Registration No. 333-139501
File No. 811-21993
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
Pre-Effective Amendment No. | □ |
Post-Effective Amendment No. 37 | ☒ |
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
Amendment No. 39 | ☒ |
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)
(303) 768-3200
(Registrant’s Telephone Number, including Area Code)
Cynthia Lo Bessette, Esq.
OFI Global Asset Management, Inc.
225 Liberty Street, New York, New York
10281-1008
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box):
☒ immediately upon filing pursuant to paragraph (b)
□ on ________ pursuant to paragraph (b)
□ 60 days after filing pursuant to paragraph (a)(1)
□ on ________ pursuant to paragraph (a)(1)
□ 75 days after filing pursuant to paragraph (a)(2)
□ on ________ pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
□ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 3rd day of November, 2016.
Oppenheimer Revenue Weighted ETF Trust | |
By: | Arthur P. Steinmetz* |
Arthur P. Steinmetz, President, | |
Principal Executive Officer and Trustee |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities on the dates indicated:
Signatures | Title | Date |
Robert J. Malone* Robert J. Malone |
Chairman of the Board of Trustees | November 3, 2016 |
Arthur P. Steinmetz* Arthur P. Steinmetz |
Trustee, President and Principal Executive Officer | November 3, 2016 |
Brian S. Petersen* Brian S. Petersen |
Treasurer, Principal Financial & Accounting Officer | November 3, 2016 |
Jon S. Fossel* Jon S. Fossel |
Trustee | November 3, 2016 |
Richard F. Grabish* Richard F. Grabish |
Trustee | November 3, 2016 |
Beverly L. Hamilton* Beverly L. Hamilton |
Trustee | November 3, 2016 |
Victoria J. Herget* Victoria J. Herget |
Trustee | November 3, 2016 |
F. William Marshall, Jr.* F. William Marshall, Jr. |
Trustee | November 3, 2016 |
Karen L. Stuckey* Karen L. Stuckey |
Trustee | November 3, 2016 |
James D. Vaughn* James D. Vaughn |
Trustee | November 3, 2016 |
*By: | /s/ Mitchell J. Lindauer |
Mitchell J. Lindauer, Attorney-in-Fact |
EXHIBIT INDEX
Exhibit No. | Description | |
Ex-101.INS | XBRL Instance Document | |
Ex-101.SCH | XBRL Taxonomy Extension Schema Document | |
Ex-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
Ex-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
Ex-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
Ex-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Document and Entity Information |
Total |
---|---|
Risk/Return: | |
Document Type | 485BPOS |
Document Period End Date | Jun. 30, 2016 |
Registrant Name | Oppenheimer Revenue Weighted ETF Trust |
Central Index Key | 0001384032 |
Amendment Flag | false |
Document Creation Date | Oct. 21, 2016 |
Document Effective Date | Oct. 21, 2016 |
Prospectus Date | Oct. 21, 2016 |
Oppenheimer Revenue Weighted ETF Trust | Oppenheimer ESG Revenue ETF | ||||||||||||||||||||
Oppenheimer ESG Revenue ETF | ||||||||||||||||||||
Investment Objective | ||||||||||||||||||||
Oppenheimer ESG Revenue ETF (the Fund) seeks to outperform the total return performance of the S&P 500® Index, the Funds benchmark index (the Benchmark Index). | ||||||||||||||||||||
Fees and Expenses | ||||||||||||||||||||
The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (Shares). You may also incur customary brokerage charges when buying or selling Fund Shares. | ||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||
| ||||||||||||||||||||
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same, except that the Funds expenses are reduced through December 2, 2017 by the fee waiver and expense reimbursement agreement described above. This example does not include the brokerage commission that you may pay to buy and sell exchange-traded Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||
| ||||||||||||||||||||
Portfolio Turnover | ||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. | ||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||
The Fund is an exchange-traded fund (ETF). The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the OFI Revenue Weighted ESG Index (the Underlying Index). The Underlying Index is constructed by selecting companies from within the Benchmark Index that have strong environmental, social and governance (ESG) practices, and re-weighting those companies according to the revenue earned, subject to certain asset diversification requirements. The Underlying Index is reconstituted quarterly.
