Annual Report

August 31, 2022

Nationwide ETFs

Nationwide Nasdaq-100^® Risk-Managed Income ETF| NUSI
(formerly known as Nationwide Risk-Managed Income ETF)

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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Table of Contents

August 31, 2022

Dear Investor,

During this continued period of volatility, Nationwide is focused on caring for our employees, communities and you, our investors. We remain steadfast in our commitment to protecting people, businesses and futures with extraordinary care.

Equity markets faced a convergence of macro uncertainties and volatility during the annual reporting period ended August 31, 2022, as investors dealt with a challenging global economic recovery, supply chain disruptions, decelerating Gross Domestic Product (GDP), the highest inflation in 40 years, and the Federal Reserve ending the COVID-19 quantitative easing program started in March 2020.

Economic growth fluctuated during the reporting period, increasing at 2.3% during third quarter 2021, the slowest growth rate since the economic recovery began. Growth at a +6.9% during fourth quarter 2021 was primarily driven by consumer activity and sizeable increases in business inventories. In the first and second quarters of 2022, geopolitical risk, high inflation, and recession expectations led GDP to fall by -1.6% and -0.6% respectively. Economists lowered third and fourth quarter GDP estimates for 2022 as decades-high inflation and rising interest rates weigh on consumer sentiment and business confidence. Corporate profits have been resilient, with double-digit revenue and earnings growth occurring in third and fourth quarter 2021. Given the consecutive GDP decline during the first half of 2022, analysts expect more modest earnings growth for third quarter 2022. Similarly, 2023 earnings estimates are likely to moderate as margin pressure from high inflation will challenge corporate profits.

Significant macro weakness driven primarily by central banks, geopolitical risks, decades-high inflation, and recessionary risks will continue to cloud the investment horizon.

Markets endured unrelenting volatility during the reporting period, with increasing negative headlines challenging investor sentiment. In the early phase of the reporting period, negative headlines included news about the COVID-19 Delta variant, debt ceiling issues, growing inflation concerns, and the Federal Reserve deliberating over asset tapering*. The S&P 500^® Index (S&P 500) started the period with a modest cumulative return between September and December 2021. During first quarter 2022, the market’s upward trend was upended as markets faced rising interest rates, spiking inflation, persistent supply-chain issues, and the Russia-Ukraine war. As a result, the S&P 500 fell to finish the turbulent quarter. Likewise, the Bloomberg U.S. Aggregate Bond Index suffered its most significant quarterly loss since 1980 during first quarter 2022. The S&P 500 fell into a bear market in June 2022, down over 20% from its all-time high on January 3, 2022.

Aggressive monetary policy, high inflation, geopolitical instability, and recessionary fears contributed to the bear-market selloff. Investor sentiment reached pessimism levels not seen since 2008. The S&P 500 Index closed second quarter 2022 with an approximate loss of -16%, the ninth-worst quarter since World War II, and fell approximately -21% during the first half of 2022, one of the worst declines since 1970. Similarly, the Bloomberg U.S. Aggregate Bond Index finished the first half of 2022 with a loss of -11.6%. For the last five weeks of the reporting period, investor sentiment was bolstered by softer-than-expected inflation data, a tight labor market, and improving supply chains, which reduced fears that the Federal Reserve will continue to aggressively raise rates. During the last week of August 2022, the Federal Reserve reiterated its commitment to fighting inflation, convincing investors that the Federal Reserve will keep interest rates higher “for some time.” For the reporting period, the S&P 500 finished with a return of -11.2% and the U.S. Aggregate Bond Index closed at -11.5%. The MSCI EAFE^® Index returned -19.8%, and the MSCI Emerging Markets^® Index returned -21.8%, continuing to lag domestic markets for much of the past decade. The dismal performance directly results from the global recovery facing strong headwinds. For example, European economies are struggling with much higher energy prices because of the war in Ukraine. In addition, stubbornly high inflation and hawkish central banks worldwide will continue to raise rates, causing a deceleration in economic growth.

The S&P 500 was higher in six of the 12 months during the reporting period.

