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, 2019
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.
Nuveen Exchange-Traded
Funds
| Fund Name | | Listing Exchange | Ticker Symbol | |
| Nuveen ESG Emerging Markets Equity ETF | | Cboe BZX Exchange, Inc. | NUEM | | |
| Nuveen ESG International Developed Markets Equity ETF | | Cboe BZX Exchange, Inc. | NUDM | | |
| Nuveen ESG Large-Cap Growth ETF | | Cboe BZX Exchange, Inc. | NULG | | |
| Nuveen ESG Large-Cap Value ETF | | Cboe BZX Exchange, Inc. | NULV | | |
| Nuveen ESG Mid-Cap Growth ETF | | Cboe BZX Exchange, Inc. | NUMG | | |
| Nuveen ESG Mid-Cap Value ETF | | Cboe BZX Exchange, Inc. | NUMV | | |
| Nuveen ESG Small-Cap ETF | | Cboe BZX Exchange, Inc. | NUSC | | |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds' electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your shares.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary.
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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
Chairman’s Letter to Shareholders
Dear Shareholders,
The worries weighing on markets at the end of 2018 appeared to dissipate in early 2019 as positive economic and corporate earnings news, more dovish signals from central banks and trade progress boosted investor confidence. However, political noise and trade disputes have resurfaced in the headlines more recently, knocking stock market indexes off their recent highs and rallying U.S. Treasury bonds and other safe-haven assets. Investors are concerned that increased tariffs and a protracted stalemate between the U.S. and China, Mexico and other trading partners could dampen business and consumer sentiment, weakening spending and potentially impacting the global economy. Additionally, political uncertainty and the risk of policy error appear elevated. In the U.S. in particular, low interest rate levels and the widening federal deficit have constrained the available policy tools for countering recessionary pressures. As the current U.S. economic expansion reaches the 10-year mark this summer, it’s important to note that economic expansions don’t die of old age, but mature economic cycles can be more vulnerable to an exogenous shock.
Until a clearer picture on trade emerges, more bouts of market turbulence are likely in the meantime. While the downside risks warrant careful monitoring, we believe the likelihood of a near-term recession remains low. Global economic growth is moderating, with demand driven by the historically low unemployment in the U.S., Japan and across Europe. Central banks across the developed world continue to emphasize their readiness to adjust policy, and China’s authorities remain committed to keeping economic growth rates steady with fiscal and monetary policy.
The opportunity set may be narrower, but there is still scope for gains in this environment. Patience and maintaining perspective can help you weather periodic market volatility. We encourage you to work with your financial advisor to assess short-term market movements in the context of your time horizon, risk tolerance and investment goals. 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,
Terence J. Toth
Chairman of the Board
June 24, 2019
Portfolio Managers’
Comments
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Nuveen ESG Large-Cap Growth ETF (NULG)
Nuveen ESG Large-Cap Value ETF (NULV)
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Nuveen ESG Mid-Cap Value ETF (NUMV)
Nuveen 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. Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016. For the Nuveen ESG International Developed Markets Equity ETF (NUDM) and Nuveen 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.
Effective January 18, 2019 each Fund changed its name from "Nushares" to "Nuveen".
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 that meet certain ESG criteria (and depositary receipts representing such securities) located in countries with emerging markets. 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 crite-
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, 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. The Funds disclaim 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.
Portfolio Managers’ Comments(continued)
ria. 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.
Global equities overcame elevated volatility in late 2018 to produce strong gains over the six-month reporting period overall. Disappointing economic data toward the end of 2018 and muted inflation readings prompted developed market central banks to downgrade their 2019 forecasts and signal a more dovish approach to monetary policy. Trade negotiations between China and the U.S. resumed, easing concerns about the impact of weakening exports on global economic growth. (However, after the close of the reporting period, trade talks collapsed, driving increased volatility in the markets.) Economic indicators in the U.S., Europe and China showed signs of improvement in the early months of 2019, and first quarter 2019 corporate earnings reports, for the most part, came in better than expected. As recession fears abated over the course of the reporting period, risk appetite returned to the markets. Emerging market equities delivered the largest gain, followed by U.S. equities. International developed market equities lagged the other two segments, although they still provided robust positive returns.
How did the Funds perform in the six-month reporting period ended April 30, 2019?
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, 2019. 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 the reporting period. The trailing performance is primarily attributable to fees and expenses. The Indexes are unmanaged and therefore their returns do not reflect any fees or expenses, which would detract from their performance. You cannot invest directly in an index.
NUEM’s performance was supported by strong returns across some of the larger emerging markets during this reporting period, especially China, Taiwan and India. Brazil and Korea, which are also among the larger country positions in the Fund and NUEM Index, posted smaller gains. The weakest performing emerging markets were mainly those in which the Fund held small weightings, including Turkey, Czech Republic and Qatar.
International developed markets lagged both emerging markets and the U.S. market during this reporting period. Japan, which was NUDM’s largest country exposure, struggled to stay in positive territory, while the U.K. and Germany delivered modest gains. The stronger performing non-U.S. equity markets in this reporting period included Hong Kong, Singapore and New Zealand.
Within the U.S. stock market, investor sentiment remained bullish for economically sensitive areas of the market such as technology, consumer discretionary, industrials and communication services. This environment was favorable for NULG, NUMG and NUSC, which had higher weightings in these sectors than NULV and NUMV. The health care sector remained under pressure from regulatory uncertainty, dampening gains for NULV especially, which had the largest health care sector exposure of the Funds. Additionally, across the capitalization spectrum, growth stocks outperformed value stocks in this reporting period, providing another tailwind to NULG and NUMG.
Nuveen 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 inemerging markets. In addition, because the Index selects securities for inclusion based onenvironmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolioconcentrated 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.
Nuveen 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 onenvironmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolioconcentrated 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.
Nuveen 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 onenvironmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value ofequity 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 inlarge-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
Nuveen 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 onenvironmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value ofequity 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 inlarge-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
Nuveen 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 onenvironmental, social, and governance (ESG)criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value ofequity securities may decline significantly over short or extended periods of time. Because it invests primarily inmid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies.Growth stocks tend to be more volatile and can experience sharp price declines. These and other risk considerations are described in detail in the Fund’s prospectus.
Nuveen 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 onenvironmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value ofequity 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 inmid-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.
Nuveen 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 onenvironmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value ofequity securities may decline significantly over short or extended periods of time. Investments insmaller 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.
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 the management fees and other applicable fees and expenses paid by the Fund.
Nuveen 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
Average Annual Total Returns as of April 30, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUEM at NAV | 13.60% | | (4.64)% | 4.67% |
| NUEM at Market Price | 13.96% | | (3.50)% | 5.12% |
| TIAA ESG Emerging Markets Equity Index | 14.06% | | (3.94)% | 5.43% |
| MSCI Emerging Markets Index | 13.75% | | (5.04)% | 5.66% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUEM at NAV | 1.72% | | (8.39)% | 4.00% |
| NUEM at Market Price | 1.80% | | (9.96)% | 4.16% |
Since inception returns are from 6/6/17. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Fund Performance and Expense Ratios(continued)
Nuveen 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
Average Annual Total Returns as of April 30, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUDM at NAV | 7.06% | | (4.02)% | 2.19% |
| NUDM at Market Price | 8.12% | | (2.84)% | 2.76% |
| TIAA ESG International Developed Markets Equity Index | 7.24% | | (3.79)% | 2.47% |
| MSCI EAFE Index | 7.45% | | (3.22)% | 3.13% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUDM at NAV | (5.47)% | | (5.17)% | 0.12% |
| NUDM at Market Price | (5.59)% | | (6.21)% | 0.10% |
Since inception returns are from 6/6/17. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Nuveen 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, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NULG at NAV | 12.52% | | 17.46% | 19.23% |
| NULG at Market Price | 12.45% | | 17.51% | 19.25% |
| TIAA ESG USA Large-Cap Growth Index | 12.73% | | 17.90% | 19.65% |
| MSCI USA Growth Index | 12.21% | | 16.29% | 19.01% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NULG at NAV | (1.99)% | | 13.17% | 17.90% |
| NULG at Market Price | (2.00)% | | 13.15% | 17.92% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Fund Performance and Expense Ratios(continued)
Nuveen 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, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NULV at NAV | 8.50% | | 10.80% | 10.14% |
| NULV at Market Price | 8.35% | | 10.81% | 10.16% |
| TIAA ESG USA Large-Cap Value Index | 8.71% | | 11.18% | 10.52% |
| MSCI USA Value Index | 7.62% | | 10.39% | 8.64% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NULV at NAV | 0.69% | | 8.16% | 9.32% |
| NULV at Market Price | 0.48% | | 8.05% | 9.30% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Nuveen 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, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUMG at NAV | 14.19% | | 15.16% | 14.13% |
| NUMG at Market Price | 13.58% | | 14.79% | 14.17% |
| TIAA ESG USA Mid-Cap Growth Index | 14.44% | | 15.64% | 14.60% |
| MSCI USA Mid-Cap Growth Index | 14.73% | | 12.75% | 13.83% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUMG at NAV | (3.75)% | | 11.51% | 12.83% |
| NUMG at Market Price | (3.84)% | | 11.35% | 12.85% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Fund Performance and Expense Ratios(continued)
Nuveen 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, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUMV at NAV | 9.06% | | 5.98% | 7.49% |
| NUMV at Market Price | 8.85% | | 4.79% | 7.49% |
| TIAA ESG USA Mid-Cap Value Index | 9.30% | | 6.38% | 7.91% |
| MSCI USA Mid-Cap Value Index | 8.11% | | 5.45% | 7.85% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUMV at NAV | (1.20)% | | 2.23% | 5.96% |
| NUMV at Market Price | (1.28)% | | 2.06% | 5.95% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Nuveen 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, 2019
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUSC at NAV | 10.02% | | 8.67% | 9.96% |
| NUSC at Market Price | 9.92% | | 8.50% | 9.99% |
| TIAA ESG USA Small-Cap Index | 10.26% | | 9.11% | 10.42% |
| MSCI USA Small-Cap Index | 8.45% | | 8.02% | 9.84% |
Average Annual Total Returns as of March 31, 2019 (Most Recent Calendar Quarter)
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | Since
Inception |
| NUSC at NAV | (5.42)% | | 5.58% | 8.49% |
| NUSC at Market Price | (5.41)% | | 5.54% | 8.50% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Holding Summaries as of April 30, 2019
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.
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| Common Stock Rights | 0.1% |
| 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 Ltd | 6.8% |
| Alibaba Group Holding Ltd, Sponsored ADR | 6.0% |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.4% |
| Naspers Ltd | 3.3% |
| Tata Consultancy Services Ltd | 2.0% |
Portfolio Composition
(% of net assets) | |
| Financials | 21.2% |
| Consumer Discretionary | 16.1% |
| Information Technology | 15.6% |
| Communication Services | 12.0% |
| Materials | 9.2% |
| Industrials | 8.3% |
| Consumer Staples | 6.0% |
| Energy | 4.6% |
| Utilities | 2.8% |
| Health Care | 2.2% |
| Real Estate | 1.8% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.0% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| China | 32.3% |
| Taiwan | 12.8% |
| Korea, Republic of | 11.4% |
| India | 10.5% |
| Brazil | 7.0% |
| South Africa | 6.7% |
| Mexico | 3.0% |
| Thailand | 2.4% |
| Malaysia | 2.4% |
| Indonesia | 2.3% |
| Other | 9.2% |
| Other Assets Less Liabilities | 0.0% |
| Net Assets | 100% |
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.2% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.6% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Nestle SA | 3.4% |
| Roche Holding AG | 1.9% |
| Siemens AG | 1.9% |
| AstraZeneca PLC | 1.8% |
| Nintendo Co Ltd | 1.7% |
Portfolio Composition
(% of net assets) | |
| Financials | 20.2% |
| Industrials | 18.9% |
| Consumer Discretionary | 12.4% |
| Consumer Staples | 12.2% |
| Health Care | 8.0% |
| Materials | 7.7% |
| Communication Services | 6.3% |
| Information Technology | 4.2% |
| Utilities | 3.7% |
| Energy | 3.1% |
| Real Estate | 2.5% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.6% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| Japan | 23.4% |
| United Kingdom | 16.1% |
| France | 11.2% |
| Germany | 9.2% |
| Switzerland | 8.2% |
| Australia | 6.8% |
| Hong Kong | 4.0% |
| Spain | 3.4% |
| Sweden | 3.1% |
| Netherlands | 3.0% |
| Other | 11.0% |
| Other Assets Less Liabilities | 0.6% |
| Net Assets | 100% |
Holding Summaries as of April 30, 2019 (continued)
Nuveen ESG Large-Cap Growth ETF (NULG)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.9% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 31.8% |
| Consumer Discretionary | 15.6% |
| Industrials | 11.8% |
| Communication Services | 11.1% |
| Health Care | 10.6% |
| Financials | 7.5% |
| Materials | 3.4% |
| Consumer Staples | 3.2% |
| Real Estate | 2.6% |
| Energy | 2.3% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Microsoft Corp | 8.6% |
| Alphabet Inc., Class C | 3.9% |
| Visa Inc, Class A | 3.5% |
| Walt Disney Co/The | 3.0% |
| Alphabet Inc., Class A | 2.9% |
Nuveen ESG Large-Cap Value ETF (NULV)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| Other Assets Less Liabilities | 0.3% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Financials | 22.2% |
| Health Care | 13.4% |
| Consumer Staples | 12.3% |
| Information Technology | 12.1% |
| Industrials | 7.8% |
| Communication Services | 7.0% |
| Utilities | 6.5% |
| Energy | 6.2% |
| Consumer Discretionary | 4.9% |
| Real Estate | 4.4% |
| Materials | 2.9% |
| Other Assets Less Liabilities | 0.3% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Procter & Gamble Co/The | 3.4% |
| Verizon Communications Inc. | 3.1% |
| Intel Corp | 3.1% |
| Comcast Corp | 3.0% |
| Coca-Cola Co/The | 2.9% |
Holding Summaries as of April 30, 2019 (continued)
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.9% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 25.4% |
| Industrials | 23.1% |
| Health Care | 15.3% |
| Consumer Discretionary | 13.9% |
| Communication Services | 7.6% |
| Materials | 4.9% |
| Financials | 3.4% |
| Real Estate | 3.3% |
| Energy | 1.8% |
| Consumer Staples | 1.2% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Advanced Micro Devices Inc. | 2.7% |
| MercadoLibre Inc. | 2.6% |
| Cadence Design Systems Inc. | 2.5% |
| IDEXX Laboratories Inc. | 2.3% |
| Copart Inc. | 2.1% |
Nuveen 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 | 20.0% |
| Consumer Discretionary | 17.3% |
| Real Estate | 16.1% |
| Information Technology | 9.6% |
| Industrials | 9.2% |
| Utilities | 8.5% |
| Materials | 5.7% |
| Consumer Staples | 4.4% |
| Communication Services | 4.1% |
| Health Care | 3.2% |
| Energy | 1.7% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Eversource Energy | 2.6% |
| Principal Financial Group Inc. | 2.3% |
| CMS Energy Corp | 2.2% |
| Arthur J Gallagher & Co | 2.2% |
| Citizens Financial Group Inc. | 2.1% |
Holding Summaries as of April 30, 2019 (continued)
Nuveen ESG Small-Cap ETF (NUSC)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| Common Stock Rights | 0.0% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.0% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 18.0% |
| Financials | 14.9% |
| Industrials | 14.6% |
| Health Care | 12.8% |
| Consumer Discretionary | 11.4% |
| Real Estate | 11.3% |
| Materials | 5.3% |
| Energy | 3.9% |
| Utilities | 2.7% |
| Consumer Staples | 2.5% |
| Communication Services | 2.4% |
| 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) | |
| Booz Allen Hamilton Holding Corp | 1.0% |
| Pool Corp | 1.0% |
| WEX Inc. | 1.0% |
| Brown & Brown Inc. | 1.0% |
| First American Financial Corp | 0.9% |
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 the period ended April 30, 2019.
The beginning of the period is November 1, 2018.
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.
Nuveen ESG Emerging Markets Equity ETF (NUEM)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,136.00 |
| Expenses Incurred During Period | $2.38 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.56 |
| Expenses Incurred During the 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).
Expense Examples (continued)
Nuveen ESG International Developed Markets Equity ETF (NUDM)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,070.60 |
| Expenses Incurred During Period | $2.05 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the 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).
Nuveen ESG Large-Cap Growth ETF (NULG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,125.20 |
| Expenses Incurred During Period | $1.84 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.06 |
| Expenses Incurred During the 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).
Nuveen ESG Large-Cap Value ETF (NULV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,085.00 |
| Expenses Incurred During Period | $1.81 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.06 |
| Expenses Incurred During the 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).
Nuveen ESG Mid-Cap Growth ETF (NUMG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,141.90 |
| Expenses Incurred During Period | $2.12 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the 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).
Nuveen ESG Mid-Cap Value ETF (NUMV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,090.60 |
| Expenses Incurred During Period | $2.07 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the 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).
Nuveen ESG Small-Cap ETF (NUSC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,100.20 |
| Expenses Incurred During Period | $2.08 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the 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).
