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, 2018

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 12/31/2018

 

 

 

Oppenheimer
ETF Trust

Revenue Weighted ETFs:
Oppenheimer S&P 500 Revenue ETF
Oppenheimer S&P MidCap 400 Revenue ETF
Oppenheimer S&P SmallCap 600 Revenue ETF
Oppenheimer S&P Financials Revenue ETF
Oppenheimer S&P Ultra Dividend Revenue ETF
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF
Oppenheimer International Ultra Dividend Revenue ETF
Oppenheimer Emerging Markets Revenue ETF
Oppenheimer International Revenue ETF
Oppenheimer Global Revenue ETF

Important Notice: The Securities and Exchange Commission will permit funds to deliver shareholder reports electronically beginning January 1, 2021. At that time, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors enrolled in electronic delivery will receive the notice by email, with links to the updated report. Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option free of charge by contacting their financial intermediary.

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

 

Important Update
On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change. See the Notes to Financial Statements for more information.

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TABLE OF CONTENTS

Shareholder Expense Examples	2
Schedule of Investments Summary Tables	4
Schedules of Investments
Oppenheimer S&P 500 Revenue ETF	7
Oppenheimer S&P MidCap 400 Revenue ETF	14
Oppenheimer S&P SmallCap 600 Revenue ETF	20
Oppenheimer S&P Financials Revenue ETF	29
Oppenheimer S&P Ultra Dividend Revenue ETF	31
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF	33
Oppenheimer International Ultra Dividend Revenue ETF	36
Oppenheimer Emerging Markets Revenue ETF	40
Oppenheimer International Revenue ETF	51
Oppenheimer Global Revenue ETF	60
Statements of Assets and Liabilities	74
Statements of Operations	77
Statements of Changes in Net Assets	80
Financial Highlights	85
Notes to Financial Statements	95
Board Approval of Investment Advisory Agreements	111
Distribution Sources	119
Supplemental Information	120

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 for the entire six-month period from July 1, 2018 to December 31, 2018.

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (Continued)

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 07/01/2018		Ending Account Value 12/31/2018		Annualized Expense Ratios for the Six Month Period			Expenses Paid During the Six Month Period1
Oppenheimer S&P 500 Revenue ETF
Actual	$	1,000.00	$	927.40		0.39	%	$	1.89
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39	%	$	1.99
Oppenheimer S&P MidCap 400 Revenue ETF
Actual	$	1,000.00	$	845.40		0.39	%	$	1.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39	%	$	1.99
Oppenheimer S&P SmallCap 600 Revenue ETF
Actual	$	1,000.00	$	791.10		0.39	%	$	1.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39	%	$	1.99
Oppenheimer S&P Financials Revenue ETF
Actual	$	1,000.00	$	909.00		0.45	%	$	2.17
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94		0.45	%	$	2.29
Oppenheimer S&P Ultra Dividend Revenue ETF
Actual	$	1,000.00	$	896.10		0.39	%	$	1.86
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39	%	$	1.99
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF
Actual	$	1,000.00	$	915.80		0.46	%	$	1.77	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89		0.46	%	$	2.35
Oppenheimer International Ultra Dividend Revenue ETF
Actual	$	1,000.00	$	873.90		0.42	%	$	1.58	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09		0.42	%	$	2.14
Oppenheimer Emerging Markets Revenue ETF
Actual	$	1,000.00	$	959.10		0.46	%	$	2.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89		0.46	%	$	2.35
Oppenheimer Global Revenue ETF
Actual	$	1,000.00	$	909.10		0.43	%	$	2.07
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04		0.43	%	$	2.19
Oppenheimer International Revenue ETF
Actual	$	1,000.00	$	884.60		0.42	%	$	2.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09		0.42	%	$	2.14

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 145/365 (to reflect the period from August 9, 2018 (commencement of operations) to December 31, 2018).

3    OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited

Oppenheimer S&P 500
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		2.9	%
Banks		4.7
Capital Goods		8.2
Commercial & Professional Services		0.5
Consumer Durables & Apparel		1.6
Consumer Services		1.2
Diversified Financials		5.1
Energy		8.6
Food & Staples Retailing		8.3
Food, Beverage & Tobacco		3.3
Health Care Equipment & Services		12.1
Household & Personal Products		1.1
Insurance		4.3
Materials		3.1
Media & Entertainment		4.3
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		3.7
Real Estate		0.9
Retailing		7.3
Semiconductors & Semiconductor Equipment		2.0
Software & Services		4.0
Technology Hardware & Equipment		4.2
Telecommunication Services		2.7
Transportation		3.1
Utilities		2.7
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer S&P MidCap 400
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		3.0	%
Banks		2.9
Capital Goods		11.2
Commercial & Professional Services		3.8
Consumer Durables & Apparel		3.5
Consumer Services		3.6
Diversified Financials		1.9
Energy		8.4
Food & Staples Retailing		1.0
Food, Beverage & Tobacco		2.2
Health Care Equipment & Services		5.1
Household & Personal Products		0.5
Insurance		5.9
Materials		9.2
Media & Entertainment		1.9
Money Market Fund		1.5
Pharmaceuticals, Biotechnology & Life Sciences		1.4
Real Estate		3.3
Retailing		7.9
Semiconductors & Semiconductor Equipment		1.2
Software & Services		3.3
Technology Hardware & Equipment		12.4
Telecommunication Services		0.3
Transportation		3.3
Utilities		2.7
Total Investments		101.4
Liabilities in Excess of Other Assets		(1.4	)
Net Assets		100.0	%

Oppenheimer S&P
SmallCap 600 Revenue ETF

Industry	% of Net Assets
Automobiles & Components		3.5	%
Banks		2.9
Capital Goods		11.5
Commercial & Professional Services		6.4
Consumer Durables & Apparel		4.8
Consumer Services		1.2
Diversified Financials		2.0
Energy		4.9
Food & Staples Retailing		2.8
Food, Beverage & Tobacco		2.9
Health Care Equipment & Services		7.5
Household & Personal Products		1.1
Insurance		2.7
Materials		5.8
Media & Entertainment		1.0
Money Market Fund		5.7
Pharmaceuticals, Biotechnology & Life Sciences		1.3
Real Estate		1.5
Retailing		18.5
Semiconductors & Semiconductor Equipment		1.6
Software & Services		2.5
Technology Hardware & Equipment		7.8
Telecommunication Services		1.6
Transportation		3.2
Utilities		0.9
Total Investments		105.6
Liabilities in Excess of Other Assets		(5.6	)
Net Assets		100.0	%

Oppenheimer S&P Financials Revenue ETF

Industry	% of Net Assets
Banks		33.4	%
Capital Markets		14.2
Consumer Finance		5.9
Diversified Financial Services		16.0
Insurance		30.4
Money Market Fund		0.2
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

4    OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited Continued

Oppenheimer S&P Ultra Dividend
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		6.0	%
Banks		0.7
Capital Goods		3.4
Commercial & Professional Services		1.2
Consumer Durables & Apparel		2.9
Consumer Services		2.3
Diversified Financials		1.5
Energy		16.7
Food, Beverage & Tobacco		13.7
Health Care Equipment & Services		0.9
Insurance		1.3
Materials		4.8
Media & Entertainment		0.4
Money Market Fund		0.2
Real Estate		6.2
Semiconductors & Semiconductor Equipment		4.0
Software & Services		6.0
Technology Hardware & Equipment		1.4
Telecommunication Services		5.4
Utilities		20.9
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

Oppenheimer Emerging Markets
Ultra Dividend Revenue ETF

Industry	% of Net Assets
Automobiles & Components		2.5	%
Banks		9.6
Capital Goods		4.0
Consumer Durables & Apparel		0.0
Consumer Services		0.4
Diversified Financials		9.2
Energy		17.6
Food & Staples Retailing		0.2
Food, Beverage & Tobacco		0.3
Health Care Equipment & Services		0.1
Insurance		1.3
Materials		16.2
Media & Entertainment		0.4
Real Estate		4.5
Retailing		0.3
Software & Services		0.7
Technology Hardware & Equipment		8.8
Telecommunication Services		8.6
Transportation		2.6
Utilities		12.3
Total Investments		99.6
Other Assets in Excess of Liabilities		0.4
Net Assets		100.0	%

Oppenheimer International
Ultra Dividend Revenue ETF

Industry	% of Net Assets
Automobiles & Components		7.4	%
Banks		14.2
Capital Goods		1.4
Commercial & Professional Services		1.1
Consumer Durables & Apparel		0.5
Diversified Financials		2.2
Energy		18.8
Food & Staples Retailing		0.8
Food, Beverage & Tobacco		2.7
Insurance		18.4
Materials		5.4
Media & Entertainment		0.5
Money Market Fund		1.7
Pharmaceuticals, Biotechnology & Life Sciences		0.5
Real Estate		1.3
Retailing		1.2
Semiconductors & Semiconductor Equipment		0.0
Technology Hardware & Equipment		0.1
Telecommunication Services		9.6
Transportation		1.5
Utilities		11.8
Total Investments		101.1
Liabilities in Excess of Other Assets		(1.1	)
Net Assets		100.0	%

5    OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited Continued

Oppenheimer Emerging Markets
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		5.0	%
Banks		13.3
Capital Goods		9.3
Commercial & Professional Services		0.1
Consumer Durables & Apparel		1.4
Consumer Services		0.4
Diversified Financials		1.1
Energy		16.6
Food & Staples Retailing		3.0
Food, Beverage & Tobacco		3.6
Health Care Equipment & Services		0.5
Household & Personal Products		0.5
Insurance		3.6
Materials		8.3
Media & Entertainment		1.3
Money Market Fund		0.1
Pharmaceuticals, Biotechnology & Life Sciences		0.7
Real Estate		4.1
Retailing		3.2
Semiconductors & Semiconductor Equipment		1.4
Software & Services		0.9
Technology Hardware & Equipment		10.1
Telecommunication Services		5.3
Transportation		2.0
Utilities		3.9
Total Investments		99.7
Other Assets in Excess of Liabilities		0.3
Net Assets		100.0	%

Oppenheimer International
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		12.3	%
Banks		7.6
Capital Goods		12.6
Commercial & Professional Services		1.4
Consumer Durables & Apparel		2.9
Consumer Services		1.0
Diversified Financials		2.9
Energy		8.1
Food & Staples Retailing		4.2
Food, Beverage & Tobacco		3.9
Health Care Equipment & Services		1.4
Household & Personal Products		1.4
Insurance		7.2
Materials		8.3
Media & Entertainment		0.8
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		2.6
Real Estate		1.4
Retailing		1.6
Semiconductors & Semiconductor Equipment		0.4
Software & Services		1.1
Technology Hardware & Equipment		2.4
Telecommunication Services		4.8
Transportation		3.2
Utilities		6.3
Total Investments		100.0
Liabilities in Excess of Other Assets		0.0
Net Assets		100.0	%

Oppenheimer Global Revenue ETF

Industry	% of Net Assets
Automobiles & Components		7.4	%
Banks		7.6
Capital Goods		10.4
Commercial & Professional Services		0.8
Consumer Durables & Apparel		2.0
Consumer Services		0.9
Diversified Financials		3.2
Energy		10.3
Food & Staples Retailing		5.6
Food, Beverage & Tobacco		4.1
Health Care Equipment & Services		4.3
Household & Personal Products		1.0
Insurance		5.6
Materials		6.4
Media & Entertainment		1.9
Money Market Fund		0.7
Pharmaceuticals, Biotechnology & Life Sciences		2.5
Real Estate		2.0
Retailing		3.8
Semiconductors & Semiconductor Equipment		0.9
Software & Services		2.6
Technology Hardware & Equipment		4.8
Telecommunication Services		4.4
Transportation		2.6
Utilities		4.5
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

 

6    OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer S&P 500 Revenue ETF

	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—2.9%
Aptiv PLC		17,108	$	1,053,340
BorgWarner, Inc.		24,124		838,068
Ford Motor Co.		1,492,468		11,417,380
General Motors Co.		331,713		11,095,800
Goodyear Tire & Rubber Co. (The)		59,749		1,219,477
Harley-Davidson, Inc.1		13,235		451,578
Total Automobiles & Components				26,075,643
Banks—4.7%
Bank of America Corp.		347,210		8,555,254
BB&T Corp.		22,244		963,610
Citigroup, Inc.		137,518		7,159,187
Citizens Financial Group, Inc.		18,805		559,073
Comerica, Inc.		3,972		272,837
Fifth Third Bancorp		24,398		574,085
Huntington Bancshares, Inc.		32,959		392,871
JPMorgan Chase & Co.		99,883		9,750,578
KeyCorp		37,527		554,649
M&T Bank Corp.		3,324		475,764
People’s United Financial, Inc.1		9,493		136,984
PNC Financial Services Group, Inc. (The)		12,993		1,519,012
Regions Financial Corp.		37,241		498,285
SunTrust Banks, Inc.		15,344		773,951
SVB Financial Group2		1,029		195,428
U.S. Bancorp		41,328		1,888,690
Wells Fargo & Co.		171,266		7,891,937
Zions Bancorp NA		5,609		228,511
Total Banks				42,390,706
Capital Goods—8.2%
3M Co.		13,256		2,525,798
A.O. Smith Corp.		6,020		257,054
Allegion PLC		2,436		194,174
AMETEK, Inc.		5,306		359,216
Arconic, Inc.		55,443		934,769
Boeing Co. (The)		24,535		7,912,538
Caterpillar, Inc.		33,301		4,231,558
Cummins, Inc.		13,688		1,829,264
Deere & Co.		20,172		3,009,057
Dover Corp.		7,769		551,211
Eaton Corp. PLC		23,985		1,646,810
Emerson Electric Co.		22,815		1,363,196
Fastenal Co.1		7,094		370,945
Flowserve Corp.		7,358		279,751
Fluor Corp.		46,700		1,503,740
Fortive Corp.		8,338		564,149
	Shares		Value
Capital Goods (Continued)
Fortune Brands Home & Security, Inc.		10,681	$	405,771
General Dynamics Corp.		15,986		2,513,159
General Electric Co.		1,353,202		10,243,739
Harris Corp.		3,364		452,963
Honeywell International, Inc.		25,264		3,337,880
Huntington Ingalls Industries, Inc.		3,187		606,518
Illinois Tool Works, Inc.		8,959		1,135,016
Ingersoll-Rand PLC		12,702		1,158,804
Jacobs Engineering Group, Inc.		20,224		1,182,295
Johnson Controls International PLC		77,813		2,307,155
L3 Technologies, Inc.		4,158		722,078
Lockheed Martin Corp.		15,009		3,929,957
Masco Corp.		21,976		642,578
Northrop Grumman Corp.		8,618		2,110,548
PACCAR, Inc.		31,762		1,814,881
Parker-Hannifin Corp.		7,568		1,128,692
Pentair PLC		8,148		307,831
Quanta Services, Inc.		27,580		830,158
Raytheon Co.		12,349		1,893,719
Rockwell Automation, Inc.		3,365		506,365
Roper Technologies, Inc.		1,456		388,053
Snap-on, Inc.1		2,196		319,057
Stanley Black & Decker, Inc.		9,208		1,102,566
Textron, Inc.		22,809		1,048,986
TransDigm Group, Inc.2		873		296,872
United Rentals, Inc.2		5,736		588,112
United Technologies Corp.		43,164		4,596,103
W.W. Grainger, Inc.1		3,089		872,210
Xylem, Inc.		6,166		411,396
Total Capital Goods				74,386,692
Commercial & Professional Services—0.5%
Cintas Corp.		3,062		514,385
Copart, Inc.1,2		3,046		145,538
Equifax, Inc.		2,786		259,460
IHS Markit Ltd.2		6,308		302,595
Nielsen Holdings PLC		20,389		475,675
Republic Services, Inc.		10,725		773,165
Robert Half International, Inc.		7,770		444,444
Rollins, Inc.		3,878		139,996
Verisk Analytics, Inc.2		1,639		178,717
Waste Management, Inc.		12,798		1,138,894
Total Commercial & Professional Services				4,372,869

7     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P 500 Revenue ETF

	Shares		Value
Consumer Durables & Apparel—1.6%
D.R. Horton, Inc.		35,860	$	1,242,907
Garmin Ltd.		4,022		254,673
Hanesbrands, Inc.1		39,007		488,758
Hasbro, Inc.		4,503		365,869
Leggett & Platt, Inc.1		9,206		329,943
Lennar Corp., Class A		35,254		1,380,194
Mattel, Inc.1,2		30,898		308,671
Michael Kors Holdings Ltd.2		10,602		402,028
Mohawk Industries, Inc.2		6,710		784,802
Newell Brands, Inc.1		40,339		749,902
NIKE, Inc., Class B		40,681		3,016,089
PulteGroup, Inc.1		30,796		800,388
PVH Corp.		8,222		764,235
Ralph Lauren Corp.		4,876		504,471
Tapestry, Inc.		13,677		461,599
Under Armour, Inc., Class A1,2		10,778		190,447
Under Armour, Inc., Class C1,2		11,545		186,683
VF Corp.		14,056		1,002,755
Whirlpool Corp.		14,752		1,576,546
Total Consumer Durables & Apparel				14,810,960
Consumer Services—1.2%
Carnival Corp.		26,284		1,295,801
Chipotle Mexican Grill, Inc.2		823		355,363
Darden Restaurants, Inc.		6,301		629,218
H&R Block, Inc.1		9,299		235,916
Hilton Worldwide Holdings, Inc.		9,811		704,430
Marriott International, Inc., Class A		15,659		1,699,941
McDonald’s Corp.		9,169		1,628,139
MGM Resorts International		33,856		821,346
Norwegian Cruise Line Holdings Ltd.2		9,858		417,881
Royal Caribbean Cruises Ltd.		6,785		663,505
Starbucks Corp.		29,974		1,930,326
Wynn Resorts Ltd.		4,987		493,264
Yum! Brands, Inc.		4,927		452,890
Total Consumer Services				11,328,020
Diversified Financials—5.1%
Affiliated Managers Group, Inc.		2,053		200,044
American Express Co.		31,484		3,001,055
Ameriprise Financial, Inc.		9,028		942,252
Bank of New York Mellon Corp. (The)		29,955		1,409,982
	Shares		Value
Diversified Financials (Continued)
Berkshire Hathaway, Inc., Class B2		96,578	$	19,719,296
BlackRock, Inc.		2,967		1,165,497
Capital One Financial Corp.		32,289		2,440,726
Cboe Global Markets, Inc.		2,078		203,291
Charles Schwab Corp. (The)		19,994		830,351
CME Group, Inc.		1,681		316,230
Discover Financial Services		16,000		943,680
E*TRADE Financial Corp.		5,277		231,555
Franklin Resources, Inc.		15,828		469,458
Goldman Sachs Group, Inc. (The)		22,098		3,691,471
Intercontinental Exchange, Inc.		6,204		467,347
Invesco Ltd.		25,466		426,301
Jefferies Financial Group, Inc.		39,678		688,810
Moody’s Corp.		2,480		347,299
Morgan Stanley		98,850		3,919,402
MSCI, Inc.		740		109,098
Nasdaq, Inc.		3,812		310,945
Northern Trust Corp.		5,923		495,104
Raymond James Financial, Inc.		7,945		591,187
S&P Global, Inc.		2,997		509,310
State Street Corp.		15,332		966,989
Synchrony Financial		48,143		1,129,435
T. Rowe Price Group, Inc.		4,615		426,057
Total Diversified Financials				45,952,172
Energy—8.6%
Anadarko Petroleum Corp.		19,972		875,573
Apache Corp.1		19,073		500,666
Baker Hughes a GE Co.1		82,646		1,776,889
Cabot Oil & Gas Corp.1		6,466		144,515
Chevron Corp.		108,598		11,814,376
Cimarex Energy Co.		2,616		161,276
Concho Resources, Inc.2		2,660		273,421
ConocoPhillips		42,806		2,668,954
Devon Energy Corp.		41,386		932,840
Diamondback Energy, Inc.		1,664		154,253
EOG Resources, Inc.		12,950		1,129,370
Exxon Mobil Corp.		293,144		19,989,489
Halliburton Co.		65,569		1,742,824
Helmerich & Payne, Inc.		3,366		161,366
Hess Corp.		9,959		403,340
HollyFrontier Corp.		25,448		1,300,902
Kinder Morgan, Inc.		69,622		1,070,786
Marathon Oil Corp.		30,239		433,627
Marathon Petroleum Corp.		109,966		6,489,094
National Oilwell Varco, Inc.		23,823		612,251

8     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
Newfield Exploration Co.2		13,364	$	195,916
Noble Energy, Inc.		16,552		310,516
Occidental Petroleum Corp.		20,170		1,238,035
ONEOK, Inc.		17,651		952,272
Phillips 66		100,075		8,621,461
Pioneer Natural Resources Co.		5,169		679,827
Schlumberger Ltd.		66,500		2,399,320
TechnipFMC PLC		50,838		995,408
Valero Energy Corp.		124,586		9,340,212
Williams Cos., Inc. (The)		29,432		648,976
Total Energy				78,017,755
Food & Staples Retailing—8.3%
Costco Wholesale Corp.		54,395		11,080,806
Kroger Co. (The)		334,598		9,201,445
Sysco Corp.		72,499		4,542,787
Walgreens Boots Alliance, Inc.		133,020		9,089,257
Walmart, Inc.		442,729		41,240,206
Total Food & Staples Retailing				75,154,501
Food, Beverage & Tobacco—3.3%
Altria Group, Inc.		29,386		1,451,375
Archer-Daniels-Midland Co.		115,530		4,733,264
Brown-Forman Corp., Class B		5,552		264,164
Campbell Soup Co.		18,649		615,230
Coca-Cola Co. (The)		51,499		2,438,478
Conagra Brands, Inc.		21,124		451,209
Constellation Brands, Inc., Class A		3,457		555,955
General Mills, Inc.		34,055		1,326,102
Hershey Co. (The)		5,683		609,104
Hormel Foods Corp.1		16,964		724,024
JM Smucker Co. (The)1		5,917		553,180
Kellogg Co.1		17,643		1,005,827
Kraft Heinz Co. (The)		43,817		1,885,884
Lamb Weston Holdings, Inc.		3,683		270,921
McCormick & Co., Inc.		2,825		393,353
Molson Coors Brewing Co., Class B		13,966		784,331
Mondelez International, Inc., Class A		47,539		1,902,986
Monster Beverage Corp.2		5,556		273,466
PepsiCo, Inc.		45,061		4,978,339
Philip Morris International, Inc.		29,219		1,950,660
Tyson Foods, Inc., Class A		57,359		3,062,971
Total Food, Beverage & Tobacco				30,230,823
	Shares		Value
Health Care Equipment & Services—12.1%
Abbott Laboratories		34,044	$	2,462,403
ABIOMED, Inc.2		177		57,532
Align Technology, Inc.2		679		142,203
AmerisourceBergen Corp.		169,101		12,581,114
Anthem, Inc.		26,461		6,949,452
Baxter International, Inc.		13,340		878,039
Becton Dickinson and Co.		5,471		1,232,726
Boston Scientific Corp.2		21,400		756,276
Cardinal Health, Inc.		221,605		9,883,583
Centene Corp.2		35,413		4,083,119
Cerner Corp.2		7,535		395,135
Cigna Corp.		17,408		3,306,127
Cooper Cos., Inc. (The)		774		196,983
CVS Health Corp.		207,980		13,626,850
Danaher Corp.		15,476		1,595,885
DaVita, Inc.2		15,517		798,505
DENTSPLY SIRONA, Inc.		8,611		320,415
Edwards Lifesciences Corp.2		1,794		274,787
HCA Healthcare, Inc.		28,734		3,575,946
Henry Schein, Inc.1,2		12,936		1,015,735
Hologic, Inc.2		6,075		249,683
Humana, Inc.		14,774		4,232,456
IDEXX Laboratories, Inc.2		907		168,720
Intuitive Surgical, Inc.2		580		277,774
Laboratory Corp. of America Holdings2		6,538		826,142
McKesson Corp.		143,722		15,876,969
Medtronic PLC		25,680		2,335,853
Quest Diagnostics, Inc.		7,072		588,885
ResMed, Inc.		1,690		192,440
Stryker Corp.		6,317		990,190
UnitedHealth Group, Inc.		65,934		16,425,478
Universal Health Services, Inc., Class B		6,970		812,423
Varian Medical Systems, Inc.2		1,942		220,048
WellCare Health Plans, Inc.2		6,247		1,474,854
Zimmer Biomet Holdings, Inc.		5,767		598,153
Total Health Care Equipment & Services				109,402,883
Household & Personal Products—1.1%
Church & Dwight Co., Inc.		4,733		311,242
Clorox Co. (The)		2,976		458,721
Colgate-Palmolive Co.		18,993		1,130,463
Coty, Inc., Class A1		99,632		653,586
Estee Lauder Cos., Inc., (The), Class A		8,166		1,062,397

9     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P 500 Revenue ETF

	Shares		Value
Household & Personal Products (Continued)
Kimberly-Clark Corp.		12,483	$	1,422,313
Procter & Gamble Co. (The)		55,312		5,084,279
Total Household & Personal Products				10,123,001
Insurance—4.3%
Aflac, Inc.		39,539		1,801,397
Allstate Corp. (The)		39,855		3,293,219
American International Group, Inc.		102,536		4,040,944
Aon PLC		5,617		816,487
Arthur J. Gallagher & Co.		7,215		531,746
Assurant, Inc.		6,448		576,709
Brighthouse Financial, Inc.2		21,258		647,944
Chubb Ltd.		20,413		2,636,951
Cincinnati Financial Corp.		6,091		471,565
Everest Re Group Ltd.		2,670		581,419
Hartford Financial Services Group, Inc. (The)		35,861		1,594,021
Lincoln National Corp.		22,875		1,173,716
Loews Corp.		24,846		1,130,990
Marsh & McLennan Cos., Inc.		14,223		1,134,284
MetLife, Inc.		139,427		5,724,873
Principal Financial Group, Inc.		24,955		1,102,262
Progressive Corp. (The)		39,716		2,396,066
Prudential Financial, Inc.		58,961		4,808,270
Torchmark Corp.		4,415		329,050
Travelers Cos., Inc. (The)		19,681		2,356,800
Unum Group		30,865		906,814
Willis Towers Watson PLC		4,221		641,001
Total Insurance				38,696,528
Materials—3.1%
Air Products & Chemicals, Inc.		4,550		728,228
Albemarle Corp.		3,087		237,915
Avery Dennison Corp.		6,189		555,958
Ball Corp.1		19,119		879,092
CF Industries Holdings, Inc.		8,283		360,393
DowDuPont, Inc.		129,850		6,944,378
Eastman Chemical Co.		11,203		819,051
Ecolab, Inc.		7,469		1,100,557
FMC Corp.		4,603		340,438
Freeport-McMoRan, Inc.		150,324		1,549,840
International Flavors & Fragrances, Inc.		2,117		284,250
International Paper Co.		42,069		1,697,905
Linde PLC		6,030		940,921
LyondellBasell Industries NV, Class A		37,787		3,142,367
	Shares		Value
Materials (Continued)
Martin Marietta Materials, Inc.1		1,900	$	326,553
Mosaic Co. (The)		23,462		685,325
Newmont Mining Corp.		17,005		589,223
Nucor Corp.		33,529		1,737,137
Packaging Corp. of America		5,896		492,080
PPG Industries, Inc.		12,196		1,246,797
Sealed Air Corp.		10,974		382,334
Sherwin-Williams Co. (The)		3,584		1,410,161
Vulcan Materials Co.		3,394		335,327
WestRock Co.		29,077		1,097,948
Total Materials				27,884,178
Media & Entertainment—4.3%
Activision Blizzard, Inc.		11,896		553,997
Alphabet, Inc., Class A2		4,950		5,172,552
Alphabet, Inc., Class C2		4,951		5,127,305
CBS Corp., Class B		23,762		1,038,875
Charter Communications, Inc., Class A2		11,014		3,138,660
Comcast Corp., Class A		194,428		6,620,273
Discovery, Inc., Class A1,2		13,608		336,662
Discovery, Inc., Class C2		14,631		337,683
DISH Network Corp., Class A2		35,673		890,755
Electronic Arts, Inc.2		5,126		404,493
Facebook, Inc., Class A2		28,544		3,741,833
Interpublic Group of Cos., Inc. (The)		32,818		677,035
Netflix, Inc.2		4,426		1,184,663
News Corp., Class A		30,689		348,320
News Corp., Class B		30,172		348,487
Omnicom Group, Inc.		16,083		1,177,919
Take-Two Interactive Software, Inc.2		1,383		142,366
TripAdvisor, Inc.2		2,079		112,141
Twenty-First Century Fox, Inc., Class A		24,691		1,188,131
Twenty-First Century Fox, Inc., Class B		24,817		1,185,756
Twitter, Inc.2		6,331		181,953
Viacom, Inc., Class B		35,894		922,476
Walt Disney Co. (The)		42,020		4,607,493
Total Media & Entertainment				39,439,828

10     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.7%
AbbVie, Inc.		29,792	$	2,746,524
Agilent Technologies, Inc.		5,617		378,923
Alexion Pharmaceuticals, Inc.2		2,867		279,131
Allergan PLC		8,570		1,145,466
Amgen, Inc.		9,647		1,877,981
Biogen, Inc.2		2,996		901,556
Bristol-Myers Squibb Co.		33,499		1,741,278
Celgene Corp.2		17,133		1,098,054
Eli Lilly & Co.		17,186		1,988,764
Gilead Sciences, Inc.		27,087		1,694,292
Illumina, Inc.2		787		236,045
Incyte Corp.2		2,145		136,401
IQVIA Holdings, Inc.2		6,911		802,851
Johnson & Johnson		48,452		6,252,731
Merck & Co., Inc.		43,293		3,308,018
Mettler-Toledo International, Inc.2		391		221,142
Mylan NV2		31,586		865,456
Nektar Therapeutics2		2,710		89,078
PerkinElmer, Inc.		2,525		198,339
Perrigo Co. PLC1		6,703		259,741
Pfizer, Inc.		96,543		4,214,102
Regeneron Pharmaceuticals, Inc.2		1,327		495,634
Thermo Fisher Scientific, Inc.		8,082		1,808,671
Vertex Pharmaceuticals, Inc.2		1,322		219,069
Waters Corp.2		999		188,461
Zoetis, Inc.		5,126		438,478
Total Pharmaceuticals, Biotechnology & Life Sciences				33,586,186
Real Estate—0.9%
Alexandria Real Estate Equities, Inc.		839		96,686
American Tower Corp.		3,331		526,931
Apartment Investment & Management Co., Class A		1,673		73,411
AvalonBay Communities, Inc.		960		167,088
Boston Properties, Inc.		1,681		189,197
CBRE Group, Inc., Class A2		37,419		1,498,257
Crown Castle International Corp.		3,629		394,218
Digital Realty Trust, Inc.		2,067		220,239
Duke Realty Corp.		2,525		65,398
Equinix, Inc.		1,017		358,554
	Shares		Value
Real Estate (Continued)
Equity Residential		2,878	$	189,977
Essex Property Trust, Inc.		426		104,459
Extra Space Storage, Inc.		961		86,951
Federal Realty Investment Trust		549		64,804
HCP, Inc.		5,057		141,242
Host Hotels & Resorts, Inc.		24,539		409,065
Iron Mountain, Inc.		9,403		304,751
Kimco Realty Corp.		5,756		84,325
Macerich Co. (The)		1,605		69,464
Mid-America Apartment Communities, Inc.		1,218		116,563
Prologis, Inc.		3,202		188,021
Public Storage		1,062		214,959
Realty Income Corp.		1,567		98,784
Regency Centers Corp.		1,414		82,974
SBA Communications Corp.2		840		135,988
Simon Property Group, Inc.		2,441		410,064
SL Green Realty Corp.		1,187		93,868
UDR, Inc.		1,947		77,140
Ventas, Inc.		4,709		275,900
Vornado Realty Trust		2,638		163,635
Welltower, Inc.		4,997		346,842
Weyerhaeuser Co.		25,264		552,271
Total Real Estate				7,802,026
Retailing—7.3%
Advance Auto Parts, Inc.		4,600		724,316
Amazon.com, Inc.2		11,031		16,568,231
AutoZone, Inc.2		1,022		856,783
Best Buy Co., Inc.		62,164		3,292,205
Booking Holdings, Inc.2		615		1,059,288
CarMax, Inc.1,2		22,975		1,441,222
Dollar General Corp.		18,943		2,047,359
Dollar Tree, Inc.2		21,208		1,915,507
eBay, Inc.2		28,886		810,830
Expedia Group, Inc.		7,351		828,090
Foot Locker, Inc.		12,673		674,204
Gap, Inc. (The)		49,826		1,283,518
Genuine Parts Co.		14,688		1,410,342
Home Depot, Inc. (The)		48,819		8,388,081
Kohl’s Corp.1		26,110		1,732,137
L Brands, Inc.		33,944		871,342
LKQ Corp.2		36,533		866,928
Lowe’s Cos., Inc.		60,386		5,577,251
Macy’s, Inc.1		66,546		1,981,740
Nordstrom, Inc.1		26,208		1,221,555
O’Reilly Automotive, Inc.2		2,147		739,277
Ross Stores, Inc.		14,951		1,243,923
Target Corp.		88,638		5,858,085

11     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P 500 Revenue ETF

	Shares		Value
Retailing (Continued)
Tiffany & Co.		4,270	$	343,778
TJX Cos., Inc. (The)		67,996		3,042,141
Tractor Supply Co.		6,864		572,732
Ulta Beauty, Inc.2		2,028		496,536
Total Retailing				65,847,401
Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc.1,2		26,020		480,329
Analog Devices, Inc.		5,634		483,566
Applied Materials, Inc.		41,871		1,370,857
Broadcom, Inc.		6,297		1,601,201
Intel Corp.		115,591		5,424,686
KLA-Tencor Corp.		3,686		329,860
Lam Research Corp.		6,399		871,352
Maxim Integrated Products, Inc.		3,815		193,993
Microchip Technology, Inc.1		5,135		369,309
Micron Technology, Inc.2		70,401		2,233,824
NVIDIA Corp.		6,723		897,520
Qorvo, Inc.2		4,047		245,774
QUALCOMM, Inc.		31,258		1,778,893
Skyworks Solutions, Inc.		4,466		299,311
Texas Instruments, Inc.		13,296		1,256,472
Xilinx, Inc.		2,442		207,985
Total Semiconductors & Semiconductor Equipment				18,044,932
Software & Services—4.0%
Accenture PLC, Class A		21,197		2,988,989
Adobe, Inc.2		2,942		665,598
Akamai Technologies, Inc.2		3,246		198,266
Alliance Data Systems Corp.		3,590		538,787
ANSYS, Inc.2		621		88,766
Autodesk, Inc.2		1,438		184,941
Automatic Data Processing, Inc.		7,979		1,046,206
Broadridge Financial Solutions, Inc.		3,660		352,275
Cadence Design Systems, Inc.2		3,792		164,876
Citrix Systems, Inc.		2,146		219,879
Cognizant Technology Solutions Corp., Class A		18,504		1,174,634
DXC Technology Co.		31,786		1,690,062
Fidelity National Information Services, Inc.		6,500		666,575
Fiserv, Inc.2		6,016		442,116
FleetCor Technologies, Inc.2		1,072		199,092
Fortinet, Inc.2		1,857		130,788
Gartner, Inc.1,2		2,219		283,677
	Shares		Value
Software & Services (Continued)
Global Payments, Inc.		2,761	$	284,742
International Business Machines Corp.		53,511		6,082,595
Intuit, Inc.		2,405		473,424
Jack Henry & Associates, Inc.		951		120,320
Mastercard, Inc., Class A		5,864		1,106,244
Microsoft Corp.		86,186		8,753,912
Oracle Corp.		67,727		3,057,874
Paychex, Inc.		4,116		268,157
PayPal Holdings, Inc.2		13,830		1,162,965
Red Hat, Inc.2		1,413		248,179
salesforce.com, Inc.2		7,240		991,663
Symantec Corp.		17,490		330,474
Synopsys, Inc.2		2,731		230,059
Total System Services, Inc.		4,013		326,217
VeriSign, Inc.2		620		91,940
Visa, Inc., Class A		12,087		1,594,759
Western Union Co. (The)		24,464		417,356
Total Software & Services				36,576,407
Technology Hardware & Equipment—4.2%
Amphenol Corp., Class A		7,543		611,134
Apple, Inc.		127,612		20,129,517
Arista Networks, Inc.2		726		152,968
Cisco Systems, Inc.		86,916		3,766,070
Corning, Inc.		27,461		829,597
F5 Networks, Inc.2		1,032		167,215
FLIR Systems, Inc.		3,344		145,598
Hewlett Packard Enterprise Co.		172,356		2,276,823
HP, Inc.		213,950		4,377,417
IPG Photonics Corp.1,2		997		112,950
Juniper Networks, Inc.		13,431		361,428
Keysight Technologies, Inc.2		4,995		310,090
Motorola Solutions, Inc.		4,411		507,441
NetApp, Inc.		7,942		473,899
Seagate Technology PLC1		23,722		915,432
TE Connectivity Ltd.		15,739		1,190,340
Western Digital Corp.		41,875		1,548,119
Xerox Corp.		32,551		643,208
Total Technology Hardware & Equipment				38,519,246
Telecommunication Services—2.7%
AT&T, Inc.		432,707		12,349,458
CenturyLink, Inc.		107,135		1,623,095
Verizon Communications, Inc.		182,003		10,232,209
Total Telecommunication Services				24,204,762

12     OPPENHEIMER ETF TRUST

	Shares		Value
Transportation—3.1%
Alaska Air Group, Inc.1		10,376	$	631,380
American Airlines Group, Inc.		108,061		3,469,839
C.H. Robinson Worldwide, Inc.		15,404		1,295,322
CSX Corp.		14,406		895,045
Delta Air Lines, Inc.		65,054		3,246,195
Expeditors International of Washington, Inc.		8,777		597,626
FedEx Corp.		29,206		4,711,804
JB Hunt Transport Services, Inc.		7,086		659,281
Kansas City Southern		2,223		212,185
Norfolk Southern Corp.		5,899		882,136
Southwest Airlines Co.		34,067		1,583,434
Union Pacific Corp.		12,519		1,730,501
United Continental Holdings, Inc.2		36,348		3,043,418
United Parcel Service, Inc., Class B		56,941		5,553,456
Total Transportation				28,511,622
Utilities—2.7%
AES Corp.		53,449		772,872
Alliant Energy Corp.		6,147		259,711
Ameren Corp.		7,123		464,633
American Electric Power Co., Inc.		16,022		1,197,484
American Water Works Co., Inc.		2,784		252,704
CenterPoint Energy, Inc.		27,285		770,256
CMS Energy Corp.		10,221		507,473
Consolidated Edison, Inc.		11,682		893,206
Dominion Energy, Inc.		13,703		979,216
DTE Energy Co.		9,169		1,011,341
Duke Energy Corp.		21,134		1,823,864
Edison International		17,093		970,370
Entergy Corp.		9,819		845,121
Evergy, Inc.		4,807		272,893
Eversource Energy		9,437		613,782
Exelon Corp.		60,517		2,729,317
FirstEnergy Corp.		24,678		926,659
NextEra Energy, Inc.		7,278		1,265,062
NiSource, Inc.		14,472		366,865
NRG Energy, Inc.		20,183		799,247
PG&E Corp.2		51,087		1,213,316
Pinnacle West Capital Corp.		3,201		272,725
PPL Corp.1		20,126		570,170
	Shares		Value
Utilities (Continued)
Public Service Enterprise Group, Inc.		13,480	$	701,634
Sempra Energy		7,645		827,113
Southern Co. (The)		40,171		1,764,310
WEC Energy Group, Inc.		8,159		565,092
Xcel Energy, Inc.		17,056		840,349
Total Utilities				24,476,785
Total Common Stocks (Cost $923,482,081)				905,835,926
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $1,919,814)		1,919,814		1,919,814
Investment of Cash Collateral for Securities Loaned—0.0%4
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $500,942)		500,942		500,942
Total Investments—100.1% (Cost $925,902,837)				908,256,682
Liabilities in Excess of Other Assets—(0.1)%				(1,152,753	)
Net Assets—100.0%			$	907,103,929

 

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $17,680,185; total value of the collateral held by the Fund was $17,951,433. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $17,450,491 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

4. Less than 0.05%

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

13     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer S&P MidCap 400 Revenue ETF

	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—3.0%
Adient PLC1		223,997	$	3,373,395
Dana, Inc.		136,591		1,861,735
Delphi Technologies PLC1		79,356		1,136,378
Gentex Corp.		21,009		424,592
Thor Industries, Inc.		35,867		1,865,084
Visteon Corp.1,2		11,783		710,279
Total Automobiles & Components				9,371,463
Banks—2.9%
Associated Banc-Corp.		16,184		320,281
BancorpSouth Bank		7,518		196,521
Bank of Hawaii Corp.		2,286		153,894
Bank OZK1		12,360		282,179
Cathay General Bancorp		4,510		151,220
Chemical Financial Corp.		5,102		186,784
Commerce Bancshares, Inc.1		5,519		311,106
Cullen/Frost Bankers, Inc.		3,412		300,051
East West Bancorp, Inc.		8,905		387,635
F.N.B. Corp.1		31,785		312,765
First Horizon National Corp.1		38,502		506,686
Fulton Financial Corp.		14,152		219,073
Hancock Whitney Corp.		8,024		278,032
Home BancShares, Inc.1		10,677		174,462
International Bancshares Corp.		4,104		141,178
LendingTree, Inc.1,2		725		159,188
MB Financial, Inc.		6,407		253,910
New York Community Bancorp, Inc.1		42,613		400,988
PacWest Bancorp		9,044		300,984
Pinnacle Financial Partners, Inc.1		5,034		232,067
Prosperity Bancshares, Inc.		3,074		191,510
Signature Bank		3,589		368,985
Sterling Bancorp		17,230		284,467
Synovus Financial Corp.1		11,379		364,014
TCF Financial Corp.		19,102		372,298
Texas Capital Bancshares, Inc.2		5,274		269,449
Trustmark Corp.1		5,497		156,280
UMB Financial Corp.1		4,162		253,757
Umpqua Holdings Corp.		17,782		282,734
United Bankshares, Inc.1		6,236		194,002
Valley National Bancorp1		29,732		264,020
Washington Federal, Inc.1		5,754		153,689
	Shares		Value
Banks (Continued)
Webster Financial Corp.		5,876	$	289,628
Wintrust Financial Corp.		5,022		333,913
Total Banks				9,047,750
Capital Goods—11.2%
Acuity Brands, Inc.1		7,220		829,939
AECOM1,2		168,360		4,461,540
AGCO Corp.		39,670		2,208,429
Carlisle Cos., Inc.		10,760		1,081,595
Crane Co.		9,839		710,179
Curtiss-Wright Corp.		5,338		545,117
Donaldson Co., Inc.1		13,798		598,695
Dycom Industries, Inc.1,2		13,067		706,141
EMCOR Group, Inc.		29,204		1,743,187
EnerSys		8,155		632,910
Esterline Technologies Corp.2		3,885		471,833
GATX Corp.1		4,277		302,854
Graco, Inc.		9,021		377,529
Granite Construction, Inc.		18,549		747,154
Hubbell, Inc.		9,604		954,061
IDEX Corp.		4,301		543,044
ITT, Inc.		12,906		622,973
KBR, Inc.		65,636		996,354
Kennametal, Inc.		15,997		532,380
Lennox International, Inc.		4,342		950,290
Lincoln Electric Holdings, Inc.		8,778		692,145
MasTec, Inc.2		38,767		1,572,389
MSC Industrial Direct Co., Inc., Class A		9,298		715,202
Nordson Corp.		4,425		528,124
NOW, Inc.1,2		59,311		690,380
nVent Electric PLC		22,515		505,687
Oshkosh Corp.		27,948		1,713,492
Regal Beloit Corp.		11,395		798,220
Resideo Technologies, Inc.2		48,573		998,175
Teledyne Technologies, Inc.2		3,233		669,457
Terex Corp.1		40,775		1,124,167
Timken Co. (The)		21,150		789,318
Toro Co. (The)		10,346		578,134
Trinity Industries, Inc.		40,022		824,053
Valmont Industries, Inc.		5,655		627,422
Wabtec Corp.1		13,695		962,074
Watsco, Inc.1		7,233		1,006,400
Woodward, Inc.		7,075		525,602
Total Capital Goods				35,336,645

14     OPPENHEIMER ETF TRUST

	Shares		Value
Commercial & Professional Services—3.8%
ASGN, Inc.2		12,494	$	680,923
Brink’s Co. (The)		12,032		777,869
Clean Harbors, Inc.2		13,337		658,181
Deluxe Corp.		11,042		424,454
Dun & Bradstreet Corp. (The)		2,893		412,947
Healthcare Services Group, Inc.1		10,932		439,248
Herman Miller, Inc.		18,151		549,068
HNI Corp.		14,706		521,033
Insperity, Inc.		9,078		847,522
ManpowerGroup, Inc.		75,752		4,908,730
MSA Safety, Inc.		3,108		292,991
Pitney Bowes, Inc.1		132,311		781,958
Stericycle, Inc.2		20,238		742,532
Total Commercial & Professional Services				12,037,456
Consumer Durables & Apparel—3.5%
Brunswick Corp.		24,652		1,145,085
Carter’s, Inc.1		9,612		784,532
Deckers Outdoor Corp.2		3,752		480,068
Helen of Troy Ltd.2		2,673		350,644
KB Home1		54,374		1,038,543
NVR, Inc.2		659		1,605,977
Polaris Industries, Inc.		17,213		1,319,893
Skechers U.S.A., Inc., Class A1,2		45,951		1,051,818
Tempur Sealy International, Inc.1,2		13,402		554,843
Toll Brothers, Inc.		51,480		1,695,236
TRI Pointe Group, Inc.1,2		67,437		737,087
Tupperware Brands Corp.		14,089		444,790
Total Consumer Durables & Apparel				11,208,516
Consumer Services—3.6%
Adtalem Global Education, Inc.2		5,829		275,828
Boyd Gaming Corp.1		23,549		489,348
Brinker International, Inc.		15,053		662,031
Cheesecake Factory, Inc. (The)		12,120		527,341
Churchill Downs, Inc.		872		212,716
Cracker Barrel Old Country Store, Inc.		4,135		661,021
Domino’s Pizza, Inc.1		2,896		718,179
Dunkin’ Brands Group, Inc.		4,111		263,597
Eldorado Resorts, Inc.1,2		11,549		418,189
Graham Holdings Co., Class B1		950		608,551
	Shares		Value
Consumer Services (Continued)
International Speedway Corp., Class A		3,793	$	166,361
Jack in the Box, Inc.1		2,515		195,240
Marriott Vacations Worldwide Corp.		7,695		542,574
Papa John’s International, Inc.1		8,524		339,340
Penn National Gaming, Inc.2		33,040		622,143
Scientific Games Corp.1,2		48,352		864,534
Service Corp. International		17,140		690,056
Six Flags Entertainment Corp.		5,696		316,869
Sotheby’s1,2		6,017		239,116
Texas Roadhouse, Inc.		8,964		535,151
Weight Watchers International, Inc.1,2		7,265		280,066
Wendy’s Co. (The)		20,862		325,656
Wyndham Destinations, Inc.		28,335		1,015,526
Wyndham Hotels & Resorts, Inc.		8,688		394,175
Total Consumer Services				11,363,608
Diversified Financials—1.9%
Eaton Vance Corp.		11,316		398,097
Evercore, Inc., Class A		5,813		415,978
FactSet Research Systems, Inc.		1,406		281,383
Federated Investors, Inc., Class B1		10,439		277,155
Interactive Brokers Group, Inc., Class A		10,404		568,579
Janus Henderson Group PLC1		27,373		567,169
Legg Mason, Inc.		28,171		718,642
MarketAxess Holdings, Inc.		437		92,343
Navient Corp.1		135,663		1,195,191
SEI Investments Co.		7,803		360,499
SLM Corp.1,2		44,888		373,019
Stifel Financial Corp.		17,415		721,329
Total Diversified Financials				5,969,384
Energy—8.4%
Apergy Corp.2		8,954		242,474
Callon Petroleum Co.1,2		17,992		116,768
Chesapeake Energy Corp.1,2		1,019,577		2,141,112
CNX Resources Corp.1,2		26,458		302,150
Core Laboratories NV		2,448		146,048
Diamond Offshore Drilling, Inc.1,2		26,902		253,955
Dril-Quip, Inc.1,2		2,891		86,817

15     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P MidCap 400 Revenue ETF

	Shares		Value
Energy (Continued)
Ensco PLC, Class A1		100,445	$	357,584
EQT Corp.		53,795		1,016,187
Equitrans Midstream Corp.2		15,884		317,998
Matador Resources Co.2		10,547		163,795
McDermott International, Inc.1,2		174,474		1,141,060
Murphy Oil Corp.		21,369		499,821
Oasis Petroleum, Inc.1,2		73,859		408,440
Oceaneering International, Inc.1,2		30,808		372,777
Patterson-UTI Energy, Inc.1		62,696		648,904
PBF Energy, Inc., Class A		198,357		6,480,323
QEP Resources, Inc.2		64,719		364,368
Range Resources Corp.1		59,649		570,841
Rowan Cos. PLC, Class A2		22,552		189,211
SM Energy Co.1		22,056		341,427
Southwestern Energy Co.1,2		213,624		728,458
Transocean Ltd.2		89,040		617,938
World Fuel Services Corp.		402,133		8,609,667
WPX Energy, Inc.2		40,328		457,723
Total Energy				26,575,846
Food & Staples Retailing—1.0%
Casey’s General Stores, Inc.		15,362		1,968,487
Sprouts Farmers Market, Inc.1,2		49,251		1,157,891
Total Food & Staples Retailing				3,126,378
Food, Beverage & Tobacco—2.2%
Boston Beer Co., Inc. (The), Class A1,2		843		203,028
Flowers Foods, Inc.1		48,108		888,555
Hain Celestial Group, Inc. (The)1,2		32,575		516,640
Ingredion, Inc.		14,200		1,297,880
Lancaster Colony Corp.1		1,549		273,956
Post Holdings, Inc.1,2		15,845		1,412,265
Sanderson Farms, Inc.1		7,918		786,178
Tootsie Roll Industries, Inc.1		3,553		118,670
TreeHouse Foods, Inc.1,2		25,927		1,314,758
Total Food, Beverage & Tobacco				6,811,930
Health Care Equipment & Services—5.1%
Acadia Healthcare Co., Inc.1,2		24,026		617,709
Allscripts Healthcare Solutions, Inc.2		46,464		447,913
Avanos Medical, Inc.1,2		3,141		140,685
Cantel Medical Corp.		2,590		192,826
Chemed Corp.		1,415		400,841
	Shares		Value
Health Care Equipment & Services (Continued)
Encompass Health Corp.		14,200	$	876,140
Globus Medical, Inc., Class A2		3,612		156,327
Haemonetics Corp.2		2,120		212,106
HealthEquity, Inc.2		1,018		60,724
Hill-Rom Holdings, Inc.		7,142		632,424
ICU Medical, Inc.2		1,499		344,215
Inogen, Inc.2		595		73,881
Integra LifeSciences Holdings Corp.2		6,995		315,475
LivaNova PLC2		2,676		244,774
Masimo Corp.2		1,866		200,352
Medidata Solutions, Inc.2		1,985		133,829
MEDNAX, Inc.2		23,221		766,293
Molina Healthcare, Inc.1,2		33,941		3,944,623
NuVasive, Inc.1,2		4,571		226,539
Patterson Cos., Inc.		59,103		1,161,965
STERIS PLC		5,532		591,094
Teleflex, Inc.1		2,255		582,872
Tenet Healthcare Corp.2		205,043		3,514,437
West Pharmaceutical Services, Inc.		3,799		372,416
Total Health Care Equipment & Services				16,210,460
Household & Personal Products—0.5%
Edgewell Personal Care Co.1,2		12,763		476,698
Energizer Holdings, Inc.1		8,418		380,073
Nu Skin Enterprises, Inc., Class A		9,689		594,226
Total Household & Personal Products				1,450,997
Insurance—5.9%
Alleghany Corp.		2,618		1,631,852
American Financial Group, Inc.		17,722		1,604,373
Aspen Insurance Holdings Ltd.		12,996		545,702
Brown & Brown, Inc.		16,476		454,079
CNO Financial Group, Inc.		67,350		1,002,168
First American Financial Corp.		30,273		1,351,387
Genworth Financial, Inc., Class A1,2		423,071		1,971,511
Hanover Insurance Group, Inc. (The)		11,020		1,286,805
Kemper Corp.		11,614		770,937
Mercury General Corp.		14,828		766,756

16     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (Continued)
Old Republic International Corp.		69,942	$	1,438,707
Primerica, Inc.1		4,350		425,038
Reinsurance Group of America, Inc.		21,380		2,998,117
RenaissanceRe Holdings Ltd.		3,431		458,725
W.R. Berkley Corp.		23,854		1,763,049
Total Insurance				18,469,206
Materials—9.2%
Allegheny Technologies, Inc.1,2		38,919		847,267
AptarGroup, Inc.		6,261		588,972
Ashland Global Holdings, Inc.		12,136		861,171
Bemis Co., Inc.1		20,396		936,176
Cabot Corp.		17,198		738,482
Carpenter Technology Corp.		14,101		502,137
Chemours Co. (The)		56,130		1,583,989
Commercial Metals Co.		64,538		1,033,899
Compass Minerals International, Inc.1		7,412		309,006
Domtar Corp.		32,452		1,140,039
Eagle Materials, Inc.		5,382		328,463
Greif, Inc., Class A		20,242		751,181
Louisiana-Pacific Corp.		32,047		712,084
Minerals Technologies, Inc.		8,433		432,950
NewMarket Corp.1		1,362		561,267
Olin Corp.		80,379		1,616,422
Owens-Illinois, Inc.1,2		95,152		1,640,420
PolyOne Corp.		28,298		809,323
Reliance Steel & Aluminum Co.		35,029		2,493,014
Royal Gold, Inc.		1,353		115,884
RPM International, Inc.		20,885		1,227,620
Scotts Miracle-Gro Co., (The)1		9,739		598,559
Sensient Technologies Corp.1		5,599		312,704
Silgan Holdings, Inc.		40,692		961,145
Sonoco Products Co.		22,098		1,174,067
Steel Dynamics, Inc.		81,158		2,437,986
United States Steel Corp.1		158,076		2,883,306
Valvoline, Inc.		27,493		531,990
Worthington Industries, Inc.		23,267		810,622
Total Materials				28,940,145
	Shares		Value
Media & Entertainment—1.9%
AMC Networks, Inc., Class A1,2		12,010	$	659,109
Cable One, Inc.		289		237,009
Cars.com, Inc.1,2		6,430		138,245
Cinemark Holdings, Inc.		18,288		654,710
John Wiley & Sons, Inc., Class A		8,387		393,937
Live Nation Entertainment, Inc.1,2		46,563		2,293,228
Meredith Corp.1		11,399		592,064
New York Times Co., (The), Class A		16,403		365,623
TEGNA, Inc.		38,274		416,038
World Wrestling Entertainment, Inc., Class A1		2,777		207,498
Yelp, Inc.2		6,044		211,480
Total Media & Entertainment				6,168,941
Pharmaceuticals, Biotechnology & Life Sciences—1.4%
Bio-Rad Laboratories, Inc., Class A2		2,149		499,041
Bio-Techne Corp.		1,017		147,180
Catalent, Inc.2		16,565		516,497
Charles River Laboratories International, Inc.2		3,983		450,796
Exelixis, Inc.2		8,214		161,569
Ligand Pharmaceuticals, Inc.2		412		55,908
Mallinckrodt PLC2		31,886		503,799
PRA Health Sciences, Inc.2		6,515		599,119
Prestige Consumer Healthcare, Inc.1,2		7,377		227,802
Syneos Health, Inc.1,2		22,945		902,886
United Therapeutics Corp.2		3,683		401,079
Total Pharmaceuticals, Biotechnology & Life Sciences				4,465,676
Real Estate—3.3%
Alexander & Baldwin, Inc.1,2		5,718		105,097
American Campus Communities, Inc.		4,629		191,594
Camden Property Trust		2,434		214,314
CoreCivic, Inc.		19,829		353,551
CoreSite Realty Corp.		1,272		110,956
Corporate Office Properties Trust		6,254		131,522

17     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P MidCap 400 Revenue ETF

	Shares		Value
Real Estate (Continued)
Cousins Properties, Inc.		12,991	$	102,629
CyrusOne, Inc.		3,055		161,548
Douglas Emmett, Inc.		5,527		188,636
EPR Properties		2,259		144,644
First Industrial Realty Trust, Inc.		2,941		84,877
GEO Group, Inc. (The)		23,767		468,210
Healthcare Realty Trust, Inc.		3,410		96,980
Highwoods Properties, Inc.		4,030		155,921
Hospitality Properties Trust		20,330		485,480
JBG SMITH Properties		3,961		137,882
Jones Lang LaSalle, Inc.		24,456		3,096,130
Kilroy Realty Corp.		2,526		158,835
Lamar Advertising Co., Class A		5,247		362,987
Liberty Property Trust		3,662		153,365
Life Storage, Inc.		1,228		114,192
Mack-Cali Realty Corp.		5,956		116,678
Medical Properties Trust, Inc.		11,147		179,244
National Retail Properties, Inc.		2,802		135,925
Omega Healthcare Investors, Inc.1		5,526		194,239
Pebblebrook Hotel Trust		5,449		154,261
PotlatchDeltic, Corp.		6,390		202,180
Rayonier, Inc.		6,938		192,113
Realogy Holdings Corp.1		83,543		1,226,411
Sabra Health Care REIT, Inc.		8,020		132,170
Senior Housing Properties Trust		19,526		228,845
Tanger Factory Outlet Centers, Inc.1		4,890		98,876
Taubman Centers, Inc.		2,928		133,195
Uniti Group, Inc.		13,899		216,407
Urban Edge Properties		4,538		75,422
Weingarten Realty Investors		4,435		110,032
Total Real Estate				10,415,348
Retailing—7.9%
Aaron’s, Inc.		20,917		879,560
American Eagle Outfitters, Inc.		50,795		981,867
AutoNation, Inc.1,2		151,342		5,402,910
Bed Bath & Beyond, Inc.1		244,650		2,769,438
Big Lots, Inc.1		42,718		1,235,405
Dick’s Sporting Goods, Inc.		57,771		1,802,455
Dillard’s, Inc., Class A		24,752		1,492,793
Five Below, Inc.2		3,263		333,870
Michaels Cos., Inc. (The)1,2		84,401		1,142,790
	Shares		Value
Retailing (Continued)
Murphy USA, Inc.2		43,922	$	3,366,182
Ollie’s Bargain Outlet Holdings, Inc.2		4,212		280,140
Pool Corp.1		4,689		697,020
Sally Beauty Holdings, Inc.1,2		48,961		834,785
Signet Jewelers Ltd.1		45,207		1,436,226
Urban Outfitters, Inc.2		27,336		907,555
Williams-Sonoma, Inc.1		24,543		1,238,194
Total Retailing				24,801,190
Semiconductors & Semiconductor Equipment—1.2%
Cirrus Logic, Inc.2		9,088		301,540
Cree, Inc.1,2		8,225		351,824
Cypress Semiconductor Corp.		45,144		574,232
First Solar, Inc.1,2		10,066		427,352
Integrated Device Technology, Inc.2		4,377		211,978
MKS Instruments, Inc.		7,616		492,070
Monolithic Power Systems, Inc.		1,093		127,061
Silicon Laboratories, Inc.2		2,418		190,563
Synaptics, Inc.1,2		9,955		370,426
Teradyne, Inc.		14,717		461,819
Universal Display Corp.		716		66,996
Versum Materials, Inc.		11,467		317,865
Total Semiconductors & Semiconductor Equipment				3,893,726
Software & Services—3.3%
ACI Worldwide, Inc.2		8,590		237,685
Blackbaud, Inc.		3,070		193,103
CACI International, Inc., Class A2		6,630		954,919
CDK Global, Inc.		11,010		527,159
CommVault Systems, Inc.2		2,907		171,775
CoreLogic, Inc.2		11,754		392,819
Fair Isaac Corp.2		1,276		238,612
j2 Global, Inc.		3,864		268,084
Leidos Holdings, Inc.		41,261		2,175,280
LiveRamp Holdings, Inc.1,2		3,991		154,172
LogMeIn, Inc.		3,191		260,290
Manhattan Associates, Inc.2		2,834		120,076
MAXIMUS, Inc.		7,997		520,525
Perspecta, Inc.		39,482		679,880
PTC, Inc.2		3,392		281,197
Sabre Corp.		38,644		836,256
Science Applications International Corp.		15,488		986,586

18     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (Continued)
Teradata Corp.1,2		13,663	$	524,113
Tyler Technologies, Inc.2		1,136		211,091
Ultimate Software Group, Inc. (The)2		1,007		246,584
WEX, Inc.2		2,281		319,477
Total Software & Services				10,299,683
Technology Hardware & Equipment—12.4%
ARRIS International PLC2		50,647		1,548,279
Arrow Electronics, Inc.2		97,230		6,704,008
Avnet, Inc.		117,056		4,225,722
Belden, Inc.1		13,711		572,708
Ciena Corp.2		19,754		669,858
Cognex Corp.		4,645		179,622
Coherent, Inc.1,2		3,980		420,726
InterDigital, Inc.		1,414		93,932
Jabil, Inc.		235,584		5,840,127
Littelfuse, Inc.		2,225		381,543
Lumentum Holdings, Inc.1,2		7,258		304,909
National Instruments Corp.		6,814		309,219
NCR Corp.1,2		63,019		1,454,478
NetScout Systems, Inc.1,2		8,244		194,806
Plantronics, Inc.		7,369		243,914
SYNNEX Corp.		57,486		4,647,168
Tech Data Corp.2		105,176		8,604,449
Trimble, Inc.2		20,350		669,718
ViaSat, Inc.1,2		6,407		377,693
Vishay Intertechnology, Inc.1		36,865		663,939
Zebra Technologies Corp., Class A2		5,552		884,045
Total Technology Hardware & Equipment				38,990,863
Telecommunication Services—0.3%
Telephone & Data Systems, Inc.		34,402		1,119,441
Transportation—3.3%
Avis Budget Group, Inc.2		84,456		1,898,571
Genesee & Wyoming, Inc., Class A2		7,249		536,571
JetBlue Airways Corp.2		102,730		1,649,844
Kirby Corp.1,2		9,945		669,895
Knight-Swift Transportation Holdings, Inc.1		45,860		1,149,710
Landstar System, Inc.		11,304		1,081,454
Old Dominion Freight Line, Inc.		7,352		907,898
	Shares		Value
Transportation (Continued)
Ryder System, Inc.		38,284	$	1,843,375
Werner Enterprises, Inc.		18,389		543,211
Total Transportation				10,280,529
Utilities—2.7%
ALLETE, Inc.		3,991		304,194
Aqua America, Inc.1		5,424		185,446
Atmos Energy Corp.		7,347		681,214
Black Hills Corp.		5,883		369,335
Hawaiian Electric Industries, Inc.		16,526		605,182
IDACORP, Inc.		3,144		292,581
MDU Resources Group, Inc.		39,661		945,518
National Fuel Gas Co.		6,889		352,579
New Jersey Resources Corp.		13,524		617,641
NorthWestern Corp.1		4,460		265,102
OGE Energy Corp.		12,615		494,382
ONE Gas, Inc.		4,367		347,613
PNM Resources, Inc.		7,486		307,600
Southwest Gas Holdings, Inc.		8,168		624,852
UGI Corp.		31,043		1,656,144
Vectren Corp.		8,605		619,388
Total Utilities				8,668,771
Total Common Stocks (Cost $342,145,428)				315,023,952
Investment of Cash Collateral for Securities Loaned—1.5%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $4,831,032)		4,831,032		4,831,032
Total Investments—101.4% (Cost $346,976,460)				319,854,984
Liabilities in Excess of Other Assets—(1.4)%				(4,465,998	)
Net Assets—100.0%			$	315,388,986

 

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 $69,585,800; total value of the collateral held by the Fund was $70,886,312. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $66,055,280 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

19     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer S&P SmallCap 600 Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—3.5%
American Axle & Manufacturing Holdings, Inc.1,2		324,514	$	3,602,105
Cooper Tire & Rubber Co.1		44,656		1,443,729
Cooper-Standard Holdings, Inc.2		28,407		1,764,643
Dorman Products, Inc.1,2		5,474		492,770
Fox Factory Holding Corp.1,2		4,749		279,574
Garrett Motion, Inc.2		142,488		1,758,302
Gentherm, Inc.1,2		12,650		505,747
LCI Industries1		19,900		1,329,320
Motorcar Parts of America, Inc.1,2		11,434		190,262
Standard Motor Products, Inc.		11,112		538,154
Superior Industries International, Inc.		131,240		631,264
Winnebago Industries, Inc.		48,864		1,182,997
Total Automobiles & Components				13,718,867
Banks—2.9%
Ameris Bancorp		7,085		224,382
Axos Financial, Inc.2		10,084		253,915
Banc of California, Inc.		15,941		212,175
Banner Corp.		4,646		248,468
Berkshire Hills Bancorp, Inc.1		10,285		277,386
Boston Private Financial Holdings, Inc.		19,339		204,413
Brookline Bancorp, Inc.		11,278		155,862
Central Pacific Financial Corp.		4,552		110,841
City Holding Co.		1,508		101,926
Columbia Banking System, Inc.		7,684		278,852
Community Bank System, Inc.1		4,838		282,055
Customers Bancorp, Inc.2		13,168		239,658
CVB Financial Corp.		8,775		177,518
Dime Community Bancshares, Inc.1		6,782		115,158
Eagle Bancorp, Inc.1,2		3,994		194,548
Fidelity Southern Corp.		7,244		188,489
First BanCorp		40,200		345,720
First Commonwealth Financial Corp.		15,109		182,517
First Financial Bancorp		11,360		269,459
	Shares		Value
Banks (Continued)
First Financial Bankshares, Inc.		3,187	$	183,858
First Midwest Bancorp, Inc.		16,906		334,908
Flagstar Bancorp, Inc.2		20,904		551,866
Franklin Financial Network, Inc.1,2		3,175		83,725
Glacier Bancorp, Inc.		6,609		261,849
Great Western Bancorp, Inc.		8,885		277,656
Hanmi Financial Corp.		6,475		127,557
Heritage Financial Corp.		3,492		103,782
HomeStreet, Inc.2		12,390		263,040
Hope Bancorp, Inc.1		27,910		331,013
Independent Bank Corp.		2,743		192,860
LegacyTexas Financial Group, Inc.		6,667		213,944
Meta Financial Group, Inc.		8,574		166,250
National Bank Holdings Corp., Class A		4,176		128,913
NBT Bancorp, Inc.1		6,547		226,461
NMI Holdings, Inc., Class A2		7,030		125,485
Northfield Bancorp, Inc.		5,690		77,100
Northwest Bancshares, Inc.1		13,680		231,739
OFG Bancorp		12,465		205,174
Old National Bancorp1		23,789		366,351
Opus Bank		7,670		150,255
Oritani Financial Corp.1		5,294		78,087
Pacific Premier Bancorp, Inc.2		8,455		215,772
Preferred Bank		2,174		94,243
Provident Financial Services, Inc.		8,569		206,770
S&T Bancorp, Inc.1		4,213		159,420
Seacoast Banking Corp. of Florida1,2		5,468		142,277
ServisFirst Bancshares, Inc.		4,916		156,673
Simmons First National Corp., Class A1		15,905		383,788
Southside Bancshares, Inc.1		4,127		131,032
Tompkins Financial Corp.1		2,140		160,521
Triumph Bancorp, Inc.2		3,926		116,602
TrustCo Bank Corp. NY		13,817		94,785
United Community Banks, Inc.		12,552		269,366
Veritex Holdings, Inc.2		3,214		68,715
Walker & Dunlop, Inc.		8,229		355,904
Westamerica Bancorporation1		1,749		97,384
Total Banks				11,398,467

 

20     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods—11.5%
AAON, Inc.1		6,036	$	211,622
AAR Corp.		22,695		847,431
Actuant Corp., Class A		25,503		535,308
Aegion Corp.2		38,669		631,078
Aerojet Rocketdyne Holdings, Inc.1,2		28,296		996,868
Aerovironment, Inc.1,2		2,204		149,762
Alamo Group, Inc.		6,545		506,059
Albany International Corp., Class A		7,161		447,061
American Woodmark Corp.1,2		13,244		737,426
Apogee Enterprises, Inc.		22,059		658,461
Applied Industrial Technologies, Inc.		28,534		1,539,124
Arcosa, Inc.2		29,725		823,085
Astec Industries, Inc.		18,875		569,836
Axon Enterprise, Inc.2		4,482		196,087
AZZ, Inc.		10,525		424,789
Barnes Group, Inc.		13,411		719,098
Briggs & Stratton Corp.1		68,442		895,221
Chart Industries, Inc.2		9,618		625,459
CIRCOR International, Inc.1,2		19,815		422,059
Comfort Systems USA, Inc.		22,814		996,516
Cubic Corp.		11,492		617,580
DXP Enterprises, Inc.2		18,152		505,352
Encore Wire Corp.		13,316		668,197
Engility Holdings, Inc.2		30,993		882,061
EnPro Industries, Inc.		12,148		730,095
ESCO Technologies, Inc.		5,788		381,719
Federal Signal Corp.		25,727		511,967
Franklin Electric Co., Inc.		15,549		666,741
Gibraltar Industries, Inc.1,2		15,034		535,060
Greenbrier Cos., Inc. (The)1		31,081		1,228,943
Griffon Corp.		93,533		977,420
Harsco Corp.2		39,472		783,914
Hillenbrand, Inc.		22,279		845,042
Insteel Industries, Inc.		9,192		223,182
John Bean Technologies Corp.		13,238		950,621
Kaman Corp.		16,536		927,504
Lindsay Corp.1		2,827		272,099
Lydall, Inc.2		19,644		398,970
Mercury Systems, Inc.1,2		5,493		259,764
Moog, Inc., Class A		17,482		1,354,505
Mueller Industries, Inc.		51,540		1,203,974
MYR Group, Inc.2		26,170		737,209
National Presto Industries, Inc.1		1,456		170,236
	Shares		Value
Capital Goods (Continued)
Orion Group Holdings, Inc.2		68,725	$	294,830
Patrick Industries, Inc.1,2		36,473		1,079,966
PGT Innovations, Inc.2		19,597		310,612
Powell Industries, Inc.		8,251		206,357
Proto Labs, Inc.2		1,882		212,271
Quanex Building Products Corp.		32,929		447,505
Raven Industries, Inc.		5,575		201,759
Simpson Manufacturing Co., Inc.		10,079		545,576
SPX Corp.2		27,568		772,180
SPX FLOW, Inc.2		33,337		1,014,112
Standex International Corp.		6,049		406,372
Tennant Co.		10,275		535,430
Titan International, Inc.		155,982		726,876
Trex Co., Inc.2		5,661		336,037
Triumph Group, Inc.1		124,476		1,431,474
Universal Forest Products, Inc.		85,237		2,212,753
Veritiv Corp.2		163,194		4,074,954
Vicor Corp.1,2		4,147		156,715
Wabash National Corp.		84,884		1,110,283
Watts Water Technologies, Inc., Class A		11,003		710,024
Total Capital Goods				45,550,591
Commercial & Professional Services—6.4%
ABM Industries, Inc.		121,528		3,902,264
Brady Corp., Class A		14,307		621,782
Essendant, Inc.		198,809		2,501,017
Exponent, Inc.		3,774		191,380
Forrester Research, Inc.		4,115		183,940
FTI Consulting, Inc.2		16,275		1,084,566
Heidrick & Struggles International, Inc.		10,728		334,606
Interface, Inc.		38,284		545,547
Kelly Services, Inc., Class A		135,409		2,773,176
Korn/Ferry International		21,995		869,682
LSC Communications, Inc.		250,537		1,753,759
Matthews International Corp., Class A1		19,613		796,680
Mobile Mini, Inc.		8,925		283,369
Multi-Color Corp.		23,581		827,457
Navigant Consulting, Inc.		19,223		462,313
Resources Connection, Inc.		23,298		330,832
RR Donnelley & Sons Co.		722,704		2,861,908
Team, Inc.1,2		41,363		605,968
Tetra Tech, Inc.		27,181		1,407,160
TrueBlue, Inc.2		53,782		1,196,650

21     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P SmallCap 600 Revenue ETF
 

	Shares		Value
Commercial & Professional Services (Continued)
UniFirst Corp.		6,066	$	867,863
US Ecology, Inc.		4,150		261,367
Viad Corp.		13,529		677,668
WageWorks, Inc.2		8,238		223,744
Total Commercial & Professional Services				25,564,698
Consumer Durables & Apparel—4.8%
Callaway Golf Co.		37,719		577,101
Cavco Industries, Inc.2		3,404		443,813
Crocs, Inc.2		21,110		548,438
Ethan Allen Interiors, Inc.		20,743		364,869
Fossil Group, Inc.1,2		84,284		1,325,787
G-III Apparel Group Ltd.1,2		51,919		1,448,021
Installed Building Products, Inc.1,2		19,598		660,257
iRobot Corp.1,2		5,990		501,603
La-Z-Boy, Inc.		32,233		893,176
LGI Homes, Inc.1,2		18,116		819,206
M.D.C. Holdings, Inc.		52,208		1,467,567
M/I Homes, Inc.2		48,558		1,020,689
Meritage Homes Corp.2		46,900		1,722,168
Movado Group, Inc.		9,966		315,125
Nautilus, Inc.1,2		18,160		197,944
Oxford Industries, Inc.		7,941		564,129
Steven Madden Ltd.		27,947		845,676
Sturm Ruger & Co., Inc.		4,644		247,154
TopBuild Corp.2		24,752		1,113,840
Unifi, Inc.1,2		14,911		340,567
Universal Electronics, Inc.1,2		12,475		315,368
Vera Bradley, Inc.2		26,057		223,308
Vista Outdoor, Inc.2		104,651		1,187,789
William Lyon Homes, Class A2		89,429		955,996
Wolverine World Wide, Inc.		34,562		1,102,182
Total Consumer Durables & Apparel				19,201,773
Consumer Services—1.2%
American Public Education, Inc.2		5,152		146,626
Belmond Ltd., Class A1,2		11,591		290,123
BJ’s Restaurants, Inc.		10,152		513,387
Career Education Corp.2		22,916		261,701
Chuy’s Holdings, Inc.2		10,217		181,249
Dave & Buster’s Entertainment, Inc.		13,220		589,083
Dine Brands Global, Inc.1		4,363		293,804
El Pollo Loco Holdings, Inc.2		14,120		214,200
Fiesta Restaurant Group, Inc.1,2		20,702		321,088
	Shares		Value
Consumer Services (Continued)
Monarch Casino & Resort, Inc.2		3,067	$	116,975
Red Robin Gourmet Burgers, Inc.2		21,880		584,634
Regis Corp.2		37,437		634,557
Ruth’s Hospitality Group, Inc.		9,930		225,709
Shake Shack, Inc., Class A2		4,714		214,110
Strategic Education, Inc.1		1,990		225,706
Wingstop, Inc.		1,116		71,636
Total Consumer Services				4,884,588
Diversified Financials—2.0%
Apollo Commercial Real Estate Finance, Inc.		9,322		155,305
ARMOUR Residential REIT, Inc.		2,558		52,439
Blucora, Inc.1,2		10,201		271,755
Capstead Mortgage Corp.		19,995		133,367
Donnelley Financial Solutions, Inc.1,2		32,082		450,110
Encore Capital Group, Inc.1,2		30,276		711,486
Enova International, Inc.1,2		26,788		521,294
EZCORP, Inc., Class A1,2		48,852		377,626
FirstCash, Inc.		11,386		823,777
Granite Point Mortgage Trust, Inc.		4,529		81,658
Green Dot Corp., Class A2		6,281		499,465
Greenhill & Co., Inc.		6,824		166,506
INTL. FCStone, Inc.1,2		10,487		383,614
Invesco Mortgage Capital, Inc.		22,293		322,803
Investment Technology Group, Inc.		8,449		255,498
New York Mortgage Trust, Inc.1		35,294		207,882
PennyMac Mortgage Investment Trust		14,000		260,680
Piper Jaffray Cos.		6,091		401,031
PRA Group, Inc.1,2		17,578		428,376
Redwood Trust, Inc.		12,287		185,165
Virtus Investment Partners, Inc.1		3,322		263,866
Waddell & Reed Financial, Inc., Class A		32,526		588,070
WisdomTree Investments, Inc.1		20,133		133,884
World Acceptance Corp.1,2		2,722		278,352
Total Diversified Financials				7,954,009

22     OPPENHEIMER ETF TRUST

	Shares		Value
Energy—4.9%
Archrock, Inc.		51,152	$	383,128
Bonanza Creek Energy, Inc.2		5,606		115,876
Bristow Group, Inc.1,2		245,486		596,531
C&J Energy Services, Inc.2		76,237		1,029,199
CARBO Ceramics, Inc.1,2		30,515		106,192
Carrizo Oil & Gas, Inc.1,2		41,554		469,145
Cloud Peak Energy, Inc.1,2		616,815		225,939
CONSOL Energy, Inc.2		22,987		728,918
Denbury Resources, Inc.1,2		346,093		591,819
Era Group, Inc.1,2		11,817		103,281
Exterran Corp.2		34,476		610,225
Geospace Technologies Corp.1,2		2,722		28,064
Green Plains, Inc.1		135,964		1,782,488
Gulf Island Fabrication, Inc.1,2		12,757		92,106
Gulfport Energy Corp.2		79,385		519,972
Helix Energy Solutions Group, Inc.1,2		57,232		309,625
HighPoint Resources Corp.2		78,680		195,913
KLX Energy Services Holdings, Inc.2		9,866		231,358
Laredo Petroleum, Inc.1,2		143,236		518,514
Matrix Service Co.2		31,414		563,567
Nabors Industries Ltd.		587,712		1,175,424
Newpark Resources, Inc.1,2		68,477		470,437
Noble Corp. PLC1,2		172,629		452,288
Oil States International, Inc.1,2		30,986		442,480
Par Pacific Holdings, Inc.2		103,652		1,469,785
PDC Energy, Inc.1,2		20,898		621,924
Penn Virginia Corp.2		3,493		188,832
Pioneer Energy Services Corp.2		167,220		205,681
ProPetro Holding Corp.1,2		54,177		667,461
Renewable Energy Group, Inc.1,2		49,272		1,266,290
REX American Resources Corp.1,2		3,607		245,673
Ring Energy, Inc.1,2		10,597		53,833
SEACOR Holdings, Inc.1,2		10,327		382,099
SRC Energy, Inc.1,2		63,514		298,516
Superior Energy Services, Inc.2		273,462		916,098
TETRA Technologies, Inc.2		265,324		445,744
U.S. Silica Holdings, Inc.1		69,913		711,714
Unit Corp.1,2		23,702		338,465
Total Energy				19,554,604
	Shares		Value
Food & Staples Retailing—2.8%
Andersons, Inc. (The)		53,042	$	1,585,425
Chefs’ Warehouse, Inc. (The)2		19,317		617,758
SpartanNash Co.		227,696		3,911,817
United Natural Foods, Inc.2		467,678		4,952,710
Total Food & Staples Retailing				11,067,710
Food, Beverage & Tobacco—2.9%
B&G Foods, Inc.		27,728		801,617
Calavo Growers, Inc.1		6,342		462,712
Cal-Maine Foods, Inc.1		17,535		741,731
Coca-Cola Bottling Co.Consolidated1		11,040		1,958,275
Darling Ingredients, Inc.2		83,663		1,609,676
Dean Foods Co.1		866,676		3,302,036
J&J Snack Foods Corp.		3,705		535,706
John B. Sanfilippo & Son, Inc.1		7,061		393,015
MGP Ingredients, Inc.1		3,181		181,476
Seneca Foods Corp., Class A2		20,332		573,769
Universal Corp.		17,748		961,054
Total Food, Beverage & Tobacco				11,521,067
Health Care Equipment & Services—7.5%
Addus HomeCare Corp.2		3,363		228,280
Amedisys, Inc.2		6,574		769,881
AMN Healthcare Services, Inc.1,2		18,795		1,064,925
AngioDynamics, Inc.2		8,203		165,126
Anika Therapeutics, Inc.2		1,787		60,061
BioTelemetry, Inc.1,2		3,005		179,459
Community Health Systems, Inc.1,2		1,756,296		4,952,755
Computer Programs & Systems, Inc.		5,629		141,288
CONMED Corp.		6,566		421,537
CorVel Corp.2		4,540		280,209
Cross Country Healthcare, Inc.2		53,165		389,699
CryoLife, Inc.2		4,339		123,141
Cutera, Inc.2		4,994		84,998
Diplomat Pharmacy, Inc.1,2		184,711		2,486,210
Ensign Group, Inc. (The)		23,258		902,178
HealthStream, Inc.		4,628		111,766
Heska Corp.1,2		669		57,601
HMS Holdings Corp.2		9,266		260,653
Integer Holdings Corp.2		8,262		630,060
Invacare Corp.		101,983		438,527

23     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P SmallCap 600 Revenue ETF
 

	Shares		Value
Lantheus Holdings, Inc.2		9,791	$	153,229
LeMaitre Vascular, Inc.		2,076		49,077
LHC Group, Inc.2		8,029		753,763
Magellan Health, Inc.2		59,785		3,401,169
Meridian Bioscience, Inc.		6,118		106,208
Merit Medical Systems, Inc.1,2		7,475		417,180
Natus Medical, Inc.1,2		8,146		277,208
Neogen Corp.2		3,270		186,390
NextGen Healthcare, Inc.2		15,900		240,885
Omnicell, Inc.1,2		5,838		357,519
OraSure Technologies, Inc.2		8,021		93,685
Orthofix Medical, Inc.2		4,090		214,684
Owens & Minor, Inc.1		750,103		4,748,152
Providence Service Corp. (The)2		12,270		736,445
Quorum Health Corp.1,2		253,430		732,413
Select Medical Holdings Corp.2		147,108		2,258,108
Surmodics, Inc.2		737		34,831
Tabula Rasa HealthCare, Inc.1,2		1,363		86,905
Tactile Systems Technology, Inc.1,2		1,310		59,670
Tivity Health, Inc.1,2		11,151		276,656
US Physical Therapy, Inc.		2,041		208,896
Varex Imaging Corp.2		16,523		391,265
Total Health Care Equipment & Services				29,532,692
Household & Personal Products—1.1%
Avon Products, Inc.2		1,622,013		2,465,460
Central Garden & Pet Co., Class A1,2		16,700		575,315
Central Garden & Pet Co., Class A2		18,537		579,281
Inter Parfums, Inc.		5,344		350,406
Medifast, Inc.		1,625		203,158
WD-40 Co.1		1,239		227,059
Total Household & Personal Products				4,400,679
Insurance—2.7%
Ambac Financial Group, Inc.1,2		17,015		293,339
American Equity Investment Life Holding Co.		39,696		1,109,106
AMERISAFE, Inc.		3,138		177,893
eHealth, Inc.2		2,200		84,524
Employers Holdings, Inc.		9,484		398,044
HCI Group, Inc.1		2,298		116,761
	Shares		Value
Insurance (Continued)
Horace Mann Educators Corp.		16,158	$	605,117
James River Group Holdings Ltd.1		12,132		443,303
Maiden Holdings Ltd.		783,358		1,292,541
Navigators Group, Inc. (The)		10,766		748,129
ProAssurance Corp.		11,876		481,691
RLI Corp.		6,242		430,636
Safety Insurance Group, Inc.		4,924		402,833
Selective Insurance Group, Inc.		20,646		1,258,167
Stewart Information Services Corp.		23,836		986,810
Third Point Reinsurance Ltd.1,2		52,321		504,374
United Fire Group, Inc.		10,391		576,181
United Insurance Holdings Corp.		20,850		346,527
Universal Insurance Holdings, Inc.		10,324		391,486
Total Insurance				10,647,462
Materials—5.8%
AdvanSix, Inc.2		30,186		734,727
AK Steel Holding Corp.1,2		1,286,973		2,895,689
American Vanguard Corp.		14,022		212,994
Balchem Corp.		4,019		314,889
Boise Cascade Co.		107,821		2,571,531
Century Aluminum Co.1,2		112,957		825,716
Clearwater Paper Corp.1,2		31,274		762,147
FutureFuel Corp.		9,621		152,589
H.B. Fuller Co.1		36,479		1,556,559
Hawkins, Inc.		6,372		260,933
Haynes International, Inc.		7,688		202,963
Ingevity Corp.2		6,536		546,998
Innophos Holdings, Inc.		16,634		408,032
Innospec, Inc.		10,810		667,626
Kaiser Aluminum Corp.		8,677		774,769
Koppers Holdings, Inc.2		50,395		858,731
Kraton Corp.2		45,622		996,385
LSB Industries, Inc.1,2		28,654		158,170
Materion Corp.		13,101		589,414
Myers Industries, Inc.		18,142		274,126
Neenah, Inc.1		7,975		469,887
Olympic Steel, Inc.		46,624		665,324
PH Glatfelter Co.		65,351		637,826
Quaker Chemical Corp.		2,286		406,245
Rayonier Advanced Materials, Inc.1		84,772		902,822

24     OPPENHEIMER ETF TRUST

	Shares		Value
Materials (Continued)
Schweitzer-Mauduit International, Inc.		19,133	$	479,282
Stepan Co.		12,960		959,040
SunCoke Energy, Inc.2		84,356		721,244
TimkenSteel Corp.1,2		80,130		700,336
Tredegar Corp.		34,268		543,490
U.S. Concrete, Inc.1,2		21,918		773,267
Total Materials				23,023,751
Media & Entertainment—1.0%
E.W. Scripps Co., (The), Class A		33,638		529,126
Gannett Co., Inc.1		153,214		1,306,915
Marcus Corp. (The)		8,118		320,661
New Media Investment Group, Inc.		61,593		712,631
QuinStreet, Inc.2		13,498		219,073
Scholastic Corp.		18,605		749,037
TechTarget, Inc.2		4,826		58,925
Total Media & Entertainment				3,896,368
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Acorda Therapeutics, Inc.1,2		18,264		284,553
Akorn, Inc.2		82,256		278,848
AMAG Pharmaceuticals, Inc.2		17,067		259,248
Amphastar Pharmaceuticals, Inc.1,2		6,534		130,027
ANI Pharmaceuticals, Inc.1,2		1,809		81,441
Assertio Therapeutics, Inc.1,2		44,912		162,132
Cambrex Corp.1,2		6,968		263,112
Corcept Therapeutics, Inc.1,2		7,382		98,623
Cytokinetics, Inc.1,2		1,437		9,082
Eagle Pharmaceuticals, Inc.2		2,323		93,594
Emergent BioSolutions, Inc.2		5,790		343,231
Enanta Pharmaceuticals, Inc.1,2		1,401		99,233
Endo International PLC1,2		143,822		1,049,901
Innoviva, Inc.2		7,872		137,366
Lannett Co., Inc.1,2		70,621		350,280
Luminex Corp.		6,134		141,757
Medicines Co. (The)1,2		387		7,407
Momenta Pharmaceuticals, Inc.2		4,277		47,218
Myriad Genetics, Inc.1,2		12,699		369,160
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Phibro Animal Health Corp., Class A		12,553	$	403,704
Progenics Pharmaceuticals, Inc.2		1,772		7,442
REGENXBIO, Inc.2		1,967		82,516
Repligen Corp.1,2		1,604		84,595
Spectrum Pharmaceuticals, Inc.1,2		4,689		41,029
Supernus Pharmaceuticals, Inc.1,2		5,336		177,262
Vanda Pharmaceuticals, Inc.2		3,515		91,847
Total Pharmaceuticals, Biotechnology & Life Sciences				5,094,608
Real Estate—1.5%
Acadia Realty Trust		4,693		111,506
Agree Realty Corp.		1,162		68,697
American Assets Trust, Inc.		3,923		157,587
Armada Hoffler Properties, Inc.		6,903		97,056
CareTrust REIT, Inc.		3,754		69,299
CBL & Associates Properties, Inc.		175,855		337,642
Cedar Realty Trust, Inc.		22,234		69,815
Chatham Lodging Trust		8,504		150,351
Chesapeake Lodging Trust		10,636		258,987
Community Healthcare Trust, Inc.		774		22,314
DiamondRock Hospitality Co.		42,768		388,333
Easterly Government Properties, Inc.		4,016		62,971
EastGroup Properties, Inc.		1,471		134,935
Four Corners Property Trust, Inc.		2,575		67,465
Franklin Street Properties Corp.		19,266		120,027
Getty Realty Corp.		2,106		61,937
Global Net Lease, Inc.1		7,142		125,842
Government Properties Income Trust1,2		26,712		183,511
Hersha Hospitality Trust		13,225		231,966
HFF, Inc., Class A		8,662		287,232
Independence Realty Trust, Inc.		8,942		82,088
iStar, Inc.1		38,028		348,717
Kite Realty Group Trust		10,753		151,510
Lexington Realty Trust		23,466		192,656

25     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P SmallCap 600 Revenue ETF
 

	Shares		Value
Real Estate (Continued)
LTC Properties, Inc.		1,916	$	79,859
Marcus & Millichap, Inc.2		11,415		391,877
National Storage Affiliates Trust		5,395		142,752
Pennsylvania Real Estate Investment Trust		23,942		142,215
PS Business Parks, Inc.		1,474		193,094
RE/MAX Holdings, Inc., Class A		3,567		109,685
Retail Opportunity Investments Corp.		7,879		125,118
RPT Realty1		9,189		109,808
Saul Centers, Inc.		2,131		100,626
Summit Hotel Properties, Inc.1		27,205		264,705
Universal Health Realty Income Trust		554		33,999
Urstadt Biddle Properties, Inc., Class A		3,233		62,138
Washington Prime Group, Inc.1		59,223		287,824
Whitestone REIT		4,776		58,554
Total Real Estate				5,884,698
Retailing—18.5%
Abercrombie & Fitch Co., Class A1		96,028		1,925,362
Asbury Automotive Group, Inc.1,2		51,011		3,400,393
Ascena Retail Group, Inc.2		1,332,442		3,344,430
Barnes & Noble Education, Inc.2		250,525		1,004,605
Barnes & Noble, Inc.1		276,267		1,958,733
Buckle, Inc. (The)		23,774		459,789
Caleres, Inc.		49,803		1,386,018
Cato Corp., (The), Class A		30,127		429,912
Chico’s FAS, Inc.1		192,930		1,084,267
Children’s Place, Inc. (The)		10,500		945,945
Core-Mark Holding Co., Inc.		330,927		7,694,053
DSW, Inc., Class A1		62,982		1,555,655
Express, Inc.1,2		195,611		999,572
Francesca’s Holdings Corp.1,2		220,173		213,744
GameStop Corp., Class A1		359,444		4,536,183
Genesco, Inc.1,2		34,331		1,520,863
Group 1 Automotive, Inc.1		114,753		6,049,778
Guess?, Inc.		62,716		1,302,611
Haverty Furniture Cos., Inc.		21,419		402,249
Hibbett Sports, Inc.2		34,891		498,941
JC Penney Co., Inc.1,2		5,113,059		5,317,581
	Shares		Value
Retailing (Continued)
Kirkland’s, Inc.1,2		31,995	$	304,912
Liquidity Services, Inc.2		16,289		100,503
Lithia Motors, Inc., Class A1		83,965		6,409,049
Lumber Liquidators Holdings, Inc.1,2		53,069		505,217
MarineMax, Inc.2		30,190		552,779
Monro, Inc.1		7,833		538,519
Nutrisystem, Inc.		7,911		347,135
Office Depot, Inc.		1,987,735		5,128,356
PetMed Express, Inc.1		6,315		146,887
Rent-A-Center, Inc.2		91,134		1,475,460
RH1,2		9,898		1,185,978
Shoe Carnival, Inc.		15,908		533,077
Shutterfly, Inc.1,2		18,551		746,863
Shutterstock, Inc.		8,334		300,107
Sleep Number Corp.1,2		22,484		713,417
Sonic Automotive, Inc., Class A1		372,268		5,122,408
Stamps.com, Inc.1,2		1,703		265,055
Tailored Brands, Inc.		114,439		1,560,948
Tile Shop Holdings, Inc.1		32,970		180,676
Vitamin Shoppe, Inc.2		107,491		509,507
Zumiez, Inc.1,2		25,746		493,551
Total Retailing				73,151,088
Semiconductors & Semiconductor Equipment—1.6%
Advanced Energy Industries, Inc.2		9,076		389,633
Axcelis Technologies, Inc.1,2		12,748		226,914
Brooks Automation, Inc.		14,855		388,904
Cabot Microelectronics Corp.		3,131		298,541
CEVA, Inc.2		1,737		38,370
Cohu, Inc.		10,974		176,352
Diodes, Inc.2		17,979		580,003
DSP Group, Inc.2		5,475		61,320
FormFactor, Inc.2		18,003		253,662
Ichor Holdings Ltd.1,2		26,232		427,582
Kopin Corp.1,2		9,984		9,974
Kulicke & Soffa Industries, Inc.		22,705		460,230
MaxLinear, Inc.1,2		11,004		193,670
Nanometrics, Inc.2		5,780		157,967
PDF Solutions, Inc.1,2		5,359		45,176
Photronics, Inc.2		25,336		245,253
Power Integrations, Inc.		3,517		214,467
Rambus, Inc.2		16,605		127,360
Rudolph Technologies, Inc.2		6,951		142,287
Semtech Corp.2		6,495		297,926

26     OPPENHEIMER ETF TRUST

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
SolarEdge Technologies, Inc.1,2		11,263	$	395,331
Ultra Clean Holdings, Inc.1,2		67,618		572,725
Veeco Instruments, Inc.1,2		39,700		294,177
Xperi Corp.		9,455		173,878
Total Semiconductors & Semiconductor Equipment				6,171,702
Software & Services—2.5%
8x8, Inc.2		8,738		157,633
Agilysys, Inc.2		4,237		60,759
Alarm.com Holdings, Inc.1,2		3,749		194,461
Bottomline Technologies (DE), Inc.2		4,111		197,328
Cardtronics PLC, Class A2		25,157		654,082
CSG Systems International, Inc.		12,480		396,490
Ebix, Inc.1		5,373		228,675
EVERTEC, Inc.		7,942		227,935
ExlService Holdings, Inc.2		7,697		405,016
LivePerson, Inc.2		6,293		118,686
ManTech International Corp., Class A		17,428		911,397
MicroStrategy, Inc., Class A2		1,986		253,711
Monotype Imaging Holdings, Inc.		7,134		110,720
NIC, Inc.		14,136		176,417
OneSpan, Inc.1,2		6,553		84,861
Perficient, Inc.2		10,989		244,615
Progress Software Corp.		5,778		205,061
Qualys, Inc.1,2		1,675		125,189
SPS Commerce, Inc.2		1,416		116,650
Sykes Enterprises, Inc.2		31,905		789,011
TiVo Corp.1		37,894		356,583
Travelport Worldwide Ltd.		80,864		1,263,096
TTEC Holdings, Inc.		28,495		814,102
Unisys Corp.2		119,576		1,390,669
Virtusa Corp.2		14,245		606,695
Total Software & Services				10,089,842
Technology Hardware & Equipment—7.8%
3D Systems Corp.1,2		32,203		327,504
ADTRAN, Inc.		22,398		240,555
Anixter International, Inc.2		72,704		3,948,554
Applied Optoelectronics, Inc.1,2		8,222		126,865
Badger Meter, Inc.		3,912		192,510
Bel Fuse, Inc., Class B		13,782		253,864
Benchmark Electronics, Inc.		60,359		1,278,404
CalAmp Corp.2		13,401		174,347
	Shares		Value
Technology Hardware & Equipment (Continued)
Comtech Telecommunications Corp.		11,137	$	271,075
Control4 Corp.2		7,340		129,184
Cray, Inc.1,2		9,943		214,669
CTS Corp.		8,651		223,974
Daktronics, Inc.1		36,417		269,486
Diebold Nixdorf, Inc.1		831,794		2,071,167
Digi International, Inc.2		10,160		102,514
Electro Scientific Industries, Inc.2		7,083		212,207
Electronics For Imaging, Inc.2		19,342		479,682
ePlus, Inc.2		9,437		671,631
Extreme Networks, Inc.2		84,897		517,872
Fabrinet2		14,172		727,165
FARO Technologies, Inc.2		4,534		184,262
Finisar Corp.1,2		29,562		638,539
Harmonic, Inc.1,2		37,970		179,218
II-VI, Inc.1,2		18,910		613,819
Insight Enterprises, Inc.2		84,609		3,447,817
Itron, Inc.2		23,310		1,102,330
KEMET Corp.		37,458		657,013
Knowles Corp.2		26,945		358,638
Methode Electronics, Inc.		20,800		484,432
MTS Systems Corp.1		8,670		347,927
NETGEAR, Inc.1,2		15,191		790,388
OSI Systems, Inc.1,2		7,580		555,614
Park Electrochemical Corp.		2,702		48,825
Plexus Corp.2		27,336		1,396,323
Rogers Corp.1,2		4,238		419,816
Sanmina Corp.2		145,964		3,511,894
ScanSource, Inc.2		53,324		1,833,279
TTM Technologies, Inc.1,2		147,104		1,431,322
Viavi Solutions, Inc.2		47,193		474,290
Total Technology Hardware & Equipment				30,908,975
Telecommunication Services—1.6%
ATN International, Inc.		2,892		206,865
Cincinnati Bell, Inc.1,2		75,333		586,091
Cogent Communications Holdings, Inc.1		5,494		248,384
Consolidated Communications Holdings, Inc.		62,844		620,898
Frontier Communications Corp.1,2		1,649,463		3,925,722
Iridium Communications, Inc.2		12,601		232,488

27     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P SmallCap 600 Revenue ETF
 

	Shares		Value
Telecommunication Services (Continued)
Spok Holdings, Inc.		6,326	$	83,883
Vonage Holdings Corp.2		54,248		473,585
Total Telecommunication Services				6,377,916
Transportation—3.2%
Allegiant Travel Co.		6,901		691,618
ArcBest Corp.1		43,314		1,483,938
Atlas Air Worldwide Holdings, Inc.1,2		28,089		1,185,075
Echo Global Logistics, Inc.2		57,202		1,162,917
Forward Air Corp.		11,282		618,818
Hawaiian Holdings, Inc.1		48,374		1,277,557
Heartland Express, Inc.		17,412		318,639
Hub Group, Inc., Class A2		59,666		2,211,819
Marten Transport Ltd.		22,864		370,168
Matson, Inc.		31,444		1,006,837
Saia, Inc.2		14,877		830,434
SkyWest, Inc.		35,644		1,585,089
Total Transportation				12,742,909
Utilities—0.9%
American States Water Co.1		3,410		228,606
Avista Corp.		16,211		688,643
California Water Service Group1		7,036		335,336
El Paso Electric Co.		8,262		414,174
Northwest Natural Holding Co.		5,376		325,033
South Jersey Industries, Inc.		23,371		649,714
Spire, Inc.		12,393		918,074
Total Utilities				3,559,580
Total Common Stocks (Cost $463,744,536)				395,898,644
	Shares		Value
RIGHT—0.0%3
Materials—0.0%3
A. Schulman, Inc. CVR (Cost $75,044)2,4		37,522	$	—
Money Market Fund—0.0%3
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%5 (Cost $40,183)		40,183		40,183
Investment of Cash Collateral for Securities Loaned—5.7%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%5 (Cost $22,464,727)		22,464,727		22,464,727
Total Investments—105.6% (Cost $486,324,490)				418,403,554
Liabilities in Excess of Other Assets—(5.6)%				(22,015,113	)
Net Assets—100.0%			$	396,388,441

 

CVR – Contigent Value Rights

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 $86,411,759; total value of the collateral held by the Fund was $89,418,511. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $66,953,784 (Note 4).

