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)	$58
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	734
Wgt avg mkt cap (mns)	$552
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	1.0%
Small cap (<$2bn)	99.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	5.3 %
STAMPS.COM INC	0.8 %
COLLEGIUM PHARMACEUTICAL, INC.	0.6 %
INGLES MARKETS INC -CL A	0.5 %
RADNET INC	0.5 %
AK STEEL HOLDING CORP	0.5 %
SONIC AUTOMOTIVE INC-CLASS A	0.5 %
BEAZER HOMES USA INC	0.5 %
CHICO'S FAS INC	0.5 %
OMNOVA SOLUTIONS INC	0.4 %
PITNEY BOWES INC	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.9 %
	BERMUDA	0.6 %
	CANADA	0.4 %
	PUERTO RICO	0.4 %
	BRITAIN	0.4 %
	MONACO	0.2 %
	LUXEMBOURG	0.2 %
	GERMANY	0.1 %
	CAYMAN ISLANDS	0.1 %
	ISRAEL	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.5%	5.3%	--	--	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	80%
MSCI EAFE	0.97	55%
MSCI Emg. Mkts.	0.65	38%

Technical Indicators
Recent close	$27.48
30d moving avg.	$27.54
Annualized volatility	17.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.1%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$2,932

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™:

7.4%

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 (%)
IWC	iShares Russell Microcap	45.5	60	-21	-8.3	-15.7
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	42.4	29	10	6.6	-0.8
BUY	USCF SummerHaven SHPEI Index	32.6	80	-41	11.8	+4.4
EES	WisdomTree SmallCap Earnings	32.1	38	1	9.4	+2.0
EWSC	Invesco S&P Small Cap 600 Equal Weight	29.4	40	-1	5.8	-1.6
RWJ	Invesco S&P SmallCap 600 Revenue ETF	26.8	39	0	5.0	-2.3
FDM	First Trust DJ Select Microcap	25.4	60	-21	7.4	+0.1
RZV	Invesco S&P Smallcap 600 Pure Value	25.2	35	4	8.8	+1.4
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	22.8	20	19	5.9	-1.5
IWN	iShares Russell 2000 Value	22.7	24	15	6.6	-0.8
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	22.6	39	0	4.8	-2.6
AVUV	Avantis U.S. Small Cap Value	22.6	25	14	7.5	+0.1
CSML	IQ Chaikin U.S. Small Cap	22.0	35	4	8.1	+0.7
VTWV	Vanguard Russell 2000 Value	22.0	20	19	6.6	-0.8
SLYV	SPDR S&P600 Small Cap Value	20.8	15	24	7.5	+0.2
IJS	iShares S&P 600 SmallCap Value	20.8	25	14	7.4	+0.1
VIOV	Vanguard S&P Small-Cap 600 Value	20.4	20	19	7.4	+0.0
SQLV	Legg Mason Small-Cap Quality Value	18.3	60	-21	4.5	-2.9
IUSS	Invesco Strategic US Small Company	17.0	23	16	6.4	-1.0
DES	WisdomTree Smallcap Dividend	16.7	38	1	7.4	-0.0

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.1	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.55

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.