UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23161
Nushares ETF Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
| 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,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials are now facing the extraordinary challenge of balancing the resumption of economic activity with public safety, in a way that minimizes the potential for a second wave of outbreaks. Markets have turned their focus to the potential for an economic recovery the timing and magnitude of which remain highly uncertain. Elevated market volatility is likely to continue, with economic data, coronavirus infection rates and the upcoming U.S. presidential election under scrutiny.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short term interruptions from the longer-lasting implications to the economy. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Temporary bans on movement and travel are being lifted, and some near-term economic indicators have shown modest improvement in countries that have reopened. Central banks and governments around the world have announced economic stimulus measures and pledged to continue doing what it takes to support their economies. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial professional, who can 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
June 23, 2020
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 Fund Advisors, LLC. Below, the Funds’ portfolio managers, Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, discuss key investment strategies and the performance of the Funds during the six-month reporting period. Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016 (for NULG, NULV, NUMG, NUMV and NUSC), June 6, 2017 (for NUDM and NUEM) and June 3, 2019 (for NULC).
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
With daily new COVID-19 coronavirus cases now slowing across much of the world, economies are beginning to reopen and movement bans are easing. The focus is shifting to whether the resumption of activity triggers a second wave of infections and how quickly economies may rebound. Early indications, first from China, South Korea and Hong Kong, and more recently from various U.S. states that opened their economies earlier and more thoroughly than others, showed there is a risk of new infection outbreaks. Economic indicators have begun to reflect the severe supply and demand disruptions resulting from the shutdowns, and a more prolonged recovery looks more likely than a rapid snap-back to growth.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows..
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, and most markets have recovered most of their losses. But volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments or vaccines). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
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)
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
What key strategies were used to manage the Funds during the six-month reporting period ended April 30, 2020, 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 environmental, 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 governance 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 26 emerging market countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, 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 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.
Global equities performed well in late 2019 and into 2020 as fears about trade, Brexit and recession risks began to wane. However, the global spread of the COVID-19 coronavirus and the lockdown measures taken to contain it triggered a severe sell-off in global equity markets from late February into March 2020. By April 2020, share prices partially rebounded on evidence that some regions of the world had suppressed the infection rate and were moving toward reopening their economies, along with a positive reception to the massive fiscal and monetary interventions implemented around the world to buffer the economic fallout. Nevertheless, global equity performance for the six-month reporting period overall remained in negative territory. On a regional basis, the U.S. outperformed both non-U.S. developed market equities and emerging market equities. Within the U.S. market, growth stocks significantly outpaced value stocks.
Portfolio Managers’ Comments (continued)
How did the Funds perform during the the six-month reporting period ended April 30, 2020?
The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance for the six-month, one-year and since inception periods through April 30, 2020. 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 growth-oriented NULG and NUMG delivered positive returns in the reporting period, while the other five Funds declined. In the U.S., economic data began to reflect supply chain disruptions and the impact of stay-at-home orders that began in March 2020. Unemployment skyrocketed and first quarter gross domestic product (GDP) growth turned negative. The federal government swiftly enacted relief programs for individuals, businesses, state and local governments, health care and education, while the Federal Reserve introduced a broad array of measures to stabilize markets and encourage borrowing and lending. NULG and NUMG had higher exposures to the information technology and health care sectors, both of which were relatively more resilient in the March sell-off and therefore had relatively better performance in the reporting period overall. NUMV was the weakest performer among the U.S.-focused Funds due its larger weightings in the financials and real estate sectors, which performed poorly in this reporting period. NUSC was also among the weaker performing U.S. Funds, as small-cap equities significantly underperformed the broad U.S. market.
The non-U.S. Funds, NUDM and NUEM, posted negative performance in absolute terms in this reporting period, driven by concerns about the coronavirus pandemic and its impact on global economic conditions. Macroeconomic indicators around the world revealed sharp contractions in manufacturing and service sector activity in early 2020 and, like the U.S., first quarter GDP growth was negative in Europe and Japan. Policy makers responded with monetary and fiscal stimulus packages and interest rates cuts. Emerging market equities fared slightly better than international (non-U.S.) developed market equities in this reporting period. Although China was the first country to implement drastic restrictions on economic and social activity to contain the coronavirus, it had made significant progress in reducing the infection rate by April 2020 and was beginning to lift its activity bans. This helped China’s equity market recover sooner than other areas of the world where the virus spread was not yet under control.
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 in emerging markets. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.
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 on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.
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 on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Growth stocks tend to be more volatile and can experience sharp price declines. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
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 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 se-
Risk Considerations (continued)
curities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. Growth stocks tend to be more volatile and can experience sharp price declines. These and other risk considerations are described in detail in the Fund’s prospectus.
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 on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. These and other risk considerations are described in detail in the Fund’s prospectus.
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 on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. These and other risk considerations are described in detail in the Fund’s prospectus.
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratio for each Fund are shown within this section of the report.
Fund Performance
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 (i.e. cumulative returns). 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.
Expense Ratios
The expense ratios shown are as of each Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios (continued)
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 and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NUEM at NAV | 6/06/17 | (8.34)% | | (11.51)% | (1.22)% | 0.45% |
| NUEM at Market Price | 6/06/17 | (10.26)% | | (13.62)% | (1.76)% | — |
| TIAA ESG Emerging Markets Equity Index | — | (8.20)% | | (11.10)% | (0.59)% | — |
| MSCI Emerging Markets Index | — | (10.50)% | | (11.99)% | (0.79)% | — |
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 and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NUDM at NAV | 6/06/17 | (13.55)% | | (8.19)% | (1.52)% | 0.40% |
| NUDM at Market Price | 6/06/17 | (14.78)% | | (10.06)% | (1.86)% | — |
| TIAA ESG International Developed Markets Equity Index | — | (13.50)% | | (8.03)% | (1.28)% | — |
| MSCI EAFE Index | — | (14.21)% | | (11.34)% | (2.11)% | — |
Fund Performance and Expense Ratios (continued)
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 and Expense Ratio
| | Total Returns as of April 30, 2020 | | | |
| | | Cumulative | | | |
| | Inception
Date | 6-Month | | Since
Inception | | Expense
Ratio | |
| NULC at NAV | 6/03/19 | (3.30)% | | 8.51% | | 0.20% | |
| NULC at Market Price | 6/03/19 | (3.13)% | | 8.62% | | — | |
| TIAA ESG USA Large-Cap Index | — | (3.23)% | | 8.70% | | — | |
| MSCI USA Index | — | (2.89)% | | 8.17% | | — | |
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 and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NULG at NAV | 12/31/16 | 4.99% | | 11.56% | 16.90% | 0.35% |
| NULG at Market Price | 12/31/16 | 5.01% | | 11.63% | 16.93% | — |
| TIAA ESG USA Large-Cap Growth Index | — | 5.20% | | 12.01% | 17.34% | — |
| MSCI USA Growth Index | — | 7.28% | | 12.47% | 17.04% | — |
Fund Performance and Expense Ratios (continued)
Nuveen ESG Large-Cap Value ETF (NULV)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NULV at NAV | 12/13/16 | (13.64)% | | (9.43)% | 3.94% | 0.35% |
| NULV at Market Price | 12/13/16 | (13.51)% | | (9.32)% | 3.99% | — |
| TIAA ESG USA Large-Cap Value Index | — | (13.54)% | | (9.15)% | 4.30% | — |
| MSCI USA Value Index | — | (13.03)% | | (10.24)% | 2.68% | — |
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 and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NUMG at NAV | 12/13/16 | 1.83% | | 4.28% | 11.11% | 0.40% |
| NUMG at Market Price | 12/13/16 | 1.96% | | 4.49% | 11.21% | — |
| TIAA ESG USA Mid-Cap Growth Index | — | 2.04% | | 4.71% | 11.58% | — |
| MSCI USA Mid-Cap Growth Index | — | (1.02)% | | 1.36% | 9.99% | — |
Fund Performance and Expense Ratios (continued)
Nuveen ESG Mid-Cap Value ETF (NUMV)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NUMV at NAV | 12/13/16 | (21.35)% | | (18.14)% | (0.84)% | 0.40% |
| NUMV at Market Price | 12/13/16 | (21.53)% | | (18.13)% | (0.84)% | — |
| TIAA ESG USA Mid-Cap Value Index | — | (21.25)% | | (17.87)% | (0.46)% | — |
| MSCI USA Mid-Cap Value Index | — | (21.39)% | | (19.23)% | (0.99)% | — |
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 and Expense Ratio
| | Total Returns as of April 30, 2020 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratio |
| NUSC at NAV | 12/13/16 | (15.37)% | | (15.96)% | 1.55% | 0.40% |
| NUSC at Market Price | 12/13/16 | (15.51)% | | (16.02)% | 1.55% | — |
| TIAA ESG USA Small-Cap Index | — | (15.23)% | | (15.64)% | 1.97% | — |
| MSCI USA Small-Cap Index | — | (15.70)% | | (16.15)% | 1.42% | — |
Holding Summaries as of April 30, 2020
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 | 98.8% |
| Common Stock Rights | 0.0% |
| Other Assets Less Liabilities | 1.2% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Alibaba Group Holding Ltd ADR | 8.1% |
| Tencent Holdings Ltd | 7.4% |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.2% |
| China Construction Bank Corp | 2.9% |
| Naspers Ltd | 2.2% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 16.2% |
| Financials | 16.2% |
| Consumer Discretionary | 15.7% |
| Communication Services | 12.0% |
| Materials | 11.5% |
| Industrials | 9.5% |
| Consumer Staples | 8.0% |
| Real Estate | 2.8% |
| Health Care | 2.5% |
| Energy | 2.5% |
| Utilities | 1.9% |
| Other Assets Less Liabilities | 1.2% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| China | 37.8% |
| Taiwan | 13.7% |
| Korea, Republic Of | 10.7% |
| India | 8.6% |
| Brazil | 5.1% |
| South Africa | 4.2% |
| Saudi Arabia | 2.8% |
| Thailand | 2.3% |
| Malaysia | 1.9% |
| Mexico | 1.9% |
| Other | 9.8% |
| Other Assets Less Liabilities | 1.2% |
| Net Assets | 100% |
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.3% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Nestle SA | 4.0% |
| SAP SE | 2.2% |
| AstraZeneca PLC | 2.2% |
| Sony Corp | 2.1% |
| L'Oreal SA | 2.1% |
Portfolio Composition
(% of net assets) | |
| Financials | 16.5% |
| Industrials | 16.1% |
| Consumer Staples | 14.9% |
| Consumer Discretionary | 11.9% |
| Health Care | 11.4% |
| Materials | 7.5% |
| Communication Services | 6.8% |
| Information Technology | 5.6% |
| Utilities | 3.7% |
| Real Estate | 2.8% |
| Energy | 2.1% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| Japan | 25.9% |
| United Kingdom | 14.1% |
| France | 10.9% |
| Switzerland | 10.3% |
| Germany | 8.1% |
| Australia | 6.4% |
| Netherlands | 4.1% |
| Hong Kong | 3.6% |
| Spain | 2.8% |
| Sweden | 2.6% |
| Other | 10.5% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets | 100% |
Holding Summaries as of April 30, 2020 (continued)
Nuveen ESG Large-Cap ETF (NULC)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 26.8% |
| Health Care | 14.1% |
| Financials | 10.0% |
| Communication Services | 9.7% |
| Consumer Discretionary | 9.6% |
| Industrials | 9.5% |
| Consumer Staples | 6.9% |
| Real Estate | 4.2% |
| Materials | 4.0% |
| Utilities | 2.9% |
| Energy | 2.1% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Microsoft Corp | 6.5% |
| Alphabet Inc | 4.5% |
| Verizon Communications Inc | 2.2% |
| NVIDIA Corp | 2.1% |
| Procter & Gamble Co/The | 2.1% |
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 | 34.8% |
| Consumer Discretionary | 15.3% |
| Health Care | 14.0% |
| Industrials | 11.8% |
| Communication Services | 8.9% |
| Financials | 4.7% |
| Consumer Staples | 4.5% |
| Materials | 4.4% |
| Real Estate | 1.4% |
| Energy | 0.0% |
| 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) | |
| Alphabet Inc | 7.3% |
| Mastercard Inc | 2.9% |
| NVIDIA Corp | 2.6% |
| Adobe Inc | 2.6% |
| Home Depot Inc | 2.5% |
Holding Summaries as of April 30, 2020 (continued)
Nuveen ESG Large-Cap Value ETF (NULV)
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 | 20.2% |
| Health Care | 15.4% |
| Consumer Staples | 14.4% |
| Industrials | 11.0% |
| Information Technology | 10.5% |
| Communication Services | 8.2% |
| Real Estate | 4.9% |
| Materials | 4.6% |
| Utilities | 4.5% |
| Energy | 3.2% |
| Consumer Discretionary | 2.9% |
| 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) | |
| Procter & Gamble Co/The | 4.0% |
| Intel Corp | 3.7% |
| Verizon Communications Inc | 3.6% |
| Merck & Co Inc | 3.3% |
| PepsiCo Inc | 3.0% |
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.9% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 26.1% |
| Health Care | 21.5% |
| Industrials | 16.4% |
| Consumer Discretionary | 11.2% |
| Financials | 8.2% |
| Communication Services | 7.7% |
| Real Estate | 3.2% |
| Consumer Staples | 2.9% |
| Materials | 2.7% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| DexCom Inc | 3.1% |
| MarketAxess Holdings Inc | 2.6% |
| Chipotle Mexican Grill Inc | 2.5% |
| Verisk Analytics Inc | 2.4% |
| Domino's Pizza Inc | 2.4% |
Holding Summaries as of April 30, 2020 (continued)
Nuveen ESG Mid-Cap Value ETF (NUMV)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Real Estate | 18.4% |
| Financials | 18.3% |
| Consumer Discretionary | 15.9% |
| Industrials | 12.4% |
| Information Technology | 9.4% |
| Materials | 8.1% |
| Consumer Staples | 5.4% |
| Health Care | 4.2% |
| Communication Services | 3.0% |
| Utilities | 2.5% |
| Energy | 2.1% |
| 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) | |
| Marvell Technology Group Ltd | 2.9% |
| Alexandria Real Estate Equities Inc | 2.7% |
| International Flavors & Fragrances Inc | 2.5% |
| Tiffany & Co | 2.5% |
| CMS Energy Corp | 2.5% |
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 | 0.1% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 18.5% |
| Health Care | 16.1% |
| Industrials | 14.3% |
| Financials | 14.0% |
| Consumer Discretionary | 12.2% |
| Real Estate | 9.5% |
| Materials | 4.5% |
| Consumer Staples | 3.2% |
| Communication Services | 2.8% |
| Utilities | 2.7% |
| Energy | 2.1% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Entegris Inc | 1.2% |
| Service Corp International/US | 0.9% |
| First American Financial Corp | 0.9% |
| Pool Corp | 0.8% |
| Quidel Corp | 0.8% |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other applicable Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2020.
The beginning of the period is November 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 | $ 916.60 |