Arguably the first four months of the reporting period can be characterized as a deep breath before the plunge; equities rose in fourth quarter 2021, with the forward price-to-earnings (P/E) for the S&P 500 reaching 21.9x at the beginning of 2022, even with mounting macroeconomic warning signs. Russia’s invasion of Ukraine in late February 2022 kicked off a global shock, roiling equities, increasing inflation pressures, exacerbating supply chains, and driving commodity prices higher. Value stocks outperformed growth stocks while large-capitalization stocks beat small-cap stocks.

The Federal Reserve’s tone turned more hawkish during the reporting period, and the “lift-off” from zero came as expected in March 2022, with

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August 31, 2022

the Federal Reserve implementing a 0.25% rate hike. Fixed income markets were volatile over the reporting period. The spread between the 10-year and 2-year Treasury yields narrowed to -0.30% during the reporting period; an inversion of this size that hasn’t occurred since 2000. Cautionary indicators in the bond market, comprising credit spreads, commercial paper spreads, and the TED spread**, are all wide but far below levels from the early stages of the pandemic. As the reporting period evolved, central banks turned more hawkish as global inflation intensified, with the Consumer Price Index hitting a 40-year high annual increase of 9.1% in June 2022. As the markets digested evolving hawkish Fed commentary, a repricing of the speed and number of rate hikes gripped the markets. For example, the 3-month Treasury bill was 0.04% in September 2021 and climbed over 2.90% during the reporting period. The magnitude of the move highlights how volatile and uncertain the economic outlook has been.

Although negative sentiment and volatility continue to impact markets, the labor market remains a bright spot for the economy, with the unemployment rate falling to 3.5%, a 50-year low. Following a strong 2021 in which S&P 500 earnings rose by double-digits, future estimates for companies may prove too optimistic due to various economic headwinds, including rising wages, higher input costs, and fear of a looming recession. Nevertheless, investors must remember that focusing on fundamentals and valuations rather than investing based on emotions will produce better investment outcomes.

At Nationwide, we continue to take a steady approach to long-term growth, despite the economic and market environment. Thank you for your continued support and confidence. We value your trust.

Sincerely,

John Carter
President
Nationwide Fund Advisors

** The TED spread is the difference between the three-month Treasury bill and the three-month LIBOR based in U.S. dollars.

The following chart provides returns for various market segments for the twelve-month reporting period ended August 31, 2022:

Source: Morningstar

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).

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August 31, 2022

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

Cboe S&P 500^® Zero-Cost Put Spread Collar Index: A benchmark index designed to track the performance of a hypothetical low volatility strategy that (1) holds a long position indexed to the S&P 500 Index (SPX Index), (2) buys a monthly 2.5% Out-of-the-Money (OTM) SPX Put option to reduce the risk and sells a monthly 5% OTM SPX Put option (SPX Put Spread), and (3) sells a OTM monthly SPX Call option(s) to cover the cost of the Put spread.

Cboe Russell 2000^® Zero-Cost Put Spread Collar Index: A benchmark index designed to track the performance of a hypothetical low volatility strategy that (1) holds a long position indexed to the Russell 2000 Index, (2) buys a monthly 2.5% Out-of-the-Money (OTM) RUT Put option to reduce the risk and sells a monthly 5% OTM RUT Put option (RUT Put Spread), and (3) sells an OTM monthly RUT Call option(s) to cover the cost of the Put spread.

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.

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 Fund’s return may not match or achieve a high degree of correlation with the return of the underlying index.

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

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

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

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

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

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August 31, 2022

During the reporting period, the Nationwide Nasdaq-100^® Risk-Managed Income ETF (the “Fund”) was down -24.09% (net asset value (“NAV”)) compared to its benchmark index, the Cboe S&P 500^® Zero-Cost Put Spread Collar Index (CLLZ), which returned -10.11%.

The Fund’s underperformance during the reporting period is directly attributable to the market environment during the 2022 calendar year. The growth sector of the market was in risk-off mode starting in January as the market started to digest the reality of higher inflation and a Fed that was more likely to aggressively raise rates. Starting in March with a 25 basis points hike, then 50 basis points in May, and an even higher 75 basis points in June and July, the underlying reference index to the Fund, the Nasdaq 100^® Index, could not gain any ground from the beginning of the year. Performance year to date through the end of the reporting period, August 31, 2022, for the Nasdaq 100^® Index was down -24.38%, while the Fund was down -24.09% at NAV.

The Fund consists of an underlying equity portfolio that seeks to fully replicate the constituents of the Nasdaq-100 Index and implements a rules-based, systematic option collar strategy. The option collar strategy consists of a short NDX Index call option and a long NDX Index put option. The option collar is rolled monthly with an expiration going out one month.

On a weighted basis, the top contributing equity holdings during the reporting period were Tesla, Inc., Apple, Inc., and Costco Wholesale Corporation, which returned 0.54%, 0.46%, and 0.28%, respectively. Conversely, the top detractors from Fund performance were Amazon.com, Inc., Meta Platforms, Inc. – Class A, and Microsoft Corporation, which returned -1.77%, -1.56%, and -1.32%, respectively. The Fund continues to hold these securities as they are part of the Nasdaq 100 Index.

All sectors during this period detracted from the Fund’s performance. The sectors down the least were Utilities, Consumer Staples, and Industrials, which returned -0.04%, -0.36%, and -0.47%, respectively. The Fund’s exposure to Information Technology, Consumer Discretionary, and Communication Services were the largest detractors, with their performance at -10.97%, -4.46%, and -3.28%, respectively.

The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by a Fund varies from period-to-period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of options premium generated from the Fund’s options collar strategy implemented for the applicable month, the dividends generated by the Fund’s underlying equity portfolio, and the appreciation of the Fund’s equity holdings. As a result of such distribution strategy, the Fund’s distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders.

The Fund made monthly distributions of approximately 0.65% of net assets during each calendar month of the fiscal year. Approximately 98.8% was return of capital for the current fiscal period.

Harvest Volatility Management

Portfolio Managers: Troy Cates, Garrett Paolella, and Curt Brockelman

Must be preceded or accompanied by a prospectus.

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.

KEY RISKS: The Fund is subject to the risks of investing in equity securities, including tracking stock (a class of common stock that “tracks” the performance of a unit or division within a larger company). A tracking stock’s value may decline even if the larger company’s stock increases in value. The Fund is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may invest in more-aggressive investments such as derivatives (which create investment leverage and illiquidity and are highly volatile). The Fund employs a collared options strategy (using call and put options is speculative and can lead to losses because of adverse movements in the price or value of the reference asset). The success of the Fund’s investment strategy may depend on the effectiveness of the subadviser’s quantitative tools for screening securities and on data provided by third parties.

The Fund expects to invest a portion of its assets to replicate the holdings of an index. Correlation between Fund performance and index performance may be affected by Fund expenses and because the Fund may not be invested fully in the securities of the index or may hold securities not included in the index. The Fund frequently may buy and sell portfolio securities and other assets to rebalance its exposure to various market sectors. Higher portfolio turnover may result in higher levels of transaction costs paid by the Fund and greater tax liabilities for shareholders. The Fund may concentrate on specific sectors or industries, subjecting it to greater volatility than that of other ETFs. The Fund may hold large positions in a small number of securities, and an increase or decrease in the value of such securities may have a disproportionate impact on the Fund’s value and total return. Although the Fund intends to invest in a variety of securities and instruments, the Fund will be considered nondiversified. Additional Fund risk includes:

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August 31, 2022

Collared options strategy risk, correlation risk, derivatives risk, foreign investment risk, and industry concentration risk.

The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying index. The Fund is subject to the risks of investing in equity securities. Please refer to the summary prospectus for a more detailed explanation of the Fund’s principal risks. There is no assurance that the investment objective of any fund will be achieved. Diversification does not assure a profit or protect against a loss in a declining market. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. For a complete listing of the Fund’s holdings, please refer to the Schedule of Investments in this report.

Nasdaq-100^® Index: A rules-based, market capitalization-weighted index of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange. The Index includes companies from various industries except for the financial industry, like commercial and investment banks. These non-financial sectors include retail, biotechnology, industrial, technology, health care, and others.

Nasdaq^® and the Nasdaq-100^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Nationwide Fund Advisors. The Product has not been passed on by the Corporations as to their legality or suitability. The Product is not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product.

Cboe S&P 500^® Zero-Cost Put Spread Collar Index: An index designed to track the performance of a hypothetical option trading strategy that 1) holds a long position indexed to the S&P 500 Index; 2) on a monthly basis buys a 2.5% - 5% S&P 500 Index (SPX) put option spread; and 3) sells a monthly out-of-the-money (OTM) SPX call option to cover the cost of the put spread.

