ETF Research Center

RBUS tracks an index of approximately 250 U.S. large cap stocks that are selected and weighted according to volatility, cross-correlation, and the Sharpe ratio.

FUND BASICS
Category	US Equities
Fund Sponsor	Nationwide Fund Advisors
Website	nationwidefinancial.com
Inception date	Sep 18, 2017
Assets (mns)	$120
Currency	USD
Expense ratio	30 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Technical
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	249
Wgt avg mkt cap (mns)	$53,848
Large cap (>$10bn)	93.4%
Mid cap ($2-10bn)	6.6%
Small cap (<$2bn)	0.0%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	9.4 %
NEWMONT MINING CORP	3.5 %
WESTAR ENERGY INC	0.8 %
AUTOZONE INC	0.7 %
SOUTHERN CO	0.7 %
CBOE HOLDINGS INC	0.6 %
AMERICAN ELECTRIC POWER	0.6 %
DOMINION RESOURCES INC/VA	0.6 %
LAMB WESTON HOLDINGS, INC.	0.6 %
PPL CORPORATION	0.6 %
NEXTERA ENERGY GROUP	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.0 %
	IRELAND	2.2 %
	BRITAIN	1.5 %
	BERMUDA	0.8 %
	SWITZERLAND	0.7 %
	PERU	0.5 %
	ISRAEL	0.4 %
	CHINA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
25.0%	14.8%	--	--	11.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	88%
MSCI EAFE	0.76	71%
MSCI Emg. Mkts.	0.51	49%

Technical Indicators
Recent close	$30.47
30d moving avg.	$30.13
Annualized volatility	11.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$65,271

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Nationwide Risk-Based U.S. Equity ETF based on the alternatives' overlap in portfolio holdings with RBUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RBUS

Expense:

30 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RBUS
Ticker	Fund Name	Overlap¹ vs RBUS (%)	Expense ratio (bp)	Savings vs RBUS (bp)	ALTAR Score™ (%)	ALTAR vs RBUS (%)
JMIN	JPMorgan U.S. Minimum Volatility	55.2	12	18	5.6	-0.5
SCIU	Global X Scientific Beta US	51.4	19	11	5.7	-0.4
JPUS	JPMorgan Diversified Return U.S. Equity	50.7	19	11	6.3	+0.2
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	46.3	9	21	6.0	-0.1
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	45.2	17	13	7.0	+0.9
RNLC	Large Cap US Equity Select	44.3	60	-30	6.3	+0.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	44.3	35	-5	6.1	0.0
CFA	Compass EMP US 500 Volatility Weighted	44.3	35	-5	6.1	-0.0
USMV	iShares MSCI USA Minimum Volatility	44.0	15	15	5.2	-0.9
RSP	Invesco S&P 500 Equal Weight	43.9	20	10	6.8	+0.7
FEX	First Trust Large Cap Core Alphadex	42.8	61	-31	6.4	+0.3
USLB	Invesco Russell 1000 Low Beta Equal Weight	41.6	35	-5	5.8	-0.3
MXDU	Nationwide Maximum Diversification US Core Equity	41.6	34	-4	5.6	-0.5
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	41.5	9	21	6.1	+0.0
DEUS	Xtrackers Russell 1000 Comprehensive Factor	40.7	17	13	6.4	+0.3
JHML	John Hancock Multifactor Large Cap	40.5	34	-4	6.0	-0.1
QUS	SPDR MSCI USA Quality Mix	40.3	15	15	6.0	-0.1
DYNF	BlackRock U.S. Equity Factor Rotation	40.1	30	0	6.5	+0.4
SPXT	ProShares S&P 500 Ex-Technology	38.3	27	3	6.0	-0.1
SIZE	iShares MSCI USA Size Factor	37.5	15	15	6.3	+0.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Nationwide Risk-Based U.S. Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.3	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.