		812		5,557
Total Preferred Stocks (Cost $109,279)				134,004

 

62     OPPENHEIMER ETF TRUST

	Shares		Value
RIGHT—0.0%5
Energy—0.0%5
Repsol SA, expiring 1/10/181 (Cost $539)		1,175	$	535
Investment of Cash Collateral for Securities Loaned—0.7%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%6 (Cost $90,668)		90,668		90,668
Total Investments—100.4% (Cost $12,790,661)				13,897,481
Liabilities in Excess of Other Assets—(0.4)%				(51,861	)
Net Assets—100.0%			$	13,845,620

 

LP – Limited Partnership

PCL – Public Company Limited

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 $146,990; total value of the collateral held by the Fund was $151,429. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $60,761 (Note 4).

3. American Depositary Receipt.

4. 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 $109,781 or 0.79% of the Fund’s net assets at period end.

5. Less than 0.05%

6. Rate shown represents annualized 7-day yield as of December 31, 2017.

Geographic Holdings (Unaudited)

Country	Value			% of Net Assets
United States	$	4,766,991			34.4	%
Japan		1,947,270			14.1
Germany		813,283			5.9
United Kingdom		741,308			5.4
France		731,532			5.3
South Korea		587,097			4.2
China		577,485			4.2
Netherlands		346,395			2.5
Canada		344,257			2.5
Switzerland		292,826			2.1
India		258,803			1.9
Taiwan		257,775			1.9
Brazil		226,046			1.6
Australia		210,816			1.5
Spain		206,185			1.5
Russia		201,860			1.5
Hong Kong		159,938			1.2
Italy		158,358			1.1
Sweden		101,711			0.7
Thailand		88,431			0.6
South Africa		78,141			0.6
Mexico		75,361			0.5
Singapore		65,975			0.5
Denmark		60,919			0.4
Malaysia		53,521			0.4
Norway		48,730			0.4
Belgium		47,875			0.3
Turkey		47,805			0.3
Chile		42,700			0.3
Indonesia		41,866			0.3
Finland		36,282			0.3
Poland		34,490			0.3
Luxembourg		33,862			0.2
Austria		26,986			0.2
Philippines		25,377			0.2
Ireland		22,519			0.2
Israel		22,016			0.2
Portugal		20,287			0.1
Colombia		16,504			0.1
United Arab Emirates		15,049			0.1
Qatar		13,025			0.1
Greece		8,675			0.1
Hungary		8,631			0.1
Bermuda		7,585			0.1
New Zealand		6,001			0.0	1
Czech Republic		5,841			0.0	1
Peru		5,409			0.0	1
Argentina		3,147			0.0	1
Pakistan		2,461			0.0	1
Egypt		2,074			0.0	1
Total Investments	$	13,897,481			100.4
Liabilities in Excess of Other Assets		(51,861	)		(0.4	)
Net Assets	$	13,845,620			100.0	%

 

1. Less than 0.05%

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

63     OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2017 UNAUDITED
    
  

	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	$	856,001,325		$	392,317,424		$	561,194,835	$	41,256,837
Cash		213,303			—			—		—
Receivables and other assets:
Dividends		1,000,647			290,054			388,785		24,321
Investment securities sold		3,286,969			1,998,186			1,896,540		122,115
Securities lending income, net (Note 4)		2,240			24,648			98,338		—
Total Assets		860,504,484			394,630,312			563,578,498		41,403,273
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		3,216,181			19,569,523			46,947,237		—
Due to custodian		—			5,242			2,477		—
Investment securities purchased		—			973,695			933,503		—
Income distributions		3,606,693			1,097,840			1,317,518		117,222
Management fees (Note 9)		282,473			122,518			168,949		15,013
Total Liabilities		7,105,347			21,768,818			49,369,684		132,235
Net Assets	$	853,399,137		$	372,861,494		$	514,208,814	$	41,271,038
Composition of Net Assets:
Paid-in capital	$	687,938,782		$	317,394,196		$	455,201,250	$	30,529,823
Undistributed net investment income (loss)		(41,909	)		(1,185	)		23,467		(250	)
Accumulated undistributed net realized gain (loss) on investments		8,462,347			(6,529,917	)		3,452,286		274,457
Net unrealized appreciation on investments and foreign currency translations		157,039,917			61,998,400			55,531,811		10,467,008
Net Assets	$	853,399,137		$	372,861,494		$	514,208,814	$	41,271,038
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		16,651,400			6,151,400			7,351,400		600,000
Net asset value, offering and redemption price per share	$	51.25		$	60.61		$	69.95	$	68.79
Investments at cost	$	698,961,408		$	330,319,024		$	505,663,024	$	30,789,829
1. Includes value of securities on loan:	$	11,312,571		$	55,667,954		$	108,561,788	$	—
2. Non-cash collateral for securities on loan:	$	8,501,485		$	37,776,989		$	65,769,209	$	—

 

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

64     OPPENHEIMER ETF TRUST

	Oppenheimer Ultra Dividend Revenue ETF		Oppenheimer Emerging Markets Revenue ETF		Oppenheimer International Revenue ETF			Oppenheimer Global Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	568,137,526	$	13,863,297	$	13,971,080		$	13,897,481
Cash		—		446		—			13,553
Foreign currency at value		—		—		—			28,252
Receivables and other assets:
Dividends		1,546,104		45,340		10,119			19,158
Capital shares sold		3,239		—		—			—
Investment securities sold		5,989,323		107,933		7,634			37,138
Securities lending income, net (Note 4)		70,389		12		132			74
Reclaims		—		114		542			323
Total Assets		575,746,581		14,017,142		13,989,507			13,995,979
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		15,596,144		20,425		126,348			90,668
Due to custodian		29,817		7,705		2,086			—
Income distributions		6,739,130		115,390		24,105			49,305
Capital gains distributions		—		38,805		—			—
Management fees (Note 9)		184,710		5,293		4,869			4,995
Deferred foreign tax payable		—		18,096		—			5,391
Total Liabilities		22,549,801		205,714		157,408			150,359
Net Assets	$	553,196,780	$	13,811,428	$	13,832,099		$	13,845,620
Composition of Net Assets:
Paid-in capital	$	540,142,205	$	12,664,950	$	12,535,392		$	12,541,593
Undistributed net investment income (loss)		12,725		4,142		(979	)		11,223
Accumulated undistributed net realized gain on investments and foreign currency transactions		4,730,505		141,101		86,016			190,453
Net unrealized appreciation on investments and foreign currency translations3		8,311,345		1,001,235		1,211,670			1,102,351
Net Assets	$	553,196,780	$	13,811,428	$	13,832,099		$	13,845,620
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		15,150,000		500,000		500,000			500,000
Net asset value, offering and redemption price per share	$	36.51	$	27.62	$	27.66		$	27.69
Investments at cost	$	559,826,181	$	12,844,664	$	12,759,522		$	12,790,661
Foreign currency at cost		—		—		—			27,354
1. Includes value of securities on loan:	$	60,223,546	$	158,121	$	122,541		$	146,990
2. Non-cash collateral for securities on loan:	$	46,659,277	$	142,136	$	—		$	60,761
3. Net of deferred foreign taxes:	$	—	$	18,096	$	—		$	5,391

 

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

65     OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2017

Unaudited

	Oppenheimer Large Cap Revenue ETF			Oppenheimer Mid Cap Revenue ETF			Oppenheimer Small Cap Revenue ETF			Oppenheimer Financials Sector Revenue ETF
Investment Income:
Dividend income	$	8,523,672		$	2,519,599		$	3,067,361		$	305,858
Foreign withholding tax		—			(768	)		(360	)		—
Securities lending income, net (Note 4)		22,444			202,081			550,811			7
Total Income		8,546,116			2,720,912			3,617,812			305,865
Expenses:
Management fees (Note 9)		1,506,540			680,905			1,016,058			80,599
BNY Fund Services fees		108,420			84,553			83,310			5,518
Professional fees		29,418			18,264			26,218			7,801
Trustees fees		6,313			4,317			6,078			2,369
NYSE Listing fees		1,249			1,249			1,249			1,249
NYSE Calculating Agent expense		743			743			743			743
Other expenses		19,752			8,497			14,262			1,440
Total Expenses		1,672,435			798,528			1,147,918			99,719
Less expense waivers and reimbursement (Note 9)		(165,894	)		(117,624	)		(131,859	)		(15,730	)
Net Expenses		1,506,541			680,904			1,016,059			83,989
Net Investment Income		7,039,575			2,040,008			2,601,753			221,876
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(731,555	)		762,399			7,034,696			59,962
Net realized gain on in-kind redemptions		16,519,772			2,709,017			22,213,989			362,368
Total net realized gain		15,788,217			3,471,416			29,248,685			422,330
Net change in unrealized appreciation on investments		65,840,771			22,594,825			692,380			3,808,023
Net realized and unrealized gain on investments		81,628,988			26,066,241			29,941,065			4,230,353
Net Increase in Net Assets Resulting From Operations	$	88,668,563		$	28,106,249		$	32,542,818		$	4,452,229

 

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

66     OPPENHEIMER ETF TRUST

	Oppenheimer Ultra Dividend Revenue ETF			Oppenheimer Emerging Markets Revenue ETF1			Oppenheimer International Revenue ETF1			Oppenheimer Global Revenue ETF1
Investment Income:
Dividend income	$	13,495,518		$	219,424		$	160,825		$	173,696
Foreign withholding tax		—			(26,961	)		(10,683	)		(11,157	)
Securities lending income, net (Note 4)		457,504			128			379			326
Total Income		13,953,022			192,591			150,521			162,865
Expenses:
Management fees (Note 9)		1,012,202			29,054			26,209			26,757
BNY Fund Services fees		71,578			8,461			8,431			8,425
Professional fees		18,679			6,514			6,514			6,514
Trustees fees		6,018			1,996			1,996			1,996
NYSE Listing fees		1,248			—			—			—
NYSE Calculating Agent expense		743			672			672			672
Printing expense		1,377			819			819			819
Other Expenses		27,849			1,130			1,130			1,130
Total Expenses		1,139,694			48,646			45,771			46,313
Less expense waivers and reimbursement (Note 9)		(127,492	)		(19,592	)		(19,561	)		(19,556	)
Net Expenses		1,012,202			29,054			26,210			26,757
Net Investment Income		12,940,820			163,537			124,311			136,108
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(19,396,170	)		198,7622			45,983			(81,390	)2
Net realized gain on in-kind redemptions		38,396,840			57,060			43,710			296,260
Net realized loss on foreign currency transactions		—			(75,916	)		(3,677	)		(24,417	)
Total net realized gain		19,000,670			179,906			86,016			190,453
Net change in unrealized appreciation on investments		27,541,667			1,000,5373			1,211,558			1,101,4293
Net change in unrealized appreciation on foreign currency translations		—			698			112			922
Net change in unrealized appreciation		27,541,667			1,001,235			1,211,670			1,102,351
Net realized and unrealized gain on investments		46,542,337			1,181,141			1,297,686			1,292,804
Net Increase in Net Assets Resulting From Operations	$	59,483,157		$	1,344,678		$	1,421,997		$	1,428,912

 

1. For the period from July 11, 2017 (commencement of operations) to December 31, 2017.

2. Net of foreign taxes of $3,407 and $511.

3. Net of change in deferred foreign taxes of $18,096 and $5,391.

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

67     OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS
  
 

	Oppenheimer Large Cap Revenue ETF						Oppenheimer Mid Cap Revenue ETF
	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
Operations:
Net investment income	$	7,039,575		$	9,427,147		$	2,040,008		$	2,643,880
Net realized gain on investments and in-kind redemptions		15,788,217			16,090,592			3,471,416			953,576
Net change in unrealized appreciation on investments		65,840,771			46,205,932			22,594,825			36,243,241
Net increase in net assets resulting from operations		88,668,563			71,723,671			28,106,249			39,840,697
Distributions to Shareholders From:
Net investment income		(10,164,599	)		(7,952,583	)		(2,041,193	)		(2,968,690	)
Shareholder Transactions:
Proceeds from shares sold		121,270,706			300,285,997			25,903,920			119,978,743
Cost of shares redeemed		(35,879,653	)		(41,231,932	)		(8,609,022	)		(13,601,246	)
Net increase in net assets resulting from shareholder transactions		85,391,053			259,054,065			17,294,898			106,377,497
Increase in net assets		163,895,017			322,825,153			43,359,954			143,249,504
Net Assets:
Beginning of period		689,504,120			366,678,967			329,501,540			186,252,036
End of period	$	853,399,137		$	689,504,120		$	372,861,494		$	329,501,540
Undistributed net investment income (loss) included in net assets at end of period	$	(41,909	)	$	3,083,115		$	(1,185	)	$	—
Changes in Shares Outstanding:
Shares outstanding, beginning of period		14,851,400			9,001,400			5,851,400			3,901,400
Shares sold		2,500,000			6,800,000			450,000			2,200,000
Shares redeemed		(700,000	)		(950,000	)		(150,000	)		(250,000	)
Shares outstanding, end of period		16,651,400			14,851,400			6,151,400			5,851,400

 

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

68     OPPENHEIMER ETF TRUST

	Oppenheimer Small Cap Revenue ETF						Oppenheimer Financials Sector Revenue ETF
	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
Operations:
Net investment income	$	2,601,753		$	3,676,921		$	221,876		$	338,735
Net realized gain on investments and in-kind redemptions		29,248,685			12,305,416			422,330			1,246,776
Net change in unrealized appreciation on investments		692,380			46,935,829			3,808,023			5,411,247
Net increase in net assets resulting from operations		32,542,818			62,918,166			4,452,229			6,996,758
Distributions to Shareholders From:
Net investment income		(3,635,638	)		(2,898,715	)		(313,445	)		(316,657	)
Shareholder Transactions:
Proceeds from shares sold		7,337,483			259,063,313			6,873,300			11,915,035
Cost of shares redeemed		(76,787,180	)		(61,752,661	)		(3,439,803	)		(5,420,264	)
Net increase (decrease) in net assets resulting from shareholder transactions		(69,449,697	)		197,310,652			3,433,497			6,494,771
Increase (Decrease) in net assets		(40,542,517	)		257,330,103			7,572,281			13,174,872
Net Assets:
Beginning of period		554,751,331			297,421,228			33,698,757			20,523,885
End of period	$	514,208,814		$	554,751,331		$	41,271,038		$	33,698,757
Undistributed net investment income (loss) included in net assets at end of period	$	23,467		$	1,057,352		$	(250	)	$	91,319
Changes in Shares Outstanding:
Shares outstanding, beginning of period		8,401,400			5,401,400			550,000			450,000
Shares sold		100,000			3,950,000			100,000			200,000
Shares redeemed		(1,150,000	)		(950,000	)		(50,000	)		(100,000	)
Shares outstanding, end of period		7,351,400			8,401,400			600,000			550,000

 

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

69     OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED
  
 

	Oppenheimer Ultra Dividend Revenue ETF						Oppenheimer Emerging Markets Revenue ETF			Oppenheimer International Revenue ETF
	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			For the Period July 11, 20171 to December 31, 2017 (Unaudited)			For the Period July 11, 20171 to December 31, 2017 (Unaudited)
Operations:
Net investment income	$	12,940,820		$	14,968,368		$	163,537		$	124,311
Net realized gain on investments, in-kind redemptions and foreign currency transactions		19,000,670			27,291,631			179,906			86,016
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		27,541,667			(25,153,831	)		1,001,235			1,211,670
Net increase in net assets resulting from operations		59,483,157			17,106,168			1,344,678			1,421,997
Distributions to Shareholders From:
Net investment income		(18,230,683	)		(10,429,096	)		(159,395	)		(125,290	)
Realized gains		—			(191,360	)		(38,805	)		—
Total distributions to shareholders		(18,230,683	)		(10,620,456	)		(198,200	)		(125,290	)
Shareholder Transactions:
Proceeds from shares sold		257,287,214			834,239,866			15,341,842			15,115,861
Cost of shares redeemed		(255,973,236	)		(440,424,864	)		(2,676,892	)		(2,580,469	)
Net increase in net assets resulting from shareholder transactions		1,313,978			393,815,002			12,664,950			12,535,392
Increase in net assets		42,566,452			400,300,714			13,811,428			13,832,099
Net Assets:
Beginning of period		510,630,328			110,329,614			—			—
End of period	$	553,196,780		$	510,630,328		$	13,811,428		$	13,832,099
Undistributed net investment income (loss) included in net assets at end of period	$	12,725		$	5,302,588		$	4,142		$	(979	)
Changes in Shares Outstanding:
Shares outstanding, beginning of period		15,100,000			3,500,000			—			—
Shares sold		7,200,000			24,400,000			600,000			600,000
Shares redeemed		(7,150,000	)		(12,800,000	)		(100,000	)		(100,000	)
Shares outstanding, end of period		15,150,000			15,100,000			500,000			500,000

 

1. Commencement of operations

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

70     OPPENHEIMER ETF TRUST

	Oppenheimer Global Revenue ETF
	For the Period July 11, 20171 to December 31, 2017 (Unaudited)
Operations:
Net investment income	$	136,108
Net realized gain on investments, in-kind redemptions and foreign currency transactions		190,453
Net change in unrealized appreciation on investments and foreign currency translations		1,102,351
Net increase in net assets resulting from operations		1,428,912
Distributions to Shareholders From:
Net investment income		(124,885	)
Total distributions to shareholders		(124,885	)
Shareholder Transactions:
Proceeds from shares sold		20,563,203
Cost of shares redeemed		(8,021,610	)
Net increase in net assets resulting from shareholder transactions		12,541,593
Increase in net assets		13,845,620
Net Assets:
Beginning of period		—
End of period	$	13,845,620
Undistributed net investment income included in net assets at end of period	$	11,223
Changes in Shares Outstanding:
Shares outstanding, beginning of period		—
Shares sold		800,000
Shares redeemed		(300,000	)
Shares outstanding, end of period		500,000

 

1. Commencement of operations

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

71     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
    
  

For a share outstanding throughout each period presented.

				Year Ended June 30,
Oppenheimer Large Cap Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of period	$	46.43		$	40.74		$	40.91		$	38.56		$	31.38		$	25.20
Net investment income1		0.44			0.83			0.76			0.68			0.59			0.54	2
Net realized and unrealized gain (loss) on investments		5.02			5.60			(0.14	)		2.35			7.13			6.17
Total gain from investment operations		5.46			6.43			0.62			3.03			7.72			6.71
Less Distributions from:
Net investment income		(0.64	)		(0.74	)		(0.76	)		(0.64	)		(0.54	)		(0.53	)
Realized gains		—			—			(0.03	)		(0.04	)		—			—
Total distributions		(0.64	)		(0.74	)		(0.79	)		(0.68	)		(0.54	)		(0.53	)
Net asset value, end of period	$	51.25		$	46.43		$	40.74		$	40.91		$	38.56		$	31.38
Total Return at Net Asset Value3		11.86	%		15.96	%		1.55	%		7.91	%		24.84	%		26.98	%
Total Return at Market Value3		11.83	%		15.98	%		1.61	%		7.85	%		25.10	%		28.86	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	853,399		$	689,504		$	366,679		$	343,682		$	242,970		$	182,025
Average Net Assets (000’s) omitted		766,287			499,579			331,701			296,609			201,920			163,192
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%4		0.42	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.43	%4		0.52	%		0.62	%		0.61	%		0.68	%		0.71	%
Net investment income, net of waivers and reimbursements		1.82	%4		1.89	%		1.92	%		1.70	%		1.66	%		1.93	%2
Portfolio turnover rate5		8.65	%		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. 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.

72     OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

				Year Ended June 30,
Oppenheimer Mid Cap Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of period	$	56.31		$	47.74		$	49.39		$	47.75		$	38.00		$	29.88
Net investment income1		0.34			0.56			0.44			0.41			0.34			0.39	2
Net realized and unrealized gain (loss) on investments		4.29			8.68			(1.63	)		1.79			9.97			8.18
Total gain (loss) from investment operations		4.63			9.24			(1.19	)		2.20			10.31			8.57
Less Distributions from:
Net investment income		(0.33	)		(0.67	)		(0.46	)		(0.39	)		(0.34	)		(0.31	)
Realized gains		—			—			—			(0.17	)		(0.22	)		(0.14	)
Total distributions		(0.33	)		(0.67	)		(0.46	)		(0.56	)		(0.56	)		(0.45	)
Net asset value, end of period	$	60.61		$	56.31		$	47.74		$	49.39		$	47.75		$	38.00
Total Return at Net Asset Value3		8.25	%		19.46	%		(2.39	)%		4.63	%		27.28	%		28.95	%
Total Return at Market Value3		8.25	%		19.45	%		(2.38	)%		5.05	%		27.14	%		29.25	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	372,861		$	329,502		$	186,252		$	242,092		$	205,404		$	123,565
Average Net Assets (000’s) omitted		346,335			250,624			210,021			223,753			167,424			115,203
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%4		0.43	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.46	%4		0.56	%		0.72	%		0.68	%		0.73	%		0.80	%
Net investment income, net of waivers and reimbursements		1.17	%4		1.05	%		0.94	%		0.84	%		0.78	%		1.17	%2
Portfolio turnover rate5		16.73	%		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 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.

73     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED
    
  

For a share outstanding throughout each period presented.

				Year Ended June 30,
Oppenheimer Small Cap Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of period	$	66.03		$	55.06		$	58.05		$	56.25		$	43.82		$	33.71
Net investment income1		0.33			0.55			0.36			0.39			0.26			0.38	2
Net realized and unrealized gain (loss) on investments		4.05			10.85			(2.97	)		1.89			12.81			10.22
Total gain (loss) from investment operations		4.38			11.40			(2.61	)		2.28			13.07			10.60
Less Distributions from:
Net investment income		(0.46	)		(0.43	)		(0.38	)		(0.38	)		(0.52	)		(0.35	)
Realized gains		—			—			—			(0.10	)		(0.12	)		(0.14	)
Total distributions		(0.46	)		(0.43	)		(0.38	)		(0.48	)		(0.64	)		(0.49	)
Net asset value, end of period	$	69.95		$	66.03		$	55.06		$	58.05		$	56.25		$	43.82
Total Return at Net Asset Value3		6.66	%		20.75	%		(4.46	)%		4.06	%		30.03	%		31.74	%
Total Return at Market Value3		6.66	%		20.76	%		(4.51	)%		4.24	%		30.38	%		31.53	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	514,209		$	554,751		$	297,421		$	374,516		$	292,584		$	153,441
Average Net Assets (000’s) omitted		516,808			427,452			317,271			322,714			232,088			129,239
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%4		0.43	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.44	%4		0.54	%		0.68	%		0.67	%		0.72	%		0.79	%
Net investment income, net of waivers and reimbursements		1.00	%4		0.86	%		0.68	%		0.69	%		0.51	%		0.99	%2
Portfolio turnover rate5		17.71	%		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 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.

74     OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

				Year Ended June 30,
Oppenheimer Financials Sector Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value, beginning of period	$	61.27		$	45.61		$	50.02		$	46.54		$	39.35		$	27.62
Net investment income1		0.40			0.70			0.66			0.54			0.45			0.38	2
Net realized and unrealized gain (loss) on investments		7.67			15.65			(4.38	)		3.44			7.17			11.71
Total gain (loss) from investment operations		8.07			16.35			(3.72	)		3.98			7.62			12.09
Less Distributions from:
Net investment income		(0.55	)		(0.69	)		(0.69	)		(0.50	)		(0.43	)		(0.36	)
Net asset value, end of period	$	68.79		$	61.27		$	45.61		$	50.02		$	46.54		$	39.35
Total Return at Net Asset Value3		13.22	%		36.14	%		(7.49	)%		8.57	%		19.44	%		44.09	%
Total Return at Market Value3		13.42	%		36.20	%		(7.58	)%		8.66	%		19.32	%		44.24	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	41,271		$	33,699		$	20,524		$	32,513		$	32,577		$	29,509
Average Net Assets (000’s) omitted		35,530			26,491			25,009			33,925			31,390			12,464
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.47	%4		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.56	%4		0.81	%		0.91	%		0.77	%		0.80	%		1.03	%
Net investment income, net of waivers and reimbursements		1.24	%4		1.28	%		1.40	%		1.11	%		1.03	%		1.12	%2
Portfolio turnover rate5		5.11	%		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 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.

75     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED
    
  

For a share outstanding throughout each period presented.

				Year Ended June 30,
Oppenheimer Ultra Dividend Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			2017			2016			2015			For the Period October 1, 20131 Through June 30, 2014
Per Share Operating Performance:
Net asset value, beginning of period	$	33.82		$	31.52		$	28.81		$	28.72		$	24.87
Net investment income2		0.86			1.50			1.21			1.20			0.91
Net realized and unrealized gain on investments		3.04			1.96			2.66			0.033			3.39
Total gain from investment operations		3.90			3.46			3.87			1.23			4.30
Less Distributions from:
Net investment income		(1.21	)		(1.14	)		(1.16	)		(1.11	)		(0.45	)
Realized gains		—			(0.02	)		—			(0.03	)		—
Total distributions		(1.21	)		(1.16	)		(1.16	)		(1.14	)		(0.45	)
Net asset value, end of period	$	36.51		$	33.82		$	31.52		$	28.81		$	28.72
Total Return at Net Asset Value4		11.77	%		11.10	%		13.91	%		4.30	%		17.46	%
Total Return at Market Value4		11.80	%		11.18	%		13.90	%		4.19	%		17.58	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	553,197		$	510,630		$	110,330		$	66,254		$	22,976
Average Net Assets (000’s) omitted		514,847			333,853			67,190			47,799			10,504
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%5		0.41	%		0.49	%		0.49	%		0.49	%5
Expenses, prior to expense waivers and reimbursements		0.44	%5		0.52	%		0.75	%		0.72	%		1.18	%5
Net investment income, net of waivers and reimbursements		4.99	%5		4.48	%		4.19	%		4.06	%		4.57	%5
Portfolio turnover rate6		46.33	%		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 period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

5. Annualized 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.

76     OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer Emerging Markets Revenue ETF	For the Period July 11, 20171 to December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.33
Net realized and unrealized gain on investments		2.69
Total gain from investment operations		3.02
Less Distributions from:
Net investment income		(0.32	)
Realized gains		(0.08	)
Total distributions		(0.40	)
Net asset value, end of period	$	27.62
Total Return at Net Asset Value3		12.10	%
Total Return at Market Value3		12.64	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	13,811
Average Net Assets (000’s) omitted		13,404
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.46	%4
Expenses, prior to expense waivers and reimbursements		0.77	%4
Net investment income, net of waivers and reimbursements		2.59	%4
Portfolio turnover rate5		48.21	%

 

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.

77     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED
    
  

For a share outstanding throughout the period presented.

Oppenheimer International Revenue ETF	For the Period July 11, 20171 to December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.25
Net realized and unrealized gain on investments		2.66
Total gain from investment operations		2.91
Less Distributions from:
Net investment income		(0.25	)
Net asset value, end of period	$	27.66
Total Return at Net Asset Value3		11.70	%
Total Return at Market Value3		11.84	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	13,832
Average Net Assets (000’s) omitted		13,243
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.42	%4
Expenses, prior to expense waivers and reimbursements		0.73	%4
Net investment income, net of waivers and reimbursements		1.99	%4
Portfolio turnover rate5		24.26	%

 

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.

78     OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer Global Revenue ETF	For the Period July 11, 20171 to December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.27
Net realized and unrealized gain on investments		2.67
Total gain from investment operations		2.94
Less Distributions from:
Net investment income		(0.25	)
Net asset value, end of period	$	27.69
Total Return at Net Asset Value3		11.79	%
Total Return at Market Value3		12.07	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	13,846
Average Net Assets (000’s) omitted		13,205
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.43	%4
Expenses, prior to expense waivers and reimbursements		0.74	%4
Net investment income, net of waivers and reimbursements		2.19	%4
Portfolio turnover rate5		56.91	%

 

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.

79     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2017 UNAUDITED
    

1. Organization

Oppenheimer ETF Trust (formerly known as 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 eighteen 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. Oppenheimer Large Cap Revenue ETF, Oppenheimer Mid Cap Revenue ETF, Oppenheimer Small Cap Revenue ETF, Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF, Oppenheimer Global Revenue ETF are diversified funds under the Act. Oppenheimer Financials Sector Revenue ETF and Oppenheimer Ultra Dividend Revenue ETF are not diversified. Each Fund’s investment objective is to provide investment results that correspond, generally, before fees and expenses, to the performance of the Fund’s corresponding underlying index (each an “Underlying Index” and, collectively, the “Underlying Indexes”). The Trust’s investment adviser is OFI Advisors, LLC (“OFI” or the “Adviser”) (Prior to October 27, 2017, the Adviser’s name was VTL Associates, LLC.) .

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.

80     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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.

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.

81     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS UNAUDITED CONTINUED
    

2. Significant Accounting Policies (Continued)

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.

82     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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 Losses 3		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 Emerging Markets Revenue ETF		—		—		—			—		—
Oppenheimer International Revenue ETF		—		—		—			—		—
Oppenheimer Global Revenue ETF		—		—		—			—		—

 

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.

83     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS UNAUDITED CONTINUED
    

2. Significant Accounting Policies (Continued)

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 Emerging Markets Revenue ETF		—		—		—		—
Oppenheimer International Revenue ETF		—		—		—		—
Oppenheimer Global Revenue ETF		—		—		—		—

 

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 Emerging Markets Revenue ETF		—		—		—		—		—		—
Oppenheimer International Revenue ETF		—		—		—		—		—		—
Oppenheimer Global Revenue ETF		—		—		—		—		—		—

 

84     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Fund	Federal Tax Cost of Securities		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Oppenheimer Large Cap Revenue ETF	$	704,925,211	$	168,381,464	$	(17,305,350	)	$	151,076,114
Oppenheimer Mid Cap Revenue ETF		333,327,011		78,675,726		(19,685,313	)		58,990,413
Oppenheimer Small Cap Revenue ETF		518,077,065		98,716,541		(55,598,771	)		43,117,770
Oppenheimer Financials Sector Revenue ETF		30,900,410		10,515,046		(158,619	)		10,356,427
Oppenheimer Ultra Dividend Revenue ETF		21,560,272		2,263,298		(399,300	)		1,863,998
Oppenheimer Emerging Markets Revenue ETF		12,844,664		1,311,319		(204,499	)		1,106,820
Oppenheimer International Revenue ETF		12,759,522		4,162,818		(468,084	)		3,694,734
Oppenheimer Global Revenue ETF		12,790,661		2,263,298		(399,300	)		1,863,998

 

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.

3. Securities Valuation

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at 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.

85     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS UNAUDITED CONTINUED
    

3. Securities Valuation (Continued)

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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2017 in valuing the Funds’ assets carried at fair value:

	(Level 1)											(Level 2)						(Level 3)
Fund	Common Stock		Preferred Stock		Money Market Funds			Rights			Common Stock			Preferred Stock			Common Stock			Total
Oppenheimer Large Cap Revenue ETF	$	851,777,426	$	—		$	4,223,899		$	—		$	—		$	—		$	—		$	856,001,325
Oppenheimer Mid Cap Revenue ETF		372,229,791		—			20,087,633			—			—			—			—			392,317,424
Oppenheimer Small Cap Revenue ETF		513,258,505		—			47,936,330			—			—			—			—			561,194,835
Oppenheimer Financials Sector Revenue ETF		41,216,138		—			40,699			—			—			—			—			41,256,837
Oppenheimer Ultra Dividend Revenue ETF		551,621,038		—			16,516,488			—			—			—			—			568,137,526
Oppenheimer Emerging Markets Revenue ETF		13,393,269		381,957			88,071			—			—			—			—			13,863,297
Oppenheimer International Revenue ETF		13,680,671		126,528			162,794			979			108			—			—			13,971,080
Oppenheimer Global Revenue ETF		13,672,230		134,004			90,668			535			44			—			—			13,897,481

 

At December 31, 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 period ended December 31, 2017, there were no transfers between levels.

86     OPPENHEIMER ETF TRUST

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.

87     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS UNAUDITED CONTINUED
    

4. Securities Lending (Continued)

The value of loaned securities and related collateral outstanding at December 31, 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 December 31, 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, and Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

Remaining Contractual Maturity of the Agreements, as of December 31, 2017

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer Large Cap Revenue ETF
Money Market Mutual Fund		4,223,899		—		—		—		4,223,899
U.S. Government Securities		—		42,976		936,558		7,521,951		8,501,485
Total		4,223,899		42,976		936,558		7,521,951		12,725,384
Oppenheimer Mid Cap Revenue ETF
Money Market Mutual Fund		20,087,633		—		—		—		20,087,633
U.S. Government Securities		—		237,648		3,395,167		34,144,174		37,776,989
Total		20,087,633		237,648		3,395,167		34,144,174		57,864,622
Oppenheimer Small Cap Revenue ETF
Money Market Mutual Fund		47,936,330		—		—		—		47,936,330
U.S. Government Securities		—		318,257		4,901,846		60,549,106		65,769,209
Total		47,936,330		318,257		4,901,846		60,549,106		113,705,539
Oppenheimer Financials Sector Revenue ETF
Money Market Mutual Fund		40,699		—		—		—		40,699
U.S. Government Securities		—		—		—		—		—
Total		40,699		—		—		—		40,699
Oppenheimer Ultra Dividend Revenue ETF
Money Market Mutual Fund		16,516,488		—		—		—		16,516,488
U.S. Government Securities		—		465,061		5,376,191		40,818,025		46,659,277
Total		16,516,488		465,061		5,376,191		40,818,025		63,175,765
Oppenheimer Emerging Markets Revenue ETF
Money Market Mutual Fund		88,071		—		—		—		88,071
U.S. Government Securities		—		1,823		11,942		128,371		142,136
Total		88,071		1,823		11,942		128,371		230,207
Oppenheimer International Revenue ETF
Money Market Mutual Fund		162,794		—		—		—		162,794
U.S. Government Securities		—		—		—		—		—
Total		162,794		—		—		—		162,794
Oppenheimer Global Revenue ETF
Money Market Mutual Fund		90,668		—		—		—		90,668
U.S. Government Securities		—		570		3,808		56,383		60,761
Total		90,668		570		3,808		56,383		151,429

 

88     OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

Master Netting Arrangements. For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 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		$	11,312,571		$	(2,811,086	)		$	(8,501,485	)		$	—	$	—	$	—	$	—
Oppenheimer Mid Cap Revenue ETF			55,667,954			(17,890,965	)			(37,776,989	)			—		—		—		—
Oppenheimer Small Cap Revenue ETF			108,561,788			(42,792,579	)			(65,769,209	)			—		—		—		—
Oppenheimer Financials Sector Revenue ETF			—			—				—				—		—		—		—
Oppenheimer Ultra Dividend Revenue ETF			60,223,546			(13,564,269	)			(46,659,277	)			—		—		—		—
Oppenheimer Emerging Markets Revenue ETF			158,121			(15,985	)			(142,136	)			—		—		—		—
Oppenheimer International Revenue ETF			122,541			(122,541	)			—				—		—		—		—
Oppenheimer Global Revenue ETF			146,990			(86,229	)			(60,761	)			—		—		—		—

 

* 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

89     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS UNAUDITED CONTINUED
    

5. Investments and Risks (Continued)

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.

6. Market Risk Factors

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

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

7. Shares of Beneficial Interest

As of December 31, 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.

90     OPPENHEIMER ETF TRUST

7. Shares of Beneficial Interest (Continued)

Each Fund, except Oppenheimer Emerging Markets Revenue ETF, Oppenheimer Global Revenue ETF, and Oppenheimer International Revenue ETF, issues and redeems shares at NAV, only in large blocks consisting of 50,000 shares (“Creation Units”). Oppenheimer Emerging Markets Revenue ETF, Oppenheimer Global Revenue ETF, and Oppenheimer International Revenue ETF issue and redeem shares at NAV in Creation Units consisting of 100,000 shares. 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 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 period ended December 31, 2017, were as follows:

Fund	Purchases		Sales
Oppenheimer Large Cap Revenue ETF	$	66,146,507		$	69,720,439
Oppenheimer Mid Cap Revenue ETF		58,280,627			58,114,061
Oppenheimer Small Cap Revenue ETF		92,861,198			93,768,261
Oppenheimer Financials Sector Revenue ETF		1,837,280			4,499,814
Oppenheimer Ultra Dividend Revenue ETF		239,335,505			244,582,788
Oppenheimer Emerging Markets Revenue ETF		13,263,072			5,847,882
Oppenheimer International Revenue ETF		3,191,771			4,819,034
Oppenheimer Global Revenue ETF		7,349,015			10,121,412

 

For the period ended December 31, 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	$	120,901,907		$	34,651,006
Oppenheimer Mid Cap Revenue ETF		25,799,087			8,589,882
Oppenheimer Small Cap Revenue ETF		6,877,578			76,336,715
Oppenheimer Financials Sector Revenue ETF		6,808,801			812,605
Oppenheimer Ultra Dividend Revenue ETF		254,768,660			252,603,152
Oppenheimer Emerging Markets Revenue ETF		5,607,140			525,397
Oppenheimer International Revenue ETF		14,756,049			622,939
Oppenheimer Global Revenue ETF		17,795,490			2,539,190

 

91     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS UNAUDITED CONTINUED
    

9. Fees and Other Transactions with Affiliates

Management Fees. OFI 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.

Effective September 30, 2017, the investment management fee became a unitary fee paid monthly to the Adviser at an annual rate based on each Fund’s average daily net assets. In return for this fee, the Adviser pays the operating costs and expenses of each Fund other than the following expenses (which will be paid by the Fund): distribution fees or expenses under the Funds’ 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokers’ commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, litigation and indemnification expenses and other extraordinary fees not incurred in the ordinary course of the Funds’ business.

Effective September 30, 2017, the Funds pay the Adviser the following annualized fees:

Fund	Management Fees
Oppenheimer Large Cap Revenue ETF		0.39%
Oppenheimer Mid Cap Revenue ETF		0.39%
Oppenheimer Small Cap Revenue ETF		0.39%
Oppenheimer Financials Sector Revenue ETF		0.45%
Oppenheimer Ultra Dividend Revenue ETF		0.39%
Oppenheimer Emerging Markets Revenue ETF		0.46%
Oppenheimer International Revenue ETF		0.42%
Oppenheimer Global Revenue ETF		0.43%

 

Prior to September 30, 2017, the Funds paid the Adviser the following annualized fees, which were subject to a fee waiver and expense reimbursement, as discussed in more detail below :

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 Emerging Markets Revenue ETF		0.46%		0.46%
Oppenheimer International Revenue ETF		0.42%		0.42%
Oppenheimer Global Revenue ETF		0.43%		0.43%

 

Waivers and Reimbursements of Expenses. Prior to September 30, 2017, the Trust and the Adviser were parties to a written fee waiver and expense reimbursement agreement pursuant to which the Adviser 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

92     OPPENHEIMER ETF TRUST

9. Fees and Other Transactions with Affiliates (Continued)

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 retained 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), provided such reimbursement did 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. At its August 2017 meeting, the Board approved the termination of this agreement effective September 30, 2017.

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

Organization and Offering Costs. OFI directly assumed all organization and initial offering costs of Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF and Oppenheimer Global Revenue ETF.

93     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
FOR CERTAIN SERIES OF OPPENHEIMER ETF TRUST (THE “TRUST”)
    

The Trust, on behalf of 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 each a series of the Trust, (each, a “Fund” and together, the “Funds”), has entered into an investment advisory agreement with OFI Advisors, LLC (formerly VTL Associates, LLC) (the “Manager”) (the “Agreement”). The Agreement was approved by the Funds’ Board of Trustees (the “Board”), including a majority of the independent Trustees, at a meeting held on August 22-23, 2017. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. The Board requested and received such information, including information regarding the services, fees, and expenses of each Fund.

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

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

Nature, Quality and Extent of Services. The Board considered information provided at the August 23-23, 2017 meeting and prior meetings about the nature, quality and extent of the services provided to each Fund and information regarding the Manager’s key personnel who provide such services. The Board also considered that the Manager’s duties include providing each Fund with day-to-day general management and investment of each Fund’s securities portfolio. The Manager is also be responsible for daily review of each Fund’s creation and redemption baskets, daily monitoring of tracking errors and quarterly reporting to the Board, implementing periodic rebalances and reconstitutions to track each Fund’s underlying indexes; and monitoring each Fund’s securities lending program. The Board took into account that the Manager is responsible for overseeing third-party service providers who render certain administrative services to each Fund as well. Those services include supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Funds; compiling and maintaining records with respect to the Funds’ operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Funds for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Funds’ shares. The Manager also provides the Funds with office space, facilities and equipment.

94     OPPENHEIMER ETF TRUST

The Board also considered the quality of the services provided and the quality of the Manager’s resources available to the Funds. In evaluating the Manager, the Board considered the history, reputation, qualifications and background of the Manager, including its corporate parent, OppenheimerFunds, Inc. (“OFI”) and corporate affiliate, OFI Global Asset Management, Inc. (“OFI Global”) (OFI and OFI Global are collectively referred to hereinafter as “OFI”), and the fact that OFI has over 50 years of experience as an investment adviser and that its assets under management rank among the top mutual fund managers in the United States. The Board evaluated the Manager’s and OFI’s advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Manager’s and OFI’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Vince Lowry, Justin Lowry and Sean Reichert, the portfolio managers for each Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager and OFI as trustees of the Funds and other funds advised by the Manager or OFI. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with other funds advised by the Manager or OFI. The Board concluded, in light of the Manager’s and OFI’s experience, reputation, personnel, operations and resources that the Funds should benefit from the services provided under the Agreement.

Investment Performance. The Manager provided information on the investment performance of each Fund, including comparative performance information. The Board also reviewed information, prepared by the Manager and the independent consultant, comparing each Fund’s historical performance to (i) its corresponding revenue-weighted index that it seeks to track; (ii) the relevant benchmark or market indices; and (iii) the performance of other comparable funds, as discussed in more detail on a Fund-by-Fund basis below. The Board also gave consideration to the tracking error data provided to the Board.

•   Oppenheimer Large Cap Revenue ETF. The Board reviewed information, prepared by the Manager and the independent consultant, comparing the Fund’s historical performance to (i) the RevenueShares Large Cap Index, which is the index that it seeks to track; (ii) the Fund’s benchmark index and (iii) the performance of other large value funds. The Board noted that the Fund outperformed it category median for the five-year period, though it underperformed for the one- and three-year periods.

•   Oppenheimer Mid Cap Revenue ETF. The Board reviewed information, prepared by the Manager and the independent consultant, comparing the Fund’s historical performance to (i) the RevenueShares Mid Cap Index, which is the index that it seeks to track; (ii) the Fund’s benchmark index and (iii) the performance of other mid-cap value funds. The Board noted that the Fund underperformed its category median for the one-, three- and five-year periods.

95     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
FOR CERTAIN SERIES OFOPPENHEIMER ETF TRUST (THE “TRUST”)

Continued
    

•   Oppenheimer Small Cap Revenue ETF. The Board reviewed information, prepared by the Manager and the independent consultant, comparing the Fund’s historical performance to (i) the RevenueShares Small Cap Index, which is the index that it seeks to track; (ii) the Fund’s benchmark index and (iii) the performance of other small blend funds. The Board noted that the Fund outperformed its category median for the one-, three- and five-year periods.

•   Oppenheimer Financials Sector Revenue ETF. The Board reviewed information, prepared by the Manager and the independent consultant, comparing the Fund’s historical performance to (i) the RevenueShares Financials Sector Index, which is the index that it seeks to track; (ii) the Fund’s benchmark index and (iii) the performance of other financial funds. The Board noted that the Fund outperformed its category median for the one- and five-year periods, and underperformed its category median for the three-year period.

•   Oppenheimer Ultra Dividend Revenue ETF. The Board reviewed information, prepared by the Manager and the independent consultant, comparing the Fund’s historical performance to (i) the RevenueShares Ultra Dividend Index, which is the index that it seeks to track; (ii) the Fund’s benchmark index and (iii) the performance of other large value funds. The Board noted that the Fund, which commenced operations on September 30, 2013, outperformed its category median for the one- and three-year periods.

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

•   Oppenheimer Large Cap Revenue ETF. The Board considered that the Fund’s contractual management fee as well as its total expenses were higher than its peer group median and category median. The Board also considered that the Manager has agreed to permanently reduce its contractual management to 0.39% of average daily net assets.

•   Oppenheimer Mid Cap Revenue ETF. The Board considered that the Fund’s contractual management fee and its total expenses were in line its peer group median and category median. The Board also considered that the Manager has agreed to permanently reduce its contractual management to 0.39% of average daily net assets.

•   Oppenheimer Small Cap Revenue ETF. The Board considered that the Fund’s contractual management fee and its total expenses were higher than their respective peer group medians and category medians. The Board also considered that the Manager has agreed to permanently reduce its contractual management fee to 0.39% of average daily net assets.

96     OPPENHEIMER ETF TRUST

•   Oppenheimer Financials Sector Revenue ETF. The Board considered that the Fund’s contractual management fee and its total expenses were higher than their respective peer group medians and category medians. The Board also considered that the Manager has agreed to permanently reduce its contractual management fee to 0.45% of average daily net assets.

•   Oppenheimer Ultra Dividend Revenue ETF. The Board considered that the Fund’s contractual management fee and its total expenses were higher than their respective peer group medians and category medians. The Board also considered that the Manager has agreed to permanently reduce its contractual management fee to 0.39% of average daily net assets.

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

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

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

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

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

97     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
FOR INTERNATIONAL REVENUE ETF, GLOBAL REVENUE ETF AND
EMERGING MARKETS REVENUE ETF
    

The Trust, on behalf of International Revenue ETF, Global Revenue ETF and Emerging Markets Revenue ETF (each a “New Fund”, and collectively referred to herein as the “New Funds”), has entered into an investment advisory agreement with OFI Advisors, LLC (formerly, VTL Associates, LLC) (“the Manager”) (the “Advisory Agreement”). The Advisory Agreement was approved by the New Funds’ Board of Trustees (the “Board”), including a majority of the independent Trustees, at meetings held on February 14-15, 2017 and August 22-23, 2017. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Advisory Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. The Board requested and received such information, including information regarding the proposed services, fees, and expenses of each New Fund.

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

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

Nature, Quality and Extent of Services. The Board considered information provided at meetings on February 14-15, 2017 and August 22-23, 2017 and prior meetings about the nature, quality and extent of the services to be provided to each New Fund and information regarding the Manager’s key personnel who provide such services. The Board also considered that the Manager’s duties will include providing each New Fund with day-to-day general management and investment of each New Fund’s securities portfolio. The Manager will also be responsible for daily review of each New Fund’s creation and redemption baskets, daily monitoring of tracking error and quarterly reporting to the Board, implementing periodic rebalances and reconstitutions to track each New Fund’s underlying indexes; and monitoring each New Fund’s securities lending program. The Board took into account that the Manager will be responsible for overseeing third-party service providers who render certain administrative services to each New Fund as well. Those services include supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for the New Funds; compiling and maintaining records with respect to the New Funds’ operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the New Funds for their shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the

98     OPPENHEIMER ETF TRUST

New Funds’ shares. The Manager will also provide the New Funds with office space, facilities and equipment. The Board also took into account the risks assumed by the Manager in connection with launching, branding and maintaining the New Funds.

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

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

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

•   Oppenheimer International Revenue ETF’s total expense ratio is expected to be equal to the selected peer group median, though it is expected to be one basis point higher than the peer group average. The Fund’s contractual management fee is expected to be higher than the selected peer group average and peer group median. The Manager has agreed to permanently reduce its contractual management fee to 0.42% of average daily net assets.

99     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
FOR INTERNATIONAL REVENUE ETF, GLOBAL REVENUE ETF AND
EMERGING MARKETS REVENUE ETF Continued
    

•   Oppenheimer Global Revenue ETF’s total expense ratio is expected to be lower than the selected peer group average and median, while the Fund’s contractual management fee is expected to be lower than the selected peer group average and higher than the peer group median. The Manager has agreed to permanently reduce its contractual management fee to 0.43% of average daily net assets.

•   Oppenheimer Emerging Markets Revenue ETF’s contractual management fee and total expense ratio are expected to be lower than the selected peer group average and peer group median. The Manager has agreed to permanently reduce its contractual management fee to 0.46% of average daily net assets.

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

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

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

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

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

100     OPPENHEIMER ETF TRUST

DISTRIBUTION SOURCES UNAUDITED
    

The table below details, on a per-share basis, the percentage of the ETF’s total distribution payment amounts that were derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in an ETF is paid back to you. A return of capital distribution does not necessarily reflect an ETF’s investment performance and should not be confused with “yield” or “income.” This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. The relative amount of an ETF’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund and scroll down to ’Analytics’. The Fund’s latest distribution information will be shown, as well as the sources of any distribution, updated daily.

Fund Name	Record Date		Ex-Div Date		Pay Date		Net Income			Net Profit from Sale			Other Capital Sources
Oppenheimer Large Cap Revenue ETF		10/4/17		10/3/17		10/6/17		94.3	%		0.0	%		5.7	%
Oppenheimer Large Cap Revenue ETF		12/29/17		12/28/17		1/2/2018		96.4	%		0.0	%		3.6	%
Oppenheimer Mid Cap Revenue ETF		10/4/17		10/3/17		10/6/17		95.0	%		0.0	%		5.0	%
Oppenheimer Mid Cap Revenue ETF		12/29/17		12/28/17		1/2/2018		96.7	%		0.0	%		3.3	%
Oppenheimer Small Cap Revenue ETF		10/4/17		10/3/17		10/6/17		91.2	%		0.0	%		8.8	%
Oppenheimer Small Cap Revenue ETF		12/29/17		12/28/17		1/2/2018		96.7	%		0.0	%		3.3	%
Oppenheimer Financials Sector Revenue ETF		10/4/17		10/3/17		10/6/17		88.9	%		0.0	%		11.1	%
Oppenheimer Ultra Dividend Revenue ETF		10/4/17		10/3/17		10/6/17		98.1	%		0.0	%		1.9	%
Oppenheimer Ultra Dividend Revenue ETF		12/29/17		12/28/17		1/2/2018		97.2	%		0.0	%		2.8	%
Oppenheimer International Revenue ETF		10/4/17		10/3/17		10/6/17		98.8	%		0.0	%		1.2	%
Oppenheimer Emerging Markets Revenue ETF		12/29/17		12/28/17		1/2/2018		74.8	%		25.2	%		0.0	%

 

101     OPPENHEIMER ETF TRUST

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
Oppenheimer 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.