Definitions

Annualized Distribution Yield: Calculated by annualizing the most recent distribution and dividing by the most recent fund NAV. The yield represents a single distribution from the fund and does not represent total return of the fund.

Basis Point: A common unit of measure for interest rates and other percentages in finance. One basis point is equivalent to one hundredth of one percent. Accordingly, one hundred basis points is the equivalent of one percentage point.

Call options: Financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset or instrument at a specified price within a specific time period.

Out-of-the-money: When the market price of an instrument on which you hold an option is not close to the strike price.

Options Collar: A collar is an options strategy that involves buying a downside put and selling an upside call that is implemented to protect against large losses, but which also limits large upside gains. The protective collar strategy involves two strategies known as a protective put and covered call.

Put: An option that gives the right, but not the obligation, to sell a certain amount of the underlying asset at a set price within a specific time.

Rolling positions: An effective way to increase trade duration and gives you more time to be right with assumptions and let the probabilities work.

Topping out: Denoting a market or a security that is at the end of a period of rising prices and can now be expected to stay on a plateau or even to decline.

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, subadvisor, 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. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

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August 31, 2022

During the reporting period (inception on December 16, 2021 through August 31, 2022), the Nationwide Dow Jones^® Risk-Managed Income ETF (the “Fund”) returned -11.97% (net asset value (“NAV”)) compared to its benchmark index, the Cboe S&P 500^® Zero-Cost Put Spread Collar Index (CLLZ), which returned -11.38%.

The Fund’s underperformance during the reporting period is attributable to the risk of the market environment during 2022. The market sell-off hit most asset classes, including the large cap names of the Dow Jones Industrial Average^®. The market has continued to adjust and react to inflation data and Fed hikes throughout the year. The Fund was launched in December 2021 and has largely performed in line with the underlying reference index while paying a monthly distribution to shareholders and attracting new assets. The Fund was down -11.97% at NAV vs. – 10.90% for the Dow Jones Industrial Average^® since inception.

The Fund consists of an underlying equity portfolio that seeks to fully replicate the constituents of the Dow Jones Industrial Average Index and implements a rules-based, systematic option collar strategy. The option collar strategy consists of a short DJX Index call option and a long DJX Index put option. The option collar is rolled monthly with an expiration going out one month.

On a weighted basis, the top contributing equity holdings during the reporting period were Chevron Corporation, UnitedHealth Group, Inc., and Amgen, Inc., which returned 1.24%, 0.68%, and 0.38%, respectively. Conversely, the top detractors from Fund performance were Home Depot, Inc., Salesforce, Inc., and Microsoft Corporation, which returned -1.48%, -1.21%, and -1.00%, respectively. The Fund continues to hold these securities as they are part of the Dow Jones Industrial Average^® Index.

At a sector level, the two sectors that contributed to Fund performance were Energy and Health Care which returned 1.24% and 1.15%, respectively. All other sectors were detractors of performance, with Information Technology, Consumer Discretionary, and Industrials down the most at -3.17%, -2.39%, and -1.85%, respectively.

The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by a Fund varies from period-to-period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of options premium generated from the Fund’s options collar strategy implemented for the applicable month, the dividends generated by the Fund’s underlying equity portfolio, and the appreciation of the Fund’s equity holdings. As a result of such distribution strategy, the Fund’s distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders.

The Fund made monthly distributions of approximately 0.58% of net assets during each calendar month of the fiscal year. Approximately 79.9% was return of capital for the current fiscal period.

Harvest Volatility Management

Portfolio Managers: Troy Cates, Garrett Paolella, and Curt Brockelman

Must be preceded or accompanied by a prospectus.

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.

KEY RISKS: The Fund is subject to the risks of investing in equity securities, including tracking stock (a class of common stock that “tracks” the performance of a unit or division within a larger company). A tracking stock’s value may decline even if the larger company’s stock increases in value. The Fund is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may invest in more-aggressive investments such as derivatives (which create investment leverage and illiquidity and are highly volatile). The Fund employs a collared options strategy (using call and put options is speculative and can lead to losses because of adverse movements in the price or value of the reference asset). The success of the Fund’s investment strategy may depend on the effectiveness of the subadviser’s quantitative tools for screening securities and on data provided by third parties.