The Underlying Index is constructed using a scoring system established by Sustainalytics, a third party research provider, to measure the strength of each pillar of environmental, social, and governance practices for each company within the Benchmark Index. Based on that scoring, Sustainalytics assigns an overall composite ESG score to each company based on the score of each pillar, weighted according to that companys industry. Those companies that rank in the top 50th percentile for their overall industry adjusted ESG score within the S&P 500 Index and pass a controversy category screen are selected for the Underlying Index, and then re-weighted according to revenue earned. The Underlying Index thus contains a subset of the securities in the Benchmark Index, in different proportions.
Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.
The Funds intention is to replicate the constituent securities of the Underlying Index as closely as possible. When a replication strategy could have adverse consequences to Fund shareholders, however, the Fund may utilize a representative sampling strategy whereby the Fund would hold a significant number of the component securities of the Underlying Index, but may not track that Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire Underlying Index. The Fund does not seek temporary defensive positions when equity markets decline or appear to be overvalued. | ||||||||||||||||||||
Principal Risks | ||||||||||||||||||||
Like all investments, investing in the Fund entails risks, including the risk that you may lose part or all of the money you invest.
Investment Approach Risk The alternate weighting approach employed by the Underlying Index and the Fund, while designed to enhance potential returns compared to the Benchmark Index, may not produce the desired results. Using revenues as a weighting measure is no guarantee that the Underlying Index or the Fund will outperform the Benchmark Index, and may even cause the Underlying Index or the Fund to underperform the Benchmark Index.
ESG Investing Strategy Risk The stocks of companies with favorable ESG practices may underperform the stock market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on ESG practices. The criteria used to select companies for the Underlying Index may result in the Fund investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Stock Market Risk Stock market risk is the risk that broad movements in financial markets will adversely affect the price of the Funds investments, regardless of how well the companies in which the Fund invests perform. There is also a risk that the price of one or more of the securities or other instruments in the Funds portfolio will fall.
Market Trading Risk An investment in the Shares may present secondary market trading risks, including the inability to sell your Shares in the event of a severe market disruption, or the inability to buy and sell Shares at a price that reflects the actual value of the Funds portfolio. Although it is expected that Shares will remain listed for trading on the NYSE Arca, Inc. (the Exchange), disruptions to creations and redemptions, the existence of market volatility or lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in the Shares trading significantly above (at a premium to) or below (at a discount to) the Funds net asset value (NAV) (calculated at the end of the day), or the intraday value of the Funds published basket of portfolio securities (i.e., the intraday indicative value or IIV). During such periods, you may be unable to sell your Shares or may incur significant losses if you sell your Shares.
Non-Correlation Risk The Funds return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs a number of operating expenses, while the Underlying Index does not. Tracking error may occur because of differences between the securities or other instruments held in the Funds portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Funds holding of uninvested cash, differences in the timing of the accrual of dividends or interest, tax gains or losses, changes to the Underlying Index, or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions.
Portfolio Turnover Risk Because the Fund is rebalanced quarterly, the Fund may experience portfolio turnover in excess of 100%. Portfolio turnover may involve the payment by the Fund of brokerage and other transaction costs on the sale of securities, as well as on the investment of the proceeds in other securities. The greater the portfolio turnover, the greater the transaction costs to the Fund, which could have an adverse effect on the Funds total rate of return, and the more likely the Fund is to generate capital gains that must be distributed to shareholders as taxable income.
