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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 accompanying notes are an integral part of these financial statements.

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.

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.

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.

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
	188	Graco, Inc.		13,553
	193	HEICO Corporation - Class A		23,724
	1,007	Howmet Aerospace, Inc.		36,171
	200	IDEX Corporation		38,380
	708	Illinois Tool Works, Inc. ^(b)		153,169
	1,068	Ingersoll Rand, Inc.		53,955
	220	JB Hunt Transport Services, Inc. ^(b)		44,645
	1,848	Johnson Controls International plc		120,046
	88	Lennox International, Inc. ^(b)		23,490
	726	Lyft, Inc. - Class A ^(a)		28,270
	639	Masco Corporation ^(b)		35,810
	177	Norfolk Southern Corporation		45,404
	271	Old Dominion Freight Line, Inc.		85,102
	1,117	Otis Worldwide Corporation		87,495
	836	PACCAR, Inc.		76,753
	433	Pentair plc		25,075
	3,087	Plug Power, Inc. ^(a)(b)		78,070
	370	Quanta Services, Inc.		40,308
	177	Regal Rexnord Corporation ^(b)		28,382
	547	Republic Services, Inc.		65,793
	286	Robert Half International, Inc.		34,403
	305	Rockwell Automation, Inc.		81,307
	278	Roper Technologies, Inc. ^(b)		124,605
	139	Snap-on, Inc. ^(b)		29,215
	1,551	Southwest Airlines Company ^(a)		67,933
	529	Sunrun, Inc. ^(a)(b)		14,431
	279	Toro Company ^(b)		26,173
	623	Trane Technologies plc		95,898
	283	Trex Company, Inc. ^(a)(b)		25,991
	3,924	Uber Technologies, Inc. ^(a)		141,382
	845	Union Pacific Corporation ^(b)		207,828
	850	United Airlines Holdings, Inc. ^(a)		37,740

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

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)
		Industrials — 5.6% (Continued)
	1,916	United Parcel Service, Inc. - Class B	$	403,165
	421	Verisk Analytics, Inc.		74,660
	113	W.W. Grainger, Inc.		53,908
	1,099	Waste Management, Inc.		158,696
	1,213	Watsco, Inc.		331,221
	465	Westinghouse Air Brake Technologies Corporation		43,161
	472	Xylem, Inc. ^(b)		41,984
				5,689,091
		Information Technology — 12.3%
	2,963	Advanced Micro Devices, Inc. ^(a)		365,489
	420	Akamai Technologies, Inc. ^(a)(b)		45,469
	333	Amdocs, Ltd.		26,207
	4,403	Apple, Inc.		727,024
	602	Arista Networks, Inc. ^(a)		73,883
	682	Aspen Technology, Inc. ^(a)		103,944
	1,846	Atlassian Corporation plc - Class A ^(a)		564,359
	220	Avalara, Inc. ^(a)(b)		22,860
	550	Bentley Systems, Inc. - Class B ^(b)		21,115
	1,359	Bill.com Holdings, Inc. ^(a)(b)		323,279
	396	Black Knight, Inc. ^(a)		22,251
	305	Broadridge Financial Solutions, Inc. ^(b)		44,594
	260	Check Point Software Technologies, Ltd. ^(a)		37,669
	402	Ciena Corporation ^(a)		27,505
	2,360	Cisco Systems, Inc.		131,618
	5,997	Citrix Systems, Inc.		614,693
	9,719	Cloudflare, Inc. - Class A ^(a)(b)		1,131,487
	195	Coupa Software, Inc. ^(a)		23,597
	1,556	Crowdstrike Holdings, Inc. - Class A ^(a)		303,747
	1,298	Datadog, Inc. - Class A ^(a)(b)		209,121
	743	Dell Technologies, Inc. - Class C		37,863
	7,081	DocuSign, Inc. ^(a)		838,602
	193	Elastic NV ^(a)		16,723
	323	Enphase Energy, Inc. ^(a)		53,844
	160	F5, Inc. ^(a)(b)		32,136
	1,386	Fidelity National Information Services, Inc. ^(b)		131,989
	1,413	Five9, Inc. ^(a)		155,430
	209	FleetCor Technologies, Inc. ^(a)(b)		48,948
	211	Gartner, Inc. ^(a)		59,169
	435	GoDaddy, Inc. - Class A ^(a)(b)		36,283
	219	Guidewire Software, Inc. ^(a)		19,305
	3,432	Hewlett Packard Enterprise Company ^(b)		54,637
	3,023	HP, Inc.		103,870
	3,900	Intel Corporation		186,030
	2,355	International Business Machines Corporation ^(b)		288,511
	195	Jack Henry & Associates, Inc. ^(b)		34,476
	846	Juniper Networks, Inc. ^(b)		28,586
	1,356	Marvell Technology, Inc.		92,655
	162	MongoDB, Inc. ^(a)(b)		61,882
	586	NetApp, Inc.		45,931
	28,653	NortonLifeLock, Inc. ^(b)		830,363
	387	Okta, Inc. ^(a)(b)		70,759
	4,179	Oracle Corporation		317,479
	253	Palo Alto Networks, Inc. ^(a)(b)		150,345
	1,998	QUALCOMM, Inc.		343,636
	3,637	RingCentral, Inc. - Class A ^(a)(b)		475,865
	501	salesforce.com, Inc. ^(a)		105,476
	543	Seagate Technology Holdings plc		56,016
	237	Snowflake, Inc. - Class A ^(a)		62,961
	134	SolarEdge Technologies, Inc. ^(a)		42,802
	219	Splunk, Inc. ^(a)		25,864
	121	Teledyne Technologies, Inc. ^(a)		51,955
	2,081	Twilio, Inc. - Class A ^(a)		363,759
	107	Tyler Technologies, Inc. ^(a)(b)		45,824
	438	Unity Software, Inc. ^(a)(b)		46,625
	110	VeriSign, Inc. ^(a)		23,509
	544	VMware, Inc. - Class A		63,822
	143	Wix.com, Ltd. ^(a)		13,096
	90	Workday, Inc. - Class A ^(a)(b)		20,615
	314	Zendesk, Inc. ^(a)		36,634
	8,641	Zoom Video Communications, Inc. - Class A ^(a)(b)		1,145,796
	4,194	Zscaler, Inc. ^(a)(b)		1,002,994
				12,442,976
		Materials — 3.6%
	579	Air Products and Chemicals, Inc. ^(b)		136,818
	307	Albemarle Corporation ^(b)		60,138
	217	Avery Dennison Corporation		38,235
	847	Ball Corporation ^(b)		76,010
	330	CF Industries Holdings, Inc.		26,793
	1,194	Cleveland-Cliffs, Inc. ^(a)(b)		26,698
	1,902	Corteva, Inc.		98,961
	1,360	DuPont de Nemours, Inc.		105,223

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

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)
		Materials — 3.6% (Continued)
	182	Ecolab, Inc.	$	32,079
	273	FMC Corporation ^(b)		32,009
	669	International Flavors & Fragrances, Inc.		88,977
	1,015	International Paper Company		44,183
	447	Linde plc		131,078
	163	Martin Marietta Materials, Inc.		61,842
	971	Mosaic Company ^(b)		50,910
	29,063	Newmont Corporation		1,923,971
	747	Nucor Corporation ^(b)		98,320
	246	Packaging Corporation of America		36,209
	624	PPG Industries, Inc. ^(b)		83,273
	337	RPM International, Inc.		28,500
	630	Sherwin-Williams Company		165,772
	496	Steel Dynamics, Inc. ^(b)		35,008
	967	Vulcan Materials Company		175,462
	687	Westrock Company		31,101
				3,587,570
		Real Estate — 5.1%
	403	Alexandria Real Estate Equities, Inc.		76,328
	1,194	American Tower Corporation		270,883
	366	AvalonBay Communities, Inc.		87,324
	374	Boston Properties, Inc. ^(b)		45,744
	266	Camden Property Trust		43,919
	847	CBRE Group, Inc. - Class A ^(a)		82,031
	1,131	Crown Castle International Corporation		188,413
	746	Digital Realty Trust, Inc.		100,650
	236	Equinix, Inc.		167,496
	442	Equity LifeStyle Properties, Inc.		32,982
	956	Equity Residential		81,547
	172	Essex Property Trust, Inc.		54,553
	6,787	Extra Space Storage, Inc.		1,276,975
	1,992	Federal Realty Investment Trust		234,219
	1,414	Healthpeak Properties, Inc.		43,919
	5,915	Host Hotels & Resorts, Inc. ^(b)		108,067
	755	Iron Mountain, Inc. ^(b)		37,131
	131	Jones Lang LaSalle, Inc. ^(a)		32,255
	1,586	Kimco Realty Corporation ^(b)		37,319
	302	Mid-America Apartment Communities, Inc.		61,792
	2,577	Public Storage		914,888
	1,483	Realty Income Corporation		98,011
	7,088	Regency Centers Corporation ^(b)		467,028
	283	SBA Communications Corporation		85,859
	1,432	Simon Property Group, Inc.		196,986
	309	Sun Communities, Inc. ^(b)		55,929
	807	UDR, Inc.		44,280
	1,046	Ventas, Inc.		56,484
	1,142	Welltower, Inc. ^(b)		95,117
	484	WP Carey, Inc.		37,462
	1,203	Zillow Group, Inc. - Class C ^(a)		69,197
				5,184,788
		Utilities — 3.5%
	476	American Water Works Company, Inc. ^(b)		71,918
	346	Atmos Energy Corporation		37,994
	759	CMS Energy Corporation ^(b)		48,584
	16,529	Consolidated Edison, Inc.		1,417,693
	2,124	Dominion Energy, Inc.		168,922
	999	Edison International		63,357
	596	Essential Utilities, Inc.		28,078
	896	Eversource Energy		73,293
	5,149	NextEra Energy, Inc.		403,012
	1,027	NiSource, Inc.		29,711
	77,034	PG&E Corporation ^(a)		875,876
	1,945	PPL Corporation		50,901
	1,328	Public Service Enterprise Group, Inc.		86,094
	829	Sempra Energy		119,558
	547	UGI Corporation ^(b)		21,027
				3,496,018
		TOTAL COMMON STOCKS (Cost $89,320,211)		100,990,518

		SHORT-TERM INVESTMENTS — 0.2%
		Money Market Funds — 0.2%
	211,894	Invesco Government & Agency Portfolio - Institutional Class, 0.03% ^(c)		211,894
		TOTAL SHORT-TERM INVESTMENTS (Cost $211,894)		211,894

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

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

Units		Security Description	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.7%
		Private Funds — 30.7%
	31,137,816	Mount Vernon Liquid Assets Portfolio, LLC, 0.13% ^(c)	$	31,137,816
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $31,137,816)		31,137,816

		Total Investments (Cost $120,669,921) — 130.6%		132,340,228
		Liabilities in Excess of Other Assets — (30.6)%		(31,028,535	)
		TOTAL NET ASSETS — 100.0%	$	101,311,693

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 $30,795,820.

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

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 100.6% ^(e)
		Communication Services — 17.7%
	51,069	Activision Blizzard, Inc.	$	4,162,124
	11,870	Alphabet, Inc. - Class A ^(a)		32,062,532
	12,544	Alphabet, Inc. - Class C ^(a)		33,841,453
	15,901	Baidu, Inc. - ADR ^(a)		2,423,948
	11,723	Charter Communications, Inc. - Class A ^(a)		7,054,667
	299,293	Comcast Corporation - Class A		13,994,941
	18,548	Electronic Arts, Inc.		2,412,909
	18,559	Match Group, Inc. ^(a)		2,069,143
	139,852	Meta Platforms, Inc. - Class A ^(a)		29,512,968
	18,584	NetEase, Inc. - ADR		1,771,799
	29,010	Netflix, Inc. ^(a)		11,445,025
	262,525	Sirius XM Holdings, Inc.		1,617,154
	81,975	T-Mobile US, Inc. ^(a)		10,100,140
				152,468,803
		Consumer Discretionary — 16.2%
	22,534	Airbnb, Inc. - Class A ^(a)		3,413,676
	20,050	Amazon.com, Inc. ^(a)		61,578,762
	2,636	Booking Holdings, Inc. ^(a)		5,726,051
	14,721	Dollar Tree, Inc. ^(a)		2,091,560
	41,056	eBay, Inc.		2,241,247
	48,669	JD.com, Inc. - ADR ^(a)		3,486,160
	107,182	Lucid Group, Inc. ^(a)		3,106,134
	8,139	Lululemon Athletica, Inc. ^(a)		2,603,992
	21,359	Marriott International, Inc. - Class A ^(a)		3,634,020
	3,262	MercadoLibre, Inc. ^(a)		3,675,132
	4,405	O’Reilly Automotive, Inc. ^(a)		2,859,903
	27,253	Pinduoduo, Inc. - ADR ^(a)		1,413,341
	23,265	Ross Stores, Inc.		2,126,188
	76,985	Starbucks Corporation		7,066,453
	39,838	Tesla, Inc. ^(a)		34,676,191
				139,698,810
		Consumer Staples — 5.6%
	28,947	Costco Wholesale Corporation		15,030,730
	93,008	Keurig Dr Pepper, Inc.		3,596,619
	80,334	Kraft Heinz Company		3,150,699
	91,509	Mondelez International, Inc. - Class A		5,992,010
	34,668	Monster Beverage Corporation ^(a)		2,925,979
	90,711	PepsiCo, Inc.		14,853,020
	56,759	Walgreens Boots Alliance, Inc.		2,616,022
				48,165,079
		Health Care — 5.8%
	5,153	Align Technology, Inc. ^(a)		2,635,553
	36,975	Amgen, Inc.		8,374,099
	38,923	AstraZeneca plc - ADR		2,369,632
	9,597	Biogen, Inc. ^(a)		2,025,063
	6,307	DexCom, Inc. ^(a)		2,610,530
	82,283	Gilead Sciences, Inc.		4,969,893
	5,520	IDEXX Laboratories, Inc. ^(a)		2,938,572
	10,223	Illumina, Inc. ^(a)		3,338,832
	23,380	Intuitive Surgical, Inc. ^(a)		6,787,916
	26,589	Moderna, Inc. ^(a)		4,084,070
	6,880	Regeneron Pharmaceuticals, Inc. ^(a)		4,254,317
	11,940	Seagen, Inc. ^(a)		1,538,708
	16,665	Vertex Pharmaceuticals, Inc. ^(a)		3,833,283
				49,760,468
		Industrials — 3.0%
	6,744	Cintas Corporation		2,531,158
	15,504	Copart, Inc. ^(a)		1,905,132
	145,557	CSX Corporation		4,935,837
	37,744	Fastenal Company		1,942,306
	45,154	Honeywell International, Inc.		8,567,971
	7,554	Old Dominion Freight Line, Inc.		2,372,183
	22,770	PACCAR, Inc.		2,090,514
	10,517	Verisk Analytics, Inc.		1,865,085
				26,210,186
		Information Technology — 51.2% ^(b)
	31,163	Adobe, Inc. ^(a)		14,574,312
	107,181	Advanced Micro Devices, Inc. ^(a)		13,219,699
	35,224	Analog Devices, Inc.		5,646,055
	5,716	ANSYS, Inc. ^(a)		1,853,070
	649,585	Apple, Inc.		107,259,475
	59,243	Applied Materials, Inc.		7,950,411
	5,283	ASML Holding NV - NY		3,521,172
	9,150	Atlassian Corporation plc - Class A ^(a)		2,797,338
	14,403	Autodesk, Inc. ^(a)		3,171,973
	27,594	Automatic Data Processing, Inc.		5,641,317
	26,946	Broadcom, Inc.		15,829,158
	18,159	Cadence Design Systems, Inc. ^(a)		2,749,817
	276,824	Cisco Systems, Inc.		15,438,474
	34,435	Cognizant Technology Solutions Corporation - Class A		2,965,887
	13,444	Crowdstrike Holdings, Inc. - Class A ^(a)		2,624,403
	16,723	Datadog, Inc. - Class A ^(a)		2,694,243
	12,890	DocuSign, Inc. ^(a)		1,526,563
	43,280	Fiserv, Inc. ^(a)		4,227,158

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Nasdaq-100^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.6% ^(e) (Continued)
		Information Technology — 51.2% ^(b) (Continued)
	10,590	Fortinet, Inc. ^(a)	$	3,648,467
	266,930	Intel Corporation		12,732,561
	18,564	Intuit, Inc.		8,806,205
	9,888	KLA Corporation		3,445,968
	9,180	Lam Research Corporation		5,153,193
	54,041	Marvell Technology, Inc.		3,692,622
	36,403	Microchip Technology, Inc.		2,560,223
	73,402	Micron Technology, Inc.		6,522,502
	297,243	Microsoft Corporation		88,813,235
	139,385	NVIDIA Corporation		33,989,032
	17,426	NXP Semiconductors NV		3,313,031
	9,639	Okta, Inc. ^(a)		1,762,395
	6,421	Palo Alto Networks, Inc. ^(a)		3,815,679
	23,656	Paychex, Inc.		2,816,483
	77,105	PayPal Holdings, Inc. ^(a)		8,630,362
	73,488	QUALCOMM, Inc.		12,639,201
	10,832	Skyworks Solutions, Inc.		1,496,657
	10,540	Splunk, Inc. ^(a)		1,244,774
	9,995	Synopsys, Inc. ^(a)		3,122,338
	60,597	Texas Instruments, Inc.		10,300,884
	7,269	VeriSign, Inc. ^(a)		1,553,531
	12,621	Workday, Inc. - Class A ^(a)		2,890,840
	15,867	Zoom Video Communications, Inc. - Class A ^(a)		2,103,964
	9,078	Zscaler, Inc. ^(a)		2,171,004
				440,915,676
		Utilities — 1.1%
	33,017	American Electric Power Company, Inc.		2,992,991
	21,401	Constellation Energy Corporation		984,018
	64,193	Exelon Corporation		2,732,054
	35,303	Xcel Energy, Inc.		2,376,951
				9,086,014
		TOTAL COMMON STOCKS (Cost $865,006,886)		866,305,036

Contracts

Security
Description

Notional
Amount

Value

PURCHASED OPTIONS ^(c) — 1.3%

608

Nasdaq 100 Index Put, Expiration: 03/18/2022, Exercise Price: $13,500.00

865,658,848

11,004,800

TOTAL PURCHASED OPTIONS (Cost $15,618,869)

11,004,800

Shares

SHORT-TERM INVESTMENTS — 0.3%

Money Market Funds — 0.3%

2,906,962

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

2,906,962

TOTAL SHORT-TERM INVESTMENTS (Cost $2,906,962)

2,906,962

Total Investments (Cost $883,532,717) — 102.2%

880,216,798

Liabilities in Excess of Other Assets — (2.2)%

(18,848,516

)

TOTAL NET ASSETS — 100.0%

861,368,282

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt.

NY	New York Registry Shares.

(a)	Non-income producing security.

(b)	To the extent 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 Notes to Financial Statements.

(c)	Exchange traded.

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

(e)	All Common Stocks in this Schedule of Investments are held as collateral for the Written Option.

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

Schedules of Written Options

February 28, 2022 (Unaudited)

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Contracts			Security Description	Notional Amount			Value
			WRITTEN OPTIONS ^(a) — (2.2)%
	(608	)	Nasdaq 100 Index Call, Expiration: 03/18/2022, Exercise Price: $14,350.00	$	(865,658,848	)	$	(19,021,280	)
			TOTAL WRITTEN OPTIONS (Premiums Received $22,826,120)				$	(19,021,280	)

(a)	Exchange traded.

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Dow Jones^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 99.3% ^(d)
		Communication Services — 3.9%
	5,433	Verizon Communications, Inc.	$	291,589
	5,433	Walt Disney Company ^(a)		806,583
				1,098,172
		Consumer Discretionary — 13.5%
	5,433	Home Depot, Inc.		1,715,905
	5,433	McDonald’s Corporation		1,329,835
	5,433	NIKE, Inc. - Class B		741,876
				3,787,616
		Consumer Staples — 7.7%
	5,433	Coca-Cola Company		338,150
	5,433	Procter & Gamble Company		846,950
	5,433	Walgreens Boots Alliance, Inc.		250,407
	5,433	Walmart, Inc.		734,325
				2,169,832
		Energy — 2.8%
	5,433	Chevron Corporation		782,352
		Financials — 16.4%
	5,433	American Express Company		1,056,936
	5,433	Goldman Sachs Group, Inc.		1,854,229
	5,433	JPMorgan Chase & Company		770,399
	5,433	Travelers Companies, Inc.		933,552
				4,615,116
		Health Care — 18.2%
	5,433	Amgen, Inc.		1,230,466
	5,433	Johnson & Johnson		894,109
	5,433	Merck & Company, Inc.		416,059
	5,433	UnitedHealth Group, Inc.		2,585,402
				5,126,036
		Industrials — 14.1%
	5,433	3M Company		807,615
	5,433	Boeing Company ^(a)		1,115,612
	5,433	Caterpillar, Inc.		1,019,122
	5,433	Honeywell International, Inc.		1,030,913
				3,973,262
		Information Technology — 21.6%
	5,433	Apple, Inc.		897,097
	5,433	Cisco Systems, Inc.		302,998
	5,433	Intel Corporation		259,154
	5,433	International Business Machines Corporation		665,597
	5,433	Microsoft Corporation		1,623,326
	5,433	salesforce.com, Inc. ^(a)		1,143,809
	5,433	Visa, Inc. - Class A		1,174,180
				6,066,161
		Materials — 1.1%
	5,433	Dow, Inc.		320,330
		TOTAL COMMON STOCKS (Cost $29,238,173)		27,938,877

Contracts

Notional
Amount

PURCHASED OPTIONS ^(b) — 1.0%

824

Dow Jones Industrial Average Index Put, Expiration: 03/18/2022, Exercise Price: $325.00

27,927,832

286,340

TOTAL PURCHASED OPTIONS (Cost $314,949)

286,340

Shares

SHORT-TERM INVESTMENTS — 0.3%

Money Market Funds — 0.3%

84,330

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

84,330

TOTAL SHORT-TERM INVESTMENTS (Cost $84,330)

84,330

Total Investments (Cost $29,637,452) — 100.6%

28,309,547

Liabilities in Excess of Other Assets — (0.6)%

(160,572

)

TOTAL NET ASSETS — 100.0%

28,148,975

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Exchange traded.

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

(d)	All Common Stocks in this Schedule of Investments are held as collateral for the Written Option.

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

Schedules of Written Options

February 28, 2022 (Unaudited)

Nationwide Dow Jones^® Risk-Managed Income ETF

Contracts			Security Description	Notional Amount			Value
			WRITTEN OPTIONS ^(a) — (0.8)%
	(824	)	Dow Jones Industrial Average Index Call, Expiration: 03/18/2022, Exercise Price: $347.00	$	(27,927,832	)	$	(217,948	)
			TOTAL WRITTEN OPTIONS (Premiums Received $447,864)				$	(217,948	)

(a)	Exchange traded.

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 96.4% ^(d)
		Communication Services — 3.0%
	477	Advantage Solutions, Inc. ^(a)	$	3,754
	3,034	AMC Entertainment Holdings, Inc. - Class A ^(a)		57,222
	179	AMC Networks, Inc. - Class A ^(a)		7,420
	70	Anterix, Inc. ^(a)		3,730
	67	ATN International, Inc.		2,233
	764	Audacy, Inc. ^(a)		2,368
	137	Bandwidth, Inc. - Class A ^(a)		4,185
	126	Boston Omaha Corporation - Class A ^(a)		3,527
	202	Cardlytics, Inc. ^(a)		11,716
	575	Cargurus, Inc. ^(a)		27,858
	410	Cars.com, Inc. ^(a)		6,634
	36	Chicken Soup For The Soul Entertainment, Inc. ^(a)		349
	619	Cinemark Holdings, Inc. ^(a)		10,857
	2,194	Clear Channel Outdoor Holdings, Inc. ^(a)		8,206
	253	Cogent Communications Holdings, Inc.		16,040
	406	comScore, Inc. ^(a)		1,064
	459	Consolidated Communications Holdings, Inc. ^(a)		3,268
	162	CuriosityStream, Inc. ^(a)		593
	6	Daily Journal Corporation ^(a)		1,940
	17	Digital Media Solutions, Inc. - Class A ^(a)		58
	224	EchoStar Corporation - Class A ^(a)		5,452
	148	Emerald Holding, Inc. ^(a)		530
	367	Entravision Communications Corporation - Class A		2,349
	94	Eros STX Global Corporation ^(a)		298
	434	Eventbrite, Inc. - Class A ^(a)		6,558
	115	EverQuote, Inc. - Class A ^(a)		1,711
	322	EW Scripps Company - Class A ^(a)		7,168
	258	Fluent, Inc. ^(a)		366
	808	fuboTV, Inc. ^(a)		6,908
	840	Gannett Company, Inc. ^(a)		4,166
	3,801	Globalstar, Inc. ^(a)		4,485
	346	Gogo, Inc. ^(a)		4,927
	515	Gray Television, Inc.		12,066
	95	Hemisphere Media Group, Inc. ^(a)		508
	121	IDT Corporation - Class B ^(a)		4,363
	666	iHeartMedia, Inc. - Class A ^(a)		14,286
	295	IMAX Corporation ^(a)		6,101
	101	Integral Ad Science Holding Corporation ^(a)		1,890
	717	Iridium Communications, Inc. ^(a)		28,386
	266	John Wiley & Sons, Inc. - Class A		13,382
	252	Liberty Latin America, Ltd. - Class A ^(a)		2,533
	980	Liberty Latin America, Ltd. - Class C ^(a)		9,888
	60	Liberty Media Corporation - Liberty Braves - Class A ^(a)		1,538
	219	Liberty Media Corporation - Liberty Braves - Class C ^(a)		5,409
	406	Liberty TripAdvisor Holdings, Inc. - Class A ^(a)		861
	322	Lions Gate Entertainment Corporation - Class A ^(a)		4,946
	672	Lions Gate Entertainment Corporation - Class B ^(a)		9,576
	350	LiveOne, Inc. ^(a)		299
	154	Madison Square Garden Entertainment Corporation ^(a)		12,067
	728	Magnite, Inc. ^(a)		10,614
	126	Marcus Corporation ^(a)		2,291
	112	MediaAlpha, Inc. - Class A ^(a)		1,608
	336	National CineMedia, Inc.		998
	126	Ooma, Inc. ^(a)		2,107
	42	Outbrain, Inc. ^(a)		548
	280	QuinStreet, Inc. ^(a)		3,150
	350	Radius Global Infrastructure, Inc. - Class A ^(a)		4,501
	154	Scholastic Corporation		6,480
	294	Shenandoah Telecommunications Company		6,571
	266	Sinclair Broadcast Group, Inc. - Class A		7,980
	14	Society Pass, Inc. ^(a)		37
	336	Stagwell, Inc. ^(a)		2,547
	154	TechTarget, Inc. ^(a)		12,071
	1,344	TEGNA, Inc.		30,805
	602	Telephone and Data Systems, Inc.		10,444
	56	Telesat Corporation		1,161
	42	Thryv Holdings, Inc. ^(a)		1,277

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Communication Services — 3.0% (Continued)
	546	TrueCar, Inc. ^(a)	$	1,824
	84	United States Cellular Corporation		2,311
	322	WideOpenWest, Inc. ^(a)		5,471
	406	Yelp, Inc. ^(a)		13,759
	252	Ziff Davis, Inc. ^(a)		25,351
				499,945
		Consumer Discretionary — 10.6%
	161	1-800-Flowers.com, Inc. - Class A ^(a)		2,492
	38	1stdibs.com, Inc. ^(a)		416
	434	2U, Inc. ^(a)		4,557
	189	Aaron’s Company, Inc.		3,967
	354	Abercrombie & Fitch Company - Class A ^(a)		13,480
	472	Academy Sports & Outdoors, Inc. ^(a)		15,279
	343	Accel Entertainment, Inc. ^(a)		4,490
	210	Acushnet Holdings Corporation		9,198
	589	Adient plc ^(a)		26,358
	294	Adtalem Global Education, Inc. ^(a)		6,109
	58	aka Brands Holding Corporation ^(a)		437
	711	American Axle & Manufacturing Holdings, Inc. ^(a)		6,584
	933	American Eagle Outfitters, Inc.		19,668
	85	American Outdoor Brands, Inc. ^(a)		1,329
	116	American Public Education, Inc. ^(a)		2,315
	36	America’s Car-Mart, Inc. ^(a)		3,462
	476	AMMO, Inc. ^(a)		2,242
	178	Arcimoto, Inc. ^(a)		1,047
	730	Arko Corporation		6,096
	143	Asbury Automotive Group, Inc. ^(a)		27,757
	162	Aterian, Inc. ^(a)		484
	185	Bally’s Corporation ^(a)		6,664
	273	Barnes & Noble Education, Inc. ^(a)		1,496
	59	Bassett Furniture Industries, Inc.		1,035
	171	Beazer Homes USA, Inc. ^(a)		2,799
	619	Bed Bath & Beyond, Inc. ^(a)		10,455
	130	Big 5 Sporting Goods Corporation		2,153
	193	Big Lots, Inc.		6,709
	4	Biglari Holdings, Inc. - Class B		550
	131	BJ’s Restaurants, Inc. ^(a)		4,201
	534	Bloomin’ Brands, Inc.		13,142
	87	Bluegreen Vacations Holding Corporation ^(a)		2,466
	178	Boot Barn Holdings, Inc. ^(a)		15,490
	270	Brinker International, Inc. ^(a)		11,486
	189	Buckle, Inc.		6,804
	230	Caleres, Inc.		4,775
	690	Callaway Golf Company ^(a)		17,070
	256	Camping World Holdings, Inc. - Class A		7,862
	686	Canoo, Inc. ^(a)		3,938
	406	CarLotz, Inc. ^(a)		820
	266	CarParts.com, Inc. ^(a)		2,226
	91	Carriage Services, Inc.		4,478
	196	Carrols Restaurant Group, Inc.		517
	119	Cato Corporation - Class A		2,094
	56	Cavco Industries, Inc. ^(a)		15,267
	164	Century Casinos, Inc. ^(a)		2,017
	178	Century Communities, Inc.		11,342
	275	Cheesecake Factory, Inc. ^(a)		11,767
	714	Chico’s FAS, Inc. ^(a)		3,356
	84	Children’s Place, Inc. ^(a)		5,289
	118	Chuy’s Holdings, Inc. ^(a)		3,847
	49	Citi Trends, Inc. ^(a)		1,828
	165	Clarus Corporation		3,757
	107	Conn’s, Inc. ^(a)		1,962
	182	Container Store Group, Inc. ^(a)		1,607
	101	Cooper-Standard Holdings, Inc. ^(a)		1,285
	444	Coursera, Inc. ^(a)		9,027
	142	Cracker Barrel Old Country Store, Inc.		19,066
	352	Crocs, Inc. ^(a)		29,473
	898	Dana, Inc.		16,721
	238	Dave & Buster’s Entertainment, Inc. ^(a)		10,315
	168	Del Taco Restaurants, Inc.		2,097
	370	Denny’s Corporation ^(a)		5,853
	365	Designer Brands, Inc. - Class A ^(a)		4,763
	34	Dillard’s, Inc. - Class A		8,524
	93	Dine Brands Global, Inc.		7,797
	164	Dorman Products, Inc.		15,321
	511	Drive Shack, Inc. ^(a)		680
	73	Duluth Holdings, Inc. - Class B ^(a)		1,017
	112	El Pollo Loco Holdings, Inc. ^(a)		1,486
	59	Escalade, Inc.		782

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Consumer Discretionary — 10.6% (Continued)
	67	Esports Technologies, Inc. ^(a)	$	554
	137	Ethan Allen Interiors, Inc.		3,570
	80	European Wax Center, Inc. - Class A ^(a)		1,990
	486	Everi Holdings, Inc. ^(a)		11,372
	122	F45 Training Holdings, Inc. ^(a)		1,876
	108	Fiesta Restaurant Group, Inc. ^(a)		1,088
	71	First Watch Restaurant Group, Inc. ^(a)		1,030
	999	Fisker, Inc. ^(a)		12,187
	39	Flexsteel Industries, Inc.		842
	289	Fossil Group, Inc. ^(a)		3,907
	260	Fox Factory Holding Corporation ^(a)		30,684
	173	Franchise Group, Inc.		7,292
	207	Full House Resorts, Inc. ^(a)		1,822
	151	Funko, Inc. - Class A ^(a)		2,636
	239	GAN, Ltd. ^(a)		1,594
	90	Genesco, Inc. ^(a)		5,774
	1,778	Genius Brands International, Inc. ^(a)		1,579
	196	Gentherm, Inc. ^(a)		16,629
	267	G-III Apparel Group, Ltd. ^(a)		7,407
	100	Golden Entertainment, Inc.		5,693
	230	Golden Nugget Online Gaming, Inc. ^(a)		1,978
	1,632	Goodyear Tire & Rubber Company ^(a)		25,280
	774	GoPro, Inc. - Class A ^(a)		6,656
	22	Graham Holdings Company - Class B		13,225
	187	Green Brick Partners, Inc. ^(a)		4,337
	101	Greenlane Holdings, Inc. - Class A ^(a)		55
	108	Group 1 Automotive, Inc.		19,648
	130	Groupon, Inc. ^(a)		2,824
	341	GrowGeneration Corporation ^(a)		2,868
	244	Guess?, Inc.		5,344
	347	Hall of Fame Resort & Entertainment Company ^(a)		368
	47	Hamilton Beach Brands Holding Company - Class A		710
	104	Haverty Furniture Cos, Inc.		2,955
	148	Helen of Troy, Ltd. ^(a)		30,440
	92	Hibbett, Inc.		4,147
	507	Hilton Grand Vacations, Inc. ^(a)		26,293
	73	Hooker Furnishings Corporation		1,533
	732	Houghton Mifflin Harcourt Company ^(a)		15,336
	31	Hovnanian Enterprises, Inc. - Class A ^(a)		2,980
	144	Installed Building Products, Inc.		13,925
	569	International Game Technology plc		17,423
	164	iRobot Corporation ^(a)		10,194
	131	Jack in the Box, Inc.		11,301
	71	JOANN, Inc.		808
	32	Johnson Outdoors, Inc. - Class A		2,639
	491	KB Home		18,958
	81	Kirkland’s, Inc.		1,121
	326	Kontoor Brands, Inc.		16,150
	148	Krispy Kreme, Inc.		2,207
	20	Kura Sushi USA, Inc. - Class A ^(a)		1,054
	84	Lands’ End, Inc. ^(a)		1,425
	56	Landsea Homes Corporation ^(a)		366
	182	Latham Group, Inc. ^(a)		3,183
	588	Laureate Education, Inc.		6,374
	252	La-Z-Boy, Inc.		7,353
	42	Lazydays Holdings, Inc. ^(a)		766
	140	LCI Industries		17,433
	42	Legacy Housing Corporation ^(a)		1,070
	126	LGI Homes, Inc. ^(a)		15,892
	224	Life Time Group Holdings, Inc. ^(a)		3,483
	70	Lifetime Brands, Inc.		917
	168	Lindblad Expeditions Holdings, Inc. ^(a)		2,979
	154	Liquidity Services, Inc. ^(a)		2,653
	154	LL Flooring Holdings, Inc. ^(a)		2,473
	882	Lordstown Motors Corporation - Class A ^(a)		2,267
	56	Lovesac Company ^(a)		2,379
	28	Lulu’s Fashion Lounge Holdings, Inc. ^(a)		279
	168	M/I Homes, Inc. ^(a)		8,281
	1,904	Macy’s, Inc.		49,351
	126	Malibu Boats, Inc. - Class A ^(a)		8,778
	42	Marine Products Corporation		508
	129	MarineMax, Inc. ^(a)		5,903
	112	MasterCraft Boat Holdings, Inc.		3,208
	336	MDC Holdings, Inc.		14,898
	224	Meritage Homes Corporation ^(a)		22,082
	294	Modine Manufacturing Company ^(a)		2,969

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Consumer Discretionary — 10.6% (Continued)
	70	Monarch Casino & Resort, Inc. ^(a)	$	5,453
	182	Monro, Inc.		8,496
	112	Motorcar Parts of America, Inc. ^(a)		1,809
	84	Movado Group, Inc.		3,311
	140	Murphy USA, Inc.		25,304
	14	Nathan’s Famous, Inc.		814
	506	National Vision Holdings, Inc. ^(a)		18,555
	168	Nautilus, Inc. ^(a)		818
	56	NEOGAMES SA ^(a)		1,266
	224	Noodles & Company ^(a)		1,532
	280	ODP Corporation ^(a)		12,320
	112	ONE Group Hospitality, Inc. ^(a)		1,315
	308	OneSpaWorld Holdings, Ltd. ^(a)		3,185
	56	OneWater Marine, Inc. - Class A		2,845
	266	Overstock.com, Inc. ^(a)		15,136
	98	Oxford Industries, Inc.		8,662
	182	Papa John’s International, Inc.		19,441
	616	Party City Holdco, Inc. ^(a)		2,667
	154	Patrick Industries, Inc.		10,986
	392	Perdoceo Education Corporation ^(a)		4,104
	112	PetMed Express, Inc.		3,018
	159	PlayAGS, Inc. ^(a)		1,331
	154	PLBY Group, Inc. ^(a)		2,452
	462	Porch Group, Inc. ^(a)		3,742
	126	Portillo’s, Inc. - Class A ^(a)		3,158
	336	PowerSchool Holdings, Inc. - Class A ^(a)		5,292
	336	Purple Innovation, Inc. ^(a)		2,023
	518	Quotient Technology, Inc. ^(a)		3,440
	42	RCI Hospitality Holdings, Inc.		2,727
	476	RealReal, Inc. ^(a)		4,241
	84	Red Robin Gourmet Burgers, Inc. ^(a)		1,474
	336	Red Rock Resorts, Inc. - Class A		16,894
	238	Regis Corporation ^(a)		431
	98	Rent the Runway, Inc. - Class A ^(a)		595
	364	Rent-A-Center, Inc.		10,341
	210	Revolve Group, Inc. ^(a)		9,960
	28	Rocky Brands, Inc.		1,079
	294	Rush Street Interactive, Inc. ^(a)		3,037
	182	Ruth’s Hospitality Group, Inc.		4,515
	658	Sally Beauty Holdings, Inc. ^(a)		11,370
	574	Scientific Games Corporation ^(a)		36,116
	294	SeaWorld Entertainment, Inc. ^(a)		20,401
	210	Shake Shack, Inc. - Class A ^(a)		15,691
	392	Shift Technologies, Inc. ^(a)		792
	98	Shoe Carnival, Inc.		2,858
	126	Shutterstock, Inc.		11,407
	308	Signet Jewelers, Ltd.		21,714
	308	Skyline Champion Corporation ^(a)		20,710
	140	Sleep Number Corporation ^(a)		9,198
	252	Smith & Wesson Brands, Inc.		4,443
	70	Snap One Holdings Corporation ^(a)		1,375
	72	Solo Brands, Inc. - Class A ^(a)		760
	126	Sonic Automotive, Inc. - Class A		6,767
	686	Sonos, Inc. ^(a)		18,790
	280	Sportsman’s Warehouse Holdings, Inc. ^(a)		3,195
	126	Standard Motor Products, Inc.		5,507
	476	Steven Madden, Ltd.		20,306
	574	Stitch Fix, Inc. - Class A ^(a)		7,204
	182	StoneMor, Inc. ^(a)		473
	154	Stoneridge, Inc. ^(a)		2,543
	140	Strategic Education, Inc.		8,263
	252	Stride, Inc. ^(a)		8,462
	98	Sturm Ruger & Company, Inc.		7,096
	70	Superior Group of Companies, Inc.		1,435
	140	Target Hospitality Corporation ^(a)		441
	714	Taylor Morrison Home Corporation ^(a)		21,063
	406	Tenneco, Inc - Class A ^(a)		7,828
	406	Texas Roadhouse, Inc.		38,533
	126	Tilly’s, Inc. - Class A		1,600
	76	Torrid Holdings, Inc. ^(a)		665
	142	Traeger, Inc. ^(a)		1,402
	70	TravelCenters of America, Inc. ^(a)		2,956
	658	Tri Pointe Homes, Inc. ^(a)		14,719
	280	Tupperware Brands Corporation ^(a)		5,104
	70	Udemy, Inc. ^(a)		923
	70	Unifi, Inc. ^(a)		1,314
	70	Universal Electronics, Inc. ^(a)		2,326
	406	Urban Outfitters, Inc. ^(a)		11,169
	182	Vera Bradley, Inc. ^(a)		1,376
	336	Vista Outdoor, Inc. ^(a)		12,247

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Consumer Discretionary — 10.6% (Continued)
	154	Visteon Corporation ^(a)	$	18,506
	560	Vivint Smart Home, Inc. ^(a)		4,026
	84	VOXX International Corporation ^(a)		901
	336	Vuzix Corporation ^(a)		1,902
	112	Weber, Inc. - Class A		1,279
	168	Wingstop, Inc.		24,419
	14	Winmark Corporation		3,167
	196	Winnebago Industries, Inc.		12,557
	490	Wolverine World Wide, Inc.		11,285
	728	Workhorse Group, Inc. ^(a)		2,279
	322	WW International, Inc. ^(a)		3,281
	196	XL Fleet Corporation ^(a)		382
	42	Xometry, Inc. - Class A ^(a)		2,054
	98	XPEL, Inc. ^(a)		7,115
	42	Xponential Fitness, Inc. - Class A ^(a)		879
	126	Zumiez, Inc. ^(a)		5,606
				1,750,745
		Consumer Staples — 3.4%
	952	22nd Century Group, Inc. ^(a)		2,228
	189	Andersons, Inc.		8,618
	442	AppHarvest, Inc. ^(a)		1,688
	399	B&G Foods, Inc.		11,810
	476	Beauty Health Company ^(a)		9,225
	240	BellRing Brands, Inc. - Class A ^(a)		6,137
	870	BJ’s Wholesale Club Holdings, Inc. ^(a)		54,696
	101	Calavo Growers, Inc.		4,312
	253	Cal-Maine Foods, Inc. ^(a)		11,200
	324	Celsius Holdings, Inc. ^(a)		20,700
	242	Central Garden & Pet Company ^(a)		10,658
	58	Central Garden & Pet Company - Class A ^(a)		2,746
	188	Chefs’ Warehouse, Inc. ^(a)		6,176
	25	Coca-Cola Consolidated, Inc.		12,423
	196	Duckhorn Portfolio, Inc. ^(a)		3,846
	325	Edgewell Personal Care Company		11,596
	291	elf Beauty, Inc. ^(a)		7,691
	415	Energizer Holdings, Inc.		13,857
	211	Fresh Del Monte Produce, Inc.		5,461
	214	HF Foods Group, Inc. ^(a)		1,338
	487	Honest Company, Inc. ^(a)		2,815
	784	Hostess Brands, Inc. ^(a)		16,887
	86	Ingles Markets, Inc. - Class A		7,071
	105	Inter Parfums, Inc.		9,752
	89	J & J Snack Foods Corporation		14,571
	53	John B Sanfilippo & Son, Inc.		4,215
	28	Laird Superfood, Inc. ^(a)		172
	112	Lancaster Colony Corporation		18,840
	154	Landec Corporation ^(a)		1,774
	84	Limoneira Company		1,226
	56	MedAvail Holdings, Inc. ^(a)		67
	70	Medifast, Inc.		13,020
	84	MGP Ingredients, Inc.		6,687
	238	Mission Produce, Inc. ^(a)		3,089
	144	National Beverage Corporation		6,337
	56	Natural Grocers by Vitamin Cottage, Inc.		950
	56	Nature’s Sunshine Products, Inc.		982
	784	NewAge, Inc. ^(a)		531
	294	Nu Skin Enterprises, Inc. - Class A		13,638
	28	Oil-Dri Corporation of America		865
	868	Performance Food Group Company ^(a)		48,643
	140	PriceSmart, Inc.		10,181
	938	Primo Water Corporation		13,639
	42	Revlon, Inc. - Class A ^(a)		407
	308	Rite Aid Corporation ^(a)		2,821
	112	Sanderson Farms, Inc.		20,002
	28	Seneca Foods Corporation - Class A ^(a)		1,393
	504	Simply Good Foods Company ^(a)		19,974
	140	Sovos Brands, Inc. ^(a)		1,700
	210	SpartanNash Company		5,909
	686	Sprouts Farmers Market, Inc. ^(a)		19,537
	266	Tattooed Chef, Inc. ^(a)		3,229
	42	Thorne HealthTech, Inc. ^(a)		188
	84	Tootsie Roll Industries, Inc.		2,835
	308	TreeHouse Foods, Inc. ^(a)		12,089
	84	Turning Point Brands, Inc.		2,816
	294	United Natural Foods, Inc. ^(a)		11,828
	140	Universal Corporation		7,575
	70	USANA Health Sciences, Inc. ^(a)		6,161
	336	Utz Brands, Inc.		5,124
	868	Vector Group, Ltd.		9,730
	364	Veru, Inc. ^(a)		2,035
	42	Village Super Market, Inc. - Class A		957
	57	Vita Coco Company, Inc. ^(a)		661
	140	Vital Farms, Inc. ^(a)		1,995

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Consumer Staples — 3.4% (Continued)
	70	WD-40 Company	$	14,831
	98	Weis Markets, Inc.		6,044
	234	Whole Earth Brands, Inc. ^(a)		2,221
	42	Zevia PBC - Class A ^(a)		263
				564,683
		Energy — 5.5%
	186	Aemetis, Inc. ^(a)		2,385
	422	Alto Ingredients, Inc. ^(a)		2,460
	1,668	Antero Resources Corporation ^(a)		38,247
	89	Arch Resources, Inc.		10,624
	826	Archrock, Inc.		6,897
	417	Berry Corporation		4,170
	238	Brigham Minerals, Inc. - Class A		5,422
	126	Bristow Group, Inc. ^(a)		4,176
	322	Cactus, Inc. - Class A		16,313
	522	California Resources Corporation		21,522
	287	Callon Petroleum Company ^(a)		16,175
	1,082	Centennial Resource Development, Inc. - Class A ^(a)		9,500
	42	Centrus Energy Corporation - Class A ^(a)		1,901
	1,239	ChampionX Corporation		26,528
	633	Chesapeake Energy Corporation		48,899
	270	Civitas Resources, Inc.		13,627
	943	Clean Energy Fuels Corporation ^(a)		6,856
	1,316	CNX Resources Corporation ^(a)		21,503
	561	Comstock Resources, Inc. ^(a)		4,656
	192	CONSOL Energy, Inc. ^(a)		5,902
	190	Crescent Energy, Inc. - Class A		2,879
	171	CVR Energy, Inc.		2,974
	395	Delek US Holdings, Inc. ^(a)		6,806
	312	Denbury, Inc. ^(a)		22,670
	865	DHT Holdings, Inc.		5,441
	112	DMC Global, Inc. ^(a)		3,293
	168	Dorian LPG, Ltd.		2,315
	216	Dril-Quip, Inc. ^(a)		6,229
	158	Earthstone Energy, Inc. - Class A ^(a)		2,054
	896	Energy Fuels, Inc. ^(a)		7,320
	2,482	Equitrans Midstream Corporation		15,910
	252	Expro Group Holdings NV ^(a)		4,055
	238	Falcon Minerals Corporation		1,366
	723	Frontline, Ltd. ^(a)		6,803
	53	FTS International, Inc. - Class A ^(a)		1,403
	1,271	Gevo, Inc. ^(a)		4,512
	579	Golar LNG, Ltd. ^(a)		10,075
	291	Green Plains, Inc. ^(a)		9,527
	830	Helix Energy Solutions Group, Inc. ^(a)		3,362
	610	Helmerich & Payne, Inc.		22,100
	31	HighPeak Energy, Inc.		655
	286	International Seaways, Inc.		5,231
	19	Kinetik Holdings, Inc.		1,292
	2,635	Kosmos Energy, Ltd. ^(a)		12,806
	56	Laredo Petroleum, Inc. ^(a)		4,287
	504	Liberty Oilfield Services, Inc. - Class A ^(a)		6,290
	826	Magnolia Oil & Gas Corporation - Class A		18,461
	616	Matador Resources Company		30,554
	854	Murphy Oil Corporation		29,608
	28	Nabors Industries, Ltd. ^(a)		3,515
	210	National Energy Services Reunited Corporation ^(a)		1,871
	532	Newpark Resources, Inc. ^(a)		2,006
	938	NexTier Oilfield Solutions, Inc. ^(a)		7,466
	910	Nordic American Tankers, Ltd.		2,202
	294	Northern Oil and Gas, Inc.		7,374
	112	Oasis Petroleum, Inc.		14,841
	588	Oceaneering International, Inc. ^(a)		8,608
	350	Oil States International, Inc. ^(a)		1,831
	1,526	Ovintiv, Inc.		69,967
	266	Par Pacific Holdings, Inc. ^(a)		3,618
	1,008	Patterson-UTI Energy, Inc.		14,545
	616	PBF Energy, Inc. - Class A ^(a)		10,238
	574	PDC Energy, Inc.		37,034
	505	Peabody Energy Corporation ^(a)		8,757
	490	ProPetro Holding Corporation ^(a)		6,257
	1,372	Range Resources Corporation ^(a)		31,487
	126	Ranger Oil Corporation - Class A ^(a)		4,254
	266	Renewable Energy Group, Inc. ^(a)		16,359
	28	REX American Resources Corporation ^(a)		2,645
	168	Riley Exploration Permian, Inc.		5,628
	378	RPC, Inc. ^(a)		3,315
	252	Scorpio Tankers, Inc.		4,382

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Energy — 5.5% (Continued)
	336	Select Energy Services, Inc. - Class A ^(a)	$	2,782
	728	SFL Corporation, Ltd.		7,244
	658	SM Energy Company		23,366
	168	Solaris Oilfield Infrastructure, Inc. - Class A		1,747
	5,600	Southwestern Energy Company ^(a)		27,944
	224	Talos Energy, Inc. ^(a)		3,519
	406	Teekay Corporation ^(a)		1,368
	126	Teekay Tankers, Ltd. - Class A ^(a)		1,801
	2,240	Tellurian, Inc. ^(a)		8,534
	714	TETRA Technologies, Inc. ^(a)		2,285
	224	Tidewater, Inc. ^(a)		3,317
	1,400	Uranium Energy Corporation ^(a)		5,586
	1,036	Ur-Energy, Inc. ^(a)		1,533
	420	US Silica Holdings, Inc. ^(a)		6,073
	546	W&T Offshore, Inc. ^(a)		2,654
	224	Whiting Petroleum Corporation		16,542
	373	World Fuel Services Corporation		10,571
				913,107
		Financials — 16.4%
	98	1st Source Corporation		4,732
	71	AFC Gamma, Inc.		1,402
	89	Alerus Financial Corporation		2,559
	115	Allegiance Bancshares, Inc.		4,928
	80	Amalgamated Financial Corporation		1,374
	53	A-Mark Precious Metals, Inc.		3,800
	272	Ambac Financial Group, Inc. ^(a)		3,490
	172	Amerant Bancorp, Inc.		5,581
	493	American Equity Investment Life Holding Company		18,581
	62	American National Bankshares, Inc.		2,393
	45	American National Group, Inc.		8,506
	410	Ameris Bancorp		20,295
	120	AMERISAFE, Inc.		5,652
	44	Angel Oak Mortgage, Inc.		715
	842	Apollo Commercial Real Estate Finance, Inc.		10,988
	863	Arbor Realty Trust, Inc.		15,534
	259	Ares Commercial Real Estate Corporation		3,794
	191	Argo Group International Holdings, Ltd.		8,054
	535	ARMOUR Residential REIT, Inc.		4,350
	86	Arrow Financial Corporation		2,954
	361	Artisan Partners Asset Management, Inc. - Class A		13,758
	115	AssetMark Financial Holdings, Inc. ^(a)		2,701
	892	Associated Banc-Corp		21,756
	9	Associated Capital Group, Inc. - Class A		352
	120	Atlantic Capital Bancshares, Inc. ^(a)		3,881
	455	Atlantic Union Bankshares Corporation		18,487
	29	Atlanticus Holdings Corporation ^(a)		1,545
	352	Axos Financial, Inc. ^(a)		19,268
	112	B Riley Financial, Inc.		6,670
	327	Banc of California, Inc.		6,426
	103	BancFirst Corporation		8,047
	190	Banco Latinoamericano de Comercio Exterior SA		2,936
	322	Bancorp, Inc. ^(a)		9,435
	39	Bank First Corporation		2,747
	95	Bank of Marin Bancorp		3,355
	294	Bank of NT Butterfield & Son, Ltd.		11,290
	547	BankUnited, Inc.		24,177
	210	Banner Corporation		12,938
	91	Bar Harbor Bankshares		2,616
	301	Berkshire Hills Bancorp, Inc.		9,361
	1,937	BGC Partners, Inc. - Class A		8,871
	956	Blackstone Mortgage Trust, Inc. - Class A		30,382
	291	Blucora, Inc. ^(a)		5,791
	176	Blue Foundry Bancorp ^(a)		2,445
	105	Blue Ridge Bankshares, Inc.		1,685
	126	Bridgewater Bancshares, Inc. ^(a)		2,121
	333	Bright Health Group, Inc. ^(a)		1,106
	370	Brightsphere Investment Group, Inc.		8,832
	500	BrightSpire Capital, Inc.		4,430
	788	Broadmark Realty Capital, Inc.		6,824
	473	Brookline Bancorp, Inc.		8,107
	282	BRP Group, Inc. - Class A ^(a)		7,831
	119	Business First Bancshares, Inc.		3,117
	150	Byline Bancorp, Inc.		4,091
	1,141	Cadence Bank		36,078
	43	Cambridge Bancorp		3,790
	85	Camden National Corporation		4,042
	486	Cannae Holdings, Inc. ^(a)		13,048

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Financials — 16.4% (Continued)
	48	Capital Bancorp, Inc.	$	1,191
	78	Capital City Bank Group, Inc.		2,189
	793	Capitol Federal Financial, Inc.		8,660
	123	Capstar Financial Holdings, Inc.		2,632
	160	Carter Bankshares, Inc. ^(a)		2,666
	451	Cathay General Bancorp		21,211
	113	CBTX, Inc.		3,397
	165	Central Pacific Financial Corporation		4,816
	1,396	Chimera Investment Corporation		16,989
	92	Citizens & Northern Corporation		2,279
	299	Citizens, Inc. ^(a)		1,271
	91	City Holding Company		7,250
	88	Civista Bancshares, Inc.		2,146
	98	CNB Financial Corporation		2,563
	752	CNO Financial Group, Inc.		18,176
	53	Coastal Financial Corporation ^(a)		2,523
	154	Cohen & Steers, Inc.		12,514
	472	Columbia Banking System, Inc.		17,289
	233	Columbia Financial, Inc. ^(a)		4,949
	323	Community Bank System, Inc.		23,560
	93	Community Trust Bancorp, Inc.		3,932
	229	ConnectOne Bancorp, Inc.		7,557
	158	Cowen, Inc. - Class A		4,685
	100	Crawford & Company - Class A		771
	284	CrossFirst Bankshares, Inc. ^(a)		4,467
	122	Curo Group Holdings Corporation		1,631
	175	Customers Bancorp, Inc. ^(a)		10,771
	795	CVB Financial Corporation		18,746
	18	Diamond Hill Investment Group, Inc.		3,490
	207	Dime Community Bancshares, Inc.		7,036
	89	Donegal Group, Inc. - Class A		1,216
	174	Donnelley Financial Solutions, Inc. ^(a)		5,585
	219	Dynex Capital, Inc.		3,366
	197	Eagle Bancorp, Inc.		11,804
	1,050	Eastern Bankshares, Inc.		22,953
	148	eHealth, Inc. ^(a)		2,300
	323	Ellington Financial, Inc.		5,707
	174	Employers Holdings, Inc.		6,762
	89	Enact Holdings, Inc.		1,851
	174	Encore Capital Group, Inc. ^(a)		11,482
	217	Enova International, Inc. ^(a)		8,847
	74	Enstar Group, Ltd. ^(a)		21,092
	57	Enterprise Bancorp, Inc.		2,297
	213	Enterprise Financial Services Corporation		10,531
	80	Equity Bancshares, Inc. - Class A		2,516
	673	Essent Group, Ltd.		29,733
	303	EZCORP, Inc. - Class A ^(a)		1,815
	188	Farmers National Banc Corporation		3,239
	200	FB Financial Corporation		8,888
	53	Federal Agricultural Mortgage Corporation - Class C		6,556
	581	Federated Hermes, Inc.		18,981
	23	Fidelity D&D Bancorp, Inc.		1,135
	115	Finance Of America Companies, Inc. - Class A ^(a)		373
	94	Financial Institutions, Inc.		3,002
	63	First Bancorp, Inc.		1,877
	1,239	First BanCorp/Puerto Rico		17,495
	210	First Bancorp/Southern Pines, NC		9,425
	122	First Bancshares, Inc.		4,308
	95	First Bank/Hamilton NJ		1,384
	312	First Busey Corporation		8,564
	567	First Commonwealth Financial Corporation		9,157
	103	First Community Bankshares, Inc.		3,021
	577	First Financial Bancorp		14,183
	784	First Financial Bankshares, Inc.		37,569
	56	First Financial Corporation/IN		2,605
	246	First Foundation, Inc.		6,561
	56	First Internet Bancorp		2,737
	535	First Interstate BancSystem, Inc. - Class A		21,721
	340	First Merchants Corporation		14,872
	101	First Mid Bancshares, Inc.		4,047
	142	First of Long Island Corporation		3,091
	239	FirstCash Holdings, Inc.		17,217
	74	Five Star Bancorp		2,250
	312	Flagstar Bancorp, Inc.		14,221
	179	Flushing Financial Corporation		4,205
	360	Focus Financial Partners, Inc. - Class A ^(a)		18,014
	217	Franklin BSP Realty Trust, Inc.		2,864
	43	FS Bancorp, Inc.		1,377
	954	Fulton Financial Corporation		17,191
	32	GAMCO Investors, Inc. - Class A		689
	271	GCM Grosvenor, Inc. - Class A		2,707

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Financials — 16.4% (Continued)
	3,113	Genworth Financial, Inc. - Class A ^(a)	$	12,639
	149	German American Bancorp, Inc.		5,927
	672	Glacier Bancorp, Inc.		37,229
	106	Goosehead Insurance, Inc. - Class A		9,220
	325	Granite Point Mortgage Trust, Inc.		3,647
	133	Great Ajax Corporation		1,515
	61	Great Southern Bancorp, Inc.		3,747
	328	Green Dot Corporation - Class A ^(a)		9,397
	87	Greenhill & Company, Inc.		1,538
	161	Greenlight Capital Re, Ltd. - Class A ^(a)		1,158
	48	Guaranty Bancshares, Inc.		1,679
	219	Hamilton Lane, Inc. - Class A		17,104
	524	Hancock Whitney Corporation		29,176
	189	Hanmi Financial Corporation		4,937
	466	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		22,060
	289	HarborOne Bancorp, Inc.		4,274
	63	HBT Financial, Inc.		1,206
	35	HCI Group, Inc.		2,179
	246	Heartland Financial USA, Inc.		12,207
	360	Heritage Commerce Corporation		4,280
	214	Heritage Financial Corporation		5,611
	161	Heritage Insurance Holdings, Inc.		898
	381	Hilltop Holdings, Inc.		11,781
	8	Hingham Institution For Savings		2,879
	45	Home Bancorp, Inc.		1,764
	935	Home BancShares, Inc.		21,888
	42	Home Point Capital, Inc.		139
	120	HomeStreet, Inc.		6,175
	89	HomeTrust Bancshares, Inc.		2,677
	711	Hope Bancorp, Inc.		12,059
	258	Horace Mann Educators Corporation		10,730
	262	Horizon Bancorp, Inc.		5,261
	309	Houlihan Lokey, Inc.		31,785
	277	Independent Bank Corporation		23,825
	121	Independent Bank Corporation/MI		2,880
	214	Independent Bank Group, Inc.		16,510
	326	International Bancshares Corporation		14,021
	1,927	Invesco Mortgage Capital, Inc.		4,201
	1,377	Investors Bancorp, Inc.		23,051
	7	Investors Title Company		1,341
	227	James River Group Holdings, Ltd.		6,038
	420	Kearny Financial Corporation		5,548
	131	Kinsale Capital Group, Inc.		27,478
	213	KKR Real Estate Finance Trust, Inc.		4,573
	686	Ladder Capital Corporation		7,862
	294	Lakeland Bancorp, Inc.		5,304
	140	Lakeland Financial Corporation		11,229
	560	LendingClub Corporation ^(a)		10,405
	70	LendingTree, Inc. ^(a)		8,471
	182	Live Oak Bancshares, Inc.		11,639
	84	Luther Burbank Corporation		1,087
	154	Macatawa Bank Corporation		1,414
	420	Maiden Holdings, Ltd. ^(a)		1,025
	280	MBIA, Inc. ^(a)		4,270
	84	Mercantile Bank Corporation		3,097
	84	Merchants Bancorp		2,432
	191	Meta Financial Group, Inc.		10,579
	112	Metrocity Bankshares, Inc.		2,723
	546	MetroMile, Inc. ^(a)		699
	56	Metropolitan Bank Holding Corporation ^(a)		5,726
	2,562	MFA Financial, Inc.		10,402
	84	Mid Penn Bancorp, Inc.		2,351
	126	Midland States Bancorp, Inc.		3,699
	84	MidWestOne Financial Group, Inc.		2,536
	364	Moelis & Company - Class A		17,548
	378	Mr Cooper Group, Inc. ^(a)		19,214
	56	MVB Financial Corporation		2,157
	168	National Bank Holdings Corporation - Class A		7,456
	14	National Western Life Group, Inc. - Class A		2,987
	938	Navient Corporation		16,518
	252	NBT Bancorp, Inc.		9,669
	98	Nelnet, Inc. - Class A		7,894
	2,240	New York Mortgage Trust, Inc.		7,862
	42	NI Holdings, Inc. ^(a)		753
	70	Nicolet Bankshares, Inc. ^(a)		6,668
	490	NMI Holdings, Inc. - Class A ^(a)		11,339
	266	Northfield Bancorp, Inc.		4,176
	28	Northrim BanCorp, Inc.		1,254

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Financials — 16.4% (Continued)
	756	Northwest Bancshares, Inc.	$	10,644
	350	OceanFirst Financial Corporation		7,833
	42	Ocwen Financial Corporation ^(a)		1,202
	294	OFG Bancorp		8,285
	1,787	Old National Bancorp		32,662
	154	Old Second Bancorp, Inc.		2,191
	630	Open Lending Corporation - Class A ^(a)		13,123
	112	Oportun Financial Corporation ^(a)		1,830
	56	Oppenheimer Holdings, Inc. - Class A		2,419
	784	Orchid Island Capital, Inc.		2,579
	126	Origin Bancorp, Inc.		5,819
	56	Orrstown Financial Services, Inc.		1,368
	574	Pacific Premier Bancorp, Inc.		22,220
	140	Palomar Holdings, Inc. ^(a)		9,020
	84	Park National Corporation		11,261
	70	PCSB Financial Corporation		1,304
	98	Peapack-Gladstone Financial Corporation		3,697
	182	PennyMac Financial Services, Inc.		10,511
	574	PennyMac Mortgage Investment Trust		8,954
	154	Peoples Bancorp, Inc.		4,817
	42	Peoples Financial Services Corporation		2,007
	70	Pioneer Bancorp, Inc. ^(a)		739
	98	Piper Sandler Companies		14,505
	140	PJT Partners, Inc. - Class A		8,935
	252	PRA Group, Inc.		11,247
	70	Preferred Bank		5,494
	210	Premier Financial Corporation		6,441
	146	Primis Financial Corporation		2,088
	308	ProAssurance Corporation		7,423
	392	PROG Holdings, Inc. ^(a)		12,011
	84	Provident Bancorp, Inc.		1,374
	462	Provident Financial Services, Inc.		10,963
	84	Pzena Investment Management, Inc. - Class A		775
	84	QCR Holdings, Inc.		4,692
	1,078	Radian Group, Inc.		25,764
	84	RBB Bancorp		2,026
	350	Ready Capital Corporation		5,198
	14	Red River Bancshares, Inc.		717
	658	Redwood Trust, Inc.		6,837
	42	Regional Management Corporation		2,156
	336	Renasant Corporation		12,267
	56	Republic Bancorp, Inc. - Class A		2,569
	258	Republic First Bancorp, Inc. ^(a)		1,339
	238	RLI Corporation		24,157
	224	S&T Bancorp, Inc.		6,964
	84	Safety Insurance Group, Inc.		7,009
	266	Sandy Spring Bancorp, Inc.		12,526
	126	Sculptor Capital Management, Inc.		1,614
	322	Seacoast Banking Corporation of Florida		11,801
	336	Selective Insurance Group, Inc.		27,951
	812	Selectquote, Inc. ^(a)		2,525
	294	ServisFirst Bancshares, Inc.		25,690
	84	Sierra Bancorp		2,255
	154	Silvergate Capital Corporation - Class A ^(a)		19,724
	686	Simmons First National Corporation - Class A		19,565
	504	SiriusPoint, Ltd. ^(a)		3,725
	70	SmartFinancial, Inc.		1,826
	56	South Plains Financial, Inc.		1,550
	42	Southern First Bancshares, Inc. ^(a)		2,397
	42	Southern Missouri Bancorp, Inc.		2,250
	182	Southside Bancshares, Inc.		7,588
	420	SouthState Corporation		37,800
	70	Spirit of Texas Bancshares, Inc.		1,997
	98	State Auto Financial Corporation		5,097
	224	StepStone Group, Inc. - Class A		7,735
	154	Stewart Information Services Corporation		10,454
	140	Stock Yards Bancorp, Inc.		7,486
	98	StoneX Group, Inc. ^(a)		7,394
	56	Summit Financial Group, Inc.		1,527
	294	Texas Capital Bancshares, Inc. ^(a)		19,580
	14	Third Coast Bancshares, Inc. ^(a)		326
	126	Tiptree, Inc.		1,612
	84	Tompkins Financial Corporation		6,644
	406	Towne Bank		12,659
	350	TPG RE Finance Trust, Inc.		4,144
	98	Trean Insurance Group, Inc. ^(a)		696
	168	TriCo Bancshares		7,291

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Financials — 16.4% (Continued)
	168	TriState Capital Holdings, Inc. ^(a)	$	5,578
	140	Triumph Bancorp, Inc. ^(a)		14,045
	154	Trupanion, Inc. ^(a)		13,803
	112	TrustCo Bank Corporation NY		3,827
	378	Trustmark Corporation		11,903
	2,016	Two Harbors Investment Corporation		10,201
	252	UMB Financial Corporation		25,669
	812	United Bankshares, Inc.		29,735
	628	United Community Banks, Inc.		24,278
	126	United Fire Group, Inc.		3,479
	126	United Insurance Holdings Corporation		461
	154	Universal Insurance Holdings, Inc.		1,780
	168	Univest Financial Corporation		4,869
	2,422	Valley National Bancorp		33,835
	140	Value Line, Inc.		8,261
	260	Velocity Financial, Inc. ^(a)		3,325
	294	Veritex Holdings, Inc.		11,945
	42	Virtus Investment Partners, Inc.		10,106
	168	Walker & Dunlop, Inc.		23,243
	392	Washington Federal, Inc.		13,947
	98	Washington Trust Bancorp, Inc.		5,318
	126	Waterstone Financial, Inc.		2,462
	378	WesBanco, Inc.		13,812
	84	West BanCorp, Inc.		2,428
	154	Westamerica BanCorp		9,135
	784	WisdomTree Investments, Inc.		4,414
	14	World Acceptance Corporation ^(a)		2,751
	382	WSFS Financial Corporation		19,417
				2,708,328
		Health Care — 15.8%
	686	1Life Healthcare, Inc. ^(a)		7,416
	112	2seventy bio, Inc. ^(a)		1,662
	164	4D Molecular Therapeutics, Inc. ^(a)		2,247
	56	89bio, Inc. ^(a)		259
	1,288	9 Meters Biopharma, Inc. ^(a)		703
	88	Absci Corporation ^(a)		825
	903	ACADIA Pharmaceuticals, Inc. ^(a)		22,945
	202	Accelerate Diagnostics, Inc. ^(a)		574
	305	Accolade, Inc. ^(a)		5,484
	557	Accuray, Inc. ^(a)		1,933
	303	Aclaris Therapeutics, Inc. ^(a)		4,515
	60	Acumen Pharmaceuticals, Inc. ^(a)		352
	121	Acutus Medical, Inc. ^(a)		197
	145	Adagio Therapeutics, Inc. ^(a)		970
	428	AdaptHealth Corporation ^(a)		7,460
	93	Addus HomeCare Corporation ^(a)		7,909
	123	Adicet Bio, Inc. ^(a)		1,609
	500	Adverum Biotechnologies, Inc. ^(a)		670
	244	Aeglea BioTherapeutics, Inc. ^(a)		676
	257	Aerie Pharmaceuticals, Inc. ^(a)		2,133
	58	Aerovate Therapeutics, Inc. ^(a)		567
	697	Affimed NV ^(a)		3,074
	1,381	Agenus, Inc. ^(a)		3,729
	142	Agiliti, Inc. ^(a)		2,557
	328	Agios Pharmaceuticals, Inc. ^(a)		10,211
	34	AirSculpt Technologies, Inc. ^(a)		460
	1,059	Akebia Therapeutics, Inc. ^(a)		2,287
	157	Akero Therapeutics, Inc. ^(a)		2,784
	146	Akouos, Inc. ^(a)		780
	79	Akoya Biosciences, Inc. ^(a)		875
	1,218	Alaunos Therapeutics, Inc. ^(a)		1,201
	99	Albireo Pharma, Inc. ^(a)		3,301
	590	Aldeyra Therapeutics, Inc. ^(a)		2,384
	354	Alector, Inc. ^(a)		5,607
	486	Alignment Healthcare, Inc. ^(a)		4,102
	130	Aligos Therapeutics, Inc. ^(a)		315
	983	Alkermes plc ^(a)		24,437
	212	Allakos, Inc. ^(a)		1,185
	420	Allogene Therapeutics, Inc. ^(a)		3,843
	179	Allovir, Inc. ^(a)		1,611
	686	Allscripts Healthcare Solutions, Inc. ^(a)		13,350
	28	Alpha Teknova, Inc. ^(a)		476
	421	Alphatec Holdings, Inc. ^(a)		4,639
	71	Alpine Immune Sciences, Inc. ^(a)		585
	242	Altimmune, Inc. ^(a)		1,793
	113	ALX Oncology Holdings, Inc. ^(a)		2,048
	1,131	American Well Corporation - Class A ^(a)		4,784
	1,518	Amicus Therapeutics, Inc. ^(a)		12,357
	275	AMN Healthcare Services, Inc. ^(a)		29,189
	561	Amneal Pharmaceuticals, Inc. ^(a)		2,541
	225	Amphastar Pharmaceuticals, Inc. ^(a)		6,235

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Health Care — 15.8% (Continued)
	1,248	Ampio Pharmaceuticals, Inc. ^(a)	$	624
	116	AnaptysBio, Inc. ^(a)		3,546
	410	Anavex Life Sciences Corporation ^(a)		4,494
	225	AngioDynamics, Inc. ^(a)		5,294
	126	Angion Biomedica Corporation ^(a)		234
	65	ANI Pharmaceuticals, Inc. ^(a)		2,434
	88	Anika Therapeutics, Inc. ^(a)		2,860
	198	Annexon, Inc. ^(a)		961
	971	Antares Pharma, Inc. ^(a)		3,399
	434	Apellis Pharmaceuticals, Inc. ^(a)		18,458
	226	Apollo Medical Holdings, Inc. ^(a)		10,875
	158	Applied Molecular Transport, Inc. ^(a)		1,038
	103	Applied Therapeutics, Inc. ^(a)		194
	116	Apria, Inc. ^(a)		4,331
	189	Apyx Medical Corporation ^(a)		1,913
	332	AquaBounty Technologies, Inc. ^(a)		528
	487	Arbutus Biopharma Corporation ^(a)		1,558
	128	Arcturus Therapeutics Holdings, Inc. ^(a)		3,068
	266	Arcus Biosciences, Inc. ^(a)		9,895
	160	Arcutis Biotherapeutics, Inc. ^(a)		2,848
	603	Ardelyx, Inc. ^(a)		464
	382	Arena Pharmaceuticals, Inc. ^(a)		36,279
	619	Arrowhead Pharmaceuticals, Inc. ^(a)		27,236
	233	Artivion, Inc. ^(a)		4,555
	274	Arvinas, Inc. ^(a)		17,758
	1,536	Asensus Surgical, Inc. ^(a)		1,183
	427	Aspira Women’s Health, Inc. ^(a)		465
	512	Atara Biotherapeutics, Inc. ^(a)		6,579
	394	Atea Pharmaceuticals, Inc. ^(a)		2,498
	533	Athenex, Inc. ^(a)		429
	1,292	Athersys, Inc. ^(a)		1,159
	196	Athira Pharma, Inc. ^(a)		1,795
	749	Atossa Therapeutics, Inc. ^(a)		914
	162	Atreca, Inc. - Class A ^(a)		292
	269	AtriCure, Inc. ^(a)		18,682
	7	Atrion Corporation		5,008
	35	Aura Biosciences, Inc. ^(a)		627
	364	Avalo Therapeutics, Inc. ^(a)		266
	286	Avanos Medical, Inc. ^(a)		10,122
	240	Aveanna Healthcare Holdings, Inc. ^(a)		1,260
	359	Avid Bioservices, Inc. ^(a)		7,352
	224	Avidity Biosciences, Inc. ^(a)		3,799
	140	Avita Medical, Inc. ^(a)		1,288
	230	Avrobio, Inc. ^(a)		334
	257	Axogen, Inc. ^(a)		2,400
	272	Axonics, Inc. ^(a)		15,439
	162	Axsome Therapeutics, Inc. ^(a)		4,554
	309	Beam Therapeutics, Inc. ^(a)		24,210
	275	Berkeley Lights, Inc. ^(a)		2,109
	136	Beyondspring, Inc. ^(a)		328
	94	BioAtla, Inc. ^(a)		609
	1,083	BioCryst Pharmaceuticals, Inc. ^(a)		17,989
	448	BioDelivery Sciences International, Inc. ^(a)		2,500
	85	Biodesix, Inc. ^(a)		202
	323	Biohaven Pharmaceutical Holding Company, Ltd. ^(a)		38,344
	60	BioLife Solutions, Inc. ^(a)		1,410
	120	Biomea Fusion, Inc. ^(a)		769
	1,849	Bionano Genomics, Inc. ^(a)		3,957
	170	Bioventus, Inc. - Class A ^(a)		2,210
	106	Bioxcel Therapeutics, Inc. ^(a)		1,941
	127	Black Diamond Therapeutics, Inc. ^(a)		399
	384	Bluebird Bio, Inc. ^(a)		2,319
	345	Blueprint Medicines Corporation ^(a)		20,890
	135	Bolt Biotherapeutics, Inc. ^(a)		471
	658	Bridgebio Pharma, Inc. ^(a)		5,132
	1,107	Brookdale Senior Living, Inc. ^(a)		7,616
	182	Brooklyn ImmunoTherapeutics, Inc. ^(a)		411
	760	Butterfly Network, Inc. ^(a)		3,914
	230	C4 Therapeutics, Inc. ^(a)		5,159
	274	Cara Therapeutics, Inc. ^(a)		2,841
	240	Cardiff Oncology, Inc. ^(a)		646
	239	Cardiovascular Systems, Inc. ^(a)		5,033
	312	CareDx, Inc. ^(a)		11,975
	123	Caribou Biosciences, Inc. ^(a)		1,228
	210	Cassava Sciences, Inc. ^(a)		8,927
	130	Castle Biosciences, Inc. ^(a)		5,628
	596	Catalyst Pharmaceuticals, Inc. ^(a)		4,649
	60	Celcuity, Inc. ^(a)		606
	281	Celldex Therapeutics, Inc. ^(a)		8,402
	229	CEL-SCI Corporation ^(a)		1,324
	74	Century Therapeutics, Inc. ^(a)		1,043
	234	Cerevel Therapeutics Holdings, Inc. ^(a)		6,194

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Health Care — 15.8% (Continued)
	1,019	Cerus Corporation ^(a)	$	5,982
	326	ChemoCentryx, Inc. ^(a)		9,891
	434	Chimerix, Inc. ^(a)		2,448
	232	Chinook Therapeutics, Inc. ^(a)		2,960
	296	ChromaDex Corporation ^(a)		808
	675	Citius Pharmaceuticals, Inc. ^(a)		1,040
	115	ClearPoint Neuro, Inc. ^(a)		1,006
	144	Clene, Inc. ^(a)		445
	679	Clovis Oncology, Inc. ^(a)		1,399
	49	Codex DNA, Inc. ^(a)		500
	369	Codexis, Inc. ^(a)		7,354
	107	Codiak Biosciences, Inc. ^(a)		505
	228	Cogent Biosciences, Inc. ^(a)		1,352
	379	Coherus Biosciences, Inc. ^(a)		4,468
	211	Collegium Pharmaceutical, Inc. ^(a)		4,108
	747	Community Health Systems, Inc. ^(a)		7,851
	87	Computer Programs and Systems, Inc. ^(a)		2,678
	174	CONMED Corporation		25,431
	74	Convey Health Solutions Holdings, Inc. ^(a)		428
	546	Corcept Therapeutics, Inc. ^(a)		12,170
	232	CorMedix, Inc. ^(a)		1,132
	115	Cortexyme, Inc. ^(a)		500
	53	CorVel Corporation ^(a)		8,430
	630	Covetrus, Inc. ^(a)		11,164
	268	Crinetics Pharmaceuticals, Inc. ^(a)		5,365
	213	Cross Country Healthcare, Inc. ^(a)		4,756
	241	CryoPort, Inc. ^(a)		8,274
	193	Cue Biopharma, Inc. ^(a)		1,119
	73	Cue Health, Inc. ^(a)		604
	150	Cullinan Oncology, Inc. ^(a)		2,151
	522	Curis, Inc. ^(a)		1,749
	105	Cutera, Inc. ^(a)		4,028
	45	CVRx, Inc. ^(a)		395
	435	Cymabay Therapeutics, Inc. ^(a)		1,383
	46	Cyteir Therapeutics, Inc. ^(a)		267
	103	Cytek Biosciences, Inc. ^(a)		1,405
	455	Cytokinetics, Inc. ^(a)		16,071
	665	CytomX Therapeutics, Inc. ^(a)		2,547
	267	CytoSorbents Corporation ^(a)		1,033
	80	DarioHealth Corporation ^(a)		584
	70	Day One Biopharmaceuticals, Inc. ^(a)		956
	232	Deciphera Pharmaceuticals, Inc. ^(a)		1,789
	579	Denali Therapeutics, Inc. ^(a)		18,852
	160	DermTech, Inc. ^(a)		2,046
	155	Design Therapeutics, Inc. ^(a)		2,103
	86	DICE Therapeutics, Inc. ^(a)		1,590
	1,353	Durect Corporation ^(a)		897
	711	Dynavax Technologies Corporation ^(a)		8,717
	185	Dyne Therapeutics, Inc. ^(a)		1,585
	70	Eagle Pharmaceuticals, Inc. ^(a)		3,317
	187	Eargo, Inc. ^(a)		899
	238	Edgewise Therapeutics, Inc. ^(a)		2,806
	422	Editas Medicine, Inc. ^(a)		7,225
	201	Eiger BioPharmaceuticals, Inc. ^(a)		804
	44	Eliem Therapeutics, Inc. ^(a)		396
	297	Emergent BioSolutions, Inc. ^(a)		12,290
	115	Enanta Pharmaceuticals, Inc. ^(a)		8,098
	1,368	Endo International plc ^(a)		4,254
	313	Ensign Group, Inc.		26,305
	56	Entrada Therapeutics, Inc. ^(a)		679
	554	Epizyme, Inc. ^(a)		825
	145	Erasca, Inc. ^(a)		1,798
	169	Esperion Therapeutics, Inc. ^(a)		691
	179	Evelo Biosciences, Inc. ^(a)		559
	497	Evolent Health, Inc. - Class A ^(a)		13,245
	189	Evolus, Inc. ^(a)		1,729
	42	Exagen, Inc. ^(a)		319
	129	EyePoint Pharmaceuticals, Inc. ^(a)		1,284
	468	Fate Therapeutics, Inc. ^(a)		16,169
	527	FibroGen, Inc. ^(a)		7,415
	43	Finch Therapeutics Group, Inc. ^(a)		360
	478	Fluidigm Corporation ^(a)		1,759
	116	Foghorn Therapeutics, Inc. ^(a)		1,115
	117	Forian, Inc. ^(a)		813
	207	Forma Therapeutics Holdings, Inc. ^(a)		2,041
	64	Forte Biosciences, Inc. ^(a)		81
	439	Fortress Biotech, Inc. ^(a)		707
	200	Frequency Therapeutics, Inc. ^(a)		568
	171	Fulcrum Therapeutics, Inc. ^(a)		1,881
	123	Fulgent Genetics, Inc. ^(a)		7,663
	238	G1 Therapeutics, Inc. ^(a)		2,525
	130	Gemini Therapeutics, Inc. ^(a)		177

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Health Care — 15.8% (Continued)
	254	Generation Bio Company ^(a)	$	1,300
	1,913	Geron Corporation ^(a)		2,085
	274	Glaukos Corporation ^(a)		15,155
	367	Global Blood Therapeutics, Inc. ^(a)		11,083
	382	Gossamer Bio, Inc. ^(a)		3,449
	105	Graphite Bio, Inc. ^(a)		966
	25	Greenwich Lifesciences, Inc. ^(a)		487
	282	Gritstone bio, Inc. ^(a)		1,438
	107	GT Biopharma, Inc. ^(a)		340
	323	Haemonetics Corporation ^(a)		18,640
	833	Halozyme Therapeutics, Inc. ^(a)		29,547
	233	Hanger, Inc. ^(a)		4,222
	137	Harmony Biosciences Holdings, Inc. ^(a)		5,475
	106	Harpoon Therapeutics, Inc. ^(a)		435
	240	Harvard Bioscience, Inc. ^(a)		1,296
	317	Health Catalyst, Inc. ^(a)		8,597
	469	HealthEquity, Inc. ^(a)		25,190
	150	HealthStream, Inc. ^(a)		3,074
	566	Heron Therapeutics, Inc. ^(a)		4,019
	59	Heska Corporation ^(a)		8,378
	262	Homology Medicines, Inc. ^(a)		914
	122	Hookipa Pharma, Inc. ^(a)		293
	344	Humanigen, Inc. ^(a)		698
	1,373	iBio, Inc. ^(a)		439
	134	iCAD, Inc. ^(a)		647
	86	Icosavax, Inc. ^(a)		1,498
	191	Ideaya Biosciences, Inc. ^(a)		2,521
	50	IGM Biosciences, Inc. ^(a)		834
	155	Ikena Oncology, Inc. ^(a)		947
	57	Imago Biosciences, Inc. ^(a)		1,342
	49	Immuneering Corporation - Class A ^(a)		366
	112	Immunic, Inc. ^(a)		1,305
	448	ImmunityBio, Inc. ^(a)		3,064
	1,190	ImmunoGen, Inc. ^(a)		6,712
	247	Immunovant, Inc. ^(a)		1,378
	31	Impel Neuropharma, Inc. ^(a)		224
	196	Inari Medical, Inc. ^(a)		17,244
	566	Infinity Pharmaceuticals, Inc. ^(a)		623
	109	InfuSystem Holdings, Inc. ^(a)		1,252
	178	Inhibrx, Inc. ^(a)		3,827
	108	Innovage Holding Corporation ^(a)		532
	272	Innoviva, Inc. ^(a)		5,225
	122	Inogen, Inc. ^(a)		4,257
	70	Inotiv, Inc. ^(a)		1,850
	1,345	Inovio Pharmaceuticals, Inc. ^(a)		4,358
	101	Inozyme Pharma, Inc. ^(a)		583
	709	Insmed, Inc. ^(a)		16,945
	161	Inspire Medical Systems, Inc. ^(a)		39,293
	294	Instil Bio, Inc. ^(a)		3,155
	200	Integer Holdings Corporation ^(a)		16,774
	364	Intellia Therapeutics, Inc. ^(a)		35,981
	155	Intercept Pharmaceuticals, Inc. ^(a)		2,210
	196	Intersect ENT, Inc. ^(a)		5,331
	356	Intra-Cellular Therapies, Inc. ^(a)		19,750
	213	Invacare Corporation ^(a)		437
	1,120	Invitae Corporation ^(a)		12,085
	38	iRadimed Corporation		1,889
	171	iRhythm Technologies, Inc. ^(a)		22,105
	886	Ironwood Pharmaceuticals, Inc. ^(a)		9,533
	37	IsoPlexis Corporation ^(a)		179
	119	iTeos Therapeutics, Inc. ^(a)		4,299
	676	IVERIC bio, Inc. ^(a)		10,843
	87	Janux Therapeutics, Inc. ^(a)		1,503
	78	Joint Corporation ^(a)		3,198
	192	Jounce Therapeutics, Inc. ^(a)		1,432
	305	Kala Pharmaceuticals, Inc. ^(a)		202
	120	Kaleido Biosciences, Inc. ^(a)		179
	131	KalVista Pharmaceuticals, Inc. ^(a)		2,103
	127	Karuna Therapeutics, Inc. ^(a)		13,335
	403	Karyopharm Therapeutics, Inc. ^(a)		4,163
	158	KemPharm, Inc. ^(a)		937
	89	Keros Therapeutics, Inc. ^(a)		4,779
	213	Kezar Life Sciences, Inc. ^(a)		3,163
	189	Kiniksa Pharmaceuticals, Ltd. - Class A ^(a)		1,935
	156	Kinnate Biopharma, Inc. ^(a)		1,214
	198	Kodiak Sciences, Inc. ^(a)		1,711
	226	Kronos Bio, Inc. ^(a)		1,702
	109	Krystal Biotech, Inc. ^(a)		6,927
	358	Kura Oncology, Inc. ^(a)		5,681
	193	Kymera Therapeutics, Inc. ^(a)		7,674
	28	Landos Biopharma, Inc. ^(a)		60
	378	Lantheus Holdings, Inc. ^(a)		18,076
	112	LeMaitre Vascular, Inc.		5,317
	392	Lexicon Pharmaceuticals, Inc. ^(a)		811
	154	LHC Group, Inc. ^(a)		20,970

