ETF Research Center

The Oppenheimer Russell 1000 Dynamic Multifactor ETF tracks an index of US large-cap stocks selected by a combination of five investment factors, which are weighted based on current macroeconomic conditions.

FUND BASICS
Category	US Equities
Fund Sponsor	OppenheimerFunds
Website	www.oppenheimerfunds.com
Inception date	Nov 08, 2017
Assets (mns)	$1,144
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	356
Wgt avg mkt cap (mns)	$9,193
Large cap (>$10bn)	34.1%
Mid cap ($2-10bn)	65.1%
Small cap (<$2bn)	0.9%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	7.8 %
HEWLETT PACKARD ENTERPRISE CO.	1.0 %
WESTERN DIGITAL CORP	1.0 %
UNITED RENTALS INC	0.9 %
CARDINAL HEALTH INC	0.8 %
SKYWORKS SOLUTIONS INC	0.8 %
WESTROCK CO.	0.7 %
DXC TECHNOLOGY CO.	0.7 %
DAVITA INC	0.7 %
PULTE HOMES INC	0.7 %
AES CORP	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	BRITAIN	2.0 %
	BERMUDA	1.0 %
	IRELAND	0.5 %
	PUERTO RICO	0.4 %
	PANAMA	0.2 %
	CAYMAN ISLANDS	0.2 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
31.2%	18.3%	--	--	14.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	92%
MSCI EAFE	0.86	67%
MSCI Emg. Mkts.	0.58	47%

Technical Indicators
Recent close	$32.33
30d moving avg.	$32.27
Annualized volatility	13.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	97
Turnover	0.3%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$22,316

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Oppenheimer Russell 1000 Dynamic Multifactor ETF based on the alternatives' overlap in portfolio holdings with OMFL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

OMFL

Expense:

29 bp

ALTAR Score™:

9.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH OMFL
Ticker	Fund Name	Overlap¹ vs OMFL (%)	Expense ratio (bp)	Savings vs OMFL (bp)	ALTAR Score™ (%)	ALTAR vs OMFL (%)
OSIZ	Invesco Russell 1000 Size Factor ETF	46.9	19	10	6.2	-3.2
ONEY	SPDR Russell 1000 Yield Focus	45.9	20	9	8.3	-1.1
FNK	First Trust Mid Cap Value AlphaDEX	42.8	70	-41	8.9	-0.5
SCHM	Schwab US Mid Cap	42.5	4	25	6.3	-3.1
FNX	First Trust Mid Cap Core Alpadex	42.3	62	-33	6.6	-2.8
JKI	iShares Morningstar Mid Cap Value	42.1	30	-1	8.6	-0.8
EZM	WisdomTree Midcap Earnings	40.7	38	-9	7.7	-1.7
IWS	iShares Russell Midcap Value	40.1	24	5	7.0	-2.5
DON	WisdomTree Midcap Dividend	38.5	38	-9	7.0	-2.4
RNMC	First Trust Mid Cap US Equity Select	38.4	60	-31	6.6	-2.8
FAB	First Trust Multi Cap Value	37.6	71	-42	8.4	-1.1
ONEV	SPDR Russell 1000 Low Volatility Focus	37.5	20	9	6.9	-2.5
JHMM	John Hancock Multifactor Mid Cap	36.6	44	-15	5.9	-3.5
SFYX	SoFi Next 500	36.4	0	29	5.6	-3.8
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	35.9	24	5	6.1	-3.3
USEQ	Invesco Russell 1000 Enhanced Equal Weight	35.8	29	0	6.6	-2.8
VBR	Vanguard Small-Cap Value ETF	34.9	7	22	7.7	-1.7
VOE	Vanguard Mid-Cap Value	34.0	7	22	7.6	-1.9
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index	33.9	20	9	6.9	-2.5
ONEO	SPDR Russell 1000 Momentum Focus	32.6	20	9	6.5	-3.0

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Oppenheimer Russell 1000 Dynamic Multifactor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.7	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	9.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.