Authorized Participant Concentration Risk Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant is able to step forward to create or redeem. Shares may trade at a discount to NAV or IIV, and the Fund may possibly face delisting. | ||||||||||||||||||||
Performance | ||||||||||||||||||||
There is no performance information presented for the Fund because the Fund has not commenced investment operations as of the date of this Prospectus. |
Label | Element | Value | ||
---|---|---|---|---|
Oppenheimer Revenue Weighted ETF Trust | Oppenheimer ESG Revenue ETF | ||||
Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Oppenheimer ESG Revenue ETF |
||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Oppenheimer ESG Revenue ETF (the Fund) seeks to outperform the total return performance of the S&P 500® Index, the Funds benchmark index (the Benchmark Index). |
||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses |
||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (Shares). You may also incur customary brokerage charges when buying or selling Fund Shares. |
||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | December 2, 2017 | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. |
||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | You may also incur customary brokerage charges when buying or selling Fund Shares. |
||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same, except that the Funds expenses are reduced through December 2, 2017 by the fee waiver and expense reimbursement agreement described above. This example does not include the brokerage commission that you may pay to buy and sell exchange-traded Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: |
||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund is an exchange-traded fund (ETF). The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the OFI Revenue Weighted ESG Index (the Underlying Index). The Underlying Index is constructed by selecting companies from within the Benchmark Index that have strong environmental, social and governance (ESG) practices, and re-weighting those companies according to the revenue earned, subject to certain asset diversification requirements. The Underlying Index is reconstituted quarterly.
The Underlying Index is constructed using a scoring system established by Sustainalytics, a third party research provider, to measure the strength of each pillar of environmental, social, and governance practices for each company within the Benchmark Index. Based on that scoring, Sustainalytics assigns an overall composite ESG score to each company based on the score of each pillar, weighted according to that companys industry. Those companies that rank in the top 50th percentile for their overall industry adjusted ESG score within the S&P 500 Index and pass a controversy category screen are selected for the Underlying Index, and then re-weighted according to revenue earned. The Underlying Index thus contains a subset of the securities in the Benchmark Index, in different proportions.
Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.
The Funds intention is to replicate the constituent securities of the Underlying Index as closely as possible. When a replication strategy could have adverse consequences to Fund shareholders, however, the Fund may utilize a representative sampling strategy whereby the Fund would hold a significant number of the component securities of the Underlying Index, but may not track that Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire Underlying Index. The Fund does not seek temporary defensive positions when equity markets decline or appear to be overvalued. |
||
Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. |
||
Risk [Heading] | rr_RiskHeading | Principal Risks |
||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Like all investments, investing in the Fund entails risks, including the risk that you may lose part or all of the money you invest.
Investment Approach Risk The alternate weighting approach employed by the Underlying Index and the Fund, while designed to enhance potential returns compared to the Benchmark Index, may not produce the desired results. Using revenues as a weighting measure is no guarantee that the Underlying Index or the Fund will outperform the Benchmark Index, and may even cause the Underlying Index or the Fund to underperform the Benchmark Index.
ESG Investing Strategy Risk The stocks of companies with favorable ESG practices may underperform the stock market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on ESG practices. The criteria used to select companies for the Underlying Index may result in the Fund investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Stock Market Risk Stock market risk is the risk that broad movements in financial markets will adversely affect the price of the Funds investments, regardless of how well the companies in which the Fund invests perform. There is also a risk that the price of one or more of the securities or other instruments in the Funds portfolio will fall.
Market Trading Risk An investment in the Shares may present secondary market trading risks, including the inability to sell your Shares in the event of a severe market disruption, or the inability to buy and sell Shares at a price that reflects the actual value of the Funds portfolio. Although it is expected that Shares will remain listed for trading on the NYSE Arca, Inc. (the Exchange), disruptions to creations and redemptions, the existence of market volatility or lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in the Shares trading significantly above (at a premium to) or below (at a discount to) the Funds net asset value (NAV) (calculated at the end of the day), or the intraday value of the Funds published basket of portfolio securities (i.e., the intraday indicative value or IIV). During such periods, you may be unable to sell your Shares or may incur significant losses if you sell your Shares.
