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Risk-Managed Income ETF

The Nationwide Nasdaq-100® Risk Managed Income ETF seeks to provide investors with:

A new approach to income generation

Designed with income generation in mind, the Nationwide Nasdaq-100® Risk Managed Income ETF offers a number of potential benefits that may help address the yield enhancement and volatility management needs of investors.

Nationwide Nasdaq-100® Risk-Managed Income ETF (NUSI)1
ETF strategy: Income-focused
Benchmark: CBOE S&P 500 Zero-Cost Put Spread Collar Index
Subadviser: NEOS Investment Management*

[1] Board of Trustees of ETF Series Solutions (the “Trust”) has approved a proposed plan to reorganize the Nationwide Nasdaq-100® Risk-Managed Income ETF (“NUSI”) pursuant to which NUSI will be acquired by the NEOS NASDAQ-100® Hedged Equity Income ETF (the “Acquiring Fund”), a newly created series of the NEOS ETF Trust (the “Reorganization”) subject to shareholder approval via a proxy solicitation in connection with a special meeting of NUSI shareholders. Once approved, the Reorganization will be completed.  NEOS Investment Management LLC (“NEOS”), the current subadviser to NUSI, will become the investment adviser to the Acquiring Fund as a result of the Reorganization and there will no longer be a subadviser.

The Proxy Statement for this Meeting and the accompanying Notice of Special Meeting of Shareholders and the form of proxy card are available at www.proxydocs.com/NUSI.

Investment strategy overview

Managed by NEOS Investment Management, a global asset manager built on decades of experience in options-based investing, the Nationwide Nasdaq-100® Risk Managed Income ETF offers innovative alternatives to traditional income investing by employing a dynamic, risk-managed, net credit collar.

How risk-managed income ETFs may add value within a portfolio

The Nationwide Nasdaq-100® Risk Managed Income ETF is designed for income-focused investors seeking to lower their exposure to market volatility and minimize the potential for losses during down markets. It can be used to enhance and diversify core income-oriented portfolio allocations in the following ways:

As a supplement to current income strategies during cycles of low or falling yields

As a less volatile strategy for maintaining equity exposure during volatile market periods, where the protective put options offer a degree of downside protection

As a strategy for managing the risk of rising interest rates and the possibility of economic recession as an alternative to a traditional bond investment

As a complement to a traditional 60% equity/40% bond portfolio, potentially enhancing the yield generated by the bond allocation while reducing potential volatility of the equity allocation

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*On July 17, 2023, NEOS Investment Management replaced Harvest Volatility Management as the subadviser to the Nationwide Nasdaq-100® Risk-Managed Income ETF ("NUSI").


Nationwide shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total returns are calculated using the daily 4 p.m. ET net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

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 returns may not match nor achieve a high degree of correlation with the return of the respective underlying index. Diversification does not assure a profit nor protect against loss in a declining market.

Call 1-800-617-0004 to request a summary prospectus and/or a prospectus or download prospectuses at etf.nationwidefinancial.com. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

Expense ratios are as of the most recent prospectus. Please see the Fund prospectus for more details.



The Nationwide Nasdaq-100® Risk-Managed Income ETF ("NUSI") 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. NUSI is subject to the risks of investing in foreign securities (current fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). NUSI may invest in more-aggressive investments such as derivatives (which create investment leverage and illiquidity and are highly volatile). NUSI 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 NUSI's investment strategy may depend on the effectiveness of the subadviser's quantitative tools for screening securities and on data provided by third parties. NUSI 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. Frequently, NUSI 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 NUSI and greater tax liabilities for shareholders. NUSI may concentrate on specific sectors or industries, subjecting it to greater volatility than that of other ETFs.

NUSI 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 NUSI intends to invest in a variety of securities and instruments, NUSI will be considered non-diversified. Additional risks include: collared options strategy risk, correlation risk, derivatives risk, foreign investment risk, industry concentration risk, and large-capitalization investing risk.



At-the-money (ATM) refers to a situation in which an option’s strike price is identical to the price of the underlying security. Call options are 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 the specified price within a specific time period. The stock, bond or commodity is called the underlying asset. Net credit collar consists of simultaneously selling a call option and buying a put option against 100 shares of long stock. Buying a put option against long shares eliminates the risk of the shares below the put strike, while selling a call option limits the profit potential of shares above the call strike. By selling a call option, the cost of buying a put option is reduced. When structured properly, the short call can cover the entire cost of buying the put option, resulting in a limited-risk stock position without paying for the insurance. Out-of-the-money (OTM) is used to describe an option that has only extrinsic value. A call option is considered OTM if the prevailing market price of the underlying security is lower than the strike price of the call. Conversely, a put option is OTM if the prevailing market price of the underlying security is above the put’s strike price. Protective put is a risk-management strategy using options contracts that investors typically employ to guard against the loss of owning a stock or asset. The hedging strategy involves an investor buying a put option for a fee, called a premium.



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.


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, such as commercial and investment banks. These nonfinancial 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 Nationwide Nasdaq-100® Risk-Managed Income ETF (“NUSI”) has not been passed on by the Corporations as to its legality or suitability. NUSI is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT.


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. Representatives of the Nationwide ETF Sales Desk are registered with Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio.