Semiannual Report

 

February 28, 2022 (Unaudited)

 

Nationwide ETFs

 

Nationwide Risk-Based U.S. Equity ETF | RBUS

 

Nationwide Risk-Based International Equity ETF | RBIN

 

Nationwide Maximum Diversification U.S. Core Equity ETF | MXDU

 

Nationwide Nasdaq-100® Risk-Managed Income ETF | NUSI

 

Nationwide Dow Jones® Risk-Managed Income ETF |NDJI

 

Nationwide Russell 2000® Risk-Managed Income ETF | NTKI

 

Nationwide S&P 500® Risk-Managed Income ETF | NSPI

 

 

 

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Nationwide ETFs

 

 

Table of Contents

 

 

Page

Letter to Investors

1

Portfolio Allocations

4

Schedules of Investments and Schedules of Written Options

6

Statements of Assets and Liabilities

63

Statements of Operations

65

Statements of Changes in Net Assets

67

Financial Highlights

74

Notes to Financial Statements

81

Expense Examples

96

Review of Liquidity Risk Management Program

99

Approval of Advisory Agreements and Board Considerations

100

Federal Tax Information

103

Foreign Tax Credit Pass Through

104

Information About Portfolio Holdings

104

Information About the Funds’ Trustees

104

Information About Proxy Voting

104

Frequency Distribution of Premiums and Discounts

104

 

 

 

Letter to Investors (Unaudited)

 

 

February 28, 2022

 

Dear Investors,

 

During this unprecedented time of challenge and volatility, Nationwide continues to care diligently for our associates, communities, and ultimately you, our investors. We remain steadfastly committed to protecting people, businesses and futures with extraordinary care. Equity markets were notably weak during the semi-annual reporting period ended February 28, 2022. Investors experienced continued COVID-19 concerns, elevated market expectations, stubborn inflation, and geopolitical tension which weighed on returns.

 

The U.S. economic activity decelerated following the impressive post-recession rebound, as the Omicron variant weighed on consumer activity. Economic growth experienced deceleration during the first quarter of 2022 due to the variant and pressure from commodity prices, following previous GDP growth of 2.3% and 7.0% during the third and fourth quarters of 2021, respectively.

 

Markets experienced their first meaningful period of weakness since the initial stages of the pandemic, as elevated valuations and geopolitical uncertainty impacted equity markets, and historic levels of inflation, incremental Federal Reserve (“Fed”) hawkishness, and widening credit spreads hurt bond market returns. The S&P 500® Index (“S&P 500”) experienced substantial volatility through the period, though the index was able to hit a record high on January 3, 2022 supported by investor optimism. A “wall of worry” that quickly developed beginning with the Omicron surge of COVID-19, then a shift in Fed sentiment, and finally the Russian invasion of Ukraine resulted in a sharp reversal of performance. The S&P 500 was up nearly 6% through the first four months of the period but finished with a 3% loss.

 

International markets endured even greater volatility, as economic optimism quickly gave way to geopolitical fear, with the MSCI EAFE® Index finishing the period with a three-month losing streak that saw the reporting period with a loss of nearly 7%. The MSCI Emerging Markets® Index was notably weak on continued stress from China and surging commodity prices, returning nearly -10%.

 

The market decline took a notably ‘risk-off’ tone, with many of the areas that drove the post-recession surge reversing course. Value indexes notably outperformed growth indexes, while large-cap indexes beat small-cap indexes. The Energy sector was the clear winner for the period given the 34% rally in crude prices, followed by the Consumer Staples and Financials sectors, while the Telecommunications, Real Estate, and Industrials sectors lagged.

 

Fixed-income returns were universally weak, with surging interest rates and widening credit spreads driving negative returns. Interest rates jumped through the period, with the 10-year Treasury yield rising from 1.30% to 1.84%. The 2-year yield saw an even sharper rise, from 0.20% to 1.43%, resulting in the yield curve narrowing to the tightest level since the early stages of the pandemic at 0.41%.

 

The following chart provides returns for various market segments for the six-month reporting period ended February 28, 2022:

 

Index

Semi-annual
Total Return
(as of
February 28,
2022)

Bloomberg Emerging Markets USD Aggregate Bond Index

-9.08%

Bloomberg Municipal Bond Index

-3.08%

Bloomberg U.S. 1-3 Year Government/Credit Bond Index

-1.79%

Bloomberg U.S. 10-20 Year Treasury Bond Index

-5.53%

Bloomberg U.S. Aggregate Bond Index

-4.07%

Bloomberg U.S. Corporate High Yield Index

-3.06%

MSCI EAFE® Index

-6.78%

MSCI Emerging Markets® Index

-9.81%

MSCI ACWI ex USA Index

-6.95%

Russell 1000® Growth Index

-7.75%

Russell 1000® Value Index

0.42%

Russell 2000® Index

-9.46%

S&P 500® Index

-2.62%

 

Source: Morningstar

 

Volatility will likely persist given the continued geopolitical uncertainty and historic levels of inflation. It appears that markets have begun to stabilize given the hope for a resolution of the geopolitical uncertainty and the resetting of investor expectations. We hope that equity markets will resume their upward trajectory when tensions settle, given the solid position of the consumer, strong employment market, healthy wage gains, and desire to spend. Corporate earnings also continue to trend higher, providing a healthy fundamental backdrop. Stressful and volatile periods in the market require investors to remain vigilant and informed but avoid the temptation to try to react on emotion as it often leads to suboptimal outcomes.

 

1

 

 

 

Letter to Investors (Unaudited) (Continued)

 

 

February 28, 2022

 

As always, we feel that the best way for you to reach your financial goals is to adhere consistently to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy and a long-term perspective. Nationwide encourages you to speak regularly with your financial professional to ensure that your portfolio maintains the right balance for your goals. At Nationwide, we continue to take a steady approach to seek long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us and for your continued support and confidence. We deeply value your trust.

 

Sincerely,

 

 

Michael S. Spangler
President and Chief Executive Officer
Nationwide Fund Advisors

 

Index Definitions

 

Bloomberg Emerging Markets USD Aggregate Bond Index: An unmanaged index that includes fixed and floating-rate US dollar-denominated debt issued from sovereign, quasi sovereign, and corporate emerging markets issuers.

 

Bloomberg U.S. Municipal Bond Index: An unmanaged index that covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

 

Bloomberg U.S. Government/Credit 1-3 Year Index: An unmanaged index that measures the performance of non-securitized component of the U.S. Aggregate Index with maturities of 1-3 years, including Treasuries, government-related issues and corporates.

 

Bloomberg U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 10 to 20 years to maturity.

 

Bloomberg U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

 

Bloomberg U.S. Corporate High Yield Index: An unmanaged index that measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market.

 

Dow Jones Industrial Average Index: A price-weighted index that measures the daily stock market movements of 30 U.S. publicly-traded companies listed on the NASDAQ or the New York Stock Exchange (NYSE). The 30 publicly-owned companies are considered leaders in the United States economy.

 

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

 

MSCI Emerging Markets® Index: An unmanaged, free float adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

 

MSCI ACWI ex USA: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

 

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

 

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

 

2

 

 

 

Letter to Investors (Unaudited) (Continued)

 

 

February 28, 2022

 

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

 

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

 

Russell Investment Group is the source and owner of the trademarks, service marks and copy rights related to the Russell Indexes. The Fund is not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

 

Bloomberg® and its indexes are service marks of Bloomberg Finance L.P. and its affiliates including Bloomberg Index Services Limited, the administrator of the index, and have been licensed for use for certain purposes by Nationwide. Bloomberg is not affiliated with Nationwide, and Bloomberg does not approve, endorse, review or recommend this product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any date or information relating to this product.

 

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Funds’ return may not match or achieve a high degree of correlation with the return of the underlying index.

 

KEY RISKS: The Funds are subject to the risks of investing in equity securities. The Funds may also be subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities), including emerging markets (which may include currency fluctuations, political risks, differences in account and limited availability of information). Please refer to the summary prospectus for a more detailed explanation of the Funds’ principal risks. There is no assurance that the investment objectives of any fund will be achieved.

 

Diversification does not assure a profit or protect against a loss in a declining market.

 

©2022 Morningstar, Inc. All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Nationwide Fund Advisors (NFA) is the registered investment advisor to Nationwide ETFs, which are distributed by Quasar Distributors LLC. NFA is not affiliated with any distributor, subadviser, or index provider contracted by NFA for the Nationwide ETFs. Nationwide is not an affiliate of third-party sources such as Morningstar, Inc. or MSCI. Representatives of the Nationwide ETF Sales Desk are registered with Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio.