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 11.9% | | | | |
| 939 | | Advanced Info Service PCL, (2), (3) | | | | $5,588 |
| 34,902 | | Alibaba Pictures Group Ltd, (3) | | | | 7,830 |
| 204,994 | | Axiata Group Bhd | | | | 196,838 |
| 140,239 | | Bharti Airtel Ltd | | | | 644,702 |
| 1,353 | | Bharti Infratel Ltd | | | | 5,107 |
| 35,541 | | China Tower Corp Ltd, 144A | | | | 9,604 |
| 55,264 | | Chunghwa Telecom Co Ltd | | | | 198,515 |
| 5,045 | | DiGiCom Bhd | | | | 5,613 |
| 2,357 | | Far EasTone Telecommunications Co Ltd | | | | 5,782 |
| 151 | | Globe Telecom Inc. | | | | 5,158 |
| 467 | | Hellenic Telecommunications Organization SA | | | | 6,479 |
| 4,393 | | Maxis Bhd | | | | 5,695 |
| 897 | | MTN Group Ltd | | | | 6,468 |
| 6,963 | | MultiChoice Group Ltd, (3) | | | | 62,387 |
| 10 | | NCSoft Corp | | | | 4,503 |
| 8,505 | | Ooredoo QPSC | | | | 151,823 |
| 2,149 | | SK Telecom Co Ltd | | | | 455,316 |
| 1,756 | | Taiwan Mobile Co Ltd | | | | 6,421 |
| 18,630 | | Telefonica Brasil SA | | | | 219,629 |
| 9,710 | | Telekom Malaysia Bhd | | | | 6,834 |
| 2,890,785 | | Telekomunikasi Indonesia Persero Tbk PT | | | | 768,847 |
| 1,212 | | Telkom SA SOC Ltd | | | | 7,168 |
| 76,981 | | Tencent Holdings Ltd | | | | 3,807,152 |
| 29,528 | | True Corp PCL, (2), (3) | | | | 4,763 |
| 2,092 | | Turkcell Iletisim Hizmetleri AS | | | | 4,380 |
| 447 | | Vodacom Group Ltd | | | | 3,596 |
| | | Total Communication Services | | | | 6,606,198 |
| | | Consumer Discretionary – 16.1% | | | | |
| 17,881 | | Alibaba Group Holding Ltd, Sponsored ADR, (3) | | | | 3,318,177 |
| 1,702 | | Alsea SAB de CV, (3) | | | | 3,788 |
| 1,038 | | ANTA Sports Products Ltd | | | | 7,317 |
| 1,869 | | Arcelik AS | | | | 5,742 |
| 429 | | B2W Cia Digital, (3) | | | | 4,154 |
| 190,851 | | BAIC Motor Corp Ltd, 144A | | | | 133,796 |
| 116 | | Bajaj Auto Ltd | | | | 4,984 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 172 | | Baozun Inc., Sponsored ADR, (3) | | | | $8,342 |
| 269,978 | | Brilliance China Automotive Holdings Ltd | | | | 296,978 |
| 68,404 | | BYD Co Ltd | | | | 465,594 |
| 112 | | CCC SA | | | | 6,068 |
| 3,615 | | Cheng Shin Rubber Industry Co Ltd | | | | 4,826 |
| 9,120 | | China First Capital Group Ltd, (3) | | | | 3,836 |
| 235,263 | | China Travel International Investment Hong Kong Ltd | | | | 54,277 |
| 26 | | CJ ENM Co Ltd | | | | 4,872 |
| 1,506 | | Ctripcom International Ltd, Sponsored ADR, (3) | | | | 66,339 |
| 290,015 | | Dongfeng Motor Group Co Ltd | | | | 281,313 |
| 18 | | Eicher Motors Ltd | | | | 5,262 |
| 912 | | Feng TAY Enterprise Co Ltd | | | | 7,393 |
| 460 | | FF Group, (3), (4) | | | | 619 |
| 121 | | Fila Korea Ltd | | | | 8,535 |
| 319 | | Foschini Group Ltd/The | | | | 4,111 |
| 28,836 | | Geely Automobile Holdings Ltd | | | | 57,853 |
| 1,105 | | Giant Manufacturing Co Ltd | | | | 8,421 |
| 1,144,425 | | GOME Retail Holdings Ltd, (3) | | | | 131,285 |
| 132,428 | | Guangzhou Automobile Group Co Ltd | | | | 142,296 |
| 139 | | Hankook Tire Co Ltd | | | | 4,730 |
| 494 | | Hanon Systems | | | | 5,307 |
| 146,731 | | HengTen Networks Group Ltd, (3) | | | | 4,208 |
| 127 | | Hero MotoCorp Ltd | | | | 4,574 |
| 14,598 | | Home Product Center PCL, (2) | | | | 7,179 |
| 635 | | Hotai Motor Co Ltd | | | | 9,597 |
| 69 | | Hotel Shilla Co Ltd | | | | 6,793 |
| 84 | | LG Electronics Inc. | | | | 5,451 |
| 495 | | Lojas Renner SA | | | | 5,874 |
| 3 | | LPP SA | | | | 6,712 |
| 36,968 | | Mahindra & Mahindra Ltd | | | | 343,351 |
| 3,391 | | Minor International PCL, (2), (3) | | | | 3,983 |
| 324 | | Mr Price Group Ltd | | | | 4,896 |
| 7,158 | | Naspers Ltd | | | | 1,824,969 |
| 3,418 | | New Oriental Education & Technology Group Inc., Sponsored ADR | | | | 326,282 |
| 4,801 | | Pou Chen Corp | | | | 5,834 |
| 2,632 | | Robinson PCL, (2), (3) | | | | 4,802 |
| 55,238 | | SACI Falabella | | | | 406,353 |
| 37,330 | | Shenzhou International Group Holdings Ltd | | | | 501,039 |
| 6,473 | | Tatung Co Ltd, (3) | | | | 4,985 |
| 531 | | Titan Co Ltd | | | | 8,868 |
| 873 | | Truworths International Ltd | | | | 4,603 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 46,490 | | Vipshop Holdings Ltd, Sponsored ADR, (3) | | | | $400,279 |
| 1,122 | | Woolworths Holdings Ltd/South Africa | | | | 3,734 |
| 69 | | Woongjin Coway Co Ltd | | | | 5,186 |
| 2,510 | | Zhongsheng Group Holdings Ltd | | | | 6,591 |
| | | Total Consumer Discretionary | | | | 8,952,358 |
| | | Consumer Staples – 6.0% | | | | |
| 35 | | Amorepacific Corp | | | | 6,232 |
| 57 | | Amorepacific Corp | | | | 5,709 |
| 96 | | AMOREPACIFIC Group | | | | 6,180 |
| 1,082 | | Arca Continental SAB de CV | | | | 6,132 |
| 11,941 | | Atacadao SA | | | | 64,084 |
| 274 | | Bid Corp Ltd | | | | 5,773 |
| 140 | | Britannia Industries Ltd | | | | 5,835 |
| 227,161 | | China Agri-Industries Holdings Ltd | | | | 73,255 |
| 40,620 | | China Mengniu Dairy Co Ltd | | | | 150,149 |
| 5,316 | | Cia Brasileira de Distribuicao | | | | 129,862 |
| 13 | | CJ CheilJedang Corp | | | | 3,506 |
| 358 | | Clicks Group Ltd | | | | 4,886 |
| 9,459 | | Coca-Cola Femsa SAB de CV, (3) | | | | 59,958 |
| 2,196 | | CP ALL PCL | | | | 5,314 |
| 950 | | Dabur India Ltd | | | | 5,433 |
| 7,820 | | Dali Foods Group Co Ltd, 144A | | | | 5,562 |
| 1,313 | | Embotelladora Andina SA | | | | 4,665 |
| 94,464 | | Fomento Economico Mexicano SAB de CV | | | | 920,064 |
| 642 | | Fraser & Neave Holdings Bhd | | | | 5,419 |
| 529 | | Godrej Consumer Products Ltd | | | | 4,965 |
| 32,145 | | Hindustan Unilever Ltd | | | | 810,214 |
| 3,344 | | Kimberly-Clark de Mexico SAB de CV | | | | 5,755 |
| 6 | | LG Household & Health Care Ltd | | | | 4,155 |
| 535 | | M Dias Branco SA, (3) | | | | 5,633 |
| 1,407 | | Marico Ltd | | | | 7,282 |
| 528 | | Natura Cosmeticos SA | | | | 6,983 |
| 829 | | Nestle India Ltd | | | | 129,650 |
| 168 | | Nestle Malaysia Bhd | | | | 5,937 |
| 1,084 | | Pick n Pay Stores Ltd | | | | 5,245 |
| 1,478 | | PPB Group Bhd | | | | 6,706 |
| 14,261 | | President Chain Store Corp | | | | 132,914 |
| 420 | | Shoprite Holdings Ltd | | | | 5,049 |
| 412 | | SPAR Group Ltd/The | | | | 5,575 |
| 252,739 | | Sun Art Retail Group Ltd | | | | 220,672 |
| 9,349 | | Thai Union Group PCL, (2), (3) | | | | 5,535 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples(continued) | | | | |
| 149,427 | | Unilever Indonesia Tbk PT | | | | $477,118 |
| 2,650 | | Uni-President Enterprises Corp | | | | 6,295 |
| | | Total Consumer Staples | | | | 3,313,701 |
| | | Energy – 4.6% | | | | |
| 192,216 | | China Oilfield Services Ltd | | | | 205,804 |
| 17,340 | | Cosan SA | | | | 205,738 |
| 391,665 | | Dialog Group Bhd | | | | 305,033 |
| 1,062,591 | | IRPC PCL, (2), (3) | | | | 188,054 |
| 6,451 | | Motor Oil Hellas Corinth Refineries SA | | | | 164,402 |
| 21,008 | | Petronas Dagangan Bhd | | | | 122,862 |
| 63,672 | | Petronet LNG Ltd | | | | 219,705 |
| 4,810 | | S-Oil Corp | | | | 379,645 |
| 120,106 | | Thai Oil PCL, (2), (3) | | | | 260,528 |
| 5,596 | | Tupras Turkiye Petrol Rafinerileri AS | | | | 115,585 |
| 77,231 | | Ultrapar Participacoes SA | | | | 410,564 |
| | | Total Energy | | | | 2,577,920 |
| | | Financials – 21.2% | | | | |
| 342 | | Absa Group Ltd | | | | 3,919 |
| 14,498 | | Abu Dhabi Commercial Bank PJSC | | | | 38,997 |
| 176,400 | | AMMB Holdings Bhd | | | | 190,714 |
| 91,147 | | Axis Bank Ltd | | | | 1,002,497 |
| 1,059 | | B3 SA - Brasil Bolsa Balcao, (3) | | | | 9,235 |
| 210 | | Bajaj Finance Ltd | | | | 9,360 |
| 99,510 | | Banco Bradesco SA, (3) | | | | 896,276 |
| 26,540 | | Banco Bradesco SA, (3) | | | | 208,273 |
| 91 | | Banco de Credito e Inversiones SA | | | | 6,025 |
| 14,923 | | Banco Santander Brasil SA | | | | 170,034 |
| 74,583 | | Banco Santander Chile | | | | 5,220 |
| 85,157 | | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | | | | 142,489 |
| 719 | | Bancolombia SA | | | | 8,755 |
| 44,379 | | Bancolombia SA | | | | 560,978 |
| 320 | | Bank Handlowy w Warszawie SA | | | | 5,199 |
| 10,586 | | Bank Mandiri Persero Tbk PT | | | | 5,739 |
| 2,690 | | Bank Millennium SA, (3) | | | | 6,778 |
| 8,568 | | Bank Negara Indonesia Persero Tbk PT | | | | 5,772 |
| 3,237 | | Bank of the Philippine Islands | | | | 5,270 |
| 218 | | Bank Polska Kasa Opieki SA | | | | 6,475 |
| 2,125 | | BDO Unibank Inc. | | | | 5,464 |
| 490,849 | | Cathay Financial Holding Co Ltd | | | | 710,040 |
| 268,877 | | China Everbright Bank Co Ltd | | | | 132,632 |
| 2,606 | | China International Capital Corp Ltd, 144A | | | | 5,594 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 201,079 | | China Merchants Bank Co Ltd | | | | $995,732 |
| 666,049 | | China Minsheng Banking Corp Ltd | | | | 500,042 |
| 100,231 | | CIMB Group Holdings Bhd | | | | 127,758 |
| 21,158 | | Commercial Bank PQSC/The | | | | 295,762 |
| 2,801 | | Commercial International Bank Egypt SAE, (DD1) | | | | 12,515 |
| 7,709 | | CTBC Financial Holding Co Ltd | | | | 5,276 |
| 18,008 | | DGB Financial Group Inc. | | | | 129,801 |
| 57,766 | | First Abu Dhabi Bank PJSC | | | | 251,625 |
| 37,165 | | FirstRand Ltd | | | | 176,048 |
| 471,842 | | Fubon Financial Holding Co Ltd | | | | 696,288 |
| 23,158 | | Grupo Financiero Banorte SAB de CV | | | | 146,231 |
| 152 | | Hana Financial Group Inc. | | | | 4,788 |
| 1,073 | | Hong Leong Bank Bhd | | | | 5,185 |
| 9,138 | | Hua Nan Financial Holdings Co Ltd | | | | 5,974 |
| 159 | | Hyundai Marine & Fire Insurance Co Ltd | | | | 5,206 |
| 620 | | Indiabulls Housing Finance Ltd | | | | 6,161 |
| 956 | | Investec Ltd | | | | 6,092 |
| 111,661 | | Itau Unibanco Holding SA | | | | 956,254 |
| 2,123 | | Itausa - Investimentos Itau SA | | | | 6,401 |
| 1,246 | | Kasikornbank PCL | | | | 7,435 |
| 19,429 | | KB Financial Group Inc. | | | | 768,411 |
| 139 | | Komercni banka as | | | | 5,260 |
| 2,233 | | Malayan Banking Bhd | | | | 4,996 |
| 1,569 | | mBank SA | | | | 181,570 |
| 6,227 | | Mega Financial Holding Co Ltd | | | | 5,975 |
| 3,519 | | Muangthai Capital PCL, (2), (3) | | | | 5,677 |
| 6,094 | | Nedbank Group Ltd | | | | 113,096 |
| 180,863 | | Old Mutual Ltd | | | | 290,037 |
| 129 | | OTP Bank Nyrt | | | | 5,714 |
| 485 | | Powszechny Zaklad Ubezpieczen SA | | | | 5,321 |
| 363 | | PSG Group Ltd | | | | 6,712 |
| 970 | | Public Bank Bhd | | | | 5,279 |
| 3,239 | | REC Ltd | | | | 6,871 |
| 402 | | Remgro Ltd | | | | 5,444 |
| 4,395 | | RHB Bank Bhd | | | | 6,336 |
| 1,245 | | RMB Holdings Ltd | | | | 7,250 |
| 3,142 | | Samsung Card Co Ltd | | | | 99,789 |
| 2,900 | | Samsung Fire & Marine Insurance Co Ltd | | | | 754,698 |
| 35,364 | | Sanlam Ltd | | | | 188,707 |
| 55 | | Santander Bank Polska SA | | | | 5,701 |
| 5,549 | | Shinhan Financial Group Co Ltd | | | | 209,486 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 1,450 | | Siam Commercial Bank PCL/The, (3) | | | | $5,882 |
| 44,169 | | Standard Bank Group Ltd | | | | 613,105 |
| 14,142 | | Taishin Financial Holding Co Ltd | | | | 6,407 |
| 20,099 | | Taiwan Business Bank | | | | 8,293 |
| 83,120 | | TMB Bank PCL, (2), (3) | | | | 5,259 |
| 1,923 | | Yes Bank Ltd | | | | 4,610 |
| 9,833 | | Yuanta Financial Holding Co Ltd | | | | 5,696 |
| | | Total Financials | | | | 11,813,891 |
| | | Health Care – 2.2% | | | | |
| 3,141 | | 3SBio Inc., 144A | | | | 5,805 |
| 7,485 | | Bangkok Dusit Medical Services PCL, (3) | | | | 5,979 |
| 1,051 | | Bumrungrad Hospital PCL, (3) | | | | 5,827 |
| 3,434 | | China Resources Pharmaceutical Group Ltd, 144A | | | | 4,885 |
| 43,920 | | CSPC Pharmaceutical Group Ltd | | | | 84,645 |
| 3,035 | | Genscript Biotech Corp, (3) | | | | 7,737 |
| 3,297 | | Hartalega Holdings Bhd | | | | 4,011 |
| 26 | | Helixmith Co Ltd, (3) | | | | 5,794 |
| 214 | | Hutchison China MediTech Ltd, Sponsored ADR, (3) | | | | 6,437 |
| 4,335 | | IHH Healthcare Bhd | | | | 5,830 |
| 2,837 | | Life Healthcare Group Holdings Ltd | | | | 5,155 |
| 442 | | Lupin Ltd | | | | 5,538 |
| 6,057 | | Luye Pharma Group Ltd, 144A | | | | 5,482 |
| 177 | | Piramal Enterprises Ltd | | | | 5,980 |
| 4,691 | | Richter Gedeon Nyrt | | | | 92,774 |
| 210,505 | | Shandong Weigao Group Medical Polymer Co Ltd | | | | 206,604 |
| 45,929 | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | | 157,772 |
| 2,060 | | Shanghai Pharmaceuticals Holding Co Ltd | | | | 4,311 |
| 401,693 | | Sihuan Pharmaceutical Holdings Group Ltd | | | | 108,034 |
| 83,567 | | Sinopharm Group Co Ltd | | | | 328,073 |
| 6,890 | | SSY Group Ltd | | | | 6,508 |
| 4,163 | | Tong Ren Tang Technologies Co Ltd | | | | 5,773 |
| 14,227 | | Wuxi Biologics Cayman Inc., 144A, (3) | | | | 143,079 |
| 28 | | Yuhan Corp | | | | 5,884 |
| | | Total Health Care | | | | 1,217,917 |
| | | Industrials – 8.3% | | | | |
| 209,526 | | Aboitiz Equity Ventures Inc. | | | | 223,548 |
| 4,914 | | Air China Ltd | | | | 5,856 |
| 99,700 | | Airports of Thailand PCL, (3) | | | | 213,141 |
| 20,563 | | Alliance Global Group Inc. | | | | 5,903 |
| 1,335 | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | | 4,571 |
| 4,927 | | Ashok Leyland Ltd | | | | 6,170 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 360 | | Bidvest Group Ltd/The | | | | $5,452 |
| 22,059 | | BOC Aviation Ltd, 144A | | | | 189,790 |
| 20,905 | | BTS Group Holdings PCL, (2), (3) | | | | 7,727 |
| 6,958 | | CAR Inc., (3) | | | | 5,632 |
| 26,129 | | CCR SA | | | | 77,323 |
| 15,928 | | China Airlines Ltd | | | | 5,051 |
| 173,071 | | China Conch Venture Holdings Ltd | | | | 584,595 |
| 7,552 | | China Eastern Airlines Corp Ltd | | | | 5,362 |
| 32 | | CJ Corp | | | | 3,274 |
| 4 | | CJ Corp, (2), (3) | | | | 126 |
| 3,634 | | Country Garden Services Holdings Co Ltd | | | | 6,716 |
| 557 | | Daelim Industrial Co Ltd | | | | 46,156 |
| 17,739 | | DP World PLC, (3) | | | | 354,780 |
| 12,352 | | Eva Airways Corp | | | | 6,056 |
| 12,648 | | Evergreen Marine Corp Taiwan Ltd | | | | 5,546 |
| 322,818 | | Far Eastern New Century Corp | | | | 352,059 |
| 6,765 | | Greentown Service Group Co Ltd | | | | 5,838 |
| 597 | | Grupo Aeroportuario del Pacifico SAB de CV | | | | 6,029 |
| 12,206 | | Grupo Aeroportuario del Sureste SAB de CV | | | | 199,758 |
| 190 | | GS Engineering & Construction Corp | | | | 6,604 |
| 11,416 | | HAP Seng Consolidated Bhd | | | | 27,280 |
| 718 | | Hiwin Technologies Corp | | | | 6,820 |
| 8,287 | | Hyundai Engineering & Construction Co Ltd | | | | 372,441 |
| 24,765 | | Jasa Marga Persero Tbk PT | | | | 10,601 |
| 12,822 | | JG Summit Holdings Inc. | | | | 16,239 |
| 483 | | Latam Airlines Group SA | | | | 4,754 |
| 10,133 | | LG Corp | | | | 633,231 |
| 593 | | Localiza Rent a Car SA | | | | 5,434 |
| 117 | | Lotte Corp | | | | 4,913 |
| 2,819 | | Malaysia Airports Holdings Bhd | | | | 5,202 |
| 7,205 | | Rumo SA, (3) | | | | 33,013 |
| 197,554 | | Sime Darby Bhd | | | | 110,854 |
| 216,261 | | Sinotrans Ltd | | | | 88,760 |
| 16,672 | | SM Investments Corp | | | | 303,927 |
| 6,745 | | Taiwan High Speed Rail Corp | | | | 8,207 |
| 1,288 | | TAV Havalimanlari Holding AS | | | | 5,459 |
| 1,777 | | Turk Hava Yollari AO, (3) | | | | 4,260 |
| 88,326 | | WEG SA | | | | 415,436 |
| 6,052 | | Westports Holdings Bhd | | | | 5,562 |
| 66,529 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | 72,589 |
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 152,002 | | Zhejiang Expressway Co Ltd | | | | $162,941 |
| | | Total Industrials | | | | 4,630,986 |
| | | Information Technology – 15.6% | | | | |
| 50,162 | | AAC Technologies Holdings Inc. | | | | 324,166 |
| 7,276 | | Acer Inc. | | | | 4,933 |
| 726 | | Advantech Co Ltd | | | | 5,874 |
| 139,806 | | ASE Technology Holding Co Ltd | | | | 324,394 |
| 744,715 | | AU Optronics Corp | | | | 266,305 |
| 5,153 | | BYD Electronic International Co Ltd | | | | 9,208 |
| 495 | | Catcher Technology Co Ltd | | | | 3,917 |
| 2,133 | | Cielo SA | | | | 4,147 |
| 1,506 | | Delta Electronics Inc. | | | | 7,920 |
| 198 | | GDS Holdings Ltd, ADR, (3) | | | | 7,748 |
| 372 | | HCL Technologies Ltd | | | | 6,311 |
| 80,725 | | Infosys Ltd | | | | 869,125 |
| 16,957 | | Innolux Corp | | | | 5,433 |
| 7,759 | | Inventec Corp | | | | 6,227 |
| 6,178 | | Kingboard Laminates Holdings Ltd | | | | 6,481 |
| 5,047 | | Kingdee International Software Group Co Ltd | | | | 6,176 |
| 41,297 | | Legend Holdings Corp, 144A | | | | 112,383 |
| 770,706 | | Lenovo Group Ltd | | | | 714,181 |
| 24,836 | | LG Display Co Ltd | | | | 424,156 |
| 61 | | LG Innotek Co Ltd | | | | 6,397 |
| 5,048 | | Lite-On Technology Corp | | | | 7,114 |
| 44,219 | | MediaTek Inc. | | | | 422,857 |
| 2,049 | | Micro-Star International Co Ltd | | | | 5,676 |
| 3,382 | | Quanta Computer Inc. | | | | 6,479 |
| 52 | | Samsung Electro-Mechanics Co Ltd | | | | 4,830 |
| 3,751 | | Samsung SDI Co Ltd | | | | 759,416 |
| 355,714 | | Taiwan Semiconductor Manufacturing Co Ltd | | | | 2,981,454 |
| 34,557 | | Tata Consultancy Services Ltd | | | | 1,120,992 |
| 486 | | Tech Mahindra Ltd | | | | 5,841 |
| 77,815 | | TravelSky Technology Ltd | | | | 199,859 |
| 11,395 | | United Microelectronics Corp | | | | 4,960 |
| 1,579 | | Win Semiconductors Corp, (3) | | | | 10,577 |
| 7,900 | | Wistron Corp | | | | 6,545 |
| 19,595 | | Xinyi Solar Holdings Ltd | | | | 11,164 |
| | | Total Information Technology | | | | 8,663,246 |
| | | Materials – 9.2% | | | | |
| 764 | | Anglo American Platinum Ltd | | | | 38,475 |
| 287 | | Asian Paints Ltd | | | | 6,041 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Materials(continued) | | | | |
| 397,580 | | China Molybdenum Co Ltd | | | | $149,497 |
| 323,202 | | China Steel Corp | | | | 260,959 |
| 176,948 | | China Zhongwang Holdings Ltd | | | | 96,533 |
| 59,035 | | Empresas CMPC SA | | | | 199,233 |
| 149,047 | | Eregli Demir ve Celik Fabrikalari TAS | | | | 228,708 |
| 1,621 | | Formosa Chemicals & Fibre Corp | | | | 5,823 |
| 275 | | Hanwha Chemical Corp | | | | 4,850 |
| 3,192 | | Indorama Ventures PCL, (2) | | | | 4,574 |
| 14,792 | | Industrias Penoles SAB de CV | | | | 169,514 |
| 14,952 | | KGHM Polska Miedz SA | | | | 401,717 |
| 1,134 | | Klabin SA | | | | 4,765 |
| 6,838 | | Kumba Iron Ore Ltd | | | | 204,454 |
| 164,314 | | Lee & Man Paper Manufacturing Ltd | | | | 133,204 |
| 2,290 | | LG Chem Ltd | | | | 707,692 |
| 413 | | LG Chem Ltd | | | | 70,887 |
| 1,830 | | Lotte Chemical Corp | | | | 420,627 |
| 2,808 | | Mondi Ltd | | | | 61,755 |
| 211,797 | | Nan Ya Plastics Corp | | | | 535,301 |
| 58 | | OCI Co Ltd | | | | 4,622 |
| 6,756 | | Pabrik Kertas Tjiwi Kimia Tbk PT | | | | 4,777 |
| 12,376 | | PhosAgro PJSC, GDR | | | | 155,814 |
| 339 | | Pidilite Industries Ltd | | | | 6,005 |
| 19,509 | | Polymetal International PLC | | | | 205,142 |
| 5,719 | | Polyus PJSC, GDR | | | | 224,185 |
| 147,603 | | Press Metal Aluminium Holdings Bhd | | | | 169,576 |
| 182,665 | | PTT Global Chemical PCL, (2), (3) | | | | 393,366 |
| 912 | | Sappi Ltd | | | | 4,337 |
| 399 | | Siam Cement PCL/The | | | | 5,749 |
| 131 | | Sociedad Quimica y Minera de Chile SA | | | | 4,638 |
| 2,656 | | Suzano SA | | | | 27,385 |
| 13,028 | | UPL Ltd | | | | 181,417 |
| | | Total Materials | | | | 5,091,622 |
| | | Real Estate – 1.8% | | | | |