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Health Care — 15.8% (Continued)
	252	LifeStance Health Group, Inc. ^(a)	$	2,376
	84	Ligand Pharmaceuticals, Inc. ^(a)		8,502
	770	Lineage Cell Therapeutics, Inc. ^(a)		1,086
	308	LivaNova plc ^(a)		24,276
	28	Lucid Diagnostics, Inc. ^(a)		105
	126	Lyell Immunopharma, Inc. ^(a)		912
	350	MacroGenics, Inc. ^(a)		3,273
	70	Madrigal Pharmaceuticals, Inc. ^(a)		6,500
	168	Magenta Therapeutics, Inc. ^(a)		529
	1,526	MannKind Corporation ^(a)		3,998
	196	Marinus Pharmaceuticals, Inc. ^(a)		1,533
	532	MaxCyte, Inc. ^(a)		3,703
	448	MEDNAX, Inc. ^(a)		10,515
	168	Medpace Holdings, Inc. ^(a)		25,699
	602	MEI Pharma, Inc. ^(a)		1,300
	140	MeiraGTx Holdings plc ^(a)		2,006
	266	Meridian Bioscience, Inc. ^(a)		6,730
	308	Merit Medical Systems, Inc. ^(a)		20,029
	406	Mersana Therapeutics, Inc. ^(a)		1,782
	28	Mesa Laboratories, Inc.		7,149
	672	MiMedx Group, Inc. ^(a)		3,394
	1,862	Mind Medicine MindMed, Inc. ^(a)		2,272
	11	MiNK Therapeutics, Inc. ^(a)		33
	14	Mirum Pharmaceuticals, Inc. ^(a)		332
	70	ModivCare, Inc. ^(a)		8,260
	224	Molecular Templates, Inc. ^(a)		526
	72	Monte Rosa Therapeutics, Inc. ^(a)		1,032
	126	Morphic Holding, Inc. ^(a)		5,022
	2,380	Multiplan Corporation ^(a)		8,949
	406	Mustang Bio, Inc. ^(a)		353
	462	Myriad Genetics, Inc. ^(a)		11,264
	252	NanoString Technologies, Inc. ^(a)		8,936
	154	NantHealth, Inc. ^(a)		128
	70	National HealthCare Corporation		4,551
	84	National Research Corporation		3,342
	196	Natus Medical, Inc. ^(a)		5,453
	644	Neogen Corporation ^(a)		22,990
	644	NeoGenomics, Inc. ^(a)		13,788
	210	Neoleukin Therapeutics, Inc. ^(a)		542
	140	Neuronetics, Inc. ^(a)		468
	42	NeuroPace, Inc. ^(a)		328
	210	Nevro Corporation ^(a)		15,057
	98	NexImmune, Inc. ^(a)		243
	336	NextGen Healthcare, Inc. ^(a)		6,562
	182	NGM Biopharmaceuticals, Inc. ^(a)		2,705
	70	Nkarta, Inc. ^(a)		634
	168	Nurix Therapeutics, Inc. ^(a)		2,717
	56	Nuvalent, Inc. - Class A ^(a)		837
	308	NuVasive, Inc. ^(a)		16,669
	994	Nuvation Bio, Inc. ^(a)		5,030
	1,050	Ocugen, Inc. ^(a)		3,696
	406	Ocular Therapeutix, Inc. ^(a)		2,265
	140	Olema Pharmaceuticals, Inc. ^(a)		655
	42	Omega Therapeutics, Inc. ^(a)		499
	308	Omeros Corporation ^(a)		2,218
	252	Omnicell, Inc. ^(a)		32,578
	336	Oncocyte Corporation ^(a)		491
	126	Oncorus, Inc. ^(a)		266
	252	Oncternal Therapeutics, Inc. ^(a)		461
	42	Ontrak, Inc. ^(a)		113
	2,352	OPKO Health, Inc. ^(a)		7,362
	98	OptimizeRx Corporation ^(a)		4,438
	952	Option Care Health, Inc. ^(a)		24,466
	168	Oramed Pharmaceuticals, Inc. ^(a)		1,730
	448	OraSure Technologies, Inc. ^(a)		3,494
	224	Organogenesis Holdings, Inc. ^(a)		1,667
	182	ORIC Pharmaceuticals, Inc. ^(a)		1,412
	728	Ortho Clinical Diagnostics Holdings plc ^(a)		12,878
	112	Orthofix Medical, Inc. ^(a)		3,806
	84	OrthoPediatrics Corporation ^(a)		4,708
	490	Outlook Therapeutics, Inc. ^(a)		799
	266	Outset Medical, Inc. ^(a)		11,696
	420	Owens & Minor, Inc.		18,543
	56	Oyster Point Pharma, Inc. ^(a)		558
	1,120	Pacific Biosciences of California, Inc. ^(a)		13,350
	252	Pacira BioSciences, Inc. ^(a)		16,806
	56	Paragon 28, Inc. ^(a)		913
	266	Paratek Pharmaceuticals, Inc. ^(a)		936
	210	Passage Bio, Inc. ^(a)		697
	518	Patterson Companies, Inc.		15,488
	420	PAVmed, Inc. ^(a)		643
	140	Pennant Group, Inc. ^(a)		2,275
	196	Personalis, Inc. ^(a)		2,058

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Health Care — 15.8% (Continued)
	154	PetIQ, Inc. ^(a)	$	3,055
	112	Phathom Pharmaceuticals, Inc. ^(a)		2,031
	126	Phibro Animal Health Corporation - Class A		2,684
	364	Phreesia, Inc. ^(a)		11,208
	126	Pliant Therapeutics, Inc. ^(a)		1,130
	154	PMV Pharmaceuticals, Inc. ^(a)		2,439
	28	Portage Biotech, Inc. ^(a)		223
	154	Poseida Therapeutics, Inc. ^(a)		562
	196	Praxis Precision Medicines, Inc. ^(a)		2,568
	546	Precigen, Inc. ^(a)		1,229
	325	Precision BioSciences, Inc. ^(a)		1,381
	56	Prelude Therapeutics, Inc. ^(a)		494
	308	Prestige Consumer Healthcare, Inc. ^(a)		18,335
	84	Privia Health Group, Inc. ^(a)		2,162
	42	PROCEPT BioRobotics Corporation ^(a)		1,049
	378	Progyny, Inc. ^(a)		14,878
	154	Prometheus Biosciences, Inc. ^(a)		6,705
	266	Protagonist Therapeutics, Inc. ^(a)		6,458
	210	Prothena Corporation plc ^(a)		7,266
	322	Provention Bio, Inc. ^(a)		2,019
	420	PTC Therapeutics, Inc. ^(a)		14,750
	140	Pulmonx Corporation ^(a)		3,676
	70	Pulse Biosciences, Inc. ^(a)		356
	182	Puma Biotechnology, Inc. ^(a)		419
	56	Pyxis Oncology, Inc. ^(a)		340
	168	Quanterix Corporation ^(a)		5,668
	476	Quotient, Ltd. ^(a)		666
	700	R1 RCM, Inc. ^(a)		19,033
	546	Radius Health, Inc. ^(a)		4,543
	266	RadNet, Inc. ^(a)		6,562
	84	Rain Therapeutics, Inc. ^(a)		502
	42	Rallybio Corporation ^(a)		462
	42	Rapid Micro Biosystems, Inc. - Class A ^(a)		294
	112	RAPT Therapeutics, Inc. ^(a)		2,240
	266	Reata Pharmaceuticals, Inc. - Class A ^(a)		8,709
	672	Recursion Pharmaceuticals, Inc. - Class A ^(a)		7,358
	224	REGENXBIO, Inc. ^(a)		5,871
	392	Relay Therapeutics, Inc. ^(a)		9,451
	70	Relmada Therapeutics, Inc. ^(a)		1,436
	42	Reneo Pharmaceuticals, Inc. ^(a)		202
	168	Replimune Group, Inc. ^(a)		2,695
	98	Retractable Technologies, Inc. ^(a)		465
	378	Revance Therapeutics, Inc. ^(a)		5,129
	350	REVOLUTION Medicines, Inc. ^(a)		6,622
	238	Rhythm Pharmaceuticals, Inc. ^(a)		1,814
	1,008	Rigel Pharmaceuticals, Inc. ^(a)		2,530
	238	Rocket Pharmaceuticals, Inc. ^(a)		4,239
	252	Rubius Therapeutics, Inc. ^(a)		1,257
	42	RxSight, Inc. ^(a)		564
	462	Sana Biotechnology, Inc. ^(a)		2,985
	714	Sangamo Therapeutics, Inc. ^(a)		4,177
	168	Scholar Rock Holding Corporation ^(a)		2,923
	252	Schrodinger, Inc. ^(a)		8,760
	182	SeaSpine Holdings Corporation ^(a)		2,306
	546	Seelos Therapeutics, Inc. ^(a)		579
	210	Seer, Inc. ^(a)		3,217
	658	Select Medical Holdings Corporation		15,233
	532	Selecta Biosciences, Inc. ^(a)		984
	126	Sensei Biotherapeutics, Inc. ^(a)		455
	2,422	Senseonics Holdings, Inc. ^(a)		4,360
	14	Sera Prognostics, Inc. - Class A ^(a)		75
	420	Seres Therapeutics, Inc. ^(a)		3,360
	1,288	Sesen Bio, Inc. ^(a)		817
	98	Sharps Compliance Corporation ^(a)		604
	140	Shattuck Labs, Inc. ^(a)		700
	196	Shockwave Medical, Inc. ^(a)		34,736
	182	SI-BONE, Inc. ^(a)		4,015
	322	Sientra, Inc. ^(a)		911
	266	SIGA Technologies, Inc. ^(a)		1,596
	56	Sight Sciences, Inc. ^(a)		975
	84	Sigilon Therapeutics, Inc. ^(a)		122
	196	Silk Road Medical, Inc. ^(a)		7,277
	112	Silverback Therapeutics, Inc. ^(a)		482
	84	Simulations Plus, Inc.		3,309
	70	Singular Genomics Systems, Inc. ^(a)		576
	364	SOC Telemed, Inc. ^(a)		1,070
	336	Solid Biosciences, Inc. ^(a)		274
	1,512	Sorrento Therapeutics, Inc. ^(a)		3,825
	868	Spectrum Pharmaceuticals, Inc. ^(a)		590

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Health Care — 15.8% (Continued)
	126	Spero Therapeutics, Inc. ^(a)	$	1,210
	140	SpringWorks Therapeutics, Inc. ^(a)		7,923
	42	Spruce Biosciences, Inc. ^(a)		95
	126	SQZ Biotechnologies Company ^(a)		664
	280	STAAR Surgical Company ^(a)		22,210
	280	Stereotaxis, Inc. ^(a)		1,294
	112	Stoke Therapeutics, Inc. ^(a)		2,184
	154	Summit Therapeutics, Inc. ^(a)		422
	294	Supernus Pharmaceuticals, Inc. ^(a)		9,393
	182	Surface Oncology, Inc. ^(a)		655
	182	Surgery Partners, Inc. ^(a)		9,513
	70	Surmodics, Inc. ^(a)		3,142
	266	Sutro Biopharma, Inc. ^(a)		2,373
	252	Syndax Pharmaceuticals, Inc. ^(a)		3,929
	336	Syros Pharmaceuticals, Inc. ^(a)		433
	126	Tabula Rasa HealthCare, Inc. ^(a)		718
	112	Tactile Systems Technology, Inc. ^(a)		2,280
	112	Talaris Therapeutics, Inc. ^(a)		785
	98	Talis Biomedical Corporation ^(a)		205
	42	Tarsus Pharmaceuticals, Inc. ^(a)		740
	112	Taysha Gene Therapies, Inc. ^(a)		713
	168	TCR2 Therapeutics, Inc. ^(a)		455
	84	Tenaya Therapeutics, Inc. ^(a)		979
	616	Tenet Healthcare Corporation ^(a)		52,971
	84	Terns Pharmaceuticals, Inc. ^(a)		279
	756	TG Therapeutics, Inc. ^(a)		7,462
	1,890	TherapeuticsMD, Inc. ^(a)		452
	294	Theravance Biopharma, Inc. ^(a)		2,961
	70	Theseus Pharmaceuticals, Inc. ^(a)		707
	266	Tivity Health, Inc. ^(a)		7,256
	2,702	Tonix Pharmaceuticals Holding Corporation ^(a)		500
	140	TransMedics Group, Inc. ^(a)		2,593
	350	Travere Therapeutics, Inc. ^(a)		9,541
	168	Treace Medical Concepts, Inc. ^(a)		3,619
	868	Trevena, Inc. ^(a)		397
	238	Turning Point Therapeutics, Inc. ^(a)		7,535
	266	Twist Bioscience Corporation ^(a)		14,880
	70	Tyra Biosciences, Inc. ^(a)		830
	112	UroGen Pharma, Ltd. ^(a)		672
	70	US Physical Therapy, Inc.		6,438
	14	Utah Medical Products, Inc.		1,260
	322	Vanda Pharmaceuticals, Inc. ^(a)		3,658
	126	Vapotherm, Inc. ^(a)		1,914
	224	Varex Imaging Corporation ^(a)		5,295
	672	Vaxart, Inc. ^(a)		3,414
	224	Vaxcyte, Inc. ^(a)		5,190
	966	VBI Vaccines, Inc. ^(a)		1,439
	56	Ventyx Biosciences, Inc. ^(a)		655
	70	Vera Therapeutics, Inc. ^(a)		1,625
	378	Veracyte, Inc. ^(a)		10,508
	994	Verastem, Inc. ^(a)		1,193
	266	Vericel Corporation ^(a)		10,962
	70	Verrica Pharmaceuticals, Inc. ^(a)		587
	84	Verve Therapeutics, Inc. ^(a)		2,743
	196	Viemed Healthcare, Inc. ^(a)		753
	714	ViewRay, Inc. ^(a)		2,970
	378	Viking Therapeutics, Inc. ^(a)		1,266
	84	Vincerx Pharma, Inc. ^(a)		426
	322	Vir Biotechnology, Inc. ^(a)		8,111
	210	Viracta Therapeutics, Inc. ^(a)		573
	1,050	VistaGen Therapeutics, Inc. ^(a)		1,470
	98	Vor BioPharma, Inc. ^(a)		885
	252	WaVe Life Sciences, Ltd. ^(a)		619
	176	Werewolf Therapeutics, Inc. ^(a)		1,260
	84	XBiotech, Inc.		828
	336	Xencor, Inc. ^(a)		10,520
	42	Xilio Therapeutics, Inc. ^(a)		495
	28	XOMA Corporation ^(a)		614
	196	Y-mAbs Therapeutics, Inc. ^(a)		1,786
	210	Zentalis Pharmaceuticals, Inc. ^(a)		10,477
	308	Zogenix, Inc. ^(a)		8,088
	123	Zynex, Inc.		774
				2,616,796
		Industrials — 14.9%
	257	AAON, Inc.		15,050
	201	AAR Corporation ^(a)		9,033
	414	ABM Industries, Inc.		18,560
	303	Acacia Research Corporation ^(a)		1,160
	577	ACCO Brands Corporation		4,962
	102	Advent Technologies Holdings, Inc. ^(a)		264
	452	Aerojet Rocketdyne Holdings, Inc.		17,515
	141	AeroVironment, Inc. ^(a)		10,018
	56	AerSale Corporation ^(a)		877

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Industrials — 14.9% (Continued)
	406	AgEagle Aerial Systems, Inc. ^(a)	$	475
	355	Air Transport Services Group, Inc. ^(a)		11,186
	60	Alamo Group, Inc.		8,347
	179	Albany International Corporation - Class A		15,720
	88	Allegiant Travel Company ^(a)		15,320
	74	Allied Motion Technologies, Inc.		2,577
	116	Alta Equipment Group, Inc. ^(a)		1,463
	397	Altra Industrial Motion Corporation		16,861
	187	Ameresco, Inc. - Class A ^(a)		12,015
	164	American Superconductor Corporation ^(a)		1,392
	99	American Woodmark Corporation ^(a)		5,304
	1,208	API Group Corporation ^(a)		26,057
	141	Apogee Enterprises, Inc.		6,355
	235	Applied Industrial Technologies, Inc.		23,759
	155	ArcBest Corporation		14,365
	300	Arcosa, Inc.		15,801
	90	Argan, Inc.		3,500
	117	Aris Water Solution, Inc. - Class A		1,709
	803	Array Technologies, Inc. ^(a)		9,026
	311	ASGN, Inc. ^(a)		34,456
	141	Astec Industries, Inc.		7,022
	154	Astronics Corporation ^(a)		2,265
	286	Atkore, Inc. ^(a)		29,088
	172	Atlas Air Worldwide Holdings, Inc. ^(a)		13,478
	88	Atlas Technical Consultants, Inc. ^(a)		1,010
	245	Avis Budget Group, Inc. ^(a)		44,943
	149	AZZ, Inc.		7,335
	343	Babcock & Wilcox Enterprises, Inc. ^(a)		2,404
	288	Barnes Group, Inc.		13,378
	44	Barrett Business Services, Inc.		2,647
	341	Beacon Roofing Supply, Inc. ^(a)		20,354
	58	Beam Global ^(a)		842
	227	Blink Charging Company ^(a)		5,580
	873	Bloom Energy Corporation - Class A ^(a)		19,381
	101	Blue Bird Corporation ^(a)		2,152
	56	BlueLinx Holdings, Inc. ^(a)		5,005
	235	Boise Cascade Company		18,786
	286	Brady Corporation - Class A		13,179
	266	BrightView Holdings, Inc. ^(a)		3,594
	299	Brink’s Company		20,948
	120	Byrna Technologies, Inc. ^(a)		1,201
	38	Cadre Holdings, Inc.		837
	133	Caesarstone, Ltd.		1,595
	309	Casella Waste Systems, Inc. - Class A ^(a)		23,298
	302	CBIZ, Inc. ^(a)		11,751
	191	CECO Environmental Corporation ^(a)		1,028
	229	Chart Industries, Inc. ^(a)		33,067
	106	Cimpress plc ^(a)		6,677
	109	CIRCOR International, Inc. ^(a)		2,936
	169	Columbus McKinnon Corporation		7,713
	216	Comfort Systems USA, Inc.		18,572
	198	Commercial Vehicle Group, Inc. ^(a)		1,582
	8	CompX International, Inc.		177
	161	Concrete Pumping Holdings, Inc. ^(a)		1,198
	168	Construction Partners, Inc. - Class ^(a)		4,496
	707	CoreCivic, Inc. ^(a)		6,441
	324	Cornerstone Building Brands, Inc. ^(a)		7,154
	319	Costamare, Inc.		4,307
	73	Covenant Logistics Group, Inc. ^(a)		1,643
	44	CRA International, Inc.		3,909
	91	CSW Industrials, Inc.		10,950
	281	Custom Truck One Source, Inc. ^(a)		2,209
	242	Daseke, Inc. ^(a)		3,037
	255	Deluxe Corporation		7,933
	1,167	Desktop Metal, Inc. - Class A ^(a)		4,855
	126	Douglas Dynamics, Inc.		4,629
	65	Ducommun, Inc. ^(a)		3,283
	108	DXP Enterprises, Inc. ^(a)		3,101
	179	Dycom Industries, Inc. ^(a)		15,584
	53	Eagle Bulk Shipping, Inc.		2,795
	326	EMCOR Group, Inc.		37,665
	112	Encore Wire Corporation		13,039
	254	Energy Recovery, Inc. ^(a)		4,826
	408	Enerpac Tool Group Corporation		7,038
	261	EnerSys		18,983
	155	Ennis, Inc.		2,911
	126	EnPro Industries, Inc.		13,915

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Industrials — 14.9% (Continued)
	258	Eos Energy Enterprises, Inc. ^(a)	$	748
	158	ESCO Technologies, Inc.		10,992
	36	EVI Industries, Inc. ^(a)		744
	703	Evoqua Water Technologies Corporation ^(a)		29,990
	317	Exponent, Inc.		30,039
	373	Federal Signal Corporation		13,469
	329	First Advantage Corporation ^(a)		5,313
	879	Fluor Corporation ^(a)		19,039
	67	Forrester Research, Inc. ^(a)		3,479
	161	Forward Air Corporation		16,612
	75	Franklin Covey Company ^(a)		3,458
	284	Franklin Electric Company, Inc.		24,015
	196	Frontier Group Holdings, Inc. ^(a)		2,524
	118	FTC Solar, Inc. ^(a)		556
	2,230	FuelCell Energy, Inc. ^(a)		13,380
	212	GATX Corporation		22,606
	193	Genco Shipping & Trading, Ltd.		3,721
	731	GEO Group, Inc. ^(a)		4,357
	182	Gibraltar Industries, Inc. ^(a)		8,794
	78	Global Industrial Company		2,479
	258	GMS, Inc. ^(a)		13,997
	140	Gorman-Rupp Company		5,216
	1,253	GrafTech International, Ltd.		12,630
	275	Granite Construction, Inc.		8,324
	398	Great Lakes Dredge & Dock Corporation ^(a)		5,616
	189	Greenbrier Companies, Inc.		8,397
	269	Griffon Corporation		6,200
	198	H&E Equipment Services, Inc.		8,268
	472	Harsco Corporation ^(a)		5,622
	294	Hawaiian Holdings, Inc. ^(a)		5,639
	466	Healthcare Services Group, Inc.		7,372
	288	Heartland Express, Inc.		4,136
	119	Heidrick & Struggles International, Inc.		5,087
	199	Helios Technologies, Inc.		15,604
	159	Herc Holdings, Inc.		25,300
	94	Heritage-Crystal Clean, Inc. ^(a)		2,636
	448	Hillenbrand, Inc.		21,374
	31	HireQuest, Inc.		582
	144	HireRight Holdings Corporation ^(a)		1,882
	269	HNI Corporation		10,946
	201	Hub Group, Inc. - Class A ^(a)		16,965
	137	Huron Consulting Group, Inc. ^(a)		6,758
	233	Hydrofarm Holdings Group, Inc. ^(a)		4,718
	725	Hyliion Holdings Corporation ^(a)		3,132
	104	HyreCar, Inc. ^(a)		283
	63	Hyster-Yale Materials Handling, Inc.		2,412
	114	ICF International, Inc.		10,103
	2,773	Ideanomics, Inc. ^(a)		2,912
	52	IES Holdings, Inc. ^(a)		2,186
	162	Infrastructure and Energy Alternatives, Inc. ^(a)		1,763
	280	INNOVATE Corporation		932
	224	Insperity, Inc.		20,149
	114	Insteel Industries, Inc.		4,231
	336	Interface, Inc.		4,385
	555	JELD-WEN Holding, Inc. ^(a)		12,809
	190	John Bean Technologies Corporation		21,540
	72	Kadant, Inc.		14,209
	170	Kaman Corporation		7,380
	737	KAR Auction Services, Inc. ^(a)		13,605
	23	Karat Packaging, Inc. ^(a)		374
	857	KBR, Inc.		42,540
	215	Kelly Services, Inc. - Class A		4,562
	508	Kennametal, Inc.		16,109
	122	Kforce, Inc.		9,172
	224	Kimball International, Inc. - Class B		2,076
	325	Korn Ferry		21,535
	748	Kratos Defense & Security Solutions, Inc. ^(a)		15,648
	28	Lawson Products, Inc. ^(a)		1,190
	56	Lindsay Corporation		7,348
	168	Luxfer Holdings plc		2,927
	196	Manitowoc Company, Inc. ^(a)		3,240
	168	ManTech International Corporation - Class A		14,006
	350	Marten Transport, Ltd.		6,038
	145	Masonite International Corporation ^(a)		13,678
	154	Matrix Service Company ^(a)		1,069
	252	Matson, Inc.		27,913
	182	Matthews International Corporation - Class A		6,039
	420	Maxar Technologies, Inc.		13,625
	42	Mayville Engineering Co, Inc. ^(a)		434
	140	McGrath RentCorp		11,379
	420	Meritor, Inc. ^(a)		14,956
	196	Mesa Air Group, Inc. ^(a)		853

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Industrials — 14.9% (Continued)
	56	Miller Industries, Inc.	$	1,735
	420	MillerKnoll, Inc.		16,330
	112	Mistras Group, Inc. ^(a)		747
	154	Montrose Environmental Group, Inc. ^(a)		6,793
	168	Moog, Inc. - Class A		13,962
	476	MRC Global, Inc. ^(a)		4,808
	322	Mueller Industries, Inc.		18,370
	938	Mueller Water Products, Inc. - Class A		11,903
	98	MYR Group, Inc. ^(a)		8,796
	28	National Presto Industries, Inc.		2,226
	1,358	Nikola Corporation ^(a)		10,728
	42	NL Industries, Inc.		268
	252	NN, Inc. ^(a)		653
	56	Northwest Pipe Company ^(a)		1,596
	655	NOW, Inc. ^(a)		6,118
	70	NV5 Global, Inc. ^(a)		7,508
	14	Omega Flex, Inc.		2,034
	14	PAM Transportation Services, Inc.		945
	112	Park Aerospace Corporation		1,553
	42	Park-Ohio Holdings Corporation		667
	154	Parsons Corporation ^(a)		5,338
	336	PGT Innovations, Inc. ^(a)		7,227
	1,036	Pitney Bowes, Inc.		5,159
	42	Powell Industries, Inc.		888
	14	Preformed Line Products Company		781
	308	Primoris Services Corporation		8,122
	154	Proto Labs, Inc. ^(a)		8,659
	196	Quanex Building Products Corporation		4,481
	238	Radiant Logistics, Inc. ^(a)		1,642
	168	RBC Bearings, Inc.		32,567
	896	Resideo Technologies, Inc. ^(a)		23,063
	182	Resources Connection, Inc.		3,021
	168	REV Group, Inc.		2,271
	728	Romeo Power, Inc. ^(a)		1,332
	238	Rush Enterprises, Inc. - Class A		12,362
	28	Rush Enterprises, Inc. - Class B		1,372
	392	Safe Bulkers, Inc. ^(a)		1,639
	140	Saia, Inc. ^(a)		40,212
	196	Shyft Group, Inc.		7,920
	252	Simpson Manufacturing Company, Inc.		29,865
	294	SkyWest, Inc. ^(a)		8,264
	126	SP Plus Corporation ^(a)		3,761
	560	Spirit Airlines, Inc. ^(a)		14,045
	266	SPX Corporation ^(a)		13,486
	253	SPX FLOW, Inc.		21,730
	70	Standex International Corporation		7,415
	518	Steelcase, Inc. - Class A		6,304
	644	Stem, Inc. ^(a)		6,131
	98	Sterling Check Corporation ^(a)		2,064
	154	Sterling Construction Company, Inc. ^(a)		4,548
	182	Sun Country Airlines Holdings, Inc. ^(a)		4,923
	154	Team, Inc. ^(a)		145
	112	Tennant Company		8,823
	392	Terex Corporation		16,182
	336	Tetra Tech, Inc.		53,346
	266	Textainer Group Holdings, Ltd.		9,446
	196	Thermon Group Holdings, Inc. ^(a)		3,356
	280	Titan International, Inc. ^(a)		3,136
	112	Titan Machinery, Inc. ^(a)		3,173
	224	TPI Composites, Inc. ^(a)		3,028
	28	Transcat, Inc. ^(a)		2,197
	238	TriNet Group, Inc. ^(a)		20,780
	448	Trinity Industries, Inc.		12,929
	392	Triton International, Ltd.		25,746
	364	Triumph Group, Inc. ^(a)		9,115
	210	TrueBlue, Inc. ^(a)		5,712
	238	Tutor Perini Corporation ^(a)		2,332
	350	UFP Industries, Inc.		30,012
	84	UniFirst Corporation		15,225
	42	Universal Logistics Holdings, Inc.		803
	700	Upwork, Inc. ^(a)		17,696
	196	US Ecology, Inc. ^(a)		9,298
	154	US Xpress Enterprises, Inc. - Class A ^(a)		699
	56	Vectrus, Inc. ^(a)		2,567
	84	Veritiv Corporation ^(a)		9,002
	112	Viad Corporation ^(a)		3,913
	126	Vicor Corporation ^(a)		9,421
	756	View, Inc. ^(a)		1,830
	56	VSE Corporation		2,668
	294	Wabash National Corporation		5,010
	168	Watts Water Technologies, Inc. - Class A		24,184
	784	Welbilt, Inc. ^(a)		18,534
	364	Werner Enterprises, Inc.		15,819