2. Non-income producing security.

3. Less than 0.05%

4. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

5. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

28     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer S&P Financials Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.9%
Banks—33.4%
Bank of America Corp.		117,832	$	2,903,381
BB&T Corp.		7,591		328,842
Citigroup, Inc.		46,974		2,445,467
Citizens Financial Group, Inc.		6,417		190,777
Comerica, Inc.		1,355		93,075
Fifth Third Bancorp		8,327		195,934
Huntington Bancshares, Inc.		11,245		134,040
JPMorgan Chase & Co.		34,116		3,330,404
KeyCorp		12,806		189,273
M&T Bank Corp.		1,136		162,596
People’s United Financial, Inc.1		3,238		46,724
PNC Financial Services Group, Inc. (The)		4,433		518,262
Regions Financial Corp.		12,708		170,033
SunTrust Banks, Inc.		5,235		264,053
SVB Financial Group2		352		66,852
U.S. Bancorp		14,151		646,701
Wells Fargo & Co.		58,502		2,695,772
Zions Bancorp NA		1,913		77,936
Total Banks				14,460,122
Capital Markets—14.2%
Affiliated Managers Group, Inc.		700		68,208
Ameriprise Financial, Inc.		3,080		321,459
Bank of New York Mellon Corp. (The)		10,269		483,362
BlackRock, Inc.		1,014		398,319
Cboe Global Markets, Inc.		708		69,264
Charles Schwab Corp. (The)		6,822		283,318
CME Group, Inc.		572		107,605
E*TRADE Financial Corp.		1,802		79,072
Franklin Resources, Inc.		5,402		160,223
Goldman Sachs Group, Inc. (The)		7,555		1,262,063
Intercontinental Exchange, Inc.		2,117		159,474
Invesco Ltd.		8,689		145,454
Moody’s Corp.		845		118,334
Morgan Stanley		33,786		1,339,615
MSCI, Inc.		253		37,300
Nasdaq, Inc.		1,302		106,204
Northern Trust Corp.		2,021		168,935
Raymond James Financial, Inc.		2,710		201,651
S&P Global, Inc.		1,024		174,018
	Shares		Value
Capital Markets (Continued)
State Street Corp.		5,231	$	329,919
T. Rowe Price Group, Inc.		1,575		145,404
Total Capital Markets				6,159,201
Consumer Finance—5.9%
American Express Co.		10,606		1,010,964
Capital One Financial Corp.		11,049		835,194
Discover Financial Services		5,460		322,030
Synchrony Financial		16,428		385,401
Total Consumer Finance				2,553,589
Diversified Financial Services—16.0%
Berkshire Hathaway, Inc., Class B2		32,883		6,714,051
Jefferies Financial Group, Inc.		13,541		235,072
Total Diversified Financial Services				6,949,123
Insurance—30.4%
Aflac, Inc.		13,540		616,882
Allstate Corp. (The)		13,441		1,110,630
American International Group, Inc.		34,649		1,365,517
Aon PLC		1,915		278,364
Arthur J. Gallagher & Co.		2,464		181,597
Assurant, Inc.		2,202		196,947
Brighthouse Financial, Inc.2		7,256		221,163
Chubb Ltd.		6,982		901,935
Cincinnati Financial Corp.		2,080		161,034
Everest Re Group Ltd.		912		198,597
Hartford Financial Services Group, Inc. (The)		12,238		543,979
Lincoln National Corp.		7,807		400,577
Loews Corp.		8,479		385,964
Marsh & McLennan Cos., Inc.		4,852		386,947
MetLife, Inc.		47,257		1,940,372
Principal Financial Group, Inc.		8,516		376,152
Progressive Corp. (The)		13,554		817,713
Prudential Financial, Inc.		19,959		1,627,656
Torchmark Corp.		1,505		112,168
Travelers Cos., Inc. (The)		6,733		806,277
Unum Group		10,532		309,430
Willis Towers Watson PLC		1,441		218,830
Total Insurance				13,158,731
Total Common Stocks (Cost $46,684,506)				43,280,766

29     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P Financials Revenue ETF
 

	Shares		Value
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $70,201)		70,201	$	70,201
Total Investments—100.1% (Cost $46,754,707)				43,350,967
Liabilities in Excess of Other Assets—(0.1)%				(27,155	)
Net Assets—100.0%			$	43,323,812

 

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the security on loan was $45,541; total value of the collateral held by the Fund was $46,224. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $46,224 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

30     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer S&P Ultra Dividend Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—6.0%
General Motors Co.		2,152,257	$	71,992,997
Banks—0.7%
PacWest Bancorp1		75,166		2,501,525
People’s United Financial, Inc.1		273,470		3,946,172
Valley National Bancorp1		266,042		2,362,453
Total Banks				8,810,150
Capital Goods—3.4%
General Electric Co.		5,404,551		40,912,451
Commercial & Professional Services—1.2%
Nielsen Holdings PLC1		604,037		14,092,183
Consumer Durables & Apparel—2.9%
Newell Brands, Inc.1		1,839,444		34,195,264
Consumer Services—2.3%
Brinker International, Inc.		164,954		7,254,677
H&R Block, Inc.1		287,772		7,300,776
Wyndham Destinations, Inc.		349,843		12,538,373
Total Consumer Services				27,093,826
Diversified Financials—1.5%
Federated Investors, Inc., Class B1		112,861		2,996,460
Invesco Ltd.1		600,448		10,051,499
Janus Henderson Group PLC1		233,037		4,828,527
Total Diversified Financials				17,876,486
Energy—16.7%
Chevron Corp.		596,805		64,926,416
Exxon Mobil Corp.		847,379		57,782,774
Helmerich & Payne, Inc.		89,099		4,271,406
Occidental Petroleum Corp.		488,865		30,006,534
ONEOK, Inc.		470,726		25,395,668
Williams Cos., Inc. (The)		761,932		16,800,600
Total Energy				199,183,398
Food, Beverage & Tobacco—13.7%
Altria Group, Inc.		721,596		35,639,626
General Mills, Inc.		831,351		32,372,808
Kraft Heinz Co. (The)		1,088,600		46,853,344
Philip Morris International, Inc.		737,358		49,226,020
Total Food, Beverage & Tobacco				164,091,798
Health Care Equipment & Services—0.9%
Patterson Cos., Inc.		554,467	$	10,900,821
Insurance—1.3%
Old Republic International Corp.		746,809		15,361,861
	Shares		Value
Materials—4.8%
Compass Minerals International, Inc.1		70,327	$	2,931,933
International Paper Co.		1,348,622		54,430,384
Total Materials				57,362,317
Media & Entertainment—0.4%
Meredith Corp.1		99,745		5,180,755
Real Estate—6.2%
American Campus Communities, Inc.		48,525		2,008,450
Corporate Office Properties Trust		50,752		1,067,314
Crown Castle International Corp.		107,098		11,634,056
Healthcare Realty Trust, Inc.		35,403		1,006,861
Highwoods Properties, Inc.		37,584		1,454,125
Host Hotels & Resorts, Inc.		690,507		11,510,752
Liberty Property Trust		41,204		1,725,623
Life Storage, Inc.		13,297		1,236,488
Mid-America Apartment Communities, Inc.		36,149		3,459,459
National Retail Properties, Inc.		29,841		1,447,587
Public Storage		31,367		6,348,994
Realty Income Corp.		49,641		3,129,369
Simon Property Group, Inc.		74,597		12,531,550
Taubman Centers, Inc.		27,932		1,270,627
Urban Edge Properties		44,732		743,446
Weyerhaeuser Co.		622,009		13,597,117
Total Real Estate				74,171,818
Semiconductors & Semiconductor Equipment—4.0%
QUALCOMM, Inc.		845,694		48,128,446
Software & Services—6.0%
International Business Machines Corp.		517,043		58,772,278
Western Union Co. (The)		739,556		12,616,825
Total Software & Services				71,389,103
Technology Hardware & Equipment—1.4%
Xerox Corp.		863,470		17,062,167
Telecommunication Services—5.4%
Verizon Communications, Inc.		1,145,461		64,397,817
Utilities—20.9%
AES Corp.1		1,824,856		26,387,418
CenterPoint Energy, Inc.		826,666		23,336,781
Consolidated Edison, Inc.		362,177		27,692,053
Dominion Energy, Inc.		405,546		28,980,317
Duke Energy Corp.		658,413		56,821,042

31     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer S&P Ultra Dividend Revenue ETF
 

	Shares		Value
Utilities (continued)
Edison International		403,486	$	22,905,900
Entergy Corp.		305,149		26,264,175
FirstEnergy Corp.1		768,567		28,859,691
NorthWestern Corp.		47,947		2,849,970
OGE Energy Corp.		140,218		5,495,143
Total Utilities				249,592,490
Total Common Stocks (Cost $1,334,245,749)				1,191,796,148
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%2 (Cost $1,098,293)		1,098,293		1,098,293
Investment of Cash Collateral for Securities Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%2 (Cost $762,119)		762,119		762,119
Total Investments—99.9% (Cost $1,336,106,161)				1,193,656,560
Other Assets in Excess of Liabilities—0.1%				1,566,984
Net Assets—100.0%			$	1,195,223,544

 

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $54,975,874; total value of the collateral held by the Fund was $55,863,925. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $55,101,806 (Note 4).

2. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

32     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF
 

	Shares		Value
COMMON STOCKS—96.7%
Automobiles & Components—2.5%
Chongqing Changan Automobile Co. Ltd., Class B		44,600	$	19,881
Nemak SAB de CV1		31,800		23,656
Weifu High-Technology Group Co. Ltd., Class B		4,327		7,494
Yulon Nissan Motor Co. Ltd.		709		5,270
Total Automobiles & Components				56,301
Banks—9.2%
Absa Group Ltd.		4,585		51,578
Abu Dhabi Commercial Bank PJSC		9,802		21,775
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		29,482		36,527
Commercial Bank PQSC (The)		946		10,233
Doha Bank QPSC		1,192		7,267
Dubai Islamic Bank PJSC		11,579		15,762
Habib Bank Ltd.		6,983		6,060
Malayan Banking Bhd		20,200		46,437
Moneta Money Bank AS1		753		2,425
National Bank of Pakistan2		20,078		6,080
Qatar International Islamic Bank QSC		188		3,414
Total Banks				207,558
Capital Goods—4.0%
ElSewedy Electric Co.		14,235		14,275
Foshan Electrical and Lighting Co. Ltd., Class B		6,060		2,639
Reunert Ltd.		771		3,796
Sime Darby Bhd		83,900		48,726
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		55,392		19,951
Total Capital Goods				89,387
Consumer Durables & Apparel—0.0%3
China Dongxiang Group Co. Ltd.		7,344		1,126
Consumer Services—0.4%
OPAP SA		1,008		8,752
	Shares		Value
Diversified Financials—9.2%
Al Waha Capital PJSC		962	$	524
China Cinda Asset Management Co. Ltd., Class H		291,643		70,775
China Huarong Asset Management Co. Ltd., Class H1		445,209		81,316
Coronation Fund Managers Ltd.		445		1,279
Moscow Exchange MICEX-RTS PJSC		2,113		2,467
Power Finance Corp. Ltd.		17,384		26,730
REC Ltd.		12,864		22,507
Total Diversified Financials				205,598
Energy—16.6%
China Petroleum & Chemical Corp., Class H		135,138		96,486
Coal India Ltd.		21,517		74,199
Gulf International Services QSC2		781		3,646
Indian Oil Corp. Ltd.		59,595		116,988
Qatar Gas Transport Co. Ltd.		996		4,904
Tupras Turkiye Petrol Rafinerileri AS		3,487		76,493
Total Energy				372,716
Food & Staples Retailing—0.2%
Al Meera Consumer Goods Co. QSC		112		4,552
Food, Beverage & Tobacco—0.3%
Eastern Tobacco		4,067		3,690
Philip Morris CR AS		5		3,127
Total Food, Beverage & Tobacco				6,817
Health Care Equipment & Services—0.1%
Qualicorp Consultoria e Corretora de Seguros SA		777		2,584
Insurance—1.3%
MMI Holdings Ltd.2		24,146		28,754
Materials—16.2%
Alrosa PJSC		14,767		20,993
Eregli Demir ve Celik Fabrikalari TAS		18,070		24,524
Fauji Fertilizer Co. Ltd.		6,022		4,029
Kumba Iron Ore Ltd.		993		19,539
MMC Norilsk Nickel PJSC		245		46,049
Novolipetsk Steel PJSC		22,293		50,587
Severstal PJSC		2,575		34,999

33     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF
 

	Shares		Value
Materials (Continued)
Shandong Chenming Paper Holdings Ltd., Class H		25,580	$	14,637
Sinopec Shanghai Petrochemical Co. Ltd., Class H		155,393		68,077
Vedanta Ltd.		27,519		79,701
Total Materials				363,135
Media & Entertainment—0.4%
Astro Malaysia Holdings Bhd		25,500		8,022
Smiles Fidelidade SA		149		1,682
Total Media & Entertainment				9,704
Real Estate—4.5%
Barwa Real Estate Co.		247		2,707
Concentradora Fibra Danhos SA de CV		1,109		1,308
DAMAC Properties Dubai Co. PJSC		20,405		8,388
Fibra Uno Administracion SA de CV		4,444		4,928
Fortress REIT Ltd., Class A		1,217		1,542
Growthpoint Properties Ltd.		2,571		4,165
Guangzhou R&F Properties Co. Ltd., Class H		37,716		57,037
KWG Group Holdings Ltd.2		6,458		5,716
Land & Houses PCL		18,200		5,534
Redefine Properties Ltd.		4,756		3,197
Resilient REIT Ltd.		249		987
SOHO China Ltd.2		4,162		1,483
United Development Co. QSC		702		2,844
Vukile Property Fund Ltd.		675		936
Total Real Estate				100,772
Retailing—0.3%
Xinhua Winshare Publishing and Media Co. Ltd., Class H		9,246		5,834
Software & Services—0.7%
Cielo SA		6,817		15,636
Technology Hardware & Equipment—8.8%
AU Optronics Corp.		138,069		55,251
Inventec Corp.		127,129		91,199
Kingboard Laminates Holdings Ltd.		13,087		10,798
Lite-On Technology Corp.		28,638		37,828
Transcend Information, Inc.		1,501		3,262
Total Technology Hardware & Equipment				198,338
	Shares		Value
Telecommunication Services—8.6%
Magyar Telekom Telecommunications PLC		8,032	$	12,593
Mobile Telecommunications Co. KSC		14,051		20,777
Mobile TeleSystems PJSC		9,271		31,807
MTN Group Ltd.		8,344		51,624
Rostelecom PJSC		22,047		23,222
Sistema PJSFC		135,155		15,584
Telkom SA SOC Ltd.		4,097		18,026
Turkcell Iletisim Hizmetleri AS		8,903		20,367
Total Telecommunication Services				194,000
Transportation—2.6%
Aeroflot PJSC		24,995		36,455
Air Arabia PJSC		21,583		5,993
AirAsia Group Bhd		21,800		15,668
Total Transportation				58,116
Utilities—10.8%
AES Gener SA		50,982		14,171
CEZ AS		1,853		44,033
China Power International Development Ltd.		79,850		18,154
China Resources Power Holdings Co. Ltd.		29,473		56,692
Datang International Power Generation Co. Ltd., Class H		151,692		35,650
Engie Brasil Energia SA		1,385		11,800
Federal Grid Co. Unified Energy System PJSC		8,170,583		17,445
Manila Electric Co.		4,270		30,857
NHPC Ltd.		16,613		6,187
Transmissora Alianca de Energia Eletrica SA		352		2,143
Unipro PJSC		133,021		4,985
Total Utilities				242,117
Total Common Stocks (Cost $2,392,929)				2,171,797

 

34     OPPENHEIMER ETF TRUST

	Shares		Value
PREFERRED STOCKS—2.9%
Banks—0.4%
Itausa - Investimentos Itau SA, 3.37%		2,772	$	8,640
Energy—1.0%
Bashneft PJSC, 8.93%		919		23,613
Utilities—1.5%
Cia de Gas de Sao Paulo - COMGAS, Class A, 7.99%		613		9,292
Cia Paranaense de Energia, 3.70%		2,612		20,589
Cia de Transmissao de Energia Eletrica Paulista 17.70%		209		3,730
Total Utilities				33,611
Total Preferred Stocks
(Cost $60,722)				65,864
Total Investments—99.6% (Cost $2,453,651)				2,237,661
Other Assets in Excess of Liabilities—0.4%				8,734
Net Assets—100.0%			$	2,246,395

 

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 $107,397 or 4.78% of the Fund’s net assets at period end.

2. Non-income producing security.

3. Less than 0.05%

Geographical Holdings

Country	Value		% of Net Assets
China	$	562,946		25.1	%
India		326,312		14.5
Russia		308,207		13.7
Taiwan		192,811		8.6
South Africa		185,422		8.3
Turkey		121,383		5.4
Malaysia		118,852		5.3
Brazil		76,098		3.3
Mexico		66,420		3.0
United Arab Emirates		52,443		2.3
Czech Republic		49,584		2.2
Qatar		39,568		1.8
Philippines		30,857		1.4
Kuwait		20,777		0.9
Egypt		17,965		0.8
Pakistan		16,168		0.7
Chile		14,171		0.6
Hungary		12,593		0.6
Hong Kong		10,798		0.5
Greece		8,752		0.4
Thailand		5,534		0.2
Total Investments		2,237,661		99.6
Other Assets in Excess of Liabilities		8,734		0.4
Net Assets	$	2,246,395		100.0	%

 

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

35     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer S&P International Ultra Dividend Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.4%
Automobiles & Components—7.4%
Bayerische Motoren Werke AG		759	$	61,343
Daimler AG		1,843		96,724
Nokian Renkaat OYJ		35		1,073
Xinyi Glass Holdings Ltd.		1,092		1,208
Total Automobiles & Components				160,348
Banks—14.2%
ABN AMRO Group NV1		407		9,556
Australia & New Zealand Banking Group Ltd.		742		12,777
Banco Santander SA		9,809		44,550
Bank of Nova Scotia (The)		299		14,897
Bank of Queensland Ltd.2		120		819
Bendigo & Adelaide Bank Ltd.		163		1,238
BNP Paribas SA		921		41,561
Canadian Imperial Bank of Commerce2		119		8,859
Commonwealth Bank of Australia		324		16,512
Credit Agricole SA		3,605		38,862
Danske Bank A/S		511		10,090
DNB ASA		262		4,180
First International Bank of Israel Ltd.		38		799
ING Groep NV		2,619		28,173
KBC Group NV		107		6,933
Mediobanca Banca di Credito Finanziario SpA		197		1,661
National Australia Bank Ltd.		747		12,658
National Bank of Canada		92		3,776
Skandinaviska Enskilda Banken AB, Class A		369		3,584
Societe Generale SA		928		29,513
Westpac Banking Corp.		804		14,173
Total Banks				305,171
Capital Goods—1.4%
BAE Systems PLC		1,991		11,644
BOC Aviation Ltd.1		100		740
Hopewell Holdings Ltd.		66		290
NWS Holdings Ltd.		1,198		2,457
Shikun & Binui Ltd.3		395		670
	Shares		Value
Capital Goods (Continued)
Singapore Technologies Engineering Ltd.		1,100	$	2,817
Skanska AB, Class B		662		10,528
Zardoya Otis SA		97		689
Total Capital Goods				29,835
Commercial & Professional Services—1.1%
Babcock International Group PLC2		459		2,860
G4S PLC		2,151		5,396
Randstad NV		313		14,344
Total Commercial & Professional Services				22,600
Consumer Durables & Apparel—0.5%
Barratt Developments PLC		616		3,631
Bellway PLC		70		2,242
Coway Co. Ltd.		19		1,262
HUGO BOSS AG		28		1,726
Pandora A/S		36		1,463
Total Consumer Durables & Apparel				10,324
Diversified Financials—2.2%
Aker ASA, Class A		50		2,668
Amundi SA1		31		1,636
Ashmore Group PLC		68		316
CI Financial Corp.		100		1,265
Guotai Junan International Holdings Ltd.		1,539		248
Macquarie Group Ltd.		69		5,278
Natixis SA		2,208		10,397
Perpetual Ltd.		16		366
Platinum Asset Management Ltd.2		67		229
Singapore Exchange Ltd.		104		545
Standard Life Aberdeen PLC		2,210		7,227
UBS Group AG3		1,469		18,232
Total Diversified Financials				48,407
Energy—18.8%
BP PLC		17,034		107,594
Enagas SA		31		837
Eni SpA		2,888		45,388
Equinor ASA		1,669		35,417
Oil Refineries Ltd.		6,757		3,224
Paz Oil Co. Ltd.		14		2,113
Pembina Pipeline Corp.		85		2,521
Royal Dutch Shell PLC, Class A		3,740		109,912
TOTAL SA		1,715		90,536

 

36     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
TransCanada Corp.		149	$	5,318
Whitehaven Coal Ltd.		327		995
Woodside Petroleum Ltd.		107		2,359
Total Energy				406,214
Food & Staples Retailing—0.8%
Jeronimo Martins SGPS SA		920		10,875
Kesko OYJ, Class B		113		6,084
Total Food & Staples Retailing				16,959
Food, Beverage & Tobacco—2.7%
Anheuser-Busch InBev SA		380		25,065
British American Tobacco PLC		483		15,379
Coca-Cola Amatil Ltd.		328		1,891
Tate & Lyle PLC		221		1,857
WH Group Ltd.1		17,540		13,509
Total Food, Beverage & Tobacco				57,701
Insurance—18.4%
Aegon NV		3,941		18,376
Ageas		162		7,278
Allianz SE		325		65,069
Assicurazioni Generali SpA		2,430		40,557
Aviva PLC		5,454		26,083
AXA SA		2,415		52,061
CNP Assurances		912		19,308
Gjensidige Forsikring ASA		118		1,842
Great-West Lifeco, Inc.		838		17,290
Harel Insurance Investments & Financial Services Ltd.		368		2,422
Insurance Australia Group Ltd.		1,264		6,229
Legal & General Group PLC		5,544		16,311
Mapfre SA		4,919		13,046
Medibank Pvt Ltd.		1,732		3,134
NN Group NV		304		12,094
Poste Italiane SpA1		2,410		19,241
Power Corp. of Canada		994		17,852
Power Financial Corp.		941		17,796
Sampo OYJ, Class A		128		5,620
Suncorp Group Ltd.		625		5,557
Talanx AG		619		21,087
UnipolSai Assicurazioni SpA2		3,561		8,046
Total Insurance				396,299
	Shares		Value
Materials—5.4%
Adelaide Brighton Ltd.		219	$	658
Amcor Ltd.		494		4,608
BASF SE		550		37,976
Boral Ltd.		645		2,243
CSR Ltd.		581		1,150
Evonik Industries AG		353		8,797
Huabao International Holdings Ltd.		814		346
Israel Corp. Ltd. (The)		10		2,656
Rio Tinto Ltd.		400		22,097
Rio Tinto PLC		473		22,470
Shougang Fushan Resources Group Ltd.		1,370		278
Sims Metal Management Ltd.		350		2,474
South32 Ltd.		1,789		4,219
UPM-Kymmene OYJ		246		6,229
Total Materials				116,201
Media & Entertainment—0.5%
Singapore Press Holdings Ltd.		300		517
WPP PLC		1,001		10,793
Total Media & Entertainment				11,310
Pharmaceuticals, Biotechnology & Life Sciences—0.5%
AstraZeneca PLC		145		10,846
Orion OYJ, Class B		19		657
Total Pharmaceuticals, Biotechnology & Life Sciences				11,503
Real Estate—1.3%
Amot Investments Ltd.		33		160
Ascendas Real Estate Investment Trust		200		377
British Land Co. PLC (The)		100		679
CapitaLand Commercial Trust		200		257
CapitaLand Mall Trust		200		332
Champion REIT		346		237
Covivio		4		385
Dexus		66		493
Frasers Property Ltd.		800		968
Gazit-Globe Ltd.		38		264
GPT Group (The)		119		447
Hammerson PLC		34		143

37     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer International Ultra Dividend Revenue ETF
 

	Shares		Value
Real Estate (Continued)
Hang Lung Properties Ltd.		414	$	789
Kerry Properties Ltd.		590		2,016
Kiwi Property Group Ltd.		44		40
Klepierre SA		22		678
LendLease Group		740		6,059
Mirvac Group		639		1,008
New World Development Co. Ltd.		3,066		4,057
RioCan Real Estate Investment Trust		21		366
Scentre Group		365		1,002
Shopping Centres Australasia Property Group		136		244
Shui On Land Ltd.		8,956		1,990
Stockland		474		1,175
Suntec Real Estate Investment Trust		100		131
Swiss Prime Site AG3		8		646
Unibail-Rodamco-Westfield		9		1,393
Vicinity Centres		328		600
Total Real Estate				26,936
Retailing—1.2%
Chow Tai Fook Jewellery Group Ltd.		5,042		4,205
Dixons Carphone PLC		3,663		5,603
Hennes & Mauritz AB, Class B		686		9,751
Inchcape PLC		886		6,223
Lifestyle International Holdings Ltd.		156		237
Sa Sa International Holdings Ltd.2		1,624		614
Total Retailing				26,633
Semiconductors & Semiconductor Equipment—0.0%4
Xinyi Solar Holdings Ltd.		1,580		555
Technology Hardware & Equipment—0.1%
Venture Corp. Ltd.		100		1,023
VTech Holdings Ltd.		132		1,093
Total Technology Hardware & Equipment				2,116
Telecommunication Services—9.6%
BCE, Inc.		269		10,622
Bezeq The Israeli Telecommunication Corp. Ltd.		1,205		1,177
BT Group PLC		5,014		15,205
Deutsche Telekom AG		2,679		45,386
Elisa OYJ		27		1,114
Inmarsat PLC		146		705
	Shares		Value
Telecommunication Services (continued)
M1 Ltd.		300	$	460
Orange SA		1,511		24,450
PCCW Ltd.		4,278		2,464
Proximus SADP		140		3,780
Singapore Telecommunications Ltd.		3,200		6,879
Spark New Zealand Ltd.		481		1,338
StarHub Ltd.		700		899
Telecom Italia SpA -RSP		21,550		10,273
Telefonica SA		3,433		28,801
Telenor ASA		376		7,273
Telia Co. AB		1,136		5,379
Telstra Corp. Ltd.		4,959		9,950
TELUS Corp.2		172		5,698
Vodafone Group PLC		13,242		25,787
Total Telecommunication Services				207,640
Transportation—1.5%
Air New Zealand Ltd.		932		1,937
Atlantia SpA		197		4,069
Aurizon Holdings Ltd.		434		1,308
bpost SA		187		1,711
ComfortDelGro Corp. Ltd.		1,100		1,735
International Consolidated Airlines Group SA		1,886		14,845
Royal Mail PLC		1,815		6,290
SIA Engineering Co. Ltd.		300		500
Total Transportation				32,395
Utilities—11.8%
AGL Energy Ltd.		394		5,714
APA Group		134		802
AusNet Services		460		504
Canadian Utilities Ltd., Class A		86		1,972
EDP - Energias de Portugal SA		2,766		9,641
Endesa SA		599		13,784
Enel SpA		8,831		50,920
Engie SA		2,760		39,517
Fortum OYJ		152		3,319
Hydro One Ltd.1,2		186		2,758
Innogy SE1		471		21,930
Korea Electric Power Corp.		1,145		33,966
Mercury NZ Ltd.		308		753
National Grid PLC		991		9,645
Naturgy Energy Group SA		593		15,090
Pennon Group PLC		100		882
Severn Trent PLC		47		1,087
SSE PLC		1,133		15,606

38     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (Continued)
Suez		728	$	9,595
Terna Rete Elettrica Nazionale SpA		235		1,331
United Utilities Group PLC		112		1,050
Veolia Environnement SA		760		15,599
Total Utilities				255,465
Total Common Stocks (Cost $2,457,985)				2,144,612
Money Market Fund—0.3%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%5 (Cost $6,437)		6,437		6,437
Investment of Cash Collateral for Securities Loaned—1.4%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%5 (Cost $28,870)		28,870		28,870
Total Investments—101.1% (Cost $2,493,292)				2,179,919
Liabilities in Excess of Other Assets—(1.1)%				(22,668	)
Net Assets—100.0%			$	2,157,251

 

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 $69,370 or 3.22% of the Fund’s net assets at period end.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $27,151; total value of the collateral held by the Fund was $28,870.

3. Non-income producing security.

4. Less than 0.05%

5. Rate shown represents annualized 7-day yield as of December 31, 2018.

Geographical Holdings

Country	Value			% of Net Assets
France	$	375,491			17.4	%
Germany		360,037			16.7
United Kingdom		325,928			15.1
Netherlands		192,456			8.9
Italy		181,485			8.4
Australia		170,966			7.9
Spain		116,796			5.4
Canada		110,992			5.2
Norway		51,380			2.4
Belgium		44,767			2.1
United States		37,781			1.8
South Korea		35,228			1.6
Hong Kong		33,521			1.6
Sweden		29,242			1.4
Finland		24,097			1.1
Portugal		20,515			1.0
Switzerland		18,878			0.9
Singapore		18,180			0.8
Israel		13,486			0.6
Denmark		11,553			0.5
New Zealand		4,069			0.2
China		3,071			0.1
Total Investments		2,179,919			101.1
Liabilities in Excess of Other Assets		(22,668	)		(1.1	)
Net Assets	$	2,157,251			100.1	%

 

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

39     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Emerging Markets Revenue ETF
 

	Shares		Value
COMMON STOCKS—97.2%
Automobiles & Components—4.7%
Astra International Tbk PT		42,882	$	24,527
BAIC Motor Corp. Ltd., Class H1		18,999		10,022
Bajaj Auto Ltd.		169		6,585
Bosch Ltd.		14		3,933
Brilliance China Automotive Holdings Ltd.		653		486
BYD Co. Ltd., Class H2		1,122		7,158
Cheng Shin Rubber Industry Co. Ltd.		5,075		6,745
Dongfeng Motor Group Co. Ltd., Class H		10,028		9,094
Eicher Motors Ltd.		7		2,322
Ford Otomotiv Sanayi AS		1,134		10,658
Fuyao Glass Industry Group Co. Ltd., Class H1		311		995
Geely Automobile Holdings Ltd.		13,337		23,508
Great Wall Motor Co. Ltd., Class H2		14,415		8,267
Guangzhou Automobile Group Co. Ltd., Class H		6,341		6,325
Hankook Tire Co. Ltd.3		261		9,392
Hanon Systems		983		9,515
Hyundai Mobis Co. Ltd.3		302		51,425
Hyundai Motor Co.		1,291		137,106
Kia Motors Corp.3		3,016		91,091
Mahindra & Mahindra Ltd.		1,917		22,072
Maruti Suzuki India Ltd.		182		19,462
Motherson Sumi Systems Ltd.		6,147		14,691
Nexteer Automotive Group Ltd.		4,463		6,361
SAIC Motor Corp. Ltd., Class A		4,772		18,537
Tata Motors Ltd.3		21,443		53,043
Total Automobiles & Components				553,320
Banks—12.5%
Absa Group Ltd.		1,687		18,977
Abu Dhabi Commercial Bank PJSC		5,646		12,543
Agricultural Bank of China Ltd., Class A		38,718		20,302
Agricultural Bank of China Ltd., Class H		29,001		12,705
Alliance Bank Malaysia Bhd		5,838		5,679
Alpha Bank AE3		6,666		8,382
AMMB Holdings Bhd		6,801		7,143
	Shares		Value
Banks (Continued)
Axis Bank Ltd.3		1,690	$	15,006
Banco Bradesco SA		5,089		44,446
Banco de Credito e Inversiones		141		9,160
Banco do Brasil SA		6,603		79,204
Banco Santander Brasil SA		3,130		34,484
Bancolombia SA		1,195		11,186
Bank Danamon Indonesia Tbk PT		8,798		4,650
Bank Handlowy w Warszawie SA		277		5,095
Bank Mandiri Persero Tbk PT		31,156		15,979
Bank of China Ltd., Class A		40,660		21,379
Bank of China Ltd., Class H		92,067		39,746
Bank of Communications Co. Ltd., Class H		64,833		50,595
Bank Rakyat Indonesia Persero Tbk PT		69,060		17,577
BNK Financial Group, Inc.3		1,053		6,917
Capitec Bank Holdings Ltd.		76		5,907
China CITIC Bank Corp Ltd., Class H		38,259		23,260
China Construction Bank Corp., Class H		256,291		211,466
China Everbright Bank Co. Ltd., Class H		34,439		14,912
China Merchants Bank Co. Ltd., Class H		4,820		17,669
China Minsheng Banking Corp. Ltd., Class H		24,253		16,728
Chongqing Rural Commercial Bank Co. Ltd., Class H		7,762		4,164
CIMB Group Holdings Bhd		10,421		14,399
Commercial International Bank Egypt SAE		1,136		4,696
CTBC Financial Holding Co. Ltd.		44,000		28,916
DGB Financial Group, Inc.3		708		5,273
First Abu Dhabi Bank PJSC		4,690		18,003
Grupo Financiero Banorte SAB de CV, Class O		3,374		16,409
Habib Bank Ltd.		2,600		2,256
Hana Financial Group, Inc.		630		20,467
Housing Development Finance Corp. Ltd.		617		17,396
ICICI Bank Ltd.		5,442		28,073

 

40     OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
Indiabulls Housing Finance Ltd.		327	$	3,999
Industrial & Commercial Bank of China Ltd., Class A		23,932		18,440
Industrial & Commercial Bank of China Ltd., Class H		78,391		55,970
Industrial Bank of Korea		1,049		13,209
Itau CorpBanca		869,565		8,118
Kasikornbank PCL		5,248		29,818
KB Financial Group, Inc.		1,080		45,008
Krung Thai Bank PCL		24,023		14,166
LIC Housing Finance Ltd.		806		5,642
Malayan Banking Bhd		9,200		21,149
MCB Bank Ltd.		1,567		2,185
Metropolitan Bank & Trust Co.		5,165		7,951
Nedbank Group Ltd.		892		17,035
OTP Bank Nyrt		250		10,058
Postal Savings Bank of China Co. Ltd., Class H1		39,998		21,099
Public Bank Bhd		2,620		15,698
Qatar National Bank QPSC		567		30,364
RHB Bank Bhd		7,944		10,169
Santander Bank Polska SA		94		8,963
Sberbank of Russia PJSC4		7,081		77,608
Shinhan Financial Group Co. Ltd.		915		32,474
Siam Commercial Bank PCL (The)		4,105		16,831
State Bank of India3		16,899		71,624
Turkiye Is Bankasi AS, Class C		22,557		19,208
VTB Bank PJSC		12,338		13,671
Woori Bank		1,349		18,860
Total Banks				1,480,466
Capital Goods—9.3%
AKR Corporindo Tbk PT		4,660		1,390
Alfa SAB de CV, Class A		27,212		32,306
Alliance Global Group, Inc.		25,108		5,682
Ashok Leyland Ltd.		4,851		7,122
AviChina Industry & Technology Co. Ltd., Class H		10,932		6,870
Bidvest Group Ltd. (The)		724		10,411
China Communications Construction Co. Ltd., Class H		33,150		31,332
China Railway Construction Corp. Ltd., Class A		11,044		17,485
	Shares		Value
Capital Goods (Continued)
China Railway Construction Corp. Ltd., Class H		11,371	$	15,773
China Railway Group Ltd., Class H		30,155		27,461
China Shipbuilding Industry Co. Ltd., Class A		26,600		16,466
China State Construction Engineering Corp. Ltd., Class A		24,522		20,359
China State Construction International Holdings Ltd.		14,532		11,545
CITIC Ltd.		65,302		102,423
CJ Corp.3		355		38,656
CRRC Corp. Ltd., Class H		8,920		8,704
Daelim Industrial Co. Ltd.3		211		19,383
Daewoo Engineering & Construction Co. Ltd.3		4,049		19,559
Daewoo Shipbuilding & Marine Engineering Co. Ltd.3		432		13,222
DMCI Holdings, Inc.		17,843		4,336
Dongfang Electric Corp. Ltd., Class A3		11,000		12,641
Doosan Bobcat, Inc.3		165		4,658
ElSewedy Electric Co.		3,570		3,580
Embraer SA		1,411		7,893
Far Eastern New Century Corp.		12,387		11,244
Fosun International Ltd.		13,747		20,016
GS Engineering & Construction Corp.3		477		18,703
Haitian International Holdings Ltd.		1,209		2,332
Hanwha Corp.3		2,127		59,761
HDC Holdings Co. Ltd.3		36		557
HDC Hyundai Development Co-Engineering & Construction, Class E3		174		7,516
Hiwin Technologies Corp.		545		3,919
Hyosung Corp.		8		358
Hyosung Heavy Industries Corp.3		13		482
Hyundai Engineering & Construction Co. Ltd.3		488		23,880
Hyundai Heavy Industries Co. Ltd.3		142		16,353
Hyundai Heavy Industries Holdings Co. Ltd.3		87		26,978
JG Summit Holdings, Inc.		10,144		10,745

41     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Emerging Markets Revenue ETF
 

	Shares		Value
Capital Goods (Continued)
KCC Corp.		28	$	7,754
KOC Holding AS		13,393		35,749
Larsen & Toubro Ltd.		1,377		28,354
LG Corp.3		255		15,975
Lotte Corp.3		512		24,182
Metallurgical Corp. of China., Ltd., Class H		38,998		9,364
Posco Daewoo Corp.3		1,891		30,844
Samsung C&T Corp.3		547		51,719
Samsung Engineering Co. Ltd.3		478		7,540
Samsung Heavy Industries Co. Ltd.3		1,272		8,447
Shanghai Electric Group Co. Ltd., Class H		14,792		4,723
Shanghai Industrial Holdings Ltd.		3,296		6,668
Sime Darby Bhd		24,825		14,417
Sinopec Engineering Group Co. Ltd., Class H		4,000		3,285
Sinotruk Hong Kong Ltd.		8,999		13,563
SK Holdings Co. Ltd.		694		161,714
SM Investments Corp.		783		13,662
Weichai Power Co. Ltd., Class H		8,654		9,893
Zhuzhou CRRC Times Electric Co. Ltd., Class H		393		2,178
Total Capital Goods				1,092,132
Commercial & Professional Services—0.1%
Country Garden Services Holdings Co. Ltd.3		1,653		2,627
S-1 Corp.3		75		6,755
Total Commercial & Professional Services				9,382
Consumer Durables & Apparel—1.4%
ANTA Sports Products Ltd.		964		4,623
Arcelik AS		3,174		9,421
CCC SA		59		3,036
Coway Co. Ltd.		65		4,317
Eclat Textile Co. Ltd.		209		2,366
Feng TAY Enterprise Co. Ltd.		410		2,341
FF Group3,5		235		–
Fila Korea Ltd.3		82		3,932
Haier Electronics Group Co. Ltd.3		9,305		22,890
Hyosung TNC Co. Ltd.3		6		995
LG Electronics, Inc.		1,266		70,686
LPP SA		2		4,179
	Shares		Value
Consumer Durables & Apparel (Continued)
Nien Made Enterprise Co. Ltd.		230	$	1,766
Oppein Home Group, Inc., Class A		500		5,806
Pou Chen Corp.		14,390		15,262
Ruentex Industries Ltd.		242		619
Shenzhou International Group Holdings Ltd.		533		6,042
Tatung Co. Ltd.3		3,000		2,528
Titan Co. Ltd.		296		3,947
Zhejiang Semir Garment Co. Ltd., Class A		3,500		4,547
Total Consumer Durables & Apparel				169,303
Consumer Services—0.4%
Alsea SAB de CV		2,716		7,054
Genting Malaysia Bhd		7,356		5,376
Huazhu Group Ltd.2,4		100		2,863
Jollibee Foods Corp.		1,747		9,694
OPAP SA		1,142		9,915
Yum China Holdings, Inc.		407		13,647
Total Consumer Services				48,549
Diversified Financials—1.1%
Bajaj Finance Ltd.		137		5,191
Chailease Holding Co. Ltd.		1,787		5,633
China Cinda Asset Management Co. Ltd., Class H		41,795		10,143
China Everbright Ltd.		3,003		5,324
China Huarong Asset Management Co. Ltd., Class H1		92,009		16,805
China International Capital Corp. Ltd., Class H1		2,000		3,755
CITIC Securities Co. Ltd., Class H		2,362		4,073
Far East Horizon Ltd.		7,553		7,621
FirstRand Ltd.		3,882		17,692
GF Securities Co. Ltd., Class H		2,748		3,727
Grupo de Inversiones Suramericana SA		1,019		10,078
GT Capital Holdings, Inc.		462		8,566
Guotai Junan Securities Co. Ltd., Class H1		1,800		3,642
Haitong Securities Co. Ltd., Class H		4,683		4,486
Metro Pacific Investments Corp.		51,916		4,581

42     OPPENHEIMER ETF TRUST

	Shares		Value
Diversified Financials (Continued)
Muangthai Capital PCL		1,600	$	2,408
Reinet Investments SCA		106		1,610
Yuanta Financial Holding Co. Ltd.		23,622		11,874
Total Diversified Financials				127,209
Energy—16.2%
Adaro Energy Tbk PT		64,491		5,449
Banpu PCL		13,974		6,352
Bharat Petroleum Corp. Ltd.		11,952		62,101
Bukit Asam Tbk PT		10,980		3,283
China Coal Energy Co. Ltd., Class H		16,000		6,294
China Petroleum & Chemical Corp., Class A		38,855		28,579
China Petroleum & Chemical Corp., Class H		131,715		94,042
China Shenhua Energy Co. Ltd., Class H		4,972		10,897
CNOOC Ltd.		27,174		41,996
Coal India Ltd.		5,523		19,045
Dialog Group Bhd		3,948		2,971
Ecopetrol SA		29,954		24,397
Empresas COPEC SA		2,238		26,855
Formosa Petrochemical Corp.		9,974		35,370
Gazprom PJSC4		38,159		169,006
Grupa Lotos SA		645		15,195
GS Holdings Corp.3		510		23,585
Hindustan Petroleum Corp. Ltd.		14,729		53,429
Indian Oil Corp. Ltd.		49,121		96,427
IRPC PCL		87,010		15,366
Kunlun Energy Co. Ltd.		18,611		19,730
LUKOIL PJSC4		2,496		178,414
MOL Hungarian Oil & Gas PLC		2,246		24,635
Novatek PJSC		105		17,955
Oil & Natural Gas Corp. Ltd.		36,906		79,241
PetroChina Co. Ltd., Class A		30,681		32,220
PetroChina Co. Ltd., Class H		68,171		42,491
Petroleo Brasileiro SA		9,862		64,631
Petronas Dagangan Bhd		2,208		14,159
Polski Koncern Naftowy ORLEN SA		1,590		45,773
Polskie Gornictwo Naftowe i Gazownictwo SA		11,044		20,314
PTT Exploration & Production PCL		1,927		6,717
PTT PCL		70,968		100,262
	Shares		Value
Energy (Continued)
Reliance Industries Ltd.		5,980	$	96,041
Rosneft Oil Co. PJSC3		30,192		186,587
SK Innovation Co. Ltd.		407		65,475
S-Oil Corp.		322		28,194
Surgutneftegas PJSC4		8,186		31,107
Tatneft PJSC4		325		20,475
Thai Oil PCL		8,334		16,957
Tupras Turkiye Petrol Rafinerileri AS		895		19,633
Ultrapar Participacoes SA		3,145		43,169
United Tractors Tbk PT		3,996		7,600
Yanzhou Coal Mining Co. Ltd., Class H		5,365		4,331
Total Energy				1,906,750
Food & Staples Retailing—2.9%
Atacadao Distribuicao Comercio e Industria Ltda		4,927		22,997
Avenue Supermarts Ltd.1,3		162		3,728
Berli Jucker PCL		5,187		8,085
BGF retail Co. Ltd.3		51		9,324
Bid Corp. Ltd.		693		12,766
BIM Birlesik Magazalar AS		739		12,085
Cencosud SA		11,079		20,057
Clicks Group Ltd.		377		5,018
CP ALL PCL		11,683		24,669
E-MART, Inc.3		137		22,408
GS Retail Co. Ltd.3		409		14,845
Magnit PJSC		2,355		29,979
Pick n Pay Stores Ltd.		2,131		10,040
President Chain Store Corp.		1,000		10,118
Raia Drogasil SA		396		5,839
Shoprite Holdings Ltd.		1,314		17,369
SPAR Group Ltd. (The)		956		13,790
Sun Art Retail Group Ltd.		19,736		20,116
Wal-Mart de Mexico SAB de CV		18,119		45,974
X5 Retail Group NV		1,542		38,211
Total Food & Staples Retailing				347,418
Food, Beverage & Tobacco—3.6%
Ambev SA		4,998		19,833
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,259		8,747
Arca Continental SAB de CV		2,598		14,481
BRF SA3		2,918		16,511
Charoen Pokphand Foods PCL		37,222		28,122

43     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Emerging Markets Revenue ETF
 

	Shares		Value
Food, Beverage & Tobacco (Continued)
Charoen Pokphand Indonesia Tbk PT		16,749	$	8,415
China Agri-Industries Holdings Ltd.		58,998		21,024
China Mengniu Dairy Co. Ltd.3		5,612		17,490
China Resources Beer Holdings Co. Ltd.		2,338		8,167
CJ CheilJedang Corp.3		82		24,288
Coca-Cola Femsa SAB de CV, Series L		924		5,590
Dali Foods Group Co. Ltd.1		7,999		5,915
Fomento Economico Mexicano SAB de CV		2,955		25,318
Fraser & Neave Holdings Bhd		737		5,975
Gruma SAB de CV, Class B		684		7,735
Grupo Bimbo SAB de CV, Series A		12,300		24,452
Gudang Garam Tbk PT		1,136		6,606
Hanjaya Mandala Sampoerna Tbk PT		30,545		7,881
ITC Ltd.		2,828		11,409
JBS SA		25,373		75,875
KT&G Corp.		104		9,461
Kuala Lumpur Kepong Bhd		73		437
M Dias Branco SA		344		3,799
Ottogi Corp.3		8		5,191
QL Resources Bhd		3,600		5,933
Tiger Brands Ltd.2		292		5,557
Tingyi Cayman Islands Holding Corp.		8,644		11,548
Uni-President China Holdings Ltd.		6,000		5,211
Uni-President Enterprises Corp.		10,607		24,087
United Spirits Ltd.3		359		3,269
Want Want China Holdings Ltd.		8,412		5,888
Total Food, Beverage & Tobacco				424,215
Health Care Equipment & Services—0.5%
Bangkok Dusit Medical Services PCL		8,246		6,281
Life Healthcare Group Holdings Ltd.		2,868		5,264
Netcare Ltd.		3,331		6,120
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,278		10,732
	Shares		Value
Health Care Equipment & Services (Continued)
Sinopharm Group Co. Ltd., Class H		5,914	$	24,851
Top Glove Corp. Bhd		2,400		3,252
Total Health Care Equipment & Services				56,500
Household & Personal Products—0.5%
Amorepacific Corp.3		58		10,890
AMOREPACIFIC Group3		174		11,337
Hengan International Group Co. Ltd.		783		5,700
Hindustan Unilever Ltd.		445		11,598
Kimberly-Clark de Mexico SAB de CV, Class A3		3,080		4,875
LG Household & Health Care Ltd.3		12		11,841
Total Household & Personal Products				56,241
Insurance—3.6%
Bajaj Finserv Ltd.		56		5,195
Cathay Financial Holding Co. Ltd.		6,395		9,779
China Life Insurance Co. Ltd., Class H		17,229		36,617
China Life Insurance Co. Ltd./Taiwan		15,840		14,352
China Pacific Insurance Group Co. Ltd., Class H		6,193		20,052
China Taiping Insurance Holdings Co. Ltd.		11,552		31,723
DB Insurance Co. Ltd.3		311		19,622
Fubon Financial Holding Co. Ltd.		6,980		10,684
Hanwha Life Insurance Co. Ltd.3		6,658		25,181
Hyundai Marine & Fire Insurance Co. Ltd.3		600		22,074
IRB Brasil Resseguros SA		200		4,307
Liberty Holdings Ltd.		961		7,349
New China Life Insurance Co. Ltd., Class H		2,149		8,536
Orange Life Insurance Ltd.1		191		4,793
People’s Insurance Co. Group of China Ltd. (The), Class H		48,858		19,657
PICC Property & Casualty Co. Ltd., Class H		23,652		24,198
Ping An Insurance Group Co. of China Ltd., Class H		6,537		57,736

44     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (Continued)
Porto Seguro SA		475	$	6,391
Powszechny Zaklad Ubezpieczen SA		1,137		13,286
Qatar Insurance Co. SAQ		639		6,300
Samsung Fire & Marine Insurance Co. Ltd.3		113		27,242
Samsung Life Insurance Co. Ltd.3		332		24,280
Sanlam Ltd.		2,928		16,243
Sul America SA		1,047		7,726
Total Insurance				423,323
Materials—8.1%
Aluminum Corp. of China Ltd., Class H3		26,106		8,403
Ambuja Cements Ltd.		2,526		8,144
Anglo American Platinum Ltd.		293		10,957
AngloGold Ashanti Ltd.		953		12,041
Anhui Conch Cement Co. Ltd., Class H		1,466		7,115
Asia Cement Corp.		5,092		5,624
Asian Paints Ltd.		234		4,602
BBMG Corp., Class H		14,265		4,500
Cemex SAB de CV3		45,108		21,737
China Hongqiao Group Ltd.		36,000		20,461
China National Building Material Co. Ltd., Class H		28,438		19,469
China Oriental Group Co. Ltd.		14,000		8,333
China Resources Cement Holdings Ltd.		7,999		7,203
China Steel Corp.		25,630		20,221
China Zhongwang Holdings Ltd.		9,199		4,077
Cia Siderurgica Nacional SA3		3,615		8,245
Empresas CMPC SA		3,036		9,651
Eregli Demir ve Celik Fabrikalari TAS		6,256		8,490
Fibria Celulose SA		401		6,994
Formosa Chemicals & Fibre Corp.		6,000		20,496
Formosa Plastics Corp.		3,000		9,858
Gold Fields Ltd.		2,307		7,913
Grasim Industries Ltd.		1,293		15,290
Grupo Argos SA		1,481		7,707
Grupo Mexico SAB de CV, Series B		7,515		15,432
Hanwha Chemical Corp.		823		14,899
	Shares		Value
Materials (Continued)
Hindalco Industries Ltd.		8,180	$	26,503
Hyosung Advanced Materials Corp.3		7		646
Hyosung Chemical Corp.3		4		509
Hyundai Steel Co.3		751		30,456
Indorama Ventures PCL		9,926		16,538
Industrias Penoles SAB de CV		719		8,760
Jastrzebska Spolka Weglowa SA3		241		4,315
Jiangxi Copper Co. Ltd., Class H		16,936		19,923
JSW Steel Ltd.		3,631		15,954
Korea Zinc Co. Ltd.3		28		10,853
Kumba Iron Ore Ltd.		278		5,470
Kumho Petrochemical Co. Ltd.3		103		8,059
LG Chem Ltd.3		115		35,764
Lotte Chemical Corp.3		94		23,336
Maanshan Iron & Steel Co. Ltd., Class H		10,000		4,406
Mexichem SAB de CV		3,775		9,573
MMC Norilsk Nickel PJSC4		1,234		23,150
MMG Ltd.3		15,118		6,507
Mondi Ltd.		284		6,112
Nan Ya Plastics Corp.		6,000		14,738
Nine Dragons Paper Holdings Ltd.		12,514		11,588
Novolipetsk Steel PJSC		933		21,347
OCI Co. Ltd.3		58		5,562
Pabrik Kertas Tjiwi Kimia Tbk PT		2,631		2,031
Petkim Petrokimya Holding AS		4,149		3,931
Petronas Chemicals Group Bhd		3,885		8,734
PhosAgro PJSC		751		9,575
POSCO		412		89,726
POSCO Chemtech Co. Ltd.3		41		2,341
PT Indah Kiat Pulp & Paper Corp. Tbk		8,038		6,456
PTT Global Chemical PCL		10,500		22,977
Sappi Ltd.		1,813		10,291
Sasol Ltd.		673		19,884
Semen Indonesia Persero Tbk PT		6,279		5,021
Severstal PJSC		1,560		21,294
Shree Cement Ltd.		21		5,184

45     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Emerging Markets Revenue ETF
 

	Shares		Value
Materials (Continued)
Sinopec Shanghai Petrochemical Co. Ltd., Class H		16,771	$	7,347
Southern Copper Corp.2		541		16,647
Suzano Papel e Celulose SA		504		4,952
Taiwan Cement Corp.		6,822		7,901
Tata Steel Ltd.		3,584		26,748
UltraTech Cement Ltd.		177		10,118
UPL Ltd.		383		4,160
Vale SA		3,399		44,727
Vedanta Ltd.		7,357		21,307
Zijin Mining Group Co. Ltd., Class H		19,716		7,479
Total Materials				956,762
Media & Entertainment—1.3%
58.Com, Inc.3,4		37		2,006
Astro Malaysia Holdings Bhd		6		2
Baidu, Inc.3,4		81		12,847
Cheil Worldwide, Inc.3		434		8,752
Cyfrowy Polsat SA3		1,489		8,942
Grupo Televisa SAB, Series CPO		2,915		7,303
Kakao Corp.		46		4,246
Megacable Holdings SAB de CV		688		3,079
NAVER Corp.3		96		10,496
NetEase Inc.2,4		65		15,299
SINA Corp.3		114		6,115
Tencent Holdings Ltd.		1,812		72,671
Total Media & Entertainment				151,758
Pharmaceuticals, Biotechnology & Life Sciences—0.7%
3SBio, Inc.1		1,532		1,965
Aspen Pharmacare Holdings Ltd.		575		5,389
Aurobindo Pharma Ltd.		501		5,260
China Resources Pharmaceutical Group Ltd.1		24,999		32,632
China Traditional Chinese Medicine Holdings Co. Ltd.		6,000		3,494
Cipla Ltd.		604		4,494
CSPC Pharmaceutical Group Ltd.		2,095		3,024
Divi’s Laboratories Ltd.		96		2,039
Dr Reddy’s Laboratories Ltd.		141		5,284
Hypera SA		450		3,506
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Kalbe Farma Tbk PT		48,663	$	5,144
Lupin Ltd.		438		5,297
Sino Biopharmaceutical Ltd.		6,118		4,032
Sun Pharmaceutical Industries Ltd.		1,044		6,438
Total Pharmaceuticals, Biotechnology & Life Sciences				87,998
Real Estate—4.1%
Agile Group Holdings Ltd.		9,651		11,353
Ayala Land, Inc.		12,178		9,402
China Evergrande Group		37,321		111,782
China Jinmao Holdings Group Ltd.		20,903		9,398
China Overseas Land & Investment Ltd.		10,159		34,904
China Resources Land Ltd.		6,968		26,788
China Vanke Co. Ltd., Class H		3,192		10,845
Country Garden Holdings Co. Ltd.		55,290		67,300
DAMAC Properties Dubai Co. PJSC		13,063		5,370
Emaar Development PJSC		8,720		10,469
Emaar Properties PJSC		11,365		12,779
Future Land Development Holdings Ltd.		18,000		12,323
Greentown China Holdings Ltd.		20,499		15,395
Guangzhou R&F Properties Co. Ltd., Class H		3,812		5,765
Kaisa Group Holdings Ltd.3		35,000		11,176
KWG Group Holdings Ltd.3		2,500		2,213
Land & Houses PCL		23,394		7,113
Logan Property Holdings Co. Ltd.		7,246		9,079
Longfor Group Holdings Ltd		7,143		21,349
Robinsons Land Corp.		10,280		3,939
Shimao Property Holdings Ltd.		8,113		21,657
Shui On Land Ltd.		32,999		7,334
Sino-Ocean Group Holding Ltd.		26,423		11,643
Sunac China Holdings Ltd.		7,542		24,564
Yuexiu Property Co. Ltd.		35,998		6,621
Yuzhou Properties Co. Ltd.		17,999		7,425
Total Real Estate				477,986

46     OPPENHEIMER ETF TRUST

	Shares		Value
Retailing—3.1%
Alibaba Group Holding Ltd.2,3,4		440	$	60,311
B2W Cia Digital3		400		4,337
Ctrip.Com International Ltd.3,4		283		7,658
GOME Retail Holdings Ltd.2,3		194,929		16,183
Hotai Motor Co. Ltd.		2,000		16,625
Hotel Shilla Co. Ltd.3		103		7,062
Hyundai Department Store Co. Ltd.3		54		4,375
JD.com, Inc.3,4		4,477		93,704
Lojas Renner SA		502		5,492
Lotte Shopping Co. Ltd.3		94		17,775
Magazine Luiza SA		200		9,344
Motus Holdings Ltd.3		449		2,747
Petrobras Distribuidora SA		6,400		42,438
S.A.C.I. Falabella		3,194		23,424
Shinsegae, Inc.3		27		6,195
Vipshop Holdings Ltd.3,4		3,305		18,045
Woolworths Holdings Ltd.		3,122		11,956
Zhongsheng Group Holdings Ltd.		12,060		23,906
Total Retailing				371,577
Semiconductors & Semiconductor Equipment—1.4%
ASE Technology Holding Co. Ltd.3		9,490		18,000
Globalwafers Co. Ltd.		320		2,920
MediaTek, Inc.		1,830		13,664
Nanya Technology Corp.		2,240		4,008
Semiconductor Manufacturing International Corp.2,3		7,372		6,450
SK Hynix, Inc.		883		47,877
Taiwan Semiconductor Manufacturing Co. Ltd.		8,015		58,802
United Microelectronics Corp.		28,000		10,248
Total Semiconductors & Semiconductor Equipment				161,969
Software & Services—0.9%
360 Security Technology, Inc., Class A		800		2,374
Cielo SA		1,942		4,455
HCL Technologies Ltd.		875		12,086
Infosys Ltd.		1,891		17,848
Kingsoft Corp. Ltd.		810		1,167
Samsung SDS Co. Ltd.3		88		16,089
	Shares		Value
Software & Services (Continued)
Tata Consultancy Services Ltd.		1,138	$	30,857
Tech Mahindra Ltd.		813		8,421
Wipro Ltd.		2,891		13,700
Total Software & Services				106,997
Technology Hardware & Equipment—9.7%
AAC Technologies Holdings, Inc.		838		4,865
Acer, Inc.3		21,268		13,458
Asustek Computer, Inc.		3,391		22,230
AU Optronics Corp.		43,046		17,226
BYD Electronic International Co. Ltd.		7,284		9,155
Catcher Technology Co. Ltd.		610		4,465
Compal Electronics, Inc.		88,280		50,118
Delta Electronics, Inc.		3,000		12,639
Foxconn Technology Co. Ltd.		5,500		10,826
Hon Hai Precision Industry Co. Ltd.		87,975		202,643
Innolux Corp.		49,430		15,631
Inventec Corp.		37,177		26,670
Kingboard Holdings Ltd.		3,427		9,148
Kingboard Laminates Holdings Ltd.		5,000		4,126
Largan Precision Co. Ltd.		25		2,615
Legend Holdings Corp., Class H1		13,800		36,133
Lenovo Group Ltd.		101,966		68,895
LG Display Co. Ltd.		2,270		36,721
LG Innotek Co. Ltd.3		136		10,531
Lite-On Technology Corp.		9,695		12,806
Micro-Star International Co. Ltd.		3,320		8,252
Pegatron Corp.		40,055		66,982
Quanta Computer, Inc.		33,510		57,454
Samsung Electro-Mechanics Co. Ltd.3		110		10,203
Samsung Electronics Co. Ltd.		8,616		298,834
Samsung SDI Co. Ltd.		65		12,758
Sunny Optical Technology Group Co. Ltd.		573		5,094
Synnex Technology International Corp.		20,000		23,685
Wistron Corp.		74,720		46,431
WPG Holdings Ltd.		24,705		29,699

47     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Emerging Markets Revenue ETF
 

	Shares		Value
Technology Hardware & Equipment (Continued)
Zhen Ding Technology Holding Ltd.		3,101	$	8,091
ZTE Corp., Class H3		2,134		4,034
Total Technology Hardware & Equipment				1,142,418
Telecommunication Services—5.2%
Advanced Info Service PCL		2,563		13,578
America Movil SAB de CV, Series L		84,689		60,075
Axiata Group Bhd		13,665		12,995
Bharti Airtel Ltd.		4,068		18,209
China Communications Services Corp. Ltd., Class H		8,665		7,172
China Mobile Ltd.		17,484		168,267
China Telecom Corp. Ltd., Class H		30,686		15,677
China Tower Corp. Ltd., Class H1,3		34,000		6,427
China Unicom Hong Kong Ltd.		59,562		63,599
Chunghwa Telecom Co. Ltd.		5,000		18,382
Empresa Nacional de Telecomunicaciones SA		748		5,800
Globe Telecom, Inc.		157		5,673
Hellenic Telecommunications Organization SA		1,193		12,983
KT Corp.4		1,948		27,701
Mobile TeleSystems PJSC4		2,063		14,441
MTN Group Ltd.		2,706		16,742
Ooredoo Q.P.S.C.		866		17,837
Orange Polska SA3		5,329		6,795
PLDT, Inc.		329		7,039
SK Telecom Co. Ltd.		117		28,259
Taiwan Mobile Co. Ltd.		3,000		10,395
Telekom Malaysia Bhd		9,862		6,348
Telekomunikasi Indonesia Persero Tbk PT		59,837		15,604
Telkom SA SOC Ltd.		1,740		7,655
TIM Participacoes SA		2,629		8,038
True Corp. PCL		50,441		8,056
Turkcell Iletisim Hizmetleri AS		4,113		9,409
Vodacom Group Ltd.		1,544		14,168
Vodafone Idea Ltd3		10,578		5,720
XL Axiata Tbk PT3		8,368		1,152
Total Telecommunication Services				614,196
	Shares		Value
Transportation—2.0%
Adani Ports & Special Economic Zone Ltd.		782	$	4,343
Air China Ltd., Class H		11,313		9,855
AirAsia Group Bhd		6,173		4,437
BTS Group Holdings PCL		23,222		6,811
China Airlines Ltd.		29,384		10,516
China Eastern Airlines Corp. Ltd., Class H		13,999		7,796
China Southern Airlines Co. Ltd., Class H		17,617		10,913
CJ Logistics Corp.3		120		17,960
COSCO SHIPPING Holdings Co. Ltd., Class H3		17,500		6,594
DP World Ltd.		419		7,165
Eva Airways Corp.		22,050		11,335
Evergreen Marine Corp. Taiwan Ltd.		25,722		9,958
Hyundai Glovis Co. Ltd.3		222		25,666
Imperial Logistics Ltd.		490		2,316
InterGlobe Aviation Ltd.1		390		6,508
Jasa Marga Persero Tbk PT		24,078		7,166
Korean Air Lines Co. Ltd.3		634		18,779
Latam Airlines Group SA		1,776		17,745
MISC Bhd		3,122		5,062
Pan Ocean Co. Ltd.3		1,075		4,282
SF Holding Co. Ltd., Class A		2,200		10,494
Shenzhen International Holdings Ltd.		2,000		3,852
Sinotrans Ltd., Class H		19,000		8,251
TAV Havalimanlari Holding AS		958		4,308
Turk Hava Yollari AO3		5,219		15,804
Total Transportation				237,916
Utilities—3.9%
Beijing Enterprises Holdings Ltd.		2,512		13,315
Centrais Eletricas Brasileiras SA3		2,780		17,380
CEZ AS		704		16,729
China Gas Holdings Ltd.		3,657		13,032
China Power International Development Ltd.		29,999		6,820
China Resources Gas Group Ltd.		2,822		11,174
China Resources Power Holdings Co. Ltd.		9,340		17,966
Cia de Saneamento Basico do Estado de Sao Paulo		1,007		8,184

48     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (continued)
Cia Energetica de Minas Gerais		1,890	$	7,329
Colbun SA		21,051		4,227
CPFL Energia SA		57		424
Datang International Power Generation Co. Ltd., Class H		27,999		6,580
Enel Americas SA		128,665		22,713
Enel Chile SA		87,157		8,411
Engie Brasil Energia SA		691		5,887
ENN Energy Holdings Ltd.		1,350		11,975
Equatorial Energia SA		391		7,522
GAIL India Ltd.		3,005		15,508
Gulf Energy Development PCL		1,738		4,350
Huadian Power International Corp. Ltd., Class H		11,999		5,410
Huaneng Power International, Inc., Class H		23,436		14,907
Infraestructura Energetica Nova SAB de CV		950		3,535
Interconexion Electrica SA ESP		1,228		5,286
Korea Electric Power Corp.		3,446		102,225
Korea Gas Corp.3		828		35,768
Manila Electric Co.		1,624		11,736
NTPC Ltd.		9,661		20,626
Perusahaan Gas Negara Persero Tbk PT		46,880		6,911
PGE Polska Grupa Energetyczna SA3		4,158		11,068
Power Grid Corp. of India Ltd.		3,150		8,963
RusHydro PJSC4		8,625		5,710
Tata Power Co. Ltd. (The)		7,157		7,873
Tenaga Nasional Bhd		6,830		22,477
Total Utilities				462,021
Total Common Stocks (Cost $12,570,462)				11,466,406
PREFERRED STOCKS—2.4%
Automobiles & Components—0.3%
Hyundai Motor Co.-2nd Preferred, 1.36%		312		21,531
Hyundai Motor Co., 1.46%		212		13,338
Total Automobiles & Components				34,869
	Shares		Value
Banks—0.8%
Banco Bradesco SA, 2.96%		5,625	$	56,094
Itau Unibanco Holding SA, 5.99%		4,404		40,338
Total Banks				96,432
Capital Goods—0.0%6
CJ Corp.3,5		53		1,289
Energy—0.4%
Petroleo Brasileiro SA, 3.97%		8,316		48,663
Food & Staples Retailing—0.1%
Cia Brasileira de Distribuicao, 1.69%		581		12,139
Materials—0.2%
Gerdau SA, 2.56%		2,931		11,209
LG Chem Ltd., 3.16%3		18		3,154
Braskem SA, Class A, 3.98%		656		8,019
Total Materials				22,382
Retailing—0.1%
Lojas Americanas SA, 0.38%		1,413		7,182
Technology Hardware & Equipment—0.4%
Samsung Electronics Co. Ltd., 4.72%		1,442		41,032
Telecommunication Services—0.1%
Telefonica Brasil SA, 8.91%		1,013		12,083
Total Preferred Stocks (Cost $255,933)				276,071
RIGHT—0.0%6
Transportation—0.0%6
Eva Airways Corp., expiring 1/23/193 (Cost $0)		1,207		110
WARRANT—0.0%6
Transportation—0.0%6
BTS Group Holdings PCL, expiring 12/29/193 (Cost $0)		3,946		51

49     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Emerging Markets Revenue ETF
 

	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%7 (Cost $12,520)		12,520	$	12,520
Total Investments—99.7% (Cost $12,838,915)				11,755,158
Other Assets in Excess of Liabilities—0.3%				39,307
Net Assets—100.0%			$	11,794,465

 

PCL – Public Company Limited

PLC – Public Limited Company

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 $154,419 or 1.31% of the Fund’s net assets at period end.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $116,471; total value of the collateral held by the Fund was $120,867. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $108,347 (Note 4).