102     OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

 

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Frank Vallario, Vice President
	Sean P. Reichert, Vice President
	Sharon French, Vice President
	Alex Depetris, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
	Stephanie Bullington, Treasurer and Principal Financial & Accounting Officer
Investment Adviser	OFI Advisors, LLC
Distributor	OppenheimerFunds Distributor, Inc.
Administrator, Custodian and Transfer Agent	The Bank of New York Mellon
Independent Registered Public Accounting Firm	Cohen & Company, Ltd.
Legal Counsel	Ropes & Gray LLP

 

© 2018 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.

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Oppenheimer ETF Trust is distributed by
OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008
© 2018 OppenheimerFunds Distributor, Inc. All rights reserved.  
RS0000.011.1217     December 31, 2017

 

Semiannual Report
12/31/2017

 

 

 

Oppenheimer
ETF Trust

ESG ETFs:
Oppenheimer ESG Revenue ETF
Oppenheimer Global ESG Revenue ETF

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Table Of Contents

  
 

Shareholder Expense Examples	2
Schedule of Investments Summary Tables	4
Schedules of Investments
Oppenheimer ESG Revenue ETF	5
Oppenheimer Global ESG Revenue ETF	9
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	31
Board Approval of Investment Advisory Agreements	42
Distribution Sources	45
Supplemental Information	46

 

1     OPPENHEIMER ETF TRUST

Shareholder Expense Examples Unaudited

  
 

As a shareholder of an Oppenheimer ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including management fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2017 to December 31, 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.

2     OPPENHEIMER ETF TRUST

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

	Beginning Account Value 07/01/2017		Ending Account Value 12/31/2017		Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period1
Oppenheimer ESG Revenue ETF
Actual	$	1,000.00	$	1,108.70	0.40%	$	2.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	0.40%	$	2.04
Oppenheimer Global ESG Revenue ETF
Actual	$	1,000.00	$	1,124.20	0.45%	$	2.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	0.45%	$	2.29

 

¹ Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

3     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES UNAUDITED

  
 

    
Oppenheimer ESG Revenue ETF

Industry	% of Net Assets
Automobiles & Components		3.7	%
Banks		2.3
Capital Goods		10.6
Commercial & Professional Services		0.4
Consumer Durables & Apparel		2.0
Consumer Services		1.7
Diversified Financials		2.8
Energy		5.2
Food & Staples Retailing		6.9
Food, Beverage & Tobacco		5.0
Health Care Equipment & Services		9.0
Household & Personal Products		2.3
Insurance		3.4
Materials		3.4
Media		3.2
Money Market Fund		0.4
Pharmaceuticals, Biotechnology & Life Sciences		3.0
Real Estate		1.0
Retailing		6.5
Semiconductors & Semiconductor Equipment		2.9
Software & Services		6.5
Technology Hardware & Equipment		4.2
Telecommunication Services		5.5
Transportation		3.2
Utilities		5.1
Total Investments		100.2
Liabilities in Excess of Other Assets		(0.2	)
Net Assets		100.0	%

 

Oppenheimer Global ESG
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		4.5	%
Banks		8.6
Capital Goods		12.1
Commercial & Professional Services		1.1
Consumer Durables & Apparel		3.0
Consumer Services		1.1
Diversified Financials		3.7
Energy		7.8
Food & Staples Retailing		4.3
Food, Beverage & Tobacco		4.7
Health Care Equipment & Services		3.7
Household & Personal Products		1.8
Insurance		5.8
Materials		5.5
Media		1.2
Money Market Fund		0.8
Pharmaceuticals, Biotechnology & Life Sciences		3.5
Real Estate		1.1
Retailing		3.2
Semiconductors & Semiconductor Equipment		1.1
Software & Services		4.2
Technology Hardware & Equipment		5.6
Telecommunication Services		3.5
Transportation		3.0
Utilities		5.6
Total Investments		100.5
Liabilities in Excess of Other Assets		(0.5	)
Net Assets		100.0	%

 

4     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer ESG Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—3.7%
Aptiv PLC		976	$	82,794
BorgWarner, Inc.		865		44,193
Ford Motor Co.		58,322		728,442
Goodyear Tire & Rubber Co. (The)		2,259		72,988
Total Automobiles & Components				928,417
Banks—2.3%
Bank of America Corp.		16,163		477,132
Comerica, Inc.		168		14,584
PNC Financial Services Group, Inc. (The)		578		83,400
Total Banks				575,116
Capital Goods—10.6%
3M Co.		620		145,929
Arconic, Inc.		2,385		64,991
Cummins, Inc.		547		96,622
Deere & Co.		879		137,572
Dover Corp.		374		37,770
Eaton Corp. PLC		1,234		97,498
Flowserve Corp.		430		18,116
Fluor Corp.		1,843		95,191
General Electric Co.		32,144		560,913
Illinois Tool Works, Inc.		408		68,075
Ingersoll-Rand PLC		764		68,141
Johnson Controls International PLC		3,823		145,695
Lockheed Martin Corp.		729		234,045
Masco Corp.		855		37,569
Northrop Grumman Corp.		393		120,616
Parker-Hannifin Corp.		312		62,269
Raytheon Co.		618		116,091
Rockwell Automation, Inc.		158		31,023
Rockwell Collins, Inc.		242		32,820
Stanley Black & Decker, Inc.		352		59,731
United Rentals, Inc.1		182		31,288
United Technologies Corp.		2,220		283,205
W.W. Grainger, Inc.		214		50,558
Xylem, Inc.		319		21,756
Total Capital Goods				2,617,484
Commercial & Professional Services—0.4%
Nielsen Holdings PLC2		832		30,285
Waste Management, Inc.		795		68,608
Total Commercial & Professional Services				98,893
	Shares		Value
Consumer Durables & Apparel—2.0%
Garmin Ltd.		240	$	14,297
Hanesbrands, Inc.2		1,424		29,776
Hasbro, Inc.		261		23,722
Mattel, Inc.2		1,577		24,254
Newell Brands, Inc.		2,359		72,893
NIKE, Inc., Class B		2,520		157,626
PVH Corp.		300		41,163
Tapestry, Inc.		529		23,398
Whirlpool Corp.		606		102,196
Total Consumer Durables & Apparel				489,325
Consumer Services—1.7%
Carnival Corp.		1,242		82,432
Hilton Worldwide Holdings, Inc.		606		48,395
Marriott International, Inc., Class A		825		111,977
Royal Caribbean Cruises Ltd.		331		39,482
Starbucks Corp.		1,796		103,144
Wyndham Worldwide Corp.		244		28,272
Total Consumer Services				413,702
Diversified Financials—2.8%
Bank of New York Mellon Corp. (The)		1,433		77,181
BlackRock, Inc.		112		57,536
Goldman Sachs Group, Inc. (The)		748		190,560
Invesco Ltd.		650		23,751
Moody’s Corp.		127		18,746
Morgan Stanley		3,810		199,911
Northern Trust Corp.		267		26,671
S&P Global, Inc.		166		28,120
State Street Corp.		515		50,269
T. Rowe Price Group, Inc.		219		22,980
Total Diversified Financials				695,725
Energy—5.2%
Andeavor		1,323		151,272
Apache Corp.		684		28,878
Chesapeake Energy Corp.1,2		12,225		48,411
ConocoPhillips		2,541		139,476
Devon Energy Corp.		1,594		65,992
EQT Corp.		220		12,522
Halliburton Co.		1,994		97,447
Hess Corp.		569		27,010
Marathon Oil Corp.		1,329		22,500
Marathon Petroleum Corp.		4,598		303,376
Newfield Exploration Co.1		276		8,702
Noble Energy, Inc.		697		20,311

 

5     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer ESG Revenue ETF
 

	Shares		Value
Energy (CONTINUED)
Occidental Petroleum Corp.		802	$	59,075
ONEOK, Inc.		993		53,076
Range Resources Corp.		710		12,113
Schlumberger Ltd.		2,260		152,301
TechnipFMC PLC		2,645		82,815
Total Energy				1,285,277
Food & Staples Retailing—6.9%
CVS Health Corp.		11,876		861,010
Kroger Co. (The)		21,241		583,065
Sysco Corp.		4,367		265,208
Total Food & Staples Retailing				1,709,283
Food, Beverage & Tobacco—5.0%
Altria Group, Inc.		1,288		91,976
Brown-Forman Corp., Class B		218		14,970
Campbell Soup Co.		760		36,564
Coca-Cola Co. (The)		3,815		175,032
Dr Pepper Snapple Group, Inc.		337		32,709
General Mills, Inc.		1,298		76,958
Hershey Co. (The)		316		35,869
Hormel Foods Corp.		1,196		43,523
J.M. Smucker Co. (The)		293		36,402
Kellogg Co.		930		63,221
McCormick & Co., Inc.		216		22,013
Molson Coors Brewing Co., Class B		641		52,607
Mondelez International, Inc., Class A		2,823		120,824
PepsiCo, Inc.		2,530		303,398
Philip Morris International, Inc.		1,192		125,935
Total Food, Beverage & Tobacco				1,232,001
Health Care Equipment & Services—9.0%
Abbott Laboratories		2,160		123,271
Anthem, Inc.		1,875		421,894
Baxter International, Inc.		763		49,320
Becton Dickinson and Co.		261		55,870
Boston Scientific Corp.1		1,635		40,532
Cigna Corp.		955		193,951
Edwards Lifesciences Corp.1		137		15,441
Humana, Inc.		1,004		249,062
Medtronic PLC		1,709		138,002
ResMed, Inc.		119		10,078
UnitedHealth Group, Inc.		4,219		930,121
Varian Medical Systems, Inc.1		121		13,449
Total Health Care Equipment & Services				2,240,991
	Shares		Value
Household & Personal Products—2.3%
Church & Dwight Co., Inc.		356	$	17,861
Clorox Co. (The)		195		29,004
Colgate-Palmolive Co.		984		74,243
Estee Lauder Cos., Inc., (The), Class A		450		57,258
Kimberly-Clark Corp.		734		88,564
Procter & Gamble Co. (The)		3,378		310,371
Total Household & Personal Products				577,301
Insurance—3.4%
Allstate Corp. (The)		1,713		179,368
MetLife, Inc.		6,347		320,904
Principal Financial Group, Inc.		984		69,431
Prudential Financial, Inc.		2,432		279,632
Total Insurance				849,335
Materials—3.4%
Air Products & Chemicals, Inc.		241		39,543
Albemarle Corp.		107		13,684
Avery Dennison Corp.		267		30,668
Ball Corp.		1,305		49,394
Eastman Chemical Co.		478		44,282
Ecolab, Inc.		478		64,138
FMC Corp.		145		13,726
International Flavors & Fragrances, Inc.		103		15,719
International Paper Co.		1,908		110,549
LyondellBasell Industries NV, Class A		1,486		163,936
Mosaic Co. (The)		1,382		35,462
Newmont Mining Corp.		960		36,019
PPG Industries, Inc.		601		70,209
Praxair, Inc.		352		54,447
Sealed Air Corp.		493		24,305
WestRock Co.		1,104		69,784
Total Materials				835,865
Media—3.2%
Comcast Corp., Class A		10,026		401,541
Time Warner, Inc.		1,612		147,450
Walt Disney Co. (The)		2,346		252,218
Total Media				801,209
Pharmaceuticals, Biotechnology & Life Sciences—3.0%
AbbVie, Inc.		1,333		128,915
Agilent Technologies, Inc.		312		20,895
Biogen, Inc.1		156		49,697
Bristol-Myers Squibb Co.		1,547		94,800

6     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Celgene Corp.1		537	$	56,041
Eli Lilly & Co.		1,220		103,041
Illumina, Inc.1		57		12,454
Pfizer, Inc.		6,728		243,688
Regeneron Pharmaceuticals, Inc.1		68		25,565
Total Pharmaceuticals, Biotechnology & Life Sciences				735,096
Real Estate—1.0%
AvalonBay Communities, Inc.		55		9,813
Boston Properties, Inc.		98		12,743
CBRE Group, Inc., Class A1		1,508		65,311
HCP, Inc.		344		8,972
Host Hotels & Resorts, Inc.		1,280		25,408
Iron Mountain, Inc.		471		17,771
Kimco Realty Corp.		307		5,572
Macerich Co. (The)		72		4,729
Prologis, Inc.		190		12,257
Regency Centers Corp.		61		4,220
Simon Property Group, Inc.		157		26,963
Vornado Realty Trust		150		11,727
Welltower, Inc.		307		19,577
Weyerhaeuser Co.		931		32,827
Total Real Estate				257,890
Retailing—6.5%
Best Buy Co., Inc.		2,908		199,111
Gap, Inc. (The)		2,197		74,830
Home Depot, Inc. (The)		2,538		481,027
Kohl’s Corp.		1,719		93,221
L Brands, Inc.		1,006		60,581
Lowe’s Cos., Inc.		3,728		346,480
Macy’s, Inc.2		4,850		122,172
Nordstrom, Inc.		1,548		73,344
TJX Cos., Inc. (The)		2,178		166,530
Total Retailing				1,617,296
Semiconductors & Semiconductor Equipment—2.9%
Advanced Micro Devices, Inc.1,2		2,302		23,664
Analog Devices, Inc.		252		22,435
Applied Materials, Inc.		1,254		64,104
Intel Corp.		6,630		306,041
KLA-Tencor Corp.		167		17,547
Lam Research Corp.		226		41,600
Microchip Technology, Inc.2		206		18,103
	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Micron Technology, Inc.1		2,281	$	93,795
NVIDIA Corp.		208		40,248
Skyworks Solutions, Inc.		182		17,281
Texas Instruments, Inc.		688		71,855
Xilinx, Inc.		171		11,529
Total Semiconductors & Semiconductor Equipment				728,202
Software & Services—6.5%
Accenture PLC, Class A		1,147		175,594
Adobe Systems, Inc.1		184		32,244
Akamai Technologies, Inc.1		204		13,268
Autodesk, Inc.1		87		9,120
CA, Inc.		578		19,236
Cognizant Technology Solutions Corp., Class A		955		67,824
DXC Technology Co.		795		75,446
eBay, Inc.1		1,159		43,741
International Business Machines Corp.		2,446		375,265
Intuit, Inc.		155		24,456
Microsoft Corp.		5,120		437,965
Oracle Corp.		3,777		178,577
salesforce.com, Inc.1		425		43,448
Symantec Corp.		754		21,157
Visa, Inc., Class A		751		85,629
Total Software & Services				1,602,970
Technology Hardware & Equipment—4.2%
Amphenol Corp., Class A		358		31,432
Cisco Systems, Inc.		5,987		229,302
Corning, Inc.		1,472		47,089
Hewlett Packard Enterprise Co.		13,053		187,441
HP, Inc.		11,506		241,741
Juniper Networks, Inc.		849		24,197
NetApp, Inc.		458		25,337
Seagate Technology PLC2		1,203		50,334
TE Connectivity Ltd.		651		61,871
Western Digital Corp.		1,141		90,744
Xerox Corp.		1,648		48,039
Total Technology Hardware & Equipment				1,037,527
Telecommunication Services—5.5%
AT&T, Inc.		20,001		777,639
Verizon Communications, Inc.		11,241		594,986
Total Telecommunication Services				1,372,625

 

7     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer ESG Revenue ETF
 

	Shares		Value
Transportation—3.2%
Delta Air Lines, Inc.		3,432	$	192,192
FedEx Corp.		1,209		301,694
United Parcel Service, Inc., Class B		2,572		306,454
Total Transportation				800,340
Utilities—5.1%
AES Corp.		6,258		67,774
Ameren Corp.		478		28,197
American Electric Power Co., Inc.		952		70,039
American Water Works Co., Inc.		176		16,102
CMS Energy Corp.		625		29,563
Consolidated Edison, Inc.		637		54,113
Dominion Energy, Inc.		691		56,013
DTE Energy Co.		509		55,715
Duke Energy Corp.		1,225		103,035
Edison International		820		51,857
Entergy Corp.		636		51,764
Eversource Energy		560		35,381
Exelon Corp.		3,874		152,674
FirstEnergy Corp.		2,049		62,740
NextEra Energy, Inc.		476		74,346
NiSource, Inc.		868		22,282
NRG Energy, Inc.		1,923		54,767
Pinnacle West Capital Corp.		190		16,184
PPL Corp.		1,036		32,064
Public Service Enterprise Group, Inc.		813		41,870
Southern Co. (The)		2,081		100,075
WEC Energy Group, Inc.2		531		35,274
Xcel Energy, Inc.		1,070		51,478
Total Utilities				1,263,307
Total Common Stocks (Cost $21,042,985)				24,765,177
	Shares		Value
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $26,182)		26,182	$	26,182
Investment of Cash Collateral for Securities Loaned—0.3%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.19%3 (Cost $79,020)		79,020		79,020
Total Investments—100.2% (Cost $21,148,187)				24,870,379
Liabilities in Excess of Other Assets—(0.2)%				(57,513	)
Net Assets—100.0%			$	24,812,866

 

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 $364,193; total value of the collateral held by the Fund was $378,275. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $299,255 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

8     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
COMMON STOCKS—98.9%
Automobiles & Components—4.4%
Aisin Seiki Co. Ltd.		763	$	42,874
Astra International Tbk PT		29,027		17,757
Bayerische Motoren Werke AG		1,298		135,337
BYD Co. Ltd., Class H		667		5,811
Cie Generale des Etablissements Michelin		227		32,587
Daimler AG		2,838		241,277
Denso Corp.		839		50,370
Geely Automobile Holdings Ltd.		2,841		9,849
GKN PLC		3,921		16,941
Guangzhou Automobile Group Co. Ltd., Class H		1,527		3,618
Hankook Tire Co. Ltd.1		147		7,497
Honda Motor Co. Ltd.		4,772		163,599
Magna International, Inc.		863		49,068
Mahindra & Mahindra Ltd.		1,690		19,887
NGK Spark Plug Co. Ltd.		167		4,061
Nokian Renkaat OYJ		49		2,224
Peugeot SA		3,537		72,012
Renault SA		805		81,111
Stanley Electric Co. Ltd.		152		6,173
Sumitomo Rubber Industries Ltd.		471		8,764
Tesla, Inc.1,2		41		12,765
Valeo SA		382		28,564
Yamaha Motor Co. Ltd.		541		17,745
Total Automobiles & Components				1,029,891
Banks—8.2%
ABN AMRO Group NV3		837		27,036
Abu Dhabi Commercial Bank PJSC		2,102		3,892
AMMB Holdings Bhd		2,029		2,211
Australia & New Zealand Banking Group Ltd.		1,761		39,585
Axis Bank Ltd.		1,330		11,751
Banco Bilbao Vizcaya Argentaria SA		6,811		58,167
Banco Bradesco SA		5,143		49,707
Banco de Credito e Inversiones		61		4,243
Banco de Sabadell SA		5,690		11,315
Banco do Brasil SA		7,988		76,627
Banco Santander Brasil SA		3,632		34,906
Banco Santander Chile		74,398		5,830
Banco Santander SA		18,607		122,419
Bancolombia SA		846		8,498
Bank Central Asia Tbk PT		3,924		6,334
	Shares		Value
Banks (Continued)
Bank Danamon Indonesia Tbk PT		5,829	$	2,986
Bank Handlowy w Warszawie SA		36		848
Bank Hapoalim B.M.		900		6,634
Bank Leumi Le-Israel B.M.		1,020		6,161
Bank Mandiri Persero Tbk PT		18,176		10,717
Bank Millennium SA1		498		1,281
Bank Negara Indonesia Persero Tbk PT		9,704		7,081
Bank of Montreal		336		26,975
Bank of Nova Scotia (The)		495		32,048
Bank of the Philippine Islands		1,026		2,222
Bank Rakyat Indonesia Persero Tbk PT		42,305		11,350
Bank Zachodni WBK SA		30		3,421
Bankinter SA		461		4,375
Barclays Africa Group Ltd.		1,006		14,789
Bendigo & Adelaide Bank Ltd.		343		3,131
BNK Financial Group, Inc.1		482		4,241
BNP Paribas SA		1,586		118,553
BOC Hong Kong Holdings Ltd.		3,022		15,309
CaixaBank SA		3,613		16,872
Canadian Imperial Bank of Commerce		226		22,103
China CITIC Bank Corp Ltd., Class H		23,801		14,919
China Everbright Bank Co. Ltd., Class H		10,712		5,002
China Merchants Bank Co. Ltd., Class H		2,495		9,926
CIMB Group Holdings Bhd		5,423		8,764
Comerica, Inc.		48		4,167
Commercial Bank PQSC (The)1		288		2,270
Commercial International Bank Egypt SAE		463		2,017
Commerzbank AG1		1,411		21,188
Commonwealth Bank of Australia		648		40,719
Concordia Financial Group Ltd.		664		4,008
Credicorp Ltd.		30		6,223
Credit Agricole SA		6,264		103,801
DBS Group Holdings Ltd.		770		14,318
DGB Financial Group, Inc.1		346		3,410
DNB ASA		588		10,934
Dubai Islamic Bank PJSC		2,102		3,543
E.Sun Financial Holding Co. Ltd.		3,550		2,255
Erste Group Bank AG1		314		13,613

 

9     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Banks (Continued)
First Abu Dhabi Bank PJSC		2,035	$	5,679
Grupo Financiero Banorte SAB de CV, Class O		1,486		8,190
Grupo Financiero Santander Mexico SAB de CV, Class B		2,208		3,242
Hana Financial Group, Inc.		342		15,909
Hang Seng Bank Ltd.		345		8,562
Housing Development Finance Corp. Ltd.		458		12,273
ICICI Bank Ltd.		4,172		20,524
IDFC Bank Ltd.		2,337		1,986
Indiabulls Housing Finance Ltd.		118		2,212
Industrial Bank of Korea		591		9,081
ING Groep NV		3,884		71,474
Intesa Sanpaolo SpA -RSP		306		977
Intesa Sanpaolo SpA		6,992		23,257
Kasikornbank PCL		3,359		23,912
KB Financial Group, Inc.		423		25,051
KBC Group NV		228		19,469
KeyCorp		446		8,996
Komercni banka as		46		1,980
Krung Thai Bank PCL		11,691		6,888
Malayan Banking Bhd		4,155		10,062
mBank SA1		15		2,007
MCB Bank Ltd.		526		1,012
Mega Financial Holding Co. Ltd.		3,859		3,119
Mizrahi Tefahot Bank Ltd.		144		2,661
Mizuho Financial Group, Inc.		20,311		36,890
National Australia Bank Ltd.		1,415		32,726
National Bank of Canada		170		8,510
Nedbank Group Ltd.		616		12,743
Nordea Bank AB		1,710		20,739
OTP Bank PLC		131		5,436
Oversea-Chinese Banking Corp. Ltd.		2,627		24,355
People’s United Financial, Inc.		104		1,945
PNC Financial Services Group, Inc. (The)		124		17,892
Public Bank Bhd		1,088		5,587
Qatar National Bank QPSC		467		16,115
Raiffeisen Bank International AG1		279		10,118
Regions Financial Corp.		473		8,173
Resona Holdings, Inc.		1,493		8,921
RHB Bank Bhd		2,659		3,285
Royal Bank of Canada		580		47,517
Shinhan Financial Group Co. Ltd.		476		21,965
	Shares		Value
Banks (Continued)
Siam Commercial Bank PCL (The)		1,606	$	7,392
Skandinaviska Enskilda Banken AB, Class A		847		9,962
Societe Generale SA		1,546		79,920
Standard Chartered PLC1		2,717		28,672
Sumitomo Mitsui Trust Holdings, Inc.		360		14,295
SVB Financial Group1		11		2,571
Svenska Handelsbanken AB, Class A		592		8,113
Swedbank AB, Class A		358		8,653
Taishin Financial Holding Co. Ltd.		4,378		2,038
Taiwan Business Bank		2,878		811
TMB Bank PCL		22,349		2,071
Toronto-Dominion Bank (The)		726		42,675
UniCredit SpA1		1,771		33,133
Westpac Banking Corp.		1,480		36,290
Yes Bank Ltd.		867		4,281
Total Banks				1,897,012
Capital Goods—12.1%
3M Co.		164		38,601
ABB Ltd.		1,698		45,512
Aboitiz Equity Ventures, Inc.		2,244		3,326
Acuity Brands, Inc.		27		4,752
AGCO Corp.		139		9,929
Airbus SE		966		96,278
Alfa Laval AB		214		5,065
Allegion PLC		34		2,705
Alstom SA		265		11,012
Amada Holdings Co. Ltd.		258		3,513
ANDRITZ AG		167		9,442
Arconic, Inc.		659		17,958
Ashtead Group PLC		208		5,605
Assa Abloy AB, Class B		535		11,135
Atlas Copco AB, Class A		261		11,291
Atlas Copco AB, Class B		134		5,149
BAE Systems PLC		4,250		32,943
Bidvest Group Ltd. (The)		472		8,315
Boeing Co. (The)		420		123,862
Boskalis Westminster		101		3,812
Bouygues SA		921		47,898
Brenntag AG		265		16,792
Bunzl PLC		470		13,174
CAE, Inc.		150		2,795
Caterpillar, Inc.		363		57,202
Cie de Saint-Gobain		1,020		56,317

10     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
CNH Industrial NV		2,507	$	33,626
Cobham PLC1		2,280		3,895
Cummins, Inc.		143		25,260
Daifuku Co. Ltd.		100		5,451
Daikin Industries Ltd.		201		23,793
DCC PLC		213		21,509
Deere & Co.		257		40,223
Eaton Corp. PLC		325		25,678
Eiffage SA		205		22,485
Elbit Systems Ltd.		30		4,018
Far Eastern New Century Corp.		9,814		8,838
Fastenal Co.		111		6,071
Ferguson PLC		360		25,957
Ferrovial SA		833		18,930
Finning International, Inc.		233		5,899
Flowserve Corp.		121		5,098
Fluor Corp.		516		26,651
Fortune Brands Home & Security, Inc.		98		6,707
Fuji Electric Co. Ltd.		1,630		12,285
GEA Group AG		145		6,966
Geberit AG		6		2,642
General Electric Co.		8,284		144,556
HAP Seng Consolidated Bhd		576		1,359
HD Supply Holdings, Inc.1		225		9,007
Hino Motors Ltd.		1,577		20,439
Hitachi Construction Machinery Co. Ltd.		288		10,469
Hiwin Technologies Corp.		3		32
HOCHTIEF AG		179		31,726
Honeywell International, Inc.		329		50,455
Huntington Ingalls Industries, Inc.		38		8,957
IHI Corp.		558		18,575
IMI PLC		172		3,102
Ingersoll-Rand PLC		202		18,016
ITOCHU Corp.		3,400		63,473
Jacobs Engineering Group, Inc.		213		14,049
Johnson Controls International PLC		1,038		39,558
Kajima Corp.		1,983		19,082
Kawasaki Heavy Industries Ltd.		502		17,625
Keihan Holdings Co. Ltd.		165		4,863
Keppel Corp. Ltd.		1,043		5,736
KION Group AG		130		11,236
KOC Holding AS		6,633		32,329
Komatsu Ltd.		720		26,064
Kone OYJ, Class B		213		11,453
Kubota Corp.		1,005		19,712
	Shares		Value
Capital Goods (Continued)
Kurita Water Industries Ltd.		100	$	3,249
L3 Technologies, Inc.		71		14,047
Legrand SA		102		7,862
Lennox International, Inc.		24		4,998
LG Corp.1		132		11,220
Lockheed Martin Corp.		183		58,752
MAN SE		171		19,589
Masco Corp.		237		10,414
Meggitt PLC		538		3,509
Metso OYJ		110		3,761
Middleby Corp. (The)1		26		3,509
Mitsubishi Electric Corp.		2,905		48,262
Mitsubishi Heavy Industries Ltd.		1,214		45,370
MTU Aero Engines AG		42		7,535
Nabtesco Corp.		104		3,988
NGK Insulators Ltd.		275		5,195
Northrop Grumman Corp.		104		31,919
NSK Ltd.		735		11,575
Obayashi Corp.		1,661		20,112
OSRAM Licht AG		79		7,108
Owens Corning		87		7,999
Parker-Hannifin Corp.		82		16,366
Raytheon Co.		165		30,995
Rexel SA		1,107		20,099
Rockwell Automation, Inc.		40		7,854
Rockwell Collins, Inc.		66		8,951
Rolls-Royce Holdings PLC1		2,245		25,723
Rolls-Royce Holdings PLC Entitlement1		92,690		125
Roper Technologies, Inc.		20		5,180
Safran SA		226		23,314
Sandvik AB		740		12,988
Schneider Electric SE1		434		36,928
Sembcorp Industries Ltd.		3,483		7,897
Shimizu Corp.		1,526		15,768
Siemens AG		891		124,270
Siemens Ltd.		119		2,308
Sime Darby Bhd		4,197		2,292
Singapore Technologies Engineering Ltd.		2,531		6,174
SK Holdings Co. Ltd.1		450		118,958
Skanska AB, Class B		1,011		20,992
SKF AB, Class B		480		10,682
Smiths Group PLC		272		5,482
Snap-on, Inc.2		30		5,229
SNC-Lavalin Group, Inc.		211		9,607
Spirit AeroSystems Holdings, Inc., Class A		106		9,248

11     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Capital Goods (Continued)
Taisei Corp.		295	$	14,691
Thales SA		214		23,097
THK Co. Ltd.		154		5,783
TOTO Ltd.		147		8,678
Toyota Tsusho Corp.		2,325		93,599
Travis Perkins PLC		536		11,362
United Rentals, Inc.1		49		8,424
United Technologies Corp.		629		80,242
Vestas Wind Systems A/S		239		16,528
Vinci SA		613		62,678
Volvo AB, Class B		2,005		37,394
W.W. Grainger, Inc.2		64		15,120
WABCO Holdings, Inc.1		25		3,587
Wartsila OYJ Abp		111		7,011
WEG SA		508		3,692
Weir Group PLC (The)		131		3,762
Xylem, Inc.		78		5,320
Total Capital Goods				2,816,609
Commercial & Professional Services—1.1%
Adecco Group AG		455		34,808
Babcock International Group PLC		758		7,234
Brambles Ltd.		867		6,829
Bureau Veritas SA		259		7,088
Capita PLC		1,178		6,389
China Everbright International Ltd.		2,020		2,884
Dai Nippon Printing Co. Ltd.		742		16,553
Edenred		67		1,945
Experian PLC		266		5,887
Intertek Group PLC		64		4,493
ISS A/S		413		16,006
ManpowerGroup, Inc.		195		24,591
Park24 Co. Ltd.		100		2,394
Randstad Holding NV		550		33,841
Recruit Holdings Co. Ltd.		954		23,712
RELX NV		277		6,375
RELX PLC		275		6,469
Robert Half International, Inc.		121		6,720
SEEK Ltd.		75		1,115
SGS SA		2		5,215
Societe BIC SA		27		2,972
Sohgo Security Services Co. Ltd.		118		6,421
Teleperformance		41		5,881
Toppan Printing Co. Ltd.		1,493		13,505
Wolters Kluwer NV		136		7,101
Total Commercial & Professional Services				256,428
	Shares		Value
Consumer Durables & Apparel—3.0%
adidas AG		142	$	28,501
Arcelik AS		1,212		6,879
Asics Corp.		327		5,213
Barratt Developments PLC		915		8,015
Berkeley Group Holdings PLC		90		5,110
Burberry Group PLC		198		4,800
Casio Computer Co. Ltd.		257		3,698
Cie Financiere Richemont SA		162		14,679
Electrolux AB, Series B		576		18,594
Gildan Activewear, Inc.		107		3,468
Hanesbrands, Inc.2		395		8,259
Hasbro, Inc.		68		6,181
Hermes International		13		6,966
HUGO BOSS AG		50		4,259
Husqvarna AB, Class B		520		4,960
Kering		42		19,820
LG Electronics, Inc.		691		68,419
Li & Fung Ltd.		43,475		23,858
Luxottica Group SpA		239		14,680
LVMH Moet Hennessy Louis Vuitton SE		201		59,230
Mattel, Inc.2		356		5,475
Mohawk Industries, Inc.1		41		11,312
Newell Brands, Inc.		667		20,610
NIKE, Inc., Class B		582		36,404
Nikon Corp.		423		8,524
Panasonic Corp.		5,727		83,859
Pandora A/S		45		4,903
Persimmon PLC		153		5,667
PVH Corp.		74		10,154
SEB SA		46		8,531
Sega Sammy Holdings, Inc.		375		4,654
Sekisui Chemical Co. Ltd.		666		13,373
Sekisui House Ltd.		1,248		22,550
Sony Corp.		1,871		84,423
Swatch Group AG (The)		46		3,517
Swatch Group AG (The)		12		4,894
Taylor Wimpey PLC		2,479		6,922
Titan Co. Ltd.		227		3,052
Under Armour, Inc., Class C1,2		439		5,848
VF Corp.		201		14,874
Whirlpool Corp.		158		26,645
Yamaha Corp.		149		5,502
Total Consumer Durables & Apparel				707,282

12     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services—1.1%
Accor SA		53	$	2,737
Aramark		436		18,635
Aristocrat Leisure Ltd.		130		2,410
Benesse Holdings, Inc.		133		4,693
Compass Group PLC		1,697		36,730
Crown Resorts Ltd.		356		3,625
Flight Centre Travel Group Ltd.2		71		2,457
Hilton Worldwide Holdings, Inc.		160		12,777
InterContinental Hotels Group PLC		37		2,362
Kangwon Land, Inc.1		54		1,755
Marriott International, Inc., Class A		204		27,689
Melco Resorts & Entertainment Ltd.4		234		6,795
Merlin Entertainments PLC3		516		2,533
MGM China Holdings Ltd.2		992		3,001
Minor International PCL		1,498		2,011
OPAP SA		344		4,337
Oriental Land Co. Ltd.		83		7,567
Paddy Power Betfair PLC		23		2,740
Royal Caribbean Cruises Ltd.		87		10,377
Sands China Ltd.		1,880		9,704
Shangri-La Asia Ltd.		1,078		2,446
Sodexo SA		245		32,965
Tabcorp Holdings Ltd.		1,204		5,255
TUI AG		1,382		28,790
Vail Resorts, Inc.		10		2,125
Whitbread PLC		109		5,898
Total Consumer Services				242,414
Diversified Financials—3.7%
3i Group PLC		156		1,928
AEON Financial Service Co. Ltd.		239		5,567
Ally Financial, Inc.		458		13,355
American Express Co.		447		44,392
AMP Ltd.		814		3,304
Amundi SA3		49		4,157
ASX Ltd.		22		944
B3 SA—Brasil Bolsa Balcao		156		1,071
Bajaj Finance Ltd.		77		2,119
Bank of New York Mellon Corp. (The)		382		20,574
BlackRock, Inc.		28		14,384
Brookfield Asset Management, Inc., Class A		891		38,913
	Shares		Value
Diversified Financials (Continued)
Chailease Holding Co. Ltd.		1,000	$	2,910
CME Group, Inc.		31		4,528
Coronation Fund Managers Ltd.		62		370
Deutsche Bank AG		3,249		61,935
Deutsche Boerse AG		37		4,301
Eurazeo SA		55		5,085
EXOR NV		3,397		208,443
FirstRand Ltd.		2,845		15,454
Franklin Resources, Inc.		199		8,623
Fubon Financial Holding Co. Ltd.		2,470		4,208
Gentera SAB de CV		1,549		1,298
Goldman Sachs Group, Inc. (The)		207		52,735
Groupe Bruxelles Lambert SA		81		8,753
Hong Kong Exchanges & Clearing Ltd.		60		1,841
IGM Financial, Inc.		82		2,889
Industrivarden AB, Class C		11		272
Investec Ltd.		298		2,160
Investec PLC		721		5,218
Japan Exchange Group, Inc.		100		1,741
Julius Baer Group Ltd.1		72		4,403
Kinnevik AB, Class B		10		339
L E Lundbergforetagen AB, Class B		25		1,872
London Stock Exchange Group PLC		55		2,822
Macquarie Group Ltd.		71		5,533
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,825		10,871
Moody’s Corp.		32		4,723
Morgan Stanley		1,086		56,982
Natixis SA		112		887
Northern Trust Corp.		70		6,992
Onex Corp.		414		30,461
ORIX Corp.		1,935		32,714
PSG Group Ltd.		111		2,421
Rural Electrification Corp. Ltd.		1,864		4,548
S&P Global, Inc.		44		7,454
Samsung Card Co. Ltd.1		122		4,513
Schroders PLC		68		3,234
Singapore Exchange Ltd.		120		668
Standard Life Aberdeen PLC		5,883		34,746
State Street Corp.		148		14,446
T. Rowe Price Group, Inc.		25		2,623
TD Ameritrade Holding Corp.		90		4,602

13     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Diversified Financials (Continued)
UBS Group AG1		2,865	$	52,743
Voya Financial, Inc.		312		15,435
Wendel SA		75		13,005
Yuanta Financial Holding Co. Ltd.		9,664		4,481
Total Diversified Financials				866,990
Energy—7.8%
AltaGas Ltd.2		102		2,330
ARC Resources Ltd.2		89		1,048
Baker Hughes a GE Co.		928		29,362
Banpu PCL		10,658		6,377
Caltex Australia Ltd.		728		19,388
Cameco Corp.2		252		2,335
Cenovus Energy, Inc.		1,814		16,621
ConocoPhillips		694		38,094
Cosan SA Industria e Comercio		242		3,028
Devon Energy Corp.		468		19,375
Empresas COPEC SA		1,789		28,263
Enagas SA2		56		1,605
Enbridge, Inc.		1,088		42,688
Encana Corp.		453		6,063
Exxaro Resources Ltd.		185		2,428
Galp Energia SGPS SA		1,074		19,764
GS Holdings Corp.1		300		17,430
Hess Corp.		148		7,026
Husky Energy, Inc.1		1,300		18,417
Idemitsu Kosan Co. Ltd.		1,520		61,056
Imperial Oil Ltd.		834		26,113
Indian Oil Corp. Ltd.		11,326		68,947
Inpex Corp.		823		10,294
IRPC PCL		37,208		8,049
John Wood Group PLC		1,563		13,743
JXTG Holdings, Inc.		17,594		113,545
Koninklijke Vopak NV		48		2,108
Lundin Petroleum AB1		79		1,812
Marathon Oil Corp.		436		7,382
Marathon Petroleum Corp.		1,379		90,986
MOL Hungarian Oil & Gas PLC		1,500		17,448
National Oilwell Varco, Inc.		270		9,725
Neste OYJ		318		20,372
Newfield Exploration Co.1		69		2,176
Noble Energy, Inc.		207		6,032
Novatek PJSC		104		12,501
Oil Search Ltd.		307		1,871
OMV AG		515		32,671
Origin Energy Ltd.1		2,119		15,612
	Shares		Value
Energy (Continued)
Pembina Pipeline Corp.		171	$	6,211
Petronas Dagangan Bhd		1,286		7,709
Polski Koncern Naftowy ORLEN SA		914		27,882
PrairieSky Royalty Ltd.		12		307
PTT Exploration & Production PCL		1,656		5,081
PTT PCL		5,607		75,701
Qatar Gas Transport Co. Ltd.		272		1,189
Repsol SA		3,262		57,756
Royal Dutch Shell PLC, Class A		5,951		199,645
Royal Dutch Shell PLC, Class B		4,907		166,513
Santos Ltd.1		940		4,007
Schlumberger Ltd.		579		39,019
Showa Shell Sekiyu KK		1,635		22,206
Snam SpA		519		2,543
S-Oil Corp.		193		21,093
Statoil ASA		3,458		74,070
Suncor Energy, Inc.		840		30,940
TechnipFMC PLC		533		16,688
TOTAL SA		3,167		175,106
TransCanada Corp.		269		13,135
Tupras Turkiye Petrol Rafinerileri AS		473		15,157
Ultrapar Participacoes SA		1,340		30,298
United Tractors Tbk PT		2,033		5,304
Vermilion Energy, Inc.		26		948
Woodside Petroleum Ltd.		210		5,433
Total Energy				1,808,026
Food & Staples Retailing—4.2%
Aeon Co. Ltd.		6,072		102,548
Carrefour SA		6,146		133,137
Casino Guichard Perrachon SA		911		55,309
Empire Co. Ltd.		764		14,933
George Weston Ltd.		533		46,436
ICA Gruppen AB		441		16,046
J Sainsbury PLC		15,559		50,808
Jeronimo Martins SGPS SA		1,193		23,200
Koninklijke Ahold Delhaize NV		5,550		122,193
Lawson, Inc.		90		5,984
Loblaw Cos. Ltd.		837		45,573
METRO AG1,2		2,837		56,721
Metro, Inc.		383		12,304
Pick n Pay Stores Ltd.		1,626		9,136
President Chain Store Corp.		1,063		10,145
Seven & i Holdings Co. Ltd.		1,661		69,050

14     OPPENHEIMER ETF TRUST

	Shares		Value
Food & Staples Retailing (Continued)
SPAR Group Ltd. (The)		628	$	10,314
Tesco PLC		37,513		106,185
Wm Morrison Supermarkets PLC		9,952		29,604
Woolworths Group Ltd.		2,722		58,122
Total Food & Staples Retailing				977,748
Food, Beverage & Tobacco—4.7%
Ajinomoto Co., Inc.		643		12,106
Ambev SA		2,726		17,488
Anadolu Efes Biracilik Ve Malt Sanayii AS		655		4,181
Anheuser-Busch InBev SA		432		48,311
Arca Continental SAB de CV		1,119		7,774
Archer-Daniels-Midland Co.		1,960		78,557
Associated British Foods PLC		588		22,431
Barry Callebaut AG1		4		8,345
British American Tobacco Malaysia Bhd		99		978
British American Tobacco PLC		597		40,525
Bunge Ltd.		880		59,030
Campbell Soup Co.		196		9,430
Carlsberg A/S, Class B		82		9,853
Cia Cervecerias Unidas SA		243		3,646
CJ CheilJedang Corp.1		36		12,308
Coca-Cola Amatil Ltd.		845		5,624
Coca-Cola Co. (The)		1,056		48,449
Coca-Cola European Partners PLC		426		16,998
Coca-Cola Femsa SAB de CV, Series L		502		3,514
Coca-Cola HBC AG1		285		9,330
Coca-Cola Icecek AS		273		2,464
Conagra Brands, Inc.		248		9,342
Danone SA		427		35,866
Diageo PLC		875		32,255
General Mills, Inc.		354		20,989
Heineken Holding NV		328		32,490
Heineken NV		315		32,881
Imperial Brands PLC		613		26,254
Ingredion, Inc.		53		7,409
ITC Ltd.		1,915		7,898
J.M. Smucker Co. (The)		82		10,188
Kellogg Co.		243		16,519
Kerry Group PLC, Class A		99		11,122
Kerry Group PLC, Class A		18		2,021
Kikkoman Corp.		159		6,436
Kirin Holdings Co. Ltd.		919		23,173
Kraft Heinz Co. (The)		407		31,648
M Dias Branco SA		141		2,215
	Shares		Value
Food, Beverage & Tobacco (Continued)
Marine Harvest ASA1		281	$	4,775
McCormick & Co., Inc.		51		5,197
Molson Coors Brewing Co., Class B		168		13,788
Mondelez International, Inc., Class A		754		32,271
Nestle India Ltd.		15		1,850
Nestle SA		1,312		112,823
Orkla ASA		598		6,364
PepsiCo, Inc.		684		82,025
Pernod Ricard SA		87		13,785
Pioneer Foods Group Ltd.		229		2,536
PT Indofood CBP Sukses Makmur Tbk		4,874		3,197
Remy Cointreau SA		12		1,664
Standard Foods Corp.		33		82
Suntory Beverage & Food Ltd.		400		17,790
Swedish Match AB		63		2,487
Tiger Brands Ltd.		109		4,050
Toyo Suisan Kaisha Ltd.		137		5,856
Treasury Wine Estates Ltd.		207		2,584
Ulker Biskuvi Sanayi AS		309		1,603
Wilmar International Ltd.		24,150		55,839
Total Food, Beverage & Tobacco				1,100,614
Health Care Equipment & Services—3.7%
Alfresa Holdings Corp.		1,412		33,179
Align Technology, Inc.1		6		1,333
AmerisourceBergen Corp.		2,440		224,041
Bangkok Dusit Medical Services PCL		3,696		2,370
Becton Dickinson and Co.		71		15,198
Cardinal Health, Inc.		2,936		179,889
Cigna Corp.		197		40,009
Cochlear Ltd.		8		1,071
Coloplast A/S, Class B		33		2,627
ConvaTec Group PLC3		793		2,204
Cooper Cos., Inc. (The)		11		2,397
DaVita, Inc.1		347		25,071
Edwards Lifesciences Corp.1		37		4,170
Envision Healthcare Corp.1		421		14,550
Essilor International Cie Generale d’Optique SA		87		12,009
Fisher & Paykel Healthcare Corp. Ltd.		70		714
Hartalega Holdings BHD		279		736
HCA Healthcare, Inc.1		704		61,839
Healthscope Ltd.		1,592		2,615
Henry Schein, Inc.1		223		15,583

15     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Health Care Equipment & Services (Continued)
Hoya Corp.		93	$	4,646
Humana, Inc.		277		68,715
IDEXX Laboratories, Inc.1		15		2,346
Koninklijke Philips NV		799		30,261
Life Healthcare Group Holdings Ltd.		939		2,105
Mediclinic International PLC		639		5,614
Netcare Ltd.		2,140		4,347
Quest Diagnostics, Inc.		101		9,947
Ramsay Health Care Ltd.		166		9,104
ResMed, Inc.		30		2,541
Ryman Healthcare Ltd.		22		166
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,700		7,305
Sinopharm Group Co. Ltd., Class H		5,353		23,145
Sonic Healthcare Ltd.		294		5,257
Sonova Holding AG		18		2,811
Straumann Holding AG		1		707
Suzuken Co. Ltd.		669		27,526
Sysmex Corp.		84		6,614
Terumo Corp.		149		7,063
Varian Medical Systems, Inc.1		32		3,557
William Demant Holding A/S1		82		2,295
Total Health Care Equipment & Services				867,677
Household & Personal Products—1.7%
Amorepacific Corp.1		18		5,120
AMOREPACIFIC Group1		52		6,849
Beiersdorf AG		97		11,403
Clorox Co. (The)		55		8,181
Colgate-Palmolive Co.		260		19,617
Dabur India Ltd.		277		1,518
Essity AB, Class B1		528		15,026
Estee Lauder Cos., Inc., (The), Class A		72		9,161
Henkel AG & Co KGaA		141		16,931
Hindustan Unilever Ltd.		330		7,072
Kao Corp.		237		16,029
Kimberly-Clark Corp.		195		23,529
Kimberly-Clark de Mexico SAB de CV, Class A		764		1,353
LG Household & Health Care Ltd.1		4		4,442
Lion Corp.		259		4,909
L’Oreal SA		174		38,643
Marico Ltd.		247		1,248
Natura Cosmeticos SA		304		3,030
Procter & Gamble Co. (The)		903		82,968
	Shares		Value
Household & Personal Products (Continued)
PT Unilever Indonesia Tbk		1,026	$	4,227
Reckitt Benckiser Group PLC		204		19,094
Shiseido Co. Ltd.		212		10,249
Unicharm Corp.		301		7,827
Unilever NV		847		47,757
Unilever PLC		636		35,494
Total Household & Personal Products				401,677
Insurance—5.8%
Aegon NV		5,745		36,666
Allianz SE		456		104,859
Allstate Corp. (The)		381		39,895
Assicurazioni Generali SpA		5,251		95,842
Aviva PLC		6,025		41,281
AXA SA		4,978		147,856
Cathay Financial Holding Co. Ltd.		3,880		6,976
CNP Assurances		2,045		47,283
Great-West Lifeco, Inc.		1,203		33,701
Hyundai Marine & Fire Insurance Co. Ltd.1		405		17,781
Insurance Australia Group Ltd.		1,499		8,489
Intact Financial Corp.		93		7,793
Legal & General Group PLC		3,179		11,753
Manulife Financial Corp.		1,312		27,456
Mapfre SA2		8,911		28,655
Marsh & McLennan Cos., Inc.		202		16,441
MS&AD Insurance Group Holdings, Inc.		1,956		66,224
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		323		70,105
NN Group NV		363		15,744
Old Mutual PLC		2,690		8,431
Principal Financial Group, Inc.		99		6,985
Progressive Corp. (The)		511		28,780
Prudential Financial, Inc.		369		42,428
Prudential PLC		2,728		70,319
QBE Insurance Group Ltd.		1,920		16,038
RSA Insurance Group PLC		1,385		11,850
Samsung Fire & Marine Insurance Co. Ltd.1		100		24,940
Sanlam Ltd.		1,419		9,972
Sompo Holdings, Inc.		1,034		40,057
Sun Life Financial, Inc.		387		16,024
Suncorp Group Ltd.		1,240		13,442
Swiss Re AG		423		39,609
T&D Holdings, Inc.		1,160		19,843
Tokio Marine Holdings, Inc.		1,407		64,211

