UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21993
Oppenheimer Revenue Weighted ETF Trust
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette
VTL Associates, LLC
225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: June 30
Date of reporting period: December 31, 2015
1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Semiannual Report | 12/31/2015 |
Oppenheimer
Revenue Weighted
ETF Trust
Would you prefer to receive materials like this electronically? See inside front cover for details.
TABLE OF CONTENTS
1 |
(UNAUDITED)
As a shareholder of an Oppenheimer Revenue Weighted ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory 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, 2015 to December 31, 2015.
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 07/01/2015 | Ending Account Value 12/31/2015 | Annualized Expense Ratios for the Six Month Period | Expenses Paid During the Six Month Period1 | |
Oppenheimer Large Cap Revenue ETF | ||||
Actual | $1,000.00 | $979.00 | 0.49% | $2.44 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.67 | 0.49% | $2.49 |
Oppenheimer Mid Cap Revenue ETF | ||||
Actual | $1,000.00 | $919.80 | 0.54% | $2.61 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.42 | 0.54% | $2.75 |
Oppenheimer Small Cap Revenue ETF | ||||
Actual | $1,000.00 | $896.30 | 0.54% | $2.57 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.42 | 0.54% | $2.75 |
Oppenheimer Financials Sector Revenue ETF | ||||
Actual | $1,000.00 | $966.20 | 0.49% | $2.42 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.67 | 0.49% | $2.49 |
Oppenheimer ADR Revenue ETF | ||||
Actual | $1,000.00 | $822.90 | 0.49% | $2.25 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.67 | 0.49% | $2.49 |
Oppenheimer Navellier Overall A-100 Revenue ETF | ||||
Actual | $1,000.00 | $937.50 | 0.60% | $2.92 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.60% | $3.05 |
Oppenheimer Ultra Dividend Revenue ETF | ||||
Actual | $1,000.00 | $987.40 | 0.49% | $2.45 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.67 | 0.49% | $2.49 |
Oppenheimer Global Growth Revenue ETF | ||||
Actual | $1,000.00 | $870.30 | 0.70% | $3.29 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.62 | 0.70% | $3.56 |
1 | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366 (to reflect the six-month period). |
2 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED)
Oppenheimer Large Cap Revenue ETF
Industry | % of Net Assets | ||
Automobiles & Components | 3.6 | % | |
Banks | 3.8 | ||
Capital Goods | 8.2 | ||
Commercial & Professional Services | 0.6 | ||
Consumer Durables & Apparel | 1.5 | ||
Consumer Services | 1.1 | ||
Diversified Financials | 4.3 | ||
Energy | 9.7 | ||
Food & Staples Retailing | 9.6 | ||
Food, Beverage & Tobacco | 4.3 | ||
Health Care Equipment & Services | 10.5 | ||
Household & Personal Products | 1.2 | ||
Insurance | 4.3 | ||
Materials | 3.4 | ||
Media | 2.7 | ||
Money Market Fund | 1.2 | ||
Pharmaceuticals, Biotechnology & | |||
Life Sciences | 3.6 | ||
Real Estate | 0.7 | ||
Retailing | 6.2 | ||
Semiconductors & Semiconductor | |||
Equipment | 1.3 | ||
Software & Services | 4.8 | ||
Technology Hardware & | |||
Equipment | 5.2 | ||
Telecommunication Services | 2.9 | ||
Transportation | 3.1 | ||
Utilities | 3.3 | ||
Total Investments | 101.1 | ||
Liabilities in Excess of | |||
Other Assets | (1.1 | ) | |
Net Assets | 100.0 | % |
Oppenheimer Financials Sector Revenue ETF
Industry | % of Net Assets | ||
Banks | 29.1 | % | |
Capital Markets | 11.3 | ||
Consumer Finance | 4.7 | ||
Diversified Financial Services | 16.2 | ||
Insurance | 33.0 | ||
Money Market Fund | 0.1 | ||
Real Estate Investment Trusts | 4.9 | ||
Real Estate Management & | |||
Development | 0.7 | ||
Total Investments | 100.0 | ||
Liabilities in Excess of | |||
Other Assets | 0.0 | ‡ | |
Net Assets | 100.0 | % |
Oppenheimer Mid Cap Revenue ETF
Industry | % of Net Assets | ||
Automobiles & Components | 0.9 | % | |
Banks | 1.6 | ||
Capital Goods | 10.7 | ||
Commercial & Professional Services | 3.8 | ||
Consumer Durables & Apparel | 3.9 | ||
Consumer Services | 2.1 | ||
Diversified Financials | 1.3 | ||
Energy | 6.5 | ||
Food & Staples Retailing | 2.4 | ||
Food, Beverage & Tobacco | 2.5 | ||
Health Care Equipment & Services | 9.4 | ||
Household & Personal Products | 1.0 | ||
Insurance | 6.2 | ||
Materials | 9.1 | ||
Media | 1.6 | ||
Money Market Fund | 5.9 | ||
Pharmaceuticals, Biotechnology & | |||
Life Sciences | 0.9 | ||
Real Estate | 2.4 | ||
Retailing | 8.1 | ||
Semiconductors & Semiconductor | |||
Equipment | 1.3 | ||
Software & Services | 4.6 | ||
Technology Hardware & | |||
Equipment | 13.4 | ||
Telecommunication Services | 0.4 | ||
Transportation | 1.8 | ||
Utilities | 3.9 | ||
Total Investments | 105.7 | ||
Liabilities in Excess of | |||
Other Assets | (5.7 | ) | |
Net Assets | 100.0 | % |
Oppenheimer ADR Revenue ETF
Industry | % of Net Assets | ||
Automobiles & Components | 7.9 | % | |
Banks | 9.6 | ||
Capital Goods | 1.5 | ||
Consumer Durables & Apparel | 1.7 | ||
Consumer Services | 0.4 | ||
Diversified Financials | 2.6 | ||
Energy | 36.4 | ||
Food & Staples Retailing | 0.9 | ||
Food, Beverage & Tobacco | 2.5 | ||
Health Care Equipment & Services | 0.4 | ||
Household & Personal Products | 1.2 | ||
Insurance | 5.5 | ||
Materials | 7.5 | ||
Media | 0.9 | ||
Money Market Fund | 18.6 | ||
Pharmaceuticals, Biotechnology & | |||
Life Sciences | 3.9 | ||
Real Estate | 0.4 | ||
Semiconductors & Semiconductor | |||
Equipment | 0.8 | ||
Software & Services | 0.6 | ||
Technology Hardware & | |||
Equipment | 1.9 | ||
Telecommunication Services | 11.0 | ||
Transportation | 0.7 | ||
Utilities | 1.1 | ||
Total Investments | 118.0 | ||
Liabilities in Excess of | |||
Other Assets | (18.0 | ) | |
Net Assets | 100.0 | % |
Oppenheimer Small Cap Revenue ETF
Industry | % of Net Assets | ||
Automobiles & Components | 0.9 | % | |
Banks | 2.7 | ||
Capital Goods | 15.8 | ||
Commercial & Professional Services | 6.5 | ||
Consumer Durables & Apparel | 3.7 | ||
Consumer Services | 3.9 | ||
Diversified Financials | 2.0 | ||
Energy | 4.2 | ||
Food & Staples Retailing | 1.9 | ||
Food, Beverage & Tobacco | 2.7 | ||
Health Care Equipment & Services | 6.7 | ||
Household & Personal Products | 0.4 | ||
Insurance | 2.4 | ||
Materials | 7.6 | ||
Media | 0.9 | ||
Money Market Fund | 8.2 | ||
Pharmaceuticals, Biotechnology & | |||
Life Sciences | 1.1 | ||
Real Estate | 1.7 | ||
Retailing | 13.0 | ||
Semiconductors & Semiconductor | |||
Equipment | 1.4 | ||
Software & Services | 3.8 | ||
Technology Hardware & | |||
Equipment | 8.3 | ||
Telecommunication Services | 0.7 | ||
Transportation | 4.8 | ||
Utilities | 2.8 | ||
Total Investments | 108.1 | ||
Liabilities in Excess of | |||
Other Assets | (8.1 | ) | |
Net Assets | 100.0 | % |
Oppenheimer Navellier Overall A-100 Revenue ETF
Industry | % of Net Assets | ||
Automobiles & Components | 0.4 | % | |
Banks | 5.2 | ||
Capital Goods | 10.2 | ||
Commercial & Professional Services | 2.1 | ||
Consumer Durables & Apparel | 11.0 | ||
Consumer Services | 2.1 | ||
Diversified Financials | 3.7 | ||
Food & Staples Retailing | 7.0 | ||
Food, Beverage & Tobacco | 7.6 | ||
Health Care Equipment & Services | 5.3 | ||
Household & Personal Products | 2.1 | ||
Insurance | 4.7 | ||
Materials | 1.1 | ||
Money Market Fund | 3.0 | ||
Pharmaceuticals, Biotechnology & | |||
Life Sciences | 2.6 | ||
Real Estate | 1.5 | ||
Retailing | 7.9 | ||
Semiconductors & Semiconductor | |||
Equipment | 2.3 | ||
Software & Services | 11.3 | ||
Technology Hardware & | |||
Equipment | 0.9 | ||
Telecommunication Services | 7.1 | ||
Transportation | 3.3 | ||
Utilities | 0.5 | ||
Total Investments | 102.9 | ||
Liabilities in Excess of | |||
Other Assets | (2.9 | ) | |
Net Assets | 100.0 | % |
‡ Less than 0.05%
3 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED) — concluded
Oppenheimer Ultra Dividend Revenue ETF
Industry | % of Net Assets | |||
Banks | 1.0 | % | ||
Commercial & Professional Services | 3.0 | |||
Consumer Durables & Apparel | 2.9 | |||
Diversified Financials | 0.8 | |||
Energy | 22.3 | |||
Food, Beverage & Tobacco | 9.8 | |||
Household & Personal Products | 2.1 | |||
Insurance | 2.2 | |||
Materials | 2.5 | |||
Money Market Fund | 2.4 | |||
Real Estate | 8.6 | |||
Retailing | 0.6 | |||
Technology Hardware & | ||||
Equipment | 4.0 | |||
Telecommunication Services | 16.2 | |||
Utilities | 23.9 | |||
Total Investments | 102.3 | |||
Liabilities in Excess of | ||||
Other Assets | (2.3 | ) | ||
Net Assets | 100.0 | % |
Oppenheimer Global Growth Revenue ETF
Industry | % of Net Assets | |||
Automobiles & Components | 6.3 | % | ||
Banks | 6.9 | |||
Capital Goods | 9.7 | |||
Consumer Durables & Apparel | 1.9 | |||
Diversified Financials | 0.9 | |||
Energy | 22.4 | |||
Food & Staples Retailing | 9.8 | |||
Food, Beverage & Tobacco | 2.1 | |||
Insurance | 4.4 | |||
Materials | 10.7 | |||
Money Market Fund | 0.3 | |||
Pharmaceuticals, Biotechnology & | ||||
Life Sciences | 3.6 | |||
Retailing | 2.7 | |||
Technology Hardware & | ||||
Equipment | 0.8 | |||
Telecommunication Services | 7.9 | |||
Transportation | 2.8 | |||
Utilities | 5.3 | |||
Total Investments | 98.5 | |||
Other Assets in Excess | ||||
of Liabilities | 1.5 | |||
Net Assets | 100.0 | % |
4 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER LARGE CAP REVENUE ETF
(FORMERLY REVENUE SHARES LARGE CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments�� | Shares | Value | |
COMMON STOCKS—99.9% | |||
Automobiles & Components—3.6% | |||
BorgWarner, Inc. | 6,096 | $ | 263,530 |
Delphi Automotive PLC | 5,892 | 505,121 | |
Ford Motor Co. | 333,091 | 4,693,252 | |
General Motors Co. | 138,439 | 4,708,311 | |
Goodyear Tire & Rubber Co. (The) | 16,422 | 536,507 | |
Harley-Davidson, Inc. | 4,070 | 184,737 | |
Johnson Controls, Inc. | 30,235 | 1,193,980 | |
Total Automobiles & Components | 12,085,438 | ||
Banks—3.8% | |||
Bank of America Corp. | 149,096 | 2,509,286 | |
BB&T Corp. | 7,596 | 287,205 | |
Citigroup, Inc. | 42,182 | 2,182,918 | |
Comerica, Inc. | 1,873 | 78,348 | |
Fifth Third Bancorp | 9,007 | 181,041 | |
Huntington Bancshares, Inc. | 8,228 | 91,002 | |
JPMorgan Chase & Co. | 43,641 | 2,881,615 | |
KeyCorp | 9,975 | 131,570 | |
M&T Bank Corp. | 1,122 | 135,964 | |
People’s United Financial, Inc.(a) | 2,405 | 38,841 | |
PNC Financial Services Group, | |||
Inc. (The) | 5,076 | 483,793 | |
Regions Financial Corp. | 16,703 | 160,349 | |
SunTrust Banks, Inc. | 5,759 | 246,716 | |
U.S. Bancorp | 13,565 | 578,818 | |
Wells Fargo & Co. | 49,234 | 2,676,360 | |
Zions Bancorporation | 2,289 | 62,490 | |
Total Banks | 12,726,316 | ||
Capital Goods—8.2% | |||
3M Co. | 6,109 | 920,260 | |
Allegion PLC | 966 | 63,679 | |
AMETEK, Inc. | 2,270 | 121,649 | |
Boeing Co. (The) | 21,289 | 3,078,176 | |
Caterpillar, Inc. | 23,737 | 1,613,166 | |
Cummins, Inc. | 7,073 | 622,495 | |
Danaher Corp. | 6,725 | 624,618 | |
Deere & Co. | 12,347 | 941,706 | |
Dover Corp.(a) | 3,434 | 210,539 | |
Eaton Corp. PLC | 13,224 | 688,177 | |
Emerson Electric Co. | 16,159 | 772,885 | |
Fastenal Co.(a) | 2,997 | 122,338 | |
Flowserve Corp. | 3,430 | 144,334 | |
Fluor Corp. | 13,303 | 628,168 | |
General Dynamics Corp. | 7,222 | 992,014 | |
General Electric Co. | 134,474 | 4,188,865 | |
Honeywell International, Inc. | 12,275 | 1,271,322 | |
Illinois Tool Works, Inc. | 4,603 | 426,606 | |
Ingersoll-Rand PLC | 7,564 | 418,214 | |
Jacobs Engineering Group, Inc.* | 9,097 | 381,619 | |
L-3 Communications Holdings, Inc. | 3,029 | 361,996 | |
Lockheed Martin Corp. | 6,633 | 1,440,356 | |
Masco Corp. | 7,940 | 224,702 | |
Northrop Grumman Corp. | 4,017 | 758,450 | |
PACCAR, Inc. | 13,074 | 619,708 | |
Parker-Hannifin Corp. | 4,309 | 417,887 | |
Pentair PLC(a) | 3,878 | 192,077 | |
Precision Castparts Corp. | 1,350 | 313,213 |
Investments | Shares | Value | |
Quanta Services, Inc.*(a) | 12,169 | $ | 246,422 |
Raytheon Co. | 5,732 | 713,806 | |
Rockwell Automation, Inc. | 1,924 | 197,422 | |
Rockwell Collins, Inc.(a) | 1,841 | 169,924 | |
Roper Technologies, Inc. | 604 | 114,633 | |
Snap-on, Inc. | 710 | 121,715 | |
Stanley Black & Decker, Inc. | 3,261 | 348,047 | |
Textron, Inc. | 10,246 | 430,434 | |
United Rentals, Inc.* | 2,782 | 201,806 | |
United Technologies Corp. | 20,225 | 1,943,016 | |
W.W. Grainger, Inc.(a) | 1,621 | 328,398 | |
Xylem, Inc. | 3,068 | 111,982 | |
Total Capital Goods | 27,486,824 | ||
Commercial & Professional Services—0.6% | |||
ADT Corp. (The)(a) | 3,314 | 109,296 | |
Cintas Corp. | 1,518 | 138,214 | |
Dun & Bradstreet Corp. (The) | 488 | 50,718 | |
Equifax, Inc. | 713 | 79,407 | |
Nielsen Holdings PLC | 4,232 | 197,211 | |
Pitney Bowes, Inc. | 5,794 | 119,646 | |
Republic Services, Inc. | 6,497 | 285,803 | |
Robert Half International, Inc. | 3,338 | 157,353 | |
Stericycle, Inc.*(a) | 746 | 89,968 | |
Tyco International PLC | 9,924 | 316,476 | |
Verisk Analytics, Inc.*(a) | 812 | 62,426 | |
Waste Management, Inc. | 7,862 | 419,595 | |
Total Commercial & Professional Services | 2,026,113 | ||
Consumer Durables & Apparel—1.5% | |||
Coach, Inc. | 4,262 | 139,495 | |
D.R. Horton, Inc. | 10,108 | 323,759 | |
Fossil Group, Inc.*(a) | 2,707 | 98,968 | |
Garmin Ltd.(a) | 2,464 | 91,587 | |
Hanesbrands, Inc. | 6,145 | 180,848 | |
Harman International Industries, Inc. | 2,069 | 194,921 | |
Hasbro, Inc. | 1,953 | 131,554 | |
Leggett & Platt, Inc. | 2,759 | 115,933 | |
Lennar Corp., Class A(a) | 5,794 | 283,385 | |
Mattel, Inc.(a) | 6,502 | 176,659 | |
Michael Kors Holdings Ltd.*(a) | 3,213 | 128,713 | |
Mohawk Industries, Inc.* | 1,314 | 248,859 | |
Newell Rubbermaid, Inc. | 4,278 | 188,574 | |
NIKE, Inc., Class B | 14,856 | 928,500 | |
PulteGroup, Inc. | 10,387 | 185,096 | |
PVH Corp. | 3,442 | 253,503 | |
Ralph Lauren Corp. | 2,065 | 230,206 | |
Under Armour, Inc., Class A*(a) | 1,395 | 112,451 | |
VF Corp. | 6,321 | 393,482 | |
Whirlpool Corp. | 4,646 | 682,358 | |
Total Consumer Durables & Apparel | 5,088,851 | ||
Consumer Services—1.1% | |||
Carnival Corp. | 9,630 | 524,642 | |
Chipotle Mexican Grill, Inc.* | 297 | 142,515 | |
Darden Restaurants, Inc. | 3,509 | 223,313 | |
H&R Block, Inc. | 3,088 | 102,861 | |
Marriott International, Inc., Class A(a) | 1,348 | 90,370 | |
McDonald’s Corp. | 6,926 | 818,238 | |
Royal Caribbean Cruises Ltd. | 2,795 | 282,882 |
The accompanying notes are an integral part of these financial statements.
5 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
(FORMERLY REVENUE SHARES LARGE CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Consumer Services (continued) | |||
Starbucks Corp. | 9,533 | $ | 572,266 |
Starwood Hotels & Resorts | |||
Worldwide, Inc. | 1,444 | 100,040 | |
Wyndham Worldwide Corp. | 2,347 | 170,510 | |
Wynn Resorts Ltd.(a) | 1,062 | 73,480 | |
Yum! Brands, Inc. | 5,772 | 421,645 | |
Total Consumer Services | 3,522,762 | ||
Diversified Financials—4.3% | |||
Affiliated Managers Group, Inc.* | 555 | 88,667 | |
American Express Co. | 14,413 | 1,002,424 | |
Ameriprise Financial, Inc. | 3,645 | 387,901 | |
Bank of New York Mellon | |||
Corp. (The) | 11,673 | 481,161 | |
Berkshire Hathaway, Inc., Class B* | 46,529 | 6,143,689 | |
BlackRock, Inc. | 1,110 | 377,977 | |
Capital One Financial Corp. | 8,046 | 580,760 | |
Charles Schwab Corp. (The) | 5,931 | 195,308 | |
CME Group, Inc. | 1,072 | 97,123 | |
Discover Financial Services | 4,175 | 223,864 | |
E*TRADE Financial Corp.* | 1,889 | 55,990 | |
Franklin Resources, Inc. | 7,278 | 267,976 | |
Goldman Sachs Group, Inc. (The) | 6,092 | 1,097,961 | |
Intercontinental Exchange, Inc. | 435 | 111,473 | |
Invesco Ltd. | 5,237 | 175,335 | |
Legg Mason, Inc. | 2,202 | 86,385 | |
Leucadia National Corp. | 23,387 | 406,700 | |
McGraw Hill Financial, Inc. | 1,704 | 167,980 | |
Moody’s Corp. | 1,165 | 116,896 | |
Morgan Stanley | 34,551 | 1,099,067 | |
Nasdaq, Inc. | 1,831 | 106,509 | |
Navient Corp. | 6,041 | 69,170 | |
Northern Trust Corp. | 2,038 | 146,919 | |
State Street Corp. | 5,007 | 332,265 | |
Synchrony Financial* | 6,986 | 212,444 | |
T. Rowe Price Group, Inc. | 1,827 | 130,612 | |
Total Diversified Financials | 14,162,556 | ||
Energy—9.7% | |||
Anadarko Petroleum Corp. | 7,141 | 346,910 | |
Apache Corp. | 5,572 | 247,787 | |
Baker Hughes, Inc. | 12,652 | 583,890 | |
Cabot Oil & Gas Corp. | 2,915 | 51,566 | |
Cameron International Corp.* | 4,726 | 298,683 | |
Chesapeake Energy Corp.(a) | 107,310 | 482,895 | |
Chevron Corp. | 47,708 | 4,291,812 | |
Cimarex Energy Co.(a) | 519 | 46,388 | |
Columbia Pipeline Group, Inc. | 2,130 | 42,600 | |
ConocoPhillips | 22,541 | 1,052,439 | |
CONSOL Energy, Inc.(a) | 13,601 | 107,448 | |
Devon Energy Corp. | 13,739 | 439,648 | |
Diamond Offshore Drilling, Inc.(a) | 3,700 | 78,070 | |
Ensco PLC, Class A | 8,652 | 133,154 | |
EOG Resources, Inc. | 4,233 | 299,654 | |
EQT Corp. | 1,361 | 70,949 | |
Exxon Mobil Corp. | 107,876 | 8,408,934 | |
FMC Technologies, Inc.* | 7,576 | 219,780 | |
Halliburton Co. | 23,355 | 795,004 | |
Helmerich & Payne, Inc.(a) | 2,064 | 110,527 | |
Hess Corp. | 4,548 | 220,487 |
Investments | Shares | Value | |
Kinder Morgan, Inc. | 28,744 | $ | 428,860 |
Marathon Oil Corp. | 15,258 | 192,098 | |
Marathon Petroleum Corp. | 46,304 | 2,400,399 | |
Murphy Oil Corp.(a) | 4,641 | 104,190 | |
National Oilwell Varco, Inc. | 16,522 | 553,322 | |
Newfield Exploration Co.* | 1,446 | 47,082 | |
Noble Energy, Inc. | 3,128 | 103,005 | |
Occidental Petroleum Corp. | 5,006 | 338,456 | |
ONEOK, Inc. | 13,163 | 324,600 | |
Phillips 66 | 37,674 | 3,081,733 | |
Pioneer Natural Resources Co. | 734 | 92,029 | |
Range Resources Corp.(a) | 1,877 | 46,193 | |
Schlumberger Ltd. | 18,098 | 1,262,335 | |
Southwestern Energy Co.*(a) | 19,979 | 142,051 | |
Spectra Energy Corp. | 7,507 | 179,718 | |
Tesoro Corp. | 9,389 | 989,319 | |
Transocean Ltd.(a) | 18,870 | 233,611 | |
Valero Energy Corp. | 44,821 | 3,169,293 | |
Williams Cos., Inc. (The) | 9,160 | 235,412 | |
Total Energy | 32,252,331 | ||
Food & Staples Retailing—9.6% | |||
Costco Wholesale Corp. | 22,485 | 3,631,327 | |
CVS Health Corp. | 48,829 | 4,774,011 | |
Kroger Co. (The) | 79,489 | 3,325,025 | |
Sysco Corp. | 36,826 | 1,509,866 | |
Walgreens Boots Alliance, Inc. | 35,572 | 3,029,134 | |
Wal-Mart Stores, Inc. | 250,344 | 15,346,087 | |
Whole Foods Market, Inc. | 14,187 | 475,265 | |
Total Food & Staples Retailing | 32,090,715 | ||
Food, Beverage & Tobacco—4.3% | |||
Altria Group, Inc. | 10,121 | 589,143 | |
Archer-Daniels-Midland Co. | 65,965 | 2,419,596 | |
Brown-Forman Corp., Class B | 990 | 98,287 | |
Campbell Soup Co. | 4,754 | 249,823 | |
Coca-Cola Co. (The) | 33,249 | 1,428,377 | |
Coca-Cola Enterprises, Inc. | 4,511 | 222,122 | |
ConAgra Foods, Inc. | 11,698 | 493,188 | |
Constellation Brands, Inc., Class A | 1,354 | 192,864 | |
Dr Pepper Snapple Group, Inc. | 2,129 | 198,423 | |
General Mills, Inc. | 9,361 | 539,755 | |
Hershey Co. (The) | 2,583 | 230,584 | |
Hormel Foods Corp. | 3,790 | 299,713 | |
JM Smucker Co. (The) | 1,484 | 183,037 | |
Kellogg Co. | 6,135 | 443,376 | |
Keurig Green Mountain, Inc. | 1,647 | 148,197 | |
Kraft Heinz Co. (The) | 6,136 | 446,455 | |
McCormick & Co., Inc. | 1,527 | 130,650 | |
Mead Johnson Nutrition Co. | 1,681 | 132,715 | |
Molson Coors Brewing Co., Class B | 1,263 | 118,621 | |
Mondelez International, Inc., Class A | 22,434 | 1,005,940 | |
Monster Beverage Corp.* | 612 | 91,163 | |
PepsiCo, Inc. | 20,642 | 2,062,549 | |
Philip Morris International, Inc. | 9,938 | 873,650 | |
Reynolds American, Inc. | 6,698 | 309,113 | |
Tyson Foods, Inc., Class A | 24,290 | 1,295,386 | |
Total Food, Beverage & Tobacco | 14,202,727 |
The accompanying notes are an integral part of these financial statements.
6 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
(FORMERLY REVENUE SHARES LARGE CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Health Care Equipment & Services—10.5% | |||
Abbott Laboratories | 14,257 | $ | 640,282 |
Aetna, Inc. | 17,782 | 1,922,590 | |
AmerisourceBergen Corp. | 40,256 | 4,174,950 | |
Anthem, Inc. | 18,027 | 2,513,685 | |
Baxter International, Inc. | 10,068 | 384,094 | |
Becton Dickinson & Co. | 1,928 | 297,085 | |
Boston Scientific Corp.* | 12,376 | 228,213 | |
C.R. Bard, Inc. | 553 | 104,760 | |
Cardinal Health, Inc. | 35,351 | 3,155,784 | |
Cerner Corp.* | 2,050 | 123,348 | |
Cigna Corp. | 8,316 | 1,216,880 | |
DaVita HealthCare Partners, Inc.* | 6,267 | 436,873 | |
DENTSPLY International, Inc. | 1,335 | 81,235 | |
Edwards Lifesciences Corp.* | 950 | 75,031 | |
Express Scripts Holding Co.* | 37,101 | 3,242,998 | |
HCA Holdings, Inc.* | 18,649 | 1,261,232 | |
Henry Schein, Inc.* | 2,140 | 338,527 | |
Humana, Inc. | 9,574 | 1,709,055 | |
Intuitive Surgical, Inc.* | 147 | 80,285 | |
Laboratory Corp. of America | |||
Holdings* | 2,042 | 252,473 | |
McKesson Corp. | 27,709 | 5,465,046 | |
Medtronic PLC | 7,127 | 548,209 | |
Patterson Cos., Inc. | 2,831 | 127,989 | |
Quest Diagnostics, Inc. | 3,442 | 244,864 | |
St. Jude Medical, Inc. | 2,889 | 178,454 | |
Stryker Corp. | 3,384 | 314,509 | |
Tenet Healthcare Corp.* | 20,729 | 628,089 | |
UnitedHealth Group, Inc. | 39,637 | 4,662,897 | |
Universal Health Services, Inc., Class B | 2,398 | 286,537 | |
Varian Medical Systems, Inc.*(a) | 1,214 | 98,091 | |
Zimmer Biomet Holdings, Inc. | 1,671 | 171,428 | |
Total Health Care Equipment & Services | 34,965,493 | ||
Household & Personal Products—1.2% | |||
Church & Dwight Co., Inc. | 589 | 49,994 | |
Clorox Co. (The) | 1,392 | 176,547 | |
Colgate-Palmolive Co. | 7,795 | 519,303 | |
Estee Lauder Cos., Inc., (The), Class A | 4,031 | 354,970 | |
Kimberly-Clark Corp. | 4,827 | 614,477 | |
Procter & Gamble Co. (The) | 30,602 | 2,430,105 | |
Total Household & Personal Products | 4,145,396 | ||
Insurance—4.3% | |||
ACE Ltd. | 5,225 | 610,541 | |
Aflac, Inc. | 10,966 | 656,863 | |
Allstate Corp. (The) | 18,257 | 1,133,577 | |
American International Group, Inc. | 31,666 | 1,962,342 | |
Aon PLC | 3,893 | 358,974 | |
Assurant, Inc. | 4,003 | 322,402 | |
Chubb Corp. (The) | 3,349 | 444,211 | |
Cincinnati Financial Corp. | 2,632 | 155,736 | |
Hartford Financial Services | |||
Group, Inc. (The) | 13,294 | 577,757 | |
Lincoln National Corp. | 8,640 | 434,246 | |
Loews Corp. | 11,504 | 441,754 | |
Marsh & McLennan Cos., Inc. | 7,250 | 402,013 | |
MetLife, Inc. | 48,394 | 2,333,075 | |
Principal Financial Group, Inc. | 8,349 | 375,538 |
Investments | Shares | Value | |
Progressive Corp. (The) | 20,918 | $ | 665,192 |
Prudential Financial, Inc. | 23,975 | 1,951,805 | |
Torchmark Corp. | 2,159 | 123,408 | |
Travelers Cos., Inc. (The) | 7,605 | 858,300 | |
Unum Group | 9,977 | 332,134 | |
XL Group PLC | 6,914 | 270,891 | |
Total Insurance | 14,410,759 | ||
Materials—3.4% | |||
Air Products & Chemicals, Inc. | 2,447 | 318,379 | |
Airgas, Inc. | 1,217 | 168,335 | |
Alcoa, Inc. | 82,171 | 811,028 | |
Avery Dennison Corp. | 3,053 | 191,301 | |
Ball Corp. | 3,641 | 264,810 | |
CF Industries Holdings, Inc. | 3,361 | 137,162 | |
Dow Chemical Co. (The) | 31,499 | 1,621,569 | |
E.I. du Pont de Nemours & Co. | 12,671 | 843,889 | |
Eastman Chemical Co. | 4,601 | 310,614 | |
Ecolab, Inc. | 3,814 | 436,245 | |
FMC Corp. | 2,840 | 111,129 | |
Freeport-McMoRan, Inc.(a) | 83,768 | 567,109 | |
International Flavors & | |||
Fragrances, Inc. | 822 | 98,344 | |
International Paper Co. | 19,018 | 716,979 | |
LyondellBasell Industries NV, Class A | 13,165 | 1,144,039 | |
Martin Marietta Materials, Inc.(a) | 722 | 98,611 | |
Monsanto Co. | 5,147 | 507,082 | |
Mosaic Co. (The) | 9,918 | 273,638 | |
Newmont Mining Corp. | 13,465 | 242,235 | |
Nucor Corp. | 13,960 | 562,588 | |
Owens-Illinois, Inc.* | 11,136 | 193,989 | |
PPG Industries, Inc. | 4,925 | 486,689 | |
Praxair, Inc. | 3,348 | 342,835 | |
Sealed Air Corp. | 5,306 | 236,648 | |
Sherwin-Williams Co. (The) | 1,414 | 367,074 | |
Vulcan Materials Co. | 1,061 | 100,763 | |
WestRock Co | 7,081 | 323,035 | |
Total Materials | 11,476,119 | ||
Media—2.7% | |||
Cablevision Systems Corp., Class A | 6,765 | 215,804 | |
CBS Corp., Class B | 9,145 | 431,004 | |
Comcast Corp., Class A | 39,761 | 2,243,713 | |
Discovery Communications, Inc., | |||
Class A* | 3,705 | 98,849 | |
Discovery Communications, Inc., | |||
Class C* | 3,874 | 97,702 | |
Interpublic Group of Cos., Inc. (The) | 10,546 | 245,511 | |
News Corp., Class A | 10,123 | 135,243 | |
News Corp., Class B(a) | 9,838 | 137,339 | |
Omnicom Group, Inc. | 6,428 | 486,342 | |
Scripps Networks Interactive, Inc., | |||
Class A | 1,593 | 87,950 | |
TEGNA, Inc. | 5,662 | 144,494 | |
Time Warner Cable, Inc. | 4,110 | 762,775 | |
Time Warner, Inc. | 13,969 | 903,375 | |
Twenty-First Century Fox, Inc., | |||
Class A | 17,868 | 485,295 | |
Twenty-First Century Fox, Inc., | |||
Class B | 17,390 | 473,530 |
The accompanying notes are an integral part of these financial statements.
