NVIT J.P. Morgan Inflation
Managed Fund
Summary Prospectus April 30, 2026
Class I / Class II
Before you invest, you may want to review the Fund’s Prospectus, which contains information about the Fund and its risks. This Summary Prospectus is intended for use in connection with variable insurance contracts, and is not intended for use by other investors. The Fund’s Prospectus and Statement of Additional Information, each dated April 30, 2026 (as may be supplemented or revised), are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus and other information about the Fund, go to nationwide.com/mutualfundsnvit, email a request to web_help@nationwide.com or call 800-848-0920, or ask any variable insurance contract provider who offers shares of the Fund as an underlying investment option in its products.
Objective
The NVIT J.P. Morgan Inflation Managed Fund (the “Fund”) seeks to maximize inflation protected total return.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares
of the Fund. Sales charges and other expenses that may be imposed by variable
insurance contracts are not included. If these charges were reflected, the expenses listed below would be higher. See the variable insurance contract prospectus, which may impose sales charges and other additional contract-level
expenses.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| |
Class I
Shares |
Class II
Shares |
| Management Fees |
0.16% |
0.16% |
| Distribution and/or Service (12b-1) Fees |
None |
0.25% |
| Other Expenses |
0.51% |
0.51% |
| Total Annual Fund Operating Expenses |
0.67% |
0.92% |
| Fee Waiver/Expense Reimbursement(1) |
(0.17)% |
(0.17)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense
Reimbursement |
0.50% |
0.75% |
(1)
Nationwide Variable Insurance Trust (the “Trust”) and Nationwide Fund Advisors (the “Adviser”) have entered into a written contract limiting annual fund
operating expenses to 0.25% until at
least April 30, 2027. Under the expense limitation
agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable
to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions,
Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally
accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the
ordinary course of the Fund’s business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser
may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not
to exceed three years from the date on which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s
assets exceed $100 million and (ii) the total annual expense ratio is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees
or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the
Adviser is not permitted except as provided for in the expense limitation agreement.
Example
This Example is intended to help you to compare the cost of investing in the Fund with the cost of investing in other mutual
funds. The Example, however, does not include charges that are imposed by variable insurance contracts. If these charges were reflected, the expenses listed below would be higher.
This Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers
NSP-INMG
(4/26)
Summary Prospectus April 30, 2026
1
NVIT J.P. Morgan Inflation Managed Fund
that may apply for the periods indicated above
under “Fees and Expenses.” Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class I Shares |
$51 |
$197 |
$356 |
$818 |
| Class II Shares |
77 |
276 |
493 |
1,116 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Example, affect the Fund’s performance. During the period April 15, 2025 (commencement of operations) through December 31, 2025, the Fund’s portfolio turnover rate was 107.62% of the average value of its portfolio.
Principal Investment Strategies
The Fund is designed to protect the total return generated by its core fixed income holdings,
as further described below, from inflation risk. As used in the Fund’s objective, “total return” includes income and capital appreciation. The Fund seeks to hedge
the risk of inflation by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (“CPI-U”) in combination with its core portfolio of bonds and other debt securities. The CPI-U measures the changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPI-U will
accurately measure the real rate of inflation in the prices of goods and services. This strategy is intended to create the equivalent of a portfolio of inflation-protected bonds. The Fund also may purchase other investments, including actual inflation-protected securities, such as Treasury Inflation Protected Securities (“TIPS”). “Inflation Managed” in the Fund’s name does not refer to a type of security in which the Fund invests, but rather describes the Fund’s overall strategy of creating a portfolio to maximize inflation protected total return.
The fixed income securities in which the Fund invests include U.S. and foreign corporate bonds, U.S. government securities,
bonds issued by foreign governments, corporate loans, asset-backed securities and mortgage-backed securities. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped
mortgage-backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities. The Fund also may invest in TIPS, which
are inflation-adjusted securities issued by the U.S. Treasury, as well as in other inflation-linked securities issued by entities such as domestic and foreign corporations and
governments. The Fund may invest up to 10% of its total assets in securities that, at the time of purchase, are rated below investment grade (i.e., “junk” bonds). The Fund may invest in securities issued by foreign issuers, including those that are located in emerging market countries. All securities in which the Fund invests are denominated in U.S. dollars.