16     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (Continued)
Travelers Cos., Inc. (The)		240	$	32,554
Tryg A/S		133		3,329
UnipolSai Assicurazioni SpA		7,129		16,667
Willis Towers Watson PLC		62		9,343
Zurich Insurance Group AG		170		51,741
Total Insurance				1,351,363
Materials—5.5%
Agnico Eagle Mines Ltd.		63		2,918
Air Liquide SA		235		29,644
Akzo Nobel NV		230		20,167
Amcor Ltd.		997		12,025
Anglo American PLC2		1,656		34,711
Antofagasta PLC		414		5,628
Arkema SA		94		11,463
Asahi Kasei Corp.		1,642		21,186
Asian Paints Ltd.		159		2,886
Avery Dennison Corp.		70		8,040
Axalta Coating Systems Ltd1		157		5,081
Ball Corp.		333		12,604
BASF SE		827		91,104
BHP Billiton PLC		1,050		21,625
BlueScope Steel Ltd.		996		11,974
Boliden AB		210		7,197
Boral Ltd.		722		4,399
Cementos Argos SA		965		3,725
Chr Hansen Holding A/S		15		1,408
Clariant AG1		289		8,081
CRH PLC		29		1,042
Croda International PLC		38		2,274
Daicel Corp.		399		4,541
DowDuPont, Inc.		1,788		127,341
Ecolab, Inc.		124		16,638
Evonik Industries AG		534		20,115
Fletcher Building Ltd.		1,709		9,237
Franco-Nevada Corp.		9		722
Fresnillo PLC		147		2,842
Givaudan SA		2		4,622
Grupo Argos SA		646		4,520
Hanwha Chemical Corp.		389		11,482
HeidelbergCement AG		229		24,817
Hitachi Chemical Co. Ltd.		202		5,189
Hitachi Metals Ltd.		781		11,218
Hyosung Corp.1		119		15,507
Imerys SA		69		6,507
International Flavors & Fragrances, Inc.		26		3,968
Israel Chemicals Ltd.		1,708		6,937
James Hardie Industries PLC		153		2,707
	Shares		Value
Materials (Continued)
Johnson Matthey PLC		463	$	19,259
JSR Corp.		268		5,277
K+S AG2		223		5,558
Kaneka Corp.		751		6,860
Kansai Paint Co. Ltd.		204		5,302
Kinross Gold Corp.1		1,022		4,421
Klabin SA		380		2,016
Kobe Steel Ltd.1		2,119		19,657
Koninklijke DSM NV		136		13,011
Kuraray Co. Ltd.		269		5,077
LafargeHolcim Ltd.1		581		32,761
LG Chem Ltd.		60		22,699
Linde AG		66		14,376
Lucky Cement Ltd.		214		1,003
Lundin Mining Corp.		320		2,135
Mitsubishi Chemical Holdings Corp.		3,824		41,974
Mitsubishi Materials Corp.		376		13,385
Mitsui Chemicals, Inc.		409		13,161
Mondi Ltd.		108		2,785
Mondi PLC		331		8,646
Mosaic Co. (The)		390		10,007
Newcrest Mining Ltd.		247		4,409
Nitto Denko Corp.		97		8,619
Norsk Hydro ASA		1,940		14,788
Novozymes A/S, Class B		42		2,401
Orica Ltd.		359		5,082
PPG Industries, Inc.		154		17,990
Praxair, Inc.		89		13,767
PTT Global Chemical PCL		6,219		16,220
Sherwin-Williams Co. (The)		39		15,992
Shin-Etsu Chemical Co. Ltd.		140		14,230
Siam Cement PCL (The)		2,170		32,227
Sika AG		1		7,943
Solvay SA		121		16,840
South32 Ltd.		3,518		9,603
Stora Enso OYJ, Class R		708		11,239
Sumitomo Chemical Co. Ltd.		3,286		23,628
Sumitomo Metal Mining Co. Ltd.		241		11,078
Symrise AG		50		4,300
Taiheiyo Cement Corp.		223		9,631
Teck Resources Ltd., Class B		501		13,143
Teijin Ltd.		360		8,021
thyssenkrupp AG		2,491		72,432
Titan Cement Co. SA		94		2,585
Toray Industries, Inc.		2,249		21,212
Umicore SA		388		18,383

17     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Materials (Continued)
UPM-Kymmene OYJ		474	$	14,747
voestalpine AG		304		18,196
West Fraser Timber Co. Ltd.		71		4,396
WestRock Co.		303		19,153
Wheaton Precious Metals Corp.		54		1,198
Total Materials				1,280,915
Media—1.2%
Astro Malaysia Holdings Bhd		2,409		1,577
Axel Springer SE		65		5,083
Eutelsat Communications SA		90		2,085
ITV PLC		2,551		5,711
JCDecaux SA		113		4,560
Lagardere SCA		346		11,106
Liberty Global PLC, Class A1,2		196		7,025
Liberty Global PLC, Class C1		443		14,991
Naspers Ltd., Class N		28		7,805
Pearson PLC		856		8,523
ProSiebenSat.1 Media SE		192		6,618
Publicis Groupe SA		225		15,306
Schibsted ASA, Class B		49		1,306
Scripps Networks Interactive, Inc., Class A		40		3,415
SES SA		144		2,250
Singapore Press Holdings Ltd.		467		926
Sky PLC1		1,695		23,204
Telenet Group Holding NV1		53		3,697
Time Warner, Inc.		428		39,149
Toho Co. Ltd.		137		4,749
Vivendi SA		691		18,603
Walt Disney Co. (The)		668		71,817
WPP PLC		1,517		27,519
Total Media				287,025
Pharmaceuticals, Biotechnology & Life Sciences—3.5%
AbbVie, Inc.		354		34,235
Agilent Technologies, Inc.		77		5,157
Amgen, Inc.		170		29,563
Astellas Pharma, Inc.		1,075		13,713
AstraZeneca PLC		379		26,255
Bayer AG		552		68,936
Biogen, Inc.1		47		14,973
Bristol-Myers Squibb Co.		413		25,309
Chugai Pharmaceutical Co. Ltd.		134		6,864
CSL Ltd.		80		8,841
Daiichi Sankyo Co. Ltd.		494		12,880
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Eisai Co. Ltd.		114	$	6,493
Eli Lilly & Co.		343		28,970
Genmab A/S1		3		498
Gilead Sciences, Inc.		491		35,175
GlaxoSmithKline PLC		2,846		50,915
Grifols SA		130		3,813
H Lundbeck A/S		57		2,896
Ipsen SA		23		2,750
IQVIA Holdings, Inc.1		98		9,594
Jazz Pharmaceuticals PLC1		14		1,885
Johnson & Johnson		653		91,237
Kalbe Farma Tbk PT		15,042		1,874
Kyowa Hakko Kirin Co. Ltd.		192		3,714
Lonza Group AG1		21		5,674
Merck & Co., Inc.		919		51,712
Merck KGaA		62		6,682
Mettler-Toledo International, Inc.1		5		3,098
Mitsubishi Tanabe Pharma Corp.		216		4,472
Novartis AG		799		67,560
Novo Nordisk A/S, Class B		339		18,288
Ono Pharmaceutical Co. Ltd.		100		2,331
Orion OYJ, Class B		31		1,157
Otsuka Holdings Co. Ltd.		300		13,177
Piramal Enterprises Ltd.		43		1,932
QIAGEN NV1		54		1,698
Roche Holding AG		217		54,890
Sanofi		583		50,300
Santen Pharmaceutical Co. Ltd.		100		1,572
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		107		686
Shionogi & Co. Ltd.		98		5,304
Sumitomo Dainippon Pharma Co. Ltd.		287		4,265
Takeda Pharmaceutical Co. Ltd.		326		18,524
UCB SA		90		7,152
Vertex Pharmaceuticals, Inc.1		19		2,847
Vifor Pharma AG		40		5,127
Waters Corp.1		13		2,511
Zoetis, Inc.		87		6,267
Total Pharmaceuticals, Biotechnology & Life Sciences				823,766

18     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate—1.1%
Aeon Mall Co. Ltd.		176	$	3,443
Alexandria Real Estate Equities, Inc.		11		1,437
American Tower Corp.		54		7,704
Ascendas Real Estate Investment Trust		390		794
Azrieli Group Ltd.		17		951
Boston Properties, Inc.		25		3,251
British Land Co. PLC (The)		126		1,179
Brixmor Property Group, Inc.		87		1,623
CapitaLand Commercial Trust		216		312
CapitaLand Ltd.		1,871		4,942
CapitaLand Mall Trust		403		642
CBRE Group, Inc., Class A1		391		16,934
Central Pattana PCL		430		1,125
City Developments Ltd.		391		3,654
Daiwa House Industry Co. Ltd.		1,117		42,905
Deutsche Wohnen SE		38		1,664
Dexus		129		984
Duke Realty Corp.		35		952
Equinix, Inc.		10		4,532
First Capital Realty, Inc.		38		628
Fonciere Des Regions		11		1,248
Gecina SA		5		924
Global Logistic Properties Ltd.		500		1,261
Goodman Group		276		1,818
GPT Group (The)		192		767
Growthpoint Properties Ltd.		556		1,242
Hammerson PLC		62		459
Hang Lung Group Ltd.		618		2,273
Hang Lung Properties Ltd.		919		2,245
HCP, Inc.		82		2,139
Host Hotels & Resorts, Inc.		347		6,888
Hulic Co. Ltd.		200		2,248
Hyprop Investments Ltd.		38		360
Hysan Development Co. Ltd.		94		498
ICADE		26		2,558
Iron Mountain, Inc.		113		4,264
Jones Lang LaSalle, Inc.		61		9,085
Klepierre SA		46		2,025
Land Securities Group PLC		107		1,459
LendLease Group		1,312		16,778
Liberty Property Trust		20		860
Link REIT		162		1,501
Macerich Co. (The)		20		1,314
Mirvac Group		1,221		2,244
Mitsubishi Estate Co. Ltd.		664		11,553
	Shares		Value
Real Estate (Continued)
Mitsui Fudosan Co. Ltd.		804	$	18,021
NEPI Rockcastle PLC		19		328
Nomura Real Estate Holdings, Inc.		284		6,368
Prologis, Inc.		52		3,355
Redefine Properties Ltd.		860		743
SBA Communications Corp.1		13		2,124
Segro PLC		76		604
SM Prime Holdings, Inc.		2,975		2,235
Stockland		782		2,740
Sun Hung Kai Properties Ltd.		779		12,994
Swire Pacific Ltd., Class A		725		6,710
Swire Properties Ltd.		921		2,969
Swiss Prime Site AG1		14		1,293
Tokyu Fudosan Holdings Corp.		1,368		9,897
UDR, Inc.		30		1,156
Unibail-Rodamco SE		10		2,522
UOL Group Ltd.		224		1,487
Weyerhaeuser Co.		234		8,251
Total Real Estate				261,464
Retailing—3.2%
Best Buy Co., Inc.		884		60,528
Canadian Tire Corp. Ltd., Class A		93		12,165
Fast Retailing Co. Ltd.		60		23,920
Foschini Group Ltd. (The)		218		3,475
Gap, Inc. (The)		642		21,867
Hennes & Mauritz AB, Class B		1,133		23,428
Home Depot, Inc. (The)		688		130,397
Home Product Center PCL		5,339		2,097
Hotai Motor Co. Ltd.		637		7,578
Imperial Holdings Ltd.		694		14,695
Industria de Diseno Textil SA		1,027		35,819
J Front Retailing Co. Ltd.		599		11,289
Jardine Cycle & Carriage Ltd.		710		21,607
Kingfisher PLC		4,704		21,489
LKQ Corp.1		209		8,500
Lojas Renner SA		242		2,589
Lowe’s Cos., Inc.		1,042		96,843
Marks & Spencer Group PLC2		4,392		18,703
Mr Price Group Ltd.		117		2,314
Next PLC		118		7,223
Nitori Holdings Co. Ltd.		38		5,419
Nordstrom, Inc.		449		21,274
Priceline Group, Inc. (The)1		8		13,902
S.A.C.I. Falabella		1,841		18,364
Target Corp.		1,501		97,940

19     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Retailing (Continued)
Tiffany & Co.		53	$	5,509
Tractor Supply Co.		133		9,942
Woolworths Holdings Ltd.		1,646		8,683
Yamada Denki Co. Ltd.		3,949		21,769
Zalando SE1,2,3		119		6,304
Total Retailing				735,632
Semiconductors & Semiconductor Equipment—1.1%
Advanced Semiconductor Engineering, Inc.		9,265		11,878
Analog Devices, Inc.		74		6,588
Applied Materials, Inc.		300		15,336
ASM Pacific Technology Ltd.		157		2,187
ASML Holding NV		63		10,981
Infineon Technologies AG		351		9,625
Intel Corp.		1,719		79,349
Lam Research Corp.		46		8,467
NVIDIA Corp.		49		9,481
Siliconware Precision Industries Co. Ltd.		2,440		4,124
Skyworks Solutions, Inc.		40		3,798
STMicroelectronics NV		393		8,591
Taiwan Semiconductor Manufacturing Co. Ltd.		5,475		42,224
Texas Instruments, Inc.		177		18,486
Tokyo Electron Ltd.		59		10,684
Vanguard International Semiconductor Corp.		1,000		2,218
Total Semiconductors & Semiconductor Equipment				244,017
Software & Services—4.2%
Accenture PLC, Class A		312		47,764
Adobe Systems, Inc.1		48		8,412
Alphabet, Inc., Class A1		52		54,777
Alphabet, Inc., Class C1		60		62,784
Amadeus IT Group SA		95		6,857
ANSYS, Inc.1		9		1,328
Atos SE		122		17,778
Autodesk, Inc.1		20		2,097
Automatic Data Processing, Inc.		139		16,289
BlackBerry Ltd.1		132		1,479
Broadridge Financial Solutions, Inc.		56		5,073
CA, Inc.		154		5,125
Cadence Design Systems, Inc.1		52		2,175
Capgemini SE		159		18,881
CGI Group, Inc., Class A1		173		9,430
	Shares		Value
Software & Services (Continued)
Cielo SA		632	$	4,481
Citrix Systems, Inc.1		45		3,960
Cognizant Technology Solutions Corp., Class A		241		17,116
Computershare Ltd.		211		2,690
Dassault Systemes SE		44		4,681
Dell Technologies, Inc., Class V1		116		9,428
DXC Technology Co.		316		29,988
Facebook, Inc., Class A1		189		33,351
Fortinet, Inc.1		43		1,879
Fujitsu Ltd.		6,173		43,986
Gartner, Inc.1		31		3,818
HCL Technologies Ltd.		716		9,989
Infosys Ltd.		893		14,579
International Business Machines Corp.		650		99,723
Intuit, Inc.		40		6,311
Jack Henry & Associates, Inc.		15		1,754
Konami Holdings Corp.		100		5,504
Mastercard, Inc., Class A		93		14,076
Micro Focus International PLC1,4		149		5,005
Microsoft Corp.		1,353		115,736
NAVER Corp.1		6		4,876
NCSoft Corp.1		2		836
Nice Ltd.		17		1,540
Nintendo Co. Ltd.		20		7,313
Nomura Research Institute Ltd.		129		6,001
NTT Data Corp.		1,800		21,395
Open Text Corp.		90		3,212
Oracle Corp.		963		45,531
Oracle Corp. Japan		80		6,633
Otsuka Corp.		107		8,207
PayPal Holdings, Inc.1		193		14,209
Red Hat, Inc.1		26		3,123
Sage Group PLC (The)		267		2,882
salesforce.com, Inc.1		110		11,245
SAP SE		303		34,001
ServiceNow, Inc.1		16		2,086
Shopify, Inc., Class A1		6		609
Splunk, Inc.1		17		1,408
Symantec Corp.		191		5,359
Take-Two Interactive Software, Inc.1		20		2,196
Tata Consultancy Services Ltd.		552		23,361
Tech Mahindra Ltd.		858		6,776
Tencent Holdings Ltd.		669		34,745
Ubisoft Entertainment SA1		28		2,157

20     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (Continued)
Visa, Inc., Class A		160	$	18,243
VMware Inc, Class A1,2		20		2,506
Western Union Co. (The)		337		6,406
Wipro Ltd.		2,325		11,447
Workday, Inc., Class A1		14		1,424
Worldpay Group PLC3		1,507		8,684
Total Software & Services				986,715
Technology Hardware & Equipment—5.5%
AAC Technologies Holdings, Inc.		157		2,800
Acer, Inc.1		13,601		11,038
Apple, Inc.		1,631		276,014
Arista Networks, Inc.1		7		1,649
AU Optronics Corp.		34,947		14,562
Chicony Electronics Co. Ltd.		1,000		2,520
Cisco Systems, Inc.		1,630		62,429
Cognex Corp.		10		612
CommScope Holding Co., Inc.1		171		6,469
Corning, Inc.		387		12,380
Delta Electronics, Inc.		1,570		7,571
F5 Networks, Inc.1		20		2,624
Flex Ltd.1		1,596		28,712
FLIR Systems, Inc.		45		2,098
FUJIFILM Holdings Corp.		794		32,458
Hewlett Packard Enterprise Co.		2,149		30,860
Hitachi High-Technologies Corp.		178		7,506
Hitachi Ltd.		12,892		100,469
HP, Inc.		2,834		59,542
Ingenico Group SA		35		3,741
Inventec Corp.		23,734		18,942
Keyence Corp.		9		5,043
Konica Minolta, Inc.		1,197		11,518
Kyocera Corp.		240		15,708
Lenovo Group Ltd.2		93,897		52,970
LG Display Co. Ltd.		1,162		32,454
LG Innotek Co. Ltd.1		46		6,187
Lite-On Technology Corp.		8,219		11,213
Micro-Star International Co. Ltd.		1,396		3,593
Motorola Solutions, Inc.		81		7,317
Murata Manufacturing Co. Ltd.		76		10,201
NEC Corp.		1,175		31,709
Nokia OYJ		7,116		33,274
Omron Corp.		160		9,545
Samsung Electro-Mechanics Co. Ltd.1		71		6,632
Samsung Electronics Co. Ltd.		88		209,447
Samsung SDI Co. Ltd.		32		6,113
	Shares		Value
Technology Hardware & Equipment (Continued)
Seagate Technology PLC2		338	$	14,142
Seiko Epson Corp.		553		13,053
Shimadzu Corp.		176		4,003
TDK Corp.		171		13,647
TE Connectivity Ltd.		168		15,967
Telefonaktiebolaget LM Ericsson, Class B		4,761		31,314
Trimble, Inc.1		73		2,967
Wistron Corp.		38,101		30,664
Xerox Corp.		453		13,205
Yaskawa Electric Corp.		66		2,909
Yokogawa Electric Corp.		226		4,329
Total Technology Hardware & Equipment				1,284,120
Telecommunication Services—3.5%
Asia Pacific Telecom Co. Ltd.1		2,000		671
Axiata Group Bhd		5,377		7,294
Bharti Infratel Ltd.		204		1,211
BT Group PLC		12,242		44,995
CenturyLink, Inc.		1,453		24,236
Chunghwa Telecom Co. Ltd.		2,593		9,236
Digi.Com BHD		1,591		2,005
Elisa OYJ		63		2,475
Far EasTone Telecommunications Co. Ltd.		1,270		3,137
Global Telecom Holding SAE1		9,154		3,820
Hellenic Telecommunications Organization SA		464		6,408
HKT Trust & HKT Ltd.		4,164		5,305
KDDI Corp.		2,139		53,252
Koninklijke KPN NV		2,781		9,711
Maxis BHD		1,680		2,495
Millicom International Cellular SA		84		5,684
MTN Group Ltd.		1,340		14,785
Nippon Telegraph & Telephone Corp.		2,523		118,725
NTT DOCOMO, Inc.		2,142		50,598
O2 Czech Republic AS		169		2,198
Ooredoo Q.S.C.		443		10,955
Orange SA		3,596		62,504
PCCW Ltd.		10,452		6,070
Proximus SADP2		261		8,572
Rogers Communications, Inc., Class B		193		9,866
Singapore Telecommunications Ltd.		5,735		15,320
SK Telecom Co. Ltd.		96		23,943
StarHub Ltd.		1,006		2,145

21     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Telecommunication Services—3.5%
Swisscom AG		25	$	13,302
Taiwan Mobile Co. Ltd.		1,697		6,130
TDC A/S		686		4,219
Tele2 AB, Class B		353		4,346
Telecom Italia SpA1		25,778		22,303
Telefonica Deutschland Holding AG		2,183		10,973
Telefonica SA		7,741		75,525
Telekom Malaysia Bhd		2,456		3,823
Telekomunikasi Indonesia Persero Tbk PT		37,931		12,413
Telenor ASA		898		19,312
Telia Co. AB		2,724		12,160
Telstra Corp. Ltd.		9,495		26,958
TELUS Corp.		326		12,390
Turkcell Iletisim Hizmetleri AS		1,442		5,887
Vodacom Group Ltd.		795		9,355
Vodafone Group PLC		20,721		65,871
XL Axiata Tbk PT1		8,483		1,851
Total Telecommunication Services				814,434
Transportation—3.0%
Abertis Infraestructuras SA		387		8,620
Aena SME SA3		30		6,088
Aeroports de Paris		24		4,568
Airports of Thailand PCL		1,170		2,441
AMERCO		10		3,779
ANA Holdings, Inc.		463		19,342
Atlantia SpA		265		8,375
Auckland International Airport Ltd.		114		525
Aurizon Holdings Ltd.		883		3,426
BTS Group Holdings PCL		894		228
C.H. Robinson Worldwide, Inc.		220		19,600
Canadian National Railway Co.		155		12,822
Central Japan Railway Co.		104		18,630
Delta Air Lines, Inc.		1,031		57,736
Deutsche Post AG		1,868		89,163
DSV A/S		188		14,815
East Japan Railway Co.		301		29,379
easyJet PLC		468		9,268
Eva Airways Corp.		12,320		6,562
Expeditors International of Washington, Inc.		136		8,798
Fraport AG Frankfurt Airport Services Worldwide		41		4,523
Getlink SE		109		1,403
Hankyu Hanshin Holdings, Inc.		187		7,520
Kamigumi Co. Ltd.		100		2,213
	Shares		Value
Transportation (Continued)
Keio Corp.		122	$	5,366
Keisei Electric Railway Co. Ltd.		100		3,213
Kintetsu Group Holdings Co. Ltd.		314		12,042
Kuehne + Nagel International AG		124		21,950
Kyushu Railway Co.		160		4,964
Latam Airlines Group SA		885		12,546
Localiza Rent a Car SA		312		2,075
Macquarie Infrastructure Corp.		33		2,119
MTR Corp. Ltd.		1,460		8,554
Nagoya Railroad Co. Ltd.		263		6,623
Nippon Express Co. Ltd.		390		25,931
Nippon Yusen KK1		976		23,817
Norfolk Southern Corp.		101		14,635
Odakyu Electric Railway Co. Ltd.		273		5,840
Royal Mail PLC		3,078		18,841
SATS Ltd.		423		1,646
Singapore Airlines Ltd.		1,764		14,084
Southwest Airlines Co.		473		30,958
Sydney Airport		253		1,395
TAV Havalimanlari Holding AS		289		1,712
Tobu Railway Co. Ltd.		199		6,430
Tokyu Corp.		856		13,663
Transurban Group		284		2,761
Union Pacific Corp.		223		29,904
United Parcel Service, Inc., Class B		546		65,056
West Japan Railway Co.		193		14,095
Yamato Holdings Co. Ltd.		900		18,116
Total Transportation				708,160
Utilities—5.6%
AES Corp.		1,652		17,891
Aguas Andinas SA, Class A		1,565		1,037
Ameren Corp.		122		7,197
American Electric Power Co., Inc.		259		19,055
American Water Works Co., Inc.		47		4,300
APA Group		352		2,293
Atco Ltd., Class I		105		3,771
AusNet Services		1,361		1,921
Canadian Utilities Ltd., Class A		90		2,687
Centrica PLC		21,724		40,349
CEZ AS		511		11,934
China Longyuan Power Group Corp. Ltd., Class H		2,683		1,908

22     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (Continued)
CLP Holdings Ltd.		1,318	$	13,480
CMS Energy Corp.		163		7,710
Colbun SA		9,531		2,192
Consolidated Edison, Inc.		173		14,696
CPFL Energia SA		80		467
Dominion Energy, Inc.		189		15,320
DTE Energy Co.		131		14,339
Duke Energy Corp.		320		26,915
E.ON SE		4,826		52,509
Edison International		187		11,826
EDP—Energias de Portugal SA		6,546		22,677
EDP—Energias do Brasil SA		903		3,811
Electric Power Development Co. Ltd.		273		7,355
Electricite de France SA		8,225		102,914
Endesa SA		1,314		28,173
Enel Americas SA		58,154		12,958
Enel SpA		16,755		103,213
Engie Brasil Energia SA		262		2,805
Engie SA		5,795		99,752
Entergy Corp.		159		12,941
Eversource Energy		149		9,414
Exelon Corp.		996		39,252
Fortis, Inc.		209		7,691
Fortum OYJ		286		5,667
Gas Natural SDG SA		1,660		38,372
HK Electric Investments & HK Electric Investments Ltd.3		1,816		1,661
Huaneng Renewables Corp. Ltd., Class H		2,862		970
Hydro One Ltd.3		350		6,257
Iberdrola SA		5,622		43,611
Infraestructura Energetica Nova SAB de CV		246		1,213
Innogy SE3		1,261		49,477
Interconexion Electrica SA ESP		664		3,159
Korea Gas Corp.1		628		24,960
Kyushu Electric Power Co., Inc.		1,808		18,955
Mercury NZ Ltd.		530		1,270
Meridian Energy Ltd.		955		1,987
National Grid PLC		1,968		23,297
NextEra Energy, Inc.		135		21,086
NiSource, Inc.		217		5,570
Orsted A/S3		215		11,744
Osaka Gas Co. Ltd.		696		13,407
Perusahaan Gas Negara Persero Tbk PT		28,357		3,658
PG&E Corp.		429		19,232
Pinnacle West Capital Corp.		48		4,089
	Shares		Value
Utilities (Continued)
Power Assets Holdings Ltd.		21	$	177
Public Service Enterprise Group, Inc.		223		11,484
Red Electrica Corp. SA		139		3,123
RusHydro PJSC4		10,614		12,737
RWE AG1		2,499		51,014
SCANA Corp.		128		5,092
Sempra Energy		115		12,296
Southern Co. (The)		549		26,401
SSE PLC		2,727		48,694
Suez		1,271		22,382
Terna Rete Elettrica Nazionale SpA		478		2,780
Toho Gas Co. Ltd.		152		4,169
Tokyo Gas Co. Ltd.		790		18,083
United Utilities Group PLC		272		3,052
Veolia Environnement SA		1,503		38,397
Xcel Energy, Inc.		279		13,423
Total Utilities				1,299,699
Total Common Stocks (Cost $21,140,030)				23,049,678
PREFERRED STOCKS—0.8%
Automobiles & Components—0.1%
Bayerische Motoren Werke AG		136		12,189
Banks—0.4%
Itausa—Investimentos Itau SA		357		1,164
Banco Bradesco SA		4,839		49,381
Itau Unibanco Holding SA		2,987		38,343
Total Banks				88,888
Food & Staples Retailing—0.1%
Cia Brasileira de Distribuicao		458		10,898
Food, Beverage & Tobacco—0.0%5
Embotelladora Andina SA, Class B		409		2,042
Household & Personal Products—0.1%
Henkel AG & Co KGaA		91		12,058
LG Household & Health Care Ltd.1		1		652
Amorepacific Corp.1		6		931
Total Household & Personal Products				13,641
Materials—0.0%5
LG Chem Ltd.1		12		2,791
Technology Hardware & Equipment—0.1%
Samsung Electronics Co. Ltd.		15		29,284

23     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Telecommunication Services—0.0%5
Telefonica Brasil SA		715	$	10,480
Utilities—0.0%5
Cia Energetica de Minas Gerais		2,773		5,743
Total Preferred Stocks (Cost $148,539)				175,956
RIGHT—0.0%5
Energy—0.0%5
Repsol SA, expiring 1/10/18 (Cost $1,495)1		3,262		1,485
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—0.8%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%6 (Cost $197,151)		197,151		197,151
Total Investments—100.5% (Cost $21,487,215)				23,424,270
Liabilities in Excess of Other Assets—(0.5)%				(115,697	)
Net Assets—100.0%			$	23,308,573

 

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $296,835; total value of the collateral held by the Fund was $326,992. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $129,841 (Note 4).

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 $126,145 or 0.54% 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 December 31, 2017.

24     OPPENHEIMER ETF TRUST

Geographic Holdings (Unaudited)

Country	Value		% of Net Assets
United States	$	6,606,023		28.3	%
Japan		3,372,954		14.5
France		2,297,200		9.9
Germany		1,664,350		7.1
United Kingdom		1,513,160		6.5
Netherlands		1,044,077		4.5
Canada		806,245		3.5
South Korea		800,777		3.4
Switzerland		651,529		2.8
Spain		571,580		2.4
Australia		497,316		2.1
Brazil		356,315		1.5
Italy		323,769		1.4
Sweden		302,014		1.3
India		245,656		1.1
Taiwan		239,755		1.0
Thailand		194,189		0.8
China		191,846		0.8
South Africa		186,863		0.8
Singapore		183,809		0.8
Norway		131,550		0.6
Belgium		131,176		0.6
Hong Kong		119,832		0.5
Finland		113,380		0.5
Denmark		111,809		0.5
Chile		96,749		0.4
Indonesia		88,749		0.4
Austria		84,039		0.4
Turkey		70,211		0.3

 

Country	Value			% of Net Assets
Portugal	$	65,642			0.3	%
Malaysia		60,177			0.3
Poland		35,440			0.1
Qatar		30,529			0.1
Mexico		29,425			0.1
Israel		28,903			0.1
Colombia		25,586			0.1
Russia		25,238			0.1
Hungary		22,884			0.1
Ireland		19,632			0.1
Czech Republic		16,111			0.1
New Zealand		13,900			0.1
Greece		13,330			0.1
United Arab Emirates		13,114			0.1
Philippines		7,783			0.0	1
Peru		6,223			0.0	1
Egypt		5,837			0.0	1
Macau		3,001			0.0	1
Luxembourg		2,250			0.0	1
Pakistan		2,015			0.0	1
Romania		328			0.0	1
Total Investments		23,424,270			100.5
Liabilities in Excess of Other Assets		(115,697	)		(0.5	)
Net Assets	$	23,308,573			100.0

 

1. Less than 0.05%

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

25     OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2017 UNAUDITED

	Oppenheimer ESG Revenue ETF		Oppenheimer Global ESG Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	24,870,379	$	23,424,270
Cash		312		37,757
Foreign currency at value		—		47,522
Receivables and other assets:
Dividends		29,521		31,219
Investment securities sold		125,287		119,576
Securities lending income, net (Note 4)		46		56
Reclaims		—		2,437
Total Assets		25,025,545		23,662,837
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		79,020		197,151
Income distributions		125,216		63,248
Capital gains distributions		—		84,675
Management fees (Note 9)		8,443		8,839
Deferred foreign tax payable		—		351
Total Liabilities		212,679		354,264
Net Assets	$	24,812,866	$	23,308,573
Composition of Net Assets:
Paid-in capital	$	20,517,565	$	20,131,739
Undistributed net investment income (loss)		186		(14,830	)
Accumulated undistributed net realized gain on investments and foreign currency transactions		572,923		1,253,436
Net unrealized appreciation on investments and foreign currency translations		3,722,192		1,938,228	3
Net Assets	$	24,812,866	$	23,308,573
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		800,000		750,000
Net asset value, offering and redemption price per share	$	31.02	$	31.08
Investments at cost	$	21,148,187	$	21,487,215
Foreign currency at cost		—		46,275
1. Includes value of securities on loan:	$	364,193	$	296,835
2. Non-cash collateral for securities on loan:	$	299,255	$	129,841
3. Net of foreign taxes of $351.

 

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

26     OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS For The Period Ended DECEMBER 31, 2017 UNAUDITED

	Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
Investment Income:
Dividend income	$	307,135		$	236,588
Foreign withholding tax		—			(17,300	)
Securities lending income, net (Note 4)		248			511
Total Income		307,383			219,799
Expenses:
Management fees (Note 9)		47,276			48,963
BNY Fund Services fees		4,550			17,754
Professional fees		6,374			5,911
Printing expense		1,078			781
Trustees fees		2,259			2,233
NYSE Listing fees		1,075			1,075
Other expenses		2,172			1,994
Total Expenses		64,784			78,711
Less expense waivers and reimbursements (Note 9)		(17,508	)		(29,748	)
Net Expenses		47,276			48,963
Net Investment Income		260,107			170,836
Net Realized And Unrealized Gain (Loss) On Investments:
Net realized gain (loss) on investments		(22,130	)		91,389	1
Net realized gain on in-kind redemptions		622,511			1,272,862
Net realized gain on foreign currency transactions		—			19
Total net realized gain		600,381			1,364,270
Net change in unrealized appreciation on investments		1,622,124			1,015,578	2
Net change in unrealized appreciation on foreign currency translations		—			1,774
Net change in unrealized appreciation		1,622,124			1,017,352
Net realized and unrealized gain on investments		2,222,505			2,381,622
Net Increase in Net Assets Resulting From Operations	$	2,482,612		$	2,552,458

1. Net of foreign taxes of $1,554.
2. Net of foreign taxes of $351.

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

27     OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oppenheimer ESG Revenue ETF						Oppenheimer Global ESG Revenue ETF
	Six Months Ended December 31, 2017 (Unaudited)			For the Period October 31, 20161 to June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			For the Period October 31, 20161 to June 30, 2017
Operations:
Net investment income	$	260,107		$	324,935		$	170,836		$	263,619
Net realized gain on investments, in-kind redemptions and foreign currency transactions		600,381			510,270			1,364,270			1,163,859
Net change in unrealized appreciation on investments and foreign currency translations		1,622,124			2,100,068			1,017,352			920,876
Net increase in net assets resulting from operations		2,482,612			2,935,273			2,552,458			2,348,354
Distributions To Shareholders From:
Net investment income		(374,192	)		(210,664	)		(305,502	)		(148,617	)
Realized gains		—			—			(84,675	)		—
Total distributions to shareholders		(374,192	)		(210,664	)		(390,177	)		(148,617	)
Shareholder Transactions:
Proceeds from shares sold		4,519,067			27,111,168			13,256,963			28,495,808
Cost of shares redeemed		(4,550,634	)		(7,099,764	)		(11,808,083	)		(10,998,133	)
Net increase (decrease) in net assets resulting from shareholder transactions		(31,567	)		20,011,404			1,448,880			17,497,675
Increase in net assets		2,076,853			22,736,013			3,611,161			19,697,412
Net Assets:
Beginning of period		22,736,013			—			19,697,412			—
End of period	$	24,812,866		$	22,736,013		$	23,308,573		$	19,697,412
Undistributed net investment income (loss) included in net assets at end of period	$	186		$	114,271		$	(14,830	)	$	119,836
Changes In Shares Outstanding:
Shares outstanding, beginning of period		800,000			—			700,000			—
Shares sold		150,000			1,050,000			450,000			1,100,000
Shares redeemed		(150,000	)		(250,000	)		(400,000	)		(400,000	)
Shares outstanding, end of period		800,000			800,000			750,000			700,000

1. Commencement of operations.

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

28     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period presented.

Oppenheimer ESG Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			For the Period October 31, 20161 Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	28.42		$	25.00
Net investment income2		0.32			0.40
Net realized and unrealized gain on investments		2.75			3.28
Total gain from investment operations		3.07			3.68
Less Distributions from:
Net investment income		(0.47	)		(0.26	)
Net asset value, end of period	$	31.02		$	28.42
Total Return at Net Asset Value3		10.87	%		14.78	%
Total Return at Market Value3		10.77	%		14.82	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	24,813		$	22,736
Average Net Assets (000’s omitted)		23,445			21,828
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.40	%4		0.40	%4
Expenses, prior to expense waivers and reimbursements		0.55	%4		0.78	%4
Net investment income, net of waivers and reimbursements		2.20	%4		2.22	%4
Portfolio turnover rate5		12.73	%		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.

29     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED

For a share outstanding throughout each period presented.

Oppenheimer Global ESG Revenue ETF	Six Months Ended December 31, 2017 (Unaudited)			For the Period October 31, 20161 Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	28.14		$	25.00
Net investment income2		0.24			0.38
Net realized and unrealized gain on investments		3.23			2.97
Total gain from investment operations		3.47			3.35
Less Distributions from:
Net investment income		(0.42	)		(0.21	)
Realized gains		(0.11	)		—
Total distributions		(0.53	)		(0.21	)
Net asset value, end of period	$	31.08		$	28.14
Total Return at Net Asset Value3		12.42	%		13.49	%
Total Return at Market Value3		11.62	%		14.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	23,309		$	19,697
Average Net Assets (000’s omitted)		21,584			18,443
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.45	%4		0.45	%4
Expenses, prior to expense waivers and reimbursements		0.72	%4		1.18	%4
Net investment income, net of waivers and reimbursements		1.57	%4		2.15	%4
Portfolio turnover rate5		63.07	%		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 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.

30     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 2017 Unauditied

1. Organization
Oppenheimer ETF Trust (formerly known as 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 eighteen 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. Oppenheimer ESG Revenue ETF and Oppenheimer Global ESG Revenue ETF are diversified funds under the Act. Each Fund’s investment objective is to provide investment results that correspond, generally, before fees and expenses, to the performance of the Fund’s corresponding underlying index (each an “Underlying Index” and, collectively, the “Underlying Indexes”). The Trust’s investment adviser is OFI Advisors, LLC (“OFI” or the “Adviser”) (Prior to October 27, 2017, the Adviser’s name was VTL Associates, LLC.).

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.

31     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unauditied Continued    

2. Significant Accounting Policies (Continued)

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.

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.

32     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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 Losses		Net Unrealized Appreciation (Depreciation) Based on Cost of Securities and Other Investments for Federal Income Tax Purposes
Oppenheimer ESG Revenue ETF	$	114,271	$	—	$	—	$	—	$	2,072,610
Oppenheimer Global ESG Revenue ETF		129,714		—		—		—		884,839

 

At June 30, 2017, the Funds did not have capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

33     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unauditied Continued       

2. Significant Accounting Policies (Continued)

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 ESG Revenue ETF	$	210,664	$	—	$	210,664	$	—	$	—	$	—
Oppenheimer Global ESG Revenue ETF		148,617		—		148,617		—		—		—

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 ESG Revenue ETF	$	21,175,654	$	4,162,818	$	(468,084	)	$	3,694,734
Oppenheimer Global ESG Revenue ETF		21,560,272		2,263,298		(399,300	)		1,863,998

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.

3. Securities Valuation

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at 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.

34     OPPENHEIMER ETF TRUST

3. Securities Valuation (Continued)

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™ Topic 820 (“Topic 820”), establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2017 in valuing the Funds’ assets carried at fair value:

	(Level 1)												(Level 2)						(Level 3)
Fund	Common Stock			Preferred Stock			Money Market Funds			Rights			Common Stock			Preferred Stock			Common Stock			Total
Oppenheimer ESG Revenue ETF		$	24,765,177		$	—		$	105,202		$	—		$	—		$	—		$	—		$	24,870,379
Oppenheimer Global ESG Revenue ETF			23,049,553			175,956			197,151			1,485			125			—			—			23,424,270

 

At December 31, 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 period ended December 31, 2017, there were no transfers between levels.

35     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
   

4. Securities Lending

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

The value of loaned securities and related collateral outstanding at December 31, 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 December 31, 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, and Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

Remaining Contractual Maturity of the Agreements, as of December 31, 2017

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer ESG Revenue ETF
Money Market Mutual Fund		105,202		—		—		—		105,202
U.S. Government Securities		—		784		57,147		241,324		299,255
Total		105,202		784		57,147		241,324		404,457
Oppenheimer Global ESG Revenue ETF
Money Market Mutual Fund		197,151		—		—		—		197,151
U.S. Government Securities		—		—		3,729		126,112		129,841
Total		197,151		—		3,729		126,112		326,992

 

36     OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

Master Netting Arrangements. For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 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 Statement of Assets and Liabilities			Gross Amounts Not Offset in the Statement of Assets and Liabilities Cash Collateral Received*				Gross Amounts Not Offset in the Statement of Assets and Liabilities Non-cash Collateral Received*				Net Amount			Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received		Net Amount
Oppenheimer ESG Revenue ETF		$	364,193		$	(64,938	)		$	(299,255	)		$	—	$	—	$	—	$	—
Oppenheimer Global ESG Revenue ETF			296,835			(166,994	)			(129,841	)		$	—		—		—		—

* 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.

37     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

5. Investments and Risks (Continued)

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

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

6. Market Risk Factors

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

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

7. Shares of Beneficial Interest

As of December 31, 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 consisting of 50,000 shares (“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 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

38     OPPENHEIMER ETF TRUST

7. Shares of Beneficial Interest (Continued)

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 period ended December 31, 2017, were as follows:

Fund	Purchases		Sales
Oppenheimer ESG Revenue ETF	$	2,962,353	$	4,189,419
Oppenheimer Global ESG Revenue ETF		13,642,524		14,522,564

 

For the period ended December 31, 2017, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer ESG Revenue ETF	$	4,506,023	$	3,389,745
Oppenheimer Global ESG Revenue ETF		11,257,787		9,163,349

 

9. Fees and Other Transactions with Affiliates

Management Fees. OFI 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.

Effective September 30, 2017, the investment management fee became a unitary fee paid monthly to the Adviser at an annual rate based on each Fund’s average daily net assets. In return for this fee, the Adviser pays the operating costs and expenses of each Fund other than the following expenses (which will be paid by the Fund): distribution fees or expenses under the Funds’ 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokers’ commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, litigation and indemnification expenses and other extraordinary fees not incurred in the ordinary course of the Funds’ business.

Effective September 30, 2017, the Funds pay the Adviser the following annualized fees:

Fund	Management Fees
Oppenheimer ESG Revenue ETF		0.40	%
Oppenheimer Global ESG Revenue ETF		0.45	%

 

39     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

9. Fees and Other Transactions with Affiliates (Continued)

Prior to September 30, 2017, the Funds paid the Adviser the following annualized fees, which were subject to a fee waiver and expense reimbursement, as discussed in more detail below:

Fund	Management Fees			Expense Limit
Oppenheimer ESG Revenue ETF		0.40	%		0.40	%
Oppenheimer Global ESG Revenue ETF		0.45	%		0.45	%

 

Waivers and Reimbursements of Expenses. Prior to September 30, 2017, the Trust and the Adviser were parties to a written fee waiver and expense reimbursement agreement pursuant to which the Adviser 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 retained 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 since their inception in October 31, 2016), provided such reimbursement did 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. At its August 2017 meeting, the Board approved the termination of this agreement effective September 30, 2017.

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.

40     OPPENHEIMER ETF TRUST

9. Fees and Other Transactions with Affiliates (Continued)

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

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

41     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT FOR
CERTAIN SERIES OF OPPENHEIMER ETF TRUST (THE “TRUST”)    

The Trust, on behalf of Oppenheimer Global ESG Revenue ETF and Oppenheimer ESG Revenue ETF each a series of the Trust, (each, a “Fund” and together, the “Funds”), has entered into an investment advisory agreement with OFI Advisors, LLC (formerly VTL Associates, LLC) (the “Manager”) (the “Agreement”). The Agreement was approved by the Funds’ Board of Trustees (the “Board”), including a majority of the independent Trustees, at a meeting held on August 22-23, 2017. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. The Board requested and received such information, including information regarding the services, fees, and expenses of each Fund.

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

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

Nature, Quality and Extent of Services. The Board considered information provided at the August 23-23, 2017 meeting and prior meetings about the nature, quality and extent of the services provided to each Fund and information regarding the Manager’s key personnel who provide such services. The Board also considered that the Manager’s duties include providing each Fund with day-to-day general management and investment of each Fund’s securities portfolio. The Manager is also be responsible for daily review of each Fund’s creation and redemption baskets, daily monitoring of tracking errors and quarterly reporting to the Board, implementing periodic rebalances and reconstitutions to track each Fund’s underlying indexes; and monitoring each Fund’s securities lending program. The Board took into account that the Manager is responsible for overseeing third-party service providers who render certain administrative services to each Fund as well. Those services include supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Funds; compiling and maintaining records with respect to the Funds’ operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Funds for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Funds’ shares. The Manager also provides the Funds with office space, facilities and equipment.

     The Board also considered the quality of the services provided and the quality of the Manager’s resources available to the Funds. In evaluating the Manager, the Board considered the history, reputation, qualifications and background of the Manager, including its corporate parent, OppenheimerFunds, Inc. (“OFI”) and corporate affiliate, OFI Global

42     OPPENHEIMER ETF TRUST

Asset Management, Inc. (“OFI Global”) (OFI and OFI Global are collectively referred to hereinafter as “OFI”), and the fact that OFI has over 50 years of experience as an investment adviser and that its assets under management rank among the top mutual fund managers in the United States. The Board evaluated the Manager’s and OFI’s advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Manager’s and OFI’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Vince Lowry, Justin Lowry and Sean Reichert, the portfolio managers for each Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager and OFI as trustees of the Funds and other funds advised by the Manager or OFI. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with other funds advised by the Manager or OFI. The Board concluded, in light of the Manager’s and OFI’s experience, reputation, personnel, operations and resources that the Funds should benefit from the services provided under the Agreement.

Investment Performance. The Manager provided information on the investment performance of each Fund, including comparative performance information. The Board also reviewed information, prepared by the Manager and the independent consultant, comparing each Fund’s historical performance to (i) its corresponding revenue-weighted index that it seeks to track; (ii) the relevant benchmark or market indices; and (iii) the performance of other comparable funds, as discussed in more detail on a Fund-by-Fund basis below. The Board also gave consideration to the tracking error data provided to the Board.

•   Oppenheimer Global ESG Revenue ETF. The Board noted that the Fund, which commenced operations on October 27, 2016, had not yet achieved meaningful performance history.

•   Oppenheimer ESG Revenue ETF. The Board noted that the Fund, which commenced operations on October 27, 2016, had not yet achieved meaningful performance history.

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

•   Oppenheimer Global ESG Revenue ETF. The Board considered that the Fund’s contractual management fee and total expense ratio are expected to be higher than their respective peer group medians and category medians. The Board also considered that the Manager has agreed to permanently reduce its contractual management fee to 0.45% of average daily net assets.

43     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT FOR
CERTAIN SERIES OF OPPENHEIMER ETF TRUST (THE “TRUST”) CONTINUED    

•   Oppenheimer ESG Revenue ETF. The Board considered that the Fund’s contractual management fee and total expense ratio are expected to be higher than their respective peer group medians and category medians. The Board also considered that the Manager has agreed to permanently reduce its contractual management fee to 0.40% of average daily net assets.

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

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

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

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

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

44     OPPENHEIMER ETF TRUST

DISTRIBUTION SOURCES Unaudited
    

The table below details, on a per-share basis, the percentage of the ETFs’ total distribution payment amounts that were derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the ETF is paid back to you. A return of capital distribution does not necessarily reflect an ETF’s investment performance and should not be confused with “yield” or “income.” This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. The relative amount of an ETF’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund and scroll down to ’Analytics’. The Fund’s latest distribution information will be shown, as well as the sources of any distribution, updated daily.

Fund Name	Record Date		Ex-Div Date		Pay Date		Net Income			Net Profit from Sale			Other Capital Sources
Oppenheimer Global ESG Revenue ETF		10/4/17		10/3/17		10/6/17		83.0	%		0.0	%		17.0	%
Oppenheimer Global ESG Revenue ETF		12/29/17		12/28/17		1/2/2018		42.8	%		57.2	%		0.0	%

 

45     OPPENHEIMER ETF TRUST

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
Oppenheimer 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.

46     OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Frank Vallario, Vice President
	Sean P. Reichert, Vice President
	Sharon French, Vice President
	Alex Depetris, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
	Stephanie Bullington, Treasurer and Principal Financial & Accounting Officer
Investment Adviser	OFI Advisors, LLC
Distributor	OppenheimerFunds Distributor, Inc.
Administrator, Custodian and Transfer Agent	The Bank of New York Mellon
Independent Registered Public Accounting Firm	Cohen & Company, Ltd.
Legal Counsel	Ropes & Gray LLP

 

© 2018 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.

 

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Oppenheimer ETF Trust is distributed by
OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008
© 2018 OppenheimerFunds Distributor, Inc. All rights reserved.
RS0000.012.1217      December 31, 2017

Semiannual Report
12/31/2017

 

 

 

Oppenheimer
ETF Trust

Factor ETFs:
Oppenheimer Russell 1000^® Momentum Factor ETF
Oppenheimer Russell 1000^® Value Factor ETF
Oppenheimer Russell 1000^® Low Volatility Factor ETF
Oppenheimer Russell 1000^® Size Factor ETF
Oppenheimer Russell 1000^® Quality Factor ETF
Oppenheimer Russell 1000^® Yield Factor ETF
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
Oppenheimer Russell 2000^® Dynamic Multifactor ETF

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Table of Contents

  
 

Shareholder Expense Examples	2
Schedule of Investments Summary Tables	4
Schedules of Investments
Oppenheimer Russell 1000® Momentum Factor ETF	7
Oppenheimer Russell 1000® Value Factor ETF	18
Oppenheimer Russell 1000® Low Volatility Factor ETF	28
Oppenheimer Russell 1000® Size Factor ETF	32
Oppenheimer Russell 1000® Quality Factor ETF	40
Oppenheimer Russell 1000® Yield Factor ETF	48
Oppenheimer Russell 1000® Dynamic Multifactor ETF	52
Oppenheimer Russell 2000® Dynamic Multifactor ETF	56
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Financial Highlights	70
Notes to Financial Statements	78
Board Approval of Investment Advisory Agreements	90
Distribution Sources	93
Supplemental Information	94

 

1      OPPENHEIMER ETF TRUST

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. The actual is for the period from November 8, 2017 (commencement of operations) to December 31, 2017. The hypothetical is for the entire six-month period from July 1, 2017 to December 31, 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.

2     OPPENHEIMER ETF TRUST

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 11/8/2017		Ending Account Value 12/31/2017		Annualized Expense Ratio for the Six Month Period		Expenses Paid During the Six Month Period
Oppenheimer Russell 1000® Momentum Factor ETF
Actual	$	1,000.00	$	1,026.70		0.19%	$	0.282
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19%	$	0.971
Oppenheimer Russell 1000® Value Factor ETF
Actual	$	1,000.00	$	1,055.10		0.19%	$	0.282
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19%	$	0.971
Oppenheimer Russell 1000® Low Volatility Factor ETF
Actual	$	1,000.00	$	1,036.20		0.19%	$	0.282
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19%	$	0.971
Oppenheimer Russell 1000® Size Factor ETF
Actual	$	1,000.00	$	1,045.50		0.19%	$	0.282
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19%	$	0.971
Oppenheimer Russell 1000® Quality Factor ETF
Actual	$	1,000.00	$	1,031.30		0.19%	$	0.282
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19%	$	0.971
Oppenheimer Russell 1000® Yield Factor ETF
Actual	$	1,000.00	$	1,040.20		0.19%	$	0.282
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19%	$	0.971
Oppenheimer Russell 1000® Dynamic Multifactor ETF
Actual	$	1,000.00	$	1,044.30		0.29%	$	0.432
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.74		0.29%	$	1.481
Oppenheimer Russell 2000® Dynamic Multifactor ETF
Actual	$	1,000.00	$	1,032.40		0.39%	$	0.582
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39%	$	1.991

 

¹ Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

² Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 54/365 (to reflect the period from November 8, 2017 (commencement of operations) to December 31, 2017).

3     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited

  
 

Oppenheimer Russell 1000^®
Momentum Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.0	%
Banks		5.4
Capital Goods		8.2
Commercial & Professional Services		0.6
Consumer Durables & Apparel		1.3
Consumer Services		2.5
Diversified Financials		5.1
Energy		2.5
Food & Staples Retailing		1.4
Food, Beverage & Tobacco		3.2
Health Care Equipment & Services		6.1
Household & Personal Products		1.3
Insurance		2.6
Materials		3.3
Media		1.8
Money Market Fund		0.7
Pharmaceuticals, Biotechnology & Life Sciences		7.4
Real Estate		3.2
Retailing		5.9
Semiconductors & Semiconductor Equipment		5.3
Software & Services		18.5
Technology Hardware & Equipment		7.8
Telecommunication Services		0.6
Transportation		1.8
Utilities		2.9
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

 

Oppenheimer Russell 1000^®
Value Factor ETF

Industry	% of Net Assets
Automobiles & Components		2.0	%
Banks		9.5
Capital Goods		7.7
Commercial & Professional Services		0.9
Consumer Durables & Apparel		1.8
Consumer Services		1.6
Diversified Financials		8.4
Energy		2.7
Food & Staples Retailing		4.6
Food, Beverage & Tobacco		1.8
Health Care Equipment & Services		6.8
Household & Personal Products		0.5
Insurance		5.6
Materials		3.9
Media		4.0
Money Market Fund		0.5
Pharmaceuticals, Biotechnology & Life Sciences		3.4
Real Estate		2.0
Retailing		4.4
Semiconductors & Semiconductor Equipment		2.8
Software & Services		3.3
Technology Hardware & Equipment		8.7
Telecommunication Services		4.8
Transportation		3.5
Utilities		5.2
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

 

Oppenheimer Russell 1000^® Low Volatility Factor ETF

Industry	% of Net Assets
Banks		6.5	%
Capital Goods		8.6
Commercial & Professional Services		0.8
Consumer Durables & Apparel		0.7
Consumer Services		2.0
Diversified Financials		6.0
Energy		4.4
Food & Staples Retailing		2.6
Food, Beverage & Tobacco		6.2
Health Care Equipment & Services		6.1
Household & Personal Products		2.8
Insurance		3.8
Materials		2.5
Media		3.0
Money Market Fund		0.1
Pharmaceuticals, Biotechnology & Life Sciences		8.0
Real Estate		3.3
Retailing		2.9
Semiconductors & Semiconductor Equipment		2.4
Software & Services		12.6
Technology Hardware & Equipment		5.3
Telecommunication Services		3.0
Transportation		1.7
Utilities		4.5
Total Investments		99.8
Other Assets in Excess of Liabilities		0.2
Net Assets		100.0	%

 

4     OPPENHEIMER ETF TRUST

Oppenheimer Russell 1000^® Size Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.5	%
Banks		4.2
Capital Goods		11.5
Commercial & Professional Services		2.1
Consumer Durables & Apparel		4.4
Consumer Services		3.1
Diversified Financials		5.5
Energy		6.0
Food & Staples Retailing		0.4
Food, Beverage & Tobacco		1.6
Health Care Equipment & Services		4.0
Household & Personal Products		0.9
Insurance		4.4
Materials		6.9
Media		2.4
Money Market Fund		2.1
Pharmaceuticals, Biotechnology & Life Sciences		3.3
Real Estate		9.9
Retailing		4.2
Semiconductors & Semiconductor Equipment		2.0
Software & Services		9.7
Technology Hardware & Equipment		4.5
Telecommunication Services		0.4
Transportation		2.7
Utilities		4.2
Total Investments		101.9
Liabilities in Excess of Other Assets		(1.9	)
Net Assets		100.0	%

 

Oppenheimer Russell 1000^® Quality Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.5	%
Banks		0.1
Capital Goods		8.5
Commercial & Professional Services		0.8
Consumer Durables & Apparel		1.8
Consumer Services		2.9
Diversified Financials		2.1
Energy		2.3
Food & Staples Retailing		2.9
Food, Beverage & Tobacco		2.1
Health Care Equipment & Services		5.6
Household & Personal Products		2.6
Insurance		1.1
Materials		2.9
Media		2.8
Money Market Fund		0.4
Pharmaceuticals, Biotechnology & Life Sciences		10.4
Real Estate		3.0
Retailing		9.1
Semiconductors & Semiconductor Equipment		4.8
Software & Services		21.3
Technology Hardware & Equipment		7.5
Telecommunication Services		1.5
Transportation		2.3
Utilities		0.8
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

 

Oppenheimer Russell 1000^® Yield Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.2	%
Banks		6.8
Capital Goods		8.4
Commercial & Professional Services		0.5
Consumer Durables & Apparel		0.6
Consumer Services		2.0
Diversified Financials		2.2
Energy		10.3
Food & Staples Retailing		1.9
Food, Beverage & Tobacco		7.4
Health Care Equipment & Services		1.6
Household & Personal Products		3.1
Insurance		2.9
Materials		3.3
Media		0.3
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		11.3
Real Estate		6.9
Retailing		2.5
Semiconductors & Semiconductor Equipment		3.9
Software & Services		7.2
Technology Hardware & Equipment		2.4
Telecommunication Services		5.0
Transportation		1.9
Utilities		6.2
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

 

5     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited Continued

  
 

Oppenheimer Russell 1000^® Dynamic Multifactor ETF

Industry	% of Net Assets
Automobiles & Components		0.2	%
Capital Goods		11.3
Commercial & Professional Services		1.0
Consumer Durables & Apparel		2.2
Consumer Services		4.3
Diversified Financials		3.4
Energy		2.7
Food & Staples Retailing		5.3
Food, Beverage & Tobacco		5.0
Health Care Equipment & Services		5.3
Household & Personal Products		5.0
Insurance		1.4
Materials		1.9
Media		2.8
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		9.9
Real Estate		2.6
Retailing		7.5
Semiconductors & Semiconductor Equipment		3.5
Software & Services		19.8
Technology Hardware & Equipment		0.1
Telecommunication Services		2.1
Transportation		2.1
Utilities		0.2
Total Investments		99.8
Other Assets in Excess of Liabilities		0.2
Net Assets		100.0	%

 

Oppenheimer Russell 2000^® Dynamic Multifactor ETF

Industry	% of Net Assets
Automobiles & Components		1.1	%
Banks		14.9
Capital Goods		8.5
Commercial & Professional Services		6.0
Consumer Durables & Apparel		2.9
Consumer Services		7.6
Diversified Financials		3.8
Energy		0.3
Food & Staples Retailing		0.1
Food, Beverage & Tobacco		3.5
Health Care Equipment & Services		9.0
Household & Personal Products		0.6
Insurance		3.3
Materials		3.9
Media		1.2
Money Market Fund		2.2
Pharmaceuticals, Biotechnology & Life Sciences		0.6
Real Estate		12.3
Retailing		3.1
Semiconductors & Semiconductor Equipment		0.8
Software & Services		7.3
Technology Hardware & Equipment		3.1
Telecommunication Services		0.2
Transportation		1.8
Utilities		3.9
Total Investments		102.0
Liabilities in Excess of Other Assets		(2.0	)
Net Assets		100.0	%

 

6     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Momentum Factor ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—1.0%
Adient PLC		28	$	2,204
Aptiv PLC		85		7,211
BorgWarner, Inc.		56		2,861
Delphi Technologies PLC1		16		839
Ford Motor Co.		427		5,333
General Motors Co.		294		12,051
Gentex Corp.		27		566
Goodyear Tire & Rubber Co. (The)		20		646
Harley-Davidson, Inc.		7		356
Lear Corp.		17		3,003
Tesla, Inc.1,2		45		14,011
Thor Industries, Inc.		13		1,959
Visteon Corp.1		11		1,377
Total Automobiles & Components				52,417
Banks—5.4%
Associated Banc-Corp.		17		432
Bank of America Corp.		1,967		58,066
Bank of Hawaii Corp.		3		257
Bank of the Ozarks		7		339
BankUnited, Inc.		9		366
BB&T Corp.		97		4,823
BOK Financial Corp.		3		277
CIT Group, Inc.		22		1,083
Citigroup, Inc.		563		41,893
Citizens Financial Group, Inc.		77		3,232
Comerica, Inc.		35		3,038
Commerce Bancshares, Inc.		10		558
Cullen/Frost Bankers, Inc.		10		946
East West Bancorp, Inc.		29		1,764
F.N.B. Corp.		19		263
Fifth Third Bancorp		105		3,186
First Horizon National Corp.		26		520
First Republic Bank		21		1,819
Huntington Bancshares, Inc.		147		2,140
JPMorgan Chase & Co.		683		73,040
KeyCorp		128		2,582
M&T Bank Corp.		21		3,591
PacWest Bancorp		8		403
People’s United Financial, Inc.		35		655
Pinnacle Financial Partners, Inc.		7		464
PNC Financial Services Group, Inc. (The)		96		13,852
Prosperity Bancshares, Inc.		6		420
Regions Financial Corp.		204		3,525
Signature Bank1		4		549
SunTrust Banks, Inc.		66		4,263
SVB Financial Group1		13		3,039
Synovus Financial Corp.		22		1,055
	Shares		Value
Banks (Continued)
TCF Financial Corp.		15	$	308
U.S. Bancorp		187		10,019
Webster Financial Corp.2		11		618
Wells Fargo & Co.		490		29,728
Western Alliance Bancorp1		17		963
Zions Bancorporation		32		1,627
Total Banks				275,703
Capital Goods—8.2%
3M Co.		150		35,305
A.O. Smith Corp.		32		1,961
AECOM1		11		409
AGCO Corp.		12		857
Air Lease Corp.		20		962
Allegion PLC		24		1,909
Allison Transmission Holdings, Inc.		23		991
AMETEK, Inc.		70		5,073
Arconic, Inc.		86		2,343
Armstrong World Industries, Inc.1		9		545
Boeing Co. (The)		197		58,097
BWX Technologies, Inc.		32		1,936
Carlisle Cos., Inc.		6		682
Caterpillar, Inc.		186		29,310
Colfax Corp.1,2		7		277
Crane Co.		9		803
Cummins, Inc.		34		6,006
Deere & Co.		90		14,086
Donaldson Co., Inc.		21		1,028
Dover Corp.		37		3,737
Eaton Corp. PLC		73		5,768
Emerson Electric Co.		104		7,248
Fastenal Co.		36		1,969
Fluor Corp.		8		413
Fortive Corp.		82		5,933
Fortune Brands Home & Security, Inc.		30		2,053
Gardner Denver Holdings, Inc.1		12		407
General Dynamics Corp.		48		9,766
General Electric Co.		76		1,326
Graco, Inc.		53		2,397
Harris Corp.		33		4,674
HD Supply Holdings, Inc.1		9		360
HEICO Corp.		8		755
HEICO Corp., Class A		15		1,186
Hexcel Corp.		18		1,113
Honeywell International, Inc.		190		29,138
Hubbell, Inc.		7		947
Huntington Ingalls Industries, Inc.		11		2,593
IDEX Corp.		23		3,035
Illinois Tool Works, Inc.		76		12,681

 

7     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Momentum Factor ETF
 

	Shares		Value
Capital Goods (Continued)
Ingersoll-Rand PLC		38	$	3,389
ITT, Inc.		20		1,067
Jacobs Engineering Group, Inc.		13		857
Johnson Controls International PLC		58		2,210
L3 Technologies, Inc.		16		3,166
Lennox International, Inc.		9		1,874
Lincoln Electric Holdings, Inc.		11		1,007
Lockheed Martin Corp.		60		19,263
Masco Corp.		73		3,208
Middleby Corp. (The)1		3		405
Nordson Corp.		10		1,464
Northrop Grumman Corp.		41		12,583
Orbital ATK, Inc.		19		2,498
Oshkosh Corp.		19		1,727
Owens Corning		39		3,586
PACCAR, Inc.		37		2,630
Parker-Hannifin Corp.		31		6,187
Pentair PLC		37		2,613
Quanta Services, Inc.1		17		665
Raytheon Co.		76		14,277
Regal Beloit Corp.		6		460
Rockwell Automation, Inc.		41		8,050
Rockwell Collins, Inc.		50		6,781
Roper Technologies, Inc.		28		7,252
Sensata Technologies Holding NV1		35		1,789
Snap-on, Inc.		4		697
Spirit AeroSystems Holdings, Inc., Class A		33		2,879
Stanley Black & Decker, Inc.		46		7,806
Teledyne Technologies, Inc.1		11		1,993
Terex Corp.		23		1,109
Textron, Inc.		38		2,150
Timken Co. (The)		14		688
Toro Co. (The)		18		1,174
TransDigm Group, Inc.		8		2,197
Trinity Industries, Inc.		32		1,199
United Rentals, Inc.1		25		4,298
United Technologies Corp.		117		14,926
Univar, Inc.1		17		526
USG Corp.1		17		655
Valmont Industries, Inc.		3		498
W.W. Grainger, Inc.		3		709
WABCO Holdings, Inc.1		14		2,009
Wabtec Corp.		7		570
Watsco, Inc.		5		850
Welbilt, Inc.1,2		27		635
Xylem, Inc.		49		3,342
Total Capital Goods				419,997
	Shares		Value
Commercial & Professional Services—0.6%
Cintas Corp.		20	$	3,117
Copart, Inc.1		48		2,073
Dun & Bradstreet Corp. (The)		4		474
Equifax, Inc.		10		1,179
IHS Markit Ltd.1		90		4,063
KAR Auction Services, Inc.		24		1,212
ManpowerGroup, Inc.		20		2,522
Nielsen Holdings PLC		20		728
Republic Services, Inc.		39		2,637
Robert Half International, Inc.		22		1,222
Rollins, Inc.		27		1,256
TransUnion1		56		3,078
Verisk Analytics, Inc.1		26		2,496
Waste Management, Inc.		81		6,990
Total Commercial & Professional Services				33,047
Consumer Durables & Apparel—1.3%
Brunswick Corp.		8		442
CalAtlantic Group, Inc.		26		1,466
Carter’s, Inc.		9		1,058
D.R. Horton, Inc.		121		6,180
Garmin Ltd.		30		1,787
Hanesbrands, Inc.		29		606
Hasbro, Inc.		24		2,181
Leggett & Platt, Inc.		11		525
Lennar Corp., Class A		58		3,668
Lululemon Athletica, Inc.1		10		786
Michael Kors Holdings Ltd.1		33		2,077
Mohawk Industries, Inc.1		18		4,966
NIKE, Inc., Class B		248		15,512
NVR, Inc.1		1		3,508
Polaris Industries, Inc.2		19		2,356
PulteGroup, Inc.		96		3,192
PVH Corp.		24		3,293
Ralph Lauren Corp.		5		519
Skechers U.S.A., Inc., Class A1		35		1,324
Tapestry, Inc.		57		2,521
Toll Brothers, Inc.		48		2,305
Tupperware Brands Corp.		10		627
VF Corp.		88		6,512
Whirlpool Corp.		7		1,181
Total Consumer Durables & Apparel				68,592
Consumer Services—2.5%
Aramark		42		1,795
Bright Horizons Family Solutions, Inc.1		13		1,222
Carnival Corp.		106		7,035
Choice Hotels International, Inc.		10		776

8     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services (Continued)
Darden Restaurants, Inc.		21	$	2,016
Domino’s Pizza, Inc.		7		1,323
Dunkin’ Brands Group, Inc.		11		709
Extended Stay America, Inc.		24		456
Graham Holdings Co., Class B		1		558
H&R Block, Inc.		35		918
Hilton Grand Vacations, Inc.1		12		503
Hilton Worldwide Holdings, Inc.		56		4,472
Hyatt Hotels Corp., Class A1		10		735
International Game Technology PLC		19		504
Las Vegas Sands Corp.		80		5,559
Marriott International, Inc., Class A		97		13,166
McDonald’s Corp.		229		39,415
MGM Resorts International		87		2,905
Norwegian Cruise Line Holdings Ltd.1		42		2,236
Royal Caribbean Cruises Ltd.		56		6,680
Service Corp. International		46		1,717
ServiceMaster Global Holdings, Inc.1		27		1,384
Six Flags Entertainment Corp.		12		799
Starbucks Corp.		157		9,017
Vail Resorts, Inc.		13		2,762
Wendy’s Co. (The)		23		378
Wyndham Worldwide Corp.		30		3,476
Wynn Resorts Ltd.		28		4,721
Yum China Holdings, Inc.		128		5,123
Yum! Brands, Inc.		78		6,366
Total Consumer Services				128,726
Diversified Financials—5.1%
Affiliated Managers Group, Inc.		13		2,668
AGNC Investment Corp.		86		1,736
Ally Financial, Inc.		125		3,645
American Express Co.		171		16,982
Ameriprise Financial, Inc.		46		7,796
Annaly Capital Management, Inc.		266		3,163
Bank of New York Mellon Corp. (The)		167		8,995
Berkshire Hathaway, Inc., Class B1		300		59,466
BGC Partners, Inc., Class A		82		1,239
BlackRock, Inc.		26		13,356
Capital One Financial Corp.		52		5,178
Cboe Global Markets, Inc.		37		4,610
Charles Schwab Corp. (The)		221		11,353
Chimera Investment Corp.		39		721
CME Group, Inc.		68		9,931
Credit Acceptance Corp.1		3		970
	Shares		Value
Diversified Financials (Continued)
Discover Financial Services		28	$	2,154
E*TRADE Financial Corp.1		66		3,272
Eaton Vance Corp.		28		1,579
FactSet Research Systems, Inc.2		8		1,542
Federated Investors, Inc., Class B		18		649
Franklin Resources, Inc.		44		1,906
Goldman Sachs Group, Inc. (The)		39		9,936
Interactive Brokers Group, Inc., Class A		22		1,303
Intercontinental Exchange, Inc.		110		7,762
Invesco Ltd.		74		2,704
Lazard Ltd., Class A		24		1,260
Legg Mason, Inc.		20		840
Leucadia National Corp.		48		1,271
LPL Financial Holdings, Inc.		27		1,543
MarketAxess Holdings, Inc.		6		1,210
MFA Financial, Inc.		71		562
Moody’s Corp.		55		8,118
Morgan Stanley		243		12,750
Morningstar, Inc.		4		388
MSCI, Inc.		31		3,923
Nasdaq, Inc.		20		1,537
New Residential Investment Corp.		69		1,234
Northern Trust Corp.		31		3,097
OneMain Holdings, Inc.1		10		260
Raymond James Financial, Inc.		26		2,322
S&P Global, Inc.		79		13,383
Santander Consumer USA Holdings, Inc.		30		559
SEI Investments Co.		39		2,802
SLM Corp.1		38		429
Starwood Property Trust, Inc.		37		790
State Street Corp.		77		7,516
Synchrony Financial		66		2,548
T. Rowe Price Group, Inc.		58		6,086
TD Ameritrade Holding Corp.		43		2,199
Two Harbors Investment Corp.		36		585
Voya Financial, Inc.		24		1,187
Total Diversified Financials				263,015
Energy—2.5%
Anadarko Petroleum Corp.		8		429
Andeavor		31		3,545
Cabot Oil & Gas Corp.		129		3,689
Centennial Resource Development, Inc., Class A1		16		317
Cheniere Energy, Inc.1		36		1,938
Chevron Corp.		210		26,290
Cimarex Energy Co.		5		610

9     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Momentum Factor ETF
 

	Shares		Value
Energy (Continued)
Concho Resources, Inc.1		16	$	2,404
ConocoPhillips		123		6,751
Devon Energy Corp.		20		828
Diamondback Energy, Inc.1		13		1,641
Energen Corp.1		8		461
EOG Resources, Inc.		59		6,367
EQT Corp.		17		968
Exxon Mobil Corp.		310		25,928
Halliburton Co.		30		1,466
HollyFrontier Corp.		55		2,817
Kinder Morgan, Inc.		83		1,500
Kosmos Energy Ltd.1		67		459
Marathon Oil Corp.		38		643
Marathon Petroleum Corp.		119		7,852
Murphy Oil Corp.		10		311
National Oilwell Varco, Inc.		18		648
Occidental Petroleum Corp.		63		4,641
ONEOK, Inc.		26		1,390
PBF Energy, Inc., Class A		27		957
Phillips 66		67		6,777
Pioneer Natural Resources Co.		8		1,383
RPC, Inc.2		12		306
Schlumberger Ltd.		37		2,493
Targa Resources Corp.		10		484
Valero Energy Corp.		103		9,467
Williams Cos., Inc. (The)		54		1,646
Total Energy				127,406
Food & Staples Retailing—1.4%
Casey’s General Stores, Inc.2		3		336
Costco Wholesale Corp.		73		13,587
CVS Health Corp.		74		5,365
Kroger Co. (The)		14		384
Sprouts Farmers Market, Inc.1		14		341
Sysco Corp.		52		3,158
US Foods Holding Corp.1		24		766
Walgreens Boots Alliance, Inc.		44		3,195
Wal-Mart Stores, Inc.		425		41,969
Total Food & Staples Retailing				69,101
Food, Beverage & Tobacco—3.2%
Altria Group, Inc.		230		16,424
Archer-Daniels-Midland Co.		33		1,323
Blue Buffalo Pet Products, Inc.1,2		18		590
Brown-Forman Corp., Class A		12		807
Brown-Forman Corp., Class B		44		3,021
Bunge Ltd.		11		738
Campbell Soup Co.		10		481
Coca-Cola Co. (The)		637		29,225
Conagra Brands, Inc.		34		1,281
	Shares		Value
Food, Beverage & Tobacco (Continued)
Constellation Brands, Inc., Class A		47	$	10,743
Dr Pepper Snapple Group, Inc.		17		1,650
Flowers Foods, Inc.		23		444
General Mills, Inc.		34		2,016
Hain Celestial Group, Inc. (The)1		11		466
Hershey Co. (The)		21		2,384
Hormel Foods Corp.		26		946
Ingredion, Inc.		11		1,538
J.M. Smucker Co. (The)		8		994
Kellogg Co.		18		1,224
Kraft Heinz Co. (The)		50		3,888
Lamb Weston Holdings, Inc.		49		2,766
McCormick & Co., Inc.		19		1,936
Molson Coors Brewing Co., Class B		8		657
Mondelez International, Inc., Class A		141		6,035
Monster Beverage Corp.1		122		7,721
PepsiCo, Inc.		216		25,903
Philip Morris International, Inc.		297		31,378
Pilgrim’s Pride Corp.1,2		19		590
Pinnacle Foods, Inc.		18		1,070
Post Holdings, Inc.1		8		634
Tyson Foods, Inc., Class A		67		5,432
Total Food, Beverage & Tobacco				164,305
Health Care Equipment & Services—6.1%
Abbott Laboratories		543		30,989
ABIOMED, Inc.1		14		2,624
Aetna, Inc.		92		16,596
Align Technology, Inc.1		29		6,444
AmerisourceBergen Corp.		20		1,836
Anthem, Inc.		83		18,676
athenahealth, Inc.1		7		931
Baxter International, Inc.		153		9,890
Becton Dickinson and Co.		71		15,237
Boston Scientific Corp.1		361		8,949
Cardinal Health, Inc.		12		735
Centene Corp.1		60		6,053
Cerner Corp.1		78		5,256
Cigna Corp.		74		15,029
Cooper Cos., Inc. (The)		14		3,050
Danaher Corp.		123		11,417
DaVita, Inc.1		8		578
DENTSPLY SIRONA, Inc.		39		2,567
DexCom, Inc.1		5		287
Edwards Lifesciences Corp.1		40		4,508
Express Scripts Holding Co.1		36		2,687
HCA Healthcare, Inc.1		33		2,899
Henry Schein, Inc.1		11		769

10     OPPENHEIMER ETF TRUST

	Shares		Value
Health Care Equipment & Services (Continued)
Hill-Rom Holdings, Inc.		21	$	1,770
Hologic, Inc.1		30		1,282
Humana, Inc.		26		6,450
IDEXX Laboratories, Inc.1		22		3,440
Intuitive Surgical, Inc.1		40		14,598
Laboratory Corp. of America Holdings1		20		3,190
McKesson Corp.		23		3,587
Medtronic PLC		217		17,523
Quest Diagnostics, Inc.		17		1,674
ResMed, Inc.		40		3,388
STERIS PLC		21		1,837
Stryker Corp.		91		14,090
Teleflex, Inc.		16		3,981
UnitedHealth Group, Inc.		234		51,588
Universal Health Services, Inc., Class B		6		680
Varian Medical Systems, Inc.1		26		2,890
Veeva Systems, Inc., Class A1		33		1,824
WellCare Health Plans, Inc.1		14		2,816
West Pharmaceutical Services, Inc.		14		1,381
Zimmer Biomet Holdings, Inc.		30		3,620
Total Health Care Equipment & Services				309,616
Household & Personal Products—1.3%
Church & Dwight Co., Inc.		28		1,405
Clorox Co. (The)		24		3,570
Colgate-Palmolive Co.		139		10,487
Coty, Inc., Class A		37		736
Energizer Holdings, Inc.		9		432
Estee Lauder Cos., Inc., (The), Class A		76		9,670
Herbalife Ltd.1,2		18		1,219
Kimberly-Clark Corp.		38		4,585
Nu Skin Enterprises, Inc., Class A		13		887
Procter & Gamble Co. (The)		370		33,996
Total Household & Personal Products				66,987
Insurance—2.6%
Aflac, Inc.		88		7,725
Alleghany Corp.1		1		596
Allstate Corp. (The)		104		10,890
American Financial Group, Inc.		16		1,737
American International Group, Inc.		66		3,932
Aon PLC		61		8,174
Arch Capital Group Ltd.1		19		1,725
Arthur J. Gallagher & Co.		46		2,911
Assurant, Inc.		8		807
Assured Guaranty Ltd.		10		339
	Shares		Value
Insurance (Continued)
Athene Holding Ltd., Class A1		15	$	776
Brighthouse Financial, Inc.1		15		880
Brown & Brown, Inc.		20		1,029
Chubb Ltd.		83		12,129
Cincinnati Financial Corp.		16		1,199
CNA Financial Corp.		8		424
Erie Indemnity Co., Class A		4		487
Everest Re Group Ltd.		6		1,328
First American Financial Corp.		34		1,905
FNF Group		91		3,571
Hanover Insurance Group, Inc. (The)		9		973
Hartford Financial Services Group, Inc. (The)		72		4,052
Lincoln National Corp.		38		2,921
Loews Corp.		35		1,751
Markel Corp.1		3		3,417
Marsh & McLennan Cos., Inc.		114		9,278
MetLife, Inc.		141		7,129
Old Republic International Corp.		43		919
Principal Financial Group, Inc.		55		3,881
ProAssurance Corp.		7		400
Progressive Corp. (The)		184		10,363
Prudential Financial, Inc.		60		6,899
Reinsurance Group of America, Inc.		14		2,183
RenaissanceRe Holdings Ltd.		5		628
Torchmark Corp.		22		1,996
Travelers Cos., Inc. (The)		41		5,561
Unum Group		52		2,854
Validus Holdings Ltd.		7		328
W.R. Berkley Corp.		11		788
Willis Towers Watson PLC		34		5,123
XL Group Ltd.		37		1,301
Total Insurance				135,309
Materials—3.3%
Air Products & Chemicals, Inc.		36		5,907
Albemarle Corp.		37		4,732
Alcoa Corp.1		59		3,178
AptarGroup, Inc.		12		1,035
Ashland Global Holdings, Inc.		17		1,210
Avery Dennison Corp.		29		3,331
Axalta Coating Systems Ltd1		47		1,521
Ball Corp.		46		1,741
Bemis Co., Inc.		9		430
Berry Global Group, Inc.1		24		1,408
Cabot Corp.		12		739
Celanese Corp., Series A		35		3,748
CF Industries Holdings, Inc.		54		2,297

11     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Momentum Factor ETF
 

	Shares		Value
Materials (Continued)
Chemours Co. (The)		67	$	3,354
Crown Holdings, Inc.1		21		1,181
Domtar Corp.		14		693
DowDuPont, Inc.		545		38,815
Eagle Materials, Inc.		7		793
Eastman Chemical Co.		29		2,687
Ecolab, Inc.		41		5,501
FMC Corp.		46		4,354
Freeport-McMoRan, Inc.1		148		2,806
Graphic Packaging Holding Co.		71		1,097
Huntsman Corp.		67		2,230
International Flavors & Fragrances, Inc.		17		2,594
International Paper Co.		53		3,071
LyondellBasell Industries NV, Class A		64		7,061
Martin Marietta Materials, Inc.		5		1,105
Monsanto Co.		78		9,109
Mosaic Co. (The)		13		334
Newmont Mining Corp.		82		3,077
Nucor Corp.		25		1,590
Olin Corp.		52		1,850
Owens-Illinois, Inc.1		42		931
Packaging Corp. of America		25		3,014
Platform Specialty Products Corp.1		27		268
PPG Industries, Inc.		54		6,308
Praxair, Inc.		64		9,900
Reliance Steel & Aluminum Co.		5		429
Royal Gold, Inc.		19		1,560
RPM International, Inc.		14		734
Scotts Miracle-Gro Co., (The)		6		642
Sealed Air Corp.		17		838
Sherwin-Williams Co. (The)		25		10,251
Silgan Holdings, Inc.		13		382
Sonoco Products Co.		10		531
Southern Copper Corp.2		23		1,091
Steel Dynamics, Inc.		27		1,165
Valvoline, Inc.		42		1,053
Vulcan Materials Co.		14		1,797
Westlake Chemical Corp.		12		1,278
WestRock Co.		47		2,971
WR Grace & Co.		11		772
Total Materials				170,494
Media—1.8%
Cable One, Inc.		1		703
CBS Corp., Class B		21		1,239
Charter Communications, Inc., Class A1		37		12,431
Comcast Corp., Class A		615		24,631
	Shares		Value
Media (Continued)
DISH Network Corp., Class A1		13	$	621
Interpublic Group of Cos., Inc. (The)		17		343
John Wiley & Sons, Inc., Class A		6		395
Liberty Broadband Corp., Class A1		6		510
Liberty Broadband Corp., Class C1		23		1,959
Liberty Media Corp.-Liberty Formula One, Class C1,2		43		1,469
Liberty Media Corp.-Liberty SiriusXM, Class A1		18		714
Liberty Media Corp.-Liberty SiriusXM, Class C1		37		1,467
Lions Gate Entertainment Corp., Class A1		11		372
Lions Gate Entertainment Corp., Class B1		22		698
Live Nation Entertainment, Inc.1		47		2,001
Madison Square Garden Co. (The), Class A1		4		843
News Corp., Class A		108		1,751
News Corp., Class B		34		564
Omnicom Group, Inc.		10		728
Scripps Networks Interactive, Inc., Class A		16		1,366
Sirius XM Holdings, Inc.2		315		1,688
Time Warner, Inc.		68		6,220
Tribune Media Co., Class A		24		1,019
Twenty-First Century Fox, Inc., Class A		173		5,974
Twenty-First Century Fox, Inc., Class B		68		2,320
Viacom, Inc., Class B		10		308
Walt Disney Co. (The)		165		17,739
Total Media				90,073
Pharmaceuticals, Biotechnology & Life Sciences—7.4%
AbbVie, Inc.		534		51,643
ACADIA Pharmaceuticals, Inc.1		14		422
Agilent Technologies, Inc.		106		7,099
Agios Pharmaceuticals, Inc.1		11		629
Akorn, Inc.1		31		999
Alexion Pharmaceuticals, Inc.1		17		2,033
Alkermes PLC1,2		8		438
Allergan PLC		25		4,089
Alnylam Pharmaceuticals, Inc.1,2		31		3,939
Amgen, Inc.		139		24,172
Biogen, Inc.1		43		13,698
BioMarin Pharmaceutical, Inc.1		17		1,516

12     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Bio-Rad Laboratories, Inc., Class A1		6	$	1,432
Bio-Techne Corp.		9		1,166
Bioverativ, Inc.1		20		1,078
Bristol-Myers Squibb Co.		236		14,462
Bruker Corp.		34		1,167
Celgene Corp.1		51		5,322
Charles River Laboratories International, Inc.1		13		1,423
Eli Lilly & Co.		183		15,456
Exelixis, Inc.1		98		2,979
Gilead Sciences, Inc.		141		10,101
Illumina, Inc.1		50		10,924
Incyte Corp.1		21		1,989
Ionis Pharmaceuticals, Inc.1,2		19		956
IQVIA Holdings, Inc.1		44		4,308
Johnson & Johnson		578		80,758
Juno Therapeutics, Inc.1		25		1,143
Merck & Co., Inc.		184		10,354
Mettler-Toledo International, Inc.1		8		4,956
Mylan NV1		56		2,369
Neurocrine Biosciences, Inc.1		31		2,405
PerkinElmer, Inc.		30		2,194
Perrigo Co. PLC		16		1,395
Pfizer, Inc.		982		35,568
QIAGEN NV1		38		1,175
Regeneron Pharmaceuticals, Inc.1		10		3,760
Seattle Genetics, Inc.1		9		481
Thermo Fisher Scientific, Inc.		102		19,368
United Therapeutics Corp.1		2		296
Vertex Pharmaceuticals, Inc.1		91		13,637
Waters Corp.1		24		4,637
Zoetis, Inc.		138		9,942
Total Pharmaceuticals, Biotechnology & Life Sciences				377,878
Real Estate—3.2%
Alexandria Real Estate Equities, Inc.		20		2,612
American Campus Communities, Inc.		9		369
American Homes 4 Rent, Class A		35		764
American Tower Corp.		126		17,976
Apartment Investment & Management Co., Class A		19		830
Apple Hospitality REIT, Inc.		27		529
AvalonBay Communities, Inc.		22		3,925
Boston Properties, Inc.		19		2,471
Brandywine Realty Trust		32		582
	Shares		Value
Real Estate (Continued)
Camden Property Trust		17	$	1,565
CBRE Group, Inc., Class A1		81		3,508
Colony NorthStar, Inc., Class A		46		525
Columbia Property Trust, Inc.		18		413
CoreCivic, Inc.		14		315
CoreSite Realty Corp.		11		1,253
Corporate Office Properties Trust		14		409
Crown Castle International Corp.		107		11,878
CubeSmart		34		983
CyrusOne, Inc.		28		1,667
DCT Industrial Trust, Inc.		24		1,411
Digital Realty Trust, Inc.		48		5,467
Douglas Emmett, Inc.		28		1,150
Duke Realty Corp.		62		1,687
Empire State Realty Trust, Inc., Class A		15		308
EPR Properties		7		458
Equinix, Inc.		22		9,971
Equity Commonwealth1		14		427
Equity LifeStyle Properties, Inc.		20		1,780
Equity Residential		56		3,571
Essex Property Trust, Inc.		11		2,655
Extra Space Storage, Inc.		25		2,186
Federal Realty Investment Trust		7		930
Forest City Realty Trust, Inc., Class A		55		1,326
Gaming and Leisure Properties, Inc.		47		1,739
GGP, Inc.		52		1,216
HCP, Inc.		44		1,148
Healthcare Trust of America, Inc., Class A		33		991
Highwoods Properties, Inc.		15		764
Hospitality Properties Trust		21		627
Host Hotels & Resorts, Inc.		113		2,243
Howard Hughes Corp. (The)1		5		656
Hudson Pacific Properties, Inc.		21		719
Invitation Homes, Inc.		53		1,249
Iron Mountain, Inc.		68		2,566
JBG SMITH Properties		16		556
Jones Lang LaSalle, Inc.		15		2,234
Kilroy Realty Corp.		12		896
Kimco Realty Corp.		16		290
Lamar Advertising Co., Class A		16		1,188
Liberty Property Trust		28		1,204
Life Storage, Inc.		8		713
Macerich Co. (The)		13		854
Medical Properties Trust, Inc.		74		1,020
Mid-America Apartment Communities, Inc.		17		1,710

13     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Momentum Factor ETF
 

	Shares		Value
Real Estate (Continued)
National Retail Properties, Inc.		20	$	863
Omega Healthcare Investors, Inc.2		19		523
Outfront Media, Inc.		16		371
Paramount Group, Inc.		25		396
Park Hotels & Resorts, Inc.		26		748
Piedmont Office Realty Trust, Inc., Class A		17		333
Prologis, Inc.		125		8,064
Public Storage		15		3,135
Rayonier, Inc.		26		822
Realogy Holdings Corp.		16		424
Realty Income Corp.		39		2,224
Regency Centers Corp.		18		1,245
SBA Communications Corp.1		39		6,371
Senior Housing Properties Trust		48		919
Simon Property Group, Inc.		25		4,294
SL Green Realty Corp.		8		807
STORE Capital Corp.		30		781
Sun Communities, Inc.		19		1,763
UDR, Inc.		48		1,849
Ventas, Inc.		51		3,061
VEREIT, Inc.		122		950
Vornado Realty Trust		15		1,173
Weingarten Realty Investors		11		362
Welltower, Inc.		57		3,635
Weyerhaeuser Co.		153		5,395
WP Carey, Inc.		26		1,791
Total Real Estate				162,783
Retailing—5.9%
Amazon.com, Inc.1		128		149,692
AutoNation, Inc.1		8		411
AutoZone, Inc.1		1		711
Best Buy Co., Inc.		55		3,766
Burlington Stores, Inc.1		14		1,722
CarMax, Inc.1		30		1,924
Dollar General Corp.		47		4,371
Dollar Tree, Inc.1		39		4,185
Expedia, Inc.		17		2,036
Gap, Inc. (The)		58		1,976
Genuine Parts Co.		10		950
Home Depot, Inc. (The)		278		52,689
Kohl’s Corp.		11		597
L Brands, Inc.		7		422
Liberty Expedia Holdings, Inc., Class A1		9		399
Liberty Interactive Corp. QVC Group, Class A1		88		2,149
Liberty Ventures, Series A1		26		1,410
LKQ Corp.1		58		2,359
	Shares		Value
Retailing (Continued)
Lowe’s Cos., Inc.		140	$	13,012
Murphy USA, Inc.1		6		482
Netflix, Inc.1		138		26,490
O’Reilly Automotive, Inc.1		3		722
Pool Corp.		7		908
Priceline Group, Inc. (The)1		9		15,640
Ross Stores, Inc.		49		3,932
Target Corp.		20		1,305
Tiffany & Co.		23		2,391
TJX Cos., Inc. (The)		53		4,052
Tractor Supply Co.		7		523
Ulta Beauty, Inc.1		3		671
Wayfair, Inc., Class A1		14		1,124
Total Retailing				303,021
Semiconductors & Semiconductor Equipment—5.3%
Advanced Micro Devices, Inc.1,2		118		1,213
Analog Devices, Inc.		90		8,013
Applied Materials, Inc.		379		19,374
Broadcom Ltd.		135		34,681
Cavium, Inc.1		14		1,174
Cypress Semiconductor Corp.		111		1,692
First Solar, Inc.1		29		1,958
Intel Corp.		1,124		51,884
KLA-Tencor Corp.		42		4,413
Lam Research Corp.		58		10,676
Marvell Technology Group Ltd.		122		2,619
Maxim Integrated Products, Inc.		84		4,392
Microchip Technology, Inc.2		70		6,152
Micron Technology, Inc.1		393		16,160
Microsemi Corp.1		10		516
NVIDIA Corp.		206		39,861
NXP Semiconductors NV1		69		8,079
ON Semiconductor Corp.1		146		3,057
Qorvo, Inc.1		38		2,531
QUALCOMM, Inc.		184		11,780
Skyworks Solutions, Inc.		57		5,412
Teradyne, Inc.		70		2,931
Texas Instruments, Inc.		286		29,870
Versum Materials, Inc.		32		1,211
Xilinx, Inc.		59		3,978
Total Semiconductors & Semiconductor Equipment				273,627
Software & Services—18.5%
Accenture PLC, Class A		131		20,055
Activision Blizzard, Inc.		264		16,717
Adobe Systems, Inc.1		174		30,492
Akamai Technologies, Inc.1		7		455

14     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (Continued)
Alliance Data Systems Corp.		5	$	1,267
Alphabet, Inc., Class A1		73		76,898
Alphabet, Inc., Class C1		76		79,526
Amdocs Ltd.		21		1,375
ANSYS, Inc.1		29		4,280
Atlassian Corp. PLC, Class A1		33		1,502
Autodesk, Inc.1		73		7,653
Automatic Data Processing, Inc.		73		8,555
Black Knight, Inc.1		22		971
Booz Allen Hamilton Holding Corp.		18		686
Broadridge Financial Solutions, Inc.		34		3,080
CA, Inc.		40		1,331
Cadence Design Systems, Inc.1		99		4,140
CDK Global, Inc.		22		1,568
Citrix Systems, Inc.1		31		2,728
Cognizant Technology Solutions Corp., Class A		151		10,724
Conduent, Inc.1		34		550
CoreLogic, Inc.1		17		786
CoStar Group, Inc.1		12		3,563
CSRA, Inc.		10		299
Dell Technologies, Inc., Class V1		63		5,121
DST Systems, Inc.		10		621
DXC Technology Co.		98		9,300
eBay, Inc.1		204		7,699
Electronic Arts, Inc.1		85		8,930
Euronet Worldwide, Inc.1		11		927
Facebook, Inc., Class A1		751		132,522
Fidelity National Information Services, Inc.		71		6,680
FireEye, Inc.1		23		327
First Data Corp., Class A1		89		1,487
Fiserv, Inc.1		44		5,770
FleetCor Technologies, Inc.1		19		3,656
Fortinet, Inc.1		41		1,791
Gartner, Inc.1		15		1,847
Genpact Ltd.		39		1,238
Global Payments, Inc.		46		4,611
GoDaddy, Inc., Class A1		36		1,810
Guidewire Software, Inc.1		25		1,857
IAC/InterActiveCorp1		25		3,057
International Business Machines Corp.		67		10,279
Intuit, Inc.		67		10,571
Jack Henry & Associates, Inc.		15		1,754
Leidos Holdings, Inc.		29		1,873
LogMeIn, Inc.		10		1,145
Mastercard, Inc., Class A		293		44,349
	Shares		Value
Software & Services (Continued)
Match Group, Inc.1,2		13	$	407
Microsoft Corp.		2,077		177,667
Nuance Communications, Inc.1		25		409
Oracle Corp.		706		33,380
Paychex, Inc.		49		3,336
PayPal Holdings, Inc.1		408		30,037
PTC, Inc.1		33		2,005
Red Hat, Inc.1		60		7,206
salesforce.com, Inc.1		224		22,900
ServiceNow, Inc.1		58		7,563
Splunk, Inc.1		44		3,645
Square, Inc., Class A1,2		88		3,051
SS&C Technologies Holdings, Inc.		49		1,984
Symantec Corp.		120		3,367
Synopsys, Inc.1		47		4,006
Tableau Software, Inc., Class A1		22		1,522
Take-Two Interactive Software, Inc.1		40		4,391
Teradata Corp.1		29		1,115
Total System Services, Inc.		58		4,587
Twitter, Inc.1		110		2,641
Tyler Technologies, Inc.1		8		1,416
Ultimate Software Group, Inc. (The)1		4		873
Vantiv, Inc., Class A1,2		33		2,427
VeriSign, Inc.1,2		27		3,090
Visa, Inc., Class A		543		61,913
VMware Inc, Class A1,2		24		3,008
Western Union Co. (The)		40		760
WEX, Inc.1		6		847
Workday, Inc., Class A1		46		4,680
Zillow Group, Inc., Class A1		8		326
Zillow Group, Inc., Class C1,2		16		655
Zynga, Inc., Class A1		233		932
Total Software & Services				944,569
Technology Hardware & Equipment—7.8%
Amphenol Corp., Class A		81		7,112
Apple, Inc.		1,650		279,229
Arista Networks, Inc.1		19		4,476
ARRIS International PLC1		14		360
Arrow Electronics, Inc.1		13		1,045
CDW Corp.		36		2,502
Cisco Systems, Inc.		1,066		40,828
Cognex Corp.		60		3,670
Coherent, Inc.1		9		2,540
CommScope Holding Co., Inc.1		15		567
Corning, Inc.		229		7,326
Dolby Laboratories, Inc., Class A		15		930
EchoStar Corp., Class A1		8		479

15     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Momentum Factor ETF
 

	Shares		Value
Technology Hardware & Equipment (Continued)
F5 Networks, Inc.1		3	$	394
FLIR Systems, Inc.		35		1,632
Hewlett Packard Enterprise Co.		186		2,671
HP, Inc.		527		11,072
IPG Photonics Corp.1		13		2,784
Jabil, Inc.		38		997
Juniper Networks, Inc.		31		884
Keysight Technologies, Inc.1		39		1,622
Motorola Solutions, Inc.		24		2,168
National Instruments Corp.		35		1,457
NetApp, Inc.		87		4,813
Palo Alto Networks, Inc.1		14		2,029
Trimble, Inc.1		70		2,845
Universal Display Corp.		15		2,590
Western Digital Corp.		87		6,919
Xerox Corp.		49		1,428
Zebra Technologies Corp., Class A1		13		1,349
Total Technology Hardware & Equipment				398,718
Telecommunication Services—0.6%
AT&T, Inc.		358		13,919
T-Mobile US, Inc.1		39		2,477
Verizon Communications, Inc.		295		15,614
Zayo Group Holdings, Inc.1		27		994
Total Telecommunication Services				33,004
Transportation—1.8%
American Airlines Group, Inc.		48		2,497
C.H. Robinson Worldwide, Inc.		21		1,871
Copa Holdings SA, Class A		10		1,341
CSX Corp.		252		13,862
Delta Air Lines, Inc.		75		4,200
Expeditors International of Washington, Inc.		28		1,811
FedEx Corp.		38		9,482
Genesee & Wyoming, Inc., Class A1		8		630
JB Hunt Transport Services, Inc.		12		1,380
JetBlue Airways Corp.1		22		491
Kansas City Southern		21		2,210
Kirby Corp.1		5		334
Landstar System, Inc.		7		729
Norfolk Southern Corp.		63		9,129
Old Dominion Freight Line, Inc.		17		2,236
Ryder System, Inc.		6		505
Southwest Airlines Co.		79		5,171
Union Pacific Corp.		139		18,640
United Continental Holdings, Inc.1		9		607
	Shares		Value
Transportation (Continued)
United Parcel Service, Inc., Class B		73	$	8,698
XPO Logistics, Inc.1,2		41		3,755
Total Transportation				89,579
Utilities—2.9%
AES Corp.		56		607
Alliant Energy Corp.		50		2,131
Ameren Corp.		55		3,244
American Electric Power Co., Inc.		117		8,608
American Water Works Co., Inc.		41		3,751
Aqua America, Inc.		40		1,569
Atmos Energy Corp.		23		1,976
Avangrid, Inc.		17		860
Calpine Corp.1		92		1,392
CenterPoint Energy, Inc.		98		2,779
CMS Energy Corp.		62		2,933
Consolidated Edison, Inc.		70		5,947
Dominion Energy, Inc.		95		7,701
DTE Energy Co.		35		3,831
Duke Energy Corp.		148		12,448
Edison International		60		3,794
Entergy Corp.		34		2,767
Eversource Energy		67		4,233
Exelon Corp.		198		7,803
FirstEnergy Corp.		79		2,419
Great Plains Energy, Inc.		52		1,677
Hawaiian Electric Industries, Inc.		19		687
MDU Resources Group, Inc.		15		403
National Fuel Gas Co.		10		549
NextEra Energy, Inc.		128		19,992
NiSource, Inc.		81		2,079
NRG Energy, Inc.		108		3,076
OGE Energy Corp.		30		987
PG&E Corp.		37		1,659
Pinnacle West Capital Corp.		24		2,044
PPL Corp.		96		2,971
Public Service Enterprise Group, Inc.		102		5,253
Sempra Energy		53		5,667
Southern Co. (The)		152		7,310
UGI Corp.		25		1,174
Vectren Corp.		22		1,430
Vistra Energy Corp.1		44		806
WEC Energy Group, Inc.		68		4,517
Westar Energy, Inc.		14		739
Xcel Energy, Inc.		122		5,869
Total Utilities				149,682
Total Common Stocks (Cost $5,011,938)				5,107,649

 

16     OPPENHEIMER ETF TRUST

	Shares		Value
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $4,617)		4,617	$	4,617
Investment of Cash Collateral for Securities Loaned—0.6%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $29,083)		29,083		29,083
Total Investments—100.4% (Cost $5,045,638)				5,141,349
Liabilities in Excess of Other Assets—(0.4)%				(21,374	)
Net Assets—100.0%			$	5,119,975

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $44,985; total value of the collateral held by the Fund was $46,618. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $17,535 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

17     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—2.0%
Adient PLC		4	$	315
Aptiv PLC		108		9,162
BorgWarner, Inc.		92		4,700
Delphi Technologies PLC1		36		1,889
Ford Motor Co.		2,460		30,725
General Motors Co.		866		35,497
Gentex Corp.		100		2,095
Goodyear Tire & Rubber Co. (The)		160		5,170
Harley-Davidson, Inc.		88		4,478
Lear Corp.		44		7,773
Thor Industries, Inc.		20		3,014
Visteon Corp.1		8		1,001
Total Automobiles & Components				105,819
Banks—9.5%
Associated Banc-Corp.		72		1,829
Bank of America Corp.		3,841		113,386
Bank of Hawaii Corp.		12		1,028
Bank of the Ozarks		24		1,163
BankUnited, Inc.		36		1,466
BB&T Corp.		280		13,922
CIT Group, Inc.		60		2,954
Citigroup, Inc.		1,678		124,860
Citizens Financial Group, Inc.		176		7,389
Comerica, Inc.		32		2,778
Commerce Bancshares, Inc.		25		1,396
Cullen/Frost Bankers, Inc.		16		1,514
East West Bancorp, Inc.		40		2,433
F.N.B. Corp.		72		995
Fifth Third Bancorp		352		10,680
First Hawaiian, Inc.		12		350
First Horizon National Corp.		60		1,199
First Republic Bank		36		3,119
Huntington Bancshares, Inc.		332		4,834
JPMorgan Chase & Co.		1,272		136,028
KeyCorp		312		6,293
M&T Bank Corp.		32		5,472
New York Community Bancorp, Inc.		208		2,708
PacWest Bancorp		44		2,218
People’s United Financial, Inc.		84		1,571
PNC Financial Services Group, Inc. (The)		144		20,778
Popular, Inc.		48		1,704
Prosperity Bancshares, Inc.		20		1,401
Regions Financial Corp.		512		8,847
Signature Bank1		12		1,647
SVB Financial Group1		11		2,571
Synovus Financial Corp.		36		1,726
	Shares		Value
Banks (Continued)
TCF Financial Corp.		76	$	1,558
Webster Financial Corp.2		28		1,572
Western Alliance Bancorp1		24		1,359
Zions Bancorporation		56		2,846
Total Banks				497,594
Capital Goods—7.7%
A.O. Smith Corp.		28		1,716
Acuity Brands, Inc.		12		2,112
AECOM1		96		3,566
AGCO Corp.		32		2,286
Air Lease Corp.		60		2,885
Allegion PLC		20		1,591
Allison Transmission Holdings, Inc.		40		1,723
AMETEK, Inc.		48		3,479
Arconic, Inc.		52		1,417
Armstrong World Industries, Inc.1		8		484
Boeing Co. (The)		240		70,778
BWX Technologies, Inc.		20		1,210
Carlisle Cos., Inc.		20		2,273
Colfax Corp.1,2		24		951
Crane Co.		16		1,427
Cummins, Inc.		60		10,598
Deere & Co.		124		19,407
Donaldson Co., Inc.		24		1,175
Dover Corp.		44		4,444
Eaton Corp. PLC		160		12,642
Emerson Electric Co.		188		13,102
Fastenal Co.		60		3,281
Flowserve Corp.		28		1,180
Fluor Corp.		84		4,339
Fortive Corp.		68		4,920
Fortune Brands Home & Security, Inc.		48		3,285
Graco, Inc.		24		1,085
Harris Corp.		32		4,533
HD Supply Holdings, Inc.1		68		2,722
HEICO Corp.		4		377
HEICO Corp., Class A		8		632
Hexcel Corp.		32		1,979
Hubbell, Inc.		16		2,165
Huntington Ingalls Industries, Inc.		20		4,714
IDEX Corp.		16		2,112
Ingersoll-Rand PLC		96		8,562
ITT, Inc.		36		1,921
Jacobs Engineering Group, Inc.		68		4,485
L3 Technologies, Inc.		32		6,331
Lennox International, Inc.		8		1,666
Lincoln Electric Holdings, Inc.		12		1,099
Lockheed Martin Corp.		92		29,537