 

Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company © 2022 Nationwide

 

3

 

 

 

Portfolio Allocations

Nationwide ETFs

 

As of February 28, 2022 (Unaudited)

 

Nationwide Risk-Based U.S. Equity ETF

Sector

Percentage
of Net
Assets

Health Care

23.5%

Consumer Staples

13.7

Industrials

10.5

Utilities

9.9

Consumer Discretionary

9.8

Financials

9.1

Information Technology

8.3

Communication Services

8.2

Materials

4.1

Energy

2.5

Short-Term Investments and Other Assets and Liabilities

0.4

Total

100.0%

 

Nationwide Risk-Based International Equity ETF

Sector

Percentage
of Net
Assets

Financials

20.0%

Industrials

17.3

Consumer Staples

15.4

Health Care

14.9

Communication Services

8.2

Utilities

7.7

Materials

5.0

Information Technology

4.8

Consumer Discretionary

3.1

Real Estate

2.0

Energy

1.1

Short-Term Investments and Other Assets and Liabilities

0.5

Total

100.0%

 

Nationwide Maximum Diversification U.S. Core Equity ETF

Sector

Percentage
of Net
Assets

Health Care

23.7%

Consumer Staples

13.7

Consumer Discretionary

12.3

Information Technology

12.3

Communication Services

9.6

Financials

6.8

Industrials

5.6

Real Estate

5.1

Materials

3.6

Energy

3.5

Utilities

3.5

Short-Term Investments and Other Assets and Liabilities

0.3

Total

100.0%

 

Nationwide Nasdaq-100® Risk-Managed Income ETF

Sector/Asset Class

Percentage
of Net
Assets

Information Technology (a)

51.2%

Communication Services

17.7

Consumer Discretionary

16.2

Health Care

5.8

Consumer Staples

5.6

Industrials

3.0

Purchased Options

1.3

Utilities

1.1

Short-Term Investments and Other Assets and Liabilities

(1.9)

Total

100.0%

 

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in the Notes to Financial Statements.

 

4

 

 

 

Portfolio Allocations (Continued)

Nationwide ETFs

 

As of February 28, 2022 (Unaudited)

 

Nationwide Dow Jones® Risk-Managed Income ETF

Sector/Asset Class

Percentage
of Net
Assets

Information Technology

21.6%

Health Care

18.2

Financials

16.4

Industrials

14.1

Consumer Discretionary

13.5

Consumer Staples

7.7

Communication Services

3.9

Energy

2.8

Materials

1.1

Purchased Options

1.0

Short-Term Investments and Other Assets and Liabilities

(0.3)

Total

100.0%

 

Nationwide Russell 2000® Risk-Managed Income ETF

Sector/Asset Class

Percentage
of Net
Assets

Financials

16.4%

Health Care

15.8

Industrials

14.9

Information Technology

12.9

Consumer Discretionary

10.6

Real Estate

7.1

Energy

5.5

Materials

4.0

Consumer Staples

3.4

Communication Services

3.0

Utilities

2.8

Short-Term Investments and Other Assets and Liabilities

2.5

Purchased Options

1.1

Total

100.0%

 

Nationwide S&P 500® Risk-Managed Income ETF

Sector/Asset Class

Percentage
of Net
Assets

Information Technology (a)

27.7%

Health Care

12.8

Consumer Discretionary

11.9

Financials

11.1

Communication Services

9.3

Industrials

7.4

Consumer Staples

6.1

Energy

3.7

Utilities

2.5

Real Estate

2.5

Materials

2.4

Short-Term Investments and Other Assets and Liabilities

1.6

Purchased Options

1.0

Total

100.0%

 

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in the Notes to Financial Statements.

 

5

 

 

 

Schedules of Investments

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based U.S. Equity ETF

 

 

Shares

 

Security Description

 

Value

 
     

COMMON STOCKS — 99.6%

       
       

Communication Services — 8.2%

    7,194  

Activision Blizzard, Inc.

  $ 586,311  
    144  

Alphabet, Inc. - Class A (a)

    388,964  
    21,146  

AT&T, Inc.

    500,949  
    756  

Charter Communications, Inc. - Class A (a)(b)

    454,946  
    7,216  

Comcast Corporation - Class A

    337,420  
    25,695  

Discovery, Inc. - Series A (a)(b)

    720,745  
    5,516  

Electronic Arts, Inc.

    717,576  
    12,188  

Fox Corporation - Class A (b)

    509,824  
    2,787  

Liberty Broadband Corporation - Class A (a)(b)

    403,585  
    42,865  

Lumen Technologies, Inc. (b)

    444,081  
    1,101  

Meta Platforms, Inc. - Class A (a)(b)

    232,344  
    951  

Netflix, Inc. (a)(b)

    375,189  
    5,942  

Omnicom Group, Inc. (b)

    498,474  
    22,777  

Paramount Global - Class B (b)

    697,204  
    3,628  

Take-Two Interactive Software, Inc. (a)(b)

    587,736  
    3,572  

T-Mobile US, Inc. (a)

    440,106  
    13,808  

Verizon Communications, Inc.

    741,076  
    2,903  

Walt Disney Company (a)

    430,979  
    15,866  

Warner Music Group Corporation - Class A (b)

    574,667  
              9,642,176  
       

Consumer Discretionary — 9.8%

       
    1,510  

Advance Auto Parts, Inc.

    308,765  
    186  

Amazon.com, Inc. (a)

    571,254  
    193  

AutoZone, Inc. (a)

    359,634  
    28,881  

Chewy, Inc. - Class A (a)(b)

    1,361,451  
    299  

Chipotle Mexican Grill, Inc. (a)

    455,482  
    2,620  

Dollar General Corporation (b)

    519,651  
    2,854  

Dollar Tree, Inc. (a)

    405,496  
    1,561  

Domino’s Pizza, Inc. (b)

    674,680  
    6,176  

eBay, Inc.

    337,148  
    2,008  

Ferrari NV

    432,342  
    2,567  

Genuine Parts Company

    313,585  
    5,556  

Hasbro, Inc. (b)

    539,210  
    1,149  

Home Depot, Inc.

    362,889  
    1,606  

Lowe’s Companies, Inc.

    355,022  
    2,022  

McDonald’s Corporation

    494,925  
    2,721  

NIKE, Inc. - Class B

    371,553  
    71  

NVR, Inc. (a)

    352,049  
    652  

O’Reilly Automotive, Inc. (a)

    423,304  
    804  

Pool Corporation

    368,698  
    3,957  

Starbucks Corporation

    363,213  
    1,887  

Target Corporation

    376,966  
    1,849  

Tractor Supply Company

  376,808  
    16,962  

Yum China Holdings, Inc. (b)

    882,362  
    3,763  

Yum! Brands, Inc.

    461,269  
              11,467,756  
       

Consumer Staples — 13.7%

       
    9,005  

Altria Group, Inc.

    461,866  
    5,711  

Archer-Daniels-Midland Company

    448,028  
    6,458  

Brown-Forman Corporation - Class B

    421,255  
    5,974  

Church & Dwight Company, Inc.

    584,556  
    8,551  

Clorox Company (b)

    1,246,650  
    8,477  

Coca-Cola Company

    527,609  
    7,368  

Colgate-Palmolive Company

    566,968  
    17,234  

Conagra Brands, Inc. (b)

    602,673  
    1,703  

Constellation Brands, Inc. - Class A

    367,201  
    915  

Costco Wholesale Corporation

    475,114  
    8,039  

General Mills, Inc. (b)

    542,070  
    2,849  

Hershey Company

    576,239  
    20,691  

Hormel Foods Corporation

    985,720  
    5,237  

J.M. Smucker Company (b)

    705,686  
    10,779  

Kellogg Company (b)

    689,209  
    13,638  

Keurig Dr Pepper, Inc.

    527,381  
    5,475  

Kimberly-Clark Corporation (b)

    712,571  
    12,435  

Kraft Heinz Company

    487,701  
    12,676  

Kroger Company

    593,237  
    6,107  

McCormick & Company, Inc. (b)

    581,203  
    7,232  

Mondelez International, Inc. - Class A

    473,551  
    4,544  

Monster Beverage Corporation (a)

    383,514  
    2,979  

PepsiCo, Inc.

    487,781  
    5,241  

Philip Morris International, Inc.

    529,708  
    3,576  

Procter & Gamble Company

    557,463  
    6,417  

Tyson Foods, Inc. - Class A

    594,599  
    7,793  

Walgreens Boots Alliance, Inc.

    359,179  
    4,173  

Walmart, Inc.

    564,023  
              16,052,755  
       

Energy — 2.5%

       
    6,269  

Cheniere Energy, Inc.

    833,150  
    3,604  

Chevron Corporation (b)

    518,976  
    26,301  

Coterra Energy, Inc. (b)

    613,602  
    27,028  

Kinder Morgan, Inc. (b)

    470,287  
    17,784  

Williams Companies, Inc. (b)

    556,284  
              2,992,299  
       

Financials — 9.1%

       
    3,339  

Allstate Corporation

    408,560  
    1,653  

Aon plc - Class A

    482,908  

 

The accompanying notes are an integral part of these financial statements.

 

6

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based U.S. Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.6% (Continued)

       

Financials — 9.1% (Continued)

    7,671  

Arch Capital Group, Ltd. (a)

  $ 361,381  
    2,654  

Arthur J. Gallagher & Company

    419,836  
    6,927  

Bank of New York Mellon Corporation

    368,170  
    1,427  

Berkshire Hathaway, Inc. - Class B (a)

    458,709  
    50,553  

Blue Owl Capital, Inc. (b)

    631,912  
    5,592  

Brown & Brown, Inc.