7 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
(FORMERLY REVENUE SHARES LARGE CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Media (continued) | |||
Viacom, Inc., Class B | 10,303 | $ | 424,071 |
Walt Disney Co. (The) | 14,736 | 1,548,459 | |
Total Media | 8,921,456 | ||
Pharmaceuticals, Biotechnology & Life Sciences—3.6% | |||
AbbVie, Inc. | 12,311 | 729,304 | |
Agilent Technologies, Inc. | 3,647 | 152,481 | |
Alexion Pharmaceuticals, Inc.* | 447 | 85,265 | |
Allergan PLC* | 1,500 | 468,750 | |
Amgen, Inc. | 4,271 | 693,312 | |
Baxalta, Inc. | 4,733 | 184,729 | |
Biogen, Inc.* | 1,172 | 359,042 | |
Bristol-Myers Squibb Co. | 7,561 | 520,121 | |
Celgene Corp.* | 2,503 | 299,759 | |
Eli Lilly & Co. | 7,301 | 615,182 | |
Endo International PLC* | 1,637 | 100,217 | |
Gilead Sciences, Inc. | 9,836 | 995,305 | |
Illumina, Inc.* | 377 | 72,363 | |
Johnson & Johnson | 21,669 | 2,225,840 | |
Mallinckrodt PLC* | 1,402 | 104,631 | |
Merck & Co., Inc. | 23,805 | 1,257,380 | |
Mylan NV* | 5,254 | 284,084 | |
PerkinElmer, Inc. | 1,337 | 71,623 | |
Perrigo Co. PLC | 896 | 129,651 | |
Pfizer, Inc. | 46,536 | 1,502,182 | |
Regeneron Pharmaceuticals, Inc.* | 307 | 166,661 | |
Thermo Fisher Scientific, Inc. | 3,895 | 552,506 | |
Vertex Pharmaceuticals, Inc.* | 256 | 32,213 | |
Waters Corp.* | 516 | 69,443 | |
Zoetis, Inc. | 3,207 | 153,680 | |
Total Pharmaceuticals, Biotechnology & | |||
Life Sciences | 11,825,724 | ||
Real Estate—0.7% | |||
American Tower Corp. | 1,516 | 146,976 | |
Apartment Investment & | |||
Management Co., Class A | 722 | 28,902 | |
AvalonBay Communities, Inc. | 365 | 67,207 | |
Boston Properties, Inc. | 587 | 74,866 | |
CBRE Group, Inc., Class A* | 8,945 | 309,318 | |
Crown Castle International Corp. | 1,358 | 117,399 | |
Equinix, Inc. | 292 | 88,301 | |
Equity Residential | 1,067 | 87,056 | |
Essex Property Trust, Inc. | 177 | 42,375 | |
General Growth Properties, Inc. | 2,947 | 80,188 | |
HCP, Inc. | 2,066 | 79,004 | |
Host Hotels & Resorts, Inc. | 10,698 | 164,107 | |
Iron Mountain, Inc. | 3,543 | 95,696 | |
Kimco Realty Corp. | 1,345 | 35,589 | |
Macerich Co. (The) | 533 | 43,008 | |
Plum Creek Timber Co., Inc. | 980 | 46,766 | |
Prologis, Inc. | 1,540 | 66,097 | |
Public Storage | 366 | 90,658 | |
Realty Income Corp. | 566 | 29,223 | |
Simon Property Group, Inc. | 870 | 169,163 | |
SL Green Realty Corp. | 476 | 53,778 | |
Ventas, Inc. | 1,823 | 102,872 | |
Vornado Realty Trust | 777 | 77,669 |
Investments | Shares | Value | |
Welltower, Inc. | 1,720 | $ | 117,012 |
Weyerhaeuser Co. | 7,363 | 220,743 | |
Total Real Estate | 2,433,973 | ||
Retailing—6.2% | |||
Advance Auto Parts, Inc. | 2,126 | 319,984 | |
Amazon.com, Inc.* | 4,801 | 3,244,948 | |
AutoNation, Inc.* | 10,466 | 624,402 | |
AutoZone, Inc.* | 428 | 317,538 | |
Bed Bath & Beyond, Inc.*(a) | 7,001 | 337,798 | |
Best Buy Co., Inc. | 37,057 | 1,128,386 | |
CarMax, Inc.*(a) | 7,423 | 400,619 | |
Dollar General Corp. | 8,093 | 581,644 | |
Dollar Tree, Inc.* | 3,376 | 260,695 | |
Expedia, Inc. | 1,609 | 199,999 | |
GameStop Corp., Class A(a) | 9,811 | 275,100 | |
Gap, Inc. (The) | 19,799 | 489,035 | |
Genuine Parts Co. | 5,613 | 482,101 | |
Home Depot, Inc. (The) | 19,429 | 2,569,485 | |
Kohl’s Corp.(a) | 12,554 | 597,947 | |
L Brands, Inc.(a) | 3,612 | 346,102 | |
Lowe’s Cos., Inc. | 22,958 | 1,745,726 | |
Macy’s, Inc. | 24,009 | 839,835 | |
Netflix, Inc.* | 1,676 | 191,701 | |
Nordstrom, Inc.(a) | 7,517 | 374,422 | |
O’Reilly Automotive, Inc.* | 1,027 | 260,262 | |
Priceline Group, Inc. (The)* | 218 | 277,939 | |
Ross Stores, Inc. | 6,103 | 328,402 | |
Signet Jewelers Ltd. | 1,406 | 173,908 | |
Staples, Inc. | 75,494 | 714,928 | |
Target Corp. | 29,275 | 2,125,658 | |
Tiffany & Co. | 1,812 | 138,237 | |
TJX Cos., Inc. (The) | 12,648 | 896,870 | |
Tractor Supply Co. | 2,163 | 184,937 | |
TripAdvisor, Inc.* | 536 | 45,694 | |
Urban Outfitters, Inc.* | 4,392 | 99,918 | |
Total Retailing | 20,574,220 | ||
Semiconductors & Semiconductor Equipment—1.3% | |||
Analog Devices, Inc. | 1,706 | 94,376 | |
Applied Materials, Inc. | 16,509 | 308,223 | |
Avago Technologies Ltd. | 1,496 | 217,144 | |
Broadcom Corp., Class A(a) | 4,569 | 264,180 | |
First Solar, Inc.*(a) | 1,954 | 128,945 | |
Intel Corp. | 50,007 | 1,722,741 | |
KLA-Tencor Corp. | 1,292 | 89,600 | |
Lam Research Corp. | 2,055 | 163,208 | |
Linear Technology Corp. | 990 | 42,045 | |
Microchip Technology, Inc.(a) | 1,446 | 67,297 | |
Micron Technology, Inc.* | 38,476 | 544,820 | |
NVIDIA Corp. | 4,306 | 141,926 | |
Qorvo, Inc.* | 720 | 36,648 | |
Skyworks Solutions, Inc. | 1,239 | 95,192 | |
Texas Instruments, Inc. | 7,204 | 394,851 | |
Xilinx, Inc. | 1,511 | 70,972 | |
Total Semiconductors & | |||
Semiconductor Equipment | 4,382,168 |
The accompanying notes are an integral part of these financial statements.
8 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
(FORMERLY REVENUE SHARES LARGE CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Software & Services—4.8% | |||
Accenture PLC, Class A | 9,130 | $ | 954,085 |
Activision Blizzard, Inc.(a) | 3,943 | 152,634 | |
Adobe Systems, Inc.* | 1,534 | 144,104 | |
Akamai Technologies, Inc.* | 1,220 | 64,209 | |
Alliance Data Systems Corp.* | 725 | 200,513 | |
Alphabet, Inc., Class A* | 1,473 | 1,146,009 | |
Alphabet, Inc., Class C* | 1,510 | 1,145,909 | |
Autodesk, Inc.* | 1,257 | 76,589 | |
Automatic Data Processing, Inc. | 4,087 | 346,251 | |
CA, Inc. | 4,811 | 137,402 | |
Citrix Systems, Inc.* | 1,273 | 96,302 | |
Cognizant Technology Solutions | |||
Corp., Class A* | 6,175 | 370,623 | |
CSRA, Inc. | 3,552 | 106,560 | |
eBay, Inc.* | 14,831 | 407,556 | |
Electronic Arts, Inc.* | 2,009 | 138,058 | |
Facebook, Inc., Class A* | 4,783 | 500,589 | |
Fidelity National Information | |||
Services, Inc. | 3,209 | 194,465 | |
Fiserv, Inc.* | 1,752 | 160,238 | |
International Business Machines Corp. | 19,265 | 2,651,249 | |
Intuit, Inc. | 1,321 | 127,476 | |
MasterCard, Inc., Class A | 3,113 | 303,082 | |
Microsoft Corp. | 53,715 | 2,980,108 | |
Oracle Corp. | 32,238 | 1,177,654 | |
Paychex, Inc. | 1,499 | 79,282 | |
PayPal Holdings, Inc.* | 7,670 | 277,654 | |
Red Hat, Inc.* | 631 | 52,253 | |
salesforce.com, Inc.* | 2,094 | 164,170 | |
Symantec Corp. | 10,526 | 221,046 | |
Teradata Corp.*(a) | 2,909 | 76,856 | |
Total System Services, Inc. | 1,445 | 71,961 | |
VeriSign, Inc.*(a) | 368 | 32,148 | |
Visa, Inc., Class A | 5,529 | 428,774 | |
Western Union Co. (The) | 9,442 | 169,106 | |
Xerox Corp. | 55,247 | 587,276 | |
Yahoo!, Inc.* | 4,668 | 155,258 | |
Total Software & Services | 15,897,449 | ||
Technology Hardware & Equipment—5.2% | |||
Amphenol Corp., Class A | 3,241 | 169,277 | |
Apple, Inc. | 62,326 | 6,560,435 | |
Cisco Systems, Inc. | 57,419 | 1,559,213 | |
Corning, Inc. | 16,024 | 292,919 | |
EMC Corp. | 30,021 | 770,939 | |
F5 Networks, Inc.* | 615 | 59,630 | |
FLIR Systems, Inc. | 1,680 | 47,158 | |
Harris Corp. | 1,872 | 162,677 | |
Hewlett Packard Enterprise Co. | 113,318 | 1,722,434 | |
HP, Inc. | 272,525 | 3,226,696 | |
Juniper Networks, Inc. | 4,957 | 136,813 | |
Motorola Solutions, Inc. | 2,626 | 179,750 | |
NetApp, Inc. | 6,746 | 178,971 | |
QUALCOMM, Inc. | 17,694 | 884,435 | |
SanDisk Corp.(a) | 2,400 | 182,376 | |
Seagate Technology PLC(a) | 13,096 | 480,099 | |
TE Connectivity Ltd. | 6,170 | 398,644 | |
Western Digital Corp. | 7,911 | 475,055 | |
Total Technology Hardware & Equipment | 17,487,521 |
Investments | Shares | Value | |
Telecommunication Services—2.9% | |||
AT&T, Inc. | 129,387 | $ | 4,452,207 |
CenturyLink, Inc.(a) | 22,894 | 576,013 | |
Frontier Communications Corp.(a) | 37,918 | 177,077 | |
Level 3 Communications, Inc.* | 4,928 | 267,886 | |
Verizon Communications, Inc. | 89,765 | 4,148,938 | |
Total Telecommunication Services | 9,622,121 | ||
Transportation—3.1% | |||
American Airlines Group, Inc. | 31,063 | 1,315,518 | |
C.H. Robinson Worldwide, Inc. | 6,918 | 429,054 | |
CSX Corp. | 15,101 | 391,871 | |
Delta Air Lines, Inc. | 25,438 | 1,289,452 | |
Expeditors International of | |||
Washington, Inc. | 4,460 | 201,146 | |
FedEx Corp. | 10,275 | 1,530,872 | |
JB Hunt Transport Services, Inc. | 2,635 | 193,304 | |
Kansas City Southern | 1,048 | 78,254 | |
Norfolk Southern Corp. | 3,817 | 322,880 | |
Ryder System, Inc. | 3,624 | 205,952 | |
Southwest Airlines Co. | 13,732 | 591,300 | |
Union Pacific Corp. | 9,289 | 726,400 | |
United Continental Holdings, Inc.* | 20,775 | 1,190,408 | |
United Parcel Service, Inc., Class B | 18,664 | 1,796,037 | |
Total Transportation | 10,262,448 | ||
Utilities—3.3% | |||
AES Corp. | 55,543 | 531,546 | |
AGL Resources, Inc. | 2,179 | 139,042 | |
Ameren Corp. | 4,360 | 188,483 | |
American Electric Power Co., Inc. | 9,869 | 575,067 | |
CenterPoint Energy, Inc. | 14,997 | 275,345 | |
CMS Energy Corp. | 5,908 | 213,161 | |
Consolidated Edison, Inc. | 6,410 | 411,971 | |
Dominion Resources, Inc. | 5,792 | 391,771 | |
DTE Energy Co. | 4,369 | 350,350 | |
Duke Energy Corp. | 10,694 | 763,445 | |
Edison International | 6,412 | 379,654 | |
Entergy Corp. | 5,672 | 387,738 | |
Eversource Energy | 5,092 | 260,048 | |
Exelon Corp. | 36,780 | 1,021,381 | |
FirstEnergy Corp. | 14,641 | 464,559 | |
NextEra Energy, Inc. | 5,781 | 600,588 | |
NiSource, Inc. | 9,050 | 176,565 | |
NRG Energy, Inc. | 53,824 | 633,508 | |
Pepco Holdings, Inc. | 5,845 | 152,028 | |
PG&E Corp. | 10,093 | 536,847 | |
Pinnacle West Capital Corp. | 1,699 | 109,552 | |
PPL Corp. | 9,394 | 320,617 | |
Public Service Enterprise Group, Inc. | 9,036 | 349,603 | |
SCANA Corp. | 2,389 | 144,511 | |
Sempra Energy | 3,511 | 330,069 | |
Southern Co. (The) | 12,423 | 581,272 | |
TECO Energy, Inc. | 3,201 | 85,307 | |
WEC Energy Group, Inc. | 3,258 | 167,168 | |
Xcel Energy, Inc. | 9,951 | 357,340 | |
Total Utilities | 10,898,536 | ||
Total Common Stocks | |||
(Cost $295,345,712) | 332,948,016 |
The accompanying notes are an integral part of these financial statements.
9 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER LARGE CAP REVENUE ETF
(FORMERLY REVENUE SHARES LARGE CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | ||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—1.2% | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund— | ||||
Prime Shares, 0.23% (b) | ||||
(Cost $4,083,921) | 4,083,921 | $ | 4,083,921 | |
Total Investments—101.1% | ||||
(Cost $299,429,633) | 337,031,937 | |||
Liabilities in Excess of Other Assets—(1.1)% | (3,632,860 | ) | ||
Net Assets—100.0% | $333,399,077 |
PLC – Public Limited Company
* Non-income producing security
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $8,381,088; total market value of the collateral held by the fund was $8,621,292. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,537,371. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
The accompanying notes are an integral part of these financial statements.
10 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER MID CAP REVENUE ETF
(FORMERLY REVENUE SHARES MID CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—99.8% | |||
Automobiles & Components—0.9% | |||
Dana Holding Corp.(a) | 72,592 | $ | 1,001,770 |
Gentex Corp. | 15,035 | 240,710 | |
Thor Industries, Inc. | 11,226 | 630,340 | |
Total Automobiles & Components | 1,872,820 | ||
Banks—1.6% | |||
Associated Banc-Corp. | 8,073 | 151,369 | |
BancorpSouth, Inc. | 4,630 | 111,074 | |
Bank of Hawaii Corp. | 1,439 | 90,513 | |
Bank of the Ozarks, Inc.(a) | 1,350 | 66,771 | |
Cathay General Bancorp | 2,052 | 64,289 | |
Commerce Bancshares, Inc.(a) | 4,056 | 172,542 | |
Cullen/Frost Bankers, Inc.(a) | 2,618 | 157,080 | |
East West Bancorp, Inc. | 3,916 | 162,749 | |
First Horizon National Corp. | 12,393 | 179,946 | |
First Niagara Financial Group, Inc. | 19,611 | 212,779 | |
FirstMerit Corp. | 8,203 | 152,986 | |
Fulton Financial Corp. | 7,934 | 103,221 | |
Hancock Holding Co. | 5,296 | 133,300 | |
International Bancshares Corp. | 2,990 | 76,843 | |
New York Community Bancorp, | |||
Inc.(a) | 12,917 | 210,806 | |
PacWest Bancorp | 2,935 | 126,499 | |
Prosperity Bancshares, Inc. | 2,470 | 118,214 | |
Signature Bank* | 947 | 145,241 | |
SVB Financial Group* | 1,804 | 214,496 | |
Synovus Financial Corp. | 5,298 | 171,549 | |
TCF Financial Corp. | 12,931 | 182,586 | |
Trustmark Corp. | 3,749 | 86,377 | |
Umpqua Holdings Corp. | 10,672 | 169,685 | |
Valley National Bancorp(a) | 9,105 | 89,684 | |
Washington Federal, Inc. | 3,102 | 73,921 | |
Webster Financial Corp. | 3,507 | 130,425 | |
Total Banks | 3,554,945 | ||
Capital Goods—10.7% | |||
A.O. Smith Corp. | 5,170 | 396,074 | |
Acuity Brands, Inc.(a) | 1,785 | 417,333 | |
AECOM* | 84,435 | 2,535,583 | |
AGCO Corp.(a) | 25,513 | 1,158,035 | |
B/E Aerospace, Inc. | 10,362 | 439,038 | |
Carlisle Cos., Inc. | 6,218 | 551,474 | |
CLARCOR, Inc. | 5,086 | 252,673 | |
Crane Co. | 9,602 | 459,360 | |
Donaldson Co., Inc. | 14,092 | 403,877 | |
Esterline Technologies Corp.* | 3,349 | 271,269 | |
Fortune Brands Home & Security, Inc. | 12,342 | 684,981 | |
GATX Corp. | 5,759 | 245,045 | |
Graco, Inc. | 2,936 | 211,598 | |
Granite Construction, Inc. | 8,890 | 381,470 | |
Hubbell, Inc. | 5,826 | 588,659 | |
Huntington Ingalls Industries, Inc. | 8,843 | 1,121,735 | |
IDEX Corp. | 4,276 | 327,584 | |
ITT Corp. | 11,145 | 404,786 | |
Joy Global, Inc. | 45,573 | 574,676 | |
KBR, Inc. | 49,788 | 842,413 | |
Kennametal, Inc. | 17,261 | 331,411 | |
KLX, Inc.* | 7,346 | 226,183 | |
Lennox International, Inc. | 4,247 | 530,450 |
Investments | Shares | Value | |
Lincoln Electric Holdings, Inc. | 8,148 | $ | 422,800 |
MSC Industrial Direct Co., Inc., | |||
Class A | 8,179 | 460,232 | |
Nordson Corp. | 4,289 | 275,139 | |
NOW, Inc.* | 32,476 | 513,770 | |
Orbital ATK, Inc. | 7,417 | 662,635 | |
Oshkosh Corp.(a) | 24,902 | 972,174 | |
Regal-Beloit Corp. | 9,669 | 565,830 | |
Teledyne Technologies, Inc.* | 4,211 | 373,516 | |
Terex Corp. | 58,839 | 1,087,345 | |
Timken Co. | 16,653 | 476,109 | |
Toro Co. (The) | 4,843 | 353,878 | |
Trinity Industries, Inc. | 43,063 | 1,034,373 | |
Triumph Group, Inc. | 17,248 | 685,608 | |
Valmont Industries, Inc. | 4,190 | 444,224 | |
Wabtec Corp. | 7,477 | 531,764 | |
Watsco, Inc. | 5,438 | 636,953 | |
Woodward, Inc. | 6,632 | 329,345 | |
Total Capital Goods | 23,181,402 | ||
Commercial & Professional Services—3.8% | |||
CEB, Inc. | 2,262 | 138,864 | |
Clean Harbors, Inc.* | 13,217 | 550,488 | |
Copart, Inc.* | 4,736 | 180,015 | |
Deluxe Corp. | 5,132 | 279,899 | |
FTI Consulting, Inc.* | 7,975 | 276,414 | |
Herman Miller, Inc. | 11,079 | 317,967 | |
HNI Corp. | 9,837 | 354,722 | |
Manpowergroup, Inc. | 36,373 | 3,065,880 | |
MSA Safety, Inc. | 4,148 | 180,314 | |
R.R. Donnelley & Sons Co.(a) | 121,340 | 1,786,125 | |
Rollins, Inc. | 8,975 | 232,453 | |
Towers Watson & Co., Class A | 4,401 | 565,352 | |
Waste Connections, Inc. | 6,168 | 347,382 | |
Total Commercial & Professional Services | 8,275,875 | ||
Consumer Durables & Apparel—3.9% | |||
Brunswick Corp. | 12,861 | 649,609 | |
CalAtlantic Group, Inc. | 10,922 | 414,162 | |
Carter’s, Inc. | 5,351 | 476,400 | |
Deckers Outdoor Corp.*(a) | 5,688 | 268,474 | |
Jarden Corp.* | 24,179 | 1,381,104 | |
Kate Spade & Co.* | 10,842 | 192,662 | |
KB Home(a) | 36,401 | 448,824 | |
MDC Holdings, Inc.(a) | 11,622 | 296,710 | |
NVR, Inc.* | 475 | 780,425 | |
Polaris Industries, Inc.(a) | 8,562 | 735,904 | |
Skechers U.S.A., Inc., Class A* | 15,969 | 482,424 | |
Tempur Sealy International, Inc.*(a) | 6,755 | 475,957 | |
Toll Brothers, Inc.* | 19,374 | 645,154 | |
TRI Pointe Group, Inc.* | 26,885 | 340,633 | |
Tupperware Brands Corp.(a) | 6,820 | 379,533 | |
Vista Outdoor, Inc.* | 8,122 | 361,510 | |
Total Consumer Durables & Apparel | 8,329,485 | ||
Consumer Services—2.1% | |||
Brinker International, Inc. | 10,516 | 504,242 | |
Buffalo Wild Wings, Inc.*(a) | 1,732 | 276,514 | |
Cheesecake Factory, Inc. | 7,150 | 329,687 | |
Cracker Barrel Old Country Store, Inc.(a) | 3,494 | 443,144 | |
DeVry Education Group, Inc.(a) | 12,404 | 313,945 |
The accompanying notes are an integral part of these financial statements.
11 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER MID CAP REVENUE ETF
(FORMERLY REVENUE SHARES MID CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Consumer Services (continued) | |||
Domino’s Pizza, Inc. | 3,072 | $ | 341,760 |
Dunkin’ Brands Group, Inc.(a) | 2,992 | 127,429 | |
Graham Holdings Co., Class B | 1,000 | 484,970 | |
International Speedway Corp., | |||
Class A | 2,902 | 97,856 | |
Jack in the Box, Inc. | 3,151 | 241,713 | |
Panera Bread Co., Class A* | 2,185 | 425,594 | |
Service Corp. International | 18,608 | 484,180 | |
Sotheby’s | 5,763 | 148,455 | |
Wendy’s Co. (The) | 28,669 | 308,765 | |
Total Consumer Services | 4,528,254 | ||
Diversified Financials—1.3% | |||
CBOE Holdings, Inc. | 1,523 | 98,843 | |
Eaton Vance Corp. | 7,235 | 234,631 | |
FactSet Research Systems, Inc. | 965 | 156,880 | |
Federated Investors, Inc., Class B | 4,992 | 143,021 | |
Janus Capital Group, Inc.(a) | 12,226 | 172,264 | |
MarketAxess Holdings, Inc. | 446 | 49,769 | |
MSCI, Inc. | 2,389 | 172,319 | |
Raymond James Financial, Inc. | 14,064 | 815,290 | |
SEI Investments Co. | 4,052 | 212,325 | |
SLM Corp.* | 16,953 | 110,534 | |
Stifel Financial Corp.* | 8,623 | 365,270 | |
Waddell & Reed Financial, Inc., | |||
Class A | 8,525 | 244,326 | |
WisdomTree Investments, Inc.(a) | 2,555 | 40,062 | |
Total Diversified Financials | 2,815,534 | ||
Energy—6.5% | |||
Atwood Oceanics, Inc. | 16,562 | 169,429 | |
California Resources Corp.(a) | 159,745 | 372,206 | |
Denbury Resources, Inc.(a) | 100,705 | 203,424 | |
Dril-Quip, Inc.*(a) | 2,367 | 140,197 | |
Energen Corp. | 2,732 | 111,985 | |
Gulfport Energy Corp.* | 5,934 | 145,798 | |
HollyFrontier Corp. | 54,877 | 2,189,044 | |
Nabors Industries Ltd. | 85,554 | 728,065 | |
Noble Corp. PLC(a) | 39,532 | 417,063 | |
Oceaneering International, Inc. | 13,412 | 503,218 | |
Oil States International, Inc.* | 7,015 | 191,159 | |
Patterson-UTI Energy, Inc. | 24,903 | 375,537 | |
QEP Resources, Inc. | 29,496 | 395,246 | |
Rowan Cos. PLC, Class A | 17,891 | 303,252 | |
SM Energy Co.(a) | 12,971 | 255,010 | |
Superior Energy Services, Inc. | 36,915 | 497,245 | |
Western Refining, Inc.(a) | 47,350 | 1,686,607 | |
World Fuel Services Corp. | 132,369 | 5,090,912 | |
WPX Energy, Inc.*(a) | 40,543 | 232,717 | |
Total Energy | 14,008,114 | ||
Food & Staples Retailing—2.4% | |||
Casey’s General Stores, Inc. | 9,247 | 1,113,801 | |
SUPERVALU, Inc.* | 410,193 | 2,781,109 | |
United Natural Foods, Inc.*(a) | 31,981 | 1,258,772 | |
Total Food & Staples Retailing | 5,153,682 | ||
Food, Beverage & Tobacco—2.5% | |||
Boston Beer Co., Inc. (The), Class A*(a) | 747 | 150,827 | |
Dean Foods Co. | 78,536 | 1,346,892 |
Investments | Shares | Value | |
Flowers Foods, Inc. | 27,468 | $ | 590,287 |
Hain Celestial Group, Inc. (The)* | 10,420 | 420,864 | |
Ingredion, Inc. | 9,190 | 880,770 | |
Lancaster Colony Corp. | 1,555 | 179,540 | |
Post Holdings, Inc.* | 11,289 | 696,531 | |
Tootsie Roll Industries, Inc. | 2,738 | 86,493 | |
TreeHouse Foods, Inc.*(a) | 6,545 | 513,521 | |
WhiteWave Foods Co. (The)* | 15,803 | 614,895 | |
Total Food, Beverage & Tobacco | 5,480,620 | ||
Health Care Equipment & Services—9.4% | |||
Align Technology, Inc.* | 1,968 | 129,593 | |
Allscripts Healthcare Solutions, Inc.* | 15,005 | 230,777 | |
Amsurg Corp.*(a) | 4,386 | 333,336 | |
Centene Corp.* | 53,628 | 3,529,259 | |
Community Health Systems, Inc.* | 121,186 | 3,215,065 | |
Cooper Cos., Inc. (The) | 2,113 | 283,565 | |
Halyard Health, Inc.* | 8,228 | 274,897 | |
Health Net, Inc.* | 39,835 | 2,727,104 | |
Hill-Rom Holdings, Inc. | 6,377 | 306,479 | |
Hologic, Inc.* | 10,929 | 422,843 | |
IDEXX Laboratories, Inc.*(a) | 3,578 | 260,908 | |
LifePoint Hospitals, Inc.* | 11,750 | 862,450 | |
LivaNova PLC*(a) | 887 | 52,661 | |
MEDNAX, Inc.* | 6,038 | 432,683 | |
Molina Healthcare, Inc.*(a) | 34,633 | 2,082,482 | |
Owens & Minor, Inc. | 43,015 | 1,547,680 | |
ResMed, Inc.(a) | 4,693 | 251,967 | |
Sirona Dental Systems, Inc.* | 1,699 | 186,159 | |
STERIS PLC | 4,013 | 302,339 | |
Teleflex, Inc.(a) | 2,181 | 286,692 | |
VCA, Inc.* | 6,112 | 336,160 | |
WellCare Health Plans, Inc.* | 27,587 | 2,157,579 | |
West Pharmaceutical Services, Inc. | 3,585 | 215,889 | |
Total Health Care Equipment & Services | 20,428,567 | ||
Household & Personal Products—1.0% | |||
Avon Products, Inc.(a) | 311,605 | 1,262,000 | |
Edgewell Personal Care Co. | 8,839 | 692,713 | |
Energizer Holdings, Inc. | 8,023 | 273,263 | |
Total Household & Personal Products | 2,227,976 | ||
Insurance—6.2% | |||
Alleghany Corp.* | 1,628 | 778,070 | |
American Financial Group, Inc. | 13,652 | 984,036 | |
Arthur J. Gallagher & Co. | 19,015 | 778,474 | |
Aspen Insurance Holdings Ltd. | 8,542 | 412,579 | |
Brown & Brown, Inc. | 8,074 | 259,175 | |
CNO Financial Group, Inc. | 32,724 | 624,701 | |
Endurance Specialty Holdings Ltd. | 5,085 | 325,389 | |
Everest Re Group Ltd. | 5,023 | 919,661 | |
First American Financial Corp. | 22,778 | 817,730 | |
Genworth Financial, Inc., Class A* | 373,731 | 1,394,017 | |
Hanover Insurance Group, Inc. (The) | 9,971 | 811,041 | |
Kemper Corp. | 9,204 | 342,849 | |
Mercury General Corp. | 9,877 | 459,972 | |
Old Republic International Corp. | 48,489 | 903,350 | |
Primerica, Inc.(a) | 4,608 | 217,636 | |
Reinsurance Group of America, Inc. | 18,722 | 1,601,667 | |
RenaissanceRe Holdings Ltd. | 2,116 | 239,510 |
The accompanying notes are an integral part of these financial statements.
12 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER MID CAP REVENUE ETF
(FORMERLY REVENUE SHARES MID CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Insurance (continued) | |||
StanCorp Financial Group, Inc. | 4,006 | $ | 456,203 |
W.R. Berkley Corp. | 21,106 | 1,155,554 | |
Total Insurance | 13,481,614 | ||
Materials—9.1% | |||
Albemarle Corp. | 10,900 | 610,509 | |
Allegheny Technologies, Inc.(a) | 51,903 | 583,909 | |
AptarGroup, Inc. | 5,168 | 375,455 | |
Ashland, Inc. | 8,760 | 899,652 | |
Bemis Co., Inc. | 14,484 | 647,290 | |
Cabot Corp. | 11,887 | 485,941 | |
Carpenter Technology Corp. | 12,467 | 377,376 | |
Chemours Co. (The) | 182,379 | 977,552 | |
Commercial Metals Co. | 70,922 | 970,922 | |
Compass Minerals International, | |||
Inc.(a) | 2,633 | 198,186 | |
Domtar Corp. | 22,552 | 833,296 | |
Eagle Materials, Inc. | 2,741 | 165,639 | |
Greif, Inc., Class A | 19,454 | 599,378 | |
Louisiana-Pacific Corp.*(a) | 18,126 | 326,449 | |
Minerals Technologies, Inc. | 5,906 | 270,849 | |
NewMarket Corp. | 933 | 355,221 | |
Olin Corp. | 18,270 | 315,340 | |
Packaging Corp. of America | 14,357 | 905,209 | |
PolyOne Corp. | 17,424 | 553,386 | |
Reliance Steel & Aluminum Co. | 28,046 | 1,624,144 | |
Royal Gold, Inc. | 1,234 | 45,004 | |
RPM International, Inc. | 16,160 | 712,010 | |
Scotts Miracle-Gro Co., (The), Class A | 8,840 | 570,268 | |
Sensient Technologies Corp. | 3,519 | 221,064 | |
Silgan Holdings, Inc. | 11,327 | 608,486 | |
Sonoco Products Co. | 19,129 | 781,802 | |
Steel Dynamics, Inc. | 80,155 | 1,432,370 | |
United States Steel Corp.(a) | 254,086 | 2,027,606 | |
Valspar Corp. (The) | 8,660 | 718,347 | |
Worthington Industries, Inc. | 20,384 | 614,374 | |
Total Materials | 19,807,034 | ||
Media—1.6% | |||
AMC Networks, Inc., Class A*(a) | 5,101 | 380,943 | |
Cable One, Inc. | 297 | 128,797 | |
Cinemark Holdings, Inc. | 13,143 | 439,370 | |
DreamWorks Animation SKG, Inc., | |||
Class A*(a) | 5,235 | 134,906 | |
John Wiley & Sons, Inc., Class A | 6,518 | 293,506 | |
Live Nation Entertainment, Inc.* | 45,331 | 1,113,783 | |
Meredith Corp. | 6,107 | 264,128 | |
New York Times Co., (The), Class A | 18,779 | 252,014 | |
Time, Inc. | 31,732 | 497,240 | |
Total Media | 3,504,687 | ||
Pharmaceuticals, Biotechnology & Life Sciences—0.9% | |||
Akorn, Inc.*(a) | 2,562 | 95,588 | |
Bio-Rad Laboratories, Inc., Class A* | 2,389 | 331,259 | |
Bio-Techne Corp. | 763 | 68,670 | |
Catalent, Inc.* | 11,152 | 279,135 | |
Charles River Laboratories | |||
International, Inc.* | 2,718 | 218,500 | |
Mettler-Toledo International, Inc.* | 1,149 | 389,660 |
Investments | Shares | Value | |
PARAXEL International Corp.*(a) | 4,926 | $ | 335,559 |
United Therapeutics Corp.* | 1,402 | 219,567 | |
Total Pharmaceuticals, Biotechnology & | |||
Life Sciences | 1,937,938 | ||
Real Estate—2.4% | |||
Alexander & Baldwin, Inc. | 2,723 | 96,149 | |
Alexandria Real Estate Equities, Inc. | 1,441 | 130,209 | |
American Campus Communities, Inc. | 3,018 | 124,764 | |
BioMed Realty Trust, Inc. | 4,371 | 103,549 | |
Camden Property Trust | 1,904 | 146,151 | |
Care Capital Properties, Inc. | 1,611 | 49,248 | |
Communications Sales & Leasing, Inc. | 2,796 | 52,257 | |
Corporate Office Properties Trust | 4,652 | 101,553 | |
Corrections Corp. of America | 11,294 | 299,178 | |
Douglas Emmett, Inc. | 3,352 | 104,515 | |
Duke Realty Corp. | 8,068 | 169,589 | |
Equity One, Inc. | 2,225 | 60,409 | |
Extra Space Storage, Inc. | 1,352 | 119,260 | |
Federal Realty Investment Trust | 798 | 116,588 | |
Highwoods Properties, Inc. | 2,399 | 104,596 | |
Hospitality Properties Trust | 11,478 | 300,150 | |
Jones Lang LaSalle, Inc. | 5,673 | 906,886 | |
Kilroy Realty Corp. | 1,432 | 90,617 | |
Lamar Advertising Co., Class A | 3,631 | 217,787 | |
LaSalle Hotel Properties | 7,273 | 182,989 | |
Liberty Property Trust | 4,069 | 126,342 | |
Mack-Cali Realty Corp. | 4,259 | 99,448 | |
Mid-America Apartment | |||
Communities, Inc. | 1,829 | 166,092 | |
National Retail Properties, Inc. | 1,959 | 78,458 | |
Omega Healthcare Investors, Inc. | 3,136 | 109,697 | |
Post Properties, Inc. | 1,110 | 65,668 | |
Potlatch Corp. | 3,045 | 92,081 | |
Rayonier, Inc. | 4,007 | 88,955 | |
Regency Centers Corp. | 1,407 | 95,845 | |
RMR Group, Inc. (The), Class A* | 300 | 4,323 | |
Senior Housing Properties Trust | 10,791 | 160,138 | |
Sovran Self Storage, Inc. | 518 | 55,587 | |
Tanger Factory Outlet Centers, Inc. | 2,168 | 70,894 | |
Taubman Centers, Inc. | 1,219 | 93,522 | |
UDR, Inc. | 3,776 | 141,864 | |
Urban Edge Properties | 2,274 | 53,325 | |
Weingarten Realty Investors | 2,463 | 85,171 | |
WP GLIMCHER, Inc. | 13,128 | 139,288 | |
Total Real Estate | 5,203,142 | ||
Retailing—8.1% | |||
Aaron’s, Inc. | 22,285 | 498,961 | |
Abercrombie & Fitch Co., Class A(a) | 23,800 | 642,600 | |
American Eagle Outfitters, Inc.(a) | 32,984 | 511,252 | |
Ascena Retail Group, Inc.* | 79,183 | 779,953 | |
Big Lots, Inc. | 21,419 | 825,488 | |
Cabela’s, Inc.*(a) | 12,843 | 600,153 | |
Chico’s FAS, Inc. | 37,636 | 401,576 | |
CST Brands, Inc. | 41,765 | 1,634,682 | |
Dick’s Sporting Goods, Inc. | 28,542 | 1,008,960 | |
Foot Locker, Inc. | 17,548 | 1,142,199 | |
Guess?, Inc.(a) | 19,853 | 374,825 | |
HSN, Inc. | 11,631 | 589,343 |
The accompanying notes are an integral part of these financial statements.
13 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER MID CAP REVENUE ETF
(FORMERLY REVENUE SHARES MID CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Retailing (continued) | |||
JC Penney Co., Inc.*(a) | 275,448 | $ | 1,834,484 |
LKQ Corp.* | 39,825 | 1,180,015 | |
Murphy USA, Inc.* | 31,748 | 1,928,374 | |
Office Depot, Inc.* | 414,086 | 2,335,445 | |
Rent-A-Center, Inc. | 33,590 | 502,842 | |
Williams-Sonoma, Inc. | 12,220 | 713,770 | |
Total Retailing | 17,504,922 | ||
Semiconductors & Semiconductor Equipment—1.3% | |||
Advanced Micro Devices, Inc.*(a) | 298,768 | 857,464 | |
Atmel Corp. | 23,011 | 198,125 | |
Cree, Inc.*(a) | 10,561 | 281,662 | |
Cypress Semiconductor Corp.* | 22,189 | 217,674 | |
Fairchild Semiconductor | |||
International, Inc.* | 10,961 | 227,002 | |
Integrated Device Technology, Inc.* | 3,055 | 80,499 | |
Intersil Corp., Class A | 6,418 | 81,894 | |
Silicon Laboratories, Inc.* | 1,983 | 96,255 | |
SunEdison, Inc.*(a) | 54,802 | 278,942 | |
Synaptics, Inc.* | 3,028 | 243,270 | |
Teradyne, Inc. | 12,964 | 267,966 | |
Total Semiconductors & Semiconductor | |||
Equipment | 2,830,753 | ||
Software & Services—4.6% | |||
ACI Worldwide, Inc.* | 7,135 | 152,689 | |
Acxiom Corp.* | 6,701 | 140,185 | |
ANSYS, Inc.* | 1,657 | 153,273 | |
Broadridge Financial Solutions, Inc. | 7,877 | 423,231 | |
Cadence Design Systems, Inc.* | 12,420 | 258,460 | |
CDK Global, Inc. | 7,073 | 335,755 | |
CommVault Systems, Inc.* | 2,478 | 97,509 | |
Computer Sciences Corp. | 63,111 | 2,062,468 | |
Convergys Corp. | 17,954 | 446,875 | |
CoreLogic, Inc.* | 6,408 | 216,975 | |
DST Systems, Inc. | 3,936 | 448,940 | |
Fair Isaac Corp. | 1,444 | 135,996 | |
Fortinet, Inc.* | 4,832 | 150,613 | |
Gartner, Inc.* | 3,739 | 339,127 | |
Global Payments, Inc. | 5,928 | 382,415 | |
j2 Global, Inc. | 1,418 | 116,730 | |
Jack Henry & Associates, Inc. | 2,519 | 196,633 | |
Leidos Holdings, Inc. | 14,270 | 802,830 | |
Manhattan Associates, Inc.* | 1,214 | 80,330 | |
MAXIMUS, Inc. | 5,559 | 312,694 | |
Mentor Graphics Corp. | 10,868 | 200,189 | |
NeuStar, Inc., Class A*(a) | 6,523 | 156,356 | |
PTC, Inc.* | 6,092 | 210,966 | |
Rackspace Hosting, Inc.* | 12,550 | 317,766 | |
Science Applications International Corp. | 13,118 | 600,542 | |
SolarWinds, Inc.* | 1,362 | 80,222 | |
Solera Holdings, Inc. | 3,301 | 180,994 | |
Synopsys, Inc.* | 7,731 | 352,611 | |
Tyler Technologies, Inc.* | 510 | 88,903 | |
Ultimate Software Group, Inc. (The)* | 478 | 93,454 | |
VeriFone Systems, Inc.* | 11,892 | 333,214 | |
WEX, Inc.*(a) | 1,539 | 136,048 | |
Total Software & Services | 10,004,993 |
Investments | Shares | Value | |
Technology Hardware & Equipment—13.4% | |||
3D Systems Corp.*(a) | 11,268 | $ | 97,919 |
ARRIS Group, Inc.* | 25,952 | 793,353 | |
Arrow Electronics, Inc.*(a) | 65,733 | 3,561,414 | |
Avnet, Inc. | 100,669 | 4,312,660 | |
Belden, Inc. | 7,958 | 379,438 | |
Ciena Corp.* | 19,294 | 399,193 | |
Cognex Corp. | 2,167 | 73,180 | |
Diebold, Inc.(a) | 15,258 | 459,113 | |
FEI Co. | 1,851 | 147,691 | |
Ingram Micro, Inc., Class A | 231,231 | 7,024,798 | |
InterDigital, Inc. | 1,382 | 67,773 | |
IPG Photonics Corp.*(a) | 1,562 | 139,268 | |
Jabil Circuit, Inc. | 114,358 | 2,663,398 | |
Keysight Technologies, Inc.* | 16,116 | 456,566 | |
Knowles Corp.*(a) | 11,895 | 158,560 | |
Lexmark International, Inc., Class A | 17,939 | 582,121 | |
National Instruments Corp. | 6,632 | 190,272 | |
NCR Corp.* | 38,543 | 942,762 | |
NetScout Systems, Inc.* | 2,376 | 72,943 | |
Plantronics, Inc. | 2,855 | 135,384 | |
Polycom, Inc.* | 16,037 | 201,906 | |
SYNNEX Corp. | 5,748 | 516,918 | |
Tech Data Corp.* | 67,014 | 4,448,389 | |
Trimble Navigation Ltd.* | 16,827 | 360,939 | |
Vishay Intertechnology, Inc.(a) | 31,582 | 380,563 | |
Zebra Technologies Corp., Class A* | 7,999 | 557,130 | |
Total Technology Hardware & Equipment | 29,123,651 | ||
Telecommunication Services—0.4% | |||
Telephone & Data Systems, Inc. | 31,534 | 816,415 | |
Transportation—1.8% | |||
Alaska Air Group, Inc.(a) | 10,729 | 863,792 | |
Genesee & Wyoming, Inc., Class A*(a) | 5,892 | 316,342 | |
JetBlue Airways Corp.* | 43,146 | 977,257 | |
Kirby Corp.*(a) | 6,815 | 358,605 | |
Landstar System, Inc. | 9,439 | 553,597 | |
Old Dominion Freight Line, Inc.* | 7,937 | 468,839 | |
Werner Enterprises, Inc. | 13,614 | 318,431 | |
Total Transportation | 3,856,863 | ||
Utilities—3.9% | |||
Alliant Energy Corp. | 8,971 | 560,239 | |
Aqua America, Inc. | 4,404 | 131,239 | |
Atmos Energy Corp. | 11,126 | 701,383 | |
Black Hills Corp. | 5,245 | 243,526 | |
Cleco Corp. | 3,803 | 198,555 | |
Great Plains Energy, Inc. | 15,065 | 411,425 | |
Hawaiian Electric Industries, Inc. | 15,638 | 452,720 | |
IDACORP, Inc. | 3,021 | 205,428 | |
MDU Resources Group, Inc. | 41,096 | 752,879 | |
National Fuel Gas Co. | 7,475 | 319,556 | |
OGE Energy Corp. | 14,561 | 382,809 | |
ONE Gas, Inc. | 5,572 | 279,547 | |
PNM Resources, Inc. | 9,370 | 286,441 | |
Questar Corp. | 9,673 | 188,430 | |
Talen Energy Corp.*(a) | 140,436 | 874,916 | |
UGI Corp. | 34,126 | 1,152,094 |
The accompanying notes are an integral part of these financial statements.
14 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER MID CAP REVENUE ETF
(FORMERLY REVENUE SHARES MID CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | ||
Utilities (continued) | ||||
Vectren Corp. | 9,853 | $ | 417,964 | |
Westar Energy, Inc. | 9,747 | 413,370 | ||
WGL Holdings, Inc. | 7,014 | 441,812 | ||
Total Utilities | 8,414,333 | |||
Total Common Stocks | ||||
(Cost $211,188,476) | 216,343,619 | |||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—5.9% | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund—Prime | ||||
Shares, 0.23% (b) | ||||
(Cost $12,648,260) | 12,648,260 | 12,648,260 | ||
Total Investments—105.7% | ||||
(Cost $223,836,736) | 228,991,879 | |||
Liabilities in Excess of Other Assets—(5.7)% | (12,287,355 | ) | ||
Net Assets—100.0% | $216,704,524 |
PLC – Public Limited Company
* Non-income producing security
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $25,042,336; total market value of the collateral held by the fund was $25,932,510. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $13,284,250. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
The accompanying notes are an integral part of these financial statements.
15 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER SMALL CAP REVENUE ETF
(FORMERLY REVENUE SHARES SMALL CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—99.9% | |||
Automobiles & Components—0.9% | |||
Dorman Products, Inc.*(a) | 8,474 | $ | 402,261 |
Drew Industries, Inc. | 11,538 | 702,549 | |
Gentherm, Inc.* | 8,672 | 411,053 | |
Motorcar Parts of America, Inc.* | 4,127 | 139,534 | |
Standard Motor Products, Inc. | 12,554 | 477,680 | |
Superior Industries International, Inc. | 19,724 | 363,316 | |
Winnebago Industries, Inc. | 23,484 | 467,331 | |
Total Automobiles & Components | 2,963,724 | ||
Banks—2.7% | |||
Ameris Bancorp | 3,630 | 123,384 | |
Astoria Financial Corp. | 12,510 | 198,283 | |
Bank Mutual Corp. | 5,640 | 43,992 | |
Banner Corp. | 2,753 | 126,253 | |
BBCN Bancorp, Inc. | 9,524 | 164,003 | |
BofI Holding, Inc.*(a) | 5,204 | 109,544 | |
Boston Private Financial Holdings, Inc. | 15,364 | 174,228 | |
Brookline Bancorp, Inc. | 8,786 | 101,039 | |
Cardinal Financial Corp. | 3,585 | 81,559 | |
Central Pacific Financial Corp. | 5,010 | 110,320 | |
City Holding Co.(a) | 1,849 | 84,388 | |
Columbia Banking System, Inc. | 6,123 | 199,059 | |
Community Bank System, Inc. | 4,535 | 181,128 | |
CVB Financial Corp. | 8,366 | 141,553 | |
Dime Community Bancshares | 3,925 | 68,648 | |
F.N.B. Corp. | 22,983 | 306,593 | |
First BanCorp* | 73,659 | 239,392 | |
First Commonwealth Financial Corp. | 12,997 | 117,883 | |
First Financial Bancorp | 8,480 | 153,234 | |
First Financial Bankshares, Inc. | 4,395 | 132,597 | |
First Midwest Bancorp, Inc. | 11,515 | 212,221 | |
First NBC Bank Holding Co.* | 1,066 | 39,858 | |
Glacier Bancorp, Inc. | 7,150 | 189,689 | |
Hanmi Financial Corp. | 4,287 | 101,688 | |
Home BancShares, Inc. | 4,807 | 194,780 | |
Independent Bank Corp. | 3,135 | 145,840 | |
LegacyTexas Financial Group, Inc. | 4,833 | 120,922 | |
LendingTree, Inc.* | 1,178 | 105,172 | |
MB Financial, Inc.(a) | 12,038 | 389,670 | |
National Penn Bancshares, Inc. | 14,501 | 178,797 | |
NBT Bancorp, Inc. | 6,185 | 172,438 | |
Northfield Bancorp, Inc.(a) | 2,796 | 44,512 | |
Northwest Bancshares, Inc. | 11,407 | 152,740 | |
OFG Bancorp | 15,863 | 116,117 | |
Old National Bancorp | 20,995 | 284,692 | |
Oritani Financial Corp. | 3,121 | 51,496 | |
Pinnacle Financial Partners, Inc. | 2,810 | 144,322 | |
PrivateBancorp, Inc. | 7,356 | 301,743 | |
Provident Financial Services, Inc. | 7,453 | 150,178 | |
S&T Bancorp, Inc.(a) | 3,709 | 114,311 | |
Simmons First National Corp., Class A | 3,146 | 161,578 | |
Southside Bancshares, Inc.(a) | 3,180 | 76,384 | |
Sterling Bancorp(a) | 9,672 | 156,880 | |
Talmer Bancorp, Inc., Class A | 8,419 | 152,468 | |
Texas Capital Bancshares, Inc.* | 5,585 | 276,011 | |
Tompkins Financial Corp. | 2,030 | 114,005 | |
TrustCo Bank Corp. | 12,789 | 78,524 | |
UMB Financial Corp.(a) | 9,045 | 421,045 | |
United Bankshares, Inc.(a) | 5,838 | 215,948 |
Investments | Shares | Value | |
United Community Banks, Inc. | 7,962 | $ | 155,179 |
Walker & Dunlop, Inc.* | 8,051 | 231,949 | |
Westamerica Bancorporation(a) | 1,889 | 88,311 | |
Wilshire Bancorp, Inc. | 8,254 | 95,334 | |
Wintrust Financial Corp. | 8,853 | 429,547 | |
Total Banks | 8,721,429 | ||
Capital Goods—15.8% | |||
AAON, Inc.(a) | 3,819 | 88,677 | |
AAR Corp. | 35,195 | 925,277 | |
Actuant Corp., Class A | 30,855 | 739,286 | |
Aegion Corp.* | 35,075 | 677,298 | |
Aerojet Rocketdyne Holdings, Inc.* | 52,359 | 819,942 | |
Aerovironment, Inc.* | 4,310 | 127,016 | |
Albany International Corp., Class A | 10,041 | 366,999 | |
American Science & Engineering, Inc. | 2,055 | 85,036 | |
American Woodmark Corp.* | 4,955 | 396,301 | |
Apogee Enterprises, Inc. | 10,292 | 447,805 | |
Applied Industrial Technologies, Inc. | 36,039 | 1,459,219 | |
Astec Industries, Inc. | 13,084 | 532,519 | |
AZZ, Inc. | 7,429 | 412,830 | |
Barnes Group, Inc. | 17,253 | 610,584 | |
Briggs & Stratton Corp. | 56,785 | 982,380 | |
Chart Industries, Inc.* | 31,420 | 564,303 | |
CIRCOR International, Inc. | 8,416 | 354,734 | |
Comfort Systems USA, Inc. | 25,777 | 732,582 | |
Cubic Corp. | 15,583 | 736,297 | |
Curtiss-Wright Corp. | 16,682 | 1,142,717 | |
DXP Enterprises, Inc.* | 26,602 | 606,526 | |
Dycom Industries, Inc.*(a) | 12,093 | 846,026 | |
EMCOR Group, Inc. | 70,281 | 3,376,299 | |
Encore Wire Corp. | 13,644 | 506,056 | |
EnerSys | 22,960 | 1,284,153 | |
Engility Holdings, Inc. | 29,733 | 965,728 | |
EnPro Industries, Inc. | 13,767 | 603,545 | |
ESCO Technologies, Inc. | 7,330 | 264,906 | |
Federal Signal Corp. | 29,046 | 460,379 | |
Franklin Electric Co., Inc. | 17,201 | 464,943 | |
General Cable Corp. | 188,977 | 2,537,961 | |
Gibraltar Industries, Inc.* | 19,741 | 502,211 | |
Greenbrier Cos., Inc. (The) | 209,810 | 6,844,002 | |
Griffon Corp. | 59,676 | 1,062,233 | |
Harsco Corp. | 106,515 | 839,338 | |
Hillenbrand, Inc. | 29,785 | 882,530 | |
John Bean Technologies Corp. | 11,520 | 574,042 | |
Kaman Corp. | 22,379 | 913,287 | |
Lindsay Corp.(a) | 4,501 | 325,872 | |
Lydall, Inc.* | 8,092 | 287,104 | |
Moog, Inc., Class A* | 20,712 | 1,255,147 | |
Mueller Industries, Inc. | 39,312 | 1,065,355 | |
MYR Group, Inc.* | 26,864 | 553,667 | |
National Presto Industries, Inc. | 2,788 | 231,014 | |
Orion Marine Group, Inc.*(a) | 46,499 | 193,901 | |
PGT, Inc.* | 16,247 | 185,053 | |
Powell Industries, Inc. | 12,999 | 338,364 | |
Quanex Building Products Corp. | 15,560 | 324,426 | |
Simpson Manufacturing Co., Inc. | 11,460 | 391,359 | |
SPX Corp. | 143,913 | 1,342,708 | |
SPX FLOW, Inc.* | 49,046 | 1,368,874 | |
Standex International Corp. | 4,883 | 406,021 | |
TASER International, Inc.*(a) | 5,803 | 100,334 |
The accompanying notes are an integral part of these financial statements.
16 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
(FORMERLY REVENUE SHARES SMALL CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Capital Goods (continued) | |||
Tennant Co. | 7,278 | $ | 409,460 |
Titan International, Inc. | 196,488 | 774,163 | |
Universal Forest Products, Inc. | 20,313 | 1,388,800 | |
Veritiv Corp.*(a) | 116,403 | 4,216,117 | |
Vicor Corp.* | 11,576 | 105,573 | |
Watts Water Technologies, Inc., | |||
Class A | 14,503 | 720,364 | |
Total Capital Goods | 51,719,643 | ||
Commercial & Professional Services—6.5% | |||
ABM Industries, Inc. | 92,329 | 2,628,607 | |
Brady Corp., Class A | 25,364 | 582,865 | |
Brink’s Co. (The) | 52,946 | 1,528,022 | |
CDI Corp. | 71,777 | 485,212 | |
Essendant, Inc. | 83,631 | 2,718,844 | |
Exponent, Inc. | 2,963 | 148,002 | |
G&K Services, Inc., Class A | 7,404 | 465,712 | |
Healthcare Services Group, Inc. | 20,267 | 706,710 | |
Heidrick & Struggles | |||
International, Inc. | 9,501 | 258,617 | |
Insperity, Inc. | 27,605 | 1,329,181 | |
Interface, Inc. | 27,545 | 527,211 | |
Kelly Services, Inc., Class A | 177,499 | 2,866,609 | |
Korn/Ferry International | 15,039 | 498,994 | |
Matthews International Corp., | |||
Class A | 13,140 | 702,333 | |
Mobile Mini, Inc.(a) | 8,093 | 251,935 | |
Navigant Consulting, Inc.* | 25,322 | 406,671 | |
On Assignment, Inc.* | 22,642 | 1,017,758 | |
Resources Connection, Inc. | 17,909 | 292,633 | |
Tetra Tech, Inc. | 33,504 | 871,774 | |
TrueBlue, Inc.* | 49,379 | 1,272,003 | |
UniFirst Corp. | 6,870 | 715,854 | |
US Ecology, Inc. | 7,984 | 290,937 | |
Viad Corp. | 18,186 | 513,391 | |
WageWorks, Inc.* | 3,893 | 176,625 | |
Total Commercial & Professional Services | 21,256,500 | ||
Consumer Durables & Apparel—3.7% | |||
Arctic Cat, Inc. | 22,260 | 364,619 | |
Callaway Golf Co. | 42,638 | 401,650 | |
Crocs, Inc.*(a) | 50,871 | 520,919 | |
Ethan Allen Interiors, Inc. | 13,757 | 382,720 | |
G-III Apparel Group Ltd.* | 22,518 | 996,647 | |
Helen of Troy Ltd.* | 7,119 | 670,966 | |
Iconix Brand Group, Inc.*(a) | 24,623 | 168,175 | |
Installed Building Products, Inc.* | 12,672 | 314,646 | |
iRobot Corp.*(a) | 8,103 | 286,846 | |
La-Z-Boy, Inc. | 29,579 | 722,319 | |
M/I Homes, Inc.* | 31,206 | 684,035 | |
Meritage Homes Corp.* | 36,270 | 1,232,817 | |
Movado Group, Inc. | 11,140 | 286,409 | |
Oxford Industries, Inc. | 7,308 | 466,397 | |
Perry Ellis International, Inc.* | 23,550 | 433,791 | |
Steven Madden Ltd.* | 23,552 | 711,741 | |
Sturm Ruger & Co., Inc.(a) | 4,508 | 268,722 | |
TopBuild Corp.* | 27,317 | 840,544 | |
Tumi Holdings, Inc.* | 15,858 | 263,719 | |
Unifi, Inc.* | 12,127 | 341,375 |
Investments | Shares | Value | |
Universal Electronics, Inc.* | 5,875 | $ | 301,681 |
Wolverine World Wide, Inc. | 82,073 | 1,371,440 | |
Total Consumer Durables & Apparel | 12,032,178 | ||
Consumer Services—3.9% | |||
American Public Education, Inc.* | 8,266 | 153,830 | |
Biglari Holdings, Inc.*(a) | 1,267 | 412,814 | |
BJ’s Restaurants, Inc.* | 10,715 | 465,781 | |
Bob Evans Farms, Inc. | 16,930 | 657,730 | |
Boyd Gaming Corp.* | 59,636 | 1,184,967 | |
Capella Education Co. | 4,539 | 209,793 | |
Career Education Corp.* | 74,738 | 271,299 | |
DineEquity, Inc. | 4,105 | 347,570 | |
Interval Leisure Group, Inc.(a) | 22,465 | 350,679 | |
Marcus Corp. (The) | 12,184 | 231,130 | |
Marriott Vacations Worldwide Corp. | 12,046 | 686,020 | |
Monarch Casino & Resort, Inc.* | 4,571 | 103,853 | |
Papa John’s International, Inc. | 14,763 | 824,809 | |
Pinnacle Entertainment, Inc.* | 38,588 | 1,200,859 | |
Popeyes Louisiana Kitchen, Inc.* | 2,315 | 135,427 | |
Red Robin Gourmet Burgers, Inc.* | 10,233 | 631,785 | |
Regis Corp.* | 62,745 | 887,842 | |
Ruby Tuesday, Inc.* | 103,496 | 570,263 | |
Ruth’s Hospitality Group, Inc. | 9,418 | 149,935 | |
Scientific Games Corp., Class A*(a) | 162,877 | 1,461,007 | |
Sonic Corp. | 9,821 | 317,317 | |
Strayer Education, Inc.* | 3,884 | 233,506 | |
Texas Roadhouse, Inc. | 26,126 | 934,527 | |
Universal Technical Institute, Inc. | 41,758 | 194,592 | |
Total Consumer Services | 12,617,335 | ||
Diversified Financials—2.0% | |||
Calamos Asset Management, | |||
Inc., Class A | 13,133 | 127,127 | |
Cash America International, Inc.(a) | 17,691 | 529,845 | |
Encore Capital Group, Inc.*(a) | 19,073 | 554,643 | |
Enova International, Inc.* | 50,010 | 330,566 | |
Evercore Partners, Inc., Class A | 10,494 | 567,410 | |
EZCORP, Inc., Class A* | 94,036 | 469,240 | |
Financial Engines, Inc.(a) | 4,609 | 155,185 | |
First Cash Financial Services, Inc.* | 9,897 | 370,445 | |
Green Dot Corp., Class A* | 21,587 | 354,458 | |
Greenhill & Co., Inc. | 4,824 | 138,015 | |
HFF, Inc., Class A | 6,969 | 216,527 | |
Interactive Brokers Group, Inc., | |||
Class A | 18,109 | 789,552 | |
INTL. FCStone, Inc.* | 8,974 | 300,270 | |
Investment Technology Group, Inc. | 16,686 | 283,996 | |
Piper Jaffray Cos.* | 7,892 | 318,837 | |
PRA Group, Inc.*(a) | 12,762 | 442,714 | |
Virtus Investment Partners, Inc.(a) | 1,689 | 198,390 | |
World Acceptance Corp.*(a) | 7,800 | 289,380 | |
Total Diversified Financials | 6,436,600 | ||
Energy—4.2% | |||
Archrock, Inc. | 190,213 | 1,430,402 | |
Basic Energy Services, Inc.*(a) | 202,802 | 543,509 | |
Bill Barrett Corp.*(a) | 22,692 | 89,180 | |
Bonanza Creek Energy, Inc.*(a) | 28,898 | 152,292 | |
Bristow Group, Inc.(a) | 35,304 | 914,374 |
The accompanying notes are an integral part of these financial statements.