| 6,825 | | Ayala Land Inc. | | | | 6,411 |
| 2,155 | | BR Malls Participacoes SA | | | | 6,710 |
| 2,479 | | Central Pattana PCL, (2), (3) | | | | 5,863 |
| 51,809 | | China Overseas Land & Investment Ltd | | | | 193,820 |
| 133,401 | | China Vanke Co Ltd | | | | 516,063 |
| 10,585 | | Emaar Malls PJSC | | | | 5,014 |
| 4,549 | | Fortress REIT Ltd | | | | 6,115 |
| 5,534 | | Fortress REIT Ltd | | | | 4,192 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate(continued) | | | | |
| 6,922 | | Greentown China Holdings Ltd | | | | $6,264 |
| 3,119 | | Growthpoint Properties Ltd | | | | 5,413 |
| 957 | | Hyprop Investments Ltd | | | | 4,673 |
| 14,704 | | IOI Properties Group Bhd | | | | 4,872 |
| 15,820 | | Land & Houses PCL, (3) | | | | 5,500 |
| 1,115 | | Multiplan Empreendimentos Imobiliarios SA | | | | 6,763 |
| 644 | | NEPI Rockcastle PLC, (DD1) | | | | 5,356 |
| 168,514 | | Pakuwon Jati Tbk PT | | | | 8,455 |
| 7,942 | | Redefine Properties Ltd | | | | 5,457 |
| 893 | | Resilient REIT Ltd | | | | 3,537 |
| 4,445 | | Ruentex Development Co Ltd | | | | 6,099 |
| 13,953 | | Shenzhen Investment Ltd | | | | 5,549 |
| 19,912 | | Shui On Land Ltd | | | | 4,848 |
| 18,042 | | Sime Darby Property Bhd | | | | 4,844 |
| 11,619 | | Sino-Ocean Group Holding Ltd | | | | 5,213 |
| 95,637 | | SM Prime Holdings Inc. | | | | 76,069 |
| 221,388 | | SOHO China Ltd | | | | 80,141 |
| 8,478 | | SP Setia Bhd Group | | | | 4,655 |
| 11,261 | | Yuzhou Properties Co Ltd | | | | 5,942 |
| | | Total Real Estate | | | | 993,838 |
| | | Utilities – 2.8% | | | | |
| 10,083 | | Aguas Andinas SA | | | | 5,775 |
| 603,340 | | Beijing Enterprises Water Group Ltd | | | | 374,521 |
| 336,664 | | China Longyuan Power Group Corp Ltd | | | | 231,726 |
| 2,899 | | Cia Energetica de Minas Gerais | | | | 10,817 |
| 32,222 | | Enel Americas SA | | | | 5,631 |
| 55,553 | | Enel Chile SA | | | | 5,548 |
| 120,509 | | Energy Absolute PCL, (2), (3) | | | | 210,443 |
| 593 | | Engie Brasil Energia SA | | | | 6,679 |
| 554 | | ENN Energy Holdings Ltd | | | | 5,233 |
| 507,532 | | Huaneng Renewables Corp Ltd | | | | 146,203 |
| 1,462 | | Infraestructura Energetica Nova SAB de CV | | | | 6,367 |
| 19,392 | | Interconexion Electrica SA ESP | | | | 94,814 |
| 803 | | Manila Electric Co | | | | 5,932 |
| 140,040 | | Power Grid Corp of India Ltd | | | | 375,400 |
| 106,795 | | Towngas China Co Ltd | | | | 84,942 |
| | | Total Utilities | | | | 1,570,031 |
| | | Total Common Stocks (cost $54,181,726) | | | | 55,431,708 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | COMMON STOCK RIGHTS – 0.1% | | | | |
| 37,875 | | Bharti Airtel Ltd, (2) | | | | $49,156 |
| 169 | | Minor International PCL, (2) | | | | 20 |
| | | Total Common Stock Rights (cost $-) | | | | 49,176 |
| | | Total Long-Term Investments (cost $54,181,726) | | | | 55,480,884 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (5) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $130 | | Federal Home Loan Banks, Discount Notes | 0.000% | 5/01/19 | N/R | $130,000 |
| | | Total Short-Term Investments (cost $130,000) | | | | 130,000 |
| | | Total Investments (cost $54,311,726) – 100.0% | | | | 55,610,884 |
| | | Other Assets Less Liabilities – 0.0% | | | | 8,799 |
| | | Net Assets – 100% | | | | $55,619,683 |
| | 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) | 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. | |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| (4) | 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. | |
| (5) | 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 those transactions with qualified institutional buyers. | |
| ADR | American Depositary Receipt | |
| DD1 | Portion of investment purchased on a delayed delivery basis. | |
| GDR | Global Depositary Receipt | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.2% | | | | |
| | | COMMON STOCKS – 99.2% | | | | |
| | | Communication Services – 6.3% | | | | |
| 1,777 | | BT Group PLC | | | | $5,306 |
| 616 | | Informa PLC | | | | 6,256 |
| 2,797 | | ITV PLC | | | | 4,983 |
| 131 | | JCDecaux SA | | | | 4,287 |
| 11,530 | | KDDI Corp, (DD1) | | | | 263,003 |
| 1,557 | | Koninklijke KPN NV | | | | 4,774 |
| 2,661 | | Nintendo Co Ltd, (DD1) | | | | 907,906 |
| 18,411 | | NTT DOCOMO Inc. | | | | 398,471 |
| 264 | | Orange SA | | | | 4,132 |
| 17,073 | | Pearson PLC | | | | 184,779 |
| 270 | | ProSiebenSat1 Media SE | | | | 4,247 |
| 2,637 | | Schibsted ASA | | | | 62,940 |
| 243 | | SES SA | | | | 4,131 |
| 7 | | Swisscom AG | | | | 3,261 |
| 356 | | Tele2 AB | | | | 4,745 |
| 1,627 | | Telefonica Deutschland Holding AG | | | | 5,280 |
| 699 | | Telefonica SA, (2) | | | | 5,822 |
| 27,407 | | Telenor ASA | | | | 548,932 |
| 1,347 | | Telia Co AB | | | | 5,730 |
| 2,622 | | Telstra Corp Ltd | | | | 6,238 |
| 356,741 | | Vodafone Group PLC | | | | 660,393 |
| 18,523 | | WPP PLC | | | | 230,947 |
| | | Total Communication Services | | | | 3,326,563 |
| | | Consumer Discretionary – 12.4% | | | | |
| 24 | | adidas AG | | | | 6,162 |
| 402 | | Asics Corp | | | | 4,927 |
| 659 | | Barratt Developments PLC | | | | 5,170 |
| 2,074 | | Bayerische Motoren Werke AG | | | | 152,941 |
| 6,927 | | Bayerische Motoren Werke AG | | | | 589,218 |
| 205 | | Benesse Holdings Inc. | | | | 5,642 |
| 127 | | Berkeley Group Holdings PLC | | | | 6,219 |
| 223 | | Burberry Group PLC | | | | 5,864 |
| 85 | | Cie Financiere Richemont SA | | | | 6,214 |
| 39 | | Cie Generale des Etablissements Michelin SCA | | | | 5,033 |
| 15,515 | | Compass Group PLC | | | | 352,541 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 2,009 | | Denso Corp, (DD1) | | | | $87,539 |
| 233 | | Electrolux AB | | | | 5,718 |
| 482 | | Fast Retailing Co Ltd, (DD1) | | | | 278,099 |
| 2,413 | | Harvey Norman Holdings Ltd | | | | 7,082 |
| 19,508 | | Hennes & Mauritz AB | | | | 339,771 |
| 29,142 | | Honda Motor Co Ltd | | | | 811,397 |
| 65 | | HUGO BOSS AG | | | | 4,528 |
| 730 | | Husqvarna AB | | | | 6,654 |
| 6,180 | | Industria de Diseno Textil SA | | | | 186,792 |
| 10 | | Kering SA | | | | 5,906 |
| 30,235 | | Kingfisher PLC | | | | 104,097 |
| 1,515 | | Marks & Spencer Group PLC | | | | 5,647 |
| 116 | | Moncler SpA | | | | 4,754 |
| 80 | | Next PLC | | | | 6,013 |
| 211 | | NGK Spark Plug Co Ltd | | | | 4,086 |
| 351 | | Nikon Corp | | | | 4,885 |
| 6,478 | | Oriental Land Co Ltd/Japan | | | | 713,671 |
| 21,224 | | Panasonic Corp | | | | 194,565 |
| 100 | | Pandora A/S | | | | 4,191 |
| 485 | | Peugeot SA | | | | 12,697 |
| 797 | | Pirelli & C SpA, 144A | | | | 5,813 |
| 9 | | Puma SE | | | | 5,563 |
| 32,108 | | Rakuten Inc. | | | | 356,035 |
| 7,172 | | Renault SA | | | | 488,851 |
| 34 | | SEB SA | | | | 6,219 |
| 378 | | Sekisui Chemical Co Ltd | | | | 6,045 |
| 14,343 | | Sekisui House Ltd, (DD1) | | | | 230,776 |
| 47,231 | | Shangri-La Asia Ltd | | | | 66,945 |
| 52 | | Sodexo SA | | | | 5,959 |
| 18,400 | | Sony Corp | | | | 861,062 |
| 179 | | Stanley Electric Co Ltd | | | | 4,838 |
| 2,215 | | Taylor Wimpey PLC | | | | 5,238 |
| 51,155 | | Techtronic Industries Co Ltd | | | | 369,706 |
| 351 | | USS Co Ltd | | | | 6,700 |
| 175 | | Valeo SA | | | | 6,348 |
| 5,495 | | Wesfarmers Ltd | | | | 139,274 |
| 86 | | Whitbread PLC | | | | 5,000 |
| 4,095 | | Yamada Denki Co Ltd, (DD1) | | | | 19,377 |
| 114 | | Yamaha Corp | | | | 5,886 |
| 284 | | Yamaha Motor Co Ltd | | | | 5,834 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 172 | | Zalando SE, (2) | | | | $8,084 |
| | | Total Consumer Discretionary | | | | 6,537,576 |
| | | Consumer Staples – 12.2% | | | | |
| 13,227 | | Aeon Co Ltd, (DD1) | | | | 243,994 |
| 6,541 | | Associated British Foods PLC | | | | 218,210 |
| 3 | | Barry Callebaut AG | | | | 5,494 |
| 59 | | Beiersdorf AG | | | | 6,443 |
| 11,390 | | Carrefour SA | | | | 221,724 |
| 2,064 | | Casino Guichard Perrachon SA | | | | 84,429 |
| 1 | | Chocoladefabriken Lindt & Spruengli AG | | | | 6,649 |
| 772 | | Coca-Cola Amatil Ltd | | | | 4,782 |
| 7,569 | | Coca-Cola European Partners PLC | | | | 405,623 |
| 167 | | Coca-Cola HBC AG | | | | 5,967 |
| 9,283 | | Danone SA | | | | 749,881 |
| 201 | | Essity AB | | | | 5,958 |
| 3,865 | | Henkel AG & Co KGaA | | | | 367,961 |
| 70 | | Henkel AG & Co KGaA | | | | 7,079 |
| 173 | | ICA Gruppen AB | | | | 6,251 |
| 65,597 | | J Sainsbury PLC | | | | 190,272 |
| 619 | | Jeronimo Martins SGPS SA | | | | 10,073 |
| 1,702 | | Kao Corp, (DD1) | | | | 130,766 |
| 53 | | Kerry Group PLC | | | | 5,928 |
| 89 | | Lawson Inc. | | | | 4,147 |
| 3,006 | | L'Oreal SA | | | | 825,699 |
| 6,819 | | METRO AG | | | | 115,395 |
| 10,707 | | Mowi ASA | | | | 231,412 |
| 18,463 | | Nestle SA | | | | 1,776,543 |
| 84 | | Nissin Foods Holdings Co Ltd | | | | 5,528 |
| 20,036 | | Orkla ASA | | | | 156,720 |
| 104 | | Unilever NV | | | | 6,289 |
| 10,891 | | Unilever PLC | | | | 661,274 |
| 1,766 | | Wm Morrison Supermarkets PLC | | | | 4,971 |
| | | Total Consumer Staples | | | | 6,465,462 |
| | | Energy – 3.1% | | | | |
| 9,719 | | Caltex Australia Ltd | | | | 186,136 |
| 8,461 | | Enagas SA | | | | 240,849 |
| 25,538 | | John Wood Group PLC | | | | 156,642 |
| 2,649 | | Koninklijke Vopak NV | | | | 118,007 |
| 14,349 | | Neste Oyj | | | | 473,422 |
| 68,691 | | Snam SpA | | | | 349,267 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Energy(continued) | | | | |
| 12,089 | | WorleyParsons Ltd | | | | $121,847 |
| | | Total Energy | | | | 1,646,170 |
| | | Financials – 20.2% | | | | |
| 2,212 | | 3i Group PLC | | | | 30,870 |
| 216 | | ABN AMRO Group NV | | | | 5,076 |
| 3,539 | | Allianz SE | | | | 851,931 |
| 109,844 | | AMP Ltd | | | | 175,502 |
| 406 | | Assicurazioni Generali SpA | | | | 7,872 |
| 74 | | ASX Ltd | | | | 3,880 |
| 34,539 | | Australia & New Zealand Banking Group Ltd | | | | 661,239 |
| 129,629 | | Aviva PLC | | | | 725,816 |
| 269 | | AXA SA | | | | 7,158 |
| 65,125 | | Banco Bilbao Vizcaya Argentaria SA | | | | 395,436 |
| 49,479 | | Banco Santander SA | | | | 250,168 |
| 34,694 | | Bank Hapoalim BM | | | | 254,834 |
| 839 | | Bendigo & Adelaide Bank Ltd | | | | 6,082 |
| 113 | | BNP Paribas SA | | | | 6,009 |
| 65,572 | | BOC Hong Kong Holdings Ltd | | | | 293,366 |
| 1,729 | | CaixaBank SA, (2) | | | | 5,501 |
| 5,551 | | CNP Assurances | | | | 130,890 |
| 40,532 | | DBS Group Holdings Ltd | | | | 841,191 |
| 47 | | Deutsche Boerse AG | | | | 6,263 |
| 86 | | Eurazeo SE | | | | 6,742 |
| 13,411 | | Hang Seng Bank Ltd | | | | 352,138 |
| 12,829 | | Hong Kong Exchanges & Clearing Ltd | | | | 444,781 |
| 508 | | ING Groep NV | | | | 6,465 |
| 234,986 | | Intesa Sanpaolo SpA | | | | 615,446 |
| 25,636 | | Investec PLC | | | | 162,089 |
| 13,148 | | Investor AB | | | | 626,089 |
| 144 | | Julius Baer Group Ltd | | | | 6,941 |
| 73 | | KBC Group NV | | | | 5,401 |
| 9,061 | | Kinnevik AB | | | | 263,534 |
| 1,823 | | Legal & General Group PLC | | | | 6,612 |
| 97 | | London Stock Exchange Group PLC | | | | 6,340 |
| 202 | | MS&AD Insurance Group Holdings Inc., (DD1) | | | | 6,235 |
| 28 | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | | 6,998 |
| 1,150 | | Natixis SA | | | | 6,764 |
| 10,375 | | ORIX Corp | | | | 146,391 |
| 305 | | Prudential PLC | | | | 6,899 |
| 1,089 | | Singapore Exchange Ltd | | | | 5,904 |
| 601 | | Skandinaviska Enskilda Banken AB | | | | 5,729 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 1,096 | | Sompo Holdings Inc., (DD1) | | | | $40,947 |
| 87,918 | | Standard Chartered PLC | | | | 802,300 |
| 12,342 | | Sumitomo Mitsui Trust Holdings Inc. | | | | 428,188 |
| 552 | | Svenska Handelsbanken AB | | | | 6,018 |
| 277 | | Swedbank AB | | | | 4,489 |
| 4,055 | | Swiss Re AG | | | | 390,219 |
| 358 | | T&D Holdings Inc. | | | | 3,846 |
| 9,402 | | Tokio Marine Holdings Inc. | | | | 472,907 |
| 145 | | Tryg A/S | | | | 4,427 |
| 20,684 | | UBS Group AG | | | | 277,377 |
| 44 | | Wendel SA | | | | 6,085 |
| 46,233 | | Westpac Banking Corp | | | | 895,206 |
| | | Total Financials | | | | 10,678,591 |
| | | Health Care – 8.0% | | | | |
| 48,282 | | Astellas Pharma Inc., (DD1) | | | | 654,164 |
| 12,433 | | AstraZeneca PLC | | | | 928,086 |
| 562 | | Chugai Pharmaceutical Co Ltd | | | | 35,524 |
| 44 | | Cochlear Ltd | | | | 5,802 |
| 58 | | Coloplast A/S | | | | 6,253 |
| 51,688 | | ConvaTec Group PLC | | | | 93,359 |
| 944 | | CSL Ltd | | | | 131,937 |
| 8,018 | | Eisai Co Ltd | | | | 464,630 |
| 50 | | EssilorLuxottica SA | | | | 6,080 |
| 608 | | Fisher & Paykel Healthcare Corp Ltd | | | | 6,411 |
| 2,315 | | H Lundbeck A/S | | | | 97,303 |
| 5,591 | | Koninklijke Philips NV | | | | 237,882 |
| 575 | | Lonza Group AG | | | | 177,579 |
| 111 | | Novo Nordisk A/S | | | | 5,424 |
| 158 | | Orion Oyj | | | | 5,247 |
| 109 | | QIAGEN NV, (2) | | | | 4,206 |
| 178 | | Ramsay Health Care Ltd | | | | 8,184 |
| 3,921 | | Roche Holding AG | | | | 1,033,543 |
| 588 | | Ryman Healthcare Ltd | | | | 4,764 |
| 3,120 | | Sanofi | | | | 270,950 |
| 382 | | Santen Pharmaceutical Co Ltd | | | | 5,810 |
| 32 | | Sartorius AG | | | | 5,853 |
| 50 | | Sartorius Stedim Biotech | | | | 6,780 |
| 374 | | Sonic Healthcare Ltd | | | | 6,752 |
| 29 | | Sonova Holding AG | | | | 5,848 |
| 763 | | Sumitomo Dainippon Pharma Co Ltd | | | | 16,784 |
| 101 | | Sysmex Corp | | | | 5,760 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 46 | | UCB SA | | | | $3,646 |
| 84 | | Vifor Pharma AG | | | | 10,980 |
| | | Total Health Care | | | | 4,245,541 |
| | | Industrials – 18.9% | | | | |
| 20,756 | | ABB Ltd | | | | 427,138 |
| 114 | | Adecco Group AG | | | | 6,547 |
| 1,107 | | Aeroports de Paris | | | | 225,296 |
| 262 | | Alfa Laval AB | | | | 6,074 |
| 5,023 | | Alstom SA | | | | 220,668 |
| 210 | | Ashtead Group PLC | | | | 5,809 |
| 284 | | Assa Abloy AB | | | | 6,052 |
| 173 | | Atlas Copco AB | | | | 5,372 |
| 191 | | Atlas Copco AB | | | | 5,431 |
| 1,194 | | Auckland International Airport Ltd | | | | 6,346 |
| 5,893 | | Bouygues SA | | | | 221,508 |
| 745 | | Brambles Ltd | | | | 6,319 |
| 117 | | Brenntag AG | | | | 6,302 |
| 269 | | Bureau Veritas SA | | | | 6,807 |
| 18,564 | | Cie de Saint-Gobain | | | | 758,122 |
| 22,580 | | CNH Industrial NV | | | | 244,653 |
| 101 | | Daifuku Co Ltd | | | | 6,148 |
| 6,107 | | Daikin Industries Ltd, (DD1) | | | | 773,142 |
| 65 | | DCC PLC | | | | 5,803 |
| 10,167 | | Deutsche Post AG | | | | 352,079 |
| 130 | | Edenred | | | | 6,121 |
| 62 | | Eiffage SA | | | | 6,469 |
| 8,088 | | Experian PLC | | | | 234,602 |
| 346 | | Ferguson PLC | | | | 24,538 |
| 18,286 | | Ferrovial SA | | | | 450,029 |
| 1,011 | | Fraport AG Frankfurt Airport Services Worldwide | | | | 83,663 |
| 15 | | Geberit AG | | | | 6,290 |
| 2,605 | | Getlink SE | | | | 41,894 |
| 604 | | Hino Motors Ltd | | | | 5,683 |
| 210 | | Hitachi Construction Machinery Co Ltd | | | | 5,562 |
| 37 | | HOCHTIEF AG | | | | 5,515 |
| 85 | | Intertek Group PLC | | | | 5,928 |
| 183 | | ISS A/S | | | | 5,686 |
| 390 | | Kajima Corp | | | | 5,760 |
| 5,324 | | Kawasaki Heavy Industries Ltd | | | | 123,617 |
| 102 | | Keio Corp | | | | 6,136 |
| 816 | | KION Group AG | | | | 55,821 |
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 10,445 | | Komatsu Ltd, (DD1) | | | | $267,467 |
| 25,339 | | Kubota Corp | | | | 382,900 |
| 47 | | Kuehne + Nagel International AG | | | | 6,829 |
| 201 | | Kyushu Railway Co, (DD1) | | | | 6,533 |
| 88 | | Legrand SA | | | | 6,462 |
| 28,913 | | Meggitt PLC | | | | 205,198 |
| 133 | | Metso OYJ | | | | 4,950 |
| 13,890 | | Mitsubishi Electric Corp | | | | 197,297 |
| 57,347 | | MTR Corp Ltd | | | | 341,360 |
| 1,939 | | MTU Aero Engines AG | | | | 455,686 |
| 219 | | Nagoya Railroad Co Ltd | | | | 5,919 |
| 490 | | NGK Insulators Ltd | | | | 7,233 |
| 203 | | Nippon Express Co Ltd | | | | 11,118 |
| 592 | | Obayashi Corp | | | | 5,788 |
| 231 | | Odakyu Electric Railway Co Ltd | | | | 5,422 |
| 3,620 | | OSRAM Licht AG | | | | 123,696 |
| 126 | | Randstad NV | | | | 7,190 |
| 9,155 | | Recruit Holdings Co Ltd, (DD1) | | | | 273,643 |
| 19,913 | | RELX PLC | | | | 456,629 |
| 9,550 | | Rexel SA | | | | 128,218 |
| 33,901 | | Royal Mail PLC | | | | 111,725 |
| 362 | | Sandvik AB | | | | 6,688 |
| 8,731 | | Schneider Electric SE | | | | 738,363 |
| 3 | | SGS SA | | | | 7,917 |
| 663 | | Shimizu Corp | | | | 5,649 |
| 8,373 | | Siemens AG | | | | 1,001,608 |
| 365 | | Skanska AB | | | | 6,347 |
| 374 | | SKF AB | | | | 6,914 |
| 295 | | Smiths Group PLC | | | | 5,855 |
| 59 | | Societe BIC SA | | | | 5,081 |
| 127 | | Sohgo Security Services Co Ltd | | | | 5,650 |
| 1,158 | | Sydney Airport | | | | 6,211 |
| 25 | | Teleperformance | | | | 4,799 |
| 305 | | Tokyu Corp | | | | 4,962 |
| 82,303 | | Transurban Group | | | | 778,565 |
| 64 | | Vestas Wind Systems A/S | | | | 5,784 |
| 400 | | Volvo AB | | | | 6,395 |
| 352 | | Wartsila OYJ Abp | | | | 5,610 |
| 298 | | Weir Group PLC/The | | | | 6,447 |
| 100 | | Wolters Kluwer NV | | | | 6,969 |
| | | Total Industrials | | | | 9,996,007 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology – 4.2% | | | | |
| 75 | | Amadeus IT Group SA | | | | $5,961 |
| 2,121 | | ASML Holding NV | | | | 441,029 |
| 3,042 | | Atos SE | | | | 312,893 |
| 34 | | Capgemini SE | | | | 4,119 |
| 3,293 | | Fujitsu Ltd, (DD1) | | | | 240,526 |
| 1,862 | | Ingenico Group SA | | | | 156,840 |
| 5,388 | | Kyocera Corp, (DD1) | | | | 347,831 |
| 126 | | Murata Manufacturing Co Ltd | | | | 6,743 |
| 752 | | Nokia OYJ | | | | 3,943 |
| 115 | | Omron Corp | | | | 6,144 |
| 3,650 | | SAP SE | | | | 468,696 |
| 249 | | Shimadzu Corp | | | | 6,649 |
| 10,005 | | STMicroelectronics NV | | | | 183,606 |
| 37 | | Tokyo Electron Ltd | | | | 5,862 |
| 43 | | Wixcom Ltd, (2) | | | | 5,769 |
| 174 | | Yaskawa Electric Corp | | | | 6,398 |
| 278 | | Yokogawa Electric Corp | | | | 5,786 |
| | | Total Information Technology | | | | 2,208,795 |
| | | Materials – 7.8% | | | | |
| 2,100 | | Akzo Nobel NV | | | | 178,158 |
| 561 | | Amcor Ltd/Australia | | | | 6,330 |
| 14,798 | | Antofagasta PLC | | | | 175,166 |
| 60 | | Arkema SA | | | | 6,150 |
| 2,251 | | Asahi Kasei Corp | | | | 23,101 |
| 10,204 | | Boliden AB | | | | 302,681 |
| 3,636 | | Chr Hansen Holding A/S | | | | 370,606 |
| 276 | | Clariant AG | | | | 5,672 |
| 2,894 | | Covestro AG | | | | 158,111 |
| 85 | | Croda International PLC | | | | 5,741 |
| 2,715 | | Daicel Corp | | | | 30,276 |
| 10,966 | | Fletcher Building Ltd | | | | 37,736 |
| 65 | | Givaudan SA | | | | 168,337 |
| 3,920 | | Hitachi Chemical Co Ltd | | | | 103,829 |
| 8,000 | | Hitachi Metals Ltd, (DD1) | | | | 92,013 |
| 98 | | Imerys SA | | | | 5,215 |
| 7,129 | | Johnson Matthey PLC | | | | 310,131 |
| 987 | | Kansai Paint Co Ltd | | | | 18,743 |
| 1,314 | | Koninklijke DSM NV | | | | 149,984 |
| 410 | | Kuraray Co Ltd | | | | 5,474 |
| 769 | | Mitsubishi Chemical Holdings Corp | | | | 5,448 |
| 231 | | Mondi PLC | | | | 5,061 |
| Shares | | Description (1) | | | | Value |
| | | Materials(continued) | | | | |
| 23,362 | | Newcrest Mining Ltd | | | | $411,248 |
| 91 | | Nitto Denko Corp | | | | 4,894 |
| 433 | | Orica Ltd | | | | 5,669 |
| 5,032 | | Showa Denko KK, (DD1) | | | | 170,105 |
| 94 | | Sika AG | | | | 14,391 |