3. Non-income producing security.

4. American Depositary Receipt.

5. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

6. Less than 0.05%

7. Rate shown represents annualized 7-day yield as of December 31, 2018.

Geographical Holdings

Country	Value		% of Net Assets
China	$	3,126,832		26.5	%
South Korea		2,500,742		21.2
Taiwan		1,093,326		9.3
India		1,087,430		9.2
Russia		858,529		7.3
Brazil		746,213		6.3
Thailand		355,508		3.0
Mexico		313,686		2.7
South Africa		297,067		2.5
Malaysia		186,810		1.6
Turkey		157,444		1.3
Chile		156,161		1.3
Indonesia		152,845		1.3
Poland		146,960		1.2
Philippines		103,006		0.9
United States		88,395		0.8
Hong Kong		84,931		0.7
United Arab Emirates		66,329		0.6
Colombia		58,655		0.5
Qatar		54,501		0.5
Hungary		34,692		0.3
Greece		31,280		0.3
Czech Republic		16,729		0.1
Peru		16,647		0.1
Egypt		8,276		0.1
United Kingdom		6,112		0.1
Pakistan		4,442		0.0	1
Luxembourg		1,610		0.0	1
Total Investments		11,755,158		99.7
Other Assets in Excess of Liabilities		39,307		0.3
Net Assets	$	11,794,465		100.0	%

 

1. Less than 0.05%

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

50     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer International Revenue ETF
 

	Shares		Value
COMMON STOCKS—98.9%
Automobiles & Components—11.5%
Aisin Seiki Co. Ltd.		800	$	27,854
Bayerische Motoren Werke AG		955		77,184
Bridgestone Corp.		700		27,026
Cie Generale des Etablissements Michelin		199		19,723
Continental AG		262		36,165
Daimler AG		2,534		132,989
Denso Corp.		900		40,138
Fiat Chrysler Automobiles NV1		6,155		89,232
Honda Motor Co. Ltd.		4,000		105,528
Isuzu Motors Ltd.		1,200		16,937
Koito Manufacturing Co. Ltd.		100		5,177
Mazda Motor Corp.		2,500		25,862
Minth Group Ltd.		896		2,890
Mitsubishi Motors Corp.		2,900		15,912
Nissan Motor Co. Ltd.		10,400		83,444
Peugeot SA		3,069		65,413
Pirelli & C SpA1,2		864		5,541
Renault SA		799		49,825
Stanley Electric Co. Ltd.		200		5,633
Subaru Corp.		1,000		21,510
Sumitomo Electric Industries Ltd.		1,700		22,653
Sumitomo Rubber Industries Ltd.		600		7,109
Suzuki Motor Corp.		700		35,518
Toyoda Gosei Co. Ltd.		400		7,930
Toyota Industries Corp.		300		13,918
Toyota Motor Corp.		3,854		225,026
Valeo SA		624		18,197
Volkswagen AG		718		114,171
Yamaha Motor Co. Ltd.		700		13,775
Yokohama Rubber Co. Ltd. (The)		300		5,646
Total Automobiles & Components				1,317,926
Banks—7.6%
ABN AMRO Group NV2		613		14,393
AIB Group PLC		1,679		7,063
Aozora Bank Ltd.		200		5,970
Banco Bilbao Vizcaya Argentaria SA		6,393		33,877
Banco Santander SA		14,308		64,983
Bank Hapoalim B.M.		572		3,620
	Shares		Value
Banks (Continued)
Bankinter SA		515	$	4,132
BNP Paribas SA		1,296		58,483
BOC Hong Kong Holdings Ltd.		3,621		13,458
CaixaBank SA		2,751		9,950
Commerzbank AG1		1,421		9,394
Commonwealth Bank of Australia		533		27,163
Credit Agricole SA		5,326		57,414
Danske Bank A/S		725		14,316
DBS Group Holdings Ltd.		830		14,426
DNB ASA		384		6,126
Erste Group Bank AG1		283		9,398
Fukuoka Financial Group, Inc.		200		4,078
HSBC Holdings PLC		7,893		65,030
ING Groep NV		3,128		33,648
Intesa Sanpaolo SpA		11,007		24,408
Japan Post Bank Co. Ltd.		1,600		17,646
KBC Group NV		192		12,440
Lloyds Banking Group PLC		55,306		36,522
Mebuki Financial Group, Inc.		1,600		4,258
Mitsubishi UFJ Financial Group, Inc.		8,000		39,222
Mizrahi Tefahot Bank Ltd.		133		2,247
Mizuho Financial Group, Inc.		15,500		24,059
National Australia Bank Ltd.		1,282		21,724
Nordea Bank Abp		1,501		12,627
Oversea-Chinese Banking Corp. Ltd.		2,529		20,893
Resona Holdings, Inc.		1,300		6,265
Royal Bank of Scotland Group PLC		6,446		17,790
Societe Generale SA		1,349		42,901
Standard Chartered PLC		2,587		20,075
Sumitomo Mitsui Financial Group, Inc.		1,200		39,867
Sumitomo Mitsui Trust Holdings, Inc.		300		10,998
UniCredit SpA		1,995		22,564
United Overseas Bank Ltd.		688		12,402
Westpac Banking Corp.		1,329		23,428
Total Banks				869,258

 

51     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer International Revenue ETF
 

	Shares		Value
Capital Goods—12.6%
ABB Ltd.		1,535	$	29,110
ACS Actividades de Construccion y Servicios SA		872		33,723
AGC, Inc.		400		12,505
Airbus SE		556		53,364
ANDRITZ AG		154		7,063
Assa Abloy AB, Class B		561		10,007
Atlas Copco AB, Class A		571		13,557
BAE Systems PLC		2,958		17,299
Bouygues SA		836		29,951
Brenntag AG		280		12,067
Bunzl PLC		390		11,767
Cie de Saint-Gobain		1,081		36,040
CIMIC Group Ltd.		361		11,032
CK Hutchison Holdings Ltd.		2,748		26,394
Daikin Industries Ltd.		200		21,319
DCC PLC		257		19,590
Eiffage SA		169		14,095
Elbit Systems Ltd.		30		3,443
Epiroc AB, Class A1		599		5,664
Ferguson PLC		295		18,849
Ferrovial SA		590		11,935
Fuji Electric Co. Ltd.		200		5,915
Geberit AG		14		5,429
Hino Motors Ltd.		1,600		15,167
Hitachi Construction Machinery Co. Ltd.		300		7,033
HOCHTIEF AG		158		21,259
IHI Corp.		400		11,047
ITOCHU Corp.		2,894		49,247
Jardine Matheson Holdings Ltd.		1,016		70,693
Jardine Strategic Holdings Ltd.		850		31,203
JGC Corp.		500		7,050
JTEKT Corp.		900		10,057
Kawasaki Heavy Industries Ltd.		500		10,719
Keihan Holdings Co. Ltd.		100		4,079
Kingspan Group PLC		207		8,845
Komatsu Ltd.		800		17,248
Kone OYJ, Class B		197		9,377
Kubota Corp.		900		12,809
Kurita Water Industries Ltd.		200		4,856
Legrand SA		149		8,397
Leonardo SpA		1,243		10,910
LIXIL Group Corp.		1,000		12,414
Marubeni Corp.		7,185		50,583
Melrose Industries PLC		3,744		7,813
	Shares		Value
Capital Goods (Continued)
MINEBEA MITSUMI, Inc.		600	$	8,695
Mitsubishi Corp.		2,500		68,815
Mitsubishi Electric Corp.		2,600		28,828
Mitsubishi Heavy Industries Ltd.		800		28,846
Mitsui & Co. Ltd.		2,325		35,824
MonotaRO Co. Ltd.		100		2,477
NGK Insulators Ltd.		400		5,436
Nidec Corp.		88		10,006
NSK Ltd.		1,000		8,650
Obayashi Corp.		1,500		13,590
OSRAM Licht AG		125		5,419
Prysmian SpA		572		11,031
Rexel SA		1,154		12,269
Rolls-Royce Holdings PLC1		1,783		18,848
Safran SA		149		17,953
Schindler Holding AG		61		11,794
Schneider Electric SE		364		24,850
Seibu Holdings, Inc.		300		5,234
Shimizu Corp.		1,500		12,236
Siemens AG		681		75,809
Siemens Gamesa Renewable Energy SA1		623		7,578
Skanska AB, Class B		1,064		16,922
Sumitomo Corp.		2,183		31,069
Sumitomo Heavy Industries Ltd.		300		8,955
Taisei Corp.		340		14,580
Thales SA		136		15,858
Toshiba Corp.		954		26,955
TOTO Ltd.		200		6,945
Toyota Tsusho Corp.		1,400		41,407
Vestas Wind Systems A/S		134		10,101
Vinci SA		484		39,848
Volvo AB, Class B		2,056		26,889
Total Capital Goods				1,444,641
Commercial & Professional Services—1.4%
Adecco Group AG		500		23,296
Brambles Ltd.		1,122		8,017
Experian PLC		383		9,292
G4S PLC		4,247		10,653
ISS A/S		331		9,231
Randstad NV		499		22,869
Recruit Holdings Co. Ltd.		700		16,987
RELX PLC		519		10,685
Securitas AB, Class B		865		13,879

52     OPPENHEIMER ETF TRUST

	Shares		Value
Commercial & Professional Services (Continued)
SGS SA		5	$	11,209
Toppan Printing Co. Ltd.		1,000		14,738
Wolters Kluwer NV		137		8,091
Total Commercial & Professional Services				158,947
Consumer Durables & Apparel—2.9%
adidas AG		93		19,391
Asics Corp.		300		3,842
Cie Financiere Richemont SA		184		11,759
Electrolux AB, Series B		650		13,717
EssilorLuxottica SA		62		7,828
Hermes International		14		7,759
Iida Group Holdings Co. Ltd.		700		12,129
Kering		36		16,939
LVMH Moet Hennessy Louis Vuitton SE		146		43,094
Moncler SpA		117		3,869
Nikon Corp.		400		5,961
Panasonic Corp.		6,200		55,979
Puma SE		10		4,881
SEB SA		56		7,221
Sega Sammy Holdings, Inc.		200		2,800
Sekisui Chemical Co. Ltd.		700		10,406
Sekisui House Ltd.		1,100		16,232
Sharp Corp.		1,200		12,053
Sony Corp.		1,169		56,748
Swatch Group AG (The)		29		8,434
Techtronic Industries Co. Ltd.		1,440		7,651
Yue Yuen Industrial Holdings Ltd.		2,672		8,549
Total Consumer Durables & Apparel				337,242
Consumer Services—1.0%
Benesse Holdings, Inc.		200		5,101
Compass Group PLC		1,229		25,827
Galaxy Entertainment Group Ltd.		1,224		7,785
Genting Singapore Ltd.		6,418		4,591
GVC Holdings PLC		356		3,056
McDonald’s Holdings Co. Japan Ltd.3		115		4,884
Melco Resorts & Entertainment Ltd.4		368		6,484
MGM China Holdings Ltd.3		2,448		4,109
Sands China Ltd.		2,532		11,093
	Shares		Value
Consumer Services (Continued)
Shangri-La Asia Ltd.		4,313	$	6,390
SJM Holdings Ltd.		5,031		4,691
TUI AG		1,332		19,093
Wynn Macau Ltd.		2,867		6,254
Total Consumer Services				109,358
Diversified Financials—2.9%
Credit Saison Co. Ltd.		395		4,648
Credit Suisse Group AG1		2,406		26,359
Deutsche Bank AG		4,071		32,423
EXOR NV		2,368		127,932
Groupe Bruxelles Lambert SA		122		10,610
Hong Kong Exchanges & Clearing Ltd.		259		7,496
Japan Exchange Group, Inc.		300		4,864
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,600		7,700
Nomura Holdings, Inc.		3,800		14,574
ORIX Corp.		1,400		20,487
Pargesa Holding SA		133		9,559
SBI Holdings, Inc.		200		3,936
Standard Life Aberdeen PLC		5,448		17,815
Tokyo Century Corp.		200		8,805
UBS Group AG1		2,377		29,501
Wendel SA		91		10,892
Total Diversified Financials				337,601
Energy—8.1%
Aker BP ASA		240		6,042
BP PLC		32,162		203,149
Caltex Australia Ltd.		741		13,292
Eni SpA		3,886		61,072
Equinor ASA		2,222		47,152
Galp Energia SGPS SA		859		13,546
Idemitsu Kosan Co. Ltd.		723		23,789
Inpex Corp.		996		8,912
John Wood Group PLC		1,095		7,059
JXTG Holdings, Inc.		12,695		66,729
Neste OYJ		169		13,013
OMV AG		360		15,741
Repsol SA		2,204		35,475
Royal Dutch Shell PLC, Class A		4,908		144,238
Royal Dutch Shell PLC, Class B		4,068		121,236
Showa Shell Sekiyu KK		1,100		15,450
Tenaris SA		370		3,993
TOTAL SA		2,394		126,381

53     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer International Revenue ETF
 

	Shares		Value
Energy (Continued)
Washington H Soul Pattinson & Co. Ltd.		185	$	3,242
WorleyParsons Ltd.		336		2,701
Total Energy				932,212
Food & Staples Retailing—4.2%
Aeon Co. Ltd.		2,658		52,075
Carrefour SA		3,675		62,638
Casino Guichard Perrachon SA		773		32,112
FamilyMart UNY Holdings Co. Ltd.		100		12,678
ICA Gruppen AB		346		12,364
J Sainsbury PLC		7,840		26,460
Jeronimo Martins SGPS SA		1,284		15,177
Koninklijke Ahold Delhaize NV		2,282		57,586
METRO AG		2,023		30,977
Seven & i Holdings Co. Ltd.		1,100		47,954
Tesco PLC		26,827		64,951
Welcia Holdings Co. Ltd.		200		9,042
Wm Morrison Supermarkets PLC		6,719		18,249
Woolworths Group Ltd.		1,753		36,308
Total Food & Staples Retailing				478,571
Food, Beverage & Tobacco—3.9%
a2 Milk Co. Ltd.1		248		1,854
Ajinomoto Co., Inc.		600		10,702
Anheuser-Busch InBev SA		496		32,716
Asahi Group Holdings Ltd.		398		15,486
Associated British Foods PLC		544		14,155
British American Tobacco PLC		710		22,606
Carlsberg A/S, Class B		46		4,880
Coca-Cola Amatil Ltd.		884		5,097
Coca-Cola Bottlers Japan Holdings, Inc.3		300		8,982
Coca-Cola European Partners PLC		227		10,408
Coca-Cola HBC AG1		270		8,432
Danone SA		323		22,712
Davide Campari-Milano SpA		379		3,200
Diageo PLC		374		13,313
Golden Agri-Resources Ltd.		41,800		7,514
Heineken Holding NV		233		19,644
Heineken NV		222		19,592
Imperial Brands PLC		469		14,198
	Shares		Value
Food, Beverage & Tobacco (Continued)
Japan Tobacco, Inc.		700	$	16,694
Kerry Group PLC, Class A		157		15,524
Kirin Holdings Co. Ltd.		600		12,570
Marine Harvest ASA		168		3,545
MEIJI Holdings Co. Ltd.		100		8,167
Nestle SA		862		69,778
Orkla ASA		527		4,141
Pernod Ricard SA		59		9,665
Suntory Beverage & Food Ltd.		200		9,042
Swedish Match AB		85		3,347
WH Group Ltd.2		23,865		18,380
Wilmar International Ltd.		15,740		36,030
Yamazaki Baking Co. Ltd.		400		8,407
Total Food, Beverage & Tobacco				450,781
Health Care Equipment & Services—1.4%
Alfresa Holdings Corp.		800		20,438
Fresenius Medical Care AG & Co. KGaA		220		14,245
Fresenius SE & Co. KGaA		529		25,628
Koninklijke Philips NV		465		16,441
Medipal Holdings Corp.		1,200		25,758
NMC Health PLC		63		2,195
Olympus Corp.		200		6,152
Ramsay Health Care Ltd.		180		7,316
Siemens Healthineers AG1,2		315		13,160
Smith & Nephew PLC		327		6,097
Sonic Healthcare Ltd.		384		5,977
Suzuken Co. Ltd.		353		17,986
Total Health Care Equipment & Services				161,393
Household & Personal Products—1.3%
Essity AB, Class B		493		12,100
Henkel AG & Co KGaA		101		9,900
Kao Corp.		200		14,864
L’Oreal SA		108		24,840
Pigeon Corp.		100		4,284
Reckitt Benckiser Group PLC		162		12,406
Shiseido Co. Ltd.		100		6,282
Unicharm Corp.		200		6,488
Unilever NV		547		29,652
Unilever PLC		417		21,820
Total Household & Personal Products				142,636

54     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance—7.2%
Aegon NV		3,174	$	14,800
Ageas		166		7,458
AIA Group Ltd.		2,849		23,653
Allianz SE		302		60,464
Assicurazioni Generali SpA		3,485		58,165
Aviva PLC		5,147		24,615
AXA SA		3,587		77,327
Baloise Holding AG		39		5,357
CNP Assurances		1,269		26,866
Dai-ichi Life Holdings, Inc.		2,000		31,318
Direct Line Insurance Group PLC		1,055		4,282
Hannover Rueck SE		115		15,473
Insurance Australia Group Ltd.		1,314		6,475
Japan Post Holdings Co. Ltd.		7,857		90,590
Legal & General Group PLC		2,055		6,046
Mapfre SA		5,622		14,910
Medibank Pvt Ltd.		3,616		6,542
MS&AD Insurance Group Holdings, Inc.		1,200		34,256
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		202		44,001
NN Group NV		259		10,303
Poste Italiane SpA2		3,840		30,658
Prudential PLC		1,559		27,837
QBE Insurance Group Ltd.		1,376		9,784
RSA Insurance Group PLC		1,259		8,235
Sampo OYJ, Class A		135		5,928
SCOR SE		315		14,188
Sompo Holdings, Inc.		800		27,212
Sony Financial Holdings, Inc.		500		9,365
Suncorp Group Ltd.		956		8,500
Swiss Life Holding AG1		28		10,753
Swiss Re AG		320		29,254
T&D Holdings, Inc.		900		10,492
Tokio Marine Holdings, Inc.		800		38,179
Tryg A/S		84		2,109
Zurich Insurance Group AG		105		31,219
Total Insurance				826,614
Materials—8.3%
Air Liquide SA		191		23,679
Air Water, Inc.		600		9,105
Akzo Nobel NV		153		12,313
Amcor Ltd.		1,284		11,977
	Shares		Value
Materials (Continued)
Anglo American PLC3		1,151	$	25,621
ArcelorMittal		2,459		50,992
Asahi Kasei Corp.		1,573		16,201
BASF SE		790		54,547
BHP Group Ltd.3		966		23,279
BHP Group PLC		661		13,904
BlueScope Steel Ltd.		877		6,767
Covestro AG2		274		13,525
Evonik Industries AG		567		14,130
Fortescue Metals Group Ltd.		2,224		6,560
Fresnillo PLC		134		1,468
Givaudan SA		4		9,235
Glencore PLC1		44,286		164,329
HeidelbergCement AG		300		18,306
Hitachi Chemical Co. Ltd.		500		7,565
Hitachi Metals Ltd.		700		7,337
Israel Chemicals Ltd.		1,074		6,093
JFE Holdings, Inc.		1,448		23,189
Johnson Matthey PLC		466		16,612
Kaneka Corp.		200		7,182
Kobe Steel Ltd.		1,600		11,142
Kuraray Co. Ltd.		400		5,651
LafargeHolcim Ltd.1		559		22,966
Mitsubishi Chemical Holdings Corp.		3,600		27,319
Mitsubishi Gas Chemical Co., Inc.		400		6,034
Mitsubishi Materials Corp.		500		13,193
Newcrest Mining Ltd.		235		3,607
Nippon Paint Holdings Co. Ltd.		200		6,854
Nippon Steel & Sumitomo Metal Corp.		2,264		39,052
Nitto Denko Corp.		200		10,104
Norsk Hydro ASA		2,733		12,375
Oji Holdings Corp.		2,000		10,299
Rio Tinto Ltd.		180		9,944
Rio Tinto PLC		483		22,945
Shin-Etsu Chemical Co. Ltd.		100		7,780
Smurfit Kappa Group PLC		396		10,530
Solvay SA		110		10,980
South32 Ltd.		2,922		6,891
Stora Enso OYJ, Class R		750		8,646
Sumitomo Chemical Co. Ltd.		3,000		14,574
Sumitomo Metal Mining Co. Ltd.		300		8,060
Taiheiyo Cement Corp.		300		9,283
Taiyo Nippon Sanso Corp.		400		6,548

55     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer International Revenue ETF
 

	Shares		Value
Materials (Continued)
Teijin Ltd.		600	$	9,609
thyssenkrupp AG		2,139		36,629
Toray Industries, Inc.		2,200		15,480
Tosoh Corp.		500		6,526
Toyo Seikan Group Holdings Ltd.		400		9,195
Umicore SA		288		11,477
UPM-Kymmene OYJ		482		12,205
voestalpine AG		347		10,353
Yara International ASA		278		10,707
Total Materials				950,874
Media & Entertainment—0.8%
CyberAgent, Inc.		100		3,869
Dentsu, Inc.		200		8,941
Hakuhodo DY Holdings, Inc		1,000		14,355
Pearson PLC		548		6,550
Publicis Groupe SA		191		10,935
Toho Co. Ltd.		200		7,255
Vivendi SA		683		16,615
WPP PLC		1,575		16,982
Yahoo Japan Corp.		2,800		6,993
Total Media & Entertainment				92,495
Pharmaceuticals, Biotechnology & Life Sciences—2.6%
Astellas Pharma, Inc.		800		10,219
AstraZeneca PLC		217		16,231
Bayer AG		371		25,684
Chugai Pharmaceutical Co. Ltd.		100		5,815
Daiichi Sankyo Co. Ltd.		200		6,400
Eurofins Scientific SE		10		3,727
GlaxoSmithKline PLC		1,536		29,172
Grifols SA		185		4,843
H Lundbeck A/S		72		3,148
Kyowa Hakko Kirin Co. Ltd.		200		3,786
Lonza Group AG1		25		6,459
Merck KGaA		55		5,657
Novartis AG		505		43,052
Novo Nordisk A/S, Class B		229		10,450
Otsuka Holdings Co. Ltd.		200		8,190
Recordati SpA		95		3,289
Roche Holding AG		142		35,061
Sanofi		359		31,050
Sartorius Stedim Biotech		26		2,596
Shire PLC		255		14,842
Takeda Pharmaceutical Co. Ltd.3		400		13,508
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Teva Pharmaceutical Industries Ltd.1,4		747	$	11,519
Vifor Pharma AG		22		2,386
Total Pharmaceuticals, Biotechnology & Life Sciences				297,084
Real Estate—1.4%
Aroundtown SA		308		2,542
Azrieli Group Ltd.		18		860
CapitaLand Ltd.		3,175		7,245
CK Asset Holdings Ltd.		1,333		9,756
Daito Trust Construction Co. Ltd.		100		13,685
Daiwa House Industry Co. Ltd.		900		28,694
Goodman Group		892		6,675
Hang Lung Group Ltd.		1,289		3,283
Hulic Co. Ltd.		500		4,489
ICADE		54		4,105
LendLease Group		1,188		9,727
Mirvac Group		2,926		4,614
Mitsubishi Estate Co. Ltd.		800		12,611
Mitsui Fudosan Co. Ltd.		600		13,371
New World Development Co. Ltd.		7,581		10,031
Nomura Real Estate Holdings, Inc.		300		5,510
Segro PLC		653		4,895
Tokyu Fudosan Holdings Corp.		1,700		8,398
Wharf Holdings Ltd. (The)		962		2,507
Wheelock & Co. Ltd.		1,305		7,459
Total Real Estate				160,457
Retailing—1.6%
Delivery Hero SE1,2		70		2,601
Don Quijote Holdings Co. Ltd.		100		6,216
Dufry AG1		87		8,218
Hennes & Mauritz AB, Class B3		953		13,546
Industria de Diseno Textil SA		832		21,257
Isetan Mitsukoshi Holdings Ltd.		1,000		11,074
J Front Retailing Co. Ltd.		400		4,594
Jardine Cycle & Carriage Ltd.		647		16,780
Kingfisher PLC		4,306		11,380

56     OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (continued)
Marks & Spencer Group PLC		3,500	$	11,019
Next PLC		96		4,880
Rakuten, Inc.3		1,100		7,379
Takashimaya Co. Ltd.		400		5,119
Wesfarmers Ltd.		1,881		42,666
Yamada Denki Co. Ltd.		3,400		16,331
Zalando SE1,2		196		5,028
Total Retailing				188,088
Semiconductors & Semiconductor Equipment—0.4%
ASM Pacific Technology Ltd.		910		8,769
NXP Semiconductors NV		169		12,384
Renesas Electronics Corp.1		2,300		10,482
STMicroelectronics NV		1,104		15,757
Total Semiconductors & Semiconductor Equipment				47,392
Software & Services—1.1%
Amadeus IT Group SA		150		10,432
Atos SE		171		13,973
Capgemini SE		172		17,067
Dassault Systemes SE		81		9,602
Fujitsu Ltd.		527		32,889
Otsuka Corp.		300		8,258
SAP SE		316		31,402
Temenos AG1		37		4,425
Wix.com Ltd.1		22		1,987
Total Software & Services				130,035
Technology Hardware & Equipment—2.4%
Alps Electric Co. Ltd.		400		7,784
Brother Industries Ltd.		500		7,433
Canon, Inc.3		1,400		38,294
FUJIFILM Holdings Corp.		600		23,351
Hitachi High-Technologies Corp.		200		6,298
Hitachi Ltd.		2,213		59,210
Konica Minolta, Inc.		1,100		9,956
NEC Corp.		787		23,420
Nippon Electric Glass Co. Ltd.		100		2,455
Nokia OYJ		3,537		20,338
Omron Corp.		300		10,937
Ricoh Co. Ltd.		1,700		16,688
Seiko Epson Corp.		700		9,877
TDK Corp.		200		14,073
Telefonaktiebolaget LM Ericsson, Class B		2,073		18,219
	Shares		Value
Technology Hardware & Equipment (Continued)
Venture Corp. Ltd.		379	$	3,879
Yaskawa Electric Corp.		200		4,918
Total Technology Hardware & Equipment				277,130
Telecommunication Services—4.8%
Bezeq The Israeli Telecommunication Corp. Ltd.		2,167		2,117
BT Group PLC		7,471		22,655
Deutsche Telekom AG		3,778		64,005
Elisa OYJ		90		3,712
Iliad SA		42		5,889
KDDI Corp.		1,700		40,658
Koninklijke KPN NV		2,521		7,378
Millicom International Cellular SA		101		6,397
Nippon Telegraph & Telephone Corp.		2,100		85,788
NTT DOCOMO, Inc.		1,600		36,057
Orange SA		2,194		35,502
Proximus SADP		245		6,615
SoftBank Group Corp.		841		55,995
Spark New Zealand Ltd.		2,616		7,280
Swisscom AG		21		10,006
Tele2 AB, Class B		337		4,293
Telecom Italia SpA1		29,050		16,050
Telefonica Deutschland Holding AG		1,979		7,732
Telefonica SA		5,206		43,676
Telenor ASA		550		10,639
Telia Co. AB		2,237		10,592
Telstra Corp. Ltd.		7,237		14,520
TPG Telecom Ltd.		467		2,117
United Internet AG		141		6,157
Vodafone Group PLC		22,811		44,421
Total Telecommunication Services				550,251
Transportation—3.2%
A.P. Moeller - Maersk A/S, Class A		10		11,795
A.P. Moeller - Maersk A/S, Class B		11		13,791
Aena SME SA2		51		7,914
Aeroports de Paris		48		9,081
ANA Holdings, Inc.		500		17,960
Atlantia SpA		373		7,705
Bollore SA		5,451		21,810
Central Japan Railway Co.		100		21,114
Deutsche Lufthansa AG		1,464		32,969
Deutsche Post AG		1,877		51,304

57     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer International Revenue ETF
 

	Shares		Value
Transportation (Continued)
DSV A/S		196	$	12,887
East Japan Railway Co.		300		26,553
easyJet PLC		547		7,698
Fraport AG Frankfurt Airport Services Worldwide		113		8,068
International Consolidated Airlines Group SA		2,667		21,098
Mitsui OSK Lines Ltd.		600		13,120
Nippon Express Co. Ltd.		300		16,734
Nippon Yusen KK		1,200		18,495
Royal Mail PLC		2,755		9,547
SG Holdings Co. Ltd.		358		9,345
Singapore Airlines Ltd.		1,917		13,249
Yamato Holdings Co. Ltd.		600		16,537
Total Transportation				368,774
Utilities—6.3%
AGL Energy Ltd.		666		9,659
Centrica PLC		16,109		27,677
Chubu Electric Power Co., Inc.		1,400		19,938
Chugoku Electric Power Co., Inc. (The)		1,000		13,016
E.ON SE		3,092		30,493
EDP - Energias de Portugal SA		3,715		12,948
Electric Power Development Co. Ltd.		300		7,126
Electricite de France SA		3,593		56,681
Endesa SA		736		16,937
Enel SpA		12,432		71,684
Engie SA		4,046		57,930
Iberdrola SA		3,767		30,221
Innogy SE2		792		36,876
Kansai Electric Power Co., Inc. (The)		1,500		22,558
Kyushu Electric Power Co., Inc.		1,300		15,510
National Grid PLC		1,491		14,512
Naturgy Energy Group SA		791		20,128
Orsted A/S2		111		7,409
RWE AG		1,592		34,514
Severn Trent PLC		130		3,006
	Shares		Value
Utilities (Continued)
SSE PLC		2,266	$	31,212
Suez		1,054		13,892
Terna Rete Elettrica Nazionale SpA		822		4,654
Toho Gas Co. Ltd.		100		4,225
Tohoku Electric Power Co., Inc.		1,200		15,859
Tokyo Electric Power Co. Holdings, Inc.1		7,000		41,662
Tokyo Gas Co. Ltd.		600		15,233
Uniper SE		2,192		56,631
United Utilities Group PLC		400		3,751
Veolia Environnement SA		1,166		23,932
Verbund AG		70		2,980
Total Utilities				722,854
Total Common Stocks (Cost $12,820,596)				11,352,614
PREFERRED STOCKS—0.9%
Automobiles & Components—0.8%
Volkswagen AG, 2.91%		542		86,073
Bayerische Motoren Werke AG, 6.64%		55		3,904
Porsche Automobil Holding SE, 3.48%		14		827
Total Automobiles & Components				90,804
Capital Goods—0.0%5
Rolls-Royce Holdings PLC, Class C1,6		279,201		356
Health Care Equipment & Services—0.0%5
Sartorius AG, 0.46%		15		1,867
Household & Personal Products—0.1%
Henkel AG & Co KGaA, 1.86%		78		8,506
Total Preferred Stocks
(Cost $104,599)				101,533

58     OPPENHEIMER ETF TRUST

	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%7 (Cost $28,523)		28,523	$	28,523
Total Investments—100.0% (Cost $12,953,718)				11,482,670
Liabilities in Excess of Other Assets—(0.0)% 5				(5,319	)
Net Assets—100.0%			$	11,477,351

 

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 $155,485 or 1.35% of the Fund’s net assets at period end.

3. All or a portion of the security was on loan. The aggregate value of the securities on loan was $133,989; total value of the collateral held by the Fund was $140,695. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $112,172 (Note 4).

4. American Depositary Receipt.

5. Less than 0.05%

6. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

7. Rate shown represents annualized 7-day yield as of December 31, 2018.

Geographical Holdings

Country	Value			% of Net Assets
Japan	$	3,736,663			32.6	%
Germany		1,414,072			12.3
France		1,409,380			12.3
United Kingdom		1,220,484			10.6
Switzerland		643,137			5.6
Netherlands		642,847			5.6
Australia		392,451			3.4
Spain		371,970			3.2
Italy		334,799			2.9
Hong Kong		248,700			2.2
Sweden		175,096			1.5
Singapore		137,008			1.2
Norway		100,727			0.9
Denmark		100,117			0.9
Belgium		92,297			0.8
Finland		85,846			0.7
United States		62,214			0.5
Luxembourg		58,711			0.5
Austria		45,535			0.4
Ireland		41,963			0.4
Portugal		41,672			0.4
Macau		33,932			0.3
Israel		31,886			0.3
South Africa		25,621			0.2
China		16,348			0.1
New Zealand		9,134			0.1
Colombia		6,397			0.1
United Arab Emirates		2,195			0.0	1
Mexico		1,468			0.0	1
Total Investments		11,482,670			100.0
Liabilities in Excess of Other Assets		(5,319	)		(0.0	)1
Net Assets	$	11,477,351			100.0	%

 

1. Less than 0.05%

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

59     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Global Revenue ETF
 

	Shares		Value
COMMON STOCKS—98.8%
Automobiles & Components—6.7%
Aisin Seiki Co. Ltd.		400	$	13,927
Aptiv PLC		159		9,790
BAIC Motor Corp. Ltd., Class H1		6,500		3,429
Bayerische Motoren Werke AG		518		41,865
Bridgestone Corp.		448		17,297
Daimler AG		1,238		64,973
Denso Corp.		484		21,585
Fiat Chrysler Automobiles NV2		2,751		39,882
Ford Motor Co.		6,344		48,532
Geely Automobile Holdings Ltd.		4,487		7,909
General Motors Co.		1,486		49,707
Goodyear Tire & Rubber Co. (The)		363		7,409
Honda Motor Co. Ltd.		1,900		50,126
Hyundai Mobis Co. Ltd.2		84		14,304
Hyundai Motor Co.		352		37,383
Isuzu Motors Ltd.		700		9,880
Kia Motors Corp.2		775		23,407
Lear Corp.		99		12,163
Magna International, Inc.		361		16,379
Mazda Motor Corp.		1,500		15,517
Mitsubishi Motors Corp.		1,635		8,971
Nissan Motor Co. Ltd.		5,136		41,209
Peugeot SA		1,520		32,397
Pirelli & C SpA1,2		695		4,457
Renault SA		410		25,567
Subaru Corp.		600		12,906
Sumitomo Electric Industries Ltd.		1,100		14,658
Suzuki Motor Corp.		373		18,926
Tata Motors Ltd.2		5,047		12,485
Tesla, Inc.2		19		6,323
Toyota Motor Corp.		1,795		104,806
Yamaha Motor Co. Ltd.		400		7,871
Total Automobiles & Components				796,040
Banks—7.5%
Agricultural Bank of China Ltd., Class A		9,500		4,981
Alior Bank SA2		283		4,004
Australia & New Zealand Banking Group Ltd.		762		13,121
Axis Bank Ltd.2		700		6,215
	Shares		Value
Banks (Continued)
Banco Bilbao Vizcaya Argentaria SA		3,833	$	20,311
Banco Bradesco SA		3,001		26,210
Banco de Chile		57,698		8,245
Banco do Brasil SA		1,709		20,500
Banco Santander Brasil SA		1,203		13,254
Banco Santander SA		7,285		33,087
Banco Santander SA3		902		4,041
Bank Central Asia Tbk PT		6,776		12,251
Bank Handlowy w Warszawie SA		249		4,580
Bank Millennium SA2		1,436		3,391
Bank of America Corp.		1,687		41,568
Bank of China Ltd., Class H		43,864		18,936
Bank of Communications Co. Ltd., Class A		6,600		5,566
BDO Unibank, Inc.		2,317		5,763
BNP Paribas SA		796		35,920
CaixaBank SA		2,178		7,878
China CITIC Bank Corp. Ltd., Class A		4,700		3,731
China Construction Bank Corp., Class H		62,194		51,316
China Merchants Bank Co. Ltd., Class A		1,000		3,670
China Minsheng Banking Corp. Ltd., Class A		3,920		3,272
Citigroup, Inc.		667		34,724
Commercial International Bank Egypt SAE		482		1,993
Commerzbank AG2		893		5,903
Credit Agricole SA		3,016		32,512
DNB ASA		553		8,823
Dubai Islamic Bank PJSC		7,025		9,563
Erste Group Bank AG2		215		7,140
Grupo Financiero Banorte SAB de CV, Class O		1,079		5,248
HSBC Holdings PLC		4,703		38,748
ICICI Bank Ltd.		1,712		8,832
Industrial & Commercial Bank of China Ltd., Class H		29,260		20,891
ING Groep NV		2,093		22,514
JPMorgan Chase & Co.		518		50,567
Kasikornbank PCL		2,111		11,994
Lloyds Banking Group PLC		35,311		23,318
Masraf Al Rayan QSC		1,032		11,813
MCB Bank Ltd.		913		1,273
Mitsubishi UFJ Financial Group, Inc.		4,371		21,430

 

60     OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
Moneta Money Bank AS1		1,303	$	4,196
OTP Bank Nyrt		211		8,489
Postal Savings Bank of China Co. Ltd., Class H1		14,000		7,385
Royal Bank of Canada		448		30,649
Royal Bank of Scotland Group PLC		3,757		10,369
Sberbank of Russia PJSC3		1,688		18,500
Security Bank Corp.		1,186		3,496
Societe Generale SA		802		25,506
Standard Chartered PLC		1,620		12,571
State Bank of India2		4,310		18,267
Sumitomo Mitsui Financial Group, Inc.		700		23,256
SVB Financial Group2		18		3,419
UniCredit SpA		967		10,937
VTB Bank PJSC		4,813		5,333
Wells Fargo & Co.		793		36,541
Total Banks				888,011
Capital Goods—10.4%
ABB Ltd.		1,299		24,635
ACS Actividades de Construccion y Servicios SA		468		18,099
AGC, Inc.		200		6,253
Airbus SE		299		28,698
Alfa SAB de CV, Class A		6,082		7,220
Alliance Global Group, Inc.		12,846		2,907
ANDRITZ AG		127		5,825
Arconic, Inc.		324		5,463
BAE Systems PLC		1,940		11,346
BOC Aviation Ltd.1		356		2,635
Boeing Co. (The)		113		36,442
Bombardier, Inc., Class B2		3,937		5,852
Bouygues SA		527		18,880
CAE, Inc.		253		4,648
Caterpillar, Inc.		171		21,729
China Communications Construction Co. Ltd., Class H		9,462		8,943
China Railway Construction Corp. Ltd., Class H		5,925		8,219
China Railway Group Ltd., Class H		8,537		7,774
China Shipbuilding Industry Co. Ltd., Class A		6,200		3,838
China State Construction International Holdings Ltd.		3,814		3,030
CIMIC Group Ltd.		230		7,029
	Shares		Value
Capital Goods (Continued)
CITIC Ltd.		16,071	$	25,207
CJ Corp.2		107		11,651
CNH Industrial NV		1,253		11,540
Cummins, Inc.		82		10,958
Daewoo Engineering & Construction Co. Ltd.2		1,340		6,473
Daewoo Shipbuilding & Marine Engineering Co. Ltd.2		129		3,948
DCC PLC		155		11,815
Deere & Co.		112		16,707
Dongfang Electric Corp. Ltd., Class A2		2,200		2,528
Embraer SA		597		3,339
Ferguson PLC		196		12,524
Finning International, Inc.		250		4,356
Fluor Corp.		227		7,309
Fosun International Ltd.		4,505		6,560
Fuji Electric Co. Ltd.		200		5,915
General Dynamics Corp.		91		14,306
General Electric Co.		5,716		43,270
GS Engineering & Construction Corp.2		142		5,568
Hanwha Corp.2		584		16,408
HD Supply Holdings, Inc.2		182		6,829
Hino Motors Ltd.		1,000		9,479
Hitachi Construction Machinery Co. Ltd.		200		4,689
HOCHTIEF AG		100		13,455
Huntington Ingalls Industries, Inc.		29		5,519
Hyundai Engineering & Construction Co. Ltd.2		133		6,508
Hyundai Heavy Industries Co. Ltd.2		44		5,067
Hyundai Heavy Industries Holdings Co. Ltd.2		24		7,442
IHI Corp.		200		5,523
Ingersoll-Rand PLC		110		10,035
ITOCHU Corp.		1,422		24,198
Jacobs Engineering Group, Inc.		135		7,892
Jardine Matheson Holdings Ltd.		588		40,913
Jardine Strategic Holdings Ltd.		574		21,072
JGC Corp.		300		4,230
Johnson Controls International PLC		432		12,809
JTEKT Corp.		600		6,705

61     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global Revenue ETF
 

	Shares		Value
Capital Goods (Continued)
Kajima Corp.		432	$	5,820
Kawasaki Heavy Industries Ltd.		300		6,431
Kingspan Group PLC		151		6,452
KOC Holding AS		4,658		12,433
Komatsu Ltd.		379		8,171
Kubota Corp.		600		8,539
Leonardo SpA		681		5,977
LIXIL Group Corp.		600		7,448
Lockheed Martin Corp.		79		20,685
Marubeni Corp.		3,400		23,936
Metallurgical Corp. of China., Ltd., Class H		17,999		4,322
MINEBEA MITSUMI, Inc.		400		5,797
MISUMI Group, Inc.		227		4,798
Mitsubishi Corp.		1,160		31,930
Mitsubishi Electric Corp.		1,454		16,122
Mitsubishi Heavy Industries Ltd.		400		14,423
Mitsui & Co. Ltd.		1,238		19,075
MonotaRO Co. Ltd.		100		2,477
Nabtesco Corp.		163		3,560
Northrop Grumman Corp.		48		11,755
NSK Ltd.		700		6,055
Obayashi Corp.		900		8,154
Posco Daewoo Corp.2		507		8,270
Raytheon Co.		80		12,268
Rexel SA		813		8,643
Rolls-Royce Holdings PLC2		1,087		11,491
Samsung C&T Corp.2		170		16,074
Samsung Engineering Co. Ltd.2		226		3,565
Samsung Heavy Industries Co. Ltd.2		542		3,599
Schindler Holding AG		90		17,775
Siemens AG		350		38,962
Siemens Gamesa Renewable Energy SA2		307		3,734
Sinotruk Hong Kong Ltd.4		2,500		3,768
SK Holdings Co. Ltd.		167		38,914
SNC-Lavalin Group, Inc.		183		6,153
Spirit AeroSystems Holdings, Inc., Class A		75		5,407
Sumitomo Corp.		1,200		17,079
Taisei Corp.		200		8,577
Textron, Inc.		185		8,508
Toshiba Corp.		554		15,653
TOTO Ltd.		100		3,473
Toyota Tsusho Corp.		700		20,704
United Technologies Corp.		242		25,768
	Shares		Value
Capital Goods (Continued)
Vestas Wind Systems A/S		83	$	6,257
Vinci SA		380		31,285
Volvo AB, Class B		1,237		16,178
W.W. Grainger, Inc.4		21		5,930
Weichai Power Co. Ltd., Class H		2,741		3,133
Total Capital Goods				1,227,740
Commercial & Professional Services—0.8%
Copart, Inc.2,4		97		4,635
Country Garden Services Holdings Co. Ltd.2		788		1,252
Dai Nippon Printing Co. Ltd.		500		10,468
G4S PLC		3,264		8,187
ISS A/S		294		8,199
ManpowerGroup, Inc.		161		10,433
Persol Holdings Co. Ltd.		300		4,473
Randstad NV		342		15,673
Recruit Holdings Co. Ltd.		400		9,707
SGS SA		9		20,177
Total Commercial & Professional Services				93,204
Consumer Durables & Apparel—2.0%
adidas AG		56		11,677
D.R. Horton, Inc.		264		9,150
Electrolux AB, Series B		467		9,855
Feng TAY Enterprise Co. Ltd.		1,000		5,710
Fila Korea Ltd.2		43		2,062
Haier Electronics Group Co. Ltd.2		3,123		7,682
Husqvarna AB, Class B		782		5,795
Iida Group Holdings Co. Ltd.		400		6,931
LG Electronics, Inc.		310		17,309
LVMH Moet Hennessy Louis Vuitton SE		92		27,155
Mattel, Inc.2,4		262		2,617
Michael Kors Holdings Ltd.2		89		3,375
Newell Brands, Inc.4		231		4,294
NIKE, Inc., Class B		238		17,645
Oppein Home Group, Inc., Class A		200		2,322
Panasonic Corp.		3,070		27,719
Polaris Industries, Inc.		47		3,604
PulteGroup, Inc.4		234		6,082
PVH Corp.		65		6,042
Sega Sammy Holdings, Inc.		200		2,800
Sharp Corp.		600		6,026
Sony Corp.		536		26,020

62     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Durables & Apparel (Continued)
Tatung Co. Ltd.2		2,000	$	1,685
Under Armour, Inc., Class A2		141		2,491
VF Corp.		111		7,919
Whirlpool Corp.		80		8,550
Yue Yuen Industrial Holdings Ltd.		2,207		7,061
Zhejiang Semir Garment Co. Ltd., Class A		1,300		1,689
Total Consumer Durables & Apparel				241,267
Consumer Services—0.9%
Alsea SAB de CV		1,743		4,527
Aramark		353		10,226
Benesse Holdings, Inc.		300		7,651
Chipotle Mexican Grill, Inc.2		8		3,454
Flight Centre Travel Group Ltd.		72		2,175
Hilton Worldwide Holdings, Inc.		179		12,852
Marriott International, Inc., Class A		144		15,633
Melco Resorts & Entertainment Ltd.3		366		6,449
MGM Resorts International		306		7,424
Minor International PCL		6,618		6,911
SJM Holdings Ltd.		5,752		5,363
Stars Group, Inc. (The)2		121		1,997
Tabcorp Holdings Ltd.		1,468		4,434
TUI AG		921		13,202
Yum China Holdings, Inc.		142		4,761
Total Consumer Services				107,059
Diversified Financials—3.2%
Ally Financial, Inc.		277		6,277
Ameriprise Financial, Inc.		75		7,828
ASX Ltd.		184		7,764
AXA Equitable Holdings, Inc.		298		4,956
Berkshire Hathaway, Inc., Class B2		245		50,024
Brookfield Asset Management, Inc., Class A		542		20,763
Capital One Financial Corp.		173		13,077
Cboe Global Markets, Inc.		35		3,424
Challenger Ltd.		331		2,211
CI Financial Corp.		482		6,098
Credit Suisse Group AG2		1,531		16,773
Deutsche Bank AG		1,914		15,244
EXOR NV		1,059		57,213
	Shares		Value
Diversified Financials (Continued)
Goldman Sachs Group, Inc. (The)		102	$	17,039
GT Capital Holdings, Inc.		194		3,597
Haci Omer Sabanci Holding AS		4,760		6,729
Hargreaves Lansdown PLC		208		4,898
Jefferies Financial Group, Inc.		312		5,416
Morgan Stanley		497		19,706
Muangthai Capital PCL		1,500		2,257
Onex Corp.		255		13,881
ORIX Corp.		721		10,551
Reinet Investments SCA		180		2,733
S&P Global, Inc.		59		10,026
Singapore Exchange Ltd.		3,306		17,343
Standard Life Aberdeen PLC		3,459		11,311
Synchrony Financial		317		7,437
Tokyo Century Corp.		100		4,402
UBS Group AG2		1,678		20,826
Voya Financial, Inc.4		140		5,620
Total Diversified Financials				375,424
Energy—10.3%
Baker Hughes a GE Co.		520		11,180
Banpu PCL		9,564		4,347
Bharat Petroleum Corp. Ltd.		2,891		15,021
BP PLC		15,355		96,989
Bukit Asam Tbk PT		8,308		2,484
Caltex Australia Ltd.		426		7,642
Cenovus Energy, Inc.		865		6,080
Chevron Corp.		480		52,219
China Oilfield Services Ltd., Class H		3,332		2,864
China Petroleum & Chemical Corp., Class H		37,987		27,122
CNOOC Ltd.		9,211		14,235
ConocoPhillips		382		23,818
Empresas COPEC SA		569		6,828
Enbridge, Inc.		455		14,128
Eni SpA		2,124		33,381
EOG Resources, Inc.		193		16,832
Equinor ASA		1,332		28,265
Exxon Mobil Corp.		1,281		87,351
Gazprom PJSC3		8,509		37,686
Grupa Lotos SA		195		4,594
Hindustan Petroleum Corp. Ltd.		3,706		13,443
HollyFrontier Corp.		130		6,646
Idemitsu Kosan Co. Ltd.		297		9,772
Indian Oil Corp. Ltd.		11,536		22,646

63     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global Revenue ETF
 

	Shares		Value
Energy (Continued)
John Wood Group PLC		948	$	6,112
JXTG Holdings, Inc.		5,900		31,012
LUKOIL PJSC3		605		43,245
Marathon Petroleum Corp.		601		35,465
Neste OYJ		110		8,470
Oil & Natural Gas Corp. Ltd.		8,938		19,191
OMV AG		167		7,302
Origin Energy Ltd.2		1,010		4,600
PetroChina Co. Ltd., Class A		10,900		11,447
Petroleo Brasileiro SA		4,220		27,656
Phillips 66		458		39,457
Plains GP Holdings LP, Class A2		659		13,246
Polski Koncern Naftowy ORLEN SA		372		10,709
PrairieSky Royalty Ltd.4		342		4,425
PTT PCL		18,932		26,747
Reliance Industries Ltd.		1,439		23,111
Repsol SA		1,317		21,198
Rosneft Oil Co. PJSC2		6,997		43,241
Royal Dutch Shell PLC, Class A		4,260		125,194
Showa Shell Sekiyu KK		600		8,427
SK Innovation Co. Ltd.		107		17,213
S-Oil Corp.		104		9,106
TechnipFMC PLC		518		10,142
TOTAL SA		1,316		69,473
Tupras Turkiye Petrol Rafinerileri AS		322		7,064
Ultrapar Participacoes SA		948		13,013
Valero Energy Corp.		519		38,909
Washington H Soul Pattinson & Co. Ltd.		112		1,963
WorleyParsons Ltd.		419		3,369
Total Energy				1,226,080
Food & Staples Retailing—5.6%
Aeon Co. Ltd.		1,400		27,428
Alimentation Couche-Tard, Inc., Class B		361		17,950
Berli Jucker PCL		4,302		6,705
Bid Corp. Ltd.		424		7,811
Carrefour SA		1,813		30,902
Casino Guichard Perrachon SA		377		15,661
Clicks Group Ltd.		499		6,641
Costco Wholesale Corp.		251		51,131
Empire Co. Ltd.		378		7,979
George Weston Ltd.		274		18,065
J Sainsbury PLC		4,378		14,776
	Shares		Value
Food & Staples Retailing (Continued)
Koninklijke Ahold Delhaize NV		1,144	$	28,869
Kroger Co. (The)		1,512		41,580
Magnit PJSC		651		8,287
METRO AG		984		15,068
Raia Drogasil SA		290		4,276
Seven & i Holdings Co. Ltd.		600		26,157
Sun Art Retail Group Ltd.		5,564		5,671
Sysco Corp.		433		27,132
Tesco PLC		13,139		31,811
Walgreens Boots Alliance, Inc.		609		41,613
Wal-Mart de Mexico SAB de CV		4,634		11,758
Walmart, Inc.		1,920		178,848
Welcia Holdings Co. Ltd.		100		4,521
Woolworths Group Ltd.		959		19,863
X5 Retail Group NV		404		10,011
Total Food & Staples Retailing				660,514
Food, Beverage & Tobacco—4.1%
Ajinomoto Co., Inc.		500		8,919
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,508		5,839
Anheuser-Busch InBev SA		316		20,843
Arca Continental SAB de CV		646		3,601
Archer-Daniels-Midland Co.		593		24,295
Asahi Group Holdings Ltd.		279		10,856
Associated British Foods PLC		332		8,639
BRF SA2		916		5,183
British American Tobacco PLC		363		11,558
Bunge Ltd.		326		17,421
Calbee, Inc.		100		3,135
Charoen Pokphand Foods PCL		13,145		9,931
China Agri-Industries Holdings Ltd.		19,000		6,771
China Mengniu Dairy Co. Ltd.2		1,840		5,734
China Resources Beer Holdings Co. Ltd.		1,073		3,748
CJ CheilJedang Corp.2		27		7,997
Coca-Cola Amatil Ltd.		601		3,465
Coca-Cola Bottlers Japan Holdings, Inc.4		184		5,509
Fomento Economico Mexicano SAB de CV		549		4,704

64     OPPENHEIMER ETF TRUST

	Shares		Value
Food, Beverage & Tobacco (Continued)
Genting Plantations Bhd		4,621	$	11,026
Grupo Bimbo SAB de CV, Series A		3,148		6,258
Hormel Foods Corp.4		193		8,237
Indofood Sukses Makmur Tbk PT		19,763		10,239
Ingredion, Inc.		61		5,575
Japan Tobacco, Inc.		487		11,614
JBS SA		5,996		17,930
Kikkoman Corp.		100		5,387
Kirin Holdings Co. Ltd.		346		7,249
Lamb Weston Holdings, Inc.		54		3,972
MEIJI Holdings Co. Ltd.		100		8,167
Molson Coors Brewing Co., Class B		93		5,223
Mondelez International, Inc., Class A		387		15,492
Nestle SA		585		47,356
Nisshin Seifun Group, Inc.		300		6,210
Ottogi Corp.2		6		3,893
PepsiCo, Inc.		262		28,946
Philip Morris International, Inc.		170		11,349
QL Resources Bhd		3,400		5,603
Saputo, Inc.		289		8,293
Sime Darby Plantation Bhd		7,075		8,149
Standard Foods Corp.		4,441		7,181
Tiger Brands Ltd.		230		4,377
Tingyi Cayman Islands Holding Corp.		2,617		3,496
Toyo Suisan Kaisha Ltd.		200		6,991
Tyson Foods, Inc., Class A		252		13,457
WH Group Ltd.1		14,276		10,995
Wilmar International Ltd.		10,565		24,184
Yamazaki Baking Co. Ltd.		300		6,305
Total Food, Beverage & Tobacco				481,302
Health Care Equipment & Services—4.3%
Alfresa Holdings Corp.		500		12,774
AmerisourceBergen Corp.		681		50,666
Anthem, Inc.		127		33,354
Asahi Intecc Co. Ltd.		100		4,229
Cardinal Health, Inc.		961		42,861
Centene Corp.2		186		21,446
Cigna Corp.		157		29,818
CVS Health Corp.		1,091		71,482
DaVita, Inc.2		100		5,146
DexCom, Inc.2		20		2,396
	Shares		Value
Health Care Equipment & Services (Continued)
Fisher & Paykel Healthcare Corp. Ltd.		593	$	5,169
Fresenius Medical Care AG & Co. KGaA		165		10,683
Fresenius SE & Co. KGaA		289		14,001
HCA Healthcare, Inc.		144		17,921
IHH Healthcare Bhd		7,206		9,399
McKesson Corp.		628		69,375
Medipal Holdings Corp.		700		15,025
Siemens Healthineers AG1,2		232		9,692
Suzuken Co. Ltd.		224		11,413
UnitedHealth Group, Inc.		257		64,024
WellCare Health Plans, Inc.2		45		10,624
Total Health Care Equipment & Services				511,498
Household & Personal Products—1.0%
Amorepacific Corp.2		26		4,882
AMOREPACIFIC Group2		96		6,255
Coty, Inc., Class A4		613		4,021
Essity AB, Class B		531		13,033
Hengan International Group Co. Ltd.		610		4,441
Natura Cosmeticos SA		415		4,818
Pigeon Corp.		100		4,284
Procter & Gamble Co. (The)		341		31,345
PT Unilever Indonesia Tbk		2,706		8,543
Shiseido Co. Ltd.		100		6,282
Unilever NV		512		27,754
Total Household & Personal Products				115,658
Insurance—5.6%
Aegon NV		1,364		6,360
Aflac, Inc.		241		10,980
AIA Group Ltd.		2,014		16,720
Alleghany Corp.		8		4,987
Allianz SE		150		30,032
Allstate Corp. (The)		177		14,626
American International Group, Inc.		270		10,641
Aon PLC		49		7,123
Arthur J. Gallagher & Co.		99		7,296
Assicurazioni Generali SpA		1,607		26,821
Assurant, Inc.		34		3,041
Aviva PLC		2,613		12,496
AXA SA		1,809		38,998
China Life Insurance Co. Ltd., Class H		4,796		10,193
China Pacific Insurance Group Co. Ltd., Class H		1,703		5,514

65     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global Revenue ETF
 

	Shares		Value
Insurance (Continued)
China Taiping Insurance Holdings Co. Ltd.		2,694	$	7,398
Chubb Ltd.		97		12,530
Cincinnati Financial Corp.		80		6,194
CNP Assurances		778		16,471
Dai-ichi Life Holdings, Inc.		900		14,093
DB Insurance Co. Ltd.2		97		6,120
Direct Line Insurance Group PLC		1,241		5,037
Everest Re Group Ltd.		19		4,137
Fairfax Financial Holdings Ltd.		13		5,720
Fidelity National Financial, Inc.		145		4,559
Great-West Lifeco, Inc.		527		10,873
Hanwha Life Insurance Co. Ltd.2		2,217		8,385
Hyundai Marine & Fire Insurance Co. Ltd.2		169		6,217
Industrial Alliance Insurance & Financial Services, Inc.		110		3,509
Insurance Australia Group Ltd.		541		2,666
Intact Financial Corp.		72		5,229
Japan Post Holdings Co. Ltd.		3,500		40,355
Liberty Holdings Ltd.		654		5,001
Loews Corp.		96		4,370
Manulife Financial Corp.		567		8,041
Mapfre SA		3,073		8,150
Markel Corp.2		7		7,266
Medibank Pvt Ltd.		1,814		3,282
MetLife, Inc.		348		14,289
MS&AD Insurance Group Holdings, Inc.		600		17,128
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		101		22,001
People’s Insurance Co. Group of China Ltd. (The), Class H		12,547		5,048
PICC Property & Casualty Co. Ltd., Class H		4,888		5,001
Ping An Insurance Group Co. of China Ltd., Class H		1,332		11,764
Poste Italiane SpA1		1,835		14,650
Power Corp. of Canada		456		8,190
Power Financial Corp.		521		9,853
	Shares		Value
Insurance (Continued)
Powszechny Zaklad Ubezpieczen SA		223	$	2,606
Prudential Financial, Inc.		126		10,275
Prudential PLC		818		14,606
QBE Insurance Group Ltd.		475		3,377
Reinsurance Group of America, Inc.		38		5,329
RenaissanceRe Holdings Ltd.		24		3,209
RSA Insurance Group PLC		914		5,979
Samsung Fire & Marine Insurance Co. Ltd.2		36		8,679
Samsung Life Insurance Co. Ltd.2		110		8,044
SCOR SE		206		9,278
Sompo Holdings, Inc.		300		10,205
Sony Financial Holdings, Inc.		300		5,619
Sul America SA		553		4,081
Sun Life Financial, Inc.		185		6,135
Suncorp Group Ltd.		361		3,210
T&D Holdings, Inc.		400		4,663
Tokio Marine Holdings, Inc.		400		19,089
Torchmark Corp.		69		5,143
Travelers Cos., Inc. (The)		97		11,616
Unum Group		110		3,232
W.R. Berkley Corp.		89		6,578
Willis Towers Watson PLC		40		6,074
Total Insurance				666,382
Materials—6.4%
Akzo Nobel NV		199		16,015
Aluminum Corp. of China Ltd., Class H2		10,775		3,468
Ambuja Cements Ltd.		1,576		5,081
Amcor Ltd.		744		6,940
Anglo American Platinum Ltd.		134		5,011
AngloGold Ashanti Ltd.		444		5,610
ArcelorMittal		1,384		28,700
Asahi Kasei Corp.		1,003		10,330
Avery Dennison Corp.		96		8,624
Ball Corp.		166		7,633
BASF SE		489		33,764
BlueScope Steel Ltd.		588		4,537
Boliden AB		356		7,709
CCL Industries, Inc., Class B		128		4,692
Cemex SAB de CV2		7,783		3,750
Chemours Co. (The)		210		5,926
China Hongqiao Group Ltd.		9,500		5,400

66     OPPENHEIMER ETF TRUST

	Shares		Value
Materials (Continued)
China National Building Material Co. Ltd., Class H		6,260	$	4,286
China Oriental Group Co. Ltd.		4,000		2,381
Covestro AG1		159		7,848
CRH PLC		154		4,062
Crown Holdings, Inc.2,4		124		5,155
DowDuPont, Inc.		719		38,452
Formosa Chemicals & Fibre Corp.		4,000		13,664
Freeport-McMoRan, Inc.		801		8,258
Glencore PLC2		20,669		76,695
Grasim Industries Ltd.		554		6,551
Grupo Mexico SAB de CV, Series B		1,657		3,403
HeidelbergCement AG		180		10,984
Hindalco Industries Ltd.		2,309		7,481
International Paper Co.		252		10,171
Jastrzebska Spolka Weglowa SA2		153		2,739
JFE Holdings, Inc.		793		12,699
Jiangxi Copper Co. Ltd., Class H		7,787		9,160
Johnson Matthey PLC		284		10,124
Kinross Gold Corp.2		1,132		3,647
Kobe Steel Ltd.		900		6,267
Kumba Iron Ore Ltd.4		232		4,565
LafargeHolcim Ltd.2		389		15,981
LG Chem Ltd.2		37		11,507
Lotte Chemical Corp.2		30		7,448
LyondellBasell Industries NV, Class A		231		19,210
Maanshan Iron & Steel Co. Ltd., Class H		4,000		1,763
Maruichi Steel Tube Ltd.		200		6,316
Mexichem SAB de CV		1,659		4,207
Mitsubishi Chemical Holdings Corp.		1,870		14,191
Mitsubishi Materials Corp.		300		7,916
MMC Norilsk Nickel PJSC3		547		10,262
Nan Ya Plastics Corp.		7,000		17,194
Nine Dragons Paper Holdings Ltd.		3,778		3,498
Nippon Paint Holdings Co. Ltd.4		100		3,427
Nippon Steel & Sumitomo Metal Corp.		1,280		22,079
Oji Holdings Corp.		1,000		5,150
Orica Ltd.		362		4,396
	Shares		Value
Materials (Continued)
Pabrik Kertas Tjiwi Kimia Tbk PT		1,199	$	926
Pidilite Industries Ltd.		323		5,125
Polymetal International PLC		397		4,156
POSCO		110		23,956
POSCO Chemtech Co. Ltd.2		25		1,427
Sappi Ltd.		941		5,341
Sasol Ltd.		301		8,893
South32 Ltd.		1,624		3,830
Southern Copper Corp.4		176		5,416
Sumitomo Chemical Co. Ltd.		1,866		9,065
Sumitomo Metal Mining Co. Ltd.		200		5,373
Taiheiyo Cement Corp.		200		6,189
Tata Steel Ltd.		1,226		9,150
Teck Resources Ltd., Class B		246		5,294
thyssenkrupp AG		1,124		19,248
Tongling Nonferrous Metals Group Co. Ltd., Class A		16,700		4,792
Toray Industries, Inc.		1,466		10,315
Toyo Seikan Group Holdings Ltd.		200		4,597
Umicore SA		226		9,006
Vale SA		1,074		14,132
Vedanta Ltd.		2,674		7,745
West Fraser Timber Co. Ltd.		54		2,666
Westlake Chemical Corp.4		101		6,683
WestRock Co.		198		7,476
Wheaton Precious Metals Corp.		327		6,381
Yara International ASA		205		7,895
Zhaojin Mining Industry Co. Ltd., Class H		3,185		3,234
Total Materials				764,638
Media & Entertainment—1.9%
Alphabet, Inc., Class A2		47		49,113
Charter Communications, Inc., Class A2,4		61		17,383
China Literature Ltd.1,2		400		1,855
Comcast Corp., Class A		938		31,939
CyberAgent, Inc.		100		3,869
Grupo Televisa SAB, Series CPO		898		2,250
Hakuhodo DY Holdings, Inc		600		8,613
Liberty Global PLC, Class A2,4		372		7,938

67     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global Revenue ETF
 

	Shares		Value
Media & Entertainment (Continued)
Live Nation Entertainment, Inc.2,4		142	$	6,994
Megacable Holdings SAB de CV		295		1,320
Netflix, Inc.2		28		7,494
News Corp., Class A		571		6,481
Pearson PLC		370		4,422
ProSiebenSat.1 Media SE		228		4,053
Schibsted ASA, Class B		63		1,910
Tencent Holdings Ltd.		545		21,858
Twenty-First Century Fox, Inc., Class A		309		14,869
Viacom, Inc., Class B		188		4,832
Walt Disney Co. (The)		248		27,193
Yahoo Japan Corp.		2,300		5,744
Total Media & Entertainment				230,130
Pharmaceuticals, Biotechnology & Life Sciences—2.5%
AbbVie, Inc.		148		13,644
Allergan PLC		49		6,549
Amgen, Inc.		80		15,574
AstraZeneca PLC		147		10,995
Bausch Health Cos., Inc.2		137		2,530
Bayer AG		193		13,361
Bristol-Myers Squibb Co.		210		10,916
Canopy Growth Corp.2		28		751
Celgene Corp.2		113		7,242
China Resources Pharmaceutical Group Ltd.1		6,613		8,632
Divi’s Laboratories Ltd.		83		1,763
Gilead Sciences, Inc.		174		10,884
GlaxoSmithKline PLC		930		17,663
IQVIA Holdings, Inc.2		59		6,854
Johnson & Johnson		249		32,133
Merck & Co., Inc.		261		19,943
Mylan NV2		180		4,932
Novo Nordisk A/S, Class B		199		9,081
Perrigo Co. PLC		73		2,829
Pfizer, Inc.		612		26,714
Roche Holding AG		97		23,950
Sanofi		251		21,709
Sartorius Stedim Biotech		34		3,395
Shire PLC		123		7,159
Teva Pharmaceutical Industries Ltd.2,3		383		5,906
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Thermo Fisher Scientific, Inc.		55	$	12,308
Total Pharmaceuticals, Biotechnology & Life Sciences				297,417
Real Estate—2.0%
Agile Group Holdings Ltd.		2,366		2,783
Aroundtown SA		388		3,202
Camden Property Trust		109		9,597
CBRE Group, Inc., Class A2		285		11,411
China Evergrande Group4		8,161		24,443
China Jinmao Holdings Group Ltd.		6,321		2,842
China Overseas Land & Investment Ltd.		1,729		5,941
China Resources Land Ltd.		2,293		8,816
Country Garden Holdings Co. Ltd.		12,859		15,652
Daito Trust Construction Co. Ltd.		100		13,685
Daiwa House Industry Co. Ltd.		445		14,188
Emaar Development PJSC		4,201		5,044
First Capital Realty, Inc.4		584		8,060
Future Land Development Holdings Ltd.		4,000		2,738
Greentown China Holdings Ltd.		5,000		3,755
H&R Real Estate Investment Trust		452		6,834
Jones Lang LaSalle, Inc.		55		6,963
Kaisa Group Holdings Ltd.2		10,000		3,193
Land & Houses PCL		18,131		5,513
LendLease Group		549		4,495
Longfor Group Holdings Ltd		1,902		5,685
Megaworld Corp.		30,378		2,744
Mirvac Group		1,776		2,801
Mitsui Fudosan Co. Ltd.		400		8,914
Nomura Real Estate Holdings, Inc.		200		3,673
Public Storage		50		10,121
RioCan Real Estate Investment Trust		430		7,493
Robinsons Land Corp.		7,059		2,705
Shenzhen Investment Ltd.		12,000		3,970
Shimao Property Holdings Ltd.		1,731		4,621
Sime Darby Property Bhd		6,800		1,637

68     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Sino-Ocean Group Holding Ltd.		8,282	$	3,649
SmartCentres Real Estate Investment Trust		259		5,846
Tokyu Fudosan Holdings Corp.		1,100		5,434
WP Carey, Inc.		164		10,716
Total Real Estate				239,164
Retailing—3.8%
Advance Auto Parts, Inc.		35		5,511
Alibaba Group Holding Ltd.2,3,4		100		13,707
Amazon.com, Inc.2		50		75,099
B2W Cia Digital2		200		2,168
Best Buy Co., Inc.		289		15,305
Burlington Stores, Inc.2,4		33		5,368
Canadian Tire Corp. Ltd., Class A		79		8,256
CarMax, Inc.2,4		165		10,350
Dollar General Corp.		125		13,510
Dollar Tree, Inc.2		132		11,922
Gap, Inc. (The)		331		8,527
Genuine Parts Co.		134		12,867
GOME Retail Holdings Ltd.2		71,224		5,913
GrubHub, Inc.2,4		28		2,151
Hennes & Mauritz AB, Class B4		549		7,804
Home Depot, Inc. (The)		260		44,673
Isetan Mitsukoshi Holdings Ltd.		700		7,752
JD.com, Inc.2,3		1,018		21,307
Kingfisher PLC		2,534		6,697
Kohl’s Corp.		151		10,017
L Brands, Inc.		212		5,442
Lotte Shopping Co. Ltd.2		30		5,673
Lowe’s Cos., Inc.		330		30,479
Macy’s, Inc.4		322		9,589
Magazine Luiza SA		100		4,672
Marks & Spencer Group PLC		2,349		7,395
Motus Holdings Ltd.2		556		3,402
Nordstrom, Inc.4		150		6,992
Petrobras Distribuidora SA		1,700		11,273
Qurate Retail, Inc.2,4		291		5,680
Start Today Co. Ltd.		100		1,832
Target Corp.		414		27,361
Vipshop Holdings Ltd.2,3		892		4,870
Wayfair, Inc., Class A2		29		2,612
Wesfarmers Ltd.		985		22,343
	Shares		Value
Retailing (Continued)
Yamada Denki Co. Ltd.		2,000	$	9,607
Zhongsheng Group Holdings Ltd.		3,500		6,938
Total Retailing				455,064
Semiconductors & Semiconductor Equipment—0.9%
Intel Corp.		629		29,519
Micron Technology, Inc.2		388		12,311
NXP Semiconductors NV		119		8,720
QUALCOMM, Inc.		231		13,146
Renesas Electronics Corp.2		1,400		6,380
SK Hynix, Inc.		252		13,664
Taiwan Semiconductor Manufacturing Co. Ltd.		2,943		21,591
Xinyi Solar Holdings Ltd.		6,000		2,108
Total Semiconductors & Semiconductor Equipment				107,439
Software & Services—2.6%
360 Security Technology, Inc., Class A		300		890
Accenture PLC, Class A		152		21,434
Alliance Data Systems Corp.		30		4,502
Atos SE		88		7,191
Automatic Data Processing, Inc.		76		9,965
Cadence Design Systems, Inc.2		148		6,435
CGI Group, Inc., Class A2		143		8,743
Check Point Software Technologies Ltd.2		52		5,338
Cognizant Technology Solutions Corp., Class A		162		10,284
Computershare Ltd.		249		3,013
Constellation Software, Inc.4		7		4,479
DXC Technology Co.		193		10,262
Fortinet, Inc.2		70		4,930
Fujitsu Ltd.		290		18,098
GoDaddy, Inc., Class A2		116		7,612
HCL Technologies Ltd.		301		4,158
Infosys Ltd.		671		6,333
International Business Machines Corp.		274		31,146
Jack Henry & Associates, Inc.		63		7,971
Leidos Holdings, Inc.		124		6,537
Microsoft Corp.		457		46,417
Oracle Corp.		394		17,789
Otsuka Corp.		100		2,753

69     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global Revenue ETF
 

	Shares		Value
Software & Services (Continued
Palo Alto Networks, Inc.2		33	$	6,216
PTC, Inc.2		56		4,642
Samsung SDS Co. Ltd.2		33		6,033
Synopsys, Inc.2		98		8,256
Tata Consultancy Services Ltd.		323		8,758
Tech Mahindra Ltd.		368		3,812
Total System Services, Inc.		107		8,698
Wipro Ltd.		1,270		6,018
Wix.com Ltd.2		30		2,710
Worldpay, Inc., Class A2		43		3,286
Worldpay, Inc., Class A2		21		1,618
Total Software & Services				306,327
Technology Hardware & Equipment—4.8%
Acer, Inc.2		7,000		4,429
Alps Alpine Co. Ltd.		300		5,838
Apple, Inc.		509		80,290
Arista Networks, Inc.2		15		3,160
Arrow Electronics, Inc.2		207		14,273
AU Optronics Corp.		22,645		9,062
Brother Industries Ltd.		400		5,946
BYD Electronic International Co. Ltd.		2,387		3,000
CDW Corp.		147		11,914
Compal Electronics, Inc.		33,430		18,979
F5 Networks, Inc.2		39		6,319
Flex Ltd.2		1,403		10,677
FUJIFILM Holdings Corp.		300		11,676
Hewlett Packard Enterprise Co.		835		11,030
Hitachi High-Technologies Corp.		100		3,149
Hitachi Ltd.		920		24,615
Hon Hai Precision Industry Co. Ltd.		21,693		49,968
HP, Inc.		1,098		22,465
Innolux Corp.		23,000		7,273
Inventec Corp.		14,000		10,043
Konica Minolta, Inc.		700		6,336
Legend Holdings Corp., Class H1		3,300		8,641
Lenovo Group Ltd.		25,027		16,910
LG Display Co. Ltd.		660		10,677
LG Innotek Co. Ltd.2		49		3,794
NEC Corp.		400		11,904
Nokia OYJ		2,647		15,220
Pegatron Corp.		10,702		17,896
Quanta Computer, Inc.		11,317		19,404
Ricoh Co. Ltd.		855		8,393
	Shares		Value
Technology Hardware & Equipment (Continued)
Samsung Electronics Co. Ltd.		2,019	$	70,026
Seagate Technology PLC4		142		5,480
Seiko Epson Corp.		500		7,055
TDK Corp.		100		7,036
Telefonaktiebolaget LM Ericsson, Class B		1,369		12,032
Venture Corp. Ltd.		300		3,070
Western Digital Corp.		183		6,766
Wistron Corp.		23,956		14,886
Xerox Corp.		213		4,209
Total Technology Hardware & Equipment				563,841
Telecommunication Services—4.4%
America Movil SAB de CV, Series L		19,525		13,850
AT&T, Inc.		2,300		65,642
Bharti Airtel Ltd.		1,474		6,598
BT Group PLC		4,055		12,297
CenturyLink, Inc.		488		7,393
China Communications Services Corp. Ltd., Class H		3,907		3,234
China Mobile Ltd.		4,212		40,536
China Tower Corp. Ltd., Class H1,2		24,000		4,537
China Unicom Hong Kong Ltd.		15,527		16,579
Chunghwa Telecom Co. Ltd.		5,087		18,702
Deutsche Telekom AG		2,335		39,558
Empresa Nacional de Telecomunicaciones SA		385		2,986
KDDI Corp.		900		21,525
KT Corp.3		829		11,788
Mobile TeleSystems PJSC3		726		5,082
Nippon Telegraph & Telephone Corp.		1,000		40,851
Orange SA		1,674		27,087
SK Telecom Co. Ltd.		43		10,386
SoftBank Group Corp.		400		26,633
Sprint Corp.2		2,170		12,629
Telecom Italia SpA2		14,938		8,253
Telefonica SA		3,022		25,353
Telstra Corp. Ltd.		4,009		8,044
T-Mobile US, Inc.2		274		17,429
Verizon Communications, Inc.		856		48,124

70     OPPENHEIMER ETF TRUST

	Shares		Value
Telecommunication Services (Continued)
Vodafone Group PLC		11,894	$	23,162
Vodafone Idea Ltd2		3,419		1,849
Total Telecommunication Services				520,107
Transportation—2.6%
A.P. Moeller - Maersk A/S, Class B		9		11,283
American Airlines Group, Inc.		498		15,991
Bollore SA		3,285		13,143
C.H. Robinson Worldwide, Inc.		135		11,352
CAR, Inc.2		3,000		2,234
China Eastern Airlines Corp. Ltd., Class H		6,000		3,341
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		4,000		1,998
COSCO SHIPPING Holdings Co. Ltd., Class H2		10,500		3,956
Delta Air Lines, Inc.		396		19,760
Deutsche Lufthansa AG		740		16,665
Deutsche Post AG		962		26,294
DSV A/S		141		9,270
FedEx Corp.		139		22,425
Hyundai Glovis Co. Ltd.2		70		8,093
Imperial Logistics Ltd.		430		2,033
International Consolidated Airlines Group SA		1,613		12,760
Knight-Swift Transportation Holdings, Inc.4		129		3,234
Latam Airlines Group SA		626		6,255
Mitsui OSK Lines Ltd.		300		6,560
Nippon Express Co. Ltd.		200		11,156
Nippon Yusen KK		600		9,248
Royal Mail PLC		1,559		5,403
Ryanair Holdings PLC2,3		85		6,064
SF Holding Co. Ltd., Class A		700		3,339
SG Holdings Co. Ltd.		200		5,221
Sinotrans Ltd., Class H		9,000		3,908
Southwest Airlines Co.		226		10,504
Transurban Group		1,017		8,341
United Continental Holdings, Inc.2		176		14,736
United Parcel Service, Inc., Class B		226		22,042
XPO Logistics, Inc.2		123		7,016
Yamato Holdings Co. Ltd.		300		8,269
Total Transportation				311,894
	Shares		Value
Utilities—4.5%
AGL Energy Ltd.		530	$	7,686
Aguas Andinas SA, Class A		9,893		5,442
Centrica PLC		8,961		15,396
China Power International Development Ltd.4		24,000		5,456
China Resources Gas Group Ltd.		1,204		4,767
Colbun SA		9,308		1,869
Datang International Power Generation Co. Ltd., Class H		20,000		4,700
E.ON SE		1,890		18,639
EDP - Energias de Portugal SA		4,002		13,949
Electricite de France SA		1,803		28,443
Endesa SA		772		17,765
Enel Americas SA		24,355		4,299
Enel Chile SA		35,382		3,414
Enel SpA		7,128		41,100
Engie SA		2,515		36,010
ENN Energy Holdings Ltd.		627		5,562
Exelon Corp.		571		25,752
FirstEnergy Corp.		316		11,866
Fortum OYJ		418		9,127
GAIL India Ltd.		1,339		6,910
Gulf Energy Development PCL		1,800		4,506
Huadian Power International Corp. Ltd., Class H		6,000		2,705
Innogy SE1		471		21,930
Kansai Electric Power Co., Inc. (The)		900		13,535
Korea Electric Power Corp.		874		25,927
Korea Gas Corp.2		235		10,152
Manila Electric Co.		833		6,020
Naturgy Energy Group SA		609		15,497
NRG Energy, Inc.		167		6,613
Orsted A/S1		112		7,475
PG&E Corp.2		299		7,101
PGE Polska Grupa Energetyczna SA2		1,184		3,152
Power Grid Corp. of India Ltd.		2,040		5,805
RWE AG		787		17,062
SSE PLC		1,472		20,275
Tohoku Electric Power Co., Inc.		900		11,895

71     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global Revenue ETF
 

	Shares		Value
Utilities (Continued)
Tokyo Electric Power Co. Holdings, Inc.2		3,200	$	19,046
Tokyo Gas Co. Ltd.		452		11,476
Uniper SE		1,096		28,315
Veolia Environnement SA		995		20,423
Verbund AG		76		3,235
Vistra Energy Corp.2		296		6,775
Total Utilities				537,072
Total Common Stocks (Cost $12,905,655)				11,723,272
PREFERRED STOCKS—0.8%
Automobiles & Components—0.7%
Volkswagen AG, 2.91%		513		81,468
Banks—0.1%
Grupo Aval Acciones y Valores SA, 4.70%		33,743		10,380
Capital Goods—0.0%5
Rolls-Royce Holdings PLC, Class C2,6		148,849		190
CJ Corp.2,6		16		388
Total Capital Goods				578
Technology Hardware & Equipment—0.0%5
Samsung Electronics Co. Ltd., 4.72%		242		6,886
Utilities—0.0%5
Centrais Eletricas Brasileiras SA, Class B2		712		5,175
Total Preferred Stocks
(Cost $108,680)				104,487
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%7 (Cost $18,294)		18,294		18,294
	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.5%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%7 (Cost $57,988)		57,988	$	57,988
Total Investments—100.3% (Cost $13,090,617)				11,904,041
Liabilities in Excess of Other Assets—(0.3)%				(39,226	)
Net Assets—100.0%			$	11,864,815

 

LP – Limited Partnership

PCL – Public Company Limited

PLC – Public Limited Company

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 $118,357 or 1.00% of the Fund’s net assets at period end.

2. Non-income producing security.

3. American Depositary Receipt.

4. All or a portion of the security was on loan. The aggregate value of the securities on loan was $209,852; total value of the collateral held by the Fund was $215,293. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $157,305 (Note 4).

5. Less than 0.05%

6. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

7. Rate shown represents annualized 7-day yield as of December 31, 2018.

72     OPPENHEIMER ETF TRUST

Geographical Holdings

Country	Value			% of Net Assets
United States	$	4,000,789			33.7	%
Japan		1,668,960			14.1
China		689,261			5.8
Germany		649,149			5.5
France		604,747			5.1
United Kingdom		596,091			5.0
South Korea		542,569			4.6
Canada		318,387			2.7
Netherlands		280,559			2.4
Switzerland		264,167			2.2
Taiwan		237,668			2.0
India		232,348			2.0
Russia		185,805			1.6
Spain		175,112			1.5
Australia		166,597			1.4
Brazil		159,750			1.4
Italy		145,577			1.2
Hong Kong		120,062			1.0
Thailand		78,912			0.7
Sweden		72,405			0.6
Mexico		72,096			0.6
South Africa		58,685			0.5
Denmark		51,566			0.4
Singapore		47,232			0.4
Norway		46,893			0.4
Chile		39,337			0.3
Malaysia		35,814			0.3
Poland		35,774			0.3
Indonesia		34,443			0.3
Finland		32,817			0.3
Turkey		32,065			0.3
Luxembourg		31,433			0.3
Belgium		29,849			0.3
Philippines		27,232			0.2
Austria		23,502			0.2
Ireland		16,578			0.1
United Arab Emirates		14,606			0.1
Israel		13,954			0.1
Portugal		13,949			0.1
Qatar		11,813			0.1
Colombia		10,380			0.1
Hungary		8,489			0.1
Peru		5,416			0.0	1
Macau		5,363			0.0	1
New Zealand		5,169			0.0	1
Czech Republic		4,196			0.0	1
Bermuda		3,209			0.0	1
Egypt		1,993			0.0	1
Pakistan		1,273			0.0	1
Total Investments		11,904,041			100.3
Liabilities in Excess of Other Assets		(39,226	)		(0.3	)
Net Assets	$	11,864,815			100.0	%

 

1. Less than 0.05%

73     OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2018 Unaudited
    

		Oppenheimer S&P 500 Revenue ETF	Oppenheimer S&P MidCap 400 Revenue ETF			Oppenheimer S&P SmallCap 600 Revenue ETF			Oppenheimer S&P Financials Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	908,256,682	$	319,854,984		$	418,403,554		$	43,350,967
Cash		6,858		674,557			122,835			—
Receivables and other assets:
Dividends		1,328,868		293,412			331,390			35,227
Capital shares sold		7,313		19,652			43,624			368
Investment securities sold		492,494		—			102,196			—
Securities lending income, net (Note 4)		1,887		7,454			101,411			10
Total Assets		910,094,102		320,850,059			419,105,010			43,386,572
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		500,942		4,831,032			22,464,727			—
Investment securities purchased		2,166,680		504,702			109,688			45,526
Capital shares redeemed		—		14,810			—			—
Management fees (Note 9)		322,551		110,529			142,154			17,234
Total Liabilities		2,990,173		5,461,073			22,716,569			62,760
Net Assets		$907,103,929		$315,388,986			$396,388,441			$43,323,812
Composition of Net Assets:
Paid-in capital	$	905,605,575	$	343,281,694		$	482,253,212		$	43,211,438
Total distributable earnings (accumulated loss)		1,498,354		(27,892,708	)		(85,864,771	)		112,374
Net Assets		$907,103,929		$315,388,986			$396,388,441			$43,323,812
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		19,501,400		6,151,400			6,901,400			750,000
Net asset value, offering and redemption price per share	$	46.51	$	51.27		$	57.44		$	57.77
Investments at cost	$	925,902,837	$	346,976,460		$	486,324,490		$	46,754,707
1. Includes value of securities on loan:	$	17,680,185	$	69,585,800		$	86,411,759		$	45,541
2. Non-cash collateral for securities on loan:	$	17,450,491	$	66,055,280		$	66,953,784		$	46,224

74     OPPENHEIMER ETF TRUST

		Oppenheimer S&P Ultra Dividend Revenue ETF			Oppenheimer Emerging Markets Ultra Dividend Revenue ETF			Oppenheimer International Ultra Dividend Revenue ETF			Oppenheimer Emerging Markets Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	1,193,656,560		$	2,237,661		$	2,179,919		$	11,755,158
Cash		49,256			—			—			2,727
Foreign currency at value		—			40,287			469			8,541
Receivables and other assets:
Dividends		2,521,152			4,466			5,022			44,556
Capital shares sold		145,693			—			—			—
Investment securities sold		—			7,103			2,874			5,590
Securities lending income, net (Note 4)		4,940			11			63			81
Reclaims		—			—			466			601
Total Assets		1,196,377,601			2,289,528			2,188,813			11,817,254
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		762,119			—			28,870			12,520
Due to custodian		—			35,122			—			—
Investment securities purchased		—			7,115			1,903			5,605
Management fees (Note 9)		391,938			896			789			4,664
Total Liabilities		1,154,057			43,133			31,562			22,789
Net Assets		$1,195,223,544			$2,246,395			$2,157,251			$11,794,465
Composition of Net Assets:
Paid-in capital	$	1,371,991,898		$	2,494,008		$	2,516,075		$	13,008,438
Total accumulated loss		(176,768,354	)		(247,613	)		(358,824	)		(1,213,973	)
Net Assets		$1,195,223,544			$2,246,395			$2,157,251			$11,794,465
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		35,650,000			100,000			100,000			500,000
Net asset value, offering and redemption price per share	$	33.53		$	22.46		$	21.57		$	23.59
Investments at cost	$	1,336,106,161		$	2,453,651		$	2,493,292		$	12,838,915
Foreign currency at cost		—			40,464			469			8,533
1. Includes value of securities on loan:	$	54,975,874		$	—		$	27,151		$	116,471
2. Non-cash collateral for securities on loan:	$	55,101,806		$	—		$	—		$	108,347

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

75    OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES Unaudited Continued
    

		Oppenheimer International Revenue ETF			Oppenheimer Global Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)1	$	11,482,670		$	11,904,041
Cash		—			58
Foreign currency at value		16,737			1,528
Receivables and other assets:
Dividends		10,757			19,370
Investment securities sold		3,102			4,683
Securities lending income, net (Note 4)		79			53
Reclaims		2,777			1,611
Total Assets		11,516,122			11,931,344
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		28,523			57,988
Due to custodian		3,967			—
Investment securities purchased		2,090			4,082
Management fees (Note 9)		4,191			4,459
Total Liabilities		38,771			66,529
Net Assets		$11,477,351			$11,864,815
Composition of Net Assets:
Paid-in capital	$	12,879,868		$	12,945,323
Total accumulated loss		(1,402,517	)		(1,080,508	)
Net Assets		$11,477,351			$11,864,815
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		500,000			500,000
Net asset value, offering and redemption price per share	$	22.95		$	23.73
Investments at cost	$	12,953,718		$	13,090,617
Foreign currency at cost		16,699		$	1,559
1. Includes value of securities on loan:	$	133,989		$	209,852
2. Non-cash collateral for securities on loan:	$	112,172		$	157,305

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

76    OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2018
Unaudited

		Oppenheimer S&P 500 Revenue ETF			Oppenheimer S&P MidCap 400 Revenue ETF			Oppenheimer S&P SmallCap 600 Revenue ETF			Oppenheimer S&P Financials Revenue ETF
Investment Income:
Dividend income	$	11,241,765		$	2,732,059		$	3,536,271		$	551,843
Foreign withholding tax		(810	)		(273	)		(349	)		—
Securities lending income, net (Note 4)		17,173			56,914			621,496			101
Total Income		11,258,128			2,788,700			4,157,418			551,944
Expenses:
Management fees (Note 9)		1,934,378			727,217			990,187			122,766
Net Investment Income		9,323,750			2,061,483			3,167,231			429,178
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(6,312,582	)		(5,569,681	)		(16,911,648	)		(293,462	)
Net realized gain on in-kind redemptions		37,009,841			20,663,421			27,082,510			4,128,158
Total net realized gain		30,697,259			15,093,740			10,170,862			3,834,696
Net change in unrealized depreciation on investments		(117,185,203	)		(75,213,955	)		(123,119,143	)		(8,734,373	)
Net realized and unrealized loss on investments		(86,487,944	)		(60,120,215	)		(112,948,281	)		(4,899,677	)
Net Decrease in Net Assets Resulting From Operations		$(77,164,194	)		$(58,058,732	)		$(109,781,050	)		$(4,470,499	)

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

77    OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS Unaudited Continued
    

		Oppenheimer S&P Ultra Dividend Revenue ETF		Oppenheimer Emerging Markets Ultra Dividend Revenue ETF1			Oppenheimer International Ultra Dividend Revenue ETF1				Oppenheimer Emerging Markets Revenue ETF
Investment Income:
Dividend income	$	21,331,556		$	46,713		$	36,137		$	278,077
Foreign withholding tax		—			(3,166	)		(3,117	)		(33,643	)
Securities lending income, net (Note 4)		71,536			30			132			368
Total Income		21,403,092			43,577			33,152			244,802
Expenses:
Management fees (Note 9)		1,868,787			4,243			3,939			28,569
Net Investment Income		19,534,305			39,334			29,213			216,233
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(52,162,481	)		(27,565	)		(44,775	)		(175,958	)
Net realized gain on in-kind redemptions		58,557,720			—			—			136,207
Net realized loss on foreign currency transactions		—			(224	)		(961	)		(7,182	)
Payments by affiliates (Note 9)		220,891			—			—			—
Total net realized gain (loss)		6,616,130			(27,789	)		(45,736	)		(46,933	)
Net change in unrealized depreciation on investments		(160,574,023	)		(215,990	)		(313,373	)		(670,205	)
Net change in unrealized appreciation (depreciation) on foreign currency translations		—			(194	)		2			506
Net change in unrealized depreciation		(160,574,023	)		(216,184	)		(313,371	)		(669,699	)
Net realized and unrealized loss on investments		(153,957,893	)		(243,973	)		(359,107	)		(716,632	)
Net Decrease in Net Assets Resulting From Operations		$(134,423,588	)		$(204,639	)		$(329,894	)		$(500,399	)

1. For the period from August 7, 2018 (commencement of operations) to December 31, 2018.

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

78    OPPENHEIMER ETF TRUST

		Oppenheimer International Revenue ETF			Oppenheimer Global Revenue ETF
Investment Income:
Dividend income	$	151,513		$	185,264
Foreign withholding tax		(10,917	)		(13,501	)
Securities lending income, net (Note 4)		782			513
Total Income		141,378			172,276
Expenses:
Management fees (Note 9)		26,887			28,320
Net Investment Income		114,491			143,956
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments1		(74,138	)		(88,423	)
Net realized gain on in-kind redemptions		281,830			399,929
Net realized loss on foreign currency transactions		(1,710	)		(2,145	)
Total net realized gain		205,982			309,361
Net change in unrealized depreciation on investments		(1,847,493	)		(1,655,493	)
Net change in unrealized appreciation (depreciation) on foreign currency translations		124			(55	)
Net change in unrealized depreciation		(1,847,369	)		(1,655,548	)
Net realized and unrealized loss on investments		(1,641,387	)		(1,346,187	)
Net Decrease in Net Assets Resulting From Operations		$(1,526,896	)		$(1,202,231	)

1. Net of foreign taxes of $— and $476 respectively.

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

79    OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS
  

		Oppenheimer S&P 500 Revenue ETF							Oppenheimer S&P MidCap 400 Revenue ETF
	Six Months Ended December 31, 2018 (Unaudited)				Year Ended June 30, 20181			Six Months Ended December 31, 2018 (Unaudited)				Year Ended June 30, 20181
Operations
Net investment income		$	9,323,750		$	15,300,273			$	2,061,483		$	3,913,591
Net realized gain on investments and in-kind redemptions			30,697,259			60,903,503				15,093,740			19,377,220
Net change in unrealized appreciation (depreciation) on investments			(117,185,203	)		8,339,902				(75,213,955	)		8,688,904
Net increase (decrease) in net assets resulting from operations			(77,164,194	)		84,543,678				(58,058,732	)		31,979,715
Dividends and Distributions Declared			(10,042,107	)		(17,723,983	)			(2,296,894	)		(3,676,937	)
Shareholder Transactions:
Proceeds from shares sold			201,215,037			313,392,923				57,037,837			90,878,997
Cost of shares redeemed			(124,398,742	)		(152,222,803	)			(59,903,991	)		(70,072,549	)
Net increase (decrease) in net assets resulting from shareholder transactions			76,816,295			161,170,120				(2,866,154	)		20,806,448
Increase (Decrease) in net assets			(10,390,006	)		227,989,815				(63,221,780	)		49,109,226
Net Assets:
Beginning of period			917,493,935			689,504,120				378,610,766			329,501,540
End of period			$907,103,929			$917,493,935				$315,388,986			$378,610,766
Changes in Shares Outstanding:
Shares outstanding, beginning of period			18,101,400			14,851,400				6,201,400			5,851,400
Shares sold			3,950,000			6,200,000				1,000,000			1,500,000
Shares redeemed			(2,550,000	)		(2,950,000	)			(1,050,000	)		(1,150,000	)
Shares outstanding, end of period			19,501,400			18,101,400				6,151,400			6,201,400

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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

80    OPPENHEIMER ETF TRUST

		Oppenheimer S&P SmallCap 600 Revenue ETF							Oppenheimer S&P Financials Revenue ETF
	Six Months Ended December 31, 2018 (Unaudited)				Year Ended June 30, 20181			Six Months Ended December 31, 2018 (Unaudited)				Year Ended June 30, 20181
Operations
Net investment income		$	3,167,231		$	5,174,190			$	429,178		$	620,297
Net realized gain on investments and in-kind redemptions			10,170,862			52,865,569				3,834,696			1,474,077
Net change in unrealized appreciation (depreciation) on investments			(123,119,143	)		358,776				(8,734,373	)		(1,328,352	)
Net increase (decrease) in net assets resulting from operations			(109,781,050	)		58,398,535				(4,470,499	)		766,022
Dividends and Distributions Declared			(3,750,756	)		(5,715,052	)			(455,217	)		(685,442	)
Shareholder Transactions:
Proceeds from shares sold			101,765,197			83,311,618				6,364,575			31,019,019
Cost of shares redeemed			(100,742,373	)		(181,849,009	)			(12,635,578	)		(10,277,825	)
Net increase (decrease) in net assets resulting from shareholder transactions			1,022,824			(98,537,391	)			(6,271,003	)		20,741,194
Increase (Decrease) in net assets			(112,508,982	)		(45,853,908	)			(11,196,719	)		20,821,774
Net Assets:
Beginning of period			508,897,423			554,751,331				54,520,531			33,698,757
End of period		$	396,388,441		$	508,897,423			$	43,323,812		$	54,520,531
Changes in Shares Outstanding:
Shares outstanding, beginning of period			6,951,400			8,401,400				850,000			550,000
Shares sold			1,450,000			1,150,000				100,000			450,000
Shares redeemed			(1,500,000	)		(2,600,000	)			(200,000	)		(150,000	)
Shares outstanding, end of period			6,901,400			6,951,400				750,000			850,000

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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

81    OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS Continued
  

	Oppenheimer S&P Ultra Dividend Revenue ETF						Oppenheimer Emerging Markets Ultra Dividend Revenue ETF			Oppenheimer International Ultra Dividend Revenue ETF
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 20181			For the Period August 7, 20182 to December 31, 2018 (Unaudited)			For the Period August 7, 20182 to December 31, 2018 (Unaudited)
Operations:
Net investment income	$	19,534,305		$	25,549,754		$	39,334		$	29,213
Net realized gain (loss) on investments, in-kind redemptions and foreign currency transactions		6,616,130			28,487,131			(27,789	)		(45,736	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(160,574,023	)		37,354,744			(216,184	)		(313,371	)
Net increase (decrease) in net assets resulting from operations		(134,423,588	)		91,391,629			(204,639	)		(329,894	)
Dividends and Distributions Declared		(20,990,693	)		(29,379,796	)		(42,974	)		(28,930	)
Shareholder Transactions:
Proceeds from shares sold		1,349,124,186			439,228,941			2,494,008			2,516,075
Cost of shares redeemed		(609,473,744	)		(400,883,719	)		—			—
Net increase in net assets resulting from shareholder transactions		739,650,442			38,345,222			2,494,008			2,516,075
Increase in net assets		584,236,161			100,357,055			2,246,395			2,157,251
Net Assets:
Beginning of period		610,987,383			510,630,328			—			—
End of period		$1,195,223,544			$610,987,383			$2,246,395			$2,157,251
Changes in Shares Outstanding:
Shares outstanding, beginning of period		16,000,000			15,100,000			—			—
Shares sold		35,750,000			12,150,000			100,000			100,000
Shares redeemed		(16,100,000	)		(11,250,000	)		—			—
Shares outstanding, end of period		35,650,000			16,000,000			100,000			100,000

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

2. Commencement of operations.

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

82    OPPENHEIMER ETF TRUST

		Oppenheimer Emerging Markets Revenue ETF								Oppenheimer International Revenue ETF
	Six Months Ended December 31, 2018 (Unaudited)				For the Period July 11, 20171 to June 30, 20182				Six Months Ended December 31, 2018 (Unaudited)				For the Period July 11, 20171 to June 30, 20182
Operations
Net investment income		$	216,233			$	308,088			$	114,491			$	387,759
Net realized gain (loss) on investments, in-kind redemptions and foreign currency transactions			(46,933	)			300,786				205,982				188,104
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(669,699	)			(413,901	)			(1,847,369	)			376,289
Net increase (decrease) in net assets resulting from operations			(500,399	)			194,973				(1,526,896	)			952,152
Dividends and Distributions Declared			(363,186	)			(218,650	)			(139,920	)			(358,426	)
Shareholder Transactions:
Proceeds from shares sold			2,543,320				20,892,428				2,648,841				20,634,014
Cost of shares redeemed			(2,548,943	)			(8,205,078	)			(2,627,639	)			(8,104,775	)
Net increase (decrease) in net assets resulting from shareholder transactions			(5,623	)			12,687,350				21,202				12,529,239
Increase (Decrease) in net assets			(869,208	)			12,663,673				(1,645,614	)			13,122,965
Net Assets:
Beginning of period			12,663,673				—				13,122,965				—
End of period			$11,794,465				$12,663,673				$11,477,351				$13,122,965
Changes in Shares Outstanding:
Shares outstanding, beginning of period			500,000				—				500,000				—
Shares sold			100,000				800,000				100,000				800,000
Shares redeemed			(100,000	)			(300,000	)			(100,000	)			(300,000	)
Shares outstanding, end of period			500,000				500,000				500,000				500,000

1. Commencement of operations.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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

83    OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS Continued

	Oppenheimer Global Revenue ETF
	Six Months Ended December 31, 2018 (Unaudited)			For the Period July 11, 20171 to June 30, 20182
Operations
Net investment income	$	143,956		$	324,285
Net realized gain on investments, in-kind redemptions and foreign currency transactions		309,361			197,759
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,655,548	)		468,923
Net increase (decrease) in net assets resulting from operations		(1,202,231	)		990,967
Dividends and Distributions Declared		(179,740	)		(278,541	)
Shareholder Transactions:
Proceeds from shares sold		2,721,862			23,265,502
Cost of shares redeemed		(2,712,424	)		(10,740,580	)
Net increase in net assets resulting from shareholder transactions		9,438			12,524,922
Increase (Decrease) in net assets		(1,372,533	)		13,237,348
Net Assets:
Beginning of period		13,237,348			—
End of period		$11,864,815			$13,237,348
Changes in Shares Outstanding:
Shares outstanding, beginning of period		500,000			—
Shares sold		100,000			900,000
Shares redeemed		(100,000	)		(400,000	)
Shares outstanding, end of period		500,000			500,000

1. Commencement of operations.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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

84    OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period presented.

Six Months Ended
Oppenheimer S&P 500	December 31, 2018		Year Ended June 30,
Revenue ETF		(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of period		$    50.69		$	46.43		$	40.74		$	40.91		$	38.56		$	31.38
Net investment income1		0.49			0.90			0.83			0.76			0.68			0.59
Net realized and unrealized gain (loss) on investments		(4.15	)		4.41			5.60			(0.14	)		2.35			7.13
Total gain (loss) from investment operations		(3.66	)		5.31			6.43			0.62			3.03			7.72
Less Distributions from:
Net investment income		(0.52	)		(1.05	)		(0.74	)		(0.76	)		(0.64	)		(0.54	)
Realized gains		—			—			—			(0.03	)		(0.04	)		—
Total distributions		(0.52	)		(1.05	)		(0.74	)		(0.79	)		(0.68	)		(0.54	)
Net asset value, end of period		$    46.51		$	50.69		$	46.43		$	40.74		$	40.91		$	38.56
Total Return at Net Asset Value2		(7.26	)%		11.49	%		15.96	%		1.55	%		7.91	%		24.84	%
Total Return at Market Value2		(7.29	)%		11.46	%		15.98	%		1.61	%		7.85	%		25.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )		$907,104		$	917,494		$	689,504		$	366,679		$	343,682		$	242,970
Average Net Assets (000’s omitted )		983,905			847,268			499,579			331,701			296,609			201,920
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%3		0.39	%		0.42	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.39	%3		0.41	%		0.52	%		0.62	%		0.61	%		0.68	%
Net investment income, net of waivers and reimbursements		1.88	%3		1.81	%		1.89	%		1.92	%		1.70	%		1.66	%
Portfolio turnover rate4		9.40	%		14.96	%		15.22	%		14.13	%		18.79	%		11.98	%

1. Based on average daily shares outstanding.

2. 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.