The Fund uses derivatives, such as swaps and futures. The Fund uses CPI-U swaps for inflation hedging purposes. In addition to CPI-U swaps, the Fund has the flexibility to use swaps (including credit default swaps) and futures for hedging purposes, to
increase income and gain to the Fund, and as part of its risk management process by establishing or adjusting exposure to particular securities or markets and/or to manage cash flows. The Fund may use swaps structured as credit default swaps to gain or hedge exposure to investment grade or high-yield securities or indexes of investment grade or high-yield securities.
The subadviser buys and sells securities and investments for the Fund based on its view of
individual securities and market sectors. Taking a long-term approach, the subadviser looks for individual fixed income investments that it believes will perform well over market cycles. The subadviser is value oriented and makes decisions to purchase and sell individual securities and
instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transactions. The Fund may engage in frequent and active trading of portfolio securities.
Principal Risks
The Fund cannot guarantee that it will achieve its investment objective.
As with any fund, the value of the Fund’s investments—and therefore, the value of
Fund shares—may fluctuate. These changes may occur because of:
Interest rate risk – generally, when interest
rates go up, the value of debt securities goes down. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term
securities. To the extent the Fund invests a substantial portion of its assets in debt securities with longer-term maturities, rising interest rates are more likely to cause
periods of increased volatility and redemptions, and will cause the value of the Fund's investments to decline significantly. The
Summary Prospectus April 30, 2026
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NVIT J.P. Morgan Inflation Managed Fund
Federal Reserve Board continued to lower interest
rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The
interest earned on the Fund's investments in debt securities may decline when prevailing interest rates fall.
Declines in interest rates increase the likelihood that debt obligations will be pre-paid, which, in turn,
increases these risks. Very low or negative interest rates will impact the yield of the Fund's investments in debt securities and increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively
impacted. The Fund is subject to the risk that the income generated by its investments in debt securities may
not keep pace with inflation. Recent and potential future changes in government policy may affect interest
rates.
Credit risk – a bond issuer will default if it is unable to pay the interest or principal when due. If an issuer defaults, the
Fund will lose money. Changes in a bond issuer’s credit rating or the market’s perception of an
issuer’s creditworthiness also affect the market price of a bond.
Market risk – the risk that one or more markets in which the Fund invests will go down in value, including the possibility
that the markets will go down sharply and unpredictably. This occurs due to numerous factors, including
interest rates, the outlook for corporate profits, the health of the national and world economies, and the
fluctuation of other securities markets around the world. These risks may be magnified if certain social,
political, economic and other conditions and events (such as natural disasters, epidemics and pandemics,
terrorism, conflicts, trade disputes and social unrest or rapid technological developments such as artificial
intelligence) adversely interrupt the global economy.
Selection risk – the risk that the securities selected by the Fund’s subadviser will underperform the markets, the relevant indexes or the securities selected by other funds with
similar investment objectives and investment strategies.
Inflation managed strategy risk-- the Fund’s investment strategies may not work to generate inflation-protected return. There is no guarantee that the use of derivatives and
debt securities will mimic a portfolio of inflation-protected bonds.
Inflation-protected securities risk – because of their inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. Inflation-protected bonds also normally decline in price when real interest rates (the interest rate minus the current inflation rate) rise. Interest payments on inflation-protected
securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable.
The amounts of the Fund’s income distributions are likely to fluctuate considerably more than the income
distribution amounts of a typical bond fund. There can be no assurance that the inflation index used will
accurately measure the real rate of inflation in the prices of goods and services. The Fund’s investments
in inflation-
protected
securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In the event of deflation, in which prices decline over time, the principal and income of inflation-protected bonds would
likely decline.
U.S. government securities risk – not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some
obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there is
some risk of default by the issuer. Even if a security is backed by the U.S. Treasury or the full faith and
credit of the United States, such guarantee applies only to the timely payment of interest and principal.
Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate
changes, prepayments and other factors will affect the value of U.S. government securities. It is possible that
issuers of U.S. government securities will not have the funds to meet their payment obligations in the
future.