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Industrials — 14.9% (Continued)
	252	WESCO International, Inc. ^(a)	$	30,675
	56	Willdan Group, Inc. ^(a)		1,809
	14	Willis Lease Finance Corporation ^(a)		489
	1,246	WillScot Mobile Mini Holdings Corporation ^(a)		44,269
	266	Yellow Corporation ^(a)		2,397
	714	Zurn Water Solutions Corporation		23,219
				2,468,496
		Information Technology — 12.9%
	752	3D Systems Corporation ^(a)		13,400
	689	8x8, Inc. ^(a)		8,929
	98	908 Devices, Inc. ^(a)		1,630
	350	A10 Networks, Inc.		4,984
	705	ACI Worldwide, Inc. ^(a)		23,632
	289	ADTRAN, Inc.		5,951
	229	Advanced Energy Industries, Inc.		19,660
	665	Aeva Technologies, Inc. ^(a)		2,793
	121	Agilysys, Inc. ^(a)		5,086
	294	Akoustis Technologies, Inc. ^(a)		1,852
	283	Alarm.com Holdings, Inc. ^(a)		18,630
	163	Alkami Technology, Inc. ^(a)		2,569
	126	Alpha & Omega Semiconductor, Ltd. ^(a)		6,775
	282	Altair Engineering, Inc.- Class A ^(a)		18,730
	201	Ambarella, Inc. ^(a)		28,082
	189	American Software, Inc. - Class A		4,152
	613	Amkor Technology, Inc.		13,897
	113	Appfolio, Inc. - Class A ^(a)		12,785
	233	Appian Corporation ^(a)		14,204
	483	Arlo Technologies, Inc. ^(a)		4,482
	30	Arteris, Inc. ^(a)		448
	409	Asana, Inc. - Class A ^(a)		22,409
	120	Atomera, Inc. ^(a)		1,926
	509	Avaya Holdings Corporation ^(a)		7,009
	64	Aviat Networks, Inc. ^(a)		1,811
	221	Avid Technology, Inc. ^(a)		6,953
	157	AvidXchange Holdings, Inc. ^(a)		1,512
	198	Axcelis Technologies, Inc. ^(a)		13,706
	235	AXT, Inc. ^(a)		1,751
	179	Badger Meter, Inc.		17,794
	269	Belden, Inc.		15,158
	206	Benchmark Electronics, Inc.		5,385
	148	Benefitfocus, Inc. ^(a)		1,492
	286	BigCommerce Holdings, Inc. ^(a)		7,407
	290	Blackbaud, Inc. ^(a)		18,122
	331	Blackline, Inc. ^(a)		24,928
	274	Bottomline Technologies DE, Inc. ^(a)		15,519
	871	Box, Inc. - Class A ^(a)		22,306
	247	Brightcove, Inc. ^(a)		1,848
	400	BTRS Holdings, Inc. - Class A ^(a)		2,440
	213	CalAmp Corporation ^(a)		1,504
	324	Calix, Inc. ^(a)		17,606
	62	Cambium Networks Corporation ^(a)		1,724
	360	Cantaloupe, Inc. ^(a)		2,797
	190	Casa Systems, Inc. ^(a)		790
	86	Cass Information Systems, Inc.		3,404
	233	Cerence, Inc. ^(a)		8,414
	136	CEVA, Inc. ^(a)		5,545
	175	ChannelAdvisor Corporation ^(a)		3,141
	214	Cleanspark, Inc. ^(a)		2,268
	64	Clearfield, Inc. ^(a)		4,103
	174	CMC Materials, Inc.		32,265
	284	Cohu, Inc. ^(a)		8,855
	282	CommVault Systems, Inc. ^(a)		17,741
	156	Comtech Telecommunications Corporation		3,210
	998	Conduent, Inc. ^(a)		4,860
	95	Consensus Cloud Solutions, Inc. ^(a)		5,288
	43	CoreCard Corporation ^(a)		1,385
	170	Corsair Gaming, Inc. ^(a)		3,924
	59	Couchbase, Inc. ^(a)		1,243
	28	CS Disco, Inc. ^(a)		1,058
	192	CSG Systems International, Inc.		11,850
	187	CTS Corporation		7,095
	224	Daktronics, Inc. ^(a)		1,033
	439	Diebold Nixdorf, Inc. ^(a)		3,819
	203	Digi International, Inc. ^(a)		4,076
	73	Digimarc Corporation ^(a)		2,199
	519	Digital Turbine, Inc. ^(a)		25,161
	281	DigitalOcean Holdings, Inc. ^(a)		16,669
	258	Diodes, Inc. ^(a)		23,114
	164	Domo, Inc. - Class B ^(a)		7,298
	104	DZS, Inc. ^(a)		1,507
	1,180	E2open Parent Holdings, Inc. ^(a)		10,596
	275	Eastman Kodak Company ^(a)		1,312
	163	Ebix, Inc.		4,810
	129	eGain Corporation ^(a)		1,521
	215	EMCORE Corporation ^(a)		834

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Information Technology — 12.9% (Continued)
	133	Enfusion, Inc. - Class A ^(a)	$	2,206
	90	EngageSmart, Inc. ^(a)		1,980
	331	Envestnet, Inc. ^(a)		24,765
	70	ePlus, Inc.		3,283
	102	EverCommerce, Inc. ^(a)		1,222
	366	EVERTEC, Inc.		14,772
	285	Evo Payments, Inc. - Class A ^(a)		6,871
	197	ExlService Holdings, Inc. ^(a)		23,796
	767	Extreme Networks, Inc. ^(a)		8,813
	225	Fabrinet ^(a)		22,529
	109	FARO Technologies, Inc. ^(a)		5,967
	369	Flywire Corporation ^(a)		9,985
	466	FormFactor, Inc. ^(a)		18,868
	116	GreenBox POS ^(a)		394
	280	Grid Dynamics Holdings, Inc. ^(a)		3,402
	190	GTY Technology Holdings, Inc. ^(a)		844
	148	Hackett Group, Inc.		3,067
	548	Harmonic, Inc. ^(a)		5,102
	129	I3 Verticals, Inc. - Class A ^(a)		3,406
	34	IBEX Holdings, Ltd. ^(a)		536
	170	Ichor Holdings, Ltd. ^(a)		5,989
	131	Identiv, Inc. ^(a)		2,746
	647	II-VI, Inc. ^(a)		44,940
	98	Impinj, Inc. ^(a)		6,738
	1,127	Infinera Corporation ^(a)		10,402
	529	Inseego Corporation ^(a)		2,492
	196	Insight Enterprises, Inc. ^(a)		20,384
	73	Instructure Holdings, Inc. ^(a)		1,636
	61	Intapp, Inc. ^(a)		1,407
	186	InterDigital, Inc.		11,982
	199	International Money Express, Inc. ^(a)		3,196
	242	Iteris, Inc. ^(a)		796
	282	Itron, Inc. ^(a)		13,443
	323	JFrog, Ltd. ^(a)		8,001
	107	Kaltura, Inc. ^(a)		240
	146	Kimball Electronics, Inc. ^(a)		2,517
	536	Knowles Corporation ^(a)		11,674
	481	Kopin Corporation ^(a)		1,270
	371	Kulicke & Soffa Industries, Inc.		19,381
	90	KVH Industries, Inc. ^(a)		776
	903	Lattice Semiconductor Corporation ^(a)		56,545
	644	Limelight Networks, Inc. ^(a)		2,518
	364	LivePerson, Inc. ^(a)		7,382
	364	LiveRamp Holdings, Inc. ^(a)		15,710
	168	Luna Innovations, Inc. ^(a)		1,147
	266	MACOM Technology Solutions Holdings, Inc. ^(a)		15,987
	574	Marathon Digital Holdings, Inc. ^(a)		14,551
	364	Maximus, Inc.		28,704
	392	MaxLinear, Inc. ^(a)		24,049
	70	MeridianLink, Inc. ^(a)		1,371
	1,190	Meta Materials, Inc. ^(a)		2,559
	238	Methode Electronics, Inc.		10,862
	42	MicroStrategy, Inc. - Class A ^(a)		18,606
	910	MicroVision, Inc. ^(a)		3,649
	336	Mimecast, Ltd. ^(a)		26,722
	252	Mitek Systems, Inc. ^(a)		3,745
	196	Model N, Inc. ^(a)		4,820
	686	Momentive Global, Inc. ^(a)		10,784
	490	MoneyGram International, Inc. ^(a)		5,263
	168	Napco Security Technologies, Inc. ^(a)		3,426
	294	NeoPhotonics Corporation ^(a)		4,501
	168	NETGEAR, Inc. ^(a)		4,470
	392	NetScout Systems, Inc. ^(a)		12,203
	252	nLight, Inc. ^(a)		4,108
	196	Novanta, Inc. ^(a)		26,779
	28	NVE Corporation		1,602
	140	ON24, Inc. ^(a)		2,184
	210	OneSpan, Inc. ^(a)		2,894
	280	Onto Innovation, Inc. ^(a)		24,139
	98	OSI Systems, Inc. ^(a)		7,906
	938	Ouster, Inc. ^(a)		3,170
	434	PagerDuty, Inc. ^(a)		14,678
	140	PAR Technology Corporation ^(a)		5,872
	476	Paya Holdings, Inc. ^(a)		3,070
	67	PC Connection, Inc.		3,269
	168	PDF Solutions, Inc. ^(a)		4,596
	168	Perficient, Inc. ^(a)		17,119
	266	Photronics, Inc. ^(a)		4,900
	350	Ping Identity Holding Corporation ^(a)		7,364
	238	Plantronics, Inc. ^(a)		6,704
	168	Plexus Corporation ^(a)		13,687
	350	Power Integrations, Inc.		31,500
	56	Priority Technology Holdings, Inc. ^(a)		295
	252	Progress Software Corporation		11,108
	224	PROS Holdings, Inc. ^(a)		7,119
	308	Q2 Holdings, Inc. ^(a)		20,035

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Information Technology — 12.9% (Continued)
	182	Qualys, Inc. ^(a)	$	22,806
	336	Quantum Corporation ^(a)		874
	322	Rackspace Technology, Inc. ^(a)		3,584
	602	Rambus, Inc. ^(a)		16,254
	322	Rapid7, Inc. ^(a)		33,313
	196	Rekor Systems, Inc. ^(a)		927
	70	Remitly Global, Inc. ^(a)		767
	476	Repay Holdings Corporation ^(a)		8,221
	392	Ribbon Communications, Inc. ^(a)		1,192
	266	Rimini Street, Inc. ^(a)		1,205
	560	Riot Blockchain, Inc. ^(a)		9,649
	112	Rogers Corporation ^(a)		30,576
	532	Sailpoint Technologies Holdings, Inc. ^(a)		22,009
	378	Sanmina Corporation ^(a)		15,037
	182	Sapiens International Corporation NV		4,912
	140	ScanSource, Inc. ^(a)		4,421
	56	SecureWorks Corporation - Class A ^(a)		861
	364	Semtech Corporation ^(a)		25,254
	42	ShotSpotter, Inc. ^(a)		1,079
	224	Silicon Laboratories, Inc. ^(a)		34,430
	84	SiTime Corporation ^(a)		16,980
	42	SkyWater Technology, Inc. ^(a)		485
	196	SMART Global Holdings, Inc. ^(a)		5,380
	266	Smith Micro Software, Inc. ^(a)		1,107
	252	Sprout Social, Inc. - Class A ^(a)		16,408
	210	SPS Commerce, Inc. ^(a)		27,269
	98	StarTek, Inc. ^(a)		429
	42	Stronghold Digital Mining, Inc. - Class A ^(a)		530
	490	Sumo Logic, Inc. ^(a)		5,900
	490	SunPower Corporation ^(a)		8,786
	252	Super Micro Computer, Inc. ^(a)		9,900
	224	Synaptics, Inc. ^(a)		51,167
	238	Telos Corporation ^(a)		2,718
	532	Tenable Holdings, Inc. ^(a)		29,452
	98	TTEC Holdings, Inc.		7,791
	616	TTM Technologies, Inc. ^(a)		7,743
	56	Tucows, Inc.- Class A ^(a)		3,762
	92	Turtle Beach Corporation ^(a)		2,187
	252	Ultra Clean Holdings, Inc. ^(a)		11,544
	378	Unisys Corporation ^(a)		8,078
	168	Upland Software, Inc. ^(a)		3,168
	602	Varonis Systems, Inc. ^(a)		26,247
	294	Veeco Instruments, Inc. ^(a)		8,400
	434	Velodyne Lidar, Inc. ^(a)		1,601
	364	Verint Systems, Inc. ^(a)		18,284
	154	Veritone, Inc. ^(a)		2,593
	896	Verra Mobility Corporation ^(a)		15,053
	72	Viant Technology, Inc. - Class A ^(a)		593
	1,414	Viavi Solutions, Inc. ^(a)		23,191
	378	VirnetX Holding Corporation ^(a)		688
	784	Vishay Intertechnology, Inc.		15,045
	70	Vishay Precision Group, Inc. ^(a)		2,199
	1,442	Vonage Holdings Corporation ^(a)		29,301
	28	Weave Communications, Inc. ^(a)		281
	238	Workiva, Inc. ^(a)		25,061
	602	Xperi Holding Corporation		10,427
	658	Yext, Inc. ^(a)		4,882
	644	Zuora, Inc. - Class A ^(a)		9,776
				2,143,433
		Materials — 4.0%
	165	AdvanSix, Inc.		6,610
	766	Allegheny Technologies, Inc. ^(a)		19,717
	178	American Vanguard Corporation		2,682
	1,053	Amyris, Inc. ^(a)		4,802
	647	Arconic Corporation ^(a)		19,863
	127	Aspen Aerogels, Inc. ^(a)		3,759
	555	Avient Corporation		29,077
	198	Balchem Corporation		27,391
	347	Cabot Corporation		25,387
	300	Carpenter Technology Corporation		11,517
	289	Century Aluminum Company ^(a)		6,826
	45	Chase Corporation		4,132
	114	Clearwater Paper Corporation ^(a)		3,287
	1,514	Coeur Mining, Inc. ^(a)		6,510
	758	Commercial Metals Company		29,220
	212	Compass Minerals International, Inc.		12,427
	746	Constellium SE ^(a)		14,495
	564	Danimer Scientific, Inc. ^(a)		2,245
	315	Ecovyst, Inc.		3,443
	504	Ferro Corporation ^(a)		10,952
	177	Forterra, Inc. ^(a)		4,170
	162	FutureFuel Corporation		1,192
	270	Gatos Silver, Inc. ^(a)		910
	302	GCP Applied Technologies, Inc. ^(a)		9,537

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Materials — 4.0% (Continued)
	270	Glatfelter Corporation	$	3,710
	162	Greif, Inc. - Class A		9,313
	36	Greif, Inc. - Class B		2,049
	116	Hawkins, Inc.		5,250
	72	Haynes International, Inc.		2,632
	316	HB Fuller Company		21,605
	3,136	Hecla Mining Company		18,063
	238	Ingevity Corporation ^(a)		16,239
	154	Innospec, Inc.		14,707
	62	Intrepid Potash, Inc. ^(a)		3,527
	95	Kaiser Aluminum Corporation		9,168
	122	Koppers Holdings, Inc. ^(a)		3,493
	191	Kraton Corporation ^(a)		8,815
	137	Kronos Worldwide, Inc.		2,018
	980	Livent Corporation ^(a)		23,079
	574	Marrone Bio Innovations, Inc. ^(a)		396
	112	Materion Corporation		9,358
	196	Minerals Technologies, Inc.		13,718
	406	MP Materials Corporation ^(a)		18,522
	210	Myers Industries, Inc.		3,490
	98	Neenah, Inc.		3,817
	1,414	Novagold Resources, Inc. ^(a)		9,870
	966	O-I Glass, Inc. ^(a)		12,345
	42	Olympic Steel, Inc.		1,124
	350	Orion Engineered Carbons SA		5,439
	266	Pactiv Evergreen, Inc.		2,559
	182	Perpetua Resources Corporation ^(a)		655
	182	PolyMet Mining Corporation ^(a)		495
	294	PureCycle Technologies, Inc. ^(a)		2,046
	84	Quaker Chemical Corporation		15,591
	224	Ranpak Holdings Corporation ^(a)		5,421
	336	Rayonier Advanced Materials, Inc. ^(a)		1,972
	98	Ryerson Holding Corporation		2,560
	154	Schnitzer Steel Industries, Inc. - Class A		7,492
	182	Schweitzer-Mauduit International, Inc.		5,681
	252	Sensient Technologies Corporation		20,697
	126	Stepan Company		13,056
	700	Summit Materials, Inc. - Class A ^(a)		21,854
	476	SunCoke Energy, Inc.		3,775
	266	TimkenSteel Corporation ^(a)		4,796
	154	Tredegar Corporation		1,773
	252	TriMas Corporation		8,193
	224	Trinseo plc		11,639
	658	Tronox Holdings plc - Class A		13,357
	28	UFP Technologies, Inc. ^(a)		1,936
	56	United States Lime & Minerals, Inc.		6,582
	140	Valhi, Inc.		3,566
	154	Verso Corporation - Class A		4,083
	299	Warrior Met Coal, Inc.		9,419
	196	Worthington Industries, Inc.		11,176
	462	Zymergen, Inc. ^(a)		1,769
				664,041
		Real Estate — 7.1%
	513	Acadia Realty Trust		10,999
	417	Agree Realty Corporation		26,751
	434	Alexander & Baldwin, Inc.		9,735
	11	Alexander’s, Inc.		2,788
	303	American Assets Trust, Inc.		11,078
	913	Apartment Investment and Management Company - Class A ^(a)		6,519
	1,263	Apple Hospitality REIT, Inc.		22,342
	358	Armada Hoffler Properties, Inc.		5,255
	95	Ashford Hospitality Trust, Inc. ^(a)		818
	327	Braemar Hotels & Resorts, Inc. ^(a)		1,949
	1,037	Brandywine Realty Trust		13,823
	968	Broadstone Net Lease, Inc.		20,967
	59	BRT Apartments Corporation		1,299
	592	CareTrust REIT, Inc.		10,360
	295	CatchMark Timber Trust, Inc. - Class A		2,260
	86	Centerspace		8,083
	284	Chatham Lodging Trust ^(a)		3,905
	254	City Office REIT, Inc.		4,374
	73	Clipper Realty, Inc.		695
	147	Community Healthcare Trust, Inc.		6,130
	238	CorePoint Lodging, Inc. ^(a)		3,801
	672	Corporate Office Properties Trust		17,613
	34	CTO Realty Growth, Inc.		2,131
	832	Cushman & Wakefield plc ^(a)		18,237
	1,204	DiamondRock Hospitality Company ^(a)		11,498
	2,934	DigitalBridge Group, Inc. ^(a)		21,272
	1,409	Diversified Healthcare Trust		4,058
	434	Douglas Elliman, Inc. ^(a)		3,272

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Real Estate — 7.1% (Continued)
	533	Easterly Government Properties, Inc.	$	11,097
	245	EastGroup Properties, Inc.		46,735
	879	Empire State Realty Trust, Inc. - Class A		8,315
	715	Equity Commonwealth		18,998
	731	Essential Properties Realty Trust, Inc.		18,480
	381	eXp World Holdings, Inc.		10,188
	174	Farmland Partners, Inc.		2,031
	38	Fathom Holdings, Inc. ^(a)		488
	105	Forestar Group, Inc. ^(a)		1,923
	469	Four Corners Property Trust, Inc.		12,372
	598	Franklin Street Properties Corporation		3,456
	42	FRP Holdings, Inc. ^(a)		2,433
	245	Getty Realty Corporation		6,750
	225	Gladstone Commercial Corporation		4,768
	182	Gladstone Land Corporation		5,440
	360	Global Medical REIT, Inc.		5,652
	636	Global Net Lease, Inc.		9,038
	911	Healthcare Realty Trust, Inc.		23,759
	185	Hersha Hospitality Trust ^(a)		1,708
	680	Independence Realty Trust, Inc.		17,184
	33	Indus Realty Trust, Inc.		2,513
	392	Industrial Logistics Properties Trust		8,769
	144	Innovative Industrial Properties, Inc.		27,138
	392	iStar, Inc.		9,847
	709	Kennedy-Wilson Holdings, Inc.		15,697
	1,291	Kite Realty Group Trust		28,312
	224	LTC Properties, Inc.		7,578
	1,666	LXP Industrial Trust		25,756
	1,344	Macerich Company		20,563
	140	Marcus & Millichap, Inc. ^(a)		6,962
	252	National Health Investors, Inc.		13,434
	476	National Storage Affiliates Trust		27,737
	696	Necessity Retail REIT, Inc.		4,900
	238	NETSTREIT Corporation		5,269
	868	Newmark Group, Inc. - Class A		15,346
	126	NexPoint Residential Trust, Inc.		10,706
	280	Office Properties Income Trust		7,014
	84	One Liberty Properties, Inc.		2,441
	854	Outfront Media, Inc.		22,802
	1,092	Paramount Group, Inc.		12,219
	756	Pebblebrook Hotel Trust		17,018
	112	Phillips Edison & Company, Inc.		3,620
	1,348	Physicians Realty Trust		21,918
	728	Piedmont Office Realty Trust, Inc. - Class A		12,405
	182	Plymouth Industrial REIT, Inc.		4,747
	70	Postal Realty Trust, Inc. - Class A		1,222
	378	PotlatchDeltic Corporation		20,752
	281	Preferred Apartment Communities, Inc.		7,098
	112	PS Business Parks, Inc.		17,840
	42	Rafael Holdings, Inc. - Class B ^(a)		132
	98	RE/MAX Holdings, Inc. - Class A		2,905
	672	Realogy Holdings Corporation ^(a)		12,217
	602	Redfin Corporation ^(a)		13,021
	700	Retail Opportunity Investments Corporation		12,712
	98	Retail Value, Inc.		304
	952	RLJ Lodging Trust		13,318
	84	RMR Group, Inc. - Class A		2,448
	504	RPT Realty		6,527
	294	Ryman Hospitality Properties, Inc. ^(a)		25,904
	1,344	Sabra Health Care REIT, Inc.		18,050
	112	Safehold, Inc.		6,872
	71	Saul Centers, Inc.		3,268
	224	Seritage Growth Properties ^(a)		2,283
	1,008	Service Properties Trust		8,699
	1,078	SITE Centers Corporation		16,763
	198	St. Joe Company		10,698
	1,064	STAG Industrial, Inc.		41,452
	604	Summit Hotel Properties, Inc. ^(a)		5,974
	1,274	Sunstone Hotel Investors, Inc. ^(a)		13,479
	630	Tanger Factory Outlet Centers, Inc.		10,508
	112	Tejon Ranch Company ^(a)		1,902
	434	Terreno Realty Corporation		29,855
	252	UMH Properties, Inc.		5,811
	1,190	Uniti Group, Inc.		15,434
	70	Universal Health Realty Income Trust		3,998
	686	Urban Edge Properties		12,499
	168	Urstadt Biddle Properties, Inc. - Class A		3,163
	504	Veris Residential, Inc. ^(a)		8,518

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.4% (d) (Continued)
		Real Estate — 7.1% (Continued)
	504	Washington Real Estate Investment Trust	$	11,773
	266	Whitestone REIT		3,133
	672	Xenia Hotels & Resorts, Inc. ^(a)		12,459
				1,180,529
		Utilities — 2.8%
	319	ALLETE, Inc.		20,078
	227	American States Water Company		19,104
	50	Artesian Resources Corporation - Class A		2,324
	439	Avista Corporation		19,593
	392	Black Hills Corporation		27,436
	380	Brookfield Infrastructure Corporation - Class A		26,766
	135	Cadiz, Inc. ^(a)		351
	319	California Water Service Group		18,161
	105	Chesapeake Utilities Corporation		13,960
	215	Clearway Energy, Inc. - Class A		6,577
	504	Clearway Energy, Inc. - Class C		16,834
	79	Global Water Resources, Inc.		1,205
	210	MGE Energy, Inc.		15,124
	98	Middlesex Water Company		9,799
	574	New Jersey Resources Corporation		25,038
	168	Northwest Natural Holding Company		8,738
	308	NorthWestern Corporation		18,628
	308	ONE Gas, Inc.		25,592
	266	Ormat Technologies, Inc.		18,978
	238	Otter Tail Corporation		14,723
	518	PNM Resources, Inc.		23,398
	532	Portland General Electric Company		27,009
	112	Pure Cycle Corporation ^(a)		1,327
	154	SJW Group		10,044
	602	South Jersey Industries, Inc.		20,426
	364	Southwest Gas Holdings, Inc.		25,822
	308	Spire, Inc.		20,670
	518	Sunnova Energy International, Inc. ^(a)		10,438
	84	Unitil Corporation		4,241
	70	Via Renewables, Inc.		781
	70	York Water Company		3,141
				456,306
		TOTAL COMMON STOCKS (Cost $17,009,146)		15,966,409

Contracts

Security
Description

Notional
Amount

Value

PURCHASED OPTIONS ^(b) — 1.1%

Russell 2000 Index Put, Expiration: 03/18/2022, Exercise Price: $1,930.00

15,565,474

183,160

TOTAL PURCHASED OPTIONS (Cost $280,901)

183,160

Shares

SHORT-TERM INVESTMENTS — 5.1%

Money Market Funds — 5.1%

839,984

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

839,984

TOTAL SHORT-TERM INVESTMENTS (Cost $839,984)

839,984

Total Investments (Cost $18,130,031) — 102.6%

16,989,553

Liabilities in Excess of Other Assets — (2.6)%

(423,511

)

TOTAL NET ASSETS — 100.0%

16,566,042

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Exchange traded.

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

(d)	All Common Stocks in this Schedule of Investments are held as collateral for the Written Option.

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

Schedules of Written Options

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF

Contracts			Security Description	Notional Amount			Value
			WRITTEN OPTIONS ^(a) — (2.6)%
	(76	)	Russell 2000 Index Call, Expiration: 03/18/2022, Exercise Price: $2,050.00	$	(15,565,474	)	$	(427,880	)
			TOTAL WRITTEN OPTIONS (Premiums Received $423,719)				$	(427,880	)

(a)	Exchange traded.

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e)
		Communication Services — 9.3%
	480	Activision Blizzard, Inc.	$	39,120
	180	Alphabet, Inc. - Class A ^(a)		486,206
	160	Alphabet, Inc. - Class C ^(a)		431,651
	4,520	AT&T, Inc.		107,079
	80	Charter Communications, Inc. - Class A ^(a)		48,142
	2,920	Comcast Corporation - Class A		136,539
	100	Discovery, Inc. - Class A ^(a)		2,805
	180	Discovery, Inc. - Class C ^(a)		5,035
	140	DISH Network Corporation - Class A		4,474
	160	Electronic Arts, Inc.		20,814
	200	Fox Corporation - Class A		8,366
	80	Fox Corporation - Class B		3,061
	240	Interpublic Group of Companies, Inc.		8,832
	80	Live Nation Entertainment, Inc. ^(a)		9,666
	560	Lumen Technologies, Inc.		5,802
	180	Match Group, Inc. ^(a)		20,068
	1,480	Meta Platforms, Inc. - Class A ^(a)		312,324
	280	Netflix, Inc. ^(a)		110,466
	240	News Corporation - Class A		5,357
	60	News Corporation - Class B		1,346
	120	Omnicom Group, Inc.		10,067
	380	Paramount Global - Class B		11,632
	60	Take-Two Interactive Software, Inc. ^(a)		9,720
	360	T-Mobile US, Inc.		44,356
	480	Twitter, Inc. ^(a)		17,064
	2,600	Verizon Communications, Inc.		139,541
	1,140	Walt Disney Company ^(a)		169,244
				2,168,777
		Consumer Discretionary — 11.9%
	20	Advance Auto Parts, Inc.		4,090
	260	Amazon.com, Inc. ^(a)		798,528
	160	Aptiv plc ^(a)		20,711
	20	AutoZone, Inc. ^(a)		37,268
	160	Bath & Body Works, Inc.		8,539
	140	Best Buy Company, Inc.		13,530
	20	Booking Holdings, Inc. ^(a)		43,445
	140	BorgWarner, Inc.		5,741
	120	Caesars Entertainment, Inc. ^(a)		10,103
	100	CarMax, Inc. ^(a)		10,933
	500	Carnival Corporation ^(a)		10,165
	20	Chipotle Mexican Grill, Inc. ^(a)		30,467
	200	D.R. Horton, Inc.		17,080
	80	Darden Restaurants, Inc.		11,618
	140	Dollar General Corporation		27,768
	140	Dollar Tree, Inc. ^(a)		19,891
	20	Domino’s Pizza, Inc.		8,644
	380	eBay, Inc.		20,744
	80	Etsy, Inc. ^(a)		12,391
	80	Expedia Group, Inc. ^(a)		15,689
	2,480	Ford Motor Company		43,549
	80	Garmin, Ltd.		8,835
	920	General Motors Company ^(a)		42,982
	80	Genuine Parts Company		9,772
	80	Hasbro, Inc.		7,764
	160	Hilton Worldwide Holdings, Inc. ^(a)		23,818
	660	Home Depot, Inc.		208,447
	200	Las Vegas Sands Corporation ^(a)		8,572
	160	Lennar Corporation - Class A		14,381
	160	LKQ Corporation		7,512
	420	Lowe’s Companies, Inc.		92,845
	160	Marriott International, Inc. - Class A ^(a)		27,222
	460	McDonald’s Corporation		112,593
	240	MGM Resorts International		10,630
	20	Mohawk Industries, Inc. ^(a)		2,816
	220	Newell Brands, Inc.		5,225
	800	NIKE, Inc. - Class B		109,239
	220	Norwegian Cruise Line Holdings, Ltd. ^(a)		4,288
	20	NVR, Inc. ^(a)		99,169
	40	O’Reilly Automotive, Inc. ^(a)		25,970
	100	Penn National Gaming, Inc. ^(a)		5,135
	20	Pool Corporation		9,172
	140	PulteGroup, Inc.		6,952
	40	PVH Corporation		3,916
	20	Ralph Lauren Corporation		2,641
	220	Ross Stores, Inc.		20,106
	140	Royal Caribbean Cruises, Ltd. ^(a)		11,301
	740	Starbucks Corporation		67,925
	160	Tapestry, Inc.		6,544
	300	Target Corporation		59,931
	520	Tesla, Inc. ^(a)		452,624
	740	TJX Companies, Inc.		48,914
	60	Tractor Supply Company		12,227
	20	Ulta Beauty, Inc.		7,490
	120	Under Armour, Inc. - Class A ^(a)		2,147
	120	Under Armour, Inc. - Class C ^(a)		1,876

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e) (Continued)
		Consumer Discretionary — 11.9% (Continued)
	200	V.F. Corporation	$	11,604
	20	Whirlpool Corporation		4,025
	60	Wynn Resorts, Ltd. ^(a)		5,191
	180	Yum! Brands, Inc.		22,064
				2,754,759
		Consumer Staples — 6.1%
	1,140	Altria Group, Inc.		58,471
	340	Archer-Daniels-Midland Company		26,673
	100	Brown-Forman Corporation - Class B		6,523
	120	Campbell Soup Company		5,396
	140	Church & Dwight Company, Inc.		13,699
	60	Clorox Company		8,747
	2,440	Coca-Cola Company		151,867
	520	Colgate-Palmolive Company		40,014
	280	Conagra Brands, Inc.		9,792
	100	Constellation Brands, Inc. - Class A		21,562
	260	Costco Wholesale Corporation		135,004
	140	Estee Lauder Companies, Inc. - Class A		41,486
	380	General Mills, Inc.		25,623
	80	Hershey Company		16,181
	160	Hormel Foods Corporation		7,622
	60	J.M. Smucker Company		8,085
	160	Kellogg Company		10,230
	200	Kimberly-Clark Corporation		26,030
	440	Kraft Heinz Company		17,257
	400	Kroger Company		18,720
	80	Lamb Weston Holdings, Inc.		5,314
	140	McCormick & Company, Inc.		13,324
	100	Molson Coors Beverage Company - Class B		5,218
	860	Mondelez International, Inc. - Class A		56,314
	220	Monster Beverage Corporation ^(a)		18,568
	860	PepsiCo, Inc.		140,816
	980	Philip Morris International, Inc.		99,048
	1,500	Procter & Gamble Company		233,835
	320	Sysco Corporation		27,872
	180	Tyson Foods, Inc. - Class A		16,679
	440	Walgreens Boots Alliance, Inc.		20,280
	880	Walmart, Inc.		118,941
				1,405,191

		Energy — 3.7%
	220	APA Corporation		7,839
	540	Baker Hughes Company		15,865
	1,200	Chevron Corporation		172,800
	840	ConocoPhillips		79,682
	500	Coterra Energy, Inc.		11,665
	400	Devon Energy Corporation		23,820
	100	Diamondback Energy, Inc.		13,810
	360	EOG Resources, Inc.		41,371
	2,640	Exxon Mobil Corporation		207,029
	560	Halliburton Company		18,777
	160	Hess Corporation		16,170
	1,240	Kinder Morgan, Inc.		21,576
	480	Marathon Oil Corporation		10,829
	380	Marathon Petroleum Corporation		29,591
	560	Occidental Petroleum Corporation		24,489
	280	ONEOK, Inc.		18,284
	260	Phillips 66		21,902
	140	Pioneer Natural Resources Company		33,544
	880	Schlumberger, Ltd.		34,531
	240	Valero Energy Corporation		20,042
	780	Williams Companies, Inc.		24,398
				848,014
		Financials — 11.1%
	360	Aflac, Inc.		21,992
	180	Allstate Corporation		22,025
	380	American Express Company		73,925
	520	American International Group, Inc.		31,845
	60	Ameriprise Financial, Inc.		17,987
	140	Aon plc - Class A		40,900
	120	Arthur J. Gallagher & Company		18,983
	20	Assurant, Inc.		3,394
	4,480	Bank of America Corporation		198,016
	460	Bank of New York Mellon Corporation		24,449
	1,140	Berkshire Hathaway, Inc. - Class B ^(a)		366,453
	80	BlackRock, Inc.		59,511
	140	Brown & Brown, Inc.		9,465
	260	Capital One Financial Corporation		39,850
	60	Cboe Global Markets, Inc.		7,037
	940	Charles Schwab Corporation		79,392
	260	Chubb, Ltd.		52,947
	80	Cincinnati Financial Corporation		9,823

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e) (Continued)
		Financials — 11.1% (Continued)
	1,240	Citigroup, Inc.	$	73,445
	260	Citizens Financial Group, Inc.		13,629
	220	CME Group, Inc.		52,037
	80	Comerica, Inc.		7,639
	180	Discover Financial Services		22,219
	20	Everest Re Group, Ltd.		5,964
	20	FactSet Research Systems, Inc.		8,122
	420	Fifth Third Bancorp		20,093
	100	First Republic Bank/CA		17,326
	160	Franklin Resources, Inc.		4,757
	40	Globe Life, Inc.		4,038
	200	Goldman Sachs Group, Inc.		68,258
	200	Hartford Financial Services Group, Inc.		13,896
	900	Huntington Bancshares, Inc.		13,968
	340	Intercontinental Exchange, Inc.		43,561
	200	Invesco, Ltd.		4,248
	1,840	JPMorgan Chase & Company		260,912
	580	KeyCorporation		14,541
	100	Lincoln National Corporation		6,742
	120	Loews Corporation		7,361
	80	M&T Bank Corporation		14,578
	20	MarketAxess Holdings, Inc.		7,629
	320	Marsh & McLennan Companies, Inc.		49,731
	440	MetLife, Inc.		29,722
	100	Moody’s Corporation		32,203
	900	Morgan Stanley		81,665
	40	MSCI, Inc.		20,068
	60	Nasdaq, Inc.		10,269
	120	Northern Trust Corporation		13,668
	260	People’s United Financial, Inc.		5,481
	260	PNC Financial Services Group, Inc.		51,805
	140	Principal Financial Group, Inc.		9,890
	360	Progressive Corporation		38,135
	220	Prudential Financial, Inc.		24,565
	100	Raymond James Financial, Inc.		10,965
	600	Regions Financial Corporation		14,514
	208	S&P Global, Inc.		78,188
	20	Signature Bank		6,898
	220	State Street Corporation		18,773
	20	SVB Financial Group ^(a)		12,120
	320	Synchrony Financial		13,690
	140	T Rowe Price Group, Inc.		20,238
	140	Travelers Companies, Inc.		24,056
	840	Truist Financial Corporation		52,265
	840	U.S. Bancorp		47,494
	80	W.R. Berkley Corporation		7,224
	2,480	Wells Fargo & Company		132,358
	60	Willis Towers Watson plc		13,338
	80	Zions Bancorporation		5,671
				2,587,951
		Health Care — 12.8%
	1,100	Abbott Laboratories		132,681
	1,080	AbbVie, Inc.		159,591
	20	ABIOMED, Inc. ^(a)		6,215
	180	Agilent Technologies, Inc.		23,465
	40	Align Technology, Inc. ^(a)		20,458
	80	AmerisourceBergen Corporation		11,402
	340	Amgen, Inc.		77,003
	140	Anthem, Inc.		63,259
	300	Baxter International, Inc.		25,491
	180	Becton Dickinson and Company		48,830
	80	Biogen, Inc. ^(a)		16,881
	40	Bio-Rad Laboratories, Inc. - Class A ^(a)		25,038
	20	Bio-Techne Corporation		8,388
	900	Boston Scientific Corporation ^(a)		39,753
	1,380	Bristol-Myers Squibb Company		94,765
	160	Cardinal Health, Inc.		8,642
	100	Catalent, Inc. ^(a)		10,204
	360	Centene Corporation ^(a)		29,743
	180	Cerner Corporation		16,785
	20	Charles River Laboratories International, Inc. ^(a)		5,823
	200	Cigna Corporation		47,556
	20	Cooper Companies, Inc.		8,180
	780	CVS Health Corporation		80,847
	380	Danaher Corporation		104,276
	40	DaVita, Inc. ^(a)		4,511
	120	DENTSPLY SIRONA, Inc.		6,497
	60	DexCom, Inc. ^(a)		24,835
	380	Edwards Lifesciences Corporation ^(a)		42,701
	500	Eli Lilly & Company		124,975
	780	Gilead Sciences, Inc.		47,112
	140	HCA Healthcare, Inc.		35,043
	80	Henry Schein, Inc. ^(a)		6,910
	160	Hologic, Inc. ^(a)		11,387
	60	Humana, Inc.		26,059
	40	IDEXX Laboratories, Inc. ^(a)		21,294
	80	Illumina, Inc. ^(a)		26,128
	100	Incyte Corporation ^(a)		6,830

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e) (Continued)
		Health Care — 12.8% (Continued)
	220	Intuitive Surgical, Inc. ^(a)	$	63,873
	120	IQVIA Holdings, Inc. ^(a)		27,614
	1,620	Johnson & Johnson		266,604
	60	Laboratory Corporation of America Holdings ^(a)		16,276
	80	McKesson Corporation		21,997
	840	Medtronic plc		88,192
	1,580	Merck & Company, Inc.		120,996
	20	Mettler-Toledo International, Inc. ^(a)		28,175
	220	Moderna, Inc. ^(a)		33,792
	160	Organon & Company		5,973
	80	PerkinElmer, Inc.		14,369
	3,460	Pfizer, Inc.		162,413
	60	Quest Diagnostics, Inc.		7,876
	60	Regeneron Pharmaceuticals, Inc. ^(a)		37,102
	80	ResMed, Inc.		19,740
	60	STERIS plc		14,400
	200	Stryker Corporation		52,670
	20	Teleflex, Inc.		6,726
	240	Thermo Fisher Scientific, Inc.		130,560
	580	UnitedHealth Group, Inc.		276,005
	40	Universal Health Services, Inc. - Class B		5,757
	140	Vertex Pharmaceuticals, Inc. ^(a)		32,203
	740	Viatris, Inc.		8,147
	20	Waters Corporation ^(a)		6,335
	40	West Pharmaceutical Services, Inc.		15,483
	120	Zimmer Biomet Holdings, Inc.		15,263
	280	Zoetis, Inc.		54,222
				2,982,321
		Industrials — 7.4%
	360	3M Company		53,514
	80	A.O. Smith Corporation		5,486
	60	Alaska Air Group, Inc. ^(a)		3,368
	40	Allegion plc		4,581
	400	American Airlines Group, Inc. ^(a)		6,900
	140	AMETEK, Inc.		18,171
	340	Boeing Company ^(a)		69,816
	80	C.H. Robinson Worldwide, Inc.		7,734
	540	Carrier Global Corporation		24,235
	320	Caterpillar, Inc.		60,026
	40	Cintas Corporation		15,013
	120	Copart, Inc. ^(a)		14,746
	1,380	CSX Corporation		46,796
	80	Cummins, Inc.		16,330
	160	Deere & Company		57,603
	400	Delta Air Lines, Inc. ^(a)		15,968
	80	Dover Corporation		12,549
	240	Eaton Corporation plc		37,029
	360	Emerson Electric Company		33,451
	60	Equifax, Inc.		13,100
	100	Expeditors International of Washington, Inc.		10,336
	340	Fastenal Company		17,496
	140	FedEx Corporation		31,118
	220	Fortive Corporation		14,245
	80	Fortune Brands Home & Security, Inc.		6,952
	40	Generac Holdings, Inc.		12,619
	140	General Dynamics Corporation		32,823
	680	General Electric Company		64,947
	420	Honeywell International, Inc.		79,695
	240	Howmet Aerospace, Inc.		8,621
	20	Huntington Ingalls Industries, Inc.		4,088
	40	IDEX Corporation		7,676
	160	Illinois Tool Works, Inc.		34,614
	240	Ingersoll Rand, Inc.		12,125
	80	Jacobs Engineering Group, Inc.		9,840
	40	JB Hunt Transport Services, Inc.		8,117
	440	Johnson Controls International plc		28,583
	120	L3Harris Technologies, Inc.		30,277
	80	Leidos Holdings, Inc.		8,147
	140	Lockheed Martin Corporation		60,732
	140	Masco Corporation		7,846
	220	Nielsen Holdings plc		3,832
	33	Nordson Corporation		7,474
	140	Norfolk Southern Corporation		35,913
	80	Northrop Grumman Corporation		35,371
	40	Old Dominion Freight Line, Inc.		12,561
	260	Otis Worldwide Corporation		20,366
	200	PACCAR, Inc.		18,362
	80	Parker-Hannifin Corporation		23,711
	100	Pentair plc		5,791
	80	Quanta Services, Inc.		8,715
	940	Raytheon Technologies Corporation		96,538
	120	Republic Services, Inc.		14,434
	60	Robert Half International, Inc.		7,217
	60	Rockwell Automation, Inc.		15,995
	140	Rollins, Inc.		4,568

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e) (Continued)
		Industrials — 7.4% (Continued)
	60	Roper Technologies, Inc.	$	26,893
	20	Snap-on, Inc.		4,204
	380	Southwest Airlines Company ^(a)		16,644
	100	Stanley Black & Decker, Inc.		16,270
	120	Textron, Inc.		8,776
	140	Trane Technologies plc		21,550
	20	TransDigm Group, Inc.		13,332
	400	Union Pacific Corporation		98,380
	200	United Airlines Holdings, Inc. ^(a)		8,880
	440	United Parcel Service, Inc. - Class B		92,585
	40	United Rentals, Inc. ^(a)		12,865
	100	Verisk Analytics, Inc.		17,735
	20	W.W. Grainger, Inc.		9,541
	240	Waste Management, Inc.		34,655
	100	Westinghouse Air Brake Technologies Corporation		9,282
	100	Xylem, Inc.		8,895
				1,718,648
		Information Technology — 27.7% ^(b)
	380	Accenture plc - Class A		120,088
	300	Adobe, Inc. ^(a)		140,304
	1,055	Advanced Micro Devices, Inc. ^(a)		130,118
	100	Akamai Technologies, Inc. ^(a)		10,826
	360	Amphenol Corporation - Class A		27,364
	340	Analog Devices, Inc.		54,499
	40	ANSYS, Inc. ^(a)		12,968
	9,760	Apple, Inc.		1,611,572
	580	Applied Materials, Inc.		77,836
	120	Arista Networks, Inc. ^(a)		14,728
	140	Autodesk, Inc. ^(a)		30,832
	260	Automatic Data Processing, Inc.		53,154
	240	Broadcom, Inc.		140,986
	60	Broadridge Financial Solutions, Inc.		8,773
	160	Cadence Design Systems, Inc. ^(a)		24,229
	80	CDW Corporation		13,797
	80	Ceridian HCM Holding, Inc. ^(a)		5,833
	2,620	Cisco Systems, Inc.		146,117
	60	Citrix Systems, Inc.		6,150
	320	Cognizant Technology Solutions Corporation - Class A		27,562
	480	Corning, Inc.		19,392
	160	DXC Technology Company ^(a)		5,445
	80	Enphase Energy, Inc. ^(a)		13,336
	20	EPAM Systems, Inc. ^(a)		4,155
	20	F5, Inc. ^(a)		4,017
	380	Fidelity National Information Services, Inc.		36,187
	360	Fiserv, Inc. ^(a)		35,161
	40	FleetCor Technologies, Inc. ^(a)		9,368
	80	Fortinet, Inc. ^(a)		27,562
	40	Gartner, Inc.		11,217
	180	Global Payments, Inc.		24,008
	820	Hewlett Packard Enterprise Company		13,054
	720	HP, Inc.		24,739
	2,600	Intel Corporation		124,020
	560	International Business Machines Corporation		68,606
	160	Intuit, Inc.		75,899
	20	IPG Photonics Corporation		2,607
	40	Jack Henry & Associates, Inc.		7,072
	200	Juniper Networks, Inc.		6,758
	100	Keysight Technologies, Inc. ^(a)		15,737
	80	KLA Corporation		27,880
	80	Lam Research Corporation		44,908
	540	Mastercard, Inc. - Class A		194,843
	340	Microchip Technology, Inc.		23,912
	700	Micron Technology, Inc.		62,202
	4,720	Microsoft Corporation		1,410,288
	20	Monolithic Power Systems, Inc.		9,174
	100	Motorola Solutions, Inc.		22,043
	140	NetApp, Inc.		10,973
	360	NortonLifeLock, Inc.		10,433
	1,620	NVIDIA Corporation		395,037
	160	NXP Semiconductors NV		30,419
	1,000	Oracle Corporation		75,970
	200	Paychex, Inc.		23,812
	20	Paycom Software, Inc. ^(a)		6,784
	740	PayPal Holdings, Inc. ^(a)		82,828
	60	PTC, Inc. ^(a)		6,677
	60	Qorvo, Inc. ^(a)		8,207
	700	QUALCOMM, Inc.		120,393
	600	salesforce.com, Inc. ^(a)		126,318
	120	Seagate Technology Holdings plc		12,379
	120	ServiceNow, Inc. ^(a)		69,590
	100	Skyworks Solutions, Inc.		13,817
	20	SolarEdge Technologies, Inc. ^(a)		6,388
	80	Synopsys, Inc. ^(a)		24,991
	200	TE Connectivity Ltd.		28,485
	20	Teledyne Technologies, Inc. ^(a)		8,588

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e) (Continued)
		Information Technology — 27.7% ^(b) (Continued)
	100	Teradyne, Inc.	$	11,792
	580	Texas Instruments, Inc.		98,594
	160	Trimble, Inc. ^(a)		11,160
	20	Tyler Technologies, Inc. ^(a)		8,565
	60	VeriSign, Inc.		12,823
	1,040	Visa, Inc. - Class A		224,764
	200	Western Digital Corporation ^(a)		10,188
	20	Zebra Technologies Corporation - Class A ^(a)		8,267
				6,429,568
		Materials — 2.4%
	140	Air Products and Chemicals, Inc.		33,082
	60	Albemarle Corporation		11,753
	960	Amcor plc		11,165
	40	Avery Dennison Corporation		7,048
	200	Ball Corporation		17,949
	60	Celanese Corporation		8,357
	120	CF Industries Holdings, Inc.		9,743
	440	Corteva, Inc.		22,893
	460	Dow, Inc.		27,122
	320	DuPont de Nemours, Inc.		24,758
	80	Eastman Chemical Company		9,478
	140	Ecolab, Inc.		24,676
	80	FMC Corporation		9,380
	920	Freeport-McMoRan, Inc.		43,194
	160	International Flavors & Fragrances, Inc.		21,280
	240	International Paper Company		10,447
	320	Linde plc		93,837
	160	LyondellBasell Industries NV - Class A		15,557
	20	Martin Marietta Materials, Inc.		7,588
	220	Mosaic Company		11,535
	500	Newmont Corporation		33,100
	160	Nucor Corporation		21,059
	60	Packaging Corporation of America		8,831
	140	PPG Industries, Inc.		18,683
	80	Sealed Air Corporation		5,370
	140	Sherwin-Williams Company		36,838
	80	Vulcan Materials Company		14,516
	160	Westrock Company		7,243
				566,482
		Real Estate — 2.5%
	80	Alexandria Real Estate Equities, Inc.		15,152
	280	American Tower Corporation		63,524
	80	AvalonBay Communities, Inc.		19,087
	80	Boston Properties, Inc.		9,785
	200	CBRE Group, Inc. - Class A ^(a)		19,370
	260	Crown Castle International Corporation		43,313
	180	Digital Realty Trust, Inc.		24,286
	240	Duke Realty Corporation		12,720
	40	Equinix, Inc.		28,389
	200	Equity Residential		17,060
	40	Essex Property Trust, Inc.		12,687
	80	Extra Space Storage, Inc.		15,052
	40	Federal Realty Investment Trust		4,703
	340	Healthpeak Properties, Inc.		10,560
	440	Host Hotels & Resorts, Inc.		8,039
	180	Iron Mountain, Inc.		8,852
	380	Kimco Realty Corporation		8,941
	60	Mid-America Apartment Communities, Inc.		12,277
	460	Prologis, Inc.		67,092
	80	Public Storage		28,402
	360	Realty Income Corporation		23,792
	80	Regency Centers Corporation		5,271
	60	SBA Communications Corporation		18,203
	200	Simon Property Group, Inc.		27,512
	180	UDR, Inc.		9,877
	240	Ventas, Inc.		12,960
	100	Vornado Realty Trust		4,328
	260	Welltower, Inc.		21,655
	460	Weyerhaeuser Company		17,885
				570,774
		Utilities — 2.5%
	420	AES Corporation		8,917
	140	Alliant Energy Corporation		8,176
	160	Ameren Corporation		13,752
	300	American Electric Power Company, Inc.		27,195
	100	American Water Works Company, Inc.		15,109
	80	Atmos Energy Corporation		8,785
	380	CenterPoint Energy, Inc.		10,393
	180	CMS Energy Corporation		11,522
	220	Consolidated Edison, Inc.		18,869
	197	Constellation Energy Corporation		9,058
	500	Dominion Energy, Inc.		39,766
	120	DTE Energy Company		14,591
	480	Duke Energy Corporation		48,197

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

Schedules of Investments (Continued)

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 97.4% ^(e) (Continued)
		Utilities — 2.5% (Continued)
	220	Edison International	$	13,952
	120	Entergy Corporation		12,625
	140	Evergy, Inc.		8,737
	200	Eversource Energy		16,360
	600	Exelon Corporation		25,536
	340	FirstEnergy Corporation		14,229
	1,220	NextEra Energy, Inc.		95,488
	240	NiSource, Inc.		6,943
	140	NRG Energy, Inc.		5,298
	60	Pinnacle West Capital Corporation		4,250
	480	PPL Corporation		12,562
	300	Public Service Enterprise Group, Inc.		19,449
	200	Sempra Energy		28,844
	660	Southern Company		42,748
	180	WEC Energy Group, Inc.		16,358
	320	Xcel Energy, Inc.		21,546
				579,255
		TOTAL COMMON STOCKS (Cost $23,930,565)		22,611,740

Contracts			Notional Amount
		PURCHASED OPTIONS (c) — 1.0%
	51	S&P 500 Index Put, Expiration: 03/18/2022, Exercise Price: $4,165.00	$	22,307,094	232,815
		TOTAL PURCHASED OPTIONS (Cost $287,396)			232,815

Shares

Security
Description

Value

SHORT-TERM INVESTMENTS — 3.0%

Money Market Funds — 3.0%

697,809

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

697,809

TOTAL SHORT-TERM INVESTMENTS (Cost $697,809)

697,809

Total Investments (Cost $24,915,770) — 101.4%

23,542,364

Liabilities in Excess of Other Assets — (1.4)%

(318,640

)

TOTAL NET ASSETS — 100.0%

23,223,724

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	To the extent 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 Notes to Financial Statements.

(c)	Exchange traded.

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

(e)	All Common Stocks in this Schedule of Investments are held as collateral for the Written Option.

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

Schedules of Written Options

February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF

Contracts			Security Description	Notional Amount			Value
			WRITTEN OPTIONS ^(a) — (1.4)%
	(51	)	S&P 500 Index Call, Expiration: 03/18/2022, Exercise Price: $4,430.00	$	(22,307,094	)	$	(335,835	)
			TOTAL WRITTEN OPTIONS (Premiums Received $445,955)				$	(335,835	)

(a)	Exchange traded.

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

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Nationwide Risk-Based U.S. Equity ETF		Nationwide Risk-Based International Equity ETF			Nationwide Maximum Diversification U.S. Core Equity ETF		Nationwide Nasdaq-100^® Risk-Managed Income ETF
ASSETS
Investments in securities, at value * ⁺ (Note 2)	$	149,986,078	$	123,016,305		$	132,340,228	$	880,216,798
Dividends and interest receivable		196,698		185,680			131,801		636,609
Securities lending income receivable		1,896		165			4,021		—
Reclaims receivable		828		351,234			—		—
Receivable for securities sold		—		—			—		—
Receivable for capital shares sold		—		—			—		—
Total assets		150,185,500		123,553,384			132,476,050		880,853,407

LIABILITIES
Written options, at value (premiums received, $0, $0, $0, $22,826,120)		—		—			—		19,021,280
Collateral received for securities loaned (Note 4)		32,901,733		1,904,391			31,137,816		—
Management fees payable		27,374		39,729			26,541		463,845
Payable for securities purchased		—		—			—		—
Foreign currency due to custodian, at value*		—		497			—		—
Total liabilities		32,929,107		1,944,617			31,164,357		19,485,125

NET ASSETS	$	117,256,393	$	121,608,767		$	101,311,693	$	861,368,282

Net Assets Consist of:
Paid-in capital	$	111,849,483	$	135,438,709		$	86,440,951	$	960,959,019
Total distributable earnings (accumulated deficit)		5,406,910		(13,829,942	)		14,870,742		(99,590,737	)
Net assets	$	117,256,393	$	121,608,767		$	101,311,693	$	861,368,282


Net Asset Value:
Net assets	$	117,256,393	$	121,608,767		$	101,311,693	$	861,368,282
Shares outstanding ^		3,075,000		4,700,000			2,750,000		35,050,000
Net asset value, offering and redemption price per share	$	38.13	$	25.87		$	36.84	$	24.58
* Identified cost:
Investments in securities	$	141,813,160	$	120,746,088		$	120,669,921	$	883,532,717
Foreign currency		—		(1,007	)		—		—
⁺ Includes loaned securities with a value of	$	32,359,283	$	2,329,218		$	30,795,820	$	—

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

Statements of Assets and Liabilities (Continued)

February 28, 2022 (Unaudited)

	Nationwide Dow Jones^® Risk-Managed Income ETF			Nationwide Russell 2000^® Risk-Managed Income ETF			Nationwide S&P 500^® Risk-Managed Income ETF
ASSETS
Investments in securities, at value * ⁺ (Note 2)	$	28,309,547		$	16,989,553		$	23,542,364
Dividends and interest receivable		64,735			8,617			28,871
Securities lending income receivable		—			—			—
Reclaims receivable		—			21			—
Receivable for securities sold		8,205			4,405			—
Receivable for capital shares sold		1,172,920			—			—
Total assets		29,555,407			17,002,596			23,571,235

LIABILITIES
Written options, at value (premiums received, $447,864, $423,719, $445,955)		217,948			427,880			335,835
Collateral received for securities loaned (Note 4)		—			—			—
Management fees payable		14,165			8,674			11,676
Payable for securities purchased		1,174,319			—			—
Foreign currency due to custodian, at value*		—			—			—
Total liabilities		1,406,432			436,554			347,511

NET ASSETS	$	28,148,975		$	16,566,042		$	23,223,724

Net Assets Consist of:
Paid-in capital	$	29,627,485			17,551,575		$	24,756,905
Total distributable earnings (accumulated deficit)		(1,478,510	)		(985,533	)		(1,533,181	)
Net assets	$	28,148,975		$	16,566,042		$	23,223,724


Net Asset Value:
Net assets	$	28,148,975		$	16,566,042		$	23,223,724
Shares outstanding ^		1,200,000			700,000			1,000,000
Net asset value, offering and redemption price per share	$	23.46		$	23.67		$	23.22
* Identified cost:
Investments in securities	$	29,637,452		$	18,130,031		$	24,915,770
Foreign currency		—		$	—			—
⁺ Includes loaned securities with a value of	$	—		$	—		$	—

^	No par value, unlimited number of shares authorized.

