UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23161
Nushares ETF Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code:(312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: October 31, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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.
| 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 ETF | | Cboe BZX Exchange, Inc. | NULC | | |
| 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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Chair’s Letter to Shareholders
Dear Shareholders,
Financial markets have been receiving mixed messages over the past year. The global economy has bifurcated, split between a slumping manufacturing sector and a resilient consumer. Confidence has been weakened among corporate managements, who are wary of trade frictions and moderating global growth, but has remained elevated among consumers, who have benefited from tight labor markets and growing wages. As the economic cycle advances toward its later stage, corporate profits are shrinking and earnings forecasts are being downgraded. A waning growth outlook has held interest rates near historically low levels, while stock market indexes have overcome periodic volatility to touch historical highs.
While we continue to anticipate slower economic growth and increased market volatility, we note that recession fears have receded from earlier in the year. The U.S. economy held steady in the third quarter, and nearer-term economic indicators have provided upside surprises. Consumer confidence remains underpinned by low unemployment and modest wage growth. Looser financial conditions, in part driven by the Federal Reserve’s three interest rate cuts in 2019, have revived momentum in the housing market and should continue to encourage borrowing by consumers and businesses. Outside the U.S., Germany avoided a recession in the second half of 2019 and other eurozone economic indicators are pointing to stabilization and improving sentiment. Consumers in Europe and Japan, like those in the U.S., have remained supported by jobs growth and rising wages. Although the outcomes of trade, Brexit and other geopolitical concerns continue to be uncertain, some clarity on these issues could be a potential source of upside.
At Nuveen, we still see investment opportunities in the maturing economic environment, but we are taking a selective approach. If you’re concerned about where the markets are headed from here, we encourage you to work with your financial advisor to review 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
Chair of the Board
December 23, 2019
Portfolio Managers’
Comments
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Nuveen ESG Large-Cap ETF (NULC)
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 feature portfolio management by Teachers Advisors, LLC, an affiliate of Nuveen, LLC. Below, the Funds’ portfolio managers, Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, discuss U.S. and international economic and market conditions, key investment strategies and the performance of the Funds during the twelve-month reporting period (for NULC, from the commencement of operations on June 3, 2019 through October 31, 2019). Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016 (for NULG, NULV, NUMG, NUMV and NUSC), June 6, 2017 (for NUDM and NUEM) and June 3, 2019 (for NULC).
What factors affected the U.S. economy and the global stock markets during the twelve-month annual reporting period ended October 31, 2019?
The U.S. economy reached the tenth year of expansion since the previous recession ended in June 2009, marking the longest expansion in U.S. history. In the third quarter of 2019, gross domestic product (GDP) grew at an annualized rate of 2.1%, according to the “second” estimate by the Bureau of Economic Analysis. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Growth in consumer spending and the housing sector helped offset a decline in business investment during the July to September 2019 period. By comparison, annualized GDP growth was 2.0% in the second quarter and 3.1% in the first quarter.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.6% in October 2019 from 3.8% in October 2018 and job gains averaged around 174,000 per month for the past twelve months. As the jobs market has tightened, average hourly earnings grew at an annualized rate of 3.0% in October 2019. However, falling energy prices dampened inflation over the past twelve months. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.8% over the twelve-month reporting period ended October 31, 2019 before seasonal adjustment.
Low mortgage rates and low inventory drove home prices moderately higher in this reporting period, despite declining new home sales and housing starts. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 3.2% year-over-year in September 2019 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 1.5% and 2.1%, respectively.
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)
As data pointed to slower momentum in the overall economy, the Federal Reserve (Fed) notably shifted its stance. Although the Fed had indicated in December 2018 that there could be two more rate hikes in 2019, global growth concerns kept the central bank on the sidelines. As expected by the markets, the Fed left rates unchanged throughout the first half of 2019 while speculation increased that the Fed’s next move would be a rate cut. At the July 2019, September 2019 and October 2019 policy committee meetings, the Fed announced a 0.25% cut to its main policy rate. Markets registered disappointment with the Fed’s explanation that the rate cuts were a “mid-cycle adjustment,” rather than a prolonged easing period, and its signal that there would be no additional rate cuts in 2019. Also in the latter half of 2019, the Fed announced it would stop shrinking its bond portfolio sooner than scheduled, as well as began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. Fed Chairman Powell emphasized that the Treasury bill purchases were not a form of quantitative easing.
During the twelve-month reporting period, geopolitical news remained a prominent market driver. Tariff and trade policy topped the list of concerns, most prominently the U.S.-China relations. After several rounds of talks and a series of tariff increases, President Trump and President Xi agreed to another temporary trade truce in late June 2019 that halted additional tariff increases. Tensions increased markedly after the July 2019 negotiations ended without an agreement, with both China and the U.S. increasing import duties. After setting new trade meetings in September and October 2019, tariff waivers were announced on a selected group of U.S. and Chinese goods and the two sides signaled progress toward a partial trade deal. The U.S., Mexico and Canada Agreement (USMCA) trade deal replacing the North American Free Trade Agreement had yet to be ratified by the national congresses (subsequent to the close of the reporting period, the trade deal was passed by the House of Representatives), while President Trump rescinded the threat to impose tariffs on Mexico if the country didn’t take more action to curb illegal immigration. With the U.S. House of Representatives opening an impeachment inquiry into President Trump, ratification of the USMCA deal was expected to be delayed. The Trump administration delayed imposing auto tariffs on the European Union (EU), as it continued to focus more on the China trade negotiations, but duties on $7.5 billion worth of EU goods including wine and cheese went into effect in October 2019 in retaliation for a dispute over aircraft subsidies. Global manufacturing and export data continued to show evidence of trade-related slumps, which increased worries that the slowdown would spread into other segments of the global economy.
In the U.K., Prime Minister Theresa May was unable to secure a Brexit deal before the original March 29, 2019 deadline and resigned as of June 7, 2019. The EU extended the deadline to October 31, 2019, which Prime Minister May’s successor, Boris Johnson, was unable to meet after a series of political maneuvers failed to secure an approval for his exit plan. In October 2019, the EU approved a “flextension” to January 31, 2020 and a U.K. general election was scheduled for December (subsequent to the close of the reporting period, on December 19, 2019, the British Parliament passed the Brexit Bill). In Italy, investors worried about another potential budget clash between the eurosceptic coalition government and the EU. However, following the unexpected resignation of the prime minister in August 2019, the newly formed coalition government appeared to take a less antagonistic stance. Europe also contended with the “yellow vest” protests in France, immigration policy concerns, Russian sanctions and political risk in Turkey.
Elections around the world also remained a source of uncertainty. Markets continued to closely monitor the new administrations in Brazil and Mexico, as well as Argentina’s presidential election. Incumbent candidate President Macri, seen as market-friendly, suffered a surprising defeat in the August 2019 primary, and the Peronist ticket of Alberto Fernandez/Cristina Fernandez de Kirchner won as expected in the October 2019 election. Europe’s traditional centrist parties lost seats in the Parliamentary elections and populist parties saw marginal gains. The ruling parties in India and South Africa maintained their majorities, where slower economic growth could complicate their respective reform mandates.
What key strategies were used to manage the Funds during the twelve-month reporting period (for NULC, from the commencement of operations on June 3, 2019 through October 31, 2019) and how did these strategies influence performance?
The Funds employ a passive management (or “indexing”) approach, seeking to track the investment results, before fees and expenses, of their respective indexes, which are comprised solely of equity securities selected from a base index that meet certain environment, social and governance (“ESG”) criteria. ESG performance is measured on an industry-specific basis, with assessment categories varying by industry. Environmental assessment categories can include a company’s impact on climate change, natural resource use, and waste management and emission management. Social evaluation categories can include a company’s relations with employees and suppliers, product safety and sourcing practices. Governance assessment categories can include a company’s corporate gov-
ernance practices and business ethics. The ESG criteria also consider how well a company adheres to national and international laws and regulations as well as commonly accepted global norms related to ESG matters. Each index generally excludes companies with significant activities in certain controversial businesses, including those involving alcohol, tobacco, military weapons, firearms, nuclear power and gambling, among others.
Companies that meet the ESG criteria are then ranked within their respective sectors based on their ESG performance score. The highest ranked companies in each sector are identified as eligible for inclusion in each index until such point that the aggregate weight of companies in the sector reaches 50% of the market cap of such sector in the respective base index. For example, if the market capitalization of all consumer discretionary sector companies included in a base index totals $200 million, then the index would screen these consumer discretionary sector companies, rank them based on ESG performance scores, and add the highest scoring companies to the index until such point that their combined total market capitalization reaches $100 million. Companies otherwise eligible for inclusion in the index that exceed certain carbon-based ownership and emissions thresholds are excluded from the index. Once the universe of eligible index components is established, the index provider optimizes the weightings of individual components to approximate the sector weightings of the base index, within certain constraints established by the index.
You cannot invest directly in an index. Each Fund seeks to track its index by investing all, or substantially all, of its assets in the securities represented in its index in approximately the same proportions as the index. Each Fund rebalances its holdings quarterly in response to the quarterly rebalance of its index, which occurs in February, May, August and November.
NUEM seeks to track the investment results, before fees and expenses, of the TIAA ESG Emerging Markets Equity Index (the “NUEM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with emerging markets that meet certain ESG criteria. The NUEM Index selects from the securities included in the MSCI Emerging Markets Index (the “NUEM Base Index”), which currently consists of large- and mid-capitalization companies located in one of the following 24 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index (the “NUDM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with developed markets, excluding the United States and Canada, that meet certain ESG criteria. The NUDM Index selects from the securities included in the MSCI EAFE Index (the “NUDM Base Index”), which currently 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.
NULC seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Index (the “NULC Index”), which is comprised of equity securities issued by large capitalization companies listed on U.S. exchanges that meet certain environmental, social and governance (“ESG”) criteria. The Index selects from the securities included in the MSCI USA Index (the “NULC 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. Securities in the Base Index are weighted based on market capitalization.
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
Portfolio Managers’ Comments(continued)
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, twelve-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, twelve-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.
During the twelve-month reporting period, global equity markets performed well. Despite a backdrop of moderating global economic growth, mixed messages from economic indicators and geopolitical tensions, the expectation and eventual follow through of monetary easing by central banks, especially in developed markets, bolstered investor appetite for equities. U.S. stocks outperformed international developed markets and emerging markets, as the U.S. economy looked comparatively strong versus the rest of the world. Within the U.S. market, large- and mid-cap growth stocks were the top performing segments, followed by large- and mid-cap value, while small-cap stocks had the smallest gain in the reporting period.
How did the Funds perform during the twelve-month reporting period and for the Nuveen ESG Large-Cap ETF since its commencement of operations on June 3, 2019 through October 31, 2019?
The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance for the one-year and/or since inception periods through October 31, 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 respective reporting periods. 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.
In absolute performance terms, the seven Funds posted positive performance in the twelve-month reporting period, as did NULC during the abbreviated reporting period. NULG and NUMG had the largest absolute returns in the twelve-month reporting period, driven by the strong performance of U.S. technology stocks. The technology sector was among the top performing sectors in the U.S. market, and the two growth-oriented Funds had the largest exposures to the sector. Additionally, NULC’s largest sector allocation is also in the technology sector, which performed well during the abbreviated reporting period. The largest sector weight in the two value-oriented Funds, NULV and NUMV, was financials, which had a relatively muted gain in the twelve-month reporting period. While sector
performance across the large- and mid-cap segments was largely positive on a sector-by-sector basis, small-cap sector performance was mixed, with several sectors ending the reporting period in negative territory. As a result, NUSC’s absolute performance lagged that of the other U.S. Funds. Across the market capitalization spectrum, energy was, by far, the worst performing sector in the reporting period but it is also among the smallest sector allocations in each U.S. Fund.
International (non-U.S.) developed market equities and emerging market equities also rose over the twelve-month period but by a smaller magnitude than the U.S. equity market. Equities in Japan and the U.K., which are NUDM’s largest country exposures, delivered positive performance over the reporting period, but concerns about the impacts of trade conflicts and Brexit moderated the advance. Developed market equities were led by New Zealand, the Netherlands and Italy. The bottom performers among developed markets included Norway, Austria and Israel, and NUDM holds smaller allocations to these countries. NUEM’s performance was driven by strong results from China, Taiwan and India, which are among the Fund’s largest country weightings. The weakest performing emerging markets, Argentina, Pakistan and Chile, are among the smallest exposures in NUEM. NUEM’s relative underperformance is mainly attributable to the transaction costs related to the Fund’s acquisition of emerging markets equity securities in addition to the fees and expenses incurred by the Fund that are not incurred by the NUEM Index. As NUEM increases in size, we expect a reduction in tracking error as transaction costs decline as a percentage of NUEM’s net assets.
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 ETF (NULC)
Investing involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don't use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund's prospectus.
Nuveen 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 stockstend 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 stocksmay 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 ratio represents each Fund's total operating expenses as reflected in each Fund's 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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NUEM at NAV | 9.68% | 2.17% |
| NUEM at Market Price | 9.70% | 2.39% |
| TIAA ESG Emerging Markets Equity Index | 10.46% | 2.89% |
| MSCI Emerging Markets Index | 11.86% | 3.72% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NUEM at NAV | (3.77)% | 0.68% |
| NUEM at Market Price | (3.10)% | 1.07% |
Since inception returns are from 6/6/17. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NUDM at NAV | 13.71% | 4.31% |
| NUDM at Market Price | 14.10% | 4.49% |
| TIAA ESG International Developed Markets Equity Index | 14.02% | 4.59% |
| MSCI EAFE Index | 11.04% | 3.89% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NUDM at NAV | 0.16% | 2.62% |
| NUDM at Market Price | 0.74% | 2.92% |
Since inception returns are from 6/6/17. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Nuveen ESG Large-Cap ETF (NULC)
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 October 31, 2019
| | Cumulative |
| | Since
Inception |
| NULC at NAV | 12.22% |
| NULC at Market Price | 12.14% |
| TIAA ESG USA Large-Cap Index | 12.32% |
| MSCI USA Index | 11.40% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Cumulative |
| | Since
Inception |
| NULC at NAV | 10.15% |
| NULC at Market Price | 10.20% |
Since inception returns are from 6/3/19. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios(continued)
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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NULG at NAV | 19.57% | 18.08% |
| NULG at Market Price | 19.53% | 18.11% |
| TIAA ESG USA Large-Cap Growth Index | 20.03% | 18.53% |
| MSCI USA Growth Index | 17.65% | 17.38% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NULG at NAV | 5.82% | 17.66% |
| NULG at Market Price | 5.92% | 17.71% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NULV at NAV | 13.80% | 10.11% |
| NULV at Market Price | 13.59% | 10.10% |
| TIAA ESG USA Large-Cap Value Index | 14.23% | 10.50% |
| MSCI USA Value Index | 11.07% | 8.27% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NULV at NAV | 7.25% | 10.04% |
| NULV at Market Price | 7.17% | 10.08% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios(continued)
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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NUMG at NAV | 16.93% | 12.44% |
| NUMG at Market Price | 16.41% | 12.51% |
| TIAA ESG USA Mid-Cap Growth Index | 17.43% | 12.93% |
| MSCI USA Mid-Cap Growth Index | 17.48% | 12.22% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NUMG at NAV | 0.53% | 12.15% |
| NUMG at Market Price | 0.51% | 12.19% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NUMV at NAV | 13.51% | 7.62% |
| NUMV at Market Price | 13.57% | 7.71% |
| TIAA ESG USA Mid-Cap Value Index | 14.00% | 8.06% |
| MSCI USA Mid-Cap Value Index | 11.08% | 7.45% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NUMV at NAV | 5.04% | 7.19% |
| NUMV at Market Price | 5.17% | 7.26% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios(continued)
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 October 31, 2019
| | Average Annual |
| | 1-Year | Since
Inception |
| NUSC at NAV | 9.24% | 7.89% |
| NUSC at Market Price | 9.26% | 7.95% |
| TIAA ESG USA Small-Cap Index | 9.73% | 8.36% |
| MSCI USA Small-Cap Index | 7.88% | 7.87% |
Average Annual Total Returns as of September 30, 2019 (Most Recent Calendar Quarter)
| | Average Annual |
| | 1-Year | Since
Inception |
| NUSC at NAV | (3.76)% | 7.59% |
| NUSC at Market Price | (3.60)% | 7.65% |
Since inception returns are from 12/13/16. Indexes are not available for direct investment.
Expense Ratio as of Most Recent Prospectus
Growth of an Assumed $10,000 Investment as of October 31, 2019
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Holding Summaries as of October 31, 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 | 99.9% |
| Corporate Bonds | 0.0% |
| Common Stock Rights | 0.0% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | (0.1)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.0% |
| Alibaba Group Holding Ltd, Sponsored ADR | 5.6% |
| Tencent Holdings Ltd | 5.5% |
| Itau Unibanco Holding SA | 2.0% |
| Tata Consultancy Services Ltd | 1.8% |
Portfolio Composition
(% of net assets) | |
| Financials | 22.5% |
| Information Technology | 14.5% |
| Consumer Discretionary | 14.3% |
| Materials | 10.9% |
| Communication Services | 9.7% |
| Industrials | 8.5% |
| Consumer Staples | 7.2% |
| Energy | 4.2% |
| Utilities | 3.0% |
| Health Care | 2.6% |
| Real Estate | 2.5% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | (0.1)% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| China | 33.4% |
| Taiwan | 13.5% |
| Korea, Republic of | 10.4% |
| India | 9.4% |
| Brazil | 8.0% |
| South Africa | 4.5% |
| Thailand | 2.9% |
| Mexico | 2.8% |
| Saudi Arabia | 2.5% |
| Malaysia | 1.9% |
| Other | 10.8% |
| Other Assets Less Liabilities | (0.1)% |
| Net Assets | 100% |
Holding Summaries as of October 31, 2019 (continued)
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.6% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Nestle SA | 3.4% |
| Roche Holding AG | 2.7% |
| AstraZeneca PLC | 2.1% |
| Siemens AG | 1.9% |
| Sony Corp | 1.8% |
Portfolio Composition
(% of net assets) | |
| Financials | 18.7% |
| Industrials | 18.3% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 12.1% |
| Health Care | 9.6% |
| Materials | 7.9% |
| Communication Services | 6.3% |
| Information Technology | 4.4% |
| Utilities | 3.6% |
| Real Estate | 3.6% |
| Energy | 2.1% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| Japan | 24.7% |
| United Kingdom | 16.0% |
| France | 11.5% |
| Germany | 9.0% |
| Switzerland | 8.9% |
| Australia | 6.6% |
| Hong Kong | 3.4% |
| Netherlands | 3.4% |
| Sweden | 2.9% |
| Spain | 2.8% |
| Other | 10.4% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Nuveen ESG Large-Cap ETF (NULC)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| Other Assets Less Liabilities | 0.3% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 22.0% |
| Health Care | 13.3% |
| Financials | 12.6% |
| Consumer Discretionary | 11.4% |
| Communication Services | 9.9% |
| Industrials | 8.9% |
| Consumer Staples | 7.2% |
| Energy | 3.9% |
| Materials | 3.8% |
| Real Estate | 3.7% |
| Utilities | 3.0% |
| Other Assets Less Liabilities | 0.3% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Microsoft Corp | 5.2% |
| Alphabet Inc., Class C | 2.7% |
| Procter & Gamble Co | 2.4% |
| Home Depot Inc | 2.3% |
| Verizon Communications Inc | 2.1% |
Holding Summaries as of October 31, 2019 (continued)
Nuveen ESG Large-Cap Growth ETF (NULG)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.0% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 30.3% |
| Consumer Discretionary | 17.9% |
| Industrials | 13.3% |
| Health Care | 11.5% |
| Communication Services | 10.0% |
| Financials | 5.5% |
| Consumer Staples | 3.8% |
| Materials | 3.0% |
| Real Estate | 2.9% |
| Energy | 1.6% |
| 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) | |
| Microsoft Corp | 8.9% |
| Alphabet Inc., Class C | 3.9% |
| Home Depot Inc | 3.1% |
| Mastercard Inc, Class A | 3.0% |
| Alphabet Inc., Class A | 3.0% |
Nuveen ESG Large-Cap Value ETF (NULV)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Financials | 22.0% |
| Health Care | 14.9% |
| Consumer Staples | 12.5% |
| Information Technology | 11.5% |
| Communication Services | 8.6% |
| Utilities | 6.8% |
| Industrials | 5.9% |
| Energy | 5.6% |
| Real Estate | 4.5% |
| Consumer Discretionary | 3.9% |
| Materials | 3.6% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Procter & Gamble Co | 3.6% |
| Intel Corp | 3.3% |
| Verizon Communications Inc | 3.1% |
| Walt Disney Co | 2.9% |
| Merck & Co Inc | 2.9% |
Holding Summaries as of October 31, 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 | 23.9% |
| Industrials | 23.0% |
| Health Care | 18.5% |
| Consumer Discretionary | 10.3% |
| Communication Services | 5.9% |
| Materials | 5.7% |
| Real Estate | 4.6% |
| Financials | 3.9% |
| Energy | 1.8% |
| Consumer Staples | 1.6% |
| Utilities | 0.7% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| SBA Communications Corp | 2.4% |
| IDEXX Laboratories Inc | 2.4% |
| Cintas Corp | 2.4% |
| ResMed Inc | 2.4% |
| Ball Corp | 2.2% |
Nuveen ESG Mid-Cap Value ETF (NUMV)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.0% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Financials | 21.4% |
| Real Estate | 17.9% |
| Consumer Discretionary | 17.4% |
| Information Technology | 8.2% |
| Industrials | 7.9% |
| Utilities | 6.7% |
| Materials | 6.2% |
| Consumer Staples | 4.4% |
| Health Care | 3.8% |
| Communication Services | 3.1% |
| Energy | 2.8% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.0% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Eversource Energy | 2.6% |
| HCP Inc | 2.2% |
| CMS Energy Corp | 2.2% |
| Mid-America Apartment Communities Inc. | 2.1% |
| Arch Capital Group Ltd | 2.1% |
Holding Summaries as of October 31, 2019 (continued)
Nuveen ESG Small-Cap ETF (NUSC)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.9% |
| Common Stock Rights | 0.0% |
| U.S. Government and Agency Obligations | 0.6% |
| Other Assets Less Liabilities | (0.5)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 17.4% |
| Financials | 15.5% |
| Industrials | 15.1% |
| Health Care | 12.4% |
| Real Estate | 12.1% |
| Consumer Discretionary | 11.7% |
| Materials | 4.7% |
| Consumer Staples | 3.1% |
| Utilities | 2.8% |
| Energy | 2.6% |
| Communication Services | 2.5% |
| U.S. Government and Agency Obligations | 0.6% |
| Other Assets Less Liabilities | (0.5)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Brown & Brown Inc | 1.0% |
| Booz Allen Hamilton Holding Corp | 1.0% |
| First American Financial Corp | 1.0% |
| Starwood Property Trust Inc. | 1.0% |
| Service Corp International/US | 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.Since NULC's expense example below reflects only the first 151 days of the Fund's operations, it may not provide a meaningful understanding of the Fund's ongoing expenses.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended October 31, 2019.
The beginning of the period of NULC is June 3, 2019 (commencement of operations). The beginning of the period for NUEM, NUDM, NULG, NULV, NUMG, NUMV and NUSC is May 1, 2019.
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 | $965.50 |
| Expenses Incurred During Period | $2.23 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.94 |
| Expenses Incurred During the Period | $2.29 |
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 184/365 (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 | $1,062.10 |
| Expenses Incurred During Period | $2.08 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.19 |
| Expenses Incurred During the Period | $2.04 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen ESG Large-Cap ETF (NULC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,122.20 |
| Expenses Incurred During Period | $0.88 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,024.20 |
| Expenses Incurred During the Period | $0.84 |
Expenses are equal to Fund's annualized net expense ratio of 0.20% multiplied by the average account value over the period, multiplied by 151/365 (to reflect the 151 days in the period since commencement of operations).