17 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
(FORMERLY REVENUE SHARES SMALL CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Energy (continued) | |||
CARBO Ceramics, Inc.(a) | 12,368 | $ | 212,730 |
Carrizo Oil & Gas, Inc.* | 7,881 | 233,120 | |
Cloud Peak Energy, Inc.*(a) | 293,061 | 609,567 | |
Contango Oil & Gas Co.* | 5,533 | 35,467 | |
Era Group, Inc.* | 14,588 | 162,656 | |
Exterran Corp.* | 70,678 | 1,134,382 | |
Geospace Technologies Corp.*(a) | 4,428 | 62,302 | |
Green Plains, Inc. | 74,817 | 1,713,309 | |
Gulf Island Fabrication, Inc. | 20,007 | 209,273 | |
GulfMark Offshore, Inc., Class A*(a) | 27,782 | 129,742 | |
Helix Energy Solutions Group, Inc.* | 74,405 | 391,370 | |
Hornbeck Offshore Services, Inc.*(a) | 29,174 | 289,990 | |
Matrix Service Co.* | 32,164 | 660,649 | |
Newpark Resources, Inc.* | 79,567 | 420,114 | |
Northern Oil and Gas, Inc.*(a) | 27,431 | 105,884 | |
PDC Energy, Inc.*(a) | 3,488 | 186,189 | |
Pioneer Energy Services Corp.* | 162,785 | 353,243 | |
REX American Resources Corp.*(a) | 6,050 | 327,123 | |
Rex Energy Corp.*(a) | 107,211 | 112,572 | |
SEACOR Holdings, Inc.*(a) | 10,998 | 578,055 | |
Stone Energy Corp.*(a) | 65,073 | 279,163 | |
Synergy Resources Corp.*(a) | 6,268 | 53,403 | |
Tesco Corp. | 25,705 | 186,104 | |
TETRA Technologies, Inc.* | 73,897 | 555,705 | |
Tidewater, Inc.(a) | 111,425 | 775,518 | |
U.S. Silica Holdings, Inc. | 18,726 | 350,738 | |
Unit Corp.*(a) | 44,368 | 541,290 | |
Total Energy | 13,799,415 | ||
Food & Staples Retailing—1.9% | |||
Andersons, Inc. (The) | 70,800 | 2,239,404 | |
SpartanNash Co. | 184,847 | 4,000,089 | |
Total Food & Staples Retailing | 6,239,493 | ||
Food, Beverage & Tobacco—2.7% | |||
B&G Foods, Inc. | 12,573 | 440,307 | |
Calavo Growers, Inc. | 8,258 | 404,642 | |
Cal-Maine Foods, Inc.(a) | 16,555 | 767,159 | |
Darling Ingredients, Inc.* | 184,883 | 1,944,969 | |
Diamond Foods, Inc.* | 11,334 | 436,926 | |
J&J Snack Foods Corp. | 4,337 | 505,998 | |
Sanderson Farms, Inc.(a) | 20,439 | 1,584,431 | |
Seneca Foods Corp., Class A* | 23,188 | 671,988 | |
Snyder’s-Lance, Inc.(a) | 24,017 | 823,783 | |
Universal Corp.(a) | 20,466 | 1,147,733 | |
Total Food, Beverage & Tobacco | 8,727,936 | ||
Health Care Equipment & Services—6.7% | |||
Abaxis, Inc.(a) | 1,999 | 111,304 | |
ABIOMED, Inc.* | 1,360 | 122,781 | |
Aceto Corp. | 10,303 | 277,975 | |
Air Methods Corp.*(a) | 12,930 | 542,155 | |
Almost Family, Inc.* | 6,735 | 257,479 | |
Amedisys, Inc.* | 15,573 | 612,330 | |
AMN Healthcare Services, Inc.* | 23,127 | 718,093 | |
Analogic Corp. | 3,267 | 269,854 | |
AngioDynamics, Inc.* | 14,474 | 175,714 | |
Anika Therapeutics, Inc.* | 979 | 37,359 | |
Cantel Medical Corp. | 4,306 | 267,575 | |
Chemed Corp.(a) | 5,246 | 785,851 |
Investments | Shares | Value | |
Computer Programs & Systems, Inc. | 1,932 | $ | 96,117 |
CONMED Corp. | 8,870 | 390,723 | |
CorVel Corp.* | 6,250 | 274,500 | |
Cross Country Healthcare, Inc.* | 22,397 | 367,087 | |
CryoLife, Inc. | 6,947 | 74,889 | |
Cynosure, Inc., Class A* | 4,070 | 181,807 | |
Ensign Group, Inc. (The) | 27,150 | 614,405 | |
ExamWorks Group, Inc.* | 15,620 | 415,492 | |
Greatbatch, Inc.* | 5,780 | 303,450 | |
Haemonetics Corp.* | 15,104 | 486,953 | |
HealthEquity, Inc.*(a) | 1,538 | 38,558 | |
HealthStream, Inc.* | 4,467 | 98,274 | |
Healthways, Inc.*(a) | 32,170 | 414,028 | |
HMS Holdings Corp.*(a) | 18,079 | 223,095 | |
ICU Medical, Inc.* | 1,514 | 170,749 | |
Inogen, Inc.*(a) | 1,871 | 75,008 | |
Integra LifeSciences Holdings Corp.* | 7,094 | 480,831 | |
Invacare Corp. | 33,739 | 586,721 | |
Kindred Healthcare, Inc.(a) | 259,354 | 3,088,906 | |
Landauer, Inc. | 2,603 | 85,691 | |
LHC Group, Inc.* | 8,692 | 393,661 | |
Magellan Health, Inc.*(a) | 38,438 | 2,370,087 | |
Masimo Corp.* | 7,679 | 318,755 | |
MedAssets, Inc.* | 12,765 | 394,949 | |
Medidata Solutions, Inc.* | 4,361 | 214,954 | |
Meridian Bioscience, Inc. | 4,919 | 100,938 | |
Merit Medical Systems, Inc.* | 14,673 | 272,771 | |
Natus Medical, Inc.* | 3,806 | 182,878 | |
Neogen Corp.* | 2,554 | 144,352 | |
NuVasive, Inc.* | 8,024 | 434,179 | |
Omnicell, Inc.* | 8,448 | 262,564 | |
PharMerica Corp.* | 33,998 | 1,189,930 | |
Providence Service Corp. (The)* | 18,337 | 860,372 | |
Quality Systems, Inc. | 15,074 | 242,993 | |
Select Medical Holdings Corp. | 145,278 | 1,730,261 | |
SurModics, Inc.* | 1,231 | 24,952 | |
US Physical Therapy, Inc. | 3,244 | 174,138 | |
Vascular Solutions, Inc.* | 2,007 | 69,021 | |
Total Health Care Equipment & Services | 22,027,509 | ||
Household & Personal Products—0.4% | |||
Central Garden & Pet Co.* | 28,612 | 386,834 | |
Central Garden & Pet Co., Class A* | 26,933 | 366,289 | |
Inter Parfums, Inc. | 9,542 | 227,290 | |
Medifast, Inc. | 4,726 | 143,576 | |
WD-40 Co. | 1,931 | 190,493 | |
Total Household & Personal Products | 1,314,482 | ||
Insurance—2.4% | |||
American Equity Investment Life | |||
Holding Co. | 33,568 | 806,639 | |
AMERISAFE, Inc. | 4,212 | 214,391 | |
eHealth, Inc.* | 8,748 | 87,305 | |
Employers Holdings, Inc. | 14,156 | 386,459 | |
HCI Group, Inc.(a) | 4,354 | 151,737 | |
Horace Mann Educators Corp. | 16,427 | 545,048 | |
Infinity Property & Casualty Corp. | 9,431 | 775,511 | |
Navigators Group, Inc. (The)* | 6,233 | 534,729 | |
ProAssurance Corp. | 8,414 | 408,331 | |
RLI Corp. | 6,888 | 425,334 | |
Safety Insurance Group, Inc. | 7,715 | 434,972 |
The accompanying notes are an integral part of these financial statements.
18 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
(FORMERLY REVENUE SHARES SMALL CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Insurance (continued) | |||
Selective Insurance Group, Inc. | 30,746 | $ | 1,032,451 |
Stewart Information Services Corp. | 27,858 | 1,039,939 | |
United Fire Group, Inc. | 13,414 | 513,890 | |
United Insurance Holdings Corp. | 9,245 | 158,089 | |
Universal Insurance Holdings, Inc. | 12,000 | 278,160 | |
Total Insurance | 7,792,985 | ||
Materials—7.6% | |||
A. Schulman, Inc. | 40,970 | 1,255,321 | |
AK Steel Holding Corp.*(a) | 1,673,533 | 3,748,714 | |
American Vanguard Corp. | 10,314 | 144,499 | |
Balchem Corp. | 4,822 | 293,178 | |
Boise Cascade Co.*(a) | 72,343 | 1,846,917 | |
Calgon Carbon Corp. | 16,618 | 286,660 | |
Century Aluminum Co.*(a) | 285,323 | 1,261,128 | |
Clearwater Paper Corp.* | 20,234 | 921,254 | |
Deltic Timber Corp. | 1,779 | 104,730 | |
Ferroglobe PLC | 42,568 | 457,606 | |
Flotek Industries, Inc.*(a) | 17,198 | 196,745 | |
FutureFuel Corp. | 12,681 | 171,193 | |
H.B. Fuller Co. | 29,259 | 1,067,076 | |
Hawkins, Inc. | 4,903 | 175,380 | |
Haynes International, Inc. | 7,081 | 259,802 | |
Headwaters, Inc.* | 25,341 | 427,503 | |
Innophos Holdings, Inc. | 13,817 | 400,417 | |
Innospec, Inc. | 9,730 | 528,436 | |
Intrepid Potash, Inc.*(a) | 44,670 | 131,776 | |
Kaiser Aluminum Corp. | 8,606 | 719,978 | |
KapStone Paper and Packaging Corp. | 54,757 | 1,236,961 | |
Koppers Holdings, Inc.* | 45,123 | 823,495 | |
Kraton Performance Polymers, Inc.* | 28,964 | 481,092 | |
LSB Industries, Inc.*(a) | 58,711 | 425,655 | |
Materion Corp. | 20,572 | 576,016 | |
Myers Industries, Inc. | 21,950 | 292,374 | |
Neenah Paper, Inc. | 7,077 | 441,817 | |
Olympic Steel, Inc. | 62,634 | 725,302 | |
PH Glatfelter Co. | 45,488 | 838,799 | |
Quaker Chemical Corp. | 4,994 | 385,836 | |
Rayonier Advanced Materials, Inc. | 50,433 | 493,739 | |
Schweitzer-Mauduit International, Inc. | 9,154 | 384,376 | |
Stepan Co. | 18,054 | 897,103 | |
Stillwater Mining Co.*(a) | 45,545 | 390,321 | |
SunCoke Energy, Inc. | 234,553 | 813,899 | |
TimkenSteel Corp.(a) | 83,408 | 698,959 | |
Tredegar Corp. | 32,141 | 437,760 | |
Wausau Paper Corp. | 17,552 | 179,557 | |
Total Materials | 24,921,374 | ||
Media—0.9% | |||
E.W. Scripps Co., (The), Class A(a) | 19,663 | 373,597 | |
Gannett Co., Inc. | 87,720 | 1,428,959 | |
Harte-Hanks, Inc. | 74,864 | 242,560 | |
Scholastic Corp. | 19,131 | 737,691 | |
Sizmek, Inc.* | 16,571 | 60,484 | |
Total Media | 2,843,291 | ||
Pharmaceuticals, Biotechnology & Life Sciences—1.1% | |||
Acorda Therapeutics, Inc.* | 6,240 | 266,947 | |
Affymetrix, Inc.*(a) | 18,861 | 190,307 | |
Albany Molecular Research, Inc.*(a) | 9,361 | 185,816 |
Investments | Shares | Value | |
ANI Pharmaceuticals, Inc.*(a) | 759 | $ | 34,250 |
Cambrex Corp.* | 4,075 | 191,892 | |
Depomed, Inc.*(a) | 11,498 | 208,459 | |
Emergent BioSolutions, Inc.* | 6,808 | 272,388 | |
Enanta Pharmaceuticals, Inc.*(a) | 2,299 | 75,913 | |
Impax Laboratories, Inc.* | 8,722 | 372,953 | |
Lannett Co., Inc.*(a) | 4,833 | 193,900 | |
Ligand Pharmaceuticals, Inc.*(a) | 397 | 43,043 | |
Luminex Corp.* | 5,325 | 113,902 | |
Medicines Co. (The)*(a) | 6,256 | 233,599 | |
MiMedx Group, Inc.*(a) | 10,504 | 98,422 | |
Momenta Pharmaceuticals, Inc.* | 2,754 | 40,869 | |
Nektar Therapeutics*(a) | 3,375 | 56,869 | |
Phibro Animal Health Corp., Class A | 11,850 | 357,041 | |
Prestige Brands Holdings, Inc.* | 6,659 | 342,805 | |
Repligen Corp.*(a) | 1,346 | 38,078 | |
Sagent Pharmaceuticals, Inc.* | 10,512 | 167,246 | |
Spectrum Pharmaceuticals, Inc.*(a) | 14,227 | 85,789 | |
Supernus Pharmaceuticals, Inc.* | 5,012 | 67,361 | |
Total Pharmaceuticals, Biotechnology & | |||
Life Sciences | 3,637,849 | ||
Real Estate—1.7% | |||
Acadia Realty Trust | 3,480 | 115,362 | |
Agree Realty Corp. | 799 | 27,158 | |
American Assets Trust, Inc. | 3,564 | 136,679 | |
Capstead Mortgage Corp. | 6,835 | 59,738 | |
CareTrust REIT, Inc. | 3,023 | 33,102 | |
Cedar Realty Trust, Inc. | 4,725 | 33,453 | |
Chesapeake Lodging Trust | 10,927 | 274,923 | |
CoreSite Realty Corp. | 2,798 | 158,703 | |
Cousins Properties, Inc. | 21,264 | 200,520 | |
DiamondRock Hospitality Co. | 44,627 | 430,651 | |
EastGroup Properties, Inc. | 2,255 | 125,401 | |
Education Realty Trust, Inc. | 3,350 | 126,898 | |
EPR Properties | 3,690 | 215,680 | |
Forestar Group, Inc.*(a) | 10,451 | 114,334 | |
Four Corners Property Trust, Inc.* | 436 | 10,534 | |
Franklin Street Properties Corp. | 12,442 | 128,775 | |
Geo Group, Inc. (The) | 32,774 | 947,496 | |
Getty Realty Corp. | 3,056 | 52,410 | |
Government Properties Income Trust(a) | 7,527 | 119,453 | |
Healthcare Realty Trust, Inc. | 7,052 | 199,713 | |
Inland Real Estate Corp. | 9,858 | 104,692 | |
Kite Realty Group Trust | 6,776 | 175,702 | |
Lexington Realty Trust | 26,551 | 212,408 | |
LTC Properties, Inc. | 1,608 | 69,369 | |
Medical Properties Trust, Inc. | 17,260 | 198,663 | |
Parkway Properties, Inc. | 15,211 | 237,748 | |
Pennsylvania Real Estate | |||
Investment Trust | 9,986 | 218,394 | |
PS Business Parks, Inc. | 2,164 | 189,199 | |
Retail Opportunity Investments Corp. | 5,202 | 93,116 | |
RMR Group, Inc. (The), Class A* | 91 | 1,311 | |
Sabra Health Care REIT, Inc. | 5,876 | 118,871 | |
Saul Centers, Inc. | 1,894 | 97,105 | |
Summit Hotel Properties, Inc. | 18,272 | 218,350 | |
Universal Health Realty Income Trust | 796 | 39,808 | |
Urstadt Biddle Properties, Inc., Class A | 2,726 | 52,448 | |
Total Real Estate | 5,538,167 |
The accompanying notes are an integral part of these financial statements.
19 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
(FORMERLY REVENUE SHARES SMALL CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Retailing—13.0% | |||
Barnes & Noble Education, Inc.*(a) | 99,387 | $ | 988,901 |
Barnes & Noble, Inc. | 292,148 | 2,544,609 | |
Big 5 Sporting Goods Corp. | 52,473 | 524,205 | |
Blue Nile, Inc.* | 6,716 | 249,365 | |
Buckle, Inc. (The)(a) | 18,382 | 565,798 | |
Caleres, Inc. | 46,722 | 1,253,084 | |
Cato Corp., (The), Class A(a) | 12,796 | 471,149 | |
Children’s Place, Inc. (The) | 16,434 | 907,157 | |
Core-Mark Holding Co., Inc. | 49,740 | 4,075,696 | |
Express, Inc.* | 62,610 | 1,081,901 | |
Finish Line, Inc., (The), Class A | 56,971 | 1,030,036 | |
Five Below, Inc.* | 10,419 | 334,450 | |
Francesca’s Holdings Corp.* | 11,201 | 195,009 | |
Fred’s, Inc., Class A(a) | 61,669 | 1,009,521 | |
FTD Cos., Inc.*(a) | 20,160 | 527,587 | |
Genesco, Inc.* | 25,153 | 1,429,445 | |
Group 1 Automotive, Inc. | 68,431 | 5,180,227 | |
Haverty Furniture Cos., Inc. | 18,511 | 396,876 | |
Hibbett Sports, Inc.*(a) | 14,591 | 441,232 | |
Kirkland’s, Inc. | 16,995 | 246,427 | |
Lithia Motors, Inc., Class A(a) | 34,799 | 3,712,009 | |
Lumber Liquidators Holdings, Inc.* | 28,071 | 487,313 | |
MarineMax, Inc.* | 20,482 | 377,278 | |
Men’s Wearhouse, Inc. (The) | 102,545 | 1,505,361 | |
Monro Muffler Brake, Inc. | 6,510 | 431,092 | |
Nutrisystem, Inc. | 10,643 | 230,314 | |
Outerwall, Inc.(a) | 28,083 | 1,026,153 | |
Pep Boys-Manny, Moe & Jack (The)* | 66,823 | 1,230,211 | |
PetMed Express, Inc.(a) | 6,889 | 118,077 | |
Pool Corp. | 14,402 | 1,163,394 | |
Select Comfort Corp.* | 29,560 | 632,880 | |
Sonic Automotive, Inc., Class A | 206,146 | 4,691,883 | |
Stage Stores, Inc.(a) | 100,127 | 912,157 | |
Stein Mart, Inc. | 89,500 | 602,335 | |
Tuesday Morning Corp.* | 68,464 | 445,016 | |
Vitamin Shoppe, Inc.* | 19,769 | 646,446 | |
VOXX International Corp.* | 69,541 | 365,786 | |
Zumiez, Inc.*(a) | 25,475 | 385,182 | |
Total Retailing | 42,415,562 | ||
Semiconductors & Semiconductor Equipment—1.4% | |||
Advanced Energy Industries, Inc.* | 9,853 | 278,150 | |
Brooks Automation, Inc. | 24,038 | 256,726 | |
Cabot Microelectronics Corp.* | 5,066 | 221,789 | |
CEVA, Inc.* | 1,197 | 27,962 | |
Cirrus Logic, Inc.* | 13,671 | 403,705 | |
Cohu, Inc. | 12,115 | 146,228 | |
Diodes, Inc.* | 18,706 | 429,864 | |
DSP Group, Inc.* | 7,182 | 67,798 | |
Exar Corp.* | 6,110 | 37,454 | |
Kopin Corp.* | 1,147 | 3,120 | |
Kulicke & Soffa Industries, Inc.* | 28,498 | 332,572 | |
Microsemi Corp.* | 19,178 | 625,011 | |
MKS Instruments, Inc. | 11,960 | 430,560 | |
Monolithic Power Systems, Inc. | 2,605 | 165,964 | |
Nanometrics, Inc.* | 5,823 | 88,160 | |
Power Integrations, Inc. | 3,698 | 179,834 | |
Rambus, Inc.* | 12,317 | 142,754 | |
Rudolph Technologies, Inc.* | 7,482 | 106,394 | |
Semtech Corp.* | 14,901 | 281,927 |
Investments | Shares | Value | |
Tessera Technologies, Inc.(a) | 4,194 | $ | 125,862 |
Ultratech, Inc.* | 4,856 | 96,246 | |
Veeco Instruments, Inc.* | 11,556 | 237,591 | |
Total Semiconductors & | |||
Semiconductor Equipment | 4,685,671 | ||
Software & Services—3.8% | |||
Blackbaud, Inc. | 4,718 | 310,727 | |
Blucora, Inc.* | 23,154 | 226,909 | |
Bottomline Technologies (de), Inc.*(a) | 5,633 | 167,469 | |
CACI International, Inc., Class A* | 18,285 | 1,696,482 | |
Cardtronics, Inc.*(a) | 17,131 | 576,458 | |
Ciber, Inc.* | 116,448 | 408,732 | |
comScore, Inc.*(a) | 4,899 | 201,594 | |
Constant Contact, Inc.* | 6,197 | 181,200 | |
CSG Systems International, Inc. | 10,923 | 393,010 | |
DHI Group, Inc.* | 14,463 | 132,626 | |
Ebix, Inc.(a) | 4,083 | 133,882 | |
EPIQ Systems, Inc. | 16,721 | 218,543 | |
Exlservice Holdings, Inc.* | 6,466 | 290,517 | |
Forrester Research, Inc. | 5,259 | 149,776 | |
Heartland Payment Systems, Inc. | 14,068 | 1,333,928 | |
Interactive Intelligence Group, Inc.* | 6,032 | 189,525 | |
Liquidity Services, Inc.*(a) | 34,168 | 222,092 | |
LivePerson, Inc.* | 10,788 | 72,819 | |
LogMeIn, Inc.* | 2,012 | 135,005 | |
ManTech International Corp., Class A | 25,661 | 775,989 | |
MicroStrategy, Inc., Class A* | 1,739 | 311,785 | |
Monotype Imaging Holdings, Inc. | 3,907 | 92,361 | |
Monster Worldwide, Inc.*(a) | 62,687 | 359,197 | |
NIC, Inc. | 7,281 | 143,290 | |
Perficient, Inc.* | 12,974 | 222,115 | |
Progress Software Corp.* | 8,119 | 194,856 | |
QuinStreet, Inc.* | 30,421 | 130,506 | |
Rovi Corp.* | 24,062 | 400,873 | |
Stamps.com, Inc.* | 837 | 91,744 | |
Sykes Enterprises, Inc.* | 21,097 | 649,366 | |
Synchronoss Technologies, Inc.*(a) | 7,608 | 268,030 | |
Take-Two Interactive Software, Inc.* | 13,934 | 485,461 | |
Tangoe, Inc.* | 12,594 | 105,664 | |
TeleTech Holdings, Inc. | 22,758 | 635,176 | |
VASCO Data Security | |||
International, Inc.*(a) | 7,471 | 124,990 | |
Virtusa Corp.* | 5,385 | 222,616 | |
XO Group, Inc.* | 4,434 | 71,210 | |
Total Software & Services | 12,326,523 | ||
Technology Hardware & Equipment—8.3% | |||
ADTRAN, Inc. | 18,500 | 318,570 | |
Agilysys, Inc.* | 4,456 | 44,515 | |
Anixter International, Inc.* | 50,474 | 3,048,125 | |
Badger Meter, Inc. | 3,309 | 193,874 | |
Bel Fuse, Inc., Class B | 17,349 | 299,964 | |
Benchmark Electronics, Inc.* | 65,509 | 1,354,071 | |
Black Box Corp. | 53,722 | 511,971 | |
CalAmp Corp.* | 6,395 | 127,452 | |
Checkpoint Systems, Inc. | 50,704 | 317,914 | |
Coherent, Inc.* | 6,220 | 404,984 | |
Comtech Telecommunications Corp. | 8,160 | 163,934 | |
CTS Corp. | 10,901 | 192,294 | |
Daktronics, Inc. | 33,294 | 290,324 |
The accompanying notes are an integral part of these financial statements.
20 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
(FORMERLY REVENUE SHARES SMALL CAP FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Technology Hardware & Equipment (continued) | |||
Digi International, Inc.* | 8,381 | $ | 95,376 |
DTS, Inc.* | 2,972 | 67,108 | |
Electro Scientific Industries, Inc.* | 10,149 | 52,673 | |
Electronics For Imaging, Inc.* | 8,994 | 420,380 | |
ePlus, Inc.* | 5,837 | 544,359 | |
Fabrinet* | 16,312 | 388,552 | |
FARO Technologies, Inc.* | 5,870 | 173,282 | |
Harmonic, Inc.*(a) | 41,809 | 170,163 | |
II-VI, Inc.* | 20,423 | 379,051 | |
Insight Enterprises, Inc.* | 105,642 | 2,653,727 | |
Itron, Inc.* | 26,989 | 976,462 | |
Ixia* | 20,216 | 251,285 | |
Littelfuse, Inc. | 4,121 | 440,988 | |
Lumentum Holdings, Inc.* | 20,215 | 445,134 | |
Mercury Systems, Inc.* | 6,083 | 111,684 | |
Methode Electronics, Inc. | 13,780 | 438,617 | |
MTS Systems Corp. | 4,709 | 298,598 | |
NETGEAR, Inc.* | 15,055 | 630,955 | |
Newport Corp.* | 19,609 | 311,195 | |
OSI Systems, Inc.* | 5,359 | 475,129 | |
Park Electrochemical Corp. | 4,968 | 74,818 | |
Plexus Corp.*(a) | 38,480 | 1,343,722 | |
QLogic Corp.* | 20,698 | 252,516 | |
Rofin-Sinar Technologies, Inc.* | 10,196 | 273,049 | |
Rogers Corp.* | 6,727 | 346,911 | |
Ruckus Wireless, Inc.*(a) | 17,320 | 185,497 | |
Sanmina Corp.*(a) | 158,576 | 3,263,494 | |
ScanSource, Inc.* | 47,505 | 1,530,611 | |
Super Micro Computer, Inc.*(a) | 41,008 | 1,005,106 | |
TTM Technologies, Inc.* | 134,858 | 877,926 | |
ViaSat, Inc.*(a) | 11,633 | 709,729 | |
Viavi Solutions, Inc.* | 130,417 | 794,239 | |
Total Technology Hardware & Equipment | 27,250,328 | ||
Telecommunication Services—0.7% | |||
8x8, Inc.* | 7,159 | 81,971 | |
Atlantic Tele-Network, Inc. | 2,544 | 199,017 | |
Cincinnati Bell, Inc.* | 167,827 | 604,177 | |
Consolidated Communications | |||
Holdings, Inc. | 18,315 | 383,699 | |
General Communication, | |||
Inc., Class A* | 25,968 | 513,647 | |
Iridium Communications, Inc.*(a) | 26,391 | 221,948 | |
Lumos Networks Corp.* | 8,818 | 98,762 | |
Spok Holdings, Inc. | 5,943 | 108,876 | |
Total Telecommunication Services | 2,212,097 | ||
Transportation—4.8% | |||
Allegiant Travel Co. | 3,626 | 608,552 | |
ArcBest Corp. | 62,676 | 1,340,640 | |
Atlas Air Worldwide Holdings, Inc.* | 23,571 | 974,425 | |
Celadon Group, Inc. | 40,641 | 401,939 | |
Echo Global Logistics, Inc.* | 34,130 | 695,911 | |
Forward Air Corp. | 10,711 | 460,680 | |
Hawaiian Holdings, Inc.* | 31,030 | 1,096,290 | |
Heartland Express, Inc.(a) | 22,452 | 382,133 | |
Hub Group, Inc., Class A* | 53,045 | 1,747,833 | |
Knight Transportation, Inc.(a) | 24,905 | 603,448 | |
Marten Transport Ltd. | 19,642 | 347,663 | |
Matson, Inc. | 21,078 | 898,555 |
Investments | Shares | Value | |
Republic Airways Holdings, Inc.* | 162,254 | $ | 637,658 |
Roadrunner Transportation | |||
Systems, Inc.* | 105,147 | 991,536 | |
Saia, Inc.* | 27,555 | 613,099 | |
SkyWest, Inc. | 81,101 | 1,542,541 | |
UTi Worldwide, Inc.* | 308,455 | 2,168,439 | |
Total Transportation | 15,511,342 | ||
Utilities—2.8% | |||
ALLETE, Inc. | 14,276 | 725,649 | |
American States Water Co.(a) | 5,704 | 239,283 | |
Avangrid, Inc.* | 17,890 | 686,976 | |
Avista Corp. | 22,000 | 778,140 | |
El Paso Electric Co. | 12,039 | 463,501 | |
Laclede Group, Inc. (The) | 17,817 | 1,058,508 | |
New Jersey Resources Corp. | 49,881 | 1,644,078 | |
Northwest Natural Gas Co. | 7,607 | 384,990 | |
NorthWestern Corp. | 11,307 | 613,405 | |
Piedmont Natural Gas Co., Inc. | 12,447 | 709,728 | |
South Jersey Industries, Inc. | 18,171 | 427,382 | |
Southwest Gas Corp. | 23,519 | 1,297,308 | |
Total Utilities | 9,028,948 | ||
Total Common Stocks | |||
(Cost $326,017,448) | 326,020,381 | ||
INVESTMENT OF CASH COLLATERAL | |||
FOR SECURITIES LOANED—8.2% | |||
Dreyfus Institutional Preferred | |||
Money Market Fund— | |||
Prime Shares, 0.23% (b) | |||
(Cost $26,707,172) | 26,707,172 | 26,707,172 | |
Total Investments—108.1% | |||
(Cost $352,724,620) | 352,727,553 | ||
Liabilities in Excess of Other Assets—(8.1)% | (26,326,236) | ||
Net Assets—100.0% | $326,401,317 |
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $33,944,998; total market value of the collateral held by the fund was $35,486,663. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,779,491. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
The accompanying notes are an integral part of these financial statements.
