UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23161
NuShares ETF Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
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Semi-Annual Report |
| April 30, 2017 |
Listing Exchange | Ticker Symbol | |||||||||
Fund Name | ||||||||||
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NuShares ESG Large-Cap Growth ETF | BATS Exchange, Inc. | NULG | ||||||||
NuShares ESG Large-Cap Value ETF | BATS Exchange, Inc. | NULV | ||||||||
NuShares ESG Mid-Cap Growth ETF | BATS Exchange, Inc. | NUMG | ||||||||
NuShares ESG Mid-Cap Value ETF | BATS Exchange, Inc. | NUMV | ||||||||
NuShares ESG Small-Cap ETF | BATS Exchange, Inc. | NUSC |
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Must be preceded by or accompanied by a prospectus.
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NUVEEN | 3 |
to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.
The Trump administration’s early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House’s pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and triggered the U.K.’s Brexit remained in the minority during both March’s Dutch general election and May’s French presidential election, easing the political uncertainty surrounding Germany’s elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 23, 2017
4 | NUVEEN |
Comments
NuShares ESG Large-Cap Growth ETF (NULG)
NuShares ESG Large-Cap Value ETF (NULV)
NuShares ESG Mid-Cap Growth ETF (NUMG)
NuShares ESG Mid-Cap Value ETF (NUMV)
NuShares ESG Small-Cap ETF (NUSC)
These Funds features portfolio management by Teachers Advisors, LLC, an affiliate of Nuveen Fund Advisors, LLC. Portfolio managers Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, discuss key investment strategies and the performance of the Funds during the abbreviated reporting period from the Funds’ commencement of operations on December 14, 2016 through April 30, 2017. Jim and Lei have managed the Funds since their commencement of operations on December 14, 2016. Please refer to the Funds’ prospectuses for more information, available at https://www.nuveen.com/ETF.
What key strategies were used to manage the Funds during the abbreviated reporting period and how did these strategies influence performance?
These Funds employ a passive management (or “indexing”) approach, seeking to track the investment results, before fees and expenses, of their respective indexes that meet certain environment, social and governance (“ESG”) criteria. You cannot invest directly in an index. Each Fund seeks to track its index by investing all, or substantially all, of its assets in the securities represented in its index in approximately the same proportions as the index. Each Fund rebalances its holdings quarterly in response to the quarterly rebalance of its index, which occurs in February, May, August and November.
NULG seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Growth Index (the “NULG Index”), which is comprised of equity securities issued by large-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NULG Index selects from the securities included in the MSCI USA Growth Index (the “NULG Base Index”), which generally consists of large- and mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
NULV seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Value Index (the “NULV Index”), which is comprised of equity securities issued by large-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NULV Index selects from the securities included in the MSCI USA Value Index (the “NULV Base Index”), which generally consists of large- and mid-capitalization U.S. equity securities that exhibit overall value style characteristics based on three variables: book value to price, 12-month forward earnings to price, and dividend yield.
NUMG seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Mid-Cap Growth Index (the “NUMG Index”), which is comprised of equity securities issued by mid-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUMG Index selects from the securities included in the MSCI USA Mid-Cap Growth Index (the “NUMG Base Index”), which generally consists of mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. Each Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this report for further definition of the terms used within this section.
NUVEEN | 5 |
Portfolio Managers’ Comments (continued) (Unaudited)
NUMV seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Mid-Cap Value Index (the “NUMV Index”), which is comprised of equity securities issued by mid-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUMV Index selects from the securities included in the MSCI USA Mid-Cap Value Index (the “NUMV Base Index”), which generally consists of mid-capitalization U.S. equity securities that exhibit overall value style characteristics based on three variables: book value to price, 12-month forward earnings to price, and dividend yield.
NUSC seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Small-Cap Index (the “NUSC Index”), which is comprised of equity securities issued by small-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUSC Index selects from the securities included in the MSCI USA Small Cap Index (the “NUSC Base Index”), which generally consists of equity securities that comprise the small-cap segment of the U.S. market.
MSCI Inc. (“MSCI”) is the index provider for each Index and Base Index. Each Index and Base Index are owned, calculated and controlled by MSCI, in its sole discretion. Neither the sub-adviser nor its affiliates has any discretion to select Index components or change the Index methodology. Each Index identifies equity securities from its Base Index that satisfy certain ESG criteria, based on ESG performance data collected by MSCI ESG Research, Inc. ESG performance is measured on an industry-specific basis, with assessment categories varying by industry.
In this abbreviated reporting period, growth-style stocks outperformed value-style stocks. On a market capitalization basis, large-cap stocks delivered strong appreciation while small-cap stocks posted the smallest gains. As a result, among the five Funds, NULG performed the best on an absolute return basis. NULG’s two largest sector exposures, information technology and consumer discretionary, performed well on expectations that a backdrop of stronger economic growth and positive consumer sentiment would likely benefit companies in these sectors. NUMG also benefited from these trends, as information technology and consumer discretionary are the Fund’s first and third largest sector allocations, respectively. In contrast, for the value-style funds, NULV and NUMV, the largest sector weighting is financials, which were hampered by concerns about the timing and scope of the Trump administration’s tax reform and regulatory policy. NUSC lagged the two mid-cap and two large-cap Funds, as the market’s reassessment of President Trump’s legislative agenda increased uncertainty about how smaller companies might fare.
How did the Funds perform in the abbreviated reporting period ended April 30, 2017?
The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance for the abbreviated reporting period from the Funds’ commencement of operation on December 14, 2016 through April 30, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of the Index, which each Fund is designed to track.
The total return for each Fund slightly trailed that of its respective Index over this abbreviated reporting period. The Indexes are unmanaged and therefore their returns do not reflect any fees or expenses, which would detract from their performance.
6 | NUVEEN |
NuShares ESG Large-Cap Growth ETF (NULG)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Growth stocks tend to be more volatile and can experience sharp price declines. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
NuShares ESG Large-Cap Value ETF (NULV)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
NuShares ESG Mid-Cap Growth ETF (NUMG)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. Growth stocks tend to be more volatile and can experience sharp price declines. These and other risk considerations are described in detail in the Fund’s prospectus.
NuShares ESG Mid-Cap Value ETF (NUMV)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. These and other risk considerations are described in detail in the Fund’s prospectus.
NuShares ESG Small-Cap ETF (NUSC)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and
NUVEEN | 7 |
Risk Considerations (continued) (Unaudited)
governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. These and other risk considerations are described in detail in the Fund’s prospectus.
8 | NUVEEN |
and Expense Ratios
The Fund Performance and Expense Ratio for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are sold, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. Returns assume reinvestment of dividends and capital gains. Market price returns are based on the closing market price as of the end of the reporting period. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
The expense ratios represents each Fund’s total operating expenses as reflected in the most recent prospectus. The expense ratios shown include management fees and other applicable fees and expenses paid by the Fund.
NUVEEN | 9 |
Fund Performance and Expense Ratios (continued)
NuShares ESG Large-Cap Growth ETF (NULG)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Total Returns as of April 30, 2017
Cumulative | ||||
Since Inception | ||||
NULG at NAV | 9.85% | |||
NULG at Market Price | 8.77% | |||
TIAA ESG USA Large-Cap Growth Index | 10.01% | |||
MSCI USA Growth Index | 9.70% |
Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)
Cumulative | ||||
Since Inception | ||||
NULG at NAV | 7.43% | |||
NULG at Market Price | 10.87% |
Since inception returns are from 12/14/16. The Index is not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Expense Ratio | 0.35% |
10 | NUVEEN |
NuShares ESG Large-Cap Value ETF (NULV)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Total Returns as of April 30, 2017
Cumulative | ||||
Since Inception | ||||
NULV at NAV | 2.51% | |||
NULV at Market Price | 2.52% | |||
TIAA ESG USA Large-Cap Value Index | 2.64% | |||
MSCI USA Value Index | 1.89% |
Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)
Cumulative | ||||
Since Inception | ||||
NULV at NAV | 1.89% | |||
NULV at Market Price | 2.03% |
Since inception returns are from 12/14/16. The Index is not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Expense Ratio | 0.35% |
NUVEEN | 11 |
Fund Performance and Expense Ratios (continued)
NuShares ESG Mid-Cap Growth ETF (NUMG)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Total Returns as of April 30, 2017
Cumulative | ||||
Since Inception | ||||
NUMG at NAV | 5.44% | |||
NUMG at Market Price | 5.53% | |||
TIAA ESG USA Mid-Cap Growth Index | 5.61% | |||
MSCI USA Mid-Cap Growth Index | 5.61% |
Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)
Cumulative | ||||
Since Inception | ||||
NUMG at NAV | 5.01% | |||
NUMG at Market Price | 5.17% |
Since inception returns are from 12/14/16. The Index is not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Expense Ratio | 0.40% |
12 | NUVEEN |
NuShares ESG Mid-Cap Value ETF (NUMV)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Total Returns as of April 30, 2017
Cumulative | ||||
Since Inception | ||||
NUMV at NAV | 1.67% | |||
NUMV at Market Price | 2.63% | |||
TIAA ESG USA Mid-Cap Value Index | 1.83% | |||
MSCI USA Mid-Cap Value Index | 2.78% |
Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)
Cumulative | ||||
Since Inception | ||||
NUMV at NAV | 2.09% | |||
NUMV at Market Price | 2.23% |
Since inception returns are from 12/14/16. The Index is not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Expense Ratio | 0.40% |
NUVEEN | 13 |
Fund Performance and Expense Ratios (continued)
NuShares ESG Small-Cap ETF (NUSC)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Total Returns as of April 30, 2017
Cumulative | ||||
Since Inception | ||||
NUSC at NAV | 3.10% | |||
NUSC at Market Price | 3.48% | |||
TIAA ESG USA Small-Cap Index | 3.26% | |||
MSCI USA Small-Cap Index | 3.16% |
Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)
Cumulative | ||||
Since Inception | ||||
NUSC at NAV | 2.11% | |||
NUSC at Market Price | 1.88% |
Since inception returns are from 12/14/16. The Index is not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Expense Ratio | 0.40% |
14 | NUVEEN |
Summaries as of April 30, 2017
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
NuShares ESG Large-Cap Growth ETF (NULG)
Fund Allocation
(% of net assets)
Common Stocks | 99.9% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Information Technology | 30.0% | |||
Consumer Discretionary | 20.4% | |||
Health Care | 15.3% | |||
Industrials | 10.3% | |||
Consumer Staples | 8.5% | |||
Other | 15.4% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Apple, Inc. | 8.3% | |||
Alphabet Inc., Class C Shares | 3.3% | |||
Alphabet Inc., Class A Shares | 3.1% | |||
Walt Disney Company | 2.9% | |||
Oracle Corporation | 2.6% |
NUVEEN | 15 |
Holding Summaries as of April 30, 2017 (continued)
NuShares ESG Large-Cap Value ETF (NULV)
Fund Allocation
(% of net assets)
Common Stocks | 99.9% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Financials | 24.0% | |||
Information Technology | 12.0% | |||
Health Care | 11.8% | |||
Consumer Staples | 10.7% | |||
Industrials | 9.0% | |||
Energy | 7.6% | |||
Consumer Discretionary | 6.6% | |||
Utilities | 6.1% | |||
Other | 12.1% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stocks Holdings
(% of net assets)
Microsoft Corporation | 6.2% | |||
Johnson & Johnson | 4.6% | |||
Procter & Gamble Company | 3.4% | |||
Coca-Cola Company | 3.0% | |||
Verizon Communications Inc. | 3.0% |
16 | NUVEEN |
NuShares ESG Mid-Cap Growth ETF (NUMG)
Fund Allocation
(% of net assets)
Common Stocks | 99.9% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Information Technology | 21.9% | |||
Industrials | 20.4% | |||
Consumer Discretionary | 18.3% | |||
Health Care | 16.8% | |||
Real Estate | 7.0% | |||
Materials | 5.5% | |||
Other | 10.0% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Lam Research Corporation | 2.8% | |||
Amphenol Corporation, Class A | 2.4% | |||
SBA Communications Corporation | 2.3% | |||
Align Technology, Inc. | 2.2% | |||
ServiceNow Inc. | 2.1% |
NUVEEN | 17 |
Holding Summaries as of April 30, 2017 (continued)
NuShares ESG Mid-Cap Value ETF (NUMV)
Fund Allocation
(% of net assets)
Common Stocks | 99.9% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Financials | 22.2% | |||
Consumer Discretionary | 16.7% | |||
Real Estate | 12.9% | |||
Materials | 11.7% | |||
Information Technology | 9.3% | |||
Industrials | 7.9% | |||
Utilities | 6.6% | |||
Energy | 5.1% | |||
Other | 7.5% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Parker Hannifin Corporation | 2.8% | |||
Analog Devices, Inc. | 2.7% | |||
Royal Caribbean Cruises Limited | 2.6% | |||
Principal Financial Group, Inc. | 2.6% | |||
Eversource Energy | 2.6% |
18 | NUVEEN |
NuShares ESG Small-Cap ETF (NUSC)
Fund Allocation
(% of net assets)
Common Stocks | 99.9% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Industrials | 16.6% | |||
Financials | 15.9% | |||
Information Technology | 15.5% | |||
Consumer Discretionary | 11.9% | |||
Health Care | 11.6% | |||
Real Estate | 10.9% | |||
Materials | 5.8% | |||
Other | 11.7% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
LogMeIn Inc. | 0.9% | |||
Aqua America Inc. | 0.9% | |||
Reliance Steel & Aluminum Company | 0.8% | |||
Oshkosh Truck Corporation | 0.8% | |||
First American Corporation | 0.8% |
NUVEEN | 19 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other applicable Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. Since each Fund’s expense example below reflects only the first 138 days of the Fund’s operations, it may not provide a meaningful understanding of each Fund’s ongoing expenses.
The Examples below are based on an investment of $1,000 invested on December 14, 2016 (the commencement of operations) and held through April 30, 2017.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your Fund in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
NuShares ESG Large-Cap Growth ETF (NULG)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,098.50 | ||
Expenses Incurred During Period | $ | 1.39 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,017.58 | ||
Expenses Incurred During Period | $ | 1.33 |
Expenses are equal to the Fund’s annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 138/365 (to reflect the 138 days in the period since commencement of operations).
20 | NUVEEN |
NuShares ESG Large-Cap Value ETF (NULV)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,025.10 | ||
Expenses Incurred During Period | $ | 1.34 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,017.58 | ||
Expenses Incurred During Period | $ | 1.33 |
Expenses are equal to the Fund’s annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 138/365 (to reflect the 138 days in the period since commencement of operations).
NuShares ESG Mid-Cap Growth ETF (NUMG)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,054.40 | ||
Expenses Incurred During Period | $ | 1.55 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,017.39 | ||
Expenses Incurred During Period | $ | 1.53 |
Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 138/365 (to reflect the 138 days in the period since commencement of operations).
NuShares ESG Mid-Cap Value ETF (NUMV)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,016.70 | ||
Expenses Incurred During Period | $ | 1.52 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,017.39 | ||
Expenses Incurred During Period | $ | 1.53 |
Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 138/365 (to reflect the 138 days in the period since commencement of operations).
NUVEEN | 21 |
Expense Examples (continued)
NuShares ESG Small-Cap ETF (NUSC)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,031.00 | ||
Expenses Incurred During Period | $ | 1.54 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,017.39 | ||
Expenses Incurred During Period | $ | 1.53 |
Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 138/365 (to reflect the 138 days in the period since commencement of operations).