3.   Annualized for periods less than one full year.

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

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

85    OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS Continued

For a share outstanding throughout each period presented.

	Six Months Ended
Oppenheimer S&P MidCap	December 31, 2018			Year Ended June 30,
400 Revenue ETF	(Unaudited)					2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of period		$    61.05			$	56.31		$	47.74		$	49.39		$	47.75		$	38.00
Net investment income1		0.33				0.63			0.56			0.44			0.41			0.34
Net realized and unrealized gain (loss) on investments		(9.74	)			4.70			8.68			(1.63	)		1.79			9.97
Total gain (loss) from investment operations		(9.41	)			5.33			9.24			(1.19	)		2.20			10.31
Less Distributions from:
Net investment income		(0.37	)			(0.59	)		(0.67	)		(0.46	)		(0.39	)		(0.34	)
Realized gains		—				—			—			—			(0.17	)		(0.22	)
Total distributions		(0.37	)			(0.59	)		(0.67	)		(0.46	)		(0.56	)		(0.56	)
Net asset value, end of period		$    51.27			$	61.05		$	56.31		$	47.74		$	49.39		$	47.75
Total Return at Net Asset Value2		(15.46	)%			9.48	%		19.46	%		(2.39	)%		4.63	%		27.28	%
Total Return at Market Value2		(15.47	)%			9.40	%		19.45	%		(2.38	)%		5.05	%		27.14	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )		$315,389			$	378,611		$	329,502		$	186,252		$	242,092		$	205,404
Average Net Assets (000’s omitted )		369,893				363,353			250,624			210,021			223,753			167,424
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%3			0.39	%		0.43	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.39	%3			0.42	%		0.56	%		0.72	%		0.68	%		0.73	%
Net investment income, net of waivers and reimbursements		1.11	%3			1.08	%		1.05	%		0.94	%		0.84	%		0.78	%
Portfolio turnover rate4		16.93	%			33.78	%		46.40	%		22.23	%		13.93	%		24.19	%

1. Based on average daily shares outstanding.

2. 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.

3. Annualized for periods less than one full year.

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

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

86    OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

	Six Months Ended
Oppenheimer S&P SmallCap	December 31, 2018			Year Ended June 30,
600 Revenue ETF		(Unaudited)				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of period		$  73.21			$	66.03		$	55.06		$	58.05		$	56.25		$	43.82
Net investment income1		0.45				0.69			0.55			0.36			0.39			0.26
Net realized and unrealized gain (loss) on investments		(15.68	)			7.24			10.85			(2.97	)		1.89			12.81
Total gain (loss) from investment operations		(15.23	)			7.93			11.40			(2.61	)		2.28			13.07
Less Distributions from:
Net investment income		(0.54	)			(0.75	)		(0.43	)		(0.38	)		(0.38	)		(0.52	)
Realized gains		—				—			—			—			(0.10	)		(0.12	)
Total distributions		(0.54	)			(0.75	)		(0.43	)		(0.38	)		(0.48	)		(0.64	)
Net asset value, end of period		$  57.44			$	73.21		$	66.03		$	55.06		$	58.05		$	56.25
Total Return at Net Asset Value2		(20.89	)%			12.07	%3		20.75	%		(4.46	)%		4.06	%		30.03	%
Total Return at Market Value2		(21.00	)%			12.10 3	%		20.76	%		(4.51	)%		4.24	%		30.38	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)		$396,388			$	508,897		$	554,751		$	297,421		$	374,516		$	292,584
Average Net Assets (000’s omitted)		503,650				511,312			427,452			317,271			322,714			232,088
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%4			0.39	%		0.43	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.39	%4			0.42	%		0.54	%		0.68	%		0.67	%		0.72	%
Net investment income, net of waivers and reimbursements		1.25	%4			1.01	%		0.86	%		0.68	%		0.69	%		0.51	%
Portfolio turnover rate5		19.80	%			38.28	%		46.33	%		44.07	%		21.21	%		10.69	%

1. Based on average daily shares outstanding.

2. 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.

3. Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.10% and Total Return at Market Value by 0.09%.

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.

87 OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS Continued

For a share outstanding throughout each period presented.

	Six Months Ended
Oppenheimer S&P SmallCap	December 31, 2018			Year Ended June 30,
Revenue ETF		(Unaudited)				2018			2117			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of period		$	64.14		$	61.27		$	45.61		$	50.02		$	46.54		$	39.35
Net investment income1			0.52			0.90			0.70			0.66			0.54			0.45
Net realized and unrealized gain (loss) on investments			(6.32	)		2.95			15.65			(4.38	)		3.44			7.17
Total gain (loss) from investment operations			(5.80	)		3.85			16.35			(3.72	)		3.98			7.62
Less Distributions from:
Net investment income			(0.57	)		(0.98	)		(0.69	)		(0.69	)		(0.50	)		(0.43	)
Net asset value, end of period		$	57.77		$	64.14		$	61.27		$	45.61		$	50.02		$	46.54
Total Return at Net Asset Value2			(9.10	)%		6.24	%		36.14	%		(7.49	)%		8.57	%		19.44	%
Total Return at Market Value2			(9.17	)%		6.27	%		36.20	%		(7.58	)%		8.66	%		19.32	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )		$	43,324		$	54,521		$	33,699		$	20,524		$	32,513		$	32,577
Average Net Assets (000’s omitted )			54,118			45,851			26,491			25,009			33,925			31,390
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements			0.45	%3		0.46	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements			0.45	%3		0.49	%		0.81	%		0.91	%		0.77	%		0.80	%
Net investment income, net of waivers and reimbursements			1.57	%3		1.35	%		1.28	%		1.40	%		1.11	%		1.03	%
Portfolio turnover rate4			5.21	%		7.97	%		17.70	%		20.42	%		12.79	%		13.27	%

1. Based on average daily shares outstanding.

2. 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.

3. Annualized for periods less than one full year.

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

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

88    OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer S&P Ultra	Six Months Ended December 31, 2018			Year Ended June 30,														For the Period October 1, 20131 Through June 30,
Dividend Revenue ETF			(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of period		$	38.19		$	33.82		$	31.52		$	28.81		$	28.72		$	24.87
Net investment income2			0.77			1.73			1.50			1.21			1.20			0.91
Net realized and unrealized gain (loss) on investments			(4.69	)		4.56			1.96			2.66			0.033			3.39
Total gain (loss) from investment operations			(3.92	)		6.29			3.46			3.87			1.23			4.30
Less Distributions from:
Net investment income			(0.74	)		(1.92	)		(1.14	)		(1.16	)		(1.11	)		(0.45	)
Realized gains			—			—			(0.02	)		—			(0.03	)		—
Total distributions			(0.74	)		(1.92	)		(1.16	)		(1.16	)		(1.14	)		(0.45	)
Net asset value, end of period		$	33.53		$	38.19		$	33.82		$	31.52		$	28.81		$	28.72
Total Return at Net Asset Value4			(10.39	)%5		19.13	%		11.10	%		13.91	%		4.30	%		17.46	%
Total Return at Market Value4			(10.52	)%5		19.12	%		11.18	%		13.90	%		4.19	%		17.58	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)			$1,195,224		$	610,987		$	510,630		$	110,330		$	66,254			$22,976
Average Net Assets (000’s omitted)			950,542			521,622			333,853			67,190			47,799			10,504
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements			0.39	%6		0.39	%		0.41	%		0.49	%		0.49	%		0.49	%6
Expenses, prior to expense waivers and reimbursements			0.39	%6		0.41	%		0.52	%		0.75	%		0.72	%		1.18	%6
Net investment income, net of waivers and reimbursements			4.08	%		4.90	%		4.48	%		4.19	%		4.06	%		4.57	%6
Portfolio turnover rate7			74.72	%		74.45	%		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.

5. Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.02% and Total Return at Market Value by 0.02 %.

6. Annualized for periods less than one full year.

7. 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.

89    OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
    

For a share outstanding throughout each period presented.

	For the Period
	August 07, 20181 Through
	December 31, 2018
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF	(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.39
Net realized and unrealized loss on investments		(2.50	)
Total loss from investment operations		(2.11	)
Less Distributions from:
Net investment income		(0.43	)
Net asset value, end of period	$	22.46
Total Return at Net Asset Value3		(8.42	)%
Total Return at Market Value3		(7.97	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )	$	2,246
Average Net Assets (000’s omitted )		2,322
Ratio to average net assets of:
Expenses		0.46	%4
Net investment income		4.26	%4
Portfolio turnover rate5		47.55	%

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.

90    OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

	For the Period
	August 07, 20181 Through
	December 31, 2018
Oppenheimer International Ultra Dividend Revenue ETF	(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.29
Net realized and unrealized loss on investments		(3.43	)
Total loss from investment operations		(3.14	)
Less Distributions from:
Net investment income		(0.29	)
Net asset value, end of period	$	21.57
Total Return at Net Asset Value3		(12.61	)%
Total Return at Market Value3		(12.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )	$	2,157
Average Net Assets (000’s omitted )		2,361
Ratio to average net assets of:
Expenses		0.42	%4
Net investment income		3.12	%4
Portfolio turnover rate5		31.89	%

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.

91    OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
    

For a share outstanding throughout each period presented.

Oppenheimer Emerging Markets Revenue ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period July 11, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.33		$	25.00
Net investment income2		0.43			0.62
Net realized and unrealized gain (loss) on investments		(1.44	)		0.15
Total gain (loss) from investment operations		(1.01	)		0.77
Less Distributions from:
Net investment income		(0.68)			(0.36	)
Realized gains		(0.05	)		(0.08	)
Total distributions		(0.73	)		(0.44	)
Net asset value, end of period	$	23.59		$	25.33
Total Return at Net Asset Value3		(4.09	)%		2.95	%
Total Return at Market Value3		(4.06	)%		3.31	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	11,794		$	12,664
Average Net Assets (000’s omitted)		12,320			13,702
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.46	%4		0.46	%4
Expenses, prior to expense waivers and reimbursements		0.46	%4		0.61	%4
Net investment income, net of waivers and reimbursements		3.48	%4		2.32	%4
Portfolio turnover rate5		24.54	%		85.00	%

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 Cboe BZX Exchange, 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.

92    OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

				For the Period
	Six Months Ended			July 11, 20171
	December 31, 2018			Through
Oppenheimer International Revenue ETF		(Unaudited)		June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.25		$	25.00
Net investment income2		0.23			0.78
Net realized and unrealized gain (loss) on investments		(3.25			1.19
Total gain (loss) from investment operations		(3.02	)		1.97
Less Distributions from:
Net investment income		(0.28	)		(0.72	)
Net asset value, end of period	$	22.95		$	26.25
Total Return at Net Asset Value3		(11.54	)%		7.83	%4
Total Return at Market Value3		(11.88	)%		7.79	%4
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )	$	11,477		$	13,123
Average Net Assets (000’s omitted )		12,699			13,617
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.42	%5		0.42	%5
Expenses, prior to expense waivers and reimbursements		0.42	%5		0.57	%5
Net investment income, net of waivers and reimbursements		1.79	%5		2.94	%5
Portfolio turnover rate6		6.60	%		28.56	%

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 Cboe BZX Exchange, 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. Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.20% and Total Return at Market Value by 0.18 %.

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.

93    OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
    

For a share outstanding throughout each period presented.

				For the Period
	Six Months Ended			July 11, 20171
	December 31, 2018			Through
Oppenheimer Global Revenue ETF		(Unaudited)		June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.47		$	25.00
Net investment income2		0.29			0.65
Net realized and unrealized gain (loss) on investments		(2.67	)		1.38
Total gain (loss) from investment operations		(2.38	)		2.03
Less Distributions from:
Net investment income		(0.36	)		(0.56	)
Net asset value, end of period	$	23.73		$	26.47
Total Return at Net Asset Value3		(9.09	)%		8.10	%4
Total Return at Market Value3		(8.74	)%		7.95	%4
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )	$	11,865		$	13,237
Average Net Assets (000’s omitted )		13,065			13,587
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.43	%5		0.43	%5
Expenses, prior to expense waivers and reimbursements		0.43	%5		0.58	%5
Net investment income, net of waivers and reimbursements		2.19	%5		2.47	%5
Portfolio turnover rate6		11.31	%		64.33	%

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 Cboe BZX Exchange, 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. Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.16% and Total Return at Market Value by 0.15 %.

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.

94    OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 2018 Unaudited

1. Organization

Oppenheimer 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 twenty funds. Oppenheimer S&P 500 Revenue ETF, Oppenheimer S&P MidCap 400 Revenue ETF, Oppenheimer S&P SmallCap 600 Revenue ETF, Oppenheimer S&P Financials Revenue ETF, Oppenheimer S&P Ultra Dividend Revenue ETF, Oppenheimer Emerging Markets Ultra Dividend ETF, Oppenheimer International Ultra Dividend ETF, Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF and Oppenheimer Global Revenue ETF are each a series of the Trust (the “Funds”). 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 (“ASC”) Topic 946 Financial Services Investment Companies. Oppenheimer S&P 500 Revenue ETF, Oppenheimer S&P MidCap 400 Revenue ETF, Oppenheimer S&P SmallCap 600 Revenue ETF, Oppenheimer Emerging Markets Ultra Dividend Revenue ETF, Oppenheimer International Ultra Dividend Revenue ETF, Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF and Oppenheimer Global Revenue ETF are diversified funds under the Act. Oppenheimer S&P Financials Revenue ETF and Oppenheimer S&P 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”).

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 books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)   Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2)   Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

95      OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

2. Significant Accounting Policies (Continued)

Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statements of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Funds books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rates.

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

96      OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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.

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, 2018, including open tax years, and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.

97      OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

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 Losses4		Net Unrealized Appreciation (Depreciation) Based on cost of Securities and Other Investments for Federal Income Tax Purposes
Oppenheimer S&P 500 Revenue ETF	$	648,470	$	—	$	(853,462	)1	$	—	$	88,909,647
Oppenheimer S&P MidCap 400 Revenue ETF		236,654		—		(10,951,065	)		—		43,177,329
Oppenheimer S&P SmallCap 600 Revenue ETF		511,062		—		(12,368,511	)2		—		39,524,484
Oppenheimer S&P Financials Revenue ETF		26,174		—		(624	)3		—		5,012,540
Oppenheimer S&P Ultra Dividend Revenue ETF		1,472,546		—		(24,651,999	)		—		1,825,380
Oppenheimer Emerging Markets Revenue ETF		154,057		—		—			—		(504,445)
Oppenheimer International Revenue ETF		38,646		—		—			—		225,653
Oppenheimer Global Revenue ETF		29,692		—		—			—		271,771

1. During the year ended June 30, 2018, the Fund utilized $497,607 of capital loss carryforwards to offset realized gains.

2. During the year ended June 30, 2018, the Fund utilized $1,008,419 of capital loss carryforwards to offset realized gains.

3. During the year ended June 30, 2018, the Fund utilized $36,668 of capital loss carryforwards to offset realized gains.

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

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2. Significant Accounting Policies (Continued)

At June 30, 2018, 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 S&P 500 Revenue ETF	$	—	$	—	$	853,462	$	853,462
Oppenheimer S&P MidCap 400 Revenue ETF		—		5,796,353		5,154,712		10,951,065
Oppenheimer S&P SmallCap 600 Revenue ETF		—		—		12,368,511		12,368,511
Oppenheimer S&P Financials Revenue ETF		624		—		—		624
Oppenheimer S&P Ultra Dividend Revenue ETF		—		22,000,141		2,651,858		24,651,999
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, 2018						Year Ended June 30, 2017
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 S&P 500 Revenue ETF	$	17,723,983	$	—	$	17,723,983	$	7,952,583	$	—	$	7,952,583
Oppenheimer S&P MidCap 400 Revenue ETF		3,676,937		—		3,676,937		2,968,690		—		2,968,690
Oppenheimer S&P SmallCap 600 Revenue ETF		5,715,052		—		5,715,052		2,898,715		—		2,898,715
Oppenheimer S&P Financials Revenue ETF		685,442		—		685,442		316,657		—		316,657
Oppenheimer S&P Ultra Dividend Revenue ETF		29,379,796		—		29,379,796		10,429,140		191,316		10,620,456
Oppenheimer Emerging Markets Revenue ETF		218,650		—		218,650		—		—		—
Oppenheimer International Revenue ETF		358,426		—		358,426		—		—		—
Oppenheimer Global Revenue ETF		278,541		—		278,541		—		—		—

 

99  OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

2. Significant Accounting Policies (Continued)

For the year ended June 30, 2018, distributions paid to shareholders were as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Oppenheimer S&P 500 Revenue ETF	$	17,723,983	$	—	$	17,723,983
Oppenheimer S&P MidCap 400 Revenue ETF		3,676,937		—		3,676,937
Oppenheimer S&P SmallCap 600 Revenue ETF		5,715,052		—		5,715,052
Oppenheimer S&P Financials Revenue ETF		685,442		—		685,442
Oppenheimer S&P Ultra Dividend Revenue ETF		29,379,796		—		29,379,796
Oppenheimer Emerging Markets Revenue ETF		218,650		—		218,650
Oppenheimer International Revenue ETF		358,426		—		358,426
Oppenheimer Global Revenue ETF		278,541		—		278,541

At June 30, 2018, 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 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 on wash sales.

Fund	Federal Tax Cost of Securities		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Oppenheimer S&P 500 Revenue ETF	$	829,220,696	$	130,437,043	$	(41,527,396)	$	88,909,647
Oppenheimer S&P MidCap 400 Revenue ETF		343,276,110		61,902,502		(18,725,173)		43,177,329
Oppenheimer S&P SmallCap 600 Revenue ETF		503,864,004		90,772,394		(51,247,910)		39,524,484
Oppenheimer S&P Financials Revenue ETF		49,493,122		6,074,089		(1,061,549)		5,012,540
Oppenheimer S&P Ultra Dividend Revenue ETF		626,309,225		47,000,792		(45,175,412)		1,825,380
Oppenheimer Emerging Markets Revenue ETF		13,131,045		843,959		(1,348,404)		(504,445)
Oppenheimer International Revenue ETF		12,917,802		1,013,182		(787,529)		225,653
Oppenheimer Global Revenue ETF		13,002,533		1,173,349		(901,578)		271,771

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2. Significant Accounting Policies (Continued)

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 periods. Actual results could differ from those estimates.

New Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurements. The amendments in the ASU modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact, if any, of applying this provision and believes the adoption of this ASU will not have a material impact on the financial statements.

On October 4, 2018, the SEC amended Regulation S-X to require certain financial statement disclosure requirements to conform them to US Generally Accepted Accounting Principles for investment companies. Effective November 4, 2018, the Funds adopted disclosure requirement changes for Regulation S-X and these changes are reflected throughout this report. The Funds’ adoption of those amendments, effective with the financial statements prepared as of October 31, 2018, had no effect on the Funds’ net assets or results of operations.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

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NOTES TO FINANCIAL STATEMENTS Unaudited Continued

3. Securities Valuation

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at 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. Over-the-counter equity securities are valued at the last sales price or , if no sale occurred, at the mean of quoted bid and ask prices. 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. Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

The authoritative guidance for fair value measurements and disclosures, ASC 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 utilize 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)

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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, 2018 in valuing the Funds’ assets carried at fair value:

	(Level 1)										(Level 2)						(Level 3)
Fund	Common Stocks		Preferred Stocks		Rights		Warrants		Money Market Funds		Common Stocks		Preferred Stocks		Rights		Common Stocks		Preferred Stocks		Total
Oppenheimer S&P 500 Revenue ETF	$	905,835,926	$	—	$	—	$	—	$	2,420,756	$	—	$	—	$	—	$	—	$	—	$	908,256,682
Oppenheimer S&P MidCap 400 Revenue ETF		315,023,952		—		—		—		4,831,032		—		—		—		—		—		319,854,984
Oppenheimer S&P SmallCap 600 Revenue ETF		395,898,644		—		—		—		22,504,910		—		—		—		—		—		418,403,554
Oppenheimer S&P Financials Revenue ETF		43,280,766		—		—		—		70,201		—		—		—		—		—		43,350,967
Oppenheimer S&P Ultra Dividend Revenue ETF		1,191,796,148		—		—		—		1,860,412		—		—		—		—		—		1,193,656,560
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF		2,171,797		65,864		—		—		—		—		—		—		—		—		2,237,661
Oppenheimer International Ultra Dividend Revenue ETF		2,144,612		—		—		—		35,307		—		—		—		—		—		2,179,919
Oppenheimer Emerging Markets Revenue ETF		11,466,406		274,782		—		51		12,520		—		—		110		—		1,289		11,755,158
Oppenheimer International Revenue ETF		11,352,614		101,177		—		—		28,523		—		—		—		—		356		11,482,670
Oppenheimer Global Revenue ETF		11,723,272		103,909		—		—		76,282		—		—		—		—		578		11,904,041

 

At December 31, 2018, Emerging Markets Revenue ETF, International Revenue ETF and Global Revenue ETF held Level 3 securities. Please refer to each Fund’s Schedule of Investments for additional detailed categorizations.

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, 2018, there were no transfers between levels.

103   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 values of loaned securities and related collateral outstanding at December 31, 2018 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, 2018, 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, 2018

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer S&P 500 Revenue ETF
Money Market Mutual Fund	$	500,942	$	—	$	—	$	—	$	500,942
U.S. Government Securities		—		164,834		757,603		16,528,054		17,450,491
Total	$	500,942	$	164,834	$	757,603	$	16,528,054	$	17,951,433
Oppenheimer S&P MidCap 400 Revenue ETF
Money Market Mutual Fund	$	4,831,032	$	—	$	—	$	—	$	4,831,032
U.S. Government Securities		—		482,250		2,092,970		63,480,060		66,055,280
Total	$	4,831,032	$	482,250	$	2,092,970	$	63,480,060	$	70,886,312
Oppenheimer S&P SmallCap 600 Revenue ETF
Money Market Mutual Fund	$	22,464,727	$	—	$	—	$	—	$	22,464,727
U.S. Government Securities		—		603,053		1,941,087		64,409,644		66,953,784
Total	$	22,464,727	$	603,053	$	1,941,087	$	64,409,644	$	89,418,511

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4. Securities Lending (Continued)

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer S&P Financials Revenue ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		—		—		46,224		46,224
Total	$	—	$	—	$	—	$	46,224	$	46,224
Oppenheimer S&P Ultra Dividend Revenue ETF
Money Market Mutual Fund	$	762,119	$	—	$	—	$	—	$	762,119
U.S. Government Securities		—		440,323		1,611,838		53,049,645		55,101,806
Total	$	762,119	$	440,323	$	1,611,838	$	53,049,645	$	55,863,925
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—
Oppenheimer International Ultra Dividend Revenue ETF
Money Market Mutual Fund	$	28,870	$	—	$	—	$	—	$	28,870
U.S. Government Securities		—		—		—		—		—
Total	$	28,870	$	—	$	—	$	—	$	28,870
Oppenheimer Emerging Markets Revenue ETF
Money Market Mutual Fund	$	12,520	$	—	$	—	$	—	$	12,520
U.S. Government Securities		—		526		2,293		105,528		108,347
Total	$	12,520	$	526	$	2,293	$	105,528	$	120,867
Oppenheimer International Revenue ETF
Money Market Mutual Fund	$	28,523	$	—	$	—	$	—	$	28,523
U.S. Government Securities		—		—		1,561		110,611		112,172
Total	$	28,523	$	—	$	1,561	$	110,611	$	140,695
Oppenheimer Global Revenue ETF
Money Market Mutual Fund	$	57,988	$	—	$	—	$	—	$	57,988
U.S. Government Securities		—		1,740		8,273		147,292		157,305
Total	$	57,988	$	1,740	$	8,273	$	147,292	$	215,293

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, 2018, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on

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NOTES TO FINANCIAL STATEMENTS Unaudited Continued

4. Securities Lending (Continued)

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 S&P 500 Revenue ETF	$	17,680,185	$	(229,694	)	$	(17,450,491	)	$	—	$	—	$	—	$	—
Oppenheimer S&P MidCap 400 Revenue ETF		69,585,800		(3,530,520	)		(66,055,280	)		—		—		—		—
Oppenheimer S&P SmallCap 600 Revenue ETF		86,411,759		(19,457,975	)		(66,953,784	)		—		—		—		—
Oppenheimer S&P Financials Revenue ETF		45,541		—			(45,541	)		—		—		—		—
Oppenheimer S&P Ultra Dividend Revenue ETF		54,975,874		—			(54,975,874	)		—		—		—		—
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF		—		—			—			—		—		—		—
Oppenheimer International Ultra Dividend Revenue ETF		27,151		(27,151	)		—			—		—		—		—
Oppenheimer Emerging Markets Revenue ETF		116,471		(8,124	)		(108,347	)		—		—		—		—
Oppenheimer International Revenue ETF		133,989		(21,817	)		(112,172	)		—		—		—		—
Oppenheimer Global Revenue ETF		209,852		(52,547	)		(157,305	)		—		—		—		—

*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,

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5. Investments and Risks (Continued)

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.

7. Shares of Beneficial Interest

As of December 31, 2018, 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.

107   OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

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, 2018, were as follows:

Fund	Purchases		Sales
Oppenheimer S&P 500 Revenue ETF	$	91,317,861	$	94,260,268
Oppenheimer S&P MidCap 400 Revenue ETF		62,118,895		62,213,669
Oppenheimer S&P SmallCap 600 Revenue ETF		98,328,552		108,679,451
Oppenheimer S&P Financials Revenue ETF		2,779,984		3,027,302
Oppenheimer S&P Ultra Dividend Revenue ETF		734,007,837		730,991,054
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF		2,103,178		1,093,487
Oppenheimer International Ultra Dividend Revenue ETF		769,037		750,420
Oppenheimer Emerging Markets Revenue ETF		3,028,336		3,031,594
Oppenheimer International Revenue ETF		835,027		873,599
Oppenheimer Global Revenue ETF		1,619,110		1,469,877

108   OPPENHEIMER ETF TRUST

8. Purchases & Sales of Securities (Continued)

For the period ended December 31, 2018, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer S&P 500 Revenue ETF	$	200,529,717	$	121,257,137
Oppenheimer S&P MidCap 400 Revenue ETF		56,845,947		59,701,098
Oppenheimer S&P SmallCap 600 Revenue ETF		101,041,960		89,657,721
Oppenheimer S&P Financials Revenue ETF		6,341,897		12,363,572
Oppenheimer S&P Ultra Dividend Revenue ETF		1,344,667,140		610,610,237
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF		1,471,526		—
Oppenheimer International Ultra Dividend Revenue ETF		2,484,118		—
Oppenheimer Emerging Markets Revenue ETF		1,022,325		1,176,359
Oppenheimer International Revenue ETF		2,583,005		2,534,235
Oppenheimer Global Revenue ETF		2,377,075		2,557,399

 

9. Fees, and 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 expenses of each Fund other than the following expenses (which will be paid by the Funds): 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 unusual fees not incurred in the ordinary course of the Funds’ business.

The Funds pay the Adviser the following annualized fees:

Fund	Management Fees
Oppenheimer S&P 500 Revenue ETF		0.39	%
Oppenheimer S&P MidCap 400 Revenue ETF		0.39	%
Oppenheimer S&P SmallCap 600 Revenue ETF		0.39	%
Oppenheimer S&P Financials Revenue ETF		0.45	%
Oppenheimer S&P Ultra Dividend Revenue ETF		0.39	%
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF		0.4 6	%
Oppenheimer International Ultra Dividend Revenue ETF		0.4 2	%
Oppenheimer Emerging Markets Revenue ETF		0.46	%
Oppenheimer International Revenue ETF		0.42	%
Oppenheimer Global Revenue ETF		0.43	%

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NOTES TO FINANCIAL STATEMENTS Unaudited Continued

9. Fees, and 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.

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., an affiliated company of the Adviser, OFDI, and the Adviser.

During the reporting period, the Manager voluntarily reimbursed the S&P Ultra Dividend Revenue ETF $220,891 for certain transactions . The payment is reported separately on the Statement of Operations and increased the Fund’s total return by 0.02%.

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Adviser, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Trust’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of each Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively the “Acquiring Funds”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the respective Fund (and cash with respect to any fractional shares) as of the close of business on the closing date. Each Acquiring Fund will be managed by Invesco Capital Management, LLC, and will, as of the closing date, have substantially similar principal investment strategies and risks as each corresponding Fund. After the Reorganization, Invesco Capital Management, LLC will be the investment adviser to each Acquiring Fund, and each Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trust’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, each Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

110   OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Unaudited

The Trust, on behalf of the series listed below (each, a “Fund” and together, the “Funds”), has entered into an investment advisory agreement with OFI Advisors, LLC (the “Manager”) (the “Agreement”). With respect to the Funds, the Board of Trustees (the “Board”), including a majority of the independent Trustees, was required to determine whether to approve the terms of the Agreement and the renewal thereof. The Investment Company Act of 1940, as amended (the “1940 Act”), 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. In addition to in-person meetings focused on this evaluation, the Board requested and received information regarding the services, fees, expenses and performance of each Fund listed below.

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 comparative investment performance of each Fund and the Manager, (iii) the fees and expenses of each Fund, including comparative fee and expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as each Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with each Fund. The Board was aware that there are alternatives to retaining the Manager.

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

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to each Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing each Fund with the services of the portfolio managers and investment team, who provide research, analysis and other advisory services in regard to each Fund’s investments; and securities trading services. The Manager is responsible for oversight of third-party service providers; daily review of the Funds’ creation and redemption baskets; daily monitoring of tracking error and quarterly reporting to the Board; implementing periodic rebalances and reconstitutions to track the Funds’ underlying indices; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; monitoring compliance with applicable Fund policies and procedures and adherence to each Fund’s investment restrictions; and risk management. The Manager is also responsible for overseeing a third-party service provider that renders certain fund accounting and administrative, custody, transfer agent and securities lending services to each Fund. The Manager also is responsible for providing and supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for each Fund; compiling and maintaining records with respect to the Funds’ operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of each Fund for its

111   OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Unaudited Continued
  

shareholders; preparing proxy materials for shareholder meetings if needed; and preparing the registration statements required by federal and state securities laws for the sale of each Fund’s shares. The Manager also provides each Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are 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” 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 and risk management services, 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 provided, the Board considered the experience of Frank Vallario and Donal Bishnoi, the portfolio managers for the Funds, 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 Fund 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 the Board members have become knowledgeable about through their experiences with 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 benefit from the services provided under the Agreement.

Investment Performance of the Manager and the Funds. Throughout the year, the Manager provided information on the investment performance of each Fund and the Manager, 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 underlying index that it seeks to track, as well as tracking error and tracking difference relative to its underlying index; (ii) the Manager’s custom peer groups that provide an additional performance comparison against peers; (iii) the relevant benchmark or market indices; and (iv) the performance of other comparable funds, as discussed in more detail on a Fund-by-Fund basis below.

•     Oppenheimer Emerging Markets Revenue ETF, Oppenheimer Global Revenue ETF, and Oppenheimer International Revenue ETF. The Board noted that each Fund commenced operations on July 11, 2017 and therefore does not yet have a meaningful performance history. 

•     Oppenheimer S&P 500 Revenue ETF (formerly, Oppenheimer Large Cap Revenue ETF). The Board considered that the Fund outperformed it category median for the one- and five-year periods, though it underperformed for the three-year period. It also noted that the Fund underperformed its underlying index, the S&P 500 Revenue-Weighted Index (formerly, the OFI Revenue Weighted Large Cap Index), for all periods. Further, the 

112   OPPENHEIMER ETF TRUST

Board considered the Manager’s assertion that a custom peer group provides a more meaningful performance comparison for the Fund. In this regard, the Board noted that the custom peer group consists of a subset of exchange-traded funds from the Fund’s category with investment strategies considered by the Manager to be the most-similar to those of the Fund, and took into account that the Fund ranked in the 1^st and 2^nd quintiles of the custom peer group for the one- and three-year periods, respectively.

•     Oppenheimer S&P Financials Revenue ETF (formerly, Oppenheimer Financials Sector Revenue ETF). The Board noted that the Fund outperformed its category median for the one- and five-year periods, though it underperformed its category median for the three-year period. The Board also noted that the Fund underperformed its underlying index, the S&P Financials Sector Revenue-Weighted Index (formerly, OFI Revenue Weighted Financials Sector Index) for all periods. Further, the Board considered the Manager’s assertion that a custom peer group provides a more meaningful performance comparison for the Fund. In this regard, the Board noted that the custom peer group consists of a subset of exchange-traded funds from the Fund’s category with investment strategies considered by the Manager to be the most-similar to those of the Fund, and took into account that the Fund ranked in the 30^th percentile of the custom peer group for the one-year period. 

•     Oppenheimer S&P MidCap 400 Revenue ETF (formerly, Oppenheimer Mid Cap Revenue ETF). The Board noted that the Fund underperformed its underlying index, the S&P MidCap 400 Revenue-Weighted Index (formerly called OFI Revenue Weighted Mid Cap Index), in all periods. The Board also noted that the Fund outperformed its category median for the five-year period and that it underperformed its category median for the remaining periods. Further, the Board considered the Manager’s assertion that a custom peer group provides a more meaningful performance comparison for the Fund. In this regard, the Board noted that the custom peer group consists of a subset of exchange-traded funds from the Fund’s category with investment strategies considered by the Manager to be the most-similar to those of the Fund, and took into account that the Fund ranked in the 2^nd quintile and in the 4^th quintile of the custom peer group for the one- and three-year periods, respectively. 

•     Oppenheimer S&P SmallCap 600 Revenue ETF (formerly, Oppenheimer Small Cap Revenue ETF). The Board considered that the Fund underperformed its underlying index, S&P SmallCap 600 Revenue-Weighted Index (formerly called OFI Revenue Weighted Small Cap Index), in all periods. The Board also considered that the Fund underperformed its category median for all periods. 

•     Oppenheimer S&P Ultra Dividend Revenue ETF (formerly, Oppenheimer Ultra Dividend Revenue ETF). The Board noted that the Fund underperformed its underlying index, the S&P 900 Dividend Revenue-Weighted Index (formerly called OFI Revenue Weighted Ultra Dividend Index), during all periods. The Board also noted that the Fund outperformed its category median for the three-year period, ranking in the 34^th percentile 

113   OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Unaudited Continued
  

of the category, though it underperformed its category median for the one-year period. The Board considered the enhancement to the Fund’s underlying index methodology, which will be implemented at the index’s next quarterly reconstitution and rebalance date. 

The Board also received and considered information about the premium/discount history of the Funds, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the net asset value of each Fund, and by how much, measured in basis points. The Board noted that the Funds have a new portfolio management team consisting of one portfolio manager who has been serving the Fund since August 2017 and another who has been serving the Fund since March 2018. The Board concluded that it would be in the best interests of the Funds and their shareholders to renew the Agreement and that, in light of the management team changes, it would be prudent to allow the Funds’ new management team time to continue developing its performance record with each Fund.

Fees and Expenses of the Funds. The Board considered that, effective September 30, 2017, the Funds have a “unitary fee structure,” which means that each Fund pays the Manager for the advisory and administration services rendered to that Fund. The Manager, in return, pays substantially all of the operating expenses of the Fund, excluding (i) the fee payment under the investment advisory agreement, (ii) distribution fees or expenses under the Fund’s 12b-1 plan (if any), (iii) interest expenses, (iv) taxes, (v) acquired fund fees and expenses, (vi) brokers’ commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Funds, (vii) credit facility fees and expenses, including interest expenses and (viii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. For each Fund, the Board considered that, as a result, the unitary fee encompasses the Fund’s contractual management fee and that currently, the Fund’s unitary fee is equal to the Fund’s total expenses. For Oppenheimer S&P 500 Revenue ETF and Oppenheimer S&P MidCap 400 Revenue ETF, the Board also considered the comparability of the fees charged and the services provided to these Funds to the fees and services for other clients or accounts advised by the Manager with similar investment mandates. It also considered that the Manager has agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in funds managed by the Manager or its affiliates. The Board reviewed the fees paid to the Manager and the other expenses borne by each Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other funds with comparable asset levels and distribution features, as discussed on a Fund-by-Fund basis below.

•     Oppenheimer Emerging Markets Revenue ETF. The Board considered that the Fund’s contractual management fee and total expenses are lower than their respective peer group medians and category medians.

114   OPPENHEIMER ETF TRUST

•     Oppenheimer Global Revenue ETF. The Board considered that the Fund’s contractual management fee and total expenses are higher than their respective peer group medians and category medians. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund. 

•     Oppenheimer International Revenue ETF. The Board considered that the Fund’s contractual management fee and total expenses are higher than their respective peer group medians and category medians. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund. 

•     Oppenheimer S&P 500 Revenue ETF (formerly, Oppenheimer Large 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. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund. 

•     Oppenheimer S&P Financials Revenue ETF (formerly, 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. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund. 

•     Oppenheimer S&P MidCap 400 Revenue ETF (formerly, Oppenheimer Mid Cap Revenue ETF). The Board considered that the Fund’s contractual management fee is lower than the peer group median and category median and that the Fund’s total expenses are equal to the peer group median and category median. 

•     Oppenheimer S&P SmallCap 600 Revenue ETF (formerly, 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. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund. 

•     Oppenheimer S&P Ultra Dividend Revenue ETF (formerly, Oppenheimer Ultra Dividend Revenue ETF). The Board considered that the Fund’s contractual management fee and total expenses are higher than their respective peer group medians and category medians, though the Fund’s total expenses are only one basis point higher than the peer group median. In reviewing the Fund’s fees, the Board also considered the Fund’s recent portfolio management team changes, other Fund strategy changes, and the Manager’s continued investments in the Fund. 

115   OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Unaudited Continued

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, and information regarding the Manager’s profitability (or lack thereof) from its relationship with the Funds. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Manager’s costs with respect to the ETFs are not specific to individual Funds, and that, as a result, the Manager cannot identify with specificity the asset level per Fund at which these economies of scale will be achieved. The Board further noted the Manager’s assertion that it continues to make significant investments in the development of the Funds. The Board considered that, in light of the unitary fee structure and the significant investment that the Manager has made and continues to make in the Funds, it will continue to consider, as feasible, economies of scale in the context of the total expenses represented by the unitary fee structure.

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 services provided by the Distributor and 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, including compensation paid to the Manager’s affiliates.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Funds and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement through August 31, 2019. 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.

116   OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
FOR OPPENHEIMER INTERNATIONAL ULTRA DIVIDEND
REVENUE ETF AND OPPENHEIMER EMERGING MARKETS ULTRA
DIVIDEND REVENUE ETF Unaudited

The Trust, on behalf of Oppenheimer International Ultra Dividend Revenue ETF and Oppenheimer Emerging Markets Ultra Dividend Revenue ETF (each, a “New Fund” and together, the “New Funds”) (each, a “New Fund” and together, the “New Funds”), has entered into an investment advisory agreement with OFI Advisors, LLC (“OFI Advisors” or 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 a meeting held on May 8-9, 2018. The Investment Company Act of 1940, as amended (the “1940 Act”), 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 each New Fund. 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 this and prior meetings about the nature, quality and extent of the services to be provided to the New Funds and information regarding OFI Advisors’ key personnel who provide such services. The Board also considered that OFI Advisors’ duties will include providing each New Fund with day-to-day general management and investment of each New Fund’s securities portfolio. OFI Advisors 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 OFI Advisors 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 (the “SEC”); ensuring compliance with any applicable SEC exemptive orders; preparing periodic reports regarding

117   OPPENHEIMER ETF TRUST

BOARD APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
FOR OPPENHEIMER INTERNATIONAL ULTRA DIVIDEND
REVENUE ETF AND OPPENHEIMER EMERGING MARKETS ULTRA
DIVIDEND REVENUE ETF Unaudited Continued
  

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 New Funds’ shares. OFI Advisors will also provide the New Funds with office space, facilities and equipment. The Board also took into account the risks assumed by OFI Advisors 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 OFI Advisors’ resources that will be available to the New Funds. In evaluating OFI Advisors, the Board considered the history, reputation, qualifications and background of OFI Advisors, 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 further considered OFI Advisors’ and OFI’s collective experience successfully launching, branding, maintaining and advising other ETFs. The Board evaluated OFI Advisors’ 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 OFI Advisors’ and OFI’s key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Frank Vallario and Donal Bishnoi, OFI Advisors’ planned portfolio managers for the New Funds, and OFI Advisors’ investment team and analysts. The Board members also considered the totality of their experiences with OFI Advisors and OFI as trustees of other funds advised by OFI Advisors or OFI. The Board considered information regarding the quality of services to be provided by affiliates of OFI Advisors, which its members have become knowledgeable about in connection with other funds advised by OFI Advisors or OFI. The Board concluded, in light of OFI Advisors’ 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 OFI Advisors. The Board reviewed the fees to be paid to OFI Advisors and the other expenses to be borne by the New Funds. The Board considered that OFI Advisors proposed that the New Funds have a “unitary fee structure,” which means that each New Fund will pay OFI Advisors for the advisory and administration services rendered to that New Fund. OFI Advisors, in return, would pay substantially all of the operating expenses of the New Funds, excluding (i) the fee payment under the investment advisory agreement, (ii) distribution fees or expenses under the Fund’s 12b-1 plan (if any), (iii) interest expenses, (iv) taxes, (v) acquired fund fees and expenses, (vi) brokers’ commissions and any other portfolio transaction-related expenses and fees arising out of transactions

118   OPPENHEIMER ETF TRUST

effected on behalf of the New Funds, (vii) credit facility fees and expenses, including interest expenses and (viii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the New Fund’s business. OFI Advisors 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 Ultra Dividend Revenue ETF’s total expense ratio is expected to be lower than the selected peer group average and median. 

•     Oppenheimer Emerging Markets Ultra Dividend Revenue ETF’s total expense ratio is expected to be lower than the selected peer group average and median. 

Economies of Scale to be Realized by OFI Advisors. The Board considered information regarding OFI Advisors’ 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 OFI Advisors 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 OFI Advisors may realize economies of scale in managing and supporting the New Funds.

Other Benefits to OFI Advisors. In evaluating other benefits that are expected to accrue to OFI Advisors 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 OFI Advisors 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 OFI Advisors 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 OFI Advisors and its affiliates have been the investment advisers for other Oppenheimer funds and that it has found the performance of OFI Advisors to be satisfactory.

The Board, including the independent Trustees, concluded that the Board should approve the Advisory Agreement with respect to each New Fund. 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.

119   OPPENHEIMER ETF TRUST

DISTRIBUTION SOURCES Unaudited

The table below details, on a per-share basis, the percentage of the ETF’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. 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 the 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 the 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 S&P 500 Revenue ETF		12/27/18		12/26/18		12/28/18	91.4	%		0.0	%		8.6	%
Oppenheimer S&P MidCap 400 Revenue ETF		12/27/18		12/26/18		12/28/18	83.7	%		0.0	%		16.3	%
Oppenheimer S&P SmallCap 600 Revenue ETF		12/27/18		12/26/18		12/28/18	82.4	%		0.0	%		17.6	%
Oppenheimer S&P Financials Revenue ETF		12/27/18		12/26/18		12/28/18	95.0	%		0.0	%		5.0	%
Oppenheimer S&P Ultra Dividend Revenue ETF		12/27/18		12/26/18		12/28/18	95.6	%		0.0	%		4.4	%
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF		12/27/18		12/26/18		12/28/18	75.1	%		0.0	%		24.9	%
Oppenheimer International Ultra Dividend Revenue ETF		12/27/18		12/26/18		12/28/18	73.8	%		0.0	%		26.2	%
Oppenheimer Emerging Markets Revenue ETF1		12/27/18		12/26/18		12/28/18	40.3	%		0.0	%		59.7	%
Oppenheimer Global Revenue ETF		12/27/18		12/26/18		12/28/18	78.1	%		0.0	%		21.9	%

 

1. The Fund has made distributions from net profits from the sales of securities and, after giving effect to such distributions, had a deficit, in aggregate of (a) accumulated undistributed realized profits less losses on the sale of securities and (b) a cumulative loss, net of realized capital gains/losses and unrealized appreciation/depreciation of portfolio securities, totaled $5.6745 per share as of the date of distribution. Of that amount, $5.1364 per share represents unrealized depreciation of portfolio securities.

120   OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION Unaudited

Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure
The Oppenheimer 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.

121   OPPENHEIMER ETF TRUST

  OPPENHEIMER ETF TRUST

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Frank Vallario, Vice President
	Donal Bishnoi, 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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oppenheimerfunds.com

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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.

RS0000.011.1218  December 31, 2018  

 

Semiannual Report
12/31/2018

 

 

 

Oppenheimer
ETF Trust

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

Important Notice: The Securities and Exchange Commission will permit funds to deliver shareholder reports electronically beginning January 1, 2021. At that time, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors enrolled in electronic delivery will receive the notice by email, with links to the updated report. Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option free of charge by contacting their financial intermediary.

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

 

Important Update
On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change. See the Notes to Financial Statements for more information.

Receive investor materials electronically:

Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,

1. Go to www.icsdelivery.com

2. Select the first letter of your brokerage firm’s name.

3. From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.

4. Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.

Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

TABLE OF CONTENTS
  
 

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	46
Supplemental Information	47

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, 2018 to December 31, 2018.

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (Continued)
  

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 07/01/2018		Ending Account Value 12/31/2018		Annualized Expense Ratios for the Six Month Period			Expenses Paid During the Six Month Period1
Oppenheimer ESG Revenue ETF
Actual	$	1,000.00	$	929.30		0.40	%	$	1.95
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19		0.40	%	$	2.04
Oppenheimer Global ESG Revenue ETF
Actual	$	1,000.00	$	902.60		0.45	%	$	2.16
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		2.9	%
Banks		2.1
Capital Goods		7.9
Commercial & Professional Services		0.4
Consumer Durables & Apparel		1.3
Consumer Services		1.3
Diversified Financials		2.9
Energy		9.1
Food & Staples Retailing		4.8
Food, Beverage & Tobacco		3.8
Health Care Equipment & Services		13.6
Household & Personal Products		1.9
Insurance		3.7
Materials		2.5
Media & Entertainment		2.6
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		3.8
Real Estate		1.0
Retailing		5.8
Semiconductors & Semiconductor Equipment		3.3
Software & Services		6.1
Technology Hardware & Equipment		7.8
Telecommunication Services		4.6
Transportation		2.3
Utilities		4.3
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer Global ESG
Revenue ETF

Industry	% of Net Assets
Automobiles & Components		4.4	%
Banks		8.2
Capital Goods		11.6
Commercial & Professional Services		1.1
Consumer Durables & Apparel		3.0
Consumer Services		0.9
Diversified Financials		3.9
Energy		8.1
Food & Staples Retailing		4.4
Food, Beverage & Tobacco		4.5
Health Care Equipment & Services		3.7
Household & Personal Products		1.7
Insurance		5.2
Materials		6.5
Media & Entertainment		1.9
Money Market Fund		1.0
Pharmaceuticals, Biotechnology & Life Sciences		3.3
Real Estate		1.2
Retailing		3.1
Semiconductors & Semiconductor Equipment		1.2
Software & Services		3.4
Technology Hardware & Equipment		6.1
Telecommunication Services		3.9
Transportation		3.0
Utilities		5.5
Total Investments		100.8
Liabilities in Excess of Other Assets		(0.8	)
Net Assets		100.0	%

4     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer ESG Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—2.9%
Aptiv PLC		756	$	46,547
BorgWarner, Inc.		965		33,524
Ford Motor Co.		63,216		483,603
Goodyear Tire & Rubber Co. (The)		2,525		51,535
Total Automobiles & Components				615,209
Banks—2.1%
Bank of America Corp.		14,500		357,280
KeyCorp		1,637		24,195
PNC Financial Services Group, Inc. (The)		560		65,469
Total Banks				446,944
Capital Goods—7.9%
3M Co.		568		108,227
Cummins, Inc.		581		77,645
Deere & Co.		841		125,452
Eaton Corp. PLC		1,033		70,926
Flowserve Corp.		327		12,432
Fluor Corp.		1,997		64,303
General Electric Co.		53,621		405,911
Illinois Tool Works, Inc.		388		49,156
Ingersoll-Rand PLC		547		49,903
Johnson Controls International PLC		3,351		99,357
Lockheed Martin Corp.		675		176,742
Masco Corp.		922		26,959
Northrop Grumman Corp.		386		94,531
Parker-Hannifin Corp.		321		47,874
Pentair PLC		347		13,110
Raytheon Co.		537		82,349
Rockwell Automation, Inc.		145		21,820
Stanley Black & Decker, Inc.		385		46,100
United Rentals, Inc.1		250		25,632
W.W. Grainger, Inc.2		131		36,989
Xylem, Inc.		257		17,147
Total Capital Goods				1,652,565
Commercial & Professional Services—0.4%
IHS Markit Ltd.1		264		12,664
Nielsen Holdings PLC		896		20,904
Verisk Analytics, Inc.1		70		7,633
Waste Management, Inc.		551		49,033
Total Commercial & Professional Services				90,234
	Shares		Value
Consumer Durables & Apparel—1.3%
Garmin Ltd.		175	$	11,081
Hanesbrands, Inc.2		1,813		22,717
Hasbro, Inc.2		195		15,844
NIKE, Inc., Class B		1,630		120,848
PVH Corp.		348		32,347
Tapestry, Inc.		579		19,541
VF Corp.		610		43,517
Total Consumer Durables & Apparel				265,895
Consumer Services—1.3%
Carnival Corp.		1,242		61,230
Hilton Worldwide Holdings, Inc.		420		30,156
Marriott International, Inc., Class A		658		71,432
Royal Caribbean Cruises Ltd.		316		30,902
Starbucks Corp.		1,269		81,724
Total Consumer Services				275,444
Diversified Financials—2.9%
Bank of New York Mellon Corp. (The)		1,331		62,650
BlackRock, Inc.		127		49,888
Franklin Resources, Inc.		709		21,029
Goldman Sachs Group, Inc. (The)		955		159,533
Invesco Ltd.		1,091		18,263
Moody’s Corp.		107		14,984
Morgan Stanley		4,140		164,151
MSCI, Inc.		32		4,718
Northern Trust Corp.		259		21,650
S&P Global, Inc.		124		21,072
State Street Corp.		639		40,302
T. Rowe Price Group, Inc.		199		18,372
Total Diversified Financials				596,612
Energy—9.1%
Apache Corp.2		881		23,126
Baker Hughes a GE Co.2		3,411		73,336
ConocoPhillips		1,872		116,719
Devon Energy Corp.		1,966		44,314
EOG Resources, Inc.		579		50,495
Exxon Mobil Corp.		12,958		883,606
Halliburton Co.		2,955		78,544
Hess Corp.		501		20,291
HollyFrontier Corp.		1,109		56,692
Marathon Oil Corp.		1,363		19,545
Marathon Petroleum Corp.		4,663		275,164

5     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer ESG Revenue ETF
 

	Shares		Value
Energy (continued)
Newfield Exploration Co.1		564	$	8,268
Noble Energy, Inc.		746		13,995
Occidental Petroleum Corp.		876		53,769
ONEOK, Inc.		789		42,567
Schlumberger Ltd.		2,923		105,462
TechnipFMC PLC		2,147		42,038
Total Energy				1,907,931
Food & Staples Retailing—4.8%
Kroger Co. (The)		14,386		395,615
Sysco Corp.		3,072		192,492
Walgreens Boots Alliance, Inc.		6,210		424,329
Total Food & Staples Retailing				1,012,436
Food, Beverage & Tobacco—3.8%
Altria Group, Inc.		1,252		61,836
Brown-Forman Corp., Class B		238		11,324
Campbell Soup Co.		785		25,897
Coca-Cola Co. (The)		2,203		104,312
General Mills, Inc.		1,300		50,622
Hershey Co. (The)		237		25,402
JM Smucker Co. (The)		258		24,120
Kellogg Co.		753		42,929
McCormick & Co., Inc.		125		17,405
Molson Coors Brewing Co., Class B		622		34,931
Mondelez International, Inc., Class A		2,076		83,102
PepsiCo, Inc.		1,872		206,819
Philip Morris International, Inc.		1,455		97,136
Total Food, Beverage & Tobacco				785,835
Health Care Equipment & Services—13.6%
Abbott Laboratories		1,449		104,806
Anthem, Inc.		1,151		302,287
Baxter International, Inc.		568		37,386
Becton Dickinson and Co.		237		53,401
Boston Scientific Corp.1		936		33,078
Cardinal Health, Inc.		9,940		443,324
Cigna Corp.		784		148,897
CVS Health Corp.		9,374		614,185
Edwards Lifesciences Corp.1		78		11,947
Henry Schein, Inc.1,2		551		43,265
Humana, Inc.		650		186,212
Medtronic PLC		1,095		99,601
ResMed, Inc.		72		8,199
	Shares		Value
Health Care Equipment & Services (continued)
UnitedHealth Group, Inc.		2,931	$	730,171
Varian Medical Systems, Inc.1		84		9,518
Zimmer Biomet Holdings, Inc.		250		25,930
Total Health Care Equipment & Services				2,852,207
Household & Personal Products—1.9%
Church & Dwight Co., Inc.		209		13,744
Clorox Co. (The)		131		20,192
Colgate-Palmolive Co.		831		49,461
Estee Lauder Cos., Inc., (The), Class A		357		46,446
Kimberly-Clark Corp.		497		56,628
Procter & Gamble Co. (The)		2,317		212,979
Total Household & Personal Products				399,450
Insurance—3.7%
Allstate Corp. (The)		1,548		127,911
Hartford Financial Services Group, Inc. (The)		1,440		64,008
Lincoln National Corp.		985		50,540
Marsh & McLennan Cos., Inc.		611		48,727
MetLife, Inc.		5,563		228,417
Principal Financial Group, Inc.		1,045		46,158
Prudential Financial, Inc.		2,478		202,081
Total Insurance				767,842
Materials—2.5%
Air Products & Chemicals, Inc.		191		30,570
Albemarle Corp.		136		10,481
Avery Dennison Corp.		266		23,895
Ball Corp.		831		38,209
Eastman Chemical Co.		471		34,435
Ecolab, Inc.		325		47,889
FMC Corp.		197		14,570
International Flavors & Fragrances, Inc.		90		12,084
International Paper Co.		1,869		75,433
LyondellBasell Industries NV, Class A		1,569		130,478
Newmont Mining Corp.		668		23,146
Packaging Corp. of America		267		22,284
PPG Industries, Inc.		526		53,773
Total Materials				517,247

6     OPPENHEIMER ETF TRUST

	Shares		Value
Media & Entertainment—2.6%
Comcast Corp., Class A		8,281	$	281,968
Interpublic Group of Cos., Inc. (The)		1,419		29,274
Viacom, Inc., Class B		1,592		40,914
Walt Disney Co. (The)		1,792		196,493
Total Media & Entertainment				548,649
Pharmaceuticals, Biotechnology & Life Sciences—3.8%
AbbVie, Inc.		1,204		110,997
Agilent Technologies, Inc.		242		16,325
Allergan PLC		386		51,593
Amgen, Inc.		415		80,788
Biogen, Inc.1		134		40,323
Bristol-Myers Squibb Co.		1,403		72,928
Gilead Sciences, Inc.		1,149		71,870
Illumina, Inc.1		35		10,497
Merck & Co., Inc.		1,822		139,219
Mettler-Toledo International, Inc.1,2		17		9,615
Pfizer, Inc.		4,044		176,521
Regeneron Pharmaceuticals, Inc.1		58		21,663
Total Pharmaceuticals, Biotechnology & Life Sciences				802,339
Real Estate—1.0%
AvalonBay Communities, Inc.		41		7,136
Boston Properties, Inc.		74		8,329
CBRE Group, Inc., Class A1		1,576		63,103
Equinix, Inc.		45		15,865
HCP, Inc.		215		6,005
Host Hotels & Resorts, Inc.		1,052		17,537
Iron Mountain, Inc.		411		13,321
Kimco Realty Corp.		262		3,838
Prologis, Inc.		141		8,280
SL Green Realty Corp.		52		4,112
Ventas, Inc.		199		11,659
Vornado Realty Trust		116		7,195
Welltower, Inc.		211		14,646
Weyerhaeuser Co.		1,087		23,762
Total Real Estate				204,788
Retailing—5.8%
Best Buy Co., Inc.		2,804		148,500
eBay, Inc.1		1,225		34,386
Gap, Inc. (The)		2,187		56,337
Home Depot, Inc. (The)		2,073		356,183
	Shares		Value
Retailing (continued)
Kohl’s Corp.		1,077	$	71,448
L Brands, Inc.		1,685		43,254
Lowe’s Cos., Inc.		2,591		239,305
Macy’s, Inc.		2,901		86,392
Nordstrom, Inc.2		1,153		53,741
TJX Cos., Inc. (The)		2,925		130,864
Total Retailing				1,220,410
Semiconductors & Semiconductor Equipment—3.3%
Advanced Micro Devices, Inc.1,2		1,242		22,927
Analog Devices, Inc.		244		20,943
Applied Materials, Inc.		1,800		58,932
Broadcom, Inc.		261		66,367
Intel Corp.		4,883		229,159
KLA-Tencor Corp.		157		14,050
Lam Research Corp.		274		37,311
Microchip Technology, Inc.2		223		16,038
Micron Technology, Inc.1		3,183		100,997
NVIDIA Corp.		304		40,584
Skyworks Solutions, Inc.		192		12,868
Texas Instruments, Inc.		575		54,337
Xilinx, Inc.		106		9,028
Total Semiconductors & Semiconductor Equipment				683,541
Software & Services—6.1%
Accenture PLC, Class A		965		136,075
Adobe, Inc.1		125		28,280
Akamai Technologies, Inc.1		139		8,490
Autodesk, Inc.1		61		7,845
Cognizant Technology Solutions Corp., Class A		810		51,419
DXC Technology Co.		1,436		76,352
International Business Machines Corp.		2,301		261,555
Intuit, Inc.		103		20,276
Microsoft Corp.		3,728		378,653
Oracle Corp.		2,821		127,368
PayPal Holdings, Inc.1		587		49,361
salesforce.com, Inc.1		329		45,063
Symantec Corp.		834		15,758
Visa, Inc., Class A		517		68,213
Total Software & Services				1,274,708
Technology Hardware & Equipment—7.8%
Apple, Inc.		5,601		883,502
Cisco Systems, Inc.		3,833		166,084
Corning, Inc.		1,192		36,010

7     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer ESG Revenue ETF
 

	Shares		Value
Technology Hardware & Equipment (continued)
Hewlett Packard Enterprise Co.		7,727	$	102,074
HP, Inc.		9,509		194,554
Juniper Networks, Inc.		574		15,446
Keysight Technologies, Inc.1		212		13,161
Motorola Solutions, Inc.		195		22,433
NetApp, Inc.		341		20,347
Seagate Technology PLC2		1,009		38,937
TE Connectivity Ltd.		660		49,916
Western Digital Corp.		1,813		67,027
Xerox Corp.		1,599		31,596
Total Technology Hardware & Equipment				1,641,087
Telecommunication Services—4.6%
AT&T, Inc.		18,443		526,363
Verizon Communications, Inc.		7,544		424,124
Total Telecommunication Services				950,487
Transportation—2.3%
Alaska Air Group, Inc.		433		26,348
FedEx Corp.		1,360		219,409
United Parcel Service, Inc., Class B		2,399		233,974
Total Transportation				479,731
Utilities—4.3%
AES Corp.		2,402		34,733
Ameren Corp.		307		20,026
American Electric Power Co., Inc.		639		47,759
American Water Works Co., Inc.		121		10,983
CMS Energy Corp.		439		21,796
Consolidated Edison, Inc.		508		38,842
Dominion Energy, Inc.		590		42,161
DTE Energy Co.		395		43,569
Duke Energy Corp.		848		73,182
Edison International		725		41,158
	Shares		Value
Utilities (continued)
Entergy Corp.		421	$	36,236
Eversource Energy		406		26,406
Exelon Corp.		2,443		110,179
FirstEnergy Corp.		1,073		40,291
NextEra Energy, Inc.		291		50,582
NiSource, Inc.		626		15,869
NRG Energy, Inc.		885		35,046
Pinnacle West Capital Corp.		137		11,672
PPL Corp.2		906		25,667
Public Service Enterprise Group, Inc.		591		30,762
Southern Co. (The)		1,743		76,553
WEC Energy Group, Inc.		353		24,449
Xcel Energy, Inc.		660		32,518
Total Utilities				890,439
Total Common Stocks (Cost $21,015,547)				20,882,030
Money Market Fund—0.3%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $69,964)		69,964		69,964
Total Investments—100.1% (Cost $21,085,511)				20,951,994
Liabilities in Excess of Other Assets—(0.1)%				(21,543	)
Net Assets—100.0%			$	20,930,451

 

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 $357,187; total value of the collateral held by the Fund was $363,048. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $363,048 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

8     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
COMMON STOCKS—99.1%
Automobiles & Components—4.3%
Astra International Tbk PT		28,328	$	16,203
Bayerische Motoren Werke AG		1,363		110,159
BYD Co. Ltd., Class H1		1,019		6,501
Cie Generale des Etablissements Michelin		275		27,255
Daimler AG		3,744		196,493
Denso Corp.		1,239		55,256
Eicher Motors Ltd.		4		1,327
Garrett Motion, Inc.2		6		74
Geely Automobile Holdings Ltd.		9,310		16,410
Hankook Tire Co. Ltd.2		180		6,477
Harley-Davidson, Inc.		158		5,391
Hero MotoCorp Ltd.		124		5,513
Honda Motor Co. Ltd.		5,772		152,277
Magna International, Inc.		945		42,877
Mahindra & Mahindra Ltd.		1,340		15,429
NGK Spark Plug Co. Ltd.		167		3,336
Nokian Renkaat OYJ		67		2,054
Peugeot SA		4,420		94,208
Pirelli & C SpA2,3		967		6,201
Renault SA		1,176		73,334
Stanley Electric Co. Ltd.		152		4,281
Sumitomo Rubber Industries Ltd.1		671		7,951
Tesla, Inc.1,2		45		14,976
Valeo SA		864		25,196
Yamaha Motor Co. Ltd.		841		16,549
Total Automobiles & Components				905,728
Banks—7.9%
ABN AMRO Group NV3		822		19,301
Absa Group Ltd.		906		10,192
Abu Dhabi Commercial Bank PJSC		1,868		4,150
AIB Group PLC		954		4,013
AMMB Holdings Bhd		2,134		2,241
Australia & New Zealand Banking Group Ltd.		1,639		28,223
Axis Bank Ltd.2		1,055		9,368
Banco Bilbao Vizcaya Argentaria SA		9,289		49,223
Banco Bradesco SA		3,994		34,883
Banco de Credito e Inversiones		57		3,703
Banco de Sabadell SA		6,869		7,856
Banco do Brasil SA		4,698		56,353
	Shares		Value
Banks (continued)
Banco Santander Brasil SA		2,129	$	23,456
Banco Santander Chile		55,601		4,141
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		2,876		3,563
Banco Santander SA		20,881		94,836
Bancolombia SA		394		3,688
Bank Central Asia Tbk PT		3,087		5,581
Bank Danamon Indonesia Tbk PT		3,807		2,012
Bank Handlowy w Warszawie SA		44		809
Bank Hapoalim B.M.		805		5,095
Bank Leumi Le-Israel B.M.		828		5,008
Bank Mandiri Persero Tbk PT		16,875		8,655
Bank Millennium SA2		451		1,065
Bank Negara Indonesia Persero Tbk PT		8,799		5,385
Bank of Montreal		365		23,835
Bank of Nova Scotia (The)		610		30,393
Bank of the Philippine Islands		1,141		2,040
Bank Polska Kasa Opieki SA		97		2,814
Bank Rakyat Indonesia Persero Tbk PT		37,845		9,632
Bankinter SA		410		3,289
Bendigo & Adelaide Bank Ltd.		332		2,522
BNK Financial Group, Inc.2		552		3,626
BNP Paribas SA		1,866		84,205
BOC Hong Kong Holdings Ltd.		4,113		15,287
CaixaBank SA		3,629		13,126
Canadian Imperial Bank of Commerce1		250		18,612
China CITIC Bank Corp Ltd., Class H		22,902		13,924
China Everbright Bank Co. Ltd., Class H		18,557		8,035
China Merchants Bank Co. Ltd., Class H		2,705		9,916
CIMB Group Holdings Bhd		5,391		7,449
Comerica, Inc.		51		3,503
Commercial Bank PQSC (The)		198		2,142
Commerzbank AG2		1,684		11,133
Commonwealth Bank of Australia		676		34,451

9     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Banks (continued)
Concordia Financial Group Ltd.		764	$	2,939
Credicorp Ltd.		28		6,207
Credit Agricole SA		7,562		81,518
DBS Group Holdings Ltd.		830		14,426
DGB Financial Group, Inc.2		373		2,778
DNB ASA		572		9,126
Dubai Islamic Bank PJSC		2,369		3,225
E.Sun Financial Holding Co. Ltd.		4,018		2,627
Erste Group Bank AG2		306		10,162
First Abu Dhabi Bank PJSC		2,158		8,284
Grupo Financiero Banorte SAB de CV, Class O		2,113		10,276
Hana Financial Group, Inc.		427		13,872
Hang Seng Bank Ltd.		265		5,950
Housing Development Finance Corp. Ltd.		377		10,629
ICICI Bank Ltd.		3,674		18,953
Indiabulls Housing Finance Ltd.		206		2,519
ING Groep NV		4,394		47,266
Intesa Sanpaolo SpA		14,784		32,783
Kasikornbank PCL		3,292		18,705
KB Financial Group, Inc.		742		30,922
KBC Group NV		227		14,708
KeyCorp		456		6,740
Komercni banka as		51		1,919
Krung Thai Bank PCL		332		196
Malayan Banking Bhd		3,979		9,147
mBank SA		17		1,920
MCB Bank Ltd.		568		792
Mega Financial Holding Co. Ltd.		4,116		3,475
Mizrahi Tefahot Bank Ltd.		135		2,281
Mizuho Financial Group, Inc.		20,911		32,458
National Australia Bank Ltd.		1,554		26,333
National Bank of Canada1		190		7,797
Nedbank Group Ltd.		439		8,384
Nordea Bank Abp		1,852		15,579
OTP Bank Nyrt		115		4,627
Oversea-Chinese Banking Corp. Ltd.		2,862		23,643
People’s United Financial, Inc.1		145		2,092
PNC Financial Services Group, Inc. (The)		161		18,822
Public Bank Bhd		930		5,572
	Shares		Value
Banks (continued)
Qatar National Bank QPSC		320	$	17,137
Raiffeisen Bank International AG		321		8,146
Regions Financial Corp.		455		6,088
Resona Holdings, Inc.		1,493		7,195
RHB Bank Bhd		2,404		3,077
Royal Bank of Canada		690		47,206
Santander Bank Polska SA		32		3,051
Shinhan Financial Group Co. Ltd.		599		21,259
Siam Commercial Bank PCL (The)		1,974		8,094
Skandinaviska Enskilda Banken AB, Class A		828		8,041
Societe Generale SA		1,925		61,220
Standard Bank Group Ltd.		1,603		19,926
Standard Chartered PLC		3,266		25,344
Sumitomo Mitsui Financial Group, Inc.		1,600		53,156
Sumitomo Mitsui Trust Holdings, Inc.		360		13,197
SVB Financial Group2		12		2,279
Svenska Handelsbanken AB, Class A		669		7,417
Swedbank AB, Class A		313		6,981
Taishin Financial Holding Co. Ltd.		4,603		1,954
Taiwan Business Bank		4,192		1,412
TMB Bank PCL		27,228		1,840
Toronto-Dominion Bank (The)		818		40,642
Turkiye Garanti Bankasi AS		5,640		8,439
UniCredit SpA		2,774		31,375
United Overseas Bank Ltd.		610		10,996
Westpac Banking Corp.		1,650		29,086
Yes Bank Ltd.		1,467		3,820
Total Banks				1,660,764
Capital Goods—11.6%
3M Co.		186		35,440
ABB Ltd.		2,111		40,034
ACS Actividades de Construccion y Servicios SA		1,267		48,998
Acuity Brands, Inc.		35		4,023
Airbus SE		784		75,247
Alfa Laval AB		219		4,685
Allegion PLC		33		2,630
Alstom SA		234		9,435
Amada Holdings Co. Ltd.		358		3,224
ANDRITZ AG		164		7,522

10     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (continued)
Arconic, Inc.		777	$	13,100
Ashtead Group PLC		246		5,129
Assa Abloy AB, Class B		494		8,812
Atlas Copco AB, Class A		399		9,473
Atlas Copco AB, Class B		201		4,383
BAE Systems PLC		3,896		22,785
Bidvest Group Ltd. (The)		434		6,241
BOC Aviation Ltd.3		210		1,554
Boeing Co. (The)		343		110,618
Bouygues SA		1,174		42,060
Brenntag AG		329		14,179
Bunzl PLC		439		13,245
CAE, Inc.		127		2,333
Caterpillar, Inc.		478		60,739
Cie de Saint-Gobain		1,526		50,877
CNH Industrial NV		3,592		32,225
Cummins, Inc.		180		24,055
Daifuku Co. Ltd.		100		4,576
Daikin Industries Ltd.		201		21,426
DCC PLC		322		24,544
Deere & Co.		296		44,154
Eaton Corp. PLC		331		22,726
Eiffage SA		210		17,515
Elbit Systems Ltd.		34		3,902
Epiroc AB, Class A2		327		3,092
Epiroc AB, Class B2		199		1,771
Far Eastern New Century Corp.		8,402		7,627
Fastenal Co.1		100		5,229
Ferguson PLC		356		22,747
Ferrovial SA		776		15,697
Finning International, Inc.		292		5,088
Flowserve Corp.		94		3,574
Fluor Corp.		543		17,485
Fortune Brands Home & Security, Inc.		144		5,471
Fuji Electric Co. Ltd.		326		9,642
GEA Group AG		220		5,659
Geberit AG		10		3,878
General Electric Co.		18,410		139,364
HAP Seng Consolidated Bhd		627		1,495
Harris Corp.		48		6,463
HD Supply Holdings, Inc.2		170		6,378
Hino Motors Ltd.		2,077		19,688
Hitachi Construction Machinery Co. Ltd.		388		9,096
Hiwin Technologies Corp.		3		22
HOCHTIEF AG		212		28,524
	Shares		Value
Capital Goods (continued)
Honeywell International, Inc.		334	$	44,128
Huntington Ingalls Industries, Inc.		42		7,993
IHI Corp.		458		12,649
Ingersoll-Rand PLC		171		15,600
ITOCHU Corp.		4,100		69,769
Jacobs Engineering Group, Inc.		280		16,369
Johnson Controls International PLC		1,065		31,577
Kajima Corp.		1,491		20,086
Kawasaki Heavy Industries Ltd.		702		15,049
Keihan Holdings Co. Ltd.		65		2,651
Keppel Corp. Ltd.		1,081		4,687
Kingspan Group PLC		116		4,957
KION Group AG		171		8,666
KOC Holding AS		8,458		22,576
Komatsu Ltd.		1,020		21,992
Kone OYJ, Class B		213		10,139
Kubota Corp.		1,105		15,727
Kurita Water Industries Ltd.		100		2,428
Legrand SA		125		7,045
Lennox International, Inc.		21		4,596
LG Corp.2		168		10,524
LIXIL Group Corp.		1,400		17,380
Lockheed Martin Corp.		203		53,154
Masco Corp.		299		8,743
Meggitt PLC		454		2,723
Metso OYJ		128		3,351
Middleby Corp. (The)1,2		25		2,568
Mitsubishi Electric Corp.		3,505		38,863
Mitsubishi Heavy Industries Ltd.		1,114		40,168
MTU Aero Engines AG		30		5,432
Nabtesco Corp.		104		2,271
NGK Insulators Ltd.		275		3,737
Northrop Grumman Corp.		115		28,164
NSK Ltd.		1,135		9,817
Obayashi Corp.		1,961		17,766
OSRAM Licht AG		156		6,762
Owens Corning		157		6,905
Parker-Hannifin Corp.		100		14,914
Raytheon Co.		170		26,070
Rexel SA		1,502		15,968
Rockwell Automation, Inc.		45		6,772
Rolls-Royce Holdings PLC2		2,362		24,968
Roper Technologies, Inc.		20		5,330
Safran SA		183		22,049

11     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Capital Goods (continued)
Sandvik AB		832	$	11,857
Schneider Electric SE		480		32,769
Seibu Holdings, Inc.		300		5,234
Sembcorp Industries Ltd.		4,243		7,907
Shimizu Corp.		1,926		15,711
Siemens AG		986		109,761
Sime Darby Bhd		16,087		9,343
Singapore Technologies Engineering Ltd.		2,198		5,628
SK Holdings Co. Ltd.		496		115,576
Skanska AB, Class B		1,278		20,325
SKF AB, Class B		624		9,463
Smiths Group PLC		265		4,604
Snap-on, Inc.1		29		4,213
SNC-Lavalin Group, Inc.		258		8,674
Spirit AeroSystems Holdings, Inc., Class A		106		7,642
Taisei Corp.		395		16,939
Thales SA		167		19,472
THK Co. Ltd.		154		2,894
TOTO Ltd.		147		5,105
United Rentals, Inc.2		76		7,792
United Technologies Corp.		574		61,120
Vestas Wind Systems A/S		185		13,946
Vinci SA		668		54,996
Volvo AB, Class B		2,700		35,311
W.W. Grainger, Inc.1		42		11,859
WABCO Holdings, Inc.2		37		3,972
Wartsila OYJ Abp		393		6,242
WEG SA		710		3,213
Weir Group PLC (The)		190		3,141
WSP Global, Inc.		137		5,885
Xylem, Inc.		86		5,738
Total Capital Goods				2,449,294
Commercial & Professional Services—1.1%
Adecco Group AG		667		31,077
Babcock International Group PLC		894		5,571
Brambles Ltd.		856		6,117
Bureau Veritas SA		276		5,615
China Everbright International Ltd.		5,249		4,706
Copart, Inc.1,2		45		2,150
Dai Nippon Printing Co. Ltd.		642		13,441
Edenred		47		1,725
Experian PLC		232		5,629
IHS Markit Ltd.2		90		4,317
Intertek Group PLC		68		4,157
ISS A/S		400		11,155
	Shares		Value
Commercial & Professional Services (continued)
ManpowerGroup, Inc.		325	$	21,060
Park24 Co. Ltd.		100		2,199
Randstad NV		649		29,743
Recruit Holdings Co. Ltd.		854		20,724
RELX PLC		510		10,500
Robert Half International, Inc.		110		6,292
SEEK Ltd.		85		1,013
SGS SA		3		6,726
Societe BIC SA		24		2,446
Sohgo Security Services Co. Ltd.		118		5,528
Teleperformance		35		5,585
Toppan Printing Co. Ltd.		1,246		18,364
Wolters Kluwer NV		99		5,846
Total Commercial & Professional Services				231,686
Consumer Durables & Apparel—3.0%
adidas AG		127		26,481
Arcelik AS		1,669		4,954
Asics Corp.1		327		4,187
Barratt Developments PLC		1,145		6,749
Berkeley Group Holdings PLC		93		4,121
Burberry Group PLC		178		3,934
Casio Computer Co. Ltd.1		57		677
Cie Financiere Richemont SA		203		12,973
Electrolux AB, Series B		761		16,060
EssilorLuxottica SA		75		9,470
Gildan Activewear, Inc.		102		3,095
Hanesbrands, Inc.1		507		6,353
Hasbro, Inc.1		60		4,875
HengTen Networks Group Ltd.2		1,133		34
HUGO BOSS AG		53		3,267
Husqvarna AB, Class B		554		4,105
Kering		44		20,703
LG Electronics, Inc.		905		50,530
LPP SA		1		2,090
LVMH Moet Hennessy Louis Vuitton SE		200		59,032
Mattel, Inc.1,2		416		4,156
Mohawk Industries, Inc.2		90		10,526
Moncler SpA		53		1,753
Newell Brands, Inc.1		602		11,191
NIKE, Inc., Class B		481		35,661
Nikon Corp.		423		6,304
Panasonic Corp.		8,727		78,795

12     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Durables & Apparel (continued)
Pandora A/S		77	$	3,129
Persimmon PLC		196		4,818
Puma SE		11		5,369
PVH Corp.		101		9,388
SEB SA		65		8,382
Sega Sammy Holdings, Inc.		275		3,850
Sekisui Chemical Co. Ltd.		766		11,387
Sekisui House Ltd.		1,448		21,367
Sharp Corp.		1,600		16,071
Sony Corp.		1,771		85,971
Swatch Group AG (The)		17		4,944
Swatch Group AG (The)		80		4,609
Taylor Wimpey PLC		3,083		5,350
Techtronic Industries Co. Ltd.		1,500		7,970
Titan Co. Ltd.		200		2,667
Under Armour, Inc., Class A2		116		2,050
Under Armour, Inc., Class C1,2		155		2,506
VF Corp.		184		13,127
Whirlpool Corp.		187		19,985
Yamaha Corp.		149		6,356
Total Consumer Durables & Apparel				631,372
Consumer Services—0.9%
Accor SA		72		3,054
Alsea SAB de CV		1,031		2,678
Aristocrat Leisure Ltd.		128		1,968
Benesse Holdings, Inc.		133		3,392
China Travel International Investment Hong Kong Ltd.		1,756		469
Compass Group PLC		1,522		31,984
Crown Resorts Ltd.		343		2,864
Flight Centre Travel Group Ltd.		72		2,176
Hilton Worldwide Holdings, Inc.		140		10,052
InterContinental Hotels Group PLC		37		1,997
Kangwon Land, Inc.2		60		1,721
Marriott International, Inc., Class A		214		23,232
Melco Resorts & Entertainment Ltd.4		411		7,242
Merlin Entertainments PLC3		556		2,248
MGM China Holdings Ltd.1		1,670		2,803
Minor International PCL		1,913		1,998
OPAP SA		219		1,901
	Shares		Value
Consumer Services (continued)
Oriental Land Co. Ltd.		83	$	8,363
Paddy Power Betfair PLC		29		2,375
Sands China Ltd.		2,306		10,102
Shangri-La Asia Ltd.		1,374		2,036
Sodexo SA		258		26,396
Tabcorp Holdings Ltd.		962		2,905
TUI AG		1,557		22,319
Vail Resorts, Inc.		9		1,897
Whitbread PLC		83		4,840
Total Consumer Services				183,012
Diversified Financials—3.9%
3i Group PLC		143		1,409
AEON Financial Service Co. Ltd.		239		4,256
Ally Financial, Inc.		464		10,514
American Express Co.		424		40,416
Ameriprise Financial, Inc.		115		12,002
AMP Ltd.		1,487		2,565
Amundi SA3		51		2,691
ASX Ltd.		25		1,055
B3 SA - Brasil Bolsa Balcao		178		1,231
Bajaj Finance Ltd.		65		2,463
Bank of New York Mellon Corp. (The)		401		18,875
BlackRock, Inc.		39		15,320
Brookfield Asset Management, Inc., Class A		1,408		53,937
Chailease Holding Co. Ltd.		1,000		3,153
Challenger Ltd.		266		1,777
CME Group, Inc.		23		4,327
Credit Suisse Group AG2		3,153		34,543
Deutsche Bank AG		5,747		45,771
Deutsche Boerse AG		31		3,719
Eurazeo SE		76		5,369
EXOR NV		3,407		184,064
FirstRand Ltd.		2,220		10,118
Franklin Resources, Inc.		227		6,733
Goldman Sachs Group, Inc. (The)		293		48,946
Groupe Bruxelles Lambert SA		83		7,219
Hong Kong Exchanges & Clearing Ltd.		55		1,592
IGM Financial, Inc.1		104		2,363
Industrivarden AB, Class C		14		283
Investec Ltd.		280		1,538
Investec PLC		732		4,112
Investor AB, Class B		89		3,770
Japan Exchange Group, Inc.		100		1,621

13     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Diversified Financials (continued)
Julius Baer Group Ltd.2		116	$	4,120
Kinnevik AB, Class B		12		289
L E Lundbergforetagen AB, Class B		62		1,827
London Stock Exchange Group PLC		64		3,311
Macquarie Group Ltd.		49		3,748
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,625		7,820
Moody’s Corp.		35		4,901
Morgan Stanley		1,290		51,148
Natixis SA		4,641		21,853
Northern Trust Corp.		75		6,269
Onex Corp.		457		24,878
ORIX Corp.		1,735		25,389
PSG Group Ltd.		114		1,940
REC Ltd.		2,049		3,585
Remgro Ltd.		160		2,166
RMB Holdings Ltd.		9		49
S&P Global, Inc.		40		6,798
Samsung Card Co. Ltd.2		127		3,932
Schroders PLC		107		3,329
Singapore Exchange Ltd.		101		530
Standard Life Aberdeen PLC		6,591		21,552
State Street Corp.		195		12,299
T. Rowe Price Group, Inc.		65		6,001
UBS Group AG2		3,221		39,977
Voya Financial, Inc.1		210		8,429
Wendel SA		87		10,413
Yuanta Financial Holding Co. Ltd.		10,308		5,181
Total Diversified Financials				819,486
Energy—8.1%
Aker BP ASA		123		3,097
ARC Resources Ltd.		103		611
Baker Hughes a GE Co.		1,135		24,402
Banpu PCL		6,683		3,038
Caltex Australia Ltd.		911		16,341
Cameco Corp.		152		1,723
Cenovus Energy, Inc.		2,301		16,173
ConocoPhillips		573		35,727
Cosan SA		331		2,858
Devon Energy Corp.		484		10,909
Empresas COPEC SA		1,589		19,067
Enagas SA		57		1,538
Enbridge, Inc.		1,199		37,231
Encana Corp.		668		3,854
Energy Absolute PCL		262		342
Equinor ASA		3,321		70,473
	Shares		Value
Energy (continued)
Exxaro Resources Ltd.		183	$	1,754
Galp Energia SGPS SA		1,177		18,561
GS Holdings Corp.2		357		16,509
Hess Corp.		113		4,576
Husky Energy, Inc.		1,489		15,383
Idemitsu Kosan Co. Ltd.		1,120		36,852
Imperial Oil Ltd.		893		22,616
Indian Oil Corp. Ltd.		35,237		69,172
Inpex Corp.		823		7,364
IRPC PCL		51,684		9,127
John Wood Group PLC		1,641		10,579
JXTG Holdings, Inc.		18,294		96,160
Koninklijke Vopak NV		37		1,678
Lundin Petroleum AB		94		2,347
Marathon Oil Corp.		359		5,148
MOL Hungarian Oil & Gas PLC		1,621		17,780
National Oilwell Varco, Inc.		277		7,119
Neste OYJ		232		17,865
Noble Energy, Inc.		194		3,639
Novatek PJSC		110		18,810
Oil Search Ltd.		191		963
OMV AG		508		22,213
ONEOK, Inc.		239		12,894
Origin Energy Ltd.2		2,393		10,900
Pembina Pipeline Corp.1		165		4,894
Petronas Dagangan Bhd		1,217		7,804
Phillips 66		1,311		112,943
Polski Koncern Naftowy ORLEN SA		1,105		31,811
PTT Exploration & Production PCL		1,255		4,375
PTT PCL		49,515		69,954
Repsol SA		3,372		54,274
Royal Dutch Shell PLC, Class A		6,931		203,690
Royal Dutch Shell PLC, Class B		5,815		173,300
Santos Ltd.		821		3,167
Schlumberger Ltd.		773		27,890
Showa Shell Sekiyu KK		1,535		21,560
Snam SpA		737		3,217
S-Oil Corp.		223		19,526
Suncor Energy, Inc.		964		26,913
TechnipFMC PLC		681		13,334
Thai Oil PCL		5,351		10,888
Total SA		3,475		183,447
TransCanada Corp.		283		10,101
Ultrapar Participacoes SA		2,309		31,694

14     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (continued)
United Tractors Tbk PT		2,348	$	4,466
Vermilion Energy, Inc.1		29		611
Woodside Petroleum Ltd.		191		4,211
WorleyParsons Ltd.		367		2,951
Total Energy				1,704,414
Food & Staples Retailing—4.4%
Aeon Co. Ltd.		3,672		71,941
Atacadao Distribuicao Comercio e Industria Ltda		3,692		17,232
Carrefour SA		5,300		90,335
Casino Guichard Perrachon SA		1,115		46,319
Clicks Group Ltd.		175		2,329
Empire Co. Ltd.		726		15,325
George Weston Ltd.		585		38,570
ICA Gruppen AB1		385		13,757
J Sainsbury PLC		10,588		35,735
Jeronimo Martins SGPS SA		1,824		21,560
Koninklijke Ahold Delhaize NV		3,272		82,569
Kroger Co. (The)		4,754		130,735
Lawson, Inc.		90		5,701
Loblaw Cos. Ltd.		911		40,761
METRO AG		2,919		44,697
Metro, Inc.		411		14,246
Pick n Pay Stores Ltd.		1,346		6,341
President Chain Store Corp.		1,134		11,474
Seven & i Holdings Co. Ltd.		1,461		63,692
SPAR Group Ltd. (The)		601		8,669
Tesco PLC		38,338		92,821
Wm Morrison Supermarkets PLC		8,183		22,225
Woolworths Group Ltd.		2,228		46,146
Total Food & Staples Retailing				923,180
Food, Beverage & Tobacco—4.5%
Ajinomoto Co., Inc.		743		13,253
Ambev SA		3,492		13,857
Anadolu Efes Biracilik Ve Malt Sanayii AS		831		3,218
Anheuser-Busch InBev SA		728		48,019
Arca Continental SAB de CV		1,657		9,236
Archer-Daniels-Midland Co.		1,573		64,446
Associated British Foods PLC		718		18,682
Barry Callebaut AG		5		7,765
British American Tobacco Malaysia Bhd		102		891
	Shares		Value
Food, Beverage & Tobacco (continued)
British American Tobacco PLC		1,024	$	32,604
Bunge Ltd.		900		48,096
Campbell Soup Co.		242		7,984
Carlsberg A/S, Class B		75		7,957
Cia Cervecerias Unidas SA		238		3,058
CJ CheilJedang Corp.2		53		15,699
Coca-Cola Amatil Ltd.		554		3,194
Coca-Cola Co. (The)		579		27,416
Coca-Cola European Partners PLC		299		13,709
Coca-Cola Femsa SAB de CV, Series L		484		2,928
Coca-Cola HBC AG2		296		9,244
Conagra Brands, Inc.		339		7,241
Danone SA		462		32,486
Diageo PLC		488		17,371
Fraser & Neave Holdings Bhd		200		1,621
General Mills, Inc.		410		15,965
Grupo Bimbo SAB de CV, Series A		8,157		16,216
Heineken Holding NV		328		27,653
Heineken NV		318		28,064
Hershey Co. (The)		58		6,216
Hormel Foods Corp.1		243		10,371
Imperial Brands PLC		674		20,404
Ingredion, Inc.		65		5,941
ITC Ltd.		1,726		6,963
JM Smucker Co. (The)		77		7,199
Kellogg Co.		245		13,967
Kerry Group PLC, Class A		81		8,009
Kikkoman Corp.		59		3,178
Kirin Holdings Co. Ltd.		819		17,158
Kraft Heinz Co. (The)		585		25,178
Lamb Weston Holdings, Inc.		50		3,678
M Dias Branco SA		129		1,425
Marine Harvest ASA		211		4,452
McCormick & Co., Inc.		39		5,430
Molson Coors Brewing Co., Class B		186		10,446
Mondelez International, Inc., Class A		686		27,461
Nestle India Ltd.		12		1,905
Nestle Malaysia Bhd		39		1,391
Nestle SA		1,270		102,806
Orkla ASA		684		5,375
PepsiCo, Inc.		632		69,823
Pernod Ricard SA		74		12,122
Remy Cointreau SA		14		1,584

15     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Food, Beverage & Tobacco (continued)
Sime Darby Plantation Bhd		3,111	$	3,583
Standard Foods Corp.		1,035		1,674
Suntory Beverage & Food Ltd.		300		13,562
Swedish Match AB		43		1,693
Toyo Suisan Kaisha Ltd.		137		4,789
Treasury Wine Estates Ltd.		208		2,167
Wilmar International Ltd.		21,821		49,950
Total Food, Beverage & Tobacco				947,773
Health Care Equipment & Services—3.7%
ABIOMED, Inc.2		3		975
Alfresa Holdings Corp.		1,112		28,409
Align Technology, Inc.2		10		2,094
AmerisourceBergen Corp.		2,111		157,058
Bangkok Dusit Medical Services PCL		3,486		2,655
Becton Dickinson and Co.		73		16,448
Cardinal Health, Inc.		2,925		130,455
Cigna Corp.		189		35,895
Cochlear Ltd.		10		1,222
Coloplast A/S, Class B		28		2,595
ConvaTec Group PLC3		1,044		1,848
Cooper Cos., Inc. (The)		11		2,799
CVS Health Corp.		2,821		184,832
DaVita, Inc.2		175		9,005
Edwards Lifesciences Corp.2		27		4,136
Fisher & Paykel Healthcare Corp. Ltd.		82		715
Hartalega Holdings Bhd		456		678
HCA Healthcare, Inc.		381		47,415
Henry Schein, Inc.1,2		177		13,898
Hoya Corp.		93		5,607
Humana, Inc.		198		56,723
IDEXX Laboratories, Inc.2		12		2,232
Koninklijke Philips NV		631		22,311
Laboratory Corp. of America Holdings2		78		9,856
Life Healthcare Group Holdings Ltd.		980		1,799
Netcare Ltd.		1,262		2,319
NMC Health PLC		46		1,603
Quest Diagnostics, Inc.		92		7,661
Ramsay Health Care Ltd.		190		7,722
ResMed, Inc.		27		3,074
Ryman Healthcare Ltd.		29		209
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,169		6,444
Sonic Healthcare Ltd.		286		4,452
	Shares		Value
Health Care Equipment & Services (continued)
Sonova Holding AG		21	$	3,421
Straumann Holding AG		3		1,881
Sysmex Corp.		84		4,039
Terumo Corp.		49		2,780
Top Glove Corp. Bhd		862		1,168
Varian Medical Systems, Inc.2		29		3,286
Total Health Care Equipment & Services				791,719
Household & Personal Products—1.6%
Amorepacific Corp.2		33		6,196
AMOREPACIFIC Group2		113		7,363
Beiersdorf AG		98		10,213
Clorox Co. (The)		43		6,628
Colgate-Palmolive Co.		285		16,963
Dabur India Ltd.		228		1,406
Essity AB, Class B		539		13,229
Estee Lauder Cos., Inc., (The), Class A		67		8,717
Henkel AG & Co KGaA		151		14,802
Hindustan Unilever Ltd.		238		6,203
Kao Corp.		237		17,614
Kimberly-Clark Corp.		188		21,421
Kimberly-Clark de Mexico SAB de CV, Class A2		767		1,214
LG Household & Health Care Ltd.2		6		5,920
L’Oreal SA		145		33,350
Marico Ltd.		218		1,166
Natura Cosmeticos SA		339		3,936
Procter & Gamble Co. (The)		821		75,466
Reckitt Benckiser Group PLC		217		16,618
Unicharm Corp.		201		6,520
Unilever Indonesia Tbk PT		1,076		3,397
Unilever NV		773		41,903
Unilever PLC		550		28,779
Total Household & Personal Products				349,024
Insurance—5.2%
Aegon NV		4,839		22,564
Allianz SE		449		89,895
Allstate Corp. (The)		459		37,927
Assicurazioni Generali SpA		4,665		77,859
Aviva PLC		7,500		35,868
AXA SA		5,346		115,247
Cathay Financial Holding Co. Ltd.		4,139		6,329
CNP Assurances		1,881		39,823

16     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (continued)
Fubon Financial Holding Co. Ltd.		2,635	$	4,033
Gjensidige Forsikring ASA		234		3,654
Great-West Lifeco, Inc.		1,244		25,667
Hyundai Marine & Fire Insurance Co. Ltd.2		398		14,642
Insurance Australia Group Ltd.		1,219		6,007
Intact Financial Corp.		105		7,626
Legal & General Group PLC		2,426		7,137
Manulife Financial Corp.		1,689		23,954
Mapfre SA1		8,735		23,166
Marsh & McLennan Cos., Inc.		195		15,551
MS&AD Insurance Group Holdings, Inc.		1,756		50,128
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		285		62,081
NN Group NV		395		15,714
Old Mutual Ltd.		1,922		2,993
Principal Financial Group, Inc.		137		6,051
Progressive Corp. (The)		500		30,165
Prudential Financial, Inc.		369		30,092
Prudential PLC		2,191		39,122
QBE Insurance Group Ltd.		1,535		10,914
RSA Insurance Group PLC		1,385		9,060
Samsung Fire & Marine Insurance Co. Ltd.2		78		18,804
Sanlam Ltd.		1,646		9,131
Sompo Holdings, Inc.		1,034		35,172
Sun Life Financial, Inc.		404		13,397
Suncorp Group Ltd.		1,004		8,927
Swiss Re AG		460		42,052
T&D Holdings, Inc.		1,160		13,523
Tokio Marine Holdings, Inc.		1,107		52,830
Travelers Cos., Inc. (The)		235		28,141
Tryg A/S		123		3,088
Willis Towers Watson PLC		60		9,112
Zurich Insurance Group AG		159		47,274
Total Insurance				1,094,720
Materials—6.5%
Agnico Eagle Mines Ltd.		71		2,864
Air Liquide SA		223		27,646
Akzo Nobel NV		145		11,669
Amcor Ltd.		1,084		10,112
Anglo American PLC1		1,642		36,551
	Shares		Value
Materials (continued)
Antofagasta PLC		540	$	5,386
Arkema SA		114		9,769
Asahi Kasei Corp.		1,942		20,001
Asian Paints Ltd.		147		2,891
Avery Dennison Corp.		87		7,815
Axalta Coating Systems Ltd.2		218		5,106
Ball Corp.		268		12,323
BASF SE		1,107		76,434
BHP Group Ltd.		1,262		30,412
BHP Group PLC		965		20,299
BlueScope Steel Ltd.		1,030		7,947
Boliden AB		307		6,648
Boral Ltd.		1,253		4,358
Cementos Argos SA		1,288		2,760
Cemex SAB de CV2		30,750		14,818
China Steel Corp.		18,200		14,359
Chr Hansen Holding A/S		15		1,325
Clariant AG2		374		6,863
Covestro AG3		372		18,362
CRH PLC		1,142		30,157
Croda International PLC		34		2,029
Daicel Corp.		399		4,113
DowDuPont, Inc.		1,992		106,532
Ecolab, Inc.		105		15,472
Evonik Industries AG		677		16,871
Fletcher Building Ltd.2		2,100		6,872
Fortescue Metals Group Ltd.		2,652		7,823
Franco-Nevada Corp.1		11		771
Grupo Argos SA		765		3,981
Hanwha Chemical Corp.		571		10,337
HeidelbergCement AG		335		20,442
Hitachi Chemical Co. Ltd.		402		6,082
Hitachi Metals Ltd.		881		9,234
Imerys SA		108		5,183
International Flavors & Fragrances, Inc.		40		5,371
James Hardie Industries PLC		210		2,235
JFE Holdings, Inc.		2,200		35,231
Johnson Matthey PLC		583		20,783
JSR Corp.		268		4,043
Kaneka Corp.		150		5,387
Kansai Paint Co. Ltd.		304		5,858
Kinross Gold Corp.2		1,436		4,626
Klabin SA		462		1,893
Koninklijke DSM NV		141		11,515
Kumba Iron Ore Ltd.		167		3,286
Kuraray Co. Ltd.		369		5,213

17     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Materials (continued)
LafargeHolcim Ltd.2		691	$	28,389
LANXESS AG		190		8,731
LG Chem Ltd.2		81		25,190
Linde PLC		206		32,144
Lotte Chemical Corp.2		66		16,385
Lundin Mining Corp.		608		2,511
Mitsubishi Chemical Holdings Corp.		5,024		38,126
Mitsubishi Materials Corp.		676		17,837
Mitsui Chemicals, Inc.		509		11,524
Mondi Ltd.		101		2,174
Mondi PLC		319		6,637
Mosaic Co. (The)		271		7,916
Newcrest Mining Ltd.		251		3,852
Newmont Mining Corp.		250		8,663
Nippon Steel & Sumitomo Metal Corp.		3,300		56,922
Nitto Denko Corp.		197		9,953
Norsk Hydro ASA		4,054		18,357
Novozymes A/S, Class B		46		2,050
Nutrien Ltd.		423		19,859
Orica Ltd.		329		3,995
PPG Industries, Inc.		166		16,970
PTT Global Chemical PCL		11		24
Randgold Resources Ltd.		16		1,323
Rio Tinto PLC		717		34,061
Sherwin-Williams Co. (The)		48		18,886
Shin-Etsu Chemical Co. Ltd.		140		10,892
Showa Denko KK		200		5,961
Siam Cement PCL (The)		1,240		16,604
Sika AG		69		8,721
Smurfit Kappa Group PLC		406		10,795
Solvay SA		123		12,278
South32 Ltd.		3,675		8,667
Stora Enso OYJ, Class R		750		8,646
Sumitomo Chemical Co. Ltd.		4,286		20,822
Sumitomo Metal Mining Co. Ltd.		341		9,161
Symrise AG		49		3,613
Taiheiyo Cement Corp.		223		6,900
Teck Resources Ltd., Class B		520		11,190
Teijin Ltd.		460		7,367
thyssenkrupp AG		3,042		52,092
Titan Cement Co. SA		80		1,772
Toray Industries, Inc.		2,849		20,047
Umicore SA		346		13,788
UPM-Kymmene OYJ		456		11,546
voestalpine AG		507		15,127
	Shares		Value
Materials (continued)
West Fraser Timber Co. Ltd.		92	$	4,543
WestRock Co.		402		15,180
Wheaton Precious Metals Corp.		61		1,190
Total Materials				1,377,439
Media & Entertainment—1.9%
Alphabet, Inc., Class A2		59		61,653
Alphabet, Inc., Class C2		69		71,457
Axel Springer SE		70		3,951
Eutelsat Communications SA		94		1,849
Informa PLC		663		5,321
ITV PLC		2,554		4,061
JCDecaux SA		123		3,448
Konami Holdings Corp.		100		4,380
Liberty Global PLC, Class A1,2		185		3,948
Liberty Global PLC, Class C2		525		10,836
Naspers Ltd., Class N		41		8,244
NCSoft Corp.2		5		2,090
Nintendo Co. Ltd.		20		5,338
Omnicom Group, Inc.		232		16,992
Pearson PLC		529		6,322
ProSiebenSat.1 Media SE		262		4,657
Publicis Groupe SA		207		11,851
Schibsted ASA, Class B		45		1,364
SES SA		84		1,605
Singapore Press Holdings Ltd.		412		710
Take-Two Interactive Software, Inc.2		20		2,059
Telenet Group Holding NV		70		3,249
Tencent Holdings Ltd.		1,264		50,693
Toho Co. Ltd.		37		1,342
Ubisoft Entertainment SA2		31		2,498
Vivendi SA		746		18,147
Walt Disney Co. (The)		584		64,036
WPP PLC		2,080		22,427
Total Media & Entertainment				394,528
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
AbbVie, Inc.		384		35,401
Agilent Technologies, Inc.		81		5,464
Amgen, Inc.		130		25,307
Astellas Pharma, Inc.		875		11,177
AstraZeneca PLC		279		20,869
Bayer AG		523		36,207
Biogen, Inc.2		46		13,842

18     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Bristol-Myers Squibb Co.		460	$	23,911
Chugai Pharmaceutical Co. Ltd.		134		7,792
CSL Ltd.		71		9,255
Daiichi Sankyo Co. Ltd.		294		9,408
Eisai Co. Ltd.		114		8,834
Eli Lilly & Co.		247		28,583
Genmab A/S2		3		491
Gilead Sciences, Inc.		390		24,395
GlaxoSmithKline PLC		2,165		41,118
Grifols SA		116		3,037
H Lundbeck A/S		78		3,410
Ipsen SA		22		2,838
IQVIA Holdings, Inc.2		97		11,270
Jazz Pharmaceuticals PLC2		14		1,735
Johnson & Johnson		565		72,913
Kalbe Farma Tbk PT		14,469		1,529
Kyowa Hakko Kirin Co. Ltd.		192		3,635
Lonza Group AG2		23		5,942
Merck & Co., Inc.		625		47,756
Merck KGaA		51		5,246
Mettler-Toledo International, Inc.1,2		6		3,394
Mitsubishi Tanabe Pharma Corp.		316		4,554
Novartis AG		724		61,721
Novo Nordisk A/S, Class B		332		15,151
Ono Pharmaceutical Co. Ltd.		100		2,046
Orion OYJ, Class B		29		1,004
Otsuka Holdings Co. Ltd.		300		12,285
Piramal Enterprises Ltd.		54		1,842
QIAGEN NV2		51		1,730
Roche Holding AG		206		50,863
Sanofi		501		43,332
Santen Pharmaceutical Co. Ltd.		100		1,446
Sartorius Stedim Biotech		13		1,298
Shionogi & Co. Ltd.		98		5,601
Sumitomo Dainippon Pharma Co. Ltd.		187		5,957
Takeda Pharmaceutical Co. Ltd.1		426		14,386
UCB SA		72		5,868
Vertex Pharmaceuticals, Inc.2		19		3,149
Vifor Pharma AG		14		1,518
Waters Corp.2		14		2,641
Zoetis, Inc.		71		6,073
Total Pharmaceuticals, Biotechnology & Life Sciences				707,224
	Shares		Value
Real Estate—1.2%
Aeon Mall Co. Ltd.		176	$	2,806
American Tower Corp.		49		7,751
Ascendas Real Estate Investment Trust		419		790
Azrieli Group Ltd.		17		812
Boston Properties, Inc.		24		2,701
British Land Co. PLC (The)		129		876
CapitaLand Commercial Trust		207		266
CapitaLand Ltd.		1,910		4,358
CapitaLand Mall Trust		401		665
CBRE Group, Inc., Class A2		485		19,419
Central Pattana PCL		549		1,260
City Developments Ltd.		588		3,503
Covivio		10		963
Daiwa House Industry Co. Ltd.		1,317		41,989
Deutsche Wohnen SE		37		1,692
Dexus		112		837
Digital Realty Trust, Inc.		32		3,410
Duke Realty Corp.		36		932
Equinix, Inc.		15		5,288
First Capital Realty, Inc.1		44		607
Gecina SA		6		775
Goodman Group		203		1,519
GPT Group (The)		198		744
Growthpoint Properties Ltd.		463		750
Hammerson PLC		61		256
Hang Lung Group Ltd.		650		1,656
Hang Lung Properties Ltd.		803		1,530
HCP, Inc.		70		1,955
Host Hotels & Resorts, Inc.		326		5,434
Hulic Co. Ltd.		300		2,693
Hyprop Investments Ltd.		40		227
Hysan Development Co. Ltd.		92		438
ICADE		27		2,053
Iron Mountain, Inc.		136		4,408
Jones Lang LaSalle, Inc.		102		12,913
Klepierre SA		51		1,572
Land Securities Group PLC		118		1,209
LendLease Group		1,450		11,872
Liberty Property Trust		18		754
Link REIT		177		1,793
Macerich Co. (The)		21		909
Mirvac Group		1,184		1,867
Mitsubishi Estate Co. Ltd.		764		12,043
Mitsui Fudosan Co. Ltd.		704		15,689
NEPI Rockcastle PLC		34		267

19     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Real Estate (continued)
Nomura Real Estate Holdings, Inc.		284	$	5,216
Prologis, Inc.		51		2,995
Redefine Properties Ltd.		857		576
SBA Communications Corp.2		12		1,943
Segro PLC		80		600
Sime Darby Property Bhd		2,746		661
SM Prime Holdings, Inc.		3,213		2,187
Stockland		911		2,258
Sun Hung Kai Properties Ltd.		879		12,529
Swire Pacific Ltd., Class A		771		8,144
Swire Properties Ltd.		642		2,255
Swiss Prime Site AG2		19		1,533
Tokyu Fudosan Holdings Corp.		1,868		9,228
UDR, Inc.		27		1,070
Unibail-Rodamco-Westfield		17		2,631
UOL Group Ltd.		517		2,348
Weyerhaeuser Co.		327		7,148
Wharf Real Estate Investment Co. Ltd.		453		2,711
Total Real Estate				252,284
Retailing—3.1%
Best Buy Co., Inc.		778		41,203
Booking Holdings, Inc.2		9		15,502
Canadian Tire Corp. Ltd., Class A		99		10,347
Dufry AG2		99		9,352
Fast Retailing Co. Ltd.		60		30,827
Foschini Group Ltd. (The)		196		2,265
Gap, Inc. (The)		766		19,732
Harvey Norman Holdings Ltd.1		761		1,693
Hennes & Mauritz AB, Class B1		1,276		18,137
Home Depot, Inc. (The)		706		121,305
Home Product Center PCL		4,945		2,309
Hotai Motor Co. Ltd.		679		5,644
Industria de Diseno Textil SA		1,167		29,816
J Front Retailing Co. Ltd.		299		3,434
Jardine Cycle & Carriage Ltd.		771		19,996
Kingfisher PLC		5,422		14,329
LKQ Corp.1,2		452		10,726
Lojas Renner SA		277		3,030
Lowe’s Cos., Inc.		935		86,357
	Shares		Value
Retailing (continued)
Marks & Spencer Group PLC1		4,074	$	12,826
Marui Group Co. Ltd.		100		1,944
Motus Holdings Ltd.2		1		6
Mr Price Group Ltd.1		100		1,711
Next PLC		93		4,727
Nitori Holdings Co. Ltd.		38		4,756
Nordstrom, Inc.1		356		16,593
Petrobras Distribuidora SA		4,500		29,839
Rakuten, Inc.1		1,300		8,721
S.A.C.I. Falabella		1,903		13,956
Target Corp.		1,219		80,564
Tiffany & Co.		51		4,106
Tractor Supply Co.		98		8,177
USS Co. Ltd.		100		1,685
Woolworths Holdings Ltd.		1,502		5,752
Yamada Denki Co. Ltd.		4,149		19,929
Zalando SE1,2,3		203		5,207
Total Retailing				666,503
Semiconductors & Semiconductor Equipment—1.2%
Analog Devices, Inc.		71		6,094
Applied Materials, Inc.		539		17,647
ASE Technology Holding Co. Ltd.2		5,941		11,269
ASM Pacific Technology Ltd.		310		2,987
ASML Holding NV		82		12,857
Infineon Technologies AG		500		9,925
Intel Corp.		1,592		74,713
Lam Research Corp.		92		12,528
Marvell Technology Group Ltd.		223		3,610
NVIDIA Corp.		91		12,148
Rohm Co. Ltd.		100		6,417
Skyworks Solutions, Inc.		64		4,289
STMicroelectronics NV		771		11,004
Taiwan Semiconductor Manufacturing Co. Ltd.		4,840		35,508
Texas Instruments, Inc.		184		17,388
Tokyo Electron Ltd.		59		6,730
United Microelectronics Corp.		16,800		6,149
Xilinx, Inc.		36		3,066
Xinyi Solar Holdings Ltd.		4,000		1,405
Total Semiconductors & Semiconductor Equipment				255,734
Software & Services—3.4%
Accenture PLC, Class A		305		43,008
Adobe, Inc.2		45		10,181

20     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (continued)
Amadeus IT Group SA		87	$	6,051
ANSYS, Inc.2		9		1,286
Atos SE		201		16,424
Autodesk, Inc.2		21		2,701
Automatic Data Processing, Inc.		108		14,161
Broadridge Financial Solutions, Inc.		51		4,909
Cadence Design Systems, Inc.2		56		2,435
Capgemini SE		146		14,487
CGI Group, Inc., Class A2		145		8,865
Cielo SA		1,469		3,370
Citrix Systems, Inc.		31		3,176
Cognizant Technology Solutions Corp., Class A		262		16,632
Computershare Ltd.		193		2,336
Dassault Systemes SE		37		4,386
DXC Technology Co.		473		25,149
Fortinet, Inc.2		29		2,043
Fujitsu Ltd.		617		38,505
HCL Technologies Ltd.		573		7,915
Infosys Ltd.		1,246		11,760
International Business Machines Corp.		784		89,117
Intuit, Inc.		35		6,890
Jack Henry & Associates, Inc.		13		1,645
Mastercard, Inc., Class A		84		15,847
Micro Focus International PLC		453		7,979
Microsoft Corp.		1,234		125,337
Nice Ltd.2		14		1,507
Nomura Research Institute Ltd.		129		4,791
NTT Data Corp.		1,800		19,769
Open Text Corp.		80		2,607
Oracle Corp.		981		44,292
Oracle Corp. Japan		80		5,104
Otsuka Corp.		214		5,891
PayPal Holdings, Inc.2		213		17,911
PTC, Inc.2		18		1,492
Red Hat, Inc.2		21		3,688
Sabre Corp.		177		3,830
Sage Group PLC (The)		376		2,880
salesforce.com, Inc.2		113		15,478
SAP SE		313		31,104
ServiceNow, Inc.2		17		3,027
Shopify, Inc., Class A2		7		968
Symantec Corp.		253		4,780
	Shares		Value
Software & Services (continued)
Tata Consultancy Services Ltd.		787	$	21,340
Tech Mahindra Ltd.		494		5,117
Visa, Inc., Class A		136		17,944
VMware, Inc., Class A		17		2,331
Western Union Co. (The)		340		5,800
Wipro Ltd.		1,887		8,942
Workday, Inc., Class A1,2		15		2,395
Total Software & Services				719,583
Technology Hardware & Equipment—5.9%
AAC Technologies Holdings, Inc.		279		1,620
Acer, Inc.2		14,374		9,096
Apple, Inc.		1,614		254,592
Arista Networks, Inc.2		10		2,107
AU Optronics Corp.		29,077		11,636
BYD Electronic International Co. Ltd.1		5,158		6,483
Chicony Electronics Co. Ltd.		2,072		4,220
Cisco Systems, Inc.		1,229		53,253
Cognex Corp.		25		967
CommScope Holding Co., Inc.2		300		4,917
Corning, Inc.		389		11,752
Dell Technologies, Inc., Class C1,2		170		8,299
Delta Electronics, Inc.		1,741		7,335
F5 Networks, Inc.2		15		2,430
Flex Ltd.2		3,758		28,598
FLIR Systems, Inc.		49		2,133
FUJIFILM Holdings Corp.		794		30,902
Hewlett Packard Enterprise Co.		2,208		29,168
Hitachi High-Technologies Corp.		178		5,605
Hitachi Ltd.		3,178		85,030
HP, Inc.		2,902		59,375
Ingenico Group SA		48		2,718
Inventec Corp.		25,383		18,209
Keyence Corp.		9		4,567
Keysight Technologies, Inc.2		79		4,904
Konica Minolta, Inc.		1,197		10,834
Kyocera Corp.		340		17,069
Legend Holdings Corp., Class H3		9,800		25,660
Lenovo Group Ltd.		72,776		49,172
LG Display Co. Ltd.		1,615		26,125
LG Innotek Co. Ltd.2		92		7,124
Lite-On Technology Corp.		6,700		8,850

21     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Technology Hardware & Equipment (continued)
Micro-Star International Co. Ltd.		2,489	$	6,187
Motorola Solutions, Inc.		63		7,247
Murata Manufacturing Co. Ltd.		76		10,359
NEC Corp.		975		29,015
Nokia OYJ		5,218		30,004
Omron Corp.		260		9,479
Samsung Electro-Mechanics Co. Ltd.2		79		7,328
Samsung Electronics Co. Ltd.		6,143		213,062
Samsung SDI Co. Ltd.		44		8,636
Seagate Technology PLC1		302		11,654
Seiko Epson Corp.		753		10,624
Shimadzu Corp.		176		3,487
TDK Corp.		171		12,032
TE Connectivity Ltd.		222		16,790
Telefonaktiebolaget LM Ericsson, Class B		2,833		24,899
Trimble, Inc.2		97		3,192
Wistron Corp.		51,422		31,954
Xerox Corp.		460		9,090
Yaskawa Electric Corp.		166		4,082
Yokogawa Electric Corp.		226		3,916
Total Technology Hardware & Equipment				1,247,787
Telecommunication Services—3.9%
Advanced Info Service PCL		1,067		5,653
Axiata Group Bhd		7,775		7,394
Bharti Infratel Ltd.		286		1,061
BT Group PLC		10,600		32,144
CenturyLink, Inc.		1,322		20,028
Chunghwa Telecom Co. Ltd.		2,766		10,169
DiGi.Com Bhd		1,741		1,896
Elisa OYJ		58		2,392
Far EasTone Telecommunications Co. Ltd.		1,355		3,368
Globe Telecom, Inc.		80		2,891
Hellenic Telecommunications Organization SA		451		4,908
HKT Trust & HKT Ltd.		3,109		4,479
KDDI Corp.		2,339		55,941
Koninklijke KPN NV		2,849		8,338
Maxis Bhd		1,840		2,382
Millicom International Cellular SA		83		5,257
MTN Group Ltd.		1,758		10,877
	Shares		Value
Telecommunication Services (continued)
Nippon Telegraph & Telephone Corp.		3,123	$	127,579
NTT DOCOMO, Inc.		2,242		50,525
Ooredoo Q.P.S.C.		489		10,072
Orange SA		3,196		51,715
PCCW Ltd.		9,962		5,738
Proximus SADP		299		8,073
Rogers Communications, Inc., Class B		189		9,681
Singapore Telecommunications Ltd.		6,362		13,676
SK Telecom Co. Ltd.		79		19,081
SoftBank Group Corp.		1,200		79,898
Spark New Zealand Ltd.		924		2,571
Swisscom AG		15		7,147
Taiwan Mobile Co. Ltd.		1,810		6,271
Tele2 AB, Class B		230		2,930
Telecom Italia SpA2		30,223		16,698
Telecom Italia SpA -RSP		13,184		6,285
Telefonica Deutschland Holding AG		2,381		9,303
Telefonica SA1		7,845		65,816
Telekom Malaysia Bhd		5,952		3,831
Telekomunikasi Indonesia Persero Tbk PT		36,230		9,448
Telenor ASA		859		16,616
Telia Co. AB		2,312		10,947
Telstra Corp. Ltd.		9,621		19,304
TELUS Corp.		330		10,933
True Corp. PCL		28,106		4,489
Turkcell Iletisim Hizmetleri AS		1,855		4,244
Vodacom Group Ltd.		800		7,341
Vodafone Group PLC		33,018		64,297
Total Telecommunication Services				823,687
Transportation—3.0%
A.P. Moeller - Maersk A/S, Class A		15		17,693
A.P. Moeller - Maersk A/S, Class B		13		16,298
Aena SME SA3		34		5,276
Aeroports de Paris		29		5,487
Airports of Thailand PCL		1,078		2,127
AMERCO		12		3,937
ANA Holdings, Inc.		563		20,223
Auckland International Airport Ltd.		84		404
Aurizon Holdings Ltd.		833		2,510
BTS Group Holdings PCL		1,511		443

22     OPPENHEIMER ETF TRUST

	Shares		Value
Transportation (continued)
C.H. Robinson Worldwide, Inc.		206	$	17,323
Canadian National Railway Co.		141		10,438
CAR, Inc.2		1,000		745
Central Japan Railway Co.		104		21,958
CSX Corp.		200		12,426
Delta Air Lines, Inc.		913		45,559
Deutsche Post AG		2,460		67,238
DSV A/S		176		11,572
East Japan Railway Co.		301		26,642
easyJet PLC		559		7,867
Eva Airways Corp.		13,918		7,154
Expeditors International of Washington, Inc.		119		8,103
Fraport AG Frankfurt Airport Services Worldwide		55		3,927
Getlink SE		102		1,368
Hankyu Hanshin Holdings, Inc.		287		9,548
Imperial Logistics Ltd.		6		28
Kamigumi Co. Ltd.		100		2,056
Kansas City Southern		32		3,054
Keio Corp.		122		7,105
Keisei Electric Railway Co. Ltd.		100		3,135
Kintetsu Group Holdings Co. Ltd.		314		13,652
Kuehne + Nagel International AG		172		22,045
Kyushu Railway Co.		160		5,418
Latam Airlines Group SA		1,213		12,120
Localiza Rent a Car SA		307		2,356
MTR Corp. Ltd.		1,554		8,178
Nagoya Railroad Co. Ltd.1		263		6,942
Nippon Express Co. Ltd.		290		16,176
Nippon Yusen KK		1,276		19,667
Norfolk Southern Corp.		77		11,515
Odakyu Electric Railway Co. Ltd.		273		6,014
Royal Mail PLC		3,686		12,774
SATS Ltd.		462		1,580
Singapore Airlines Ltd.		1,930		13,339
Sinotrans Ltd., Class H		11,504		4,996
Southwest Airlines Co.		468		21,753
Sydney Airport		227		1,076
TAV Havalimanlari Holding AS		250		1,124
Tobu Railway Co. Ltd.		199		5,374
Tokyu Corp.		656		10,733
Transurban Group		349		2,862
	Shares		Value
Transportation (continued)
Union Pacific Corp.		179	$	24,743
United Parcel Service, Inc., Class B		579		56,470
West Japan Railway Co.		193		13,652
Total Transportation				636,203
Utilities—5.5%
AES Corp.		678		9,804
Aguas Andinas SA, Class A		1,712		942
Alliant Energy Corp.		92		3,887
AltaGas Ltd.		301		3,063
Ameren Corp.		106		6,914
American Electric Power Co., Inc.		235		17,564
American Water Works Co., Inc.		43		3,903
APA Group		305		1,825
Atco Ltd., Class I		127		3,590
AusNet Services		1,385		1,516
Canadian Utilities Ltd., Class A		120		2,752
Centrica PLC		22,712		39,021
CEZ AS		386		9,172
China Longyuan Power Group Corp. Ltd., Class H		2,353		1,602
CLP Holdings Ltd.		1,459		16,492
CMS Energy Corp.		151		7,497
Colbun SA		8,367		1,680
Consolidated Edison, Inc.		180		13,763
Dominion Energy, Inc.		198		14,149
DTE Energy Co.		133		14,670
Duke Energy Corp.		309		26,667
E.ON SE		4,392		43,314
Edison International		266		15,101
EDP - Energias de Portugal SA		5,686		19,818
Electric Power Development Co. Ltd.		373		8,860
Electricite de France SA		5,191		81,890
Endesa SA1		1,114		25,635
Enel Americas SA		81,716		14,425
Enel SpA		18,086		104,285
Engie Brasil Energia SA		302		2,573
Engie SA		5,902		84,505
Entergy Corp.		149		12,824
Eversource Energy		137		8,910
Exelon Corp.		722		32,562
Fortis, Inc.		208		6,931
Fortum OYJ		310		6,769

23     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Global ESG Revenue ETF
 

	Shares		Value
Utilities (continued)
HK Electric Investments & HK Electric Investments Ltd.1		1,687	$	1,702
Huaneng Renewables Corp. Ltd., Class H		2,411		647
Hydro One Ltd.3		367		5,441
Iberdrola SA		5,811		46,619
Infraestructura Energetica Nova SAB de CV		397		1,477
Innogy SE3		1,139		53,032
Interconexion Electrica SA ESP		589		2,536
Kyushu Electric Power Co., Inc.		1,608		19,185
Meridian Energy Ltd.		983		2,244
National Grid PLC		1,986		19,329
Naturgy Energy Group SA		1,155		29,391
NextEra Energy, Inc.		107		18,599
NiSource, Inc.		237		6,008
Orsted A/S3		164		10,946
Osaka Gas Co. Ltd.		696		12,745
Pinnacle West Capital Corp.		48		4,090
Power Assets Holdings Ltd.		53		369
Power Grid Corp. of India Ltd.		1,814		5,162
PPL Corp.1		282		7,989
Public Service Enterprise Group, Inc.		198		10,306
Red Electrica Corp. SA		126		2,808
RusHydro PJSC4		5,585		3,697
RWE AG		2,297		49,799
SCANA Corp.		109		5,208
Sempra Energy		114		12,334
Southern Co. (The)		581		25,518
SSE PLC		3,173		43,705
Suez		1,433		18,888
Terna Rete Elettrica Nazionale SpA		570		3,227
Toho Gas Co. Ltd.		152		6,421
Tokyo Gas Co. Ltd.		690		17,518
Towngas China Co. Ltd.2		2,468		1,831
United Utilities Group PLC		256		2,400
Veolia Environnement SA		1,589		32,615
WEC Energy Group, Inc.		123		8,519
Xcel Energy, Inc.		253		12,465
Total Utilities				1,173,645
Total Common Stocks (Cost $23,168,832)				20,946,789
	Shares		Value
PREFERRED STOCKS—0.7%
Automobiles & Components—0.1%
Bayerische Motoren Werke AG, 6.64%		142	$	10,080
Banks—0.3%
Itausa - Investimentos Itau SA, 3.51%		364		1,135
Banco Bradesco SA, 2.96%		3,481		34,713
Itau Unibanco Holding SA, 5.99%		2,776		25,427
Bancolombia SA, 3.25%		341		3,297
Total Banks				64,572
Capital Goods—0.0%5
Rolls-Royce Holdings PLC, Class C2,6		358,453		457
Food & Staples Retailing—0.0%5
Cia Brasileira de Distribuicao, 1.69%		423		8,838
Food, Beverage & Tobacco—0.0%5
Embotelladora Andina SA, Class B, 3.65%		444		1,660
Health Care Equipment & Services—0.0%5
Sartorius AG, 0.46%		8		996
Household & Personal Products—0.1%
Henkel AG & Co KGaA, 1.86%		94		10,251
LG Household & Health Care Ltd., 1.40%2		1		588
Amorepacific Corp., 1.29%2		10		919
Total Household & Personal Products				11,758
Materials—0.0%5
Sociedad Quimica y Minera de Chile SA, Class B, 4.83%		27		1,062
LG Chem Ltd., 3.16%2		15		2,628
Total Materials				3,690
Technology Hardware & Equipment—0.2%
Samsung Electronics Co. Ltd., 4.72%		1,077		30,646
Telecommunication Services—0.0%5
Telefonica Brasil SA, 8.91%		733		8,743
Utilities—0.0%5
Cia Energetica de Minas Gerais, 4.65%		1,440		5,150
Total Preferred Stocks (Cost $134,644)				146,590

24     OPPENHEIMER ETF TRUST

	Shares		Value
RIGHT—0.0%5
Transportation—0.0%5
Eva Airways Corp., expiring 1/23/19)2 (Cost $—)		762	$	69
WARRANT—0.0%5
Transportation—0.0%5
BTS Group Holdings PCL, expiring 12/29/192 (Cost $—)		733		9
Investment of Cash Collateral for Securities Loaned—1.0%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%7 (Cost $216,775)		216,775		216,775
Total Investments—100.8% (Cost $23,520,251)				21,310,232
Liabilities in Excess of Other Assets—(0.8)%				(170,068	)
Net Assets—100.0%			$	21,140,164

 

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $445,504; total value of the collateral held by the Fund was $463,591. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $246,816 (Note 4).

2. Non-income producing security.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $157,767 or 0.75% of the Fund’s net assets at period end.

4. American Depositary Receipt.

5. Less than 0.05%.

6. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

7. Rate shown represents annualized 7-day yield as of December 31, 2018.

Geographical Holdings (Unaudited)

Country	Value			% of Net Assets
United States	$	6,225,686			29.4	%
Japan		3,131,368			14.8
France		1,982,150			9.4
Germany		1,367,858			6.5
United Kingdom		1,184,352			5.6
Netherlands		908,142			4.3
Canada		758,534			3.6
South Korea		736,017			3.5
Switzerland		612,496			2.9
Spain		526,454			2.5
Australia		469,086			2.2
Brazil		317,205			1.5
Italy		283,683			1.3
Sweden		252,534			1.2
Taiwan		246,407			1.2
India		229,119			1.1
China		226,578			1.1
Singapore		180,553			0.9
South Africa		177,614			0.8
Thailand		164,128			0.8
Norway		132,513			0.6
Denmark		120,806			0.6
Finland		115,591			0.5
Belgium		113,202			0.5
Hong Kong		95,790			0.5
Chile		83,711			0.4
Malaysia		71,624			0.3
Indonesia		66,308			0.3
Austria		63,169			0.3
Ireland		62,542			0.3
Mexico		62,406			0.3
Portugal		59,939			0.3
Turkey		44,554			0.2
Poland		43,560			0.2
Qatar		29,351			0.1
Russia		22,507			0.1
Hungary		22,406			0.1
Colombia		21,519			0.1
Israel		18,604			0.1
United Arab Emirates		17,261			0.1
New Zealand		13,016			0.1
Macau		12,905			0.1
Czech Republic		11,091			0.1
Greece		8,582			0.0	1
Philippines		7,118			0.0	1
Peru		6,207			0.0	1
Luxembourg		1,605			0.0	1
Jersey Island		1,323			0.0	1
Pakistan		792			0.0	1
Romania		266			0.0	1
Total Investments		21,310,232			100.8
Liabilities in Excess of Other Assets		(170,068	)		(0.8	)
Net Assets	$	21,140,164			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, 2018 Unaudited
 

	Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3) 1	$	20,951,994		$	21,310,232
Cash		368			—
Foreign currency at value		—			25,771
Receivables and other assets:
Dividends		35,454			32,668
Capital shares sold		470			284
Investment securities sold		128,670			9,759
Securities lending income, net (Note 4)		33			199
Reclaims		—			2,419
Total Assets		21,116,989			21,381,332
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4) 2		—			216,775
Due to custodian		—			7,371
Investment securities purchased		179,041			8,217
Management fees (Note 9)		7,497			8,310
Deferred foreign tax payable		—			495
Total Liabilities		186,538			241,168
Net Assets	$	20,930,451		$	21,140,164
Composition of Net Assets:
Paid-in capital	$	21,082,473		$	23,484,779
Total accumulated loss		(152,022	)		(2,344,615	)3
Net Assets	$	20,930,451		$	21,140,164
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		750,000			800,000
Net asset value, offering and redemption price per share	$	27.91		$	26.43
Investments at cost	$	21,085,511		$	23,520,251
Foreign currency at cost		—			25,647
1. Includes value of securities on loan:	$	357,187		$	445,504
2. Non-cash collateral for securities on loan:	$	363,048		$	246,816
3. Net of foreign taxes of $1,457.

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

26     OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS For the six months ended December 31, 2018
Unaudited
 

	Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
Investment Income:
Dividend income	$	332,977		$	289,692
Foreign withholding tax		(36	)		(20,172	)
Securities lending income, net (Note 4)		307			1,982
Total Income		333,248			271,502
Expenses:
Management fees (Note 9)		47,100			52,343
Net Investment Income		286,148			219,159
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(402,228	)		(177,980	)
Net realized gain on in-kind redemptions		757,225			269,857
Net realized loss on foreign currency transactions		—			(3,105	)
Total net realized gain		354,997			88,772
Net change in unrealized depreciation on investments		(2,280,741	)		(2,660,161	)1
Net change in unrealized appreciation on foreign currency translations		—			548
Net change in unrealized depreciation		(2,280,741	)		(2,659,613	)
Net realized and unrealized loss on investments		(1,925,744	)		(2,570,841	)
Net Decrease in Net Assets Resulting From Operations	$	(1,639,596	)	$	(2,351,682	)

1. Net of change in deferred foreign taxes of $1,457.

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, 2018 (Unaudited)			Year Ended June 30, 20181			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 20181
Operations
Net investment income	$	286,148		$	513,363		$	219,159		$	523,421
Net realized gain on investments, in-kind redemptions and foreign currency transactions		354,997			1,718,578			88,772			1,700,456
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,280,741	)		47,156			(2,659,613	)		(471,523	)
Net increase (decrease) in net assets resulting from operations		(1,639,596	)		2,279,097			(2,351,682	)		1,752,354
Dividends and Distributions Declared		(331,073	)		(603,824	)		(260,169	)		(702,508	)
Shareholder Transactions:
Proceeds from shares sold		4,424,364			12,307,274			3,058,144			16,371,671
Cost of shares redeemed		(4,382,103	)		(13,859,701	)		(1,520,312	)		(14,904,746	)
Net increase (decrease) in net assets resulting from shareholder transactions		42,261			(1,552,427	)		1,537,832			1,466,925
Increase (Decrease) in net assets		(1,928,408	)		122,846			(1,074,019	)		2,516,771
Net Assets:
Beginning of period		22,858,859			22,736,013			22,214,183			19,697,412
End of period	$	20,930,451		$	22,858,859		$	21,140,164		$	22,214,183
Changes in Shares Outstanding:
Shares outstanding, beginning of period		750,000			800,000			750,000			700,000
Shares sold		150,000			400,000			100,000			550,000
Shares redeemed		(150,000	)		(450,000	)		(50,000	)		(500,000	)
Shares outstanding, end of period		750,000			750,000			800,000			750,000

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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, 2018 (Unaudited)			Year Ended June 30, 2018			For the Period October 31, 20161 Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	30.48		$	28.42		$	25.00
Net investment income2		0.38			0.66			0.40
Net realized and unrealized gain (loss) on investments		(2.51	)		2.16			3.28
Total gain (loss) from investment operations		(2.13	)		2.82			3.68
Less Distributions from:
Net investment income		(0.40	)		(0.76	)		(0.26	)
Realized gains		(0.04	)		—			—
Total distributions		(0.44	)		(0.76	)		(0.26	)
Net asset value, end of period	$	27.91		$	30.48		$	28.42
Total Return at Net Asset Value3		(7.07	)%		9.96	%		14.78	%
Total Return at Market Value3		(7.10	)%		9.93	%		14.82	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )	$	20,930		$	22,859		$	22,736
Average Net Assets (000’s omitted )		23,358			23,490			21,828
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.40	%4		0.40	%		0.40	%4
Expenses, prior to expense waivers and reimbursements		0.40	%4		0.47	%		0.78	%4
Net investment income, net of expense waivers and reimbursements		2.43	%4		2.19	%		2.22	%4
Portfolio turnover rate5		20.24	%		26.95	%		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.

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, 2018 (Unaudited)			Year Ended June 30, 2018			For the Period October 31, 20161 Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	29.62		$	28.14		$	25.00
Net investment income2		0.28			0.71			0.38
Net realized and unrealized gain (loss) on investments		(3.14	)		1.71			2.97
Total gain (loss) from investment operations		(2.86	)		2.42			3.35
Less Distributions from:
Net investment income		(0.33	)		(0.83	)		(0.21	)
Realized gains		—			(0.11	)		—
Total distributions		(0.33	)		(0.94	)		(0.21	)
Net asset value, end of period	$	26.43		$	29.62		$	28.14
Total Return at Net Asset Value3		(9.74	)%		8.62	%		13.49	%
Total Return at Market Value3		(10.44	)%		7.58	%		14.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted )	$	21,140		$	22,214		$	19,697
Average Net Assets (000’s omitted )		23,074			22,530			18,443
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.45	%4		0.45	%		0.45	%4
Expenses, prior to expense waivers and reimbursements		0.45	%4		0.58	%		1.18	%4
Net investment income, net of expense waivers and reimbursements		1.88	%4		2.32	%		2.15	%4
Portfolio turnover rate5		11.53	%		73.22	%		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.

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, 2018 Unaudited

1. Organization

Oppenheimer 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. Oppenheimer ESG Revenue ETF and Oppenheimer Global ESG Revenue ETF are each a series of the Trust (the “Funds”). 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 (“ASC”) 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”).

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 books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statements of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

31     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

2. Significant Accounting Policies (Continued)

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rates.

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.

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, 2018, 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 Carry forwards		Post-October Capital Losses1			Net Unrealized Appreciation (Depreciation) Based on Cost of Securities and Other Investments for Federal Income Tax Purposes
Oppenheimer ESG Revenue ETF		$23,810	$	—	$	—		$(13,870	)		$1,808,707
Oppenheimer Global ESG Revenue ETF		41,558		—		—		(31,714	)		257,392

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

33     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

2. Significant Accounting Policies (Continued)

At June 30, 2018, the Funds did not have capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

The tax character of distributions paid during the reporting period:

	Year Ended June 30, 2018						Year Ended June 30, 2017
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		$603,824	$	—	$	603,824		$210,664	$	—		$210,664
Oppenheimer Global ESG Revenue ETF		702,508		—		702,508		148,617		—		148,617

 

For the year ended June 30, 2018, distributions paid to shareholders were as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Oppenheimer ESG Revenue ETF		$603,824	$	—		$603,824
Oppenheimer Global ESG Revenue ETF		617,833		84,675		702,508

At June 30, 2018, 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 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 on wash sales.

Fund	Federal Tax Cost of Securities		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Oppenheimer ESG Revenue ETF		$21,062,963		$3,029,670		$(1,220,963	)		$1,808,707
Oppenheimer Global ESG Revenue ETF		22,087,951		1,750,738		(1,493,346	)		257,392

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.

34     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

New Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurements. The amendments in the ASU modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact, if any, of applying this provision and believes the adoption of this ASU will not have a material impact on the financial statements.

On October 4, 2018, the SEC amended Regulation S-X to require certain financial statement disclosure requirements to conform them to US Generally Accepted Accounting Principles for investment companies. Effective November 4, 2018, the Funds adopted disclosure requirement changes for Regulation S-X and these changes are reflected throughout this report. The Funds’ adoption of those amendments, effective with the financial statements prepared as of October 31, 2018, had no effect on the Funds’ net assets or results of operations.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

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.

35     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

3. Securities Valuation (Continued)

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. Over-the-counter equity securities are valued at the last sales price or , if no sale occurred, at the mean of quoted bid and ask prices. 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. Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

The authoritative guidance for fair value measurements and disclosures, ASC 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 utilize 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, 2018 in valuing the Funds’ assets carried at fair value:

	(Level 1)						(Level 2)								(Level 3)
Fund	Common Stocks		Preferred Stocks		Money Market Funds		Common Stocks		Preferred Stocks		Rights		Warrants		Common Stocks		Preferred Stocks		Total
Oppenheimer ESG Revenue ETF		$20,882,030		$—		$69,964		$—		$—		$—		$—		$—		$—		$20,951,994
Oppenheimer Global ESG Revenue ETF		20,94 5,466		146,133		216,775		1,323		—		69		9		—		457		21,310,232

 

At December 31, 2018, ESG Revenue ETF did not hold any Level 3 securities. At December 31, 2018, Global ESG Revenue ETF held a Level 3 security. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

36     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 values of loaned securities and related collateral outstanding at December 31, 2018 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, 2018, the cash collateral was invested in a government money market mutual fund and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

Remaining Contractual Maturity of the Agreements, as of December 31, 2018

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer ESG Revenue ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		7,455		20,750		334,843		363,048
Total	$	—	$	7,455	$	20,750	$	334,843	$	363,048
Oppenheimer Global ESG Revenue ETF
Money Market Mutual Fund	$	216,775	$	—	$	—	$	—	$	216,775
U.S. Government Securities		—		849		7,291		238,676		246,816
Total	$	216,775	$	849	$	7,291	$	238,676	$	463,591

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, 2018, the impact of

37     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

4. Securities Lending (Continued)

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		$357,187		$—			$(357,187	)		$—		$—		$—		$—
Oppenheimer Global ESG Revenue ETF		445,504		(198,688	)		(246,816	)		—		—		—		—

 

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

5. Investments and Risks

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

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

38     OPPENHEIMER ETF TRUST

5. Investments and Risks (Continued)

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

6. Market Risk Factors

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

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

7. Shares of Beneficial Interest

As of December 31, 2018, 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.

39     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued

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, 2018, were as follows:

Fund	Purchases		Sales
Oppenheimer ESG Revenue ETF		$4,668,533		$5,007,153
Oppenheimer Global ESG Revenue ETF		2,886,682		2,636,486

 

For the period ended December 31, 2018, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer ESG Revenue ETF		$4,397,332		$4,020,096
Oppenheimer Global ESG Revenue ETF		2,672,819		1,400,943

 

9. Fees, and 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 expenses of each Fund other than the following expenses (which will be paid by the Funds): 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 unusual fees not incurred in the ordinary course of the Funds’ business.

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	%

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.

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., an affiliated company of the Adviser, OFDI, and the Adviser.

40     OPPENHEIMER ETF TRUST

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Adviser, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Trust’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of each Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively the “Acquiring Funds”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the respective Fund (and cash with respect to any fractional shares) as of the close of business on the closing date. Each Acquiring Fund will be managed by Invesco Capital Management, LLC, and will, as of the closing date, have substantially similar principal investment strategies and risks as each corresponding Fund. After the Reorganization, Invesco Capital Management, LLC will be the investment adviser to each Acquiring Fund, and each Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trust’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, each Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

41     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
Unaudited

The Trust, on behalf of the series listed below (each, a “Fund” and together, the “Funds”), has entered into an investment advisory agreement with OFI Advisors, LLC (the “Manager”) (the “Agreement”). With respect to the Funds, the Board of Trustees (the “Board”), including a majority of the independent Trustees, was required to determine whether to approve the terms of the Agreement and the renewal thereof. The Investment Company Act of 1940, as amended (the “1940 Act”), 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. In addition to in-person meetings focused on this evaluation, the Board requested and received information regarding the services, fees, expenses and performance of each Fund listed below.

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 comparative investment performance of each Fund and the Manager, (iii) the fees and expenses of each Fund, including comparative fee and expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as each Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with each Fund. The Board was aware that there are alternatives to retaining the Manager.

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

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to each Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing each Fund with the services of the portfolio managers and investment team, who provide research, analysis and other advisory services in regard to each Fund’s investments; and securities trading services. The Manager is responsible for oversight of third-party service providers; daily review of the Funds’ creation and redemption baskets; daily monitoring of tracking error and quarterly reporting to the Board; implementing periodic rebalances and reconstitutions to track the Funds’ underlying indices; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; monitoring compliance with applicable Fund policies and procedures and adherence to each Fund’s investment restrictions; and risk management. The Manager is also responsible for overseeing a third-party service provider that renders certain fund accounting and administrative, custody, transfer agent and securities lending services to each Fund. The Manager also is responsible for providing and supervising administrative and clerical personnel who are necessary in order to provide effective corporate administration for each Fund; compiling and maintaining records with respect to the Funds’ operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of each Fund for its

42     OPPENHEIMER ETF TRUST

shareholders; preparing proxy materials for shareholder meetings if needed; and preparing the registration statements required by federal and state securities laws for the sale of each Fund’s shares. The Manager also provides each Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are 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” 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 and risk management services, 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 provided, the Board considered the experience of Frank Vallario and Donal Bishnoi, the portfolio managers for the Funds, 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 Fund 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 the Board members have become knowledgeable about through their experiences with 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 benefit from the services provided under the Agreement.

Investment Performance of the Manager and the Funds. Throughout the year, the Manager provided information on the investment performance of each Fund and the Manager, 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 underlying index that it seeks to track, as well as tracking error and tracking difference relative to its underlying index; (ii) the Manager’s custom peer groups that provide an additional performance comparison against peers; (iii) the relevant benchmark or market indices; and (iv) the performance of other comparable funds, as discussed in more detail on a Fund-by-Fund basis below.

•   Oppenheimer ESG Revenue ETF. The Board considered that the Fund underperformed its underlying index, the OFI Revenue Weighted ESG Index, and its category median during the one-year period. The Board noted that the Fund commenced operations on October 31, 2016.

•   Oppenheimer Global ESG Revenue ETF. The Board considered that the Fund outperformed its category median for the one-year period, ranking in the 19^th percentile of the category, though it underperformed its underlying index, the OFI Revenue Weighted Global ESG Index. The Board noted that the Fund commenced operations on October 31, 2016.

43     OPPENHEIMER ETF TRUST

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
Unaudited Continued

The Board also received and considered information about the premium/discount history of the Funds, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the net asset value of each Fund, and by how much, measured in basis points. The Board noted that the Funds have a new portfolio management team consisting of one portfolio manager who has been serving the Fund since August 2017 and another who has been serving the Fund since March 2018. The Board concluded that it would be in the best interests of the Funds and their shareholders to renew the Agreement and that, in light of the management team changes, it would be prudent to allow the Funds’ new management team time to continue developing its performance record with each Fund.

Fees and Expenses of the Funds. The Board considered that, effective September 30, 2017, the Funds have a “unitary fee structure,” which means that each Fund pays the Manager for the advisory and administration services rendered to that Fund. The Manager, in return, pays substantially all of the operating expenses of the Fund, excluding (i) the fee payment under the investment advisory agreement, (ii) distribution fees or expenses under the Fund’s 12b-1 plan (if any), (iii) interest expenses, (iv) taxes, (v) acquired fund fees and expenses, (vi) brokers’ commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Funds, (vii) credit facility fees and expenses, including interest expenses and (viii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. For each Fund, the Board considered that, as a result, the unitary fee encompasses the Fund’s contractual management fee and that currently, the Fund’s unitary fee is equal to the Fund’s total expenses. It also considered that the Manager has agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in funds managed by the Manager or its affiliates. The Board reviewed the fees paid to the Manager and the other expenses borne by each Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other funds with comparable asset levels and distribution features, as discussed on a Fund-by-Fund basis below.

•   Oppenheimer ESG Revenue ETF. The Board considered that the Fund’s contractual management fee is lower than its peer group median and higher than its category median. It also considered that the Fund’s total expenses are higher than the peer group median and category median. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund.

•   Oppenheimer Global ESG Revenue ETF. The Board considered that the Fund’s contractual management fee and total expenses are higher than their respective peer group medians and category medians. In reviewing the Fund’s fees, the Board also noted the Fund’s recent portfolio management team changes and the Manager’s continued investments in the Fund.

44     OPPENHEIMER ETF TRUST

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, and information regarding the Manager’s profitability (or lack thereof) from its relationship with the Funds. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Manager’s costs with respect to the ETFs are not specific to individual Funds, and that, as a result, the Manager cannot identify with specificity the asset level per Fund at which these economies of scale will be achieved. The Board further noted the Manager’s assertion that it continues to make significant investments in the development of the Funds. The Board considered that, in light of the unitary fee structure and the significant investment that the Manager has made and continues to make in the Funds, it will continue to consider, as feasible, economies of scale in the context of the total expenses represented by the unitary fee structure.

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 services provided by the Distributor and 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, including compensation paid to the Manager’s affiliates.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Funds and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement through August 31, 2019. 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.

45     OPPENHEIMER ETF TRUST

DISTRIBUTION SOURCES Unaudited

The table below details, on a per-share basis, the percentage of the ETF’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. 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 the 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 the 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 ESG Revenue ETF1		12/27/18		12/26/18		12/28/18		78.9	%		0.0	%		21.1	%
Oppenheimer Global ESG Revenue ETF		12/27/18		12/26/18		12/28/18		85.8	%		0.0	%		14.2	%

1. The Fund has made distributions from net profits from the sales of securities and, after giving effect to such distributions, ha d a deficit, in aggregate of (a) accumulated undistributed realized profits less losses on the sale of securities and (b) a cumulative loss, net of realized capital gains/losses and unrealized appreciation/depreciation of portfolio securities, totaled $1.5673 per share as of the date of distribution. Of that amount, $0.5551 per share represents unrealized depreciation of portfolio securities.

46     OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION (Unaudited)

Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure
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

47     OPPENHEIMER ETF TRUST

    OPPENHEIMER ETF TRUST

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Frank Vallario, Vice President
	Donal Bishnoi, 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.

RS0000.012.1218    December 31, 2018

 

Semi-Annual Report
12/31/2018

 

 

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

Important Notice: The Securities and Exchange Commission will permit funds to deliver shareholder reports electronically beginning January 1, 2021. At that time, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors enrolled in electronic delivery will receive the notice by email, with links to the updated report. Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option free of charge by contacting their financial intermediary.

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

 

Important Update
On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change. See the Notes to Financial Statements for more information.

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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	15
Oppenheimer Russell 1000 Low Volatility Factor ETF	24
Oppenheimer Russell 1000 Size Factor ETF	29
Oppenheimer Russell 1000 Quality Factor ETF	38
Oppenheimer Russell 1000 Yield Factor ETF	44
Oppenheimer Russell 1000 Dynamic Multifactor ETF	48
Oppenheimer Russell 2000 Dynamic Multifactor ETF	58
Statements of Assets and Liabilities	76
Statements of Operations	78
Statements of Changes in Net Assets	80
Financial Highlights	84
Notes to Financial Statements	92
Distribution Sources	107
Supplemental Information	108

 

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, 2018 to December 31, 2018.

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (Continued)
  

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 07/01/2018		Ending Account Value 12/31/2018		Annualized Expense Ratios for the Six Month Period			Expenses Paid During the Six Month Period1
Oppenheimer Russell 1000 Momentum Factor ETF
Actual	$	1,000.00	$	908.70		0.19	%	$	0.91
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Oppenheimer Russell 1000 Value Factor ETF
Actual	$	1,000.00	$	922.80		0.19	%	$	0.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Oppenheimer Russell 1000 Low Volatility Factor ETF
Actual	$	1,000.00	$	973.20		0.19	%	$	0.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Oppenheimer Russell 1000 Size Factor ETF
Actual	$	1,000.00	$	880.40		0.19	%	$	0.90
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Oppenheimer Russell 1000 Quality Factor ETF
Actual	$	1,000.00	$	922.80		0.19	%	$	0.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Oppenheimer Russell 1000 Yield Factor ETF
Actual	$	1,000.00	$	962.50		0.19	%	$	0.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Oppenheimer Russell 1000 Dynamic Multifactor ETF
Actual	$	1,000.00	$	951.10		0.29	%	$	1.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.74		0.29	%	$	1.48
Oppenheimer Russell 2000 Dynamic Multifactor ETF
Actual	$	1,000.00	$	865.70		0.39	%	$	1.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.24		0.39	%	$	1.99

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 Russell 1000^®
Momentum Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.4	%
Banks		4.1
Capital Goods		4.9
Commercial & Professional Services		0.9
Consumer Durables & Apparel		0.9
Consumer Services		2.1
Diversified Financials		4.6
Energy		4.4
Food & Staples Retailing		1.7
Food, Beverage & Tobacco		2.8
Health Care Equipment & Services		8.6
Household & Personal Products		1.6
Insurance		1.8
Materials		2.0
Media & Entertainment		6.3
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		9.4
Real Estate		3.2
Retailing		8.0
Semiconductors & Semiconductor Equipment		2.8
Software & Services		15.5
Technology Hardware & Equipment		6.5
Telecommunication Services		2.0
Transportation		2.1
Utilities		3.2
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer Russell 1000^®
Value Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.7	%
Banks		5.1
Capital Goods		6.2
Commercial & Professional Services		0.9
Consumer Durables & Apparel		1.3
Consumer Services		1.4
Diversified Financials		7.2
Energy		6.7
Food & Staples Retailing		4.7
Food, Beverage & Tobacco		3.9
Health Care Equipment & Services		7.9
Household & Personal Products		2.9
Insurance		5.2
Materials		3.3
Media & Entertainment		5.2
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		3.4
Real Estate		1.4
Retailing		4.9
Semiconductors & Semiconductor Equipment		4.6
Software & Services		3.9
Technology Hardware & Equipment		2.7
Telecommunication Services		5.9
Transportation		2.5
Utilities		6.8
Total Investments		100.0
Other Assets in Excess of Liabilities		0.0
Net Assets		100.0	%

Oppenheimer Russell 1000^®
Low Volatility Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.3	%
Banks		6.6
Capital Goods		7.5
Commercial & Professional Services		0.8
Consumer Durables & Apparel		0.7
Consumer Services		2.2
Diversified Financials		6.4
Energy		3.6
Food & Staples Retailing		2.0
Food, Beverage & Tobacco		5.3
Health Care Equipment & Services		6.8
Household & Personal Products		2.8
Insurance		3.7
Materials		2.1
Media & Entertainment		5.8
Money Market Fund		0.1
Pharmaceuticals, Biotechnology & Life Sciences		8.5
Real Estate		3.5
Retailing		2.7
Semiconductors & Semiconductor Equipment		1.9
Software & Services		11.5
Technology Hardware & Equipment		5.7
Telecommunication Services		3.0
Transportation		1.7
Utilities		4.7
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

 

4     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited Continued

Oppenheimer Russell 1000^®
Size Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.0	%
Banks		3.6
Capital Goods		9.5
Commercial & Professional Services		2.1
Consumer Durables & Apparel		3.8
Consumer Services		3.7
Diversified Financials		4.6
Energy		3.5
Food & Staples Retailing		0.5
Food, Beverage & Tobacco		2.7
Health Care Equipment & Services		5.6
Household & Personal Products		0.8
Insurance		5.0
Materials		6.4
Media & Entertainment		3.8
Money Market Fund		1.0
Pharmaceuticals, Biotechnology & Life Sciences		4.3
Real Estate		10.7
Retailing		4.0
Semiconductors & Semiconductor Equipment		2.0
Software & Services		10.7
Technology Hardware & Equipment		3.8
Telecommunication Services		0.3
Transportation		2.4
Utilities		4.9
Total Investments		100.7
Liabilities in Excess of Other Assets		(0.7	)
Net Assets		100.0	%

Oppenheimer Russell 1000^®
Quality Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.2	%
Capital Goods		7.9
Commercial & Professional Services		0.7
Consumer Durables & Apparel		2.0
Consumer Services		3.2
Diversified Financials		2.1
Energy		7.1
Food & Staples Retailing		2.6
Food, Beverage & Tobacco		3.2
Health Care Equipment & Services		5.8
Household & Personal Products		2.7
Insurance		1.2
Materials		1.9
Media & Entertainment		10.6
Money Market Fund		0.1
Pharmaceuticals, Biotechnology & Life Sciences		12.8
Real Estate		2.0
Retailing		6.0
Semiconductors & Semiconductor Equipment		5.9
Software & Services		12.8
Technology Hardware & Equipment		5.9
Transportation		1.9
Utilities		1.3
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

Oppenheimer Russell 1000^®
Yield Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.9	%
Banks		6.6
Capital Goods		6.4
Commercial & Professional Services		0.4
Consumer Durables & Apparel		0.8
Consumer Services		2.6
Diversified Financials		1.3
Energy		8.6
Food & Staples Retailing		2.0
Food, Beverage & Tobacco		8.2
Health Care Equipment & Services		1.9
Household & Personal Products		3.8
Insurance		2.6
Materials		1.5
Media & Entertainment		1.6
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		14.0
Real Estate		8.0
Retailing		2.5
Semiconductors & Semiconductor Equipment		5.9
Software & Services		2.0
Technology Hardware & Equipment		3.7
Telecommunication Services		5.8
Transportation		1.0
Utilities		7.5
Total Investments		99.8
Other Assets in Excess of Liabilities		0.2
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		0.5	%
Banks		3.1
Capital Goods		7.4
Commercial & Professional Services		2.1
Consumer Durables & Apparel		1.6
Consumer Services		3.8
Diversified Financials		3.8
Energy		4.5
Food & Staples Retailing		2.5
Food, Beverage & Tobacco		2.7
Health Care Equipment & Services		9.3
Household & Personal Products		1.3
Insurance		5.2
Materials		4.4
Media & Entertainment		3.6
Money Market Fund		0.6
Pharmaceuticals, Biotechnology & Life Sciences		2.1
Real Estate		4.9
Retailing		9.3
Semiconductors & Semiconductor Equipment		1.4
Software & Services		7.7
Technology Hardware & Equipment		5.5
Telecommunication Services		1.1
Transportation		3.3
Utilities		8.7
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

Oppenheimer Russell 2000^®
Dynamic Multifactor ETF

Industry	% of Net Assets
Automobiles & Components		1.0	%
Banks		10.4
Capital Goods		9.8
Commercial & Professional Services		5.5
Consumer Durables & Apparel		3.3
Consumer Services		4.4
Diversified Financials		5.0
Energy		5.6
Food & Staples Retailing		1.0
Food, Beverage & Tobacco		1.8
Health Care Equipment & Services		7.4
Household & Personal Products		0.7
Insurance		3.4
Materials		3.4
Media & Entertainment		2.8
Money Market Fund		3.0
Pharmaceuticals, Biotechnology & Life Sciences		5.5
Real Estate		4.5
Retailing		6.4
Semiconductors & Semiconductor Equipment		1.2
Software & Services		6.9
Technology Hardware & Equipment		4.7
Telecommunication Services		1.0
Transportation		1.7
Utilities		2.3
Total Investments		102.7
Liabilities in Excess of Other Assets		(2.7	)
Net Assets		100.0	%

 

6     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Momentum Factor ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—0.4%
Aptiv PLC		28	$	1,724
Ford Motor Co.		202		1,545
General Motors Co.		146		4,884
Gentex Corp.		68		1,374
Tesla, Inc.1,2		26		8,653
Total Automobiles & Components				18,180
Banks—4.1%
Bank of America Corp.		1,393		34,324
BB&T Corp.		167		7,234
Citigroup, Inc.		256		13,327
Citizens Financial Group, Inc.		50		1,486
Comerica, Inc.		24		1,649
Commerce Bancshares, Inc.1		29		1,635
Cullen/Frost Bankers, Inc.1		13		1,143
Fifth Third Bancorp		86		2,024
First Republic Bank1		37		3,215
Huntington Bancshares, Inc.		208		2,479
JPMorgan Chase & Co.		698		68,139
KeyCorp		141		2,084
M&T Bank Corp.		24		3,435
PNC Financial Services Group, Inc. (The)		70		8,184
Popular, Inc.		36		1,700
Regions Financial Corp.		153		2,047
SunTrust Banks, Inc.		72		3,632
SVB Financial Group2		9		1,709
U.S. Bancorp		293		13,390
Webster Financial Corp.		21		1,035
Wells Fargo & Co.		498		22,948
Zions Bancorp NA		31		1,263
Total Banks				198,082
Capital Goods—4.9%
3M Co.		62		11,813
Allegion PLC		22		1,754
Allison Transmission Holdings, Inc.		32		1,405
AMETEK, Inc.		47		3,182
Boeing Co. (The)		146		47,085
Caterpillar, Inc.		66		8,387
Cummins, Inc.		16		2,138
Deere & Co.		55		8,204
Donaldson Co., Inc.		34		1,475
Dover Corp.		37		2,625
Eaton Corp. PLC		74		5,081
Emerson Electric Co.		134		8,006
	Shares		Value
Capital Goods (Continued)
Fastenal Co.1		70	$	3,660
Flowserve Corp.		40		1,521
Fortive Corp.		60		4,060
General Dynamics Corp.		35		5,502
Graco, Inc.		27		1,130
Harris Corp.		25		3,366
HD Supply Holdings, Inc.2		33		1,238
HEICO Corp.		14		1,085
HEICO Corp., Class A		25		1,575
Honeywell International, Inc.		141		18,629
IDEX Corp.		16		2,020
Illinois Tool Works, Inc.		26		3,294
Ingersoll-Rand PLC		74		6,751
Jacobs Engineering Group, Inc.		32		1,871
Johnson Controls International PLC		112		3,321
L3 Technologies, Inc.		13		2,258
Lennox International, Inc.		8		1,751
Lockheed Martin Corp.		35		9,164
Northrop Grumman Corp.		17		4,163
PACCAR, Inc.		37		2,114
Parker-Hannifin Corp.		13		1,939
Raytheon Co.		44		6,747
Rockwell Automation, Inc.		15		2,257
Roper Technologies, Inc.		28		7,463
Snap-on, Inc.1		9		1,308
Spirit AeroSystems Holdings, Inc., Class A		17		1,225
Stanley Black & Decker, Inc.		9		1,078
Teledyne Technologies, Inc.2		11		2,278
Textron, Inc.		46		2,116
TransDigm Group, Inc.2		15		5,101
United Technologies Corp.		168		17,889
W.W. Grainger, Inc.1		16		4,518
Wabtec Corp.1		22		1,545
Xylem, Inc.		38		2,535
Total Capital Goods				237,627
Commercial & Professional Services—0.9%
Cintas Corp.		24		4,032
Copart, Inc.2		54		2,580
CoStar Group, Inc.2		11		3,711
Dun & Bradstreet Corp. (The)		11		1,570
IHS Markit Ltd.2		102		4,893
KAR Auction Services, Inc.		36		1,718
Republic Services, Inc.		60		4,325
Robert Half International, Inc.		32		1,830

7     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Momentum Factor ETF

	Shares		Value
Commercial & Professional Services (Continued)
Rollins, Inc.		49	$	1,769
TransUnion		46		2,613
Verisk Analytics, Inc.2		53		5,779
Waste Management, Inc.		100		8,899
Total Commercial & Professional Services				43,719
Consumer Durables & Apparel—0.9%
Garmin Ltd.		30		1,900
Hasbro, Inc.1		25		2,031
Lululemon Athletica, Inc.1,2		35		4,256
NIKE, Inc., Class B		342		25,356
Ralph Lauren Corp.		17		1,759
Tapestry, Inc.		44		1,485
Under Armour, Inc., Class A2		66		1,166
Under Armour, Inc., Class C2		69		1,116
VF Corp.		81		5,778
Total Consumer Durables & Apparel				44,847
Consumer Services—2.1%
Bright Horizons Family Solutions, Inc.2		19		2,117
Carnival Corp.		52		2,563
Chipotle Mexican Grill, Inc.2		9		3,886
Darden Restaurants, Inc.		41		4,094
Domino’s Pizza, Inc.1		15		3,720
Dunkin’ Brands Group, Inc.1		25		1,603
Grand Canyon Education, Inc.2		16		1,538
H&R Block, Inc.1		45		1,142
Hilton Worldwide Holdings, Inc.		40		2,872
Las Vegas Sands Corp.		22		1,145
Marriott International, Inc., Class A		35		3,800
McDonald’s Corp.		182		32,318
Norwegian Cruise Line Holdings Ltd.2		29		1,229
Royal Caribbean Cruises Ltd.		18		1,760
Service Corp. International		53		2,134
ServiceMaster Global Holdings, Inc.2		40		1,470
Starbucks Corp.		349		22,476
Vail Resorts, Inc.		13		2,741
Yum China Holdings, Inc.		35		1,173
Yum! Brands, Inc.		73		6,710
Total Consumer Services				100,491
	Shares		Value
Diversified Financials—4.6%
AGNC Investment Corp.		72	$	1,263
Ally Financial, Inc.		47		1,065
American Express Co.		179		17,062
Annaly Capital Management, Inc.		154		1,512
Bank of New York Mellon Corp. (The)		118		5,554
Berkshire Hathaway, Inc., Class B2		462		94,331
BlackRock, Inc.		8		3,143
Capital One Financial Corp.		60		4,535
Cboe Global Markets, Inc.		11		1,076
Charles Schwab Corp. (The)		151		6,271
CME Group, Inc.		121		22,763
Credit Acceptance Corp.1,2		4		1,527
Discover Financial Services		50		2,949
E*TRADE Financial Corp.		52		2,282
FactSet Research Systems, Inc.		10		2,001
Goldman Sachs Group, Inc. (The)		21		3,508
Intercontinental Exchange, Inc.		153		11,525
LPL Financial Holdings, Inc.		22		1,344
MarketAxess Holdings, Inc.		9		1,902
Moody’s Corp.		27		3,781
Morgan Stanley		103		4,084
MSCI, Inc.		26		3,833
Nasdaq, Inc.		31		2,529
New Residential Investment Corp.		76		1,080
Northern Trust Corp.		37		3,093
Raymond James Financial, Inc.		15		1,116
S&P Global, Inc.		56		9,517
Starwood Property Trust, Inc.		66		1,301
T. Rowe Price Group, Inc.		34		3,139
TD Ameritrade Holding Corp.		53		2,595
Voya Financial, Inc.1		25		1,003
Total Diversified Financials				222,684
Energy—4.4%
Anadarko Petroleum Corp.		147		6,444
Apache Corp.1		59		1,549
Cabot Oil & Gas Corp.1		68		1,520
Cheniere Energy, Inc.2		72		4,262
Chevron Corp.		369		40,143
Concho Resources, Inc.2		35		3,598

8     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
ConocoPhillips		377	$	23,506
Diamondback Energy, Inc.		32		2,966
EOG Resources, Inc.		127		11,076
Exxon Mobil Corp.		703		47,938
Halliburton Co.		35		930
Helmerich & Payne, Inc.		27		1,294
Hess Corp.		90		3,645
HollyFrontier Corp.		55		2,812
Kinder Morgan, Inc.		334		5,137
Marathon Oil Corp.		222		3,183
Marathon Petroleum Corp.		122		7,199
Murphy Oil Corp.1		44		1,029
National Oilwell Varco, Inc.		71		1,825
Noble Energy, Inc.		81		1,519
Occidental Petroleum Corp.		165		10,128
ONEOK, Inc.		129		6,959
PBF Energy, Inc., Class A1		37		1,209
Phillips 66		71		6,117
Pioneer Natural Resources Co.		30		3,946
Schlumberger Ltd.		84		3,031
Targa Resources Corp.		54		1,945
Valero Energy Corp.		66		4,948
Williams Cos., Inc. (The)		120		2,646
WPX Energy, Inc.2		102		1,158
Total Energy				213,662
Food & Staples Retailing—1.7%
Casey’s General Stores, Inc.		11		1,410
Costco Wholesale Corp.		129		26,279
Kroger Co. (The)		217		5,967
Sysco Corp.		116		7,269
US Foods Holding Corp.2		44		1,392
Walgreens Boots Alliance, Inc.		225		15,374
Walmart, Inc.		269		25,057
Total Food & Staples Retailing				82,748
Food, Beverage & Tobacco—2.8%
Altria Group, Inc.		142		7,013
Archer-Daniels-Midland Co.		154		6,309
Brown-Forman Corp., Class B		37		1,761
Coca-Cola Co. (The)		938		44,414
Conagra Brands, Inc.		53		1,132
Constellation Brands, Inc., Class A		16		2,573
General Mills, Inc.		39		1,519
Hershey Co. (The)		22		2,358
Hormel Foods Corp.1		87		3,713
JM Smucker Co. (The)		17		1,589
Kellogg Co.		39		2,223
	Shares		Value
Food, Beverage & Tobacco (Continued)
Lamb Weston Holdings, Inc.		53	$	3,899
McCormick & Co., Inc.		44		6,127
Mondelez International, Inc., Class A		286		11,449
Monster Beverage Corp.2		38		1,870
PepsiCo, Inc.		261		28,835
Philip Morris International, Inc.		115		7,678
Post Holdings, Inc.2		20		1,783
Total Food, Beverage & Tobacco				136,245
Health Care Equipment & Services—8.6%
Abbott Laboratories		575		41,590
ABIOMED, Inc.2		16		5,201
Align Technology, Inc.2		12		2,513
AmerisourceBergen Corp.		24		1,786
Anthem, Inc.		84		22,061
Baxter International, Inc.		95		6,253
Becton Dickinson and Co.		66		14,871
Boston Scientific Corp.2		495		17,493
Cardinal Health, Inc.		34		1,516
Centene Corp.2		73		8,417
Cerner Corp.2		25		1,311
Chemed Corp.		5		1,416
Cigna Corp.		95		18,042
Cooper Cos., Inc. (The)		13		3,309
CVS Health Corp.		316		20,704
Danaher Corp.		148		15,262
DexCom, Inc.2		32		3,834
Edwards Lifesciences Corp.2		73		11,181
Encompass Health Corp.		36		2,221
HCA Healthcare, Inc.		101		12,570
Henry Schein, Inc.2		46		3,612
Hill-Rom Holdings, Inc.		17		1,505
Hologic, Inc.2		41		1,685
Humana, Inc.		44		12,605
IDEXX Laboratories, Inc.2		28		5,209
Insulet Corp.1,2		17		1,348
Intuitive Surgical, Inc.2		39		18,678
Laboratory Corp. of America Holdings2		20		2,527
Masimo Corp.2		15		1,611
McKesson Corp.		10		1,105
Medtronic PLC		357		32,473
Molina Healthcare, Inc.1,2		23		2,673
Penumbra, Inc.1,2		11		1,344
Quest Diagnostics, Inc.		22		1,832
ResMed, Inc.		43		4,896
STERIS PLC		28		2,992
Stryker Corp.		87		13,637

9     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Momentum Factor ETF

	Shares		Value
Health Care Equipment & Services (Continued)
Teleflex, Inc.1		9	$	2,326
UnitedHealth Group, Inc.		291		72,494
Universal Health Services, Inc., Class B		23		2,681
Varian Medical Systems, Inc.2		19		2,153
Veeva Systems, Inc., Class A2		45		4,019
WellCare Health Plans, Inc.2		15		3,541
West Pharmaceutical Services, Inc.		18		1,765
Zimmer Biomet Holdings, Inc.		38		3,941
Total Health Care Equipment & Services				414,203
Household & Personal Products—1.6%
Church & Dwight Co., Inc.		84		5,524
Clorox Co. (The)		32		4,933
Colgate-Palmolive Co.		83		4,940
Estee Lauder Cos., Inc., (The), Class A		53		6,895
Herbalife Nutrition Ltd.2		40		2,358
Kimberly-Clark Corp.		52		5,925
Procter & Gamble Co. (The)		522		47,982
Total Household & Personal Products				78,557
Insurance—1.8%
Aflac, Inc.		140		6,378
Alleghany Corp.		3		1,870
Allstate Corp. (The)		34		2,809
American Financial Group, Inc.		14		1,267
American International Group, Inc.		36		1,419
Aon PLC		70		10,175
Arch Capital Group Ltd.2		48		1,283
Arthur J. Gallagher & Co.		56		4,127
Assured Guaranty Ltd.		29		1,110
Brown & Brown, Inc.		60		1,654
Chubb Ltd.		54		6,976
Cincinnati Financial Corp.		37		2,865
Everest Re Group Ltd.		7		1,524
Loews Corp.		44		2,003
Markel Corp.2		2		2,076
Marsh & McLennan Cos., Inc.		113		9,012
MetLife, Inc.		88		3,613
Old Republic International Corp.		73		1,502
Progressive Corp. (The)		174		10,497
Prudential Financial, Inc.		28		2,283
Reinsurance Group of America, Inc.		9		1,262
	Shares		Value
Insurance (Continued)
Torchmark Corp.		16	$	1,192
Travelers Cos., Inc. (The)		41		4,910
W.R. Berkley Corp.		24		1,774
Willis Towers Watson PLC		25		3,797
Total Insurance				87,378
Materials—2.0%
Air Products & Chemicals, Inc.		45		7,202
AptarGroup, Inc.		19		1,787
Ashland Global Holdings, Inc.		17		1,206
Ball Corp.		109		5,012
Celanese Corp.1		21		1,889
CF Industries Holdings, Inc.		65		2,828
DowDuPont, Inc.		206		11,017
Eastman Chemical Co.		19		1,389
Ecolab, Inc.		73		10,756
FMC Corp.		16		1,183
International Flavors & Fragrances, Inc.		14		1,880
International Paper Co.		35		1,413
Linde PLC		119		18,569
LyondellBasell Industries NV, Class A		39		3,243
Martin Marietta Materials, Inc.1		8		1,375
Mosaic Co. (The)		127		3,710
Newmont Mining Corp.		72		2,495
Nucor Corp.		70		3,627
PPG Industries, Inc.		34		3,476
RPM International, Inc.		42		2,469
Sherwin-Williams Co. (The)		17		6,689
Sonoco Products Co.		23		1,222
Steel Dynamics, Inc.		40		1,202
Vulcan Materials Co.		14		1,383
Total Materials				97,022
Media & Entertainment—6.3%
Activision Blizzard, Inc.		38		1,770
Alphabet, Inc., Class A2		51		53,293
Alphabet, Inc., Class C2		52		53,852
Cable One, Inc.		1		820
CBS Corp., Class B		53		2,317
Charter Communications, Inc., Class A1,2		32		9,119
Comcast Corp., Class A		766		26,082
Discovery, Inc., Class A1,2		56		1,385
Discovery, Inc., Class C2		124		2,862
Electronic Arts, Inc.2		17		1,342

10     OPPENHEIMER ETF TRUST

	Shares		Value
Media & Entertainment (Continued)
Facebook, Inc., Class A2		126	$	16,517
IAC/InterActiveCorp2		27		4,942
Interpublic Group of Cos., Inc. (The)		113		2,331
Liberty Broadband Corp., Class C2		18		1,297
Liberty Media Corp.-Liberty SiriusXM, Class C2		30		1,109
Live Nation Entertainment, Inc.1,2		44		2,167
Madison Square Garden Co. (The), Class A2		6		1,606
Netflix, Inc.2		152		40,684
Omnicom Group, Inc.		48		3,516
Sirius XM Holdings, Inc.1		358		2,044
Take-Two Interactive Software, Inc.2		21		2,162
TripAdvisor, Inc.2		39		2,104
Twenty-First Century Fox, Inc., Class A		366		17,612
Twenty-First Century Fox, Inc., Class B		173		8,266
Twitter, Inc.2		261		7,501
Viacom, Inc., Class B		86		2,210
Walt Disney Co. (The)		308		33,772
Total Media & Entertainment				302,682
Pharmaceuticals, Biotechnology & Life Sciences—9.4%
AbbVie, Inc.		238		21,941
Agilent Technologies, Inc.		49		3,306
Alexion Pharmaceuticals, Inc.2		40		3,894
Allergan PLC		44		5,881
Amgen, Inc.		161		31,342
Biogen, Inc.2		33		9,930
BioMarin Pharmaceutical, Inc.1,2		34		2,895
Bio-Rad Laboratories, Inc., Class A2		5		1,161
Bio-Techne Corp.		12		1,737
Bristol-Myers Squibb Co.		173		8,993
Charles River Laboratories International, Inc.2		14		1,585
Eli Lilly & Co.		322		37,262
Exact Sciences Corp.2		42		2,650
Gilead Sciences, Inc.		172		10,759
Illumina, Inc.2		53		15,896
Ionis Pharmaceuticals, Inc.1,2		24		1,297
IQVIA Holdings, Inc.2		45		5,228
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Jazz Pharmaceuticals PLC2		12	$	1,488
Johnson & Johnson		543		70,074
Merck & Co., Inc.		912		69,686
Mettler-Toledo International, Inc.1,2		3		1,697
Mylan NV2		47		1,288
Neurocrine Biosciences, Inc.1,2		29		2,071
PerkinElmer, Inc.		29		2,278
Pfizer, Inc.		1,714		74,816
PRA Health Sciences, Inc.2		14		1,287
QIAGEN NV2		49		1,688
Regeneron Pharmaceuticals, Inc.2		8		2,988
Sarepta Therapeutics, Inc.1,2		25		2,728
Seattle Genetics, Inc.2		25		1,416
Thermo Fisher Scientific, Inc.		126		28,198
Vertex Pharmaceuticals, Inc.2		65		10,771
Waters Corp.2		14		2,641
Zoetis, Inc.		158		13,515
Total Pharmaceuticals, Biotechnology & Life Sciences				454,387
Real Estate—3.2%
Alexandria Real Estate Equities, Inc.		15		1,729
American Campus Communities, Inc.		26		1,076
American Tower Corp.		121		19,141
Apartment Investment & Management Co., Class A		35		1,536
AvalonBay Communities, Inc.		29		5,047
Boston Properties, Inc.		26		2,926
Camden Property Trust		16		1,409
CBRE Group, Inc., Class A2		57		2,282
Crown Castle International Corp.		83		9,016
CubeSmart		41		1,176
Digital Realty Trust, Inc.		36		3,836
Duke Realty Corp.		74		1,917
EPR Properties		18		1,153
Equinix, Inc.		7		2,468
Equity LifeStyle Properties, Inc.		19		1,845
Equity Residential		83		5,479
Essex Property Trust, Inc.		13		3,188

