ETF Research Center

The Oppenheimer Russell 2000 Dynamic Multifactor ETF tracks an index of US small-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)	$60
Currency	USD
Expense ratio	39 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	723
Wgt avg mkt cap (mns)	$573
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	1.2%
Small cap (<$2bn)	98.9%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	11.2 %
AMEDISYS INC	1.6 %
ESSENT GROUP LTD	1.3 %
CHURCHILL DOWNS INC	1.3 %
TETRA TECH INC	1.1 %
RADIAN GROUP INC	1.1 %
SIMPSON MANUFACTURING CO INC	1.1 %
FTI CONSULTING INC	1.0 %
FIRST INDUSTRIAL REALTY TR	1.0 %
EMCOR GROUP INC	1.0 %
REXFORD INDUSTRIAL REALTY IN	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	BERMUDA	1.9 %
	CAYMAN ISLANDS	0.3 %
	CANADA	0.2 %
	PUERTO RICO	0.2 %
	BAHAMAS	0.1 %
	BRITAIN	0.1 %
	IRELAND	0.1 %
	PANAMA	0.1 %
	MONACO	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-7.9%	6.9%	--	--	2.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	75%
MSCI EAFE	1.03	55%
MSCI Emg. Mkts.	0.68	41%

Technical Indicators
Recent close	$27.71
30d moving avg.	$28.03
Annualized volatility	17.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.1%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$2,565

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Oppenheimer Russell 2000 Dynamic Multifactor ETF based on the alternatives' overlap in portfolio holdings with OMFS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

OMFS

Expense:

39 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH OMFS
Ticker	Fund Name	Overlap¹ vs OMFS (%)	Expense ratio (bp)	Savings vs OMFS (bp)	ALTAR Score™ (%)	ALTAR vs OMFS (%)
IWM	iShares Russell 2000	54.8	19	20	3.6	-1.7
VTWO	Vanguard Russell 2000	54.4	15	24	3.6	-1.7
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	53.0	20	19	5.5	+0.3
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	48.2	29	10	4.1	-1.2
IWN	iShares Russell 2000 Value	42.5	24	15	6.2	+0.9
VTWV	Vanguard Russell 2000 Value	42.2	20	19	6.2	+0.9
SCHA	Schwab U.S. Small-Cap	42.2	4	35	4.8	-0.4
IWO	iShares Russell 2000 Growth	41.9	24	15	1.1	-4.1
VTWG	Vanguard Russell 2000 Growth	41.6	20	19	1.1	-4.1
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	39.7	39	0	4.6	-0.6
FLQS	Franklin LibertyQ U.S. Small Cap Equity	38.8	35	4	6.1	+0.9
ISMD	Inspire Small/Mid Cap Impact	38.0	61	-22	5.1	-0.1
SLY	SPDR S&P 600 Small Cap	37.6	15	24	6.1	+0.9
SPSM	SPDR Portfolio Small Cap	37.6	5	34	6.2	+1.0
IJR	iShares Core S&P Small-Cap	37.5	7	32	6.1	+0.9
VIOO	Vanguard S&P Small-Cap 600	37.3	15	24	6.0	+0.7
PBSM	Invesco PureBeta MSCI USA Small Cap	35.6	6	33	4.9	-0.3
SLYG	SPDR S&P600 Small Cap Growth	34.0	15	24	5.0	-0.2
IJT	iShares S&P 600 SmallCap Growth	33.9	25	14	4.9	-0.3
PSC	Principal U.S. Small Cap Index	33.9	38	1	6.7	+1.4

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
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

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
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 2000 Dynamic Multifactor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	5.7	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.