2. Significant Accounting Policies (Continued)

such distributions are received. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received from REITs after their tax reporting periods are concluded.

Custodian Fees. “BNY Fund Services fees” in the Statements of Operations reflect Custodian Fees of the Funds prior to the implementation of the Unitary Fee, as defined in Note 9. BNY Fund Services fees may include interest expense incurred by the Funds on any cash overdrafts of their custodian accounts during the period, if applicable. Effective with the implementation of the Unitary Fee, any expenses related to overdrafts, if applicable, will be reflected as unique line items on the Statements of Operations.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

Federal Taxes. The Funds intend to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three preceding fiscal reporting period ends. The Funds have analyzed their tax positions for the fiscal year ended June 30, 2018, including open tax years, and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.

92 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

The tax components of capital shown in the following table represent distribution requirements the Funds must satisfy under the income tax regulations, losses the Funds may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

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

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

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

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

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

93 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

At June 30, 2018, the Funds have capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Fund	Capital Loss Available Through 2019		Short Term Post-Effective No Expiration		Long Term Post-Effective No Expiration		Total
Oppenheimer S&P 500 Revenue ETF	$	—	$	—	$	853,462	$	853,462
Oppenheimer S&P MidCap 400 Revenue ETF		—		5,796,353		5,154,712		10,951,065
Oppenheimer S&P SmallCap 600 Revenue ETF		—		—		12,368,511		12,368,511
Oppenheimer S&P Financials Revenue ETF		624		—		—		624
Oppenheimer S&P Ultra Dividend Revenue ETF		—		22,000,141		2,651,858		24,651,999
Oppenheimer Emerging Markets Revenue ETF		—		—		—		—
Oppenheimer International Revenue ETF		—		—		—		—
Oppenheimer Global Revenue ETF		—		—		—		—

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

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

Fund	Increase (Decrease) to Accumulated Net Investment Income			Increase (Decrease) to Accumulated Undistributed Net Realized Gain on Investments			Increase (Decrease) to Paid-in-Capital
Oppenheimer S&P 500 Revenue ETF	$	(5,267	)	$	(65,066,164	)	$	65,071,431
Oppenheimer S&P MidCap 400 Revenue ETF		—			(25,242,102	)		25,242,102
Oppenheimer S&P SmallCap 600 Revenue ETF		(2,310	)		(55,114,522	)		55,116,832
Oppenheimer S&P Financials Revenue ETF		—			(1,644,921	)		1,644,921
Oppenheimer S&P Ultra Dividend Revenue ETF		—			(55,168,007	)		55,168,007
Oppenheimer Emerging Markets Revenue ETF		(6,343	)		(320,368	)		326,711
Oppenheimer International Revenue ETF		(1,313	)		(328,114	)		329,427
Oppenheimer Global Revenue ETF		(20,288	)		(390,675	)		410,963

94 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

The tax character of distributions paid during the reporting periods:

	Period/Year Ended June 30, 2018						Year Ended June 30, 2017
Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total		Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Oppenheimer S&P 500 Revenue ETF	$	17,723,983	$	—	$	17,723,983	$	7,952,583	$	—	$	7,952,583
Oppenheimer S&P MidCap 400 Revenue ETF		3,676,937		—		3,676,937		2,968,690		—		2,968,690
Oppenheimer S&P SmallCap 600 Revenue ETF		5,715,052		—		5,715,052		2,898,715		—		2,898,715
Oppenheimer S&P Financials Revenue ETF		685,442		—		685,442		316,657		—		316,657
Oppenheimer S&P Ultra Dividend Revenue ETF		29,379,796		—		29,379,796		10,429,140		191,316		10,620,456
Oppenheimer Emerging Markets Revenue ETF		218,650		—		218,650		—		—		—
Oppenheimer International Revenue ETF		358,426		—		358,426		—		—		—
Oppenheimer Global Revenue ETF		278,541		—		278,541		—		—		—

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

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

95 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting periods. Actual results could differ from those estimates.

3. Securities Valuation

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at 4:00 p.m., Eastern Time on each day that the NYSE is open, except in the case of a scheduled early closing of the NYSE, in which case the Fund will calculate the NAV of the shares as of the scheduled early closing time of the NYSE.

Valuation Methods and Inputs. Securities traded on a national securities exchange are valued based on the official closing price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the official closing price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board.

Short-term money market type debt securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

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

Level 1 — quoted prices in active markets for identical securities

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

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

96 OPPENHEIMER ETF TRUST

3. Securities Valuation (Continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2018 in valuing the Funds’ assets carried at fair value:

	(Level 1)								(Level 2)						(Level 3)
Fund	Common Stocks		Preferred Stocks		Rights		Money Market Funds		Common Stocks		Preferred Stocks		Rights		Common Stocks		Preferred Stocks			Total
Oppenheimer S&P 500 Revenue ETF	$	916,018,801	$	—	$	—	$	2,111,542	$	—	$	—	$	—	$	—	$	—	$	918,130,343
Oppenheimer S&P MidCap 400 Revenue ETF		378,175,689		—		—		8,277,750		—		—		—		—		—		386,453,439
Oppenheimer S&P SmallCap 600 Revenue ETF		507,880,664		—		—		35,507,824		—		—		—		—		—		543,388,488
Oppenheimer S&P Financials Revenue ETF		54,449,746		—		—		55,916		—		—		—		—		—		54,505,662
Oppenheimer S&P Ultra Dividend Revenue ETF		609,154,696		—		—		18,979,909		—		—		—		—		—		628,134,605
Oppenheimer Emerging Markets Revenue ETF		12,300,338		283,060		—		16,756		—		—		—		26,795		—		12,626,949
Oppenheimer International Revenue ETF		12,974,201		108,642		900		59,457		—		—		126		—		285		13,143,611
Oppenheimer Global Revenue ETF		13,080,768		112,381		471		71,284		—		—		—		9,258		136		13,274,298

At June 30, 2018, the Funds did not hold any Level 3 securities except for Emerging Markets Revenue ETF, International Revenue ETF and Global Revenue ETF. Please refer to each Fund’s Schedule of Investments for additional detailed categorizations.

Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

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

For the period/year ended June 30, 2018, there were no transfers between levels.

97 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

4. Securities Lending

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

The values of loaned securities and related collateral outstanding at June 30, 2018 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2018, the cash collateral was invested in a government money market mutual fund and the non-cash collateral consisted of U.S. Treasury Bills, Notes, and Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

Remaining Contractual Maturity of the Agreements, as of June 30, 2018

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer S&P 500 Revenue ETF
Money Market Mutual Fund	$	1,226,057	$	—	$	—	$	—	$	1,226,057
U.S. Government Securities		—		25,692		362,432		29,613,322		30,001,446
Total	$	1,226,057	$	25,692	$	362,432	$	29,613,322	$	31,227,503
Oppenheimer S&P MidCap 400 Revenue ETF
Money Market Mutual Fund	$	8,008,341	$	—	$	—	$	—	$	8,008,341
U.S. Government Securities		—		133,006		2,836,989		81,644,315		84,614,310
Total	$	8,008,341	$	133,006	$	2,836,989	$	81,644,315	$	92,622,651
Oppenheimer S&P SmallCap 600 Revenue ETF
Money Market Mutual Fund	$	34,967,438	$	—	$	—	$	—	$	34,967,438
U.S. Government Securities		—		480,869		5,511,210		116,998,348		122,990,427
Total	$	34,967,438	$	480,869	$	5,511,210	$	116,998,348	$	157,957,865
Oppenheimer S&P Financials Revenue ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		—		895		95,112		96,007
Total	$	—	$	—	$	895	$	95,112	$	96,007

98 OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer S&P Ultra Dividend Revenue ETF
Money Market Mutual Fund	$	18,407,884	$	—	$	—	$	—	$	18,407,884
U.S. Government Securities		—		8,545		326,989		73,467,157		73,802,691
Total	$	18,407,884	$	8,545	$	326,989	$	73,467,157	$	92,210,575
Oppenheimer Emerging Markets Revenue ETF
Money Market Mutual Fund	$	12,471	$	—	$	—	$	—	$	12,471
U.S. Government Securities		—		—		848		107,620		108,468
Total	$	12,471	$	—	$	848	$	107,620	$	120,939
Oppenheimer International Revenue ETF
Money Market Mutual Fund	$	49,859	$	—	$	—	$	—	$	49,859
U.S. Government Securities		—		—		—		—		—
Total	$	49,859	$	—	$	—	$	—	$	49,859
Oppenheimer Global Revenue ETF
Money Market Mutual Fund	$	71,284	$	—	$	—	$	—	$	71,284
U.S. Government Securities		—		543		5,837		173,756		180,136
Total	$	71,284	$	543	$	5,837	$	173,756	$	251,420

Master Netting Arrangements. For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of June 30, 2018, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Securities Lending Authorization Agreement are detailed in the following table:

	Assets										Liabilities
Fund	Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Cash Collateral Received*			Gross Amounts Not Offset in the Statement of Assets and Liabilities Non-cash Collateral Received*			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received		Net Amount
Oppenheimer S&P 500 Revenue ETF	$	30,446,022	$	(444,576	)	$	(30,001,446	)	$	—	$	—	$	—	$	—
Oppenheimer S&P MidCap 400 Revenue ETF		90,402,209		(5,787,899	)		(84,614,310	)		—		—		—		—
Oppenheimer S&P SmallCap 600 Revenue ETF		152,513,404		(29,522,977	)		(122,990,427	)		—		—		—		—
Oppenheimer S&P Financials Revenue ETF		93,156		—			(93,156	)		—		—		—		—

99 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

4. Securities Lending (Continued)

	Assets										Liabilities
Fund	Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Cash Collateral Received*			Gross Amounts Not Offset in the Statement of Assets and Liabilities Non-cash Collateral Received*			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received		Net Amount
Oppenheimer S&P Ultra Dividend Revenue ETF	$	88,952,643	$	(15,149,952	)	$	(73,802,691	)	$	—	$	—	$	—	$	—
Oppenheimer Emerging Markets Revenue ETF		118,920		(10,452	)		(108,468	)		—		—		—		—
Oppenheimer International Revenue ETF		47,568		(47,568	)		—			—		—		—		—
Oppenheimer Global Revenue ETF		244,335		(64,199	)		(180,136	)		—		—		—		—

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

5. Investments and Risks

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

100 OPPENHEIMER ETF TRUST

5. Investments and Risks (Continued)

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

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

6. Market Risk Factors

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

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

7. Shares of Beneficial Interest

As of June 30, 2018, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.

Each Fund, except Oppenheimer Emerging Markets Revenue ETF, Oppenheimer Global Revenue ETF, and Oppenheimer International Revenue ETF, issues and redeems shares at NAV, only in large blocks consisting of 50,000 shares (“Creation Units”). Oppenheimer Emerging Markets Revenue ETF, Oppenheimer Global Revenue ETF, and Oppenheimer International Revenue ETF issue and redeem shares at NAV in Creation Units consisting of 100,000 shares. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Fund shares may only be purchased or redeemed directly from the Funds by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant

101 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

7. Shares of Beneficial Interest (Continued)

and, in each case, must have executed a participant agreement with OppenheimerFunds Distributor, Inc. (“OFDI” or the “Distributor”). Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated basket of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

8. Purchases & Sales of Securities

The aggregate cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and sales and short-term investments) for the period/year ended June 30, 2018, were as follows:

Fund	Purchases		Sales
Oppenheimer S&P 500 Revenue ETF	$	126,119,148	$	132,036,625
Oppenheimer S&P MidCap 400 Revenue ETF		121,872,523		126,095,192
Oppenheimer S&P SmallCap 600 Revenue ETF		195,822,466		202,437,450
Oppenheimer S&P Financials Revenue ETF		3,611,023		9,991,968
Oppenheimer S&P Ultra Dividend Revenue ETF		390,955,617		393,256,122
Oppenheimer Emerging Markets Revenue ETF		18,409,375		10,999,929
Oppenheimer International Revenue ETF		3,837,526		9,434,290
Oppenheimer Global Revenue ETF		8,567,178		13,310,231

For the period/year ended June 30, 2018, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer S&P 500 Revenue ETF	$	312,520,539	$	147,140,513
Oppenheimer S&P MidCap 400 Revenue ETF		90,606,559		64,858,950
Oppenheimer S&P SmallCap 600 Revenue ETF		82,793,333		174,381,382
Oppenheimer S&P Financials Revenue ETF		30,948,887		3,915,744
Oppenheimer S&P Ultra Dividend Revenue ETF		435,657,399		397,328,488
Oppenheimer Emerging Markets Revenue ETF		6,631,488		1,395,762
Oppenheimer International Revenue ETF		20,144,768		2,014,252
Oppenheimer Global Revenue ETF		20,186,599		2,910,106

102 OPPENHEIMER ETF TRUST

9. Fees, and Transactions with Affiliates

Management Fees. OFI has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. Under the investment advisory agreement, the Adviser receives an advisory fee paid by the Funds based on the daily net assets of each Fund.

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

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

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

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

Fund		Management Fees		Expense Limit
Oppenheimer S&P 500 Revenue ETF	0.39%		0.39%
Oppenheimer S&P MidCap 400 Revenue ETF	0.39%		0.39%
Oppenheimer S&P SmallCap 600 Revenue ETF	0.39%		0.39%
Oppenheimer S&P Financials Revenue ETF	0.45%		0.49%
Oppenheimer S&P Ultra Dividend Revenue ETF	0.39%		0.39%
Oppenheimer Emerging Markets Revenue ETF	0.46%		0.46%
Oppenheimer International Revenue ETF	0.42%		0.42%
Oppenheimer Global Revenue ETF	0.43%		0.43%

103 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees, and Transactions with Affiliates (Continued)

expenses) for the Funds from exceeding the percentage of each Fund’s daily net assets in the column “Expense Limit” in the above tables. Under this agreement, the Adviser retained the right to seek reimbursement from each Fund of fees previously waived or expenses previously reimbursed to the extent such fees were waived or expenses were reimbursed within three years of such reimbursement (effective for all Funds beginning in October 2015), provided such reimbursement did not cause each Fund to exceed the lower of (a) any applicable fee waiver and expense reimbursement agreement that was in place at the time the fees were waived or expenses were reimbursed or (b) any applicable fee waiver and expense reimbursement agreement in place for the Funds at the time the Funds would make such repayment. At its August 23, 2017 meeting, the Board approved the termination of this agreement, in conjunction with the implementation of the Unitary Fee, effective September 30, 2017.

For the periods ended September 30, 2017, the Adviser waived fees and/or reimbursed expenses for each Fund as follows which under the current fee arrangement would not be subject to recoupment.

Fund:	Expenses Reimbursed:
Oppenheimer S&P 500 Revenue ETF	$	344,337	6/30/2016
		546,288	6/30/2017
		165,894	9/30/2017
Total		1,056,519
Oppenheimer S&P MidCap 400 Revenue ETF		281,135	6/30/2016
		336,480	6/30/2017
		117,624	9/30/2017
Total		735,239
Oppenheimer S&P SmallCap 600 Revenue ETF		350,636	6/30/2016
		495,491	6/30/2017
		131,859	9/30/2017
Total		977,986
Oppenheimer S&P Financials Revenue ETF		78,895	6/30/2016
		85,003	6/30/2017
		15,730	9/30/2017
Total		179,628
Oppenheimer S&P Ultra Dividend Revenue ETF		132,110	6/30/2016
		369,998	6/30/2017
		127,492	9/30/2017
Total		629,600
Oppenheimer Emerging Markets Revenue ETF		19,592	9/30/2017
Total		19,592
Oppenheimer International Revenue ETF		19,561	9/30/2017
Total		19,561
Oppenheimer Global Revenue ETF		19,556	9/30/2017
Total		19,556

104 OPPENHEIMER ETF TRUST

9. Fees, and Transactions with Affiliates (Continued)

Administrator, Custodian, Fund Accounting and Transfer Agent Fees. The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

Distributor Fees. OFDI acts as the Funds’ principal underwriter. The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of its average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

Trustees’ Fees. Prior to September 30, 2017, the Funds compensated each Trustee who is not an officer or employee of the Adviser. Effective upon its implementation, these fees are included in the Unitary Fee. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.

Licensing Fee Agreements. The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.

Related Party. The Interested Trustee and Officers of the Funds are also Trustees or Officers of companies affiliated with OFI Global Asset Management, Inc., an affiliated company of the Adviser, OFDI, and the Adviser.

During the reporting period, the Manager voluntarily reimbursed the S&P SmallCap 600 Revenue ETF $432,997 for a loss on a trade executed incorrectly. The payment is reported separately on the Statement of Operations and increased the Fund’s total return by 0.10%.

During the reporting period, the Manager voluntarily reimbursed the International Revenue ETF $24,152 for a loss on a trade executed incorrectly. The payment is reported separately on the Statement of Operations and increased the Fund’s total return by 0.20%.

During the reporting period, the Manager voluntarily reimbursed the Global Revenue ETF $20,392 for a loss on a trade executed incorrectly. The payment is reported separately on the Statement of Operations and increased the Fund’s total return(s) by 0.16%.

105 OPPENHEIMER ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Oppenheimer ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oppenheimer S&P 500 Revenue ETF, Oppenheimer S&P MidCap 400 Revenue ETF, Oppenheimer S&P SmallCap 600 Revenue ETF, Oppenheimer S&P Financials Revenue ETF, Oppenheimer S&P Ultra Dividend Revenue ETF, Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF, and Oppenheimer Global Revenue ETF (the “Funds”), each a series of Oppenheimer ETF Trust, as of June 30, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the three years in the period then ended for Oppenheimer S&P 500 Revenue ETF, Oppenheimer S&P MidCap 400 Revenue ETF, Oppenheimer S&P SmallCap 600 Revenue ETF, Oppenheimer S&P Financials Revenue ETF, and Oppenheimer S&P Ultra Dividend Revenue ETF, and the related statements of operations, changes in net assets, including the related notes, and the financial highlights for the period July 11, 2017 (commencement of operations) to June 30, 2018, of Oppenheimer Emerging Markets Revenue ETF, Oppenheimer International Revenue ETF, and Oppenheimer Global Revenue ETF (collectively for all Funds referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2018, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial highlights for the periods ended June 30, 2015, and prior, were audited by other auditors whose report dated August 25, 2015, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of June 30, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Oppenheimer Funds investment companies since 2012.

COHEN & COMPANY, LTD.
Cleveland, Ohio
August 28, 2018

106 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS Unaudited

Independent Trustees
Name, Position(s) Held with the Funds, Length of Service, Year of Birth				Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
INDEPENDENT TRUSTEES				The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016) and Trustee (since 2015) Year of Birth: 1944				Chairman — Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012 – 2016) and Director (August 2005 – January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000 – 2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003 – January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008 – 2012); Director of Colorado UpLIFT (charitable organization) (1986–2010); Director of Jones Knowledge, Inc. (2006 – 2010); Former Chairman of U.S. Bank – Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996 – April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993 – 2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997 – February 2004); Chairman of the Board (1991 – 1994) and Trustee (1985 – 1994) of Regis University; and Chairman of the Board (1990 – 1991) and Member (1984 – 1999) of Young Presidents Organization. Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950				Director, Mutual Fund Directors Forum (since February 2018); Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015 – February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012 – May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011 – October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006 – November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003 – May 2006); General Counsel (October 1991 – November 2001) and Executive Vice President (January 1993 – November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991 – November 2001). Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

107 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS Unaudited (Continued)

Independent Trustees
Name, Position(s) Held with the Funds, Length of Service, Year of Birth				Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
Richard F. Grabish, Trustee (since 2015) Year of Birth: 1948				Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997 – December 2007), Director (March 1987 – December 2007) and Manager of Private Client Services (June 1985 – June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001 – December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987 – March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005 – December 2007). Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Beverly L. Hamilton, Trustee (since 2015) Year of Birth: 1946				Trustee of Monterey Institute for International Studies (educational organization) (2000 – 2014); Board Member of Middlebury College (educational organization) (December 2005 – June 2011); Director of the Board (1991 – 2016), Vice Chairman of the Board (2006 – 2009) and Chairman of the Board (2010 – 2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002 – April 2008); Director (February 2002 – 2005) and Chairman of Trustees (2006 – 2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991 – April 2000); Member of the investment committees of The Rockefeller Foundation (2001 – 2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994 – January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996 – June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989 – June 2004); Member of the investment committee of Hartford Hospital (2000 – 2003); and Advisor to Unilever (Holland) pension fund (2000 – 2003). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

108 OPPENHEIMER ETF TRUST

Victoria J. Herget, Trustee (since 2015) Year of Birth: 1951				Board Chair (2008 – 2015) and Director (2004 – Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010 – 2017) of Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003 – 2011); former Managing Director (1993 – 2001), Principal (1985 – 1993), Vice President (1978 – 1985) and Assistant Vice President (1973 – 1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992 – 2007), Chair of the Board of Trustees (1999 – 2007), Investment Committee Chair (1994 – 1999) and Investment Committee member (2007 – 2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006 – 2009) and Chicago City Day School (K-8 School) (1994 – 2005). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Karen L. Stuckey, Trustee (since 2015) Year of Birth: 1953				Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990 – 2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975 – 1990); Trustee (1992 – 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992 – 2006), and Emeritus Trustee (since 2006) of Lehigh University; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011 – 2014). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
James D. Vaughn, Trustee (since 2015) Year of Birth: 1945				Retired; former managing partner (1994 – 2001) of Denver office of Deloitte & Touche LLP, (held various positions in Denver and New York offices from 1969 – 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003 – 2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

109 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS Unaudited (Continued)


INTERESTED TRUSTEE AND OFFICER				Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the OFI Advisors, LLC and OFI by virtue of his positions as Chairman and director of OFI and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958				Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013 – December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013 – May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010 – December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009 – October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009 – December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009 – April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993 – September 2009). An officer of 104 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND				The addresses of the Officers in the chart below are as follows: for Messrs. Vallario, Bishnoi, Depetris, Mss. Lo Bessette, Mss. French, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Ms. Bullington, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Frank Vallario, Vice President (since 2017) Year of Birth: 1969				Vice President, OFI Advisors, LLC (since August 2017). Portfolio Manager, ColumbiaThreadneedle (September 2015 – June 2017).
Donal Bishnoi Vice President (since 2018) Year of Birth: 1981				Portfolio Manager, OFI Advisors, LLC (since March 2018). Vice President and Senior Research Analyst of the Sub-Adviser (January 2010 – March 2018). Senior Quantative Analyst at Moore Capital Management (2007 – 2009).
Alex Depetris, Vice President (since 2017) Year of Birth: 1980				Senior Vice President of OppenheimerFunds, Inc. and Chief Operating Officer of Beta Solutions (since 2017); Chief Operating Officer of ETF Business at Deutsche Bank (2008-2017).
Sharon French Vice President (since 2017) Year of Birth: 1965				Executive Vice President, Head of Beta Solutions of OppenheimerFunds, Inc. (since 2016); Senior Strategic Advisor to the CEO and President of Investment Manager at BNY Mellon (2015- 2016); President, F-Squared Capital (2013-2015).

110 OPPENHEIMER ETF TRUST

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2015) Year of Birth: 1973				Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010 – January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007 – January 2014).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969				Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015 – February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012 – March 2015) and Deputy Chief Legal Officer (April 2013 – March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008 – September 2009) and Deputy General Counsel (October 2009 – February 2012) of Lord Abbett & Co. LLC.
Jennifer Foxson, Vice President and Chief Business Officer (since 2015) Year of Birth: 1969				Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006 – June 2014); Vice President of OppenheimerFunds, Inc. (January 1998 – March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991 – December 1998).
Stephanie Bullington, Treasurer and Principal Financial and Accounting Officer (since 2016) Year of Birth: 1977				Vice President of OFI Global Asset Management, Inc. (since February 2014); Vice President of OFI Global Asset Management, Inc. (January 2013 – September 2013); Vice President of OppenheimerFunds, Inc. (January 2010 – December 2012); Assistant Vice President of OppenheimerFunds, Inc. (October 2005 – January 2010).

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

111 OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION Unaudited

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

Shareholder Reports and Quarterly Portfolio Disclosure
The Oppenheimer ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.

Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.oppenheimerfunds.com.

Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:

	QDI		DRD
Oppenheimer S&P 500 Revenue ETF		100.00%		100.00	%
Oppenheimer S&P MidCap 400 Revenue ETF		100.00%		100.00	%
Oppenheimer S&P SmallCap 600 Revenue ETF		100.00%		100.00	%
Oppenheimer S&P Financials Revenue ETF		100.00%		100.00	%
Oppenheimer S&P Ultra Dividend Revenue ETF		86.99%		85.34	%
Oppenheimer Emerging Markets Revenue ETF		60.47%		0.23	%
Oppenheimer International Revenue ETF		93.63%		0.11	%
Oppenheimer Global Revenue ETF		100.00%		25.61	%

112 OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION Unaudited Continued

In accordance with Section 853 of the Internal Revenue Code the Funds intend to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2018. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2018 is as follows:

	Gross Foreign Income		Foreign Taxes Paid
Oppenheimer S&P 500 Revenue ETF	$	—	$	—
Oppenheimer S&P MidCap 400 Revenue ETF		—		—
Oppenheimer S&P SmallCap 600 Revenue ETF		—		—
Oppenheimer S&P Financials Revenue ETF		—		—
Oppenheimer S&P Ultra Dividend Revenue ETF		—		—
Oppenheimer Emerging Markets Revenue ETF		417,634		46,926
Oppenheimer International Revenue ETF		495,764		49,839
Oppenheimer Global Revenue ETF		325,753		33,444

113 OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

Investment Adviser				OFI Advisors, LLC
Distributor				OppenheimerFunds Distributor, Inc.
Administrator, Custodian and Transfer Agent				The Bank of New York Mellon
Independent Registered Public Accounting Firm				Cohen & Company, Ltd.
Legal Counsel				Ropes & Gray LLP




				This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.







Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us				Oppenheimer ETF Trust is distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RA0000.011.0618 June 30, 2018

Annual Report					6/30/2018

Oppenheimer
ETF Trust

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

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

Receive investor materials electronically:

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

Go to www.icsdelivery.com

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

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

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

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

Table of Contents


Management Discussion of Fund Performance					2

Shareholder Expense Examples					6

Schedule of Investments Summary Tables					8

Schedules of Investments

Oppenheimer ESG Revenue ETF					9

Oppenheimer Global ESG Revenue ETF					13

Statements of Assets and Liabilities					31

Statements of Operations					32

Statements of Changes in Net Assets					33

Financial Highlights					34

Notes to Financial Statements					36

Report of Independent Registered Public Accounting Firm					49

Trustees and Officers					50

Supplemental Information					55

1 OPPENHEIMER ETF TRUST

Management Discussion of Fund Performance (Unaudited)

MARKET OVERVIEW

For the one-year reporting period ended June 30, 2018, U.S. and international equity markets produced strong results despite volatility finally returning over the first quarter of 2018. Leading headlines over the first half of 2018 included global trade concerns, the U.S. Federal Reserve (Fed) increasing interest rates, and growth securities continuing their outperformance versus the rest of the market. Against this backdrop, U.S. equities produced strong results across capitalizations and generally outperformed international equities.

U.S. interest rates are widely expected to continue rising, but they remain at low levels relative to historical averages. With the U.S equity market showing steady volatility in the closing months of the reporting period due to the global trade fears, we actually saw the yield curve flatten further. One potential interpretation of this flattening can be that the Fed will combat a recessionary period in the future by lowering or not moving forward with expected increases in the fed funds rate.

Many leading U.S. growth securities are demonstrating that strength in 2017 may have set the stage for even greater returns this year in our view, as they have continued to perform positively so far in 2018. While several mega-cap stocks have showed impressive returns, small cap stocks emerged as the leader overall so far in 2018, posting the best returns among all U.S. equity categories year to date through June 30,2018.

Amid market headwinds and talks of a recessionary period, we continue to see small business and consumer confidence surging, increased capital spending, and investors maintaining their equity positions. These positive economic indicators may keep the economy closer to the middle of the business cycle rather than near the end of it. Whatever the outcome may be, we believe investors benefit by staying diversified across a variety of asset classes to manage the often unpredictable peaks and troughs of the markets.

OPPENHEIMER ESG REVENUE ETF (ESGL)

ESGL produced a total return of 9.96%, underperforming the S&P 500 Index’s 14.37% return during the one-year period ended 6/30/18. The majority of ESGL’s underperformance was attributable to its ongoing underweight to the Information Technology sector, and overweight to the Industrials sector.

The so-called “FAANG”—Facebook, Apple, Amazon, Netflix, and Google (now Alphabet)—stocks drove the strong performance of the Information Technology sector and Internet & Direct Marketing Retail industry again this year. A roughly 31% return in the Information Technology sector in the S&P 500 Index for the period, coupled with ESGL’s underweight to the sector, resulted in the largest detraction from the Fund’s performance. ESGL’s large overweight position to the Capital Goods industry group was also a detractor.

2 OPPENHEIMER ETF TRUST

Management Discussion of Fund Performance (Unaudited) (continued)

Outperformers for ESGL included stocks in the Consumer Staples and Energy sectors, particularly Oil & Gas Refining & Marketing, and an underweight position to Tobacco.

OPPENHEIMER GLOBAL ESG REVENUE ETF (ESGF)

ESGF produced a total return of 8.62%, underperforming the MSCI All Country World Index’s (ACWI) 10.73% return during the one-year period ended 6/30/18. On a sector level, the majority of underperformance was attributable to ESGF’s ongoing underweight to the Information Technology sector, the best performing sector in the ACWI over the period. The largest contributors to relative performance were the Fund’s overweights to the Consumer Staples and Energy sectors.

On a country level, ESGF’s underweight to the U.S., which outperformed the MSCI ACWI on a whole, as well as its underweight to IT within the U.S., led to underperformance. Additionally, ESGF’s overweight to underperforming South Korea, as well its skew towards the relatively poorly performing Industrials sector within the country, detracted from performance.

3 OPPENHEIMER ETF TRUST

Management Discussion of Fund Performance (Unaudited)

Past Performance does not predict future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. See page 5 for additional disclosures.

	1 Year	Since Inception
ESG NAV Return	9.96%	14.94%
ESG Market Price	9.93%	14.95%
OFI Revenue Weighted ESG Index	10.45%	15.20%
S&P 500 Index	14.37%	18.20%

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

	1 Year	Since Inception
Global ESG NAV Return	8.62%	13.31%
Global ESG Market Price	7.58%	13.54%
OFI Revenue Weighted Global ESG Index	8.92%	13.70%
MSCI All Country World Index	10.73%	15.25%

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

4 OPPENHEIMER ETF TRUST

FUND DISCLOSURE

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

ETF	Parent Index	Underlying Index
ESG Revenue ETF	S&P 500 Index	OFI Revenue Weighted ESG Index^TM
Global ESG Revenue ETF	MSCI All Country World Index	OFI Revenue Weighted Global ESG Index^TM

Parent Index Definitions

Parent Indices are unmanaged, include the reinvestment of dividends and cannot be purchased directly by investors. Parent Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund.

The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization weighted.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

Underlying Index Definitions

The Underlying Indices are rebalanced quarterly, and cannot be purchased directly by investors.
See the prospectus for more information on the construction of the Underlying Indices.

The OFI Revenue Weighted ESG Index^TM is constructed using a rules based methodology to select companies from within the S&P 500 Index that have strong environmental, social and governance (“ESG”) practices, and then re-weight those companies according to the revenue earned, subject to a maximum 5% per company weighting.

The OFI Revenue Weighted Global ESG Index^TM is constructed using a rules-based methodology to select companies from within the MSCI All Country World Index that have strong environmental, social and governance (“ESG”) practices, as identified by MSCI ESG Research, Inc., and then re-weight those companies according to the revenue earned, subject to a maximum 5% per company weighting.

5 OPPENHEIMER ETF TRUST

Shareholder Expense Examples (Unaudited)

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

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2018 to June 30, 2018.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

6 OPPENHEIMER ETF TRUST

Shareholder Expense Examples (Unaudited) (Continued)

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

	Beginning Account Value 01/01/2018		Ending Account Value 06/30/2018		Annualized Expense Ratios for the Six Month Period		Expenses Paid During the Six Month Period¹
Oppenheimer ESG Revenue ETF
Actual	$	1,000.00	$	991.80	0.40	%	$1.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	0.40	%	$2.01
Oppenheimer Global ESG Revenue ETF
Actual	$	1,000.00	$	966.20	0.45	%	$2.19
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	0.45	%	$2.26

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

7 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES Unaudited

Oppenheimer ESG
Revenue ETF

Industry	% of Net Assets
Automobiles & Components	3.4	%
Banks	2.2
Capital Goods	9.0
Commercial & Professional Services	0.4
Consumer Durables & Apparel	1.5
Consumer Services	1.3
Diversified Financials	3.7
Energy	9.6
Food & Staples Retailing	5.6
Food, Beverage & Tobacco	4.8
Health Care Equipment & Services	12.4
Household & Personal Products	2.3
Insurance	3.1
Materials	2.6
Media	1.4
Money Market Fund	0.4
Pharmaceuticals, Biotechnology & Life Sciences	3.3
Real Estate	1.0
Retailing	6.1
Semiconductors & Semiconductor Equipment	3.1
Software & Services	6.6
Technology Hardware & Equipment	3.5
Telecommunication Services	5.3
Transportation	2.1
Utilities	5.4
Total Investments	100.1
Liabilities in Excess of Other Assets	(0.1	)
Net Assets	100.0	%

Oppenheimer Global ESG Revenue ETF

Industry	% of Net Assets
Automobiles & Components	4.3	%
Banks	8.3
Capital Goods	11.6
Commercial & Professional Services	1.2
Consumer Durables & Apparel	3.1
Consumer Services	1.0
Diversified Financials	3.6
Energy	7.7
Food & Staples Retailing	4.0
Food, Beverage & Tobacco	5.0
Health Care Equipment & Services	3.2
Household & Personal Products	1.9
Insurance	5.4
Materials	6.2
Media	1.0
Money Market Fund	0.9
Pharmaceuticals, Biotechnology & Life Sciences	3.5
Real Estate	1.1
Retailing	3.1
Semiconductors & Semiconductor Equipment	1.1
Software & Services	4.3
Technology Hardware & Equipment	6.1
Telecommunication Services	4.0
Transportation	3.0
Utilities	6.0
Total Investments	100.6
Liabilities in Excess of Other Assets	(0.6	)
Net Assets	100.0	%

8 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS June 30, 2018
Oppenheimer ESG Revenue ETF

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—3.4%
Aptiv PLC		645	$	59,101
BorgWarner, Inc.		887		38,283
Ford Motor Co.		56,239		622,566
Goodyear Tire & Rubber Co. (The)		2,578		60,042
Total Automobiles & Components				779,992

Banks—2.2%
Bank of America Corp.		14,751		415,831
Comerica, Inc.		145		13,183
PNC Financial Services Group, Inc. (The)		539		72,819
Total Banks				501,833

Capital Goods—9.0%
3M Co.		658		129,442
Arconic, Inc.		3,163		53,803
Cummins, Inc.		624		82,992
Deere & Co.		941		131,552
Eaton Corp. PLC		1,082		80,869
Flowserve Corp.¹		389		15,715
Fluor Corp.		1,681		81,999
General Electric Co.		38,231		520,324
Illinois Tool Works, Inc.		407		56,386
Ingersoll-Rand PLC		660		59,222
Johnson Controls International PLC		3,652		122,159
Lockheed Martin Corp.		698		206,210
Masco Corp.		838		31,358
Northrop Grumman Corp.		342		105,233
Parker-Hannifin Corp.		345		53,768
Pentair PLC		476		20,030
Raytheon Co.		532		102,772
Rockwell Automation, Inc.		151		25,101
Rockwell Collins, Inc.		256		34,478
Stanley Black & Decker, Inc.		381		50,601
United Rentals, Inc.²		183		27,014
W.W. Grainger, Inc.¹		140		43,176
Xylem, Inc.		284		19,136
Total Capital Goods				2,053,340

Commercial & Professional Services—0.4%
Nielsen Holdings PLC¹		885		27,373
Waste Management, Inc.		726		59,053
Total Commercial & Professional Services				86,426

Consumer Durables & Apparel—1.5%
Garmin Ltd.		212		12,932
Hanesbrands, Inc.¹		1,358		29,903
	Shares		Value
Consumer Durables & Apparel (continued)
Hasbro, Inc.¹		231	$	21,324
Mattel, Inc.¹		1,153		18,932
NIKE, Inc., Class B		1,945		154,978
PVH Corp.		240		35,933
Tapestry, Inc.		505		23,588
VF Corp.		611		49,809
Total Consumer Durables & Apparel				347,399

Consumer Services—1.3%
Carnival Corp.		1,154		66,136
Hilton Worldwide Holdings, Inc.		452		35,780
Marriott International, Inc., Class A		668		84,569
Royal Caribbean Cruises Ltd.		322		33,359
Starbucks Corp.		1,721		84,071
Total Consumer Services				303,915

Diversified Financials—3.7%
American Express Co.		1,601		156,898
Ameriprise Financial, Inc.		342		47,839
Bank of New York Mellon Corp. (The)		1,277		68,869
BlackRock, Inc.		108		53,896
Goldman Sachs Group, Inc. (The)		785		173,148
Invesco Ltd.		804		21,354
Moody’s Corp.		102		17,397
Morgan Stanley		3,715		176,091
MSCI, Inc.		33		5,459
Northern Trust Corp.		233		23,973
S&P Global, Inc.		125		25,486
State Street Corp.		496		46,173
T. Rowe Price Group, Inc.		167		19,387
Total Diversified Financials				835,970

Energy—9.6%
Andeavor		1,189		155,973
Apache Corp.¹		616		28,798
ConocoPhillips		1,939		134,993
Devon Energy Corp.		1,492		65,588
EQT Corp.		271		14,954
Exxon Mobil Corp.		11,940		987,796
Halliburton Co.		1,985		89,444
Hess Corp.		385		25,753
HollyFrontier Corp.		878		60,081
Marathon Oil Corp.		1,025		21,381
Marathon Petroleum Corp.		4,074		285,832
Newfield Exploration Co.²		292		8,833

9 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer ESG Revenue ETF

	Shares		Value
Energy (continued)
Noble Energy, Inc.		517	$	18,240
Occidental Petroleum Corp.		669		55,982
ONEOK, Inc.		784		54,747
Schlumberger Ltd.		1,967		131,848
TechnipFMC PLC		2,001		63,512
Total Energy				2,203,755

Food & Staples Retailing—5.6%
Kroger Co. (The)		19,835		564,306
Sysco Corp.		3,618		247,073
Walgreens Boots Alliance, Inc.		7,890		473,518
Total Food & Staples Retailing				1,284,897

Food, Beverage & Tobacco—4.8%
Altria Group, Inc.		1,414		80,301
Brown-Forman Corp., Class B¹		258		12,645
Campbell Soup Co.		919		37,256
Coca-Cola Co. (The)		3,172		139,124
Dr Pepper Snapple Group, Inc.		235		28,670
General Mills, Inc.		1,444		63,911
Hershey Co. (The)		341		31,734
Hormel Foods Corp.		1,077		40,075
JM Smucker Co. (The)¹		291		31,277
Kellogg Co.		816		57,014
McCormick & Co., Inc.		200		23,218
Molson Coors Brewing Co., Class B		672		45,723
Mondelez International, Inc., Class A		2,692		110,372
PepsiCo, Inc.		2,490		271,086
Philip Morris International, Inc.		1,512		122,079
Total Food, Beverage & Tobacco				1,094,485

Health Care Equipment & Services—12.4%
Abbott Laboratories		1,891		115,332
Aetna, Inc.		1,338		245,523
Anthem, Inc.		1,538		366,090
Baxter International, Inc.		597		44,082
Becton Dickinson and Co.		242		57,974
Boston Scientific Corp.²		1,181		38,619
Cigna Corp.		1,019		173,179
CVS Health Corp.		11,103		714,478
Edwards Lifesciences Corp.²		97		14,120
Henry Schein, Inc.^1,2		731		53,100
Medtronic PLC		1,445		123,706
ResMed, Inc.		89		9,219
UnitedHealth Group, Inc.		3,394		832,684
	Shares		Value
Health Care Equipment & Services (continued)
Varian Medical Systems, Inc.²		96	$	10,917
Zimmer Biomet Holdings, Inc.		288		32,095
Total Health Care Equipment & Services				2,831,118

Household & Personal Products—2.3%
Church & Dwight Co., Inc.¹		329		17,490
Clorox Co. (The)¹		199		26,915
Colgate-Palmolive Co.		1,014		65,717
Estee Lauder Cos., Inc., (The), Class A		354		50,512
Kimberly-Clark Corp.		748		78,794
Procter & Gamble Co. (The)		3,596		280,704
Total Household & Personal Products				520,132

Insurance—3.1%
Allstate Corp. (The)		1,700		155,159
MetLife, Inc.		5,795		252,662
Principal Financial Group, Inc.		1,031		54,591
Prudential Financial, Inc.		2,600		243,126
Total Insurance				705,538

Materials—2.6%
Air Products & Chemicals, Inc.		217		33,793
Albemarle Corp.¹		139		13,112
Avery Dennison Corp.		265		27,057
Ball Corp.		1,297		46,108
Eastman Chemical Co.		375		37,485
Ecolab, Inc.		408		57,255
FMC Corp.		163		14,541
International Flavors & Fragrances, Inc.		118		14,627
International Paper Co.		1,742		90,723
Mosaic Co. (The)		1,130		31,697
Newmont Mining Corp.		809		30,507
Packaging Corp. of America		234		26,159
PPG Industries, Inc.		601		62,342
Praxair, Inc.		303		47,920
WestRock Co.		1,100		62,722
Total Materials				596,048

Media—1.4%
Interpublic Group of Cos., Inc. (The)¹		1,479		34,668
Viacom, Inc., Class B		1,841		55,524
Walt Disney Co. (The)		2,186		229,115
Total Media				319,307

10 OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
AbbVie, Inc.		1,246	$	115,442
Agilent Technologies, Inc.		298		18,428
Allergan PLC		388		64,687
Biogen, Inc.²		155		44,987
Bristol-Myers Squibb Co.		1,607		88,931
Celgene Corp.²		725		57,580
Eli Lilly & Co.		1,123		95,826
Illumina, Inc.²		42		11,730
Mettler-Toledo International, Inc.²		20		11,573
Pfizer, Inc.		6,069		220,183
Regeneron Pharmaceuticals, Inc.²		81		27,944
Total Pharmaceuticals, Biotechnology & Life Sciences				757,311

Real Estate—1.0%
AvalonBay Communities, Inc.		54		9,282
Boston Properties, Inc.		90		11,288
CBRE Group, Inc., Class A²		1,365		65,165
HCP, Inc.		316		8,159
Host Hotels & Resorts, Inc.		1,049		22,103
Iron Mountain, Inc.¹		472		16,525
Kimco Realty Corp.		303		5,148
Prologis, Inc.		171		11,233
Regency Centers Corp.		73		4,532
SL Green Realty Corp.		61		6,132
Vornado Realty Trust		128		9,462
Welltower, Inc.		312		19,559
Weyerhaeuser Co.		805		29,350
Total Real Estate				217,938

Retailing—6.1%
Best Buy Co., Inc.¹		2,391		178,321
Gap, Inc. (The)		2,146		69,509
Home Depot, Inc. (The)		2,128		415,173
Kohl’s Corp.		1,101		80,263
L Brands, Inc.		1,477		54,472
Lowe’s Cos., Inc.		2,917		278,778
Macy’s, Inc.		2,757		103,194
Nordstrom, Inc.¹		1,302		67,417
TJX Cos., Inc. (The)		1,612		153,430
Total Retailing				1,400,557

Semiconductors & Semiconductor Equipment—3.1%
Advanced Micro Devices, Inc.^1,2		1,538		23,055
Analog Devices, Inc.		246		23,596
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Applied Materials, Inc.		1,401	$	64,712
Broadcom, Inc.		292		70,851
Intel Corp.		4,863		241,740
KLA-Tencor Corp.		144		14,764
Lam Research Corp.		242		41,830
Microchip Technology, Inc.¹		162		14,734
Micron Technology, Inc.²		1,859		97,486
NVIDIA Corp.		173		40,984
Skyworks Solutions, Inc.		160		15,464
Texas Instruments, Inc.		556		61,299
Xilinx, Inc.		152		9,919
Total Semiconductors & Semiconductor Equipment				720,434

Software & Services—6.6%
Accenture PLC, Class A		1,005		164,408
Adobe Systems, Inc.²		127		30,964
Akamai Technologies, Inc.²		133		9,740
Autodesk, Inc.²		65		8,521
CA, Inc.		481		17,148
Cognizant Technology Solutions Corp., Class A		787		62,165
DXC Technology Co.		1,226		98,828
eBay, Inc.²		1,075		38,979
International Business Machines Corp.		2,306		322,148
Intuit, Inc.		117		23,904
Microsoft Corp.		4,318		425,798
Oracle Corp.		3,573		157,426
salesforce.com, Inc.²		336		45,830
Symantec Corp.		946		19,535
Visa, Inc., Class A		600		79,470
Total Software & Services				1,504,864

Technology Hardware & Equipment—3.5%
Cisco Systems, Inc.		4,602		198,024
Hewlett Packard Enterprise Co.		8,188		119,627
HP, Inc.		9,935		225,425
Juniper Networks, Inc.		734		20,126
NetApp, Inc.		319		25,051
Seagate Technology PLC		771		43,539
TE Connectivity Ltd.		603		54,306
Western Digital Corp.		1,059		81,977
Xerox Corp.		1,568		37,632
Total Technology Hardware & Equipment				805,707

11 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer ESG Revenue ETF

	Shares		Value
Telecommunication Services—5.3%
AT&T, Inc.		19,965	$	641,064
Verizon Communications, Inc.		11,146		560,755
Total Telecommunication Services				1,201,819

Transportation—2.1%
FedEx Corp.		1,006		228,422
United Parcel Service, Inc., Class B		2,430		258,139
Total Transportation				486,561

Utilities—5.4%
AES Corp.		4,001		53,653
Ameren Corp.		466		28,356
American Electric Power Co., Inc.		991		68,627
American Water Works Co., Inc.		177		15,112
CMS Energy Corp.		648		30,637
Consolidated Edison, Inc.		684		53,338
Dominion Energy, Inc.		796		54,271
DTE Energy Co.		562		58,240
Duke Energy Corp.		1,345		106,363
Edison International		857		54,222
Entergy Corp.		602		48,636
Eversource Energy		618		36,221
Exelon Corp.		3,468		147,737
FirstEnergy Corp.		1,613		57,923
NextEra Energy, Inc.		431		71,990
NiSource, Inc.		886		23,284
NRG Energy, Inc.		1,324		40,647
Pinnacle West Capital Corp.		201		16,192
PPL Corp.¹		1,175		33,546
Public Service Enterprise Group, Inc.		735		39,793
Southern Co. (The)		2,232		103,364
WEC Energy Group, Inc.		538		34,782
Xcel Energy, Inc.		1,120		51,162
Total Utilities				1,228,096

Total Common Stocks (Cost $20,640,218)				22,787,442
	Shares		Value
Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $50,742)		50,742	$	50,742
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $33,486)		33,486		33,486
Total Investments—100.1% (Cost $20,724,446)				22,871,670
Liabilities in Excess of Other Assets—(0.1)%				(12,811	)
Net Assets—100.0%			$	22,858,859

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $629,231; total value of the collateral held by the Fund was $643,976. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $610,490 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

12 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS June 30, 2018
Oppenheimer Global ESG Revenue ETF

	Shares		Value
COMMON STOCKS—99.0%
Automobiles & Components—4.2%
Aisin Seiki Co. Ltd.		863	$	39,346
Astra International Tbk PT		38,606		17,781
Bayerische Motoren Werke AG		1,249		113,206
BYD Co. Ltd., Class H		955		5,788
Cie Generale des Etablissements Michelin		226		27,521
Daimler AG		2,970		191,170
Denso Corp.		1,039		50,766
Geely Automobile Holdings Ltd.		5,916		15,345
Guangzhou Automobile Group Co. Ltd., Class H		3,193		3,122
Hankook Tire Co. Ltd.		168		6,346
Honda Motor Co. Ltd.		5,072		148,957
Magna International, Inc.		682		39,641
Mahindra & Mahindra Ltd.		1,734		22,719
NGK Spark Plug Co. Ltd.		167		4,764
Nokian Renkaat OYJ		50		1,976
Peugeot SA		3,882		88,654
Pirelli & C SpA^1,2		845		7,056
Renault SA		802		68,196
Stanley Electric Co. Ltd.		152		5,187
Sumitomo Rubber Industries Ltd.		571		9,073
Tesla, Inc.^1,3		50		17,148
Valeo SA		387		21,155
Yamaha Motor Co. Ltd.		641		16,123
Total Automobiles & Components				921,040

Banks—8.0%
ABN AMRO Group NV²		833		21,610
Abu Dhabi Commercial Bank PJSC		2,247		4,319
AIB Group PLC		1,009		5,478
AMMB Holdings Bhd		2,534		2,352
Australia & New Zealand Banking Group Ltd.		1,675		34,949
Axis Bank Ltd.		1,417		10,564
Banco Bilbao Vizcaya Argentaria SA		7,548		53,528
Banco Bradesco SA		5,526		35,017
Banco de Credito e Inversiones		55		3,673
Banco de Sabadell SA		5,431		9,102
Banco do Brasil SA		7,217		53,742
Banco Santander Brasil SA		3,121		23,768
Banco Santander Chile		63,564		5,006
	Shares		Value
Banks (continued)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		2,949	$	4,025
Banco Santander SA		18,143		97,272
Bancolombia SA		413		4,967
Bank Central Asia Tbk PT		3,863		5,789
Bank Danamon Indonesia Tbk PT		5,606		2,494
Bank Handlowy w Warszawie SA		37		700
Bank Hapoalim B.M.		755		5,105
Bank Leumi Le-Israel B.M.		776		4,579
Bank Mandiri Persero Tbk PT		18,843		9,007
Bank Millennium SA¹		525		1,125
Bank Negara Indonesia Persero Tbk PT		10,837		5,332
Bank of Montreal		340		26,265
Bank of Nova Scotia (The)		524		29,653
Bank of the Philippine Islands		1,171		1,942
Bank Polska Kasa Opieki SA¹		92		2,777
Bank Rakyat Indonesia Persero Tbk PT		52,147		10,335
Bank Zachodni WBK SA		32		2,851
Bankinter SA		343		3,341
Barclays Africa Group Ltd.		968		11,299
Bendigo & Adelaide Bank Ltd.		310		2,483
BNK Financial Group, Inc.		434		3,641
BNP Paribas SA		1,894		117,621
BOC Hong Kong Holdings Ltd.		2,918		13,743
CaixaBank SA		3,419		14,794
Canadian Imperial Bank of Commerce³		219		19,039
China CITIC Bank Corp Ltd., Class H		22,408		14,024
China Everbright Bank Co. Ltd., Class H		17,397		7,473
China Merchants Bank Co. Ltd., Class H¹		2,536		9,358
CIMB Group Holdings Bhd		5,191		7,004
Comerica, Inc.		37		3,364
Commercial Bank PQSC (The)		192		2,009
Commercial International Bank Egypt SAE		468		2,231

13 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Banks (continued)
Commerzbank AG¹		1,441	$	13,815
Commonwealth Bank of Australia		710		38,226
Concordia Financial Group Ltd.		564		2,872
Credicorp Ltd.		28		6,303
Credit Agricole SA		6,439		85,967
DBS Group Holdings Ltd.		630		12,295
DGB Financial Group, Inc.		308		2,833
DNB ASA		562		10,984
Dubai Islamic Bank PJSC		2,490		3,301
E.Sun Financial Holding Co. Ltd.		3,550		2,474
Erste Group Bank AG¹		286		11,938
First Abu Dhabi Bank PJSC		2,348		7,767
Grupo Financiero Banorte SAB de CV, Class O		1,872		11,150
Hana Financial Group, Inc.		375		14,418
Hang Seng Bank Ltd.		248		6,202
Housing Development Finance Corp. Ltd.		440		12,254
ICICI Bank Ltd.¹		3,957		15,905
Indiabulls Housing Finance Ltd.		139		2,318
Industrial Bank of Korea		578		7,987
ING Groep NV		4,640		66,786
Intesa Sanpaolo SpA		9,573		27,791
Intesa Sanpaolo SpA -RSP		364		1,104
Kasikornbank PCL		3,654		21,397
KB Financial Group, Inc.		573		27,146
KBC Group NV		209		16,134
KeyCorp		395		7,718
Komercni banka as		49		2,057
Krung Thai Bank PCL		13,753		6,933
Malayan Banking Bhd		3,679		8,197
mBank SA		17		1,815
MCB Bank Ltd.		251		409
Mega Financial Holding Co. Ltd.		3,859		3,405
Mizrahi Tefahot Bank Ltd.		127		2,330
Mizuho Financial Group, Inc.		20,011		33,693
National Australia Bank Ltd.		1,412		28,596
National Bank of Canada		133		6,382
Nedbank Group Ltd.		436		7,939
Nordea Bank AB		1,731		16,695
OTP Bank Nyrt		147		5,324
Oversea-Chinese Banking Corp. Ltd.		2,662		22,725
	Shares		Value
Banks (continued)
People’s United Financial, Inc.³		16	$	289
PNC Financial Services Group, Inc. (The)		147		19,860
Public Bank Bhd		930		5,378
Qatar National Bank QPSC		378		15,780
Raiffeisen Bank International AG		302		9,270
Regions Financial Corp.		361		6,419
Resona Holdings, Inc.		1,293		6,918
RHB Bank Bhd		2,404		3,249
Royal Bank of Canada		629		47,333
Shinhan Financial Group Co. Ltd.		553		21,485
Siam Commercial Bank PCL (The)		2,317		8,287
Skandinaviska Enskilda Banken AB, Class A		958		9,120
Societe Generale SA		1,854		78,176
Standard Bank Group Ltd.		1,479		20,704
Standard Chartered PLC		2,699		24,680
Sumitomo Mitsui Financial Group, Inc.		1,400		54,425
Sumitomo Mitsui Trust Holdings, Inc.		360		14,278
SVB Financial Group¹		7		2,021
Svenska Handelsbanken AB, Class A		660		7,345
Swedbank AB, Class A		344		7,375
Taishin Financial Holding Co. Ltd.		3,378		1,595
Taiwan Business Bank		2,878		888
TMB Bank PCL		32,733		2,272
Toronto-Dominion Bank (The)		728		42,110
Turkiye Garanti Bankasi AS		4,894		8,952
UniCredit SpA		1,922		32,081
United Overseas Bank Ltd.		510		10,009
Westpac Banking Corp.		1,545		33,447
Yes Bank Ltd.		144		714
Total Banks				1,786,795

Capital Goods—11.6%
3M Co.		188		36,983
ABB Ltd.		1,705		37,278
Aboitiz Equity Ventures, Inc.		2,816		2,876
Acuity Brands, Inc.		35		4,055
AGCO Corp.		145		8,804
Airbus SE		812		95,052
Alfa Laval AB		180		4,278

14 OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (continued)
Allegion PLC³		36	$	2,785
Alstom SA		222		10,202
Amada Holdings Co. Ltd.		258		2,481
ANDRITZ AG		173		9,182
Arconic, Inc.		896		15,241
Ashtead Group PLC		184		5,522
Assa Abloy AB, Class B		447		9,539
Atlas Copco AB, Class A		256		7,463
Atlas Copco AB, Class B		145		3,803
BAE Systems PLC		3,439		29,367
Bidvest Group Ltd. (The)		421		6,051
Boeing Co. (The)		298		99,982
Bouygues SA		990		42,663
Brenntag AG		280		15,600
Bunzl PLC		460		13,938
CAE, Inc.		133		2,761
Caterpillar, Inc.		344		46,671
Cie de Saint-Gobain		1,108		49,508
CNH Industrial NV		2,588		27,485
Cummins, Inc.		161		21,413
Daifuku Co. Ltd.		100		4,383
Daikin Industries Ltd.		201		24,080
DCC PLC		214		19,481
Deere & Co.		233		32,573
Eaton Corp. PLC		303		22,646
Eicher Motors Ltd.		3		1,252
Eiffage SA		188		20,453
Elbit Systems Ltd.		36		4,222
Epiroc AB, Series B¹		145		1,329
Epiroc AB, Class A¹		256		2,690
Far Eastern New Century Corp.		8,814		8,355
Fastenal Co.		100		4,813
Ferguson PLC		333		27,038
Ferrovial SA		868		17,811
Finning International, Inc.		233		5,748
Flowserve Corp.³		97		3,919
Fluor Corp.		464		22,634
Fortune Brands Home & Security, Inc.		107		5,745
Fuji Electric Co. Ltd.		1,630		12,420
GEA Group AG		183		6,173
Geberit AG		8		3,431
General Electric Co.		9,521		129,581
HAP Seng Consolidated Bhd		727		1,764
Harris Corp.		42		6,071
HD Supply Holdings, Inc.¹		143		6,133
Hino Motors Ltd.		1,677		17,911
	Shares		Value
Capital Goods (continued)
Hitachi Construction Machinery Co. Ltd.		288	$	9,360
Hiwin Technologies Corp.		3		35
HOCHTIEF AG		183		33,075
Honeywell International, Inc.		324		46,672
Huntington Ingalls Industries, Inc.		39		8,455
IHI Corp.		458		15,961
Ingersoll-Rand PLC		182		16,331
ITOCHU Corp.		3,300		59,809
Jacobs Engineering Group, Inc.		281		17,841
Johnson Controls International PLC		1,020		34,119
Kajima Corp.		2,983		23,107
Kawasaki Heavy Industries Ltd.		502		14,797
Keihan Holdings Co. Ltd.		65		2,333
Keppel Corp. Ltd.		881		4,620
KION Group AG		127		9,140
KOC Holding AS		9,889		30,695
Komatsu Ltd.		820		23,453
Kone OYJ, Class B		223		11,368
Kubota Corp.		1,105		17,388
Kurita Water Industries Ltd.		100		2,853
Legrand SA		101		7,417
Lennox International, Inc.		22		4,403
LG Corp.		160		10,351
LIXIL Group Corp.		900		18,006
Lockheed Martin Corp.		187		55,245
MAN SE		176		19,922
Masco Corp.		241		9,018
Meggitt PLC		492		3,204
Metso OYJ		105		3,518
Middleby Corp. (The)^1,3		26		2,715
Mitsubishi Electric Corp.		3,305		43,996
Mitsubishi Heavy Industries Ltd.		1,114		40,541
MTU Aero Engines AG		40		7,687
Nabtesco Corp.		104		3,202
NGK Insulators Ltd.		275		4,898
Northrop Grumman Corp.		92		28,308
NSK Ltd.		935		9,648
Obayashi Corp.		2,061		21,454
OSRAM Licht AG		101		4,127
Owens Corning		116		7,351
Parker-Hannifin Corp.		88		13,715
Raytheon Co.		140		27,045
Rexel SA		1,250		17,973

15 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Capital Goods (continued)
Rockwell Automation, Inc.		42	$	6,982
Rockwell Collins, Inc.		65		8,754
Rolls-Royce Holdings PLC¹		2,321		30,281
Roper Technologies, Inc.		20		5,518
Safran SA		208		25,269
Sandvik AB		670		11,908
Schneider Electric SE		417		34,772
Sembcorp Industries Ltd.		3,243		6,541
Shimizu Corp.		1,726		17,904
Siemens AG		911		120,425
Siemens Ltd.		131		1,874
Sime Darby Bhd		14,387		8,726
Singapore Technologies Engineering Ltd.		2,298		5,545
SK Holdings Co. Ltd.		470		109,224
Skanska AB, Class B		1,075		19,563
SKF AB, Class B		456		8,497
Smiths Group PLC		230		5,156
Snap-on, Inc.³		30		4,822
SNC-Lavalin Group, Inc.		216		9,534
Spirit AeroSystems Holdings, Inc., Class A		94		8,076
Taisei Corp.		295		16,273
Thales SA		175		22,547
THK Co. Ltd.		154		4,414
TOTO Ltd.		147		6,821
Toyota Tsusho Corp.		2,025		67,826
Travis Perkins PLC		590		11,081
United Rentals, Inc.¹		46		6,791
United Technologies Corp.		564		70,517
Vestas Wind Systems A/S		213		13,184
Vinci SA		615		59,138
Volvo AB, Class B		1,993		31,902
W.W. Grainger, Inc.³		39		12,028
WABCO Holdings, Inc.¹		30		3,511
Wartsila OYJ Abp		316		6,209
WEG SA		666		2,813
Weir Group PLC (The)		136		3,591
WSP Global, Inc.		125		6,578
Xylem, Inc.		76		5,121
Total Capital Goods				2,568,511

Commercial & Professional Services—1.2%
Adecco Group AG		542		32,074
Babcock International Group PLC		774		8,357
Brambles Ltd.		862		5,656
Bureau Veritas SA		273		7,286
China Everbright International Ltd.		2,108		2,724
	Shares		Value
Commercial & Professional Services (continued)
Copart, Inc.¹		35	$	1,980
Dai Nippon Printing Co. Ltd.		742		16,606
Edenred		55		1,738
Experian PLC		206		5,098
IHS Markit Ltd.¹		85		4,385
Intertek Group PLC		64		4,830
ISS A/S		461		15,842
ManpowerGroup, Inc.		261		22,462
Park24 Co. Ltd.		100		2,722
Randstad NV		529		31,141
Recruit Holdings Co. Ltd.		854		23,639
RELX NV		282		6,014
RELX PLC		282		6,041
Robert Half International, Inc.		97		6,315
SEEK Ltd.		63		1,015
SGS SA		3		7,982
Societe BIC SA		29		2,688
Sohgo Security Services Co. Ltd.		118		5,561
Teleperformance		37		6,536
Toppan Printing Co. Ltd.		2,493		19,536
Wolters Kluwer NV		121		6,818
Total Commercial & Professional Services				255,046

Consumer Durables & Apparel—3.1%
adidas AG		136		29,685
Arcelik AS		1,665		5,543
Asics Corp.		227		3,839
Barratt Developments PLC		1,052		7,158
Berkeley Group Holdings PLC		83		4,148
Burberry Group PLC		171		4,876
Casio Computer Co. Ltd.		57		927
Cie Financiere Richemont SA		157		13,301
Electrolux AB, Series B		668		15,233
Gildan Activewear, Inc.		110		3,097
Hanesbrands, Inc.³		421		9,270
Hasbro, Inc.³		70		6,462
HengTen Networks Group Ltd.¹		1,062		38
HUGO BOSS AG		43		3,904
Husqvarna AB, Class B		429		4,077
Kering		38		21,456
LG Electronics, Inc.		685		51,014
Li & Fung Ltd.		35,590		13,065
Luxottica Group SpA		209		13,484

16 OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Durables & Apparel (continued)
LVMH Moet Hennessy Louis Vuitton SE		169	$	56,275
Mattel, Inc.³		386		6,338
Mohawk Industries, Inc.¹		52		11,142
Newell Brands, Inc.		670		17,279
NIKE, Inc., Class B		473		37,689
Nikon Corp.		423		6,733
Panasonic Corp.		6,327		85,310
Pandora A/S		57		3,982
Persimmon PLC		148		4,949
PVH Corp.		68		10,181
SEB SA		50		8,733
Sega Sammy Holdings, Inc.		275		4,712
Sekisui Chemical Co. Ltd.		766		13,057
Sekisui House Ltd.		1,348		23,853
Sharp Corp.		900		21,938
Sony Corp.		1,871		95,674
Swatch Group AG (The)		8		3,796
Swatch Group AG (The)		65		5,620
Taylor Wimpey PLC		2,390		5,645
Titan Co. Ltd.		203		2,603
Under Armour, Inc., Class A^1,3		109		2,450
Under Armour, Inc., Class C^1,3		181		3,815
VF Corp.		172		14,021
Whirlpool Corp.		151		22,081
Yamaha Corp.		49		2,548
Total Consumer Durables & Apparel				681,001

Consumer Services—1.0%
Accor SA		41		2,012
Alsea SAB de CV		737		2,565
Aramark		453		16,806
Aristocrat Leisure Ltd.		93		2,123
Benesse Holdings, Inc.		133		4,719
China Travel International Investment Hong Kong Ltd.		1,646		642
Compass Group PLC		1,663		35,535
Crown Resorts Ltd.		281		2,803
Flight Centre Travel Group Ltd.		50		2,351
Hilton Worldwide Holdings, Inc.		117		9,262
InterContinental Hotels Group PLC		40		2,493
Kangwon Land, Inc.		70		1,642
Marriott International, Inc., Class A		189		23,927
	Shares		Value
Consumer Services (continued)
Melco Resorts & Entertainment Ltd.⁴		198	$	5,544
Merlin Entertainments PLC²		483		2,466
MGM China Holdings Ltd.		782		1,814
Minor International PCL		2,412		2,366
OPAP SA		143		1,616
Oriental Land Co. Ltd.		83		8,711
Paddy Power Betfair PLC		39		4,326
Royal Caribbean Cruises Ltd.		97		10,049
Sands China Ltd.		1,499		8,015
Shangri-La Asia Ltd.		1,288		2,423
Sodexo SA		297		29,690
Tabcorp Holdings Ltd.		1,366		4,501
TUI AG		1,091		23,947
Vail Resorts, Inc.		9		2,468
Whitbread PLC		92		4,809
Total Consumer Services				219,625

Diversified Financials—3.6%
3i Group PLC		111		1,320
AEON Financial Service Co. Ltd.		139		2,967
Ally Financial, Inc.		422		11,086
American Express Co.		410		40,180
AMP Ltd.		952		2,504
Amundi SA²		38		2,633
ASX Ltd.		14		666
B3 SA—Brasil Bolsa Balcao		167		888
Bajaj Finance Ltd.		74		2,480
Bank of New York Mellon Corp. (The)		333		17,959
BlackRock, Inc.		27		13,474
Brookfield Asset Management, Inc., Class A		1,239		50,231
Challenger Ltd.		186		1,626
CME Group, Inc.		26		4,262
Coronation Fund Managers Ltd.		54		230
Deutsche Bank AG		4,666		50,239
Deutsche Boerse AG		30		3,998
Eurazeo SA		62		4,702
EXOR NV		2,813		189,505
FirstRand Ltd.		2,585		12,050
Franklin Resources, Inc.		227		7,275
Fubon Financial Holding Co. Ltd.		2,470		4,140
Goldman Sachs Group, Inc. (The)		202		44,555

17 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Diversified Financials (continued)
Groupe Bruxelles Lambert SA		72	$	7,593
Hong Kong Exchanges & Clearing Ltd.		52		1,564
IGM Financial, Inc.		95		2,752
Industrivarden AB, Class C		6		116
Investec Ltd.		282		1,976
Investec PLC		652		4,631
Investor AB, Class B		86		3,508
Japan Exchange Group, Inc.		100		1,859
Julius Baer Group Ltd.¹		72		4,226
Kinnevik AB, Class B		8		274
L E Lundbergforetagen AB, Class B		57		1,753
London Stock Exchange Group PLC		50		2,951
Macquarie Group Ltd.		54		4,933
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,525		9,376
Moody’s Corp.		28		4,776
Morgan Stanley		975		46,215
Natixis SA		4,514		32,033
Northern Trust Corp.		63		6,482
Onex Corp.		395		28,974
ORIX Corp.		1,935		30,606
PSG Group Ltd.		138		2,177
Quilter PLC^1,2		666		1,274
Remgro Ltd.		149		2,221
Rural Electrification Corp. Ltd.		2,603		3,976
S&P Global, Inc.		36		7,340
Samsung Card Co. Ltd.		116		3,986
Schroders PLC		73		3,044
Singapore Exchange Ltd.		101		531
Standard Life Aberdeen PLC		5,609		24,119
State Street Corp.		133		12,381
T. Rowe Price Group, Inc.		47		5,456
TD Ameritrade Holding Corp.		79		4,327
UBS Group AG¹		2,939		45,360
Voya Financial, Inc.³		185		8,695
Wendel SA		84		11,573
Yuanta Financial Holding Co. Ltd.		9,664		4,406
Total Diversified Financials				806,434

Energy—7.7%
Aker BP ASA		89		3,285
AltaGas Ltd.		112		2,312
ARC Resources Ltd.		56		578
	Shares		Value
Energy (continued)
Baker Hughes a GE Co.³		726	$	23,980
Banpu PCL		6,279		3,696
Caltex Australia Ltd.		827		19,883
Cameco Corp.		170		1,911
Cenovus Energy, Inc.		1,595		16,551
ConocoPhillips		478		33,278
Cosan SA Industria e Comercio		217		1,984
Devon Energy Corp.		382		16,793
Empresas COPEC SA		1,643		25,357
Enagas SA		60		1,754
Enbridge, Inc.		1,386		49,521
Encana Corp.		361		4,712
Energy Absolute PCL		480		474
Equinor ASA		2,670		70,891
Exxaro Resources Ltd.		221		2,027
Galp Energia SGPS SA		1,004		19,148
GS Holdings Corp.		302		14,741
Hess Corp.		90		6,020
Husky Energy, Inc.		1,135		17,679
Idemitsu Kosan Co. Ltd.		1,020		36,374
Imperial Oil Ltd.		773		25,679
Indian Oil Corp. Ltd.		25,077		57,097
Inpex Corp.		823		8,541
IRPC PCL		41,093		7,194
John Wood Group PLC		1,467		12,159
JXTG Holdings, Inc.		15,694		109,128
Koninklijke Vopak NV		35		1,617
Lundin Petroleum AB		94		3,002
Marathon Oil Corp.		220		4,589
MOL Hungarian Oil & Gas PLC		1,853		17,893
National Oilwell Varco, Inc.³		190		8,246
Neste OYJ		229		17,967
Newfield Exploration Co.¹		56		1,694
Noble Energy, Inc.		121		4,269
Novatek PJSC		117		17,351
Oil Search Ltd.		154		1,013
OMV AG		464		26,312
ONEOK, Inc.		278		19,413
Origin Energy Ltd.¹		1,750		12,969
Pembina Pipeline Corp.		168		5,815
Petronas Dagangan Bhd		1,217		7,472
Phillips 66		1,018		114,332
Polski Koncern Naftowy ORLEN SA		1,379		30,962
PTT Exploration & Production PCL		1,247		5,288
PTT PCL		43,142		62,506

18 OPPENHEIMER ETF TRUST

	Shares		Value
Energy (continued)
Repsol SA		3,125	$	61,169
Royal Dutch Shell PLC, Class A		5,444		188,958
Royal Dutch Shell PLC, Class B		4,343		155,588
Santos Ltd.¹		700		3,243
Schlumberger Ltd.		478		32,040
Showa Shell Sekiyu KK		1,535		22,908
Snam SpA		784		3,273
S-Oil Corp.		226		22,205
Suncor Energy, Inc.		721		29,323
TechnipFMC PLC		520		16,505
Thai Oil PCL		4,856		11,396
TOTAL SA		2,768		168,731
TransCanada Corp.		289		12,496
Ultrapar Participacoes SA		1,977		23,612
United Tractors Tbk PT		2,221		4,898
Vermilion Energy, Inc.		7		252
Woodside Petroleum Ltd.		163		4,270
Total Energy				1,716,324

Food & Staples Retailing—4.0%
Aeon Co. Ltd.		4,872		104,245
Atacadao Distribuicao Comercio e Industria Ltda		4,211		16,571
Carrefour SA		6,100		98,783
Casino Guichard Perrachon SA		1,189		46,158
Clicks Group Ltd.		153		2,194
Empire Co. Ltd.		768		15,407
George Weston Ltd.		554		45,172
ICA Gruppen AB³		463		14,217
J Sainsbury PLC		10,933		46,363
Jeronimo Martins SGPS SA		1,435		20,725
Koninklijke Ahold Delhaize NV		4,069		97,414
Lawson, Inc.		90		5,623
Loblaw Cos. Ltd.		837		43,013
METRO AG³		3,928		48,544
Metro, Inc.		372		12,638
Pick n Pay Stores Ltd.		1,317		7,185
President Chain Store Corp.		1,063		12,046
Seven & i Holdings Co. Ltd.		1,561		68,083
SPAR Group Ltd. (The)		615		8,320
Tesco PLC		29,921		101,405
Wm Morrison Supermarkets PLC		8,268		27,508
Woolworths Group Ltd.		2,320		52,315
Total Food & Staples Retailing				893,929
	Shares		Value
Food, Beverage & Tobacco—5.0%
Ajinomoto Co., Inc.		643	$	12,167
Ambev SA		2,899		13,548
Anadolu Efes Biracilik Ve Malt Sanayii AS		672		3,462
Anheuser-Busch InBev SA		623		62,919
Arca Continental SAB de CV		1,469		9,137
Archer-Daniels-Midland Co.		1,562		71,586
Associated British Foods PLC		676		24,436
Barry Callebaut AG		4		7,171
British American Tobacco Malaysia Bhd		102		878
British American Tobacco PLC		738		37,317
Bunge Ltd.		779		54,304
Campbell Soup Co.³		274		11,108
Carlsberg A/S, Class B		81		9,540
Cia Cervecerias Unidas SA		227		2,851
CJ CheilJedang Corp.		61		19,293
Coca-Cola Amatil Ltd.		632		4,296
Coca-Cola Co. (The)		1,045		45,834
Coca-Cola European Partners PLC		413		16,784
Coca-Cola Femsa SAB de CV, Series L		528		3,021
Coca-Cola HBC AG¹		262		8,755
Coca-Cola Icecek AS		303		2,243
Conagra Brands, Inc.		243		8,682
Danone SA		482		35,381
Diageo PLC		840		30,187
General Mills, Inc.		438		19,386
Grupo Bimbo SAB de CV, Series A		8,701		17,127
Heineken Holding NV		318		30,482
Heineken NV		312		31,335
Hershey Co. (The)		63		5,863
Hormel Foods Corp.		295		10,977
Imperial Brands PLC		666		24,814
Ingredion, Inc.		59		6,531
ITC Ltd.		1,395		5,420
JM Smucker Co. (The)³		79		8,491
Kellogg Co.		247		17,258
Kerry Group PLC, Class A		36		3,760
Kerry Group PLC, Class A		122		12,763
Kikkoman Corp.		59		2,978
Kirin Holdings Co. Ltd.		719		19,234
Kraft Heinz Co. (The)		550		34,551
M Dias Branco SA		121		1,176
Marine Harvest ASA		237		4,717

19 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Food, Beverage & Tobacco (continued)
McCormick & Co., Inc.		49	$	5,688
Molson Coors Brewing Co., Class B		209		14,220
Mondelez International, Inc., Class A		766		31,406
Nestle India Ltd.		12		1,718
Nestle Malaysia Bhd		39		1,424
Nestle SA		1,417		109,741
Orkla ASA		625		5,475
PepsiCo, Inc.		767		83,503
Pernod Ricard SA		76		12,414
Pioneer Foods Group Ltd.		265		2,164
PT Indofood CBP Sukses Makmur Tbk		5,197		3,210
Remy Cointreau SA		9		1,166
Sime Darby Plantation Bhd		3,311		4,369
Standard Foods Corp.		33		67
Suntory Beverage & Food Ltd.		300		12,811
Swedish Match AB		40		1,984
Toyo Suisan Kaisha Ltd.		137		4,879
Treasury Wine Estates Ltd.		167		2,146
Ulker Biskuvi Sanayi AS¹		332		1,307
Wilmar International Ltd.		21,821		48,971
Total Food, Beverage & Tobacco				1,100,426

Health Care Equipment & Services—3.2%
ABIOMED, Inc.¹		2		818
Alfresa Holdings Corp.		1,212		28,504
Align Technology, Inc.¹		6		2,053
AmerisourceBergen Corp.		2,170		185,036
Bangkok Dusit Medical Services PCL		4,058		3,062
Becton Dickinson and Co.		74		17,727
Cardinal Health, Inc.		2,972		145,123
Cigna Corp.		213		36,199
Cochlear Ltd.		7		1,035
Coloplast A/S, Class B		30		2,998
ConvaTec Group PLC²		679		1,904
Cooper Cos., Inc. (The)		11		2,590
DaVita, Inc.¹		185		12,846
Edwards Lifesciences Corp.¹		30		4,367
Essilor International Cie Generale d’Optique SA		77		10,869
Fisher & Paykel Healthcare Corp. Ltd.		69		696
Hartalega Holdings Bhd		456		676
HCA Healthcare, Inc.		489		50,171
Healthscope Ltd.		1,102		1,799
	Shares		Value
Health Care Equipment & Services (continued)
Henry Schein, Inc.^1,3		207	$	15,037
Hoya Corp.		93		5,289
Humana, Inc.		209		62,205
IDEXX Laboratories, Inc.¹		11		2,397
Koninklijke Philips NV		605		25,730
Life Healthcare Group Holdings Ltd.		921		1,672
Mediclinic International PLC		527		3,664
Netcare Ltd.		1,504		3,031
NMC Health PLC		38		1,797
Quest Diagnostics, Inc.		89		9,785
Ramsay Health Care Ltd.		165		6,581
ResMed, Inc.		25		2,590
Ryman Healthcare Ltd.		23		186
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,877		7,939
Sinopharm Group Co. Ltd., Class H		5,144		20,686
Sonic Healthcare Ltd.		258		4,676
Sonova Holding AG		18		3,224
Straumann Holding AG		2		1,521
Sysmex Corp.		84		7,842
Terumo Corp.		49		2,809
Top Glove Corp. Bhd		431		1,295
Varian Medical Systems, Inc.¹		26		2,957
Total Health Care Equipment & Services				701,386

Household & Personal Products—1.8%
Amorepacific Corp.		16		4,630
AMOREPACIFIC Group		56		6,205
Beiersdorf AG		95		10,786
Clorox Co. (The)³		59		7,980
Colgate-Palmolive Co.		293		18,989
Dabur India Ltd.		249		1,423
Essity AB, Class B		504		12,462
Estee Lauder Cos., Inc., (The), Class A		62		8,847
Henkel AG & Co KGaA		151		16,793
Hindustan Unilever Ltd.		260		6,228
Kao Corp.		237		18,080
Kimberly-Clark Corp.		205		21,595
Kimberly-Clark de Mexico SAB de CV, Class A		762		1,301
LG Household & Health Care Ltd.		6		7,515
Lion Corp.		259		4,747
L’Oreal SA		155		38,275
Marico Ltd.		235		1,137

20 OPPENHEIMER ETF TRUST

	Shares		Value
Household & Personal Products (continued)
Natura Cosmeticos SA		318	$	2,502
Procter & Gamble Co. (The)		1,057		82,509
PT Unilever Indonesia Tbk		1,107		3,561
Reckitt Benckiser Group PLC		237		19,522
Shiseido Co. Ltd.		112		8,896
Unicharm Corp.		301		9,057
Unilever NV		857		47,813
Unilever PLC		606		33,539
Total Household & Personal Products				394,392

Insurance—5.4%
Aegon NV		4,885		29,293
Allianz SE		465		96,106
Allstate Corp. (The)		428		39,064
Assicurazioni Generali SpA		5,170		86,741
Aviva PLC		5,702		37,941
AXA SA		5,268		129,256
Cathay Financial Holding Co. Ltd.		3,880		6,847
CNP Assurances		1,880		42,780
Gjensidige Forsikring ASA		247		4,049
Great-West Lifeco, Inc.		1,223		30,049
Hyundai Marine & Fire Insurance Co. Ltd.		501		15,149
Insurance Australia Group Ltd.		1,213		7,645
Intact Financial Corp.		109		7,727
Legal & General Group PLC		2,959		10,392
Manulife Financial Corp.		1,366		24,528
Mapfre SA		8,397		25,343
Marsh & McLennan Cos., Inc.		204		16,722
MS&AD Insurance Group Holdings, Inc.		1,656		51,490
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		310		65,529
NN Group NV		384		15,620
Old Mutual Ltd.¹		2,000		3,971
Principal Financial Group, Inc.		127		6,725
Progressive Corp. (The)		497		29,398
Prudential Financial, Inc.		342		31,980
Prudential PLC		2,651		60,707
QBE Insurance Group Ltd.		1,812		13,040
RSA Insurance Group PLC		1,296		11,625
	Shares		Value
Insurance (continued)
Samsung Fire & Marine Insurance Co. Ltd.		98	$	23,214
Sanlam Ltd.		1,957		10,005
Sompo Holdings, Inc.		1,034		41,821
Sun Life Financial, Inc.		329		13,213
Suncorp Group Ltd.		1,085		11,696
Swiss Re AG		464		40,047
T&D Holdings, Inc.		960		14,426
Tokio Marine Holdings, Inc.		1,207		56,588
Travelers Cos., Inc. (The)		231		28,260
Tryg A/S		142		3,333
Willis Towers Watson PLC		61		9,248
Zurich Insurance Group AG		157		46,501
Total Insurance				1,198,069

Materials—6.2%
Agnico Eagle Mines Ltd.		61		2,795
Air Liquide SA		222		27,915
Akzo Nobel NV		153		13,097
Amcor Ltd.		1,304		13,883
Anglo American PLC		1,348		30,162
Antofagasta PLC		382		4,993
Arkema SA		92		10,892
Asahi Kasei Corp.		1,642		20,872
Asian Paints Ltd.		142		2,621
Avery Dennison Corp.		71		7,249
Axalta Coating Systems Ltd¹		161		4,880
Ball Corp.		416		14,789
BASF SE		891		85,210
BHP Billiton Ltd.		1,158		29,013
BHP Billiton PLC		823		18,537
BlueScope Steel Ltd.		738		9,411
Boliden AB		181		5,880
Boral Ltd.		1,276		6,156
Cementos Argos SA		1,589		5,302
China Steel Corp.		18,000		13,992
Chr Hansen Holding A/S		16		1,478
Clariant AG¹		311		7,461
Covestro AG²		221		19,719
CRH PLC		70		2,472
Croda International PLC		33		2,092
Daicel Corp.		399		4,416
DowDuPont, Inc.		1,347		88,794
Ecolab, Inc.		111		15,577
Evonik Industries AG		559		19,142
Fletcher Building Ltd.		2,297		10,808
Fortescue Metals Group Ltd.		2,573		8,346
Franco-Nevada Corp.		11		802

21 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Materials (continued)
Fresnillo PLC		148	$	2,234
Givaudan SA		3		6,804
Grupo Argos SA		983		6,647
Hanwha Chemical Corp.		410		8,038
HeidelbergCement AG		274		23,059
Hitachi Chemical Co. Ltd.		302		6,094
Hitachi Metals Ltd.		881		9,147
Imerys SA		83		6,711
International Flavors & Fragrances, Inc.		32		3,967
James Hardie Industries PLC		207		3,469
JFE Holdings, Inc.		1,900		35,954
Johnson Matthey PLC		450		21,501
JSR Corp.		268		4,563
K+S AG³		180		4,445
Kaneka Corp.		751		6,733
Kansai Paint Co. Ltd.		204		4,240
Kinross Gold Corp.¹		1,077		4,053
Klabin SA		527		2,685
Kobe Steel Ltd.		1,919		17,567
Koninklijke DSM NV		123		12,368
Kumba Iron Ore Ltd.		188		4,043
Kuraray Co. Ltd.		369		5,084
LafargeHolcim Ltd.¹		654		31,865
LG Chem Ltd.		85		25,435
Linde AG		106		25,297
Lucky Cement Ltd.		325		1,359
Lundin Mining Corp.		372		2,067
Mitsubishi Chemical Holdings Corp.		4,524		37,878
Mitsubishi Materials Corp.		576		15,835
Mitsui Chemicals, Inc.		509		13,556
Mondi Ltd.		124		3,362
Mondi PLC		342		9,261
Mosaic Co. (The)		311		8,724
Newcrest Mining Ltd.		246		3,962
Newmont Mining Corp.		222		8,372
Nippon Steel & Sumitomo Metal Corp.		2,900		56,958
Nitto Denko Corp.		97		7,341
Norsk Hydro ASA		2,597		15,546
Novozymes A/S, Class B		47		2,384
Nutrien Ltd.		423		22,998
Orica Ltd.		329		4,315
PPG Industries, Inc.		167		17,323
Praxair, Inc.		86		13,601
PTT Global Chemical PCL		5,954		13,119
Rio Tinto PLC		612		33,944
Sherwin-Williams Co. (The)		46		18,748
	Shares		Value
Materials (continued)
Shin-Etsu Chemical Co. Ltd.		140	$	12,479
Sika AG		60		8,302
Solvay SA		118		14,900
South32 Ltd.		2,934		7,826
Stora Enso OYJ, Class R		639		12,504
Sumitomo Chemical Co. Ltd.		4,286		24,300
Sumitomo Metal Mining Co. Ltd.		241		9,221
Symrise AG		49		4,296
Taiheiyo Cement Corp.		323		10,629
Teck Resources Ltd., Class B		392		9,980
Teijin Ltd.		460		8,439
thyssenkrupp AG		2,338		56,833
Titan Cement Co. SA		134		3,395
Toray Industries, Inc.		2,849		22,480
Umicore SA		296		16,986
UPM-Kymmene OYJ		456		16,302
voestalpine AG		339		15,614
West Fraser Timber Co. Ltd.		78		5,366
WestRock Co.		287		16,365
Wheaton Precious Metals Corp.		44		971
Total Materials				1,378,600

Media—1.0%
Astro Malaysia Holdings Bhd		4,383		1,725
Axel Springer SE		65		4,701
Eutelsat Communications SA		106		2,199
ITV PLC		2,272		5,219
JCDecaux SA		134		4,484
Liberty Global PLC, Class A¹		152		4,186
Liberty Global PLC, Class C¹		448		11,921
Naspers Ltd., Class N		31		7,882
Omnicom Group, Inc.		239		18,228
Pearson PLC		590		6,894
ProSiebenSat.1 Media SE		185		4,694
Publicis Groupe SA		193		13,281
Schibsted ASA, Class B		54		1,524
SES SA		122		2,235
Singapore Press Holdings Ltd.		412		786
Sky PLC		1,188		22,923
Telenet Group Holding NV¹		64		2,989
Toho Co. Ltd.		37		1,241
Vivendi SA		745		18,266
Walt Disney Co. (The)		639		66,974
WPP PLC		1,376		21,673
Total Media				224,025

22 OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.5%
AbbVie, Inc.		317	$	29,370
Agilent Technologies, Inc.		84		5,195
Amgen, Inc.		143		26,396
Astellas Pharma, Inc.		975		14,867
AstraZeneca PLC		330		22,886
Bayer AG		412		45,385
Biogen, Inc.¹		52		15,092
Bristol-Myers Squibb Co.		472		26,120
Chugai Pharmaceutical Co. Ltd.		134		7,029
CSL Ltd.		62		8,824
Daiichi Sankyo Co. Ltd.		294		11,246
Eisai Co. Ltd.		114		8,032
Eli Lilly & Co.		351		29,951
Genmab A/S¹		2		309
Gilead Sciences, Inc.		461		32,657
GlaxoSmithKline PLC		2,487		50,230
Grifols SA		129		3,883
H Lundbeck A/S		49		3,443
Ipsen SA		18		2,824
IQVIA Holdings, Inc.¹		108		10,781
Jazz Pharmaceuticals PLC¹		12		2,068
Johnson & Johnson		737		89,428
Kalbe Farma Tbk PT		19,233		1,637
Kyowa Hakko Kirin Co. Ltd.		192		3,871
Lonza Group AG¹		23		6,104
Merck & Co., Inc.		816		49,531
Merck KGaA		65		6,346
Mettler-Toledo International, Inc.¹		6		3,472
Mitsubishi Tanabe Pharma Corp.		216		3,732
Novartis AG		860		65,200
Novo Nordisk A/S, Class B		360		16,698
Ono Pharmaceutical Co. Ltd.		100		2,345
Orion OYJ, Class B		32		863
Otsuka Holdings Co. Ltd.		300		14,528
Piramal Enterprises Ltd.		53		1,962
QIAGEN NV¹		45		1,639
Roche Holding AG		235		52,197
Sanofi		677		54,263
Santen Pharmaceutical Co. Ltd.		100		1,743
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		116		637
Shionogi & Co. Ltd.		98		5,035
	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Sumitomo Dainippon Pharma Co. Ltd.		287	$	6,076
Takeda Pharmaceutical Co. Ltd.		426		17,992
UCB SA		86		6,762
Vertex Pharmaceuticals, Inc.¹		19		3,229
Vifor Pharma AG		9		1,438
Waters Corp.¹		14		2,710
Zoetis, Inc.		74		6,304
Total Pharmaceuticals, Biotechnology & Life Sciences				782,330

Real Estate—1.1%
Aeon Mall Co. Ltd.		176		3,162
American Tower Corp.		58		8,362
Ascendas Real Estate Investment Trust		419		811
Azrieli Group Ltd.		19		942
Boston Properties, Inc.		26		3,261
British Land Co. PLC (The)		89		790
CapitaLand Commercial Trust		207		252
CapitaLand Ltd.		1,610		3,731
CapitaLand Mall Trust		401		609
CBRE Group, Inc., Class A¹		358		17,091
Central Pattana PCL		816		1,718
City Developments Ltd.		388		3,110
Covivio		11		1,144
Daiwa House Industry Co. Ltd.		1,117		38,079
Deutsche Wohnen SE		32		1,547
Dexus		133		954
Duke Realty Corp.		30		871
Equinix, Inc.		13		5,589
First Capital Realty, Inc.		40		628
Gecina SA		5		837
Goodman Group		239		1,699
GPT Group (The)		194		725
Growthpoint Properties Ltd.		503		980
Hammerson PLC		38		262
Hang Lung Group Ltd.		609		1,708
Hang Lung Properties Ltd.		753		1,553
HCP, Inc.		90		2,324
Host Hotels & Resorts, Inc.		303		6,384
Hulic Co. Ltd.		300		3,204
Hyprop Investments Ltd.		32		239

23 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Real Estate (continued)
Hysan Development Co. Ltd.		86	$	480
ICADE		27		2,531
Iron Mountain, Inc.³		146		5,111
Jones Lang LaSalle, Inc.		55		9,129
Klepierre SA		49		1,845
Land Securities Group PLC		86		1,086
LendLease Group		1,144		16,744
Liberty Property Trust		17		754
Link REIT		166		1,516
Macerich Co. (The)		20		1,137
Mirvac Group		1,084		1,738
Mitsubishi Estate Co. Ltd.		664		11,612
Mitsui Fudosan Co. Ltd.		704		16,995
NEPI Rockcastle PLC		33		295
Nomura Real Estate Holdings, Inc.		284		6,302
Prologis, Inc.		49		3,219
Redefine Properties Ltd.		946		724
SBA Communications Corp.¹		12		1,981
Segro PLC		48		424
Sime Darby Property Bhd		2,446		727
SM Prime Holdings, Inc.		3,113		2,097
Stockland		879		2,578
Sun Hung Kai Properties Ltd.		824		12,435
Swire Pacific Ltd., Class A		723		7,658
Swire Properties Ltd.		789		2,916
Swiss Prime Site AG¹		12		1,102
Tokyu Fudosan Holdings Corp.		1,468		10,364
UDR, Inc.		28		1,051
Unibail-Rodamco-Westfield		12		2,642
UOL Group Ltd.		317		1,772
Weyerhaeuser Co.		236		8,605
Wharf Real Estate Investment Co. Ltd.		425		3,025
Total Real Estate				253,161

Retailing—3.1%
Best Buy Co., Inc.		639		47,657
Booking Holdings, Inc.¹		7		14,190
Canadian Tire Corp. Ltd., Class A		88		11,480
Dufry AG¹		70		8,911
Fast Retailing Co. Ltd.		60		27,577
Foschini Group Ltd. (The)		147		1,866
Gap, Inc. (The)		588		19,045
	Shares		Value
Retailing (continued)
Harvey Norman Holdings Ltd.		617	$	1,514
Hennes & Mauritz AB, Class B³		1,430		21,340
Home Depot, Inc. (The)		629		122,718
Home Product Center PCL		6,874		2,780
Hotai Motor Co. Ltd.		637		5,610
Imperial Holdings Ltd.		703		10,047
Industria de Diseno Textil SA		1,125		38,433
J Front Retailing Co. Ltd.		299		4,554
Jardine Cycle & Carriage Ltd.		871		20,327
Kingfisher PLC		4,701		18,433
LKQ Corp.¹		375		11,963
Lojas Renner SA		260		1,985
Lowe’s Cos., Inc.		927		88,593
Marks & Spencer Group PLC		4,378		17,057
Marui Group Co. Ltd.		100		2,107
Mr Price Group Ltd.		91		1,502
Next PLC		87		6,949
Nitori Holdings Co. Ltd.		38		5,928
Nordstrom, Inc.³		401		20,764
Rakuten, Inc.		1,600		10,825
S.A.C.I. Falabella		1,832		16,866
Target Corp.		1,108		84,341
Tiffany & Co.		47		6,185
Tractor Supply Co.		115		8,796
Woolworths Holdings Ltd.		1,515		6,129
Yamada Denki Co. Ltd.		3,949		19,644
Zalando SE^1,2		119		6,651
Total Retailing				692,767

Semiconductors & Semiconductor Equipment—1.1%
Analog Devices, Inc.		66		6,331
Applied Materials, Inc.		373		17,229
ASE Technology Holding Co. Ltd.		4,632		10,878
ASM Pacific Technology Ltd.		197		2,491
ASML Holding NV		66		13,077
Infineon Technologies AG		364		9,278
Intel Corp.		1,372		68,202
Lam Research Corp.		57		9,852
Macronix International¹		1,000		1,424
Marvell Technology Group Ltd.³		130		2,787
NVIDIA Corp.		48		11,371
Skyworks Solutions, Inc.		46		4,446

24 OPPENHEIMER ETF TRUST

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
STMicroelectronics NV		430	$	9,594
Taiwan Semiconductor Manufacturing Co. Ltd.		5,475		38,878
Texas Instruments, Inc.		161		17,750
Tokyo Electron Ltd.		59		10,131
United Microelectronics Corp.		12,000		6,671
Xilinx, Inc.		41		2,676
Total Semiconductors & Semiconductor Equipment				243,066

Software & Services—4.3%
Accenture PLC, Class A		298		48,750
Adobe Systems, Inc.¹		39		9,509
Alphabet, Inc., Class A¹		51		57,589
Alphabet, Inc., Class C¹		63		70,286
Amadeus IT Group SA		89		7,024
ANSYS, Inc.¹		8		1,393
Atos SE		135		18,434
Autodesk, Inc.¹		17		2,228
Automatic Data Processing, Inc.		119		15,963
BlackBerry Ltd.¹		95		916
Broadridge Financial Solutions, Inc.		44		5,064
CA, Inc.		144		5,134
Cadence Design Systems, Inc.¹		56		2,425
Capgemini SE		139		18,696
CGI Group, Inc., Class A¹		151		9,563
Cielo SA		908		3,899
Citrix Systems, Inc.¹		31		3,250
Cognizant Technology Solutions Corp., Class A		231		18,247
Computershare Ltd.		190		2,587
Dassault Systemes SE		35		4,904
Dell Technologies, Inc., Class V¹		112		9,473
DXC Technology Co.		287		23,135
Fortinet, Inc.¹		28		1,748
Fujitsu Ltd.		7,173		43,505
Gartner, Inc.^1,3		31		4,120
HCL Technologies Ltd.		686		9,274
Infosys Ltd.		734		14,004
International Business Machines Corp.		645		90,106
Intuit, Inc.		34		6,946
Jack Henry & Associates, Inc.		14		1,825
	Shares		Value
Software & Services (continued)
Konami Holdings Corp.		100	$	5,092
Mastercard, Inc., Class A		77		15,132
Micro Focus International PLC		293		5,120
Microsoft Corp.		1,211		119,417
NAVER Corp.		9		6,161
NCSoft Corp.		6		1,997
Nice Ltd.¹		15		1,547
Nintendo Co. Ltd.		20		6,536
Nomura Research Institute Ltd.		129		6,254
NTT Data Corp.		2,100		24,192
Open Text Corp.		93		3,271
Oracle Corp.		1,009		44,457
Oracle Corp. Japan		80		6,536
Otsuka Corp.		214		8,395
PayPal Holdings, Inc.¹		192		15,988
Perspecta, Inc.		22		452
Red Hat, Inc.¹		20		2,687
Sabre Corp.		179		4,411
Sage Group PLC (The)		310		2,573
salesforce.com, Inc.¹		100		13,640
SAP SE		309		35,698
ServiceNow, Inc.¹		13		2,242
Shopify, Inc., Class A¹		5		729
Splunk, Inc.¹		13		1,288
Symantec Corp.		262		5,410
Take-Two Interactive Software, Inc.¹		20		2,367
Tata Consultancy Services Ltd.		776		20,928
Tech Mahindra Ltd.		593		5,673
Tencent Holdings Ltd.		864		43,368
Ubisoft Entertainment SA¹		23		2,524
Visa, Inc., Class A		139		18,411
VMware Inc, Class A¹		18		2,645
Western Union Co. (The)³		323		6,567
Wipro Ltd.		2,522		9,626
Workday, Inc., Class A¹		12		1,453
Total Software & Services				962,784

Technology Hardware & Equipment—5.9%
AAC Technologies Holdings, Inc.		262		3,690
Acer, Inc.¹		11,601		9,475
Apple, Inc.		1,513		280,071
Arista Networks, Inc.¹		8		2,060
AU Optronics Corp.		31,947		13,517
BYD Electronic International Co. Ltd.		4,367		5,978

25 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Technology Hardware & Equipment (continued)
Chicony Electronics Co. Ltd.		1,000	$	2,253
Cisco Systems, Inc.		1,316		56,627
Cognex Corp.³		19		848
CommScope Holding Co., Inc.¹		180		5,257
Corning, Inc.		425		11,692
Delta Electronics, Inc.		2,570		9,230
F5 Networks, Inc.¹		14		2,414
Flex Ltd.¹		2,082		29,377
FLIR Systems, Inc.		38		1,975
FUJIFILM Holdings Corp.		794		31,010
Hewlett Packard Enterprise Co.		1,979		28,913
Hitachi High-Technologies Corp.		178		7,264
Hitachi Ltd.		12,892		90,971
HP, Inc.		2,949		66,913
Ingenico Group SA		44		3,956
Inventec Corp.		24,734		19,430
Keyence Corp.		9		5,083
Keysight Technologies, Inc.¹		72		4,250
Konica Minolta, Inc.		1,197		11,120
Kyocera Corp.		240		13,536
Lenovo Group Ltd.		107,603		58,290
LG Display Co. Ltd.		1,496		24,564
LG Innotek Co. Ltd.		73		9,465
Lite-On Technology Corp.		7,219		8,737
Micro-Star International Co. Ltd.		1,396		4,313
Motorola Solutions, Inc.		69		8,029
Murata Manufacturing Co. Ltd.		76		12,776
NEC Corp.		1,175		32,248
Nokia OYJ		5,572		32,073
Omron Corp.		160		7,468
Samsung Electro-Mechanics Co. Ltd.		68		9,061
Samsung Electronics Co. Ltd.		5,498		230,132
Samsung SDI Co. Ltd.		41		7,873
Seagate Technology PLC		222		12,536
Seiko Epson Corp.		753		13,093
Shimadzu Corp.		176		5,323
TDK Corp.		171		17,476
TE Connectivity Ltd.		170		15,310
Telefonaktiebolaget LM Ericsson, Class B		3,298		25,533
Trimble, Inc.¹		92		3,021
Wistron Corp.		44,101		32,763
Xerox Corp.		439		10,536
	Shares		Value
Technology Hardware & Equipment (continued)
Yaskawa Electric Corp.		66	$	2,333
Yokogawa Electric Corp.		226		4,024
Total Technology Hardware & Equipment				1,303,887

Telecommunication Services—4.0%
Advanced Info Service PCL		1,209		6,751
Axiata Group Bhd		5,775		5,433
Bharti Infratel Ltd.		241		1,057
BT Group PLC		14,524		41,764
CenturyLink, Inc.		1,858		34,633
Chunghwa Telecom Co. Ltd.		2,593		9,355
DiGi.Com BHD		1,641		1,686
Elisa OYJ		51		2,362
Far EasTone Telecommunications Co. Ltd.		1,270		3,282
Globe Telecom, Inc.		100		2,886
Hellenic Telecommunications Organization SA		410		5,074
HKT Trust & HKT Ltd.		3,852		4,920
KDDI Corp.		2,239		61,269
Koninklijke KPN NV		3,254		8,852
Maxis Bhd		1,840		2,487
Millicom International Cellular SA		77		4,553
MTN Group Ltd.		1,470		11,572
Nippon Telegraph & Telephone Corp.		2,823		128,349
NTT DOCOMO, Inc.		2,142		54,582
O2 Czech Republic AS		154		1,766
Ooredoo Q.P.S.C.		594		11,862
Orange SA		3,526		59,055
PCCW Ltd.		9,339		5,261
Proximus SADP		320		7,215
Rogers Communications, Inc., Class B		211		10,016
Singapore Telecommunications Ltd.		6,262		14,145
SK Telecom Co. Ltd.		109		22,788
SoftBank Group Corp.		1,300		93,576
Spark New Zealand Ltd.		1,165		2,942
Swisscom AG		31		13,837
Taiwan Mobile Co. Ltd.		1,697		6,151
Tele2 AB, Class B		240		2,825
Telecom Italia SpA¹		23,254		17,306
Telecom Italia SpA -RSP		11,562		7,554

26 OPPENHEIMER ETF TRUST

	Shares		Value
Telecommunication Services (continued)
Telefonica Deutschland Holding AG		2,366	$	9,326
Telefonica SA		8,183		69,544
Telekom Malaysia Bhd		3,052		2,350
Telekomunikasi Indonesia Persero Tbk PT		46,663		12,211
Telenor ASA		884		18,129
Telia Co. AB		2,170		9,936
Telstra Corp. Ltd.		11,133		21,551
TELUS Corp.		344		12,212
True Corp. PCL		25,650		4,103
Turkcell Iletisim Hizmetleri AS		1,851		4,917
Vodacom Group Ltd.		701		6,280
Vodafone Group PLC		24,317		59,015
Total Telecommunication Services				896,740

Transportation—3.0%
A.P. Moeller—Maersk A/S, Class A		14		16,618
A.P. Moeller—Maersk A/S, Class B		12		14,946
Aena SME SA²		28		5,083
Aeroports de Paris		24		5,428
Airports of Thailand PCL		1,395		2,653
AMERCO³		12		4,274
ANA Holdings, Inc.		563		20,682
Atlantia SpA		255		7,538
Auckland International Airport Ltd.		74		340
Aurizon Holdings Ltd.		877		2,806
BTS Group Holdings PCL		6,602		1,754
C.H. Robinson Worldwide, Inc.		194		16,230
Canadian National Railway Co.		145		11,853
Central Japan Railway Co.		104		21,558
CSX Corp.		208		13,266
Delta Air Lines, Inc.		942		46,667
Deutsche Post AG		2,155		70,374
DSV A/S		179		14,462
East Japan Railway Co.		301		28,846
easyJet PLC		350		7,731
Eva Airways Corp.		13,320		6,444
Expeditors International of Washington, Inc.		111		8,114
Fraport AG Frankfurt Airport Services Worldwide		43		4,148
Getlink SE		94		1,289
	Shares		Value
Transportation (continued)
Hankyu Hanshin Holdings, Inc.		187	$	7,521
Kamigumi Co. Ltd.		100		2,079
Kansas City Southern		27		2,861
Keio Corp.		122		5,904
Keisei Electric Railway Co. Ltd.		100		3,435
Kintetsu Group Holdings Co. Ltd.		314		12,813
Kuehne + Nagel International AG		147		22,088
Kyushu Railway Co.		160		4,897
Latam Airlines Group SA		874		8,702
Localiza Rent a Car SA		288		1,776
MTR Corp. Ltd.		1,457		8,060
Nagoya Railroad Co. Ltd.		263		6,791
Nippon Express Co. Ltd.		290		21,050
Nippon Yusen KK		1,076		21,362
Norfolk Southern Corp.		82		12,371
Odakyu Electric Railway Co. Ltd.		273		5,861
Royal Mail PLC		2,217		14,793
SATS Ltd.		362		1,327
Singapore Airlines Ltd.		1,630		12,779
Sinotrans Ltd., Class H		7,973		4,207
Southwest Airlines Co.		477		24,270
Sydney Airport		233		1,233
TAV Havalimanlari Holding AS		305		1,494
Tobu Railway Co. Ltd.		199		6,090
Tokyu Corp.		756		13,023
Transurban Group		300		2,653
Union Pacific Corp.		173		24,511
United Parcel Service, Inc., Class B		530		56,302
West Japan Railway Co.		193		14,225
Yamato Holdings Co. Ltd.		600		17,681
Total Transportation				675,263

Utilities—6.0%
AES Corp.		1,050		14,080
Aguas Andinas SA, Class A		1,971		1,080
Alliant Energy Corp.		101		4,274
Ameren Corp.		131		7,971
American Electric Power Co., Inc.		285		19,736
American Water Works Co., Inc.		51		4,354
APA Group		358		2,605
Atco Ltd., Class I		128		3,949

27 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

	Shares		Value
Utilities (continued)
AusNet Services		1,440	$	1,708
Canadian Utilities Ltd., Class A		117		2,953
Centrica PLC		23,724		49,379
CEZ AS		440		10,407
China Longyuan Power Group Corp. Ltd., Class H		2,206		1,777
CLP Holdings Ltd.		1,368		14,734
CMS Energy Corp.		180		8,510
Colbun SA		9,735		2,018
Consolidated Edison, Inc.		198		15,440
Dominion Energy, Inc.		240		16,363
DTE Energy Co.		151		15,648
Duke Energy Corp.		384		30,367
E.ON SE		5,016		53,610
Edison International		240		15,185
EDP—Energias de Portugal SA		5,565		22,091
EDP—Energias do Brasil SA		1,203		4,337
Electric Power Development Co. Ltd.		373		9,631
Electricite de France SA		6,881		94,640
Endesa SA³		1,237		27,289
Enel Americas SA		60,913		10,731
Enel SpA		18,274		101,494
Engie Brasil Energia SA		227		2,020
Engie SA		5,580		85,541
Entergy Corp.		176		14,219
Eversource Energy		163		9,553
Exelon Corp.		1,029		43,835
Fortis, Inc.		248		7,922
Fortum OYJ		260		6,205
Gas Natural SDG SA³		1,293		34,239
HK Electric Investments & HK Electric Investments Ltd.²		2,050		1,955
Huaneng Renewables Corp. Ltd., Class H		2,260		752
Hydro One Ltd.²		389		5,926
Iberdrola SA		5,912		45,723
Infraestructura Energetica Nova SAB de CV		397		1,790
Innogy SE²		1,397		59,844
Interconexion Electrica SA ESP		431		2,128
Korea Gas Corp.¹		465		26,786
Kyushu Electric Power Co., Inc.		1,808		20,175
Meridian Energy Ltd.		1,104		2,332
	Shares		Value
Utilities (continued)
National Grid PLC		1,937	$	21,441
NextEra Energy, Inc.		129		21,547
NiSource, Inc.		243		6,386
Orsted A/S²		179		10,827
Osaka Gas Co. Ltd.		696		14,405
PG&E Corp.		476		20,259
Pinnacle West Capital Corp.		56		4,511
Power Assets Holdings Ltd.		50		350
Power Grid Corp of India Ltd.		1,729		4,715
Public Service Enterprise Group, Inc.		220		11,911
Red Electrica Corp. SA³		150		3,054
RusHydro PJSC⁴		11,467		12,040
RWE AG		2,422		55,213
SCANA Corp.		151		5,817
Sempra Energy		130		15,094
Southern Co. (The)		636		29,453
SSE PLC		2,613		46,745
Suez		1,526		19,786
Terna Rete Elettrica Nazionale SpA		626		3,385
Toho Gas Co. Ltd.		152		5,263
Tokyo Gas Co. Ltd.		690		18,318
Towngas China Co. Ltd.¹		1,376		1,335
United Utilities Group PLC		269		2,710
Veolia Environnement SA		1,583		33,878
WEC Energy Group, Inc.		154		9,956
Xcel Energy, Inc.		314		14,344
Total Utilities				1,330,049

Total Common Stocks (Cost $21,533,123)				21,985,650
PREFERRED STOCKS—0.7%
Automobiles & Components—0.1%
Bayerische Motoren Werke AG, 5.86%		134		10,686

Banks—0.3%
Itausa—Investimentos Itau SA, 5.67%		341		814
Banco Bradesco SA, 3.76%		4,951		34,616
Itau Unibanco Holding SA, 6.37%		2,704		28,351
Bancolombia SA, 2.85%		328		3,989
Total Banks				67,770

Capital Goods—0.0%⁵
Rolls-Royce Holdings PLC, Class C^1,6		265,717		351

28 OPPENHEIMER ETF TRUST

	Shares		Value
Food & Staples Retailing—0.0%⁵
Cia Brasileira de Distribuicao, 1.23%		490	$	9,920

Food, Beverage & Tobacco—0.0%⁵
Embotelladora Andina SA, Class B, 3.38%		333		1,296

Health Care Equipment & Services—0.0%⁵
Sartorius AG, 0.35%		7		1,047

Household & Personal Products—0.1%
Henkel AG & Co KGaA, 1.64%		92		11,762
LG Household & Health Care Ltd., 1.31%		1		655
Amorepacific Corp.		6		834
Total Household & Personal Products, 0.91%				13,251

Materials—0.0%⁵
Sociedad Quimica y Minera de Chile SA, Class B, 4.08%		21		1,014
LG Chem Ltd., 3.06%		16		2,893
Total Materials				3,907

Technology Hardware & Equipment—0.2%
Samsung Electronics Co. Ltd., 2.41%		984		33,241

Telecommunication Services—0.0%⁵
Telefonica Brasil SA, 5.99%		781		9,285

Utilities—0.0%⁵
Cia Energetica de Minas Gerais, 6.18%		2,756		5,229

Total Preferred Stocks (Cost $157,078)				155,983
RIGHT—0.0%⁵
Banks—0.0%⁵
Intesa Sanpaolo SpA, expiring 7/20/18 (Cost $—)¹		9,937		167
	Shares		Value
Investment of Cash Collateral for Securities Loaned—0.9%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%⁷ (Cost $205,789)		205,789	$	205,789
Total Investments—100.6% (Cost $21,895,990)				22,347,589
Liabilities in Excess of Other Assets—(0.6)%				(133,406	)
Net Assets—100.0%			$	22,214,183

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. Non-income producing security.

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $146,948 or 0.66% of the Fund’s net assets at period end.

3. All or a portion of the security was on loan. The aggregate value of the securities on loan was $359,843; total value of the collateral held by the Fund was $372,584. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $166,795 (Note 4).