| 192 | | Smurfit Kappa Group PLC | | | | 5,623 |
| 13,295 | | Stora Enso OYJ | | | | 164,865 |
| 55,561 | | Sumitomo Chemical Co Ltd | | | | 275,373 |
| 8,679 | | Sumitomo Metal Mining Co Ltd | | | | 271,104 |
| 65 | | Symrise AG | | | | 6,243 |
| 375 | | Teijin Ltd | | | | 6,421 |
| 51,727 | | Toray Industries Inc. | | | | 352,046 |
| 6,225 | | Umicore SA | | | | 240,684 |
| 193 | | UPM-Kymmene OYJ | | | | 5,431 |
| | | Total Materials | | | | 4,098,060 |
| | | Real Estate – 2.5% | | | | |
| 9,466 | | British Land Co PLC/The | | | | 73,302 |
| 4,389 | | CapitaLand Commercial Trust | | | | 6,255 |
| 40,000 | | CapitaLand Ltd | | | | 103,732 |
| 2,575 | | CapitaLand Mall Trust | | | | 4,578 |
| 14,534 | | City Developments Ltd | | | | 95,455 |
| 64 | | Covivio | | | | 6,921 |
| 15,959 | | Daiwa House Industry Co Ltd | | | | 445,777 |
| 107 | | Deutsche Wohnen SE | | | | 4,805 |
| 596 | | Dexus | | | | 5,244 |
| 47 | | Gecina SA | | | | 7,011 |
| 658 | | Goodman Group | | | | 6,095 |
| 1,293 | | GPT Group/The | | | | 5,215 |
| 28,857 | | Hammerson PLC | | | | 121,097 |
| 577 | | Hulic Co Ltd | | | | 4,963 |
| 1,092 | | Hysan Development Co Ltd | | | | 6,110 |
| 74 | | ICADE | | | | 6,319 |
| 12,057 | | Land Securities Group PLC | | | | 145,078 |
| 441 | | Lendlease Group | | | | 4,128 |
| 2,270 | | Mirvac Group | | | | 4,522 |
| 354 | | Mitsubishi Estate Co Ltd | | | | 5,961 |
| 3 | | Nippon Prologis REIT Inc. | | | | 6,438 |
| 289 | | Nomura Real Estate Holdings Inc. | | | | 6,111 |
| 400 | | Segro PLC | | | | 3,538 |
| 2,152 | | Stockland | | | | 5,710 |
| 3,170 | | Sun Hung Kai Properties Ltd | | | | 54,710 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate(continued) | | | | |
| 43,644 | | Swire Properties Ltd | | | | $177,182 |
| 79 | | Swiss Prime Site AG | | | | 6,342 |
| 42 | | Unibail-Rodamco-Westfield | | | | 7,213 |
| 1,187 | | UOL Group Ltd | | | | 6,610 |
| | | Total Real Estate | | | | 1,336,422 |
| | | Utilities – 3.6% | | | | |
| 18,021 | | Meridian Energy Ltd | | | | 48,794 |
| 69,921 | | National Grid PLC | | | | 762,126 |
| 7,059 | | Orsted A/S | | | | 539,996 |
| 11,287 | | Red Electrica Corp SA, (2) | | | | 233,823 |
| 1,035 | | Terna Rete Elettrica Nazionale SpA | | | | 6,192 |
| 25,422 | | United Utilities Group PLC | | | | 274,676 |
| 1,293 | | Verbund AG | | | | 64,078 |
| | | Total Utilities | | | | 1,929,685 |
| | | Total Long-Term Investments (cost $52,706,443) | | | | 52,468,872 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $100 | | Federal Home Loan Banks, Discount Notes | 0.000% | 5/01/19 | N/R | $100,000 |
| | | Total Short-Term Investments (cost $100,000) | | | | 100,000 |
| | | Total Investments (cost $52,806,443) – 99.4% | | | | 52,568,872 |
| | | Other Assets Less Liabilities – 0.6% | | | | 300,885 |
| | | Net Assets – 100% | | | | $52,869,757 |
| | 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 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 those transactions with qualified institutional buyers. | |
| DD1 | Portion of investment purchased on a delayed delivery basis. | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap Growth ETF (NULG)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 11.1% | | | | |
| 1,449 | | Alphabet Inc., Class A, (2) | | | | $1,737,293 |
| 1,995 | | Alphabet Inc., Class C, (2) | | | | 2,371,017 |
| 22,851 | | Liberty Global PLC, (2) | | | | 597,554 |
| 8,477 | | Liberty Global PLC, (2) | | | | 228,964 |
| 13,065 | | Walt Disney Co/The | | | | 1,789,513 |
| | | Total Communication Services | | | | 6,724,341 |
| | | Consumer Discretionary – 15.6% | | | | |
| 37 | | Advance Auto Parts Inc. | | | | 6,154 |
| 75 | | Aptiv PLC | | | | 6,428 |
| 9,592 | | Aramark | | | | 298,119 |
| 579 | | Booking Holdings Inc., (2) | | | | 1,074,039 |
| 35 | | Burlington Stores Inc., (2) | | | | 5,912 |
| 90 | | CarMax Inc., (2) | | | | 7,007 |
| 418 | | Chipotle Mexican Grill Inc., (2) | | | | 287,601 |
| 365 | | eBay Inc. | | | | 14,144 |
| 1,400 | | Hilton Worldwide Holdings Inc. | | | | 121,786 |
| 8,020 | | Home Depot Inc/The | | | | 1,633,674 |
| 11,172 | | LKQ Corp, (2) | | | | 336,277 |
| 10,436 | | Lowe's Cos Inc. | | | | 1,180,729 |
| 1,734 | | Lululemon Athletica Inc., (2) | | | | 305,791 |
| 413 | | Mattel Inc. | | | | 5,034 |
| 1,968 | | MercadoLibre Inc. | | | | 952,788 |
| 10,458 | | NIKE Inc, Class B | | | | 918,526 |
| 50 | | PVH Corp | | | | 6,449 |
| 59 | | Ross Stores Inc. | | | | 5,762 |
| 4,054 | | Starbucks Corp | | | | 314,915 |
| 2,875 | | Tesla Inc., (2) | | | | 686,234 |
| 4,967 | | TJX Cos Inc/The | | | | 272,589 |
| 16 | | Ulta Beauty Inc., (2) | | | | 5,584 |
| 269 | | Under Armour Inc., (2) | | | | 6,211 |
| 5,034 | | Under Armour Inc., (2) | | | | 104,304 |
| 1,797 | | Vail Resorts Inc. | | | | 411,243 |
| 2,698 | | Wayfair Inc., (2) | | | | 437,481 |
| | | Total Consumer Discretionary | | | | 9,404,781 |
Nuveen ESG Large-Cap Growth ETF (NULG)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples – 3.2% | | | | |
| 85 | | Church & Dwight Co Inc. | | | | $6,371 |
| 4,158 | | Costco Wholesale Corp | | | | 1,020,914 |
| 2,672 | | Estee Lauder Cos Inc/The | | | | 459,076 |
| 132 | | Hormel Foods Corp | | | | 5,272 |
| 464 | | Lamb Weston Holdings Inc. | | | | 32,503 |
| 2,684 | | McCormick & Co Inc/MD | | | | 413,256 |
| | | Total Consumer Staples | | | | 1,937,392 |
| | | Energy – 2.3% | | | | |
| 14,941 | | Baker Hughes a GE Co | | | | 358,883 |
| 9,361 | | Cheniere Energy Inc., (2) | | | | 602,380 |
| 227 | | National Oilwell Varco Inc. | | | | 5,934 |
| 6,450 | | ONEOK Inc. | | | | 438,149 |
| | | Total Energy | | | | 1,405,346 |
| | | Financials – 7.5% | | | | |
| 9,406 | | American Express Co | | | | 1,102,665 |
| 3,503 | | Charles Schwab Corp/The | | | | 160,367 |
| 67 | | Comerica Inc. | | | | 5,266 |
| 57 | | First Republic Bank/CA | | | | 6,020 |
| 7,922 | | Intercontinental Exchange Inc. | | | | 644,455 |
| 3,878 | | Marsh & McLennan Cos Inc. | | | | 365,657 |
| 776 | | Moody's Corp | | | | 152,577 |
| 12,526 | | Progressive Corp/The | | | | 978,907 |
| 4,536 | | S&P Global Inc. | | | | 1,000,914 |
| 552 | | SVB Financial Group, (2) | | | | 138,949 |
| | | Total Financials | | | | 4,555,777 |
| | | Health Care – 10.6% | | | | |
| 1,870 | | ABIOMED Inc., (2) | | | | 518,757 |
| 3,100 | | Align Technology Inc., (2) | | | | 1,006,508 |
| 70 | | Biogen Inc., (2) | | | | 16,047 |
| 429 | | BioMarin Pharmaceutical Inc., (2) | | | | 36,692 |
| 8,120 | | Celgene Corp, (2) | | | | 768,639 |
| 5,992 | | Centene Corp, (2) | | | | 308,948 |
| 93 | | Cerner Corp | | | | 6,180 |
| 3,316 | | Cigna Corp | | | | 526,713 |
| 18 | | Cooper Cos Inc/The | | | | 5,219 |
| 90 | | DaVita Inc., (2) | | | | 4,972 |
| 116 | | DexCom Inc., (2) | | | | 14,044 |
| 3,018 | | Edwards Lifesciences Corp, (2) | | | | 531,379 |
| 6,439 | | Eli Lilly & Co | | | | 753,621 |
| 2,588 | | Humana Inc. | | | | 661,001 |
| 17 | | Illumina Inc., (2) | | | | 5,304 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 2,475 | | IQVIA Holdings Inc., (2) | | | | $343,777 |
| 47 | | Jazz Pharmaceuticals PLC, (2) | | | | 6,099 |
| 56 | | Laboratory Corp of America Holdings, (2) | | | | 8,956 |
| 9 | | Mettler-Toledo International Inc., (2) | | | | 6,707 |
| 5,462 | | Nektar Therapeutics, (2) | | | | 174,893 |
| 55 | | ResMed Inc. | | | | 5,748 |
| 19 | | Teleflex Inc. | | | | 5,437 |
| 45 | | Varian Medical Systems Inc., (2) | | | | 6,128 |
| 3,771 | | Vertex Pharmaceuticals Inc., (2) | | | | 637,224 |
| 36 | | Waters Corp, (2) | | | | 7,687 |
| 129 | | Zoetis Inc. | | | | 13,137 |
| | | Total Health Care | | | | 6,379,817 |
| | | Industrials – 11.8% | | | | |
| 431 | | 3M Co | | | | 81,679 |
| 45 | | Acuity Brands Inc. | | | | 6,585 |
| 112 | | AO Smith Corp | | | | 5,888 |
| 3,026 | | CH Robinson Worldwide Inc. | | | | 245,106 |
| 27 | | Cintas Corp | | | | 5,863 |
| 867 | | Copart Inc., (2) | | | | 58,366 |
| 61 | | Dover Corp | | | | 5,980 |
| 95 | | Fastenal Co | | | | 6,702 |
| 484 | | Fortive Corp | | | | 41,789 |
| 120 | | Fortune Brands Home & Security Inc. | | | | 6,334 |
| 8,926 | | IHS Markit Ltd, (2) | | | | 511,103 |
| 70 | | Illinois Tool Works Inc. | | | | 10,894 |
| 7,243 | | Ingersoll-Rand PLC | | | | 888,064 |
| 1,802 | | L3 Technologies Inc. | | | | 393,881 |
| 27 | | Lennox International Inc. | | | | 7,329 |
| 48 | | Middleby Corp/The, (2) | | | | 6,342 |
| 3,603 | | Rockwell Automation Inc. | | | | 651,098 |
| 132 | | Rollins Inc. | | | | 5,104 |
| 2,714 | | Roper Technologies Inc. | | | | 976,226 |
| 113 | | Sensata Technologies Holding PLC, (2) | | | | 5,643 |
| 4,875 | | Spirit AeroSystems Holdings Inc. | | | | 423,638 |
| 1,815 | | TransDigm Group Inc., (2) | | | | 875,774 |
| 8,402 | | TransUnion | | | | 585,199 |
| 7,382 | | United Parcel Service Inc. | | | | 784,116 |
| 1,857 | | United Rentals Inc., (2) | | | | 261,688 |
| 48 | | Verisk Analytics Inc. | | | | 6,775 |
| 19 | | WW Grainger Inc. | | | | 5,358 |
Nuveen ESG Large-Cap Growth ETF (NULG)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 3,129 | | Xylem Inc/NY | | | | $260,959 |
| | | Total Industrials | | | | 7,123,483 |
| | | Information Technology – 31.8% | | | | |
| 6,979 | | Accenture PLC | | | | 1,274,854 |
| 4,945 | | Adobe Inc., (2) | | | | 1,430,341 |
| 15,791 | | Applied Materials Inc. | | | | 695,909 |
| 5,384 | | Autodesk Inc., (2) | | | | 959,483 |
| 6,696 | | Automatic Data Processing Inc. | | | | 1,100,755 |
| 110 | | Cadence Design Systems Inc., (2) | | | | 7,632 |
| 4,139 | | Intuit Inc. | | | | 1,039,137 |
| 5,590 | | Keysight Technologies Inc., (2) | | | | 486,498 |
| 39,932 | | Microsoft Corp | | | | 5,215,119 |
| 7,125 | | NVIDIA Corp | | | | 1,289,625 |
| 7,925 | | salesforcecom Inc., (2) | | | | 1,310,399 |
| 10,937 | | Texas Instruments Inc. | | | | 1,288,707 |
| 7,484 | | Trimble Inc., (2) | | | | 305,497 |
| 12,916 | | Visa Inc, Class A | | | | 2,123,778 |
| 3,479 | | VMware Inc., (2) | | | | 710,168 |
| | | Total Information Technology | | | | 19,237,902 |
| | | Materials – 3.4% | | | | |
| 9,774 | | Axalta Coating Systems Ltd, (2) | | | | 263,703 |
| 3,246 | | Ball Corp | | | | 194,565 |
| 5,317 | | Ecolab Inc. | | | | 978,753 |
| 5,475 | | PPG Industries Inc. | | | | 643,313 |
| | | Total Materials | | | | 2,080,334 |
| | | Real Estate – 2.6% | | | | |
| 5,968 | | American Tower Corp | | | | 1,165,551 |
| 116 | | CBRE Group Inc., (2) | | | | 6,040 |
| 5,372 | | Prologis Inc. | | | | 411,871 |
| | | Total Real Estate | | | | 1,583,462 |
| | | Total Long-Term Investments (cost $53,643,148) | | | | 60,432,635 |
| | | Other Assets Less Liabilities – 0.1% | | | | 79,632 |
| | | Net Assets – 100% | | | | $60,512,267 |
| | 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.
Nuveen ESG Large-Cap Value ETF (NULV)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.7% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 7.0% | | | | |
| 35,476 | | CenturyLink Inc. | | | | $405,136 |
| 40,864 | | Comcast Corp | | | | 1,778,810 |
| 225 | | Discovery Inc., (2) | | | | 6,471 |
| 255 | | Interpublic Group of Cos Inc/The | | | | 5,865 |
| 84 | | Liberty Broadband Corp, (2) | | | | 8,292 |
| 78 | | Omnicom Group Inc. | | | | 6,242 |
| 17,820 | | Sprint Corp, (2) | | | | 99,436 |
| 32,926 | | Verizon Communications Inc. | | | | 1,883,038 |
| 208 | | Viacom Inc. | | | | 6,013 |
| | | Total Communication Services | | | | 4,199,303 |
| | | Consumer Discretionary – 4.9% | | | | |
| 4,409 | | Aptiv PLC | | | | 377,851 |
| 1,226 | | Darden Restaurants Inc. | | | | 144,178 |
| 234 | | Gap Inc/The | | | | 6,103 |
| 1,188 | | Garmin Ltd | | | | 101,859 |
| 10,954 | | Goodyear Tire & Rubber Co/The | | | | 210,426 |
| 249 | | H&R Block Inc | | | | 6,775 |
| 433 | | Hanesbrands Inc. | | | | 7,824 |
| 3,783 | | Harley-Davidson Inc. | | | | 140,841 |
| 134 | | Kohl's Corp | | | | 9,527 |
| 217 | | L Brands Inc. | | | | 5,564 |
| 154 | | Leggett & Platt Inc. | | | | 6,062 |
| 236 | | Macy's Inc. | | | | 5,555 |
| 46 | | Mohawk Industries Inc., (2) | | | | 6,268 |
| 13,827 | | Newell Brands Inc. | | | | 198,832 |
| 134 | | Nordstrom Inc. | | | | 5,497 |
| 219 | | PulteGroup Inc. | | | | 6,890 |
| 5,501 | | Royal Caribbean Cruises Ltd | | | | 665,291 |
| 11,055 | | Target Corp | | | | 855,878 |
| 856 | | Tiffany & Co | | | | 92,294 |
| 1,196 | | VF Corp | | | | 112,914 |
| | | Total Consumer Discretionary | | | | 2,966,429 |
| | | Consumer Staples – 12.3% | | | | |
| 6,768 | | Bunge Ltd | | | | 354,711 |
| 183 | | Campbell Soup Co | | | | 7,080 |
Nuveen ESG Large-Cap Value ETF (NULV)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples(continued) | | | | |
| 35,418 | | Coca-Cola Co/The | | | | $1,737,607 |
| 5,690 | | Colgate-Palmolive Co | | | | 414,175 |
| 18,929 | | General Mills Inc. | | | | 974,276 |
| 160 | | Hormel Foods Corp | | | | 6,390 |
| 1,276 | | Kellogg Co | | | | 76,943 |
| 586 | | Kimberly-Clark Corp | | | | 75,231 |
| 13,012 | | PepsiCo Inc. | | | | 1,666,186 |
| 19,306 | | Procter & Gamble Co/The | | | | 2,055,703 |
| | | Total Consumer Staples | | | | 7,368,302 |
| | | Energy – 6.2% | | | | |
| 8,631 | | Baker Hughes a GE Co | | | | 207,317 |
| 5,241 | | Helmerich & Payne Inc. | | | | 306,703 |
| 3,936 | | HollyFrontier Corp | | | | 187,865 |
| 12,011 | | ONEOK Inc. | | | | 815,907 |
| 120 | | Targa Resources Corp | | | | 4,818 |
| 20,600 | | TechnipFMC PLC | | | | 506,554 |
| 9,902 | | Valero Energy Corp | | | | 897,716 |
| 27,775 | | Williams Cos Inc/The | | | | 786,866 |
| | | Total Energy | | | | 3,713,746 |
| | | Financials – 22.2% | | | | |
| 71 | | Affiliated Managers Group Inc. | | | | 7,875 |
| 1,640 | | Allstate Corp/The | | | | 162,458 |
| 21,361 | | American International Group Inc. | | | | 1,016,143 |
| 61 | | Ameriprise Financial Inc. | | | | 8,953 |
| 339 | | Arch Capital Group Ltd, (2) | | | | 11,451 |
| 83 | | Arthur J Gallagher & Co | | | | 6,941 |
| 53 | | Assurant Inc. | | | | 5,035 |
| 303 | | AXA Equitable Holdings Inc. | | | | 6,875 |
| 18,421 | | Bank of New York Mellon Corp/The | | | | 914,787 |
| 17,944 | | BB&T Corp | | | | 918,733 |
| 2,237 | | BlackRock Inc. | | | | 1,085,482 |
| 11,132 | | Capital One Financial Corp | | | | 1,033,384 |
| 7,510 | | Chubb Ltd | | | | 1,090,452 |
| 129 | | CIT Group Inc. | | | | 6,872 |
| 22,973 | | Citigroup Inc. | | | | 1,624,191 |
| 149 | | Citizens Financial Group Inc. | | | | 5,394 |
| 2,304 | | CME Group Inc. | | | | 412,186 |
| 66 | | Comerica Inc. | | | | 5,187 |
| 6,781 | | East West Bancorp Inc. | | | | 349,086 |
| 220 | | Fifth Third Bancorp | | | | 6,340 |
| 183 | | Franklin Resources Inc. | | | | 6,330 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 40,942 | | Huntington Bancshares Inc/OH | | | | $569,913 |
| 46,209 | | KeyCorp | | | | 810,968 |
| 99 | | Lincoln National Corp | | | | 6,605 |
| 35 | | M&T Bank Corp | | | | 5,952 |
| 8,429 | | Marsh & McLennan Cos Inc. | | | | 794,770 |
| 6,531 | | Morgan Stanley | | | | 315,121 |
| 91 | | Northern Trust Corp | | | | 8,968 |
| 294 | | People's United Financial Inc. | | | | 5,083 |
| 70 | | Raymond James Financial Inc. | | | | 6,410 |
| 312 | | Regions Financial Corp | | | | 4,845 |
| 48 | | Signature Bank/New York NY | | | | 6,339 |
| 168 | | State Street Corp | | | | 11,367 |
| 92 | | SunTrust Banks Inc. | | | | 6,024 |
| 6,775 | | Travelers Cos Inc/The | | | | 973,906 |
| 21,489 | | US Bancorp | | | | 1,145,794 |
| 35 | | Willis Towers Watson PLC | | | | 6,452 |
| 209 | | Zions Bancorp NA | | | | 10,310 |
| | | Total Financials | | | | 13,372,982 |
| | | Health Care – 13.4% | | | | |
| 15,101 | | Abbott Laboratories | | | | 1,201,435 |
| 6,982 | | AbbVie Inc. | | | | 554,301 |
| 8,264 | | Agilent Technologies Inc. | | | | 648,724 |
| 1,503 | | Allergan PLC | | | | 220,941 |
| 833 | | Amgen Inc. | | | | 149,373 |
| 13,904 | | Bristol-Myers Squibb Co | | | | 645,563 |
| 161 | | Cardinal Health Inc. | | | | 7,842 |
| 24 | | Cooper Cos Inc/The | | | | 6,958 |
| 15,620 | | CVS Health Corp | | | | 849,416 |
| 10,643 | | DENTSPLY SIRONA Inc. | | | | 544,177 |
| 7,022 | | Eli Lilly & Co | | | | 821,855 |
| 8,576 | | Gilead Sciences Inc. | | | | 557,783 |
| 48 | | IQVIA Holdings Inc., (2) | | | | 6,667 |
| 21,546 | | Merck & Co Inc. | | | | 1,695,886 |
| 1,580 | | ResMed Inc. | | | | 165,126 |
| 31 | | Teleflex Inc. | | | | 8,872 |
| | | Total Health Care | | | | 8,084,919 |
| | | Industrials – 7.8% | | | | |
| 4,866 | | 3M Co | | | | 922,156 |
| 8,076 | | Caterpillar Inc. | | | | 1,125,956 |
| 67 | | CH Robinson Worldwide Inc. | | | | 5,427 |
| 98 | | Deere & Co | | | | 16,232 |
Nuveen ESG Large-Cap Value ETF (NULV)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 115 | | IHS Markit Ltd, (2) | | | | $6,585 |
| 23,380 | | Johnson Controls International plc | | | | 876,750 |
| 1,882 | | L3 Technologies Inc. | | | | 411,368 |
| 120 | | Owens Corning | | | | 6,152 |
| 854 | | Parker-Hannifin Corp | | | | 154,642 |
| 6,462 | | Union Pacific Corp | | | | 1,144,032 |
| | | Total Industrials | | | | 4,669,300 |
| | | Information Technology – 12.1% | | | | |
| 7,301 | | Applied Materials Inc. | | | | 321,755 |
| 115 | | FLIR Systems Inc. | | | | 6,088 |
| 49,693 | | Hewlett Packard Enterprise Co | | | | 785,646 |
| 26,560 | | HP Inc. | | | | 529,872 |
| 35,909 | | Intel Corp | | | | 1,832,795 |
| 9,603 | | International Business Machines Corp | | | | 1,347,013 |
| 74 | | Keysight Technologies Inc., (2) | | | | 6,440 |
| 26,727 | | Oracle Corp | | | | 1,478,805 |
| 5,530 | | Skyworks Solutions Inc. | | | | 487,636 |
| 5,260 | | TE Connectivity Ltd | | | | 503,119 |
| | | Total Information Technology | | | | 7,299,169 |
| | | Materials – 2.9% | | | | |
| 4,084 | | International Flavors & Fragrances Inc. | | | | 562,734 |
| 10,842 | | Mosaic Co/The | | | | 283,085 |
| 7,238 | | Newmont Goldcorp Corp | | | | 224,812 |
| 5,739 | | PPG Industries Inc. | | | | 674,333 |
| | | Total Materials | | | | 1,744,964 |
| | | Real Estate – 4.4% | | | | |
| 75 | | Boston Properties Inc. | | | | 10,322 |
| 4,633 | | Digital Realty Trust Inc. | | | | 545,350 |
| 13,790 | | Host Hotels & Resorts Inc. | | | | 265,320 |
| 39 | | Jones Lang LaSalle Inc. | | | | 6,028 |
| 5,377 | | Simon Property Group Inc. | | | | 933,985 |
| 241 | | UDR Inc. | | | | 10,833 |
| 31,933 | | Weyerhaeuser Co | | | | 855,804 |
| | | Total Real Estate | | | | 2,627,642 |
| | | Utilities – 6.5% | | | | |
| 1,677 | | American Water Works Co Inc. | | | | 181,435 |
| 165 | | CMS Energy Corp | | | | 9,166 |
| 10,733 | | Consolidated Edison Inc. | | | | 924,755 |
| 11,857 | | Eversource Energy | | | | 849,672 |
| 1,538 | | NiSource Inc. | | | | 42,726 |
| 15,287 | | Public Service Enterprise Group Inc. | | | | 911,869 |
| Shares | | Description (1) | | | | Value |
| | | Utilities(continued) | | | | |
| 7,603 | | Sempra Energy | | | | $972,804 |
| | | Total Utilities | | | | 3,892,427 |
| | | Total Long-Term Investments (cost $57,934,690) | | | | 59,939,183 |
| | | Other Assets Less Liabilities – 0.3% | | | | 170,940 |
| | | Net Assets – 100% | | | | $60,110,123 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
See accompanying notes to financial statements.
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 7.6% | | | | |
| 3,982 | | IAC/InterActiveCorp | | | | $895,313 |
| 6,518 | | Liberty Broadband Corp, (2) | | | | 643,392 |
| 2,753 | | Live Nation Entertainment Inc., (2) | | | | 179,881 |
| 8,449 | | Take-Two Interactive Software Inc., (2) | | | | 818,116 |
| 13,325 | | TripAdvisor Inc., (2) | | | | 709,290 |
| 22,349 | | Zayo Group Holdings Inc., (2) | | | | 699,300 |
| | | Total Communication Services | | | | 3,945,292 |
| | | Consumer Discretionary – 13.9% | | | | |
| 22,064 | | Aramark | | | | 685,749 |
| 458 | | Burlington Stores Inc., (2) | | | | 77,361 |
| 10,879 | | CarMax Inc., (2) | | | | 847,039 |
| 15,022 | | LKQ Corp, (2) | | | | 452,162 |
| 3,666 | | Lululemon Athletica Inc., (2) | | | | 646,499 |
| 14,013 | | Mattel Inc. | | | | 170,818 |
| 2,782 | | MercadoLibre Inc. | | | | 1,346,877 |
| 2,193 | | Tractor Supply Co | | | | 226,976 |
| 24,201 | | Under Armour Inc., (2) | | | | 558,801 |
| 12,957 | | Under Armour Inc., (2) | | | | 268,469 |
| 3,970 | | Vail Resorts Inc. | | | | 908,535 |
| 6,469 | | Wayfair Inc., (2) | | | | 1,048,948 |
| | | Total Consumer Discretionary | | | | 7,238,234 |
| | | Consumer Staples – 1.2% | | | | |
| 4,033 | | McCormick & Co Inc/MD | | | | 620,961 |
| | | Energy – 1.8% | | | | |
| 14,809 | | Cheniere Energy Inc., (2) | | | | 952,959 |
| | | Financials – 3.4% | | | | |
| 11,273 | | E*TRADE Financial Corp | | | | 571,090 |
| 5,155 | | First Republic Bank/CA | | | | 544,471 |
| 1,957 | | SVB Financial Group, (2) | | | | 492,616 |
| 2,760 | | Voya Financial Inc. | | | | 151,497 |
| | | Total Financials | | | | 1,759,674 |
| | | Health Care – 15.3% | | | | |
| 2,971 | | Cooper Cos Inc/The | | | | 861,352 |
| 8,517 | | DaVita Inc., (2) | | | | 470,479 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 10,610 | | Henry Schein Inc., (2) | | | | $679,677 |
| 16,791 | | Hologic Inc., (2) | | | | 778,767 |
| 5,118 | | IDEXX Laboratories Inc., (2) | | | | 1,187,376 |
| 3,925 | | Jazz Pharmaceuticals PLC, (2) | | | | 509,347 |
| 4,793 | | Laboratory Corp of America Holdings, (2) | | | | 766,496 |
| 1,195 | | Mettler-Toledo International Inc., (2) | | | | 890,586 |
| 7,918 | | ResMed Inc. | | | | 827,510 |
| 53 | | Varian Medical Systems Inc., (2) | | | | 7,217 |
| 4,552 | | Waters Corp, (2) | | | | 972,034 |
| | | Total Health Care | | | | 7,950,841 |
| | | Industrials – 23.1% | | | | |
| 4,476 | | Acuity Brands Inc. | | | | 654,973 |
| 1,750 | | Allegion PLC | | | | 173,652 |
| 8,136 | | CH Robinson Worldwide Inc. | | | | 659,016 |
| 16,655 | | Copart Inc., (2) | | | | 1,121,215 |
| 1,963 | | Dover Corp | | | | 192,453 |
| 7,341 | | Expeditors International of Washington Inc. | | | | 583,022 |
| 12,338 | | Fastenal Co | | | | 870,446 |
| 860 | | Fortune Brands Home & Security Inc. | | | | 45,391 |
| 14,084 | | HD Supply Holdings Inc., (2) | | | | 643,498 |
| 3,469 | | L3 Technologies Inc. | | | | 758,254 |
| 3,390 | | Lennox International Inc. | | | | 920,215 |
| 5,664 | | Middleby Corp/The, (2) | | | | 748,384 |
| 11,897 | | Robert Half International Inc. | | | | 738,685 |
| 9,063 | | Spirit AeroSystems Holdings Inc. | | | | 787,575 |
| 14,183 | | TransUnion | | | | 987,846 |
| 2,646 | | United Rentals Inc., (2) | | | | 372,874 |
| 2,467 | | WW Grainger Inc. | | | | 695,694 |
| 12,784 | | Xylem Inc/NY | | | | 1,066,186 |
| | | Total Industrials | | | | 12,019,379 |
| | | Information Technology – 25.4% | | | | |
| 50,314 | | Advanced Micro Devices Inc., (2) | | | | 1,390,176 |
| 12,832 | | Akamai Technologies Inc., (2) | | | | 1,027,330 |
| 2,816 | | ANSYS Inc., (2) | | | | 551,373 |
| 2,343 | | Arista Networks Inc., (2) | | | | 731,695 |
| 8,715 | | Broadridge Financial Solutions Inc. | | | | 1,029,503 |
| 18,828 | | Cadence Design Systems Inc., (2) | | | | 1,306,287 |
| 1,937 | | Citrix Systems Inc. | | | | 195,559 |
| 3,418 | | Cognex Corp | | | | 172,370 |
| 6,383 | | CommScope Holding Co Inc., (2) | | | | 158,171 |
| 13,731 | | FLIR Systems Inc. | | | | 726,919 |
Nuveen ESG Mid-Cap Growth ETF (NUMG)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 11,033 | | Fortinet Inc., (2) | | | | $1,030,703 |
| 4,018 | | Jack Henry & Associates Inc. | | | | 598,923 |
| 10,668 | | Keysight Technologies Inc., (2) | | | | 928,436 |
| 10,299 | | Maxim Integrated Products Inc. | | | | 617,940 |
| 259 | | ON Semiconductor Corp, (2) | | | | 5,972 |
| 7,338 | | PTC Inc., (2) | | | | 663,869 |
| 7,589 | | Sabre Corp | | | | 157,548 |
| 1,156 | | Skyworks Solutions Inc. | | | | 101,936 |
| 4,118 | | Tableau Software Inc., (2) | | | | 501,614 |
| 19,118 | | Trimble Inc., (2) | | | | 780,397 |
| 4,304 | | Xilinx Inc. | | | | 517,082 |
| | | Total Information Technology | | | | 13,193,803 |
| | | Materials – 4.9% | | | | |
| 20,676 | | Axalta Coating Systems Ltd | | | | 557,839 |
| 16,598 | | Ball Corp | | | | 994,884 |
| 7,949 | | Vulcan Materials Co | | | | 1,002,448 |
| | | Total Materials | | | | 2,555,171 |
| | | Real Estate – 3.3% | | | | |
| 5,364 | | CBRE Group Inc., (2) | | | | 279,303 |
| 5,290 | | SBA Communications Corp, (2) | | | | 1,077,732 |
| 7,526 | | UDR Inc. | | | | 338,294 |
| | | Total Real Estate | | | | 1,695,329 |
| | | Total Long-Term Investments (cost $45,561,777) | | | | 51,931,643 |
| | | Other Assets Less Liabilities – 0.1% | | | | 44,198 |
| | | Net Assets – 100% | | | | $51,975,841 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
See accompanying notes to financial statements.
Nuveen ESG Mid-Cap Value ETF (NUMV)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 4.1% | | | | |
| 45,472 | | CenturyLink Inc. | | | | $519,290 |
| 13,549 | | Discovery Inc., (2) | | | | 389,669 |
| 20,516 | | Interpublic Group of Cos Inc/The | | | | 471,868 |
| 9,493 | | Liberty Broadband Corp, (2) | | | | 937,054 |
| | | Total Communication Services | | | | 2,317,881 |
| | | Consumer Discretionary – 17.3% | | | | |
| 15,383 | | Best Buy Co Inc. | | | | 1,144,649 |
| 15,135 | | BorgWarner Inc. | | | | 632,189 |
| 6,947 | | Gap Inc/The | | | | 181,178 |
| 13,347 | | Garmin Ltd | | | | 1,144,372 |
| 11,231 | | Genuine Parts Co | | | | 1,151,627 |
| 44,827 | | Hanesbrands Inc. | | | | 810,024 |
| 21,746 | | Harley-Davidson Inc. | | | | 809,603 |
| 8,565 | | Hasbro Inc. | | | | 872,431 |
| 855 | | Macy's Inc. | | | | 20,127 |
| 6,966 | | Mohawk Industries Inc., (2) | | | | 949,117 |
| 34,444 | | Newell Brands Inc. | | | | 495,305 |
| 1,623 | | Nordstrom Inc. | | | | 66,575 |
| 9,016 | | Tiffany & Co | | | | 972,105 |
| 4,166 | | Whirlpool Corp | | | | 578,324 |
| | | Total Consumer Discretionary | | | | 9,827,626 |
| | | Consumer Staples – 4.4% | | | | |
| 17,649 | | Bunge Ltd | | | | 924,984 |
| 13,567 | | Campbell Soup Co | | | | 524,907 |
| 228 | | Ingredion Inc. | | | | 21,603 |
| 6,758 | | McCormick & Co Inc/MD | | | | 1,040,530 |
| | | Total Consumer Staples | | | | 2,512,024 |
| | | Energy – 1.7% | | | | |
| 39,862 | | TechnipFMC PLC | | | | 980,207 |
| | | Financials – 20.0% | | | | |
| 31,747 | | Ally Financial Inc. | | | | 943,203 |
| 14,667 | | Arthur J Gallagher & Co | | | | 1,226,455 |
| 8,747 | | Assurant Inc. | | | | 830,965 |
| 17,710 | | AXA Equitable Holdings Inc. | | | | 401,840 |
Nuveen ESG Mid-Cap Value ETF (NUMV)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 6,974 | | CIT Group Inc. | | | | $371,505 |
| 33,684 | | Citizens Financial Group Inc. | | | | 1,219,361 |
| 222 | | Comerica Inc. | | | | 17,447 |
| 7,538 | | East West Bancorp Inc. | | | | 388,056 |
| 34,656 | | Huntington Bancshares Inc/OH | | | | 482,411 |
| 9,849 | | Invesco Ltd | | | | 216,383 |
| 18,151 | | Lincoln National Corp | | | | 1,211,035 |
| 28,254 | | People's United Financial Inc. | | | | 488,512 |
| 22,868 | | Principal Financial Group Inc. | | | | 1,307,135 |
| 12,242 | | Raymond James Financial Inc. | | | | 1,121,000 |
| 25,304 | | Regions Financial Corp | | | | 392,971 |
| 5,131 | | Signature Bank/New York NY | | | | 677,651 |
| 215 | | Voya Financial Inc. | | | | 11,801 |
| | | Total Financials | | | | 11,307,731 |
| | | Health Care – 3.2% | | | | |
| 12,021 | | DENTSPLY SIRONA Inc. | | | | 614,634 |
| 5,036 | | Quest Diagnostics Inc. | | | | 485,369 |
| 6,794 | | ResMed Inc. | | | | 710,041 |
| | | Total Health Care | | | | 1,810,044 |
| | | Industrials – 9.2% | | | | |
| 2,121 | | AMERCO | | | | 791,494 |
| 3,917 | | CH Robinson Worldwide Inc. | | | | 317,277 |
| 3,675 | | L3 Technologies Inc. | | | | 803,281 |
| 3,558 | | ManpowerGroup Inc. | | | | 341,710 |
| 35,334 | | Nielsen Holdings PLC | | | | 902,077 |
| 14,790 | | Owens Corning | | | | 758,283 |
| 5,920 | | Snap-on Inc. | | | | 996,218 |
| 1,999 | | United Rentals Inc., (2) | | | | 281,699 |
| | | Total Industrials | | | | 5,192,039 |
| | | Information Technology – 9.6% | | | | |
| 9,491 | | CommScope Holding Co Inc., (2) | | | | 235,187 |
| 6,687 | | Flex Ltd, (2) | | | | 73,825 |
| 11,413 | | FLIR Systems Inc. | | | | 604,204 |
| 8,749 | | Keysight Technologies Inc., (2) | | | | 761,425 |
| 17,232 | | Marvell Technology Group Ltd | | | | 431,145 |
| 5,451 | | Microchip Technology Inc. | | | | 544,500 |
| 482 | | ON Semiconductor Corp, (2) | | | | 11,115 |
| 12,048 | | Skyworks Solutions Inc. | | | | 1,062,393 |
| 394 | | Trimble Inc., (2) | | | | 16,083 |
| 36,777 | | Western Union Co/The | | | | 714,945 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 29,536 | | Xerox Corp | | | | $985,321 |
| | | Total Information Technology | | | | 5,440,143 |
| | | Materials – 5.7% | | | | |
| 16,439 | | Ball Corp | | | | 985,354 |
| 9,026 | | Chemours Co/The | | | | 325,026 |
| 8,021 | | International Flavors & Fragrances Inc. | | | | 1,105,214 |
| 23,814 | | Mosaic Co/The | | | | 621,783 |
| 5,777 | | Steel Dynamics Inc. | | | | 183,015 |
| | | Total Materials | | | | 3,220,392 |
| | | Real Estate – 16.1% | | | | |
| 3,641 | | Alexandria Real Estate Equities Inc. | | | | 518,442 |
| 34,879 | | Duke Realty Corp | | | | 1,085,434 |
| 27,610 | | HCP Inc. | | | | 822,226 |
| 55,209 | | Host Hotels & Resorts Inc. | | | | 1,062,221 |
| 28,279 | | Iron Mountain Inc. | | | | 918,502 |
| 4,388 | | Jones Lang LaSalle Inc. | | | | 678,253 |
| 1,981 | | Kimco Realty Corp | | | | 34,450 |
| 19,350 | | Liberty Property Trust | | | | 960,534 |
| 10,327 | | Mid-America Apartment Communities Inc. | | | | 1,129,877 |
| 14,315 | | Regency Centers Corp | | | | 961,539 |
| 21,163 | | UDR Inc. | | | | 951,277 |
| | | Total Real Estate | | | | 9,122,755 |
| | | Utilities – 8.5% | | | | |
| 22,386 | | CMS Energy Corp | | | | 1,243,542 |
| 20,243 | | Eversource Energy | | | | 1,450,613 |
| 37,698 | | NiSource Inc. | | | | 1,047,251 |
| 11,352 | | Pinnacle West Capital Corp | | | | 1,081,505 |
| | | Total Utilities | | | | 4,822,911 |
| | | Total Long-Term Investments (cost $53,888,624) | | | | 56,553,753 |
| | | Other Assets Less Liabilities – 0.2% | | | | 135,044 |
| | | Net Assets – 100% | | | | $56,688,797 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
See accompanying notes to financial statements.
Nuveen ESG Small-Cap ETF (NUSC)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 2.4% | | | | |
| 623 | | Boingo Wireless Inc., (2) | | | | $14,167 |
| 97 | | Cable One Inc. | | | | 102,871 |
| 1,493 | | Cincinnati Bell Inc., (2) | | | | 13,288 |
| 2,827 | | Cinemark Holdings Inc. | | | | 118,875 |
| 6,192 | | comScore Inc., (2) | | | | 77,710 |
| 1,106 | | Consolidated Communications Holdings Inc. | | | | 5,707 |
| 2,921 | | Emerald Expositions Events Inc. | | | | 41,040 |
| 15,161 | | Entercom Communications Corp | | | | 104,308 |
| 17,217 | | Gannett Co Inc. | | | | 160,635 |
| 7,349 | | GCI Liberty Inc., (2) | | | | 438,147 |
| 20,706 | | Globalstar Inc., (2) | | | | 11,067 |
| 9,141 | | Gogo Inc., (2) | | | | 48,082 |
| 3,291 | | Iridium Communications Inc., (2) | | | | 90,371 |
| 7,403 | | John Wiley & Sons Inc. | | | | 341,871 |
| 3,578 | | Lions Gate Entertainment Corp | | | | 48,661 |
| 8,531 | | Lions Gate Entertainment Corp | | | | 124,467 |
| 1,985 | | Loral Space & Communications Inc., (2) | | | | 73,088 |
| 2,611 | | Marcus Corp/The | | | | 98,226 |
| 1,268 | | Meredith Corp | | | | 74,812 |
| 4,344 | | National CineMedia Inc. | | | | 30,321 |
| 10,818 | | New York Times Co/The | | | | 358,617 |
| 4,002 | | ORBCOMM Inc., (2) | | | | 28,974 |
| 4,888 | | Scholastic Corp | | | | 194,933 |
| 231 | | Shenandoah Telecommunications Co | | | | 9,547 |
| 946 | | TEGNA Inc. | | | | 15,060 |
| 3,137 | | Tribune Media Co | | | | 144,929 |
| | | Total Communication Services | | | | 2,769,774 |
| | | Consumer Discretionary – 11.4% | | | | |
| 6,002 | | Aaron's Inc. | | | | 334,251 |
| 3,271 | | American Axle & Manufacturing Holdings Inc. | | | | 48,247 |
| 2,398 | | American Public Education Inc., (2) | | | | 76,736 |
| 2,110 | | At Home Group Inc., (2) | | | | 49,564 |
| 2,358 | | AutoNation Inc., (2) | | | | 98,871 |
| 5,442 | | Barnes & Noble Education Inc., (2) | | | | 23,401 |
| 2,607 | | BBX Capital Corp | | | | 14,443 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 5,483 | | Bright Horizons Family Solutions Inc., (2) | | | | $702,646 |
| 816 | | Brinker International Inc. | | | | 34,900 |
| 15,588 | | Callaway Golf Co | | | | 273,725 |
| 5,359 | | Camping World Holdings Inc. | | | | 79,956 |
| 2,891 | | Carriage Services Inc. | | | | 50,737 |
| 3,639 | | Century Communities Inc., (2) | | | | 92,540 |
| 557 | | Cooper-Standard Holdings Inc., (2) | | | | 28,223 |
| 7,422 | | Core-Mark Holding Co Inc. | | | | 269,790 |
| 2,967 | | Crocs Inc., (2) | | | | 82,631 |
| 3,578 | | Dave & Buster's Entertainment Inc., (2) | | | | 203,374 |
| 1,578 | | Deckers Outdoor Corp, (2) | | | | 249,655 |
| 1,297 | | Dine Brands Global Inc. | | | | 114,992 |
| 3,406 | | Dorman Products Inc., (2) | | | | 298,604 |
| 5,339 | | Dunkin' Brands Group Inc. | | | | 398,450 |
| 2,956 | | El Pollo Loco Holdings Inc., (2) | | | | 37,778 |
| 1,118 | | Ethan Allen Interiors Inc. | | | | 24,708 |
| 9,538 | | Etsy Inc., (2) | | | | 644,197 |
| 2,426 | | Five Below Inc., (2) | | | | 355,142 |
| 466 | | Foot Locker Inc. | | | | 26,660 |
| 7,186 | | Fossil Group Inc., (2) | | | | 93,921 |
| 5,753 | | Fox Factory Holding Corp, (2) | | | | 446,433 |
| 9,385 | | frontdoor Inc., (2) | | | | 330,727 |
| 1,404 | | GameStop Corp | | | | 12,145 |
| 3,368 | | Gentherm Inc., (2) | | | | 142,668 |
| 13,030 | | GNC Holdings Inc. | | | | 28,927 |
| 18,853 | | GoPro Inc., (2) | | | | 111,421 |
| 302 | | Graham Holdings Co | | | | 224,516 |
| 2,857 | | Green Brick Partners Inc., (2) | | | | 25,542 |
| 1,950 | | Group 1 Automotive Inc. | | | | 152,704 |
| 939 | | Hamilton Beach Brands Holding Co | | | | 16,996 |
| 4,300 | | Helen of Troy Ltd, (2) | | | | 619,200 |
| 1,811 | | Hooker Furniture Corp | | | | 53,986 |
| 1,603 | | Houghton Mifflin Harcourt Co, (2) | | | | 11,429 |
| 3,999 | | International Speedway Corp | | | | 176,436 |
| 3,449 | | iRobot Corp, (2) | | | | 357,109 |
| 2,229 | | Jack in the Box Inc. | | | | 171,856 |
| 694 | | KB Home | | | | 17,982 |
| 7,223 | | Laureate Education Inc., (2) | | | | 113,690 |
| 1,338 | | La-Z-Boy Inc. | | | | 43,886 |
| 1,790 | | LGI Homes Inc., (2) | | | | 124,065 |
| 1,392 | | Lithia Motors Inc. | | | | 158,020 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 4,183 | | MarineMax Inc., (2) | | | | $72,324 |
| 2,669 | | Marriott Vacations Worldwide Corp | | | | 281,926 |
| 2,999 | | MasterCraft Boat Holdings Inc., (2) | | | | 74,195 |
| 2,628 | | Modine Manufacturing Co | | | | 38,868 |
| 726 | | Monro Inc. | | | | 60,861 |
| 1,409 | | Movado Group Inc. | | | | 50,231 |
| 911 | | Murphy USA Inc., (2) | | | | 77,863 |
| 2,078 | | National Vision Holdings Inc., (2) | | | | 56,106 |
| 2,257 | | Noodles & Co, (2) | | | | 16,138 |
| 39,418 | | Office Depot Inc. | | | | 94,603 |
| 6,561 | | Pool Corp | | | | 1,205,518 |
| 6,731 | | Quotient Technology Inc., (2) | | | | 62,531 |
| 1,726 | | Rent-A-Center Inc/TX | | | | 43,029 |
| 4,375 | | Sally Beauty Holdings Inc., (2) | | | | 77,438 |
| 24,155 | | Service Corp International/US | | | | 1,005,090 |
| 7,412 | | ServiceMaster Global Holdings Inc., (2) | | | | 363,410 |
| 3,948 | | Shake Shack Inc., (2) | | | | 242,012 |
| 3,233 | | Shutterfly Inc., (2) | | | | 141,702 |
| 5,437 | | Signet Jewelers Ltd | | | | 126,030 |
| 4,587 | | Six Flags Entertainment Corp | | | | 243,524 |
| 2,948 | | Sleep Number Corp, (2) | | | | 102,590 |
| 3,250 | | Sonos Inc., (2) | | | | 35,490 |
| 5,024 | | Sotheby's | | | | 211,912 |
| 2,292 | | TRI Pointe Group Inc., (2) | | | | 29,911 |
| 2,466 | | Unifi Inc., (2) | | | | 49,813 |
| 2,859 | | Visteon Corp, (2) | | | | 188,751 |
| 6,621 | | Weight Watchers International Inc. | | | | 135,201 |
| 10,403 | | Wendy's Co/The | | | | 193,600 |
| 2,034 | | Wolverine World Wide Inc. | | | | 74,872 |
| | | Total Consumer Discretionary | | | | 13,403,419 |
| | | Consumer Staples – 2.5% | | | | |
| 7,733 | | BJ's Wholesale Club Holdings Inc., (2) | | | | 219,231 |
| 2,000 | | Casey's General Stores Inc. | | | | 264,700 |
| 17,763 | | Darling Ingredients Inc., (2) | | | | 387,411 |
| 7,966 | | Energizer Holdings Inc. | | | | 381,492 |
| 2,777 | | Fresh Del Monte Produce Inc. | | | | 81,949 |
| 1,514 | | Freshpet Inc., (2) | | | | 67,615 |
| 2,784 | | Hain Celestial Group Inc/The, (2) | | | | 60,747 |
| 7,686 | | Herbalife Nutrition Ltd | | | | 406,205 |
| 1,873 | | Medifast Inc. | | | | 274,750 |
| 1,728 | | Nu Skin Enterprises Inc. | | | | 87,903 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples(continued) | | | | |
| 682 | | Performance Food Group Co, (2) | | | | $27,928 |
| 608 | | PriceSmart Inc. | | | | 36,365 |
| 9,575 | | Simply Good Foods Co/The, (2) | | | | 215,055 |
| 1,758 | | Smart & Final Stores Inc., (2) | | | | 11,480 |
| 639 | | Sprouts Farmers Market Inc., (2) | | | | 13,687 |
| 631 | | TreeHouse Foods Inc., (2) | | | | 42,264 |
| 8,213 | | United Natural Foods Inc., (2) | | | | 106,112 |
| 7,707 | | US Foods Holding Corp, (2) | | | | 281,691 |
| 220 | | Weis Markets Inc. | | | | 9,251 |
| | | Total Consumer Staples | | | | 2,975,836 |
| | | Energy – 3.9% | | | | |
| 12,244 | | Antero Midstream Corp | | | | 149,499 |
| 9,942 | | Apergy Corp, (2) | | | | 394,598 |
| 16,102 | | Archrock Inc. | | | | 162,791 |
| 9,792 | | C&J Energy Services Inc., (2) | | | | 137,578 |
| 6,066 | | Cactus Inc., (2) | | | | 220,196 |
| 23,162 | | Clean Energy Fuels Corp, (2) | | | | 72,729 |
| 4,912 | | Core Laboratories NV | | | | 311,372 |
| 12,763 | | Delek US Holdings Inc. | | | | 472,997 |
| 5,758 | | Dril-Quip Inc., (2) | | | | 250,819 |
| 35,603 | | Equitrans Midstream Corp | | | | 741,611 |
| 5,351 | | Exterran Corp, (2) | | | | 76,091 |
| 10,428 | | Forum Energy Technologies Inc., (2) | | | | 62,359 |
| 11,824 | | Frank's International NV | | | | 69,052 |
| 3,617 | | FTS International Inc., (2) | | | | 37,436 |
| 16,453 | | Helix Energy Solutions Group Inc, (2) | | | | 128,662 |
| 7,684 | | Keane Group Inc., (2) | | | | 80,605 |
| 3,406 | | KLX Energy Services Holdings Inc., (2) | | | | 95,538 |
| 4,096 | | Matrix Service Co, (2) | | | | 80,323 |
| 29,759 | | McDermott International Inc., (2) | | | | 240,750 |
| 2,135 | | Natural Gas Services Group Inc., (2) | | | | 34,309 |
| 9,210 | | Newpark Resources Inc., (2) | | | | 67,233 |
| 14,040 | | Oceaneering International Inc. | | | | 269,568 |
| 7,224 | | Oil States International Inc., (2) | | | | 139,568 |
| 5,515 | | Renewable Energy Group Inc., (2) | | | | 133,022 |
| 8,318 | | Select Energy Services Inc., (2) | | | | 95,823 |
| 20,463 | | TETRA Technologies Inc., (2) | | | | 48,702 |
| 46,743 | | Weatherford International PLC, (2) | | | | 25,863 |
| | | Total Energy | | | | 4,599,094 |
| | | Financials – 14.9% | | | | |
| 4,006 | | Ameris Bancorp | | | | 146,059 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 19,524 | | Apollo Commercial Real Estate Finance Inc. | | | | $365,880 |
| 4,207 | | Atlantic Capital Bancshares Inc., (2) | | | | 73,370 |
| 8,002 | | Bancorp Inc/The, (2) | | | | 81,700 |
| 11,210 | | BancorpSouth Bank | | | | 341,681 |
| 1,059 | | Bank of Hawaii Corp | | | | 87,240 |
| 20,056 | | Bank OZK | | | | 654,828 |
| 15,980 | | BankUnited Inc. | | | | 584,548 |
| 1,812 | | Banner Corp | | | | 96,072 |
| 1,037 | | BOK Financial Corp | | | | 90,364 |
| 36,324 | | Brown & Brown Inc. | | | | 1,153,287 |
| 2,523 | | Byline Bancorp Inc., (2) | | | | 50,511 |
| 6,963 | | Cadence BanCorp | | | | 158,408 |
| 4,097 | | Capstead Mortgage Corp | | | | 35,193 |
| 3,154 | | Cathay General Bancorp | | | | 116,036 |
| 5,323 | | Chemical Financial Corp | | | | 233,839 |
| 10,960 | | Chimera Investment Corp | | | | 210,103 |
| 3,428 | | Cohen & Steers Inc. | | | | 171,914 |
| 3,110 | | Columbia Banking System Inc. | | | | 116,749 |
| 3,659 | | Cowen Inc., (2) | | | | 61,288 |
| 2,515 | | Crawford & Co | | | | 22,635 |
| 3,115 | | Cullen/Frost Bankers Inc. | | | | 316,764 |
| 1,333 | | Customers Bancorp Inc., (2) | | | | 30,192 |
| 4,011 | | Donnelley Financial Solutions Inc., (2) | | | | 61,408 |
| 1,652 | | eHealth Inc., (2) | | | | 100,343 |
| 1,406 | | Equity Bancshares Inc., (2) | | | | 36,922 |
| 1,573 | | Erie Indemnity Co | | | | 297,800 |
| 1,078 | | Evercore Inc. | | | | 105,030 |
| 3,366 | | FactSet Research Systems Inc. | | | | 928,578 |
| 573 | | Federal Agricultural Mortgage Corp | | | | 43,823 |
| 18,336 | | First American Financial Corp | | | | 1,046,252 |
| 3,747 | | First Financial Bancorp | | | | 94,050 |
| 1,966 | | First Hawaiian Inc. | | | | 54,360 |
| 1,724 | | First Interstate BancSystem Inc. | | | | 72,856 |
| 1,517 | | First Midwest Bancorp Inc/IL | | | | 32,570 |
| 5,026 | | Flagstar Bancorp Inc. | | | | 179,680 |
| 890 | | Flushing Financial Corp | | | | 20,114 |
| 8,959 | | Fulton Financial Corp | | | | 154,543 |
| 79,964 | | Genworth Financial Inc. | | | | 303,064 |
| 1,942 | | Glacier Bancorp Inc. | | | | 82,710 |
| 7,232 | | Granite Point Mortgage Trust Inc. | | | | 139,071 |
| 2,660 | | Great Western Bancorp Inc. | | | | 93,552 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 7,765 | | Green Dot Corp, (2) | | | | $495,174 |
| 4,874 | | Hancock Whitney Corp | | | | 213,189 |
| 2,563 | | Hanover Insurance Group Inc/The | | | | 309,123 |
| 877 | | Heartland Financial USA Inc. | | | | 39,377 |
| 877 | | Heritage Financial Corp/WA | | | | 26,547 |
| 2,862 | | HomeStreet Inc. | | | | 80,537 |
| 1,314 | | Independent Bank Corp/Rockland MA | | | | 105,422 |
| 2,591 | | INTL FCStone Inc., (2) | | | | 105,091 |
| 31,917 | | Investors Bancorp Inc. | | | | 375,025 |
| 2,275 | | KKR Real Estate Finance Trust Inc. | | | | 45,887 |
| 16,721 | | Ladenburg Thalmann Financial Services Inc, (2) | | | | 61,366 |
| 502 | | LegacyTexas Financial Group Inc. | | | | 20,120 |
| 3,957 | | Live Oak Bancshares Inc. | | | | 69,129 |
| 28,303 | | MGIC Investment Corp, (2) | | | | 414,356 |
| 2,687 | | Midland States Bancorp Inc. | | | | 72,065 |
| 3,112 | | Morningstar Inc. | | | | 446,416 |
| 12,796 | | Mr Cooper Group Inc., (2) | | | | 110,046 |
| 402 | | National Bank Holdings Corp | | | | 15,373 |
| 47,750 | | New York Community Bancorp Inc. | | | | 555,333 |
| 6,647 | | On Deck Capital Inc., (2) | | | | 36,293 |
| 4,562 | | Opus Bank | | | | 99,771 |
| 943 | | Peapack Gladstone Financial Corp | | | | 27,281 |
| 568 | | People's Utah Bancorp | | | | 16,160 |
| 6,219 | | Pinnacle Financial Partners Inc. | | | | 361,137 |
| 5,562 | | Popular Inc. | | | | 320,983 |
| 7,361 | | PRA Group Inc., (2) | | | | 206,991 |
| 369 | | ProAssurance Corp | | | | 13,849 |
| 1,512 | | Prosperity Bancshares Inc. | | | | 111,344 |
| 2,594 | | Ready Capital Corp | | | | 39,195 |
| 632 | | Sandy Spring Bancorp Inc. | | | | 22,051 |
| 4,710 | | ServisFirst Bancshares Inc. | | | | 159,857 |
| 4,111 | | Simmons First National Corp | | | | 104,378 |
| 3,133 | | South State Corp | | | | 237,043 |
| 44,109 | | Starwood Property Trust Inc. | | | | 1,016,713 |
| 15,769 | | Sterling Bancorp/DE | | | | 337,772 |
| 4,011 | | Texas Capital Bancshares Inc., (2) | | | | 259,632 |
| 3,133 | | TFS Financial Corp | | | | 52,133 |
| 3,776 | | Triumph Bancorp Inc., (2) | | | | 117,094 |
| 1,822 | | Trustmark Corp | | | | 65,519 |
| 2,900 | | UMB Financial Corp | | | | 202,594 |
| 6,134 | | Umpqua Holdings Corp | | | | 106,486 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 576 | | United Bankshares Inc/WV | | | | $22,602 |
| 7,818 | | Virtu Financial Inc. | | | | 192,166 |
| 4,775 | | Walker & Dunlop Inc. | | | | 262,386 |
| 528 | | Webster Financial Corp | | | | 28,053 |
| 630 | | Westamerica Bancorporation | | | | 40,459 |
| 5,154 | | Western Alliance Bancorp, (2) | | | | 246,258 |
| 3,228 | | Wintrust Financial Corp | | | | 245,974 |
| 1,328 | | WSFS Financial Corp | | | | 57,343 |
| | | Total Financials | | | | 17,614,480 |
| | | Health Care – 12.8% | | | | |
| 4,234 | | Acadia Healthcare Co Inc., (2) | | | | 135,573 |
| 11,241 | | ACADIA Pharmaceuticals Inc., (2) | | | | 270,346 |
| 10,198 | | Achillion Pharmaceuticals Inc., (2) | | | | 30,186 |
| 5,600 | | Aclaris Therapeutics Inc., (2) | | | | 35,280 |
| 3,659 | | Acorda Therapeutics Inc., (2) | | | | 38,237 |
| 6,222 | | Aduro Biotech Inc., (2) | | | | 25,448 |
| 2,342 | | Aerie Pharmaceuticals Inc., (2) | | | | 89,347 |
| 491 | | Agios Pharmaceuticals Inc., (2) | | | | 27,457 |
| 2,798 | | Akcea Therapeutics Inc., (2) | | | | 70,202 |
| 7,572 | | Alder Biopharmaceuticals Inc., (2) | | | | 102,903 |
| 2,679 | | Allakos Inc., (2) | | | | 105,044 |
| 9,714 | | Allscripts Healthcare Solutions Inc., (2) | | | | 95,877 |
| 10,717 | | Amicus Therapeutics Inc., (2) | | | | 142,965 |
| 3,574 | | AMN Healthcare Services Inc., (2) | | | | 186,062 |
| 1,254 | | Amneal Pharmaceuticals Inc., (2) | | | | 16,139 |
| 2,737 | | AnaptysBio Inc., (2) | | | | 199,035 |
| 2,335 | | Aptinyx Inc., (2) | | | | 8,990 |
| 3,483 | | Assembly Biosciences Inc., (2) | | | | 54,962 |
| 5,086 | | Assertio Therapeutics Inc., (2) | | | | 21,209 |
| 1,338 | | Atara Biotherapeutics Inc., (2) | | | | 44,957 |
| 3,704 | | AtriCure Inc., (2) | | | | 111,194 |
| 241 | | Atrion Corp | | | | 212,080 |
| 2,919 | | Audentes Therapeutics Inc., (2) | | | | 110,309 |
| 2,102 | | Avrobio Inc., (2) | | | | 39,539 |
| 4,448 | | Bellicum Pharmaceuticals Inc., (2) | | | | 13,566 |
| 11,400 | | BioCryst Pharmaceuticals Inc., (2) | | | | 84,702 |
| 2,679 | | BioTelemetry Inc., (2) | | | | 145,738 |
| 13,407 | | BioTime Inc., (2) | | | | 16,625 |
| 3,068 | | Bluebird Bio Inc., (2) | | | | 435,134 |
| 15,164 | | Brookdale Senior Living Inc., (2) | | | | 93,714 |
| 7,942 | | Bruker Corp | | | | 306,561 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 5,278 | | Cantel Medical Corp | | | | $363,865 |
| 4,026 | | Capital Senior Living Corp, (2) | | | | 16,909 |
| 963 | | Cardiovascular Systems Inc., (2) | | | | 34,225 |
| 539 | | Catalent Inc., (2) | | | | 24,158 |
| 804 | | Chemed Corp | | | | 262,731 |
| 7,076 | | Coherus Biosciences Inc., (2) | | | | 112,650 |
| 3,520 | | Collegium Pharmaceutical Inc., (2) | | | | 49,034 |
| 1,483 | | Computer Programs & Systems Inc. | | | | 45,068 |
| 420 | | CorVel Corp, (2) | | | | 30,156 |
| 8,929 | | Cymabay Therapeutics Inc., (2) | | | | 114,380 |
| 9,406 | | Denali Therapeutics Inc., (2) | | | | 230,165 |
| 6,744 | | Dicerna Pharmaceuticals Inc., (2) | | | | 87,402 |
| 1,953 | | Dova Pharmaceuticals Inc., (2) | | | | 17,968 |
| 1,919 | | Eagle Pharmaceuticals Inc/DE, (2) | | | | 98,656 |
| 1,236 | | Encompass Health Corp | | | | 79,660 |
| 5,082 | | Epizyme Inc., (2) | | | | 63,068 |
| 3,605 | | Esperion Therapeutics Inc., (2) | | | | 155,376 |
| 2,447 | | FibroGen Inc., (2) | | | | 114,348 |
| 5,609 | | Five Prime Therapeutics Inc., (2) | | | | 62,148 |
| 4,266 | | Flexion Therapeutics Inc., (2) | | | | 45,220 |
| 3,893 | | G1 Therapeutics Inc., (2) | | | | 83,310 |
| 3,140 | | Glaukos Corp, (2) | | | | 226,488 |
| 5,325 | | Global Blood Therapeutics Inc., (2) | | | | 295,005 |
| 3,643 | | Globus Medical Inc., (2) | | | | 164,263 |
| 3,614 | | Haemonetics Corp, (2) | | | | 315,430 |
| 1,826 | | Halozyme Therapeutics Inc., (2) | | | | 29,453 |
| 534 | | Heska Corp, (2) | | | | 41,470 |
| 4,489 | | HMS Holdings Corp, (2) | | | | 136,600 |
| 10,649 | | Immunomedics Inc., (2) | | | | 170,597 |
| 7,792 | | Insmed Inc., (2) | | | | 237,188 |
| 1,732 | | Intellia Therapeutics Inc., (2) | | | | 26,638 |
| 714 | | Intercept Pharmaceuticals Inc., (2) | | | | 61,533 |
| 4,367 | | Intersect ENT Inc., (2) | | | | 141,884 |
| 897 | | Intra-Cellular Therapies Inc., (2) | | | | 11,813 |
| 1,363 | | iRhythm Technologies Inc., (2) | | | | 104,011 |
| 7,497 | | Karyopharm Therapeutics Inc., (2) | | | | 35,011 |
| 2,774 | | Ligand Pharmaceuticals Inc., (2) | | | | 349,108 |
| 1,896 | | Magellan Health Inc., (2) | | | | 132,720 |
| 3,880 | | Medicines Co/The, (2) | | | | 123,966 |
| 6,475 | | Medidata Solutions Inc., (2) | | | | 584,951 |
| 6,128 | | MEDNAX Inc., (2) | | | | 171,400 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 2,679 | | Merit Medical Systems Inc., (2) | | | | $150,506 |
| 5,378 | | Minerva Neurosciences Inc., (2) | | | | 39,636 |
| 2,210 | | Mirati Therapeutics Inc., (2) | | | | 131,473 |
| 3,622 | | MyoKardia Inc., (2) | | | | 173,784 |
| 1,802 | | National Research Corp | | | | 71,323 |
| 14,507 | | NeoGenomics Inc., (2) | | | | 302,181 |
| 5,355 | | NextGen Healthcare Inc., (2) | | | | 100,620 |
| 54,806 | | OPKO Health Inc., (2) | | | | 130,986 |
| 2,038 | | Optinose Inc., (2) | | | | 20,298 |
| 6,338 | | OraSure Technologies Inc., (2) | | | | 59,957 |
| 7,490 | | Owens & Minor Inc. | | | | 25,541 |
| 4,189 | | Paratek Pharmaceuticals Inc., (2) | | | | 23,081 |
| 1,885 | | Patterson Cos Inc. | | | | 41,168 |
| 761 | | Penumbra Inc., (2) | | | | 102,355 |
| 3,137 | | PerkinElmer Inc. | | | | 300,650 |
| 2,101 | | Phibro Animal Health Corp | | | | 72,926 |
| 454 | | Premier Inc., (2) | | | | 15,086 |
| 12,270 | | Progenics Pharmaceuticals Inc. | | | | 63,068 |
| 6,218 | | Prothena Corp PLC, (2) | | | | 64,667 |
| 3,130 | | Quidel Corp, (2) | | | | 200,132 |
| 14,273 | | R1 RCM Inc., (2) | | | | 149,438 |
| 1,600 | | RadNet Inc., (2) | | | | 19,376 |
| 1,553 | | Reata Pharmaceuticals Inc., (2) | | | | 121,848 |
| 4,214 | | Repligen Corp, (2) | | | | 283,939 |
| 975 | | Revance Therapeutics Inc., (2) | | | | 12,909 |
| 2,784 | | Sage Therapeutics Inc., (2) | | | | 468,352 |
| 3,823 | | Sientra Inc., (2) | | | | 32,190 |
| 4,426 | | Spark Therapeutics Inc., (2) | | | | 472,210 |
| 4,900 | | STAAR Surgical Co, (2) | | | | 159,152 |
| 4,338 | | STERIS PLC | | | | 568,191 |
| 686 | | Supernus Pharmaceuticals Inc., (2) | | | | 25,197 |
| 423 | | Surmodics Inc., (2) | | | | 18,375 |
| 998 | | Tactile Systems Technology Inc., (2) | | | | 49,660 |
| 1,635 | | Tandem Diabetes Care Inc., (2) | | | | 100,405 |
| 3,787 | | Teladoc Health Inc., (2) | | | | 215,405 |
| 7,344 | | TG Therapeutics Inc., (2) | | | | 58,385 |
| 11,266 | | TherapeuticsMD Inc., (2) | | | | 48,444 |
| 2,177 | | Tivity Health Inc., (2) | | | | 47,067 |
| 16,926 | | TransEnterix Inc., (2) | | | | 33,852 |
| 675 | | Tricida Inc., (2) | | | | 23,126 |
| 2,440 | | Triple-S Management Corp, (2) | | | | 55,437 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 3,300 | | Ultragenyx Pharmaceutical Inc., (2) | | | | $217,800 |
| 2,747 | | uniQure NV, (2) | | | | 154,354 |
| 240 | | US Physical Therapy Inc. | | | | 27,958 |
| 6,168 | | Varex Imaging Corp, (2) | | | | 202,557 |
| 1,712 | | Vocera Communications Inc., (2) | | | | 54,527 |
| 4,125 | | West Pharmaceutical Services Inc. | | | | 510,634 |
| 19,556 | | ZIOPHARM Oncology Inc., (2) | | | | 86,438 |
| 1,766 | | Zogenix Inc., (2) | | | | 68,856 |
| | | Total Health Care | | | | 15,094,927 |
| | | Industrials – 14.6% | | | | |
| 1,018 | | AAON Inc. | | | | 51,114 |
| 7,134 | | ABM Industries Inc. | | | | 270,878 |
| 15,631 | | ACCO Brands Corp | | | | 142,867 |
| 5,680 | | Actuant Corp | | | | 145,294 |
| 2,242 | | Aegion Corp, (2) | | | | 44,638 |
| 767 | | AGCO Corp | | | | 54,288 |
| 902 | | Alamo Group Inc. | | | | 93,483 |
| 3,417 | | Arcosa Inc. | | | | 106,371 |
| 2,145 | | Argan Inc. | | | | 102,574 |
| 1,896 | | Armstrong World Industries Inc. | | | | 164,326 |
| 2,119 | | ASGN Inc., (2) | | | | 133,582 |
| 3,485 | | Astronics Corp, (2) | | | | 116,190 |
| 7,015 | | Atkore International Group Inc., (2) | | | | 173,691 |
| 5,080 | | Avis Budget Group Inc., (2) | | | | 180,594 |
| 7,045 | | Axon Enterprise Inc., (2) | | | | 447,358 |
| 11,225 | | Beacon Roofing Supply Inc., (2) | | | | 422,734 |
| 5,547 | | Brady Corp | | | | 270,638 |
| 966 | | Briggs & Stratton Corp | | | | 11,785 |
| 6,750 | | Builders FirstSource Inc., (2) | | | | 93,015 |
| 4,627 | | Carlisle Cos Inc. | | | | 654,350 |