22 | NUVEEN |
NuShares ESG Large-Cap Growth ETF (NULG)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
Consumer Discretionary – 20.4% | ||||||||
5 | Advance Auto Parts, Inc. | $ | 711 | |||||
20 | Aramark Holdings Corporation | 730 | ||||||
15 | AutoNation Inc., (2) | 630 | ||||||
10 | CarMax, Inc., (2) | 585 | ||||||
10 | Delphi Automotive PLC | 804 | ||||||
175 | Dick’s Sporting Goods Inc. | 8,846 | ||||||
50 | Discovery Communications Inc., Class A Shares, (2) | 1,439 | ||||||
35 | Foot Locker, Inc. | 2,707 | ||||||
25 | Hanesbrands Inc. | 545 | ||||||
8 | Hilton Worldwide Holdings Inc. | 472 | ||||||
25 | Interpublic Group of Companies, Inc. | 589 | ||||||
14 | Leggett and Platt Inc. | 736 | ||||||
8 | Liberty Broadband Corporation, Class C Shares, (2) | 729 | ||||||
20 | Liberty Global PLC Class A, (2) | 708 | ||||||
215 | Liberty Global PLC Class C, (2) | 7,441 | ||||||
680 | Liberty LiLAC Group, Class C Shares, (2) | 14,851 | ||||||
1,828 | LKQ Corporation, (2) | 57,107 | ||||||
1,654 | Lowe’s Companies, Inc. | 140,392 | ||||||
18 | Michael Kors Holdings Limited, (2) | 672 | ||||||
3 | Mohawk Industries Inc., (2) | 704 | ||||||
838 | NetFlix.com Inc., (2) | 127,544 | ||||||
15 | Newell Brands Inc. | 716 | ||||||
1,850 | Nike, Inc., Class B | 102,509 | ||||||
15 | Nordstrom, Inc. | 724 | ||||||
11 | Polaris Industries Inc. | 938 | ||||||
81 | Priceline Group Incorporated, (2) | 149,592 | ||||||
9 | PVH Corporation | 909 | ||||||
1,439 | Ross Stores, Inc. | 93,535 | ||||||
15 | Scripps Networks Interactive, Class A Shares | 1,121 | ||||||
10 | Signet Jewelers Limited | 658 | ||||||
2,360 | Starbucks Corporation | 141,742 | ||||||
170 | Tesla Motors Inc., (2) | 53,392 | ||||||
8 | Tiffany & Co. | 733 | ||||||
1,095 | Time Warner Inc. | 108,701 | ||||||
10 | Tractor Supply Company | 619 | ||||||
13 | TripAdvisor Inc., (2) | 585 |
NUVEEN | 23 |
NuShares ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Consumer Discretionary (continued) | ||||||||
3,321 | Twenty First Century Fox Inc., Class A Shares | $ | 101,423 | |||||
305 | Ulta Beauty, Inc., (2) | 85,839 | ||||||
50 | Under Armour Inc, Class C Shares, (2) | 971 | ||||||
43 | Under Armour, Inc., (2) | 924 | ||||||
10 | VF Corporation | 546 | ||||||
1,707 | Walt Disney Company | 197,329 | ||||||
10 | Wyndham Worldwide Corporation | 953 | ||||||
Total Consumer Discretionary | 1,413,401 | |||||||
Consumer Staples – 8.5% | ||||||||
16 | Campbell Soup Company | 921 | ||||||
15 | Church & Dwight Company Inc. | 743 | ||||||
5 | Clorox Company | 668 | ||||||
693 | Colgate-Palmolive Company | 49,924 | ||||||
10 | Dr. Pepper Snapple Group | 917 | ||||||
11 | Edgewell Personal Care Co | 786 | ||||||
10 | Estee Lauder Companies Inc., Class A | 871 | ||||||
725 | Hormel Foods Corporation | 25,433 | ||||||
264 | Kimberly-Clark Corporation | 34,254 | ||||||
1,291 | Kraft Heinz Company | 116,693 | ||||||
3,003 | Kroger Co. | 89,039 | ||||||
5 | McCormick & Company, Incorporated | 500 | ||||||
8 | Mead Johnson Nutrition Company, Class A Shares | 710 | ||||||
2,363 | Mondelez International Inc. | 106,406 | ||||||
1,092 | PepsiCo, Inc. | 123,702 | ||||||
5 | Spectrum Brands Inc. | 719 | ||||||
956 | Whole Foods Market, Inc. | 34,770 | ||||||
Total Consumer Staples | 587,056 | |||||||
Energy – 3.2% | ||||||||
1,146 | Baker Hughes Incorporated | 68,038 | ||||||
1,258 | Cheniere Energy Inc., (2) | 57,050 | ||||||
5 | Core Laboratories NV | 554 | ||||||
2,003 | Halliburton Company | 91,898 | ||||||
35 | TechnipFMC PLC, (2) | 1,055 | ||||||
125 | Weatherford International PLC, (2) | 721 | ||||||
Total Energy | 219,316 | |||||||
Financials – 4.9% | ||||||||
5 | AON PLC | 599 | ||||||
2,711 | Charles Schwab Corporation | 105,322 | ||||||
95 | E*Trade Group Inc., (2) | 3,282 |
24 | NUVEEN |
Shares | Description (1) | Value | ||||||
Financials (continued) | ||||||||
340 | First Republic Bank of San Francisco | $ | 31,436 | |||||
560 | Marsh & McLennan Companies, Inc. | 41,513 | ||||||
28 | Moody’s Corporation | 3,313 | ||||||
749 | S&P Global, Inc. | 100,508 | ||||||
15 | SEI Investments Company | 761 | ||||||
205 | TD Ameritrade Holding Corporation | 7,845 | ||||||
120 | Voya Financial Inc. | 4,486 | ||||||
324 | Willis Towers Watson PLC | 42,969 | ||||||
Total Financials | 342,034 | |||||||
Health Care – 15.3% | ||||||||
1,373 | AbbVie Inc. | 90,536 | ||||||
150 | Align Technology, Inc., (2) | 20,193 | ||||||
185 | AmerisourceBergen Corporation | 15,179 | ||||||
98 | Amgen Inc. | 16,005 | ||||||
525 | Becton, Dickinson and Company | 98,159 | ||||||
198 | Biogen Inc., (2) | 53,700 | ||||||
1,911 | Bristol-Myers Squibb Company | 107,112 | ||||||
815 | Cardinal Health, Inc. | 59,161 | ||||||
1,128 | Celgene Corporation, (2) | 139,928 | ||||||
405 | Centene Corporation, (2) | 30,132 | ||||||
149 | Cooper Companies, Inc. | 29,849 | ||||||
13 | DENTSPLY SIRONA Inc. | 822 | ||||||
914 | Edwards Lifesciences Corporation, (2) | 100,238 | ||||||
20 | Envision Healthcare Corporation, (2) | 1,121 | ||||||
265 | Gilead Sciences, Inc. | 18,166 | ||||||
400 | HCA Holdings Inc., (2) | 33,684 | ||||||
5 | Henry Schein Inc., (2) | 869 | ||||||
15 | Hologic Inc., (2) | 677 | ||||||
482 | Humana Inc. | 106,994 | ||||||
409 | Idexx Labs Inc., (2) | 68,602 | ||||||
5 | Jazz Pharmaceuticals, Inc., (2) | 796 | ||||||
10 | Medax Inc., (2) | 604 | ||||||
15 | Patterson Companies, Inc. | 667 | ||||||
10 | Quintiles Transnational Corporation, (2) | 843 | ||||||
10 | ResMed Inc. | 680 | ||||||
5 | Varian Medical Systems, Inc., (2) | 454 | ||||||
10 | Vertex Pharmaceuticals Inc., (2) | 1,183 | ||||||
1,135 | Zoetis Incorporated | 63,685 | ||||||
Total Health Care | 1,060,039 |
NUVEEN | 25 |
NuShares ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Industrials – 10.3% | ||||||||
838 | 3M Co. | $ | 164,106 | |||||
45 | Acuity Brands Inc. | 7,925 | ||||||
44 | AMERCO | 16,476 | ||||||
444 | C.H. Robinson Worldwide, Inc. | 32,279 | ||||||
8 | Dun and Bradstreet Inc. | 877 | ||||||
383 | Expeditors International of Washington, Inc. | 21,482 | ||||||
15 | Fastenal Company | 670 | ||||||
15 | Flowserve Corporation | 763 | ||||||
255 | Fortive Corporation | 16,131 | ||||||
10 | Fortune Brands Home & Security | 637 | ||||||
1,101 | IHS Markit Limited, (2) | 47,783 | ||||||
100 | Ingersoll Rand Company Limited, Class A | 8,875 | ||||||
1,968 | Johnson Controls International PLC | 81,810 | ||||||
318 | Macquarie Infrastructure Corporation | 25,876 | ||||||
1,606 | Masco Corporation | 59,454 | ||||||
5 | Middleby Corporation, (2) | 681 | ||||||
15 | Robert Half International Inc. | 691 | ||||||
4 | Rockwell Automation, Inc. | 629 | ||||||
5 | Rockwell Collins, Inc. | 520 | ||||||
358 | Roper Technologies, Inc. | 78,295 | ||||||
15 | Sensata Technologies Holdings, (2) | 618 | ||||||
65 | Smith AO Corporation | 3,502 | ||||||
5 | Snap-on Incorporated | 838 | ||||||
405 | Stanley Black & Decker Inc. | 55,141 | ||||||
308 | TransDigm Group Inc., (2) | 75,993 | ||||||
10 | United Rentals Inc., (2) | 1,097 | ||||||
3 | W.W. Grainger, Inc. | 578 | ||||||
6 | WABCO Holdings Inc. | 713 | ||||||
145 | Xylem Inc. | 7,454 | ||||||
Total Industrials | 711,894 | |||||||
Information Technology – 30.0% | ||||||||
1,086 | Accenture Limited | 131,732 | ||||||
234 | Alphabet Inc., Class A, (2) | 216,338 | ||||||
249 | Alphabet Inc., Class C Shares, (2) | 225,584 | ||||||
538 | Ansys Inc., (2) | 59,266 | ||||||
3,985 | Apple, Inc. | 572,443 | ||||||
718 | Autodesk, Inc., (2) | 64,670 | ||||||
593 | Automatic Data Processing, Inc. | 61,963 | ||||||
1,563 | Cadence Design Systems, Inc., (2) | 50,907 |
26 | NUVEEN |
Shares | Description (1) | Value | ||||||
Information Technology (continued) | ||||||||
10 | Citrix Systems, (2) | $ | 809 | |||||
74 | Cognizant Technology Solutions Corporation, Class A | 4,457 | ||||||
828 | Intuit, Inc. | 103,674 | ||||||
5 | Lam Research Corporation | 724 | ||||||
943 | NVIDIA Corporation | 98,355 | ||||||
3,954 | Oracle Corporation | 177,772 | ||||||
1,423 | Salesforce.com, Inc., (2) | 122,549 | ||||||
1,713 | Texas Instruments Incorporated | 135,635 | ||||||
21 | Trimble Navigation Limited, (2) | 744 | ||||||
533 | Workday Inc., Class A, (2) | 46,584 | ||||||
Total Information Technology | 2,074,206 | |||||||
Materials – 2.5% | ||||||||
25 | Axalta Coating Systems Limited, (2) | 784 | ||||||
240 | Ball Corporation | 18,454 | ||||||
789 | Ecolab Inc. | 101,852 | ||||||
5 | International Flavors & Fragrances Inc. | 693 | ||||||
450 | PPG Industries, Inc. | 49,428 | ||||||
Total Materials | 171,211 | |||||||
Real Estate – 3.7% | ||||||||
1,043 | American Tower Corporation, REIT | 131,355 | ||||||
5 | Boston Properties, Inc. | 633 | ||||||
20 | CBRE Group Inc., (2) | 716 | ||||||
108 | Equinix Inc. | 45,112 | ||||||
550 | Health Care Property Investors Inc. | 17,243 | ||||||
489 | SBA Communications Corporation, (2) | 61,854 | ||||||
20 | UDR Inc. | 747 | ||||||
5 | Vornado Realty Trust | 481 | ||||||
Total Real Estate | 258,141 | |||||||
Telecommunication Services – 0.7% | ||||||||
805 | Level 3 Communications Inc., (2) | 48,912 | ||||||
Utilities – 0.4% | ||||||||
393 | American Water Works Company | 31,346 | ||||||
Total Long-Term Investments (cost $6,466,410) | 6,917,556 | |||||||
Other Assets Less Liabilities – 0.1% | 5,891 | |||||||
Net Assets – 100% | $ | 6,923,447 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
NUVEEN | 27 |
NuShares ESG Large-Cap Value ETF (NULV)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
Consumer Discretionary – 6.6% | ||||||||
13 | Autoliv Inc. | $ | 1,302 | |||||
16 | BorgWarner Inc. | 676 | ||||||
85 | Darden Restaurants, Inc. | 7,241 | ||||||
9 | Delphi Automotive PLC | 724 | ||||||
11 | Dish Network Corporation, Class A, (2) | 709 | ||||||
8,616 | Ford Motor Company | 98,826 | ||||||
27 | Gap, Inc. | 707 | ||||||
10 | Garmin Limited | 508 | ||||||
10 | Harley-Davidson, Inc. | 568 | ||||||
20 | Kohl’s Corporation | 781 | ||||||
701 | Lennar Corporation, Class A | 35,401 | ||||||
10 | Liberty Broadband Corporation, Class C Shares, (2) | 912 | ||||||
18 | Liberty Global PLC Class A, (2) | 638 | ||||||
1,879 | Macy’s, Inc. | 54,904 | ||||||
861 | Royal Caribbean Cruises Limited | 91,783 | ||||||
9 | Signet Jewelers Limited | 593 | ||||||
30 | TEGNA Inc. | 764 | ||||||
1,079 | Time Warner Inc. | 107,112 | ||||||
470 | Toll Brothers Inc. | 16,915 | ||||||
5 | Whirlpool Corporation | 928 | ||||||
Total Consumer Discretionary | 421,992 | |||||||
Consumer Staples – 10.7% | ||||||||
10 | Bunge Limited | 790 | ||||||
4,530 | Coca-Cola Company | 195,471 | ||||||
1,476 | General Mills, Inc. | 84,885 | ||||||
543 | Kellogg Company | 38,553 | ||||||
1,340 | PepsiCo, Inc. | 151,795 | ||||||
2,501 | Procter & Gamble Company | 218,413 | ||||||
Total Consumer Staples | 689,907 | |||||||
Energy – 7.6% | ||||||||
1,946 | Marathon Petroleum Corporation | 99,129 | ||||||
1,304 | Phillips 66 | 103,746 | ||||||
1,835 | Schlumberger Limited | 133,203 | ||||||
30 | TechnipFMC PLC, (2) | 904 | ||||||
723 | Tesoro Corporation | 57,630 |
28 | NUVEEN |
Shares | Description (1) | Value | ||||||
Energy (continued) | ||||||||
1,481 | Valero Energy Corporation | $ | 95,687 | |||||
120 | Weatherford International PLC, (2) | 692 | ||||||
Total Energy | 490,991 | |||||||
Financials – 24.0% | ||||||||
446 | Ace Limited | 61,214 | ||||||
10 | AFLAC Incorporated | 749 | ||||||
35 | Ally Financial Inc. | 693 | ||||||
1,514 | American Express Company | 119,985 | ||||||
1,851 | American International Group, Inc. | 112,744 | ||||||
5 | Ameriprise Financial, Inc. | 639 | ||||||
1,845 | Annaly Capital Management Inc. | 21,789 | ||||||
7 | Arch Capital Group Limited, (2) | 679 | ||||||
10 | Arthur J. Gallagher & Co. | 558 | ||||||
7 | Assurant Inc. | 674 | ||||||
2,267 | Bank New York Mellon | 106,685 | ||||||
8,120 | Bank of America Corporation | 189,521 | ||||||
279 | BlackRock Inc. | 107,295 | ||||||
95 | CIT Group Inc. | 4,399 | ||||||
2,546 | Citizens Financial Group Inc. | 93,464 | ||||||
873 | CME Group, Inc. | 101,434 | ||||||
9 | Comerica Incorporated | 636 | ||||||
10 | Discover Financial Services | 626 | ||||||
15 | Franklin Resources, Inc. | 647 | ||||||
15 | Hartford Financial Services Group, Inc. | 725 | ||||||
5,009 | KeyCorp. | 91,364 | ||||||
783 | Loews Corporation | 36,503 | ||||||
574 | M&T Bank Corporation | 89,205 | ||||||
3,015 | New York Community Bancorp Inc. | 40,069 | ||||||
8 | Northern Trust Corporation | 720 | ||||||
40 | People’s United Financial, Inc. | 699 | ||||||
959 | PNC Financial Services Group, Inc. | 114,840 | ||||||
10 | Principal Financial Group, Inc. | 651 | ||||||
20 | Progressive Corporation | 794 | ||||||
1,011 | Prudential Financial, Inc. | 108,207 | ||||||
8 | Raymond James Financial Inc. | 596 | ||||||
1,815 | Regions Financial Corporation | 24,956 | ||||||
5 | Reinsurance Group of America Inc. | 625 | ||||||
10 | State Street Corporation | 839 | ||||||
83 | Travelers Companies, Inc. | 10,098 |
NUVEEN | 29 |
NuShares ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Financials (continued) | ||||||||
14 | Unum Group | $ | 649 | |||||
774 | Voya Financial Inc. | 28,932 | ||||||
1,657 | XL Group Limited | 69,345 | ||||||
Total Financials | 1,544,248 | |||||||
Health Care – 11.8% | ||||||||
916 | AbbVie Inc. | 60,401 | ||||||
185 | Agilent Technologies, Inc. | 10,184 | ||||||
521 | Becton, Dickinson and Company | 97,411 | ||||||
982 | Cardinal Health, Inc. | 71,283 | ||||||
569 | Gilead Sciences, Inc. | 39,005 | ||||||
2,386 | Johnson & Johnson | 294,600 | ||||||