Non-Correlation Risk The Funds return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs a number of operating expenses, while the Underlying Index does not. Tracking error may occur because of differences between the securities or other instruments held in the Funds portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Funds holding of uninvested cash, differences in the timing of the accrual of dividends or interest, tax gains or losses, changes to the Underlying Index, or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions.
Portfolio Turnover Risk Because the Fund is rebalanced quarterly, the Fund may experience portfolio turnover in excess of 100%. Portfolio turnover may involve the payment by the Fund of brokerage and other transaction costs on the sale of securities, as well as on the investment of the proceeds in other securities. The greater the portfolio turnover, the greater the transaction costs to the Fund, which could have an adverse effect on the Funds total rate of return, and the more likely the Fund is to generate capital gains that must be distributed to shareholders as taxable income.
Authorized Participant Concentration Risk Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant is able to step forward to create or redeem. Shares may trade at a discount to NAV or IIV, and the Fund may possibly face delisting. |
||
Risk Lose Money [Text] | rr_RiskLoseMoney | Like all investments, investing in the Fund entails risks, including the risk that you may lose part or all of the money you invest. |
||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance |
||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | There is no performance information presented for the Fund because the Fund has not commenced investment operations as of the date of this Prospectus. |
||
Oppenheimer Revenue Weighted ETF Trust | Oppenheimer ESG Revenue ETF | Oppenheimer ESG Revenue ETF | ||||
Risk/Return: | rr_RiskReturnAbstract | |||
Management Fees | rr_ManagementFeesOverAssets | 0.40% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.51% | ||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (1.11%) | [1] | |
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.40% | ||
1 Year | rr_ExpenseExampleYear01 | $ 41 | ||
3 Years | rr_ExpenseExampleYear03 | $ 368 | ||
|
Oppenheimer Revenue Weighted ETF Trust | Oppenheimer Global ESG Revenue ETF | |||||||||||||||||||||||||
Oppenheimer Global ESG Revenue ETF | |||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||
Oppenheimer Global ESG Revenue ETF (the Fund) seeks to outperform the total return performance of the MSCI All Country World Index, the Funds benchmark index (the Benchmark Index). | |||||||||||||||||||||||||
Fees and Expenses | |||||||||||||||||||||||||
The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (Shares). You may also incur customary brokerage charges when buying or selling Fund Shares. | |||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same, except that the Funds expenses are reduced through December 2, 2017 by the fee waiver and expense reimbursement agreement described above. This example does not include the brokerage commission that you may pay to buy and sell exchange-traded Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||||||||||||||||||||
| |||||||||||||||||||||||||
Portfolio Turnover | |||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. | |||||||||||||||||||||||||
Principal Investment Strategies | |||||||||||||||||||||||||
The Fund is an exchange-traded fund (ETF). The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the OFI Revenue Weighted Global ESG Index (the Underlying Index). The Underlying Index is constructed by selecting companies from within the Benchmark Index that have strong environmental, social and governance (ESG) practices, as identified by MSCI ESG Research, Inc., screening those companies based on risk-adjusted performance, and then re-weighting those companies according to the revenue earned, subject to certain asset diversification requirements. The Underlying Index is reconstituted quarterly.
The Underlying Index is constructed by using a scoring system established by MSCI ESG Research, Inc. to measure the strength of each pillar of environmental, social, and governance practices for each company within the Benchmark Index. Based on that scoring, MSCI ESG Research, Inc. assigns an overall composite score weighted according to that companys industry. Companies that rank in the top half of ESG scores are selected. Those companies are then screened based on their Sharpe Ratio, a measure of risk-adjusted performance. Those companies that rank within the top half according to their Sharpe Ratio are chosen for the Underlying Index, and then re-weighted according to revenue earned. Thus, the Underlying Index contains a subset of the securities in the Benchmark Index, in different proportions.
Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.
