Annual Report

August 31, 2023

Nationwide ETFs

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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Table of Contents

August 31, 2023

Dear Investor,

In these complex and uncertain times, the financial markets are full of both opportunities and challenges. We at Nationwide continue to work relentlessly to navigate markets and manage the assets entrusted to us. We hold your confidence in the highest regard and will continue to work carefully to fulfill your diverse investment needs. With our exceptional market insights and diverse investment solutions, we remain committed to serving our employees, communities, and, most importantly, you, our investors. In today’s constantly changing economy, we maintain our unshakeable commitment to seizing opportunities and overcoming challenges. Thank you for your trust in us.

Looking back at the last 12 months, investors have endured no shortage of market volatility-inducing headlines. China and Europe’s uneven recovery tempered investor sentiment and expectations for a rebound in global growth. The U.S. Federal Reserve (“Fed”) raised interest rates at the fastest pace in over a decade, with the unintended consequences of higher funding costs exposing weakness in some regional banks and, in more extreme circumstances, contributing to several bank failures. Then, the unexpected sale of Credit Suisse to UBS in Europe highlighted the macroeconomic angst of global investors. Meanwhile, the Russia-Ukraine conflict continued to pose a significant geopolitical risk for investors. Given the increasingly challenging macroeconomic backdrop and dour investor sentiment during the beginning of the reporting period, a notable oscillation between soft-landing optimism and hard-landing fears took hold during the reporting period. Against this backdrop, the U.S. economy experienced extraordinary economic contradictions during the reporting period.

While many economists and market participants predicted that the U.S. economy would enter a recession during the first half of 2023, many of the vicious headwinds from last year turned into tailwinds for the economy. As evidenced by the latest consumer price index (“CPI”) report, inflation moderated without a substantial increase in the unemployment rate. As of this writing, the unemployment rate is 3.8%. Although a near-record-low unemployment rate underscored the resilience of the U.S. economy during the reporting period, leading economic indicators, such as The Conference Board Leading Economic Index^® (“LEI”), continued to flash recession warning signs. Still, underlying wage strength, resilient economic data, and receding inflation have helped to buoy financial markets, as the hopes for a soft landing - mitigation of inflation without causing a significant increase in unemployment- continued to captivate market participants during the reporting period.

In the face of higher borrowing costs, economic data for the reporting period was broadly consistent with an economy that proved remarkably more resilient than previously anticipated. For example, U.S. gross domestic product (“GDP”) increased at a 2.6% annualized pace for the final three months of 2022. Showing a surprising resilience in the face of tighter monetary policy and weaker manufacturing data, the U.S. economy grew by a 2.0% annualized rate in the first quarter of 2023. Likewise, GDP in the second quarter increased at a 2.1% annualized rate, primarily driven by upward revisions to state and local government spending, structures investment, and consumer spending. Similarly, corporate earnings were better than feared during the reporting period, and overall earnings revisions for the S&P 500^® Index (“S&P 500^®”) turned noticeably higher toward the latter half of the reporting period.

Despite eleven rate hikes since 2022, the remarkable resiliency of the U.S. consumer, in conjunction with better-than-expected economic data, likely increased the probability that the Fed can engineer a soft landing while bringing inflation back to its target rate of 2%. That said, the Fed will likely keep the real federal funds rate higher for longer. Federal Reserve Chair Jerome Powell echoed this sentiment at the Jackson Hole Economic Symposium in August by mentioning, “We are attentive to signs that the economy may not be cooling as expected.” While the Fed has acknowledged that inflation has diminished from its peak, Chair Jerome Powell noted that prices remained “too high” and articulated to investors that the Fed will continue to hold policy at a restrictive level until it is confident that inflation has been sustainably quelled. As such, investors should remember that monetary policy often acts with long and variable lags, a potential headwind to the economy and financial markets.

The labor market has been a pillar of strength for the U.S. economy and has supported the resiliency of the U.S. consumer. While tight from a historical standpoint, the U.S. labor market has shown signs of gradual softening, highlighting the importance for investors to focus on both sides of the Fed’s dual mandate - inflation and employment.

