Nationwide has approved a proposed plan to reorganize the Nationwide Nasdaq-100® Risk-Managed Income ETF pursuant to which NUSI will be acquired by the NEOS NASDAQ-100® Hedged Equity Income ETF, a newly created series of the NEOS ETF Trust.
NEOS Investment Management LLC, 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 reorganization following consideration of the potential shareholder benefits, 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 April 29, 2024. If approved, the reorganization is expected to be completed on or about May, 10, 2024. Shareholders of record as of Feb. 20, 2024, will be entitled to vote.
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.