Nuveen ESG Large-Cap Growth ETF (NULG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,062.60 |
| Expenses Incurred During Period | $1.82 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.44 |
| Expenses Incurred During the Period | $1.79 |
Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen ESG Large-Cap Value ETF (NULV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,048.80 |
| Expenses Incurred During Period | $1.81 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.44 |
| Expenses Incurred During the Period | $1.79 |
Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen ESG Mid-Cap Growth ETF (NUMG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,024.00 |
| Expenses Incurred During Period | $2.04 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.19 |
| Expenses Incurred During the Period | $2.04 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen ESG Mid-Cap Value ETF (NUMV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,040.70 |
| Expenses Incurred During Period | $2.06 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.19 |
| Expenses Incurred During the Period | $2.04 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Expense Examples (continued)
Nuveen ESG Small-Cap ETF (NUSC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $993.00 |
| Expenses Incurred During Period | $2.01 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.19 |
| Expenses Incurred During the Period | $2.04 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
NuShares ETF Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen ESG Emerging Markets Equity ETF, Nuveen ESG International Developed Markets Equity ETF, Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF, Nuveen ESG Small-Cap ETF and Nuveen ESG Large-Cap ETF (eight of the funds comprising NuShares ETF Trust) (the “Funds”), including the portfolios of investments, as of October 31, 2019, the related statements of operations for the year then ended (period from June 3, 2019 (commencement of operations) to October 31, 2019 for Nuveen ESG Large-Cap ETF), the statements of changes in net assets for each of the years in the two-year period then ended (period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF) and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the two-year period then ended and the period from June 6, 2017 (commencement of operations) to October 31, 2017 for Nuveen ESG Emerging Markets Equity ETF and Nuveen ESG International Developed Markets Equity ETF, each of the years in the two-year period then ended and the period from December 13, 2016 (commencement of operations) to October 31, 2017 for Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF and Nuveen ESG Small-Cap ETF, and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2019, the results of their operations for the year then ended (period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF), the changes in their net assets for each of the years in the two-year period then ended (period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF) and the financial highlights for each of the years in the two-year period then ended and the period from June 6, 2017 to October 31, 2017 for Nuveen ESG Emerging Markets Equity ETF and Nuveen ESG International Developed Markets Equity ETF, each of the years in the two-year period then ended and the period from December 13, 2016 to October 31, 2017 for Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF and Nuveen ESG Small-Cap ETF, and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation
Report of Independent Registered Public Accounting Firm(continued)
of securities owned as of October 31, 2019, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 27, 2019
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 9.7% | | | | |
| 14,332 | | Advanced Info Service PCL, (2) | | | | $108,694 |
| 286,047 | | Axiata Group Bhd | | | | 294,365 |
| 79,720 | | Chunghwa Telecom Co Ltd | | | | 293,314 |
| 7,059 | | DiGiCom Bhd | | | | 7,940 |
| 2,469 | | Far EasTone Telecommunications Co Ltd | | | | 5,921 |
| 6,700 | | Maxis Bhd | | | | 8,643 |
| 621 | | MultiChoice Group, (3) | | | | 5,196 |
| 15 | | NCSoft Corp | | | | 6,653 |
| 69,004 | | Orange Polska SA, (3) | | | | 113,047 |
| 2,110 | | SK Telecom Co Ltd | | | | 429,816 |
| 1,839 | | Taiwan Mobile Co Ltd | | | | 6,857 |
| 46,767 | | Telefonica Brasil SA | | | | 618,372 |
| 116,252 | | Telekom Malaysia Bhd | | | | 104,609 |
| 75,806 | | Tencent Holdings Ltd | | | | 3,102,768 |
| 30,934 | | True Corp PCL, (2) | | | | 5,122 |
| 41,971 | | Turkcell Iletisim Hizmetleri AS | | | | 92,354 |
| 27,393 | | Vodacom Group Ltd | | | | 239,769 |
| | | Total Communication Services | | | | 5,443,440 |
| | | Consumer Discretionary – 14.3% | | | | |
| 17,752 | | Alibaba Group Holding Ltd, Sponsored ADR, (3) | | | | 3,136,246 |
| 3,561 | | ANTA Sports Products Ltd | | | | 34,894 |
| 791 | | B2W Cia Digital, (3) | | | | 10,010 |
| 172,376 | | BAIC Motor Corp Ltd, 144A | | | | 107,327 |
| 177 | | Bajaj Auto Ltd | | | | 8,093 |
| 118 | | Baozun Inc, Sponsored ADR, (3) | | | | 5,135 |
| 299,391 | | Brilliance China Automotive Holdings Ltd | | | | 331,566 |
| 66,940 | | BYD Co Ltd | | | | 315,154 |
| 168 | | CCC SA | | | | 4,915 |
| 3,787 | | Cheng Shin Rubber Industry Co Ltd | | | | 5,953 |
| 16,889 | | China First Capital Group Ltd, (3) | | | | 4,805 |
| 4,900 | | Chongqing Changan Automobile Co Ltd | | | | 4,980 |
| 43 | | CJ ENM Co Ltd | | | | 6,098 |
| 1,643 | | Ctripcom International Ltd, ADR, (3) | | | | 54,203 |
| 283,561 | | Dongfeng Motor Group Co Ltd | | | | 285,091 |
| 442 | | Eclat Textile Co Ltd | | | | 5,946 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 1,050 | | Feng TAY Enterprise Co Ltd | | | | $7,106 |
| 460 | | FF Group, (3), (4) | | | | 616 |
| 116 | | Fila Korea Ltd | | | | 5,743 |
| 553 | | Foschini Group Ltd | | | | 6,388 |
| 9,548 | | Geely Automobile Holdings Ltd | | | | 18,151 |
| 14,100 | | Gree Electric Appliances Inc of Zhuhai | | | | 117,489 |
| 8,118 | | Guangzhou Automobile Group Co Ltd | | | | 8,131 |
| 28,100 | | Haier Smart Home Co Ltd | | | | 63,821 |
| 281 | | Hankook Tire & Technology Co Ltd | | | | 7,499 |
| 517 | | Hanon Systems | | | | 5,155 |
| 336,796 | | HengTen Networks Group Ltd, (3) | | | | 4,856 |
| 187 | | Hero MotoCorp Ltd | | | | 7,144 |
| 11,188 | | Home Product Center PCL | | | | 6,336 |
| 404 | | Hotai Motor Co Ltd | | | | 7,140 |
| 72 | | Hotel Shilla Co Ltd | | | | 4,796 |
| 10,256 | | LG Electronics Inc | | | | 589,734 |
| 2,800 | | Liaoning Cheng Da Co Ltd | | | | 5,572 |
| 569 | | Lojas Renner SA | | | | 7,193 |
| 3 | | LPP SA | | | | 6,413 |
| 7,355 | | Mahindra & Mahindra Ltd | | | | 62,840 |
| 46,858 | | Meituan Dianping, (3) | | | | 559,890 |
| 16,100 | | Midea Group Co Ltd | | | | 126,841 |
| 3,552 | | Minor International PCL, (2) | | | | 4,235 |
| 495 | | Mr Price Group Ltd | | | | 5,251 |
| 6,979 | | Naspers Ltd | | | | 994,082 |
| 3,941 | | New Oriental Education & Technology Group Inc, Sponsored ADR | | | | 481,038 |
| 1,912 | | NIO Inc, ADR, (3) | | | | 2,772 |
| 1,946 | | Pinduoduo Inc, ADR, (3) | | | | 79,552 |
| 5,029 | | Pou Chen Corp | | | | 6,732 |
| 2,757 | | Robinson PCL, (2) | | | | 5,958 |
| 17,826 | | SACI Falabella | | | | 90,831 |
| 1,233 | | Shenzhou International Group Holdings Ltd | | | | 17,085 |
| 1,400 | | Songcheng Performance Development Co Ltd | | | | 5,882 |
| 3,300 | | Suningcom Co Ltd | | | | 4,942 |
| 9,014 | | Tatung Co Ltd, (3) | | | | 5,419 |
| 11,000 | | TCL Corp | | | | 5,137 |
| 333 | | Titan Co Ltd | | | | 6,253 |
| 1,739 | | Truworths International Ltd | | | | 6,184 |
| 3,904 | | Vipshop Holdings Ltd, ADR, (3) | | | | 45,052 |
| 1,625 | | Woolworths Holdings Ltd/South Africa | | | | 6,202 |
| 118 | | Woongjin Coway Co Ltd | | | | 9,311 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 6,725 | | Yum China Holdings Inc | | | | $285,813 |
| 2,629 | | Zhongsheng Group Holdings Ltd | | | | 8,738 |
| | | Total Consumer Discretionary | | | | 8,025,739 |
| | | Consumer Staples – 7.2% | | | | |
| 382 | | Almarai Co JSC | | | | 5,083 |
| 49 | | Amorepacific Corp | | | | 8,086 |
| 89 | | Amorepacific Corp | | | | 7,367 |
| 134 | | AMOREPACIFIC Group | | | | 9,744 |
| 1,133 | | Arca Continental SAB de CV | | | | 6,354 |
| 12,858 | | Atacadao SA | | | | 61,209 |
| 3,704 | | Berli Jucker PCL, (2), (3) | | | | 5,980 |
| 547 | | Bid Corp Ltd | | | | 12,801 |
| 146 | | Britannia Industries Ltd | | | | 6,743 |
| 5,784 | | Charoen Pokphand Foods PCL, (2) | | | | 4,837 |
| 246,014 | | China Agri-Industries Holdings Ltd | | | | 81,296 |
| 50,724 | | China Mengniu Dairy Co Ltd | | | | 202,891 |
| 2,926 | | Cia Brasileira de Distribuicao | | | | 60,489 |
| 375 | | Clicks Group Ltd | | | | 6,119 |
| 10,387 | | Coca-Cola Femsa SAB de CV | | | | 57,342 |
| 11,824 | | CP ALL PCL | | | | 30,642 |
| 8,192 | | Dali Foods Group Co Ltd, 144A | | | | 5,613 |
| 94,243 | | Fomento Economico Mexicano SAB de CV | | | | 840,528 |
| 672 | | Fraser & Neave Holdings Bhd | | | | 5,561 |
| 554 | | Godrej Consumer Products Ltd | | | | 5,765 |
| 605 | | Gruma SAB de CV | | | | 6,352 |
| 31,376 | | Hindustan Unilever Ltd | | | | 964,565 |
| 6,705 | | Indofood CBP Sukses Makmur Tbk PT | | | | 5,553 |
| 28,700 | | Inner Mongolia Yili Industrial Group Co Ltd | | | | 118,146 |
| 3,503 | | Kimberly-Clark de Mexico SAB de CV | | | | 7,062 |
| 5 | | LG Household & Health Care Ltd | | | | 5,419 |
| 220 | | LG Household & Health Care Ltd | | | | 139,739 |
| 560 | | M Dias Branco SA | | | | 5,266 |
| 927 | | Nestle India Ltd | | | | 195,532 |
| 176 | | Nestle Malaysia Bhd | | | | 6,095 |
| 1,548 | | PPB Group Bhd | | | | 6,705 |
| 39,113 | | President Chain Store Corp | | | | 390,610 |
| 669 | | Savola Group, (3) | | | | 5,512 |
| 1,804 | | Shoprite Holdings Ltd | | | | 16,217 |
| 3,220 | | Standard Foods Corp | | | | 6,495 |
| 249,276 | | Sun Art Retail Group Ltd | | | | 254,756 |
| 159,499 | | Unilever Indonesia Tbk PT | | | | 496,836 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples(continued) | | | | |
| 2,776 | | Uni-President Enterprises Corp | | | | $6,858 |
| | | Total Consumer Staples | | | | 4,062,168 |
| | | Energy – 4.2% | | | | |
| 16,679 | | Cosan SA | | | | 240,106 |
| 1,185,451 | | IRPC PCL, (2) | | | | 133,484 |
| 6,359 | | Motor Oil Hellas Corinth Refineries SA | | | | 157,070 |
| 20,500 | | Offshore Oil Engineering Co Ltd | | | | 17,547 |
| 25,992 | | Petronas Dagangan Bhd | | | | 146,553 |
| 62,714 | | Petronet LNG Ltd | | | | 252,876 |
| 50,917 | | Qatar Fuel QSC | | | | 309,054 |
| 4,707 | | S-Oil Corp | | | | 403,359 |
| 117,352 | | Thai Oil PCL, (2) | | | | 266,223 |
| 8,196 | | Transportadora de Gas del Sur SA, (3) | | | | 61,962 |
| 75,617 | | Ultrapar Participacoes SA | | | | 355,444 |
| | | Total Energy | | | | 2,343,678 |
| | | Financials – 22.5% | | | | |
| 549 | | Absa Group Ltd | | | | 5,645 |
| 68,380 | | Abu Dhabi Commercial Bank PJSC | | | | 145,220 |
| 6,310 | | Alliance Bank Malaysia Bhd | | | | 4,349 |
| 8,170 | | AMMB Holdings Bhd | | | | 7,801 |
| 90,428 | | Axis Bank Ltd | | | | 933,364 |
| 24,220 | | B3 SA - Brasil Bolsa Balcao | | | | 291,890 |
| 5,275 | | Bajaj Finance Ltd | | | | 299,638 |
| 1,342 | | Banco BBVA Argentina SA, ADR | | | | 4,697 |
| 109,506 | | Banco Bradesco SA, (3) | | | | 959,378 |
| 24,041 | | Banco Bradesco SA, (3) | | | | 196,728 |
| 99 | | Banco de Credito e Inversiones SA | | | | 5,538 |
| 138 | | Banco Macro SA, ADR | | | | 3,160 |
| 509 | | Banco Santander Brasil SA | | | | 5,967 |
| 78,134 | | Banco Santander Chile | | | | 4,746 |
| 33,898 | | Bancolombia SA | | | | 442,686 |
| 2,565 | | Bank Central Asia Tbk PT | | | | 5,747 |
| 663,978 | | Bank Mandiri Persero Tbk PT | | | | 332,296 |
| 4,095 | | Bank Millennium SA, (3) | | | | 6,596 |
| 8,976 | | Bank Negara Indonesia Persero Tbk PT | | | | 4,908 |
| 5,920 | | Bank of Shanghai Co Ltd | | | | 7,840 |
| 4,424 | | Bank of the Philippine Islands | | | | 8,457 |
| 2,825 | | Bank Polska Kasa Opieki SA | | | | 79,826 |
| 18,130 | | Banque Saudi Fransi | | | | 162,915 |
| 2,226 | | BDO Unibank Inc | | | | 6,795 |
| 545,057 | | Cathay Financial Holding Co Ltd | | | | 721,598 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 13,900 | | China CITIC Bank Corp Ltd | | | | $12,095 |
| 327,129 | | China Everbright Bank Co Ltd | | | | 150,674 |
| 183,900 | | China Everbright Bank Co Ltd | | | | 113,295 |
| 3,784 | | China International Capital Corp Ltd, 144A | | | | 6,923 |
| 189,512 | | China Merchants Bank Co Ltd | | | | 906,733 |
| 9,500 | | China Merchants Bank Co Ltd | | | | 47,873 |
| 739,288 | | China Minsheng Banking Corp Ltd | | | | 517,842 |
| 164,500 | | China Minsheng Banking Corp Ltd | | | | 143,609 |
| 4,468 | | CIMB Group Holdings Bhd | | | | 5,614 |
| 124,733 | | Commercial Bank PQSC | | | | 147,309 |
| 13,282 | | Commercial International Bank Egypt SAE | | | | 66,657 |
| 8,076 | | CTBC Financial Holding Co Ltd | | | | 5,624 |
| 4,197 | | Dubai Islamic Bank PJSC | | | | 6,045 |
| 7,488 | | ESun Financial Holding Co Ltd | | | | 6,777 |
| 8,230 | | First Financial Holding Co Ltd | | | | 6,043 |
| 19,793 | | FirstRand Ltd | | | | 85,802 |
| 436,572 | | Fubon Financial Holding Co Ltd | | | | 638,928 |
| 73,925 | | Grupo Financiero Banorte SAB de CV | | | | 405,562 |
| 207 | | Hana Financial Group Inc | | | | 5,996 |
| 1,626 | | Hong Leong Bank Bhd | | | | 6,701 |
| 10,094 | | Hua Nan Financial Holdings Co Ltd | | | | 7,262 |
| 5,200 | | Huaxia Bank Co Ltd | | | | 5,529 |
| 320 | | Hyundai Marine & Fire Insurance Co Ltd | | | | 6,945 |
| 28,269 | | Indiabulls Housing Finance Ltd | | | | 81,863 |
| 97,600 | | Industrial Bank Co Ltd | | | | 259,356 |
| 9,311 | | Investec Ltd | | | | 53,109 |
| 124,191 | | Itau Unibanco Holding SA | | | | 1,120,825 |
| 1,495 | | Kasikornbank PCL | | | | 6,907 |
| 19,080 | | KB Financial Group Inc | | | | 687,959 |
| 789 | | Komercni banka as | | | | 26,693 |
| 2,641 | | Malayan Banking Bhd | | | | 5,436 |
| 184 | | mBank SA | | | | 18,414 |
| 6,127 | | MCB Bank Ltd | | | | 6,889 |
| 3,686 | | Muangthai Capital PCL, (2) | | | | 7,568 |
| 4,424 | | Nedbank Group Ltd | | | | 67,308 |
| 200,801 | | Old Mutual Ltd | | | | 261,940 |
| 4,700 | | Orient Securities Co Ltd/China | | | | 6,672 |
| 128 | | OTP Bank Nyrt | | | | 5,905 |
| 380 | | PSG Group Ltd | | | | 5,957 |
| 1,016 | | Public Bank Bhd | | | | 4,936 |
| 47,952 | | Qatar National Bank QPSC | | | | 252,864 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 72,283 | | REC Ltd | | | | $142,469 |
| 208 | | Samsung Card Co Ltd | | | | 5,998 |
| 3,219 | | Samsung Fire & Marine Insurance Co Ltd | | | | 599,006 |
| 39,618 | | Sanlam Ltd | | | | 209,274 |
| 57 | | Santander Bank Polska SA | | | | 4,679 |
| 137,900 | | Shanghai Pudong Development Bank Co Ltd | | | | 244,885 |
| 4,426 | | Shinhan Financial Group Co Ltd | | | | 161,679 |
| 1,927 | | Siam Commercial Bank PCL, (3) | | | | 7,180 |
| 14,903 | | SinoPac Financial Holdings Co Ltd | | | | 6,120 |
| 30,307 | | Standard Bank Group Ltd | | | | 349,013 |
| 15,123 | | Taishin Financial Holding Co Ltd | | | | 7,030 |
| 87,078 | | TMB Bank PCL, (2), (3) | | | | 4,153 |
| 104,815 | | Yes Bank Ltd | | | | 103,886 |
| | | Total Financials | | | | 12,679,596 |
| | | Health Care – 2.6% | | | | |
| 4,374 | | 3SBio Inc, 144A | | | | 8,181 |
| 193,399 | | Alibaba Health Information Technology Ltd, (3) | | | | 195,183 |
| 6,690 | | China Medical System Holdings Ltd | | | | 9,099 |
| 1,200 | | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | | | | 5,022 |
| 188,599 | | CSPC Pharmaceutical Group Ltd | | | | 484,871 |
| 2,520 | | Genscript Biotech Corp, (3) | | | | 6,057 |
| 1,000 | | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | | | | 4,794 |
| 23 | | Hanmi Pharm Co Ltd | | | | 6,593 |
| 6,130 | | Hartalega Holdings Bhd | | | | 7,717 |
| 1,600 | | Huadong Medicine Co Ltd | | | | 5,928 |
| 5,849 | | Hutchison China MediTech Ltd, ADR, (3) | | | | 110,546 |
| 103,902 | | IHH Healthcare Bhd | | | | 141,735 |
| 64,740 | | Kalbe Farma Tbk PT | | | | 7,356 |
| 2,972 | | Life Healthcare Group Holdings Ltd | | | | 4,707 |
| 466 | | Notre Dame Intermedica Participacoes SA | | | | 6,965 |
| 2,718 | | Piramal Enterprises Ltd | | | | 64,541 |
| 7,733 | | Richter Gedeon Nyrt | | | | 143,530 |
| 34,055 | | Shanghai Fosun Pharmaceutical Group Co Ltd | | �� | | 96,460 |
| 1,400 | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | | 5,060 |
| 3,282 | | Shanghai Pharmaceuticals Holding Co Ltd | | | | 5,938 |
| 2,500 | | Shanghai Pharmaceuticals Holding Co Ltd | | | | 6,583 |
| 200 | | Shenzhen Mindray Bio-Medical Electronics Co Ltd | | | | 5,053 |
| 397,806 | | Sihuan Pharmaceutical Holdings Group Ltd | | | | 52,278 |
| 9,019 | | Sinopharm Group Co Ltd | | | | 32,393 |
| 7,218 | | SSY Group Ltd | | | | 6,041 |
| 4,361 | | Tong Ren Tang Technologies Co Ltd | | | | 4,346 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 582 | | WuXi AppTec Co Ltd, 144A | | | | $7,032 |
| 600 | | WuXi AppTec Co Ltd | | | | 8,012 |
| 534 | | Wuxi Biologics Cayman Inc, 144A, (3) | | | | 6,302 |
| 29 | | Yuhan Corp | | | | 5,596 |
| 500 | | Yunnan Baiyao Group Co Ltd | | | | 6,143 |
| | | Total Health Care | | | | 1,460,062 |
| | | Industrials – 8.5% | | | | |
| 2,606 | | 51job Inc, ADR, (3) | | | | 205,275 |
| 139,502 | | Aboitiz Equity Ventures Inc | | | | 153,811 |
| 5,148 | | Air China Ltd | | | | 4,558 |
| 5,600 | | Air China Ltd | | | | 6,598 |
| 111,120 | | Airports of Thailand PCL | | | | 288,886 |
| 21,542 | | Alliance Global Group Inc | | | | 4,873 |
| 1,756 | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | | 5,641 |
| 1,278 | | Bidvest Group Ltd | | | | 17,482 |
| 21,756 | | BOC Aviation Ltd, 144A | | | | 204,578 |
| 15,732 | | BTS Group Holdings PCL, (2) | | | | 6,982 |
| 9,966 | | CCR SA | | | | 40,813 |
| 16,686 | | China Airlines Ltd | | | | 4,966 |
| 164,721 | | China Conch Venture Holdings Ltd | | | | 645,207 |
| 7,911 | | China Eastern Airlines Corp Ltd | | | | 3,957 |
| 6,100 | | China Eastern Airlines Corp Ltd | | | | 4,485 |
| 4,900 | | China International Marine Containers Group Co Ltd | | | | 6,747 |
| 92 | | CJ Corp | | | | 6,516 |
| 2,000 | | Contemporary Amperex Technology Co Ltd | | | | 19,507 |
| 17,300 | | COSCO SHIPPING Development Co Ltd | | | | 6,115 |
| 176,718 | | COSCO SHIPPING Ports Ltd | | | | 139,116 |
| 60,091 | | Country Garden Services Holdings Co Ltd | | | | 204,323 |
| 1,622 | | Daelim Industrial Co Ltd | | | | 126,866 |
| 13,326 | | Eva Airways Corp | | | | 6,238 |
| 13,250 | | Evergreen Marine Corp Taiwan Ltd | | | | 5,441 |
| 323,646 | | Far Eastern New Century Corp | | | | 314,710 |
| 3,381 | | Grupo Aeroportuario del Pacifico SAB de CV | | | | 35,558 |
| 390 | | Grupo Aeroportuario del Sureste SAB de CV | | | | 6,408 |
| 6,141 | | GS Engineering & Construction Corp | | | | 163,098 |
| 2,473 | | HAP Seng Consolidated Bhd | | | | 5,907 |
| 774 | | Hiwin Technologies Corp | | | | 6,649 |
| 22 | | Hyundai Heavy Industries Holdings Co Ltd | | | | 6,458 |
| 56,331 | | Jasa Marga Persero Tbk PT | | | | 21,871 |
| 4,253 | | JG Summit Holdings Inc | | | | 6,391 |
| 4,299 | | Jiangsu Expressway Co Ltd | | | | 5,715 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | �� | | Value |
| | | Industrials(continued) | | | | |
| 846 | | Latam Airlines Group SA | | | | $9,360 |
| 9,920 | | LG Corp | | | | 591,730 |
| 621 | | Localiza Rent a Car SA | | | | 6,680 |
| 213 | | Lotte Corp | | | | 6,682 |
| 3,429 | | Malaysia Airports Holdings Bhd | | | | 6,499 |
| 116,644 | | MISC Bhd | | | | 232,534 |
| 1,900 | | NARI Technology Co Ltd | | | | 5,920 |
| 1,357 | | Rumo SA, (3) | | | | 7,707 |
| 2,842 | | Shanghai Industrial Holdings Ltd | | | | 5,294 |
| 4,500 | | Shanghai International Airport Co Ltd | | | | 48,707 |
| 39,300 | | Shanghai International Port Group Co Ltd | | | | 32,412 |
| 1,600 | | Shenzhen Inovance Technology Co Ltd | | | | 5,662 |
| 86,675 | | Sime Darby Bhd | | | | 47,087 |
| 211,912 | | Sinotrans Ltd | | | | 62,457 |
| 18,544 | | SM Investments Corp | | | | 376,398 |
| 4,425 | | Taiwan High Speed Rail Corp | | | | 5,240 |
| 1,260 | | TAV Havalimanlari Holding AS | | | | 5,752 |
| 2,779 | | Turk Hava Yollari AO, (3) | | | | 5,663 |
| 34,416 | | Turkiye Sise ve Cam Fabrikalari AS | | | | 26,207 |
| 4,700 | | Tus Environmental Science And Technology Development Co Ltd | | | | 5,784 |
| 46,311 | | WEG SA | | | | 294,174 |
| 8,515 | | Westports Holdings Bhd | | | | 8,722 |
| 81,203 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | 97,079 |
| 16,700 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | 29,798 |
| 147,994 | | Zhejiang Expressway Co Ltd | | | | 121,413 |
| 2,800 | | Zhengzhou Yutong Bus Co Ltd | | | | 5,684 |
| 11,800 | | Zoomlion Heavy Industry Science and Technology Co Ltd | | | | 9,799 |
| | | Total Industrials | | | | 4,752,190 |
| | | Information Technology – 14.5% | | | | |
| 2,100 | | 360 Security Technology Inc | | | | 6,740 |
| 75,060 | | AAC Technologies Holdings Inc | | | | 488,416 |
| 7,622 | | Acer Inc | | | | 4,457 |
| 2,000 | | Aisino Corp | | | | 5,849 |
| 673,364 | | AU Optronics Corp | | | | 172,541 |
| 157,100 | | BOE Technology Group Co Ltd | | | | 79,613 |
| 4,777 | | BYD Electronic International Co Ltd | | | | 8,240 |
| 777 | | Catcher Technology Co Ltd | | | | 6,586 |
| 1,931 | | Chicony Electronics Co Ltd | | | | 6,007 |
| 2,924 | | Cielo SA | | | | 5,507 |
| 6,394 | | Delta Electronics Inc | | | | 28,147 |
| 357 | | HCL Technologies Ltd | | | | 5,818 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 54,102 | | Infosys Ltd | | | | $524,020 |
| 27,934 | | Innolux Corp | | | | 6,213 |
| 8,128 | | Inventec Corp | | | | 5,901 |
| 113,044 | | Kingboard Laminates Holdings Ltd | | | | 103,846 |
| 40,138 | | Legend Holdings Corp, 144A | | | | 88,493 |
| 753,569 | | Lenovo Group Ltd | | | | 526,884 |
| 24,308 | | LG Display Co Ltd | | | | 285,190 |
| 82 | | LG Innotek Co Ltd | | | | 8,528 |
| 50,212 | | MediaTek Inc | | | | 673,001 |
| 1,992 | | Micro-Star International Co Ltd | | | | 5,890 |
| 3,001 | | Quanta Computer Inc | | | | 5,767 |
| 3,473 | | Samsung SDI Co Ltd | | | | 679,108 |
| 343,253 | | Taiwan Semiconductor Manufacturing Co Ltd | | | | 3,365,944 |
| 31,336 | | Tata Consultancy Services Ltd | | | | 1,004,886 |
| 583 | | Tech Mahindra Ltd | | | | 6,074 |
| 3,033 | | TravelSky Technology Ltd | | | | 6,927 |
| 1,466 | | Unisplendour Corp Ltd | | | | 6,122 |
| 1,557 | | Win Semiconductors Corp | | | | 16,265 |
| 1,415 | | Wipro Ltd | | | | 5,185 |
| 1,000 | | Wuxi Lead Intelligent Equipment Co Ltd | | | | 4,649 |
| 64,582 | | Xinyi Solar Holdings Ltd | | | | 36,585 |
| | | Total Information Technology | | | | 8,183,399 |
| | | Materials – 10.9% | | | | |
| 300 | | Asian Paints Ltd | | | | 7,651 |
| 106,327 | | Barito Pacific Tbk PT | | | | 7,196 |
| 385,531 | | China Molybdenum Co Ltd | | | | 121,989 |
| 39,166 | | China Molybdenum Co Ltd | | | | 18,903 |
| 4,600 | | China Northern Rare Earth Group High-Tech Co Ltd | | | | 6,562 |
| 1,045,724 | | China Steel Corp | | | | 805,579 |
| 171,991 | | China Zhongwang Holdings Ltd | | | | 71,538 |
| 63,551 | | Empresas CMPC SA | | | | 144,946 |
| 147,708 | | Eregli Demir ve Celik Fabrikalari TAS | | | | 169,103 |
| 3,344 | | Indorama Ventures PCL, (2) | | | | 3,101 |
| 6,900 | | Industrias Penoles SAB de CV | | | | 82,453 |
| 14,636 | | KGHM Polska Miedz SA | | | | 320,879 |
| 1,188 | | Klabin SA | | | | 4,682 |
| 276 | | Korea Zinc Co Ltd | | | | 103,074 |
| 6,717 | | Kumba Iron Ore Ltd | | | | 164,087 |
| 89 | | Kumho Petrochemical Co Ltd | | | | 5,355 |
| 84,412 | | Lee & Man Paper Manufacturing Ltd | | | | 47,065 |
| 1,456 | | LG Chem Ltd | | | | 384,821 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Materials(continued) | | | | |
| 478 | | LG Chem Ltd | | | | $70,666 |
| 1,513 | | Lotte Chemical Corp | | | | 295,201 |
| 2,555 | | Nan Ya Plastics Corp | | | | 6,043 |
| 124,526 | | Pabrik Kertas Tjiwi Kimia Tbk PT | | | | 93,814 |
| 12,031 | | PhosAgro PJSC, GDR | | | | 151,350 |
| 22,348 | | Polymetal International PLC | | | | 365,817 |
| 5,610 | | Polyus PJSC, GDR | | | | 330,149 |