The Fund expects to invest a portion of its assets to replicate the holdings of an index. Correlation between Fund performance and index performance may be affected by Fund expenses and because the Fund may not be invested fully in the securities of the index or may hold securities not included in the index. The Fund frequently may buy and sell portfolio securities and other assets to rebalance its exposure to various market sectors. Higher portfolio turnover may result in higher levels of transaction costs paid by the Fund and greater tax liabilities for shareholders. The Fund may concentrate on specific sectors or industries, subjecting it to greater volatility than that of other ETFs. The Fund may hold large positions in a small number of securities, and an increase or decrease in the value of such securities may have a disproportionate impact on the Fund’s value and total return. Although the Fund intends to invest in a variety of securities and instruments, the Fund will be considered nondiversified. Additional Fund risk includes: Collared options strategy risk, correlation risk, derivatives risk, foreign investment risk, and industry concentration risk.

The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying index. The Fund is subject to the risks of investing in equity securities. Please refer

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August 31, 2022

to the summary prospectus for a more detailed explanation of the Fund’s principal risks. There is no assurance that the investment objective of any fund will be achieved. Diversification does not assure a profit or protect against a loss in a declining market. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. For a complete listing of the Fund’s holdings, please refer to the Schedule of Investments in this report.

Dow Jones Industrial Average^®: A price-weighted index composed of 30 “blue-chip” U.S. stocks. The index covers all industries except transportation and utilities, respectively.

The Dow Jones Industrial Average^® is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Nationwide Fund Advisors. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^®, Dow Jones Industrial Average^®, DJIA^® and The Dow^® are registered trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nationwide Fund Advisors. The Nationwide Dow Jones^® Risk-Managed Income ETF (“NDJI”) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions or interruptions of the Dow Jones Industrial Average^®.

Cboe S&P 500^® Zero-Cost Put Spread Collar Index: An index designed to track the performance of a hypothetical option trading strategy that 1) holds a long position indexed to the S&P 500 Index; 2) on a monthly basis buys a 2.5% - 5% S&P 500 Index (SPX) put option spread; and 3) sells a monthly out-of-the-money (OTM) SPX call option to cover the cost of the put spread.

Definitions

Annualized Distribution Yield: Calculated by annualizing the most recent distribution and dividing by the most recent fund NAV. The yield represents a single distribution from the fund and does not represent total return of the fund.

Basis Point: A common unit of measure for interest rates and other percentages in finance. One basis point is equivalent to one hundredth of one percent. Accordingly, one hundred basis points is the equivalent of one percentage point.

Call options: Financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset or instrument at a specified price within a specific time period.

Out-of-the-money: When the market price of an instrument on which you hold an option is not close to the strike price.

Options Collar: A collar is an options strategy that involves buying a downside put and selling an upside call that is implemented to protect against large losses, but which also limits large upside gains. The protective collar strategy involves two strategies known as a protective put and covered call.

Put: An option that gives the right, but not the obligation, to sell a certain amount of the underlying asset at a set price within a specific time.

Rolling positions: An effective way to increase trade duration and gives you more time to be right with assumptions and let the probabilities work.

Topping out: Denoting a market or a security that is at the end of a period of rising prices and can now be expected to stay on a plateau or even to decline.

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, subadvisor, 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. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

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August 31, 2022

During the reporting period (inception of December 16, 2021 through August 31, 2022), the Nationwide Russell 2000^® Risk-Managed Income ETF (the “Fund”) was down -11.37% (net asset value (“NAV”)) compared to its benchmark index, the Cboe Russell 2000^® Zero-Cost Put Spread Collar Index (CLLR), which returned -12.08%.

The Fund outperformed both its benchmark, CLLR Index, and its reference index, the Russell 2000^® Index, since its inception in December of 2021. While facing the headwinds of higher inflation, geopolitical tensions, and the Fed raising rates, the Fund’s option portfolio assisted in Fund outperformance. The Russell 2000 Index was lower by -14.42%, while the Fund was down -11.37% at NAV since inception.

The Fund consists of an underlying equity portfolio that seeks to fully replicate the constituents of the Russell 2000^® Index and implements a rules-based, systematic option collar strategy. The option collar strategy consists of a short RTY Index call option and a long RTY Index put option. The option collar is rolled monthly with an expiration going out one month.

