Nuveen Short-Term REIT ETF (NURE) N-CSR Certified annual shareholder report (management investment company)

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

Nuveen Investments

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: October 31, 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.

Annual Report

October 31, 2017

	Listing Exchange	Ticker Symbol
Fund Name
Nushares ESG Emerging Markets Equity ETF	Cboe BZX Exchange, Inc.	NUEM
Nushares ESG International Developed Markets Equity ETF	Cboe BZX Exchange, Inc.	NUDM
Nushares ESG Large-Cap Growth ETF	Cboe BZX Exchange, Inc.	NULG
Nushares ESG Large-Cap Value ETF	Cboe BZX Exchange, Inc.	NULV
Nushares ESG Mid-Cap Growth ETF	Cboe BZX Exchange, Inc.	NUMG
Nushares ESG Mid-Cap Value ETF	Cboe BZX Exchange, Inc.	NUMV
Nushares ESG Small-Cap ETF	Cboe BZX Exchange, Inc.	NUSC

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	9
Fund Performance and Expense Ratios	11
Holding Summaries	26
Expense Examples	33
Report of Independent Registered Public Accounting Firm	36
Portfolio of Investments	37
Statement of Assets and Liabilities	90
Statement of Operations	91
Statement of Changes in Net Assets	92
Financial Highlights	94
Notes to Financial Statements	96
Additional Fund Information	103
Glossary of Terms Used in this Report	105
Annual Investment Management Agreement Approval Process	106
Trustees and Officers	114

NUVEEN 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

Asset prices have steadily climbed this year, propelled by a “Goldilocks” economic scenario that enabled markets to sidestep geopolitical tensions, natural disasters, terrorism events and political noise. The U.S. economy continued to run not too hot, not too cold, with steady growth and low levels of unemployment, inflation and interest rates. Corporate earnings have been healthy and recession risk appeared low. At the same time, growth across the rest of the world has improved as well, leading to upward revisions in global growth projections.

Yet, a global synchronized recovery also brings the prospect of higher inflation. Central banks have to manage the delicate balance between too-loose financial conditions, which risks economies overheating, and too-tight conditions, which could trigger recession. The nomination of Jerome Powell for Chairman of the U.S. Federal Reserve (Fed) is largely expected to maintain the course set by Chair Janet Yellen after her term expires in February 2018, and the much anticipated tax overhaul, passed at the end of December, may likely boost economic growth but could complicate the Fed’s job of managing interest rates in the years ahead.

Meanwhile, politics will remain in the forefront. A budget showdown is expected in 2018, as Congress sets to debate the U.S. debt ceiling limit and spending related to the military, disaster relief, the Children’s Health Insurance Program and immigration policy. In addition, the ongoing “Brexit” negotiations and the North American Free Trade Agreement (NAFTA) talks may impact key trade and political partnerships. Tensions with North Korea may continue to flare.

The magnitude of the market’s bullishness this year has been somewhat surprising, but gains may not be so easy in the coming years. Nobody can predict market shifts, and that is why Nuveen encourages you to talk to your financial advisor to ensure your investment portfolio is appropriately diversified for your objectives, time horizon and risk tolerance. 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

December 22, 2017

4 NUVEEN

Portfolio Managers’

Comments

Nushares ESG Emerging Markets Equity ETF (NUEM)

Nushares ESG International Developed Markets Equity ETF (NUDM)

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, LLC. Portfolio managers Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, discuss U.S. economic and market conditions, key investment strategies and the performance of the Funds during the abbreviated annual reporting period. Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016. For the Nushares ESG International Developed Markets Equity ETF (NUDM) and Nushares ESG Emerging Markets Equity ETF (NUEM), portfolio managers Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, have managed these Funds during the abbreviated reporting period from the Funds’ commencement of operations on June 6, 2017 through October 31, 2017. Please refer to the Funds’ prospectuses for more information, available at https://www.nuveen.com/ETF/Default.aspx.

What factors affected the U.S. economy and the U.S. stock market during the abbreviated annual reporting period ended October 31, 2017?

The U.S. economy continued to expand at a below-trend pace in the reporting period overall but did mark two consecutive quarters of above 3% growth in the second and third quarters of 2017. The Bureau of Economic Analysis reported its “second” estimate of third-quarter gross domestic product (GDP) at an annualized rate of 3.3%, an increase from 3.1% in the second quarter, alleviating concerns that Hurricanes Harvey, Irma and Maria depressed the nation’s output. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Despite some softening in shopping and dining out activity due to the hurricanes, consumer spending remained the main driver of demand in the economy. Business investment had been muted for most of the recovery but has accelerated in 2017, with the “hard” data now falling more in line with the highly optimistic business sentiment levels, or “soft” data, seen after President Trump won the election.

Elsewhere in the economy, the labor market continued to tighten, with unemployment staying below 5% over the course of the reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in October 2017 from 4.8% in October 2016 and job gains averaged around 167,000 per month for the past twelve months. Higher energy prices, especially gasoline, helped drive a steady increase in inflation over this reporting period. The Consumer Price Index (CPI) increased 2.0% over the twelve-month reporting period ended October 31, 2017 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 1.8% during the same period, slightly below the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

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)

nine U.S. census divisions, recorded a 6.2% annual gain in September 2017 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 5.7% and 6.2%, respectively.

With the U.S. economy delivering a sustainable, albeit muted, growth rate, the Fed’s policy making committee raised its main benchmark interest rate in December 2016, March 2017 and June 2017. These moves were widely expected by the markets, as were the Fed’s decisions to leave rates unchanged at the July, September and October/November 2017 meetings. (There was no August meeting.) The Fed also announced it would begin reducing its balance sheet in October 2017 by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption. The Fed also signaled its intention to raise its target interest rate one more time in 2017.

While the markets remained comfortable with the course of monetary policy during this reporting period, the political environment was frequently a source of uncertainty. Markets were initially highly optimistic about pricing in the new administration’s “pro-growth” fiscal agenda after Donald Trump won the election. However, several attempts at health care reform were unable to pass in Congress, which weakened the outlook for the remainder of President Trump’s agenda. The hurricanes caused enormous devastation in Texas, Florida and Puerto Rico, which will require federal aid. The debt ceiling vote, expected to be a protracted showdown in Congress, turned out to be a non-event after the Republican president and Congressional Democrats reached a compromise in early September (although the debate will resume when the current extension expires in December 2017). As the reporting period ended, legislators were refocusing their efforts on tax reform and President Trump nominated Jerome Powell to replace Fed Chair Janet Yellen when her term ends in February 2018. Although both events were initially considered market friendly, the specifics of a tax reform bill, its implications for the economic and corporate landscapes and whether it passes remain to be seen and could pose challenges to the Fed’s ability to manage interest rates in the future (subsequent to the close of the reporting period, the tax bill was signed into law). Geopolitical risks also remained prominent throughout the reporting period, with the ongoing renegotiation of the North American Free Trade Agreement (NAFTA); the start of “Brexit” talks between the U.K. and European Union; closely watched elections in the Netherlands, France and Germany; and escalating tensions between the U.S. and North Korea.

The environment was strongly supportive to U.S. stock prices in the abbreviated reporting period. Stocks extended their gains on decent economic growth data and strong corporate profitability, especially in the information technology sector. Additionally, for the first time since the global financial crisis, economic growth outside the U.S. was showing evidence of improvement, particularly in Europe and Japan, or stabilization, in the case of emerging markets. Upgraded global growth forecasts further helped stocks shrug off geopolitical flare-ups, terrorist attacks, concerns about low global inflation and political uncertainties both at home and abroad.

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.

NUEM seeks to track the investment results, before fees and expenses, of the TIAA ESG Emerging Markets Equity Index (the “NUEM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with emerging markets that meet certain ESG criteria. The NUEM Index selects from the securities included in the MSCI Emerging Markets Index (the “NUEM Base Index”), which currently consists of large- and mid-capitalization companies located in one of the following 24 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index (the “NUDM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with developed markets, excluding the United States and Canada, that meet certain ESG criteria. The NUDM Index selects from the securities included in the MSCI EAFE Index (the “NUDM Base Index”), which currently

6 NUVEEN

consists of large- and mid-capitalization companies located in one of the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

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.

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.

For the five U.S. Funds, performance was driven by style and market cap trends. For the period from the Funds’ inception on December 13, 2016 through October 31, 2017, growth-style stocks decisively outperformed value-style stocks. On a market capitalization basis, large-cap growth stocks led, followed by mid-cap growth stocks and small-cap stocks. The gains of large-cap value and mid-cap value stocks trailed those of their growth-stock counterparts. Accordingly, among the five Funds, NULG was the top performing Fund and NUMV posted the smallest gain in this abbreviated reporting period. The outperformance of the information technology sector helped drive the strong returns in NULG, NUMG and NUSC, as it was the largest sector weighting in the three Funds. In contrast, the largest sector exposure in the value-style funds, NULV and NUMV, was financials. The financials sector performed well in the abbreviated reporting period but lagged the rally in information technology shares.

The two international Funds, NUDM and NUEM, were measured over a shorter timeframe than the five U.S. Funds. From NUDM and NUEM’s inception on June 6, 2017 to October 31, 2017, international stocks delivered positive returns overall, with NUEM leading

NUVEEN 7

Portfolio Managers’ Comments (continued)

performance over NUDM due to the outperformance of emerging market stocks over developed market stocks. The two Funds benefited from the strong performance of economically sensitive sectors, such as information technology, financials, consumer discretionary and industrials, where the Funds held larger exposures.

How did the Funds perform in the abbreviated reporting period ended October 31, 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 13, 2016 through October 31, 2017 or June 6, 2017 through October 31, 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 trailing performance is primarily attributable to fees and expenses. The Indexes are unmanaged and therefore their returns do not reflect any fees or expenses, which would detract from their performance. You cannot invest directly in an index.

8 NUVEEN

Risk Considerations

Nushares ESG Emerging Markets Equity ETF (NUEM)

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. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. 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. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.

Nushares ESG International Developed Markets Equity ETF (NUDM)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. An exchange-traded fund seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. 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. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.

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.

NUVEEN 9

Risk Considerations (continued)

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 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.

10 NUVEEN

Fund Performance

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 11

Fund Performance and Expense Ratios (continued)

Nushares ESG Emerging Markets Equity ETF (NUEM)

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 October 31, 2017

	Cumulative
	Since Inception
NUEM at NAV		11.03%
NUEM at Market Price		12.42%
TIAA ESG Emerging Markets Equity Index		11.57%
MSCI Emerging Markets Index		11.56%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NUEM at NAV		7.28%
NUEM at Market Price		8.69%

Since inception returns are from 6/6/17. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.45%

12 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 13

Fund Performance and Expense Ratios (continued)

Nushares ESG International Developed Markets Equity ETF (NUDM)

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 October 31, 2017

	Cumulative
	Since Inception
NUDM at NAV		6.07%
NUDM at Market Price		6.78%
TIAA ESG International Developed Markets Equity Index		6.34%
MSCI EAFE Index		5.95%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NUDM at NAV		4.16%
NUDM at Market Price		4.13%

Since inception returns are from 6/6/17. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

14 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 15

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 October 31, 2017

	Cumulative
	Since Inception
NULG at NAV		20.88%
NULG at Market Price		21.10%
TIAA ESG USA Large-Cap Growth Index		21.29%
MSCI USA Growth Index		21.83%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NULG at NAV		17.33%
NULG at Market Price		17.17%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.35%

16 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 17

Fund Performance and Expense Ratios (continued)

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 October 31, 2017

	Cumulative
	Since Inception
NULV at NAV		10.90%
NULV at Market Price		11.11%
TIAA ESG USA Large-Cap Value Index		11.24%
MSCI USA Value Index		9.31%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NULV at NAV		8.75%
NULV at Market Price		8.80%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.35%

18 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 19

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 October 31, 2017

	Cumulative
	Since Inception
NUMG at NAV		13.30%
NUMG at Market Price		13.38%
TIAA ESG USA Mid-Cap Growth Index		13.74%
MSCI USA Mid-Cap Growth Index		13.75%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NUMG at NAV		10.68%
NUMG at Market Price		10.39%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

20 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 21

Fund Performance and Expense Ratios (continued)

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 October 31, 2017

	Cumulative
	Since Inception
NUMV at NAV		7.82%
NUMV at Market Price		7.86%
TIAA ESG USA Mid-Cap Value Index		8.21%
MSCI USA Mid-Cap Value Index		9.25%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NUMV at NAV		6.80%
NUMV at Market Price		5.90%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

22 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 23

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 October 31, 2017

	Cumulative
	Since Inception
NUSC at NAV		11.34%
NUSC at Market Price		11.54%
TIAA ESG USA Small-Cap Index		11.78%
MSCI USA Small-Cap Index		12.12%

Total Returns as of September 30, 2017 (Most Recent Calendar Quarter)

	Cumulative
	Since Inception
NUSC at NAV		9.68%
NUSC at Market Price		10.20%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

24 NUVEEN

Growth of an Assumed $10,000 Investment as of October 31, 2017

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

NUVEEN 25

Holding

Summaries as of October 31, 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 Emerging Markets Equity ETF (NUEM)

Fund Allocation

(% of net assets)

Common Stocks	100.1%
Common Stock Rights	0.0%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Tencent Holdings Limited	6.2%
Taiwan Semiconductor Manufacturing Company Limited	4.7%
Naspers Limited	2.4%
Geely Automobile Holdings Limited	1.8%
NHN Corporation	1.8%

Portfolio Composition

(% of net assets)

Financials	24.6%
Information Technology	24.3%
Consumer Discretionary	13.2%
Materials	7.9%
Industrials	7.2%
Consumer Staples	5.6%
Other	17.3%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

Country Allocation

(% of net assets)

China	28.9%
Korea, Republic Of	14.9%
Taiwan	12.2%
India	8.5%
Brazil	7.4%
South Africa	6.9%
Mexico	3.1%
Malaysia	2.6%
Thailand	2.2%
Chile	1.9%
Other	11.5%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

26 NUVEEN

Nushares ESG International Developed Markets Equity ETF (NUDM)

Fund Allocation

(% of net assets)

Common Stocks	98.6%
Common Stock Rights	0.0%
Other Assets Less Liabilities	1.4%
Net Assets	100%

Top Five Common Stocks Holdings

(% of net assets)

Nestle SA	3.0%
Roche Holdings AG, Sponsored ADR	2.1%
Siemens AG, Sponsored ADR	2.0%
Banco Santander S.A.	1.9%
Astrazeneca PLC	1.7%

Portfolio Composition

(% of net assets)

Financials	20.2%
Industrials	15.9%
Consumer Discretionary	11.8%
Consumer Staples	11.2%
Health Care	10.6%
Materials	8.2%
Information Technology	6.2%
Other	14.5%
Other Assets Less Liabilities	1.4%
Net Assets	100%

Country Allocation

(% of net assets)

Japan	23.9%
United Kingdom	16.9%
France	10.6%
Germany	9.8%
Switzerland	7.9%
Australia	6.6%
Netherlands	3.5%
Spain	3.5%
Sweden	3.0%
Italy	2.4%
Other	10.5%
Other Assets Less Liabilities	1.4%
Net Assets	100%

NUVEEN 27

Holding Summaries as of October 31, 2017(continued)

Nushares ESG Large-Cap Growth ETF (NULG)

Fund Allocation

(% of net assets)

Common Stocks	99.7%
Other Assets Less Liabilities	0.3%
Net Assets	100%

Portfolio Composition

(% of net assets)

Information Technology	36.6%
Consumer Discretionary	19.7%
Health Care	13.5%
Industrials	11.6%
Consumer Staples	5.5%
Financials	5.5%
Other	7.3%
Other Assets Less Liabilities	0.3%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Apple, Inc.	8.4%
Microsoft Corporation	3.9%
Alphabet Inc., Class C Shares	3.4%
Alphabet Inc., Class A Shares	3.2%
Oracle Corporation	2.5%

28 NUVEEN

Nushares ESG Large-Cap Value ETF (NULV)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of net assets)

Financials	26.2%
Health Care	12.7%
Information Technology	12.3%
Consumer Staples	10.2%
Industrials	9.5%
Utilities	6.6%
Energy	6.5%
Other	15.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stocks Holdings

(% of net assets)

Johnson & Johnson	4.6%
Microsoft Corporation	4.1%
Bank of America Corporation	3.8%
Intel Corporation	3.5%
Proctor & Gamble Company	3.1%

NUVEEN 29

Holding Summaries as of October 31, 2017(continued)

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	25.5%
Industrials	22.0%
Consumer Discretionary	15.0%
Health Care	14.7%
Real Estate	6.1%
Financials	5.9%
Other	10.7%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

ServiceNow Inc.	2.5%
SBA Communications Corporation	2.3%
Workday Inc., Class A	2.1%
CarMax, Inc.	2.0%
Idexx Labs Inc.	2.0%

30 NUVEEN

Nushares ESG Mid-Cap Value ETF (NUMV)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of net assets)

Financials	26.1%
Consumer Discretionary	15.5%
Real Estate	13.3%
Materials	13.3%
Industrials	7.9%
Information Technology	7.3%
Health Care	5.1%
Other	11.3%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Microchip Technology Incorporated	2.9%
Principal Financial Group, Inc.	2.5%
Citizens Financial Group Inc.	2.5%
Eversource Energy	2.5%
WestRock Company	2.4%

NUVEEN 31

Holding Summaries as of October 31, 2017(continued)

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)

Information Technology	17.2%
Industrials	16.1%
Financials	15.8%
Health Care	12.0%
Consumer Discretionary	11.2%
Real Estate	9.8%
Materials	5.9%
Other	11.9%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

First American Corporation	0.9%
Take-Two Interactive Software, Inc.	0.8%
Aqua America Inc.	0.7%
ON Semiconductor Corporation	0.6%
White Mountain Insurance Group	0.6%

32 NUVEEN

Expense

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 NUEM’s and NUDM’s expense examples below reflect only the first 148 days of the Fund’s operations, they may not provide a meaningful understanding of each Fund’s ongoing expenses.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through October 31, 2017.

The beginning of the period of NUEM and NUDM is June 6, 2017 (commencement of operations). The beginning of the period for NULG, NULV, NUMG, NUMV and NUSC is May 1, 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 Emerging Markets Equity ETF (NUEM)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,110.30
Expenses Incurred During Period	$	1.93
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,018.45
Expenses Incurred During Period	$	1.84

Expenses are equal to the Fund’s annualized net expense ratio of 0.45% multiplied by the average account value over the period, multiplied by 148/365 (to reflect the 148 days in the period since commencement of operations).

NUVEEN 33

Expense Examples (continued)

Nushares ESG International Developed Markets Equity ETF (NUDM)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,060.70
Expenses Incurred During Period	$	1.67
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,018.65
Expenses Incurred During Period	$	1.64

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 148/365 (to reflect the 148 days in the period since commencement of operations).

Nushares ESG Large-Cap Growth ETF (NULG)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,100.40
Expenses Incurred During Period	$	1.85
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.44
Expenses Incurred During Period	$	1.79

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 184/365 (to reflect the one-half year period).

Nushares ESG Large-Cap Value ETF (NULV)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,081.90
Expenses Incurred During Period	$	1.84
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.44
Expenses Incurred During Period	$	1.79

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 184/365 (to reflect the one-half year period).