4. American Depositary Receipt.

5. Less than 0.05%.

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

7. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

29 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS Continued
Oppenheimer Global ESG Revenue ETF

Geographical Holdings

Country	Value		% of Net Assets
United States	$	6,206,513		27.9	%
Japan		3,488,760		15.7
France		2,141,415		9.6
Germany		1,512,182		6.8
United Kingdom		1,352,576		6.1
Netherlands		939,292		4.2
Canada		809,122		3.6
South Korea		782,949		3.5
Switzerland		631,969		2.9
Spain		518,387		2.3
Australia		517,798		2.3
Italy		308,976		1.4
Brazil		280,536		1.3
Sweden		263,646		1.2
Taiwan		246,661		1.1
China		220,917		1.0
India		219,542		1.0
South Africa		190,966		0.9
Singapore		170,887		0.8
Thailand		167,751		0.8
Belgium		135,497		0.6
Norway		134,599		0.6
Denmark		130,046		0.6
Finland		111,346		0.5
Hong Kong		97,861		0.4
Chile		83,587		0.4
Indonesia		76,255		0.3
Austria		72,317		0.3
Malaysia		67,191		0.3

Country	Value			% of Net Assets
Portugal	$	61,965			0.3	%
Turkey		58,613			0.3
Mexico		52,350			0.2
Poland		40,229			0.2
Ireland		32,267			0.2
Qatar		29,651			0.1
Russia		29,391			0.1
Colombia		27,586			0.1
Hungary		23,217			0.1
Israel		18,725			0.1
New Zealand		17,304			0.1
United Arab Emirates		17,184			0.1
Czech Republic		14,230			0.1
Greece		10,085			0.1
Macau		9,829			0.1
Philippines		9,800			0.0	¹
Peru		6,303			0.0	¹
Bermuda		2,787			0.0	¹
Luxembourg		2,235			0.0	¹
Egypt		2,231			0.0	¹
Pakistan		1,768			0.0	¹
Romania		295			0.0	¹
Total Investments		22,347,589			100.6
Liabilities in Excess of Other Assets		(133,406	)		(0.6	)
Net Assets	$	22,214,183			100.0	%

1. Less than 0.05%

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

30 OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018

	Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)¹	$	22,871,670		$	22,347,589
Cash		323			29,400
Foreign currency at value		—			8,898
Receivables and other assets:
Dividends		27,978			42,429
Investment securities sold		—			24,123
Securities lending income, net (Note 4)		54			142
Reclaims		—			2,931
Total Assets		22,900,025			22,455,512

Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)²		33,486			205,789
Investment securities purchased		—			25,152
Management fees (Note 9)		7,680			8,436
Deferred foreign tax payable		—			1,952
Total Liabilities		41,166			241,329

Net Assets	$	22,858,859		$	22,214,183

Composition of Net Assets:
Paid-in capital	$	21,040,212		$	21,946,947
Accumulated undistributed net investment income		23,810			34,795
Accumulated undistributed net realized loss on investments and foreign currency transactions		(352,387	)		(216,912	)
Net unrealized appreciation on investments and foreign currency translations		2,147,224			449,353	³

Net Assets	$	22,858,859		$	22,214,183
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		750,000			750,000
Net asset value, offering and redemption price per share	$	30.48		$	29.62
Investments at cost	$	20,724,446		$	21,895,990
Foreign currency at cost		—			8,816
1. Includes value of securities on loan:	$	629,231		$	359,843
2. Non-cash collateral for securities on loan:	$	610,490		$	166,795
3. Net of foreign taxes of $1,952.

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

31 OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS For The Year Ended June 30, 2018

	Oppenheimer ESG Revenue ETF			Oppenheimer Global ESG Revenue ETF
Investment Income:
Dividend income	$	606,786		$	695,235
Foreign withholding tax		—			(72,372	)
Securities lending income, net (Note 4)		537			1,942
Total Income		607,323			624,805

Expenses:
Management fees (Note 9)		93,960			101,384
BNY Fund Services fees		4,550			17,754
Professional fees		6,374			5,911
Trustees fees		2,259			2,233
NYSE listing fees		1,075			1,075
Other expenses		3,250			2,775
Total Expenses		111,468			131,132
Less expense waivers and reimbursements (Note 9)		(17,508	)		(29,748	)
Net Expenses		93,960			101,384

Net Investment Income		513,363			523,421

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(342,349	)		(9,570	)¹
Net realized gain on in-kind redemptions		2,060,927			1,708,590
Net realized gain on foreign currency transactions		—			1,436
Total net realized gain		1,718,578			1,700,456
Net change in unrealized appreciation (depreciation) on investments		47,156			(471,479	)²
Net change in unrealized depreciation on foreign currency translations		—			(44	)
Net change in unrealized appreciation (depreciation)		47,156			(471,523	)
Net realized and unrealized gain on investments		1,765,734			1,228,933
Net Increase in Net Assets Resulting From Operations	$	2,279,097		$	1,752,354

1. Net of foreign taxes of $1,750.

2. Net of change in deferred foreign taxes of $1,952.

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

32 OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oppenheimer ESG Revenue ETF						Oppenheimer Global ESG Revenue ETF
	Year Ended June 30, 2018			For the Period October 31, 2016¹ to June 30, 2017			Year Ended June 30, 2018			For the Period October 31, 2016¹ to June 30, 2017
Operations
Net investment income	$	513,363		$	324,935		$	523,421		$	263,619
Net realized gain on investments, in-kind redemptions and foreign currency transactions		1,718,578			510,270			1,700,456			1,163,859
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		47,156			2,100,068			(471,523	)		920,876
Net increase in net assets resulting from operations		2,279,097			2,935,273			1,752,354			2,348,354

Distributions To Shareholders From:
Net investment income		(603,824	)		(210,664	)		(617,833	)		(148,617	)
Realized gains		—			—			(84,675	)		—
Total distributions to shareholders		(603,824	)		(210,664	)		(702,508	)		(148,617	)

Shareholder Transactions:
Proceeds from shares sold		12,307,274			27,111,168			16,371,671			28,495,808
Cost of shares redeemed		(13,859,701	)		(7,099,764	)		(14,904,746	)		(10,998,133	)
Net increase (decrease) in net assets resulting from shareholder transactions		(1,552,427	)		20,011,404			1,466,925			17,497,675
Increase in net assets		122,846			22,736,013			2,516,771			19,697,412

Net Assets:
Beginning of period/year		22,736,013			—			19,697,412			—
End of period/year	$	22,858,859		$	22,736,013		$	22,214,183		$	19,697,412
Undistributed net investment income included in net assets at end of period/year	$	23,810		$	114,271		$	34,795		$	119,836

Changes in Shares Outstanding:
Shares outstanding, beginning of period/year		800,000			—			700,000			—
Shares sold		400,000			1,050,000			550,000			1,100,000
Shares redeemed		(450,000	)		(250,000	)		(500,000	)		(400,000	)
Shares outstanding, end of period/year		750,000			800,000			750,000			700,000

1. Commencement of operations.

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

33 OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period/year presented.

Oppenheimer ESG Revenue ETF	Year Ended June 30, 2018			For the Period October 31, 2016¹ Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period/year	$	28.42		$	25.00
Net investment income²		0.66			0.40
Net realized and unrealized gain on investments		2.16			3.28
Total gain from investment operations		2.82			3.68

Less Distributions from:
Net investment income		(0.76	)		(0.26	)
Net asset value, end of period/year	$	30.48		$	28.42

Total Return at Net Asset Value³		9.96	%		14.78	%

Total Return at Market Value³		9.93	%		14.82	%

Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	22,859		$	22,736
Average Net Assets (000’s omitted)		23,490			21,828
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.40	%		0.40	%⁴
Expenses, prior to expense waivers and reimbursements		0.47	%		0.78	%⁴
Net investment income, net of waivers and reimbursements		2.19	%		2.22	%⁴
Portfolio turnover rate⁵		26.95	%		42.11	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

34 OPPENHEIMER ETF TRUST

For a share outstanding throughout each period/year presented.

Oppenheimer Global ESG Revenue ETF	Year Ended June 30, 2018			For the Period October 31, 2016¹ Through June 30, 2017
Per Share Operating Performance:
Net asset value, beginning of period/year	$	28.14		$	25.00
Net investment income²		0.71			0.38
Net realized and unrealized gain on investments		1.71			2.97
Total gain from investment operations		2.42			3.35

Less Distributions from:
Net investment income		(0.83	)		(0.21	)
Realized gains		(0.11	)		—
Total distributions		(0.94	)		(0.21	)
Net asset value, end of period/year	$	29.62		$	28.14

Total Return at Net Asset Value³		8.62	%		13.49	%

Total Return at Market Value³		7.58	%		14.97	%

Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	22,214		$	19,697
Average Net Assets (000’s omitted)		22,530			18,443
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.45	%		0.45	%⁴
Expenses, prior to expense waivers and reimbursements		0.58	%		1.18	%⁴
Net investment income, net of waivers and reimbursements		2.32	%		2.15	%⁴
Portfolio turnover rate⁵		73.22	%		78.36	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

4. Annualized for periods less than one full year.

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

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

35 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS June 30, 2018

1. Organization

The following is a summary of significant accounting policies followed in the Funds’ preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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

(1)

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

(2)

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

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

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

36 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually.

The tax character of distributions is determined as of the Funds’ fiscal year end. Therefore, a portion of the Funds’ distributions made to shareholders prior to the Funds’ fiscal year end may ultimately be categorized as a tax return of capital. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received.

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

Expenses. Expenses of the Trust which are directly identifiable to a specific Fund are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Return of Capital Estimates. Distributions received from the Trust’s investments in Real Estate Investments Trusts (“REITs”) generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received from REITs after their tax reporting periods are concluded.

37 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Custodian Fees. “BNY Fund Services fees” in the Statements of Operations reflect Custodian Fees of the Funds prior to the implementation of the Unitary Fee, as defined in Note 9. BNY Fund Services fees may include interest expense incurred by the Funds on any cash overdrafts of their custodian accounts during the year, if applicable. Effective with the implementation of the Unitary Fee, any expenses related to overdrafts, if applicable, will be reflected as unique line items on the Statements of Operations.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

38 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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

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

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

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

Fund	Increase (Decrease) to Paid-in-Capital		Increase (Decrease) to Accumulated Net Investment Income		Increase (Decrease) to Accumulated Net Realized Gain/Loss on Investments
Oppenheimer ESG Revenue ETF	$	2,043,507	$	—	$	(2,043,507	)
Oppenheimer Global ESG Revenue ETF		1,797,163		9,371		(1,806,534	)

39 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

The tax character of distributions paid during the reporting period:

	Year Ended June 30, 2018						Year Ended June 30, 2017
Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total		Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Oppenheimer ESG Revenue ETF	$	603,824	$	—	$	603,824	$	210,664	$	—	$	210,664
Oppenheimer Global ESG Revenue ETF		702,508		—		702,508		148,617		—		148,617

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at year end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses on wash sales.

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

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

40 OPPENHEIMER ETF TRUST

3. Securities Valuation (Continued)

counter market are valued at the official closing price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board.

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

Level 1 — quoted prices in active markets for identical securities

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

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

	(Level 1)						(Level 2)						(Level 3)
Fund	Common Stocks		Preferred Stocks		Money Market Funds		Common Stocks		Preferred Stocks		Rights		Common Stocks		Preferred Stocks		Total
Oppenheimer ESG Revenue ETF	$	22,787,442	$	—	$	84,228	$	—	$	—	$	—	$	—	$	—	$	22,871,670
Oppenheimer Global ESG Revenue ETF		21,985,650		155,632		205,789		—		—		167		—		351		22,347,589

At June 30, 2018, ESG Revenue ETF did not hold any Level 3 securities. At June 30, 2018, Global ESG Revenue ETF held a Level 3 security. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

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

For the year ended June 30, 2018, there were no transfers between levels.

41 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

4. Securities Lending

The values of loaned securities and related collateral outstanding at June 30, 2018 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2018, the cash collateral was invested in a government money market mutual fund and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

Remaining Contractual Maturity of the Agreements, as of June 30, 2018

	Overnight and Continuous			<30 Days			Between 30 & 90 days			>90 days			Total
Oppenheimer ESG Revenue ETF
Money Market Mutual Fund		$	33,486		$	—		$	—		$	—		$	33,486
U.S. Government Securities			—			3,061			37,769			569,660			610,490
Total		$	33,486		$	3,061		$	37,769		$	569,660		$	643,976
Oppenheimer Global ESG Revenue ETF
Money Market Mutual Fund		$	205,789		$	—		$	—		$	—		$	205,789
U.S. Government Securities			—			577			6,820			159,398			166,795
Total		$	205,789		$	577		$	6,820		$	159,398		$	372,584

42 OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

	Assets										Liabilities
Fund	Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Cash Collateral Received*			Gross Amounts Not Offset in the Statement of Assets and Liabilities Non-cash Collateral Received*			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received		Net Amount
Oppenheimer ESG Revenue ETF	$	629,231	$	(18,741	)	$	(610,490	)	$	—	$	—	$	—	$	—
Oppenheimer Global ESG Revenue ETF		359,843		(193,048	)		(166,795	)		—		—		—		—

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

5. Investments and Risks

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

43 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

5. Investments and Risks (Continued)

6. Market Risk Factors

7. Shares of Beneficial Interest

44 OPPENHEIMER ETF TRUST

7. Shares of Beneficial Interest (Continued)

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

8. Purchases & Sales of Securities

The aggregate cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and sales and short-term investments) for the year ended June 30, 2018, were as follows:

Fund	Purchases		Sales
Oppenheimer ESG Revenue ETF	$	6,303,968	$	10,081,790
Oppenheimer Global ESG Revenue ETF		16,376,995		17,531,102

For the year ended June 30, 2018, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Oppenheimer ESG Revenue ETF	$	12,260,318	$	10,108,636
Oppenheimer Global ESG Revenue ETF		13,970,780		11,529,432

45 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees, and Transactions with Affiliates

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

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

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

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

46 OPPENHEIMER ETF TRUST

9. Fees, and Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. Prior to September 30, 2017, the Trust and the Adviser were parties to a written fee waiver and expense reimbursement agreement pursuant to which the Adviser agreed to waive all or a portion of its fees and/or reimburse expenses to the extent necessary to keep fund expenses (excluding any acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs and other non-routine expenses) for the Funds from exceeding the percentage of each Fund’s daily net assets in the column “Expense Limit” in the above tables. Under this agreement, the Adviser retained the right to seek reimbursement from each Fund of fees previously waived or expenses previously reimbursed to the extent such fees were waived or expenses were reimbursed within three years of such reimbursement (effective since their inception on October 31, 2016), provided such reimbursement did not cause each Fund to exceed the lower of (a) any applicable fee waiver and expense reimbursement agreement that was in place at the time the fees were waived or expenses were reimbursed or (b) any applicable fee waiver and expense reimbursement agreement in place for the Funds at the time the Funds would make such repayment. At its August 23, 2017 meeting, the Board approved the termination of this agreement, in conjunction with the implementation of the Unitary Fee, effective September 30, 2017.

The Adviser waived fees and/or reimbursed expenses for each Fund as follows which under the current fee arrangement would not be subject to recoupment.

Fund:	Expenses Reimbursed:
Oppenheimer ESG Revenue ETF	$	56,411	6/30/17
		17,508	9/30/17
Total		73,919
Oppenheimer Global ESG Revenue ETF		90,045	6/30/17
		29,748	9/30/17
Total		119,793

Administrator, Custodian, Fund Accounting and Transfer Agent Fees. The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

47 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees, and Transactions with Affiliates (Continued)

Licensing Fee Agreements. The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.

48 OPPENHEIMER ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Oppenheimer ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oppenheimer ESG Revenue ETF and Oppenheimer Global ESG Revenue ETF (the “Funds”), each a series of Oppenheimer ETF Trust, as of June 30, 2018, and the related statements of operations for the year then ended, and the statements of changes in net assets, including the related notes, and the financial highlights for each of the two periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of June 30, 2018, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We have served as the auditor of one or more Oppenheimer Funds investment companies since 2012.

COHEN & COMPANY, LTD.
Cleveland, Ohio
August 28, 2018

49 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS Unaudited

Independent Trustees
Name, Position(s) Held with the Funds, Length of Service, Year of Birth				Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
INDEPENDENT TRUSTEES				The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016) and Trustee (since 2015) Year of Birth: 1944				Chairman — Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012 – 2016) and Director (August 2005 – January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000 – 2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003 – January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008 – 2012); Director of Colorado UpLIFT (charitable organization) (1986–2010); Director of Jones Knowledge, Inc. (2006 – 2010); Former Chairman of U.S. Bank – Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996 – April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993 – 2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997 – February 2004); Chairman of the Board (1991 – 1994) and Trustee (1985 – 1994) of Regis University; and Chairman of the Board (1990 – 1991) and Member (1984 – 1999) of Young Presidents Organization. Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950				Director, Mutual Fund Directors Forum (since February 2018); Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015 – February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012 – May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011 – October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006 – November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003 – May 2006); General Counsel (October 1991 – November 2001) and Executive Vice President (January 1993 – November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991 – November 2001). Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

50 OPPENHEIMER ETF TRUST

Richard F. Grabish, Trustee (since 2015) Year of Birth: 1948				Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997 – December 2007), Director (March 1987 – December 2007) and Manager of Private Client Services (June 1985 – June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001 – December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987 – March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005 – December 2007). Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Beverly L. Hamilton, Trustee (since 2015) Year of Birth: 1946				Trustee of Monterey Institute for International Studies (educational organization) (2000 – 2014); Board Member of Middlebury College (educational organization) (December 2005 – June 2011); Director of the Board (1991 – 2016), Vice Chairman of the Board (2006 – 2009) and Chairman of the Board (2010 – 2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002 – April 2008); Director (February 2002 – 2005) and Chairman of Trustees (2006 – 2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991 – April 2000); Member of the investment committees of The Rockefeller Foundation (2001 – 2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994 – January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996 – June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989 – June 2004); Member of the investment committee of Hartford Hospital (2000 – 2003); and Advisor to Unilever (Holland) pension fund (2000 – 2003). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Victoria J. Herget, Trustee (since 2015) Year of Birth: 1951				Board Chair (2008 – 2015) and Director (2004 – Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010 – 2017) of Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003 – 2011); former Managing Director (1993 – 2001), Principal (1985 – 1993), Vice President (1978 – 1985) and Assistant Vice President (1973 – 1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992 – 2007), Chair of the Board of Trustees (1999 – 2007), Investment Committee Chair (1994 – 1999) and Investment Committee member (2007 – 2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006 – 2009) and Chicago City Day School (K-8 School) (1994 – 2005). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

51 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS Unaudited (Continued)

Karen L. Stuckey, Trustee (since 2015) Year of Birth: 1953				Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990 – 2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975 – 1990); Trustee (1992 – 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992 – 2006), and Emeritus Trustee (since 2006) of Lehigh University; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011 – 2014). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
James D. Vaughn, Trustee (since 2015) Year of Birth: 1945				Retired; former managing partner (1994 – 2001) of Denver office of Deloitte & Touche LLP, (held various positions in Denver and New York offices from 1969 – 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003 – 2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

52 OPPENHEIMER ETF TRUST

INTERESTED TRUSTEE AND OFFICER				Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the OFI Advisors, LLC and OFI by virtue of his positions as Chairman and director of OFI and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958				Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013 – December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013 – May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010 – December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009 – October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009 – December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009 – April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993 – September 2009). An officer of 104 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND				The addresses of the Officers in the chart below are as follows: for Messrs. Vallario, Bishnoi, Depetris, Mss. Lo Bessette, Mss. French, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Ms. Bullington, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Frank Vallario, Vice President (since 2017) Year of Birth: 1969				Vice President, OFI Advisors, LLC (since August 2017). Portfolio Manager, ColumbiaThreadneedle (September 2015 – June 2017).
Donal Bishnoi Vice President (since 2018) Year of Birth: 1981				Portfolio Manager, OFI Advisors, LLC (since March 2018). Vice President and Senior Research Analyst of the Sub-Adviser (January 2010 – March 2018). Senior Quantative Analyst at Moore Capital Management (2007 – 2009).
Alex Depetris, Vice President (since 2017) Year of Birth: 1980				Senior Vice President of OppenheimerFunds, Inc. and Chief Operating Officer of Beta Solutions (since 2017); Chief Operating Officer of ETF Business at Deutsche Bank (2008-2017).
Sharon French Vice President (since 2017) Year of Birth: 1965				Executive Vice President, Head of Beta Solutions of OppenheimerFunds, Inc. (since 2016); Senior Strategic Advisor to the CEO and President of Investment Manager at BNY Mellon (2015-2016); President, F-Squared Capital (2013-2015).

53 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS Unaudited (Continued)

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2015) Year of Birth: 1973				Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010 – January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007 – January 2014).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969				Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015 – February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012 – March 2015) and Deputy Chief Legal Officer (April 2013 – March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008 – September 2009) and Deputy General Counsel (October 2009 – February 2012) of Lord Abbett & Co. LLC.
Jennifer Foxson, Vice President and Chief Business Officer (since 2015) Year of Birth: 1969				Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006 – June 2014); Vice President of OppenheimerFunds, Inc. (January 1998 – March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991 – December 1998).
Stephanie Bullington, Treasurer and Principal Financial and Accounting Officer (since 2016) Year of Birth: 1977				Vice President of OFI Global Asset Management, Inc. (since February 2014); Vice President of OFI Global Asset Management, Inc. (January 2013 – September 2013); Vice President of OppenheimerFunds, Inc. (January 2010 – December 2012); Assistant Vice President of OppenheimerFunds, Inc. (October 2005 – January 2010).

54 OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION Unaudited

Shareholder Reports and Quarterly Portfolio Disclosure
Oppenheimer ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.

Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors. For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:

	QDI			DRD
Oppenheimer ESG Revenue ETF		100.00	%		97.98	%
Oppenheimer Global ESG Revenue ETF		86.55	%		21.21	%

	Gross Foreign Income		Foreign Taxes Paid
Oppenheimer ESG Revenue ETF	$	—	$	—
Oppenheimer Global ESG Revenue ETF		559,221		66,723

55 OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

Investment Adviser		OFI Advisors, LLC
Distributor		OppenheimerFunds Distributor, Inc.
Administrator, Custodian and Transfer Agent		The Bank of New York Mellon
Independent Registered Public Accounting Firm		Cohen & Company, Ltd.
Legal Counsel		Ropes & Gray LLP

This report is submitted for the general information of the shareholders of each Fund.

It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.

Visit Us
oppenheimerfunds.com

Call Us
800 225 5677

Follow Us

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

RA0000.012.0618 June 30, 2018


Annual Report				6/30/2018

Oppenheimer
ETF Trust

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

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

Receive investor materials electronically:

Go to www.icsdelivery.com

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

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

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

Table of Contents


Management Discussion of Fund Performance					2

Shareholder Expense Examples					11

Schedule of Investments Summary Tables					13

Schedules of Investments

Oppenheimer Russell 1000 Momentum Factor ETF					16

Oppenheimer Russell 1000 Value Factor ETF					25

Oppenheimer Russell 1000 Low Volatility Factor ETF					34

Oppenheimer Russell 1000 Size Factor ETF					39

Oppenheimer Russell 1000 Quality Factor ETF					49

Oppenheimer Russell 1000 Yield Factor ETF					55

Oppenheimer Russell 1000 Dynamic Multifactor ETF					59

Oppenheimer Russell 2000 Dynamic Multifactor ETF					63

Statements of Assets and Liabilities					72

Statements of Operations					74

Statements of Changes in Net Assets					76

Financial Highlights					78

Notes to Financial Statements					86

Report of Independent Registered Public Accounting Firm					101

Trustees and Officers					102

Supplemental Information					107

1 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

MARKET OVERVIEW

OPPENHEIMER RUSSELL 1000^® MOMENTUM FACTOR ETF (OMOM)

OMOM produced a total return of 7.81%, outperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18. The largest contributors to return were the Information Technology (IT) and Consumer Discretionary sectors as IT broadly, and the Internet & Direct Marketing Retail industry specifically, rallied. No sector dragged significantly on performance, although an underweight to the Energy sector was a small detractor to performance, as oil prices rallied in early 2018.

OPPENHEIMER RUSSELL 1000^® VALUE FACTOR ETF (OVLU)

OVLU produced a total return of 4.92%, underperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18. The largest contributor to underperformance was the Consumer Discretionary sector, where the elimination of Amazon and Netflix from the portfolio due to their low value scores drove the majority of the Fund’s underperformance.

2 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED) (CONTINUED)

Further underperformance was centered in the Information Technology sector, where both an underweight to the sector and a skew away from Software & Services within the sector hurt the Fund. This was partially offset by the Consumer Staples sector, where a skew away from the manufacture of products and towards Food & Staples Retailing allowed the Fund to significantly outperform within the sector. Skews away from the poorly performing Biotechnology and Pharmaceuticals industries within Health Care also benefited the Fund.

OPPENHEIMER RUSSELL 1000^® LOW VOLATILITY FACTOR ETF (OVOL)

OVOL produced a total return of 3.69%, underperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18.

The largest driver of underperformance was in Consumer Discretionary, where a complete exclusion of the volatile, but significantly outperforming Internet & Direct Marketing Retail industry caused significant underperformance. A significant weight to the defensive Consumer Staples sector also hurt the Fund as it performed poorly. An underweight to the outperforming Energy sector, along with a skew to the oil majors within the sector, hurt performance, as they significantly lagged their more volatile peers. Overweight positions to the defensive Utilities and Telecommunication Services sectors also negatively affected the Fund as they underperformed.

OPPENHEIMER RUSSELL 1000^® SIZE FACTOR ETF (OSIZ)

OSIZ produced a total return of 8.68%, outperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18.

The largest driver of outperformance was the Health Care sector, where several of the largest companies that were excluded from the Fund, such as Johnson & Johnson, underperformed. The elimination of Tobacco companies and the largest Household Products Managers also helped the Fund, as they underperformed. The Fund had overweight positions in the Materials and Real Estate sectors, as both consist of many smaller companies. This was a detriment to the Fund as both sectors underperformed the Russell 1000 Index.

OPPENHEIMER RUSSELL 1000^® QUALITY FACTOR ETF (OQAL)

OQAL produced a total return of 8.57%, outperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18.

The largest driver of outperformance was the Information Technology (IT) sector. Not only was the Fund overweight IT, it skewed towards Software & Services, which outperformed IT as a whole. Additionally, the Fund’s overweight to the Consumer Discretionary sector benefited performance, as it was the best performing sector in the Russell 1000 Index over the period. The Fund’s overweight to Internet & Direct Marketing Retail allowed it to outperform within the sector as well.

3 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED) (CONTINUED)

The leading detractor from the Fund’s performance was the Health Care sector, which underperformed the Russell 1000 Index as a whole. In addition to being overweight the sector, the Fund underperformed within the sector, due to its overweight being concentrated within the poorly performing Pharmaceuticals industry. The Energy sector was also a detractor, as the Fund was underweight the sector due to low quality scores.

OPPENHEIMER RUSSELL 1000^® YIELD FACTOR ETF (OYLD)

OYLD produced a total return of 2.59%, underperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18. This was largely because many of the traditionally high-yielding sectors and industries underperformed many of the traditionally low-yielding sectors and industries over the period.

The largest detractor was the Consumer Discretionary sector, which was the best performing sector in the Russell 1000 Index over the time period. Not only was the Fund underweight the sector, but it had no holdings in Internet & Direct Marketing Retail, the best performing industry in the sector, because the companies in the industry do not typically pay a significant dividend.

Another significant detractor was the Consumer Staples sector. Not only was the Fund overweight the underperforming sector, it skewed towards the Tobacco industry, which underperformed the sector as a whole.

The only sector that made a significant positive contribution to the Fund’s performance was the Energy sector, which was an overweight, and the best performing sector in the Russell 1000 Index.

OPPENHEIMER RUSSELL 1000^® DYNAMIC MULTIFACTOR ETF (OMFL)

OMFL produced a total return of 7.26%, outperforming the Russell 1000 Index’s 6.41% return in the period from the Fund’s inception on 11/8/17 to 6/30/18. The Fund will allocate to one of four portfolios based on the economic cycle and overall market conditions. From inception through December the Fund was in the “slowdown” portfolio, which emphasizes stocks that exhibit quality and low volatility characteristics. During the period in slowdown, the Fund outperformed the Russell 1000 Index by about 0.8%, receiving positive contributions from an overweight to the Consumer Discretionary sector and a tilt away from Technology Hardware & Equipment within the Information Technology (IT) sector. The outperformance was partially offset by underperformance due to an underweight to the well performing Financials sector.

In early January 2018, the Fund shifted into an “expansion” focused portfolio, which stresses smaller companies, companies that appear to be a good value, and companies exhibiting positive price momentum. It stayed in this portfolio through March and outperformed the Russell 1000 Index by roughly 0.8% again over this period. During this period, underweights to the poorly performing Energy and Consumer Staples sectors drove performance, but this was

4 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED) (CONTINUED)

partially offset as the tilt to smaller companies led to underweights in most of the ’FAANG’ - Facebook, Apple, Amazon, Netflix, and Google (now Alphabet) - stocks in Consumer Discretionary and Information Technology, which performed well.

Finally, in early April, the Fund shifted back to the ’slowdown’ portfolio where it remained through the end of the fiscal year. While the tilt within IT helped the Fund in this period, as did the underweight to the Financials sector, it underperformed the Russell 1000 Index by about 0.4% over this period. The underperformance was driven by overweights to the poorly performing Industrials and Consumer Staples sectors, along with stock selection in the Telecommunications Services sector.

OPPENHEIMER RUSSELL 2000^® DYNAMIC MULTIFACTOR ETF (OMFS)

OMFS produced a total return of 9.22%, underperforming the Russell 2000 Index’s 11.86% return in the period from the Fund’s inception on 11/8/17 to 6/30/18. The Fund will allocate to one of four portfolios based on the economic cycle and overall market conditions. From inception through December, the Fund was in the “slowdown” portfolio, which emphasizes stocks that exhibit quality and low volatility characteristics. During the period in slowdown, the Fund underperformed the Russell 2000 Index by about 1.4%, receiving positive contributions from an overweight to the Consumer Discretionary sector, but with a significant drag from underweights to the Biotechnology and Pharmaceuticals industries.

In early January, the Fund shifted into an “expansion” focused portfolio, which stresses smaller companies, companies that appear to be a good value, and companies exhibiting positive price momentum. It stayed in this portfolio through March and outperformed the Russell 2000 Index by roughly 0.2% over this period. During this period, an underweight position to the poorly performing Energy sector drove performance, but this was partially offset by an overweight to the poorly performing Industrials sector and a tilt away from the outperforming Software & Services industry group in Information Technology.

Finally, in early April, the Fund shifted back to the ’slowdown’ portfolio, where it remained through the end of the fiscal year. While the overweight to Real Estate helped the Fund, it underperformed the Index by about 0.7% over this period. The underperformance was driven by underweights to the excellent performing Energy and Information Technology sectors.

5 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED) (CONTINUED)

	Since Inception
Russell 1000 Momentum Factor NAV Return		7.81	%*
Russell 1000 Momentum Factor Market Price		7.94	%*
Russell 1000 Momentum Factor Index		7.98	%*
Russell 1000 Index		6.41	%*

Not annualized.

	Since Inception
Russell 1000 Value Factor NAV Return		4.92	%*
Russell 1000 Value Factor Market Price		4.80	%*
Russell 1000 Value Factor Index		5.08	%*
Russell 1000 Index		6.41	%*

Not annualized.

6 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED) (CONTINUED)

	Since Inception
Russell 1000 Low Volatility Factor NAV Return		3.69	%*
Russell 1000 Low Volatility Factor Market Price		3.79	%*
Russell 1000 Low Volatility Factor Index		3.85	%*
Russell 1000 Index		6.41	%*

Not annualized.

	Since Inception
Russell 1000 Size Factor NAV Return		8.68	%*
Russell 1000 Size Factor Market Price		8.71	%*
Russell 1000 Size Factor Index		8.86	%*
Russell 1000 Index		6.41	%*

Not annualized.

7 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED) (CONTINUED)

	Since Inception
Russell 1000 Quality Factor NAV Return		8.57	%*
Russell 1000 Quality Factor Market Price		8.68	%*
Russell 1000 Qualiity Factor Index		8.73	%*
Russell 1000 Index		6.41	%*

Not annualized.

	Since Inception
Russell 1000 Yield Factor NAV Return		2.59	%*
Russell 1000 Yield Factor Market Price		2.87	%*
Russell 1000 Yield Factor Index		2.74	%*
Russell 1000 Index		6.41	%*

Not annualized.

8 OPPENHEIMER ETF TRUST

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

	Since Inception
Russell 1000 Dynamic Multifactor NAV Return		7.26	%*
Russell 1000 Dynamic Multifactor Market Price		7.28	%*
Russell 1000 OFI Dynamic Multifactor Index		7.54	%*
Russell 1000 Index		6.41	%*

Not annualized.

	Since Inception
Russell 2000 Dynamic Multifactor NAV Return		9.22	%*
Russell 2000 Dynamic Multifactor Market Price		9.21	%*
Russell 2000 OFI Dynamic Multifactor Index		9.56	%*
Russell 2000 Index		11.86	%*

Not annualized.

9 OPPENHEIMER ETF TRUST

FUND DISCLOSURES

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

ETF	Parent Index	Underlying Index
Russell 1000 Momentum Factor ETF	Russell 1000 Index	Russell 1000 Momentum Factor Index
Russell 1000 Value Factor ETF	Russell 1000 Index	Russell 1000 Value Factor Index
Russell 1000 Low Volatility Factor ETF	Russell 1000 Index	Russell 1000 Volatility Factor Index
Russell 1000 Size Factor ETF	Russell 1000 Index	Russell 1000 Size Factor Index
Russell 1000 Quality Factor ETF	Russell 1000 Index	Russell 1000 Quality Factor Index
Russell 1000 Yield Factor ETF	Russell 1000 Index	Russell 1000 Yield Factor Index
Russell 1000 Dynamic Multifactor ETF	Russell 1000 Index	Russell 1000 OFI Dynamic Multifactor Index
Russell 2000 Dynamic Multifactor ETF	Russell 2000 Index	Russell 2000 OFI Dynamic Multifactor Index

Parent Index Definitions

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index measures the performance of the 1,000 largest capitalization companies in the United States. The Russell 2000 Index measures the performance of 2,000 small capitalization companies in the United States.

Underlying Indices

The Underlying Indices listed are constructed using a rules-based methodology that selects a subset of the equity securities from their respective Parent Index. See the prospectus for more information on the construction of the Underlying Indices.

10 OPPENHEIMER ETF TRUST

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2018 to June 30, 2018.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

11 OPPENHEIMER ETF TRUST

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Beginning Account Value 01/01/2018		Ending Account Value 06/30/2018		Annualized Expense Ratios for the Six Month Period			Expenses Paid During the Six Month Period¹
Oppenheimer Russell 1000 Momentum Factor ETF
Actual	$	1,000.00	$	1,050.10		0.19	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Oppenheimer Russell 1000 Value Factor ETF
Actual	$	1,000.00	$	994.40		0.19	%	$	0.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Oppenheimer Russell 1000 Low Volatility Factor ETF
Actual	$	1,000.00	$	1,000.70		0.19	%	$	0.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Oppenheimer Russell 1000 Size Factor ETF
Actual	$	1,000.00	$	1,039.50		0.19	%	$	0.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Oppenheimer Russell 1000 Quality Factor ETF
Actual	$	1,000.00	$	1,052.80		0.19	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Oppenheimer Russell 1000 Yield Factor ETF
Actual	$	1,000.00	$	986.30		0.19	%	$	0.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Oppenheimer Russell 1000 Dynamic Multifactor ETF
Actual	$	1,000.00	$	1,027.10		0.29	%	$	1.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.36		0.29	%	$	1.45
Oppenheimer Russell 2000 Dynamic Multifactor ETF
Actual	$	1,000.00	$	1,057.90		0.39	%	$	1.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.86		0.39	%	$	1.96

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

12 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES UNAUDITED

Oppenheimer Russell 1000^® Momentum Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.7	%
Banks		6.4
Capital Goods		6.6
Commercial & Professional Services		0.8
Consumer Durables & Apparel		1.4
Consumer Services		1.6
Diversified Financials		5.8
Energy		6.9
Food & Staples Retailing		1.1
Food, Beverage & Tobacco		1.4
Health Care Equipment & Services		6.4
Household & Personal Products		0.6
Insurance		1.7
Materials		2.6
Media		1.2
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		6.0
Real Estate		1.4
Retailing		9.5
Semiconductors & Semiconductor Equipment		5.4
Software & Services		20.4
Technology Hardware & Equipment		7.7
Telecommunication Services		0.9
Transportation		2.1
Utilities		1.3
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer Russell 1000^® Value Factor ETF

Industry	% of Net Assets
Automobiles & Components		2.1	%
Banks		5.5
Capital Goods		6.3
Commercial & Professional Services		0.9
Consumer Durables & Apparel		1.6
Consumer Services		1.4
Diversified Financials		7.1
Energy		7.8
Food & Staples Retailing		4.1
Food, Beverage & Tobacco		4.0
Health Care Equipment & Services		7.5
Household & Personal Products		2.3
Insurance		5.0
Materials		3.7
Media		4.6
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		3.3
Real Estate		1.4
Retailing		4.5
Semiconductors & Semiconductor Equipment		5.0
Software & Services		4.8
Technology Hardware & Equipment		2.9
Telecommunication Services		5.4
Transportation		2.5
Utilities		6.1
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer Russell 1000^® Low Volatility Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.4	%
Banks		7.2
Capital Goods		8.2
Commercial & Professional Services		0.8
Consumer Durables & Apparel		0.7
Consumer Services		1.9
Diversified Financials		6.3
Energy		4.3
Food & Staples Retailing		1.9
Food, Beverage & Tobacco		5.4
Health Care Equipment & Services		6.7
Household & Personal Products		2.4
Insurance		3.7
Materials		2.1
Media		2.4
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		7.2
Real Estate		3.4
Retailing		2.8
Semiconductors & Semiconductor Equipment		1.9
Software & Services		14.8
Technology Hardware & Equipment		6.1
Telecommunication Services		2.9
Transportation		1.8
Utilities		4.4
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

13 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES UNAUDITED CONTINUED

Oppenheimer Russell 1000^® Size Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.3	%
Banks		4.0
Capital Goods		9.3
Commercial & Professional Services		2.1
Consumer Durables & Apparel		4.2
Consumer Services		3.7
Diversified Financials		4.8
Energy		4.9
Food & Staples Retailing		0.4
Food, Beverage & Tobacco		2.7
Health Care Equipment & Services		5.2
Household & Personal Products		0.8
Insurance		4.8
Materials		6.5
Media		2.6
Money Market Fund		2.3
Pharmaceuticals, Biotechnology & Life Sciences		4.4
Real Estate		10.4
Retailing		3.8
Semiconductors & Semiconductor Equipment		2.2
Software & Services		11.2
Technology Hardware & Equipment		3.6
Telecommunication Services		0.3
Transportation		2.5
Utilities		4.0
Total Investments		102.0
Liabilities in Excess of Other Assets		(2.0	)
Net Assets		100.0	%

Oppenheimer Russell 1000^® Quality Factor ETF

Industry	% of Net Assets
Automobiles & Components		0.3	%
Capital Goods		7.9
Commercial & Professional Services		0.7
Consumer Durables & Apparel		2.0
Consumer Services		2.8
Diversified Financials		2.3
Energy		8.3
Food & Staples Retailing		2.3
Food, Beverage & Tobacco		3.2
Health Care Equipment & Services		5.7
Household & Personal Products		2.2
Insurance		1.1
Materials		2.1
Media		1.6
Money Market Fund		0.3
Pharmaceuticals, Biotechnology & Life Sciences		11.0
Real Estate		2.0
Retailing		5.8
Semiconductors & Semiconductor Equipment		6.6
Software & Services		22.3
Technology Hardware & Equipment		6.3
Transportation		2.0
Utilities		1.3
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer Russell 1000^® Yield Factor ETF

Industry	% of Net Assets
Automobiles & Components		1.1	%
Banks		7.1
Capital Goods		7.1
Commercial & Professional Services		0.4
Consumer Durables & Apparel		1.0
Consumer Services		2.3
Diversified Financials		1.5
Energy		10.4
Food & Staples Retailing		1.8
Food, Beverage & Tobacco		8.3
Health Care Equipment & Services		1.7
Household & Personal Products		3.3
Insurance		2.6
Materials		1.6
Media		1.5
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		12.0
Real Estate		8.1
Retailing		2.6
Semiconductors & Semiconductor Equipment		5.8
Software & Services		2.4
Technology Hardware & Equipment		3.6
Telecommunication Services		5.6
Transportation		1.0
Utilities		7.0
Total Investments		100.0
Other Assets in Excess of Liabilities		0.0	*
Net Assets		100.0	%
*Less than 0.05%

14 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS SUMMARY TABLES UNAUDITED CONTINUED

Oppenheimer Russell 1000^® Dynamic Multifactor ETF

Industry	% of Net Assets
Automobiles & Components		0.2	%
Capital Goods		9.4
Commercial & Professional Services		0.9
Consumer Durables & Apparel		2.1
Consumer Services		3.5
Diversified Financials		2.7
Energy		7.6
Food & Staples Retailing		3.6
Food, Beverage & Tobacco		4.6
Health Care Equipment & Services		4.3
Household & Personal Products		4.6
Insurance		1.9
Materials		1.2
Media		2.0
Money Market Fund		0.2
Pharmaceuticals, Biotechnology & Life Sciences		10.6
Real Estate		1.8
Retailing		7.1
Semiconductors & Semiconductor Equipment		3.7
Software & Services		19.6
Technology Hardware & Equipment		5.2
Transportation		1.6
Utilities		1.7
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

Oppenheimer Russell 2000^® Dynamic Multifactor ETF

Industry	% of Net Assets
Automobiles & Components		0.9	%
Banks		14.7
Capital Goods		8.7
Commercial & Professional Services		5.6
Consumer Durables & Apparel		3.5
Consumer Services		6.2
Diversified Financials		4.6
Energy		1.2
Food & Staples Retailing		0.9
Food, Beverage & Tobacco		2.6
Health Care Equipment & Services		6.3
Household & Personal Products		0.6
Insurance		3.0
Materials		4.2
Media		1.6
Money Market Fund		3.0
Pharmaceuticals, Biotechnology & Life Sciences		0.4
Real Estate		12.2
Retailing		5.4
Semiconductors & Semiconductor Equipment		1.9
Software & Services		3.8
Technology Hardware & Equipment		2.8
Telecommunication Services		0.2
Transportation		1.1
Utilities		7.3
Total Investments		102.7
Liabilities in Excess of Other Assets		(2.7	)
Net Assets		100.0	%

15 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^® Momentum Factor ETF

	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—0.7%
Aptiv PLC		84	$	7,697
BorgWarner, Inc.		56		2,417
Ford Motor Co.		610		6,753
General Motors Co.		247		9,732
Gentex Corp.		83		1,911
Lear Corp.		23		4,273
Tesla, Inc.^1,2		4		1,372
Visteon Corp.²		10		1,292
Total Automobiles & Components				35,447

Banks—6.4%
Bank of America Corp.		2,673		75,352
BankUnited, Inc.		26		1,062
BB&T Corp.		206		10,391
CIT Group, Inc.		25		1,260
Citigroup, Inc.		453		30,315
Citizens Financial Group, Inc.		100		3,890
Comerica, Inc.		51		4,637
Commerce Bancshares, Inc.		22		1,424
Cullen/Frost Bankers, Inc.		14		1,515
East West Bancorp, Inc.		33		2,152
Fifth Third Bancorp		206		5,912
First Republic Bank		17		1,645
Huntington Bancshares, Inc.		227		3,351
JPMorgan Chase & Co.		973		101,387
KeyCorp		185		3,615
M&T Bank Corp.		28		4,764
PacWest Bancorp		26		1,285
PNC Financial Services Group, Inc. (The)		116		15,672
Regions Financial Corp.		342		6,081
SunTrust Banks, Inc.		116		7,658
SVB Financial Group²		21		6,064
Synovus Financial Corp.		30		1,585
TCF Financial Corp.		64		1,576
Texas Capital Bancshares, Inc.²		13		1,189
U.S. Bancorp		173		8,653
Umpqua Holdings Corp.		63		1,423
Webster Financial Corp.¹		23		1,465
Wells Fargo & Co.		568		31,490
Western Alliance Bancorp²		25		1,415
Wintrust Financial Corp.		14		1,219
Zions Bancorporation¹		60		3,161
Total Banks				342,608
Capital Goods—6.6%
3M Co.		56	$	11,016
A.O. Smith Corp.		27		1,597
AMETEK, Inc.		54		3,897
Boeing Co. (The)		222		74,483
BWX Technologies, Inc.		34		2,119
Carlisle Cos., Inc.¹		11		1,191
Caterpillar, Inc.		205		27,812
Cummins, Inc.		14		1,862
Curtiss-Wright Corp.		15		1,785
Deere & Co.		79		11,044
Dover Corp.		34		2,489
Eaton Corp. PLC		64		4,783
Emerson Electric Co.		156		10,786
Fastenal Co.		68		3,273
Fluor Corp.		25		1,220
Fortive Corp.		73		5,629
Gardner Denver Holdings, Inc.²		36		1,058
General Dynamics Corp.		32		5,965
Graco, Inc.		41		1,854
Harris Corp.		39		5,637
HD Supply Holdings, Inc.²		50		2,145
HEICO Corp., Class A		26		1,585
Hexcel Corp.		29		1,925
Honeywell International, Inc.		136		19,591
Huntington Ingalls Industries, Inc.		10		2,168
IDEX Corp.		19		2,593
Illinois Tool Works, Inc.		41		5,680
Ingersoll-Rand PLC		28		2,512
ITT, Inc.		27		1,411
Jacobs Engineering Group, Inc.		28		1,778
Johnson Controls International PLC		63		2,107
L3 Technologies, Inc.		17		3,270
Lennox International, Inc.		6		1,201
Lockheed Martin Corp.		50		14,772
Masco Corp.		35		1,310
Nordson Corp.		12		1,541
Northrop Grumman Corp.		44		13,539
PACCAR, Inc.		45		2,788
Parker-Hannifin Corp.		24		3,740
Raytheon Co.		83		16,034
Rockwell Automation, Inc.		23		3,823
Rockwell Collins, Inc.		44		5,926
Roper Technologies, Inc.		22		6,070

16 OPPENHEIMER ETF TRUST

	Shares		Value
Capital Goods (Continued)
Sensata Technologies Holding PLC^1,2		43	$	2,046
Spirit AeroSystems Holdings, Inc., Class A		41		3,522
Stanley Black & Decker, Inc.		21		2,789
Teledyne Technologies, Inc.²		13		2,588
Textron, Inc.		83		5,471
TransDigm Group, Inc.¹		14		4,832
Trinity Industries, Inc.		47		1,610
United Rentals, Inc.²		32		4,724
United Technologies Corp.		112		14,003
USG Corp.²		28		1,207
W.W. Grainger, Inc.¹		18		5,551
Wabtec Corp.¹		13		1,282
Watsco, Inc.		8		1,426
Xylem, Inc.¹		53		3,571
Total Capital Goods				351,631

Commercial & Professional Services—0.8%
Cintas Corp.		29		5,367
Copart, Inc.²		81		4,581
CoStar Group, Inc.²		13		5,364
IHS Markit Ltd.²		62		3,199
KAR Auction Services, Inc.		37		2,028
Republic Services, Inc.		31		2,119
Robert Half International, Inc.		37		2,409
TransUnion		69		4,943
Verisk Analytics, Inc.²		43		4,628
Waste Management, Inc.		77		6,263
Total Commercial & Professional Services				40,901

Consumer Durables & Apparel—1.4%
Carter’s, Inc.		12		1,301
D.R. Horton, Inc.		88		3,608
Garmin Ltd.		25		1,525
Lennar Corp., Class A		34		1,785
Lululemon Athletica, Inc.²		40		4,994
Michael Kors Holdings Ltd.²		58		3,863
NIKE, Inc., Class B		411		32,748
NVR, Inc.²		1		2,970
Polaris Industries, Inc.¹		17		2,077
PulteGroup, Inc.		66		1,898
PVH Corp.		27		4,042
Ralph Lauren Corp.		21		2,640
Tapestry, Inc.		32		1,495
VF Corp.		111		9,049
Total Consumer Durables & Apparel				73,995

Consumer Services—1.6%
Bright Horizons Family Solutions, Inc.²		16	$	1,640
Carnival Corp.		49		2,808
Darden Restaurants, Inc.		13		1,392
Domino’s Pizza, Inc.		9		2,539
Dunkin’ Brands Group, Inc.¹		18		1,243
Grand Canyon Education, Inc.²		14		1,563
Hilton Worldwide Holdings, Inc.		74		5,858
Hyatt Hotels Corp., Class A		15		1,157
Las Vegas Sands Corp.		90		6,872
Marriott International, Inc., Class A		87		11,014
McDonald’s Corp.		124		19,430
MGM Resorts International		61		1,771
Norwegian Cruise Line Holdings Ltd.²		24		1,134
Royal Caribbean Cruises Ltd.		17		1,761
Service Corp. International		38		1,360
ServiceMaster Global Holdings, Inc.²		46		2,736
Starbucks Corp.		139		6,790
Vail Resorts, Inc.		8		2,193
Wyndham Hotels & Resorts, Inc.		20		1,177
Wynn Resorts Ltd.		34		5,690
Yum China Holdings, Inc.		37		1,423
Yum! Brands, Inc.		64		5,006
Total Consumer Services				86,557

Diversified Financials—5.8%
Affiliated Managers Group, Inc.		7		1,041
Ally Financial, Inc.		130		3,415
American Express Co.		182		17,836
Ameriprise Financial, Inc.		25		3,497
Bank of New York Mellon Corp. (The)		191		10,301
Berkshire Hathaway, Inc., Class B²		382		71,300
BlackRock, Inc.		34		16,967
Capital One Financial Corp.		111		10,201
Cboe Global Markets, Inc.		26		2,706
Charles Schwab Corp. (The)		399		20,389
CME Group, Inc.		97		15,900
Credit Acceptance Corp.^1,2		4		1,414
Discover Financial Services		94		6,618
E*TRADE Financial Corp.²		105		6,422

17 OPPENHEIMER ETF TRUST

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

	Shares		Value
Diversified Financials (Continued)
Eaton Vance Corp.		27	$	1,409
Evercore, Inc., Class A		15		1,582
FactSet Research Systems, Inc.¹		8		1,585
Goldman Sachs Group, Inc. (The)		56		12,352
Interactive Brokers Group, Inc., Class A		29		1,868
Intercontinental Exchange, Inc.		102		7,502
Lazard Ltd., Class A		31		1,516
LPL Financial Holdings, Inc.		35		2,294
Moody’s Corp.		56		9,551
Morgan Stanley		306		14,504
MSCI, Inc.		31		5,128
Nasdaq, Inc.		32		2,921
New Residential Investment Corp.		78		1,364
Northern Trust Corp.		41		4,218
Raymond James Financial, Inc.		35		3,127
S&P Global, Inc.		75		15,292
SEI Investments Co.		30		1,876
State Street Corp.		70		6,516
Synchrony Financial		183		6,109
T. Rowe Price Group, Inc.		93		10,796
TD Ameritrade Holding Corp.		102		5,587
Voya Financial, Inc.¹		58		2,726
Total Diversified Financials				307,830

Energy—6.9%
Anadarko Petroleum Corp.		186		13,624
Andeavor		54		7,084
Apache Corp.		29		1,356
Baker Hughes a GE Co.		37		1,222
Cabot Oil & Gas Corp.		56		1,333
Cheniere Energy, Inc.²		61		3,977
Chevron Corp.		456		57,652
Concho Resources, Inc.^1,2		42		5,811
ConocoPhillips		428		29,797
Continental Resources, Inc.²		36		2,331
Devon Energy Corp.		153		6,726
Diamondback Energy, Inc.¹		37		4,868
Energen Corp.²		24		1,748
EOG Resources, Inc.		194		24,139
Exxon Mobil Corp.		524		43,350
Halliburton Co.		217		9,778
Helmerich & Payne, Inc.		33		2,104
Hess Corp.		95		6,355
Energy (Continued)
HollyFrontier Corp.		66	$	4,516
Kinder Morgan, Inc.		118		2,085
Marathon Oil Corp.		338		7,051
Marathon Petroleum Corp.		166		11,647
Murphy Oil Corp.¹		44		1,486
National Oilwell Varco, Inc.¹		105		4,557
Noble Energy, Inc.		120		4,234
Occidental Petroleum Corp.		258		21,589
ONEOK, Inc.		128		8,938
Parsley Energy, Inc., Class A²		62		1,877
PBF Energy, Inc., Class A		45		1,887
Phillips 66		154		17,296
Pioneer Natural Resources Co.		49		9,273
RSP Permian, Inc.²		56		2,465
Schlumberger Ltd.		241		16,154
Targa Resources Corp.		49		2,425
Transocean Ltd.²		162		2,177
Valero Energy Corp.		175		19,395
Whiting Petroleum Corp.²		36		1,898
Williams Cos., Inc. (The)		92		2,494
WPX Energy, Inc.²		162		2,921
Total Energy				369,620

Food & Staples Retailing—1.1%
Costco Wholesale Corp.		99		20,689
Kroger Co. (The)		163		4,637
Sysco Corp.		107		7,307
US Foods Holding Corp.²		55		2,080
Walgreens Boots Alliance, Inc.		46		2,761
Walmart, Inc.		272		23,297
Total Food & Staples Retailing				60,771

Food, Beverage & Tobacco—1.4%
Altria Group, Inc.		56		3,180
Archer-Daniels-Midland Co.		92		4,216
Brown-Forman Corp., Class B¹		104		5,097
Coca-Cola Co. (The)		369		16,184
Conagra Brands, Inc.		46		1,644
Constellation Brands, Inc., Class A		38		8,317
Dr Pepper Snapple Group, Inc.		50		6,100
Hormel Foods Corp.		43		1,600
Lamb Weston Holdings, Inc.		53		3,631
McCormick & Co., Inc.		16		1,858

18 OPPENHEIMER ETF TRUST

	Shares		Value
Food, Beverage & Tobacco (Continued)
Mondelez International, Inc., Class A		106	$	4,346
Monster Beverage Corp.²		45		2,579
PepsiCo, Inc.		82		8,927
Philip Morris International, Inc.		33		2,665
Tyson Foods, Inc., Class A		52		3,580
Total Food, Beverage & Tobacco				73,924

Health Care Equipment & Services—6.4%
Abbott Laboratories		481		29,336
ABIOMED, Inc.²		17		6,954
Aetna, Inc.		70		12,845
Align Technology, Inc.²		32		10,948
AmerisourceBergen Corp.		14		1,194
Anthem, Inc.		62		14,758
Baxter International, Inc.		120		8,861
Becton Dickinson and Co.		58		13,894
Boston Scientific Corp.²		231		7,554
Cantel Medical Corp.		14		1,377
Centene Corp.²		71		8,748
Cerner Corp.²		27		1,614
Chemed Corp.		6		1,931
Cigna Corp.		34		5,778
Cooper Cos., Inc. (The)		5		1,177
CVS Health Corp.		63		4,054
Danaher Corp.		141		13,914
DaVita, Inc.²		18		1,250
DexCom, Inc.²		17		1,615
Edwards Lifesciences Corp.²		45		6,551
Encompass Health Corp.		30		2,032
Express Scripts Holding Co.²		127		9,806
HCA Healthcare, Inc.		68		6,977
Hill-Rom Holdings, Inc.		13		1,135
Humana, Inc.		35		10,417
ICU Medical, Inc.²		6		1,762
IDEXX Laboratories, Inc.²		22		4,795
Insulet Corp.²		24		2,057
Intuitive Surgical, Inc.²		40		19,139
Laboratory Corp. of America Holdings²		26		4,668
McKesson Corp.		18		2,401
Medtronic PLC		148		12,670
Molina Healthcare, Inc.²		16		1,567
Penumbra, Inc.²		12		1,658
Quest Diagnostics, Inc.		14		1,539
ResMed, Inc.		42		4,350
STERIS PLC		22		2,310
Stryker Corp.		82		13,846
Health Care Equipment & Services (Continued)
Teleflex, Inc.		13	$	3,487
UnitedHealth Group, Inc.		294		72,130
Universal Health Services, Inc., Class B		11		1,226
Varian Medical Systems, Inc.²		18		2,047
Veeva Systems, Inc., Class A²		33		2,536
WellCare Health Plans, Inc.²		11		2,709
Zimmer Biomet Holdings, Inc.		16		1,783
Total Health Care Equipment & Services				343,400