| Expenses Incurred During Period | $ 2.14 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.63 |
| Expenses Incurred During the Period | $ 2.26 |
Expenses are equal to the Fund's annualized net expense ratio of 0.45% multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen ESG International Developed Markets Equity ETF (NUDM)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $ 864.50 |
| Expenses Incurred During Period | $ 1.90 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.82 |
| Expenses Incurred During the Period | $ 2.06 |
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 182/366 (to reflect the one-half year period).
Nuveen ESG Large-Cap ETF (NULC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $ 967.00 |
| Expenses Incurred During Period | $ 0.98 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.87 |
| Expenses Incurred During the Period | $ 1.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.20% multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen ESG Large-Cap Growth ETF (NULG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,049.90 |
| Expenses Incurred During Period | $ 1.78 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.12 |
| Expenses Incurred During the Period | $ 1.76 |
Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Expense Examples (continued)
Nuveen ESG Large-Cap Value ETF (NULV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $ 863.60 |
| Expenses Incurred During Period | $ 1.62 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.12 |
| Expenses Incurred During the Period | $ 1.76 |
Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 182/366 (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 | $1,018.30 |
| Expenses Incurred During Period | $ 2.01 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.87 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 182/366 (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 | $ 786.50 |
| Expenses Incurred During Period | $ 1.78 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.87 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen ESG Small-Cap ETF (NUSC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $ 846.30 |
| Expenses Incurred During Period | $ 1.84 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.87 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 98.8% | | | | |
| | | COMMON STOCKS – 98.8% | | | | |
| | | Communication Services – 12.0% | | | | |
| 10,855 | | Advanced Info Service PCL, (2) | | | | $66,428 |
| 192,811 | | Axiata Group Bhd | | | | 176,669 |
| 58,976 | | Chunghwa Telecom Co Ltd | | | | 217,170 |
| 4,113 | | DiGiCom Bhd | | | | 4,438 |
| 1,924 | | Far EasTone Telecommunications Co Ltd | | | | 4,296 |
| 4,230 | | Intouch Holdings PCL | | | | 6,994 |
| 6,109 | | Maxis Bhd | | | | 7,785 |
| 1,310 | | NAVER Corp | | | | 212,340 |
| 43 | | NCSoft Corp | | | | 22,692 |
| 46,150 | | Orange Polska SA, (3) | | | | 77,731 |
| 1,411 | | SK Telecom Co Ltd | | | | 244,923 |
| 1,271 | | Taiwan Mobile Co Ltd | | | | 4,595 |
| 31,320 | | Telefonica Brasil SA | | | | 264,120 |
| 79,492 | | Telekom Malaysia Bhd | | | | 74,501 |
| 50,477 | | Tencent Holdings Ltd | | | | 2,715,165 |
| 3,261 | | Total Access Communication PCL, (2) | | | | 4,258 |
| 37,009 | | Turkcell Iletisim Hizmetleri AS | | | | 73,864 |
| 35,106 | | Vodacom Group Ltd | | | | 235,544 |
| 1,723 | | Wanda Film Holding Co Ltd, (3) | | | | 4,076 |
| 21,888 | | XL Axiata Tbk PT | | | | 3,738 |
| | | Total Communication Services | | | | 4,421,327 |
| | | Consumer Discretionary – 15.7% | | | | |
| 14,639 | | Alibaba Group Holding Ltd, Sponsored ADR | | | | 2,966,886 |
| 1,933 | | Alsea SAB de CV, (3) | | | | 1,606 |
| 1,337 | | Arcelik AS, (3) | | | | 3,137 |
| 4,274 | | BAIC BluePark New Energy Technology Co Ltd, (3) | | | | 3,318 |
| 117,713 | | BAIC Motor Corp Ltd, 144A | | | | 51,930 |
| 27,713 | | BYD Co Ltd | | | | 174,450 |
| 7,492 | | BYD Co Ltd | | | | 63,635 |
| 178 | | CCC SA | | | | 2,227 |
| 931 | | Eicher Motors Ltd | | | | 181,625 |
| 460 | | FF Group, (3), (4) | | | | 605 |
| 642 | | Foschini Group Ltd/The | | | | 2,553 |
| 17,810 | | Geely Automobile Holdings Ltd | | | | 27,844 |
| 4,095 | | Hangzhou Robam Appliances Co Ltd | | | | 18,493 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 2,354 | | Hankook Tire & Technology Co Ltd | | | | $41,054 |
| 281 | | Hero MotoCorp Ltd | | | | 8,056 |
| 8,140 | | Home Product Center PCL | | | | 3,422 |
| 17,147 | | Hotai Motor Co Ltd | | | | 321,184 |
| 7,431 | | LG Electronics Inc | | | | 334,820 |
| 17,849 | | Mahindra & Mahindra Ltd | | | | 87,361 |
| 35,251 | | Meituan Dianping, (3) | | | | 471,993 |
| 4,229 | | Minor International PCL, (2), (3) | | | | 2,758 |
| 363 | | Mr Price Group Ltd | | | | 2,609 |
| 5,142 | | Naspers Ltd | | | | 811,649 |
| 38,849 | | NIO Inc ADR | | | | 132,475 |
| 17,253 | | Suningcom Co Ltd | | | | 20,578 |
| 5,861 | | Tatung Co Ltd, (3) | | | | 4,238 |
| 56,716 | | TCL Technology Group Corp | | | | 37,278 |
| 338 | | Titan Co Ltd | | | | 4,356 |
| 1,187 | | Woolworths Holdings Ltd/South Africa | | | | 1,971 |
| | | Total Consumer Discretionary | | | | 5,784,111 |
| | | Consumer Staples – 8.0% | | | | |
| 360 | | Almarai Co JSC | | | | 4,707 |
| 31 | | Amorepacific Corp | | | | 4,503 |
| 61 | | Amorepacific Corp | | | | 3,134 |
| 79 | | AMOREPACIFIC Group | | | | 3,767 |
| 740 | | Arca Continental SAB de CV | | | | 2,880 |
| 9,822 | | Atacadao SA, (3) | | | | 36,288 |
| 4,098 | | Bid Corp Ltd | | | | 53,922 |
| 160 | | Britannia Industries Ltd | | | | 6,734 |
| 4,212 | | Charoen Pokphand Foods PCL, (2) | | | | 3,515 |
| 70,905 | | China Mengniu Dairy Co Ltd | | | | 252,894 |
| 2,205 | | Cia Brasileira de Distribuicao | | | | 26,973 |
| 21 | | CJ CheilJedang Corp | | | | 4,697 |
| 7,334 | | Coca-Cola Femsa SAB de CV | | | | 29,709 |
| 265 | | Colgate-Palmolive India Ltd | | | | 5,166 |
| 8,602 | | CP ALL PCL, (2), (3) | | | | 18,876 |
| 669 | | Dabur India Ltd | | | | 4,365 |
| 6,070 | | Dali Foods Group Co Ltd, 144A | | | | 3,735 |
| 62,391 | | Fomento Economico Mexicano SAB de CV | | | | 407,494 |
| 553 | | Fraser & Neave Holdings Bhd | | | | 4,082 |
| 400 | | Gruma SAB de CV | | | | 3,833 |
| 20,901 | | Hindustan Unilever Ltd | | | | 613,712 |
| 25,714 | | Inner Mongolia Yili Industrial Group Co Ltd | | | | 106,508 |
| 2,054 | | Kimberly-Clark de Mexico SAB de CV | | | | 2,937 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 810 | | Kuala Lumpur Kepong Bhd | | | | $3,956 |
| 5 | | LG Household & Health Care Ltd | | | | 5,688 |
| 146 | | LG Household & Health Care Ltd | | | | 86,993 |
| 1,162 | | Marico Ltd | | | | 4,455 |
| 549 | | Natura & Co Holding SA, (3) | | | | 3,602 |
| 1,618 | | Nestle India Ltd | | | | 385,653 |
| 153 | | Nestle Malaysia Bhd | | | | 4,985 |
| 945 | | Pick n Pay Stores Ltd | | | | 2,985 |
| 1,128 | | PPB Group Bhd | | | | 4,318 |
| 19,309 | | President Chain Store Corp | | | | 199,996 |
| 601 | | Savola Group/The | | | | 6,482 |
| 592 | | Shoprite Holdings Ltd | | | | 3,453 |
| 309 | | SPAR Group Ltd/The | | | | 2,976 |
| 1,814 | | Standard Foods Corp | | | | 4,105 |
| 167,563 | | Sun Art Retail Group Ltd | | | | 279,259 |
| 4,800 | | Tech-Bank Food Co Ltd, (3) | | | | 8,540 |
| 9,745 | | Thai Union Group PCL | | | | 3,946 |
| 535,798 | | Unilever Indonesia Tbk PT | | | | 298,066 |
| 2,020 | | Uni-President Enterprises Corp | | | | 4,721 |
| | | Total Consumer Staples | | | | 2,918,610 |
| | | Energy – 2.5% | | | | |
| 11,060 | | Cosan SA | | | | 123,281 |
| 785,806 | | IRPC PCL, (2) | | | | 65,089 |
| 4,289 | | Motor Oil Hellas Corinth Refineries SA | | | | 62,997 |
| 18,786 | | Offshore Oil Engineering Co Ltd | | | | 13,173 |
| 17,857 | | Petronas Dagangan Bhd | | | | 84,468 |
| 34,244 | | Qatar Fuel QSC | | | | 150,576 |
| 3,163 | | S-Oil Corp | | | | 181,714 |
| 78,538 | | Thai Oil PCL, (2) | | | | 99,523 |
| 50,910 | | Ultrapar Participacoes SA | | | | 136,367 |
| | | Total Energy | | | | 917,188 |
| | | Financials – 16.2% | | | | |
| 234 | | Absa Group Ltd | | | | 1,163 |
| 116,374 | | Abu Dhabi Commercial Bank PJSC | | | | 140,671 |
| 10,901 | | Alpha Bank AE, (3) | | | | 7,964 |
| 15,924 | | AMMB Holdings Bhd | | | | 11,036 |
| 66,447 | | Axis Bank Ltd | | | | 392,913 |
| 55,052 | | B3 SA - Brasil Bolsa Balcao | | | | 390,722 |
| 62,252 | | Banco Bradesco SA, (3) | | | | 220,221 |
| 19,771 | | Banco Bradesco SA, (3) | | | | 64,134 |
| 111 | | Banco de Credito e Inversiones SA | | | | 4,116 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 388 | | Banco do Brasil SA, (3) | | | | $2,043 |
| 468 | | Banco Santander Brasil SA | | | | 2,334 |
| 342 | | Bancolombia SA | | | | 2,209 |
| 15,915 | | Bancolombia SA | | | | 105,081 |
| 27,873 | | Bandhan Bank Ltd, 144A | | | | 97,877 |
| 2,885 | | Bank Millennium SA, (3) | | | | 1,960 |
| 6,528 | | Bank Negara Indonesia Persero Tbk PT | | | | 1,799 |
| 21,393 | | Bank of Hangzhou Co Ltd | | | | 25,092 |
| 174 | | Bank Polska Kasa Opieki SA, (3) | | | | 2,184 |
| 548,646 | | Bank Rakyat Indonesia Persero Tbk PT | | | | 100,693 |
| 15,728 | | Banque Saudi Fransi | | | | 129,636 |
| 1,496 | | BDO Unibank Inc | | | | 2,997 |
| 148,390 | | Cathay Financial Holding Co Ltd | | | | 199,107 |
| 1,026 | | Chailease Holding Co Ltd | | | | 3,951 |
| 626,308 | | China CITIC Bank Corp Ltd | | | | 306,192 |
| 24,179 | | China CITIC Bank Corp Ltd | | | | 17,810 |
| 1,281,050 | | China Construction Bank Corp | | | | 1,044,359 |
| 39,653 | | China Construction Bank Corp | | | | 36,118 |
| 223,653 | | China Everbright Bank Co Ltd | | | | 94,915 |
| 168,330 | | China Everbright Bank Co Ltd | | | | 88,942 |
| 3,349 | | CIMB Group Holdings Bhd | | | | 2,687 |
| 5,874 | | CTBC Financial Holding Co Ltd | | | | 3,951 |
| 2,799 | | Dubai Islamic Bank PJSC | | | | 2,797 |
| 5,448 | | ESun Financial Holding Co Ltd | | | | 5,002 |
| 1,026 | | First Abu Dhabi Bank PJSC | | | | 3,240 |
| 5,986 | | First Financial Holding Co Ltd | | | | 4,439 |
| 2,064 | | FirstRand Ltd | | | | 4,548 |
| 169,634 | | Fubon Financial Holding Co Ltd | | | | 241,303 |
| 445 | | Grupo de Inversiones Suramericana SA | | | | 2,443 |
| 81,873 | | Grupo Financiero Banorte SAB de CV | | | | 226,879 |
| 1,886 | | Hana Financial Group Inc | | | | 42,721 |
| 7,346 | | Hua Nan Financial Holdings Co Ltd | | | | 4,805 |
| 53,695 | | Huaxia Bank Co Ltd | | | | 49,897 |
| 350 | | Hyundai Marine & Fire Insurance Co Ltd | | | | 7,497 |
| 87,530 | | Industrial Bank Co Ltd | | | | 206,074 |
| 7,196 | | Investec Ltd | | | | 15,042 |
| 37,846 | | Itau Unibanco Holding SA | | | | 159,192 |
| 1,295 | | Itausa - Investimentos Itau SA | | | | 2,153 |
| 1,583 | | Kasikornbank PCL | | | | 4,220 |
| 18,147 | | KB Financial Group Inc | | | | 517,550 |
| 1,104 | | Komercni banka as, (3) | | | | 23,444 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 566 | | Liberty Holdings Ltd | | | | $2,173 |
| 1,921 | | Malayan Banking Bhd | | | | 3,382 |
| 507 | | mBank SA | | | | 26,812 |
| 3,491 | | MCB Bank Ltd | | | | 3,548 |
| 4,323 | | Mega Financial Holding Co Ltd | | | | 4,376 |
| 3,016 | | Nedbank Group Ltd | | | | 17,607 |
| 145,669 | | Old Mutual Ltd | | | | 106,446 |
| 98 | | OTP Bank Nyrt, (3) | | | | 2,914 |
| 1,030 | | Public Bank Bhd | | | | 3,924 |
| 48,817 | | Qatar National Bank QPSC | | | | 231,013 |
| 354 | | Remgro Ltd | | | | 2,641 |
| 3,189 | | RHB Bank Bhd | | | | 3,523 |
| 1,031 | | RMB Holdings Ltd | | | | 2,975 |
| 198 | | Samsung Card Co Ltd | | | | 4,875 |
| 2,151 | | Samsung Fire & Marine Insurance Co Ltd | | | | 336,301 |
| 1,577 | | Sanlam Ltd | | | | 5,090 |
| 61 | | Santander Bank Polska SA, (3) | | | | 2,401 |
| 1,004 | | Shinhan Financial Group Co Ltd | | | | 25,173 |
| 1,405 | | Siam Commercial Bank PCL/The, (2) | | | | 2,975 |
| 10,001 | | SinoPac Financial Holdings Co Ltd | | | | 4,103 |
| 22,406 | | Standard Bank Group Ltd | | | | 124,602 |
| 11,001 | | Taishin Financial Holding Co Ltd | | | | 4,717 |
| 10,546 | | Taiwan Business Bank | | | | 3,848 |
| 594 | | Woori Financial Group Inc | | | | 4,114 |
| 6,708 | | Yuanta Financial Holding Co Ltd | | | | 3,857 |
| | | Total Financials | | | | 5,961,513 |
| | | Health Care – 2.5% | | | | |
| 3,186 | | 3SBio Inc, 144A, (3) | | | | 3,267 |
| 602 | | Aspen Pharmacare Holdings Ltd, (3) | | | | 3,791 |
| 123 | | Asymchem Laboratories Tianjin Co Ltd | | | | 3,288 |
| 5,462 | | Bangkok Dusit Medical Services PCL | | | | 3,494 |
| 1,130 | | Beijing Tongrentang Co Ltd | | | | 4,111 |
| 1,007 | | Bumrungrad Hospital PCL, (2) | | | | 3,657 |
| 3,186 | | China Medical System Holdings Ltd | | | | 3,797 |
| 660 | | China National Accord Medicines Corp Ltd | | | | 3,859 |
| 1,186 | | China National Medicines Corp Ltd | | | | 5,242 |
| 1,488 | | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | | | | 6,123 |
| 130,273 | | CSPC Pharmaceutical Group Ltd | | | | 258,787 |
| 1,018 | | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | | | | 4,456 |
| 17 | | Hanmi Pharm Co Ltd | | | | 3,614 |
| 7,474 | | Huadong Medicine Co Ltd | | | | 21,122 |
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 4,226 | | Hutchison China MediTech Ltd ADR | | | | $90,901 |
| 78,260 | | IHH Healthcare Bhd | | | | 95,550 |
| 42,671 | | Kalbe Farma Tbk PT | | | | 4,131 |
| 2,162 | | Life Healthcare Group Holdings Ltd | | | | 2,103 |
| 5,383 | | Luye Pharma Group Ltd, 144A | | | | 2,625 |
| 6,678 | | Notre Dame Intermedica Participacoes SA | | | | 67,615 |
| 537 | | Ovctek China Inc | | | | 5,010 |
| 444 | | Ping An Healthcare and Technology Co Ltd, 144A, (3) | | | | 6,151 |
| 2,045 | | Piramal Enterprises Ltd | | | | 26,746 |
| 3,479 | | Richter Gedeon Nyrt | | | | 74,705 |
| 1,612 | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | | 6,155 |
| 57,505 | | Shanghai Pharmaceuticals Holding Co Ltd | | | | 101,326 |
| 19,317 | | Sinopharm Group Co Ltd | | | | 52,327 |
| 5,250 | | SSY Group Ltd | | | | 3,725 |
| 1,365 | | Winning Health Technology Group Co Ltd | | | | 4,917 |
| 286 | | WuXi AppTec Co Ltd, 144A | | | | 4,040 |
| 425 | | WuXi AppTec Co Ltd | | | | 6,127 |
| 390 | | Wuxi Biologics Cayman Inc, 144A, (3) | | | | 6,087 |
| 120 | | Yuhan Corp | | | | 4,644 |
| 1,253 | | Yunnan Baiyao Group Co Ltd | | | | 16,031 |
| | | Total Health Care | | | | 909,524 |
| | | Industrials – 9.5% | | | | |
| 1,866 | | 51job Inc ADR | | | | 111,848 |
| 71,346 | | Aboitiz Equity Ventures Inc | | | | 58,736 |
| 5,376 | | Air China Ltd | | | | 3,863 |
| 3,916 | | Air China Ltd | | | | 4,022 |
| 82,855 | | Airports of Thailand PCL, (2) | | | | 159,410 |
| 25,297 | | A-Living Services Co Ltd, 144A | | | | 139,336 |
| 908 | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | | 3,526 |
| 80,965 | | Ashok Leyland Ltd | | | | 56,388 |
| 802 | | BEST Inc ADR | | | | 4,307 |
| 14,573 | | BOC Aviation Ltd, 144A | | | | 98,596 |
| 11,442 | | BTS Group Holdings PCL, (2) | | | | 4,067 |
| 12,260 | | CCR SA | | | | 27,970 |
| 97,095 | | Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd, (3) | | | | 78,153 |
| 12,138 | | China Airlines Ltd, (3) | | | | 3,367 |
| 113,703 | | China Conch Venture Holdings Ltd | | | | 545,609 |
| 9,284 | | China Eastern Airlines Corp Ltd | | | | 3,868 |
| 6,646 | | China Eastern Airlines Corp Ltd | | | | 4,124 |
| 6,232 | | China International Marine Containers Group Co Ltd | | | | 6,559 |
| 76,102 | | China Lesso Group Holdings Ltd | | | | 108,179 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 53 | | CJ Corp | | | | $3,523 |
| 4,095 | | Contemporary Amperex Technology Co Ltd | | | | 83,752 |
| 62,216 | | Country Garden Services Holdings Co Ltd | | | | 288,916 |
| 142 | | Doosan Bobcat Inc | | | | 2,739 |
| 9,696 | | Eva Airways Corp | | | | 3,750 |
| 4,074 | | Eve Energy Co Ltd | | | | 38,955 |
| 10,150 | | Evergreen Marine Corp Taiwan Ltd, (3) | | | | 3,789 |
| 5,085 | | Far Eastern New Century Corp | | | | 4,446 |
| 3,913 | | Greentown Service Group Co Ltd | | | | 5,199 |
| 3,198 | | GS Engineering & Construction Corp | | | | 66,404 |
| 618 | | Havells India Ltd | | | | 4,633 |
| 407 | | Hiwin Technologies Corp | | | | 3,942 |
| 445 | | Hyundai Heavy Industries Holdings Co Ltd | | | | 88,748 |
| 20,819 | | Jasa Marga Persero Tbk PT | | | | 4,409 |
| 28 | | KCC Corp | | | | 3,792 |
| 649 | | Latam Airlines Group SA | | | | 2,449 |
| 6,629 | | LG Corp | | | | 337,312 |
| 344 | | Localiza Rent a Car SA | | | | 2,173 |
| 174 | | Lotte Corp | | | | 5,726 |
| 2,499 | | Malaysia Airports Holdings Bhd | | | | 3,051 |
| 93,825 | | MISC Bhd | | | | 172,158 |
| 744 | | Rumo SA, (3) | | | | 2,720 |
| 33,655 | | Shanghai Industrial Holdings Ltd | | | | 57,131 |
| 1,186 | | Shanghai M&G Stationery Inc | | | | 8,637 |
| 2,081 | | Shanghai Waigaoqiao Free Trade Zone Group Co Ltd | | | | 4,230 |
| 1,365 | | Shenzhen Inovance Technology Co Ltd | | | | 6,329 |
| 2,081 | | Siasun Robot & Automation Co Ltd, (3) | | | | 3,885 |
| 225 | | Siemens Ltd | | | | 3,407 |
| 63,041 | | Sime Darby Bhd | | | | 29,321 |
| 140,597 | | Sinotrans Ltd | | | | 34,277 |
| 13,572 | | Sinotrans Ltd | | | | 6,267 |
| 48,197 | | Sinotruk Hong Kong Ltd | | | | 97,111 |
| 13,493 | | SM Investments Corp | | | | 226,177 |
| 3,671 | | Taiwan High Speed Rail Corp | | | | 4,210 |
| 918 | | TAV Havalimanlari Holding AS | | | | 2,390 |
| 32,828 | | WEG SA | | | | 242,209 |
| 6,193 | | Westports Holdings Bhd | | | | 5,329 |
| 54,358 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | 53,360 |
| 14,702 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | 20,785 |
| 100,970 | | Zhejiang Expressway Co Ltd | | | | 75,932 |
| 6,579 | | Zhejiang Weixing New Building Materials Co Ltd | | | | 11,370 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 9,432 | | Zhengzhou Yutong Bus Co Ltd | | | | $17,423 |
| 14,702 | | Zoomlion Heavy Industry Science and Technology Co Ltd | | | | 13,329 |
| | | Total Industrials | | | | 3,477,623 |
| | | Information Technology – 16.2% | | | | |
| 5,572 | | 360 Security Technology Inc | | | | 14,728 |
| 50,934 | | AAC Technologies Holdings Inc | | | | 249,337 |
| 726 | | Accton Technology Corp | | | | 5,310 |
| 8,090 | | Acer Inc | | | | 4,530 |
| 426 | | Advantech Co Ltd | | | | 4,069 |
| 1,488 | | Aisino Corp | | | | 3,619 |
| 1,747 | | ASE Technology Holding Co Ltd | | | | 3,942 |
| 616 | | Asustek Computer Inc | | | | 4,195 |
| 530,696 | | AU Optronics Corp, (3) | | | | 140,988 |
| 2,551 | | Beijing Shiji Information Technology Co Ltd | | | | 11,079 |
| 142,967 | | BOE Technology Group Co Ltd | | | | 76,148 |
| 15,297 | | BYD Electronic International Co Ltd | | | | 35,399 |
| 9,407 | | Catcher Technology Co Ltd | | | | 72,127 |
| 1,537 | | Chicony Electronics Co Ltd | | | | 4,362 |
| 2,137 | | China National Software & Service Co Ltd | | | | 25,035 |
| 2,558 | | Cielo SA | | | | 1,919 |
| 7,153 | | Compal Electronics Inc | | | | 4,594 |
| 23,696 | | Delta Electronics Inc | | | | 111,561 |
| 426 | | Globant SA, (3) | | | | 49,275 |
| 716 | | Glodon Co Ltd | | | | 5,329 |
| 519 | | HCL Technologies Ltd | | | | 3,767 |
| 39,732 | | Infosys Ltd | | | | 378,326 |
| 5,718 | | Inventec Corp | | | | 4,519 |
| 3,205 | | Kingdee International Software Group Co Ltd | | | | 4,663 |
| 26,832 | | Legend Holdings Corp, 144A | | | | 31,358 |
| 503,684 | | Lenovo Group Ltd | | | | 274,181 |
| 9,155 | | LG Display Co Ltd, (3) | | | | 83,026 |
| 770 | | LG Innotek Co Ltd | | | | 83,417 |
| 2,791 | | Lite-On Technology Corp | | | | 4,364 |
| 37,325 | | MediaTek Inc | | | | 520,905 |
| 1,823 | | Micro-Star International Co Ltd | | | | 5,701 |
| 2,090 | | Quanta Computer Inc | | | | 4,561 |
| 3,930 | | Samsung Electro-Mechanics Co Ltd | | | | 366,084 |
| 1,348 | | Samsung SDI Co Ltd | | | | 316,409 |
| 123 | | Sangfor Technologies Inc | | | | 3,337 |
| 223,256 | | Taiwan Semiconductor Manufacturing Co Ltd | | | | 2,286,128 |
| 19,085 | | Tata Consultancy Services Ltd | | | | 513,258 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 772 | | Unisplendour Corp Ltd | | | | $4,556 |
| 8,147 | | United Microelectronics Corp | | | | 4,260 |
| 2,047 | | Vanguard International Semiconductor Corp | | | | 4,812 |
| 10,234 | | Wangsu Science & Technology Co Ltd | | | | 11,888 |
| 3,446 | | Westone Information Industry Inc | | | | 11,027 |
| 3,100 | | Win Semiconductors Corp | | | | 28,043 |
| 1,290 | | Wipro Ltd | | | | 3,284 |
| 4,689 | | Wistron Corp | | | | 4,455 |
| 3,681 | | Wuxi Lead Intelligent Equipment Co Ltd | | | | 19,815 |
| 226,730 | | Xinyi Solar Holdings Ltd | | | | 142,724 |
| | | Total Information Technology | | | | 5,946,414 |
| | | Materials – 11.5% | | | | |
| 50 | | Anglo American Platinum Ltd | | | | 2,659 |
| 276 | | Asian Paints Ltd | | | | 6,476 |
| 77,818 | | Baoshan Iron & Steel Co Ltd | | | | 53,684 |
| 1,879,569 | | Barito Pacific Tbk PT, (3) | | | | 183,218 |
| 6,232 | | Beijing Oriental Yuhong Waterproof Technology Co Ltd | | | | 34,111 |
| 547 | | Berger Paints India Ltd | | | | 3,693 |
| 14,579 | | China Jushi Co Ltd | | | | 18,174 |
| 263,041 | | China Molybdenum Co Ltd | | | | 79,397 |
| 17,132 | | China Molybdenum Co Ltd | | | | 8,445 |
| 770,194 | | China Steel Corp | | | | 518,012 |
| 117,383 | | China Zhongwang Holdings Ltd | | | | 28,315 |
| 36,240 | | Empresas CMPC SA | | | | 78,027 |
| 98,561 | | Eregli Demir ve Celik Fabrikalari TAS | | | | 114,079 |
| 4,509 | | Ganfeng Lithium Co Ltd | | | | 29,579 |
| 4,800 | | GEM Co Ltd | | | | 3,155 |
| 778 | | Gold Fields Ltd | | | | 6,008 |
| 277 | | Hanwha Solutions Corp | | | | 3,308 |
| 3,558 | | Hengli Petrochemical Co Ltd | | | | 7,122 |
| 4,356 | | Impala Platinum Holdings Ltd | | | | 26,613 |
| 4,527 | | Indorama Ventures PCL, (2) | | | | 4,023 |
| 421 | | Industrias Penoles SAB de CV | | | | 3,262 |
| 9,864 | | KGHM Polska Miedz SA, (3) | | | | 183,362 |
| 864 | | Klabin SA | | | | 2,843 |
| 28 | | Korea Zinc Co Ltd | | | | 8,870 |
| 4,519 | | Kumba Iron Ore Ltd | | | | 86,790 |
| 91,838 | | Lee & Man Paper Manufacturing Ltd | | | | 56,626 |
| 739 | | LG Chem Ltd | | | | 228,350 |
| 356 | | LG Chem Ltd | | | | 50,400 |
| 1,124 | | Lotte Chemical Corp | | | | 198,795 |
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 1,872 | | Nan Ya Plastics Corp | | | | $4,167 |
| 18,730 | | Nanjing Iron & Steel Co Ltd | | | | 8,464 |
| 1,330 | | National Industrialization Co, (3) | | | | 3,599 |
| 608 | | Northam Platinum Ltd, (3) | | | | 3,061 |
| 67 | | OCI Co Ltd, (3) | | | | 2,197 |
| 98,371 | | Pabrik Kertas Tjiwi Kimia Tbk PT | | | | 33,066 |
| 8,202 | | PhosAgro PJSC GDR | | | | 99,080 |
| 238 | | Pidilite Industries Ltd | | | | 4,827 |
| 15,046 | | Polymetal International PLC | | | | 309,820 |
| 3,747 | | Polyus PJSC GDR | | | | 305,193 |
| 3,730 | | Press Metal Aluminium Holdings Bhd | | | | 3,418 |
| 158,764 | | PTT Global Chemical PCL, (2) | | | | 185,237 |
| 29,366 | | Saudi Arabian Mining Co, (3) | | | | 292,096 |
| 30,079 | | Saudi Basic Industries Corp | | | | 599,978 |
| 13,930 | | Shandong Nanshan Aluminum Co Ltd | | | | 4,124 |
| 23,418 | | Shanxi Taigang Stainless Steel Co Ltd | | | | 10,881 |
| 7,530 | | Shenzhen Zhongjin Lingnan Nonfemet Co Ltd | | | | 3,723 |
| 17,810 | | Siam Cement PCL/The, (2) | | | | 190,458 |
| 3,975 | | Sociedad Quimica y Minera de Chile SA | | | | 94,386 |
| 3,077 | | Taiwan Cement Corp | | | | 4,470 |
| 716 | | Tianqi Lithium Corp | | | | 1,680 |
| 4,330 | | Transfar Zhilian Co Ltd | | | | 3,766 |
| 3,265 | | UPL Ltd | | | | 17,956 |
| 2,260 | | Xiamen Tungsten Co Ltd | | | | 3,605 |
| 4,453 | | Xinjiang Zhongtai Chemical Co Ltd | | | | 2,965 |
| 660 | | Yunnan Energy New Material Co Ltd | | | | 5,124 |
| 3,200 | | Yunnan Tin Co Ltd, (3) | | | | 3,826 |
| 2,867 | | Zhaojin Mining Industry Co Ltd | | | | 3,240 |
| 1,651 | | Zhejiang Huayou Cobalt Co Ltd | | | | 8,055 |
| | | Total Materials | | | | 4,239,858 |
| | | Real Estate – 2.8% | | | | |
| 1,078 | | BR Malls Participacoes SA | | | | 1,999 |
| 1,991 | | Central Pattana PCL, (2) | | | | 3,015 |
| 1,667 | | China Merchants Shekou Industrial Zone Holdings Co Ltd | | | | 4,043 |
| 109,355 | | China Overseas Land & Investment Ltd | | | | 401,317 |
| 33,823 | | China Vanke Co Ltd | | | | 112,564 |
| 41,044 | | China Vanke Co Ltd | | | | 155,819 |
| 40,263 | | DLF Ltd | | | | 78,682 |
| 3,469 | | Fortress REIT Ltd | | | | 1,912 |
| 5,930 | | Grandjoy Holdings Group Co Ltd | | | | 4,528 |
| 4,979 | | Greenland Holdings Corp Ltd | | | | 3,992 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 2,613 | | Growthpoint Properties Ltd | | | | $1,982 |
| 3,972 | | Jinke Properties Group Co Ltd | | | | 4,479 |
| 12,055 | | Land & Houses PCL | | | | 2,738 |
| 2,855 | | Logan Property Holdings Co Ltd | | | | 4,493 |
| 542 | | NEPI Rockcastle PLC | | | | 2,358 |
| 6,758 | | Oceanwide Holdings Co Ltd | | | | 3,351 |
| 541,284 | | Pakuwon Jati Tbk PT | | | | 13,755 |
| 50,338 | | Poly Developments and Holdings Group Co Ltd | | | | 115,802 |
| 3,456 | | Ruentex Development Co Ltd | | | | 5,183 |
| 6,624 | | Shanghai Zhangjiang High-Tech Park Development Co Ltd | | | | 12,499 |
| 12,276 | | Shenzhen Investment Ltd | | | | 4,006 |
| 5,953 | | Shimao Property Holdings Ltd | | | | 24,035 |
| 19,574 | | Shui On Land Ltd | | | | 3,459 |
| 11,298 | | Sino-Ocean Group Holding Ltd | | | | 2,973 |
| 80,915 | | SM Prime Holdings Inc | | | | 49,759 |
| 23,213 | | SOHO China Ltd, (3) | | | | 11,079 |
| 9,489 | | Yuzhou Properties Co Ltd | | | | 4,039 |
| | | Total Real Estate | | | | 1,033,861 |
| | | Utilities – 1.9% | | | | |
| 11,357 | | Aguas Andinas SA | | | | 3,804 |
| 223,228 | | China Longyuan Power Group Corp Ltd | | | | 111,436 |
| 1,343 | | Cia Energetica de Minas Gerais | | | | 2,362 |
| 605,640 | | Enel Americas SA | | | | 99,253 |
| 68,736 | | Enel Chile SA | | | | 5,590 |
| 385 | | Energisa SA | | | | 3,108 |
| 2,973 | | Energy Absolute PCL, (2) | | | | 3,699 |
| 10,101 | | Engie Brasil Energia SA | | | | 72,996 |
| 742 | | Equatorial Energia SA | | | | 2,513 |
| 897 | | Infraestructura Energetica Nova SAB de CV | | | | 3,013 |
| 18,181 | | Interconexion Electrica SA ESP | | | | 84,419 |
| 991 | | Manila Electric Co | | | | 5,001 |
| 128,340 | | Power Grid Corp of India Ltd | | | | 278,402 |
| 71,814 | | Towngas China Co Ltd | | | | 35,665 |
| | | Total Utilities | | | | 711,261 |
| | | Total Common Stocks (cost $36,564,268) | | | | 36,321,290 |
| 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 $36,564,268) | | | | 36,321,290 |
| | | Other Assets Less Liabilities – 1.2% | | | | 443,292 |
| | | Net Assets – 100% | | | | $ 36,764,582 |
| | 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 2 - Investment Valuation and Fair Value Measurements for more information. | |
| 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 April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.3% | | | | |
| | | COMMON STOCKS – 99.3% | | | | |
| | | Communication Services – 6.8% | | | | |
| 4,043 | | BT Group PLC | | | | $5,918 |
| 88 | | Elisa Oyj | | | | 5,344 |
| 2,903 | | Eutelsat Communications SA | | | | 32,560 |
| 4,820 | | Informa PLC, (2) | | | | 26,702 |
| 246 | | JCDecaux SA, (2) | | | | 5,098 |
| 216 | | KDDI Corp | | | | 6,280 |
| 2,177 | | Koninklijke KPN NV | | | | 5,036 |
| 2,396 | | Millicom International Cellular SA | | | | 63,045 |
| 1,775 | | Nintendo Co Ltd | | | | 741,139 |
| 28,383 | | NTT DOCOMO Inc | | | | 835,551 |
| 386 | | Orange SA | | | | 4,708 |
| 28,281 | | Pearson PLC | | | | 164,021 |
| 291,965 | | Singapore Telecommunications Ltd | | | | 586,958 |
| 14 | | Swisscom AG | | | | 7,279 |
| 4,055 | | Telenor ASA | | | | 62,395 |
| 348,283 | | Vodafone Group PLC | | | | 492,638 |
| 492 | | WPP PLC | | | | 3,855 |
| | | Total Communication Services | | | | 3,048,527 |
| | | Consumer Discretionary – 12.0% | | | | |
| 5,185 | | Accor SA, (2) | | | | 143,796 |
| 410 | | Barratt Developments PLC | | | | 2,684 |
| 2,057 | | Bayerische Motoren Werke AG | | | | 97,376 |
| 7,679 | | Bayerische Motoren Werke AG | | | | 454,604 |
| 93 | | Berkeley Group Holdings PLC | | | | 4,907 |
| 700 | | Cie Generale des Etablissements Michelin SCA | | | | 68,314 |
| 7,496 | | Compass Group PLC, (2) | | | | 126,320 |
| 66 | | Delivery Hero SE, 144A, (2) | | | | 5,566 |
| 169 | | Denso Corp | | | | 6,025 |
| 228 | | Dufry AG, (2) | | | | 7,425 |
| 222 | | Electrolux AB, (2) | | | | 3,065 |
| 1,941 | | EssilorLuxottica SA, (2) | | | | 239,491 |
| 290 | | Fast Retailing Co Ltd | | | | 139,664 |
| 9,993 | | Hennes & Mauritz AB, (2) | | | | 139,349 |
| 29,638 | | Honda Motor Co Ltd | | | | 723,524 |
| 4,849 | | Industria de Diseno Textil SA | | | | 123,483 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 596 | | JD Sports Fashion PLC | | | | $3,980 |
| 10 | | Kering SA | | | | 5,041 |
| 2,047 | | Kingfisher PLC | | | | 4,061 |
| 69,841 | | Marks & Spencer Group PLC, (2) | | | | 81,135 |
| 250 | | Marui Group Co Ltd | | | | 4,143 |
| 2,783 | | Mercari Inc, (2) | | | | 70,606 |
| 61 | | Next PLC, (2) | | | | 3,636 |
| 335 | | NGK Spark Plug Co Ltd | | | | 5,081 |
| 11,619 | | Nikon Corp | | | | 109,415 |
| 212 | | Nokian Renkaat Oyj | | | | 4,536 |
| 455 | | Ocado Group PLC, (2) | | | | 9,208 |
| 4,803 | | Oriental Land Co Ltd/Japan | | | | 614,439 |
| 69,880 | | Panasonic Corp | | | | 540,298 |
| 107 | | Pandora A/S | | | | 3,800 |
| 4,965 | | Peugeot SA | | | | 71,104 |
| 14,623 | | Pirelli & C SpA, 144A, (2) | | | | 56,923 |
| 89 | | Prosus NV, (2) | | | | 6,744 |
| 74 | | Puma SE, (2) | | | | 4,651 |
| 30,987 | | Rakuten Inc, (2) | | | | 265,433 |
| 6,980 | | Renault SA, (2) | | | | 138,424 |
| 607 | | SEB SA | | | | 73,000 |
| 392 | | Sega Sammy Holdings Inc | | | | 4,806 |
| 422 | | Sekisui Chemical Co Ltd | | | | 5,406 |
| 14,672 | | Sony Corp | | | | 951,104 |
| 88 | | Whitbread PLC | | | | 3,308 |
| 1,120 | | Yamada Denki Co Ltd | | | | 5,363 |
| 100 | | Zalando SE, 144A, (2) | | | | 4,873 |
| 337 | | ZOZO Inc | | | | 5,484 |
| | | Total Consumer Discretionary | | | | 5,341,595 |
| | | Consumer Staples – 14.8% | | | | |
| 8,904 | | Aeon Co Ltd | | | | 180,811 |
| 12,852 | | Associated British Foods PLC | | | | 306,791 |
| 5,620 | | Carrefour SA | | | | 83,070 |
| 1,971 | | Casino Guichard Perrachon SA, (2) | | | | 73,897 |
| 8,261 | | Coca-Cola European Partners PLC | | | | 327,466 |
| 4,331 | | Coca-Cola HBC AG | | | | 110,078 |
| 10,811 | | Danone SA | | | | 749,080 |
| 2,403 | | Essity AB, (2) | | | | 78,114 |
| 3,675 | | Henkel AG & Co KGaA | | | | 286,194 |
| 63 | | Henkel AG & Co KGaA | | | | 5,592 |
| 64,107 | | J Sainsbury PLC | | | | 160,186 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 411 | | Jeronimo Martins SGPS SA | | | | $6,939 |
| 6,781 | | Kao Corp | | | | 527,337 |
| 61 | | Kerry Group PLC | | | | 6,995 |
| 109 | | Lawson Inc | | | | 5,678 |
| 3,151 | | L'Oreal SA | | | | 915,627 |
| 2,349 | | METRO AG | | | | 20,398 |
| 15,860 | | Mowi ASA | | | | 272,363 |
| 16,861 | | Nestle SA | | | | 1,780,175 |
| 21,202 | | Orkla ASA | | | | 192,403 |
| 114,416 | | Tesco PLC | | | | 339,293 |
| 1,297 | | Unilever NV | | | | 64,751 |
| 2,524 | | Unilever PLC | | | | 130,593 |
| 3,866 | | Wm Morrison Supermarkets PLC | | | | 8,924 |
| | | Total Consumer Staples | | | | 6,632,755 |
| | | Energy – 2.1% | | | | |
| 9,036 | | Caltex Australia Ltd | | | | 147,423 |
| 2,551 | | Koninklijke Vopak NV | | | | 147,026 |
| 15,333 | | Neste Oyj | | | | 542,958 |
| 12,328 | | Worley Ltd | | | | 72,640 |
| | | Total Energy | | | | 910,047 |
| | | Financials – 16.5% | | | | |
| 666 | | 3i Group PLC | | | | 6,586 |
| 1,584 | | Aegon NV | | | | 4,077 |
| 2,391 | | AIB Group PLC, (2) | | | | 3,274 |
| 196 | | Allianz SE | | | | 36,255 |
| 2,140 | | Amundi SA, 144A, (2) | | | | 142,043 |
| 24,871 | | Assicurazioni Generali SpA | | | | 354,544 |
| 520 | | ASX Ltd | | | | 27,763 |
| 47,663 | | Australia & New Zealand Banking Group Ltd | | | | 527,364 |
| 97,801 | | Aviva PLC | | | | 298,288 |
| 320 | | AXA SA | | | | 5,677 |
| 94,697 | | Banco Bilbao Vizcaya Argentaria SA | | | | 309,817 |
| 5,635 | | Banco de Sabadell SA, (2) | | | | 2,334 |
| 38,466 | | Bank Hapoalim BM | | | | 249,133 |
| 860 | | Bankinter SA | | | | 3,546 |
| 120 | | BNP Paribas SA, (2) | | | | 3,769 |
| 133,645 | | BOC Hong Kong Holdings Ltd | | | | 411,157 |
| 2,054 | | CaixaBank SA | | | | 3,692 |
| 6,270 | | CNP Assurances, (2) | | | | 64,726 |
| 786 | | Commerzbank AG, (2) | | | | 2,905 |
| 15,324 | | DBS Group Holdings Ltd | | | | 217,281 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 43 | | Deutsche Boerse AG | | | | $6,676 |
| 167 | | Erste Group Bank AG | | | | 3,626 |
| 27,471 | | Hang Seng Bank Ltd | | | | 483,697 |
| 9,000 | | Hong Kong Exchanges & Clearing Ltd | | | | 292,556 |
| 78,442 | | Insurance Australia Group Ltd | | | | 296,838 |
| 124,668 | | Intesa Sanpaolo SpA, (2) | | | | 194,309 |
| 260 | | Kinnevik AB, (2) | | | | 5,377 |
| 2,087 | | Legal & General Group PLC | | | | 5,386 |
| 986 | | Mitsubishi UFJ Lease & Finance Co Ltd | | | | 4,785 |
| 43,406 | | ORIX Corp | | | | 523,218 |
| 22,363 | | Prudential PLC | | | | 318,322 |
| 31,824 | | Resona Holdings Inc | | | | 100,292 |
| 905 | | RSA Insurance Group PLC | | | | 4,123 |
| 788 | | Singapore Exchange Ltd | | | | 5,402 |
| 502 | | Sompo Holdings Inc | | | | 16,431 |
| 78,581 | | Standard Chartered PLC | | | | 403,906 |
| 1,221 | | Standard Life Aberdeen PLC | | | | 3,405 |
| 11,313 | | Sumitomo Mitsui Financial Group Inc | | | | 300,876 |
| 11,524 | | Sumitomo Mitsui Trust Holdings Inc | | | | 340,650 |
| 4,722 | | Swiss Re AG | | | | 340,812 |
| 7,714 | | Tokio Marine Holdings Inc | | | | 366,890 |
| 241 | | Tryg A/S | | | | 6,380 |
| 63,574 | | UBS Group AG | | | | 681,091 |
| 49 | | Wendel SE | | | | 4,186 |
| 22 | | Zurich Insurance Group AG | | | | 7,005 |
| | | Total Financials | | | | 7,390,470 |
| | | Health Care – 11.5% | | | | |
| 5,057 | | Alcon Inc | | | | 266,905 |
| 28,358 | | Astellas Pharma Inc | | | | 473,760 |
| 9,314 | | AstraZeneca PLC | | | | 977,686 |
| 3,422 | | Chugai Pharmaceutical Co Ltd | | | | 409,930 |
| 357 | | Cochlear Ltd | | | | 43,123 |
| 45 | | Coloplast A/S | | | | 7,116 |
| 1,797 | | CSL Ltd | | | | 364,055 |
| 8,231 | | Daiichi Sankyo Co Ltd | | | | 568,207 |
| 8,470 | | Eisai Co Ltd | | | | 596,429 |
| 453 | | Fisher & Paykel Healthcare Corp Ltd | | | | 7,655 |
| 25 | | Genmab A/S, (2) | | | | 6,011 |
| 1,082 | | H Lundbeck A/S | | | | 39,415 |
| 15 | | Lonza Group AG | | | | 6,549 |
| 55 | | Merck KGaA | | | | 6,392 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 3,701 | | NMC Health PLC, (3) | | | | $1,260 |
| 102 | | Novo Nordisk A/S | | | | 6,504 |
| 115 | | Orion Oyj | | | | 5,842 |
| 5,223 | | Ramsay Health Care Ltd | | | | 214,095 |
| 2,575 | | Roche Holding AG | | | | 894,974 |
| 554 | | Ryman Healthcare Ltd | | | | 4,139 |
| 36 | | Sartorius AG | | | | 10,126 |
| 133 | | Shionogi & Co Ltd | | | | 7,374 |
| 367 | | Smith & Nephew PLC | | | | 7,212 |
| 24 | | Sonova Holding AG | | | | 4,334 |
| 9 | | Straumann Holding AG | | | | 6,830 |
| 2,561 | | Sysmex Corp | | | | 178,182 |
| 81 | | UCB SA | | | | 7,412 |
| | | Total Health Care | | | | 5,121,517 |
| | | Industrials – 16.0% | | | | |
| 6,450 | | ABB Ltd | | | | 122,464 |
| 66 | | Adecco Group AG | | | | 2,893 |
| 235 | | Alfa Laval AB, (2) | | | | 4,415 |
| 6,825 | | Alstom SA, (2) | | | | 279,282 |
| 169 | | ANDRITZ AG | | | | 5,553 |
| 7,637 | | Assa Abloy AB | | | | 137,654 |
| 164 | | Atlas Copco AB | | | | 5,697 |
| 186 | | Atlas Copco AB | | | | 5,814 |
| 1,134 | | Auckland International Airport Ltd | | | | 4,261 |
| 151 | | Bouygues SA, (2) | | | | 4,649 |
| 73 | | Brenntag AG | | | | 3,293 |
| 16,441 | | Cie de Saint-Gobain, (2) | | | | 435,969 |
| 36,355 | | CNH Industrial NV, (2) | | | | 227,450 |
| 93 | | Daifuku Co Ltd | | | | 6,549 |
| 101 | | Daikin Industries Ltd | | | | 13,228 |
| 2,321 | | DCC PLC | | | | 165,643 |
| 11,675 | | Deutsche Post AG | | | | 347,184 |
| 166 | | East Japan Railway Co | | | | 12,222 |
| 57 | | Eiffage SA, (2) | | | | 4,664 |
| 2,252 | | Experian PLC | | | | 67,492 |
| 2,840 | | Ferguson PLC | | | | 205,477 |
| 17,317 | | Ferrovial SA | | | | 432,455 |
| 48 | | HOCHTIEF AG | | | | 3,772 |
| 81 | | Intertek Group PLC | | | | 4,853 |
| 5,630 | | ISS A/S, (2) | | | | 83,987 |
| 5,150 | | Kawasaki Heavy Industries Ltd | | | | 79,175 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 115 | | Keio Corp | | | | $6,560 |
| 105 | | Kingspan Group PLC | | | | 5,348 |
| 1,564 | | Komatsu Ltd | | | | 30,165 |
| 33 | | Kuehne + Nagel International AG, (2) | | | | 4,720 |
| 188 | | Kyushu Railway Co | | | | 5,104 |
| 108 | | Legrand SA | | | | 7,277 |
| 27,710 | | Meggitt PLC | | | | 97,621 |
| 180 | | Metso Oyj | | | | 4,994 |
| 55,781 | | MTR Corp Ltd | | | | 309,761 |
| 1,587 | | MTU Aero Engines AG | | | | 216,063 |
| 223 | | Nabtesco Corp | | | | 6,486 |
| 365 | | NGK Insulators Ltd | | | | 4,861 |
| 353 | | Obayashi Corp | | | | 3,143 |
| 220 | | Odakyu Electric Railway Co Ltd | | | | 4,882 |
| 31,643 | | RELX PLC | | | | 717,035 |
| 7,768 | | Schneider Electric SE | | | | 710,102 |
| 11,313 | | SEEK Ltd | | | | 128,949 |
| 106 | | SGS SA | | | | 239,973 |
| 461 | | Shimizu Corp | | | | 3,604 |
| 8,525 | | Siemens AG | | | | 790,694 |
| 217 | | SKF AB | | | | 3,456 |
| 1,020 | | Sydney Airport | | | | 4,207 |
| 25 | | Teleperformance | | | | 5,600 |
| 71,432 | | Transurban Group | | | | 645,378 |
| 61 | | Vestas Wind Systems A/S | | | | 5,250 |
| 40,945 | | Volvo AB | | | | 528,832 |
| 403 | | Wartsila OYJ Abp | | | | 2,959 |
| 77 | | Wolters Kluwer NV | | | | 5,661 |
| | | Total Industrials | | | | 7,164,780 |
| | | Information Technology – 5.6% | | | | |
| 2,957 | | Amadeus IT Group SA | | | | 142,248 |
| 2,467 | | ASML Holding NV | | | | 731,325 |
| 250 | | Edenred | | | | 10,069 |
| 53 | | Fujitsu Ltd | | | | 5,221 |
| 4,894 | | Infineon Technologies AG | | | | 90,859 |
| 1,032 | | Ingenico Group SA, (2) | | | | 129,651 |
| 1,854 | | Murata Manufacturing Co Ltd | | | | 104,355 |
| 2,215 | | Nokia Oyj, (2) | | | | 8,064 |
| 241 | | Nomura Research Institute Ltd | | | | 5,936 |
| 8,369 | | SAP SE | | | | 998,606 |
| 6,062 | | STMicroelectronics NV | | | | 157,428 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 45 | | Wixcom Ltd, (2) | | | | $5,886 |
| 100 | | Worldline SA/France, 144A, (2) | | | | 6,789 |
| 160 | | Yaskawa Electric Corp | | | | 5,334 |
| 8,163 | | Yokogawa Electric Corp | | | | 112,977 |
| | | Total Information Technology | | | | 2,514,748 |
| | | Materials – 7.5% | | | | |
| 71 | | Akzo Nobel NV | | | | 5,381 |
| 830 | | Arkema SA | | | | 68,819 |
| 29,754 | | Asahi Kasei Corp | | | | 212,857 |
| 9,970 | | Boliden AB, (2) | | | | 204,459 |
| 3,387 | | Chr Hansen Holding A/S | | | | 291,821 |
| 82 | | Croda International PLC | | | | 5,049 |
| 643 | | Daicel Corp | | | | 5,267 |
| 2,404 | | Fletcher Building Ltd | | | | 5,488 |
| 39,528 | | Fortescue Metals Group Ltd | | | | 309,513 |
| 61 | | Givaudan SA | | | | 204,334 |
| 440 | | Hitachi Metals Ltd | | | | 4,345 |
| 3,605 | | Johnson Matthey PLC | | | | 90,602 |
| 257 | | Kansai Paint Co Ltd | | | | 4,953 |
| 4,394 | | Koninklijke DSM NV | | | | 537,825 |
| 46,012 | | Mitsubishi Chemical Holdings Corp | | | | 265,655 |
| 2,790 | | Nitto Denko Corp | | | | 141,150 |
| 4,885 | | Showa Denko KK, (2) | | | | 108,495 |
| 187 | | Sika AG | | | | 30,942 |
| 816 | | Smurfit Kappa Group PLC | | | | 25,580 |
| 440 | | Stora Enso Oyj | | | | 5,205 |
| 53,981 | | Sumitomo Chemical Co Ltd | | | | 168,604 |
| 8,440 | | Sumitomo Metal Mining Co Ltd | | | | 214,562 |
| 63 | | Symrise AG | | | | 6,370 |
| 361 | | Teijin Ltd | | | | 5,823 |
| 24,140 | | Toray Industries Inc | | | | 112,669 |
| 7,157 | | Umicore SA | | | | 308,937 |
| | | Total Materials | | | | 3,344,705 |
| | | Real Estate – 2.8% | | | | |
| 31,605 | | British Land Co PLC/The | | | | 161,294 |
| 41,910 | | CapitaLand Ltd, (2) | | | | 89,614 |
| 60 | | Covivio | | | | 3,756 |
| 5,910 | | Daiwa House Industry Co Ltd | | | | 152,399 |
| 5,892 | | Deutsche Wohnen SE | | | | 238,780 |
| 813 | | Dexus | | | | 4,876 |
| 545 | | Goodman Group | | | | 4,692 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 1,201 | | GPT Group/The | | | | $3,326 |
| 3 | | Japan Retail Fund Investment Corp | | | | 3,322 |
| 186 | | Klepierre SA | | | | 3,760 |
| 7,552 | | Land Securities Group PLC | | | | 63,060 |
| 4,523 | | Lendlease Group | | | | 36,600 |
| 5,772 | | Mitsui Fudosan Co Ltd | | | | 107,845 |
| 1 | | Nippon Building Fund Inc | | | | 6,013 |
| 2 | | Nippon Prologis REIT Inc | | | | 5,528 |
| 205 | | Nomura Real Estate Holdings Inc | | | | 3,397 |
| 3 | | Nomura Real Estate Master Fund Inc | | | | 3,467 |
| 1,552 | | Stockland | | | | 2,926 |
| 42,296 | | Swire Properties Ltd | | | | 118,666 |
| 3,884 | | Unibail-Rodamco-Westfield | | | | 228,533 |
| 663 | | UOL Group Ltd | | | | 3,217 |
| | | Total Real Estate | | | | 1,245,071 |
| | | Utilities – 3.7% | | | | |
| 9,006 | | Enagas SA | | | | 210,010 |
| 21,387 | | Meridian Energy Ltd | | | | 59,244 |
| 61,149 | | National Grid PLC | | | | 720,243 |
| 6,708 | | Orsted A/S, 144A | | | | 678,025 |
| | | Total Utilities | | | | 1,667,522 |
| | | Total Long-Term Investments (cost $50,203,495) | | | | 44,381,737 |
| | | Other Assets Less Liabilities – 0.7% | | | | 328,466 |
| | | Net Assets – 100% | | | | $ 44,710,203 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| (3) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
| 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. | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap ETF (NULC)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 9.7% | | | | |
| 38 | | Activision Blizzard Inc | | | | $2,422 |
| 264 | | Alphabet Inc, (2) | | | | 356,046 |
| 189 | | Alphabet Inc, (2) | | | | 254,526 |
| 822 | | Discovery Inc, (2) | | | | 18,429 |
| 1,232 | | Discovery Inc, (2) | | | | 25,145 |
| 1 | | Electronic Arts Inc, (2) | | | | 114 |
| 28 | | Interpublic Group of Cos Inc/The | | | | 476 |
| 1,811 | | Liberty Global PLC, (2) | | | | 33,160 |
| 651 | | Liberty Global PLC, (2) | | | | 12,643 |
| 8 | | Omnicom Group Inc | | | | 456 |
| 198 | | Roku Inc, (2) | | | | 24,004 |
| 5,290 | | Sirius XM Holdings Inc | | | | 31,264 |
| 8 | | Take-Two Interactive Software Inc, (2) | | | | 968 |
| 560 | | TripAdvisor Inc, (2) | | | | 11,183 |
| 5,103 | | Verizon Communications Inc | | | | 293,167 |
| 2,200 | | Walt Disney Co | | | | 237,930 |
| | | Total Communication Services | | | | 1,301,933 |
| | | Consumer Discretionary – 9.5% | | | | |
| 119 | | Booking Holdings Inc, (2) | | | | 176,188 |
| 1 | | Chipotle Mexican Grill Inc, (2) | | | | 879 |
| 429 | | Darden Restaurants Inc, (2) | | | | 31,656 |
| 8 | | Domino's Pizza Inc | | | | 2,895 |
| 3,719 | | eBay Inc | | | | 148,128 |
| 8 | | Expedia Group Inc | | | | 568 |
| 48 | | Gap Inc/The | | | | 390 |
| 9 | | Hilton Worldwide Holdings Inc, (2) | | | | 681 |
| 966 | | Home Depot Inc | | | | 212,356 |
| 991 | | Lowe's Cos Inc | | | | 103,807 |
| 184 | | MercadoLibre Inc, (2) | | | | 107,366 |
| 1 | | Newell Brands Inc | | | | 14 |
| 1,538 | | NIKE Inc | | | | 134,083 |
| 482 | | Royal Caribbean Cruises Ltd | | | | 22,543 |
| 941 | | Starbucks Corp | | | | 72,203 |
| 32 | | Tapestry Inc, (2) | | | | 476 |
| 261 | | Target Corp | | | | 28,642 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 300 | | Tesla Inc, (2) | | | | $234,564 |
| 8 | | TJX Cos Inc/The, (2) | | | | 392 |
| 8 | | Wayfair Inc, (2) | | | | 992 |
| | | Total Consumer Discretionary | | | | 1,278,823 |
| | | Consumer Staples – 6.9% | | | | |
| 301 | | Bunge Ltd | | | | 11,941 |
| 18 | | Campbell Soup Co | | | | 900 |
| 5,449 | | Coca-Cola Co/The | | | | 250,054 |
| 2 | | Colgate-Palmolive Co | | | | 140 |
| 19 | | General Mills Inc | | | | 1,138 |
| 22 | | Hormel Foods Corp | | | | 1,031 |
| 8 | | Ingredion Inc | | | | 649 |
| 3,438 | | Kroger Co/The | | | | 108,675 |
| 2,078 | | PepsiCo Inc | | | | 274,899 |
| 2,386 | | Procter & Gamble Co/The | | | | 281,238 |
| | | Total Consumer Staples | | | | 930,665 |
| | | Energy – 2.1% | | | | |
| 3,432 | | Baker Hughes Co | | | | 47,876 |
| 12 | | Cheniere Energy Inc, (2) | | | | 560 |
| 2,061 | | National Oilwell Varco Inc | | | | 26,051 |
| 2,169 | | ONEOK Inc | | | | 64,918 |
| 2,350 | | TechnipFMC PLC | | | | 20,939 |
| 1,979 | | Valero Energy Corp | | | | 125,370 |
| | | Total Energy | | | | 285,714 |
| | | Financials – 10.0% | | | | |
| 49 | | Aflac Inc | | | | 1,825 |
| 20 | | Allstate Corp | | | | 2,034 |
| 1,461 | | American Express Co | | | | 133,316 |
| 4,459 | | American International Group Inc | | | | 113,392 |
| 9 | | Ameriprise Financial Inc | | | | 1,035 |
| 508 | | Annaly Capital Management Inc | | | | 3,175 |
| 1 | | Aon PLC | | | | 173 |
| 10 | | Arch Capital Group Ltd, (2) | | | | 240 |
| 4,125 | | Bank of New York Mellon Corp | | | | 154,853 |
| 8 | | BlackRock Inc | | | | 4,016 |
| 630 | | Blackstone Group Inc/The | | | | 32,911 |
| 142 | | Charles Schwab Corp | | | | 5,356 |
| 578 | | Chubb Ltd | | | | 62,430 |
| 691 | | CME Group Inc | | | | 123,143 |
| 11 | | Comerica Inc | | | | 383 |
| 11 | | East West Bancorp Inc | | | | 386 |
Nuveen ESG Large-Cap ETF (NULC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 30 | | Equitable Holdings Inc | | | | $550 |
| 8 | | Franklin Resources Inc | | | | 151 |
| 2 | | Globe Life Inc | | | | 165 |
| 12 | | Hartford Financial Services Group Inc | | | | 456 |
| 398 | | Huntington Bancshares Inc/OH | | | | 3,678 |
| 62 | | Intercontinental Exchange Inc | | | | 5,546 |
| 92 | | Invesco Ltd | | | | 793 |
| 5,209 | | KeyCorp | | | | 60,685 |
| 2 | | Lincoln National Corp | | | | 71 |
| 1,061 | | Loews Corp | | | | 36,774 |
| 9 | | M&T Bank Corp | | | | 1,009 |
| 2 | | MarketAxess Holdings Inc | | | | 910 |
| 1,790 | | Marsh & McLennan Cos Inc | | | | 174,221 |
| 1,620 | | Morgan Stanley | | | | 63,877 |
| 8 | | People's United Financial Inc | | | | 102 |
| 18 | | Principal Financial Group Inc | | | | 655 |
| 668 | | Progressive Corp/The | | | | 51,636 |
| 9 | | Prudential Financial Inc | | | | 561 |
| 488 | | S&P Global Inc | | | | 142,925 |
| 1 | | State Street Corp | | | | 63 |
| 210 | | Travelers Cos Inc/The | | | | 21,254 |
| 3,682 | | Truist Financial Corp | | | | 137,412 |
| 10 | | Zions Bancorp NA | | | | 316 |
| | | Total Financials | | | | 1,342,478 |
| | | Health Care – 14.1% | | | | |
| 2,412 | | AbbVie Inc | | | | 198,266 |
| 198 | | ABIOMED Inc, (2) | | | | 37,868 |
| 400 | | Align Technology Inc, (2) | | | | 85,940 |
| 311 | | Amgen Inc | | | | 74,397 |
| 669 | | Baxter International Inc | | | | 59,394 |
| 139 | | Biogen Inc, (2) | | | | 41,259 |
| 2,090 | | Bristol-Myers Squibb Co | | | | 127,093 |
| 8 | | Cardinal Health Inc | | | | 396 |
| 12 | | Centene Corp, (2) | | | | 799 |
| 1 | | Cerner Corp | | | | 69 |
| 861 | | Cigna Corp | | | | 168,567 |
| 140 | | Cooper Cos Inc/The | | | | 40,138 |
| 3,122 | | CVS Health Corp | | | | 192,159 |
| 8 | | DaVita Inc, (2) | | | | 632 |
| 29 | | DENTSPLY SIRONA Inc | | | | 1,231 |
| 257 | | DexCom Inc, (2) | | | | 86,146 |
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 289 | | Edwards Lifesciences Corp, (2) | | | | $62,858 |
| 1,839 | | Elanco Animal Health Inc, (2) | | | | 45,442 |
| 919 | | Eli Lilly and Co | | | | 142,114 |
| 731 | | Gilead Sciences Inc | | | | 61,404 |
| 9 | | Hologic Inc, (2) | | | | 451 |
| 9 | | Humana Inc | | | | 3,436 |
| 2 | | IDEXX Laboratories Inc, (2) | | | | 555 |
| 1,449 | | Merck & Co Inc | | | | 114,964 |
| 1 | | Quest Diagnostics Inc | | | | 110 |
| 1 | | ResMed Inc | | | | 155 |
| 798 | | Thermo Fisher Scientific Inc | | | | 267,075 |
| 388 | | Varian Medical Systems Inc, (2) | | | | 44,380 |
| 151 | | Vertex Pharmaceuticals Inc, (2) | | | | 37,931 |
| 8 | | Waters Corp, (2) | | | | 1,496 |
| 9 | | West Pharmaceutical Services Inc | | | | 1,703 |
| | | Total Health Care | | | | 1,898,428 |
| | | Industrials – 9.5% | | | | |
| 1,348 | | 3M Co | | | | 204,788 |
| 2 | | AMERCO, (2) | | | | 560 |
| 670 | | Caterpillar Inc | | | | 77,975 |
| 2 | | Copart Inc, (2) | | | | 160 |
| 2,528 | | CSX Corp | | | | 167,429 |
| 9 | | Deere & Co | | | | 1,306 |
| 98 | | Eaton Corp PLC | | | | 8,183 |
| 1,421 | | Fortive Corp | | | | 90,944 |
| 632 | | Fortune Brands Home & Security Inc | | | | 30,462 |
| 1 | | HD Supply Holdings Inc, (2) | | | | 30 |
| 228 | | HEICO Corp | | | | 19,973 |
| 409 | | HEICO Corp | | | | 29,583 |
| 2,008 | | IHS Markit Ltd | | | | 135,138 |
| 9 | | Illinois Tool Works Inc | | | | 1,463 |
| 2 | | Ingersoll Rand Inc, (2) | | | | 58 |
| 1,061 | | Johnson Controls International plc | | | | 30,886 |
| 8 | | Lennox International Inc | | | | 1,493 |
| 1 | | Middleby Corp/The, (2) | | | | 56 |
| 1,862 | | Nielsen Holdings PLC | | | | 27,427 |
| 411 | | Parker-Hannifin Corp | | | | 64,987 |
| 611 | | Rockwell Automation Inc | | | | 115,772 |
| 352 | | Roper Technologies Inc | | | | 120,043 |
| 541 | | Spirit AeroSystems Holdings Inc | | | | 11,989 |
| 198 | | Teledyne Technologies Inc, (2) | | | | 64,483 |
Nuveen ESG Large-Cap ETF (NULC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 8 | | Trane Technologies PLC | | | | $699 |
| 2 | | TransUnion | | | | 158 |
| 760 | | United Parcel Service Inc | | | | 71,942 |
| 9 | | Verisk Analytics Inc | | | | 1,375 |
| | | Total Industrials | | | | 1,279,362 |
| | | Information Technology – 26.8% | | | | |
| 1,249 | | Accenture PLC | | | | 231,302 |
| 558 | | Adobe Inc, (2) | | | | 197,331 |
| 1,501 | | Applied Materials Inc | | | | 74,570 |
| 8 | | Autodesk Inc, (2) | | | | 1,497 |
| 1,022 | | Automatic Data Processing Inc | | | | 149,917 |
| 3,490 | | Cisco Systems Inc | | | | 147,906 |
| 1 | | Citrix Systems Inc | | | | 145 |
| 902 | | Cognex Corp | | | | 49,827 |
| 709 | | FLIR Systems Inc | | | | 30,771 |
| 6,840 | | Hewlett Packard Enterprise Co | | | | 68,810 |
| 7,860 | | HP Inc | | | | 121,909 |
| 1,670 | | International Business Machines Corp | | | | 209,685 |
| 8 | | Intuit Inc | | | | 2,159 |
| 991 | | Keysight Technologies Inc, (2) | | | | 95,899 |
| 840 | | Mastercard Inc | | | | 230,975 |
| 1,352 | | Maxim Integrated Products Inc | | | | 74,333 |
| 4,892 | | Microsoft Corp | | | | 876,695 |
| 1,478 | | NortonLifeLock Inc | | | | 31,437 |
| 969 | | NVIDIA Corp | | | | 283,219 |
| 562 | | Okta Inc, (2) | | | | 85,031 |
| 32 | | ON Semiconductor Corp, (2) | | | | 513 |
| 8 | | Paycom Software Inc, (2) | | | | 2,088 |
| 229 | | PayPal Holdings Inc, (2) | | | | 28,167 |
| 1,069 | | salesforcecom Inc, (2) | | | | 173,125 |
| 2 | | ServiceNow Inc, (2) | | | | 703 |
| 1,772 | | TE Connectivity Ltd | | | | 130,171 |
| 1,990 | | Texas Instruments Inc | | | | 230,979 |
| 1,320 | | Trimble Inc, (2) | | | | 45,712 |
| 28 | | Western Union Co/The | | | | 534 |
| 1,029 | | Xerox Holdings Corp | | | | 18,820 |
| | | Total Information Technology | | | | 3,594,230 |
| | | Materials – 4.1% | | | | |
| 7,738 | | Amcor PLC | | | | 69,410 |
| 1 | | Axalta Coating Systems Ltd, (2) | | | | 20 |
| 11 | | Ball Corp | | | | 721 |
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 1,069 | | Ecolab Inc | | | | $206,851 |
| 441 | | International Flavors & Fragrances Inc | | | | 57,784 |
| 1,221 | | Mosaic Co/The | | | | 14,054 |
| 589 | | Newmont Corp | | | | 35,034 |
| 559 | | PPG Industries Inc | | | | 50,774 |
| 195 | | Sherwin-Williams Co | | | | 104,592 |
| 350 | | Steel Dynamics Inc | | | | 8,495 |
| | | Total Materials | | | | 547,735 |
| | | Real Estate – 4.2% | | | | |
| 1,008 | | American Tower Corp | | | | 239,904 |
| 2 | | CBRE Group Inc, (2) | | | | 86 |
| 308 | | Equinix Inc | | | | 207,962 |
| 10 | | Equity Residential | | | | 651 |
| 2,789 | | Host Hotels & Resorts Inc | | | | 34,333 |
| 118 | | Jones Lang LaSalle Inc | | | | 12,458 |
| 818 | | Prologis Inc | | | | 72,990 |
| 22 | | UDR Inc | | | | 824 |
| 2 | | Welltower Inc | | | | 102 |
| | | Total Real Estate | | | | 569,310 |
| | | Utilities – 2.9% | | | | |
| 1,750 | | Consolidated Edison Inc | | | | 137,900 |
| 1,018 | | Eversource Energy | | | | 82,152 |
| 1,368 | | Sempra Energy | | | | 169,427 |
| | | Total Utilities | | | | 389,479 |
| | | Total Long-Term Investments (cost $13,661,835) | | | | 13,418,157 |
| | | Other Assets Less Liabilities – 0.2% | | | | 21,629 |
| | | Net Assets – 100% | | | | $ 13,439,786 |
| | 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 April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 8.9% | | | | |
| 33,211 | | Activision Blizzard Inc | | | | $2,116,537 |
| 4,447 | | Alphabet Inc, (2) | | | | 5,997,491 |
| 6,016 | | Alphabet Inc, (2) | | | | 8,101,747 |
| 603 | | Electronic Arts Inc, (2) | | | | 68,899 |
| 38,378 | | Liberty Global PLC, (2) | | | | 702,701 |
| 15,151 | | Liberty Global PLC, (2) | | | | 294,233 |
| | | Total Communication Services | | | | 17,281,608 |
| | | Consumer Discretionary – 15.3% | | | | |
| 165 | | Advance Auto Parts Inc | | | | 19,950 |
| 260 | | Aptiv PLC, (2) | | | | 18,083 |
| 510 | | Aramark | | | | 13,928 |
| 1,858 | | Booking Holdings Inc, (2) | | | | 2,750,899 |
| 359 | | Chipotle Mexican Grill Inc, (2) | | | | 315,400 |
| 81 | | Domino's Pizza Inc | | | | 29,316 |
| 49,311 | | eBay Inc | | | | 1,964,057 |
| 19,609 | | Expedia Group Inc | | | | 1,391,847 |
| 12,671 | | Grubhub Inc, (2) | | | | 605,547 |
| 21,901 | | Home Depot Inc | | | | 4,814,497 |
| 666 | | LKQ Corp, (2) | | | | 17,416 |
| 31,361 | | Lowe's Cos Inc | | | | 3,285,065 |
| 88 | | Lululemon Athletica Inc, (2) | | | | 19,666 |
| 4,417 | | MercadoLibre Inc, (2) | | | | 2,577,364 |
| 33,988 | | NIKE Inc | | | | 2,963,074 |
| 5 | | NVR Inc, (2) | | | | 15,500 |
| 47,595 | | Starbucks Corp | | | | 3,651,964 |
| 5,124 | | Tesla Inc, (2) | | | | 4,006,353 |
| 19,554 | | TJX Cos Inc/The, (2) | | | | 959,124 |
| 217 | | Tractor Supply Co | | | | 22,010 |
| 1,416 | | Under Armour Inc, (2) | | | | 14,755 |
| 1,559 | | Under Armour Inc, (2) | | | | 14,452 |
| 301 | | VF Corp | | | | 17,488 |
| 2,009 | | Wayfair Inc, (2) | | | | 249,196 |
| | | Total Consumer Discretionary | | | | 29,736,951 |
| | | Consumer Staples – 4.5% | | | | |
| 32,363 | | Church & Dwight Co Inc | | | | 2,265,086 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 6,166 | | Clorox Co/The | | | | $1,149,589 |
| 7,005 | | Estee Lauder Cos Inc/The, (2) | | | | 1,235,682 |
| 20,823 | | Lamb Weston Holdings Inc | | | | 1,277,699 |
| 17,565 | | McCormick & Co Inc/MD | | | | 2,754,895 |
| | | Total Consumer Staples | | | | 8,682,951 |
| | | Energy – 0.0% | | | | |
| 1,279 | | Baker Hughes Co | | | | 17,842 |
| | | Financials – 4.7% | | | | |
| 21,810 | | American Express Co | | | | 1,990,162 |
| 79 | | FactSet Research Systems Inc | | | | 21,725 |
| 26,605 | | Marsh & McLennan Cos Inc | | | | 2,589,465 |
| 3,148 | | Moody's Corp | | | | 767,797 |
| 12,448 | | S&P Global Inc | | | | 3,645,770 |
| 203 | | SVB Financial Group, (2) | | | | 39,214 |
| | | Total Financials | | | | 9,054,133 |
| | | Health Care – 14.0% | | | | |
| 6,028 | | ABIOMED Inc, (2) | | | | 1,152,855 |
| 268 | | Agilent Technologies Inc | | | | 20,545 |
| 9,039 | | Align Technology Inc, (2) | | | | 1,942,029 |
| 5,542 | | Baxter International Inc | | | | 492,019 |
| 256 | | BioMarin Pharmaceutical Inc, (2) | | | | 23,557 |
| 37,645 | | Centene Corp, (2) | | | | 2,506,404 |
| 8,677 | | Cerner Corp | | | | 602,097 |
| 71 | | Cooper Cos Inc/The | | | | 20,356 |
| 266 | | DaVita Inc, (2) | | | | 21,017 |
| 9,443 | | DexCom Inc, (2) | | | | 3,165,294 |
| 5,292 | | Edwards Lifesciences Corp, (2) | | | | 1,151,010 |
| 1,647 | | Elanco Animal Health Inc, (2) | | | | 40,697 |
| 29,503 | | Eli Lilly and Co | | | | 4,562,344 |
| 300 | | Henry Schein Inc, (2) | | | | 16,368 |
| 411 | | Hologic Inc, (2) | | | | 20,591 |
| 5,917 | | Humana Inc | | | | 2,259,229 |
| 82 | | IDEXX Laboratories Inc, (2) | | | | 22,763 |
| 1,531 | | IQVIA Holdings Inc, (2) | | | | 218,305 |
| 166 | | Jazz Pharmaceuticals PLC, (2) | | | | 18,301 |
| 1,463 | | Laboratory Corp of America Holdings, (2) | | | | 240,590 |
| 23 | | Mettler-Toledo International Inc, (2) | | | | 16,559 |
| 223 | | PerkinElmer Inc | | | | 20,188 |
| 119 | | ResMed Inc | | | | 18,483 |
| 123 | | STERIS PLC | | | | 17,528 |
Nuveen ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 13,507 | | Thermo Fisher Scientific Inc | | | | $4,520,523 |
| 2,804 | | Varian Medical Systems Inc, (2) | | | | 320,722 |
| 14,847 | | Vertex Pharmaceuticals Inc, (2) | | | | 3,729,566 |
| 100 | | Waters Corp, (2) | | | | 18,700 |
| 119 | | West Pharmaceutical Services Inc | | | | 22,522 |
| 165 | | Zoetis Inc | | | | 21,336 |
| | | Total Health Care | | | | 27,202,498 |
| | | Industrials – 11.8% | | | | |
| 209 | | Acuity Brands Inc | | | | 18,097 |
| 185 | | Allegion plc | | | | 18,600 |
| 504 | | AO Smith Corp | | | | 21,359 |
| 80 | | Cintas Corp | | | | 17,746 |
| 679 | | Copart Inc, (2) | | | | 54,395 |
| 4,629 | | Dover Corp | | | | 433,506 |
| 128 | | Equifax Inc | | | | 17,779 |
| 7,869 | | Expeditors International of Washington Inc | | | | 563,460 |
| 556 | | Fastenal Co | | | | 20,138 |
| 472 | | Flowserve Corp | | | | 13,296 |
| 23,235 | | Fortive Corp | | | | 1,487,040 |
| 370 | | Fortune Brands Home & Security Inc | | | | 17,834 |
| 6,035 | | HEICO Corp | | | | 528,666 |
| 10,672 | | HEICO Corp | | | | 771,906 |
| 118 | | IDEX Corp | | | | 18,128 |
| 38,509 | | IHS Markit Ltd | | | | 2,591,656 |
| 113 | | Illinois Tool Works Inc | | | | 18,362 |
| 42,396 | | Johnson Controls International plc | | | | 1,234,148 |
| 92 | | Lennox International Inc | | | | 17,175 |
| 473 | | Masco Corp | | | | 19,412 |
| 195 | | Middleby Corp/The, (2) | | | | 10,848 |
| 161 | | Old Dominion Freight Line Inc | | | | 23,392 |
| 358 | | Robert Half International Inc | | | | 16,923 |
| 8,186 | | Rockwell Automation Inc | | | | 1,551,083 |
| 8,030 | | Roper Technologies Inc | | | | 2,738,471 |
| 9,907 | | Spirit AeroSystems Holdings Inc | | | | 219,539 |
| 5,181 | | Teledyne Technologies Inc, (2) | | | | 1,687,296 |
| 13,027 | | Trane Technologies PLC | | | | 1,138,820 |
| 4,904 | | TransDigm Group Inc, (2) | | | | 1,780,544 |
| 26,275 | | TransUnion | | | | 2,070,207 |
| 18,213 | | Verisk Analytics Inc | | | | 2,783,493 |
| 7,281 | | WABCO Holdings Inc, (2) | | | | 978,421 |
| 77 | | WW Grainger Inc | | | | 21,220 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 261 | | Xylem Inc/NY | | | | $ 18,766 |
| | | Total Industrials | | | | 22,921,726 |
| | | Information Technology – 34.8% | | | | |
| 21,888 | | Accenture PLC | | | | 4,053,439 |
| 14,143 | | Adobe Inc, (2) | | | | 5,001,530 |
| 55,308 | | Applied Materials Inc | | | | 2,747,701 |
| 16,404 | | Autodesk Inc, (2) | | | | 3,069,681 |
| 21,426 | | Automatic Data Processing Inc | | | | 3,142,980 |
| 38,986 | | Cadence Design Systems Inc, (2) | | | | 3,162,934 |
| 18,526 | | Citrix Systems Inc | | | | 2,686,455 |
| 6,738 | | FLIR Systems Inc | | | | 292,429 |
| 12,760 | | Intuit Inc | | | | 3,442,776 |
| 26,669 | | Keysight Technologies Inc, (2) | | | | 2,580,759 |
| 2,747 | | Lam Research Corp | | | | 701,254 |
| 20,816 | | Mastercard Inc | | | | 5,723,775 |
| 38,480 | | Maxim Integrated Products Inc | | | | 2,115,630 |
| 17,541 | | NVIDIA Corp | | | | 5,126,883 |
| 15,159 | | Okta Inc, (2) | | | | 2,293,557 |
| 7,042 | | Paycom Software Inc, (2) | | | | 1,838,103 |
| 15,632 | | PTC Inc, (2) | | | | 1,082,516 |
| 26,223 | | salesforcecom Inc, (2) | | | | 4,246,815 |
| 10,364 | | ServiceNow Inc, (2) | | | | 3,643,361 |
| 18,085 | | Splunk Inc, (2) | | | | 2,538,411 |
| 34,244 | | Texas Instruments Inc | | | | 3,974,701 |
| 35,509 | | Trimble Inc, (2) | | | | 1,229,677 |
| 11,705 | | VMware Inc, (2) | | | | 1,539,442 |
| 8,425 | | Workday Inc, (2) | | | | 1,296,607 |
| | | Total Information Technology | | | | 67,531,416 |
| | | Materials – 4.4% | | | | |
| 168 | | Avery Dennison Corp | | | | 18,546 |
| 750 | | Axalta Coating Systems Ltd, (2) | | | | 14,805 |
| 17,484 | | Ball Corp | | | | 1,146,776 |
| 16,919 | | Ecolab Inc | | | | 3,273,826 |
| 15,574 | | PPG Industries Inc | | | | 1,414,586 |
| 5,164 | | Sherwin-Williams Co | | | | 2,769,815 |
| | | Total Materials | | | | 8,638,354 |
| | | Real Estate – 1.4% | | | | |
| 359 | | CBRE Group Inc, (2) | | | | 15,412 |
| 31,618 | | Prologis Inc | | | | 2,821,274 |
| | | Total Real Estate | | | | 2,836,686 |
| | | Total Long-Term Investments (cost $187,481,851) | | | | 193,904,165 |
Nuveen ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $ 310 | | Federal Agricultural Mortgage Corporation Discount Notes | 0.000% | 5/01/20 | N/R | $ 310,000 |
| | | Total Short-Term Investments (cost $310,000) | | | | 310,000 |
| | | Total Investments (cost $187,791,851) – 100.0% | | | | 194,214,165 |
| | | Other Assets Less Liabilities – 0.0% | | | | 47,727 |
| | | Net Assets – 100% | | | | $ 194,261,892 |
| | 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. | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap Value ETF (NULV)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 8.2% | | | | |
| 4,742 | | Activision Blizzard Inc | | | | $302,208 |
| 18,986 | | Discovery Inc, (2) | | | | 387,504 |
| 221 | | Electronic Arts Inc, (2) | | | | 25,251 |
| 22,877 | | Liberty Global PLC, (2) | | | | 418,878 |
| 9,003 | | Liberty Global PLC, (2) | | | | 174,838 |
| 12,349 | | Omnicom Group Inc | | | | 704,264 |
| 7,162 | | Roku Inc, (2) | | | | 868,249 |
| 787 | | TripAdvisor Inc, (2) | | | | 15,716 |
| 112,340 | | Verizon Communications Inc | | | | 6,453,933 |
| 47,971 | | Walt Disney Co | | | | 5,188,064 |
| | | Total Communication Services | | | | 14,538,905 |
| | | Consumer Discretionary – 3.0% | | | | |
| 3,210 | | Aptiv PLC, (2) | | | | 223,256 |
| 513 | | Aramark | | | | 14,010 |
| 286 | | Autoliv Inc, (2) | | | | 17,166 |
| 254 | | Best Buy Co Inc | | | | 19,489 |
| 658 | | BorgWarner Inc | | | | 18,799 |
| 242 | | Darden Restaurants Inc, (2) | | | | 17,857 |
| 1,288 | | Gap Inc/The | | | | 10,459 |
| 2,633 | | Garmin Ltd | | | | 213,694 |
| 3,151 | | Genuine Parts Co | | | | 249,811 |
| 1,454 | | Hanesbrands Inc | | | | 14,453 |
| 18,360 | | Harley-Davidson Inc | | | | 400,799 |
| 507 | | Leggett & Platt Inc | | | | 17,811 |
| 8,474 | | Mohawk Industries Inc, (2) | | | | 743,339 |
| 24,829 | | Newell Brands Inc | | | | 344,627 |
| 548 | | Nordstrom Inc, (2) | | | | 10,291 |
| 806 | | Norwegian Cruise Line Holdings Ltd, (2) | | | | 13,218 |
| 369 | | PVH Corp, (2) | | | | 18,166 |
| 13,711 | | Royal Caribbean Cruises Ltd | | | | 641,264 |
| 8,430 | | Target Corp | | | | 925,108 |
| 11,045 | | Tiffany & Co | | | | 1,397,193 |
| 273 | | VF Corp | | | | 15,861 |
| | | Total Consumer Discretionary | | | | 5,326,671 |
Nuveen ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples – 14.4% | | | | |
| 22,239 | | Bunge Ltd | | | | $882,221 |
| 511 | | Campbell Soup Co | | | | 25,540 |
| 135 | | Clorox Co/The | | | | 25,169 |
| 110,001 | | Coca-Cola Co/The | | | | 5,047,946 |
| 31,331 | | Colgate-Palmolive Co | | | | 2,201,629 |
| 60,395 | | General Mills Inc | | | | 3,617,057 |
| 19,076 | | Kellogg Co | | | | 1,249,478 |
| 40,740 | | PepsiCo Inc | | | | 5,389,495 |
| 61,128 | | Procter & Gamble Co/The | | | | 7,205,157 |
| | | Total Consumer Staples | | | | 25,643,692 |
| | | Energy – 3.2% | | | | |
| 35,854 | | Baker Hughes Co | | | | 500,163 |
| 60,387 | | National Oilwell Varco Inc | | | | 763,292 |
| 42,230 | | ONEOK Inc | | | | 1,263,944 |
| 67,036 | | TechnipFMC PLC | | | | 597,291 |
| 39,618 | | Valero Energy Corp | | | | 2,509,800 |
| | | Total Energy | | | | 5,634,490 |
| | | Financials – 20.3% | | | | |
| 55,110 | | Aflac Inc | | | | 2,052,296 |
| 228 | | American Financial Group Inc/OH | | | | 15,103 |
| 69,371 | | American International Group Inc | | | | 1,764,105 |
| 223,808 | | Annaly Capital Management Inc | | | | 1,398,800 |
| 225 | | Arthur J Gallagher & Co | | | | 17,662 |
| 144 | | Assurant Inc | | | | 15,299 |
| 621 | | Athene Holding Ltd, (2) | | | | 16,767 |
| 68,229 | | Bank of New York Mellon Corp | | | | 2,561,317 |
| 6,677 | | BlackRock Inc | | | | 3,352,121 |
| 233 | | Cboe Global Markets Inc | | | | 23,156 |
| 498 | | Charles Schwab Corp | | | | 18,785 |
| 23,878 | | Chubb Ltd | | | | 2,579,063 |
| 180 | | Cincinnati Financial Corp | | | | 11,844 |
| 799 | | Citizens Financial Group Inc | | | | 17,890 |
| 7,853 | | CME Group Inc | | | | 1,399,483 |
| 521 | | Comerica Inc | | | | 18,162 |
| 30,692 | | Discover Financial Services | | | | 1,318,835 |
| 510 | | E*TRADE Financial Corp | | | | 20,711 |
| 490 | | East West Bancorp Inc | | | | 17,184 |
| 432 | | Eaton Vance Corp | | | | 15,854 |
| 921 | | Fifth Third Bancorp | | | | 17,213 |
| 223 | | Globe Life Inc | | | | 18,362 |
| 390 | | Hartford Financial Services Group Inc | | | | 14,816 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 126,348 | | Huntington Bancshares Inc/OH | | | | $1,167,455 |
| 149,340 | | KeyCorp | | | | 1,739,811 |
| 15,674 | | KKR & Co Inc | | | | 395,142 |
| 41,903 | | Loews Corp | | | | 1,452,358 |
| 17 | | Markel Corp, (2) | | | | 14,719 |
| 26,948 | | Marsh & McLennan Cos Inc | | | | 2,622,849 |
| 68,350 | | Morgan Stanley | | | | 2,695,040 |
| 228 | | Nasdaq Inc | | | | 25,005 |
| 1,347 | | People's United Financial Inc | | | | 17,093 |
| 11,707 | | PNC Financial Services Group Inc | | | | 1,248,786 |
| 11,603 | | Prudential Financial Inc | | | | 723,679 |
| 1,725 | | Regions Financial Corp | | | | 18,544 |
| 133 | | Reinsurance Group of America Inc | | | | 13,922 |
| 118 | | RenaissanceRe Holdings Ltd | | | | 17,229 |
| 155 | | Signature Bank/New York NY | | | | 16,613 |
| 9,975 | | State Street Corp | | | | 628,824 |
| 23,708 | | Travelers Cos Inc/The | | | | 2,399,487 |
| 41,991 | | Truist Financial Corp | | | | 1,567,104 |
| 768 | | Unum Group | | | | 13,402 |
| 73,533 | | US Bancorp | | | | 2,683,954 |
| 114 | | Willis Towers Watson PLC | | | | 20,325 |
| 277 | | WR Berkley Corp | | | | 14,958 |
| 501 | | Zions Bancorp NA | | | | 15,837 |
| | | Total Financials | | | | 36,196,964 |
| | | Health Care – 15.4% | | | | |
| 52,510 | | AbbVie Inc | | | | 4,316,322 |
| 3,238 | | Amgen Inc | | | | 774,594 |
| 78,282 | | Bristol-Myers Squibb Co | | | | 4,760,328 |
| 35,864 | | Cardinal Health Inc | | | | 1,774,551 |
| 3,334 | | Cigna Corp | | | | 652,731 |
| 58,484 | | CVS Health Corp | | | | 3,599,690 |
| 34,866 | | DENTSPLY SIRONA Inc | | | | 1,479,713 |
| 23,359 | | Elanco Animal Health Inc, (2) | | | | 577,201 |
| 29,155 | | Gilead Sciences Inc | | | | 2,449,020 |
| 296 | | Henry Schein Inc, (2) | | | | 16,150 |
| 162 | | Jazz Pharmaceuticals PLC, (2) | | | | 17,861 |
| 73,206 | | Merck & Co Inc | | | | 5,808,164 |
| 4,586 | | STERIS PLC | | | | 653,505 |
| 4,972 | | Varian Medical Systems Inc, (2) | | | | 568,697 |
| | | Total Health Care | | | | 27,448,527 |
Nuveen ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials – 11.0% | | | | |
| 26,297 | | 3M Co | | | | $3,995,040 |
| 1,375 | | AMERCO, (2) | | | | 385,179 |
| 28,691 | | Caterpillar Inc | | | | 3,339,058 |
| 18,244 | | CH Robinson Worldwide Inc | | | | 1,293,499 |
| 2,351 | | Deere & Co | | | | 341,036 |
| 24,518 | | Eaton Corp PLC | | | | 2,047,253 |
| 6,816 | | Expeditors International of Washington Inc | | | | 488,060 |
| 566 | | Flowserve Corp | | | | 15,944 |
| 6,227 | | Fortive Corp | | | | 398,528 |
| 541 | | HD Supply Holdings Inc, (2) | | | | 16,057 |
| 60,409 | | Johnson Controls International plc | | | | 1,758,506 |
| 254 | | ManpowerGroup Inc | | | | 18,857 |
| 19,777 | | Masco Corp | | | | 811,648 |
| 55,757 | | Nielsen Holdings PLC | | | | 821,301 |
| 371 | | Owens Corning | | | | 16,086 |
| 8,156 | | Parker-Hannifin Corp | | | | 1,289,627 |
| 525 | | Pentair PLC | | | | 18,160 |
| 118 | | Rockwell Automation Inc | | | | 22,359 |
| 5,702 | | Roper Technologies Inc | | | | 1,944,553 |
| 140 | | Snap-on Inc | | | | 18,241 |
| 5,887 | | Waste Management Inc | | | | 588,818 |
| | | Total Industrials | | | | 19,627,810 |
| | | Information Technology – 10.4% | | | | |
| 93,309 | | Cisco Systems Inc | | | | 3,954,435 |
| 407 | | FLIR Systems Inc | | | | 17,664 |
| 124,931 | | Hewlett Packard Enterprise Co | | | | 1,256,806 |
| 145,491 | | HP Inc | | | | 2,256,565 |
| 109,762 | | Intel Corp | | | | 6,583,525 |
| 32,049 | | International Business Machines Corp | | | | 4,024,072 |
| 1,377 | | Lam Research Corp | | | | 351,521 |
| 1,231 | | TE Connectivity Ltd | | | | 90,429 |
| 650 | | Xerox Holdings Corp | | | | 11,889 |
| | | Total Information Technology | | | | 18,546,906 |
| | | Materials – 4.6% | | | | |
| 195,408 | | Amcor PLC | | | | 1,752,810 |
| 13,641 | | International Flavors & Fragrances Inc | | | | 1,787,380 |
| 523 | | International Paper Co | | | | 17,913 |
| 56,356 | | Mosaic Co/The | | | | 648,658 |
| 29,758 | | Newmont Corp | | | | 1,770,006 |
| 18,509 | | PPG Industries Inc | | | | 1,681,172 |
| 653 | | Sealed Air Corp | | | | 18,669 |
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 25,172 | | Steel Dynamics Inc | | | | $ 610,924 |
| | | Total Materials | | | | 8,287,532 |
| | | Real Estate – 4.8% | | | | |
| 132 | | Alexandria Real Estate Equities Inc | | | | 20,736 |
| 5,803 | | Boston Properties Inc | | | | 563,935 |
| 37,465 | | Equity Residential | | | | 2,437,473 |
| 112,526 | | Host Hotels & Resorts Inc | | | | 1,385,195 |
| 4,107 | | Jones Lang LaSalle Inc | | | | 433,617 |
| 35,417 | | Prologis Inc | | | | 3,160,259 |
| 365 | | Regency Centers Corp | | | | 16,027 |
| 10,894 | | Welltower Inc | | | | 558,100 |
| 673 | | WP Carey Inc | | | | 44,270 |
| | | Total Real Estate | | | | 8,619,612 |
| | | Utilities – 4.5% | | | | |
| 34,275 | | Consolidated Edison Inc | | | | 2,700,870 |
| 34,037 | | Eversource Energy | | | | 2,746,786 |
| 21,493 | | Sempra Energy | | | | 2,661,908 |
| | | Total Utilities | | | | 8,109,564 |
| | | Total Long-Term Investments (cost $194,113,489) | | | | 177,980,673 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $ 365 | | Federal Agricultural Mortgage Corporation Discount Notes | 0.000% | 5/01/20 | N/R | $ 365,000 |
| | | Total Short-Term Investments (cost $365,000) | | | | 365,000 |
| | | Total Investments (cost $194,478,489) – 100.0% | | | | 178,345,673 |
| | | Other Assets Less Liabilities – 0.0% | | | | 64,863 |
| | | Net Assets – 100% | | | | $ 178,410,536 |
| | 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. | |
See accompanying notes to financial statements.
Nuveen ESG Mid-Cap Growth ETF (NUMG)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 7.7% | | | | |
| 15,856 | | Liberty Broadband Corp, (2) | | | | $1,945,214 |
| 6,700 | | Live Nation Entertainment Inc, (2) | | | | 300,629 |
| 32,276 | | Pinterest Inc, (2) | | | | 666,822 |
| 5,687 | | Roku Inc, (2) | | | | 689,435 |
| 121,402 | | Snap Inc, (2) | | | | 2,137,889 |
| 18,347 | | Take-Two Interactive Software Inc, (2) | | | | 2,220,905 |
| | | Total Communication Services | | | | 7,960,894 |
| | | Consumer Discretionary – 11.1% | | | | |
| 2,913 | | Chipotle Mexican Grill Inc, (2) | | | | 2,559,216 |
| 6,821 | | Domino's Pizza Inc | | | | 2,468,725 |
| 58,744 | | LKQ Corp, (2) | | | | 1,536,156 |
| 7,032 | | Lululemon Athletica Inc, (2) | | | | 1,571,511 |
| 4,564 | | Tractor Supply Co | | | | 462,927 |
| 16,586 | | Under Armour Inc, (2) | | | | 172,826 |
| 34,813 | | Under Armour Inc, (2) | | | | 322,716 |
| 19,332 | | Wayfair Inc, (2) | | | | 2,397,941 |
| | | Total Consumer Discretionary | | | | 11,492,018 |
| | | Consumer Staples – 2.9% | | | | |
| 10,427 | | Lamb Weston Holdings Inc | | | | 639,801 |
| 14,964 | | McCormick & Co Inc/MD | | | | 2,346,954 |
| | | Total Consumer Staples | | | | 2,986,755 |
| | | Financials – 8.2% | | | | |
| 33,930 | | Brown & Brown Inc | | | | 1,218,426 |
| 9,959 | | Erie Indemnity Co | | | | 1,773,300 |
| 3,652 | | FactSet Research Systems Inc | | | | 1,004,300 |
| 16,057 | | First Republic Bank/CA | | | | 1,674,584 |
| 5,788 | | MarketAxess Holdings Inc | | | | 2,633,598 |
| 777 | | SVB Financial Group, (2) | | | | 150,093 |
| | | Total Financials | | | | 8,454,301 |
| | | Health Care – 21.5% | | | | |
| 66 | | ABIOMED Inc, (2) | | | | 12,622 |
| 2,119 | | Align Technology Inc, (2) | | | | 455,267 |
| 4,870 | | DaVita Inc, (2) | | | | 384,779 |
| 9,563 | | DexCom Inc, (2) | | | | 3,205,518 |
| 20,004 | | Henry Schein Inc, (2) | | | | 1,091,418 |
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 8,588 | | IDEXX Laboratories Inc, (2) | | | | $2,384,029 |
| 10,136 | | Jazz Pharmaceuticals PLC, (2) | | | | 1,117,494 |
| 9,209 | | Laboratory Corp of America Holdings, (2) | | | | 1,514,420 |
| 3,055 | | Mettler-Toledo International Inc, (2) | | | | 2,199,417 |
| 20,849 | | PerkinElmer Inc | | | | 1,887,460 |
| 15,606 | | ResMed Inc | | | | 2,423,924 |
| 10,202 | | STERIS PLC | | | | 1,453,785 |
| 9,412 | | Waters Corp, (2) | | | | 1,760,044 |
| 11,961 | | West Pharmaceutical Services Inc | | | | 2,263,739 |
| | | Total Health Care | | | | 22,153,916 |
| | | Industrials – 16.5% | | | | |
| 6,354 | | Acuity Brands Inc | | | | 550,193 |
| 24,752 | | Copart Inc, (2) | | | | 1,982,883 |
| 24,875 | | Expeditors International of Washington Inc | | | | 1,781,174 |
| 11,835 | | Fortune Brands Home & Security Inc | | | | 570,447 |
| 9,574 | | IDEX Corp | | | | 1,470,854 |
| 7,575 | | Lennox International Inc | | | | 1,414,101 |
| 2,934 | | Masco Corp | | | | 120,411 |
| 15,548 | | Middleby Corp/The, (2) | | | | 864,935 |
| 16,571 | | Robert Half International Inc | | | | 783,311 |
| 5,551 | | Teledyne Technologies Inc, (2) | | | | 1,807,794 |
| 16,395 | | Verisk Analytics Inc | | | | 2,505,648 |
| 4,695 | | WW Grainger Inc | | | | 1,293,848 |
| 25,441 | | Xylem Inc/NY | | | | 1,829,208 |
| | | Total Industrials | | | | 16,974,807 |
| | | Information Technology – 26.0% | | | | |
| 5,422 | | ANSYS Inc, (2) | | | | 1,419,642 |
| 3,095 | | Arista Networks Inc, (2) | | | | 678,734 |
| 15,300 | | Cadence Design Systems Inc, (2) | | | | 1,241,289 |
| 12,801 | | Citrix Systems Inc | | | | 1,856,273 |
| 11,774 | | Cognex Corp | | | | 650,396 |
| 24,405 | | FLIR Systems Inc | | | | 1,059,177 |
| 19,448 | | Fortinet Inc, (2) | | | | 2,095,328 |
| 12,240 | | Jack Henry & Associates Inc | | | | 2,001,852 |
| 21,581 | | Keysight Technologies Inc, (2) | | | | 2,088,393 |
| 36,799 | | Maxim Integrated Products Inc | | | | 2,023,209 |
| 14,080 | | Okta Inc, (2) | | | | 2,130,304 |
| 6,418 | | Paycom Software Inc, (2) | | | | 1,675,226 |
| 19,569 | | PTC Inc, (2) | | | | 1,355,153 |
| 5,898 | | RingCentral Inc, (2) | | | | 1,347,870 |
| 4,098 | | Splunk Inc, (2) | | | | 575,195 |
Nuveen ESG Mid-Cap Growth ETF (NUMG) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 43,250 | | Trimble Inc, (2) | | | | $1,497,748 |
| 15,005 | | Twilio Inc, (2) | | | | 1,685,061 |
| 6,030 | | Zebra Technologies Corp, (2) | | | | 1,384,850 |
| | | Total Information Technology | | | | 26,765,700 |
| | | Materials – 2.7% | | | | |
| 14,812 | | Avery Dennison Corp | | | | 1,635,096 |
| 58,547 | | Axalta Coating Systems Ltd, (2) | | | | 1,155,718 |
| | | Total Materials | | | | 2,790,814 |
| | | Real Estate – 3.3% | | | | |
| 38,977 | | CBRE Group Inc, (2) | | | | 1,673,283 |
| 19,037 | | Extra Space Storage Inc | | | | 1,679,825 |
| | | Total Real Estate | | | | 3,353,108 |
| | | Total Long-Term Investments (cost $96,900,702) | | | | 102,932,313 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $ 120 | | Federal Agricultural Mortgage Corporation Discount Notes | 0.000% | 5/01/20 | N/R | $ 120,000 |
| | | Total Short-Term Investments (cost $120,000) | | | | 120,000 |
| | | Total Investments (cost $97,020,702) – 100.0% | | | | 103,052,313 |
| | | Other Assets Less Liabilities – (0.0)% | | | | (17,498) |
| | | Net Assets – 100% | | | | $ 103,034,815 |
| | 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. | |
See accompanying notes to financial statements.
Nuveen ESG Mid-Cap Value ETF (NUMV)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.7% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 3.0% | | | | |
| 45,241 | | Discovery Inc, (2) | | | | $923,369 |
| 16,729 | | Interpublic Group of Cos Inc/The | | | | 284,058 |
| 9,877 | | Roku Inc, (2) | | | | 1,197,389 |
| | | Total Communication Services | | | | 2,404,816 |
| | | Consumer Discretionary – 15.9% | | | | |
| 15,167 | | Aramark | | | | 414,211 |
| 11,777 | | Best Buy Co Inc | | | | 903,649 |
| 5,651 | | BorgWarner Inc | | | | 161,449 |
| 17,640 | | Darden Restaurants Inc, (2) | | | | 1,301,656 |
| 20,842 | | Garmin Ltd | | | | 1,691,537 |
| 40,184 | | Hanesbrands Inc | | | | 399,429 |
| 35,579 | | Harley-Davidson Inc | | | | 776,690 |
| 20,569 | | Hasbro Inc | | | | 1,485,287 |
| 10,857 | | Mohawk Industries Inc, (2) | | | | 952,376 |
| 86,730 | | Newell Brands Inc | | | | 1,203,812 |
| 348 | | PVH Corp, (2) | | | | 17,132 |
| 15,696 | | Tiffany & Co | | | | 1,985,544 |
| 7,526 | | Vail Resorts Inc, (2) | | | | 1,286,946 |
| | | Total Consumer Discretionary | | | | 12,579,718 |
| | | Consumer Staples – 5.4% | | | | |
| 32,192 | | Bunge Ltd | | | | 1,277,056 |
| 31,217 | | Campbell Soup Co | | | | 1,560,226 |
| 17,375 | | Ingredion Inc | | | | 1,410,850 |
| | | Total Consumer Staples | | | | 4,248,132 |
| | | Energy – 2.1% | | | | |
| 78,447 | | National Oilwell Varco Inc | | | | 991,570 |
| 75,054 | | TechnipFMC PLC | | | | 668,731 |
| | | Total Energy | | | | 1,660,301 |
| | | Financials – 18.2% | | | | |
| 19,792 | | Ally Financial Inc | | | | 324,391 |
| 203,355 | | Annaly Capital Management Inc | | | | 1,270,969 |
| 49,511 | | Arch Capital Group Ltd, (2) | | | | 1,189,749 |
| 22,258 | | Arthur J Gallagher & Co | | | | 1,747,253 |
| 57,604 | | Citizens Financial Group Inc | | | | 1,289,753 |
| 1,940 | | Comerica Inc | | | | 67,628 |
Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 26,115 | | E*TRADE Financial Corp | | | | $1,060,530 |
| 67,742 | | Equitable Holdings Inc | | | | 1,241,033 |
| 29,300 | | Hartford Financial Services Group Inc | | | | 1,113,107 |
| 68,760 | | Invesco Ltd | | | | 592,711 |
| 18,766 | | Lincoln National Corp | | | | 665,630 |
| 70,214 | | People's United Financial Inc | | | | 891,016 |
| 19,721 | | Principal Financial Group Inc | | | | 718,042 |
| 4,753 | | Regions Financial Corp | | | | 51,095 |
| 11,387 | | Reinsurance Group of America Inc | | | | 1,191,991 |
| 9,176 | | Signature Bank/New York NY | | | | 983,484 |
| 352 | | Zions Bancorp NA | | | | 11,127 |
| | | Total Financials | | | | 14,409,509 |
| | | Health Care – 4.2% | | | | |
| 26,996 | | DENTSPLY SIRONA Inc | | | | 1,145,710 |
| 264 | | Henry Schein Inc, (2) | | | | 14,404 |
| 4,549 | | Jazz Pharmaceuticals PLC, (2) | | | | 501,527 |
| 14,421 | | Quest Diagnostics Inc | | | | 1,587,897 |
| 820 | | STERIS PLC | | | | 116,850 |
| | | Total Health Care | | | | 3,366,388 |
| | | Industrials – 12.4% | | | | |
| 3,959 | | AMERCO, (2) | | | | 1,109,035 |
| 15,521 | | CH Robinson Worldwide Inc | | | | 1,100,439 |
| 364 | | Expeditors International of Washington Inc | | | | 26,064 |
| 32,765 | | Fastenal Co | | | | 1,186,748 |
| 2,306 | | Flowserve Corp | | | | 64,960 |
| 40,561 | | HD Supply Holdings Inc, (2) | | | | 1,203,850 |
| 5,969 | | ManpowerGroup Inc | | | | 443,139 |
| 17,616 | | Masco Corp | | | | 722,961 |
| 78,620 | | Nielsen Holdings PLC | | | | 1,158,073 |
| 26,164 | | Owens Corning | | | | 1,134,471 |
| 10,926 | | Snap-on Inc | | | | 1,423,548 |
| 2,184 | | United Rentals Inc, (2) | | | | 280,644 |
| | | Total Industrials | | | | 9,853,932 |
| | | Information Technology – 9.5% | | | | |
| 28,133 | | FLIR Systems Inc | | | | 1,220,972 |
| 18,788 | | Juniper Networks Inc | | | | 405,821 |
| 86,036 | | Marvell Technology Group Ltd | | | | 2,300,603 |
| 23,735 | | NortonLifeLock Inc | | | | 504,843 |
| 70,355 | | Sabre Corp, (2) | | | | 511,481 |
| 8,021 | | Skyworks Solutions Inc | | | | 833,222 |
| 74,012 | | Western Union Co/The | | | | 1,411,409 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 20,425 | | Xerox Holdings Corp | | | | $ 373,573 |
| | | Total Information Technology | | | | 7,561,924 |
| | | Materials – 8.1% | | | | |
| 217,333 | | Amcor PLC | | | | 1,949,477 |
| 13,237 | | Celanese Corp | | | | 1,099,597 |
| 15,307 | | International Flavors & Fragrances Inc | | | | 2,005,676 |
| 49,931 | | Mosaic Co/The | | | | 574,706 |
| 24,801 | | Sealed Air Corp | | | | 709,061 |
| 4,406 | | Steel Dynamics Inc | | | | 106,934 |
| | | Total Materials | | | | 6,445,451 |
| | | Real Estate – 18.4% | | | | |
| 13,678 | | Alexandria Real Estate Equities Inc | | | | 2,148,677 |
| 54,262 | | Duke Realty Corp | | | | 1,882,891 |
| 60,218 | | Healthpeak Properties Inc | | | | 1,574,098 |
| 117,264 | | Host Hotels & Resorts Inc | | | | 1,443,520 |
| 54,379 | | Iron Mountain Inc | | | | 1,314,884 |
| 10,553 | | Jones Lang LaSalle Inc | | | | 1,114,186 |
| 31,270 | | Kimco Realty Corp | | | | 341,156 |
| 22,966 | | Regency Centers Corp | | | | 1,008,437 |
| 25,203 | | UDR Inc | | | | 944,356 |
| 72,499 | | VICI Properties Inc | | | | 1,262,933 |
| 23,670 | | WP Carey Inc | | | | 1,557,013 |
| | | Total Real Estate | | | | 14,592,151 |
| | | Utilities – 2.5% | | | | |
| 34,580 | | CMS Energy Corp | | | | 1,974,172 |
| | | Total Long-Term Investments (cost $89,114,527) | | | | 79,096,494 |
| 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 Agricultural Mortgage Corporation Discount Notes | 0.000% | 5/01/20 | N/R | $ 140,000 |
| | | Total Short-Term Investments (cost $140,000) | | | | 140,000 |
| | | Total Investments (cost $89,254,527) – 99.9% | | | | 79,236,494 |
| | | Other Assets Less Liabilities – 0.1% | | | | 64,556 |
| | | Net Assets – 100% | | | | $ 79,301,050 |
Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| | 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. | |
See accompanying notes to financial statements.