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

Statements of Operations

For the Six-Months/Period Ended February 28, 2022 (Unaudited)

	Nationwide Risk-Based U.S. Equity ETF			Nationwide Risk-Based International Equity ETF			Nationwide Maximum Diversification U.S. Core Equity ETF			Nationwide Nasdaq-100^® Risk-Managed Income ETF
INCOME
Dividends*	$	1,087,171		$	927,739		$	786,397		$	2,808,219
Non-cash dividends		—			509,964			—			—
Interest		35			37			30			482
Securities lending income, net (Note 4)		11,181			20,564			16,437			—
Total investment income		1,098,387			1,458,304			802,864			2,808,701

EXPENSES
Management fees		187,362			269,675			188,423			2,694,441
Total expenses		187,362			269,675			188,423			2,694,441
Net investment income (loss)		911,025			1,188,629			614,441			114,260

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		1,887,319			(1,526,411	)		5,956,918			(8,490,477	)
Written options		—			—			—			1,495,113
Foreign currency transactions		—			20,375			2			—
Change in unrealized appreciation (depreciation) on:
Investments		(7,575,916	)		(11,514,644	)		(19,619,185	)		(97,256,262	)
Written options		—			—			—			3,804,840
Foreign currency translation		—			(10,759	)		—			—
Net realized and unrealized gain (loss) on investments		(5,688,597	)		(13,031,439	)		(13,662,265	)		(100,446,786	)
Net increase (decrease) in net assets resulting from operations	$	(4,777,572	)	$	(11,842,810	)	$	(13,047,824	)	$	(100,332,526	)

* Net of foreign withholding taxes	$	—		$	173,625		$	—		$	3,594

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

Statements of Operations (Continued)

For the Six-Months/Period Ended February 28, 2022 (Unaudited)

	Nationwide Dow Jones^® Risk-Managed Income ETF⁽¹⁾			Nationwide Russell 2000^® Risk-Managed Income ETF⁽¹⁾			Nationwide S&P 500^® Risk-Managed Income ETF⁽¹⁾
INCOME
Dividends*	$	82,984		$	32,269		$	54,232
Non-cash dividends		—			—			—
Interest		7			39			32
Securities lending income, net (Note 4)		—			—			—
Total investment income		82,991			32,308			54,264

EXPENSES
Management fees		29,514			21,809			25,679
Total expenses		29,514			21,809			25,679
Net investment income (loss)		53,477			10,499			28,585

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(368,296	)		(418,591	)		(305,295	)
Written options		331,291			847,631			339,099
Foreign currency transactions		—			—			—
Change in unrealized appreciation (depreciation) on:
Investments		(1,327,905	)		(1,140,478	)		(1,373,406	)
Written options		229,916			(4,161	)		110,120
Foreign currency translation		—			—			—
Net realized and unrealized gain (loss) on investments		(1,134,994	)		(715,599	)		(1,229,482	)
Net increase (decrease) in net assets resulting from operations	$	(1,081,517	)	$	(705,100	)	$	(1,200,897	)

* Net of foreign withholding taxes	$	—		$	—		$	—

⁽¹⁾	The Fund commenced operations on December 16, 2021. The information presented is for the period from December 16, 2021 to February 28, 2022.

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

Statements of Changes in Net Assets

Nationwide Risk-Based U.S. Equity ETF

	Six-Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
OPERATIONS
Net investment income (loss)	$	911,025		$	1,328,834
Net realized gain (loss) on investments and foreign currency		1,887,319			28,869,105
Change in unrealized appreciation (depreciation) on investments and foreign currency		(7,575,916	)		(3,944,816	)
Net increase (decrease) in net assets resulting from operations		(4,777,572	)		26,253,123

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(1,556,646	)		(1,476,799	)
Total distributions to shareholders		(1,556,646	)		(1,476,799	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		—			78,243,633
Payments for shares redeemed		(5,996,160	)		(81,181,680	)
Net increase (decrease) in net assets derived from capital share transactions (a)		(5,996,160	)		(2,938,047	)
Net increase (decrease) in net assets	$	(12,330,378	)	$	21,838,277

NET ASSETS
Beginning of period/year	$	129,586,771		$	107,748,494
End of period/year	$	117,256,393		$	129,586,771

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		—			2,075,000
Shares redeemed		(150,000	)		(2,175,000	)
Net increase (decrease)		(150,000	)		(100,000	)

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

Statements of Changes in Net Assets (Continued)

Nationwide Risk-Based International Equity ETF

	Six-Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
OPERATIONS
Net investment income (loss)	$	1,188,629		$	2,512,391
Net realized gain (loss) on investments and foreign currency		(1,506,036	)		13,911,752
Change in unrealized appreciation (depreciation) on investments and foreign currency		(11,525,403	)		2,789,074
Net increase (decrease) in net assets resulting from operations		(11,842,810	)		19,213,217

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(3,480,771	)		(2,149,338	)
Total distributions to shareholders		(3,480,771	)		(2,149,338	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		2,121,555			46,707,375
Payments for shares redeemed		—			(41,140,420	)
Transaction fees (Note 8)		53			1,865
Net increase (decrease) in net assets derived from capital share transactions (a)		2,121,608			5,568,820
Net increase (decrease) in net assets	$	(13,201,973	)	$	22,632,699

NET ASSETS
Beginning of period/year	$	134,810,740		$	112,178,041
End of period/year	$	121,608,767		$	134,810,740

(a)	A summary of capital share transactions is as follows:

	Shares		Shares
Shares sold		75,000		1,625,000
Shares redeemed		—		(1,450,000	)
Net increase (decrease)		75,000		175,000

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

Statements of Changes in Net Assets (Continued)

Nationwide Maximum Diversification U.S. Core Equity ETF

	Six-Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
OPERATIONS
Net investment income (loss)	$	614,441		$	1,152,266
Net realized gain (loss) on investments and foreign currency		5,956,920			12,985,252
Change in unrealized appreciation (depreciation) on investments and foreign currency		(19,619,185	)		11,683,009
Net increase (decrease) in net assets resulting from operations		(13,047,824	)		25,820,527

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(1,182,986	)		(1,901,945	)
Total distributions to shareholders		(1,182,986	)		(1,901,945	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		8,173,585			16,434,355
Payments for shares redeemed		(13,499,563	)		(20,102,342	)
Net increase (decrease) in net assets derived from capital share transactions (a)		(5,325,978	)		(3,667,987	)
Net increase (decrease) in net assets	$	(19,556,788	)	$	20,250,595

NET ASSETS
Beginning of period/year	$	120,868,481		$	100,617,886
End of period/year	$	101,311,693		$	120,868,481

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		200,000			450,000
Shares redeemed		(325,000	)		(550,000	)
Net increase (decrease)		(125,000	)		(100,000	)

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

Statements of Changes in Net Assets (Continued)

Nationwide Nasdaq-100^® Risk-Managed Income ETF

	Six-Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
OPERATIONS
Net investment income (loss)	$	114,260		$	189,278
Net realized gain (loss) on investments and written options		(6,995,364	)		(36,835,528	)
Change in unrealized appreciation (depreciation) on investments and written options		(93,451,422	)		70,848,932
Net increase (decrease) in net assets resulting from operations		(100,332,526	)		34,202,682

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(31,667,276	)		(189,278	)
Tax return of capital to shareholders		—			(20,717,538	)
Total distributions to shareholders		(31,667,276	)		(20,906,816	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		469,749,475			468,649,890
Payments for shares redeemed		(58,681,855	)		(27,653,610	)
Net increase (decrease) in net assets derived from capital share transactions (a)		411,067,620			440,996,280
Net increase (decrease) in net assets	$	279,067,818		$	454,292,146

NET ASSETS
Beginning of period/year	$	582,300,464		$	128,008,318
End of period/year	$	861,368,282		$	582,300,464

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		16,900,000			16,850,000
Shares redeemed		(2,200,000	)		(1,050,000	)
Net increase (decrease)		14,700,000			15,800,000

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

Statements of Changes in Net Assets (Continued)

Nationwide Dow Jones^® Risk-Managed Income ETF

	Period Ended February 28, 2022 ⁽¹⁾ (Unaudited)
OPERATIONS
Net investment income (loss)	$	53,477
Net realized gain (loss) on investments and written options		(37,005	)
Change in unrealized appreciation (depreciation) on investments and written options		(1,097,989	)
Net increase (decrease) in net assets resulting from operations		(1,081,517	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(396,993	)
Total distributions to shareholders		(396,993	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		29,627,485
Payments for shares redeemed		—
Net increase (decrease) in net assets derived from capital share transactions (a)		29,627,485
Net increase (decrease) in net assets	$	28,148,975

NET ASSETS
Beginning of period	$	—
End of period	$	28,148,975

(a)	A summary of capital share transactions is as follows:

	Shares
Shares sold		1,200,000
Shares redeemed		—
Net increase (decrease)		1,200,000

(1)	Inception date of December 16, 2021. The information shown is for the period from December 16, 2021 to February 28, 2022.

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

Statements of Changes in Net Assets (Continued)

Nationwide Russell 2000^® Risk-Managed Income ETF

	Period Ended February 28, 2022 ⁽¹⁾ (Unaudited)
OPERATIONS
Net investment income (loss)	$	10,499
Net realized gain (loss) on investments		429,040
Change in unrealized appreciation (depreciation) on investments and written options		(1,144,639	)
Net increase (decrease) in net assets resulting from operations		(705,100	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(280,433	)
Total distributions to shareholders		(280,433	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		17,551,575
Payments for shares redeemed		—
Net increase (decrease) in net assets derived from capital share transactions (a)		17,551,575
Net increase (decrease) in net assets	$	16,566,042

NET ASSETS
Beginning of period	$	—
End of period	$	16,566,042

(a)	A summary of capital share transactions is as follows:

	Shares
Shares sold		700,000
Shares redeemed		—
Net increase (decrease)		700,000

(1)	Inception date of December 16, 2021. The information shown is for the period from December 16, 2021 to February 28, 2022.

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

Statements of Changes in Net Assets (Continued)

Nationwide S&P 500^® Risk-Managed Income ETF

	Period Ended February 28, 2022 ⁽¹⁾ (Unaudited)
OPERATIONS
Net investment income (loss)	$	28,585
Net realized gain (loss) on investments		33,804
Change in unrealized appreciation (depreciation) on investments and written options		(1,263,286	)
Net increase (decrease) in net assets resulting from operations		(1,200,897	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(332,284	)
Total distributions to shareholders		(332,284	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		24,756,905
Payments for shares redeemed		—
Net increase (decrease) in net assets derived from capital share transactions (a)		24,756,905
Net increase (decrease) in net assets	$	23,223,724

NET ASSETS
Beginning of period	$	—
End of period	$	23,223,724

(a)	A summary of capital share transactions is as follows:

	Shares
Shares sold		1,000,000
Shares redeemed		—
Net increase (decrease)		1,000,000

(1)	Inception date of December 16, 2021. The information shown is for the period from December 16, 2021 to February 28, 2022.

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

Financial Highlights

For a capital share outstanding throughout the period/year

Nationwide Risk-Based U.S. Equity ETF

	Period Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018⁽¹⁾
	Period Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018⁽¹⁾
Net asset value, beginning of period/year	$	40.18		$	32.41		$	29.21		$	27.79		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.29			0.42			0.48			0.53			0.51
Net realized and unrealized gain (loss) on investments and foreign currency ⁽³⁾		(1.85	)		7.82			3.28			1.49			2.41
Total from investment operations		(1.56	)		8.24			3.76			2.02			2.92

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.49	)		(0.47	)		(0.56	)		(0.60	)		(0.11	)
From realized gains		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.49	)		(0.47	)		(0.56	)		(0.60	)		(0.13	)

Net asset value, end of period/year	$	38.13		$	40.18		$	32.41		$	29.21		$	27.79

Total return		-3.95	%⁽⁴⁾		25.66	%		13.00	%		7.70	%		11.70	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	117,256		$	129,587		$	107,748		$	114,637		$	118,101

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.30	%⁽⁵⁾		0.30	%		0.30	%		0.30	%		0.30	%⁽⁵⁾
Net investment income (loss) to average net assets		1.46	%⁽⁵⁾		1.16	%		1.64	%		1.95	%		2.03	%⁽⁵⁾

Portfolio turnover rate ⁽⁶⁾		27	%⁽⁴⁾		57	%		73	%		76	%		87	%⁽⁴⁾

⁽¹⁾	Inception date of September 15, 2017.

⁽²⁾	Calculated based on average shares outstanding during the period/year.

⁽³⁾	Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Excludes the impact of in-kind transactions.

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

Financial Highlights (Continued)

For a capital share outstanding throughout the period/year

Nationwide Risk-Based International Equity ETF

	Period Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018⁽¹⁾
	Period Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018⁽¹⁾
Net asset value, beginning of period/year	$	29.15		$	25.21		$	24.70		$	25.99		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.25			0.57			0.46			0.68			0.59
Net realized and unrealized gain (loss) on investments and foreign currency ⁽³⁾		(2.79	)		3.86			0.73			(1.30	)		0.53
Total from investment operations		(2.54	)		4.43			1.19			(0.62	)		1.12

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.74	)		(0.49	)		(0.68	)		(0.67	)		(0.11	)
From realized gains		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.74	)		(0.49	)		(0.68	)		(0.67	)		(0.13	)

CAPITAL SHARE TRANSACTIONS
Transaction fees (Note 8)		0.00	⁽⁴⁾		0.00	⁽⁴⁾		0.00	⁽⁴⁾		—			0.00	⁽⁴⁾

Net asset value, end of period/year	$	25.87		$	29.15		$	25.21		$	24.70		$	25.99

Total return		-8.81	%⁽⁵⁾		17.70	%		4.77	%		-2.14	%		4.48	%⁽⁵⁾

SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	121,609		$	134,811		$	112,178		$	116,709		$	119,550

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.42	%⁽⁶⁾		0.42	%		0.42	%		0.42	%		0.42	%⁽⁶⁾
Net investment income (loss) to average net assets		1.85	%⁽⁶⁾		2.09	%		1.89	%		2.74	%		2.36	%⁽⁶⁾

Portfolio turnover rate ⁽⁷⁾		37	%⁽⁵⁾		66	%		78	%		98	%		145	%⁽⁵⁾

⁽¹⁾	Inception date of September 15, 2017.

⁽²⁾	Calculated based on average shares outstanding during the period/year.

⁽³⁾	Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

⁽⁴⁾	Less than $0.005.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

⁽⁷⁾	Excludes the impact of in-kind transactions.

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

Financial Highlights (Continued)

For a capital share outstanding throughout the period/year

Nationwide Maximum Diversification U.S. Core Equity ETF

	Period Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018⁽¹⁾
	Period Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018⁽¹⁾
Net asset value, beginning of period/year	$	42.04		$	33.82		$	29.16		$	29.69		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.22			0.39			0.64			0.49			0.35
Net realized and unrealized gain (loss) on investments and foreign currency ⁽³⁾		(4.98	)		8.49			4.54			(0.60	)		4.46
Total from investment operations		(4.76	)		8.88			5.18			(0.11	)		4.81

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.44	)		(0.66	)		(0.52	)		(0.42	)		(0.12	)
From realized gains		—			—			—			—			(0.00	)⁽⁴⁾
Total distributions to shareholders		(0.44	)		(0.66	)		(0.52	)		(0.42	)		(0.12	)

CAPITAL SHARE TRANSACTIONS
Transaction fees (Note 8)		—			—			—			0.00	⁽⁴⁾		—

Net asset value, end of period/year	$	36.84		$	42.04		$	33.82		$	29.16		$	29.69

Total return		-11.41	%⁽⁵⁾		26.54	%		17.96	%		-0.11	%		19.27	%⁽⁵⁾

SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	101,312		$	120,868		$	100,618		$	105,699		$	114,298

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.34	%⁽⁶⁾		0.34	%		0.34	%		0.34	%		0.34	%⁽⁶⁾
Net investment income (loss) to average net assets		1.11	%⁽⁶⁾		1.04	%		2.11	%		1.75	%		1.35	%⁽⁶⁾

Portfolio turnover rate ⁽⁷⁾		13	%⁽⁵⁾		35	%		40	%		37	%		26	%⁽⁵⁾

⁽¹⁾	Inception date of September 15, 2017.

⁽²⁾	Calculated based on average shares outstanding during the period/year.

⁽³⁾	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁴⁾	Less than $0.005.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

⁽⁷⁾	Excludes the impact of in-kind transactions.

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

Financial Highlights (Continued)

For a capital share outstanding throughout the period/year

Nationwide Nasdaq-100^® Risk-Managed Income ETF

	Period Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021⁽¹⁾			Period Ended August 31, 2020⁽¹⁾
Net asset value, beginning of period/year	$	28.61		$	28.13		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.00	⁽³⁾		0.02			0.05
Net realized and unrealized gain (loss) on investments ⁽⁴⁾		(2.97	)		2.59			4.61
Total from investment operations		(2.97	)		2.61			4.66

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1.06	)		(0.02	)		(0.04	)
Tax return of capital to shareholders		—			(2.11	)		(1.49	)
Total distributions to shareholders		(1.06	)		(2.13	)		(1.53	)

Net asset value, end of period/year	$	24.58		$	28.61		$	28.13

Total return		-10.70	%⁽⁵⁾		9.61	%⁽⁶⁾		19.72	%⁽⁵⁾⁽⁶⁾

SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	861,368		$	582,300		$	128,008

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%⁽⁷⁾		0.68	%		0.68	%⁽⁷⁾
Net investment income (loss) to average net assets		0.03	%⁽⁷⁾		0.07	%		0.25	%⁽⁷⁾

Portfolio turnover rate ⁽⁸⁾		8	%⁽⁵⁾		10	%		11	%⁽⁵⁾

⁽¹⁾	Inception date of December 19, 2019.

⁽²⁾	Calculated based on average shares outstanding during the period/year.

⁽³⁾	Less than $0.005.

⁽⁴⁾	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁵⁾	Not annualized.

⁽⁶⁾

The return reflects the actual performance for the period and does not include the impact of adjustments made in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Had the adjustments been included, the total return for the periods ended August 31, 2021 and 2020 would have been 9.96% and 19.33%, respectively.

⁽⁷⁾	Annualized.

⁽⁸⁾	Excludes the impact of in-kind transactions.

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

Financial Highlights (Continued)

For a capital share outstanding throughout the period

Nationwide Dow Jones^® Risk-Managed Income ETF

	Period Ended February 28, 2022⁽¹⁾ (Unaudited)
Net asset value, beginning of period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.06
Net realized and unrealized gain (loss) on investments ⁽³⁾		(1.18	)
Total from investment operations		(1.12	)

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.42	)
Total distributions to shareholders		(0.42	)

Net asset value, end of period	$	23.46

Total return		-4.51	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	28,149

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%⁽⁵⁾
Net investment income (loss) to average net assets		1.23	%⁽⁵⁾

Portfolio turnover rate ⁽⁶⁾		2	%⁽⁴⁾

⁽¹⁾	Inception date of December 16, 2021.

⁽²⁾	Calculated based on average shares outstanding during the period.

⁽³⁾	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Excludes the impact of in-kind transactions.

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

Financial Highlights (Continued)

For a capital share outstanding throughout the period

Nationwide Russell 2000^® Risk-Managed Income ETF

	Period Ended February 28, 2022⁽¹⁾ (Unaudited)
Net asset value, beginning of period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.02
Net realized and unrealized gain (loss) on investments ⁽³⁾		(0.93	)
Total from investment operations		(0.91	)

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.42	)
Total distributions to shareholders		(0.42	)

Net asset value, end of period	$	23.67

Total return		-3.67	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	16,566

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%⁽⁵⁾
Net investment income (loss) to average net assets		0.33	%⁽⁵⁾

Portfolio turnover rate ⁽⁶⁾		1	%⁽⁴⁾

⁽¹⁾	Inception date of December 16, 2021.

⁽²⁾	Calculated based on average shares outstanding during the period.

⁽³⁾	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Excludes the impact of in-kind transactions.

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

Financial Highlights (Continued)

For a capital share outstanding throughout the period

Nationwide S&P 500^® Risk-Managed Income ETF

	Period Ended February 28, 2022⁽¹⁾ (Unaudited)
Net asset value, beginning of period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.04
Net realized and unrealized gain (loss) on investments ⁽³⁾		(1.40	)
Total from investment operations		(1.36	)

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.42	)
Total distributions to shareholders		(0.42	)

Net asset value, end of period	$	23.22

Total return		-5.47	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	23,224

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%⁽⁵⁾
Net investment income (loss) to average net assets		0.76	%⁽⁵⁾

Portfolio turnover rate ⁽⁶⁾		0	%⁽⁴⁾

⁽¹⁾	Inception date of December 16, 2021.

⁽²⁾	Calculated based on average shares outstanding during the period.

⁽³⁾	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Excludes the impact of in-kind transactions.

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

Notes to Financial Statements

February 28, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

Nationwide Risk-Based U.S. Equity ETF, Nationwide Risk-Based International Equity ETF and Nationwide Maximum Diversification U.S. Core Equity ETF are each a diversified series and Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF are each a non-diversified series (individually each a “Fund” or collectively the “Funds”) of ETF Series Solutions (“ESS” or the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objective of Nationwide Risk-Based U.S. Equity ETF is to track the performance of the Rothschild & Co Risk-Based US Index^SM. The investment objective of Nationwide Risk-Based International Equity ETF is to track the performance of the Rothschild & Co Risk-Based International Index^SM. The investment objective of Nationwide Maximum Diversification U.S. Core Equity ETF is to track the performance of the TOBAM Maximum Diversification^® USA Index. The investment objective of Nationwide Nasdaq 100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF is to seek current income with downside protection. The inception date for Nationwide Risk-Based U.S. Equity ETF, Nationwide Risk-Based International Equity ETF and Nationwide Maximum Diversification U.S. Core Equity ETF (“Index ETFs”) is September 15, 2017. The inception date for Nationwide Nasdaq-100^® Risk-Managed Income ETF is December 19, 2019. The inception date for Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF, and Nationwide S&P 500^® Risk-Managed Income ETF is December 16, 2021.

The end of the reporting period for the Funds is February 28, 2022, and the period covered by these Notes to Financial Statements is the six-month period from September 1, 2021 through February 28, 2022 for Nationwide Risk-Based U.S. Equity ETF, Nationwide Risk-Based International Equity ETF, Nationwide Maximum Diversification U.S. Core Equity ETF and Nationwide Nasdaq-100^® Risk-Managed Income ETF and the period from December 16, 2021 through February 28, 2022 for Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF (each, respectively, the “current fiscal period”).

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services-Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. GAAP.

Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market^®, Nasdaq Global Select Market^® and the Nasdaq Capital Market^® exchanges (collectively, “Nasdaq”) are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value (“NAV”) per share.

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options will be priced at intrinsic value. The Trust’s valuation committee may also use other valuation methods in certain instances.

Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company’s NAV per share as provided by the underlying fund’s administrator. These shares are generally classified as Level 2 Investments.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds’ Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds’ investments as of the end of the current fiscal period:

Nationwide Risk-Based U.S. Equity ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	116,854,844	$	—	$	—	$	116,854,844
Short-Term Investments		229,501		—		—		229,501
Investments Purchased with Proceeds from Securities Lending		—		32,901,733		—		32,901,733
Total Investments in Securities, at value	$	117,084,345	$	32,901,733	$	—	$	149,986,078

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

Nationwide Risk-Based International Equity ETF

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	120,933,831	$	—	$	—	$	120,933,831
Short-Term Investments		178,083		—		—		178,083
Investments Purchased with Proceeds from Securities Lending		—		1,904,391		—		1,904,391
Total Investments in Securities, at value	$	121,111,914	$	1,904,391	$	—	$	123,016,305

Nationwide Maximum Diversification U.S. Core Equity ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	100,990,518	$	—	$	—	$	100,990,518
Short-Term Investments		211,894		—		—		211,894
Investments Purchased with Proceeds from Securities Lending		—		31,137,816		—		31,137,816
Total Investments in Securities, at value	$	101,202,412	$	31,137,816	$	—	$	132,340,228

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Assets^#	Level 1		Level 2		Level 3		Total
Common Stocks	$	866,305,036	$	—	$	—	$	866,305,036
Purchased Options		—		11,004,800		—		11,004,800
Short-Term Investments		2,906,962		—		—		2,906,962
Total Investments in Securities, at value	$	869,211,998	$	11,004,800	$	—	$	880,216,798

Liabilities^#	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	19,021,280	$	—	$	19,021,280
Total Written Options, at value	$	—	$	19,021,280	$	—	$	19,021,280

Nationwide Dow Jones^® Risk-Managed Income ETF

Assets^#	Level 1		Level 2		Level 3		Total
Common Stocks	$	27,938,877	$	—	$	—	$	27,938,877
Purchased Options		—		286,340		—		286,340
Short-Term Investments		84,330		—		—		84,330
Total Investments in Securities, at value	$	28,023,207	$	286,340	$	—	$	28,309,547

Liabilities^#	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	217,948	$	—	$	217,948
Total Written Options, at value	$	—	$	217,948	$	—	$	217,948

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF

Assets^#	Level 1		Level 2		Level 3		Total
Common Stocks	$	15,966,409	$	—	$	—	$	15,966,409
Purchased Options		—		183,160		—		183,160
Short-Term Investments		839,984		—		—		839,984
Total Investments in Securities, at value	$	16,806,393	$	183,160	$	—	$	16,989,553

Liabilities^#	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	427,880	$	—	$	427,880
Total Written Options, at value	$	—	$	427,880	$	—	$	427,880

Nationwide S&P 500^® Risk-Managed Income ETF

Assets^#	Level 1		Level 2		Level 3		Total
Common Stocks	$	22,611,740	$	—	$	—	$	22,611,740
Purchased Options		—		232,815		—		232,815
Short-Term Investments		697,809		—		—		697,809
Total Investments in Securities, at value	$	23,309,549	$	232,815	$	—	$	23,542,364

Liabilities^#	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	335,835	$	—	$	335,835
Total Written Options, at value	$	—	$	335,835	$	—	$	335,835

See Schedule of Investments for breakout of investments by sector classification.

See Schedule of Investments for breakout of investments by country and sector classifications.

See Schedule of Investments and Schedules of Written Options for breakout of investments by sector classification and contract type.

During the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Federal Income Taxes. The Funds’ policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and various state and local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.

Distributions received from the Funds’ investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income or return of capital and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

Distributions to Shareholders. Distributions to shareholders from net investment income and net realized gains on securities are declared and paid on an annual basis for Nationwide Risk-Based U.S. Equity ETF, Nationwide Risk-Based International Equity ETF and Nationwide Maximum Diversification U.S. Core Equity ETF. Distributions to shareholders from net investment income or return of capital are declared and paid monthly by Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF and realized gains on securities are declared and paid by the Funds on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange, Inc. (“NYSE”) is closed for trading. The offering and redemption price per share of each Fund is equal to each Fund’s NAV per share.

Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and are primarily due to differing book and tax treatments for in-kind transactions. During the fiscal year ended August 31, 2021, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
Nationwide Risk-Based U.S. Equity ETF	$	(21,477,156	)	$	21,477,156
Nationwide Risk-Based International Equity ETF		(8,539,996	)		8,539,996
Nationwide Maximum Diversification U.S. Core Equity ETF		(8,117,220	)		8,117,220
Nationwide Nasdaq-100^® Risk-Managed Income ETF		(7,715,699	)		7,715,699
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A			N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A			N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A			N/A

During the fiscal year ended August 31, 2021, the Funds realized the following net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid-in capital.

Nationwide Risk-Based U.S. Equity ETF	$	21,477,156
Nationwide Risk-Based International Equity ETF		8,539,996
Nationwide Maximum Diversification U.S. Core Equity ETF		8,117,220
Nationwide Nasdaq-100^® Risk-Managed Income ETF		7,715,699
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A

Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Regulatory Updates. In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how the Funds use derivatives, adversely affect the Funds’ performance and increase costs related to the Funds’ use of derivatives.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Nationwide Fund Advisors (“NFA” or the “Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is responsible for arranging, in consultation with each Fund’s respective sub-adviser: transfer agency, custody, fund administration and accounting, and all other related services necessary for the Funds to operate. Vident Investment Advisory, LLC serves as the sub-adviser for the Nationwide Risk-Based U.S. Equity ETF, Nationwide Risk-Based International Equity ETF and Nationwide Maximum Diversification U.S. Core Equity ETF and Harvest Volatility Management, LLC serves as the sub-adviser for Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF (each, respectively, the “Sub-Adviser”). Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and distribution (12b-1) fees and expenses. For services provided to the Funds, Nationwide Risk-Based U.S. Equity ETF pays the Adviser 0.30%, Nationwide Risk-Based International Equity ETF pays the Adviser 0.42%, Nationwide Maximum Diversification U.S. Core Equity ETF pays the Adviser 0.34%, and Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF each pay the Adviser 0.68%, at an annual rate based on each Fund’s average daily net assets. The Adviser is paid monthly, and the Adviser is responsible for paying the Sub-Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ Custodian, transfer agent and accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ Custodian.

The Custodian and Bank of New York Mellon (“BNY” or the “Sub-Custodian”) act as the securities lending agents (the “Securities Lending Agents”) for the Nationwide Risk-Based International Equity ETF. The Custodian acts as the securities lending agent for the Nationwide Risk-Based U.S. Equity ETF and the Nationwide Maximum Diversification U.S. Core Equity ETF. The Risk-Managed Income ETFs are not a party to either securities lending agreement, therefore did not participate.

A Trustee and all officers of the Trust are affiliated with the Administrator and Custodian.