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August 31, 2023

Three distinct factors converged at the start of the reporting period, laying the groundwork for the ensuing rally in the S&P 500^® during the reporting period: pessimistic investor sentiment, oversold indexes, and favorable breadth divergence. Then, toward the latter half of the reporting period, market breadth improved relative to the extreme concentration that characterized the market during the first half of 2023. To illustrate, seven of the largest companies, Microsoft, Nvidia, Apple, Amazon, Facebook, Tesla, and Google, accounted for a disproportionate share of the S&P 500^®’s performance. Some market participants questioned why seven large-cap Technology, Consumer Discretionary, and Communication Services stocks inspired such enthusiasm among investors. Briefly, the above companies, known as the “Magnificent Seven,” generally have strong fundamentals, hold decent cash reserves, and have significant advantages with intellectual property. Further, signs of receding inflation, interest rate stabilization, and a potential peak in the federal funds rate likely lured investors toward the Magnificent Seven. Finally, during the first half of the reporting period, some investors articulated that the Magnificent Seven’s exposure to structural megatrends likely justified the market’s narrow breadth.

Several notable market dynamics unfolded this year. First, since the unfortunate failure of Silicon Valley Bank (“SVB”) on March 10, 2023, most of the S&P 500^®’s gains materialized after the collapse of SVB. Second, related to corporate earnings, almost all of the appreciation in the stock market since last September for the S&P 500^® came from multiple expansions (“P/E” *), with virtually no support from the denominator in the equation (earnings). Second, investors favored the Magnificent Seven and companies that could benefit from generative artificial intelligence (“AI”). As such, AI stoked massive enthusiasm among investors, and higher-quality balance sheets with defensive characteristics appeared attractive to investors who sought a port of safety during the regional banking crisis and debt ceiling debate. Lastly, market breadth improved toward the latter half of the reporting period as small-cap and mid-size companies at long last participated in the rally.

The first quarter of 2023 was the second positive quarter for the S&P 500^®. Then, as the second quarter evolved, markets were in flux from the regional banking crisis, and investors were wary of any potential contagion risks. The market volatility, however, was short-lived as market participants gained solace in the Federal Reserve’s ability to limit the fallout from SVB’s failure. Despite a somewhat muted April and May, market participants became more confident that the economy would remain resilient, helping to improve investor sentiment. Positive market momentum and better-than-expected second-quarter earnings helped equities post solid gains in July, making it the fifth straight monthly gain for the S&P 500^®, its longest sustained rally since August 2021. As the reporting period concluded in August, U.S. equities finished lower as the S&P 500^® and NASDAQ Composite Index (“NASDAQ”) posted their first monthly declines since February. As such, equity markets generated robust performance during the reporting period, with the tech-heavy NASDAQ outperforming the S&P 500^® and both indexes significantly outperforming the S&P 500^® Equal-Weighted Index and Russell 2000^® Index.

On a sector level, nine of the eleven sectors finished the reporting period with positive returns. Information Technology, Communication Services, and Industrials were the best-performing sectors, with gains of 33.3%, 25.7%, and 18.6%, respectively. Turning to the laggards, Real Estate and Utilities returned -8.1% and -12.6%, respectively. Resilient economic data and AI enthusiasm caused investors to rotate to sectors that would benefit from the stronger-than-expected economic growth. For example, while every S&P 500^® sector posted positive results in June and July, economically sensitive sectors such as Energy, Materials, Financials, and Industrials staged a decent comeback during the reporting period. The reporting period’s sector performance is a healthy reminder that, despite the exuberance of AI and investors’ preference for large-cap tech stocks, other sectors can exhibit impressive results, too. Further, sector performance during the reporting period demonstrated investors’ focus on quality factors, such as healthy profit margins, strong free cash flow, strong balance sheets, and positive earnings revisions/surprises.

International markets experienced elevated levels of volatility as economic optimism gave way to geopolitical risks and slowing growth momentum due to a sharper deterioration in service activity, inventory de-stocking, weak foreign demand, and a tightening of credit conditions. At the same time, the continued belief in disinflation helped to soften investors’ fears of future rate hikes by the European Central Bank. Further, continued low unemployment supported international corporate profits. As such, the MSCI EAFE^® Index finished the period with a gain of nearly 17.9%. Also, the MSCI Emerging Markets^® Index gained 1.2%.

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August 31, 2023

U.S. Treasury yields rose during the reporting period as economic growth remained strong, giving investors angst that the Fed might continue to raise interest rates. Chair Powell exemplified this interplay between economic data and Fed policy by delivering hawkish commentary at the Jackson Hole conference. During the meeting, Chair Powell emphasized that if economic growth remained strong, rates may need to increase further. The “higher-for-longer” theme, which gripped the fixed-income market during the reporting period, resulted in real yields rising to their highest levels since 2008. Investors were concerned about positive real yields during the reporting period as it could lead to higher corporate borrowing costs, which might affect corporate profits. For bond investors, however, positive real yields represented an opportunity to generate attractive returns without chasing comparatively riskier assets. In other words, rising real yields are the risk-free alternative to owning stocks, another key theme during the reporting period.

As expected at Jackson Hole, the Fed indicated it was prepared to raise interest rates further if warranted. After aggressively increasing rates since 2022, however, Powell signaled that policy shifted to a phase where policymakers are sensitive to the risk of doing too much. Chair Powell’s acknowledgment of the dangers posed by excessive rate hikes underscored the increase in yields observed throughout the reporting period. For example, the yield on the benchmark 10-year Treasury increased to 4.10% as of August 31, 2023, from 3.26% on September 1, 2022. Likewise, the yield on the 2-year Treasury rose to 4.86% as of August 31, 2023, from 3.52% on September 1, 2022. Further, as of this writing, the 10-year Treasury bond is on pace for its third consecutive annual decline, and the 3-month Treasury bill yield hit 5.48% on August 28, 2023, its highest level since January 2001.

The continuing theme from last year, a myriad of recession forecasts and alerts from inverted yield curves, remained valid during the reporting period. The well-known spread between the 10-year and 2-year Treasury bond yields (“2Yr/10Yr spread”) remained inverted during the reporting period, touching a low of -1.08% on July 3, 2023, and ending the reporting period at -0.76%. Notably, the re-steepening of the 2Yr/10Yr spread from July to the end of the reporting period rattled market participants. The increase in long-term Treasury yields, which saw the 30-year fixed-rate mortgage hit its highest level since December 2000, occurred due to multiple factors. Firstly, the Bank of Japan changed its yield curve control policies. Secondly, economic data proved resilient, causing some bond market participants to reverse course and unwind their bearish bets on the economy. Thirdly, Fitch Ratings Inc. downgraded the rating of U.S. government debt to AA+ from AAA. Finally, soaring deficits likely caused bond vigilantes to demand a greater risk premium.

As such, the Bloomberg^® U.S. Aggregate Bond Index returned -1.19% during the reporting period. Further, as of August 31, 2023, the Bloomberg^® U.S. Aggregate Bond Index crossed 37 months (about 3 years) without making a new all-time high, likely the longest streak in its near 50-year history. This also underscored a key theme for the reporting period. Yields offered an attractive income, but price appreciation remained elusive. In addition, today’s backdrop of higher interest rates and elevated uncertainty coupled with tighter lending standards should alert investors to potential vulnerabilities stemming from rate-sensitive balance sheets. Lastly, during the final few days of the reporting period, some market participants reasoned that the long end of the Treasury curve started to reflect weakening economic data, causing yields to moderate.

At the reporting period’s outset, investor positioning and sentiment were pessimistic, casting a bearish shadow of uncertainty over the capital markets. As the year progressed, however, a remarkable transformation unfolded, as investor sentiment and positing reversed course with improving economic trends providing solid momentum for the capital markets. Indeed, the whiplash investors experienced from the exceedingly dire performance across stock and bond markets in 2022 to the respectable rebound in the first half of 2023 provided investors with a masterclass on the importance of staying invested and not making emotional investment decisions. For much of the last 18 months, stock and bond markets have been at the whim of monetary policy decisions. In 2022, angst over monetary policy culminated in a bear market as the Fed embarked on an aggressive tightening campaign to quell inflation. Then, in 2023, the tide turned somewhat, with markets rallying, as an end to the rate-hiking cycle seemed plausible based on moderating inflation data. At the same time, inflation is still above the Fed’s inflation target of 2%, reminding investors that volatility in the market is always lurking and that maintaining a diversified portfolio is critical to achieving long-term success.

During the 12-month reporting period, the S&P 500^® had positive gains in eight of the 12 months. Better-than-expected corporate earnings and resilient economic data boosted equity performance,

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reassuring investors about the market’s durability during the reporting period.

In summary, the reporting period was marked by several distinct market dynamics, including persistent inflation, high housing prices, and a possible looming recession, to name a few, confronting investors with an economic and financial market environment unlike anything experienced in the past decade. Despite these challenges, a long-term view and properly diversified portfolios remain crucial to a successful investment approach. At Nationwide, we understand these challenges and remain committed to delivering exceptional results for our clients. We are confident in our ability to help investors navigate the markets for years to come. We thank you for putting your trust in us and will continue to work diligently to meet your investment needs.

Sincerely,

Kevin T. Jestice
President and Chief Executive Officer
Nationwide Fund Advisors

Fund holdings and sector allocations are subject to change. Please see each Fund’s Schedule of Investments for a complete list of Fund holdings.

The following chart provides returns for various market segments for the annual reporting period that ended August 31, 2023:

Source: Morningstar

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August 31, 2023

During the year ended August 31, 2023 (the ”current fiscal period”), the Nationwide Nasdaq-100^® Risk-Managed Income ETF (“NUSI” or the “Fund”) returned 14.42% (at net asset value (“NAV”)) compared to its benchmark index, the Cboe S&P 500^® Zero-Cost Put Spread Collar Index (“CLLZ”), which returned 16.18%.

NUSI is an income-focused ETF, designed to seek high monthly income for investors, while offering the potential for a measure of downside protection in falling markets along with partial upside capture in rising markets, as indicated by the Fund’s rules-based net-credit collar options model.

We believe NUSI has been and will likely continue to be a viable option for investors seeking monthly income, having maintained its consistent track record of delivering monthly distributions since its inception. Looking back over the current fiscal period, NUSI had a total return of 14.42% and a 12-month trailing yield of 7.41%.

During Q4 2022, NUSI returned -2.95% (market price), underperforming the Nasdaq-100 (“NDX”) and CLLZ indexes, which returned -0.04% and 7.19%, respectively. Most notably, after posting gains in October and November, the NDX veered sharply lower in December, to end the month down 9.01%. The Fund outperformed the NDX by 625 basis points in December, returning -2.76% (market price) during the month. The measure of downside protection derived from the long NDX 12/16/22 11025 put and the long NDX 1/21/23 10800 put amid the NDX’s intramonth sell off was the primary contributor to the Fund’s outperformance relative to the NDX in December, which also helped NUSI outperform the NDX index for the 2022 calendar year.

During Q1 2023, NUSI rose 8.31%, underperforming the NDX index by 12.29%, but outperforming its benchmark index (CLLZ) by 2.62%, which returned 5.69%. The Nasdaq-100^® rebounded strongly in Q1 of 2023, rallying 20.77% following a very tough 2022 during which the tech-heavy index fell -32.38%. The Fund underperformed because the index rose sharply (especially in January), while both the short call and long put were held by the Fund. Short call liability and long put decay both detracted from performance as the underlying NDX index rallied. However, per the rules-based model, the short call was closed prior to options expiration each month in an attempt to capture some of the rally in the underlying NDX index, which the Fund was able to do, and why it was able to outperform its benchmark index (CLLZ).

During Q2 2023, NUSI rose 11.84%, underperforming the NDX index by 3.54%, but outperforming its benchmark index (CLLZ) by 17.66%, which fell -5.82%. The Nasdaq-100^® posted another strong quarter in Q2 2023, rallying 15.39%, bringing the YTD total return to an impressive 39.35% as of 6/30/2023. The main period that contributed to the underperformance relative to NDX was the second half of May, when short call liability and long put decay both detracted from performance as the underlying NDX index rallied. However, per the rules-based model, the short call was closed prior to options expiration each month and the Fund was able to capture roughly 77% of the total upside in the NDX during Q2, while significantly outperforming its benchmark index (CLLZ).

Effective July 17, 2023, NEOS Investment Management, LLC (“NEOS”) replaced Harvest Volatility Management, LLC (“Harvest”) as a sub-adviser to the Fund. Following the change in sub-advisers, Curt Brockelman no longer served as a portfolio manager to the Fund; however, Troy Cates and Garrett Paolella continue to serve as the Fund’s portfolio managers, each in his new role as Co-Founder, Managing Partner and Portfolio Manager of NEOS.

From the start of Q3 2023 through 8/31/2023, NUSI fell 0.15% (at market price) compared to the Nasdaq 100^® Index, which rose 2.28%. This underperformance is due to NUSI lagging the Nasdaq 100’s appreciation in July and bearing all of the downside move in August after the short call was repurchased. During July, the tech-heavy NDX index rose 3.21% while NUSI only rose 1.22%. In August, the short call was closed per the rules-based model; however volatility returned to the markets and the NDX fell 1.50%. During the same period NUSI fell 1.60% as the short call was closed and the long put expired out-of-the-money.