Liquidity risk – when there is little or no active trading market for specific types of securities or instruments, it can become
more difficult to sell the securities or instruments at or near their perceived value. An inability to sell a
portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage
of other investment opportunities. Liquidity risk also includes the risk that the Fund will experience
significant net redemptions of its shares at a time when it cannot find willing buyers for its portfolio
securities or instruments or can sell its portfolio securities or instruments only at a material loss. To meet
redemption requests, the Fund may be forced to sell other securities or instruments that are more liquid, but
at unfavorable times and conditions. Investments in foreign securities tend to have more exposure to liquidity
risk than domestic securities.
Prepayment and call risk – certain bonds will be
paid off by the issuer more quickly than anticipated. If this happens, the Fund may be required to invest the
proceeds in securities with lower yields.
Foreign securities risk – foreign securities often are more volatile, harder to price and less liquid than U.S. securities. The prices of foreign securities may be further affected by
other factors, such as changes in the exchange rates between the U.S. dollar and the currencies in which the
securities are traded.
Emerging
markets risk – emerging markets are riskier than more developed markets because they tend to develop
unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging
markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns
to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less
liquidity than developed markets. Since these markets are smaller than developed markets, they may be more
likely to suffer sharp
Summary Prospectus April 30, 2026
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NVIT J.P. Morgan Inflation Managed Fund
and frequent price changes or long-term price
depression because of adverse publicity, investor perceptions or the actions of a few large investors.
Practices in relation to settlement of securities transactions in emerging markets involve higher risks than
those in developed markets, in part because the Fund will need to use brokers and counterparties that are less
well capitalized, and custody and registration of assets in some countries are unreliable compared to developed
markets. Companies in emerging market countries generally are subject to less stringent financial reporting,
accounting and auditing standards than companies in more developed countries. In addition, information about
such companies may be less available and reliable. Many emerging markets also have histories of political
instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited.
Certain emerging markets also face other significant internal or external risks, including the risk of war,
nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.
Mortgage-backed and asset-backed securities risks – these securities generally are subject to the same types of risk that apply to other debt securities, such as interest rate risk, credit risk, and prepayment and call risk. Mortgage-backed
securities also are subject to extension risk, which is the risk that when interest rates rise, certain
mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the
market value of the security to fall because the market may view its interest rate as low for a longer-term
investment. Through its investments in mortgage-backed securities, the Fund may have some exposure to subprime
loans, as well as to the mortgage and credit markets generally. Subprime loans, which are loans made to
borrowers with weakened credit histories, generally have higher default rates than loans that meet government
underwriting requirements. The credit quality of most asset-backed securities depends primarily on the credit
quality of the assets underlying such securities, how well the entity issuing the security is insulated from
the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit
enhancement of the securities.
Corporate loans risk – commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure.
Borrowers generally pay interest on corporate loans at rates that change in response to changes in market
interest rates or the prime rates of U.S. banks. The market for corporate loans may be subject to irregular
trading activity, wide bid/ask spreads (difference between the highest price a buyer is willing to pay for an
asset and the lowest price that a seller is willing to accept for an asset) and extended trade settlement periods. Corporate loans have speculative characteristics and high risk, and often are referred to as “junk.”
Furthermore, investments in corporate loans may not be considered “securities” for
certain federal securities laws, and therefore the
Fund may not be able to rely on the antifraud protections of the federal securities laws.
Derivatives risk – derivatives may be volatile and may involve significant risks. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives
involve leverage, which means that their use can magnify significantly the effect of price movements of the
underlying securities or reference measures, disproportionately increasing the Fund’s losses and reducing
the Fund’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a
loss that may be greater than the amount invested. They also present default risks if the counterparty to a
derivatives contract fails to fulfill its obligations to the Fund. Certain derivatives held by the Fund may be
illiquid, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to
purchase, sell or value than other instruments.
Futures – the prices of futures contracts typically are more volatile than those of stocks and bonds. Small movements in
the values of the assets or measures of underlying futures contracts can cause disproportionately larger losses
to the Fund. While futures may be more liquid than other types of derivatives, they may experience periods when
they are less liquid than stocks, bonds or other investments.