2,967 | Merck & Company Inc. | 184,933 | ||||||
Total Health Care | 757,817 | |||||||
Industrials – 9.0% | ||||||||
10 | AGCO Corporation | 640 | ||||||
978 | Caterpillar Inc. | 100,010 | ||||||
810 | CSX Corporation | 41,180 | ||||||
710 | Deere & Company | 79,243 | ||||||
5 | Dun and Bradstreet Inc. | 548 | ||||||
1,321 | Eaton PLC | 99,920 | ||||||
10 | Expeditors International of Washington, Inc. | 561 | ||||||
13 | Fastenal Company | 581 | ||||||
145 | IHS Markit Limited, (2) | 6,293 | ||||||
298 | Illinois Tool Works, Inc. | 41,151 | ||||||
10 | Macquarie Infrastructure Corporation | 814 | ||||||
5 | Manpower Inc. | 505 | ||||||
851 | Norfolk Southern Corporation | 99,984 | ||||||
10 | PACCAR Inc. | 667 | ||||||
4 | Rockwell Automation, Inc. | 629 | ||||||
3 | W.W. Grainger, Inc. | 578 | ||||||
1,392 | Waste Management, Inc. | 101,310 | ||||||
Total Industrials | 574,614 | |||||||
Information Technology – 12.0% | ||||||||
4,349 | Hewlett Packard Enterprise Co | 81,022 | ||||||
5,894 | HP Inc. | 110,925 | ||||||
4,930 | Intel Corporation | 178,220 | ||||||
5,843 | Microsoft Corporation | 400,016 | ||||||
Total Information Technology | 770,183 |
30 | NUVEEN |
Shares | Description (1) | Value | ||||||
Materials – 4.5% | ||||||||
363 | Air Products & Chemicals Inc. | $ | 51,002 | |||||
8 | Avery Dennison Corporation | 666 | ||||||
1,459 | E.I. Du Pont de Nemours and Company | 116,355 | ||||||
1,069 | Mosaic Company | 28,788 | ||||||
740 | Praxair, Inc. | 92,485 | ||||||
Total Materials | 289,296 | |||||||
Real Estate – 3.1% | ||||||||
10 | Camden Property Trust | 823 | ||||||
5 | Digital Realty Trust Inc. | 574 | ||||||
25 | Duke Realty Corporation | 693 | ||||||
5 | Federal Realty Investment Trust | 654 | ||||||
1,588 | Health Care Property Investors Inc. | 49,784 | ||||||
20 | Iron Mountain Inc. | 695 | ||||||
6 | Jones Lang LaSalle Inc. | 689 | ||||||
15 | Liberty Property Trust | 609 | ||||||
45 | UDR Inc. | 1,680 | ||||||
426 | Vornado Realty Trust | 40,998 | ||||||
1,455 | Welltower Inc. | 103,945 | ||||||
Total Real Estate | 201,144 | |||||||
Telecommunication Services – 4.5% | ||||||||
3,368 | CenturyLink Inc. | 86,457 | ||||||
7,155 | Frontier Communications Corporation | 13,451 | ||||||
4,175 | Verizon Communications Inc. | 191,675 | ||||||
Total Telecommunication Services | 291,583 | |||||||
Utilities – 6.1% | ||||||||
708 | American Water Works Company | 56,470 | ||||||
1,723 | CMS Energy Corporation | 78,224 | ||||||
1,633 | Eversource Energy | 97,000 | ||||||
836 | Scana Corporation | 55,435 | ||||||
923 | Sempra Energy | 104,317 | ||||||
Total Utilities | 391,446 | |||||||
Total Long-Term Investments (cost $6,333,716) | 6,423,221 | |||||||
Other Assets Less Liabilities – 0.1% | 7,151 | |||||||
Net Assets – 100% | $ | 6,430,372 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
NUVEEN | 31 |
NuShares ESG Mid-Cap Growth ETF (NUMG)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
Consumer Discretionary – 18.3% | ||||||||
965 | AutoNation Inc., (2) | $ | 40,530 | |||||
1,894 | CarMax, Inc., (2) | 110,799 | ||||||
420 | Discovery Communications Inc., Class A Shares, (2) | 12,088 | ||||||
2,831 | Discovery Communications Inc., Class C Shares, (2) | 79,211 | ||||||
612 | Dominos Pizza Inc. | 111,011 | ||||||
694 | Foot Locker, Inc. | 53,674 | ||||||
3,006 | Hanesbrands Inc. | 65,561 | ||||||
408 | Hasbro, Inc. | 40,437 | ||||||
1,088 | Liberty Broadband Corporation, Class C Shares, (2) | 99,182 | ||||||
3,874 | Liberty LiLAC Group, Class C Shares, (2) | 84,608 | ||||||
3,219 | LKQ Corporation, (2) | 100,562 | ||||||
1,280 | Lululemon Athletica Inc., (2) | 66,560 | ||||||
1,192 | Nordstrom, Inc. | 57,538 | ||||||
165 | Polaris Industries Inc. | 14,068 | ||||||
647 | PVH Corporation | 65,366 | ||||||
650 | Signet Jewelers Limited | 42,796 | ||||||
50 | Tiffany & Co. | 4,583 | ||||||
1,391 | Tractor Supply Company | 86,117 | ||||||
723 | Under Armour Inc, Class C Shares, (2) | 14,033 | ||||||
2,858 | Under Armour, Inc., (2) | 61,418 | ||||||
Total Consumer Discretionary | 1,210,142 | |||||||
Consumer Staples – 1.9% | ||||||||
1,251 | McCormick & Company, Incorporated | 124,975 | ||||||
Energy – 2.5% | ||||||||
860 | Core Laboratories NV | 95,305 | ||||||
11,619 | Weatherford International PLC, (2) | 67,042 | ||||||
Total Energy | 162,347 | |||||||
Financials – 4.7% | ||||||||
3,269 | E*Trade Group Inc., (2) | 112,944 | ||||||
1,205 | First Republic Bank of San Francisco | 111,414 | ||||||
4 | Signature Bank, (2) | 554 | ||||||
2,273 | Voya Financial Inc. | 84,965 | ||||||
Total Financials | 309,877 |
32 | NUVEEN |
Shares | Description (1) | Value | ||||||
Health Care – 16.8% | ||||||||
1,059 | Align Technology, Inc., (2) | $ | 142,563 | |||||
604 | Cooper Companies, Inc. | 120,999 | ||||||
1,618 | Envision Healthcare Corporation, (2) | 90,657 | ||||||
771 | Henry Schein Inc., (2) | 134,000 | ||||||
1,830 | Hologic Inc., (2) | 82,625 | ||||||
312 | Idexx Labs Inc., (2) | 52,332 | ||||||
841 | Jazz Pharmaceuticals, Inc., (2) | 133,954 | ||||||
270 | Mettler-Toledo International Inc., (2) | 138,623 | ||||||
1,223 | ResMed Inc. | 83,152 | ||||||
1,181 | Varian Medical Systems, Inc., (2) | 107,164 | ||||||
150 | Waters Corporation, (2) | 25,484 | ||||||
Total Health Care | 1,111,553 | |||||||
Industrials – 20.4% | ||||||||
540 | Acuity Brands Inc. | 95,094 | ||||||
1,520 | C.H. Robinson Worldwide, Inc. | 110,504 | ||||||
653 | Dun and Bradstreet Inc. | 71,575 | ||||||
1,873 | Expeditors International of Washington, Inc. | 105,057 | ||||||
1,562 | Fastenal Company | 69,790 | ||||||
1,860 | Fortune Brands Home & Security | 118,556 | ||||||
1,635 | IHS Markit Limited, (2) | 70,959 | ||||||
2,403 | Masco Corporation | 88,959 | ||||||
2,199 | Robert Half International Inc. | 101,264 | ||||||
227 | Roper Technologies, Inc. | 49,645 | ||||||
2,574 | Sensata Technologies Holdings, (2) | 105,997 | ||||||
461 | Snap-on Incorporated | 77,231 | ||||||
946 | United Rentals Inc., (2) | 103,738 | ||||||
393 | W.W. Grainger, Inc. | 75,731 | ||||||
888 | WABCO Holdings Inc. | 105,557 | ||||||
Total Industrials | 1,349,657 | |||||||
Information Technology – 21.9% | ||||||||
8,851 | Advanced Micro Devices, Inc., (2) | 117,718 | ||||||
2,213 | Amphenol Corporation, Class A | 160,022 | ||||||
1,140 | Ansys Inc., (2) | 125,582 | ||||||
31 | Autodesk, Inc., (2) | 2,792 | ||||||
1,644 | Broadridge Financial Solutions, Inc. | 114,981 | ||||||
3,802 | Cadence Design Systems, Inc., (2) | 123,831 | ||||||
1,437 | Citrix Systems, (2) | 116,311 | ||||||
280 | F5 Networks, Inc., (2) | 36,156 | ||||||
677 | FLIR Systems Inc. | 24,866 |
NUVEEN | 33 |
NuShares ESG Mid-Cap Growth ETF (NUMG) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Information Technology (continued) | ||||||||
2,704 | Fortinet Inc., (2) | $ | 105,456 | |||||
663 | Gartner Inc., (2) | 75,642 | ||||||
1,287 | Lam Research Corporation | 186,422 | ||||||
1,478 | ServiceNow Inc., (2) | 139,641 | ||||||
1,393 | Workday Inc., Class A, (2) | 121,748 | ||||||
Total Information Technology | 1,451,168 | |||||||
Materials – 5.5% | ||||||||
2,124 | Axalta Coating Systems Limited, (2) | 66,630 | ||||||
929 | International Flavors & Fragrances Inc. | 128,750 | ||||||
2,297 | Sealed Air Corporation | 101,114 | ||||||
613 | Valspar Corporation | 68,926 | ||||||
Total Materials | 365,420 | |||||||
Real Estate – 7.0% | ||||||||
452 | Alexandria Real Estate Equities Inc. | 50,855 | ||||||
19 | CBRE Group Inc., (2) | 680 | ||||||
677 | Federal Realty Investment Trust | 88,613 | ||||||
1,486 | Regency Centers Corporation | 93,885 | ||||||
1,210 | SBA Communications Corporation, (2) | 153,053 | ||||||
2,123 | UDR Inc. | 79,273 | ||||||
Total Real Estate | 466,359 | |||||||
Telecommunication Services – 0.9% | ||||||||
972 | Level 3 Communications Inc., (2) | 59,059 | ||||||
Total Long-Term Investments (cost $6,404,847) | 6,610,557 | |||||||
Other Assets Less Liabilities – 0.1% | 6,185 | |||||||
Net Assets – 100% | $ | 6,616,742 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
34 | NUVEEN |
NuShares ESG Mid-Cap Value ETF (NUMV)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
Consumer Discretionary – 16.7% | ||||||||
311 | Autoliv Inc. | $ | 31,159 | |||||
2,255 | Best Buy Co., Inc. | 116,832 | ||||||
2,814 | BorgWarner Inc. | 118,976 | ||||||
387 | Darden Restaurants, Inc. | 32,969 | ||||||
4,272 | Gap, Inc. | 111,926 | ||||||
1,700 | Garmin Limited | 86,428 | ||||||
412 | Hasbro, Inc. | 40,833 | ||||||
1,219 | Liberty Broadband Corporation, Class C Shares, (2) | 111,124 | ||||||
4,515 | Mattel, Inc. | 101,226 | ||||||
1,567 | Royal Caribbean Cruises Limited | 167,042 | ||||||
1,053 | Signet Jewelers Limited | 69,330 | ||||||
408 | Whirlpool Corporation | 75,757 | ||||||
Total Consumer Discretionary | 1,063,602 | |||||||
Consumer Staples – 4.3% | ||||||||
1,758 | Bunge Limited | 138,935 | ||||||
1,076 | JM Smucker Company | 136,351 | ||||||
Total Consumer Staples | 275,286 | |||||||
Energy – 5.1% | ||||||||
2,343 | ONEOK, Inc. | 123,265 | ||||||
1,407 | Tesoro Corporation | 112,152 | ||||||
15,685 | Weatherford International PLC, (2) | 90,502 | ||||||
Total Energy | 325,919 | |||||||
Financials – 22.2% | ||||||||
5,291 | Ally Financial Inc. | 104,762 | ||||||
2,207 | Arthur J. Gallagher & Co. | 123,173 | ||||||
4,383 | Citizens Financial Group Inc. | 160,900 | ||||||
1,866 | Comerica Incorporated | 131,926 | ||||||
3,598 | Fifth Third Bancorp. | 87,899 | ||||||
3,280 | Hartford Financial Services Group, Inc. | 158,621 | ||||||
1,505 | Invesco LTD | 49,575 | ||||||
290 | KeyCorp. | 5,290 | ||||||
6,966 | New York Community Bancorp Inc. | 92,578 | ||||||
5,958 | People’s United Financial, Inc. | 104,086 | ||||||
2,543 | Principal Financial Group, Inc. | 165,626 |
NUVEEN | 35 |
NuShares ESG Mid-Cap Value ETF (NUMV) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Financials (continued) | ||||||||
82 | Raymond James Financial Inc. | $ | 6,111 | |||||
2,518 | Voya Financial Inc. | 94,123 | ||||||
3,151 | XL Group Limited | 131,869 | ||||||
Total Financials | 1,416,539 | |||||||
Health Care – 2.4% | ||||||||
1,446 | Quest Diagnostics Incorporated | 152,567 | ||||||
Industrials – 7.9% | ||||||||
1,717 | Expeditors International of Washington, Inc. | 96,307 | ||||||
1,102 | Parker Hannifin Corporation | 177,199 | ||||||
883 | Rockwell Automation, Inc. | 138,940 | ||||||
468 | W.W. Grainger, Inc. | 90,184 | ||||||
Total Industrials | 502,630 | |||||||
Information Technology – 9.3% | ||||||||
2,251 | Analog Devices, Inc. | 171,526 | ||||||
2,239 | Avnet Inc. | 86,627 | ||||||
2,049 | Microchip Technology Incorporated | 154,863 | ||||||
3,617 | Western Union Company | 71,834 | ||||||
14,549 | Xerox Corporation | 104,607 | ||||||
Total Information Technology | 589,457 | |||||||
Materials – 11.7% | ||||||||
1,163 | Albemarle Corporation | 126,662 | ||||||
1,319 | Avery Dennison Corporation | 109,754 | ||||||
46 | Ball Corporation | 3,537 | ||||||
1,516 | Celanese Corporation, Series A | 131,953 | ||||||
1,632 | Eastman Chemical Company | 130,152 | ||||||
3,833 | Mosaic Company | 103,223 | ||||||
2,593 | WestRock Company | 138,881 | ||||||
Total Materials | 744,162 | |||||||
Real Estate – 12.9% | ||||||||
1,339 | Camden Property Trust | 110,240 | ||||||
3,674 | Duke Realty Corporation | 101,880 | ||||||
340 | Federal Realty Investment Trust | 44,503 | ||||||
6,522 | Host Hotels & Resorts Inc. | 117,070 | ||||||
3,200 | Iron Mountain Inc. | 111,232 | ||||||
2,661 | Liberty Property Trust | 107,957 | ||||||
1,295 | Mid-America Apartment Communities | 128,477 | ||||||
2,610 | UDR Inc. | 97,457 | ||||||
Total Real Estate | 818,816 |
36 | NUVEEN |
Shares | Description (1) | Value | ||||||
Telecommunication Services – 0.8% | ||||||||
28,975 | Frontier Communications Corporation | $ | 54,473 | |||||
Utilities – 6.6% | ||||||||
3,054 | CMS Energy Corporation | 138,652 | ||||||
2,772 | Eversource Energy | 164,657 | ||||||
1,732 | Scana Corporation | 114,849 | ||||||
Total Utilities | 418,158 | |||||||
Total Long-Term Investments (cost $6,294,798) | 6,361,609 | |||||||
Other Assets Less Liabilities – 0.1% | 3,580 | |||||||
Net Assets – 100% | $ | 6,365,189 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
NUVEEN | 37 |
NuShares ESG Small-Cap ETF (NUSC)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
Consumer Discretionary – 11.9% | ||||||||
347 | Aaron Rents Inc. | $ | 12,471 | |||||
1,372 | American Axle and Manufacturing Holdings Inc. | 24,133 | ||||||
1,096 | American Eagle Outfitters, Inc. | 15,443 | ||||||
49 | American Public Education Inc., (2) | 1,083 | ||||||
144 | Asbury Automotive Group, Inc., (2) | 8,813 | ||||||
76 | Big 5 Sporting Goods Corporation | 1,170 | ||||||
225 | Big Lots, Inc. | 11,360 | ||||||
36 | Bob Evans Farms | 2,403 | ||||||
90 | Bright Horizons Family Solutions Inc., (2) | 6,851 | ||||||
406 | Brinker International Inc. | 17,941 | ||||||
234 | Buckle Inc. | 4,376 | ||||||
234 | Cabela’s Incorporated, (2) | 12,776 | ||||||
55 | Cable One, Inc. | 37,502 | ||||||
882 | Caesars Acquisition Company, Class A, (2) | 15,391 | ||||||
342 | Caleres Inc. | 9,856 | ||||||
801 | Callaway Golf Company | 9,492 | ||||||
45 | Carriage Services Inc. | 1,231 | ||||||
283 | Carter’s Inc. | 26,047 | ||||||
10 | CBRL Group Inc. | 1,602 | ||||||
51 | Century Communities, Inc., (2) | 1,392 | ||||||
242 | Choice Hotels International, Inc. | 15,173 | ||||||
714 | Cinemark Holdings Inc. | 30,845 | ||||||
639 | Clear Channel Outdoor Holdings Inc., Class A, (2) | 3,291 | ||||||