 

18     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
Masco Corp.		100	$	4,394
Middleby Corp. (The)1		12		1,619
MSC Industrial Direct Co., Inc., Class A		16		1,547
Nordson Corp.		12		1,757
Northrop Grumman Corp.		52		15,959
Orbital ATK, Inc.		24		3,156
Oshkosh Corp.		40		3,636
Owens Corning		56		5,149
PACCAR, Inc.		132		9,383
Parker-Hannifin Corp.		36		7,185
Pentair PLC		48		3,390
Quanta Services, Inc.1		80		3,129
Raytheon Co.		84		15,779
Regal Beloit Corp.		24		1,838
Rockwell Automation, Inc.		24		4,712
Rockwell Collins, Inc.		32		4,340
Sensata Technologies Holding NV1		52		2,658
Snap-on, Inc.		20		3,486
Spirit AeroSystems Holdings, Inc., Class A		64		5,584
Stanley Black & Decker, Inc.		48		8,145
Teledyne Technologies, Inc.1		12		2,174
Terex Corp.		32		1,543
Textron, Inc.		132		7,470
Timken Co. (The)		32		1,573
Toro Co. (The)		20		1,305
TransDigm Group, Inc.		9		2,472
Trinity Industries, Inc.		94		3,521
United Rentals, Inc.1		48		8,252
Univar, Inc.1		52		1,610
USG Corp.1		48		1,851
Valmont Industries, Inc.		8		1,327
W.W. Grainger, Inc.		26		6,142
WABCO Holdings, Inc.1		12		1,722
Wabtec Corp.2		20		1,629
Watsco, Inc.		12		2,040
Welbilt, Inc.1,2		28		658
WESCO International, Inc.1		28		1,908
Xylem, Inc.		40		2,728
Total Capital Goods				406,962
Commercial & Professional Services—0.9%
Cintas Corp.		20		3,117
Clean Harbors, Inc.1		12		651
Copart, Inc.1		36		1,555
Dun & Bradstreet Corp. (The)		12		1,421
Equifax, Inc.		20		2,358
IHS Markit Ltd.1		40		1,806
	Shares		Value
Commercial & Professional Services (Continued)
KAR Auction Services, Inc.		40	$	2,020
ManpowerGroup, Inc.		40		5,044
Nielsen Holdings PLC		116		4,222
Pitney Bowes, Inc.		108		1,208
Republic Services, Inc.		68		4,598
Robert Half International, Inc.		52		2,888
Rollins, Inc.		12		558
Stericycle, Inc.1		24		1,632
TransUnion1		20		1,099
Verisk Analytics, Inc.1		28		2,688
Waste Management, Inc.		140		12,082
Total Commercial & Professional Services				48,947
Consumer Durables & Apparel—1.8%
Brunswick Corp.		44		2,430
CalAtlantic Group, Inc.		44		2,481
Carter’s, Inc.		24		2,820
D.R. Horton, Inc.		148		7,558
Garmin Ltd.		36		2,144
Hanesbrands, Inc.		164		3,429
Hasbro, Inc.		28		2,545
Leggett & Platt, Inc.		48		2,291
Lennar Corp., Class A		84		5,312
Lululemon Athletica, Inc.1		24		1,886
Mattel, Inc.		120		1,846
Michael Kors Holdings Ltd.1		92		5,791
Mohawk Industries, Inc.1		20		5,518
Newell Brands, Inc.		124		3,832
NVR, Inc.1		1		3,508
Polaris Industries, Inc.2		28		3,472
PulteGroup, Inc.		123		4,090
PVH Corp.		40		5,488
Ralph Lauren Corp.		28		2,903
Skechers U.S.A., Inc., Class A1		60		2,270
Tapestry, Inc.		64		2,831
Tempur Sealy International, Inc.1		24		1,505
Toll Brothers, Inc.		52		2,497
Tupperware Brands Corp.		20		1,254
Under Armour, Inc., Class A1,2		40		577
Under Armour, Inc., Class C1,2		40		533
VF Corp.		112		8,288
Whirlpool Corp.		40		6,746
Total Consumer Durables & Apparel				95,845
Consumer Services—1.6%
Aramark		128		5,471
Bright Horizons Family Solutions, Inc.1		8		752
Carnival Corp.		160		10,619

19     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Consumer Services (Continued)
Chipotle Mexican Grill, Inc.1		3	$	867
Choice Hotels International, Inc.		8		621
Darden Restaurants, Inc.		40		3,841
Domino’s Pizza, Inc.		8		1,512
Dunkin’ Brands Group, Inc.		16		1,031
Extended Stay America, Inc.		52		988
Graham Holdings Co., Class B		1		558
H&R Block, Inc.		92		2,412
Hilton Grand Vacations, Inc.1		16		671
Hilton Worldwide Holdings, Inc.		36		2,875
Hyatt Hotels Corp., Class A1		8		588
International Game Technology PLC		68		1,803
Las Vegas Sands Corp.		96		6,671
MGM Resorts International		192		6,411
Norwegian Cruise Line Holdings Ltd.1		64		3,408
Royal Caribbean Cruises Ltd.		64		7,634
Service Corp. International		52		1,940
ServiceMaster Global Holdings, Inc.1		36		1,846
Six Flags Entertainment Corp.		16		1,065
Vail Resorts, Inc.		4		850
Wendy’s Co. (The)		36		591
Wyndham Worldwide Corp.		40		4,635
Wynn Resorts Ltd.		19		3,203
Yum China Holdings, Inc.		92		3,682
Yum! Brands, Inc.		88		7,182
Total Consumer Services				83,727
Diversified Financials—8.4%
Affiliated Managers Group, Inc.		20		4,105
AGNC Investment Corp.		184		3,715
Ally Financial, Inc.		288		8,398
American Express Co.		352		34,957
Ameriprise Financial, Inc.		72		12,202
Annaly Capital Management, Inc.		616		7,324
Bank of New York Mellon Corp. (The)		444		23,914
Berkshire Hathaway, Inc., Class B1		676		133,997
BGC Partners, Inc., Class A		48		725
Capital One Financial Corp.		300		29,874
Cboe Global Markets, Inc.		12		1,495
Chimera Investment Corp.		112		2,070
Credit Acceptance Corp.1		4		1,294
Discover Financial Services		224		17,230
E*TRADE Financial Corp.1		128		6,345
Eaton Vance Corp.		28		1,579
FactSet Research Systems, Inc.2		8		1,542
Federated Investors, Inc., Class B		40		1,443
	Shares		Value
Diversified Financials (Continued)
Franklin Resources, Inc.		112	$	4,853
Goldman Sachs Group, Inc. (The)		145		36,940
Interactive Brokers Group, Inc., Class A		24		1,421
Invesco Ltd.		84		3,069
Lazard Ltd., Class A		52		2,730
Legg Mason, Inc.		48		2,015
Leucadia National Corp.		120		3,179
LPL Financial Holdings, Inc.		44		2,514
MarketAxess Holdings, Inc.		4		807
MFA Financial, Inc.		100		792
Morgan Stanley		390		20,463
Morningstar, Inc.		4		388
MSCI, Inc.		12		1,518
Nasdaq, Inc.		20		1,537
Navient Corp.		176		2,344
New Residential Investment Corp.		144		2,575
Northern Trust Corp.		60		5,993
OneMain Holdings, Inc.1		32		832
Raymond James Financial, Inc.		16		1,429
Santander Consumer USA Holdings, Inc.		92		1,713
SEI Investments Co.		28		2,012
SLM Corp.1		36		407
Starwood Property Trust, Inc.		88		1,879
State Street Corp.		124		12,104
Synchrony Financial		504		19,459
T. Rowe Price Group, Inc.		48		5,037
TD Ameritrade Holding Corp.		60		3,068
Two Harbors Investment Corp.		76		1,236
Voya Financial, Inc.		108		5,343
Total Diversified Financials				439,866
Energy—2.7%
Anadarko Petroleum Corp.		28		1,502
Andeavor		88		10,062
Antero Resources Corp.1		36		684
Apache Corp.		48		2,026
Cabot Oil & Gas Corp.		20		572
Chesapeake Energy Corp.1		64		253
Cimarex Energy Co.		4		488
CNX Resources Corp.1		28		410
Concho Resources, Inc.1		4		601
CONSOL Energy, Inc.1		3		118
Continental Resources, Inc.1,2		8		424
Devon Energy Corp.		39		1,615
Diamondback Energy, Inc.1		8		1,010
Energen Corp.1		8		460
EQT Corp.		25		1,423
Helmerich & Payne, Inc.2		28		1,810

20     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
Hess Corp.		8	$	380
HollyFrontier Corp.		92		4,712
Kinder Morgan, Inc.		544		9,830
Marathon Oil Corp.		44		745
Marathon Petroleum Corp.		316		20,850
Murphy Oil Corp.		28		869
Nabors Industries Ltd.		84		574
National Oilwell Varco, Inc.		20		720
Newfield Exploration Co.1		12		378
Noble Energy, Inc.		40		1,166
Oceaneering International, Inc.		44		930
ONEOK, Inc.		100		5,345
Parsley Energy, Inc., Class A1		16		471
PBF Energy, Inc., Class A		68		2,411
Phillips 66		252		25,490
QEP Resources, Inc.1		76		727
RSP Permian, Inc.1		8		325
SM Energy Co.2		36		795
Southwestern Energy Co.1		96		536
Targa Resources Corp.		40		1,937
Transocean Ltd.1		248		2,649
Valero Energy Corp.		280		25,735
Whiting Petroleum Corp.1		24		635
Williams Cos., Inc. (The)		240		7,318
World Fuel Services Corp.		40		1,126
Total Energy				140,112
Food & Staples Retailing—4.6%
Casey’s General Stores, Inc.2		24		2,686
Costco Wholesale Corp.		188		34,990
CVS Health Corp.		632		45,820
Kroger Co. (The)		568		15,592
Rite Aid Corp.1		548		1,079
Sprouts Farmers Market, Inc.1		60		1,461
Sysco Corp.		252		15,304
US Foods Holding Corp.1		76		2,427
Walgreens Boots Alliance, Inc.		480		34,858
Wal-Mart Stores, Inc.		900		88,875
Total Food & Staples Retailing				243,092
Food, Beverage & Tobacco—1.8%
Archer-Daniels-Midland Co.		324		12,986
Blue Buffalo Pet Products, Inc.1,2		12		393
Brown-Forman Corp., Class A		8		538
Brown-Forman Corp., Class B		32		2,197
Bunge Ltd.		88		5,903
Campbell Soup Co.		52		2,502
Conagra Brands, Inc.		64		2,411
Dr Pepper Snapple Group, Inc.		48		4,659
Flowers Foods, Inc.		80		1,545
	Shares		Value
Food, Beverage & Tobacco (Continued)
General Mills, Inc.		200	$	11,858
Hain Celestial Group, Inc. (The)1		32		1,356
Hershey Co. (The)		28		3,178
Hormel Foods Corp.		80		2,911
Ingredion, Inc.		32		4,474
J.M. Smucker Co. (The)		32		3,976
Kellogg Co.		64		4,351
Lamb Weston Holdings, Inc.		40		2,258
McCormick & Co., Inc.		24		2,446
Molson Coors Brewing Co., Class B		60		4,924
Pilgrim’s Pride Corp.1,2		32		994
Pinnacle Foods, Inc.		28		1,665
Post Holdings, Inc.1		20		1,585
TreeHouse Foods, Inc.1,2		20		989
Tyson Foods, Inc., Class A		172		13,944
Total Food, Beverage & Tobacco				94,043
Health Care Equipment & Services—6.8%
ABIOMED, Inc.1		4		750
Acadia Healthcare Co., Inc.1		24		783
Aetna, Inc.		160		28,862
Align Technology, Inc.1		8		1,778
AmerisourceBergen Corp.		100		9,182
Anthem, Inc.		144		32,401
athenahealth, Inc.1		4		532
Baxter International, Inc.		240		15,514
Brookdale Senior Living, Inc.1		72		698
Cardinal Health, Inc.		196		12,009
Centene Corp.1		104		10,492
Cigna Corp.		112		22,746
Cooper Cos., Inc. (The)		8		1,743
DaVita, Inc.1		92		6,647
DENTSPLY SIRONA, Inc.		36		2,370
DexCom, Inc.1		4		230
Envision Healthcare Corp.1		24		829
Express Scripts Holding Co.1		376		28,065
HCA Healthcare, Inc.1		184		16,163
Henry Schein, Inc.1		48		3,354
Hill-Rom Holdings, Inc.		16		1,349
Hologic, Inc.1		56		2,394
Humana, Inc.		66		16,373
IDEXX Laboratories, Inc.1		8		1,251
Laboratory Corp. of America Holdings1		40		6,380
LifePoint Health, Inc.1		24		1,195
McKesson Corp.		132		20,585
MEDNAX, Inc.1		40		2,138
Patterson Cos., Inc.		32		1,156
Premier, Inc., Class A1		12		350

21     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Health Care Equipment & Services (Continued)
Quest Diagnostics, Inc.		44	$	4,334
ResMed, Inc.		28		2,371
STERIS PLC		16		1,400
Teleflex, Inc.		8		1,991
UnitedHealth Group, Inc.		388		85,538
Universal Health Services, Inc., Class B		44		4,987
Varian Medical Systems, Inc.1		20		2,223
Veeva Systems, Inc., Class A1		8		442
WellCare Health Plans, Inc.1		24		4,827
West Pharmaceutical Services, Inc.		8		789
Total Health Care Equipment & Services				357,221
Household & Personal Products—0.5%
Church & Dwight Co., Inc.		52		2,609
Clorox Co. (The)		28		4,165
Coty, Inc., Class A		28		557
Edgewell Personal Care Co.1		16		950
Energizer Holdings, Inc.		16		768
Herbalife Ltd.1,2		20		1,354
Kimberly-Clark Corp.		104		12,549
Nu Skin Enterprises, Inc., Class A		20		1,364
Spectrum Brands Holdings, Inc.2		8		899
Total Household & Personal Products				25,215
Insurance—5.6%
Aflac, Inc.		232		20,365
Alleghany Corp.1		5		2,981
Allstate Corp. (The)		200		20,942
American Financial Group, Inc.		36		3,907
American National Insurance Co.		4		513
Aon PLC		68		9,112
Arch Capital Group Ltd.1		40		3,631
Arthur J. Gallagher & Co.		52		3,291
Aspen Insurance Holdings Ltd.		32		1,299
Assurant, Inc.		28		2,824
Assured Guaranty Ltd.		48		1,626
Athene Holding Ltd., Class A1		12		621
Axis Capital Holdings Ltd.		36		1,809
Brighthouse Financial, Inc.1		52		3,049
Brown & Brown, Inc.		28		1,441
Chubb Ltd.		168		24,550
Cincinnati Financial Corp.		56		4,198
CNA Financial Corp.		12		637
Erie Indemnity Co., Class A		4		487
Everest Re Group Ltd.		20		4,425
First American Financial Corp.		60		3,362
FNF Group		120		4,709
Hanover Insurance Group, Inc. (The)		24		2,594
	Shares		Value
Insurance (Continued)
Hartford Financial Services Group, Inc. (The)		184	$	10,356
Lincoln National Corp.		118		9,071
Loews Corp.		140		7,004
Markel Corp.1		3		3,417
Mercury General Corp.		12		641
MetLife, Inc.		556		28,111
Old Republic International Corp.		140		2,993
Principal Financial Group, Inc.		160		11,290
ProAssurance Corp.		12		686
Progressive Corp. (The)		272		15,319
Prudential Financial, Inc.		268		30,815
Reinsurance Group of America, Inc.		40		6,237
RenaissanceRe Holdings Ltd.		16		2,009
Torchmark Corp.		56		5,080
Travelers Cos., Inc. (The)		152		20,617
Unum Group		128		7,026
Validus Holdings Ltd.		36		1,689
W.R. Berkley Corp.		48		3,439
Willis Towers Watson PLC		24		3,617
XL Group Ltd.		108		3,797
Total Insurance				295,587
Materials—3.9%
Albemarle Corp.		28		3,581
Alcoa Corp.1		12		646
AptarGroup, Inc.		16		1,381
Ashland Global Holdings, Inc.		32		2,278
Avery Dennison Corp.		36		4,135
Axalta Coating Systems Ltd1		48		1,553
Ball Corp.		60		2,271
Bemis Co., Inc.		44		2,103
Berry Global Group, Inc.1		56		3,286
Cabot Corp.		28		1,725
Celanese Corp., Series A		52		5,568
CF Industries Holdings, Inc.		40		1,702
Chemours Co. (The)		52		2,603
Crown Holdings, Inc.1		72		4,050
Domtar Corp.		40		1,981
DowDuPont, Inc.		444		31,622
Eagle Materials, Inc.		12		1,360
Eastman Chemical Co.		76		7,041
FMC Corp.		24		2,272
Freeport-McMoRan, Inc.1		452		8,570
Graphic Packaging Holding Co.		172		2,657
Huntsman Corp.		124		4,128
International Flavors & Fragrances, Inc.		16		2,442
International Paper Co.		196		11,356

22     OPPENHEIMER ETF TRUST

	Shares		Value
Materials (Continued)
LyondellBasell Industries NV, Class A		204	$	22,505
Martin Marietta Materials, Inc.		12		2,653
Mosaic Co. (The)		184		4,721
NewMarket Corp.		1		397
Newmont Mining Corp.		108		4,052
Nucor Corp.		136		8,647
Olin Corp.		72		2,562
Owens-Illinois, Inc.1		100		2,217
Packaging Corp. of America		32		3,858
Platform Specialty Products Corp.1		56		556
PPG Industries, Inc.		64		7,477
Reliance Steel & Aluminum Co.		40		3,432
Royal Gold, Inc.		4		328
RPM International, Inc.		44		2,306
Scotts Miracle-Gro Co., (The)		12		1,284
Sealed Air Corp.		88		4,338
Silgan Holdings, Inc.		36		1,058
Sonoco Products Co.		44		2,338
Southern Copper Corp.2		12		569
Steel Dynamics, Inc.		108		4,658
Tahoe Resources, Inc.		92		441
United States Steel Corp.		92		3,237
Valvoline, Inc.		68		1,704
Vulcan Materials Co.		20		2,567
Westlake Chemical Corp.		16		1,704
WestRock Co.		88		5,562
WR Grace & Co.		12		842
Total Materials				206,324
Media—4.0%
AMC Networks, Inc., Class A1		28		1,514
Cable One, Inc.		1		703
CBS Corp., Class B		116		6,844
Charter Communications, Inc., Class A1		58		19,486
Cinemark Holdings, Inc.2		44		1,532
Comcast Corp., Class A		1,620		64,881
Discovery Communications, Inc., Class A1,2		88		1,969
Discovery Communications, Inc., Class C1		120		2,540
DISH Network Corp., Class A1		80		3,820
Interpublic Group of Cos., Inc. (The)		148		2,984
John Wiley & Sons, Inc., Class A		16		1,052
Liberty Broadband Corp., Class A1		4		340
Liberty Broadband Corp., Class C1		12		1,022
Liberty Media Corp.-Liberty Formula One, Class A1		12		393
	Shares		Value
Media (Continued)
Liberty Media Corp.-Liberty Formula One, Class C1,2		16	$	547
Liberty Media Corp.-Liberty SiriusXM, Class A1		20		793
Liberty Media Corp.-Liberty SiriusXM, Class C1		44		1,745
Lions Gate Entertainment Corp., Class A1		12		406
Lions Gate Entertainment Corp., Class B1		32		1,016
Live Nation Entertainment, Inc.1		48		2,043
News Corp., Class A		176		2,853
News Corp., Class B		56		930
Omnicom Group, Inc.		104		7,574
Regal Entertainment Group, Class A		56		1,289
Scripps Networks Interactive, Inc., Class A		40		3,415
Sirius XM Holdings, Inc.2		316		1,694
TEGNA, Inc.		136		1,915
Tribune Media Co., Class A		20		849
Twenty-First Century Fox, Inc., Class A		344		11,878
Twenty-First Century Fox, Inc., Class B		140		4,777
Viacom, Inc., Class B		192		5,915
Walt Disney Co. (The)		496		53,325
Total Media				212,044
Pharmaceuticals, Biotechnology & Life Sciences—3.4%
Akorn, Inc.1		20		645
Alkermes PLC1,2		4		219
Allergan PLC		152		24,864
Amgen, Inc.		252		43,823
Biogen, Inc.1		72		22,937
BioMarin Pharmaceutical, Inc.1		4		357
Bio-Rad Laboratories, Inc., Class A1		3		716
Bio-Techne Corp.		4		518
Bioverativ, Inc.1		28		1,510
Bruker Corp.		20		686
Charles River Laboratories International, Inc.1		12		1,313
Endo International PLC1		76		589
Exelixis, Inc.1		20		608
Gilead Sciences, Inc.		803		57,527
Incyte Corp.1		12		1,136
IQVIA Holdings, Inc.1		20		1,958
Mallinckrodt PLC1		64		1,444

23     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Mettler-Toledo International, Inc.1		4	$	2,478
Mylan NV1		172		7,277
PerkinElmer, Inc.		24		1,755
Perrigo Co. PLC		4		349
QIAGEN NV1		28		866
United Therapeutics Corp.1		24		3,551
Waters Corp.1		12		2,318
Total Pharmaceuticals, Biotechnology & Life Sciences				179,444
Real Estate—2.0%
Alexandria Real Estate Equities, Inc.		8		1,045
American Campus Communities, Inc.		16		656
American Homes 4 Rent, Class A		24		524
Apartment Investment & Management Co., Class A		20		874
Apple Hospitality REIT, Inc.		52		1,020
Brandywine Realty Trust		24		436
Brixmor Property Group, Inc.		104		1,941
Camden Property Trust		20		1,841
CBRE Group, Inc., Class A1		112		4,851
Colony NorthStar, Inc., Class A		40		456
Columbia Property Trust, Inc.		28		643
CoreCivic, Inc.		52		1,170
CoreSite Realty Corp.		4		456
Corporate Office Properties Trust		16		467
CubeSmart		28		810
CyrusOne, Inc.		8		476
DCT Industrial Trust, Inc.		12		705
DDR Corp.		88		788
Douglas Emmett, Inc.		20		821
Duke Realty Corp.		52		1,415
Empire State Realty Trust, Inc., Class A		28		575
EPR Properties		12		785
Equity Commonwealth1		24		732
Equity LifeStyle Properties, Inc.		12		1,068
Equity Residential		180		11,479
Essex Property Trust, Inc.		8		1,931
Extra Space Storage, Inc.		24		2,099
Federal Realty Investment Trust		12		1,594
Forest City Realty Trust, Inc., Class A		16		386
Gaming and Leisure Properties, Inc.		40		1,480
GGP, Inc.		160		3,742
HCP, Inc.		120		3,130
Healthcare Trust of America, Inc., Class A		20		601
	Shares		Value
Real Estate (Continued)
Highwoods Properties, Inc.		16	$	815
Hospitality Properties Trust		60		1,791
Host Hotels & Resorts, Inc.		276		5,479
Howard Hughes Corp. (The)1		4		525
Hudson Pacific Properties, Inc.		16		548
Iron Mountain, Inc.		48		1,811
JBG SMITH Properties		20		695
Jones Lang LaSalle, Inc.		20		2,979
Kilroy Realty Corp.		16		1,194
Kimco Realty Corp.		92		1,670
Lamar Advertising Co., Class A		20		1,485
Liberty Property Trust		36		1,548
Life Storage, Inc.		8		713
Macerich Co. (The)		32		2,102
Medical Properties Trust, Inc.		76		1,047
Mid-America Apartment Communities, Inc.		12		1,207
National Retail Properties, Inc.		28		1,208
Omega Healthcare Investors, Inc.2		64		1,763
Outfront Media, Inc.		44		1,021
Paramount Group, Inc.		20		317
Park Hotels & Resorts, Inc.		32		920
Piedmont Office Realty Trust, Inc., Class A		32		627
Rayonier, Inc.		32		1,012
Realogy Holdings Corp.		80		2,120
Realty Income Corp.		36		2,053
Regency Centers Corp.		12		830
Retail Properties of America, Inc., Class A		76		1,021
SBA Communications Corp.1		12		1,960
Senior Housing Properties Trust		56		1,072
SL Green Realty Corp.		20		2,019
Spirit Realty Capital, Inc.		112		961
STORE Capital Corp.		32		833
Sun Communities, Inc.		8		742
Tanger Factory Outlet Centers, Inc.2		36		954
Taubman Centers, Inc.		12		785
UDR, Inc.		32		1,233
Uniti Group, Inc.		28		498
VEREIT, Inc.		128		997
Vornado Realty Trust		36		2,814
Weingarten Realty Investors		32		1,052
WP Carey, Inc.		24		1,654
Total Real Estate				107,072
Retailing—4.4%
Advance Auto Parts, Inc.		28		2,791
AutoNation, Inc.1		40		2,053

24     OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (Continued)
AutoZone, Inc.1		13	$	9,248
Bed Bath & Beyond, Inc.2		88		1,935
Best Buy Co., Inc.		164		11,229
Burlington Stores, Inc.1		28		3,445
CarMax, Inc.1		56		3,591
Dick’s Sporting Goods, Inc.		52		1,495
Dollar General Corp.		132		12,277
Dollar Tree, Inc.1		112		12,019
Expedia, Inc.		28		3,354
Foot Locker, Inc.		72		3,375
GameStop Corp., Class A		64		1,149
Gap, Inc. (The)		148		5,041
Genuine Parts Co.		64		6,081
Kohl’s Corp.		108		5,857
L Brands, Inc.		132		7,949
Liberty Expedia Holdings, Inc., Class A1		32		1,419
Liberty Interactive Corp. QVC Group, Class A1		208		5,079
Liberty Ventures, Series A1		36		1,953
LKQ Corp.1		120		4,880
Lowe’s Cos., Inc.		372		34,574
Macy’s, Inc.		192		4,836
Michaels Cos., Inc. (The)1		72		1,742
Murphy USA, Inc.1		20		1,607
Nordstrom, Inc.		72		3,411
O’Reilly Automotive, Inc.1		26		6,254
Penske Automotive Group, Inc.		24		1,148
Pool Corp.		8		1,037
Ross Stores, Inc.		112		8,988
Sally Beauty Holdings, Inc.1		84		1,576
Signet Jewelers Ltd.2		44		2,488
Target Corp.		348		22,707
Tiffany & Co.		28		2,911
TJX Cos., Inc. (The)		236		18,045
Tractor Supply Co.		60		4,485
TripAdvisor, Inc.1		20		689
Ulta Beauty, Inc.1		8		1,789
Urban Outfitters, Inc.1		52		1,823
Williams-Sonoma, Inc.2		48		2,482
Total Retailing				228,812
Semiconductors & Semiconductor Equipment—2.8%
Advanced Micro Devices, Inc.1,2		36		370
Intel Corp.		2,036		93,982
KLA-Tencor Corp.		32		3,362
Marvell Technology Group Ltd.		16		344
Maxim Integrated Products, Inc.		40		2,091
Microsemi Corp.1		12		620
	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
ON Semiconductor Corp.1		136	$	2,848
Qorvo, Inc.1		24		1,598
QUALCOMM, Inc.		520		33,290
Skyworks Solutions, Inc.		40		3,798
Teradyne, Inc.		28		1,172
Versum Materials, Inc.		36		1,363
Xilinx, Inc.		48		3,236
Total Semiconductors & Semiconductor Equipment				148,074
Software & Services—3.3%
Akamai Technologies, Inc.1		56		3,642
Alliance Data Systems Corp.		22		5,577
Amdocs Ltd.		40		2,619
ANSYS, Inc.1		12		1,771
Autodesk, Inc.1		8		839
Booz Allen Hamilton Holding Corp.		56		2,135
Broadridge Financial Solutions, Inc.		24		2,174
CA, Inc.		100		3,328
Cadence Design Systems, Inc.1		40		1,673
CDK Global, Inc.		20		1,426
Citrix Systems, Inc.1		44		3,872
Conduent, Inc.1		32		517
CoreLogic, Inc.1		32		1,479
CoStar Group, Inc.1		3		891
CSRA, Inc.		80		2,394
Dell Technologies, Inc., Class V1		36		2,926
DST Systems, Inc.		24		1,490
eBay, Inc.1		548		20,681
Euronet Worldwide, Inc.1		16		1,348
First Data Corp., Class A1		140		2,339
FleetCor Technologies, Inc.1		16		3,079
Fortinet, Inc.1		20		874
Gartner, Inc.1		12		1,478
Genpact Ltd.		44		1,397
Global Payments, Inc.		20		2,005
GoDaddy, Inc., Class A1		8		402
Guidewire Software, Inc.1		4		297
IAC/InterActiveCorp1		8		978
International Business Machines Corp.		428		65,664
Jack Henry & Associates, Inc.		12		1,403
Leidos Holdings, Inc.		44		2,841
LogMeIn, Inc.		4		458
Manhattan Associates, Inc.1		12		594
Nuance Communications, Inc.1		68		1,112
PTC, Inc.1		8		486

25     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Software & Services (Continued)
Red Hat, Inc.1		24	$	2,882
Sabre Corp.		80		1,640
ServiceNow, Inc.1		8		1,043
Splunk, Inc.1		4		331
Square, Inc., Class A1,2		8		277
SS&C Technologies Holdings, Inc.		28		1,133
Symantec Corp.		28		786
Synopsys, Inc.1		24		2,046
Take-Two Interactive Software, Inc.1		12		1,317
Teradata Corp.1		56		2,154
Total System Services, Inc.		44		3,480
Twitter, Inc.1		52		1,249
Tyler Technologies, Inc.1		4		708
Ultimate Software Group, Inc. (The)1		3		655
Vantiv, Inc., Class A1,2		24		1,765
VeriSign, Inc.1,2		20		2,289
VMware Inc, Class A1		12		1,504
Western Union Co. (The)		180		3,422
Workday, Inc., Class A1		4		407
Total Software & Services				175,277
Technology Hardware & Equipment—8.7%
Apple, Inc.		1,654		279,906
Arista Networks, Inc.1		4		942
ARRIS International PLC1		68		1,747
Arrow Electronics, Inc.1		52		4,181
Avnet, Inc.		76		3,011
CDW Corp.		76		5,281
Cisco Systems, Inc.		1,800		68,940
Cognex Corp.		16		979
Coherent, Inc.1		2		565
CommScope Holding Co., Inc.1		68		2,572
Corning, Inc.		476		15,227
Dolby Laboratories, Inc., Class A		12		744
EchoStar Corp., Class A1		20		1,198
F5 Networks, Inc.1		20		2,624
FLIR Systems, Inc.		32		1,492
Hewlett Packard Enterprise Co.		1,036		14,877
HP, Inc.		996		20,926
IPG Photonics Corp.1		4		857
Jabil, Inc.		112		2,940
Juniper Networks, Inc.		140		3,990
Keysight Technologies, Inc.1		52		2,163
Motorola Solutions, Inc.		52		4,698
National Instruments Corp.		16		666
NCR Corp.1		72		2,447
NetApp, Inc.		96		5,311
Palo Alto Networks, Inc.1		8		1,160
	Shares		Value
Technology Hardware & Equipment (Continued)
Trimble, Inc.1		36	$	1,463
Universal Display Corp.		4		691
Xerox Corp.		72		2,099
Zebra Technologies Corp., Class A1		8		830
Total Technology Hardware & Equipment				454,527
Telecommunication Services—4.8%
AT&T, Inc.		3,300		128,304
CenturyLink, Inc.		476		7,940
Sprint Corp.1		204		1,201
Telephone & Data Systems, Inc.		60		1,668
T-Mobile US, Inc.1		112		7,113
United States Cellular Corp.1		8		301
Verizon Communications, Inc.		2,004		106,072
Zayo Group Holdings, Inc.1		32		1,178
Total Telecommunication Services				253,777
Transportation—3.5%
Alaska Air Group, Inc.		60		4,410
AMERCO		3		1,134
American Airlines Group, Inc.		280		14,568
C.H. Robinson Worldwide, Inc.		68		6,058
Copa Holdings SA, Class A		16		2,145
Delta Air Lines, Inc.		420		23,520
Expeditors International of Washington, Inc.		56		3,623
FedEx Corp.		115		28,697
Genesee & Wyoming, Inc., Class A1		20		1,575
JB Hunt Transport Services, Inc.		36		4,139
JetBlue Airways Corp.1		208		4,647
Kansas City Southern		32		3,367
Kirby Corp.1		20		1,336
Landstar System, Inc.		16		1,666
Macquarie Infrastructure Corp.		20		1,284
Norfolk Southern Corp.		84		12,172
Old Dominion Freight Line, Inc.		16		2,105
Ryder System, Inc.		32		2,693
Southwest Airlines Co.		256		16,755
Spirit Airlines, Inc.1,2		36		1,615
United Continental Holdings, Inc.1		176		11,862
United Parcel Service, Inc., Class B		228		27,166
XPO Logistics, Inc.1,2		64		5,862
Total Transportation				182,399
Utilities—5.2%
AES Corp.		408		4,419
Alliant Energy Corp.		68		2,897
Ameren Corp.		112		6,607

26     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (Continued)
American Electric Power Co., Inc.		176	$	12,948
American Water Works Co., Inc.		48		4,391
Aqua America, Inc.		40		1,569
Atmos Energy Corp.		32		2,748
Avangrid, Inc.		20		1,012
Calpine Corp.1		220		3,329
CenterPoint Energy, Inc.		220		6,239
CMS Energy Corp.		112		5,298
Consolidated Edison, Inc.		136		11,553
DTE Energy Co.		72		7,881
Duke Energy Corp.		256		21,532
Edison International		132		8,348
Entergy Corp.		80		6,511
Eversource Energy		120		7,582
Exelon Corp.		560		22,070
FirstEnergy Corp.		192		5,879
Great Plains Energy, Inc.		88		2,837
Hawaiian Electric Industries, Inc.		56		2,024
MDU Resources Group, Inc.		64		1,720
National Fuel Gas Co.		12		659
NextEra Energy, Inc.		144		22,491
NiSource, Inc.		116		2,978
NRG Energy, Inc.		172		4,899
OGE Energy Corp.		64		2,106
PG&E Corp.		212		9,504
Pinnacle West Capital Corp.		40		3,407
PPL Corp.		272		8,418
Public Service Enterprise Group, Inc.		216		11,124
SCANA Corp.		56		2,228
Sempra Energy		76		8,126
Southern Co. (The)		352		16,928
UGI Corp.		72		3,380
Vectren Corp.		32		2,081

 

	Shares		Value
Utilities (Continued)
Vistra Energy Corp.1		116	$	2,125
WEC Energy Group, Inc.		116		7,706
Westar Energy, Inc.		52		2,746
Xcel Energy, Inc.		212		10,199
Total Utilities				270,499
Total Common Stocks (Cost $4,993,339)				5,252,279
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $7,080)		7,080		7,080
Investment of Cash Collateral for Securities Loaned—0.4%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $21,890)		21,890		21,890
Total Investments—100.4% (Cost $5,022,309)				5,281,249
Liabilities in Excess of Other Assets—(0.4)%				(22,095	)
Net Assets—100.0%			$	5,259,154

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $46,680; total value of the collateral held by the Fund was $48,156. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,266 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

27     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Low Volatility Factor ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Banks—6.5%
BB&T Corp.		256	$	12,728
Citigroup, Inc.		595		44,274
Fifth Third Bancorp		200		6,068
First Republic Bank		44		3,812
JPMorgan Chase & Co.		1,037		110,897
M&T Bank Corp.		44		7,524
People’s United Financial, Inc.		116		2,169
PNC Financial Services Group, Inc. (The)		152		21,932
SunTrust Banks, Inc.		120		7,751
U.S. Bancorp		540		28,933
Wells Fargo & Co.		1,456		88,335
Total Banks				334,423
Capital Goods—8.6%
3M Co.		204		48,016
AMETEK, Inc.		68		4,928
Boeing Co. (The)		166		48,955
Caterpillar, Inc.		128		20,170
Deere & Co.		92		14,399
Eaton Corp. PLC		108		8,533
Emerson Electric Co.		188		13,102
General Dynamics Corp.		84		17,090
General Electric Co.		2,820		49,209
Harris Corp.		36		5,099
Honeywell International, Inc.		260		39,874
IDEX Corp.		24		3,167
Illinois Tool Works, Inc.		100		16,685
Ingersoll-Rand PLC		68		6,065
Johnson Controls International PLC		268		10,214
L3 Technologies, Inc.		24		4,748
Lockheed Martin Corp.		83		26,647
Northrop Grumman Corp.		52		15,959
PACCAR, Inc.		92		6,539
Raytheon Co.		92		17,282
Rockwell Automation, Inc.		33		6,480
Rockwell Collins, Inc.		52		7,052
Roper Technologies, Inc.		32		8,288
Snap-on, Inc.		16		2,789
Stanley Black & Decker, Inc.		47		7,975
Toro Co. (The)		36		2,348
United Technologies Corp.		252		32,148
Total Capital Goods				443,761
Commercial & Professional Services—0.8%
Cintas Corp.		28		4,363
Equifax, Inc.		40		4,717
IHS Markit Ltd.1		116		5,238
Nielsen Holdings PLC		108		3,931
Republic Services, Inc.		84		5,679
	Shares		Value
Commercial & Professional Services (Continued)
Verisk Analytics, Inc.1		48	$	4,608
Waste Management, Inc.		156		13,463
Total Commercial & Professional Services				41,999
Consumer Durables & Apparel—0.7%
Newell Brands, Inc.		132		4,079
NIKE, Inc., Class B		404		25,270
VF Corp.		92		6,808
Total Consumer Durables & Apparel				36,157
Consumer Services—2.0%
Aramark		76		3,248
Carnival Corp.		104		6,903
Marriott International, Inc., Class A		88		11,944
McDonald’s Corp.		286		49,226
Starbucks Corp.		416		23,891
Yum! Brands, Inc.		92		7,508
Total Consumer Services				102,720
Diversified Financials—6.0%
American Express Co.		216		21,451
Annaly Capital Management, Inc.		344		4,090
Bank of New York Mellon Corp. (The)		296		15,943
Berkshire Hathaway, Inc., Class B1		704		139,547
BlackRock, Inc.		34		17,466
Capital One Financial Corp.		124		12,348
Cboe Global Markets, Inc.		36		4,485
CME Group, Inc.		104		15,189
Discover Financial Services		108		8,307
Goldman Sachs Group, Inc. (The)		96		24,457
Intercontinental Exchange, Inc.		180		12,701
Northern Trust Corp.		60		5,993
S&P Global, Inc.		65		11,011
Starwood Property Trust, Inc.		88		1,879
State Street Corp.		92		8,980
T. Rowe Price Group, Inc.		76		7,975
Total Diversified Financials				311,822
Energy—4.4%
Chevron Corp.		540		67,603
Exxon Mobil Corp.		1,435		120,023
Occidental Petroleum Corp.		200		14,732
Schlumberger Ltd.		336		22,643
Total Energy				225,001
Food & Staples Retailing—2.6%
Costco Wholesale Corp.		148		27,546
CVS Health Corp.		336		24,360
Kroger Co. (The)		240		6,588

 

28     OPPENHEIMER ETF TRUST

	Shares		Value
Food & Staples Retailing (Continued)
Sysco Corp.		168	$	10,203
Walgreens Boots Alliance, Inc.		236		17,138
Wal-Mart Stores, Inc.		504		49,770
Total Food & Staples Retailing				135,605
Food, Beverage & Tobacco—6.2%
Altria Group, Inc.		672		47,988
Archer-Daniels-Midland Co.		140		5,611
Brown-Forman Corp., Class B		56		3,846
Campbell Soup Co.		60		2,887
Coca-Cola Co. (The)		1,372		62,947
Conagra Brands, Inc.		132		4,972
Dr Pepper Snapple Group, Inc.		64		6,212
General Mills, Inc.		208		12,332
Hershey Co. (The)		48		5,449
Hormel Foods Corp.		84		3,057
J.M. Smucker Co. (The)		40		4,970
Kellogg Co.		88		5,982
Kraft Heinz Co. (The)		148		11,509
McCormick & Co., Inc.		40		4,076
Mondelez International, Inc., Class A		468		20,030
PepsiCo, Inc.		524		62,838
Philip Morris International, Inc.		516		54,515
Total Food, Beverage & Tobacco				319,221
Health Care Equipment & Services—6.1%
Abbott Laboratories		520		29,676
Aetna, Inc.		85		15,333
AmerisourceBergen Corp.		48		4,407
Anthem, Inc.		68		15,301
Baxter International, Inc.		164		10,601
Becton Dickinson and Co.		87		18,550
Boston Scientific Corp.1		332		8,230
Cardinal Health, Inc.		92		5,637
Cerner Corp.1		76		5,122
Cigna Corp.		64		12,998
Danaher Corp.		212		19,678
DaVita, Inc.1		48		3,468
DENTSPLY SIRONA, Inc.		72		4,740
Express Scripts Holding Co.1		176		13,137
Henry Schein, Inc.1		56		3,913
Laboratory Corp. of America Holdings1		32		5,104
McKesson Corp.		49		7,642
Medtronic PLC		450		36,338
Quest Diagnostics, Inc.		44		4,334
Stryker Corp.		116		17,961
Teleflex, Inc.		16		3,981
UnitedHealth Group, Inc.		277		61,067
	Shares		Value
Health Care Equipment & Services (Continued)
Zimmer Biomet Holdings, Inc.		60	$	7,240
Total Health Care Equipment & Services				314,458
Household & Personal Products—2.8%
Church & Dwight Co., Inc.		88		4,415
Clorox Co. (The)		48		7,139
Colgate-Palmolive Co.		308		23,239
Estee Lauder Cos., Inc., (The), Class A		68		8,652
Kimberly-Clark Corp.		124		14,962
Procter & Gamble Co. (The)		929		85,357
Total Household & Personal Products				143,764
Insurance—3.8%
Aflac, Inc.		132		11,587
Alleghany Corp.1		4		2,384
Allstate Corp. (The)		124		12,984
American Financial Group, Inc.		24		2,605
American International Group, Inc.		272		16,206
Aon PLC		88		11,792
Arch Capital Group Ltd.1		40		3,631
Arthur J. Gallagher & Co.		64		4,050
Axis Capital Holdings Ltd.		28		1,407
Chubb Ltd.		168		24,550
Cincinnati Financial Corp.		56		4,198
Everest Re Group Ltd.		16		3,540
FNF Group		76		2,982
Hartford Financial Services Group, Inc. (The)		112		6,303
Loews Corp.		100		5,003
Markel Corp.1		4		4,557
Marsh & McLennan Cos., Inc.		184		14,976
Principal Financial Group, Inc.		72		5,080
Progressive Corp. (The)		204		11,489
Prudential Financial, Inc.		98		11,268
Reinsurance Group of America, Inc.		20		3,119
RenaissanceRe Holdings Ltd.		16		2,010
Torchmark Corp.		40		3,628
Travelers Cos., Inc. (The)		96		13,022
W.R. Berkley Corp.		32		2,293
Willis Towers Watson PLC		40		6,028
XL Group Ltd.		84		2,953
Total Insurance				193,645
Materials—2.5%
Air Products & Chemicals, Inc.		64		10,501
AptarGroup, Inc.		20		1,726
Ball Corp.		108		4,088

29     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Low Volatility Factor ETF
 

	Shares		Value
Materials (Continued)
Crown Holdings, Inc.1		40	$	2,250
DowDuPont, Inc.		556		39,598
Ecolab, Inc.		88		11,808
International Flavors & Fragrances, Inc.		24		3,663
International Paper Co.		104		6,026
Monsanto Co.		135		15,765
PPG Industries, Inc.		76		8,878
Praxair, Inc.		92		14,230
Sherwin-Williams Co. (The)		24		9,841
Total Materials				128,374
Media—3.0%
Comcast Corp., Class A		1,487		59,554
Omnicom Group, Inc.		73		5,317
Time Warner, Inc.		207		18,934
Twenty-First Century Fox, Inc., Class A		300		10,359
Twenty-First Century Fox, Inc., Class B		132		4,504
Walt Disney Co. (The)		501		53,863
Total Media				152,531
Pharmaceuticals, Biotechnology & Life Sciences—8.0%
AbbVie, Inc.		340		32,881
Agilent Technologies, Inc.		88		5,893
Amgen, Inc.		173		30,085
Bristol-Myers Squibb Co.		368		22,551
Eli Lilly & Co.		292		24,662
Johnson & Johnson		965		134,830
Merck & Co., Inc.		876		49,293
Mettler-Toledo International, Inc.1		8		4,956
Pfizer, Inc.		1,976		71,571
Thermo Fisher Scientific, Inc.		125		23,735
Waters Corp.1		24		4,637
Zoetis, Inc.		132		9,509
Total Pharmaceuticals, Biotechnology & Life Sciences				414,603
Real Estate—3.3%
Alexandria Real Estate Equities, Inc.		28		3,656
American Tower Corp.		133		18,975
AvalonBay Communities, Inc.		44		7,850
Boston Properties, Inc.		52		6,762
Crown Castle International Corp.		116		12,877
Digital Realty Trust, Inc.		44		5,012
Duke Realty Corp.		104		2,830
Equinix, Inc.		20		9,064
Equity LifeStyle Properties, Inc.		28		2,493
	Shares		Value
Real Estate (Continued)
Equity Residential		116	$	7,397
Essex Property Trust, Inc.		20		4,827
Federal Realty Investment Trust		24		3,187
JBG SMITH Properties		28		972
Mid-America Apartment Communities, Inc.		36		3,620
Prologis, Inc.		160		10,322
Public Storage		48		10,032
Realty Income Corp.		80		4,562
Regency Centers Corp.		48		3,321
SBA Communications Corp.1		36		5,881
Simon Property Group, Inc.		97		16,659
SL Green Realty Corp.		28		2,826
UDR, Inc.		84		3,236
Ventas, Inc.		104		6,241
Vornado Realty Trust		56		4,378
Welltower, Inc.		108		6,887
Weyerhaeuser Co.		192		6,770
Total Real Estate				170,637
Retailing—2.9%
AutoZone, Inc.1		9		6,402
Genuine Parts Co.		48		4,561
Home Depot, Inc. (The)		396		75,054
Lowe’s Cos., Inc.		248		23,049
O’Reilly Automotive, Inc.1		24		5,773
Ross Stores, Inc.		108		8,667
Target Corp.		160		10,440
TJX Cos., Inc. (The)		216		16,515
Total Retailing				150,461
Semiconductors & Semiconductor Equipment—2.4%
Analog Devices, Inc.		104		9,259
Intel Corp.		1,336		61,670
QUALCOMM, Inc.		368		23,559
Texas Instruments, Inc.		281		29,348
Total Semiconductors & Semiconductor Equipment				123,836
Software & Services—12.6%
Accenture PLC, Class A		188		28,781
Adobe Systems, Inc.1		124		21,730
Alphabet, Inc., Class A1		77		81,112
Alphabet, Inc., Class C1		79		82,666
Amdocs Ltd.		52		3,405
ANSYS, Inc.1		24		3,542
Automatic Data Processing, Inc.		156		18,282
Broadridge Financial Solutions, Inc.		40		3,623
CA, Inc.		100		3,328

30     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (Continued)
Fidelity National Information Services, Inc.		108	$	10,162
Fiserv, Inc.1		72		9,441
Gartner, Inc.1		24		2,956
International Business Machines Corp.		273		41,884
Intuit, Inc.		68		10,729
Jack Henry & Associates, Inc.		28		3,275
Mastercard, Inc., Class A		292		44,197
Microsoft Corp.		1,973		168,770
Oracle Corp.		852		40,282
Paychex, Inc.		112		7,625
Synopsys, Inc.1		48		4,091
Visa, Inc., Class A		552		62,939
Total Software & Services				652,820
Technology Hardware & Equipment—5.3%
Amphenol Corp., Class A		96		8,429
Apple, Inc.		1,244		210,522
Cisco Systems, Inc.		1,266		48,488
Motorola Solutions, Inc.		48		4,336
Total Technology Hardware & Equipment				271,775
Telecommunication Services—3.0%
AT&T, Inc.		2,152		83,670
Verizon Communications, Inc.		1,392		73,678
Total Telecommunication Services				157,348
Transportation—1.7%
Expeditors International of Washington, Inc.		52		3,364
FedEx Corp.		68		16,969
Norfolk Southern Corp.		68		9,853
Union Pacific Corp.		236		31,648
United Parcel Service, Inc., Class B		236		28,119
Total Transportation				89,953
Utilities—4.5%
Alliant Energy Corp.		80		3,409
Ameren Corp.		84		4,955
American Electric Power Co., Inc.		168		12,360
American Water Works Co., Inc.		64		5,855
Aqua America, Inc.		60		2,354
Atmos Energy Corp.		36		3,092
CenterPoint Energy, Inc.		136		3,857
	Shares		Value
Utilities (Continued)
CMS Energy Corp.		96	$	4,541
Consolidated Edison, Inc.		108		9,175
Dominion Energy, Inc.		216		17,509
DTE Energy Co.		64		7,006
Duke Energy Corp.		244		20,523
Edison International		108		6,830
Entergy Corp.		46		3,744
Eversource Energy		108		6,824
Exelon Corp.		264		10,404
FirstEnergy Corp.		132		4,042
Great Plains Energy, Inc.		72		2,321
NextEra Energy, Inc.		160		24,990
NiSource, Inc.		104		2,670
PG&E Corp.		176		7,890
Pinnacle West Capital Corp.		36		3,067
PPL Corp.		232		7,180
Public Service Enterprise Group, Inc.		168		8,652
SCANA Corp.		44		1,750
Sempra Energy		84		8,981
Southern Co. (The)		360		17,312
UGI Corp.		56		2,629
WEC Energy Group, Inc.		108		7,174
Westar Energy, Inc.		48		2,534
Xcel Energy, Inc.		180		8,660
Total Utilities				232,290
Total Common Stocks (Cost $4,985,824)				5,147,204
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%2 (Cost $6,344)		6,344		6,344
Total Investments—99.8% (Cost $4,992,168)				5,153,548
Other Assets in Excess of Liabilities—0.2%				8,580
Net Assets—100.0%			$	5,162,128