21 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER FINANCIALS SECTOR REVENUE ETF
(FORMERLY REVENUE SHARES FINANCIALS SECTOR FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—99.9% | |||
Banks—29.1% | |||
Bank of America Corp. | 89,881 | $ | 1,512,697 |
BB&T Corp. | 4,610 | 174,304 | |
Citigroup, Inc. | 25,390 | 1,313,932 | |
Comerica, Inc. | 1,179 | 49,318 | |
Fifth Third Bancorp | 5,443 | 109,404 | |
Huntington Bancshares, Inc. | 4,983 | 55,112 | |
JPMorgan Chase & Co. | 26,294 | 1,736,193 | |
KeyCorp | 6,008 | 79,246 | |
M&T Bank Corp. | 684 | 82,887 | |
People’s United Financial, Inc.(a) | 1,451 | 23,434 | |
PNC Financial Services Group, | |||
Inc. (The) | 3,061 | 291,744 | |
Regions Financial Corp. | 10,041 | 96,394 | |
SunTrust Banks, Inc. | 3,517 | 150,668 | |
U.S. Bancorp | 8,190 | 349,467 | |
Wells Fargo & Co. | 29,625 | 1,610,415 | |
Zions Bancorporation | 1,429 | 39,012 | |
Total Banks | 7,674,227 | ||
Capital Markets—11.3% | |||
Affiliated Managers Group, Inc.* | 326 | 52,082 | |
Ameriprise Financial, Inc. | 2,184 | 232,421 | |
Bank of New York Mellon Corp. (The) | 7,074 | 291,590 | |
BlackRock, Inc. | 669 | 227,808 | |
Charles Schwab Corp. (The) | 3,616 | 119,075 | |
E*TRADE Financial Corp.* | 1,181 | 35,005 | |
Franklin Resources, Inc. | 4,407 | 162,266 | |
Goldman Sachs Group, Inc. (The) | 3,649 | 657,659 | |
Invesco Ltd. | 3,186 | 106,667 | |
Legg Mason, Inc. | 1,375 | 53,941 | |
Morgan Stanley | 20,778 | 660,948 | |
Northern Trust Corp. | 1,261 | 90,906 | |
State Street Corp. | 2,990 | 198,416 | |
T. Rowe Price Group, Inc. | 1,120 | 80,069 | |
Total Capital Markets | 2,968,853 | ||
Consumer Finance—4.7% | |||
American Express Co. | 8,418 | 585,472 | |
Capital One Financial Corp. | 4,811 | 347,258 | |
Discover Financial Services | 2,534 | 135,873 | |
Navient Corp. | 3,692 | 42,273 | |
Synchrony Financial* | 4,261 | 129,577 | |
Total Consumer Finance | 1,240,453 | ||
Diversified Financial Services—16.2% | |||
Berkshire Hathaway, Inc., Class B* | 27,910 | 3,685,237 | |
CME Group, Inc. | 666 | 60,340 | |
Intercontinental Exchange, Inc. | 247 | 63,296 | |
Leucadia National Corp. | 13,306 | 231,391 | |
McGraw Hill Financial, Inc. | 1,042 | 102,720 | |
Moody’s Corp. | 678 | 68,031 | |
Nasdaq, Inc. | 1,159 | 67,419 | |
Total Diversified Financial Services | 4,278,434 | ||
Insurance—33.0% | |||
ACE Ltd. | 3,141 | 367,026 | |
Aflac, Inc. | 6,642 | 397,856 | |
Allstate Corp. (The) | 10,954 | 680,134 |
Investments | Shares | Value | |
American International Group, Inc. | 19,101 | $ | 1,183,689 |
Aon PLC | 2,332 | 215,034 | |
Assurant, Inc. | 2,402 | 193,457 | |
Chubb Corp. (The) | 2,012 | 266,872 | |
Cincinnati Financial Corp. | 1,641 | 97,098 | |
Hartford Financial Services | |||
Group, Inc. (The) | 8,006 | 347,941 | |
Lincoln National Corp. | 5,234 | 263,061 | |
Loews Corp. | 6,958 | 267,187 | |
Marsh & McLennan Cos., Inc. | 4,381 | 242,926 | |
MetLife, Inc. | 29,105 | 1,403,152 | |
Principal Financial Group, Inc. | 5,037 | 226,564 | |
Progressive Corp. (The) | 12,594 | 400,489 | |
Prudential Financial, Inc. | 14,428 | 1,174,583 | |
Torchmark Corp. | 1,330 | 76,023 | |
Travelers Cos., Inc. (The) | 4,570 | 515,770 | |
Unum Group | 6,013 | 200,173 | |
XL Group PLC | 4,186 | 164,007 | |
Total Insurance | 8,683,042 | ||
Real Estate Investment Trusts—4.9% | |||
American Tower Corp. | 909 | 88,127 | |
Apartment Investment & | |||
Management Co., Class A | 473 | 18,934 | |
AvalonBay Communities, Inc. | 202 | 37,194 | |
Boston Properties, Inc. | 377 | 48,083 | |
Crown Castle International Corp. | 813 | 70,284 | |
Equinix, Inc. | 170 | 51,408 | |
Equity Residential | 652 | 53,197 | |
Essex Property Trust, Inc. | 99 | 23,702 | |
General Growth Properties, Inc. | 1,829 | 49,767 | |
HCP, Inc. | 1,297 | 49,597 | |
Host Hotels & Resorts, Inc. | 6,453 | 98,989 | |
Iron Mountain, Inc.(a) | 2,177 | 58,801 | |
Kimco Realty Corp. | 830 | 21,962 | |
Macerich Co. (The) | 316 | 25,498 | |
Plum Creek Timber Co., Inc. | 651 | 31,066 | |
Prologis, Inc. | 981 | 42,104 | |
Public Storage | 183 | 45,329 | |
Realty Income Corp. | 385 | 19,877 | |
Simon Property Group, Inc. | 521 | 101,303 | |
SL Green Realty Corp. | 272 | 30,731 | |
Ventas, Inc. | 1,120 | 63,202 | |
Vornado Realty Trust | 483 | 48,281 | |
Welltower, Inc. | 1,072 | 72,928 | |
Weyerhaeuser Co. | 4,481 | 134,340 | |
Total Real Estate Investment Trusts | 1,284,704 | ||
Real Estate Management & Development—0.7% | |||
CBRE Group, Inc., Class A* | 5,393 | 186,490 | |
Total Common Stocks | |||
(Cost $23,096,510) | 26,316,203 |
The accompanying notes are an integral part of these financial statements.
22 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER FINANCIALS SECTOR REVENUE ETF
(FORMERLY REVENUE SHARES FINANCIALS SECTOR FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | ||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—0.1% | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund— | ||||
Prime Shares, 0.23% (b) | ||||
(Cost $23,731) | 23,731 | $ | 23,731 | |
Total Investments—100.0% | ||||
(Cost $23,120,241) | 26,339,934 | |||
Liabilities in Excess of Other Assets—(0.0)%‡ | (10,406 | ) | ||
Net Assets—100.0% | $ | 26,329,528 |
PLC – Public Limited Company
* | Non-income producing security |
‡ | Less than 0.05% |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $75,700; total market value of the collateral held by the fund was $78,674. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $54,943. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
The accompanying notes are an integral part of these financial statements.
23 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER ADR REVENUE ETF
(FORMERLY REVENUE SHARES ADR FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—97.8% | |||
Automobiles & Components—7.9% | |||
Honda Motor Co. Ltd.(a) | 16,592 | $ | 529,783 |
Magna International, Inc. | 3,530 | 143,177 | |
Toyota Motor Corp.(a) | 8,708 | 1,071,432 | |
Total Automobiles & Components | 1,744,392 | ||
Banks—9.2% | |||
Banco Bilbao Vizcaya Argentaria SA(a) | 10,517 | 77,090 | |
Banco Bradesco SA(a) | 13,004 | 62,549 | |
Banco de Chile(a) | 163 | 9,684 | |
Banco Santander Chile(a) | 312 | 5,504 | |
Banco Santander SA(a)(b) | 36,481 | 177,662 | |
Bancolombia SA(a) | 554 | 14,819 | |
Bank of Montreal | 1,161 | 65,504 | |
Bank of Nova Scotia (The) | 1,906 | 77,079 | |
Barclays PLC(a) | 11,736 | 152,098 | |
Canadian Imperial Bank of Commerce | 684 | 45,055 | |
Credicorp Ltd. | 147 | 14,306 | |
HSBC Holdings PLC(a) | 6,780 | 267,606 | |
ING Groep NV(a) | 5,418 | 72,926 | |
KB Financial Group, Inc.(a) | 863 | 24,052 | |
Lloyds Banking Group PLC(a)(b) | 25,183 | 109,798 | |
Mitsubishi UFJ Financial Group, | |||
Inc.(a) | 25,545 | 158,890 | |
Mizuho Financial Group, Inc.(a) | 26,697 | 107,856 | |
Royal Bank of Canada | 2,327 | 124,681 | |
Royal Bank of Scotland Group | |||
PLC*(a)(b) | 9,387 | 83,263 | |
Shinhan Financial Group Co. | |||
Ltd.(a)(b) | 893 | 29,996 | |
Sumitomo Mitsui Financial Group, | |||
Inc.(a) | 22,322 | 169,424 | |
Toronto-Dominion Bank (The) | 2,699 | 105,720 | |
Westpac Banking Corp.(a)(b) | 3,031 | 73,441 | |
Total Banks | 2,029,003 | ||
Capital Goods—1.5% | |||
ABB Ltd.*(a) | 8,848 | 156,875 | |
Embraer SA(a) | 826 | 24,400 | |
Koninklijke Philips NV | 4,180 | 106,381 | |
Nidec Corp.(a)(b) | 1,953 | 35,623 | |
Total Capital Goods | 323,279 | ||
Consumer Durables & Apparel—1.7% | |||
Gildan Activewear, Inc. | 359 | 10,203 | |
Luxottica Group S.p.A.(a) | 651 | 42,224 | |
Sony Corp.(a) | 13,111 | 322,661 | |
Total Consumer Durables & Apparel | 375,088 | ||
Consumer Services—0.4% | |||
Carnival PLC(a) | 1,288 | 73,313 | |
InterContinental Hotels Group PLC(a)(b) | 215 | 8,329 | |
Restaurant Brands International, Inc. | 419 | 15,654 | |
Total Consumer Services | 97,296 | ||
Diversified Financials—2.6% | |||
Credit Suisse Group AG*(a)(b) | 5,611 | 121,703 | |
Deutsche Bank AG(b) | 7,048 | 170,209 | |
Nomura Holdings, Inc.(a) | 11,074 | 61,461 |
Investments | Shares | Value | |
ORIX Corp.(a) | 1,196 | $ | 84,007 |
UBS Group AG | 7,269 | 140,800 | |
Total Diversified Financials | 578,180 | ||
Energy—35.5% | |||
BP PLC(a) | 34,833 | 1,088,879 | |
Cameco Corp. | 814 | 10,037 | |
Canadian Natural Resources Ltd. | 2,264 | 49,423 | |
Cenovus Energy, Inc. | 3,942 | 49,748 | |
China Petroleum & Chemical | |||
Corp.(a)(b) | 27,007 | 1,619,880 | |
CNOOC Ltd.(a)(b) | 1,557 | 162,520 | |
Ecopetrol SA(a)(b) | 13,698 | 96,023 | |
Enbridge, Inc. | 3,852 | 127,848 | |
Encana Corp. | 4,396 | 22,376 | |
Eni S.p.A.(a) | 15,102 | 450,040 | |
Imperial Oil Ltd. | 3,163 | 102,861 | |
Pembina Pipeline Corp.(b) | 780 | 16,973 | |
PetroChina Co. Ltd.(a)(b) | 19,632 | 1,287,663 | |
Petroleo Brasileiro SA*(a)(b) | 48,875 | 210,162 | |
Royal Dutch Shell PLC, Class A(a) | 14,833 | 679,203 | |
Royal Dutch Shell PLC, Class B(a)(b) | 14,586 | 671,539 | |
Statoil ASA(a)(b) | 19,327 | 269,805 | |
Suncor Energy, Inc. | 4,384 | 113,107 | |
Tenaris SA(a) | 1,545 | 36,771 | |
Total SA(a)(b) | 15,102 | 678,835 | |
TransCanada Corp. | 1,144 | 37,283 | |
Ultrapar Participacoes SA(a)(b) | 6,118 | 93,299 | |
Total Energy | 7,874,275 | ||
Food & Staples Retailing—0.9% | |||
Cencosud SA(a)(b) | 12,688 | 78,412 | |
Delhaize Group(a)(b) | 4,807 | 116,762 | |
Total Food & Staples Retailing | 195,174 | ||
Food, Beverage & Tobacco—2.5% | |||
Ambev SA(a) | 13,067 | 58,279 | |
Anheuser-Busch InBev NV(a) | 1,629 | 203,625 | |
BRF SA(a) | 2,821 | 38,986 | |
British American Tobacco PLC(a) | 851 | 93,993 | |
Diageo PLC(a) | 681 | 74,277 | |
Fomento Economico Mexicano | |||
SAB de CV(a) | 819 | 75,634 | |
Total Food, Beverage & Tobacco | 544,794 | ||
Health Care Equipment & Services—0.4% | |||
Fresenius Medical Care AG & Co. | |||
KGaA(a)(b) | 1,829 | 76,525 | |
Smith & Nephew PLC(a) | 630 | 22,428 | |
Total Health Care Equipment & Services | 98,953 | ||
Household & Personal Products—1.2% | |||
Unilever NV | 3,074 | 133,166 | |
Unilever PLC(a) | 3,112 | 134,189 | |
Total Household & Personal Products | 267,355 | ||
Insurance—5.5% | |||
Aegon NV | 27,250 | 154,508 | |
Aviva PLC(a)(b) | 7,529 | 114,516 | |
China Life Insurance Co. Ltd.(a) | 22,369 | 357,680 |
The accompanying notes are an integral part of these financial statements.
24 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER ADR REVENUE ETF
(FORMERLY REVENUE SHARES ADR FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Insurance (continued) | |||
Manulife Financial Corp. | 9,015 | $ | 135,045 |
Prudential PLC(a) | 8,504 | 383,360 | |
Sun Life Financial, Inc. | 2,395 | 74,724 | |
Total Insurance | 1,219,833 | ||
Materials—7.2% | |||
Agnico Eagle Mines Ltd. | 333 | 8,751 | |
Agrium, Inc.(b) | 716 | 63,967 | |
ArcelorMittal(b) | 78,981 | 333,300 | |
Barrick Gold Corp. | 5,636 | 41,594 | |
BHP Billiton Ltd.(a)(b) | 4,250 | 109,480 | |
BHP Billiton PLC(a) | 4,865 | 110,192 | |
Cemex SAB de CV*(a) | 12,570 | 70,015 | |
CRH PLC(a) | 3,455 | 99,573 | |
Eldorado Gold Corp. | 1,197 | 3,555 | |
Gerdau SA(a) | 48,579 | 58,295 | |
Goldcorp, Inc. | 1,429 | 16,519 | |
James Hardie Industries PLC(a)(b) | 638 | 8,084 | |
Kinross Gold Corp.* | 7,246 | 13,188 | |
POSCO(a) | 6,956 | 245,964 | |
Potash Corp. of Saskatchewan, Inc. | 1,609 | 27,546 | |
Randgold Resources Ltd.(a) | 69 | 4,273 | |
Rio Tinto PLC(a)(b) | 6,318 | 183,980 | |
Silver Wheaton Corp. | 6 | 75 | |
Sociedad Quimica y Minera de | |||
Chile SA(a) | 525 | 9,980 | |
Southern Copper Corp.(b) | 916 | 23,926 | |
Syngenta AG(a) | 839 | 66,055 | |
Teck Resources Ltd., Class B(b) | 8,754 | 33,790 | |
Vale SA(a)(b) | 18,337 | 60,329 | |
Yamana Gold, Inc. | 4,248 | 7,901 | |
Total Materials | 1,600,332 | ||
Media—0.9% | |||
Grupo Televisa SAB(a) | 897 | 24,407 | |
Pearson PLC(a) | 2,972 | 32,038 | |
Shaw Communications, Inc., Class B | 836 | 14,371 | |
Thomson Reuters Corp. | 1,405 | 53,179 | |
WPP PLC(a)(b) | 725 | 83,187 | |
Total Media | 207,182 | ||
Pharmaceuticals, Biotechnology & Life Sciences—3.9% | |||
AstraZeneca PLC(a)(b) | 3,328 | 112,986 | |
GlaxoSmithKline PLC(a) | 4,110 | 165,838 | |
Novartis AG(a)(b) | 2,659 | 228,780 | |
Novo Nordisk A/S(a) | 1,237 | 71,845 | |
QIAGEN NV* | 215 | 5,945 | |
Sanofi(a) | 4,332 | 184,760 | |
Shire PLC(a) | 145 | 29,725 | |
Valeant Pharmaceuticals | |||
International, Inc.* | 597 | 60,685 | |
Total Pharmaceuticals, Biotechnology & | |||
Life Sciences | 860,564 | ||
Real Estate—0.4% | |||
Brookfield Asset Management, Inc., | |||
Class A | 2,966 | 93,518 |
Investments | Shares | Value | |
Semiconductors & Semiconductor Equipment—0.8% | |||
ARM Holdings PLC(a) | 131 | $ | 5,927 |
ASML Holding NV(b) | 357 | 31,691 | |
STMicroelectronics NV(b) | 4,514 | 30,063 | |
Taiwan Semiconductor Manufacturing | |||
Co. Ltd.(a) | 5,283 | 120,188 | |
Total Semiconductors & | |||
Semiconductor Equipment | 187,869 | ||
Software & Services—0.6% | |||
CGI Group, Inc., Class A* | 899 | 35,987 | |
SAP SE(a)(b) | 1,277 | 101,011 | |
Total Software & Services | 136,998 | ||
Technology Hardware & Equipment—1.9% | |||
BlackBerry Ltd.* | 2,071 | 19,219 | |
Canon, Inc.(a) | 4,448 | 134,018 | |
Kyocera Corp.(a)(b) | 1,312 | 60,496 | |
Nokia OYJ(a) | 9,539 | 66,964 | |
Telefonaktiebolaget LM Ericsson(a)(b) | 14,146 | 135,943 | |
Total Technology Hardware & Equipment | 416,640 | ||
Telecommunication Services—11.0% | |||
America Movil SAB de CV, Class L(a) | 16,888 | 237,445 | |
BCE, Inc. | 1,911 | 73,803 | |
BT Group PLC(a) | 3,712 | 128,472 | |
China Mobile Ltd.(a) | 8,213 | 462,638 | |
Chunghwa Telecom Co. Ltd.(a)(b) | 1,063 | 31,922 | |
Nippon Telegraph & Telephone | |||
Corp.(a) | 11,526 | 458,043 | |
NTT DOCOMO, Inc.(a) | 9,074 | 186,017 | |
Orange SA(a)(b) | 9,011 | 149,853 | |
Rogers Communications, Inc., Class B | 1,299 | 44,763 | |
Telecom Italia S.p.A.*(a)(b) | 8,341 | 105,514 | |
Telefonica SA(a) | 20,510 | 226,841 | |
TELUS Corp. | 1,518 | 41,973 | |
Vodafone Group PLC(a) | 9,166 | 295,695 | |
Total Telecommunication Services | 2,442,979 | ||
Transportation—0.7% | |||
Canadian National Railway Co. | 827 | 46,213 | |
Canadian Pacific Railway Ltd.(b) | 193 | 24,627 | |
Latam Airlines Group SA*(a)(b) | 9,195 | 49,561 | |
Ryanair Holdings PLC(a) | 378 | 32,682 | |
Total Transportation | 153,083 | ||
Utilities—1.1% | |||
Cia Energetica de Minas Gerais(a) | 20,768 | 31,152 | |
CPFL Energia SA*(a)(b) | 3,430 | 25,451 | |
Empresa Nacional de Electricidad SA(a) | 539 | 19,975 | |
Enersis SA(a) | 4,413 | 53,618 | |
National Grid PLC(a)(b) | 1,572 | 109,317 | |
Total Utilities | 239,513 | ||
Total Common Stocks | |||
(Cost $25,386,643) | 21,686,300 |
The accompanying notes are an integral part of these financial statements.
25 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER ADR REVENUE ETF
(FORMERLY REVENUE SHARES ADR FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | ||
PREFERRED STOCKS—1.6% | ||||
Banks—0.4% | ||||
Itau Unibanco Holding SA(a) | 14,041 | $ | 91,407 | |
Energy—0.9% | ||||
Petroleo Brasileiro SA*(a) | 59,766 | 203,204 | ||
Materials—0.3% | ||||
Vale SA(a) | 23,193 | 59,142 | ||
Total Preferred Stocks | ||||
(Cost $509,090) | 353,753 | |||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—18.6% | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund— | ||||
Prime Shares, 0.23% (c) | ||||
(Cost $4,135,217) | 4,135,217 | 4,135,217 | ||
Total Investments—118.0% | ||||
(Cost $30,030,950) | 26,175,270 | |||
Liabilities in Excess of Other Assets—(18.0)% | (3,993,889 | ) | ||
Net Assets—100.0% | $ | 22,181,381 |
PLC – Public Limited Company
* | Non-income producing security |
† | Less than 0.05% |
(a) | American Depositary Receipt |
(b) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $4,036,195; total market value of the collateral held by the fund was $4,217,010. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $81,793. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
Country | Value | % of Net Assets | ||||||
Australia | $ | 293,113 | 1.3 | % | ||||
Belgium | 320,387 | 1.4 | ||||||
Brazil | 1,016,655 | 4.6 | ||||||
Canada | 1,937,858 | 8.7 | ||||||
Chile | 226,734 | 1.0 | ||||||
China | 3,890,381 | 17.5 | ||||||
Colombia | 110,842 | 0.5 | ||||||
Denmark | 71,845 | 0.3 | ||||||
Finland | 66,964 | 0.3 | ||||||
France | 1,013,448 | 4.6 | ||||||
Germany | 347,745 | 1.6 | ||||||
Ireland | 170,064 | 0.8 | ||||||
Italy | 597,778 | 2.7 | ||||||
Japan | 3,379,711 | 15.2 | ||||||
Jersey Islands | 4,273 | 0.0 | † | |||||
Luxembourg | 370,071 | 1.7 | ||||||
Mexico | 407,501 | 1.8 | ||||||
Netherlands | 1,716,248 | 7.7 | ||||||
Norway | 269,805 | 1.2 | ||||||
Peru | 38,232 | 0.2 | ||||||
South Korea | 300,012 | 1.4 | ||||||
Spain | 481,593 | 2.2 | ||||||
Sweden | 135,943 | 0.6 | ||||||
Switzerland | 744,276 | 3.4 | ||||||
Taiwan | 152,110 | 0.7 | ||||||
United Kingdom | 3,783,342 | 17.1 | ||||||
United States | 4,328,339 | 19.5 | ||||||
Total Investments | 26,175,270 | 118.0 | ||||||
Liabilities in Excess of | ||||||||
Other Assets | (3,993,889 | ) | (18.0 | ) | ||||
Net Assets | $ | 22,181,381 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
26 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER NAVELLIER OVERALL A-100 REVENUE ETF
(FORMERLY REVENUE SHARES NAVALLIER OVERALL A-100 FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—99.9% | |||
Automobiles & Components—0.4% | |||
Fox Factory Holding Corp.* | 1,486 | $ | 24,564 |
Banks—5.2% | |||
Banc of California, Inc. | 2,091 | 30,570 | |
Eagle Bancorp, Inc.* | 558 | 28,162 | |
Enterprise Financial Services Corp. | 745 | 21,121 | |
Flagstar Bancorp, Inc.* | 1,513 | 34,965 | |
LendingTree, Inc.* | 291 | 25,981 | |
Mercantile Bank Corp. | 844 | 20,712 | |
ServisFirst Bancshares, Inc. | 587 | 27,900 | |
Simmons First National Corp., Class A | 587 | 30,148 | |
Talmer Bancorp, Inc., Class A | 1,520 | 27,527 | |
TFS Financial Corp. | 1,498 | 28,207 | |
Walker & Dunlop, Inc.* | 996 | 28,695 | |
Western Alliance Bancorp* | 945 | 33,888 | |
WSFS Financial Corp. | 904 | 29,254 | |
Total Banks | 367,130 | ||
Capital Goods—10.2% | |||
A.O. Smith Corp. | 1,011 | 77,453 | |
American Woodmark Corp.* | 512 | 40,950 | |
BWX Technologies, Inc. | 1,864 | 59,219 | |
Comfort Systems USA, Inc. | 1,857 | 52,776 | |
Dycom Industries, Inc.*(a) | 867 | 60,655 | |
Energy Focus, Inc.* | 1,525 | 20,969 | |
John Bean Technologies Corp. | 994 | 49,531 | |
Lennox International, Inc. | 761 | 95,049 | |
Orbital ATK, Inc. | 1,186 | 105,957 | |
Toro Co. (The) | 977 | 71,389 | |
Universal Forest Products, Inc. | 1,189 | 81,292 | |
Total Capital Goods | 715,240 | ||
Commercial & Professional Services—2.1% | |||
Equifax, Inc. | 719 | 80,075 | |
On Assignment, Inc.* | 1,492 | 67,066 | |
Total Commercial & Professional Services | 147,141 | ||
Consumer Durables & Apparel—11.0% | |||
Bassett Furniture Industries, Inc. | 1,004 | 25,180 | |
Helen of Troy Ltd.* | 572 | 53,911 | |
Hooker Furniture Corp. | 895 | 22,590 | |
LGI Homes, Inc.* | 1,397 | 33,989 | |
NIKE, Inc., Class B | 7,581 | 473,813 | |
NVR, Inc.* | 80 | 131,440 | |
Smith & Wesson Holding Corp.* | 1,482 | 32,574 | |
Total Consumer Durables & Apparel | 773,497 | ||
Consumer Services—2.1% | |||
Chuy’s Holdings, Inc.* | 946 | 29,648 | |
Ruth’s Hospitality Group, Inc. | 1,756 | 27,956 | |
Six Flags Entertainment Corp. | 947 | 52,028 | |
TAL Education Group*(b) | 741 | 34,434 | |
Total Consumer Services | 144,066 | ||
Diversified Financials—3.7% | |||
A-Mark Precious Metals, Inc. | 8,873 | 170,362 | |
INTL. FCStone, Inc.* | 1,128 | 37,743 | |
MSCI, Inc. | 655 | 47,245 | |
Total Diversified Financials | 255,350 |
Investments | Shares | Value | |
Food & Staples Retailing—7.0% | |||
Kroger Co. (The) | 11,769 | $ | 492,297 |
Food, Beverage & Tobacco—7.6% | |||
Coca-Cola Bottling Co. Consolidated | 361 | 65,886 | |
Constellation Brands, Inc., Class A | 1,126 | 160,388 | |
Lancaster Colony Corp. | 435 | 50,225 | |
Omega Protein Corp.* | 1,291 | 28,660 | |
Reynolds American, Inc. | 4,966 | 229,181 | |
Total Food, Beverage & Tobacco | 534,340 | ||
Health Care Equipment & Services—5.3% | |||
AMN Healthcare Services, Inc.* | 1,575 | 48,904 | |
Amsurg Corp.* | 946 | 71,896 | |
Cantel Medical Corp. | 562 | 34,923 | |
Chemed Corp.(a) | 381 | 57,074 | |
Digirad Corp. | 4,159 | 24,080 | |
ICU Medical, Inc.* | 279 | 31,466 | |
iRadimed Corp.* | 939 | 26,320 | |
LHC Group, Inc.* | 895 | 40,534 | |
Masimo Corp.* | 904 | 37,525 | |
Total Health Care Equipment & Services | 372,722 | ||
Household & Personal Products—2.1% | |||
Clorox Co. (The) | 1,133 | 143,698 | |
Insurance—4.7% | |||
Markel Corp.* | 158 | 139,569 | |
Old Republic International Corp. | 7,722 | 143,861 | |
United Fire Group, Inc. | 1,180 | 45,206 | |
Total Insurance | 328,636 | ||
Materials—1.1% | |||
Innospec, Inc. | 836 | 45,403 | |
Tecnoglass Inc*(a) | 2,045 | 28,099 | |
Total Materials | 73,502 | ||
Pharmaceuticals, Biotechnology & Life Sciences—2.6% | |||
Emergent BioSolutions, Inc.* | 911 | 36,449 | |
Heska Corp.* | 740 | 28,623 | |
INC Research Holdings, Inc., Class A* | 1,098 | 53,264 | |
Ligand Pharmaceuticals, Inc.*(a) | 227 | 24,611 | |
Prestige Brands Holdings, Inc.* | 793 | 40,824 | |
Total Pharmaceuticals, Biotechnology & | |||
Life Sciences | 183,771 | ||
Real Estate—1.5% | |||
CoreSite Realty Corp. | 526 | 29,835 | |
CubeSmart | 890 | 27,252 | |
Mid-America Apartment Communities, | |||
Inc. | 507 | 46,040 | |
Total Real Estate | 103,127 | ||
Retailing—7.9% | |||
Ctrip.com International Ltd.*(a)(b) | 1,174 | 54,391 | |
Lithia Motors, Inc., Class A | 1,687 | 179,952 | |
O’Reilly Automotive, Inc.* | 754 | 191,079 | |
Tile Shop Holdings, Inc.*(a) | 1,642 | 26,929 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | 560 | 103,600 | |
Total Retailing | 555,951 |
The accompanying notes are an integral part of these financial statements.
27 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER NAVELLIER OVERALL A-100 REVENUE ETF
(FORMERLY REVENUE SHARES NAVALLIER OVERALL A-100 FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Semiconductors & Semiconductor Equipment—2.3% | |||
Cirrus Logic, Inc.*(a) | 1,393 | $ | 41,135 |
NVIDIA Corp. | 3,726 | 122,809 | |
Total Semiconductors & | |||
Semiconductor Equipment | 163,944 | ||
Software & Services—11.3% | |||
CSG Systems International, Inc. | 1,134 | 40,801 | |
Ebix, Inc.(a) | 706 | 23,150 | |
Exlservice Holdings, Inc.* | 775 | 34,821 | |
Fleetmatics Group PLC*(a) | 560 | 28,442 | |
Genpact Ltd.* | 2,885 | 72,067 | |
Global Payments, Inc. | 1,302 | 83,992 | |
Globant SA* | 602 | 22,581 | |
Heartland Payment Systems, Inc. | 847 | 80,312 | |
Luxoft Holding, Inc.* | 474 | 36,560 | |
Manhattan Associates, Inc.*(a) | 488 | 32,291 | |
NetEase, Inc.(b) | 473 | 85,726 | |
Total System Services, Inc. | 1,482 | 73,804 | |
Tyler Technologies, Inc.* | 202 | 35,213 | |
Vantiv, Inc., Class A* | 1,818 | 86,210 | |
WNS Holdings Ltd.*(b) | 1,135 | 35,401 | |
Zix Corp.* | 4,451 | 22,611 | |
Total Software & Services | 793,982 | ||
Technology Hardware & Equipment—0.9% | |||
Digi International, Inc.* | 2,147 | 24,433 | |
Orbotech Ltd.* | 1,686 | 37,311 | |
Total Technology Hardware & Equipment | 61,744 | ||
Telecommunication Services—7.1% | |||
NTT DOCOMO, Inc.(b) | 24,244 | 497,002 | |
Transportation—3.3% | |||
Alaska Air Group, Inc.(a) | 1,751 | 140,973 | |
Grupo Aeroportuario del Pacifico SAB | |||
de CV(b) | 360 | 31,781 | |
Matson, Inc. | 1,423 | 60,662 | |
Total Transportation | 233,416 | ||
Utilities—0.5% | |||
Ormat Technologies, Inc. | 1,023 | 37,309 | |
Total Common Stocks | |||
(Cost $6,856,673) | 7,002,429 |
Investments | Shares | Value | ||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—3.0% | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund— | ||||
Prime Shares, 0.23% (c) | ||||
(Cost $211,393) | 211,393 | $ | 211,393 | |
Total Investments—102.9% | ||||
(Cost $7,068,066) | 7,213,822 | |||
Liabilities in Excess of Other Assets—(2.9)% | (203,938 | ) | ||
Net Assets—100.0% | $ | 7,009,884 |
PLC – Public Limited Company
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $432,319; total market value of the collateral held by the fund was $447,552. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $236,159. |
(b) | American Depositary Receipt |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
The accompanying notes are an integral part of these financial statements.