The Funds intention is to replicate the constituent securities of the Underlying Index as closely as possible. When a replication strategy could have adverse consequences to Fund shareholders, however, the Fund may utilize a representative sampling strategy whereby the Fund would hold a significant number of the component securities of the Underlying Index, but may not track that index with the same degree of accuracy as would an investment vehicle replicating the entire index. The Fund does not seek temporary defensive positions when equity markets decline or appear to be overvalued. | |||||||||||||||||||||||||
Principal Risks | |||||||||||||||||||||||||
Like all investments, investing in the Fund entails risks, including the risk that you may lose part or all of the money you invest.
Investment Approach Risk The alternate weighting approach employed by the Underlying Index and the Fund, while designed to enhance potential returns compared to the Benchmark Index, may not produce the desired results. Using revenues as a weighting measure is no guarantee that the Underlying Index or the Fund will outperform the Benchmark Index, and may even cause the Underlying Index or the Fund to underperform the Benchmark Index.
ESG Investing Strategy Risk The stocks of companies with favorable ESG practices may underperform the stock market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on ESG practices. The criteria used to select companies for the Underlying Index may result in the Fund investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Stock Market Risk Stock market risk is the risk that broad movements in financial markets will adversely affect the price of the Funds investments, regardless of how well the companies in which the Fund invests perform. There is also a risk that the price of one or more of the securities or other instruments in the Funds portfolio will fall.
Foreign Securities Risk Investments in the securities of foreign companies may be more volatile because of economic or political developments, public health and safety issues, demographic changes, market inefficiencies, lack of regulatory oversight, government debt burdens, or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Restrictions on currency trading may be imposed by foreign countries, which may adversely affect the value of the Funds portfolio securities. Certain of the risks associated with foreign investments are heightened for investments in emerging market countries.
Emerging Markets Risk The Funds investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.
Foreign Currency Risk Changes in foreign currency exchange rates affect the value of investments denominated in a foreign currency, and therefore, the value of the Funds portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate.
Depositary Receipt Risk Changes in foreign currency exchange rates affect the value of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs") and Global Shares and, therefore, the value of the Funds portfolio. In addition, although the ADRs, GDRs, EDRs and Global Shares in which the Fund invests may be listed on major U.S. or foreign exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. There is also no guarantee that a financial institution will continue to sponsor particular ADRs, GDRs or EDRs. As a result, the Fund may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued.
Foreign Market Risk Because foreign securities in the Funds portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of those securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares.
Market Trading Risk An investment in the Shares may present secondary market trading risks, including the inability to sell your Shares in the event of a severe market disruption, or the inability to buy and sell Shares at a price that reflects the actual value of the Funds portfolio. Although it is expected that Shares will remain listed for trading on the NYSE Arca, Inc. (the Exchange), disruptions to creations and redemptions, the existence of market volatility or lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in the Shares trading significantly above (at a premium to) or below (at a discount to) the Funds NAV (calculated at the end of the day), or the intraday value of the Funds published basket of portfolio securities (i.e., the intraday indicative value or IIV). During such periods, you may be unable to sell your Shares or may incur significant losses if you sell your Shares.
Non-Correlation Risk The Funds return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs a number of operating expenses, while the Underlying Index does not. Tracking error may also occur because of differences between the securities or other instruments held in the Funds portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Funds holding of uninvested cash, differences in the timing of the accrual of dividends or interest, tax gains or losses, changes to the Underlying Index, or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions.
Portfolio Turnover Risk Because the Fund is rebalanced quarterly, the Fund may experience portfolio turnover in excess of 100%. Portfolio turnover may involve the payment by the Fund of brokerage and other transaction costs on the sale of securities, as well as on the investment of the proceeds in other securities. The greater the portfolio turnover, the greater the transaction costs to the Fund, which could have an adverse effect on the Funds total rate of return, and the more likely the Fund is to generate capital gains that must be distributed to shareholders as taxable income.