| 235,867 | | PTT Global Chemical PCL, (2) | | | | 398,384 |
| 2,178 | | Sappi Ltd | | | | 5,610 |
| 42,716 | | Saudi Arabian Mining Co, (3) | | | | 482,937 |
| 32,291 | | Saudi Basic Industries Corp | | | | 755,118 |
| 10,300 | | Shenzhen Zhongjin Lingnan Nonfemet Co Ltd | | | | 5,878 |
| 23,943 | | Siam Cement PCL | | | | 293,390 |
| 342,558 | | Sinopec Shanghai Petrochemical Co Ltd | | | | 95,280 |
| 4,568 | | Sociedad Quimica y Minera de Chile SA | | | | 121,440 |
| 2,200 | | Tianqi Lithium Corp | | | | 7,854 |
| 22,800 | | Tongling Nonferrous Metals Group Co Ltd | | | | 7,023 |
| 5,200 | | Transfar Zhilian Co Ltd | | | | 5,558 |
| 21,195 | | UPL Ltd | | | | 178,829 |
| 3,935 | | Zhaojin Mining Industry Co Ltd | | | | 4,373 |
| 1,984 | | Zhejiang Huayou Cobalt Co Ltd | | | | 6,914 |
| | | Total Materials | | | | 6,150,612 |
| | | Real Estate – 2.5% | | | | |
| 312,021 | | Aldar Properties PJSC | | | | 199,643 |
| 7,150 | | Ayala Land Inc | | | | 6,841 |
| 1,510 | | BR Malls Participacoes SA | | | | 5,774 |
| 4,753 | | China Aoyuan Group Ltd | | | | 6,101 |
| 119,833 | | China Overseas Land & Investment Ltd | | | | 379,175 |
| 123,332 | | China Vanke Co Ltd | | | | 450,829 |
| 1,400 | | China Vanke Co Ltd | | | | 5,272 |
| 84,048 | | Fibra Uno Administracion SA de CV | | | | 128,185 |
| 4,765 | | Fortress REIT Ltd | | | | 6,646 |
| 5,300 | | Greenland Holdings Corp Ltd | | | | 5,131 |
| 3,591 | | Growthpoint Properties Ltd | | | | 5,271 |
| 5,700 | | Jinke Properties Group Co Ltd | | | | 5,607 |
| 16,573 | | Land & Houses PCL, (2), (3) | | | | 5,324 |
| 700 | | NEPI Rockcastle PLC | | | | 6,111 |
| 122,274 | | Pakuwon Jati Tbk PT | | | | 5,444 |
| 3,000 | | Poly Developments and Holdings Group Co Ltd | | | | 6,137 |
| 5,100 | | RiseSun Real Estate Development Co Ltd | | | | 6,298 |
| 4,656 | | Ruentex Development Co Ltd | | | | 7,112 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate(continued) | | | | |
| 7,800 | | Shanghai Zhangjiang High-Tech Park Development Co Ltd | | | | $17,915 |
| 26,912 | | Shui On Land Ltd | | | | 5,425 |
| 18,901 | | Sime Darby Property Bhd | | | | 3,280 |
| 12,172 | | Sino-Ocean Group Holding Ltd | | | | 4,488 |
| 109,678 | | SM Prime Holdings Inc | | | | 84,293 |
| 18,062 | | SOHO China Ltd | | | | 6,176 |
| 14,018 | | SP Setia Bhd Group | | | | 4,059 |
| 12,458 | | Yuzhou Properties Co Ltd | | | | 5,277 |
| 9,300 | | Zhejiang China Commodities City Group Co Ltd | | | | 5,149 |
| | | Total Real Estate | | | | 1,376,963 |
| | | Utilities – 3.0% | | | | |
| 10,563 | | Aguas Andinas SA | | | | 4,887 |
| 568,615 | | Beijing Enterprises Water Group Ltd | | | | 297,450 |
| 331,352 | | China Longyuan Power Group Corp Ltd | | | | 179,253 |
| 529,234 | | Enel Americas SA | | | | 99,130 |
| 58,198 | | Enel Chile SA | | | | 4,789 |
| 529 | | Energisa SA | | | | 6,315 |
| 11,881 | | Energy Absolute PCL, (2) | | | | 16,133 |
| 17,220 | | Engie Brasil Energia SA | | | | 194,145 |
| 5,381 | | ENN Energy Holdings Ltd | | | | 61,652 |
| 280 | | Equatorial Energia SA | | | | 7,106 |
| 498,811 | | Huaneng Renewables Corp Ltd | | | | 190,928 |
| 21,984 | | Interconexion Electrica SA ESP | | | | 126,890 |
| 1,332 | | Manila Electric Co | | | | 8,883 |
| 152,149 | | Power Grid Corp of India Ltd | | | | 425,694 |
| 4,600 | | Sichuan Chuantou Energy Co Ltd | | | | 6,308 |
| 103,317 | | Towngas China Co Ltd | | | | 79,751 |
| | | Total Utilities | | | | 1,709,314 |
| | | Total Common Stocks (cost $55,578,401) | | | | 56,187,161 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (5) | Value |
| | | CORPORATE BONDS – 0.0% | | | | |
| | | Food Products – 0.0% | | | | |
| $— (6) | | Britannia Industries Ltd | 8.000% | 8/28/22 | N/R | $2 |
| — | | Total Corporate Bonds (cost $52) | | | | 2 |
Nuveen ESG Emerging Markets Equity ETF (NUEM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | COMMON STOCK RIGHTS – 0.0% | | | | |
| 3,176 | | Legend Holdings Corp, (4) | | | | $ — |
| | | Total Common Stock Rights (cost $-) | | | | — |
| | | Total Long-Term Investments (cost $55,578,453) | | | | 56,187,163 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (5) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $110 | | Federal Home Loan Banks, Discount Notes | 0.000% | 11/01/19 | N/R | $110,000 |
| | | Total Short-Term Investments (cost $110,000) | | | | 110,000 |
| | | Total Investments (cost $55,688,453) – 100.1% | | | | 56,297,163 |
| | | Other Assets Less Liabilities – (0.1)% | | | | (42,658) |
| | | Net Assets – 100% | | | | $56,254,505 |
| | 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 3 - 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 3 - 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. Ratings are not covered by the report of independent registered public accounting firm. | |
| (6) | Principal Amount (000) rounds to less than $1,000. | |
| 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 | |
| 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 October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.6% | | | | |
| | | COMMON STOCKS – 99.6% | | | | |
| | | Communication Services – 6.3% | | | | |
| 3,289 | | BT Group PLC | | | | $8,712 |
| 95 | | Elisa OYJ | | | | 5,190 |
| 680 | | Informa PLC | | | | 6,819 |
| 4,731 | | ITV PLC | | | | 8,188 |
| 228 | | JCDecaux SA | | | | 6,232 |
| 266 | | KDDI Corp | | | | 7,379 |
| 2,994 | | Millicom International Cellular SA | | | | 136,737 |
| 2,530 | | Nintendo Co Ltd | | | | 903,831 |
| 37,129 | | NTT DOCOMO Inc | | | | 1,021,773 |
| 481 | | Orange SA | | | | 7,749 |
| 29,083 | | Pearson PLC | | | | 256,735 |
| 4,401 | | Schibsted ASA | | | | 123,097 |
| 378 | | SES SA | | | | 7,325 |
| 105,814 | | Singapore Telecommunications Ltd | | | | 256,575 |
| 14 | | Swisscom AG | | | | 7,151 |
| 420 | | Tele2 AB | | | | 6,018 |
| 2,892 | | Telefonica Deutschland Holding AG | | | | 9,179 |
| 24,068 | | Telenor ASA | | | | 451,282 |
| 1,603 | | Telia Co AB | | | | 7,063 |
| 1,854 | | Telstra Corp Ltd | | | | 4,458 |
| 481,432 | | Vodafone Group PLC | | | | 980,560 |
| 458 | | WPP PLC | | | | 5,708 |
| | | Total Communication Services | | | | 4,227,761 |
| | | Consumer Discretionary – 13.0% | | | | |
| 18 | | adidas AG | | | | 5,560 |
| 879 | | Barratt Developments PLC | | | | 7,179 |
| 2,560 | | Bayerische Motoren Werke AG | | | | 157,798 |
| 9,044 | | Bayerische Motoren Werke AG | | | | 693,280 |
| 241 | | Benesse Holdings Inc | | | | 6,481 |
| 151 | | Berkeley Group Holdings PLC | | | | 8,599 |
| 263 | | Burberry Group PLC | | | | 6,956 |
| 89 | | Cie Financiere Richemont SA | | | | 6,999 |
| 60 | | Cie Generale des Etablissements Michelin SCA | | | | 7,303 |
| 18,495 | | Compass Group PLC | | | | 492,053 |
| 85 | | Dufry AG | | | | 7,372 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 277 | | Electrolux AB | | | | $7,288 |
| 2,079 | | EssilorLuxottica SA | | | | 317,299 |
| 650 | | Fast Retailing Co Ltd | | | | 403,150 |
| 36,831 | | Hennes & Mauritz AB | | | | 771,271 |
| 40,173 | | Honda Motor Co Ltd | | | | 1,093,279 |
| 77 | | HUGO BOSS AG | | | | 3,240 |
| 866 | | Husqvarna AB | | | | 6,639 |
| 2,695 | | Industria de Diseno Textil SA | | | | 84,037 |
| 13 | | Kering SA | | | | 7,400 |
| 2,776 | | Kingfisher PLC | | | | 7,443 |
| 2,987 | | Marks & Spencer Group PLC | | | | 7,015 |
| 261 | | Mercari Inc, (2) | | | | 5,917 |
| 1,375 | | Merlin Entertainments PLC | | | | 8,087 |
| 92 | | Next PLC | | | | 7,836 |
| 428 | | NGK Spark Plug Co Ltd | | | | 8,777 |
| 14,685 | | Nikon Corp | | | | 188,818 |
| 10,087 | | Ocado Group PLC, (2) | | | | 173,469 |
| 6,286 | | Oriental Land Co Ltd/Japan | | | | 923,668 |
| 89,063 | | Panasonic Corp | | | | 755,394 |
| 136 | | Pandora A/S | | | | 6,691 |
| 505 | | Peugeot SA | | | | 12,789 |
| 18,500 | | Pirelli & C SpA | | | | 106,954 |
| 89 | | Puma SE | | | | 6,697 |
| 37,902 | | Rakuten Inc | | | | 363,926 |
| 8,894 | | Renault SA | | | | 454,058 |
| 784 | | SEB SA | | | | 119,043 |
| 7,913 | | Sega Sammy Holdings Inc | | | | 111,846 |
| 479 | | Sekisui Chemical Co Ltd | | | | 8,414 |
| 860 | | Sekisui House Ltd | | | | 18,631 |
| 57,768 | | Shangri-La Asia Ltd | | | | 59,333 |
| 19,654 | | Sony Corp | | | | 1,204,456 |
| 204 | | Stanley Electric Co Ltd | | | | 5,718 |
| 3,780 | | Taylor Wimpey PLC | | | | 8,095 |
| 189 | | Valeo SA | | | | 7,030 |
| 278 | | Wesfarmers Ltd | | | | 7,615 |
| 102 | | Whitbread PLC | | | | 5,360 |
| 134 | | Yamaha Corp | | | | 6,284 |
| 128 | | Zalando SE, (2) | | | | 5,548 |
| | | Total Consumer Discretionary | | | | 8,698,095 |
| | | Consumer Staples – 12.1% | | | | |
| 12,383 | | Aeon Co Ltd | | | | 250,283 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples(continued) | | | | |
| 336 | | Associated British Foods PLC | | | | $9,678 |
| 3 | | Barry Callebaut AG | | | | 6,324 |
| 2,550 | | Casino Guichard Perrachon SA | | | | 137,608 |
| 1 | | Chocoladefabriken Lindt & Spruengli AG | | | | 7,428 |
| 959 | | Coca-Cola Amatil Ltd | | | | 6,706 |
| 10,550 | | Coca-Cola European Partners PLC | | | | 564,531 |
| 204 | | Coca-Cola HBC AG | | | | 6,203 |
| 10,286 | | Danone SA | | | | 853,324 |
| 3,128 | | Essity AB | | | | 97,824 |
| 4,745 | | Henkel AG & Co KGaA | | | | 457,116 |
| 71 | | Henkel AG & Co KGaA | | | | 7,381 |
| 2,671 | | ICA Gruppen AB | | | | 118,381 |
| 81,188 | | J Sainsbury PLC | | | | 213,792 |
| 2,290 | | Jeronimo Martins SGPS SA | | | | 38,438 |
| 58 | | Kerry Group PLC | | | | 7,014 |
| 2,308 | | Lawson Inc | | | | 127,671 |
| 4,004 | | L'Oreal SA | | | | 1,169,477 |
| 3,295 | | METRO AG | | | | 53,671 |
| 13,539 | | Mowi ASA | | | | 330,615 |
| 21,100 | | Nestle SA | | | | 2,252,092 |
| 22,833 | | Orkla ASA | | | | 219,695 |
| 6,415 | | Suntory Beverage & Food Ltd | | | | 274,153 |
| 1,427 | | Unilever NV | | | | 84,298 |
| 13,411 | | Unilever PLC | | | | 802,181 |
| | | Total Consumer Staples | | | | 8,095,884 |
| | | Energy – 2.1% | | | | |
| 11,541 | | Caltex Australia Ltd | | | | 216,828 |
| 31,922 | | John Wood Group PLC | | | | 139,742 |
| 3,245 | | Koninklijke Vopak NV | | | | 178,082 |
| 19,577 | | Neste Oyj | | | | 706,777 |
| 15,589 | | Worley Ltd | | | | 146,709 |
| | | Total Energy | | | | 1,388,138 |
| | | Financials – 18.7% | | | | |
| 36,179 | | 3i Group PLC | | | | 528,080 |
| 1,790 | | Aegon NV | | | | 7,740 |
| 2,057 | | Allianz SE | | | | 502,581 |
| 19,890 | | Assicurazioni Generali SpA | | | | 403,308 |
| 144 | | ASX Ltd | | | | 8,167 |
| 50,053 | | Australia & New Zealand Banking Group Ltd | | | | 922,103 |
| 160,547 | | Aviva PLC | | | | 862,569 |
| 282 | | AXA SA | | | | 7,452 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 156,606 | | Banco Bilbao Vizcaya Argentaria SA | | | | $825,191 |
| 43,776 | | Bank Hapoalim BM | | | | 350,228 |
| 1,002 | | Bank Leumi Le-Israel BM | | | | 7,297 |
| 1,165 | | Bankinter SA, (2) | | | | 8,058 |
| 932 | | Bendigo & Adelaide Bank Ltd | | | | 6,838 |
| 169 | | BNP Paribas SA | | | | 8,826 |
| 171,436 | | BOC Hong Kong Holdings Ltd | | | | 590,578 |
| 5,284 | | CaixaBank SA | | | | 15,121 |
| 7,587 | | CNP Assurances | | | | 150,498 |
| 1,236 | | Commerzbank AG | | | | 7,395 |
| 644 | | Credit Agricole SA | | | | 8,395 |
| 46,420 | | DBS Group Holdings Ltd | | | | 886,822 |
| 204 | | Erste Group Bank AG | | | | 7,208 |
| 11,895 | | Hang Seng Bank Ltd | | | | 248,594 |
| 10,344 | | Hong Kong Exchanges & Clearing Ltd | | | | 323,345 |
| 656 | | ING Groep NV | | | | 7,412 |
| 45,652 | | Insurance Australia Group Ltd | | | | 249,728 |
| 192,376 | | Intesa Sanpaolo SpA | | | | 482,046 |
| 15,676 | | Investec PLC | | | | 88,766 |
| 176 | | Julius Baer Group Ltd | | | | 7,762 |
| 108 | | KBC Group NV | | | | 7,576 |
| 239 | | Kinnevik AB | | | | 6,547 |
| 2,726 | | Legal & General Group PLC | | | | 9,302 |
| 81 | | London Stock Exchange Group PLC | | | | 7,289 |
| 10,995 | | M&G PLC | | | | 30,418 |
| 1,242 | | Mitsubishi UFJ Lease & Finance Co Ltd | | | | 7,686 |
| 286 | | Mizrahi Tefahot Bank Ltd | | | | 7,094 |
| 225 | | MS&AD Insurance Group Holdings Inc | | | | 7,303 |
| 32 | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | | 8,890 |
| 17,820 | | Natixis SA | | | | 81,730 |
| 32,975 | | ORIX Corp | | | | 520,530 |
| 10,995 | | Prudential PLC, (2) | | | | 191,858 |
| 815 | | QBE Insurance Group Ltd | | | | 7,075 |
| 30,639 | | Resona Holdings Inc | | | | 134,652 |
| 1,117 | | RSA Insurance Group PLC | | | | 7,548 |
| 175 | | Schroders PLC | | | | 7,009 |
| 1,293 | | Singapore Exchange Ltd | | | | 8,494 |
| 2,605 | | Skandinaviska Enskilda Banken AB | | | | 25,016 |
| 519 | | Sompo Holdings Inc | | | | 20,519 |
| 100,645 | | Standard Chartered PLC | | | | 912,945 |
| 2,247 | | Standard Life Aberdeen PLC | | | | 8,825 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 15,152 | | Sumitomo Mitsui Trust Holdings Inc | | | | $557,276 |
| 4,411 | | Swiss Re AG | | | | 461,775 |
| 739 | | T&D Holdings Inc | | | | 8,340 |
| 11,471 | | Tokio Marine Holdings Inc | | | | 622,652 |
| 232 | | Tryg A/S | | | | 6,483 |
| 16,296 | | UBS Group AG | | | | 192,233 |
| 31 | | Wendel SA | | | | 4,392 |
| 56,360 | | Westpac Banking Corp | | | | 1,095,372 |
| 22 | | Zurich Insurance Group AG | | | | 8,595 |
| | | Total Financials | | | | 12,497,532 |
| | | Health Care – 9.6% | | | | |
| 2,435 | | Alcon Inc, (2) | | | | 143,768 |
| 40,775 | | Astellas Pharma Inc | | | | 700,988 |
| 14,712 | | AstraZeneca PLC | | | | 1,427,990 |
| 4,029 | | Chugai Pharmaceutical Co Ltd | | | | 341,014 |
| 46 | | Cochlear Ltd | | | | 6,704 |
| 56 | | Coloplast A/S | | | | 6,751 |
| 710 | | CSL Ltd | | | | 125,238 |
| 216 | | Demant A/S, (2) | | | | 5,704 |
| 11,660 | | Eisai Co Ltd | | | | 850,677 |
| 31 | | Genmab A/S, (2) | | | | 6,760 |
| 1,785 | | H Lundbeck A/S | | | | 60,917 |
| 65 | | Merck KGaA | | | | 7,752 |
| 4,332 | | NMC Health PLC | | | | 122,370 |
| 131 | | Novo Nordisk A/S | | | | 7,158 |
| 186 | | Orion Oyj | | | | 8,247 |
| 1,845 | | Ramsay Health Care Ltd | | | | 87,059 |
| 5,995 | | Roche Holding AG | | | | 1,803,209 |
| 700 | | Ryman Healthcare Ltd | | | | 5,795 |
| 454 | | Santen Pharmaceutical Co Ltd | | | | 8,084 |
| 728 | | Sartorius AG | | | | 141,484 |
| 117 | | Shionogi & Co Ltd | | | | 7,054 |
| 296 | | Smith & Nephew PLC | | | | 6,329 |
| 371 | | Sonic Healthcare Ltd | | | | 7,295 |
| 29 | | Sonova Holding AG | | | | 6,642 |
| 8 | | Straumann Holding AG | | | | 7,133 |
| 7,171 | | Sumitomo Dainippon Pharma Co Ltd | | | | 126,167 |
| 3,022 | | Sysmex Corp | | | | 198,112 |
| 89 | | UCB SA | | | | 7,175 |
| 1,152 | | Vifor Pharma AG | | | | 181,016 |
| | | Total Health Care | | | | 6,414,592 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Industrials – 18.3% | | | | |
| 17,329 | | ABB Ltd | | | | $363,351 |
| 1,366 | | Aeroports de Paris | | | | 259,686 |
| 415 | | Alfa Laval AB | | | | 9,610 |
| 7,131 | | Alstom SA | | | | 308,283 |
| 2,834 | | ANDRITZ AG | | | | 127,355 |
| 265 | | Ashtead Group PLC | | | | 8,052 |
| 12,056 | | Assa Abloy AB | | | | 286,562 |
| 257 | | Atlas Copco AB | | | | 9,099 |
| 178 | | Bouygues SA | | | | 7,546 |
| 2,045 | | Brambles Ltd | | | | 16,865 |
| 317 | | Bureau Veritas SA | | | | 8,095 |
| 22,433 | | Cie de Saint-Gobain | | | | 912,748 |
| 46,442 | | CNH Industrial NV | | | | 505,073 |
| 142 | | Daifuku Co Ltd | | | | 7,632 |
| 2,713 | | Daikin Industries Ltd | | | | 382,212 |
| 78 | | DCC PLC | | | | 7,303 |
| 12,403 | | Deutsche Post AG | | | | 439,338 |
| 137 | | Edenred | | | | 7,214 |
| 39 | | Eiffage SA | | | | 4,191 |
| 2,745 | | Ferguson PLC | | | | 233,937 |
| 22,390 | | Ferrovial SA | | | | 660,955 |
| 87 | | Fraport AG Frankfurt Airport Services Worldwide | | | | 7,274 |
| 12,358 | | Getlink SE | | | | 206,946 |
| 58 | | HOCHTIEF AG | | | | 7,234 |
| 251 | | ISS A/S | | | | 6,572 |
| 617 | | Kajima Corp | | | | 8,538 |
| 6,487 | | Kawasaki Heavy Industries Ltd | | | | 157,397 |
| 118 | | Keio Corp | | | | 7,324 |
| 130 | | Kingspan Group PLC | | | | 6,738 |
| 139 | | KION Group AG | | | | 9,239 |
| 2,116 | | Komatsu Ltd | | | | 50,089 |
| 39,962 | | Kubota Corp | | | | 640,250 |
| 55 | | Kuehne + Nagel International AG | | | | 8,882 |
| 111 | | Legrand SA | | | | 8,666 |
| 35,479 | | Meggitt PLC | | | | 286,661 |
| 157 | | Metso OYJ | | | | 5,934 |
| 569 | | Mitsubishi Electric Corp | | | | 8,193 |
| 70,903 | | MTR Corp Ltd | | | | 407,088 |
| 2,377 | | MTU Aero Engines AG | | | | 634,865 |
| 255 | | Nabtesco Corp | | | | 8,256 |
| 259 | | Nagoya Railroad Co Ltd | | | | 8,266 |
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 330 | | NGK Insulators Ltd | | | | $5,110 |
| 130 | | Nippon Express Co Ltd | | | | 7,468 |
| 671 | | Obayashi Corp | | | | 6,952 |
| 275 | | Odakyu Electric Railway Co Ltd | | | | 6,723 |
| 132 | | Randstad NV | | | | 7,310 |
| 9,017 | | Recruit Holdings Co Ltd | | | | 301,192 |
| 37,778 | | RELX PLC | | | | 908,278 |
| 1,217 | | Rentokil Initial PLC | | | | 7,158 |
| 643 | | Sandvik AB | | | | 11,369 |
| 11,963 | | Schneider Electric SE | | | | 1,111,231 |
| 480 | | SEEK Ltd | | | | 7,500 |
| 3 | | SGS SA | | | | 7,807 |
| 809 | | Shimizu Corp | | | | 7,588 |
| 10,801 | | Siemens AG | | | | 1,245,743 |
| 283 | | Skanska AB | | | | 6,036 |
| 491 | | SKF AB | | | | 8,896 |
| 365 | | Smiths Group PLC | | | | 7,621 |
| 101 | | Societe BIC SA | | | | 7,014 |
| 69 | | Spirax-Sarco Engineering PLC | | | | 7,076 |
| 1,235 | | Sydney Airport | | | | 7,471 |
| 212 | | Taisei Corp | | | | 8,433 |
| 62,593 | | Techtronic Industries Co Ltd | | | | 491,148 |
| 32 | | Teleperformance | | | | 7,254 |
| 87,631 | | Transurban Group | | | | 895,941 |
| 79 | | Vestas Wind Systems A/S | | | | 6,452 |
| 6,394 | | Volvo AB | | | | 95,834 |
| 564 | | Wartsila OYJ Abp | | | | 5,954 |
| | | Total Industrials | | | | 12,246,078 |
| | | Information Technology – 4.4% | | | | |
| 3,233 | | Amadeus IT Group SA | | | | 239,281 |
| 3,117 | | ASML Holding NV | | | | 817,208 |
| 477 | | Atos SE | | | | 36,943 |
| 54 | | Capgemini SE | | | | 6,082 |
| 46 | | Dassault Systemes SE | | | | 6,982 |
| 82 | | Fujitsu Ltd | | | | 7,298 |
| 120 | | Hitachi High-Technologies Corp | | | | 7,504 |
| 457 | | Infineon Technologies AG | | | | 8,860 |
| 2,738 | | Ingenico Group SA | | | | 292,452 |
| 4,808 | | Murata Manufacturing Co Ltd | | | | 260,758 |
| 1,301 | | Nokia OYJ | | | | 4,780 |
| 138 | | Omron Corp | | | | 8,170 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 7,054 | | SAP SE | | | | $934,932 |
| 280 | | Shimadzu Corp | | | | 7,558 |
| 12,603 | | STMicroelectronics NV | | | | 285,991 |
| 39 | | Temenos AG | | | | 5,563 |
| 38 | | Wixcom Ltd, (2) | | | | 4,639 |
| 200 | | Yaskawa Electric Corp | | | | 7,733 |
| 342 | | Yokogawa Electric Corp | | | | 6,318 |
| | | Total Information Technology | | | | 2,949,052 |
| | | Materials – 7.9% | | | | |
| 47 | | Akzo Nobel NV | | | | 4,329 |
| 83 | | Arkema SA | | | | 8,486 |
| 24,491 | | Asahi Kasei Corp | | | | 274,463 |
| 12,697 | | Boliden AB | | | | 342,192 |
| 3,026 | | Chr Hansen Holding A/S | | | | 232,387 |
| 328 | | Clariant AG | | | | 6,718 |
| 6,521 | | Covestro AG | | | | 313,195 |
| 862 | | Daicel Corp | | | | 7,782 |
| 22,940 | | Fletcher Building Ltd | | | | 67,378 |
| 64,232 | | Fortescue Metals Group Ltd | | | | 394,291 |
| 78 | | Givaudan SA | | | | 229,000 |
| 1,556 | | Hitachi Chemical Co Ltd | | | | 51,600 |
| 9,863 | | Hitachi Metals Ltd | | | | 124,810 |
| 196 | | Johnson Matthey PLC | | | | 7,786 |
| 319 | | Kansai Paint Co Ltd | | | | 7,746 |
| 4,863 | | Koninklijke DSM NV | | | | 576,449 |
| 58,836 | | Mitsubishi Chemical Holdings Corp | | | | 452,053 |
| 4,706 | | Nitto Denko Corp | | | | 262,932 |
| 138 | | Novozymes A/S | | | | 6,501 |
| 6,188 | | Showa Denko KK | | | | 176,015 |
| 1,474 | | Sika AG | | | | 253,198 |
| 965 | | Smurfit Kappa Group PLC | | | | 32,191 |
| 68,750 | | Sumitomo Chemical Co Ltd | | | | 317,342 |
| 10,787 | | Sumitomo Metal Mining Co Ltd | | | | 364,805 |
| 77 | | Symrise AG | | | | 7,412 |
| 275 | | Teijin Ltd | | | | 5,551 |
| 49,954 | | Toray Industries Inc | | | | 356,131 |
| 9,135 | | Umicore SA | | | | 376,778 |
| | | Total Materials | | | | 5,259,521 |
| | | Real Estate – 3.6% | | | | |
| 41,377 | | British Land Co PLC | | | | 332,281 |
| 5,225 | | CapitaLand Commercial Trust | | | | 7,870 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate(continued) | | | | |
| 1,040 | | City Developments Ltd | | | | $8,245 |
| 76 | | Covivio | | | | 8,606 |
| 7,511 | | Daiwa House Industry Co Ltd | | | | 259,503 |
| 9,712 | | Deutsche Wohnen SE | | | | 365,363 |
| 784 | | Dexus | | | | 6,465 |
| 44 | | Gecina SA | | | | 7,550 |
| 680 | | Goodman Group | | | | 6,741 |
| 1,537 | | GPT Group | | | | 6,301 |
| 685 | | Hulic Co Ltd | | | | 7,483 |
| 83 | | ICADE | | | | 8,130 |
| 236 | | Klepierre SA | | | | 8,791 |
| 10,016 | | Land Securities Group PLC | | | | 121,831 |
| 11,570 | | Lendlease Group | | | | 148,981 |
| 2,287 | | Mirvac Group | | | | 5,058 |
| 418 | | Mitsubishi Estate Co Ltd | | | | 8,149 |
| 313 | | Mitsui Fudosan Co Ltd | | | | 8,052 |
| 3 | | Nippon Prologis REIT Inc | | | | 8,381 |
| 255 | | Nomura Real Estate Holdings Inc | | | | 6,072 |
| 28 | | Nomura Real Estate Holdings Inc | | | | 53,485 |
| 819 | | Segro PLC | | | | 8,947 |
| 2,560 | | Stockland | | | | 8,624 |
| 54,100 | | Swire Properties Ltd | | | | 170,493 |
| 91 | | Swiss Prime Site AG | | | | 9,370 |
| 5,330 | | Unibail-Rodamco-Westfield | | | | 824,470 |
| | | Total Real Estate | | | | 2,415,242 |
| | | Utilities – 3.6% | | | | |
| 29,429 | | Meridian Energy Ltd | | | | 86,815 |
| 89,129 | | National Grid PLC | | | | 1,039,496 |
| 8,419 | | Orsted A/S | | | | 738,844 |
| 2,028 | | Red Electrica Corp SA | | | | 40,839 |
| 30,629 | | United Utilities Group PLC | | | | 344,894 |
| 3,130 | | Verbund AG | | | | 169,361 |
| | | Total Utilities | | | | 2,420,249 |
| | | Total Long-Term Investments (cost $62,848,161) | | | | 66,612,144 |
| | | Other Assets Less Liabilities – 0.4% | | | | 240,488 |
| | | Net Assets – 100% | | | | $66,852,632 |
Nuveen ESG International Developed Markets Equity ETF (NUDM)(continued)
Portfolio of Investments October 31, 2019
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap ETF (NULC)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.7% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 9.9% | | | | |
| 96 | | Alphabet Inc., Class A, (2) | | | | $120,845 |
| 181 | | Alphabet Inc., Class C, (2) | | | | 228,080 |
| 77 | | CenturyLink Inc | | | | 996 |
| 707 | | Discovery Inc, Class C, (2) | | | | 17,845 |
| 581 | | Liberty Global PLC, Class A, (2) | | | | 14,612 |
| 1,546 | | Liberty Global PLC, Class C, (2) | | | | 36,903 |
| 690 | | Omnicom Group Inc | | | | 53,261 |
| 6 | | Take-Two Interactive Software Inc. | | | | 722 |
| 336 | | TripAdvisor Inc | | | | 13,574 |
| 2,927 | | Verizon Communications Inc | | | | 176,996 |
| 1,290 | | Walt Disney Co | | | | 167,597 |
| | | Total Communication Services | | | | 831,431 |
| | | Consumer Discretionary – 11.4% | | | | |
| 12 | | Best Buy Co Inc. | | | | 862 |
| 65 | | Booking Holdings Inc, (2) | | | | 133,170 |
| 19 | | BorgWarner Inc | | | | 792 |
| 24 | | Capri Holdings Ltd | | | | 746 |
| 174 | | CarMax Inc | | | | 16,212 |
| 52 | | Chipotle Mexican Grill Inc | | | | 40,464 |
| 330 | | Darden Restaurants Inc | | | | 37,049 |
| 1,055 | | eBay Inc | | | | 37,189 |
| 36 | | Expedia Group Inc. | | | | 4,920 |
| 40 | | Gap Inc | | | | 650 |
| 6 | | Genuine Parts Co | | | | 615 |
| 832 | | Home Depot Inc | | | | 195,170 |
| 706 | | Lowe's Cos Inc | | | | 78,797 |
| 70 | | Lululemon Athletica Inc | | | | 14,299 |
| 24 | | Macy's Inc | | | | 364 |
| 107 | | MercadoLibre Inc | | | | 55,803 |
| 12 | | Mohawk Industries Inc | | | | 1,721 |
| 1,261 | | Newell Brands Inc. | | | | 23,921 |
| 810 | | NIKE Inc, Class B | | | | 72,535 |
| 4 | | Nordstrom Inc | | | | 144 |
| 360 | | PulteGroup Inc | | | | 14,126 |
| 167 | | Royal Caribbean Cruises Ltd | | | | 18,175 |
Nuveen ESG Large-Cap ETF (NULC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 388 | | Starbucks Corp | | | | $32,809 |
| 233 | | Target Corp | | | | 24,910 |
| 353 | | Tesla Inc, (2) | | | | 111,167 |
| 30 | | TJX Cos Inc | | | | 1,729 |