11     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Momentum Factor ETF

	Shares		Value
Real Estate (Continued)
Extra Space Storage, Inc.		30	$	2,714
Federal Realty Investment Trust		13		1,534
Gaming and Leisure Properties, Inc.		32		1,034
HCP, Inc.		119		3,324
Host Hotels & Resorts, Inc.		125		2,084
Iron Mountain, Inc.		39		1,264
JBG SMITH Properties		29		1,009
Lamar Advertising Co., Class A		17		1,176
Liberty Property Trust		29		1,215
Life Storage, Inc.		12		1,116
Medical Properties Trust, Inc.		114		1,833
Mid-America Apartment Communities, Inc.		21		2,010
National Retail Properties, Inc.		45		2,183
Omega Healthcare Investors, Inc.		69		2,425
Park Hotels & Resorts, Inc.		55		1,429
Prologis, Inc.		125		7,340
Public Storage		28		5,667
Realty Income Corp.		80		5,043
Regency Centers Corp.		21		1,232
SBA Communications Corp.2		23		3,723
Simon Property Group, Inc.		83		13,943
SL Green Realty Corp.		12		949
STORE Capital Corp.		54		1,529
Sun Communities, Inc.		21		2,136
UDR, Inc.		59		2,338
Ventas, Inc.		64		3,750
VEREIT, Inc.		199		1,423
VICI Properties, Inc.		74		1,390
Vornado Realty Trust		24		1,489
Welltower, Inc.		91		6,316
WP Carey, Inc.		31		2,026
Total Real Estate				151,868
Retailing—8.0%
Advance Auto Parts, Inc.		26		4,094
Amazon.com, Inc.2		139		208,774
AutoZone, Inc.2		7		5,868
Best Buy Co., Inc.		46		2,436
Booking Holdings, Inc.2		10		17,224
Burlington Stores, Inc.1,2		24		3,904
CarMax, Inc.1,2		21		1,317
Dollar General Corp.		82		8,863
Dollar Tree, Inc.2		14		1,265
	Shares		Value
Retailing (Continued)
Expedia Group, Inc.		19	$	2,140
Foot Locker, Inc.		30		1,596
Genuine Parts Co.		37		3,553
GrubHub, Inc.2		27		2,074
Home Depot, Inc. (The)		188		32,302
Kohl’s Corp.		60		3,980
Lowe’s Cos., Inc.		191		17,641
Macy’s, Inc.		108		3,216
Nordstrom, Inc.1		31		1,445
O’Reilly Automotive, Inc.2		29		9,986
Pool Corp.1		11		1,635
Qurate Retail, Inc.2		56		1,093
Ross Stores, Inc.		116		9,651
Target Corp.		174		11,500
Tiffany & Co.		26		2,093
TJX Cos., Inc. (The)		439		19,641
Tractor Supply Co.		42		3,505
Ulta Beauty, Inc.2		20		4,897
Wayfair, Inc., Class A2		14		1,261
Total Retailing				386,954
Semiconductors & Semiconductor Equipment—2.8%
Advanced Micro Devices, Inc.1,2		347		6,406
Analog Devices, Inc.		75		6,437
Broadcom, Inc.		50		12,714
Intel Corp.		1,143		53,641
KLA-Tencor Corp.		21		1,879
Lam Research Corp.		10		1,362
Maxim Integrated Products, Inc.		55		2,797
Microchip Technology, Inc.1		23		1,654
Micron Technology, Inc.2		146		4,633
Monolithic Power Systems, Inc.		11		1,279
NVIDIA Corp.		52		6,942
NXP Semiconductors NV		13		953
Qorvo, Inc.2		22		1,336
QUALCOMM, Inc.		127		7,227
Texas Instruments, Inc.		161		15,214
Xilinx, Inc.		88		7,495
Total Semiconductors & Semiconductor Equipment				131,969
Software & Services—15.5%
Accenture PLC, Class A		152		21,434
Adobe, Inc.2		168		38,008
Akamai Technologies, Inc.2		47		2,871
Amdocs Ltd.		26		1,523
ANSYS, Inc.2		18		2,573

12     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (Continued)
Aspen Technology, Inc.2		22	$	1,808
Atlassian Corp. PLC, Class A2		37		3,292
Autodesk, Inc.2		67		8,617
Automatic Data Processing, Inc.		139		18,226
Black Knight, Inc.2		34		1,532
Booz Allen Hamilton Holding Corp.		49		2,208
Broadridge Financial Solutions, Inc.		32		3,080
Cadence Design Systems, Inc.2		57		2,478
Citrix Systems, Inc.		42		4,303
Cognizant Technology Solutions Corp., Class A		95		6,031
EPAM Systems, Inc.2		14		1,624
Euronet Worldwide, Inc.1,2		15		1,536
Fair Isaac Corp.2		9		1,683
Fidelity National Information Services, Inc.		86		8,819
FireEye, Inc.1,2		63		1,021
First Data Corp., Class A2		122		2,063
Fiserv, Inc.2		119		8,745
FleetCor Technologies, Inc.2		18		3,343
Fortinet, Inc.2		52		3,662
Gartner, Inc.2		26		3,324
Global Payments, Inc.		36		3,713
GoDaddy, Inc., Class A2		53		3,478
Guidewire Software, Inc.2		23		1,845
International Business Machines Corp.		71		8,071
Intuit, Inc.		81		15,945
Jack Henry & Associates, Inc.		22		2,783
Leidos Holdings, Inc.		26		1,371
Mastercard, Inc., Class A		304		57,350
Microsoft Corp.		2,416		245,393
Nutanix, Inc., Class A1,2		39		1,622
Okta, Inc.2		32		2,042
Oracle Corp.		565		25,510
Palo Alto Networks, Inc.2		24		4,520
Paychex, Inc.		60		3,909
Paycom Software, Inc.1,2		18		2,204
PayPal Holdings, Inc.2		298		25,059
PTC, Inc.2		42		3,482
Red Hat, Inc.2		61		10,714
RingCentral, Inc., Class A2		25		2,061
Sabre Corp.		85		1,839
salesforce.com, Inc.2		227		31,092
ServiceNow, Inc.2		60		10,683
	Shares		Value
Software & Services (Continued)
Splunk, Inc.1,2		44	$	4,613
Square, Inc., Class A2		108		6,058
SS&C Technologies Holdings, Inc.		56		2,526
Synopsys, Inc.2		28		2,359
Tableau Software, Inc., Class A2		26		3,120
Total System Services, Inc.		48		3,902
Twilio, Inc., Class A1,2		27		2,411
Tyler Technologies, Inc.2		8		1,487
Ultimate Software Group, Inc. (The)2		8		1,959
VeriSign, Inc.2		36		5,338
Visa, Inc., Class A		542		71,511
VMware, Inc., Class A		23		3,154
Western Union Co. (The)		77		1,314
WEX, Inc.2		12		1,681
Workday, Inc., Class A1,2		48		7,665
Worldpay, Inc., Class A2		67		5,121
Zendesk, Inc.2		39		2,276
Total Software & Services				744,985
Technology Hardware & Equipment—6.5%
Amphenol Corp., Class A		51		4,132
Apple, Inc.		1,202		189,603
Arista Networks, Inc.2		11		2,318
ARRIS International PLC2		46		1,406
Avnet, Inc.		28		1,011
CDW Corp.		49		3,971
Cisco Systems, Inc.		1,414		61,269
Corning, Inc.		148		4,471
Dell Technologies, Inc., Class C1,2		46		2,269
Dolby Laboratories, Inc., Class A		16		989
F5 Networks, Inc.2		21		3,403
FLIR Systems, Inc.		25		1,089
Hewlett Packard Enterprise Co.		324		4,280
HP, Inc.		441		9,023
Juniper Networks, Inc.		65		1,749
Keysight Technologies, Inc.2		65		4,035
Motorola Solutions, Inc.		58		6,672
National Instruments Corp.		33		1,498
NetApp, Inc.		84		5,012
Zebra Technologies Corp., Class A2		20		3,185
Total Technology Hardware & Equipment				311,385

13     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Momentum Factor ETF

	Shares		Value
Telecommunication Services—2.0%
AT&T, Inc.		581	$	16,582
CenturyLink, Inc.		290		4,393
Telephone & Data Systems, Inc.		34		1,106
T-Mobile US, Inc.2		73		4,644
Verizon Communications, Inc.		1,198		67,352
Total Telecommunication Services				94,077
Transportation—2.1%
Alaska Air Group, Inc.		19		1,156
C.H. Robinson Worldwide, Inc.		30		2,523
CSX Corp.		282		17,521
Delta Air Lines, Inc.		119		5,938
Expeditors International of Washington, Inc.		46		3,132
FedEx Corp.		33		5,324
JB Hunt Transport Services, Inc.		13		1,209
Kansas City Southern		13		1,241
Kirby Corp.1,2		17		1,145
Norfolk Southern Corp.		84		12,561
Old Dominion Freight Line, Inc.		13		1,605
Southwest Airlines Co.		37		1,720
Union Pacific Corp.		207		28,614
United Continental Holdings, Inc.2		88		7,368
United Parcel Service, Inc., Class B		103		10,046
XPO Logistics, Inc.1,2		21		1,198
Total Transportation				102,301
Utilities—3.2%
AES Corp.		240		3,470
Alliant Energy Corp.		49		2,070
Ameren Corp.		66		4,305
American Electric Power Co., Inc.		99		7,399
American Water Works Co., Inc.		37		3,359
Atmos Energy Corp.		27		2,503
CenterPoint Energy, Inc.		88		2,484
CMS Energy Corp.		61		3,029
Consolidated Edison, Inc.		36		2,753
Dominion Energy, Inc.		72		5,145
DTE Energy Co.		40		4,412
Duke Energy Corp.		138		11,909
Edison International		21		1,192
	Shares		Value
Utilities (Continued)
Entergy Corp.		40	$	3,443
Evergy, Inc.		65		3,690
Eversource Energy		68		4,423
Exelon Corp.		263		11,861
FirstEnergy Corp.		155		5,820
NextEra Energy, Inc.		130		22,597
NiSource, Inc.		63		1,597
NRG Energy, Inc.		104		4,118
OGE Energy Corp.		57		2,234
Pinnacle West Capital Corp.		21		1,789
PPL Corp.1		101		2,861
Public Service Enterprise Group, Inc.		109		5,674
SCANA Corp.		24		1,147
Sempra Energy		50		5,410
Southern Co. (The)		154		6,764
UGI Corp.		51		2,721
Vectren Corp.		19		1,368
Vistra Energy Corp.2		137		3,136
WEC Energy Group, Inc.		70		4,848
Xcel Energy, Inc.		101		4,976
Total Utilities				154,507
Total Common Stocks (Cost $4,642,062)				4,810,560
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $3,774)		3,774		3,774
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $9,833)		9,833		9,833
Total Investments—100.1% (Cost $4,655,669)				4,824,167
Liabilities in Excess of Other Assets—(0.1)%				(6,796	)
Net Assets—100.0%			$	4,817,371

 

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $122,175; total value of the collateral held by the Fund was $124,126. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $114,293 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

14     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—1.7%
Adient PLC		65	$	979
Aptiv PLC		94		5,788
BorgWarner, Inc.		125		4,342
Ford Motor Co.		2,714		20,762
General Motors Co.		911		30,473
Gentex Corp.		105		2,122
Goodyear Tire & Rubber Co. (The)		167		3,408
Harley-Davidson, Inc.		106		3,617
Lear Corp.		45		5,529
Thor Industries, Inc.		32		1,664
Visteon Corp.1,2		18		1,085
Total Automobiles & Components				79,769
Banks—5.1%
Associated Banc-Corp.		62		1,227
Bank OZK1		44		1,004
BankUnited, Inc.		58		1,737
BB&T Corp.		330		14,296
CIT Group, Inc.		51		1,952
Citizens Financial Group, Inc.		210		6,243
Comerica, Inc.		51		3,503
Commerce Bancshares, Inc.1		25		1,409
Cullen/Frost Bankers, Inc.1		17		1,495
East West Bancorp, Inc.		42		1,828
F.N.B. Corp.1		106		1,043
Fifth Third Bancorp		318		7,483
First Citizens BancShares, Inc., Class A		4		1,508
First Republic Bank1		42		3,650
Huntington Bancshares, Inc.		498		5,936
KeyCorp		445		6,577
M&T Bank Corp.		67		9,590
New York Community Bancorp, Inc.		306		2,879
PacWest Bancorp		38		1,265
People’s United Financial, Inc.1		125		1,804
PNC Financial Services Group, Inc. (The)		172		20,109
Popular, Inc.		53		2,503
Prosperity Bancshares, Inc.		21		1,308
Regions Financial Corp.		498		6,663
Signature Bank		17		1,748
SunTrust Banks, Inc.		260		13,114
Synovus Financial Corp.1		43		1,376
U.S. Bancorp		574		26,232
	Shares		Value
Banks (Continued)
Umpqua Holdings Corp.		75	$	1,192
Webster Financial Corp.		27		1,331
Wells Fargo & Co.		1,776		81,838
Western Alliance Bancorp2		25		987
Wintrust Financial Corp.		17		1,130
Zions Bancorp NA		70		2,852
Total Banks				238,812
Capital Goods—6.2%
A.O. Smith Corp.		32		1,366
Acuity Brands, Inc.		19		2,184
AECOM1,2		109		2,888
AGCO Corp.		43		2,394
Air Lease Corp.		64		1,933
Allegion PLC1		25		1,993
Allison Transmission Holdings, Inc.		58		2,547
Arconic, Inc.		231		3,895
Arcosa, Inc.2		26		720
BWX Technologies, Inc.		17		650
Carlisle Cos., Inc.		23		2,312
Colfax Corp.2		36		752
Crane Co.		19		1,371
Cummins, Inc.		88		11,760
Curtiss-Wright Corp.		14		1,430
Deere & Co.		106		15,812
Donaldson Co., Inc.1		34		1,475
Dover Corp.		68		4,825
Eaton Corp. PLC		230		15,792
Flowserve Corp.		39		1,483
Fluor Corp.		91		2,930
Fortune Brands Home & Security, Inc.		62		2,355
General Dynamics Corp.		99		15,564
Graco, Inc.		34		1,423
HD Supply Holdings, Inc.2		115		4,315
Hexcel Corp.		26		1,491
Hubbell, Inc.		21		2,086
Huntington Ingalls Industries, Inc.		21		3,997
IDEX Corp.		14		1,768
Ingersoll-Rand PLC		112		10,218
ITT, Inc.		33		1,593
Jacobs Engineering Group, Inc.		57		3,332
Johnson Controls International PLC		324		9,607
L3 Technologies, Inc.		29		5,036
Lennox International, Inc.		11		2,407

 

15     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Capital Goods (Continued)
Lincoln Electric Holdings, Inc.		20	$	1,577
Lockheed Martin Corp.		92		24,089
Masco Corp.		118		3,450
Middleby Corp. (The)1,2		18		1,849
MSC Industrial Direct Co., Inc., Class A		14		1,077
Nordson Corp.		14		1,671
nVent Electric PLC		66		1,482
Oshkosh Corp.		38		2,330
Owens Corning		66		2,903
PACCAR, Inc.		206		11,771
Parker-Hannifin Corp.		44		6,562
Pentair PLC		78		2,947
Quanta Services, Inc.		92		2,769
Regal Beloit Corp.		23		1,611
Sensata Technologies Holding PLC2		50		2,242
Snap-on, Inc.1		24		3,487
Spirit AeroSystems Holdings, Inc., Class A		42		3,028
Stanley Black & Decker, Inc.		64		7,663
Teledyne Technologies, Inc.2		8		1,657
Terex Corp.1		35		965
Textron, Inc.		95		4,369
Timken Co. (The)		33		1,232
Toro Co. (The)		31		1,732
Trinity Industries, Inc.		80		1,647
United Rentals, Inc.2		47		4,819
United Technologies Corp.		281		29,921
Univar, Inc.2		75		1,331
USG Corp.1		28		1,194
Valmont Industries, Inc.		9		999
W.W. Grainger, Inc.1		16		4,518
WABCO Holdings, Inc.2		33		3,542
Wabtec Corp.1		16		1,124
Watsco, Inc.1		9		1,252
WESCO International, Inc.2		32		1,536
Xylem, Inc.		43		2,869
Total Capital Goods				292,919
Commercial & Professional Services—0.9%
Clean Harbors, Inc.2		21		1,036
Copart, Inc.2		32		1,529
CoStar Group, Inc.2		3		1,012
Dun & Bradstreet Corp. (The)		12		1,713
Equifax, Inc.		30		2,794
KAR Auction Services, Inc.		48		2,291
ManpowerGroup, Inc.		44		2,851
	Shares		Value
Commercial & Professional Services (Continued)
Nielsen Holdings PLC		180	$	4,199
Republic Services, Inc.		78		5,623
Robert Half International, Inc.		43		2,460
Stericycle, Inc.1,2		20		734
Waste Management, Inc.		197		17,531
Total Commercial & Professional Services				43,773
Consumer Durables & Apparel—1.3%
Brunswick Corp.		36		1,672
Carter’s, Inc.1		19		1,551
D.R. Horton, Inc.		146		5,060
Garmin Ltd.		60		3,799
Hanesbrands, Inc.1		216		2,706
Hasbro, Inc.1		47		3,819
Leggett & Platt, Inc.1		64		2,294
Lennar Corp., Class A		111		4,346
Michael Kors Holdings Ltd.2		77		2,920
Mohawk Industries, Inc.2		29		3,392
Newell Brands, Inc.1		300		5,577
NVR, Inc.2		1		2,437
Polaris Industries, Inc.		24		1,840
PulteGroup, Inc.1		144		3,742
PVH Corp.		25		2,324
Ralph Lauren Corp.		21		2,173
Skechers U.S.A., Inc., Class A2		56		1,282
Tapestry, Inc.		92		3,105
Tempur Sealy International, Inc.1,2		25		1,035
Toll Brothers, Inc.		94		3,095
Whirlpool Corp.		48		5,130
Total Consumer Durables & Apparel				63,299
Consumer Services—1.4%
Aramark		151		4,375
Carnival Corp.		191		9,416
Chipotle Mexican Grill, Inc.2		4		1,727
Darden Restaurants, Inc.		52		5,193
Domino’s Pizza, Inc.1		7		1,736
Dunkin’ Brands Group, Inc.1		18		1,154
Extended Stay America, Inc.		61		946
frontdoor, Inc.2		30		798
Graham Holdings Co., Class B1		4		2,562
Grand Canyon Education, Inc.2		10		961
H&R Block, Inc.1		134		3,400

16     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services (Continued)
Hilton Grand Vacations, Inc.1,2		39	$	1,029
MGM Resorts International		236		5,725
Norwegian Cruise Line Holdings Ltd.2		109		4,621
Royal Caribbean Cruises Ltd.		90		8,801
Service Corp. International		83		3,342
ServiceMaster Global Holdings, Inc.2		33		1,212
Six Flags Entertainment Corp.		21		1,168
Vail Resorts, Inc.		7		1,476
Wyndham Destinations, Inc.		67		2,401
Wyndham Hotels & Resorts, Inc.		21		953
Yum China Holdings, Inc.		110		3,688
Total Consumer Services				66,684
Diversified Financials—7.2%
Affiliated Managers Group, Inc.		26		2,534
AGNC Investment Corp.		246		4,315
Ally Financial, Inc.		297		6,730
American Express Co.		408		38,891
Ameriprise Financial, Inc.		78		8,141
Annaly Capital Management, Inc.		789		7,748
AXA Equitable Holdings, Inc.		79		1,314
Bank of New York Mellon Corp. (The)		348		16,380
Berkshire Hathaway, Inc., Class B2		681		139,047
BGC Partners, Inc., Class A		176		910
Capital One Financial Corp.		329		24,869
Cboe Global Markets, Inc.		16		1,565
Chimera Investment Corp.		167		2,976
Credit Acceptance Corp.1,2		5		1,909
Discover Financial Services		227		13,389
Evercore, Inc., Class A		20		1,431
FactSet Research Systems, Inc.		7		1,401
Franklin Resources, Inc.		144		4,271
Interactive Brokers Group, Inc., Class A1		17		929
Invesco Ltd.		231		3,867
Jefferies Financial Group, Inc.		212		3,680
Lazard Ltd., Class A		75		2,768
	Shares		Value
Diversified Financials (Continued)
Legg Mason, Inc.		47	$	1,199
LPL Financial Holdings, Inc.		34		2,077
MFA Financial, Inc.		162		1,082
Nasdaq, Inc.		31		2,529
Navient Corp.1		178		1,568
New Residential Investment Corp.		99		1,407
Northern Trust Corp.		63		5,266
OneMain Holdings, Inc.2		52		1,263
Raymond James Financial, Inc.		52		3,869
Santander Consumer USA Holdings, Inc.1		80		1,407
SEI Investments Co.		27		1,247
State Street Corp.		219		13,812
Synchrony Financial		513		12,035
Two Harbors Investment Corp.		117		1,502
Voya Financial, Inc.1		53		2,127
Total Diversified Financials				341,455
Energy—6.7%
Antero Resources Corp.1,2		167		1,568
Apache Corp.1		235		6,169
Cabot Oil & Gas Corp.1		63		1,408
Chesapeake Energy Corp.1,2		625		1,312
Chevron Corp.		693		75,391
Cimarex Energy Co.		39		2,404
CNX Resources Corp.1,2		130		1,485
Devon Energy Corp.		269		6,063
Diamondback Energy, Inc.		26		2,410
EQT Corp.		85		1,606
Equitrans Midstream Corp.2		68		1,361
Exxon Mobil Corp.		1,806		123,151
HollyFrontier Corp.		75		3,834
Marathon Petroleum Corp.		443		26,141
Murphy Oil Corp.1		77		1,801
Newfield Exploration Co.2		110		1,613
Parsley Energy, Inc., Class A2		45		719
PBF Energy, Inc., Class A1		77		2,516
Phillips 66		263		22,657
QEP Resources, Inc.2		158		890
Range Resources Corp.1		110		1,053
Targa Resources Corp.		51		1,837
Transocean Ltd.2		100		694
Valero Energy Corp.		278		20,842
Williams Cos., Inc. (The)		255		5,623
Total Energy				314,548

17     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Food & Staples Retailing—4.7%
Casey’s General Stores, Inc.		26	$	3,332
Costco Wholesale Corp.		242		49,298
Kroger Co. (The)		583		16,032
Sprouts Farmers Market, Inc.1,2		83		1,951
Sysco Corp.		270		16,918
US Foods Holding Corp.2		140		4,430
Walgreens Boots Alliance, Inc.		574		39,221
Walmart, Inc.		959		89,331
Total Food & Staples Retailing				220,513
Food, Beverage & Tobacco—3.9%
Archer-Daniels-Midland Co.		366		14,995
Bunge Ltd.		89		4,756
Campbell Soup Co.		110		3,629
Conagra Brands, Inc.		176		3,760
Flowers Foods, Inc.1		70		1,293
General Mills, Inc.		294		11,448
Hain Celestial Group, Inc. (The)2		42		666
Hershey Co. (The)		44		4,716
Hormel Foods Corp.1		85		3,628
Ingredion, Inc.		38		3,473
JM Smucker Co. (The)		66		6,170
Kellogg Co.		105		5,986
Lamb Weston Holdings, Inc.		34		2,501
McCormick & Co., Inc.		32		4,456
Molson Coors Brewing Co., Class B		107		6,009
PepsiCo, Inc.		514		56,787
Philip Morris International, Inc.		536		35,783
Post Holdings, Inc.1,2		24		2,139
TreeHouse Foods, Inc.1,2		31		1,572
Tyson Foods, Inc., Class A		191		10,200
Total Food, Beverage & Tobacco				183,967
Health Care Equipment & Services—7.9%
Acadia Healthcare Co., Inc.2		46		1,183
AmerisourceBergen Corp.		99		7,366
Anthem, Inc.		154		40,445
athenahealth, Inc.2		8		1,055
Cardinal Health, Inc.		209		9,321
Centene Corp.2		124		14,297
Cigna Corp.		228		43,302
Cooper Cos., Inc. (The)		10		2,545
CVS Health Corp.		699		45,798
DaVita, Inc.2		81		4,168
Encompass Health Corp.		43		2,653
HCA Healthcare, Inc.		183		22,774
	Shares		Value
Health Care Equipment & Services (Continued)
Henry Schein, Inc.1,2		76	$	5,968
Hill-Rom Holdings, Inc.		15		1,328
Hologic, Inc.2		66		2,713
Humana, Inc.		86		24,637
Laboratory Corp. of America Holdings2		38		4,802
McKesson Corp.		127		14,030
MEDNAX, Inc.2		51		1,683
Molina Healthcare, Inc.1,2		31		3,603
Quest Diagnostics, Inc.		53		4,413
STERIS PLC		19		2,030
UnitedHealth Group, Inc.		392		97,655
Universal Health Services, Inc., Class B		50		5,828
Varian Medical Systems, Inc.2		15		1,700
Veeva Systems, Inc., Class A2		16		1,429
WellCare Health Plans, Inc.2		28		6,611
West Pharmaceutical Services, Inc.		14		1,372
Total Health Care Equipment & Services				374,709
Household & Personal Products—2.9%
Church & Dwight Co., Inc.		67		4,406
Clorox Co. (The)		38		5,857
Energizer Holdings, Inc.1		21		948
Herbalife Nutrition Ltd.2		38		2,240
Kimberly-Clark Corp.		155		17,661
Nu Skin Enterprises, Inc., Class A		18		1,104
Procter & Gamble Co. (The)		1,114		102,399
Spectrum Brands Holdings, Inc.1		14		592
Total Household & Personal Products				135,207
Insurance—5.2%
Aflac, Inc.		485		22,097
Alleghany Corp.		4		2,493
Allstate Corp. (The)		229		18,922
American Financial Group, Inc.		45		4,074
Arch Capital Group Ltd.2		180		4,810
Arthur J. Gallagher & Co.		63		4,643
Assurant, Inc.		33		2,952
Assured Guaranty Ltd.		72		2,756
Athene Holding Ltd., Class A2		96		3,824
Brighthouse Financial, Inc.2		61		1,859

18     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (Continued)
Brown & Brown, Inc.		54	$	1,488
Chubb Ltd.		206		26,611
Cincinnati Financial Corp.		64		4,955
Everest Re Group Ltd.		22		4,791
Fidelity National Financial, Inc.		129		4,056
First American Financial Corp.		61		2,723
Hanover Insurance Group, Inc. (The)		25		2,919
Lincoln National Corp.		102		5,234
Loews Corp.		178		8,103
MetLife, Inc.		598		24,554
Old Republic International Corp.		171		3,517
Principal Financial Group, Inc.		196		8,657
Progressive Corp. (The)		275		16,591
Prudential Financial, Inc.		302		24,628
Reinsurance Group of America, Inc.		44		6,170
RenaissanceRe Holdings Ltd.		15		2,005
Torchmark Corp.		71		5,292
Travelers Cos., Inc. (The)		150		17,962
Unum Group		143		4,201
W.R. Berkley Corp.		46		3,400
White Mountains Insurance Group Ltd.		2		1,715
Total Insurance				248,002
Materials—3.3%
Albemarle Corp.		24		1,850
Alcoa Corp.2		112		2,977
AptarGroup, Inc.		19		1,787
Ashland Global Holdings, Inc.		17		1,206
Avery Dennison Corp.		37		3,324
Axalta Coating Systems Ltd.2		63		1,475
Ball Corp.		173		7,955
Bemis Co., Inc.1		39		1,790
Berry Global Group, Inc.2		84		3,993
Cabot Corp.		31		1,331
Celanese Corp.1		46		4,139
CF Industries Holdings, Inc.		85		3,698
Chemours Co. (The)		97		2,737
Crown Holdings, Inc.1,2		87		3,617
Domtar Corp.		27		949
Eagle Materials, Inc.		12		732
	Shares		Value
Materials (Continued)
Eastman Chemical Co.		78	$	5,703
FMC Corp.		39		2,884
Freeport-McMoRan, Inc.		900		9,279
Graphic Packaging Holding Co.1		165		1,756
Huntsman Corp.		144		2,778
International Flavors & Fragrances, Inc.		20		2,685
International Paper Co.		199		8,032
LyondellBasell Industries NV, Class A		202		16,798
Mosaic Co. (The)		143		4,177
Newmont Mining Corp.		187		6,480
Nucor Corp.		150		7,772
Olin Corp.		90		1,810
Owens-Illinois, Inc.2		112		1,931
Packaging Corp. of America		38		3,171
PPG Industries, Inc.		104		10,632
Reliance Steel & Aluminum Co.		41		2,918
RPM International, Inc.		44		2,586
Scotts Miracle-Gro Co., (The)1		15		922
Sealed Air Corp.		51		1,777
Silgan Holdings, Inc.		49		1,157
Sonoco Products Co.		40		2,125
Steel Dynamics, Inc.		102		3,064
United States Steel Corp.1		118		2,152
Westlake Chemical Corp.1		16		1,059
WestRock Co.		146		5,513
WR Grace & Co.		18		1,168
Total Materials				153,889
Media & Entertainment—5.2%
AMC Networks, Inc., Class A1,2		30		1,646
CBS Corp., Class B		114		4,984
Charter Communications, Inc., Class A1,2		97		27,642
Cinemark Holdings, Inc.		61		2,184
Comcast Corp., Class A		2,715		92,446
Discovery, Inc., Class A1,2		72		1,781
Discovery, Inc., Class C2		98		2,262
DISH Network Corp., Class A2		147		3,671
IAC/InterActiveCorp2		19		3,478
Interpublic Group of Cos., Inc. (The)		214		4,415

19     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Media & Entertainment (Continued)
Liberty Broadband Corp., Class C2		33	$	2,377
Liberty Media Corp.-Liberty SiriusXM, Class A2		28		1,030
Liberty Media Corp.-Liberty SiriusXM, Class C2		56		2,071
Lions Gate Entertainment Corp., Class B		51		759
Live Nation Entertainment, Inc.1,2		44		2,167
Omnicom Group, Inc.		138		10,107
Sirius XM Holdings, Inc.1		248		1,416
Take-Two Interactive Software, Inc.2		13		1,338
Twenty-First Century Fox, Inc., Class B		137		6,546
Viacom, Inc., Class B		245		6,296
Walt Disney Co. (The)		606		66,448
Total Media & Entertainment				245,064
Pharmaceuticals, Biotechnology & Life Sciences—3.4%
Amgen, Inc.		272		52,950
Biogen, Inc.2		70		21,064
Catalent, Inc.2		30		935
Celgene Corp.2		309		19,804
Charles River Laboratories International, Inc.2		13		1,471
Gilead Sciences, Inc.		796		49,790
Jazz Pharmaceuticals PLC2		14		1,736
Mylan NV2		227		6,220
PerkinElmer, Inc.		26		2,042
Perrigo Co. PLC		32		1,240
United Therapeutics Corp.2		24		2,614
Total Pharmaceuticals, Biotechnology & Life Sciences				159,866
Real Estate—1.4%
Alexandria Real Estate Equities, Inc.		11		1,268
Apple Hospitality REIT, Inc.		71		1,012
Brixmor Property Group, Inc.		136		1,998
Camden Property Trust		15		1,321
CBRE Group, Inc., Class A2		136		5,445
Duke Realty Corp.		57		1,476
EPR Properties		23		1,473
Equity LifeStyle Properties, Inc.		13		1,263
Extra Space Storage, Inc.		25		2,262
	Shares		Value
Real Estate (Continued)
Federal Realty Investment Trust		12	$	1,416
Gaming and Leisure Properties, Inc.		61		1,971
HCP, Inc.		126		3,519
Highwoods Properties, Inc.		25		967
Hospitality Properties Trust		70		1,672
Host Hotels & Resorts, Inc.		218		3,634
Iron Mountain, Inc.		74		2,398
Jones Lang LaSalle, Inc.		26		3,292
Kimco Realty Corp.		129		1,890
Lamar Advertising Co., Class A		25		1,730
Liberty Property Trust		31		1,298
Macerich Co. (The)		21		909
Medical Properties Trust, Inc.		114		1,833
Mid-America Apartment Communities, Inc.		23		2,201
National Retail Properties, Inc.		30		1,455
Newmark Group, Inc., Class A		81		650
Omega Healthcare Investors, Inc.1		45		1,582
Outfront Media, Inc.		59		1,069
Park Hotels & Resorts, Inc.		76		1,974
Realogy Holdings Corp.1		88		1,292
Regency Centers Corp.		21		1,232
Retail Properties of America, Inc., Class A		108		1,172
Senior Housing Properties Trust		76		891
SL Green Realty Corp.		14		1,107
UDR, Inc.		33		1,307
VEREIT, Inc.		207		1,480
Weingarten Realty Investors		50		1,241
WP Carey, Inc.		25		1,634
Total Real Estate				64,334
Retailing—4.9%
Advance Auto Parts, Inc.		30		4,724
AutoNation, Inc.1,2		38		1,357
AutoZone, Inc.2		14		11,737
Best Buy Co., Inc.		164		8,685
Burlington Stores, Inc.1,2		21		3,416
CarMax, Inc.1,2		79		4,956
Dick’s Sporting Goods, Inc.1		54		1,685
Dollar General Corp.		137		14,807
Dollar Tree, Inc.2		130		11,742

20     OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (Continued)
eBay, Inc.2		334	$	9,375
Expedia Group, Inc.		42		4,731
Foot Locker, Inc.		74		3,937
Gap, Inc. (The)		146		3,761
Genuine Parts Co.		75		7,201
Kohl’s Corp.		114		7,563
L Brands, Inc.		158		4,056
LKQ Corp.1,2		137		3,251
Lowe’s Cos., Inc.		359		33,157
Macy’s, Inc.1		212		6,313
Michaels Cos., Inc. (The)1,2		75		1,016
Nordstrom, Inc.1		81		3,775
O’Reilly Automotive, Inc.2		26		8,953
Penske Automotive Group, Inc.		25		1,008
Pool Corp.1		9		1,338
Qurate Retail, Inc.1,2		151		2,948
Ross Stores, Inc.		122		10,150
Target Corp.		370		24,453
TJX Cos., Inc. (The)		440		19,686
Tractor Supply Co.		53		4,422
Ulta Beauty, Inc.1,2		16		3,917
Urban Outfitters, Inc.2		30		996
Williams-Sonoma, Inc.1		51		2,573
Total Retailing				231,689
Semiconductors & Semiconductor Equipment—4.6%
Applied Materials, Inc.		607		19,873
Cypress Semiconductor Corp.		81		1,030
First Solar, Inc.1,2		44		1,868
Intel Corp.		2,823		132,484
KLA-Tencor Corp.		72		6,443
Marvell Technology Group Ltd.		170		2,752
Micron Technology, Inc.2		965		30,620
MKS Instruments, Inc.		28		1,809
ON Semiconductor Corp.2		271		4,474
Qorvo, Inc.2		42		2,551
Skyworks Solutions, Inc.		101		6,769
Teradyne, Inc.		122		3,828
Versum Materials, Inc.		29		804
Total Semiconductors & Semiconductor Equipment				215,305
Software & Services—3.9%
Alliance Data Systems Corp.		32		4,803
Amdocs Ltd.		74		4,335
Aspen Technology, Inc.2		14		1,151
	Shares		Value
Software & Services (Continued)
Booz Allen Hamilton Holding Corp.		62	$	2,794
Cadence Design Systems, Inc.2		54		2,348
CDK Global, Inc.		48		2,298
Conduent, Inc.2		86		914
CoreLogic, Inc.2		26		869
DXC Technology Co.		304		16,164
EPAM Systems, Inc.2		12		1,392
Euronet Worldwide, Inc.1,2		18		1,843
Fair Isaac Corp.2		7		1,309
First Data Corp., Class A2		179		3,027
Fortinet, Inc.2		33		2,324
Gartner, Inc.2		12		1,534
Genpact Ltd.		50		1,350
GoDaddy, Inc., Class A2		20		1,312
International Business Machines Corp.		902		102,530
Jack Henry & Associates, Inc.		11		1,392
Leidos Holdings, Inc.		100		5,272
LogMeIn, Inc.1		11		897
Manhattan Associates, Inc.2		25		1,059
PTC, Inc.2		13		1,078
Sabre Corp.		101		2,186
Splunk, Inc.1,2		11		1,153
Square, Inc., Class A2		25		1,402
SS&C Technologies Holdings, Inc.		46		2,075
Symantec Corp.		287		5,423
Teradata Corp.1,2		46		1,765
Tyler Technologies, Inc.2		6		1,115
Ultimate Software Group, Inc. (The)2		4		979
VMware, Inc, Class A		21		2,880
Western Union Co. (The)		163		2,781
Workday, Inc., Class A1,2		12		1,916
Total Software & Services				185,670
Technology Hardware & Equipment—2.7%
ARRIS International PLC2		159		4,861
Arrow Electronics, Inc.2		56		3,861
Avnet, Inc.		55		1,986
CDW Corp.		120		9,726
Cognex Corp.		25		967
Coherent, Inc.1,2		10		1,057
CommScope Holding Co., Inc.2		149		2,442
EchoStar Corp., Class A2		34		1,248
F5 Networks, Inc.2		26		4,213

21     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Value Factor ETF
 

	Shares		Value
Technology Hardware & Equipment (Continued)
FLIR Systems, Inc.		24	$	1,045
Hewlett Packard Enterprise Co.		1,691		22,338
HP, Inc.		1,724		35,273
IPG Photonics Corp.1,2		5		566
Jabil, Inc.		116		2,876
Juniper Networks, Inc.		310		8,342
Keysight Technologies, Inc.2		23		1,428
Littelfuse, Inc.		5		857
Motorola Solutions, Inc.		84		9,663
NCR Corp.1,2		133		3,070
Trimble, Inc.2		52		1,711
Western Digital Corp.		226		8,355
Xerox Corp.		125		2,470
Zebra Technologies Corp., Class A2		11		1,752
Total Technology Hardware & Equipment				130,107
Telecommunication Services—5.9%
AT&T, Inc.		4,145		118,298
CenturyLink, Inc.		568		8,605
Sprint Corp.2		439		2,555
Telephone & Data Systems, Inc.		62		2,018
T-Mobile US, Inc.2		189		12,022
Verizon Communications, Inc.		2,350		132,117
Zayo Group Holdings, Inc.2		51		1,165
Total Telecommunication Services				276,780
Transportation—2.5%
Alaska Air Group, Inc.		83		5,051
AMERCO		4		1,312
American Airlines Group, Inc.		292		9,376
C.H. Robinson Worldwide, Inc.		61		5,130
Copa Holdings SA, Class A		21		1,653
Delta Air Lines, Inc.		432		21,557
Expeditors International of Washington, Inc.		45		3,064
FedEx Corp.		115		18,553
Genesee & Wyoming, Inc., Class A2		23		1,703
JB Hunt Transport Services, Inc.		31		2,884
JetBlue Airways Corp.2		219		3,517
Kansas City Southern		36		3,436
Kirby Corp.1,2		30		2,021
Landstar System, Inc.		12		1,148
	Shares		Value
Transportation (Continued)
Macquarie Infrastructure Corp.1		43	$	1,572
Old Dominion Freight Line, Inc.		12		1,482
Ryder System, Inc.		36		1,733
Southwest Airlines Co.		313		14,548
United Continental Holdings, Inc.2		173		14,485
XPO Logistics, Inc.1,2		49		2,795
Total Transportation				117,020
Utilities—6.8%
AES Corp.		373		5,394
Alliant Energy Corp.		92		3,887
Ameren Corp.		122		7,958
American Electric Power Co., Inc.		247		18,461
American Water Works Co., Inc.		57		5,174
Aqua America, Inc.1		41		1,402
Atmos Energy Corp.		35		3,245
CenterPoint Energy, Inc.		264		7,453
CMS Energy Corp.		138		6,852
Consolidated Edison, Inc.		210		16,057
Dominion Energy, Inc.		267		19,080
DTE Energy Co.		99		10,920
Duke Energy Corp.		337		29,083
Edison International		188		10,673
Entergy Corp.		115		9,898
Eversource Energy		144		9,366
Exelon Corp.		650		29,315
FirstEnergy Corp.		190		7,135
Hawaiian Electric Industries, Inc.1		54		1,977
MDU Resources Group, Inc.		89		2,122
National Fuel Gas Co.		43		2,201
NiSource, Inc.		104		2,636
NRG Energy, Inc.		187		7,405
OGE Energy Corp.		86		3,370
PG&E Corp.2		353		8,384
Pinnacle West Capital Corp.		54		4,601
PPL Corp.1		377		10,680
Public Service Enterprise Group, Inc.		193		10,046
SCANA Corp.		80		3,822
Sempra Energy		127		13,740
Southern Co. (The)		413		18,139
UGI Corp.		87		4,641
Vectren Corp.		27		1,943
Vistra Energy Corp.2		132		3,021

22     OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (Continued)
WEC Energy Group, Inc.		132	$	9,142
Xcel Energy, Inc.		257		12,662
Total Utilities				321,885
Total Common Stocks (Cost $5,107,550)				4,705,266
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $9,038)		9,038		9,038
Investment of Cash Collateral for Securities Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $6,707)		6,707		6,707
Total Investments—100.0% (Cost $5,123,295)			$	4,721,011
Other Assets in Excess of Liabilities—0.0%4				1,000
Net Assets—100.0%			$	4,722,011

 

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 $221,130; total value of the collateral held by the Fund was $224,606. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $217,899 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

4. Less than 0.05%.

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

23     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Low Volatility Factor ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—0.3%
Ford Motor Co.		874	$	6,686
Garrett Motion, Inc.1		26		321
General Motors Co.		292		9,767
Total Automobiles & Components				16,774
Banks—6.6%
Bank of America Corp.		2,171		53,493
BB&T Corp.		245		10,613
Citigroup, Inc.		649		33,787
Commerce Bancshares, Inc.2		31		1,747
Fifth Third Bancorp		174		4,094
First Republic Bank2		43		3,737
JPMorgan Chase & Co.		1,021		99,670
M&T Bank Corp.		45		6,441
People’s United Financial, Inc.2		116		1,674
PNC Financial Services Group, Inc. (The)		148		17,303
SunTrust Banks, Inc.		124		6,255
U.S. Bancorp		532		24,312
Wells Fargo & Co.		1,332		61,379
Total Banks				324,505
Capital Goods—7.5%
3M Co.		196		37,346
AMETEK, Inc.		77		5,213
Boeing Co. (The)		144		46,440
Caterpillar, Inc.		135		17,154
Cummins, Inc.		38		5,078
Deere & Co.		90		13,425
Eaton Corp. PLC		116		7,965
Emerson Electric Co.		181		10,815
Fortive Corp.		98		6,631
General Dynamics Corp.		86		13,520
General Electric Co.		2,569		19,447
Harris Corp.		34		4,578
Honeywell International, Inc.		264		34,880
IDEX Corp.		25		3,156
Illinois Tool Works, Inc.		110		13,936
Ingersoll-Rand PLC		69		6,295
Johnson Controls International PLC		250		7,412
L3 Technologies, Inc.		22		3,820
Lockheed Martin Corp.		84		21,995
Northrop Grumman Corp.		51		12,490
PACCAR, Inc.		92		5,257
Parker-Hannifin Corp.		34		5,071
	Shares		Value
Capital Goods (Continued)
Raytheon Co.		90	$	13,801
Resideo Technologies, Inc.1		43		884
Rockwell Automation, Inc.		35		5,267
Roper Technologies, Inc.		33		8,795
Snap-on, Inc.2		17		2,470
Stanley Black & Decker, Inc.		47		5,628
Toro Co. (The)		35		1,956
United Technologies Corp.		272		28,963
Total Capital Goods				369,688
Commercial & Professional Services—0.8%
Cintas Corp.		29		4,872
Copart, Inc.1		58		2,771
IHS Markit Ltd.1		119		5,708
KAR Auction Services, Inc.		42		2,004
Republic Services, Inc.		79		5,695
Verisk Analytics, Inc.1		51		5,561
Waste Management, Inc.		152		13,527
Total Commercial & Professional Services				40,138
Consumer Durables & Apparel—0.7%
NIKE, Inc., Class B		369		27,358
VF Corp.		85		6,064
Total Consumer Durables & Apparel				33,422
Consumer Services—2.2%
Aramark		75		2,173
Carnival Corp.		105		5,176
Hilton Worldwide Holdings, Inc.		71		5,098
Marriott International, Inc., Class A		84		9,119
McDonald’s Corp.		280		49,719
Starbucks Corp.		434		27,950
Yum! Brands, Inc.		87		7,997
Total Consumer Services				107,232
Diversified Financials—6.4%
AGNC Investment Corp.		139		2,438
American Express Co.		212		20,208
Annaly Capital Management, Inc.		392		3,849
Bank of New York Mellon Corp. (The)		280		13,180
Berkshire Hathaway, Inc., Class B1		704		143,743
BlackRock, Inc.		35		13,749
Capital One Financial Corp.		129		9,751
Cboe Global Markets, Inc.		32		3,130
CME Group, Inc.		105		19,753

 

24     OPPENHEIMER ETF TRUST

	Shares		Value
Diversified Financials (Continued)
Discover Financial Services		101	$	5,957
FactSet Research Systems, Inc.		12		2,402
Goldman Sachs Group, Inc. (The)		98		16,371
Intercontinental Exchange, Inc.		175		13,183
Moody’s Corp.		50		7,002
MSCI, Inc.		26		3,833
Nasdaq, Inc.		38		3,100
Northern Trust Corp.		58		4,848
S&P Global, Inc.		77		13,085
Starwood Property Trust, Inc.		90		1,774
State Street Corp.		91		5,739
T. Rowe Price Group, Inc.		72		6,647
Total Diversified Financials				313,742
Energy—3.6%
Chevron Corp.		534		58,094
Exxon Mobil Corp.		1,410		96,148
Occidental Petroleum Corp.		199		12,214
Schlumberger Ltd.		323		11,654
Total Energy				178,110
Food & Staples Retailing—2.0%
Costco Wholesale Corp.		144		29,334
Sysco Corp.		158		9,900
US Foods Holding Corp.1		66		2,088
Walgreens Boots Alliance, Inc.		217		14,828
Walmart, Inc.		474		44,153
Total Food & Staples Retailing				100,303
Food, Beverage & Tobacco—5.3%
Altria Group, Inc.		630		31,116
Archer-Daniels-Midland Co.		143		5,859
Brown-Forman Corp., Class B		88		4,187
Coca-Cola Co. (The)		1,386		65,627
Conagra Brands, Inc.		116		2,478
Constellation Brands, Inc., Class A		51		8,202
General Mills, Inc.		199		7,749
Hershey Co. (The)		46		4,930
Hormel Foods Corp.2		83		3,542
JM Smucker Co. (The)		35		3,272
Kellogg Co.		83		4,732
Lamb Weston Holdings, Inc.		46		3,384
McCormick & Co., Inc.		41		5,709
	Shares		Value
Food, Beverage & Tobacco (Continued)
Mondelez International, Inc., Class A		468	$	18,734
PepsiCo, Inc.		514		56,787
Philip Morris International, Inc.		481		32,111
Total Food, Beverage & Tobacco				258,419
Health Care Equipment & Services—6.8%
Abbott Laboratories		522		37,756
Anthem, Inc.		73		19,172
Baxter International, Inc.		160		10,531
Becton Dickinson and Co.		87		19,603
Boston Scientific Corp.1		366		12,934
Cerner Corp.1		83		4,352
Cigna Corp.		95		18,042
CVS Health Corp.		382		25,029
Danaher Corp.		213		21,965
DENTSPLY SIRONA, Inc.		66		2,456
HCA Healthcare, Inc.		69		8,587
Henry Schein, Inc.1,2		50		3,926
Laboratory Corp. of America Holdings1		33		4,170
Medtronic PLC		454		41,296
Quest Diagnostics, Inc.		42		3,497
Stryker Corp.		116		18,183
Teleflex, Inc.2		14		3,619
UnitedHealth Group, Inc.		287		71,497
Varian Medical Systems, Inc.1		28		3,173
Zimmer Biomet Holdings, Inc.		58		6,016
Total Health Care Equipment & Services				335,804
Household & Personal Products—2.8%
Church & Dwight Co., Inc.		85		5,590
Clorox Co. (The)		45		6,936
Colgate-Palmolive Co.		299		17,796
Estee Lauder Cos., Inc., (The), Class A		71		9,237
Kimberly-Clark Corp.		120		13,673
Procter & Gamble Co. (The)		918		84,383
Total Household & Personal Products				137,615
Insurance—3.7%
Aflac, Inc.		276		12,574
Alleghany Corp.		5		3,117
Allstate Corp. (The)		121		9,998
American Financial Group, Inc.		26		2,354

25     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Low Volatility Factor ETF
 

	Shares		Value
Insurance (Continued)
American International Group, Inc.		286	$	11,271
Aon PLC		83		12,065
Arch Capital Group Ltd.1		135		3,607
Arthur J. Gallagher & Co.		63		4,643
Brown & Brown, Inc.		80		2,205
Chubb Ltd.		168		21,702
Cincinnati Financial Corp.		52		4,026
Everest Re Group Ltd.		13		2,831
Fidelity National Financial, Inc.		78		2,452
Hartford Financial Services Group, Inc. (The)		118		5,245
Loews Corp.		98		4,461
Markel Corp.1		5		5,190
Marsh & McLennan Cos., Inc.		182		14,514
MetLife, Inc.		202		8,294
Principal Financial Group, Inc.		76		3,357
Progressive Corp. (The)		200		12,066
Prudential Financial, Inc.		109		8,889
Reinsurance Group of America, Inc.		21		2,945
RenaissanceRe Holdings Ltd.		14		1,872
Torchmark Corp.		37		2,758
Travelers Cos., Inc. (The)		93		11,137
W.R. Berkley Corp.		33		2,439
Willis Towers Watson PLC		44		6,682
Total Insurance				182,694
Materials—2.1%
Air Products & Chemicals, Inc.		69		11,043
AptarGroup, Inc.		25		2,352
Avery Dennison Corp.		27		2,425
Ball Corp.		105		4,828
DowDuPont, Inc.		536		28,665
Ecolab, Inc.		87		12,819
International Flavors & Fragrances, Inc.		25		3,357
International Paper Co.		110		4,440
Linde PLC		96		14,980
PPG Industries, Inc.		77		7,872
Sherwin-Williams Co. (The)		25		9,837
Total Materials				102,618
Media & Entertainment—5.8%
Alphabet, Inc., Class A1		75		78,372
Alphabet, Inc., Class C1		79		81,813
	Shares		Value
Media & Entertainment (Continued)
Comcast Corp., Class A		1,397	$	47,568
Omnicom Group, Inc.		73		5,347
Twenty-First Century Fox, Inc., Class A		285		13,714
Twenty-First Century Fox, Inc., Class B		140		6,689
Walt Disney Co. (The)		483		52,961
Total Media & Entertainment				286,464
Pharmaceuticals, Biotechnology & Life Sciences—8.5%
Agilent Technologies, Inc.		93		6,274
Amgen, Inc.		159		30,953
Bristol-Myers Squibb Co.		355		18,453
Eli Lilly & Co.		295		34,137
IQVIA Holdings, Inc.1		44		5,111
Johnson & Johnson		960		123,888
Merck & Co., Inc.		849		64,872
Mettler-Toledo International, Inc.1,2		8		4,525
Pfizer, Inc.		1,968		85,903
Thermo Fisher Scientific, Inc.		129		28,869
Waters Corp.1		23		4,339
Zoetis, Inc.		137		11,719
Total Pharmaceuticals, Biotechnology & Life Sciences				419,043
Real Estate—3.5%
Alexandria Real Estate Equities, Inc.		37		4,264
American Tower Corp.		141		22,305
AvalonBay Communities, Inc.		46		8,006
Boston Properties, Inc.		50		5,628
Camden Property Trust		28		2,465
Crown Castle International Corp.		136		14,774
Digital Realty Trust, Inc.		53		5,647
Duke Realty Corp.		109		2,823
Equinix, Inc.		22		7,756
Equity LifeStyle Properties, Inc.		28		2,720
Equity Residential		117		7,723
Essex Property Trust, Inc.		21		5,149
Federal Realty Investment Trust		24		2,833
Invitation Homes, Inc.2		99		1,988
Mid-America Apartment Communities, Inc.		35		3,350
Park Hotels & Resorts, Inc.		66		1,715

26     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Prologis, Inc.		164	$	9,630
Public Storage		47		9,513
Realty Income Corp.		84		5,295
Regency Centers Corp.		54		3,169
Simon Property Group, Inc.		99		16,631
Sun Communities, Inc.		24		2,441
UDR, Inc.		84		3,328
Ventas, Inc.		96		5,625
Vornado Realty Trust		54		3,350
Welltower, Inc.		107		7,427
Weyerhaeuser Co.		205		4,481
WP Carey, Inc.		36		2,352
Total Real Estate				172,388
Retailing—2.7%
AutoZone, Inc.1		8		6,707
Genuine Parts Co.		44		4,225
Home Depot, Inc. (The)		379		65,120
Lowe’s Cos., Inc.		235		21,705
Ross Stores, Inc.		101		8,403
Target Corp.		127		8,393
TJX Cos., Inc. (The)		402		17,985
Total Retailing				132,538
Semiconductors & Semiconductor Equipment—1.9%
Analog Devices, Inc.		100		8,583
Intel Corp.		1,215		57,020
Texas Instruments, Inc.		275		25,987
Total Semiconductors & Semiconductor Equipment				91,590
Software & Services—11.5%
Accenture PLC, Class A		208		29,330
Adobe, Inc.1		114		25,791
Amdocs Ltd.		50		2,929
ANSYS, Inc.1		24		3,431
Automatic Data Processing, Inc.		144		18,881
Broadridge Financial Solutions, Inc.		38		3,657
Cognizant Technology Solutions Corp., Class A		138		8,760
Fidelity National Information Services, Inc.		107		10,973
Fiserv, Inc.1		140		10,289
International Business Machines Corp.		295		33,533
Intuit, Inc.		70		13,780
Jack Henry & Associates, Inc.		27		3,416
	Shares		Value
Software & Services (Continued)
Mastercard, Inc., Class A		288	$	54,331
Microsoft Corp.		2,074		210,656
Oracle Corp.		859		38,784
Paychex, Inc.		108		7,036
Synopsys, Inc.1		52		4,380
Total System Services, Inc.		47		3,821
VeriSign, Inc.1		31		4,597
Visa, Inc., Class A		559		73,754
Worldpay, Inc., Class A1		76		5,809
Total Software & Services				567,938
Technology Hardware & Equipment—5.7%
Amphenol Corp., Class A		98	$	7,940
Apple, Inc.		1,315		207,428
Cisco Systems, Inc.		1,321		57,239
Motorola Solutions, Inc.		48		5,522
Total Technology Hardware & Equipment				278,129
Telecommunication Services—3.0%
AT&T, Inc.		2,488		71,008
Verizon Communications, Inc.		1,368		76,909
Total Telecommunication Services				147,917
Transportation—1.7%
C.H. Robinson Worldwide, Inc.		41		3,448
Expeditors International of Washington, Inc.		54		3,677
FedEx Corp.		70		11,293
JB Hunt Transport Services, Inc.		26		2,419
Norfolk Southern Corp.		67		10,019
Union Pacific Corp.		217		29,996
United Parcel Service, Inc., Class B		226		22,042
Total Transportation				82,894
Utilities—4.7%
Alliant Energy Corp.		79		3,338
Ameren Corp.		81		5,284
American Electric Power Co., Inc.		167		12,482
American Water Works Co., Inc.		62		5,628
Aqua America, Inc.2		60		2,051
Atmos Energy Corp.		37		3,431
CenterPoint Energy, Inc.		132		3,726
CMS Energy Corp.		96		4,766
Consolidated Edison, Inc.		107		8,181
Dominion Energy, Inc.		217		15,507

27     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Low Volatility Factor ETF
 

	Shares		Value
Utilities (Continued)
DTE Energy Co.		63	$	6,949
Duke Energy Corp.		243		20,971
Edison International		100		5,677
Entergy Corp.		59		5,078
Evergy, Inc.		91		5,166
Eversource Energy		107		6,959
Exelon Corp.		286		12,899
FirstEnergy Corp.		142		5,332
NextEra Energy, Inc.		159		27,637
NiSource, Inc.		113		2,864
PG&E Corp.1		151		3,586
Pinnacle West Capital Corp.		44		3,749
PPL Corp.2		230		6,516
Public Service Enterprise Group, Inc.		165		8,588
Sempra Energy		89		9,629
Southern Co. (The)		359		15,767
UGI Corp.		56		2,988
WEC Energy Group, Inc.		107		7,411
Xcel Energy, Inc.		177		8,721
Total Utilities				230,881
Total Common Stocks (Cost $4,959,057)				4,910,846
	Shares		Value
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $5,622)		5,622	$	5,622
Total Investments—99.9% (Cost $4,964,679)				4,916,468
Other Assets in Excess of Liabilities—0.1%				6,342
Net Assets—100.0%			$	4,922,810

 

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 $34,225; total value of the collateral held by the Fund was $34,771. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $34,771 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

28     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—1.0%
Adient PLC		164	$	2,470
BorgWarner, Inc.		228		7,921
Gentex Corp.		378		7,639
Goodyear Tire & Rubber Co. (The)		347		7,082
Harley-Davidson, Inc.1		248		8,462
Lear Corp.		61		7,494
Thor Industries, Inc.		77		4,004
Visteon Corp.1,2		49		2,954
Total Automobiles & Components				48,026
Banks—3.6%
Associated Banc-Corp.		263		5,205
Bank of Hawaii Corp.		70		4,712
Bank OZK1		190		4,338
BankUnited, Inc.		164		4,910
BOK Financial Corp.		36		2,640
CIT Group, Inc.		178		6,812
Commerce Bancshares, Inc.1		134		7,554
Cullen/Frost Bankers, Inc.		75		6,595
East West Bancorp, Inc.		159		6,921
F.N.B. Corp.1		516		5,077
First Citizens BancShares, Inc., Class A		12		4,525
First Hawaiian, Inc.		111		2,499
First Horizon National Corp.1		462		6,080
New York Community Bancorp, Inc.		696		6,549
PacWest Bancorp		206		6,856
People’s United Financial, Inc.1		483		6,970
Pinnacle Financial Partners, Inc.1		113		5,209
Popular, Inc.		158		7,461
Prosperity Bancshares, Inc.		101		6,292
Signature Bank		72		7,402
Sterling Bancorp		368		6,076
Synovus Financial Corp.1		163		5,214
TCF Financial Corp.		261		5,087
Texas Capital Bancshares, Inc.2		86		4,394
TFS Financial Corp.		100		1,613
Umpqua Holdings Corp.		331		5,263
Webster Financial Corp.		132		6,506
Western Alliance Bancorp2		137		5,410
Wintrust Financial Corp.		84		5,585
Zions Bancorp NA		205		8,352
Total Banks				168,107
	Shares		Value
Capital Goods—9.5%
A.O. Smith Corp.		166	$	7,088
Acuity Brands, Inc.		63		7,242
AECOM1,2		239		6,333
AGCO Corp.		101		5,623
Air Lease Corp.		152		4,592
Allegion PLC1		125		9,964
Allison Transmission Holdings, Inc.		177		7,772
Arconic, Inc.		526		8,868
Arcosa, Inc.2		74		2,049
Armstrong World Industries, Inc.		77		4,482
BWX Technologies, Inc.		137		5,237
Carlisle Cos., Inc.		82		8,243
Colfax Corp.2		147		3,072
Crane Co.		77		5,558
Curtiss-Wright Corp.		65		6,638
Donaldson Co., Inc.1		205		8,895
Dover Corp.		149		10,572
Fastenal Co.1		254		13,282
Flowserve Corp.		195		7,414
Fluor Corp.		190		6,118
Fortune Brands Home & Security, Inc.		181		6,876
Gardner Denver Holdings, Inc.2		147		3,006
Gates Industrial Corp. PLC1,2		71		940
Graco, Inc.		213		8,914
HD Supply Holdings, Inc.2		240		9,005
HEICO Corp.		46		3,564
HEICO Corp., Class A		91		5,733
Hexcel Corp.		125		7,167
Hubbell, Inc.		79		7,848
Huntington Ingalls Industries, Inc.		49		9,325
IDEX Corp.		82		10,353
ITT, Inc.		138		6,661
Jacobs Engineering Group, Inc.		149		8,711
L3 Technologies, Inc.		64		11,114
Lennox International, Inc.		45		9,849
Lincoln Electric Holdings, Inc.		91		7,175
Masco Corp.		311		9,094
Middleby Corp. (The)1,2		81		8,321
MSC Industrial Direct Co., Inc., Class A		72		5,538
Nordson Corp.		80		9,548
nVent Electric PLC		248		5,570
Oshkosh Corp.		110		6,744

 

29     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Capital Goods (continued)
Owens Corning		147	$	6,465
Pentair PLC		205		7,745
Quanta Services, Inc.		223		6,712
Regal Beloit Corp.		73		5,114
Sensata Technologies Holding PLC2		203		9,103
Snap-on, Inc.1		69		10,025
Spirit AeroSystems Holdings, Inc., Class A		128		9,228
Teledyne Technologies, Inc.2		47		9,732
Terex Corp.1		117		3,226
Timken Co. (The)		114		4,254
Toro Co. (The)		148		8,270
Trinity Industries, Inc.		223		4,592
United Rentals, Inc.2		76		7,792
Univar, Inc.2		189		3,353
USG Corp.1		118		5,034
Valmont Industries, Inc.		45		4,993
WABCO Holdings, Inc.2		74		7,943
Wabtec Corp.1		99		6,955
Watsco, Inc.1		46		6,400
Welbilt, Inc.1,2		228		2,533
WESCO International, Inc.2		82		3,936
Xylem, Inc.		169		11,276
Total Capital Goods				444,779
Commercial & Professional Services—2.1%
ADT, Inc.		155		932
Clean Harbors, Inc.2		89		4,392
Copart, Inc.2		190		9,078
CoStar Group, Inc.2		34		11,470
Dun & Bradstreet Corp. (The)		64		9,135
Equifax, Inc.		106		9,872
KAR Auction Services, Inc.		179		8,542
ManpowerGroup, Inc.		100		6,480
Nielsen Holdings PLC		377		8,795
Robert Half International, Inc.		153		8,752
Rollins, Inc.1		151		5,451
Stericycle, Inc.1,2		123		4,513
TransUnion		174		9,883
Total Commercial & Professional Services				97,295
Consumer Durables & Apparel—3.8%
Brunswick Corp.		128		5,946
Carter’s, Inc.1		70		5,713
Columbia Sportswear Co.		44		3,700
D.R. Horton, Inc.		269		9,324
Garmin Ltd.		137		8,675
Hanesbrands, Inc.1		495		6,202
	Shares		Value
Commercial & Professional Services (continued)
Hasbro, Inc.1		129	$	10,481
Leggett & Platt, Inc.1		195		6,989
Lululemon Athletica, Inc.1,2		89		10,823
Mattel, Inc.1,2		575		5,744
Michael Kors Holdings Ltd.2		172		6,522
Mohawk Industries, Inc.2		51		5,965
Newell Brands, Inc.1		490		9,109
NVR, Inc.2		4		9,748
Polaris Industries, Inc.		86		6,595
PulteGroup, Inc.1		313		8,135
PVH Corp.		74		6,878
Ralph Lauren Corp.		72		7,449
Skechers U.S.A., Inc., Class A2		217		4,967
Tapestry, Inc.		284		9,585
Tempur Sealy International, Inc.1,2		82		3,395
Toll Brothers, Inc.		202		6,652
Under Armour, Inc., Class A2		304		5,372
Under Armour, Inc., Class C1,2		328		5,304
Whirlpool Corp.		76		8,122
Total Consumer Durables & Apparel				177,395
Consumer Services—3.7%
Aramark		278		8,054
Bright Horizons Family Solutions, Inc.2		83		9,250
Caesars Entertainment Corp.2		724		4,916
Chipotle Mexican Grill, Inc.2		24		10,363
Choice Hotels International, Inc.		54		3,865
Darden Restaurants, Inc.		130		12,982
Domino’s Pizza, Inc.1		45		11,159
Dunkin’ Brands Group, Inc.1		124		7,951
Extended Stay America, Inc.		364		5,642
frontdoor, Inc.2		101		2,688
Graham Holdings Co., Class B1		8		5,125
Grand Canyon Education, Inc.2		77		7,403
H&R Block, Inc.1		305		7,738
Hilton Grand Vacations, Inc.1,2		175		4,618
Hyatt Hotels Corp., Class A		75		5,070
Norwegian Cruise Line Holdings Ltd.2		204		8,648
Service Corp. International		270		10,870

30     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services (continued)
ServiceMaster Global Holdings, Inc.2		174	$	6,393
Six Flags Entertainment Corp.		112		6,230
Vail Resorts, Inc.		45		9,487
Wendy’s Co. (The)		309		4,823
Wyndham Destinations, Inc.		151		5,412
Wyndham Hotels & Resorts, Inc.		141		6,397
Yum China Holdings, Inc.		319		10,696
Total Consumer Services				175,780
Diversified Financials—4.6%
Affiliated Managers Group, Inc.		71		6,918
AGNC Investment Corp.		477		8,367
Ally Financial, Inc.		496		11,239
Annaly Capital Management, Inc.		1,128		11,077
AXA Equitable Holdings, Inc.		135		2,245
BGC Partners, Inc., Class A		446		2,306
Cboe Global Markets, Inc.		117		11,446
Chimera Investment Corp.		313		5,578
Credit Acceptance Corp.2		15		5,726
Eaton Vance Corp.		161		5,664
Evercore, Inc., Class A		64		4,580
FactSet Research Systems, Inc.		48		9,606
Interactive Brokers Group, Inc., Class A1		106		5,793
Invesco Ltd.		460		7,700
Jefferies Financial Group, Inc.		418		7,257
Lazard Ltd., Class A		165		6,090
Legg Mason, Inc.		143		3,648
LPL Financial Holdings, Inc.		125		7,635
MarketAxess Holdings, Inc.1		46		9,720
MFA Financial, Inc.		681		4,549
Morningstar, Inc.		28		3,076
MSCI, Inc.		74		10,910
Nasdaq, Inc.		95		7,749
Navient Corp.1		434		3,824
New Residential Investment Corp.		478		6,792
OneMain Holdings, Inc.2		121		2,939
Raymond James Financial, Inc.		114		8,483
Santander Consumer USA Holdings, Inc.1		160		2,814
SEI Investments Co.		147		6,791
	Shares		Value
Diversified Financials (continued)
SLM Corp.1,2		666	$	5,535
Starwood Property Trust, Inc.		373		7,352
Two Harbors Investment Corp.		360		4,622
Virtu Financial, Inc., Class A1		67		1,726
Voya Financial, Inc.1		202		8,108
Total Diversified Financials				217,865
Energy—3.5%
Antero Resources Corp.1,2		344		3,230
Apache Corp.1		309		8,111
Apergy Corp.2		131		3,547
Baker Hughes a GE Co.		386		8,299
Cabot Oil & Gas Corp.1		531		11,868
Centennial Resource Development, Inc., Class A1,2		286		3,152
Cheniere Energy, Inc.2		171		10,121
Chesapeake Energy Corp.1,2		1,456		3,058
Cimarex Energy Co.		112		6,905
CNX Resources Corp.1,2		359		4,100
Continental Resources, Inc.2		42		1,688
Diamondback Energy, Inc.		174		16,130
EQT Corp.		249		4,704
Equitrans Midstream Corp.2		199		3,984
Extraction Oil & Gas, Inc.1,2		191		819
Helmerich & Payne, Inc.		140		6,712
HollyFrontier Corp.		144		7,361
Kosmos Energy Ltd.1,2		408		1,661
Murphy Oil Corp.1		245		5,730
Nabors Industries Ltd.1		600		1,200
Newfield Exploration Co.2		288		4,222
Parsley Energy, Inc., Class A2		324		5,177
Patterson-UTI Energy, Inc.1		343		3,550
PBF Energy, Inc., Class A1		167		5,456
QEP Resources, Inc.2		410		2,308
Range Resources Corp.1		344		3,292
RPC, Inc.1		95		938
SM Energy Co.1		192		2,972
Targa Resources Corp.		230		8,285
Transocean Ltd.2		621		4,310
Weatherford International PLC2		1,681		940
Whiting Petroleum Corp.2		139		3,154
WPX Energy, Inc.2		523		5,936
Total Energy				162,920

31     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc.		62	$	7,945
Sprouts Farmers Market, Inc.1,2		226		5,313
US Foods Holding Corp.2		276		8,733
Total Food & Staples Retailing				21,991
Food, Beverage & Tobacco—2.7%
Brown-Forman Corp., Class A		23		1,091
Bunge Ltd.		169		9,031
Campbell Soup Co.		195		6,433
Conagra Brands, Inc.		431		9,206
Flowers Foods, Inc.1		287		5,301
Hain Celestial Group, Inc. (The)2		167		2,648
Hershey Co. (The)		127		13,612
Hormel Foods Corp.1		179		7,640
Ingredion, Inc.		95		8,683
JM Smucker Co. (The)		113		10,564
Lamb Weston Holdings, Inc.		169		12,432
McCormick & Co., Inc.		122		16,987
Molson Coors Brewing Co., Class B		169		9,491
Post Holdings, Inc.1,2		99		8,824
TreeHouse Foods, Inc.1,2		108		5,477
Total Food, Beverage & Tobacco				127,420
Health Care Equipment & Services—5.6%
Acadia Healthcare Co., Inc.2		145		3,728
athenahealth, Inc.2		67		8,839
Cantel Medical Corp.		58		4,318
Chemed Corp.		23		6,515
Cooper Cos., Inc. (The)		52		13,234
DaVita, Inc.2		135		6,947
DENTSPLY SIRONA, Inc.		266		9,898
DexCom, Inc.2		112		13,418
Encompass Health Corp.		137		8,453
Henry Schein, Inc.2		163		12,799
Hill-Rom Holdings, Inc.		94		8,324
Hologic, Inc.2		294		12,083
ICU Medical, Inc.2		22		5,052
Insulet Corp.1,2		92		7,297
Integra LifeSciences Holdings Corp.2		106		4,781
Masimo Corp.2		68		7,301
MEDNAX, Inc.2		147		4,851
Molina Healthcare, Inc.1,2		92		10,692
Penumbra, Inc.1,2		45		5,499
Premier, Inc., Class A2		113		4,221
Quest Diagnostics, Inc.		115		9,576
ResMed, Inc.		118		13,437
STERIS PLC		100		10,685
	Shares		Value
Health Care Equipment & Services (continued)
Teleflex, Inc.1		44	$	11,373
Universal Health Services, Inc., Class B		94		10,957
Varian Medical Systems, Inc.2		96		10,878
Veeva Systems, Inc., Class A2		169		15,095
WellCare Health Plans, Inc.2		50		11,804
West Pharmaceutical Services, Inc.		99		9,705
Total Health Care Equipment & Services				261,760
Household & Personal Products—0.8%
Church & Dwight Co., Inc.		247		16,243
Coty, Inc., Class A1		518		3,398
Energizer Holdings, Inc.1		98		4,425
Herbalife Nutrition Ltd.2		136		8,017
Nu Skin Enterprises, Inc., Class A		86		5,274
Total Household & Personal Products				37,357
Insurance—5.0%
Alleghany Corp.		18		11,220
American Financial Group, Inc.		81		7,333
American National Insurance Co.		13		1,654
Arch Capital Group Ltd.2		411		10,982
Arthur J. Gallagher & Co.		176		12,971
Aspen Insurance Holdings Ltd.		104		4,367
Assurant, Inc.		81		7,245
Assured Guaranty Ltd.		180		6,890
Athene Holding Ltd., Class A2		208		8,285
Axis Capital Holdings Ltd.		127		6,558
Brighthouse Financial, Inc.2		188		5,730
Brown & Brown, Inc.		295		8,130
Cincinnati Financial Corp.		156		12,078
CNA Financial Corp.		26		1,148
Erie Indemnity Co., Class A		37		4,932
Everest Re Group Ltd.		47		10,235
Fidelity National Financial, Inc.		290		9,118
First American Financial Corp.		157		7,009
Hanover Insurance Group, Inc. (The)		64		7,473
Lincoln National Corp.		185		9,492
Loews Corp.		223		10,151

32     OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (continued)
Markel Corp.2		11	$	11,419
Mercury General Corp.		48		2,482
Old Republic International Corp.		397		8,166
Reinsurance Group of America, Inc.		73		10,237
RenaissanceRe Holdings Ltd.		61		8,156
Torchmark Corp.		119		8,869
Unum Group		277		8,138
W.R. Berkley Corp.		110		8,130
White Mountains Insurance Group Ltd.		5		4,288
Total Insurance				232,886
Materials—6.4%
Albemarle Corp.		128		9,865
Alcoa Corp.2		221		5,874
AptarGroup, Inc.		90		8,466
Ashland Global Holdings, Inc.		96		6,812
Avery Dennison Corp.		102		9,163
Axalta Coating Systems Ltd.2		309		7,237
Ball Corp.		326		14,989
Bemis Co., Inc.1		149		6,839
Berry Global Group, Inc.2		202		9,601
Cabot Corp.		100		4,294
Celanese Corp.1		112		10,077
CF Industries Holdings, Inc.		265		11,530
Chemours Co. (The)		214		6,039
Crown Holdings, Inc.1,2		187		7,774
Domtar Corp.		108		3,794
Eagle Materials, Inc.		71		4,333
Eastman Chemical Co.		118		8,627
FMC Corp.		134		9,911
Graphic Packaging Holding Co.1		488		5,192
Huntsman Corp.		281		5,421
International Flavors & Fragrances, Inc.		95		12,756
Martin Marietta Materials, Inc.1		55		9,453
Mosaic Co. (The)		375		10,954
NewMarket Corp.1		13		5,357
Olin Corp.		248		4,987
Owens-Illinois, Inc.2		279		4,810
Packaging Corp. of America		97		8,096
Platform Specialty Products Corp.2		373		3,853
	Shares		Value
Materials (continued)
Reliance Steel & Aluminum Co.		96	$	6,832
Royal Gold, Inc.		94		8,051
RPM International, Inc.		181		10,639
Scotts Miracle-Gro Co., (The)1		63		3,872
Sealed Air Corp.		241		8,396
Silgan Holdings, Inc.		133		3,141
Sonoco Products Co.		149		7,916
Southern Copper Corp.		23		708
Steel Dynamics, Inc.		226		6,789
United States Steel Corp.1		244		4,451
Valvoline, Inc.1		361		6,985
Westlake Chemical Corp.1		30		1,985
WestRock Co.		208		7,854
WR Grace & Co.		103		6,686
Total Materials				300,409
Media & Entertainment—3.8%
AMC Networks, Inc., Class A1,2		78		4,281
Cable One, Inc.		8		6,561
Cinemark Holdings, Inc.		175		6,265
Discovery, Inc., Class A1,2		166		4,107
Discovery, Inc., Class C2		390		9,001
DISH Network Corp., Class A2		318		7,940
GCI Liberty, Inc., Class A1,2		160		6,586
IAC/InterActiveCorp2		88		16,108
Interpublic Group of Cos., Inc. (The)		462		9,531
John Wiley & Sons, Inc., Class A		75		3,523
Liberty Broadband Corp., Class A2		25		1,795
Liberty Broadband Corp., Class C2		111		7,995
Liberty Media Corp.-Liberty Formula One, Class C1,2		283		8,688
Liberty Media Corp.-Liberty SiriusXM, Class A2		69		2,539
Liberty Media Corp.-Liberty SiriusXM, Class C2		140		5,177
Lions Gate Entertainment Corp., Class A1		90		1,449
Live Nation Entertainment, Inc.1,2		180		8,865
Madison Square Garden Co. (The), Class A2		31		8,299
Match Group, Inc.		106		4,534

33     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Media & Entertainment (continued)
News Corp., Class A		455	$	5,164
News Corp., Class B		144		1,663
Take-Two Interactive Software, Inc.2		110		11,323
Tribune Media Co., Class A		150		6,807
TripAdvisor, Inc.2		144		7,767
Viacom, Inc., Class B		364		9,355
Zillow Group, Inc., Class A1,2		94		2,954
Zillow Group, Inc., Class C1,2		148		4,674
Zynga, Inc., Class A2		1,262		4,960
Total Media & Entertainment				177,911
Pharmaceuticals, Biotechnology & Life Sciences—4.3%
Agios Pharmaceuticals, Inc.1,2		82		3,781
Alkermes PLC2		202		5,961
Alnylam Pharmaceuticals, Inc.1,2		103		7,510
Bio-Rad Laboratories, Inc., Class A2		28		6,502
Bio-Techne Corp.		56		8,104
Bluebird Bio, Inc.1,2		62		6,150
Bruker Corp.		156		4,644
Catalent, Inc.2		200		6,236
Charles River Laboratories International, Inc.2		72		8,149
Exact Sciences Corp.2		158		9,970
Exelixis, Inc.2		441		8,675
Incyte Corp.2		156		9,920
Ionis Pharmaceuticals, Inc.1,2		192		10,380
Jazz Pharmaceuticals PLC2		65		8,057
Mettler-Toledo International, Inc.1,2		22		12,443
Nektar Therapeutics2		138		4,536
Neurocrine Biosciences, Inc.1,2		112		7,998
PerkinElmer, Inc.		136		10,683
Perrigo Co. PLC1		151		5,851
PRA Health Sciences, Inc.2		75		6,897
QIAGEN NV2		295		10,163
Sage Therapeutics, Inc.1,2		61		5,843
Sarepta Therapeutics, Inc.1,2		88		9,603
Seattle Genetics, Inc.2		122		6,913
United Therapeutics Corp.2		67		7,296
Waters Corp.2		64		12,074
Total Pharmaceuticals, Biotechnology & Life Sciences				204,339
	Shares		Value
Real Estate—10.7%
Alexandria Real Estate Equities, Inc.		95	$	10,948
American Campus Communities, Inc.		202		8,361
American Homes 4 Rent, Class A		397		7,880
Apartment Investment & Management Co., Class A		217		9,522
Apple Hospitality REIT, Inc.		344		4,905
Brandywine Realty Trust		305		3,925
Brixmor Property Group, Inc.		466		6,846
Camden Property Trust		110		9,685
CBRE Group, Inc., Class A2		251		10,050
Colony Capital, Inc.		971		4,544
Columbia Property Trust, Inc.		208		4,025
CoreSite Realty Corp.		57		4,972
Corporate Office Properties Trust		178		3,743
CubeSmart		268		7,689
CyrusOne, Inc.		145		7,668
Douglas Emmett, Inc.		222		7,577
Duke Realty Corp.		394		10,205
Empire State Realty Trust, Inc., Class A		235		3,344
EPR Properties		116		7,427
Equity Commonwealth		194		5,822
Equity LifeStyle Properties, Inc.		106		10,296
Extra Space Storage, Inc.		119		10,767
Federal Realty Investment Trust		88		10,387
Gaming and Leisure Properties, Inc.		262		8,465
HCP, Inc.		509		14,216
Healthcare Trust of America, Inc., Class A		306		7,745
Highwoods Properties, Inc.		156		6,036
Hospitality Properties Trust		252		6,018
Howard Hughes Corp. (The)1,2		58		5,662
Hudson Pacific Properties, Inc.		227		6,597
Invitation Homes, Inc.1		302		6,064
Iron Mountain, Inc.		324		10,501
JBG SMITH Properties		163		5,674
Jones Lang LaSalle, Inc.		64		8,102
Kilroy Realty Corp.		126		7,923
Kimco Realty Corp.		640		9,376

34     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (continued)
Lamar Advertising Co., Class A		121	$	8,371
Liberty Property Trust		204		8,543
Life Storage, Inc.		73		6,788
Macerich Co. (The)		173		7,487
Medical Properties Trust, Inc.		556		8,940
Mid-America Apartment Communities, Inc.		121		11,580
National Retail Properties, Inc.		214		10,381
Newmark Group, Inc., Class A		60		481
Omega Healthcare Investors, Inc.1		279		9,807
Outfront Media, Inc.		242		4,385
Paramount Group, Inc.		410		5,150
Park Hotels & Resorts, Inc.		279		7,248
Rayonier, Inc.		197		5,455
Realogy Holdings Corp.1		247		3,626
Realty Income Corp.		232		14,625
Regency Centers Corp.		170		9,976
Retail Properties of America, Inc., Class A		496		5,382
Retail Value, Inc.		44		1,126
Senior Housing Properties Trust		378		4,430
SITE Centers Corp.		266		2,945
SL Green Realty Corp.		103		8,145
Spirit Realty Capital, Inc.		144		5,076
STORE Capital Corp.		267		7,559
Sun Communities, Inc.		100		10,171
Taubman Centers, Inc.		100		4,549
UDR, Inc.		298		11,807
Uniti Group, Inc.		273		4,251
VEREIT, Inc.		1,307		9,345
VICI Properties, Inc.		362		6,798
Vornado Realty Trust		157		9,739
Weingarten Realty Investors		197		4,888
WP Carey, Inc.		140		9,148
Total Real Estate				501,169
Retailing—4.0%
Advance Auto Parts, Inc.		81		12,754
AutoNation, Inc.1,2		89		3,177
Burlington Stores, Inc.1,2		80		13,014
CarMax, Inc.1,2		180		11,291
Dick’s Sporting Goods, Inc.1		134		4,181
Foot Locker, Inc.		164		8,725
Gap, Inc. (The)		229		5,899
Genuine Parts Co.		137		13,155
	Shares		Value
Retailing (continued)
GrubHub, Inc.1,2		102	$	7,835
Kohl’s Corp.		172		11,410
L Brands, Inc.		285		7,316
LKQ Corp.1,2		345		8,187
Macy’s, Inc.1		325		9,679
Michaels Cos., Inc. (The)1,2		184		2,491
Nordstrom, Inc.1		146		6,805
Penske Automotive Group, Inc.		57		2,298
Pool Corp.1		63		9,365
Qurate Retail, Inc.1,2		535		10,443
Tractor Supply Co.		151		12,599
Ulta Beauty, Inc.1,2		49		11,997
Urban Outfitters, Inc.2		116		3,851
Wayfair, Inc., Class A1,2		83		7,477
Williams-Sonoma, Inc.1		130		6,559
Total Retailing				190,508
Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc.1,2		984		18,165
Cypress Semiconductor Corp.		607		7,721
First Solar, Inc.1,2		109		4,627
Marvell Technology Group Ltd.		749		12,126
MKS Instruments, Inc.		90		5,815
Monolithic Power Systems, Inc.		81		9,416
ON Semiconductor Corp.2		527		8,701
Qorvo, Inc.2		163		9,899
Teradyne, Inc.		297		9,320
Universal Display Corp.1		66		6,176
Versum Materials, Inc.		173		4,795
Total Semiconductors & Semiconductor Equipment				96,761
Software & Services—10.7%
2U, Inc.1,2		95		4,723
Akamai Technologies, Inc.2		182		11,117
Alliance Data Systems Corp.		52		7,804
Amdocs Ltd.		189		11,072
ANSYS, Inc.2		87		12,436
Aspen Technology, Inc.2		115		9,451
Atlassian Corp. PLC, Class A2		156		13,881
Black Knight, Inc.2		184		8,291
Booz Allen Hamilton Holding Corp.		196		8,834
Broadridge Financial Solutions, Inc.		110		10,588

35     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Size Factor ETF
 

	Shares		Value
Software & Services (continued)
Cadence Design Systems, Inc.2		322	$	14,001
CDK Global, Inc.		189		9,049
Ceridian HCM Holding, Inc.2		43		1,483
Citrix Systems, Inc.		136		13,935
Conduent, Inc.2		309		3,285
CoreLogic, Inc.2		130		4,345
DocuSign, Inc.1,2		38		1,523
EPAM Systems, Inc.2		85		9,861
Euronet Worldwide, Inc.1,2		79		8,088
Fair Isaac Corp.2		51		9,537
FireEye, Inc.1,2		378		6,127
First Data Corp., Class A2		558		9,436
Fortinet, Inc.2		187		13,170
Gartner, Inc.1,2		106		13,551
Genpact Ltd.		215		5,803
GoDaddy, Inc., Class A2		181		11,877
Guidewire Software, Inc.2		123		9,868
Jack Henry & Associates, Inc.		87		11,007
Leidos Holdings, Inc.		197		10,386
LogMeIn, Inc.1		89		7,260
Manhattan Associates, Inc.2		135		5,720
Nuance Communications, Inc.2		609		8,057
Nutanix, Inc., Class A1,2		174		7,237
Okta, Inc.2		155		9,889
Paycom Software, Inc.1,2		82		10,041
Pegasystems, Inc.		68		3,252
Proofpoint, Inc.2		85		7,124
PTC, Inc.2		157		13,015
RealPage, Inc.2		123		5,927
RingCentral, Inc., Class A2		119		9,810
Sabre Corp.		326		7,055
SS&C Technologies Holdings, Inc.		236		10,646
Symantec Corp.		701		13,245
Synopsys, Inc.2		160		13,478
Tableau Software, Inc., Class A2		109		13,080
Teradata Corp.1,2		239		9,168
Total System Services, Inc.		144		11,706
Twilio, Inc., Class A1,2		138		12,323
Tyler Technologies, Inc.2		53		9,848
Ultimate Software Group, Inc. (The)2		45		11,019
VMware, Inc., Class A		76		10,422
Western Union Co. (The)		538		9,178
WEX, Inc.2		55		7,703
Zendesk, Inc.2		175		10,215
Total Software & Services				500,947
	Shares		Value
Technology Hardware & Equipment—3.8%
ARRIS International PLC2		320	$	9,782
Arrow Electronics, Inc.2		121		8,343
Avnet, Inc.		185		6,679
CDW Corp.		169		13,697
Cognex Corp.		219		8,469
Coherent, Inc.1,2		40		4,228
CommScope Holding Co., Inc.2		345		5,655
Dolby Laboratories, Inc., Class A		99		6,122
EchoStar Corp., Class A2		101		3,709
F5 Networks, Inc.2		77		12,476
FLIR Systems, Inc.		176		7,663
IPG Photonics Corp.1,2		33		3,739
Jabil, Inc.		258		6,396
Juniper Networks, Inc.		511		13,751
Keysight Technologies, Inc.2		195		12,106
Littelfuse, Inc.		36		6,173
National Instruments Corp.		164		7,442
NCR Corp.1,2		262		6,047
Pure Storage, Inc., Class A2		324		5,210
Trimble, Inc.2		328		10,794
Ubiquiti Networks, Inc.1		32		3,181
Xerox Corp.		301		5,948
Zebra Technologies Corp., Class A2		66		10,509
Total Technology Hardware & Equipment				178,119
Telecommunication Services—0.3%
Sprint Corp.2		392		2,281
Telephone & Data Systems, Inc.		172		5,597
Zayo Group Holdings, Inc.2		240		5,482
Total Telecommunication Services				13,360
Transportation—2.4%
Alaska Air Group, Inc.		156		9,493
AMERCO		10		3,281
C.H. Robinson Worldwide, Inc.		135		11,352
Copa Holdings SA, Class A		52		4,093
Expeditors International of Washington, Inc.		161		10,962
Genesee & Wyoming, Inc., Class A2		93		6,884
JB Hunt Transport Services, Inc.		76		7,071
JetBlue Airways Corp.2		454		7,291
Kansas City Southern		107		10,213
Kirby Corp.1,2		88		5,928

36     OPPENHEIMER ETF TRUST

	Shares		Value
Transportation (continued)
Knight-Swift Transportation Holdings, Inc.1		170	$	4,262
Landstar System, Inc.		65		6,219
Macquarie Infrastructure Corp.1		153		5,594
Old Dominion Freight Line, Inc.		68		8,397
Ryder System, Inc.		87		4,189
Schneider National, Inc., Class B		83		1,550
XPO Logistics, Inc.1,2		112		6,388
Total Transportation				113,167
Utilities—4.9%
AES Corp.		831		12,016
Alliant Energy Corp.		263		11,112
Ameren Corp.		207		13,503
American Water Works Co., Inc.		148		13,434
Aqua America, Inc.1		270		9,231
Atmos Energy Corp.		117		10,848
Avangrid, Inc.		43		2,154
CenterPoint Energy, Inc.		442		12,478
CMS Energy Corp.		259		12,859
Entergy Corp.		152		13,083
Evergy, Inc.		218		12,376
Hawaiian Electric Industries, Inc.		179		6,555
MDU Resources Group, Inc.		288		6,866
National Fuel Gas Co.		128		6,551
NiSource, Inc.		423		10,723
NRG Energy, Inc.		332		13,147
OGE Energy Corp.		268		10,503
Pinnacle West Capital Corp.		132		11,246
SCANA Corp.		234		11,181
UGI Corp.		207		11,043
Vectren Corp.		120		8,638
Vistra Energy Corp.2		382		8,744
Total Utilities				228,291
Total Common Stocks (Cost $5,166,677)				4,678,562
	Shares		Value
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $2,495)		2,495	$	2,495
Investment of Cash Collateral for Securities Loaned—0.9%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $42,985)		42,985		42,985
Total Investments—100.7% (Cost $5,212,157)				4,724,042
Liabilities in Excess of Other Assets—(0.7)%				(34,428	)
Net Assets—100.0%			$	4,689,614

 

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 $838,700; total value of the collateral held by the Fund was $851,948. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $808,963 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

37     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—0.2%
BorgWarner, Inc.		65	$	2,258
Garrett Motion, Inc.1		20		247
Gentex Corp.		131		2,648
Lear Corp.		25		3,071
Thor Industries, Inc.		24		1,248
Visteon Corp.1,2		12		723
Total Automobiles & Components				10,195
Capital Goods—7.9%
3M Co.		211		40,204
A.O. Smith Corp.		63		2,690
Acuity Brands, Inc.		19		2,184
Allegion PLC		24		1,913
Allison Transmission Holdings, Inc.		47		2,064
AMETEK, Inc.		60		4,062
Boeing Co. (The)		249		80,302
BWX Technologies, Inc.		32		1,223
Caterpillar, Inc.		149		18,933
Crane Co.		15		1,083
Cummins, Inc.		69		9,221
Curtiss-Wright Corp.		13		1,328
Donaldson Co., Inc.2		49		2,126
Dover Corp.		44		3,122
Eaton Corp. PLC		115		7,896
Emerson Electric Co.		222		13,264
Fastenal Co.2		137		7,164
Fluor Corp.		35		1,127
Fortune Brands Home & Security, Inc.		45		1,710
General Dynamics Corp.		115		18,079
Graco, Inc.		78		3,264
HD Supply Holdings, Inc.1		53		1,989
Hexcel Corp.		24		1,376
Honeywell International, Inc.		205		27,085
Hubbell, Inc.		16		1,589
Huntington Ingalls Industries, Inc.		17		3,235
IDEX Corp.		27		3,409
Illinois Tool Works, Inc.		118		14,949
Ingersoll-Rand PLC		90		8,211
ITT, Inc.		39		1,883
Jacobs Engineering Group, Inc.		51		2,981
Lennox International, Inc.		13		2,845
Lincoln Electric Holdings, Inc.		18		1,419
Lockheed Martin Corp.		101		26,446
	Shares		Value
Capital Goods (continued)
Masco Corp.		79	$	2,310
MSC Industrial Direct Co., Inc., Class A		15		1,154
nVent Electric PLC		69		1,550
Owens Corning		31		1,363
PACCAR, Inc.		92		5,257
Pentair PLC		56		2,116
Quanta Services, Inc.		48		1,445
Raytheon Co.		107		16,408
Resideo Technologies, Inc.1		34		699
Rockwell Automation, Inc.		46		6,922
Sensata Technologies Holding PLC1		45		2,018
Snap-on, Inc.2		19		2,761
Spirit AeroSystems Holdings, Inc., Class A		38		2,739
Terex Corp.2		29		800
Textron, Inc.		63		2,897
Toro Co. (The)		50		2,794
TransDigm Group, Inc.1		15		5,101
W.W. Grainger, Inc.2		17		4,800
WABCO Holdings, Inc.1		13		1,395
Watsco, Inc.2		12		1,670
Xylem, Inc.		57		3,803
Total Capital Goods				390,378
Commercial & Professional Services—0.7%
Copart, Inc.1		86		4,109
CoStar Group, Inc.1		14		4,723
Equifax, Inc.		67		6,240
Robert Half International, Inc.		54		3,089
Rollins, Inc.2		63		2,274
Waste Management, Inc.		142		12,636
Total Commercial & Professional Services				33,071
Consumer Durables & Apparel—2.0%
Brunswick Corp.		36		1,672
Carter’s, Inc.2		17		1,388
Columbia Sportswear Co.		13		1,093
D.R. Horton, Inc.		90		3,119
Garmin Ltd.		47		2,976
Hanesbrands, Inc.2		113		1,416
Hasbro, Inc.2		45		3,656
Leggett & Platt, Inc.2		36		1,290
Lululemon Athletica, Inc.1,2		47		5,716
Michael Kors Holdings Ltd.1		50		1,896
NIKE, Inc., Class B		597		44,262
NVR, Inc.1		2		4,874
Polaris Industries, Inc.		28		2,147
PulteGroup, Inc.2		89		2,313

 

38     OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Durables & Apparel (continued)
Ralph Lauren Corp.		24	$	2,483
Skechers U.S.A., Inc., Class A1		61		1,396
Tapestry, Inc.		126		4,253
Toll Brothers, Inc.		43		1,416
VF Corp.		126		8,989
Total Consumer Durables & Apparel				96,355
Consumer Services—3.2%
Carnival Corp.		139		6,853
Chipotle Mexican Grill, Inc.1		12		5,181
Darden Restaurants, Inc.		46		4,594
Domino’s Pizza, Inc.2		18		4,464
Grand Canyon Education, Inc.1		21		2,019
Hyatt Hotels Corp., Class A		16		1,082
Las Vegas Sands Corp.		143		7,443
Marriott International, Inc., Class A		102		11,073
McDonald’s Corp.		248		44,037
Royal Caribbean Cruises Ltd.		46		4,498
Six Flags Entertainment Corp.		23		1,280
Starbucks Corp.		650		41,860
Wyndham Hotels & Resorts, Inc.		44		1,996
Wynn Resorts Ltd.		26		2,572
Yum China Holdings, Inc.		155		5,197
Yum! Brands, Inc.		133		12,225
Total Consumer Services				156,374
Diversified Financials—2.1%
Affiliated Managers Group, Inc.		22		2,144
Cboe Global Markets, Inc.		59		5,772
Credit Acceptance Corp.1,2		8		3,054
Eaton Vance Corp.		78		2,744
Evercore, Inc., Class A		27		1,932
FactSet Research Systems, Inc.		12		2,402
Franklin Resources, Inc.		203		6,021
Lazard Ltd., Class A		78		2,879
MarketAxess Holdings, Inc.2		25		5,283
Moody’s Corp.		110		15,404
MSCI, Inc.		57		8,403
S&P Global, Inc.		170		28,890
SEI Investments Co.		90		4,158
T. Rowe Price Group, Inc.		160		14,771
Total Diversified Financials				103,857
	Shares		Value
Energy—7.1%
Anadarko Petroleum Corp.		129	$	5,655
Antero Resources Corp.1,2		73		685
Apache Corp.2		117		3,071
Apergy Corp.1		35		948
Cabot Oil & Gas Corp.2		164		3,665
Chevron Corp.		707		76,914
Cimarex Energy Co.		40		2,466
Concho Resources, Inc.1		49		5,037
ConocoPhillips		405		25,252
Diamondback Energy, Inc.		18		1,669
EOG Resources, Inc.		210		18,314
Exxon Mobil Corp.		1,677		114,355
Halliburton Co.		282		7,496
Helmerich & Payne, Inc.		39		1,870
HollyFrontier Corp.		60		3,067
Marathon Petroleum Corp.		182		10,740
Occidental Petroleum Corp.		273		16,757
PBF Energy, Inc., Class A2		45		1,470
Phillips 66		159		13,698
Pioneer Natural Resources Co.		65		8,549
Schlumberger Ltd.		368		13,277
Valero Energy Corp.		191		14,319
Total Energy				349,274
Food & Staples Retailing—2.6%
Costco Wholesale Corp.		202		41,149
Kroger Co. (The)		241		6,627
Sprouts Farmers Market, Inc.1,2		58		1,364
Sysco Corp.		117		7,331
US Foods Holding Corp.1		56		1,772
Walgreens Boots Alliance, Inc.		309		21,114
Walmart, Inc.		517		48,159
Total Food & Staples Retailing				127,516
Food, Beverage & Tobacco—3.2%
Altria Group, Inc.		610		30,128
Brown-Forman Corp., Class B		92		4,377
Bunge Ltd.		44		2,351
Campbell Soup Co.		61		2,012
General Mills, Inc.		155		6,036
Hershey Co. (The)		53		5,681
Hormel Foods Corp.2		112		4,780
Ingredion, Inc.		22		2,011
Lamb Weston Holdings, Inc.		59		4,340
Molson Coors Brewing Co., Class B		49		2,752
Monster Beverage Corp.1		189		9,303
PepsiCo, Inc.		398		43,971

39     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
Food, Beverage & Tobacco (continued)
Philip Morris International, Inc.		621	$	41,458
Total Food, Beverage & Tobacco				159,200
Health Care Equipment & Services—5.8%
ABIOMED, Inc.1		17		5,526
Align Technology, Inc.1		38		7,958
athenahealth, Inc.1		13		1,715
Baxter International, Inc.		175		11,519
Boston Scientific Corp.1		345		12,192
Cantel Medical Corp.		16		1,191
Centene Corp.1		80		9,224
Cerner Corp.1		119		6,240
Chemed Corp.		7		1,983
Cigna Corp.		125		23,740
Cooper Cos., Inc. (The)		15		3,818
CVS Health Corp.		356		23,325
Danaher Corp.		158		16,293
DexCom, Inc.1		23		2,755
Edwards Lifesciences Corp.1		96		14,704
Humana, Inc.		49		14,038
ICU Medical, Inc.1		7		1,607
IDEXX Laboratories, Inc.1		32		5,953
Intuitive Surgical, Inc.1		55		26,341
Masimo Corp.1		20		2,147
McKesson Corp.		81		8,948
Penumbra, Inc.1,2		8		978
ResMed, Inc.		47		5,352
UnitedHealth Group, Inc.		260		64,771
Universal Health Services, Inc., Class B		23		2,681
Varian Medical Systems, Inc.1		42		4,759
Veeva Systems, Inc., Class A1		48		4,287
West Pharmaceutical Services, Inc.		33		3,235
Total Health Care Equipment & Services				287,280
Household & Personal Products—2.7%
Clorox Co. (The)		49		7,553
Colgate-Palmolive Co.		346		20,594
Herbalife Nutrition Ltd.1		44		2,594
Kimberly-Clark Corp.		113		12,875
Nu Skin Enterprises, Inc., Class A		24		1,472
Procter & Gamble Co. (The)		967		88,886
Total Household & Personal Products				133,974
	Shares		Value
Insurance—1.2%
Aon PLC		110	$	15,990
Assured Guaranty Ltd.		47		1,799
Brown & Brown, Inc.		82		2,260
Erie Indemnity Co., Class A		17		2,266
Fidelity National Financial, Inc.		112		3,521
Marsh & McLennan Cos., Inc.		331		26,397
Torchmark Corp.		68		5,068
White Mountains Insurance Group Ltd.		2		1,716
Total Insurance				59,017
Materials—1.9%
Alcoa Corp.1		87		2,312
Avery Dennison Corp.		23		2,066
Cabot Corp.		20		859
Celanese Corp.2		39		3,509
CF Industries Holdings, Inc.		70		3,046
Chemours Co. (The)		45		1,270
Eagle Materials, Inc.		17		1,037
Eastman Chemical Co.		36		2,632
Ecolab, Inc.		64		9,430
Freeport-McMoRan, Inc.		400		4,124
International Flavors & Fragrances, Inc.		22		2,954
Linde PLC		87		13,575
LyondellBasell Industries NV, Class A		150		12,474
Martin Marietta Materials, Inc.2		16		2,750
Newmont Mining Corp.		204		7,069
Nucor Corp.		108		5,595
Packaging Corp. of America		27		2,253
PPG Industries, Inc.		72		7,361
Reliance Steel & Aluminum Co.		19		1,352
Royal Gold, Inc.		20		1,713
Southern Copper Corp.2		32		985
Steel Dynamics, Inc.		89		2,674
United States Steel Corp.2		48		876
Westlake Chemical Corp.2		12		794
WR Grace & Co.		21		1,363
Total Materials				94,073
Media & Entertainment—10.6%
Activision Blizzard, Inc.		280		13,040
Alphabet, Inc., Class A1		126		131,665
Alphabet, Inc., Class C1		129		133,594
CBS Corp., Class B		89		3,891
Electronic Arts, Inc.1		145		11,442
Facebook, Inc., Class A1		1,065		139,611

40     OPPENHEIMER ETF TRUST

	Shares		Value
Media & Entertainment (continued)
Interpublic Group of Cos., Inc. (The)		131	$	2,702
John Wiley & Sons, Inc., Class A		18		845
Liberty Broadband Corp., Class A1		17		1,221
Liberty Broadband Corp., Class C1		70		5,042
Live Nation Entertainment, Inc.1,2		40		1,970
Madison Square Garden Co. (The), Class A1		8		2,142
News Corp., Class A		157		1,782
Omnicom Group, Inc.		61		4,468
Sirius XM Holdings, Inc.2		428		2,444
Take-Two Interactive Software, Inc.1		41		4,220
TripAdvisor, Inc.1		48		2,589
Walt Disney Co. (The)		524		57,457
Zynga, Inc., Class A1		263		1,033
Total Media & Entertainment				521,158
Pharmaceuticals, Biotechnology & Life Sciences—12.8%
AbbVie, Inc.		584		53,839
Agilent Technologies, Inc.		106		7,151
Alexion Pharmaceuticals, Inc.1		56		5,452
Amgen, Inc.		236		45,942
Biogen, Inc.1		95		28,587
Bio-Techne Corp.		9		1,303
Bristol-Myers Squibb Co.		768		39,921
Celgene Corp.1		278		17,817
Charles River Laboratories International, Inc.1		12		1,358
Eli Lilly & Co.		324		37,493
Exelixis, Inc.1		142		2,793
Gilead Sciences, Inc.		355		22,205
Illumina, Inc.1		65		19,495
Jazz Pharmaceuticals PLC1		17		2,107
Johnson & Johnson		1,154		148,924
Merck & Co., Inc.		858		65,560
Mettler-Toledo International, Inc.1,2		10		5,656
Pfizer, Inc.		1,509		65,868
Regeneron Pharmaceuticals, Inc.1		35		13,073
Sage Therapeutics, Inc.1,2		15		1,437
Seattle Genetics, Inc.1		47		2,663
United Therapeutics Corp.1		18		1,960
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Vertex Pharmaceuticals, Inc.1		118	$	19,554
Waters Corp.1		25		4,716
Zoetis, Inc.		174		14,884
Total Pharmaceuticals, Biotechnology & Life Sciences				629,758
Real Estate—2.0%
AvalonBay Communities, Inc.		49		8,528
CBRE Group, Inc., Class A1		174		6,967
EPR Properties		26		1,665
Equity LifeStyle Properties, Inc.		35		3,400
Extra Space Storage, Inc.		58		5,248
Gaming and Leisure Properties, Inc.		77		2,488
Host Hotels & Resorts, Inc.		264		4,401
Jones Lang LaSalle, Inc.		17		2,152
Lamar Advertising Co., Class A		46		3,182
Prologis, Inc.		216		12,684
Public Storage		100		20,241
Rayonier, Inc.		51		1,412
Retail Properties of America, Inc., Class A		97		1,052
Simon Property Group, Inc.		144		24,191
Weingarten Realty Investors		67		1,662
Total Real Estate				99,273
Retailing—6.0%
Advance Auto Parts, Inc.		22		3,464
AutoZone, Inc.1		8		6,707
Best Buy Co., Inc.		117		6,196
Booking Holdings, Inc.1		18		31,004
Burlington Stores, Inc.1,2		24		3,904
Dick’s Sporting Goods, Inc.2		36		1,123
Dollar General Corp.		98		10,592
eBay, Inc.1		355		9,965
Expedia Group, Inc.		34		3,830
Foot Locker, Inc.		51		2,713
Gap, Inc. (The)		98		2,524
GrubHub, Inc.1,2		36		2,765
Home Depot, Inc. (The)		532		91,408
Kohl’s Corp.		53		3,516
L Brands, Inc.		62		1,591
Lowe’s Cos., Inc.		281		25,953
Nordstrom, Inc.2		42		1,958
O’Reilly Automotive, Inc.1		35		12,052
Pool Corp.2		14		2,081
Ross Stores, Inc.		179		14,893

41     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Quality Factor ETF
 

	Shares		Value
Retailing (continued)
Target Corp.		184	$	12,161
Tiffany & Co.		54		4,348
TJX Cos., Inc. (The)		588		26,307
Tractor Supply Co.		58		4,839
Ulta Beauty, Inc.1,2		27		6,611
Urban Outfitters, Inc.1		34		1,129
Williams-Sonoma, Inc.2		36		1,816
Total Retailing				295,450
Semiconductors & Semiconductor Equipment—5.9%
Applied Materials, Inc.		432		14,144
Broadcom, Inc.		127		32,294
First Solar, Inc.1,2		38		1,613
Intel Corp.		1,802		84,568
KLA-Tencor Corp.		41		3,669
Lam Research Corp.		54		7,353
Marvell Technology Group Ltd.		170		2,752
Maxim Integrated Products, Inc.		89		4,526
Microchip Technology, Inc.2		68		4,891
Micron Technology, Inc.1		447		14,183
MKS Instruments, Inc.		25		1,615
Monolithic Power Systems, Inc.		16		1,860
NVIDIA Corp.		284		37,914
NXP Semiconductors NV		84		6,156
ON Semiconductor Corp.1		104		1,717
Qorvo, Inc.1		45		2,733
Skyworks Solutions, Inc.		85		5,697
Teradyne, Inc.		88		2,761
Texas Instruments, Inc.		469		44,321
Universal Display Corp.		20		1,871
Versum Materials, Inc.		42		1,164
Xilinx, Inc.		113		9,624
Total Semiconductors & Semiconductor Equipment				287,426
Software & Services—12.8%
Accenture PLC, Class A		292		41,175
Adobe, Inc.1		225		50,904
Akamai Technologies, Inc.1		66		4,031
Amdocs Ltd.		59		3,456
ANSYS, Inc.1		36		5,146
Aspen Technology, Inc.1		34		2,794
Automatic Data Processing, Inc.		207		27,142
Booz Allen Hamilton Holding Corp.		39		1,758
	Shares		Value
Software & Services (continued)
Broadridge Financial Solutions, Inc.		51	$	4,909
CDK Global, Inc.		39		1,867
Citrix Systems, Inc.		50		5,123
Cognizant Technology Solutions Corp., Class A		264		16,759
EPAM Systems, Inc.1		21		2,436
Euronet Worldwide, Inc.1,2		17		1,740
Fair Isaac Corp.1		8		1,496
Fiserv, Inc.1		122		8,966
Fortinet, Inc.1		64		4,508
Guidewire Software, Inc.1		28		2,246
Intuit, Inc.		117		23,031
Jack Henry & Associates, Inc.		36		4,555
Leidos Holdings, Inc.		40		2,109
Manhattan Associates, Inc.1		31		1,314
Mastercard, Inc., Class A		623		117,529
Palo Alto Networks, Inc.1		28		5,274
Paychex, Inc.		151		9,838
Paycom Software, Inc.1,2		20		2,449
PayPal Holdings, Inc.1		535		44,988
Red Hat, Inc.1		78		13,700
RingCentral, Inc., Class A1		19		1,566
salesforce.com, Inc.1		261		35,749
Splunk, Inc.1,2		47		4,928
Synopsys, Inc.1		59		4,970
Total System Services, Inc.		59		4,796
Tyler Technologies, Inc.1		15		2,787
Ultimate Software Group, Inc. (The)1		11		2,694
VeriSign, Inc.1		32		4,745
Visa, Inc., Class A		1,145		151,071
VMware, Inc., Class A		29		3,977
Zendesk, Inc.1		29		1,693
Total Software & Services				630,219
Technology Hardware & Equipment—5.9%
Amphenol Corp., Class A		99		8,021
Apple, Inc.		1,470		231,878
Arista Networks, Inc.1		26		5,478
CDW Corp.		39		3,161
Cognex Corp.		80		3,094
Coherent, Inc.1,2		9		951
Dolby Laboratories, Inc., Class A		27		1,670
F5 Networks, Inc.1		28		4,537
FLIR Systems, Inc.		56		2,438
IPG Photonics Corp.1,2		17		1,926
Jabil, Inc.		55		1,363
Juniper Networks, Inc.		106		2,853

42     OPPENHEIMER ETF TRUST

	Shares		Value
Technology Hardware & Equipment (continued)
Littelfuse, Inc.		10	$	1,715
Motorola Solutions, Inc.		43		4,947
National Instruments Corp.		51		2,314
NetApp, Inc.		115		6,862
Pure Storage, Inc., Class A1		54		868
Trimble, Inc.1		79		2,600
Zebra Technologies Corp., Class A1		13		2,070
Total Technology Hardware & Equipment				288,746
Transportation—1.9%
Alaska Air Group, Inc.		48		2,921
C.H. Robinson Worldwide, Inc.		38		3,195
Copa Holdings SA, Class A		11		866
Delta Air Lines, Inc.		211		10,529
Expeditors International of Washington, Inc.		83		5,651
FedEx Corp.		87		14,036
JB Hunt Transport Services, Inc.		36		3,349
JetBlue Airways Corp.1		135		2,168
Kansas City Southern		29		2,768
Kirby Corp.1,2		17		1,145
Landstar System, Inc.		16		1,531
Old Dominion Freight Line, Inc.		30		3,705
Southwest Airlines Co.		227		10,551
Union Pacific Corp.		231		31,931
Total Transportation				94,346
Utilities—1.3%
Ameren Corp.		63		4,109
CenterPoint Energy, Inc.		108		3,049
Consolidated Edison, Inc.		107		8,181
DTE Energy Co.		47		5,184
Edison International		88		4,996
	Shares		Value
Utilities (continued)
Evergy, Inc.		69	$	3,917
Exelon Corp.		235		10,599
MDU Resources Group, Inc.		49		1,168
National Fuel Gas Co.		23		1,177
NRG Energy, Inc.		84		3,326
PG&E Corp.1		138		3,278
Pinnacle West Capital Corp.		28		2,386
Sempra Energy		65		7,032
UGI Corp.		45		2,401
Vectren Corp.		21		1,512
Vistra Energy Corp.1		134		3,067
Total Utilities				65,382
Total Common Stocks (Cost $5,136,388)				4,912,322
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $3,471)		3,471		3,471
Total Investments—99.9% (Cost $5,139,859)				4,915,793
Other Assets in Excess of Liabilities—0.1%				5,217
Net Assets—100.0%			$	4,921,010

 

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 $120,682; total value of the collateral held by the Fund was $122,586. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $122,586 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

43     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Yield Factor ETF
 

	Shares		Value
COMMON STOCKS—99.6%
Automobiles & Components—0.9%
Ford Motor Co.		2,353	$	18,000
Garrett Motion, Inc.1		26		321
General Motors Co.		702		23,482
Harley-Davidson, Inc.		89		3,037
Total Automobiles & Components				44,840
Banks—6.6%
BB&T Corp.		341		14,772
F.N.B. Corp.		174		1,712
Huntington Bancshares, Inc.		452		5,388
JPMorgan Chase & Co.		1,282		125,149
New York Community Bancorp, Inc.2		294		2,767
PacWest Bancorp		69		2,296
People’s United Financial, Inc.2		189		2,727
PNC Financial Services Group, Inc. (The)		171		19,992
SunTrust Banks, Inc.		185		9,331
U.S. Bancorp		654		29,888
Wells Fargo & Co.		2,128		98,058
Total Banks				312,080
Capital Goods—6.4%
3M Co.		252		48,016
Caterpillar, Inc.		221		28,082
Cummins, Inc.		75		10,023
Eaton Corp. PLC		230		15,792
Emerson Electric Co.		293		17,507
Fastenal Co.2		127		6,641
General Electric Co.		5,175		39,175
Honeywell International, Inc.		264		34,879
Illinois Tool Works, Inc.		130		16,470
Johnson Controls International PLC		459		13,609
Lockheed Martin Corp.		108		28,279
PACCAR, Inc.		184		10,514
Pentair PLC		82		3,098
Resideo Technologies, Inc.1		44		904
United Technologies Corp.		301		32,050
Total Capital Goods				305,039
Commercial & Professional Services—0.4%
Nielsen Holdings PLC		207		4,829
Waste Management, Inc.		168		14,951
Total Commercial & Professional Services				19,780
	Shares		Value
Consumer Durables & Apparel—0.8%
Garmin Ltd.		80	$	5,066
Hanesbrands, Inc.2		185		2,318
Hasbro, Inc.2		53		4,306
Leggett & Platt, Inc.2		69		2,473
Mattel, Inc.1,2		181		1,808
Newell Brands, Inc.2		250		4,647
Tapestry, Inc.		144		4,860
VF Corp.		129		9,203
Whirlpool Corp.		34		3,634
Total Consumer Durables & Apparel				38,315
Consumer Services—2.6%
Carnival Corp.		190		9,367
Darden Restaurants, Inc.		59		5,892
Extended Stay America, Inc.		106		1,643
H&R Block, Inc.2		110		2,791
Las Vegas Sands Corp.		193		10,045
McDonald’s Corp.		341		60,551
Six Flags Entertainment Corp.		41		2,281
Starbucks Corp.		507		32,651
Total Consumer Services				125,221
Diversified Financials—1.3%
AGNC Investment Corp.		276		4,841
Ameriprise Financial, Inc.		62		6,471
Annaly Capital Management, Inc.		759		7,453
BGC Partners, Inc., Class A		163		843
Chimera Investment Corp.		122		2,174
Franklin Resources, Inc.		142		4,212
Invesco Ltd.		232		3,883
Lazard Ltd., Class A		59		2,178
MFA Financial, Inc.		259		1,730
Morgan Stanley		435		17,248
Navient Corp.2		153		1,348
New Residential Investment Corp.		219		3,112
Starwood Property Trust, Inc.		165		3,252
Two Harbors Investment Corp.		114		1,464
Total Diversified Financials				60,209
Energy—8.6%
Apache Corp.2		169		4,436
Chevron Corp.		1,012		110,095
Exxon Mobil Corp.		2,324		158,474
Helmerich & Payne, Inc.		60		2,876
Kinder Morgan, Inc.		1,002		15,411

 

44     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (continued)
Marathon Petroleum Corp.		174	$	10,268
Murphy Oil Corp.2		84		1,965
Occidental Petroleum Corp.		415		25,473
ONEOK, Inc.		234		12,624
Phillips 66		181		15,593
Schlumberger Ltd.		685		24,715
Targa Resources Corp.		138		4,971
Valero Energy Corp.		185		13,869
Williams Cos., Inc. (The)		485		10,694
Total Energy				411,464
Food & Staples Retailing—2.0%
Sysco Corp.		187		11,717
Walgreens Boots Alliance, Inc.		377		25,760
Walmart, Inc.		618		57,567
Total Food & Staples Retailing				95,044
Food, Beverage & Tobacco—8.2%
Altria Group, Inc.		1,126		55,613
Archer-Daniels-Midland Co.		274		11,226
Bunge Ltd.		64		3,420
Campbell Soup Co.		101		3,332
Coca-Cola Co. (The)		2,030		96,121
General Mills, Inc.		347		13,512
Hershey Co. (The)		68		7,288
JM Smucker Co. (The)		53		4,955
Kellogg Co.		129		7,354
Kraft Heinz Co. (The)		346		14,892
Molson Coors Brewing Co., Class B		80		4,493
Mondelez International, Inc., Class A		577		23,097
PepsiCo, Inc.		724		79,988
Philip Morris International, Inc.		938		62,621
Total Food, Beverage & Tobacco				387,912
Health Care Equipment & Services—1.9%
Cardinal Health, Inc.		166		7,403
CVS Health Corp.		515		33,743
Medtronic PLC		532		48,391
Total Health Care Equipment & Services				89,537
Household & Personal Products—3.8%
Clorox Co. (The)		63		9,711
Colgate-Palmolive Co.		381		22,677
Coty, Inc., Class A2		255		1,673
Kimberly-Clark Corp.		193		21,990
Procter & Gamble Co. (The)		1,379		126,758
Total Household & Personal Products				182,809
	Shares		Value
Insurance—2.6%
Aflac, Inc.		289	$	13,167
American International Group, Inc.		389		15,330
Chubb Ltd.		185		23,898
Cincinnati Financial Corp.		75		5,807
Fidelity National Financial, Inc.		128		4,024
MetLife, Inc.		458		18,805
Old Republic International Corp.		153		3,147
Principal Financial Group, Inc.		150		6,626
Prudential Financial, Inc.		216		17,615
Travelers Cos., Inc. (The)		110		13,173
Total Insurance				121,592
Materials—1.5%
Air Products & Chemicals, Inc.		96		15,365
CF Industries Holdings, Inc.		113		4,917
International Paper Co.		220		8,879
Linde PLC		109		17,008
LyondellBasell Industries NV, Class A		166		13,805
Nucor Corp.		135		6,994
WestRock Co.		121		4,569
Total Materials				71,537
Media & Entertainment—1.6%
Comcast Corp., Class A		1,786		60,813
Interpublic Group of Cos., Inc. (The)		199		4,105
Omnicom Group, Inc.		115		8,423
Viacom, Inc., Class B		173		4,446
Total Media & Entertainment				77,787
Pharmaceuticals, Biotechnology & Life Sciences—14.0%
AbbVie, Inc.		730		67,299
Amgen, Inc.		305		59,374
Bristol-Myers Squibb Co.		808		42,000
Eli Lilly & Co.		426		49,297
Gilead Sciences, Inc.		657		41,095
Johnson & Johnson		1,278		164,926
Merck & Co., Inc.		1,383		105,675
Pfizer, Inc.		3,127		136,493
Total Pharmaceuticals, Biotechnology & Life Sciences				666,159

45     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Yield Factor ETF
 

	Shares		Value
Real Estate—8.0%
Alexandria Real Estate Equities, Inc.		49	$	5,647
American Campus Communities, Inc.		79		3,270
American Tower Corp.		163		25,785
Apartment Investment & Management Co., Class A		84		3,686
Apple Hospitality REIT, Inc.		135		1,925
AvalonBay Communities, Inc.		73		12,706
Boston Properties, Inc.		69		7,766
Brixmor Property Group, Inc.		190		2,791
Camden Property Trust		47		4,138
Colony Capital, Inc.		321		1,502
Crown Castle International Corp.		229		24,876
CubeSmart		99		2,840
Digital Realty Trust, Inc.		110		11,720
Duke Realty Corp.		168		4,351
EPR Properties		46		2,945
Equinix, Inc.		31		10,929
Equity Residential		183		12,080
Essex Property Trust, Inc.		32		7,847
Extra Space Storage, Inc.		63		5,700
Federal Realty Investment Trust		38		4,486
Gaming and Leisure Properties, Inc.		128		4,136
HCP, Inc.		293		8,183
Healthcare Trust of America, Inc., Class A		120		3,037
Highwoods Properties, Inc.		55		2,128
Hospitality Properties Trust		103		2,460
Host Hotels & Resorts, Inc.		398		6,635
Iron Mountain, Inc.		179		5,801
Kimco Realty Corp.		258		3,780
Lamar Advertising Co., Class A		50		3,459
Liberty Property Trust		79		3,309
Life Storage, Inc.		26		2,418
Macerich Co. (The)		82		3,549
Medical Properties Trust, Inc.		230		3,698
Mid-America Apartment Communities, Inc.		59		5,646
National Retail Properties, Inc.		89		4,317
Newmark Group, Inc., Class A		75		602
	Shares		Value
Real Estate (continued)
Omega Healthcare Investors, Inc.2		126	$	4,429
Outfront Media, Inc.		88		1,595
Park Hotels & Resorts, Inc.		123		3,196
Prologis, Inc.		252		14,797
Public Storage		81		16,395
Realty Income Corp.		168		10,591
Regency Centers Corp.		83		4,870
Retail Properties of America, Inc., Class A		133		1,443
Retail Value, Inc.		9		230
Senior Housing Properties Trust		152		1,781
Simon Property Group, Inc.		180		30,238
SITE Centers Corp.		99		1,096
SL Green Realty Corp.		44		3,480
Spirit Realty Capital, Inc.		55		1,939
STORE Capital Corp.		104		2,944
Taubman Centers, Inc.		35		1,592
UDR, Inc.		140		5,547
Uniti Group, Inc.		108		1,682
Ventas, Inc.		219		12,831
VEREIT, Inc.		620		4,433
Vornado Realty Trust		93		5,769
Weingarten Realty Investors		72		1,786
Welltower, Inc.		231		16,034
Weyerhaeuser Co.		396		8,657
WP Carey, Inc.		66		4,312
Total Real Estate				381,815
Retailing—2.5%
Gap, Inc. (The)		114		2,937
Genuine Parts Co.		71		6,817
Home Depot, Inc. (The)		430		73,883
Kohl’s Corp.		88		5,838
L Brands, Inc.		147		3,774
Macy’s, Inc.2		176		5,241
Target Corp.		281		18,571
Total Retailing				117,061
Semiconductors & Semiconductor Equipment—5.9%
Broadcom, Inc.		206		52,382
Intel Corp.		2,338		109,722
Maxim Integrated Products, Inc.		165		8,390
QUALCOMM, Inc.		1,113		63,341
Texas Instruments, Inc.		493		46,589
Total Semiconductors & Semiconductor Equipment				280,424

46     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services—2.0%
International Business Machines Corp.		705	$	80,137
Paychex, Inc.		158		10,294
Western Union Co. (The)		248		4,231
Total Software & Services				94,662
Technology Hardware & Equipment—3.7%
Cisco Systems, Inc.		3,063		132,720
Corning, Inc.		466		14,078
HP, Inc.		962		19,682
Western Digital Corp.		172		6,359
Xerox Corp.		121		2,391
Total Technology Hardware & Equipment				175,230
Telecommunication Services—5.8%
AT&T, Inc.		4,547		129,771
CenturyLink, Inc.		627		9,499
Verizon Communications, Inc.		2,461		138,358
Total Telecommunication Services				277,628
Transportation—1.0%
Delta Air Lines, Inc.		248		12,375
Macquarie Infrastructure Corp.2		52		1,901
United Parcel Service, Inc., Class B		337		32,868
Total Transportation				47,144
Utilities—7.5%
AES Corp.		365		5,278
Alliant Energy Corp.		116		4,901
Ameren Corp.		121		7,893
American Electric Power Co., Inc.		264		19,731
CenterPoint Energy, Inc.		244		6,888
CMS Energy Corp.		136		6,752
Consolidated Edison, Inc.		168		12,845
Dominion Energy, Inc.		383		27,369
DTE Energy Co.		94		10,368
Duke Energy Corp.		410		35,383
Edison International		173		9,821
Entergy Corp.		104		8,951
Evergy, Inc.		129		7,323
	Shares		Value
Utilities (continued)
Eversource Energy		166	$	10,797
Exelon Corp.		493		22,234
FirstEnergy Corp.		271		10,176
NextEra Energy, Inc.		205		35,633
NiSource, Inc.		174		4,411
OGE Energy Corp.		109		4,272
PG&E Corp.1		225		5,344
Pinnacle West Capital Corp.		59		5,027
PPL Corp.2		453		12,834
Public Service Enterprise Group, Inc.		261		13,585
SCANA Corp.		90		4,300
Sempra Energy		134		14,498
Southern Co. (The)		606		26,616
WEC Energy Group, Inc.		164		11,359
Xcel Energy, Inc.		260		12,810
Total Utilities				357,399
Total Common Stocks (Cost $5,079,813)				4,740,688
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $7,312)		7,312		7,312
Total Investments—99.8% (Cost $5,087,125)				4,748,000
Other Assets in Excess of Liabilities—0.2%				9,737
Net Assets—100.0%			$	4,757,737

 

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 $60,352; total value of the collateral held by the Fund was $61,449. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $61,449 (Note 4).

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

47     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—0.5%
Aptiv PLC		2,328	$	143,335
Ford Motor Co.		5,973		45,694
Garrett Motion, Inc.1		9,071		111,936
General Motors Co.		5,327		178,188
Gentex Corp.		24,781		500,824
Harley-Davidson, Inc.2		2,257		77,009
Lear Corp.		483		59,341
Total Automobiles & Components				1,116,327
Banks—3.1%
Associated Banc-Corp.		5,115		101,226
Bank of Hawaii Corp.		874		58,838
BankUnited, Inc.		2,032		60,838
BB&T Corp.		10,944		474,094
BOK Financial Corp.		650		47,664
CIT Group, Inc.		3,318		126,980
Citizens Financial Group, Inc.		4,773		141,901
Comerica, Inc.		3,274		224,891
Commerce Bancshares, Inc.2		6,942		391,321
Cullen/Frost Bankers, Inc.2		3,453		303,657
East West Bancorp, Inc.		1,847		80,400
F.N.B. Corp.		5,509		54,209
Fifth Third Bancorp		9,917		233,347
First Citizens BancShares, Inc., Class A		459		173,066
First Republic Bank		3,995		347,166
Huntington Bancshares, Inc.		38,030		453,318
KeyCorp		14,255		210,689
M&T Bank Corp.		2,400		343,512
PacWest Bancorp		1,567		52,150
People’s United Financial, Inc.2		5,168		74,574
PNC Financial Services Group, Inc. (The)		1,362		159,231
Popular, Inc.		20,126		950,350
Prosperity Bancshares, Inc.		2,016		125,597
Regions Financial Corp.		21,651		289,690
Signature Bank		582		59,835
SunTrust Banks, Inc.		7,559		381,276
SVB Financial Group1		742		140,921
TCF Financial Corp.		9,962		194,159
U.S. Bancorp		3,532		161,412
Umpqua Holdings Corp.		7,879		125,276
Webster Financial Corp.		5,615		276,763
Wintrust Financial Corp.		1,572		104,522
Zions Bancorp NA		6,017		245,133
Total Banks				7,168,006
	Shares		Value
Capital Goods—7.4%
AECOM1,2		4,716	$	124,974
Air Lease Corp.		1,690		51,055
Allegion PLC		3,268		260,492
Allison Transmission Holdings, Inc.		13,000		570,830
AMETEK, Inc.		3,856		261,051
Arcosa, Inc.1		4,791		132,663
Armstrong World Industries, Inc.		2,840		165,316
Boeing Co. (The)		392		126,420
Carlisle Cos., Inc.		1,582		159,023
Caterpillar, Inc.		587		74,590
Crane Co.		3,349		241,731
Cummins, Inc.		1,223		163,442
Curtiss-Wright Corp.		695		70,973
Deere & Co.		1,809		269,849
Donaldson Co., Inc.		6,219		269,842
Dover Corp.		9,153		649,405
Eaton Corp. PLC		5,534		379,964
Emerson Electric Co.		5,923		353,899
Fastenal Co.2		5,918		309,452
Flowserve Corp.		10,374		394,420
Fluor Corp.		4,187		134,821
Fortive Corp.		3,438		232,615
General Dynamics Corp.		774		121,681
Graco, Inc.		2,991		125,173
Harris Corp.		2,759		371,499
HD Supply Holdings, Inc.1		12,118		454,667
HEICO Corp.		1,570		121,644
HEICO Corp., Class A		3,363		211,869
Hexcel Corp.		2,922		167,547
Honeywell International, Inc.		784		103,582
Hubbell, Inc.		500		49,670
Huntington Ingalls Industries, Inc.		844		160,622
IDEX Corp.		1,683		212,496
Ingersoll-Rand PLC		9,609		876,629
ITT, Inc.		5,595		270,071
Jacobs Engineering Group, Inc.		13,282		776,466
Johnson Controls International PLC		6,827		202,421
L3 Technologies, Inc.		1,883		327,002
Lennox International, Inc.		1,149		251,470
Lincoln Electric Holdings, Inc.		1,450		114,333
Lockheed Martin Corp.		369		96,619
Middleby Corp. (The)1,2		611		62,768

 

48     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
MSC Industrial Direct Co., Inc., Class A		2,120	$	163,070
Nordson Corp.		528		63,017
Northrop Grumman Corp.		365		89,389
nVent Electric PLC		9,417		211,506
PACCAR, Inc.		3,426		195,762
Parker-Hannifin Corp.		943		140,639
Pentair PLC		4,605		173,977
Quanta Services, Inc.		4,907		147,701
Raytheon Co.		1,018		156,110
Regal Beloit Corp.		3,988		279,359
Resideo Technologies, Inc.1		8,994		184,827
Rockwell Automation, Inc.		807		121,437
Roper Technologies, Inc.		1,285		342,478
Sensata Technologies Holding PLC1		2,137		95,823
Snap-on, Inc.2		1,683		244,523
Spirit AeroSystems Holdings, Inc., Class A		3,306		238,330
Teledyne Technologies, Inc.1		2,219		459,488
Textron, Inc.		8,981		413,036
Timken Co. (The)		1,590		59,339
Toro Co. (The)		2,251		125,786
TransDigm Group, Inc.1		1,841		626,050
Trinity Industries, Inc.		4,232		87,137
United Technologies Corp.		1,583		168,558
USG Corp.2		7,138		304,507
W.W. Grainger, Inc.2		3,067		865,998
WABCO Holdings, Inc.1		547		58,715
Wabtec Corp.2		3,369		236,672
Watsco, Inc.2		627		87,241
Xylem, Inc.		4,242		283,026
Total Capital Goods				17,098,557
Commercial & Professional Services—2.1%
ADT, Inc.2		9,059		54,445
Cintas Corp.		2,347		394,272
Clean Harbors, Inc.1		6,825		336,814
Copart, Inc.1,2		6,957		332,405
CoStar Group, Inc.1		665		224,331
Dun & Bradstreet Corp. (The)		3,044		434,501
Equifax, Inc.		592		55,133
IHS Markit Ltd.1		5,898		282,927
KAR Auction Services, Inc.		9,647		460,355
Republic Services, Inc.		6,065		437,226
Robert Half International, Inc.		10,151		580,637
Rollins, Inc.2		3,800		137,180
TransUnion		4,499		255,543
	Shares		Value
Commercial & Professional Services (Continued)
Verisk Analytics, Inc.1		3,898	$	425,038
Waste Management, Inc.		6,248		556,009
Total Commercial & Professional Services				4,966,816
Consumer Durables & Apparel—1.6%
Brunswick Corp.		4,235		196,716
Columbia Sportswear Co.		2,469		207,618
Garmin Ltd.		5,272		333,823
Hasbro, Inc.2		4,947		401,944
Leggett & Platt, Inc.2		1,442		51,681
Lululemon Athletica, Inc.1,2		3,189		387,814
NIKE, Inc., Class B		3,087		228,870
PVH Corp.		959		89,139
Ralph Lauren Corp.		8,718		901,964
Tapestry, Inc.		6,924		233,685
Under Armour, Inc., Class A1		12,729		224,921
Under Armour, Inc., Class C1		13,469		217,794
VF Corp.		4,466		318,605
Total Consumer Durables & Apparel				3,794,574
Consumer Services—3.8%
Aramark		4,271		123,731
Bright Horizons Family Solutions, Inc.1		3,098		345,272
Carnival Corp.		2,975		146,667
Chipotle Mexican Grill, Inc.1		1,202		519,012
Choice Hotels International, Inc.		1,363		97,564
Darden Restaurants, Inc.		10,466		1,045,135
Domino’s Pizza, Inc.2		2,120		525,739
Dunkin’ Brands Group, Inc.2		4,788		307,007
Extended Stay America, Inc.		14,136		219,108
frontdoor, Inc.1		6,796		180,842
Graham Holdings Co., Class B2		662		424,064
Grand Canyon Education, Inc.1		4,001		384,656
H&R Block, Inc.2		23,819		604,288
Hilton Worldwide Holdings, Inc.		1,328		95,350
Hyatt Hotels Corp., Class A		1,399		94,572
Marriott International, Inc., Class A		796		86,414
McDonald’s Corp.		537		95,355
MGM Resorts International		2,805		68,049
Norwegian Cruise Line Holdings Ltd.1		5,145		218,097

49     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
Consumer Services (Continued)
Royal Caribbean Cruises Ltd.		1,305	$	127,616
Service Corp. International		17,878		719,768
ServiceMaster Global Holdings, Inc.1		13,918		511,347
Six Flags Entertainment Corp.		1,284		71,429
Starbucks Corp.		10,143		653,209
Vail Resorts, Inc.		1,855		391,071
Wendy’s Co. (The)		10,366		161,813
Wyndham Destinations, Inc.		1,824		65,372
Wyndham Hotels & Resorts, Inc.		3,332		151,173
Yum China Holdings, Inc.		2,538		85,099
Yum! Brands, Inc.		4,611		423,843
Total Consumer Services				8,942,662
Diversified Financials—3.8%
AGNC Investment Corp.		14,492		254,190
Ally Financial, Inc.		9,746		220,844
American Express Co.		3,371		321,324
Annaly Capital Management, Inc.		29,187		286,616
AXA Equitable Holdings, Inc.		11,436		190,181
Bank of New York Mellon Corp. (The)		2,927		137,774
Berkshire Hathaway, Inc., Class B1		338		69,013
Capital One Financial Corp.		3,414		258,064
Chimera Investment Corp.		26,288		468,452
CME Group, Inc.		1,489		280,111
Credit Acceptance Corp.1		1,299		495,906
Discover Financial Services		6,537		385,552
E*TRADE Financial Corp.		7,398		324,624
Evercore, Inc., Class A		1,571		112,421
FactSet Research Systems, Inc.		1,325		265,172
Franklin Resources, Inc.		1,569		46,537
Interactive Brokers Group, Inc., Class A2		1,058		57,820
Intercontinental Exchange, Inc.		4,348		327,535
Jefferies Financial Group, Inc.		5,010		86,974
LPL Financial Holdings, Inc.		9,019		550,881
MarketAxess Holdings, Inc.		711		150,241
MFA Financial, Inc.		15,353		102,558
Moody’s Corp.		598		83,744
Morningstar, Inc.		1,239		136,092
	Shares		Value
Diversified Financials (Continued)
MSCI, Inc.		2,220	$	327,295
Nasdaq, Inc.		4,599		375,140
Navient Corp.2		16,947		149,303
New Residential Investment Corp.		13,872		197,121
Northern Trust Corp.		2,972		248,429
OneMain Holdings, Inc.1		15,550		377,710
Raymond James Financial, Inc.		2,642		196,591
S&P Global, Inc.		1,350		229,419
Santander Consumer USA Holdings, Inc.2		14,761		259,646
Starwood Property Trust, Inc.		7,795		153,639
T. Rowe Price Group, Inc.		1,331		122,878
TD Ameritrade Holding Corp.		2,528		123,771
Two Harbors Investment Corp.		15,166		194,731
Virtu Financial, Inc., Class A2		3,936		101,391
Voya Financial, Inc.2		5,440		218,362
Total Diversified Financials				8,888,052
Energy—4.5%
Anadarko Petroleum Corp.		9,060		397,190
Apache Corp.2		13,304		349,230
Apergy Corp.1		1,973		53,429
Cabot Oil & Gas Corp.		3,871		86,517
Cheniere Energy, Inc.1,2		9,105		538,925
Chesapeake Energy Corp.1,2		102,014		214,229
Chevron Corp.		579		62,989
CNX Resources Corp.1,2		23,997		274,046
Concho Resources, Inc.1		1,390		142,878
ConocoPhillips		5,375		335,131
Continental Resources, Inc.1		1,347		54,136
Devon Energy Corp.		2,636		59,415
Diamondback Energy, Inc.		1,924		178,355
EOG Resources, Inc.		1,822		158,897
Equitrans Midstream Corp.1		9,665		193,493
Helmerich & Payne, Inc.		4,805		230,352
Hess Corp.		1,964		79,542
HollyFrontier Corp.		27,888		1,425,635
Kinder Morgan, Inc.		8,758		134,698
Marathon Oil Corp.		13,592		194,909
Marathon Petroleum Corp.		8,536		503,709
Murphy Oil Corp.2		18,979		443,919
National Oilwell Varco, Inc.		4,511		115,933
Noble Energy, Inc.		4,480		84,045
Occidental Petroleum Corp.		4,451		273,202

50     OPPENHEIMER ETF TRUST

	Shares		Value
Energy (Continued)
ONEOK, Inc.		11,910	$	642,545
PBF Energy, Inc., Class A2		24,249		792,215
Phillips 66		5,157		444,276
Pioneer Natural Resources Co.		1,314		172,817
QEP Resources, Inc.1		22,159		124,755
Range Resources Corp.2		24,925		238,532
SM Energy Co.2		7,948		123,035
Targa Resources Corp.		8,617		310,384
Transocean Ltd.1		14,656		101,713
Valero Energy Corp.		6,476		485,506
Whiting Petroleum Corp.1,2		11,975		271,713
Williams Cos., Inc. (The)		2,374		52,347
WPX Energy, Inc.1		13,507		153,304
Total Energy				10,497,946
Food & Staples Retailing—2.5%
Casey’s General Stores, Inc.		7,398		947,980
Costco Wholesale Corp.		2,660		541,868
Kroger Co. (The)		56,093		1,542,557
Sprouts Farmers Market, Inc.1,2		24,113		566,897
Sysco Corp.		13,521		847,226
US Foods Holding Corp.1		20,762		656,910
Walgreens Boots Alliance, Inc.		9,172		626,723
Total Food & Staples Retailing				5,730,161
Food, Beverage & Tobacco—2.7%
Archer-Daniels-Midland Co.		35,528		1,455,582
Bunge Ltd.		3,280		175,283
Conagra Brands, Inc.		3,450		73,692
Constellation Brands, Inc., Class A		407		65,454
Flowers Foods, Inc.2		10,204		188,468
General Mills, Inc.		1,680		65,419
Hershey Co. (The)		1,751		187,672
Hormel Foods Corp.2		10,230		436,616
JM Smucker Co. (The)2		2,931		274,019
Kellogg Co.		3,541		201,872
Lamb Weston Holdings, Inc.		10,317		758,919
McCormick & Co., Inc.		4,909		683,529
Molson Coors Brewing Co., Class B		1,272		71,436
Mondelez International, Inc., Class A		4,756		190,383
PepsiCo, Inc.		588		64,962
Post Holdings, Inc.1,2		10,277		915,989
TreeHouse Foods, Inc.1,2		6,974		353,652
Total Food, Beverage & Tobacco				6,162,947
	Shares		Value
Health Care Equipment & Services—9.3%
Abbott Laboratories		2,497	$	180,608
ABIOMED, Inc.1		986		320,489
Acadia Healthcare Co., Inc.1		7,997		205,603
Align Technology, Inc.1		343		71,835
AmerisourceBergen Corp.		4,135		307,644
Anthem, Inc.		3,099		813,890
athenahealth, Inc.1		564		74,409
Baxter International, Inc.		3,222		212,072
Becton Dickinson and Co.		755		170,117
Boston Scientific Corp.1		11,133		393,440
Cardinal Health, Inc.		4,901		218,585
Centene Corp.1		14,163		1,632,994
Cerner Corp.1		926		48,559
Chemed Corp.		1,093		309,625
Cigna Corp.		6,519		1,238,089
Cooper Cos., Inc. (The)		1,324		336,958
CVS Health Corp.		6,693		438,525
Danaher Corp.		1,758		181,285
DaVita, Inc.1		2,203		113,366
DexCom, Inc.1		2,244		268,831
Edwards Lifesciences Corp.1		2,985		457,213
Encompass Health Corp.		14,971		923,711
HCA Healthcare, Inc.		9,942		1,237,282
Henry Schein, Inc.1		11,498		902,823
Hill-Rom Holdings, Inc.		4,129		365,623
Hologic, Inc.1		1,321		54,293
Humana, Inc.		4,638		1,328,694
ICU Medical, Inc.1		487		111,830
IDEXX Laboratories, Inc.1		1,809		336,510
Insulet Corp.1,2		1,210		95,977
Integra LifeSciences Holdings Corp.1		2,090		94,259
Intuitive Surgical, Inc.1		525		251,433
Laboratory Corp. of America Holdings1		3,686		465,763
Masimo Corp.1		2,293		246,199
McKesson Corp.		423		46,729
Medtronic PLC		1,588		144,445
Molina Healthcare, Inc.1		12,661		1,471,461
Penumbra, Inc.1,2		1,017		124,277
Premier, Inc., Class A1		10,620		396,657
Quest Diagnostics, Inc.		4,115		342,656
ResMed, Inc.		4,024		458,213
STERIS PLC		5,140		549,209
Stryker Corp.		1,059		165,998
Teleflex, Inc.2		637		164,652
UnitedHealth Group, Inc.		416		103,634
Universal Health Services, Inc., Class B		7,854		915,462

51     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
Health Care Equipment & Services (Continued)
Varian Medical Systems, Inc.1		2,062	$	233,645
Veeva Systems, Inc., Class A1		3,957		353,439
WellCare Health Plans, Inc.1		5,679		1,340,755
West Pharmaceutical Services, Inc.		2,351		230,469
Zimmer Biomet Holdings, Inc.		2,237		232,022
Total Health Care Equipment & Services				21,682,257
Household & Personal Products—1.3%
Church & Dwight Co., Inc.		10,503	$	690,677
Clorox Co. (The)		2,709		417,565
Colgate-Palmolive Co.		878		52,259
Energizer Holdings, Inc.2		4,956		223,764
Estee Lauder Cos., Inc., (The), Class A		2,626		341,643
Herbalife Nutrition Ltd.1		13,894		819,051
Kimberly-Clark Corp.		1,986		226,285
Nu Skin Enterprises, Inc., Class A		3,204		196,501
Procter & Gamble Co. (The)		612		56,255
Total Household & Personal Products				3,024,000
Insurance—5.2%
Aflac, Inc.		13,074		595,651
Alleghany Corp.		568		354,046
Allstate Corp. (The)		2,151		177,737
American Financial Group, Inc.		4,976		450,477
American National Insurance Co.		909		115,661
Aon PLC		2,537		368,778
Arch Capital Group Ltd.1		5,975		159,652
Arthur J. Gallagher & Co.		10,740		791,538
Assurant, Inc.		3,772		337,368
Assured Guaranty Ltd.		21,135		809,048
Athene Holding Ltd., Class A1		3,168		126,181
Axis Capital Holdings Ltd.		1,843		95,173
Brown & Brown, Inc.		10,677		294,258
Chubb Ltd.		871		112,516
Cincinnati Financial Corp.		6,747		522,353
Erie Indemnity Co., Class A		1,223		163,038
Everest Re Group Ltd.		1,726		375,854
Fidelity National Financial, Inc.		2,695		84,731
	Shares		Value
Insurance (Continued)
First American Financial Corp.		1,405	$	62,719
Hanover Insurance Group, Inc. (The)		4,833		564,349
Hartford Financial Services Group, Inc. (The)		1,704		75,743
Lincoln National Corp.		1,565		80,300
Loews Corp.		9,166		417,236
Markel Corp.1		104		107,957
Marsh & McLennan Cos., Inc.		3,585		285,904
Mercury General Corp.		4,824		249,449
MetLife, Inc.		3,984		163,583
Old Republic International Corp.		35,920		738,874
Progressive Corp. (The)		16,336		985,551
Prudential Financial, Inc.		1,009		82,284
Reinsurance Group of America, Inc.		2,856		400,497
RenaissanceRe Holdings Ltd.		1,198		160,173
Torchmark Corp.		4,854		361,769
Travelers Cos., Inc. (The)		2,908		348,233
W.R. Berkley Corp.		7,567		559,277
White Mountains Insurance Group Ltd.		240		205,846
Willis Towers Watson PLC		1,699		258,010
Total Insurance				12,041,814
Materials—4.4%
Air Products & Chemicals, Inc.		2,270		363,313
Alcoa Corp.1		3,234		85,960
AptarGroup, Inc.		5,204		489,540
Ashland Global Holdings, Inc.		5,721		405,962
Avery Dennison Corp.		620		55,695
Ball Corp.2		24,904		1,145,086
Bemis Co., Inc.2		5,491		252,037
Berry Global Group, Inc.1		1,982		94,204
Cabot Corp.		1,075		46,161
Celanese Corp.2		2,949		265,322
CF Industries Holdings, Inc.		17,540		763,165
Crown Holdings, Inc.1		2,131		88,586
Domtar Corp.		3,040		106,795
Eastman Chemical Co.		4,211		307,866
Ecolab, Inc.		2,444		360,123
FMC Corp.		1,408		104,136
International Flavors & Fragrances, Inc.		644		86,470

52     OPPENHEIMER ETF TRUST

	Shares		Value
Materials (Continued)
International Paper Co.		2,770	$	111,797
Linde PLC		659		102,830
LyondellBasell Industries NV, Class A		2,745		228,274
Martin Marietta Materials, Inc.2		648		111,372
Mosaic Co. (The)		29,151		851,501
NewMarket Corp.2		493		203,160
Newmont Mining Corp.		7,406		256,618
Nucor Corp.		12,800		663,168
Packaging Corp. of America		1,070		89,302
Platform Specialty Products Corp.1		7,584		78,343
PPG Industries, Inc.		2,097		214,376
Reliance Steel & Aluminum Co.		5,162		367,380
RPM International, Inc.		12,009		705,889
Sherwin-Williams Co. (The)		592		232,928
Silgan Holdings, Inc.		2,140		50,547
Sonoco Products Co.		7,100		377,223
Steel Dynamics, Inc.		13,655		410,196
United States Steel Corp.		5,211		95,049
Vulcan Materials Co.		585		57,798
WR Grace & Co.		1,101		71,466
Total Materials				10,299,638
Media & Entertainment—3.6%
AMC Networks, Inc., Class A1		5,924		325,109
Cable One, Inc.		360		295,236
CBS Corp., Class B		4,757		207,976
Charter Communications, Inc., Class A1,2		626		178,391
Cinemark Holdings, Inc.		12,778		457,452
Comcast Corp., Class A		2,392		81,448
Discovery, Inc., Class A1,2		12,425		307,395
Discovery, Inc., Class C1		17,885		412,786
IAC/InterActiveCorp1		3,566		652,721
Interpublic Group of Cos., Inc. (The)2		50,850		1,049,036
Liberty Broadband Corp., Class C1		1,540		110,926
Liberty Media Corp.-Liberty SiriusXM, Class A1		2,418		88,982
Liberty Media Corp.-Liberty SiriusXM, Class C1		5,039		186,342
Live Nation Entertainment, Inc.1,2		8,427		415,030
	Shares		Value
Media & Entertainment (Continued)
Madison Square Garden Co. (The), Class A1		808	$	216,302
Match Group, Inc.		4,051		173,261
Netflix, Inc.1		303		81,101
Omnicom Group, Inc.		11,177		818,603
Sirius XM Holdings, Inc.2		24,741		141,271
Take-Two Interactive Software, Inc.1		1,195		123,013
TripAdvisor, Inc.1		4,928		265,816
Twenty-First Century Fox, Inc., Class A		5,170		248,780
Twenty-First Century Fox, Inc., Class B		2,442		116,679
Twitter, Inc.1		16,357		470,100
Viacom, Inc., Class B		34,724		892,407
Walt Disney Co. (The)		1,087		119,190
Total Media & Entertainment				8,435,353
Pharmaceuticals, Biotechnology & Life Sciences—2.1%
AbbVie, Inc.		656		60,477
Agilent Technologies, Inc.		1,618		109,150
Alexion Pharmaceuticals, Inc.1		1,225		119,266
Amgen, Inc.		1,116		217,252
Biogen, Inc.1		495		148,955
BioMarin Pharmaceutical, Inc.1,2		685		58,328
Bio-Rad Laboratories, Inc., Class A1		414		96,139
Bio-Techne Corp.		1,498		216,791
Catalent, Inc.1		2,806		87,491
Charles River Laboratories International, Inc.1		3,095		350,292
Eli Lilly & Co.		1,480		171,266
Exact Sciences Corp.1		1,313		82,850
Gilead Sciences, Inc.		2,188		136,859
Illumina, Inc.1		995		298,430
Ionis Pharmaceuticals, Inc.1,2		1,380		74,603
IQVIA Holdings, Inc.1		2,632		305,759
Jazz Pharmaceuticals PLC1		1,876		232,549
Merck & Co., Inc.		1,385		105,828
Mettler-Toledo International, Inc.1,2		134		75,788
Mylan NV1		3,743		102,558
Neurocrine Biosciences, Inc.1,2		989		70,625
PerkinElmer, Inc.		4,235		332,659
Pfizer, Inc.		1,781		77,741

53     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
PRA Health Sciences, Inc.1		1,612	$	148,240
Qiagen NV1		3,556		122,504
Sarepta Therapeutics, Inc.1,2		980		106,947
Thermo Fisher Scientific, Inc.		973		217,748
United Therapeutics Corp.1		844		91,912
Vertex Pharmaceuticals, Inc.1		790		130,911
Waters Corp.1		1,033		194,875
Zoetis, Inc.		4,082		349,174
Total Pharmaceuticals, Biotechnology & Life Sciences				4,893,967
Real Estate—4.9%
Alexandria Real Estate Equities, Inc.		546		62,921
American Campus Communities, Inc.		2,604		107,780
American Tower Corp.		1,190		188,246
Apartment Investment & Management Co., Class A		3,118		136,818
AvalonBay Communities, Inc.		1,266		220,347
Boston Properties, Inc.		1,108		124,705
Brixmor Property Group, Inc.		6,423		94,354
Brookfield Property REIT, Inc., Class A		14,331		230,729
Camden Property Trust		1,423		125,295
CBRE Group, Inc., Class A1		9,432		377,657
Columbia Property Trust, Inc.		3,241		62,713
Crown Castle International Corp.		1,083		117,646
CubeSmart		5,304		152,172
Digital Realty Trust, Inc.		990		105,485
Duke Realty Corp.		6,783		175,680
EPR Properties		4,421		283,077
Equity Commonwealth		2,516		75,505
Equity LifeStyle Properties, Inc.		1,946		189,015
Equity Residential		3,674		242,521
Essex Property Trust, Inc.		799		195,923
Extra Space Storage, Inc.		3,596		325,366
Federal Realty Investment Trust		995		117,450
Gaming and Leisure Properties, Inc.		5,072		163,876
HCP, Inc.		14,177		395,964
Hospitality Properties Trust		5,522		131,865
	Shares		Value
Real Estate (Continued)
Host Hotels & Resorts, Inc.		15,587	$	259,835
Iron Mountain, Inc.		3,859		125,070
JBG SMITH Properties		1,825		63,528
Jones Lang LaSalle, Inc.		2,109		266,999
Kilroy Realty Corp.		943		59,296
Kimco Realty Corp.		5,450		79,843
Lamar Advertising Co., Class A		2,991		206,917
Liberty Property Trust		3,907		163,625
Life Storage, Inc.		1,969		183,097
Medical Properties Trust, Inc.		28,999		466,304
Mid-America Apartment Communities, Inc.		1,786		170,920
National Retail Properties, Inc.		6,499		315,266
Omega Healthcare Investors, Inc.		14,012		492,522
Outfront Media, Inc.		5,305		96,127
Park Hotels & Resorts, Inc.		20,161		523,783
Prologis, Inc.		2,938		172,519
Public Storage		753		152,415
Rayonier, Inc.		4,492		124,383
Realty Income Corp.		4,936		311,165
Regency Centers Corp.		983		57,682
Retail Properties of America, Inc., Class A		9,655		104,757
SBA Communications Corp.1		905		146,510
Simon Property Group, Inc.		1,836		308,430
SL Green Realty Corp.		889		70,302
Spirit Realty Capital, Inc.		6,603		232,756
STORE Capital Corp.		7,871		222,828
Sun Communities, Inc.		1,547		157,345
UDR, Inc.		4,006		158,718
Uniti Group, Inc.		14,850		231,215
Ventas, Inc.		3,281		192,234
VEREIT, Inc.		26,467		189,239
VICI Properties, Inc.		3,106		58,331
Vornado Realty Trust		1,269		78,716
Weingarten Realty Investors		2,581		64,035
Welltower, Inc.		3,515		243,976
WP Carey, Inc.		2,440		159,430
Total Real Estate				11,313,228
Retailing—9.3%
Advance Auto Parts, Inc.		6,500		1,023,490
Amazon.com, Inc.1		33		49,565
AutoZone, Inc.1		1,422		1,192,119
Best Buy Co., Inc.		11,476		607,769

54     OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (Continued)
Booking Holdings, Inc.1		80	$	137,793
Burlington Stores, Inc.1,2		5,895		958,940
CarMax, Inc.1,2		2,964		185,932
Dick’s Sporting Goods, Inc.		15,113		471,526
Dollar General Corp.		10,236		1,106,307
Dollar Tree, Inc.1		659		59,521
Expedia Group, Inc.		1,941		218,654
Foot Locker, Inc.		16,990		903,868
Genuine Parts Co.		8,680		833,454
GrubHub, Inc.1,2		2,566		197,094
Kohl’s Corp.2		34,151		2,265,577
Lowe’s Cos., Inc.		4,618		426,518
Macy’s, Inc.2		62,550		1,862,739
Nordstrom, Inc.2		16,489		768,552
O’Reilly Automotive, Inc.1		2,824		972,388
Penske Automotive Group, Inc.		1,809		72,939
Pool Corp.2		2,244		333,571
Qurate Retail, Inc.1,2		7,915		154,501
Ross Stores, Inc.		9,743		810,618
Target Corp.		31,961		2,112,302
Tiffany & Co.		5,112		411,567
TJX Cos., Inc. (The)		18,209		814,671
Tractor Supply Co.		11,722		978,084
Ulta Beauty, Inc.1		2,851		698,039
Urban Outfitters, Inc.1		8,300		275,560
Wayfair, Inc., Class A1		969		87,287
Williams-Sonoma, Inc.2		10,331		521,199
Total Retailing				21,512,144
Semiconductors & Semiconductor Equipment—1.4%
Advanced Micro Devices, Inc.1,2		6,850		126,451
Analog Devices, Inc.		4,092		351,216
Cypress Semiconductor Corp.		5,032		64,007
Intel Corp.		2,999		140,743
KLA-Tencor Corp.		2,696		241,265
Lam Research Corp.		582		79,251
Maxim Integrated Products, Inc.2		5,657		287,658
Microchip Technology, Inc.2		1,431		102,918
Micron Technology, Inc.1		9,692		307,527
Monolithic Power Systems, Inc.		1,393		161,936
ON Semiconductor Corp.1		14,183		234,161
Qorvo, Inc.1		3,664		222,515
Teradyne, Inc.2		2,894		90,814
Texas Instruments, Inc.		1,057		99,887
	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Versum Materials, Inc.		1,830	$	50,728
Xilinx, Inc.		7,283		620,293
Total Semiconductors & Semiconductor Equipment				3,181,370
Software & Services—7.7%
Accenture PLC, Class A		1,246		175,698
Adobe, Inc.1		625		141,400
Akamai Technologies, Inc.1		8,672		529,686
Alliance Data Systems Corp.		507		76,091
Amdocs Ltd.		4,465		261,560
ANSYS, Inc.1		1,245		177,960
Aspen Technology, Inc.1		3,684		302,751
Atlassian Corp. PLC, Class A1		2,847		253,326
Autodesk, Inc.1		943		121,279
Automatic Data Processing, Inc.		2,414		316,524
Black Knight, Inc.1		4,051		182,538
Booz Allen Hamilton Holding Corp.		21,260		958,188
Broadridge Financial Solutions, Inc.		5,508		530,145
Cadence Design Systems, Inc.1		3,741		162,659
Citrix Systems, Inc.		6,344		650,006
Cognizant Technology Solutions Corp., Class A		3,413		216,657
CoreLogic, Inc.1		1,507		50,364
DXC Technology Co.		993		52,798
EPAM Systems, Inc.1		2,138		248,029
Euronet Worldwide, Inc.1,2		3,933		402,661
Fair Isaac Corp.1		1,562		292,094
Fidelity National Information Services, Inc.		3,214		329,596
First Data Corp., Class A1		21,473		363,108
Fiserv, Inc.1		6,475		475,848
FleetCor Technologies, Inc.1		1,165		216,364
Fortinet, Inc.1		6,606		465,261
Gartner, Inc.1		1,687		215,666
Genpact Ltd.		2,941		79,378
Global Payments, Inc.		2,065		212,963
GoDaddy, Inc., Class A1		6,126		401,988
Guidewire Software, Inc.1		1,911		153,320
International Business Machines Corp.		442		50,242
Intuit, Inc.		1,997		393,109
Jack Henry & Associates, Inc.		2,491		315,161

55     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
 

	Shares		Value
Software & Services (Continued)
Leidos Holdings, Inc.		6,086	$	320,854
Manhattan Associates, Inc.1		3,346		141,770
Mastercard, Inc., Class A		341		64,330
Microsoft Corp.		1,144		116,196
Nuance Communications, Inc.1		4,628		61,228
Nutanix, Inc., Class A1,2		2,113		87,880
Okta, Inc.1		1,825		116,435
Oracle Corp.		1,803		81,405
Palo Alto Networks, Inc.1		1,688		317,935
Paychex, Inc.		2,591		168,804
Paycom Software, Inc.1,2		2,038		249,553
PayPal Holdings, Inc.1		1,303		109,569
Pegasystems, Inc.		1,324		63,327
PTC, Inc.1		4,405		365,175
RealPage, Inc.1		1,546		74,502
Red Hat, Inc.1		2,449		430,142
RingCentral, Inc., Class A1,2		2,123		175,020
Sabre Corp.		34,107		738,076
salesforce.com, Inc.1		927		126,971
ServiceNow, Inc.1		1,659		295,385
Splunk, Inc.1,2		1,616		169,438
Square, Inc., Class A1,2		3,740		209,777
SS&C Technologies Holdings, Inc.		6,095		274,945
Synopsys, Inc.1		1,930		162,583
Tableau Software, Inc., Class A1		2,244		269,280
Teradata Corp.1,2		3,356		128,736
Total System Services, Inc.		5,481		445,551
Twilio, Inc., Class A1,2		1,968		175,742
Tyler Technologies, Inc.1		673		125,057
Ultimate Software Group, Inc. (The)1		683		167,246
VeriSign, Inc.1		3,201		474,676
Visa, Inc., Class A		457		60,297
VMware, Inc., Class A		2,166		297,024
Western Union Co. (The)		15,257		260,284
WEX, Inc.1		1,307		183,058
Workday, Inc., Class A1,2		1,397		223,073
Worldpay, Inc., Class A1		1,880		143,688
Zendesk, Inc.1		2,711		158,241
Total Software & Services				17,807,671
Technology Hardware & Equipment—5.5%
Amphenol Corp., Class A		2,354		190,721
Apple, Inc.		957		150,957
Arista Networks, Inc.1		638		134,427
ARRIS International PLC1		26,896		822,211
Arrow Electronics, Inc.1		4,103		282,902
	Shares		Value
Technology Hardware & Equipment (Continued)
Avnet, Inc.		13,466	$	486,123
CDW Corp.		17,119		1,387,495
Cisco Systems, Inc.		3,429		148,579
Corning, Inc.		6,130		185,187
Dell Technologies, Inc., Class C1		5,449		266,284
Dolby Laboratories, Inc., Class A		2,576		159,300
F5 Networks, Inc.1		6,086		986,115
FLIR Systems, Inc.		3,457		150,518
Hewlett Packard Enterprise Co.		81,536		1,077,090
HP, Inc.		79,739		1,631,460
Jabil, Inc.		6,286		155,830
Juniper Networks, Inc.		19,288		519,040
Keysight Technologies, Inc.1		10,131		628,932
Littelfuse, Inc.		385		66,020
Motorola Solutions, Inc.		8,470		974,389
National Instruments Corp.		5,036		228,534
NetApp, Inc.		19,893		1,187,015
Ubiquiti Networks, Inc.2		1,474		146,530
Xerox Corp.		8,206		162,150
Zebra Technologies Corp., Class A1		3,750		597,112
Total Technology Hardware & Equipment				12,724,921
Telecommunication Services—1.1%
CenturyLink, Inc.		78,668		1,191,820
Sprint Corp.1		39,200		228,144
Telephone & Data Systems, Inc.		20,135		655,193
T-Mobile US, Inc.1		3,485		221,681
United States Cellular Corp.1		1,517		78,839
Verizon Communications, Inc.		2,606		146,509
Total Telecommunication Services				2,522,186
Transportation—3.3%
Alaska Air Group, Inc.		5,757		350,313
AMERCO		156		51,185
C.H. Robinson Worldwide, Inc.2		6,161		518,078
CSX Corp.		7,477		464,546
Delta Air Lines, Inc.		9,207		459,429
Expeditors International of Washington, Inc.		7,060		480,715
FedEx Corp.		921		148,585

56     OPPENHEIMER ETF TRUST

	Shares		Value
Transportation (Continued)
Genesee & Wyoming, Inc., Class A1		3,187	$	235,902
JB Hunt Transport Services, Inc.		1,993		185,429
JetBlue Airways Corp.1		5,492		88,201
Kansas City Southern		1,479		141,170
Kirby Corp.1,2		10,899		734,157
Landstar System, Inc.		1,961		187,609
Norfolk Southern Corp.		4,048		605,338
Old Dominion Freight Line, Inc.		1,473		181,901
Southwest Airlines Co.		1,420		66,002
Union Pacific Corp.		1,631		225,453
United Continental Holdings, Inc.1		25,245		2,113,764
United Parcel Service, Inc., Class B		971		94,702
XPO Logistics, Inc.1,2		5,215		297,464
Total Transportation				7,629,943
Utilities—8.7%
AES Corp.		122,552		1,772,102
Alliant Energy Corp.		8,719		368,378
Ameren Corp.		13,935		908,980
American Electric Power Co., Inc.		6,176		461,594
American Water Works Co., Inc.		3,588		325,683
Aqua America, Inc.2		1,600		54,704
Atmos Energy Corp.		6,522		604,720
CenterPoint Energy, Inc.		16,497		465,710
CMS Energy Corp.		11,346		563,329
Consolidated Edison, Inc.		3,570		272,962
Dominion Energy, Inc.		1,379		98,543
DTE Energy Co.		5,924		653,417
Duke Energy Corp.		3,612		311,716
Edison International		1,586		90,037
Entergy Corp.		10,628		914,752
Evergy, Inc.		5,731		325,349
Eversource Energy		7,576		492,743
Exelon Corp.		27,694		1,248,999
FirstEnergy Corp.		20,973		787,536
Hawaiian Electric Industries, Inc.2		7,948		291,056
MDU Resources Group, Inc.		10,107		240,951
National Fuel Gas Co.		4,023		205,897
NextEra Energy, Inc.		1,808		314,267
NiSource, Inc.		8,220		208,377
NRG Energy, Inc.		54,293		2,150,003
OGE Energy Corp.		18,511		725,446
	Shares		Value
Utilities (Continued)
Pinnacle West Capital Corp.		4,346	$	370,279
PPL Corp.2		9,159		259,474
Public Service Enterprise Group, Inc.		8,820		459,081
SCANA Corp.		5,610		268,046
Sempra Energy		3,275		354,322
Southern Co. (The)		4,328		190,086
UGI Corp.		21,321		1,137,475
Vectren Corp.		4,921		354,214
Vistra Energy Corp.1		40,259		921,528
WEC Energy Group, Inc.2		7,379		511,070
Xcel Energy, Inc.		9,685		477,180
Total Utilities				20,160,006
Total Common Stocks (Cost $240,459,080)				231,594,546
Money Market Fund—0.0%3
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%4 (Cost $9,327)		9,327		9,327
Investment of Cash Collateral for Securities Loaned—0.6%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%4 (Cost $1,351,664)		1,351,664		1,351,664
Total Investments—100.4% (Cost $241,820,071)				232,955,537
Liabilities in Excess of Other Assets—(0.4)%				(871,519	)
Net Assets—100.0%			$	232,084,018

 

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 $20,908,131; total value of the collateral held by the Fund was $21,246,429. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $19,894,765 (Note 4).

3. Less than 0.05%

4. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

57     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS December 31, 2018 Unaudited
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—1.0%
American Axle & Manufacturing Holdings, Inc.1,2		210	$	2,331
Cooper Tire & Rubber Co.		354		11,445
Dorman Products, Inc.1,2		141		12,693
Fox Factory Holding Corp.1,2		301		17,720
Gentherm, Inc.1,2		445		17,791
Shiloh Industries, Inc.2		591		3,445
Standard Motor Products, Inc.		367		17,774
Stoneridge, Inc.2		676		16,663
Tower International, Inc.		410		9,758
Total Automobiles & Components				109,620
Banks—10.4%
1st Constitution Bancorp		251		5,002
1st Source Corp.		89		3,590
Access National Corp.		123		2,624
ACNB Corp.		353		13,855
Allegiance Bancshares, Inc.2		80		2,590
Amalgamated Bank, Class A		122		2,379
American National Bankshares, Inc.1		110		3,224
Ameris Bancorp		70		2,217
Ames National Corp.		142		3,610
Arrow Financial Corp.		185		5,924
Atlantic Capital Bancshares, Inc.2		473		7,743
Axos Financial, Inc.2		305		7,680
Banc of California, Inc.		295		3,926
BancFirst Corp.		84		4,192
Bancorp, Inc. (The)2		503		4,004
BancorpSouth Bank		101		2,640
Bank of Commerce Holdings		443		4,855
Bank of Marin Bancorp		299		12,331
Bank of NT Butterfield & Son Ltd. (The)		279		8,747
BankFinancial Corp.		176		2,631
Banner Corp.		232		12,407
Bar Harbor Bankshares1		137		3,073
Baycom Corp.2		168		3,879
Beneficial Bancorp, Inc.		374		5,344
Berkshire Hills Bancorp, Inc.1		130		3,506
Blue Hills Bancorp, Inc.		366		7,810
	Shares		Value
Banks (Continued)
Boston Private Financial Holdings, Inc.		324	$	3,425
Bridge Bancorp, Inc.		91		2,320
Bridgewater Bancshares, Inc.2		395		4,167
Brookline Bancorp, Inc.		428		5,915
Bryn Mawr Bank Corp.		107		3,681
BSB BanCorp, Inc.2		173		4,854
Business First Bancshares, Inc.		159		3,853
C&F Financial Corp.		50		2,660
Cadence BanCorp1		150		2,517
Cambridge Bancorp		79		6,577
Camden National Corp.		201		7,230
Capital Bancorp, Inc.2		196		2,236
Capital City Bank Group, Inc.		191		4,433
Capitol Federal Financial, Inc.1		506		6,462
Carolina Financial Corp.		95		2,811
Cathay General Bancorp		84		2,817
CBTX, Inc.		313		9,202
CenterState Bank Corp.1		131		2,756
Central Pacific Financial Corp.		235		5,722
Central Valley Community Bancorp		173		3,265
Century Bancorp, Inc., Class A		43		2,912
Citizens & Northern Corp.1		268		7,083
City Holding Co.		168		11,355
Civista Bancshares, Inc.		222		3,867
CNB Financial Corp.		187		4,292
Codorus Valley Bancorp, Inc.		103		2,189
Columbia Banking System, Inc.		69		2,504
Community Bank System, Inc.1		129		7,521
Community Bankers Trust Corp.2		409		2,953
Community Trust Bancorp, Inc.		132		5,229
ConnectOne Bancorp, Inc.		139		2,567
Customers Bancorp, Inc.2		175		3,185
CVB Financial Corp.		131		2,650
Dime Community Bancshares, Inc.		150		2,547
Eagle Bancorp, Inc.1,2		77		3,751
Enterprise Bancorp, Inc.		89		2,862

 

58     OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
Enterprise Financial Services Corp.		194	$	7,300
Equity Bancshares, Inc., Class A2		198		6,979
Esquire Financial Holdings, Inc.2		220		4,774
ESSA Bancorp, Inc.		245		3,824
Essent Group Ltd.2		73		2,495
Evans Bancorp, Inc.		96		3,121
Farmers & Merchants Bancorp, Inc.		106		4,080
Farmers National Banc Corp.		280		3,567
Federal Agricultural Mortgage Corp., Class C		133		8,039
Fidelity D&D Bancorp, Inc.		144		9,242
Fidelity Southern Corp.		556		14,467
Financial Institutions, Inc.		173		4,446
First Bancorp		224		7,316
First BanCorp		3,587		30,848
First Bancorp, Inc.		183		4,813
First Bancshares, Inc. (The)		183		5,536
First Busey Corp.		225		5,521
First Business Financial Services, Inc.		151		2,946
First Choice Bancorp		149		3,367
First Commonwealth Financial Corp.		375		4,530
First Community Bankshares, Inc1		356		11,207
First Community Corp.		155		3,012
First Defiance Financial Corp.		289		7,083
First Financial Bancorp		169		4,009
First Financial Bankshares, Inc.1		138		7,961
First Financial Corp.		200		8,030
First Financial Northwest, Inc.1		182		2,816
First Foundation, Inc.2		202		2,598
First Interstate BancSystem, Inc., Class A		256		9,359
First Merchants Corp.1		134		4,592
First Mid-Illinois Bancshares, Inc.		136		4,341
First Midwest Bancorp, Inc.		229		4,536
First Savings Financial Group, Inc.		51		2,649
First United Corp.		216		3,439
Flushing Financial Corp.		164		3,531
	Shares		Value
Banks (Continued)
Franklin Financial Network, Inc.1,2		192	$	5,063
Fulton Financial Corp.		262		4,056
German American Bancorp, Inc.		119		3,305
Glacier Bancorp, Inc.		155		6,141
Great Southern Bancorp, Inc.		168		7,733
Great Western Bancorp, Inc.		138		4,312
Green Bancorp, Inc.		170		2,914
Guaranty Bancorp		193		4,005
Guaranty Bancshares, Inc.		121		3,608
Heartland Financial USA, Inc.1		147		6,461
Heritage Commerce Corp.		409		4,638
Heritage Financial Corp.		295		8,767
Hingham Institution for Savings		21		4,153
Home Bancorp, Inc.		71		2,513
HomeStreet, Inc.2		264		5,605
HomeTrust Bancshares, Inc.		223		5,838
Hope Bancorp, Inc.1		217		2,574
Horizon Bancorp		338		5,334
IBERIABANK Corp.		38		2,443
Independent Bank Corp.		322		6,768
Independent Bank Corp.		132		9,281
International Bancshares Corp.		152		5,229
Investar Holding Corp.		171		4,241
Kearny Financial Corp.		291		3,731
Lakeland Bancorp, Inc.		215		3,184
Lakeland Financial Corp.1		112		4,498
LegacyTexas Financial Group, Inc.		167		5,359
Level One Bancorp, Inc.		109		2,445
Macatawa Bank Corp.		537		5,166
MB Financial, Inc.		120		4,756
MBT Financial Corp.		542		5,041
Mercantile Bank Corp.		144		4,069
Midland States Bancorp, Inc.1		125		2,793
MidSouth Bancorp, Inc.		206		2,184
MidWestOne Financial Group, Inc.		105		2,607
Mr Cooper Group, Inc.1,2		985		11,495
MutualFirst Financial, Inc.		76		2,019
MVB Financial Corp.		136		2,453
National Bank Holdings Corp., Class A		265		8,181
National Bankshares, Inc.		80		2,914

59     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Banks (Continued)
National Commerce Corp.2		98	$	3,528
NBT Bancorp, Inc.1		210		7,264
Nicolet Bankshares, Inc.1,2		95		4,636
NMI Holdings, Inc., Class A2		615		10,978
Northfield Bancorp, Inc.1		180		2,439
Northrim BanCorp, Inc.		181		5,949
Northwest Bancshares, Inc.		576		9,757
Norwood Financial Corp.		188		6,204
OceanFirst Financial Corp.		235		5,290
OFG Bancorp		2,059		33,891
Old Line Bancshares, Inc.		171		4,501
Old National Bancorp1		383		5,898
Old Second Bancorp, Inc.		610		7,930
Origin Bancorp, Inc.1		151		5,146
Oritani Financial Corp.1		411		6,062
Pacific City Financial Corp.		441		6,902
Park National Corp.1		42		3,568
Parke BanCorp, Inc.		193		3,612
PCSB Financial Corp.		205		4,010
Peapack Gladstone Financial Corp.		92		2,317
Penns Woods Bancorp, Inc.		63		2,535
PennyMac Financial Services, Inc.		221		4,698
Peoples Bancorp, Inc.		297		8,940
Peoples Financial Services Corp.		72		3,172
People’s Utah Bancorp1		204		6,151
Preferred Bank		67		2,904
Premier Financial Bancorp, Inc.		364		5,427
Provident Financial Services, Inc.		199		4,802
Prudential Bancorp, Inc.		144		2,534
QCR Holdings, Inc.		82		2,631
Radian Group, Inc.		145		2,372
Renasant Corp.		88		2,656
Republic Bancorp, Inc., Class A		173		6,699
S&T Bancorp, Inc.1		224		8,476
Sandy Spring Bancorp, Inc.		151		4,732
Seacoast Banking Corp. of Florida1,2		257		6,687
Select Bancorp, Inc.2		206		2,550
ServisFirst Bancshares, Inc.		96		3,060
Shore Bancshares, Inc.		187		2,719
Sierra Bancorp		282		6,776
Simmons First National Corp., Class A1		150		3,620
	Shares		Value
Banks (Continued)
Southern National Bancorp of Virginia, Inc.		242	$	3,199
Southside Bancshares, Inc.1		209		6,636
Spirit of Texas Bancshares, Inc.2		159		3,622
State Bank Financial Corp.		140		3,023
Stock Yards Bancorp, Inc.		98		3,214
Territorial Bancorp, Inc.		100		2,598
Timberland Bancorp, Inc.		133		2,966
Tompkins Financial Corp.1		89		6,676
TowneBank		114		2,730
TriCo Bancshares		121		4,089
TriState Capital Holdings, Inc.2		290		5,643
Triumph Bancorp, Inc.1,2		280		8,316
TrustCo Bank Corp. NY		545		3,739
Trustmark Corp.		203		5,771
UMB Financial Corp.1		44		2,683
Union Bankshares Corp.		125		3,529
United Bankshares, Inc.1		124		3,858
United Community Banks, Inc.		184		3,949
United Community Financial Corp.		846		7,487
United Financial Bancorp, Inc.		273		4,013
United Security Bancshares		261		2,500
Unity Bancorp, Inc.		212		4,401
Univest Corp. of Pennsylvania		214		4,616
Valley National Bancorp1		328		2,913
Veritex Holdings, Inc.1,2		111		2,373
Walker & Dunlop, Inc.1		266		11,505
Washington Federal, Inc.1		89		2,377
Washington Trust Bancorp, Inc.		123		5,846
Waterstone Financial, Inc.		475		7,961
WesBanco, Inc.		162		5,944
West Bancorporation, Inc.		124		2,367
Westamerica Bancorporation1		122		6,793
Western New England Bancorp, Inc.		325		3,263
WSFS Financial Corp.		98		3,715
Total Banks				1,086,742
Capital Goods—9.8%
AAON, Inc.		182		6,381
AAR Corp.		246		9,186
Actuant Corp., Class A		279		5,856

60     OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
Advanced Drainage Systems, Inc.		460	$	11,155
Aerojet Rocketdyne Holdings, Inc.1,2		250		8,808
Aerovironment, Inc.1,2		263		17,871
Aircastle Ltd.		242		4,172
Alamo Group, Inc.		30		2,320
Albany International Corp., Class A		160		9,989
Allied Motion Technologies, Inc.		314		14,033
Ameresco, Inc., Class A1,2		594		8,375
Apogee Enterprises, Inc.		90		2,687
Applied Industrial Technologies, Inc.		156		8,415
Argan, Inc.		204		7,719
Armstrong Flooring, Inc.2		529		6,263
Astronics Corp.2		140		4,263
Atkore International Group, Inc.2		463		9,186
Axon Enterprise, Inc.2		377		16,494
AZZ, Inc.		178		7,184
Barnes Group, Inc.		71		3,807
Blue Bird Corp.2		404		7,349
BlueLinx Holdings, Inc.1,2		1,094		27,033
CAI International, Inc.1,2		201		4,669
Chart Industries, Inc.1,2		299		19,444
Columbus McKinnon Corp.		244		7,354
Comfort Systems USA, Inc.		359		15,681
Continental Building Products, Inc.2		408		10,384
CSW Industrials, Inc.2		233		11,266
Cubic Corp.		175		9,405
DMC Global, Inc.		458		16,085
Douglas Dynamics, Inc.		278		9,977
Ducommun, Inc.2		710		25,787
DXP Enterprises, Inc.2		749		20,852
Eastern Co. (The)		179		4,328
EMCOR Group, Inc.		54		3,223
Encore Wire Corp.		241		12,093
EnerSys		135		10,477
Engility Holdings, Inc.2		283		8,054
Enphase Energy, Inc.1,2		2,827		13,372
EnPro Industries, Inc.1		59		3,546
ESCO Technologies, Inc.		173		11,409
Esterline Technologies Corp.2		135		16,396
Federal Signal Corp.		803		15,980
Franklin Electric Co., Inc.		155		6,646
GATX Corp.1		245		17,348
	Shares		Value
Capital Goods (Continued)
Generac Holdings, Inc.2		148	$	7,356
General Finance Corp.2		818		8,270
Gibraltar Industries, Inc.2		446		15,873
Global Brass & Copper Holdings, Inc.		316		7,947
Gorman-Rupp Co. (The)		322		10,436
Graham Corp.		230		5,253
Granite Construction, Inc.		70		2,820
Great Lakes Dredge & Dock Corp.2		2,199		14,557
Greenbrier Cos., Inc. (The)1		198		7,829
Harsco Corp.2		1,009		20,039
Hillenbrand, Inc.		180		6,827
Hurco Cos., Inc.		162		5,783
Hyster-Yale Materials Handling, Inc.		56		3,470
IES Holdings, Inc.2		189		2,939
Insteel Industries, Inc.		374		9,081
Kadant, Inc.		95		7,739
Kaman Corp.		168		9,423
KBR, Inc.		674		10,231
Kennametal, Inc.		84		2,796
KeyW Holding Corp.(The)2		2,163		14,470
Kratos Defense & Security Solutions, Inc.1,2		839		11,822
Lawson Products, Inc.2		314		9,922
LB Foster Co., Class A2		191		3,037
Lindsay Corp.1		117		11,261
Masonite International Corp.2		61		2,735
MasTec, Inc.1,2		133		5,394
Mercury Systems, Inc.2		63		2,979
Meritor, Inc.2		201		3,399
Milacron Holdings Corp.2		285		3,389
Miller Industries, Inc.		380		10,260
Moog, Inc., Class A		59		4,571
MRC Global, Inc.1,2		684		8,365
Mueller Water Products, Inc., Class A		431		3,922
MYR Group, Inc.2		177		4,986
National Presto Industries, Inc.1		131		15,317
Nexeo Solutions, Inc.2		1,010		8,676
Northwest Pipe Co.1,2		262		6,102
NOW, Inc.1,2		1,750		20,370
NV5 Global, Inc.2		218		13,200
Park-Ohio Holdings Corp.		130		3,990
PGT Innovations, Inc.2		713		11,301
Powell Industries, Inc.		290		7,253

61     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Capital Goods (Continued)
Preformed Line Products Co.		41	$	2,224
Primoris Services Corp.		259		4,955
Proto Labs, Inc.2		61		6,880
Raven Industries, Inc.		435		15,743
RBC Bearings, Inc.2		52		6,817
Rexnord Corp.2		381		8,744
Rush Enterprises, Inc., Class A		82		2,827
Simpson Manufacturing Co., Inc.		87		4,709
SiteOne Landscape Supply, Inc.1,2		48		2,653
SPX Corp.2		312		8,739
SPX FLOW, Inc.2		81		2,464
Standex International Corp.		46		3,090
Sterling Construction Co., Inc.1,2		231		2,516
Sunrun, Inc.2		1,671		18,197
Systemax, Inc.		81		1,935
Tennant Co.		83		4,325
Thermon Group Holdings, Inc.2		257		5,212
TPI Composites, Inc.1,2		512		12,585
Trex Co., Inc.2		72		4,274
TriMas Corp.2		523		14,273
Triton International Ltd.1		131		4,070
Universal Forest Products, Inc.		113		2,933
Vectrus, Inc.2		108		2,331
Veritiv Corp.2		375		9,364
Vicor Corp.1,2		315		11,904
Vivint Solar, Inc.1,2		833		3,174
Wabash National Corp.		391		5,114
Watts Water Technologies, Inc., Class A		95		6,130
Wesco Aircraft Holdings, Inc.2		2,033		16,061
Willis Lease Finance Corp.2		379		13,113
Woodward, Inc.		41		3,046
Total Capital Goods				1,028,114
Commercial & Professional Services—5.5%
ABM Industries, Inc.		158		5,073
Advanced Disposal Services, Inc.2		387		9,265
ASGN, Inc.2		81		4,414
Barrett Business Services, Inc.		213		12,194
BG Staffing, Inc.		756		15,611
	Shares		Value
Commercial & Professional Services (Continued)
Brady Corp., Class A		251	$	10,908
BrightView Holdings, Inc.2		241		2,461
Casella Waste Systems, Inc., Class A2		660		18,803
CBIZ, Inc.2		1,258		24,783
CECO Environmental Corp.2		2,264		15,282
Cimpress NV2		28		2,896
Covanta Holding Corp.1		588		7,891
CRA International, Inc.		168		7,148
Ennis, Inc.		557		10,722
Essendant, Inc.		3,224		40,558
Exponent, Inc.		298		15,112
Forrester Research, Inc.		76		3,397
Franklin Covey Co.2		271		6,051
FTI Consulting, Inc.2		315		20,992
Heidrick & Struggles International, Inc.		738		23,018
Heritage-Crystal Clean, Inc.2		485		11,160
Herman Miller, Inc.		230		6,958
HNI Corp.		421		14,916
Huron Consulting Group, Inc.2		250		12,827
ICF International, Inc.		419		27,143
Insperity, Inc.		146		13,631
Kelly Services, Inc., Class A		207		4,239
Kforce, Inc.		600		18,552
Kimball International, Inc., Class B		377		5,350
Knoll, Inc.		428		7,053
Korn/Ferry International		196		7,750
Matthews International Corp., Class A1		99		4,021
McGrath RentCorp.		319		16,422
Mobile Mini, Inc.		422		13,399
MSA Safety, Inc.		84		7,919
Navigant Consulting, Inc.		928		22,318
Pitney Bowes, Inc.1		602		3,558
Quad/Graphics, Inc.1		218		2,686
Resources Connection, Inc.		685		9,727
RR Donnelley & Sons Co.		429		1,699
SP Plus Corp.2		113		3,338
Steelcase, Inc., Class A		1,604		23,787
Team, Inc.1,2		535		7,838
Tetra Tech, Inc.		243		12,580
TriNet Group, Inc.2		99		4,153
TrueBlue, Inc.2		272		6,052
UniFirst Corp.		28		4,006
US Ecology, Inc.		312		19,650

62     OPPENHEIMER ETF TRUST

	Shares		Value
Commercial & Professional Services (Continued)
Viad Corp.		155	$	7,764
Willdan Group, Inc.2		475		16,616
Total Commercial & Professional Services				573,691
Consumer Durables & Apparel—3.3%
Acushnet Holdings Corp.1		318		6,700
American Outdoor Brands Corp.2		749		9,632
Callaway Golf Co.		1,521		23,271
Cavco Industries, Inc.2		92		11,995
Clarus Corp.		770		7,792
Crocs, Inc.2		991		25,746
Deckers Outdoor Corp.2		132		16,889
Fossil Group, Inc.2		1,734		27,276
G-III Apparel Group Ltd.1,2		440		12,272
Hamilton Beach Brands Holding Co., Class A1		123		2,886
Helen of Troy Ltd.2		91		11,937
iRobot Corp.1,2		113		9,463
Johnson Outdoors, Inc., Class A		106		6,226
La-Z-Boy, Inc.		288		7,980
M.D.C. Holdings, Inc.		235		6,606
Malibu Boats, Inc., Class A2		728		25,334
Marine Products Corp.		249		4,211
MasterCraft Boat Holdings, Inc.2		744		13,913
Meritage Homes Corp.1,2		66		2,424
Movado Group, Inc.1		469		14,830
Nautilus, Inc.1,2		452		4,927
Oxford Industries, Inc.		276		19,607
Rocky Brands, Inc.		611		15,886
Skyline Champion Corp.		505		7,418
Steven Madden Ltd.1		260		7,868
Sturm Ruger & Co., Inc.		259		13,784
Turtle Beach Corp.1,2		597		8,519
Vera Bradley, Inc.2		340		2,914
Vista Outdoor, Inc.2		797		9,046
Wolverine World Wide, Inc.		202		6,442
Total Consumer Durables & Apparel				343,794
Consumer Services—4.4%
Adtalem Global Education, Inc.2		188		8,896
American Public Education, Inc.2		573		16,308
BBX Capital Corp.		431		2,470
Belmond Ltd., Class A2		792		19,824
	Shares		Value
Consumer Services (Continued)
Biglari Holdings, Inc., Class B2		30	$	3,407
BJ’s Restaurants, Inc.1		701		35,449
Bloomin’ Brands, Inc.		682		12,201
Bojangles’, Inc.2		665		10,693
Brinker International, Inc.		607		26,696
Career Education Corp.2		542		6,190
Carrols Restaurant Group, Inc.2		482		4,743
Cheesecake Factory, Inc. (The)		218		9,485
Chegg, Inc.1,2		425		12,078
Churchill Downs, Inc.		22		5,367
Chuy’s Holdings, Inc.2		150		2,661
Cracker Barrel Old Country Store, Inc.		27		4,316
Dave & Buster’s Entertainment, Inc.		184		8,199
Del Taco Restaurants, Inc.2		522		5,215
Denny’s Corp.2		1,218		19,744
Dine Brands Global, Inc.1		78		5,252
El Pollo Loco Holdings, Inc.2		1,086		16,475
Eldorado Resorts, Inc.1,2		131		4,743
Fiesta Restaurant Group, Inc.1,2		352		5,459
Habit Restaurants, Inc., Class A2		1,866		19,593
Houghton Mifflin Harcourt Co.2		380		3,367
International Speedway Corp., Class A		283		12,412
J Alexander’s Holdings, Inc.2		338		2,782
K12, Inc.2		1,246		30,888
Laureate Education, Inc., Class A1,2		654		9,967
Lindblad Expeditions Holdings, Inc.2		741		9,974
Noodles & Co.2		760		5,312
Papa John’s International, Inc.1		199		7,922
Planet Fitness, Inc., Class A2		192		10,295
PlayAGS, Inc.1,2		150		3,450
Potbelly Corp.2		276		2,222
RCI Hospitality Holdings, Inc.		102		2,278
Regis Corp.2		843		14,289
Ruth’s Hospitality Group, Inc.		749		17,025

63     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Consumer Services (Continued)
SeaWorld Entertainment, Inc.2		396	$	8,748
Shake Shack, Inc., Class A2		128		5,814
Strategic Education, Inc.1		93		10,548
Texas Roadhouse, Inc.		101		6,030
Town Sports International Holdings, Inc.2		1,108		7,091
Weight Watchers International, Inc.1,2		79		3,045
Wingstop, Inc.		288		18,487
Total Consumer Services				457,410
Diversified Financials—5.0%
AG Mortgage Investment Trust, Inc.		693		11,039
Anworth Mortgage Asset Corp.		1,125		4,545
Apollo Commercial Real Estate Finance, Inc.		404		6,731
Arbor Realty Trust, Inc.		4,000		40,280
Ares Commercial Real Estate Corp.		794		10,354
Arlington Asset Investment Corp., Class A		354		2,563
ARMOUR Residential REIT, Inc.		375		7,687
Blackstone Mortgage Trust, Inc., Class A		166		5,289
Blucora, Inc.2		547		14,572
BrightSphere Investment Group PLC		196		2,093
Cannae Holdings, Inc.2		555		9,502
Capstead Mortgage Corp.		904		6,030
Cherry Hill Mortgage Investment Corp.		676		11,857
Colony Credit Real Estate, Inc.		504		7,958
Cowen, Inc.1,2		219		2,921
Curo Group Holdings Corp.2		220		2,088
Diamond Hill Investment Group, Inc.		13		1,943
Donnelley Financial Solutions, Inc.2		303		4,251
Dynex Capital, Inc.		1,187		6,790
Enova International, Inc.1,2		2,297		44,700
Exantas Capital Corp.		1,638		16,413
EZCORP, Inc., Class A1,2		440		3,401
FGL Holdings2		418		2,784
FirstCash, Inc.		113		8,176
	Shares		Value
Diversified Financials (Continued)
Focus Financial Partners, Inc., Class A2		96	$	2,528
GAIN Capital Holdings, Inc.1		553		3,406
Granite Point Mortgage Trust, Inc.		591		10,656
Great Ajax Corp.		285		3,434
Green Dot Corp., Class A2		102		8,111
Greenhill & Co., Inc.		529		12,908
Hamilton Lane, Inc., Class A1		183		6,771
Houlihan Lokey, Inc.		122		4,490
INTL. FCStone, Inc.2		416		15,217
Invesco Mortgage Capital, Inc.		517		7,486
Investment Technology Group, Inc.		827		25,008
KKR Real Estate Finance Trust, Inc.		145		2,777
Ladder Capital Corp.		855		13,227
Marlin Business Services Corp.		350		7,815
Moelis & Co., Class A		138		4,744
Nelnet, Inc., Class A1		115		6,019
New York Mortgage Trust, Inc.		1,827		10,761
On Deck Capital, Inc.2		2,796		16,496
Oppenheimer Holdings, Inc., Class A		280		7,154
Orchid Island Capital, Inc.		405		2,588
PennyMac Mortgage Investment Trust		1,551		28,880
Piper Jaffray Cos.		116		7,637
PJT Partners, Inc., Class A		178		6,899
PRA Group, Inc.1,2		123		2,998
Pzena Investment Management, Inc., Class A		372		3,218
Ready Capital Corp.		475		6,569
Redwood Trust, Inc.		159		2,396
Regional Management Corp.2		471		11,328
Silvercrest Asset Management Group, Inc., Class A		204		2,699
Stifel Financial Corp.1		64		2,651
TPG RE Finance Trust, Inc.		323		5,904
Waddell & Reed Financial, Inc., Class A		338		6,111
Western Asset Mortgage Capital Corp.		1,535		12,802

64     OPPENHEIMER ETF TRUST

	Shares		Value
Diversified Financials (Continued)
World Acceptance Corp.1,2		203	$	20,759
Total Diversified Financials				526,414
Energy—5.6%
Abraxas Petroleum Corp.2		1,441		1,571
Arch Coal, Inc., Class A1		214		17,760
Archrock, Inc.		1,122		8,404
Bonanza Creek Energy, Inc.2		128		2,646
Cactus, Inc., Class A2		217		5,948
California Resources Corp.1,2		1,314		22,391
Callon Petroleum Co.1,2		651		4,225
Carrizo Oil & Gas, Inc.1,2		592		6,684
Clean Energy Fuels Corp.2		2,390		4,111
CONSOL Energy, Inc.2		1,208		38,306
Delek US Holdings, Inc.1		445		14,467
Denbury Resources, Inc.2		21,566		36,878
DHT Holdings, Inc.1		3,410		13,367
Diamond Offshore Drilling, Inc.1,2		192		1,812
Dril-Quip, Inc.2		125		3,754
Energy Fuels, Inc.1,2		2,010		5,728
Evolution Petroleum Corp.		1,445		9,855
Exterran Corp.2		172		3,044
Frank’s International NV2		523		2,730
Frontline Ltd.2		662		3,661
FTS International, Inc.2		379		2,695
GasLog Ltd.1		262		4,313
Goodrich Petroleum Corp.2		447		6,034
Green Plains, Inc.1		784		10,278
Gulfport Energy Corp.1,2		378		2,476
Hallador Energy Co.		663		3,361
Helix Energy Solutions Group, Inc.1,2		1,402		7,585
KLX Energy Services Holdings, Inc.2		458		10,740
Liberty Oilfield Services, Inc., Class A1		552		7,148
Mammoth Energy Services, Inc.		312		5,610
Matador Resources Co.2		187		2,904
Matrix Service Co.2		1,124		20,165
NACCO Industries, Inc., Class A		73		2,475
Newpark Resources, Inc.2		1,092		7,502
Nine Energy Service, Inc.2		103		2,322
Noble Corp. PLC1,2		4,224		11,067
Northern Oil and Gas, Inc.1,2		7,728		17,465
	Shares		Value
Energy (Continued)
Oasis Petroleum, Inc.1,2		1,275	$	7,051
Oceaneering International, Inc.1,2		406		4,913
Oil States International, Inc.1,2		189		2,699
Overseas Shipholding Group, Inc., Class A2		1,934		3,210
Par Pacific Holdings, Inc.1,2		287		4,070
PDC Energy, Inc.2		118		3,512
Peabody Energy Corp.		197		6,005
Penn Virginia Corp.2		604		32,652
Profire Energy, Inc.2		1,405		2,037
ProPetro Holding Corp.1,2		448		5,519
Renewable Energy Group, Inc.2		1,905		48,958
Resolute Energy Corp.2		424		12,287
REX American Resources Corp.2		54		3,678
RigNet, Inc.2		333		4,209
Rowan Cos. PLC, Class A2		1,137		9,539
SEACOR Holdings, Inc.1,2		249		9,213
SEACOR Marine Holdings, Inc.1,2		630		7,409
Ship Finance International Ltd.1		263		2,769
SilverBow Resources, Inc.2		331		7,825
Southwestern Energy Co.1,2		2,860		9,753
SRC Energy, Inc.2		874		4,108
Superior Energy Services, Inc.2		528		1,769
Unit Corp.1,2		1,034		14,765
W&T Offshore, Inc.1,2		7,171		29,544
WildHorse Resource Development Corp.2		273		3,852
World Fuel Services Corp.		542		11,604
Total Energy				584,432
Food & Staples Retailing—1.0%
Andersons, Inc. (The)		545		16,290
BJ’s Wholesale Club Holdings, Inc.2		232		5,141
Chefs’ Warehouse, Inc. (The)1,2		696		22,258
Ingles Markets, Inc., Class A		359		9,772
Natural Grocers by Vitamin Cottage, Inc.1,2		925		14,180
Performance Food Group Co.2		305		9,842
SpartanNash Co.		142		2,440
Village Super Market, Inc., Class A		566		15,135

65     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Food & Staples Retailing (Continued)
Weis Markets, Inc.1		225	$	10,751
Total Food & Staples Retailing				105,809
Food, Beverage & Tobacco—1.8%
22nd Century Group, Inc.2		1,093		2,721
B&G Foods, Inc.		180		5,204
Boston Beer Co., Inc. (The), Class A1,2		72		17,340
Calavo Growers, Inc.		168		12,257
Cal-Maine Foods, Inc.1		201		8,502
Coca-Cola Bottling Co. Consolidated		20		3,548
Darling Ingredients, Inc.2		574		11,044
Freshpet, Inc.1,2		492		15,823
Hostess Brands, Inc.2		259		2,833
J&J Snack Foods Corp.		29		4,193
John B. Sanfilippo & Son, Inc.1		198		11,021
Lancaster Colony Corp.1		31		5,483
Landec Corp.2		748		8,856
Limoneira Co.		327		6,393
MGP Ingredients, Inc.		74		4,222
Primo Water Corp.1,2		659		9,233
Pyxus International, Inc.1,2		284		3,368
Seneca Foods Corp., Class A2		171		4,826
Simply Good Foods Co. (The)2		808		15,271
Turning Point Brands, Inc.		417		11,351
Universal Corp.		416		22,526
Total Food, Beverage & Tobacco				186,015
Health Care Equipment & Services—7.4%
Accuray, Inc.1,2		2,915		9,940
Addus HomeCare Corp.1,2		322		21,857
Amedisys, Inc.2		77		9,018
American Renal Associates Holdings, Inc.2		261		3,007
AMN Healthcare Services, Inc.2		198		11,219
AngioDynamics, Inc.2		778		15,661
Antares Pharma, Inc.1,2		3,306		8,992
AtriCure, Inc.2		522		15,973
Atrion Corp.		9		6,670
Avanos Medical, Inc.1,2		138		6,181
AxoGen, Inc.1,2		214		4,372
BioScrip, Inc.2		1,301		4,645
BioTelemetry, Inc.1,2		239		14,273
	Shares		Value
Health Care Equipment & Services (Continued)
Brookdale Senior Living, Inc.2		629	$	4,214
Cardiovascular Systems, Inc.2		431		12,279
Cerus Corp.1,2		1,276		6,469
Community Health Systems, Inc.1,2		1,037		2,924
CONMED Corp.		232		14,894
CorVel Corp.2		85		5,246
CryoLife, Inc.2		603		17,113
CryoPort, Inc.1,2		478		5,272
CytoSorbents Corp.2		939		7,587
Diplomat Pharmacy, Inc.1,2		225		3,029
Ensign Group, Inc. (The)		554		21,490
Evolent Health, Inc., Class A1,2		536		10,693
FONAR Corp.2		122		2,469
Genesis Healthcare, Inc.2		7,013		8,275
Glaukos Corp.2		243		13,649
Globus Medical, Inc., Class A2		188		8,137
Haemonetics Corp.2		82		8,204
HealthEquity, Inc.2		74		4,414
HealthStream, Inc.		339		8,187
Heska Corp.1,2		121		10,418
HMS Holdings Corp.2		467		13,137
Inogen, Inc.2		35		4,346
Integer Holdings Corp.2		211		16,091
IntriCon Corp.2		405		10,684
iRadimed Corp.1,2		166		4,060
iRhythm Technologies, Inc.1,2		172		11,951
Lantheus Holdings, Inc.2		179		2,801
LHC Group, Inc.2		122		11,453
LivaNova PLC2		80		7,318
Medidata Solutions, Inc.1,2		40		2,697
Meridian Bioscience, Inc.		1,110		19,270
Merit Medical Systems, Inc.1,2		149		8,316
National HealthCare Corp.		229		17,965
National Research Corp.		115		4,386
Natus Medical, Inc.1,2		81		2,756
Neogen Corp.2		61		3,477
NextGen Healthcare, Inc.2		557		8,439
Novocure Ltd.2		215		7,198
NuVasive, Inc.2		72		3,568
Nuvectra Corp.1,2		183		2,990
NxStage Medical, Inc.2		275		7,871
Omnicell, Inc.2		141		8,635
Orthofix Medical, Inc.2		166		8,713

66     OPPENHEIMER ETF TRUST

	Shares		Value
Health Care Equipment & Services (Continued)
OrthoPediatrics Corp.2		167	$	5,825
Oxford Immunotec Global PLC2		350		4,473
PetIQ, Inc.1,2		281		6,595
Providence Service Corp. (The)2		272		16,325
Quidel Corp.2		217		10,594
R1 RCM, Inc.2		2,408		19,144
RadNet, Inc.2		2,394		24,347
RTI Surgical, Inc.2		1,251		4,629
SeaSpine Holdings Corp.2		244		4,451
Select Medical Holdings Corp.2		693		10,638
Sientra, Inc.2		183		2,326
Simulations Plus, Inc.		319		6,348
STAAR Surgical Co.2		515		16,434
Surgery Partners, Inc.2		627		6,138
Surmodics, Inc.2		394		18,620
Tabula Rasa HealthCare, Inc.1,2		251		16,004
Tactile Systems Technology, Inc.1,2		381		17,355
Tandem Diabetes Care, Inc.2		272		10,328
Teladoc Health, Inc.1,2		112		5,552
Tenet Healthcare Corp.2		1,395		23,910
Tivity Health, Inc.2		203		5,036
US Physical Therapy, Inc.		202		20,675
Utah Medical Products, Inc.		66		5,483
Vocera Communications, Inc.2		326		12,828
Wright Medical Group NV2		168		4,573
Total Health Care Equipment & Services				773,524
Household & Personal Products—0.7%
Inter Parfums, Inc.		145		9,508
Medifast, Inc.		151		18,878
Natural Health Trends Corp.		772		14,274
USANA Health Sciences, Inc.2		80		9,418
WD-40 Co.		87		15,944
Total Household & Personal Products				68,022
Insurance—3.4%
American Equity Investment Life Holding Co.		395		11,036
AMERISAFE, Inc.		167		9,467
Argo Group International Holdings Ltd.		237		15,938
	Shares		Value
Insurance (Continued)
Citizens, Inc.1,2		1,142	$	8,588
eHealth, Inc.2		452		17,366
EMC Insurance Group, Inc.		192		6,115
Employers Holdings, Inc.		213		8,940
FBL Financial Group, Inc., Class A		59		3,873
FedNat Holding Co.		993		19,781
Genworth Financial, Inc., Class A1,2		8,079		37,648
Hallmark Financial Services, Inc.2		308		3,292
HCI Group, Inc.1		333		16,920
Health Insurance Innovations, Inc., Class A1,2		524		14,007
Horace Mann Educators Corp.		178		6,666
Independence Holding Co.		199		7,005
Investors Title Co.		23		4,064
James River Group Holdings Ltd.		205		7,491
Kemper Corp.		48		3,186
Kinsale Capital Group, Inc.		291		16,168
National General Holdings Corp.		421		10,192
National Western Life Group, Inc., Class A		16		4,811
Navigators Group, Inc. (The)		263		18,276
Primerica, Inc.1		46		4,495
RLI Corp.		124		8,555
Safety Insurance Group, Inc.		146		11,944
Selective Insurance Group, Inc.		107		6,521
State Auto Financial Corp.		155		5,276
Stewart Information Services Corp.		315		13,041
Tiptree, Inc.		513		2,868
United Fire Group, Inc.		263		14,583
United Insurance Holdings Corp.1		310		5,152
Universal Insurance Holdings, Inc.		894		33,900
Total Insurance				357,165
Materials—3.4%
Advanced Emissions Solutions, Inc.1		421		4,442
AK Steel Holding Corp.2		950		2,138
Allegheny Technologies, Inc.2		281		6,117
American Vanguard Corp.		318		4,830
Balchem Corp.		74		5,798

67     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Materials (Continued)
Boise Cascade Co.		111	$	2,647
Carpenter Technology Corp.		121		4,309
Chase Corp.		35		3,502
Cleveland-Cliffs, Inc.2		2,574		19,794
Commercial Metals Co.		521		8,346
Compass Minerals International, Inc.1		53		2,210
Ferro Corp.2		171		2,681
FutureFuel Corp.		581		9,215
Gold Resource Corp.		1,068		4,272
H.B. Fuller Co.1		80		3,414
Hawkins, Inc.		216		8,845
Haynes International, Inc.		282		7,445
Ingevity Corp.2		102		8,536
Innospec, Inc.		180		11,117
Intrepid Potash, Inc.2		1,011		2,629
Kaiser Aluminum Corp.		89		7,947
Louisiana-Pacific Corp.		182		4,044
Materion Corp.		354		15,927
Minerals Technologies, Inc.		81		4,159
Myers Industries, Inc.		267		4,034
Neenah, Inc.1		63		3,712
Olympic Steel, Inc.		194		2,768
OMNOVA Solutions, Inc.2		338		2,478
Quaker Chemical Corp.		62		11,018
Rayonier Advanced Materials, Inc.1		319		3,397
Ryerson Holding Corp.2		497		3,151
Schnitzer Steel Industries, Inc., Class A1		436		9,396
Schweitzer-Mauduit International, Inc.		108		2,705
Sensient Technologies Corp.1		54		3,016
Stepan Co.		162		11,988
SunCoke Energy, Inc.2		1,050		8,978
Synalloy Corp.		500		8,295
Tahoe Resources, Inc.2		876		3,197
TimkenSteel Corp.1,2		383		3,347
Tredegar Corp.		363		5,757
UFP Technologies, Inc.2		325		9,763
Universal Stainless & Alloy Products, Inc.2		152		2,464
Verso Corp., Class A2		2,423		54,275
Warrior Met Coal, Inc.1		1,694		40,842
Worthington Industries, Inc.		174		6,062
Total Materials				355,007
	Shares		Value
Media & Entertainment—2.8%
AMC Entertainment Holdings, Inc., Class A1		962	$	11,813
Care.com, Inc.2		238		4,596
Cargurus, Inc.1,2		99		3,339
Cars.com, Inc.1,2		288		6,192
Daily Journal Corp.1,2		12		2,808
E.W. Scripps Co. (The), Class A		386		6,072
Eros International PLC1,2		759		6,292
Gannett Co., Inc.1		835		7,123
Glu Mobile, Inc.1,2		1,122		9,055
Gray Television, Inc.1,2		852		12,558
Hemisphere Media Group, Inc.2		524		6,361
Liberty Media Corp.-Liberty Braves, Class C2		145		3,609
Liberty TripAdvisor Holdings, Inc., Class A2		799		12,696
Loral Space & Communications, Inc.2		106		3,949
Marcus Corp. (The)		702		27,729
Meet Group, Inc. (The)2		2,238		10,362
Meredith Corp.1		44		2,285
MSG Networks, Inc., Class A1,2		1,017		23,961
National CineMedia, Inc.		2,588		16,770
New Media Investment Group, Inc.		507		5,866
New York Times Co., (The), Class A		271		6,041
Nexstar Media Group, Inc., Class A1		68		5,348
Pandora Media, Inc.2		390		3,155
QuinStreet, Inc.1,2		1,641		26,633
Reading International, Inc., Class A2		298		4,333
Rosetta Stone, Inc.2		719		11,792
Scholastic Corp.		301		12,118
Sinclair Broadcast Group, Inc., Class A		123		3,240
TechTarget, Inc.2		383		4,676
TEGNA, Inc.		420		4,565
Travelzoo2		367		3,608
Tribune Publishing Co.2		182		2,064
TrueCar, Inc.2		378		3,425
WideOpenWest, Inc.2		764		5,447
World Wrestling Entertainment, Inc., Class A1		196		14,645
Total Media & Entertainment				294,526

68     OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—5.5%
Acceleron Pharma, Inc.2		133	$	5,792
Aldeyra Therapeutics, Inc.2		262		2,175
AMAG Pharmaceuticals, Inc.2		396		6,015
Amphastar Pharmaceuticals, Inc.2		288		5,731
Apellis Pharmaceuticals, Inc.2		203		2,678
Arena Pharmaceuticals, Inc.1,2		203		7,907
ArQule, Inc.2		2,142		5,933
Array BioPharma, Inc.2		413		5,885
Arrowhead Pharmaceuticals, Inc.1,2		1,133		14,072
Atara Biotherapeutics, Inc.2		239		8,303
Avid Bioservices, Inc.2		513		2,103
BioCryst Pharmaceuticals, Inc.2		1,165		9,401
Biohaven Pharmaceutical Holding Co. Ltd.1,2		146		5,399
BioSpecifics Technologies Corp.2		161		9,757
Cambrex Corp.1,2		133		5,022
Cara Therapeutics, Inc.2		401		5,213
CareDx, Inc.2		612		15,386
CASI Pharmaceuticals, Inc.2		1,026		4,124
Celcuity, Inc.2		149		3,574
Cellular Biomedicine Group, Inc.1,2		181		3,196
ChemoCentryx, Inc.2		953		10,397
Codexis, Inc.1,2		698		11,657
Cymabay Therapeutics, Inc.2		551		4,336
Dicerna Pharmaceuticals, Inc.2		585		6,254
Eagle Pharmaceuticals, Inc.2		69		2,780
Editas Medicine, Inc.1,2		165		3,754
Eloxx Pharmaceuticals, Inc.2		528		6,341
Emergent BioSolutions, Inc.2		158		9,366
Enanta Pharmaceuticals, Inc.1,2		228		16,149
Endo International PLC2		937		6,840
Fate Therapeutics, Inc.1,2		859		11,021
G1 Therapeutics, Inc.2		217		4,156
Genomic Health, Inc.2		113		7,278
Global Blood Therapeutics, Inc.1,2		71		2,915
Harvard Bioscience, Inc.2		979		3,113
Heron Therapeutics, Inc.2		204		5,292
Horizon Pharma PLC2		403		7,875
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Immunomedics, Inc.1,2		215	$	3,068
Innoviva, Inc.2		584		10,191
Intercept Pharmaceuticals, Inc.1,2		28		2,822
Intersect ENT, Inc.2		128		3,607
Invitae Corp.2		493		5,453
Iovance Biotherapeutics, Inc.1,2		258		2,283
Kindred Biosciences, Inc.2		558		6,110
Ligand Pharmaceuticals, Inc.1,2		35		4,749
Loxo Oncology, Inc.2		55		7,704
Luminex Corp.		596		13,774
MacroGenics, Inc.2		171		2,172
Madrigal Pharmaceuticals, Inc.1,2		54		6,087
MallInckrodt PLC2		1,552		24,522
MediciNova, Inc.2		933		7,623
Medpace Holdings, Inc.2		188		9,951
Minerva Neurosciences, Inc.2		506		3,410
Mirati Therapeutics, Inc.2		196		8,314
MyoKardia, Inc.2		160		7,818
Myriad Genetics, Inc.1,2		126		3,663
NanoString Technologies, Inc.2		589		8,735
Natera, Inc.2		209		2,918
NeoGenomics, Inc.2		855		10,782
Pacific Biosciences of California, Inc.2		1,273		9,420
Pacira Pharmaceuticals, Inc.2		110		4,732
PDL BioPharma, Inc.2		3,486		10,109
Phibro Animal Health Corp., Class A		294		9,455
Prestige Consumer Healthcare, Inc.2		89		2,748
PTC Therapeutics, Inc.2		388		13,316
Ra Pharmaceuticals, Inc.2		171		3,112
Reata Pharmaceuticals, Inc., Class A2		181		10,154
REGENXBIO, Inc.2		188		7,887
Repligen Corp.2		200		10,548
Retrophin, Inc.2		292		6,608
Rocket Pharmaceuticals, Inc.1,2		331		4,905
SIGA Technologies, Inc.2		430		3,397
Sorrento Therapeutics, Inc.1,2		968		2,323

69     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Supernus Pharmaceuticals, Inc.1,2		152	$	5,049
Syneos Health, Inc.1,2		57		2,243
Vanda Pharmaceuticals, Inc.2		728		19,023
Veracyte, Inc.2		635		7,988
Vericel Corp.1,2		992		17,261
Viking Therapeutics, Inc.1,2		1,238		9,471
Xencor, Inc.1,2		274		9,908
Zogenix, Inc.1,2		91		3,318
Total Pharmaceuticals, Biotechnology & Life Sciences				575,921
Real Estate—4.5%
Acadia Realty Trust		238		5,655
Agree Realty Corp.		167		9,873
American Assets Trust, Inc.		132		5,302
Armada Hoffler Properties, Inc.		553		7,775
Ashford Hospitality Trust, Inc.		663		2,652
Bluerock Residential Growth REIT, Inc.1		298		2,688
Braemar Hotels & Resorts, Inc.		938		8,376
BRT Apartments Corp.		309		3,535
CareTrust REIT, Inc.		509		9,396
Chatham Lodging Trust		267		4,721
Chesapeake Lodging Trust		371		9,034
City Office REIT, Inc.		334		3,424
Clipper Realty, Inc.		640		8,365
Community Healthcare Trust, Inc.		250		7,208
Consolidated-Tomoka Land Co.1		56		2,940
CoreCivic, Inc.		445		7,934
CorEnergy Infrastructure Trust, Inc.1		211		6,980
CorePoint Lodging, Inc.		686		8,404
Cousins Properties, Inc.		328		2,591
DiamondRock Hospitality Co.		561		5,094
Easterly Government Properties, Inc.		152		2,383
EastGroup Properties, Inc.		56		5,137
Essential Properties Realty Trust, Inc.		361		4,996
First Industrial Realty Trust, Inc.		116		3,348
	Shares		Value
Real Estate (Continued)
Four Corners Property Trust, Inc.		269	$	7,048
FRP Holdings, Inc.2		160		7,362
GEO Group, Inc. (The)		361		7,112
Getty Realty Corp.1		248		7,294
Gladstone Commercial Corp.		262		4,695
Gladstone Land Corp.		187		2,147
Global Medical REIT, Inc.		597		5,307
Global Net Lease, Inc.		548		9,656
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		279		5,315
Hersha Hospitality Trust		763		13,383
HFF, Inc., Class A		133		4,410
Independence Realty Trust, Inc.		860		7,895
Industrial Logistics Properties Trust1		212		4,170
InfraREIT, Inc.		509		10,699
Innovative Industrial Properties, Inc.		342		15,523
Investors Real Estate Trust1		94		4,613
iStar, Inc.1		594		5,447
Jernigan Capital, Inc.		277		5,490
Kennedy-Wilson Holdings, Inc.		276		5,015
Kite Realty Group Trust		249		3,508
Lexington Realty Trust		477		3,916
LTC Properties, Inc.		142		5,919
Mack-Cali Realty Corp.		316		6,190
Marcus & Millichap, Inc.2		215		7,381
Monmouth Real Estate Investment Corp.		253		3,137
National Health Investors, Inc.		50		3,777
National Storage Affiliates Trust		327		8,652
Newmark Group, Inc., Class A		310		2,486
NexPoint Residential Trust, Inc.1		458		16,053
NorthStar Realty Europe Corp.		546		7,939
One Liberty Properties, Inc.		250		6,055
Physicians Realty Trust		172		2,757
Piedmont Office Realty Trust, Inc., Class A1		362		6,169
PS Business Parks, Inc.		27		3,537

70     OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Retail Opportunity Investments Corp.		214	$	3,398
Rexford Industrial Realty, Inc.		162		4,774
RLJ Lodging Trust		176		2,886
RMR Group, Inc. (The), Class A		96		5,096
RPT Realty1		589		7,039
Ryman Hospitality Properties, Inc.		90		6,002
Sabra Health Care REIT, Inc.		230		3,790
Seritage Growth Properties, Class A		98		3,168
Spirit MTA REIT		1,181		8,421
STAG Industrial, Inc.		134		3,334
Summit Hotel Properties, Inc.		269		2,617
Sunstone Hotel Investors, Inc.		231		3,005
Tanger Factory Outlet Centers, Inc.1		226		4,570
Terreno Realty Corp.		162		5,698
Tier REIT, Inc.		602		12,419
UMH Properties, Inc.		247		2,924
Universal Health Realty Income Trust		69		4,235
Urstadt Biddle Properties, Inc., Class A		250		4,805
Washington Prime Group, Inc.1		2,185		10,619
Washington Real Estate Investment Trust		142		3,266
Whitestone REIT		509		6,240
Xenia Hotels & Resorts, Inc.		290		4,988
Total Real Estate				471,162
Retailing—6.4%
1-800-Flowers.com, Inc., Class A2		817		9,992
Aaron’s, Inc.		370		15,558
Abercrombie & Fitch Co., Class A1		784		15,719
American Eagle Outfitters, Inc.1		505		9,762
America’s Car-Mart, Inc.2		404		29,270
Asbury Automotive Group, Inc.2		289		19,265
Ascena Retail Group, Inc.2		17,944		45,039
At Home Group, Inc.2		134		2,500
Barnes & Noble, Inc.		1,607		11,394
Big Lots, Inc.1		101		2,921
	Shares		Value
Retailing (Continued)
Boot Barn Holdings, Inc.2		1,282	$	21,832
Buckle, Inc. (The)		440		8,510
Caleres, Inc.1		559		15,557
Carvana Co.1,2		346		11,318
Cato Corp., (The), Class A		1,134		16,182
Chico’s FAS, Inc.1		1,338		7,520
Children’s Place, Inc. (The)		60		5,405
Citi Trends, Inc.		297		6,056
Container Store Group, Inc. (The)2		743		3,544
Core-Mark Holding Co., Inc.		349		8,114
Dillard’s, Inc., Class A		164		9,891
DSW, Inc., Class A1		803		19,834
Duluth Holdings, Inc., Class B1,2		273		6,888
Etsy, Inc.1,2		111		5,280
Express, Inc.1,2		684		3,495
Five Below, Inc.2		75		7,674
Funko, Inc., Class A2		701		9,218
GameStop Corp., Class A1		280		3,534
Genesco, Inc.1,2		985		43,635
Group 1 Automotive, Inc.		62		3,269
Guess?, Inc.		752		15,619
Haverty Furniture Cos., Inc.1		328		6,160
Hibbett Sports, Inc.2		318		4,547
Hudson Ltd., Class A2		423		7,254
Lands’ End, Inc.1,2		157		2,231
Liberty Expedia Holdings, Inc., Class A2		170		6,649
MarineMax, Inc.2		887		16,241
Monro, Inc.1		213		14,644
Murphy USA, Inc.2		154		11,803
National Vision Holdings, Inc.1,2		148		4,169
Office Depot, Inc.		3,165		8,166
Ollie’s Bargain Outlet Holdings, Inc.2		75		4,988
Party City Holdco, Inc.2		577		5,758
Quotient Technology, Inc.2		486		5,190
Rent-A-Center, Inc.2		2,110		34,161
RH1,2		112		13,420
RTW RetailWinds, Inc.1,2		2,980		8,433
Sally Beauty Holdings, Inc.1,2		1,025		17,476
Shoe Carnival, Inc.		703		23,558
Shutterfly, Inc.1,2		226		9,099
Shutterstock, Inc.1		92		3,313
Signet Jewelers Ltd.1		301		9,563
Sleep Number Corp.1,2		370		11,740

71     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Retailing (Continued)
Sonic Automotive, Inc., Class A1		316	$	4,348
Tailored Brands, Inc.		1,073		14,636
Tilly’s, Inc., Class A		822		8,927
Weyco Group, Inc.		298		8,693
Winmark Corp.		31		4,929
Zumiez, Inc.1,2		504		9,662
Total Retailing				673,553
Semiconductors & Semiconductor Equipment—1.2%
ACM Research, Inc., Class A2		382		4,156
Brooks Automation, Inc.1		365		9,556
Cabot Microelectronics Corp.		64		6,102
Cirrus Logic, Inc.2		70		2,323
Cohu, Inc.		137		2,201
Cree, Inc.1,2		70		2,994
Diodes, Inc.2		372		12,001
FormFactor, Inc.2		315		4,438
Inphi Corp.2		129		4,147
Integrated Device Technology, Inc.2		132		6,393
Lattice Semiconductor Corp.2		727		5,031
Nanometrics, Inc.2		477		13,036
NVE Corp.		70		6,128
Photronics, Inc.2		1,738		16,824
Rudolph Technologies, Inc.2		172		3,521
Semtech Corp.2		195		8,945
Silicon Laboratories, Inc.2		31		2,443
SMART Global Holdings, Inc.1,2		234		6,950
Synaptics, Inc.1,2		160		5,954
Total Semiconductors & Semiconductor Equipment				123,143
Software & Services—6.9%
8x8, Inc.2		464		8,371
ACI Worldwide, Inc.2		340		9,408
Agilysys, Inc.2		418		5,994
Alarm.com Holdings, Inc.1,2		145		7,521
Altair Engineering, Inc., Class A2		337		9,294
Alteryx, Inc., Class A1,2		211		12,548
Amber Road, Inc.2		489		4,024
American Software, Inc., Class A		437		4,567
Appfolio, Inc., Class A2		245		14,509
Apptio, Inc., Class A2		327		12,413
	Shares		Value
Software & Service (Continued)
Avaya Holdings Corp.2		858	$	12,493
Benefitfocus, Inc.2		247		11,293
Blackline, Inc.1,2		73		2,989
Bottomline Technologies (DE), Inc.2		303		14,544
Brightcove, Inc.2		383		2,696
CACI International, Inc., Class A2		86		12,387
Carbonite, Inc.2		335		8,462
Cardtronics PLC, Class A2		882		22,932
Cass Information Systems, Inc.		160		8,467
ChannelAdvisor Corp.2		472		5,357
Cision Ltd.2		265		3,101
CommVault Systems, Inc.2		85		5,023
ConvergeOne Holdings, Inc.		496		6,140
Cornerstone OnDemand, Inc.2		176		8,876
Coupa Software, Inc.1,2		154		9,680
CSG Systems International, Inc.		124		3,939
eGain Corp.1,2		971		6,379
Endurance International Group Holdings, Inc.1,2		571		3,797
Envestnet, Inc.1,2		108		5,313
Everbridge, Inc.1,2		311		17,652
Everi Holdings, Inc.2		496		2,554
EVERTEC, Inc.		846		24,280
Evo Payments, Inc., Class A2		208		5,131
ExlService Holdings, Inc.2		81		4,262
Five9, Inc.2		362		15,827
Hackett Group, Inc. (The)		690		11,047
HubSpot, Inc.2		39		4,903
I3 Verticals, Inc., Class A2		207		4,989
Imperva, Inc.2		278		15,482
Information Services Group, Inc.2		665		2,820
Instructure, Inc.1,2		130		4,876
j2 Global, Inc.1		50		3,469
LivePerson, Inc.2		958		18,068
LiveRamp Holdings, Inc.2		269		10,391
ManTech International Corp., Class A		257		13,440
MAXIMUS, Inc.		38		2,473
MicroStrategy, Inc., Class A2		49		6,260
Mitek Systems, Inc.2		529		5,719
MobileIron, Inc.2		1,058		4,856
New Relic, Inc.2		53		4,291
OneSpan, Inc.1,2		533		6,902
Paylocity Holding Corp.2		74		4,456

72     OPPENHEIMER ETF TRUST

	Shares		Value
Software & Service (Continued)
Perficient, Inc.2		766	$	17,051
Perspecta, Inc.		277		4,770
PRGX Global, Inc.2		878		8,315
PROS Holdings, Inc.2		165		5,181
Q2 Holdings, Inc.2		170		8,424
QAD, Inc., Class A		108		4,248
Qualys, Inc.1,2		102		7,623
Rapid7, Inc.2		437		13,617
SailPoint Technologies Holding, Inc.2		497		11,675
Science Applications International Corp.		78		4,969
SecureWorks Corp., Class A2		424		7,161
SendGrid, Inc.2		235		10,145
ShotSpotter, Inc.2		241		7,514
SPS Commerce, Inc.2		257		21,172
SVMK, Inc.1,2		458		5,620
Sykes Enterprises, Inc.2		252		6,232
Trade Desk, Inc. (The), Class A1,2		51		5,919
Travelport Worldwide Ltd.		1,152		17,994
Tucows, Inc., Class A2		53		3,183
Unisys Corp.2		4,396		51,125
Upland Software, Inc.2		339		9,214
Varonis Systems, Inc.2		173		9,152
Verint Systems, Inc.2		132		5,585
Virtusa Corp.2		124		5,281
Workiva, Inc.1,2		407		14,607
Yext, Inc.2		723		10,737
Zix Corp.2		2,227		12,761
Total Software & Services				725,940
Technology Hardware & Equipment—4.7%
3D Systems Corp.2		934		9,499
Acacia Communications, Inc.2		174		6,612
Anixter International, Inc.2		154		8,364
Badger Meter, Inc.1		178		8,759
Bel Fuse, Inc., Class B		189		3,481
Benchmark Electronics, Inc.		224		4,744
CalAmp Corp.2		248		3,226
Casa Systems, Inc.2		224		2,941
Ciena Corp.2		626		21,228
Comtech Telecommunications Corp.		602		14,653
Cray, Inc.1,2		118		2,548
CTS Corp.		382		9,890
Daktronics, Inc.		350		2,590
	Shares		Value
Technology Hardware & Equipment— (Continued)
DASAN Zhone Solutions, Inc.2		510	$	7,094
Digi International, Inc.2		969		9,777
Eastman Kodak Co.1,2		1,270		3,238
Electro Scientific Industries, Inc.2		901		26,994
Electronics For Imaging, Inc.2		257		6,374
ePlus, Inc.2		154		10,960
Fabrinet2		595		30,529
FARO Technologies, Inc.2		89		3,617
Finisar Corp.2		261		5,638
Fitbit, Inc., Class A1,2		525		2,609
Harmonic, Inc.2		1,676		7,911
II-VI, Inc.1,2		69		2,240
Insight Enterprises, Inc.2		515		20,986
InterDigital, Inc.		107		7,108
KEMET Corp.		1,601		28,082
Kimball Electronics, Inc.2		336		5,205
Knowles Corp.2		644		8,572
KVH Industries, Inc.2		345		3,550
Mesa Laboratories, Inc.1		74		15,421
Methode Electronics, Inc.		88		2,049
MTS Systems Corp.1		114		4,575
Napco Security Technologies, Inc.2		707		11,135
NETGEAR, Inc.1,2		139		7,232
NetScout Systems, Inc.1,2		135		3,190
nLight, Inc.1,2		199		3,538
Novanta, Inc.2		222		13,986
OSI Systems, Inc.1,2		199		14,587
PAR Technology Corp.1,2		677		14,725
Park Electrochemical Corp.		335		6,053
PC Connection, Inc.		403		11,981
Plantronics, Inc.1		159		5,263
Plexus Corp.2		135		6,896
Quantenna Communications, Inc.2		1,351		19,387
Sanmina Corp.2		240		5,774
ScanSource, Inc.2		648		22,278
Stratasys Ltd.2		291		5,241
Tech Data Corp.2		34		2,782
TTM Technologies, Inc.2		286		2,783
Viavi Solutions, Inc.2		815		8,191
Vishay Intertechnology, Inc.1		286		5,151
Vishay Precision Group, Inc.2		388		11,729
Total Technology Hardware & Equipment				492,966

73     OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Unaudited Continued
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
 

	Shares		Value
Telecommunication Services—1.0%
ATN International, Inc.		237	$	16,953
Boingo Wireless, Inc.2		324		6,665
Cogent Communications Holdings, Inc.1		159		7,188
Consolidated Communications Holdings, Inc.		1,435		14,178
Intelsat SA2		327		6,995
Iridium Communications, Inc.2		890		16,420
Ooma, Inc.2		388		5,385
pdvWireless, Inc.2		75		2,804
Shenandoah Telecommunications Co.		312		13,806
Spok Holdings, Inc.		317		4,203
Vonage Holdings Corp.2		638		5,570
Total Telecommunication Services				100,167
Transportation—1.7%
Air Transport Services Group, Inc.2		237		5,406
Allegiant Travel Co.		21		2,105
ArcBest Corp.1		589		20,179
Atlas Air Worldwide Holdings, Inc.1,2		189		7,974
Costamare, Inc.		978		4,293
Covenant Transportation Group, Inc., Class A2		149		2,861
Echo Global Logistics, Inc.2		423		8,600
Forward Air Corp.		164		8,995
Hawaiian Holdings, Inc.1		200		5,282
Hertz Global Holdings, Inc.2		227		3,098
Hub Group, Inc., Class A2		270		10,009
Marten Transport Ltd.		314		5,084
Matson, Inc.		934		29,907
Mesa Air Group, Inc.2		392		3,022
P.A.M. Transportation Services, Inc.2		234		9,222
Radiant Logistics, Inc.2		2,899		12,321
Saia, Inc.2		103		5,749
SkyWest, Inc.		180		8,005
Spirit Airlines, Inc.2		143		8,282
Universal Logistics Holdings, Inc.		186		3,365
US Xpress Enterprises, Inc., Class A2		794		4,454
USA Truck, Inc.2		531		7,949
Werner Enterprises, Inc.		87		2,570
Total Transportation				178,732
	Shares		Value
Utilities—2.3%
ALLETE, Inc.		63	$	4,802
American States Water Co.1		162		10,860
AquaVenture Holdings Ltd.2		163		3,079
Artesian Resources Corp., Class A		130		4,533
Atlantic Power Corp.2		2,306		5,004
Avista Corp.		122		5,183
Black Hills Corp.		107		6,717
California Water Service Group		200		9,532
Chesapeake Utilities Corp.		113		9,187
Clearway Energy, Inc., Class A1		520		8,798
Clearway Energy, Inc., Class C		537		9,263
Connecticut Water Service, Inc.		170		11,368
Consolidated Water Co. Ltd.		422		4,920
El Paso Electric Co.		129		6,467
Global Water Resources, Inc.		277		2,809
IDACORP, Inc.		44		4,095
MGE Energy, Inc.		100		5,996
Middlesex Water Co.		257		13,711
New Jersey Resources Corp.		236		10,778
Northwest Natural Holding Co.1		154		9,311
NorthWestern Corp.		114		6,776
ONE Gas, Inc.		65		5,174
Otter Tail Corp.		219		10,871
Pattern Energy Group, Inc., Class A		273		5,083
PNM Resources, Inc.		127		5,218
Portland General Electric Co.		116		5,319
Pure Cycle Corp.2		435		4,320
RGC Resources, Inc.		144		4,314
SJW Group		145		8,065
South Jersey Industries, Inc.1		174		4,837
Southwest Gas Holdings, Inc.		88		6,732
Spire, Inc.		72		5,334
Unitil Corp.		261		13,217
York Water Co. (The)		126		4,040
Total Utilities				235,713

74     OPPENHEIMER ETF TRUST

	Shares		Value
Total Common Stocks (Cost $10,790,667)			$	10,427,582
Money Market Fund—0.3%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $28,462)		28,462		28,462
Investment of Cash Collateral for Securities Loaned—2.7%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 2.29%3 (Cost $290,397)		290,397		290,397
Total Investments—102.7% (Cost $11,109,526)				10,746,441
Liabilities in Excess of Other Assets—(2.7)%				(286,573	)
Net Assets—100.0%			$	10,459,868

 

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 $2,090,527; total value of the collateral held by the Fund was $2,129,761. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,839,364 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of December 31, 2018.

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

75     OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2018 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	$	4,824,167		$	4,721,011		$	4,916,468		$	4,724,042
Cash		627			611			36			1,997
Receivables and other assets:
Dividends		4,099			7,871			7,124			7,280
Investment securities sold		3,469			—			—			—
Securities lending income, net (Note 4)		17			21			5			71
Total Assets		4,832,379			4,729,514			4,923,633			4,733,390
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		9,833			6,707			—			42,985
Investment securities purchased		4,368			—			—			—
Management fees (Note 9)		807			796			823			791
Total Liabilities		15,008			7,503			823			43,776
Net Assets	$	4,817,371		$	4,722,011		$	4,922,810		$	4,689,614
Composition of Net Assets:
Paid-in capital	$	5,055,881		$	5,143,926		$	5,015,162		$	5,207,579
Total accumulated loss		(238,510	)		(421,915	)		(92,352	)		(517,965	)
Net Assets	$	4,817,371		$	4,722,011		$	4,922,810		$	4,689,614
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	$	24.09		$	23.61		$	24.61		$	23.45
Investments at cost	$	4,655,669		$	5,123,295		$	4,964,679		$	5,212,157
1. Includes value of securities on loan:	$	122,175		$	221,130		$	34,225		$	838,700
2. Non-cash collateral for securities on loan:	$	114,293		$	217,899		$	34,771		$	808,963

 

76     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	$	4,915,793		$	4,748,000		$	232,955,537		$	10,7 46,441
Cash		817			—			212,029			—
Receivables and other assets:
Dividends		5,201			10,547			415,965			19,969
Investment securities sold		—			—			362,786			1,301
Securities lending income, net (Note 4)		20			5			1,696			584
Total Assets		4,921,831			4,758,552			233,948,013			10,768,295
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)2		—			—			1,351,664			290,397
Due to custodian		—			15			—			14,185
Investment securities purchased		—			—			449,869			—
Management fees (Note 9)		821			800			62,462			3,845
Total Liabilities		821			815			1,863,995			308,427
Net Assets	$	4,921,010		$	4,757,737		$	232,084,018		$	10,459,868
Composition of Net Assets:
Paid-in capital	$	5,186,890		$	5,119,257		$	250,806,208		$	12,460,086
Total accumulated loss		(265,880	)		(361,520	)		(18,722,190	)		(2,000,218	)
Net Assets	$	4,921,010		$	4,757,737		$	232,084,018		$	10,459,868
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		200,000			200,000			9,250,000			450,000
Net asset value, offering and redemption price per share	$	24.60		$	23.79		$	25.09		$	23.24
Investments at cost	$	5,139,859		$	5,087,125		$	241,820,071		$	11,109,526
1. Includes value of securities on loan:	$	120,682		$	60,352		$	20,908,131		$	2,090,527
2. Non-cash collateral for securities on loan:	$	122,586		$	61,449		$	19,894,765		$	1,839,364

 

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

77     OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS For The Period Ended December 31, 2018

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
Investment Income:
Dividend income	$	45,340		$	66,427		$	62,585		$	46,341
Foreign withholding tax		(8	)		(15	)		—			(39	)
Securities lending income, net (Note 4)		107			132			64			611
Total Income		45,439			66,544			62,649			46,913
Expenses:
Management fees (Note 9)		5,201			5,042			5,107			5,129
Net Investment Income		40,238			61,502			57,542			41,784
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(290,379	)		16,139			10,852			10,672
Net change in unrealized depreciation on investments		(234,409	)		(474,246	)		(202,896	)		(693,536	)
Net realized and unrealized loss on investments		(524,788	)		(458,107	)		(192,044	)		(682,864	)
Net Decrease in Net Assets Resulting From Operations	$	(484,550	)	$	(396,605	)	$	(134,502	)	$	(641,080	)

 

78     OPPENHEIMER ETF TRUST

	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
Investment Income:
Dividend income	$	47,597		$	90,306		$	2,226,066		$	124,664
Foreign withholding tax		(15	)		(15	)		(926	)		(21	)
Securities lending income, net (Note 4)		79			58			2,799			2,810
Total Income		47,661			90,349			2,227,939			127,453
Expenses:
Management fees (Note 9)		5,229			4,941			268,314			25,218
Net Investment Income		42,432			85,408			1,959,625			102,235
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		7,742			(456	)		(19,603,274	)		(1,506,116	)
Net realized gain on in-kind redemptions		—			—			10,998,321			713,477
Total net realized gain (loss)		7,742			(456	)		(8,604,953	)		(792,639	)
Net change in unrealized depreciation on investments		(462,838	)		(270,561	)		(7,626,838	)		(879, 792	)
Net realized and unrealized loss on investments		(455,096	)		(271,017	)		(16,231,791	)		(1,672,431	)
Net Decrease in Net Assets Resulting From Operations	$	(412,664	)	$	(185,609	)	$	(14,272,166	)	$	(1,570,196	)

 

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

79     OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oppenheimer Russell 1000® Momentum Factor ETF						Oppenheimer Russell 1000® Value Factor ETF
	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182			Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182
Operations
Net investment income	$	40,238		$	49,809		$	61,502		$	67,244
Net realized gain (loss) on investments		(290,379	)		(50,892	)		16,139			109,446
Net change in unrealized appreciation (depreciation) on investments		(234,409	)		402,907			(474,246	)		71,962
Net increase (decrease) in net assets resulting from operations		(484,550	)		401,824			(396,605	)		248,652
Dividends and Distributions Declared		(41,752	)		(46,812	)		(65,123	)		(63,100	)
Shareholder Transactions:
Proceeds from shares sold		—			7,633,804			—			6,314,889
Cost of shares redeemed		—			(2,645,143	)		—			(1,316,702	)
Net increase in net assets resulting from shareholder transactions		—			4,988,661			—			4,998,187
Increase (Decrease) in net assets		(526,302	)		5,343,673			(461,728	)		5,183,739
Net Assets:
Beginning of period		5,343,673			—			5,183,739			—
End of period	$	4,817,371		$	5,343,673		$	4,722,011		$	5,183,739
Changes in Shares Outstanding:
Shares outstanding, beginning of period		200,000			—			200,000			—
Shares sold		—			300,000			—			250,000
Shares redeemed		—			(100,000	)		—			(50,000	)
Shares outstanding, end of period		200,000			200,000			200,000			200,000

 

1. Commencement of operations.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

80     OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000® Momentum Factor ETF						Oppenheimer Russell 1000® Value Factor ETF
	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182			Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182
Operations
Net investment income	$	57,542		$	70,946		$	41,784		$	49,846
Net realized gain (loss) on investments		10,852			(35,265	)		10,672			180,317
Net change in unrealized appreciation (depreciation) on investments		(202,896	)		154,685			(693,536	)		205,421
Net increase (decrease) in net assets resulting from operations		(134,502	)		190,366			(641,080	)		435,584
Dividends and Distributions Declared		(62,074	)		(66,067	)		(59,909	)		(43,194	)
Shareholder Transactions:
Proceeds from shares sold		—			6,286,539			—			6,367,861
Cost of shares redeemed		—			(1,291,452	)		—			(1,369,648	)
Net increase in net assets resulting from shareholder transactions		—			4,995,087			—			4,998,213
Increase (Decrease) in net assets		(196,576	)		5,119,386			(700,989	)		5,390,603
Net Assets:
Beginning of period		5,119,386			—			5,390,603			—
End of period	$	4,922,810		$	5,119,386		$	4,689,614		$	5,390,603
Changes in Shares Outstanding:
Shares outstanding, beginning of period		200,000			—			200,000			—
Shares sold		—			250,000			—			250,000
Shares redeemed		—			(50,000	)		—			(50,000	)
Shares outstanding, end of period		200,000			200,000			200,000			200,000

 

1. Commencement of operations.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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

81     OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS Continued

	Oppenheimer Russell 1000® Quality Factor ETF						Oppenheimer Russell 1000® Yield Factor ETF
	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182			Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182
Operations
Net investment income	$	42,432		$	52,590		$	85,408		$	100,829
Net realized gain (loss) on investments and in-kind redemptions		7,742			137,210			(456	)		104,583
Net change in unrealized appreciation (depreciation) on investments		(462,838	)		238,772			(270,561	)		(68,564	)
Net increase (decrease) in net assets resulting from operations		(412,664	)		428,572			(185,609	)		136,848
Dividends and Distributions Declared		(44,698	)		(49,684	)		(94,212	)		(92,937	)
Shareholder Transactions:
Proceeds from shares sold		—			6,364,054			—			6,260,772
Cost of shares redeemed		—			(1,364,570	)		—			(1,267,125	)
Net increase (decrease) in net assets resulting from shareholder transactions		—			4,999,484			—			4,993,647
Increase (Decrease) in net assets		(457,362	)		5,378,372			(279,821	)		5,037,558
Net Assets:
Beginning of period		5,378,372			—			5,037,558			—
End of period	$	4,921,010		$	5,378,372		$	4,757,737		$	5,037,558
Changes in Shares Outstanding:
Shares outstanding, beginning of period		200,000			—			200,000			—
Shares sold		—			250,000			—			250,000
Shares redeemed		—			(50,000	)		—			(50,000	)
Shares outstanding, end of period		200,000			200,000			200,000			200,000

 

1. Commencement of operations.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

82     OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000® Dynamic Multifactor ETF						Oppenheimer Russell 2000® Dynamic Multifactor ETF
	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182			Six Months Ended December 31, 2018 (Unaudited)			For the Period November 8, 20171 to June 30, 20182
Operations
Net investment income	$	1,959,625		$	235,636		$	102,235		$	109,876
Net realized gain (loss) on investments and in-kind redemptions		(8,604,953	)		(10,373	)		(792,639	)		591,808
Net change in unrealized appreciation (depreciation) on investments		(7,626,838	)		(1,237,696	)		(879,602	)		516,707
Net increase (decrease) in net assets resulting from operations		(14,272,166	)		(1,012,433	)		(1,570,006	)		1,218,391
Dividends and Distributions Declared		(2,018,694	)		(143,972	)		(115,510	)		(89,510	)
Shareholder Transactions:
Proceeds from shares sold		262,154,261			186,408,815			6,440,070			33,426,706
Cost of shares redeemed		(164,371,122	)		(34,660,671	)		(7,855,286	)		(20,994,797	)
Net increase (decrease) in net assets resulting from shareholder transactions		97,783,139			151,748,144			(1,415,216	)		12,431,909
Increase (Decrease) in net assets		81,492,279			150,591,739			(3,100,732	)		13,560,790
Net Assets:
Beginning of period		150,591,739			—			13,560,790			—
End of period	$	232,084,018		$	150,591,739		$	10,460,058		$	13,560,790
Changes in Shares Outstanding:
Shares outstanding, beginning of period		5,650,000			—			500,000			—
Shares sold		9,550,000			6,950,000			250,000			1,300,000
Shares redeemed		(5,950,000	)		(1,300,000	)		(300,000	)		(800,000	)
Shares outstanding, end of period		9,250,000			5,650,000			450,000			500,000

 

1. Commencement of operations.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — Significant Accounting Policies — New Accounting Pronouncements for further details.

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

83     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Momentum Factor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.72		$	25.00
Net investment income2		0.20			0.25
Net realized and unrealized gain (loss) on investments		(2.62	)		1.70
Total gain (loss) from investment operations		(2.42	)		1.95
Less Distributions from:
Net investment income		(0.21	)		(0.23	)
Net asset value, end of period	$	24.09		$	26.72
Total Return at Net Asset Value3		(9.13	)%		7.81	%
Total Return at Market Value3		(9.04	)%		7.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	4,817		$	5,344
Average Net Assets (000’s omitted)		5,430			5,268
Ratio to average net assets of:
Expenses		0.19	%4		0.19	%4
Net investment income		1.47	%4		1.48	%4
Portfolio turnover rate5		19.29	%		22.11	%

 

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 Cboe BZX Exchange, 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.

84     OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Value Factor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.92		$	25.00
Net investment income2		0.31			0.34
Net realized and unrealized gain (loss) on investments		(2.29	)		0.90
Total gain (loss) from investment operations		(1.98	)		1.24
Less Distributions from:
Net investment income		(0.33	)		(0.32	)
Net asset value, end of period	$	23.61		$	25.92
Total Return at Net Asset Value3		(7.72	)%		4.92	%
Total Return at Market Value3		(7.73	)%		4.80	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	4,722		$	5,184
Average Net Assets (000’s omitted)		5,264			5,257
Ratio to average net assets of:
Expenses		0.19	%4		0.19	%4
Net investment income		2.32	%4		2.00	%4
Portfolio turnover rate5		0.95	%		24.50	%

 

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 Cboe BZX Exchange, 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.

85     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS Continued

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Low Volatility Factor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.60		$	25.00
Net investment income2		0.29			0.35
Net realized and unrealized gain (loss) on investments		(0.97	)		0.58
Total gain (loss) from investment operations		(0.68	)		0.93
Less Distributions from:
Net investment income		(0.31	)		(0.33	)
Net asset value, end of period	$	24.61		$	25.60
Total Return at Net Asset Value3		(2.68	)%		3.69	%
Total Return at Market Value3		(2.63	)%		3.79	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	4,923		$	5,119
Average Net Assets (000’s omitted)		5,332			5,152
Ratio to average net assets of:
Expenses		0.19	%4		0.19	%4
Net investment income		2.14	%4		2.16	%4
Portfolio turnover rate5		1.60	%		6.68	%

 

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 Cboe BZX Exchange, 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.

86     OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Size Factor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.95		$	25.00
Net investment income2		0.21			0.25
Net realized and unrealized gain (loss) on investments		(3.41	)		1.92
Total gain (loss) from investment operations		(3.20	)		2.17
Less Distributions from:
Net investment income		(0.25	)		(0.22	)
Realized gains		(0.05	)		—
Total distributions		(0.30	)		(0.22	)
Net asset value, end of period	$	23.45		$	26.95
Total Return at Net Asset Value3		(11.96	)%		8.68	%
Total Return at Market Value3		(12.02	)%		8.71	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	4,690		$	5,391
Average Net Assets (000’s omitted)		5,355			5,261
Ratio to average net assets of:
Expenses		0.19	%4		0.19	%4
Net investment income		1.55	%4		1.48	%4
Portfolio turnover rate5		2.40	%		18.35	%

 

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 Cboe BZX Exchange, 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.

87     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS Continued

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Quality Factor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.89		$	25.00
Net investment income2		0.21			0.26
Net realized and unrealized gain (loss) on investments		(2.28	)		1.88
Total gain (loss) from investment operations		(2.07	)		2.14
Less Distributions from:
Net investment income		(0.22	)		(0.25	)
Net asset value, end of period	$	24.60		$	26.89
Total Return at Net Asset Value3		(7.72	)%		8.57	%
Total Return at Market Value3		(7.69	)%		8.68	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	4,921		$	5,378
Average Net Assets (000’s omitted)		5,459			5,257
Ratio to average net assets of:
Expenses		0.19	%4		0.19	%4
Net investment income		1.54	%4		1.56	%4
Portfolio turnover rate5		1.13	%		22.05	%

 

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 Cboe BZX Exchange, 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.

88    OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Yield Factor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.19		$	25.00
Net investment income2		0.43			0.50
Net realized and unrealized gain (loss) on investments		(1.36	)		0.15
Total gain (loss) from investment operations		(0.93	)		0.65
Less Distributions from:
Net investment income		(0.47	)		(0.46	)
Net asset value, end of period	$	23.79		$	25.19
Total Return at Net Asset Value3		(3.75	)%		2.59	%
Total Return at Market Value3		(4.06	)%		2.87	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	4,758		$	5,038
Average Net Assets (000’s omitted)		5,158			5,102
Ratio to average net assets of:
Expenses		0.19	%4		0.19	%4
Net investment income		3.28	%4		3.10	%4
Portfolio turnover rate5		1.68	%		10.14	%

 

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 Cboe BZX Exchange, 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.

89     OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS Continued

For a share outstanding throughout each period presented.

Oppenheimer Russell 1000® Dynamic Multifactor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.65		$	25.00
Net investment income2		0.29			0.22
Net realized and unrealized gain (loss) on investments		(1.58	)		1.59
Total gain (loss) from investment operations		(1.29	)		1.81
Less Distributions from:
Net investment income		(0.27	)		(0.16	)
Net asset value, end of period	$	25.09		$	26.65
Total Return at Net Asset Value3		(4.89	)%		7.26	%
Total Return at Market Value3		(4.88	)%		7.28	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	232,084		$	150,592
Average Net Assets (000’s omitted)		183,536			25,996
Ratio to average net assets of:
Expenses		0.29	%4		0.29	%4
Net investment income		2.12	%4		1.42	%4
Portfolio turnover rate5		159.30			213.35	%

 

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 Cboe BZX Exchange, 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.

90     OPPENHEIMER ETF TRUST

For a share outstanding throughout each period presented.

Oppenheimer Russell 2000® Dynamic Multifactor ETF	Six Months Ended December 31, 2018 (Unaudited)			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	27.12		$	25.00
Net investment income2		0.22			0.22
Net realized and unrealized gain (loss) on investments		(3.84	)		2.08
Total gain (loss) from investment operations		(3.62	)		2.30
Less Distributions from:
Net investment income		(0.26	)		(0.18	)
Net asset value, end of period	$	23.24		$	27.12
Total Return at Net Asset Value3		(13.43	)%		9.22	%
Total Return at Market Value3		(13.40	)%		9.21	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	10,460		$	13,561
Average Net Assets (000’s omitted)		12,827			13,212
Ratio to average net assets of:
Expenses		0.39	%4		0.39	%4
Net investment income		1.58	%4		1.30	%4
Portfolio turnover rate5		99.35	%		172.92	%

 

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 Cboe BZX Exchange, 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.

91     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 2018 Unaudited
    

1. Organization

Oppenheimer 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. 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 each a series of the Trust (the “Funds”). 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 (“ASC”) 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 (“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 books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)	Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.
(2)	Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statements of Operations.

92     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rates.

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.

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.

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.

93     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 Funds have analyzed their tax positions for the fiscal year ended June 30, 2018, including open tax years and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.

94     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 Carryforwards1			Post-October Capital Losses2		Net Unrealized Appreciation (Depreciation) Based on Cost of Securities and Other Investments for Federal Income Tax Purposes
Oppenheimer Russell 1000® Momentum Factor ETF	$	2,997	$	—	$	(83,583	)	$	—	$	368,378
Oppenheimer Russell 1000® Value Factor ETF		4,144		—		(25,261	)		—		60,930
Oppenheimer Russell 1000® Low Volatility Factor ETF		4,879		—		(8,400	)		—		107,745
Oppenheimer Russell 1000® Size Factor ETF		10,140		—		—			—		172,884
Oppenheimer Russell 1000® Quality Factor ETF		2,906		—		(30,970	)		—		219,546
Oppenheimer Russell 1000® Yield Factor ETF		7,892		—		(1,168	)		—		(88,423	)
Oppenheimer Russell 1000® Dynamic Multifactor ETF		91,664		—		(939,380	)		—		(1,583,614	)
Oppenheimer Russell 2000® Dynamic Multifactor ETF		20,387		—		(750,771	)		—		415,872

 

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

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

95     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

2. Significant Accounting Policies (Continued)

At June 30, 2018, 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 carryforwards can be carried forward indefinitely.

Fund	Short Term Post-Effective No Expiration		Long Term Post- Effective No Expiration		Total
Oppenheimer Russell 1000® Momentum Factor ETF	$	83,583	$	—	$	83,583
Oppenheimer Russell 1000® Value Factor ETF		25,261		—		25,261
Oppenheimer Russell 1000® Low Volatility Factor ETF		8,400		—		8,400
Oppenheimer Russell 1000® Size Factor ETF		—		—		—
Oppenheimer Russell 1000® Quality Factor ETF		30,970		—		30,970
Oppenheimer Russell 1000® Yield Factor ETF		1,168		—		1,168
Oppenheimer Russell 1000® Dynamic Multifactor ETF		939,380		—		939,380
Oppenheimer Russell 2000® Dynamic Multifactor ETF		750,771		—		750,771

 

The tax character of distributions paid during the reporting periods:

	Period Ended June 30, 2018
Fund:	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Oppenheimer Russell 1000® Momentum Factor ETF	$	46,812	$	—	$	46,812
Oppenheimer Russell 1000® Value Factor ETF		63,100		—		63,100
Oppenheimer Russell 1000® Low Volatility Factor ETF		66,067		—		66,067
Oppenheimer Russell 1000® Size Factor ETF		43,194		—		43,194
Oppenheimer Russell 1000® Quality Factor ETF		49,684		—		49,684
Oppenheimer Russell 1000® Yield Factor ETF		92,937		—		92,937
Oppenheimer Russell 1000® Dynamic Multifactor ETF		143,972		—		143,972
Oppenheimer Russell 2000® Dynamic Multifactor ETF		89,510		—		89,510

 

For the year ended June 30, 2018, distributions paid to shareholders were as follows:

Fund:	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Oppenheimer Russell 1000® Momentum Factor ETF	$	46,812	$	—	$	46,812
Oppenheimer Russell 1000® Value Factor ETF		63,100		—		63,100
Oppenheimer Russell 1000® Low Volatility Factor ETF		66,067		—		66,067
Oppenheimer Russell 1000® Size Factor ETF		43,194		—		43,194
Oppenheimer Russell 1000® Quality Factor ETF		49,684		—		49,684
Oppenheimer Russell 1000® Yield Factor ETF		92,937		—		92,937
Oppenheimer Russell 1000® Dynamic Multifactor ETF		143,972		—		143,972
Oppenheimer Russell 2000® Dynamic Multifactor ETF		89,510		—		89,510

 

96     OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

At June 30, 2018, 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 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 on wash sales.

Fund	Federal Tax Cost of Securities		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Oppenheimer Russell 1000® Momentum Factor ETF	$	4,978,326	$	451,343	$	(82,965	)	$	368,378
Oppenheimer Russell 1000® Value Factor ETF		5,130,360		236,240		(175,310	)		60,930
Oppenheimer Russell 1000® Low Volatility Factor ETF		5,006,778		295,347		(187,602	)		107,745
Oppenheimer Russell 1000® Size Factor ETF		5,322,973		395,265		(222,381	)		172,884
Oppenheimer Russell 1000® Quality Factor ETF		5,164,227		366,684		(147,138	)		219,546
Oppenheimer Russell 1000® Yield Factor ETF		5,124,068		164,185		(252,608	)		(88,423	)
Oppenheimer Russell 1000® Dynamic Multifactor ETF		152,290,319		1,258,632		(2,842,246	)		(1,583,614	)
Oppenheimer Russell 2000® Dynamic Multifactor ETF		13,514,938		719,778		(303,906	)		415,872

 

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.

New Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurements. The amendments in the ASU modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact, if any, of applying this provision and believes the adoption of this ASU will not have a material impact on the financial statements.

On October 4, 2018, the SEC amended Regulation S-X to require certain financial statement disclosure requirements to conform them to US Generally Accepted Accounting Principles for investment companies. Effective November 4, 2018, the Funds adopted disclosure requirement changes for Regulation S-X and these changes are reflected throughout this report. The Funds’ adoption of those amendments, effective with the financial statements prepared as of October 31, 2018, had no effect on the Funds’ net assets or results of operations.

97     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

2. Significant Accounting Policies (Continued)

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

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. Over-the-counter equity securities are valued at the last sales price or , if no sale occurred, at the mean of quoted bid and ask prices. 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. Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

The authoritative guidance for fair value measurements and disclosures, ASC 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

98     OPPENHEIMER ETF TRUST

3. Securities Valuation (Continued)

and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilize 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, 2018 in valuing the Funds’ assets carried at fair value:

	(Level 1)						(Level 2)				(Level 3)
Fund	Common Stocks		Preferred Stocks		Money Market Funds		Common Stocks		Preferred Stocks		Common Stocks		Total
Oppenheimer Russell 1000® Momentum Factor ETF	$	4,810,560	$	—	$	13,607	$	—	$	—		$   —	$	4,824,167
Oppenheimer Russell 1000® Value Factor ETF		4,705,266				15,745		—		—		—		4,721,011
Oppenheimer Russell 1000® Low Volatility Factor ETF		4,910,846		—		5,622		—		—		—		4,916,468
Oppenheimer Russell 1000® Size Factor ETF		4,678,562		—		45,480		—		—		—		4,724,042
Oppenheimer Russell 1000® Quality Factor ETF		4,912,322		—		3,471		—		—		—		4,915,793
Oppenheimer Russell 1000® Yield Factor ETF		4,740,688		—		7,312		—		—		—		4,748,000
Oppenheimer Russell 1000® Dynamic Multifactor ETF		231,594,546		—		1,360,991		—		—		—		232,955,537
Oppenheimer Russell 2000® Dynamic Multifactor ETF		10,427,582		—		318,859		—		—		—		10,746,441

 

99      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 values of loaned securities and related collateral outstanding at December 31, 2018 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, 2018, 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:

100     OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

Remaining Contractual Maturity of the Agreements, as of December 31, 2018

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer Russell 1000® Momentum Factor ETF
Money Market Mutual Fund	$	9,833	$	—	$	—	$	—	$	9,833
U.S. Government Securities		—		1,794		5,365		107,134		114,293
Total	$	9,833	$	1,794	$	5,365	$	107,134	$	124,126
Oppenheimer Russell 1000® Value Factor ETF
Money Market Mutual Fund	$	6,707	$	—	$	—	$	—	$	6,707
U.S. Government Securities		—		2,110		10,136		205,653		217,899
Total	$	6,707	$	2,110	$	10,136	$	205,653	$	224,606
Oppenheimer Russell 1000® Low Volatility Factor ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		203		1,515		33,053		34,771
Total	$	—	$	203	$	1,515	$	33,053	$	34,771
Oppenheimer Russell 1000® Size Factor ETF
Money Market Mutual Fund	$	42,985	$	—	$	—	$	—	$	42,985
U.S. Government Securities		—		8,522		30,915		769,526		808,963
Total	$	42,985	$	8,522	$	30,915	$	769,526	$	851,948
Oppenheimer Russell 1000® Quality Factor ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		1,228		4,840		116,518		122,586
Total	$	—	$	1,228	$	4,840	$	116,518	$	122,586
Oppenheimer Russell 1000® Yield Factor ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		410		2,263		58,776		61,449
Total	$	—	$	410	$	2,263	$	58,776	$	61,449
Oppenheimer Russell 1000® Dynamic Multifactor ETF
Money Market Mutual Fund	$	1,351,664	$	—	$	—	$	—	$	1,351,664
U.S. Government Securities		—		138,550		648,020		19,108,195		19,894,765
Total	$	1,351,664	$	138,550	$	648,020	$	19,108,195	$	21,246,429
Oppenheimer Russell 2000® Dynamic Multifactor ETF
Money Market Mutual Fund	$	290,397	$	—	$	—	$	—	$	290,397
U.S. Government Securities		—		23,966		61,774		1,753,624		1,839,364
Total	$	290,397	$	23,966	$	61,774	$	1,753,624	$	2,129,761

 

101     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

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, 2018, 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 Russell 1000® Momentum Factor ETF	$	122,175	$	(7,882	)	$	(114,293	)	$	—	$	—	$	—	$	—
Oppenheimer Russell 1000® Value Factor ETF		221,130		(3,231	)		(217,899	)		—		—		—		—
Oppenheimer Russell 1000® Low Volatility Factor ETF		34,225		—			(34,225	)		—		—		—		—
Oppenheimer Russell 1000® Size Factor ETF		838,700		(29,737	)		(808,963	)		—		—		—		—
Oppenheimer Russell 1000® Quality Factor ETF		122,586		—			(122,586	)		—		—		—		—
Oppenheimer Russell 1000® Yield Factor ETF		60,352		—			(60,352	)		—		—		—		—
Oppenheimer Russell 1000® Dynamic Multifactor ETF		20,908,131		(1,013,366	)		(19,894,765	)		—		—		—		—
Oppenheimer Russell 2000® Dynamic Multifactor ETF		2,090,527		(251,163	)		(1,839,364	)		—		—		—		—

 

* 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

102     OPPENHEIMER ETF TRUST

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.

103     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

7. Shares of Beneficial Interest

As of December 31, 2018, 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, 2018, were as follows:

Fund	Purchases		Sales
Oppenheimer Russell 1000® Momentum Factor ETF	$	1,044,888	$	1,040,040
Oppenheimer Russell 1000® Value Factor ETF		49,355		62,306
Oppenheimer Russell 1000® Low Volatility Factor ETF		86,153		84,450
Oppenheimer Russell 1000® Size Factor ETF		127,359		135,475
Oppenheimer Russell 1000® Quality Factor ETF		61,866		61,079
Oppenheimer Russell 1000® Yield Factor ETF		85,954		100,084
Oppenheimer Russell 1000® Dynamic Multifactor ETF		298,245,280		299,978,182
Oppenheimer Russell 2000® Dynamic Multifactor ETF		12,545,916		12,776,684

 

104     OPPENHEIMER ETF TRUST

8. Purchases & Sales of Securities (Continued)

For the period ended December 31, 2018, 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	$	—	$	—
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		260,963,521		161,749,199
Oppenheimer Russell 2000® Dynamic Multifactor ETF		6,425,501		7,613,907

 

9. Fees, and 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 expenses of each Fund other than the following expenses (which will be paid by the Funds): 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 unusual fees not incurred in the ordinary course of the Funds’ business.

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%

 

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.

105     OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Unaudited Continued
    

9. Fees, and Transactions with Affiliates (Continued)

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., an affiliated company of the Adviser, OFDI, and the Adviser.

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Adviser, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Trust’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of each Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively the “Acquiring Funds”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the respective Fund (and cash with respect to any fractional shares) as of the close of business on the closing date. Each Acquiring Fund will be managed by Invesco Capital Management, LLC, and will, as of the closing date, have substantially similar principal investment strategies and risks as each corresponding Fund. After the Reorganization, Invesco Capital Management, LLC will be the investment adviser to each Acquiring Fund, and each Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trust’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, each Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

106      OPPENHEIMER ETF TRUST

DISTRIBUTION SOURCES Unaudited
    

The table below details, on a per-share basis, the percentage of the ETF’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. 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 the 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 the 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

12/27/18

12/26/18

12/28/18

84.6%

0.0%

15.4%

Oppenheimer Russell 2000 Dynamic Multifactor ETF

12/27/18

12/26/18

12/28/18

83.8%

0.0%

16.2%

Oppenheimer Russell 1000 Momentum Factor ETF

12/27/18

12/26/18

12/28/18

95.7%

0.0%

4.3%

Oppenheimer Russell 1000 Value Factor ETF

12/27/18

12/26/18

12/28/18

89.1%

0.0%

10.9%

Oppenheimer Russell 1000 Low Volatility Factor ETF

12/27/18

12/26/18

12/28/18

90.3%

0.0%

9.7%

Oppenheimer Russell 1000 Size Factor ETF1

12/27/18

12/26/18

12/28/18

56.6%

0.0%

43.4%

Oppenheimer Russell 1000 Quality Factor ETF

12/27/18

12/26/18

12/28/18

93.1%

0.0%

6.9%

Oppenheimer Russell 1000 Yield Factor ETF

12/27/18

12/26/18

12/28/18

85.9%

0.0%

14.1%

 

1. The Fund has made distributions from net profits from the sales of securities and, after giving effect to such distributions, had a deficit, in aggregate of (a) accumulated undistributed realized profits less losses on the sale of securities and (b) a cumulative loss, net of realized capital gains/losses and unrealized appreciation/depreciation of portfolio securities, totaled $2.9051 per share as of the date of distribution. Of that amount, $2.7671 per share represents unrealized depreciation of portfolio securities.

107     OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION Unaudited

Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure
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.

108     OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee Andrew J. Donohue, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee Arthur P. Steinmetz, Trustee, President and Principal Executive Officer Frank Vallario, Vice President Donal Bishnoi, 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.

RS0000.013.1218     December 31, 2018

 

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 1/29/2019, 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.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)       Oppenheimer ETF Trust                

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

Date   2/15/2019

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   2/15/2019

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

Date    2/15/2019

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