Authorized Participant Concentration Risk Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant is able to step forward to create or redeem. Shares may trade at a discount to NAV or IIV, and the Fund may possibly face delisting. | |||||||||||||||||||||||||
Performance | |||||||||||||||||||||||||
There is no performance information presented for the Fund because the Fund has not commenced investment operations as of the date of this Prospectus. |
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Oppenheimer Revenue Weighted ETF Trust | Oppenheimer Global ESG Revenue ETF | ||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Oppenheimer Global ESG Revenue ETF |
||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Oppenheimer Global ESG Revenue ETF (the Fund) seeks to outperform the total return performance of the MSCI All Country World Index, the Funds benchmark index (the Benchmark Index). |
||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses |
||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (Shares). You may also incur customary brokerage charges when buying or selling Fund Shares. |
||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | December 2, 2017 | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading |
Portfolio Turnover |
||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. |
||||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | You may also incur customary brokerage charges when buying or selling Fund Shares. |
||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same, except that the Funds expenses are reduced through December 2, 2017 by the fee waiver and expense reimbursement agreement described above. This example does not include the brokerage commission that you may pay to buy and sell exchange-traded Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: |
||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund is an exchange-traded fund (ETF). The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the OFI Revenue Weighted Global ESG Index (the Underlying Index). The Underlying Index is constructed by selecting companies from within the Benchmark Index that have strong environmental, social and governance (ESG) practices, as identified by MSCI ESG Research, Inc., screening those companies based on risk-adjusted performance, and then re-weighting those companies according to the revenue earned, subject to certain asset diversification requirements. The Underlying Index is reconstituted quarterly.
The Underlying Index is constructed by using a scoring system established by MSCI ESG Research, Inc. to measure the strength of each pillar of environmental, social, and governance practices for each company within the Benchmark Index. Based on that scoring, MSCI ESG Research, Inc. assigns an overall composite score weighted according to that companys industry. Companies that rank in the top half of ESG scores are selected. Those companies are then screened based on their Sharpe Ratio, a measure of risk-adjusted performance. Those companies that rank within the top half according to their Sharpe Ratio are chosen for the Underlying Index, and then re-weighted according to revenue earned. Thus, the Underlying Index contains a subset of the securities in the Benchmark Index, in different proportions.
Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.
The Funds intention is to replicate the constituent securities of the Underlying Index as closely as possible. When a replication strategy could have adverse consequences to Fund shareholders, however, the Fund may utilize a representative sampling strategy whereby the Fund would hold a significant number of the component securities of the Underlying Index, but may not track that index with the same degree of accuracy as would an investment vehicle replicating the entire index. The Fund does not seek temporary defensive positions when equity markets decline or appear to be overvalued. |
||||
Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. |
||||
Risk [Heading] | rr_RiskHeading | Principal Risks |
||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Like all investments, investing in the Fund entails risks, including the risk that you may lose part or all of the money you invest.
Investment Approach Risk The alternate weighting approach employed by the Underlying Index and the Fund, while designed to enhance potential returns compared to the Benchmark Index, may not produce the desired results. Using revenues as a weighting measure is no guarantee that the Underlying Index or the Fund will outperform the Benchmark Index, and may even cause the Underlying Index or the Fund to underperform the Benchmark Index.
ESG Investing Strategy Risk The stocks of companies with favorable ESG practices may underperform the stock market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on ESG practices. The criteria used to select companies for the Underlying Index may result in the Fund investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Stock Market Risk Stock market risk is the risk that broad movements in financial markets will adversely affect the price of the Funds investments, regardless of how well the companies in which the Fund invests perform. There is also a risk that the price of one or more of the securities or other instruments in the Funds portfolio will fall.
Foreign Securities Risk Investments in the securities of foreign companies may be more volatile because of economic or political developments, public health and safety issues, demographic changes, market inefficiencies, lack of regulatory oversight, government debt burdens, or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Restrictions on currency trading may be imposed by foreign countries, which may adversely affect the value of the Funds portfolio securities. Certain of the risks associated with foreign investments are heightened for investments in emerging market countries.
Emerging Markets Risk The Funds investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.
Foreign Currency Risk Changes in foreign currency exchange rates affect the value of investments denominated in a foreign currency, and therefore, the value of the Funds portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate.
Depositary Receipt Risk Changes in foreign currency exchange rates affect the value of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs") and Global Shares and, therefore, the value of the Funds portfolio. In addition, although the ADRs, GDRs, EDRs and Global Shares in which the Fund invests may be listed on major U.S. or foreign exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. There is also no guarantee that a financial institution will continue to sponsor particular ADRs, GDRs or EDRs. As a result, the Fund may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued.
Foreign Market Risk Because foreign securities in the Funds portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of those securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares.
Market Trading Risk An investment in the Shares may present secondary market trading risks, including the inability to sell your Shares in the event of a severe market disruption, or the inability to buy and sell Shares at a price that reflects the actual value of the Funds portfolio. Although it is expected that Shares will remain listed for trading on the NYSE Arca, Inc. (the Exchange), disruptions to creations and redemptions, the existence of market volatility or lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in the Shares trading significantly above (at a premium to) or below (at a discount to) the Funds NAV (calculated at the end of the day), or the intraday value of the Funds published basket of portfolio securities (i.e., the intraday indicative value or IIV). During such periods, you may be unable to sell your Shares or may incur significant losses if you sell your Shares.
Non-Correlation Risk The Funds return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs a number of operating expenses, while the Underlying Index does not. Tracking error may also occur because of differences between the securities or other instruments held in the Funds portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Funds holding of uninvested cash, differences in the timing of the accrual of dividends or interest, tax gains or losses, changes to the Underlying Index, or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions.
Portfolio Turnover Risk Because the Fund is rebalanced quarterly, the Fund may experience portfolio turnover in excess of 100%. Portfolio turnover may involve the payment by the Fund of brokerage and other transaction costs on the sale of securities, as well as on the investment of the proceeds in other securities. The greater the portfolio turnover, the greater the transaction costs to the Fund, which could have an adverse effect on the Funds total rate of return, and the more likely the Fund is to generate capital gains that must be distributed to shareholders as taxable income.
Authorized Participant Concentration Risk Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant is able to step forward to create or redeem. Shares may trade at a discount to NAV or IIV, and the Fund may possibly face delisting. |
||||
Risk Lose Money [Text] | rr_RiskLoseMoney | Like all investments, investing in the Fund entails risks, including the risk that you may lose part or all of the money you invest. |
||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance |
||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | There is no performance information presented for the Fund because the Fund has not commenced investment operations as of the date of this Prospectus. |
||||
Oppenheimer Revenue Weighted ETF Trust | Oppenheimer Global ESG Revenue ETF | Oppenheimer Global ESG Revenue ETF | ||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Management Fees | rr_ManagementFeesOverAssets | 0.45% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 2.46% | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.91% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (2.46%) | [2] | |||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.45% | ||||
1 Year | rr_ExpenseExampleYear01 | $ 46 | ||||
3 Years | rr_ExpenseExampleYear03 | $ 668 | ||||
|
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 485BPOS |
Document Period End Date | dei_DocumentPeriodEndDate | Jun. 30, 2016 |
Registrant Name | dei_EntityRegistrantName | Oppenheimer Revenue Weighted ETF Trust |
Central Index Key | dei_EntityCentralIndexKey | 0001384032 |
Amendment Flag | dei_AmendmentFlag | false |
Document Creation Date | dei_DocumentCreationDate | Oct. 21, 2016 |
Document Effective Date | dei_DocumentEffectiveDate | Oct. 21, 2016 |
Prospectus Date | rr_ProspectusDate | Oct. 21, 2016 |
#9Y9G5Q0:U!!P'VCYB$*+^X/-=]!
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MU(5*_#.72F@-1G TH4X)0I[,