    378,075  
    4,248  

Cboe Global Markets, Inc. (b)

    498,248  
    1,820  

Chubb, Ltd.

    370,625  
    2,541  

Cincinnati Financial Corporation

    312,009  
    2,239  

CME Group, Inc. (b)

    529,591  
    1,125  

FactSet Research Systems, Inc.

    456,851  
    5,909  

Hartford Financial Services Group, Inc.

    410,557  
    3,680  

Intercontinental Exchange, Inc.

    471,482  
    3,125  

JPMorgan Chase & Company

    443,125  
    275  

Markel Corporation (a)

    341,800  
    1,044  

MarketAxess Holdings, Inc. (b)

    398,213  
    2,705  

Marsh & McLennan Companies, Inc.

    420,384  
    1,004  

Moody’s Corporation

    323,318  
    2,045  

Nasdaq, Inc. (b)

    350,002  
    4,197  

Progressive Corporation

    444,588  
    1,633  

S&P Global, Inc. (b)

    613,530  
    4,648  

Tradeweb Markets, Inc. - Class A (b)

    392,663  
    2,220  

Travelers Companies, Inc.

    381,463  
              10,668,000  
       

Health Care — 23.5%

       
    4,255  

Abbott Laboratories

    513,238  
    3,801  

AbbVie, Inc.

    561,674  
    2,855  

Agilent Technologies, Inc.

    372,178  
    5,142  

Alnylam Pharmaceuticals, Inc. (a)(b)

    811,666  
    3,243  

AmerisourceBergen Corporation

    462,225  
    1,903  

Amgen, Inc. (b)

    430,991  
    898  

Anthem, Inc.

    405,761  
    7,313  

Baxter International, Inc.

    621,386  
    2,818  

Becton Dickinson and Company (b)

    764,467  
    3,237  

Biogen, Inc. (a)

    683,039  
    5,753  

BioMarin Pharmaceutical, Inc. (a)

    449,424  
    837  

Bio-Rad Laboratories, Inc. - Class A (a)

    523,929  
    8,977  

Boston Scientific Corporation (a)

    396,514  
    9,079  

Bristol-Myers Squibb Company

  623,455  
    8,157  

Cardinal Health, Inc.

    440,560  
    6,963  

Centene Corporation (a)

    575,283  
    7,009  

Cerner Corporation

    653,589  
    1,834  

Cigna Corporation

    436,089  
    1,018  

Cooper Companies, Inc. (b)

    416,382  
    4,552  

CVS Health Corporation

    471,815  
    1,769  

Danaher Corporation

    485,431  
    3,172  

Edwards Lifesciences Corporation (a)

    356,438  
    1,905  

Eli Lilly & Company

    476,155  
    7,972  

Gilead Sciences, Inc.

    481,509  
    1,333  

HCA Healthcare, Inc.

    333,663  
    7,730  

Hologic, Inc. (a)

    550,144  
    1,356  

Humana, Inc. (b)

    588,938  
    1,830  

ICON plc (a)

    435,558  
    5,864  

Incyte Corporation (a)

    400,511  
    1,644  

IQVIA Holdings, Inc. (a)

    378,317  
    3,587  

Johnson & Johnson

    590,313  
    1,865  

Laboratory Corporation of America Holdings (a)

    505,900  
    1,447  

McKesson Corporation

    397,867  
    4,067  

Medtronic plc

    426,994  
    9,812  

Merck & Company, Inc.

    751,403  
    255  

Mettler-Toledo International, Inc. (a)

    359,229  
    4,167  

Moderna, Inc. (a)

    640,051  
    1,220  

Molina Healthcare, Inc. (a)

    374,381  
    2,977  

PerkinElmer, Inc. (b)

    534,699  
    21,211  

Pfizer, Inc.

    995,643  
    4,646  

Quest Diagnostics, Inc. (b)

    609,881  
    697  

Regeneron Pharmaceuticals, Inc. (a)

    430,997  
    1,771  

ResMed, Inc.

    436,994  
    11,319  

Royalty Pharma plc - Class A

    444,384  
    4,573  

Seagen, Inc. (a)

    589,323  
    1,670  

STERIS plc

    400,800  
    1,122  

Teleflex, Inc. (b)

    377,340  
    906  

Thermo Fisher Scientific, Inc.

    492,864  
    983  

UnitedHealth Group, Inc.

    467,780  
    2,909  

Vertex Pharmaceuticals, Inc. (a)

    669,128  
    27,364  

Viatris, Inc.

    301,278  
    1,163  

Waters Corporation (a)(b)

    368,357  
    1,128  

West Pharmaceutical Services, Inc.

    436,626  
    3,257  

Zimmer Biomet Holdings, Inc.

    414,258  
    2,024  

Zoetis, Inc.

    391,948  
              27,508,767  
       

Industrials — 10.5%

       
    2,776  

3M Company

    412,652  

 

The accompanying notes are an integral part of these financial statements.

 

7

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based U.S. Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.6% (Continued)

       

Industrials — 10.5% (Continued)

    3,569  

C.H. Robinson Worldwide, Inc. (b)

  $ 345,051  
    4,565  

CoStar Group, Inc. (a)

    278,511  
    10,051  

CSX Corporation

    340,829  
    1,604  

Cummins, Inc.

    327,408  
    1,826  

Dover Corporation (b)

    286,426  
    1,320  

Equifax, Inc.

    288,209  
    2,822  

Expeditors International of Washington, Inc.

    291,682  
    6,017  

Fastenal Company

    309,635  
    5,783  

Fortive Corporation

    374,450  
    2,132  

General Dynamics Corporation

    499,847  
    1,798  

Honeywell International, Inc.

    341,171  
    1,567  

IDEX Corporation

    300,707  
    1,633  

Illinois Tool Works, Inc. (b)

    353,283  
    1,635  

JB Hunt Transport Services, Inc. (b)

    331,791  
    4,344  

Johnson Controls International plc

    282,186  
    2,083  

L3Harris Technologies, Inc.

    525,562  
    1,644  

Lockheed Martin Corporation (b)

    713,167  
    5,495  

Masco Corporation (b)

    307,940  
    1,370  

Norfolk Southern Corporation

    351,432  
    1,472  

Northrop Grumman Corporation (b)

    650,830  
    1,060  

Old Dominion Freight Line, Inc.

    332,872  
    5,380  

Otis Worldwide Corporation

    421,416  
    4,076  

PACCAR, Inc.

    374,218  
    3,132  

Republic Services, Inc.

    376,717  
    1,186  

Rockwell Automation, Inc.

    316,164  
    902  

Roper Technologies, Inc. (b)

    404,294  
    1,721  

Trane Technologies plc

    264,914  
    1,601  

Union Pacific Corporation (b)

    393,766  
    1,992  

United Parcel Service, Inc. - Class B

    419,156  
    1,948  

Verisk Analytics, Inc.

    345,458  
    711  

W.W. Grainger, Inc.

    339,189  
    2,807  

Waste Management, Inc.

    405,331  
              12,306,264  
       

Information Technology — 8.3%

       
    998  

Accenture plc - Class A

    315,388  
    3,859  

Akamai Technologies, Inc. (a)(b)

    417,775  
    2,335  

Apple, Inc.

    385,555  
    1,703  

Automatic Data Processing, Inc.

    348,161  
    2,104  

Broadridge Financial Solutions, Inc. (b)

    307,626  
    6,215  

Cisco Systems, Inc.

    346,610  
    4,423  

Cognizant Technology Solutions Corporation - Class A

  380,953  
    3,397  

Fidelity National Information Services, Inc.

    323,496  
    3,578  

Fiserv, Inc. (a)(b)

    349,463  
    26,761  

Hewlett Packard Enterprise Company (b)

    426,035  
    4,247  

International Business Machines Corporation (b)

    520,300  
    2,111  

Keysight Technologies, Inc. (a)

    332,208  
    1,379  

Microsoft Corporation

    412,031  
    1,541  

Motorola Solutions, Inc.

    339,683  
    25,582  

NortonLifeLock, Inc. (b)

    741,367  
    12,181  

Nuance Communications, Inc. (a)

    676,289  
    4,570  

Oracle Corporation

    347,183  
    3,046  

Paychex, Inc. (b)

    362,657  
    3,905  

Seagate Technology Holdings plc

    402,840  
    4,668  

SS&C Technologies Holdings, Inc.

    349,960  
    899  

Teledyne Technologies, Inc. (a)

    386,013  
    2,237  

VeriSign, Inc. (a)

    478,092  
    1,716  

Visa, Inc. - Class A (b)

    370,862  
    3,617  

VMware, Inc. - Class A

    424,346  
              9,744,893  
       

Materials — 4.1%

       
    1,633  

Air Products and Chemicals, Inc. (b)

    385,877  
    32,774  

Amcor plc

    381,162  
    6,998  

Ball Corporation (b)

    628,000  
    3,388  

Crown Holdings, Inc.

    415,606  
    1,637  

Ecolab, Inc.