Nuveen ESG Small-Cap ETF (NUSC)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 2.8% | | | | |
| 17,855 | | Boingo Wireless Inc, (2) | | | | $248,899 |
| 336 | | Cable One Inc | | | | 642,721 |
| 2,575 | | Cardlytics Inc, (2) | | | | 115,746 |
| 1,722 | | Cinemark Holdings Inc, (2) | | | | 24,590 |
| 102,029 | | Clear Channel Outdoor Holdings Inc, (2) | | | | 98,438 |
| 23,327 | | Gogo Inc, (2) | | | | 38,023 |
| 12,747 | | Gray Television Inc, (2) | | | | 147,993 |
| 17,904 | | iHeartMedia Inc, (2) | | | | 125,686 |
| 22,555 | | Iridium Communications Inc, (2) | | | | 507,600 |
| 15,477 | | John Wiley & Sons Inc | | | | 581,161 |
| 5,017 | | Loral Space & Communications Inc, (2) | | | | 110,374 |
| 3,933 | | Madison Square Garden Entertainment Corp, (2) | | | | 325,259 |
| 3,933 | | Madison Square Garden Sports C, (2) | | | | 673,802 |
| 19,238 | | New York Times Co/The | | | | 625,620 |
| 12,227 | | Scholastic Corp | | | | 355,439 |
| 1,924 | | Shenandoah Telecommunications Co | | | | 102,953 |
| 18,802 | | TEGNA Inc | | | | 201,558 |
| 9,586 | | World Wrestling Entertainment Inc | | | | 426,289 |
| 171,804 | | Zynga Inc, (2) | | | | 1,295,402 |
| | | Total Communication Services | | | | 6,647,553 |
| | | Consumer Discretionary – 12.2% | | | | |
| 5,103 | | 1-800-Flowerscom Inc, (2) | | | | 97,927 |
| 14,404 | | Aaron's Inc | | | | 459,632 |
| 34,433 | | American Axle & Manufacturing Holdings Inc, (2) | | | | 148,751 |
| 5,776 | | American Public Education Inc, (2) | | | | 148,848 |
| 1,929 | | America's Car-Mart Inc/TX, (2) | | | | 127,218 |
| 1,833 | | Asbury Automotive Group Inc, (2) | | | | 123,728 |
| 7,482 | | At Home Group Inc, (2) | | | | 17,583 |
| 8,007 | | AutoNation Inc, (2) | | | | 298,181 |
| 3,606 | | Big Lots Inc | | | | 84,561 |
| 14,257 | | Bright Horizons Family Solutions Inc, (2) | | | | 1,660,228 |
| 13,370 | | Brinker International Inc, (2) | | | | 311,254 |
| 36,616 | | Callaway Golf Co | | | | 524,341 |
| 14,144 | | Camping World Holdings Inc | | | | 125,457 |
| 6,904 | | Carriage Services Inc | | | | 103,698 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 173 | | Cavco Industries Inc, (2) | | | | $26,760 |
| 1,644 | | Cooper Tire & Rubber Co | | | | 34,836 |
| 4,465 | | Cooper-Standard Holdings Inc, (2) | | | | 57,375 |
| 11,229 | | Core-Mark Holding Co Inc | | | | 322,721 |
| 8,650 | | Crocs Inc, (2) | | | | 209,763 |
| 10,474 | | Dave & Buster's Entertainment Inc, (2) | | | | 153,339 |
| 2,426 | | Deckers Outdoor Corp, (2) | | | | 360,892 |
| 5,234 | | Designer Brands Inc | | | | 33,236 |
| 4,558 | | Dine Brands Global Inc | | | | 202,330 |
| 6,539 | | Dorman Products Inc, (2) | | | | 412,480 |
| 19,232 | | Dunkin' Brands Group Inc, (2) | | | | 1,208,539 |
| 9,051 | | El Pollo Loco Holdings Inc, (2) | | | | 110,694 |
| 15,764 | | Etsy Inc, (2) | | | | 1,022,611 |
| 3,710 | | Five Below Inc, (2) | | | | 334,494 |
| 4,332 | | Foot Locker Inc | | | | 111,029 |
| 14,448 | | Fossil Group Inc, (2) | | | | 57,214 |
| 13,235 | | frontdoor Inc, (2) | | | | 512,327 |
| 7,351 | | Funko Inc, (2) | | | | 31,462 |
| 797 | | Genesco Inc, (2) | | | | 15,087 |
| 59,441 | | Goodyear Tire & Rubber Co/The, (2) | | | | 426,192 |
| 50,797 | | GoPro Inc, (2) | | | | 178,805 |
| 1,443 | | Graham Holdings Co | | | | 562,784 |
| 4,866 | | Green Brick Partners Inc, (2) | | | | 43,356 |
| 3,198 | | Group 1 Automotive Inc, (2) | | | | 180,975 |
| 8,423 | | Helen of Troy Ltd, (2) | | | | 1,383,730 |
| 4,708 | | Hooker Furniture Corp | | | | 70,573 |
| 5,988 | | Houghton Mifflin Harcourt Co, (2) | | | | 9,581 |
| 10,818 | | iRobot Corp, (2) | | | | 659,465 |
| 4,338 | | Jack in the Box Inc | | | | 261,581 |
| 2,620 | | Johnson Outdoors Inc | | | | 179,103 |
| 3,008 | | KB Home | | | | 78,930 |
| 8,617 | | Kontoor Brands Inc | | | | 167,256 |
| 4,333 | | Lands' End Inc, (2) | | | | 36,874 |
| 6,903 | | La-Z-Boy Inc | | | | 161,875 |
| 19,335 | | Levi Strauss & Co | | | | 249,228 |
| 1,923 | | LGI Homes Inc, (2) | | | | 116,495 |
| 2,575 | | Lithia Motors Inc | | | | 284,692 |
| 34,252 | | Macy's Inc, (2) | | | | 200,717 |
| 8,700 | | Malibu Boats Inc, (2) | | | | 299,106 |
| 8,603 | | MarineMax Inc, (2) | | | | 123,969 |
| 5,402 | | Marriott Vacations Worldwide Corp | | | | 448,366 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 8,084 | | MasterCraft Boat Holdings Inc, (2) | | | | $84,478 |
| 47,327 | | Mattel Inc, (2) | | | | 412,691 |
| 4,541 | | Meritage Homes Corp, (2) | | | | 238,675 |
| 18,580 | | Michaels Cos Inc/The, (2) | | | | 56,483 |
| 13,341 | | Modine Manufacturing Co, (2) | | | | 61,769 |
| 7,273 | | Monro Inc | | | | 403,579 |
| 2,053 | | Movado Group Inc, (2) | | | | 21,166 |
| 5,000 | | Murphy USA Inc, (2) | | | | 534,000 |
| 14,417 | | National Vision Holdings Inc, (2) | | | | 382,051 |
| 174,647 | | Office Depot Inc | | | | 387,716 |
| 14,911 | | Planet Fitness Inc, (2) | | | | 899,581 |
| 9,327 | | Pool Corp | | | | 1,974,153 |
| 27,600 | | Quotient Technology Inc, (2) | | | | 198,168 |
| 3,722 | | Red Robin Gourmet Burgers Inc, (2) | | | | 54,453 |
| 3,032 | | Rent-A-Center Inc/TX | | | | 60,352 |
| 24,674 | | Sally Beauty Holdings Inc, (2) | | | | 239,585 |
| 58,602 | | Service Corp International/US | | | | 2,153,037 |
| 33,892 | | ServiceMaster Global Holdings Inc, (2) | | | | 1,154,023 |
| 7,344 | | Shake Shack Inc, (2) | | | | 400,321 |
| 8,120 | | Signet Jewelers Ltd, (2) | | | | 81,687 |
| 7,515 | | Sleep Number Corp, (2) | | | | 224,699 |
| 8,651 | | Sonos Inc, (2) | | | | 88,413 |
| 9,386 | | Stitch Fix Inc, (2) | | | | 150,645 |
| 11,904 | | Taylor Morrison Home Corp, (2) | | | | 173,203 |
| 11,506 | | Tenneco Inc, (2) | | | | 59,716 |
| 13,104 | | Thor Industries Inc | | | | 867,485 |
| 19,926 | | Tupperware Brands Corp, (2) | | | | 64,162 |
| 5,484 | | Unifi Inc, (2) | | | | 56,759 |
| 2,268 | | Visteon Corp, (2) | | | | 136,760 |
| 36,518 | | Wendy's Co/The | | | | 725,247 |
| 531 | | Winmark Corp | | | | 79,650 |
| 5,501 | | Wolverine World Wide Inc | | | | 112,715 |
| 9,600 | | WW International Inc, (2) | | | | 244,896 |
| 9,340 | | YETI Holdings Inc, (2) | | | | 257,877 |
| 944 | | Zumiez Inc, (2) | | | | 19,956 |
| | | Total Consumer Discretionary | | | | 28,632,400 |
| | | Consumer Staples – 3.3% | | | | |
| 4,291 | | Beyond Meat Inc, (2) | | | | 424,766 |
| 33,150 | | BJ's Wholesale Club Holdings Inc, (2) | | | | 872,177 |
| 2,619 | | Casey's General Stores Inc | | | | 396,543 |
| 54,298 | | Darling Ingredients Inc, (2) | | | | 1,117,996 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 6,354 | | Edgewell Personal Care Co, (2) | | | | $175,434 |
| 15,593 | | Energizer Holdings Inc | | | | 607,503 |
| 4,752 | | Farmer Bros Co, (2) | | | | 43,908 |
| 11,433 | | Fresh Del Monte Produce Inc | | | | 325,955 |
| 9,721 | | Freshpet Inc, (2) | | | | 733,061 |
| 8,713 | | Grocery Outlet Holding Corp, (2) | | | | 289,882 |
| 4,822 | | Hain Celestial Group Inc/The, (2) | | | | 124,600 |
| 3,474 | | Medifast Inc | | | | 263,607 |
| 2,638 | | Performance Food Group Co, (2) | | | | 77,425 |
| 4,349 | | PriceSmart Inc | | | | 276,335 |
| 27,568 | | Simply Good Foods Co/The, (2) | | | | 519,657 |
| 13,481 | | SpartanNash Co | | | | 231,199 |
| 9,374 | | Spectrum Brands Holdings Inc | | | | 403,644 |
| 2,238 | | Sprouts Farmers Market Inc, (2) | | | | 46,506 |
| 21,397 | | United Natural Foods Inc, (2) | | | | 227,664 |
| 22,532 | | US Foods Holding Corp, (2) | | | | 484,438 |
| | | Total Consumer Staples | | | | 7,642,300 |
| | | Energy – 2.1% | | | | |
| 94,934 | | Antero Midstream Corp | | | | 450,937 |
| 22,780 | | Apergy Corp, (2) | | | | 209,804 |
| 53,593 | | Archrock Inc | | | | 257,782 |
| 19,402 | | Cactus Inc | | | | 344,968 |
| 58,821 | | Clean Energy Fuels Corp, (2) | | | | 126,759 |
| 10,887 | | Core Laboratories NV | | | | 213,494 |
| 31,038 | | Delek US Holdings Inc | | | | 724,737 |
| 5,984 | | DMC Global Inc, (2) | | | | 154,447 |
| 9,438 | | Dril-Quip Inc, (2) | | | | 312,681 |
| 90,849 | | Equitrans Midstream Corp | | | | 761,315 |
| 12,188 | | Exterran Corp, (2) | | | | 82,878 |
| 31,564 | | Frank's International NV, (2) | | | | 76,701 |
| 14,908 | | Green Plains Inc, (2) | | | | 87,510 |
| 43,217 | | Helix Energy Solutions Group Inc, (2) | | | | 109,771 |
| 23,065 | | Liberty Oilfield Services Inc, (2) | | | | 108,867 |
| 10,944 | | Matrix Service Co, (2) | | | | 114,255 |
| 31,909 | | Newpark Resources Inc, (2) | | | | 48,821 |
| 10,106 | | Oceaneering International Inc, (2) | | | | 51,945 |
| 15,094 | | Oil States International Inc, (2) | | | | 51,923 |
| 16,242 | | Renewable Energy Group Inc, (2) | | | | 402,964 |
| 24,284 | | Select Energy Services Inc, (2) | | | | 116,563 |
| 12,807 | | Solaris Oilfield Infrastructure Inc | | | | 87,600 |
| 6,643 | | Tidewater Inc, (2) | | | | 38,264 |
| Shares | | Description (1) | | | | Value |
| | | Energy (continued) | | | | |
| 27,499 | | US Silica Holdings Inc | | | | $ 52,798 |
| | | Total Energy | | | | 4,987,784 |
| | | Financials – 14.0% | | | | |
| 3,327 | | Affiliated Managers Group Inc | | | | 232,757 |
| 4,475 | | Allegiance Bancshares Inc | | | | 112,233 |
| 5,852 | | Amalgamated Bank | | | | 62,616 |
| 15,619 | | Ameris Bancorp | | | | 397,191 |
| 15,425 | | Artisan Partners Asset Management, Inc | | | | 454,112 |
| 2,385 | | Associated Banc-Corp | | | | 33,724 |
| 8,495 | | Atlantic Capital Bancshares Inc, (2) | | | | 106,612 |
| 17,895 | | Bancorp Inc/The, (2) | | | | 124,728 |
| 1,084 | | Bank of Hawaii Corp | | | | 73,907 |
| 28,496 | | Bank OZK | | | | 644,580 |
| 31,245 | | BankUnited Inc | | | | 618,963 |
| 4,547 | | Banner Corp | | | | 174,741 |
| 9,433 | | BOK Financial Corp | | | | 488,535 |
| 25,937 | | Brightsphere Investment Group Inc | | | | 192,193 |
| 3,032 | | Brookline Bancorp Inc | | | | 30,957 |
| 7,303 | | Byline Bancorp Inc | | | | 89,973 |
| 39,030 | | Cadence BanCorp | | | | 258,379 |
| 7,719 | | Cathay General Bancorp | | | | 215,514 |
| 3,356 | | CBTX Inc | | | | 60,609 |
| 7,593 | | Cohen & Steers Inc | | | | 438,420 |
| 2,072 | | Columbia Banking System Inc | | | | 55,923 |
| 4,740 | | Columbia Financial Inc, (2) | | | | 67,095 |
| 2,394 | | Commerce Bancshares Inc/MO | | | | 146,489 |
| 11,284 | | Cowen Inc | | | | 123,560 |
| 6,947 | | Crawford & Co | | | | 49,463 |
| 4,200 | | Cullen/Frost Bankers Inc | | | | 301,812 |
| 3,943 | | Customers Bancorp Inc, (2) | | | | 50,313 |
| 8,134 | | CVB Financial Corp | | | | 169,065 |
| 1,317 | | Diamond Hill Investment Group Inc, (2) | | | | 144,291 |
| 12,784 | | Donnelley Financial Solutions Inc, (2) | | | | 93,068 |
| 4,520 | | eHealth Inc, (2) | | | | 482,284 |
| 16,916 | | Ellington Financial Inc | | | | 175,757 |
| 5,883 | | Equity Bancshares Inc, (2) | | | | 110,247 |
| 1,021 | | Federal Agricultural Mortgage Corp | | | | 68,029 |
| 11,099 | | Federated Hermes Inc | | | | 252,724 |
| 43,018 | | First American Financial Corp | | | | 1,983,990 |
| 8,846 | | First Financial Bancorp | | | | 136,051 |
| 1,519 | | First Financial Bankshares Inc | | | | 42,304 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 4,475 | | First Hawaiian Inc | | | | $78,715 |
| 44,931 | | First Horizon National Corp | | | | 407,973 |
| 3,949 | | First Interstate BancSystem Inc | | | | 133,476 |
| 1,058 | | First Merchants Corp | | | | 29,952 |
| 14,825 | | FirstCash Inc | | | | 1,065,028 |
| 14,504 | | Flagstar Bancorp Inc | | | | 375,799 |
| 8,891 | | Flushing Financial Corp | | | | 111,049 |
| 22,759 | | Fulton Financial Corp | | | | 266,053 |
| 210,323 | | Genworth Financial Inc, (2) | | | | 763,472 |
| 5,449 | | Glacier Bancorp Inc | | | | 207,498 |
| 3,885 | | Goosehead Insurance Inc, (2) | | | | 218,104 |
| 22,619 | | Granite Point Mortgage Trust Inc | | | | 112,643 |
| 4,676 | | Great Western Bancorp Inc | | | | 87,909 |
| 17,107 | | Green Dot Corp, (2) | | | | 521,763 |
| 11,712 | | Hancock Whitney Corp | | | | 244,898 |
| 2,806 | | Hanmi Financial Corp | | | | 33,868 |
| 16,385 | | Hanover Insurance Group Inc/The | | | | 1,644,726 |
| 5,939 | | Heartland Financial USA Inc | | | | 201,748 |
| 5,513 | | Heritage Financial Corp/WA | | | | 110,536 |
| 2,237 | | HomeTrust Bancshares Inc | | | | 34,383 |
| 6,943 | | Hope Bancorp Inc | | | | 69,083 |
| 17,106 | | Horace Mann Educators Corp | | | | 601,447 |
| 4,269 | | Independent Bank Corp | | | | 311,167 |
| 1,533 | | International Bancshares Corp | | | | 44,442 |
| 3,171 | | INTL FCStone Inc, (2) | | | | 126,713 |
| 96,579 | | Investors Bancorp Inc | | | | 899,150 |
| 15,384 | | Janus Henderson Group PLC | | | | 275,374 |
| 10,519 | | KKR Real Estate Finance Trust Inc | | | | 165,990 |
| 16,166 | | Legg Mason Inc | | | | 805,552 |
| 4,634 | | LendingClub Corp, (2) | | | | 35,543 |
| 10,111 | | Live Oak Bancshares Inc | | | | 141,048 |
| 2,669 | | LPL Financial Holdings Inc | | | | 160,727 |
| 3,880 | | Luther Burbank Corp | | | | 41,749 |
| 3,253 | | Merchants Bancorp/IN | | | | 50,096 |
| 2,312 | | Meta Financial Group Inc | | | | 42,587 |
| 76,265 | | MGIC Investment Corp | | | | 557,497 |
| 5,128 | | Morningstar Inc | | | | 799,763 |
| 29,882 | | Mr Cooper Group Inc, (2) | | | | 286,270 |
| 5,993 | | National Bank Holdings Corp | | | | 159,294 |
| 70,786 | | New York Community Bancorp Inc | | | | 768,736 |
| 2,572 | | OceanFirst Financial Corp | | | | 43,338 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 11,036 | | Old National Bancorp/IN | | | | $156,380 |
| 22,406 | | On Deck Capital Inc, (2) | | | | 27,111 |
| 5,467 | | Origin Bancorp Inc | | | | 121,859 |
| 20,606 | | PennyMac Financial Services Inc | | | | 621,683 |
| 3,819 | | People's Utah Bancorp | | | | 82,032 |
| 16,207 | | Pinnacle Financial Partners Inc | | | | 652,332 |
| 18,425 | | PRA Group Inc, (2) | | | | 511,110 |
| 4,610 | | Primerica Inc | | | | 479,025 |
| 6,805 | | Pzena Investment Management Inc | | | | 33,481 |
| 949 | | QCR Holdings Inc | | | | 29,210 |
| 2,065 | | Sandy Spring Bancorp Inc | | | | 52,658 |
| 7,362 | | Seacoast Banking Corp of Florida, (2) | | | | 165,424 |
| 16,886 | | ServisFirst Bancshares Inc | | | | 599,791 |
| 14,720 | | Simmons First National Corp | | | | 275,264 |
| 7,855 | | South State Corp | | | | 454,333 |
| 110,392 | | Starwood Property Trust Inc | | | | 1,428,472 |
| 35,150 | | Sterling Bancorp/DE | | | | 433,400 |
| 26,930 | | TCF Financial Corp | | | | 799,552 |
| 9,497 | | Texas Capital Bancshares Inc, (2) | | | | 263,827 |
| 9,992 | | Triumph Bancorp Inc, (2) | | | | 276,878 |
| 5,659 | | UMB Financial Corp | | | | 287,704 |
| 36,967 | | Umpqua Holdings Corp | | | | 463,012 |
| 3,596 | | United Bankshares Inc/WV | | | | 107,736 |
| 7,510 | | Valley National Bancorp | | | | 62,784 |
| 6,038 | | Victory Capital Holdings Inc | | | | 91,113 |
| 1,484 | | Virtus Investment Partners Inc | | | | 120,605 |
| 1,262 | | Washington Federal Inc | | | | 33,746 |
| 4,017 | | Webster Financial Corp | | | | 113,480 |
| 11,309 | | WesBanco Inc | | | | 279,106 |
| 12,808 | | Western Alliance Bancorp | | | | 459,551 |
| 2,646 | | Westwood Holdings Group Inc, (2) | | | | 60,937 |
| 17,431 | | Wintrust Financial Corp | | | | 730,359 |
| 9,788 | | WisdomTree Investments, Inc | | | | 31,713 |
| 2,671 | | WSFS Financial Corp | | | | 77,940 |
| | | Total Financials | | | | 32,681,976 |
| | | Health Care – 16.2% | | | | |
| 10,001 | | Acadia Healthcare Co Inc, (2) | | | | 240,124 |
| 18,992 | | ACADIA Pharmaceuticals Inc, (2) | | | | 917,503 |
| 2,995 | | Accelerate Diagnostics Inc, (2) | | | | 32,675 |
| 18,959 | | Achillion Pharmaceuticals Inc, (3) | | | | 8,721 |
| 8,615 | | Aerie Pharmaceuticals Inc, (2) | | | | 131,293 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 8,326 | | Agios Pharmaceuticals Inc, (2) | | | | $342,532 |
| 7,966 | | Akcea Therapeutics Inc, (2) | | | | 135,900 |
| 13,184 | | Alder Biopharmaceuticals Inc, (2), (3) | | | | 11,602 |
| 53,985 | | Allscripts Healthcare Solutions Inc, (2) | | | | 350,902 |
| 1,545 | | Amedisys Inc, (2) | | | | 284,527 |
| 4,259 | | AMN Healthcare Services Inc, (2) | | | | 200,088 |
| 9,914 | | AnaptysBio Inc, (2) | | | | 154,857 |
| 7,640 | | AngioDynamics Inc, (2) | | | | 79,685 |
| 59,594 | | Antares Pharma Inc, (2) | | | | 193,085 |
| 6,899 | | Arvinas Inc, (2) | | | | 362,197 |
| 9,566 | | Assembly Biosciences Inc, (2) | | | | 167,501 |
| 17,926 | | Atara Biotherapeutics Inc, (2) | | | | 148,607 |
| 13,953 | | AtriCure Inc, (2) | | | | 601,653 |
| 605 | | Atrion Corp | | | | 382,257 |
| 9,001 | | Avrobio Inc, (2) | | | | 115,843 |
| 1,328 | | Axonics Modulation Technologies Inc, (2) | | | | 42,775 |
| 2,798 | | Axsome Therapeutics Inc, (2) | | | | 265,894 |
| 62,597 | | BioCryst Pharmaceuticals Inc, (2) | | | | 244,754 |
| 9,152 | | BioTelemetry Inc, (2) | | | | 427,490 |
| 8,618 | | Bluebird Bio Inc, (2) | | | | 464,338 |
| 10,316 | | Brookdale Senior Living Inc, (2) | | | | 37,241 |
| 15,987 | | Bruker Corp | | | | 628,609 |
| 7,682 | | Cantel Medical Corp | | | | 284,234 |
| 9,793 | | Cardiovascular Systems Inc, (2) | | | | 411,306 |
| 9,523 | | Catalent Inc, (2) | | | | 658,515 |
| 9,734 | | Cerus Corp, (2) | | | | 59,864 |
| 2,969 | | Chemed Corp | | | | 1,236,796 |
| 18,615 | | Coherus Biosciences Inc, (2) | | | | 309,009 |
| 6,940 | | Collegium Pharmaceutical Inc, (2) | | | | 143,519 |
| 5,235 | | Computer Programs and Systems Inc | | | | 125,797 |
| 2,429 | | CorVel Corp, (2) | | | | 127,984 |
| 31,574 | | Covetrus Inc, (2) | | | | 375,415 |
| 21,631 | | Cymabay Therapeutics Inc, (2) | | | | 38,287 |
| 24,380 | | Denali Therapeutics Inc, (2) | | | | 532,947 |
| 16,385 | | Dicerna Pharmaceuticals Inc, (2) | | | | 322,784 |
| 4,478 | | Eagle Pharmaceuticals Inc/DE, (2) | | | | 228,288 |
| 10,373 | | Encompass Health Corp | | | | 687,211 |
| 5,283 | | Ensign Group Inc/The | | | | 197,637 |
| 20,274 | | Envista Holdings Corp, (2) | | | | 394,735 |
| 5,110 | | Evolus Inc, (2) | | | | 21,258 |
| 17,148 | | FibroGen Inc, (2) | | | | 632,590 |
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 11,784 | | Flexion Therapeutics Inc, (2) | | | | $125,382 |