 

PLC – Public Limited Company

1. Non-income producing security.

2. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

31     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.5%
Adient PLC		128	$	10,074
BorgWarner, Inc.		236		12,057
Gentex Corp.		408		8,548
Goodyear Tire & Rubber Co. (The)		300		9,693
Harley-Davidson, Inc.		192		9,769
Lear Corp.		70		12,366
Thor Industries, Inc.		73		11,002
Visteon Corp.1		52		6,507
Total Automobiles & Components				80,016
Banks—4.2%
Associated Banc-Corp.		248		6,299
Bank of Hawaii Corp.		72		6,170
Bank of the Ozarks		164		7,946
BankUnited, Inc.		172		7,004
BOK Financial Corp.		36		3,323
CIT Group, Inc.		268		13,194
Comerica, Inc.		160		13,890
Commerce Bancshares, Inc.		134		7,483
Cullen/Frost Bankers, Inc.		79		7,477
East West Bancorp, Inc.		172		10,463
F.N.B. Corp.		504		6,965
First Hawaiian, Inc.		84		2,451
First Horizon National Corp.		372		7,436
Huntington Bancshares, Inc.		896		13,046
New York Community Bancorp, Inc.		644		8,385
PacWest Bancorp		172		8,669
People’s United Financial, Inc.		484		9,051
Popular, Inc.		164		5,820
Prosperity Bancshares, Inc.		104		7,287
Signature Bank1		64		8,785
SVB Financial Group1		58		13,559
Synovus Financial Corp.		180		8,629
TCF Financial Corp.		280		5,740
TFS Financial Corp.		80		1,195
Webster Financial Corp.2		140		7,862
Western Alliance Bancorp1		146		8,267
Zions Bancorporation		235		11,945
Total Banks				218,341
Capital Goods—11.5%
A.O. Smith Corp.		172		10,540
Acuity Brands, Inc.		56		9,856
AECOM1		232		8,619
AGCO Corp.		100		7,143
Air Lease Corp.		156		7,502
Allegion PLC		120		9,547
Allison Transmission Holdings, Inc.		188		8,097
Arconic, Inc.		356		9,701
	Shares		Value
Capital Goods (Continued)
Armstrong World Industries, Inc.1		80	$	4,844
BWX Technologies, Inc.		140		8,469
Carlisle Cos., Inc.		84		9,547
Colfax Corp.1,2		132		5,230
Crane Co.		76		6,781
Donaldson Co., Inc.		180		8,811
Dover Corp.		133		13,432
Fastenal Co.		256		14,001
Flowserve Corp.		176		7,415
Fluor Corp.		188		9,710
Fortune Brands Home & Security, Inc.		164		11,224
Gardner Denver Holdings, Inc.1		64		2,172
Graco, Inc.		228		10,310
Harris Corp.		100		14,165
HD Supply Holdings, Inc.1		240		9,607
HEICO Corp.		36		3,397
HEICO Corp., Class A		68		5,375
Hexcel Corp.		136		8,412
Hubbell, Inc.		72		9,745
Huntington Ingalls Industries, Inc.		52		12,256
IDEX Corp.		88		11,613
ITT, Inc.		148		7,899
Jacobs Engineering Group, Inc.		160		10,554
L3 Technologies, Inc.		64		12,662
Lennox International, Inc.		48		9,996
Lincoln Electric Holdings, Inc.		80		7,326
Masco Corp.		296		13,006
Middleby Corp. (The)1		69		9,312
MSC Industrial Direct Co., Inc., Class A		72		6,960
Nordson Corp.		76		11,126
Orbital ATK, Inc.		80		10,520
Oshkosh Corp.		110		9,998
Owens Corning		144		13,239
Pentair PLC		152		10,734
Quanta Services, Inc.1		228		8,917
Regal Beloit Corp.		72		5,515
Sensata Technologies Holding NV1		220		11,244
Snap-on, Inc.		63		10,981
Spirit AeroSystems Holdings, Inc., Class A		160		13,960
Teledyne Technologies, Inc.1		52		9,420
Terex Corp.		152		7,329
Textron, Inc.		236		13,355
Timken Co. (The)		112		5,505
Toro Co. (The)		132		8,610
TransDigm Group, Inc.		40		10,985
Trinity Industries, Inc.		232		8,691

 

32     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
United Rentals, Inc.1		94	$	16,160
Univar, Inc.1		164		5,077
USG Corp.1		140		5,398
Valmont Industries, Inc.		36		5,971
W.W. Grainger, Inc.		53		12,521
WABCO Holdings, Inc.1		68		9,758
Wabtec Corp.2		104		8,469
Watsco, Inc.		48		8,162
Welbilt, Inc.1,2		224		5,266
WESCO International, Inc.1		84		5,725
Xylem, Inc.		196		13,367
Total Capital Goods				601,239
Commercial & Professional Services—2.1%
Cintas Corp.		72		11,220
Clean Harbors, Inc.1		88		4,769
Copart, Inc.1		252		10,884
Dun & Bradstreet Corp. (The)		60		7,104
KAR Auction Services, Inc.		188		9,496
ManpowerGroup, Inc.		88		11,098
Nielsen Holdings PLC		292		10,629
Pitney Bowes, Inc.		324		3,622
Robert Half International, Inc.		172		9,553
Rollins, Inc.		104		4,839
Stericycle, Inc.1		108		7,343
TransUnion1		152		8,354
Verisk Analytics, Inc.1		130		12,480
Total Commercial & Professional Services				111,391
Consumer Durables & Apparel—4.4%
Brunswick Corp.		136		7,510
CalAtlantic Group, Inc.		112		6,316
Carter’s, Inc.		76		8,929
D.R. Horton, Inc.		308		15,730
Garmin Ltd.		128		7,625
Hanesbrands, Inc.		452		9,451
Hasbro, Inc.		96		8,725
Leggett & Platt, Inc.		172		8,210
Lennar Corp., Class A		189		11,952
Lululemon Athletica, Inc.1		132		10,374
Mattel, Inc.		416		6,398
Michael Kors Holdings Ltd.1		224		14,101
NVR, Inc.1		4		14,033
Polaris Industries, Inc.2		84		10,415
PulteGroup, Inc.		372		12,369
PVH Corp.		92		12,623
Ralph Lauren Corp.		88		9,125
Skechers U.S.A., Inc., Class A1		216		8,173
Tapestry, Inc.		244		10,792
Tempur Sealy International, Inc.1		79		4,953
	Shares		Value
Consumer Durables & Apparel (Continued)
Toll Brothers, Inc.		208	$	9,988
Tupperware Brands Corp.		84		5,267
Under Armour, Inc., Class A1,2		304		4,387
Under Armour, Inc., Class C1,2		300		3,996
Whirlpool Corp.		60		10,118
Total Consumer Durables & Apparel				231,560
Consumer Services—3.1%
Aramark		268		11,454
Bright Horizons Family Solutions, Inc.1		76		7,144
Chipotle Mexican Grill, Inc.1		21		6,070
Choice Hotels International, Inc.		56		4,346
Darden Restaurants, Inc.		120		11,522
Domino’s Pizza, Inc.		48		9,070
Dunkin’ Brands Group, Inc.		132		8,510
Extended Stay America, Inc.		272		5,168
Graham Holdings Co., Class B		8		4,467
H&R Block, Inc.		296		7,761
Hilton Grand Vacations, Inc.1		96		4,027
Hyatt Hotels Corp., Class A1		60		4,412
International Game Technology PLC		176		4,666
Norwegian Cruise Line Holdings Ltd.1		152		8,094
Service Corp. International		252		9,405
ServiceMaster Global Holdings, Inc.1		200		10,254
Six Flags Entertainment Corp.		104		6,923
Vail Resorts, Inc.		44		9,349
Wendy’s Co. (The)		296		4,860
Wyndham Worldwide Corp.		104		12,051
Wynn Resorts Ltd.		68		11,464
Total Consumer Services				161,017
Diversified Financials—5.5%
Affiliated Managers Group, Inc.		64		13,136
AGNC Investment Corp.		444		8,964
Ally Financial, Inc.		532		15,513
Annaly Capital Management, Inc.		920		10,939
BGC Partners, Inc., Class A		392		5,923
Cboe Global Markets, Inc.		116		14,453
Chimera Investment Corp.		308		5,692
Credit Acceptance Corp.1		17		5,499
E*TRADE Financial Corp.1		296		14,673
Eaton Vance Corp.		160		9,022
FactSet Research Systems, Inc.2		52		10,024
Federated Investors, Inc., Class B		164		5,917
Interactive Brokers Group, Inc., Class A		116		6,868

33     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Diversified Financials (Continued)
Invesco Ltd.		348	$	12,716
Lazard Ltd., Class A		172		9,030
Legg Mason, Inc.		144		6,045
Leucadia National Corp.		368		9,748
LPL Financial Holdings, Inc.		141		8,057
MarketAxess Holdings, Inc.		46		9,281
MFA Financial, Inc.		660		5,227
Morningstar, Inc.		32		3,103
MSCI, Inc.		95		12,021
Nasdaq, Inc.		112		8,605
Navient Corp.		448		5,967
New Residential Investment Corp.		456		8,153
OneMain Holdings, Inc.1		92		2,391
Raymond James Financial, Inc.		132		11,788
Santander Consumer USA Holdings, Inc.		236		4,394
SEI Investments Co.		160		11,498
SLM Corp.1		664		7,503
Starwood Property Trust, Inc.		360		7,686
Two Harbors Investment Corp.		269		4,374
Voya Financial, Inc.		252		12,467
Total Diversified Financials				286,677
Energy—6.0%
Andeavor		124		14,178
Antero Resources Corp.1		308		5,852
Cabot Oil & Gas Corp.		472		13,499
Centennial Resource Development, Inc., Class A1		188		3,722
Cheniere Energy, Inc.1		192		10,337
Chesapeake Energy Corp.1		1,384		5,481
Cimarex Energy Co.		96		11,713
CNX Resources Corp.1		380		5,559
CONSOL Energy, Inc.1		47		1,857
Continental Resources, Inc.1,2		72		3,814
Diamondback Energy, Inc.1		108		13,635
Energen Corp.1		140		8,060
EQT Corp.		285		16,222
Extraction Oil & Gas, Inc.1,2		212		3,034
Gulfport Energy Corp.1		280		3,573
Helmerich & Payne, Inc.2		148		9,567
HollyFrontier Corp.		276		14,137
Kosmos Energy Ltd.1		340		2,329
Laredo Petroleum, Inc.1		280		2,971
Marathon Oil Corp.		828		14,018
Murphy Oil Corp.		256		7,949
Nabors Industries Ltd.		488		3,333
National Oilwell Varco, Inc.		340		12,247
Newfield Exploration Co.1		256		8,072
Noble Energy, Inc.		432		12,588
	Shares		Value
Energy (Continued)
Oceaneering International, Inc.		176	$	3,721
ONEOK, Inc.		212		11,331
Parsley Energy, Inc., Class A1		292		8,596
Patterson-UTI Energy, Inc.		320		7,363
PBF Energy, Inc., Class A		196		6,948
QEP Resources, Inc.1		395		3,780
Range Resources Corp.		324		5,527
RPC, Inc.2		92		2,349
RSP Permian, Inc.1		188		7,648
SM Energy Co.2		204		4,504
Southwestern Energy Co.1		860		4,799
Targa Resources Corp.		204		9,878
Transocean Ltd.1		644		6,878
Weatherford International PLC1		1,336		5,571
Whiting Petroleum Corp.1		158		4,184
World Fuel Services Corp.		120		3,377
WPX Energy, Inc.1		620		8,723
Total Energy				312,924
Food & Staples Retailing—0.4%
Casey’s General Stores, Inc.2		60		6,717
Rite Aid Corp.1		1,728		3,404
Sprouts Farmers Market, Inc.1		224		5,454
US Foods Holding Corp.1		176		5,620
Wal-Mart Stores, Inc.		8		790
Total Food & Staples Retailing				21,985
Food, Beverage & Tobacco—1.6%
Blue Buffalo Pet Products, Inc.1,2		144		4,722
Brown-Forman Corp., Class A		32		2,152
Bunge Ltd.		136		9,123
Flowers Foods, Inc.		284		5,484
Hain Celestial Group, Inc. (The)1		168		7,121
Ingredion, Inc.		84		11,743
Lamb Weston Holdings, Inc.		192		10,838
McCormick & Co., Inc.		104		10,599
Pilgrim’s Pride Corp.1,2		76		2,360
Pinnacle Foods, Inc.		148		8,802
Post Holdings, Inc.1		96		7,606
TreeHouse Foods, Inc.1		84		4,155
Total Food, Beverage & Tobacco				84,705
Health Care Equipment & Services—4.0%
ABIOMED, Inc.1		56		10,495
Acadia Healthcare Co., Inc.1		128		4,177
Align Technology, Inc.1		75		16,664
athenahealth, Inc.1		56		7,450
Brookdale Senior Living, Inc.1		324		3,143
Centene Corp.1		152		15,334
Cooper Cos., Inc. (The)		48		10,458
DaVita, Inc.1		136		9,826

34     OPPENHEIMER ETF TRUST

	Shares		Value
Health Care Equipment & Services (Continued)
DexCom, Inc.1		120	$	6,887
Envision Healthcare Corp.1		156		5,391
Hill-Rom Holdings, Inc.		96		8,092
Hologic, Inc.1		252		10,773
LifePoint Health, Inc.1		64		3,187
MEDNAX, Inc.1		136		7,268
Patterson Cos., Inc.		128		4,625
Premier, Inc., Class A1		92		2,685
ResMed, Inc.		144		12,195
STERIS PLC		112		9,797
Teleflex, Inc.		49		12,192
Universal Health Services, Inc., Class B		88		9,975
Varian Medical Systems, Inc.1		104		11,559
Veeva Systems, Inc., Class A1		140		7,739
WellCare Health Plans, Inc.1		54		10,860
West Pharmaceutical Services, Inc.		92		9,078
Total Health Care Equipment & Services				209,850
Household & Personal Products—0.9%
Church & Dwight Co., Inc.		216		10,837
Coty, Inc., Class A		376		7,479
Edgewell Personal Care Co.1		92		5,464
Energizer Holdings, Inc.		104		4,990
Herbalife Ltd.1,2		92		6,230
Nu Skin Enterprises, Inc., Class A		88		6,004
Spectrum Brands Holdings, Inc.2		28		3,147
Total Household & Personal Products				44,151
Insurance—4.4%
Alleghany Corp.1		16		9,538
American Financial Group, Inc.		80		8,683
American National Insurance Co.		12		1,539
Arch Capital Group Ltd.1		96		8,714
Arthur J. Gallagher & Co.		184		11,644
Aspen Insurance Holdings Ltd.		100		4,060
Assurant, Inc.		80		8,067
Assured Guaranty Ltd.		180		6,097
Athene Holding Ltd., Class A1		64		3,309
Axis Capital Holdings Ltd.		120		6,031
Brown & Brown, Inc.		160		8,234
Cincinnati Financial Corp.		144		10,796
CNA Financial Corp.		24		1,273
Erie Indemnity Co., Class A		36		4,386
Everest Re Group Ltd.		40		8,850
First American Financial Corp.		160		8,966
FNF Group		248		9,732
Hanover Insurance Group, Inc. (The)		68		7,350
	Shares		Value
Insurance (Continued)
Markel Corp.1		11	$	12,530
Mercury General Corp.		48		2,565
Old Republic International Corp.		356		7,611
ProAssurance Corp.		88		5,029
Reinsurance Group of America, Inc.		76		11,851
RenaissanceRe Holdings Ltd.		56		7,033
Torchmark Corp.		130		11,792
Unum Group		236		12,954
Validus Holdings Ltd.		120		5,630
W.R. Berkley Corp.		112		8,025
White Mountains Insurance Group Ltd.		7		5,959
XL Group Ltd.		244		8,579
Total Insurance				226,827
Materials—6.9%
Albemarle Corp.		96		12,278
Alcoa Corp.1		256		13,791
AptarGroup, Inc.		88		7,593
Ardagh Group SA		36		760
Ashland Global Holdings, Inc.		96		6,835
Avery Dennison Corp.		108		12,405
Axalta Coating Systems Ltd1		264		8,543
Bemis Co., Inc.		144		6,882
Berry Global Group, Inc.1		160		9,387
Cabot Corp.		104		6,405
Celanese Corp., Class A, Series A		128		13,706
CF Industries Holdings, Inc.		316		13,443
Chemours Co. (The)		232		11,614
Crown Holdings, Inc.1		160		9,000
Domtar Corp.		112		5,546
Eagle Materials, Inc.		72		8,158
Eastman Chemical Co.		136		12,599
FMC Corp.		140		13,252
Graphic Packaging Holding Co.		488		7,540
Huntsman Corp.		284		9,454
International Flavors & Fragrances, Inc.		76		11,598
Mosaic Co. (The)		424		10,880
NewMarket Corp.		10		3,974
Olin Corp.		248		8,824
Owens-Illinois, Inc.1		264		5,853
Packaging Corp. of America		100		12,055
Platform Specialty Products Corp.1		364		3,611
Reliance Steel & Aluminum Co.		104		8,922
Royal Gold, Inc.		99		8,130
RPM International, Inc.		164		8,597
Scotts Miracle-Gro Co., (The)		64		6,847
Sealed Air Corp.		224		11,043

35     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Materials (Continued)
Silgan Holdings, Inc.		124	$	3,644
Sonoco Products Co.		144		7,652
Southern Copper Corp.2		32		1,518
Steel Dynamics, Inc.		276		11,904
Tahoe Resources, Inc.		410		1,964
United States Steel Corp.		284		9,994
Valvoline, Inc.		312		7,819
Westlake Chemical Corp.		44		4,687
WestRock Co.		204		12,895
WR Grace & Co.		100		7,013
Total Materials				358,615
Media—2.4%
AMC Networks, Inc., Class A1		92		4,975
Cable One, Inc.2		7		4,923
Cinemark Holdings, Inc.2		164		5,711
Discovery Communications, Inc., Class A1,2		132		2,954
Discovery Communications, Inc., Class C1		240		5,081
Interpublic Group of Cos., Inc. (The)		416		8,387
John Wiley & Sons, Inc., Class A		80		5,260
Liberty Broadband Corp., Class A1		20		1,701
Liberty Broadband Corp., Class C1		76		6,472
Liberty Media Corp.-Liberty Formula One, Class A1		32		1,047
Liberty Media Corp.-Liberty Formula One, Class C1,2		136		4,646
Liberty Media Corp.-Liberty SiriusXM, Class A1		70		2,776
Liberty Media Corp.-Liberty SiriusXM, Class C1		148		5,870
Lions Gate Entertainment Corp., Class A1		92		3,111
Lions Gate Entertainment Corp., Class B1		168		5,332
Live Nation Entertainment, Inc.1		172		7,322
Madison Square Garden Co. (The), Class A1		28		5,904
News Corp., Class A		464		7,521
News Corp., Class B		148		2,457
Regal Entertainment Group, Class A		196		4,510
Scripps Networks Interactive, Inc., Class A		116		9,904
TEGNA, Inc.		360		5,069
Tribune Media Co., Class A		120		5,096
Viacom, Inc., Class A2		8		279
Viacom, Inc., Class B		280		8,627
Total Media				124,935
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
ACADIA Pharmaceuticals, Inc.1		164	$	4,938
Agios Pharmaceuticals, Inc.1		76		4,345
Akorn, Inc.1		140		4,512
Alkermes PLC1,2		172		9,414
Alnylam Pharmaceuticals, Inc.1,2		104		13,213
Bio-Rad Laboratories, Inc., Class A1		30		7,160
Bio-Techne Corp.		57		7,384
Bioverativ, Inc.1		152		8,196
Bruker Corp.		164		5,629
Charles River Laboratories International, Inc.1		72		7,880
Endo International PLC1		380		2,945
Exelixis, Inc.1		416		12,646
Intercept Pharmaceuticals, Inc.1,2		32		1,869
Intrexon Corp.1,2		96		1,106
Ionis Pharmaceuticals, Inc.1,2		176		8,853
Juno Therapeutics, Inc.1		112		5,120
Mallinckrodt PLC1		156		3,519
Neurocrine Biosciences, Inc.1		140		10,863
OPKO Health, Inc.1,2		548		2,685
PerkinElmer, Inc.		140		10,237
Perrigo Co. PLC		128		11,156
QIAGEN NV1		276		8,537
Seattle Genetics, Inc.1		108		5,778
TESARO Inc.1,2		44		3,646
United Therapeutics Corp.1		64		9,469
Total Pharmaceuticals, Biotechnology & Life Sciences				171,100
Real Estate—9.9%
Alexandria Real Estate Equities, Inc.		92		12,014
American Campus Communities, Inc.		180		7,385
American Homes 4 Rent, Class A		316		6,901
Apartment Investment & Management Co., Class A		204		8,917
Apple Hospitality REIT, Inc.		332		6,511
Brandywine Realty Trust		292		5,312
Brixmor Property Group, Inc.		436		8,136
Camden Property Trust		108		9,943
CBRE Group, Inc., Class A1		272		11,780
Colony NorthStar, Inc., Class A		652		7,439
Columbia Property Trust, Inc.		212		4,865
CoreCivic, Inc.		196		4,410
CoreSite Realty Corp.		56		6,378
Corporate Office Properties Trust		168		4,906
CubeSmart		276		7,982

36     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
CyrusOne, Inc.		128	$	7,620
DCT Industrial Trust, Inc.		140		8,229
DDR Corp.		524		4,695
Douglas Emmett, Inc.		204		8,376
Duke Realty Corp.		368		10,013
Empire State Realty Trust, Inc., Class A		212		4,352
EPR Properties		92		6,022
Equity Commonwealth1		196		5,980
Equity LifeStyle Properties, Inc.		104		9,258
Extra Space Storage, Inc.		128		11,194
Federal Realty Investment Trust		80		10,625
Forest City Realty Trust, Inc., Class A		316		7,616
Gaming and Leisure Properties, Inc.		240		8,880
Healthcare Trust of America, Inc., Class A		272		8,171
Highwoods Properties, Inc.		148		7,535
Hospitality Properties Trust		244		7,283
Host Hotels & Resorts, Inc.		616		12,228
Howard Hughes Corp. (The)1		48		6,301
Hudson Pacific Properties, Inc.		232		7,946
Invitation Homes, Inc.		116		2,734
Iron Mountain, Inc.		288		10,866
Jones Lang LaSalle, Inc.		64		9,532
Kilroy Realty Corp.		124		9,257
Kimco Realty Corp.		516		9,365
Lamar Advertising Co., Class A		116		8,612
Liberty Property Trust		204		8,774
Life Storage, Inc.		76		6,769
Macerich Co. (The)		164		10,772
Medical Properties Trust, Inc.		548		7,551
Mid-America Apartment Communities, Inc.		108		10,861
National Retail Properties, Inc.		208		8,971
Omega Healthcare Investors, Inc.2		264		7,271
Outfront Media, Inc.		232		5,382
Paramount Group, Inc.		328		5,199
Park Hotels & Resorts, Inc.		184		5,290
Piedmont Office Realty Trust, Inc., Class A		248		4,863
Rayonier, Inc.		212		6,706
Realogy Holdings Corp.		212		5,618
Regency Centers Corp.		152		10,515
Retail Properties of America, Inc., Class A		408		5,484
Senior Housing Properties Trust		348		6,664
SL Green Realty Corp.		100		10,093
	Shares		Value
Real Estate (Continued)
Spirit Realty Capital, Inc.		800	$	6,864
STORE Capital Corp.		280		7,291
Sun Communities, Inc.		92		8,536
Tanger Factory Outlet Centers, Inc.2		164		4,348
Taubman Centers, Inc.		96		6,281
UDR, Inc.		272		10,477
Uniti Group, Inc.		256		4,554
VEREIT, Inc.		1,168		9,099
Weingarten Realty Investors		192		6,311
WP Carey, Inc.		136		9,370
Total Real Estate				515,483
Retailing—4.2%
Advance Auto Parts, Inc.		76		7,577
AutoNation, Inc.1		104		5,338
Bed Bath & Beyond, Inc.2		208		4,574
Burlington Stores, Inc.1		88		10,827
CarMax, Inc.1		172		11,030
Dick’s Sporting Goods, Inc.		140		4,024
Floor & Decor Holdings, Inc., Class A1		16		779
Foot Locker, Inc.		160		7,501
GameStop Corp., Class A		180		3,231
Gap, Inc. (The)		268		9,128
Genuine Parts Co.		120		11,401
Kohl’s Corp.		228		12,364
Liberty Expedia Holdings, Inc., Class A1		92		4,078
Liberty Interactive Corp. QVC Group, Class A1		436		10,647
Liberty Ventures, Series A1		124		6,726
LKQ Corp.1		328		13,340
Macy’s, Inc.		388		9,774
Michaels Cos., Inc. (The)1		188		4,548
Murphy USA, Inc.1		60		4,822
Nordstrom, Inc.		152		7,202
Penske Automotive Group, Inc.		60		2,871
Pool Corp.		60		7,779
Sally Beauty Holdings, Inc.1		244		4,577
Signet Jewelers Ltd.2		116		6,560
Tiffany & Co.		108		11,227
Tractor Supply Co.		164		12,259
TripAdvisor, Inc.1		164		5,651
Urban Outfitters, Inc.1		156		5,469
Wayfair, Inc., Class A1		64		5,137
Williams-Sonoma, Inc.		136		7,031
Total Retailing				217,472

37     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc.1,2		828	$	8,512
Cavium, Inc.1		96		8,048
Cypress Semiconductor Corp.		504		7,681
First Solar, Inc.1		132		8,913
Marvell Technology Group Ltd.		460		9,876
Maxim Integrated Products, Inc.		236		12,338
Microsemi Corp.1		164		8,470
ON Semiconductor Corp.1		556		11,643
Qorvo, Inc.1		132		8,791
Teradyne, Inc.		256		10,719
Versum Materials, Inc.		180		6,813
Total Semiconductors & Semiconductor Equipment				101,804
Software & Services—9.7%
Akamai Technologies, Inc.1		200		13,008
Alliance Data Systems Corp.		40		10,139
Amdocs Ltd.		156		10,215
ANSYS, Inc.1		84		12,398
Atlassian Corp. PLC, Class A1		124		5,644
Black Knight, Inc.1		124		5,475
Booz Allen Hamilton Holding Corp.		204		7,778
Broadridge Financial Solutions, Inc.		132		11,957
CA, Inc.		268		8,919
Cadence Design Systems, Inc.1		292		12,211
CDK Global, Inc.		152		10,835
Citrix Systems, Inc.1		132		11,616
Conduent, Inc.1		316		5,107
CoreLogic, Inc.1		136		6,285
CoStar Group, Inc.1		36		10,690
CSRA, Inc.		240		7,181
DST Systems, Inc.		100		6,207
Euronet Worldwide, Inc.1		76		6,404
FireEye, Inc.1		304		4,317
First Data Corp., Class A1		496		8,288
FleetCor Technologies, Inc.1		76		14,625
Fortinet, Inc.1		192		8,388
Gartner, Inc.1		86		10,591
Genpact Ltd.		196		6,221
Global Payments, Inc.		124		12,430
GoDaddy, Inc., Class A1		124		6,235
Guidewire Software, Inc.1		112		8,317
IAC/InterActiveCorp1		84		10,271
Jack Henry & Associates, Inc.		92		10,760
Leidos Holdings, Inc.		164		10,589
LogMeIn, Inc.		72		8,244
Manhattan Associates, Inc.1		116		5,747
	Shares		Value
Software & Services (Continued)
Match Group, Inc.1,2		68	$	2,129
Nuance Communications, Inc.1		416		6,802
Pandora Media, Inc.1,2		408		1,967
PTC, Inc.1		152		9,237
Sabre Corp.		284		5,822
Splunk, Inc.1		160		13,254
Square, Inc., Class A1,2		324		11,233
SS&C Technologies Holdings, Inc.		212		8,582
Synopsys, Inc.1		144		12,275
Tableau Software, Inc., Class A1		96		6,643
Take-Two Interactive Software, Inc.1		120		13,174
Teradata Corp.1		212		8,153
Total System Services, Inc.		180		14,236
Twitter, Inc.1		564		13,542
Tyler Technologies, Inc.1		46		8,144
Ultimate Software Group, Inc. (The)1		36		7,856
Vantiv, Inc., Class A1,2		168		12,356
VeriSign, Inc.1,2		96		10,986
VMware Inc, Class A1		72		9,023
Western Union Co. (The)		528		10,037
WEX, Inc.1		60		8,474
Workday, Inc., Class A1		112		11,395
Zillow Group, Inc., Class A1		92		3,748
Zillow Group, Inc., Class C1,2		152		6,220
Zynga, Inc., Class A1		1,316		5,264
Total Software & Services				507,644
Technology Hardware & Equipment—4.5%
Arista Networks, Inc.1		53		12,486
ARRIS International PLC1		260		6,679
Arrow Electronics, Inc.1		116		9,327
Avnet, Inc.		192		7,607
CDW Corp.		168		11,674
Cognex Corp.		200		12,232
Coherent, Inc.1		33		9,313
CommScope Holding Co., Inc.1		244		9,230
Dolby Laboratories, Inc., Class A		96		5,952
EchoStar Corp., Class A1		80		4,792
F5 Networks, Inc.1		76		9,973
FLIR Systems, Inc.		200		9,324
IPG Photonics Corp.1		44		9,422
Jabil, Inc.		256		6,720
Juniper Networks, Inc.		360		10,260
Keysight Technologies, Inc.1		236		9,818
Motorola Solutions, Inc.		136		12,286
National Instruments Corp.		160		6,661
NCR Corp.1		184		6,254

38     OPPENHEIMER ETF TRUST

	Shares		Value
Technology Hardware & Equipment (Continued)
NetApp, Inc.		268	$	14,826
Palo Alto Networks, Inc.1		88		12,755
Trimble, Inc.1		280		11,379
Universal Display Corp.		60		10,359
Xerox Corp.		292		8,512
Zebra Technologies Corp., Class A1		76		7,889
Total Technology Hardware & Equipment				235,730
Telecommunication Services—0.4%
CenturyLink, Inc.		444		7,406
Sprint Corp.1		188		1,108
Telephone & Data Systems, Inc.		164		4,559
United States Cellular Corp.1		24		903
Zayo Group Holdings, Inc.1		224		8,243
Total Telecommunication Services				22,219
Transportation—2.7%
Alaska Air Group, Inc.		120		8,821
AMERCO		6		2,267
C.H. Robinson Worldwide, Inc.		152		13,542
Copa Holdings SA, Class A		52		6,971
Expeditors International of Washington, Inc.		192		12,421
Genesee & Wyoming, Inc., Class A1		96		7,558
JB Hunt Transport Services, Inc.		96		11,038
JetBlue Airways Corp.1		416		9,293
Kansas City Southern		108		11,364
Kirby Corp.1		88		5,878
Landstar System, Inc.		68		7,079
Macquarie Infrastructure Corp.		104		6,677
Old Dominion Freight Line, Inc.		76		9,998
Ryder System, Inc.		88		7,407
Spirit Airlines, Inc.1,2		112		5,023
XPO Logistics, Inc.1,2		152		13,922
Total Transportation				139,259
Utilities—4.2%
AES Corp.		808		8,751
Alliant Energy Corp.		248		10,567
Ameren Corp.		200		11,798
American Water Works Co., Inc.		144		13,175
Aqua America, Inc.		248		9,729
Atmos Energy Corp.		116		9,963
Avangrid, Inc.		44		2,226
Calpine Corp.1		548		8,291

 

	Shares		Value
Utilities (Continued)
CenterPoint Energy, Inc.		388	$	11,004
CMS Energy Corp.		236		11,163
FirstEnergy Corp.		384		11,758
Great Plains Energy, Inc.		292		9,414
Hawaiian Electric Industries, Inc.		176		6,362
MDU Resources Group, Inc.		284		7,634
National Fuel Gas Co.		120		6,589
NiSource, Inc.		376		9,652
NRG Energy, Inc.		444		12,645
OGE Energy Corp.		256		8,425
Pinnacle West Capital Corp.		116		9,881
SCANA Corp.		140		5,569
UGI Corp.		196		9,202
Vectren Corp.		124		8,062
Vistra Energy Corp.1		328		6,009
Westar Energy, Inc.		176		9,293
Total Utilities				217,162
Total Common Stocks (Cost $4,991,405)				5,202,106
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $6,514)		6,514		6,514
Investment of Cash Collateral for Securities Loaned—2.0%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $101,228)		101,228		101,228
Total Investments—101.9% (Cost $5,099,147)				5,309,848
Liabilities in Excess of Other Assets—(1.9)%				(98,332	)
Net Assets—100.0%			$	5,211,516

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $249,700; total value of the collateral held by the Fund was $258,395. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $157,167 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

39     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—0.5%
Aptiv PLC		104	$	8,822
BorgWarner, Inc.		72		3,679
Delphi Technologies PLC1		34		1,784
Gentex Corp.		120		2,514
Harley-Davidson, Inc.		32		1,628
Lear Corp.		28		4,946
Thor Industries, Inc.		12		1,809
Visteon Corp.1		4		501
Total Automobiles & Components				25,683
Banks—0.1%
Associated Banc-Corp.		12		305
Bank of Hawaii Corp.		4		343
BankUnited, Inc.		12		489
F.N.B. Corp.		32		442
First Horizon National Corp.		24		480
Popular, Inc.		8		284
Prosperity Bancshares, Inc.		8		560
TCF Financial Corp.		16		328
Webster Financial Corp.2		8		449
Total Banks				3,680
Capital Goods—8.5%
3M Co.		232		54,606
A.O. Smith Corp.		60		3,677
Acuity Brands, Inc.		16		2,816
AECOM1		24		892
AGCO Corp.		8		571
Air Lease Corp.		12		577
Allegion PLC		28		2,228
Allison Transmission Holdings, Inc.		28		1,206
AMETEK, Inc.		56		4,058
Arconic, Inc.		116		3,161
Armstrong World Industries, Inc.1		8		484
Boeing Co. (The)		241		71,073
BWX Technologies, Inc.		32		1,936
Carlisle Cos., Inc.		24		2,728
Colfax Corp.1,2		16		634
Crane Co.		12		1,071
Cummins, Inc.		64		11,305
Donaldson Co., Inc.		44		2,154
Eaton Corp. PLC		104		8,217
Fastenal Co.		124		6,782
Fortive Corp.		124		8,971
Fortune Brands Home & Security, Inc.		52		3,559
General Dynamics Corp.		80		16,276
Graco, Inc.		72		3,256
Harris Corp.		32		4,533
	Shares		Value
Capital Goods (Continued)
HEICO Corp.		8	$	755
HEICO Corp., Class A		12		949
Hexcel Corp.		32		1,979
Honeywell International, Inc.		204		31,285
Hubbell, Inc.		16		2,165
Huntington Ingalls Industries, Inc.		16		3,771
IDEX Corp.		16		2,112
Illinois Tool Works, Inc.		100		16,685
Ingersoll-Rand PLC		64		5,708
ITT, Inc.		36		1,921
Jacobs Engineering Group, Inc.		48		3,166
L3 Technologies, Inc.		20		3,957
Lennox International, Inc.		16		3,332
Lincoln Electric Holdings, Inc.		16		1,465
Lockheed Martin Corp.		90		28,895
Masco Corp.		88		3,867
Middleby Corp. (The)1		20		2,699
MSC Industrial Direct Co., Inc., Class A		20		1,933
Nordson Corp.		16		2,342
Northrop Grumman Corp.		48		14,732
Orbital ATK, Inc.		16		2,104
Oshkosh Corp.		28		2,545
Owens Corning		28		2,574
Parker-Hannifin Corp.		36		7,185
Quanta Services, Inc.1		56		2,190
Raytheon Co.		100		18,785
Regal Beloit Corp.		8		613
Rockwell Automation, Inc.		40		7,854
Rockwell Collins, Inc.		40		5,425
Snap-on, Inc.		20		3,486
Spirit AeroSystems Holdings, Inc., Class A		48		4,188
Stanley Black & Decker, Inc.		40		6,788
Teledyne Technologies, Inc.1		8		1,449
Timken Co. (The)		20		983
Toro Co. (The)		48		3,131
Trinity Industries, Inc.		16		599
United Rentals, Inc.1		16		2,751
Univar, Inc.1		12		372
USG Corp.1		20		771
Valmont Industries, Inc.		4		663
W.W. Grainger, Inc.		20		4,725
WABCO Holdings, Inc.1		16		2,296
Watsco, Inc.		12		2,040
Welbilt, Inc.1,2		40		940
WESCO International, Inc.1		8		545
Total Capital Goods				435,491

 

40     OPPENHEIMER ETF TRUST

	Shares		Value
Commercial & Professional Services—0.8%
Cintas Corp.		32	$	4,987
Copart, Inc.1		80		3,455
Dun & Bradstreet Corp. (The)		8		947
Equifax, Inc.		64		7,547
KAR Auction Services, Inc.		24		1,212
ManpowerGroup, Inc.		24		3,027
Pitney Bowes, Inc.		28		313
Robert Half International, Inc.		56		3,110
Rollins, Inc.		44		2,047
Stericycle, Inc.1		16		1,088
Verisk Analytics, Inc.1		44		4,224
Waste Management, Inc.		108		9,321
Total Commercial & Professional Services				41,278
Consumer Durables & Apparel—1.8%
Brunswick Corp.		36		1,988
CalAtlantic Group, Inc.		20		1,128
Carter’s, Inc.		20		2,350
Garmin Ltd.		52		3,098
Hasbro, Inc.		40		3,636
Leggett & Platt, Inc.		44		2,100
Lululemon Athletica, Inc.1		44		3,458
Mattel, Inc.		76		1,169
Michael Kors Holdings Ltd.1		68		4,281
Mohawk Industries, Inc.1		20		5,518
NIKE, Inc., Class B		592		37,030
NVR, Inc.1		1		3,508
PVH Corp.		16		2,195
Ralph Lauren Corp.		24		2,488
Skechers U.S.A., Inc., Class A1		56		2,119
Tapestry, Inc.		108		4,777
Tempur Sealy International, Inc.1		8		501
Tupperware Brands Corp.		16		1,003
Under Armour, Inc., Class A1,2		32		462
Under Armour, Inc., Class C1,2		32		426
VF Corp.		128		9,472
Whirlpool Corp.		13		2,192
Total Consumer Durables & Apparel				94,899
Consumer Services—2.9%
Bright Horizons Family Solutions, Inc.1		8		752
Carnival Corp.		140		9,292
Chipotle Mexican Grill, Inc.1		11		3,179
Choice Hotels International, Inc.		8		621
Darden Restaurants, Inc.		56		5,377
Domino’s Pizza, Inc.		20		3,779
Dunkin’ Brands Group, Inc.		16		1,032
Extended Stay America, Inc.		28		532
	Shares		Value
Consumer Services (Continued)
H&R Block, Inc.		92	$	2,412
Hyatt Hotels Corp., Class A1		8		588
International Game Technology PLC		16		424
Las Vegas Sands Corp.		116		8,061
McDonald’s Corp.		304		52,324
Six Flags Entertainment Corp.		20		1,331
Starbucks Corp.		628		36,066
Vail Resorts, Inc.		16		3,400
Wendy’s Co. (The)		20		328
Wyndham Worldwide Corp.		24		2,781
Yum China Holdings, Inc.		136		5,443
Yum! Brands, Inc.		116		9,467
Total Consumer Services				147,189
Diversified Financials—2.1%
Affiliated Managers Group, Inc.		24		4,926
BGC Partners, Inc., Class A		48		725
Cboe Global Markets, Inc.		64		7,974
Chimera Investment Corp.		44		813
Credit Acceptance Corp.1		4		1,294
Eaton Vance Corp.		64		3,609
FactSet Research Systems, Inc.2		16		3,084
Federated Investors, Inc., Class B		56		2,020
Franklin Resources, Inc.		188		8,146
Lazard Ltd., Class A		68		3,570
Legg Mason, Inc.		16		672
LPL Financial Holdings, Inc.		24		1,371
MarketAxess Holdings, Inc.		20		4,035
MFA Financial, Inc.		72		570
Moody’s Corp.		60		8,857
Morningstar, Inc.		8		776
MSCI, Inc.		48		6,074
Navient Corp.		24		320
New Residential Investment Corp.		68		1,216
S&P Global, Inc.		147		24,902
Santander Consumer USA Holdings, Inc.		24		447
SEI Investments Co.		80		5,749
T. Rowe Price Group, Inc.		136		14,270
Two Harbors Investment Corp.		28		455
Total Diversified Financials				105,875
Energy—2.3%
Antero Resources Corp.1		36		684
Baker Hughes a GE Co.		172		5,442
Centennial Resource Development, Inc., Class A1		16		317
Chesapeake Energy Corp.1		68		269
Cimarex Energy Co.		20		2,440
CNX Resources Corp.1		32		468

41     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
Energy (Continued)
CONSOL Energy, Inc.1		4	$	158
Continental Resources, Inc.1,2		12		636
Energen Corp.1		28		1,612
Exxon Mobil Corp.		1,119		93,593
Gulfport Energy Corp.1		28		357
Helmerich & Payne, Inc.2		40		2,586
HollyFrontier Corp.		12		615
Murphy Oil Corp.		28		869
Newfield Exploration Co.1		40		1,261
Oceaneering International, Inc.		20		423
ONEOK, Inc.		48		2,566
Patterson-UTI Energy, Inc.		36		828
PBF Energy, Inc., Class A		16		567
QEP Resources, Inc.1		24		230
RPC, Inc.2		16		409
Southwestern Energy Co.1		88		491
Targa Resources Corp.		44		2,130
Transocean Ltd.1		52		555
WPX Energy, Inc.1		36		507
Total Energy				120,013
Food & Staples Retailing—2.9%
Casey’s General Stores, Inc.2		4		448
Costco Wholesale Corp.		146		27,174
CVS Health Corp.		380		27,550
Rite Aid Corp.1		160		315
Sprouts Farmers Market, Inc.1		60		1,461
Sysco Corp.		192		11,660
US Foods Holding Corp.1		16		511
Walgreens Boots Alliance, Inc.		344		24,981
Wal-Mart Stores, Inc.		556		54,905
Total Food & Staples Retailing				149,005
Food, Beverage & Tobacco—2.1%
Blue Buffalo Pet Products, Inc.1,2		16		525
Brown-Forman Corp., Class A		20		1,345
Brown-Forman Corp., Class B		72		4,944
Campbell Soup Co.		48		2,309
Dr Pepper Snapple Group, Inc.		48		4,659
Flowers Foods, Inc.		56		1,081
General Mills, Inc.		140		8,301
Hain Celestial Group, Inc. (The)1		24		1,017
Hershey Co. (The)		44		4,995
Hormel Foods Corp.		116		4,221
J.M. Smucker Co. (The)		32		3,976
Lamb Weston Holdings, Inc.		64		3,613
McCormick & Co., Inc.		36		3,669
Monster Beverage Corp.1		184		11,645
Philip Morris International, Inc.		488		51,557
Pilgrim’s Pride Corp.1,2		24		745
	Shares		Value
Food, Beverage & Tobacco (Continued)
Post Holdings, Inc.1		12	$	951
TreeHouse Foods, Inc.1		4		198
Total Food, Beverage & Tobacco				109,751
Health Care Equipment & Services—5.6%
Abbott Laboratories		520		29,676
ABIOMED, Inc.1		16		2,999
Acadia Healthcare Co., Inc.1		8		261
Align Technology, Inc.1		36		7,999
athenahealth, Inc.1		8		1,064
Baxter International, Inc.		224		14,479
Becton Dickinson and Co.		63		13,533
Brookdale Senior Living, Inc.1		24		233
Cardinal Health, Inc.		108		6,617
Cerner Corp.1		116		7,817
Cigna Corp.		92		18,684
Cooper Cos., Inc. (The)		16		3,486
DaVita, Inc.1		32		2,312
DexCom, Inc.1		16		918
Edwards Lifesciences Corp.1		92		10,369
Express Scripts Holding Co.1		168		12,540
HCA Healthcare, Inc.1		68		5,973
Henry Schein, Inc.1		56		3,913
Hill-Rom Holdings, Inc.		16		1,349
Hologic, Inc.1		64		2,736
IDEXX Laboratories, Inc.1		32		5,004
Intuitive Surgical, Inc.1		40		14,598
LifePoint Health, Inc.1		8		398
McKesson Corp.		53		8,265
MEDNAX, Inc.1		16		855
Medtronic PLC		304		24,548
Patterson Cos., Inc.		20		723
Quest Diagnostics, Inc.		36		3,546
ResMed, Inc.		32		2,710
STERIS PLC		24		2,099
Teleflex, Inc.		12		2,986
UnitedHealth Group, Inc.		300		66,138
Universal Health Services, Inc., Class B		20		2,267
Varian Medical Systems, Inc.1		32		3,557
Veeva Systems, Inc., Class A1		40		2,211
West Pharmaceutical Services, Inc.		32		3,158
Total Health Care Equipment & Services				290,021
Household & Personal Products—2.6%
Church & Dwight Co., Inc.		84		4,214
Clorox Co. (The)		32		4,760
Colgate-Palmolive Co.		324		24,446
Edgewell Personal Care Co.1		8		475

42     OPPENHEIMER ETF TRUST

	Shares		Value
Household & Personal Products (Continued)
Energizer Holdings, Inc.		4	$	192
Estee Lauder Cos., Inc., (The), Class A		84		10,688
Kimberly-Clark Corp.		124		14,962
Nu Skin Enterprises, Inc., Class A		20		1,364
Procter & Gamble Co. (The)		776		71,299
Spectrum Brands Holdings, Inc.2		4		450
Total Household & Personal Products				132,850
Insurance—1.1%
Aon PLC		96		12,864
Arthur J. Gallagher & Co.		48		3,038
Aspen Insurance Holdings Ltd.		8		325
Assured Guaranty Ltd.		52		1,761
Axis Capital Holdings Ltd.		16		804
Brown & Brown, Inc.		40		2,059
Erie Indemnity Co., Class A		16		1,950
Everest Re Group Ltd.		12		2,655
First American Financial Corp.		32		1,793
FNF Group		84		3,296
Hanover Insurance Group, Inc. (The)		4		432
Marsh & McLennan Cos., Inc.		288		23,440
Old Republic International Corp.		48		1,026
ProAssurance Corp.		12		686
RenaissanceRe Holdings Ltd.		12		1,507
Validus Holdings Ltd.		20		938
Total Insurance				58,574
Materials—2.9%
Air Products & Chemicals, Inc.		58		9,517
Albemarle Corp.		40		5,116
AptarGroup, Inc.		12		1,035
Ashland Global Holdings, Inc.		8		570
Avery Dennison Corp.		24		2,757
Axalta Coating Systems Ltd1		48		1,553
Bemis Co., Inc.		16		765
Cabot Corp.		16		985
Celanese Corp., Class A, Series A		36		3,855
Chemours Co. (The)		40		2,002
Domtar Corp.		16		792
Eagle Materials, Inc.		12		1,360
Ecolab, Inc.		68		9,124
FMC Corp.		28		2,650
Freeport-McMoRan, Inc.1		316		5,991
Graphic Packaging Holding Co.		64		989
Huntsman Corp.		48		1,598
International Flavors & Fragrances, Inc.		24		3,663
LyondellBasell Industries NV, Class A		112		12,356
	Shares		Value
Materials (Continued)
Martin Marietta Materials, Inc.		16	$	3,537
Monsanto Co.		108		12,612
Newmont Mining Corp.		172		6,453
Nucor Corp.		72		4,578
Olin Corp.		52		1,850
Owens-Illinois, Inc.1		28		621
Packaging Corp. of America		20		2,411
Platform Specialty Products Corp.1		36		357
PPG Industries, Inc.		72		8,411
Praxair, Inc.		61		9,435
Reliance Steel & Aluminum Co.		12		1,029
RPM International, Inc.		36		1,887
Scotts Miracle-Gro Co., (The)		8		856
Sherwin-Williams Co. (The)		26		10,661
Silgan Holdings, Inc.		16		470
Sonoco Products Co.		28		1,488
Southern Copper Corp.2		16		759
Steel Dynamics, Inc.		60		2,588
Tahoe Resources, Inc.		88		422
United States Steel Corp.		24		845
Valvoline, Inc.		36		902
Vulcan Materials Co.		32		4,108
WestRock Co.		76		4,804
Total Materials				147,762
Media—2.8%
AMC Networks, Inc., Class A1		12		649
CBS Corp., Class B		80		4,720
Cinemark Holdings, Inc.2		20		697
Comcast Corp., Class A		1,084		43,414
Discovery Communications, Inc., Class A1,2		32		716
Discovery Communications, Inc., Class C1		48		1,016
Interpublic Group of Cos., Inc. (The)		88		1,774
John Wiley & Sons, Inc., Class A		12		789
Liberty Broadband Corp., Class A1		16		1,361
Liberty Broadband Corp., Class C1		60		5,110
Liberty Media Corp.-Liberty Formula One, Class A1		8		262
Liberty Media Corp.-Liberty Formula One, Class C1,2		32		1,093
Liberty Media Corp.-Liberty SiriusXM, Class A1		20		793
Liberty Media Corp.-Liberty SiriusXM, Class C1		36		1,428
Live Nation Entertainment, Inc.1		28		1,192
Madison Square Garden Co. (The), Class A1		2		422