    288,538  
    2,806  

International Flavors & Fragrances, Inc.

    373,198  
    9,345  

International Paper Company

    406,788  
    1,161  

Linde plc

    340,452  
    8,576  

Newmont Corporation

    567,731  
    2,187  

PPG Industries, Inc. (b)

    291,855  
    1,362  

Sherwin-Williams Company

    358,383  
    2,055  

Vulcan Materials Company

    372,880  
              4,810,470  
       

Utilities — 9.9%

       
    7,879  

Alliant Energy Corporation (b)

    460,134  
    5,709  

Ameren Corporation (b)

    490,689  
    5,930  

American Electric Power Company, Inc. (b)

    537,555  
    2,909  

American Water Works Company, Inc. (b)

    439,521  
    4,736  

Atmos Energy Corporation (b)

    520,060  

 

The accompanying notes are an integral part of these financial statements.

 

8

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based U.S. Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.6% (Continued)

       

Utilities — 9.9% (Continued)

    13,667  

CenterPoint Energy, Inc. (b)

  $ 373,792  
    8,188  

CMS Energy Corporation (b)

    524,114  
    8,451  

Consolidated Edison, Inc.

    724,843  
    2,423  

Constellation Energy Corporation

    111,410  
    5,914  

Dominion Energy, Inc.

    470,340  
    4,087  

DTE Energy Company

    496,938  
    5,545  

Duke Energy Corporation

    556,772  
    8,643  

Edison International

    548,139  
    3,898  

Entergy Corporation

    410,109  
    8,335  

Evergy, Inc.

    520,187  
    5,699  

Eversource Energy

    466,178  
    7,264  

Exelon Corporation

    309,156  
    11,393  

FirstEnergy Corporation

    476,797  
    4,979  

NextEra Energy, Inc.

    389,706  
    18,904  

PPL Corporation

    494,718  
    6,675  

Public Service Enterprise Group, Inc.

    432,740  
    2,862  

Sempra Energy

    412,758  
    7,834  

Southern Company

    507,408  
    5,744  

WEC Energy Group, Inc.

    522,015  
    6,912  

Xcel Energy, Inc.

    465,385  
              11,661,464  
       

TOTAL COMMON STOCKS (Cost $108,681,926)

    116,854,844  
                 
       

SHORT-TERM INVESTMENTS — 0.2%

       

Money Market Funds — 0.2%

       
    229,501  

Invesco Government & Agency Portfolio - Institutional Class, 0.03% (c)

    229,501  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $229,501)

    229,501  
                 

 

 

Units

 

Security Description

 

Value

 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 28.1%

       

Private Funds — 28.1%

    32,901,733  

Mount Vernon Liquid Assets Portfolio, LLC, 0.13% (c)

  $ 32,901,733  
       

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $32,901,733)

    32,901,733  
                 
       

Total Investments (Cost $141,813,160) — 127.9%

    149,986,078  
       

Liabilities in Excess of Other Assets — (27.9)%

    (32,729,685 )
       

TOTAL NET ASSETS — 100.0%

  $ 117,256,393  

 

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of February 28, 2022. The total value of securities on loan is $32,359,283.

(c)

Rate shown is the annualized seven-day yield as of February 28, 2022.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

9

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based International Equity ETF

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.5%

       
       

AUSTRALIA — 4.7%

       

Communication Services — 0.4%

       
    173,812  

Telstra Corporation, Ltd.

  $ 499,463  
       

Consumer Discretionary — 0.3%

       
    11,016  

Wesfarmers, Ltd.

    385,221  
       

Consumer Staples — 0.9%

       
    41,635  

Coles Group, Ltd.

    525,094  
    19,433  

Woolworths Group, Ltd.

    500,466  
              1,025,560  
       

Financials — 1.7%

       
    7,815  

ASX, Ltd. (a)

    466,891  
    20,815  

Australia & New Zealand Banking Group, Ltd.

    392,867  
    5,262  

Commonwealth Bank of Australia

    356,866  
    19,418  

National Australia Bank, Ltd.

    407,785  
    29,194  

Westpac Banking Corporation

    483,223  
              2,107,632  
       

Health Care — 0.7%

       
    2,149  

CSL, Ltd.

    405,420  
    15,903  

Sonic Healthcare, Ltd.

    404,479  
              809,899  
       

Industrials — 0.4%

       
    71,164  

Brambles, Ltd.

    511,239  
       

Materials — 0.3%

       
    21,733  

Newcrest Mining, Ltd.

    404,831  
              5,743,845  
       

AUSTRIA — 0.4%

       
       

Utilities — 0.4%

       
    3,796  

Verbund AG

    460,478  
              460,478  
       

BELGIUM — 1.2%

       
       

Financials — 0.3%

       
    1,007  

Sofina SA

    392,706  
       

Health Care — 0.4%

       
    4,584  

UCB SA

    503,035  
       

Real Estate — 0.5%

       
    2,183  

VGP NV

    557,820  
              1,453,561  
       

CHINA — 4.0%

       
       

Communication Services — 0.4%

       
    10,200  

Tencent Holdings, Ltd.

    549,834  
       

Consumer Discretionary — 0.0% (b)

    486  

JD.com, Inc. - Class A (c)

    17,356  
       

Financials — 3.6%

       
    2,913,000  

Agricultural Bank of China, Ltd. - H-Shares

    1,103,508  
    4,316,000  

Bank of China, Ltd. - H-Shares

    1,679,184  
    432,000  

China Life Insurance Company, Ltd. - H-Shares

  716,527  
    107,000  

Ping An Insurance Group Company of China, Ltd. - H-Shares

    827,112  
              4,326,331  
              4,893,521  
       

CURACAO — 0.4%

       
       

Financials — 0.4%

       
    3,517  

HAL Trust

    543,563  
              543,563  
       

DENMARK — 3.2%

       
       

Consumer Staples — 0.4%

       
    4,640  

Royal Unibrew AS

    494,930  
       

Financials — 0.4%

       
    21,744  

Tryg AS

    494,469  
       

Health Care — 1.1%

       
    3,344  

Coloplast AS - Series B

    504,032  
    1,027  

Genmab AS (c)

    345,820  
    4,301  

Novo Nordisk AS - Series B

    442,988  
              1,292,840  
       

Materials — 1.0%

       
    10,217  

Chr Hansen Holding AS

    747,621  
    6,531  

Novozymes AS - Series B

    429,184  
              1,176,805  
       

Utilities — 0.3%

       
    2,965  

Orsted AS

    385,570  
              3,844,614  
       

FINLAND — 1.5%

       
       

Financials — 0.8%

       
    42,368  

Nordea Bank Abp

    474,397  
    9,834  

Sampo Oyj - Series A

    467,891  
              942,288  
       

Industrials — 0.4%

       
    7,559  

Kone Oyj - Series B

    444,721  
       

Information Technology — 0.3%

       
    65,888  

Nokia Oyj

    358,002  
              1,745,011  
       

FRANCE — 7.8%

       
       

Communication Services — 0.7%

       
    71,062  

Orange SA

    863,143  
       

Consumer Discretionary — 0.7%

       
    3,388  

Cie Generale des Etablissements Michelin SCA

    471,872  
    2,374  

EssilorLuxottica SA

    417,892  
              889,764  
       

Consumer Staples — 1.9%

       
    39,860  

Carrefour SA

    801,399  

 

The accompanying notes are an integral part of these financial statements.

 

10

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based International Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.5% (Continued)

       

FRANCE — 7.8% (Continued)

       

Consumer Staples — 1.9% (Continued)

    9,109  

Danone SA

  $ 555,660  
    943  

L’Oreal SA

    376,009  
    2,432  

Pernod Ricard SA

    534,444  
              2,267,512  
       

Health Care — 0.9%

       
    6,845  

Sanofi

    718,629  
    974  

Sartorius Stedim Biotech

    375,680  
              1,094,309  
       

Industrials — 2.1%

       
    14,534  

Alstom SA

    373,835  
    15,853  

Bouygues SA

    570,153  
    3,936  

Legrand SA

    374,983  
    1,254  

Teleperformance

    467,481  
    6,426  

Thales SA

    742,702  
              2,529,154  
       

Information Technology — 0.3%

       
    8,120  

Dassault Systemes SE

    396,647  
       

Materials — 0.8%

       
    2,714  

Air Liquide SA

    453,294  
    3,752  

Arkema SA

    501,076  
              954,370  
       

Utilities — 0.4%

       
    27,352  

Engie SA

    438,340  
              9,433,239  
       

GERMANY — 11.5%

       
       

Communication Services — 0.5%

       
    31,912  

Deutsche Telekom AG

    574,574  
       

Consumer Staples — 0.8%

       
    6,617  

Beiersdorf AG

    672,023  
    6,638  

HelloFresh SE (c)

    364,441  
              1,036,464  
       

Financials — 1.8%

       
    2,750  

Allianz SE

    627,955  
    3,714  

Deutsche Boerse AG

    637,000  
    2,479  

Hannover Rueck SE

    458,873  
    1,717  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    476,639  
              2,200,467  
       

Health Care — 2.6%

       
    10,971  

Bayer AG

    634,741  
    2,322  

Carl Zeiss Meditec AG

    367,348  
    10,091  

Fresenius Medical Care AG & Company KGaA

    649,679  
    15,377  

Fresenius SE & Company KGaA

    539,994  
    2,247  

Merck KGaA

  448,108  
    8,223  

Siemens Healthineers AG

    530,891  
              3,170,761  
       

Industrials — 2.1%

       
    5,797  

Brenntag SE

    487,560  
    111,006  

Deutsche Lufthansa AG (c)

    857,067  
    13,649  

GEA Group AG

    598,966  
    7,158  

Knorr-Bremse AG

    635,151  
              2,578,744  
       

Information Technology — 0.7%

       
    4,680  

Nemetschek SE

    417,584  
    3,566  

SAP SE

    405,822  
              823,406  
       

Materials — 0.9%

       
    8,330  

BASF SE

    554,360  
    4,649  

Symrise AG

    556,119  
              1,110,479  
       

Real Estate — 1.1%

       
    4,925  

LEG Immobilien SE

    637,814  
    12,353  

Vonovia SE

    659,059  
              1,296,873  
       

Utilities — 1.0%

       
    44,942  

E.ON SE

    611,705  
    12,695  

RWE AG

    591,609  
              1,203,314  
              13,995,082  
       

HONG KONG — 1.1%

       
       

Industrials — 1.1%

       
    23,400  

Jardine Matheson Holdings, Ltd.

    1,392,300  
              1,392,300  
       

IRELAND — 2.0%

       
       

Consumer Staples — 1.0%

       
    43,408  

Glanbia plc

    610,426  
    5,411  

Kerry Group plc - Series A

    645,447  
              1,255,873  
       

Industrials — 0.7%

       
    9,063  

Experian plc

    356,659  
    5,298  

Kingspan Group plc

    516,762  
              873,421  
       

Materials — 0.3%

       
    6,606  

Smurfit Kappa Group plc

    328,483  
              2,457,777  
       

ITALY — 2.4%

       
       

Financials — 0.8%

       
    24,312  

Assicurazioni Generali SpA

    484,159  
    45,253  

Mediobanca Banca di Credito Finanziario SpA

    474,025  
              958,184  

 

The accompanying notes are an integral part of these financial statements.

 

11

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based International Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.5% (Continued)

       

ITALY — 2.4% (Continued)

       
       

Health Care — 0.4%

       
    3,035  

DiaSorin SpA

  $ 455,603  
       

Utilities — 1.2%

       
    55,832  

Enel SpA

    413,828  
    94,081  

Snam SpA

    524,662  
    66,616  

Terna - Rete Elettrica Nazionale

    549,353  
              1,487,843  
              2,901,630  
       

JAPAN — 27.0% (d)

       
       

Communication Services — 3.0%

       
    18,600  

KDDI Corporation

    606,569  
    1,300  

Nintendo Company, Ltd.

    654,882  
    22,900  

Nippon Telegraph & Telephone Corporation

    654,740  
    95,400  

SoftBank Corporation

    1,201,456  
    109,800  

Z Holdings Corporation

    531,578  
              3,649,225  
       

Consumer Discretionary — 1.8%

       
    11,300  

Bridgestone Corporation

    463,577  
    3,600  

Nitori Holdings Company, Ltd.

    539,022  
    3,400  

Oriental Land Company, Ltd.

    623,764  
    2,400  

Shimano, Inc.

    553,870  
              2,180,233  
       

Consumer Staples — 4.1%

       
    20,800  

Aeon Company, Ltd. (a)

    469,095  
    24,000  

Ajinomoto Company, Inc.

    695,776  
    37,400  

Japan Tobacco, Inc.

    688,414  
    16,400  

Kao Corporation

    766,070  
    41,300  

Kirin Holdings Company, Ltd.

    684,000  
    11,300  

Seven & i Holdings Company, Ltd. (a)

    548,542  
    9,000  

Shiseido Company, Ltd.

    513,080  
    16,600  

Unicharm Corporation

    622,635  
              4,987,612  
       

Energy — 1.1%

       
    171,900  

ENEOS Holdings, Inc.

    677,302  
    58,900  

Inpex Corporation

    606,004  
              1,283,306  
       

Financials — 4.7%

       
    21,100  

Dai-ichi Life Holdings, Inc.

    441,144  
    77,900  

Japan Post Holdings Company, Ltd.

    645,317  
    81,500  

Mitsubishi UFJ Financial Group, Inc.

    504,391  
    40,000  

Mizuho Financial Group, Inc.

    529,629  
    13,800  

MS&AD Insurance Group Holdings, Inc.

    467,888  
    157,000  

Nomura Holdings, Inc.

  717,422  
    101,700  

Resona Holdings, Inc.

    457,220  
    10,500  

Sompo Holdings, Inc.

    457,651  
    14,600  

Sumitomo Mitsui Financial Group, Inc.

    522,393  
    13,300  

Sumitomo Mitsui Trust Holdings, Inc.

    474,608  
    8,800  

Tokio Marine Holdings, Inc.

    502,290  
              5,719,953  
       

Health Care — 3.8%

       
    25,400  

Astellas Pharma, Inc.

    423,094  
    15,600  

Chugai Pharmacuetical Company, Ltd.

    514,695  
    19,100  

Daiichi Sankyo Company, Ltd.

    463,259  
    10,700  

Eisai Company, Ltd.

    531,214  
    18,600  

ONO Pharmaceutical Company, Ltd.

    456,461  
    13,300  

Otsuka Holdings Company, Ltd.

    457,633  
    10,700  

Shionogi & Company, Ltd.

    709,865  
    4,300  

Sysmex Corporation

    340,640  
    23,800  

Takeda Pharmaceutical Company, Ltd.

    723,454  
              4,620,315  
       

Industrials — 5.2%

       
    10,900  

AGC, Inc.

    481,710  
    3,900  

Central Japan Railway Company

    524,515  
    9,000  

East Japan Railway Company

    532,146  
    15,900  

ITOCHU Corporation (a)

    516,724  
    10,100  

Makita Corporation

    357,348  
    19,500  

Mitsubishi Corporation

    655,389  
    33,000  

Mitsubishi Electric Corporation

    395,829  
    19,400  

Mitsui & Company, Ltd.

    482,663  
    8,500  

Secom Company, Ltd.

    621,550  
    21,900  

SG Holdings Company, Ltd.

    462,434  
    19,200  

Toshiba Corporation

    762,999  
    11,700  

West Japan Railway Company

    503,047  
              6,296,354  
       

Information Technology — 2.6%

       
    24,700  

Canon, Inc. (a)

    578,710  
    6,400  

FUJIFILM Holdings Corporation

    403,532  
    2,600  

Fujitsu, Ltd.

    373,944  
    900  

Keyence Corporation

    420,248  
    10,600  

NEC Corporation

    456,028  
    13,700  

Nomura Research Institute, Ltd.

    472,824  
    2,800  

Obic Company, Ltd.

    445,131  
              3,150,417  
       

Materials — 0.3%

       
    60,900  

Mitsubishi Chemical Holdings Corporation

    432,209  

 

The accompanying notes are an integral part of these financial statements.

 

12

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based International Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.5% (Continued)

       

JAPAN — 27.0% (d) (Continued)

       
       

Real Estate — 0.4%

       
    33,600  

Mitsubishi Estate Company, Ltd.

  $ 512,570  
              32,832,194  
       

LUXEMBOURG — 0.5%

       
       

Health Care — 0.5%

       
    5,519  

Eurofins Scientific SE

    561,254  
              561,254  
       

NETHERLANDS — 3.5%

       
       

Consumer Staples — 1.0%

       
    4,390  

Heineken NV

    445,652  
    22,514  

Koninklijke Ahold Delhaize NV

    694,909  
              1,140,561  
       

Financials — 0.4%

       
    5,861  

Euronext NV

    532,244  
       

Health Care — 0.7%

       
    1,436  

Argenx SE (c)

    413,069  
    12,848  

Koninklijke Philips NV

    437,834  
              850,903  
       

Industrials — 0.7%

       
    2,280  

IMCD NV

    370,563  
    4,978  

Wolters Kluwer NV

    507,802  
              878,365  
       

Materials — 0.7%

       
    4,157  

Akzo Nobel NV

    396,879  
    2,198  

Koninklijke DSM NV

    413,031  
              809,910  
              4,211,983  
       

NORWAY — 1.0%

       
       

Communication Services — 0.3%

       
    28,925  

Telenor ASA

    429,090  
       

Consumer Staples — 0.4%

       
    17,519  

Mowi ASA

    451,042  
       

Financials — 0.3%

       
    16,363  

DNB Bank ASA

    366,759  
              1,246,891  
       

PORTUGAL — 1.0%

       
       

Consumer Staples — 0.4%

       
    23,846  

Jeronimo Martins SGPS SA

    520,278  
       

Utilities — 0.6%

       
    250,505  

REN - Redes Energeticas Nacionais SGPS SA

    727,337  
              1,247,615  
       

SINGAPORE — 2.6%

       
       

Communication Services — 0.6%

       
    407,500  

Singapore Telecommunications, Ltd.

    756,492  
       

Financials — 2.0%

       
    83,200  

Oversea-Chinese Banking Corporation, Ltd.

  715,271  
    121,800  

Singapore Exchange, Ltd.

    838,051  
    39,000  

United Overseas Bank, Ltd.

    859,324  
              2,412,646  
              3,169,138  
       

SPAIN — 3.8%

       
       

Communication Services — 1.0%

       
    10,647  

Cellnex Telecom SA

    486,004  
    142,825  

Telefonica SA

    685,963  
              1,171,967  
       

Health Care — 0.5%

       
    33,131  

Grifols SA

    633,177  
       

Industrials — 0.5%

       
    3,555  

Aena SME SA (c)

    584,175  
       

Utilities — 1.8%

       
    20,868  

Endesa SA

    460,928  
    39,837  

Iberdrola SA

    455,505  
    22,991  

Naturgy Energy Group SA

    620,541  
    33,859  

Red Electrica Corporation SA

    677,896  
              2,214,870  
              4,604,189  
       

SWEDEN — 1.9%

       
       

Financials — 0.9%

       
    13,873  

Investor AB - Series B

    285,303  
    45,788  

Svenska Handelsbanken AB - Series A

    440,502  
    22,750  

Swedbank AB - Series A

    370,047  
              1,095,852  
       

Industrials — 0.7%

       
    12,189  

Assa Abloy AB - Series B

    324,930  
    14,176  

Epiroc AB - Series A

    268,930  
    24,606  

Nibe Industrier AB - Series B

    221,392  
              815,252  
       

Information Technology — 0.3%

       
    41,665  

Telefonaktiebolaget LM Ericsson - Series B

    388,036  
              2,299,140  
       

SWITZERLAND — 4.2%

       
       

Consumer Staples — 0.9%

       
    4  

Chocoladefabriken Lindt & Spruengli AG

    451,251  
    5,430  

Nestle SA

    708,927  
              1,160,178  
       

Financials — 0.4%

       
    1,130  

Zurich Insurance Group AG

    519,274  
       

Health Care — 1.8%

       
    6,048  

Alcon, Inc.

    468,573  

 

The accompanying notes are an integral part of these financial statements.

 

13

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based International Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.5% (Continued)

       

SWITZERLAND — 4.2% (Continued)

       

Health Care — 1.8% (Continued)

    606  

Lonza Group AG

  $ 421,020  
    7,308  

Novartis AG

    639,953  
    1,725  

Roche Holding AG

    657,792  
              2,187,338  
       

Industrials — 0.7%

       
    642  

Geberit AG

    420,839  
    1,723  

Schindler Holding AG

    397,204  
              818,043  
       

Materials — 0.4%

       
    104  

Givaudan SA

    436,540  
              5,121,373  
       

UNITED KINGDOM — 13.8%

       
       

Communication Services — 1.3%

       
    41,139  

Auto Trader Group plc

    365,962  
    221,654  

BT Group plc

    553,912  
    346,223  

Vodafone Group plc

    610,594  
              1,530,468  
       

Consumer Discretionary — 0.3%

       
    102,388  

Kingfisher plc

    420,652  
       

Consumer Staples — 3.6%

       
    14,014  

Associated British Foods plc

    361,021  
    13,315  

British American Tobacco plc

    582,676  
    10,924  

Diageo plc

    545,980  
    18,958  

Imperial Brands plc

    416,908  
    18,707  

Ocado Group plc (c)

    344,622  
    9,065  

Reckitt Benckiser Group plc

    768,816  
    164,241  

Tesco plc

    638,519  
    14,066  

Unilever plc

    707,075  
              4,365,617  
       

Financials — 1.5%

       
    11,550  

Admiral Group plc

    461,349  
    75,725  

Aviva plc

    426,531  
    87,952  

HSBC Holdings plc

    607,274  
    3,875  

London Stock Exchange Group plc

    341,799  
              1,836,953  
       

Health Care — 1.5%

       
    6,520  

AstraZeneca plc

    792,495  
    28,740  

GlaxoSmithKline plc

    595,932  
    26,698  

Smith & Nephew plc

    478,938  
              1,867,365  
       

Industrials — 2.7%

       
    77,400  

BAE Systems plc

    747,311  
    12,218  

Bunzl plc

    486,720  
    2,219  

Ferguson plc

    339,862  
    6,071  

Intertek Group plc

  438,565  
    16,307  

RELX plc

    499,078  
    70,047  

Rentokil Initial plc

    477,256  
    1,895  

Spirax-Sarco Engineering plc

    303,714  
              3,292,506  
       

Information Technology — 0.6%

       
    9,045  

Halma plc

    292,600  
    40,416  

Sage Group plc

    381,113  
              673,713  
       

Materials — 0.3%

       
    3,922  

Croda International plc

    393,831  
       

Utilities — 2.0%

       
    48,724  

National Grid plc

    739,261  
    15,311  

Severn Trent plc

    590,828  
    20,549  

SSE plc

    469,955  
    41,221  

United Utilities Group plc

    594,284  
              2,394,328  
              16,775,433  
       

TOTAL COMMON STOCKS (Cost $118,663,614)

    120,933,831  
                 
       

SHORT-TERM INVESTMENTS — 0.1%

       

Money Market Funds — 0.1%

       
    178,083  

Invesco Government & Agency Portfolio - Institutional Class, 0.03% (e)

    178,083  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $178,083)

    178,083  

 

Principal
Amount

   
 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.6%

 
 

Repurchase Agreements — 1.6%

 

$ 443,249

Bank of America Securities, Inc. - 0.05%, dated 02/28/2022, matures 03/01/2022, repurchase price $443,250 (collateralized by various U.S. government mortgage backed securities: Total Value $452,114)

$ 443,249

 

The accompanying notes are an integral part of these financial statements.

 

14

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Risk-Based International Equity ETF (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.6% (Continued)

       

Repurchase Agreements — 1.6% (Continued)

  $ 131,395  

Citigroup Global Markets, Inc. - 0.05%, dated 02/28/2022, matures 03/01/2022, repurchase price $131,395 (collateralized by various U.S. government Treasury bills, notes, and bonds: Total Value $134,023)

  $ 131,395  
    443,249  

Daiwa Capital Markets America — 0.05%, dated 02/28/2022, matures 03/01/2022, repurchase price $443,250 (collateralized by various U.S. government Treasury bills, notes, bonds, and mortgage backed securities: Total Value $452,114)

    443,249  
    443,249  

HSBC Securities USA, Inc. - 0.05%, dated 02/28/2022, matures 03/01/2022, repurchase price $443,250 (collateralized by various U.S. government mortgage backed securities: Total Value $452,114)

    443,249  
    443,249  

RBC Dominion Securities, Inc. - 0.05%, dated 02/28/2022, matures 03/01/2022, repurchase price $443,250 (collateralized by various U.S. government Treasury bills, notes, bonds, and mortgage backed securities: Total Value $452,114)

    443,249  
       

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (f) (Cost $1,904,391)

    1,904,391  
                 
       

Total Investments (Cost $120,746,088) — 101.2%

    123,016,305  
       

Liabilities in Excess of Other Assets — (1.2)%

    (1,407,538 )
       

TOTAL NET ASSETS — 100.0%

  $ 121,608,767  

 

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of February 28, 2022. The total value of securities on loan is $2,329,218.

(b)

Represent less than 0.05% of net assets.

(c)

Non-income producing security.

(d)

To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted be events or conditions affecting that country or region. See Note 9 in Notes to Financial Statements.

(e)

Rate shown is the annualized seven-day yield as of February 28, 2022.

(f)

Investments purchased with cash proceeds from securities lending collateral. As of February 28, 2022, total cash collateral has a value of $1,904,391. In addition, total non-cash collateral has a value of $546,235.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

15

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Maximum Diversification U.S. Core Equity ETF

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7%

       
       

Communication Services — 9.6%

    4,112  

Activision Blizzard, Inc.

  $ 335,128  
    26,200  

AMC Entertainment Holdings, Inc. - Class A (a)(b)

    494,132  
    18,756  

AT&T, Inc.

    444,330  
    16  

Cable One, Inc.

    22,926  
    309  

Charter Communications, Inc. - Class A (a)(b)

    185,950  
    11,915  

Comcast Corporation - Class A

    557,145  
    1,363  

Electronic Arts, Inc.

    177,313  
    12,527  

Fox Corporation - Class A (b)

    524,004  
    204  

IAC/InterActiveCorp (a)(b)

    23,411  
    1,024  

Interpublic Group of Companies, Inc. (b)

    37,683  
    368  

Liberty Broadband Corporation - Class C (a)

    53,986  
    869  

Liberty Global plc - Class C (a)

    22,481  
    522  

Liberty Media Corporation-Liberty Formula One - Class C (a)

    31,701  
    432  

Live Nation Entertainment, Inc. (a)(b)

    52,194  
    53,338  

Lumen Technologies, Inc. (b)

    552,582  
    700  

Match Group, Inc. (a)

    78,043  
    4,630  

Meta Platforms, Inc. - Class A (a)(b)

    977,069  
    1,759  

Netflix, Inc. (a)(b)

    693,961  
    554  

Omnicom Group, Inc. (b)

    46,475  
    17,939  

Paramount Global - Class B (b)

    549,113  
    1,468  

Pinterest, Inc. - Class A (a)

    39,269  
    2,898  

Roku, Inc. (a)(b)

    404,358  
    24,643  

Snap, Inc. - Class A (a)(b)

    984,242  
    4,938  

Spotify Technology SA (a)

    771,265  
    1,185  

Take-Two Interactive Software, Inc. (a)(b)

    191,970  
    2,049  

Twitter, Inc. (a)(b)

    72,842  
    13,202  

Verizon Communications, Inc.

    708,551  
    4,628  

Walt Disney Company (a)

    687,073  
    689  

ZoomInfo Technologies, Inc. - Class A (a)(b)

    37,681  
              9,756,878  
       

Consumer Discretionary — 12.3%

       
    163  

Advance Auto Parts, Inc.

    33,330  
    468  

Amazon.com, Inc. (a)

    1,437,351  
    9,431  

Aramark (b)

    348,570  
    63  

AutoZone, Inc. (a)

    117,394  
    6,562  

Bath & Body Works, Inc. (a)(b)

    350,214  
    399  

Best Buy Company, Inc. (b)

    38,559  
    108  

Booking Holdings, Inc. (a)

    234,603  
    629  

BorgWarner, Inc. (b)

  25,795  
    211  

Burlington Stores, Inc. (a)

    47,663  
    426  

CarMax, Inc. (a)(b)

    46,575  
    12,161  

Carnival Corporation (a)(b)

    247,233  
    76  

Carvana Company (a)(b)

    11,436  
    140  

Chipotle Mexican Grill, Inc. (a)

    213,269  
    871  

D.R. Horton, Inc.

    74,384  
    340  

Darden Restaurants, Inc. (b)

    49,375  
    73  

Deckers Outdoor Corporation (a)

    21,071  
    1,273  

Dollar General Corporation (b)

    252,487  
    11,456  

Dollar Tree, Inc. (a)

    1,627,668  
    1,855  

Domino’s Pizza, Inc. (b)

    801,749  
    821  

DraftKings, Inc. - Class A (a)(b)

    19,441  
    3,481  

eBay, Inc.

    190,028  
    332  

Etsy, Inc. (a)(b)

    51,423  
    381  

Expedia Group, Inc. (a)

    74,718  
    2,380  

Farfetch, Ltd. - Class A (a)(b)

    45,339  
    10,312  

Ford Motor Company

    181,079  
    3,361  

GameStop Corporation - Class A (a)(b)

    414,545  
    3,477  

General Motors Company (a)

    162,445  
    366  

Genuine Parts Company

    44,711  
    340  

Hasbro, Inc. (b)

    32,997  
    722  

Hilton Worldwide Holdings, Inc. (a)

    107,477  
    2,275  

Las Vegas Sands Corporation (a)

    97,507  
    156  

Lear Corporation (b)

    24,545  
    703  

Lennar Corporation - Class A (b)

    63,186  
    664  

LKQ Corporation (b)

    31,175  
    454  

Lowe’s Companies, Inc.

    100,361  
    18,686  

Lucid Group, Inc. (a)(b)

    541,520  
    86  

Lululemon Athletica, Inc. (a)

    27,515  
    725  

Marriott International, Inc. - Class A (a)

    123,352  
    1,965  

McDonald’s Corporation

    480,973  
    79  

MercadoLibre, Inc. (a)(b)

    89,005  
    422  

MGM Resorts International

    18,690  
    144  

Mohawk Industries, Inc. (a)

    20,272  
    3,316  

NIKE, Inc. - Class B

    452,799  
    12  

NVR, Inc. (a)

    59,501  
    176  

O’Reilly Automotive, Inc. (a)

    114,266  
    15,128  

Peloton Interactive, Inc. - Class A (a)(b)

    439,620  
    437  

Penn National Gaming, Inc. (a)(b)

    22,440  
    103  

Pool Corporation

    47,233  
    917  

Ross Stores, Inc.

    83,805  

 

The accompanying notes are an integral part of these financial statements.

 

16

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Maximum Diversification U.S. Core Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Consumer Discretionary — 12.3% (Continued)

    2,984  

Royal Caribbean Cruises, Ltd. (a)

  $ 240,868  
    422  

Service Corporation International (b)

    25,679  
    722  

Tapestry, Inc. (b)

    29,530  
    1,634  

Target Corporation

    326,424  
    2,930  

TJX Companies, Inc. (b)

    193,673  
    299  

Tractor Supply Company

    60,933  
    140  

Ulta Beauty, Inc. (a)

    52,430  
    926  

V.F. Corporation (b)

    53,727  
    303  

Vail Resorts, Inc.

    78,947  
    197  

Wayfair, Inc. - Class A (a)(b)

    27,751  
    192  

Williams-Sonoma, Inc.

    27,813  
    278  

Wynn Resorts, Ltd. (a)

    24,053  
    21,037  

Yum China Holdings, Inc. (b)

    1,094,344  
    770  

Yum! Brands, Inc.

    94,387  
              12,471,253  
       

Consumer Staples — 13.7%

       
    1,463  

Archer-Daniels-Midland Company

    114,772  
    794  

Brown-Forman Corporation - Class B

    51,793  
    359  

Bunge, Ltd.

    37,533  
    8,990  

Church & Dwight Company, Inc.

    879,672  
    6,271  

Clorox Company (b)

    914,248  
    10,183  

Coca-Cola Company

    633,791  
    2,208  

Colgate-Palmolive Company

    169,906  
    23,990  

Conagra Brands, Inc. (b)

    838,930  
    402  

Constellation Brands, Inc. - Class A

    86,679  
    1,160  

Costco Wholesale Corporation

    602,330  
    421  

Darling Ingredients, Inc. (a)

    30,514  
    566  

Estee Lauder Companies, Inc. - Class A (b)

    167,723  
    24,728  

General Mills, Inc.

    1,667,409  
    380  

Hershey Company

    76,859  
    14,755  

Hormel Foods Corporation

    702,928  
    5,326  

J.M. Smucker Company (b)

    717,679  
    13,130  

Kellogg Company (b)

    839,532  
    3,741  

Keurig Dr Pepper, Inc.

    144,664  
    3,050  

Kimberly-Clark Corporation (b)

    396,958  
    8,227  

Kraft Heinz Company

    322,663  
    34,870  

Kroger Company (b)

    1,631,915  
    650  

McCormick & Company, Inc. (b)

    61,861  
    3,645  

Mondelez International, Inc. - Class A

    238,675  
    986  

Monster Beverage Corporation (a)

    83,218  
    3,630  

PepsiCo, Inc.

  594,376  
    6,330  

Procter & Gamble Company

    986,783  
    1,316  

Sysco Corporation (b)

    114,624  
    6,813  

Tyson Foods, Inc. - Class A

    631,293  
    3,853  

Walgreens Boots Alliance, Inc.

    177,585  
              13,916,913  
       

Energy — 3.5%

       
    2,157  

Baker Hughes Company (b)

    63,373  
    874  

Cheniere Energy, Inc.

    116,155  
    1,703  

Chevron Corporation (b)

    245,232  
    3,463  

ConocoPhillips

    328,500  
    12,035  

Coterra Energy, Inc. (b)

    280,777  
    1,766  

Devon Energy Corporation (b)

    105,165  
    9,251  

Diamondback Energy, Inc.

    1,277,563  
    1,958  

EOG Resources, Inc.

    225,013  
    2,181  

Halliburton Company

    73,129  
    752  

Hess Corporation

    75,997  
    5,218  

Kinder Morgan, Inc. (b)

    90,793  
    3,272  

Marathon Oil Corporation

    73,816  
    2,327  

Occidental Petroleum Corporation

    101,760  
    827  

ONEOK, Inc. (b)

    54,003  
    572  

Pioneer Natural Resources Company (b)

    137,051  
    3,681  

Schlumberger, Ltd.

    144,442  
    589  

Targa Resources Corporation

    38,503  
    654  

Valero Energy Corporation

    54,616  
    3,189  

Williams Companies, Inc. (b)

    99,752  
              3,585,640  
       

Financials — 6.8%

       
    1,588  

Aflac, Inc.

    97,011  
    35  

Alleghany Corporation (a)

    23,167  
    740  

Allstate Corporation

    90,546  
    899  

Ally Financial, Inc.

    44,860  
    984  

American Express Company

    191,428  
    196  

American Financial Group, Inc.

    26,536  
    2,158  

American International Group, Inc.

    132,156  
    32,591  

Annaly Capital Management, Inc. (b)

    226,833  
    554  

Aon plc - Class A

    161,846  
    981  

Arch Capital Group, Ltd. (a)

    46,215  
    540  

Arthur J. Gallagher & Company

    85,423  
    5,226  

Bank of America Corporation

    230,990  
    1,963  

Bank of New York Mellon Corporation

    104,333  
    2,094  

Berkshire Hathaway, Inc. - Class B (a)

    673,116  
    618  

Brown & Brown, Inc.