| 4,293 | | Chart Industries Inc., (2) | | | | 378,943 |
| 3,782 | | Cimpress NV, (2) | | | | 341,893 |
| 21,238 | | Civeo Corp, (2) | | | | 42,688 |
| 1,917 | | Comfort Systems USA Inc. | | | | 103,710 |
| 3,312 | | Cubic Corp | | | | 188,055 |
| 207 | | Curtiss-Wright Corp | | | | 23,586 |
| 3,721 | | Donaldson Co Inc. | | | | 199,222 |
| 2,079 | | Douglas Dynamics Inc. | | | | 78,503 |
| 3,505 | | EMCOR Group Inc. | | | | 294,911 |
| 2,570 | | EnerSys | | | | 177,818 |
| 4,240 | | ESCO Technologies Inc. | | | | 318,000 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 12,190 | | Evoqua Water Technologies Corp, (2) | | | | $166,028 |
| 3,071 | | Foundation Building Materials Inc., (2) | | | | 41,735 |
| 5,589 | | Franklin Electric Co Inc. | | | | 273,079 |
| 1,417 | | FTI Consulting Inc., (2) | | | | 120,417 |
| 8,890 | | Gates Industrial Corp PLC, (2) | | | | 142,951 |
| 5,158 | | GATX Corp | | | | 397,837 |
| 979 | | Genesee & Wyoming Inc., (2) | | | | 86,788 |
| 1,714 | | Granite Construction Inc. | | | | 76,942 |
| 2,154 | | Healthcare Services Group Inc. | | | | 72,913 |
| 2,394 | | Herman Miller Inc. | | | | 92,935 |
| 5,828 | | Hexcel Corp | | | | 412,098 |
| 285 | | HNI Corp | | | | 10,462 |
| 406 | | Hub Group Inc., (2) | | | | 16,877 |
| 2,674 | | Hubbell Inc. | | | | 341,202 |
| 1,318 | | Hyster-Yale Materials Handling Inc. | | | | 87,805 |
| 5,473 | | InnerWorkings Inc., (2) | | | | 18,499 |
| 5,507 | | Insperity Inc. | | | | 658,417 |
| 1,032 | | Interface Inc. | | | | 16,553 |
| 10,542 | | KAR Auction Services Inc. | | | | 595,412 |
| 4,770 | | KeyW Holding Corp/The, (2) | | | | 54,092 |
| 305 | | Kforce Inc. | | | | 10,986 |
| 542 | | Knoll Inc. | | | | 11,837 |
| 2,428 | | Korn Ferry | | | | 114,165 |
| 2,758 | | Lydall Inc., (2) | | | | 67,874 |
| 13,282 | | Macquarie Infrastructure Corp | | | | 538,054 |
| 3,872 | | Matthews International Corp | | | | 155,112 |
| 479 | | McGrath RentCorp | | | | 29,698 |
| 5,008 | | Mercury Systems Inc., (2) | | | | 365,684 |
| 4,056 | | Meritor Inc., (2) | | | | 98,399 |
| 5,123 | | Mobile Mini Inc. | | | | 184,531 |
| 232 | | MSA Safety Inc. | | | | 25,499 |
| 618 | | MYR Group Inc., (2) | | | | 22,341 |
| 2,058 | | Navigant Consulting Inc. | | | | 46,984 |
| 7,197 | | Navistar International Corp, (2) | | | | 245,706 |
| 10,692 | | NCI Building Systems Inc., (2) | | | | 61,158 |
| 18,623 | | Pitney Bowes Inc. | | | | 132,410 |
| 6,190 | | Quanta Services Inc. | | | | 251,314 |
| 5,299 | | Raven Industries Inc. | | | | 206,184 |
| 1,153 | | Regal Beloit Corp | | | | 98,097 |
| 8,617 | | Resideo Technologies Inc., (2) | | | | 195,606 |
| 860 | | Resources Connection Inc. | | | | 13,812 |
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 2,561 | | RR Donnelley & Sons Co | | | | $11,832 |
| 4,483 | | Ryder System Inc. | | | | 282,429 |
| 6,333 | | SiteOne Landscape Supply Inc., (2) | | | | 426,211 |
| 3,784 | | Steelcase Inc. | | | | 65,425 |
| 4,642 | | Team Inc., (2) | | | | 78,450 |
| 285 | | Teledyne Technologies Inc., (2) | | | | 70,825 |
| 715 | | Tetra Tech Inc. | | | | 46,275 |
| 809 | | Titan Machinery Inc., (2) | | | | 13,915 |
| 9,363 | | Toro Co/The | | | | 684,903 |
| 7,432 | | TriMas Corp, (2) | | | | 229,872 |
| 1,914 | | TriNet Group Inc., (2) | | | | 119,319 |
| 8,521 | | Triton International Ltd/Bermuda | | | | 280,767 |
| 639 | | TrueBlue Inc., (2) | | | | 15,438 |
| 3,605 | | Valmont Industries Inc. | | | | 486,098 |
| 1,969 | | Veritiv Corp, (2) | | | | 54,915 |
| 9,096 | | Wabash National Corp | | | | 137,168 |
| 4,020 | | Watts Water Technologies Inc. | | | | 344,072 |
| 21,777 | | Welbilt Inc., (2) | | | | 366,507 |
| 4,648 | | Wesco Aircraft Holdings Inc., (2) | | | | 39,229 |
| 2,266 | | WESCO International Inc., (2) | | | | 129,706 |
| 5,709 | | WillScot Corp, (2) | | | | 76,900 |
| 8,487 | | Woodward Inc. | | | | 924,234 |
| | | Total Industrials | | | | 17,270,082 |
| | | Information Technology – 18.0% | | | | |
| 2,190 | | ACI Worldwide Inc., (2) | | | | 77,789 |
| 5,223 | | Anixter International Inc., (2) | | | | 328,370 |
| 11,289 | | Arlo Technologies Inc., (2) | | | | 44,817 |
| 14,863 | | Avaya Holdings Corporation, (2) | | | | 283,586 |
| 4,734 | | Badger Meter Inc. | | | | 262,642 |
| 3,883 | | Belden Inc. | | | | 215,701 |
| 2,426 | | Benefitfocus Inc., (2) | | | | 98,811 |
| 13,530 | | Black Knight Inc., (2) | | | | 763,363 |
| 2,080 | | Blackbaud Inc. | | | | 164,923 |
| 20,622 | | Booz Allen Hamilton Holding Corp | | | | 1,222,678 |
| 4,725 | | Cabot Microelectronics Corp | | | | 596,531 |
| 5,710 | | CalAmp Corp, (2) | | | | 83,423 |
| 1,473 | | Cass Information Systems Inc. | | | | 72,663 |
| 973 | | Ceridian HCM Holding Inc., (2) | | | | 51,715 |
| 3,724 | | ChannelAdvisor Corp, (2) | | | | 43,757 |
| 3,528 | | Cirrus Logic Inc., (2) | | | | 167,862 |
| 29,375 | | Conduent Inc., (2) | | | | 376,881 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 1,161 | | Control4 Corp, (2) | | | | $20,213 |
| 5,354 | | Coupa Software Inc., (2) | | | | 553,229 |
| 3,483 | | Cray Inc., (2) | | | | 91,464 |
| 7,990 | | Cree Inc., (2) | | | | 528,059 |
| 5,060 | | CTS Corp | | | | 151,547 |
| 4,961 | | Daktronics Inc. | | | | 37,604 |
| 10,497 | | Diebold Nixdorf Inc. | | | | 105,915 |
| 1,683 | | Dolby Laboratories Inc. | | | | 108,873 |
| 19,420 | | Entegris Inc. | | | | 793,501 |
| 7,313 | | Envestnet Inc., (2) | | | | 519,150 |
| 238 | | ePlus Inc., (2) | | | | 22,441 |
| 7,256 | | Exela Technologies Inc., (2) | | | | 23,872 |
| 5,574 | | ExlService Holdings Inc., (2) | | | | 331,096 |
| 1,616 | | Fair Isaac Corp | | | | 452,076 |
| 1,928 | | Finisar Corp, (2) | | | | 46,484 |
| 10,251 | | First Solar Inc., (2) | | | | 630,744 |
| 6,889 | | Five9 Inc., (2) | | | | 365,599 |
| 10,877 | | Infinera Corp, (2) | | | | 47,206 |
| 5,480 | | Insight Enterprises Inc., (2) | | | | 310,058 |
| 4,035 | | InterDigital Inc. | | | | 263,849 |
| 3,384 | | Itron Inc., (2) | | | | 181,586 |
| 10,993 | | Kulicke & Soffa Industries Inc. | | | | 255,807 |
| 13,372 | | Limelight Networks Inc., (2) | | | | 39,715 |
| 90 | | Littelfuse Inc. | | | | 18,095 |
| 9,155 | | LivePerson Inc., (2) | | | | 268,516 |
| 8,410 | | LogMeIn Inc. | | | | 692,984 |
| 4,547 | | Lumentum Holdings Inc., (2) | | | | 281,778 |
| 6,681 | | Manhattan Associates Inc., (2) | | | | 450,634 |
| 6,762 | | Mellanox Technologies Ltd, (2) | | | | 813,469 |
| 5,981 | | Methode Electronics Inc. | | | | 176,499 |
| 3,739 | | Mimecast Ltd, (2) | | | | 192,596 |
| 4,888 | | MoneyGram International Inc., (2) | | | | 16,179 |
| 543 | | MTS Systems Corp | | | | 29,854 |
| 3,736 | | Nanometrics Inc., (2) | | | | 111,295 |
| 3,286 | | National Instruments Corp | | | | 154,771 |
| 8,916 | | NCR Corp, (2) | | | | 258,118 |
| 2,708 | | NetScout Systems Inc., (2) | | | | 79,615 |
| 4,427 | | New Relic Inc., (2) | | | | 465,898 |
| 446 | | Novanta Inc., (2) | | | | 38,811 |
| 8,849 | | Nutanix Inc., (2) | | | | 382,188 |
| 260 | | OSI Systems Inc., (2) | | | | 23,434 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 1,156 | | Paycom Software Inc., (2) | | | | $234,125 |
| 5,467 | | Plantronics Inc. | | | | 281,441 |
| 342 | | Plexus Corp, (2) | | | | 20,582 |
| 658 | | Power Integrations Inc. | | | | 51,995 |
| 4,757 | | Progress Software Corp | | | | 216,967 |
| 4,614 | | Ribbon Communications Inc., (2) | | | | 24,731 |
| 2,074 | | RingCentral Inc., (2) | | | | 241,351 |
| 308 | | Rogers Corp, (2) | | | | 51,596 |
| 7,020 | | Science Applications International Corp | | | | 526,149 |
| 2,952 | | Silicon Laboratories Inc., (2) | | | | 317,812 |
| 2,869 | | SPS Commerce Inc., (2) | | | | 297,630 |
| 6,621 | | Sykes Enterprises Inc., (2) | | | | 183,733 |
| 1,293 | | SYNNEX Corp | | | | 139,489 |
| 956 | | Tech Data Corp, (2) | | | | 101,919 |
| 6,768 | | Teradata Corp, (2) | | | | 307,741 |
| 20,125 | | TiVo Corp | | | | 188,571 |
| 20,650 | | Travelport Worldwide Ltd | | | | 323,792 |
| 2,670 | | TTEC Holdings Inc. | | | | 97,348 |
| 2,525 | | Twilio Inc., (2) | | | | 346,279 |
| 1,080 | | Virtusa Corp, (2) | | | | 59,994 |
| 5,709 | | WEX Inc., (2) | | | | 1,200,603 |
| 3,803 | | Zebra Technologies Corp, (2) | | | | 802,965 |
| | | Total Information Technology | | | | 21,207,147 |
| | | Materials – 5.3% | | | | |
| 6,480 | | AptarGroup Inc. | | | | 720,835 |
| 1,465 | | Bemis Co Inc. | | | | 84,120 |
| 7,156 | | Berry Global Group Inc., (2) | | | | 420,773 |
| 4,490 | | Boise Cascade Co | | | | 124,328 |
| 5,576 | | Compass Minerals International Inc. | | | | 320,007 |
| 2,281 | | Graphic Packaging Holding Co | | | | 31,660 |
| 320 | | Greif Inc. | | | | 15,568 |
| 308 | | HB Fuller Co | | | | 15,083 |
| 4,012 | | Innospec Inc. | | | | 340,298 |
| 3,313 | | Koppers Holdings Inc. | | | | 88,590 |
| 5,245 | | Kraton Corp, (2) | | | | 172,141 |
| 14,678 | | Louisiana-Pacific Corp | | | | 367,684 |
| 3,319 | | Materion Corp | | | | 192,602 |
| 5,672 | | Minerals Technologies Inc. | | | | 356,031 |
| 856 | | Myers Industries Inc. | | | | 15,314 |
| 9,547 | | Reliance Steel & Aluminum Co | | | | 877,942 |
| 1,956 | | Ryerson Holding Corp, (2) | | | | 16,919 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Materials(continued) | | | | |
| 1,888 | | Schnitzer Steel Industries Inc. | | | | $44,783 |
| 6,902 | | Sensient Technologies Corp | | | | 483,968 |
| 5,229 | | Sonoco Products Co | | | | 329,741 |
| 3,333 | | Stepan Co | | | | 308,436 |
| 6,924 | | Trinseo SA | | | | 311,234 |
| 30,799 | | Valvoline Inc. | | | | 569,782 |
| 1,634 | | Worthington Industries Inc. | | | | 65,572 |
| | | Total Materials | | | | 6,273,411 |
| | | Real Estate – 11.3% | | | | |
| 529 | | Altisource Portfolio Solutions SA, (2) | | | | 12,521 |
| 453 | | American Campus Communities Inc. | | | | 21,382 |
| 12,658 | | Americold Realty Trust | | | | 405,183 |
| 11,115 | | Brixmor Property Group Inc. | | | | 198,736 |
| 7,949 | | CatchMark Timber Trust Inc. | | | | 79,490 |
| 28,023 | | CBL & Associates Properties Inc. | | | | 28,303 |
| 4,081 | | Chatham Lodging Trust | | | | 80,355 |
| 8,067 | | Chesapeake Lodging Trust | | | | 229,909 |
| 6,852 | | CorePoint Lodging Inc. | | | | 85,650 |
| 4,534 | | CoreSite Realty Corp | | | | 496,065 |
| 8,448 | | Corporate Office Properties Trust | | | | 235,530 |
| 33,045 | | Cousins Properties Inc. | | | | 316,241 |
| 12,054 | | CyrusOne Inc. | | | | 671,287 |
| 33,255 | | DiamondRock Hospitality Co | | | | 361,149 |
| 7,997 | | Douglas Emmett Inc. | | | | 329,396 |
| 9,687 | | Easterly Government Properties Inc. | | | | 174,366 |
| 1,471 | | Empire State Realty Trust Inc. | | | | 22,742 |
| 9,750 | | Equity Commonwealth | | | | 310,050 |
| 2,902 | | Four Corners Property Trust Inc. | | | | 82,533 |
| 8,831 | | Hannon Armstrong Sustainable Infrastructure Capital Inc. | | | | 234,816 |
| 9,574 | | Hospitality Properties Trust | | | | 248,924 |
| 6,688 | | Howard Hughes Corp/The, (2) | | | | 742,368 |
| 7,108 | | Hudson Pacific Properties Inc. | | | | 247,785 |
| 4,789 | | InfraREIT Inc. | | | | 100,808 |
| 10,834 | | iStar Inc. | | | | 93,931 |
| 13,004 | | Kennedy-Wilson Holdings Inc. | | | | 280,106 |
| 4,644 | | Kilroy Realty Corp | | | | 357,170 |
| 11,052 | | MGM Growth Properties LLC | | | | 356,538 |
| 7,210 | | NorthStar Realty Europe Corp | | | | 128,554 |
| 5,188 | | Office Properties Income Trust | | | | 140,802 |
| 21,060 | | Outfront Media Inc. | | | | 501,860 |
| 17,273 | | Paramount Group Inc. | | | | 250,286 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate(continued) | | | | |
| 22,811 | | Park Hotels & Resorts Inc. | | | | $731,777 |
| 10,509 | | PotlatchDeltic Corp | | | | 406,278 |
| 7,950 | | QTS Realty Trust Inc. | | | | 360,532 |
| 21,154 | | Rayonier Inc. | | | | 672,486 |
| 16,922 | | Realogy Holdings Corp | | | | 220,324 |
| 8,107 | | Redfin Corp, (2) | | | | 167,653 |
| 7,319 | | Rexford Industrial Realty Inc. | | | | 277,317 |
| 27,397 | | RLJ Lodging Trust | | | | 504,379 |
| 868 | | RMR Group Inc/The | | | | 50,205 |
| 23,446 | | Sabra Health Care REIT Inc. | | | | 458,604 |
| 6,025 | | St Joe Co/The, (2) | | | | 102,666 |
| 36,412 | | Sunstone Hotel Investors Inc. | | | | 524,333 |
| 3,527 | | Tier REIT Inc. | | | | 99,955 |
| 17,396 | | Uniti Group Inc. | | | | 191,182 |
| 25,999 | | VICI Properties Inc. | | | | 592,777 |
| 26,219 | | Washington Prime Group Inc. | | | | 116,675 |
| 1,824 | | Washington Real Estate Investment Trust | | | | 51,510 |
| | | Total Real Estate | | | | 13,353,489 |
| | | Utilities – 2.7% | | | | |
| 14,420 | | New Jersey Resources Corp | | | | 722,154 |
| 9,037 | | NextEra Energy Partners LP | | | | 415,973 |
| 5,682 | | ONE Gas Inc. | | | | 502,971 |
| 6,239 | | Ormat Technologies Inc. | | | | 364,108 |
| 13,577 | | Pattern Energy Group Inc. | | | | 313,900 |
| 8,075 | | Southwest Gas Holdings Inc. | | | | 671,759 |
| 10,444 | | TerraForm Power Inc., (2) | | | | 141,621 |
| | | Total Utilities | | | | 3,132,486 |
| | | Total Common Stocks (cost $111,138,343) | | | | 117,694,145 |
| Shares | | Description (1) | | | | Value |
| | | COMMON STOCK RIGHTS – 0.0% | | | | |
| 1,243 | | NewStar Financial Inc., (3) | | | | $323 |
| | | Total Common Stock Rights (cost $-) | | | | 323 |
| | | Total Long-Term Investments (cost $111,138,343) | | | | 117,694,468 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments April 30, 2019
(Unaudited)
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (4) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $210 | | Federal Home Loan Banks, Discount Notes | 0.000% | 5/01/19 | N/R | $210,000 |
| | | Total Short-Term Investments (cost $210,000) | | | | 210,000 |
| | | Total Investments (cost $111,348,343) – 100.0% | | | | 117,904,468 |
| | | Other Assets Less Liabilities – 0.0% | | | | 35,528 |
| | | Net Assets – 100% | | | | $117,939,996 |
| | 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. | |
| (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. | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Statement of Assets and Liabilities
April 30, 2019
(Unaudited)
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| Assets | | | | | | | |
| Long-term investments, at value (cost $54,181,726, $52,706,443, $53,643,148, $57,934,690, $45,561,777, $53,888,624 and $111,138,343, respectively) | $55,480,884 | $52,468,872 | $60,432,635 | $59,939,183 | $51,931,643 | $56,553,753 | $117,694,468 |
| Short-term investments, at value (cost approximates value) | 130,000 | 100,000 | — | — | — | — | 210,000 |
| Cash | 27 | 7,639 | 75,116 | 89,284 | 63,938 | 80,097 | 3,593 |
| Cash denominated in foreign currencies (cost $10,580, $22,766, $—, $—, $—, $—and $—, respectively) | 10,566 | 22,856 | — | — | — | — | — |
| Receivable for: | | | | | | | |
| Dividends | 26,667 | 257,539 | 27,790 | 125,589 | 8,153 | 73,136 | 24,671 |
| Investments sold | — | — | 9,195,537 | 8,942,306 | 9,714,479 | — | 44,982 |
| Reclaims | 194 | 63,420 | 2,421 | 31 | 11 | — | 20 |
| Total assets | 55,648,338 | 52,920,326 | 69,733,499 | 69,096,393 | 61,718,224 | 56,706,986 | 117,977,734 |
| Liabilities | | | | | | | |
| Payable for: | | | | | | | |
| Capital gains tax | 7,680 | — | — | — | — | — | — |
| Investments purchased | 758 | 32,775 | — | — | — | — | — |
| Shares redeemed | — | — | 9,200,700 | 8,966,100 | 9,721,650 | — | — |
| Accrued expenses: | | | | | | | |
| Management fees | 19,698 | 17,176 | 19,738 | 19,405 | 20,045 | 17,601 | 36,550 |
| Professional fees | 175 | 217 | 247 | 225 | 213 | 190 | 368 |
| Trustees Fees | 344 | 401 | 547 | 540 | 475 | 398 | 820 |
| Total liabilities | 28,655 | 50,569 | 9,221,232 | 8,986,270 | 9,742,383 | 18,189 | 37,738 |
| Net assets | $55,619,683 | $52,869,757 | $60,512,267 | $60,110,123 | $51,975,841 | $56,688,797 | $117,939,996 |
| Shares outstanding | 2,100,000 | 2,100,000 | 1,650,000 | 2,000,000 | 1,600,000 | 2,000,000 | 3,950,000 |
| Net asset value ("NAV") per share | $26.49 | $25.18 | $36.67 | $30.06 | $32.48 | $28.34 | $29.86 |
| Net assets consist of: | | | | | | | |
| Capital paid-in | $56,094,441 | $53,939,278 | $50,740,781 | $55,941,774 | $44,675,470 | $54,135,214 | $111,809,729 |
| Total distributable earnings | (474,758) | (1,069,521) | 9,771,486 | 4,168,349 | 7,300,371 | 2,553,583 | 6,130,267 |
| Net assets | $55,619,683 | $52,869,757 | $60,512,267 | $60,110,123 | $51,975,841 | $56,688,797 | $117,939,996 |
| 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.
Statement of Operations
Six Months Ended April 30, 2019
(Unaudited)
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| Investment Income | $416,592 | $873,326 | $407,238 | $836,431 | $147,965 | $660,752 | $651,151 |
| Foreign tax withheld on dividend income | (49,349) | (74,079) | — | — | — | — | (1,024) |
| Total investment income | 367,243 | 799,247 | 407,238 | 836,431 | 147,965 | 660,752 | 650,127 |
| Expenses | | | | | | | |
| Management fees | 95,999 | 98,731 | 109,826 | 100,987 | 106,543 | 96,292 | 185,730 |
| Professional fees | 357 | 449 | 573 | 493 | 475 | 406 | 841 |
| Trustees fees | 609 | 750 | 1,046 | 957 | 860 | 752 | 1,539 |
| Total expenses | 96,965 | 99,930 | 111,445 | 102,437 | 107,878 | 97,450 | 188,110 |
| Net investment income (loss) | 270,278 | 699,317 | 295,793 | 733,994 | 40,087 | 563,302 | 462,017 |
| Realized and Unrealized Gain (Loss) | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
| Investments and foreign currency | (1,244,467) | (1,567,717) | (120,230) | 28,390 | (1,913,620) | (596,906) | (1,917,798) |
| In-kind redemptions | — | 453,307 | 2,965,651 | 1,737,635 | 2,846,431 | 193,043 | 1,382,895 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 6,199,175 | 4,045,354 | 4,538,991 | 2,193,313 | 6,564,172 | 4,017,248 | 9,823,626 |
| Net realized and unrealized gain (loss) | 4,954,708 | 2,930,944 | 7,384,412 | 3,959,338 | 7,496,983 | 3,613,385 | 9,288,723 |
| Net increase (decrease) in net assets from operations | $5,224,986 | $3,630,261 | $7,680,205 | $4,693,332 | $7,537,070 | $4,176,687 | $9,750,740 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
(Unaudited)
| | NUEM | | NUDM |
| | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 | | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 |
| Operations | | | | | |
| Net investment income (loss) | $270,278 | $794,424 | | $699,317 | $1,162,797 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (1,244,467) | (669,421) | | (1,567,717) | (271,500) |
| In-kind redemptions | — | — | | 453,307 | — |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 6,199,175 | (6,055,818) | | 4,045,354 | (4,874,240) |
| Net increase (decrease) in net assets from operations | 5,224,986 | (5,930,815) | | 3,630,261 | (3,982,943) |
| Distributions to Shareholders | | | | | |
| Dividends | (781,600) | (237,640) | | (1,207,140) | (189,750) |
| Decrease in net assets from distributions to shareholders | (781,600) | (237,640) | | (1,207,140) | (189,750) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 15,499,304 | 16,928,471 | | 11,823,219 | 23,801,244 |
| Cost of shares redeemed | — | — | | (4,760,320) | — |
| Net increase (decrease) in net assets from Fund share transactions | 15,499,304 | 16,928,471 | | 7,062,899 | 23,801,244 |
| Net increase (decrease) in net assets | 19,942,690 | 10,760,016 | | 9,486,020 | 19,628,551 |
| Net assets at the beginning of period | 35,676,993 | 24,916,977 | | 43,383,737 | 23,755,186 |
| Net assets at the end of period | $55,619,683 | $35,676,993 | | $52,869,757 | $43,383,737 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(Unaudited) (continued)
| | NULG | | NULV |
| | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 | | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 |
| Operations | | | | | |
| Net investment income (loss) | $295,793 | $342,761 | | $733,994 | $963,714 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (120,230) | 1,630,906 | | 28,390 | 732,401 |
| In-kind redemptions | 2,965,651 | 735,242 | | 1,737,635 | 1,136,754 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 4,538,991 | 1,080,686 | | 2,193,313 | (1,037,741) |
| Net increase (decrease) in net assets from operations | 7,680,205 | 3,789,595 | | 4,693,332 | 1,795,128 |
| Distributions to Shareholders | | | | | |
| Dividends | (2,078,290) | (246,220) | | (1,852,310) | (489,300) |
| Decrease in net assets from distributions to shareholders | (2,078,290) | (246,220) | | (1,852,310) | (489,300) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 10,133,730 | 34,579,855 | | 26,072,360 | 24,269,935 |
| Cost of shares redeemed | (14,434,980) | (3,291,410) | | (14,798,080) | (7,408,650) |
| Net increase (decrease) in net assets from Fund share transactions | (4,301,250) | 31,288,445 | | 11,274,280 | 16,861,285 |
| Net increase (decrease) in net assets | 1,300,665 | 34,831,820 | | 14,115,302 | 18,167,113 |
| Net assets at the beginning of period | 59,211,602 | 24,379,782 | | 45,994,821 | 27,827,708 |
| Net assets at the end of period | $60,512,267 | $59,211,602 | | $60,110,123 | $45,994,821 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(Unaudited) (continued)
| | NUMG | | NUMV | | NUSC |
| | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 | | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 | | Six Months
Ended
4/30/19 | Year
Ended
10/31/18 |
| Operations | | | | | | | | |
| Net investment income (loss) | $40,087 | $101,086 | | $563,302 | $948,596 | | $462,017 | $632,874 |
| Net realized gain (loss) from: | | | | | | | | |
| Investments and foreign currency | (1,913,620) | 2,109,805 | | (596,906) | 588,130 | | (1,917,798) | 2,114,159 |
| In-kind redemptions | 2,846,431 | 221,974 | | 193,043 | — | | 1,382,895 | 384,322 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 6,564,172 | (969,329) | | 4,017,248 | (1,712,176) | | 9,823,626 | (4,861,143) |
| Net increase (decrease) in net assets from operations | 7,537,070 | 1,463,536 | | 4,176,687 | (175,450) | | 9,750,740 | (1,729,788) |
| Distributions to Shareholders | | | | | | | | |
| Dividends | (2,222,550) | (221,130) | | (1,671,950) | (315,225) | | (2,978,020) | (387,730) |
| Decrease in net assets from distributions to shareholders | (2,222,550) | (221,130) | | (1,671,950) | (315,225) | | (2,978,020) | (387,730) |
| Fund Share Transactions | | | | | | | | |
| Proceeds from shares sold | 10,063,325 | 28,270,865 | | 8,230,315 | 24,857,815 | | 36,463,035 | 53,444,235 |
| Cost of shares redeemed | (12,790,400) | (1,454,885) | | (1,364,735) | — | | (5,742,480) | (1,508,955) |
| Net increase (decrease) in net assets from Fund share transactions | (2,727,075) | 26,815,980 | | 6,865,580 | 24,857,815 | | 30,720,555 | 51,935,280 |
| Net increase (decrease) in net assets | 2,587,445 | 28,058,386 | | 9,370,317 | 24,367,140 | | 37,493,275 | 49,817,762 |
| Net assets at the beginning of period | 49,388,396 | 21,330,010 | | 47,318,480 | 22,951,340 | | 80,446,721 | 30,628,959 |
| Net assets at the end of period | $51,975,841 | $49,388,396 | | $56,688,797 | $47,318,480 | | $117,939,996 | $80,446,721 |
See accompanying notes to financial statements.
Financial Highlights
(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 | | | | | | | | | | |
| 2019(d) | $23.78 | $0.16 | $3.04 | $3.20 | | $(0.49) | $ — | $(0.49) | $26.49 | $26.71 |
| 2018 | 27.69 | 0.59 | (4.31) | 3.72 | | (0.18) | (0.01) | (0.19) | 23.78 | 23.92 |
| 2017(e) | 24.95 | 0.20 | 2.54 | 2.74 | | — | — | — | 27.69 | 28.05 |
| NUDM | | | | | | | | | | |
| 2019(d) | 24.10 | 0.34 | 1.29 | 1.63 | | (0.55) | — | (0.55) | 25.18 | 25.45 |
| 2018 | 26.39 | 0.71 | (2.87) | (2.16) | | (0.12) | (0.01) | (0.13) | 24.10 | 24.12 |
| 2017(e) | 24.88 | 0.17 | 1.34 | 1.51 | | — | — | — | 26.39 | 26.57 |
| NULG | | | | | | | | | | |
| 2019(d) | 33.84 | 0.16 | 3.79 | 3.95 | | (0.24) | (0.88) | (1.12) | 36.67 | 36.69 |
| 2018 | 30.47 | 0.25 | 3.31 | 3.56 | | (0.09) | (0.10) | (0.19) | 33.84 | 33.87 |
| 2017(f) | 25.21 | 0.24 | 5.02 | 5.26 | | — | — | — | 30.47 | 30.53 |
| NULV | | | | | | | | | | |
| 2019(d) | 28.75 | 0.36 | 1.92 | 2.28 | | (0.57) | (0.40) | (0.97) | 30.06 | 30.07 |
| 2018 | 27.83 | 0.71 | 0.56 | 1.27 | | (0.27) | (0.08) | (0.35) | 28.75 | 28.80 |
| 2017(f) | 25.09 | 0.53 | 2.21 | 2.74 | | — | — | — | 27.83 | 27.88 |
| NUMG | | | | | | | | | | |
| 2019(d) | 29.93 | 0.02 | 3.88 | 3.90 | | (0.06) | (1.29) | (1.35) | 32.48 | 32.51 |
| 2018 | 28.44 | 0.07 | 1.58 | 1.65 | | (0.04) | (0.12) | (0.16) | 29.93 | 30.12 |
| 2017(f) | 25.10 | 0.09 | 3.25 | 3.34 | | — | — | — | 28.44 | 28.46 |
| NUMV | | | | | | | | | | |
| 2019(d) | 27.04 | 0.31 | 1.95 | 2.26 | | (0.62) | (0.34) | (0.96) | 28.34 | 28.34 |
| 2018 | 27.00 | 0.65 | (0.38) | 0.27 | | (0.19) | (0.04) | (0.23) | 27.04 | 27.09 |
| 2017(f) | 25.04 | 0.48 | 1.48 | 1.96 | | — | — | — | 27.00 | 27.01 |
| NUSC | | | | | | | | | | |
| 2019(d) | 28.23 | 0.14 | 2.47 | 2.61 | | (0.27) | (0.71) | (0.98) | 29.86 | 29.88 |
| 2018 | 27.84 | 0.35 | 0.30 | 0.65 | | (0.18) | (0.08) | (0.26) | 28.23 | 28.27 |
| 2017(f) | 25.01 | 0.27 | 2.56 | 2.83 | | — | — | — | 27.84 | 27.89 |
| | | | | | |
| | | Ratios/Supplemental Data |
| Total Return | | Ratios to Average Net Assets | |
Based
on
NAV(b) | Based
on
Market
Price(b) | Ending
Net
Assets
(000) | Expenses | Net
Investment
Income
(Loss) | Portfolio
Turnover
Rate(c) |
| | | | | | |
| 13.60% | 13.96% | $55,620 | 0.45%* | 1.27%* | 23% |
| (13.55) | (14.18) | 35,676 | 0.45 | 2.12 | 65 |
| 11.03 | 12.42 | 24,917 | 0.45* | 1.86* | 13 |
| | | | | | |
| 7.06 | 8.12 | 52,870 | 0.40* | 2.83* | 27 |
| (8.25) | (8.79) | 43,384 | 0.40 | 2.71 | 56 |
| 6.07 | 6.78 | 23,755 | 0.40* | 1.65* | 9 |
| | | | | | |
| 12.52 | 12.45 | 60,512 | 0.35* | 0.94* | 38 |
| 11.70 | 11.61 | 59,212 | 0.35 | 0.73 | 65 |
| 20.88 | 21.10 | 24,380 | 0.35* | 0.98* | 30 |
| | | | | | |
| 8.50 | 8.35 | 60,110 | 0.35* | 2.54* | 38 |
| 4.57 | 4.56 | 45,995 | 0.35 | 2.46 | 59 |
| 10.90 | 11.11 | 27,828 | 0.35* | 2.30* | 33 |
| | | | | | |
| 14.19 | 13.58 | 51,976 | 0.40* | 0.15* | 26 |
| 5.84 | 6.41 | 49,388 | 0.40 | 0.23 | 60 |
| 13.30 | 13.38 | 21,330 | 0.40* | 0.38* | 53 |
| | | | | | |
| 9.06 | 8.85 | 56,689 | 0.40* | 2.34* | 27 |
| 0.97 | 1.13 | 47,318 | 0.40 | 2.30 | 69 |
| 7.82 | 7.86 | 22,951 | 0.40* | 2.12* | 46 |
| | | | | | |
| 10.02 | 9.92 | 117,940 | 0.40* | 0.99* | 31 |
| 2.32 | 2.30 | 80,447 | 0.40 | 1.17 | 54 |
| 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) | 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). |
| (d) | For the six months ended April 30, 2019. |
| (e) | For the period June 6, 2017 (commencement of operations) through October 31, 2017. |
| (f) | For the period December 13, 2016 (commencement of operations) through October 31, 2017. |
| * | Annualized. |
See accompanying notes to financial statements.
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nushares ETF Trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is comprised of Nuveen ESG Emerging Markets Equity ETF (NUEM), Nuveen ESG International Developed Markets Equity ETF (NUDM), Nuveen ESG Large-Cap Growth ETF (NULG), Nuveen ESG Large-Cap Value ETF (NULV), Nuveen ESG Mid-Cap Growth ETF (NUMG), Nuveen ESG Mid-Cap Value ETF (NUMV) and Nuveen ESG Small-Cap ETF (NUSC) (each a "Fund" and collectively, the "Funds"), as diversified funds, among others. Effective January 18, 2019 each Fund changed its name from "Nushares" to "Nuveen." 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, 2019 and the period covered by these Notes to Financial Statements is the six months ended April 30, 2019 (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 sub-advisory agreements 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 each Fund 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 | $754 | $32,617 |
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”).
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, credit spreads, 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
Notes to Financial Statements(Unaudited) (continued)
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.
Prices of fixed-income securities are provided by the pricing service ("pricing service") approved by the Board. The pricing service establishes a security’s fair value using methods that 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. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
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 a 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 | $54,317,622 | $1,113,467** | $619*** | $55,431,708 |
| Common Stock Rights | — | 49,176** | — | 49,176 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 130,000 | — | 130,000 |
| Total | $54,317,622 | $1,292,643 | $619 | $55,610,884 |
| NUDM | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $52,468,872 | $ — | $ — | $52,468,872 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 100,000 | — | 100,000 |
| Total | $52,468,872 | $100,000 | $ — | $52,568,872 |
| NULG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $60,432,635 | $ — | $ — | $60,432,635 |
| NULV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $59,939,183 | $ — | $ — | $59,939,183 |
| NUMG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $51,931,643 | $ — | $ — | $51,931,643 |
| NUMV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $56,553,753 | $ — | $ — | $56,553,753 |
| NUSC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $117,694,145 | $ — | $ — | $117,694,145 |
| Common Stock Rights | — | — | 323*** | 323 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 210,000 | — | 210,000 |
| Total | $117,694,145 | $210,000 | $323 | $117,904,468 |
| * | 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. |
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 their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
As of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:
| NUEM | Value | % of
Net Assets |
| Country: | | |
| China | $17,954,121 | 32.3% |
| Taiwan | 7,097,515 | 12.8 |
| Korea, Republic of | 6,360,198 | 11.4 |
| India | 5,867,407 | 10.5 |
| Brazil | 3,897,467 | 7.0 |
| South Africa | 3,713,240 | 6.7 |
| Mexico | 1,666,085 | 3.0 |
| Thailand | 1,368,188 | 2.4 |
| Malaysia | 1,343,891 | 2.4 |
| Indonesia | 1,281,309 | 2.3 |
| Other | 4,931,463 | 9.0 |
| Total non-U.S. securities | $55,480,884 | 99.8% |
Notes to Financial Statements(Unaudited) (continued)
| NUDM | Value | % of
Net Assets |
| Country: | | |
| Japan | $12,396,010 | 23.4% |
| United Kingdom | 8,526,609 | 16.1 |
| France | 5,938,851 | 11.2 |
| Germany | 4,870,378 | 9.2 |
| Switzerland | 4,350,111 | 8.2 |
| Australia | 3,605,198 | 6.8 |
| Hong Kong | 2,106,299 | 4.0 |
| Spain | 1,774,381 | 3.4 |
| Sweden | 1,632,639 | 3.1 |
| Netherlands | 1,567,447 | 3.0 |
| Other | 5,700,949 | 10.8 |
| Total non-U.S. securities | $52,468,872 | 99.2% |
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. London Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although each Fund is authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Only certain institutional investors (referred to as “Authorized Participants”) who have entered into agreements with Nuveen Securities, LLC, the Funds' distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market prices and are only available to individual investors through their brokers.
Creation Units are purchased and redeemed in-kind for a designated portfolio of securities included in each Fund’s respective Index and/or a specified amount of cash. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or selling portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” on the Statements of Changes in Net Assets.
Transactions in Fund shares during the current fiscal period were as follows:
| | NUEM | | NUDM |
| | Six Months Ended
4/30/19 | | Year Ended
10/31/18 | | Six Months Ended
4/30/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 600,000 | $15,499,304 | | 600,000 | $16,928,471 | | 500,000 | $11,823,219 | | 900,000 | $23,801,244 |
| Shares redeemed | — | — | | — | — | | (200,000) | (4,760,320) | | — | — |
| Net increase (decrease) | 600,000 | $15,499,304 | | 600,000 | $16,928,471 | | 300,000 | $7,062,899 | | 900,000 | $23,801,244 |
| | NULG | | NULV |
| | Six Months Ended
4/30/19 | | Year Ended
10/31/18 | | Six Months Ended
4/30/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 300,000 | $10,133,730 | | 1,050,000 | $34,579,855 | | 900,000 | $26,072,360 | | 850,000 | $24,269,935 |
| Shares redeemed | (400,000) | (14,434,980) | | (100,000) | (3,291,410) | | (500,000) | (14,798,080) | | (250,000) | (7,408,650) |
| Net increase (decrease) | (100,000) | $(4,301,250) | | 950,000 | $31,288,445 | | 400,000 | $11,274,280 | | 600,000 | $16,861,285 |
| | NUMG | | NUMV |
| | Six Months Ended
4/30/19 | | Year Ended
10/31/18 | | Six Months Ended
4/30/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 350,000 | $10,063,325 | | 950,000 | $28,270,865 | | 300,000 | $8,230,315 | | 900,000 | $24,857,815 |
| Shares redeemed | (400,000) | (12,790,400) | | (50,000) | (1,454,885) | | (50,000) | (1,364,735) | | — | — |
| Net increase (decrease) | (50,000) | $(2,727,075) | | 900,000 | $26,815,980 | | 250,000 | $6,865,580 | | 900,000 | $24,857,815 |
| | NUSC |
| | Six Months Ended
4/30/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount |
| Shares sold | 1,300,000 | $36,463,035 | | 1,800,000 | $53,444,235 |
| Shares redeemed | (200,000) | (5,742,480) | | (50,000) | (1,508,955) |
| Net increase (decrease) | 1,100,000 | $30,720,555 | | 1,750,000 | $51,935,280 |
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 | $21,138,611 | $13,588,844 | $23,466,296 | $21,546,768 | $13,492,676 | $13,238,012 | $29,621,056 |
| Sales | 10,198,289 | 13,997,228 | 25,154,708 | 22,601,387 | 15,623,165 | 14,318,356 | 31,709,263 |
Notes to Financial Statements(Unaudited) (continued)
In-kind transactions during the current fiscal period were as follows:
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| In-kind purchases | $3,995,843 | $11,270,457 | $10,109,440 | $25,979,283 | $10,044,750 | $8,215,169 | $36,288,662 |
| In-kind sales | — | 4,540,614 | 14,422,953 | 14,763,980 | 12,777,305 | 1,360,877 | 5,698,857 |
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, 2019.
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| Tax cost of investments | $54,448,068 | $52,881,472 | $53,648,722 | $57,969,808 | $45,579,176 | $53,905,010 | $111,410,058 |
| Gross unrealized: | | | | | | | |
| Appreciation | $4,256,866 | $3,142,267 | $8,426,539 | $3,812,904 | $7,641,115 | $4,667,671 | $11,861,131 |
| Depreciation | (3,094,050) | (3,454,867) | (1,642,626) | (1,843,529) | (1,288,648) | (2,018,928) | (5,366,721) |
| Net unrealized appreciation (depreciation) of investments | $1,162,816 | $(312,600) | $6,783,913 | $1,969,375 | $6,352,467 | $2,648,743 | $6,494,410 |
Permanent differences, primarily due to foreign currency transactions, redemption in-kind, capital gain tax expense, federal taxes paid, distribution reallocations and investments in passive foreign investment companies, resulted in reclassifications among the Funds' components of net assets as of October 31, 2018, the Funds' last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2018, the Funds' last tax year end, were as follows:
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| Undistributed net ordinary income1 | $696,064 | $1,105,230 | $1,858,047 | $1,483,975 | $1,854,764 | $1,324,031 | $2,253,415 |
| Undistributed net long-term capital gains | — | — | 66,602 | 67,290 | 342,792 | 93,320 | 433,348 |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2018 was designated for purposes of the dividends paid deduction as follows:
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| Distributions from net ordinary income1 | $237,640 | $189,750 | $246,098 | $486,906 | $220,545 | $310,481 | $381,407 |
| Distributions from net long-term capital gains | — | — | 122 | 2,394 | 585 | 4,744 | 6,323 |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
As of October 31, 2018, the Funds’ last tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | NUEM | NUDM |
| Not subject to expiration: | | |
| Short-term | $457,682 | $235,983 |
| Long-term | 104,477 | — |
| Total | $562,159 | $235,983 |
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 | $4,134,458 | $6,077,600 | $3,186,741 | $2,350,274 | $774,542 |
| Sales | 1,793,747 | 2,629,413 | 2,636,385 | 1,747,234 | 559,596 |
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 | 1,400,000 | 1,300,000 | 650,000 | 400,000 | 750,000 | 1,200,000 | 725,000 |
8. New Accounting Pronouncements
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds’ financial statements.
Additional Fund Information
Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Teachers Advisors, LLC
730 Third Avenue
New York, NY 10017-3206
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Street
Chicago, IL 60601
Adminstrator, Custodian
and Transfer Agent
Brown Brothers Harriman
50 Post Office Square
Boston, MA 0210
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Morgan, Lewis & Bockius LLP
111 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 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, 2019 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 1.01% to 3.00% | 50 | 41.0% | | 8 | 6.6% |
| 0.51% to 1.00% | 46 | 37.7% | | 26 | 21.3% |
| 0.26% to 0.50% | 11 | 9.0% | | 20 | 16.4% |
| 0.00 to 0.25% | 7 | 5.7% | | 28 | 22.9% |
| (0.01)% to (0.25)% | 3 | 2.5% | | 22 | 18.0% |
| (0.26)% to (0.50)% | 2 | 1.6% | | 12 | 9.8% |
| (0.51)% to (1.00)% | 3 | 2.5% | | 3 | 2.5% |
| (1.01)% to (3.00)% | — | 0.0% | | 3 | 2.5% |
| | 122 | 100% | | 122 | 100% |
| | NULG | | NULV |
| Six Months Ended April 30, 2019 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 0.00% to 0.25% | 113 | 92.6% | | 103 | 84.4% |
| (0.01)% to (0.25)% | 9 | 7.4% | | 19 | 15.6% |
| | 122 | 100% | | 122 | 100% |
| | NUMG | | NUMV |
| Six Months Ended April 30, 2019 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 0.00% to 0.25% | 113 | 92.6% | | 109 | 89.3% |
| (0.01)% to (0.25)% | 9 | 7.4% | | 13 | 10.7% |
| | 122 | 100% | | 122 | 100% |
| | NUSC |
| Six Months Ended April 30, 2019 | | | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 0.00% to 0.25% | | | | 120 | 98.4% |
| (0.01)% to (0.25)% | | | | 2 | 1.6% |
| | | | | 122 | 100% |
Additional Fund Information(continued)
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 as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
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 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.FINRA.org.
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 Nuveen 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 Nuveen ESG International Developed Markets Equity ETF (“Fund”) is not sponsored, endorsed, issued, sold or promoted by or affiliated with MSCI Inc. MSCI Inc. does not make any representation regarding the advisability of investing in the Fund. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
TIAA ESG USA Large-Cap Growth Index:Based on the MSCI USA Growth index, its parent index, which captures large cap securities exhibiting overall growth style characteristics in the U.S. The TIAA ESG USA Large-Cap Growth Index is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Large-Cap Value Index: Based on the MSCI USA Value index, its parent index, which captures large-cap U.S. securities exhibiting overall value style characteristics. The TIAA ESG Large-Cap Value is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Mid-Cap Growth Index: Based on the MSCI USA Mid-Cap Growth Index, its parent index, which captures mid cap securities exhibiting overall growth style characteristics in the US. The TIAA ESG USA Mid-Cap Growth is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Mid-Cap Value Index:Based on the MSCI USA Mid-Cap Value Index, its parent index, which captures mid-cap securities exhibiting overall value style characteristics in the U.S. The TIAA ESG USA Mid-Cap Value Index is designed to represent the performance of a TIAA strategy that aims to increase exposure to positive environmental, social and governance (ESG) factors and exhibit lower carbon exposure as compared to the MSCI USA Mid-Cap Value Index. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
TIAA ESG USA Small-Cap Index: Based on the MSCI USA Small-Cap Index, its parent index, which captures small-cap securities exhibiting overall style characteristics in the U.S. The TIAA ESG USA Small-Cap Index is designed to represent the performance of a TIAA strategy that aims to increase exposure to positive environmental, social and governance (ESG) factors and exhibit lower carbon exposure as compared to the MSCI USA Small-Cap Index. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment management arm of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/exchange-traded-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com NSA-NSESG-0419D780993-INV-B-03/20
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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-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 Rule30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. 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.
(a)(4) Change in registrant’s independent public accountant. Not applicable.
(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 8, 2019
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/ Jordan Farris | | |
| | | | Jordan Farris Chief Administrative Officer (principal executive officer) | | |
Date: July 8, 2019
| | | | | | |
| By | | (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | | | E. Scott Wickerham Vice President and Controller (principal financial officer) | | |
Date: July 8, 2019