NOTE 4 – SECURITIES LENDING

The Funds may lend up to 33⅓% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the securities lending agents. The securities lending agreements require that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the non-cash and cash collateral. The amount of fees depends on a number of factors including the type of security and length

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

The securities lending agreements provide that, in the event of a borrower’s material default, the securities lending agent shall take all actions the securities lending agent deems appropriate to liquidate the collateral, purchase replacement securities at the securities lending agent’s expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreements between the Funds and the securities lending agents.

As of the end of the current fiscal period, Nationwide Risk-Based International Equity ETF had loaned securities that were collateralized by both non-cash collateral and cash equivalents. Nationwide Risk-Based U.S. Equity ETF and Nationwide Maximum Diversification U.S. Core Equity ETF had loaned securities that were collateralized by cash equivalents. The cash collateral is invested by the Securities Lending Agents in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agents. Non-cash collateral received by the Nationwide Risk-Based International Equity ETF was in the form of U.S. Treasury Bonds and Notes with remaining maturities greater than 90 days and had a value of $546,235 at the end of the current fiscal period.

As of the end of the current fiscal period, the values of the securities on loan and payable for collateral due to the Securities Lending Agents were as follows:

Fund	Value of Securities on Loan		Payable for Collateral Received
Nationwide Risk-Based U.S. Equity ETF	$	32,359,283	$	32,901,733	*
Nationwide Risk-Based International Equity ETF		2,329,218		2,450,626	^
Nationwide Maximum Diversification U.S. Core Equity ETF		30,795,820		31,137,816	*
Nationwide Nasdaq-100^® Risk-Managed Income ETF		—		—
Nationwide Dow Jones^® Risk-Managed Income ETF		—		—
Nationwide Russell 2000^® Risk-Managed Income ETF		—		—
Nationwide S&P 500^® Risk-Managed Income ETF		—		—

The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedules of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit.

^	The cash collateral received was invested in repurchase agreements collateralized by various U.S. government obligations with an overnight and continuous maturity.

The Nationwide Risk-Based International Equity ETF receives cash and non-cash collateral in return for securities loaned as part of the securities lending program. The cash collateral is invested in various repurchase agreements with selected commercial banks and broker-dealers, under which the Fund acquires U.S. government obligations as collateral including Treasury bills, bonds, and notes, as well as mortgage backed securities, subject to an obligation of the counterparty to repurchase and the Fund to resell the securities at an agreed upon time and price. The Fund, through the Sub-Custodian, receives delivery of the underlying securities collateralizing repurchase agreements. The Fund requires the Sub-Custodian to take possession of all securities held as collateral for repurchase agreements. The Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction and it is the Fund’s policy that the fair

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

value of the collateral be at least equal to 102% of the repurchase price. The value of the related collateral that the Fund received for repurchase agreements exceeded the value of the repurchase agreements at the end of the current fiscal period. The Schedule of Investments for the Fund includes investments purchased with particular cash collateral holdings as of the end of the reporting period.

The interest income earned by the Funds on non-cash collateral and investments of cash collateral received from borrowers for the securities loaned to them (“Securities Lending Income”) is reflected in the Funds’ Statements of Operations. Net fees and interest income earned on collateral investments and recognized by the Funds during the current fiscal period were as follows:

Fund	Net Fees and Interest Earned
Nationwide Risk-Based U.S. Equity ETF	$	11,181
Nationwide Risk-Based International Equity ETF		20,564
Nationwide Maximum Diversification U.S. Core Equity ETF		16,437
Nationwide Nasdaq-100^® Risk-Managed Income ETF		—
Nationwide Dow Jones^® Risk-Managed Income ETF		—
Nationwide Russell 2000^® Risk-Managed Income ETF		—
Nationwide S&P 500^® Risk-Managed Income ETF		—

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no offsetting disclosures have been made on behalf of the Funds.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities, options, and in-kind transactions were as follows:

Fund	Purchases		Sales
Nationwide Risk-Based U.S. Equity ETF	$	33,413,403	$	34,035,331
Nationwide Risk-Based International Equity ETF		46,587,783		48,652,863
Nationwide Maximum Diversification U.S. Core Equity ETF		14,143,250		14,729,889
Nationwide Nasdaq-100^® Risk-Managed Income ETF		63,676,203		101,273,215
Nationwide Dow Jones^® Risk-Managed Income ETF		534,177		665,297
Nationwide Russell 2000^® Risk-Managed Income ETF		540,220		212,931
Nationwide S&P 500^® Risk-Managed Income ETF		159,858		1,840

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

During the current fiscal period, the in-kind security transactions associated with creations and redemptions were as follows:

Fund	In-Kind Purchases		In-Kind Sales
Nationwide Risk-Based U.S. Equity ETF	$	—	$	5,981,065
Nationwide Risk-Based International Equity ETF		1,994,527		—
Nationwide Maximum Diversification U.S. Core Equity ETF		8,151,671		13,508,187
Nationwide Nasdaq-100^® Risk-Managed Income ETF		463,267,120		57,486,655
Nationwide Dow Jones^® Risk-Managed Income ETF		29,369,860		—
Nationwide Russell 2000^® Risk-Managed Income ETF		16,669,641		—
Nationwide S&P 500^® Risk-Managed Income ETF		23,773,001		—

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

NOTE 6 – ADDITIONAL DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS

The following disclosures provide information on the Funds’ use of derivatives. The location and value of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statements of Operations are included in the following tables.

Options Contracts. Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF, and Nationwide S&P 500^® Risk-Managed Income ETF may purchase call and put options. The Funds may also write options. When the Funds purchase a call or put option, an amount equal to the premium paid is included in the Statement of Assets and Liabilities as an investment and is subsequently adjusted to reflect the value of the option. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the loss of the premium paid.

A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium. When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. The Funds, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds’ use of derivatives is to hedge or mitigate the downside risk associated with owning equity securities.

The average monthly volume of derivative activity during the current fiscal period was as follows:

	Average Monthly Value
Fund	Purchased Options		Written Options
Nationwide Nasdaq-100^® Risk-Managed Income ETF	$	6,668,183	$	(19,935,503	)
Nationwide Dow Jones^® Risk-Managed Income ETF		159,035		(244,874	)
Nationwide Russell 200^® Risk-Managed Income ETF		162,007		(433,327	)
Nationwide S&P 500^® Risk-Managed Income ETF		133,275		(215,447	)

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

The effect of derivative instruments on the Statements of Assets and Liabilities for the current fiscal period is as follows:

		Asset Derivatives
Fund		Location	Value
Nationwide Nasdaq-100^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	11,004,800
Nationwide Dow Jones^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	286,340
Nationwide Russell 2000^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	183,160
Nationwide S&P 500^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	232,815

		Liability Derivatives
Fund		Location	Value
Nationwide Nasdaq-100^® Risk-Managed Income ETF	Equity Contracts - Written Options	Written Options, at Value	$	19,021,280
Nationwide Dow Jones^® Risk-Managed Income ETF	Equity Contracts - Written Options	Written Options, at Value	$	217,948
Nationwide Russell 2000^® Risk-Managed Income ETF	Equity Contracts - Written Options	Written Options, at Value	$	427,880
Nationwide S&P 500^® Risk-Managed Income ETF	Equity Contracts - Written Options	Written Options, at Value	$	335,835

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

The effect of derivative instruments on the Statements of Operations for the current fiscal period is as follows:

Fund	Derivatives Not Accounted for as Hedging Instruments	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Nationwide Nasdaq-100^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	$	(23,472,598	)*	$	(381,785	)**
Nationwide Nasdaq-100^® Risk-Managed Income ETF	Equity Contracts - Written Options		1,495,113			3,804,840
Nationwide Dow Jones^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	$	(367,728	)*	$	(28,609	)**
Nationwide Dow Jones^® Risk-Managed Income ETF	Equity Contracts - Written Options		331,291			229,916
Nationwide Russell 2000^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	$	(431,248	)*	$	(97,741	)**
Nationwide Russell 2000^® Risk-Managed Income ETF	Equity Contracts - Written Options		847,631			(4,161	)
Nationwide S&P 500^® Risk-Managed Income ETF	Equity Contracts - Purchased Options	$	(305,095	)*	$	(54,581	)**
Nationwide S&P 500^® Risk-Managed Income ETF	Equity Contracts - Written Options		339,099			110,120

*	Included in net realized gain (loss) on investments as reported in the Statements of Operations.

**	Included in net change in unrealized appreciation (depreciation) on investments as reported in the Statements of Operations.

NOTE 7 – INCOME TAX INFORMATION

The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit), are finalized at fiscal year end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of tax basis cost of investments and distributable earnings (accumulated deficit) for federal income tax purposes at August 31, 2021, were as follows:

	Nationwide Risk-Based U.S. Equity ETF			Nationwide Risk-Based International Equity ETF			Nationwide Maximum Diversification U.S. Core Equity ETF			Nationwide Nasdaq-100^® Risk-Managed Income ETF
Tax cost of investments	$	133,245,702		$	126,559,508		$	119,267,749		$	488,379,911
Gross tax unrealized appreciation	$	17,774,262		$	18,053,885		$	35,745,648		$	106,168,381
Gross tax unrealized depreciation		(2,728,450	)		(5,464,809	)		(5,169,067	)		(12,288,818	)
Net tax unrealized appreciation (depreciation)		15,045,812			12,589,076			30,576,581			93,879,563
Undistributed ordinary income		824,473			2,255,483			748,114			—
Undistributed long-term capital gains		—			—			—			—
Other accumulated gain (loss)		(4,129,157	)		(13,350,920	)		(2,223,143	)		(61,470,498	)
Distributed earnings (accumulated deficit)	$	11,741,128		$	1,493,639		$	29,101,552		$	32,409,065

Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF each commenced operations on December 16, 2021, and therefore do not appear in the above table.

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

The difference between book and tax-basis cost is due primarily to timing differences in recognizing wash sale losses in security transactions, tax treatment of certain derivatives and tax treatment of passive foreign investment companies.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds’ taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended August 31, 2021, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of August 31, 2021, the Funds had the following capital loss carryforward available for federal income tax purposes, with an indefinite expiration:

	Short-Term		Long-Term
Nationwide Risk-Based U.S. Equity ETF	$	2,234,945	$	1,894,212
Nationwide Risk-Based International Equity ETF		5,880,909		7,479,330
Nationwide Maximum Diversification U.S. Core Equity ETF		—		2,223,143
Nationwide Nasdaq-100^® Risk-Managed Income ETF		23,878,496		37,592,002
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A		N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A		N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A		N/A

During the fiscal year ended August 31, 2021, the Funds utilized the following capital loss carryforward that was available as of August 31, 2020:

	Short-Term		Long-Term
Nationwide Risk-Based U.S. Equity ETF	$	5,475,158	$	1,776,109
Nationwide Risk-Based International Equity ETF		4,109,797		1,135,199
Nationwide Maximum Diversification U.S. Core Equity ETF		3,002,082		2,089,610
Nationwide Nasdaq-100^® Risk-Managed Income ETF		—		—
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A		N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A		N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A		N/A

The tax character of distributions declared by the Funds during the year ended August 31, 2021 and year/period ended August 31, 2020 was as follows:

	Year Ended August 31, 2021
Fund	Ordinary Income		Long Term Capital Gain		Return of Capital
Nationwide Risk-Based U.S. Equity ETF	$	1,476,799	$	—	$	—
Nationwide Risk-Based International Equity ETF		2,149,338		—		—
Nationwide Maximum Diversification U.S. Core Equity ETF		1,901,945		—		—
Nationwide Nasdaq-100^® Risk-Managed Income ETF		189,278		—		20,717,538
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A		N/A		N/A

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

	Year/Period Ended August 31, 2020
Fund	Ordinary Income		Long Term Capital Gain		Return of Capital
Nationwide Risk-Based U.S. Equity ETF	$	2,223,675	$	—	$	—
Nationwide Risk-Based International Equity ETF		3,226,899		—		—
Nationwide Maximum Diversification U.S. Core Equity ETF		1,874,283		—		—
Nationwide Nasdaq-100^® Risk-Managed Income ETF		87,560		—		3,039,555
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A		N/A		N/A

NOTE 8 – SHARE TRANSACTIONS

Shares of the Funds are listed and traded on New York Stock Exchange Arca, Inc. (“NYSE Arca”). Market prices for the shares may be different from their NAV. Nationwide Risk-Based U.S. Equity ETF, Nationwide Risk-Based International Equity ETF and Nationwide Maximum Diversification U.S. Core Equity ETF issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 shares. Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF, and Nationwide S&P 500^® Risk-Managed ETF issue and redeem shares on a continuous basis at NAV generally in blocks of 50,000 shares. The general blocks of shares issued or redeemed are called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for Nationwide Risk-Based U.S. Equity ETF, Nationwide Maximum Diversification U.S. Core Equity ETF, Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF is $500, payable to the Custodian. The standard fixed transaction fee for Nationwide Russell 2000^® Risk-Managed Income ETF is $750, payable to the Custodian The standard fixed transaction fee for Nationwide Risk-Based International Equity ETF is $4,000, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the Capital Shares Transactions section of each Statement of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

Notes to Financial Statements (Continued)

February 28, 2022 (Unaudited)

NOTE 9 – RISKS

COVID-19 Risk. The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.

Derivatives Risk (Risk-Managed Income ETFs only). The Funds invest in options that derive their performance from the performance of an underlying reference asset. Derivatives, such as the options in which the Funds invest, can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may have investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Funds. The Funds could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their reference asset, or if the Funds are unable to purchase or liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices for derivatives.

Foreign Securities Risk (International Fund only). Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the International Fund more volatile and potentially less liquid than other types of investments.

Sector Risk. To the extent the Funds invest more heavily in particular sectors of the economy, their performance will be especially sensitive to developments that significantly affect those sectors.

NOTE 10 – BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under section 2(a)(9) of the Investment Company Act of 1940. As of the end of the current fiscal period, ownership by affiliated funds and the parent company of the Adviser was as follows:

Fund	Shares Owned		Percentage of Total Shares Outstanding
Nationwide Risk-Based U.S. Equity ETF		3,023,112		98.31	%
Nationwide Risk-Based International Equity ETF		4,655,582		99.05	%
Nationwide Maximum Diversification U.S. Core Equity ETF		2,653,389		96.49	%
Nationwide Dow Jones^® Risk-Managed Income ETF		600,000		50.00	%
Nationwide Russell 2000^® Risk-Managed Income ETF		590,000		84.29	%
Nationwide S&P 500^® Risk-Managed Income ETF		600,000		60.00	%

Expense Examples

For the Period Ended February 28, 2022 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated in the following Expense Example tables.

Actual Expenses

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Nationwide Risk-Based U.S. Equity ETF

	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Expenses Paid During the Period⁽¹⁾
Actual	$1,000.00	$ 960.50	$1.46
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,023.31	$1.51

(1)	The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.30%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Nationwide Risk-Based International Equity ETF

	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Expenses Paid During the Period⁽²⁾
Actual	$1,000.00	$ 911.90	$1.99
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,022.71	$2.11

(2)	The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.42%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Expense Examples (Continued)

For the Period Ended February 28, 2022 (Unaudited)

Nationwide Maximum Diversification U.S. Core Equity ETF

	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Expenses Paid During the Period⁽³⁾
Actual	$1,000.00	$ 885.90	$1.59
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,023.11	$1.71

(3)	The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.34%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Nationwide Nasdaq-100^® Risk-Managed Income ETF

	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Expenses Paid During the Period⁽⁴⁾
Actual	$1,000.00	$ 893.00	$3.19
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021.42	$3.41

(4)	The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Nationwide Dow Jones^® Risk-Managed Income ETF

	Beginning Account Value December 16, 2021⁽⁵⁾	Ending Account Value February 28, 2022	Expenses Paid During the Period
Actual	$1,000.00	$ 954.90	$1.35⁽⁶⁾
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021,42	$3.41⁽⁷⁾

(5)	Fund commencement.

(6)	The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the period, multiplied by 74/365, to reflect the current period.

(7)	The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Nationwide Russell 2000^® Risk-Managed Income ETF

	Beginning Account Value December 16, 2021⁽⁸⁾	Ending Account Value February 28, 2022	Expenses Paid During the Period
Actual	$1,000.00	$ 963.30	$1.35⁽⁹⁾
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021,42	$3.41⁽¹⁰⁾

(8)	Fund commencement.

(9)	The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the period, multiplied by 74/365, to reflect the current period.

(10)	The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Expense Examples (Continued)

For the Period Ended February 28, 2022 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF

	Beginning Account Value December 16, 2021⁽¹¹⁾	Ending Account Value February 28, 2022	Expenses Paid During the Period
Actual	$1,000.00	$ 945.30	$1.34⁽¹²⁾
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021,42	$3.41⁽¹³⁾

(11)	Fund commencement.

(12)	The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the period, multiplied by 74/365, to reflect the current period.

(13)	The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Review of Liquidity Risk Management Program (Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Series”), has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Series’ particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the Series.

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2021. The report concluded that the Program is reasonably designed to assess and manage the Series’ liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series’ exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

Approval of Advisory Agreements and Board Considerations

Nationwide S&P 500^® Risk-Managed Income ETF
Nationwide Dow Jones^® Risk-Managed Income ETF
Nationwide Russell 2000^® Risk-Managed Income ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on October 13-14, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of ETF Series Solutions (the “Trust”) considered the approval of the Investment Advisory Agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (the “Adviser”) and the Trust, on behalf of Nationwide S&P 500^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, and Nationwide Russell 2000^® Risk-Managed Income ETF (each, a “Fund,” and collectively, the “Funds”), and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) (together, the “Agreements”) among the Adviser, the Trust, on behalf of the Funds, and Harvest Volatility Management, LLC (the “Sub-Adviser”), each for an initial two-year term.

Prior to the Meeting, the Board, including the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), reviewed written materials from the Adviser and Sub-Adviser (the “Materials”) regarding, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser; (ii) the cost of the services to be provided and the profits expected to be realized by the Adviser, Sub-Adviser, or their affiliates from services rendered to each applicable Fund; (iii) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (iv) the extent to which any economies of scale might be realized as each Fund grows and whether the advisory fee for each Fund reflects these economies of scale for the benefit of each Fund; and (v) any other financial benefits to the Adviser, Sub-Adviser, and their affiliates resulting from services rendered to each Fund.

The Board also considered that the Adviser and Sub-Adviser, along with other service providers of the Funds, had provided written updates on the firm over the course of the year with respect to their roles as investment adviser and sub-adviser to other series in the Trust, and the Board considered that information alongside the Materials in its evaluation of the Adviser’s and Sub-Adviser’s fees and other aspects of the Agreements. Additionally, representatives from the Adviser and Sub-Adviser provided an oral overview of the Fund’s strategy, the services to be provided to each Fund by each adviser, and additional information about the advisers’ personnel and operations. The Board then discussed the Materials, the advisers’ oral presentation, and any other information that the Board received at the Meeting, and deliberated on the approval of the Agreements in light of this information.

Approval of the Advisory Agreement with the Adviser

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that the Adviser will be providing investment management services to the Funds. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser’s compliance infrastructure and past reports from the Trust’s Chief Compliance Officer (“CCO”) regarding her review of the Adviser’s compliance program, as well as the Board’s experience with the Adviser as the investment adviser to another series of the Trust. The Board noted that it had previously received a copy of the Adviser’s registration form, as well as the response of the Adviser to a detailed series of questions that included, among other things, information about the Adviser’s product development and implementation processes, details about each Fund, and the services to be provided by the Adviser.

The Board also considered other services to be provided to the Funds, such as monitoring adherence to the Funds’ investment restrictions, sub-adviser oversight, monitoring compliance with various of the Funds’ policies and procedures and with applicable securities regulations, and monitoring the extent to which each Fund achieves its investment objective as an actively-managed fund. The Board also noted the Adviser’s experience overseeing the management of another exchange-traded fund using the same investment process that will be employed for the Funds. The Board further considered the oral information provided by the Adviser with respect to the impact of the COVID-19 pandemic on the Adviser’s operations.

Historical Performance. The Board noted that the Funds had not yet commenced operations and concluded that the performance of each Fund, thus, was not a relevant factor in the context of the Board’s deliberations on the Advisory Agreement.

100

Approval of Advisory Agreements and Board Considerations (Continued)

Cost of Services to be Provided and Economies of Scale. The Board then reviewed each Fund’s proposed expense ratio, the full amount of which was anticipated to be the “unified fee” described below, and compared the Fund’s expense ratio to its Category Peer Group and Selected Peer Group (each defined below).

Nationwide S&P 500^® Risk-Managed Income ETF: The Board noted that the expense ratio for the Fund was higher than the median but within the range of the Fund’s Category Peer Group, which was the universe of Large Blend ETFs as reported by Morningstar. The Board also noted that the Fund’s proposed expense ratio was in line with the expense ratios for the Fund’s Selected Peer Group, which was comprised of Fund competitors identified by the Adviser at the Board’s request.

Nationwide Dow Jones^® Risk-Managed Income ETF: The Board noted that the expense ratio for the Fund was higher than the median but within the range of the Fund’s Category Peer Group, which was the universe of Large Blend ETFs as reported by Morningstar. The Board also noted that the Fund’s proposed expense ratio was in line with the expense ratios for the Fund’s Selected Peer Group, which was comprised of Fund competitors identified by the Adviser at the Board’s request.

Nationwide Russell 2000^® Risk-Managed Income ETF: The Board noted that the expense ratio for the Fund was lower than the median of the Fund’s Category Peer Group, which was the universe of Small Blend ETFs as reported by Morningstar. The Board also noted that the Fund’s proposed expense ratio was in line with the expense ratios for the Fund’s Selected Peer Group, which was comprised of Fund competitors identified by the Adviser at the Board’s request.

The Board took into consideration that the Adviser would charge a “unified fee,” meaning each Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust’s other service providers and paying each Fund’s other expenses out of its own fee and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser’s anticipated profitability with respect to each Fund and the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the Funds had not yet commenced operations and consequently, the future size of each Fund and the Adviser’s future profitability were generally unpredictable.

The Board expressed the view that the Adviser might realize economies of scale in managing the Funds as assets grow in size. The Board noted that, should the Adviser realize economies of scale in the future, the amount and structure of each of the Fund’s unitary fee might result in a sharing of those economies with Fund shareholders in the initial period of such Fund’s operations. The Board noted its intention to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted.

Conclusion. No single factor was determinative of the Board’s decision to approve the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Advisory Agreement was in the best interests of each Fund and its shareholders.

Approval of the Sub-Advisory Agreement with the Sub-Adviser

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to each Fund under the Sub-Advisory Agreement, noting that Sub-Adviser will be providing investment management services to the Funds and currently serves as sub-adviser to other series in the Trust. The Board noted the responsibilities that the Sub-Adviser would have as each Fund’s investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of each Fund; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of each Fund’s shares conducted on a cash-in-lieu basis; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; quarterly reporting to the Board; and implementation of Board directives as they relate to each Fund.

101

Approval of Advisory Agreements and Board Considerations (Continued)

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered reports of the Trust’s CCO with respect to the Sub-Adviser’s compliance program and the Sub-Adviser’s experience providing investment management services to other ETFs, including other series of the Trust. The Trustees further noted that they had received and reviewed the Materials with regard to the Sub-Adviser and they had reviewed additional detailed information about the Sub-Adviser at previous Board meetings. The Board also considered the Sub-Adviser’s resources and capacity with respect to portfolio management, compliance, and operations given the number of funds for which it would serve as sub-adviser. The Board further considered information provided by the Sub-Adviser with respect to the impact of the COVID-19 pandemic on the Sub-Adviser’s operations.

Historical Performance. The Board noted that the Funds had not yet commenced operations. Consequently, the Board determined that performance was not a relevant consideration in the context of the Board’s deliberations on the Sub-Advisory Agreement.

Costs of Services to be Provided and Economies of Scale. The Board reviewed the advisory fee to be paid by the Adviser to the Sub-Adviser for its services to each Fund. The Board considered the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser receives from each Fund and noted that the fee reflected an arm’s-length negotiation between the Adviser and the Sub-Adviser. The Board further determined the fee reflected an appropriate allocation of the advisory fee paid to each adviser given the work performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the Funds, taking into account an analysis of the Sub-Adviser’s estimated profitability with respect to each Fund.

The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing each Fund as assets grow in size. The Board determined that it would monitor fees as each Fund’s assets grow to determine whether economies of scale were being effectively shared with each Fund and its shareholders.

Conclusion. No single factor was determinative of the Board’s decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement was in the best interests of each Fund and its shareholders.

102

Federal Tax Information (Unaudited)

For the fiscal year ended August 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Nationwide Risk-Based U.S. Equity ETF	100.00%
Nationwide Risk-Based International Equity ETF	97.71%
Nationwide Maximum Diversification U.S. Core Equity ETF	98.78%
Nationwide Nasdaq-100^® Risk-Managed Income ETF	100.00%
Nationwide Dow Jones^® Risk-Managed Income ETF	N/A
Nationwide Russell 2000^® Risk-Managed Income ETF	N/A
Nationwide S&P 500^® Risk-Managed Income ETF	N/A

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended August 31, 2021 was as follows:

Nationwide Risk-Based U.S. Equity ETF	100.00%
Nationwide Risk-Based International Equity ETF	0.00%
Nationwide Maximum Diversification U.S. Core Equity ETF	97.05%
Nationwide Nasdaq-100^® Risk-Managed Income ETF	100.00%
Nationwide Dow Jones^® Risk-Managed Income ETF	N/A
Nationwide Russell 2000^® Risk-Managed Income ETF	N/A
Nationwide S&P 500^® Risk-Managed Income ETF	N/A

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

Nationwide Risk-Based U.S. Equity ETF	0.00%
Nationwide Risk-Based International Equity ETF	0.00%
Nationwide Maximum Diversification U.S. Core Equity ETF	0.00%
Nationwide Nasdaq-100^® Risk-Managed Income ETF	0.00%
Nationwide Dow Jones^® Risk-Managed Income ETF	N/A
Nationwide Russell 2000^® Risk-Managed Income ETF	N/A
Nationwide S&P 500^® Risk-Managed Income ETF	N/A

103

Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the fiscal year ended August 31, 2021. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

	Creditable Foreign Tax Credit Paid		Per Share Amount		Portion of Ordinary Income Distribution Derived from Foreign Sourced Income
Nationwide Risk-Based U.S. Equity ETF	$	—	$	—		—
Nationwide Risk-Based International Equity ETF		273,375		0.0591081		100.00	%
Nationwide Maximum Diversification U.S. Core Equity ETF		—		—		—
Nationwide Nasdaq-100^® Risk-Managed Income ETF		—		—		—
Nationwide Dow Jones^® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide Russell 2000^® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide S&P 500^® Risk-Managed Income ETF		N/A		N/A		N/A

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

Information About Portfolio Holdings (Unaudited)

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004 or by accessing the Funds’ website at www.etf.nationwide.com. Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.etf.nationwide.com daily.

Information About the Funds’ Trustees (Unaudited)

The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (800) 617-0004 or by accessing the SEC’s website at www.sec.gov or by accessing the Funds’ website at www.etf.nationwide.com.

Information About Proxy Voting (Unaudited)

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the SAI. The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.etf.nationwide.com.

When available, information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC’s website at www.sec.gov.

Frequency Distribution of Premiums and Discounts (Unaudited)

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.etf.nationwide.com.

104

Adviser

Nationwide Fund Advisors
One Nationwide Plaza
Columbus, Ohio 43215

Sub-Adviser (Index ETFs)

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, Georgia 30009

Sub-Adviser (Risk-Managed Income ETFs)

Harvest Volatility Management, LLC
420 Lexington Avenue, Suite 2620
New York, New York, 10170

Index Provider (Risk-Based ETFs)

Rothschild & Co Risk Based Investments LLC
1251 Avenue of the Americas
New York, New York 10020

Index Provider (Maximum Diversification ETF)

TOBAM S.A.S.
49/53 Avenue Des Champs-Elysees
Paris, France 75008

Distributor

Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202

Custodian

U.S. Bank National Association
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

Legal Counsel

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Ave, NW
Washington, DC 20004

Nationwide Risk-Based U.S. Equity ETF

Symbol – RBUS

CUSIP – 26922A677

Nationwide Risk-Based International Equity ETF

Symbol – RBIN

CUSIP – 26922A669

Nationwide Maximum Diversification U.S. Core Equity ETF

Symbol – MXDU

CUSIP – 26922A651

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Symbol – NUSI

CUSIP – 26922A172

Nationwide Dow Jones^® Risk-Managed Income ETF

Symbol – NDJI

CUSIP – 26922B758

Nationwide Russell 2000^® Risk-Managed Income ETF

Symbol – NTKI

CUSIP – 26922B741

Nationwide S&P 500^® Risk-Managed Income ETF

Symbol – NSPI

CUSIP – 26922B766

SAR-ETF (4/22)