On a weighted basis, the top contributing equity holdings during the reporting period were Lantheus Holdings, Inc., PBF Energy, Inc. – Class A, and Shockwave Medical, Inc., which returned 0.36%, 0.28%, and 0.28%, respectively. Conversely, the top detractors from Fund performance were Synaptics, Inc., Crocs, Inc., and Intellia Therapeutics, Inc. which returned -0.10%, -0.08%, and -0.07%, respectively. The Fund continues to hold these securities as they are part of the Russell 2000^® Index.

Three sectors contributed to Fund performance during the reporting period. Energy, Materials, and Utilities returned 3.05%, 0.22%, and 0.14%, respectively. All other sectors detracted from Fund performance, with Information Technology, Consumer Discretionary, and Financials down the most at -2.32%, -1.83%, and -1.32%, respectively.

The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by a Fund varies from period-to-period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of options premium generated from the Fund’s options collar strategy implemented for the applicable month, the dividends generated by the Fund’s underlying equity portfolio, and the appreciation of the Fund’s equity holdings. As a result of such distribution strategy, the Fund’s distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders.

The Fund made monthly distributions of approximately 0.58% of net assets during each calendar month of the fiscal year. Approximately 92.8% was return of capital for the current fiscal period.

Harvest Volatility Management

Portfolio Managers: Troy Cates, Garrett Paolella, and Curt Brockelman

Must be preceded or accompanied by a prospectus.

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.

KEY RISKS: The Fund is subject to the risks of investing in equity securities, including tracking stock (a class of common stock that “tracks” the performance of a unit or division within a larger company). A tracking stock’s value may decline even if the larger company’s stock increases in value. The Fund is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may invest in more-aggressive investments such as derivatives (which create investment leverage and illiquidity and are highly volatile). The Fund employs a collared options strategy (using call and put options is speculative and can lead to losses because of adverse movements in the price or value of the reference asset). The success of the Fund’s investment strategy may depend on the effectiveness of the subadviser’s quantitative tools for screening securities and on data provided by third parties.

The Fund expects to invest a portion of its assets to replicate the holdings of an index. Correlation between Fund performance and index performance may be affected by Fund expenses and because the Fund may not be invested fully in the securities of the index or may hold securities not included in the index. The Fund frequently may buy and sell portfolio securities and other assets to rebalance its exposure to various market sectors. Higher portfolio turnover may result in higher levels of transaction costs paid by the Fund and greater tax liabilities for shareholders. The Fund may concentrate on specific sectors or industries, subjecting it to greater volatility than that of other ETFs. The Fund may hold large positions in a small number of securities, and an increase or decrease in the value of such securities may have a disproportionate impact on the Fund’s value and total return. Although the Fund intends to invest in a variety of securities and instruments, the Fund will be considered nondiversified. Additional Fund risk includes: Collared options strategy risk, correlation risk, derivatives risk, foreign investment risk, and industry concentration risk.

The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying index. The Fund is subject to the risks of investing in equity securities. Please refer to the summary prospectus for a more detailed explanation of the Fund’s principal risks. There is no assurance that the investment objective of any fund will be achieved. Diversification does not assure a profit or protect against a loss in a declining

8

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market. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. For a complete listing of the Fund’s holdings, please refer to the Schedule of Investments in this report.

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

FTSE Russell (“Russell”) is the Index Provider for the Russell 2000^® Index (“Russell 2000^®” or the “Index”). Russell is not affiliated with the Fund, Nationwide Fund Advisors, the Distributor nor any of their respective affiliates. Nationwide Fund Advisors has entered into a license agreement with Russell to use the Russell 2000^®.

The Nationwide Russell 2000^® Risk-Managed Income ETF (“NTKI”) has been developed solely by Nationwide Fund Advisors. NTKI is not in any way connected to nor sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 2000^® vest in the relevant LSE Group company which owns the Index. “Russell^®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of reliance on or any error in the Index or (b) investment in or operation of NTKI. The LSE Group makes no claim, prediction, warranty nor representation either as to the results to be obtained from NTKI or the suitability of the Index for the purpose to which it is being put by Nationwide Fund Advisors.

Cboe S&P 500^® Zero-Cost Put Spread Collar Index: An index designed to track the performance of a hypothetical option trading strategy that 1) holds a long position indexed to the S&P 500 Index; 2) on a monthly basis buys a 2.5% - 5% S&P 500 Index (SPX) put option spread; and 3) sells a monthly out-of-the-money (OTM) SPX call option to cover the cost of the put spread.

Definitions

Annualized Distribution Yield: Calculated by annualizing the most recent distribution and dividing by the most recent fund NAV. The yield represents a single distribution from the fund and does not represent total return of the fund.

Basis Point: A common unit of measure for interest rates and other percentages in finance. One basis point is equivalent to one hundredth of one percent. Accordingly, one hundred basis points is the equivalent of one percentage point.

Call options: Financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset or instrument at a specified price within a specific time period.

Out-of-the-money: When the market price of an instrument on which you hold an option is not close to the strike price.

Options Collar: A collar is an options strategy that involves buying a downside put and selling an upside call that is implemented to protect against large losses, but which also limits large upside gains. The protective collar strategy involves two strategies known as a protective put and covered call.

Put: An option that gives the right, but not the obligation, to sell a certain amount of the underlying asset at a set price within a specific time.

Rolling positions: An effective way to increase trade duration and gives you more time to be right with assumptions and let the probabilities work.

Topping out: Denoting a market or a security that is at the end of a period of rising prices and can now be expected to stay on a plateau or even to decline.

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, subadvisor, 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. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

9

August 31, 2022

During the reporting period (inception of December 16, 2021 through August 31, 2022, the Nationwide S&P 500^® Risk-Managed Income ETF (the “Fund”) returned -12.84% (net asset value (“NAV”)) compared to its benchmark index, the Cboe S&P 500^® Zero-Cost Put Spread Collar Index (CLLZ), which returned -11.38%.

The Fund’s underperformance can largely be attributed to the risk of the market environment of 2022. The Fund was launched in December 2021, right into headwinds of rising inflation and talk of the Fed raising rates. With geopolitical tensions rising and inflation making the cost of goods higher, the Fed started to raise rates in March 2022 and continued during the next few meetings while also increasing the size of each hike.

The Fund consists of an underlying equity portfolio that seeks to fully replicate the constituents of the S&P 500^® Index and implements a rules-based, systematic option collar strategy. The option collar strategy consists of a short SPX Index call option and a long SPX Index put option. The option collar is rolled monthly with an expiration going out one month.

On a weighted basis, the top contributing equity holdings during the reporting period were Exxon Mobil Corporation, Chevron Corporation, and Occidental Petroleum Corporation, which returned 0.70%, 0.36%, and 0.29%, respectively. Conversely, the largest detractors from Fund performance were Microsoft Corporation, Amazon, Inc., and Apple, Inc., which returned -1.06%, -0.80%, and -0.56%, respectively. The Fund continues to hold these securities as they are part of the S&P 500^® Index.

Only two sectors during the reporting period contributed to Fund performance. Energy and Utilities returned 2.45% and 0.25%, respectively. All other sectors detracted from fund performance, with Information Technology, Consumer Discretionary, and Communication Services down the most at -4.51%, -2.12%, and -1.97%, respectively.

The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by a Fund varies from period-to-period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of options premium generated from the Fund’s options collar strategy implemented for the applicable month, the dividends generated by the Fund’s underlying equity portfolio, and the appreciation of the Fund’s equity holdings. As a result of such distribution strategy, the Fund’s distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders.

The Fund made monthly distributions of approximately 0.58% of net assets during each calendar month of the fiscal year. Approximately 87.8% was return of capital for the current fiscal period.

Harvest Volatility Management

Portfolio Managers: Troy Cates, Garrett Paolella, and Curt Brockelman

Must be preceded or accompanied by a prospectus.

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.

KEY RISKS: The Fund is subject to the risks of investing in equity securities, including tracking stock (a class of common stock that “tracks” the performance of a unit or division within a larger company). A tracking stock’s value may decline even if the larger company’s stock increases in value. The Fund is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may invest in more-aggressive investments such as derivatives (which create investment leverage and illiquidity and are highly volatile). The Fund employs a collared options strategy (using call and put options is speculative and can lead to losses because of adverse movements in the price or value of the reference asset). The success of the Fund’s investment strategy may depend on the effectiveness of the subadviser’s quantitative tools for screening securities and on data provided by third parties.