28 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER ULTRA DIVIDEND REVENUE ETF
(FORMERLY REVENUE SHARES ULTRA DIVIDEND FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—99.9% | |||
Banks—1.0% | |||
New York Community Bancorp, Inc. | 12,119 | $ | 197,782 |
PacWest Bancorp | 2,833 | 122,102 | |
People’s United Financial, Inc.(a) | 11,149 | 180,057 | |
Valley National Bancorp | 8,700 | 85,695 | |
Total Banks | 585,636 | ||
Commercial & Professional Services—3.0% | |||
R.R. Donnelley & Sons Co. | 117,475 | 1,729,232 | |
Consumer Durables & Apparel—2.9% | |||
Garmin Ltd. | 12,178 | 452,656 | |
Mattel, Inc. | 31,399 | 853,111 | |
Tupperware Brands Corp.(a) | 6,493 | 361,336 | |
Total Consumer Durables & Apparel | 1,667,103 | ||
Diversified Financials—0.8% | |||
CME Group, Inc. | 5,380 | 487,428 | |
Energy—22.3% | |||
Atwood Oceanics, Inc. | 15,871 | 162,360 | |
Chevron Corp. | 31,874 | 2,867,385 | |
ConocoPhillips | 57,105 | 2,666,233 | |
Ensco PLC, Class A | 41,202 | 634,099 | |
Helmerich & Payne, Inc.(a) | 10,142 | 543,104 | |
Kinder Morgan, Inc. | 137,251 | 2,047,785 | |
Noble Corp. PLC | 39,973 | 421,715 | |
ONEOK, Inc. | 62,849 | 1,549,856 | |
Spectra Energy Corp. | 36,047 | 862,965 | |
Williams Cos., Inc. (The) | 43,735 | 1,123,990 | |
Total Energy | 12,879,492 | ||
Food, Beverage & Tobacco—9.8% | |||
Altria Group, Inc. | 48,818 | 2,841,696 | |
Philip Morris International, Inc. | 32,383 | 2,846,789 | |
Total Food, Beverage & Tobacco | 5,688,485 | ||
Household & Personal Products—2.1% | |||
Avon Products, Inc. | 292,487 | 1,184,572 | |
Insurance—2.2% | |||
Mercury General Corp. | 9,128 | 425,091 | |
Old Republic International Corp. | 46,004 | 857,054 | |
Total Insurance | 1,282,145 | ||
Materials—2.5% | |||
Chemours Co. (The) | 167,531 | 897,966 | |
Greif, Inc., Class A | 17,858 | 550,205 | |
Total Materials | 1,448,171 | ||
Real Estate—8.6% | |||
BioMed Realty Trust, Inc. | 3,777 | 89,477 | |
Communications Sales & Leasing, Inc. | 2,298 | 42,950 | |
Corporate Office Properties Trust | 4,321 | 94,327 | |
Corrections Corp. of America | 10,570 | 279,999 | |
HCP, Inc. | 10,126 | 387,218 | |
Hospitality Properties Trust | 10,778 | 281,845 | |
Host Hotels & Resorts, Inc. | 51,192 | 785,285 | |
Iron Mountain, Inc.(a) | 17,383 | 469,515 | |
Lamar Advertising Co., Class A | 3,458 | 207,411 | |
LaSalle Hotel Properties | 6,923 | 174,183 | |
Liberty Property Trust | 3,902 | 121,157 |
Investments | Shares | Value | |
National Retail Properties, Inc. | 1,824 | $ | 73,051 |
Omega Healthcare Investors, Inc. | 2,936 | 102,701 | |
Plum Creek Timber Co., Inc. | 5,131 | 244,851 | |
Potlatch Corp. | 2,837 | 85,791 | |
Realty Income Corp. | 3,003 | 155,045 | |
RMR Group, Inc. (The), Class A*(a) | 275 | 3,963 | |
Senior Housing Properties Trust | 10,268 | 152,377 | |
Ventas, Inc. | 9,011 | 508,491 | |
Welltower, Inc. | 8,757 | 595,739 | |
WP GLIMCHER, Inc. | 12,964 | 137,548 | |
Total Real Estate | 4,992,924 | ||
Retailing—0.6% | |||
Guess?, Inc.(a) | 18,553 | 350,281 | |
Technology Hardware & Equipment—4.0% | |||
Seagate Technology PLC | 62,536 | 2,292,570 | |
Telecommunication Services—16.2% | |||
AT&T, Inc. | 84,178 | 2,896,565 | |
CenturyLink, Inc. | 109,317 | 2,750,416 | |
Frontier Communications Corp. | 182,142 | 850,603 | |
Verizon Communications, Inc. | 62,198 | 2,874,791 | |
Total Telecommunication Services | 9,372,375 | ||
Utilities—23.9% | |||
CenterPoint Energy, Inc. | 71,869 | 1,319,515 | |
Duke Energy Corp. | 41,321 | 2,949,906 | |
Entergy Corp. | 27,185 | 1,858,366 | |
FirstEnergy Corp. | 69,834 | 2,215,833 | |
Pepco Holdings, Inc. | 28,261 | 735,069 | |
PPL Corp. | 45,132 | 1,540,355 | |
Southern Co. (The) | 59,544 | 2,786,064 | |
TECO Energy, Inc. | 15,312 | 408,065 | |
Total Utilities | 13,813,173 | ||
Total Common Stocks | |||
(Cost $56,402,778) | 57,773,587 | ||
INVESTMENT OF CASH COLLATERAL | |||
FOR SECURITIES LOANED—2.4% | |||
Dreyfus Institutional Preferred | |||
Money Market Fund— | |||
Prime Shares, 0.23% (b) | |||
(Cost $1,407,765) | 1,407,765 | 1,407,765 | |
Total Investments—102.3% | |||
(Cost $57,810,543) | 59,181,352 | ||
Liabilities in Excess of Other Assets—(2.3)% | (1,315,029) | ||
Net Assets—100.0% | $ 57,866,323 |
PLC – Public Limited Company
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $1,465,301; total market value of the collateral held by the fund was $1,501,925. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $94,160. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
The accompanying notes are an integral part of these financial statements.
29 |
SCHEDULE OF INVESTMENTS
OPPENHEIMER GLOBAL GROWTH REVENUE ETF
(FORMERLY REVENUE SHARES GLOBAL GROWTH FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
COMMON STOCKS—96.2% | |||
Automobiles & Components—6.3% | |||
Fiat Chrysler Automobiles NV* | 3,514 | $ | 49,319 |
Ford Otomotiv Sanayi AS | 1,240 | 12,864 | |
Nissan Motor Co. Ltd. | 1,872 | 19,911 | |
Toyota Motor Corp. | 748 | 46,561 | |
Total Automobiles & Components | 128,655 | ||
Banks—6.4% | |||
Australia & New Zealand Banking | |||
Group Ltd. | 591 | 12,009 | |
Banco de Bogota SA | 1,053 | 19,736 | |
Bancolombia SA | 1,044 | 6,900 | |
Bank Hapoalim B.M. | 2,593 | 13,395 | |
Bank Leumi Le-Israel B.M.* | 3,466 | 12,025 | |
Commonwealth Bank of Australia | 233 | 14,499 | |
DNB ASA | 752 | 9,328 | |
Grupo Aval Acciones y Valores SA | 31,210 | 10,716 | |
Turkiye Is Bankasi, Class C | 8,467 | 13,344 | |
UniCredit SpA | 1,235 | 6,889 | |
Westpac Banking Corp. | 503 | 12,282 | |
Total Banks | 131,123 | ||
Capital Goods—9.7% | |||
Alfa SAB de CV, Class A | 8,951 | 17,673 | |
AntarChile SA | 4,834 | 45,025 | |
CNH Industrial NV | 1,176 | 8,099 | |
CNH Industrial NV(a)(b) | 258 | 1,765 | |
Elbit Systems Ltd. | 138 | 12,158 | |
Enka Insaat ve Sanayi AS | 7,928 | 12,277 | |
KOC Holding AS | 15,227 | 57,019 | |
Marubeni Corp. | 2,531 | 13,152 | |
Quinenco SA | 8,789 | 15,505 | |
Toyota Tsusho Corp. | 653 | 15,465 | |
Total Capital Goods | 198,138 | ||
Consumer Durables & Apparel—1.9% | |||
Arcelik AS | 2,340 | 11,199 | |
Panasonic Corp. | 1,293 | 13,334 | |
Sony Corp. | 561 | 14,000 | |
Total Consumer Durables & Apparel | 38,533 | ||
Diversified Financials—0.9% | |||
Aker ASA, Class A | 730 | 13,525 | |
Inversiones La Construccion SA | 529 | 5,423 | |
Total Diversified Financials | 18,948 | ||
Energy—22.4% | |||
Aker Solutions ASA | 1,521 | 5,207 | |
Caltex Australia Ltd. | 489 | 13,412 | |
Ecopetrol SA | 241,244 | 84,354 | |
Empresas Copec SA | 2,681 | 23,016 | |
Eni S.p.A. | 2,620 | 39,276 | |
Grupa Lotos SA* | 2,702 | 18,474 | |
JX Holdings, Inc. | 4,958 | 20,954 | |
Oil Refineries Ltd.* | 31,515 | 12,473 | |
Paz Oil Co. Ltd. | 98 | 15,411 | |
Polski Koncern Naftowy Orlen SA | 4,355 | 74,827 | |
Polskie Gornictwo Naftowe I | |||
Gazownictwo SA | 11,357 | 14,782 | |
Seadrill Ltd.* | 1,563 | 5,395 | |
Statoil ASA | 6,399 | 89,428 |
Investments | Shares | Value | |
Subsea 7 SA* | 990 | $ | 7,052 |
Tupras Turkiye Petrol Rafinerileri AS* | 1,361 | 32,453 | |
Total Energy | 456,514 | ||
Food & Staples Retailing—9.8% | |||
Almacenes Exito SA | 4,671 | 19,864 | |
Bim Birlesik Magazalar AS | 769 | 13,529 | |
Cencosud SA | 9,741 | 19,452 | |
Eurocash SA | 1,213 | 14,898 | |
Organizacion Soriana SAB de CV, | |||
Class B* | 3,236 | 7,401 | |
Shufersal Ltd.* | 3,558 | 11,037 | |
Wal-Mart de Mexico SAB de CV | 13,018 | 32,780 | |
Wesfarmers Ltd. | 1,340 | 40,566 | |
Woolworths Ltd. | 2,185 | 38,947 | |
Total Food & Staples Retailing | 198,474 | ||
Food, Beverage & Tobacco—2.1% | |||
Coca-Cola Femsa SAB de CV, Series L | 1,275 | 9,147 | |
Fomento Economico Mexicano SAB | |||
de CV | 2,030 | 18,998 | |
Grupo Bimbo SAB de CV, Series A* | 5,386 | 14,329 | |
Total Food, Beverage & Tobacco | 42,474 | ||
Insurance—4.4% | |||
AMP Ltd. | 2,673 | 11,338 | |
Assicurazioni Generali S.p.A. | 1,985 | 36,485 | |
Clal Insurance Enterprises Holdings Ltd.* | 807 | 9,851 | |
Storebrand ASA* | 1,585 | 6,258 | |
Suncorp Group Ltd. | 1,140 | 10,069 | |
Unipol Gruppo Finanziario SpA | 1,613 | 8,348 | |
UnipolSai SpA | 2,798 | 7,173 | |
Total Insurance | 89,522 | ||
Materials—10.2% | |||
BHP Billiton Ltd. | 2,052 | 26,664 | |
Cemex SAB de CV* | 30,701 | 16,763 | |
Empresas CMPC S.A. | 5,254 | 11,336 | |
Grupa Azoty SA* | 296 | 7,458 | |
Grupo Argos SA/Colombia | 1,680 | 8,573 | |
Grupo Mexico SAB de CV, Series B | 4,382 | 9,334 | |
Israel Chemicals Ltd. | 4,582 | 18,617 | |
Israel Corp. Ltd. (The) | 92 | 16,695 | |
KGHM Polska Miedz SA | 1,012 | 16,271 | |
Norsk Hydro ASA | 4,582 | 17,150 | |
Rio Tinto Ltd. | 929 | 30,219 | |
Ternium SA(b) | 713 | 8,863 | |
Yara International ASA | 439 | 18,991 | |
Total Materials | 206,934 | ||
Pharmaceuticals, Biotechnology & | |||
Life Sciences—3.6% | |||
Teva Pharmaceutical Industries Ltd. | 1,133 | 74,106 | |
Retailing—2.7% | |||
Organizacion Terpel SA | 7,399 | 19,718 | |
Ripley Corp. SA | 14,296 | 5,868 | |
S.A.C.I. Falabella | 4,715 | 30,050 | |
Total Retailing | 55,636 | ||
Technology Hardware & Equipment—0.8% | |||
Hitachi Ltd. | 2,739 | 15,745 |
The accompanying notes are an integral part of these financial statements.
30 |
SCHEDULE OF INVESTMENTS — continued
OPPENHEIMER GLOBAL GROWTH REVENUE ETF
(FORMERLY REVENUE SHARES GLOBAL GROWTH FUND)
DECEMBER 31, 2015 (UNAUDITED)
Investments | Shares | Value | |
Telecommunication Services—7.9% | |||
America Movil SAB de CV, Series L | 83,583 | $ | 58,654 |
Nippon Telegraph & Telephone Corp. | 506 | 20,342 | |
Orange Polska SA | 5,723 | 9,507 | |
SoftBank Group Corp. | 292 | 14,902 | |
Telecom Italia S.p.A.*(a) | 3,612 | 4,610 | |
Telecom Italia S.p.A.-RSP | 4,466 | 4,614 | |
Telenor ASA | 1,280 | 21,446 | |
Telesites Sab* | 4,488 | 2,913 | |
Turk Telekomunikasyon AS | 6,594 | 12,335 | |
Turkcell Iletisim Hizmetleri AS | 3,200 | 10,853 | |
Total Telecommunication Services | 160,176 | ||
Transportation—1.8% | |||
Latam Airlines Group S.A.* | 2,428 | 12,753 | |
Turk Hava Yollari AO* | 9,742 | 24,665 | |
Total Transportation | 37,418 | ||
Utilities—5.3% | |||
Enel S.p.A. | 7,670 | 32,428 | |
Energa SA | 2,654 | 8,495 | |
Enersis SA | 118,337 | 28,569 | |
PGE Polska Grupa Energetyczna SA | 6,941 | 22,481 | |
Tauron Polska Energia SA | 21,081 | 15,374 | |
Total Utilities | 107,347 | ||
Total Common Stocks | |||
(Cost $1,991,514) | 1,959,743 | ||
PREFERRED STOCKS—2.0% | |||
Banks—0.5% | |||
Grupo Aval Acciones y Valores SA, | |||
Class Preference | 30,755 | 10,560 | |
Materials—0.5% | |||
Grupo Argos SA/Colombia | 1,800 | 8,664 | |
Transportation—1.0% | |||
Avianca Holdings SA, Class Preference 37,647 | 20,101 | ||
Total Preferred Stocks | |||
(Cost $37,122) | 39,325 | ||
INVESTMENT OF CASH COLLATERAL | |||
FOR SECURITIES LOANED—0.3% | |||
Dreyfus Institutional Preferred | |||
Money Market Fund— | |||
Prime Shares, 0.23% (c) | |||
(Cost $6,703) | 6,703 | 6,703 | |
Total Investments—98.5% | |||
(Cost $2,035,339) | 2,005,771 | ||
Other Assets in Excess of Liabilities—1.5% | 30,908 | ||
Net Assets—100.0% | $ | 2,036,679 |
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $6,334; total market value of the collateral held by the fund was $6,703. |
(b) | American Depositary Receipt |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
Country | Value | % of Net Assets | ||||||
Argentina | $ | 8,863 | 0.4 | % | ||||
Australia | 179,786 | 8.8 | ||||||
Bermuda | 5,395 | 0.3 | ||||||
Chile | 196,997 | 9.7 | ||||||
Colombia | 209,186 | 10.3 | ||||||
Israel | 195,768 | 9.6 | ||||||
Italy | 139,823 | 6.9 | ||||||
Japan | 194,366 | 9.5 | ||||||
Mexico | 187,992 | 9.2 | ||||||
Norway | 181,333 | 8.9 | ||||||
Poland | 202,567 | 10.0 | ||||||
Turkey | 200,538 | 9.9 | ||||||
United Kingdom | 96,454 | 4.7 | ||||||
United States | 6,703 | 0.3 | ||||||
Total Investments | 2,005,771 | 98.5 | ||||||
Other Assets in Excess of | ||||||||
Liabilities | 30,908 | 1.5 | ||||||
Net Assets | $ | 2,036,679 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
31 |
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2015 (UNAUDITED)
Oppenheimer Large Cap Revenue ETF | Oppenheimer Mid Cap Revenue ETF | Oppenheimer Small Cap Revenue ETF | Oppenheimer Financials Sector Revenue ETF | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at value (including securities on loan) | ||||||||||||||||
(Note 5)1 | $ | 337,031,937 | $ | 228,991,879 | $ | 352,727,553 | $ | 26,339,934 | ||||||||
Cash | 2,388,215 | 825,607 | 8,073,229 | 97,286 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 479,910 | 168,805 | 242,738 | 22,201 | ||||||||||||
Investment securities sold | — | 2,441 | — | — | ||||||||||||
Securities lending income, net (Note 2) | 3,624 | 11,377 | 20,141 | 5 | ||||||||||||
Prepaid expenses | 53,652 | 38,824 | 52,332 | 26,155 | ||||||||||||
Total Assets | 339,957,338 | 230,038,933 | 361,115,993 | 26,485,581 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment of cash collateral for securities on loan | ||||||||||||||||
(Note 2) | 4,083,921 | 12,648,260 | 26,707,172 | 23,731 | ||||||||||||
Investment securities purchased | 50,277 | — | 7,114,657 | — | ||||||||||||
Income Distributions (Note 7) | 1,933,089 | 502,562 | 612,874 | 91,196 | ||||||||||||
Capital Gains Distributions (Note 7) | 234,442 | — | — | — | ||||||||||||
Advisory fees (Note 3) | 99,267 | 67,725 | 111,495 | 3,607 | ||||||||||||
BNY Fund Services fees | 137,135 | 103,215 | 152,141 | 17,999 | ||||||||||||
Professional fees | 6,794 | 6,739 | 6,777 | 6,786 | ||||||||||||
Compliance Officer fees | — | — | — | 8,713 | ||||||||||||
Other accrued expenses | 13,336 | 5,908 | 9,560 | 4,021 | ||||||||||||
Total Liabilities | 6,558,261 | 13,334,409 | 34,714,676 | 156,053 | ||||||||||||
NET ASSETS | $ | 333,399,077 | $ | 216,704,524 | $ | 326,401,317 | $ | 26,329,528 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 281,566,883 | $ | 208,428,914 | $ | 332,658,931 | $ | 22,695,920 | ||||||||
Undistributed net investment income (loss) | (214,257 | ) | 162,226 | 94,518 | (1,766 | ) | ||||||||||
Accumulated net realized gain (loss) on investments | ||||||||||||||||
and foreign currency transactions | 14,444,147 | 2,958,241 | (6,355,065 | ) | 415,681 | |||||||||||
Net unrealized appreciation on investments and | ||||||||||||||||
foreign currency translation | 37,602,304 | 5,155,143 | 2,933 | 3,219,693 | ||||||||||||
NET ASSETS | $ | 333,399,077 | $ | 216,704,524 | $ | 326,401,317 | $ | 26,329,528 | ||||||||
Shares outstanding (unlimited number of shares of | ||||||||||||||||
beneficial interest authorized, without par value) | 8,451,400 | 4,801,400 | 6,301,400 | 550,000 | ||||||||||||
Net asset value, per share | $ | 39.45 | $ | 45.13 | $ | 51.80 | $ | 47.87 | ||||||||
Investments at cost | $ | 299,429,633 | $ | 223,836,736 | $ | 352,724,620 | $ | 23,120,241 | ||||||||
1 Includes market value of securities on loan: | $ | 8,381,088 | $ | 25,042,336 | $ | 33,944,998 | $ | 75,700 |
The accompanying notes are an integral part of these financial statements.
32 |
STATEMENTS OF ASSETS AND LIABILITIES — concluded
DECEMBER 31, 2015 (UNAUDITED)
Oppenheimer ADR Revenue ETF | Oppenheimer Navellier Overall A-100 Revenue ETF | Oppenheimer Ultra Dividend Revenue ETF | Oppenheimer Global Growth Revenue ETF | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at value (including securities on loan) | ||||||||||||||||
(Note 5)1 | $ | 26,175,270 | $ | 7,213,822 | $ | 59,181,352 | $ | 2,005,771 | ||||||||
Cash | 209,815 | 196,316 | 743,943 | 62,088 | ||||||||||||
Foreign currency | — | — | — | 18,791 | ||||||||||||
Receivables: | ||||||||||||||||
Due from Adviser | — | 730 | — | 2,018 | ||||||||||||
Dividends | 42,158 | 5,244 | 160,067 | 233 | ||||||||||||
Investment securities sold | — | — | — | 65,105 | ||||||||||||
Securities lending income, net (Note 2) | 1,550 | 332 | 1,806 | 93 | ||||||||||||
Reclaims | 35,552 | 715 | — | 3,813 | ||||||||||||
Prepaid expenses | 12,611 | 13,185 | 14,363 | 50,283 | ||||||||||||
Total Assets | 26,476,956 | 7,430,344 | 60,101,531 | 2,208,195 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment of cash collateral for securities on loan | ||||||||||||||||
(Note 2) | 4,135,217 | 211,393 | 1,407,765 | 6,703 | ||||||||||||
Investment securities purchased | 1,988 | — | — | — | ||||||||||||
Income Distributions (Note 7) | 125,445 | 11,093 | 772,863 | 2,500 | ||||||||||||
Capital Gains Distributions (Note 7) | — | 184,815 | — | 143,071 | ||||||||||||
Advisory fees (Note 3) | 1,248 | — | 12,304 | — | ||||||||||||
BNY Fund Services fees | 15,519 | 2,323 | 33,271 | — | ||||||||||||
Professional fees | 12,223 | 6,816 | 6,917 | 16,671 | ||||||||||||
Trustee fees | — | 654 | — | 37 | ||||||||||||
Other accrued expenses | 3,935 | 3,366 | 2,088 | 2,534 | ||||||||||||
Total Liabilities | 4,295,575 | 420,460 | 2,235,208 | 171,516 | ||||||||||||
NET ASSETS | $ | 22,181,381 | $ | 7,009,884 | $ | 57,866,323 | $ | 2,036,679 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 32,528,943 | $ | 7,370,250 | $ | 63,037,312 | $ | 2,533,060 | ||||||||
Undistributed net investment income (loss) | 11,600 | (1,154 | ) | 1,785 | 2,284 | |||||||||||
Accumulated net realized loss on investments and | ||||||||||||||||
foreign currency transactions | (6,503,482 | ) | (504,968 | ) | (6,543,583 | ) | (468,964 | ) | ||||||||
Net unrealized appreciation (depreciation) on | ||||||||||||||||
investments and foreign currency translation | (3,855,680 | ) | 145,756 | 1,370,809 | (29,701 | ) | ||||||||||
NET ASSETS | $ | 22,181,381 | $ | 7,009,884 | $ | 57,866,323 | $ | 2,036,679 | ||||||||
Shares outstanding (unlimited number of shares of | ||||||||||||||||
beneficial interest authorized, without par value) | 750,000 | 150,000 | 2,100,000 | 50,000 | ||||||||||||
Net asset value, per share | $ | 29.58 | $ | 46.73 | $ | 27.56 | $ | 40.73 | ||||||||
Investments at cost | $ | 30,030,950 | $ | 7,068,066 | $ | 57,810,543 | $ | 2,035,339 | ||||||||
Foreign currency at cost | — | — | — | 18,824 | ||||||||||||
1 Includes market value of securities on loan: | $ | 4,036,195 | $ | 432,319 | $ | 1,465,301 | $ | 6,334 |
The accompanying notes are an integral part of these financial statements.
33 |
FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (UNAUDITED)
Oppenheimer Large Cap Revenue ETF | Oppenheimer Mid Cap Revenue ETF | Oppenheimer Small Cap Revenue ETF | Oppenheimer Financials Sector Revenue ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend income | $ | 3,986,985 | $ | 1,784,404 | $ | 2,057,906 | $ | 249,713 | ||||||||
Foreign withholding tax | — | — | (993 | ) | — | |||||||||||
Securities lending income, net (Note 2) | 19,262 | 47,203 | 99,576 | 25 | ||||||||||||
Total Income | 4,006,247 | 1,831,607 | 2,156,489 | 249,738 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees (Note 3) | 765,897 | 580,443 | 885,553 | 64,506 | ||||||||||||
BNY Fund Services fees | 145,709 | 129,894 | 149,639 | 23,251 | ||||||||||||
Professional fees | 27,246 | 21,587 | 28,725 | 9,546 | ||||||||||||
Compliance Officer fees | 14,082 | 11,247 | 14,716 | 5,188 | ||||||||||||
Printing and Postage | 23,429 | 16,802 | 25,087 | 2,359 | ||||||||||||
Trustees fees | 8,238 | 5,906 | 8,796 | 825 | ||||||||||||
NYSE Listing fees | 2,513 | 2,513 | 2,513 | 2,513 | ||||||||||||
NYSE Calculation fees | 1,517 | 1,517 | 1,517 | 1,517 | ||||||||||||
Other Expenses | 8,928 | 4,855 | 8,064 | 502 | ||||||||||||
Total Expenses | 997,559 | 774,764 | 1,124,610 | 110,207 | ||||||||||||
Less expense waivers (Note 3) | (163,583 | ) | (147,886 | ) | (168,213 | ) | (39,968 | ) | ||||||||
Net Expenses | 833,976 | 626,878 | 956,397 | 70,239 | ||||||||||||
Net Investment Income | 3,172,271 | 1,204,729 | 1,200,092 | 179,499 | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
ON INVESTMENTS: | ||||||||||||||||
Net realized loss on investments | (1,085,348 | ) | (1,984,170 | ) | (6,600,603 | ) | (60,392 | ) | ||||||||
Net realized gain on in-kind redemptions | 18,578,914 | 8,608,027 | 9,675,076 | 1,131,322 | ||||||||||||
Total net realized gain | 17,493,566 | 6,623,857 | 3,074,473 | 1,070,930 | ||||||||||||
Net change in unrealized depreciation on investments | (28,959,279 | ) | (27,457,427 | ) | (43,668,624 | ) | (2,194,689 | ) | ||||||||
Net realized and unrealized loss on investments | (11,465,713 | ) | (20,833,570 | ) | (40,594,151 | ) | (1,123,759 | ) | ||||||||
Net Decrease in Net Assets Resulting From Operations | $ | (8,293,442 | ) | $ | (19,628,841 | ) | $ | (39,394,059 | ) | $ | (944,260 | ) |
The accompanying notes are an integral part of these financial statements.
34 |
STATEMENTS OF OPERATIONS — concluded
FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (UNAUDITED)
Oppenheimer ADR Revenue ETF | Oppenheimer Navellier Overall A-100 Revenue ETF | Oppenheimer Ultra Dividend Revenue ETF | Oppenheimer Global Growth Revenue ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend income | $ | 428,869 | $ | 42,909 | $ | 1,595,289 | $ | 25,651 | ||||||||
Foreign withholding tax | (45,003 | ) | (613 | ) | — | (2,659 | ) | |||||||||
Securities lending income, net (Note 2) | 14,391 | 1,416 | 20,635 | 580 | ||||||||||||
Total Income | 398,257 | 43,712 | 1,615,924 | 23,572 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees (Note 3) | 73,408 | 22,327 | 145,747 | 10,501 | ||||||||||||
BNY Fund Services fees | 28,351 | 9,083 | 49,964 | 3,189 | ||||||||||||
Professional fees | 9,059 | 8,008 | 11,517 | 7,884 | ||||||||||||
Compliance Officer fees | 4,992 | 4,432 | 6,172 | 4,355 | ||||||||||||
Printing and Postage | 1,834 | 516 | 5,008 | 362 | ||||||||||||
Trustees fees | 644 | 181 | 1,644 | 126 | ||||||||||||
NYSE Listing fees | 2,513 | 2,513 | 2,513 | 2,533 | ||||||||||||
NYSE Calculation fees | 1,517 | 1,517 | 1,517 | 1,517 | ||||||||||||
Other Expenses | 684 | 116 | 3,223 | 311 | ||||||||||||
Total Expenses | 123,002 | 48,693 | 227,305 | 30,778 | ||||||||||||
Less expense waivers (Note 3) | (63,052 | ) | (26,366 | ) | (68,603 | ) | (20,277 | ) | ||||||||
Net Expenses | 59,950 | 22,327 | 158,702 | 10,501 | ||||||||||||
Net Investment Income | 338,307 | 21,385 | 1,457,222 | 13,071 | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
ON INVESTMENTS: | ||||||||||||||||
Net realized loss on investments | (1,150,395 | ) | (504,967 | ) | (6,393,533 | ) | (396,861 | ) | ||||||||
Net realized gain (loss) on in-kind redemptions | — | — | 206,254 | (42,222 | ) | |||||||||||
Net realized loss on foreign currency transactions | (6 | ) | — | — | (40,442 | ) | ||||||||||
Total net realized loss | (1,150,401 | ) | (504,967 | ) | (6,187,279 | ) | (479,525 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||
on investments | (4,003,906 | ) | 7,759 | 3,966,686 | 97,371 | |||||||||||
Net change in unrealized depreciation on foreign | ||||||||||||||||
currency translation | — | — | — | (73 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (4,003,906 | ) | 7,759 | 3,966,686 | 97,298 | |||||||||||
Net realized and unrealized loss on investments | (5,154,307 | ) | (497,208 | ) | (2,220,593 | ) | (382,227 | ) | ||||||||
Net Decrease in Net Assets Resulting From Operations | $ | (4,816,000 | ) | $ | (475,823 | ) | $ | (763,371 | ) | $ | (369,156 | ) |
The accompanying notes are an integral part of these financial statements.