    41,783  

 

The accompanying notes are an integral part of these financial statements.

 

17

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Maximum Diversification U.S. Core Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Financials — 6.8% (Continued)

    319  

Capital One Financial Corporation

  $ 48,893  
    5,390  

Cboe Global Markets, Inc. (b)

    632,194  
    3,972  

Charles Schwab Corporation

    335,475  
    970  

Chubb, Ltd.

    197,531  
    408  

Cincinnati Financial Corporation

    50,098  
    1,115  

Citizens Financial Group, Inc. (b)

    58,448  
    926  

CME Group, Inc. (b)

    219,027  
    341  

Comerica, Inc.

    32,562  
    370  

East West Bancorp, Inc.

    32,397  
    102  

Everest Re Group, Ltd.

    30,418  
    98  

FactSet Research Systems, Inc.

    39,797  
    712  

Fidelity National Financial, Inc.

    33,920  
    953  

First Horizon Corporation (b)

    22,376  
    467  

First Republic Bank/CA

    80,912  
    766  

Franklin Resources, Inc. (b)

    22,773  
    35  

Goldman Sachs Group, Inc.

    11,945  
    3,742  

Huntington Bancshares, Inc. (b)

    58,076  
    1,467  

Intercontinental Exchange, Inc.

    187,952  
    2,546  

JPMorgan Chase & Company

    361,024  
    2,435  

KeyCorporation (b)

    61,045  
    749  

M&T Bank Corporation (b)

    136,490  
    98  

MarketAxess Holdings, Inc. (b)

    37,380  
    1,318  

Marsh & McLennan Companies, Inc.

    204,830  
    522  

Northern Trust Corporation (b)

    59,456  
    872  

PNC Financial Services Group, Inc.

    173,746  
    1,913  

Progressive Corporation

    202,644  
    2,037  

Regions Financial Corporation (b)

    49,275  
    155  

Signature Bank

    53,458  
    903  

State Street Corporation

    77,053  
    645  

Travelers Companies, Inc.

    110,830  
    3,419  

Truist Financial Corporation

    212,730  
    3,498  

U.S. Bancorp

    197,777  
    349  

W.R. Berkley Corporation

    31,515  
    10,468  

Wells Fargo & Company

    558,678  
    264  

Western Alliance Bancorp

    24,747  
    325  

Willis Towers Watson plc

    72,248  
              6,895,963  
       

Health Care — 23.7%

       
    4,348  

10X Genomics, Inc. - Class A (a)(b)

    354,232  
    4,615  

Abbott Laboratories

    556,661  
    4,762  

AbbVie, Inc.

    703,681  
    2,264  

ABIOMED, Inc. (a)

    703,516  
    48  

Align Technology, Inc. (a)(b)

  24,550  
    6,127  

Alnylam Pharmaceuticals, Inc. (a)(b)

    967,147  
    397  

AmerisourceBergen Corporation

    56,584  
    1,478  

Amgen, Inc. (b)

    334,737  
    638  

Anthem, Inc.

    288,280  
    1,395  

Avantor, Inc. (a)(b)

    48,393  
    2,659  

Baxter International, Inc.

    225,935  
    1,991  

Becton Dickinson and Company (b)

    540,118  
    6,742  

Biogen, Inc. (a)

    1,422,628  
    2,796  

BioMarin Pharmaceutical, Inc. (a)

    218,424  
    57  

Bio-Rad Laboratories, Inc. - Class A (a)

    35,680  
    103  

Bio-Techne Corporation

    43,199  
    3,738  

Boston Scientific Corporation (a)

    165,107  
    5,951  

Bristol-Myers Squibb Company

    408,655  
    739  

Cardinal Health, Inc.

    39,913  
    2,149  

Centene Corporation (a)

    177,550  
    773  

Cerner Corporation

    72,082  
    869  

Cigna Corporation

    206,631  
    129  

Cooper Companies, Inc. (b)

    52,764  
    3,460  

CVS Health Corporation

    358,629  
    1,687  

Danaher Corporation

    462,930  
    1,226  

DENTSPLY SIRONA, Inc.

    66,376  
    1,473  

DexCom, Inc. (a)(b)

    609,689  
    1,629  

Edwards Lifesciences Corporation (a)

    183,051  
    5,681  

Elanco Animal Health, Inc. (a)

    161,397  
    4,175  

Eli Lilly & Company

    1,043,541  
    1,955  

Exact Sciences Corporation (a)(b)

    152,607  
    19,322  

Gilead Sciences, Inc.

    1,167,049  
    323  

Guardant Health, Inc. (a)

    21,405  
    631  

HCA Healthcare, Inc.

    157,946  
    359  

Henry Schein, Inc. (a)

    31,010  
    653  

Hologic, Inc. (a)

    46,474  
    2,613  

Horizon Therapeutics plc (a)

    238,227  
    334  

Humana, Inc. (b)

    145,063  
    213  

ICON plc (a)

    50,696  
    221  

IDEXX Laboratories, Inc. (a)

    117,649  
    411  

Illumina, Inc. (a)

    134,233  
    806  

Incyte Corporation (a)

    55,050  
    2,182  

Insulet Corporation (a)(b)

    577,554  
    6,842  

Johnson & Johnson

    1,125,989  
    250  

Laboratory Corporation of America Holdings (a)

    67,815  

 

The accompanying notes are an integral part of these financial statements.

 

18

 

 

 

Schedules of Investments (Continued)

 

February 28, 2022 (Unaudited)

 

Nationwide Maximum Diversification U.S. Core Equity ETF (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 23.7% (Continued)

    134  

Masimo Corporation (a)

  $ 21,098  
    402  

McKesson Corporation

    110,534  
    3,534  

Medtronic plc

    371,035  
    8,371  

Merck & Company, Inc.

    641,051  
    61  

Mettler-Toledo International, Inc. (a)

    85,933  
    5,168  

Moderna, Inc. (a)

    793,805  
    152  

Molina Healthcare, Inc. (a)

    46,644  
    3,957  

Novavax, Inc. (a)(b)

    329,895  
    4,588  

Novocure, Ltd. (a)

    375,574  
    336  

Penumbra, Inc. (a)(b)

    74,505  
    330  

PerkinElmer, Inc. (b)

    59,271  
    22,375  

Pfizer, Inc.

    1,050,283  
    697  

Quest Diagnostics, Inc. (b)

    91,495  
    1,380  

Regeneron Pharmaceuticals, Inc. (a)

    853,337  
    193  

Repligen Corporation (a)

    37,963  
    379  

ResMed, Inc.

    93,518  
    862  

Royalty Pharma plc - Class A

    33,842  
    4,559  

Seagen, Inc. (a)

    587,518  
    262  

STERIS plc

    62,880  
    7,352  

Teladoc Health, Inc. (a)(b)

    558,091  
    123  

Teleflex, Inc.

    41,366  
    1,034  

Thermo Fisher Scientific, Inc.

    562,495  
    2,411  

UnitedHealth Group, Inc.

    1,147,324  
    186  

Universal Health Services, Inc. - Class B (b)

    26,771  
    362  

Veeva Systems, Inc. - Class A (a)

    82,916  
    1,287  

Vertex Pharmaceuticals, Inc. (a)

    296,036  
    44,136  

Viatris, Inc.

    485,937  
    159  

Waters Corporation (a)(b)

    50,360  
    194  

West Pharmaceutical Services, Inc.

    75,094  
    549  

Zimmer Biomet Holdings, Inc.

    69,827  
    1,168  

Zoetis, Inc.

    226,183  
              23,963,428  
       

Industrials — 5.6%

       
    1,514  

3M Company

    225,056  
    1,125  

A.O. Smith Corporation (b)

    77,153  
    235  

Allegion plc

    26,912  
    1,822  

American Airlines Group, Inc. (a)(b)

    31,430  
    172  

Axon Enterprise, Inc. (a)(b)

    24,123  
    4,112  

C.H. Robinson Worldwide, Inc. (b)

    397,548  
    136  

Carlisle Companies, Inc.

    32,286  
    2,808  

Carrier Global Corporation (b)

    126,023  
    1,421  

Caterpillar, Inc.

  266,550  
    7,258  

Clarivate plc (a)(b)

    108,725  
    1,028  

CoStar Group, Inc. (a)

    62,718  
    374  

Cummins, Inc.

    76,341  
    737  

Deere & Company

    265,335  
    1,676  

Delta Air Lines, Inc. (a)

    66,906  
    1,553  

Emerson Electric Company

    144,305  
    320  

Equifax, Inc.

    69,869  
    444  

Expeditors International of Washington, Inc.

    45,892  
    1,508  

Fastenal Company

    77,602  
    646  

FedEx Corporation (b)

    143,586  
    163  

Generac Holdings, Inc. (a)(b)

    51,422  
    2,848  

General Electric Company (b)

    272,013