The Fund expects to invest a portion of its assets to replicate the holdings of an index. Correlation between Fund performance and index performance may be affected by Fund expenses and because the Fund may not be invested fully in the securities of the index or may hold securities not included in the index. The Fund frequently may buy and sell portfolio securities and other assets to rebalance its exposure to various market sectors. Higher portfolio turnover may result in higher levels of transaction costs paid by the Fund and greater tax liabilities for shareholders. The Fund may concentrate on specific sectors or industries, subjecting it to greater volatility than that of other ETFs. The Fund may hold large positions in a small number of securities, and an increase or decrease in the value of such securities may have a disproportionate impact on the Fund’s value and total return. Although the Fund intends to invest in a variety of securities and instruments, the Fund will be considered nondiversified. Additional Fund risk includes: Collared options strategy risk, correlation risk, derivatives risk, foreign investment risk, and industry concentration risk.

The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying index. The Fund is subject to the risks of investing in equity securities. Please refer to the summary prospectus for a more detailed explanation of the Fund’s principal risks. There is no assurance that the investment objective of any fund will be achieved. Diversification does not assure a profit or protect against a loss in a declining

10

August 31, 2022

market. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. For a complete listing of the Fund’s holdings, please refer to the Schedule of Investments in this report.

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.

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Nationwide Fund Advisors. Standard & Poor’s^®, S&P^®, and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nationwide Fund Advisors. The Nationwide S&P 500^® Risk-Managed Income ETF (“NSPI”) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P 500^® Index.

Cboe S&P 500^® Zero-Cost Put Spread Collar Index: An index designed to track the performance of a hypothetical option trading strategy that 1) holds a long position indexed to the S&P 500 Index; 2) on a monthly basis buys a 2.5% - 5% S&P 500 Index (SPX) put option spread; and 3) sells a monthly out-of-the-money (OTM) SPX call option to cover the cost of the put spread.

Definitions

Annualized Distribution Yield: Calculated by annualizing the most recent distribution and dividing by the most recent fund NAV. The yield represents a single distribution from the fund and does not represent total return of the fund.

Basis Point: A common unit of measure for interest rates and other percentages in finance. One basis point is equivalent to one hundredth of one percent. Accordingly, one hundred basis points is the equivalent of one percentage point.

Call options: Financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset or instrument at a specified price within a specific time period.

Out-of-the-money: When the market price of an instrument on which you hold an option is not close to the strike price.

Options Collar: A collar is an options strategy that involves buying a downside put and selling an upside call that is implemented to protect against large losses, but which also limits large upside gains. The protective collar strategy involves two strategies known as a protective put and covered call.

Put: An option that gives the right, but not the obligation, to sell a certain amount of the underlying asset at a set price within a specific time.

Rolling positions: An effective way to increase trade duration and gives you more time to be right with assumptions and let the probabilities work.

Topping out: Denoting a market or a security that is at the end of a period of rising prices and can now be expected to stay on a plateau or even to decline.

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, subadvisor, 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. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

11

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 19, 2019 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The performance data quoted represents past performance; Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance, go to etf.nationwide.com or call 800-617-0004. The gross expense ratio as of the most recent prospectus is 0.68%.

12

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 16, 2021 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The performance data quoted represents past performance; Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance, go to etf.nationwide.com or call 800-617-0004. The gross expense ratio as of the most recent prospectus is 0.68%.

13

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 16, 2021 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The performance data quoted represents past performance; Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance, go to etf.nationwide.com or call 800-617-0004. The gross expense ratio as of the most recent prospectus is 0.68%.

14

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 16, 2021 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The performance data quoted represents past performance; Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance, go to etf.nationwide.com or call 800-617-0004. The gross expense ratio as of the most recent prospectus is 0.68%.

15

As of August 31, 2022 (Unaudited)

16

August 31, 2022

Nationwide Nasdaq-100^® Risk-Managed Income ETF

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

17

August 31, 2022

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

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.

18

August 31, 2022

Nationwide Dow Jones^® Risk-Managed Income ETF

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.

19

August 31, 2022

Nationwide Russell 2000^® Risk-Managed Income ETF

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

20

August 31, 2022

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

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

21

August 31, 2022

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

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

22

August 31, 2022

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