34 NUVEEN

Nushares ESG Mid-Cap Growth ETF (NUMG)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,074.50
Expenses Incurred During Period	$	2.09
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.19
Expenses Incurred During Period	$	2.04

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 184/365 (to reflect the one-half year period).

Nushares ESG Mid-Cap Value ETF (NUMV)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,060.50
Expenses Incurred During Period	$	2.08
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.19
Expenses Incurred During Period	$	2.04

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 184/365 (to reflect the one-half year period).

Nushares ESG Small-Cap ETF (NUSC)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,079.90
Expenses Incurred During Period	$	2.10
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.19
Expenses Incurred During Period	$	2.04

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 184/365 (to reflect the one-half year period).

NUVEEN 35

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nushares ETF Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nushares ESG Emerging Markets Equity ETF, Nushares ESG International Developed Markets Equity ETF, 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 (seven of the funds comprising Nushares ETF Trust) (the “Funds”) as of October 31, 2017, and the related statements of operations and changes in net assets and the financial highlights for the periods June 6, 2017 (commencement of operations) through October 31, 2017 for Nushares ESG Emerging Markets Equity ETF and Nushares ESG International Developed Markets Equity ETF and December 13, 2016 (commencement of operations) through October 31, 2017 for 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. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2017, the results of their operations, the changes in their net assets, and the financial highlights for the periods specified in the first paragraph, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

December 27, 2017

36 NUVEEN

Nushares ESG Emerging Markets Equity ETF (NUEM)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 100.1%
		COMMON STOCKS – 100.1%
		Consumer Discretionary – 13.2%
	609,609	Alibaba Pictures Group Ltd, (2)	$	99,234
	51,599	Anta Sports Products Ltd		230,819
	345	Arcelik A.S		1,883
	3,946	Astro Malaysia Holdings Bhd		2,619
	63	Bajaj Auto Limited		3,171
	5,787	BEC World PLC, (2)		3,031
	216	Bharat Forge Ltd		2,355
	4	Bosch Ltd		1,297
	130,743	Brilliance China Automotive Holdings Limited		330,469
	30,844	BYD Co Ltd		270,218
	30	CCC SA		2,250
	135	Cheil Worldwide Inc.		2,506
	40,968	Chongqing Changan Automobile Co Ltd, (2)		53,614
	243	Cyfrowy Polsat SA		1,694
	131,069	Dongfeng Motor Group Co Ltd		179,758
	10,782	DXB Entertainments PJSC, (2)		2,172
	193	Eclat Textile Company Limited		2,307
	462	Feng Tay Enterprise Co Ltd		2,083
	552	FF Group, (2)		11,562
	154	Ford Otomotiv Sanayi AS		2,172
	2,647	Formosa Taffeta Co Ltd		2,716
	148,141	Geely Automobile Holdings Limited		458,562
	438,732	Gome Retail Holdings Ltd, (2)		56,235
	101,569	Guangzhou Automobile Group Company Limited		252,562
	60,726	Haier Electronics Group Co., Ltd		159,953
	39	Hankook Tire Company Limited		1,880
	216	Hanon Systems		2,506
	28	Hero MotoCorp Limited		1,666
	6,804	Home Product Center PCL		2,622
	220	Hotai Motor Co Ltd		2,553
	39	Hotel Shilla Company Limited		2,726
	163	Imperial Holdings Limited		2,336
	27	LG Electronics Inc.		2,193
	181	Lojas Renner S.A, (WI/DD)		1,908
	1	LPP SA		2,356

NUVEEN 37

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	81	Mahindra & Mahindra Ltd	$	1,683
	23,060	Media Nusantara Citra TBK PT		2,652
	1,919	Minor International PCL, (2)		2,498
	173	Mr Price Group Ltd		2,144
	2,414	Naspers Limited		588,083
	180	Nien Made Enterprise Co Ltd		1,874
	1,782	PT Matahari Department Store Tbk		1,130
	1,144	Robinson PCL, (2)		2,557
	28,820	SACI Falabella		276,481
	27,684	Shenzhou International Group Holdings Ltd		236,324
	15,339	Surya Citra Media Pt Tbk		2,432
	180	The Foschini Group Ltd		1,725
	244	Titan Co Ltd		2,409
	396	Truworths International Limited		2,110
	1,605	UMW Holdings BHD, (2)		1,987
	334	Woolworths Holdings Limited		1,331
	3,054	Yulon Motor Company		2,552
		Total Consumer Discretionary		3,287,960
		Consumer Staples – 5.6%
	11	Amorepacific Corporation		3,083
	18	Amorepacific Corporation		2,868
	27	Amorepacific Group		3,458
	199	Arca Continental SAB de CV		1,269
	90	Bid Corporation Limited		1,979
	109	BIM Birlesik Magazalar AS		2,221
	2,892	Cia Brasileira de Distribuicao, (2), (WI/DD)		67,364
	3	CJ CheilJedang Corporation		980
	14,967	Coca-Cola Femsa SAB de CV		101,396
	200	Coca-Cola Icecek AS		2,033
	97,445	CP ALL PCL		205,333
	389	Dabur India Ltd		2,002
	171	Dongsuh Companies Inc.		4,197
	441	Embotelladora Andina SA		2,230
	477	Eurocash SA		4,825
	38,028	Fomento Economico Mexicano S.A		331,990
	175	Godrej Consumer Products Ltd		2,522
	166	Gruma S.A.B de C.V		2,183
	79,273	Grupo Bimbo SAB de CV		183,946
	117	Hindustan Unilever Ltd		2,238

38 NUVEEN

Shares		Description (1)	Value
		Consumer Staples (continued)
	4,378	Indfood CBP Sukses Makmur Tbk PT	$	2,841
	777	Kimberly-Clark de Mexico SAB de CV, Class A Shares		1,340
	2	LG Household & Health Care		2,101
	2	LG Household & Health Care		1,169
	25	Lotte Confectionery Co Ltd		1,662
	3	Lotte Confectionery Co Ltd, (2)		498
	155	M Dias Branco SA, (2), (WI/DD)		2,281
	372	Marico Limited		1,811
	208	Massmart Holdings Limited		1,575
	261	Natura Cosmeticos SA, (WI/DD)		2,471
	18	Nestle India Ltd		2,003
	2	Ottogi Corporation		1,355
	488	Pick n Pay Stores Ltd		2,046
	146	Pioneer Foods Group Ltd		1,229
	713	PPB Group Berhad Bhd		2,826
	300	President Chain Store Corp.		2,696
	118	ShopRite Holdings Limited		1,689
	570	Standard Foods Corporation		1,412
	115,183	Sun Art Retail Group Ltd		116,338
	126	The Spar Group Limited		1,482
	54	Tiger Brands Limited		1,474
	379	Ulker Biskuvi Sanayi AS		2,021
	471	Unilever Indonesia Tbk PT		1,723
	147,692	Uni-President Enterprises Corporation		308,513
		Total Consumer Staples		1,392,673
		Energy – 4.9%
	7,879	Cosan SA Industria e Comercio, (WI/DD)		90,077
	52,975	Energy Absolute PCL, (2)		68,970
	483,418	IRPC PCL, (2)		93,861
	13,006	Qatar Gas Transport Co Ltd, (WI/DD)		54,121
	2,173	S-Oil Corporation		249,235
	39,350	Thai Oil PCL, (2)		120,822
	6,030	Tupras Turkiye Petrol Rafinerileri IS		216,801
	13,288	Ultrapar Participacoes S.A, (WI/DD)		317,237
		Total Energy		1,211,124
		Financials – 24.6%
	804	Abu Dhabi Commercial Bank		1,618
	45,857	Axis Bank Limited		371,869
	90	Bajaj Finance Limited		2,501

NUVEEN 39

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Financials (continued)
	7,816	Banco Bradesco SA, (2), (WI/DD)	$	78,319
	35,646	Banco Bradesco SA, (2), (WI/DD)		377,888
	47	Banco De Credito E Inversion		3,164
	29,639	Banco do Brasil S.A, (2), (WI/DD)		312,032
	6,052	Banco Santander Brasil SA, (WI/DD)		52,929
	44,560	Banco Santander Chile		3,504
	271	Bancolombia SA, (2)		2,511
	1,314	Bancolombia SA, (2)		12,522
	2,604	Bank Central Asia TBK PT		4,013
	6,337	Bank Danamon Indonesia TBK PT		2,383
	100	Bank Handlowy w Warszawie SA		2,045
	28,946	Bank Millennium SA, (2)		63,479
	3,628	Bank Negara Indonesia Persero TBK PT		2,033
	1,332	Bank of the Philippine Islands		2,529
	21	Bank Zachodni WBK SA		2,108
	5,979	Barclays Africa Group Limited		59,252
	335	BM&FBovespa SA, (WI/DD)		2,447
	227	BNK Financial Group Inc.		2,014
	1,650	Cathay Financial Holding Company Limited		2,725
	597	Chailease Holding Co Ltd		1,540
	133,148	China Everbright Bank Co Limited		62,804
	171,022	CIMB Group Holdings BHD		248,039
	570	Commercial International Bank Egypt SAE		2,553
	891	Coronation Fund Managers Limited		4,496
	1,090	CrediCorp Limited		228,290
	279	DGB Financial Group Inc.		2,602
	1,568	Dubai Islamic Bank PJSC		2,613
	5,197	E.Sun Financial Holding Co Ltd		3,162
	86,851	Firstrand Limited		314,761
	189,877	Fubon Financial Holding Co Ltd		302,511
	47,406	Gentera SAB de CV		48,074
	11,171	Grupo de Inversiones Suramericana SA, (2)		141,776
	3,737	Grupo de Inversiones Suramericana SA, (2)		46,126
	353	Grupo Financiero Banorte SAB de CV		2,096
	13,149	Grupo Financiero Santander Mexico SAB de CV		22,146
	8,199	Hana Financial Group Inc.		350,910
	81	Hyundai Marine & Fire Insurance Co Ltd		3,279
	57,996	ICICI Bank Limited		268,619
	2,008	IDFC Bank Ltd		1,755

40 NUVEEN

Shares		Description (1)	Value
		Financials (continued)
	111	Indiabulls Housing Finance Ltd	$	2,131
	155	Industrial Bank of Korea		2,124
	308	Investec PLC		2,100
	34,143	Itau Unibanco Holding SA, (WI/DD)		438,875
	711	Itausa-Investimentos Itau S.A, (WI/DD)		2,278
	426	Kasikornbank PCL		2,924
	549	Kasikornbank PCL		3,636
	7,713	KB Financial Group Inc.		402,052
	5,115	Krung Thai Bank Public Company Limited		2,802
	1,125	Malayan Banking BHD		2,458
	712	mBank SA, (2)		90,095
	1,125	MCB Bank Ltd, (2)		2,136
	11,934	Mega Financial Holding Co Ltd		9,378
	1,189	National Bank of Abu Dhabi PJSC		3,351
	101	Nedbank Group Limited		1,481
	5,626	OTP Bank PLC		226,838
	153	PSG Group Limited		2,840
	3,862	PT Bank Mandiri		2,008
	95,691	PT Bank Rakyat Indonesia		110,067
	32,401	Public Bank Bhd		156,590
	3,672	Qatar National Bank, (WI/DD)		122,543
	34,355	RHB Bank BHD		41,224
	334	RMB Holdings Limited		1,476
	48	Samsung Card Co		1,570
	1,107	Samsung Fire & Marine Insurance Co Ltd		269,747
	59,346	Sanlam Limited		296,704
	1,306	Shinhan Financial Group Company Limited		58,518
	522	Siam Commercial Bank PCL, (2)		2,302
	30,143	Standard Bank Group Limited		349,577
	7,084	Taishin Financial Holding Co Ltd		3,100
	2,955	Taiwan Business Bank		816
	209	The Commercial Bank QSC, (2), (WI/DD)		1,516
	42,618	TMB Bank PCL, (2)		3,310
	829	Turkiye Garanti Bankasi A.S		2,277
	18,432	Yes Bank Ltd		89,526
	5,940	Yuanta Financial Holding Co Ltd		2,639
		Total Financials		6,135,046
		Health Care – 4.1%
	1,813	3SBio, Inc., (2)		3,244

NUVEEN 41

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Health Care (continued)
	148	Apollo Hospitals Enterprise Limited	$	2,367
	4,140	Bangkok Dusit Medical Services PCL, (2)		2,642
	299	Bumrungrad Hospital PCL, (2)		1,980
	59,824	China Medical Systems Holdings, Limited		110,572
	202,442	CSPC Pharmaceuticals Group Limited		351,856
	76	Dr Reddys Laboratories Limited		2,849
	254	Glenmark Pharmaceuticals Ltd		2,427
	4	Hanmi Pharm Co Ltd, (2)		1,655
	1,398	Hartalega Holdings Bhd		2,516
	1,180	Life Healthcare Group Holdings Ltd		2,186
	165	Lupin Ltd		2,614
	891	Netcare Limited		1,568
	498	Odontoprev SA, (WI/DD)		2,396
	57	Piramal Enterprises Ltd		2,410
	20,181	PT Kalbe Farma Tbl		2,381
	93	Richter Gedoen NYRT		2,313
	93,294	Shandong Weigao Group Medical Polymer Company Limited		66,965
	23,349	Shanghai Fosun Pharmaceutical Group Company Limited		116,568
	33,219	Shanghai Pharmaceuticals Holding Company, Limited		85,796
	57,620	Sinopharm Group Co Ltd		257,753
	10	Yuhan Corporation		1,821
		Total Health Care		1,026,879
		Industrials – 7.2%
	2,203	Aboitiz Equity Ventures Equity, Inc.		3,196
	1,476	Airports of Thailand PCL, (2)		2,633
	310	Aselsan Elektronik Sanayi Ve Ticaret AS		2,771
	1,611	Ashok Leyland Ltd		3,263
	2,197	Berli Jucker Public Co, (2)		3,538
	184	Bidvest Group Limited		2,231
	6,688	BTS Group Holdings PCL, (2)		1,711
	10,307	CCR SA, (WI/DD)		57,342
	78,402	China Conch Venture Holdings Ltd		159,783
	200,693	China South Locomotive and Rolling Stock Corporation Limited		197,817
	10	CJ Corp.		1,665
	27	Daelim Industrial Co Ltd		2,010
	144	Doosan Heavy Industries & Construction Co Ltd		2,249
	6,815	DP World Ltd, (2)		161,856
	5,067	Eva Airways		2,495
	3,493	Evergreen Marine Corp Taiwan Ltd, (2)		2,091

42 NUVEEN

Shares		Description (1)	Value
		Industrials (continued)
	142,479	Far Eastern New Century Corp.	$	122,120
	180	Grupo Aeroportuario del Pacifico S.A.B. de CV		1,715
	93	Grupo Aeroportuario del Sureste SA de CV		1,666
	82	GS Engineering & Construction Corp., (2)		1,903
	1,271	HAP Seng Consolidated BHD		2,786
	355	Havells India Limited		2,658
	282	Hiwin Technologies Corporation		2,824
	2,359	Hyundai Engineering & Construction Co Ltd		79,697
	1,498	Hyundai Heavy Industries		209,253
	5,259	Jasa Marga Persero Tbk PT		2,520
	168,776	JG Summit Holdings, Inc.		251,407
	54	KEPCO Plant Service & Engineering Co Ltd		1,991
	81	Korean Air Lines Co Ltd, (2)		2,288
	207	Latam Airlines Group S.A		2,862
	38	LG Corp.		2,917
	120	Localize Rent A Car SA, (WI/DD)		2,123
	1,172	Malaysia Airport Holdings BHD		2,292
	2,863	Samsung C&T Corporation		378,207
	135	Siemens AG, Sponsored ADR		2,647
	672	SM Investments Corporation		12,431
	398	TAV Havalimanlari Holding AS		1,978
	900	Turk Hava Yollari AO, (2)		2,461
	1,866	Turk Sise ve Cam Fabrikalari SA		2,187
	291	WEG SA, (WI/DD)		1,893
	69,321	Zhejiang Expressway Company Limited		85,743
		Total Industrials		1,787,220
		Information Technology – 24.3%
	22,981	AAC Technologies Holdings Inc.		420,632
	5,112	Acer Inc.		2,644
	2,281	Advanced Semiconductor Engineering		2,749
	308	Advantech Co Ltd		2,104
	360	Asustek Computer, Inc.		3,115
	148,564	Au Optronic Corporation		60,835
	3,439	Catcher Technology Co Limited		36,489
	1,089	Chicony Electronics Co Ltd		2,726
	307	Cielo SA, (WI/DD)		2,100
	3,935	Compal Electronics Inc.		2,897
	57,629	Delta Electronics Inc.		277,067
	849	Delta Electronics Thailand PCL, (2)		2,198

NUVEEN 43

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Information Technology (continued)
	632,260	GCL-Poly Energy Holdings Limited, (2)	$	108,594
	193	HCL Technologies Inc.		2,549
	46	Hynix Semiconductor Inc.		3,375
	4	Hyundai Robotics Co Ltd, (2)		1,612
	26,028	Infosys Ltd		370,501
	347,590	Innolux Corporation		152,131
	3,208	Inventec Corp.		2,489
	893	KCE Electronics Public Company Limited, (2)		2,688
	349,075	Legend Holdings Limited		202,238
	11,197	LG Display Company Limited		292,830
	13	LG Innotek Company Limited		1,996
	1,822	Lite-On Technology Corp.		2,571
	16,671	MediaTek		189,321
	2,016	Micro-Star International Co Ltd		4,913
	4	NCsoft Corporation		1,523
	568	NHN Corporation		453,244
	38	Samsung Electronics		3,527
	1,080	Samsung SDI Co, Ltd		198,581
	101	Samsung SDS Co. Ltd		18,661
	839	Siliconware Precision Industries Co Ltd		1,330
	145,695	Taiwan Semiconductor Manufacturing Company Limited		1,173,888
	9,181	Tata Consultancy Services		371,195
	272	Tech Mahindra Limited		2,028
	34,390	Tencent Holdings Limited		1,541,903
	3,421	United Microelectronics Corp.		1,758
	946	Vanguard International Semiconductor Corporation, (2)		1,794
	28,030	Wipro Limited		127,554
	2,838	Wistron Corp.		2,367
	2,198	WPG Holdings Ltd		3,010
		Total Information Technology		6,055,727
		Materials – 7.9%
	82	Anglo American Platinum Ltd, (2)		2,282
	84	Asian Paints Limited		1,533
	947	Duratex SA, (WI/DD)		2,767
	60,346	Empresas CMPC SA		193,512
	67,707	Eregli Demir ve Celik Fabrikalari TAS		158,721
	219	Fibria Celulose S.A, (WI/DD)		3,504
	83	Hanwha Chemical Corp.		2,256
	13	Hyosung Corporation		1,561