215 | Columbia Sportswear Company | 12,173 | ||||||
243 | Container Store Group Inc., (2) | 1,001 | ||||||
234 | Cooper-Standard Holdings Inc., (2) | 26,458 | ||||||
36 | Core-Mark Holding Company, Inc. | 1,261 | ||||||
648 | Crocs, Inc., (2) | 4,037 | ||||||
45 | CSS Industries Inc. | 1,186 | ||||||
268 | Dave & Buster’s Entertainment Inc., (2) | 17,155 | ||||||
304 | Deckers Outdoor Corporation, (2) | 18,115 | ||||||
81 | Del Taco Restaurants, Inc., (2) | 1,065 | ||||||
20 | Dillard’s, Inc., Class A | 1,107 | ||||||
192 | DineEquity Inc. | 10,856 | ||||||
594 | DSW Inc. | 12,248 |
38 | NUVEEN |
Shares | Description (1) | Value | ||||||
Consumer Discretionary (continued) | ||||||||
616 | Dunkin Brands Group Inc. | $ | 34,410 | |||||
91 | El Pollo Loco Holdings, Inc., (2) | 1,142 | ||||||
378 | Entravision Communications Corporation | 2,344 | ||||||
531 | Etsy, Inc., (2) | 5,714 | ||||||
135 | Finish Line, Inc. | 2,134 | ||||||
413 | Five Below, Incorporated, (2) | 20,287 | ||||||
279 | Fossil Group Inc., (2) | 4,813 | ||||||
234 | Francescas Holdings Corporation, (2) | 3,693 | ||||||
47 | FTD Companies Inc., (2) | 940 | ||||||
468 | GameStop Corporation | 10,619 | ||||||
108 | Genesco Inc., (2) | 5,756 | ||||||
486 | GNC Holdings Inc. | 3,781 | ||||||
31 | Graham Holdings Company | 18,653 | ||||||
153 | Green Brick Partners, Inc., (2) | 1,576 | ||||||
189 | Group 1 Automotive Inc. | 13,031 | ||||||
77 | Habit Restaurants Inc., Class A Shares, (2) | 1,455 | ||||||
54 | Haverty Furniture Companies Inc. | 1,331 | ||||||
261 | Helen of Troy Limited, (2) | 24,534 | ||||||
126 | Hibbett Sporting Goods, Inc., (2) | 3,276 | ||||||
252 | Hosting Site Network, Inc. | 9,299 | ||||||
1,008 | Houghton Mifflin Harcourt Company, (2) | 11,592 | ||||||
666 | ILG, Inc. | 16,057 | ||||||
451 | Imax Corporation, (2) | 13,756 | ||||||
31 | Intl Speedway Corporation | 1,150 | ||||||
438 | Irobot Corporation, (2) | 34,926 | ||||||
226 | Jack in the Box Inc., Term Loan | 23,045 | ||||||
342 | John Wiley and Sons Inc., Class A | 18,023 | ||||||
784 | Kate Spade & Company, (2) | 13,642 | ||||||
71 | KB Home | 1,463 | ||||||
100 | Kirkland’s, Inc., (2) | 1,176 | ||||||
82 | La Quinta Holdings Inc., (2) | 1,157 | ||||||
571 | La Z Boy Inc. | 15,931 | ||||||
216 | Lands’ End Inc, (2) | 5,098 | ||||||
41 | LGI Homes Inc., (2) | 1,305 | ||||||
90 | Libbey Inc. | 945 | ||||||
162 | Lithia Motors Inc. | 15,479 | ||||||
30 | Loral Space & Communications, Inc., (2) | 1,151 | ||||||
180 | Madison Square Garden Inc., (2) | 36,319 | ||||||
54 | Marinemax Inc., (2) | 1,099 |
NUVEEN | 39 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Consumer Discretionary (continued) | ||||||||
150 | Marriott Vacations World | $ | 16,527 | |||||
921 | Michaels Cos Inc., (2) | 21,515 | ||||||
738 | Modine Manufacturing Company | 8,930 | ||||||
267 | Monro Muffler Brake, Inc. | 13,844 | ||||||
45 | Movado Group Inc. | 1,053 | ||||||
216 | Murphy USA Inc., (2) | 15,027 | ||||||
999 | National CineMedia, Inc. | 11,858 | ||||||
826 | New York Times, Class A | 11,936 | ||||||
162 | Nutri System Inc. | 8,659 | ||||||
2,964 | Office Depot, Inc. | 14,731 | ||||||
99 | Oxford Industries Inc. | 5,740 | ||||||
130 | Pool Corporation | 15,551 | ||||||
24 | Red Robin Gourmet Burgers, Inc., (2) | 1,410 | ||||||
1,527 | Regal Entertainment Group, Class A | 33,701 | ||||||
360 | Rent-A-Center Inc. | 3,848 | ||||||
991 | Sally Beauty Holdings Inc., (2) | 18,849 | ||||||
244 | Scholastic Corporation | 10,548 | ||||||
126 | Select Comfort Corporation, (2) | 3,893 | ||||||
495 | Service Corporation International | 15,949 | ||||||
778 | ServiceMaster Global Holdings Inc., (2) | 29,642 | ||||||
90 | Shake Shack Inc., Class A Shares, (2) | 3,055 | ||||||
42 | Shoe Carnival, Inc. | 1,066 | ||||||
225 | Shutterfly, Inc., (2) | 11,678 | ||||||
545 | Six Flags Entertainment Corporation | 34,122 | ||||||
144 | Sportsman’s Warehouse Holdings Inc., (2) | 589 | ||||||
317 | Stein Mart, Inc. | 783 | ||||||
590 | Steven Madden Limited, (2) | 22,449 | ||||||
441 | Tailored Brands, Inc. | 5,437 | ||||||
837 | TEGNA, Inc. | 6,997 | ||||||
333 | Tempur Sealy International, Inc., (2) | 15,634 | ||||||
540 | Tenneco Inc. | 34,036 | ||||||
2,502 | The Wendy’s Company | 36,879 | ||||||
261 | Tile Shop Holdings Inc. | 5,572 | ||||||
736 | Tribune Media Company | 26,908 | ||||||
41 | Unifi Inc., (2) | 1,151 | ||||||
193 | Vail Resorts, Inc. | 38,148 | ||||||
107 | Vera Bradley Inc., (2) | 979 | ||||||
460 | Visteon Corporation, (2) | 47,357 | ||||||
52 | Vitamin Shoppe Inc., (2) | 1,004 |
40 | NUVEEN |
Shares | Description (1) | Value | ||||||
Consumer Discretionary (continued) | ||||||||
244 | Wayfair Inc., Class A Shares, (2) | $ | 11,153 | |||||
40 | Weyco Group, Inc. | 1,118 | ||||||
413 | Williams-Sonoma Inc. | 22,323 | ||||||
10 | Winmark Corporation | 1,291 | ||||||
837 | Wolverine World Wide Inc. | 20,180 | ||||||
53 | World Wrestling Entertainment Inc. | 1,136 | ||||||
126 | Zumiez, Inc., (2) | 2,262 | ||||||
Total Consumer Discretionary | 1,375,924 | |||||||
Consumer Staples – 3.5% | ||||||||
621 | Amplify Snack Brands, Inc., (2) | 5,589 | ||||||
45 | Andersons, Inc. | 1,681 | ||||||
3,655 | Avon Products, Inc. | 17,727 | ||||||
1,115 | Blue Buffalo Pet Products, Inc., (2) | 27,485 | ||||||
198 | Casey’s General Stores, Inc. | 22,190 | ||||||
2,115 | Darling International Inc., (2) | 32,000 | ||||||
1,651 | Dean Foods Company | 32,591 | ||||||
611 | Fresh Del Monte Produce Inc. | 37,454 | ||||||
396 | Freshpet, Inc., (2) | 4,653 | ||||||
963 | Hain Celestial Group Inc., (2) | 35,621 | ||||||
581 | Herbalife, Limited | 36,754 | ||||||
90 | Medifast, Inc. | 4,169 | ||||||
95 | Natural Grocers by Vitamin Cottage Incorporated, (2) | 1,039 | ||||||
126 | Natural Health Trends Corporation | 3,614 | ||||||
351 | Omega Protein Corporation | 7,073 | ||||||
581 | Performance Food Group Company, (2) | 14,467 | ||||||
126 | PriceSmart, Inc. | 10,956 | ||||||
117 | Seneca Foods Corporation, (2) | 4,352 | ||||||
216 | Smart & Final Stores, Inc., (2) | 2,549 | ||||||
122 | SpartanNash Co | 4,490 | ||||||
609 | Sprouts Farmers Market Inc., (2) | 13,587 | ||||||
798 | Treehouse Foods Inc., (2) | 69,905 | ||||||
325 | United Natural Foods Inc., (2) | 13,497 | ||||||
45 | US Foods Holding Corporation, (2) | 1,269 | ||||||
93 | Weis Markets Inc. | 5,376 | ||||||
Total Consumer Staples | 410,088 | |||||||
Energy – 3.1% | ||||||||
513 | Alon USA Energy, Inc. | 6,202 | ||||||
1,197 | Archrock Inc. | 14,125 | ||||||
1,349 | Atwood Oceanics Inc. | 10,563 |
NUVEEN | 41 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Energy (continued) | ||||||||
2,092 | Clean Energy Fuels Corporation, (2) | $ | 5,104 | |||||
908 | Delek US Holdings Inc. | 21,855 | ||||||
689 | Dril Quip Inc., (2) | 35,518 | ||||||
974 | Enlink Midstream LLC | 17,970 | ||||||
648 | Exterran Corp., (2) | 17,736 | ||||||
2,668 | Fairmount Santrol Holdings Inc., (2) | 13,767 | ||||||
1,072 | Forum Energy Technologies Incorporated, (2) | 18,117 | ||||||
1,002 | Franks International NV | 9,118 | ||||||
661 | Green Plains Renewable Energy, Inc. | 15,203 | ||||||
2,472 | Helix Energy Solutions Group, (2) | 15,129 | ||||||
478 | Matrix Service Company, (2) | 5,616 | ||||||
4,354 | McDermott International Inc., (2) | 28,475 | ||||||
225 | Natural Gas Services Group, (2) | 6,165 | ||||||
1,544 | Newpark Resources Inc., (2) | 11,812 | ||||||
1,784 | Oceaneering International Inc. | 47,080 | ||||||
924 | Oil States International Inc., (2) | 27,489 | ||||||
2,576 | Parker Drilling Company, (2) | 4,250 | ||||||
243 | RigNet, Inc., (2) | 4,763 | ||||||
300 | SeaCor Smit Inc., (2) | 19,698 | ||||||
2,118 | TETRA Technologies, (2) | 7,053 | ||||||
Total Energy | 362,808 | |||||||
Financials – 15.9% | ||||||||
93 | Ameris Bancorp. | 4,380 | ||||||
1,575 | Apollo Commercial Real Estate Finance, Inc. | 30,382 | ||||||
1,107 | Aspen Insurance Holdings Limited | 57,951 | ||||||
1,183 | Associated Banc-Corp. | 29,457 | ||||||
23 | BancFirst Corporation | 2,209 | ||||||
643 | Bancorp, Inc., (2) | 4,147 | ||||||
470 | BancorpSouth Inc. | 14,312 | ||||||
120 | Bank Mutual Corporation | 1,104 | ||||||
195 | Bank of Hawaii Corporation | 15,889 | ||||||
477 | Bank of the Ozarks, Inc. | 22,643 | ||||||
769 | BankUnited Inc. | 27,138 | ||||||
153 | Banner Corporation | 8,446 | ||||||
43 | Berkshire Hills Bancorp, Inc. | 1,613 | ||||||
204 | BOK Financial Corporation | 17,195 | ||||||
145 | Brookline Bancorp, Inc. | 2,110 | ||||||
43 | Bryn Mawr Bank | 1,845 | ||||||
62 | Capital Bank Financial Corporation, Class A Shares | 2,573 |
42 | NUVEEN |
Shares | Description (1) | Value | ||||||
Financials (continued) | ||||||||
1,787 | Capstead Mortgage Corporation | $ | 19,907 | |||||
238 | Chimera Investments Corporation | 4,846 | ||||||
378 | Cohen & Steers Inc. | 15,082 | ||||||
270 | Columbia Banking Systems Inc. | 10,668 | ||||||
298 | Commerce Bancshares Inc. | 16,375 | ||||||
141 | Crawford & Co | 1,259 | ||||||
369 | Cullen/Frost Bankers, Inc. | 34,830 | ||||||
123 | Customers Bancorp Inc., (2) | 3,804 | ||||||
168 | CVB Financial | 3,619 | ||||||
851 | Dynex Capital, Inc. | 5,889 | ||||||
806 | East West Bancorp Inc. | 43,742 | ||||||
342 | Encore Capital Group, Inc., (2) | 11,406 | ||||||
1,674 | F.N.B. Corporation PA | 23,838 | ||||||
359 | FactSet Research Systems Inc. | 58,610 | ||||||
167 | FCB Financial Holdings, Inc., Class A Shares, (2) | 7,891 | ||||||
44 | Federal Agricultural Mortgage Corporation | 2,510 | ||||||
53 | Financial Institutions, Inc. | 1,776 | ||||||
2,014 | First American Corporation | 87,428 | ||||||
691 | First Cash, Inc. | 35,897 | ||||||
450 | First Financial Bancorp. | 12,442 | ||||||
436 | First Financial Bankshares, Inc. | 17,418 | ||||||
128 | First Merchants Corporation | 5,297 | ||||||
63 | First of Long Island Corporation | 1,714 | ||||||
391 | Flagstar Bancorp Inc., (2) | 11,433 | ||||||
1,125 | Fulton Financial Corporation | 20,756 | ||||||
9,082 | Genworth Financial Inc., Class A, (2) | 36,691 | ||||||
342 | Glacier Bancorp, Inc. | 11,553 | ||||||
452 | Great Western Bancorp Inc. | 18,622 | ||||||
802 | Green Dot Corporation, Class A Shares, (2) | 27,501 | ||||||
731 | Hancock Holding Company | 34,138 | ||||||
204 | Hanmi Financial Corporation | 5,926 | ||||||
36 | Heartland Financial USA, Inc. | 1,728 | ||||||
253 | HomeStreet Inc. | 6,578 | ||||||
64 | HomeTrust Bancshares Inc., (2) | 1,600 | ||||||
137 | Independent Bank Corporation | 8,672 | ||||||
468 | International Bancshares Corporation | 17,503 | ||||||
279 | INTL FCStone Inc., (2) | 10,421 | ||||||
306 | Investment Technology Group | 6,092 | ||||||
1,673 | Investors Bancorp, Inc. | 23,171 |
NUVEEN | 43 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Financials (continued) | ||||||||
260 | Kearny Financial Corporation | $ | 3,796 | |||||
36 | Lakeland Financial Corporation | 1,644 | ||||||
387 | LegacyTexas Financial Group Inc. | 14,632 | ||||||
1,541 | Legg Mason, Inc. | 57,603 | ||||||
232 | Live Oak Bancshares Inc. | 5,603 | ||||||
352 | LPL Investments Holdings Inc. | 14,798 | ||||||
342 | MB Financial, Inc. | 14,538 | ||||||
145 | Meta Financial Group, Inc. | 12,310 | ||||||
2,000 | MGIC Investment Corporation, (2) | 21,080 | ||||||
360 | Morningstar, Inc. | 26,327 | ||||||
62 | National Bank Holdings Corporation | 1,957 | ||||||
621 | Nationstar Mortgage Holdings, Incorporated, (2) | 10,004 | ||||||
369 | Newstar Financial, Inc. | 3,963 | ||||||
225 | NMI Holdings Inc., Class A Shares, (2) | 2,610 | ||||||
504 | OceanFirst Financial Corporation | 13,936 | ||||||
513 | On Deck Capital, Inc., (2) | 2,437 | ||||||
56 | Opus Bank | 1,263 | ||||||
686 | Pacwest Bancorp. | 33,881 | ||||||
131 | Park National Corporation | 13,811 | ||||||
99 | Park Sterling Bank Inc. | 1,218 | ||||||
396 | PICO Holdings, Inc., (2) | 6,376 | ||||||
135 | Pinnacle Financial Partners, Inc. | 8,640 | ||||||
630 | PRA Group Inc., (2) | 20,286 | ||||||
269 | Privatebancorp, Inc. | 15,540 | ||||||
964 | ProAssurance Corporation | 59,672 | ||||||
401 | Prosperity Bancshares, Inc. | 26,947 | ||||||
462 | Provident Financial Services Inc. | 11,869 | ||||||
97 | Redwood Trust Inc. | 1,656 | ||||||
48 | S&T Bancorp, Inc. | 1,726 | ||||||
29 | Sandy Spring Bancorp, Inc. | 1,254 | ||||||
184 | ServisFirst Bancshares Inc. | 6,955 | ||||||
146 | Simmons First National Corporation | 7,979 | ||||||
88 | South State Corporation | 7,757 | ||||||
3,844 | Starwood Property Trust Inc. | 87,220 | ||||||
65 | State Bank Financial Corporation | 1,746 | ||||||
25 | Stonegate Bank | 1,148 | ||||||
65 | Sun Bancorp, Inc. | 1,622 | ||||||
251 | SVB Financial Group, (2) | 44,161 | ||||||
526 | Synovus Financial Corp. | 21,987 |
44 | NUVEEN |
Shares | Description (1) | Value | ||||||
Financials (continued) | ||||||||
343 | Texas Capital BancShares, Inc., (2) | $ | 26,102 | |||||
68 | TFS Financial Corporation | 1,125 | ||||||
51 | Tristate Capital Holdings Inc., (2) | 1,270 | ||||||
598 | Trustmark Corporation | 19,865 | ||||||
279 | UMB Financial Corporation | 20,225 | ||||||
1,446 | Umpqua Holdings Corporation | 25,551 | ||||||
99 | Union Bankshares Corporation | 3,390 | ||||||
358 | United Bankshares, Inc. | 14,284 | ||||||
198 | United Community Banks, Inc. | 5,415 | ||||||
2,328 | Valley National Bancorp. | 27,377 | ||||||
526 | Washington Federal Inc. | 17,726 | ||||||
65 | Waterstone Financial Inc. | 1,235 | ||||||
630 | Webster Financial Corporation | 32,010 | ||||||
304 | WesBanco, Inc. | 12,102 | ||||||
118 | Westamerica Bancorp. | 6,492 | ||||||
24 | Western Alliance Bancorporation, (2) | 1,150 | ||||||
51 | White Mountain Insurance Group | 43,806 | ||||||
284 | Wintrust Financial Corporation | 20,124 | ||||||
1,620 | Zions Bancorporation | 64,849 | ||||||
Total Financials | 1,848,077 | |||||||
Health Care – 11.6% | ||||||||
148 | AAC Holdings, Inc., (2) | 1,060 | ||||||
282 | Abaxis, Inc. | 12,698 | ||||||
254 | Abiomed, Inc., (2) | 33,101 | ||||||
618 | Acadia Healthcare Company Inc., (2) | 26,932 | ||||||
32 | Acadia Pharmaceuticals, Inc., (2) | 1,099 | ||||||
351 | Acceleron Pharma Inc., (2) | 11,590 | ||||||
1,314 | Accuray, Inc., (2) | 5,979 | ||||||
98 | Aceto Corporation | 1,553 | ||||||
311 | Aclaris Therapeutics Inc., (2) | 8,742 | ||||||
477 | Acorda Therapeutics, Inc., (2) | 7,703 | ||||||
423 | Aduro Biotech, Inc., (2) | 4,082 | ||||||
324 | Advaxis Inc., (2) | 2,773 | ||||||
279 | Agios Pharmaceutical Inc., (2) | 13,869 | ||||||
729 | Akorn, Inc., (2) | 24,385 | ||||||
198 | Albany Molecular Research Inc., (2) | 3,170 | ||||||
47 | Alder Biopharmaceuticals Inc., (2) | 942 | ||||||
1,756 | Allscripts Healthcare Solutions Inc., (2) | 21,019 | ||||||
358 | Amedisys, Inc., (2) | 19,404 |
NUVEEN | 45 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Health Care (continued) | ||||||||
57 | American Renal Associates Holdings, Inc., (2) | $ | 981 | |||||
1,422 | Amicus Therapeutics, Inc., (2) | 10,921 | ||||||
458 | AMN Healthcare Services Inc., (2) | 18,709 | ||||||
71 | AngioDynamics, Inc., (2) | 1,102 | ||||||
1,071 | Arrowhead Pharmaceuticals, Incorporated, (2) | 1,660 | ||||||
77 | Atara Biotherapeutics Inc., (2) | 1,317 | ||||||
247 | AthenaHealth Inc., (2) | 24,208 | ||||||
68 | AtriCure, Inc., (2) | 1,394 | ||||||
20 | AveXis, Incorporated, (2) | 1,610 | ||||||
410 | Bellicum Pharmaceuticals, Inc., (2) | 5,482 | ||||||
957 | BioCryst Pharmaceuticals, Inc., (2) | 6,067 | ||||||
288 | Bluebird Bio Inc., (2) | 25,618 | ||||||
1,604 | Brookdale Senior Living Inc., (2) | 20,836 | ||||||
720 | Bruker Biosciences Corporation | 17,561 | ||||||
243 | Cambrex Corporation, (2) | 14,422 | ||||||
68 | Capital Senior Living Corporation, (2) | 950 | ||||||
392 | Cardiovascular Systems, Inc., (2) | 11,709 | ||||||
702 | Catalent, Inc., (2) | 20,555 | ||||||
1,522 | Celldex Therapeutics, Inc., (2) | 5,068 | ||||||
756 | Cempra Inc., (2) | 3,251 | ||||||
1,701 | Cerus Corporation, (2) | 7,399 | ||||||
740 | Chimerix Inc., (2) | 4,425 | ||||||
270 | Civitas Solutions Inc., (2) | 4,806 | ||||||
331 | Coherus Biosciences Inc., (2) | 6,355 | ||||||
297 | Collegium Pharmaceutical Inc., (2) | 2,913 | ||||||
43 | Computer Programs and Systems, Inc. | 1,180 | ||||||
29 | Corvel Corporation, (2) | 1,291 | ||||||
207 | Cross Country Healthcare, Inc., (2) | 2,892 | ||||||
518 | DepoMed, Inc., (2) | 6,211 | ||||||
639 | Diplomat Pharmacy, Inc., (2) | 9,968 | ||||||
90 | Eagle Pharmaceuticals Inc., (2) | 8,153 | ||||||
1,375 | Endologix, Inc., (2) | 10,299 | ||||||
67 | Ensign Group Inc. | 1,203 | ||||||
55 | Esperion Therapeutics Inc., (2) | 1,966 | ||||||
636 | FibroGen, Inc., (2) | 17,808 | ||||||
63 | Flexion Therapeutics Inc., (2) | 1,286 | ||||||
810 | Genesis Healthcare Inc., (2) | 1,960 | ||||||
482 | Genmark Diagnostics Inc., (2) | 6,179 | ||||||
423 | Global Blood Therapeutics Inc., (2) | 12,246 |
46 | NUVEEN |
Shares | Description (1) | Value | ||||||
Health Care (continued) | ||||||||
682 | Globus Medical Inc, Class A, (2) | $ | 20,685 | |||||
333 | Greatbatch, Inc., (2) | 12,238 | ||||||
410 | Haemonetics Corporation, (2) | 17,171 | ||||||
1,116 | Halozyme Therapeutics, Inc., (2) | 15,557 | ||||||
749 | HMS Holdings Corporation, (2) | 15,332 | ||||||
89 | Intellia Therapeutics, Inc., (2) | 1,297 | ||||||
207 | Intersect ENT, Inc., (2) | 3,933 | ||||||
468 | Intra-Cellular Therapies Inc., (2) | 6,468 | ||||||
580 | K2M Group Holdings Inc., (2) | 12,847 | ||||||
115 | Karyopharm Therapeutics Inc., (2) | 1,175 | ||||||
1,386 | Kindred Healthcare Inc. | 13,306 | ||||||
504 | Kite Pharma Inc., (2) | 41,368 | ||||||
63 | Landauer Inc. | 3,314 | ||||||
171 | LHC Group, Inc., (2) | 9,251 | ||||||
395 | Lifepoint Health Inc., (2) | 24,549 | ||||||
142 | Ligand Pharmaceuticals, Inc., (2) | 15,786 | ||||||
576 | Lion Biotechnologies Inc., (2) | 3,946 | ||||||
253 | Loxo Oncology Inc., (2) | 11,653 | ||||||
81 | Luminex Corporation | 1,525 | ||||||
142 | Magellan Health Services, Inc., (2) | 9,770 | ||||||
20 | Medidata Solutions, Inc., (2) | 1,309 | ||||||
90 | Meridian Bioscience, Inc. | 1,332 | ||||||
1,827 | Merrimack Pharmaceuticals, Incorporated, (2) | 6,084 | ||||||
693 | MiMedx Group Inc., (2) | 8,794 | ||||||
116 | Minerva Neurosciences, Inc., (2) | 882 | ||||||
96 | MyoKardia Inc., (2) | 1,253 | ||||||
124 | Natera, Inc., (2) | 1,122 | ||||||
135 | National Research Corporation | 3,348 | ||||||
1,216 | Nektar Therapeutics, (2) | 23,068 | ||||||
396 | NeoGenomics Inc., (2) | 2,990 | ||||||
1,788 | Opko Health Inc., (2) | 13,893 | ||||||
112 | OraSure Technologies, Inc., (2) | 1,468 | ||||||
1,633 | Organovo Holdings Inc., (2) | 4,736 | ||||||
369 | Otonomy, Inc., (2) | 4,926 | ||||||
608 | Owens and Minor Inc. | 21,067 | ||||||
270 | Paratek Pharmaceuticals, Inc., (2) | 5,792 | ||||||
290 | Parexel International Corporation, (2) | 18,511 | ||||||
230 | Penumbra Inc., (2) | 19,654 | ||||||
370 | Perkinelmer Inc. | 21,982 |
NUVEEN | 47 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Health Care (continued) | ||||||||
56 | Premier Inc., Class A, (2) | $ | 1,893 | |||||
225 | Pharmerica Corporation, (2) | 5,310 | ||||||
401 | Prestige Brands Holdings Inc., (2) | 23,021 | ||||||
905 | Progenics Pharmaceuticals, Inc., (2) | 7,168 | ||||||
367 | Prothena Corporation PLC, (2) | 19,866 | ||||||
126 | Providence Service Corporation, (2) | 5,544 | ||||||
374 | PTC Therapeutics Inc., (2) | 4,544 | ||||||
333 | Quidel Corporation, (2) | 8,049 | ||||||
39 | Repligen Corporation, (2) | 1,435 | ||||||
347 | Revance Therapeutics Inc., (2) | 7,547 | ||||||
276 | Sage Therapeutics, Inc., (2) | 19,596 | ||||||
397 | Sarepta Therapeutics Inc., (2) | 14,395 | ||||||
1,381 | Select Medical Corporation | 18,989 | ||||||
232 | Spark Therapeutics, Inc., (2) | 13,449 | ||||||
619 | Spectranetics Corporation, (2) | 17,703 | ||||||
306 | STAAR Surgical Company, (2) | 3,182 | ||||||
315 | Steris PLC | 23,247 | ||||||
270 | Sucampo Pharmaceuticals, Inc., (2) | 2,740 | ||||||
582 | Supernus Pharmaceuticals Incorporated, (2) | 18,973 | ||||||
360 | Surgery Partners Inc., (2) | 6,192 | ||||||
621 | Teladoc, Inc., (2) | 15,401 | ||||||
648 | Teligent, Inc., (2) | 5,113 | ||||||
323 | Tesaro Inc., (2) | 47,671 | ||||||
714 | Theravance Biopharma Inc., (2) | 28,796 | ||||||
297 | Tivity Health Inc., (2) | 9,979 | ||||||
148 | Trevena Inc., (2) | 484 | ||||||
321 | Ultragenyx Pharmaceutical Inc., (2) | 20,669 | ||||||
108 | US Physical Therapy, Inc. | 7,085 | ||||||
580 | VCA Antech, Inc., (2) | 53,111 | ||||||
288 | Versartis Inc., (2) | 5,299 | ||||||
440 | Vocera Communications Incorporated, (2) | 11,158 | ||||||
505 | VWR Corporation, (2) | 14,271 | ||||||
179 | ZIOPHARM Oncology, Inc., (2) | 1,260 | ||||||
Total Health Care | 1,348,584 | |||||||
Industrials – 16.6% | ||||||||
580 | Aaon, Inc. | 21,257 | ||||||
506 | ABM Industries Inc. | 21,854 | ||||||
657 | Acco Brands Corporation, (2) | 9,362 | ||||||
549 | Actuant Corporation | 14,988 |
48 | NUVEEN |
Shares | Description (1) | Value | ||||||
Industrials (continued) | ||||||||
630 | Advanced Drainage Systems, Inc. | $ | 14,522 | |||||
54 | Aegion Corporation, (2) | 1,232 | ||||||
637 | Allegion PLC | 50,094 | ||||||
1,242 | Allison Transmission Holdings Inc. | 48,041 | ||||||
434 | ArcBest Corporation | 11,479 | ||||||
225 | Argan, Inc. | 15,041 | ||||||
81 | Armstrong Flooring, Inc., (2) | 1,554 | ||||||
621 | Armstrong World Industries Inc., (2) | 29,032 | ||||||
329 | Astronics Corporation, (2) | 10,696 | ||||||
796 | Avis Budget Group Inc., (2) | 24,278 | ||||||
50 | Axon Enterprise, Inc., (2) | 1,229 | ||||||
468 | Babcock & Wilcox Enterprises, Inc., (2) | 4,385 | ||||||
613 | Barnes Group Inc. | 33,697 | ||||||
441 | Beacon Roofing Supply Company, (2) | 21,860 | ||||||
324 | Brady Corporation | 12,620 | ||||||
540 | Briggs & Stratton Corporation | 13,495 | ||||||
1,321 | Builders FirstSource, Inc., (2) | 21,149 | ||||||
398 | Carlisle Companies Inc. | 40,353 | ||||||
315 | Chart Industries, Inc., (2) | 11,501 | ||||||
604 | Chicago Bridge & Iron Company N.V. | 18,168 | ||||||
371 | Clean Harbors, Inc., (2) | 21,559 | ||||||
414 | Comfort Systems USA Inc. | 15,194 | ||||||
918 | Copart Inc., (2) | 28,366 | ||||||
436 | Curtiss Wright Corporation | 40,748 | ||||||
687 | DigitalGlobe Inc., (2) | 22,121 | ||||||
937 | Donaldson Company, Inc. | 43,364 | ||||||
469 | Echo Global Logistics, Inc., (2) | 8,794 | ||||||
323 | EnerSys | 26,845 | ||||||
297 | ESCO Technologies Inc. | 17,478 | ||||||
55 | Essendant Inc. | 919 | ||||||
234 | Esterline Technologies Corporation, (2) | 21,399 | ||||||
570 | Franklin Electric Company, Inc. | 23,427 | ||||||
533 | Generac Holdings Inc., (2) | 18,746 | ||||||
605 | Genesee & Wyoming Inc., (2) | 40,995 | ||||||
45 | GP Strategies Corporation, (2) | 1,220 | ||||||
380 | Granite Construction Inc. | 20,030 | ||||||
1,145 | HD Supply Holdings Inc., (2) | 46,143 | ||||||
29 | Healthcare Services Group, Inc. | 1,331 | ||||||
872 | Hertz Global Holdings, Inc., (2) | 14,379 |
NUVEEN | 49 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Industrials (continued) | ||||||||
609 | Hexcel Corporation | $ | 31,516 | |||||
600 | Hillenbrand Inc. | 22,140 | ||||||
750 | HNI Corporation | 35,070 | ||||||
602 | Hub Group, Inc., (2) | 23,568 | ||||||
270 | Hubbell Inc. | 30,545 | ||||||
135 | Hyster-Yale Materials Handling Inc. | 8,115 | ||||||
56 | ICF International, Inc., (2) | 2,472 | ||||||
215 | Insperity Inc. | 19,640 | ||||||
252 | Interface, Inc. | 5,015 | ||||||
348 | Kaman Corporation | 16,707 | ||||||
606 | KAR Auction Services Inc. | 26,434 | ||||||
54 | Kelly Services, Inc. | 1,205 | ||||||
1,181 | Kennametal Inc. | 49,106 | ||||||
453 | Keyw Holding Corporation, (2) | 4,299 | ||||||
48 | KForce Inc. | 1,090 | ||||||
261 | Knoll Inc. | 6,254 | ||||||
288 | Lennox International Inc. | 47,632 | ||||||
2,358 | Manitowoc Company Inc. | 14,077 | ||||||
90 | Matthews International Corporation | 6,169 | ||||||
93 | McGrath Rentcorp. | 3,237 | ||||||
566 | Mercury Computer Systems Inc., (2) | 21,157 | ||||||
997 | Meritor Inc., (2) | 17,757 | ||||||
315 | Miller (Herman) Inc. | 10,426 | ||||||
54 | Mistras Group Inc., (2) | 1,215 | ||||||
297 | Mobile Mini, Inc. | 8,524 | ||||||
45 | MYR Group Inc., (2) | 1,902 | ||||||
63 | Navigant Consulting Inc., (2) | 1,510 | ||||||
784 | Navistar International Corporation, (2) | 21,097 | ||||||
313 | On Assignment, Inc., (2) | 16,204 | ||||||
1,352 | Oshkosh Truck Corporation | 93,815 | ||||||
643 | Pitney Bowes Inc. | 8,545 | ||||||
1,624 | Plug Power Inc., (2) | 3,638 | ||||||
234 | Proto Labs Incorporated, (2) | 13,572 | ||||||
1,541 | Quanta Services Incorporated, (2) | 54,613 | ||||||
405 | Raven Industries, Inc. | 12,555 | ||||||
378 | Regal-Beloit Corporation | 29,805 | ||||||
98 | RPX Corporation, (2) | 1,258 | ||||||
719 | Ryder System, Inc. | 48,827 | ||||||
42 | SP Plus Corporation, (2) | 1,447 |
50 | NUVEEN |
Shares | Description (1) | Value | ||||||
Industrials (continued) | ||||||||
719 | Spirit AeroSystems Holdings Inc. | $ | 41,098 | |||||
630 | Steelcase Inc. | 10,742 | ||||||
1,035 | Sunrun Inc., (2) | 5,475 | ||||||
162 | Team, Inc., (2) | 4,358 | ||||||
292 | Teledyne Technologies Inc., (2) | 39,370 | ||||||
207 | Tennant Company | 15,163 | ||||||
387 | Tetra Tech, Inc. | 17,009 | ||||||
315 | The Advisory Board Company, (2) | 16,097 | ||||||
31 | Toro Company | 2,013 | ||||||
423 | TriMas Corporation, (2) | 9,708 | ||||||
378 | TriNet Group Inc., (2) | 11,113 | ||||||
90 | TrueBlue Inc., (2) | 2,462 | ||||||
221 | Valmont Industries, Inc. | 33,669 | ||||||
211 | Veritiv Corporation, (2) | 10,898 | ||||||
124 | Viad Corporation | 5,605 | ||||||
286 | WageWorks, Incorporated, (2) | 21,107 | ||||||
1,051 | Wesco Aircraft Holdings Inc., (2) | 12,770 | ||||||
457 | WESCO International Inc., (2) | 27,854 | ||||||
450 | West Corporation | 12,011 | ||||||
503 | Woodward Governor Company | 34,038 | ||||||
468 | YRC Worldwide Inc., (2) | 4,989 | ||||||
Total Industrials | 1,924,652 | |||||||
Information Technology – 15.5% | ||||||||
618 | 2U Inc., (2) | 28,057 | ||||||
123 | A10 Networks Inc., (2) | 996 | ||||||
1,220 | ACI Worldwide, Inc., (2) | 26,218 | ||||||
82 | Actua Corporation, (2) | 1,148 | ||||||
81 | ADTRAN, Inc. | 1,620 | ||||||
184 | Angie’s List, (2) | 1,082 | ||||||
189 | Anixter International Inc., (2) | 15,413 | ||||||
187 | Arista Networks Inc., (2) | 26,113 | ||||||
758 | Arris International PLC, (2) | 19,700 | ||||||
279 | AVX Group | 4,718 | ||||||
72 | Badger Meter Inc. | 2,862 | ||||||
232 | Belden Inc. | 16,170 | ||||||
285 | Benchmark Electronics Inc., (2) | 9,035 | ||||||
243 | BenefitFocus Inc., (2) | 7,655 | ||||||
444 | Black Knight Financial Services, Inc., Class A Shares, (2) | 18,382 | ||||||
481 | Blackbaud, Inc. | 38,677 |
NUVEEN | 51 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Information Technology (continued) | ||||||||
1,395 | Booz Allen Hamilton Holding | $ | 50,122 | |||||
163 | Brightcove Inc., (2) | 1,418 | ||||||
1,244 | Brooks Automation Inc. | 31,423 | ||||||
75 | CalAmp Corporation, (2) | 1,346 | ||||||