Household & Personal Products—0.6%
Colgate-Palmolive Co.		45		2,916
Estee Lauder Cos., Inc., (The), Class A		78		11,130
Herbalife Nutrition Ltd.²		41		2,203
Kimberly-Clark Corp.		17		1,791
Nu Skin Enterprises, Inc., Class A		17		1,329
Procter & Gamble Co. (The)		142		11,084
Total Household & Personal Products				80,453

Insurance—1.7%
Aflac, Inc.		162		6,969
Allstate Corp. (The)		54		4,929
American Financial Group, Inc.		13		1,395
American International Group, Inc.		60		3,181
Aon PLC		34		4,664
Arch Capital Group Ltd.²		38		1,005
Arthur J. Gallagher & Co.		37		2,415
Brighthouse Financial, Inc.²		24		962
Brown & Brown, Inc.		59		1,636
Chubb Ltd.		39		4,954
Cincinnati Financial Corp.		17		1,137
First American Financial Corp.		27		1,396
FNF Group		66		2,483
Hanover Insurance Group, Inc. (The)		13		1,554
Hartford Financial Services Group, Inc. (The)		48		2,454
Lincoln National Corp.		29		1,805
Loews Corp.		43		2,076
Markel Corp.²		3		3,253
Marsh & McLennan Cos., Inc.		67		5,492

19 OPPENHEIMER ETF TRUST

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

	Shares		Value
Insurance (Continued)
MetLife, Inc.		116	$	5,058
Principal Financial Group, Inc.		23		1,218
Progressive Corp. (The)		185		10,943
Prudential Financial, Inc.		44		4,114
Reinsurance Group of America, Inc.		13		1,735
Torchmark Corp.		19		1,547
Travelers Cos., Inc. (The)		34		4,160
Validus Holdings Ltd.		22		1,487
W.R. Berkley Corp.		16		1,159
Willis Towers Watson PLC		18		2,729
XL Group Ltd.		68		3,805
Total Insurance				91,715

Materials—2.6%
Air Products & Chemicals, Inc.		48		7,475
Alcoa Corp.²		74		3,469
Avery Dennison Corp.		24		2,450
Celanese Corp., Series A		37		4,109
CF Industries Holdings, Inc.		86		3,818
Chemours Co. (The)		60		2,662
DowDuPont, Inc.		363		23,929
Eastman Chemical Co.		42		4,198
Ecolab, Inc.		45		6,315
FMC Corp.		31		2,766
Freeport-McMoRan, Inc.		510		8,803
Huntsman Corp.		66		1,927
International Paper Co.		48		2,500
LyondellBasell Industries NV, Class A		113		12,413
Martin Marietta Materials, Inc.		6		1,340
Mosaic Co. (The)		87		2,440
Newmont Mining Corp.		120		4,525
Nucor Corp.		76		4,750
Packaging Corp. of America		18		2,012
PPG Industries, Inc.		25		2,593
Praxair, Inc.		63		9,964
Reliance Steel & Aluminum Co.		21		1,838
Royal Gold, Inc.		14		1,300
Sherwin-Williams Co. (The)		15		6,114
Southern Copper Corp.		30		1,406
Steel Dynamics, Inc.		84		3,860
United States Steel Corp.		71		2,467
Vulcan Materials Co.		16		2,065
Westlake Chemical Corp.		15		1,615
WestRock Co.		45		2,566
Total Materials				137,689

Media—1.2%
Charter Communications, Inc., Class A²		7	$	2,052
Comcast Corp., Class A		205		6,726
Liberty Media Corp.-Liberty SiriusXM, Class C²		35		1,588
Live Nation Entertainment, Inc.^1,2		32		1,554
Madison Square Garden Co. (The), Class A²		6		1,861
News Corp., Class A		76		1,178
Omnicom Group, Inc.		19		1,449
Sirius XM Holdings, Inc.¹		393		2,661
Twenty-First Century Fox, Inc., Class A		333		16,547
Twenty-First Century Fox, Inc., Class B		156		7,686
Walt Disney Co. (The)		175		18,342
Total Media				61,644

Pharmaceuticals, Biotechnology & Life Sciences—6.0%
AbbVie, Inc.		587		54,386
Agilent Technologies, Inc.		53		3,278
Agios Pharmaceuticals, Inc.^1,2		20		1,685
Alexion Pharmaceuticals, Inc.²		32		3,973
Alnylam Pharmaceuticals, Inc.^1,2		27		2,659
Amgen, Inc.		118		21,782
Biogen, Inc.²		37		10,739
BioMarin Pharmaceutical, Inc.²		21		1,978
Bio-Rad Laboratories, Inc., Class A²		6		1,731
Bio-Techne Corp.		12		1,775
Bluebird Bio, Inc.^1,2		20		3,139
Bristol-Myers Squibb Co.		187		10,349
Eli Lilly & Co.		127		10,837
Exact Sciences Corp.²		46		2,750
Gilead Sciences, Inc.		207		14,664
Illumina, Inc.²		55		15,361
IQVIA Holdings, Inc.²		32		3,194
Jazz Pharmaceuticals PLC²		10		1,723
Johnson & Johnson		245		29,728
Merck & Co., Inc.		269		16,328
Mettler-Toledo International, Inc.²		3		1,736
Mylan NV²		81		2,927
Nektar Therapeutics²		64		3,125

20 OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (Continued)
Neurocrine Biosciences, Inc.^1,2		36	$	3,537
PerkinElmer, Inc.		24		1,758
Perrigo Co. PLC		18		1,312
Pfizer, Inc.		1,054		38,239
QIAGEN NV²		31		1,121
Sage Therapeutics, Inc.²		18		2,818
Sarepta Therapeutics, Inc.²		25		3,304
Thermo Fisher Scientific, Inc.		97		20,093
Vertex Pharmaceuticals, Inc.²		68		11,557
Waters Corp.²		11		2,129
Zoetis, Inc.		148		12,608
Total Pharmaceuticals, Biotechnology & Life Sciences				318,323

Real Estate—1.4%
Alexandria Real Estate Equities, Inc.		15		1,893
American Tower Corp.		64		9,227
AvalonBay Communities, Inc.		7		1,203
Boston Properties, Inc.		15		1,881
CBRE Group, Inc., Class A²		96		4,583
Crown Castle International Corp.		57		6,146
CubeSmart		46		1,482
DCT Industrial Trust, Inc.		21		1,401
Digital Realty Trust, Inc.		17		1,897
Duke Realty Corp.		43		1,248
Equinix, Inc.		6		2,579
Equity Residential		26		1,656
Extra Space Storage, Inc.		28		2,795
Host Hotels & Resorts, Inc.		142		2,992
Jones Lang LaSalle, Inc.		15		2,490
Park Hotels & Resorts, Inc.		44		1,348
Prologis, Inc.		93		6,109
Public Storage		16		3,630
Rayonier, Inc.¹		38		1,470
Realty Income Corp.		27		1,452
SBA Communications Corp.²		25		4,128
Simon Property Group, Inc.		38		6,467
STORE Capital Corp.		47		1,288
Weyerhaeuser Co.		134		4,886
Total Real Estate				74,251

Retailing—9.5%
Amazon.com, Inc.²		155	$	263,469
AutoZone, Inc.²		5		3,355
Best Buy Co., Inc.¹		81		6,041
Booking Holdings, Inc.²		9		18,244
Burlington Stores, Inc.²		23		3,462
CarMax, Inc.^1,2		29		2,113
Dollar General Corp.		87		8,578
Dollar Tree, Inc.²		69		5,865
Gap, Inc. (The)		73		2,364
Genuine Parts Co.¹		16		1,469
Home Depot, Inc. (The)		270		52,677
Kohl’s Corp.¹		67		4,884
Lowe’s Cos., Inc.		141		13,475
Macy’s, Inc.		113		4,230
Netflix, Inc.²		170		66,543
O’Reilly Automotive, Inc.²		17		4,651
Pool Corp.		10		1,515
Ross Stores, Inc.		117		9,916
Target Corp.		192		14,615
Tiffany & Co.		24		3,158
TJX Cos., Inc. (The)		138		13,135
Tractor Supply Co.		36		2,754
TripAdvisor, Inc.²		27		1,504
Urban Outfitters, Inc.²		30		1,337
Total Retailing				509,354

Semiconductors & Semiconductor Equipment—5.4%
Advanced Micro Devices, Inc.^1,2		172		2,578
Analog Devices, Inc.		84		8,057
Applied Materials, Inc.		210		9,700
Broadcom, Inc.		54		13,102
Cavium, Inc.²		15		1,297
Cypress Semiconductor Corp.		91		1,418
First Solar, Inc.²		33		1,738
Intel Corp.		1,741		86,545
KLA-Tencor Corp.		30		3,076
Lam Research Corp.		48		8,297
Marvell Technology Group Ltd.¹		101		2,165
Maxim Integrated Products, Inc.		75		4,399
Microchip Technology, Inc.¹		47		4,275
Micron Technology, Inc.²		465		24,385
MKS Instruments, Inc.		20		1,914
Monolithic Power Systems, Inc.		12		1,604
NVIDIA Corp.		224		53,066

21 OPPENHEIMER ETF TRUST

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

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
NXP Semiconductors NV²		43	$	4,699
ON Semiconductor Corp.²		156		3,469
Qorvo, Inc.²		22		1,764
QUALCOMM, Inc.		204		11,448
Skyworks Solutions, Inc.		19		1,836
Teradyne, Inc.		38		1,447
Texas Instruments, Inc.		325		35,831
Xilinx, Inc.		46		3,002
Total Semiconductors & Semiconductor Equipment				291,112

Software & Services—20.4%
2U, Inc.²		22		1,838
Accenture PLC, Class A		159		26,011
Activision Blizzard, Inc.		182		13,890
Adobe Systems, Inc.²		195		47,543
Akamai Technologies, Inc.²		60		4,394
Alphabet, Inc., Class A²		53		59,847
Alphabet, Inc., Class C²		57		63,592
Amdocs Ltd.		18		1,191
ANSYS, Inc.²		25		4,355
Aspen Technology, Inc.²		28		2,597
Atlassian Corp. PLC, Class A²		37		2,313
Autodesk, Inc.²		64		8,390
Automatic Data Processing, Inc.		115		15,426
Black Knight, Inc.²		39		2,088
Booz Allen Hamilton Holding Corp.		41		1,793
Broadridge Financial Solutions, Inc.		43		4,949
CA, Inc.		61		2,175
Cadence Design Systems, Inc.²		66		2,858
CDK Global, Inc.		18		1,171
Citrix Systems, Inc.²		39		4,089
Cognizant Technology Solutions Corp., Class A		115		9,084
Dell Technologies, Inc., Class V²		52		4,398
DXC Technology Co.		86		6,932
eBay, Inc.²		173		6,273
Electronic Arts, Inc.²		67		9,448
EPAM Systems, Inc.²		19		2,362
Facebook, Inc., Class A²		552		107,265
Fair Isaac Corp.²		9		1,740
Fidelity National Information Services, Inc.		80		8,482
Software & Services (Continued)
First Data Corp., Class A²		69	$	1,444
Fiserv, Inc.²		86		6,372
FleetCor Technologies, Inc.²		29		6,109
Fortinet, Inc.²		51		3,184
Gartner, Inc.^1,2		15		1,994
Global Payments, Inc.		42		4,683
GoDaddy, Inc., Class A²		59		4,165
GrubHub, Inc.²		37		3,882
Guidewire Software, Inc.^1,2		26		2,308
IAC/InterActiveCorp²		26		3,965
International Business Machines Corp.		94		13,132
Intuit, Inc.		77		15,732
Jack Henry & Associates, Inc.		16		2,086
Leidos Holdings, Inc.		28		1,652
Mastercard, Inc., Class A		345		67,799
Microsoft Corp.		2,466		243,172
Nutanix, Inc., Class A²		43		2,218
Okta, Inc.²		35		1,763
Oracle Corp.		400		17,624
Paychex, Inc.		54		3,691
Paycom Software, Inc.²		18		1,779
PayPal Holdings, Inc.²		443		36,889
Proofpoint, Inc.²		16		1,845
PTC, Inc.²		40		3,752
RealPage, Inc.²		28		1,543
Red Hat, Inc.²		72		9,675
RingCentral, Inc., Class A²		27		1,899
salesforce.com, Inc.²		248		33,827
ServiceNow, Inc.²		69		11,900
Splunk, Inc.²		59		5,847
Square, Inc., Class A^1,2		116		7,150
SS&C Technologies Holdings, Inc.		58		3,010
Synopsys, Inc.²		34		2,909
Tableau Software, Inc., Class A²		25		2,444
Take-Two Interactive Software, Inc.²		42		4,971
Teradata Corp.²		37		1,486
Total System Services, Inc.		63		5,325
Twilio, Inc., Class A²		29		1,625
Twitter, Inc.²		288		12,577
Tyler Technologies, Inc.²		11		2,443
Ultimate Software Group, Inc. (The)^1,2		7		1,801
VeriSign, Inc.²		33		4,535
Visa, Inc., Class A		571		75,629
VMware Inc, Class A²		26		3,821

22 OPPENHEIMER ETF TRUST

	Shares		Value
Software & Services (Continued)
Western Union Co. (The)¹		74	$	1,504
WEX, Inc.²		16		3,048
Workday, Inc., Class A²		45		5,450
Worldpay, Inc., Class A²		88		7,197
Zendesk, Inc.²		42		2,289
Zillow Group, Inc., Class C^1,2		21		1,240
Total Software & Services				1,092,879

Technology Hardware & Equipment—7.7%
Amphenol Corp., Class A		62		5,403
Apple, Inc.		1,443		267,114
Arista Networks, Inc.²		22		5,665
CDW Corp.		40		3,232
Cisco Systems, Inc.		1,586		68,246
Corning, Inc.		80		2,201
F5 Networks, Inc.²		18		3,104
FLIR Systems, Inc.		50		2,598
Hewlett Packard Enterprise Co.		498		7,276
HP, Inc.		458		10,392
IPG Photonics Corp.²		14		3,089
Keysight Technologies, Inc.²		62		3,660
Littelfuse, Inc.		7		1,597
Motorola Solutions, Inc.		43		5,004
NetApp, Inc.		108		8,481
Palo Alto Networks, Inc.²		32		6,575
Pure Storage, Inc., Class A²		66		1,576
Western Digital Corp.		34		2,632
Zebra Technologies Corp., Class A²		18		2,578
Total Technology Hardware & Equipment				410,423

Telecommunication Services—0.9%
AT&T, Inc.		459		14,739
T-Mobile US, Inc.²		23		1,374
Verizon Communications, Inc.		645		32,450
Total Telecommunication Services				48,563

Transportation—2.1%
American Airlines Group, Inc.¹		31		1,177
C.H. Robinson Worldwide, Inc.		37		3,095
CSX Corp.		198		12,628
Delta Air Lines, Inc.		90		4,459
Expeditors International of Washington, Inc.		46		3,363
FedEx Corp.		55		12,488
Transportation (Continued)
JB Hunt Transport Services, Inc.		29	$	3,525
Kansas City Southern		15		1,589
Kirby Corp.^1,2		19		1,588
Landstar System, Inc.		11		1,201
Norfolk Southern Corp.		79		11,919
Old Dominion Freight Line, Inc.		25		3,724
Southwest Airlines Co.		34		1,730
Union Pacific Corp.		220		31,170
United Continental Holdings, Inc.²		18		1,255
United Parcel Service, Inc., Class B		108		11,473
XPO Logistics, Inc.^1,2		48		4,809
Total Transportation				111,193

Utilities—1.3%
AES Corp.		93		1,247
Ameren Corp.		30		1,825
American Electric Power Co., Inc.		42		2,909
American Water Works Co., Inc.		20		1,708
Atmos Energy Corp.		14		1,262
Consolidated Edison, Inc.		24		1,872
Dominion Energy, Inc.		29		1,977
DTE Energy Co.		15		1,554
Duke Energy Corp.		48		3,796
Entergy Corp.		21		1,697
Evergy, Inc.		33		1,853
Eversource Energy		27		1,582
Exelon Corp.		164		6,986
FirstEnergy Corp.		96		3,447
NextEra Energy, Inc.		84		14,031
NRG Energy, Inc.		128		3,930
Public Service Enterprise Group, Inc.		99		5,360
Sempra Energy		20		2,322
Southern Co. (The)		65		3,010
Vectren Corp.		16		1,143
Vistra Energy Corp.²		129		3,052
WEC Energy Group, Inc.		33		2,133
Xcel Energy, Inc.		45		2,056
Total Utilities				70,752

23 OPPENHEIMER ETF TRUST

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

	Shares		Value
Total Common Stocks (Cost $4,932,128)			$	5,335,035

Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $6,179)		6,179		6,179
Investment of Cash Collateral for Securites Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $5,490)		5,490		5,490
Total Investments—100.1% (Cost $4,943,797)				5,346,704
Liabilities in Excess of Other Assets—(0.1)%				(3,031	)
Net Assets—100.0%			$	5,343,673

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $79,918; total value of the collateral held by the Fund was $81,507. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $76,017 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

24 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^®Value Factor ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—2.1%
Adient PLC¹		65	$	3,197
Aptiv PLC		94		8,613
BorgWarner, Inc.		125		5,395
Ford Motor Co.		2,714		30,044
General Motors Co.		911		35,893
Gentex Corp.		105		2,417
Goodyear Tire & Rubber Co. (The)		167		3,889
Harley-Davidson, Inc.		106		4,461
Lear Corp.		45		8,362
Thor Industries, Inc.		32		3,117
Visteon Corp.²		18		2,326
Total Automobiles & Components				107,714

Banks—5.5%
Associated Banc-Corp.		62		1,693
Bank of the Ozarks¹		44		1,982
BankUnited, Inc.		58		2,369
BB&T Corp.		330		16,645
CIT Group, Inc.		51		2,571
Citizens Financial Group, Inc.		210		8,169
Comerica, Inc.		51		4,637
Commerce Bancshares, Inc.		24		1,553
Cullen/Frost Bankers, Inc.		17		1,840
East West Bancorp, Inc.		42		2,738
F.N.B. Corp.¹		106		1,423
Fifth Third Bancorp		318		9,127
First Citizens BancShares, Inc., Class A		3		1,210
First Republic Bank		42		4,065
Huntington Bancshares, Inc.		498		7,351
KeyCorp		445		8,695
M&T Bank Corp.		60		10,209
New York Community Bancorp, Inc.		306		3,378
PacWest Bancorp		38		1,878
People’s United Financial, Inc.¹		125		2,261
PNC Financial Services Group, Inc. (The)		172		23,237
Popular, Inc.		53		2,396
Prosperity Bancshares, Inc.		21		1,436
Regions Financial Corp.		498		8,854
Signature Bank²		17		2,174
SunTrust Banks, Inc.		260		17,165
Synovus Financial Corp.		43		2,272
U.S. Bancorp		574		28,712
Banks (Continued)
Umpqua Holdings Corp.		75	$	1,694
Webster Financial Corp.¹		27		1,720
Wells Fargo & Co.		1,767		97,962
Western Alliance Bancorp²		25		1,415
Wintrust Financial Corp.		17		1,480
Zions Bancorporation¹		70		3,688
Total Banks				287,999

Capital Goods—6.3%
A.O. Smith Corp.		32		1,893
Acuity Brands, Inc.		19		2,202
AECOM²		109		3,600
AGCO Corp.		43		2,611
Air Lease Corp.		64		2,686
Allegion PLC¹		25		1,934
Allison Transmission Holdings, Inc.		58		2,348
Arconic, Inc.		231		3,929
BWX Technologies, Inc.		17		1,059
Carlisle Cos., Inc.¹		23		2,491
Colfax Corp.^1,2		36		1,103
Crane Co.		19		1,522
Cummins, Inc.		88		11,704
Curtiss-Wright Corp.		14		1,666
Deere & Co.		106		14,819
Donaldson Co., Inc.		34		1,534
Dover Corp.		68		4,978
Eaton Corp. PLC		230		17,190
Flowserve Corp.¹		39		1,576
Fluor Corp.		91		4,439
Fortune Brands Home & Security, Inc.		62		3,329
General Dynamics Corp.		94		17,523
Graco, Inc.		34		1,537
HD Supply Holdings, Inc.²		115		4,932
Hexcel Corp.		26		1,726
Hubbell, Inc.		21		2,221
Huntington Ingalls Industries, Inc.		21		4,553
IDEX Corp.		14		1,911
Ingersoll-Rand PLC		112		10,050
ITT, Inc.		33		1,725
Jacobs Engineering Group, Inc.		57		3,619
Johnson Controls International PLC		324		10,838
L3 Technologies, Inc.		29		5,577
Lennox International, Inc.		10		2,002
Lincoln Electric Holdings, Inc.		20		1,755

25 OPPENHEIMER ETF TRUST

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

	Shares		Value
Capital Goods (Continued)
Lockheed Martin Corp.		92	$	27,180
Masco Corp.		118		4,416
Middleby Corp. (The)^1,2		18		1,880
MSC Industrial Direct Co., Inc., Class A		14		1,188
Nordson Corp.		14		1,798
nVent Electric PLC²		66		1,657
Oshkosh Corp.		38		2,672
Owens Corning		66		4,182
PACCAR, Inc.		206		12,764
Parker-Hannifin Corp.		44		6,857
Pentair PLC		78		3,282
Quanta Services, Inc.²		92		3,073
Regal Beloit Corp.		23		1,881
Sensata Technologies Holding PLC^1,2		50		2,379
Snap-on, Inc.¹		24		3,857
Spirit AeroSystems Holdings, Inc., Class A		42		3,608
Stanley Black & Decker, Inc.		64		8,500
Teledyne Technologies, Inc.²		8		1,592
Terex Corp.		35		1,477
Textron, Inc.		95		6,261
Timken Co. (The)		33		1,437
Toro Co. (The)		31		1,868
Trinity Industries, Inc.		80		2,741
United Rentals, Inc.²		47		6,938
United Technologies Corp.		281		35,133
Univar, Inc.²		75		1,968
USG Corp.²		28		1,207
Valmont Industries, Inc.		9		1,357
W.W. Grainger, Inc.¹		12		3,701
WABCO Holdings, Inc.²		26		3,043
Wabtec Corp.¹		16		1,577
Watsco, Inc.		9		1,605
WESCO International, Inc.²		32		1,827
Xylem, Inc.¹		43		2,897
Total Capital Goods				326,385

Commercial & Professional Services—0.9%
Clean Harbors, Inc.²		21		1,167
Copart, Inc.²		32		1,810
CoStar Group, Inc.²		3		1,238
Dun & Bradstreet Corp. (The)		12		1,472
Equifax, Inc.		30		3,753
KAR Auction Services, Inc.		48		2,630
ManpowerGroup, Inc.		44		3,787
Nielsen Holdings PLC¹		180		5,567
Republic Services, Inc.		78		5,332
Commercial & Professional Services (Continued)
Robert Half International, Inc.		43	$	2,799
Stericycle, Inc.²		20		1,306
Waste Management, Inc.		197		16,024
Total Commercial & Professional Services				46,885

Consumer Durables & Apparel—1.6%
Brunswick Corp.		36		2,321
Carter’s, Inc.		19		2,060
D.R. Horton, Inc.		146		5,986
Garmin Ltd.		60		3,660
Hanesbrands, Inc.¹		216		4,756
Hasbro, Inc.¹		47		4,339
Leggett & Platt, Inc.¹		64		2,857
Lennar Corp., Class A		111		5,828
Michael Kors Holdings Ltd.²		77		5,128
Mohawk Industries, Inc.²		29		6,214
Newell Brands, Inc.		300		7,737
NVR, Inc.²		1		2,970
Polaris Industries, Inc.¹		24		2,932
PulteGroup, Inc.		144		4,140
PVH Corp.		25		3,743
Ralph Lauren Corp.		21		2,640
Skechers U.S.A., Inc., Class A²		56		1,681
Tapestry, Inc.		92		4,297
Tempur Sealy International, Inc.^1,2		25		1,201
Toll Brothers, Inc.		94		3,477
Whirlpool Corp.		48		7,019
Total Consumer Durables & Apparel				84,986

Consumer Services—1.4%
Aramark		151		5,602
Carnival Corp.		191		10,946
Chipotle Mexican Grill, Inc.²		4		1,726
Darden Restaurants, Inc.		52		5,567
Domino’s Pizza, Inc.		7		1,975
Dunkin’ Brands Group, Inc.		18		1,243
Extended Stay America, Inc.		61		1,318
Graham Holdings Co., Class B		2		1,172
Grand Canyon Education, Inc.²		10		1,116
H&R Block, Inc.¹		134		3,053
Hilton Grand Vacations, Inc.²		39		1,353
MGM Resorts International		236		6,851

26 OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services (Continued)
Norwegian Cruise Line Holdings Ltd.²		109	$	5,150
Royal Caribbean Cruises Ltd.		90		9,324
Service Corp. International		83		2,971
ServiceMaster Global Holdings, Inc.²		33		1,963
Six Flags Entertainment Corp.¹		21		1,471
Vail Resorts, Inc.		7		1,919
Wyndham Destinations, Inc.		67		2,966
Wyndham Hotels & Resorts, Inc.		21		1,236
Yum China Holdings, Inc.		110		4,231
Total Consumer Services				73,153

Diversified Financials—7.1%
Affiliated Managers Group, Inc.		26		3,866
AGNC Investment Corp.		246		4,573
Ally Financial, Inc.		297		7,802
American Express Co.		398		39,004
Ameriprise Financial, Inc.		78		10,911
Annaly Capital Management, Inc.		789		8,119
AXA Equitable Holdings, Inc.²		79		1,628
Bank of New York Mellon Corp. (The)		348		18,768
Berkshire Hathaway, Inc., Class B²		678		126,549
BGC Partners, Inc., Class A		176		1,992
Capital One Financial Corp.		329		30,235
Cboe Global Markets, Inc.		16		1,665
Chimera Investment Corp.		122		2,230
Credit Acceptance Corp.^1,2		5		1,767
Discover Financial Services		227		15,983
Evercore, Inc., Class A		20		2,109
FactSet Research Systems, Inc.¹		7		1,387
Franklin Resources, Inc.		144		4,615
Interactive Brokers Group, Inc., Class A		17		1,095
Invesco Ltd.		231		6,135
Jefferies Financial Group, Inc.		212		4,821
Lazard Ltd., Class A		75		3,668
Legg Mason, Inc.		47		1,632
LPL Financial Holdings, Inc.		34		2,228
MFA Financial, Inc.		162		1,228
Nasdaq, Inc.		31		2,830
Diversified Financials (Continued)
Navient Corp.		178	$	2,319
New Residential Investment Corp.		99		1,732
Northern Trust Corp.		63		6,482
OneMain Holdings, Inc.²		52		1,731
Raymond James Financial, Inc.		52		4,646
Santander Consumer USA Holdings, Inc.		80		1,527
SEI Investments Co.		27		1,688
State Street Corp.		219		20,387
Synchrony Financial		513		17,124
Two Harbors Investment Corp.		117		1,849
Voya Financial, Inc.¹		53		2,491
Total Diversified Financials				368,816

Energy—7.8%
Andeavor		79		10,363
Antero Resources Corp.²		167		3,566
Apache Corp.¹		235		10,986
Cabot Oil & Gas Corp.		63		1,499
Chesapeake Energy Corp.^1,2		625		3,275
Chevron Corp.		686		86,731
Cimarex Energy Co.¹		39		3,968
CNX Resources Corp.²		130		2,311
Devon Energy Corp.		269		11,825
Diamondback Energy, Inc.¹		26		3,421
EQT Corp.		85		4,690
Exxon Mobil Corp.		1,800		148,914
HollyFrontier Corp.		75		5,132
Marathon Petroleum Corp.		315		22,100
Murphy Oil Corp.¹		77		2,600
Newfield Exploration Co.²		110		3,328
Parsley Energy, Inc., Class A²		45		1,363
PBF Energy, Inc., Class A		77		3,229
Phillips 66		263		29,538
QEP Resources, Inc.²		158		1,937
Range Resources Corp.		110		1,840
RSP Permian, Inc.²		42		1,849
Targa Resources Corp.		51		2,524
Transocean Ltd.²		100		1,344
Valero Energy Corp.		278		30,811
Williams Cos., Inc. (The)		255		6,913
Total Energy				406,057

Food & Staples Retailing—4.1%
Casey’s General Stores, Inc.		26		2,732
Costco Wholesale Corp.		242		50,573
Kroger Co. (The)		583		16,586

27 OPPENHEIMER ETF TRUST

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

	Shares		Value
Food & Staples Retailing (Continued)
Sprouts Farmers Market, Inc.²		83	$	1,832
Sysco Corp.		270		18,438
US Foods Holding Corp.²		140		5,295
Walgreens Boots Alliance, Inc.		574		34,449
Walmart, Inc.		951		81,453
Total Food & Staples Retailing				211,358

Food, Beverage & Tobacco—4.0%
Archer-Daniels-Midland Co.		366		16,774
Bunge Ltd.		89		6,204
Campbell Soup Co.		110		4,459
Conagra Brands, Inc.		147		5,252
Flowers Foods, Inc.		70		1,458
General Mills, Inc.		294		13,012
Hain Celestial Group, Inc. (The)²		42		1,252
Hershey Co. (The)		44		4,095
Hormel Foods Corp.		85		3,163
Ingredion, Inc.		38		4,207
JM Smucker Co. (The)¹		66		7,094
Kellogg Co.		105		7,336
Lamb Weston Holdings, Inc.		34		2,329
McCormick & Co., Inc.		32		3,715
Molson Coors Brewing Co., Class B		107		7,280
PepsiCo, Inc.		514		55,959
Philip Morris International, Inc.		536		43,277
Pinnacle Foods, Inc.		28		1,822
Post Holdings, Inc.^1,2		24		2,065
TreeHouse Foods, Inc.²		31		1,628
Tyson Foods, Inc., Class A		191		13,150
Total Food, Beverage & Tobacco				205,531

Health Care Equipment & Services—7.5%
Acadia Healthcare Co., Inc.^1,2		46		1,882
AmerisourceBergen Corp.		99		8,442
Anthem, Inc.		154		36,657
athenahealth, Inc.²		8		1,273
Cardinal Health, Inc.		209		10,205
Centene Corp.²		124		15,278
Cigna Corp.		134		22,773
Cooper Cos., Inc. (The)		10		2,354
CVS Health Corp.		699		44,981
DaVita, Inc.²		81		5,625
Encompass Health Corp.		43		2,912
Envision Healthcare Corp.²		45		1,980
Health Care Equipment & Services (Continued)
Express Scripts Holding Co.²		390	$	30,112
HCA Healthcare, Inc.		183		18,776
Henry Schein, Inc.^1,2		76		5,521
Hill-Rom Holdings, Inc.		15		1,310
Hologic, Inc.^1,2		66		2,623
Humana, Inc.		86		25,596
Laboratory Corp. of America Holdings²		38		6,822
McKesson Corp.		127		16,942
MEDNAX, Inc.²		51		2,207
Molina Healthcare, Inc.²		31		3,036
Quest Diagnostics, Inc.		53		5,827
STERIS PLC		19		1,995
UnitedHealth Group, Inc.		390		95,683
Universal Health Services, Inc., Class B		50		5,572
Varian Medical Systems, Inc.²		15		1,706
Veeva Systems, Inc., Class A²		16		1,230
WellCare Health Plans, Inc.²		28		6,895
West Pharmaceutical Services, Inc.		14		1,390
Total Health Care Equipment & Services				387,605

Household & Personal Products—2.3%
Church & Dwight Co., Inc.¹		67		3,562
Clorox Co. (The)¹		38		5,140
Energizer Holdings, Inc.		21		1,322
Herbalife Nutrition Ltd.²		38		2,041
Kimberly-Clark Corp.		155		16,328
Nu Skin Enterprises, Inc., Class A		18		1,407
Procter & Gamble Co. (The)		1,105		86,256
Spectrum Brands Holdings, Inc.¹		14		1,143
Total Household & Personal Products				117,199

Insurance—5.0%
Aflac, Inc.		485		20,865
Alleghany Corp.		4		2,300
Allstate Corp. (The)		229		20,901
American Financial Group, Inc.		45		4,830
Arch Capital Group Ltd.²		180		4,763
Arthur J. Gallagher & Co.		63		4,113
Assurant, Inc.		33		3,415
Assured Guaranty Ltd.		72		2,572

28 OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (Continued)
Athene Holding Ltd., Class A²		96	$	4,209
Brighthouse Financial, Inc.²		61		2,444
Brown & Brown, Inc.		54		1,497
Chubb Ltd.		206		26,166
Cincinnati Financial Corp.		64		4,279
Everest Re Group Ltd.		22		5,070
First American Financial Corp.		61		3,155
FNF Group		129		4,853
Hanover Insurance Group, Inc. (The)		25		2,989
Lincoln National Corp.		102		6,349
Loews Corp.		178		8,594
MetLife, Inc.		598		26,073
Old Republic International Corp.		171		3,405
Principal Financial Group, Inc.		196		10,378
Progressive Corp. (The)		275		16,266
Prudential Financial, Inc.		292		27,305
Reinsurance Group of America, Inc.		44		5,873
RenaissanceRe Holdings Ltd.		15		1,805
Torchmark Corp.		71		5,780
Travelers Cos., Inc. (The)		150		18,351
Unum Group		143		5,290
W.R. Berkley Corp.		46		3,331
White Mountains Insurance Group Ltd.		1		907
Total Insurance				258,128

Materials—3.7%
Albemarle Corp.¹		24		2,264
Alcoa Corp.²		112		5,250
AptarGroup, Inc.		19		1,774
Ashland Global Holdings, Inc.		17		1,329
Avery Dennison Corp.		37		3,778
Axalta Coating Systems Ltd²		63		1,909
Ball Corp.		173		6,150
Bemis Co., Inc.		39		1,646
Berry Global Group, Inc.²		84		3,859
Cabot Corp.		31		1,915
Celanese Corp., Series A		46		5,109
CF Industries Holdings, Inc.		85		3,774
Chemours Co. (The)		97		4,303
Crown Holdings, Inc.^1,2		87		3,894
Materials (Continued)
Domtar Corp.		27	$	1,289
Eagle Materials, Inc.		12		1,260
Eastman Chemical Co.		78		7,797
FMC Corp.		39		3,479
Freeport-McMoRan, Inc.		900		15,534
Graphic Packaging Holding Co.		165		2,394
Huntsman Corp.		144		4,205
International Flavors & Fragrances, Inc.		20		2,479
International Paper Co.		199		10,364
LyondellBasell Industries NV, Class A		202		22,190
Mosaic Co. (The)		143		4,011
Newmont Mining Corp.		187		7,052
Nucor Corp.		150		9,375
Olin Corp.		90		2,585
Owens-Illinois, Inc.²		112		1,883
Packaging Corp. of America		38		4,248
PPG Industries, Inc.		104		10,788
Reliance Steel & Aluminum Co.		41		3,589
RPM International, Inc.		44		2,566
Scotts Miracle-Gro Co., (The)¹		15		1,247
Sealed Air Corp.¹		51		2,165
Silgan Holdings, Inc.		49		1,315
Sonoco Products Co.¹		40		2,100
Steel Dynamics, Inc.		102		4,687
United States Steel Corp.		118		4,100
Westlake Chemical Corp.		16		1,722
WestRock Co.		146		8,325
WR Grace & Co.		18		1,320
Total Materials				191,023

Media—4.6%
AMC Networks, Inc., Class A^1,2		30		1,866
CBS Corp., Class B		114		6,409
Charter Communications, Inc., Class A²		95		27,855
Cinemark Holdings, Inc.¹		61		2,140
Comcast Corp., Class A		2,696		88,456
Discovery, Inc., Class A²		72		1,980
Discovery, Inc., Class C²		98		2,499
DISH Network Corp., Class A²		147		4,941
Interpublic Group of Cos., Inc. (The)¹		214		5,016

29 OPPENHEIMER ETF TRUST

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

	Shares		Value
Media (Continued)
Liberty Broadband Corp., Class C^1,2		33	$	2,499
Liberty Media Corp.-Liberty SiriusXM, Class A²		28		1,261
Liberty Media Corp.-Liberty SiriusXM, Class C²		56		2,540
Lions Gate Entertainment Corp., Class B¹		51		1,197
Live Nation Entertainment, Inc.^1,2		44		2,137
Omnicom Group, Inc.		138		10,525
Sirius XM Holdings, Inc.¹		248		1,679
Twenty-First Century Fox, Inc., Class B		137		6,750
Viacom, Inc., Class B		245		7,389
Walt Disney Co. (The)		599		62,781
Total Media				239,920

Pharmaceuticals, Biotechnology & Life Sciences—3.3%
Amgen, Inc.		267		49,285
Biogen, Inc.²		70		20,317
Catalent, Inc.²		30		1,257
Celgene Corp.²		309		24,541
Charles River Laboratories International, Inc.²		13		1,459
Gilead Sciences, Inc.		796		56,389
Jazz Pharmaceuticals PLC²		14		2,412
Mylan NV²		227		8,204
PerkinElmer, Inc.		26		1,904
Perrigo Co. PLC		32		2,333
United Therapeutics Corp.²		24		2,716
Total Pharmaceuticals, Biotechnology & Life Sciences				170,817

Real Estate—1.4%
Alexandria Real Estate Equities, Inc.		11		1,388
Apple Hospitality REIT, Inc.		71		1,269
Brixmor Property Group, Inc.		136		2,370
Camden Property Trust		15		1,367
CBRE Group, Inc., Class A²		136		6,493
Duke Realty Corp.		57		1,655
EPR Properties		23		1,490
Equity LifeStyle Properties, Inc.		13		1,195
Extra Space Storage, Inc.		25		2,495
Federal Realty Investment Trust		12		1,519
Real Estate (Continued)
Gaming and Leisure Properties, Inc.		61	$	2,184
GGP, Inc.		134		2,738
HCP, Inc.		126		3,253
Highwoods Properties, Inc.		25		1,268
Hospitality Properties Trust		70		2,003
Host Hotels & Resorts, Inc.		218		4,593
Iron Mountain, Inc.¹		74		2,591
Jones Lang LaSalle, Inc.		26		4,316
Kimco Realty Corp.		129		2,192
Lamar Advertising Co., Class A		25		1,708
Liberty Property Trust		31		1,374
Macerich Co. (The)		21		1,193
Medical Properties Trust, Inc.		114		1,601
Mid-America Apartment Communities, Inc.		23		2,315
National Retail Properties, Inc.¹		30		1,319
Omega Healthcare Investors, Inc.		45		1,395
Outfront Media, Inc.		59		1,147
Park Hotels & Resorts, Inc.		76		2,328
Realogy Holdings Corp.¹		88		2,006
Regency Centers Corp.		21		1,304
Retail Properties of America, Inc., Class A		108		1,380
Senior Housing Properties Trust		76		1,375
SL Green Realty Corp.		14		1,407
UDR, Inc.		33		1,239
VEREIT, Inc.		207		1,540
Weingarten Realty Investors		50		1,540
WP Carey, Inc.		25		1,659
Total Real Estate				74,209

Retailing—4.5%
Advance Auto Parts, Inc.		30		4,071
AutoNation, Inc.²		38		1,846
AutoZone, Inc.²		12		8,051
Best Buy Co., Inc.¹		164		12,231
Burlington Stores, Inc.²		21		3,161
CarMax, Inc.^1,2		79		5,757
Dick’s Sporting Goods, Inc.		54		1,903
Dollar General Corp.		137		13,508
Dollar Tree, Inc.²		130		11,050
Expedia Group, Inc.¹		42		5,048
Foot Locker, Inc.		74		3,896
Gap, Inc. (The)		146		4,729

30 OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (Continued)
Genuine Parts Co.¹		75	$	6,884
Kohl’s Corp.¹		114		8,311
L Brands, Inc.		158		5,827
LKQ Corp.²		137		4,370
Lowe’s Cos., Inc.		359		34,310
Macy’s, Inc.		212		7,935
Michaels Cos., Inc. (The)^1,2		75		1,438
Nordstrom, Inc.¹		81		4,194
O’Reilly Automotive, Inc.²		26		7,113
Penske Automotive Group, Inc.¹		25		1,171
Pool Corp.		9		1,364
Qurate Retail, Inc.²		151		3,204
Ross Stores, Inc.		122		10,340
Target Corp.		370		28,164
TJX Cos., Inc. (The)		220		20,940
Tractor Supply Co.		53		4,054
Ulta Beauty, Inc.²		16		3,735
Urban Outfitters, Inc.^1,2		30		1,337
Williams-Sonoma, Inc.¹		51		3,130
Total Retailing				233,072

Semiconductors & Semiconductor Equipment—5.0%
Applied Materials, Inc.		607		28,037
Cypress Semiconductor Corp.		81		1,262
First Solar, Inc.²		44		2,317
Intel Corp.		2,802		139,287
KLA-Tencor Corp.		72		7,382
Marvell Technology Group Ltd.¹		170		3,645
Micron Technology, Inc.²		965		50,605
MKS Instruments, Inc.		28		2,680
ON Semiconductor Corp.²		271		6,026
Qorvo, Inc.²		42		3,367
Skyworks Solutions, Inc.		101		9,762
Teradyne, Inc.		122		4,644
Versum Materials, Inc.		29		1,077
Total Semiconductors & Semiconductor Equipment				260,091

Software & Services—4.8%
Alliance Data Systems Corp.		32		7,462
Amdocs Ltd.		74		4,898
Aspen Technology, Inc.²		14		1,298
Booz Allen Hamilton Holding Corp.		62		2,711
CA, Inc.		175		6,239
Cadence Design Systems, Inc.²		54		2,339
Software & Services (Continued)
CDK Global, Inc.		48	$	3,122
Conduent, Inc.^1,2		86		1,563
CoreLogic, Inc.²		26		1,349
DXC Technology Co.		304		24,505
eBay, Inc.²		334		12,111
EPAM Systems, Inc.²		12		1,492
Euronet Worldwide, Inc.²		18		1,508
Fair Isaac Corp.²		7		1,353
First Data Corp., Class A²		179		3,746
Fortinet, Inc.²		33		2,060
Gartner, Inc.^1,2		12		1,595
Genpact Ltd.		50		1,447
GoDaddy, Inc., Class A²		20		1,412
IAC/InterActiveCorp²		19		2,897
International Business Machines Corp.		898		125,451
Jack Henry & Associates, Inc.		11		1,434
Leidos Holdings, Inc.		100		5,900
LogMeIn, Inc.		11		1,136
Manhattan Associates, Inc.²		25		1,175
PTC, Inc.²		13		1,220
Sabre Corp.		101		2,489
Splunk, Inc.²		11		1,090
Square, Inc., Class A^1,2		25		1,541
SS&C Technologies Holdings, Inc.		46		2,387
Symantec Corp.		287		5,927
Take-Two Interactive Software, Inc.²		13		1,539
Teradata Corp.²		46		1,847
Tyler Technologies, Inc.²		6		1,333
Ultimate Software Group, Inc. (The)^1,2		4		1,029
VMware Inc, Class A²		21		3,086
Western Union Co. (The)¹		163		3,314
Workday, Inc., Class A²		12		1,453
Total Software & Services				248,458

Technology Hardware & Equipment—2.9%
ARRIS International PLC²		159		3,887
Arrow Electronics, Inc.²		56		4,216
Avnet, Inc.		55		2,359
CDW Corp.		120		9,695
Cognex Corp.		25		1,115
Coherent, Inc.²		10		1,564
CommScope Holding Co., Inc.²		149		4,351
EchoStar Corp., Class A²		34		1,510
F5 Networks, Inc.²		26		4,484

31 OPPENHEIMER ETF TRUST

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

	Shares		Value
Technology Hardware & Equipment (Continued)
FLIR Systems, Inc.		24	$	1,247
Hewlett Packard Enterprise Co.		1,691		24,705
HP, Inc.		1,724		39,117
IPG Photonics Corp.²		5		1,103
Jabil, Inc.		116		3,209
Juniper Networks, Inc.		310		8,500
Keysight Technologies, Inc.²		23		1,358
Littelfuse, Inc.		5		1,141
Motorola Solutions, Inc.		84		9,775
NCR Corp.^1,2		133		3,987
Trimble, Inc.²		52		1,708
Western Digital Corp.		226		17,495
Xerox Corp.		125		3,000
Zebra Technologies Corp., Class A²		11		1,576
Total Technology Hardware & Equipment				151,102

Telecommunication Services—5.4%
AT&T, Inc.		4,125		132,454
CenturyLink, Inc.		568		10,587
Sprint Corp.²		439		2,388
Telephone & Data Systems, Inc.		62		1,700
T-Mobile US, Inc.²		189		11,293
Verizon Communications, Inc.		2,338		117,625
Zayo Group Holdings, Inc.²		51		1,860
Total Telecommunication Services				277,907

Transportation—2.5%
Alaska Air Group, Inc.¹		83		5,012
AMERCO¹		4		1,425
American Airlines Group, Inc.¹		292		11,084
C.H. Robinson Worldwide, Inc.		61		5,103
Copa Holdings SA, Class A		21		1,987
Delta Air Lines, Inc.		432		21,401
Expeditors International of Washington, Inc.		45		3,290
FedEx Corp.		115		26,112
Genesee & Wyoming, Inc., Class A^1,2		23		1,870
JB Hunt Transport Services, Inc.		31		3,768
JetBlue Airways Corp.²		219		4,157
Kansas City Southern		36		3,815
Kirby Corp.^1,2		30		2,508
Transportation (Continued)
Landstar System, Inc.		12	$	1,310
Macquarie Infrastructure Corp.		43		1,815
Old Dominion Freight Line, Inc.		12		1,788
Ryder System, Inc.		36		2,587
Southwest Airlines Co.		313		15,925
United Continental Holdings, Inc.²		173		12,063
XPO Logistics, Inc.^1,2		49		4,909
Total Transportation				131,929

Utilities—6.1%
AES Corp.		373		5,002
Alliant Energy Corp.		92		3,893
Ameren Corp.		122		7,424
American Electric Power Co., Inc.		247		17,105
American Water Works Co., Inc.		57		4,867
Aqua America, Inc.¹		41		1,442
Atmos Energy Corp.		35		3,155
CenterPoint Energy, Inc.		264		7,315
CMS Energy Corp.		138		6,525
Consolidated Edison, Inc.		210		16,376
Dominion Energy, Inc.		267		18,204
DTE Energy Co.		99		10,259
Duke Energy Corp.		337		26,650
Edison International		188		11,895
Entergy Corp.		115		9,291
Eversource Energy		144		8,440
Exelon Corp.		650		27,690
FirstEnergy Corp.		190		6,823
Hawaiian Electric Industries, Inc.		54		1,852
MDU Resources Group, Inc.		89		2,552
National Fuel Gas Co.		43		2,277
NiSource, Inc.		104		2,733
NRG Energy, Inc.		187		5,741
OGE Energy Corp.		86		3,028
PG&E Corp.		353		15,024
Pinnacle West Capital Corp.		54		4,350
PPL Corp.¹		377		10,763
Public Service Enterprise Group, Inc.		193		10,449
SCANA Corp.		80		3,082
Sempra Energy		117		13,585
Southern Co. (The)		413		19,126
UGI Corp.		87		4,530
Vectren Corp.		27		1,929

32 OPPENHEIMER ETF TRUST

	Shares		Value
Utilities (Continued)
Vistra Energy Corp.²		132	$	3,123
WEC Energy Group, Inc.		132		8,534
Xcel Energy, Inc.		257		11,740
Total Utilities				316,774

Total Common Stocks (Cost $5,105,156)				5,177,118

Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $2,829)		2,829		2,829
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $11,343)		11,343		11,343
Total Investments—100.1% (Cost $5,119,328)			$	5,191,290
Liabilities in Excess of Other Assets—(0.1)%				(7,551	)
Net Assets—100.0%			$	5,183,739

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $205,019; total value of the collateral held by the Fund was $209,677. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $198,334 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

33 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^®Low Volatility Factor ETF

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—0.4%
Ford Motor Co.		874	$	9,675
General Motors Co.		292		11,505
Total Automobiles & Components				21,180

Banks—7.2%
Bank of America Corp.		2,142		60,383
BB&T Corp.		245		12,358
Citigroup, Inc.		638		42,695
Commerce Bancshares, Inc.		30		1,941
Fifth Third Bancorp		174		4,994
First Republic Bank		43		4,162
JPMorgan Chase & Co.		1,014		105,659
M&T Bank Corp.		45		7,657
People’s United Financial, Inc.¹		116		2,098
PNC Financial Services Group, Inc. (The)		148		19,995
SunTrust Banks, Inc.		124		8,186
U.S. Bancorp		521		26,060
Wells Fargo & Co.		1,318		73,070
Total Banks				369,258

Capital Goods—8.2%
3M Co.		192		37,770
AMETEK, Inc.		71		5,123
Boeing Co. (The)		144		48,314
Caterpillar, Inc.		135		18,316
Cummins, Inc.		38		5,054
Deere & Co.		90		12,582
Eaton Corp. PLC		116		8,670
Emerson Electric Co.		181		12,514
Fortive Corp.		98		7,557
General Dynamics Corp.		86		16,031
General Electric Co.		2,569		34,964
Harris Corp.		34		4,914
Honeywell International, Inc.		260		37,453
IDEX Corp.		25		3,412
Illinois Tool Works, Inc.		110		15,240
Ingersoll-Rand PLC		69		6,191
Johnson Controls International PLC		250		8,363
L3 Technologies, Inc.		22		4,231
Lockheed Martin Corp.		82		24,225
Northrop Grumman Corp.		51		15,693
PACCAR, Inc.		92		5,700
Parker-Hannifin Corp.		34		5,299
Raytheon Co.		90		17,386
Rockwell Automation, Inc.		35		5,818
Rockwell Collins, Inc.		52		7,003
Capital Goods (Continued)
Roper Technologies, Inc.		33	$	9,105
Snap-on, Inc.¹		17		2,732
Stanley Black & Decker, Inc.		47		6,242
Toro Co. (The)		35		2,109
United Technologies Corp.		247		30,883
Total Capital Goods				418,894

Commercial & Professional Services—0.8%
Cintas Corp.		29		5,367
Copart, Inc.²		58		3,280
IHS Markit Ltd.²		119		6,139
KAR Auction Services, Inc.		42		2,302
Republic Services, Inc.		79		5,400
Verisk Analytics, Inc.²		51		5,490
Waste Management, Inc.		152		12,364
Total Commercial & Professional Services				40,342

Consumer Durables & Apparel—0.7%
NIKE, Inc., Class B		369		29,402
VF Corp.		85		6,929
Total Consumer Durables & Apparel				36,331

Consumer Services—1.9%
Aramark		75		2,783
Carnival Corp.		105		6,018
Hilton Worldwide Holdings, Inc.		71		5,620
Marriott International, Inc., Class A		84		10,634
McDonald’s Corp.		277		43,403
Starbucks Corp.		434		21,201
Yum! Brands, Inc.		87		6,805
Total Consumer Services				96,464

Diversified Financials—6.3%
AGNC Investment Corp.		139		2,584
American Express Co.		207		20,286
Annaly Capital Management, Inc.		392		4,034
Bank of New York Mellon Corp. (The)		280		15,100
Berkshire Hathaway, Inc., Class B²		699		130,468
BlackRock, Inc.		35		17,466
Capital One Financial Corp.		129		11,855
Cboe Global Markets, Inc.		32		3,330
CME Group, Inc.		105		17,212
Discover Financial Services		101		7,112
FactSet Research Systems, Inc.		12		2,377

34 OPPENHEIMER ETF TRUST

	Shares		Value
Diversified Financials (Continued)
Goldman Sachs Group, Inc. (The)		98	$	21,616
Intercontinental Exchange, Inc.		175		12,871
Moody’s Corp.		50		8,528
MSCI, Inc.		26		4,301
Nasdaq, Inc.		38		3,468
Northern Trust Corp.		58		5,968
S&P Global, Inc.		77		15,700
Starwood Property Trust, Inc.		90		1,954
State Street Corp.		91		8,471
T. Rowe Price Group, Inc.		72		8,359
Total Diversified Financials				323,060

Energy—4.3%
Chevron Corp.		530		67,008
Exxon Mobil Corp.		1,397		115,574
Occidental Petroleum Corp.		199		16,652
Schlumberger Ltd.		323		21,651
Total Energy				220,885

Food & Staples Retailing—1.9%
Costco Wholesale Corp.		141		29,466
Sysco Corp.		158		10,790
US Foods Holding Corp.²		66		2,496
Walgreens Boots Alliance, Inc.		217		13,024
Walmart, Inc.		468		40,084
Total Food & Staples Retailing				95,860

Food, Beverage & Tobacco—5.4%
Altria Group, Inc.		630		35,778
Archer-Daniels-Midland Co.		143		6,554
Brown-Forman Corp., Class B¹		88		4,313
Coca-Cola Co. (The)		1,375		60,307
Conagra Brands, Inc.		116		4,145
Constellation Brands, Inc., Class A		51		11,162
Dr Pepper Snapple Group, Inc.		55		6,710
General Mills, Inc.		199		8,808
Hershey Co. (The)		46		4,281
Hormel Foods Corp.		83		3,088
JM Smucker Co. (The)¹		35		3,762
Kellogg Co.		83		5,799
Lamb Weston Holdings, Inc.		46		3,151
McCormick & Co., Inc.		41		4,760
Mondelez International, Inc., Class A		468		19,188
Food, Beverage & Tobacco (Continued)
PepsiCo, Inc.		510	$	55,524
Philip Morris International, Inc.		475		38,351
Total Food, Beverage & Tobacco				275,681

Health Care Equipment & Services—6.7%
Abbott Laboratories		522		31,837
Aetna, Inc.		90		16,515
Anthem, Inc.		73		17,376
Baxter International, Inc.		160		11,814
Becton Dickinson and Co.		87		20,842
Boston Scientific Corp.²		366		11,968
Cerner Corp.²		83		4,963
Cigna Corp.		58		9,857
CVS Health Corp.		307		19,755
Danaher Corp.		213		21,019
DENTSPLY SIRONA, Inc.		66		2,889
Express Scripts Holding Co.²		153		11,813
HCA Healthcare, Inc.		69		7,079
Henry Schein, Inc.^1,2		50		3,632
Laboratory Corp. of America Holdings²		33		5,924
Medtronic PLC		454		38,867
Quest Diagnostics, Inc.		42		4,617
Stryker Corp.		116		19,588
Teleflex, Inc.		14		3,755
UnitedHealth Group, Inc.		284		69,677
Varian Medical Systems, Inc.²		28		3,184
Zimmer Biomet Holdings, Inc.		58		6,464
Total Health Care Equipment & Services				343,435

Household & Personal Products—2.4%
Church & Dwight Co., Inc.¹		85		4,519
Clorox Co. (The)¹		45		6,086
Colgate-Palmolive Co.		299		19,378
Estee Lauder Cos., Inc., (The), Class A		71		10,131
Kimberly-Clark Corp.		120		12,641
Procter & Gamble Co. (The)		913		71,269
Total Household & Personal Products				124,024

Insurance—3.7%
Aflac, Inc.		266		11,443
Alleghany Corp.		5		2,875
Allstate Corp. (The)		121		11,044
American Financial Group, Inc.		26		2,791