44 NUVEEN

Shares		Description (1)	Value
		Materials (continued)
	1,089	Impala Platinum Holdings Limited	$	3,020
	2,837	Indorama Ventures PCL, (2)		3,928
	3,258	Industrias Penoles, S.A.B. de C.V.		76,127
	6,762	KGHM Polska Miedz Spolka Akcyjna		228,475
	387	Klabin SA, (WI/DD)		2,236
	28	Kumho Petrochemical Co Ltd		1,734
	1,094	LG Chem Limited		394,010
	156	LG Chem Limited		36,133
	742	Lotte Chemical Corp.		244,717
	65	Mondi Ltd		1,559
	110,412	Nan Ya Plastics Corp.		272,374
	79,021	Nine Dragons Paper Holdings Limited		145,041
	28	OCI Company Limited		2,824
	5,652	PhosAgro PJSC, GDR		77,715
	1,164	PTT Global Chemical PCL, (2)		2,803
	168,786	Sinopec Shanghai Petrochemical Co., Ltd		100,599
	505	Suzano Papel e Celulose S.A, (WI/DD)		3,138
	1,414	Synthos SA		1,916
	855	Taiwan Fertilizer Co Ltd		1,117
	209	UPL Limited		2,578
		Total Materials		1,968,180
		Real Estate – 1.8%
	2,928	Ayala Land Inc.		2,450
	255	Barwa Real Estate Company, (WI/DD)		2,102
	585	BR Malls Participacoes, (WI/DD)		2,268
	14,976	Bumi Serpong Damai PT		1,899
	1,216	Central Pattana PCL, (2)		2,910
	56,997	China Vanke Co Ltd		202,731
	2,243	DAMAC Properties Dubai Co PJSC		2,412
	27,607	Emaar Malls PJSC		17,364
	786	Emaar Properties PJSC		1,774
	2,855	Emlak Konut Gayrimenkul Yatirim Ortakligi AS, (2)		1,985
	2,043	Fortress REIT Ltd		2,446
	668	Fortress REIT Ltd		1,897
	768	Growthpoint Properties Ltd		1,331
	189	Hyprop Investments Ltd		1,421
	5,260	IOI Properties Group Bhd		2,473
	36,830	Lippo Karawaci Tbk PT		1,874
	30,206	Megaworld Corporation		3,119

NUVEEN 45

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Real Estate (continued)
	72	Multiplan Empreendimentos Imobiliarios SA, (WI/DD)	$	1,574
	147	NEPI Rockcastle plc		2,055
	46,326	PT Pakuwon Jati Tbk		2,152
	1,927	Redefine Properties Ltd		1,446
	174	Resilient REIT Ltd		1,733
	2,658	Ruentex Development Co Ltd, (2)		2,728
	145,216	Sino-Ocean Group Holding Ltd		94,741
	45,903	SM Prime Holdings Inc.		32,899
	99,955	SOHO China Ltd, (2)		57,909
		Total Real Estate		449,693
		Telecommunication Services – 4.9%
	327	Advanced Info Service PCL, (2)		1,915
	7,437	Asia Pacific Telecom Co Ltd, (2)		2,461
	129,721	Axiata Group Berhad		165,158
	47,910	Bharti AirTel Limited		368,361
	434	Bharti Infratel Limited		2,961
	15,311	Chunghwa Telecom Co., Ltd		52,290
	849	DiGi.com BHD		1,003
	8,543	Emirates Telecommunications Group Co PJSC		41,521
	262	Empresa Nacional De Telecomunicaciones SA		3,033
	937	Far EasTone Telecommunications Co Ltd		2,200
	56	Globe Telecom, Inc.		2,215
	5,319	Hellenic Telecommunications Organization		63,203
	69,750	Idea Cellular Ltd, (2)		99,879
	1,549	Maxis Bhd		2,177
	4,079	MTN Group Limited		35,413
	166	O2 Czech Republic AS		2,022
	63	Ooredoo QSC, (WI/DD)		1,486
	1,300	Orange Polska SA, (2)		2,004
	98,841	Orascom Telecom Holding SAE, (2)		37,605
	1,058,753	PT Telekomunikasi Indonesia Persero Tbk		314,601
	10	SK Telecom Company Limited		2,356
	912	Taiwan Mobile Co Ltd		3,251
	147	Telefonica Brasil SA, (WI/DD)		2,269
	1,606	Telekom Malaysia BHD		2,409
	828	Telkom SA Limited		3,101
	15,184	True Corp PCL, (2)		2,811
	649	Turkcell Iletism Hizmetleri SA		2,422
	192	Vodacom Group Limited		2,085

46 NUVEEN

Shares		Description (1)	Value
		Telecommunication Services (continued)
	8,796	XL Axiata Tbk Pt, (2)	$	2,192
		Total Telecommunication Services		1,224,404
		Utilities – 1.6%
	3,942	Aboitiz Power Corp.		3,245
	232,580	Beijing Enterprises Water Group		195,262
	153,264	China Longyuan Power Group Corporation		113,546
	1,404	Companhia Energetica de Minas Gerais, (WI/DD)		3,318
	252	Companhia Paranaense de Energia-Copel, (WI/DD)		1,925
	288	CPFL Energia SA, (WI/DD)		2,421
	523	EDP Energias do Brasil S.A, (WI/DD)		2,302
	136	Engie Brasil Energia SA, (WI/DD)		1,488
	128	Equatorial Energia SA, (WI/DD)		2,387
	232,452	Huaneng Renewables Corp Ltd		79,850
	30	Qatar Electricity and Water Company, (WI/DD)		1,508
	335	Transmissora Alianca de Energia Eletrica SA, (WI/DD)		2,099
	8,113	YTL Power International Berhad		2,491
		Total Utilities		411,842
		Total Common Stocks (cost $23,794,707)		24,950,748
Shares		Description (1)	Value
		COMMON STOCK RIGHTS – 0.0%
	21	1China Literature Ltd	$	—
	173	Companhia Energetica de Minas Gerais		62
		Total Common Stock Rights (cost $–)		62
		Total Long-Term Investments (cost $23,794,707)		24,950,810
		Other Assets Less Liabilities – (0.1)%		(33,833	)
		Net Assets – 100%	$	24,916,977

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.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

REIT Real Estate Investment Trust.

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

NUVEEN 47

Nushares ESG International Developed Markets Equity ETF (NUDM)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.6%
		COMMON STOCKS – 98.6%
		Consumer Discretionary – 11.8%
	63	Accor SA	$	3,144
	263	Adidas-Salomon AG		58,534
	73	Aisin Seiki Company Limited		3,752
	4,872	Barratt Developments PLC		42,345
	1,782	Bayerische Motoren Werke AG		181,645
	884	Bayerische Motoren Werke AG		77,154
	588	Benesse Holdings Inc.		19,845
	75	Berkely Group Holdings		3,726
	207	British Sky Broadcasting PLC, (2)		2,592
	570	Burberry Group PLC		14,397
	1,325	Cie Financierre Richemont		122,291
	2,250	Compass Group PLC		49,390
	4,070	Daimler AG		338,011
	3,169	Denso Corporation		172,687
	432	Eutelsat Communications		10,825
	235	Fast Retailing Company Limited		77,782
	2,043	Hennes & Mauritz AB		51,296
	12,783	Honda Motor Company Limited		396,326
	1,704	Industria de Diseno Textil SA		63,711
	1,737	ITV PLC		3,794
	279	Kering		127,896
	13,241	Kingfisher plc		54,966
	9,316	Marks and Spencer Group PLC		42,569
	12,089	Matsushita Electric Industrial Co., Ltd		180,915
	415	Next PLC		27,120
	362	Oriental Land Company Limited		28,844
	11,152	Pearson PLC		104,183
	45	Renault SA		4,463
	199	Schibsted ASA, Class B Shares		4,658
	1,647	Sekisui House, Ltd.		30,598
	1,721	SES SA		27,988
	13,591	Shangri-La Asia Ltd		27,036
	3,808	Sony Corporation		147,890
	4,321	Taylor Wimpey PLC		11,447
	5,986	TUI AG		108,108

48 NUVEEN

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	3,430	Vivendi Universal S.A	$	85,210
	1,360	Whitbread PLC		66,696
	2,269	WPP Group PLC		40,195
		Total Consumer Discretionary		2,814,029
		Consumer Staples – 11.2%
	7,392	Aeon Corporation, Limited		113,876
	5,841	Ajinomoto Co Inc.		117,020
	5,601	Associated British Foods PLC		247,829
	876	Casino Guichard-Perrachon S.A		50,040
	3,583	Coca-Cola Amatil Limited		22,390
	3,510	Coca-Cola European Partners PLC		143,993
	2,206	Coca-Cola HBC AG		74,555
	3,916	Groupe Danone		319,975
	973	Henkel AG and CO KGaA		122,644
	15,588	J. Sainsbury PLC		50,198
	1,026	Jeronimo Martins SGPS		18,646
	1,227	KAO Corporation		73,817
	288	Koninklijke Ahold Delhaize NV		5,420
	324	L’Oreal		72,111
	8,382	Nestle SA		705,507
	1,488	Essitty Aktiebolag		44,488
	3,531	Orkla ASA		34,503
	495	Tate and Lyle PLC		4,250
	40,032	Tesco PLC		96,433
	6,039	Unilever NV		342,392
	111	Unilever NV		6,453
		Total Consumer Staples		2,666,540
		Energy – 3.0%
	4,204	Caltex Australia Limited		110,434
	3,692	Enagas		106,364
	1,128	Koninklijke Vopak NV		48,850
	2,081	Neste Oil OYJ		115,952
	3,018	Showa Shell Sekiyu K.K		35,378
	36,985	Snam Rete Gas S.p.A		188,974
	7,678	Tenaris SA		105,098
		Total Energy		711,050
		Financials – 20.2%
	8,274	3I Group PLC		105,589
	23,913	Aegon N.V.		141,182

NUVEEN 49

Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Financials (continued)
	1,001	Aeon Financial Service Co Ltd	$	21,380
	1,489	Allianz AG ORD Shares		345,795
	792	Amp Limited		3,018
	11,387	Australia and New Zealand Banking Group Limited		261,231
	6,545	Aviva PLC		43,892
	7,013	AXA		211,843
	18,533	Banco Bilbao Vizcaya Argentaria S.A		162,206
	9,525	Bank Hapoalim BM		67,423
	1,263	Bank Leumi le-Israel B.M		6,985
	22,813	BOC Hong Kong Holdings Limited		108,629
	1,173	CNP Assurances		27,296
	10,532	Commerzbank AG, (2)		144,348
	2,453	Commonwealth Bank of Australia		146,009
	2,000	DBS Group Holdings Limited		33,441
	8,830	DnB NOR ASA		169,976
	362	Hang Seng Bank		8,570
	7,338	Hong Kong Exchanges and Clearing Limited		204,288
	6,526	Intesa Sanpaolo, (2)		20,587
	31,781	IntesaSanpaolo SpA		106,849
	4,168	Investec PLC		28,532
	2,468	KBC Group NV		205,023
	120	Kinnevik AB		3,938
	82	London Stock Exchange Group		4,095
	7,040	Mitsubishi UFJ Lease & Finance Company Limited		36,802
	4,437	Mitsui Sumitomo Insurance Company Limited		149,748
	18	Muenchenener Rueckver AG		4,027
	8,884	National Australia Bank Limited		222,474
	12,844	Natixis SA		100,728
	126	NN Group NV		5,278
	66,727	Banco Santander S.A.		452,643
	2,745	Old Mutual PLC		6,962
	4,917	Prudential Corporation PLC		120,927
	7,896	Resona Holdings, Inc.		42,263
	372	Skandinaviska Enskilda Banken		4,586
	264	Sompo Japan Nipponkoa Holdings Inc.		10,546
	21,394	Standard Chartered PLC		213,190
	3,177	Sumitomo Mitsui Trust Holdings		124,278
	518	Swiss Re AG		48,770
	2,826	T&D Holdings Inc.		43,486

50 NUVEEN

Shares		Description (1)	Value
		Financials (continued)
	3,952	Tokio Marine Holdings Inc.	$	168,855
	12,378	UBS Group AG		210,853
	18	Wendel SA		3,036
	9,552	Westpac Banking Corporation		241,619
	9	Zurich Financial Services AG		2,749
		Total Financials		4,795,945
		Health Care – 10.6%
	6,005	Al Noor Hospitals Group PLC		46,411
	8,164	Astellas Pharma Inc.		108,382
	6,192	Astrazeneca PLC		413,765
	1,982	Chugai Pharmaceuticals Company		94,190
	46	Coloplast A/S		4,047
	10,002	Convatec Group PLC		26,020
	504	Dainippon Pharmaceutical Company Limited		7,172
	855	Eisai Company, Limited		47,381
	804	Essilor International SA		101,811
	154	H. Lundbeck A/S		9,152
	5,718	Healthscope Limited		8,593
	2,974	Koninklijke Philips Electronics NV		121,104
	3,962	Kyowa Hakko Kirin Company Limited		72,803
	18	Lonza AG		4,785
	100	Merck KGaA		10,705
	5,913	Novo Nordisk AS, Class B		294,187
	1,918	Ramsay Health Care Limited		98,400
	2,178	Roche Holdings AG, Sponsored ADR		503,641
	4,052	Sanofi-Synthelabo, SA		383,719
	254	Shionogi & Company Limited		13,606
	209	Sonic Healthcare Limited		3,489
	937	Suzuken Co Limited		33,603
	1,081	Sysmex Corporation		73,538
	442	UCB SA		32,177
		Total Health Care		2,512,681
		Industrials – 15.9%
	9,597	ABB Limited		251,093
	363	Abertis Infraestructuras S.A		7,853
	387	Adecco Group		30,729
	21	Aeroports de Paris		3,537
	165	Alfa Laval AB		4,180
	243	Assa Abloy AB B		5,129

NUVEEN 51

Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Industrials (continued)
	435	Atlas Copco AB, Class A Shares	$	19,080
	3,249	Atlas Copco AB, Class B Shares		129,039
	110	Bouygues SA		5,281
	6,706	Brambles Limited		48,642
	129	Bunzl PLC		4,017
	10,704	Capita PLC		74,483
	4,460	Compagnie de Saint-Gobain		261,654
	2,226	Daikin Industries Limited		244,286
	81	Deutsche Post AG		3,710
	91	DCC PLC		8,628
	3,236	East Japan Railway Company		312,408
	1,019	Edenred SA		29,380
	192	Eiffage SA		20,061
	1,487	Ferrovial SA		32,307
	138	Fraport AG		13,096
	74	GEA Group AG		3,569
	496	Hino Motors, Ltd		6,334
	19	Hochteif AG		3,353
	290	IMI PLC		4,706
	135	Intertek Group PLC		9,726
	1,189	Kawasaki Heavy Industries Limited		41,123
	11,430	Komatsu, Ltd		371,880
	641	Meggitt PLC		4,414
	16,030	MTR Corporation		92,870
	243	NGK Insulators Ltd		4,758
	48	Nippon Express Company Limited		3,029
	9,975	CNH Industrial NV		127,476
	425	Obayashi Corporation		5,536
	56	Osram Licht AG		4,285
	1,188	Randstad Holding NV		73,101
	4,448	Reed Elsevier PLC		102,363
	4,024	Rexel SA		71,840
	739	Sandvik AB		13,497
	3,821	Schneider Electric SE		335,849
	3,278	Siemens AG, Sponsored ADR		467,791
	174	SKF, AB		4,047
	8,649	Sydney Airport		47,151
	182	Tokyu Corporation		2,739
	14,157	Transurban Group		131,670

52 NUVEEN

Shares		Description (1)	Value
		Industrials (continued)
	2,621	Travis Perkins PLC	$	52,904
	273	Vesta Wind Systems A/S		24,083
	10,872	Volvo AB, Class B Shares		215,445
	469	West Japan Railway Company		32,908
	117	Wolseley PLC		8,180
		Total Industrials		3,775,220
		Information Technology – 6.2%
	1,163	ASML Lithography Holding NV		209,729
	262	Computershare Ltd		3,130
	9,288	Ericsson LM, Class B Shares		58,467
	13,224	Fujitsu Limited		102,226
	3,566	Kyocera Corporation		236,719
	812	Murata Manufacturing Company, Limited		126,413
	353	Nintendo Co., Ltd.		136,068
	7,400	Nokia Oyj		36,345
	72	Nomura Research Institute, Ltd		3,032
	533	Omron Corporation		29,645
	2,947	SAP SE		335,277
	6,168	STMicroelectronics NV		145,145
	1,308	Yaskawa Electric Corporation		46,505
		Total Information Technology		1,468,701
		Materials – 8.2%
	766	AKZO Nobel NV		69,371
	6,419	Antofagasta PLC		81,363
	20,262	Asahi Kasei Corporation		244,114
	4,413	Boliden AB		154,448
	10,712	Boral Limited		58,726
	45	Christian Hansen Holding A/S		3,938
	1,874	CRH PLC		70,667
	306	Daicel Corporation		3,786
	2,613	Evonik Industries AG		95,217
	1,638	Fletcher Building Ltd		8,259
	1	Givaudan SA		2,235
	569	Hitachi Chemical Company, Ltd		16,099
	3,449	Hitachi Metals Limited		44,376
	127	Johnson Matthey PLC		5,702
	3,106	K+S AG		75,334
	433	Kaneka Corporation		3,551
	5,015	Kobe Steel, Ltd		41,928

NUVEEN 53

Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Materials (continued)
	82	Koninklijke DSM NV	$	6,996
	3,304	Kuraray Company Limited		64,638
	738	Mondi PLC		17,846
	957	Nitto Denko Corporation		88,474
	3,387	Stora Enso Oyj, Class R Shares		52,991
	25,257	Sumitomo Chemical Company, Limited		176,486
	3,988	Sumitomo Metal Mining Company, Limited		156,389
	12,155	Toray Industries Inc.		122,320
	2,306	Umicore		103,076
	2,253	UPM-Kymmene Corporation		67,716
	1,848	Voestalpine AG		101,689
		Total Materials		1,937,735
		Real Estate – 3.4%
	262	Azrieli Group Ltd		14,788
	13,107	British Land and Company PLC		104,607
	37,341	Capitaland Limited		100,588
	1,944	City Developments Limited		18,464
	101	Daiwa House Industry Company Limited		3,680
	1,020	Deutsche Wohnen Ag		43,448
	2,990	Hammerson PLC		20,806
	6,750	Hysan Development Company		32,617
	14,401	Intu Properties PLC		41,307
	8,806	Land Securities Group PLC		112,963
	6,671	Mitsubishi Estate Company Limited		120,087
	5,645	Mitsui Fudosan Co., Ltd		130,456
	272	Nomura Real Estate Holdings, Inc.		5,951
	630	SEGRO PLC		4,543
	12,552	Swire Properties Limited		42,393
		Total Real Estate		796,698
		Telecommunication Services – 4.5%
	28,981	BT Group PLC		100,177
	6,372	KDDI Corporation		169,576
	5,590	NTT Mobile Communications		134,843
	983	Orange S.A		16,129
	71,541	Singapore Telecommunications Limited		196,916
	180	Telenor ASA		3,817
	13,446	Telstra Corporation Limited		36,496
	142,614	Vodafone Group PLC		408,312
		Total Telecommunication Services		1,066,266

54 NUVEEN

Shares		Description (1)	Value
		Utilities – 3.6%
	17,875	APA Group	$	117,320
	2,227	Dong Energy A/S		124,815
	1,362	Mercury NZ Ltd		3,070
	20,657	Meridian Energy Limited		40,331
	28,325	National Grid PLC		340,785
	5,878	Suez Environment Company		103,398
	2,414	Terna-Rete Elettrica Nazionale SpA		14,567
	10,956	United Utilities PLC		121,193
		Total Utilities		865,479
		Total Common Stocks (cost $22,822,837)		23,410,344
Shares		Description (1)	Value
		COMMON STOCK RIGHTS – 0.0%
	44,485	Banco Santander SA	$	2,125
	992	Ferrovial SA		477
		Total Common Stock Rights (cost $2,561)		2,602
		Total Long-Term Investments (cost $22,825,398)		23,412,946
		Other Assets Less Liabilities – 1.4%		342,240
		Net Assets – 100%	$	23,755,186

