Nationwide Announces Proposed Fund Reorganization

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Jan 19, 2024, 08:50 ET

COLUMBUS, Ohio, Jan. 19, 2024 /PRNewswire/ -- Nationwide announced today that the 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"). 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. It is anticipated that the investment objective and the principal investment strategies of the Acquiring Fund will be similar to those of NUSI.

Nationwide recommended the aforementioned Reorganization following consideration of the potential shareholder benefits resulting from the Reorganization, including the continuity of the investment strategy afforded to existing NUSI shareholders, with no material changes being made to the core portfolio management team and the quality and breadth of services that will be provided by NEOS.

The Reorganization will be subject to shareholder approval via a proxy solicitation in connection with a special meeting of NUSI shareholders scheduled to be held on or about Apr. 29, 2024. If approved, the Reorganization is expected to be completed on or about May, 10, 2024 (the "Closing Date"). Shareholders of record as of Feb. 20, 2024 will be entitled to vote on the Reorganization.

Under the terms of the Reorganization, the Acquiring Fund will acquire all of NUSI's assets and liabilities in exchange solely for shares of beneficial interest of the Acquiring Fund. Upon shareholder approval and closing of the Reorganization, shareholders will receive shares of the Acquiring Fund with a value equal to the aggregate net asset value of their NUSI shares as of the valuation date of the Reorganization in complete liquidation and dissolution of NUSI, at which time shareholders of NUSI will become shareholders of the Acquiring Fund. Additional information regarding the Reorganization will be contained in the Proxy Statement/Prospectus, which NUSI shareholders will receive.

This press release has been provided for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities, including the Acquiring Fund, in the Reorganization nor the solicitation of any vote or approval in connection with the proposed transaction. Solicitation of the purchase or sale of securities or of proxy to effect the Reorganization will only be made by a definitive Proxy Statement/Prospectus. The Proxy Statement/Prospectus has yet to be filed with the SEC and may be amended or withdrawn, once filed. The Proxy Statement/Prospectus will not be distributed to NUSI shareholders unless and until such time as a Registration Statement comprising the Proxy Statement/Prospectus becomes effective with the SEC.

Investors and shareholders are urged to read the Proxy Statement/Prospectus and other documents filed with the SEC carefully and in their entirety when they become available, as these documents will contain important information with respect to the Reorganization and the investment objectives, risk, charges, expenses, and other important information about the Acquiring Fund. Shareholders may access free copies of the Proxy Statement/Prospectus and other documents filed with the SEC, when available, via the SEC website at www.sec.gov.

Forward-Looking Statements

This press release contains "forward-looking statements" as defined under U.S. federal securities laws. Generally, words or phrases such as "believe," "expect," "intend," "estimate," "anticipate," "project," and similar expressions or future or conditional verbs such as "will," "would," "should," "could," and "may" identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks and uncertainties that change over time, and which could cause actual results to differ materially from historical performance and expectations or projections indicated in any forward-looking statements. With respect to NUSI, these risks may include, but are not limited to, changes in economic and political conditions, the interest rate environment, or the financial and capital markets which could result in changes in investor demand for NUSI or in NUSI's net asset value; collared options strategy risk; correlation risk; derivatives risk; foreign investment risk; industry concentration risk; legal and regulatory changes; large-capitalization investing risk; and other risks discussed in the fund prospectus and other regulatory filings with the SEC.

Undue reliance should not be placed on forward-looking statements, which speak only as of the date on which they are made. Nationwide and its affiliates assume no duty to and do not undertake to publicly update nor revise any forward-looking statements made herein.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

For more information, visit www.nationwide.com.

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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.

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.

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

Contact:
Ryan Ankrom
(740) 974-1918
[email protected]

SOURCE Nationwide