157 | Calix Inc., (2) | 1,052 | ||||||
922 | Callidus Software, Inc., (2) | 19,408 | ||||||
126 | Cass Information Systems, Inc. | 8,375 | ||||||
423 | ChannelAdvisor Corporation, (2) | 4,991 | ||||||
667 | Ciena Corporation, (2) | 15,281 | ||||||
411 | Cirrus Logic Inc., (2) | 26,448 | ||||||
418 | Cognex Corporation | 35,672 | ||||||
768 | CommScope Holding Company Inc., (2) | 32,287 | ||||||
47 | Convergys Corporation | 1,058 | ||||||
342 | CPI Card Group Inc. | 1,231 | ||||||
53 | Cray, Inc., (2) | 949 | ||||||
566 | Cree, Inc., (2) | 12,384 | ||||||
450 | CSG Systems International Inc. | 16,879 | ||||||
63 | CTS Corporation | 1,392 | ||||||
135 | Daktronics Inc. | 1,277 | ||||||
801 | DHI Group Inc., (2) | 3,084 | ||||||
629 | Diebold Inc. | 17,738 | ||||||
407 | Dolby Laboratories, Inc. | 21,461 | ||||||
1,527 | Entegris Inc., (2) | 37,870 | ||||||
20 | ePlus, Inc., (2) | 1,425 | ||||||
342 | Exar Corporation, (2) | 4,449 | ||||||
25 | Exlservice Holdings, Inc., (2) | 1,193 | ||||||
297 | Fabrinet, (2) | 10,297 | ||||||
286 | Fair Isaac Corporation | 38,747 | ||||||
36 | FARO Technologies, Inc., (2) | 1,319 | ||||||
643 | Finisar Corporation, (2) | 14,686 | ||||||
606 | First Solar Inc., (2) | 17,907 | ||||||
909 | Fitbit, Inc., Class A Shares, (2) | 5,199 | ||||||
711 | Five9, Inc., (2) | 12,972 | ||||||
32 | GoDaddy, Inc., Class A Shares, (2) | 1,245 | ||||||
1,035 | Gogo Inc., (2) | 13,051 | ||||||
525 | Henry Jack and Associates Inc. | 50,883 | ||||||
713 | Infinera Corporation, (2) | 7,073 | ||||||
126 | Insight Enterprises Inc., (2) | 5,305 | ||||||
1,035 | Integrated Device Technology, Inc., (2) | 24,830 |
52 | NUVEEN |
Shares | Description (1) | Value | ||||||
Information Technology (continued) | ||||||||
253 | Interdigital Inc. | $ | 22,745 | |||||
723 | Keysight Technologies, Inc., (2) | 27,062 | ||||||
69 | Kimball Electronics Inc., (2) | 1,190 | ||||||
661 | Knowles Corporation, (2) | 11,720 | ||||||
178 | Littelfuse Inc. | 27,439 | ||||||
953 | LogMeIn Inc. | 107,689 | ||||||
403 | Lumentum Holdings Inc., (2) | 17,228 | ||||||
551 | Manhattan Associates Inc., (2) | 25,726 | ||||||
326 | Mellanox Technologies, Limited, (2) | 15,387 | ||||||
187 | Methode Electronics, Inc. | 8,331 | ||||||
48 | MINDBODY, Inc., Class A Shares, (2) | 1,361 | ||||||
99 | Moneygram International Inc., (2) | 1,763 | ||||||
36 | MTS Systems Corporation | 1,672 | ||||||
58 | Nanometrics Inc., (2) | 1,830 | ||||||
315 | National Instruments Corporation | 10,997 | ||||||
228 | Netgear, Inc., (2) | 10,750 | ||||||
471 | NetScout Systems, Inc., (2) | 17,733 | ||||||
469 | New Relic, Inc., (2) | 18,751 | ||||||
63 | Novanta, Inc., (2) | 1,767 | ||||||
34 | NVE Corporation | 2,768 | ||||||
1,538 | Oclaro Inc., (2) | 12,319 | ||||||
2,808 | ON Semiconductor Corporation, (2) | 39,817 | ||||||
120 | OSI Systems Inc., (2) | 9,288 | ||||||
90 | Pandora Media, Inc., (2) | 977 | ||||||
414 | Paylocity Holding Corporation, (2) | 16,328 | ||||||
153 | Perficient, Inc., (2) | 2,665 | ||||||
146 | Plantronics Inc. | 7,972 | ||||||
162 | Plexus Corporation, (2) | 8,422 | ||||||
422 | Power Integrations Inc. | 27,831 | ||||||
468 | Q2 Holdings Inc., (2) | 17,854 | ||||||
1,012 | Qoutient Technology Inc., (2) | 11,031 | ||||||
487 | Qualys Incorporated, (2) | 18,701 | ||||||
1,507 | Rambus Inc., (2) | 18,868 | ||||||
82 | Rapid7 Inc., (2) | 1,390 | ||||||
585 | RetailMeNot Inc., (2) | 6,786 | ||||||
645 | RingCentral Inc., Class A, (2) | 20,608 | ||||||
90 | Rogers Corporation, (2) | 9,265 | ||||||
489 | Sanmina-SCI Corporation, (2) | 18,215 | ||||||
721 | Science Applications International Corporation | 52,626 |
NUVEEN | 53 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Information Technology (continued) | ||||||||
450 | ServiceSource International Inc., (2) | $ | 1,692 | |||||
520 | Silicon Laboratories Inc., (2) | 36,998 | ||||||
88 | Silver Springs Networks Inc., (2) | 1,004 | ||||||
252 | SolarEdge Technologies, Inc., (2) | 4,070 | ||||||
173 | Sonus Networks, Inc., (2) | 1,329 | ||||||
1,152 | Square Inc., (2) | 21,012 | ||||||
44 | Super Micro Computer Inc., (2) | 1,074 | ||||||
252 | Sykes Enterprises Inc., (2) | 7,512 | ||||||
177 | SYNNEX Corporation | 19,192 | ||||||
464 | Tableau Software Inc., Class A, (2) | 24,908 | ||||||
856 | Take-Two Interactive Software, Inc., (2) | 53,800 | ||||||
144 | Tech Data Corporation, (2) | 13,774 | ||||||
234 | TeleTech Holdings, Inc. | 7,313 | ||||||
877 | Teradata Corporation, (2) | 25,591 | ||||||
59 | TiVo, Inc. | 1,165 | ||||||
132 | Travelport Worldwide Limited | 1,738 | ||||||
944 | TTM Technologies, Inc., (2) | 15,793 | ||||||
296 | Universal Display Corporation | 26,448 | ||||||
270 | Vasco Data Security International, Inc., (2) | 3,645 | ||||||
336 | VeriFone Holdings Inc., (2) | 6,229 | ||||||
31 | Verint Systems Inc., (2) | 1,218 | ||||||
360 | Virtusa Corporation, (2) | 11,153 | ||||||
1,062 | Vishay Intertechnology Inc. | 17,364 | ||||||
333 | WEX, Inc., (2) | 33,786 | ||||||
96 | Xactly Corp., (2) | 1,114 | ||||||
303 | Zebra Technologies Corporation, Class A, (2) | 28,564 | ||||||
887 | Zendesk Inc., (2) | 25,501 | ||||||
Total Information Technology | 1,799,432 | |||||||
Materials – 5.8% | ||||||||
268 | AptarGroup Inc. | 21,520 | ||||||
256 | Balchem Corporation | 20,777 | ||||||
435 | Bemis Company, Inc. | 19,544 | ||||||
1,037 | Berry Plastics Corporation, (2) | 51,850 | ||||||
261 | Boise Cascade Company, (2) | 7,961 | ||||||
420 | Compass Minerals International, Inc. | 27,720 | ||||||
639 | Ferro Corporation | 11,451 | ||||||
594 | Flotek Industries Inc., (2) | 7,134 | ||||||
883 | GCP Applied Technologies, Inc., (2) | 29,051 | ||||||
465 | Greif Inc. | 27,258 |
54 | NUVEEN |
Shares | Description (1) | Value | ||||||
Materials (continued) | ||||||||
636 | H.B. Fuller Company | $ | 33,600 | |||||
268 | Innospec, Inc. | 17,688 | ||||||
1,653 | KapStone Paper and Packaging Corp. | 34,862 | ||||||
358 | Materion Corporation | 13,622 | ||||||
339 | Minerals Technologies Inc. | 26,679 | ||||||
84 | Myers Industries, Inc. | 1,369 | ||||||
54 | Neenah Paper, Inc. | 4,231 | ||||||
387 | OMNOVA Solutions Inc., (2) | 3,677 | ||||||
861 | PolyOne Corporation | 33,760 | ||||||
1,233 | Reliance Steel & Aluminum Company | 97,185 | ||||||
503 | Schnitzer Steel Industries, Inc. | 9,507 | ||||||
650 | Scotts Miracle Gro Company | 62,790 | ||||||
571 | Sonoco Products Company | 29,869 | ||||||
324 | Stepan Company | 27,475 | ||||||
808 | Trinseo SA | 53,651 | ||||||
Total Materials | 674,231 | |||||||
Real Estate – 10.9% | ||||||||
189 | Alexander & Baldwin Inc. | 8,696 | ||||||
99 | Altisource Portfolio Solutions SA, (2) | 2,187 | ||||||
1,020 | American Campus Communities Inc. | 48,338 | ||||||
1,939 | Brandywine Realty Trust | 32,905 | ||||||
642 | Care Capital Properties, Inc. | 17,251 | ||||||
106 | CatchMark Timber Trust Inc., Class A | 1,241 | ||||||
1,476 | CBL & Associates Properties Inc. | 13,653 | ||||||
108 | Chesapeake Lodging Trust | 2,517 | ||||||
971 | Columbia Property Trust Inc. | 21,848 | ||||||
602 | Coresite Realty Corporation | 58,906 | ||||||
916 | Corporate Office Properties | 29,990 | ||||||
1,019 | CyrusOne Inc. | 55,678 | ||||||
1,241 | DiamondRock Hospitality Company | 13,663 | ||||||
818 | Douglas Emmett Inc. | 30,814 | ||||||
1,158 | Dupont Fabros Technology Inc. | 59,695 | ||||||
198 | Easterly Government Properties, Inc. | 3,984 | ||||||
852 | Education Realty Trust Inc. | 33,032 | ||||||
1,258 | Empire State Realty Trust Inc. | 26,166 | ||||||
742 | Equity Commonwealth | 23,737 | ||||||
677 | Equity Lifestyles Properties Inc. | 54,776 | ||||||
1,086 | FelCor Lodging Trust Inc. | 8,416 | ||||||
1,304 | First Industrial Realty Trust, Inc. | 36,695 |
NUVEEN | 55 |
NuShares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments | April 30, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Real Estate (continued) | ||||||||
441 | First Potomac Realty Trust | $ | 4,851 | |||||
745 | Forest City Realty Trust Inc. | 16,837 | ||||||
549 | Four Corners Property Trust, Inc. | 12,808 | ||||||
1,839 | Franklin Street Properties Corporation | 22,307 | ||||||
1,447 | Gramercy Property Trust | 40,212 | ||||||
1,734 | Healthcare Realty Trust, Inc. | 56,875 | ||||||
40 | HFF Inc., Class A Shares, (2) | 1,256 | ||||||
654 | Highwoods Properties, Inc. | 33,276 | ||||||
853 | Hospitality Properties Trust | 27,151 | ||||||
121 | Howard Hughes Corporation, (2) | 14,896 | ||||||
135 | iStar Inc., (2) | 1,651 | ||||||
504 | Kennedy-Wilson Holdings Inc. | 10,282 | ||||||
412 | Kilroy Realty Corporation | 29,058 | ||||||
985 | Kite Realty Group Trust | 20,055 | ||||||
45 | Marcus & Millichap Inc., (2) | 1,161 | ||||||
1,067 | New York REIT, Inc. | 10,179 | ||||||
324 | Northstar Realty Europe Corporation | 3,768 | ||||||
747 | Paramount Group Inc. | 12,251 | ||||||
468 | QTS Realty Trust Inc., Class A Shares | 25,010 | ||||||
594 | Realogy Holdings Corporation | 18,147 | ||||||
918 | Rexford Industrial Realty Inc. | 22,895 | ||||||
576 | RLJ Lodging Trust | 12,378 | ||||||
846 | Sabra Health Care Real Estate Investment Trust Inc. | 23,003 | ||||||
1,222 | Select Income REIT | 30,623 | ||||||
2,792 | Senior Housing Properties Trust | 60,084 | ||||||
180 | Seritage Growth Properties | 7,470 | ||||||
63 | St. Joe Company, (2) | 1,103 | ||||||
599 | Sun Communities Inc. | 50,082 | ||||||
705 | Sunstone Hotel Investors Inc. | 10,497 | ||||||
50 | Tejon Ranch Company, (2) | 1,145 | ||||||
126 | The RMR Group Inc. | 6,647 | ||||||
513 | Tier REIT, Inc. | 8,880 | ||||||
1,243 | Uniti Group, Inc. | 34,133 | ||||||
711 | Washington Real Estate Investment Trust | 22,517 | ||||||
828 | Weingarten Realty Trust | 27,133 | ||||||
65 | Xenia Hotels & Resorts Inc. | 1,135 | ||||||
Total Real Estate | 1,265,944 | |||||||
Telecommunication Services – 1.1% | ||||||||
468 | Boingo Wireless Inc., (2) | 6,688 |
56 | NUVEEN |
Shares | Description (1) | Value | ||||||
Telecommunication Services (continued) | ||||||||
684 | Cincinnati Bell Inc., (2) | $ | 12,893 | |||||
646 | Cogent Communications Group, Inc. | 29,070 | ||||||
918 | Consolidated Communications Holdings, Inc. | 21,729 | ||||||
125 | FairPoint Communications Inc., (2) | 2,131 | ||||||
873 | Globalstar, Inc., (2) | 1,667 | ||||||
306 | IDT Corporation | 4,648 | ||||||
1,098 | Iridium Communications Inc., (2) | 11,639 | ||||||
262 | Lumos Networks Corporation | 4,692 | ||||||
936 | Orbcomm, Inc., (2) | 9,023 | ||||||
630 | Shenandoah Telecommunications Company | 20,160 | ||||||
Total Telecommunication Services | 124,340 | |||||||
Utilities – 4.0% | ||||||||
468 | 8point3 Energy Partners LP | 5,784 | ||||||
3,096 | Aqua America Inc. | 102,447 | ||||||
270 | Chesapeake Utilities Corporation | 19,791 | ||||||
1,562 | New Jersey Resources Corporation | 63,027 | ||||||
951 | One Gas Inc. | 65,457 | ||||||
670 | Ormat Technologies Inc. | 39,570 | ||||||
769 | Pattern Energy Group Inc. | 16,933 | ||||||
835 | Spire, Inc. | 57,239 | ||||||
1,494 | TerraForm Global Inc, Class A Shares | 7,097 | ||||||
528 | TerraForm Power, Inc. | 6,647 | ||||||
933 | WGL Holdings Inc. | 76,935 | ||||||
Total Utilities | 460,927 | |||||||
Total Long-Term Investments (cost $11,297,561) | 11,595,007 | |||||||
Other Assets Less Liabilities – 0.1% | 7,660 | |||||||
Net Assets – 100% | $ | 11,602,667 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
NUVEEN | 57 |
Assets and Liabilities | April 30, 2017 (Unaudited) |
NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||
Assets | ||||||||||||||||||||
Long-term investments, at value (cost $6,466,410, $6,333,716, $6,404,847, $6,294,798 and $11,297,561, respectively) | $ | 6,917,556 | $ | 6,423,221 | $ | 6,610,557 | $ | 6,361,609 | $ | 11,595,007 | ||||||||||
Cash | 9,822 | 8,503 | 5,768 | 12,321 | 15,137 | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 5,115 | 9,780 | 2,500 | 5,176 | 4,622 | |||||||||||||||
Investments sold | — | — | — | — | 1,225 | |||||||||||||||
Reclaims | 336 | — | — | — | 20 | |||||||||||||||
Total assets | 6,932,829 | 6,441,504 | 6,618,825 | 6,379,106 | 11,616,011 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Payable for investments purchased | 7,482 | 9,338 | — | 11,894 | 9,675 | |||||||||||||||
Accrued expenses: | �� | |||||||||||||||||||
Management fees | 1,821 | 1,715 | 2,004 | 1,944 | 3,515 | |||||||||||||||
Professional fees | 35 | 35 | 35 | 35 | 68 | |||||||||||||||
Trustees fees | 44 | 44 | 44 | 44 | 86 | |||||||||||||||
Total liabilities | 9,382 | 11,132 | 2,083 | 13,917 | 13,344 | |||||||||||||||
Net assets | $ | 6,923,447 | $ | 6,430,372 | $ | 6,616,742 | $ | 6,365,189 | $ | 11,602,667 | ||||||||||
Shares outstanding | 250,000 | 250,000 | 250,000 | 250,000 | 450,000 | |||||||||||||||
Net asset value (“NAV”) per share | $ | 27.69 | $ | 25.72 | $ | 26.47 | $ | 25.46 | $ | 25.78 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid-in | $ | 6,311,533 | $ | 6,243,447 | $ | 6,243,527 | $ | 6,216,270 | $ | 11,189,506 | ||||||||||
Undistributed (Over-distribution of) net investment income | 20,095 | 52,000 | 8,179 | 45,643 | 54,191 | |||||||||||||||
Accumulated net realized gain (loss) | 140,673 | 45,420 | 159,326 | 36,465 | 61,524 | |||||||||||||||
Net unrealized appreciation (depreciation) | 451,146 | 89,505 | 205,710 | 66,811 | 297,446 | |||||||||||||||
Net assets | $ | 6,923,447 | $ | 6,430,372 | $ | 6,616,742 | $ | 6,365,189 | $ | 11,602,667 | ||||||||||
Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 |
See accompanying notes to financial statements.