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.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

NUVEEN 55

Nushares ESG Large-Cap Growth ETF (NULG)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.7%
		COMMON STOCKS – 99.7%
		Consumer Discretionary – 19.7%
	64	Aramark Holdings Corporation	$	2,796
	353	CarMax, Inc., (2)		26,510
	1,137	Expedia, Inc.		141,738
	338	Liberty Broadband Corporation, Class C Shares, (2)		29,504
	127	Liberty Global PLC Class A, (2)		3,918
	3,663	Liberty Global PLC Class C, (2)		109,487
	78	Liberty Sirius Group, Class A Shares, (2)		3,253
	2,274	Liberty Sirius Group, Class C Shares, (2)		94,712
	4,494	LKQ Corporation, (2)		169,379
	5,615	Lowe’s Companies, Inc.		448,919
	62	Michael Kors Holdings Limited, (2)		3,026
	2,603	NetFlix.com Inc., (2)		511,307
	5,730	Nike, Inc., Class B		315,093
	78	Nordstrom, Inc.		3,093
	259	Priceline Group Incorporated, (2)		495,198
	1,409	Ross Stores, Inc.		89,457
	21,744	Sirius XM Holdings Inc.		118,287
	8,351	Starbucks Corporation		457,969
	609	Tesla Motors Inc., (2)		201,902
	4,401	Time Warner Inc.		432,574
	4,545	TJX Companies, Inc.		317,241
	512	Ulta Beauty, Inc., (2)		103,316
	258	Vail Resorts, Inc.		59,087
	6,044	Walt Disney Company		591,164
	688	Wyndham Worldwide Corporation		73,513
		Total Consumer Discretionary		4,802,443
		Consumer Staples – 5.5%
	3,808	Colgate-Palmolive Company		268,274
	4,353	Kraft Heinz Company		336,617
	7,538	Mondelez International Inc.		312,299
	3,890	PepsiCo, Inc.		428,795
		Total Consumer Staples		1,345,985
		Energy – 1.6%
	1,040	Baker Hughes a GE Co		32,687
	8,224	Halliburton Company		351,494

56 NUVEEN

Shares		Description (1)	Value
		Energy (continued)
	914	Weatherford International PLC, (2)	$	3,172
		Total Energy		387,353
		Financials – 5.5%
	34	AON PLC		4,877
	9,727	Charles Schwab Corporation		436,159
	1,088	First Republic Bank of San Francisco		105,971
	1,792	Marsh & McLennan Companies, Inc.		145,027
	338	Moody’s Corporation		48,135
	175	Progressive Corporation		8,514
	2,354	S&P Global, Inc.		368,330
	2,146	TD Ameritrade Holding Corporation		107,279
	1,074	Voya Financial Inc.		43,132
	1,888	XL Group Limited		76,407
		Total Financials		1,343,831
		Health Care – 13.5%
	2,751	AbbVie Inc.		248,278
	528	Align Technology, Inc., (2)		126,181
	608	AmerisourceBergen Corporation		46,786
	1,665	Becton, Dickinson and Company		347,436
	7,680	Bristol-Myers Squibb Company		473,549
	3,634	Celgene Corporation, (2)		366,925
	1,312	Centene Corporation, (2)		122,895
	1,648	CIGNA Corporation		325,019
	15	Cooper Companies, Inc.		3,604
	1,874	Edwards Lifesciences Corporation, (2)		191,579
	943	Eli Lilly and Company		77,269
	2,545	HCA Holdings Inc., (2)		192,529
	1,182	Humana Inc.		301,824
	1,313	Idexx Labs Inc., (2)		218,181
	64	Patterson Companies, Inc.		2,368
	703	Veeva Systems Inc., Class A Shares, (2)		42,841
	832	Vertex Pharmaceuticals Inc., (2)		121,663
	1,408	Zoetis Incorporated		89,859
		Total Health Care		3,298,786
		Industrials – 11.6%
	228	Acuity Brands Inc.		38,122
	143	AMERCO		56,147
	2,882	C.H. Robinson Worldwide, Inc.		226,323
	3,710	Expeditors International of Washington, Inc.		216,590

NUVEEN 57

Nushares ESG Large-Cap Growth ETF (NULG) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Industrials (continued)
	446	Fastenal Company	$	20,949
	48	Flowserve Corporation		2,115
	1,326	Fortive Corporation		95,817
	48	Fortune Brands Home & Security		3,171
	6,542	IHS Markit Limited, (2)		278,755
	2,748	Illinois Tool Works, Inc.		430,117
	3,616	Ingersoll Rand Company Limited, Class A		320,378
	17	Lennox International Inc.		3,249
	5,135	Masco Corporation		204,476
	31	Middleby Corporation, (2)		3,593
	834	Rockwell Automation, Inc.		167,484
	606	Rockwell Collins, Inc.		82,174
	1,471	Roper Technologies, Inc.		379,768
	78	Sensata Technologies, (2)		3,815
	208	Smith AO Corporation		12,314
	31	Snap-on Incorporated		4,891
	32	Stanley Black & Decker Inc.		5,170
	721	TransDigm Group Inc., (2)		200,078
	287	United Rentals Inc., (2)		40,605
	16	W.W. Grainger, Inc.		3,163
	464	Xylem Inc.		30,870
		Total Industrials		2,830,134
		Information Technology – 36.6%
	3,502	Accenture Limited		498,545
	2,929	Adobe Systems Incorporated, (2)		513,044
	751	Alphabet Inc., Class A, (2)		775,813
	817	Alphabet Inc., Class C Shares, (2)		830,595
	12,125	Apple, Inc.		2,049,610
	2,943	Applied Materials, Inc.		166,073
	1,694	Autodesk, Inc., (2)		211,682
	1,360	Cognizant Technology Solutions Corporation, Class A		102,911
	2,672	Dell Technologies Incorporated – VMware Incorporated, (2)		221,161
	1,646	Intuit, Inc.		248,579
	18	Lam Research Corporation		3,754
	11,504	Microsoft Corporation		956,903
	2,815	NVIDIA Corporation		582,170
	12,207	Oracle Corporation		621,336
	4,510	Salesforce.com, Inc., (2)		461,553
	2,352	Symantec Corporation		76,440

58 NUVEEN

Shares		Description (1)	Value
		Information Technology (continued)
	3,074	Texas Instruments Incorporated	$	297,225
	2,674	Workday Inc., Class A, (2)		296,787
		Total Information Technology		8,914,181
		Materials – 1.8%
	1,807	Ball Corporation		77,574
	2,559	Ecolab Inc.		334,359
	128	PPG Industries, Inc.		14,879
	79	Sealed Air Corporation		3,494
		Total Materials		430,306
		Real Estate – 2.5%
	2,910	American Tower Corporation, REIT		418,080
	2,623	Prologis Inc.		169,393
	641	UDR Inc.		24,864
		Total Real Estate		612,337
		Telecommunication Services – 0.9%
	3,737	Level 3 Communications Inc., (2)		200,415
	641	Zayo Group Holdings, Inc., (2)		23,114
		Total Telecommunication Services		223,529
		Utilities – 0.5%
	1,248	American Water Works Company		109,524
		Total Long-Term Investments (cost $23,128,599)		24,298,409
		Other Assets Less Liabilities – 0.3%		81,373
		Net Assets – 100%	$	24,379,782

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 59

Nushares ESG Large-Cap Value ETF (NULV)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 4.6%
	1,294	Autoliv Inc.	$	161,569
	61	BorgWarner Inc.		3,216
	77	D.R. Horton, Inc.		3,404
	22	Darden Restaurants, Inc.		1,810
	1,002	Delphi Automotive PLC		99,579
	102	Gap, Inc.		2,651
	56	Garmin Limited		3,170
	22	Genuine Parts Company		1,941
	80	Goodyear Tire & Rubber Company		2,447
	76	Kohl’s Corporation		3,174
	55	Lennar Corporation, Class A		3,062
	23	Liberty Broadband Corporation, Class C Shares, (2)		2,008
	7,383	Macy’s, Inc.		138,505
	2,300	Newell Brands Inc.		93,794
	102	PulteGroup Inc.		3,083
	2,143	Royal Caribbean Cruises Limited		265,239
	55	Signet Jewelers Limited		3,606
	14,023	Sirius XM Holdings Inc.		76,285
	59	Tapestry Inc.		2,416
	6,657	Target Corporation		393,029
	22	Tiffany & Co.		2,060
	75	Toll Brothers Inc.		3,453
	18	Whirlpool Corporation		2,951
		Total Consumer Discretionary		1,272,452
		Consumer Staples – 10.2%
	38	Bunge Limited		2,614
	17,296	Coca-Cola Company		795,270
	7,158	General Mills, Inc.		371,643
	4,879	Kellogg Company		305,084
	21	Kimberly-Clark Corporation		2,363
	4,563	PepsiCo, Inc.		502,979
	9,897	Procter & Gamble Company		854,507
		Total Consumer Staples		2,834,460
		Energy – 6.5%
	81	Baker Hughes a GE Co		2,546
	61	Helmerich & Payne Inc.		3,313

60 NUVEEN

Shares		Description (1)	Value
		Energy (continued)
	7,016	National-Oilwell Varco Inc.	$	239,877
	7,395	ONEOK, Inc.		401,327
	8,679	Schlumberger Limited		555,456
	1,858	Targa Resources Corporation		77,107
	6,216	Valero Energy Corporation		490,380
	11,518	Weatherford International PLC, (2)		39,967
		Total Energy		1,809,973
		Financials – 26.2%
	676	Ace Limited		101,954
	11,164	Ally Financial Inc.		291,715
	5,758	American Express Company		550,004
	7,624	American International Group, Inc.		492,587
	20	Ameriprise Financial, Inc.		3,131
	22	Arch Capital Group Limited, (2)		2,192
	40	Arthur J. Gallagher & Co.		2,533
	40	Axis Capital Holdings Limited		2,176
	8,902	Bank New York Mellon		458,008
	38,821	Bank of America Corporation		1,063,307
	7,136	BB&T Corporation		351,377
	1,096	BlackRock Inc.		516,030
	159	CIT Group Inc.		7,413
	11,239	Citizens Financial Group Inc.		427,194
	1,720	CME Group, Inc.		235,932
	9,001	Fifth Third Bancorp.		260,129
	20,836	KeyCorp.		380,257
	40	Lincoln National Corporation		3,031
	200	Loews Corporation		9,902
	2,383	M&T Bank Corporation		397,413
	9,318	MetLife, Inc.		499,258
	8,841	New York Community Bancorp Inc.		111,043
	160	People’s United Financial, Inc.		2,986
	3,814	PNC Financial Services Group, Inc.		521,717
	40	Principal Financial Group, Inc.		2,634
	4,175	Prudential Financial, Inc.		461,171
	7,518	Regions Financial Corporation		116,379
	40	State Street Corporation		3,680
	20	Travelers Companies, Inc.		2,649
	100	Voya Financial Inc.		4,016
	60	XL Group Limited		2,428
		Total Financials		7,284,246

NUVEEN 61

Nushares ESG Large-Cap Value ETF (NULV) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Health Care – 12.7%
	42	Agilent Technologies, Inc.	$	2,857
	1,935	Becton, Dickinson and Company		403,776
	4,719	Cardinal Health, Inc.		292,106
	3,023	Eli Lilly and Company		247,705
	1,597	Envision Healthcare Corporation, (2)		68,032
	7,798	Gilead Sciences, Inc.		584,538
	9,176	Johnson & Johnson		1,279,226
	12,115	Merck & Company Inc.		667,415
	23	Quest Diagnostics Incorporated		2,157
		Total Health Care		3,547,812
		Industrials – 9.5%
	40	AGCO Corporation		2,743
	4,374	Caterpillar Inc.		593,989
	3,035	Deere & Company		403,291
	5,722	Eaton PLC		457,874
	58	Fastenal Company		2,724
	58	Flowserve Corporation		2,556
	10,955	Johnson Controls International PLC		453,427
	40	Macquarie Infrastructure Corporation		2,782
	3,523	Norfolk Southern Corporation		462,993
	40	PACCAR Inc.		2,869
	19	Parker Hannifin Corporation		3,470
	3,256	Waste Management, Inc.		267,546
		Total Industrials		2,656,264
		Information Technology – 12.3%
	23,037	Hewlett Packard Enterprise Co		320,675
	17,402	HP Inc.		375,013
	21,138	Intel Corporation		961,568
	4,163	International Business Machines Corporation (IBM)		641,352
	13,679	Microsoft Corporation		1,137,819
		Total Information Technology		3,436,427
		Materials – 4.6%
	2,701	Air Products & Chemicals Inc.		430,620
	38	Avery Dennison Corporation		4,034
	64	Ball Corporation		2,748
	36	FMC Corporation		3,343
	1,980	International Paper Company		113,395
	8,296	Mosaic Company		185,333
	621	PPG Industries, Inc.		72,185

62 NUVEEN

Shares		Description (1)	Value
		Materials (continued)
	3,215	Praxair, Inc.	$	469,776
		Total Materials		1,281,434
		Real Estate – 2.7%
	20	Boston Properties, Inc.		2,424
	40	Camden Property Trust	��	3,650
	100	Duke Realty Corporation		2,848
	15	Essex Property Trust Inc.		3,936
	20	Federal Realty Investment Trust		2,410
	1,678	Health Care Property Investors Inc.		43,360
	75	Iron Mountain Inc.		3,000
	21	Jones Lang LaSalle Inc.		2,719
	10,415	Kimco Realty Corporation		189,136
	62	Liberty Property Trust		2,659
	41	Regency Centers Corporation		2,524
	64	UDR Inc.		2,483
	1,440	Vornado Realty Trust		107,798
	5,318	Welltower Inc.		356,093
	840	Weyerhaeuser Company		30,164
		Total Real Estate		755,204
		Telecommunication Services – 3.9%
	13,635	CenturyLink Inc.		258,929
	16,979	Verizon Communications Inc.		812,785
		Total Telecommunication Services		1,071,714
		Utilities – 6.6%
	119	American Water Works Company		10,443
	2,222	CMS Energy Corporation		107,478
	4,679	Consolidated Edison, Inc.		402,628
	4,919	Edison International		393,274
	5,999	Eversource Energy		375,777
	3,302	Scana Corporation		142,448
	3,379	Sempra Energy		397,033
		Total Utilities		1,829,081
		Total Long-Term Investments (cost $26,930,146)		27,779,067
		Other Assets Less Liabilities – 0.2%		48,641
		Net Assets – 100%	$	27,827,708

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 63

Nushares ESG Mid-Cap Growth ETF (NUMG)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.9%
		COMMON STOCKS – 99.9%
		Consumer Discretionary – 15.0%
	227	Advance Auto Parts, Inc.	$	18,555
	9,210	Aramark Holdings Corporation		402,385
	5,804	CarMax, Inc., (2)		435,880
	1,260	Discovery Communications Inc., Class A Shares, (2)		23,789
	14,233	Discovery Communications Inc., Class C Shares, (2)		253,490
	2,089	Foot Locker, Inc.		62,837
	1,635	Hasbro, Inc.		151,385
	3,254	Liberty Broadband Corporation, Class C Shares, (2)		284,042
	10,875	LKQ Corporation, (2)		409,879
	2,368	Lululemon Athletica Inc., (2)		145,656
	2,581	Nordstrom, Inc.		102,337
	1,118	Polaris Industries Inc.		132,405
	914	Scripps Networks Interactive, Class A Shares		76,118
	133	Tiffany & Co.		12,451
	4,154	Tractor Supply Company		250,320
	3,297	Under Armour Inc., Class C Shares, (2)		38,014
	3,014	Under Armour, Inc., (2)		37,735
	1,581	Vail Resorts, Inc.		362,081
		Total Consumer Discretionary		3,199,359
		Consumer Staples – 3.4%
	3,794	Dr. Pepper Snapple Group		324,994
	3,899	McCormick & Company, Incorporated		388,067
		Total Consumer Staples		713,061
		Energy – 2.4%
	3,312	Core Laboratories NV		330,869
	54,660	Weatherford International PLC, (2)		189,670
		Total Energy		520,539
		Financials – 5.9%
	6,766	E*Trade Group Inc., (2)		294,930
	4,168	First Republic Bank of San Francisco		405,963
	16	Signature Bank, (2)		2,080
	7,079	Voya Financial Inc.		284,293
	6,556	XL Group Limited		265,321
		Total Financials		1,252,587

64 NUVEEN

Shares		Description (1)	Value
		Health Care – 14.7%
	1,161	Align Technology, Inc., (2)	$	277,456
	1,574	Cooper Companies, Inc.		378,169
	4,712	Henry Schein Inc., (2)		370,363
	2,593	Idexx Labs Inc., (2)		430,879
	299	Jazz Pharmaceuticals, Inc., (2)		42,317
	2,549	Medax Inc., (2)		111,621
	603	Mettler-Toledo International Inc., (2)		411,626
	5,038	ResMed Inc.		424,099
	2,114	Tesaro Inc., (2)		244,738
	3,495	Varian Medical Systems, Inc., (2)		364,144
	450	Waters Corporation, (2)		88,222
		Total Health Care		3,143,634
		Industrials – 22.0%
	1,620	Acuity Brands Inc.		270,864
	600	AMERCO		235,584
	4,592	C.H. Robinson Worldwide, Inc.		360,610
	5,610	Expeditors International of Washington, Inc.		327,512
	4,789	Fastenal Company		224,939
	89	Flowserve Corporation		3,922
	239	HD Supply Holdings Inc., (2)		8,458
	659	Lennox International Inc.		125,955
	10,517	Masco Corporation		418,787
	793	Middleby Corporation, (2)		91,909
	7,183	Robert Half International Inc.		371,864
	2,354	Rockwell Collins, Inc.		319,202
	7,738	Sensata Technologies, (2)		378,466
	2,424	Snap-on Incorporated		382,459
	2,894	United Rentals Inc., (2)		409,443
	1,192	W.W. Grainger, Inc.		235,658
	2,408	WABCO Holdings Inc.		355,348
	2,655	Xylem Inc.		176,637
		Total Industrials		4,697,617
		Information Technology – 25.5%
	30,057	Advanced Micro Devices, Inc., (2)		330,176
	7,545	Akamai Technologies, Inc., (2)		394,226
	2,669	Ansys Inc., (2)		364,879
	913	Arista Networks Inc., (2)		182,500
	4,619	Broadridge Financial Solutions, Inc.		396,864
	9,928	Cadence Design Systems, Inc., (2)		428,492

NUVEEN 65

Nushares ESG Mid-Cap Growth ETF (NUMG) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Information Technology (continued)
	4,336	Citrix Systems, (2)	$	358,197
	6,374	CommScope Holding Company Inc., (2)		204,860
	1,440	F5 Networks, Inc., (2)		174,629
	8,219	FLIR Systems Inc.		384,814
	4,395	Fortinet Inc., (2)		173,207
	2,218	Gartner Inc., (2)		277,938
	596	Red Hat, Inc., (2)		72,015
	10,228	Sabre Corporation		200,060
	4,269	ServiceNow Inc., (2)		539,473
	1,843	Splunk Inc., (2)		124,034
	9,570	Trimble Navigation Limited, (2)		391,222
	3,986	Workday Inc., Class A, (2)		442,406
		Total Information Technology		5,439,992
		Materials – 3.4%
	10,802	Axalta Coating Systems Limited, (2)		359,166
	2,428	International Flavors & Fragrances Inc.		357,936
		Total Materials		717,102
		Real Estate – 6.1%
	1,330	Alexandria Real Estate Equities Inc.		164,867
	2,557	CBRE Group Inc., (2)		100,541
	12,407	Host Hotels & Resorts Inc.		242,681
	3,143	SBA Communications Corporation, (2)		494,017
	7,845	UDR Inc.		304,307
		Total Real Estate		1,306,413
		Telecommunication Services – 1.5%
	8,878	Zayo Group Holdings, Inc., (2)		320,141
		Total Long-Term Investments (cost $20,535,422)		21,310,445
		Other Assets Less Liabilities – 0.1%		19,565
		Net Assets – 100%	$	21,330,010

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.

