NUSI
Nationwide Nasdaq-100 Risk-Managed Income ETF
NUSI is an actively-managed portfolio of stocks included in the Nasdaq-100 Index combined with an options collar. The fund seeks to generate current income with some downside protection.
US
EQUITY
Active
MANAGEMENT STYLE
68 bp
EXPENSES
$360.2 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Nationwide Mutual Insurance |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 19, 2019 |
| Assets (mns) | $360 |
| Expense ratio | 68 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| APPLE INC | 8.9 % |
| MICROSOFT CORP | 8.4 % |
| NVIDIA CORP | 7.6 % |
| BROADCOM INC. | 4.9 % |
| AMAZON.COM INC | 4.8 % |
| META PLATFORMS INC | 4.3 % |
| TESLA MOTORS INC | 3.0 % |
| ALPHABET INC. CLASS A | 2.7 % |
| ALPHABET INC. CLASS C | 2.6 % |
| COSTCO WHOLESALE CORP | 2.5 % |
Constituent Breakdown
| Number of holdings | 101 |
| Herfindahl-Hirschman Index | 367 |
| Wgt avg mkt cap (mns) | $1,040,480 |
| Large cap (>$10bn) | 100.0% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 99.4% |
| Emerging mkts. | 0.6% |
Country Exposure
 |
UNITED STATES | 94.9 % |
 |
BRITAIN | 2.1 % |
 |
NETHERLANDS | 1.0 % |
 |
CHINA | 0.6 % |
 |
ARGENTINA | 0.6 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 14.0% | 24.9% | 23.1% | 3.8% | -- | -- | 7.4% | Volatility | 183.6% | 121.1% | 86.9% | 71.5% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.68 | 61% |
| MSCI EAFE | 0.55 | 37% |
| MSCI Emg Mkts | 0.44 | 24% |
Liquidity Measures
| Avg. volume (000) | 54 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.25% |
| ADV of underlying (mns) | $218,932 |
Technical Indicators
| Recent close | $24.34 |
| 30d moving avg. | $25.52 |
| Annualized volatility | 15.7% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.5% |
| Short interest (underlying) | 1.7% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NUSI |
Expenses vs. NUSI |
ALTAR Score™ vs. NUSI |
|---|---|---|---|---|
| QYLD | Global X NASDAQ 100 Covered Call ETF | 99.1% | -8 bp | +0.0% |
| QRMI | Global X NASDAQ 100 Risk Managed Income ETF | 99.1% | -8 bp | 0.0% |
| QYLG | Global X Nasdaq 100 Covered Call & Growth ETF | 99.0% | -8 bp | +0.1% |
| QTR | Global X NASDAQ 100 Tail Risk ETF | 98.5% | -42 bp | +0.4% |
| QCLR | Global X NASDAQ 100 Collar 95-110 ETF | 98.1% | -43 bp | +0.5% |
| QYLE | Global X Nasdaq 100 ESG Covered Call ETF | 86.2% | -8 bp | +0.2% |
| JEPQ | J.P. Morgan Nasdaq Equity Premium Income ETF | 71.2% | -33 bp | +0.4% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 53.1% | +7 bp | 0.0% |
| GARP | iShares MSCI USA Quality GARP ETF | 48.6% | -53 bp | +0.6% |
| PBP | Invesco S&P 500 BuyWrite ETF | 48.6% | -19 bp | +0.6% |
Risk and Returns: NUSI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
NUSI
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
NUSI
4.2%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 4.2% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. NUSI's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places NUSI in the 26th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
NUSI
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| NUSI (68 bp) Percentile rank | 51 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| NUSI | 68.0 | 24.7 | 92.7 |
| Peer Avg. | 69.7 | 23.8 | 93.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .