UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23161
NuShares ETF Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2018
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.
Exchange-Traded Funds
30 April
2018
| Fund Name | Listing Exchange | Ticker Symbol | ||
| 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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Chairman’s Letter to Shareholders
Dear Shareholders,
The global synchronized expansion that drove markets to new highs in 2017 is beginning to show signs of fatigue. Against this backdrop, concerns about tightening financial conditions, potentially higher inflation and an array of geopolitical and policy risks have increased volatility across the financial markets in 2018 so far.
Despite the daily headlines, the global economy remains in solid shape. Even if the momentum is slowing, world economies are still expanding, recession probabilities are low and corporate profits have stayed healthy. Inflation remains relatively subdued, which should keep central banks on a gradual path of policy normalization. In the U.S., economic growth is expected to strengthen further, supported by low unemployment, incremental wage growth and fiscal stimulus from the newly enacted tax law changes.
Certainly there are risks that bear watching. Trade wars and tariffs have implications for both the supply and demand sides of the economy, complicating the outlook for businesses, consumers and the economy as a whole. North Korea relations, Iran and Russia sanctions, Italy’s new coalition government and Brexit negotiations are likely to continue triggering short-term turbulence in asset prices. The markets will also remain focused on central bank actions and communications.
The investment environment of 2018 will be more challenging than it was in 2017, but there is still opportunity for upside. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.
Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 25, 2018
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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 key investment strategies and the performance of the Funds during the six-month reporting period ended April 30, 2018. 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 since the Funds’ commencement of operations on June 6, 2017. Please refer to the Funds’ prospectuses for more information, available at https://www.nuveen.com/ETF/Default.aspx.
What key strategies were used to manage the Funds during the six-month 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
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.
5
Portfolio Managers’ Comments (continued)
criteria. The NUDM Index selects from the securities included in the MSCI EAFE Index (the “NUDM Base Index”), which currently 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.
Despite rising volatility, U.S. stock market performance was positive over the six-month reporting period. Across market capitalization and investment styles, large-cap growth stocks performed the best, as the technology sector (which dominates large-cap and growth-style indexes) gained in the reporting period. Mid-cap growth, mid-cap value and small-cap stocks also performed well. Large-cap value stocks were the weakest-performing U.S. category in this reporting period. Accordingly, NULG was the top performing Fund, while NULV was the bottom performing Fund among the five U.S. Funds. International markets also posted positive returns in this reporting period, with emerging market equities outperforming developed market equities. The first half of the reporting period was particularly strong for emerging market equities, offsetting weakness in the second half of the reporting period. Global synchronized growth, stable growth in emerging market economies, a recovery in commodity prices, a weak U.S. dollar and accommodative central banks helped support investor confidence in emerging market assets throughout 2017. Later in the reporting period, however, headwinds from elevated market volatility, U.S. dollar strength and rising interest rates caused emerging market equities to lag developed market equities. In this environment, NUEM modestly outperformed NUDM.
6
How did the Funds perform in the six-month reporting period ended April 30, 2018?
The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance for the six-month, one-year and since inception periods through April 30, 2018. 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 underperformed its respective Index during this reporting period. 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.
7
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.
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,
8
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.
9
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.
10
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 April 30, 2018
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
NUEM at NAV | 3.00% | 14.36% | ||||||
NUEM at Market Price | 1.35% | 13.94% | ||||||
TIAA ESG Emerging Markets Equity Index | 3.33% | 15.11% | ||||||
MSCI Emerging Markets Index | 4.80% | 16.92% | ||||||
Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
NUEM at NAV | 9.25% | 17.21% | ||||||
NUEM at Market Price | 10.04% | 19.60% | ||||||
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% |
11
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 April 30, 2018
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
NUDM at NAV | 2.34% | 8.56% | ||||||
NUDM at Market Price | 1.49% | 8.38% | ||||||
TIAA ESG International Developed Markets Equity Index | 2.48% | 8.87% | ||||||
MSCI EAFE Index | 3.41% | 9.56% | ||||||
Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
NUDM at NAV | 1.46% | 5.68% | ||||||
NUDM at Market Price | 2.59% | 6.82% | ||||||
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% |
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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
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NULG at NAV | 7.01% | 17.75% | 20.54% | |||||||||
NULG at Market Price | 6.80% | 18.92% | 20.53% | |||||||||
TIAA ESG USA Large-Cap Growth Index | 7.20% | 18.20% | 20.93% | |||||||||
MSCI USA Growth Index | 6.83% | 18.51% | 21.02% | |||||||||
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NULG at NAV | 9.91% | 20.05% | 21.69% | |||||||||
NULG at Market Price | 10.12% | 16.37% | 21.73% | |||||||||
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% |
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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
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NULV at NAV | 2.40% | 10.78% | 9.67% | |||||||||
NULV at Market Price | 2.23% | 10.80% | 9.69% | |||||||||
TIAA ESG USA Large-Cap Value Index | 2.60% | 11.21% | 10.04% | |||||||||
MSCI USA Value Index | 0.95% | 7.99% | 7.39% | |||||||||
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NULV at NAV | 4.32% | 11.34% | 10.23% | |||||||||
NULV at Market Price | 4.33% | 11.25% | 10.28% | |||||||||
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% |
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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
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NUMG at NAV | 4.95% | 12.77% | 13.39% | |||||||||
NUMG at Market Price | 5.29% | 13.12% | 13.72% | |||||||||
TIAA ESG USA Mid-Cap Growth Index | 5.17% | 13.27% | 13.85% | |||||||||
MSCI USA Mid-Cap Growth Index | 6.14% | 14.23% | 14.61% | |||||||||
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NUMG at NAV | 6.90% | 12.67% | 13.86% | |||||||||
NUMG at Market Price | 7.36% | 12.69% | 14.01% | |||||||||
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% |
15
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
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NUMV at NAV | 3.91% | 10.20% | 8.60% | |||||||||
NUMV at Market Price | 5.05% | 10.40% | 9.49% | |||||||||
TIAA ESG USA Mid-Cap Value Index | 4.14% | 10.66% | 9.03% | |||||||||
MSCI USA Mid-Cap Value Index | 3.91% | 10.17% | 9.62% | |||||||||
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NUMV at NAV | 4.60% | 9.43% | 8.93% | |||||||||
NUMV at Market Price | 5.66% | 9.46% | 9.06% | |||||||||
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% |
16
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
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NUSC at NAV | 3.60% | 11.87% | 10.91% | |||||||||
NUSC at Market Price | 3.63% | 11.70% | 11.09% | |||||||||
TIAA ESG USA Small-Cap Index | 3.82% | 12.39% | 11.38% | |||||||||
MSCI USA Small-Cap Index | 3.25% | 12.03% | 11.18% | |||||||||
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
NUSC at NAV | 4.13% | 11.84% | 10.80% | |||||||||
NUSC at Market Price | 3.68% | 12.15% | 10.83% | |||||||||
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% |
17
Holding Summaries as of April 30, 2018
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 | 99.8% | |||
U.S. Government and Agency Obligations | 0.2% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Tencent Holdings Limited | 6.7% | |||
Taiwan Semiconductor Manufacturing Company Limited | 4.9% | |||
Naspers Limited | 2.9% | |||
Tata Consultancy Services | 2.0% | |||
KB Financial Group Inc. | 1.7% |
Portfolio Composition
(% of net assets)
Information Technology | 25.1% | |||
Financials | 23.6% | |||
Consumer Discretionary | 11.0% | |||
Industrials | 7.9% | |||
Materials | 7.5% | |||
Consumer Staples | 4.9% | |||
Energy | 4.9% | |||
Other | 15.1% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Country Allocation
(% of net assets)
China | 29.7% | |||
Korea, Republic of | 15.1% | |||
Taiwan | 11.6% | |||
India | 9.1% | |||
Brazil | 7.2% | |||
South Africa | 6.8% | |||
Malaysia | 3.5% | |||
Mexico | 3.2% | |||
Thailand | 2.5% | |||
Indonesia | 2.0% | |||
Other | 9.3% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
18
Nushares ESG International Developed Markets Equity ETF (NUDM)
Fund Allocation
(% of net assets)
Common Stocks | 99.5% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% |
Top Five Common Stocks Holdings
(% of net assets)
Nestle SA | 2.7% | |||
Roche Holdings AG | 1.9% | |||
AstraZeneca PLC | 1.9% | |||
Siemens AG | 1.8% | |||
Vodafone Group PLC | 1.8% |
Portfolio Composition
(% of net assets)
Financials | 20.4% | |||
Industrials | 16.2% | |||
Consumer Discretionary | 12.0% | |||
Consumer Staples | 11.1% | |||
Health Care | 9.9% | |||
Materials | 7.9% | |||
Information Technology | 6.3% | |||
Other | 15.7% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% |
Country Allocation
(% of net assets)
Japan | 24.3% | |||
United Kingdom | 17.5% | |||
France | 10.7% | |||
Germany | 9.5% | |||
Switzerland | 7.4% | |||
Australia | 6.5% | |||
Hong Kong | 3.4% | |||
Netherlands | 3.4% | |||
Spain | 3.2% | |||
Sweden | 2.5% | |||
Other | 11.1% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% |
19
Holding Summaries as of April 30, 2018 (continued)
Nushares ESG Large-Cap Growth ETF (NULG)
Fund Allocation
(% of net assets)
Common Stocks | 99.8% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Information Technology | 33.5% | |||
Consumer Discretionary | 22.9% | |||
Health Care | 14.1% | |||
Industrials | 9.6% | |||
Financials | 7.2% | |||
Other | 12.5% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Apple, Inc. | 8.0% | |||
Microsoft Corporation | 4.8% | |||
Visa Inc. | 3.1% | |||
NetFlix.com Inc. | 2.5% | |||
Walt Disney Company | 2.4% |
20
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 | 23.0% | |||
Health Care | 13.5% | |||
Information Technology | 12.3% | |||
Consumer Staples | 11.4% | |||
Industrials | 9.4% | |||
Energy | 7.8% | |||
Utilities | 6.7% | |||
Other | 15.7% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Top Five Common Stocks Holdings
(% of net assets)
Bank of America Corporation | 3.8% | |||
Intel Corporation | 3.6% | |||
Microsoft Corporation | 3.4% | |||
Verizon Communications Inc. | 3.0% | |||
Coca-Cola Company | 2.8% |
21
Holding Summaries as of April 30, 2018 (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 | 27.1% | |||
Industrials | 24.2% | |||
Consumer Discretionary | 12.9% | |||
Health Care | 12.2% | |||
Financials | 7.5% | |||
Materials | 6.4% | |||
Other | 9.6% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
ServiceNow Inc. | 2.8% | |||
Dr. Pepper Snapple Group | 2.4% | |||
Microchip Technology Incorporated | 2.2% | |||
Align Technology, Inc. | 2.2% | |||
Indexx Labs Inc. | 2.2% |
22
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 | 25.9% | |||
Consumer Discretionary | 17.1% | |||
Real Estate | 11.0% | |||
Utilities | 8.6% | |||
Industrials | 8.4% | |||
Materials | 7.2% | |||
Information Technology | 6.8% | |||
Consumer Staples | 5.0% | |||
Other | 9.8% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Eversource Energy | 2.6% | |||
TechnipFMC PLC | 2.4% | |||
Principal Financial Group, Inc. | 2.3% | |||
CMS Energy Corporation | 2.3% | |||
XL Group Limited | 2.2% |
23
Holding Summaries as of April 30, 2018 (continued)
Nushares ESG Small-Cap ETF (NUSC)
Fund Allocation
(% of net assets)
Common Stocks | 99.8% | |||
Common Stock Rights | 0.0% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Financials | 16.4% | |||
Information Technology | 16.2% | |||
Industrials | 14.8% | |||
Health Care | 13.1% | |||
Consumer Discretionary | 11.8% | |||
Real Estate | 9.3% | |||
Materials | 5.6% | |||
Other | 12.6% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Abiomed, Inc. | 0.6% | |||
Reliance Steel & Aluminum Company | 0.6% | |||
Aqua America Inc. | 0.6% | |||
Brown & Brown Inc. | 0.6% | |||
Lamb Weston Holding, Inc. | 0.6% |
24
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.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through April 30, 2018.
The beginning of the period is November 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 | $ | 1,030.00 | ||
Expenses Incurred During Period | $ | 2.26 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,022.56 | ||
Expenses Incurred During Period | $ | 2.26 |
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 181/365 (to reflect the one-half year period).
25
Expense Examples (continued)
Nushares ESG International Developed Markets Equity ETF (NUDM)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,023.40 | ||
Expenses Incurred During Period | $ | 2.01 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,022.81 | ||
Expenses Incurred During Period | $ | 2.01 |
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 181/365 (to reflect the one-half year period).
Nushares ESG Large-Cap Growth ETF (NULG)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,070.10 | ||
Expenses Incurred During Period | $ | 1.80 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,023.06 | ||
Expenses Incurred During Period | $ | 1.76 |
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 181/365 (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 | $ | 1,024.00 | ||
Expenses Incurred During Period | $ | 1.76 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,023.06 | ||
Expenses Incurred During Period | $ | 1.76 |
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 181/365 (to reflect the one-half year period).
26
Nushares ESG Mid-Cap Growth ETF (NUMG)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,049.50 | ||
Expenses Incurred During Period | $ | 2.03 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,022.81 | ||
Expenses Incurred During Period | $ | 2.01 |
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 181/365 (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 | $ | 1,039.10 | ||
Expenses Incurred During Period | $ | 2.02 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,022.81 | ||
Expenses Incurred During Period | $ | 2.01 |
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 181/365 (to reflect the one-half year period).
Nushares ESG Small-Cap ETF (NUSC)
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,036.00 | ||
Expenses Incurred During Period | $ | 2.02 | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,022.81 | ||
Expenses Incurred During Period | $ | 2.01 |
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 181/365 (to reflect the one-half year period).
27
Nushares ESG Emerging Markets Equity ETF (NUEM)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||||||||||||||
COMMON STOCKS – 99.8% | ||||||||||||||||||||
| Consumer Discretionary – 11.0% | ||||||||||||||||||||
| 959,396 | Alibaba Pictures Group Ltd, (2) | $ | 108,797 | |||||||||||||||||
| 275 | Arcelik A.S | 1,223 | ||||||||||||||||||
| 4,952 | Astro Malaysia Holdings Bhd | 2,411 | ||||||||||||||||||
| 81 | Bajaj Auto Limited | 3,576 | ||||||||||||||||||
| 506 | Bharat Forge Ltd | 5,881 | ||||||||||||||||||
| 13 | Bosch Ltd | 3,779 | ||||||||||||||||||
| 190,033 | Brilliance China Automotive Holdings Limited | 342,862 | ||||||||||||||||||
| 48,696 | BYD Co Ltd | 342,189 | ||||||||||||||||||
| 61 | CCC SA | 4,509 | ||||||||||||||||||
| 29,746 | DXB Entertainments PJSC, (2) | 3,126 | ||||||||||||||||||
| 1,085 | Feng Tay Enterprise Co Ltd | 4,951 | ||||||||||||||||||
| 460 | FF Group, (2) | 8,726 | ||||||||||||||||||
| 5,102 | Formosa Taffeta Co Ltd | 5,794 | ||||||||||||||||||
| 180,694 | Geely Automobile Holdings Limited | 483,493 | ||||||||||||||||||
| 130,292 | Guangzhou Automobile Group Company Limited | 240,720 | ||||||||||||||||||
| 100 | Hankook Tire Company Limited | 4,630 | ||||||||||||||||||
| 9,733 | Home Product Center PCL, (3) | 4,626 | ||||||||||||||||||
| 425 | Hotai Motor Co Ltd | 4,187 | ||||||||||||||||||
| 67 | Hotel Shilla Company Limited | 7,277 | ||||||||||||||||||
| 54 | LG Electronics Inc. | 5,157 | ||||||||||||||||||
| 462 | Lojas Renner S.A | 4,320 | ||||||||||||||||||
| 2 | LPP SA | 5,234 | ||||||||||||||||||
| 547 | Mahindra & Mahindra Ltd | 7,156 | ||||||||||||||||||
| 2,264 | Minor International PCL, (2), (3) | 2,887 | ||||||||||||||||||
| 331 | Mr. Price Group Ltd | 7,265 | ||||||||||||||||||
| 4,630 | Naspers Limited, (WI/DD) | 1,134,692 | ||||||||||||||||||
| 6,793 | New Oriental Education & Technology Group, Inc., Sponsored ADR | 610,283 | ||||||||||||||||||
| 504 | Nien Made Enterprise Co Ltd | 4,514 | ||||||||||||||||||
| 13,058 | PT Matahari Department Store Tbk | 9,714 | ||||||||||||||||||
| 1,779 | Robinson PCL, (2), (3) | 3,706 | ||||||||||||||||||
| 47,252 | SACI Falabella | 460,678 | ||||||||||||||||||
| 44,370 | Shenzhou International Group Holdings Ltd | 487,331 | ||||||||||||||||||
| 30,997 | Surya Citra Media Pt Tbk | 5,704 | ||||||||||||||||||
28
| Shares | Description (1) | Value | ||||||||||||||||||
| Consumer Discretionary (continued) | ||||||||||||||||||||
| 214 | The Foschini Group Ltd | $ | 3,686 | |||||||||||||||||
| 216 | Titan Co Ltd | 3,176 | ||||||||||||||||||
| 880 | Truworths International Limited | 7,225 | ||||||||||||||||||
| 3,880 | UMW Holdings BHD | 6,042 | ||||||||||||||||||
| 751 | Woolworths Holdings Limited | 3,865 | ||||||||||||||||||
Total Consumer Discretionary | 4,355,392 | |||||||||||||||||||
| Consumer Staples – 4.9% | ||||||||||||||||||||
| 18 | Amorepacific Corporation | 5,882 | ||||||||||||||||||
| 34 | Amorepacific Corporation | 5,682 | ||||||||||||||||||
| 39 | Amorepacific Group | 5,222 | ||||||||||||||||||
| 829 | Anadolu Efes Biracilik Ve Malt Sanayii AS. | 5,433 | ||||||||||||||||||
| 725 | Arca Continental SAB de CV | 4,975 | ||||||||||||||||||
| 1,078 | Atacadao Distribuicao Comercio e Industria Ltd. | 4,667 | ||||||||||||||||||
| 3,002 | Berli Jucker Public Co, (2), (3) | 5,683 | ||||||||||||||||||
| 59 | Britannia Industries Ltd | 4,871 | ||||||||||||||||||
| 31,117 | China Mengniu Dairy Company Limited | 101,103 | ||||||||||||||||||
| 2,898 | Cia Brasileira de Distribuicao | 65,418 | ||||||||||||||||||
| 16 | CJ CheilJedang Corporation | 5,138 | ||||||||||||||||||
| 23,929 | Coca-Cola Femsa SAB de CV | 154,540 | ||||||||||||||||||
| 92,611 | CP ALL PCL, (3) | 255,296 | ||||||||||||||||||
| 935 | Dabur India Ltd | 5,198 | ||||||||||||||||||
| 1,044 | Embotelladora Andina SA | 5,205 | ||||||||||||||||||
| 64,269 | Fomento Economico Mexicano S.A | 619,177 | ||||||||||||||||||
| 353 | Godrej Consumer Products Ltd | 5,913 | ||||||||||||||||||
| 261 | Gruma S.A.B de C.V | 3,178 | ||||||||||||||||||
| 10,834 | Hindustan Unilever Ltd | 243,822 | ||||||||||||||||||
| 3,584 | Indfood CBP Sukses Makmur Tbk PT | 2,235 | ||||||||||||||||||
| 2,370 | Kimberly-Clark de Mexico SAB de CV, Class A Shares | 4,276 | ||||||||||||||||||
| 5 | LG Household & Health Care | 6,414 | ||||||||||||||||||
| 8 | LG Household & Health Care | 5,768 | ||||||||||||||||||
| 192 | M Dias Branco SA, (2) | 2,422 | ||||||||||||||||||
| 938 | Marico Limited | 4,683 | ||||||||||||||||||
| 262 | Natura Cosmeticos SA | 2,420 | ||||||||||||||||||
| 158 | Nestle Malaysia Berhad | 5,557 | ||||||||||||||||||
| 638 | Pick n Pay Stores Ltd | 4,110 | ||||||||||||||||||
| 348 | Pioneer Foods Group Ltd | 3,399 | ||||||||||||||||||
| 15,443 | PPB Group Berhad Bhd | 75,729 | ||||||||||||||||||
| 352 | President Chain Store Corp. | 3,480 | ||||||||||||||||||
| 332 | ShopRite Holdings Limited | 6,622 | ||||||||||||||||||
| 1,674 | Standard Foods Corporation | 3,768 | ||||||||||||||||||
29
Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||
| Consumer Staples (continued) | ||||||||||||||||||||
| 181,162 | Sun Art Retail Group Ltd | $ | 204,978 | |||||||||||||||||
| 372 | The Spar Group Limited | 6,301 | ||||||||||||||||||
| 204 | Tiger Brands Limited | 6,357 | ||||||||||||||||||
| 1,031 | Ulker Biskuvi Sanayi AS | 5,402 | ||||||||||||||||||
| 23,361 | Unilever Indonesia Tbk PT | 77,828 | ||||||||||||||||||
| 1,768 | Uni-President Enterprises Corporation | 4,279 | ||||||||||||||||||
Total Consumer Staples | 1,942,431 | |||||||||||||||||||
| Energy – 4.9% | ||||||||||||||||||||
| 137,794 | China Oilfield Services Ltd | 138,176 | ||||||||||||||||||
| 12,464 | Cosan SA Industria e Comercio | 142,162 | ||||||||||||||||||
| 34,500 | Dialog Group BHD | 27,083 | ||||||||||||||||||
| 763,739 | IRPC PCL, (2), (3) | 170,607 | ||||||||||||||||||
| 12,287 | Petronas Dagangan Bhd | 84,554 | ||||||||||||||||||
| 1,126 | Petronet LNG Ltd | 3,826 | ||||||||||||||||||
| 20,622 | Qatar Gas Transport Co Ltd | 83,202 | ||||||||||||||||||
| 3,427 | S-Oil Corporation | 352,952 | ||||||||||||||||||
| 85,405 | Thai Oil PCL, (2), (3) | 255,051 | ||||||||||||||||||
| 9,430 | Tupras Turkiye Petrol Rafinerileri IS | 240,085 | ||||||||||||||||||
| 24,661 | Ultrapar Participacoes S.A | 427,433 | ||||||||||||||||||
Total Energy | 1,925,131 | |||||||||||||||||||
| Financials – 23.6% | ||||||||||||||||||||
| 30,131 | Abu Dhabi Commercial Bank | 57,667 | ||||||||||||||||||
| 2,443 | Alliance Bank Malaysia Bhd. | 2,709 | ||||||||||||||||||
| 5,506 | AMMB Holdings Bhd. | 5,473 | ||||||||||||||||||
| 66,814 | Axis Bank Limited | 519,075 | ||||||||||||||||||
| 405 | B3 SA – Brasil Bolsa Balcao, (2) | 2,938 | ||||||||||||||||||
| 140 | Bajaj Finance Limited | 3,996 | ||||||||||||||||||
| 13,661 | Banco Bradesco SA, (2) | 124,949 | ||||||||||||||||||
| 62,774 | Banco Bradesco SA, (2) | 622,214 | ||||||||||||||||||
| 62 | Banco De Credito E Inversion | 4,705 | ||||||||||||||||||
| 40,498 | Banco do Brasil S.A, (2) | 426,148 | ||||||||||||||||||
| 9,301 | Banco Santander Brasil SA | 101,632 | ||||||||||||||||||
| 90,948 | Banco Santander Chile | 7,612 | ||||||||||||||||||
| 138,859 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 204,568 | ||||||||||||||||||
| 481 | Bancolombia SA | 5,685 | ||||||||||||||||||
| 30,598 | Bancolombia SA | 362,746 | ||||||||||||||||||
| 3,498 | Bank Central Asia TBK PT | 5,557 | ||||||||||||||||||
| 8,340 | Bank Danamon Indonesia TBK PT | 3,986 | ||||||||||||||||||
| 171 | Bank Handlowy w Warszawie SA | 4,051 | ||||||||||||||||||
30
| Shares | Description (1) | Value | ||||||||||||||||||
| Financials (continued) | ||||||||||||||||||||
| 16,696 | Bank Millennium SA, (2) | $ | 40,742 | |||||||||||||||||
| 6,224 | Bank Negara Indonesia Persero TBK PT | 3,601 | ||||||||||||||||||
| 2,119 | Bank Pekao SA | 70,699 | ||||||||||||||||||
| 53 | Bank Zachodni WBK SA | 5,618 | ||||||||||||||||||
| 230 | Barclays Africa Group Limited | 3,371 | ||||||||||||||||||
| 501 | BNK Financial Group Inc. | 4,902 | ||||||||||||||||||
| 359,343 | Cathay Financial Holding Company Limited | 649,785 | ||||||||||||||||||
| 1,533 | Chailease Holding Co Ltd | 5,648 | ||||||||||||||||||
| 278,213 | CIMB Group Holdings BHD | 510,548 | ||||||||||||||||||
| 1,381 | Commercial International Bank Egypt SAE | 7,379 | ||||||||||||||||||
| 864 | Coronation Fund Managers Limited | 5,134 | ||||||||||||||||||
| 227 | DGB Financial Group Inc. | 2,550 | ||||||||||||||||||
| 3,721 | Dubai Islamic Bank PJSC | 5,572 | ||||||||||||||||||
| 8,119 | E.Sun Financial Holding Co Ltd | 5,763 | ||||||||||||||||||
| 7,972 | First Financial Holding Co. | 5,497 | ||||||||||||||||||
| 110,380 | Firstrand Limited | 592,053 | ||||||||||||||||||
| 250,801 | Fubon Financial Holding Co Ltd | 432,321 | ||||||||||||||||||
| 74,581 | Gentera SAB de CV | 59,086 | ||||||||||||||||||
| 22,822 | Grupo Financiero Banorte SAB de CV | 142,117 | ||||||||||||||||||
| 124 | Hyundai Marine & Fire Insurance Co Ltd | 4,441 | ||||||||||||||||||
| 103,444 | IDFC Bank Ltd | 74,785 | ||||||||||||||||||
| 441 | Industrial Bank of Korea | 6,957 | ||||||||||||||||||
| 1,003 | Investec PLC | 7,912 | ||||||||||||||||||
| 45,854 | Itau Unibanco Holding SA | 670,646 | ||||||||||||||||||
| 1,648 | Itausa-Investimentos Itau S.A | 6,431 | ||||||||||||||||||
| 1,349 | Kasikornbank PCL, (3) | 8,356 | ||||||||||||||||||
| 11,958 | KB Financial Group Inc. | 685,202 | ||||||||||||||||||
| 97 | Komercni Banka AS | 4,198 | ||||||||||||||||||
| 266,696 | Krung Thai Bank Public Company Limited, (3) | 153,798 | ||||||||||||||||||
| 1,871 | Malayan Banking BHD | 5,141 | ||||||||||||||||||
| 1,127 | mBank SA | 138,119 | ||||||||||||||||||
| 15,054 | MCB Bank Ltd, (2) | 27,198 | ||||||||||||||||||
| 14,184 | Mega Financial Holding Co Ltd | 12,584 | ||||||||||||||||||
| 1,849 | National Bank of Abu Dhabi PJSC | 6,242 | ||||||||||||||||||
| 163 | Nedbank Group Limited | 3,884 | ||||||||||||||||||
| 3,780 | OTP Bank PLC | 165,344 | ||||||||||||||||||
| 10,716 | PT Bank Mandiri | 5,488 | ||||||||||||||||||
| 775,222 | PT Bank Rakyat Indonesia | 179,422 | ||||||||||||||||||
| 41,230 | Public Bank Bhd | 250,102 | ||||||||||||||||||
| 832 | RMB Holdings Limited | 5,224 | ||||||||||||||||||
31
Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||
| Financials (continued) | ||||||||||||||||||||
| 52,501 | Rural Electrification Corp Ltd. | $ | 100,298 | |||||||||||||||||
| 137 | Samsung Card Co | 4,785 | ||||||||||||||||||
| 1,387 | Samsung Fire & Marine Insurance Co Ltd | 347,383 | ||||||||||||||||||
| 20,947 | Sanlam Limited | 132,910 | ||||||||||||||||||
| 9,007 | Shinhan Financial Group Company Limited | 401,838 | ||||||||||||||||||
| 21,281 | Siam Commercial Bank PCL, (2) | 88,334 | ||||||||||||||||||
| 27,384 | Standard Bank Group Limited, (WI/DD) | 470,126 | ||||||||||||||||||
| 10,747 | Taishin Financial Holding Co Ltd | 5,249 | ||||||||||||||||||
| 15,937 | Taiwan Business Bank | 4,913 | ||||||||||||||||||
| 659 | The Commercial Bank QSC | 6,543 | ||||||||||||||||||
| 781 | Turkiye Garanti Bankasi A.S | 1,769 | ||||||||||||||||||
| 20,749 | Yes Bank Ltd | 112,217 | ||||||||||||||||||
| 535,194 | Yuanta Financial Holding Co Ltd | 256,866 | ||||||||||||||||||
Total Financials | 9,372,802 | |||||||||||||||||||
| Health Care – 4.5% | ||||||||||||||||||||
| 2,066 | 3SBio, Inc., 144A | 4,470 | ||||||||||||||||||
| 229,095 | Alibaba Health Information Technology Ltd, (2) | 115,887 | ||||||||||||||||||
| 6,505 | Bangkok Dusit Medical Services PCL, (2), (3) | 4,638 | ||||||||||||||||||
| 701 | Bumrungrad Hospital PCL, (2), (3) | 4,220 | ||||||||||||||||||
| 94,450 | China Medical Systems Holdings, Limited | 232,989 | ||||||||||||||||||
| 3,681 | China Resources Pharmaceutical Group Ltd, 144A | 5,094 | ||||||||||||||||||
| 2,072 | CSPC Pharmaceuticasl Group Limited | 5,333 | ||||||||||||||||||
| 8 | Hanmi Pharm Co Ltd | 3,490 | ||||||||||||||||||
| 50 | Hanmi Science Co ltd | 3,642 | ||||||||||||||||||
| 2,198 | Hartalega Holdings Bhd | 3,288 | ||||||||||||||||||
| 2,893 | IHH Healthcare Bhd | 4,483 | ||||||||||||||||||
| 958 | Life Healthcare Group Holdings Ltd | 2,264 | ||||||||||||||||||
| 329 | Lupin Ltd | 3,993 | ||||||||||||||||||
| 1,386 | Netcare Limited | 3,441 | ||||||||||||||||||
| 1,024 | Odontoprev SA | 4,413 | ||||||||||||||||||
| 105 | Piramal Enterprises Ltd | 4,087 | ||||||||||||||||||
| 36,343 | PT Kalbe Farma Tbl | 3,931 | ||||||||||||||||||
| 511 | Qualicorp SA | 3,568 | ||||||||||||||||||
| 263 | Richter Gedoen NYRT | 5,326 | ||||||||||||||||||
| 142,607 | Shandong Weigao Group Medical Polymer Company Limited | 87,945 | ||||||||||||||||||
| 36,828 | Shangai Fosun Pharmaceutical Group Company Limited | 201,543 | ||||||||||||||||||
| 53,049 | Shanghai Pharmaceuticals Holding Company, Limited | 145,664 | ||||||||||||||||||
| 288,555 | Sihuan Pharmaceutical Holdings Group Ltd | 70,225 | ||||||||||||||||||
| 225,852 | Sino Biopharmaceutical Limited | 480,582 | ||||||||||||||||||
| 90,765 | Sinopharm Group Co Ltd | 382,801 | ||||||||||||||||||
32
| Shares | Description (1) | Value | ||||||||||||||||||
| Health Care (continued) | ||||||||||||||||||||
| 20 | Yuhan Corporation | $ | 4,288 | |||||||||||||||||
Total Health Care | 1,791,605 | |||||||||||||||||||
| Industrials – 7.9% | ||||||||||||||||||||
| 3,670 | Aboitiz Equity Ventures Equity, Inc. | 4,954 | ||||||||||||||||||
| 3,276 | Air China Ltd-H | 4,375 | ||||||||||||||||||
| 3,785 | Airports of Thailand PCL, (2) | 8,515 | ||||||||||||||||||
| 507 | Aselsan Elektronik Sanayi Ve Ticaret AS | 3,143 | ||||||||||||||||||
| 78,689 | Ashok Leyland Ltd | 193,775 | ||||||||||||||||||
| 400 | Bidvest Group Limited | 7,854 | ||||||||||||||||||
| 6,886 | BTS Group Holdings PCL, (2), (3) | 1,953 | ||||||||||||||||||
| 16,660 | CCR SA | 57,130 | ||||||||||||||||||
| 123,596 | China Conch Venture Holdings Ltd | 385,831 | ||||||||||||||||||
| 316,037 | China South Locomotive and Rolling Stock Corporation Limited | 281,074 | ||||||||||||||||||
| 3,721 | China Southern Airlines Company Limited | 4,030 | ||||||||||||||||||
| 1,078 | CJ Corp. | 164,014 | ||||||||||||||||||
| 300 | Doosan Heavy Industries & Construction Co Ltd | 5,028 | ||||||||||||||||||
| 10,897 | DP World Ltd, (2) | 242,458 | ||||||||||||||||||
| 10 | Eicher Motors Ltd | 4,673 | ||||||||||||||||||
| 8,033 | Evergreen Marine Corp Taiwan Ltd | 4,100 | ||||||||||||||||||
| 131,255 | Far Eastern New Century Corp. | 125,991 | ||||||||||||||||||
| 242 | Grupo Aeroportuario del Sureste SA de CV | 4,323 | ||||||||||||||||||
| 186 | GS Engineering & Construction Corp. | 7,105 | ||||||||||||||||||
| 2,479 | HAP Seng Consolidated BHD | 6,192 | ||||||||||||||||||
| 534 | Havells India Limited | 4,372 | ||||||||||||||||||
| 277 | Hiwin Technologies Corporation | 4,213 | ||||||||||||||||||
| 743 | Hyundai Robotics Co Ltd, (2) | 293,916 | ||||||||||||||||||
| 10,401 | Jasa Marga Persero Tbk PT | 3,267 | ||||||||||||||||||
| 217,891 | JG Summit Holdings, Inc. | 269,261 | ||||||||||||||||||
| 322 | Latam Airlines Group S.A | 4,953 | ||||||||||||||||||
| 2,864 | LG Corp. | 217,471 | ||||||||||||||||||
| 854 | Localize Rent A Car SA | 6,829 | ||||||||||||||||||
| 2,027 | Malaysia Airport Holdings BHD | 4,655 | ||||||||||||||||||
| 2,699 | MISC Bhd | 4,925 | ||||||||||||||||||
| 4,616 | Samsung C&T Corporation | 605,065 | ||||||||||||||||||
| 5,403 | Siemens AG | 91,124 | ||||||||||||||||||
| 123,443 | Sime Darby Berhad | 84,005 | ||||||||||||||||||
| 518 | TAV Havalimanlari Holding AS | 2,775 | ||||||||||||||||||
| 734 | Turk Hava Yollari AO, (2) | 3,017 | ||||||||||||||||||
| 2,798 | Turk Sise ve Cam Fabrikalari SA | 3,104 | ||||||||||||||||||
33
Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||
| Industrials (continued) | ||||||||||||||||||||
| 533 | WEG SA | $ | 2,717 | |||||||||||||||||
Total Industrials | 3,122,187 | |||||||||||||||||||
| Information Technology – 25.1% | ||||||||||||||||||||
| 33,195 | AAC Technologies Holdings Inc. | 483,444 | ||||||||||||||||||
| 7,952 | Acer Inc. | 6,128 | ||||||||||||||||||
| 1,671 | ASE Industrial Holding Co Ltd | 4,535 | ||||||||||||||||||
| 451 | Asustek Computer, Inc. | 4,238 | ||||||||||||||||||
| 504,330 | Au Optronic Corporation | 211,370 | ||||||||||||||||||
| 1,854 | Byd Electronic International Company Limited | 2,849 | ||||||||||||||||||
| 391 | Catcher Technology Co Limited | 4,374 | ||||||||||||||||||
| 1,694 | Chicony Electronics Co Ltd | 4,191 | ||||||||||||||||||
| 463 | Cielo SA | 2,549 | ||||||||||||||||||
| 6,355 | Compal Electronics Inc. | 4,167 | ||||||||||||||||||
| 93,590 | Delta Electronics Inc. | 341,633 | ||||||||||||||||||
| 2,091 | Delta Electronics Thailand PCL, (2), (3) | 4,456 | ||||||||||||||||||
| 988,588 | GCL-Poly Energy Holdings Limited, (2) | 123,444 | ||||||||||||||||||
| 404 | HCL Technologies Inc. | 6,374 | ||||||||||||||||||
| 37,316 | Infosys Ltd, (WI/DD) | 670,922 | ||||||||||||||||||
| 681,385 | Innolux Corporation | 255,636 | ||||||||||||||||||
| 6,274 | Inventec Corp. | 4,782 | ||||||||||||||||||
| 548,426 | Legend Holdings Limited | 262,045 | ||||||||||||||||||
| 17,683 | LG Display Company Limited | 388,246 | ||||||||||||||||||
| 28 | LG Innotek Company Limited | 3,054 | ||||||||||||||||||
| 3,787 | Lite-On Technology Corp. | 5,024 | ||||||||||||||||||
| 3,314 | Macronix International | 5,326 | ||||||||||||||||||
| 653 | MediaTek | 7,504 | ||||||||||||||||||
| 1,952 | Micro-Star International Co Ltd | 6,162 | ||||||||||||||||||
| 10 | NCsoft Corporation | 3,371 | ||||||||||||||||||
| 931 | NHN Corporation | 624,124 | ||||||||||||||||||
| 2,175 | Samsung Electronics | 241,316 | ||||||||||||||||||
| 3,065 | Samsung SDI Co, Ltd | 526,593 | ||||||||||||||||||
| 255,140 | Taiwan Semiconductor Manufacturing Company Limited | 1,957,541 | ||||||||||||||||||
| 14,909 | Tata Consultancy Services, (WI/DD) | 788,341 | ||||||||||||||||||
| 675 | Tech Mahindra Limited | 6,769 | ||||||||||||||||||
| 53,053 | Tencent Holdings Limited | 2,643,100 | ||||||||||||||||||
| 70,872 | TravelSky Technology Ltd. | 208,600 | ||||||||||||||||||
| 1,094 | Vakrangee Ltd | 1,638 | ||||||||||||||||||
| 519 | Win Semiconductors Corp, (2) | 3,938 | ||||||||||||||||||
| 21,518 | Wipro Limited | 89,889 | ||||||||||||||||||
| 53,332 | Wistron Corp. | 42,721 | ||||||||||||||||||
34
| Shares | Description (1) | Value | ||||||||||||||||||
| Information Technology (continued) | ||||||||||||||||||||
| 412 | Yageo Corp | $ | 8,731 | |||||||||||||||||
Total Information Technology | 9,959,125 | |||||||||||||||||||
| Materials – 7.5% | ||||||||||||||||||||
| 127 | Anglo American Platinum Ltd | 3,422 | ||||||||||||||||||
| 1,881 | Asia Cement Corp. | 2,019 | ||||||||||||||||||
| 355 | Asian Paints Limited | 6,389 | ||||||||||||||||||
| 284,271 | China Molybdenum Co Ltd | 216,601 | ||||||||||||||||||
| 36,161 | Empresas CMPC SA | 148,848 | ||||||||||||||||||
| 81,644 | Eregli Demir ve Celik Fabrikalari TAS | 204,047 | ||||||||||||||||||
| 207 | Fibria Celulose S.A | 4,084 | ||||||||||||||||||
| 607 | Grupo Argos SA/Colombia | 4,322 | ||||||||||||||||||
| 208 | Hanwha Chemical Corp. | 5,638 | ||||||||||||||||||
| 2,255 | Industrias Penoles, S.A.B. de C.V. | 47,183 | ||||||||||||||||||
| 10,631 | KGHM Polska Miedz Spolka Akcyjna | 284,120 | ||||||||||||||||||
| 914 | Klabin SA | 5,564 | ||||||||||||||||||
| 4,887 | Kumba Iron Ore Ltd | 105,125 | ||||||||||||||||||
| 120,467 | Lee & Man Paper Manufacturing. | 134,001 | ||||||||||||||||||
| 1,617 | LG Chem Limited | 545,031 | ||||||||||||||||||
| 256 | LG Chem Limited | 49,376 | ||||||||||||||||||
| 1,173 | Lotte Chemical Corp. | 454,681 | ||||||||||||||||||
| 121 | Mondi Ltd | 3,528 | ||||||||||||||||||
| 21,568 | Nan Ya Plastics Corp. | 59,485 | ||||||||||||||||||
| 124,446 | Nine Dragons Paper Holdings Limited | 187,741 | ||||||||||||||||||
| 25 | OCI Company Limited | 3,652 | ||||||||||||||||||
| 8,792 | PhosAgro PJSC, GDR | 126,781 | ||||||||||||||||||
| 4,068 | Polyus PJSC, GDR | 129,566 | ||||||||||||||||||
| 3,028 | Press Metal Aluminum Holdings Bhd | 3,728 | ||||||||||||||||||
| 1,669 | PTT Global Chemical PCL, (2), (3) | 5,183 | ||||||||||||||||||
| 782 | Sappi Limited | 5,005 | ||||||||||||||||||
| 392 | Siam Cement Public Company | 5,813 | ||||||||||||||||||
| 3,820 | Sibanye Gold Limited, (2) | 3,360 | ||||||||||||||||||
| 267,095 | Sinopec Shanghai Petrochemical Co., Ltd | 178,330 | ||||||||||||||||||
| 693 | Suzano Papel e Celulose S.A | 8,159 | ||||||||||||||||||
| 5,019 | UPL Limited | 55,048 | ||||||||||||||||||
Total Materials | 2,995,830 | |||||||||||||||||||
| Real Estate – 3.4% | ||||||||||||||||||||
| 2,735 | Aldar Properties PJSC. | 1,564 | ||||||||||||||||||
| 4,694 | Ayala Land Inc. | 3,701 | ||||||||||||||||||
| 694 | Barwa Real Estate Company | 6,738 | ||||||||||||||||||
35
Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||
| Real Estate (continued) | ||||||||||||||||||||
| 735 | BR Malls Participacoes | $ | 2,301 | |||||||||||||||||
| 32,958 | Bumi Serpong Damai PT | 4,004 | ||||||||||||||||||
| 1,891 | Central Pattana PCL, (2), (3) | 4,838 | ||||||||||||||||||
| 90,023 | China Vanke Co Ltd | 375,084 | ||||||||||||||||||
| 4,569 | DAMAC Properties Dubai Co PJSC | 3,446 | ||||||||||||||||||
| 8,739 | Emaar Malls PJSC | 5,282 | ||||||||||||||||||
| 10,029 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 5,995 | ||||||||||||||||||
| 1,455 | Ezdan Holding Group QSC. | 4,480 | ||||||||||||||||||
| 3,659 | Fibra Uno Administracion SA | 6,033 | ||||||||||||||||||
| 2,566 | Fortress REIT Ltd | 3,577 | ||||||||||||||||||
| 476,863 | Fullshare Holdings Ltd | 261,877 | ||||||||||||||||||
| 1,193 | Growthpoint Properties Ltd | 2,781 | ||||||||||||||||||
| 294 | Hyprop Investments Ltd | 2,685 | ||||||||||||||||||
| 12,639 | IOI Properties Group Bhd | 5,025 | ||||||||||||||||||
| 112,174 | Longfor Properties Company Limited | 338,741 | ||||||||||||||||||
| 48,864 | Megaworld Corporation | 4,249 | ||||||||||||||||||
| 112 | Multiplan Empreendimentos Imobiliarios SA | 2,136 | ||||||||||||||||||
| 256 | NEPI Rockcastle plc | 2,822 | ||||||||||||||||||
| 6,766 | Redefine Properties Ltd | 6,493 | ||||||||||||||||||
| 599 | Resilient REIT Ltd | 3,251 | ||||||||||||||||||
| 2,656 | Ruentex Development Co Ltd | 3,200 | ||||||||||||||||||
| 3,500 | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd. | 5,005 | ||||||||||||||||||
| 12,029 | Sime Darby Property Bhd | 4,599 | ||||||||||||||||||
| 229,493 | Sino-Ocean Group Holding Ltd | 160,827 | ||||||||||||||||||
| 60,993 | SM Prime Holdings Inc. | 40,368 | ||||||||||||||||||
| 154,334 | SOHO China Ltd, (2) | 79,642 | ||||||||||||||||||
| 5,552 | SP Setia Bhd Group | 4,514 | ||||||||||||||||||
Total Real Estate | 1,355,258 | |||||||||||||||||||
| Telecommunication Services – 4.8% | ||||||||||||||||||||
| 835 | Advanced Info Service PCL, (2), (3) | 5,503 | ||||||||||||||||||
| 9,572 | Asia Pacific Telecom Co Ltd, (2) | 2,847 | ||||||||||||||||||
| 206,543 | Axiata Group Berhad | 279,005 | ||||||||||||||||||
| 76,684 | Bharti AirTel Limited | 471,088 | ||||||||||||||||||
| 855 | Bharti Infratel Limited | 4,048 | ||||||||||||||||||
| 24,492 | Chunghwa Telecom Co., Ltd | 93,543 | ||||||||||||||||||
| 3,930 | DiGi.com BHD | 4,638 | ||||||||||||||||||
| 2,310 | Far EasTone Telecommunications Co Ltd | 6,121 | ||||||||||||||||||
| 135 | Globe Telecom, Inc. | 4,017 | ||||||||||||||||||
| 8,563 | Hellenic Telecommunications Organization | 124,667 | ||||||||||||||||||
| 109,742 | Idea Cellular Ltd, (2) | 113,787 | ||||||||||||||||||
36
| Shares | Description (1) | Value | ||||||||||||||||||
| Telecommunication Services (continued) | ||||||||||||||||||||
| 3,563 | Maxis Bhd | $ | 5,294 | |||||||||||||||||
| 5,730 | MTN Group Limited | 57,485 | ||||||||||||||||||
| 2,726 | O2 Czech Republic AS | 37,389 | ||||||||||||||||||
| 3,150 | Ooredoo QSC | 68,520 | ||||||||||||||||||
| 2,695 | Orange Polska SA, (2) | 4,054 | ||||||||||||||||||
| 63,668 | Orascom Telecom Holding SAE, (2) | 18,300 | ||||||||||||||||||
| 1,725,366 | PT Telekomunikasi Indonesia Persero Tbk | 474,979 | ||||||||||||||||||
| 1,611 | Taiwan Mobile Co Ltd | 5,962 | ||||||||||||||||||
| 438 | Telefonica Brasil SA | 6,171 | ||||||||||||||||||
| 3,228 | Telekom Malaysia BHD | 4,360 | ||||||||||||||||||
| 19,989 | Telkom SA Limited | 90,980 | ||||||||||||||||||
| 19,686 | True Corp PCL, (2) | 4,741 | ||||||||||||||||||
| 723 | Turkcell Iletism Hizmetleri SA | 2,483 | ||||||||||||||||||
| 300 | Vodacom Group Limited | 3,748 | ||||||||||||||||||
| 21,530 | XL Axiata Tbk Pt, (2) | 3,281 | ||||||||||||||||||
Total Telecommunication Services | 1,897,011 | |||||||||||||||||||
| Utilities – 2.2% | ||||||||||||||||||||
| 6,044 | Aboitiz Power Corp. | 4,438 | ||||||||||||||||||
| 8,914 | Aguas Andinas SA. Class A | 5,945 | ||||||||||||||||||
| 421,858 | Beijing Enterprises Water Group | 247,259 | ||||||||||||||||||
| 241,911 | China Longyuan Power Group Corporation | 239,191 | ||||||||||||||||||
| 50,382 | Companhia Energetica de Minas Gerais | 122,210 | ||||||||||||||||||
| 1,299 | EDP Energias do Brasil S.A | 5,173 | ||||||||||||||||||
| 478 | Engie Brasil Energia SA | 5,070 | ||||||||||||||||||
| 244 | Equatorial Energia SA | 4,978 | ||||||||||||||||||
| 364,662 | Huaneng Renewables Corp Ltd | 163,089 | ||||||||||||||||||
| 1,016 | Infraestructura Energitca Nova SAB de CV | 4,458 | ||||||||||||||||||
| 976 | Interconexion Electrica SA ESP | 5,031 | ||||||||||||||||||
| 734 | Manila Electric Co | 4,567 | ||||||||||||||||||
| 1,228 | Qatar Electricity and Water Company | 66,779 | ||||||||||||||||||
| 769 | Transmissora Alianca de Energia Eletrica SA | 4,694 | ||||||||||||||||||
| 21,423 | YTL Corp BHD. | 7,917 | ||||||||||||||||||
| 6,044 | YTL Power International Berhad | 1,417 | ||||||||||||||||||
Total Utilities | 892,216 | |||||||||||||||||||
Total Long-Term Investments (cost $38,611,731) | 39,608,988 | |||||||||||||||||||
37
Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | ||||||||||||||||||||
| $ | 100 | Federal Home Loan Bank, Discount Notes | 0.000% | 5/01/18 | N/R | $ | 100,000 | |||||||||||||
Total Short-Term Investments (cost $100,000) | 100,000 | |||||||||||||||||||
Total Investments (cost $38,711,731) – 100.0% | 39,708,988 | |||||||||||||||||||
Other Assets Less Liabilities – (0.0)% | (16,854 | ) | ||||||||||||||||||
Net Assets – 100% | $ | 39,692,134 | ||||||||||||||||||
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. |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally transactions with qualified institutional buyers. |
| 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.
38
Nushares ESG International Developed Markets Equity ETF (NUDM)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.5% | ||||||||
COMMON STOCKS – 99.5% | ||||||||
| Consumer Discretionary – 12.0% | ||||||||
| 410 | Adidas-Salomon AG | $ | 101,004 | |||||
| 2,061 | Aisin Seiki Company Limited | 111,879 | ||||||
| 9,675 | Barratt Developments PLC | 74,358 | ||||||
| 4,944 | Bayerische Motoren Werke AG | 552,355 | ||||||
| 1,655 | Bayerische Motoren Werke AG | 160,366 | ||||||
| 715 | Benesse Holdings Inc. | 26,071 | ||||||
| 162 | Berkely Group Holdings | 9,086 | ||||||
| 2,675 | British Sky Broadcasting PLC | 50,771 | ||||||
| 464 | Cie Financierre Richemont | 44,324 | ||||||
| 7,692 | Compass Group PLC | 165,275 | ||||||
| 7,652 | Denso Corporation | 402,512 | ||||||
| 816 | Eutelsat Communications | 17,687 | ||||||
| 295 | Fast Retailing Company Limited | 129,970 | ||||||
| 3,115 | Hennes & Mauritz AB | 53,379 | ||||||
| 21,329 | Honda Motor Company Limited, (WI/DD) | 734,259 | ||||||
| 4,743 | Industria de Diseno Textil SA | 147,732 | ||||||
| 3,281 | ITV PLC | 6,853 | ||||||
| 433 | Kering | 250,903 | ||||||
| 25,009 | Kingfisher plc | 104,647 | ||||||
| 176,383 | Li and Fung Limited | 89,222 | ||||||
| 12,488 | Marks and Spencer Group PLC | 49,485 | ||||||
| 29,718 | Matsushita Electric Industrial Co., Ltd, (WI/DD) | 443,224 | ||||||
| 143 | Next PLC | 10,352 | ||||||
| 2,181 | Oriental Land Company Limited | 217,552 | ||||||
| 15,395 | Pearson PLC | 176,801 | ||||||
| 347 | Peugeot SA | 8,561 | ||||||
| 2,799 | Renault SA | 303,817 | ||||||
| 3,488 | Sekisui House, Ltd. | 63,895 | ||||||
| 6,358 | SES SA, ADR | 98,326 | ||||||
| 38,122 | Shangri-La Asia Ltd | 74,901 | ||||||
| 7,498 | Sony Corporation, (WI/DD) | 370,018 | ||||||
| 688 | Swatch Group AG. | 61,614 | ||||||
| 8,161 | Taylor Wimpey PLC | 21,554 | ||||||
39
Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Consumer Discretionary (continued) | ||||||||
| 7,602 | TUI AG | $ | 172,294 | |||||
| 315 | Vivendi Universal S.A | 8,331 | ||||||
| 210 | Whitbread PLC | 12,383 | ||||||
| 9,326 | WPP Group PLC | 160,243 | ||||||
Total Consumer Discretionary | 5,486,004 | |||||||
| Consumer Staples – 11.1% | ||||||||
| 15,000 | Aeon Corporation, Limited | 299,863 | ||||||
| 10,609 | Associated British Foods PLC | 395,117 | ||||||
| 1,197 | Casino Guichard-Perrachon S.A | 62,129 | ||||||
| 6,473 | Coca-Cola European Partners PLC | 253,742 | ||||||
| 5,119 | Coca-Cola HBC AG | 172,318 | ||||||
| 7,418 | Groupe Danone | 601,289 | ||||||
| 2,467 | Henkel AG and CO KGaA | 294,337 | ||||||
| 30,798 | J. Sainsbury PLC | 131,077 | ||||||
| 335 | Jeronimo Martins SGPS | 5,885 | ||||||
| 2,163 | KAO Corporation | 155,270 | ||||||
| 808 | Kerry Group PLC | 82,491 | ||||||
| 10,765 | Marine Harvest | 234,688 | ||||||
| 16,001 | Nestle SA | 1,244,325 | ||||||
| 8,425 | Orkla ASA | 78,181 | ||||||
| 3,020 | Reckitt and Benckiser | 237,180 | ||||||
| 75,322 | Tesco PLC | 244,734 | ||||||
| 10,197 | Unilever NV | 572,678 | ||||||
Total Consumer Staples | 5,065,304 | |||||||
| Energy – 3.5% | ||||||||
| 7,867 | Caltex Australia Limited | 184,209 | ||||||
| 6,892 | Enagas | 201,012 | ||||||
| 20,512 | John Wood Group PLC. | 160,642 | ||||||
| 2,128 | Koninklijke Vopak NV | 105,156 | ||||||
| 3,866 | Neste Oil OYJ | 326,496 | ||||||
| 5,698 | Showa Shell Sekiyu K.K | 80,556 | ||||||
| 68,741 | Snam Rete Gas S.p.A | 330,966 | ||||||
| 11,017 | Tenaris SA | 207,248 | ||||||
Total Energy | 1,596,285 | |||||||
| Financials – 20.4% | ||||||||
| 2,822 | 3i Group PLC | 36,599 | ||||||
| 43,061 | Aegon N.V. | 316,944 | ||||||
| 2,835 | Allianz AG ORD Shares | 672,924 | ||||||
| 22,347 | Australia and New Zealand Banking Group Limited | 452,754 | ||||||
40
| Shares | Description (1) | Value | ||||||
| Financials (continued) | ||||||||
| 12,345 | AXA | $ | 353,789 | |||||
| 50,637 | Banco Bilbao Vizcaya Argentaria S.A | 411,739 | ||||||
| 9,510 | Bank Hapoalim BM | 65,182 | ||||||
| 8,492 | Bank Leumi le-Israel B.M | 50,274 | ||||||
| 8,512 | BNP Paribas SA | 657,983 | ||||||
| 71,353 | BOC Hong Kong Holdings Limited | 371,391 | ||||||
| 32,354 | CaixaBank SA, (2) | 157,885 | ||||||
| 11,386 | CGNU PLC | 82,960 | ||||||
| 5,110 | CNP Assurances | 131,134 | ||||||
| 19,936 | Commerzbank AG, (2) | 257,968 | ||||||
| 12,863 | Commonwealth Bank of Australia | 697,346 | ||||||
| 5,443 | DBS Group Holdings Limited | 126,779 | ||||||
| 3,004 | Erste Group Bank AG | 147,355 | ||||||
| 513 | ForeningsSparbanken AB | 11,204 | ||||||
| 4,458 | Hang Seng Bank | 113,378 | ||||||
| 12,705 | Hong Kong Exchanges and Clearing Limited | 416,364 | ||||||
| 1,484 | ING Groep N.V | 25,059 | ||||||
| 23,076 | Intesa Sanpaolo, (2) | 91,615 | ||||||
| 61,672 | IntesaSanpaolo SpA | 235,235 | ||||||
| 2,986 | KBC Group NV | 261,196 | ||||||
| 13,296 | Mitsubishi UFJ Lease & Finance Co Ltd | 84,691 | ||||||
| 8,433 | Mitsui Sumitomo Insurance Company Limited | 282,988 | ||||||
| 40 | Muenchenener Rueckver AG | 9,180 | ||||||
| 28,298 | Natixis SA | 232,900 | ||||||
| 176 | NN Group NV | 8,440 | ||||||
| 5,151 | Old Mutual PLC | 17,850 | ||||||
| 6,620 | Prudential Corporation PLC | 170,918 | ||||||
| 886 | Sompo Japan Nipponkoa Holdings Inc., (WI/DD) | 37,165 | ||||||
| 41,186 | Standard Chartered PLC | 435,100 | ||||||
| 3,832 | Sumitomo Mitsui Trust Holdings | 162,700 | ||||||
| 974 | Swiss Re AG | 93,140 | ||||||
| 7,487 | Tokio Marine Holdings Inc. | 353,875 | ||||||
| 39,527 | UBS Group AG | 669,631 | ||||||
| 27,774 | Westpac Banking Corporation | 600,443 | ||||||
Total Financials | 9,304,078 | |||||||
| Health Care – 9.9% | ||||||||
| 11,241 | Al Noor Hospitals Group PLC | 103,890 | ||||||
| 570 | Alfresa Holdings Corporation | 12,585 | ||||||
| 15,511 | Astellas Pharma Inc. | 227,580 | ||||||
| 12,428 | AstraZeneca PLC | 873,517 | ||||||
41
Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 3,846 | Chugai Pharmaceuticals Company | $ | 203,152 | |||||
| 90 | Coloplast A/S | 7,648 | ||||||
| 26,642 | Convatec Group PLC, 144A | 79,702 | ||||||
| 2,620 | CSL Limited | 336,922 | ||||||
| 620 | Dainippon Pharmaceutical Company Limited | 11,304 | ||||||
| 1,829 | Eisai Co Ltd | 122,769 | ||||||
| 728 | Essilor International SA | 99,435 | ||||||
| 238 | H. Lundbeck A/S | 13,855 | ||||||
| 20,096 | Healthscope Limited | 36,862 | ||||||
| 8,996 | Koninklijke Philips Electronics NV | 382,696 | ||||||
| 3,400 | Kyowa Hakko Kirin Company Limited | 73,764 | ||||||
| 47 | Lonza AG | 11,594 | ||||||
| 1,423 | Merck KGaA | 139,639 | ||||||
| 10,948 | Novo Nordisk AS, Class B | 518,049 | ||||||
| 2,146 | Ramsay Health Care Limited | 104,792 | ||||||
| 3,970 | Roche Holdings AG | 885,720 | ||||||
| 474 | Sonic Healthcare Limited | 8,451 | ||||||
| 877 | Sysmex Corporation | 77,582 | ||||||
| 2,370 | UCB SA | 179,709 | ||||||
Total Health Care | 4,511,217 | |||||||
| Industrials – 16.2% | ||||||||
| 14,970 | ABB Limited | 351,452 | ||||||
| 507 | Abertis Infraestructuras S.A | 11,185 | ||||||
| 461 | Adecco Group | 30,708 | ||||||
| 201 | Aeroports de Paris | 44,296 | ||||||
| 464 | Atlas Copco AB, Class A Shares | 18,262 | ||||||
| 6,188 | Atlas Copco AB, Class B Shares | 221,035 | ||||||
| 5,675 | Bouygues SA | 289,689 | ||||||
| 12,229 | Brambles Limited | 91,111 | ||||||
| 20,216 | Capita PLC | 53,336 | ||||||
| 18,508 | CNH Industrial NV | 228,980 | ||||||
| 8,267 | Compagnie de Saint-Gobain | 434,436 | ||||||
| 536 | Daifuku Company Limited | 28,802 | ||||||
| 4,137 | Daikin Industries Limited | 484,115 | ||||||
| 4,184 | Deutsche Post AG | 182,489 | ||||||
| 6,775 | East Japan Railway Company, (WI/DD) | 649,484 | ||||||
| 2,188 | Edenred SA | 75,341 | ||||||
| 1,243 | Eiffage SA | 148,227 | ||||||
| 9,440 | Ferrovial SA | 202,275 | ||||||
| 512 | Fraport AG | 49,735 | ||||||
42
| Shares | Description (1) | Value | ||||||
| Industrials (continued) | ||||||||
| 206 | Hankyu Hanshin Holdings Inc. | $ | 8,123 | |||||
| 590 | Hino Motors, Ltd | 7,209 | ||||||
| 56 | Hochteif AG | 10,257 | ||||||
| 2,503 | Intertek Group PLC | 168,962 | ||||||
| 2,058 | Kajima Corporation | 19,842 | ||||||
| 17,997 | Komatsu, Ltd | 616,758 | ||||||
| 1,209 | Meggitt PLC | 7,866 | ||||||
| 44,945 | MTR Corporation | 253,409 | ||||||
| 164 | Nippon Express Company Limited | 12,395 | ||||||
| 9,716 | Obayashi Corporation | 112,055 | ||||||
| 96 | Osram Licht AG | 5,541 | ||||||
| 15,701 | Reed Elsevier PLC | 336,173 | ||||||
| 7,630 | Rexel SA | 118,459 | ||||||
| 10,377 | Royal Mail PLC | 83,070 | ||||||
| 1,290 | Sandvik AB | 22,132 | ||||||
| 6,970 | Schneider Electric SE | 633,944 | ||||||
| 6,431 | Siemens AG | 820,816 | ||||||
| 2,449 | Sydney Airport | 13,181 | ||||||
| 342 | Tokyu Corporation | 5,754 | ||||||
| 5,094 | Transurban Group | 44,604 | ||||||
| 1,934 | Travis Perkins PLC | 33,804 | ||||||
| 22,935 | Volvo AB, Class B Shares | 391,388 | ||||||
| 916 | West Japan Railway Company | 64,875 | ||||||
| 323 | Wolseley PLC | 24,825 | ||||||
Total Industrials | 7,410,400 | |||||||
| Information Technology – 6.3% | ||||||||
| 733 | Amadeus IT Holding SA | 53,757 | ||||||
| 2,256 | ASML Lithography Holding NV | 429,298 | ||||||
| 18,109 | Ericsson LM, Class B Shares | 139,188 | ||||||
| 22,563 | Fujitsu Limited | 137,306 | ||||||
| 2,742 | Konica Minolta, Inc., (WI/DD) | 23,555 | ||||||
| 8,145 | Kyocera Corporation | 520,893 | ||||||
| 1,474 | Murata Manufacturing Company, Limited | 186,565 | ||||||
| 669 | Nintendo Co., Ltd., (WI/DD) | 282,273 | ||||||
| 1,738 | Nokia Oyj | 10,453 | ||||||
| 1,176 | Nomura Research Institute, Ltd | 60,721 | ||||||
| 918 | Omron Corporation | 49,832 | ||||||
| 6,108 | SAP SE | 682,031 | ||||||
| 9,949 | STMicroelectronics NV | 217,809 | ||||||
43
Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Information Technology (continued) | ||||||||
| 1,754 | Yaskawa Electric Corporation | $ | 71,651 | |||||
Total Information Technology | 2,865,332 | |||||||
| Materials – 7.9% | ||||||||
| 81 | AKZO Nobel NV | 7,330 | ||||||
| 1,636 | Amcor Limited | 16,956 | ||||||
| 38,067 | Asahi Kasei Corporation, (WI/DD) | 524,432 | ||||||
| 8,276 | Boliden AB | 288,519 | ||||||
| 4,496 | Boral Limited | 23,349 | ||||||
| 1,164 | Christian Hansen Holding A/S | 105,931 | ||||||
| 188 | Croda International PLC | 11,551 | ||||||
| 1,861 | Daicel Corporation | 21,531 | ||||||
| 4,933 | Evonik Industries AG | 175,702 | ||||||
| 2,474 | Hitachi Chemical Company, Ltd | 54,397 | ||||||
| 6,513 | Hitachi Metals Limited | 74,757 | ||||||
| 131 | Imerys SA. | 11,966 | ||||||
| 774 | Johnson Matthey PLC | 35,116 | ||||||
| 5,405 | K+S AG | 159,405 | ||||||
| 1,287 | Kaneka Corporation | 12,714 | ||||||
| 1,039 | Kansai Paint Company Limited | 23,396 | ||||||
| 109 | Koninklijke DSM NV | 11,302 | ||||||
| 8,207 | Kuraray Company Limited, (WI/DD) | 136,652 | ||||||
| 6,615 | Mondi PLC | 184,592 | ||||||
| 2,223 | Nitto Denko Corporation | 165,570 | ||||||
| 190 | Novozymes AS, Class B | 8,981 | ||||||
| 1 | Sika AG | 7,304 | ||||||
| 6,142 | Stora Enso Oyj, Class R Shares | 121,960 | ||||||
| 47,331 | Sumitomo Chemical Company, Limited | 272,069 | ||||||
| 7,456 | Sumitomo Metal Mining Company, Limited | 320,112 | ||||||
| 382 | Teijin Limited | 7,195 | ||||||
| 30,460 | Toray Industries Inc. | 284,488 | ||||||
| 3,556 | Umicore | 198,750 | ||||||
| 4,548 | UPM-Kymmene Corporation | 163,088 | ||||||
| 3,463 | Voestalpine AG | 182,882 | ||||||
Total Materials | 3,611,997 | |||||||
| Real Estate – 3.8% | ||||||||
| 1,292 | Azrieli Group Ltd | 59,287 | ||||||
| 24,755 | British Land Company PLC | 229,264 | ||||||
| 67,865 | Capitaland Limited | 192,721 | ||||||
| 9,772 | City Developments Limited | 93,509 | ||||||
44
| Shares | Description (1) | Value | ||||||
| Real Estate (continued) | ||||||||
| 476 | Daiwa House Industry Company Limited | $ | 17,444 | |||||
| 1,398 | Deutsche Wohnen Ag | 66,110 | ||||||
| 9,609 | Hammerson PLC | 72,660 | ||||||
| 18,779 | Hysan Development Company | 109,708 | ||||||
| 19,556 | Land Securities Group PLC | 266,230 | ||||||
| 12,449 | Mitsubishi Estate Company Limited | 227,819 | ||||||
| 10,638 | Mitsui Fudosan Co., Ltd | 273,326 | ||||||
| 896 | SEGRO PLC | 7,975 | ||||||
| 35,564 | Swire Properties Ltd | 126,654 | ||||||
| 2,179 | UOL Group Ltd | 14,499 | ||||||
Total Real Estate | 1,757,206 | |||||||
| Telecommunication Services – 4.7% | ||||||||
| 11,805 | KDDI Corporation, (WI/DD) | 316,850 | ||||||
| 14,060 | NTT Mobile Communications | 364,269 | ||||||
| 4,395 | Orange S.A | 80,261 | ||||||
| 117,798 | Singapore Telecommunications Limited, (WI/DD) | 313,167 | ||||||
| 6,531 | Telenor ASA | 144,950 | ||||||
| 50,722 | Telstra Corporation Limited | 121,754 | ||||||
| 275,911 | Vodafone Group PLC | 804,135 | ||||||
Total Telecommunication Services | 2,145,386 | |||||||
| Utilities – 3.7% | ||||||||
| 34,640 | APA Group | 218,336 | ||||||
| 1,999 | Orsted Energy A/S, 144A | 131,967 | ||||||
| 15,541 | Mercury NZ Ltd | 34,931 | ||||||
| 39,017 | Meridian Energy Limited | 80,825 | ||||||
| 64,646 | National Grid PLC | 750,431 | ||||||
| 12,984 | Red Electrica Corporacion SA, (2) | 271,076 | ||||||
| 20,692 | United Utilities PLC | 211,813 | ||||||
Total Utilities | 1,699,379 | |||||||
Total Long-Term Investments (cost $44,426,637) | 45,452,588 | |||||||
Other Assets Less Liabilities – 0.5% | 251,135 | |||||||
Net Assets – 100% | $ | 45,703,723 | ||||||
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. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
45
Nushares ESG Large-Cap Growth ETF (NULG)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||
COMMON STOCKS – 99.8% | ||||||||
| Consumer Discretionary – 22.9% | ||||||||
| 50 | Aptiv PLC. | $ | 4,229 | |||||
| 138 | Aramark Holdings Corporation | 5,160 | ||||||
| 462 | Booking Holdings Inc., (2) | 1,006,236 | ||||||
| 82 | CBS Corporation, Class B | 4,034 | ||||||
| 15 | Chipotle Mexican Grill, (2) | 6,350 | ||||||
| 1,935 | Expedia, Inc. | 222,796 | ||||||
| 214 | Hanesbrands Inc. | 3,953 | ||||||
| 6,685 | Hilton Worldwide Holdings Inc. | 527,045 | ||||||
| 725 | Liberty Broadband Corporation, Class C Shares, (2) | 51,395 | ||||||
| 129 | Liberty Media Group, Class-C Shares, (2) | 3,808 | ||||||
| 166 | Liberty Sirius Group, Class-A Shares, (2) | 6,934 | ||||||
| 3,935 | Liberty Sirius Group, Class-C Shares, (2) | 163,932 | ||||||
| 1,038 | Live Nation Inc., (2) | 40,970 | ||||||
| 10,792 | LKQ Corporation, (2) | 334,768 | ||||||
| 8,605 | Lowe’s Companies, Inc. | 709,310 | ||||||
| 63 | Lululemon Athletica Inc., (2) | 6,287 | ||||||
| 73 | Michael Kors Holdings Limited, (2) | 4,995 | ||||||
| 3,482 | NetFlix.com Inc., (2) | 1,087,986 | ||||||
| 8,644 | Nike, Inc., Class B | 591,163 | ||||||
| 3,864 | Ross Stores, Inc. | 312,404 | ||||||
| 37,119 | Sirius XM Holdings Inc. | 234,963 | ||||||
| 14,137 | Starbucks Corporation | 813,867 | ||||||
| 1,570 | Tesla Motors Inc., (2) | 461,423 | ||||||
| 1,085 | Tiffany & Co. | 111,571 | ||||||
| 8,473 | Time Warner Inc. | 803,240 | ||||||
| 8,781 | TJX Companies, Inc. | 745,068 | ||||||
| 65 | Tractor Supply Company | 4,420 | ||||||
| 725 | Ulta Beauty, Inc., (2) | 181,910 | ||||||
| 348 | Under Armour Inc., Class C Shares, (2) | 5,342 | ||||||
| 313 | Under Armour, Inc., (2) | 5,559 | ||||||
| 55 | Vail Resorts, Inc. | 12,612 | ||||||
| 60 | VF Corporation | 4,852 | ||||||
| 10,411 | Walt Disney Company | 1,044,536 | ||||||
46
| Shares | Description (1) | Value | ||||||
| Consumer Discretionary (continued) | ||||||||
| 37 | Wyndham Worldwide Corporation | $ | 4,226 | |||||
| 5,482 | YUM! Brands, Inc. | 477,482 | ||||||
Total Consumer Discretionary | 10,004,826 | |||||||
| Consumer Staples – 3.3% | ||||||||
| 90 | Church & Dwight Company Inc. | 4,158 | ||||||
| 32 | Clorox Company | 3,750 | ||||||
| 6,500 | Colgate-Palmolive Company | 423,995 | ||||||
| 5,409 | Dr. Pepper Snapple Group | 648,864 | ||||||
| 1,546 | Estee Lauder Companies Inc., Class A | 228,947 | ||||||
| 1,329 | McCormick & Company, Incorporated | 140,090 | ||||||
Total Consumer Staples | 1,449,804 | |||||||
| Energy – 2.5% | ||||||||
| 168 | Baker Hughes a GE Co | 6,066 | ||||||
| 7,035 | Cheniere Energy Inc., (2) | 409,156 | ||||||
| 9,708 | Schlumberger Limited | 665,580 | ||||||
Total Energy | 1,080,802 | |||||||
| Financials – 7.2% | ||||||||
| 2,262 | American Express Co | 223,373 | ||||||
| 1,434 | BlackRock Inc. | 747,831 | ||||||
| 14,741 | Charles Schwab Corporation | 820,779 | ||||||
| 47 | Comerica Incorporated | 4,445 | ||||||
| 47 | First Republic Bank of San Francisco | 4,365 | ||||||
| 2,241 | Marsh & McLennan Companies, Inc. | 182,642 | ||||||
| 639 | Moody’s Corporation | 103,646 | ||||||
| 5,513 | Progressive Corporation | 332,379 | ||||||
| 3,791 | S&P Global, Inc. | 714,983 | ||||||
| 32 | Signature Bank, (2) | 4,069 | ||||||
| 313 | TD Ameritrade Holding Corporation | 18,182 | ||||||
Total Financials | 3,156,694 | |||||||
| Health Care – 14.1% | ||||||||
| 8,317 | AbbVie Inc. | 803,006 | ||||||
| 63 | Agilent Technologies, Inc. | 4,142 | ||||||
| 2,436 | Align Technology, Inc., (2) | 608,635 | ||||||
| 2,925 | Becton, Dickinson and Company | 678,220 | ||||||
| 16 | Biogen Inc., (2) | 4,378 | ||||||
| 53 | BioMarin Pharmaceutical Inc., (2) | 4,426 | ||||||
| 13,085 | Bristol-Myers Squibb Company | 682,121 | ||||||
| 6,727 | Celgene Corporation, (2) | 585,922 | ||||||
| 4,610 | Centene Corporation, (2) | 500,554 | ||||||
47
Nushares ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 314 | Cooper Companies, Inc. | $ | 71,815 | |||||
| 3,284 | Edwards Lifesciences Corp, (2) | 418,250 | ||||||
| 1,265 | HCA Holdings Inc. | 121,111 | ||||||
| 64 | Henry Schein Inc., (2) | 4,864 | ||||||
| 115 | Hologic Inc., (2) | 4,461 | ||||||
| 2,541 | Humana Inc. | 747,511 | ||||||
| 2,237 | Idexx Labs Inc., (2) | 435,074 | ||||||
| 31 | Jazz Pharmaceuticals, Inc., (2) | 4,713 | ||||||
| 7 | Mettler-Toledo International Inc., (2) | 3,919 | ||||||
| 49 | ResMed Inc. | 4,637 | ||||||
| 74 | Tesaro Inc., (2) | 3,767 | ||||||
| 983 | Varian Medical Systems, Inc., (2) | 113,625 | ||||||
| 1,186 | Vertex Pharmaceuticals Inc., (2) | 181,648 | ||||||
| 22 | Waters Corporation, (2) | 4,145 | ||||||
| 2,376 | Zoetis Incorporated | 198,348 | ||||||
Total Health Care | 6,189,292 | |||||||
| Industrials – 9.6% | ||||||||
| 29 | Acuity Brands Inc. | 3,473 | ||||||
| 66 | AGCO Corp | 4,137 | ||||||
| 55 | Allegion PLC | 4,245 | ||||||
| 12 | AMERCO | 4,050 | ||||||
| 2,378 | C.H. Robinson Worldwide, Inc. | 218,847 | ||||||
| 5,083 | Expeditors International of Washington, Inc. | 324,600 | ||||||
| 103 | Flowserve Corporation | 4,574 | ||||||
| 4,646 | Fortive Corporation | 326,660 | ||||||
| 72 | Fortune Brands Home & Security | 3,938 | ||||||
| 6,209 | IHS Markit Limited, (2) | 305,048 | ||||||
| 2,099 | Illinois Tool Works, Inc. | 298,100 | ||||||
| 6,131 | Ingersoll Rand Company Limited, Class A | 514,330 | ||||||
| 36 | Manpower Inc. | 3,446 | ||||||
| 8,671 | Masco Corporation | 328,371 | ||||||
| 1,432 | Rockwell Automation, Inc. | 235,607 | ||||||
| 4,584 | Rockwell Collins, Inc. | 607,563 | ||||||
| 2,346 | Roper Technologies, Inc. | 619,790 | ||||||
| 84 | Sensata Technologies Holding PLC | 4,260 | ||||||
| 296 | Smith AO Corporation | 18,160 | ||||||
| 28 | Snap-on Incorporated | 4,067 | ||||||
| 64 | Stanley Black & Decker Inc. | 9,062 | ||||||
| 4,328 | TransUnion | 280,930 | ||||||
48
| Shares | Description (1) | Value | ||||||
| Industrials (continued) | ||||||||
| 32 | WABCO Holdings Inc. | $ | 4,128 | |||||
| 808 | Xylem Inc. | 58,903 | ||||||
Total Industrials | 4,186,289 | |||||||
| Information Technology – 33.5% | ||||||||
| 5,523 | Accenture Limited | 835,078 | ||||||
| 4,452 | Adobe Systems Incorporated, (2) | 986,563 | ||||||
| 53 | Analog Devices Inc. | 4,630 | ||||||
| 21,083 | Apple, Inc. | 3,484,177 | ||||||
| 12,636 | Applied Materials, Inc. | 627,630 | ||||||
| 4,770 | Autodesk, Inc., (2) | 600,543 | ||||||
| 9,835 | Cadence Design Systems, Inc., (2) | 393,990 | ||||||
| 4,350 | Citrix Systems | 447,659 | ||||||
| 4,049 | Intuit, Inc. | 748,215 | ||||||
| 31 | Lam Research Corporation | 5,737 | ||||||
| 22,586 | Microsoft Corporation | 2,112,243 | ||||||
| 4,366 | NVIDIA Corporation | 981,913 | ||||||
| 7,262 | Salesforce.com, Inc., (2) | 878,629 | ||||||
| 5,821 | Texas Instruments Incorporated | 590,424 | ||||||
| 114 | Trimble Navigation Limited, (2) | 3,944 | ||||||
| 10,829 | Visa Inc. | 1,373,984 | ||||||
| 4,763 | Workday Inc., Class A, (2) | 594,613 | ||||||
Total Information Technology | 14,669,972 | |||||||
| Materials – 1.9% | ||||||||
| 39 | Albemarle Corp | 3,781 | ||||||
| 150 | Axalta Coating Systems Ltd | 4,635 | ||||||
| 2,715 | Ball Corporation | 108,844 | ||||||
| 4,815 | Ecolab Inc. | 697,068 | ||||||
| 216 | PPG Industries, Inc. | 22,870 | ||||||
| 106 | Sealed Air Corporation | 4,648 | ||||||
Total Materials | 841,846 | |||||||
| Real Estate – 2.9% | ||||||||
| 5,416 | American Tower Corporation, REIT | 738,526 | ||||||
| 34 | Boston Properties, Inc. | 4,128 | ||||||
| 129 | CBRE Group Inc., (2) | 5,845 | ||||||
| 402 | Equinix Inc. | 169,158 | ||||||
| 5,439 | Prologis Inc. | 353,045 | ||||||
| 216 | UDR Inc. | 7,808 | ||||||
Total Real Estate | 1,278,510 | |||||||
49
Nushares ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Telecommunication Services – 1.9% | ||||||||
| 9,546 | T-Mobile US Inc., (2) | $ | 577,628 | |||||
| 6,376 | Zayo Group Holdings, Inc., (2) | 231,449 | ||||||
Total Telecommunication Services | 809,077 | |||||||
Total Long-Term Investments (cost $41,154,351) | 43,667,112 | |||||||
Other Assets Less Liabilities – 0.2% | 90,899 | |||||||
Net Assets – 100% | $ | 43,758,011 | ||||||
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.
50
Nushares ESG Large-Cap Value ETF (NULV)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||
COMMON STOCKS – 99.8% | ||||||||
| Consumer Discretionary – 4.9% | ||||||||
| 1,419 | Aptiv PLC. | $ | 120,019 | |||||
| 1,676 | Autoliv Inc. | 224,668 | ||||||
| 52 | Best Buy Co., Inc. | 3,980 | ||||||
| 79 | BorgWarner Inc. | 3,866 | ||||||
| 29 | Darden Restaurants, Inc. | 2,693 | ||||||
| 160 | Discovery Communications Inc., Class A Shares, (2) | 3,784 | ||||||
| 3,869 | Discovery Communications Inc., Class C Shares, (2) | 85,969 | ||||||
| 114 | Gap, Inc. | 3,333 | ||||||
| 58 | Garmin Limited | 3,403 | ||||||
| 49 | Genuine Parts Company | 4,328 | ||||||
| 105 | Goodyear Tire & Rubber Company | 2,637 | ||||||
| 136 | H & R Block Inc. | 3,760 | ||||||
| 81 | Harley-Davidson, Inc. | 3,332 | ||||||
| 58 | Kohl’s Corporation | 3,603 | ||||||
| 62 | Lennar Corporation, Class A | 3,279 | ||||||
| 30 | Liberty Broadband Corporation, Class C Shares, (2) | 2,127 | ||||||
| 6,178 | Liberty Global PLC Class C, (2) | 179,780 | ||||||
| 95 | Liberty Media Group, Class-C Shares, (2) | 2,804 | ||||||
| 197 | Mattel, Inc. | 2,916 | ||||||
| 8,398 | Newell Brands Inc. | 232,037 | ||||||
| 2,690 | Royal Caribbean Cruises Limited | 291,031 | ||||||
| 77 | Tapestry Inc. | 4,140 | ||||||
| 7,925 | Target Corporation | 575,355 | ||||||
| 37 | Tiffany & Co. | 3,805 | ||||||
| 81 | Toll Brothers Inc. | 3,415 | ||||||
| 120 | TripAdvisor Inc., (2) | 4,490 | ||||||
| 52 | VF Corporation | 4,205 | ||||||
| 22 | Whirlpool Corporation | 3,409 | ||||||
Total Consumer Discretionary | 1,782,168 | |||||||
| Consumer Staples – 11.4% | ||||||||
| 89 | Archer-Daniels-Midland Company | 4,039 | ||||||
| 83 | Campbell Soup Company | 3,385 | ||||||
51
Nushares ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Consumer Staples (continued) | ||||||||
| 23,566 | Coca-Cola Company | $ | 1,018,287 | |||||
| 257 | Colgate-Palmolive Company | 16,764 | ||||||
| 9,941 | General Mills, Inc. | 434,819 | ||||||
| 112 | Hormel Foods Corporation | 4,060 | ||||||
| 6,343 | Kellogg Company | 373,603 | ||||||
| 418 | Kimberly-Clark Corporation | 43,280 | ||||||
| 41 | McCormick & Company, Incorporated | 4,322 | ||||||
| 15,386 | Mondelez International Inc. | 607,747 | ||||||
| 6,556 | PepsiCo, Inc. | 661,763 | ||||||
| 13,904 | Procter & Gamble Company | 1,005,815 | ||||||
Total Consumer Staples | 4,177,884 | |||||||
| Energy – 7.8% | ||||||||
| 2,814 | Baker Hughes a GE Co | 101,614 | ||||||
| 764 | National-Oilwell Varco Inc. | 29,544 | ||||||
| 9,575 | ONEOK, Inc. | 576,606 | ||||||
| 9,394 | Schlumberger Limited | 644,053 | ||||||
| 6,939 | Targa Resources Corporation | 325,925 | ||||||
| 6,498 | Valero Energy Corporation | 720,823 | ||||||
| 17,254 | Williams Companies Inc. | 443,945 | ||||||
Total Energy | 2,842,510 | |||||||
| Financials – 23.0% | ||||||||
| 4,714 | Ace Limited | 639,548 | ||||||
| 108 | AFLAC Incorporated | 4,922 | ||||||
| 85 | Allstate Corporation | 8,315 | ||||||
| 135 | Ally Financial Inc. | 3,523 | ||||||
| 34 | American Financial Group Inc. | 3,849 | ||||||
| 10,837 | American International Group, Inc. | 606,872 | ||||||
| 26 | Ameriprise Financial, Inc. | 3,645 | ||||||
| 44 | Arch Capital Group Limited, (2) | 3,526 | ||||||
| 55 | Arthur J. Gallagher & Co. | 3,849 | ||||||
| 43 | Assurant Inc. | 3,991 | ||||||
| 75 | Axis Capital Holdings | 4,403 | ||||||
| 11,737 | Bank New York Mellon | 639,784 | ||||||
| 46,805 | Bank of America Corporation | 1,400,406 | ||||||
| 11,178 | BB&T Corporation | 590,198 | ||||||
| 6,331 | Capital One Financial Corporation | 573,715 | ||||||
| 71 | CIT Group Inc. | 3,759 | ||||||
| 9,836 | Citizens Financial Group Inc. | 408,096 | ||||||
| 3,509 | CME Group, Inc. | 553,299 | ||||||
52
| Shares | Description (1) | Value | ||||||
| Financials (continued) | ||||||||
| 41 | Comerica Incorporated | $ | 3,878 | |||||
| 67 | East West Bancorp Inc. | 4,464 | ||||||
| 11,720 | Fifth Third Bancorp. | 388,752 | ||||||
| 262 | Franklin Resources, Inc. | 8,814 | ||||||
| 243 | Huntington BancShares Inc. | 3,623 | ||||||
| 113 | Invesco LTD | 3,274 | ||||||
| 25,936 | KeyCorp. | 516,645 | ||||||
| 50 | Lincoln National Corporation | 3,532 | ||||||
| 2,913 | M&T Bank Corporation | 530,952 | ||||||
| 10,820 | New York Community Bancorp Inc. | 128,542 | ||||||
| 193 | People’s United Financial, Inc. | 3,530 | ||||||
| 4,517 | PNC Financial Services Group, Inc. | 657,720 | ||||||
| 60 | Principal Financial Group, Inc. | 3,553 | ||||||
| 5,414 | Prudential Financial, Inc. | 575,616 | ||||||
| 42 | Raymond James Financial Inc. | 3,769 | ||||||
| 5,132 | Regions Financial Corporation | 95,968 | ||||||
| 24 | Reinsurance Group of America Inc. | 3,586 | ||||||
| 101 | State Street Corporation | 10,078 | ||||||
| 26 | Travelers Companies, Inc. | 3,422 | ||||||
| 76 | Voya Financial Inc. | 3,979 | ||||||
| 23 | Willis Towers Watson PLC | 3,416 | ||||||
| 87 | XL Group Limited | 4,836 | ||||||
| 78 | Zions Bancorporation | 4,270 | ||||||
Total Financials | 8,421,919 | |||||||
| Health Care – 13.5% | ||||||||
| 12,514 | Abbott Laboratories | 727,439 | ||||||
| 2,143 | Agilent Technologies, Inc. | 140,881 | ||||||
| 76 | Alkermes PLC, (2) | 3,365 | ||||||
| 3,960 | Allergan PLC | 608,454 | ||||||
| 31 | Alnylam Pharmaceuticals, Inc., (2) | 2,930 | ||||||
| 74 | Amgen Inc. | 12,912 | ||||||
| 2,380 | Becton, Dickinson and Company | 551,851 | ||||||
| 1,309 | Cardinal Health, Inc. | 83,999 | ||||||
| 3,236 | Danaher Corporation | 324,636 | ||||||
| 9,189 | Eli Lilly and Company | 744,952 | ||||||
| 101 | Envision Healthcare Corporation, (2) | 3,754 | ||||||
| 10,068 | Gilead Sciences, Inc. | 727,212 | ||||||
| 17,189 | Merck & Company Inc. | 1,011,916 | ||||||
| 44 | Perrigo Company | 3,438 | ||||||
| 36 | Quest Diagnostics Incorporated | 3,643 | ||||||
53
Nushares ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 43 | Tesaro Inc., (2) | $ | 2,189 | |||||
Total Health Care | 4,953,571 | |||||||
| Industrials – 9.4% | ||||||||
| 4,947 | Caterpillar Inc. | 714,149 | ||||||
| 3,667 | Deere & Company | 496,255 | ||||||
| 7,126 | Eaton PLC | 534,664 | ||||||
| 76 | Fastenal Company | 3,799 | ||||||
| 86 | Flowserve Corporation | 3,819 | ||||||
| 15,310 | Johnson Controls International PLC | 518,550 | ||||||
| 19 | L-3 Communications Holdings, Inc. | 3,722 | ||||||
| 113 | Nielsen Holdings PLC | 3,554 | ||||||
| 4,249 | Norfolk Southern Corporation | 609,604 | ||||||
| 52 | PACCAR Inc. | 3,311 | ||||||
| 25 | Parker Hannifin Corporation | 4,115 | ||||||
| 15 | W.W. Grainger, Inc. | 4,220 | ||||||
| 6,612 | Waste Management, Inc. | 537,489 | ||||||
Total Industrials | 3,437,251 | |||||||
| Information Technology – 12.3% | ||||||||
| 16,813 | Hewlett Packard Enterprise Co | 286,662 | ||||||
| 22,642 | HP Inc. | 486,577 | ||||||
| 25,470 | Intel Corporation | 1,314,761 | ||||||
| 5,866 | International Business Machines Corporation (IBM) | 850,335 | ||||||
| 13,408 | Microsoft Corporation | 1,253,916 | ||||||
| 3,317 | TE Connectivity Limited | 304,335 | ||||||
Total Information Technology | 4,496,586 | |||||||
| Materials – 3.9% | ||||||||
| 83 | Ball Corporation | 3,327 | ||||||
| 27 | International Flavors & Fragrances Inc. | 3,814 | ||||||
| 2,615 | International Paper Company | 134,829 | ||||||
| 3,557 | LyondellBasell Industries NV | 376,082 | ||||||
| 189 | Mosaic Company | 5,094 | ||||||
| 1,954 | Newmont Mining Corporation | 76,773 | ||||||
| 2,741 | PPG Industries, Inc. | 290,217 | ||||||
| 3,558 | Praxair, Inc. | 542,666 | ||||||
| 57 | WestRock Company | 3,372 | ||||||
Total Materials | 1,436,174 | |||||||
| Real Estate – 2.9% | ||||||||
| 47 | Boston Properties, Inc. | 5,706 | ||||||
| 240 | Brixmor Property Group Inc. | 3,574 | ||||||
54
| Shares | Description (1) | Value | ||||||
| Real Estate (continued) | ||||||||
| 47 | Camden Property Trust | $ | 4,014 | |||||
| 37 | Digital Realty Trust Inc. | 3,911 | ||||||
| 149 | Duke Realty Corporation | 4,038 | ||||||
| 26 | Federal Realty Investment Trust | 3,012 | ||||||
| 2,183 | Health Care Property Investors Inc. | 50,995 | ||||||
| 192 | Host Hotels & Resorts Inc. | 3,756 | ||||||
| 115 | Iron Mountain Inc. | 3,903 | ||||||
| 24 | Jones Lang LaSalle Inc. | 4,068 | ||||||
| 1,243 | Kimco Realty Corporation | 18,036 | ||||||
| 80 | Liberty Property Trust | 3,346 | ||||||
| 62 | Macerich Company | 3,572 | ||||||
| 44 | Mid-America Apartment Communities | 4,024 | ||||||
| 53 | Regency Centers Corporation | 3,119 | ||||||
| 83 | UDR Inc. | 3,000 | ||||||
| 7,748 | Welltower Inc. | 414,053 | ||||||
| 14,669 | Weyerhaeuser Company | 539,526 | ||||||
Total Real Estate | 1,075,653 | |||||||
| Telecommunication Services – 4.0% | ||||||||
| 19,335 | CenturyLink Inc. | 359,244 | ||||||
| 22,583 | Verizon Communications Inc. | 1,114,471 | ||||||
Total Telecommunication Services | 1,473,715 | |||||||
| Utilities – 6.7% | ||||||||
| 6,174 | Consolidated Edison, Inc. | 494,723 | ||||||
| 6,584 | Edison International | 431,384 | ||||||
| 7,922 | Eversource Energy | 477,300 | ||||||
| 165 | NiSource Inc. | 4,024 | ||||||
| 10,043 | Public Service Enterprise Group Incorporated | 523,742 | ||||||
| 4,521 | Sempra Energy | 505,448 | ||||||
Total Utilities | 2,436,621 | |||||||
Total Long-Term Investments (cost $36,214,820) | 36,534,052 | |||||||
Other Assets Less Liabilities – 0.2% | 61,050 | |||||||
Net Assets – 100% | $ | 36,595,102 | ||||||
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.
55
Nushares ESG Mid-Cap Growth ETF (NUMG)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
| Consumer Discretionary – 12.9% | ||||||||
| 3,032 | Advance Auto Parts, Inc. | $ | 347,012 | |||||
| 17,151 | Aramark Holdings Corporation | 641,276 | ||||||
| 10,798 | CarMax, Inc., (2) | 674,875 | ||||||
| 17,046 | Discovery Communications Inc., Class C Shares, (2) | 378,762 | ||||||
| 3,043 | Hasbro, Inc. | 268,058 | ||||||
| 7,070 | Liberty Broadband Corporation, Class C Shares, (2) | 501,192 | ||||||
| 3,695 | LKQ Corporation, (2) | 114,619 | ||||||
| 4,407 | Lululemon Athletica Inc., (2) | 439,819 | ||||||
| 242 | Tiffany & Co. | 24,885 | ||||||
| 7,738 | Tractor Supply Company | 526,184 | ||||||
| 1,160 | TripAdvisor Inc., (2) | 43,407 | ||||||
| 18,486 | Under Armour Inc., Class C Shares, (2) | 283,760 | ||||||
| 24,145 | Under Armour, Inc., (2) | 428,815 | ||||||
| 2,940 | Vail Resorts, Inc. | 674,171 | ||||||
Total Consumer Discretionary | 5,346,835 | |||||||
| Consumer Staples – 4.1% | ||||||||
| 8,322 | Dr. Pepper Snapple Group | 998,307 | ||||||
| 6,583 | McCormick & Company, Incorporated | 693,914 | ||||||
Total Consumer Staples | 1,692,221 | |||||||
| Financials – 7.5% | ||||||||
| 44 | Comerica Incorporated | 4,162 | ||||||
| 12,607 | E*Trade Group Inc., (2) | 764,993 | ||||||
| 7,736 | First Republic Bank of San Francisco | 718,442 | ||||||
| 38 | Signature Bank, (2) | 4,832 | ||||||
| 2,903 | SVB Financial Group, (2) | 869,768 | ||||||
| 13,800 | XL Group Limited | 767,142 | ||||||
Total Financials | 3,129,339 | |||||||
| Health Care – 12.2% | ||||||||
| 3,672 | Align Technology, Inc., (2) | 917,449 | ||||||
| 2,920 | Cooper Companies, Inc. | 667,833 | ||||||
| 8,784 | Henry Schein Inc., (2) | 667,584 | ||||||
| 110 | Hologic Inc., (2) | 4,267 | ||||||
56
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 4,692 | Idexx Labs Inc., (2) | $ | 912,547 | |||||
| 559 | Jazz Pharmaceuticals, Inc., (2) | 84,990 | ||||||
| 1,064 | Mettler-Toledo International Inc., (2) | 595,766 | ||||||
| 8,543 | ResMed Inc. | 808,509 | ||||||
| 5,191 | Tesaro Inc., (2) | 264,274 | ||||||
| 835 | Waters Corporation, (2) | 157,322 | ||||||
Total Health Care | 5,080,541 | |||||||
| Industrials – 24.2% | ||||||||
| 3,605 | Acuity Brands Inc. | 431,771 | ||||||
| 8,695 | AGCO Corp | 545,003 | ||||||
| 1,116 | AMERCO | 376,672 | ||||||
| 7,100 | C.H. Robinson Worldwide, Inc. | 653,413 | ||||||
| 6,515 | Expeditors International of Washington, Inc. | 416,048 | ||||||
| 10,961 | Fastenal Company | 547,940 | ||||||
| 4,057 | Flowserve Corporation | 180,171 | ||||||
| 12,546 | HD Supply Holdings Inc., (2) | 485,656 | ||||||
| 1,227 | Lennox International Inc. | 237,265 | ||||||
| 3,511 | Manpower Inc. | 336,073 | ||||||
| 18,681 | Masco Corporation | 707,449 | ||||||
| 5,041 | Middleby Corporation, (2) | 634,359 | ||||||
| 11,863 | Robert Half International Inc. | 720,677 | ||||||
| 13,289 | Sensata Technologies Holding PLC | 674,018 | ||||||
| 4,355 | Snap-on Incorporated | 632,564 | ||||||
| 12,103 | TransUnion | 785,606 | ||||||
| 4,881 | United Rentals Inc., (2) | 732,150 | ||||||
| 4,483 | WABCO Holdings Inc. | 578,262 | ||||||
| 4,935 | Xylem Inc. | 359,761 | ||||||
Total Industrials | 10,034,858 | |||||||
| Information Technology – 27.1% | ||||||||
| 61,342 | Advanced Micro Devices, Inc., (2) | 667,401 | ||||||
| 11,355 | Akamai Technologies, Inc., (2) | 813,586 | ||||||
| 1,827 | Arista Networks Inc., (2) | 483,333 | ||||||
| 7,731 | Broadridge Financial Solutions, Inc. | 828,840 | ||||||
| 16,934 | Cadence Design Systems, Inc., (2) | 678,376 | ||||||
| 8,066 | Citrix Systems | 830,072 | ||||||
| 8,655 | Cognex Corporation | 400,294 | ||||||
| 11,868 | CommScope Holding Company Inc., (2) | 453,595 | ||||||
| 218 | F5 Networks, Inc., (2) | 35,554 | ||||||
| 240 | Flextronics International LTD | 3,120 | ||||||
57
Nushares ESG Mid-Cap Growth ETF (NUMG) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Information Technology (continued) | ||||||||
| 13,340 | FLIR Systems Inc. | $ | 714,357 | |||||
| 8,185 | Fortinet Inc., (2) | 453,122 | ||||||
| 4,127 | Gartner Inc., (2) | 500,564 | ||||||
| 35 | Henry Jack and Associates Inc. | 4,182 | ||||||
| 11,154 | Microchip Technology Incorporated | 933,144 | ||||||
| 3,100 | Red Hat, Inc., (2) | 505,486 | ||||||
| 7,012 | ServiceNow Inc., (2) | 1,164,974 | ||||||
| 1,023 | Skyworks Solutions Inc. | 88,755 | ||||||
| 3,832 | Splunk Inc., (2) | 393,355 | ||||||
| 7,267 | Take-Two Interactive Software, Inc., (2) | 724,593 | ||||||
| 17,216 | Trimble Navigation Limited, (2) | 595,674 | ||||||
Total Information Technology | 11,272,377 | |||||||
| Materials – 6.4% | ||||||||
| 21,673 | Axalta Coating Systems Ltd | 669,696 | ||||||
| 9,077 | FMC Corporation | 723,709 | ||||||
| 4,360 | International Flavors & Fragrances Inc. | 615,894 | ||||||
| 14,904 | Sealed Air Corporation | 653,540 | ||||||
Total Materials | 2,662,839 | |||||||
| Real Estate – 3.9% | ||||||||
| 4,767 | CBRE Group Inc., (2) | 215,993 | ||||||
| 5,550 | SBA Communications Corporation, (2) | 889,276 | ||||||
| 14,580 | UDR Inc. | 527,067 | ||||||
Total Real Estate | 1,632,336 | |||||||
| Telecommunication Services – 1.6% | ||||||||
| 17,884 | Zayo Group Holdings, Inc., (2) | 649,189 | ||||||
Total Long-Term Investments (cost $39,646,420) | 41,500,535 | |||||||
Other Assets Less Liabilities – 0.1% | 53,732 | |||||||
Net Assets – 100% | $ | 41,554,267 | ||||||
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.
58
Nushares ESG Mid-Cap Value ETF (NUMV)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||
COMMON STOCKS – 99.8% | ||||||||
| Consumer Discretionary – 17.1% | ||||||||
| 6,080 | Autoliv Inc. | $ | 815,024 | |||||
| 7,702 | AutoNation Inc., (2) | 355,755 | ||||||
| 12,056 | Best Buy Co., Inc. | 922,646 | ||||||
| 7,584 | Darden Restaurants, Inc. | 704,250 | ||||||
| 4,009 | Discovery Communications Inc., Class A Shares, (2) | 94,813 | ||||||
| 16,149 | Discovery Communications Inc., Class C Shares, (2) | 358,831 | ||||||
| 14,523 | Gap, Inc. | 424,653 | ||||||
| 11,584 | Garmin Limited | 679,633 | ||||||
| 13,432 | Goodyear Tire & Rubber Company | 337,278 | ||||||
| 29,198 | Hanesbrands Inc. | 539,287 | ||||||
| 147 | Harley-Davidson, Inc. | 6,046 | ||||||
| 110 | Kohl’s Corporation | 6,833 | ||||||
| 6,852 | Liberty Broadband Corporation, Class C Shares, (2) | 485,738 | ||||||
| 4,037 | Mattel, Inc. | 59,748 | ||||||
| 159 | Nordstrom, Inc. | 8,039 | ||||||
| 5,148 | Tiffany & Co. | 529,369 | ||||||
| 228 | TripAdvisor Inc., (2) | 8,532 | ||||||
| 5,084 | Whirlpool Corporation | 787,766 | ||||||
| �� | Total Consumer Discretionary | 7,124,241 | ||||||
| Consumer Staples – 5.0% | ||||||||
| 8,650 | Bunge Limited | 624,790 | ||||||
| 7,188 | JM Smucker Company | 820,007 | ||||||
| 6,192 | McCormick & Company, Incorporated | 652,699 | ||||||
Total Consumer Staples | 2,097,496 | |||||||
| Energy – 4.3% | ||||||||
| 30,170 | TechnipFMC PLC | 994,403 | ||||||
| 17,166 | Targa Resources Corporation | 806,287 | ||||||
Total Energy | 1,800,690 | |||||||
| Financials – 25.9% | ||||||||
| 30,939 | Ally Financial Inc. | 807,508 | ||||||
| 12,785 | Arthur J. Gallagher & Co. | 894,822 | ||||||
| 22,560 | Citizens Financial Group Inc. | 936,014 | ||||||
| 6,173 | Comerica Incorporated | 583,842 | ||||||
| 27,312 | Fifth Third Bancorp. | 905,939 | ||||||
59
Nushares ESG Mid-Cap Value ETF (NUMV) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Financials (continued) | ||||||||
| 815 | Huntington BancShares Inc. | $ | 12,152 | |||||
| 18,275 | Invesco LTD | 529,427 | ||||||
| 12,968 | Lincoln National Corporation | 916,060 | ||||||
| 51,304 | New York Community Bancorp Inc. | 609,492 | ||||||
| 36,522 | People’s United Financial, Inc. | 667,987 | ||||||
| 16,496 | Principal Financial Group, Inc. | 976,893 | ||||||
| 9,378 | Raymond James Financial Inc. | 841,676 | ||||||
| 9,505 | Regions Financial Corporation | 177,744 | ||||||
| 15,567 | Voya Financial Inc. | 814,932 | ||||||
| 3,724 | Zions Bancorporation | 203,889 | ||||||
| 16,862 | XL Group Limited | 937,359 | ||||||
Total Financials | 10,815,736 | |||||||
| Health Care – 3.8% | ||||||||
| 12,356 | DENTSPLY SIRONA Inc. | 622,001 | ||||||
| 307 | Envision Healthcare Corporation, (2) | 11,411 | ||||||
| 8,267 | Quest Diagnostics Incorporated | 836,620 | ||||||
| 2,645 | Tesaro Inc., (2) | 134,657 | ||||||
Total Health Care | 1,604,689 | |||||||
| Industrials – 8.4% | ||||||||
| 7,706 | C.H. Robinson Worldwide, Inc. | 709,183 | ||||||
| 12,789 | Fastenal Company | 639,322 | ||||||
| 5,607 | Flowserve Corporation | 249,007 | ||||||
| 4,680 | L-3 Communications Holdings, Inc. | 916,718 | ||||||
| 4,379 | Macquarie Infrastructure Corporation | 165,964 | ||||||
| 2,901 | W.W. Grainger, Inc. | 816,196 | ||||||
Total Industrials | 3,496,390 | |||||||
| Information Technology – 6.8% | ||||||||
| 12,157 | Juniper Networks Inc. | 298,941 | ||||||
| 18,094 | Marvell Technology Group Ltd. | 362,966 | ||||||
| 8,060 | Sabre Corporation | 166,358 | ||||||
| 12,965 | Seagate Technology | 750,544 | ||||||
| 25,810 | Western Union Company | 509,747 | ||||||
| 23,484 | Xerox Corporation | 738,572 | ||||||
Total Information Technology | 2,827,128 | |||||||
| Materials – 7.2% | ||||||||
| 15,266 | Ball Corporation | 612,014 | ||||||
| 4,544 | International Flavors & Fragrances Inc. | 641,885 | ||||||
| 10,738 | Mosaic Company | 289,389 | ||||||
| 15,230 | Newmont Mining Corporation | 598,387 | ||||||
60
| Shares | Description (1) | Value | ||||||
| Materials (continued) | ||||||||
| 14,850 | WestRock Company | $ | 878,526 | |||||
Total Materials | 3,020,201 | |||||||
| Real Estate – 11.0% | ||||||||
| 21,936 | Brixmor Property Group Inc. | 326,627 | ||||||
| 26,388 | Duke Realty Corporation | 715,115 | ||||||
| 2,898 | Federal Realty Investment Trust | 335,733 | ||||||
| 7,326 | Host Hotels & Resorts Inc. | 143,297 | ||||||
| 19,029 | Iron Mountain Inc. | 645,844 | ||||||
| 2,793 | Jones Lang LaSalle Inc. | 473,441 | ||||||
| 17,297 | Liberty Property Trust | 723,361 | ||||||
| 11,301 | Regency Centers Corporation | 665,064 | ||||||
| 14,930 | UDR Inc. | 539,719 | ||||||
Total Real Estate | 4,568,201 | |||||||
| Telecommunication Services – 1.7% | ||||||||
| 37,762 | CenturyLink Inc. | 701,618 | ||||||
| Utilities – 8.6% | ||||||||
| 19,944 | CMS Energy Corporation | 941,157 | ||||||
| 17,842 | Eversource Energy | 1,074,980 | ||||||
| 32,152 | NiSource Inc. | 784,187 | ||||||
| 9,906 | Pinnacle West Capital Corporation | 797,433 | ||||||
Total Utilities | 3,597,757 | |||||||
Total Long-Term Investments (cost $40,524,699) | 41,654,147 | |||||||
Other Assets Less Liabilities – 0.2% | 85,685 | |||||||
Net Assets – 100% | $ | 41,739,832 | ||||||
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.
61
Nushares ESG Small-Cap ETF (NUSC)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||
COMMON STOCKS – 99.8% | ||||||||
| Consumer Discretionary – 11.8% | ||||||||
| 1,329 | Aaron Rents Inc. | $ | 55,512 | |||||
| 5,136 | American Axle and Manufacturing Holdings Inc. | 78,786 | ||||||
| 4,022 | American Eagle Outfitters, Inc. | 83,175 | ||||||
| 541 | Asbury Automotive Group, Inc., (2) | 36,274 | ||||||
| 719 | At Home Group, Inc., (2) | 25,302 | ||||||
| 1,488 | Barnes & Noble Education, Inc., (2) | 10,699 | ||||||
| 1,369 | BBX Capital Corp | 13,663 | ||||||
| 438 | Big Lots, Inc. | 18,593 | ||||||
| 749 | BJ’s Restaurants, Inc. | 41,832 | ||||||
| 513 | Bright Horizons Family Solutions Inc., (2) | 48,673 | ||||||
| 2,831 | Brinker International Inc. | 123,403 | ||||||
| 1,183 | Buckle Inc. | 27,268 | ||||||
| 191 | Cable One, Inc. | 121,308 | ||||||
| 843 | Caleres Inc. | 27,591 | ||||||
| 2,686 | Callaway Golf Company | 46,360 | ||||||
| 1,268 | Camping World Holdings, Inc. | 36,303 | ||||||
| 111 | Capella Education Company | 10,184 | ||||||
| 896 | Century Communities, Inc., (2) | 27,552 | ||||||
| 1,008 | Cheesecake Factory Inc. | 52,366 | ||||||
| 5,127 | Cinemark Holdings Inc. | 200,825 | ||||||
| 2,302 | Clear Channel Outdoor Holdings Inc., Class A, (2) | 11,050 | ||||||
| 777 | Columbia Sportswear Company | 64,499 | ||||||
| 896 | Cooper-Standard Holdings Inc., (2) | 110,925 | ||||||
| 599 | Core-Mark Holding Company, Inc. | 12,345 | ||||||
| 2,842 | Crocs, Inc., (2) | 44,904 | ||||||
| 1,472 | Dave & Buster’s Entertainment Inc., (2) | 62,545 | ||||||
| 891 | Deckers Outdoor Corporation, (2) | 83,095 | ||||||
| 690 | Del Taco Restaurants, Inc., (2) | 7,700 | ||||||
| 637 | Denny’s Corporation, (2) | 11,154 | ||||||
| 824 | Dick’s Sporting Goods Inc. | 27,266 | ||||||
| 337 | Dillard’s, Inc., Class A | 25,123 | ||||||
| 1,237 | DineEquity Inc. | 98,144 | ||||||
| 705 | Dorman Products, Inc., (2) | 45,303 | ||||||
| 1,707 | DSW Inc. | 38,066 | ||||||
62
| Shares | Description (1) | Value | ||||||
| Consumer Discretionary (continued) | ||||||||
| 2,927 | Dunkin Brands Group Inc. | $ | 178,430 | |||||
| 508 | Ethan Allen Interiors Inc. | 11,201 | ||||||
| 513 | Fiesta Restaurant Group, (2) | 10,773 | ||||||
| 1,772 | Finish Line, Inc. | 24,046 | ||||||
| 1,437 | Five Below, Incorporated, (2) | 101,467 | ||||||
| 2,339 | Foot Locker, Inc. | 100,764 | ||||||
| 3,017 | Fossil Group Inc., (2) | 45,104 | ||||||
| 1,023 | FTD Companies Inc., (2) | 6,588 | ||||||
| 2,886 | GameStop Corporation | 39,394 | ||||||
| 1,030 | Genesco Inc., (2) | 44,033 | ||||||
| 7,807 | Gentex Corporation | 177,531 | ||||||
| 1,210 | Gentherm Inc., (2) | 40,898 | ||||||
| 4,767 | GNC Holdings Inc. | 16,923 | ||||||
| 67 | Graham Holdings Company | 40,404 | ||||||
| 692 | Green Brick Partners, Inc., (2) | 6,989 | ||||||
| 510 | Group 1 Automotive Inc. | 33,329 | ||||||
| 577 | Helen of Troy Limited | 51,440 | ||||||
| 856 | Hemisphere Media Group Inc., (2) | 9,330 | ||||||
| 732 | Hibbett Sporting Goods, Inc., (2) | 19,910 | ||||||
| 299 | Hooker Furniture Corporation | 11,287 | ||||||
| 4,018 | Houghton Mifflin Harcourt Company, (2) | 27,322 | ||||||
| 8,313 | Hovnanian Enterprises Inc., (2) | 16,709 | ||||||
| 3,359 | ILG, Inc. | 114,643 | ||||||
| 3,502 | Imax Corporation, (2) | 81,246 | ||||||
| 303 | Intl Speedway Corporation | 12,453 | ||||||
| 960 | Irobot Corporation, (2) | 56,026 | ||||||
| 923 | Jack in the Box Inc., Term Loan | 82,793 | ||||||
| 1,713 | John Wiley and Sons Inc., Class A | 112,972 | ||||||
| 4,832 | KB Home | 128,290 | ||||||
| 2,377 | La Quinta Holdings Inc., (2) | 46,447 | ||||||
| 1,022 | La Z Boy Inc. | 29,434 | ||||||
| 766 | Lands’ End Inc., (2) | 14,822 | ||||||
| 1,006 | LGI Homes Inc., (2) | 69,615 | ||||||
| 622 | Lithia Motors Inc. | 59,625 | ||||||
| 174 | Loral Space & Communications, Inc., (2) | 6,760 | ||||||
| 333 | Marinemax Inc., (2) | 7,193 | ||||||
| 644 | Marriott Vacations World | 78,961 | ||||||
| 409 | MDC Holdings Inc. | 11,865 | ||||||
| 1,124 | Meritage Corporation, (2) | 50,018 | ||||||
| 4,320 | Michaels Cos Inc., (2) | 80,438 | ||||||
63
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Consumer Discretionary (continued) | ||||||||
| 2,210 | Modine Manufacturing Company | $ | 38,012 | |||||
| 610 | Monro Muffler Brake, Inc. | 34,130 | ||||||
| 325 | Motorcar Parts of America, Inc., (2) | 6,188 | ||||||
| 532 | Movado Group Inc. | 20,987 | ||||||
| 381 | Murphy USA Inc., (2) | 23,839 | ||||||
| 5,720 | National CineMedia, Inc. | 32,718 | ||||||
| 4,228 | New York Times, Class A | 99,147 | ||||||
| 1,007 | Nutri System Inc. | 29,203 | ||||||
| 13,557 | Office Depot, Inc. | 31,046 | ||||||
| 609 | PICO Holdings, Inc., (2) | 7,338 | ||||||
| 2,881 | Pier 1 Imports, Inc. | 6,425 | ||||||
| 3,301 | Planet Fitness Inc., (2) | 132,997 | ||||||
| 451 | Pool Corporation | 62,603 | ||||||
| 646 | Red Robin Gourmet Burgers, Inc., (2) | 40,278 | ||||||
| 2,047 | Rent-A-Center Inc. | 20,695 | ||||||
| 4,860 | Sally Beauty Holdings Inc., (2) | 84,029 | ||||||
| 1,605 | Scholastic Corporation | 66,447 | ||||||
| 2,731 | Service Corporation International | 99,709 | ||||||
| 2,924 | ServiceMaster Global Holdings Inc., (2) | 147,954 | ||||||
| 837 | Shake Shack Inc., Class A Shares, (2) | 39,850 | ||||||
| 370 | Shoe Carnival, Inc. | 9,017 | ||||||
| 281 | Shutterfly, Inc., (2) | 22,739 | ||||||
| 1,388 | Signet Jewelers Limited | 53,965 | ||||||
| 2,202 | Six Flags Entertainment Corporation | 139,254 | ||||||
| 527 | Sleep Number Corporation, (2) | 14,935 | ||||||
| 762 | Sonic Corporation | 19,743 | ||||||
| 841 | Sothebys Holdings Inc. | 44,405 | ||||||
| 1,980 | Tailored Brands, Inc. | 62,469 | ||||||
| 7,066 | TEGNA, Inc. | 68,328 | ||||||
| 1,659 | Tempur Sealy International, Inc., (2) | 74,240 | ||||||
| 2,140 | Tenneco Inc. | 95,637 | ||||||
| 10,130 | The Wendy’s Company | 169,576 | ||||||
| 283 | Unifi Inc., (2) | 8,380 | ||||||
| 1,346 | Visteon Corporation, (2) | 167,496 | ||||||
| 1,142 | Wayfair Inc., Class A Shares, (2) | 71,147 | ||||||
| 961 | Weight Watcher’s International Inc. | 67,318 | ||||||
| 1,446 | Williams-Sonoma Inc. | 69,119 | ||||||
| 3,027 | Wolverine World Wide Inc. | 90,689 | ||||||
| 444 | Zumiez, Inc., (2) | 10,390 | ||||||
Total Consumer Discretionary | 6,067,703 | |||||||
64
| Shares | Description (1) | Value | ||||||
| Consumer Staples – 4.1% | ||||||||
| 384 | Andersons, Inc. | $ | 12,538 | |||||
| 27,516 | Avon Products, Inc. | 69,615 | ||||||
| 607 | Casey’s General Stores, Inc. | 58,636 | ||||||
| 8,022 | Darling International Inc., (2) | 137,497 | ||||||
| 6,552 | Dean Foods Company | 56,413 | ||||||
| 1,938 | Edgewell Personal Care Co | 85,369 | ||||||
| 425 | Farmer Brothers Company | 12,049 | ||||||
| 2,130 | Fresh Del Monte Produce Inc. | 104,690 | ||||||
| 1,317 | Freshpet, Inc., (2) | 26,077 | ||||||
| 3,478 | Hain Celestial Group Inc., (2) | 101,314 | ||||||
| 2,040 | Herbalife, Limited | 215,689 | ||||||
| 4,686 | Lamb Weston Holding, Inc. | 306,088 | ||||||
| 315 | Medifast, Inc. | 31,620 | ||||||
| 2,524 | Performance Food Group Company, (2) | 81,904 | ||||||
| 4,438 | Pinnacle Foods Inc. | 268,055 | ||||||
| 159 | PriceSmart, Inc. | 13,928 | ||||||
| 473 | Seneca Foods Corporation, (2) | 13,031 | ||||||
| 896 | The Simply Good Foods Company, (2) | 11,612 | ||||||
| 1,956 | Smart & Final Stores, Inc., (2) | 9,976 | ||||||
| 1,110 | SpartanNash Co | 20,180 | ||||||
| 3,664 | Sprouts Farmers Market Inc., (2) | 91,710 | ||||||
| 863 | The Chef’s Warehouse Inc., (2) | 20,928 | ||||||
| 3,026 | Treehouse Foods Inc., (2) | 116,501 | ||||||
| 1,748 | United Natural Foods Inc., (2) | 78,695 | ||||||
| 3,370 | US Foods Holding Corporation, (2) | 115,187 | ||||||
| 505 | USANA Health Sciences, Inc., (2) | 53,303 | ||||||
| 396 | Weis Markets Inc. | 18,224 | ||||||
Total Consumer Staples | 2,130,829 | |||||||
| Energy – 4.0% | ||||||||
| 5,590 | Antero Resources Midstream Management LLC | 96,260 | ||||||
| 4,687 | Archrock Inc. | 50,620 | ||||||
| 3,566 | C&J Energy Services Inc., (2) | 106,481 | ||||||
| 9,257 | Clean Energy Fuels Corporation, (2) | 14,904 | ||||||
| 2,413 | Core Laboratories NV | 295,472 | ||||||
| 5,960 | Delek US Holdings Inc. | 282,325 | ||||||
| 2,405 | Dril Quip Inc., (2) | 99,687 | ||||||
| 4,718 | Enlink Midstream LLC | 70,062 | ||||||
| 2,172 | Exterran Corp., (2) | 63,618 | ||||||
| 10,516 | Fairmount Santrol Holdings Inc., (2) | 57,838 | ||||||
| 5,187 | Forum Energy Technologies Incorporated, (2) | 65,356 | ||||||
65
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Energy (continued) | ||||||||
| 4,029 | Franks International NV | $ | 28,163 | |||||
| 2,904 | Green Plains Renewable Energy, Inc. | 54,014 | ||||||
| 10,114 | Helix Energy Solutions Group, (2) | 78,080 | ||||||
| 3,326 | Keane Group Inc., (2) | 51,719 | ||||||
| 1,905 | Matrix Service Company, (2) | 29,337 | ||||||
| 17,445 | McDermott International Inc., (2) | 115,137 | ||||||
| 654 | Natural Gas Services Group, (2) | 15,761 | ||||||
| 597 | NCS Multistage Holdings Inc., (2) | 10,877 | ||||||
| 5,404 | Newpark Resources Inc., (2) | 56,742 | ||||||
| 5,486 | Oceaneering International Inc. | 116,523 | ||||||
| 3,681 | Oil States International Inc., (2) | 132,332 | ||||||
| 2,656 | Renewable Energy Group Inc., (2) | 34,262 | ||||||
| 803 | RigNet, Inc., (2) | 12,125 | ||||||
| 1,052 | Select Energy Services Inc., (2) | 15,833 | ||||||
| 40,652 | Weatherford International PLC, (2) | 119,923 | ||||||
Total Energy | 2,073,451 | |||||||
| Financials – 16.4% | ||||||||
| 1,334 | Ameris Bancorp. | 68,968 | ||||||
| 6,706 | Apollo Commercial Real Estate Finance, Inc. | 120,842 | ||||||
| 4,415 | Aspen Insurance Holdings Limited | 187,417 | ||||||
| 5,067 | Associated Banc-Corp. | 134,022 | ||||||
| 369 | BancFirst Corporation | 21,088 | ||||||
| 1,157 | Bancorp, Inc., (2) | 11,975 | ||||||
| 2,457 | BancorpSouth Bank | 81,204 | ||||||
| 490 | Bank of Hawaii Corporation | 41,263 | ||||||
| 3,048 | Bank of the Ozarks, Inc. | 142,646 | ||||||
| 5,279 | BankUnited Inc. | 209,101 | ||||||
| 688 | Banner Corporation | 39,491 | ||||||
| 454 | Berkshire Hills Bancorp, Inc. | 17,229 | ||||||
| 288 | BOK Financial Corporation | 28,996 | ||||||
| 511 | Brookline Bancorp, Inc. | 8,483 | ||||||
| 11,288 | Brown & Brown Inc. | 307,370 | ||||||
| 192 | Carolina Financial Corporation | 7,528 | ||||||
| 1,391 | Cathay General Bancorp. | 55,654 | ||||||
| 1,768 | Chemical Financial Corporation | 97,046 | ||||||
| 1,083 | Cohen & Steers Inc. | 43,428 | ||||||
| 1,434 | Columbia Banking Systems Inc. | 57,661 | ||||||
| 841 | Commerce Bancshares Inc. | 53,420 | ||||||
| 169 | Community Trust Bancorp, Inc. | 8,112 | ||||||
| 1,257 | Crawford & Co | 9,704 | ||||||
66
| Shares | Description (1) | Value | ||||||
| Financials (continued) | ||||||||
| 1,416 | Cullen/Frost Bankers, Inc. | $ | 162,061 | |||||
| 1,839 | CVB Financial | 40,734 | ||||||
| 8,510 | CYS Investments Inc. | 61,017 | ||||||
| 1,928 | Donnelley Financial Solutions, Inc., (2) | 35,475 | ||||||
| 937 | Evercore Partners Inc. | 94,871 | ||||||
| 1,229 | FactSet Research Systems Inc. | 232,416 | ||||||
| 910 | FCB Financial Holdings, Inc., Class A Shares, (2) | 52,598 | ||||||
| 657 | Federal Agricultural Mortgage Corporation | 56,180 | ||||||
| 4,899 | First American Corporation | 250,388 | ||||||
| 255 | First Busey Corporation | 7,561 | ||||||
| 1,262 | First Cash, Inc. | 109,415 | ||||||
| 1,754 | First Financial Bancorp. | 54,286 | ||||||
| 1,470 | First Financial Bankshares, Inc. | 72,839 | ||||||
| 781 | First Hawaiian, Inc. | 21,517 | ||||||
| 778 | First Interstate BancSystem Inc., Montana | 31,509 | ||||||
| 329 | First of Long Island Corporation | 8,719 | ||||||
| 1,418 | Flagstar Bancorp Inc., (2) | 48,992 | ||||||
| 823 | Flushing Financial Corporation | 21,324 | ||||||
| 3,888 | Fulton Financial Corporation | 65,707 | ||||||
| 26,036 | Genworth Financial Inc., Class A, (2) | 71,859 | ||||||
| 1,762 | Glacier Bancorp, Inc. | 65,247 | ||||||
| 1,915 | Granite Point Mortgage Trust Inc. | 31,866 | ||||||
| 2,006 | Great Western Bancorp Inc. | 82,527 | ||||||
| 2,291 | Green Dot Corporation, Class A Shares, (2) | 139,316 | ||||||
| 316 | Guaranty Bancorp. | 9,006 | ||||||
| 2,980 | Hancock Holding Company | 145,573 | ||||||
| 584 | Hanmi Financial Corporation | 16,118 | ||||||
| 3,702 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 71,856 | ||||||
| 2,355 | Hanover Insurance Group Inc. | 270,472 | ||||||
| 362 | Heartland Financial USA, Inc. | 19,421 | ||||||
| 404 | Heritage Financial Corporation | 11,999 | ||||||
| 1,239 | HomeStreet Inc. | 31,595 | ||||||
| 2,832 | Horace Mann Educators Corporation | 126,590 | ||||||
| 581 | Independent Bank Corporation | 42,006 | ||||||
| 1,910 | International Bancshares Corporation | 76,018 | ||||||
| 688 | INTL FCStone Inc., (2) | 30,836 | ||||||
| 12,824 | Investors Bancorp, Inc. | 171,457 | ||||||
| 3,738 | Janus Henderson Group PLC. | 118,083 | ||||||
| 7,513 | Ladenburg Thalmann Financial Services Inc., (2) | 24,943 | ||||||
| 1,576 | LegacyTexas Financial Group Inc. | 64,726 | ||||||
67
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Financials (continued) | ||||||||
| 5,649 | Legg Mason, Inc. | $ | 224,265 | |||||
| 859 | Live Oak Bancshares Inc. | 24,267 | ||||||
| 3,300 | LPL Investments Holdings Inc. | 199,881 | ||||||
| 1,418 | MB Financial, Inc. | 60,435 | ||||||
| 392 | Meta Financial Group, Inc. | 43,571 | ||||||
| 10,561 | MGIC Investment Corporation, (2) | 105,821 | ||||||
| 1,342 | Morningstar, Inc. | 145,714 | ||||||
| 915 | MTGE Investment Corp. | 16,607 | ||||||
| 408 | National Bank Holdings Corporation | 14,353 | ||||||
| 438 | NBT Bancorp, Inc. | 16,005 | ||||||
| 1,011 | OceanFirst Financial Corporation | 27,277 | ||||||
| 2,642 | Old National Bancorp. | 45,442 | ||||||
| 3,003 | On Deck Capital, Inc., (2) | 15,766 | ||||||
| 742 | Opus Bank | 20,924 | ||||||
| 3,148 | Pacwest Bancorp. | 161,304 | ||||||
| 190 | Park National Corporation | 20,497 | ||||||
| 254 | Peoples Utah Bancorp. | 8,090 | ||||||
| 2,540 | Pinnacle Financial Partners, Inc. | 162,687 | ||||||
| 2,583 | PRA Group Inc., (2) | 91,955 | ||||||
| 999 | Prosperity Bancshares, Inc. | 71,698 | ||||||
| 288 | Sandy Spring Bancorp, Inc. | 11,413 | ||||||
| 1,703 | ServisFirst Bancshares Inc. | 71,458 | ||||||
| 1,661 | Simmons First National Corporation | 50,162 | ||||||
| 542 | South State Corporation | 46,910 | ||||||
| 10,707 | Starwood Property Trust Inc. | 224,419 | ||||||
| 279 | State Bank Financial Corporation | 8,791 | ||||||
| 6,536 | Sterling Bancorp. | 155,230 | ||||||
| 639 | Stewart Information Services Corporation | 26,653 | ||||||
| 2,507 | Synovus Financial Corp. | 131,041 | ||||||
| 1,615 | Texas Capital BancShares, Inc., (2) | 159,320 | ||||||
| 684 | TFS Financial Corporation | 10,198 | ||||||
| 473 | Tristate Capital Holdings Inc., (2) | 11,825 | ||||||
| 490 | Triumph Bancorp Inc., (2) | 19,037 | ||||||
| 1,858 | Trustmark Corporation | 58,174 | ||||||
| 1,270 | UMB Financial Corporation | 97,257 | ||||||
| 5,602 | Umpqua Holdings Corporation | 131,983 | ||||||
| 977 | Union Bankshares Corporation | 36,940 | ||||||
| 2,030 | Virtu Financial, Inc., Class A Shares | 73,080 | ||||||
| 1,267 | Walker & Dunlop Inc. | 72,358 | ||||||
| 2,529 | Washington Federal Inc. | 80,296 | ||||||
68
| Shares | Description (1) | Value | ||||||
| Financials (continued) | ||||||||
| 3,047 | Webster Financial Corporation | $ | 183,399 | |||||
| 331 | Westamerica Bancorp. | 18,473 | ||||||
| 2,259 | Western Alliance Bancorporation, (2) | 133,236 | ||||||
| 236 | White Mountain Insurance Group | 204,208 | ||||||
| 1,469 | Wintrust Financial Corporation | 131,402 | ||||||
| 687 | WSFS Financial Corporation | 34,419 | ||||||
Total Financials | 8,460,012 | |||||||
| Health Care – 13.1% | ||||||||
| 190 | Abaxis, Inc. | 12,648 | ||||||
| 1,057 | Abiomed, Inc., (2) | 318,099 | ||||||
| 3,317 | Acadia Pharmaceuticals, Inc., (2) | 52,442 | ||||||
| 1,214 | Accelerate Diagnostics Inc., (2) | 26,951 | ||||||
| 1,578 | Acceleron Pharma Inc., (2) | 55,088 | ||||||
| 3,841 | Accuray, Inc., (2) | 19,205 | ||||||
| 1,785 | Aceto Corporation | 4,498 | ||||||
| 1,917 | Achaogen Inc., (2) | 27,432 | ||||||
| 1,298 | Aclaris Therapeutics Inc., (2) | 23,040 | ||||||
| 2,363 | Aduro Biotech, Inc., (2) | 16,305 | ||||||
| 1,013 | Aerie Pharmaceuticals Inc., (2) | 51,866 | ||||||
| 1,402 | Agios Pharmaceutical Inc., (2) | 117,642 | ||||||
| 1,221 | Akcea Therapeutics Inc., (2) | 31,880 | ||||||
| 2,675 | Alder Biopharmaceuticals Inc., (2) | 37,985 | ||||||
| 5,578 | Allscripts Healthcare Solutions Inc., (2) | 64,816 | ||||||
| 1,306 | Amedisys, Inc., (2) | 86,314 | ||||||
| 751 | American Renal Associates Holdings, Inc., (2) | 11,002 | ||||||
| 5,594 | Amicus Therapeutics, Inc., (2) | 79,155 | ||||||
| 1,713 | AMN Healthcare Services Inc., (2) | 114,514 | ||||||
| 93 | Analogic Corporation | 7,728 | ||||||
| 662 | AnaptysBio Inc., (2) | 62,082 | ||||||
| 605 | AngioDynamics, Inc., (2) | 11,725 | ||||||
| 819 | Assembly Biosciences Inc., (2) | 35,610 | ||||||
| 1,046 | Atara Biotherapeutics Inc., (2) | 42,206 | ||||||
| 1,007 | AthenaHealth Inc., (2) | 123,327 | ||||||
| 404 | AtriCure, Inc., (2) | 8,981 | ||||||
| 950 | AveXis, Incorporated, (2) | 202,027 | ||||||
| 1,756 | Bellicum Pharmaceuticals, Inc., (2) | 11,748 | ||||||
| 6,436 | BioCryst Pharmaceuticals, Inc., (2) | 31,665 | ||||||
| 1,680 | BioTelemetry Inc., (2) | 64,176 | ||||||
| 1,002 | Bluebird Bio Inc., (2) | 170,490 | ||||||
| 8,603 | Brookdale Senior Living Inc., (2) | 62,286 | ||||||
69
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 4,309 | Bruker Biosciences Corporation | $ | 127,245 | |||||
| 1,642 | Capital Senior Living Corporation, (2) | 19,294 | ||||||
| 453 | Cardiovascular Systems, Inc., (2) | 10,351 | ||||||
| 4,910 | Catalent, Inc., (2) | 201,850 | ||||||
| 7,215 | Celldex Therapeutics, Inc., (2) | 5,339 | ||||||
| 252 | Chemed Corporation | 77,671 | ||||||
| 676 | Civitas Solutions Inc., (2) | 9,633 | ||||||
| 2,451 | Coherus Biosciences Inc., (2) | 29,657 | ||||||
| 1,376 | Collegium Pharmaceutical Inc., (2) | 32,542 | ||||||
| 211 | Computer Programs and Systems, Inc. | 6,298 | ||||||
| 293 | Corvel Corporation, (2) | 14,372 | ||||||
| 1,053 | Cross Country Healthcare, Inc., (2) | 13,247 | ||||||
| 385 | CryoLife Inc. | 8,643 | ||||||
| 4,170 | DepoMed, Inc., (2) | 26,188 | ||||||
| 2,332 | Diplomat Pharmacy, Inc., (2) | 50,814 | ||||||
| 574 | Eagle Pharmaceuticals Inc., (2) | 29,854 | ||||||
| 2,407 | Encompass Health Corporation. | 146,394 | ||||||
| 3,702 | Endologix, Inc., (2) | 15,956 | ||||||
| 1,067 | Ensign Group Inc. | 29,737 | ||||||
| 672 | Esperion Therapeutics Inc., (2) | 47,047 | ||||||
| 2,489 | FibroGen, Inc., (2) | 113,125 | ||||||
| 1,396 | Flexion Therapeutics Inc., (2) | 34,788 | ||||||
| 513 | G1 Therapeutics Inc., (2) | 19,674 | ||||||
| 1,449 | Genmark Diagnostics Inc., (2) | 9,071 | ||||||
| 857 | Glaukos Corporation, (2) | 28,864 | ||||||
| 1,378 | Global Blood Therapeutics Inc., (2) | 60,839 | ||||||
| 2,483 | Globus Medical Inc., Class A, (2) | 127,105 | ||||||
| 852 | Haemonetics Corporation, (2) | 66,490 | ||||||
| 4,674 | Halozyme Therapeutics, Inc., (2) | 88,479 | ||||||
| 294 | Heska Corporation, (2) | 23,996 | ||||||
| 1,443 | HMS Holdings Corporation, (2) | 25,988 | ||||||
| 2,570 | Insmed Incorporated, (2) | 62,528 | ||||||
| 1,433 | Intersect ENT, Inc., (2) | 57,248 | ||||||
| 1,378 | Intra-Cellular Therapies Inc., (2) | 24,005 | ||||||
| 597 | K2M Group Holdings Inc., (2) | 11,403 | ||||||
| 967 | Karyopharm Therapeutics Inc., (2) | 12,648 | ||||||
| 3,633 | Kindred Healthcare Inc. | 32,334 | ||||||
| 325 | LeMaitre Vascular, Inc. | 10,221 | ||||||
| 1,033 | LHC Group, Inc., (2) | 76,876 | ||||||
| 2,795 | Lifepoint Health Inc., (2) | 133,881 | ||||||
70
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 922 | Ligand Pharmaceuticals, Inc., (2) | $ | 142,772 | |||||
| 906 | Livanova PLC | 80,435 | ||||||
| 679 | Loxo Oncology Inc., (2) | 85,493 | ||||||
| 779 | Luminex Corporation | 16,632 | ||||||
| 590 | Magellan Health Services, Inc., (2) | 49,472 | ||||||
| 2,290 | Medax Inc., (2) | 105,134 | ||||||
| 2,781 | Medicines Company, (2) | 83,680 | ||||||
| 1,398 | Medidata Solutions, Inc., (2) | 99,761 | ||||||
| 499 | Meridian Bioscience, Inc. | 7,285 | ||||||
| 1,544 | Merit Medical Systems, Inc., (2) | 74,884 | ||||||
| 6,381 | MiMedx Group Inc., (2) | 52,388 | ||||||
| 2,276 | Minerva Neurosciences, Inc., (2) | 14,908 | ||||||
| 948 | MyoKardia Inc., (2) | 46,831 | ||||||
| 734 | Natera, Inc., (2) | 8,169 | ||||||
| 437 | National Research Corporation | 14,290 | ||||||
| 4,316 | NeoGenomics Inc., (2) | 41,347 | ||||||
| 16,841 | Opko Health Inc., (2) | 51,197 | ||||||
| 2,756 | OraSure Technologies, Inc., (2) | 48,864 | ||||||
| 145 | Orthofix International NV | 8,848 | ||||||
| 2,350 | Owens and Minor Inc. | 38,188 | ||||||
| 1,491 | Paratek Pharmaceuticals, Inc., (2) | 15,954 | ||||||
| 1,683 | Patterson Companies, Inc. | 39,180 | ||||||
| 740 | Penumbra Inc., (2) | 92,019 | ||||||
| 3,502 | Perkinelmer Inc. | 256,907 | ||||||
| 2,567 | Premier Inc., Class A, (2) | 84,685 | ||||||
| 4,567 | Progenics Pharmaceuticals, Inc., (2) | 29,731 | ||||||
| 970 | Prothena Corporation PLC | 11,640 | ||||||
| 141 | Providence Service Corporation, (2) | 10,699 | ||||||
| 734 | Quidel Corporation, (2) | 41,618 | ||||||
| 926 | RadNet, Inc., (2) | 12,270 | ||||||
| 781 | Reata Pharmaceuticals, Inc., (2) | 20,650 | ||||||
| 1,440 | Repligen Corporation, (2) | 53,280 | ||||||
| 1,342 | Revance Therapeutics Inc., (2) | 37,509 | ||||||
| 889 | Sage Therapeutics, Inc., (2) | 127,945 | ||||||
| 1,633 | Sarepta Therapeutics Inc., (2) | 124,696 | ||||||
| 4,967 | Select Medical Corporation | 89,654 | ||||||
| 1,107 | Spark Therapeutics, Inc., (2) | 84,486 | ||||||
| 470 | STAAR Surgical Company, (2) | 7,638 | ||||||
| 763 | Steris PLC | 72,119 | ||||||
| 1,388 | Surgery Partners Inc., (2) | 22,208 | ||||||
71
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Health Care (continued) | ||||||||
| 329 | Tactile Systems Technology, Incorporated, (2) | $ | 11,452 | |||||
| 1,498 | Teladoc, Inc., (2) | 64,414 | ||||||
| 3,019 | Teligent, Inc., (2) | 9,057 | ||||||
| 1,976 | Theravance Biopharma Inc. | 47,562 | ||||||
| 1,292 | Tivity Health Inc., (2) | 46,447 | ||||||
| 1,587 | Ultragenyx Pharmaceutical Inc., (2) | 80,683 | ||||||
| 110 | US Physical Therapy, Inc. | 10,038 | ||||||
| 1,150 | Varex Imaging Corporation, (2) | 41,389 | ||||||
| 1,354 | Vocera Communications Incorporated, (2) | 33,945 | ||||||
| 1,175 | West Pharmaceutical Services Inc. | 103,647 | ||||||
| 9,085 | ZIOPHARM Oncology, Inc., (2) | 38,339 | ||||||
| 967 | Zogenix Inc., (2) | 38,003 | ||||||
Total Health Care | 6,737,070 | |||||||
| Industrials – 14.8% | ||||||||
| 1,548 | Aaon, Inc. | 52,632 | ||||||
| 489 | ABM Industries Inc. | 15,223 | ||||||
| 2,485 | Acco Brands Corporation | 29,944 | ||||||
| 2,116 | Actuant Corporation | 49,832 | ||||||
| 2,593 | Advanced Drainage Systems, Inc. | 65,344 | ||||||
| 1,407 | Aegion Corporation, (2) | 31,925 | ||||||
| 1,268 | Aerovironment, Inc., (2) | 69,106 | ||||||
| 371 | Alamo Group Inc. | 40,613 | ||||||
| 4,956 | Allison Transmission Holdings Inc. | 193,234 | ||||||
| 1,106 | ArcBest Corporation | 35,503 | ||||||
| 669 | Argan, Inc. | 26,760 | ||||||
| 1,930 | Armstrong World Industries Inc., (2) | 108,080 | ||||||
| 1,249 | Astronics Corporation, (2) | 45,688 | ||||||
| 3,255 | Avis Budget Group Inc., (2) | 160,830 | ||||||
| 1,982 | Axon Enterprise, Inc., (2) | 83,204 | ||||||
| 2,560 | Barnes Group Inc. | 142,157 | ||||||
| 2,238 | Beacon Roofing Supply Company, (2) | 109,550 | ||||||
| 351 | Brady Corporation | 12,776 | ||||||
| 2,146 | Briggs & Stratton Corporation | 38,692 | ||||||
| 6,271 | Builders FirstSource, Inc., (2) | 114,320 | ||||||
| 1,461 | Carlisle Companies Inc. | 157,394 | ||||||
| 1,360 | Chart Industries, Inc., (2) | 77,166 | ||||||
| 4,150 | Chicago Bridge & Iron Company N.V. | 62,665 | ||||||
| 1,249 | Clean Harbors, Inc., (2) | 57,204 | ||||||
| 901 | Comfort Systems USA Inc. | 38,022 | ||||||
| 3,694 | Copart Inc., (2) | 188,690 | ||||||
72
| Shares | Description (1) | Value | ||||||
| Industrials (continued) | ||||||||
| 962 | Cubic Corporation | $ | 59,404 | |||||
| 1,465 | Curtiss Wright Corporation | 187,579 | ||||||
| 3,361 | Donaldson Company, Inc. | 148,758 | ||||||
| 297 | Dun and Bradstreet Inc. | 34,247 | ||||||
| 1,009 | Echo Global Logistics, Inc., (2) | 27,546 | ||||||
| 1,465 | Emcor Group Inc. | 107,809 | ||||||
| 1,072 | EnerSys | 73,496 | ||||||
| 963 | ESCO Technologies Inc. | 53,784 | ||||||
| 2,241 | Essendant Inc. | 16,673 | ||||||
| 1,322 | Esterline Technologies Corporation, (2) | 94,986 | ||||||
| 95 | Exponent, Inc. | 8,208 | ||||||
| 1,794 | Franklin Electric Company, Inc. | 73,554 | ||||||
| 2,281 | GATX Corporation | 148,812 | ||||||
| 2,379 | Generac Holdings Inc., (2) | 107,079 | ||||||
| 2,111 | Genesee & Wyoming Inc., (2) | 150,303 | ||||||
| 1,291 | Granite Construction Inc. | 67,623 | ||||||
| 3,555 | Great Lakes Dredge & Dock Corporation | 16,353 | ||||||
| 1,245 | Healthcare Services Group, Inc. | 48,094 | ||||||
| 289 | Heidrick & Struggles International, Inc. | 10,881 | ||||||
| 2,740 | Hertz Global Holdings, Inc., (2) | 60,006 | ||||||
| 2,355 | Hexcel Corporation | 156,537 | ||||||
| 2,097 | Hillenbrand Inc. | 97,196 | ||||||
| 1,055 | HNI Corporation | 35,226 | ||||||
| 1,199 | Hub Group, Inc., (2) | 52,696 | ||||||
| 1,152 | Hubbell Inc. | 119,647 | ||||||
| 395 | Huron Consulting Group, Inc., (2) | 14,793 | ||||||
| 292 | Hyster-Yale Materials Handling Inc. | 20,790 | ||||||
| 281 | ICF International, Inc. | 18,855 | ||||||
| 902 | Insperity Inc. | 72,386 | ||||||
| 1,398 | Interface, Inc. | 30,756 | ||||||
| 1,916 | ITT, Inc. | 93,673 | ||||||
| 2,409 | KAR Auction Services Inc. | 125,244 | ||||||
| 394 | Kelly Services, Inc. | 11,528 | ||||||
| 2,885 | Keyw Holding Corporation, (2) | 22,330 | ||||||
| 445 | KForce Inc. | 11,815 | ||||||
| 1,081 | Knoll Inc. | 20,615 | ||||||
| 226 | Korn Ferry International | 12,082 | ||||||
| 117 | Lindsay Manufacturing Company | 10,280 | ||||||
| 912 | Matthews International Corporation | 44,825 | ||||||
| 239 | McGrath Rentcorp. | 14,084 | ||||||
73
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Industrials (continued) | ||||||||
| 2,340 | Mercury Computer Systems Inc., (2) | $ | 75,067 | |||||
| 5,639 | Meritor Inc., (2) | 109,791 | ||||||
| 1,234 | Miller (Herman) Inc. | 37,884 | ||||||
| 1,253 | Mobile Mini, Inc. | 52,626 | ||||||
| 540 | MSA Safety Inc. | 46,894 | ||||||
| 427 | MYR Group Inc., (2) | 12,810 | ||||||
| 797 | Navigant Consulting Inc., (2) | 17,048 | ||||||
| 2,797 | Navistar International Corporation, (2) | 97,364 | ||||||
| 1,712 | Nexeo Solutions, Incorporated, (2) | 17,445 | ||||||
| 1,505 | On Assignment Inc., (2) | 121,348 | ||||||
| 2,226 | Oshkosh Truck Corporation | 160,628 | ||||||
| 5,113 | Pitney Bowes Inc. | 52,255 | ||||||
| 9,543 | Plug Power Inc., (2) | 17,464 | ||||||
| 1,009 | Proto Labs Incorporated, (2) | 120,222 | ||||||
| 1,424 | Quad Graphics Inc. | 35,187 | ||||||
| 5,551 | Quanta Services Incorporated, (2) | 180,408 | ||||||
| 3,627 | R.R. Donnelley & Sons Company | 30,648 | ||||||
| 1,215 | Raven Industries, Inc. | 44,469 | ||||||
| 1,654 | Regal-Beloit Corporation | 117,765 | ||||||
| 3,045 | Ryder System, Inc. | 205,324 | ||||||
| 1,455 | SiteOne Landscape Supply, Inc., (2) | 99,668 | ||||||
| 475 | SP Plus Corporation, (2) | 16,696 | ||||||
| 864 | Spartan Motors, Inc. | 15,422 | ||||||
| 2,493 | Steelcase Inc. | 33,032 | ||||||
| 5,082 | Sunrun Inc., (2) | 46,856 | ||||||
| 1,141 | Team, Inc., (2) | 19,340 | ||||||
| 1,087 | Teledyne Technologies Inc., (2) | 203,367 | ||||||
| 397 | Tennant Company | 29,378 | ||||||
| 1,500 | Tetra Tech, Inc. | 72,600 | ||||||
| 3,199 | Toro Company | 186,790 | ||||||
| 1,700 | TriMas Corporation, (2) | 46,070 | ||||||
| 1,862 | TriNet Group Inc., (2) | 96,172 | ||||||
| 966 | TrueBlue Inc., (2) | 25,744 | ||||||
| 716 | Valmont Industries, Inc. | 101,744 | ||||||
| 842 | Veritiv Corporation, (2) | 32,038 | ||||||
| 240 | Viad Corporation | 12,180 | ||||||
| 3,415 | Wabash National Corporation | 68,505 | ||||||
| 1,074 | WageWorks, Incorporated, (2) | 44,732 | ||||||
| 453 | Watts Water Technologies, Inc. | 33,749 | ||||||
| 4,883 | Welbilt Incorporation, (2) | 93,558 | ||||||
74
| Shares | Description (1) | Value | ||||||
| Industrials (continued) | ||||||||
| 3,579 | Wesco Aircraft Holdings Inc., (2) | $ | 36,148 | |||||
| 1,839 | WESCO International Inc., (2) | 109,512 | ||||||
| 2,072 | Woodward Governor Company | 149,060 | ||||||
Total Industrials | 7,612,115 | |||||||
| Information Technology – 16.2% | ||||||||
| 3,250 | ACI Worldwide, Inc., (2) | 75,563 | ||||||
| 2,752 | ANGI Homeservices, Inc., (2) | 36,767 | ||||||
| 2,786 | Arris International PLC, (2) | 75,222 | ||||||
| 489 | AVX Group | 7,218 | ||||||
| 150 | Badger Meter Inc. | 6,368 | ||||||
| 691 | Belden Inc. | 42,566 | ||||||
| 388 | Benchmark Electronics Inc. | 10,204 | ||||||
| 1,143 | BenefitFocus Inc., (2) | 34,519 | ||||||
| 3,681 | Black Knight, Inc., (2) | 179,081 | ||||||
| 1,813 | Blackbaud, Inc. | 190,292 | ||||||
| 929 | BlackLine, Inc., (2) | 38,461 | ||||||
| 5,179 | Booz Allen Hamilton Holding | 205,244 | ||||||
| 4,183 | Brooks Automation Inc. | 104,073 | ||||||
| 314 | CalAmp Corporation, (2) | 6,202 | ||||||
| 214 | Cass Information Systems, Inc. | 12,943 | ||||||
| 1,455 | ChannelAdvisor Corporation, (2) | 19,352 | ||||||
| 3,056 | Ciena Corporation, (2) | 78,692 | ||||||
| 2,927 | Cirrus Logic Inc., (2) | 106,748 | ||||||
| 591 | Coherent Inc., (2) | 99,418 | ||||||
| 9,389 | Conduent, Inc., (2) | 182,710 | ||||||
| 323 | Control4 Corporation, (2) | 6,731 | ||||||
| 862 | Cray, Inc., (2) | 20,559 | ||||||
| 4,251 | Cree, Inc., (2) | 158,647 | ||||||
| 801 | CSG Systems International Inc. | 34,275 | ||||||
| 287 | CTS Corporation | 8,596 | ||||||
| 2,772 | Diebold Inc. | 42,550 | ||||||
| 545 | Dolby Laboratories, Inc. | 32,602 | ||||||
| 220 | Echostar Holding Corporation, Class A, (2) | 11,559 | ||||||
| 1,249 | Electro Scientific Industries Inc. | 22,482 | ||||||
| 7,343 | Entegris Inc. | 236,445 | ||||||
| 286 | ePlus, Inc., (2) | 22,837 | ||||||
| 5,195 | Etsy, Inc., (2) | 155,538 | ||||||
| 833 | Exlservice Holdings, Inc., (2) | 48,156 | ||||||
| 1,164 | Fabrinet | 32,836 | ||||||
| 695 | Fair Isaac Corporation | 120,360 | ||||||
75
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Information Technology (continued) | ||||||||
| 129 | FARO Technologies, Inc., (2) | $ | 6,515 | |||||
| 3,300 | Finisar Corporation, (2) | 51,414 | ||||||
| 2,422 | First Solar Inc., (2) | 171,744 | ||||||
| 2,986 | Five9, Inc., (2) | 87,699 | ||||||
| 4,081 | Gogo Inc., (2) | 38,443 | ||||||
| 1,442 | Ichor Holdings Ltd | 31,868 | ||||||
| 3,463 | Infinera Corporation, (2) | 40,586 | ||||||
| 512 | Insight Enterprises Inc., (2) | 18,150 | ||||||
| 752 | Interdigital Inc. | 55,986 | ||||||
| 2,833 | Kemet Corporation, (2) | 48,784 | ||||||
| 1,911 | Keysight Technologies, Inc., (2) | 98,760 | ||||||
| 6,537 | Limelight Networks Inc., (2) | 33,731 | ||||||
| 555 | Littelfuse Inc. | 103,741 | ||||||
| 2,926 | Liveperson, Inc., (2) | 49,157 | ||||||
| 2,234 | LogMeIn Inc. | 246,187 | ||||||
| 1,589 | Lumentum Holdings Inc., (2) | 80,165 | ||||||
| 2,055 | Manhattan Associates Inc., (2) | 88,488 | ||||||
| 1,964 | Mellanox Technologies, Limited | 154,370 | ||||||
| 349 | Methode Electronics, Inc. | 13,925 | ||||||
| 2,156 | MINDBODY, Inc., Class A Shares, (2) | 85,485 | ||||||
| 2,122 | Moneygram International Inc., (2) | 18,546 | ||||||
| 144 | MTS Systems Corporation | 7,315 | ||||||
| 1,701 | Nanometrics Inc., (2) | 42,219 | ||||||
| 1,000 | National Instruments Corporation | 40,890 | ||||||
| 1,739 | NCR Corporation, (2) | 53,509 | ||||||
| 464 | Netgear, Inc., (2) | 25,659 | ||||||
| 1,653 | NetScout Systems, Inc., (2) | 44,879 | ||||||
| 2,388 | New Relic, Inc., (2) | 166,897 | ||||||
| 995 | Novanta, Inc., (2) | 58,506 | ||||||
| 3,301 | Nutanix, Inc., (2) | 166,998 | ||||||
| 321 | NVE Corporation | 27,147 | ||||||
| 4,735 | Oclaro Inc., (2) | 37,501 | ||||||
| 13,795 | ON Semiconductor Corporation, (2) | 304,594 | ||||||
| 149 | OSI Systems Inc., (2) | 9,539 | ||||||
| 3,557 | Parametric Technology Corporation, (2) | 292,919 | ||||||
| 1,711 | Paycom Software Inc., (2) | 195,413 | ||||||
| 1,483 | Paylocity Holding Corporation, (2) | 81,016 | ||||||
| 427 | Perficient, Inc., (2) | 10,560 | ||||||
| 136 | Plantronics Inc. | 8,860 | ||||||
| 221 | Plexus Corporation, (2) | 12,120 | ||||||
76
| Shares | Description (1) | Value | ||||||
| Information Technology (continued) | ||||||||
| 1,549 | Power Integrations Inc. | $ | 105,022 | |||||
| 3,668 | Quotient Technology Inc., (2) | 49,151 | ||||||
| 1,438 | Qualys Incorporated, (2) | 110,654 | ||||||
| 5,504 | Rambus Inc., (2) | 74,304 | ||||||
| 856 | Rapid7 Inc., (2) | 24,173 | ||||||
| 1,167 | Ribbon Communications Inc., (2) | 6,792 | ||||||
| 2,724 | RingCentral Inc., Class A, (2) | 182,644 | ||||||
| 507 | Rogers Corporation, (2) | 54,097 | ||||||
| 1,512 | Sanmina-SCI Corporation, (2) | 44,604 | ||||||
| 1,575 | Science Applications International Corporation | 135,119 | ||||||
| 1,902 | ServiceSource International Inc., (2) | 7,209 | ||||||
| 2,077 | Silicon Laboratories Inc., (2) | 192,953 | ||||||
| 1,715 | SolarEdge Technologies, Inc., (2) | 90,295 | ||||||
| 829 | SPS Commerce Inc., (2) | 56,845 | ||||||
| 861 | Sykes Enterprises Inc., (2) | 24,762 | ||||||
| 515 | SYNNEX Corporation | 51,588 | ||||||
| 1,761 | Tableau Software Inc., Class A, (2) | 149,773 | ||||||
| 777 | Tech Data Corporation, (2) | 59,246 | ||||||
| 2,735 | Teradata Corporation, (2) | 111,916 | ||||||
| 6,474 | TiVo, Inc. | 91,607 | ||||||
| 9,097 | Travelport Worldwide Limited | 155,923 | ||||||
| 960 | TTEC Holdings, Inc. | 30,720 | ||||||
| 2,769 | TTM Technologies, Inc., (2) | 38,600 | ||||||
| 2,058 | Twilio, Inc., (2) | 86,868 | ||||||
| 604 | Ultimate Software Group, Inc., (2) | 144,912 | ||||||
| 856 | Universal Display Corporation | 75,371 | ||||||
| 693 | Vasco Data Security International, Inc., (2) | 10,742 | ||||||
| 1,584 | VeriFone Holdings Inc., (2) | 36,448 | ||||||
| 1,411 | Virtusa Corporation, (2) | 67,926 | ||||||
| 2,803 | Vishay Intertechnology Inc. | 49,473 | ||||||
| 1,341 | WEX, Inc., (2) | 217,135 | ||||||
| 529 | Workiva Inc., (2) | 11,903 | ||||||
| 2,255 | Yext Inc., (2) | 30,082 | ||||||
| 1,211 | Zebra Technologies Corporation, Class A, (2) | 163,279 | ||||||
Total Information Technology | 8,318,237 | |||||||
| Materials – 5.6% | ||||||||
| 714 | AptarGroup Inc. | 66,759 | ||||||
| 1,989 | Bemis Company, Inc. | 86,064 | ||||||
| 3,301 | Berry Plastics Corporation, (2) | 181,555 | ||||||
| 1,701 | Boise Cascade Company | 70,762 | ||||||
77
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Materials (continued) | ||||||||
| 482 | Clearwater Paper Corporation, (2) | $ | 11,399 | |||||
| 2,539 | Compass Minerals International, Inc. | 170,875 | ||||||
| 1,965 | Domtar Corporation | 86,264 | ||||||
| 5,519 | Ferro Corporation | 121,473 | ||||||
| 1,151 | Glatfelter | 24,044 | ||||||
| 137 | Greif , Inc., Class B Shares | 8,624 | ||||||
| 1,156 | Greif Inc. | 67,649 | ||||||
| 3,019 | H.B. Fuller Company | 149,350 | ||||||
| 802 | Innospec, Inc. | 58,305 | ||||||
| 3,080 | KapStone Paper and Packaging Corp. | 106,014 | ||||||
| 3,573 | Louisiana-Pacific Corporation | 101,223 | ||||||
| 1,484 | Materion Corporation | 75,313 | ||||||
| 2,432 | Minerals Technologies Inc. | 167,930 | ||||||
| 495 | Myers Industries, Inc. | 11,534 | ||||||
| 108 | Neenah Paper, Inc. | 8,424 | ||||||
| 3,614 | PolyOne Corporation | 151,246 | ||||||
| 3,588 | Reliance Steel & Aluminum Company | 315,455 | ||||||
| 2,040 | Royal Gold, Inc. | 181,152 | ||||||
| 1,260 | Ryerson Holding Corporation, (2) | 12,663 | ||||||
| 1,935 | Schnitzer Steel Industries, Inc. | 56,986 | ||||||
| 2,171 | Scotts Miracle Gro Company | 181,452 | ||||||
| 1,909 | Sensient Technologies Corporation | 127,235 | ||||||
| 973 | Sonoco Products Company | 49,973 | ||||||
| 1,164 | Stepan Company | 81,852 | ||||||
| 2,189 | Trinseo SA | 159,688 | ||||||
Total Materials | 2,891,263 | |||||||
| Real Estate – 9.3% | ||||||||
| 760 | Alexander & Baldwin Inc. | 17,404 | ||||||
| 870 | Altisource Portfolio Solutions SA | 23,821 | ||||||
| 4,237 | American Campus Communities Inc. | 165,709 | ||||||
| 3,682 | Apartment Investment & Management Company, Class A | 149,489 | ||||||
| 4,963 | Brandywine Realty Trust | 79,954 | ||||||
| 705 | CatchMark Timber Trust Inc., Class A | 9,193 | ||||||
| 12,790 | CBL & Associates Properties Inc. | 53,462 | ||||||
| 459 | Chatham Lodging Trust | 8,744 | ||||||
| 1,522 | Chesapeake Lodging Trust | 44,960 | ||||||
| 1,606 | Coresite Realty Corporation | 167,185 | ||||||
| 3,752 | Corporate Office Properties | 103,218 | ||||||
| 5,718 | Cousins Properties, Inc. | 50,833 | ||||||
| 3,561 | CyrusOne Inc. | 190,834 | ||||||
78
| Shares | Description (1) | Value | ||||||
| Real Estate (continued) | ||||||||
| 2,039 | DCT Industrial Trust Inc. | $ | 133,697 | |||||
| 6,844 | DiamondRock Hospitality Company | 75,626 | ||||||
| 4,031 | Douglas Emmett Inc. | 150,235 | ||||||
| 433 | Easterly Government Properties, Inc. | 8,924 | ||||||
| 2,782 | Education Realty Trust Inc. | 91,556 | ||||||
| 3,494 | First Industrial Realty Trust, Inc. | 108,698 | ||||||
| 4,854 | Forest City Realty Trust Inc. | 97,371 | ||||||
| 1,902 | Four Corners Property Trust, Inc. | 43,099 | ||||||
| 4,715 | Franklin Street Properties Corporation | 36,683 | ||||||
| 4,760 | Gaming and Leisure Properties Inc. | 163,125 | ||||||
| 2,294 | Government Properties Income Trust | 28,652 | ||||||
| 4,795 | Gramercy Property Trust | 112,683 | ||||||
| 1,199 | HFF Inc., Class A Shares, (2) | 42,133 | ||||||
| 4,101 | Hospitality Properties Trust | 102,033 | ||||||
| 1,202 | Howard Hughes Corporation, (2) | 162,631 | ||||||
| 2,987 | Hudson Pacific Properties Inc. | 98,183 | ||||||
| 3,110 | iStar Inc., (2) | 31,535 | ||||||
| 2,377 | JBG Smith Properties | 87,640 | ||||||
| 8,175 | Kennedy-Wilson Holdings Inc. | 154,916 | ||||||
| 2,076 | Kilroy Realty Corporation | 148,787 | ||||||
| 360 | Marcus & Millichap Inc., (2) | 12,298 | ||||||
| 5,214 | MGM Growth Properties LLC | 145,836 | ||||||
| 289 | National Health Investors Inc. | 19,730 | ||||||
| 1,517 | Northstar Realty Europe Corporation | 21,997 | ||||||
| 7,819 | Paramount Group Inc. | 112,203 | ||||||
| 3,170 | Park Hotels & Resorts, Inc. | 91,233 | ||||||
| 3,173 | Piedmont Office Realty Trust | 56,860 | ||||||
| 2,147 | Potlatch Corporation | 111,322 | ||||||
| 2,134 | QTS Realty Trust Inc., Class A Shares | 75,522 | ||||||
| 588 | Rayonier Inc. | 21,868 | ||||||
| 5,710 | Realogy Holdings Corporation | 141,665 | ||||||
| 3,283 | Rexford Industrial Realty Inc. | 100,296 | ||||||
| 7,277 | RLJ Lodging Trust | 151,143 | ||||||
| 6,689 | Sabra Health Care Real Estate Investment Trust Inc. | 122,476 | ||||||
| 2,815 | Select Income REIT | 53,372 | ||||||
| 7,447 | Senior Housing Properties Trust | 115,950 | ||||||
| 520 | St Joe Company, (2) | 8,970 | ||||||
| 6,704 | Sunstone Hotel Investors Inc. | 104,582 | ||||||
| 359 | Tejon Ranch Company, (2) | 8,734 | ||||||
| 243 | The RMR Group Inc. | 18,079 | ||||||
79
Nushares ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2018
(Unaudited)
| Shares | Description (1) | Value | ||||||
| Real Estate (continued) | ||||||||
| 1,712 | Tier REIT, Inc. | $ | 32,545 | |||||
| 7,637 | Uniti Group, Inc. | 137,619 | ||||||
| 13,063 | Washington Prime Group, Inc. | 84,518 | ||||||
| 1,305 | Washington Real Estate Investment Trust | 37,480 | ||||||
| 640 | WP Carey Inc. | 40,864 | ||||||
Total Real Estate | 4,770,175 | |||||||
| Telecommunication Services – 0.8% | ||||||||
| 1,827 | Boingo Wireless Inc., (2) | 42,861 | ||||||
| 2,710 | Cincinnati Bell Inc., (2) | 41,057 | ||||||
| 4,763 | Consolidated Communications Holdings, Inc. | 53,822 | ||||||
| 31,501 | Globalstar, Inc. (2) | 19,266 | ||||||
| 910 | IDT Corporation | 4,932 | ||||||
| 5,867 | Iridium Communications Inc., (2) | 69,817 | ||||||
| 2,190 | Orbcomm, Inc., (2) | 19,754 | ||||||
| 1,737 | Shenandoah Telecommunications Company | 65,572 | ||||||
| 8,240 | Vonage Holdings Corporation, (2) | 92,123 | ||||||
Total Telecommunication Services | 409,204 | |||||||
| Utilities – 3.7% | ||||||||
| 2,066 | 8point3 Energy Partners LP | 24,999 | ||||||
| 8,822 | Aqua America Inc. | 310,091 | ||||||
| 1,019 | Chesapeake Utilities Corporation | 77,444 | ||||||
| 5,356 | New Jersey Resources Corporation | 221,471 | ||||||
| 3,553 | NextEra Energy Partners LP | 148,054 | ||||||
| 3,025 | One Gas Inc. | 210,903 | ||||||
| 2,673 | Ormat Technologies Inc. | 154,767 | ||||||
| 5,846 | Pattern Energy Group Inc. | 106,280 | ||||||
| 2,092 | Southwest Gas Holdings, Inc. | 152,695 | ||||||
| 791 | Spark Energy, Inc. | 9,848 | ||||||
| 3,287 | Spire, Inc. | 237,157 | ||||||
| 2,798 | TerraForm Power, Inc., (2) | 31,198 | ||||||
| 2,408 | WGL Holdings Inc. | 204,921 | ||||||
Total Utilities | 1,889,828 | |||||||
Total Common Stocks (cost $49,162,739) | 51,359,887 | |||||||
80
| Shares | Description (1) | Value | ||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||
| 1,243 | Newstar Financial, Inc., (3) | $ | 612 | |||||
Total Common Stock Rights (cost $-) | 612 | |||||||
Total Long-Term Investments (cost $49,162,739) | 51,360,499 | |||||||
Other Assets Less Liabilities – 0.2% | 79,117 | |||||||
Net Assets – 100% | $ | 51,439,616 | ||||||
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. |
| (3) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| REIT | Real Estate Investment Trust. |
See accompanying notes to financial statements.
81
Statement of Assets and Liabilities
April 30, 2018
(Unaudited)
| NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Long-term investments, at value (cost $38,611,731, $44,426,637, $41,154,351, $36,214,820, $39,646,420, $40,524,699 and $49,162,739, respectively) | $ | 39,608,988 | $ | 45,452,588 | $ | 43,667,112 | $ | 36,534,052 | $ | 41,500,535 | $ | 41,654,147 | $ | 51,360,499 | ||||||||||||||
Short-term investments, at value (cost approximates value) | 100,000 | — | — | — | — | — | — | |||||||||||||||||||||
Cash | 9,641 | 87,852 | 67,202 | 56,372 | 57,216 | 40,706 | 76,398 | |||||||||||||||||||||
Cash denominated in foreign currencies (cost $8,597, $17,186, $—, $—, $—, $— and $—, respectively) | 8,596 | 17,183 | — | — | — | — | — | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Dividends | 21,830 | 160,646 | 30,526 | 57,103 | 9,796 | 58,352 | 18,759 | |||||||||||||||||||||
Investments sold | 4,753 | — | — | — | — | — | — | |||||||||||||||||||||
Reclaims | 596 | 27,576 | 1,489 | 8 | 10 | — | 20 | |||||||||||||||||||||
Shares sold | — | — | 3,539 | — | — | — | — | |||||||||||||||||||||
Total assets | 39,754,404 | 45,745,845 | 43,769,868 | 36,647,535 | 41,567,557 | 41,753,205 | 51,455,676 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Payable for investments purchased | 47,693 | 27,588 | — | 42,379 | — | — | — | |||||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||||||
Management fees | 14,424 | 14,381 | 11,775 | 9,971 | 13,208 | 13,291 | 15,900 | |||||||||||||||||||||
Professional fees | 74 | 74 | 38 | 39 | 38 | 38 | 74 | |||||||||||||||||||||
Trustees fees | 79 | 79 | 44 | 44 | 44 | 44 | 86 | |||||||||||||||||||||
Total liabilities | 62,270 | 42,122 | 11,857 | 52,433 | 13,290 | 13,373 | 16,060 | |||||||||||||||||||||
Net assets | $ | 39,692,134 | $ | 45,703,723 | $ | 43,758,011 | $ | 36,595,102 | $ | 41,554,267 | $ | 41,739,832 | $ | 51,439,616 | ||||||||||||||
Shares outstanding | 1,400,000 | 1,700,000 | 1,350,000 | 1,300,000 | 1,400,000 | 1,500,000 | 1,800,000 | |||||||||||||||||||||
Net asset value (“NAV”) per share | $ | 28.35 | $ | 26.88 | $ | 32.41 | $ | 28.15 | $ | 29.68 | $ | 27.83 | $ | 28.58 | ||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||
Capital paid-in | $ | 38,208,557 | $ | 44,234,649 | $ | 40,015,739 | $ | 34,697,915 | $ | 39,080,065 | $ | 40,235,435 | $ | 48,564,275 | ||||||||||||||
Undistributed (Over-distribution of) net investment income | 112,820 | 341,727 | 88,427 | 251,871 | 22,862 | 269,939 | 91,445 | |||||||||||||||||||||
Accumulated net realized gain (loss) | 373,877 | 105,451 | 1,141,084 | 1,326,084 | 597,225 | 105,010 | 586,136 | |||||||||||||||||||||
Net unrealized appreciation (depreciation) | 996,880 | 1,021,896 | 2,512,761 | 319,232 | 1,854,115 | 1,129,448 | 2,197,760 | |||||||||||||||||||||
Net assets | $ | 39,692,134 | $ | 45,703,723 | $ | 43,758,011 | $ | 36,595,102 | $ | 41,554,267 | $ | 41,739,832 | $ | 51,439,616 | ||||||||||||||
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.
82
Six Months Ended April 30, 2018
(Unaudited)
| NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||||||||
Investment Income | $ | 386,058 | $ | 570,756 | $ | 212,847 | $ | 498,758 | $ | 129,406 | $ | 477,577 | $ | 294,990 | ||||||||||||||
Foreign tax withheld on dividend income | (46,797 | ) | (53,354 | ) | — | — | — | — | (345 | ) | ||||||||||||||||||
Total Investment Income | 339,261 | 517,402 | 212,847 | 498,758 | 129,406 | 477,577 | 294,645 | |||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Management fees | 85,013 | 78,528 | 68,673 | 62,199 | 76,591 | 74,613 | 84,822 | |||||||||||||||||||||
Professional fees | 162 | 128 | 180 | 225 | 175 | 160 | 311 | |||||||||||||||||||||
Trustees fees | 361 | 365 | 346 | 385 | 329 | 314 | 453 | |||||||||||||||||||||
Total expenses | 85,536 | 79,021 | 69,199 | 62,809 | 77,095 | 75,087 | 85,586 | |||||||||||||||||||||
Net investment income (loss) | 253,725 | 438,381 | 143,648 | 435,949 | 52,311 | 402,490 | 209,059 | |||||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||
Investments and foreign currency | 375,747 | 105,876 | 407,018 | 191,255 | 376,700 | 108,361 | 595,720 | |||||||||||||||||||||
In-kind redemptions | — | — | 735,242 | 1,136,754 | 221,974 | — | — | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (158,566 | ) | 434,516 | 1,342,951 | (529,689 | ) | 1,079,092 | 769,391 | 604,118 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 217,181 | 540,392 | 2,485,211 | 798,320 | 1,677,766 | 877,752 | 1,199,838 | |||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 470,906 | $ | 978,773 | $ | 2,628,859 | $ | 1,234,269 | $ | 1,730,077 | $ | 1,280,242 | $ | 1,408,897 | ||||||||||||||
See accompanying notes to financial statements.
83
Statement of Changes in Net Assets
(Unaudited)
| NUEM | NUDM | |||||||||||||||||||
| Six Months Ended 4/30/18 | For the Period June 6, 2017 (commencement of operations) through October 31, 2017 | Six Months Ended 4/30/18 | For the Period June 6, 2017 (commencement of operations) through October 31, 2017 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 253,725 | $ | 97,618 | $ | 438,381 | $ | 76,148 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 375,747 | (2,753 | ) | 105,876 | 16,523 | |||||||||||||||
In-kind redemptions | — | — | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (158,566 | ) | 1,155,446 | 434,516 | 587,380 | |||||||||||||||
Net increase (decrease) in net assets from operations | 470,906 | 1,250,311 | 978,773 | 680,051 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income | (229,190 | ) | — | (178,050 | ) | — | ||||||||||||||
From accumulated net realized gains | (8,450 | ) | — | (11,700 | ) | — | ||||||||||||||
Decrease in net assets from distributions to shareholders | (237,640 | ) | — | (189,750 | ) | — | ||||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from shares sold | 14,541,891 | 23,666,666 | 21,159,514 | 23,075,135 | ||||||||||||||||
Cost of shares redeemed | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 14,541,891 | 23,666,666 | 21,159,514 | 23,075,135 | ||||||||||||||||
Net increase (decrease) in net assets | 14,775,157 | 24,916,977 | 21,948,537 | 23,755,186 | ||||||||||||||||
Net assets at the beginning of period | 24,916,977 | — | 23,755,186 | — | ||||||||||||||||
Net assets at the end of period | $ | 39,692,134 | $ | 24,916,977 | $ | 45,703,723 | $ | 23,755,186 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 112,820 | $ | 88,285 | $ | 341,727 | $ | 81,396 | ||||||||||||
See accompanying notes to financial statements.
84
| NULG | NULV | |||||||||||||||||||
| Six Months Ended 4/30/18 | For the Period December 13, 2016 (commencement of operations) through October 31, 2017 | Six Months Ended 4/30/18 | For the Period December 13, 2016 (commencement of operations) through October 31, 2017 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 143,648 | $ | 64,985 | $ | 435,949 | $ | 191,220 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 407,018 | 124,838 | 191,255 | 112,077 | ||||||||||||||||
In-kind redemptions | 735,242 | 137,401 | 1,136,754 | 7,653 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 1,342,951 | 1,169,810 | (529,689 | ) | 848,921 | |||||||||||||||
Net increase (decrease) in net assets from operations | 2,628,859 | 1,497,034 | 1,234,269 | 1,159,871 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income | (120,250 | ) | — | (375,340 | ) | — | ||||||||||||||
From accumulated net realized gains | (125,970 | ) | — | (113,960 | ) | — | ||||||||||||||
Decrease in net assets from distributions to shareholders | (246,220 | ) | — | (489,300 | ) | — | ||||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from shares sold | 20,287,000 | 25,501,848 | 15,431,075 | 27,911,667 | ||||||||||||||||
Cost of shares redeemed | (3,291,410 | ) | (2,619,100 | ) | (7,408,650 | ) | (1,243,830 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 16,995,590 | 22,882,748 | 8,022,425 | 26,667,837 | ||||||||||||||||
Net increase (decrease) in net assets | 19,378,229 | 24,379,782 | 8,767,394 | 27,827,708 | ||||||||||||||||
Net assets at the beginning of period | 24,379,782 | — | 27,827,708 | — | ||||||||||||||||
Net assets at the end of period | $ | 43,758,011 | $ | 24,379,782 | $ | 36,595,102 | $ | 27,827,708 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 88,427 | $ | 65,029 | $ | 251,871 | $ | 191,262 | ||||||||||||
See accompanying notes to financial statements.
85
Statement of Changes in Net Assets (Unaudited) (continued)
| NUMG | NUMV | NUSC | ||||||||||||||||||||||||||||||
| Six Months Ended 4/30/18 | For the Period December 13, 2016 (commencement of operations) through October 31, 2017 | Six Months Ended 4/30/18 | For the Period December 13, 2016 (commencement of operations) through October 31, 2017 | Six Months Ended 4/30/18 | For the Period December 13, 2016 (commencement of operations) through October 31, 2017 | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 52,311 | $ | 23,694 | $ | 402,490 | $ | 128,635 | $ | 209,059 | $ | 149,970 | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||||||
Investments and foreign currency | 376,700 | 166,411 | 108,361 | 50,688 | 595,720 | 110,562 | ||||||||||||||||||||||||||
In-kind redemptions | 221,974 | 66,315 | — | — | — | 26,959 | ||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 1,079,092 | 775,023 | 769,391 | 360,057 | 604,118 | 1,593,642 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 1,730,077 | 1,031,443 | 1,280,242 | 539,380 | 1,408,897 | 1,881,133 | ||||||||||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||||||||||
From net investment income | (53,190 | ) | — | (261,225 | ) | — | (267,670 | ) | — | |||||||||||||||||||||||
From accumulated net realized gains | (167,940 | ) | — | (54,000 | ) | — | (120,060 | ) | — | |||||||||||||||||||||||
Decrease in net assets from distributions to shareholders | (221,130 | ) | — | (315,225 | ) | — | (387,730 | ) | — | |||||||||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||||||
Proceeds from shares sold | 20,170,195 | 21,610,997 | 17,823,475 | 22,411,960 | 19,789,490 | 29,992,821 | ||||||||||||||||||||||||||
Cost of shares redeemed | (1,454,885 | ) | (1,312,430 | ) | — | — | — | (1,244,995 | ) | |||||||||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 18,715,310 | 20,298,567 | 17,823,475 | 22,411,960 | 19,789,490 | 28,747,826 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets | 20,224,257 | 21,330,010 | 18,788,492 | 22,951,340 | 20,810,657 | 30,628,959 | ||||||||||||||||||||||||||
Net assets at the beginning of period | 21,330,010 | — | 22,951,340 | — | 30,628,959 | — | ||||||||||||||||||||||||||
Net assets at the end of period | $ | 41,554,267 | $ | 21,330,010 | $ | 41,739,832 | $ | 22,951,340 | $ | 51,439,616 | $ | 30,628,959 | ||||||||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 22,862 | $ | 23,741 | $ | 269,939 | $ | 128,674 | $ | 91,445 | $ | 150,056 | ||||||||||||||||||||
See accompanying notes to financial statements.
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(Unaudited)
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
| Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | Ending Market Price | |||||||||||||||||||||||||||||||
NUEM | ||||||||||||||||||||||||||||||||||||||||
2018(f) | $ | 27.69 | $ | 0.20 | $ | 0.65 | $ | 0.85 | $ | (0.18 | ) | $ | (0.01 | ) | $ | (0.19 | ) | $ | 28.35 | $ | 28.25 | |||||||||||||||||||
2017(c) | 24.95 | 0.20 | 2.54 | 2.74 | — | — | — | 27.69 | 28.05 | |||||||||||||||||||||||||||||||
NUDM | ||||||||||||||||||||||||||||||||||||||||
2018(f) | 26.39 | 0.30 | 0.32 | 0.62 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 26.88 | 26.84 | ||||||||||||||||||||||||||||
2017(c) | 24.88 | 0.17 | 1.34 | 1.51 | — | — | — | 26.39 | 26.57 | |||||||||||||||||||||||||||||||
NULG | ||||||||||||||||||||||||||||||||||||||||
2018(f) | 30.47 | 0.12 | 2.01 | 2.13 | (0.09 | ) | (0.10 | ) | (0.19 | ) | 32.41 | 32.41 | ||||||||||||||||||||||||||||
2017(d) | 25.21 | 0.24 | 5.02 | 5.26 | — | — | — | 30.47 | 30.53 | |||||||||||||||||||||||||||||||
NULV | ||||||||||||||||||||||||||||||||||||||||
2018(f) | 27.83 | 0.35 | 0.32 | 0.67 | (0.27 | ) | (0.08 | ) | (0.35 | ) | 28.15 | 28.16 | ||||||||||||||||||||||||||||
2017(d) | 25.09 | 0.53 | 2.21 | 2.74 | — | — | — | 27.83 | 27.88 | |||||||||||||||||||||||||||||||
NUMG | ||||||||||||||||||||||||||||||||||||||||
2018(f) | 28.44 | 0.04 | 1.36 | 1.40 | (0.04 | ) | (0.12 | ) | (0.16 | ) | 29.68 | 29.80 | ||||||||||||||||||||||||||||
2017(d) | 25.10 | 0.09 | 3.25 | 3.34 | — | — | — | 28.44 | 28.46 | |||||||||||||||||||||||||||||||
NUMV | ||||||||||||||||||||||||||||||||||||||||
2018(f) | 27.00 | 0.30 | 0.76 | 1.06 | (0.19 | ) | (0.04 | ) | (0.23 | ) | 27.83 | 28.14 | ||||||||||||||||||||||||||||
2017(d) | 25.04 | 0.48 | 1.48 | 1.96 | — | — | — | 27.00 | 27.01 | |||||||||||||||||||||||||||||||
NUSC | ||||||||||||||||||||||||||||||||||||||||
2018(f) | 27.84 | 0.14 | 0.86 | 1.00 | (0.18 | ) | (0.08 | ) | (0.26 | ) | 28.58 | 28.64 | ||||||||||||||||||||||||||||
2017(d) | 25.01 | 0.27 | 2.56 | 2.83 | — | — | — | 27.84 | 27.89 | |||||||||||||||||||||||||||||||
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| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
| Total Return | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Based on NAV(b) | Based | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | |||||||||||||||||||||||||||||||||
| 3.00 | % | 1.35 | % | $ | 39,692 | 0.45 | %* | 1.34 | %* | 36 | % | |||||||||||||||||||||||||||
| 11.03 | 12.42 | 24,917 | 0.45 | * | 1.86 | * | 13 | |||||||||||||||||||||||||||||||
| 2.34 | 1.49 | 45,704 | 0.40 | * | 2.23 | * | 24 | |||||||||||||||||||||||||||||||
| 6.07 | 6.78 | 23,755 | 0.40 | * | 1.65 | * | 9 | |||||||||||||||||||||||||||||||
| 7.01 | 6.80 | 43,758 | 0.35 | * | 0.73 | * | 38 | |||||||||||||||||||||||||||||||
| 20.88 | 21.10 | 24,380 | 0.35 | * | 0.98 | * | 30 | |||||||||||||||||||||||||||||||
| 2.40 | 2.23 | 36,595 | 0.35 | * | 2.45 | * | 28 | |||||||||||||||||||||||||||||||
| 10.90 | 11.11 | 27,828 | 0.35 | * | 2.30 | * | 33 | |||||||||||||||||||||||||||||||
| 4.95 | 5.29 | 41,554 | 0.40 | * | 0.27 | * | 26 | |||||||||||||||||||||||||||||||
| 13.30 | 13.38 | 21,330 | 0.40 | * | 0.38 | * | 53 | |||||||||||||||||||||||||||||||
| 3.91 | 5.05 | 41,740 | 0.40 | * | 2.16 | * | 41 | |||||||||||||||||||||||||||||||
| 7.82 | 7.86 | 22,951 | 0.40 | * | 2.12 | * | 46 | |||||||||||||||||||||||||||||||
| 3.60 | 3.63 | 51,440 | 0.40 | * | 0.99 | * | 23 | |||||||||||||||||||||||||||||||
| 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). |
| (f) | For the six months ended April 30, 2018. |
| * | Annualized. |
See accompanying notes to financial statements.
89
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nushares ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of Nushares ESG 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. (the “Exchange”).
The end of the reporting period for the Funds is April 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2018 (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 each Fund’s 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 Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| NUEM | NUDM | |||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | 16,092 | $ | 16,703 | ||||
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income is recorded on an accrual basis.
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”).
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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 an independent pricing service (“pricing service”). 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.
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Notes to Financial Statements (Unaudited) (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 | $ | 38,718,187 | $ | 890,801 | ** | $ | — | $ | 39,608,988 | |||||||
| Short-Term Investments: | ||||||||||||||||
U.S. Government and Agency Obligations | — | 100,000 | — | 100,000 | ||||||||||||
| Total | $ | 38,718,187 | $ | 990,801 | $ | — | $ | 39,708,988 | ||||||||
| NUDM | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 45,452,588 | $ | — | $ | — | $ | 45,452,588 | ||||||||
| NULG | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 43,667,112 | $ | — | $ | — | $ | 43,667,112 | ||||||||
| NULV | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 36,534,052 | $ | — | $ | — | $ | 36,534,052 | ||||||||
| NUMG | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 41,500,535 | $ | — | $ | — | $ | 41,500,535 | ||||||||
| NUMV | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 41,654,147 | $ | — | $ | — | $ | 41,654,147 | ||||||||
| NUSC | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 51,359,887 | $ | — | $ | — | $ | 51,359,887 | ||||||||
Common Stock Rights | — | — | 612 | *** | 612 | |||||||||||
| Total | $ | 51,359,887 | $ | — | $ | 612 | $ | 51,360,499 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. |
| *** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
92
The table below presents the transfers in and out of the three valuation levels for the following Fund as of the end of the reporting period when
| ||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
| Transfers In | (Transfers Out) | Transfers In | (Transfers Out) | Transfers In | (Transfers Out) | |||||||||||||||||||||||||||
NUEM | ||||||||||||||||||||||||||||||||
Common Stock | $ | — | $ | (888,850 | ) | $ | 888,850 | $ | — | $ | — | $ | — | |||||||||||||||||||
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 Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
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.
93
Notes to Financial Statements (Unaudited) (continued)
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 | $ | 11,778,647 | 29.7 | % | ||||
Korea, Republic of | 6,011,281 | 15.1 | ||||||
Taiwan | 4,595,079 | 11.6 | ||||||
India | 3,618,568 | 9.1 | ||||||
Brazil | 2,851,546 | 7.2 | ||||||
South Africa | 2,711,955 | 6.8 | ||||||
Malaysia | 1,403,395 | 3.5 | ||||||
Mexico | 1,253,914 | 3.2 | ||||||
Thailand | 998,205 | 2.5 | ||||||
Indonesia | 782,998 | 2.0 | ||||||
Other | 3,603,400 | 9.1 | ||||||
| Total non-U.S. securities | $ | 39,608,988 | 99.8 | % | ||||
| NUDM | Value | % of Net Assets | ||||||
| Country: | ||||||||
Japan | $ | 11,124,452 | 24.3 | % | ||||
United Kingdom | 8,010,188 | 17.5 | ||||||
France | 4,880,712 | 10.7 | ||||||
Germany | 4,339,859 | 9.5 | ||||||
Switzerland | 3,399,812 | 7.4 | ||||||
Australia | 2,951,071 | 6.5 | ||||||
Hong Kong | 1,555,027 | 3.4 | ||||||
Netherlands | 1,539,966 | 3.4 | ||||||
Spain | 1,456,660 | 3.2 | ||||||
Sweden | 1,145,107 | 2.5 | ||||||
Other | 5,049,734 | 11.1 | ||||||
| Total Non-U.S. securities | $ | 45,452,588 | 99.5 | % | ||||
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.
94
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.
Transactions in Fund shares during the current and prior fiscal period were as follows:
| NUEM | NUDM | |||||||||||||||||||||||||||||||
| Six Months Ended 4/30/18 | For the period 6/6/17 (commencement of operations) through 10/31/17 | Six Months Ended 4/30/18 | For the period 6/6/17 (commencement of operations) through 10/31/17 | |||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | 500,000 | $ | 14,541,891 | 900,000 | $ | 23,666,666 | 800,000 | $ | 21,159,514 | 900,000 | $ | 23,075,135 | ||||||||||||||||||||
| NULG | NULV | |||||||||||||||||||||||||||||||
| Six Months Ended 4/30/18 | For the period 12/13/16 (commencement of operations) through 10/31/17 | Six Months Ended 4/30/18 | For the period 12/13/16 (commencement of operations) through 10/31/17 | |||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | 650,000 | $ | 20,287,000 | 900,000 | $ | 25,501,848 | 550,000 | $ | 15,431,075 | 1,050,000 | $ | 27,911,667 | ||||||||||||||||||||
| Shares redeemed | (100,000 | ) | (3,291,410 | ) | (100,000 | ) | (2,619,100 | ) | (250,000 | ) | (7,408,650 | ) | (50,000 | ) | (1,243,830 | ) | ||||||||||||||||
| Net increase | 550,000 | $ | 16,995,590 | 800,000 | $ | 22,882,748 | 300,000 | $ | 8,022,425 | 1,000,000 | $ | 26,667,837 | ||||||||||||||||||||
| NUMG | NUMV | |||||||||||||||||||||||||||||||
| Six Months Ended 4/30/18 | For the period 12/13/16 (commencement of operations) through 10/31/17 | Six Months Ended 4/30/18 | For the period 12/13/16 (commencement of operations) through 10/31/17 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | 700,000 | $ | 20,170,195 | 800,000 | $ | 21,610,997 | 650,000 | $ | 17,823,475 | 850,000 | $ | 22,411,960 | ||||||||||||||||||||
| Shares redeemed | (50,000 | ) | (1,454,885 | ) | (50,000 | ) | (1,312,430 | ) | — | — | — | — | ||||||||||||||||||||
| Net increase | 650,000 | $ | 18,715,310 | 750,000 | $ | 20,298,567 | 650,000 | $ | 17,823,475 | 850,000 | $ | 22,411,960 | ||||||||||||||||||||
| NUSC | ||||||||||||||||||||||||
| Six Months Ended 4/30/18 | For the period 12/13/16 (commencement of operations) through 10/31/17 | |||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||
| Shares sold | 700,000 | $ | 19,789,490 | 1,150,000 | $ | 29,992,821 | ||||||||||||||||||
| Shares redeemed | — | — | (50,000 | ) | (1,244,995 | ) | ||||||||||||||||||
| Net increase | 700,000 | $ | 19,789,490 | 1,100,000 | $ | 28,747,826 | ||||||||||||||||||
95
Notes to Financial Statements (Unaudited) (continued)
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 | $ | 25,231,889 | $ | 10,651,079 | $ | 14,619,510 | $ | 9,758,786 | $ | 9,799,075 | $ | 15,227,843 | $ | 9,876,017 | ||||||||||||||
| Sales | 13,746,846 | 9,470,418 | 14,692,076 | 9,754,995 | 9,983,694 | 15,060,494 | 9,982,660 | |||||||||||||||||||||
In-kind transactions during the current fiscal period were as follows:
| NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||||||||
| In-kind purchases | $ | 2,929,067 | $ | 20,315,659 | $ | 20,246,024 | $ | 15,382,569 | $ | 20,151,650 | $ | 17,723,712 | $ | 19,724,481 | ||||||||||||||
| In-kind sales | — | — | 3,284,413 | 7,412,433 | 1,453,707 | — | — | |||||||||||||||||||||
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 April 30, 2018.
| NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC | ||||||||||||||||||||||
| Tax cost of investments | $ | 38,737,025 | $ | 44,443,856 | $ | 41,155,183 | $ | 36,216,113 | $ | 39,647,329 | $ | 40,527,903 | $ | 49,172,232 | ||||||||||||||
| Gross unrealized: | ||||||||||||||||||||||||||||
Appreciation | $ | 3,010,630 | $ | 2,366,375 | $ | 3,346,248 | $ | 1,850,739 | $ | 3,865,080 | $ | 2,701,239 | $ | 4,567,782 | ||||||||||||||
Depreciation | (2,038,667 | ) | (1,357,643 | ) | (834,319 | ) | (1,532,800 | ) | (2,011,874 | ) | (1,574,995 | ) | (2,379,515 | ) | ||||||||||||||
| Net unrealized appreciation (depreciation) of investments | $ | 971,963 | $ | 1,008,732 | $ | 2,511,929 | $ | 317,939 | $ | 1,853,206 | $ | 1,126,244 | $ | 2,188,267 | ||||||||||||||
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’ last 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 | ) | |||||||||||||||
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2017, the Funds’ last 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. |
96
The tax character of distributions paid during the Funds’ last 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 | $ | 8,286,291 | $4,884,228 | $ | 4,953,548 | $3,571,193 | $1,404,330 | |||||||
| Sales | 2,510,371 | 1,072,767 | 1,202,733 | 2,299,983 | 520,378 | |||||||||
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 | 1,154,900 | 1,335,500 | 1,121,100 | 992,800 | 1,204,500 | 1,250,400 | 993,000 | |||||||||||||||
97
Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Teachers Advisors, LLC 730 Third Avenue New York, NY 10017-3206 | Independent Registered KPMG LLP 200 East Randolph Street Chicago, IL 60601
Administrator, Custodian and Brown Brothers Harriman 50 Post Office Square Boston, MA 02110 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603
Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, D.C. 20004 | ||||||||
| ||||||||||||||
| The tables below show the number and percentage of days during the current fiscal period that each Fund’s market price was greater than its NAV per share (i.e., at a premium) and less than its NAV per share (i.e., at a discount). The market price is determined using the midpoint between the highest bid and the lowest offer on the applicable Fund’s listing exchange, as of the time that the Fund’s NAV is calculated (normally 4:00 p.m. Eastern Time). | ||||||||||||||
NUEM | NUDM | |||||||||||||
Six months ended April 30, 2018 | Number of Days | % of Total Days | Number of Days | % of Total Days | ||||||||||
Premium/Discount Range: | ||||||||||||||
1.01% to 3.00% | 42 | 34.1% | 10 | 8.1% | ||||||||||
0.51% to 1.00% | 43 | 35.1% | 49 | 39.8% | ||||||||||
0.26% to 0.50% | 9 | 7.3% | 35 | 28.5% | ||||||||||
0.00% to 0.25% | 11 | 8.9% | 14 | 11.4% | ||||||||||
(0.01)% to (0.25)% | 8 | 6.5% | 6 | 4.9% | ||||||||||
(0.26)% to (0.50)% | 3 | 2.4% | 3 | 2.4% | ||||||||||
(0.51)% to (1.00)% | 4 | 3.3% | 4 | 3.3% | ||||||||||
| (1.01)% to (3.00)% | 2 | 1.6% | 2 | 1.6% | ||||||||||
| Less than (3.00)% | 1 | 0.8% | — | 0.0% | ||||||||||
123 | 100% | 123 | 100% | |||||||||||
NULG | NULV | |||||||||||||
Six months ended April 30, 2018 | Number of Days | % Total Days | Number of Days | % Total Days | ||||||||||
| Premium/Discount Range: | ||||||||||||||
| 0.00% to 0.25% | 110 | 89.4% | 85 | 69.1% | ||||||||||
| (0.01)% to (0.25)% | 13 | 10.6% | 38 | 30.9% | ||||||||||
| 123 | 100% | 123 | 100% | |||||||||||
NUMG | NUMV | |||||||||||||
Six months ended April 30, 2018 | Number of Days | % Total Days | Number of Days | % Total Days | ||||||||||
| Premium/Discount Range: | ||||||||||||||
| 0.00% to 0.25% | 98 | 79.7% | 72 | 58.5% | ||||||||||
| (0.01)% to (0.25)% | 25 | 20.3% | 51 | 41.5% | ||||||||||
| 123 | 100% | 123 | 100% | |||||||||||
NUSC | ||||||||||||||
Six months ended April 30, 2018 | Number of Days | % Total Days | ||||||||||||
| Premium/Discount Range: | ||||||||||||||
| 0.00% to 0.25% | 90 | 73.2% | ||||||||||||
| (0.01)% to (0.25)% | 33 | 26.8% | ||||||||||||
| 123 | 100% | |||||||||||||
98
Additional Fund Information
(continued)
| ||||||||||||||
| Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
| ||||||||||||||
| Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
| ||||||||||||||
| FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FlNRA.org. | ||||||||||||||
99
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.
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.
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
100
Glossary of Terms Used in this Report (continued)
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.
101
Notes
102
Notes
103
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 manager 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/exchange-traded-funds
| Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | NSA-NSESG-0418D 527612-INV-B-06/19 |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) NuShares ETF Trust
| By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: July 9, 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: July 9, 2018
| By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: July 9, 2018