66 NUVEEN

Nushares ESG Mid-Cap Value ETF (NUMV)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 15.5%
	2,886	Autoliv Inc.	$	360,346
	84	AutoNation Inc., (2)		3,982
	8,181	Best Buy Co., Inc.		457,972
	4,347	Darden Restaurants, Inc.		357,628
	11,557	Gap, Inc.		300,366
	6,851	Garmin Limited		387,835
	14,282	Hanesbrands Inc.		321,345
	1,479	Hasbro, Inc.		136,941
	3,327	Liberty Broadband Corporation, Class C Shares, (2)		290,414
	16,304	Mattel, Inc.		230,213
	203	PVH Corporation		25,742
	3,706	Signet Jewelers Limited		243,002
	4,961	Tapestry Inc.		203,153
	50	Tiffany & Co.		4,681
	1,479	Whirlpool Corporation		242,452
		Total Consumer Discretionary		3,566,072
		Consumer Staples – 3.6%
	5,877	Bunge Limited		404,220
	4,080	JM Smucker Company		432,684
		Total Consumer Staples		836,904
		Energy – 3.0%
	5,352	Helmerich & Payne Inc.		290,667
	7,585	Targa Resources Corporation		314,778
	25,128	Weatherford International PLC, (2)		87,194
		Total Energy		692,639
		Financials – 26.1%
	19,772	Ally Financial Inc.		516,642
	4,894	Arch Capital Group Limited, (2)		487,638
	7,563	Arthur J. Gallagher & Co.		478,965
	5,716	Axis Capital Holdings Limited		310,893
	15,349	Citizens Financial Group Inc.		583,415
	6,254	Comerica Incorporated		491,377
	13,278	Fifth Third Bancorp.		383,734
	5,577	Invesco LTD		199,601
	5,899	Lincoln National Corporation		447,026

NUVEEN 67

Nushares ESG Mid-Cap Value ETF (NUMV) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Financials (continued)
	28,987	New York Community Bancorp Inc.	$	364,077
	21,642	People’s United Financial, Inc.		403,840
	8,876	Principal Financial Group, Inc.		584,485
	318	Raymond James Financial Inc.		26,960
	8,937	Voya Financial Inc.		358,910
	8,977	XL Group Limited		363,299
		Total Financials		6,000,862
		Health Care – 5.1%
	7,105	DENTSPLY SIRONA Inc.		433,902
	6,766	Envision Healthcare Corporation, (2)		288,232
	4,760	Quest Diagnostics Incorporated		446,393
		Total Health Care		1,168,527
		Industrials – 7.9%
	1,631	AGCO Corporation		111,838
	8,738	Fastenal Company		410,424
	2,752	L-3 Communications Holdings, Inc.		515,119
	2,565	Manpower Inc.		316,213
	2,263	W.W. Grainger, Inc.		447,395
		Total Industrials		1,800,989
		Information Technology – 7.3%
	9,469	Avnet Inc.		376,866
	103	Juniper Networks Inc.		2,557
	6,900	Microchip Technology Incorporated		654,120
	13,193	Western Union Company		262,013
	12,242	Xerox Corporation		371,055
		Total Information Technology		1,666,611
		Materials – 13.3%
	3,313	Albemarle Corporation		466,769
	4,367	Avery Dennison Corporation		463,644
	1,087	Ball Corporation		46,665
	5,031	Celanese Corporation, Series A		524,784
	2,925	FMC Corporation		271,616
	2,494	International Flavors & Fragrances Inc.		367,665
	5,934	Mosaic Company		132,566
	6,184	Steel Dynamics Inc.		230,107
	8,994	WestRock Company		551,602
		Total Materials		3,055,418
		Real Estate – 13.3%
	13,245	Brixmor Property Group Inc.		231,390

68 NUVEEN

Shares		Description (1)	Value
		Real Estate (continued)
	4,500	Camden Property Trust	$	410,580
	12,205	Duke Realty Corporation		347,598
	1,525	Federal Realty Investment Trust		183,793
	19,670	Host Hotels & Resorts Inc.		384,745
	11,171	Iron Mountain Inc.		446,840
	8,946	Liberty Property Trust		383,604
	70	Macerich Company		3,822
	5,426	Regency Centers Corporation		333,970
	8,521	UDR Inc.		330,530
		Total Real Estate		3,056,872
		Utilities – 4.7%
	10,096	CMS Energy Corporation		488,344
	9,301	Eversource Energy		582,615
		Total Utilities		1,070,959
		Total Long Term Investments (cost $22,555,796)		22,915,853
		Other Assets Less Liabilities – 0.2%		35,487
		Net Assets – 100%	$	22,951,340

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 69

Nushares ESG Small-Cap ETF (NUSC)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.9%
		COMMON STOCKS – 99.9%
		Consumer Discretionary – 11.2%
	769	Aaron Rents Inc.	$	28,299
	3,117	American Axle and Manufacturing Holdings Inc.		55,451
	2,705	American Eagle Outfitters, Inc.		35,219
	268	American Public Education Inc., (2)		5,360
	333	Asbury Automotive Group, Inc., (2)		20,446
	270	At Home Group, Inc., (2)		5,535
	512	Big Lots, Inc.		26,271
	303	Bright Horizons Family Solutions Inc., (2)		26,149
	1,161	Brinker International Inc.		35,666
	510	Buckle Inc.		8,390
	424	Burlington Store Inc., (2)		39,809
	130	Cable One, Inc.		92,275
	949	CalAtlantic Group Inc.		46,824
	484	Caleres Inc.		13,228
	1,166	Callaway Golf Company		16,825
	138	Camping World Holdings, Inc.		5,799
	202	Capella Education Company		16,453
	264	Century Communities, Inc., (2)		7,537
	1,986	Cinemark Holdings Inc.		72,171
	1,324	Clear Channel Outdoor Holdings Inc., Class A, (2)		5,031
	551	Columbia Sportswear Company		34,371
	612	Cooper-Standard Holdings Inc., (2)		68,226
	530	Core-Mark Holding Company, Inc.		18,052
	1,737	Crocs, Inc., (2)		17,717
	685	Dave & Buster’s Entertainment Inc., (2)		33,017
	531	Deckers Outdoor Corporation, (2)		36,235
	349	Del Taco Restaurants, Inc., (2)		4,429
	593	DineEquity Inc.		28,233
	1,269	DSW Inc.		24,301
	1,850	Dunkin Brands Group Inc.		109,280
	1,910	Entravision Communications Corporation		9,932
	240	Ethan Allen Interiors Inc.		7,140
	525	Finish Line, Inc.		4,867
	963	Five Below, Incorporated, (2)		53,206
	1,777	Fossil Group Inc., (2)		14,003

70 NUVEEN

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	841	Francescas Holdings Corporation, (2)	$	5,441
	963	GameStop Corporation		17,998
	309	Genesco Inc., (2)		7,571
	1,226	Gentex Corporation		23,797
	192	Gentherm Inc., (2)		6,432
	1,985	GNC Holdings Inc.		13,577
	59	Graham Holdings Company		32,831
	459	Green Brick Partners, Inc., (2)		4,980
	435	Group 1 Automotive Inc.		34,178
	314	Habit Restaurants Inc., Class A Shares, (2)		3,862
	369	Helen of Troy Limited, (2)		34,280
	349	Hibbett Sporting Goods, Inc., (2)		4,467
	148	Hooker Furniture Corporation		7,015
	589	Hosting Site Network, Inc.		22,205
	3,053	Houghton Mifflin Harcourt Company, (2)		30,225
	4,773	Hovnanian Enterprises Inc., (2)		11,551
	1,975	ILG, Inc.		58,598
	2,197	Imax Corporation, (2)		53,277
	126	Intl Speedway Corporation		4,895
	683	Irobot Corporation, (2)		45,891
	590	Jack in the Box Inc.		61,071
	707	John Wiley and Sons Inc., Class A		38,638
	3,034	KB Home		83,223
	807	La Z Boy Inc.		21,749
	487	Lands’ End Inc., (2)		5,308
	812	Laureate Education, Inc., (2)		10,856
	345	LGI Homes Inc., (2)		20,814
	620	Libbey Inc.		4,241
	1,449	Liberty LiLAC Group, Class A Shares, (2)		31,472
	2,042	Liberty LiLAC Group, Class C Shares, (2)		44,924
	810	Lions Gate Entertainment Corporation, Equity, (2)		23,506
	1,402	Lions Gate Entertainment Corporation, Equity, (2)		38,779
	403	Lithia Motors Inc.		45,612
	160	Loral Space & Communications, Inc., (2)		7,544
	390	Marriott Vacations World		51,332
	2,534	Michaels Cos Inc., (2)		49,210
	1,629	Modine Manufacturing Company		34,290
	614	Monro Muffler Brake, Inc.		30,301
	268	Movado Group Inc.		7,424

NUVEEN 71

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	457	Murphy USA Inc., (2)	$	33,983
	2,703	National CineMedia, Inc.		18,191
	2,206	New York Times, Class A		42,135
	572	Nutri System Inc.		28,571
	6,052	Office Depot, Inc.		18,761
	753	PICO Holdings, Inc., (2)		14,232
	2,094	Planet Fitness Inc., (2)		55,784
	308	Pool Corporation		37,200
	258	Red Robin Gourmet Burgers, Inc., (2)		17,647
	3,953	Regal Entertainment Group, Class A		64,632
	1,542	Rent-A-Center Inc.		15,327
	2,526	Sally Beauty Holdings Inc., (2)		43,725
	525	Scholastic Corporation		19,394
	1,534	Service Corporation International		54,396
	1,896	ServiceMaster Global Holdings Inc., (2)		89,321
	370	Shake Shack Inc., Class A Shares, (2)		14,045
	355	Shutterfly, Inc., (2)		15,159
	1,365	Six Flags Entertainment Corporation		85,708
	525	Sleep Number Corporation, (2)		17,063
	524	Sothebys Holdings Inc.		27,154
	1,168	Tailored Brands, Inc.		18,046
	2,660	TEGNA, Inc.		23,142
	881	Tempur Sealy International, Inc., (2)		57,591
	1,480	Tenneco Inc.		86,003
	6,336	The Wendy’s Company		96,371
	436	Tile Shop Holdings Inc.		3,728
	1,781	Tribune Media Company		72,896
	172	Unifi Inc., (2)		6,545
	751	Vera Bradley Inc., (2)		5,407
	1,105	Visteon Corporation, (2)		139,274
	684	Wayfair Inc., Class A Shares, (2)		47,812
	919	Williams-Sonoma Inc.		47,420
	1,756	Wolverine World Wide Inc.		47,939
	346	Zumiez, Inc., (2)		6,107
		Total Consumer Discretionary		3,429,821
		Consumer Staples – 3.7%
	1,518	Amplify Snack Brands, Inc., (2)		9,700
	218	Andersons, Inc.		8,164
	13,970	Avon Products, Inc.		31,852

72 NUVEEN

Shares		Description (1)	Value
		Consumer Staples (continued)
	483	Casey’s General Stores, Inc.	$	55,337
	5,099	Darling International Inc., (2)		93,057
	3,723	Dean Foods Company		36,299
	879	Edgewell Personal Care Co		57,073
	378	Farmer Brothers Company		12,833
	1,339	Fresh Del Monte Produce Inc.		59,599
	884	Freshpet, Inc., (2)		13,746
	2,290	Hain Celestial Group Inc., (2)		82,486
	1,491	Herbalife, Limited		108,276
	287	Ingles Markets, Inc.		6,687
	2,791	Lamb Weston Holding, Inc.		142,313
	181	Medifast, Inc.		11,294
	260	Natural Health Trends Corporation		5,008
	633	Omega Protein Corporation		13,863
	1,303	Performance Food Group Company, (2)		36,875
	1,628	Pinnacle Foods Inc.		88,596
	284	PriceSmart, Inc.		23,799
	259	Seneca Foods Corporation, (2)		9,324
	944	Smart & Final Stores, Inc., (2)		5,664
	350	SpartanNash Co		8,593
	2,073	Sprouts Farmers Market Inc., (2)		38,330
	423	The Chef’s Warehouse Inc., (2)		8,439
	1,691	Treehouse Foods Inc., (2)		112,249
	897	United Natural Foods Inc., (2)		34,777
	993	US Foods Holding Corporation, (2)		27,089
	199	Weis Markets Inc.		7,727
		Total Consumer Staples		1,149,049
		Energy – 3.4%
	2,730	Archrock Inc.		32,760
	5,651	Clean Energy Fuels Corporation, (2)		13,280
	3,297	Delek US Holdings Inc.		85,887
	1,587	Dril Quip Inc., (2)		66,813
	2,857	Enlink Midstream LLC		44,284
	1,388	Exterran Corp., (2)		44,791
	6,731	Fairmount Santrol Holdings Inc., (2)		29,011
	2,901	Forum Energy Technologies Incorporated, (2)		41,774
	2,445	Franks International NV		16,161
	1,718	Green Plains Renewable Energy, Inc.		31,611
	6,045	Helix Energy Solutions Group, (2)		41,227

NUVEEN 73

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Energy (continued)
	1,212	Keane Group Inc., (2)	$	18,713
	926	Matrix Service Company, (2)		13,057
	10,541	McDermott International Inc., (2)		69,781
	468	Natural Gas Services Group, (2)		13,010
	3,697	Newpark Resources Inc., (2)		32,349
	4,033	Oceaneering International Inc.		81,547
	2,215	Oil States International Inc., (2)		51,056
	5,657	Parker Drilling Company, (2)		5,940
	4,907	PBF Energy Inc.		142,156
	1,541	Renewable Energy Group Inc., (2)		18,646
	594	RigNet, Inc., (2)		10,365
	1,996	RPC Inc.		48,523
	2,731	Tellurian Inc., (2)		29,413
	4,949	TETRA Technologies, (2)		14,055
	1,324	US Silica Holdings Inc.		40,395
		Total Energy		1,036,605
		Financials – 15.8%
	840	Ameris Bancorp.		40,236
	4,401	Apollo Commercial Real Estate Finance, Inc.		79,526
	2,678	Aspen Insurance Holdings Limited		114,886
	3,081	Associated Banc-Corp.		77,949
	159	BancFirst Corporation		8,689
	918	Bancorp, Inc., (2)		7,720
	1,317	BancorpSouth Inc.		41,617
	456	Bank of Hawaii Corporation		37,214
	1,740	Bank of the Ozarks, Inc.		81,119
	2,181	BankUnited Inc.		76,008
	370	Banner Corporation		21,208
	546	Beneficial Bancorp, Inc.		9,009
	132	Berkshire Hills Bancorp, Inc.		5,056
	347	BOK Financial Corporation		30,005
	3,778	Capstead Mortgage Corporation		33,322
	170	Cathay General Bancorp.		7,106
	1,011	Chemical Financial Corporation		53,270
	5,767	Chimera Investments Corporation		105,536
	87	City Holding Company		6,133
	720	Cohen & Steers Inc.		31,313
	795	Columbia Banking Systems Inc.		34,590
	763	Commerce Bancshares Inc.		44,376

74 NUVEEN

Shares		Description (1)	Value
		Financials (continued)
	637	Community Bank System Inc.	$	35,220
	768	Crawford & Co		7,265
	946	Cullen/Frost Bankers, Inc.		93,181
	491	Customers Bancorp Inc., (2)		13,424
	793	CVB Financial		18,921
	1,172	Donnelley Financial Solutions, Inc., (2)		25,198
	1,427	Employers Holdings, Inc.		68,068
	5,078	F.N.B. Corporation PA		68,502
	851	FactSet Research Systems Inc.		161,579
	424	FCB Financial Holdings, Inc., Class A Shares, (2)		19,801
	172	Federal Agricultural Mortgage Corporation		12,769
	4,867	First American Corporation		264,862
	1,148	First Financial Bancorp.		31,340
	1,051	First Financial Bankshares, Inc.		47,978
	437	First Hawaiian, Inc.		12,778
	395	First Merchants Corporation		16,985
	158	First of Long Island Corporation		4,985
	335	Flagstar Bancorp Inc., (2)		12,519
	2,857	Fulton Financial Corporation		51,997
	21,321	Genworth Financial Inc., Class A, (2)		70,572
	972	Glacier Bancorp, Inc.		36,897
	1,097	Great Western Bancorp Inc.		44,527
	1,313	Green Dot Corporation, Class A Shares, (2)		74,342
	1,942	Hancock Holding Company		94,673
	466	Hanmi Financial Corporation		14,330
	158	Heartland Financial USA, Inc.		7,782
	617	HomeStreet Inc.		17,924
	1,603	Horace Mann Educators Corporation		70,211
	375	Independent Bank Corporation		27,038
	1,140	International Bancshares Corporation		46,284
	653	INTL FCStone Inc., (2)		27,106
	2,709	Invesco Mortgage Capital Inc.		46,649
	819	Investment Technology Group		19,222
	6,359	Investors Bancorp, Inc.		87,436
	637	Kearny Financial Corporation		9,587
	4,600	Ladenburg Thalmann Financial Services Inc., (2)		14,076
	108	Lakeland Financial Corporation		5,214
	1,032	LegacyTexas Financial Group Inc.		41,166
	3,293	Legg Mason, Inc.		125,727

NUVEEN 75

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Financials (continued)
	526	Live Oak Bancshares Inc.	$	12,466
	2,008	LPL Investments Holdings Inc.		99,617
	812	MB Financial, Inc.		37,303
	324	Meta Financial Group, Inc.		28,269
	5,151	MGIC Investment Corporation, (2)		73,659
	842	Morningstar, Inc.		71,747
	172	National Bank Holdings Corporation		5,645
	175	NBT Bancorp, Inc.		6,675
	813	Newstar Financial, Inc.		9,984
	1,467	NMI Holdings Inc., Class A Shares, (2)		21,345
	1,027	OceanFirst Financial Corporation		28,499
	1,520	Old National Bancorp.		27,664
	1,712	On Deck Capital, Inc., (2)		8,440
	223	Opus Bank		5,776
	1,869	Pacwest Bancorp.		90,310
	149	Park National Corporation		16,359
	367	Park Sterling Bank Inc.		4,613
	1,195	Pinnacle Financial Partners, Inc.		79,109
	1,669	PRA Group Inc., (2)		46,565
	2,286	Redwood Trust Inc.		35,913
	215	S&T Bancorp, Inc.		8,791
	134	Sandy Spring Bancorp, Inc.		5,415
	969	ServisFirst Bancshares Inc.		39,739
	393	Simmons First National Corporation		22,676
	223	South State Corporation		20,081
	5,859	Starwood Property Trust Inc.		126,027
	862	Sterling Bancorp.		21,593
	126	SY Bancorp, Inc.		4,757
	1,516	Synovus Financial Corp.		71,025
	984	Texas Capital BancShares, Inc., (2)		84,673
	401	TFS Financial Corporation		6,183
	375	Tristate Capital Holdings Inc., (2)		8,494
	1,456	Trustmark Corporation		47,961
	746	UMB Financial Corporation		54,853
	3,539	Umpqua Holdings Corporation		72,408
	269	Union Bankshares Corporation		9,283
	1,652	United Bankshares, Inc.		59,389
	841	United Community Banks, Inc.		23,060
	1,476	Universal Insurance Holdings Inc.		35,203