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

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August 31, 2023

of approximately 0.65% of net assets during each calendar month of the fiscal year, of which approximately 96.87% were return of capital.

NEOS Investment Management

Portfolio Managers: Troy Cates and Garrett Paolella

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 non-diversified. 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 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. 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. © 2023 Nationwide

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August 31, 2023

During the year ended August 31, 2023 (the ”current fiscal period”), the Nationwide Dow Jones^® Risk-Managed Income ETF (“NDJI” or the “Fund”) returned 5.12% (at net asset value (“NAV”)) compared to its benchmark index, the Cboe S&P 500^® Zero-Cost Put Spread Collar Index (“CLLZ”), which returned 16.18%.

NDJI is an income-focused ETF, designed to seek high monthly income for investors while offering the potential for a measure of downside protection in falling markets along with partial upside capture in rising markets, as indicated by the Fund’s rules-based net-credit collar options model.

We believe NDJI has been and will likely continue to be a viable option for investors seeking monthly income, having maintained its consistent track record of delivering monthly distributions since its inception. Looking back over the current fiscal period, NDJI had a total return of 5.12% and a 12-month trailing yield of 6.98%.

During Q4 2022, NDJI returned 6.45% (market price), underperforming the Dow Jones Industrial Average (“DJI”) and CLLZ indexes, which returned 16.01% and 7.19%, respectively. Most notably was the DJI Index returning 14.07% in October, delivering strong performance on the back of upbeat earnings, easing inflationary pressure, and reports that the Fed might slow or even suspend its current rate hike cycle. By comparison, the Fund advanced 5.69% (market price), underperforming the DJI by 8.38% during the month. The Fund’s underperformance relative to the DJI in October was primarily attributed to the short DJX 11/18/22 305 call option limiting the Fund’s upside participation between the October option roll date (10/20/2022) and the end of the month when most of the DJI’s gains for the month were realized.

During Q1 of 2023, the DJI rose advancing 0.93% following a tough 2022 during which the blue-chip index fell 6.86%. NDJI rose 0.68%, underperforming both the DJI and CLLZ by 0.25% and 5.01%, respectively. The Fund underperformed the DJI index in Q1 2023 lagging during the blue-chip index’s positive months in January and March, while both the short call and long put options remained on the Fund. Short call liability and long put decay both detracted from performance as the underlying DJI index rallied during those months. During February, however, the measure of downside protection was showcased as the Fund only fell 0.61% alongside the DJI index, which fell 3.94%.

During Q2 of 2023, NDJI rose 4.46%, outperforming the DJI index by 0.49%, and outperforming CLLZ by 10.28%, which fell 5.82%. The Fund slightly outperformed the DJI in Q2 2023 on a total return basis. The Fund was able to capture almost all the upside during April and June when the DJI rose and offered a measure of downside protection during May as the DJI fell over three percent.

Effective July 17, 2023, NEOS Investment Management, LLC (“NEOS”) replaced Harvest Volatility Management, LLC (“Harvest”) as a sub-adviser to the Fund. Following the change in sub-advisers, Curt Brockelman no longer served as a portfolio manager to the Fund; however, Troy Cates and Garrett Paolella continue to serve as the Fund’s portfolio managers, each in his new role as Co-Founder, Managing Partner and Portfolio Manager of NEOS.

From the start of Q3 2023 through 8/31/2023, NDJI returned 1.92% (at market price) compared to the Dow Jones Industrial Average Index, which returned 1.36%. NDJI was able to capture a majority of the upside move in the Dow Jones during July as the index mostly hovered within NDJI’s option collar. In August the Dow Jones sold off 2.01%, while NDJI’s long puts offered a measure of downside protection as the Fund only dropped 0.42%, which was the major contributor to the overall outperformance during this period.

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, of which approximately 78.29% were return of capital.

NEOS Investment Management

Portfolio Managers: Troy Cates and Garrett Paolella

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.

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August 31, 2023

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 non-diversified. 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 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. 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. ^© 2023 Nationwide

8

August 31, 2023

During the year ended August 31, 2023 (the “current fiscal period”), the Nationwide Russell 2000^® Risk-Managed Income ETF (“NTKI” or the “Fund”) returned 2.30% (at net asset value (“NAV”)) compared to its benchmark index, the Cboe Russell 2000^® Zero-Cost Put Spread Collar Index (“CLLR”), which returned 10.29%.