Swaps –
using swaps can involve greater risks than if the Fund were to invest directly in the underlying securities or assets. Because swaps often involve leverage, their use can significantly magnify the effect of price movements of the
underlying securities or reference measures, disproportionately increasing the Fund's losses and reducing
the Fund's opportunities for gains. Currently there are few central exchanges or markets for swap contracts,
and therefore they may be less liquid than exchange-traded instruments. If a swap counterparty fails to meet
its obligations under the contract, the Fund will lose money.
Credit default swaps – credit default swaps are subject to credit risk on the underlying investment and to counterparty credit risk. If the counterparty fails to meet its obligations the Fund could sustain significant losses. Credit default
swaps also are subject to the risk that the Fund will not properly assess the cost of the underlying
investment. If the Fund is selling credit protection, it bears the risk that a credit event will occur,
requiring the Fund to pay the counterparty the set value of the defaulted bonds. If the Fund is buying credit
protection, there is the risk that no credit event will occur and the Fund will receive no benefit for the
premium paid.
High-yield bonds
risk – investing in high-yield bonds (i.e., “junk bonds”) and other lower-rated bonds is
considered speculative and will subject the Fund to substantial risk of loss due to
Summary Prospectus April 30, 2026
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NVIT J.P. Morgan
Inflation Managed Fund
issuer default, decline in market value due to
adverse economic and business developments, sensitivity to changing interest rates, or lack of
liquidity.
Sector risk – investments in particular industries or sectors may be more volatile than the overall stock market. Therefore,
if the Fund emphasizes one or more industries or economic sectors, it will be more susceptible to financial,
market or economic events affecting the particular issuers and industries participating in such sectors than
funds that do not emphasize particular industries or sectors.
Sovereign debt risk – sovereign debt instruments are subject to the risk that a governmental entity will delay or refuse to pay interest or repay principal on its sovereign debt due,
for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the
relative size of the governmental entity’s debt position in relation to the economy or the failure to put
in place economic reforms required by the International Monetary Fund or other multilateral agencies.
Portfolio turnover risk – a higher portfolio turnover rate increases transaction costs and may adversely impact the Fund’s performance.
Loss of money is a risk of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.
Performance
Performance information gives some indication of the risks of an investment in the Fund by comparing the Fund’s
performance with a broad measure of market performance. Performance information is not provided because the
Fund is new and did not complete one full calendar year of operations. The Fund’s broad-based
securities market index is the Bloomberg U.S. Aggregate Bond Index in order to meet a Securities and Exchange
Commission requirement. The Fund also compares its performance to the Bloomberg 1-10 Year U.S. TIPS Index,
which has characteristics relevant to the Fund’s investment strategy.
Portfolio Management
Investment Adviser
Nationwide Fund Advisors
Subadviser
J.P. Morgan Investment Management Inc.
Portfolio
Managers
| Portfolio Manager |
Title |
Length of Service |
| Scott E. Grimshaw, CFA |
Executive Director |
Since 2025 |
| David Rooney, CFA |
Executive Director |
Since 2025 |
| Edward Fitzpatrick III,
CFA |
Managing Director |
Since 2025 |
Tax Information
The dividends and distributions paid by the Fund to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Fund must be purchased through separate accounts used to fund variable insurance contracts, such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. Consult the variable insurance contract
prospectus for additional tax information.
Payments to Broker-Dealers and Other Financial Intermediaries
This Fund is only offered as an underlying investment option for variable insurance contracts. The Fund and its related companies may make payments to the sponsoring insurance companies (or their affiliates) for distribution and/or other services, and to broker-dealers and other financial intermediaries that distribute the variable insurance contracts. These payments may create a conflict of interest by influencing the insurance companies to include the Fund as an underlying investment option in the variable insurance contracts, and by influencing the broker-dealers and other financial intermediaries to distribute variable insurance contracts that include the Fund as an underlying investment option over other variable insurance contracts or to otherwise
recommend the selection of the Fund as an underlying investment option by contract owners instead of other
funds that also may be available investment options. The prospectus (or other offering document) for your
variable insurance contract may contain additional information about these payments.
Summary Prospectus April 30, 2026
5
NVIT J.P. Morgan Inflation Managed Fund