35 OPPENHEIMER ETF TRUST

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

	Shares		Value
Insurance (Continued)
American International Group, Inc.		286	$	15,164
Aon PLC		83		11,385
Arch Capital Group Ltd.²		135		3,572
Arthur J. Gallagher & Co.		63		4,113
Brown & Brown, Inc.		80		2,218
Chubb Ltd.		164		20,831
Cincinnati Financial Corp.		52		3,477
Everest Re Group Ltd.		13		2,996
FNF Group		78		2,934
Hartford Financial Services Group, Inc. (The)		118		6,033
Loews Corp.		98		4,731
Markel Corp.²		5		5,422
Marsh & McLennan Cos., Inc.		182		14,919
MetLife, Inc.		202		8,807
Principal Financial Group, Inc.		76		4,024
Progressive Corp. (The)		200		11,830
Prudential Financial, Inc.		109		10,193
Reinsurance Group of America, Inc.		21		2,803
RenaissanceRe Holdings Ltd.		14		1,684
Torchmark Corp.		37		3,012
Travelers Cos., Inc. (The)		93		11,378
W.R. Berkley Corp.		33		2,390
Willis Towers Watson PLC		44		6,670
Total Insurance				188,739

Materials—2.1%
Air Products & Chemicals, Inc.		65		10,122
AptarGroup, Inc.		21		1,961
Avery Dennison Corp.		27		2,757
Ball Corp.		105		3,733
DowDuPont, Inc.		536		35,333
Ecolab, Inc.		87		12,209
International Flavors & Fragrances, Inc.		25		3,099
International Paper Co.		110		5,729
PPG Industries, Inc.		77		7,987
Praxair, Inc.		96		15,182
Sherwin-Williams Co. (The)		25		10,189
Total Materials				108,301

Media—2.4%
Comcast Corp., Class A		1,383		45,376
Omnicom Group, Inc.		73		5,568
Media (Continued)
Twenty-First Century Fox, Inc., Class A		285	$	14,162
Twenty-First Century Fox, Inc., Class B		140		6,898
Walt Disney Co. (The)		478		50,099
Total Media				122,103

Pharmaceuticals, Biotechnology & Life Sciences—7.2%
Agilent Technologies, Inc.		93		5,751
Amgen, Inc.		159		29,350
Bristol-Myers Squibb Co.		355		19,646
Eli Lilly & Co.		295		25,172
IQVIA Holdings, Inc.²		44		4,392
Johnson & Johnson		952		115,516
Merck & Co., Inc.		840		50,988
Mettler-Toledo International, Inc.²		8		4,629
Pfizer, Inc.		1,954		70,891
Thermo Fisher Scientific, Inc.		126		26,100
Waters Corp.²		23		4,452
Zoetis, Inc.		137		11,671
Total Pharmaceuticals, Biotechnology & Life Sciences				368,558

Real Estate—3.4%
Alexandria Real Estate Equities, Inc.		31		3,911
American Tower Corp.		138		19,895
AvalonBay Communities, Inc.		46		7,907
Boston Properties, Inc.		50		6,271
Camden Property Trust		28		2,552
Crown Castle International Corp.		132		14,232
Digital Realty Trust, Inc.		53		5,914
Duke Realty Corp.		109		3,164
Equinix, Inc.		22		9,458
Equity LifeStyle Properties, Inc.		28		2,573
Equity Residential		117		7,452
Essex Property Trust, Inc.		21		5,021
Federal Realty Investment Trust		24		3,037
Invitation Homes, Inc.		99		2,283
Mid-America Apartment Communities, Inc.		35		3,523
Park Hotels & Resorts, Inc.		66		2,022
Prologis, Inc.		164		10,773
Public Storage		47		10,662

36 OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Realty Income Corp.		84	$	4,518
Regency Centers Corp.		47		2,918
Simon Property Group, Inc.		99		16,849
Sun Communities, Inc.		24		2,349
UDR, Inc.		84		3,153
Ventas, Inc.		96		5,467
Vornado Realty Trust		54		3,992
Welltower, Inc.		107		6,708
Weyerhaeuser Co.		205		7,474
WP Carey, Inc.		36		2,389
Total Real Estate				176,467

Retailing—2.8%
AutoZone, Inc.²		8		5,367
Genuine Parts Co.¹		44		4,039
Home Depot, Inc. (The)		376		73,358
Lowe’s Cos., Inc.		235		22,459
Ross Stores, Inc.		101		8,560
Target Corp.		127		9,667
TJX Cos., Inc. (The)		201		19,131
Total Retailing				142,581

Semiconductors & Semiconductor Equipment—1.9%
Analog Devices, Inc.		100		9,592
Intel Corp.		1,215		60,397
Texas Instruments, Inc.		275		30,319
Total Semiconductors & Semiconductor Equipment				100,308

Software & Services—14.8%
Accenture PLC, Class A		205		33,536
Adobe Systems, Inc.²		114		27,794
Alphabet, Inc., Class A²		75		84,689
Alphabet, Inc., Class C²		78		87,021
Amdocs Ltd.		50		3,309
ANSYS, Inc.²		24		4,180
Automatic Data Processing, Inc.		144		19,316
Broadridge Financial Solutions, Inc.		38		4,374
CA, Inc.		94		3,351
Cognizant Technology Solutions Corp., Class A		138		10,901
Fidelity National Information Services, Inc.		107		11,345
Fiserv, Inc.²		140		10,373
International Business Machines Corp.		295		41,211
Intuit, Inc.		70		14,301
Software & Services (Continued)
Jack Henry & Associates, Inc.		27	$	3,520
Mastercard, Inc., Class A		288		56,598
Microsoft Corp.		2,057		202,841
Oracle Corp.		859		37,848
Paychex, Inc.		108		7,382
Synopsys, Inc.²		47		4,022
Total System Services, Inc.		47		3,972
VeriSign, Inc.²		31		4,260
Visa, Inc., Class A		555		73,510
Worldpay, Inc., Class A²		76		6,215
Total Software & Services				755,869

Technology Hardware & Equipment—6.1%
Amphenol Corp., Class A		98		8,541
Apple, Inc.		1,306		241,753
Cisco Systems, Inc.		1,304		56,111
Motorola Solutions, Inc.		48		5,586
Total Technology Hardware & Equipment				311,991

Telecommunication Services—2.9%
AT&T, Inc.		2,467		79,216
Verizon Communications, Inc.		1,356		68,220
Total Telecommunication Services				147,436

Transportation—1.8%
C.H. Robinson Worldwide, Inc.		41		3,430
Expeditors International of Washington, Inc.		54		3,948
FedEx Corp.		70		15,894
JB Hunt Transport Services, Inc.		26		3,160
Norfolk Southern Corp.		67		10,108
Union Pacific Corp.		217		30,745
United Parcel Service, Inc., Class B		226		24,008
Total Transportation				91,293

Utilities—4.4%
Alliant Energy Corp.		79		3,343
Ameren Corp.		81		4,929
American Electric Power Co., Inc.		167		11,565
American Water Works Co., Inc.		62		5,293
Aqua America, Inc.¹		60		2,111
Atmos Energy Corp.		37		3,335
CenterPoint Energy, Inc.		132		3,658
CMS Energy Corp.		96		4,539

37 OPPENHEIMER ETF TRUST

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

	Shares		Value
Utilities (Continued)
Consolidated Edison, Inc.		107	$	8,344
Dominion Energy, Inc.		217		14,795
DTE Energy Co.		63		6,529
Duke Energy Corp.		243		19,216
Edison International		100		6,327
Entergy Corp.		59		4,767
Evergy, Inc.		91		5,110
Eversource Energy		107		6,271
Exelon Corp.		286		12,184
FirstEnergy Corp.		142		5,099
NextEra Energy, Inc.		159		26,558
NiSource, Inc.		113		2,970
PG&E Corp.		151		6,427
Pinnacle West Capital Corp.		37		2,981
PPL Corp.¹		230		6,566
Public Service Enterprise Group, Inc.		165		8,933
Sempra Energy		89		10,334
Southern Co. (The)		359		16,625
UGI Corp.		56		2,916
WEC Energy Group, Inc.		107		6,917
Xcel Energy, Inc.		177		8,085
Total Utilities				226,727

Total Common Stocks (Cost $4,951,102)				5,105,787

Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $8,736)		8,736	$	8,736
Total Investments—99.9% (Cost $4,959,838)				5,114,523
Other Assets in Excess of Liabilities—0.1%				4,863
Net Assets—100.0%			$	5,119,386

PLC – Public Limited Company

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $37,776; total value of the collateral held by the Fund was $38,653. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $38,653 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

38 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^® Size Factor ETF

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—1.3%
Adient PLC¹		143	$	7,034
BorgWarner, Inc.		228		9,840
Gentex Corp.		378		8,702
Goodyear Tire & Rubber Co. (The)		347		8,082
Harley-Davidson, Inc.		226		9,510
Lear Corp.		61		11,334
Thor Industries, Inc.		77		7,499
Visteon Corp.²		49		6,333
Total Automobiles & Components				68,334

Banks—4.0%
Associated Banc-Corp.		263		7,180
Bank of Hawaii Corp.¹		70		5,839
Bank of the Ozarks¹		172		7,747
BankUnited, Inc.		164		6,699
BOK Financial Corp.		36		3,384
CIT Group, Inc.		178		8,973
Commerce Bancshares, Inc.		128		8,283
Cullen/Frost Bankers, Inc.		75		8,118
East West Bancorp, Inc.		159		10,367
F.N.B. Corp.¹		516		6,925
First Citizens BancShares, Inc., Class A		12		4,840
First Hawaiian, Inc.		111		3,221
First Horizon National Corp.		462		8,242
New York Community Bancorp, Inc.		696		7,684
PacWest Bancorp		171		8,451
People’s United Financial, Inc.¹		483		8,738
Pinnacle Financial Partners, Inc.		113		6,933
Popular, Inc.		158		7,143
Prosperity Bancshares, Inc.		101		6,904
Signature Bank²		72		9,207
Sterling Bancorp		329		7,732
Synovus Financial Corp.		163		8,611
TCF Financial Corp.		261		6,426
Texas Capital Bancshares, Inc.²		77		7,046
TFS Financial Corp.¹		78		1,230
Umpqua Holdings Corp.		331		7,477
Webster Financial Corp.¹		132		8,408
Western Alliance Bancorp²		137		7,756
Wintrust Financial Corp.		84		7,312
Zions Bancorporation¹		205		10,801
Total Banks				217,677

Capital Goods—9.3%
A.O. Smith Corp.		166	$	9,819
Acuity Brands, Inc.		63		7,300
AECOM²		239		7,894
AGCO Corp.		101		6,133
Air Lease Corp.		152		6,379
Allegion PLC¹		125		9,670
Allison Transmission Holdings, Inc.		177		7,167
Arconic, Inc.		526		8,947
Armstrong World Industries, Inc.^1,2		77		4,866
BWX Technologies, Inc.		137		8,538
Carlisle Cos., Inc.¹		82		8,881
Colfax Corp.^1,2		147		4,506
Crane Co.		77		6,170
Curtiss-Wright Corp.		65		7,736
Donaldson Co., Inc.		184		8,302
Dover Corp.		149		10,907
Fastenal Co.		232		11,166
Flowserve Corp.¹		195		7,878
Fluor Corp.		190		9,268
Fortune Brands Home & Security, Inc.		181		9,718
Gardner Denver Holdings, Inc.²		147		4,320
Gates Industrial Corp. PLC²		71		1,155
Graco, Inc.		213		9,632
HD Supply Holdings, Inc.²		240		10,294
HEICO Corp.		46		3,355
HEICO Corp., Class A		91		5,546
Hexcel Corp.		125		8,298
Hubbell, Inc.		79		8,354
Huntington Ingalls Industries, Inc.		49		10,623
IDEX Corp.		82		11,191
ITT, Inc.		138		7,213
Jacobs Engineering Group, Inc.		149		9,460
L3 Technologies, Inc.		62		11,924
Lennox International, Inc.		45		9,007
Lincoln Electric Holdings, Inc.		91		7,986
Masco Corp.		311		11,638
Middleby Corp. (The)^1,2		81		8,458
MSC Industrial Direct Co., Inc., Class A		72		6,109
Nordson Corp.		76		9,759
nVent Electric PLC²		248		6,225
Oshkosh Corp.		110		7,735
Owens Corning		147		9,315

39 OPPENHEIMER ETF TRUST

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

	Shares		Value
Capital Goods (continued)
Pentair PLC		205	$	8,626
Quanta Services, Inc.²		223		7,448
Regal Beloit Corp.		73		5,971
Sensata Technologies Holding PLC^1,2		203		9,659
Snap-on, Inc.¹		69		11,090
Spirit AeroSystems Holdings, Inc., Class A		128		10,997
Teledyne Technologies, Inc.²		47		9,356
Terex Corp.		117		4,936
Timken Co. (The)		114		4,965
Toro Co. (The)		148		8,917
Trinity Industries, Inc.		223		7,640
United Rentals, Inc.²		76		11,219
Univar, Inc.²		189		4,959
USG Corp.²		118		5,088
Valmont Industries, Inc.		37		5,578
WABCO Holdings, Inc.²		74		8,660
Wabtec Corp.¹		99		9,759
Watsco, Inc.		46		8,201
Welbilt, Inc.^1,2		228		5,087
WESCO International, Inc.²		82		4,682
Xylem, Inc.¹		169		11,387
Total Capital Goods				503,067

Commercial & Professional Services—2.1%
ADT, Inc.¹		155		1,341
Clean Harbors, Inc.²		89		4,944
Copart, Inc.²		190		10,746
CoStar Group, Inc.²		31		12,791
Dun & Bradstreet Corp. (The)		58		7,114
Equifax, Inc.		106		13,262
KAR Auction Services, Inc.		179		9,809
ManpowerGroup, Inc.		94		8,090
Nielsen Holdings PLC¹		377		11,661
Robert Half International, Inc.		153		9,960
Rollins, Inc.¹		101		5,310
Stericycle, Inc.²		123		8,031
TransUnion		174		12,465
Total Commercial & Professional Services				115,524

Consumer Durables & Apparel—4.2%
Brunswick Corp.		128		8,253
Carter’s, Inc.		70		7,587
Columbia Sportswear Co.		44		4,025
D.R. Horton, Inc.		269		11,029
Garmin Ltd.		137		8,357
Hanesbrands, Inc.¹		495		10,900
Consumer Durables & Apparel (continued)
Hasbro, Inc.¹		120	$	11,077
Leggett & Platt, Inc.¹		195		8,705
Lululemon Athletica, Inc.²		89		11,112
Mattel, Inc.¹		514		8,440
Michael Kors Holdings Ltd.²		172		11,455
Mohawk Industries, Inc.²		51		10,928
Newell Brands, Inc.		457		11,786
NVR, Inc.²		3		8,911
Polaris Industries, Inc.¹		79		9,652
PulteGroup, Inc.		313		8,999
PVH Corp.		74		11,079
Ralph Lauren Corp.		72		9,052
Skechers U.S.A., Inc., Class A²		217		6,512
Tapestry, Inc.		273		12,752
Tempur Sealy International, Inc.^1,2		82		3,940
Toll Brothers, Inc.		202		7,472
Under Armour, Inc., Class A^1,2		304		6,834
Under Armour, Inc., Class C^1,2		304		6,408
Whirlpool Corp.		76		11,114
Total Consumer Durables & Apparel				226,379

Consumer Services—3.7%
Aramark		278		10,314
Bright Horizons Family Solutions, Inc.²		83		8,509
Caesars Entertainment Corp.^1,2		724		7,747
Chipotle Mexican Grill, Inc.²		24		10,353
Choice Hotels International, Inc.		54		4,082
Darden Restaurants, Inc.		130		13,918
Domino’s Pizza, Inc.		45		12,698
Dunkin’ Brands Group, Inc.¹		124		8,565
Extended Stay America, Inc.		308		6,656
Graham Holdings Co., Class B		7		4,103
Grand Canyon Education, Inc.²		70		7,813
H&R Block, Inc.¹		305		6,948
Hilton Grand Vacations, Inc.²		159		5,517
Hyatt Hotels Corp., Class A		75		5,786
International Game Technology PLC¹		149		3,463

40 OPPENHEIMER ETF TRUST

	Shares		Value
Consumer Services (continued)
Norwegian Cruise Line Holdings Ltd.²		204	$	9,639
Service Corp. International		241		8,625
ServiceMaster Global Holdings, Inc.²		174		10,348
Six Flags Entertainment Corp.¹		106		7,425
Vail Resorts, Inc.		45		12,338
Wendy’s Co. (The)		309		5,309
Wyndham Destinations, Inc.		151		6,685
Wyndham Hotels & Resorts, Inc.		141		8,295
Yum China Holdings, Inc.		301		11,576
Total Consumer Services				196,712

Diversified Financials—4.8%
Affiliated Managers Group, Inc.		65		9,664
AGNC Investment Corp.		532		9,890
Ally Financial, Inc.		448		11,769
Annaly Capital Management, Inc.		1,128		11,607
AXA Equitable Holdings, Inc.²		135		2,782
BGC Partners, Inc., Class A		446		5,049
Cboe Global Markets, Inc.		117		12,176
Chimera Investment Corp.		313		5,722
Credit Acceptance Corp.^1,2		15		5,301
Eaton Vance Corp.		161		8,403
Evercore, Inc., Class A		64		6,749
FactSet Research Systems, Inc.¹		48		9,509
Interactive Brokers Group, Inc., Class A		106		6,827
Invesco Ltd.		417		11,076
Jefferies Financial Group, Inc.		402		9,141
Lazard Ltd., Class A		165		8,070
Legg Mason, Inc.		143		4,966
LPL Financial Holdings, Inc.		125		8,192
MarketAxess Holdings, Inc.¹		46		9,102
MFA Financial, Inc.		681		5,162
Morningstar, Inc.		28		3,591
MSCI, Inc.		74		12,242
Nasdaq, Inc.		95		8,671
Navient Corp.		434		5,655
New Residential Investment Corp.		478		8,360
OneMain Holdings, Inc.²		121		4,028
Diversified Financials (continued)
Raymond James Financial, Inc.		114	$	10,186
Santander Consumer USA Holdings, Inc.		160		3,054
SEI Investments Co.		147		9,190
SLM Corp.²		666		7,626
Starwood Property Trust, Inc.		373		8,098
Two Harbors Investment Corp.		304		4,803
Virtu Financial, Inc., Class A		67		1,779
Voya Financial, Inc.¹		202		9,494
Total Diversified Financials				257,934

Energy—4.9%
Antero Resources Corp.²		344		7,344
Apache Corp.		309		14,446
Apergy Corp.^1,2		131		5,469
Baker Hughes a GE Co.		354		11,693
Cabot Oil & Gas Corp.		484		11,519
Centennial Resource Development, Inc., Class A^1,2		286		5,165
Cheniere Energy, Inc.²		160		10,430
Chesapeake Energy Corp.^1,2		1,456		7,630
Cimarex Energy Co.¹		112		11,395
CNX Resources Corp.²		359		6,383
Continental Resources, Inc.²		42		2,720
Diamondback Energy, Inc.¹		97		12,762
Energen Corp.²		120		8,738
EQT Corp.		235		12,967
Extraction Oil & Gas, Inc.^1,2		191		2,806
Helmerich & Payne, Inc.¹		140		8,926
HollyFrontier Corp.		144		9,854
Kosmos Energy Ltd.²		408		3,374
Murphy Oil Corp.¹		245		8,274
Nabors Industries Ltd.		600		3,846
Newfield Exploration Co.²		288		8,712
Parsley Energy, Inc., Class A²		324		9,811
Patterson-UTI Energy, Inc.		343		6,174
PBF Energy, Inc., Class A		167		7,002
QEP Resources, Inc.²		410		5,027
Range Resources Corp.¹		344		5,755
RPC, Inc.		95		1,384
RSP Permian, Inc.²		197		8,672
SM Energy Co.		192		4,933
Targa Resources Corp.		230		11,383
Transocean Ltd.²		621		8,346

41 OPPENHEIMER ETF TRUST

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

	Shares		Value
Energy (continued)
Weatherford International PLC^1,2		1,681	$	5,531
Whiting Petroleum Corp.²		139		7,328
WPX Energy, Inc.²		523		9,430
Total Energy				265,229

Food & Staples Retailing—0.4%
Casey’s General Stores, Inc.		62		6,515
Sprouts Farmers Market, Inc.²		226		4,988
US Foods Holding Corp.²		276		10,438
Total Food & Staples Retailing				21,941

Food, Beverage & Tobacco—2.7%
Brown-Forman Corp., Class A		23		1,124
Bunge Ltd.		158		11,014
Campbell Soup Co.		195		7,905
Conagra Brands, Inc.		317		11,326
Flowers Foods, Inc.		287		5,978
Hain Celestial Group, Inc. (The)²		167		4,977
Hershey Co. (The)		127		11,819
Hormel Foods Corp.		179		6,661
Ingredion, Inc.		90		9,963
JM Smucker Co. (The)		106		11,393
Lamb Weston Holdings, Inc.		169		11,578
McCormick & Co., Inc.		117		13,582
Molson Coors Brewing Co., Class B		169		11,499
Pilgrim’s Pride Corp.²		82		1,651
Pinnacle Foods, Inc.		153		9,954
Post Holdings, Inc.^1,2		99		8,516
TreeHouse Foods, Inc.²		96		5,041
Total Food, Beverage & Tobacco				143,981

Health Care Equipment & Services—5.2%
Acadia Healthcare Co., Inc.^1,2		145		5,932
athenahealth, Inc.²		67		10,662
Cantel Medical Corp.		58		5,705
Chemed Corp.		23		7,402
Cooper Cos., Inc. (The)		50		11,773
DaVita, Inc.²		135		9,374
DENTSPLY SIRONA, Inc.		248		10,855
DexCom, Inc.^1,2		112		10,638
Encompass Health Corp.		137		9,278
Envision Healthcare Corp.²		181		7,966
Henry Schein, Inc.^1,2		163		11,840
Hill-Rom Holdings, Inc.		94		8,210
Health Care Equipment & Services (continued)
Hologic, Inc.^1,2		294	$	11,687
ICU Medical, Inc.²		22		6,460
Insulet Corp.²		86		7,370
Integra LifeSciences Holdings Corp.²		106		6,827
Masimo Corp.²		68		6,640
MEDNAX, Inc.²		147		6,362
Molina Healthcare, Inc.²		92		9,011
Penumbra, Inc.²		45		6,217
Premier, Inc., Class A^1,2		113		4,111
Quest Diagnostics, Inc.		115		12,643
ResMed, Inc.		118		12,222
STERIS PLC		100		10,501
Teleflex, Inc.		44		11,801
Universal Health Services, Inc., Class B		94		10,475
Varian Medical Systems, Inc.²		96		10,917
Veeva Systems, Inc., Class A²		163		12,528
WellCare Health Plans, Inc.²		50		12,312
West Pharmaceutical Services, Inc.		99		9,830
Total Health Care Equipment & Services				277,549

Household & Personal Products—0.8%
Church & Dwight Co., Inc.¹		247		13,130
Coty, Inc., Class A¹		518		7,304
Energizer Holdings, Inc.		98		6,170
Herbalife Nutrition Ltd.²		136		7,306
Nu Skin Enterprises, Inc., Class A		86		6,724
Spectrum Brands Holdings, Inc.¹		35		2,857
Total Household & Personal Products				43,491

Insurance—4.8%
Alleghany Corp.		18		10,349
American Financial Group, Inc.		81		8,694
American National Insurance Co.		13		1,555
Arch Capital Group Ltd.²		411		10,875
Arthur J. Gallagher & Co.		176		11,489
Aspen Insurance Holdings Ltd.		104		4,233
Assurant, Inc.		81		8,383
Assured Guaranty Ltd.		180		6,431

42 OPPENHEIMER ETF TRUST

	Shares		Value
Insurance (continued)
Athene Holding Ltd., Class A²		208	$	9,119
Axis Capital Holdings Ltd.		127		7,064
Brighthouse Financial, Inc.²		176		7,052
Brown & Brown, Inc.		295		8,180
Cincinnati Financial Corp.		156		10,430
CNA Financial Corp.		26		1,188
Erie Indemnity Co., Class A		37		4,339
Everest Re Group Ltd.		47		10,833
First American Financial Corp.		157		8,120
FNF Group		290		10,910
Hanover Insurance Group, Inc. (The)		64		7,652
Lincoln National Corp.		185		11,516
Loews Corp.		223		10,766
Markel Corp.²		11		11,928
Mercury General Corp.		48		2,187
Old Republic International Corp.		397		7,904
Reinsurance Group of America, Inc.		73		9,744
RenaissanceRe Holdings Ltd.		61		7,340
Torchmark Corp.		119		9,688
Unum Group		254		9,395
Validus Holdings Ltd.		115		7,774
W.R. Berkley Corp.		110		7,965
White Mountains Insurance Group Ltd.		5		4,533
XL Group Ltd.		215		12,029
Total Insurance				259,665

Materials—6.5%
Albemarle Corp.¹		119		11,225
Alcoa Corp.²		221		10,361
AptarGroup, Inc.		90		8,404
Ashland Global Holdings, Inc.		96		7,505
Avery Dennison Corp.		102		10,414
Axalta Coating Systems Ltd²		278		8,426
Ball Corp.		319		11,340
Bemis Co., Inc.		149		6,289
Berry Global Group, Inc.²		184		8,453
Cabot Corp.		100		6,177
Celanese Corp., Series A		109		12,106
CF Industries Holdings, Inc.		265		11,766
Chemours Co. (The)		214		9,493
Crown Holdings, Inc.^1,2		187		8,370
Materials (continued)
Domtar Corp.		108	$	5,156
Eagle Materials, Inc.		71		7,453
Eastman Chemical Co.		118		11,795
FMC Corp.		134		11,954
Graphic Packaging Holding Co.		488		7,081
Huntsman Corp.		281		8,205
International Flavors & Fragrances, Inc.		89		11,032
Martin Marietta Materials, Inc.		55		12,283
Mosaic Co. (The)		375		10,519
NewMarket Corp.¹		13		5,259
Olin Corp.		248		7,123
Owens-Illinois, Inc.²		279		4,690
Packaging Corp. of America		97		10,844
Platform Specialty Products Corp.²		373		4,327
Reliance Steel & Aluminum Co.		96		8,404
Royal Gold, Inc.		94		8,727
RPM International, Inc.		181		10,556
Scotts Miracle-Gro Co., (The)¹		63		5,239
Sealed Air Corp.¹		215		9,127
Silgan Holdings, Inc.		133		3,568
Sonoco Products Co.¹		149		7,823
Southern Copper Corp.		23		1,078
Steel Dynamics, Inc.		226		10,385
United States Steel Corp.		244		8,479
Valvoline, Inc.		318		6,859
Westlake Chemical Corp.		30		3,229
WestRock Co.		208		11,860
WR Grace & Co.		103		7,551
Total Materials				350,935

Media—2.6%
AMC Networks, Inc., Class A^1,2		78		4,852
Cable One, Inc.		7		5,133
Cinemark Holdings, Inc.		175		6,139
Discovery, Inc., Class A^1,2		166		4,565
Discovery, Inc., Class C²		373		9,512
DISH Network Corp., Class A²		303		10,184
GCI Liberty, Inc., Class A²		160		7,213
Interpublic Group of Cos., Inc. (The)¹		462		10,829
John Wiley & Sons, Inc., Class A		75		4,680

43 OPPENHEIMER ETF TRUST

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

	Shares		Value
Media (continued)
Liberty Broadband Corp., Class A²		25	$	1,891
Liberty Broadband Corp., Class C²		100		7,572
Liberty Media Corp.-Liberty Formula One, Class C^1,2		262		9,728
Liberty Media Corp.-Liberty SiriusXM, Class A²		69		3,108
Liberty Media Corp.-Liberty SiriusXM, Class C²		140		6,350
Lions Gate Entertainment Corp., Class A¹		90		2,234
Lions Gate Entertainment Corp., Class B¹		167		3,918
Live Nation Entertainment, Inc.^1,2		164		7,965
Madison Square Garden Co. (The), Class A²		28		8,685
News Corp., Class A		455		7,053
News Corp., Class B		144		2,282
Tribune Media Co., Class A		150		5,741
Viacom, Inc., Class B		364		10,978
Total Media				140,612

Pharmaceuticals, Biotechnology & Life Sciences—4.4%
Agios Pharmaceuticals, Inc.^1,2		75		6,317
Alkermes PLC^1,2		202		8,314
Alnylam Pharmaceuticals, Inc.^1,2		99		9,751
Bio-Rad Laboratories, Inc., Class A²		28		8,079
Bio-Techne Corp.		54		7,989
Bluebird Bio, Inc.^1,2		59		9,260
Bruker Corp.		156		4,530
Catalent, Inc.²		200		8,378
Charles River Laboratories International, Inc.²		72		8,083
Exact Sciences Corp.²		158		9,447
Exelixis, Inc.^1,2		416		8,952
Incyte Corp.²		149		9,983
Ionis Pharmaceuticals, Inc.^1,2		180		7,501
Jazz Pharmaceuticals PLC²		65		11,199
Mettler-Toledo International, Inc.²		22		12,730
Nektar Therapeutics²		138		6,739
Neurocrine Biosciences, Inc.^1,2		107		10,512
PerkinElmer, Inc.		136		9,959
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Perrigo Co. PLC		142	$	10,353
PRA Health Sciences, Inc.²		75		7,002
QIAGEN NV²		274		9,908
Sage Therapeutics, Inc.²		61		9,548
Sarepta Therapeutics, Inc.²		88		11,632
Seattle Genetics, Inc.²		122		8,100
TESARO Inc.²		68		3,024
United Therapeutics Corp.²		67		7,581
Waters Corp.²		64		12,390
Total Pharmaceuticals, Biotechnology & Life Sciences				237,261

Real Estate—10.4%
Alexandria Real Estate Equities, Inc.		95		11,986
American Campus Communities, Inc.		202		8,662
American Homes 4 Rent, Class A		373		8,273
Apartment Investment & Management Co., Class A		217		9,179
Apple Hospitality REIT, Inc.		344		6,151
Brandywine Realty Trust		305		5,148
Brixmor Property Group, Inc.		466		8,122
Camden Property Trust		110		10,024
CBRE Group, Inc., Class A²		251		11,983
Colony Capital, Inc.¹		844		5,267
Columbia Property Trust, Inc.		208		4,724
CoreSite Realty Corp.		57		6,317
Corporate Office Properties Trust		178		5,160
CubeSmart		268		8,635
CyrusOne, Inc.		145		8,462
DCT Industrial Trust, Inc.		134		8,942
DDR Corp.¹		266		4,761
Douglas Emmett, Inc.		222		8,920
Duke Realty Corp.		394		11,438
Empire State Realty Trust, Inc., Class A		235		4,018
EPR Properties		116		7,516
Equity Commonwealth²		194		6,111
Equity LifeStyle Properties, Inc.		106		9,741
Extra Space Storage, Inc.		119		11,877
Federal Realty Investment Trust		88		11,136

44 OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (continued)
Forest City Realty Trust, Inc., Class A		316	$	7,208
Gaming and Leisure Properties, Inc.		262		9,380
HCP, Inc.		482		12,445
Healthcare Trust of America, Inc., Class A		306		8,250
Highwoods Properties, Inc.		156		7,914
Hospitality Properties Trust		252		7,210
Howard Hughes Corp. (The)^1,2		58		7,685
Hudson Pacific Properties, Inc.		227		8,043
Invitation Homes, Inc.		302		6,964
Iron Mountain, Inc.¹		324		11,343
JBG SMITH Properties		163		5,945
Jones Lang LaSalle, Inc.		59		9,793
Kilroy Realty Corp.		126		9,531
Kimco Realty Corp.		561		9,531
Lamar Advertising Co., Class A		121		8,265
Liberty Property Trust		204		9,043
Life Storage, Inc.		73		7,104
Macerich Co. (The)		173		9,832
Medical Properties Trust, Inc.		556		7,806
Mid-America Apartment Communities, Inc.		121		12,181
National Retail Properties, Inc.¹		214		9,407
Omega Healthcare Investors, Inc.		279		8,649
Outfront Media, Inc.		242		4,707
Paramount Group, Inc.		345		5,313
Park Hotels & Resorts, Inc.		279		8,546
Rayonier, Inc.¹		197		7,622
Realogy Holdings Corp.¹		219		4,993
Realty Income Corp.		232		12,479
Regency Centers Corp.		170		10,554
Retail Properties of America, Inc., Class A		384		4,908
Senior Housing Properties Trust		378		6,838
SL Green Realty Corp.		103		10,355
Spirit Realty Capital, Inc.		723		5,806
STORE Capital Corp.		267		7,316
Sun Communities, Inc.		100		9,788
Taubman Centers, Inc.		100		5,876
UDR, Inc.		298		11,187
Uniti Group, Inc.		273		5,468
Real Estate (continued)
VEREIT, Inc.		1,307	$	9,724
VICI Properties, Inc.		362		7,472
Vornado Realty Trust		157		11,605
Weingarten Realty Investors		197		6,070
WP Carey, Inc.		140		9,289
Total Real Estate				561,998

Retailing—3.8%
Advance Auto Parts, Inc.		81		10,992
AutoNation, Inc.²		89		4,324
Burlington Stores, Inc.²		74		11,139
CarMax, Inc.^1,2		171		12,461
Dick’s Sporting Goods, Inc.		134		4,723
Floor & Decor Holdings, Inc., Class A^1,2		60		2,960
Foot Locker, Inc.		164		8,635
Gap, Inc. (The)		229		7,417
Genuine Parts Co.¹		129		11,841
Kohl’s Corp.¹		172		12,539
L Brands, Inc.		266		9,810
LKQ Corp.²		345		11,005
Macy’s, Inc.		325		12,165
Michaels Cos., Inc. (The)^1,2		184		3,527
Nordstrom, Inc.¹		146		7,560
Penske Automotive Group, Inc.¹		57		2,670
Pool Corp.		57		8,636
Qurate Retail, Inc.²		515		10,928
Tractor Supply Co.		143		10,938
TripAdvisor, Inc.^1,2		144		8,022
Ulta Beauty, Inc.²		47		10,973
Urban Outfitters, Inc.^1,2		116		5,168
Wayfair, Inc., Class A^1,2		83		9,857
Williams-Sonoma, Inc.¹		130		7,979
Total Retailing				206,269

Semiconductors & Semiconductor Equipment—2.2%
Advanced Micro Devices, Inc.^1,2		968		14,510
Cavium, Inc.²		116		10,034
Cypress Semiconductor Corp.		607		9,457
First Solar, Inc.²		109		5,740
Marvell Technology Group Ltd.¹		497		10,655
MKS Instruments, Inc.		90		8,613
Monolithic Power Systems, Inc.		70		9,357
ON Semiconductor Corp.²		527		11,718
Qorvo, Inc.²		163		13,068

45 OPPENHEIMER ETF TRUST

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

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Teradyne, Inc.		297	$	11,307
Universal Display Corp.¹		66		5,676
Versum Materials, Inc.		173		6,427
Total Semiconductors & Semiconductor Equipment				116,562

Software & Services—11.2%
2U, Inc.²		95		7,938
Akamai Technologies, Inc.²		182		13,328
Alliance Data Systems Corp.		48		11,194
Amdocs Ltd.		189		12,510
ANSYS, Inc.²		87		15,154
Aspen Technology, Inc.²		115		10,665
Atlassian Corp. PLC, Class A²		149		9,316
Black Knight, Inc.²		184		9,853
Booz Allen Hamilton Holding Corp.		196		8,571
Broadridge Financial Solutions, Inc.		104		11,970
CA, Inc.		305		10,873
Cadence Design Systems, Inc.²		322		13,946
CDK Global, Inc.		189		12,294
Ceridian HCM Holding, Inc.²		43		1,427
Citrix Systems, Inc.²		136		14,258
Conduent, Inc.^1,2		309		5,615
CoreLogic, Inc.²		130		6,747
DocuSign, Inc.²		38		2,012
EPAM Systems, Inc.²		82		10,195
Euronet Worldwide, Inc.²		79		6,618
Fair Isaac Corp.²		51		9,859
FireEye, Inc.^1,2		378		5,817
First Data Corp., Class A²		558		11,679
Fortinet, Inc.²		178		11,113
Gartner, Inc.^1,2		101		13,423
Genpact Ltd.		215		6,220
GoDaddy, Inc., Class A²		181		12,779
GrubHub, Inc.²		102		10,701
Guidewire Software, Inc.^1,2		123		10,920
IAC/InterActiveCorp²		85		12,962
Jack Henry & Associates, Inc.		87		11,341
Leidos Holdings, Inc.		197		11,623
LogMeIn, Inc.		89		9,189
Manhattan Associates, Inc.²		135		6,346
Match Group, Inc.^1,2		106		4,106
Software & Services (continued)
Nuance Communications, Inc.²		563	$	7,817
Nutanix, Inc., Class A²		174		8,973
Okta, Inc.²		155		7,807
Paycom Software, Inc.²		82		8,104
Pegasystems, Inc.		68		3,726
Proofpoint, Inc.²		85		9,801
PTC, Inc.²		149		13,978
RealPage, Inc.²		123		6,777
RingCentral, Inc., Class A²		119		8,372
Sabre Corp.		326		8,033
SS&C Technologies Holdings, Inc.		236		12,248
Symantec Corp.		675		13,939
Synopsys, Inc.²		160		13,691
Tableau Software, Inc., Class A²		109		10,655
Take-Two Interactive Software, Inc.²		105		12,428
Teradata Corp.²		219		8,793
Total System Services, Inc.		144		12,171
Twilio, Inc., Class A^1,2		138		7,731
Tyler Technologies, Inc.²		53		11,771
Ultimate Software Group, Inc. (The)^1,2		44		11,322
VMware Inc, Class A²		68		9,994
Western Union Co. (The)¹		538		10,938
WEX, Inc.²		53		10,095
Zendesk, Inc.²		175		9,536
Zillow Group, Inc., Class A²		94		5,617
Zillow Group, Inc., Class C^1,2		148		8,741
Zynga, Inc., Class A²		1,262		5,136
Total Software & Services				600,756

Technology Hardware & Equipment—3.6%
ARRIS International PLC²		320		7,822
Arrow Electronics, Inc.²		121		9,109
Avnet, Inc.		185		7,935
CDW Corp.		169		13,654
Cognex Corp.		209		9,323
Coherent, Inc.²		40		6,257
CommScope Holding Co., Inc.²		327		9,550
Dolby Laboratories, Inc., Class A		99		6,107
EchoStar Corp., Class A²		101		4,484
F5 Networks, Inc.²		77		13,279
FLIR Systems, Inc.		176		9,147
IPG Photonics Corp.²		33		7,281

46 OPPENHEIMER ETF TRUST

	Shares		Value
Technology Hardware & Equipment (continued)
Jabil, Inc.		258	$	7,136
Juniper Networks, Inc.		470		12,887
Keysight Technologies, Inc.²		195		11,511
Littelfuse, Inc.		36		8,214
National Instruments Corp.		164		6,885
NCR Corp.^1,2		232		6,955
Pure Storage, Inc., Class A²		324		7,737
Trimble, Inc.²		309		10,148
Ubiquiti Networks, Inc.^1,2		32		2,711
Xerox Corp.		301		7,224
Zebra Technologies Corp., Class A²		66		9,455
Total Technology Hardware & Equipment				194,811

Telecommunication Services—0.3%
Sprint Corp.²		392		2,133
Telephone & Data Systems, Inc.		172		4,716
Zayo Group Holdings, Inc.²		240		8,755
Total Telecommunication Services				15,604

Transportation—2.5%
Alaska Air Group, Inc.¹		156		9,421
AMERCO¹		10		3,561
C.H. Robinson Worldwide, Inc.		135		11,294
Copa Holdings SA, Class A		52		4,920
Expeditors International of Washington, Inc.		161		11,769
Genesee & Wyoming, Inc., Class A^1,2		93		7,563
JB Hunt Transport Services, Inc.		76		9,238
JetBlue Airways Corp.²		454		8,617
Kansas City Southern		107		11,338
Kirby Corp.^1,2		88		7,357
Knight-Swift Transportation Holdings, Inc.		170		6,496
Landstar System, Inc.		65		7,098
Macquarie Infrastructure Corp.		135		5,697
Transportation (continued)
Old Dominion Freight Line, Inc.		61	$	9,086
Ryder System, Inc.		87		6,252
Schneider National, Inc., Class B		83		2,283
XPO Logistics, Inc.^1,2		112		11,220
Total Transportation				133,210

Utilities—4.0%
AES Corp.		809		10,849
Alliant Energy Corp.		263		11,130
Ameren Corp.		207		12,596
American Water Works Co., Inc.		148		12,636
Aqua America, Inc.¹		252		8,865
Atmos Energy Corp.		121		10,907
Avangrid, Inc.		43		2,276
CenterPoint Energy, Inc.		442		12,248
CMS Energy Corp.		259		12,246
Entergy Corp.		152		12,280
Evergy, Inc.		218		12,241
Hawaiian Electric Industries, Inc.		179		6,140
MDU Resources Group, Inc.		288		8,260
National Fuel Gas Co.		128		6,779
NiSource, Inc.		423		11,116
NRG Energy, Inc.		332		10,192
OGE Energy Corp.		268		9,436
Pinnacle West Capital Corp.		132		10,634
SCANA Corp.		215		8,282
UGI Corp.		207		10,778
Vectren Corp.		120		8,574
Vistra Energy Corp.²		382		9,038
Total Utilities				217,503

Total Common Stocks (Cost $5,167,583)				5,373,004

Money Market Fund—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $11,174)		11,174		11,174

47 OPPENHEIMER ETF TRUST

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

	Shares		Value
Investment of Cash Collateral for Securities Loaned—2.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $111,679)		111,679	$	111,679
Total Investments—102.0% (Cost $5,290,436)				5,495,857
Liabilities in Excess of Other Assets—(2.0)%				(105,254	)
Net Assets—100.0%			$	5,390,603

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $838,198; total value of the collateral held by the Fund was $856,657. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $744,978 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

48 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^® Quality Factor ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—0.3%
BorgWarner, Inc.		65	$	2,806
Gentex Corp.		131		3,016
Lear Corp.		25		4,645
Thor Industries, Inc.		24		2,337
Visteon Corp.¹		12		1,551
Total Automobiles & Components				14,355

Capital Goods—7.9%
3M Co.		207		40,721
A.O. Smith Corp.		63		3,726
Acuity Brands, Inc.		19		2,202
Allegion PLC²		24		1,857
Allison Transmission Holdings, Inc.		47		1,903
AMETEK, Inc.		60		4,330
Boeing Co. (The)		248		83,206
BWX Technologies, Inc.		32		1,994
Caterpillar, Inc.		149		20,215
Crane Co.		15		1,202
Cummins, Inc.		69		9,177
Curtiss-Wright Corp.		13		1,547
Donaldson Co., Inc.		49		2,211
Dover Corp.		44		3,221
Eaton Corp. PLC		115		8,595
Emerson Electric Co.		222		15,349
Fastenal Co.		137		6,594
Fluor Corp.		35		1,707
Fortune Brands Home & Security, Inc.		45		2,416
General Dynamics Corp.		115		21,437
Graco, Inc.		78		3,527
HD Supply Holdings, Inc.¹		53		2,273
Hexcel Corp.		24		1,593
Honeywell International, Inc.		205		29,530
Hubbell, Inc.		16		1,692
Huntington Ingalls Industries, Inc.		17		3,685
IDEX Corp.		27		3,685
Illinois Tool Works, Inc.		115		15,932
Ingersoll-Rand PLC		90		8,076
ITT, Inc.		39		2,039
Jacobs Engineering Group, Inc.		51		3,238
Lennox International, Inc.		13		2,602
Lincoln Electric Holdings, Inc.		18		1,580
Lockheed Martin Corp.		100		29,543
Capital Goods (continued)
Masco Corp.		79	$	2,956
MSC Industrial Direct Co., Inc., Class A		15		1,273
nVent Electric PLC¹		69		1,732
Owens Corning		31		1,964
PACCAR, Inc.		92		5,700
Pentair PLC		56		2,356
Quanta Services, Inc.¹		48		1,603
Raytheon Co.		107		20,670
Rockwell Automation, Inc.		46		7,647
Sensata Technologies Holding PLC¹		45		2,141
Snap-on, Inc.²		19		3,054
Spirit AeroSystems Holdings, Inc., Class A		38		3,265
Terex Corp.		29		1,224
Textron, Inc.		63		4,152
Toro Co. (The)		50		3,013
TransDigm Group, Inc.		15		5,177
W.W. Grainger, Inc.²		17		5,243
WABCO Holdings, Inc.¹		13		1,521
Watsco, Inc.		12		2,139
Xylem, Inc.		57		3,841
Total Capital Goods				423,276

Commercial & Professional Services—0.7%
Copart, Inc.¹		86		4,864
CoStar Group, Inc.¹		14		5,777
Equifax, Inc.		67		8,382
Robert Half International, Inc.		54		3,516
Rollins, Inc.²		42		2,208
Waste Management, Inc.		142		11,550
Total Commercial & Professional Services				36,297

Consumer Durables & Apparel—2.0%
Brunswick Corp.		36		2,321
Carter’s, Inc.		17		1,843
Columbia Sportswear Co.		13		1,189
D.R. Horton, Inc.		90		3,690
Garmin Ltd.		47		2,867
Hanesbrands, Inc.		113		2,488
Hasbro, Inc.²		45		4,154
Leggett & Platt, Inc.²		36		1,607
Lululemon Athletica, Inc.¹		47		5,868
Michael Kors Holdings Ltd.¹		50		3,330
NIKE, Inc., Class B		597		47,569
NVR, Inc.¹		1		2,970
Polaris Industries, Inc.		28		3,421
PulteGroup, Inc.		89		2,559

49 OPPENHEIMER ETF TRUST

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

	Shares		Value
Consumer Durables & Apparel (continued)
Ralph Lauren Corp.		24	$	3,017
Skechers U.S.A., Inc., Class A¹		61		1,831
Tapestry, Inc.		126		5,885
Toll Brothers, Inc.		43		1,591
VF Corp.		126		10,272
Total Consumer Durables & Apparel				108,472

Consumer Services—2.8%
Carnival Corp.		139		7,966
Chipotle Mexican Grill, Inc.¹		12		5,176
Darden Restaurants, Inc.		46		4,925
Domino’s Pizza, Inc.		18		5,079
Grand Canyon Education, Inc.¹		21		2,344
Hyatt Hotels Corp., Class A		16		1,234
Las Vegas Sands Corp.		143		10,920
Marriott International, Inc., Class A		102		12,913
McDonald’s Corp.		244		38,232
Royal Caribbean Cruises Ltd.		46		4,766
Six Flags Entertainment Corp.²		23		1,611
Starbucks Corp.		650		31,753
Wyndham Hotels & Resorts, Inc.		44		2,589
Wynn Resorts Ltd.		26		4,351
Yum China Holdings, Inc.		155		5,961
Yum! Brands, Inc.		133		10,403
Total Consumer Services				150,223

Diversified Financials—2.3%
Affiliated Managers Group, Inc.		22		3,271
Cboe Global Markets, Inc.		59		6,140
Credit Acceptance Corp.^1,2		8		2,827
Eaton Vance Corp.		78		4,071
Evercore, Inc., Class A		27		2,847
FactSet Research Systems, Inc.²		12		2,377
Franklin Resources, Inc.		203		6,506
Lazard Ltd., Class A		78		3,815
MarketAxess Holdings, Inc.²		25		4,946
Moody’s Corp.		110		18,762
MSCI, Inc.		57		9,430
S&P Global, Inc.		170		34,661
SEI Investments Co.		90		5,627
T. Rowe Price Group, Inc.		160		18,574
Total Diversified Financials				123,854
Energy—8.3%
Anadarko Petroleum Corp.		129	$	9,449
Antero Resources Corp.¹		73		1,559
Apache Corp.		117		5,470
Apergy Corp.^1,2		35		1,461
Cabot Oil & Gas Corp.		164		3,903
Chevron Corp.		703		88,880
Cimarex Energy Co.²		40		4,070
Concho Resources, Inc.¹		49		6,779
ConocoPhillips		405		28,196
Energen Corp.¹		28		2,039
EOG Resources, Inc.		210		26,130
Exxon Mobil Corp.		1,671		138,242
Halliburton Co.		282		12,707
Helmerich & Payne, Inc.²		39		2,487
HollyFrontier Corp.		60		4,106
Marathon Petroleum Corp.		182		12,769
Occidental Petroleum Corp.		273		22,845
PBF Energy, Inc., Class A		45		1,887
Phillips 66		159		17,857
Pioneer Natural Resources Co.		65		12,301
Schlumberger Ltd.		368		24,667
Valero Energy Corp.		191		21,168
Total Energy				448,972

Food & Staples Retailing—2.3
Costco Wholesale Corp.		202		42,214
Kroger Co. (The)		241		6,856
Sprouts Farmers Market, Inc.¹		58		1,280
Sysco Corp.		117		7,990
US Foods Holding Corp.¹		56		2,118
Walgreens Boots Alliance, Inc.		309		18,545
Walmart, Inc.		511		43,767
Total Food & Staples Retailing				122,770

Food, Beverage & Tobacco—3.2%
Altria Group, Inc.		610		34,642
Brown-Forman Corp., Class B²		92		4,509
Bunge Ltd.		44		3,067
Campbell Soup Co.		61		2,473
General Mills, Inc.		155		6,860
Hershey Co. (The)		53		4,932
Hormel Foods Corp.		112		4,168
Ingredion, Inc.		22		2,436
Lamb Weston Holdings, Inc.		59		4,042
Molson Coors Brewing Co., Class B		49		3,334

50 OPPENHEIMER ETF TRUST

	Shares		Value
Food, Beverage & Tobacco (continued)
Monster Beverage Corp.¹		189	$	10,830
PepsiCo, Inc.		392		42,677
Philip Morris International, Inc.		614		49,574
Total Food, Beverage & Tobacco				173,544

Health Care Equipment & Services—5.7%
ABIOMED, Inc.¹		17		6,954
Aetna, Inc.		85		15,597
Align Technology, Inc.¹		38		13,001
athenahealth, Inc.¹		13		2,069
Baxter International, Inc.		175		12,922
Boston Scientific Corp.¹		345		11,282
Cantel Medical Corp.		16		1,574
Centene Corp.¹		80		9,857
Cerner Corp.¹		119		7,115
Chemed Corp.		7		2,253
Cigna Corp.		91		15,465
Cooper Cos., Inc. (The)		15		3,532
CVS Health Corp.		284		18,275
Danaher Corp.		152		14,999
DexCom, Inc.^1,2		23		2,185
Edwards Lifesciences Corp.¹		96		13,975
Envision Healthcare Corp.¹		32		1,408
Express Scripts Holding Co.¹		140		10,809
Humana, Inc.		47		13,989
ICU Medical, Inc.¹		7		2,056
IDEXX Laboratories, Inc.¹		32		6,974
Intuitive Surgical, Inc.¹		54		25,838
Masimo Corp.¹		20		1,953
McKesson Corp.		81		10,805
Penumbra, Inc.¹		8		1,105
ResMed, Inc.		47		4,868
UnitedHealth Group, Inc.		259		63,543
Universal Health Services, Inc., Class B		23		2,563
Varian Medical Systems, Inc.¹		42		4,776
Veeva Systems, Inc., Class A¹		48		3,689
West Pharmaceutical Services, Inc.		33		3,277
Total Health Care Equipment & Services				308,708

Household & Personal Products—2.2%
Clorox Co. (The)²		49		6,627
Colgate-Palmolive Co.		346		22,424
Herbalife Nutrition Ltd.¹		44		2,364
Kimberly-Clark Corp.		113		11,903
Household & Personal Products (continued)
Nu Skin Enterprises, Inc., Class A		24	$	1,877
Procter & Gamble Co. (The)		963		75,172
Total Household & Personal Products				120,367

Insurance—1.1%
Aon PLC		110		15,089
Assured Guaranty Ltd.		47		1,679
Brown & Brown, Inc.		82		2,274
Erie Indemnity Co., Class A		17		1,993
FNF Group		112		4,214
Marsh & McLennan Cos., Inc.		331		27,132
Torchmark Corp.		68		5,536
White Mountains Insurance Group Ltd.		2		1,813
Total Insurance				59,730

Materials—2.1%
Alcoa Corp.¹		87		4,079
Avery Dennison Corp.		23		2,348
Cabot Corp.		20		1,235
Celanese Corp., Series A		39		4,331
CF Industries Holdings, Inc.		70		3,108
Chemours Co. (The)		45		1,996
Eagle Materials, Inc.		17		1,784
Eastman Chemical Co.		36		3,599
Ecolab, Inc.		64		8,981
Freeport-McMoRan, Inc.		400		6,904
International Flavors & Fragrances, Inc.		22		2,727
LyondellBasell Industries NV, Class A		150		16,477
Martin Marietta Materials, Inc.		16		3,573
Newmont Mining Corp.		204		7,693
Nucor Corp.		108		6,750
Packaging Corp. of America		27		3,018
PPG Industries, Inc.		72		7,469
Praxair, Inc.		87		13,759
Reliance Steel & Aluminum Co.		19		1,663
Royal Gold, Inc.		20		1,857
Southern Copper Corp.		32		1,500
Steel Dynamics, Inc.		89		4,090
United States Steel Corp.		48		1,668
Westlake Chemical Corp.		12		1,292
WR Grace & Co.		21		1,540
Total Materials				113,441

51 OPPENHEIMER ETF TRUST

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

	Shares		Value
Media—1.6%
CBS Corp., Class B		89	$	5,004
Interpublic Group of Cos., Inc. (The)²		131		3,071
John Wiley & Sons, Inc., Class A		18		1,123
Liberty Broadband Corp., Class A¹		17		1,286
Liberty Broadband Corp., Class C^1,2		70		5,300
Live Nation Entertainment, Inc.^1,2		40		1,943
Madison Square Garden Co. (The), Class A¹		8		2,481
News Corp., Class A		157		2,433
Omnicom Group, Inc.		61		4,652
Sirius XM Holdings, Inc.²		428		2,898
Walt Disney Co. (The)		518		54,292
Total Media				84,483

Pharmaceuticals, Biotechnology & Life Sciences—11.0%
AbbVie, Inc.		578		53,552
Agilent Technologies, Inc.		106		6,555
Alexion Pharmaceuticals, Inc.¹		56		6,952
Amgen, Inc.		233		43,009
Biogen, Inc.¹		95		27,573
Bio-Techne Corp.		9		1,332
Bristol-Myers Squibb Co.		768		42,501
Celgene Corp.¹		278		22,079
Charles River Laboratories International, Inc.¹		12		1,347
Eli Lilly & Co.		324		27,647
Exelixis, Inc.^1,2		142		3,056
Gilead Sciences, Inc.		355		25,148
Illumina, Inc.¹		65		18,154
Jazz Pharmaceuticals PLC¹		17		2,929
Johnson & Johnson		1,144		138,813
Merck & Co., Inc.		853		51,777
Mettler-Toledo International, Inc.¹		10		5,786
Pfizer, Inc.		1,504		54,565
Regeneron Pharmaceuticals, Inc.¹		35		12,075
Sage Therapeutics, Inc.¹		15		2,348
Seattle Genetics, Inc.¹		47		3,120
United Therapeutics Corp.¹		18		2,037
Vertex Pharmaceuticals, Inc.¹		118		20,055
Waters Corp.¹		25		4,840
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Zoetis, Inc.		174	$	14,823
Total Pharmaceuticals, Biotechnology & Life Sciences				592,073