| 23 | | Ulta Beauty Inc, (2) | | | | 5,362 |
| 84 | | Vail Resorts Inc | | | | 19,519 |
| 191 | | Wayfair Inc, Class A, (2) | | | | 15,706 |
| | | Total Consumer Discretionary | | | | 958,926 |
| | | Consumer Staples – 7.2% | | | | |
| 3,090 | | Coca-Cola Co | | | | 168,189 |
| 82 | | General Mills Inc | | | | 4,171 |
| 228 | | Hormel Foods Corp | | | | 9,323 |
| 383 | | McCormick & Co Inc | | | | 61,544 |
| 1,188 | | PepsiCo Inc | | | | 162,958 |
| 1,614 | | Procter & Gamble Co | | | | 200,959 |
| | | Total Consumer Staples | | | | 607,144 |
| | | Energy – 3.9% | | | | |
| 1,619 | | Baker Hughes Co | | | | 34,647 |
| 325 | | Cheniere Energy Inc, (2) | | | | 20,004 |
| 84 | | Helmerich & Payne Inc | | | | 3,150 |
| 510 | | HollyFrontier Corp | | | | 28,019 |
| 1,176 | | National Oilwell Varco Inc | | | | 26,601 |
| 1,276 | | ONEOK Inc | | | | 89,103 |
| 12 | | TechnipFMC PLC | | | | 237 |
| 1,273 | | Valero Energy Corp | | | | 123,455 |
| | | Total Energy | | | | 325,216 |
| | | Financials – 12.6% | | | | |
| 732 | | American Express Co | | | | 85,849 |
| 1,696 | | American International Group Inc | | | | 89,820 |
| 198 | | AXA Equitable Holdings Inc | | | | 4,277 |
| 1,992 | | Bank of New York Mellon Corp | | | | 93,126 |
| 2,255 | | BB&T Corp | | | | 119,628 |
| 185 | | BlackRock Inc | | | | 85,414 |
| 43 | | Capital One Financial Corp | | | | 4,010 |
| 18 | | Charles Schwab Corp | | | | 733 |
| 588 | | Chubb Ltd | | | | 89,623 |
| 2,322 | | Citigroup Inc. | | | | 166,859 |
| 269 | | CME Group Inc | | | | 55,347 |
| 2,280 | | Huntington Bancshares Inc/OH | | | | 32,216 |
| 3,137 | | KeyCorp | | | | 56,372 |
| 1,174 | | Marsh & McLennan Cos Inc. | | | | 121,650 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 4 | | Moody's Corp | | | | $883 |
| 748 | | Progressive Corp | | | | 52,135 |
| 2 | | S&P Global Inc | | | | 516 |
| | | Total Financials | | | | 1,058,458 |
| | | Health Care – 13.3% | | | | |
| 1,103 | | AbbVie Inc. | | | | 87,744 |
| 142 | | ABIOMED Inc | | | | 29,476 |
| 239 | | Align Technology Inc | | | | 60,297 |
| 394 | | Amgen Inc | | | | 84,021 |
| 5 | | Biogen Inc, (2) | | | | 1,494 |
| 749 | | Bristol-Myers Squibb Co | | | | 42,970 |
| 312 | | Cardinal Health Inc | | | | 15,428 |
| 18 | | Centene Corp, (2) | | | | 955 |
| 282 | | Cerner Corp | | | | 18,928 |
| 468 | | Cigna Corp | | | | 83,519 |
| 1 | | Cooper Cos Inc | | | | 291 |
| 2,071 | | CVS Health Corp | | | | 137,494 |
| 144 | | DENTSPLY SIRONA Inc | | | | 7,888 |
| 232 | | DexCom Inc | | | | 35,784 |
| 353 | | Edwards Lifesciences Corp | | | | 84,148 |
| 325 | | Eli Lilly & Co | | | | 37,034 |
| 445 | | Gilead Sciences Inc. | | | | 28,351 |
| 2 | | IDEXX Laboratories Inc, (2) | | | | 570 |
| 13 | | IQVIA Holdings Inc, (2) | | | | 1,877 |
| 1,873 | | Merck & Co Inc | | | | 162,314 |
| 534 | | Nektar Therapeutics | | | | 9,145 |
| 43 | | ResMed Inc | | | | 6,361 |
| 484 | | Thermo Fisher Scientific Inc | | | | 146,158 |
| 133 | | Vertex Pharmaceuticals Inc, (2) | | | | 25,999 |
| 108 | | Zoetis Inc | | | | 13,815 |
| | | Total Health Care | | | | 1,122,061 |
| | | Industrials – 8.9% | | | | |
| 643 | | 3M Co | | | | 106,089 |
| 1 | | AMERCO | | | | 405 |
| 258 | | Caterpillar Inc. | | | | 35,552 |
| 149 | | Copart Inc | | | | 12,313 |
| 1,498 | | CSX Corp | | | | 105,264 |
| 12 | | Deere & Co | | | | 2,090 |
| 108 | | Eaton Corp PLC | | | | 9,408 |
| 132 | | HEICO Corp | | | | 16,281 |
| 245 | | HEICO Corp, Class A | | | | 23,341 |
Nuveen ESG Large-Cap ETF (NULC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 305 | | IHS Markit Ltd, (2) | | | | $21,356 |
| 30 | | Ingersoll-Rand PLC | | | | 3,807 |
| 1,332 | | Johnson Controls International plc | | | | 57,716 |
| 1,099 | | Nielsen Holdings PLC | | | | 22,156 |
| 5 | | Owens Corning | | | | 306 |
| 400 | | Parker-Hannifin Corp | | | | 73,396 |
| 370 | | Rockwell Automation Inc | | | | 63,636 |
| 6 | | Roper Technologies Inc | | | | 2,022 |
| 221 | | Southwest Airlines Co | | | | 12,405 |
| 324 | | Spirit AeroSystems Holdings Inc, Class A | | | | 26,510 |
| 150 | | TransDigm Group Inc | | | | 78,942 |
| 402 | | United Parcel Service Inc, Class B | | | | 46,298 |
| 204 | | United Rentals Inc | | | | 27,248 |
| 6 | | WABCO Holdings Inc | | | | 808 |
| | | Total Industrials | | | | 747,349 |
| | | Information Technology – 22.0% | | | | |
| 718 | | Accenture PLC, Class A | | | | 133,132 |
| 496 | | Adobe Inc, (2) | | | | 137,853 |
| 1,066 | | Applied Materials Inc | | | | 57,841 |
| 538 | | Automatic Data Processing Inc | | | | 87,280 |
| 425 | | FLIR Systems Inc | | | | 21,913 |
| 4,207 | | Hewlett Packard Enterprise Co | | | | 69,037 |
| 991 | | International Business Machines Corp | | | | 132,526 |
| 592 | | Keysight Technologies Inc, (2) | | | | 59,739 |
| 2 | | Mastercard Inc, Class A | | | | 554 |
| 827 | | Maxim Integrated Products Inc | | | | 48,512 |
| 3,019 | | Microsoft Corp | | | | 432,834 |
| 839 | | NVIDIA Corp | | | | 168,656 |
| 670 | | salesforce.com Inc, (2) | | | | 104,848 |
| 1,057 | | TE Connectivity Ltd | | | | 94,601 |
| 1,111 | | Texas Instruments Inc | | | | 131,087 |
| 791 | | Trimble Inc | | | | 31,513 |
| 772 | | Visa Inc, Class A | | | | 138,080 |
| | | Total Information Technology | | | | 1,850,006 |
| | | Materials – 3.8% | | | | |
| 49 | | Amcor PLC | | | | 467 |
| 198 | | Axalta Coating Systems Ltd | | | | 5,839 |
| 521 | | Ball Corp | | | | 36,454 |
| 563 | | Ecolab Inc | | | | 108,135 |
| 245 | | International Flavors & Fragrances Inc | | | | 29,892 |
| 887 | | Mosaic Co | | | | 17,634 |
| Shares | | Description (1) | | | | Value |
| | | Materials(continued) | | | | |
| 424 | | Newmont Goldcorp Corp | | | | $16,846 |
| 737 | | PPG Industries Inc | | | | 92,213 |
| 319 | | Steel Dynamics Inc. | | | | 9,685 |
| | | Total Materials | | | | 317,165 |
| | | Real Estate – 3.7% | | | | |
| 576 | | American Tower Corp | | | | 125,614 |
| 24 | | CBRE Group Inc, Class A, (2) | | | | 1,285 |
| 205 | | Equinix Inc | | | | 116,190 |
| 6 | | Equity Residential | | | | 532 |
| 24 | | Host Hotels & Resorts Inc | | | | 393 |
| 144 | | Jones Lang LaSalle Inc. | | | | 21,099 |
| 492 | | Prologis Inc | | | | 43,178 |
| 18 | | SBA Communications Corp | | | | 4,332 |
| | | Total Real Estate | | | | 312,623 |
| | | Utilities – 3.0% | | | | |
| 42 | | American Water Works Co Inc. | | | | 5,177 |
| 1,027 | | Consolidated Edison Inc | | | | 94,710 |
| 658 | | Eversource Energy | | | | 55,101 |
| 660 | | Sempra Energy | | | | 95,377 |
| | | Total Utilities | | | | 250,365 |
| | | Total Long-Term Investments (cost $7,795,320) | | | | 8,380,744 |
| | | Other Assets Less Liabilities – 0.3% | | | | 22,712 |
| | | Net Assets – 100% | | | | $8,403,456 |
| | 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. | |
Nuveen ESG Large-Cap Growth ETF (NULG)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 10.0% | | | | |
| 3,726 | | Activision Blizzard Inc | | | | $208,768 |
| 2,011 | | Alphabet Inc., Class A, (2) | | | | 2,531,447 |
| 2,621 | | Alphabet Inc., Class C, (2) | | | | 3,302,748 |
| 2,932 | | Electronic Arts Inc, (2) | | | | 282,645 |
| 11,400 | | Liberty Global PLC, Class A, (2) | | | | 286,710 |
| 10,677 | | Liberty Global PLC, Class C, (2) | | | | 254,860 |
| 99,332 | | Sirius XM Holdings Inc | | | | 667,511 |
| 6,924 | | Take-Two Interactive Software Inc., (2) | | | | 833,303 |
| | | Total Communication Services | | | | 8,367,992 |
| | | Consumer Discretionary – 17.9% | | | | |
| 133 | | Aptiv PLC | | | | 11,910 |
| 781 | | Booking Holdings Inc, (2) | | | | 1,600,089 |
| 301 | | Capri Holdings Ltd | | | | 9,352 |
| 95 | | CarMax Inc, (2) | | | | 8,851 |
| 944 | | Chipotle Mexican Grill Inc, (2) | | | | 734,583 |
| 11,916 | | eBay Inc | | | | 420,039 |
| 7,000 | | Expedia Group Inc. | | | | 956,620 |
| 259 | | GrubHub Inc, (2) | | | | 8,822 |
| 1,343 | | Hilton Worldwide Holdings Inc | | | | 130,217 |
| 10,922 | | Home Depot Inc | | | | 2,562,083 |
| 17,127 | | LKQ Corp, (2) | | | | 582,147 |
| 13,898 | | Lowe's Cos Inc | | | | 1,551,156 |
| 516 | | Lululemon Athletica Inc, (2) | | | | 105,403 |
| 1,879 | | MercadoLibre Inc | | | | 979,936 |
| 15,837 | | NIKE Inc, Class B | | | | 1,418,203 |
| 120 | | PVH Corp | | | | 10,459 |
| 17,730 | | Starbucks Corp | | | | 1,499,249 |
| 5,361 | | Tesla Inc, (2) | | | | 1,688,286 |
| 6,876 | | TJX Cos Inc | | | | 396,402 |
| 34 | | Ulta Beauty Inc, (2) | | | | 7,927 |
| 435 | | Under Armour Inc, Class A, (2) | | | | 8,983 |
| 486 | | Under Armour Inc, Class C, (2) | | | | 8,991 |
| 3,664 | | Wayfair Inc, Class A, (2) | | | | 301,291 |
| | | Total Consumer Discretionary | | | | 15,000,999 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples – 3.8% | | | | |
| 99 | | Church & Dwight Co Inc | | | | $6,924 |
| 51 | | Clorox Co | | | | 7,532 |
| 6,329 | | Costco Wholesale Corp | | | | 1,880,409 |
| 5,776 | | Estee Lauder Cos Inc | | | | 1,075,896 |
| 1,294 | | McCormick & Co Inc | | | | 207,933 |
| | | Total Consumer Staples | | | | 3,178,694 |
| | | Energy – 1.6% | | | | |
| 20,464 | | Baker Hughes Co | | | | 437,930 |
| 14,137 | | Cheniere Energy Inc, (2) | | | | 870,132 |
| | | Total Energy | | | | 1,308,062 |
| | | Financials – 5.5% | | | | |
| 6,705 | | American Express Co | | | | 786,362 |
| 1,238 | | Charles Schwab Corp | | | | 50,399 |
| 5,882 | | Intercontinental Exchange Inc | | | | 554,790 |
| 9,275 | | Marsh & McLennan Cos Inc. | | | | 961,076 |
| 308 | | Moody's Corp | | | | 67,973 |
| 11,939 | | Progressive Corp | | | | 832,148 |
| 5,389 | | S&P Global Inc | | | | 1,390,308 |
| | | Total Financials | | | | 4,643,056 |
| | | Health Care – 11.5% | | | | |
| 2,590 | | ABIOMED Inc, (2) | | | | 537,632 |
| 3,393 | | Align Technology Inc, (2) | | | | 856,020 |
| 311 | | Alkermes PLC | | | | 6,074 |
| 503 | | Biogen Inc, (2) | | | | 150,251 |
| 9,586 | | Celgene Corp, (2) | | | | 1,035,576 |
| 7,963 | | Centene Corp, (2) | | | | 422,676 |
| 160 | | Cerner Corp | | | | 10,739 |
| 137 | | DaVita Inc, (2) | | | | 8,028 |
| 5,499 | | DexCom Inc, (2) | | | | 848,166 |
| 3,439 | | Edwards Lifesciences Corp, (2) | | | | 819,789 |
| 3,598 | | Eli Lilly & Co | | | | 409,992 |
| 3,389 | | Humana Inc. | | | | 997,044 |
| 34 | | IDEXX Laboratories Inc, (2) | | | | 9,690 |
| 2,497 | | IQVIA Holdings Inc, (2) | | | | 360,617 |
| 1,905 | | Laboratory Corp of America Holdings, (2) | | | | 313,887 |
| 89 | | PerkinElmer Inc | | | | 7,651 |
| 6,030 | | Thermo Fisher Scientific Inc | | | | 1,820,939 |
| 5,259 | | Vertex Pharmaceuticals Inc, (2) | | | | 1,028,029 |
| 41 | | Waters Corp, (2) | | | | 8,676 |
| 169 | | Zoetis Inc | | | | 21,619 |
| | | Total Health Care | | | | 9,673,095 |
Nuveen ESG Large-Cap Growth ETF (NULG)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Industrials – 13.3% | | | | |
| 81 | | Acuity Brands Inc | | | | $10,108 |
| 79 | | Allegion PLC | | | | 9,167 |
| 174 | | AO Smith Corp | | | | 8,644 |
| 7,999 | | Caterpillar Inc. | | | | 1,102,262 |
| 95 | | CH Robinson Worldwide Inc | | | | 7,186 |
| 1,127 | | Copart Inc, (2) | | | | 93,135 |
| 17,167 | | CSX Corp | | | | 1,206,325 |
| 207 | | Flowserve Corp | | | | 10,110 |
| 607 | | Fortive Corp | | | | 41,883 |
| 160 | | Fortune Brands Home & Security Inc | | | | 9,608 |
| 2,657 | | HEICO Corp | | | | 327,714 |
| 4,688 | | HEICO Corp, Class A | | | | 446,626 |
| 50 | | IDEX Corp | | | | 7,777 |
| 17,762 | | IHS Markit Ltd, (2) | | | | 1,243,695 |
| 53 | | Illinois Tool Works Inc | | | | 8,935 |
| 7,214 | | Ingersoll-Rand PLC | | | | 915,384 |
| 85 | | JB Hunt Transport Services Inc | | | | 9,993 |
| 37 | | Lennox International Inc | | | | 9,152 |
| 208 | | Masco Corp | | | | 9,620 |
| 77 | | Middleby Corp, (2) | | | | 9,313 |
| 49 | | Old Dominion Freight Line Inc | | | | 8,922 |
| 4,739 | | Rockwell Automation Inc | | | | 815,061 |
| 252 | | Rollins Inc | | | | 9,604 |
| 3,169 | | Roper Technologies Inc | | | | 1,067,826 |
| 183 | | Sensata Technologies Holding PLC | | | | 9,368 |
| 6,376 | | Spirit AeroSystems Holdings Inc, Class A | | | | 521,684 |
| 2,196 | | TransDigm Group Inc, (2) | | | | 1,155,711 |
| 11,529 | | TransUnion | | | | 952,526 |
| 9,417 | | United Parcel Service Inc, Class B | | | | 1,084,556 |
| 55 | | Verisk Analytics Inc | | | | 7,959 |
| 205 | | Xylem Inc/NY | | | | 15,721 |
| | | Total Industrials | | | | 11,135,575 |
| | | Information Technology – 30.3% | | | | |
| 9,114 | | Accenture PLC, Class A | | | | 1,689,918 |
| 6,484 | | Adobe Inc, (2) | | | | 1,802,098 |
| 23,999 | | Applied Materials Inc | | | | 1,302,186 |
| 6,837 | | Autodesk Inc., (2) | | | | 1,007,500 |
| 8,634 | | Automatic Data Processing Inc | | | | 1,400,694 |
| 2,922 | | FLIR Systems Inc | | | | 150,658 |
| 55 | | Jack Henry & Associates Inc | | | | 7,786 |
| 11,609 | | Keysight Technologies Inc, (2) | | | | 1,171,464 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 9,214 | | Mastercard Inc, Class A | | | | $2,550,528 |
| 52,275 | | Microsoft Corp | | | | 7,494,667 |
| 10,186 | | NVIDIA Corp | | | | 2,047,590 |
| 12,047 | | salesforce.com Inc, (2) | | | | 1,885,235 |
| 653 | | ServiceNow Inc, (2) | | | | 161,461 |
| 13,980 | | Texas Instruments Inc | | | | 1,649,500 |
| 15,536 | | Trimble Inc, (2) | | | | 618,954 |
| 2,653 | | VMware Inc, Class A, (2) | | | | 419,890 |
| | | Total Information Technology | | | | 25,360,129 |
| | | Materials – 3.0% | | | | |
| 13,024 | | Axalta Coating Systems Ltd | | | | 384,078 |
| 4,226 | | Ball Corp | | | | 295,693 |
| 6,418 | | Ecolab Inc | | | | 1,232,705 |
| 5,108 | | PPG Industries Inc | | | | 639,113 |
| | | Total Materials | | | | 2,551,589 |
| | | Real Estate – 2.9% | | | | |
| 7,123 | | American Tower Corp | | | | 1,553,384 |
| 1,493 | | Equinix Inc | | | | 846,202 |
| | | Total Real Estate | | | | 2,399,586 |
| | | Total Long-Term Investments (cost $78,747,108) | | | | 83,618,777 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $140 | | Federal Home Loan Banks, Discount Notes | 0.000% | 11/01/19 | N/R | $140,000 |
| | | Total Short-Term Investments (cost $140,000) | | | | 140,000 |
| | | Total Investments (cost $78,887,108) – 100.0% | | | | 83,758,777 |
| | | Other Assets Less Liabilities – 0.0% | | | | 30,453 |
| | | Net Assets – 100% | | | | $83,789,230 |
| | 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. Ratings are not covered by the report of independent registered public accounting firm. | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap Value ETF (NULV)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 8.6% | | | | |
| 9,053 | | Activision Blizzard Inc | | | | $507,240 |
| 70,234 | | CenturyLink Inc | | | | 908,828 |
| 9,703 | | Discovery Inc, Class C, (2) | | | | 244,904 |
| 23,077 | | Liberty Global PLC, Class C, (2) | | | | 550,848 |
| 2,763 | | Omnicom Group Inc | | | | 213,276 |
| 258 | | TripAdvisor Inc, (2) | | | | 10,423 |
| 49,055 | | Verizon Communications Inc | | | | 2,966,356 |
| 21,081 | | Walt Disney Co | | | | 2,738,843 |
| | | Total Communication Services | | | | 8,140,718 |
| | | Consumer Discretionary – 3.9% | | | | |
| 6,045 | | Aptiv PLC | | | | 541,330 |
| 479 | | Autoliv Inc | | | | 37,285 |
| 127 | | Best Buy Co Inc. | | | | 9,122 |
| 289 | | BorgWarner Inc | | | | 12,046 |
| 1,537 | | Darden Restaurants Inc | | | | 172,559 |
| 579 | | Gap Inc | | | | 9,415 |
| 1,811 | | Garmin Ltd | | | | 169,781 |
| 113 | | Genuine Parts Co | | | | 11,592 |
| 653 | | Hanesbrands Inc | | | | 9,932 |
| 137 | | Hasbro Inc | | | | 13,331 |
| 480 | | L Brands Inc | | | | 8,179 |
| 237 | | Leggett & Platt Inc | | | | 12,158 |
| 183 | | Lennar Corp, Class A | | | | 10,907 |
| 682 | | Macy's Inc | | | | 10,339 |
| 1,307 | | Newell Brands Inc. | | | | 24,794 |
| 350 | | Nordstrom Inc | | | | 12,565 |
| 218 | | Norwegian Cruise Line Holdings Ltd | | | | 11,066 |
| 94 | | Roku Inc, (2) | | | | 13,837 |
| 6,214 | | Royal Caribbean Cruises Ltd | | | | 676,270 |
| 465 | | Tapestry Inc | | | | 12,025 |
| 16,009 | | Target Corp | | | | 1,711,522 |
| 114 | | Tiffany & Co | | | | 14,194 |
| 2,453 | | VF Corp | | | | 201,857 |
| | | Total Consumer Discretionary | | | | 3,706,106 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples – 12.5% | | | | |
| 10,134 | | Bunge Ltd | | | | $547,236 |
| 219 | | Campbell Soup Co | | | | 10,142 |
| 49,330 | | Coca-Cola Co | | | | 2,685,032 |
| 8,748 | | Colgate-Palmolive Co | | | | 600,113 |
| 24,394 | | General Mills Inc | | | | 1,240,679 |
| 303 | | Hormel Foods Corp | | | | 12,390 |
| 5,274 | | Kellogg Co | | | | 335,057 |
| 901 | | Kimberly-Clark Corp | | | | 119,725 |
| 2,257 | | McCormick & Co Inc | | | | 362,677 |
| 18,406 | | PepsiCo Inc | | | | 2,524,751 |
| 27,292 | | Procter & Gamble Co | | | | 3,398,127 |
| | | Total Consumer Staples | | | | 11,835,929 |
| | | Energy – 5.6% | | | | |
| 12,901 | | Baker Hughes Co | | | | 276,081 |
| 7,855 | | Helmerich & Payne Inc | | | | 294,563 |
| 11,647 | | HollyFrontier Corp | | | | 639,886 |
| 27,663 | | National Oilwell Varco Inc | | | | 625,737 |
| 19,006 | | ONEOK Inc | | | | 1,327,189 |
| 2,574 | | Targa Resources Corp | | | | 100,077 |
| 16,401 | | TechnipFMC PLC | | | | 323,592 |
| 17,232 | | Valero Energy Corp | | | | 1,671,159 |
| | | Total Energy | | | | 5,258,284 |
| | | Financials – 22.0% | | | | |
| 111 | | Affiliated Managers Group Inc | | | | 8,867 |
| 2,416 | | Allstate Corp | | | | 257,111 |
| 26,569 | | American International Group Inc | | | | 1,407,094 |
| 78 | | Ameriprise Financial Inc | | | | 11,769 |
| 231 | | Arch Capital Group Ltd | | | | 9,647 |
| 123 | | Arthur J Gallagher & Co | | | | 11,220 |
| 70 | | Assurant Inc | | | | 8,825 |
| 30,661 | | Bank of New York Mellon Corp | | | | 1,433,402 |
| 29,497 | | BB&T Corp | | | | 1,564,816 |
| 3,339 | | BlackRock Inc | | | | 1,541,616 |
| 14,959 | | Capital One Financial Corp | | | | 1,394,927 |
| 10,377 | | Chubb Ltd | | | | 1,581,662 |
| 34,383 | | Citigroup Inc. | | | | 2,470,762 |
| 311 | | Citizens Financial Group Inc | | | | 10,935 |
| 3,536 | | CME Group Inc | | | | 727,532 |
| 142 | | Comerica Inc | | | | 9,290 |
| 249 | | East West Bancorp Inc. | | | | 10,687 |
| 316 | | Fifth Third Bancorp | | | | 9,189 |
Nuveen ESG Large-Cap Value ETF (NULV)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 322 | | Franklin Resources Inc | | | | $8,871 |
| 107 | | Globe Life Inc | | | | 10,414 |
| 159 | | Hartford Financial Services Group Inc. | | | | 9,076 |
| 62,989 | | Huntington Bancshares Inc/OH | | | | 890,035 |
| 604 | | Invesco Ltd | | | | 10,159 |
| 72,229 | | KeyCorp | | | | 1,297,955 |
| 163 | | Lincoln National Corp | | | | 9,206 |
| 11,820 | | Loews Corp | | | | 579,180 |
| 67 | | M&T Bank Corp | | | | 10,487 |
| 13,661 | | Marsh & McLennan Cos Inc. | | | | 1,415,553 |
| 18,738 | | Morgan Stanley | | | | 862,885 |
| 106 | | Nasdaq Inc. | | | | 10,576 |
| 103 | | Northern Trust Corp | | | | 10,267 |
| 615 | | People's United Financial Inc | | | | 9,945 |
| 169 | | Principal Financial Group Inc | | | | 9,021 |
| 707 | | Regions Financial Corp | | | | 11,383 |
| 60 | | Reinsurance Group of America Inc | | | | 9,748 |
| 101 | | Signature Bank/New York NY | | | | 11,950 |
| 166 | | State Street Corp | | | | 10,968 |
| 77 | | T Rowe Price Group Inc | | | | 8,917 |
| 9,359 | | Travelers Cos Inc | | | | 1,226,590 |
| 32,103 | | US Bancorp | | | | 1,830,513 |
| 182 | | Voya Financial Inc. | | | | 9,821 |
| 55 | | Willis Towers Watson PLC | | | | 10,279 |
| 190 | | Zions Bancorp NA | | | | 9,209 |
| | | Total Financials | | | | 20,752,359 |
| | | Health Care – 14.9% | | | | |
| 18,058 | | AbbVie Inc. | | | | 1,436,514 |
| 126 | | Agilent Technologies Inc | | | | 9,544 |
| 1,274 | | Amgen Inc | | | | 271,680 |
| 30,955 | | Bristol-Myers Squibb Co | | | | 1,775,888 |
| 17,272 | | Cardinal Health Inc | | | | 854,100 |
| 226 | | Centene Corp, (2) | | | | 11,996 |
| 3,553 | | Cigna Corp | | | | 634,068 |
| 27,873 | | CVS Health Corp | | | | 1,850,488 |
| 10,268 | | Danaher Corp | | | | 1,415,136 |
| 16,738 | | DENTSPLY SIRONA Inc | | | | 916,908 |
| 379 | | Elanco Animal Health Inc, (2) | | | | 10,241 |
| 8,451 | | Eli Lilly & Co | | | | 962,991 |
| 13,100 | | Gilead Sciences Inc. | | | | 834,601 |
| 177 | | Henry Schein Inc, (2) | | | | 11,078 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 6,672 | | Hologic Inc, (2) | | | | $322,324 |
| 68 | | IQVIA Holdings Inc, (2) | | | | 9,821 |
| 63 | | Jazz Pharmaceuticals PLC, (2) | | | | 7,915 |
| 31,540 | | Merck & Co Inc | | | | 2,733,256 |
| 179 | | Perrigo Co PLC | | | | 9,491 |
| 83 | | Quest Diagnostics Inc | | | | 8,404 |
| 80 | | STERIS PLC | | | | 11,326 |
| | | Total Health Care | | | | 14,097,770 |
| | | Industrials – 5.9% | | | | |
| 11,099 | | 3M Co | | | | 1,831,224 |
| 37 | | AMERCO | | | | 14,986 |
| 8,648 | | Caterpillar Inc. | | | | 1,191,694 |
| 1,972 | | CH Robinson Worldwide Inc | | | | 149,162 |
| 4,063 | | Eaton Corp PLC | | | | 353,928 |
| 240 | | Flowserve Corp | | | | 11,722 |
| 31,669 | | Johnson Controls International plc | | | | 1,372,218 |
| 105 | | ManpowerGroup Inc | | | | 9,547 |
| 8,160 | | Nielsen Holdings PLC | | | | 164,506 |
| 170 | | Owens Corning | | | | 10,418 |
| 137 | | PACCAR Inc | | | | 10,420 |
| 2,018 | | Parker-Hannifin Corp | | | | 370,283 |
| 243 | | Pentair PLC | | | | 10,077 |
| 56 | | Rockwell Automation Inc | | | | 9,631 |
| 23 | | Roper Technologies Inc | | | | 7,750 |
| 63 | | Stanley Black & Decker Inc. | | | | 9,534 |
| 98 | | United Rentals Inc, (2) | | | | 13,090 |
| | | Total Industrials | | | | 5,540,190 |
| | | Information Technology – 11.5% | | | | |
| 47,085 | | Cisco Systems Inc | | | | 2,237,008 |
| 228 | | FLIR Systems Inc | | | | 11,756 |
| 76,068 | | Hewlett Packard Enterprise Co | | | | 1,248,276 |
| 61,550 | | HP Inc | | | | 1,069,123 |
| 55,997 | | Intel Corp | | | | 3,165,510 |
| 14,635 | | International Business Machines Corp | | | | 1,957,139 |
| 1,237 | | Lam Research Corp | | | | 335,276 |
| 8,107 | | TE Connectivity Ltd | | | | 725,577 |
| 4,148 | | Western Union Co | | | | 103,949 |
| | | Total Information Technology | | | | 10,853,614 |
| | | Materials – 3.6% | | | | |
| 3,164 | | International Flavors & Fragrances Inc | | | | 386,040 |
| 9,654 | | International Paper Co | | | | 421,687 |
Nuveen ESG Large-Cap Value ETF (NULV)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Materials(continued) | | | | |
| 19,740 | | Mosaic Co | | | | $392,431 |
| 11,280 | | Newmont Goldcorp Corp | | | | 448,154 |
| 10,990 | | PPG Industries Inc | | | | 1,375,069 |
| 222 | | Sealed Air Corp | | | | 9,273 |
| 13,482 | | Steel Dynamics Inc. | | | | 409,313 |
| | | Total Materials | | | | 3,441,967 |
| | | Real Estate – 4.5% | | | | |
| 844 | | Digital Realty Trust Inc. | | | | 107,222 |
| 16,086 | | Equity Residential | | | | 1,426,185 |
| 470 | | HCP Inc | | | | 17,681 |
| 21,006 | | Host Hotels & Resorts Inc | | | | 344,288 |
| 365 | | Iron Mountain Inc | | | | 11,972 |
| 397 | | Jones Lang LaSalle Inc. | | | | 58,168 |
| 17,929 | | Prologis Inc | | | | 1,573,449 |
| 133 | | Regency Centers Corp | | | | 8,943 |
| 418 | | UDR Inc | | | | 21,005 |
| 2,049 | | Ventas Inc | | | | 133,390 |
| 6,037 | | WP Carey Inc | | | | 555,766 |
| | | Total Real Estate | | | | 4,258,069 |
| | | Utilities – 6.8% | | | | |
| 7,130 | | American Water Works Co Inc. | | | | 878,915 |
| 14,896 | | Consolidated Edison Inc | | | | 1,373,709 |
| 16,147 | | Eversource Energy | | | | 1,352,150 |
| 22,534 | | Public Service Enterprise Group Inc. | | | | 1,426,628 |
| 9,846 | | Sempra Energy | | | | 1,422,845 |
| | | Total Utilities | | | | 6,454,247 |
| | | Total Long-Term Investments (cost $89,475,872) | | | | 94,339,253 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $110 | | Federal Home Loan Banks, Discount Notes | 0.000% | 11/01/19 | N/R | $110,000 |
| | | Total Short-Term Investments (cost $110,000) | | | | 110,000 |
| | | Total Investments (cost $89,585,872) – 99.9% | | | | 94,449,253 |
| | | Other Assets Less Liabilities – 0.1% | | | | 120,101 |
| | | Net Assets – 100% | | | | $94,569,354 |
| | 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. Ratings are not covered by the report of independent registered public accounting firm. | |
See accompanying notes to financial statements.
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 5.9% | | | | |
| 500 | | Discovery Inc, Class C, (2) | | | | $12,620 |
| 9,176 | | Liberty Broadband Corp, Class C, (2) | | | | 1,083,410 |
| 57,580 | | Snap Inc, Class A, (2) | | | | 867,155 |
| 7,953 | | Take-Two Interactive Software Inc., (2) | | | | 957,144 |
| 6,056 | | TripAdvisor Inc, (2) | | | | 244,662 |
| | | Total Communication Services | | | | 3,164,991 |
| | | Consumer Discretionary – 10.3% | | | | |
| 3,036 | | Advance Auto Parts Inc | | | | 493,289 |
| 2,892 | | Domino's Pizza Inc | | | | 785,525 |
| 28,090 | | LKQ Corp, (2) | | | | 954,779 |
| 3,707 | | Lululemon Athletica Inc, (2) | | | | 757,229 |
| 14,768 | | Norwegian Cruise Line Holdings Ltd | | | | 749,624 |
| 3,220 | | Roku Inc, (2) | | | | 473,984 |
| 2,209 | | Tractor Supply Co | | | | 209,899 |
| 8,689 | | Under Armour Inc, Class A, (2) | | | | 179,428 |
| 13,147 | | Under Armour Inc, Class C, (2) | | | | 243,220 |
| 7,463 | | Wayfair Inc, Class A, (2) | | | | 613,682 |
| | | Total Consumer Discretionary | | | | 5,460,659 |
| | | Consumer Staples – 1.6% | | | | |
| 546 | | Lamb Weston Holdings Inc | | | | 42,610 |
| 5,177 | | McCormick & Co Inc | | | | 831,892 |
| | | Total Consumer Staples | | | | 874,502 |
| | | Energy – 1.8% | | | | |
| 15,866 | | Cheniere Energy Inc, (2) | | | | 976,552 |
| | | Financials – 3.9% | | | | |
| 1,915 | | FactSet Research Systems Inc | | | | 485,491 |
| 5,492 | | First Republic Bank/CA | | | | 584,129 |
| 1,977 | | MarketAxess Holdings Inc | | | | 728,702 |
| 1,252 | | SVB Financial Group, (2) | | | | 277,293 |
| | | Total Financials | | | | 2,075,615 |
| | | Health Care – 18.5% | | | | |
| 3,712 | | Align Technology Inc, (2) | | | | 936,500 |
| 8,608 | | DaVita Inc, (2) | | | | 504,429 |
| 3,694 | | DexCom Inc, (2) | | | | 569,763 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 10,544 | | Henry Schein Inc, (2) | | | | $659,896 |
| 4,555 | | IDEXX Laboratories Inc, (2) | | | | 1,298,221 |
| 4,848 | | Laboratory Corp of America Holdings, (2) | | | | 798,805 |
| 1,607 | | Mettler-Toledo International Inc, (2) | | | | 1,132,839 |
| 10,723 | | PerkinElmer Inc | | | | 921,749 |
| 8,533 | | ResMed Inc | | | | 1,262,201 |
| 4,916 | | STERIS PLC | | | | 695,958 |
| 77 | | Varian Medical Systems Inc, (2) | | | | 9,302 |
| 4,944 | | Waters Corp, (2) | | | | 1,046,249 |
| | | Total Health Care | | | | 9,835,912 |
| | | Industrials – 23.0% | | | | |
| 4,528 | | Acuity Brands Inc | | | | 565,049 |
| 1,797 | | Allegion PLC | | | | 208,524 |
| 8,224 | | CH Robinson Worldwide Inc | | | | 622,064 |
| 4,755 | | Cintas Corp | | | | 1,277,526 |
| 13,878 | | Copart Inc, (2) | | | | 1,146,878 |
| 10,897 | | Dover Corp | | | | 1,132,089 |
| 7,479 | | Expeditors International of Washington Inc | | | | 545,518 |
| 14,414 | | Fastenal Co | | | | 518,039 |
| 895 | | Fortune Brands Home & Security Inc | | | | 53,745 |
| 14,287 | | HD Supply Holdings Inc, (2) | | | | 564,908 |
| 2,505 | | Kansas City Southern | | | | 352,654 |
| 3,328 | | Lennox International Inc | | | | 823,214 |
| 5,744 | | Middleby Corp, (2) | | | | 694,737 |
| 12,018 | | Robert Half International Inc | | | | 688,271 |
| 11,493 | | Spirit AeroSystems Holdings Inc, Class A | | | | 940,357 |
| 2,350 | | United Rentals Inc, (2) | | | | 313,890 |
| 2,486 | | WW Grainger Inc | | | | 767,776 |
| 13,112 | | Xylem Inc/NY | | | | 1,005,559 |
| | | Total Industrials | | | | 12,220,798 |
| | | Information Technology – 23.9% | | | | |
| 11,710 | | Akamai Technologies Inc, (2) | | | | 1,012,915 |
| 2,861 | | ANSYS Inc, (2) | | | | 629,849 |
| 2,369 | | Arista Networks Inc, (2) | | | | 579,386 |
| 8,029 | | Broadridge Financial Solutions Inc | | | | 1,005,391 |
| 9,037 | | Cadence Design Systems Inc, (2) | | | | 590,568 |
| 1,977 | | Citrix Systems Inc | | | | 215,216 |
| 3,483 | | Cognex Corp | | | | 179,340 |
| 16,957 | | DocuSign Inc, (2) | | | | 1,122,384 |
| 12,520 | | FLIR Systems Inc | | | | 645,531 |
| 11,165 | | Fortinet Inc, (2) | | | | 910,618 |
Nuveen ESG Mid-Cap Growth ETF (NUMG)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 4,095 | | Jack Henry & Associates Inc | | | | $579,688 |
| 10,802 | | Keysight Technologies Inc, (2) | | | | 1,090,030 |
| 10,458 | | Maxim Integrated Products Inc | | | | 613,466 |
| 2,523 | | Okta Inc, (2) | | | | 275,184 |
| 11,674 | | ON Semiconductor Corp, (2) | | | | 238,150 |
| 3,130 | | Paycom Software Inc, (2) | | | | 662,089 |
| 10,216 | | PTC Inc, (2) | | | | 683,553 |
| 1,271 | | Skyworks Solutions Inc | | | | 115,737 |
| 19,330 | | Trimble Inc, (2) | | | | 770,107 |
| 7,073 | | Twilio Inc, Class A, (2) | | | | 682,969 |
| 523 | | Zebra Technologies Corp, Class A, (2) | | | | 124,406 |
| | | Total Information Technology | | | | 12,726,577 |
| | | Materials – 5.7% | | | | |
| 107,641 | | Amcor PLC | | | | 1,024,743 |
| 3,308 | | Avery Dennison Corp | | | | 422,961 |
| 15,268 | | Axalta Coating Systems Ltd | | | | 450,253 |
| 16,461 | | Ball Corp | | | | 1,151,776 |
| | | Total Materials | | | | 3,049,733 |
| | | Real Estate – 4.6% | | | | |
| 20,896 | | CBRE Group Inc, Class A, (2) | | | | 1,118,981 |
| 5,411 | | SBA Communications Corp | | | | 1,302,157 |
| | | Total Real Estate | | | | 2,421,138 |
| | | Utilities – 0.7% | | | | |
| 2,948 | | American Water Works Co Inc. | | | | 363,400 |
| | | Total Long-Term Investments (cost $49,704,970) | | | | 53,169,877 |
| | | Other Assets Less Liabilities – 0.1% | | | | 51,752 |
| | | Net Assets – 100% | | | | $53,221,629 |
| | 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 October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 3.1% | | | | |
| 63,980 | | CenturyLink Inc | | | | $827,901 |
| 277 | | Discovery Inc, Class A, (2) | | | | 7,466 |
| 29,769 | | Discovery Inc, Class C, (2) | | | | 751,370 |
| 147 | | TripAdvisor Inc, (2) | | | | 5,939 |
| 4,901 | | Viacom Inc, Class B | | | | 105,666 |
| | | Total Communication Services | | | | 1,698,342 |
| | | Consumer Discretionary – 17.4% | | | | |
| 6,234 | | Best Buy Co Inc. | | | | 447,788 |
| 7,882 | | BorgWarner Inc | | | | 328,522 |
| 6,325 | | Gap Inc | | | | 102,844 |
| 11,998 | | Garmin Ltd | | | | 1,124,812 |
| 11,294 | | Genuine Parts Co | | | | 1,158,539 |
| 20,570 | | Hanesbrands Inc | | | | 312,870 |
| 9,201 | | Harley-Davidson Inc | | | | 358,011 |
| 8,249 | | Hasbro Inc | | | | 802,710 |
| 5,603 | | Mohawk Industries Inc, (2) | | | | 803,358 |
| 45,066 | | Newell Brands Inc. | | | | 854,902 |
| 2,158 | | Nordstrom Inc | | | | 77,472 |
| 7,227 | | Norwegian Cruise Line Holdings Ltd, (2) | | | | 366,843 |
| 2,310 | | Roku Inc, (2) | | | | 340,032 |
| 16,853 | | Tapestry Inc | | | | 435,819 |
| 8,445 | | Tiffany & Co | | | | 1,051,487 |
| 3,838 | | Vail Resorts Inc | | | | 891,836 |
| | | Total Consumer Discretionary | | | | 9,457,845 |
| | | Consumer Staples – 4.4% | | | | |
| 15,733 | | Bunge Ltd | | | | 849,582 |
| 15,305 | | Campbell Soup Co | | | | 708,775 |
| 790 | | Ingredion Inc | | | | 62,410 |
| 4,947 | | McCormick & Co Inc | | | | 794,933 |
| | | Total Consumer Staples | | | | 2,415,700 |
| | | Energy – 2.8% | | | | |
| 45,362 | | National Oilwell Varco Inc | | | | 1,026,088 |
| 25,948 | | TechnipFMC PLC | | | | 511,954 |
| | | Total Energy | | | | 1,538,042 |
Nuveen ESG Mid-Cap Value ETF (NUMV)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Financials – 21.4% | | | | |
| 458 | | Affiliated Managers Group Inc | | | | $36,585 |
| 5,298 | | Ally Financial Inc | | | | 162,278 |
| 27,877 | | Arch Capital Group Ltd, (2) | | | | 1,164,144 |
| 12,486 | | Arthur J Gallagher & Co | | | | 1,138,973 |
| 6,960 | | Assurant Inc | | | | 877,447 |
| 31,398 | | AXA Equitable Holdings Inc | | | | 678,197 |
| 22,996 | | Citizens Financial Group Inc | | | | 808,539 |
| 121 | | Comerica Inc | | | | 7,916 |
| 26,363 | | Fifth Third Bancorp | | | | 766,636 |
| 40,743 | | Huntington Bancshares Inc/OH | | | | 575,699 |
| 52,732 | | Invesco Ltd | | | | 886,952 |
| 17,983 | | Lincoln National Corp | | | | 1,015,680 |
| 9,839 | | Nasdaq Inc. | | | | 981,637 |
| 26,038 | | People's United Financial Inc | | | | 421,034 |
| 10,682 | | Principal Financial Group Inc | | | | 570,205 |
| 6,119 | | Reinsurance Group of America Inc | | | | 994,154 |
| 4,809 | | Signature Bank/New York NY | | | | 569,001 |
| | | Total Financials | | | | 11,655,077 |
| | | Health Care – 3.8% | | | | |
| 14,415 | | DENTSPLY SIRONA Inc | | | | 789,654 |
| 3,910 | | Jazz Pharmaceuticals PLC, (2) | | | | 491,213 |
| 7,595 | | Quest Diagnostics Inc | | | | 768,994 |
| | | Total Health Care | | | | 2,049,861 |
| | | Industrials – 7.9% | | | | |
| 2,055 | | AMERCO | | | | 832,357 |
| 3,370 | | CH Robinson Worldwide Inc | | | | 254,907 |
| 3,120 | | ManpowerGroup Inc | | | | 283,670 |
| 974 | | Masco Corp | | | | 45,047 |
| 34,804 | | Nielsen Holdings PLC | | | | 701,649 |
| 14,542 | | Owens Corning | | | | 891,134 |
| 9,266 | | Pentair PLC | | | | 384,261 |
| 5,705 | | Snap-on Inc | | | | 928,032 |
| 52 | | United Rentals Inc, (2) | | | | 6,946 |
| | | Total Industrials | | | | 4,328,003 |
| | | Information Technology – 8.2% | | | | |
| 16,050 | | FLIR Systems Inc | | | | 827,538 |
| 8,958 | | Juniper Networks Inc | | | | 222,337 |
| 44,209 | | Marvell Technology Group Ltd | | | | 1,078,257 |
| 23,253 | | Sabre Corp | | | | 545,980 |
| 4,161 | | Skyworks Solutions Inc | | | | 378,901 |
| 42,512 | | Western Union Co | | | | 1,065,351 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 10,377 | | Xerox Holdings Corp | | | | $352,092 |
| | | Total Information Technology | | | | 4,470,456 |
| | | Materials – 6.2% | | | | |
| 6,947 | | Celanese Corp | | | | 841,629 |
| 8,600 | | International Flavors & Fragrances Inc | | | | 1,049,286 |
| 29,572 | | Mosaic Co | | | | 587,891 |
| 13,415 | | Sealed Air Corp | | | | 560,345 |
| 10,562 | | Steel Dynamics Inc. | | | | 320,662 |
| 759 | | Westrock Co | | | | 28,364 |
| | | Total Materials | | | | 3,388,177 |
| | | Real Estate – 17.9% | | | | |
| 29,429 | | Duke Realty Corp | | | | 1,034,135 |
| 32,010 | | HCP Inc | | | | 1,204,216 |
| 61,639 | | Host Hotels & Resorts Inc | | | | 1,010,263 |
| 28,556 | | Iron Mountain Inc | | | | 936,637 |
| 6,348 | | Jones Lang LaSalle Inc. | | | | 930,109 |
| 16,477 | | Kimco Realty Corp | | | | 355,244 |
| 16,459 | | Liberty Property Trust | | | | 972,233 |
| 8,379 | | Mid-America Apartment Communities Inc. | | | | 1,164,597 |
| 7,524 | | Regency Centers Corp | | | | 505,914 |
| 21,613 | | UDR Inc | | | | 1,086,053 |
| 6,280 | | WP Carey Inc | | | | 578,137 |
| | | Total Real Estate | | | | 9,777,538 |
| | | Utilities – 6.7% | | | | |
| 8,460 | | American Water Works Co Inc. | | | | 1,042,864 |
| 18,514 | | CMS Energy Corp | | | | 1,183,415 |
| 17,232 | | Eversource Energy | | | | 1,443,008 |
| | | Total Utilities | | | | 3,669,287 |
| | | Total Long-Term Investments (cost $51,857,161) | | | | 54,448,328 |
| 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% | 11/01/19 | N/R | $100,000 |
| | | Total Short-Term Investments (cost $100,000) | | | | 100,000 |
| | | Total Investments (cost $51,957,161) – 100.0% | | | | 54,548,328 |
| | | Other Assets Less Liabilities – 0.0% | | | | 24,313 |
| | | Net Assets – 100% | | | | $54,572,641 |
Nuveen ESG Mid-Cap Value ETF (NUMV)(continued)
Portfolio of Investments October 31, 2019
| | 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. Ratings are not covered by the report of independent registered public accounting firm. | |
See accompanying notes to financial statements.
Nuveen ESG Small-Cap ETF (NUSC)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 2.5% | | | | |
| 6,349 | | Boingo Wireless Inc, (2) | | | | $60,125 |
| 65 | | Cable One Inc | | | | 86,149 |
| 1,014 | | Cinemark Holdings Inc | | | | 37,112 |
| 10,632 | | comScore Inc, (2) | | | | 24,560 |
| 5,968 | | Emerald Expositions Events Inc | | | | 58,009 |
| 25,667 | | Gannett Co Inc | | | | 278,487 |
| 8,393 | | GCI Liberty Inc, Class A, (2) | | | | 587,342 |
| 29,614 | | Globalstar Inc, (2) | | | | 11,313 |
| 14,022 | | Gogo Inc, (2) | | | | 86,235 |
| 8,632 | | Gray Television Inc | | | | 141,651 |
| 10,816 | | John Wiley & Sons Inc, Class A | | | | 498,293 |
| 2,833 | | Loral Space & Communications Inc, (2) | | | | 113,292 |
| 1,919 | | Madison Square Garden Co, (2) | | | | 512,220 |
| 3,205 | | Marcus Corp | | | | 115,701 |
| 13,478 | | National CineMedia Inc | | | | 113,148 |
| 14,600 | | New York Times Co | | | | 451,140 |
| 17,622 | | ORBCOMM Inc, (2) | | | | 70,664 |
| 5,145 | | Rosetta Stone Inc, (2) | | | | 98,578 |
| 7,352 | | Scholastic Corp | | | | 283,052 |
| 12,712 | | TEGNA Inc. | | | | 191,061 |
| 5,359 | | WideOpenWest Inc, (2) | | | | 34,030 |
| 5,680 | | World Wrestling Entertainment Inc, Class A | | | | 318,307 |
| | | Total Communication Services | | | | 4,170,469 |
| | | Consumer Discretionary – 11.7% | | | | |
| 9,781 | | Aaron's Inc. | | | | 732,890 |
| 23,338 | | American Axle & Manufacturing Holdings Inc | | | | 195,106 |
| 1,105 | | American Eagle Outfitters Inc | | | | 16,995 |
| 3,743 | | American Public Education Inc, (2) | | | | 81,298 |
| 1,126 | | America's Car-Mart Inc/TX, (2) | | | | 102,455 |
| 327 | | Asbury Automotive Group Inc, (2) | | | | 33,724 |
| 5,738 | | AutoNation Inc, (2) | | | | 291,777 |
| 1,222 | | Big Lots Inc | | | | 26,481 |
| 8,095 | | Bright Horizons Family Solutions Inc, (2) | | | | 1,202,269 |
| 4,868 | | Brinker International Inc | | | | 216,383 |
| 926 | | Buckle Inc | | | | 19,372 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 21,810 | | Callaway Golf Co | | | | $440,998 |
| 8,118 | | Camping World Holdings Inc, Class A | | | | 76,715 |
| 4,372 | | Carriage Services Inc | | | | 112,623 |
| 4,566 | | Container Store Group Inc, (2) | | | | 19,269 |
| 807 | | Cooper-Standard Holdings Inc, (2) | | | | 25,711 |
| 7,343 | | Core-Mark Holding Co Inc | | | | 224,108 |
| 7,127 | | Crocs Inc, (2) | | | | 249,374 |
| 8,014 | | Dave & Buster's Entertainment Inc, (2) | | | | 318,797 |
| 2,291 | | Deckers Outdoor Corp, (2) | | | | 350,294 |
| 1,128 | | Designer Brands Inc | | | | 18,612 |
| 1,988 | | Dine Brands Global Inc | | | | 145,422 |
| 5,280 | | Dorman Products Inc, (2) | | | | 379,896 |
| 7,391 | | Dunkin' Brands Group Inc | | | | 581,080 |
| 5,457 | | El Pollo Loco Holdings Inc, (2) | | | | 63,410 |
| 5,890 | | Ethan Allen Interiors Inc | | | | 116,092 |
| 7,221 | | Etsy Inc, (2) | | | | 321,262 |
| 2,140 | | Five Below Inc, (2) | | | | 267,735 |
| 1,434 | | Foot Locker Inc | | | | 62,393 |
| 11,220 | | Fossil Group Inc, (2) | | | | 122,074 |
| 6,509 | | Fox Factory Holding Corp, (2) | | | | 396,658 |
| 7,742 | | frontdoor Inc, (2) | | | | 373,397 |
| 20,292 | | GameStop Corp, Class A | | | | 110,388 |
| 498 | | Genesco Inc, (2) | | | | 19,347 |
| 1,231 | | Gentherm Inc, (2) | | | | 51,419 |
| 30,547 | | GoPro Inc, Class A, (2) | | | | 127,076 |
| 864 | | Graham Holdings Co, Class B | | | | 544,026 |
| 3,344 | | Green Brick Partners Inc, (2) | | | | 33,674 |
| 2,363 | | Group 1 Automotive Inc | | | | 234,977 |
| 5,304 | | Helen of Troy Ltd, (2) | | | | 794,327 |
| 2,833 | | Hooker Furniture Corp | | | | 67,057 |
| 4,609 | | Houghton Mifflin Harcourt Co, (2) | | | | 29,774 |
| 3,589 | | iRobot Corp, (2) | | | | 172,487 |
| 528 | | Johnson Outdoors Inc, Class A | | | | 30,914 |
| 4,558 | | Kontoor Brands Inc | | | | 173,204 |
| 3,968 | | La-Z-Boy Inc. | | | | 140,904 |
| 1,112 | | LGI Homes Inc, (2) | | | | 87,270 |
| 884 | | Lithia Motors Inc, Class A | | | | 139,212 |
| 5,100 | | Malibu Boats Inc, Class A, (2) | | | | 166,362 |
| 5,391 | | MarineMax Inc, (2) | | | | 83,291 |
| 3,246 | | Marriott Vacations Worldwide Corp | | | | 356,833 |
| 4,523 | | MasterCraft Boat Holdings Inc, (2) | | | | 71,237 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary(continued) | | | | |
| 48,194 | | Mattel Inc | | | | $575,436 |
| 2,741 | | Meritage Homes Corp, (2) | | | | 197,599 |
| 15,008 | | Michaels Cos Inc, (2) | | | | 131,020 |
| 4,855 | | Modine Manufacturing Co | | | | 55,493 |
| 3,217 | | Monro Inc | | | | 225,544 |
| 3,868 | | Movado Group Inc | | | | 100,761 |
| 1,531 | | Murphy USA Inc, (2) | | | | 180,551 |
| 6,747 | | National Vision Holdings Inc, (2) | | | | 160,579 |
| 6,185 | | Noodles & Co, (2) | | | | 32,966 |
| 105,861 | | Office Depot Inc | | | | 218,074 |
| 4,113 | | Planet Fitness Inc, Class A, (2) | | | | 261,834 |
| 4,574 | | Pool Corp | | | | 948,648 |
| 4,570 | | Quotient Technology Inc, (2) | | | | 39,348 |
| 3,239 | | Red Robin Gourmet Burgers Inc, (2) | | | | 98,789 |
| 2,960 | | Rent-A-Center Inc/TX | | | | 76,575 |
| 18,611 | | Sally Beauty Holdings Inc, (2) | | | | 288,470 |
| 34,222 | | Service Corp International/US | | | | 1,556,417 |
| 13,179 | | ServiceMaster Global Holdings Inc, (2) | | | | 532,168 |
| 5,319 | | Shake Shack Inc, Class A, (2) | | | | 437,647 |
| 9,410 | | Signet Jewelers Ltd | | | | 150,936 |
| 5,983 | | Sleep Number Corp, (2) | | | | 287,902 |
| 5,086 | | Sonos Inc, (2) | | | | 66,525 |
| 4,416 | | Stitch Fix Inc, Class A, (2) | | | | 100,950 |
| 10,583 | | Tenneco Inc, Class A | | | | 133,240 |
| 8,003 | | Tile Shop Holdings Inc | | | | 13,445 |
| 11,976 | | Tupperware Brands Corp | | | | 115,329 |
| 3,309 | | Unifi Inc, (2) | | | | 90,336 |
| 4,607 | | Visteon Corp, (2) | | | | 428,543 |
| 23,947 | | Wendy's Co | | | | 507,197 |
| 224 | | Winmark Corp | | | | 40,320 |
| 2,745 | | Wolverine World Wide Inc | | | | 81,472 |
| 9,520 | | WW International Inc, (2) | | | | 331,962 |
| 3,761 | | YETI Holdings Inc, (2) | | | | 125,279 |
| 714 | | Zumiez Inc, (2) | | | | 22,784 |
| | | Total Consumer Discretionary | | | | 19,632,588 |
| | | Consumer Staples – 3.1% | | | | |
| 22,148 | | BJ's Wholesale Club Holdings Inc, (2) | | | | 591,352 |
| 1,402 | | Casey's General Stores Inc | | | | 239,476 |
| 27,896 | | Darling Ingredients Inc, (2) | | | | 538,393 |
| 12,592 | | Energizer Holdings Inc | | | | 535,034 |
| 2,524 | | Farmer Brothers Co | | | | 32,383 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples(continued) | | | | |
| 7,687 | | Fresh Del Monte Produce Inc | | | | $245,215 |
| 6,640 | | Freshpet Inc, (2) | | | | 347,006 |
| 10,644 | | Hain Celestial Group Inc, (2) | | | | 251,624 |
| 10,517 | | Herbalife Nutrition Ltd | | | | 469,794 |
| 2,498 | | Medifast Inc | | | | 277,128 |
| 3,254 | | Nu Skin Enterprises Inc, Class A | | | | 145,063 |
| 1,480 | | Performance Food Group Co, (2) | | | | 63,063 |
| 3,016 | | PriceSmart Inc | | | | 223,486 |
| 16,929 | | Simply Good Foods Co, (2) | | | | 415,438 |
| 1,783 | | SpartanNash Co | | | | 23,348 |
| 1,577 | | Sprouts Farmers Market Inc, (2) | | | | 30,610 |
| 3,728 | | TreeHouse Foods Inc, (2) | | | | 201,387 |
| 12,303 | | United Natural Foods Inc, (2) | | | | 92,272 |
| 11,165 | | US Foods Holding Corp, (2) | | | | 442,916 |
| 1,357 | | USANA Health Sciences Inc, (2) | | | | 100,567 |
| | | Total Consumer Staples | | | | 5,265,555 |
| | | Energy – 2.6% | | | | |
| 56,077 | | Antero Midstream Corp | | | | 361,136 |
| 12,768 | | Apergy Corp, (2) | | | | 321,371 |
| 32,215 | | Archrock Inc | | | | 310,553 |
| 9,810 | | Cactus Inc, Class A | | | | 291,553 |
| 34,895 | | Clean Energy Fuels Corp, (2) | | | | 78,514 |
| 6,071 | | Core Laboratories NV | | | | 267,367 |
| 5,578 | | Delek US Holdings Inc. | | | | 222,841 |
| 3,140 | | DMC Global Inc | | | | 140,484 |
| 7,900 | | Dril-Quip Inc, (2) | | | | 324,058 |
| 53,407 | | Equitrans Midstream Corp | | | | 743,425 |
| 7,313 | | Exterran Corp, (2) | | | | 92,656 |
| 16,147 | | Forum Energy Technologies Inc, (2) | | | | 18,730 |
| 21,108 | | Frank's International NV | | | | 103,429 |
| 7,777 | | FTS International Inc, (2) | | | | 11,821 |
| 9,391 | | Green Plains Inc | | | | 115,791 |
| 3,041 | | Helix Energy Solutions Group Inc., (2) | | | | 26,122 |
| 3,708 | | Liberty Oilfield Services Inc, Class A | | | | 34,151 |
| 6,313 | | Matrix Service Co, (2) | | | | 118,432 |
| 45,763 | | McDermott International Inc, (2) | | | | 74,594 |
| 13,317 | | Newpark Resources Inc, (2) | | | | 79,902 |
| 28,284 | | NexTier Oilfield Solutions Inc, (2) | | | | 122,187 |
| 3,432 | | Oceaneering International Inc | | | | 48,597 |
| 3,487 | | Oil States International Inc, (2) | | | | 49,759 |
| 9,316 | | Renewable Energy Group Inc, (2) | | | | 152,223 |
| Shares | | Description (1) | | | | Value |
| | | Energy(continued) | | | | |
| 13,183 | | Select Energy Services Inc, Class A, (2) | | | | $100,191 |
| 29,269 | | TETRA Technologies Inc, (2) | | | | 49,757 |
| 9,640 | | US Silica Holdings Inc | | | | 42,994 |
| | | Total Energy | | | | 4,302,638 |
| | | Financials – 15.5% | | | | |
| 3,525 | | Amalgamated Bank, Class A | | | | 64,190 |
| 9,471 | | Ameris Bancorp | | | | 405,832 |
| 28,710 | | Apollo Commercial Real Estate Finance Inc | | | | 525,393 |
| 5,491 | | Atlantic Capital Bancshares Inc, (2) | | | | 102,407 |
| 921 | | Atlantic Union Bankshares Corp | | | | 33,948 |
| 4,424 | | Bancorp Inc, (2) | | | | 48,222 |
| 10,172 | | BancorpSouth Bank | | | | 311,975 |
| 328 | | Bank of Hawaii Corp | | | | 28,638 |
| 27,885 | | Bank OZK | | | | 782,453 |
| 22,795 | | BankUnited Inc | | | | 781,869 |
| 2,747 | | Banner Corp | �� | | | 148,283 |
| 2,416 | | BOK Financial Corp | | | | 186,394 |
| 45,377 | | Brown & Brown Inc | | | | 1,709,805 |
| 4,116 | | Byline Bancorp Inc, (2) | | | | 71,371 |
| 10,820 | | Cadence BanCorp | | | | 166,412 |
| 11,581 | | Capstead Mortgage Corp | | | | 89,521 |
| 4,514 | | Cathay General Bancorp | | | | 160,563 |
| 1,212 | | CBTX Inc | | | | 34,724 |
| 30,684 | | Chimera Investment Corp | | | | 621,658 |
| 4,635 | | Cohen & Steers Inc | | | | 303,314 |
| 4,089 | | Columbia Banking System Inc | | | | 160,698 |
| 6,464 | | Cowen Inc, (2) | | | | 96,766 |
| 4,172 | | Crawford & Co, Class A | | | | 44,181 |
| 2,290 | | Cullen/Frost Bankers Inc | | | | 206,283 |
| 3,506 | | Customers Bancorp Inc, (2) | | | | 82,671 |
| 4,619 | | CVB Financial Corp | | | | 95,983 |
| 301 | | Diamond Hill Investment Group Inc | | | | 42,399 |
| 7,684 | | Donnelley Financial Solutions Inc, (2) | | | | 86,829 |
| 4,255 | | eHealth Inc, (2) | | | | 293,765 |
| 3,681 | | Equity Bancshares Inc, Class A, (2) | | | | 102,185 |
| 4,558 | | Evercore Inc., Class A | | | | 335,651 |
| 689 | | Federal Agricultural Mortgage Corp, Class C | | | | 58,351 |
| 26,349 | | First American Financial Corp | | | | 1,627,841 |
| 4,877 | | First Financial Bancorp | | | | 114,317 |
| 2,250 | | First Hawaiian Inc | | | | 61,493 |
| 2,246 | | First Interstate BancSystem Inc, Class A | | | | 94,242 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 17,433 | | First Midwest Bancorp Inc/IL | | | | $358,074 |
| 6,001 | | FirstCash Inc | | | | 506,424 |
| 7,598 | | Flagstar Bancorp Inc. | | | | 276,111 |
| 14,462 | | Fulton Financial Corp | | | | 246,722 |
| 122,426 | | Genworth Financial Inc, Class A | | | | 523,983 |
| 3,148 | | Glacier Bancorp Inc | | | | 133,223 |
| 12,549 | | Granite Point Mortgage Trust Inc | | | | 233,411 |
| 3,059 | | Great Western Bancorp Inc | | | | 106,667 |
| 12,377 | | Green Dot Corp, Class A, (2) | | | | 356,953 |
| 7,229 | | Hancock Whitney Corp | | | | 281,931 |
| 4,869 | | Hanover Insurance Group Inc | | | | 641,296 |
| 1,329 | | Heartland Financial USA Inc. | | | | 62,171 |
| 789 | | Heritage Financial Corp/WA | | | | 21,721 |
| 3,875 | | HomeStreet Inc | | | | 116,289 |
| 3,346 | | Hope Bancorp Inc | | | | 47,747 |
| 2,305 | | Independent Bank Corp | | | | 189,194 |
| 808 | | International Bancshares Corp | | | | 33,096 |
| 1,901 | | INTL FCStone Inc, (2) | | | | 76,040 |
| 58,299 | | Investors Bancorp Inc | | | | 702,503 |
| 2,012 | | Janus Henderson Group PLC | | | | 46,538 |
| 5,681 | | KKR Real Estate Finance Trust Inc | | | | 113,904 |
| 1,207 | | LegacyTexas Financial Group Inc | | | | 51,346 |
| 3,774 | | Legg Mason Inc | | | | 140,619 |
| 6,241 | | Live Oak Bancshares Inc | | | | 113,274 |
| 375 | | LPL Financial Holdings Inc | | | | 30,315 |
| 697 | | Meta Financial Group Inc | | | | 22,067 |
| 51,966 | | MGIC Investment Corp | | | | 712,454 |
| 4,726 | | Midland States Bancorp Inc | | | | 126,657 |
| 2,897 | | Morningstar Inc | | | | 468,851 |
| 17,961 | | Mr Cooper Group Inc, (2) | | | | 229,901 |
| 996 | | National Bank Holdings Corp, Class A | | | | 34,262 |
| 61,117 | | New York Community Bancorp Inc | | | | 712,013 |
| 13,513 | | On Deck Capital Inc, (2) | | | | 60,268 |
| 1,321 | | Opus Bank | | | | 32,748 |
| 2,177 | | Origin Bancorp Inc | | | | 76,609 |
| 985 | | Peapack Gladstone Financial Corp | | | | 28,762 |
| 10,488 | | PennyMac Financial Services Inc | | | | 326,491 |
| 987 | | People's Utah Bancorp | | | | 28,722 |
| 9,690 | | Pinnacle Financial Partners Inc., Class A | | | | 569,966 |
| 6,765 | | Popular Inc | | | | 368,422 |
| 10,961 | | PRA Group Inc, (2) | | | | 371,907 |
| Shares | | Description (1) | | | | Value |
| | | Financials(continued) | | | | |
| 2,590 | | Prosperity Bancshares Inc | | | | $178,762 |
| 2,644 | | Pzena Investment Management Inc, Class A | | | | 21,945 |
| 7,465 | | Ready Capital Corp | | | | 118,171 |
| 2,770 | | Redwood Trust Inc | | | | 45,262 |
| 1,038 | | Sandy Spring Bancorp Inc | | | | 35,811 |
| 9,577 | | ServisFirst Bancshares Inc | | | | 335,195 |
| 6,694 | | Simmons First National Corp, Class A | | | | 160,121 |
| 4,728 | | South State Corp | | | | 372,850 |
| 64,748 | | Starwood Property Trust Inc. | | | | 1,592,801 |
| 20,393 | | Sterling Bancorp | | | | 400,722 |
| 11,016 | | TCF Financial Corp | | | | 436,123 |
| 6,210 | | Texas Capital Bancshares Inc, (2) | | | | 335,713 |
| 5,094 | | Triumph Bancorp Inc, (2) | | | | 165,300 |
| 2,747 | | Trustmark Corp | | | | 94,277 |
| 3,683 | | UMB Financial Corp | | | | 240,353 |
| 23,496 | | Umpqua Holdings Corp | | | | 371,707 |
| 584 | | United Bankshares Inc/WV | | | | 23,091 |
| 3,025 | | Victory Capital Holdings Inc, Class A | | | | 47,069 |
| 5,459 | | Walker & Dunlop Inc | | | | 343,862 |
| 917 | | Washington Federal Inc | | | | 33,434 |
| 3,801 | | WesBanco Inc | | | | 142,880 |
| 868 | | Westamerica Bancorporation | | | | 57,305 |
| 7,708 | | Western Alliance Bancorp | | | | 380,236 |
| 4,778 | | Wintrust Financial Corp | | | | 304,932 |
| 1,712 | | WSFS Financial Corp | | | | 72,195 |
| | | Total Financials | | | | 25,970,396 |
| | | Health Care – 12.4% | | | | |
| 5,576 | | Acadia Healthcare Co Inc, (2) | | | | 167,224 |
| 12,244 | | ACADIA Pharmaceuticals Inc, (2) | | | | 519,268 |
| 1,276 | | Accelerate Diagnostics Inc, (2) | | | | 19,650 |
| 24,921 | | Achillion Pharmaceuticals Inc, (2) | | | | 159,744 |
| 5,536 | | Aerie Pharmaceuticals Inc, (2) | | | | 122,844 |
| 871 | | Agios Pharmaceuticals Inc, (2) | | | | 26,200 |
| 4,490 | | Akcea Therapeutics Inc, (2) | | | | 82,302 |
| 13,184 | | Alder Biopharmaceuticals Inc, (2), (3) | | | | 11,602 |
| 34,917 | | Allscripts Healthcare Solutions Inc, (2) | | | | 381,992 |
| 923 | | Amedisys Inc, (2) | | | | 118,624 |
| 2,374 | | AMN Healthcare Services Inc., (2) | | | | 139,496 |
| 3,487 | | AnaptysBio Inc, (2) | | | | 131,530 |
| 1,311 | | AngioDynamics Inc, (2) | | | | 20,058 |
| 34,488 | | Antares Pharma Inc, (2) | | | | 115,880 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 2,692 | | Arvinas Inc, (2) | | | | $55,617 |
| 5,837 | | Assembly Biosciences Inc, (2) | | | | 96,369 |
| 14,040 | | Assertio Therapeutics Inc, (2) | | | | 11,093 |
| 7,569 | | Atara Biotherapeutics Inc, (2) | | | | 82,653 |
| 8,520 | | AtriCure Inc, (2) | | | | 226,547 |
| 362 | | Atrion Corp | | | | 305,322 |
| 4,769 | | Avrobio Inc, (2) | | | | 69,246 |
| 811 | | Axonics Modulation Technologies Inc, (2) | | | | 20,048 |
| 2,064 | | Axsome Therapeutics Inc, (2) | | | | 49,701 |
| 19,256 | | BioCryst Pharmaceuticals Inc, (2) | | | | 38,512 |
| 3,975 | | BioTelemetry Inc, (2) | | | | 156,456 |
| 3,536 | | Bluebird Bio Inc, (2) | | | | 286,416 |
| 18,781 | | Brookdale Senior Living Inc, (2) | | | | 138,040 |
| 9,499 | | Bruker Corp | | | | 422,705 |
| 8,108 | | Cantel Medical Corp | | | | 590,992 |
| 5,498 | | Cardiovascular Systems Inc, (2) | | | | 244,771 |
| 5,377 | | Catalent Inc, (2) | | | | 261,591 |
| 8,929 | | Cerus Corp, (2) | | | | 38,841 |
| 1,704 | | Chemed Corp | | | | 671,223 |
| 11,370 | | Coherus Biosciences Inc, (2) | | | | 197,497 |
| 6,345 | | Collegium Pharmaceutical Inc, (2) | | | | 76,140 |
| 3,189 | | Computer Programs & Systems Inc | | | | 73,570 |
| 1,214 | | CorVel Corp, (2) | | | | 96,052 |
| 12,467 | | Covetrus Inc, (2) | | | | 123,610 |
| 3,649 | | Cyclerion Therapeutics Inc, (2) | | | | 8,721 |
| 10,009 | | Cymabay Therapeutics Inc, (2) | | | | 44,940 |
| 12,427 | | Denali Therapeutics Inc, (2) | | | | 194,731 |
| 9,253 | | Dicerna Pharmaceuticals Inc, (2) | | | | 152,582 |
| 2,758 | | Eagle Pharmaceuticals Inc/DE, (2) | | | | 172,927 |
| 1,070 | | Encompass Health Corp | | | | 68,501 |
| 3,070 | | Ensign Group Inc | | | | 129,707 |
| 2,477 | | Evolus Inc, (2) | | | | 39,508 |
| 5,814 | | FibroGen Inc, (2) | | | | 227,618 |
| 8,051 | | Flexion Therapeutics Inc, (2) | | | | 138,236 |
| 6,454 | | G1 Therapeutics Inc, (2) | | | | 136,954 |
| 11,565 | | GenMark Diagnostics Inc, (2) | | | | 64,880 |
| 3,723 | | Glaukos Corp, (2) | | | | 237,639 |
| 6,488 | | Global Blood Therapeutics Inc, (2) | | | | 311,100 |
| 4,890 | | Globus Medical Inc, Class A, (2) | | | | 256,089 |
| 2,896 | | Guardant Health Inc, (2) | | | | 201,272 |
| 5,356 | | Haemonetics Corp, (2) | | | | 646,630 |
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 7,862 | | Halozyme Therapeutics Inc, (2) | | | | $120,446 |
| 3,085 | | Hanger Inc, (2) | | | | 69,752 |
| 668 | | Heska Corp, (2) | | | | 54,121 |
| 1,166 | | Hill-Rom Holdings Inc | | | | 122,068 |
| 6,568 | | HMS Holdings Corp, (2) | | | | 214,708 |
| 4,856 | | Homology Medicines Inc, (2) | | | | 63,759 |
| 6,613 | | Horizon Therapeutics Plc, (2) | | | | 191,182 |
| 18,546 | | Immunomedics Inc, (2) | | | | 296,736 |
| 12,678 | | Insmed Inc, (2) | | | | 235,684 |
| 7,089 | | Intersect ENT Inc, (2) | | | | 126,326 |
| 2,254 | | KalVista Pharmaceuticals Inc, (2) | | | | 23,892 |
| 10,797 | | Karyopharm Therapeutics Inc, (2) | | | | 126,325 |
| 2,398 | | Kiniksa Pharmaceuticals Ltd, Class A, (2) | | | | 16,906 |
| 706 | | LeMaitre Vascular Inc | | | | 24,428 |
| 3,873 | | Ligand Pharmaceuticals Inc, (2) | | | | 421,421 |
| 2,766 | | Magellan Health Inc, (2) | | | | 179,513 |
| 8,222 | | Medicines Co, (2) | | | | 431,573 |
| 6,036 | | MEDNAX Inc, (2) | | | | 132,551 |
| 8,410 | | Merit Medical Systems Inc, (2) | | | | 173,708 |
| 3,676 | | Mirati Therapeutics Inc, (2) | | | | 346,206 |
| 2,222 | | MyoKardia Inc, (2) | | | | 127,387 |
| 2,828 | | National Research Corp | | | | 162,412 |
| 16,957 | | NeoGenomics Inc, (2) | | | | 388,824 |
| 3,832 | | NextGen Healthcare Inc, (2) | | | | 64,780 |
| 950 | | Odonate Therapeutics Inc, (2) | | | | 30,172 |
| 80,794 | | OPKO Health Inc, (2) | | | | 114,727 |
| 3,870 | | Optinose Inc, (2) | | | | 30,263 |
| 14,400 | | OraSure Technologies Inc, (2) | | | | 122,976 |
| 3,319 | | Orthofix Medical Inc, (2) | | | | 139,498 |
| 2,042 | | OrthoPediatrics Corp, (2) | | | | 78,985 |
| 3,007 | | Patterson Cos Inc | | | | 51,510 |
| 1,538 | | Pennant Group Inc, (2) | | | | 27,669 |
| 1,717 | | Penumbra Inc, (2) | | | | 267,800 |
| 2,960 | | PetIQ Inc, (2) | | | | 73,171 |
| 4,640 | | Phibro Animal Health Corp, Class A | | | | 111,174 |
| 1,251 | | Premier Inc, Class A, (2) | | | | 40,758 |
| 18,754 | | Progenics Pharmaceuticals Inc, (2) | | | | 99,584 |
| 6,773 | | Prothena Corp PLC, (2) | | | | 61,634 |
| 7,286 | | Quidel Corp, (2) | | | | 414,573 |
| 4,495 | | Quotient Ltd, (2) | | | | 36,095 |
| 15,855 | | R1 RCM Inc, (2) | | | | 168,539 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Health Care(continued) | | | | |
| 1,554 | | Reata Pharmaceuticals Inc., Class A, (2) | | | | $320,248 |
| 7,906 | | Repligen Corp, (2) | | | | 628,448 |
| 5,495 | | Revance Therapeutics Inc, (2) | | | | 86,052 |
| 4,169 | | Sage Therapeutics Inc, (2) | | | | 565,525 |
| 28,270 | | Senseonics Holdings Inc, (2) | | | | 33,076 |
| 5,378 | | Spark Therapeutics Inc, (2) | | | | 587,116 |
| 5,274 | | STAAR Surgical Co, (2) | | | | 172,882 |
| 1,130 | | Supernus Pharmaceuticals Inc, (2) | | | | 31,403 |
| 3,260 | | Surmodics Inc, (2) | | | | 154,883 |
| 2,484 | | Tactile Systems Technology Inc, (2) | | | | 112,823 |
| 3,952 | | Tandem Diabetes Care Inc, (2) | | | | 243,364 |
| 1,542 | | Teladoc Health Inc, (2) | | | | 118,117 |
| 30,446 | | TherapeuticsMD Inc, (2) | | | | 80,986 |
| 2,024 | | Theravance Biopharma Inc, (2) | | | | 32,627 |
| 2,912 | | Tilray Inc, (2) | | | | 64,967 |
| 11,073 | | Tivity Health Inc, (2) | | | | 179,493 |
| 43,356 | | TransEnterix Inc, (2) | | | | 9,894 |
| 1,825 | | Tricida Inc, (2) | | | | 68,273 |
| 2,812 | | Triple-S Management Corp, Class B, (2) | | | | 42,546 |
| 4,728 | | Ultragenyx Pharmaceutical Inc, (2) | | | | 189,782 |
| 3,633 | | uniQure NV | | | | 181,795 |
| 1,557 | | US Physical Therapy Inc | | | | 220,269 |
| 3,302 | | Vocera Communications Inc, (2) | | | | 65,776 |
| 6,233 | | West Pharmaceutical Services Inc | | | | 896,555 |
| 1,613 | | Y-mAbs Therapeutics Inc, (2) | | | | 50,245 |
| 33,378 | | ZIOPHARM Oncology Inc, (2) | | | | 140,855 |
| 2,458 | | Zogenix Inc, (2) | | | | 109,750 |
| | | Total Health Care | | | | 20,753,047 |
| | | Industrials – 15.1% | | | | |
| 920 | | AAON Inc | | | | 44,767 |
| 7,371 | | ABM Industries Inc | | | | 268,747 |
| 24,006 | | ACCO Brands Corp | | | | 219,655 |
| 10,485 | | Actuant Corp, Class A | | | | 259,713 |
| 36,801 | | ADT Inc | | | | 284,840 |
| 1,054 | | Advanced Drainage Systems Inc | | | | 39,019 |
| 4,193 | | Aegion Corp, (2) | | | | 90,862 |
| 12,377 | | Allison Transmission Holdings Inc | | | | 539,761 |
| 1,885 | | Arcosa Inc | | | | 72,403 |
| 3,035 | | Armstrong Flooring Inc, (2) | | | | 18,635 |
| 2,746 | | Armstrong World Industries Inc | | | | 256,833 |
| 5,482 | | ASGN Inc, (2) | | | | 348,600 |
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 5,643 | | Astronics Corp, (2) | | | | $163,308 |
| 6,445 | | Avis Budget Group Inc, (2) | | | | 191,481 |
| 6,743 | | Axon Enterprise Inc, (2) | | | | 344,770 |
| 1,723 | | Barnes Group Inc | | | | 100,709 |
| 12,876 | | Bloom Energy Corp, Class A, (2) | | | | 39,401 |
| 2,340 | | Brady Corp, Class A | | | | 131,836 |
| 5,582 | | Briggs & Stratton Corp | | | | 41,139 |
| 10,271 | | Builders FirstSource Inc, (2) | | | | 232,227 |
| 6,718 | | Carlisle Cos Inc | | | | 1,022,950 |
| 6,416 | | Chart Industries Inc, (2) | | | | 376,170 |
| 1,473 | | Comfort Systems USA Inc | | | | 74,254 |
| 5,027 | | Cubic Corp | | | | 370,691 |
| 6,088 | | Donaldson Co Inc | | | | 321,081 |
| 4,986 | | EMCOR Group Inc. | | | | 437,322 |
| 4,228 | | EnerSys | | | | 282,684 |
| 6,156 | | ESCO Technologies Inc | | | | 520,120 |
| 19,771 | | Evoqua Water Technologies Corp, (2) | | | | 343,422 |
| 8,996 | | Franklin Electric Co Inc | | | | 484,435 |
| 1,944 | | FTI Consulting Inc, (2) | | | | 211,643 |
| 7,202 | | GATX Corp | | | | 572,919 |
| 12,367 | | Generac Holdings Inc, (2) | | | | 1,194,405 |
| 5,483 | | Genesee & Wyoming Inc., Class A, (2) | | | | 608,778 |
| 1,434 | | Granite Construction Inc | | | | 33,756 |
| 3,843 | | Great Lakes Dredge & Dock Corp | | | | 41,312 |
| 11,350 | | Healthcare Services Group Inc | | | | 276,486 |
| 3,960 | | Heartland Express Inc | | | | 82,764 |
| 4,470 | | Heidrick & Struggles International Inc | | | | 127,216 |
| 3,321 | | Herman Miller Inc | | | | 154,427 |
| 8,359 | | Hexcel Corp | | | | 623,749 |
| 1,925 | | Hub Group Inc, Class A, (2) | | | | 88,165 |
| 794 | | Huron Consulting Group Inc, (2) | | | | 52,515 |
| 1,516 | | Hyster-Yale Materials Handling Inc | | | | 76,892 |
| 4,507 | | IAA Inc, (2) | | | | 171,942 |
| 6,637 | | Insperity Inc | | | | 701,066 |
| 6,791 | | Interface Inc | | | | 112,934 |
| 1,733 | | KAR Auction Services Inc | | | | 43,082 |
| 3,856 | | Korn Ferry | | | | 141,477 |
| 3,140 | | Kratos Defense & Security Solutions Inc, (2) | | | | 59,283 |
| 3,328 | | Lincoln Electric Holdings Inc | | | | 298,089 |
| 862 | | Lindsay Corp | | | | 81,381 |
| 17,668 | | Macquarie Infrastructure Corp | | | | 762,198 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Industrials(continued) | | | | |
| 7,787 | | Matthews International Corp, Class A | | | | $287,963 |
| 3,141 | | McGrath RentCorp | | | | 239,690 |
| 4,295 | | Mercury Systems Inc, (2) | | | | 316,370 |
| 9,991 | | Mobile Mini Inc | | | | 375,861 |
| 530 | | Moog Inc., Class A | | | | 44,366 |
| 650 | | MSA Safety Inc | | | | 78,046 |
| 1,556 | | MYR Group Inc, (2) | | | | 53,542 |
| 10,922 | | Navistar International Corp, (2) | | | | 341,640 |
| 2,308 | | Oshkosh Corp | | | | 197,057 |
| 44,184 | | Pitney Bowes Inc | | | | 194,410 |
| 6,033 | | Quad/Graphics Inc. | | | | 27,330 |
| 12,339 | | Quanta Services Inc | | | | 518,855 |
| 7,504 | | Raven Industries Inc | | | | 261,740 |
| 17,641 | | Resideo Technologies Inc, (2) | | | | 168,119 |
| 17,329 | | RR Donnelley & Sons Co | | | | 75,554 |
| 4,582 | | Ryder System Inc | | | | 222,823 |
| 1,740 | | Schneider National Inc, Class B | | | | 39,794 |
| 9,517 | | SiteOne Landscape Supply Inc, (2) | | | | 838,067 |
| 7,387 | | Steelcase Inc, Class A | | | | 129,051 |
| 13,248 | | Sunrun Inc, (2) | | | | 205,874 |
| 6,976 | | Team Inc, (2) | | | | 126,684 |
| 869 | | Teledyne Technologies Inc, (2) | | | | 286,422 |
| 2,788 | | Tetra Tech Inc | | | | 243,866 |
| 13,440 | | Toro Co | | | | 1,036,627 |
| 3,170 | | Trex Co Inc, (2) | | | | 278,611 |
| 9,455 | | TriMas Corp, (2) | | | | 305,586 |
| 3,309 | | TriNet Group Inc, (2) | | | | 175,344 |
| 7,328 | | TrueBlue Inc, (2) | | | | 167,811 |
| 1,316 | | UniFirst Corp/MA | | | | 264,305 |
| 5,126 | | Valmont Industries Inc | | | | 703,236 |
| 3,070 | | Veritiv Corp, (2) | | | | 41,875 |
| 13,247 | | Wabash National Corp | | | | 188,902 |
| 32,909 | | Welbilt Inc, (2) | | | | 623,955 |
| 7,995 | | Wesco Aircraft Holdings Inc, (2) | | | | 88,105 |
| 9,451 | | WESCO International Inc, (2) | | | | 473,968 |
| 13,357 | | WillScot Corp, (2) | | | | 210,506 |
| 9,075 | | Woodward Inc | | | | 967,940 |
| | | Total Industrials | | | | 25,238,209 |
| | | Information Technology – 17.4% | | | | |
| 15,837 | | ACI Worldwide Inc, (2) | | | | 497,123 |
| 5,450 | | ADTRAN Inc | | | | 48,015 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 7,868 | | Anixter International Inc, (2) | | | | $651,077 |
| 19,132 | | Arlo Technologies Inc, (2) | | | | 65,240 |
| 1,885 | | Aspen Technology Inc, (2) | | | | 216,982 |
| 27,448 | | Avaya Holdings Corp, (2) | | | | 331,846 |
| 5,900 | | Avnet Inc. | | | | 233,404 |
| 6,955 | | Badger Meter Inc | | | | 401,999 |
| 9,194 | | Belden Inc | | | | 471,468 |
| 16,414 | | Black Knight Inc, (2) | | | | 1,053,779 |
| 4,146 | | Blackbaud Inc | | | | 348,057 |
| 1,777 | | Blackline Inc, (2) | | | | 83,057 |
| 23,624 | | Booz Allen Hamilton Holding Corp | | | | 1,662,421 |
| 7,153 | | Cabot Microelectronics Corp | | | | 1,080,961 |
| 8,158 | | CalAmp Corp, (2) | | | | 91,533 |
| 4,414 | | Ceridian HCM Holding Inc, (2) | | | | 212,976 |
| 2,216 | | Ciena Corp, (2) | | | | 82,258 |
| 13,982 | | Cirrus Logic Inc, (2) | | | | 950,217 |
| 20,110 | | Cision Ltd, (2) | | | | 202,508 |
| 23,077 | | CommScope Holding Co Inc, (2) | | | | 258,462 |
| 44,119 | | Conduent Inc, (2) | | | | 272,655 |
| 6,796 | | Coupa Software Inc, (2) | | | | 934,382 |
| 9,494 | | Cree Inc, (2) | | | | 453,149 |
| 4,714 | | CTS Corp | | | | 125,770 |
| 8,935 | | Daktronics Inc | | | | 61,294 |
| 6,206 | | Dolby Laboratories Inc, Class A | | | | 399,232 |
| 2,211 | | Elastic NV, (2) | | | | 159,214 |
| 24,006 | | Entegris Inc | | | | 1,152,288 |
| 11,027 | | Envestnet Inc, (2) | | | | 689,077 |
| 552 | | ePlus Inc, (2) | | | | 43,128 |
| 8,220 | | ExlService Holdings Inc, (2) | | | | 572,359 |
| 429 | | Fabrinet, (2) | | | | 24,123 |
| 2,371 | | Fair Isaac Corp | | | | 720,879 |
| 12,523 | | First Solar Inc, (2) | | | | 648,566 |
| 8,041 | | Five9 Inc, (2) | | | | 446,356 |
| 1,496 | | HubSpot Inc, (2) | | | | 232,030 |
| 12,307 | | Infinera Corp, (2) | | | | 68,796 |
| 6,743 | | Insight Enterprises Inc, (2) | | | | 413,885 |
| 7,615 | | InterDigital Inc | | | | 408,392 |
| 5,461 | | Itron Inc, (2) | | | | 416,456 |
| 2,043 | | Kimball Electronics Inc, (2) | | | | 30,359 |
| 16,165 | | Kulicke & Soffa Industries Inc | | | | 383,838 |
| 8,583 | | LivePerson Inc, (2) | | | | 352,332 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Information Technology(continued) | | | | |
| 12,195 | | LogMeIn Inc | | | | $800,968 |
| 5,773 | | Lumentum Holdings Inc, (2) | | | | 361,736 |
| 10,270 | | Manhattan Associates Inc, (2) | | | | 769,736 |
| 8,884 | | Methode Electronics Inc | | | | 305,610 |
| 7,154 | | Mimecast Ltd, (2) | | | | 284,085 |
| 3,004 | | MobileIron Inc, (2) | | | | 18,805 |
| 2,264 | | Model N Inc, (2) | | | | 67,445 |
| 2,782 | | MTS Systems Corp | | | | 157,127 |
| 5,730 | | Nanometrics Inc, (2) | | | | 184,506 |
| 3,647 | | National Instruments Corp | | | | 150,949 |
| 12,276 | | NCR Corp, (2) | | | | 358,582 |
| 2,364 | | NETGEAR Inc., (2) | | | | 64,230 |
| 6,074 | | New Relic Inc, (2) | | | | 389,100 |
| 534 | | Novanta Inc, (2) | | | | 47,553 |
| 13,759 | | Nutanix Inc, Class A, (2) | | | | 402,038 |
| 419 | | NVE Corp | | | | 26,083 |
| 1,323 | | OSI Systems Inc, (2) | | | | 131,295 |
| 574 | | Paylocity Holding Corp, (2) | | | | 58,892 |
| 7,361 | | Perficient Inc, (2) | | | | 288,551 |
| 8,172 | | Plantronics Inc. | | | | 322,140 |
| 8,640 | | Progress Software Corp | | | | 344,563 |
| 526 | | Rapid7 Inc, (2) | | | | 26,347 |
| 12,810 | | Ribbon Communications Inc, (2) | | | | 54,955 |
| 4,411 | | RingCentral Inc, Class A, (2) | | | | 712,465 |
| 501 | | Rogers Corp, (2) | | | | 67,875 |
| 8,819 | | Silicon Laboratories Inc, (2) | | | | 936,931 |
| 4,366 | | Smartsheet Inc, Class A, (2) | | | | 172,020 |
| 8,547 | | SPS Commerce Inc, (2) | | | | 451,025 |
| 1,958 | | SVMK Inc, (2) | | | | 36,027 |
| 9,907 | | Sykes Enterprises Inc, (2) | | | | 306,077 |
| 1,438 | | SYNNEX Corp | | | | 169,310 |
| 2,604 | | Tech Data Corp, (2) | | | | 316,386 |
| 10,963 | | Teradata Corp, (2) | | | | 328,123 |
| 30,765 | | TiVo Corp | | | | 250,427 |
| 4,047 | | TTEC Holdings Inc | | | | 191,706 |
| 2,596 | | Virtusa Corp, (2) | | | | 96,779 |
| 5,818 | | WEX Inc, (2) | | | | 1,100,649 |
| 1,364 | | Workiva Inc, (2) | | | | 56,838 |
| 3,812 | | Zendesk Inc, (2) | | | | 269,318 |
| 11,491 | | Zuora Inc, Class A, (2) | | | | 163,747 |
| | | Total Information Technology | | | | 29,192,942 |
| Shares | | Description (1) | | | | Value |
| | | Materials – 4.7% | | | | |
| 10,622 | | Amyris Inc, (2) | | | | $35,212 |
| 5,811 | | AptarGroup Inc | | | | 686,570 |
| 8,348 | | Boise Cascade Co | | | | 298,608 |
| 2,561 | | Clearwater Paper Corp, (2) | | | | 47,481 |
| 2,054 | | Compass Minerals International Inc | | | | 116,010 |
| 591 | | Domtar Corp | | | | 21,506 |
| 4,195 | | Graphic Packaging Holding Co | | | | 65,694 |
| 915 | | Greif Inc, Class A | | | | 35,841 |
| 894 | | Greif Inc, Class B | | | | 42,045 |
| 5,839 | | Innospec Inc | | | | 533,451 |
| 5,072 | | Koppers Holdings Inc | | | | 162,811 |
| 5,042 | | Kraton Corp, (2) | | | | 113,042 |
| 21,145 | | Louisiana-Pacific Corp | | | | 618,068 |
| 4,614 | | Materion Corp | | | | 262,260 |
| 5,885 | | Minerals Technologies Inc. | | | | 291,013 |
| 1,488 | | Myers Industries Inc | | | | 25,192 |
| 9,676 | | OMNOVA Solutions Inc, (2) | | | | 97,824 |
| 8,028 | | Reliance Steel & Aluminum Co | | | | 931,569 |
| 3,735 | | Royal Gold Inc | | | | 431,168 |
| 5,609 | | RPM International Inc | | | | 406,260 |
| 3,633 | | Ryerson Holding Corp, (2) | | | | 31,571 |
| 1,251 | | Schnitzer Steel Industries Inc, Class A | | | | 26,696 |
| 7,737 | | Sonoco Products Co | | | | 446,425 |
| 4,946 | | Stepan Co | | | | 483,323 |
| 9,149 | | Trinseo SA | | | | 388,833 |
| 46,207 | | Valvoline Inc | | | | 986,057 |
| 8,980 | | Worthington Industries Inc | | | | 330,554 |
| | | Total Materials | | | | 7,915,084 |
| | | Real Estate – 12.1% | | | | |
| 458 | | Agree Realty Corp | | | | 36,077 |
| 16,560 | | Alexander & Baldwin Inc | | | | 389,326 |
| 1,244 | | American Campus Communities Inc | | | | 62,175 |
| 21,396 | | Americold Realty Trust | | | | 857,766 |
| 1,606 | | Brandywine Realty Trust | | | | 24,540 |
| 25,864 | | Brixmor Property Group Inc | | | | 569,525 |
| 5,757 | | CatchMark Timber Trust Inc, Class A | | | | 66,033 |
| 3,243 | | Chatham Lodging Trust | | | | 58,536 |
| 6,370 | | CorePoint Lodging Inc | | | | 62,745 |
| 4,865 | | CoreSite Realty Corp | | | | 571,638 |
| 19,415 | | Corporate Office Properties Trust | | | | 575,461 |
| 25,673 | | Cousins Properties Inc | | | | 1,030,257 |
Nuveen ESG Small-Cap ETF (NUSC)(continued)
Portfolio of Investments October 31, 2019
| Shares | | Description (1) | | | | Value |
| | | Real Estate(continued) | | | | |
| 1,774 | | Cushman & Wakefield PLC, (2) | | | | $33,085 |
| 12,639 | | CyrusOne Inc | | | | 900,908 |
| 49,196 | | DiamondRock Hospitality Co | | | | 490,976 |
| 11,630 | | Douglas Emmett Inc | | | | 503,812 |
| 15,508 | | Easterly Government Properties Inc | | | | 346,139 |
| 10,292 | | Empire State Realty Trust Inc, Class A | | | | 148,925 |
| 9,738 | | Essential Properties Realty Trust Inc | | | | 249,877 |
| 815 | | First Industrial Realty Trust Inc. | | | | 34,320 |
| 9,991 | | Four Corners Property Trust Inc | | | | 286,242 |
| 5,637 | | Franklin Street Properties Corp | | | | 48,478 |
| 15,578 | | Hannon Armstrong Sustainable Infrastructure Capital Inc | | | | 465,159 |
| 14,735 | | Hospitality Properties Trust | | | | 372,796 |
| 8,900 | | Howard Hughes Corp, (2) | | | | 995,198 |
| 10,458 | | Hudson Pacific Properties Inc | | | | 375,651 |
| 15,927 | | iStar Inc | | | | 207,210 |
| 8,011 | | Kilroy Realty Corp | | | | 672,363 |
| 313 | | Life Storage Inc | | | | 34,092 |
| 16,388 | | MGM Growth Properties LLC, Class A | | | | 511,469 |
| 11,849 | | Office Properties Income Trust | | | | 377,746 |
| 9,136 | | Omega Healthcare Investors Inc | | | | 402,349 |
| 29,477 | | Outfront Media Inc | | | | 775,540 |
| 33,737 | | Park Hotels & Resorts Inc. | | | | 784,385 |
| 16,643 | | PotlatchDeltic Corp | | | | 706,828 |
| 8,564 | | QTS Realty Trust Inc, Class A | | | | 458,945 |
| 29,400 | | Rayonier Inc | | | | 793,212 |
| 27,207 | | Realogy Holdings Corp | | | | 214,391 |
| 5,734 | | Redfin Corp, (2) | | | | 99,714 |
| 7,014 | | Rexford Industrial Realty Inc | | | | 337,303 |
| 40,682 | | RLJ Lodging Trust | | | | 667,592 |
| 26,897 | | Sabra Health Care REIT Inc | | | | 661,666 |
| 3,048 | | St Joe Co, (2) | | | | 56,540 |
| 55,879 | | Sunstone Hotel Investors Inc | | | | 754,925 |
| 42,722 | | Uniti Group Inc | | | | 295,636 |
| 65,318 | | VICI Properties Inc | | | | 1,538,239 |
| 43,750 | | Washington Prime Group Inc | | | | 184,625 |
| 3,643 | | Washington Real Estate Investment Trust | | | | 113,006 |
| | | Total Real Estate | | | | 20,203,421 |
| | | Utilities – 2.8% | | | | |
| 13,834 | | NextEra Energy Partners LP | | | | 729,052 |
| 12,967 | | ONE Gas Inc | | | | 1,203,856 |
| 9,375 | | Ormat Technologies Inc | | | | 717,750 |
| Shares | | Description (1) | | | | Value |
| | | Utilities(continued) | | | | |
| 21,836 | | Pattern Energy Group Inc, Class A | | | | $612,063 |
| 13,118 | | Southwest Gas Holdings Inc | | | | 1,145,201 |
| 15,579 | | TerraForm Power Inc, Class A, (2) | | | | 264,532 |
| | | Total Utilities | | | | 4,672,454 |
| | | Total Common Stocks (cost $163,017,957) | | | | 167,316,803 |
| Shares | | Description (1) | | | | Value |
| | | COMMON STOCK RIGHTS – 0.0% | | | | |
| 1,243 | | First Eagle Private Credit LLC, (4) | | | | $300 |
| | | Total Common Stock Rights (cost $-) | | | | 300 |
| | | Total Long-Term Investments (cost $163,017,957) | | | | 167,317,103 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (5) | Value |
| | | SHORT-TERM INVESTMENTS – 0.6% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.6% | | | | |
| $1,030 | | Federal Home Loan Banks, Discount Notes | 0.000% | 11/01/19 | N/R | $1,030,000 |
| | | Total Short-Term Investments (cost $1,030,000) | | | | 1,030,000 |
| | | Total Investments (cost $164,047,957) – 100.5% | | | | 168,347,103 |
| | | Other Assets Less Liabilities – (0.5)% | | | | (831,742) |
| | | Net Assets – 100% | | | | $167,515,361 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
| (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 3 - 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. Ratings are not covered by the report of independent registered public accounting firm. | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Statement of Assets and Liabilities
October 31, 2019
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Assets | | | | | | | | |
| Long-term investments, at value (cost $55,578,453, $62,848,161, $7,795,320, $78,747,108, $89,475,872, $49,704,970, $51,857,161 and $163,017,957, respectively) | $56,187,163 | $66,612,144 | $8,380,744 | $83,618,777 | $94,339,253 | $53,169,877 | $54,448,328 | $167,317,103 |
| Short-term investments, at value (cost approximates value) | 110,000 | — | — | 140,000 | 110,000 | — | 100,000 | 1,030,000 |
| Cash | — | 43,447 | 14,516 | 6,210 | 351 | 62,777 | 6,053 | 5,565 |
| Cash denominated in foreign currencies (cost $23,617, $2,405, $—, $—, $—, $—, $—and $—, respectively) | 23,615 | 2,406 | — | — | — | — | — | — |
| Receivable for: | | | | | | | | |
| Dividends | 44,944 | 160,522 | 9,364 | 47,703 | 136,405 | 9,043 | 48,425 | 65,982 |
| Reclaims | 387 | 56,717 | 192 | 1,475 | 622 | 10 | 361 | 20 |
| Shares sold | — | — | — | — | 9,098 | — | 3,294 | — |
| Total assets | 56,366,109 | 66,875,236 | 8,404,816 | 83,814,165 | 94,595,729 | 53,241,707 | 54,606,461 | 168,418,670 |
| Liabilities | | | | | | | | |
| Cash overdraft | 1,130 | — | — | — | — | — | — | — |
| Payable for: | | | | | | | | |
| Capital gains tax | 24,623 | — | — | — | — | — | — | — |
| Investments purchased | 63,916 | — | — | — | — | — | — | 847,089 |
| Shares redeemed | — | — | — | — | — | 1,228 | 13,193 | — |
| Accrued expenses: | | | | | | | | |
| Management fees | 21,023 | 21,579 | 1,273 | 23,808 | 25,064 | 17,914 | 19,598 | 53,847 |
| Professional fees | 429 | 491 | 37 | 528 | 637 | 454 | 500 | 1,054 |
| Trustees Fees | 483 | 534 | 50 | 599 | 674 | 482 | 529 | 1,319 |
| Total liabilities | 111,604 | 22,604 | 1,360 | 24,935 | 26,375 | 20,078 | 33,820 | 903,309 |
| Net assets | $56,254,505 | $66,852,632 | $8,403,456 | $83,789,230 | $94,569,354 | $53,221,629 | $54,572,641 | $167,515,361 |
| Shares outstanding | 2,200,000 | 2,500,000 | 300,000 | 2,150,000 | 3,000,000 | 1,600,000 | 1,850,000 | 5,650,000 |
| Net asset value ("NAV") per share | $25.57 | $26.74 | $28.01 | $38.97 | $31.52 | $33.26 | $29.50 | $29.65 |
| Net assets consist of: | | | | | | | | |
| Capital paid-in | $58,486,764 | $64,586,683 | $7,765,666 | $77,877,975 | $89,061,950 | $50,247,612 | $52,590,152 | $165,800,532 |
| Total distributable earnings | (2,232,259) | 2,265,949 | 637,790 | 5,911,255 | 5,507,404 | 2,974,017 | 1,982,489 | 1,714,829 |
| Net assets | $56,254,505 | $66,852,632 | $8,403,456 | $83,789,230 | $94,569,354 | $53,221,629 | $54,572,641 | $167,515,361 |
| Authorized shares | Unlimited | 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 | $0.01 |
See accompanying notes to financial statements.
Statement of Operations
Year Ended October 31, 2019
| | NUEM | NUDM | NULC(1) | NULG | NULV | NUMG | NUMV | NUSC |
| Investment Income | $1,478,885 | $2,023,159 | $51,606 | $744,455 | $1,801,262 | $318,655 | $1,434,031 | $1,805,157 |
| Foreign tax withheld on dividend income | (145,422) | (176,135) | — | — | — | — | — | (2,262) |
| Total investment income | 1,333,463 | 1,847,024 | 51,606 | 744,455 | 1,801,262 | 318,655 | 1,434,031 | 1,802,895 |
| Expenses | | | | | | | | |
| Management fees | 217,729 | 214,904 | 5,278 | 222,495 | 219,753 | 216,045 | 211,177 | 457,888 |
| Professional fees | 817 | 961 | 38 | 1,166 | 1,213 | 994 | 959 | 2,036 |
| Trustees fees | 1,379 | 1,569 | 72 | 1,925 | 1,916 | 1,616 | 1,582 | 3,436 |
| Total expenses | 219,925 | 217,434 | 5,388 | 225,586 | 222,882 | 218,655 | 213,718 | 463,360 |
| Net investment income (loss) | 1,113,538 | 1,629,590 | 46,218 | 518,869 | 1,578,380 | 100,000 | 1,220,313 | 1,339,535 |
| Realized and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | |
| Investments and foreign currency | (3,154,477) | (2,732,365) | 6,148 | 520,420 | (717,879) | (615,383) | (1,668,847) | (3,851,333) |
| In-kind redemptions | — | 453,307 | 232,511 | 8,035,976 | 2,065,646 | 5,884,898 | 2,972,359 | 4,301,196 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 5,508,424 | 8,050,579 | 585,424 | 2,621,173 | 5,052,201 | 3,659,213 | 3,943,286 | 7,566,647 |
| Net realized and unrealized gain (loss) | 2,353,947 | 5,771,521 | 824,083 | 11,177,569 | 6,399,968 | 8,928,728 | 5,246,798 | 8,016,510 |
| Net increase (decrease) in net assets from operations | $3,467,485 | $7,401,111 | $870,301 | $11,696,438 | $7,978,348 | $9,028,728 | $6,467,111 | $9,356,045 |
| (1) | For the period June 3, 2019 (commencement of operations) through October 31, 2019. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | NUEM | | NUDM |
| | Year Ended
10/31/19 | Year Ended
10/31/18 | | Year Ended
10/31/19 | Year Ended
10/31/18 |
| Operations | | | | | |
| Net investment income (loss) | $1,113,538 | $794,424 | | $1,629,590 | $1,162,797 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (3,154,477) | (669,421) | | (2,732,365) | (271,500) |
| In-kind redemptions | — | — | | 453,307 | — |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 5,508,424 | (6,055,818) | | 8,050,579 | (4,874,240) |
| Net increase (decrease) in net assets from operations | 3,467,485 | (5,930,815) | | 7,401,111 | (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 | 17,891,627 | 16,928,471 | | 22,035,244 | 23,801,244 |
| Cost of shares redeemed | — | — | | (4,760,320) | — |
| Net increase (decrease) in net assets from Fund share transactions | 17,891,627 | 16,928,471 | | 17,274,924 | 23,801,244 |
| Net increase (decrease) in net assets | 20,577,512 | 10,760,016 | | 23,468,895 | 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 | $56,254,505 | $35,676,993 | | $66,852,632 | $43,383,737 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(continued)
| | NULC | | NULG |
| | For the period 6/3/19
(commencement of operations)
through
10/31/19 | | Year Ended
10/31/19 | Year Ended
10/31/18 |
| Operations | | | | |
| Net investment income (loss) | $46,218 | | $518,869 | $342,761 |
| Net realized gain (loss) from: | | | | |
| Investments and foreign currency | 6,148 | | 520,420 | 1,630,906 |
| In-kind redemptions | 232,511 | | 8,035,976 | 735,242 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 585,424 | | 2,621,173 | 1,080,686 |
| Net increase (decrease) in net assets from operations | 870,301 | | 11,696,438 | 3,789,595 |
| Distributions to Shareholders | | | | |
| Dividends | — | | (2,078,290) | (246,220) |
| Decrease in net assets from distributions to shareholders | — | | (2,078,290) | (246,220) |
| Fund Share Transactions | | | | |
| Proceeds from shares sold | 11,510,375 | | 57,491,685 | 34,579,855 |
| Cost of shares redeemed | (3,977,220) | | (42,532,205) | (3,291,410) |
| Net increase (decrease) in net assets from Fund share transactions | 7,533,155 | | 14,959,480 | 31,288,445 |
| Net increase (decrease) in net assets | 8,403,456 | | 24,577,628 | 34,831,820 |
| Net assets at the beginning of period | — | | 59,211,602 | 24,379,782 |
| Net assets at the end of period | $8,403,456 | | $83,789,230 | $59,211,602 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(continued)
| | NULV | | NUMG |
| | Year Ended
10/31/19 | Year Ended
10/31/18 | | Year Ended
10/31/19 | Year Ended
10/31/18 |
| Operations | | | | | |
| Net investment income (loss) | $1,578,380 | $963,714 | | $100,000 | $101,086 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (717,879) | 732,401 | | (615,383) | 2,109,805 |
| In-kind redemptions | 2,065,646 | 1,136,754 | | 5,884,898 | 221,974 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 5,052,201 | (1,037,741) | | 3,659,213 | (969,329) |
| Net increase (decrease) in net assets from operations | 7,978,348 | 1,795,128 | | 9,028,728 | 1,463,536 |
| Distributions to Shareholders | | | | | |
| Dividends | (1,852,310) | (489,300) | | (2,222,550) | (221,130) |
| Decrease in net assets from distributions to shareholders | (1,852,310) | (489,300) | | (2,222,550) | (221,130) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 64,336,100 | 24,269,935 | | 26,478,635 | 28,270,865 |
| Cost of shares redeemed | (21,887,605) | (7,408,650) | | (29,451,580) | (1,454,885) |
| Net increase (decrease) in net assets from Fund share transactions | 42,448,495 | 16,861,285 | | (2,972,945) | 26,815,980 |
| Net increase (decrease) in net assets | 48,574,533 | 18,167,113 | | 3,833,233 | 28,058,386 |
| Net assets at the beginning of period | 45,994,821 | 27,827,708 | | 49,388,396 | 21,330,010 |
| Net assets at the end of period | $94,569,354 | $45,994,821 | | $53,221,629 | $49,388,396 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(continued)
| | NUMV | | NUSC |
| | Year Ended
10/31/19 | Year Ended
10/31/18 | | Year Ended
10/31/19 | Year Ended
10/31/18 |
| Operations | | | | | |
| Net investment income (loss) | $1,220,313 | $948,596 | | $1,339,535 | $632,874 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (1,668,847) | 588,130 | | (3,851,333) | 2,114,159 |
| In-kind redemptions | 2,972,359 | — | | 4,301,196 | 384,322 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 3,943,286 | (1,712,176) | | 7,566,647 | (4,861,143) |
| Net increase (decrease) in net assets from operations | 6,467,111 | (175,450) | | 9,356,045 | (1,729,788) |
| Distributions to Shareholders | | | | | |
| Dividends | (1,671,950) | (315,225) | | (2,978,020) | (387,730) |
| Decrease in net assets from distributions to shareholders | (1,671,950) | (315,225) | | (2,978,020) | (387,730) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 23,919,765 | 24,857,815 | | 107,483,270 | 53,444,235 |
| Cost of shares redeemed | (21,460,765) | — | | (26,792,655) | (1,508,955) |
| Net increase (decrease) in net assets from Fund share transactions | 2,459,000 | 24,857,815 | | 80,690,615 | 51,935,280 |
| Net increase (decrease) in net assets | 7,254,161 | 24,367,140 | | 87,068,640 | 49,817,762 |
| Net assets at the beginning of period | 47,318,480 | 22,951,340 | | 80,446,721 | 30,628,959 |
| Net assets at the end of period | $54,572,641 | $47,318,480 | | $167,515,361 | $80,446,721 |
See accompanying notes to financial statements.
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 | $23.78 | $0.58 | $1.70 | $2.28 | | $(0.49) | $ — | $(0.49) | $25.57 | $25.71 |
| 2018 | 27.69 | 0.59 | (4.31) | (3.72) | | (0.18) | (0.01) | (0.19) | 23.78 | 23.92 |
| 2017(d) | 24.95 | 0.20 | 2.54 | 2.74 | | — | — | — | 27.69 | 28.05 |
| NUDM | | | | | | | | | | |
| 2019 | 24.10 | 0.75 | 2.44 | 3.19 | | (0.55) | — | (0.55) | 26.74 | 26.86 |
| 2018 | 26.39 | 0.71 | (2.87) | (2.16) | | (0.12) | (0.01) | (0.13) | 24.10 | 24.12 |
| 2017(d) | 24.88 | 0.17 | 1.34 | 1.51 | | — | — | — | 26.39 | 26.57 |
| NULC | | | | | | | | | | |
| 2019(e) | 24.96 | 0.19 | 2.86 | 3.05 | | — | — | — | 28.01 | 27.99 |
| NULG | | | | | | | | | | |
| 2019 | 33.84 | 0.29 | 5.96 | 6.25 | | (0.24) | (0.88) | (1.12) | 38.97 | 39.00 |
| 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 | 28.75 | 0.74 | 3.00 | 3.74 | | (0.57) | (0.40) | (0.97) | 31.52 | 31.52 |
| 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 | 29.93 | 0.06 | 4.62 | 4.68 | | (0.06) | (1.29) | (1.35) | 33.26 | 33.32 |
| 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 | 27.04 | 0.64 | 2.78 | 3.42 | | (0.62) | (0.34) | (0.96) | 29.50 | 29.57 |
| 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 | 28.23 | 0.34 | 2.06 | 2.40 | | (0.27) | (0.71) | (0.98) | 29.65 | 29.70 |
| 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) |
| | | | | | |
| 9.68% | 9.70% | $56,255 | 0.45% | 2.30% | 53% |
| (13.55) | (14.18) | 35,676 | 0.45 | 2.12 | 65 |
| 11.03 | 12.42 | 24,917 | 0.45* | 1.86* | 13 |
| | | | | | |
| 13.71 | 14.10 | 66,853 | 0.40 | 3.03 | 57 |
| (8.25) | (8.79) | 43,384 | 0.40 | 2.71 | 56 |
| 6.07 | 6.78 | 23,755 | 0.40* | 1.65* | 9 |
| | | | | | |
| 12.22 | 12.14 | 8,403 | 0.20* | 1.75* | 9 |
| | | | | | |
| 19.57 | 19.53 | 83,789 | 0.35 | 0.82 | 61 |
| 11.70 | 11.61 | 59,212 | 0.35 | 0.73 | 65 |
| 20.88 | 21.10 | 24,380 | 0.35* | 0.98* | 30 |
| | | | | | |
| 13.80 | 13.59 | 94,569 | 0.35 | 2.51 | 66 |
| 4.57 | 4.56 | 45,995 | 0.35 | 2.46 | 59 |
| 10.90 | 11.11 | 27,828 | 0.35* | 2.30* | 33 |
| | | | | | |
| 16.93 | 16.41 | 53,222 | 0.40 | 0.19 | 67 |
| 5.84 | 6.41 | 49,388 | 0.40 | 0.23 | 60 |
| 13.30 | 13.38 | 21,330 | 0.40* | 0.38* | 53 |
| | | | | | |
| 13.51 | 13.57 | 54,573 | 0.40 | 2.31 | 70 |
| 0.97 | 1.13 | 47,318 | 0.40 | 2.30 | 69 |
| 7.82 | 7.86 | 22,951 | 0.40* | 2.12* | 46 |
| | | | | | |
| 9.24 | 9.26 | 167,515 | 0.40 | 1.17 | 32 |
| 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 4 - Portfolio Securities and Investments in Derivatives) 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 5 - Fund Shares). |
| (d) | For the period June 6, 2017 (commencement of operations) through October 31, 2017. |
| (e) | For the period June 3, 2019 (commencement of operations) through October 31, 2019. |
| (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
1. 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 ETF (NULC), 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. 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 October 31, 2019 and the period covered by these Notes to Financial Statements for NUEM, NUDM, NULG, NULV, NUMG, NUMV and NUSC is the fiscal year ended October 31, 2019 and for NULC is June 3, 2019 (commencement of operations) through October 31, 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.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
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.
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign Currency 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 | $18,769,641 | 33.4% |
| Taiwan | 7,606,430 | 13.5 |
| Korea, Republic of | 5,851,584 | 10.4 |
| India | 5,293,731 | 9.4 |
| Brazil | 4,512,745 | 8.0 |
| South Africa | 2,546,171 | 4.5 |
| Thailand | 1,609,519 | 2.9 |
| Mexico | 1,575,804 | 2.8 |
| Saudi Arabia | 1,411,565 | 2.5 |
| Malaysia | 1,072,848 | 1.9 |
| Other | 5,937,125 | 10.6 |
| Total non-U.S. securities | $56,187,163 | 99.9% |
| NUDM | Value | % of
Net Assets |
| Country: | | |
| Japan | $16,480,220 | 24.7% |
| United Kingdom | 10,703,026 | 16.0 |
| France | 7,711,290 | 11.5 |
| Germany | 6,041,027 | 9.0 |
| Switzerland | 5,983,389 | 8.9 |
| Australia | 4,402,134 | 6.6 |
| Hong Kong | 2,290,579 | 3.4 |
| Netherlands | 2,247,359 | 3.4 |
| Sweden | 1,952,383 | 2.9 |
| Spain | 1,873,481 | 2.8 |
| Other | 6,927,256 | 10.4 |
| Total non-U.S. securities | $66,612,144 | 99.6% |
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at each prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives 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 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.
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.
Notes to Financial Statements(continued)
Investments and Investment Income
Securities transactions are accounted for as of the end of trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. 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. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
New Accounting Pronouncements and Rule Issuances
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update ("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. Management has early implemented this guidance and it did not have a material impact on the Funds' financial statements.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds' investments in securities are recorded at their estimated fair value. 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 NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
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 | $55,210,367 | $976,178** | $616*** | $56,187,161 |
| Corporate Bonds | — | 2 | — | 2 |
| Common Stock Rights | — | — | —**** | — |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 110,000 | — | 110,000 |
| Total | $55,210,367 | $1,086,180 | $616 | $56,297,163 |
| NUDM | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $66,612,144 | $ — | $ — | $66,612,144 |
| NULC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $8,380,744 | $ — | $ — | $8,380,744 |
| NULG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $83,618,777 | $ — | $ — | $83,618,777 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 140,000 | — | 140,000 |
| Total | $83,618,777 | $140,000 | $ — | $83,758,777 |
| NULV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $94,339,253 | $ — | $ — | $94,339,253 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 110,000 | — | 110,000 |
| Total | $94,339,253 | $110,000 | $ — | $94,449,253 |
| NUMG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $53,169,877 | $ — | $ — | $53,169,877 |
Notes to Financial Statements(continued)
| NUMV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $54,448,328 | $ — | $ — | $54,448,328 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 100,000 | — | 100,000 |
| Total | $54,448,328 | $100,000 | $ — | $54,548,328 |
| NUSC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $167,305,201 | $11,602** | $ — | $167,316,803 |
| Common Stock Rights | — | — | 300*** | 300 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 1,030,000 | — | 1,030,000 |
| Total | $167,305,201 | $1,041,602 | $300 | $168,347,103 |
| * | 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. |
| **** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. Value equals zero as of the end of the reporting period. |
4. Portfolio Securities and Investments in Derivatives
Investment Transactions
Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Purchases | $39,420,741 | $31,714,385 | $655,444 | $38,254,295 | $41,378,868 | $35,417,610 | $36,613,450 | $68,202,571 |
| Sales | 25,807,975 | 30,643,864 | 595,185 | 39,341,112 | 41,566,906 | 37,490,536 | 36,945,450 | 68,712,331 |
In-kind transactions during the current fiscal period were as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| In-kind purchases | $4,505,861 | $21,005,655 | $11,470,505 | $57,381,221 | $64,138,922 | $26,439,560 | $23,774,536 | $106,930,152 |
| In-kind sales | — | 4,540,614 | 3,974,102 | 42,301,925 | 21,830,758 | 29,423,190 | 21,407,425 | 26,614,600 |
Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.
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.
5. 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 |
| | Year Ended
10/31/19 | | Year Ended
10/31/18 | | Year Ended
10/31/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 700,000 | $17,891,627 | | 600,000 | $16,928,471 | | 900,000 | $22,035,244 | | 900,000 | $23,801,244 |
| Shares redeemed | — | — | | — | — | | (200,000) | (4,760,320) | | — | — |
| Net increase (decrease) | 700,000 | $17,891,627 | | 600,000 | $16,928,471 | | 700,000 | $17,274,924 | | 900,000 | $23,801,244 |
| | NULC | | NULG |
| | For the period 6/3/19
(commencement of operations)
through
10/31/19 | | Year Ended
10/31/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 450,002 | $11,510,375 | | 1,550,000 | $57,491,685 | | 1,050,000 | $34,579,855 |
| Shares redeemed | (150,002) | (3,977,220) | | (1,150,000) | (42,532,205) | | (100,000) | (3,291,410) |
| Net increase (decrease) | 300,000 | $7,533,155 | | 400,000 | $14,959,480 | | 950,000 | $31,288,445 |
| | NULV | | NUMG |
| | Year Ended
10/31/19 | | Year Ended
10/31/18 | | Year Ended
10/31/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 2,150,000 | $64,336,100 | | 850,000 | $24,269,935 | | 850,000 | $26,478,635 | | 950,000 | $28,270,865 |
| Shares redeemed | (750,000) | (21,887,605) | | (250,000) | (7,408,650) | | (900,000) | (29,451,580) | | (50,000) | (1,454,885) |
| Net increase (decrease) | 1,400,000 | $42,448,495 | | 600,000 | $16,861,285 | | (50,000) | $(2,972,945) | | 900,000 | $26,815,980 |
| | NUMV | | NUSC |
| | Year Ended
10/31/19 | | Year Ended
10/31/18 | | Year Ended
10/31/19 | | Year Ended
10/31/18 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 850,000 | $23,919,765 | | 900,000 | $24,857,815 | | 3,750,000 | $107,483,270 | | 1,800,000 | $53,444,235 |
| Shares redeemed | (750,000) | (21,460,765) | | — | — | | (950,000) | (26,792,655) | | (50,000) | (1,508,955) |
| Net increase (decrease) | 100,000 | $2,459,000 | | 900,000 | $24,857,815 | | 2,800,000 | $80,690,615 | | 1,750,000 | $51,935,280 |
Notes to Financial Statements(continued)
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2019.
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Tax cost of investments | $56,151,867 | $63,183,298 | $7,795,377 | $78,973,383 | $89,739,431 | $49,801,425 | $52,026,512 | $164,744,105 |
| Gross unrealized: | | | | | | | | |
| Appreciation | $4,937,724 | $6,335,022 | $638,472 | $5,778,745 | $6,644,657 | $5,224,045 | $4,552,184 | $15,188,645 |
| Depreciation | (4,792,428) | (2,906,176) | (53,105) | (993,351) | (1,934,835) | (1,855,593) | (2,030,368) | (11,585,647) |
| Net unrealized appreciation (depreciation) of investments | $145,296 | $3,428,846 | $585,367 | $4,785,394 | $4,709,822 | $3,368,452 | $2,521,816 | $3,602,998 |
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, 2019, the Funds' tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2019, the Funds' tax year end, were as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Undistributed net ordinary income1 | $969,939 | $1,653,889 | $52,423 | $367,571 | $1,322,606 | $79,346 | $1,010,407 | $1,107,309 |
| Undistributed net long-term capital gains | — | — | — | 758,290 | — | — | — | — |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds' tax years ended October 31, 2019 and October 31, 2018 was designated for purposes of the dividends paid deduction as follows:
| 2019 | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Distributions from net ordinary income1 | $781,600 | $1,207,140 | $ — | $2,009,424 | $1,759,621 | $1,876,412 | $1,564,746 | $2,491,947 |
| Distributions from net long-term capital gains2 | — | — | — | 68,866 | 92,689 | 346,138 | 107,204 | 486,073 |
| 2018 | NUEM | NUDM | NULC | 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. |
| 2 | The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2019. |
As of October 31, 2019, the Funds’ 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 | NULV | NUMG | NUMV | NUSC |
| Not subject to expiration: | | | | | | |
| Short-term | $1,498,332 | $1,533,715 | $284,311 | $473,781 | $1,032,793 | $2,605,462 |
| Long-term | 1,823,881 | 1,282,807 | 240,713 | — | 516,941 | 390,016 |
| Total | $3,322,213 | $2,816,522 | $525,024 | $473,781 | $1,549,734 | $2,995,478 |
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 |
| NULC | 0.20 |
| 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 | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Purchases | $123,621 | $5,390,255 | $10,861,462 | $7,216,409 | $6,764,495 | $1,429,558 |
| Sales | 137,626 | 8,363,031 | 5,827,566 | 6,327,279 | 6,111,068 | 4,592,610 |
As of the end of the reporting period, TIAA owned shares of the Funds as follows:
| Fund | NUEM | NUDM | NULC | NUMG | NUMV |
| TIAA owned shares | 1,400,000 | 1,300,000 | 190,000 | 225,000 | 400,000 |
Additional Fund Information
(Unaudited)
Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Teachers Advisors, LLC
730 Third Avenue
New York, NY 10017-3206
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph 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 |
| Year Ended October 31, 2019 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 1.01% to 3.00% | 99 | 39.4% | | 12 | 4.8% |
| 0.51% to 1.00% | 100 | 39.8% | | 84 | 33.5% |
| 0.26% to 0.50% | 23 | 9.2% | | 60 | 23.9% |
| 0.00 to 0.25% | 16 | 6.4% | | 41 | 16.3% |
| (0.01)% to (0.25)% | 4 | 1.6% | | 29 | 11.5% |
| (0.26)% to (0.50)% | 3 | 1.2% | | 18 | 7.2% |
| (0.51)% to (1.00)% | 6 | 2.4% | | 4 | 1.6% |
| (1.01)% to (3.00)% | — | 0.0% | | 3 | 1.2% |
| | 251 | 100% | | 251 | 100% |
| | NULC |
| For the period June 3, 2019 (commencement of operations) through October 31, 2019 | | | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 0.00% to 0.25% | | | | 64 | 59.8% |
| (0.01)% to (0.25)% | | | | 43 | 40.2% |
| | | | | 107 | 100% |
| | NULG | | NULV |
| Year Ended October 31, 2019 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 0.00% to 0.25% | 237 | 94.4% | | 229 | 91.2% |
| (0.01)% to (0.25)% | 14 | 5.6% | | 22 | 8.8% |
| | 251 | 100% | | 251 | 100% |
| | NUMG | | | NUMV | | | NUSC |
| Year Ended October 31, 2019 | Number of Days | % of Total Days | | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | | | | |
| 0.00% to 0.25% | 238 | 94.8% | | 224 | 89.2% | | 245 | 97.6% |
| (0.01)% to (0.25)% | 13 | 5.2% | | 27 | 10.8% | | 6 | 2.4% |
| | 251 | 100% | | 251 | 100% | | 251 | 100.0% |
Additional Fund Information(Unaudited) (continued)
Foreign Taxes: NUEM and NUDM paid qualifying foreign taxes of $180,002 and $169,702, respectively, and earned $1,468,613 and $2,020,488 of foreign source income, respectively, during the fiscal year ended October 31, 2019. Pursuant to Section 853 of the Internal Revenue Code, NUEM and NUDM hereby designate $0.08 and $0.07 per share as foreign taxes paid, respectively and $0.67 and $0.81 per share as income earned from foreign sources, respectively, for the fiscal year ended October 31, 2019. The actual foreign tax credit distribution will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after the calendar year end.