NTKI is an income-focused ETF designed to seek high monthly income for investors while offering the potential for a measure of downside protection in falling markets along with partial upside capture in rising markets, as indicated by the Fund’s rules-based net-credit collar options model.

We believe NTKI has been and will likely continue to be a viable option for investors seeking monthly income, having maintained its consistent track record of delivering monthly distributions since its inception. Looking back over the current fiscal period, NTKI had a total return of 2.30% and a 12-month trailing yield of 7.14%.

Small-cap stocks underperformed their large-cap counterparts in Q4 2022, with the Fund’s reference index, the Russell 2000^® Index (“RTY”) returning 6.20%, compared to the S&P 500 returning 7.55%. By comparison, NTKI returned 0.13% (market price) in Q4 2022, underperforming both the RTY and CLLR, by 6.07% and 7.43%, respectively. The Fund’s relative underperformance during the fourth quarter was primarily attributed to the limitation on the Fund’s upside participation between the October options roll date (10/20/2022) and the end of October when most of the RTY’s gains for the month were realized, and the Fund’s position in the short RUT 11/18/22 1720 call.

The RTY rose in Q1 of 2023 advancing 2.74% following a tough year in 2022 during which the small-cap index fell 20.44%. NTKI rose 3.85%, outperforming both the RTY index and CLLR by 1.11% and 0.07%, respectively. The Fund outperformed the RTY index in Q1 2023, largely helped by the measure of downside protection offered by NTKI during February and March. During January, the Fund’s short call liability and long put decay both detracted from performance as the underlying RTY index rallied to start the year.

The Russell 2000^® Index posted a strong quarter in Q2 2023, rising 5.21% propelled by a very strong June rally. NTKI rose 3.54%, underperforming the RTY by 1.67%, and outperforming CLLZ by 0.15%s, which rose 3.39%. The Fund offered a measure of downside protection and outperformance during April and May when the RTY declined; however, in June the RTY rallied 8.13% and NTKI lagged considerably due to its short call liability and long put decay.

Effective July 17, 2023, NEOS Investment Management, LLC (“NEOS”) replaced Harvest Volatility Management, LLC (“Harvest”) as a sub-adviser to the Fund. Following the change in sub-advisers, Curt Brockelman no longer served as a portfolio manager to the Fund; however, Troy Cates and Garrett Paolella continue to serve as the Fund’s portfolio managers, each in his new role as Co-Founder, Managing Partner and Portfolio Manager of NEOS.

From the start of Q3 2023 through the current fiscal period, NTKI fell 0.26% (at market price) compared to RTY, which rose 0.81%. The reason for the underperformance was due to NTKI lagging the Russell 2000 Index, which rallied 6.12% in July. In comparison, NTKI rose 2.41% in July. As market volatility returned in August, however, the small-cap index quickly reversed course and fell 5.00%. NTKI’s long puts were able to offer a measure of downside protection helping the Fund to fall only 2.61%, and make up for some of the upside lag during the previous month.

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, of which approximately 87.85% were return of capital.

NEOS Investment Management

Portfolio Managers: Troy Cates and Garrett Paolella

Effective July 17, 2023, the Fund’s Principal Investment Strategy was restated as follows: The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective principally by investing in (i) the Vanguard Russell 2000 Index Fund ETF Shares (VTWO) (the “Underlying ETF”), which seeks to track the performance of the Russell 2000^® Index (the “Russell 2000” or the “Reference Index”) that measures the investment return of U.S.-listed small-capitalization equities, and (ii) an options collar

9

August 31, 2023

(i.e., a mix of written (sold) call options and long (bought) put options) on the Russell 2000. The Fund seeks to generate high current income on a monthly basis from a combination of the dividends received from the Fund’s Underlying ETF holdings and the premiums earned from the options collar. The options collar seeks to generate a net-credit by receiving premium from the sale of the call options that is greater than the cost of buying the protective put options. The options collar is designed to reduce the Fund’s volatility and provide a measure of downside protection.

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 non-diversified. Additional Fund risk includes: collared options strategy risk, correlation risk, derivatives risk, foreign investment risk, small cap 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.

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 Russell 2000 Zero-Cost Put Spread Collar Index: An index designed to track the performance of a hypothetical portfolio of securities composed of a 2.5%-5% put spread of options on the Russell 2000 (RUT options), and which seeks to offset the already low cost of the put position with a long RUT call at a strike such that the call premium offsets 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.