Real Estate—2.0%
AvalonBay Communities, Inc.		49		8,423
CBRE Group, Inc., Class A¹		174		8,307
EPR Properties		26		1,684
Equity LifeStyle Properties, Inc.		35		3,216
Extra Space Storage, Inc.		58		5,789
Gaming and Leisure Properties, Inc.		77		2,757
Host Hotels & Resorts, Inc.		264		5,562
Jones Lang LaSalle, Inc.		17		2,822
Lamar Advertising Co., Class A		46		3,142
Prologis, Inc.		216		14,189
Public Storage		100		22,686
Rayonier, Inc.²		51		1,973
Retail Properties of America, Inc., Class A		97		1,240
Simon Property Group, Inc.		140		23,827
Weingarten Realty Investors		67		2,064
Total Real Estate				107,681

Retailing—5.8%
Advance Auto Parts, Inc.		22		2,985
AutoZone, Inc.¹		8		5,367
Best Buy Co., Inc.²		117		8,726
Booking Holdings, Inc.¹		18		36,488
Burlington Stores, Inc.¹		24		3,613
Dick’s Sporting Goods, Inc.		36		1,269
Dollar General Corp.		98		9,663
Expedia Group, Inc.²		34		4,087
Foot Locker, Inc.		51		2,685
Gap, Inc. (The)		98		3,174
Home Depot, Inc. (The)		530		103,403
Kohl’s Corp.²		53		3,864
L Brands, Inc.		62		2,287
Lowe’s Cos., Inc.		281		26,855
Nordstrom, Inc.²		42		2,175
O’Reilly Automotive, Inc.¹		35		9,575
Pool Corp.		14		2,121
Ross Stores, Inc.		179		15,170
Target Corp.		184		14,006
Tiffany & Co.		54		7,106
TJX Cos., Inc. (The)		294		27,983

52 OPPENHEIMER ETF TRUST

	Shares		Value
Retailing (continued)
Tractor Supply Co.		58	$	4,436
TripAdvisor, Inc.¹		48		2,674
Ulta Beauty, Inc.¹		27		6,303
Urban Outfitters, Inc.^1,2		34		1,515
Williams-Sonoma, Inc.²		36		2,210
Total Retailing				309,740

Semiconductors & Semiconductor Equipment—6.6%
Applied Materials, Inc.		432		19,954
Broadcom, Inc.		127		30,815
First Solar, Inc.¹		38		2,001
Intel Corp.		1,790		88,981
KLA-Tencor Corp.		41		4,204
Lam Research Corp.		54		9,334
Marvell Technology Group Ltd.²		170		3,645
Maxim Integrated Products, Inc.		89		5,221
Microchip Technology, Inc.²		68		6,185
Micron Technology, Inc.¹		447		23,441
MKS Instruments, Inc.		25		2,392
Monolithic Power Systems, Inc.		16		2,139
NVIDIA Corp.		281		66,569
NXP Semiconductors NV¹		84		9,179
ON Semiconductor Corp.¹		104		2,312
Qorvo, Inc.¹		45		3,608
Skyworks Solutions, Inc.		85		8,215
Teradyne, Inc.		88		3,350
Texas Instruments, Inc.		465		51,266
Universal Display Corp.²		20		1,720
Versum Materials, Inc.		42		1,560
Xilinx, Inc.		113		7,374
Total Semiconductors & Semiconductor Equipment				353,465

Software & Services—22.3%
Accenture PLC, Class A		290		47,441
Activision Blizzard, Inc.		280		21,370
Adobe Systems, Inc.¹		223		54,370
Akamai Technologies, Inc.¹		66		4,833
Alphabet, Inc., Class A¹		125		141,149
Alphabet, Inc., Class C¹		128		142,803
Amdocs Ltd.		59		3,905
ANSYS, Inc.¹		36		6,270
Aspen Technology, Inc.¹		34		3,153
Automatic Data Processing, Inc.		203		27,230
Booz Allen Hamilton Holding Corp.		39		1,705
Software & Services (continued)
Broadridge Financial Solutions, Inc.		51	$	5,870
CA, Inc.		78		2,781
CDK Global, Inc.		39		2,537
Citrix Systems, Inc.¹		50		5,242
Cognizant Technology Solutions Corp., Class A		264		20,853
eBay, Inc.¹		355		12,872
Electronic Arts, Inc.¹		145		20,448
EPAM Systems, Inc.¹		21		2,611
Euronet Worldwide, Inc.¹		17		1,424
Facebook, Inc., Class A¹		1,061		206,174
Fair Isaac Corp.¹		8		1,547
Fiserv, Inc.¹		122		9,039
Fortinet, Inc.¹		64		3,996
GrubHub, Inc.¹		36		3,777
Guidewire Software, Inc.^1,2		28		2,486
Intuit, Inc.		117		23,904
Jack Henry & Associates, Inc.		36		4,693
Leidos Holdings, Inc.		40		2,360
Manhattan Associates, Inc.¹		31		1,457
Mastercard, Inc., Class A		621		122,039
Paychex, Inc.		151		10,321
Paycom Software, Inc.¹		20		1,977
PayPal Holdings, Inc.¹		535		44,549
Red Hat, Inc.¹		78		10,481
RingCentral, Inc., Class A¹		19		1,337
salesforce.com, Inc.¹		257		35,055
Splunk, Inc.¹		47		4,658
Synopsys, Inc.¹		59		5,049
Take-Two Interactive Software, Inc.¹		41		4,853
Total System Services, Inc.		59		4,987
Tyler Technologies, Inc.¹		15		3,331
Ultimate Software Group, Inc. (The)^1,2		11		2,830
VeriSign, Inc.¹		32		4,397
Visa, Inc., Class A		1,136		150,463
VMware Inc, Class A¹		29		4,262
Zendesk, Inc.¹		29		1,580
Zynga, Inc., Class A¹		263		1,070
Total Software & Services				1,201,539

Technology Hardware & Equipment—6.3%
Amphenol Corp., Class A		99		8,628
Apple, Inc.		1,461		270,446
Arista Networks, Inc.¹		26		6,695
CDW Corp.		39		3,151
Cognex Corp.		80		3,569

53 OPPENHEIMER ETF TRUST

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

	Shares		Value
Technology Hardware & Equipment (continued)
Coherent, Inc.¹		9	$	1,408
Dolby Laboratories, Inc., Class A		27		1,666
F5 Networks, Inc.¹		28		4,829
FLIR Systems, Inc.		56		2,910
IPG Photonics Corp.¹		17		3,751
Jabil, Inc.		55		1,521
Juniper Networks, Inc.		106		2,906
Littelfuse, Inc.		10		2,282
Motorola Solutions, Inc.		43		5,004
National Instruments Corp.		51		2,141
NetApp, Inc.		115		9,031
Palo Alto Networks, Inc.¹		28		5,753
Pure Storage, Inc., Class A¹		54		1,289
Trimble, Inc.¹		79		2,594
Zebra Technologies Corp., Class A¹		13		1,862
Total Technology Hardware & Equipment				341,436

Transportation—2.0%
Alaska Air Group, Inc.²		48		2,899
C.H. Robinson Worldwide, Inc.		38		3,179
Copa Holdings SA, Class A		11		1,041
Delta Air Lines, Inc.		211		10,453
Expeditors International of Washington, Inc.		83		6,067
FedEx Corp.		87		19,754
JB Hunt Transport Services, Inc.		36		4,376
JetBlue Airways Corp.¹		135		2,562
Kansas City Southern		29		3,073
Kirby Corp.^1,2		17		1,421
Landstar System, Inc.		16		1,747
Old Dominion Freight Line, Inc.		30		4,469
Southwest Airlines Co.		227		11,550
Union Pacific Corp.		231		32,728
Total Transportation				105,319

Utilities—1.3%
Ameren Corp.		63		3,834
CenterPoint Energy, Inc.		108		2,993
Consolidated Edison, Inc.		107		8,344
DTE Energy Co.		47		4,871
Edison International		88		5,568
Utilities (continued)
Evergy, Inc.		69	$	3,874
Exelon Corp.		235		10,011
MDU Resources Group, Inc.		49		1,405
National Fuel Gas Co.		23		1,218
NRG Energy, Inc.		84		2,579
PG&E Corp.		138		5,873
Pinnacle West Capital Corp.		28		2,256
Sempra Energy		65		7,547
UGI Corp.		45		2,343
Vectren Corp.		21		1,500
Vistra Energy Corp.¹		134		3,170
Total Utilities				67,386

Total Common Stocks (Cost $5,128,359)				5,367,131

Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $7,398)		7,398		7,398
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $9,244)		9,244		9,244
Total Investments—100.1% (Cost $5,145,001)				5,383,773
Liabilities in Excess of Other Assets—(0.1)%				(5,401	)
Net Assets—100.0%			$	5,378,372

PLC – Public Limited Company

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $102,207; total value of the collateral held by the Fund was $104,509. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $95,265 (Note 4).

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

54 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^® Yield Factor ETF

	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.1%
Ford Motor Co.		2,353	$	26,048
General Motors Co.		702		27,659
Harley-Davidson, Inc.		89		3,745
Total Automobiles & Components				57,452

Banks—7.1%
BB&T Corp.		341		17,200
F.N.B. Corp.¹		174		2,335
Huntington Bancshares, Inc.		491		7,247
JPMorgan Chase & Co.		1,283		133,688
New York Community Bancorp, Inc.		294		3,246
PacWest Bancorp		69		3,410
People’s United Financial, Inc.¹		189		3,419
PNC Financial Services Group, Inc. (The)		171		23,102
SunTrust Banks, Inc.		185		12,214
U.S. Bancorp		654		32,713
Wells Fargo & Co.		2,118		117,422
Total Banks				355,996

Capital Goods—7.1%
3M Co.		254		49,967
Caterpillar, Inc.		221		29,983
Cummins, Inc.		75		9,975
Eaton Corp. PLC		223		16,667
Emerson Electric Co.		293		20,258
Fastenal Co.		127		6,113
General Electric Co.		5,181		70,513
Honeywell International, Inc.		266		38,317
Illinois Tool Works, Inc.		130		18,010
Johnson Controls International PLC		459		15,354
Lockheed Martin Corp.		108		31,906
PACCAR, Inc.		184		11,401
Pentair PLC		82		3,451
United Technologies Corp.		303		37,884
Total Capital Goods				359,799

Commercial & Professional Services—0.4%
Nielsen Holdings PLC¹		207		6,403
Waste Management, Inc.		168		13,665
Total Commercial & Professional Services				20,068

Consumer Durables & Apparel—1.0%
Garmin Ltd.		80		4,880
Hanesbrands, Inc.		185		4,074
Consumer Durables & Apparel (continued)
Hasbro, Inc.		53	$	4,892
Leggett & Platt, Inc.¹		69		3,080
Mattel, Inc.¹		181		2,972
Newell Brands, Inc.		250		6,448
Tapestry, Inc.		144		6,726
VF Corp.		129		10,516
Whirlpool Corp.		34		4,972
Total Consumer Durables & Apparel				48,560

Consumer Services—2.3%
Carnival Corp.		190		10,889
Darden Restaurants, Inc.		59		6,316
Extended Stay America, Inc.		106		2,291
H&R Block, Inc.¹		110		2,506
Las Vegas Sands Corp.		193		14,737
McDonald’s Corp.		342		53,588
Six Flags Entertainment Corp.¹		41		2,872
Starbucks Corp.		507		24,767
Total Consumer Services				117,966

Diversified Financials—1.5%
AGNC Investment Corp.		276		5,131
Ameriprise Financial, Inc.		62		8,673
Annaly Capital Management, Inc.		759		7,810
BGC Partners, Inc., Class A		163		1,845
Chimera Investment Corp.		122		2,230
Franklin Resources, Inc.		142		4,551
Invesco Ltd.		232		6,162
Lazard Ltd., Class A		59		2,886
MFA Financial, Inc.		259		1,963
Morgan Stanley		443		20,998
Navient Corp.		153		1,994
New Residential Investment Corp.		219		3,830
Starwood Property Trust, Inc.		165		3,582
Two Harbors Investment Corp.		114		1,801
Total Diversified Financials				73,456

Energy—10.4%
Apache Corp.¹		169		7,901
Chevron Corp.		1,014		128,200
Exxon Mobil Corp.		2,328		192,595
Helmerich & Payne, Inc.¹		60		3,826
Kinder Morgan, Inc.		1,002		17,705
Marathon Petroleum Corp.		174		12,208
Murphy Oil Corp.¹		84		2,837
Occidental Petroleum Corp.		415		34,727

55 OPPENHEIMER ETF TRUST

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

	Shares		Value
Energy (continued)
ONEOK, Inc.		234	$	16,340
Phillips 66		181		20,328
Schlumberger Ltd.		674		45,178
Targa Resources Corp.		138		6,830
Valero Energy Corp.		185		20,504
Williams Cos., Inc. (The)		485		13,148
Total Energy				522,327

Food & Staples Retailing—1.8%
Sysco Corp.		187		12,770
Walgreens Boots Alliance, Inc.		377		22,626
Walmart, Inc.		620		53,103
Total Food & Staples Retailing				88,499

Food, Beverage & Tobacco—8.3%
Altria Group, Inc.		1,116		63,378
Archer-Daniels-Midland Co.		274		12,557
Bunge Ltd.		64		4,461
Campbell Soup Co.		101		4,095
Coca-Cola Co. (The)		2,032		89,124
General Mills, Inc.		347		15,358
Hershey Co. (The)		68		6,328
JM Smucker Co. (The)¹		53		5,696
Kellogg Co.		129		9,013
Kraft Heinz Co. (The)		346		21,736
Molson Coors Brewing Co., Class B		80		5,443
Mondelez International, Inc., Class A		577		23,657
PepsiCo, Inc.		725		78,931
Philip Morris International, Inc.		943		76,138
Total Food, Beverage & Tobacco				415,915

Health Care Equipment & Services—1.7%
Cardinal Health, Inc.		166		8,106
CVS Health Corp.		515		33,140
Medtronic PLC		532		45,545
Total Health Care Equipment & Services				86,791

Household & Personal Products—3.3%
Clorox Co. (The)¹		63		8,521
Colgate-Palmolive Co.		381		24,692
Coty, Inc., Class A¹		255		3,595
Kimberly-Clark Corp.		193		20,331
Procter & Gamble Co. (The)		1,380		107,723
Total Household & Personal Products				164,862
Insurance—2.6%
Aflac, Inc.		289	$	12,433
American International Group, Inc.		389		20,625
Chubb Ltd.		185		23,499
Cincinnati Financial Corp.		75		5,014
FNF Group		128		4,815
MetLife, Inc.		458		19,969
Old Republic International Corp.		153		3,046
Principal Financial Group, Inc.		150		7,943
Prudential Financial, Inc.		216		20,198
Travelers Cos., Inc. (The)		110		13,457
Total Insurance				130,999

Materials—1.6%
Air Products & Chemicals, Inc.		96		14,950
CF Industries Holdings, Inc.		113		5,017
International Paper Co.		220		11,458
LyondellBasell Industries NV, Class A		166		18,235
Nucor Corp.		135		8,438
Praxair, Inc.		109		17,238
WestRock Co.		121		6,899
Total Materials				82,235

Media—1.5%
Comcast Corp., Class A		1,792		58,795
Interpublic Group of Cos., Inc. (The)¹		199		4,665
Omnicom Group, Inc.		115		8,771
Viacom, Inc., Class B		173		5,218
Total Media				77,449

Pharmaceuticals, Biotechnology & Life Sciences—12.0%
AbbVie, Inc.		731		67,727
Amgen, Inc.		305		56,300
Bristol-Myers Squibb Co.		808		44,715
Eli Lilly & Co.		426		36,351
Gilead Sciences, Inc.		657		46,542
Johnson & Johnson		1,279		155,194
Merck & Co., Inc.		1,373		83,341
Pfizer, Inc.		3,130		113,556
Total Pharmaceuticals, Biotechnology & Life Sciences				603,726

56 OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate—8.1%
Alexandria Real Estate Equities, Inc.		49	$	6,182
American Campus Communities, Inc.		79		3,388
American Tower Corp.		163		23,500
Apartment Investment & Management Co., Class A		84		3,553
Apple Hospitality REIT, Inc.		135		2,414
AvalonBay Communities, Inc.		73		12,548
Boston Properties, Inc.		69		8,654
Brixmor Property Group, Inc.		190		3,312
Camden Property Trust		47		4,283
Colony Capital, Inc.¹		321		2,003
Crown Castle International Corp.		229		24,691
CubeSmart		99		3,190
DDR Corp.¹		99		1,772
Digital Realty Trust, Inc.		110		12,274
Duke Realty Corp.		168		4,877
EPR Properties		46		2,980
Equinix, Inc.		31		13,327
Equity Residential		183		11,655
Essex Property Trust, Inc.		32		7,650
Extra Space Storage, Inc.		63		6,288
Federal Realty Investment Trust		38		4,809
Gaming and Leisure Properties, Inc.		128		4,582
GGP, Inc.		357		7,293
HCP, Inc.		293		7,565
Healthcare Trust of America, Inc., Class A		120		3,235
Highwoods Properties, Inc.		55		2,790
Hospitality Properties Trust		103		2,947
Host Hotels & Resorts, Inc.		398		8,386
Iron Mountain, Inc.¹		179		6,267
Kimco Realty Corp.		258		4,383
Lamar Advertising Co., Class A		50		3,415
Liberty Property Trust		79		3,502
Life Storage, Inc.		26		2,530
Macerich Co. (The)		82		4,660
Medical Properties Trust, Inc.		230		3,229
Mid-America Apartment Communities, Inc.		62		6,242
National Retail Properties, Inc.¹		89		3,912
Real Estate (continued)
Omega Healthcare Investors, Inc.		126	$	3,906
Outfront Media, Inc.		88		1,712
Park Hotels & Resorts, Inc.		123		3,767
Prologis, Inc.		252		16,554
Public Storage		81		18,376
Realty Income Corp.		168		9,037
Regency Centers Corp.		83		5,153
Retail Properties of America, Inc., Class A		133		1,700
Senior Housing Properties Trust		152		2,750
Simon Property Group, Inc.		180		30,634
SL Green Realty Corp.		44		4,423
Spirit Realty Capital, Inc.		275		2,208
STORE Capital Corp.		104		2,850
Taubman Centers, Inc.		35		2,057
UDR, Inc.		140		5,256
Uniti Group, Inc.		108		2,163
Ventas, Inc.		219		12,472
VEREIT, Inc.		620		4,613
Vornado Realty Trust		93		6,875
Weingarten Realty Investors		72		2,218
Welltower, Inc.		231		14,481
Weyerhaeuser Co.		396		14,438
WP Carey, Inc.		66		4,379
Total Real Estate				410,310

Retailing—2.6%
Gap, Inc. (The)		114		3,692
Genuine Parts Co.¹		71		6,517
Home Depot, Inc. (The)		427		83,308
Kohl’s Corp.¹		88		6,415
L Brands, Inc.		147		5,421
Macy’s, Inc.		176		6,588
Target Corp.		281		21,390
Total Retailing				133,331

Semiconductors & Semiconductor Equipment—5.8%
Broadcom, Inc.		206		49,984
Intel Corp.		2,347		116,669
Maxim Integrated Products, Inc.		165		9,679
QUALCOMM, Inc.		1,102		61,844
Texas Instruments, Inc.		488		53,802
Total Semiconductors & Semiconductor Equipment				291,978

57 OPPENHEIMER ETF TRUST

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

	Shares		Value
Software & Services—2.4%
CA, Inc.		201	$	7,165
International Business Machines Corp.		701		97,930
Paychex, Inc.		158		10,799
Western Union Co. (The)¹		248		5,042
Total Software & Services				120,936

Technology Hardware & Equipment—3.6%
Cisco Systems, Inc.		3,067		131,973
Corning, Inc.		466		12,820
HP, Inc.		962		21,828
Western Digital Corp.		172		13,314
Xerox Corp.		121		2,904
Total Technology Hardware & Equipment				182,839

Telecommunication Services—5.6%
AT&T, Inc.		4,524		145,266
CenturyLink, Inc.		627		11,687
Verizon Communications, Inc.		2,464		123,964
Total Telecommunication Services				280,917

Transportation—1.0%
Delta Air Lines, Inc.		248		12,286
Macquarie Infrastructure Corp.		52		2,194
United Parcel Service, Inc., Class B		337		35,800
Total Transportation				50,280

Utilities—7.0%
AES Corp.		365		4,895
Alliant Energy Corp.		116		4,909
Ameren Corp.		121		7,363
American Electric Power Co., Inc.		264		18,282
CenterPoint Energy, Inc.		244		6,761
CMS Energy Corp.		137		6,477
Consolidated Edison, Inc.		168		13,101
Dominion Energy, Inc.		387		26,386
DTE Energy Co.		94		9,741
Duke Energy Corp.		410		32,423
Edison International		173		10,946
Entergy Corp.		104		8,402
Evergy, Inc.		129		7,243
Eversource Energy		166		9,729
Exelon Corp.		493		21,002
Utilities (continued)
FirstEnergy Corp.		271	$	9,732
NextEra Energy, Inc.		205		34,241
NiSource, Inc.		174		4,573
OGE Energy Corp.		109		3,838
PG&E Corp.		225		9,576
Pinnacle West Capital Corp.		59		4,753
PPL Corp.¹		432		12,333
Public Service Enterprise Group, Inc.		261		14,130
SCANA Corp.		90		3,467
Sempra Energy		134		15,559
Southern Co. (The)		610		28,249
WEC Energy Group, Inc.		164		10,602
Xcel Energy, Inc.		260		11,877
Total Utilities				350,590

Total Common Stocks (Cost $5,095,845)				5,027,281

Money Market Fund—0.0%²
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $2,499)		2,499		2,499
Investment of Cash Collateral for Securities Loaned—0.2%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $5,865)		5,865		5,865
Total Investments—100.0% (Cost $5,104,209)				5,035,645
Other Assets in Excess of Liabilities—0.0%²				1,913
Net Assets—100.0%			$	5,037,558

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $92,315; total value of the collateral held by the Fund was $94,289. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $88,424 (Note 4).

2. Less than 0.05%

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

58 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 1000^® Dynamic Multifactor ETF

	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—0.2%
Gentex Corp.		3,366	$	77,485
Lear Corp.		530		98,479
Thor Industries, Inc.		470		45,773
Visteon Corp.¹		331		42,779
Total Automobiles & Components				264,516

Capital Goods—9.4%
3M Co.		9,989		1,965,036
A.O. Smith Corp.		2,051		121,317
Allison Transmission Holdings, Inc.		1,361		55,107
AMETEK, Inc.		1,867		134,723
Boeing Co. (The)		9,395		3,152,116
BWX Technologies, Inc.		1,062		66,184
Cummins, Inc.		2,394		318,402
Donaldson Co., Inc.		1,894		85,457
Emerson Electric Co.		7,986		552,152
Fastenal Co.		4,434		213,408
General Dynamics Corp.		6,815		1,270,384
Graco, Inc.		3,496		158,089
Honeywell International, Inc.		8,354		1,203,394
Huntington Ingalls Industries, Inc.		502		108,829
IDEX Corp.		1,189		162,275
Illinois Tool Works, Inc.		5,110		707,939
Ingersoll-Rand PLC		3,088		277,086
ITT, Inc.		659		34,446
Jacobs Engineering Group, Inc.		972		61,712
Lennox International, Inc.		425		85,064
Lockheed Martin Corp.		5,441		1,607,435
nVent Electric PLC¹		1,387		34,814
Pentair PLC		1,212		51,001
Raytheon Co.		4,785		924,366
Rockwell Automation, Inc.		1,645		273,448
Snap-on, Inc.²		768		123,433
Toro Co. (The)		3,102		186,896
Watsco, Inc.		527		93,954
Xylem, Inc.		1,388		93,523
Total Capital Goods				14,121,990

Commercial & Professional Services—0.9%
Copart, Inc.¹		3,689		208,650
Equifax, Inc.		1,485		185,788
Republic Services, Inc.		1,969		134,601
Robert Half International, Inc.		1,709		111,256
Rollins, Inc.²		2,290		120,408
Commercial & Professional Services (Continued)
Waste Management, Inc.		7,100	$	577,514
Total Commercial & Professional Services				1,338,217

Consumer Durables & Apparel—2.1%
Carter’s, Inc.		456		49,426
Garmin Ltd.		1,270		77,470
Hasbro, Inc.²		1,436		132,557
Leggett & Platt, Inc.²		1,180		52,675
NIKE, Inc., Class B		29,972		2,388,169
NVR, Inc.¹		57		169,310
VF Corp.		4,117		335,618
Total Consumer Durables & Apparel				3,205,225

Consumer Services—3.5%
Carnival Corp.		3,892		223,050
Darden Restaurants, Inc.		1,512		161,875
Domino’s Pizza, Inc.		570		160,837
Grand Canyon Education, Inc.¹		431		48,104
Hyatt Hotels Corp., Class A		470		36,260
Marriott International, Inc., Class A		3,514		444,872
McDonald’s Corp.		11,524		1,805,696
Six Flags Entertainment Corp.²		627		43,921
Starbucks Corp.		39,983		1,953,170
Wyndham Hotels & Resorts, Inc.		917		53,947
Yum! Brands, Inc.		4,804		375,769
Total Consumer Services				5,307,501

Diversified Financials—2.7%
Cboe Global Markets, Inc.		1,550		161,309
Eaton Vance Corp.		2,062		107,616
Evercore, Inc., Class A		334		35,220
FactSet Research Systems, Inc.²		451		89,343
Franklin Resources, Inc.		5,010		160,571
MarketAxess Holdings, Inc.²		372		73,604
Moody’s Corp.		4,053		691,280
Morningstar, Inc.		463		59,380
MSCI, Inc.		2,052		339,462
S&P Global, Inc.		6,780		1,382,374
SEI Investments Co.		2,847		177,994
T. Rowe Price Group, Inc.		6,358		738,100
Total Diversified Financials				4,016,253

Energy—7.6%
Chevron Corp.		24,532		3,101,581
Exxon Mobil Corp.		87,476		7,236,889
Occidental Petroleum Corp.		8,036		672,452

59 OPPENHEIMER ETF TRUST

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

	Shares		Value
Energy (Continued)
Phillips 66		3,221	$	361,751
Total Energy				11,372,673

Food & Staples Retailing—3.6%
Costco Wholesale Corp.		11,897		2,486,235
Sysco Corp.		3,831		261,619
US Foods Holding Corp.¹		1,667		63,046
Walgreens Boots Alliance, Inc.		9,111		546,797
Walmart, Inc.		24,076		2,062,109
Total Food & Staples Retailing				5,419,806

Food, Beverage & Tobacco—4.6%
Altria Group, Inc.		26,452		1,502,209
Brown-Forman Corp., Class A		643		31,417
Brown-Forman Corp., Class B²		3,592		176,044
Campbell Soup Co.		2,397		97,174
General Mills, Inc.		5,578		246,882
Hershey Co. (The)		2,621		243,910
Hormel Foods Corp.		5,244		195,129
Ingredion, Inc.		681		75,387
Lamb Weston Holdings, Inc.		2,886		197,720
PepsiCo, Inc.		17,135		1,865,488
Philip Morris International, Inc.		27,708		2,237,144
Total Food, Beverage & Tobacco				6,868,504

Health Care Equipment & Services—4.3%
Baxter International, Inc.		7,646		564,581
Cantel Medical Corp.		372		36,590
Cerner Corp.¹		3,767		225,229
Chemed Corp.		320		102,979
Cigna Corp.		2,586		439,491
Cooper Cos., Inc. (The)		432		101,714
CVS Health Corp.		8,812		567,052
Danaher Corp.		5,438		536,622
ICU Medical, Inc.¹		131		38,468
McKesson Corp.		1,695		226,113
Medtronic PLC		10,087		863,548
Stryker Corp.		2,773		468,249
UnitedHealth Group, Inc.		7,581		1,859,923
Varian Medical Systems, Inc.¹		2,252		256,097
West Pharmaceutical Services, Inc.		1,421		141,091
Total Health Care Equipment & Services				6,427,747
Household & Personal Products—4.6%
Clorox Co. (The)²		2,725	$	368,556
Colgate-Palmolive Co.		21,170		1,372,028
Kimberly-Clark Corp.		5,291		557,354
Procter & Gamble Co. (The)		59,013		4,606,555
Total Household & Personal Products				6,904,493

Insurance—1.9%
Aon PLC		3,601		493,949
Arthur J. Gallagher & Co.		1,406		91,784
Brown & Brown, Inc.		2,245		62,254
Erie Indemnity Co., Class A		807		94,629
FNF Group		2,600		97,812
Marsh & McLennan Cos., Inc.		17,487		1,433,409
Progressive Corp. (The)		4,372		258,604
Torchmark Corp.		3,476		282,981
White Mountains Insurance Group Ltd.		115		104,260
Total Insurance				2,919,682

Materials—1.2%
AptarGroup, Inc.		535		49,958
Avery Dennison Corp.		717		73,206
Ecolab, Inc.		2,298		322,478
International Flavors & Fragrances, Inc.		731		90,615
LyondellBasell Industries NV, Class A		3,237		355,585
PPG Industries, Inc.		2,380		246,877
Praxair, Inc.		3,566		563,963
Scotts Miracle-Gro Co., (The)²		385		32,017
WR Grace & Co.		617		45,232
Total Materials				1,779,931

Media—2.0%
Interpublic Group of Cos., Inc. (The)		3,361		78,782
John Wiley & Sons, Inc., Class A		824		51,418
Liberty Broadband Corp., Class C^1,2		1,618		122,515
Madison Square Garden Co. (The), Class A¹		370		114,770
News Corp., Class A		4,454		69,037
Omnicom Group, Inc.		2,097		159,938
Sirius XM Holdings, Inc.²		15,030		101,753
Walt Disney Co. (The)		22,593		2,367,972
Total Media				3,066,185

60 OPPENHEIMER ETF TRUST

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—10.6%
Agilent Technologies, Inc.		3,532	$	218,419
Amgen, Inc.		5,807		1,071,914
Bristol-Myers Squibb Co.		20,696		1,145,317
Eli Lilly & Co.		12,435		1,061,079
Johnson & Johnson		62,261		7,554,750
Merck & Co., Inc.		32,040		1,944,828
Mettler-Toledo International, Inc.¹		431		249,389
Pfizer, Inc.		53,996		1,958,975
Waters Corp.¹		911		176,360
Zoetis, Inc.		6,112		520,681
Total Pharmaceuticals, Biotechnology & Life Sciences				15,901,712

Real Estate—1.8%
AvalonBay Communities, Inc.		1,196		205,580
EPR Properties		548		35,505
Equity LifeStyle Properties, Inc.		1,007		92,543
Extra Space Storage, Inc.		1,223		122,068
Gaming and Leisure Properties, Inc.		1,720		61,576
Lamar Advertising Co., Class A		1,631		111,414
Prologis, Inc.		5,336		350,522
Public Storage		4,276		970,053
Retail Properties of America, Inc., Class A		2,477		31,656
Simon Property Group, Inc.		4,104		698,460
Weingarten Realty Investors		1,964		60,511
Total Real Estate				2,739,888

Retailing—7.1%
AutoZone, Inc.¹		233		156,327
Dollar General Corp.		2,468		243,345
Home Depot, Inc. (The)		31,774		6,199,107
Lowe’s Cos., Inc.		9,459		903,997
O’Reilly Automotive, Inc.¹		995		272,202
Pool Corp.		574		86,961
Ross Stores, Inc.		7,852		665,457
Target Corp.		4,304		327,620
Tiffany & Co.		1,176		154,762
TJX Cos., Inc. (The)		17,267		1,643,473
Tractor Supply Co.		1,122		85,822
Total Retailing				10,739,073
Semiconductors & Semiconductor Equipment—3.7%
Intel Corp.		56,753	$	2,821,192
Maxim Integrated Products, Inc.		2,069		121,367
MKS Instruments, Inc.		604		57,803
Texas Instruments, Inc.		21,205		2,337,851
Xilinx, Inc.		2,968		193,692
Total Semiconductors & Semiconductor Equipment				5,531,905

Software & Services—19.6%
Accenture PLC, Class A		16,312		2,668,480
Adobe Systems, Inc.¹		6,619		1,613,778
Alphabet, Inc., Class A¹		3,226		3,642,767
Alphabet, Inc., Class C¹		3,469		3,870,190
Amdocs Ltd.		3,716		245,962
ANSYS, Inc.¹		1,636		284,959
Aspen Technology, Inc.¹		976		90,514
Automatic Data Processing, Inc.		12,249		1,643,081
Broadridge Financial Solutions, Inc.		2,925		336,668
Cognizant Technology Solutions Corp., Class A		8,165		644,953
eBay, Inc.¹		8,155		295,700
Fiserv, Inc.¹		5,127		379,859
Intuit, Inc.		5,572		1,138,388
Jack Henry & Associates, Inc.		2,526		329,289
Mastercard, Inc., Class A		25,873		5,084,562
Paychex, Inc.		9,746		666,139
Red Hat, Inc.¹		1,843		247,644
Synopsys, Inc.¹		2,982		255,170
Total System Services, Inc.		1,639		138,528
Tyler Technologies, Inc.¹		311		69,073
VeriSign, Inc.¹		974		133,847
Visa, Inc., Class A		43,715		5,790,052
Total Software & Services				29,569,603

Technology Hardware & Equipment—5.2%
Amphenol Corp., Class A		4,419		385,116
Apple, Inc.		37,267		6,898,494
Dolby Laboratories, Inc., Class A		916		56,508
F5 Networks, Inc.¹		612		105,539
FLIR Systems, Inc.		1,904		98,951
Littelfuse, Inc.		263		60,011
Motorola Solutions, Inc.		1,212		141,041
National Instruments Corp.		1,543		64,775
Total Technology Hardware & Equipment				7,810,435

61 OPPENHEIMER ETF TRUST

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

	Shares		Value
Transportation—1.6%
C.H. Robinson Worldwide, Inc.		1,130	$	94,536
Expeditors International of Washington, Inc.		4,564		333,628
FedEx Corp.		2,974		675,277
JB Hunt Transport Services, Inc.		1,559		189,497
Landstar System, Inc.		610		66,612
Old Dominion Freight Line, Inc.		844		125,722
Union Pacific Corp.		6,677		945,997
Total Transportation				2,431,269

Utilities—1.7%
Alliant Energy Corp.		1,736		73,468
Ameren Corp.		2,224		135,330
American Water Works Co., Inc.		1,497		127,814
Aqua America, Inc.		1,414		49,745
Consolidated Edison, Inc.		5,278		411,579
DTE Energy Co.		1,775		183,943
Edison International		2,975		188,228
Evergy, Inc.		2,446		137,343
PG&E Corp.		3,851		163,899
Pinnacle West Capital Corp.		918		73,954
Sempra Energy		2,192		254,513
Southern Co. (The)		7,623		353,021
UGI Corp.		1,553		80,865
Vectren Corp.		661		47,228
WEC Energy Group, Inc.		2,428		156,970
Xcel Energy, Inc.		4,280		195,510
Total Utilities				2,633,410

Total Common Stocks (Cost $151,607,714)				150,370,018

Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $157,307)		157,307	$	157,307
Investment of Cash Collateral for Securities Loaned—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $179,380)		179,380		179,380
Total Investments—100.1% (Cost $151,944,401)				150,706,705
Liabilities in Excess of Other Assets—(0.1)%				(114,966	)
Net Assets—100.0%			$	150,591,739

PLC – Public Limited Company

1. Non-income producing security.

2. All or a portion of the security was on loan. The aggregate value of the securities on loan was $1,009,501; total value of the collateral held by the Fund was $1,032,068. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $852,688 (Note 4).

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

62 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS JUNE 30, 2018
Oppenheimer Russell 2000^® Dynamic Multifactor ETF

	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—0.9%
Dorman Products, Inc.^1,2		573	$	39,142
LCI Industries¹		630		56,794
Standard Motor Products, Inc.¹		615		29,729
Total Automobiles & Components				125,665

Banks—14.7%
1st Source Corp.		141		7,534
Access National Corp.		120		3,432
Allegiance Bancshares, Inc.²		71		3,078
American National Bankshares, Inc.		71		2,840
Ameris Bancorp		326		17,392
Arrow Financial Corp.		116		4,222
Atlantic Capital Bancshares, Inc.²		220		4,323
BancFirst Corp.		167		9,886
BancorpSouth Bank¹		774		25,503
Bank of Marin Bancorp		60		4,851
Banner Corp.		276		16,596
Bar Harbor Bankshares		128		3,877
Beneficial Bancorp, Inc.		601		9,736
Berkshire Hills Bancorp, Inc.		367		14,900
Blue Hills Bancorp, Inc.		211		4,684
Boston Private Financial Holdings, Inc.		625		9,938
Bridge Bancorp, Inc.		129		4,638
Brookline Bancorp, Inc.		710		13,206
Bryn Mawr Bank Corp.		189		8,751
Cadence BanCorp		419		12,097
Camden National Corp.		135		6,171
Capitol Federal Financial, Inc.¹		1,327		17,463
Carolina Financial Corp.		114		4,893
Cathay General Bancorp		665		26,926
CenterState Banks Corp.		764		22,782
Central Pacific Financial Corp.		237		6,790
Charter Financial Corp.		117		2,826
Chemical Financial Corp.		601		33,458
Citizens & Northern Corp.		120		3,103
City Holding Co.		147		11,059
CNB Financial Corp.		122		3,667
CoBiz Financial, Inc.		283		6,079
Columbia Banking System, Inc.		594		24,295
Community Bank System, Inc.¹		471		27,822
Banks (Continued)
Community Trust Bancorp, Inc.		148	$	7,393
ConnectOne Bancorp, Inc.		255		6,350
Customers Bancorp, Inc.²		214		6,073
CVB Financial Corp.		908		20,357
Dime Community Bancshares, Inc.		292		5,694
Eagle Bancorp, Inc.²		287		17,593
Enterprise Financial Services Corp.		212		11,437
Equity Bancshares, Inc., Class A²		111		4,604
Essent Group Ltd.²		1,610		57,670
Farmers National Banc Corp.		217		3,461
FCB Financial Holdings, Inc., Class A²		352		20,698
Fidelity Southern Corp.		152		3,862
Financial Institutions, Inc.		130		4,277
First Bancorp		247		10,105
First Bancshares, Inc. (The)		106		3,811
First Busey Corp.		395		12,529
First Commonwealth Financial Corp.		693		10,748
First Community Bancshares, Inc.		137		4,365
First Connecticut Bancorp, Inc.		122		3,733
First Defiance Financial Corp.		92		6,170
First Financial Bancorp		816		25,010
First Financial Bankshares, Inc.¹		555		28,250
First Financial Corp.		112		5,079
First Foundation, Inc.²		293		5,432
First Interstate BancSystem, Inc., Class A		277		11,689
First Merchants Corp.		466		21,622
First Midwest Bancorp, Inc.		910		23,178
First of Long Island Corp. (The)		204		5,069
Flagstar Bancorp, Inc.²		213		7,297
Flushing Financial Corp.		216		5,638
Fulton Financial Corp.		1,537		25,361
German American Bancorp, Inc.		178		6,381
Glacier Bancorp, Inc.		745		28,817
Great Southern Bancorp, Inc.		94		5,377
Great Western Bancorp, Inc.		464		19,483

63 OPPENHEIMER ETF TRUST

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

	Shares		Value
Banks (Continued)
Guaranty Bancorp		229	$	6,824
Hancock Holding Co.		633		29,529
Hanmi Financial Corp.		248		7,031
Heartland Financial USA, Inc.¹		257		14,096
Heritage Commerce Corp.		358		6,082
Heritage Financial Corp.		310		10,804
Hilltop Holdings, Inc.		495		10,925
Home Bancorp, Inc.		72		3,352
Home BancShares, Inc.¹		1,253		28,268
HomeStreet, Inc.^1,2		190		5,121
HomeTrust Bancshares, Inc.²		156		4,391
Hope Bancorp, Inc.¹		1,007		17,955
Horizon Bancorp		295		6,104
IBERIABANK Corp.		454		34,413
Independent Bank Corp.		178		4,539
Independent Bank Corp.		242		18,973
Independent Bank Group, Inc.¹		142		9,486
International Bancshares Corp.		435		18,618
Investors Bancorp, Inc.		2,406		30,773
Kearny Financial Corp.		818		11,002
Lakeland Bancorp, Inc.		386		7,662
Lakeland Financial Corp.¹		230		11,084
LegacyTexas Financial Group, Inc.		339		13,228
Live Oak Bancshares, Inc.		236		7,233
Macatawa Bank Corp.		243		2,950
MB Financial, Inc.		683		31,896
Mercantile Bank Corp.		121		4,472
Meridian Bancorp, Inc.		455		8,713
Meta Financial Group, Inc.		54		5,260
MGIC Investment Corp.²		4,678		50,148
Midland States Bancorp, Inc.		153		5,242
MidWestOne Financial Group, Inc.		91		3,074
National Bank Holdings Corp., Class A		250		9,648
National Bankshares, Inc.		65		3,016
National Commerce Corp.²		127		5,880
NBT Bancorp, Inc.		349		13,314
Nicolet Bankshares, Inc.²		73		4,023
NMI Holdings, Inc., Class A²		454		7,400
Northfield Bancorp, Inc.		429		7,130
Northwest Bancshares, Inc.¹		949		16,503
OceanFirst Financial Corp.		424		12,703
Old Line Bancshares, Inc.¹		139		4,853
Banks (Continued)
Old National Bancorp		1,249	$	23,231
Old Second Bancorp, Inc.		202		2,909
Oritani Financial Corp.		432		6,998
Pacific Premier Bancorp, Inc.²		370		14,116
Park National Corp.		125		13,928
PCSB Financial Corp.		151		3,000
Peapack Gladstone Financial Corp.		140		4,843
PennyMac Financial Services, Inc., Class A²		148		2,908
Peoples Bancorp, Inc.		155		5,856
Peoples Financial Services Corp.		62		2,915
People’s Utah Bancorp¹		133		4,748
PHH Corp.²		487		5,289
Preferred Bank		111		6,822
Provident Financial Services, Inc.		576		15,857
QCR Holdings, Inc.		122		5,789
Radian Group, Inc.		2,028		32,894
Renasant Corp.		439		19,983
Republic Bancorp, Inc., Class A		83		3,760
S&T Bancorp, Inc.		293		12,669
Sandy Spring Bancorp, Inc.		313		12,836
Seacoast Banking Corp. of Florida²		401		12,664
ServisFirst Bancshares, Inc.		398		16,609
Sierra Bancorp		111		3,135
Simmons First National Corp., Class A		697		20,840
South State Corp.		323		27,859
Southern First Bancshares, Inc.²		60		2,652
Southern National Bancorp of Virginia, Inc.		179		3,193
Southside Bancshares, Inc.		247		8,319
State Bank Financial Corp.		340		11,356
Stock Yards Bancorp, Inc.		194		7,401
Tompkins Financial Corp.		129		11,079
TowneBank		590		18,939
TriCo Bancshares		182		6,816
TriState Capital Holdings, Inc.²		158		4,124
Triumph Bancorp, Inc.²		158		6,439
TrustCo Bank Corp. NY		810		7,209
Trustmark Corp.¹		610		19,904
UMB Financial Corp.		371		28,281
Union Bankshares Corp.¹		559		21,734

64 OPPENHEIMER ETF TRUST

	Shares		Value
Banks (Continued)
United Bankshares, Inc.¹		923	$	33,597
United Community Banks, Inc.		617		18,923
United Community Financial Corp.		367		4,033
United Financial Bancorp, Inc.		457		8,007
Univest Corp. of Pennsylvania		268		7,370
Valley National Bancorp¹		2,921		35,519
Veritex Holdings, Inc.²		174		5,406
Walker & Dunlop, Inc.		257		14,302
Washington Federal, Inc.		787		25,735
Washington Trust Bancorp, Inc.		134		7,785
Waterstone Financial, Inc.		277		4,723
WesBanco, Inc.		403		18,151
West Bancorporation, Inc.		126		3,169
Westamerica Bancorporation¹		224		12,658
Western New England Bancorp, Inc.		260		2,860
WSFS Financial Corp.		258		13,751
Total Banks				1,993,042

Capital Goods—8.7%
AAON, Inc.		778		25,869
Aegion Corp.²		425		10,944
Alamo Group, Inc.		167		15,090
Altra Industrial Motion Corp.		390		16,809
Applied Industrial Technologies, Inc.		760		53,314
Argan, Inc.		386		15,807
Astec Industries, Inc.¹		459		27,448
Barnes Group, Inc.		893		52,598
CSW Industrials, Inc.²		635		33,560
Douglas Dynamics, Inc.		330		15,840
EMCOR Group, Inc.		1,678		127,830
Encore Wire Corp.		476		22,586
EnerSys		620		46,277
Foundation Building Materials, Inc.²		374		5,752
Gencor Industries, Inc.²		245		3,957
Gorman-Rupp Co. (The)		376		13,160
Graham Corp.		168		4,336
Granite Construction, Inc.		941		52,376
Hillenbrand, Inc.		1,295		61,059
Hurco Cos., Inc.		131		5,862
Insteel Industries, Inc.¹		241		8,049
Capital Goods (Continued)
KBR, Inc.		1,879	$	33,672
Lindsay Corp.		155		15,033
Lydall, Inc.²		354		15,452
Miller Industries, Inc.		206		5,263
Mueller Industries, Inc.		1,968		58,076
National Presto Industries, Inc.		141		17,484
Omega Flex, Inc.		51		4,035
Primoris Services Corp.		875		23,826
Raven Industries, Inc.		824		31,683
RBC Bearings, Inc.²		553		71,232
Simpson Manufacturing Co., Inc.		1,407		87,501
Sun Hydraulics Corp.		655		31,564
Universal Forest Products, Inc.		1,583		57,969
Watts Water Technologies, Inc., Class A		432		33,869
Woodward, Inc.		973		74,785
Total Capital Goods				1,179,967

Commercial & Professional Services—5.6%
Brady Corp., Class A		1,095		42,212
CBIZ, Inc.²		865		19,895
CRA International, Inc.		182		9,262
Deluxe Corp.		1,094		72,434
Ennis, Inc.		811		16,504
Essendant, Inc.		607		8,025
Exponent, Inc.		1,826		88,196
Forrester Research, Inc.		210		8,809
Heidrick & Struggles International, Inc.		337		11,795
Herman Miller, Inc.		1,215		41,188
ICF International, Inc.		337		23,944
Insperity, Inc.		691		65,818
Interface, Inc.		862		19,783
Kimball International, Inc., Class B		500		8,080
Korn/Ferry International		1,040		64,407
McGrath RentCorp.		450		28,471
Navigant Consulting, Inc.²		1,030		22,804
Resources Connection, Inc.		940		15,886
SP Plus Corp.²		310		11,532
Steelcase, Inc., Class A		1,179		15,917
Tetra Tech, Inc.		973		56,921
UniFirst Corp.		478		84,558
Viad Corp.		389		21,103
Total Commercial & Professional Services				757,544

65 OPPENHEIMER ETF TRUST

SCHEDULE OF INVESTMENTS CONTINUED
oppenheimer Russell 2000^® Dynamic Multifactor ETF

	Shares		Value
Consumer Durables & Apparel—3.5%
Bassett Furniture Industries, Inc.		140	$	3,857
Callaway Golf Co.¹		1,259		23,883
Cavco Industries, Inc.²		189		39,246
Deckers Outdoor Corp.²		880		99,343
Ethan Allen Interiors, Inc.		485		11,882
Helen of Troy Ltd.²		690		67,931
KB Home		1,362		37,101
Oxford Industries, Inc.		299		24,811
Steven Madden Ltd.		1,714		91,013
Sturm Ruger & Co., Inc.¹		342		19,152
Tupperware Brands Corp.		1,257		51,839
Total Consumer Durables & Apparel				470,058

Consumer Services—6.2%
BJ’s Restaurants, Inc.¹		428		25,680
Bloomin’ Brands, Inc.		1,395		28,040
Brinker International, Inc.¹		1,142		54,359
Capella Education Co.		254		25,070
Cheesecake Factory, Inc. (The)¹		1,201		66,127
Cracker Barrel Old Country Store, Inc.¹		607		94,819
Dave & Buster’s Entertainment, Inc.²		627		29,845
Del Frisco’s Restaurant Group, Inc.²		600		7,560
Denny’s Corp.²		1,246		19,849
Drive Shack, Inc.^1,2		934		7,210
Habit Restaurants, Inc., Class A^1,2		376		3,760
ILG, Inc.		1,458		48,158
International Speedway Corp., Class A		559		24,987
Jack in the Box, Inc.		744		63,329
Lindblad Expeditions Holdings, Inc.²		355		4,704
Monarch Casino & Resort, Inc.²		187		8,237
Papa John’s International, Inc.		483		24,498
Planet Fitness, Inc., Class A²		2,112		92,801
Potbelly Corp.²		423		5,478
Ruth’s Hospitality Group, Inc.		652		18,289
Sonic Corp.		538		18,518
Sotheby’s^1,2		773		42,005
Consumer Services (Continued)
Texas Roadhouse, Inc.¹		2,071	$	135,671
Total Consumer Services				848,994

Diversified Financials—4.6%
AG Mortgage Investment Trust, Inc.		368		6,915
Anworth Mortgage Asset Corp.		935		4,647
Apollo Commercial Real Estate Finance, Inc.		2,104		38,461
Arbor Realty Trust, Inc.		593		6,185
Ares Commercial Real Estate Corp.		307		4,240
ARMOUR Residential REIT, Inc.		446		10,173
Artisan Partners Asset Management, Inc., Class A		798		24,060
Banco Latinoamericano de Comercio Exterior SA, Class E		263		6,472
Blackstone Mortgage Trust, Inc., Class A		1,292		40,608
BrightSphere Investment Group PLC		1,373		19,579
Cannae Holdings, Inc.²		1,024		18,995
Capstead Mortgage Corp.		857		7,670
Cherry Hill Mortgage Investment Corp.		180		3,215
Cohen & Steers, Inc.¹		419		17,476
Colony Credit Real Estate, Inc.		487		10,096
CYS Investments, Inc.		1,448		10,860
Diamond Hill Investment Group, Inc.		65		12,638
Dynex Capital, Inc.		518		3,383
Federated Investors, Inc., Class B		1,870		43,608
FGL Holdings²		1,573		13,197
Financial Engines, Inc.		422		18,948
FirstCash, Inc.		612		54,988
Green Dot Corp., Class A²		302		22,164
Hamilton Lane, Inc., Class A		117		5,612
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		454		8,967
Houlihan Lokey, Inc.		528		27,044
INTL. FCStone, Inc.²		91		4,706
Invesco Mortgage Capital, Inc.		1,217		19,350
KKR Real Estate Finance Trust, Inc.		167		3,303

66 OPPENHEIMER ETF TRUST

	Shares		Value
Diversified Financials (Continued)
Ladder Capital Corp.		747	$	11,668
Moelis & Co., Class A¹		646		37,888
MTGE Investment Corp.		562		11,015
Nelnet, Inc., Class A		118		6,892
New York Mortgage Trust, Inc.¹		886		5,325
PennyMac Mortgage Investment Trust		597		11,337
Redwood Trust, Inc.		730		12,023
Stifel Financial Corp.		477		24,923
Sutherland Asset Management Corp.		183		2,974
Virtus Investment Partners, Inc.¹		49		6,270
Waddell & Reed Financial, Inc., Class A		949		17,054
Western Asset Mortgage Capital Corp.		421		4,387
Westwood Holdings Group, Inc.		149		8,871
Total Diversified Financials				628,187

Energy—1.2%
Dril-Quip, Inc.^1,2		833		42,816
Evolution Petroleum Corp.		408		4,019
FTS International, Inc.²		354		5,041
Liberty Oilfield Services, Inc., Class A^1,2		262		4,905
Midstates Petroleum Co., Inc.²		234		3,185
Natural Gas Services Group, Inc.²		169		3,988
Oil States International, Inc.²		958		30,752
Par Pacific Holdings, Inc.²		551		9,576
SEACOR Holdings, Inc.^1,2		324		18,556
World Fuel Services Corp.		1,915		39,085
Total Energy				161,923

Food & Staples Retailing—0.9%
PriceSmart, Inc.		454		41,087
United Natural Foods, Inc.²		1,316		56,141
Village Super Market, Inc., Class A		153		4,507
Weis Markets, Inc.		338		18,029
Total Food & Staples Retailing				119,764

Food, Beverage & Tobacco—2.6%
Boston Beer Co., Inc. (The), Class A^1,2		218		65,335
Calavo Growers, Inc.		282		27,114
Food, Beverage & Tobacco (Continued)
Fresh Del Monte Produce, Inc.		479	$	21,339
J&J Snack Foods Corp.		422		64,342
Lancaster Colony Corp.		399		55,230
National Beverage Corp.^1,2		265		28,329
Sanderson Farms, Inc.¹		496		52,154
Tootsie Roll Industries, Inc.¹		480		14,808
Vector Group Ltd.		1,573		30,013
Total Food, Beverage & Tobacco				358,664

Health Care Equipment & Services—6.3%
Abaxis, Inc.		336		27,891
AngioDynamics, Inc.²		791		17,592
Anika Therapeutics, Inc.²		248		7,936
Atrion Corp.		55		32,967
CorVel Corp.²		308		16,632
Cutera, Inc.²		322		12,977
Globus Medical, Inc., Class A²		1,827		92,190
Haemonetics Corp.²		1,801		161,514
HealthEquity, Inc.²		441		33,119
HealthStream, Inc.		595		16,250
LivaNova PLC²		916		91,435
Meridian Bioscience, Inc.		1,423		22,626
National Healthcare Corp.		482		33,923
National Research Corp.		228		8,527
Neogen Corp.²		1,483		118,922
Orthofix International NV²		565		32,103
Patterson Cos., Inc.		1,721		39,015
Providence Service Corp. (The)²		182		14,296
Quality Systems, Inc.^1,2		461		8,990
Surmodics, Inc.²		286		15,787
US Physical Therapy, Inc.		309		29,664
Utah Medical Products, Inc.		134		14,760
Total Health Care Equipment & Services				849,116

Household & Personal Products—0.6%
HRG Group, Inc.²		743		9,726
Inter Parfums, Inc.		233		12,466
Medifast, Inc.		215		34,434
Oil-Dri Corp. of America		72		3,034
WD-40 Co.¹		179		26,179
Total Household & Personal Products				85,839

Insurance—3.0%
AMERISAFE, Inc.		228		13,167

67 OPPENHEIMER ETF TRUST

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

	Shares		Value
Insurance (Continued)
Argo Group International Holdings Ltd.		273	$	15,875
CNO Financial Group, Inc.		1,355		25,799
Employers Holdings, Inc.		281		11,296
Enstar Group Ltd.^1,2		155		32,131
FBL Financial Group, Inc., Class A		88		6,930
Horace Mann Educators Corp.		361		16,101
Infinity Property & Casualty Corp.		116		16,513
Investors Title Co.		20		3,693
James River Group Holdings Ltd.		228		8,958
Kemper Corp.¹		307		23,225
Kinsale Capital Group, Inc.		200		10,972
National General Holdings Corp.		542		14,271
National Western Life Group, Inc., Class A		19		5,838
Navigators Group, Inc. (The)		198		11,286
Primerica, Inc.		408		40,637
ProAssurance Corp.		652		23,113
RLI Corp.¹		450		29,785
Safety Insurance Group, Inc.		200		17,080
Selective Insurance Group, Inc.		658		36,190
State Auto Financial Corp.		129		3,858
Stewart Information Services Corp.		251		10,811
Third Point Reinsurance Ltd.²		1,304		16,300
United Fire Group, Inc.		153		8,340
Total Insurance				402,169

Materials—4.2%
Balchem Corp.		516		50,640
Chase Corp.		174		20,401
Compass Minerals International, Inc.		561		36,886
FutureFuel Corp.		781		10,942
Greif, Inc., Class A		337		17,824
Hawkins, Inc.		182		6,434
Haynes International, Inc.		200		7,348
Innospec, Inc.		555		42,485
Kaiser Aluminum Corp.		389		40,499
Louisiana-Pacific Corp.		3,432		93,419
Materion Corp.		418		22,635
Quaker Chemical Corp.		394		61,019
Materials (Continued)
Schnitzer Steel Industries, Inc., Class A		428	$	14,424
Sensient Technologies Corp.¹		723		51,731
Stepan Co.		427		33,310
UFP Technologies, Inc.²		145		4,473
United States Lime & Minerals, Inc.		55		4,614
Warrior Met Coal, Inc.		763		21,036
Worthington Industries, Inc.		584		24,510
Total Materials				564,630

Media—1.6%
Entravision Communications Corp., Class A		1,075		5,375
IMAX Corp.²		1,178		26,093
Loral Space & Communications, Inc.²		388		14,589
Marcus Corp. (The)		272		8,840
MSG Networks, Inc., Class A^1,2		1,043		24,980
New York Times Co., (The), Class A¹		2,284		59,155
Scholastic Corp.		779		34,517
TEGNA, Inc.		3,533		38,333
Total Media				211,882

Pharmaceuticals, Biotechnology & Life Sciences—0.4%
BioSpecifics Technologies Corp.²		103		4,621
Evolus, Inc.²		79		2,211
Homology Medicines, Inc.^1,2		171		3,488
Luminex Corp.		1,319		38,950
PDL BioPharma, Inc.²		2,788		6,524
Total Pharmaceuticals, Biotechnology & Life Sciences				55,794

Real Estate—12.2%
Acadia Realty Trust		821		22,471
Agree Realty Corp.		425		22,427
Alexander & Baldwin, Inc.		1,205		28,317
Alexander’s, Inc.		33		12,627
American Assets Trust, Inc.		389		14,895
Armada Hoffler Properties, Inc.		460		6,854
Braemar Hotels & Resorts, Inc.		276		3,152
CareTrust REIT, Inc.		530		8,846
CBL & Associates Properties, Inc.		1,049		5,843

68 OPPENHEIMER ETF TRUST

	Shares		Value
Real Estate (Continued)
Cedar Realty Trust, Inc.		695	$	3,280
Chatham Lodging Trust		458		9,719
Chesapeake Lodging Trust		753		23,825
City Office REIT, Inc.		270		3,464
Community Healthcare Trust, Inc.		151		4,510
CoreCivic, Inc.		949		22,672
CorEnergy Infrastructure Trust, Inc.		96		3,610
Cousins Properties, Inc.		6,301		61,057
DiamondRock Hospitality Co.		2,163		26,562
Easterly Government Properties, Inc.		406		8,023
EastGroup Properties, Inc.¹		508		48,544
Education Realty Trust, Inc.		780		32,370
First Industrial Realty Trust, Inc.		2,145		71,514
Forestar Group, Inc.²		127		2,635
Four Corners Property Trust, Inc.		918		22,610
Franklin Street Properties Corp.		686		5,872
GEO Group, Inc. (The)		1,066		29,358
Getty Realty Corp.		495		13,944
Gladstone Commercial Corp.		237		4,555
Global Net Lease, Inc.¹		486		9,929
Government Properties Income Trust		726		11,507
Gramercy Property Trust		1,430		39,068
Healthcare Realty Trust, Inc.		1,145		33,297
Hersha Hospitality Trust		469		10,060
HFF, Inc., Class A		554		19,030
Independence Realty Trust, Inc.		902		9,300
InfraREIT, Inc.		254		5,631
Investors Real Estate Trust¹		720		3,982
iStar, Inc.^1,2		538		5,805
Kennedy-Wilson Holdings, Inc.		915		19,352
Kite Realty Group Trust		635		10,846
LaSalle Hotel Properties		1,389		47,545
Lexington Realty Trust		2,369		20,681
LTC Properties, Inc.¹		660		28,208
Mack-Cali Realty Corp.		644		13,060
Marcus & Millichap, Inc.²		204		7,958
MedEquities Realty Trust, Inc.		349		3,846
Real Estate (Continued)
Monmouth Real Estate Investment Corp.		900	$	14,877
National Health Investors, Inc.		681		50,176
National Storage Affiliates Trust		344		10,602
New Senior Investment Group, Inc.		431		3,263
NexPoint Residential Trust, Inc.		195		5,548
One Liberty Properties, Inc.		187		4,939
Pebblebrook Hotel Trust		776		30,109
Physicians Realty Trust		1,665		26,540
Piedmont Office Realty Trust, Inc., Class A		1,712		34,120
PotlatchDeltic, Corp.		1,143		58,121
Preferred Apartment Communities, Inc., Class A¹		335		5,692
PS Business Parks, Inc.		382		49,087
QTS Realty Trust, Inc., Class A		313		12,363
Ramco-Gershenson Properties Trust		1,003		13,250
RE/MAX Holdings, Inc., Class A		299		15,683
Retail Opportunity Investments Corp.¹		1,123		21,517
Rexford Industrial Realty, Inc.		920		28,879
RLJ Lodging Trust		1,737		38,301
RMR Group, Inc. (The), Class A		103		8,080
Ryman Hospitality Properties, Inc.		764		63,527
Sabra Health Care REIT, Inc.		1,655		35,963
Saul Centers, Inc.		154		8,251
Select Income REIT		613		13,774
St Joe Co. (The)^1,2		383		6,875
STAG Industrial, Inc.		878		23,908
Summit Hotel Properties, Inc.¹		1,421		20,334
Sunstone Hotel Investors, Inc.		2,830		47,035
Tanger Factory Outlet Centers, Inc.		1,053		24,735
Tejon Ranch Co.²		118		2,867
Terreno Realty Corp.		743		27,989
UMH Properties, Inc.		312		4,789
Universal Health Realty Income Trust		227		14,523

69 OPPENHEIMER ETF TRUST

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

	Shares		Value
Real Estate (Continued)
Urban Edge Properties		1,246	$	28,496
Urstadt Biddle Properties, Inc., Class A		471		10,659
Washington Prime Group, Inc.¹		1,592		12,911
Washington Real Estate Investment Trust¹		748		22,687
Whitestone REIT		309		3,856
Xenia Hotels & Resorts, Inc.		1,208		29,427
Total Real Estate				1,656,414

Retailing—5.4%
American Eagle Outfitters, Inc.		2,877		66,890
Bed Bath & Beyond, Inc.		1,777		35,407
Big Lots, Inc.		703		29,371
Buckle, Inc. (The)¹		659		17,727
Caleres, Inc.		923		31,742
Cato Corp., (The), Class A		500		12,310
Chico’s FAS, Inc.		1,744		14,196
Children’s Place, Inc. (The)¹		419		50,615
Citi Trends, Inc.		228		6,256
DSW, Inc., Class A		1,576		40,692
GameStop Corp., Class A¹		1,699		24,755
Genesco, Inc.^1,2		469		18,619
Haverty Furniture Cos., Inc.		278		6,005
Hibbett Sports, Inc.²		311		7,122
Liberty Expedia Holdings, Inc., Class A²		1,411		61,999
Monro, Inc.¹		483		28,062
Murphy USA, Inc.²		528		39,225
Ollie’s Bargain Outlet Holdings, Inc.^1,2		1,201		87,073
PetMed Express, Inc.¹		397		17,488
Sally Beauty Holdings, Inc.^1,2		1,747		28,005
Shoe Carnival, Inc.		150		4,868
Signet Jewelers Ltd.¹		1,064		59,318
Sleep Number Corp.^1,2		651		18,892
Weyco Group, Inc.		173		6,297
Winmark Corp.		125		18,556
Total Retailing				731,490

Semiconductors & Semiconductor Equipment—1.9%
Advanced Energy Industries, Inc.²		676		39,269
Brooks Automation, Inc.		918		29,945
Cabot Microelectronics Corp.		478		51,414
Cohu, Inc.¹		337		8,260
Semiconductors & Semiconductor Equipment (Continued)
Diodes, Inc.²		387	$	13,340
Entegris, Inc.		1,455		49,324
Nanometrics, Inc.²		227		8,038
NVE Corp.		141		17,171
Photronics, Inc.²		638		5,088
Power Integrations, Inc.		324		23,668
Rudolph Technologies, Inc.²		353		10,449
Xcerra Corp.²		494		6,901
Total Semiconductors & Semiconductor Equipment				262,867

Software & Services—3.8%
American Software, Inc., Class A		446		6,498
Appfolio, Inc., Class A²		159		9,723
CACI International, Inc., Class A²		266		44,834
Cars.com, Inc.²		1,274		36,169
Cision Ltd.²		486		7,266
CommVault Systems, Inc.²		377		24,825
Convergys Corp.		2,026		49,515
EVERTEC, Inc.		866		18,922
ExlService Holdings, Inc.²		557		31,532
j2 Global, Inc.¹		413		35,770
ManTech International Corp., Class A		657		35,242
MAXIMUS, Inc.		1,868		116,022
MicroStrategy, Inc., Class A²		93		11,881
NIC, Inc.		629		9,781
Perficient, Inc.²		306		8,069
Progress Software Corp.		607		23,564
QAD, Inc., Class A		102		5,115
Sykes Enterprises, Inc.²		762		21,930
XO Group, Inc.²		623		19,936
Total Software & Services				516,594

Technology Hardware & Equipment—2.8%
AVX Corp.		1,599		25,056
Badger Meter, Inc.¹		676		30,217
Benchmark Electronics, Inc.		1,240		36,146
CTS Corp.		637		22,932
Daktronics, Inc.¹		608		5,174
ePlus, Inc.²		195		18,350
Fabrinet²		584		21,544
InterDigital, Inc.		383		30,985
Kimball Electronics, Inc.²		538		9,845
MTS Systems Corp.		273		14,373
NETGEAR, Inc.^1,2		457		28,563
Park Electrochemical Corp.		534		12,383
PC Connection, Inc.		148		4,914

70 OPPENHEIMER ETF TRUST

	Shares		Value
Technology Hardware & Equipment (Continued)
Rogers Corp.²		311	$	34,664
Vishay Intertechnology, Inc.		3,408		79,066
Vishay Precision Group, Inc.²		168		6,409
Total Technology Hardware & Equipment				380,621

Telecommunication Services—0.2%
ATN International, Inc.		268		14,143
Boingo Wireless, Inc.²		370		8,358
Spok Holdings, Inc.		440		6,622
Total Telecommunication Services				29,123

Transportation—1.1%
Daseke, Inc.^1,2		1,384		13,743
Forward Air Corp.		1,014		59,907
Heartland Express, Inc.		783		14,525
Marten Transport Ltd.		752		17,635
Werner Enterprises, Inc.		1,264		47,463
Total Transportation				153,273

Utilities—7.3%
ALLETE, Inc.		881		68,198
American States Water Co.¹		691		39,498
Artesian Resources Corp., Class A		141		5,467
Avista Corp.		974		51,291
Black Hills Corp.		856		52,396
California Water Service Group¹		796		31,004
Chesapeake Utilities Corp.		259		20,707
Consolidated Water Co. Ltd.		289		3,728
El Paso Electric Co.		813		48,048
IDACORP, Inc.		955		88,089
MGE Energy, Inc.		643		40,541
Middlesex Water Co.		216		9,109
New Jersey Resources Corp.		1,619		72,450
Northwest Natural Gas Co.		551		35,154
NorthWestern Corp.		936		53,586
NRG Yield, Inc., Class A		191		3,257
ONE Gas, Inc.		787		58,820
Ormat Technologies, Inc.		617		32,818
Otter Tail Corp.		625		29,750
PNM Resources, Inc.		1,230		47,847
Utilities (Continued)
Portland General Electric Co.		1,612	$	68,929
RGC Resources, Inc.		98		2,860
SJW Group		255		16,886
South Jersey Industries, Inc.		1,356		45,385
Spire, Inc.		697		49,243
Unitil Corp.		236		12,046
Total Utilities				987,107

Total Common Stocks (Cost $13,014,020)				13,530,727

Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $9,069)		9,069		9,069
Investment of Cash Collateral for Securities Loaned—2.9%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%³ (Cost $391,014)		391,014		391,014
Total Investments—102.7% (Cost $13,414,103)				13,930,810
Liabilities in Excess of Other Assets—(2.7)%				(370,020	)
Net Assets—100.0%			$	13,560,790

PLC – Public Limited Company

REIT – Real Estate Investment Trust

1. All or a portion of the security was on loan. The aggregate value of the securities on loan was $2,070,480; total value of the collateral held by the Fund was $2,136,818. The total value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,745,804 (Note 4).

2. Non-income producing security.

3. Rate shown represents annualized 7-day yield as of June 30, 2018.

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

71 OPPENHEIMER ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018

	Oppenheimer Russell 1000^® Momentum Factor ETF			Oppenheimer Russell 1000^® Value Factor ETF			Oppenheimer Russell 1000^® Low Volatility Factor ETF			Oppenheimer Russell 1000^® Size Factor ETF
Assets:
Investments at value (including securities on loan) (Note 3) ¹	$	5,346,704		$	5,191,290		$	5,114,523		$	5,495,857
Cash		21			47			31			25
Receivables and other assets:
Dividends		2,899			4,230			5,645			7,153
Investment securities sold		365			320			—			—
Securities lending income, net (Note 4)		31			26			3			104
Reclaims		—			1			—			2
Total Assets		5,350,020			5,195,914			5,120,202			5,503,141

Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4) ²		5,490			11,343			—			111,679
Management fees (Note 9)		857			832			816			859
Total Liabilities		6,347			12,175			816			112,538

Net Assets	$	5,343,673		$	5,183,739		$	5,119,386		$	5,390,603

Composition of Net Assets:
Paid-in capital	$	5,055,881		$	5,143,926		$	5,015,162		$	5,207,579
Accumulated undistributed net investment income		2,997			4,144			4,879			10,140
Accumulated undistributed net realized gain (loss) on investments		(118,112	)		(36,293	)		(55,340	)		(32,537	)
Net unrealized appreciation on investments and foreign currency translations		402,907			71,962			154,685			205,421

Net Assets	$	5,343,673		$	5,183,739		$	5,119,386		$	5,390,603
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		200,000			200,000			200,000			200,000
Net asset value, offering and redemption price per share	$	26.72		$	25.92		$	25.60		$	26.95
Investments at cost	$	4,943,797		$	5,119,328		$	4,959,838		$	5,290,436
1. Includes value of securities on loan:	$	79,918		$	205,019		$	37,776		$	838,198
2. Non-cash collateral for securities on loan:	$	76,017		$	198,334		$	38,653		$	744,978

72 OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000^® Quality Factor ETF			Oppenheimer Russell 1000^® Yield Factor ETF			Oppenheimer Russell 1000^® Dynamic Multifactor ETF			Oppenheimer Russell 2000^® Dynamic Multifactor ETF
Assets:
Investments at value (including securities on loan) (Note 3) ¹	$	5,383,773		$	5,035,645		$	150,706,705		$	13,930,810
Cash		35			—			190			—
Receivables and other assets:
Dividends		2,758			8,571			89,512			19,908
Investment securities sold		1,888			—			—			4,620
Securities lending income, net (Note 4)		21			10			257			936
Total Assets		5,388,475			5,044,226			150,796,664			13,956,274

Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4) ²		9,244			5,865			179,380			391,014
Management fees (Note 9)		859			803			25,545			4,470
Total Liabilities		10,103			6,668			204,925			395,484

Net Assets	$	5,378,372		$	5,037,558		$	150,591,739		$	13,560,790

Composition of Net Assets:
Paid-in capital	$	5,186,890		$	5,119,257		$	153,023,069		$	13,875,302
Accumulated undistributed net investment income		2,906			7,892			91,664			20,387
Accumulated undistributed net realized (loss) on investments		(50,196	)		(21,027	)		(1,285,298	)		(851,606	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		238,772			(68,564	)		(1,237,696	)		516,707

Net Assets	$	5,378,372		$	5,037,558		$	150,591,739		$	13,560,790
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		200,000			200,000			5,650,000			500,000
Net asset value, offering and redemption price per share	$	26.89		$	25.19		$	26.65		$	27.12
Investments at cost	$	5,145,001		$	5,104,209		$	151,944,401		$	13,414,103
1. Includes value of securities on loan:	$	102,207		$	92,315		$	1,009,501		$	2,070,480
2. Non-cash collateral for securities on loan:	$	95,265		$	88,424		$	852,688		$	1,745,804

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

73 OPPENHEIMER ETF TRUST

STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED June 30, 2018

	Oppenheimer Russell 1000^® Momentum Factor ETF¹			Oppenheimer Russell 1000^® Value Factor ETF¹			Oppenheimer Russell 1000^® Low Volatility Factor ETF¹			Oppenheimer Russell 1000^® Size Factor ETF¹
Investment Income:
Dividend income	$	56,005		$	73,437		$	77,184		$	55,658
Foreign withholding tax		(1	)		(5	)		—			(24	)
Securities lending income, net (Note 4)		194			188			11			593
Total Income		56,198			73,620			77,195			56,227

Expenses:
Management fees (Note 9)		6,389			6,376			6,249			6,381
Net Investment Income		49,809			67,244			70,946			49,846

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(124,412	)		(36,524	)		(55,530	)		(27,670	)
Net realized gain on in-kind redemptions		73,520			145,970			20,265			207,987
Total net realized gain (loss)		(50,892	)		109,446			(35,265	)		180,317
Net change in unrealized appreciation on investments		402,907			71,962			154,685			205,421
Net realized and unrealized gain on investments		352,015			181,408			119,420			385,738
Net Increase in Net Assets Resulting From Operations	$	401,824		$	248,652		$	190,366		$	435,584

1. For the period from November 8, 2017 (commencement of operations) to June 30, 2018.

74 OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000^® Quality Factor ETF¹			Oppenheimer Russell 1000^® Yield Factor ETF¹			Oppenheimer Russell 1000^® Dynamic Multifactor ETF¹			Oppenheimer Russell 2000^® Dynamic Multifactor ETF¹
Investment Income:
Dividend income	$	58,802		$	106,973		$	283,224		$	135,766
Foreign withholding tax		(1	)		—			(11	)		(7	)
Securities lending income, net (Note 4)		166			44			547			7,009
Total Income		58,967			107,017			283,760			142,768

Expenses:
Management fees (Note 9)		6,377			6,188			48,124			32,892
Net Investment Income		52,590			100,829			235,636			109,876

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(50,342	)		(21,254	)		(1,345,194	)		(1,010,536	)
Net realized gain on in-kind redemptions		187,552			125,837			1,334,821			1,602,344
Total net realized gain (loss)		137,210			104,583			(10,373	)		591,808
Net change in unrealized appreciation (depreciation) on investments		238,772			(68,564	)		(1,237,696	)		516,707
Net realized and unrealized gain (loss) on investments		375,982			36,019			(1,248,069	)		1,108,515
Net Increase (Decrease) in Net Assets Resulting From Operations	$	428,572		$	136,848		$	(1,012,433	)	$	1,218,391

1. For the period from November 8, 2017 (commencement of operations) to June 30, 2018.

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

75 OPPENHEIMER ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oppenheimer Russell 1000^® Momentum Factor ETF			Oppenheimer Russell 1000^® Value Factor ETF			Oppenheimer Russell 1000^® Low Volatility Factor ETF			Oppenheimer Russell 1000^® Size Factor ETF
	For the Period November 8, 2017¹ to June 30, 2018			For the Period November 8, 2017¹ to June 30, 2018			For the Period November 8, 2017¹ to June 30, 2018			For the Period November 8, 2017¹ to June 30, 2018
Operations:
Net investment income	$	49,809		$	67,244		$	70,946		$	49,846
Net realized gain (loss) on investments and in-kind redemptions		(50,892	)		109,446			(35,265	)		180,317
Net change in unrealized appreciation on investments		402,907			71,962			154,685			205,421
Net increase in net assets resulting from operations		401,824			248,652			190,366			435,584

Distributions to Shareholders From:
Net investment income		(46,812	)		(63,100	)		(66,067	)		(43,194	)

Shareholder Transactions:
Proceeds from shares sold		7,633,804			6,314,889			6,286,539			6,367,861
Cost of shares redeemed		(2,645,143	)		(1,316,702	)		(1,291,452	)		(1,369,648	)
Net increase in net assets resulting from shareholder transactions		4,988,661			4,998,187			4,995,087			4,998,213
Increase in net assets		5,343,673			5,183,739			5,119,386			5,390,603

Net Assets:
Beginning of period		—			—			—			—
End of period	$	5,343,673		$	5,183,739		$	5,119,386		$	5,390,603
Undistributed net investment income included in net assets at end of period	$	2,997		$	4,144		$	4,879		$	10,140

Changes in Shares Outstanding:
Shares outstanding, beginning of period		—			—			—			—
Shares sold		300,000			250,000			250,000			250,000
Shares redeemed		(100,000	)		(50,000	)		(50,000	)		(50,000	)
Shares outstanding, end of period		200,000			200,000			200,000			200,000

1. Commencement of Operations.

76 OPPENHEIMER ETF TRUST

	Oppenheimer Russell 1000^® Quality Factor ETF			Oppenheimer Russell 1000^® Yield Factor ETF			Oppenheimer Russell 1000^® Dynamic Multifactor ETF			Oppenheimer Russell 2000^® Dynamic Multifactor ETF
	For the Period November 8, 2017¹ to June 30, 2018			For the Period November 8, 2017¹ to June 30, 2018			For the Period November 8, 2017¹ to June 30, 2018			For the Period November 8, 2017¹ to June 30, 2018
Operations
Net investment income	$	52,590		$	100,829		$	235,636		$	109,876
Net realized gain (loss) on investments and in-kind redemptions		137,210			104,583			(10,373	)		591,808
Net change in unrealized appreciation (depreciation) on investments		238,772			(68,564	)		(1,237,696	)		516,707
Net increase (decrease) in net assets resulting from operations		428,572			136,848			(1,012,433	)		1,218,391

Distributions To Shareholders From:
Net investment income		(49,684	)		(92,937	)		(143,972	)		(89,510	)

Shareholder Transactions:
Proceeds from shares sold		6,364,054			6,260,772			186,408,815			33,426,706
Cost of shares redeemed		(1,364,570	)		(1,267,125	)		(34,660,671	)		(20,994,797	)
Net increase in net assets resulting from shareholder transactions		4,999,484			4,993,647			151,748,144			12,431,909
Increase in net assets		5,378,372			5,037,558			150,591,739			13,560,790

Net Assets:
Beginning of period		—			—			—			—
End of period	$	5,378,372		$	5,037,558		$	150,591,739		$	13,560,790
Undistributed net investment income included in net assets at end of period	$	2,906		$	7,892		$	91,664		$	20,387

Changes in Shares Outstanding:
Shares outstanding, beginning of period		—			—			—			—
Shares sold		250,000			250,000			6,950,000			1,300,000
Shares redeemed		(50,000	)		(50,000	)		(1,300,000	)		(800,000	)
Shares outstanding, end of period		200,000			200,000			5,650,000			500,000

1. Commencement of Operations.

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

77 OPPENHEIMER ETF TRUST

FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period presented.

Oppenheimer Russell 1000^® Momentum Factor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.25
Net realized and unrealized gain on investments		1.70
Total gain from investment operations		1.95

Less Distributions from:
Net investment income		(0.23	)
Net asset value, end of period	$	26.72

Total Return at Net Asset Value³		7.81	%

Total Return at Market Value³		7.94	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,344
Average Net Assets (000’s omitted)		5,268
Ratio to average net assets of:
Expenses		0.19	%⁴
Net investment income		1.48	%⁴
Portfolio turnover rate⁵		22.11	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

78 OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

Oppenheimer Russell 1000^® Value Factor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.34
Net realized and unrealized gain on investments		0.90
Total gain from investment operations		1.24

Less Distributions from:
Net investment income		(0.32	)
Net asset value, end of period	$	25.92

Total Return at Net Asset Value³		4.92	%

Total Return at Market Value³		4.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,184
Average Net Assets (000’s omitted)		5,257
Ratio to average net assets of:
Expenses		0.19	%⁴
Net investment income		2.00	%⁴
Portfolio turnover rate⁵		24.50	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

79 OPPENHEIMER ETF TRUST

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

Oppenheimer Russell 1000^® Low Volatility Factor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.35
Net realized and unrealized gain on investments		0.58
Total gain from investment operations		0.93

Less Distributions from:
Net investment income		(0.33	)
Net asset value, end of period	$	25.60

Total Return at Net Asset Value³		3.69	%

Total Return at Market Value³		3.79	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,119
Average Net Assets (000’s omitted)		5,152
Ratio to average net assets of:
Expenses		0.19	%⁴
Net investment income		2.16	%⁴
Portfolio turnover rate⁵		6.68	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

80 OPPENHEIMER ETF TRUST

For a share outstanding throughout the period presented.

Oppenheimer Russell 1000^® Size Factor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.25
Net realized and unrealized gain on investments		1.92
Total gain from investment operations		2.17

Less Distributions from:
Net investment income		(0.22	)
Net asset value, end of period	$	26.95

Total Return at Net Asset Value³		8.68	%

Total Return at Market Value³		8.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,391
Average Net Assets (000’s omitted)		5,261
Ratio to average net assets of:
Expenses		0.19	%⁴
Net investment income		1.48	%⁴
Portfolio turnover rate⁵		18.35	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

81 OPPENHEIMER ETF TRUST

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

Oppenheimer Russell 1000^® Quality Factor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.26
Net realized and unrealized gain on investments		1.88
Total gain from investment operations		2.14

Less Distributions from:
Net investment income		(0.25	)
Net asset value, end of period	$	26.89

Total Return at Net Asset Value³		8.57	%

Total Return at Market Value³		8.68	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,378
Average Net Assets (000’s omitted)		5,257
Ratio to average net assets of:
Expenses		0.19	%⁴
Net investment income		1.56	%⁴
Portfolio turnover rate⁵		22.05	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

82 OPPENHEIMER ETF TRUST

For a share outstanding throughout the year presented.

Oppenheimer Russell 1000^® Yield Factor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.50
Net realized and unrealized gain on investments		0.15
Total gain from investment operations		0.65

Less Distributions from:
Net investment income		(0.46	)
Net asset value, end of period	$	25.19

Total Return at Net Asset Value³		2.59	%

Total Return at Market Value³		2.87	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,038
Average Net Assets (000’s omitted)		5,102
Ratio to average net assets of:
Expenses		0.19	%⁴
Net investment income		3.10	%⁴
Portfolio turnover rate⁵		10.14	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

83 OPPENHEIMER ETF TRUST

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

Oppenheimer Russell 1000^® Dynamic Multifactor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.22
Net realized and unrealized gain on investments		1.59
Total gain from investment operations		1.81

Less Distributions from:
Net investment income		(0.16	)
Net asset value, end of period	$	26.65

Total Return at Net Asset Value³		7.26	%

Total Return at Market Value³		7.28	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	150,592
Average Net Assets (000’s omitted)		25,996
Ratio to average net assets of:
Expenses		0.29	%⁴
Net investment income		1.42	%⁴
Portfolio turnover rate⁵		213.35	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

84 OPPENHEIMER ETF TRUST

For a share outstanding throughout the year presented.

Oppenheimer Russell 2000^® Dynamic Multifactor ETF	For the Period November 08, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.22
Net realized and unrealized gain on investments		2.08
Total gain from investment operations		2.30

Less Distributions from:
Net investment income		(0.18	)
Net asset value, end of period	$	27.12

Total Return at Net Asset Value³		9.22	%

Total Return at Market Value³		9.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	13,561
Average Net Assets (000’s omitted)		13,212
Ratio to average net assets of:
Expenses		0.39	%⁴
Net investment income		1.30	%⁴
Portfolio turnover rate⁵		172.92	%

1. Commencement of operations.

2. Based on average daily shares outstanding.

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

4. Annualized for periods less than one full year.

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

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

85 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018

1. Organization

Oppenheimer ETF Trust (formerly known as Oppenheimer Revenue Weighted ETF Trust) (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which, as of the date of this report, is comprised of eighteen funds. Oppenheimer Russell 1000^® Momentum Factor ETF, Oppenheimer Russell 1000^® Value Factor ETF, Oppenheimer Russell 1000^® Low Volatility Factor ETF, Oppenheimer Russell 1000^® Size Factor ETF, Oppenheimer Russell 1000^® Quality Factor ETF, Oppenheimer Russell 1000^® Yield Factor ETF, Oppenheimer Russell 1000^® Dynamic Multifactor ETF, and Oppenheimer Russell 2000^® Dynamic Multifactor ETF are each a series of the Trust (the “Funds”). The Funds are investment companies and accordingly follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services Investment Companies. Oppenheimer Russell 1000^® Momentum Factor ETF, Oppenheimer Russell 1000^® Value Factor ETF, Oppenheimer Russell 1000^® Low Volatility Factor ETF, Oppenheimer Russell 1000^® Size Factor ETF, Oppenheimer Russell 1000^® Quality Factor ETF, Oppenheimer Russell 1000^® Yield Factor ETF, Oppenheimer Russell 1000^® Dynamic Multifactor ETF, and Oppenheimer Russell 2000^® Dynamic Multifactor ETF are diversified funds under the Act. Each Fund’s investment objective is to provide investment results that correspond generally, before fees and expenses, to the performance of the Fund’s corresponding underlying index (each an “Underlying Index” and, collectively, the “Underlying Indexes”). The Trust’s investment adviser is OFI Advisors, LLC (“OFI” or the “Adviser”) (Prior to October 27, 2017, the Adviser’s name was VTL Associates, LLC).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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

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

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

86 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

87 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

2. Significant Accounting Policies (Continued)

Federal Taxes. The Funds intend to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three preceding fiscal reporting period ends. The Funds have analyzed their tax positions for the fiscal year ended June 30, 2018, including open tax years and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.

88 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

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

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

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

89 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

2. Significant Accounting Policies (Continued)

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

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

Fund	Increase (Decrease) to Paid-in-Capital		Increase (Decrease) to Accumulated Net Investment Income		Increase (Decrease) to Accumulated Net Realized Gain/Loss on Investments
Oppenheimer Russell 1000^® Momentum Factor ETF	$	67,220	$	—	$	(67,220	)
Oppenheimer Russell 1000^® Value Factor ETF		145,739		—		(145,739	)
Oppenheimer Russell 1000^® Low Volatility Factor ETF		20,075		—		(20,075	)
Oppenheimer Russell 1000^® Size Factor ETF		209,366		3,488		(212,854	)
Oppenheimer Russell 1000^® Quality Factor ETF		187,406		—		(187,406	)
Oppenheimer Russell 1000^® Yield Factor ETF		125,610		—		(125,610	)
Oppenheimer Russell 1000^® Dynamic Multifactor ETF		1,274,925		—		(1,274,925	)
Oppenheimer Russell 2000^® Dynamic Multifactor ETF		1,443,393		21		(1,443,414	)

90 OPPENHEIMER ETF TRUST

2. Significant Accounting Policies (Continued)

The tax character of distributions paid during the reporting periods:

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

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

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

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

91 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

3. Securities Valuation

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)

92 OPPENHEIMER ETF TRUST

3. Securities Valuation (Continued)

	(Level 1)						(Level 2)				(Level 3)
Fund	Common Stocks		Preferred Stocks		Money Market Funds		Common Stocks		Preferred Stocks		Common Stocks		Total
Oppenheimer Russell 1000^® Momentum Factor ETF	$	5,335,035	$	—	$	11,669	$	—	$	—	$	—	$	5,346,704
Oppenheimer Russell 1000^® Value Factor ETF		5,177,118		—		14,172		—		—		—		5,191,290
Oppenheimer Russell 1000^® Low Volatility Factor ETF		5,105,787		—		8,736		—		—		—		5,114,523
Oppenheimer Russell 1000^® Size Factor ETF		5,373,004		—		122,853		—		—		—		5,495,857
Oppenheimer Russell 1000^® Quality Factor ETF		5,367,131		—		16,642		—		—		—		5,383,773
Oppenheimer Russell 1000^® Yield Factor ETF		5,027,281		—		8,364		—		—		—		5,035,645
Oppenheimer Russell 1000^® Dynamic Multifactor ETF		150,370,018		—		336,687		—		—		—		150,706,705
Oppenheimer Russell 2000^® Dynamic Multifactor ETF		13,530,727		—		400,083		—		—		—		13,930,810

At June 30, 2018, 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 June 30, 2018, there were no transfers between levels.

93 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

4. Securities Lending

The values of loaned securities and related collateral outstanding at June 30, 2018 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2018, the cash collateral was invested in a government money market mutual fund and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

94 OPPENHEIMER ETF TRUST

4. Securities Lending (Continued)

Remaining Contractual Maturity of the Agreements, as of June 30, 2018

	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Oppenheimer Russell 1000^® Momentum Factor ETF
Money Market Mutual Fund	$	5,490	$	—	$	—	$	—	$	5,490
U.S. Government Securities		—		152		1,803		74,062		76,017
Total	$	5,490	$	152	$	1,803	$	74,062	$	81,507
Oppenheimer Russell 1000^® Value Factor ETF
Money Market Mutual Fund	$	11,343	$	—	$	—	$	—	$	11,343
U.S. Government Securities		—		672		7,124		190,538		198,334
Total	$	11,343	$	672	$	7,124	$	190,538	$	209,677
Oppenheimer Russell 1000^® Low Volatility Factor ETF
Money Market Mutual Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities		—		—		329		38,324		38,653
Total	$	—	$	—	$	329	$	38,324	$	38,653
Oppenheimer Russell 1000^® Size Factor ETF
Money Market Mutual Fund	$	111,679	$	—	$	—	$	—	$	111,679
U.S. Government Securities		—		3,503		34,626		706,849		744,978
Total	$	111,679	$	3,503	$	34,626	$	706,849	$	856,657
Oppenheimer Russell 1000^® Quality Factor ETF
Money Market Mutual Fund	$	9,244	$	—	$	—	$	—	$	9,244
U.S. Government Securities		—		467		4,513		90,285		95,265
Total	$	9,244	$	467	$	4,513	$	90,285	$	104,509
Oppenheimer Russell 1000^® Yield Factor ETF
Money Market Mutual Fund	$	5,865	$	—	$	—	$	—	$	5,865
U.S. Government Securities		—		—		626		87,798		88,424
Total	$	5,865	$	—	$	626	$	87,798	$	94,289
Oppenheimer Russell 1000^® Dynamic Multifactor ETF
Money Market Mutual Fund	$	179,380	$	—	$	—	$	—	$	179,380
U.S. Government Securities		—		—		5,881		846,807		852,688
Total	$	179,380	$	—	$	5,881	$	846,807	$	1,032,068
Oppenheimer Russell 2000^® Dynamic Multifactor ETF
Money Market Mutual Fund	$	391,014	$	—	$	—	$	—	$	391,014
U.S. Government Securities		—		8,226		81,641		1,655,937		1,745,804
Total	$	391,014	$	8,226	$	81,641	$	1,655,937	$	2,136,818

95 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

4. Securities Lending (Continued)

	Assets										Liabilities
Fund	Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Cash Collateral Received*			Gross Amounts Not Offset in the Statement of Assets and Liabilities Non-cash Collateral Received*			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilties		Gross Amounts Not Offset in the Statement of Assets and Liabiltiies Collateral Received		Net Amount
Oppenheimer Russell 1000^® Momentum Factor ETF	$	79,918	$	(3,901	)	$	(76,017	)	$	—	$	—	$	—	$	—
Oppenheimer Russell 1000^® Value Factor ETF		205,019		(6,685	)		(198,334	)		—		—		—		—
Oppenheimer Russell 1000^® Low Volatility Factor ETF		37,776		—			(37,776	)		—		—		—		—
Oppenheimer Russell 1000^® Size Factor ETF		838,198		(93,220	)		(744,978	)		—		—		—		—
Oppenheimer Russell 1000^® Quality Factor ETF		102,207		(6,942	)		(95,265	)		—		—		—		—
Oppenheimer Russell 1000^® Yield Factor ETF		92,315		(3,891	)		(88,424	)		—		—		—		—
Oppenheimer Russell 1000^® Dynamic Multifactor ETF		1,009,501		(156,813	)		(852,688	)		—		—		—		—
Oppenheimer Russell 2000^® Dynamic Multifactor ETF		2,070,480		(324,676	)		(1,745,804	)		—		—		—		—

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

5. Investments and Risks

96 OPPENHEIMER ETF TRUST

5. Investments and Risks (Continued)

be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Funds to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Funds do not price their shares. At times, the Funds may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

6. Market Risk Factors

97 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

7. Shares of Beneficial Interest

8. Purchases & Sales of Securities

The aggregate cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and sales and short-term investments) for the period ended June 30, 2018, were as follows:

Fund	Purchases		Sales
Oppenheimer Russell 1000^® Momentum Factor ETF	$	1,152,453	$	2,545,629
Oppenheimer Russell 1000^® Value Factor ETF		1,274,749		1,291,252
Oppenheimer Russell 1000^® Low Volatility Factor ETF		341,621		1,431,360
Oppenheimer Russell 1000^® Size Factor ETF		957,226		1,425,160
Oppenheimer Russell 1000^® Quality Factor ETF		1,149,951		1,441,314
Oppenheimer Russell 1000^® Yield Factor ETF		513,931		980,689
Oppenheimer Russell 1000^® Dynamic Multifactor ETF		61,753,497		62,188,374
Oppenheimer Russell 2000^® Dynamic Multifactor ETF		22,377,789		25,477,182

98 OPPENHEIMER ETF TRUST

8. Purchases & Sales of Securities (Continued)

For the period ended June 30, 2018, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

Fund		Purchases		Sales
Oppenheimer Russell 1000^® Momentum Factor ETF	$	7,602,267	$	1,224,841
Oppenheimer Russell 1000^® Value Factor ETF		6,302,784		1,289,041
Oppenheimer Russell 1000^® Low Volatility Factor ETF		6,256,823		179,567
Oppenheimer Russell 1000^® Size Factor ETF		6,373,949		911,866
Oppenheimer Russell 1000^® Quality Factor ETF		6,311,594		1,028,003
Oppenheimer Russell 1000^® Yield Factor ETF		6,274,343		812,709
Oppenheimer Russell 1000^® Dynamic Multifactor ETF		184,068,415		32,000,418
Oppenheimer Russell 2000^® Dynamic Multifactor ETF		33,428,433		17,884,982

9. Fees, and Transactions with Affiliates

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

The Funds pay the Adviser the following annualized fees:

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

Administrator, Custodian, Fund Accounting and Transfer Agent Fees. The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

99 OPPENHEIMER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

9. Fees, and Transactions with Affiliates (Continued)

Licensing Fee Agreements. The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.

100 OPPENHEIMER ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Oppenheimer ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oppenheimer Russell 1000^® Momentum Factor ETF, Oppenheimer Russell 1000^® Value Factor ETF, Oppenheimer Russell 1000^® Low Volatility Factor ETF, Oppenheimer Russell 1000^® Size Factor ETF, Oppenheimer Russell 1000^® Quality Factor ETF, Oppenheimer Russell 1000^® Yield Factor ETF, Oppenheimer Russell 1000^® Dynamic Multifactor ETF, and Oppenheimer Russell 2000^® Dynamic Multifactor ETF (the “Funds”), each a series of Oppenheimer ETF Trust, as of June 30, 2018, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period November 8, 2017 (commencement of operations) to June 30, 2018, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2018, the results of their operations, the changes in their net assets, and the financial highlights for the period indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of June 30, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more Oppenheimer Funds investment companies since 2012.

COHEN & COMPANY, LTD.
Cleveland, Ohio
August 28, 2018

101 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS (Unaudited)

Independent Trustees
Name, Position(s) Held with the Funds, Length of Service, Year of Birth				Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
INDEPENDENT TRUSTEES				The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016) and Trustee (since 2015) Year of Birth: 1944				Chairman — Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012 – 2016) and Director (August 2005 – January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000 – 2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003 – January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008 – 2012); Director of Colorado UpLIFT (charitable organization) (1986–2010); Director of Jones Knowledge, Inc. (2006 – 2010); Former Chairman of U.S. Bank – Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996 – April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993 – 2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997 – February 2004); Chairman of the Board (1991 – 1994) and Trustee (1985 – 1994) of Regis University; and Chairman of the Board (1990 – 1991) and Member (1984 – 1999) of Young Presidents Organization. Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950				Director, Mutual Fund Directors Forum (since February 2018); Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015 – February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012 – May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011 – October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006 – November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003 – May 2006); General Counsel (October 1991 – November 2001) and Executive Vice President (January 1993 – November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991 – November 2001). Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

102 OPPENHEIMER ETF TRUST

Richard F. Grabish, Trustee (since 2015) Year of Birth: 1948				Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997 – December 2007), Director (March 1987 – December 2007) and Manager of Private Client Services (June 1985 – June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001 – December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987 – March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005 – December 2007). Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Beverly L. Hamilton, Trustee (since 2015) Year of Birth: 1946				Trustee of Monterey Institute for International Studies (educational organization) (2000 – 2014); Board Member of Middlebury College (educational organization) (December 2005 – June 2011); Director of the Board (1991 – 2016), Vice Chairman of the Board (2006 – 2009) and Chairman of the Board (2010 – 2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002 – April 2008); Director (February 2002 – 2005) and Chairman of Trustees (2006 – 2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991 – April 2000); Member of the investment committees of The Rockefeller Foundation (2001 – 2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994 – January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996 – June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989 – June 2004); Member of the investment committee of Hartford Hospital (2000 – 2003); and Advisor to Unilever (Holland) pension fund (2000 – 2003). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Victoria J. Herget, Trustee (since 2015) Year of Birth: 1951				Board Chair (2008 – 2015) and Director (2004 – Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010 – 2017) of Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003 – 2011); former Managing Director (1993 – 2001), Principal (1985 – 1993), Vice President (1978 – 1985) and Assistant Vice President (1973 – 1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992 – 2007), Chair of the Board of Trustees (1999 – 2007), Investment Committee Chair (1994 – 1999) and Investment Committee member (2007 – 2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006 – 2009) and Chicago City Day School (K-8 School) (1994 – 2005). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

103 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS (Unaudited) (Continued)

Karen L. Stuckey, Trustee (since 2015) Year of Birth: 1953				Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990 – 2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975 – 1990); Trustee (1992 – 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992 – 2006), and Emeritus Trustee (since 2006) of Lehigh University; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011 – 2014). Oversees 56 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
James D. Vaughn, Trustee (since 2015) Year of Birth: 1945				Retired; former managing partner (1994 – 2001) of Denver office of Deloitte & Touche LLP, (held various positions in Denver and New York offices from 1969 – 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003 – 2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 56 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

104 OPPENHEIMER ETF TRUST


INTERESTED TRUSTEE AND OFFICER				Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the OFI Advisors, LLC and OFI by virtue of his positions as Chairman and director of OFI and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958				Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013 – December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013 – May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010 – December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009 – October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009 – December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009 – April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993 – September 2009). An officer of 104 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND				The addresses of the Officers in the chart below are as follows: for Messrs. Vallario, Bishnoi, Depetris, Mss. Lo Bessette, Mss. French, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Ms. Bullington, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Frank Vallario, Vice President (since 2017) Year of Birth: 1969				Vice President, OFI Advisors, LLC (since August 2017). Portfolio Manager, ColumbiaThreadneedle (September 2015 – June 2017).
Donal Bishnoi Vice President (since 2018) Year of Birth: 1981				Portfolio Manager, OFI Advisors, LLC (since March 2018). Vice President and Senior Research Analyst of the Sub-Adviser (January 2010 – March 2018). Senior Quantative Analyst at Moore Capital Management (2007 – 2009).
Alex Depetris, Vice President (since 2017) Year of Birth: 1980				Senior Vice President of OppenheimerFunds, Inc. and Chief Operating Officer of Beta Solutions (since 2017); Chief Operating Officer of ETF Business at Deutsche Bank (2008-2017).
Sharon French Vice President (since 2017) Year of Birth: 1965				Executive Vice President, Head of Beta Solutions of OppenheimerFunds, Inc. (since 2016); Senior Strategic Advisor to the CEO and President of Investment Manager at BNY Mellon (2015- 2016); President, F-Squared Capital (2013-2015).

105 OPPENHEIMER ETF TRUST

TRUSTEES AND OFFICERS (Unaudited) (Continued)

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2015) Year of Birth: 1973				Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010 – January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007 – January 2014).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969				Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015 – February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012 – March 2015) and Deputy Chief Legal Officer (April 2013 – March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008 – September 2009) and Deputy General Counsel (October 2009 – February 2012) of Lord Abbett & Co. LLC.
Jennifer Foxson, Vice President and Chief Business Officer (since 2015) Year of Birth: 1969				Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006 – June 2014); Vice President of OppenheimerFunds, Inc. (January 1998 – March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991 – December 1998).
Stephanie Bullington, Treasurer and Principal Financial and Accounting Officer (since 2016) Year of Birth: 1977				Vice President of OFI Global Asset Management, Inc. (since February 2014); Vice President of OFI Global Asset Management, Inc. (January 2013 – September 2013); Vice President of OppenheimerFunds, Inc. (January 2010 – December 2012); Assistant Vice President of OppenheimerFunds, Inc. (October 2005 – January 2010).

106 OPPENHEIMER ETF TRUST

SUPPLEMENTAL INFORMATION (Unaudited)

Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors. For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:

	QDI			DRD
Oppenheimer Russell 1000^® Momentum Factor ETF		100.00	%	97.36	%
Oppenheimer Russell 1000^® Value Factor ETF		100.00	%	99.38	%
Oppenheimer Russell 1000^® Low Volatility Factor ETF		100.00	%	100.00	%
Oppenheimer Russell 1000^® Size Factor ETF		77.63	%	72.26	%
Oppenheimer Russell 1000^® Quality Factor ETF		100.00	%	100.00	%
Oppenheimer Russell 1000^® Yield Factor ETF		100.00	%	92.48	%
Oppenheimer Russell 1000^® Dynamic Multifactor ETF		100.00	%	100.00	%
Oppenheimer Russell 2000^® Dynamic Multifactor ETF		85.44	%	82.21	%

107 OPPENHEIMER ETF TRUST

OPPENHEIMER ETF TRUST

Investment Adviser				OFI Advisors, LLC
Distributor				OppenheimerFunds Distributor, Inc.
Administrator, Custodian and Transfer Agent				The Bank of New York Mellon
Independent Registered Public Accounting Firm				Cohen & Company, Ltd.
Legal Counsel				Ropes & Gray LLP




				This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.







Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us				Oppenheimer ETF Trust is distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RA0000.013.0618 June 30, 2018

Item 2. Code of Ethics.

(a)

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

(d)

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $0 for 2018 and $0 2017.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2018 and $0 2017.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $90,800 for 2018 and $29,400 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $0 in fiscal 2018 and $0 in fiscal 2017 to the registrant’s investment advisor or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2018 and $0 2017.

(e)(1)

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

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

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

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

(e)(2)

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

(f)

No response required.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $90,800 for 2018 and $29,400 2017.

(h)

The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

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

(b)

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

[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), the registrant’s disclosures required by this Item are limited to any change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]

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

Not applicable.

Item 13. Exhibits.

(a)(1)

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

(a)(2)

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

[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), in the certification required by Item 13(a)(2), the registrant’s certifying officers must certify that they have disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]

(a)(3)

Not applicable.

(a)(4)

Not applicable.

SIGNATURES

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

(Registrant)

Oppenheimer ETF Trust

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

Date

8/17/2018

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

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

Date

8/17/2018

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

Date

8/17/2018

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

	1 Year			5 Year			10 Year
S&P 500 Revenue NAV Return		11.49	%		12.08	%		10.15	%
S&P 500 Revenue Market Price		11.46	%		12.12	%		10.19	%
S&P 500 Revenue-Weighted Index		11.96	%		12.55	%		10.69	%
S&P 500 Index		14.37	%		13.42	%		10.17	%

	1 Year			5 Year			10 Year
S&P MidCap 400 NAV Return		9.48	%		11.20	%		11.06	%
S&P MidCap 400 Market Price		9.40	%		11.15	%		11.06	%
S&P MidCap 400 Revenue-Weighted Index		9.85	%		11.76	%		11.77	%
S&P MidCap 400 Index		13.50	%		12.69	%		10.78	%

	1 Year			5 Year			10 Year
S&P SmallCap 600 NAV Return		12.07	%		11.83	%		12.97	%
S&P SmallCap 600 Market Price		12.10	%		11.88	%		12.98	%
S&P SmallCap 600 Revenue-Weighted Index		12.26	%		12.37	%		13.76	%
S&P SmallCap 600 Index		20.50	%		14.60	%		12.25	%

	1 Year			5 Year			Since Inception*
S&P Financials NAV Return		6.24	%		11.65	%		12.13	%
S&P Financials Market Price		6.27	%		11.64	%		12.12	%
S&P Financials Sector Revenue-Weighted Index		6.59	%		12.18	%		12.71	%
S&P 500 Financials Index		9.65	%		13.13	%		11.57	%

	1 Year			Since Inception*
S&P Ultra Dividend NAV Return		19.13	%		13.79	%
S&P Ultra Dividend Market Price		19.12	%		13.81	%
S&P 900 Dividend Revenue-Weighted Index		19.61	%		14.61	%
S&P 900 Index		14.31	%		12.85	%

	Since Inception*
Emerging Markets NAV Return	2.95	%
Emerging Markets Market Price	3.31	%
OFI Revenue-Weighted Emerging Markets Index	2.99	%
MSCI Emerging Markets Index	7.14	%

	Since Inception*
International NAV Return		7.83	%
International Market Price		7.79	%
OFI Revenue-Weighted International Index		8.10	%
MSCI EAFE Index		7.10	%

	Since Inception*
Global NAV Return		8.10	%
Global Markets Market Price		7.95	%
OFI Revenue-Weighted Global Index		8.31	%
MSCI ACWI Index		10.62	%

	Shares		Value
Household & Personal Products—1.2%
Church & Dwight Co., Inc.¹		6,605	$	351,122
Clorox Co. (The)¹		3,910		528,828
Colgate-Palmolive Co.		20,196		1,308,903
Coty, Inc., Class A¹		54,804		772,736
Estee Lauder Cos., Inc., (The), Class A		7,073		1,009,246
Kimberly-Clark Corp.		14,608		1,538,807
Procter & Gamble Co. (The)		70,574		5,509,006
Total Household & Personal Products				11,018,648

Insurance—4.0%
Aflac, Inc.		38,743		1,666,724
Allstate Corp. (The)		33,056		3,017,021
American International Group, Inc.		75,243		3,989,384
Aon PLC		6,097		836,325
Arthur J. Gallagher & Co.		7,871		513,819
Assurant, Inc.		5,321		550,670
Brighthouse Financial, Inc.²		14,731		590,271
Chubb Ltd.		19,909		2,528,841
Cincinnati Financial Corp.		6,223		416,070
Everest Re Group Ltd.		2,393		551,539
Hartford Financial Services Group, Inc. (The)		28,286		1,446,263
Lincoln National Corp.		16,772		1,044,057
Loews Corp.		22,349		1,079,010
Marsh & McLennan Cos., Inc.		14,293		1,171,597
MetLife, Inc.		110,180		4,803,848
Principal Financial Group, Inc.		20,072		1,062,812
Progressive Corp. (The)		36,301		2,147,204
Prudential Financial, Inc.		49,917		4,667,739
Torchmark Corp.		3,971		323,279
Travelers Cos., Inc. (The)		18,161		2,221,817
Unum Group		23,593		872,705
Willis Towers Watson PLC		4,192		635,507
XL Group Ltd.		16,347		914,615
Total Insurance				37,051,117

Materials—2.8%
Air Products & Chemicals, Inc.		4,207		655,156
Albemarle Corp.¹		2,711		255,729
Avery Dennison Corp.		5,158		526,632
Ball Corp.¹		24,503		871,082
CF Industries Holdings, Inc.		7,645		339,438
DowDuPont, Inc.		83,434		5,499,969
Eastman Chemical Co.		7,344		734,106
Ecolab, Inc.		7,888		1,106,923
FMC Corp.		3,212		286,542
Materials (Continued)
Freeport-McMoRan, Inc.		79,585	$	1,373,637
International Flavors & Fragrances, Inc.		2,258		279,902
International Paper Co.		31,902		1,661,456
LyondellBasell Industries NV, Class A		24,737		2,717,359
Martin Marietta Materials, Inc.		1,393		311,099
Mosaic Co. (The)		21,485		602,654
Newmont Mining Corp.		15,941		601,135
Nucor Corp.		25,625		1,601,562
Packaging Corp. of America		4,386		490,311
PPG Industries, Inc.		11,778		1,221,732
Praxair, Inc.		5,971		944,314
Sealed Air Corp.¹		8,487		360,273
Sherwin-Williams Co. (The)		3,396		1,384,108
Vulcan Materials Co.		2,480		320,069
WestRock Co.		20,946		1,194,341
Total Materials				25,339,529

Media—2.8%
CBS Corp., Class B		22,494		1,264,613
Charter Communications, Inc., Class A²		12,369		3,626,715
Comcast Corp., Class A		221,714		7,274,436
Discovery, Inc., Class A^1,2		13,436		369,490
Discovery, Inc., Class C²		14,188		361,794
DISH Network Corp., Class A²		36,003		1,210,061
Interpublic Group of Cos., Inc. (The)		29,253		685,690
News Corp., Class A		21,601		334,816
News Corp., Class B		21,160		335,386
Omnicom Group, Inc.		16,893		1,288,429
Twenty-First Century Fox, Inc., Class A		29,767		1,479,122
Twenty-First Century Fox, Inc., Class B		30,097		1,482,879
Viacom, Inc., Class B		37,686		1,136,610
Walt Disney Co. (The)		44,546		4,668,866
Total Media				25,518,907

Pharmaceuticals, Biotechnology & Life Sciences—3.6%
AbbVie, Inc.		24,034		2,226,750
Agilent Technologies, Inc.		5,853		361,950
Alexion Pharmaceuticals, Inc.²		2,507		311,244
Allergan PLC		7,688		1,281,743
Amgen, Inc.		10,157		1,874,881
Biogen, Inc.²		3,042		882,910

	Shares		Value
Materials—8.9%
Allegheny Technologies, Inc.^1,2		36,892	$	926,727
AptarGroup, Inc.		7,995		746,573
Ashland Global Holdings, Inc.		13,017		1,017,669
Bemis Co., Inc.		27,821		1,174,324
Cabot Corp.		13,475		832,351
Carpenter Technology Corp.		10,678		561,342
Chemours Co. (The)		36,775		1,631,339
Commercial Metals Co.		58,956		1,244,561
Compass Minerals International, Inc.¹		6,027		396,275
Domtar Corp.		30,838		1,472,206
Eagle Materials, Inc.		3,614		379,362
Greif, Inc., Class A		18,626		985,129
Louisiana-Pacific Corp.		27,248		741,691
Minerals Technologies, Inc.		6,585		496,180
NewMarket Corp.¹		1,635		661,358
Olin Corp.		55,953		1,606,970
Owens-Illinois, Inc.²		109,377		1,838,627
PolyOne Corp.		21,805		942,412
Reliance Steel & Aluminum Co.		30,457		2,666,206
Royal Gold, Inc.		1,443		133,968
RPM International, Inc.¹		30,079		1,754,207
Scotts Miracle-Gro Co., (The)¹		8,999		748,357
Sensient Technologies Corp.¹		5,723		409,481
Silgan Holdings, Inc.		45,093		1,209,845
Sonoco Products Co.		28,235		1,482,338
Steel Dynamics, Inc.		55,765		2,562,402
United States Steel Corp.¹		98,915		3,437,296
Valvoline, Inc.		30,587		659,762
Worthington Industries, Inc.¹		20,552		862,567
Total Materials				33,581,525

Media—2.0%
AMC Networks, Inc., Class A^1,2		13,664		849,901
Cable One, Inc.		435		318,981
Cinemark Holdings, Inc.¹		25,455		892,961
John Wiley & Sons, Inc., Class A		7,524		469,498
Live Nation Entertainment, Inc.^1,2		66,009		3,206,057
Meredith Corp.¹		11,139		568,089
New York Times Co., (The), Class A¹		20,998		543,848
Media (Continued)
TEGNA, Inc.		52,476	$	569,365
Total Media				7,418,700

Pharmaceuticals, Biotechnology & Life Sciences—1.5%
Akorn, Inc.²		15,393		255,370
Bio-Rad Laboratories, Inc., Class A²		2,150		620,361
Bio-Techne Corp.		1,129		167,035
Catalent, Inc.²		17,376		727,881
Charles River Laboratories International, Inc.²		4,864		546,033
Mallinckrodt PLC^1,2		44,946		838,692
PRA Health Sciences, Inc.²		8,159		761,724
Prestige Brands Holdings, Inc.^1,2		8,505		326,422
Syneos Health, Inc.^1,2		22,776		1,068,194
United Therapeutics Corp.²		4,539		513,588
Total Pharmaceuticals, Biotechnology & Life Sciences				5,825,300

Real Estate—3.0%
Alexander & Baldwin, Inc.		5,957		139,989
American Campus Communities, Inc.		5,662		242,787
Camden Property Trust		2,978		271,385
CoreCivic, Inc.		23,916		571,353
CoreSite Realty Corp.		1,344		148,942
Corporate Office Properties Trust		6,569		190,435
Cousins Properties, Inc.		13,801		133,732
CyrusOne, Inc.		3,573		208,520
DCT Industrial Trust, Inc.		1,876		125,185
Douglas Emmett, Inc.		6,083		244,415
Education Realty Trust, Inc.		2,426		100,679
EPR Properties		2,791		180,829
First Industrial Realty Trust, Inc.		3,426		114,223
GEO Group, Inc. (The)		26,565		731,600
Healthcare Realty Trust, Inc.		4,628		134,582
Highwoods Properties, Inc.		4,242		215,197
Hospitality Properties Trust		22,468		642,809
JBG SMITH Properties¹		4,524		164,990
Jones Lang LaSalle, Inc.		16,714		2,774,357
Kilroy Realty Corp.		2,701		204,304
Lamar Advertising Co., Class A		6,243		426,459
LaSalle Hotel Properties		8,869		303,586
Liberty Property Trust		4,921		218,148
Life Storage, Inc.		1,625		158,129

	Shares		Value
Consumer Durables & Apparel—4.3%
Callaway Golf Co.²		35,568	$	674,725
Cavco Industries, Inc.¹		2,541		527,639
Crocs, Inc.¹		33,699		593,439
Ethan Allen Interiors, Inc.		19,350		474,075
Fossil Group, Inc.^1,2		60,959		1,637,968
G-III Apparel Group Ltd.^1,2		36,814		1,634,542
Installed Building Products, Inc.^1,2		11,277		637,714
iRobot Corp.^1,2		8,301		628,967
La-Z-Boy, Inc.		28,634		876,200
LGI Homes, Inc.^1,2		13,664		788,823
M.D.C. Holdings, Inc.²		49,322		1,517,638
M/I Homes, Inc.¹		43,339		1,147,617
Meritage Homes Corp.¹		42,913		1,886,026
Movado Group, Inc.		7,080		341,964
Nautilus, Inc.¹		15,636		245,485
Oxford Industries, Inc.²		7,377		612,144
Perry Ellis International, Inc.^1,2		19,711		535,548
Steven Madden Ltd.		17,617		935,463
Sturm Ruger & Co., Inc.²		4,919		275,464
TopBuild Corp.¹		13,944		1,092,373
Unifi, Inc.¹		12,797		405,665
Universal Electronics, Inc.^1,2		14,457		477,804
Vera Bradley, Inc.¹		18,703		262,590
Vista Outdoor, Inc.^1,2		86,425		1,338,723
William Lyon Homes, Class A¹		47,815		1,109,308
Wolverine World Wide, Inc.		40,465		1,406,968
Total Consumer Durables & Apparel				22,064,872

Consumer Services—2.0%
American Public Education, Inc.¹		4,146		174,547
Belmond Ltd., Class A^1,2		28,811		321,243
BJ’s Restaurants, Inc.		11,425		685,500
Capella Education Co.		2,813		277,643
Career Education Corp.¹		22,225		359,378
Chuy’s Holdings, Inc.^1,2		7,646		234,732
Dave & Buster’s Entertainment, Inc.^1,2		14,823		705,575
Dine Brands Global, Inc.²		6,038		451,642
El Pollo Loco Holdings, Inc.^1,2		23,165		264,081
Fiesta Restaurant Group, Inc.^1,2		15,915		456,761
Marriott Vacations Worldwide Corp.²		10,338		1,167,780
Consumer Services (Continued)
Monarch Casino & Resort, Inc.^1,2		3,212	$	141,489
Penn National Gaming, Inc.^1,2		61,336		2,060,276
Red Robin Gourmet Burgers, Inc.^1,2		16,530		770,298
Regis Corp.¹		48,205		797,311
Ruth’s Hospitality Group, Inc.		9,607		269,476
Shake Shack, Inc., Class A^1,2		3,622		239,704
Sonic Corp.		8,566		294,842
Strayer Education, Inc.		2,539		286,932
Wingstop, Inc.²		1,325		69,059
Total Consumer Services				10,028,269

Diversified Financials—5.7%
Apollo Commercial Real Estate Finance, Inc.		9,801		179,162
ARMOUR Residential REIT, Inc.²		5,510		125,683
Capstead Mortgage Corp.		17,325		155,059
Donnelley Financial Solutions, Inc.¹		35,736		620,734
Encore Capital Group, Inc.^1,2		19,893		728,084
Enova International, Inc.¹		16,027		585,787
EZCORP, Inc., Class A^1,2		35,993		433,716
Financial Engines, Inc.		6,832		306,757
FirstCash, Inc.		11,878		1,067,238
Green Dot Corp., Class A¹		7,764		569,800
Greenhill & Co., Inc.²		6,043		171,621
INTL. FCStone, Inc.¹		391,402		20,239,397
Invesco Mortgage Capital, Inc.		23,322		370,820
Investment Technology Group, Inc.		13,916		291,123
New York Mortgage Trust, Inc.²		42,934		258,033
PennyMac Mortgage Investment Trust		18,478		350,897
Piper Jaffray Cos.		6,665		512,205
PRA Group, Inc.^1,2		12,727		490,626
Virtus Investment Partners, Inc.²		2,385		305,161
Waddell & Reed Financial, Inc., Class A		36,517		656,211
WisdomTree Investments, Inc.²		12,816		116,369
World Acceptance Corp.^1,2		2,999		332,919
Total Diversified Financials				28,867,402

	Shares		Value
Energy—3.8%
Archrock, Inc.		44,179	$	530,148
Bristow Group, Inc.^1,2		70,010		987,841
C&J Energy Services, Inc.^1,2		46,122		1,088,479
CARBO Ceramics, Inc.^1,2		13,802		126,564
Carrizo Oil & Gas, Inc.^1,2		19,094		531,768
Cloud Peak Energy, Inc.¹		151,606		529,105
CONSOL Energy, Inc.¹		20,189		774,248
Denbury Resources, Inc.^1,2		168,125		808,681
Era Group, Inc.¹		11,284		146,128
Exterran Corp.¹		30,739		769,705
Geospace Technologies Corp.¹		3,550		49,913
Green Plains, Inc.		113,294		2,073,280
Gulf Island Fabrication, Inc.²		11,787		106,083
Helix Energy Solutions Group, Inc.¹		50,838		423,481
HighPoint Resources Corp.^1,2		26,328		160,074
Matrix Service Co.¹		36,863		676,436
Newpark Resources, Inc.^1,2		49,084		532,561
Noble Corp. PLC^1,2		119,158		754,270
Oil States International, Inc.^1,2		14,159		454,504
Par Pacific Holdings, Inc.¹		89,654		1,558,187
PDC Energy, Inc.^1,2		9,303		562,366
Pioneer Energy Services Corp.¹		58,975		345,004
ProPetro Holding Corp.^1,2		51,938		814,388
Renewable Energy Group, Inc.¹		83,688		1,493,831
REX American Resources Corp.^1,2		3,852		311,896
Ring Energy, Inc.^1,2		4,224		53,307
SEACOR Holdings, Inc.^1,2		7,434		425,745
SRC Energy, Inc.^1,2		25,290		278,696
TETRA Technologies, Inc.^1,2		122,951		547,132
U.S. Silica Holdings, Inc.²		28,442		730,675
Unit Corp.^1,2		21,818		557,668
Total Energy				19,202,164

Food & Staples Retailing—3.2%
Andersons, Inc. (The)		63,901		2,185,414
SpartanNash Co.		200,552		5,118,087
SUPERVALU, Inc.^1,2		433,539		8,896,220
Total Food & Staples Retailing				16,199,721

Food, Beverage & Tobacco—3.3%
B&G Foods, Inc.		35,429		1,059,327
Calavo Growers, Inc.²		7,941		763,527
Food, Beverage & Tobacco (Continued)
Cal-Maine Foods, Inc.^1,2		16,747	$	767,850
Coca-Cola Bottling Co. Consolidated²		21,769		2,941,645
Darling Ingredients, Inc.^1,2		120,247		2,390,510
Dean Foods Co.²		499,142		5,245,983
J&J Snack Foods Corp.		4,809		733,228
John B. Sanfilippo & Son, Inc.		7,931		590,463
MGP Ingredients, Inc.²		2,286		203,020
Seneca Foods Corp., Class A¹		30,114		813,078
Universal Corp.		19,762		1,305,280
Total Food, Beverage & Tobacco				16,813,911

Health Care Equipment & Services—7.6%
Abaxis, Inc.		1,823		151,327
Aceto Corp.²		125,404		420,103
Amedisys, Inc.¹		12,057		1,030,391
AMN Healthcare Services, Inc.^1,2		22,283		1,305,784
AngioDynamics, Inc.¹		10,023		222,911
Anika Therapeutics, Inc.^1,2		1,634		52,288
BioTelemetry, Inc.^1,2		4,550		204,750
Community Health Systems, Inc.^1,2		2,123,269		7,049,253
Computer Programs & Systems, Inc.²		5,349		175,982
CONMED Corp.		6,924		506,837
CorVel Corp.¹		6,689		361,206
Cross Country Healthcare, Inc.^1,2		45,187		508,354
CryoLife, Inc.^1,2		4,653		129,586
Cutera, Inc.^1,2		2,126		85,678
Diplomat Pharmacy, Inc.^1,2		119,080		3,043,685
Ensign Group, Inc. (The)		31,662		1,134,133
HealthEquity, Inc.^1,2		1,900		142,690
HealthStream, Inc.		5,383		147,010
Heska Corp.^1,2		780		80,956
HMS Holdings Corp.¹		15,384		332,602
Inogen, Inc.¹		943		175,709
Integer Holdings Corp.¹		14,250		921,262
Invacare Corp.		33,368		620,645
Lantheus Holdings, Inc.¹		14,611		212,590
LeMaitre Vascular, Inc.²		1,818		60,867
LHC Group, Inc.¹		8,767		750,368
Magellan Health, Inc.¹		41,944		4,024,527
Meridian Bioscience, Inc.		8,334		132,511
Merit Medical Systems, Inc.^1,2		9,557		489,318

	Shares		Value
Total Common Stocks (Cost $591,030,274)			$	609,154,696
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%² (Cost $572,025)		572,025		572,025
Investment of Cash Collateral for Securities Loaned—3.0%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%² (Cost $18,407,884)		18,407,884		18,407,884
Total Investments—102.8% (Cost $610,010,183)				628,134,605
Liabilities in Excess of Other Assets—(2.8)%				(17,147,222	)
Net Assets—100.0%			$	610,987,383

	Shares		Value
COMMON STOCKS—97.4%
Automobiles & Components—4.4%
Astra International Tbk PT		63,659	$	29,320
BAIC Motor Corp. Ltd., Class H^1,2		11,000		10,516
Bajaj Auto Ltd.		169		6,932
Bosch Ltd.		14		3,578
Brilliance China Automotive Holdings Ltd.		653		1,179
BYD Co. Ltd., Class H		1,623		9,837
Cheng Shin Rubber Industry Co. Ltd.		5,075		7,632
Dongfeng Motor Group Co. Ltd., Class H		10,028		10,609
Ford Otomotiv Sanayi AS		1,134		15,174
Fuyao Glass Industry Group Co. Ltd., Class H²		311		1,051
Geely Automobile Holdings Ltd.		8,839		22,927
Great Wall Motor Co. Ltd., Class H		9,916		7,584
Guangzhou Automobile Group Co. Ltd., Class H		4,341		4,244
Hankook Tire Co. Ltd.		261		9,859
Hanon Systems		983		9,349
Hyundai Mobis Co. Ltd.		274		52,120
Hyundai Motor Co.		975		109,791
Kia Motors Corp.		2,904		80,384
Mahindra & Mahindra Ltd.		2,655		34,787
Maruti Suzuki India Ltd.		158		20,352
Motherson Sumi Systems Ltd.		3,091		12,844
Nexteer Automotive Group Ltd.		4,464		6,600
SAIC Motor Corp. Ltd., Class A¹		2,500		13,203
Tata Motors Ltd.¹		14,821		58,254
Tofas Turk Otomobil Fabrikasi AS		2,355		12,368
UMW Holdings Bhd		3,555		5,254
Total Automobiles & Components				555,748

Banks—12.9%
Abu Dhabi Commercial Bank PJSC		4,306		8,276
Agricultural Bank of China Ltd., Class A		26,700		13,863
Agricultural Bank of China Ltd., Class H		32,002		14,970
Alliance Bank Malaysia Bhd		5,838		5,839
Alpha Bank AE¹		4,101		9,169
Banks (Continued)
AMMB Holdings Bhd		7,101	$	6,592
Axis Bank Ltd.		2,378		17,729
Banco Bradesco SA		8,189		51,892
Banco de Credito e Inversiones		164		10,951
Banco do Brasil SA		11,203		83,424
Banco Santander Brasil SA		4,930		37,545
Bancolombia SA		1,460		17,558
Bank Danamon Indonesia Tbk PT		13,383		5,954
Bank Handlowy w Warszawie SA		277		5,238
Bank Mandiri Persero Tbk PT		40,506		19,363
Bank of China Ltd., Class A		28,000		15,257
Bank of China Ltd., Class H		102,071		50,610
Bank of Communications Co. Ltd., Class H¹		69,835		53,497
Bank Rakyat Indonesia Persero Tbk PT		101,298		20,076
Bank Zachodni WBK SA		106		9,445
Barclays Africa Group Ltd.		1,766		20,614
BNK Financial Group, Inc.		920		7,718
Capitec Bank Holdings Ltd.		119		7,536
China CITIC Bank Corp Ltd., Class H		38,261		23,945
China Construction Bank Corp., Class H¹		241,096		222,797
China Everbright Bank Co. Ltd., Class H		30,970		13,303
China Merchants Bank Co. Ltd., Class H¹		4,820		17,786
China Minsheng Banking Corp. Ltd., Class H		24,254		17,343
Chongqing Rural Commercial Bank Co. Ltd., Class H		7,762		4,620
CIMB Group Holdings Bhd		10,421		14,060
Commercial International Bank Egypt SAE		1,024		4,881
CTBC Financial Holding Co. Ltd.		47,000		33,837
DGB Financial Group, Inc.		633		5,822
Dubai Islamic Bank PJSC		5,296		7,022
First Abu Dhabi Bank PJSC		3,964		13,112
Grupo Financiero Banorte SAB de CV, Class O		3,512		20,918
Habib Bank Ltd.		2,600		3,563
Hana Financial Group, Inc.		598		22,992

	Shares		Value
COMMON STOCKS—98.9%
Automobiles & Components—10.8%
Aisin Seiki Co. Ltd.		600	$	27,355
Bayerische Motoren Werke AG		1,006		91,181
Bridgestone Corp.		800		31,295
Cie Generale des Etablissements Michelin		182		22,163
Continental AG		189		43,152
Daimler AG		2,181		140,385
Denso Corp.		800		39,088
Fiat Chrysler Automobiles NV¹		5,254		100,198
Honda Motor Co. Ltd.		3,800		111,600
Isuzu Motors Ltd.		1,300		17,270
Koito Manufacturing Co. Ltd.		100		6,609
Mazda Motor Corp.		2,100		25,784
Minth Group Ltd.		651		2,751
Mitsubishi Motors Corp.		2,200		17,538
Nissan Motor Co. Ltd.		9,800		95,377
NOK Corp.		400		7,743
Peugeot SA		2,885		65,886
Pirelli & C SpA^1,2		725		6,054
Renault SA		580		49,319
Stanley Electric Co. Ltd.		200		6,825
Subaru Corp.		900		26,204
Sumitomo Electric Industries Ltd.		1,600		23,834
Sumitomo Rubber Industries Ltd.		500		7,945
Suzuki Motor Corp.		600		33,140
Toyoda Gosei Co. Ltd.		300		7,608
Toyota Industries Corp.		300		16,819
Toyota Motor Corp.		3,854		249,476
Valeo SA		315		17,219
Volkswagen AG		678		112,011
Yamaha Motor Co. Ltd.		500		12,576
Yokohama Rubber Co. Ltd. (The)		300		6,238
Total Automobiles & Components				1,420,643

Banks—8.0%
ABN AMRO Group NV²		648		16,811
AIB Group PLC		1,209		6,564
Aozora Bank Ltd.		100		3,805
Australia & New Zealand Banking Group Ltd.		1,337		27,897
Banco Bilbao Vizcaya Argentaria SA		5,529		39,210
Banco Santander SA		13,227		70,915
Banks (Continued)
Bank Hapoalim B.M.		772	$	5,220
Bankinter SA		515		5,016
BNP Paribas SA		1,403		87,129
BOC Hong Kong Holdings Ltd.		3,121		14,699
CaixaBank SA		2,751		11,903
Commerzbank AG¹		1,227		11,763
Commonwealth Bank of Australia		564		30,366
Credit Agricole SA		4,780		63,818
Danske Bank A/S		543		16,997
DBS Group Holdings Ltd.		630		12,295
DNB ASA		437		8,541
Erste Group Bank AG¹		260		10,852
Fukuoka Financial Group, Inc.		1,000		5,029
HSBC Holdings PLC		8,294		77,823
ING Groep NV		3,469		49,931
Intesa Sanpaolo SpA		7,494		21,756
Japan Post Bank Co. Ltd.		2,000		23,293
KBC Group NV		165		12,738
Lloyds Banking Group PLC		56,343		46,901
Mebuki Financial Group, Inc.		1,300		4,366
Mitsubishi UFJ Financial Group, Inc.		8,100		46,151
Mizrahi Tefahot Bank Ltd.		207		3,798
Mizuho Financial Group, Inc.		15,500		26,098
National Australia Bank Ltd.		1,177		23,836
Nordea Bank AB		1,500		14,467
Oversea-Chinese Banking Corp. Ltd.		2,429		20,736
Resona Holdings, Inc.		1,300		6,955
Royal Bank of Scotland Group PLC¹		5,216		17,636
Shizuoka Bank Ltd. (The)		1,000		9,037
Societe Generale SA		1,349		56,882
Standard Chartered PLC		2,131		19,486
Sumitomo Mitsui Financial Group, Inc.		1,100		42,763
Sumitomo Mitsui Trust Holdings, Inc.		300		11,898
Suruga Bank Ltd.		200		1,789
UniCredit SpA		1,436		23,969
United Overseas Bank Ltd.		588		11,540
Westpac Banking Corp.		1,243		26,909
Total Banks				1,049,588

	Shares		Value
Capital Goods—12.3%
ABB Ltd.		1,324	$	28,948
ACS Actividades de Construccion y Servicios SA		874		35,409
Airbus SE		613		71,757
ANDRITZ AG		176		9,342
Asahi Glass Co. Ltd.		300		11,687
Assa Abloy AB, Class B		561		11,971
Atlas Copco AB, Class A		404		11,778
BAE Systems PLC		2,787		23,799
Bouygues SA		780		33,614
Brenntag AG		257		14,319
Bunzl PLC		452		13,696
Cie de Saint-Gobain		864		38,605
CIMIC Group Ltd.		361		11,282
CK Hutchison Holdings Ltd.		2,748		29,142
Daikin Industries Ltd.		200		23,961
DCC PLC		194		17,660
Eiffage SA		209		22,738
Elbit Systems Ltd.		39		4,574
Epiroc AB, Class A¹		404		4,245
Ferguson PLC		295		23,953
Ferrovial SA		740		15,185
Fuji Electric Co. Ltd.		1,000		7,620
Geberit AG		14		6,005
Hino Motors Ltd.		1,400		14,952
Hitachi Construction Machinery Co. Ltd.		300		9,750
HOCHTIEF AG		148		26,749
IHI Corp.		400		13,939
ITOCHU Corp.		2,494		45,201
Jardine Matheson Holdings Ltd.		1,216		76,730
Jardine Strategic Holdings Ltd.		850		31,008
JGC Corp.		400		8,064
JTEKT Corp.		800		10,892
Kawasaki Heavy Industries Ltd.		400		11,791
Keihan Holdings Co. Ltd.		200		7,177
Komatsu Ltd.		600		17,161
Kone OYJ, Class B		220		11,215
Kubota Corp.		900		14,162
Kurita Water Industries Ltd.		200		5,706
Legrand SA		149		10,942
Leonardo SpA		1,232		12,178
LIXIL Group Corp.		700		14,004
Marubeni Corp.		7,885		60,160
Melrose Industries PLC		2,528		7,099
MINEBEA MITSUMI, Inc.		400		6,767
Mitsubishi Corp.		2,100		58,356
Capital Goods (Continued)
Mitsubishi Electric Corp.		2,600	$	34,611
Mitsubishi Heavy Industries Ltd.		900		32,753
Mitsui & Co. Ltd.		2,225		37,112
NGK Insulators Ltd.		400		7,125
Nidec Corp.		88		13,208
NSK Ltd.		700		7,223
Obayashi Corp.		1,600		16,655
OSRAM Licht AG		105		4,291
Prysmian SpA		466		11,605
Rexel SA		1,030		14,810
Rolls-Royce Holdings PLC¹		1,874		24,450
Safran SA		178		21,624
Schindler Holding AG		61		12,827
Schneider Electric SE		345		28,768
Seibu Holdings, Inc.		400		6,746
Shimizu Corp.		1,400		14,523
Siemens AG		681		90,021
Siemens Gamesa Renewable Energy SA		755		10,142
Skanska AB, Class B		980		17,834
Sumitomo Corp.		2,183		35,869
Sumitomo Heavy Industries Ltd.		200		6,753
Taisei Corp.		240		13,239
Thales SA		150		19,326
Toshiba Corp.¹		11,542		34,699
TOTO Ltd.		100		4,640
Toyota Tsusho Corp.		1,600		53,591
Travis Perkins PLC		521		9,785
Vestas Wind Systems A/S		164		10,151
Vinci SA		490		47,118
Volvo AB, Class B		1,603		25,659
Total Capital Goods				1,612,451

Commercial & Professional Services—1.4%
Adecco Group AG		431		25,505
Brambles Ltd.		1,122		7,361
Experian PLC		345		8,538
G4S PLC		3,240		11,451
ISS A/S		388		13,334
Randstad NV		424		24,960
Recruit Holdings Co. Ltd.		700		19,376
RELX NV		396		8,445
RELX PLC		503		10,775
Securitas AB, Class B		915		15,081
SGS SA		4		10,643
Toppan Printing Co. Ltd.		2,000		15,673
Wolters Kluwer NV		166		9,354
Total Commercial & Professional Services				180,496

	Shares		Value
Media—0.8%
CyberAgent, Inc.		100	$	6,013
Dentsu, Inc.		200		9,479
Hakuhodo DY Holdings, Inc		900		14,447
Pearson PLC		548		6,403
Publicis Groupe SA		165		11,354
Sky PLC		987		19,045
Toho Co. Ltc.		100		3,354
Vivendi SA		629		15,422
WPP PLC		1,060		16,696
Total Media				102,213

Pharmaceuticals, Biotechnology & Life Sciences—2.9%
Astellas Pharma, Inc.		800		12,199
AstraZeneca PLC		270		18,725
Bayer AG		318		35,030
Chugai Pharmaceutical Co. Ltc.		100		5,245
CSL Ltd.		54		7,685
Daiichi Sankyo Co. Ltc.		300		11,476
Eurofins Scientific SE		11		6,118
GlaxoSmithKline PLC		1,894		38,254
Grifols SA		88		2,649
H Lundbeck A/S		49		3,443
Kyowa Hakko Kirin Co. Ltc.		200		4,032
Lonza Group AG¹		25		6,634
Merck KGaA		79		7,713
Novartis AG		626		47,460
Novo Nordisk A/S, Class B		266		12,338
Otsuka Holdings Co. Ltc.		300		14,528
Recordati SpA		66		2,625
Roche Holding AG		195		43,313
Sanofi		513		41,118
Shire PLC		239		13,458
Takeda Pharmaceutical Co. Ltc.		400		16,893
Teva Pharmaceutical Industries Ltd.³		929		22,593
Vifor Pharma AG		22		3,515
Total Pharmaceuticals, Biotechnology & Life Sciences				377,044

Real Estate—1.4%
Azrieli Group Ltd.		40		1,982
CapitaLand Ltd.		3,575		8,285
CK Asset Holdings Ltd.		1,333		10,585
Daito Trust Construction Co. Ltc.		100		16,260
Daiwa House Industry Co. Ltc.		900		30,681
Real Estate (Continued)
Goodman Group		1,039	$	7,385
Hang Lung Group Ltd.		1,289		3,615
Hulic Co. Ltc.		500		5,340
ICADE		69		6,469
LendLease Group		1,020		14,929
Mirvac Group		3,485		5,588
Mitsubishi Estate Co. Ltc.		700		12,241
Mitsui Fudosan Co. Ltc.		600		14,485
New World Development Co. Ltc.		5,865		8,253
Nomura Real Estate Holdings, Inc.		300		6,657
Segro PLC		768		6,787
Tokyu Fudosan Holdings Corp.		1,500		10,590
Wharf Holdings Ltd. (The)		962		3,090
Wheelock & Co. Ltc.		1,305		9,091
Total Real Estate				182,313

Retailing—1.4%
Don Quijote Holdings Co. Ltc.		200		9,606
Dufry AG¹		69		8,783
Hennes & Mauritz AB, Class B⁴		1,185		17,684
Industria de Diseno Textil SA		879		30,029
Isetan Mitsukoshi Holdings Ltd.		1,000		12,495
J Front Retailing Co. Ltc.		400		6,092
Jardine Cycle & Carriage Ltd.		747		17,433
Kingfisher PLC		3,928		15,402
Marks & Spencer Group PLC		3,500		13,636
Next PLC		82		6,550
Rakuten, Inc.		1,400		9,472
Takashimaya Co. Ltc.		1,000		8,559
Yamada Denki Co. Ltc.		3,400		16,913
Zalando SE^1,2		145		8,104
Total Retailing				180,758

Semiconductors & Semiconductor Equipment—0.3%
ASM Pacific Technology Ltd.		510		6,449
NXP Semiconductors NV¹		134		14,642
Renesas Electronics Corp.¹		1,000		9,805
STMicroelectronics NV		588		13,119
Total Semiconductors & Semiconductor Equipment				44,015

	Shares		Value
Software & Services—1.3%
Amadeus IT Group SA		146	$	11,523
Atos SE		134		18,297
Capgemini SE		172		23,134
Dassault Systemes SE		81		11,349
Delivery Hero AG^1,2		36		1,916
Fujitsu Ltd.		6,277		38,071
Otsuka Corp.		200		7,845
SAP SE		320		36,969
Temenos AG¹		28		4,230
United Internet AG		122		6,988
Yahoo Japan Corp.		2,100		6,977
Total Software & Services				167,299

Technology Hardware & Equipment—2.4%
Alps Electric Co. Ltc.		400		10,278
Brother Industries Ltd.		400		7,901
Canon, Inc.		1,500		49,172
FUJIFILM Holdings Corp.		700		27,339
Hitachi High-Technologies Corp.		200		8,161
Hitachi Ltd.		10,067		71,036
Konica Minolta, Inc.		1,100		10,219
NEC Corp.		987		27,089
Nippon Electric Glass Co. Ltc.		100		2,781
Nokia OYJ		4,912		28,274
Omron Corp.		200		9,335
Ricoh Co. Ltc.		2,000		18,345
Seiko Epson Corp.		700		12,172
TDK Corp.		100		10,220
Telefonaktiebolaget LM Ericsson, Class B		2,599		20,121
Venture Corp. Ltd.		200		2,617
Yaskawa Electric Corp.		100		3,534
Total Technology Hardware & Equipment				318,594

Telecommunication Services—4.8%
Bezeq The Israeli Telecommunication Corp. Ltd.		2,167		2,437
BT Group PLC		10,522		30,256
Deutsche Telekom AG¹		5,101		79,032
Elisa OYJ		90		4,169
Iliad SA		42		6,637
KDDI Corp.		1,600		43,783
Koninklijke KPN NV		2,894		7,873
Millicom International Cellular SA		101		5,972
Nippon Telegraph & Telephone Corp.		2,100		95,478
Telecommunication Services (Continued)
NTT DOCOMO, Inc.		1,600	$	40,771
Orange SA		2,644		44,283
Proximus SADP		245		5,524
SoftBank Group Corp.		1,041		74,932
Spark New Zealand Ltd.		3,816		9,637
Swisscom AG		24		10,712
Tele2 AB, Class B		472		5,556
Telecom Italia SpA¹		24,697		18,379
Telefonica Deutschland Holding AG		2,272		8,955
Telefonica SA		5,825		49,504
Telenor ASA		647		13,269
Telia Co. AB		2,237		10,242
Telstra Corp. Ltd.		8,411		16,282
TPG Telecom Ltd.		797		3,044
Vodafone Group PLC		17,922		43,495
Total Telecommunication Services				630,222

Transportation—3.1%
A.P. Moeller—Maersk A/S, Class A		12		14,244
A.P. Moeller—Maersk A/S, Class B		9		11,209
Aena SME SA²		58		10,530
Aeroports de Paris		43		9,725
ANA Holdings, Inc.		500		18,368
Atlantia SpA		305		9,017
Bollore SA		3,382		15,731
Central Japan Railway Co.		100		20,729
Deutsche Lufthansa AG		1,426		34,297
Deutsche Post AG		1,814		59,239
DSV A/S		214		17,290
East Japan Railway Co.		400		38,333
easyJet PLC		324		7,156
Fraport AG Frankfurt Airport Services Worldwide		95		9,164
International Consolidated Airlines Group SA		2,557		22,456
Mitsui OSK Lines Ltd.		500		12,044
Nippon Express Co. Ltc.		300		21,776
Nippon Yusen KK		900		17,868
Royal Mail PLC		1,819		12,137
SG Holdings Co. Ltc.		458		10,048
Singapore Airlines Ltd.		1,917		15,030
Yamato Holdings Co. Ltc.		600		17,681
Total Transportation				404,072

	Shares		Value
Utilities—6.4%
AGL Energy Ltd.		666	$	11,062
Centrica PLC		17,153		35,702
Chubu Electric Power Co., Inc.		1,600		23,993
Chugoku Electric Power Co., Inc. (The)		1,100		14,221
E.ON SE		3,808		40,699
EDP—Energias de Portugal SA		3,994		15,855
Electric Power Development Co. Ltc.		300		7,746
Electricite de France SA		5,090		70,007
Endesa SA⁴		891		19,656
Enel SpA		13,184		73,224
Engie SA		4,167		63,880
Gas Natural SDG SA		952		25,209
Iberdrola SA		4,166		32,219
Innogy SE²		1,052		45,065
Kansai Electric Power Co., Inc. (The)		1,900		27,720
Kyushu Electric Power Co., Inc.		1,500		16,738
National Grid PLC		1,583		17,522
Orsted A/S²		137		8,287
RWE AG		1,812		41,307
Severn Trent PLC		167		4,364
SSE PLC		2,023		36,190
Suez		1,191		15,442
Terna Rete Elettrica Nazionale SpA⁴		536		2,899
Toho Gas Co. Ltc.		200		6,925
Tohoku Electric Power Co., Inc.		1,400		17,101
Tokyo Electric Power Co. Holdings, Inc.¹		9,000		41,927
Tokyo Gas Co. Ltc.		600		15,928
Uniper SE		2,433		72,550
United Utilities Group PLC		400		4,031
Veolia Environnement SA		1,257		26,901
Total Utilities				834,370

Total Common Stocks (Cost $12,601,044)				12,974,201

PREFERRED STOCKS—0.8%
Automobiles & Components—0.7%
Volkswagen AG, 2.75%		527	$	87,508
Bayerische Motoren Werke AG, 5.86%		67		5,343
Porsche Automobil Holding SE, 3.21%		14		891
Total Automobiles & Components				93,742

Capital Goods—0.0%⁵
Rolls-Royce Holdings PLC, Class C¹⁶		215,675		285

Health Care Equipment & Services—0.0%⁵
Sartorius AG, 0.35%		15		2,243

Household & Personal Products—0.1%
Henkel AG & Co KGaA, 1.64%		99		12,657

Total Preferred Stocks (Cost $105,713)				108,927
RIGHTS—0.0%⁵
Banks—0.0%⁵
Intesa Sanpaolo SpA, expiring 7/20/18		7,494		126

Capital Goods—0.0%⁵
ACS Actividades de Construccion y Servicios SA, expiring 7/12/18		874		900

Total Rights (Cost $952)				1,026
Money Market Fund—0.1%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%⁷ (Cost $9,598)		9,598		9,598

	Shares		Value
Technology Hardware & Equipment—0.1%
Samsung Electronics Co. Ltc., 2.41%		283	$	9,560
Utilities—0.0%⁶
Centrais Eletricas Brasileiras SA, Class B¹		1,012		3,564
Total Preferred Stocks (Cost $110,585)				112,517
RIGHT—0.0%⁶
Capital Goods—0.0%⁶
ACS Actividades de Construccion y Servicios SA, expiring 7/12/18 (Cost $498)¹		457		471
Investment of Cash Collateral for Securities Loaned—0.5%
Dreyfus Government Cash Management Money Market Fund-Institutional Shares, 1.81%⁷ (Cost $71,284)		71,284		71,284
Total Investments—100.3% (Cost $12,805,381)				13,274,298
Liabilities in Excess of Other Assets—(0.3)%				(36,950	)
Net Assets—100.0%			$	13,237,348

	Oppenheimer S&P 500 Revenue ETF			Oppenheimer S&P MidCap 400 Revenue ETF			Oppenheimer S&P SmallCap 600 Revenue ETF			Oppenheimer S&P Financials Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)¹	$	918,130,343		$	386,453,439		$	543,388,488		$	54,505,662
Cash		6,603			—			112,401			—
Receivables and other assets:
Dividends		850,627			267,809			431,133			35,688
Investment securities sold		558,829			495,824			7,352,919			—
Securities lending income, net (Note 4)		2,805			16,657			110,295			20
Total Assets		919,549,207			387,233,729			551,395,236			54,541,370

Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)²		1,226,057			8,008,341			34,967,438			—
Due to custodian		—			390			—			—
Investment securities purchased		524,541			490,207			3,701,159			—
Capital shares redeemed		—			—			3,660,429			—
Management fees (Note 9)		304,674			124,025			168,787			20,839
Total Liabilities		2,055,272			8,622,963			42,497,813			20,839

Net Assets	$	917,493,935		$	378,610,766		$	508,897,423		$	54,520,531

Composition of Net Assets:
Paid-in capital	$	828,789,280		$	346,147,848		$	481,230,388		$	49,482,441
Accumulated undistributed net investment income		654,138			236,654			514,180			26,174
Accumulated undistributed net realized loss on investments		(11,488,531	)		(15,866,215	)		(28,045,352	)		(318,717	)
Net unrealized appreciation on investments		99,539,048			48,092,479			55,198,207			5,330,633

Net Assets	$	917,493,935		$	378,610,766		$	508,897,423		$	54,520,531
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		18,101,400			6,201,400			6,951,400			850,000
Net asset value, offering and redemption price per share	$	50.69		$	61.05		$	73.21		$	64.14
Investments at cost	$	818,591,295		$	338,360,960		$	488,190,281		$	49,175,029
1 Includes value of securities on loan:	$	30,446,022		$	90,402,209		$	152,513,404		$	93,156
2 Non-cash collateral for securities on loan:	$	30,001,446		$	84,614,310		$	122,990,427		$	96,007

	Oppenheimer S&P Ultra Dividend Revenue ETF			Oppenheimer Emerging Markets Revenue ETF			Oppenheimer International Revenue ETF			Oppenheimer Global Revenue ETF
Assets:
Investments at value (including securities on loan) (Note 3)¹	$	628,134,605		$	12,626,949		$	13,143,611		$	13,274,298
Foreign currency at value		—			6,350			—			20,297
Receivables and other assets:
Dividends		1,350,242			52,224			19,593			20,781
Capital shares sold		13,385,597			—			—			—
Investment securities sold		—			—			14,786			9,092
Securities lending income, net (Note 4)		50,659			27			77			50
Reclaims		—			122			2,976			1,871
Total Assets		642,921,103			12,685,672			13,181,043			13,326,389

Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan (Note 4)²		18,407,884			12,471			49,859			71,284
Due to custodian		—			860			3,540			12,147
Investment securities purchased		13,346,061			3,684			—			799
Management fees (Note 9)		179,775			4,984			4,679			4,811
Total Liabilities		31,933,720			21,999			58,078			89,041

Net Assets	$	610,987,383		$	12,663,673		$	13,122,965		$	13,237,348

Composition of Net Assets:
Paid-in capital	$	632,341,456		$	13,014,061		$	12,858,666		$	12,935,885
Accumulated undistributed net investment income		1,472,546			121,900			28,020			25,456
Accumulated undistributed net realized loss on investments and foreign currency transactions		(40,951,041	)		(58,387	)		(140,010	)		(192,916	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		18,124,422			(413,901	)		376,289			468,923

Net Assets	$	610,987,383		$	12,663,673		$	13,122,965		$	13,237,348
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		16,000,000			500,000			500,000			500,000
Net asset value, offering and redemption price per share	$	38.19		$	25.33		$	26.25		$	26.47
Investments at cost	$	610,010,183		$	13,040,501		$	12,767,166		$	12,805,381
Foreign currency at cost		—			6,359			—			20,155
1 Includes value of securities on loan:	$	88,952,643		$	118,920		$	47,568		$	244,335
2 Non-cash collateral for securities on loan:	$	73,802,691		$	108,468		$	—		$	180,136

	Oppenheimer S&P Ultra Dividend Revenue ETF			Oppenheimer Emerging Markets Revenue ETF¹			Oppenheimer International Revenue ETF¹			Oppenheimer Global Revenue ETF¹
Investment Income:
Dividend income	$	27,013,244		$	365,098		$	470,048		$	391,318
Non-cash income		—			47,487			25,555			23,521
Foreign withholding tax		—			(43,834	)		(53,888	)		(35,043	)
Securities lending income, net (Note 4)		570,836			292			1,355			990
Total Income		27,584,080			369,043			443,070			380,786

Expenses:
Management fees (Note 9)		2,034,326			60,955			55,311			56,502
BNY Fund Services fees		71,578			8,462			8,431			8,425
Professional fees		18,679			6,514			6,514			6,514
Trustees fees		6,018			1,996			1,996			1,996
NYSE listing fees		1,248			—			—			—
NYSE Calculating Agent expense		743			671			671			671
Other expenses		29,226			1,949			1,949			1,949
Total Expenses		2,161,818			80,547			74,872			76,057
Less expense waivers and reimbursements (Note 9)		(127,492	)		(19,592	)		(19,561	)		(19,556	)
Net Expenses		2,034,326			60,955			55,311			56,501

Net Investment Income		25,549,754			308,088			387,759			324,285

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments²		(35,109,727	)		130,971			(102,047	)		(169,113	)
Net realized gain on in-kind redemptions		63,596,858			243,788			277,044			372,632
Payments by affiliates (Note 9)		—			—			24,152			20,392
Net realized loss on foreign currency transactions		—			(73,973	)		(11,045	)		(26,152	)
Total net realized gain		28,487,131			300,786			188,104			197,759
Net change in unrealized appreciation (depreciation) on investments		37,354,744			(413,552	)		376,445			468,917
Net change in unrealized appreciation (depreciation) on foreign currency translations		—			(349	)		(156	)		6
Net change in unrealized appreciation (depreciation)		37,354,744			(413,901	)		376,289			468,923
Net realized and unrealized gain (loss) on investments		65,841,875			(113,115	)		564,393			666,682
Net Increase in Net Assets Resulting From Operations	$	91,391,629		$	194,973		$	952,152		$	990,967

	Oppenheimer S&P 500 Revenue ETF						Oppenheimer S&P MidCap 400 Revenue ETF
	Year Ended June 30, 2018			Year Ended June 30, 2017			Year Ended June 30, 2018			Year Ended June 30, 2017
Operations
Net investment income	$	15,300,273		$	9,427,147		$	3,913,591		$	2,643,880
Net realized gain on investments and in-kind redemptions		60,903,503			16,090,592			19,377,220			953,576
Net change in unrealized appreciation (depreciation) on investments		8,339,902			46,205,932			8,688,904			36,243,241
Net increase in net assets resulting from operations		84,543,678			71,723,671			31,979,715			39,840,697

Distributions To Shareholders From:
Net investment income		(17,723,983	)		(7,952,583	)		(3,676,937	)		(2,968,690	)

Shareholder Transactions:
Proceeds from shares sold		313,392,923			300,285,997			90,878,997			119,978,743
Cost of shares redeemed		(152,222,803	)		(41,231,932	)		(70,072,549	)		(13,601,246	)
Net increase in net assets resulting from shareholder transactions		161,170,120			259,054,065			20,806,448			106,377,497
Increase in net assets		227,989,815			322,825,153			49,109,226			143,249,504

Net Assets:
Beginning of year		689,504,120			366,678,967			329,501,540			186,252,036
End of year	$	917,493,935		$	689,504,120		$	378,610,766		$	329,501,540
Undistributed net investment income included in net assets at end of year	$	654,138		$	3,083,115		$	236,654		$	—

Changes in Shares Outstanding:
Shares outstanding, beginning of year		14,851,400			9,001,400			5,851,400			3,901,400
Shares sold		6,200,000			6,800,000			1,500,000			2,200,000
Shares redeemed		(2,950,000	)		(950,000	)		(1,150,000	)		(250,000	)
Shares outstanding, end of year		18,101,400			14,851,400			6,201,400			5,851,400

	Oppenheimer S&P SmallCap 600 Revenue ETF						Oppenheimer S&P Financials Revenue ETF
	Year Ended June 30, 2018			Year Ended June 30, 2017			Year Ended June 30, 2018			Year Ended June 30, 2017
Operations
Net investment income	$	5,174,190		$	3,676,921		$	620,297		$	338,735
Net realized gain on investments and in-kind redemptions		52,865,569			12,305,416			1,474,077			1,246,776
Net change in unrealized appreciation (depreciation) on investments		358,776			46,935,829			(1,328,352	)		5,411,247
Net increase in net assets resulting from operations		58,398,535			62,918,166			766,022			6,996,758

Distributions To Shareholders From:
Net investment income		(5,715,052	)		(2,898,715	)		(685,442	)		(316,657	)

Shareholder Transactions:
Proceeds from shares sold		83,311,618			259,063,313			31,019,019			11,915,035
Cost of shares redeemed		(181,849,009	)		(61,752,661	)		(10,277,825	)		(5,420,264	)
Net increase (decrease) in net assets resulting from shareholder transactions		(98,537,391	)		197,310,652			20,741,194			6,494,771
Increase (Decrease) in net assets		(45,853,908	)		257,330,103			20,821,774			13,174,872

Net Assets:
Beginning of year		554,751,331			297,421,228			33,698,757			20,523,885
End of year	$	508,897,423		$	554,751,331		$	54,520,531		$	33,698,757
Undistributed net investment income included in net assets at end of year	$	514,180		$	1,057,352		$	26,174		$	91,319

Changes in Shares Outstanding:
Shares outstanding, beginning of year		8,401,400			5,401,400			550,000			450,000
Shares sold		1,150,000			3,950,000			450,000			200,000
Shares redeemed		(2,600,000	)		(950,000	)		(150,000	)		(100,000	)
Shares outstanding, end of year		6,951,400			8,401,400			850,000			550,000

	Oppenheimer S&P Ultra Dividend Revenue ETF						Oppenheimer Emerging Markets Revenue ETF			Oppenheimer International Revenue ETF
	Year Ended June 30, 2018			Year Ended June 30, 2017			For the Period July 11, 2017¹ to June 30, 2018			For the Period July 11, 2017¹ to June 30, 2018
Operations:
Net investment income	$	25,549,754		$	14,968,368		$	308,088		$	387,759
Net realized gain on investments, in-kind redemptions and foreign currency transactions		28,487,131			27,291,631			300,786			188,104
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		37,354,744			(25,153,831	)		(413,901	)		376,289
Net increase in net assets resulting from operations		91,391,629			17,106,168			194,973			952,152

Distributions To Shareholders From:
Net investment income		(29,379,796	)		(10,429,096	)		(179,845	)		(358,426	)
Realized gains		—			(191,360	)		(38,805	)		—
Total distributions to shareholders		(29,379,796	)		(10,620,456	)		(218,650	)		(358,426	)

Shareholder Transactions:
Proceeds from shares sold		439,228,941			834,239,866			20,892,428			20,634,014
Cost of shares redeemed		(400,883,719	)		(440,424,864	)		(8,205,078	)		(8,104,775	)
Net increase in net assets resulting from shareholder transactions		38,345,222			393,815,002			12,687,350			12,529,239
Increase in net assets		100,357,055			400,300,714			12,663,673			13,122,965

Net Assets:
Beginning of period/year		510,630,328			110,329,614			—			—
End of period/year	$	610,987,383		$	510,630,328		$	12,663,673		$	13,122,965
Undistributed net investment income included in net assets at end of period/year	$	1,472,546		$	5,302,588		$	121,900		$	28,020

Changes in Shares Outstanding:
Shares outstanding, beginning of period/year		15,100,000			3,500,000			—			—
Shares sold		12,150,000			24,400,000			800,000			800,000
Shares redeemed		(11,250,000	)		(12,800,000	)		(300,000	)		(300,000	)
Shares outstanding, end of period/year		16,000,000			15,100,000			500,000			500,000

	Oppenheimer Global Revenue ETF
	For the Period July 11, 2017¹ to June 30, 2018
Operations
Net investment income	$	324,285
Net realized gain on investments, in-kind redemptions and foreign currency transactions		197,759
Net change in unrealized appreciation on investments and foreign currency translations		468,923
Net increase in net assets resulting from operations		990,967

Distributions To Shareholders From:
Net investment income		(278,541	)

Shareholder Transactions:
Proceeds from shares sold		23,265,502
Cost of shares redeemed		(10,740,580	)
Net increase in net assets resulting from shareholder transactions		12,524,922
Increase in net assets		13,237,348

Net Assets:
Beginning of period		—
End of period	$	13,237,348
Undistributed net investment income included in net assets at end of period	$	25,456

Changes in Shares Outstanding:
Shares outstanding, beginning of period		—
Shares sold		900,000
Shares redeemed		(400,000	)
Shares outstanding, end of period		500,000

	Year Ended June 30,
Oppenheimer S&P 500 Revenue ETF	2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of year	$	46.43		$	40.74		$	40.91		$	38.56		$	31.38
Net investment income¹		0.90			0.83			0.76			0.68			0.59
Net realized and unrealized gain (loss) on investments		4.41			5.60			(0.14	)		2.35			7.13
Total gain from investment operations		5.31			6.43			0.62			3.03			7.72

Less Distributions from:
Net investment income		(1.05	)		(0.74	)		(0.76	)		(0.64	)		(0.54	)
Realized gains		—			—			(0.03	)		(0.04	)		—
Total distributions		(1.05	)		(0.74	)		(0.79	)		(0.68	)		(0.54	)
Net asset value, end of year	$	50.69		$	46.43		$	40.74		$	40.91		$	38.56

Total Return at Net Asset Value²		11.49	%		15.96	%		1.55	%		7.91	%		24.84	%

Total Return at Market Value²		11.46	%		15.98	%		1.61	%		7.85	%		25.10	%

Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	917,494		$	689,504		$	366,679		$	343,682		$	242,970
Average Net Assets (000’s omitted)		847,268			499,579			331,701			296,609			201,920
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.42	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.41	%		0.52	%		0.62	%		0.61	%		0.68	%
Net investment income, net of waivers and reimbursements		1.81	%		1.89	%		1.92	%		1.70	%		1.66	%
Portfolio turnover rate³		14.96	%		15.22	%		14.13	%		18.79	%		11.98	%

	Year Ended June 30,
Oppenheimer S&P MidCap 400 Revenue ETF	2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of year	$	56.31		$	47.74		$	49.39		$	47.75		$	38.00
Net investment income¹		0.63			0.56			0.44			0.41			0.34
Net realized and unrealized gain (loss) on investments		4.70			8.68			(1.63	)		1.79			9.97
Total gain (loss) from investment operations		5.33			9.24			(1.19	)		2.20			10.31

Less Distributions from:
Net investment income		(0.59	)		(0.67	)		(0.46	)		(0.39	)		(0.34	)
Realized gains		—			—			—			(0.17	)		(0.22	)
Total distributions		(0.59	)		(0.67	)		(0.46	)		(0.56	)		(0.56	)
Net asset value, end of year	$	61.05		$	56.31		$	47.74		$	49.39		$	47.75

Total Return at Net Asset Value²		9.48	%		19.46	%		(2.39	)%		4.63	%		27.28	%

Total Return at Market Value²		9.40	%		19.45	%		(2.38	)%		5.05	%		27.14	%

Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	378,611		$	329,502		$	186,252		$	242,092		$	205,404
Average Net Assets (000’s omitted)		363,353			250,624			210,021			223,753			167,424
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.43	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.42	%		0.56	%		0.72	%		0.68	%		0.73	%
Net investment income, net of waivers and reimbursements		1.08	%		1.05	%		0.94	%		0.84	%		0.78	%
Portfolio turnover rate³		33.78	%		46.40	%		22.23	%		13.93	%		24.19	%

	Year Ended June 30,
Oppenheimer S&P Financials Revenue ETF	2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value, beginning of year	$	61.27		$	45.61		$	50.02		$	46.54		$	39.35
Net investment income¹		0.90			0.70			0.66			0.54			0.45
Net realized and unrealized gain (loss) on investments		2.95			15.65			(4.38	)		3.44			7.17
Total gain (loss) from investment operations		3.85			16.35			(3.72	)		3.98			7.62

Less Distributions from:
Net investment income		(0.98	)		(0.69	)		(0.69	)		(0.50	)		(0.43	)
Net asset value, end of year	$	64.14		$	61.27		$	45.61		$	50.02		$	46.54

Total Return at Net Asset Value²		6.24	%		36.14	%		(7.49	)%		8.57	%		19.44	%

Total Return at Market Value²		6.27	%		36.20	%		(7.58	)%		8.66	%		19.32	%

Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	54,521		$	33,699		$	20,524		$	32,513		$	32,577
Average Net Assets (000’s omitted)		45,851			26,491			25,009			33,925			31,390
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.46	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.49	%		0.81	%		0.91	%		0.77	%		0.80	%
Net investment income, net of waivers and reimbursements		1.35	%		1.28	%		1.40	%		1.11	%		1.03	%
Portfolio turnover rate³		7.97	%		17.70	%		20.42	%		12.79	%		13.27	%

	Year Ended June 30,
Oppenheimer S&P Ultra Dividend Revenue ETF	2018			2017			2016			2015			For the Period October 1, 2013¹ Through June 30, 2014
Per Share Operating Performance:
Net asset value, beginning of period/year	$	33.82		$	31.52		$	28.81		$	28.72		$	24.87
Net investment income²		1.73			1.50			1.21			1.20			0.91
Net realized and unrealized gain on investments		4.56			1.96			2.66			0.03	³		3.39
Total gain from investment operations		6.29			3.46			3.87			1.23			4.30

Less Distributions from:
Net investment income		(1.92	)		(1.14	)		(1.16	)		(1.11	)		(0.45	)
Realized gains		—			(0.02	)		—			(0.03	)		—
Total distributions		(1.92	)		(1.16	)		(1.16	)		(1.14	)		(0.45	)
Net asset value, end of period/year	$	38.19		$	33.82		$	31.52		$	28.81		$	28.72

Total Return at Net Asset Value⁴		19.13	%		11.10	%		13.91	%		4.30	%		17.46	%

Total Return at Market Value⁴		19.12	%		11.18	%		13.90	%		4.19	%		17.58	%

Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	610,987		$	510,630		$	110,330		$	66,254		$	22,976
Average Net Assets (000’s omitted)		521,622			333,853			67,190			47,799			10,504
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.41	%		0.49	%		0.49	%		0.49	%⁵
Expenses, prior to expense waivers and reimbursements		0.41	%		0.52	%		0.75	%		0.72	%		1.18	%⁵
Net investment income, net of waivers and reimbursements		4.90	%		4.48	%		4.19	%		4.06	%		4.57	%⁵
Portfolio turnover rate⁶		74.45	%		80.57	%		208.25	%		51.83	%		37.43	%

Oppenheimer Emerging Markets Revenue ETF	For the Period July 11, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.62
Net realized and unrealized gain on investments		0.15
Total gain from investment operations		0.77

Less Distributions from:
Net investment income		(0.36	)
Realized gains		(0.08	)
Total distributions		(0.44	)
Net asset value, end of period	$	25.33

Total Return at Net Asset Value³		2.95	%

Total Return at Market Value³		3.31	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	12,664
Average Net Assets (000’s omitted)		13,702
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.46	%⁴
Expenses, prior to expense waivers and reimbursements		0.61	%⁴
Net investment income, net of waivers and reimbursements		2.32	%⁴
Portfolio turnover rate⁵		85.00	%

Oppenheimer International Revenue ETF	For the Period July 11, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.78
Net realized and unrealized gain on investments		1.19
Total gain from investment operations		1.97

Less Distributions from:
Net investment income		(0.72	)
Net asset value, end of period	$	26.25

Total Return at Net Asset Value³		7.83	%

Total Return at Market Value³		7.79	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	13,123
Average Net Assets (000’s omitted)		13,617
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.42	%⁴
Expenses, prior to expense waivers and reimbursements		0.57	%⁴
Net investment income, net of waivers and reimbursements		2.94	%⁴
Portfolio turnover rate⁵		28.56	%

Oppenheimer Global Revenue ETF	For the Period July 11, 2017¹ Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income²		0.65
Net realized and unrealized gain on investments		1.38
Total gain from investment operations		2.03

Less Distributions from:
Net investment income		(0.56	)
Net asset value, end of period	$	26.47

Total Return at Net Asset Value³		8.10	%

Total Return at Market Value³		7.95	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	13,237
Average Net Assets (000’s omitted)		13,587
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.43	%⁴
Expenses, prior to expense waivers and reimbursements		0.58	%⁴
Net investment income, net of waivers and reimbursements		2.47	%⁴
Portfolio turnover rate⁵		64.33	%