76 NUVEEN

Shares		Description (1)	Value
		Financials (continued)
	5,757	Valley National Bancorp.	$	66,206
	1,468	Washington Federal Inc.		51,086
	2,007	Webster Financial Corporation		110,365
	621	WesBanco, Inc.		25,088
	259	Westamerica Bancorp.		15,082
	1,339	Western Alliance Bancorporation, (2)		74,716
	205	White Mountains Insurance Group		182,276
	811	Wintrust Financial Corporation		65,926
	216	WSFS Financial Corporation		10,735
		Total Financials		4,827,072
		Health Care – 12.0%
	416	Abaxis, Inc.		20,134
	661	Abiomed, Inc., (2)		127,520
	1,633	Acadia Healthcare Company Inc., (2)		51,211
	1,960	Acadia Pharmaceuticals, Inc., (2)		68,267
	946	Acceleron Pharma Inc., (2)		36,894
	3,427	Accuray, Inc., (2)		16,278
	698	Achaogen Inc., (2)		8,879
	752	Aclaris Therapeutics Inc., (2)		18,958
	1,252	Aduro Biotech, Inc., (2)		9,953
	1,367	Advaxis Inc., (2)		4,648
	412	Aerie Pharmaceuticals Inc., (2)		25,441
	792	Agios Pharmaceutical Inc., (2)		50,902
	2,110	Alder Biopharmaceuticals Inc., (2)		23,738
	3,849	Allscripts Healthcare Solutions Inc., (2)		51,884
	634	Amedisys, Inc., (2)		30,502
	503	American Renal Associates Holdings, Inc. , (2)		6,101
	3,368	Amicus Therapeutics, Inc., (2)		47,960
	969	AMN Healthcare Services Inc., (2)		42,539
	215	AnaptysBio Inc., (2)		14,196
	219	AngioDynamics, Inc., (2)		3,716
	698	Atara Biotherapeutics Inc., (2)		9,912
	635	AthenaHealth Inc., (2)		81,204
	441	AtriCure, Inc., (2)		9,455
	393	AveXis, Incorporated, (2)		41,072
	1,076	Bellicum Pharmaceuticals, Inc., (2)		10,136
	2,755	BioCryst Pharmaceuticals, Inc., (2)		12,398
	744	BioTelemetry Inc., (2)		21,613
	1,558	Bioverativ, Inc., (2)		88,027

NUVEEN 77

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Health Care (continued)
	723	Bluebird Bio Inc., (2)	$	100,569
	3,275	Brookdale Senior Living Inc., (2)		32,848
	1,755	Bruker Biosciences Corporation		55,107
	590	Cambrex Corporation, (2)		25,518
	587	Capital Senior Living Corporation, (2)		7,807
	860	Cardiovascular Systems, Inc., (2)		20,700
	1,732	Catalent, Inc., (2)		73,766
	3,898	Celldex Therapeutics, Inc., (2)		9,511
	4,491	Cerus Corporation, (2)		12,889
	139	Chemed Corporation		31,057
	1,432	Chimerix Inc., (2)		7,045
	482	Civitas Solutions Inc., (2)		8,989
	1,234	Coherus Biosciences Inc., (2)		13,883
	833	Collegium Pharmaceutical Inc., (2)		8,605
	136	Computer Programs and Systems, Inc.		4,100
	93	Corvel Corporation, (2)		5,580
	466	Cross Country Healthcare, Inc., (2)		6,361
	218	CryoLife Inc.		4,240
	2,369	DepoMed, Inc., (2)		11,466
	1,338	Diplomat Pharmacy, Inc., (2)		28,165
	304	Eagle Pharmaceuticals Inc., (2)		16,340
	2,707	Endologix, Inc., (2)		14,347
	332	Ensign Group Inc.		7,663
	460	Esperion Therapeutics Inc., (2)		21,040
	1,577	FibroGen, Inc., (2)		88,075
	633	Flexion Therapeutics Inc., (2)		13,932
	1,403	Genmark Diagnostics Inc., (2)		10,452
	921	Global Blood Therapeutics Inc., (2)		36,656
	1,556	Globus Medical Inc., Class A, (2)		49,590
	790	Greatbatch, Inc., (2)		38,394
	787	Haemonetics Corporation, (2)		37,430
	3,186	Halozyme Therapeutics, Inc., (2)		56,488
	1,291	HealthSouth Corporation		59,567
	111	Heska Corporation, (2)		10,823
	1,537	HMS Holdings Corporation, (2)		29,572
	2,095	Horizon Pharma Inc., (2)		28,408
	1,979	Insmed Incorporated, (2)		53,453
	528	Intellia Therapeutics, Inc., (2)		16,431
	767	Intersect ENT, Inc., (2)		22,742

78 NUVEEN

Shares		Description (1)	Value
		Health Care (continued)
	1,162	Intra-Cellular Therapies Inc., (2)	$	18,116
	1,756	Iovance Biotherapeutics, Inc., (2)		13,653
	200	K2M Group Holdings Inc., (2)		3,938
	1,119	Karyopharm Therapeutics Inc., (2)		11,425
	2,221	Kindred Healthcare Inc.		13,437
	158	LeMaitre Vascular, Inc.		5,058
	307	LHC Group, Inc., (2)		20,511
	930	Lifepoint Health Inc., (2)		44,780
	378	Ligand Pharmaceuticals, Inc., (2)		54,942
	377	Livanova PLC, (2)		27,860
	523	Loxo Oncology Inc., (2)		45,062
	198	Luminex Corporation		4,227
	238	Magellan Health Services, Inc., (2)		20,301
	939	Medicines Company, (2)		26,987
	763	Medidata Solutions, Inc., (2)		57,400
	1,623	Melinta Therapeutics Inc., (2)		3,733
	313	Meridian Bioscience, Inc.		4,679
	961	Merit Medical Systems, Inc., (2)		36,566
	552	Merrimack Pharmaceuticals, Incorporated, (2)		6,480
	2,620	MiMedx Group Inc., (2)		33,222
	1,230	Minerva Neurosciences, Inc., (2)		7,749
	617	MyoKardia Inc., (2)		23,724
	555	Myovant Sciences, (2)		7,620
	699	Natera, Inc., (2)		7,682
	238	National Research Corporation		8,937
	3,077	Nektar Therapeutics, (2)		74,125
	764	NeoGenomics Inc., (2)		6,624
	7,596	Opko Health Inc., (2)		51,121
	1,207	OraSure Technologies, Inc., (2)		23,838
	3,328	Organovo Holdings Inc., (2)		5,292
	478	Owens and Minor Inc.		11,744
	727	Paratek Pharmaceuticals, Inc., (2)		15,558
	567	Penumbra Inc., (2)		57,012
	904	Perkinelmer Inc.		65,377
	389	Pharmerica Corporation, (2)		11,398
	876	Premier Inc., Class A, (2)		28,619
	2,700	Progenics Pharmaceuticals, Inc., (2)		16,713
	771	Prothena Corporation PLC, (2)		44,757
	596	Quidel Corporation, (2)		24,406

NUVEEN 79

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Health Care (continued)
	247	Reata Pharmaceuticals, Inc., (2)	$	7,479
	675	Repligen Corporation, (2)		25,110
	726	Revance Therapeutics Inc., (2)		18,876
	552	Sage Therapeutics, Inc., (2)		34,931
	1,073	Sarepta Therapeutics Inc., (2)		52,910
	2,221	Select Medical Corporation		42,532
	597	Spark Therapeutics, Inc., (2)		48,297
	328	STAAR Surgical Company, (2)		4,346
	592	Steris PLC		55,251
	944	Sucampo Pharmaceuticals, Inc., (2)		9,440
	1,427	Supernus Pharmaceuticals Incorporated, (2)		59,363
	816	Surgery Partners Inc., (2)		7,548
	1,225	Teladoc, Inc., (2)		40,486
	1,403	Teligent, Inc., (2)		7,969
	1,364	Theravance Biopharma Inc., (2)		39,365
	631	Tivity Health Inc., (2)		29,184
	860	Ultragenyx Pharmaceutical Inc., (2)		39,637
	133	US Physical Therapy, Inc.		9,037
	879	Varex Imaging Corporation, (2)		30,211
	883	Versartis Inc., (2)		1,589
	1,008	Vocera Communications Incorporated, (2)		28,446
	1,160	VWR Corporation, (2)		38,396
	721	West Pharmaceutical Services Inc.		73,109
	4,776	ZIOPHARM Oncology, Inc., (2)		22,256
		Total Health Care		3,683,588
		Industrials – 16.1%
	1,187	Aaon, Inc.		41,545
	1,009	ABM Industries Inc.		42,348
	1,322	Acco Brands Corporation, (2)		17,252
	1,384	Actuant Corporation		35,292
	1,469	Advanced Drainage Systems, Inc.		28,719
	457	Aegion Corporation, (2)		10,644
	3,187	Allison Transmission Holdings Inc.		135,416
	799	ArcBest Corporation		26,047
	552	Argan, Inc.		37,950
	1,013	Armstrong World Industries Inc., (2)		51,764
	658	Astronics Corporation, (2)		22,635
	2,317	Avis Budget Group Inc., (2)		95,576
	1,254	Axon Enterprise, Inc., (2)		28,804

80 NUVEEN

Shares		Description (1)	Value
		Industrials (continued)
	1,450	Barnes Group Inc.	$	94,381
	1,098	Beacon Roofing Supply Company, (2)		60,840
	662	Brady Corporation		25,189
	572	Briggs & Stratton Corporation		14,414
	3,150	Builders FirstSource, Inc., (2)		56,763
	964	Carlisle Companies Inc.		105,876
	881	Chart Industries, Inc., (2)		38,324
	2,755	Chicago Bridge & Iron Company N.V.		38,405
	904	Clean Harbors, Inc., (2)		48,373
	637	Comfort Systems USA Inc.		28,219
	2,324	Copart Inc., (2)		84,338
	400	Cubic Corporation		21,820
	995	Curtiss Wright Corporation		117,659
	2,303	Donaldson Company, Inc.		108,725
	639	Douglas Dynamics Inc.		26,806
	1,029	Echo Global Logistics, Inc., (2)		24,747
	1,248	Emcor Group Inc.		100,476
	788	EnerSys		54,664
	658	ESCO Technologies Inc.		38,131
	507	Essendant Inc.		4,908
	577	Esterline Technologies Corporation, (2)		54,728
	89	Exponent, Inc.		6,573
	1,269	Franklin Electric Company, Inc.		57,740
	222	GATX Corporation		13,189
	1,269	Generac Holdings Inc., (2)		66,102
	1,894	Genesee & Wyoming Inc., (2)		135,951
	945	Granite Construction Inc.		60,187
	814	Healthcare Services Group, Inc.		43,052
	1,914	Hertz Global Holdings, Inc., (2)		47,601
	1,469	Hexcel Corporation		89,154
	1,363	Hillenbrand Inc.		53,907
	1,072	HNI Corporation		36,684
	1,116	Hub Group, Inc., (2)		48,323
	703	Hubbell Inc.		88,451
	115	Huron Consulting Group, Inc., (2)		4,209
	147	Hyster-Yale Materials Handling Inc.		11,538
	133	ICF International, Inc., (2)		7,142
	463	Insperity Inc.		43,939
	810	Interface, Inc.		18,468

NUVEEN 81

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Industrials (continued)
	1,056	ITT, Inc.	$	49,252
	88	Kaman Corporation		4,923
	1,646	KAR Auction Services Inc.		77,905
	158	Kelly Services, Inc.		4,157
	2,507	Kennametal Inc.		109,431
	1,057	Keyw Holding Corporation, (2)		7,980
	245	KForce Inc.		5,133
	681	Knoll Inc.		14,451
	634	Matthews International Corporation		39,847
	159	McGrath Rentcorp.		7,107
	1,239	Mercury Computer Systems Inc., (2)		62,532
	2,736	Meritor Inc., (2)		71,163
	851	Miller (Herman) Inc.		28,594
	787	Mobile Mini, Inc.		26,050
	282	MYR Group Inc., (2)		8,993
	222	Navigant Consulting Inc., (2)		3,843
	1,753	Navistar International Corporation, (2)		74,169
	859	On Assignment, Inc., (2)		52,588
	1,499	Oshkosh Truck Corporation		137,248
	2,439	Pitney Bowes Inc.		33,512
	8,383	Plug Power Inc., (2)		23,892
	534	Proto Labs Incorporated, (2)		46,592
	3,982	Quanta Services Incorporated, (2)		150,241
	2,734	R.R. Donnelley & Sons Company		25,153
	789	Raven Industries, Inc.		26,550
	923	Regal-Beloit Corporation		74,901
	1,832	Ryder System, Inc.		148,539
	245	SP Plus Corporation, (2)		9,494
	1,779	Spirit AeroSystems Holdings Inc.		142,498
	1,495	Steelcase Inc.		21,752
	554	Team, Inc., (2)		6,814
	725	Teledyne Technologies Inc., (2)		123,221
	433	Tennant Company		30,029
	1,192	Tetra Tech, Inc.		58,706
	727	The Advisory Board Company, (2)		39,203
	1,940	Toro Company		121,929
	993	TriMas Corporation, (2)		26,364
	1,074	TriNet Group Inc., (2)		37,289
	503	TrueBlue Inc., (2)		13,631

82 NUVEEN

Shares		Description (1)	Value
		Industrials (continued)
	481	Valmont Industries, Inc.	$	76,431
	394	Veritiv Corporation, (2)		12,667
	152	Viad Corporation		8,824
	1,253	Wabash National Corporation		28,193
	707	WageWorks, Incorporated, (2)		45,071
	2,484	Welbilt Incorporation, (2)		54,797
	1,714	Wesco Aircraft Holdings Inc., (2)		15,512
	1,095	WESCO International Inc., (2)		69,149
	1,249	Woodward Governor Company		96,585
	1,403	YRC Worldwide Inc., (2)		18,898
		Total Industrials		4,925,791
		Information Technology – 17.2%
	1,275	2U Inc., (2)		81,128
	1,889	ACI Worldwide, Inc., (2)		45,487
	263	Actua Corporation, (2)		4,063
	1,375	ANGI Homeservices, Inc., (2)		17,188
	1,951	Arris International PLC, (2)		55,604
	131	Badger Meter Inc.		5,738
	479	Belden Inc.		38,277
	666	Benchmark Electronics Inc., (2)		20,613
	658	BenefitFocus Inc., (2)		18,029
	1,279	Black Knight, Inc., (2)		58,003
	1,161	Blackbaud, Inc.		117,609
	307	BlackLine, Inc., (2)		10,905
	3,214	Booz Allen Hamilton Holding		121,457
	968	Brightcove Inc., (2)		7,744
	2,618	Brooks Automation Inc.		90,033
	61	Cabot Microelectronics Corporation		5,897
	246	CalAmp Corporation, (2)		5,592
	706	Calix Inc., (2)		3,883
	1,866	Callidus Software, Inc., (2)		47,303
	201	Cass Information Systems, Inc.		12,965
	463	ChannelAdvisor Corporation, (2)		5,209
	1,805	Ciena Corporation, (2)		38,392
	545	Cimpress NV, (2)		59,481
	1,344	Cirrus Logic Inc., (2)		75,264
	1,140	Cognex Corporation		140,391
	358	Coherent Inc., (2)		94,050
	3,277	Conduent, Inc., (2)		50,728

NUVEEN 83

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Information Technology (continued)
	575	Cray, Inc., (2)	$	11,874
	1,474	Cree, Inc., (2)		52,622
	531	CSG Systems International Inc.		22,483
	1,674	Diebold Inc.		32,308
	288	Dolby Laboratories, Inc.		16,687
	4,205	Entegris Inc.		137,714
	87	ePlus, Inc., (2)		8,317
	1,165	Etsy, Inc., (2)		19,456
	149	Exlservice Holdings, Inc., (2)		9,301
	744	Fabrinet, (2)		27,662
	389	Fair Isaac Corporation		56,467
	2,065	Finisar Corporation, (2)		48,610
	1,302	First Solar Inc., (2)		71,376
	1,644	Five9, Inc., (2)		41,478
	480	Gigamon Inc., (2)		18,480
	1,743	GoDaddy, Inc., Class A Shares, (2)		81,398
	2,151	Gogo Inc., (2)		21,381
	3,363	Infinera Corporation, (2)		28,148
	328	Insight Enterprises Inc., (2)		14,776
	727	Interdigital Inc.		53,325
	923	Kemet Corporation, (2)		23,712
	1,869	Keysight Technologies, Inc., (2)		83,488
	1,478	Knowles Corporation, (2)		24,476
	445	Littelfuse Inc.		93,005
	483	Liveperson, Inc., (2)		6,786
	970	LogMeIn Inc.		117,419
	1,082	Lumentum Holdings Inc., (2)		68,328
	1,338	Manhattan Associates Inc., (2)		56,009
	875	Mellanox Technologies, Limited, (2)		40,906
	468	Methode Electronics, Inc.		21,949
	1,166	MINDBODY, Inc., Class A Shares, (2)		37,604
	88	MTS Systems Corporation		4,580
	925	Nanometrics Inc., (2)		26,150
	534	National Instruments Corporation		24,030
	528	Netgear, Inc., (2)		24,631
	1,188	NetScout Systems, Inc., (2)		33,739
	1,146	New Relic, Inc., (2)		58,824
	415	Novanta, Inc., (2)		19,630
	1,033	Nutanix, Inc., (2)		29,441

84 NUVEEN

Shares		Description (1)	Value
		Information Technology (continued)
	113	NVE Corporation	$	9,614
	3,414	Oclaro Inc., (2)		28,234
	8,687	ON Semiconductor Corporation, (2)		185,207
	244	OSI Systems Inc., (2)		21,565
	5,034	Pandora Media, Inc., (2)		36,799
	2,392	Parametric Technology Corporation, (2)		158,948
	808	Paylocity Holding Corporation, (2)		43,155
	235	Plantronics Inc.		10,660
	216	Plexus Corporation, (2)		13,269
	1,005	Power Integrations Inc.		80,752
	1,873	Quotient Technology Inc., (2)		29,312
	879	Qualys Incorporated, (2)		46,499
	2,766	Rambus Inc., (2)		40,688
	567	Rapid7 Inc., (2)		10,251
	1,674	RingCentral Inc., Class A, (2)		70,559
	262	Rogers Corporation, (2)		39,845
	1,324	Sanmina-SCI Corporation, (2)		43,328
	1,193	Science Applications International Corporation		87,495
	1,963	ServiceSource International Inc., (2)		6,831
	1,360	Silicon Laboratories Inc., (2)		129,064
	635	Silver Springs Networks Inc., (2)		10,236
	768	SolarEdge Technologies, Inc., (2)		25,229
	523	Sonus Networks, Inc., (2)		4,079
	3,585	Square Inc., (2)		133,326
	196	Sykes Enterprises Inc., (2)		5,672
	415	SYNNEX Corporation		55,975
	1,159	Tableau Software Inc., Class A, (2)		93,983
	2,089	Take-Two Interactive Software, Inc., (2)		231,148
	352	Tech Data Corporation, (2)		32,655
	417	TeleTech Holdings, Inc.		17,368
	2,135	Teradata Corporation, (2)		71,416
	2,067	TiVo, Inc.		37,516
	2,308	Travelport Worldwide Limited		36,213
	2,043	TTM Technologies, Inc., (2)		32,239
	94	Tucows Inc., (2)		5,494
	1,304	Twilio, Inc., (2)		41,663
	638	Universal Display Corporation		93,467
	480	Vasco Data Security International, Inc., (2)		6,528
	1,062	VeriFone Holdings Inc., (2)		20,263