43     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
Media (Continued)
News Corp., Class A		140	$	2,269
News Corp., Class B		44		730
Omnicom Group, Inc.		64		4,661
Regal Entertainment Group, Class A		24		552
Scripps Networks Interactive, Inc., Class A		24		2,049
Sirius XM Holdings, Inc.2		536		2,873
TEGNA, Inc.		40		563
Tribune Media Co., Class A		8		340
Walt Disney Co. (The)		608		65,366
Total Media				144,839
Pharmaceuticals, Biotechnology & Life Sciences—10.4%
ACADIA Pharmaceuticals, Inc.1		12		361
Agilent Technologies, Inc.		128		8,572
Agios Pharmaceuticals, Inc.1		16		915
Akorn, Inc.1		16		516
Alexion Pharmaceuticals, Inc.1		52		6,219
Amgen, Inc.		186		32,345
Biogen, Inc.1		80		25,485
Bio-Rad Laboratories, Inc., Class A1		4		955
Bio-Techne Corp.		16		2,073
Bioverativ, Inc.1		48		2,588
Bristol-Myers Squibb Co.		613		37,565
Bruker Corp.		24		824
Celgene Corp.1		223		23,272
Charles River Laboratories International, Inc.1		8		875
Eli Lilly & Co.		320		27,027
Endo International PLC1		28		217
Exelixis, Inc.1		64		1,946
Gilead Sciences, Inc.		502		35,963
Illumina, Inc.1		48		10,487
Incyte Corp.1		40		3,788
Johnson & Johnson		1,153		161,097
Mallinckrodt PLC1		20		451
Merck & Co., Inc.		820		46,141
Mettler-Toledo International, Inc.1		9		5,576
Neurocrine Biosciences, Inc.1		36		2,793
OPKO Health, Inc.1,2		104		510
PerkinElmer, Inc.		24		1,755
Pfizer, Inc.		1,649		59,727
QIAGEN NV1		48		1,485
Regeneron Pharmaceuticals, Inc.1		32		12,031
Seattle Genetics, Inc.1		36		1,926
United Therapeutics Corp.1		20		2,959
Vertex Pharmaceuticals, Inc.1		72		10,790
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Waters Corp.1		20	$	3,864
Total Pharmaceuticals, Biotechnology & Life Sciences				533,098
Real Estate—3.0%
American Homes 4 Rent, Class A		16		349
Apple Hospitality REIT, Inc.		48		941
AvalonBay Communities, Inc.		56		9,991
Brandywine Realty Trust		16		291
Camden Property Trust		40		3,682
CBRE Group, Inc., Class A1		108		4,678
Colony NorthStar, Inc., Class A		236		2,693
Columbia Property Trust, Inc.		16		367
CoreCivic, Inc.		52		1,170
CoreSite Realty Corp.		12		1,367
Corporate Office Properties Trust		8		234
CubeSmart		36		1,041
Duke Realty Corp.		112		3,048
Empire State Realty Trust, Inc., Class A		16		328
EPR Properties		20		1,309
Equity Commonwealth1		40		1,220
Equity LifeStyle Properties, Inc.		28		2,493
Equity Residential		208		13,264
Extra Space Storage, Inc.		48		4,198
Federal Realty Investment Trust		20		2,656
Gaming and Leisure Properties, Inc.		80		2,960
GGP, Inc.		236		5,520
Hospitality Properties Trust		40		1,194
Host Hotels & Resorts, Inc.		320		6,352
Howard Hughes Corp. (The)1		8		1,050
JBG SMITH Properties		28		972
Jones Lang LaSalle, Inc.		16		2,383
Kilroy Realty Corp.		32		2,389
Lamar Advertising Co., Class A		44		3,267
Liberty Property Trust		56		2,409
Life Storage, Inc.		8		713
Macerich Co. (The)		48		3,153
Medical Properties Trust, Inc.		96		1,323
National Retail Properties, Inc.		36		1,553
Omega Healthcare Investors, Inc.2		60		1,652
Outfront Media, Inc.		24		557
Park Hotels & Resorts, Inc.		16		460
Piedmont Office Realty Trust, Inc., Class A		24		471
Prologis, Inc.		148		9,547
Public Storage		81		16,929

44     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Rayonier, Inc.		68	$	2,151
Realogy Holdings Corp.		28		742
Regency Centers Corp.		40		2,767
Retail Properties of America, Inc., Class A		60		806
Simon Property Group, Inc.		120		20,609
Spirit Realty Capital, Inc.		40		343
STORE Capital Corp.		32		833
Tanger Factory Outlet Centers, Inc.2		48		1,272
Taubman Centers, Inc.		16		1,047
Uniti Group, Inc.		12		213
Vornado Realty Trust		52		4,065
Weingarten Realty Investors		48		1,578
Total Real Estate				156,600
Retailing—9.1%
Advance Auto Parts, Inc.		16		1,595
Amazon.com, Inc.1		142		166,065
AutoNation, Inc.1		8		411
AutoZone, Inc.1		8		5,691
Bed Bath & Beyond, Inc.2		48		1,056
Best Buy Co., Inc.		100		6,847
Burlington Stores, Inc.1		28		3,445
Dick’s Sporting Goods, Inc.		36		1,035
Dollar General Corp.		104		9,673
Dollar Tree, Inc.1		84		9,014
Expedia, Inc.		40		4,791
Foot Locker, Inc.		56		2,625
GameStop Corp., Class A		16		287
Gap, Inc. (The)		104		3,542
Genuine Parts Co.		56		5,321
Home Depot, Inc. (The)		499		94,575
Kohl’s Corp.		52		2,820
L Brands, Inc.		84		5,058
Liberty Interactive Corp. QVC Group, Class A1		100		2,442
Liberty Ventures, Series A1		48		2,604
Lowe’s Cos., Inc.		263		24,443
Macy’s, Inc.		43		1,083
Michaels Cos., Inc. (The)1		32		774
Murphy USA, Inc.1		8		643
Nordstrom, Inc.		40		1,895
O’Reilly Automotive, Inc.1		37		8,900
Pool Corp.		16		2,074
Priceline Group, Inc. (The)1		17		29,542
Ross Stores, Inc.		166		13,322
Sally Beauty Holdings, Inc.1		32		600
Signet Jewelers Ltd.2		24		1,357
Target Corp.		188		12,267
	Shares		Value
Retailing (Continued)
Tiffany & Co.		40	$	4,158
TJX Cos., Inc. (The)		284		21,715
Tractor Supply Co.		56		4,186
TripAdvisor, Inc.1		44		1,516
Ulta Beauty, Inc.1		25		5,592
Urban Outfitters, Inc.1		36		1,262
Wayfair, Inc., Class A1		16		1,284
Williams-Sonoma, Inc.2		36		1,861
Total Retailing				467,371
Semiconductors & Semiconductor Equipment—4.8%
Analog Devices, Inc.		120		10,684
Applied Materials, Inc.		404		20,653
First Solar, Inc.1		32		2,161
Intel Corp.		1,394		64,347
KLA-Tencor Corp.		40		4,203
Lam Research Corp.		48		8,835
Maxim Integrated Products, Inc.		96		5,019
NVIDIA Corp.		207		40,055
Qorvo, Inc.1		44		2,930
QUALCOMM, Inc.		412		26,376
Skyworks Solutions, Inc.		80		7,596
Teradyne, Inc.		76		3,182
Texas Instruments, Inc.		432		45,118
Versum Materials, Inc.		44		1,665
Xilinx, Inc.		100		6,742
Total Semiconductors & Semiconductor Equipment				249,566
Software & Services—21.3%
Accenture PLC, Class A		272		41,641
Activision Blizzard, Inc.		240		15,197
Adobe Systems, Inc.1		195		34,172
Akamai Technologies, Inc.1		62		4,033
Alphabet, Inc., Class A1		112		117,981
Alphabet, Inc., Class C1		112		117,197
Amdocs Ltd.		56		3,667
ANSYS, Inc.1		36		5,313
Automatic Data Processing, Inc.		176		20,625
Broadridge Financial Solutions, Inc.		36		3,261
Cadence Design Systems, Inc.1		124		5,186
CDK Global, Inc.		36		2,566
Citrix Systems, Inc.1		48		4,224
Cognizant Technology Solutions Corp., Class A		216		15,340
Conduent, Inc.1		36		582
CoreLogic, Inc.1		20		924
CoStar Group, Inc.1		10		2,970

45     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
Software & Services (Continued)
CSRA, Inc.		28	$	838
Dell Technologies, Inc., Class V1		48		3,901
DST Systems, Inc.		4		248
eBay, Inc.1		292		11,020
Electronic Arts, Inc.1		124		13,027
Facebook, Inc., Class A1		896		158,108
Fiserv, Inc.1		60		7,868
Fortinet, Inc.1		60		2,621
Gartner, Inc.1		24		2,956
Genpact Ltd.		44		1,397
GoDaddy, Inc., Class A1		16		805
Guidewire Software, Inc.1		24		1,782
Intuit, Inc.		108		17,040
Jack Henry & Associates, Inc.		32		3,743
LogMeIn, Inc.		20		2,290
Manhattan Associates, Inc.1		32		1,585
Mastercard, Inc., Class A		548		82,945
Microsoft Corp.		2,150		183,911
Paychex, Inc.		140		9,531
PayPal Holdings, Inc.1		460		33,865
Red Hat, Inc.1		72		8,647
Sabre Corp.		44		902
Splunk, Inc.1		35		2,899
Square, Inc., Class A1,2		88		3,051
Synopsys, Inc.1		60		5,114
Tableau Software, Inc., Class A1		16		1,107
Take-Two Interactive Software, Inc.1		40		4,391
Teradata Corp.1		40		1,538
Tyler Technologies, Inc.1		13		2,302
Ultimate Software Group, Inc. (The)1		12		2,619
VeriSign, Inc.1,2		32		3,662
Visa, Inc., Class A		1,043		118,923
VMware Inc, Class A1		28		3,509
Zynga, Inc., Class A1		316		1,264
Total Software & Services				1,094,288
Technology Hardware & Equipment—7.5%
Apple, Inc.		1,597		270,260
Arista Networks, Inc.1		12		2,827
Avnet, Inc.		8		317
CDW Corp.		32		2,224
Cisco Systems, Inc.		1,140		43,662
Cognex Corp.		72		4,403
Coherent, Inc.1		10		2,822
Corning, Inc.		344		11,004
Dolby Laboratories, Inc., Class A		24		1,488
EchoStar Corp., Class A1		8		479
F5 Networks, Inc.1		28		3,674
	Shares		Value
Technology Hardware & Equipment (Continued)
FLIR Systems, Inc.		40	$	1,865
HP, Inc.		728		15,295
IPG Photonics Corp.1		13		2,784
Jabil, Inc.		36		945
Juniper Networks, Inc.		84		2,394
Keysight Technologies, Inc.1		56		2,330
National Instruments Corp.		44		1,832
NCR Corp.1		20		680
NetApp, Inc.		96		5,311
Palo Alto Networks, Inc.1		28		4,058
Trimble, Inc.1		84		3,414
Universal Display Corp.		12		2,072
Xerox Corp.		48		1,399
Total Technology Hardware & Equipment				387,539
Telecommunication Services—1.5%
AT&T, Inc.		1,716		66,718
CenturyLink, Inc.		120		2,001
Telephone & Data Systems, Inc.		20		556
T-Mobile US, Inc.1		68		4,319
Zayo Group Holdings, Inc.1		32		1,178
Total Telecommunication Services				74,772
Transportation—2.3%
Copa Holdings SA, Class A		8		1,073
Delta Air Lines, Inc.		284		15,904
Expeditors International of Washington, Inc.		64		4,140
Genesee & Wyoming, Inc., Class A1		4		315
JB Hunt Transport Services, Inc.		36		4,139
JetBlue Airways Corp.1		132		2,949
Kansas City Southern		24		2,525
Kirby Corp.1		12		802
Landstar System, Inc.		12		1,249
Old Dominion Freight Line, Inc.		24		3,157
Ryder System, Inc.		12		1,010
Southwest Airlines Co.		232		15,185
Spirit Airlines, Inc.1,2		16		718
Union Pacific Corp.		244		32,720
United Continental Holdings, Inc.1		76		5,122
United Parcel Service, Inc., Class B		214		25,498
XPO Logistics, Inc.1,2		36		3,297
Total Transportation				119,803
Utilities—0.8%
Alliant Energy Corp.		44		1,875
Ameren Corp.		52		3,068
Aqua America, Inc.		36		1,412
Avangrid, Inc.		16		809

46     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (Continued)
Calpine Corp.1		48	$	726
CenterPoint Energy, Inc.		100		2,836
Edison International		72		4,553
Hawaiian Electric Industries, Inc.		24		868
MDU Resources Group, Inc.		40		1,075
National Fuel Gas Co.		20		1,098
NRG Energy, Inc.		52		1,481
OGE Energy Corp.		40		1,317
Pinnacle West Capital Corp.		24		2,044
Public Service Enterprise Group, Inc.		108		5,562
UGI Corp.		36		1,690
Vectren Corp.		20		1,301
Vistra Energy Corp.1		40		733
WEC Energy Group, Inc.		76		5,049
Westar Energy, Inc.		28		1,478
Total Utilities				38,975
Total Common Stocks (Cost $4,987,525)				5,128,922
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $5,438)		5,438		5,438
	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.3%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $14,737)		14,737	$	14,737
Total Investments—100.1% (Cost $5,007,700)				5,149,097
Liabilities in Excess of Other Assets—(0.1)%				(7,136	)
Net Assets—100.0%			$	5,141,961

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $34,851; total value of the collateral held by the Fund was $35,935. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $21,198 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

47     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Yield Factor ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.2%
Ford Motor Co.		2,244	$	28,027
General Motors Co.		729		29,882
Harley-Davidson, Inc.		76		3,867
Total Automobiles & Components				61,776
Banks—6.8%
BB&T Corp.		364		18,098
F.N.B. Corp.		119		1,645
Fifth Third Bancorp		288		8,738
Huntington Bancshares, Inc.		432		6,290
JPMorgan Chase & Co.		1,400		149,716
New York Community Bancorp, Inc.		268		3,489
PacWest Bancorp		64		3,226
People’s United Financial, Inc.		180		3,366
U.S. Bancorp		584		31,291
Wells Fargo & Co.		2,047		124,191
Total Banks				350,050
Capital Goods—8.4%
3M Co.		217		51,075
Boeing Co. (The)		233		68,714
Caterpillar, Inc.		256		40,340
Cummins, Inc.		65		11,482
Deere & Co.		108		16,903
Eaton Corp. PLC		204		16,118
Emerson Electric Co.		308		21,465
Fastenal Co.		128		7,000
General Electric Co.		4,248		74,128
Honeywell International, Inc.		251		38,493
Johnson Controls International PLC		344		13,110
Lockheed Martin Corp.		100		32,105
United Technologies Corp.		280		35,720
W.W. Grainger, Inc.		24		5,670
Total Capital Goods				432,323
Commercial & Professional Services—0.5%
KAR Auction Services, Inc.		60		3,030
Nielsen Holdings PLC		172		6,261
Pitney Bowes, Inc.		104		1,163
Waste Management, Inc.		162		13,981
Total Commercial & Professional Services				24,435
Consumer Durables & Apparel—0.6%
Garmin Ltd.		64		3,812
Leggett & Platt, Inc.		56		2,673
Mattel, Inc.		200		3,076
Tapestry, Inc.		128		5,661
Tupperware Brands Corp.		24		1,505
	Shares		Value
Consumer Durables & Apparel (Continued)
VF Corp.		152	$	11,248
Whirlpool Corp.		28		4,722
Total Consumer Durables & Apparel				32,697
Consumer Services—2.0%
Carnival Corp.		152		10,088
Darden Restaurants, Inc.		52		4,993
Extended Stay America, Inc.		88		1,672
H&R Block, Inc.		100		2,622
International Game Technology PLC		60		1,591
Las Vegas Sands Corp.		200		13,898
McDonald’s Corp.		326		56,111
Six Flags Entertainment Corp.		36		2,397
Yum! Brands, Inc.		128		10,446
Total Consumer Services				103,818
Diversified Financials—2.2%
AGNC Investment Corp.		216		4,361
Ameriprise Financial, Inc.		64		10,846
Annaly Capital Management, Inc.		620		7,372
BGC Partners, Inc., Class A		128		1,934
BlackRock, Inc.		48		24,658
Capital One Financial Corp.		172		17,128
Chimera Investment Corp.		116		2,144
Discover Financial Services		132		10,153
Invesco Ltd.		200		7,308
Lazard Ltd., Class A		60		3,150
MFA Financial, Inc.		240		1,901
Navient Corp.		152		2,025
New Residential Investment Corp.		188		3,361
Starwood Property Trust, Inc.		152		3,245
T. Rowe Price Group, Inc.		103		10,808
Two Harbors Investment Corp.		97		1,577
Total Diversified Financials				111,971
Energy—10.3%
Andeavor		64		7,318
Apache Corp.		140		5,911
Chevron Corp.		995		124,564
ConocoPhillips		480		26,347
Exxon Mobil Corp.		2,147		179,575
Helmerich & Payne, Inc.1		60		3,878
Hess Corp.		104		4,937
HollyFrontier Corp.		100		5,122
Kinder Morgan, Inc.		828		14,962
Marathon Petroleum Corp.		220		14,516
Murphy Oil Corp.		88		2,732
Occidental Petroleum Corp.		428		31,527
ONEOK, Inc.		116		6,200
PBF Energy, Inc., Class A		64		2,269

 

48     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
Phillips 66		212	$	21,444
Schlumberger Ltd.		619		41,714
Targa Resources Corp.		116		5,617
Valero Energy Corp.		236		21,691
Williams Cos., Inc. (The)		456		13,903
Total Energy				534,227
Food & Staples Retailing—1.9%
CVS Health Corp.		392		28,420
Sysco Corp.		196		11,903
Wal-Mart Stores, Inc.		595		58,756
Total Food & Staples Retailing				99,079
Food, Beverage & Tobacco—7.4%
Altria Group, Inc.		916		65,412
Archer-Daniels-Midland Co.		252		10,100
Campbell Soup Co.		72		3,464
Coca-Cola Co. (The)		1,808		82,951
Conagra Brands, Inc.		164		6,178
Dr Pepper Snapple Group, Inc.		72		6,988
Flowers Foods, Inc.		88		1,699
General Mills, Inc.		280		16,601
Hershey Co. (The)		52		5,902
J.M. Smucker Co. (The)		44		5,467
Kellogg Co.		112		7,614
Kraft Heinz Co. (The)		252		19,596
PepsiCo, Inc.		597		71,592
Philip Morris International, Inc.		760		80,294
Total Food, Beverage & Tobacco				383,858
Health Care Equipment & Services—1.6%
Abbott Laboratories		660		37,666
Cardinal Health, Inc.		128		7,843
Medtronic PLC		484		39,083
Total Health Care Equipment & Services				84,592
Household & Personal Products—3.1%
Clorox Co. (The)		52		7,734
Colgate-Palmolive Co.		304		22,937
Coty, Inc., Class A		204		4,058
Kimberly-Clark Corp.		160		19,306
Procter & Gamble Co. (The)		1,182		108,602
Total Household & Personal Products				162,637
Insurance—2.9%
Aflac, Inc.		148		12,991
American International Group, Inc.		314		18,708
Arthur J. Gallagher & Co.		63		3,987
Brighthouse Financial, Inc.2		40		2,346
	Shares		Value
Insurance (Continued)
Chubb Ltd.		156	$	22,796
Cincinnati Financial Corp.		68		5,098
First American Financial Corp.		48		2,690
MetLife, Inc.		436		22,044
Old Republic International Corp.		124		2,651
Principal Financial Group, Inc.		112		7,903
Progressive Corp. (The)		208		11,714
Prudential Financial, Inc.		188		21,616
Travelers Cos., Inc. (The)		104		14,107
Total Insurance				148,651
Materials—3.3%
Air Products & Chemicals, Inc.		83		13,619
CF Industries Holdings, Inc.		128		5,445
Domtar Corp.		32		1,585
DowDuPont, Inc.		932		66,377
Eastman Chemical Co.		60		5,558
International Paper Co.		204		11,820
LyondellBasell Industries NV, Class A		180		19,858
Mosaic Co. (The)		196		5,029
Nucor Corp.		136		8,647
Packaging Corp. of America		36		4,340
Praxair, Inc.		106		16,396
Sonoco Products Co.		44		2,338
WestRock Co.		112		7,079
Total Materials				168,091
Media—0.3%
Interpublic Group of Cos., Inc. (The)		164		3,306
Omnicom Group, Inc.		100		7,283
Regal Entertainment Group, Class A		60		1,380
Viacom, Inc., Class B		160		4,930
Total Media				16,899
Pharmaceuticals, Biotechnology & Life Sciences—11.3%
AbbVie, Inc.		792		76,594
Amgen, Inc.		316		54,952
Bristol-Myers Squibb Co.		740		45,347
Eli Lilly & Co.		412		34,798
Gilead Sciences, Inc.		592		42,411
Johnson & Johnson		1,108		154,810
Merck & Co., Inc.		1,228		69,100
Pfizer, Inc.		2,996		108,515
Total Pharmaceuticals, Biotechnology & Life Sciences				586,527

49     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Yield Factor ETF
 

	Shares		Value
Real Estate—6.9%
Alexandria Real Estate Equities, Inc.		40	$	5,223
American Campus Communities, Inc.		68		2,790
Apartment Investment & Management Co., Class A		72		3,147
Apple Hospitality REIT, Inc.		124		2,432
AvalonBay Communities, Inc.		60		10,705
Boston Properties, Inc.		60		7,802
Brandywine Realty Trust		88		1,601
Brixmor Property Group, Inc.		176		3,284
Camden Property Trust		44		4,051
Colony NorthStar, Inc., Class A		276		3,149
Columbia Property Trust, Inc.		68		1,561
CoreCivic, Inc.		68		1,530
Corporate Office Properties Trust		48		1,402
Crown Castle International Corp.		184		20,426
CubeSmart		92		2,661
CyrusOne, Inc.		40		2,381
DDR Corp.		188		1,684
Digital Realty Trust, Inc.		96		10,934
Duke Realty Corp.		148		4,027
EPR Properties		36		2,356
Equity Residential		168		10,713
Essex Property Trust, Inc.		28		6,758
Extra Space Storage, Inc.		64		5,597
Federal Realty Investment Trust		28		3,719
Gaming and Leisure Properties, Inc.		116		4,292
GGP, Inc.		316		7,391
HCP, Inc.		272		7,094
Healthcare Trust of America, Inc., Class A		100		3,004
Highwoods Properties, Inc.		48		2,444
Hospitality Properties Trust		96		2,866
Host Hotels & Resorts, Inc.		396		7,861
Iron Mountain, Inc.		152		5,735
JBG SMITH Properties		40		1,389
Kimco Realty Corp.		240		4,356
Lamar Advertising Co., Class A		44		3,266
Liberty Property Trust		80		3,441
Life Storage, Inc.		24		2,138
Macerich Co. (The)		76		4,992
Medical Properties Trust, Inc.		216		2,976
Mid-America Apartment Communities, Inc.		56		5,631
National Retail Properties, Inc.		80		3,450
Omega Healthcare Investors, Inc.1		116		3,195
Outfront Media, Inc.		80		1,856
Piedmont Office Realty Trust, Inc., Class A		76		1,490
	Shares		Value
Real Estate (Continued)
Prologis, Inc.		244	$	15,740
Public Storage		72		15,048
Rayonier, Inc.		64		2,024
Realty Income Corp.		148		8,439
Regency Centers Corp.		72		4,981
Retail Properties of America, Inc., Class A		136		1,828
Senior Housing Properties Trust		140		2,681
Simon Property Group, Inc.		163		27,994
SL Green Realty Corp.		44		4,441
Spirit Realty Capital, Inc.		296		2,540
STORE Capital Corp.		96		2,500
Sun Communities, Inc.		32		2,969
Tanger Factory Outlet Centers, Inc.1		52		1,378
Taubman Centers, Inc.		32		2,094
UDR, Inc.		124		4,776
Uniti Group, Inc.		100		1,779
Ventas, Inc.		192		11,522
VEREIT, Inc.		576		4,487
Vornado Realty Trust		76		5,942
Weingarten Realty Investors		68		2,235
Welltower, Inc.		204		13,009
Weyerhaeuser Co.		380		13,399
WP Carey, Inc.		60		4,134
Total Real Estate				354,740
Retailing—2.5%
GameStop Corp., Class A		60		1,077
Gap, Inc. (The)		128		4,360
Genuine Parts Co.		64		6,081
Home Depot, Inc. (The)		404		76,570
Kohl’s Corp.		96		5,206
L Brands, Inc.		132		7,949
Macy’s, Inc.		180		4,534
Nordstrom, Inc.		60		2,843
Target Corp.		296		19,314
Williams-Sonoma, Inc.1		40		2,068
Total Retailing				130,002
Semiconductors & Semiconductor Equipment—3.9%
Analog Devices, Inc.		124		11,040
Cypress Semiconductor Corp.		156		2,377
Intel Corp.		2,124		98,044
Maxim Integrated Products, Inc.		120		6,274
QUALCOMM, Inc.		752		48,143
Texas Instruments, Inc.		362		37,807
Total Semiconductors & Semiconductor Equipment				203,685

50     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services—7.2%
Accenture PLC, Class A		200	$	30,618
Automatic Data Processing, Inc.		164		19,219
CA, Inc.		152		5,059
International Business Machines Corp.		431		66,124
Microsoft Corp.		2,797		239,255
Paychex, Inc.		148		10,076
Western Union Co. (The)		232		4,410
Total Software & Services				374,761
Technology Hardware & Equipment—2.4%
Cisco Systems, Inc.		2,439		93,414
HP, Inc.		744		15,631
Western Digital Corp.		112		8,907
Xerox Corp.		120		3,498
Total Technology Hardware & Equipment				121,450
Telecommunication Services—5.0%
AT&T, Inc.		3,416		132,814
CenturyLink, Inc.		328		5,471
Verizon Communications, Inc.		2,259		119,569
Total Telecommunication Services				257,854
Transportation—1.9%
C.H. Robinson Worldwide, Inc.		60		5,346
Macquarie Infrastructure Corp.		44		2,825
Norfolk Southern Corp.		96		13,910
Union Pacific Corp.		292		39,157
United Parcel Service, Inc., Class B		315		37,532
Total Transportation				98,770
Utilities—6.2%
AES Corp.		340		3,682
Alliant Energy Corp.		104		4,431
Ameren Corp.		112		6,607
American Electric Power Co., Inc.		236		17,363
Avangrid, Inc.		28		1,416
CenterPoint Energy, Inc.		216		6,126
CMS Energy Corp.		120		5,676
Consolidated Edison, Inc.		148		12,573
Dominion Energy, Inc.		312		25,291
DTE Energy Co.		80		8,757
Duke Energy Corp.		364		30,616
Edison International		132		8,348
Entergy Corp.		96		7,813
Eversource Energy		144		9,098
Exelon Corp.		464		18,286
FirstEnergy Corp.		248		7,594
	Shares		Value
Utilities (Continued)
Great Plains Energy, Inc.		108	$	3,482
Hawaiian Electric Industries, Inc.		56		2,024
MDU Resources Group, Inc.		84		2,258
NextEra Energy, Inc.		196		30,613
NiSource, Inc.		136		3,491
OGE Energy Corp.		96		3,159
PG&E Corp.		232		10,401
Pinnacle West Capital Corp.		43		3,663
PPL Corp.		352		10,894
Public Service Enterprise Group, Inc.		256		13,184
SCANA Corp.		64		2,546
Sempra Energy		108		11,547
Southern Co. (The)		540		25,969
WEC Energy Group, Inc.		141		9,367
Westar Energy, Inc.		64		3,379
Xcel Energy, Inc.		228		10,969
Total Utilities				320,623
Total Common Stocks (Cost $4,989,768)				5,163,516
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $7,665)		7,665		7,665
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $9,131)		9,131		9,131
Total Investments—100.1% (Cost $5,006,564)				5,180,312
Liabilities in Excess of Other Assets—(0.1)%				(5,889	)
Net Assets—100.0%			$	5,174,423

 

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 $10,203; total value of the collateral held by the Fund was $10,487. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,356 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

51     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
COMMON STOCKS—99.6%
Automobiles & Components—0.2%
Aptiv PLC		210	$	17,814
Delphi Technologies PLC1		70		3,673
Lear Corp.		50		8,833
Total Automobiles & Components				30,320
Capital Goods—11.3%
3M Co.		1,356		319,162
A.O. Smith Corp.		170		10,418
Allegion PLC		80		6,365
AMETEK, Inc.		160		11,595
Boeing Co. (The)		1,057		311,720
BWX Technologies, Inc.		110		6,654
Carlisle Cos., Inc.		110		12,501
Cummins, Inc.		140		24,730
Donaldson Co., Inc.		140		6,853
Fastenal Co.		350		19,141
Fortive Corp.		230		16,640
General Dynamics Corp.		330		67,138
Graco, Inc.		261		11,802
Hexcel Corp.		70		4,329
Honeywell International, Inc.		744		114,100
Hubbell, Inc.		50		6,767
Huntington Ingalls Industries, Inc.		40		9,428
Illinois Tool Works, Inc.		490		81,757
Jacobs Engineering Group, Inc.		100		6,596
Lennox International, Inc.		45		9,372
Lockheed Martin Corp.		498		159,883
MSC Industrial Direct Co., Inc., Class A		62		5,993
Northrop Grumman Corp.		182		55,858
Raytheon Co.		420		78,897
Rockwell Automation, Inc.		100		19,635
Rockwell Collins, Inc.		124		16,817
Snap-on, Inc.		88		15,338
Stanley Black & Decker, Inc.		120		20,363
Toro Co. (The)		260		16,960
W.W. Grainger, Inc.		60		14,175
Watsco, Inc.		50		8,502
Total Capital Goods				1,469,489
Commercial & Professional Services—1.0%
Cintas Corp.		160		24,933
Copart, Inc.1		300		12,957
Equifax, Inc.		250		29,480
Robert Half International, Inc.		160		8,886
Rollins, Inc.		250		11,633
Verisk Analytics, Inc.1		150		14,400
Waste Management, Inc.		390		33,657
Total Commercial & Professional Services				135,946
	Shares		Value
Consumer Durables & Apparel—2.2%
Carter’s, Inc.		60	$	7,050
Garmin Ltd.		120		7,148
Hasbro, Inc.		120		10,907
Leggett & Platt, Inc.		180		8,591
Mohawk Industries, Inc.1		40		11,036
NIKE, Inc., Class B		2,927		183,084
NVR, Inc.1		6		21,049
VF Corp.		450		33,300
Total Consumer Durables & Apparel				282,165
Consumer Services—4.3%
Carnival Corp.		370		24,557
Darden Restaurants, Inc.		230		22,085
Domino’s Pizza, Inc.		70		13,227
H&R Block, Inc.		160		4,195
McDonald’s Corp.		1,725		296,907
Starbucks Corp.		2,880		165,398
Vail Resorts, Inc.		50		10,624
Yum! Brands, Inc.		322		26,278
Total Consumer Services				563,271
Diversified Financials—3.4%
Berkshire Hathaway, Inc., Class B1		980		194,256
Cboe Global Markets, Inc.		260		32,393
Eaton Vance Corp.		140		7,895
FactSet Research Systems, Inc.2		90		17,348
Federated Investors, Inc., Class B		110		3,969
Franklin Resources, Inc.		450		19,498
MarketAxess Holdings, Inc.		30		6,053
Morningstar, Inc.		40		3,879
MSCI, Inc.		120		15,185
S&P Global, Inc.		414		70,132
SEI Investments Co.		240		17,246
T. Rowe Price Group, Inc.		570		59,810
Total Diversified Financials				447,664
Energy—2.7%
Exxon Mobil Corp.		4,175		349,197
Food & Staples Retailing—5.3%
Costco Wholesale Corp.		718		133,634
CVS Health Corp.		1,828		132,530
Sysco Corp.		1,010		61,338
Walgreens Boots Alliance, Inc.		960		69,715
Wal-Mart Stores, Inc.		3,027		298,916
Total Food & Staples Retailing				696,133
Food, Beverage & Tobacco—5.0%
Brown-Forman Corp., Class A		110		7,396
Brown-Forman Corp., Class B		360		24,721
Campbell Soup Co.		190		9,141

 

52     OPPENHEIMER ETF TRUST

	Shares		Value
Food, Beverage & Tobacco (Continued)
Coca-Cola Co. (The)		2,879	$	132,089
Dr Pepper Snapple Group, Inc.		170		16,500
General Mills, Inc.		520		30,831
Hershey Co. (The)		180		20,432
Hormel Foods Corp.		590		21,470
J.M. Smucker Co. (The)		130		16,151
Lamb Weston Holdings, Inc.		130		7,338
McCormick & Co., Inc.		170		17,325
PepsiCo, Inc.		1,130		135,510
Philip Morris International, Inc.		2,053		216,899
Total Food, Beverage & Tobacco				655,803
Health Care Equipment & Services—5.3%
Abbott Laboratories		1,819		103,810
Baxter International, Inc.		1,290		83,386
Becton Dickinson and Co.		238		50,921
Cardinal Health, Inc.		360		22,057
Cerner Corp.1		390		26,282
Cigna Corp.		270		54,834
Cooper Cos., Inc. (The)		40		8,715
Express Scripts Holding Co.1		490		36,574
Henry Schein, Inc.1		300		20,964
IDEXX Laboratories, Inc.1		70		10,947
Quest Diagnostics, Inc.		110		10,834
STERIS PLC		60		5,248
Teleflex, Inc.		50		12,441
UnitedHealth Group, Inc.		954		210,319
Varian Medical Systems, Inc.1		130		14,449
West Pharmaceutical Services, Inc.		140		13,814
Total Health Care Equipment & Services				685,595
Household & Personal Products—5.0%
Church & Dwight Co., Inc.		420		21,071
Clorox Co. (The)		130		19,336
Colgate-Palmolive Co.		1,870		141,091
Estee Lauder Cos., Inc., (The), Class A		390		49,624
Kimberly-Clark Corp.		610		73,603
Procter & Gamble Co. (The)		3,762		345,653
Total Household & Personal Products				650,378
Insurance—1.4%
Aon PLC		270		36,180
Brown & Brown, Inc.		110		5,661
Erie Indemnity Co., Class A		60		7,310
Everest Re Group Ltd.		26		5,753
Marsh & McLennan Cos., Inc.		1,480		120,457
RenaissanceRe Holdings Ltd.		30		3,768
Total Insurance				179,129
	Shares		Value
Materials—1.9%
Air Products & Chemicals, Inc.		202	$	33,144
AptarGroup, Inc.		40		3,451
Avery Dennison Corp.		90		10,337
Ecolab, Inc.		232		31,130
International Flavors & Fragrances, Inc.		100		15,261
Monsanto Co.		320		37,370
NewMarket Corp.		10		3,974
PPG Industries, Inc.		200		23,364
Praxair, Inc.		240		37,123
RPM International, Inc.		110		5,766
Sherwin-Williams Co. (The)		90		36,904
Sonoco Products Co.		100		5,314
Total Materials				243,138
Media—2.8%
Cable One, Inc.2		2		1,406
Liberty Broadband Corp., Class A1		40		3,402
Liberty Broadband Corp., Class C1		230		19,587
News Corp., Class A		320		5,187
Omnicom Group, Inc.		230		16,751
Sirius XM Holdings, Inc.2		1,730		9,273
Walt Disney Co. (The)		2,894		311,134
Total Media				366,740
Pharmaceuticals, Biotechnology & Life Sciences—9.9%
Agilent Technologies, Inc.		460		30,806
Bio-Rad Laboratories, Inc., Class A1		17		4,057
Bio-Techne Corp.		74		9,587
Bioverativ, Inc.1		100		5,392
Bristol-Myers Squibb Co.		1,380		84,566
Eli Lilly & Co.		1,110		93,751
Johnson & Johnson		4,496		628,181
Merck & Co., Inc.		2,995		168,529
Mettler-Toledo International, Inc.1		40		24,781
Pfizer, Inc.		6,239		225,977
Waters Corp.1		60		11,591
Total Pharmaceuticals, Biotechnology & Life Sciences				1,287,218
Real Estate—2.6%
AvalonBay Communities, Inc.		180		32,114
Camden Property Trust		140		12,888
EPR Properties		50		3,273
Equity LifeStyle Properties, Inc.		80		7,122
Equity Residential		910		58,031
Extra Space Storage, Inc.		100		8,745
Federal Realty Investment Trust		50		6,640

53     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
Real Estate (Continued)
Gaming and Leisure Properties, Inc.		190	$	7,030
GGP, Inc.		480		11,227
Host Hotels & Resorts, Inc.		620		12,307
Lamar Advertising Co., Class A		130		9,651
Liberty Property Trust		150		6,451
Macerich Co. (The)		100		6,568
Public Storage		369		77,121
Rayonier, Inc.		120		3,796
Simon Property Group, Inc.		385		66,120
Tanger Factory Outlet Centers, Inc.2		170		4,507
Weingarten Realty Investors		130		4,273
Total Real Estate				337,864
Retailing—7.5%
AutoZone, Inc.1		34		24,186
Bed Bath & Beyond, Inc.2		130		2,859
Dollar General Corp.		260		24,183
Foot Locker, Inc.		140		6,563
Genuine Parts Co.		270		25,653
Home Depot, Inc. (The)		2,760		523,103
Liberty Ventures, Series A1		60		3,254
Lowe’s Cos., Inc.		820		76,211
O’Reilly Automotive, Inc.1		155		37,284
Pool Corp.		70		9,075
Ross Stores, Inc.		727		58,342
Target Corp.		640		41,760
Tiffany & Co.		80		8,316
TJX Cos., Inc. (The)		1,640		125,394
Tractor Supply Co.		120		8,970
Total Retailing				975,153
Semiconductors & Semiconductor Equipment—3.5%
Analog Devices, Inc.		370		32,941
Intel Corp.		4,071		187,917
Maxim Integrated Products, Inc.		240		12,547
Texas Instruments, Inc.		1,877		196,034
Versum Materials, Inc.		90		3,407
Xilinx, Inc.		270		18,203
Total Semiconductors & Semiconductor Equipment				451,049
Software & Services—19.8%
Accenture PLC, Class A		1,303		199,476
Adobe Systems, Inc.1		605		106,020
Alphabet, Inc., Class A1		293		308,646
Alphabet, Inc., Class C1		300		313,920
Amdocs Ltd.		276		18,073
	Shares		Value
Software & Services (Continued)
ANSYS, Inc.1		144	$	21,253
Automatic Data Processing, Inc.		970		113,674
Broadridge Financial Solutions, Inc.		150		13,587
Cadence Design Systems, Inc.1		400		16,728
Fiserv, Inc.1		234		30,685
Gartner, Inc.1		60		7,389
Genpact Ltd.		160		5,078
Intuit, Inc.		470		74,157
Jack Henry & Associates, Inc.		220		25,731
Mastercard, Inc., Class A		2,160		326,938
Microsoft Corp.		5,169		442,156
Paychex, Inc.		840		57,187
Red Hat, Inc.1		140		16,814
Synopsys, Inc.1		300		25,572
Tyler Technologies, Inc.1		30		5,312
VeriSign, Inc.1,2		70		8,011
Visa, Inc., Class A		3,871		441,371
Total Software & Services				2,577,778
Technology Hardware & Equipment—0.1%
Dolby Laboratories, Inc., Class A		70		4,340
National Instruments Corp.		130		5,412
Total Technology Hardware & Equipment				9,752
Telecommunication Services—2.1%
AT&T, Inc.		7,064		274,648
Transportation—2.1%
Expeditors International of Washington, Inc.		250		16,173
JB Hunt Transport Services, Inc.		150		17,247
Landstar System, Inc.		40		4,164
Old Dominion Freight Line, Inc.		60		7,893
Union Pacific Corp.		743		99,636
United Parcel Service, Inc., Class B		1,040		123,916
Total Transportation				269,029
Utilities—0.2%
Edison International		230		14,545
WEC Energy Group, Inc.		250		16,608
Total Utilities				31,153
Total Common Stocks (Cost $12,458,453)				12,968,612
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $12,959)		12,959		12,959

54     OPPENHEIMER ETF TRUST

	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $9,322)		9,322	$	9,322
Total Investments—99.8% (Cost $12,480,734)				12,990,893
Other Assets in Excess of Liabilities—0.2%				20,980
Net Assets—100.0%			$	13,011,873

 

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 $41,727; total value of the collateral held by the Fund was $42,919. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $33,597 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

55     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 UNAUDITED
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.1%
Dorman Products, Inc.1		630	$	38,518
LCI Industries		600		78,000
Standard Motor Products, Inc.		330		14,820
Superior Industries International, Inc.		620		9,207
Total Automobiles & Components				140,545
Banks—14.9%
1st Source Corp.		150		7,417
Access National Corp.		120		3,341
American National Bankshares, Inc.		70		2,681
Ameris Bancorp		300		14,460
Arrow Financial Corp.		130		4,413
Atlantic Capital Bancshares, Inc.1		180		3,168
Banc of California, Inc.2		270		5,575
BancFirst Corp.		160		8,184
Banco Latinoamericano de Comercio Exterior SA, Class E		280		7,532
BancorpSouth Bank		710		22,329
Bank Mutual Corp.		360		3,834
Bank of Marin Bancorp		60		4,080
Banner Corp.		280		15,434
Bar Harbor Bankshares		140		3,781
Beneficial Bancorp, Inc.		610		10,034
Berkshire Hills Bancorp, Inc.		380		13,908
Blue Hills Bancorp, Inc.		210		4,221
Boston Private Financial Holdings, Inc.		670		10,351
Bridge Bancorp, Inc.		160		5,600
Brookline Bancorp, Inc.		690		10,833
Bryn Mawr Bank Corp.		170		7,514
Camden National Corp.		130		5,477
Capitol Federal Financial, Inc.		1,440		19,310
Cathay General Bancorp		680		28,676
CenterState Banks Corp.		450		11,578
Central Pacific Financial Corp.		260		7,756
Chemical Financial Corp.		610		32,617
Citizens & Northern Corp.		130		3,120
City Holding Co.		160		10,795
Clifton Bancorp, Inc.		190		3,249
CNB Financial Corp.		130		3,411
CoBiz Financial, Inc.		290		5,797
Columbia Banking System, Inc.		630		27,367
Community Bank System, Inc.		490		26,337
Community Trust Bancorp, Inc.		160		7,536
ConnectOne Bancorp, Inc.		260		6,695
CVB Financial Corp.		960		22,618
Dime Community Bancshares, Inc.		340		7,123
Eagle Bancorp, Inc.1		310		17,949
	Shares		Value
Banks (Continued)
Enterprise Financial Services Corp.		220	$	9,933
Essent Group Ltd.1		1,490		64,696
Farmers Capital Bank Corp.		70		2,695
Farmers National Banc Corp.		289		4,263
FCB Financial Holdings, Inc., Class A1		310		15,748
Fidelity Southern Corp.		160		3,488
Financial Institutions, Inc.		120		3,732
First Bancorp		190		6,709
First Busey Corp.		310		9,281
First Citizens BancShares, Inc., Class A		65		26,195
First Commonwealth Financial Corp.		880		12,602
First Community Bancshares, Inc.		150		4,309
First Connecticut Bancorp, Inc.		130		3,399
First Defiance Financial Corp.		90		4,677
First Financial Bancorp		570		15,019
First Financial Bankshares, Inc.2		600		27,030
First Financial Corp.		110		4,988
First Foundation, Inc.1		250		4,635
First Interstate BancSystem, Inc., Class A		250		10,012
First Merchants Corp.		400		16,824
First Midwest Bancorp, Inc.		1,020		24,490
First of Long Island Corp. (The)		210		5,985
Flagstar Bancorp, Inc.1		140		5,239
Flushing Financial Corp.		260		7,150
Fulton Financial Corp.		1,580		28,282
German American Bancorp, Inc.		190		6,713
Glacier Bancorp, Inc.2		710		27,967
Great Southern Bancorp, Inc.		90		4,648
Great Western Bancorp, Inc.		460		18,308
Guaranty Bancorp		200		5,530
Hancock Holding Co.		610		30,195
Hanmi Financial Corp.		260		7,891
Heartland Financial USA, Inc.		200		10,730
Heritage Commerce Corp.		340		5,209
Heritage Financial Corp.		280		8,624
Hilltop Holdings, Inc.		570		14,438
Home BancShares, Inc.2		1,220		28,365
HomeStreet, Inc.1		210		6,079
HomeTrust Bancshares, Inc.1		150		3,862
Hope Bancorp, Inc.		1,071		19,546
Horizon Bancorp		170		4,726
IBERIABANK Corp.		430		33,325
Independent Bank Corp.		250		17,463
Independent Bank Group, Inc.		120		8,112
International Bancshares Corp.		440		17,468

 

56     OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
Investors Bancorp, Inc.		2,588	$	35,921
Kearny Financial Corp.		730		10,549
Lakeland Bancorp, Inc.		390		7,508
Lakeland Financial Corp.		240		11,638
LegacyTexas Financial Group, Inc.		370		15,618
Live Oak Bancshares, Inc.		120		2,862
MainSource Financial Group, Inc.		200		7,262
MB Financial, Inc.		740		32,945
Mercantile Bank Corp.		120		4,244
Meridian Bancorp, Inc.		460		9,476
Meta Financial Group, Inc.		70		6,486
Midland States Bancorp, Inc.		130		4,222
National Bank Holdings Corp., Class A		220		7,135
National Bankshares, Inc.		70		3,182
National Commerce Corp.1		80		3,220
NBT Bancorp, Inc.		410		15,088
Nicolet Bankshares, Inc.1		80		4,379
NMI Holdings, Inc., Class A1		700		11,900
Northfield Bancorp, Inc.		400		6,832
Northwest Bancshares, Inc.		920		15,392
OceanFirst Financial Corp.		280		7,350
Oritani Financial Corp.		480		7,872
Pacific Premier Bancorp, Inc.1		340		13,600
Park National Corp.		140		14,560
Peapack Gladstone Financial Corp.		120		4,202
Peoples Bancorp, Inc.		140		4,567
People’s Utah Bancorp		130		3,939
Preferred Bank		100		5,878
Provident Financial Services, Inc.		610		16,452
QCR Holdings, Inc.		120		5,142
Renasant Corp.		420		17,174
Republic Bancorp, Inc., Class A		90		3,422
S&T Bancorp, Inc.		300		11,943
Sandy Spring Bancorp, Inc.		220		8,584
Seacoast Banking Corp. of Florida1		330		8,319
ServisFirst Bancshares, Inc.		420		17,430
Simmons First National Corp., Class A		330		18,843
South State Corp.		341		29,718
Southside Bancshares, Inc.		220		7,410
State Bank Financial Corp.		360		10,742
Sterling Bancorp		1,230		30,258
Stock Yards Bancorp, Inc.		220		8,294
Sun Bancorp, Inc.		110		2,673
Territorial Bancorp, Inc.		80		2,470
Texas Capital Bancshares, Inc.1		300		26,670
	Shares		Value
Banks (Continued)
Tompkins Financial Corp.		140	$	11,389
TowneBank		510		15,683
TriCo Bancshares		190		7,193
TriState Capital Holdings, Inc.1		150		3,450
TrustCo Bank Corp. NY		840		7,728
Trustmark Corp.		630		20,072
UMB Financial Corp.		370		26,610
Umpqua Holdings Corp.		2,010		41,808
Union Bankshares Corp.		410		14,830
United Bankshares, Inc.		971		33,742
United Community Banks, Inc.		560		15,758
United Community Financial Corp.		320		2,922
United Financial Bancorp, Inc.		490		8,644
Univest Corp. of Pennsylvania		230		6,452
Valley National Bancorp		2,390		26,816
Veritex Holdings, Inc.1		110		3,035
Walker & Dunlop, Inc.1		240		11,400
Washington Federal, Inc.		910		31,168
Washington Trust Bancorp, Inc.		150		7,988
WashingtonFirst Bankshares, Inc.		90		3,083
Waterstone Financial, Inc.		210		3,581
WesBanco, Inc.		390		15,854
West Bancorporation, Inc.		130		3,270
Westamerica Bancorporation		250		14,888
Western New England Bancorp, Inc.		250		2,725
Wintrust Financial Corp.		520		42,832
WSFS Financial Corp.		280		13,398
Total Banks				1,916,371
Capital Goods—8.5%
AAON, Inc.		1,090		40,003
Aerovironment, Inc.1		300		16,848
Alamo Group, Inc.		230		25,960
Apogee Enterprises, Inc.		410		18,749
Applied Industrial Technologies, Inc.		813		55,365
Argan, Inc.		260		11,700
Astec Industries, Inc.		580		33,930
Barnes Group, Inc.		773		48,908
BMC Stock Holdings, Inc.1		1,230		31,119
Comfort Systems USA, Inc.		810		35,356
Curtiss-Wright Corp.		848		103,329
Eastern Co. (The)		140		3,661
EMCOR Group, Inc.		1,314		107,419
EnerSys		580		40,385
ESCO Technologies, Inc.		470		28,318
Franklin Electric Co., Inc.		670		30,753
Gencor Industries, Inc.1		345		5,710
Gorman-Rupp Co. (The)		320		9,987

