VTL Associates, LLC Information

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). .