10

August 31, 2023

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. 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. ^© 2023 Nationwide

11

August 31, 2023

During the year ended August 31,2023 (the “current fiscal period”), the Nationwide S&P 500^® Risk-Managed Income ETF (“NSPI” or the “Fund”) returned 8.30% (at net asset value (“NAV”)) compared to its benchmark index, the Cboe S&P 500^® Zero-Cost Put Spread Collar Index (“CLLZ”), which returned 16.18%.

NSPI is an income-focused ETF designed to seek high monthly income for investors while offering the potential for a measure of downside protection in falling markets along with partial upside capture in rising markets, as indicated by the Fund’s rules-based net-credit collar options model.

We believe NSPI has been and will likely continue to be a viable option for investors seeking monthly income, having maintained its consistent track record of delivering monthly distributions since its inception. Looking back over the current fiscal period, NSPI had a total return of 8.30% and 12-month trailing yield of 6.87%.

During Q4 2022, NSPI returned 1.14% (market price), underperforming the S&P 500 (“SPX”) and CLLZ indexes, which returned 7.55% and 7.19%, respectively. The Fund’s relative underperformance during the fourth quarter was primarily attributed to the limitation on the Fund’s upside participation between the October roll date (10/20/2022) and the end of October when most of the SPX’s gains for the month were realized, stemming from the short SPX 11/18/22 3705 call option held by the Fund.

During Q1 2023, NSPI rose 5.35%, underperforming both SPX and CLLZ by 2.15% and 0.15%, respectively. The Fund underperformed SPX in Q1 2023 because the index rose rapidly, especially in January and March, while both the short call and long put remained on the Fund. Short call liability and long put decay both detracted from performance as the underlying SPX index rallied. During February, however, the measure of downside protection was showcased as the Fund rose 0.26% and SPX fell 2.44%.

The S&P-500^® Index posted a strong quarter in Q2 2023, rallying 8.74%, bringing the YTD total return to 16.89%. NSPI rose 5.60%, underperforming the SPX index by 3.14%, but outperformed CLLZ by 11.42%, which fell 5.82%. The main period that contributed to the slight underperformance was the first half of June, when short call liability and long put decay both detracted from performance as the underlying SPX index rallied. Per the rules-based model, however, the short call was closed prior to options expiration in two out of the three months this quarter, and the Fund was able to capture roughly 64% of the total upside in the SPX, while significantly outperforming CLLZ.

Effective July 17, 2023, NEOS Investment Management, LLC (“NEOS”) replaced Harvest Volatility Management, LLC (“Harvest”) as a sub-adviser to the Fund. Following the change in sub-advisers, Curt Brockelman no longer served as a portfolio manager to the Fund; however, Troy Cates and Garrett Paolella continue to serve as the Fund’s portfolio managers, each in his new role as Co-Founder, Managing Partner and Portfolio Manager of NEOS.

From the start of Q3 2023 through 8/31/2023, NSPI returned 1.33% (at market price) compared to the S&P 500 Index return of 1.57%. NSPI was able to capture a majority of the upside move in the S&P 500 during July as the index hovered between NSPI’s option collar, and offered a slight measure of downside protection during August when the S&P 500 Index dropped 1.59%.

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, of which approximately 84.37% were return of capital.

NEOS Investment Management

Portfolio Managers: Troy Cates and Garrett Paolella

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

12

August 31, 2023

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 sub-adviser’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 non-diversified. Additional Fund risks include: 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.

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. 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. ^© 2023 Nationwide

13

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%.

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

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%.

16

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%.

17

As of August 31, 2023 (Unaudited)

18

August 31, 2023

Nationwide Nasdaq-100^® Risk-Managed Income ETF

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

19

August 31, 2023

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

Percentages are stated as a percent of net assets.

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.

20

August 31, 2023

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

Percentages are stated as a percent of net assets.

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

21

August 31, 2023

Nationwide Dow Jones^® Risk-Managed Income ETF

Percentages are stated as a percent of net assets.

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.

22

August 31, 2023

Nationwide Russell 2000^® 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.

23

August 31, 2023

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

Percentages are stated as a percent of net assets.

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

24

August 31, 2023

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

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

25

August 31, 2023

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

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

26

August 31, 2023

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

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

27

August 31, 2023

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