57     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Capital Goods (Continued)
Graham Corp.		200	$	4,186
Kadant, Inc.		280		28,112
Kaman Corp.		450		26,478
LSI Industries, Inc.		300		2,064
Masonite International Corp.1		725		53,759
Miller Industries, Inc.		260		6,708
Mueller Industries, Inc.		800		28,344
MYR Group, Inc.1		280		10,004
Nexeo Solutions, Inc.1		950		8,645
Omega Flex, Inc.		40		2,856
Raven Industries, Inc.		790		27,137
Simpson Manufacturing Co., Inc.		1,310		75,207
Spartan Motors, Inc.		561		8,836
Sparton Corp.1		230		5,304
Standex International Corp.		260		26,481
Tennant Co.		370		26,881
Trex Co., Inc.1		360		39,020
Woodward, Inc.		914		69,958
Total Capital Goods				1,097,480
Commercial & Professional Services—6.0%
ABM Industries, Inc.		920		34,702
Brady Corp., Class A		1,160		43,964
CRA International, Inc.		180		8,091
Ennis, Inc.		630		13,072
Exponent, Inc.		800		56,880
Franklin Covey Co.1		220		4,565
FTI Consulting, Inc.1		630		27,065
Healthcare Services Group, Inc.		2,337		123,207
Heidrick & Struggles International, Inc.		310		7,611
Herman Miller, Inc.		1,400		56,070
Insperity, Inc.		858		49,206
Kimball International, Inc., Class B		690		12,882
Knoll, Inc.		730		16,819
LSC Communications, Inc.		510		7,727
Matthews International Corp., Class A		440		23,232
McGrath Rentcorp		430		20,201
MSA Safety, Inc.		490		37,985
Navigant Consulting, Inc.1		1,130		21,933
On Assignment, Inc.1		844		54,244
Resources Connection, Inc.		680		10,506
RPX Corp.		820		11,021
Tetra Tech, Inc.		830		39,965
TrueBlue, Inc.1		900		24,750
UniFirst Corp.		400		65,960
Total Commercial & Professional Services				771,658
	Shares		Value
Consumer Durables & Apparel—2.9%
American Outdoor Brands Corp.1,2		870	$	11,171
AV Homes, Inc.1		160		2,664
Callaway Golf Co.2		1,740		24,238
Cavco Industries, Inc.1		169		25,789
Columbia Sportswear Co.		480		34,502
Crocs, Inc.1		1,090		13,778
CSS Industries, Inc.		180		5,010
Culp, Inc.		240		8,040
Ethan Allen Interiors, Inc.		520		14,872
Flexsteel Industries, Inc.		130		6,081
Hamilton Beach Brands Holding Co., Class A		110		2,826
Helen of Troy Ltd.1		360		34,686
Hooker Furniture Corp.		260		11,037
iRobot Corp.1,2		520		39,884
Johnson Outdoors, Inc., Class A		70		4,346
La-Z-Boy, Inc.		1,210		37,752
MCBC Holdings, Inc.1		240		5,333
Steven Madden Ltd.1		1,210		56,507
Sturm Ruger & Co., Inc.2		390		21,782
Universal Electronics, Inc.1		212		10,017
Total Consumer Durables & Apparel				370,315
Consumer Services—7.6%
BJ’s Restaurants, Inc.		480		17,472
Bloomin’ Brands, Inc.		2,090		44,601
Brinker International, Inc.		1,630		63,309
Buffalo Wild Wings, Inc.1		490		76,611
Capella Education Co.		190		14,706
Cheesecake Factory, Inc. (The)2		1,750		84,315
Churchill Downs, Inc.		200		46,540
Collectors Universe, Inc.		240		6,874
Cracker Barrel Old Country Store, Inc.		650		103,278
Dave & Buster’s Entertainment, Inc.1		620		34,205
Del Frisco’s Restaurant Group, Inc.1		470		7,167
Golden Entertainment, Inc.1		280		9,142
Grand Canyon Education, Inc.1		757		67,774
Habit Restaurants, Inc. (The), Class A1,2		330		3,152
International Speedway Corp., Class A		730		29,091
Jack in the Box, Inc.		830		81,431
Monarch Casino & Resort, Inc.1		140		6,275
Nathan’s Famous, Inc.		70		5,285
Papa John’s International, Inc.2		780		43,766
Planet Fitness, Inc., Class A1		1,660		57,486

58     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services (Continued)
Potbelly Corp.1		400	$	4,920
Regis Corp.1		730		11,213
Ruth’s Hospitality Group, Inc.		800		17,320
Sonic Corp.		570		15,664
Speedway Motorsports, Inc.		170		3,208
Texas Roadhouse, Inc.		1,800		94,824
Wingstop, Inc.		680		26,506
Total Consumer Services				976,135
Diversified Financials—3.8%
AG Mortgage Investment Trust, Inc.		330		6,273
Anworth Mortgage Asset Corp.		840		4,570
Apollo Commercial Real Estate Finance, Inc.		2,093		38,616
Ares Commercial Real Estate Corp.		350		4,515
ARMOUR Residential REIT, Inc.		230		5,916
Artisan Partners Asset Management, Inc., Class A		670		26,465
Capstead Mortgage Corp.		930		8,044
Cherry Hill Mortgage Investment Corp.		200		3,598
Cohen & Steers, Inc.		400		18,916
CYS Investments, Inc.		1,120		8,994
Diamond Hill Investment Group, Inc.		67		13,846
Dynex Capital, Inc.		490		3,435
Evercore, Inc., Class A		620		55,800
Financial Engines, Inc.		420		12,726
FirstCash, Inc.		640		43,168
Great Ajax Corp.		250		3,455
Greenhill & Co., Inc.		340		6,630
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		410		9,865
Houlihan Lokey, Inc.		350		15,900
INTL. FCStone, Inc.1		100		4,253
Invesco Mortgage Capital, Inc.		1,210		21,574
Ladder Capital Corp.		550		7,496
Moelis & Co., Class A		390		18,915
MTGE Investment Corp.		440		8,140
Nelnet, Inc., Class A		140		7,669
New York Mortgage Trust, Inc.		850		5,244
OM Asset Management PLC		950		15,913
Owens Realty Mortgage, Inc.		180		2,882
PennyMac Mortgage Investment Trust		610		9,803
PRA Group, Inc.1		300		9,960
Redwood Trust, Inc.		800		11,856
Stifel Financial Corp.		400		23,824
Sutherland Asset Management Corp.		230		3,484
	Shares		Value
Diversified Financials (Continued)
Virtu Financial, Inc., Class A2		160	$	2,928
Virtus Investment Partners, Inc.		60		6,903
Waddell & Reed Financial, Inc., Class A		1,120		25,021
Westwood Holdings Group, Inc.		160		10,594
Total Diversified Financials				487,191
Energy—0.3%
Dril-Quip, Inc.1		550		26,235
NACCO Industries, Inc., Class A		50		1,883
Natural Gas Services Group, Inc.1		190		4,978
REX American Resources Corp.1		80		6,623
Total Energy				39,719
Food & Staples Retailing—0.1%
Village Super Market, Inc., Class A		180		4,128
Weis Markets, Inc.		170		7,036
Total Food & Staples Retailing				11,164
Food, Beverage & Tobacco—3.5%
B&G Foods, Inc.		820		28,823
Bob Evans Farms, Inc.		680		53,598
Boston Beer Co., Inc. (The), Class A1,2		190		36,309
Cal-Maine Foods, Inc.1		810		36,004
Fresh Del Monte Produce, Inc.		820		39,089
J&J Snack Foods Corp.		400		60,732
John B. Sanfilippo & Son, Inc.		170		10,753
Lancaster Colony Corp.		921		119,002
Tootsie Roll Industries, Inc.2		460		16,744
Universal Corp.		310		16,275
Vector Group Ltd.		1,770		39,613
Total Food, Beverage & Tobacco				456,942
Health Care Equipment & Services—9.0%
Abaxis, Inc.		350		17,332
Analogic Corp.		300		25,125
AngioDynamics, Inc.1		490		8,149
Atrion Corp.		36		22,702
Cantel Medical Corp.		768		79,004
Chemed Corp.		517		125,641
CorVel Corp.1		340		17,986
Cutera, Inc.1		210		9,523
Exactech, Inc.1		240		11,868
Globus Medical, Inc., Class A1		1,390		57,129
Haemonetics Corp.1		920		53,434
HealthEquity, Inc.1		330		15,398
HealthSouth Corp.1		1,630		80,538
HealthStream, Inc.1		340		7,874
ICU Medical, Inc.1		480		103,680
Integer Holdings Corp.1		410		18,573

59     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Health Care Equipment & Services (Continued)
Integra LifeSciences Holdings Corp.1		880	$	42,117
LeMaitre Vascular, Inc.		290		9,234
LHC Group, Inc.1		250		15,312
LivaNova PLC1		900		71,928
Masimo Corp.1		1,120		94,976
Molina Healthcare, Inc.1,2		660		50,609
National Healthcare Corp.		240		14,626
National Research Corp., Class A		130		4,849
Neogen Corp.1		787		64,699
Orthofix International NV1		430		23,521
Owens & Minor, Inc.		1,510		28,509
Penumbra, Inc.1,2		390		36,699
Providence Service Corp. (The)1		180		10,681
Quality Systems, Inc.1		990		13,444
Simulations Plus, Inc.		220		3,542
US Physical Therapy, Inc.		200		14,440
Utah Medical Products, Inc.		120		9,768
Total Health Care Equipment & Services				1,162,910
Household & Personal Products—0.6%
Inter Parfums, Inc.		290		12,601
Medifast, Inc.		210		14,660
Oil-Dri Corp. of America		80		3,320
WD-40 Co.		360		42,480
Total Household & Personal Products				73,061
Insurance—3.3%
AMERISAFE, Inc.		290		17,864
AmTrust Financial Services, Inc.		580		5,841
Argo Group International Holdings Ltd.		350		21,578
Baldwin & Lyons, Inc., Class B		130		3,113
CNO Financial Group, Inc.		1,420		35,060
EMC Insurance Group, Inc.		100		2,869
Employers Holdings, Inc.		310		13,764
Enstar Group Ltd.1		140		28,105
FBL Financial Group, Inc., Class A		100		6,965
Global Indemnity Ltd.1		100		4,202
Greenlight Capital Re Ltd., Class A1		340		6,834
Horace Mann Educators Corp.		380		16,758
Infinity Property & Casualty Corp.		130		13,780
Investors Title Co.		20		3,967
James River Group Holdings Ltd.		300		12,003
Kemper Corp.		280		19,292
Kinsale Capital Group, Inc.		80		3,600
Maiden Holdings Ltd.		590		3,894
National General Holdings Corp.		600		11,784
	Shares		Value
Insurance (Continued)
National Western Life Group, Inc., Class A		20	$	6,620
Navigators Group, Inc. (The)		240		11,688
Primerica, Inc.		480		48,744
RLI Corp.		650		39,429
Safety Insurance Group, Inc.		210		16,884
Selective Insurance Group, Inc.		730		42,851
State Auto Financial Corp.		110		3,203
Stewart Information Services Corp.		200		8,460
Third Point Reinsurance Ltd.1		680		9,962
United Fire Group, Inc.		160		7,293
Total Insurance				426,407
Materials—3.9%
A. Schulman, Inc.		560		20,860
Chase Corp.		170		20,485
Deltic Timber Corp.		140		12,817
FutureFuel Corp.		940		13,245
GCP Applied Technologies, Inc.1		980		31,262
H.B. Fuller Co.		690		37,170
Hawkins, Inc.		270		9,504
Ingevity Corp.1		690		48,624
Innophos Holdings, Inc.		370		17,290
KMG Chemicals, Inc.		120		7,930
Louisiana-Pacific Corp.1		3,190		83,769
Materion Corp.		250		12,150
Neenah Paper, Inc.		380		34,447
Quaker Chemical Corp.		340		51,269
Sensient Technologies Corp.		1,040		76,076
Stepan Co.		250		19,742
UFP Technologies, Inc.1		140		3,892
United States Lime & Minerals, Inc.		60		4,626
Total Materials				505,158
Media—1.2%
E.W. Scripps Co., (The), Class A1		730		11,410
IMAX Corp.1		1,280		29,632
Meredith Corp.		567		37,450
MSG Networks, Inc., Class A1		2,370		47,992
New York Times Co., (The), Class A		1,740		32,190
Saga Communications, Inc., Class A		50		2,023
Total Media				160,697
Pharmaceuticals, Biotechnology & Life Sciences—0.6%
Amphastar Pharmaceuticals, Inc.1		460		8,850
Genomic Health, Inc.1		260		8,892
Luminex Corp.		610		12,017

60     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
PRA Health Sciences, Inc.1		480	$	43,714
Total Pharmaceuticals, Biotechnology & Life Sciences				73,473
Real Estate—12.3%
Acadia Realty Trust		1,040		28,454
Agree Realty Corp.		460		23,662
Alexander’s, Inc.		40		15,834
American Assets Trust, Inc.		470		17,973
Armada Hoffler Properties, Inc.		610		9,473
CareTrust REIT, Inc.		590		9,888
CBL & Associates Properties, Inc.		1,700		9,622
Cedar Realty Trust, Inc.		660		4,013
Chatham Lodging Trust		450		10,242
Chesapeake Lodging Trust		880		23,839
City Office REIT, Inc.		200		2,602
Community Healthcare Trust, Inc.		120		3,372
Consolidated-Tomoka Land Co.		50		3,175
Cousins Properties, Inc.		4,992		46,176
DiamondRock Hospitality Co.		2,770		31,273
Easterly Government Properties, Inc.		330		7,042
EastGroup Properties, Inc.		660		58,331
Education Realty Trust, Inc.		700		24,444
First Industrial Realty Trust, Inc.		1,920		60,422
Forestar Group, Inc.1		470		10,340
Four Corners Property Trust, Inc.		1,130		29,041
Franklin Street Properties Corp.		910		9,773
GEO Group, Inc. (The)		1,300		30,680
Getty Realty Corp.		470		12,765
Gladstone Commercial Corp.		210		4,423
Global Net Lease, Inc.		600		12,348
Government Properties Income Trust		890		16,501
Gramercy Property Trust		1,180		31,459
Healthcare Realty Trust, Inc.		1,720		55,246
Hersha Hospitality Trust		660		11,484
HFF, Inc., Class A		580		28,211
InfraREIT, Inc.		330		6,131
Investors Real Estate Trust		1,050		5,964
iStar, Inc.1		620		7,006
Kennedy-Wilson Holdings, Inc.		520		9,022
Kite Realty Group Trust		610		11,956
LaSalle Hotel Properties		1,930		54,175
Lexington Realty Trust		3,070		29,625
LTC Properties, Inc.		820		35,711
Marcus & Millichap, Inc.1		180		5,870
Monmouth Real Estate Investment Corp.		990		17,622
	Shares		Value
Real Estate (Continued)
National Health Investors, Inc.		820	$	61,812
National Storage Affiliates Trust		360		9,814
NexPoint Residential Trust, Inc.		160		4,470
One Liberty Properties, Inc.		210		5,443
Pebblebrook Hotel Trust		750		27,877
Physicians Realty Trust		1,590		28,604
Potlatch Corp.		380		18,962
Preferred Apartment Communities, Inc., Class A		190		3,848
PS Business Parks, Inc.		410		51,287
QTS Realty Trust, Inc., Class A		410		22,206
Ramco-Gershenson Properties Trust		1,120		16,498
RE/MAX Holdings, Inc., Class A		300		14,550
Retail Opportunity Investments Corp.		1,220		24,339
Rexford Industrial Realty, Inc.		820		23,911
RLJ Lodging Trust		2,115		46,467
RMR Group, Inc. (The), Class A		100		5,930
Ryman Hospitality Properties, Inc.		840		57,977
Sabra Health Care REIT, Inc.		640		12,013
Saul Centers, Inc.		170		10,498
Select Income REIT		850		21,361
St Joe Co. (The)1		430		7,762
STAG Industrial, Inc.		940		25,690
Summit Hotel Properties, Inc.		1,930		29,394
Sunstone Hotel Investors, Inc.		3,070		50,747
Terreno Realty Corp.		510		17,881
UMH Properties, Inc.		330		4,917
Universal Health Realty Income Trust		220		16,524
Urban Edge Properties		1,650		42,059
Urstadt Biddle Properties, Inc., Class A		490		10,653
Washington Prime Group, Inc.2		1,310		9,327
Washington Real Estate Investment Trust		1,520		47,302
Whitestone REIT		320		4,611
Xenia Hotels & Resorts, Inc.		1,310		28,283
Total Real Estate				1,588,207
Retailing—3.1%
Aaron’s, Inc.		1,420		56,587
Big Lots, Inc.		920		51,658
Buckle, Inc. (The)2		440		10,450
Cato Corp., (The), Class A		580		9,234
Chico’s FAS, Inc.		3,090		27,254
Children’s Place, Inc. (The)		450		65,407
Dillard’s, Inc., Class A		220		13,211
DSW, Inc., Class A		1,400		29,974

61     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS UNAUDITED CONTINUED
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Retailing (Continued)
Finish Line, Inc., (The), Class A2		910	$	13,222
FTD Cos., Inc.1		200		1,438
Genesco, Inc.1		360		11,700
Guess?, Inc.		940		15,867
Haverty Furniture Cos., Inc.		540		12,231
Hibbett Sports, Inc.1,2		540		11,016
PetMed Express, Inc.2		280		12,740
Shoe Carnival, Inc.		240		6,420
Shutterfly, Inc.1		430		21,393
Sleep Number Corp.1		500		18,795
Vitamin Shoppe, Inc.1,2		320		1,408
Weyco Group, Inc.		160		4,755
Winmark Corp.		30		3,882
Total Retailing				398,642
Semiconductors & Semiconductor Equipment—0.8%
Advanced Energy Industries, Inc.1		900		60,732
NVE Corp.		140		12,040
Photronics, Inc.1		1,260		10,741
Rudolph Technologies, Inc.1		650		15,535
Total Semiconductors & Semiconductor Equipment				99,048
Software & Services—7.3%
8x8, Inc.1		1,320		18,612
American Software, Inc., Class A		810		9,420
Aspen Technology, Inc.1		4,243		280,887
Cardtronics PLC, Class A1		650		12,038
Cimpress NV1		380		45,554
Convergys Corp.		2,160		50,760
EPAM Systems, Inc.1		1,350		145,030
EVERTEC, Inc.		1,080		14,742
ExlService Holdings, Inc.1		860		51,901
Hackett Group, Inc. (The)		600		9,426
ManTech International Corp., Class A		650		32,623
MAXIMUS, Inc.		1,770		126,697
NIC, Inc.		1,950		32,370
Progress Software Corp.		1,040		44,273
Syntel, Inc.1		1,240		28,508
TeleTech Holdings, Inc.		320		12,880
XO Group, Inc.1		600		11,076
Zix Corp.1		2,010		8,804
Total Software & Services				935,601
Technology Hardware & Equipment—3.1%
ADTRAN, Inc.		900		17,415
Anixter International, Inc.1		792		60,192
AVX Corp.		1,660		28,718
	Shares		Value
Technology Hardware & Equipment (Continued)
Badger Meter, Inc.		780	$	37,284
Benchmark Electronics, Inc.1		1,040		30,264
Daktronics, Inc.		460		4,200
InterDigital, Inc.		630		47,974
Intevac, Inc.1		240		1,644
Iteris, Inc.1		450		3,136
Itron, Inc.1		650		44,330
Kimball Electronics, Inc.1		370		6,752
Napco Security Technologies, Inc.1		310		2,713
Novanta, Inc.1		630		31,500
PCM, Inc.1		140		1,386
ScanSource, Inc.1		610		21,838
Vishay Intertechnology, Inc.		2,570		53,328
Total Technology Hardware & Equipment				392,674
Telecommunication Services—0.2%
ATN International, Inc.		340		18,788
Spok Holdings, Inc.		510		7,982
Total Telecommunication Services				26,770
Transportation—1.8%
Daseke, Inc.1,2		660		9,431
Echo Global Logistics, Inc.1		340		9,520
Forward Air Corp.		1,042		59,853
Heartland Express, Inc.		1,080		25,207
Knight-Swift Transportation Holdings, Inc.2		1,830		80,008
Marten Transport Ltd.		800		16,240
Werner Enterprises, Inc.		660		25,509
Total Transportation				225,768
Utilities—3.9%
ALLETE, Inc.		690		51,308
Artesian Resources Corp., Class A		110		4,242
Avista Corp.		790		40,677
California Water Service Group		690		31,292
Consolidated Water Co. Ltd.		270		3,402
El Paso Electric Co.		540		29,889
IDACORP, Inc.		700		63,952
MGE Energy, Inc.		650		41,015
Middlesex Water Co.		250		9,978
Northwest Natural Gas Co.		420		25,053
NorthWestern Corp.		670		39,999
Portland General Electric Co.		1,550		70,649
SJW Group		240		15,319
Southwest Gas Holdings, Inc.		807		64,947
York Water Co. (The)		180		6,102
Total Utilities				497,824
Total Common Stocks (Cost $12,476,183)				12,833,760

62     OPPENHEIMER ETF TRUST

	Shares		Value
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $23,358)		23,358	$	23,358
Investment of Cash Collateral for Securities Loaned—2.0%
Dreyfus Government Cash Management Money Market Fund—Institutional Shares, 1.19%3 (Cost $256,824)		256,824		256,824
Total Investments—102.0% (Cost $12,756,365)				13,113,942
Liabilities in Excess of Other Assets—(2.0)%				(252,683	)
Net Assets—100.0%			$	12,861,259

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $528,559; total value of the collateral held by the Fund was $548,140. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $291,316 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2017.

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

63     OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2017 UNAUDITED
    
  

	Oppenheimer Russell 1000® Momentum Factor ETF		Oppenheimer Russell 1000® Value Factor ETF		Oppenheimer Russell 1000® Low Volatility Factor ETF		Oppenheimer Russell 1000® Size Factor ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	5,141,349	$	5,281,249	$	5,153,548	$	5,309,848
Cash		5,606		30		4,712		—
Receivables and other assets:
Dividends		4,225		4,824		6,691		7,670
Investment securities sold		12,401		12,185		17,114		12,226
Securities lending income, net (Note 4)		8		10		—		59
Total Assets		5,163,589		5,298,298		5,182,065		5,329,803
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		29,083		21,890		—		101,228
Due to custodian		—		—		—		77
Income Distributions		13,698		16,408		19,104		16,146
Management fees (Note 9)		833		846		833		836
Total Liabilities		43,614		39,144		19,937		118,287
Net Assets	$	5,119,975	$	5,259,154	$	5,162,128	$	5,211,516
Composition of Net Assets:
Paid-in capital	$	4,987,935	$	5,000,025	$	5,000,025	$	5,000,025
Undistributed net investment income		25		52		2		89
Accumulated undistributed net realized gain on investments		36,304		137		721		701
Net unrealized appreciation on investments		95,711		258,940		161,380		210,701
Net Assets	$	5,119,975	$	5,259,154	$	5,162,128	$	5,211,516
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		200,000		200,000		200,000		200,000
Net asset value, offering and redemption price per share	$	25.60	$	26.30	$	25.81	$	26.06
Investments at cost	$	5,045,638	$	5,022,309	$	4,992,168	$	5,099,147
1. Includes market value of securities on loan:	$	44,985	$	46,680	$	—	$	249,700
2. Non-cash collateral for securities on loan:	$	17,535	$	26,266	$	—	$	157,167

 

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

64     OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000® Quality Factor ETF		Oppenheimer Russell 1000® Yield Factor ETF		Oppenheimer Russell 1000® Dynamic Multifactor ETF		Oppenheimer Russell 2000® Dynamic Multifactor ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	5,149,097	$	5,180,312	$	12,990,893	$	13,113,942
Cash		6,239		—		25,319		—
Receivables and other assets:
Dividends		4,134		8,657		14,239		21,955
Investment securities sold		12,640		21,906		35,948		30,274
Securities lending income, net (Note 4)		10		3		11		435
Total Assets		5,172,120		5,210,878		13,066,410		13,166,606
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		14,737		9,131		9,322		256,824
Due to custodian		—		37		—		—
Income Distributions		14,594		26,454		42,020		44,230
Management fees (Note 9)		828		833		3,195		4,293
Total Liabilities		30,159		36,455		54,537		305,347
Net Assets	$	5,141,961	$	5,174,423	$	13,011,873	$	12,861,259
Composition of Net Assets:
Paid-in capital	$	5,000,025	$	5,000,025	$	12,500,025	$	12,500,025
Undistributed net investment income (loss)		65		81		131		(190	)
Accumulated undistributed net realized gain on investments		474		569		1,558		3,847
Net unrealized appreciation on investments		141,397		173,748		510,159		357,577
Net Assets	$	5,141,961	$	5,174,423	$	13,011,873	$	12,861,259
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		200,000		200,000		500,000		500,000
Net asset value, offering and redemption price per share	$	25.71	$	25.87	$	26.02	$	25.72
Investments at cost	$	5,007,700	$	5,006,564	$	12,480,734	$	12,756,365
1. Includes market value of securities on loan:	$	34,851	$	10,203	$	41,727	$	528,559
2. Non-cash collateral for securities on loan:	$	21,198	$	1,356	$	33,597	$	291,316

 

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

65     OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS For the Period Ended December 31, 2017 UNaudited
    
  

	Oppenheimer Russell 1000® Momentum Factor ETF1			Oppenheimer Russell 1000® Value Factor ETF1			Oppenheimer Russell 1000® Low Volatility Factor ETF1		Oppenheimer Russell 1000® Size Factor ETF1
Investment Income:
Dividend income	$	15,064		$	17,792		$	20,486	$	17,552
Foreign withholding tax		(1	)		(1	)		—		(5	)
Securities lending income, net (Note 4)		39			65			—		74
Total Income		15,102			17,856			20,486		17,621
Expenses
Management fees (Note 9)		1,379			1,396			1,380		1,386
Net Investment Income		13,723			16,460			19,106		16,235
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(3,172	)		137			721		701
Net realized gain on in-kind redemptions		39,476			—			—		—
Total net realized gain		36,304			137			721		701
Net change in unrealized appreciation on investments		95,711			258,940			161,380		210,701
Net realized and unrealized gain on investments		132,015			259,077			162,101		211,402
Net Increase in Net Assets Resulting From Operations	$	145,738		$	275,537		$	181,207	$	227,637

 

1. Commencement of Operations was November 8, 2017.

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

66     OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000® Quality Factor ETF1		Oppenheimer Russell 1000® Yield Factor ETF1		Oppenheimer Russell 1000® Dynamic Multifactor ETF1		Oppenheimer Russell 2000® Dynamic Multifactor ETF1
Investment Income:
Dividend income	$	15,988	$	27,909	$	47,425	$	50,635
Securities lending income, net (Note 4)		48		6		15		549
Total Income		16,036		27,915		47,440		51,184
Expenses
Management fees (Note 9)		1,377		1,380		5,289		7,144
Net Investment Income		14,659		26,535		42,151		44,040
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments		474		569		1,558		3,847
Net change in unrealized appreciation on investments		141,397		173,748		510,159		357,577
Net realized and unrealized gain on investments		141,871		174,317		511,717		361,424
Net Increase in Net Assets Resulting From Operations	$	156,530	$	200,852	$	553,868	$	405,464

 

1. Commencement of Operations was November 8, 2017.

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

67     OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS
  
 

	Oppenheimer Russell 1000® Momentum Factor ETF			Oppenheimer Russell 1000® Value Factor ETF			Oppenheimer Russell 1000® Low Volatility Factor ETF			Oppenheimer Russell 1000® Size Factor ETF
	For the Period November 8, 20171 to December 31, 2017			For the Period November 8, 20171 to December 31, 2017			For the Period November 8, 20171 to December 31, 2017			For the Period November 8, 20171 to December 31, 2017
Operations:
Net investment income	$	13,723		$	16,460		$	19,106		$	16,235
Net realized gain on investments and in-kind redemptions		36,304			137			721			701
Net change in unrealized appreciation on investments		95,711			258,940			161,380			210,701
Net increase in net assets resulting from operations		145,738			275,537			181,207			227,637
Distributions to Shareholders From:
Net investment income		(13,698	)		(16,408	)		(19,104	)		(16,146	)
Shareholder Transactions:
Proceeds from shares sold		6,275,013			5,000,025			5,000,025			5,000,025
Cost of shares redeemed		(1,287,078	)		—			—			—
Net increase in net assets resulting from shareholder transactions		4,987,935			5,000,025			5,000,025			5,000,025
Increase in net assets		5,119,975			5,259,154			5,162,128			5,211,516
Net Assets:
Beginning of period		—			—			—			—
End of period	$	5,119,975		$	5,259,154		$	5,162,128		$	5,211,516
Undistributed net investment income included in net assets at end of period	$	25		$	52		$	2		$	89
Changes in Shares Outstanding:
Shares outstanding, beginning of period		—			—			—			—
Shares sold		250,000			200,000			200,000			200,000
Shares redeemed		(50,000	)		—			—			—
Shares outstanding, end of period		200,000			200,000			200,000			200,000

 

1. Commencement of operations.

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

68     OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000® Quality Factor ETF			Oppenheimer Russell 1000® Yield Factor ETF			Oppenheimer Russell 1000® Dynamic Multifactor ETF			Oppenheimer Russell 2000® Dynamic Multifactor ETF
	For the Period November 8, 20171 to December 31, 2017			For the Period November 8, 20171 to December 31, 2017			For the Period November 8, 20171 to December 31, 2017			For the Period November 8, 20171 to December 31, 2017
Operations:
Net investment income	$	14,659		$	26,535		$	42,151		$	44,040
Net realized gain on investments		474			569			1,558			3,847
Net change in unrealized appreciation on investments		141,397			173,748			510,159			357,577
Net increase in net assets resulting from operations		156,530			200,852			553,868			405,464
Distributions to Shareholders From:
Net investment income		(14,594	)		(26,454	)		(42,020	)		(44,230	)
Shareholder Transactions:
Proceeds from shares sold		5,000,025			5,000,025			12,500,025			12,500,025
Increase in net assets		5,141,961			5,174,423			13,011,873			12,861,259
Net Assets:
Beginning of period		—			—			—			—
End of period	$	5,141,961		$	5,174,423		$	13,011,873		$	12,861,259
Undistributed net investment income (loss) included in net assets at end of period	$	65		$	81		$	131		$	(190	)
Changes in Shares Outstanding:
Shares outstanding, beginning of period		—			—			—			—
Shares sold		200,000			200,000			500,000			500,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		200,000			200,000			500,000			500,000

 

1. Commencement of operations.

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

69     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Momentum Factor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.07
Net realized and unrealized gain on investments		0.60
Total gain from investment operations		0.67
Less Distributions from:
Net investment income		(0.07	)
Net asset value, end of period	$	25.60
Total Return at Net Asset Value3		2.67	%
Total Return at Market Value3		2.87	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	5,120
Average Net Assets (000’s) omitted		5,096
Ratio to average net assets of:
Expenses		0.19	%4
Net investment income		1.89	%4
Portfolio turnover rate5		9.91	%

 

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.

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.

70     OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Value Factor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.08
Net realized and unrealized gain on investments		1.30
Total gain from investment operations		1.38
Less Distributions from:
Net investment income		(0.08	)
Net asset value, end of period	$	26.30
Total Return at Net Asset Value3		5.51	%
Total Return at Market Value3		5.69	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	5,259
Average Net Assets (000’s) omitted		5,157
Ratio to average net assets of:
Expenses		0.19	%4
Net investment income		2.24	%4
Portfolio turnover rate5		0.31	%

 

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.

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.

71     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED
For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Low Volatility Factor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.10
Net realized and unrealized gain on investments		0.81
Total gain from investment operations		0.91
Less Distributions from:
Net investment income		(0.10	)
Net asset value, end of period	$	25.81
Total Return at Net Asset Value3		3.62	%
Total Return at Market Value3		3.82	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	5,162
Average Net Assets (000’s) omitted		5,096
Ratio to average net assets of:
Expenses		0.19	%4
Net investment income		2.63	%4
Portfolio turnover rate5		0.96	%

 

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.

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.

72     OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Size Factor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.08
Net realized and unrealized gain on investments		1.06
Total gain from investment operations		1.14
Less Distributions from:
Net investment income		(0.08	)
Net asset value, end of period	$	26.06
Total Return at Net Asset Value3		4.55	%
Total Return at Market Value3		4.68	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	5,212
Average Net Assets (000’s) omitted		5,120
Ratio to average net assets of:
Expenses		0.19	%4
Net investment income		2.23	%4
Portfolio turnover rate5		0.50	%

 

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.

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.

73     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED
For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Quality Factor ETF	For the Period November 08, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.07
Net realized and unrealized gain on investments		0.71
Total gain from investment operations		0.78
Less Distributions from:
Net investment income		(0.07	)
Net asset value, end of period	$	25.71
Total Return at Net Asset Value3		3.13	%
Total Return at Market Value3		3.29	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	5,142
Average Net Assets (000’s) omitted		5,087
Ratio to average net assets of:
Expenses		0.19	%4
Net investment income		2.02	%4
Portfolio turnover rate5		1.34	%

 

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.

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.

74     OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Yield Factor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.13
Net realized and unrealized gain on investments		0.87
Total gain from investment operations		1.00
Less Distributions from:
Net investment income		(0.13	)
Net asset value, end of period	$	25.87
Total Return at Net Asset Value3		4.02	%
Total Return at Market Value3		4.21	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	5,174
Average Net Assets (000’s) omitted		5,097
Ratio to average net assets of:
Expenses		0.19	%4
Net investment income		3.65	%4
Portfolio turnover rate5		0.37	%

 

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.

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.

75     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS CONTINUED
For a share outstanding throughout the period presented.

Oppenheimer Russell 1000® Dynamic Multifactor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.08
Net realized and unrealized gain on investments		1.02
Total gain from investment operations		1.10
Less Distributions from:
Net investment income		(0.08	)
Net asset value, end of period	$	26.02
Total Return at Net Asset Value3		4.43	%
Total Return at Market Value3		4.50	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	13,012
Average Net Assets (000’s) omitted		12,801
Ratio to average net assets of:
Expenses		0.29	%4
Net investment income		2.31	%4
Portfolio turnover rate5		1.23	%

 

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.

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.

76     OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

Oppenheimer Russell 2000® Dynamic Multifactor ETF	For the Period November 8, 20171 Through December 31, 2017 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.09
Net realized and unrealized gain on investments		0.72
Total gain from investment operations		0.81
Less Distributions from:
Net investment income		(0.09	)
Net asset value, end of period	$	25.72
Total Return at Net Asset Value3		3.24	%
Total Return at Market Value3		3.23	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	12,861
Average Net Assets (000’s) omitted		12,857
Ratio to average net assets of:
Expenses		0.39	%4
Net investment income		2.40	%4
Portfolio turnover rate5		0.15	%

 

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.

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.

77     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 2017 Unaudited
    

1. Organization

Oppenheimer ETF Trust (formerly known as 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 eighteen 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. Oppenheimer Russell 1000^® Momentum Factor ETF, Oppenheimer Russell 1000^® Value Factor ETF, Oppenheimer Russell 1000^® Low Volatility Factor ETF, Oppenheimer Russell 1000^® Size Factor ETF, Oppenheimer Russell 1000^® Quality Factor ETF, Oppenheimer Russell 1000^® Yield Factor ETF, Oppenheimer Russell 1000^® Dynamic Multifactor ETF, and Oppenheimer Russell 2000^® Dynamic Multifactor ETF are diversified funds under the Act. Each Fund’s investment objective is to provide investment results that correspond, generally, before fees and expenses, to the performance of the Fund’s corresponding underlying index (each an “Underlying Index” and, collectively, the “Underlying Indexes”). The Trust’s investment adviser is OFI Advisors, LLC (Prior to October 27, 2017, the Adviser’s name was VTL Associates, LLC.) (“OFI” or the “Adviser”).

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.

78     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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. 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.

79     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

2. Significant Accounting Policies (Continued)

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 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 Russell 1000® Momentum Factor ETF	$	5,045,638	$	157,021	$	(61,310	)	$	95,711
Oppenheimer Russell 1000® Value Factor ETF		5,022,309		311,795		(52,855	)		258,940
Oppenheimer Russell 1000® Low Volatility Factor ETF		4,992,168		215,280		(53,900	)		161,380
Oppenheimer Russell 1000® Size Factor ETF		5,099,147		289,789		(79,088	)		210,701
Oppenheimer Russell 1000® Quality Factor ETF		5,007,700		196,890		(55,493	)		141,397
Oppenheimer Russell 1000® Yield Factor ETF		5,006,564		229,331		(55,583	)		173,748
Oppenheimer Russell 1000® Dynamic Multifactor ETF		12,480,734		565,129		(54,970	)		510,159
Oppenheimer Russell 2000® Dynamic Multifactor ETF		12,756,365		550,110		(192,533	)		357,577

 

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.

80     OPPENHEIMER ETF TRUST

3. Securities Valuation

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at 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)

81     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

3. Securities Valuation (Continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 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 Russell 1000® Momentum Factor ETF	$	5,107,649	$	—	$	33,700	$	—	$	—	$	—	$	5,141,349
Oppenheimer Russell 1000® Value Factor ETF		5,252,279		—		28,970		—		—		—		5,281,249
Oppenheimer Russell 1000® Low Volatility Factor ETF		5,147,204		—		6,344		—		—		—		5,153,548
Oppenheimer Russell 1000® Size Factor ETF		5,202,106		—		107,742		—		—		—		5,309,848
Oppenheimer Russell 1000® Quality Factor ETF		5,128,922		—		20,175		—		—		—		5,149,097
Oppenheimer Russell 1000® Yield Factor ETF		5,163,516		—		16,796		—		—		—		5,180,312
Oppenheimer Russell 1000® Dynamic Multifactor ETF		12,968,612		—		22,281		—		—		—		12,990,893
Oppenheimer Russell 2000® Dynamic Multifactor ETF		12,833,760		—		280,182		—		—		—		13,113,942

 

At December 31, 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 period ended December 31, 2017, there were no transfers between levels.

82     OPPENHEIMER ETF TRUST

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.

The value of loaned securities and related collateral outstanding at December 31, 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 December 31, 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:

83     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

4. Securities Lending (Continued)

Remaining Contractual Maturity of the Agreements, as of December 31, 2017

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer Russell 1000® Momentum Factor ETF
Money Market Mutual Fund		33,700		—		—		—		33,700
U.S. Government Securities		—		—		70		17,465		17,535
Total		33,700		—		70		17,465		51,235
Oppenheimer Russell 1000® Value Factor ETF
Money Market Mutual Fund		28,970		—		—		—		28,970
U.S. Government Securities		—		—		114		26,152		26,266
Total		28,970		—		114		26,152		55,236
Oppenheimer Russell 1000® Low Volatility Factor ETF
Money Market Mutual Fund		6,344		—		—		—		6,344
U.S. Government Securities		—		—		—		—		—
Total		6,344		—		—		—		6,344
Oppenheimer Russell 1000® Size Factor ETF
Money Market Mutual Fund		107,742		—		—		—		107,742
U.S. Government Securities		—		—		682		156,485		157,167
Total		107,742		—		682		156,485		264,909
Oppenheimer Russell 1000® Quality Factor ETF
Money Market Mutual Fund		20,175		—		—		—		20,175
U.S. Government Securities		—		—		92		21,106		21,198
Total		20,175		—		92		21,106		41,373
Oppenheimer Russell 1000® Yield Factor ETF
Money Market Mutual Fund		16,796		—		—		—		16,796
U.S. Government Securities		—		—		6		1,350		1,356
Total		16,796		—		6		1,350		18,152
Oppenheimer Russell 1000® Dynamic Multifactor ETF
Money Market Mutual Fund		22,281		—		—		—		22,281
U.S. Government Securities		—		—		146		33,451		33,597
Total		22,281		—		146		33,451		55,878
Oppenheimer Russell 2000® Dynamic Multifactor ETF
Money Market Mutual Fund		280,182		—		—		—		280,182
U.S. Government Securities		—		—		1,265		290,051		291,316
Total		280,182		—		1,265		290,051		571,498

 

84     OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

Master Netting Arrangements. For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 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 Russell 1000® Momentum Factor ETF	$	44,985		(27,450	)	$	(17,535	)	$	—	$	—	$	—	$	—
Oppenheimer Russell 1000® Value Factor ETF		46,680		(20,414	)		(26,266	)		—		—		—		—
Oppenheimer Russell 1000® Low Volatility Factor ETF		—		—			—			—		—		—		—
Oppenheimer Russell 1000® Size Factor ETF		249,700		(92,533	)		(157,167	)		—		—		—		—
Oppenheimer Russell 1000® Quality Factor ETF		34,851		(13,653	)		(21,198	)		—		—		—		—
Oppenheimer Russell 1000® Yield Factor ETF		10,203		(8,847	)		(1,356	)		—		—		—		—
Oppenheimer Russell 1000® Dynamic Multifactor ETF		41,727		(8,130	)		(33,597	)
Oppenheimer Russell 2000® Dynamic Multifactor ETF		528,559		(237,243	)		(291,316	)		—		—		—		—

 

*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

85     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

5. Investments and Risks (Continued)

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.

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.

86     OPPENHEIMER ETF TRUST

7. Shares of Beneficial Interest

As of December 31, 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 consisting of 50,000 shares (“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 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 period ended December 31, 2017, were as follows:

Fund	Purchases		Sales
Oppenheimer Russell 1000® Momentum Factor ETF	$	501,634	$	927,729
Oppenheimer Russell 1000® Value Factor ETF		17,195		16,089
Oppenheimer Russell 1000® Low Volatility Factor ETF		58,388		48,765
Oppenheimer Russell 1000® Size Factor ETF		25,518		44,747
Oppenheimer Russell 1000® Quality Factor ETF		102,350		68,193
Oppenheimer Russell 1000® Yield Factor ETF		18,794		46,612
Oppenheimer Russell 1000® Dynamic Multifactor ETF		307,685		157,324
Oppenheimer Russell 2000® Dynamic Multifactor ETF		18,726		69,716

 

87     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

8. Purchases & Sales of Securities (Continued)

For the period ended December 31, 2017, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer Russell 1000® Momentum Factor ETF	$	6,256,602	$	854,825
Oppenheimer Russell 1000® Value Factor ETF		4,992,173		—
Oppenheimer Russell 1000® Low Volatility Factor ETF		4,975,480		—
Oppenheimer Russell 1000® Size Factor ETF		5,009,983		—
Oppenheimer Russell 1000® Quality Factor ETF		4,952,932		—
Oppenheimer Russell 1000® Yield Factor ETF		5,017,015		—
Oppenheimer Russell 1000® Dynamic Multifactor ETF		12,306,533		—
Oppenheimer Russell 2000® Dynamic Multifactor ETF		12,523,379		—

 

9. Fees and Other Transactions with Affiliates

Management Fees. OFI 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.

The investment management fee is a unitary fee paid monthly to the Adviser at an annual rate based on each Fund’s average daily net assets. In return for this fee, the Adviser pays the operating costs and expenses of each Fund other than the following expenses (which will be paid by the Fund): distribution fees or expenses under the Funds’ 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokers’ commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, litigation and indemnification expenses and other extraordinary fees not incurred in the ordinary course of the Fund’s business.

Effective September 30, 2017, the Funds pay the Adviser the following annualized fees:

Fund	Management Fees
Oppenheimer Russell 1000® Momentum Factor ETF		0.19	%
Oppenheimer Russell 1000® Value Factor ETF		0.19	%
Oppenheimer Russell 1000® Low Volatility Factor ETF		0.19	%
Oppenheimer Russell 1000® Size Factor ETF		0.19	%
Oppenheimer Russell 1000® Quality Factor ETF		0.19	%
Oppenheimer Russell 1000® Yield Factor ETF		0.19	%
Oppenheimer Russell 1000® Dynamic Multifactor ETF		0.29	%
Oppenheimer Russell 2000® Dynamic Multifactor ETF		0.39	%

 

88     OPPENHEIMER ETF TRUST

9. Fees and Other Transactions with Affiliates (Continued)

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

Organization and Offering Costs. OFI directly assumed all organization and initial offering costs of Oppenheimer Russell 1000^® Momentum Factor ETF, Oppenheimer Russell 1000^® Value Factor ETF, Oppenheimer Russell 1000^® Low Volatility Factor ETF, Oppenheimer Russell 1000^® Size Factor ETF, Oppenheimer Russell 1000^® Quality Factor ETF, Oppenheimer Russell 1000^® Yield Factor ETF, Oppenheimer Russell 1000^® Dynamic Multifactor ETF, and Oppenheimer Russell 2000^® Dynamic Multifactor ETF.

89     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT FOR
CERTAIN SERIES OF OPPENHEIMER ETF TRUST (THE “TRUST”)
    

     The Trust, on behalf of Oppenheimer Russell 1000^® Momentum Factor ETF, Oppenheimer Russell 1000^® Value Factor ETF, Oppenheimer Russell 1000^® Low Volatility Factor ETF, Oppenheimer Russell 1000^® Size Factor ETF, Oppenheimer Russell 1000^® Quality Factor ETF, Oppenheimer Russell 1000^® Yield Factor ETF (collectively, the “Single Factor ETFs”), Oppenheimer Russell 1000^® Dynamic Multifactor ETF and Oppenheimer Russell 2000^® Dynamic Multifactor ETF (collectively, the “Multifactor ETFs”) (the Single Factor ETFs and Multifactor ETFs are collectively referred to herein as the “New Funds”)), has entered into an investment advisory agreement (the “Advisory Agreement”) with OFI Advisors, LLC (formerly, VTL Associates, LLC) (the “Manager”). The Advisory Agreement was approved by the New Funds’ Board of Trustees (the “Board”), including a majority of the independent Trustees, at a meeting held on October 3, 2017. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Advisory Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. The Board requested and received such information, including information regarding the proposed services, fees, and expenses of each New Fund.

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

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

Nature, Quality and Extent of Services. The Board considered information provided at the October 3, 2017 and prior meetings about the nature, quality and extent of the services to be provided to each New Fund and information regarding the Manager’s key personnel who provide such services. The Board also considered that the Manager’s duties will include providing each New Fund with day-to-day general management and investment of each New Fund’s securities portfolio. The Manager will also be responsible for daily review of each New Fund’s creation and redemption baskets; daily monitoring of tracking errors and quarterly reporting to the Board; coordinating certain matters in connection with periodic rebalances and reconstitutions necessary to track each New Fund’s underlying indexes; and monitoring each New Fund’s securities lending program. The Board took into account that the Manager will be responsible for overseeing third-party service providers who render certain administrative services to each New Fund as well. Those services include supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for the New Funds; compiling and maintaining records with respect to the New Funds’ operations; preparing and filing reports required by the Securities and Exchange Commission; ensuring

90     OPPENHEIMER ETF TRUST

compliance with any applicable SEC exemptive orders; preparing periodic reports regarding the operations of the New Funds for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the New Funds’ shares. The Manager will also provide the New Funds with office space, facilities and equipment. The Board also took into account the risks assumed by the Manager in connection with launching, branding and maintaining the New Funds.

   The Board considered the quality of the services to be provided and the quality of the Manager’s resources that will be available to the New Funds. In evaluating the Manager, the Board considered the history, reputation, qualifications and background of the Manager, including its corporate parent, OppenheimerFunds, Inc. (“OFI”) and corporate affiliate, OFI Global Asset Management, Inc. (“OFI Global”) (OFI and OFI Global are collectively referred to hereinafter as “OFI”), and the fact that OFI has over 50 years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board further considered the Manager’s and OFI’s collective experience successfully launching, branding, maintaining and advising other ETFs. The Board evaluated the Manager’s and OFI’s advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Manager’s and OFI’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Frank Vallario and Sean P. Reichert, the Manager’s planned portfolio managers for the Single Factor ETFs and the Multifactor ETFs, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager and OFI as trustees of other funds advised by the Manager or OFI. The Board considered information regarding the quality of services to be provided by affiliates of the Manager, which its members have become knowledgeable about in connection with other funds advised by the Manager or OFI. The Board concluded, in light of the Manager’s and OFI’s experience, reputation, personnel, operations and resources that the New Funds should benefit from the services to be provided under the Advisory Agreement.

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

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

•   The Single Factor ETFs’ contractual management fees and total expense ratios are expected to be on the lower end of the spectrum as compared to the ETFs’ key competitors, and they are expected to be four basis points lower than the average management fees and total expense ratios of the ETFs’ key competitors.

91     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT FOR
CERTAIN SERIES OF OPPENHEIMER ETF TRUST (THE “TRUST”) CONTINUED
    

•   The Multifactor ETFs’ contractual management fees and total expense ratios are expected to be higher than the selected peer group average and median because each ETF utilizes a dynamic approach as compared to a static approach utilized by all but one peer group competitor.

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

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

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

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

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

92     OPPENHEIMER ETF TRUST

DISTRIBUTION SOURCES Unaudited
    

     The table below details, on a per-share basis, the percentage of the ETFs’ total distribution payment amounts that were derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in an ETF is paid back to you. A return of capital distribution does not necessarily reflect an ETF’s investment performance and should not be confused with “yield” or “income.” This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. The relative amount of an ETF’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund and scroll down to ’Analytics’. The Fund’s latest distribution information will be shown, as well as the sources of any distribution, updated daily.

Fund Name	Record Date		Ex-Div Date		Pay Date		Net Income			Net Profit from Sale			Other Capital Sources
Oppenheimer Russell 1000® Dynamic Multifactor ETF		12/29/17		12/28/17		1/2/2018		98.7	%		0.0	%		1.3	%
Oppenheimer Russell 2000® Dynamic Multifactor ETF		12/29/17		12/28/17		1/2/2018		96.4	%		0.0	%		3.6	%
Oppenheimer Russell 1000® Momentum Factor ETF		12/29/17		12/28/17		1/2/2018		98.8	%		0.0	%		1.2	%
Oppenheimer Russell 1000® Value Factor ETF		12/29/17		12/28/17		1/2/2018		98.2	%		0.0	%		1.8	%
Oppenheimer Russell 1000® Low Volatility Factor ETF		12/29/17		12/28/17		1/2/2018		98.4	%		0.0	%		1.6	%
Oppenheimer Russell 1000® Size Factor ETF		12/29/17		12/28/17		1/2/2018		95.8	%		0.0	%		4.2	%
Oppenheimer Russell 1000® Quality Factor ETF		12/29/17		12/28/17		1/2/2018		98.7	%		0.0	%		1.3	%
Oppenheimer Russell 1000® Yield Factor ETF		12/29/17		12/28/17		1/2/2018		98.1	%		0.0	%		1.9	%

 

93     OPPENHEIMER ETF TRUST

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
Oppenheimer 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.

94     OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

 

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Frank Vallario, Vice President
	Sean P. Reichert, Vice President
	Sharon French, Vice President
	Alex Depetris, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
	Stephanie Bullington, Treasurer and Principal Financial & Accounting Officer
Investment Adviser	OFI Advisors, LLC
Distributor	OppenheimerFunds Distributor, Inc.
Administrator, Custodian and Transfer Agent	The Bank of New York Mellon
Independent Registered Public Accounting Firm	Cohen & Company, Ltd.
Legal Counsel	Ropes & Gray LLP

 

 

	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 Follow Us	Oppenheimer ETF Trust is distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS0000.013.1217         December 31, 2017

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(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) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 1/29/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

(2) Exhibits attached hereto.

(3) Not applicable.

(4) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

(Registrant)               Oppenheimer ETF Trust

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

Date     2/16/2018

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

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

Date     2/16/2018

By (Signature and Title)*	/s/ Stephanie Bullington
	Stephanie Bullington
	Principal Financial Officer

Date     2/16/2018

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