Updating Summary Prospectus (Form 497VPU)

The Best of America® IV Annuity

Individual Flexible Purchase Payment Deferred Variable Annuity Contracts

Issued by

Nationwide Life Insurance Company

through its

Nationwide Variable Account-II

Updating Summary Prospectus

May 1, 2026

This summary prospectus summarizes key features of the contract.

The statutory prospectus for the contract contains more information about the contract, including the contract's features, benefits, and risks. You can find this document and other information about the contract online at https://nationwide.onlineprospectus.net/NW/C000024495NW/index.php?ctype=product_prospectus. You can also obtain this information at no cost by calling 1-800-848-6331 or by sending an email request to [email protected].

Variable annuities are complex investment products and involve risks, including the potential loss of principal. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals under the contract could result in Contingent Deferred Sales Charges, taxes, and tax penalties.

Additional information about certain investment products, including variable annuities, has been prepared by the SEC's staff and is available at Investor.gov.

All guarantees under the contract are subject to Nationwide's creditworthiness and claims-paying ability.

Glossary of Special Terms 

Contract Owner(s) - The person(s) who owns all rights under the contract.

Fixed Account - An investment option that is funded by Nationwide's General Account. Amounts allocated to the Fixed Account will receive periodic interest subject to a guaranteed minimum crediting rate.

Nationwide - Nationwide Life Insurance Company.

Qualified Plan - A retirement plan that receives favorable tax treatment under Section 401 of the Internal Revenue Code

SEC - Securities and Exchange Commission.

Service Center - The department of Nationwide responsible for receiving all service and transaction requests relating to the contract. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision in the statutory prospectus.

Sub-Accounts - Divisions of the Variable Account, each of which invests in a single underlying mutual fund.

Variable Account - Nationwide Variable Account-II, a separate account that Nationwide established to hold Contract Owner assets allocated to variable investment options. The Variable Account is divided into Sub-Accounts, each of which invests in a separate underlying mutual fund.

Updated Information About Your Contract

The information in this updating summary prospectus is a summary of certain contract features that have changed since the statutory prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your contract.

Changes to investment option availability:

Additions

The following underlying mutual fund(s) is/are available as an investment option effective May 1, 2026:

Wall-Offs

The following underlying mutual fund(s) is/are only available in contracts for which good order applications were received before May 1, 2026:

Closures

The following underlying mutual fund(s) is/are no longer available to receive transfers or new purchase payments effective April 10, 2026:

The following underlying mutual fund(s) is/are no longer available to receive transfers or new purchase payments effective May 1, 2026:

The following underlying mutual fund(s) is/are no longer available to receive transfers or new purchase payments effective October 24, 2025:

Re-Opening

The following underlying mutual fund(s) is/are available to all contracts effective June 6, 2025:

The following underlying mutual fund(s) is/are available to all contracts effective October 24, 2025:

Mergers

The following underlying mutual fund(s) merged effective October 24, 2025: 

From Fund	Acquiring Fund
Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I

Liquidations

The following underlying mutual fund(s) was liquidated effective April 28, 2026:

Substitutions

The following underlying mutual fund(s) we substituted effective November 14, 2025: 

Column A Existing Fund(s)	Column B Replacement Fund(s)
Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II	Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X
Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class 2	Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class I
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2	Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class I
VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class	Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class I
MFS® Variable Insurance Trust II - MFS Research International Portfolio: Service Class	Nationwide Variable Insurance Trust - NVIT International Index Fund: Class VIII
Allspring Variable Trust - VT Small Cap Growth Fund: Class 2	Nationwide Variable Insurance Trust - NVIT Invesco Small Cap Growth Fund: Class I
Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class	Nationwide Variable Insurance Trust - NVIT J.P. Morgan Inflation Managed Fund: Class II
PIMCO Variable Insurance Trust - Real Return Portfolio: Advisor Class	Nationwide Variable Insurance Trust - NVIT J.P. Morgan Inflation Managed Fund: Class II
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares	Nationwide Variable Insurance Trust - NVIT J.P. Morgan Large Cap Growth Fund: Class II
Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class II	Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class II
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares	Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class II
PIMCO Variable Insurance Trust - Income Portfolio: Advisor Class	Nationwide Variable Insurance Trust - NVIT Strategic Income Fund: Class I

Product disclosure changes:

Important Information You Should Consider About the Contract 

FEES, EXPENSES, AND ADJUSTMENTS (see Fee Table and Charges and Adjustments in the statutory prospectus)
Are There Charges or Adjustments for Early Withdrawals?	Yes. If the Contract Owner withdraws money from the contract within 7 years following his/her last purchase payment, a Contingent Deferred Sales Charge (or "CDSC") may apply (see Contingent Deferred Sales Charge in the statutory prospectus). The CDSC will not exceed 7% of the amount of purchase payments withdrawn, declining to 0% over 7 years. For example, for a contract with a $100,000 investment, a withdrawal taken during the CDSC period could result in a CDSC of up to $7,000. This loss will be greater if there are taxes or tax penalties.
Are There Transaction Charges?	Yes. Nationwide also charges a loan processing fee at the time each new loan is processed (see Loan Privilege in the statutory prospectus).
Are There Ongoing Fees and Expenses?	Yes. The table below describes the fees and expenses that you may pay each year, depending on the investment options and optional benefits chosen. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
	Annual Fee	Minimum	Maximum
	Base Contract	1.33%1	1.33%1
	Underlying mutual fund fees and expenses	0.27%2	2.32%2
	1 As a percentage of Daily Net Assets, plus a percentage attributable to the Contract Maintenance Charge. 2 As a percentage of underlying mutual fund net assets.
	Because each contract is customizable, the options elected affect how much each Contract Owner will pay. To help you understand the cost of owning the contract, the following table shows the lowest and highest cost a Contract Owner could pay each year, based on current charges. This estimate assumes that no withdrawals are taken from the contract, which could add a CDSC that substantially increases costs.
	Lowest Annual Cost Estimate: $1,486.13	Highest Annual Cost Estimate: $3,104.19
	Assumes: ● Investment of $100,000 ● 5% annual appreciation ● Least expensive underlying mutual fund fees and expenses ● No CDSC ● No additional purchase payments, transfers or withdrawals	Assumes: ● Investment of $100,000 ● 5% annual appreciation ● Most expensive underlying mutual fund fees and expenses ● No CDSC ● No additional purchase payments, transfers or withdrawals

 

RISKS
Is There a Risk of Loss from Poor Performance?	Yes. Contract Owners of variable annuities can lose money by investing in the contract, including loss of principal (see Principal Risks in the statutory prospectus).

Appendix: Investment Options Available Under the Contract

Underlying Mutual Funds

The following is a list of underlying mutual funds available under the contract. More information about the underlying mutual funds is available in the prospectuses for the underlying mutual funds, which may be amended from time to time and can be found online at https://nationwide.onlineprospectus.net/NW/C000024495NW/index.php. This information can also be obtained at no cost by calling 1-800-848-6331 or by sending an email request to [email protected]. Depending on the optional benefits chosen, access to certain underlying mutual funds may be limited. The availability of investment options may vary depending on the broker-dealer through which the contract is sold (see Appendix D: Financial Intermediary Variations in the statutory prospectus).

The current expenses and performance information below reflects fees and expenses of the underlying mutual funds, but do not reflect the other fees and expenses that the contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each underlying mutual fund's past performance is not necessarily an indication of future performance. 

Type	Underlying Mutual Fund and Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/2025)
			1 year	5 year	10 year
Equity	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class B Investment Advisor: AllianceBernstein L.P.	1.07%	2.64%	8.48%	8.27%
Equity	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2020 Investment Advisor: AllianceBernstein L.P.	1.15%*	41.27%	10.19%	6.37%
Equity	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Large Cap Growth Portfolio: Class B Investment Advisor: AllianceBernstein L.P.	0.90%	12.85%	11.76%	15.88%
Equity	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A Investment Advisor: AllianceBernstein L.P.	0.59%*	10.47%	11.42%	10.57%
Allocation	American Funds Insurance Series® - American Funds® Global Balanced Fund: Class 4 Investment Advisor: Capital Research and Management Company	1.01%*	16.96%	5.85%	7.43%
Fixed Income	American Funds Insurance Series® - American High-Income Trust: Class 1 This underlying mutual fund is no longer available to receive transfers or new purchase payments effective May 1, 2024 Investment Advisor: Capital Research and Management Company	0.33%*	8.52%	5.87%	7.22%
Fixed Income	American Funds Insurance Series® - American High-Income Trust: Class 4 Investment Advisor: Capital Research and Management Company	0.83%*	7.94%	5.33%	6.68%
Allocation	American Funds Insurance Series® - Capital Income Builder®: Class 4 Investment Advisor: Capital Research and Management Company	0.78%*	20.16%	8.82%	7.32%
Equity	American Funds Insurance Series® - Global Small Capitalization Fund: Class 4 Investment Advisor: Capital Research and Management Company	1.15%*	14.33%	0.23%	6.96%
Equity	American Funds Insurance Series® - Growth Fund: Class 1 This underlying mutual fund is only available in contracts issued on or after May 1, 1987 and before September 1, 1989 Investment Advisor: Capital Research and Management Company	0.34%	20.53%	13.66%	18.26%
Equity	American Funds Insurance Series® - New World Fund®: Class 4 Investment Advisor: Capital Research and Management Company	1.07%*	27.93%	5.06%	8.98%

Type	Underlying Mutual Fund and Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/2025)
			1 year	5 year	10 year
Equity	Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class A Investment Advisor: Virtus Investment Advisers, Inc. Investment Sub-Advisor: Duff & Phelps Investment Management Co., an affiliate of VIA.	1.10%*	0.72%	6.06%	5.95%

Fixed Options

The following is a list of fixed options currently available under the contract. To the extent permitted under the contract, Nationwide may change the features of a fixed option, offer new fixed options, and terminate existing fixed options. Nationwide will provide you with written notice before doing so. Depending on the optional benefits chosen, access to a fixed option may not be permitted. See The Fixed Account in the statutory prospectus for additional information.  

Name	Interest Rate Guarantee Period	Minimum Guaranteed Interest Rate
Fixed Account	1 year1	3.00%2

Nationwide reserves the right to limit the amount that can be transferred from the Fixed Account at the end of an interest rate guarantee period. Nationwide will provide you with written notice before doing so.