Distribution Information: The following Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the dividends received deduction (“DRD”) for corporations and their percentage as qualified dividend income (“QDI”) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.
| | NUEM | NUDM | NULG | NULV | NUMG | NUMV | NUSC |
| % of QDI | 54.4% | 100.0% | 25.5% | 60.9% | 13.2% | 59.0% | 20.6% |
| % of DRD | 0.0% | 0.0% | 23.9% | 57.1% | 13.2% | 52.4% | 20.2% |
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.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
MSCI EAFE Index:The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
MSCI USA Index:An index designed to measure the performance of the large and mid cap segments of the U.S. market. With 637 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the U.S. 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 measure the performance of 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 measure the performance of 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 measure the performance of 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 measure the performance of 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 Index:A custom index that is primarily composed of equity securities issued by large capitalization companies listed on U.S. exchanges. The Index uses a rules-based methodology that seeks to provide investment exposure that generally replicates that of large-cap benchmarks through a portfolio of securities that adhere to predetermined ESG, controversial business involvement and low-carbon screening criteria. Index returns assume reinvestment of distributions, but do not reflect 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. 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.
Glossary of Terms Used in this Report(continued)
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.
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Trustees of Nushares ETF Trust (the “Board,” and each Trustee, a “Board Member”), including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), is responsible for determining whether to initially approve or, after an initial term, to renew, each Fund’s advisory arrangements. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements for each Fund other than Nuveen ESG Large-Cap ETF is set forth in Part I below. The advisory arrangements for Nuveen ESG Large-Cap ETF have not yet been up for renewal. A discussion of the Board’s initial approval of the advisory arrangements for Nuveen ESG Large-Cap ETF is set forth in Part II below.
PART I
Nuveen ESG Emerging Markets Equity ETF
Nuveen ESG International Developed Markets Equity ETF
Nuveen ESG Large-Cap Growth ETF
Nuveen ESG Large-Cap Value ETF
Nuveen ESG Mid-Cap Growth ETF
Nuveen ESG Mid-Cap Value ETF
Nuveen ESG Small-Cap ETF
At a meeting held on May 21-23, 2019 (the “May Meeting”), the Board, including the Independent Board Members, approved for each Fund (as defined below), the renewal of the management agreement (for purposes of this Part I, each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (for purposes of this Part I, each, a “Sub-Advisory Agreement”) with Teachers Advisors, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. For purposes of this Part I, the following are the “Funds”: Nuveen ESG Emerging Markets Equity ETF (the “Emerging Markets ETF”); Nuveen ESG International Developed Markets Equity ETF (the “International Developed Markets ETF”); Nuveen ESG Large-Cap Growth ETF (the “Large-Cap Growth ETF”); Nuveen ESG Large-Cap Value ETF (the “Large-Cap Value ETF”); Nuveen ESG Mid-Cap Growth ETF (the “Mid-Cap Growth ETF”); Nuveen ESG Mid-Cap Value ETF (the “Mid-Cap Value ETF”); and Nuveen ESG Small-Cap ETF (the “Small-Cap ETF”). Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. For purposes of this Part I, the Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and investment team; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability of Nuveen; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board Members held an in-person meeting on April 17-18, 2019 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. The Independent Board Members asked questions and requested additional information that was provided for the May Meeting.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. The Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the
Annual Investment Management Agreement Approval Process(Unaudited) (continued)
Advisory Agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor or information as determinative or controlling, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Board recognized that the Adviser provides a comprehensive set of services necessary to operate the Nuveen funds in a highly regulated industry and noted that the scope of such services has expanded over the years as a result of regulatory, market and other developments, such as the development of the liquidity management program and expanded compliance programs. Some of the functions the Adviser is responsible for include, but are not limited to: product management (such as analyzing a fund’s position in the marketplace, setting dividends, preparing shareholder and intermediary communications and other due diligence support); investment oversight (such as analyzing fund performance, sub-advisers and investment teams and analyzing trade executions of portfolio transactions, soft dollar practices and securities lending activities); securities valuation services (such as executing the daily valuation process for portfolio securities and developing and recommending changes to valuation policies and procedures); risk management (such as overseeing operational and investment risks, including stress testing); fund administration (such as preparing fund tax returns and other tax compliance services, overseeing the Nuveen funds’ independent public accountants and other service providers; managing fund budgets and expenses; and helping to fulfill the funds’ regulatory filing requirements); oversight of shareholder services and transfer agency functions (such as oversight and liaison of transfer agent service providers which include registered shareholder customer service and transaction processing); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as developing and maintaining a compliance program to ensure compliance with applicable laws and regulations, monitoring compliance with applicable fund policies and procedures and adherence to investment restrictions, and evaluating the compliance programs of the Nuveen fund sub-advisers and certain other service providers); and legal support and oversight of outside law firms (such as with respect to filing and updating registration statements; maintaining various regulatory registrations; and providing legal interpretations regarding fund activities, applicable regulations and implementation of policies and procedures). In reviewing the scope and quality of services, the Board recognized the continued efforts and resources the Adviser and its affiliates have employed to continue to enhance their services for the benefit of the complex as well as particular Nuveen funds over recent years. Such service enhancements have included, but are not limited to:
| • | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, repositioning funds, merging funds, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
| • | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
| • | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
| • | Risk Management and Valuation Services – continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
| • | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
| • | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
| • | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
| • | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio. The Board noted that the Adviser oversees the Sub-Adviser and considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the Sub-Adviser’s assets under management and changes thereto, a summary of the investment team and changes thereto, the investment approach of the team and the performance of the funds sub-advised by the Sub-Adviser over various periods. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance program and trade execution. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered the investment performance of the Nuveen funds they advise. In this regard, the Board reviewed Fund performance over the quarter and one-year periods ending December 31, 2018 as well as performance data for the first quarter of 2019 ending March 29, 2019. Unless otherwise indicated, the performance data referenced below reflects the periods ended December 31, 2018. The Board considered the Adviser’s analysis of each fund’s performance, with particular focus on funds that were considered performance outliers and the factors contributing to their performance. The Board also noted that it received performance data of the Nuveen funds during its quarterly meetings throughout the year and took into account the discussions that occurred at these Board meetings regarding fund performance. In this regard, in its evaluation of Nuveen fund performance at meetings throughout the year, the Board considered performance information for the funds for different time periods, both absolute and relative to appropriate benchmarks and peers, with particular attention to information indicating underperformance of the respective funds and discussed with the Adviser the reasons for such underperformance.
In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the funds compared to certain peer groups and/or benchmark(s) will necessarily contribute to differences in performance results and limit the value of the comparative information. In addition, the performance data may vary significantly depending on the end date selected, and shareholders may evaluate fund performance based on their own holding period which may differ from the performance periods reviewed by the Board leading to different results. Further, the Board considered a fund’s performance in light of the overall financial market conditions during the respective periods. As noted above, the Board reviewed, among other things, Nuveen fund performance over various periods ended December 31, 2018, and the Board was aware of the market decline in the fourth quarter of 2018 and considered performance from the first quarter of 2019 as well. The Board also noted that a shorter period of underperformance may significantly impact longer term performance.
With respect to Nuveen ETFs, the Board noted that the Nuveen ETFs, including the Funds, are designed to track the performance of a specified index (the “Underlying Index”). In its review, with respect to each Fund, the Board received and reviewed, among other things, the net asset value performance of the Fund, the performance of the Fund’s Underlying Index and parent index, its relative performance compared to the performance of peer funds (the “Performance Peer Group”) and the Fund’s tracking error and excess return compared to its Underlying Index. Given each Fund’s investment objective of seeking investment results that correspond generally to the performance of its Underlying Index, however, the Board recognized that the extent to which a Fund tracked its benchmark was of greater relevance in assessing the performance for such Fund and therefore placed more emphasis on the tracking error and correlation data provided.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board
Annual Investment Management Agreement Approval Process(Unaudited) (continued)
had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
The Board’s determinations with respect to each Fund are summarized below.
For the Emerging Markets ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board noted that the Fund had at times during 2018 traded beyond its anticipated tracking error thresholds and considered the factors that contributed to this heightened tracking error from its primary benchmark. The Board also noted that the Fund ranked in the third quartile of its Performance Peer Group for the one- year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Adviser’s explanation of the Fund’s performance.
For the International Developed Markets ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board also noted that the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the Large-Cap Growth ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board also noted that the Fund ranked in the first quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the Large-Cap Value ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board also noted that the Fund ranked in the first quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the Mid-Cap Growth ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board also noted that the Fund ranked in the second quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the Mid-Cap Value ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board also noted that the Fund ranked in the second quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the Small-Cap ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board also noted that the Fund ranked in the second quartile of its Per-
formance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Nuveen fund. More specifically, the Board recognized that the Fund pays the Adviser a unitary fee and therefore, the Board reviewed the unitary fee compared to the gross and net management fees and net total expense ratios of a group of comparable funds (the “Peer Group”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Group and recognized that differences between the applicable fund and its respective Peer Group as well as changes to the composition of the Peer Group from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each Nuveen fund with a net expense ratio of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”), including the Large-Cap Value ETF and the Small-Cap ETF, and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.
With respect to the Sub-Adviser, the Board considered the sub-advisory fee paid to the Sub-Adviser, and as described below, comparative data of the fees the Sub-Adviser charges to other clients, if any.
As indicated above, the Board recognized that each Fund pays the Adviser a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of such Fund, other than any distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, expenses incurred in acquiring and disposing of portfolio securities, fees and expenses of the Independent Board Members (including any of their counsel’s fees), certain expenses of such Fund’s chief compliance officer, litigation expenses and extraordinary expenses. Unlike the typical fee arrangements of the other Nuveen funds in which the funds pay a variety of fees and expenses such as investment advisory fees, transfer agency fees, audit fees, custodian fees, administration fees, compliance expenses, recordkeeping expenses, marketing and shareholder service fees, distribution charges and other expenses, each Fund pays the Adviser a unified fee, and the Adviser is responsible for providing such services or arranging and supervising third parties to provide such services (subject to the noted exceptions). Under the unified fee structure, the Board recognized that the Adviser generally bears the risks of the operating costs rising (and benefits if such expenses decrease) and therefore has an incentive to be administratively efficient. As part of the Board’s analysis of the fee level of each Fund, the Independent Board Members reviewed, among other things, the unified fee compared to the gross and net management fees and net total expense ratios of its respective Peer Group.
The Independent Board Members noted that: (a) the Emerging Markets ETF, Mid-Cap Growth ETF and Mid-Cap Value ETF each had a net management fee and a net expense ratio that were below the respective peer averages; (b) the International Developed Markets ETF and the Large-Cap Growth ETF each had a net management fee that was slightly higher than the respective peer average, but a net expense ratio that was in line with the respective peer average; (c) the Large-Cap Value ETF had a net management fee and a net expense ratio that were slightly higher than the respective peer averages; and (d) the Small-Cap ETF had a net management fee that was higher than the peer average and a net expense ratio that was slightly higher than the peer average. With respect to the Large-Cap Value ETF and the Small-Cap ETF, the Independent Board Members considered that each such Fund’s expense ratio was in line with expectations when the Fund was initially approved in 2016.
Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include foreign investment companies offered by Nuveen, certain funds advised by the Sub-Adviser and other ETFs sponsored by Nuveen.
In this regard, the Board reviewed, among other things, the range of fees assessed for foreign investment companies and ETFs offered by Nuveen. The Board also reviewed the management fees and expense ratios of certain funds advised by the Sub-Adviser in the TIAA-CREF family of funds. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to cer-
Annual Investment Management Agreement Approval Process(Unaudited) (continued)
tain other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board noted, among other things, the wide range of services in addition to investment management services provided to the Nuveen funds when the Adviser is principally responsible for all aspects of operating the funds, including the increased regulatory requirements that must be met in managing the funds and the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. The Board also considered that the Nuveen ETFs are passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2018 and 2017. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax); revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the adjusted margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line that was launched in 2016. The Independent Board Members noted that Nuveen’s net margins were higher in 2018 than the previous year and considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board considered the costs of investments in the Nuveen business, including the investment of seed capital in certain Nuveen funds and additional investments in infrastructure and technology. The Independent Board Members also noted that Nuveen’s adjusted margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers; however, the Independent Board Members recognized the inherent limitations of the comparative data of other publicly traded peers given that the calculation of profitability is rather subjective and numerous factors (such as types of funds, business mix, cost of capital, methodology to allocate expenses and other factors) can have a significant impact on the results.
The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the ten-year period from 2008 to 2018, and recognized that other reasonable allocation methodologies could be employed and lead to significantly different results. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review profitability and discuss any proposed changes to the methodology prior to the full Board’s review.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2018 and 2017 calendar years to consider the financial strength of TIAA having recognized the importance of having an adviser with significant resources.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members noted that although economies of scale are difficult to measure, the Adviser shares the benefits of economies of scale in various ways including breakpoints in the management fee schedule (subject to limited exceptions), fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in its business which can enhance the services provided to the funds for the fees paid. The Board noted that the Nuveen funds generally pay the Adviser a management fee comprised of a fund- level component and a complex-level component each with its own breakpoint schedule. The Board recognized that the Nuveen ETFs (including each Fund) pay a unitary fee and as a result, any reduction in fixed costs associated with with the management of a Fund would benefit the Adviser. However, the Independent Board Members noted that the unified fee schedule provides shareholders with a level of certainty of the expenses of each Fund. The Independent Board Members considered that the unified fees generally provide inherent economies of scale because each Fund would maintain a competitive fixed fee over the annual contract period even if such Fund’s assets declined and/or operating costs rose. As the Nuveen ETFs,
including the Funds, do not have breakpoints, they do not participate in the complex- level fee programs. In addition, given that the Nuveen ETFs were recently launched in 2016, the Independent Board Members recognized the Adviser’s costs in operating the Nuveen ETFs during the start-up phase.
In addition, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system as well as other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders. The Board further concluded that the absence of a fund-level and/or complex-level breakpoint schedule or arrangement (as applicable) was acceptable.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members considered whether the Sub-Adviser may engage in soft dollar transactions pursuant to which it may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board noted that the Sub-Adviser does not participate in soft dollar arrangements with respect to Fund portfolio transactions.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
PART II
Nuveen ESG Large-Cap ETF
At the meeting held on November 12-14, 2018 (the “Meeting”), the Board, including the Independent Board Members, considered and approved the investment management agreement (for purposes of this Part II, the “Investment Management Agreement”) pursuant to which Nuveen Fund Advisors, LLC (the “Adviser”) serves as investment adviser to Nuveen ESG Large-Cap ETF (for purposes of this Part II, the “Fund”), a series of NuShares ETF Trust (the "Trust"), and the investment sub-advisory agreement (for purposes of this Part II, the “Sub-Advisory Agreement”) with Teachers Advisors, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as investment sub-adviser to the Fund. For purposes of this Part II, the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” In addition, for purposes of this Part II, the Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement” and collectively, the “Advisory Agreements.”
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:
| • | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
| • | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
| • | the relevant expertise and background of the Fund Adviser with respect to the Fund’s investment strategy; |
| • | certain performance-related information (as described below); |
| • | certain profitability-related information (as described below); |
| • | the Fund’s proposed unitary fee structure, including comparisons of the Fund’s proposed net expense ratio with the net expense ratios of comparable funds; and |
| • | the soft dollar practices of the Fund Adviser, if any. |
At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/or at prior meetings, the Independent Board Members also met privately with their legal counsel to, among other things, review the Board’s duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to the Fund.
Annual Investment Management Agreement Approval Process(Unaudited) (continued)
Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Fund’s Advisory Agreements. The Board Members also drew on information they had received in their capacity as trustees and directors, as applicable, of other registered investment companies advised by the Fund Advisers.
A. Nature, Extent and Quality of Services
The Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services and administrative services. Given that the Adviser and the Sub- Adviser already serve as adviser and sub-adviser, respectively to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations, personnel and services. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members, have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.
The Independent Board Members recognized that open-end exchange-traded funds (“ETFs”) were a relatively recent addition to the Nuveen fund product line (i.e., added in 2016). They considered information about the structure, investment objective, investment strategy and other characteristics of the Fund. Additionally, they observed that the Fund was expected to seek to track the investment results of a specified underlying index (the “Index”).
The Board noted that the Fund would be a registered investment company that would operate in a regulated industry. In considering the services that were expected to be provided by the Fund Advisers, at the Meeting and/or at prior meetings, the Board has recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provide to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services include, but are not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; and legal support. The Board was aware, however, that services provided to ETFs may in some respects differ from those provided to other Nuveen funds. The Independent Board Members noted that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Fund. In addition, the Independent Board Members recognized the relevant experience and expertise of the investment team expected to manage the Fund. In this regard, they noted that the portfolio managers that were expected to serve the Fund also serve as portfolio managers to certain other Nuveen ETFs.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement were satisfactory.
B. Investment Performance
The Fund was new and, therefore, did not have its own performance history. The Independent Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and noted that the Sub-Adviser manages other Nuveen ETFs. In addition, the Independent Board Members reviewed certain historical performance-related data pertaining to the Index as well as the Fund’s contemplated secondary indices (including (i) annualized returns for the year-to-date, 1- year, 3- year, 5- year and since inception (i.e., beginning April 30, 2012) periods as of September 30, 2018 and (ii) calendar year returns for 2013 through 2017).
C. Fees, Expenses and Profitability
1. Fees and Expenses
In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed unitary fee structure and its proposed net expense ratio in absolute terms as well as compared with the net expense ratios of comparable ETFs.
In considering the Fund’s proposed unitary fee structure, the Independent Board Members took into account the Adviser’s representation that unitary fee structures were generally common for ETFs. They noted that under this structure, the Fund would pay a fee to the Adviser and, in turn, the Adviser would be generally responsible for the fees incurred by the Fund (such as custody fees, transfer agency fees, index licensing fees, and stock exchange listing fees, as well as the fee paid to the Sub-Adviser), subject to certain exceptions (which included the management fee, any payments under the Trust’s distribution and service plan, interest expenses, taxes, acquired fund fees and expenses, expenses incurred in acquiring and disposing of portfolio securities, certain compensation expenses of the Fund’s chief compliance officer, fees and expenses of the Independent Board Members and their counsel, litigation expenses and extraordinary expenses). In this regard, the Independent Board Members were provided with estimates of the Fund’s anticipated expenses, including those that would be paid by the Adviser from the unitary fee and those that would be excluded from the unitary fee, to the extent available.
In addition, in considering the proposed unitary fee structure, the Independent Board Members took into account that the Adviser would bear the risk that certain of the Fund’s operating expenses would increase (but would also benefit if such expenses decrease) and the degree of expense stability that would be afforded to the Fund’s shareholders. Additionally, the Independent Board Members reviewed, among other things, the Fund’s proposed unitary fee as well as comparative data pertaining to net expense ratios of the Fund’s peers contained within the Morningstar cat-
egory that is expected to be applicable. The Independent Board Members noted that as compared to a peer group with unitary fees (taking into account the peers contained within the Morningstar category that is expected to be applicable), the proposed unitary fee to be charged to the Fund was below the median fee, average fee and weighted average fee for the peer group. Further, the Independent Board Members considered the proposed sub-advisory fee for the Fund, which, as noted above, will be paid by the Adviser out of its unitary fee.
Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s unitary fee was reasonable in light of the nature, extent and quality of services to be provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board considered that the Fund will pay a unitary fee, which will differ from most other investment companies advised by the Adviser which pay a variety of fees, such as the investment advisory fee; Rule 12b-1 fees, if any; transfer agency fees; custody fees; and other expenses. The Board believed the unitary fee structure is a benefit to shareholders as it clearly discloses the cost of owning Fund shares, shifts the risk of the costs of operating the Fund covered by the unitary fee to the Adviser, and provides an incentive to the Adviser to maximize administrative efficiencies. As noted, the Board considered the unitary fee to be paid by the Fund in comparison to the expense ratios of its peers contained within the Morningstar category that is expected to be applicable.
The Board has also noted at prior meetings that the Adviser and/or the Sub-Adviser provide services to other types of clients, which may include foreign investment companies offered by Nuveen and certain funds advised by the Sub-Adviser. In this regard, the Board has previously reviewed, among other things, the range of fees assessed for foreign investment companies offered by Nuveen and the management fees and expense ratios of certain funds advised by the Sub-Adviser in the TIAA-CREF family of funds. In addition to the comparative fee data, the Board has also reviewed, among other things, a description of the different levels of services provided to certain other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in fee schedules. The Board has further considered the differences in the passive management of Nuveen’s ETFs compared to the active management of other Nuveen funds, which have also contributed to differing management fee levels compared to the other Nuveen funds. In general, the Board has noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board has further considered that the Sub-Adviser’s fee is essentially for portfolio management services. The Board has concluded that varying levels of fees are justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
At the time of the Meeting, historical information regarding the costs of services provided by the Adviser to the Fund and the profitability of the Fund to the Adviser was not available as the Fund had not commenced operations and it was not possible to predict the effect on profitability of the Fund. The Independent Board Members, however, considered the estimated operating expenses to be paid by the Adviser pursuant to the unitary fee.
Further, at prior meetings, the Independent Board Members have considered Nuveen’s level of profitability for its advisory activities. In this regard, at prior meetings, the Independent Board Members have evaluated, among other things, Nuveen’s adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for 2017 and 2016. The Independent Board Members have also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board has also noted that Nuveen launched its ETF product line in 2016 and has previously reviewed the revenues, expenses and operating margin from this product line.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members have also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, have recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors, including the fund manager’s organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board has noted that Nuveen’s adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
Aside from Nuveen’s profitability, the Board has recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
Annual Investment Management Agreement Approval Process(Unaudited) (continued)
In addition, the Independent Board Members have reviewed the Sub-Adviser’s revenues, expenses and pre-tax operating margins for its sub-advisory services to the applicable Nuveen funds for 2017.
In evaluating the reasonableness of the compensation, the Independent Board Members have also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board has noted that Nuveen’s and the Sub- Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized that, in general, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds. In this regard, the Independent Board Members considered whether economies of scale were expected to be achieved as the Fund grows and whether any such economies of scale were expected to be shared with shareholders. Although the Independent Board Members have recognized that economies of scale are difficult to measure, they have noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements, and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. Most of the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and a complex-level component, each of which has a breakpoint schedule. Generally, the fund-level fee component declines as the assets of a particular fund grow. Pursuant to the complex-wide fee arrangement, generally, the complex-level fee component declines when eligible assets of the funds in the Nuveen complex combined grow.
Notwithstanding the foregoing, the Independent Board Members recognized that the unitary fee structure does not have breakpoints and that the Fund (like other Nuveen ETFs) would not participate in the complex-level fee program. However, the Independent Board Members acknowledged, at the Meeting and/or at prior meetings, that as ETFs were relatively new to the Nuveen fund family, there would be ongoing review with respect to the fee structure employed for these types of funds. They further recognized that although a unitary fee provides shareholders with a level of certainty with respect to the expenses of the Fund, the Adviser will benefit from any reductions in certain fixed costs associated with managing the Fund (although the Adviser also has the risk if such fixed costs rise).
In addition, at the Meeting and/or at prior meetings, the Independent Board Members have recognized the Adviser’s continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on their review, the Independent Board Members concluded that the proposed unitary fee structure (which would not include breakpoints or participation in the complex-level fee program) was acceptable.
E. Indirect Benefits
The Independent Board Members considered information received at the Meeting and/or at prior meetings regarding other benefits that a Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. In addition, the Independent Board Members have considered whether the Sub-Adviser uses commissions paid by the applicable Nuveen funds on portfolio transactions to obtain research products and other services (“soft dollar transactions”) and considered that the Sub-Adviser would not benefit from formal soft dollar arrangements with respect to Fund portfolio transactions.
Based on their review, the Independent Board Members concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.
F. Approval
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and the Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.
Trustees and Officers
(Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of Trustees of the Funds is currently set at ten. None of the Trustees who are not “interested” persons of the Funds (referred to herein as “Independent Trustees”) has ever been a Trustee or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the Trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the Trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (1) | Principal Occupation(s)
Including other Directorships
During Past 5 Years | Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
| Independent Trustees: | | | |
Terence J. Toth
1959
333 W. Wacker Drive
Chicago, IL 60606 | Chairman and
Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 159 |
Jack B. Evans
1948
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 159 |
Trustees and Officers(Unaudited) (continued)
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (1) | Principal Occupation(s)
Including other Directorships
During Past 5 Years | Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
William C. Hunter
1948
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 159 |
Albin F. Moschner
1952
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions; formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 159 |
John K. Nelson
1962
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; served on The President's Council, Fordham University (2010-2018); and previously was a Director of The Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 159 |
Judith M. Stockdale
1947
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 159 |
Carole E. Stone
1947
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 159 |
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (1) | Principal Occupation(s)
Including other Directorships
During Past 5 Years | Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Margaret L. Wolff
1955
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 159 |
Robert L. Young(2)
1963
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 157 |
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (1) | Principal Occupation(s)
Including other Directorships
During Past 5 Years | Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
| Interested Trustee: | | | |
Margo L. Cook(3)
1964
333 W. Wacker Drive
Chicago, IL 60606 | Trustee | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 159 |
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (4) | Principal Occupation(s)
During Past 5 Years | |
| Officers of the Funds: | | | | |
Jordan M. Farris
1980
333 W. Wacker Drive
Chicago, IL 60606 | Chief
Administrative
Officer | 2019 | Managing Director (since 2017), formerly Vice President (2016-2017), Head of Product Management and Development, ETFs, Nuveen Securities, LLC; Director, Guggenheim Funds Distributors (2013-2016). | |
Mark J. Czarniecki
1979
901 Marquette Avenue
Minneapolis, MN 55402 | Vice President
and Assistant
Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). | |
Trustees and Officers(Unaudited) (continued)
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (4) | Principal Occupation(s)
During Past 5 Years | |
Diana R. Gonzalez
1978
333 W. Wacker Drive
Chicago, IL 60606 | Vice President
and Assistant
Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones
1979
333 W. Wacker Drive
Chicago, IL 60606 | Vice President
and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Walter M. Kelly
1970
333 W. Wacker Drive
Chicago, IL 60606 | Chief Compliance
Officer and Vice
President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
Tina M. Lazar
1961
333 W. Wacker Drive
Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart
1974
333 W. Wacker Drive
Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey
1963
8500 Andrew Carnegie Blvd.
Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy
1966
333 W. Wacker Drive
Chicago, IL 60606 | Vice President
and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner
1973
8500 Andrew Carnegie Blvd.
Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Name,
Year of Birth
& Address | Position(s)
Held with
the Funds | Year First
Elected or
Appointed (4) | Principal Occupation(s)
During Past 5 Years | |
Christopher M. Rohrbacher
1971
333 W. Wacker Drive
Chicago, IL 60606 | Vice President
and
Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann
1975
333 W. Wacker Drive
Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham
1973
TIAA
730 Third Avenue
New York, NY 10017 | Vice President
and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Gifford R. Zimmerman
1956
333 W. Wacker Drive
Chicago, IL 60606
| Vice President
and Assistant
Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | |
(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen fund complex.
(2) Mr. Young was appointed as a Board Member of each of the Nuveen Funds except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
(3) “Interested person” of the Trust, as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries.
(4) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen fund complex.
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about 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 NAN-NSESG-1019D1032008-INV-Y-12/20
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
| | | | | | | | | | | | | | | | |
Fiscal Year Ended October 31, 2019 | | Audit Fees Billed
to Funds1 | | | Audit-Related Fees
Billed to Funds2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Fund Name * | | | | | | | | | | | | | | | | |
Nuveen ESG International Developed Markets Equity ETF | | | 18,350 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESG Emerging Markets Equity ETF | | | 18,350 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGLarge-Cap ETF 5 | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGLarge-Cap Growth ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGLarge-Cap Value ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGMid-Cap Growth ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGMid-Cap Value ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGSmall-Cap ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 132,220 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| 5 | | Fund commenced operations on June 4, 2019. |
| * | | All funds were rebranded from Nushares to Nuveen on December 13, 2018. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen ESG International Developed Markets Equity ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESG Emerging Markets Equity ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESGLarge-Cap ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESGLarge-Cap Growth ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESGLarge-Cap Value ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESGMid-Cap Growth ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESGMid-Cap Value ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen ESGSmall-Cap ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | |
Fiscal Year Ended October 31, 2018 | | Audit Fees Billed
to Funds1 | | | Audit-Related Fees
Billed to Funds2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nushares ESG International Developed Markets Equity ETF | | | 18,350 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESG Emerging Markets Equity ETF | | | 18,350 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGLarge-Cap Growth ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGLarge-Cap Value ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGMid-Cap Growth ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGMid-Cap Value ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGSmall-Cap ETF | | | 15,920 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 116,300 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuantto Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nushares ESG International Developed Markets Equity ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nushares ESG Emerging Markets Equity ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nushares ESGLarge-Cap Growth ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nushares ESGLarge-Cap Value ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nushares ESGMid-Cap Growth ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nushares ESGMid-Cap Value ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nushares ESGSmall-Cap ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | |
Fiscal Year Ended October 31, 2019 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nushares ETF Trust | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant toPre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | |
Fiscal Year Ended October 31, 2018 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nushares ETF Trust | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant toPre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended October 31, 2019 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen ESG International Developed Markets Equity ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESG Emerging Markets Equity ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGLarge-Cap ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGLarge-Cap Growth ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGLarge-Cap Value ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGMid-Cap Growth ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGMid-Cap Value ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen ESGSmall-Cap ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended October 31, 2018 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nushares ESG International Developed Markets Equity ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESG Emerging Markets Equity ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGLarge-Cap Growth ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGLarge-Cap Value ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGMid-Cap Growth ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGMid-Cap Value ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nushares ESGSmall-Cap ETF | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit CommitteePre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) allnon-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit andnon-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be(i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Carole E. Stone, Chair and Terence J. Toth.
ITEM 6. SCHEDULE OF INVESTMENTS.
| a) | | See Portfolio of Investments in Item 1. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to this registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
| | (a) | | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in 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 because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) |
| |
| (a)(2) | | A separate certification for each principal executive officer and principal financial officer of the registrant as required byRule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: SeeEX-99.CERT attached hereto. |
| |
| (a)(3) | | Any written solicitation to purchase securities under Rule23c-1 under the 1940 Act (17 CFR270.23c-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 the 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 Rule30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule13a-14(b) or Rule15d-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: SeeEX-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
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| By (Signature and Title) | | /s/ Christopher M. Rohrbacher |
| | Christopher M. Rohrbacher |
| | Vice President and Secretary |
Date: January 8, 2020
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.
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| By (Signature and Title) | | /s/ Jordan Farris |
| | Jordan Farris |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: January 8, 2020
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| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham |
| | Vice President and Controller |
| | (principal financial officer) |
Date: January 8, 2020