NUVEEN 85

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Information Technology (continued)
	2,327	Versum Materials, Inc.	$	97,920
	811	Virtusa Corporation, (2)		30,948
	1,649	Vishay Intertechnology Inc.		36,690
	833	WEX, Inc., (2)		102,950
	786	Zebra Technologies Corporation, Class A, (2)		91,168
	2,250	Zendesk Inc., (2)		69,750
		Total Information Technology		5,275,574
		Materials – 5.9%
	566	AptarGroup Inc.		49,282
	1,014	Balchem Corporation		85,470
	1,008	Bemis Company, Inc.		45,380
	2,152	Berry Plastics Corporation, (2)		127,936
	753	Boise Cascade Company		26,694
	116	Clearwater Paper Corporation, (2)		5,353
	1,169	Compass Minerals International, Inc.		76,686
	110	Domtar Corporation		5,205
	2,719	Ferro Corporation		64,767
	2,028	Flotek Industries Inc., (2)		9,978
	2,092	GCP Applied Technologies, Inc., (2)		61,191
	704	Glatfelter		14,756
	133	Greif , Inc., Class B Shares		8,359
	943	Greif Inc.		52,365
	1,735	H.B. Fuller Company		98,669
	203	Hawkins Inc.		7,734
	2,244	KapStone Paper and Packaging Corp.		50,400
	1,782	Louisiana-Pacific Corporation, (2)		48,435
	864	Materion Corporation		44,366
	546	Mercer International Inc.		8,026
	1,211	Minerals Technologies Inc.		87,071
	314	Myers Industries, Inc.		6,782
	86	Neenah Paper, Inc.		7,465
	1,853	OMNOVA Solutions Inc., (2)		20,476
	1,972	Reliance Steel & Aluminum Company		151,528
	1,161	Royal Gold, Inc.		97,652
	685	Ryerson Holding Corporation, (2)		6,028
	1,143	Schnitzer Steel Industries, Inc.		33,661
	1,621	Scotts Miracle Gro Company		161,484
	1,189	Sensient Technologies Corporation		90,423
	1,230	Sonoco Products Company		63,702

86 NUVEEN

Shares		Description (1)	Value
		Materials (continued)
	856	Stepan Company	$	68,360
	1,429	Trinseo S.A.		101,459
	127	US Concrete, Inc., (2)		9,931
		Total Materials		1,797,074
		Real Estate – 9.8%
	419	Alexander & Baldwin Inc.		18,956
	555	Altisource Portfolio Solutions SA, (2)		14,341
	2,508	American Campus Communities Inc.		104,283
	2,435	Apartment Investment & Management Company, Class A		107,091
	881	Apple Hospitality REIT, Inc.		16,686
	4,176	Brandywine Realty Trust		73,038
	6,777	CBL & Associates Properties Inc.		53,132
	368	Chesapeake Lodging Trust		10,267
	953	Coresite Realty Corporation		105,545
	2,293	Corporate Office Properties		73,215
	2,178	Cousins Properties, Inc.		19,646
	2,153	CyrusOne Inc.		132,173
	1,012	DCT Industrial Trust Inc.		58,716
	3,347	DiamondRock Hospitality Company		36,348
	2,658	Douglas Emmett Inc.		105,762
	266	Easterly Government Properties, Inc.		5,352
	2,063	Education Realty Trust Inc.		71,999
	2,265	Empire State Realty Trust Inc.		45,413
	922	Entertainment Properties Trust		63,784
	2,523	First Industrial Realty Trust, Inc.		77,910
	3,125	Forest City Realty Trust Inc.		76,969
	1,281	Four Corners Property Trust, Inc.		31,615
	3,320	Franklin Street Properties Corporation		33,200
	2,555	Gaming and Leisure Properties Inc.		93,360
	197	Getty Realty Corporation		5,597
	785	Government Properties Income Trust		14,263
	3,412	Gramercy Property Trust		101,336
	698	HFF Inc., Class A Shares, (2)		30,614
	2,528	Hospitality Properties Trust		72,250
	678	Howard Hughes Corporation, (2)		86,533
	766	iStar Inc., (2)		8,962
	3,546	Kennedy-Wilson Holdings Inc.		68,970
	1,215	Kilroy Realty Corporation		86,544
	461	Marcus & Millichap Inc., (2)		13,102

NUVEEN 87

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments October 31, 2017

Shares		Description (1)	Value
		Real Estate (continued)
	1,137	MGM Growth Properties LLC	$	33,553
	591	Northstar Realty Europe Corporation		7,961
	2,597	Paramount Group Inc.		41,344
	1,454	Park Hotels & Resorts, Inc.		41,861
	1,626	Piedmont Office Realty Trust		31,447
	1,380	Potlatch Corporation		71,484
	1,209	QTS Realty Trust Inc., Class A Shares		69,941
	681	Rayonier Inc.		20,416
	2,427	Realogy Holdings Corporation		78,465
	2,063	Rexford Industrial Realty Inc.		61,250
	4,928	RLJ Lodging Trust		106,740
	3,653	Sabra Health Care Real Estate Investment Trust Inc.		72,768
	521	Saul Centers Inc.		31,844
	2,289	Select Income REIT		55,302
	5,211	Senior Housing Properties Trust		95,882
	855	St Joe Company, (2)		15,219
	1,514	Summit Hotel Properties Inc.		23,936
	3,673	Sunstone Hotel Investors Inc.		59,943
	308	Tejon Ranch Company, (2)		5,806
	267	The RMR Group Inc.		14,004
	1,117	Tier REIT, Inc.		21,860
	3,670	Uniti Group, Inc.		64,225
	930	Washington Real Estate Investment Trust		29,937
	1,634	Xenia Hotels & Resorts Inc.		35,556
		Total Real Estate		3,007,716
		Telecommunication Services – 0.9%
	1,012	Boingo Wireless Inc., (2)		23,661
	1,563	Cincinnati Bell Inc., (2)		29,853
	1,452	Cogent Communications Group, Inc.		78,263
	2,504	Consolidated Communications Holdings, Inc.		48,002
	12,300	Globalstar, Inc., (2)		19,803
	371	IDT Corporation		4,890
	2,772	Iridium Communications Inc., (2)		33,264
	590	Orbcomm, Inc., (2)		6,673
	2,987	Vonage Holdings Corporation, (2)		24,284
		Total Telecommunication Services		268,693
		Utilities – 3.9%
	1,100	8point3 Energy Partners LP		16,654
	5,770	Aqua America Inc.		204,720

88 NUVEEN

Shares		Description (1)	Value
		Utilities (continued)
	477	Chesapeake Utilities Corporation	$	38,422
	3,302	New Jersey Resources Corporation		146,774
	1,565	NextEra Energy Partners LP		61,567
	1,761	One Gas Inc.		135,562
	1,579	Ormat Technologies Inc.		102,524
	2,413	Pattern Energy Group Inc.		55,668
	1,189	Southwest Gas Holdings, Inc.		97,962
	1,939	Spire, Inc.		153,084
	1,998	TerraForm Global Inc., Class A Shares		9,740
	2,082	TerraForm Power, Inc., (2)		27,961
	1,577	WGL Holdings Inc.		135,149
		Total Utilities		1,185,787
		Total Long-Term Investments (cost $28,993,128)		30,586,770
		Other Assets Less Liabilities – 0.1%		42,189
		Net Assets – 100%	$	30,628,959

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 89

Statement of

Assets and Liabilities October 31, 2017

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
Assets
Long-term investments, at value (cost $23,794,707, $22,825,398, $23,128,599, $26,930,146, $20,535,422, $22,555,796 and $28,993,128, respectively)	$	24,950,810	$	23,412,946	$	24,298,409	$	27,779,067	$	21,310,445	$	22,915,853	$	30,586,770
Cash		12,001		20,755		37,897		22,483		42,002		13,929		40,249
Cash denominated in foreign currencies (cost $3,995, $—, $—, $—, $—, $—, and $—, respectively)		3,996		—		—		—		—		—		—
Receivable for:
Dividends		13,090		31,537		11,333		27,853		4,966		20,499		10,000
Reclaims		387		1,758		713		1		10		—		20
Shares sold		4,338,321		293,758		35,776		3,737		—		5,437		—
Total assets		29,318,605		23,760,754		24,384,128		27,833,141		21,357,423		22,955,718		30,637,039
Liabilities
Cash overdraft denominated in foreign currencies (cost $—, $356, $—, $—, $—, $— and $—, respectively)		—		359		—		—		—		—		—
Payable for investments purchased		4,394,930		—		—		—		22,753		—		—
Accrued expenses:
Management fees		6,568		5,079		4,327		5,408		4,638		4,352		8,025
Professional fees		72		72		—		—		—		—		—
Trustees fees		58		58		19		25		22		26		55
Total liabilities		4,401,628		5,568		4,346		5,433		27,413		4,378		8,080
Net assets	$	24,916,977	$	23,755,186	$	24,379,782	$	27,827,708	$	21,330,010	$	22,951,340	$	30,628,959
Shares outstanding		900,000		900,000		800,000		1,000,000		750,000		850,000		1,100,000
Net asset value (“NAV”) per share	$	27.69	$	26.39	$	30.47	$	27.83	$	28.44	$	27.00	$	27.84
Net assets consist of:
Capital paid-in	$	23,666,666	$	23,075,135	$	23,020,149	$	26,675,490	$	20,364,755	$	22,411,960	$	28,774,785
Undistributed (Over-distribution of) net investment income		88,285		81,396		65,029		191,262		23,741		128,674		150,056
Accumulated net realized gain (loss)		6,580		11,275		124,794		112,035		166,491		50,649		110,476
Net unrealized appreciation (depreciation)		1,155,446		587,380		1,169,810		848,921		775,023		360,057		1,593,642
Net assets	$	24,916,977	$	23,755,186	$	24,379,782	$	27,827,708	$	21,330,010	$	22,951,340	$	30,628,959
Authorized shares		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited
Par value per share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01

See accompanying notes to financial statements.

90 NUVEEN

Statement of

Operations

	NUEM*			NUDM*		NULG**		NULV**		NUMG**		NUMV**		NUSC**
Investment Income (net of dividend tax withheld of $15,964, $6,939, $1, $—, $418, $—, and $236, respectively)	$	121,221		$	94,614	$	88,286	$	220,472	$	48,966	$	153,118	$	201,662
Expenses
Management fees		23,434			18,297		23,113		29,064		25,084		24,295		51,320
Professional fees		72			72		54		54		54		54		105
Trustees fees		97			97		134		134		134		134		267
Total expenses		23,603			18,466		23,301		29,252		25,272		24,483		51,692
Net investment income (loss)		97,618			76,148		64,985		191,220		23,694		128,635		149,970
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(2,753	)		16,523		124,838		112,077		166,411		50,688		110,562
In-kind redemptions		—			—		137,401		7,653		66,315		—		26,959
Change in net unrealized appreciation (depreciation) of investments and foreign currency		1,155,446			587,380		1,169,810		848,921		775,023		360,057		1,593,642
Net realized and unrealized gain (loss)		1,152,693			603,903		1,432,049		968,651		1,007,749		410,745		1,731,163
Net increase (decrease) in net assets from operations	$	1,250,311		$	680,051	$	1,497,034	$	1,159,871	$	1,031,443	$	539,380	$	1,881,133

* For the period June 6, 2017 (commencement of operations) through October 31, 2017.

** For the period December 13, 2016 (commencement of operations) through October 31, 2017.

See accompanying notes to financial statements.

NUVEEN 91

Statement of

Changes in Net Assets

	NUEM*			NUDM*		NULG**			NULV**			NUMG**			NUMV**		NUSC**
Operations
Net investment income (loss)	$	97,618		$	76,148	$	64,985		$	191,220		$	23,694		$	128,635	$	149,970
Net realized gain (loss) from:
Investments and foreign currency		(2,753	)		16,523		124,838			112,077			166,411			50,688		110,562
In-kind redemptions		—			—		137,401			7,653			66,315			—		26,959
Change in net unrealized appreciation (depreciation) of investments and foreign currency		1,155,446			587,380		1,169,810			848,921			775,023			360,057		1,593,642
Net increase (decrease) in net assets from operations		1,250,311			680,051		1,497,034			1,159,871			1,031,443			539,380		1,881,133
Fund Share Transactions
Proceeds from shares sold		23,666,666			23,075,135		25,501,848			27,911,667			21,610,997			22,411,960		29,992,821
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		23,666,666			23,075,135		22,882,748			26,667,837			20,298,567			22,411,960		28,747,826
Net increase (decrease) in net assets		24,916,977			23,755,186		24,379,782			27,827,708			21,330,010			22,951,340		30,628,959
Net assets at the beginning of period		—			—		—			—			—			—		—
Net assets at the end of period	$	24,916,977		$	23,755,186	$	24,379,782		$	27,827,708		$	21,330,010		$	22,951,340	$	30,628,959
Undistributed (Over-distribution of) net investment income at the end of period	$	88,285		$	81,396	$	65,029		$	191,262		$	23,741		$	128,674	$	150,056

* For the period June 6, 2017 (commencement of operations) through October 31, 2017.

** For the period December 13, 2016 (commencement of operations) through October 31, 2017.

See accompanying notes to financial statements.

92 NUVEEN

THIS PAGE INTENTIONALLY LEFT BLANK

NUVEEN 93

Financial

Highlights

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
NUEM
2017(c)	$	24.95	$	0.20	$	2.54	$	2.74	$	27.69	$	28.05
NUDM
2017(c)		24.88		0.17		1.34		1.51		26.39		26.57
NULG
2017(d)		25.21		0.24		5.02		5.26		30.47		30.53
NULV
2017(d)		25.09		0.53		2.21		2.74		27.83		27.88
NUMG
2017(d)		25.10		0.09		3.25		3.34		28.44		28.46
NUMV
2017(d)		25.04		0.48		1.48		1.96		27.00		27.01
NUSC
2017(d)		25.01		0.27		2.56		2.83		27.84		27.89

94 NUVEEN

						Ratios/Supplemental Data
Total Return								Ratios to Average Net Assets
Based on NAV(b)			Based on Market Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	11.03	%		12.42	%	$	24,917		0.45	%*		1.86	%*		13	%
	6.07			6.78			23,755		0.40	*		1.65	*		9
	20.88			21.10			24,380		0.35	*		0.98	*		30
	10.90			11.11			27,828		0.35	*		2.30	*		33
	13.30			13.38			21,330		0.40	*		0.38	*		53
	7.82			7.86			22,951		0.40	*		2.12	*		46
	11.34			11.54			30,629		0.40	*		1.17	*		36

(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 June 6, 2017 (commencement of operations) through October 31, 2017.

(d) For the period December 13, 2016 (commencement of operations) through October 31, 2017.

(e) 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 95

Notes to

Financial Statements

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 Emerging Markets Equity ETF (NUEM), Nushares ESG International Developed Markets Equity ETF (NUDM), 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 Cboe BZX Exchange, Inc. (formerly, BATS BZX Exchange, Inc.) (the “Exchange”).

The end of the reporting period for the Funds is October 31, 2017, and the period covered by these Notes to Financial Statements for NULG, NULV, NUMG, NUMV, and NUSC is December 13, 2016 (commencement of operations) through October 31, 2017 and for NUEM and NUDM is June 6, 2017 (commencement of operations) through October 31, 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’ portfolios, 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, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives

NUEM seeks to track the investment results, before fees and expenses, of the TIAA ESG Emerging Markets Equity Index. NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index. 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 their 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 following Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:

	NUEM
Outstanding when-issued/delayed delivery purchase commitments	$	452,928

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”).

96 NUVEEN

Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and distributed to shareholders annually. 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.

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 the 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. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from independent pricing services (“pricing services”). As a result, the net asset value (“NAV”) of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

NUVEEN 97

Notes to Financial Statements (continued)

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 a 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 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.

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:

NUEM	Level 1		Level 2		Level 3		Total
Long-Term Investments*
Common Stocks	$	24,950,748	$	—	$	—	$	24,950,748
Common Stock Rights		62		—		—		62
Total	$	24,950,810	$	—	$	—	$	24,950,810
NUDM
Long-Term Investments*
Common Stocks	$	23,410,344	$	—	$	—	$	23,410,344
Common Stock Rights		2,602		—		—		2,602
Total	$	23,412,946	$	—	$	—	$	23,412,946
NULG
Long-Term Investments*:
Common Stocks	$	24,298,409	$	—	$	—	$	24,298,409
NULV
Long-Term Investments*:
Common Stocks	$	27,779,067	$	—	$	—	$	27,779,067
NUMG
Long-Term Investments*:
Common Stocks	$	21,310,445	$	—	$	—	$	21,310,445
NUMV
Long-Term Investments*:
Common Stocks	$	22,915,853	$	—	$	—	$	22,915,853
NUSC
Long-Term Investments*:
Common Stocks	$	30,586,770	$	—	$	—	$	30,586,770

* 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.

98 NUVEEN

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

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

As of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:

NUEM	Value		% of Net Assets
Country:
China	$	7,206,033		28.9	%
Korea, Republic of		3,721,832		14.9
Taiwan		3,044,724		12.2
India		2,129,932		8.5
Brazil		1,845,718		7.4
South Africa		1,707,664		6.9
Mexico		773,949		3.1
Malaysia		639,049		2.6
Thailand		546,424		2.2
Chile		484,785		1.9
Other		2,850,700		11.5
Total non-U.S. securities	$	24,950,810		100.1	%

NUDM	Value		% of Net Assets
Country:
Japan	$	5,679,123		23.9	%
United Kingdom		4,025,594		16.9
France		2,522,361		10.6
Germany		2,327,942		9.8
Switzerland		1,882,655		7.9
Australia		1,560,792		6.6
Netherlands		831,478		3.5
Spain		827,685		3.5
Sweden		707,640		3.0
Italy		563,551		2.4
Other		2,484,125		10.5
Total non-U.S. securities	$	23,412,946		98.6	%

NUVEEN 99

Notes to Financial Statements (continued)

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. London Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

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 Funds’ 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.

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 at NAV only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Only certain institutional investors (referred to as “Authorized Participants”) who have entered into agreements with Nuveen Securities, LLC, the Funds’ distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market prices and are only available to individual investors through their brokers.

Creation Units are purchased and redeemed in-kind for a designated portfolio of securities included in each Fund’s respective Index and/or a specified amount of cash. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or selling portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” on the Statements of Changes in Net Assets.

100 NUVEEN

Transactions in Fund shares during the current fiscal period were as follows:

	NUEM				NUDM						NULG						NULV
	For the period 6/6/17 (commencement of operations) through 10/31/17				For the period 6/6/17 (commencement of operations) through 10/31/17						For the period 12/13/16 (commencement of operations) through 10/31/17						For the period 12/13/16 (commencement of operations) through 10/31/17
	Shares		Amount		Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		900,000	$	23,666,666		900,000		$	23,075,135			900,000		$	25,501,848			1,050,000		$	27,911,667
Shares redeemed		—		—		—			—			(100,000	)		(2,619,100	)		(50,000	)		(1,243,830	)
Net increase		900,000	$	23,666,666		900,000		$	23,075,135			800,000		$	22,882,748			1,000,000		$	26,667,837
					NUMG						NUMV						NUSC
					For the period 12/13/16 (commencement of operations) through 10/31/17						For the period 12/13/16 (commencement of operations) through 10/31/17						For the period 12/13/16 (commencement of operations) through 10/31/17
					Shares			Amount			Shares			Amount			Shares			Amount
Shares sold						800,000		$	21,610,997			850,000		$	22,411,960			1,150,000		$	29,992,821
Shares redeemed						(50,000	)		(1,312,430	)		—			—			(50,000	)		(1,244,995	)
Net increase						750,000		$	20,298,567			850,000		$	22,411,960			1,100,000		$	28,747,826

5. Investment Transactions

Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
Purchases	$	19,925,396	$	1,822,321	$	2,591,219	$	3,714,787	$	4,167,493	$	3,784,797	$	5,818,530
Sales		1,886,423		1,134,922		2,519,967		3,520,622		4,136,922		3,571,538		5,647,040

In-kind transactions during the current fiscal period were as follows:

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
In-kind purchases	$	5,749,153	$	22,122,234	$	25,410,642	$	27,857,907	$	21,580,893	$	22,292,647	$	29,938,658
In-kind sales		—		—		2,615,457		1,241,584		1,308,721		—		1,244,983

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.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income

tax basis, as of October 31, 2017.

	NUEM			NUDM			NULG			NULV			NUMG			NUMV			NUSC
Tax cost of investments	$	23,820,001		$	22,842,617		$	23,129,431		$	26,931,439		$	20,536,331		$	22,559,000		$	29,002,621
Gross unrealized:
Appreciation	$	1,520,661		$	840,050		$	1,461,377		$	1,326,465		$	1,197,530		$	730,469		$	2,507,193
Depreciation		(389,852	)		(269,721	)		(292,399	)		(478,837	)		(423,416	)		(373,616	)		(923,044	)
Net unrealized appreciation (depreciation) of investments	$	1,130,809		$	570,329		$	1,168,978		$	847,628		$	774,114		$	356,853		$	1,584,149

Permanent differences, primarily due to foreign currency transactions, redemption in-kind, capital gain tax expense, dividend reclassification and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2017, the Funds’ tax year end, as follows:

	NUEM			NUDM			NULG			NULV			NUMG			NUMV			NUSC
Capital paid-in	$	—		$	—		$	137,401		$	7,653		$	66,188		$	—		$	26,959
Undistributed (Over-distribution of) net investment income		(9,333	)		5,248			44			42			47			39			86
Accumulated net realized gain (loss)		9,333			(5,248	)		(137,445	)		(7,695	)		(66,235	)		(39	)		(27,045	)

NUVEEN 101

Notes to Financial Statements (continued)

The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2017, the Funds’ tax year end, were as follows:

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
Undistributed net ordinary income1	$	120,159	$	109,890	$	190,655	$	304,587	$	191,141	$	181,768	$	268,908
Undistributed net long-term capital gains		—		—		—		3		—		759		1,117

¹  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ tax year ended October 31, 2017, was designated for purposes of the dividends paid deduction as follows:

For the period June 6, 2017 (commencement of operations) through October 31, 2017	NUEM		NUDM
Distributions from net ordinary income1	$	—	$	—
Distributions from net long-term capital gains		—		—

For the period December 13, 2016 (commencement of operations) through October 31, 2017	NULG		NULV		NUMG		NUMV		NUSC
Distributions from net ordinary income1	$	—	$	—	$	—	$	—	$	—
Distributions from net long-term capital gains		—		—		—		—		—

¹  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

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
NUEM		0.45	%
NUDM		0.40
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.

During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:

Inter-Fund Trades	NULG		NULV	NUMG		NUMV	NUSC
Purchases	$	415,098	$791,321	$	543,382	$491,278	$132,709
Sales		621,360	980,826		911,858	478,004	420,070

As of the end of the reporting period, TIAA owned shares of the Funds as follows:

Fund	NUEM		NUDM		NULG		NULV	NUMG		NUMV	NUSC
TIAA owned shares		759,000		843,000		692,700	649,200		734,600	735,600	749,300

102 NUVEEN

Additional

Fund Information (Unaudited)

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
Public Accounting Firm KPMG LLP 200 East Randolph Drive Chicago, IL 60601   Administrator, Custodian and
Transfer Agent 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).
	NUEM		NUDM
June 6, 2017 (commencement of operations) through October 31, 2017	Number of Days	% of Total Days	Number of Days	% of Total Days
Premium/Discount Range:
Greater than 3.00%	—	0.0%	—	0.0%
1.01% to 3.00%	39	37.4%	2	1.9%
0.51% to 1.00%	53	51.0%	61	58.7%
0.26% to 0.50%	6	5.8%	31	29.8%
0.00% to 0.25%	3	2.9%	8	7.7%
(0.01)% to (0.25)%	2	1.9%	—	0.0%
(0.26)% to (0.50)%	—	0.0%	2	1.9%
Less than (0.50)%	1	1.0%	—	0.0%
	104	100%	104	100%
	NULG		NULV
December 13, 2016 (commencement of operations) through October 31, 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	0.5%	—	0.0%
0.51% to 1.00%	1	0.5%	—	0.0%
0.26% to 0.50%	2	0.9%	1	0.5%
0.00% to 0.25%	129	58.0%	122	54.9%
(0.01)% to (0.25)%	89	40.1%	99	44.6%
(0.26)% to (0.50)%	—	0.0%	—	0.0%
Less than (0.50)%	—	0.0%	—	0.0%
	222	100%	222	100%
	NUMG		NUMV
December 13, 2016 (commencement of operations) through October 31, 2017	Number of Days	% Total Days	Number of Days	% Total Days
Premium/Discount Range:
Greater than 3.00%	—	0.0%	1	0.5%
1.01% to 3.00%	2	0.9%	—	0.0%
0.51% to 1.00%	2	0.9%	—	0.0%
0.26% to 0.50%	—	0.0%	2	0.9%
0.00% to 0.25%	114	51.4%	114	51.3%
(0.01)% to (0.25)%	104	46.8%	105	47.3%
(0.26)% to (0.50)%	—	0.0%	—	0.0%
Less than (0.50)%	—	0.0%	—	0.0%
	222	100%	222	100%

NUVEEN 103

Additional

Fund Information (Unaudited) (continued)

	NUSC
December 13, 2016 (commencement of operations) through October 31, 2017	Number of Days	% Total Days
Premium/Discount Range:
Greater than 3.00%	—	0.0%
1.01% to 3.00%	1	0.5%
0.51% to 1.00%	1	0.5%
0.26% to 0.50%	8	3.6%
0.00% to 0.25%	149	67.0%
(0.01)% to (0.25)%	62	27.9%
(0.26)% to (0.50)%	—	0.0%
Less than (0.50)%	1	0.5%
	222	100%

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.

104 NUVEEN

Glossary of Terms

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI USA Growth Index: An index designed to capture large and mid cap securities exhibiting overall growth style characteristics in the U.S. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI USA Mid Cap Growth Index: An index designed to capture mid cap securities exhibiting overall growth style characteristics in the U.S. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI USA Mid Cap Value Index: An index designed to capture mid cap U.S. securities exhibiting overall value style characteristics. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI USA Small Cap Index: An index designed to measure the performance of the small cap segment of the U.S. equity market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI USA Value Index: An index designed to capture large and mid cap U.S. securities exhibiting overall value style characteristics. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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 Emerging Markets Equity Index: A custom index that is owned and calculated by MSCI Inc., based on the MSCI Emerging Markets Index, and aims to increase exposure to positive environmental, social and governance (ESG) factors and exhibit lower carbon exposure as compared to the MSCI Emerging Markets Index. The NuShares ESG Emerging Markets Equity ETF (“Fund”) is not sponsored, endorsed, issued, sold or promoted by or affiliated with MSCI Inc. MSCI Inc. does not make any representation regarding the advisability of investing in the Fund. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

NUVEEN 105

Glossary of Terms Used in this Report (Unaudited) (continued)

TIAA ESG International Developed Markets Equity Index: A custom index that is owned and calculated by MSCI Inc., based on the MSCI EAFE Index, and aims to increase exposure to positive environmental, social and governance (ESG) factors and exhibit lower carbon exposure as compared to the MSCI EAFE Index. The NuShares ESG International Developed Markets Equity ETF (“Fund”) is not sponsored, endorsed, issued, sold or promoted by or affiliated with MSCI Inc. MSCI Inc. does not make any representation regarding the advisability of investing in the Fund. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

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.

106 NUVEEN

Annual Investment Management Agreement

Approval Process (Unaudited)

Set forth in Part I below is a discussion of the initial approval of the Board of Trustees of NuShares ETF Trust (the “Trust”) of the advisory arrangements for the following funds: NuShares ESG Emerging Markets Equity ETF; and NuShares ESG International Developed Markets Equity ETF. Set forth in Part II below is a discussion of the initial approval of the Board of Trustees of the Trust of the advisory arrangements for the following funds: 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.

I.

NuShares ESG Emerging Markets Equity ETF

NuShares ESG International Developed Markets Equity ETF

At a meeting held on April 11-12, 2017 (for purposes of this Part I, the “Meeting”), the Board of Trustees (the “Board” and each Trustee, a “Board Member”) of the Trust, including the Independent Board Members (as defined below), considered and approved the investment management agreement (for purposes of this Part I, the “Investment Management Agreement”) between the Trust and Nuveen Fund Advisors, LLC (the “Adviser”) on behalf of NuShares ESG International Developed Markets Equity ETF (the “Developed Markets ETF”) and NuShares ESG Emerging Markets Equity ETF (for purposes of this Part I, the “Emerging Markets ETF”; the Developed Markets ETF and the Emerging Markets ETF are each a “Fund” and collectively, the “Funds”), each a series of the Trust, and the investment sub-advisory agreement for purposes of this Part I (the “Sub-Advisory Agreement”) between the Adviser and Teachers Advisors, LLC (the “Sub-Adviser”). For purposes of this Part I, the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” For purposes of this Part I, 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 net expense ratio with the net expense ratios of comparable funds; and

• the soft dollar practices of the Fund Adviser, if any.

At the Meeting and/or 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 (i.e., added in 2016); 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 underlying index (for purposes of this Part I, each, an “Index”).

NUVEEN 107

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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 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 and/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 other Nuveen ETFs, 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 certain performance-related data pertaining to each Index (including, among other things, total return, price-to-earnings and dividend yield data pertaining to such Index and the applicable secondary benchmark index) for, in the case of the Developed Markets ETF, the period from May 31, 2012 through October 31, 2016, and in the case of the Emerging Markets ETF, the period from November 30, 2012 through October 31, 2016.

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 net expense ratio in absolute terms as well as compared with the net 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 unitary fee as well as comparative data pertaining to net expense ratios of existing ETFs with a broad ESG focus. The Independent Board

108 NUVEEN

Members took into account that most, although not all, of such existing ETFs also had a unitary fee structure. Further, they noted that the proposed unitary fee for each Fund was lower than the weighted average net expense ratio for the broad-based ESG ETF category. Further, the Independent Board Members considered the proposed sub-advisory fee for each Fund, 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 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 net expense ratios of existing ETFs with a broad ESG focus. The Board has also noted at prior meetings 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 has 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 have noted that although, except for other Nuveen ETFs, 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, as the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), the Board has reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves to have a fuller understanding of the financial condition and strength of the TIAA 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

NUVEEN 109

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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 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.

II.

NuShares ESG Large-Cap Growth ETF

NuShares ESG Large-Cap Value ETF

NuShares ESG Mid-Cap Growth ETF

NuShares ESG Mid-Cap Value ETF

NuShares ESG Small-Cap ETF

At a meeting held on November 14-16, 2016 (for purposes of this Part II, the “Meeting”), the Board of Trustees (the “Board” and each Trustee, a “Board Member”) of the Trust, including the Independent Board Members (as defined below), considered and approved the investment management agreement (for purposes of this Part II, 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 (for purposes of this Part II, each, a “Fund” and collectively, the “Funds”), each a series of the Trust, and the investment sub-advisory agreement (for purposes of this Part II, the “Sub-Advisory Agreement”) between the Adviser and Teachers Advisors, LLC (the “Sub-Adviser”). For purposes of this Part II, the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” For purposes of this Part II, 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.”

110 NUVEEN

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 (for purposes of this Part II, 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 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

NUVEEN 111

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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 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.

112 NUVEEN

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 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

NUVEEN 113

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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.

114 NUVEEN

Trustees

and Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman and Trustee	1996	Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.	176
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	176
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2003	Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	176
David J. Kundert(1) 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).	176

NUVEEN 115

Trustees and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606	Trustee	2016	Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).	176
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	176
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	176
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).	176
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004).	176

116 NUVEEN

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606	Trustee	2016	Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.	176
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606	Trustee	2017	Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017).	174
Interested Trustee:
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606	Trustee	2016	President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since February 2017) of Nuveen, LLC; President, Global Products and Solutions (since July 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since August 2017), formerly, Co-President (October 2016-August 2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst.	176

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officers
Officers of the Funds:
Martin Y.G. Kremenstein 1976 100 Park Avenue New York, NY 10017	Chief Administrative Officer	2017	Senior (since February 2017) Managing Director (since October 2016) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2013-2015); formerly, Director (2009-2013) Deutsche Bank; CEO (2012-2015) DB Commodity Services LLC; CEO (2012-2014) DBX Advisors LLC and DBX Strategic Advisors LLC.	11
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Senior Managing Director (since February 2017), formerly, Managing Director (2004-2017) of Nuveen.	176
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.	176

NUVEEN 117

Trustees and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officers
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2016	Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Chartered Financial Analyst.	176
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc.	176
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.	176
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Senior Managing Director (since February 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since January 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Associate General Counsel (since 2011 of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since February 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010).	176
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004- 2010).	176
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Managing Director (since January 2017) of Nuveen Securities, LLC; Managing Director (Since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC.	176
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606	Vice President	2017	Managing Director (Since February 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen.	176
Joel T. Slager 1978 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).	176

118 NUVEEN

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officers
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.	176

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen Fund Complex. Mr. Kundert will retire from the Board as of December 31, 2017.

(2) On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.

(3) “Interested person” of the Trust, as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries.

(4) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

NUVEEN 119

Nuveen:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
		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.
		Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen , 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nushares ETFs at: www.nuveen.com/etf
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

NAN-NSESG-1017D        323287-INV-Y-12/18

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed for services provided to the Funds during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

Fiscal Year Ended October 31, 2017	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
NuShares ESG International Developed Markets Equity ETF5		17,500		0		0		0
NuShares ESG Emerging Markets Equity ETF5		17,500		0		0		0
NuShares ESG Large-Cap Growth ETF6		15,500		0		0		0
NuShares ESG Large-Cap Value ETF6		15,500		0		0		0
NuShares ESG Mid-Cap Growth ETF6		15,500		0		0		0
NuShares ESG Mid-Cap Value ETF6		15,500		0		0		0
NuShares ESG Small-Cap ETF6		15,500		0		0		0
Total	$	112,500	$	0	$	0	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

⁵ Fund commenced operations on 06/06/2017.

⁶ Fund commenced operations on 12/14/2016.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
NuShares ESG International Developed Markets Equity ETF		0	%		0	%		0	%		0	%
NuShares ESG Emerging Markets Equity ETF		0	%		0	%		0	%		0	%
NuShares ESG Large-Cap Growth ETF		0	%		0	%		0	%		0	%
NuShares ESG Large-Cap Value ETF		0	%		0	%		0	%		0	%
NuShares ESG Mid-Cap Growth ETF		0	%		0	%		0	%		0	%
NuShares ESG Mid-Cap Value ETF		0	%		0	%		0	%		0	%
NuShares ESG Small-Cap ETF		0	%		0	%		0	%		0	%
Fiscal Year Ended October 31, 2016	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
NuShares ESG International Developed Markets Equity ETF5		0			0			0			0
NuShares ESG Emerging Markets Equity ETF5		0			0			0			0
NuShares ESG Large-Cap Growth ETF6		0			0			0			0
NuShares ESG Large-Cap Value ETF6		0			0			0			0
NuShares ESG Mid-Cap Growth ETF6		0			0			0			0
NuShares ESG Mid-Cap Value ETF6		0			0			0			0
NuShares ESG Small-Cap ETF6		0			0			0			0
Total	$	0		$	0		$	0		$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

⁵ Fund commenced operations on 06/06/2017.

⁶ Fund commenced operations on 12/14/2016.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
NuShares ESG International Developed Markets Equity ETF		0	%		0	%		0	%		0	%
NuShares ESG Emerging Markets Equity ETF		0	%		0	%		0	%		0	%
NuShares ESG Large-Cap Growth ETF		0	%		0	%		0	%		0	%
NuShares ESG Large-Cap Value ETF		0	%		0	%		0	%		0	%
NuShares ESG Mid-Cap Growth ETF		0	%		0	%		0	%		0	%
NuShares ESG Mid-Cap Value ETF		0	%		0	%		0	%		0	%
NuShares ESG Small-Cap ETF		0	%		0	%		0	%		0	%

Fiscal Year Ended October 31, 2017	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
NuShares ETF Trust	$	0	$	0	$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
	0%		0%		0%
Fiscal Year Ended October 31, 2016	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
NuShares ETF Trust	$	0	$	0	$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
	0%		0%		0%

Fiscal Year Ended October 31, 2017	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
NuShares ESG International Developed Markets Equity ETF		0		0		0		0
NuShares ESG Emerging Markets Equity ETF		0		0		0		0
NuShares ESG Large-Cap Growth ETF		0		0		0		0
NuShares ESG Large-Cap Value ETF		0		0		0		0
NuShares ESG Mid-Cap Growth ETF		0		0		0		0
NuShares ESG Mid-Cap Value ETF		0		0		0		0
NuShares ESG Small-Cap ETF		0		0		0		0
Total	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended October 31, 2016	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
NuShares ESG International Developed Markets Equity ETF		0		0		0		0
NuShares ESG Emerging Markets Equity ETF		0		0		0		0
NuShares ESG Large-Cap Growth ETF		0		0		0		0
NuShares ESG Large-Cap Value ETF		0		0		0		0
NuShares ESG Mid-Cap Growth ETF		0		0		0		0
NuShares ESG Mid-Cap Value ETF		0		0		0		0
NuShares ESG Small-Cap ETF		0		0		0		0
Total	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)A of the Exchange Act. As of the end of the period covered by this report the members of the Audit Committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.

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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(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: January 8, 2018

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: January 8, 2018

By (Signature and Title)	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller
	(principal financial officer)

Date: January 8, 2018