An $84B-AUM Firm Adds Three ETFs
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Tuesday, January 11, 2022

An $84B-AUM Firm Adds Three ETFs

An insurer's mutual fund team is quadrupling the size of a two-year-old ETF line.

Michael Scott Spangler
Nationwide Financial / Nationwide Funds
Senior Vice President, Head of the Investment Management Group / President
Yesterday, Mike Spangler, leader of the investment management group at Nationwide [profile], unveiled three new, actively managed ETFs: the Nationwide Dow Jones Risk-Managed Income ETF (NDJI on the NYSE Arca); the Nationwide Russell 2000 Risk-Managed Income ETF (NTKI); and the Nationwide S&P 500 Risk-Managed Income ETF (NSPI). All three ETFs launched on December 16 with expense ratios of 68 basis points.

The three launches came two years after Nationwide launched the Nationwide Nasdaq-100 Risk-Managed Income ETF (NUSI), which has since grown to $906.2 million in AUM. (Nationwide Fund Advisors, the investment advisor to the ETFs, has more than $84 billion in AUM, according its most recent form ADV filed on December 15, 2021.)

Harvest Volatility Management, which subadvises NUSI, also subadvises all three new ETFs. Harvesy's Curt Brockelman (managing director, co-founder, chief risk officer, and portfolio manager), Troy Cates (managing director and portfolio manager), and Garrett Paolella (managing director and portfolio manager) will PM the new ETFs. They each come with an expense ratio of 68 basis points.

Spangler put the three launches last month in the context of "investors ... looking to generate higher income while managing downside risk" in light of inflation pressure and low Treasury yields.

"The new offerings will seek to deliver the income and downside protection benefits that investors have come to expect from Nationwide, while also providing investors with greater flexibility when managing their exposure to different sources of risk and return and when targeting secular opportunities as part of a diversified, core income allocation," Spangler states.

The new ETFs' other service providers include: Cohen and Company, Ltd. as independent accounting firm; Morgan, Lewis and Bockius LLP as counsel; Quasar Distributors, LLC as distributor; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, index receipt agent, and transfer agent; and U.S. Bank National Association as custodian.

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