58 | NUVEEN |
Operations | For the period December 14, 2016 (commencement of operations) through April 30, 2017 (Unaudited) |
NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||
Investment Income (net of dividend tax withheld of $1, $—, $141, $—, and $76, respectively) | $ | 28,363 | $ | 60,168 | $ | 17,335 | $ | 54,759 | $ | 70,869 | ||||||||||
Expenses | ||||||||||||||||||||
Management fees | 8,167 | 8,068 | 9,056 | 9,016 | 16,475 | |||||||||||||||
Professional fees | 35 | 35 | 35 | 35 | 68 | |||||||||||||||
Trustees fees | 66 | 65 | 65 | 65 | 135 | |||||||||||||||
Total expenses | 8,268 | 8,168 | 9,156 | 9,116 | 16,678 | |||||||||||||||
Net investment income (loss) | 20,095 | 52,000 | 8,179 | 45,643 | 54,191 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from investments | 140,673 | 45,420 | 159,326 | 36,465 | 61,524 | |||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 451,146 | 89,505 | 205,710 | 66,811 | 297,446 | |||||||||||||||
Net realized and unrealized gain (loss) | 591,819 | 134,925 | 365,036 | 103,276 | 358,970 | |||||||||||||||
Net increase (decrease) in net assets from operations | $ | 611,914 | $ | 186,925 | $ | 373,215 | $ | 148,919 | $ | 413,161 |
See accompanying notes to financial statements.
NUVEEN | 59 |
Changes in Net Assets | For the period December 14, 2016 (commencement of operations) |
NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 20,095 | $ | 52,000 | $ | 8,179 | $ | 45,643 | $ | 54,191 | ||||||||||
Net realized gain (loss) from investments | 140,673 | 45,420 | 159,326 | 36,465 | 61,524 | |||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 451,146 | 89,505 | 205,710 | 66,811 | 297,446 | |||||||||||||||
Net increase (decrease) in net assets from operations | 611,914 | 186,925 | 373,215 | 148,919 | 413,161 | |||||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from shares sold | 8,930,633 | 7,487,277 | 7,555,957 | 6,216,270 | 12,434,501 | |||||||||||||||
Cost of shares redeemed | (2,619,100 | ) | (1,243,830 | ) | (1,312,430 | ) | — | (1,244,995 | ) | |||||||||||
Net increase (decrease) in net assets from Fund share transactions | 6,311,533 | 6,243,447 | 6,243,527 | 6,216,270 | 11,189,506 | |||||||||||||||
Net increase (decrease) in net assets | 6,923,447 | 6,430,372 | 6,616,742 | 6,365,189 | 11,602,667 | |||||||||||||||
Net assets at the beginning of period | — | — | — | — | — | |||||||||||||||
Net assets at the end of period | $ | 6,923,447 | $ | 6,430,372 | $ | 6,616,742 | $ | 6,365,189 | $ | 11,602,667 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 20,095 | $ | 52,000 | $ | 8,179 | $ | 45,643 | $ | 54,191 |
See accompanying notes to financial statements.
60 | NUVEEN |
THIS PAGE INTENTIONALLY LEFT BLANK
NUVEEN | 61 |
Highlights (Unaudited)
Selected data for a share outstanding throughout the period:
Investment Operations | ||||||||||||||||||||||||||||
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Ending NAV | Ending Market Price | ||||||||||||||||||||||
NULG | ||||||||||||||||||||||||||||
2017(c) | $ | 25.21 | $ | 0.09 | $ | 2.39 | $ | 2.48 | $ | 27.69 | $ | 27.42 | ||||||||||||||||
NULV | ||||||||||||||||||||||||||||
2017(c) | 25.09 | 0.22 | 0.41 | 0.63 | 25.72 | 25.73 | ||||||||||||||||||||||
NUMG | ||||||||||||||||||||||||||||
2017(c) | 25.10 | 0.04 | 1.33 | 1.37 | 26.47 | 26.49 | ||||||||||||||||||||||
NUMV | ||||||||||||||||||||||||||||
2017(c) | 25.04 | 0.19 | 0.23 | 0.42 | 25.46 | 25.70 | ||||||||||||||||||||||
NUSC | ||||||||||||||||||||||||||||
2017(c) | 25.01 | 0.12 | 0.65 | 0.77 | 25.78 | 25.88 |
62 | NUVEEN |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Total Return | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Based on NAV(b) | Based | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||||||||||||||
9.85 | % | 8.77 | % | $ | 6,923 | 0.35 | %* | 0.86 | %* | 5 | % | |||||||||||||||||||||||||||
2.51 | 2.52 | 6,430 | 0.35 | * | 2.26 | * | 13 | |||||||||||||||||||||||||||||||
5.44 | 5.53 | 6,617 | 0.40 | * | 0.36 | * | 18 | |||||||||||||||||||||||||||||||
1.67 | 2.63 | 6,365 | 0.40 | * | 2.03 | * | 20 | |||||||||||||||||||||||||||||||
3.10 | 3.48 | 11,603 | 0.40 | * | 1.32 | * | 11 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
(c) | For the period December 14, 2016 (commencement of operations) through April 30, 2017. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 4 – Fund Shares). |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 63 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The NuShares ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of NuShares ESG Large-Cap Growth ETF (NULG), NuShares ESG Large-Cap Value ETF (NULV), NuShares ESG Mid-Cap Growth ETF (NUMG), NuShares ESG Mid-Cap Value ETF (NUMV) and NuShares ESG Small-Cap ETF (NUSC) (each a “Fund” and collectively, the “Funds”), as non-diversified funds, among others. The Trust was organized as a Massachusetts business trust on February 20, 2015. Shares of the Funds are listed and traded on the BATS Exchange, Inc. (the “Exchange”).
The end of the reporting period for the Funds is April 30, 2017, and the period covered by these Notes to Financial Statements is the period December 14, 2016 (commencement of operations) through April 30, 2017 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolio, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services. The Adviser has entered into a sub-advisory agreement with Teachers Advisors, LLC (the “Sub-Adviser”), an affiliate of the Adviser, pursuant to which the Sub-Adviser manages the investment portfolio of the Funds.
Investment Objectives
NULG seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Large-Cap Growth Index. NULV seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Large-Cap Value Index. NUMG seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Mid-Cap Growth Index. NUMV seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Mid-Cap Value Index. NUSC seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Small-Cap Index.
The Funds’ most recent prospectus provides further description of the Funds’ investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available.
Professional Fees
Professional fees presented on the Statement of Operations consist of fees and expenses of legal counsel to the Funds’ Board of Trustees (the “Board”).
Dividends and Distributions to Shareholders
Dividends from net investment income and net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
64 | NUVEEN |
Compensation
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which an independent pricing service (“pricing service”) is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
NUVEEN | 65 |
Notes to Financial Statements (Unaudited) (continued)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
NULG | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 6,917,556 | $ | — | $ | — | $ | 6,917,556 | ||||||||
NULV | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 6,423,221 | $ | — | $ | — | $ | 6,423,221 | ||||||||
NUMG | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 6,610,557 | $ | — | $ | — | $ | 6,610,557 | ||||||||
NUMV | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 6,361,609 | $ | — | $ | — | $ | 6,361,609 | ||||||||
NUSC | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 11,595,007 | $ | — | $ | — | $ | 11,595,007 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although each Fund is authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
66 | NUVEEN |
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Each Fund issues and redeems its shares on a continuous basis. Only certain institutional investors who have entered into agreements with Nuveen Securities, LLC, the Funds’ distributor, may purchase and redeem shares directly from each Fund at NAV and in block-size of 50,000 shares (“Creation Units”) or multiples thereof. Creation Units are typically purchased and redeemed in-kind for securities included in each Fund’s respective Index, but they may also be purchased and redeemed, in whole or in part, for the cash value of such securities at the Adviser’s discretion. Once created, the shares of the Funds will trade on the Exchange at market prices and are only available to individual investors through their brokers.
Transactions in Fund shares during the current fiscal period were as follows:
NULG | NULV | |||||||||||||||||||||||
For the period 12/14/16 (commencement of operations) through 4/30/17 | For the period 12/14/16 (commencement of operations) through 4/30/17 | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 350,000 | $ | 8,930,633 | 300,000 | $ | 7,487,277 | ||||||||||||||||||
Shares redeemed | (100,000 | ) | (2,619,100 | ) | (50,000 | ) | (1,243,830 | ) | ||||||||||||||||
Net increase | 250,000 | $ | 6,311,533 | 250,000 | $ | 6,243,447 | ||||||||||||||||||
NUMG | NUMV | NUSC | ||||||||||||||||||||||
For the period 12/14/16 (commencement of operations) through 4/30/17 | For the period 12/14/16 (commencement of operations) through 4/30/17 | For the period 12/14/16 (commencement of operations) through 4/30/17 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Shares sold | 300,000 | $ | 7,555,957 | 250,000 | $ | 6,216,270 | 500,000 | $ | 12,434,501 | |||||||||||||||
Shares redeemed | (50,000 | ) | (1,312,430 | ) | — | — | (50,000 | ) | (1,244,995 | ) | ||||||||||||||
Net increase | 250,000 | $ | 6,243,527 | 250,000 | $ | 6,216,270 | 450,000 | $ | 11,189,506 |
5. Investment Transactions
Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:
NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||
Purchases | $ | 373,962 | $ | 871,075 | $ | 1,090,083 | $ | 1,260,790 | $ | 1,436,377 | ||||||||||
Sales | 356,411 | 818,929 | 1,088,872 | 1,209,607 | 1,228,368 |
In-kind transactions during the current fiscal period were as follows:
NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||
In-kind purchases | $ | 8,924,414 | $ | 7,478,416 | $ | 7,553,044 | $ | 6,207,897 | $ | 12,418,480 | ||||||||||
In-kind sales | 2,615,457 | 1,241,584 | 1,308,721 | — | 1,242,706 |
NUVEEN | 67 |
Notes to Financial Statements (Unaudited) (continued)
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of April 30, 2017, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||
Cost of investments | $ | 6,466,410 | $ | 6,333,716 | $ | 6,404,847 | $ | 6,294,798 | $ | 11,297,561 | ||||||||||
Gross unrealized: | ||||||||||||||||||||
Appreciation | $ | 519,060 | $ | 263,021 | $ | 442,077 | $ | 334,315 | $ | 783,000 | ||||||||||
Depreciation | (67,914 | ) | (173,516 | ) | (236,367 | ) | (267,504 | ) | (485,554 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 451,146 | $ | 89,505 | $ | 205,710 | $ | 66,811 | $ | 297,446 |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, fees and expenses of the independent trustees (including any trustees’ counsel fees), certain compensation expenses of the Funds’ chief compliance officer, litigation expenses and extraordinary expenses.
