In February, 2008 VTL Associates, LLC (VTL), the parent company of what was once RevenueShares, launched the first three revenue-weighted ETFs of known indices. Since then, five more ETFs have launched, but the story of RevenueShares started years earlier.

RevenueShares was the brainchild of founder and President, Vince Lowry. Mr. Lowry was an early proponent of liability-driven asset allocation. In 1996, he was instrumental in the implementation of custom liability indexes for several large insurance pools while working as a Managing Director at Smith Barney. In 2004, Mr. Lowry started VTL Associates, LLC, an independent institutional investment-consulting firm. At VTL, he continued to analyze and institute the fundamental of revenue for investment purposes. A year after VTL started, the process of opening RevenueShares began.

From March through September of 2005, VTL and Standard and Poor's (S&P) cooperated in joint research of multiple S&P indices in relation to the revenues of member constituents. The research consisted of reweighting the indices by their revenues rather than market capitalization. Upon completion of the research, VTL felt confident in the findings provided by S&P and moved forward with assembling the revenue-weighted products. Also in 2005, VTL filed with the Securities and Exchange Commission (SEC) for an exemption relief order permitting VTL to sponsor ETFs.

In early 2006, VTL and S&P entered into a proprietary license agreement to sponsor four revenue-weighted S&P indices and offer to the public both ETFs and separate accounts based on the S&P 400, S&P 500, S&P 600 and S&P International indices.

In January 2008, the SEC granted VTL an exemption relief to sponsor ETFs. A month later, RevenueShares launched its first three ETFs (RWL, RWK, RWJ) and nine months later two more ETFs were brought to the market (RWW, RTR). In 2013, the Oppenheimer Ultra Dividend Revenue ETF (RDIV) was launched.

In December 2015, OppenheimerFunds acquired VTL Associates, LLC. This acquisition has enabled OppenheimerFunds to expand its product offering into the fast-growing smart beta industry with what are now known as Oppenheimer Revenue Weighted Strategy ETFs. OppenheimerFunds, a leader in global asset management, is dedicated to providing solutions for its partners and or end-investors.  In October 2016, OppenheimerFunds launched its first ESG funds (ESGL, ESGF).  As of December 30, 2016 OppenheimerFunds has more than $216 billion in assets under management.

Holdings data reflects the accounting positions as of the date listed, and may not reflect any trades made on that date.

On December 2, 2015, OppenheimerFunds, Inc. acquired 100% of the stock interests of VTL Associates, LLC, the investment adviser to the Oppenheimer Revenue Weighted ETF Trust, formerly the RevenueShares ETF Trust (the “Trust”). As of that date, OppenheimerFunds Distributor, Inc. became the general distributor and principal underwriter for each series of the Trust.

An investment in the funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index, known as non-correlation risk, due to operating expenses incurred by the funds. The alternative weighting approach employed by the each Fund (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because each fund is rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performance. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price” or “MP”) 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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.) Returns less than one year are cumulative.

STANDARD & POOR'S and S&P are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by VTL Associates, LLC, Fund Advisor. No financial product offered by VTL Associates, LLC, Fund Advisor or its affiliates is sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products.