An investigation on behalf of investors of RevenueShares Small Cap Fund (ETF) (NYSEARCA:RWJ) shares over potential securities laws violations by Oppenheimer Small Cap Revenue ETF and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of RevenueShares Small Cap Fund (ETF) (NYSEARCA:RWJ) concerning whether a series of statements by Oppenheimer Small Cap Revenue ETF regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Philadelphia based RevenueShares Small Cap Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P SmallCap 600 Index (S&P 600) by investing in the constituent securities of the S&P 600 in the same proportions as the RevenueShares Small Cap Index.
On November 19, 2017, it was reported that 'a review of more than three dozen mutual fund and exchange-traded fund advertisements found at least eight [advertisements] were inaccurate,' either containing misleading language or reflecting ratings from the fund rating service Morningstar Inc. ('Morningstar') that were out-of-date. Regarding Oppenheimer Small Cap, the article reported that an August 23, 2017 digital advertisement for the Fund 'claimed a four-star Morningstar rating,' but that 'the [F]und's rating had fallen to three-stars roughly three months before the advertisement appeared.'