The annual management fee, payable monthly, for each Fund is based on a percentage of average daily net assets according to the following rates:
Fund | Management Fee | |||
NULG | 0.35 | % | ||
NULV | 0.35 | |||
NUMG | 0.40 | |||
NUMV | 0.40 | |||
NUSC | 0.40 |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or other accounts managed by the Sub-Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund or an account that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. Each inter-fund trade is effected at the current market price, determined in accordance with the procedures. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
68 | NUVEEN |
During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:
Inter-Fund Trades | NULG | NULV | NUMG | NUMV | NUSC | |||||||||
Purchases | $ | 76,846 | $327,504 | $ | 231,637 | $331,164 | $112,022 | |||||||
Sales | — | 175,078 | 79,383 | 8,111 | 67,239 |
As of the end of the reporting period, TIAA owned shares of the Funds as follows:
Fund | NULG | NULV | NUMG | NUMV | NUSC | |||||||||
TIAA owned shares | 200,000 | 200,000 | 200,000 | 200,000 | 400,000 |
8. New Accounting Pronouncements
Amendments to Regulation S-X
In October 2016, the Securities and Exchange Commission (SEC) adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
NUVEEN | 69 |
Fund Information
Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Teachers Advisors, LLC 730 Third Avenue New York, NY 10017-3206 | Independent Registered KPMG LLP 200 East Randolph Drive Chicago, IL 60601
Administrator, Custodian and Brown Brothers Harriman 50 Post Office Square Boston, MA 02110 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603
Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, D.C. 20004 |
| ||||||||||||||
The tables below show the number and percentage of days during the current fiscal period that each Fund’s market price was greater than its NAV per share (i.e., at a premium) and less than its NAV per share (i.e., at a discount). The market price is determined using the midpoint between the highest bid and the lowest offer on the applicable Fund’s listing exchange, as of the time that the Fund’s NAV is calculated (normally 4:00 p.m. Eastern Time). | ||||||||||||||
NULG | NULV | |||||||||||||
December 14, 2016 (commencement of operations) through April 30, 2017 | Number of Days | % Total Days | Number of Days | % Total Days | ||||||||||
Premium/Discount Range: | ||||||||||||||
Greater than 3.00% | — | 0.0% | — | 0.0% | ||||||||||
1.01% to 3.00% | 1 | 1.1% | — | 0.0% | ||||||||||
0.51% to 1.00% | 1 | 1.1% | — | 0.0% | ||||||||||
0.26% to 0.50% | 1 | 1.1% | 1 | 1.1% | ||||||||||
0.00% to 0.25% | 53 | 57.0% | 38 | 40.8% | ||||||||||
(0.01)% to (0.25)% | 37 | 39.7% | 54 | 58.1% | ||||||||||
(0.26)% to (0.50)% | — | 0.0% | — | 0.0% | ||||||||||
Less than (0.50)% | — | 0.0% | — | 0.0% | ||||||||||
| ||||||||||||||
93 | 100% | 93 | 100% | |||||||||||
NUMG | NUMV | |||||||||||||
December 14, 2016 (commencement of operations) through April 30, 2017 | Number of Days | % Total Days | Number of Days | % Total Days | ||||||||||
Premium/Discount Range: | ||||||||||||||
Greater than 3.00% | — | 0.0% | 1 | 1.1% | ||||||||||
1.01% to 3.00% | 2 | 2.2% | — | 0.0% | ||||||||||
0.51% to 1.00% | 2 | 2.2% | — | 0.0% | ||||||||||
0.26% to 0.50% | — | 0.0% | 2 | 2.2% | ||||||||||
0.00% to 0.25% | 48 | 51.5% | 59 | 63.4% | ||||||||||
(0.01)% to (0.25)% | 41 | 44.1% | 31 | 33.3% | ||||||||||
(0.26)% to (0.50)% | — | 0.0% | — | 0.0% | ||||||||||
Less than (0.50)% | — | 0.0% | — | 0.0% | ||||||||||
| ||||||||||||||
93 | 100% | 93 | 100% | |||||||||||
NUSC | ||||||||||||||
December 14, 2016 (commencement of operations) through April 30, 2017 | Number of Days | % Total Days | ||||||||||||
Premium/Discount Range: | ||||||||||||||
Greater than 3.00% | — | 0.0% | ||||||||||||
1.01% to 3.00% | 1 | 1.1% | ||||||||||||
0.51% to 1.00% | 1 | 1.1% | ||||||||||||
0.26% to 0.50% | 6 | 6.5% | ||||||||||||
0.00% to 0.25% | 61 | 65.5% | ||||||||||||
(0.01)% to (0.25)% | 23 | 24.7% | ||||||||||||
(0.26)% to (0.50)% | — | 0.0% | ||||||||||||
Less than (0.50)% | 1 | 1.1% | ||||||||||||
| ||||||||||||||
93 | 100% |
70 | NUVEEN |
Additional
Fund Information (continued)
| ||||||||||||||
Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
| ||||||||||||||
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
| ||||||||||||||
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FlNRA.org. |
NUVEEN | 71 |
Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
TIAA ESG USA Large-Cap Growth Index: Based on the MSCI USA Growth index, its parent index, which captures large-cap securities exhibiting overall growth style characteristics in the U.S. The TIAA ESG USA Large-Cap Growth Index is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Large-Cap Value Index: Based on the MSCI USA Value index, its parent index, which captures large-cap U.S. securities exhibiting overall value style characteristics. The TIAA ESG Large-Cap Value is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Mid-Cap Growth Index: Based on the MSCI USA Mid-Cap Growth Index, its parent index, which captures mid cap securities exhibiting overall growth style characteristics in the US. The TIAA ESG USA Mid-Cap Growth is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Mid-Cap Value Index: Based on the MSCI USA Mid-Cap Value Index, its parent index, which captures mid-cap U.S. securities exhibiting overall value style characteristics. The TIAA ESG USA Mid-Cap Value is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Small-Cap Index: Based on the MSCI USA Small Cap Index, its parent index, which captures performance of the small-cap segments of the U.S. market. The TIAA ESG USA Small-Cap Index is designed to reflect an increased exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure relative to the Parent Index. The index aims to reflect the performance of certain TIAA strategies. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
72 | NUVEEN |
Annual Investment Management Agreement
Approval Process
At a meeting held on November 14-16, 2016 (the “Meeting”), the Board of Trustees (the “Board” and each Trustee, a “Board Member”) of NuShares ETF Trust (the “Trust”), including the Independent Board Members (as defined below), considered and approved the investment management agreement (the “Investment Management Agreement”) between the Trust and Nuveen Fund Advisors, LLC (the “Adviser”) on behalf of NuShares ESG Large-Cap Growth ETF, NuShares ESG Large-Cap Value ETF, NuShares ESG Mid-Cap Growth ETF, NuShares ESG Mid-Cap Value ETF and NuShares ESG Small-Cap ETF (each, a “Fund” and collectively, the “Funds”), each a series of the Trust, and the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Teachers Advisors, LLC (the “Sub-Adviser”). The Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” The Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement.” The Board Members who are not parties to the Funds’ Investment Management Agreement or Sub-Advisory Agreement or “interested persons” of any such parties are hereafter the “Independent Board Members”.
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:
• | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
• | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
• | the relevant expertise and background of the Fund Adviser with respect to each Fund’s investment strategy; |
• | certain performance-related information (as described below); |
• | certain profitability-related information (as described below); |
• | the Funds’ proposed unitary fee structure, including comparisons of each Fund’s proposed expense ratio with the expense ratios of comparable funds; and |
• | the soft dollar practices of the Fund Adviser, if any. |
At the Meeting and at prior meetings, the Adviser made a presentation to and responded to questions from the Board. During the Meeting, the Independent Board Members also met privately with their legal counsel to, among other things, review the Board’s duties under the Investment Company Act of 1940 (the “1940 Act”), the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to each Fund. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Funds’ Advisory Agreements. The Board Members also drew on information they had received in their capacity as trustees and directors, as applicable, of other registered investment companies advised by the Fund Advisers.
A. Nature, Extent and Quality of Services
The Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services and administrative services. In this regard, the Independent Board Members recognized that open-end exchange-traded funds (“ETFs”) were recently added to the Nuveen fund product line; however, they considered the Adviser’s extensive experience in operating other types of investment companies. The Independent Board Members considered information about the structure, investment objective, strategies and other characteristics of each Fund. Additionally, they observed that each Fund was expected to seek to track the investment results of a specified index (each, an “Index”).
At the Meeting and/or at prior meetings, the Independent Board Members were provided with materials pertaining to, among other things, the Adviser’s organization and business and the types of services that the Adviser or its affiliates are expected to provide to the Funds. As the Adviser already serves as adviser to the other Nuveen funds overseen by the Board Members, the Board has a good understanding of the Adviser’s organization, operations, personnel and services. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, the Independent Board Members, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the Adviser in evaluating the Investment Management Agreement although, as noted above, they recognized that ETFs were recently added to the Nuveen fund product line.
The Board noted that the Funds would be registered investment companies that would operate in a regulated industry. In considering the services that were expected to be provided by the Fund Advisers, the Board recognized that the Adviser provides a comprehensive set of services to manage and
NUVEEN | 73 |
Annual Investment Management Agreement Approval Process (continued)
operate the Nuveen funds, including: (a) product management (such as setting dividends; positioning the product in the marketplace; maintaining and enhancing shareholder communications; and reporting to the Board); (b) investment services (such as overseeing sub-advisers and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the Nuveen funds’ compliance program and related testing); and (f) legal support (such as helping to prepare registration statements and proxy statements; interpreting regulations and policies; and overseeing fund activities). The Board was aware, however, that services provided to ETFs may in some respects differ from those provided to other Nuveen funds. In addition, the Independent Board Members noted that the Adviser would oversee the Sub-Adviser, which was generally expected to provide the portfolio advisory services to the Funds.
With respect to the Sub-Adviser, at the Meeting or at prior meetings, the Independent Board Members were provided with materials pertaining to, among other things, the Sub-Adviser’s organization and business, and considered that the Sub-Adviser is an affiliate of the Adviser. The Independent Board Members considered the experience of the Sub-Adviser and noted that it manages, in addition to another recent Nuveen ETF, certain index products, including certain funds in the TIAA-CREF fund family. The Independent Board Members have noted the expertise and experience within the TIAA-CREF organization with investment products that focus on “ESG” (i.e., environmental, social and governance) criteria. Further, they evaluated the background and experience of certain key investment personnel that were expected to serve as portfolio managers to the Funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Funds under each Advisory Agreement were satisfactory.
B. Investment Performance
Each Fund was new and, therefore, did not have its own performance history. The Independent Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser. In addition, the Independent Board Members reviewed total return data pertaining to each Index for, as of September 30, 2016, the year-to-date, one-year, three-year and since inception periods.
C. Fees, Expenses and Profitability
1. Fees and Expenses
In evaluating the management fees and expenses that each Fund was expected to bear, the Independent Board Members considered, among other things, its proposed unitary fee structure, the rationale for its proposed fee structure, and its proposed expense ratio in absolute terms as well as compared with the expense ratios of comparable ETFs.
In considering each Fund’s proposed unitary fee structure, the Independent Board Members took into account the Adviser’s representation that unitary fee structures were generally common for ETFs. They noted that under this structure, each Fund would pay a fee to the Adviser and, in turn, the Adviser would be generally responsible for the fees incurred by such Fund (such as custody fees, transfer agency fees, index licensing fees, and stock exchange listing fees, as well as the fee paid to the Sub-Adviser), subject to certain exceptions (which included the management fee, any payments under the Trust’s distribution and service plan, interest expenses, taxes, acquired fund fees and expenses, expenses incurred in acquiring and disposing of portfolio securities, certain expenses of the Fund’s chief compliance officer, fees and expenses of the Independent Board Members and their counsel, litigation expenses and extraordinary expenses). In this regard the Independent Board Members were provided with estimates of the Funds’ anticipated expenses, including those that would be paid by the Adviser from the unitary fee and those that would be excluded from the unitary fee, to the extent available.
In considering the proposed unitary fee structure, the Independent Board Members took into account that the Adviser would bear the risk that certain of a Fund’s operating expenses would increase (but would also benefit if such expenses decrease) and the degree of expense stability that would be afforded to such Fund’s shareholders. Additionally, the Independent Board Members reviewed, among other things, each Fund’s proposed expense ratio as well as comparative data pertaining to expense ratios of existing ETFs with a broad ESG focus. The Independent Board Members took into account that most, although not all, of such existing ETFs also had a unitary fee structure and that there was some variation in the expenses that were excluded from the unitary fee. Additionally, they noted that the proposed unitary fee for each Fund was lower than the median of the expense ratios for the broad-based ESG ETF category. Further, the Independent Board Members considered the proposed sub-advisory fee for the Funds, which, as noted above, will be paid by the Adviser out of its unitary fee.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s unitary fee was reasonable in light of the nature, extent and quality of services to be provided to such Fund.
2. Comparisons with the Fees of Other Clients
The Board considered that ETFs were a recent addition to the Nuveen fund product line and that each Fund will pay a unitary fee which will differ from most other investment companies advised by the Adviser which pay a variety of fees, such as the investment advisory fee; Rule 12b-1 fees, if
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any; transfer agency fees; custody fees; and other expenses. The Board believed the unitary fee structure is a benefit to shareholders as it clearly discloses the cost of owning Fund shares, shifts the risk of the costs of operating a Fund covered by the unitary fee to the Adviser, and provides an incentive to the Adviser to maximize administrative efficiencies. As noted, the Board considered the unitary fee paid by the Funds compared to the expense ratios of existing ETFs with a broad ESG focus. The Board also noted that the Adviser and/or its affiliated sub-advisers provide services to other types of clients, including, among other things, separately managed accounts, other investment companies that are not offered by Nuveen but are sub-advised by one of Nuveen’s affiliated sub-advisers, foreign investment companies offered by Nuveen, and collective investment trusts. The Board has observed that the varying types of clients require different services and involve different regulatory risks and entrepreneurial risks than managing a Fund, a registered investment company. At prior meetings, the Board has reviewed information regarding the different types of services that are provided to the Nuveen funds compared to those provided to the other types of clients described above, which typically do not require the same breadth of day-to-day services required for registered funds advised by the Adviser. The Board noted that many of the administrative services that the Adviser provides to support the Nuveen funds may not be required to the same extent or at all for the institutional clients or other clients. The Independent Board Members have recognized that the foregoing variations result in different economics among the product structures and culminate in varying management fees among the types of clients and funds. Given the inherent differences in the various products, the Independent Board Members have concluded such facts justify the different levels of fees.
At the Meeting or at prior meetings, the Independent Board Members noted that although, except for another recent Nuveen ETF, the Sub-Adviser does not serve as sub-adviser to other Nuveen funds, it does serve as investment adviser to funds in the TIAA-CREF family of funds and, in addition, provides management services to other types of clients, including certain accounts.
3. Profitability of Fund Advisers
At the time of the Meeting, historical information regarding the costs of services provided by the Adviser to the Funds and the profitability of the Funds to the Adviser was not available as the Funds had not commenced operations and it was not possible to predict the effect on profitability of the Funds (or the recently added ETF line of business generally). At the Meeting or at prior meetings, however, the Board has recognized the significant time and resources the Adviser committed to develop the ETF product line, including organizing the Trust and Funds (in addition to other Nuveen ETFs), obtaining the necessary exemptive relief from the Securities and Exchange Commission, hiring additional personnel and arranging for the service providers to the Funds (and other Nuveen ETFs). The Independent Board Members also considered the estimated operating expenses to be paid by the Adviser pursuant to the unitary fee. Further, at prior meetings, the Independent Board Members have reviewed the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. In this regard, at prior meetings, the Independent Board Members have reviewed, among other things, Nuveen’s adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the other Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for 2015 and 2014. The Independent Board Members have also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability and have considered Nuveen’s adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. Further, the Board has reviewed a balance sheet for Teachers Insurance and Annuity Association of America reflecting its assets, liabilities and capital and contingency reserves to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen. Based on the information provided, the Independent Board Members have previously noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Board recognized that it will be reviewing profitability further as the Funds commence operations and gather assets and as relevant information becomes available regarding Nuveen’s recently added ETF business line as a whole.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized that, in general, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds. In this regard, the Independent Board Members considered whether the Funds could be expected to benefit from any economies of scale. Although the Independent Board Members have recognized that economies of scale are difficult to measure with precision, they have noted that there are several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements, and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. Most of the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and a complex-level component. Generally, the fund level fee component declines as the assets of a particular fund grow. Pursuant to the complex-wide fee arrangement, generally, the complex-level fee component declines when eligible assets of the funds in the Nuveen complex combined grow.
Notwithstanding the foregoing, the Independent Board Members recognized that the unitary fee structure does not have breakpoints and that the Funds (like other Nuveen ETFs) would not participate in the complex-level fee program. The Independent Board Members recognized that it was difficult to assess when economies of scale, if any, might be realized before the commencement of investment operations and in light of Nuveen’s recent entry to the ETF market. They further recognized that although a unitary fee affords a certain degree of certainty in the expenses of the Funds, the Adviser will benefit from any reductions in certain fixed costs that arise in connection with managing a Fund although the Adviser also has the risk if
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Annual Investment Management Agreement Approval Process (continued)
such fixed costs rise. Additionally, they acknowledged that as ETFs were new to the Nuveen fund family, there would be ongoing review of the fee structure employed for these types of funds.
In addition, at the Meeting and/or prior meetings, the Independent Board Members have recognized the Adviser’s ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. In this regard, the Independent Board Members have noted, among other things, the additions to groups who play a key role in supporting the funds including in fund administration, operations, fund governance, investment services, compliance, product management, retail distribution and technology. The Independent Board Members have also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
Based on their review, the Independent Board Members concluded that the proposed unitary fee structure (which would not include breakpoints or participation in the complex-level fee program) was acceptable.
E. Indirect Benefits
In evaluating fees, the Independent Board Members considered information received at the Meeting and/or at prior meetings regarding other additional benefits that a Fund Adviser or its affiliates may receive as a result of their relationship with a Fund, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members considered that each Fund’s portfolio transactions will be allocated by the Sub-Adviser and that the Sub-Adviser may benefit from research received through soft dollar arrangements with respect to transactions in equity securities. However, they recognized that the Sub-Adviser does not use soft dollars in connection with transactions in fixed income securities.
Based on their review, the Independent Board Members concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with a Fund were reasonable and within acceptable parameters.
F. Approval
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and the Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services to be provided to the Funds and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Funds.
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Notes
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Notes
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Notes
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Serving Investors for Generations | ||||||||||||||
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Focused on meeting investor needs.
Nuveen is the investment management arm of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future. | ||||||||||||||
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Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
NSA-NSESG-0417P 184319-INV-B-06/18
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) NuShares ETF Trust
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: July 6, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) | /s/ Martin Kremenstein | ||||
Martin Kremenstein Chief Administrative Officer (principal executive officer) |
Date: July 6, 2017
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: July 6, 2017