35 |
STATEMENTS OF CHANGES IN NET ASSETS
Oppenheimer Large Cap Revenue ETF | Oppenheimer Mid Cap Revenue ETF | Oppenheimer Small Cap Revenue ETF | ||||||||||||||||||||||
Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment income | $ | 3,172,271 | $ | 5,038,183 | $ | 1,204,729 | $ | 1,890,080 | $ | 1,200,092 | $ | 2,240,589 | ||||||||||||
Net realized gain on | ||||||||||||||||||||||||
investments and in-kind | ||||||||||||||||||||||||
redemptions | 17,493,566 | 15,187,109 | 6,623,857 | 22,546,711 | 3,074,473 | 17,742,870 | ||||||||||||||||||
Net change in unrealized | ||||||||||||||||||||||||
appreciation (depreciation) | ||||||||||||||||||||||||
on investments | (28,959,279 | ) | 907,880 | (27,457,427 | ) | (13,770,229 | ) | (43,668,624 | ) | (5,676,222 | ) | |||||||||||||
Net increase (decrease) in net | ||||||||||||||||||||||||
assets resulting from | ||||||||||||||||||||||||
operations | (8,293,442 | ) | 21,133,172 | (19,628,841 | ) | 10,666,562 | (39,394,059 | ) | 14,307,237 | |||||||||||||||
DISTRIBUTIONS TO | ||||||||||||||||||||||||
SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | (4,824,528 | ) | (4,589,738 | ) | (1,513,782 | ) | (1,772,418 | ) | (1,529,063 | ) | (2,154,534 | ) | ||||||||||||
Realized gains | (234,442 | ) | (274,828 | ) | — | (745,289 | ) | — | (547,508 | ) | ||||||||||||||
Total distributions to | ||||||||||||||||||||||||
shareholders | (5,058,970 | ) | (4,864,566 | ) | (1,513,782 | ) | (2,517,707 | ) | (1,529,063 | ) | (2,702,042 | ) | ||||||||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from shares sold | 55,562,801 | 122,153,198 | 33,281,327 | 124,590,554 | 37,897,782 | 172,760,560 | ||||||||||||||||||
Cost of shares redeemed | (52,492,821 | ) | (37,709,828 | ) | (37,526,228 | ) | (96,050,919 | ) | (45,089,553 | ) | (102,433,927 | ) | ||||||||||||
Net increase (decrease) in net | ||||||||||||||||||||||||
assets resulting from | ||||||||||||||||||||||||
shareholder transactions | 3,069,980 | 84,443,370 | (4,244,901 | ) | 28,539,635 | (7,191,771 | ) | 70,326,633 | ||||||||||||||||
Increase (Decrease) in net | ||||||||||||||||||||||||
assets | (10,282,432 | ) | 100,711,976 | (25,387,524 | ) | 36,688,490 | (48,114,893 | ) | 81,931,828 | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 343,681,509 | 242,969,533 | 242,092,048 | 205,403,558 | 374,516,210 | 292,584,382 | ||||||||||||||||||
End of period | $ | 333,399,077 | $ | 343,681,509 | $ | 216,704,524 | $ | 242,092,048 | $ | 326,401,317 | $ | 374,516,210 | ||||||||||||
Undistributed net | ||||||||||||||||||||||||
investment income (loss) | ||||||||||||||||||||||||
included in net assets at | ||||||||||||||||||||||||
end of period | $ | (214,257 | ) | $ | 1,438,000 | $ | 162,226 | $ | 471,279 | $ | 94,518 | $ | 423,489 | |||||||||||
CHANGES IN SHARES | ||||||||||||||||||||||||
OUTSTANDING: | ||||||||||||||||||||||||
Shares outstanding, | ||||||||||||||||||||||||
beginning of period | 8,401,400 | 6,301,400 | 4,901,400 | 4,301,400 | 6,451,400 | 5,201,400 | ||||||||||||||||||
Shares sold | 1,400,000 | 3,000,000 | 700,000 | 2,600,000 | 700,000 | 3,050,000 | ||||||||||||||||||
Shares redeemed | (1,350,000 | ) | (900,000 | ) | (800,000 | ) | (2,000,000 | ) | (850,000 | ) | (1,800,000 | ) | ||||||||||||
Shares outstanding, end | ||||||||||||||||||||||||
of period | 8,451,400 | 8,401,400 | 4,801,400 | 4,901,400 | 6,301,400 | 6,451,400 |
The accompanying notes are an integral part of these financial statements.
36 |
STATEMENTS OF CHANGES IN NET ASSETS — continued
Oppenheimer Financials Sector Revenue ETF | Oppenheimer ADR Revenue ETF | Oppenheimer Navellier Overall A-100 Revenue ETF | ||||||||||||||||||||||
Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment income | $ | 179,499 | $ | 374,948 | $ | 338,307 | $ | 675,047 | $ | 21,385 | $ | 50,732 | ||||||||||||
Net realized gain (loss) on | ||||||||||||||||||||||||
investments, in-kind | ||||||||||||||||||||||||
redemptions and foreign | ||||||||||||||||||||||||
currency translations | 1,070,930 | 1,083,800 | (1,150,401 | ) | (1,098,284 | ) | (504,967 | ) | 2,160,903 | |||||||||||||||
Net change in unrealized | ||||||||||||||||||||||||
appreciation (depreciation) | ||||||||||||||||||||||||
on investments and foreign | ||||||||||||||||||||||||
currency translations | (2,194,689 | ) | 1,389,228 | (4,003,906 | ) | (1,695,829 | ) | 7,759 | (1,152,366 | ) | ||||||||||||||
Net increase (decrease) in net | ||||||||||||||||||||||||
assets resulting from | ||||||||||||||||||||||||
operations | (944,260 | ) | 2,847,976 | (4,816,000 | ) | (2,119,066 | ) | (475,823 | ) | 1,059,269 | ||||||||||||||
DISTRIBUTIONS TO | ||||||||||||||||||||||||
SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | (271,615 | ) | (347,753 | ) | (625,405 | ) | (679,055 | ) | (31,497 | ) | (59,319 | ) | ||||||||||||
Realized gains | — | — | — | — | (184,815 | ) | (1,431,498 | ) | ||||||||||||||||
Total distributions to | ||||||||||||||||||||||||
shareholders | (271,615 | ) | (347,753 | ) | (625,405 | ) | (679,055 | ) | (216,312 | ) | (1,490,817 | ) | ||||||||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from shares sold | — | — | 1,797,937 | 5,622,796 | — | 15,422,239 | ||||||||||||||||||
Cost of shares redeemed | (4,967,621 | ) | (2,564,428 | ) | — | — | — | (15,447,872 | ) | |||||||||||||||
Net increase (decrease) in | ||||||||||||||||||||||||
net assets resulting from | ||||||||||||||||||||||||
shareholder transactions | (4,967,621 | ) | (2,564,428 | ) | 1,797,937 | 5,622,796 | — | (25,633 | ) | |||||||||||||||
Increase (Decrease) in | ||||||||||||||||||||||||
net assets | (6,183,496 | ) | (64,205 | ) | (3,643,468 | ) | 2,824,675 | (692,135 | ) | (457,181 | ) | |||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 32,513,024 | 32,577,229 | 25,824,849 | 23,000,174 | 7,702,019 | 8,159,200 | ||||||||||||||||||
End of period | $ | 26,329,528 | $ | 32,513,024 | $ | 22,181,381 | $ | 25,824,849 | $ | 7,009,884 | $ | 7,702,019 | ||||||||||||
Undistributed net investment | ||||||||||||||||||||||||
income (loss) included in | ||||||||||||||||||||||||
net assets at end of period | $ | (1,766 | ) | $ | 90,350 | $ | 11,600 | $ | 298,698 | $ | (1,154 | ) | $ | 8,958 | ||||||||||
CHANGES IN SHARES | ||||||||||||||||||||||||
OUTSTANDING: | ||||||||||||||||||||||||
Shares outstanding, beginning | ||||||||||||||||||||||||
of period | 650,000 | 700,000 | 700,000 | 550,000 | 150,000 | 150,000 | ||||||||||||||||||
Shares sold | — | — | 50,000 | 150,000 | — | 300,000 | ||||||||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | — | — | — | (300,000 | ) | |||||||||||||||
Shares outstanding, end | ||||||||||||||||||||||||
of period | 550,000 | 650,000 | 750,000 | 700,000 | 150,000 | 150,000 |
The accompanying notes are an integral part of these financial statements.
37 |
STATEMENTS OF CHANGES IN NET ASSETS — concluded
Oppenheimer Ultra Dividend Revenue ETF | Oppenheimer Global Growth Revenue ETF | |||||||||||||||
Six Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | Six Months Ended December 31, 2015 (Unaudited) | For the Period February 2, 20151 to June 30, 2015 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,457,222 | $ | 1,942,003 | $ | 13,071 | $ | 67,104 | ||||||||
Net realized gain (loss) on investments, in-kind redemptions | ||||||||||||||||
and foreign currency translations | (6,187,279 | ) | 2,047,744 | (479,525 | ) | 151,589 | ||||||||||
Net change in unrealized appreciation (depreciation) on | ||||||||||||||||
investments and foreign currency translations | 3,966,686 | (3,957,606 | ) | 97,298 | (126,999 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (763,371 | ) | 32,141 | (369,156 | ) | 91,694 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | (1,986,761 | ) | (1,572,990 | ) | (73,285 | ) | (2,563 | ) | ||||||||
Realized gains | — | (51,249 | ) | (143,071 | ) | — | ||||||||||
Total distributions to shareholders | (1,986,761 | ) | (1,624,239 | ) | (216,356 | ) | (2,563 | ) | ||||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | — | 90,292,154 | — | 5,000,000 | ||||||||||||
Cost of shares redeemed | (5,637,575 | ) | (45,422,020 | ) | (2,466,940 | ) | — | |||||||||
Net increase (decrease) in net assets resulting from | ||||||||||||||||
shareholder transactions | (5,637,575 | ) | 44,870,134 | (2,466,940 | ) | 5,000,000 | ||||||||||
Increase (Decrease) in net assets | (8,387,707 | ) | 43,278,036 | (3,052,452 | ) | 5,089,131 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 66,254,030 | 22,975,994 | 5,089,131 | — | ||||||||||||
End of period | $ | 57,866,323 | $ | 66,254,030 | $ | 2,036,679 | $ | 5,089,131 | ||||||||
Undistributed net investment income included in net | ||||||||||||||||
assets at end of period | $ | 1,785 | $ | 531,324 | $ | 2,284 | $ | 62,498 | ||||||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||||||||
Shares outstanding, beginning of period | 2,300,000 | 800,000 | 100,000 | — | ||||||||||||
Shares sold | — | 3,050,000 | — | 100,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (1,550,000 | ) | (50,000 | ) | — | |||||||||
Shares outstanding, end of period | 2,100,000 | 2,300,000 | 50,000 | 100,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
38 |
FINANCIAL HIGHLIGHTS
OPPENHEIMER LARGE CAP REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating | ||||||||||||||||||||||||
Performance: | ||||||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||
of period | $ | 40.91 | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | $ | 19.40 | ||||||||||||
Net investment income1 | 0.37 | 0.68 | 0.59 | 0.54 | 2 | 0.41 | 0.39 | |||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (1.23 | ) | 2.35 | 7.13 | 6.17 | 0.21 | 3 | 5.57 | ||||||||||||||||
Total gain (loss) from investment | ||||||||||||||||||||||||
operations | (0.86 | ) | 3.03 | 7.72 | 6.71 | 0.62 | 5.96 | |||||||||||||||||
Less Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.57 | ) | (0.64 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | ||||||||||||
Realized gains | (0.03 | ) | (0.04 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (0.60 | ) | (0.68 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | ||||||||||||
Net asset value, end of period | $ | 39.45 | $ | 40.91 | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | ||||||||||||
Total Return at Net Asset Value4 | (2.10 | )% | 7.91 | % | 24.84 | % | 26.98 | % | 2.59 | % | 30.97 | % | ||||||||||||
Total Return at Market Value4 | (2.25 | )% | 7.85 | % | 25.10 | % | 28.86 | % | 2.57 | % | 30.94 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | ||||||||||||||||||||||||
omitted | $ | 333,399 | $ | 343,682 | $ | 242,970 | $ | 182,025 | $ | 156,284 | $ | 201,301 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.49 | %5 | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.59 | %5 | 0.61 | % | 0.68 | % | 0.71 | % | 0.75 | % | 0.73 | % | ||||||||||||
Net investment income, net of | ||||||||||||||||||||||||
waivers and reimbursements | 1.86 | %5 | 1.70 | % | 1.66 | % | 1.93 | %2 | 1.72 | % | 1.68 | % | ||||||||||||
Portfolio turnover rate6 | 2.47 | % | 18.79 | % | 11.98 | % | 23.47 | % | 29.05 | % | 12.73 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.85%. |
3 | The amount of net gain from securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the year. |
4 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
5 | Annualized. |
6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
39 |
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER MID CAP REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating | ||||||||||||||||||||||||
Performance: | ||||||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||
of period | $ | 49.39 | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | $ | 23.04 | ||||||||||||
Net investment income1 | 0.25 | 0.41 | 0.34 | 0.39 | 2 | 0.23 | 0.18 | |||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (4.20 | ) | 1.79 | 9.97 | 8.18 | (1.15 | ) | 8.64 | ||||||||||||||||
Total gain (loss) from investment | ||||||||||||||||||||||||
operations | (3.95 | ) | 2.20 | 10.31 | 8.57 | (0.92 | ) | 8.82 | ||||||||||||||||
Less Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.39 | ) | (0.34 | ) | (0.31 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||
Realized gains | — | (0.17 | ) | (0.22 | ) | (0.14 | ) | (0.67 | ) | — | ||||||||||||||
Total distributions | (0.31 | ) | (0.56 | ) | (0.56 | ) | (0.45 | ) | (0.89 | ) | (0.17 | ) | ||||||||||||
Net asset value, end of period | $ | 45.13 | $ | 49.39 | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | ||||||||||||
Total Return at Net Asset Value3 | (8.02 | )% | 4.63 | % | 27.28 | % | 28.95 | % | (2.72 | )% | 38.40 | % | ||||||||||||
Total Return at Market Value3 | (8.00 | )% | 5.05 | % | 27.14 | % | 29.25 | % | (2.80 | )% | 38.42 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||||||
(000’s) omitted | $ | 216,705 | $ | 242,092 | $ | 205,404 | $ | 123,565 | $ | 122,557 | $ | 144,235 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.54 | %4 | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.67 | %4 | 0.68 | % | 0.73 | % | 0.80 | % | 0.82 | % | 0.81 | % | ||||||||||||
Net investment income, net of | ||||||||||||||||||||||||
waivers and reimbursements | 1.04 | %4 | 0.84 | % | 0.78 | % | 1.17 | %2 | 0.77 | % | 0.61 | % | ||||||||||||
Portfolio turnover rate5 | 10.48 | % | 13.93 | % | 24.19 | % | 44.42 | % | 55.02 | % | 38.03 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized. |
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.
40 |
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER SMALL CAP REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating | ||||||||||||||||||||||||
Performance: | ||||||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||
of period | $ | 58.05 | $ | 56.25 | $ | 43.82 | $ | 33.71 | $ | 34.47 | $ | 25.41 | ||||||||||||
Net investment income1 | 0.19 | 0.39 | 0.26 | 0.38 | 2 | 0.20 | 0.14 | |||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (6.20 | ) | 1.89 | 12.81 | 10.22 | (0.81 | ) | 9.06 | ||||||||||||||||
Total gain (loss) from investment | ||||||||||||||||||||||||
operations | (6.01 | ) | 2.28 | 13.07 | 10.60 | (0.61 | ) | 9.20 | ||||||||||||||||
Less Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.38 | ) | (0.52 | ) | (0.35 | ) | (0.15 | ) | (0.14 | ) | ||||||||||||
Realized gains | — | (0.10 | ) | (0.12 | ) | (0.14 | ) | — | — | |||||||||||||||
Total distributions | (0.24 | ) | (0.48 | ) | (0.64 | ) | (0.49 | ) | (0.15 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 51.80 | $ | 58.05 | $ | 56.25 | $ | 43.82 | $ | 33.71 | $ | 34.47 | ||||||||||||
Total Return at Net Asset Value3 | (10.37 | )% | 4.06 | % | 30.03 | % | 31.74 | % | (1.75 | )% | 36.26 | % | ||||||||||||
Total Return at Market Value3 | (10.52 | )% | 4.24 | % | 30.38 | % | 31.53 | % | (1.67 | )% | 36.10 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||||||
(000’s) omitted | $ | 326,401 | $ | 374,516 | $ | 292,584 | $ | 153,441 | $ | 109,601 | $ | 131,017 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.54 | %4 | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.63 | %4 | 0.67 | % | 0.72 | % | 0.79 | % | 0.84 | % | 0.83 | % | ||||||||||||
Net investment income, net of | ||||||||||||||||||||||||
waivers and reimbursements | 0.68 | %4 | 0.69 | % | 0.51 | % | 0.99 | %2 | 0.61 | % | 0.44 | % | ||||||||||||
Portfolio turnover rate5 | 21.26 | % | 21.21 | % | 10.69 | % | 39.39 | % | 47.80 | % | 33.72 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized. |
5 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
41 |
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER FINANCIALS SECTOR REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||
of period | $ | 50.02 | $ | 46.54 | $ | 39.35 | $ | 27.62 | $ | 29.70 | $ | 27.30 | ||||||||||||
Net investment income1 | 0.31 | 0.54 | 0.45 | 0.38 | 2 | 0.26 | 0.46 | |||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (1.99 | ) | 3.44 | 7.17 | 11.71 | (2.05 | ) | 2.41 | ||||||||||||||||
Total gain (loss) from investment | ||||||||||||||||||||||||
operations | (1.68 | ) | 3.98 | 7.62 | 12.09 | (1.79 | ) | 2.87 | ||||||||||||||||
Less Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.47 | ) | (0.50 | ) | (0.43 | ) | (0.36 | ) | (0.29 | ) | (0.47 | ) | ||||||||||||
Net asset value, end of period | $ | 47.87 | $ | 50.02 | $ | 46.54 | $ | 39.35 | $ | 27.62 | $ | 29.70 | ||||||||||||
Total Return at Net Asset Value3 | (3.38 | )% | 8.57 | % | 19.44 | % | 44.09 | % | (5.95 | )% | 10.40 | % | ||||||||||||
Total Return at Market Value3 | (3.53 | )% | 8.66 | % | 19.32 | % | 44.24 | % | (5.93 | )% | 10.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||||||
(000’s) omitted | $ | 26,330 | $ | 32,513 | $ | 32,577 | $ | 29,509 | $ | 9,667 | $ | 11,880 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.49 | %4 | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.77 | %4 | 0.77 | % | 0.80 | % | 1.03 | % | 1.29 | % | 1.03 | % | ||||||||||||
Net investment income, net of | ||||||||||||||||||||||||
waivers and reimbursements | 1.25 | %4 | 1.11 | % | 1.03 | % | 1.12 | %2 | 0.98 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate5 | 4.72 | % | 12.79 | % | 13.27 | % | 20.20 | % | 26.17 | % | 15.99 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized. |
5 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
42 |
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER ADR REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating | ||||||||||||||||||||||||
Performance: | ||||||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||
of period | $ | 36.89 | $ | 41.82 | $ | 34.45 | $ | 31.81 | $ | 39.84 | $ | 30.74 | ||||||||||||
Net investment income1 | 0.45 | 1.07 | 1.33 | 0.97 | 2 | 1.00 | 0.96 | |||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (6.90 | ) | (4.83 | ) | 7.24 | 2.47 | (7.47 | ) | 9.01 | |||||||||||||||
Total gain (loss) from investment | ||||||||||||||||||||||||
operations | (6.45 | ) | (3.76 | ) | 8.57 | 3.44 | (6.47 | ) | 9.97 | |||||||||||||||
Less Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.86 | ) | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.33 | ) | (0.87 | ) | ||||||||||||
Realized gains | — | — | — | — | (0.23 | ) | — | |||||||||||||||||
Total distributions | (0.86 | ) | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.56 | ) | (0.87 | ) | ||||||||||||
Net asset value, end of period | $ | 29.58 | $ | 36.89 | $ | 41.82 | $ | 34.45 | $ | 31.81 | $ | 39.84 | ||||||||||||
Total Return at Net Asset Value3 | (17.71 | )% | (9.13 | )% | 25.38 | % | 10.87 | % | (16.30 | )% | 32.89 | % | ||||||||||||
Total Return at Market Value3 | (17.93 | )% | (9.08 | )% | 25.39 | % | 10.76 | % | (16.32 | )% | 32.90 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||||||
(000’s) omitted | $ | 22,181 | $ | 25,825 | $ | 23,000 | $ | 24,118 | $ | 36,587 | $ | 71,716 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.49 | %4 | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||
waivers and reimbursements | 1.01 | %4 | 1.01 | % | 1.04 | % | 1.06 | % | 1.05 | % | 0.99 | % | ||||||||||||
Net investment income, net of | ||||||||||||||||||||||||
waivers and reimbursements | 2.77 | %4 | 2.80 | % | 3.47 | % | 2.83 | %2 | 2.97 | % | 2.55 | % | ||||||||||||
Portfolio turnover rate5 | 11.53 | % | 25.62 | % | 21.31 | % | 21.02 | % | 35.04 | % | 37.11 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.003 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.82%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized. |
5 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
43 |
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER NAVELLIER OVERALL A-100 REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating | ||||||||||||||||||||||||
Performance: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 51.35 | $ | 54.39 | $ | 43.80 | $ | 37.93 | $ | 41.98 | $ | 29.68 | ||||||||||||
Net investment income1 | 0.14 | 0.33 | 0.39 | 0.86 | 2 | 0.44 | 0.39 | |||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (3.32 | ) | 6.57 | 11.00 | 5.49 | (3.67 | ) | 12.32 | ||||||||||||||||
Total gain (loss) from investment | ||||||||||||||||||||||||
operations | (3.18 | ) | 6.90 | 11.39 | 6.35 | (3.23 | ) | 12.71 | ||||||||||||||||
Less Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.40 | ) | (0.80 | ) | (0.48 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||
Realized gains | (1.23 | ) | (9.54 | ) | — | — | (0.44 | ) | — | |||||||||||||||
Total distributions | (1.44 | ) | (9.94 | ) | (0.80 | ) | (0.48 | ) | (0.82 | ) | (0.41 | ) | ||||||||||||
Net asset value, end of period | $ | 46.73 | $ | 51.35 | $ | 54.39 | $ | 43.80 | $ | 37.93 | $ | 41.98 | ||||||||||||
Total Return at Net Asset Value3 | (6.25 | )% | 13.65 | % | 26.37 | % | 16.79 | % | (7.61 | )% | 43.05 | % | ||||||||||||
Total Return at Market Value3 | (6.24 | )% | 13.62 | % | 26.61 | % | 16.77 | % | (7.93 | )% | 43.22 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||||||
(000’s) omitted | $ | 7,010 | $ | 7,702 | $ | 8,159 | $ | 6,570 | $ | 7,585 | $ | 10,496 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||||||||
waivers and reimbursements | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||
waivers and reimbursements | 1.31 | %4 | 1.30 | % | 1.37 | % | 1.43 | % | 1.42 | % | 1.60 | % | ||||||||||||
Net investment income, net of | ||||||||||||||||||||||||
waivers and reimbursements | 0.57 | %4 | 0.63 | % | 0.79 | % | 2.05 | %2 | 1.18 | % | 1.06 | % | ||||||||||||
Portfolio turnover rate5 | 140.52 | % | 200.05 | % | 142.40 | % | 224.74 | % | 154.06 | % | 190.44 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.06 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.91%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized. |
5 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
44 |
FINANCIAL HIGHLIGHTS — continued
OPPENHEIMER ULTRA DIVIDEND REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | Year Ended June 30, 2015 | For the Period September 30, 20131 Through June 30, 2014 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value, beginning of period | $ | 28.81 | $ | 28.72 | $ | 24.87 | ||||||
Net investment income2 | 0.65 | 1.20 | 0.91 | |||||||||
Net realized and unrealized gain (loss) on investments | (0.99 | ) | 0.03 | 3.39 | ||||||||
Total gain (loss) from investment operations | (0.34 | ) | 1.23 | 4.30 | ||||||||
Less Distributions from: | ||||||||||||
Net investment income | (0.91 | ) | (1.11 | ) | (0.45 | ) | ||||||
Realized gains | — | (0.03 | ) | — | ||||||||
Total distributions | (0.91 | ) | (1.14 | ) | (0.45 | ) | ||||||
Net asset value, end of period | $ | 27.56 | $ | 28.81 | $ | 28.72 | ||||||
Total Return at Net Asset Value3 | (1.26 | )% | 4.30 | % | 17.46 | %4 | ||||||
Total Return at Market Value3 | (1.29 | )% | 4.19 | % | 17.58 | %4 | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000’s) omitted | $ | 57,866 | $ | 66,254 | $ | 22,976 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses, net of expense waivers and reimbursements | 0.49 | %5 | 0.49 | % | 0.49 | %5 | ||||||
Expenses, prior to expense waivers and reimbursements | 0.70 | %5 | 0.72 | % | 1.18 | %5 | ||||||
Net investment income, net of waivers and reimbursements | 4.50 | %5 | 4.06 | % | 4.57 | %5 | ||||||
Portfolio turnover rate6 | 203.60 | % | 51.83 | % | 37.43 | % |
1 | Commencement of operations. |
2 | Based on average daily shares outstanding. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Not Annualized. |
5 | Annualized. |
6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
45 |
FINANCIAL HIGHLIGHTS — concluded
OPPENHEIMER GLOBAL GROWTH REVENUE ETF
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2015 (Unaudited) | For the Period February 02, 20151 Through June 30, 2015 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value, beginning of period | $ | 50.89 | $ | 50.00 | ||||
Net investment income2 | 0.21 | 0.67 | ||||||
Net realized and unrealized gain (loss) on investments | (6.69 | ) | 0.25 | |||||
Total gain (loss) from investment operations | (6.48 | ) | 0.92 | |||||
Less Distributions from: | ||||||||
Net investment income | (0.82 | ) | (0.03 | ) | ||||
Realized gains | (2.86 | ) | — | |||||
Total distributions | (3.68 | ) | (0.03 | ) | ||||
Net asset value, end of period | $ | 40.73 | $ | 50.89 | ||||
Total Return at Net Asset Value3 | (12.97 | )% | 1.83 | %4 | ||||
Total Return at Market Value3 | (13.04 | )% | 1.09 | %4 | ||||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (000’s) omitted | $ | 2,037 | $ | 5,089 | ||||
Ratio to average net assets of: | ||||||||
Expenses, net of expense waivers and reimbursements | 0.70 | %5 | 0.70 | %5 | ||||
Expenses, prior to expense waivers and reimbursements | 2.05 | %5 | 1.94 | %5 | ||||
Net investment income, net of waivers and reimbursements | 0.87 | %5 | 3.13 | %5 | ||||
Portfolio turnover rate6 | 136.61 | % | 137.64 | % |
1 | Commencement of operations. |
2 | Based on average daily shares outstanding. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Not Annualized. |
5 | Annualized. |
6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
46 |
DECEMBER 31, 2015 (UNAUDITED)
1. ORGANIZATION
The Oppenheimer Revenue Weighted ETF Trust (the “Trust”, formerly “RevenueShares ETF Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which, as of the date of this report, is comprised of eight active funds (collectively, the “Funds” and each individually a “Fund”). The Oppenheimer Large Cap Revenue ETF (formerly “RevenueShares Large Cap Fund”), the Oppenheimer Mid Cap Revenue ETF (formerly “RevenueShares Mid Cap Fund”), the Oppenheimer Small Cap Revenue ETF (formerly “RevenueShares Small Cap Fund”) and the Oppenheimer Global Growth Revenue ETF (formerly, “RevenueShares Global Growth Fund”) are diversified funds under the Act, the Oppenheimer Financials Sector Revenue ETF (formerly “RevenueShares Financials Sector Fund”), the Oppenheimer ADR Revenue ETF (formerly “RevenueShares ADR Fund”), the Oppenheimer Navellier Overall A-100 Revenue ETF (formerly “RevenueShares Navellier Overall A-100 Fund”) and the Oppenheimer Ultra Dividend Revenue ETF (formerly “RevenueShares Ultra Dividend Fund”) are not diversified. The Funds’ investment objective is to seek total return.
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”).
Under the Funds’ organizational documents, its officers and trustees are indemnified by the Funds 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 Funds’ 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 Funds expect the risk of loss to be remote.
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Securities traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).
The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open, except in the case of a scheduled early closing of the NYSE, in which case the Fund will calculated the NAV of the shares as of the scheduled early closing time of the NYSE.
Investment Transactions — Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of U.S. dollar cash and/or U.S. government securities is maintained at all times. The cash collateral can be invested in a certain money market mutual fund, which may also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. 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.
47 |
NOTES TO FINANCIAL STATEMENTS — continued
The value of loaned securities and related collateral outstanding at December 31, 2015 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, 2015, the collateral consisted of an institutional money market fund, U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Bonds.
Master Netting Arrangements — A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.
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, 2015, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Lending 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 Collateral Received1 | Net Amount | Gross Amounts Presented in Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received | Net Amount | ||||||||||||||||||
Oppenheimer Large Cap | ||||||||||||||||||||||||
Revenue ETF | $ | 8,381,088 | $ | (8,381,088 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Oppenheimer Mid Cap | ||||||||||||||||||||||||
Revenue ETF | 25,042,336 | (25,042,336 | ) | — | — | — | — | |||||||||||||||||
Oppenheimer Small Cap | ||||||||||||||||||||||||
Revenue ETF | 33,944,998 | (33,944,998 | ) | — | — | — | — | |||||||||||||||||
Oppenheimer Financials Sector | ||||||||||||||||||||||||
Revenue ETF | 75,700 | (75,700 | ) | — | — | — | — | |||||||||||||||||
Oppenheimer ADR Revenue ETF | 4,036,195 | (4,036,195 | ) | — | — | — | — | |||||||||||||||||
Oppenheimer Navellier | ||||||||||||||||||||||||
Overall A-100 Revenue ETF | 432,319 | (432,319 | ) | — | — | — | — | |||||||||||||||||
Oppenheimer Ultra Dividend | ||||||||||||||||||||||||
Revenue ETF | 1,465,301 | (1,465,301 | ) | — | — | — | — | |||||||||||||||||
Oppenheimer Global Growth | ||||||||||||||||||||||||
Revenue ETF | 6,334 | (6,334 | ) | — | — | — | — |
1 | The amount of collateral presented is limited such that the net amount cannot be less than zero. The total amount is included as a footnote to the Schedule of Investments. |
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.
3. ADVISORY FEES , SERVICING FEES AND OTHER FEES AND EXPENSES
On September 4, 2015, VTL Associates, LLC (“VTL” or the “Adviser”), the investment adviser to each Fund entered into an agreement with OppenheimerFunds, Inc. (“OFI”) whereby OFI would acquire VTL (the “Transaction”). The Transaction closed on December 2, 2015 (“Closing”).
48 |
NOTES TO FINANCIAL STATEMENTS — continued
The Funds’ investment advisory agreement with VTL and sub-advisory agreement with Index Management Solutions, LLC (“IMS”) terminated upon Closing and a new investment advisory agreement between the Trust, on behalf of each Fund, and VTL took effect (the “New Agreement”). The New Agreement was approved by shareholders of each Fund except the Oppenheimer Financials Sector Revenue ETF and Oppenheimer Navellier Overall A-100 Revenue ETF on November 13, 2015, and by shareholders of Oppenheimer Financials Sector Revenue ETF and Oppenheimer Navellier Overall A-100 Revenue ETF on November 24, 2015. Under the New Agreement, VTL provides the portfolio management previously provided by IMS, and the investment advisory personnel of VTL and IMS who previously managed the Funds will continue to do so as employees of VTL after the Closing. In connection with the Transaction, the Trust and VTL have entered into a new written fee waiver and expense reimbursement agreement under the same terms as were in effect before the Closing on behalf of each Fund for a period of two years following the Closing.
VTL has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. For the services it provides to the Funds, the Adviser receives an advisory fee.
