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)	$123
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	250
Wgt avg mkt cap (mns)	$55,194
Large cap (>$10bn)	94.2%
Mid cap ($2-10bn)	5.8%
Small cap (<$2bn)	0.0%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	7.4 %
NEWMONT MINING CORP	1.6 %
CBOE HOLDINGS INC	0.7 %
WESTAR ENERGY INC	0.7 %
KRAFT FOODS GROUP INC	0.7 %
LAMB WESTON HOLDINGS, INC.	0.6 %
NEXTERA ENERGY GROUP	0.6 %
WEC ENERGY GROUP INC	0.6 %
EVERSOURCE ENERGY	0.6 %
AMERICAN WATER WORKS CO INC	0.6 %
DUKE ENERGY CORP	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.4 %
	IRELAND	2.6 %
	BRITAIN	2.1 %
	BERMUDA	0.8 %
	SWITZERLAND	0.7 %
	PERU	0.5 %
	ISRAEL	0.4 %
	ITALY	0.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
28.1%	28.1%	--	--	12.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	88%
MSCI EAFE	0.75	71%
MSCI Emg. Mkts.	0.48	48%

Technical Indicators
Recent close	$31.30
30d moving avg.	$30.66
Annualized volatility	10.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.0%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$59,021

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™:

5.8%

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	5.3	-0.5
JPUS	JPMorgan Diversified Return U.S. Equity	50.0	19	11	6.0	+0.2
SCIU	Global X Scientific Beta US	50.0	19	11	5.5	-0.3
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	46.7	9	21	5.7	-0.1
USMV	iShares MSCI USA Minimum Volatility	46.6	15	15	5.0	-0.8
USLB	Invesco Russell 1000 Low Beta Equal Weight	46.2	35	-5	5.4	-0.4
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	44.7	17	13	6.6	+0.8
CFA	Compass EMP US 500 Volatility Weighted	43.5	35	-5	5.8	-0.0
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	43.5	35	-5	5.8	-0.0
RNLC	Large Cap US Equity Select	43.0	60	-30	5.9	+0.2
RSP	Invesco S&P 500 Equal Weight	42.9	20	10	6.3	+0.6
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	42.3	9	21	5.7	-0.1
FEX	First Trust Large Cap Core Alphadex	41.1	61	-31	6.0	+0.2
QUS	SPDR MSCI USA Quality Mix	41.0	15	15	5.6	-0.2
JHML	John Hancock Multifactor Large Cap	40.4	34	-4	5.6	-0.2
MXDU	Nationwide Maximum Diversification US Core Equity	40.2	34	-4	5.3	-0.5
SPYV	SPDR Portfolio S&P 500 Value	38.9	4	26	6.9	+1.1
IVE	iShares S&P 500 Value	38.9	18	12	6.8	+1.0
FVD	First Trust Value Line Dividend	38.7	70	-40	5.6	-0.2
ROUS	Lattice U.S. Equity Strategy ETF	38.3	19	11	6.1	+0.4

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%.

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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

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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	2.5	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.55

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.