The Funds pay the Adviser the following annualized fees:
Fund | Management Fees | Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
Oppenheimer Large Cap Revenue ETF | 0.45% | 0.49% |
Oppenheimer Mid Cap Revenue ETF | 0.50% | 0.54% |
Oppenheimer Small Cap Revenue ETF | 0.50% | 0.54% |
Oppenheimer Financials Sector Revenue ETF | 0.45% | 0.49% |
Oppenheimer ADR Revenue ETF | 0.60% | 0.49% |
Oppenheimer Navellier Overall A-100 Revenue ETF | 0.60% | 0.60% |
Oppenheimer Ultra Dividend Revenue ETF | 0.45% | 0.49% |
Oppenheimer Global Growth Revenue ETF | 0.70% | 0.70% |
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreements pursuant to which the Adviser has agreed to waive all or a portion of its fees and/or reimburse expenses to the extent necessary to keep fund expenses (excluding any taxes, interest, brokerage fees, certain insurance costs and other non-routine expenses) for the Funds from exceeding the percentage of each Fund’s daily net assets in the above table. Amounts waived and/or reimbursed pursuant to these agreements are not subject to subsequent recapture by the Adviser. These agreements will remain in effect and will be contractually binding until December 2, 2017, after which they may be terminated or revised.
Prior to Closing and pursuant to a Sub-Advisory Agreement between the Adviser and Index Management Solutions, LLC (the “Sub-Adviser”), an affiliate of the Adviser, the Sub-Adviser was responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board of Trustees that oversaw the Funds prior to the Closing. In this regard, the Sub-Adviser was responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as agreed between the Adviser and Sub-Adviser from time to time. Out of the advisory fee, the Adviser paid all fees and expenses of the Sub-Adviser. Since the Closing and the termination of the Sub-Advisory Agreement, the Sub-Advisor no longer manages the Funds.
The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distribution — Prior to Closing, Foreside Fund Services, LLC served as the Funds’ distributor. In connection with the Closing, OppenheimerFunds Distributor, Inc. (“OFDI” or the “Distributor”) replaced Foreside Fund Services, LLC, as the Funds’ principal underwriter pursuant to a Distribution Agreement that was approved by the Board of Trustees that oversaw the Funds prior to the Closing on September 21, 2015. The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of its average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.
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.
49 |
NOTES TO FINANCIAL STATEMENTS — continued
4. CREATION AND REDEMPTION TRANSACTIONS
As of December 31, 2015, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.
Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. 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.
5. FAIR VALUE MEASUREMENT
The authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification™ Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices in an active market for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2015 in valuing the Funds’ assets carried at fair value:
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||
Common Stock | Exchange Traded Fund | Preferred Stock | Rights | Money Market Funds | Common Stock | Common Stock | Total | |||||||||||||||||||||||||
Oppenheimer Large | ||||||||||||||||||||||||||||||||
Cap Revenue ETF | $ | 332,948,016 | $ | — | $ | — | $ | — | $ | 4,083,921 | $ | — | $ | — | $ | 337,031,937 | ||||||||||||||||
Oppenheimer Mid | ||||||||||||||||||||||||||||||||
Cap Revenue ETF | 216,343,619 | — | — | — | 12,648,260 | — | — | 228,991,879 | ||||||||||||||||||||||||
Oppenheimer Small | ||||||||||||||||||||||||||||||||
Cap Revenue ETF | 326,020,381 | — | — | — | 26,707,172 | — | — | 352,727,553 | ||||||||||||||||||||||||
Oppenheimer Financials | ||||||||||||||||||||||||||||||||
Sector Revenue ETF | 26,316,203 | — | — | — | 23,731 | — | — | 26,339,934 | ||||||||||||||||||||||||
Oppenheimer ADR | ||||||||||||||||||||||||||||||||
Revenue ETF | 21,686,300 | — | 353,753 | — | 4,135,217 | — | — | 26,175,270 | ||||||||||||||||||||||||
Oppenheimer Navellier | �� | |||||||||||||||||||||||||||||||
Overall A-100 | ||||||||||||||||||||||||||||||||
Revenue ETF | 7,002,429 | — | — | — | 211,393 | — | — | 7,213,822 | ||||||||||||||||||||||||
Oppenheimer Ultra | ||||||||||||||||||||||||||||||||
Dividend Revenue ETF | 57,773,587 | — | — | — | 1,407,765 | — | — | 59,181,352 | ||||||||||||||||||||||||
Oppenheimer Global | ||||||||||||||||||||||||||||||||
Growth Revenue ETF | 1,959,743 | — | 39,325 | — | 6,703 | — | — | 2,005,771 |
50 |
NOTES TO FINANCIAL STATEMENTS — continued
At December 31, 2015, the Funds did not hold any Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.
The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period.
For the period ended December 31, 2015, there were no transfers out of Level 2 into Level 1.
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the period ended December 31, 2015 were as follows:
Fund | Purchases | Sales | ||||||
Oppenheimer Large Cap Revenue ETF | $ | 42,408,160 | $ | 8,272,496 | ||||
Oppenheimer Mid Cap Revenue ETF | 46,852,468 | 24,089,152 | ||||||
Oppenheimer Small Cap Revenue ETF | 91,755,772 | 74,620,385 | ||||||
Oppenheimer Financials Sector Revenue ETF | 1,346,149 | 1,434,326 | ||||||
Oppenheimer ADR Revenue ETF | 2,775,221 | 3,050,076 | ||||||
Oppenheimer Navellier | ||||||||
Overall A-100 Revenue ETF | 10,328,519 | 10,515,585 | ||||||
Oppenheimer Ultra Dividend Revenue ETF | 129,431,244 | 129,457,315 | ||||||
Oppenheimer Global Growth Revenue ETF | 4,177,525 | 4,909,398 |
For the period ended December 31, 2015, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | ||||||
Oppenheimer Large Cap Revenue ETF | $ | 13,906,770 | $ | 46,587,888 | ||||
Oppenheimer Mid Cap Revenue ETF | 2,469,674 | 30,066,473 | ||||||
Oppenheimer Small Cap Revenue ETF | 5,718,978 | 28,523,660 | ||||||
Oppenheimer Financials Sector Revenue ETF | — | 4,958,850 | ||||||
Oppenheimer ADR Revenue ETF | 1,798,548 | — | ||||||
Oppenheimer Navellier Overall A-100 Revenue ETF | — | — | ||||||
Oppenheimer Ultra Dividend Revenue ETF | — | 5,577,730 | ||||||
Oppenheimer Global Growth Revenue ETF | — | 2,096,318 |
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
7. INCOME AND CAPITAL GAINS DISTRIBUTIONS
On December 24, 2015, the Funds declared quarterly income dividends with an ex-date of December 29, 2015 and payable date of January 4, 2016. The income and capital gain dividends per share for each Fund were as follows:
Fund | Income Dividend Per Share | Short-Term Capital Gain Dividend Per Share | Long-Term Capital Gain Dividend Per Share | |||||||||
Oppenheimer Large Cap Revenue ETF | $ | 0.22873 | $ | — | $ | 0.02774 | ||||||
Oppenheimer Mid Cap Revenue ETF | 0.10467 | — | — | |||||||||
Oppenheimer Small Cap Revenue ETF | 0.09726 | — | — | |||||||||
Oppenheimer Financials Sector Revenue ETF | 0.16581 | — | — | |||||||||
Oppenheimer ADR Revenue ETF | 0.16726 | — | — | |||||||||
Oppenheimer Navellier Overall A-100 Revenue ETF | 0.07395 | 0.87908 | 0.35302 | |||||||||
Oppenheimer Ultra Dividend Revenue ETF | 0.36803 | — | — | |||||||||
Oppenheimer Global Growth Revenue ETF | 0.05000 | 2.86142 | — |
51 |
NOTES TO FINANCIAL STATEMENTS — continued
8. TRUSTEES’ FEES
The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.
9. FEDERAL INCOME TAX
The Funds intend to continue to qualify as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.
At December 31, 2015, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:
Fund | Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | ||||||||||||
Oppenheimer Large Cap Revenue ETF | $ | 302,267,539 | $ | 50,772,073 | $ | (16,007,675 | ) | $ | 34,764,398 | |||||||
Oppenheimer Mid Cap Revenue ETF | 225,888,481 | 25,341,240 | (22,237,842 | ) | 3,103,398 | |||||||||||
Oppenheimer Small Cap Revenue ETF | 356,310,907 | 38,828,532 | (42,411,886 | ) | (3,583,354 | ) | ||||||||||
Oppenheimer Financials Sector Revenue ETF | 23,227,507 | 3,564,475 | (452,048 | ) | 3,112,427 | |||||||||||
Oppenheimer ADR Revenue ETF | 30,867,057 | 1,834,899 | (6,526,686 | ) | (4,691,787 | ) | ||||||||||
Oppenheimer Navellier | ||||||||||||||||
Overall A-100 Revenue ETF | 7,068,066 | 208,511 | (62,755 | ) | 145,756 | |||||||||||
Oppenheimer Ultra Dividend Revenue ETF | 58,154,255 | 1,798,910 | (771,813 | ) | 1,027,097 | |||||||||||
Oppenheimer Global Growth Revenue ETF | 2,035,566 | 30,590 | (60,385 | ) | (29,795 | ) |
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2015, the components of accumulated earnings/loss on a tax-basis were as follows:
Fund | Undistributed Ordinary Income | Accumulated Undistributed Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | Total Accumulated Earnings/ (Loss) | ||||||||||||
Oppenheimer Large Cap Revenue ETF | $ | 1,395,988 | $ | 64,941 | $ | 63,723,677 | $ | 65,184,606 | ||||||||
Oppenheimer Mid Cap Revenue ETF | 471,279 | (1,613,871 | ) | 30,560,825 | 29,418,233 | |||||||||||
Oppenheimer Small Cap Revenue ETF | 405,589 | (5,825,351 | ) | 40,085,270 | 34,665,508 | |||||||||||
Oppenheimer Financials Sector Revenue ETF | 90,350 | (547,983 | ) | 5,307,116 | 4,849,483 | |||||||||||
Oppenheimer ADR Revenue ETF | 308,037 | (4,526,313 | ) | (687,881 | ) | (4,906,157 | ) | |||||||||
Oppenheimer Navellier | ||||||||||||||||
Overall A-100 Revenue ETF | 140,819 | 52,953 | 137,997 | 331,769 | ||||||||||||
Oppenheimer Ultra Dividend Revenue ETF | 518,732 | — | (2,939,589 | ) | (2,420,857 | ) | ||||||||||
Oppenheimer Global Growth Revenue ETF | 216,357 | — | (127,226 | ) | 89,131 |
52 |
NOTES TO FINANCIAL STATEMENTS — continued
The tax character of distributions paid during the year ended June 30, 2015 and 2014 were as follows:
2015 | 2014 | |||||||||||||||
Fund | Distributions Paid From Ordinary Income | Distributions Paid From Long-Term Capital Gains | Distributions Paid From Ordinary Income | Distributions Paid From Long-Term Capital Gains | ||||||||||||
Oppenheimer Large Cap Revenue ETF | $ | 4,589,744 | $ | 274,822 | $ | 3,077,924 | $ | — | ||||||||
Oppenheimer Mid Cap Revenue ETF | 1,772,461 | 745,246 | 1,218,541 | 807,714 | ||||||||||||
Oppenheimer Small Cap Revenue ETF | 2,154,563 | 547,479 | 2,135,006 | 552,449 | ||||||||||||
Oppenheimer Financials Sector Revenue ETF | 347,753 | — | 296,193 | — | ||||||||||||
Oppenheimer ADR Revenue ETF | 679,055 | — | 758,211 | — | ||||||||||||
Oppenheimer Navellier | ||||||||||||||||
Overall A-100 Revenue ETF | 730,710 | 760,107 | 119,412 | — | ||||||||||||
Oppenheimer Ultra Dividend Revenue ETF | 1,624,239 | — | 178,314 | — | ||||||||||||
Oppenheimer Global Growth Revenue ETF | 2,563 | — | NA | NA |
At June 30, 2015, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.
Fund | Capital Loss Available Through 2017 | Capital Loss Available Through 2018 | Capital Loss Available Through 2019 | Short-Term Post-Effective No Expiration | Long-Term Post-Effective No Expiration | Total | ||||||||||||||||||
Oppenheimer Mid Cap Revenue ETF | $ | — | $ | — | $ | — | $ | 4,293 | $ | — | $ | 4,293 | ||||||||||||
Oppenheimer Small Cap Revenue ETF | — | — | — | 710,173 | — | 710,173 | ||||||||||||||||||
Oppenheimer Financials Sector Revenue ETF | 52,317 | 21,626 | 78,535 | — | 395,505 | 547,983 | ||||||||||||||||||
Oppenheimer ADR Revenue ETF | — | — | — | 775,986 | 3,105,678 | 3,881,664 |
The Regulated Investment Company (“RIC”) Modernization Act of 2010 permits the Funds to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Post-October losses represent losses realized on investment transactions from November 1, 2014 through June 30, 2015, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. During the year ended June 30, 2015, the Funds incurred and will elect to defer net capital losses as follows:
Fund | Post-October Capital Losses | |||
Oppenheimer Mid Cap Revenue ETF | $ | 1,609,578 | ||
Oppenheimer Small Cap Revenue ETF | 5,115,178 | |||
Oppenheimer ADR Revenue ETF | 644,649 |
53 |
NOTES TO FINANCIAL STATEMENTS — concluded
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2015, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:
Fund | Undistributed Net Investment Income | Accumulated Net Realized Gain/(Loss) on Investments | Paid-in- Capital | |||||||||
Oppenheimer Large Cap Revenue ETF | $ | (28,760 | ) | $ | (15,743,722 | ) | $ | 15,772,482 | ||||
Oppenheimer Mid Cap Revenue ETF | (1,955 | ) | (24,914,234 | ) | 24,916,189 | |||||||
Oppenheimer Small Cap Revenue ETF | 115,961 | (24,805,860 | ) | 24,689,899 | ||||||||
Oppenheimer Financials Sector Revenue ETF | — | (761,433 | ) | 761,433 | ||||||||
Oppenheimer ADR Revenue ETF | (20 | ) | 20 | — | ||||||||
Oppenheimer Navellier | ||||||||||||
Overall A-100 Revenue ETF | (102 | ) | (888,516 | ) | 888,618 | |||||||
Oppenheimer Ultra Dividend Revenue ETF | (18,397 | ) | (2,328,898 | ) | 2,347,295 | |||||||
Oppenheimer Global Growth Revenue ETF | (2,043 | ) | 2,043 | — |
Accounting principles generally accepted in the United States (“GAAP”) prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Funds will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statements of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.
GAAP requires management of the Funds to analyze all open tax years, fiscal years 2012-2015, as defined by IRS statute of limitations, for all major jurisdictions, including Federal tax authorities and certain state tax authorities. As of and during the period ended June 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
10. PENDING LITIGATION
In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.
OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.
54 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)
At a shareholder meeting held on November 13, 2015, shareholders (“Shareholders”) of certain series (each, a “Fund” and collectively, the “Funds”) of Oppenheimer Revenue Weighted ETF Trust (formerly, RevenueShares ETF Trust (the “Trust”)) approved a new investment advisory agreement (the “New Agreement”) between the Trust, on behalf of each Fund, and VTL Associates, LLC (“VTL”), the investment adviser to each Fund.
The Trust’s Board of Trustees at the time of the shareholder meeting (the “Predecessor Board” or the “Predecessor Trustees”) considered the New Agreement at in-person meetings of the Independent Trustees of the Predecessor Board and the Predecessor Board held on August 19, 2015, September 18, 2015 (Independent Trustees and their counsel only) and September 21, 2015 (the “Predecessor Board Meetings”), the Predecessor Board, including the Independent Trustees, discussed and approved the New Agreement between VTL and the Trust, on behalf of each Fund, and determined to recommend that Shareholders approve the New Agreement. The Independent Trustees of the Predecessor Board had requested and been provided with detailed materials relating to OFI Global Asset Management, Inc. (“OFI”), VTL and the Transaction in advance of the Predecessor Board Meetings. The Independent Trustees met in executive session with their independent legal counsel during the Predecessor Board Meetings to discuss the proposed Transaction and its possible effect on the Funds. At the Predecessor Board Meetings, representatives of OFI and VTL responded to questions from the Predecessor Board, and discussed, among other things, the strategic rationale for the Transaction and OFI’s general plans and intentions regarding VTL. The Predecessor Board, including the Independent Trustees, evaluated the terms of the New Agreement, reviewed the information provided by OFI and VTL in connection with the consideration of approving the New Agreement on behalf of the Funds, and reviewed the duties and responsibilities of the Predecessor Board in evaluating and approving the New Agreement.
In connection with the Predecessor Board’s review of the New Agreement, VTL and OFI advised the Predecessor Trustees about a variety of matters, including the following:
• | No material changes are currently contemplated as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their Shareholders, including investment management or other Shareholder services. |
• | No material changes are currently contemplated in the management, operation or key personnel of VTL. |
• | The IMS investment personnel who currently manage the Funds would continue to do so after the Transaction as employees of VTL. |
• | OFI has agreed that it will, and will cause each of its affiliates to, conduct their business to the extent within their control to enable reliance upon the conditions of Section 15(f) of the 1940 Act, including not imposing any “unfair burden” on the Funds for at least two years from the Closing. |
In addition to the information provided by VTL and OFI as described above, the Predecessor Board also considered, among other factors, the following:
• | The reputation, financial strength, and resources of OFI. |
• | OFI’s experience and success with past acquisitions. |
• | The terms and conditions of the New Agreement, including that each Fund’s contractual fee rates under the New Agreement will remain the same. |
• | VTL will continue to have after the Transaction the capabilities, resources, and personnel necessary to provide the investment management services currently provided to each Fund. |
• | The management fees paid by each Fund after the Transaction represent reasonable compensation to VTL in light of the services to be provided, the costs to VTL of providing those services, economies of scale, and the fees and other expenses paid by similar funds (based on information provided by Lipper Inc. (“Lipper”), an independent third party) and such other matters that the Predecessor Board considered relevant in the exercise of its reasonable judgment. |
• | VTL and OFI have agreed to pay all expenses of the Funds in connection with the Predecessor Board’s consideration of the New Agreement and related agreements, and all costs of this proxy solicitation. As a result, the Funds will bear no costs in obtaining Shareholder approval of the New Agreement. |
In considering whether to approve the New Agreement on behalf of the Funds, the Predecessor Board reviewed the materials provided for the Predecessor Board Meetings, including: (i) a copy of the New Agreement; (ii) information describing the nature, quality and extent of the services that VTL and OFI expect to provide to the Funds; (iii) information concerning the financial condition, businesses, operations and compliance programs of VTL and OFI; and (iv) a copy of the current Form ADV for VTL and OFI. The Predecessor Board also considered the information presented at Predecessor
55 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — continued
Board Meetings throughout the year. In addition, the Predecessor Board received a report prepared by Lipper, comparing the advisory fees, expenses and performance of the Funds with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies. In making its decision to approve the New Agreement, the Predecessor Board, including the Independent Trustees, concluded that the information furnished was sufficient to form a reasonable business judgment for approval of the New Agreement.
During its review of this information, the Predecessor Board focused on and analyzed the factors that the Predecessor Board deemed relevant, including: (i) the nature, quality and extent of the services provided and expected to be provided to each Fund by VTL; (ii) the personnel and operations of VTL; (iii) the investment performance of the Funds; (iv) the expected profitability to VTL under the New Agreement; (v) any “fall-out” benefits to VTL or OFI (i.e., the ancillary benefits realized due to a relationship with the Trust); and (vi) possible conflicts of interest. The following are among the primary factors taken into account by the Predecessor Board in approving the New Agreement.
The nature, extent, and quality of services expected to be provided to the Funds by VTL; personnel and operations of VTL. The Predecessor Board reviewed the services that VTL expects to provide to the Funds. In reviewing the nature, extent, and quality of services, the Predecessor Board considered that the New Agreement will be similar to the Current Agreement. The Predecessor Board noted the responsibilities that VTL has as the Funds’ investment adviser, including: day-to-day general management and investment of each Fund’s securities portfolio; daily review of the Funds’ creation and redemption baskets; responsibility for daily monitoring of tracking error and quarterly reporting to the Predecessor Board; implementing periodic rebalances and reconstitutions to track the Funds’ underlying indexes; monitoring the Funds’ securities lending program; and implementation of Predecessor Board directives as they relate to the Funds. The Predecessor Board reviewed VTL’s experience, resources and strengths in managing the Funds, including VTL’s personnel.
The Predecessor Board also considered that the same individuals who currently manage the Funds are expected to do so as employees of VTL. The Predecessor Board also noted that the Transaction is not expected to result in any change in the structure or operations of the Funds and that OFI currently does not contemplate any immediate changes to the Funds’ key service providers, other than its distributor and CCO. The Predecessor Board also noted that, after the Transaction, VTL will continue to have the capabilities, resources and personnel necessary to provide the investment management services currently provided to each Fund.
In evaluating VTL, the Predecessor Board considered the history, reputation, qualification and background of OFI, the qualifications of its personnel and OFI’s financial condition. The Predecessor Board took account of the fact that OFI has had over fifty years of experience as an investment adviser and that its assets under management rank OFI among the top mutual fund managers in the United States. The Predecessor Board considered OFI’s long-term business goals with regard to VTL and the Funds. The Predecessor Board also considered OFI’s capabilities, experience, corporate structure and capital resources, including its compliance and risk management capabilities. The Predecessor Board noted that VTL’s operation of the Funds as a subsidiary of OFI would enhance the ability of VTL to attract and retain talented investment professionals.
Based on their consideration and review of the foregoing information, the Predecessor Board determined that the Funds would likely continue to benefit from the nature, quality and extent of the services provided by VTL, as well as VTL’s ability to render such services based on their experience, personnel, operations and resources.
Comparison of services provided and fees charged by VTL and other investment advisers to similar clients. The Predecessor Board considered the expense comparison data for the Funds provided at the Predecessor Board Meetings. At the Predecessor Board Meetings, the Predecessor Board compared both the services to be rendered and the fees to be paid pursuant to the New Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Predecessor Board compared each Fund’s advisory fee and expense ratio to other investment companies considered to be in each Fund’s peer group as chosen by Lipper. The Predecessor Board noted that the Funds’ contractual fees were not changing under the New Agreement, but were higher than their respective peer group averages, and discussed the reasons therefor. The Predecessor Board further noted that VTL would enter into the New Expense Limitation Agreement, which is substantially similar to the 2015 Expense Limitation Agreement, whereby VTL would reimburse expenses and/or waive fees to keep net operational expenses at current levels for two years after the Closing. The Predecessor Board also received and considered information about the fee rates charged to other accounts and clients that are managed by VTL, including information about the differences in services provided to non-Fund clients.
After comparing each Fund’s fees with those of other funds in each Fund’s peer group and considering the information about fee rates charged to other accounts and clients managed by VTL, and in light of the nature, quality and extent of services expected to be provided by VTL, the Predecessor Board concluded that the level of fees to be paid to VTL with respect to each Fund was fair and reasonable.
56 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — concluded
The Predecessor Board also noted that OFI has agreed that it will, and will cause each of its affiliates to, conduct their business to the extent within their control to enable reliance upon the conditions of Section 15(f) of the 1940 Act, including not imposing any “unfair burden” on the Funds for at least two years from the Closing. The Predecessor Board considered the fact that the fee waivers and expense reimbursements under the New Expense Limitation Agreement would be kept in place for a period of two years after the Closing, and that OFI did not expect to request that the Predecessor Board implement the Funds’ Rule 12b-1 plans in the foreseeable future.
The cost of the services to be provided and the profits to be realized by VTL from the relationship with the Funds, the extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect such economies of scale; “Fall-out” benefits. The Predecessor Board discussed with the representatives from VTL the expected costs to be incurred by VTL in rendering services to the Funds, and the profitability of VTL in connection with its service as investment adviser to each Fund, including operational costs but excluding costs related to the Transaction or for marketing. The Predecessor Board also considered that certain Funds were not yet of a sufficient size to be experiencing economies of scale. The Predecessor Board discussed with OFI the experience of the Oppenheimer Funds’ boards in addressing economies of scale. The Predecessor Board concluded that the expected profitability of VTL was reasonable for the Funds in relation to the performance and asset sizes of the Funds.
The Predecessor Board also considered that OFI and VTL may experience reputational and other “fall-out” benefits (i.e., benefits to affiliates of VTL and OFI, such as service relationships with OFDI) based on the success of the Funds, but that such benefits were not likely to result in an “unfair burden” to the Funds. Rather, the Predecessor Board considered that the sale of Fund shares through OFDI’s network of third-party brokers, retirement plan platforms and registered investment advisers could result in the growth of Fund assets and economies of scale.
Investment performance of the Funds. The Predecessor Board considered the investment performance of the Funds, including tracking error. In particular, the Predecessor Board considered the investment performance of the Funds relative to their stated objectives and the success of VTL in reaching such objectives. The Predecessor Board also considered each Fund’s investment performance compared to: (i) its corresponding revenue-weighted index that it seeks to track and (ii) the benchmark index that each Fund uses for comparison in its prospectus and shareholder reports (if different). In addition, consideration was given to tracking error data provided to the Predecessor Board for the Predecessor Board Meetings and throughout the year by VTL. The Predecessor Board also considered each Fund’s investment performance compared to the respective Fund’s Lipper peer group, noting that performance was consistent with or exceeded Lipper peer group performance for periods of more than one year.
The Predecessor Board 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 (“NAV”) of the Funds, and by how much, measured in basis points. The Predecessor Board concluded that the performance of the Funds, including the tracking error, was reasonable in light of the respective investment objectives and policies of the Funds.
Conclusion. No single factor was determinative to the decision of the Predecessor Board. Based on the foregoing and such other matters as were deemed relevant, such as the New Expense Limitation Agreement, the Predecessor Board concluded that the advisory fee rates under the New Agreement and the net expense ratios under the New Expense Limitation Agreement were reasonable in relation to the services expected to be provided by VTL to each Fund, as well as the expected costs incurred and benefits gained by VTL in providing such services. The Predecessor Board also found the investment advisory fees under the New Agreement to be reasonable in comparison to the fees charged by advisers to other comparable ETFs of similar size. The Predecessor Board concluded that the Transaction would not result in an increase in advisory fee rates or net expense ratios, and was not expected to result in a decrease in the quality or quantity of services from VTL, or impose an “unfair burden” on the Funds. The Predecessor Board further concluded that, after the Transaction, VTL will continue to have the capabilities, resources, and personnel necessary to provide the investment management services currently provided to each Fund. As a result, the Predecessor Board concluded that the approval of the New Agreement between VTL and the Trust, on behalf of the each Fund, was in the best interests of each Fund.
57 |
(UNAUDITED)
On November 13, 2015, two separate special meetings of the shareholders of the Funds were held. The first meeting related to proposal 1, as it applies to all Funds except the Oppenheimer Financials Sector Revenue ETF (formerly, RevenueShares Financials Sector Fund), and proposal 2, as it applies to all Funds. The second meeting related to proposal 1, as it applies to the Oppenheimer Financials Sector Revenue ETF (formerly, RevenueShares Financials Sector Fund). These proposals were approved as described in the Funds’ proxy statement dated October 2, 2015. The following is a report of the votes cast:
Proposal 1: Approve a new investment advisory agreement (the “New Agreement”) between the Trust, on behalf of each Fund, and VTL Associates, LLC (“VTL”), the investment adviser to each Fund.
Fund | For | Against | Abstain | |||||||||
Oppenheimer Large Cap Revenue ETF | 3,576,946 | 25,724 | 32,542 | |||||||||
Oppenheimer Mid Cap Revenue ETF | 2,595,061 | 9,315 | 11,585 | |||||||||
Oppenheimer Small Cap Revenue ETF | 2,808,318 | 21,733 | 20,725 | |||||||||
Oppenheimer Financials Sector Revenue ETF | 270,203 | 3,123 | 37,610 | |||||||||
Oppenheimer ADR Revenue ETF | 342,323 | 1,200 | 1,760 | |||||||||
Oppenheimer Navellier Overall A-100 Revenue ETF | 63,097 | 314 | 1,396 | |||||||||
Oppenheimer Ultra Dividend Revenue ETF | 1,069,118 | 2,664 | 3,748 | |||||||||
Oppenheimer Global Growth Revenue ETF | 37,717 | 350 | 0 |
Proposal 2: To elect a Board of Trustees of the Trust.
Nominee | For All | Withhold |
Sam Freedman | 13,956,828 | 237,226 |
Jon S. Fossel | 13,958,662 | 235,392 |
Richard F. Grabish | 13,980,438 | 213,616 |
Beverly L. Hamilton | 13,980,036 | 214,018 |
Victoria J. Herget | 13,983,297 | 210,757 |
Robert J. Malone | 13,961,319 | 232,735 |
F. William Marshall, Jr. | 13,962,222 | 231,832 |
Karen L. Stuckey | 13,983,854 | 210,200 |
James D. Vaughn | 13,961,319 | 232,735 |
Arthur P. Steinmetz | 13,984,358 | 209,696 |
58 |
(UNAUDITED)
Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Oppenheimer Revenue Weighted ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenueshares.com.
59 |
THE OPPENHEIMER REVENUE WEIGHTED ETF TRUST
Trustees and Officers
Sam Freedman, Chairman of the Board of Trustees and Trustee
Jon S. Fossel, Trustee Richard F. Grabish, Trustee
Beverly L. Hamilton, Trustee
Victoria J. Herget, Trustee Robert J. Malone, Trustee
F. William Marshall, Jr., Trustee
Karen L. Stuckey, Trustee
James D. Vaughn, Trustee
Arthur P. Steinmetz, Trustee, President and CEO
Vincent T. Lowry, Vice President
Michael J. Gompers, Vice President
Justin V. Lowry, Vice President
Sean P. Reichert, Vice President
Arthur S. Gabinet, Secretary and Chief Legal Officer
Jennifer Sexton, Vice President and Chief Business Officer
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Investment Adviser | Independent Registered Public Accounting Firm |
VTL Associates, LLC | BBD, LLP |
Distributor | Legal Counsel |
OppenheimerFunds Distributor, Inc. | Ropes & Gray LLP |
Administrator, Custodian and Transfer Agent | |
The Bank of New York Mellon (BNY Mellon) |
Oppenheimer Revenue Weighted ETF Trust
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103
This report is submitted for the general information of the shareholders of each Fund.
It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.
Visit Us | |
revenueshares.com | Oppenheimer Revenue Weighted ETF Trust is distributed by OppenheimerFunds Distributor, Inc. |
225 Liberty Street, New York, NY 10281-1008 | |
Call Us | © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. |
888 854 8181 | RS0000.011.1215 December 31, 2015 |
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) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
None
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 1/29/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Not applicable to semiannual reports. |
(2) | Exhibits attached hereto. |
(3) | Not applicable. |
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Revenue Weighted ETF Trust
By: | _/s/ Arthur P. Steinmetz_________ |
Arthur P. Steinmetz | |
Principal Executive Officer | |
Date: | 2/16/2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | _/s/ Arthur P. Steinmetz__ _____ |
Arthur P. Steinmetz | |
Principal Executive Officer | |
Date: | 2/16/2016
|
By: | __/s/ Brian W. Wixted__________ |
Brian W. Wixted | |
Principal Financial Officer | |
Date: | 2/16/2016 |