| 11,089 | | G1 Therapeutics Inc, (2) | | | | 145,599 |
| 9,999 | | GenMark Diagnostics Inc, (2) | | | | 125,087 |
| 5,593 | | Glaukos Corp, (2) | | | | 205,207 |
| 11,057 | | Global Blood Therapeutics Inc, (2) | | | | 846,082 |
| 6,031 | | Globus Medical Inc, (2) | | | | 286,231 |
| 5,611 | | Guardant Health Inc, (2) | | | | 431,823 |
| 8,519 | | Haemonetics Corp, (2) | | | | 969,292 |
| 43,842 | | Halozyme Therapeutics Inc, (2) | | | | 993,240 |
| 13,760 | | Hanger Inc, (2) | | | | 252,634 |
| 597 | | Heska Corp, (2) | | | | 42,268 |
| 5,211 | | Hill-Rom Holdings Inc | | | | 586,185 |
| 10,589 | | HMS Holdings Corp, (2) | | | | 303,640 |
| 10,771 | | Horizon Therapeutics Plc, (2) | | | | 388,187 |
| 32,911 | | Immunomedics Inc, (2) | | | | 999,836 |
| 21,847 | | Insmed Inc, (2) | | | | 502,481 |
| 12,399 | | Intersect ENT Inc, (2) | | | | 142,341 |
| 1,156 | | LeMaitre Vascular Inc | | | | 32,934 |
| 7,286 | | Ligand Pharmaceuticals Inc, (2) | | | | 718,181 |
| 2,815 | | Magellan Health Inc, (2) | | | | 170,955 |
| 3,315 | | MEDNAX Inc, (2) | | | | 48,134 |
| 5,138 | | Meridian Bioscience Inc, (2) | | | | 61,656 |
| 12,643 | | Merit Medical Systems Inc, (2) | | | | 516,087 |
| 5,596 | | Mirati Therapeutics Inc, (2) | | | | 475,884 |
| 3,524 | | MyoKardia Inc, (2) | | | | 221,378 |
| 5,212 | | National Research Corp | | | | 268,887 |
| 26,379 | | NeoGenomics Inc, (2) | | | | 721,202 |
| 5,482 | | NextGen Healthcare Inc, (2) | | | | 57,835 |
| 4,918 | | Odonate Therapeutics Inc, (2) | | | | 138,442 |
| 140,056 | | OPKO Health Inc, (2) | | | | 310,924 |
| 6,643 | | Optinose Inc, (2) | | | | 26,838 |
| 8,273 | | Option Care Health Inc, (2) | | | | 118,304 |
| 24,472 | | OraSure Technologies Inc, (2) | | | | 390,084 |
| 5,684 | | Orthofix Medical Inc, (2) | | | | 201,498 |
| 2,649 | | OrthoPediatrics Corp, (2) | | | | 129,404 |
| 13,110 | | Owens & Minor Inc | | | | 92,819 |
| 6,333 | | Patterson Cos Inc | | | | 115,767 |
| 3,230 | | Pennant Group Inc/The, (2) | | | | 63,922 |
| 3,537 | | Penumbra Inc, (2) | | | | 627,181 |
| 7,856 | | PetIQ Inc, (2) | | | | 224,682 |
| 4,932 | | Phibro Animal Health Corp | | | | 131,734 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 2,630 | | Premier Inc, (2) | | | | $87,211 |
| 34,064 | | Progenics Pharmaceuticals Inc, (2) | | | | 134,212 |
| 14,808 | | Prothena Corp PLC, (2) | | | | 166,146 |
| 13,213 | | Quidel Corp, (2) | | | | 1,836,607 |
| 12,808 | | Quotient Ltd, (2) | | | | 118,538 |
| 29,863 | | R1 RCM Inc, (2) | | | | 308,186 |
| 3,019 | | RadNet Inc, (2) | | | | 42,628 |
| 2,629 | | Reata Pharmaceuticals Inc, (2) | | | | 415,803 |
| 13,211 | | Repligen Corp, (2) | | | | 1,534,458 |
| 5,698 | | Revance Therapeutics Inc, (2) | | | | 105,470 |
| 11,696 | | Sage Therapeutics Inc, (2) | | | | 455,910 |
| 21,273 | | SIGA Technologies, Inc, (2) | | | | 125,723 |
| 6,334 | | STAAR Surgical Co, (2) | | | | 242,719 |
| 8,426 | | Supernus Pharmaceuticals Inc, (2) | | | | 197,168 |
| 2,248 | | Surgery Partners Inc, (2) | | | | 26,526 |
| 3,731 | | Surmodics Inc, (2) | | | | 142,151 |
| 3,935 | | Tactile Systems Technology Inc, (2) | | | | 203,125 |
| 5,672 | | Tandem Diabetes Care Inc, (2) | | | | 452,512 |
| 7,092 | | Teladoc Health Inc, (2) | | | | 1,167,272 |
| 3,519 | | Theravance Biopharma Inc, (2) | | | | 102,614 |
| 6,341 | | Tilray Inc, (2) | | | | 51,045 |
| 16,108 | | Tivity Health Inc, (2) | | | | 144,489 |
| 8,431 | | Triple-S Management Corp, (2) | | | | 142,737 |
| 5,022 | | Turning Point Therapeutics Inc, (2) | | | | 258,683 |
| 9,730 | | Ultragenyx Pharmaceutical Inc, (2) | | | | 587,984 |
| 6,882 | | uniQure NV, (2) | | | | 437,970 |
| 2,777 | | US Physical Therapy Inc | | | | 209,663 |
| 15,434 | | Varex Imaging Corp, (2) | | | | 403,290 |
| 12,147 | | Vocera Communications Inc, (2) | | | | 230,307 |
| 8,255 | | Y-mAbs Therapeutics Inc, (2) | | | | 277,203 |
| 53,984 | | ZIOPHARM Oncology Inc, (2) | | | | 151,155 |
| 1,888 | | Zogenix Inc, (2) | | | | 53,298 |
| | | Total Health Care | | | | 37,783,879 |
| | | Industrials – 14.2% | | | | |
| 2,050 | | AAON Inc | | | | 97,662 |
| 6,341 | | AAR Corp | | | | 124,157 |
| 6,578 | | ABM Industries Inc | | | | 226,875 |
| 35,724 | | ACCO Brands Corp | | | | 264,358 |
| 61,330 | | ADT Inc | | | | 351,421 |
| 5,610 | | Advanced Drainage Systems Inc | | | | 227,429 |
| 2,976 | | Aegion Corp, (2) | | | | 47,765 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 3,002 | | AeroVironment Inc, (2) | | | | $180,901 |
| 2,861 | | Alamo Group Inc | | | | 281,637 |
| 28,835 | | Allison Transmission Holdings Inc | | | | 1,047,864 |
| 4,288 | | Arcosa Inc | | | | 159,814 |
| 7,137 | | Armstrong World Industries Inc | | | | 550,120 |
| 1,350 | | Astec Industries Inc | | | | 54,148 |
| 6,249 | | Astronics Corp, (2) | | | | 56,116 |
| 9,521 | | Axon Enterprise Inc, (2) | | | | 692,272 |
| 2,282 | | Barnes Group Inc | | | | 87,583 |
| 21,472 | | Bloom Energy Corp, (2) | | | | 164,690 |
| 9,526 | | Brady Corp | | | | 414,762 |
| 25,545 | | Builders FirstSource Inc, (2) | | | | 468,751 |
| 9,507 | | Carlisle Cos Inc | | | | 1,149,967 |
| 3,146 | | Cimpress PLC, (2) | | | | 228,997 |
| 1,469 | | Columbus McKinnon Corp/NY | | | | 39,781 |
| 7,944 | | Comfort Systems USA Inc | | | | 264,535 |
| 7,513 | | Cubic Corp | | | | 287,072 |
| 637 | | Curtiss-Wright Corp | | | | 66,025 |
| 1,164 | | Deluxe Corp | | | | 32,790 |
| 13,881 | | Donaldson Co Inc | | | | 608,404 |
| 8,515 | | Douglas Dynamics Inc | | | | 314,714 |
| 1,751 | | Ducommun Inc, (2) | | | | 49,448 |
| 9,352 | | EMCOR Group Inc | | | | 594,133 |
| 11,841 | | Enerpac Tool Group Corp | | | | 202,007 |
| 7,172 | | ESCO Technologies Inc | | | | 547,224 |
| 7,103 | | Federal Signal Corp | | | | 191,284 |
| 4,268 | | Franklin Electric Co Inc | | | | 216,814 |
| 3,380 | | FTI Consulting Inc, (2) | | | | 430,477 |
| 13,787 | | GATX Corp | | | | 817,569 |
| 16,858 | | Generac Holdings Inc, (2) | | | | 1,642,644 |
| 17,521 | | GMS, Inc, (2) | | | | 322,036 |
| 3,242 | | Granite Construction Inc | | | | 53,298 |
| 10,841 | | Great Lakes Dredge & Dock Corp, (2) | | | | 95,834 |
| 15,936 | | Healthcare Services Group Inc | | | | 406,209 |
| 5,054 | | Herman Miller Inc, (2) | | | | 113,917 |
| 13,897 | | Hexcel Corp, (2) | | | | 480,697 |
| 3,727 | | Hub Group Inc, (2) | | | | 179,306 |
| 12,582 | | IAA Inc, (2) | | | | 485,665 |
| 1,715 | | IES Holdings, Inc, (2) | | | | 33,871 |
| 10,033 | | KAR Auction Services Inc | | | | 150,294 |
| 7,146 | | Korn Ferry | | | | 206,019 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 8,646 | | Kratos Defense & Security Solutions Inc, (2) | | | | $129,863 |
| 2,280 | | Landstar System Inc | | | | 235,547 |
| 7,213 | | Lincoln Electric Holdings Inc | | | | 580,719 |
| 1,525 | | Lindsay Corp | | | | 137,250 |
| 30,606 | | Macquarie Infrastructure Corp, (2) | | | | 844,420 |
| 5,292 | | Manitowoc Co Inc/The, (2) | | | | 48,792 |
| 12,962 | | Matthews International Corp | | | | 310,310 |
| 3,821 | | Maxar Technologies Inc | | | | 48,183 |
| 5,432 | | McGrath RentCorp | | | | 296,316 |
| 7,110 | | Mercury Systems Inc, (2) | | | | 633,928 |
| 8,309 | | Meritor Inc, (2) | | | | 170,334 |
| 16,521 | | Mobile Mini Inc | | | | 472,005 |
| 1,628 | | Moog Inc, (2) | | | | 80,553 |
| 8,219 | | MSA Safety Inc | | | | 924,884 |
| 1,918 | | MYR Group Inc, (2) | | | | 57,540 |
| 18,200 | | Navistar International Corp, (2) | | | | 432,614 |
| 6,466 | | Oshkosh Corp | | | | 436,649 |
| 71,390 | | Pitney Bowes Inc | | | | 252,007 |
| 41,193 | | Plug Power Inc, (2) | | | | 172,393 |
| 12,198 | | Quad/Graphics Inc, (2) | | | | 45,377 |
| 20,551 | | Quanta Services Inc | | | | 747,234 |
| 12,594 | | Raven Industries Inc | | | | 280,468 |
| 42,258 | | Resideo Technologies Inc, (2) | | | | 216,784 |
| 28,804 | | RR Donnelley & Sons Co, (2) | | | | 49,255 |
| 12,980 | | Ryder System Inc | | | | 459,492 |
| 8,673 | | Schneider National Inc | | | | 190,025 |
| 13,494 | | SiteOne Landscape Supply Inc, (2) | | | | 1,195,973 |
| 14,856 | | Steelcase Inc | | | | 162,673 |
| 31,922 | | Sunrun Inc, (2) | | | | 447,866 |
| 10,723 | | Team Inc, (2) | | | | 66,161 |
| 5,220 | | Tennant Co | | | | 308,867 |
| 6,007 | | Tetra Tech Inc | | | | 452,207 |
| 24,014 | | Toro Co/The | | | | 1,532,333 |
| 8,654 | | Trex Co Inc, (2) | | | | 824,034 |
| 8,250 | | TriNet Group Inc, (2) | | | | 404,002 |
| 9,207 | | TrueBlue Inc, (2) | | | | 142,985 |
| 1,561 | | UniFirst Corp/MA | | | | 262,482 |
| 8,712 | | Valmont Industries Inc | | | | 1,021,395 |
| 22,010 | | Wabash National Corp | | | | 180,482 |
| 10,875 | | Watts Water Technologies Inc | | | | 896,100 |
| 15,747 | | WESCO International Inc, (2) | | | | 407,375 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 15,250 | | Woodward Inc | | | | $ 923,540 |
| | | Total Industrials | | | | 33,190,773 |
| | | Information Technology – 18.4% | | | | |
| 27,817 | | ACI Worldwide Inc, (2) | | | | 762,186 |
| 9,956 | | ADTRAN Inc | | | | 102,348 |
| 7,419 | | Anaplan Inc, (2) | | | | 303,140 |
| 12,925 | | Anixter International Inc, (2) | | | | 1,200,216 |
| 30,330 | | Arlo Technologies Inc, (2) | | | | 83,104 |
| 3,706 | | Aspen Technology Inc, (2) | | | | 378,939 |
| 45,131 | | Avaya Holdings Corp, (2) | | | | 448,602 |
| 11,625 | | Avnet Inc | | | | 348,983 |
| 11,594 | | Badger Meter Inc | | | | 684,394 |
| 8,982 | | Benefitfocus Inc, (2) | | | | 97,275 |
| 7,200 | | Blackbaud Inc, (2) | | | | 397,872 |
| 7,276 | | Blackline Inc, (2) | | | | 441,944 |
| 11,663 | | Bottomline Technologies DE Inc, (2) | | | | 485,531 |
| 12,643 | | CalAmp Corp, (2) | | | | 84,961 |
| 10,585 | | ChannelAdvisor Corp, (2) | | | | 109,343 |
| 5,845 | | Ciena Corp, (2) | | | | 270,331 |
| 16,714 | | Cirrus Logic Inc, (2) | | | | 1,263,578 |
| 33,870 | | CommScope Holding Co Inc, (2) | | | | 372,909 |
| 75,197 | | Conduent Inc, (2) | | | | 189,496 |
| 7,607 | | Coupa Software Inc, (2) | | | | 1,339,517 |
| 20,282 | | Cree Inc, (2) | | | | 874,763 |
| 3,967 | | CTS Corp | | | | 91,876 |
| 16,324 | | Daktronics Inc, (2) | | | | 73,785 |
| 13,558 | | Dolby Laboratories Inc | | | | 813,887 |
| 3,711 | | Elastic NV, (2) | | | | 238,024 |
| 51,149 | | Entegris Inc | | | | 2,773,810 |
| 18,772 | | Envestnet Inc, (2) | | | | 1,173,625 |
| 5,018 | | ePlus Inc, (2) | | | | 355,024 |
| 13,928 | | ExlService Holdings Inc, (2) | | | | 859,775 |
| 3,333 | | Fair Isaac Corp, (2) | | | | 1,176,349 |
| 22,923 | | First Solar Inc, (2) | | | | 1,008,841 |
| 23,329 | | Fitbit, Inc, (2) | | | | 156,071 |
| 11,055 | | Five9 Inc, (2) | | | | 1,024,467 |
| 3,488 | | HubSpot Inc, (2) | | | | 588,181 |
| 18,369 | | Infinera Corp, (2) | | | | 113,245 |
| 11,093 | | Insight Enterprises Inc, (2) | | | | 602,239 |
| 12,897 | | InterDigital Inc | | | | 745,060 |
| 9,371 | | Itron Inc, (2) | | | | 654,283 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 9,199 | | KEMET Corp | | | | $248,465 |
| 7,943 | | Kimball Electronics Inc, (2) | | | | 107,389 |
| 26,404 | | Kulicke & Soffa Industries Inc | | | | 632,904 |
| 8,028 | | Limelight Networks Inc, (2) | | | | 40,702 |
| 14,895 | | LivePerson Inc, (2) | | | | 356,586 |
| 19,966 | | LogMeIn Inc, (2) | | | | 1,706,294 |
| 7,563 | | Lumentum Holdings Inc, (2) | | | | 611,922 |
| 8,914 | | Manhattan Associates Inc, (2) | | | | 632,359 |
| 7,302 | | Methode Electronics Inc | | | | 219,206 |
| 12,170 | | Mimecast Ltd, (2) | | | | 497,753 |
| 7,569 | | MobileIron Inc, (2) | | | | 38,526 |
| 7,104 | | Model N Inc, (2) | | | | 205,021 |
| 7,871 | | MTS Systems Corp, (2) | | | | 167,416 |
| 10,967 | | National Instruments Corp | | | | 421,352 |
| 34,141 | | NCR Corp, (2) | | | | 700,573 |
| 4,436 | | NETGEAR Inc, (2) | | | | 106,375 |
| 11,271 | | New Relic Inc, (2) | | | | 605,140 |
| 2,644 | | Novanta Inc, (2) | | | | 229,737 |
| 36,530 | | Nuance Communications Inc, (2) | | | | 737,906 |
| 25,621 | | Nutanix Inc, (2) | | | | 524,974 |
| 21,071 | | Onto Innovation Inc, (2) | | | | 683,965 |
| 5,790 | | OSI Systems Inc, (2) | | | | 419,080 |
| 1,134 | | Paylocity Holding Corp, (2) | | | | 129,877 |
| 13,903 | | Plantronics Inc, (2) | | | | 196,310 |
| 14,328 | | Progress Software Corp | | | | 586,159 |
| 6,510 | | PROS Holdings Inc, (2) | | | | 223,879 |
| 787 | | Qualys Inc, (2) | | | | 82,981 |
| 42,947 | | Rambus Inc, (2) | | | | 538,126 |
| 23,717 | | Ribbon Communications Inc, (2) | | | | 86,448 |
| 1,469 | | Rogers Corp, (2) | | | | 163,118 |
| 8,800 | | Smartsheet Inc, (2) | | | | 463,936 |
| 14,464 | | SPS Commerce Inc, (2) | | | | 802,897 |
| 7,663 | | SVMK Inc, (2) | | | | 120,309 |
| 16,352 | | Sykes Enterprises Inc, (2) | | | | 468,158 |
| 5,965 | | SYNNEX Corp, (2) | | | | 522,295 |
| 5,118 | | Tech Data Corp, (2) | | | | 719,796 |
| 33,615 | | Teradata Corp, (2) | | | | 826,593 |
| 6,739 | | TTEC Holdings Inc | | | | 262,686 |
| 7,074 | | Universal Display Corp | | | | 1,061,949 |
| 6,533 | | Virtusa Corp, (2) | | | | 215,589 |
| 1,691 | | Vishay Precision Group Inc, (2) | | | | 39,096 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 9,849 | | WEX Inc, (2) | | | | $1,303,220 |
| 2,274 | | Workiva Inc, (2) | | | | 87,208 |
| 21,400 | | Yext Inc, (2) | | | | 273,920 |
| 7,868 | | Zendesk Inc, (2) | | | | 604,892 |
| 5,959 | | Zscaler Inc, (2) | | | | 399,730 |
| 13,760 | | Zuora Inc, (2) | | | | 145,443 |
| | | Total Information Technology | | | | 42,906,234 |
| | | Materials – 4.4% | | | | |
| 10,281 | | AptarGroup Inc | | | | 1,100,889 |
| 5,270 | | Balchem Corp | | | | 470,295 |
| 5,669 | | Boise Cascade Co | | | | 177,270 |
| 25,073 | | Cleveland-Cliffs, Inc, (2) | | | | 109,820 |
| 39,864 | | Coeur Mining Inc, (2) | | | | 167,827 |
| 9,358 | | Compass Minerals International Inc | | | | 460,039 |
| 8,509 | | Domtar Corp | | | | 198,770 |
| 27,825 | | Graphic Packaging Holding Co | | | | 371,464 |
| 6,603 | | Greif Inc | | | | 223,776 |
| 1,701 | | Greif Inc | | | | 67,615 |
| 21,127 | | HB Fuller Co | | | | 777,262 |
| 10,176 | | Innospec Inc | | | | 737,964 |
| 8,447 | | Koppers Holdings Inc, (2) | | | | 133,125 |
| 13,113 | | Louisiana-Pacific Corp | | | | 262,260 |
| 7,403 | | Materion Corp | | | | 383,031 |
| 5,390 | | Minerals Technologies Inc | | | | 237,376 |
| 35,518 | | PolyOne Corp | | | | 827,214 |
| 12,173 | | Reliance Steel & Aluminum Co | | | | 1,090,457 |
| 4,628 | | Royal Gold Inc | | | | 567,069 |
| 4,634 | | Ryerson Holding Corp, (2) | | | | 21,409 |
| 14,477 | | Sonoco Products Co | | | | 707,057 |
| 8,433 | | Stepan Co | | | | 804,508 |
| 16,305 | | Trinseo SA | | | | 333,437 |
| 1,486 | | US Concrete Inc, (2) | | | | 28,501 |
| | | Total Materials | | | | 10,258,435 |
| | | Real Estate – 9.5% | | | | |
| 610 | | Agree Realty Corp | | | | 39,717 |
| 28,312 | | Alexander & Baldwin Inc | | | | 372,020 |
| 1,139 | | American Campus Communities Inc | | | | 40,195 |
| 31,610 | | Americold Realty Trust | | | | 966,950 |
| 6,157 | | Armada Hoffler Properties Inc | | | | 59,169 |
| 3,591 | | Brandywine Realty Trust | | | | 40,076 |
| 38,253 | | Brixmor Property Group Inc | | | | 437,997 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 4,452 | | CatchMark Timber Trust Inc | | | | $34,993 |
| 7,567 | | Chatham Lodging Trust | | | | 56,828 |
| 12,022 | | City Office REIT Inc | | | | 121,422 |
| 84,992 | | Colony Capital Inc | | | | 196,332 |
| 19,122 | | Columbia Property Trust Inc | | | | 273,253 |
| 8,136 | | CoreSite Realty Corp | | | | 986,002 |
| 31,718 | | Corporate Office Properties Trust | | | | 837,990 |
| 41,761 | | Cousins Properties Inc | | | | 1,259,929 |
| 2,183 | | CubeSmart | | | | 55,012 |
| 14,243 | | Cushman & Wakefield PLC, (2) | | | | 173,337 |
| 19,097 | | CyrusOne Inc | | | | 1,339,655 |
| 79,167 | | DiamondRock Hospitality Co | | | | 493,210 |
| 19,814 | | Douglas Emmett Inc | | | | 604,129 |
| 26,332 | | Easterly Government Properties Inc | | | | 708,594 |
| 16,770 | | Empire State Realty Trust Inc | | | | 140,197 |
| 17,361 | | Essential Properties Realty Trust Inc | | | | 255,033 |
| 6,918 | | First Industrial Realty Trust Inc | | | | 261,293 |
| 3,503 | | Five Point Holdings LLC, (2) | | | | 19,757 |
| 10,909 | | Four Corners Property Trust Inc | | | | 244,252 |
| 5,623 | | Franklin Street Properties Corp | | | | 30,589 |
| 27,467 | | Hannon Armstrong Sustainable Infrastructure Capital Inc | | | | 768,801 |
| 5,804 | | Howard Hughes Corp/The, (2) | | | | 314,345 |
| 22,803 | | Hudson Pacific Properties Inc | | | | 560,498 |
| 25,805 | | iStar Inc | | | | 258,566 |
| 1,685 | | JBG SMITH Properties | | | | 57,206 |
| 16,178 | | Kilroy Realty Corp | | | | 1,007,242 |
| 42,676 | | Macerich Co/The | | | | 318,790 |
| 805 | | Marcus & Millichap Inc, (2) | | | | 23,385 |
| 31,891 | | MGM Growth Properties LLC | | | | 802,696 |
| 49,608 | | Outfront Media Inc | | | | 778,349 |
| 59,928 | | Park Hotels & Resorts Inc | | | | 569,915 |
| 27,796 | | PotlatchDeltic Corp | | | | 975,918 |
| 13,656 | | QTS Realty Trust Inc | | | | 853,910 |
| 36,400 | | Rayonier Inc | | | | 874,692 |
| 11,893 | | Realogy Holdings Corp, (2) | | | | 51,616 |
| 4,502 | | Redfin Corp, (2) | | | | 95,127 |
| 18,773 | | Rexford Industrial Realty Inc | | | | 764,437 |
| 69,341 | | RLJ Lodging Trust | | | | 644,178 |
| 31,203 | | Sabra Health Care REIT Inc | | | | 400,022 |
| 29,681 | | Service Properties Trust | | | | 205,689 |
| 2,637 | | SITE Centers Corp | | | | 15,980 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 93,286 | | Sunstone Hotel Investors Inc | | | | $857,298 |
| 1,893 | | Tejon Ranch Co, (2) | | | | 25,934 |
| 80,056 | | Uniti Group Inc | | | | 565,195 |
| 63,518 | | Washington Prime Group Inc | | | | 54,613 |
| 6,043 | | Washington Real Estate Investment Trust | | | | 140,923 |
| 26,164 | | Xenia Hotels & Resorts Inc | | | | 253,791 |
| | | Total Real Estate | | | | 22,287,047 |
| | | Utilities – 2.8% | | | | |
| 11,347 | | New Jersey Resources Corp | | | | 383,301 |
| 23,729 | | NextEra Energy Partners LP | | | | 1,193,331 |
| 22,001 | | ONE Gas Inc | | | | 1,753,700 |
| 15,909 | | Ormat Technologies Inc | | | | 992,881 |
| 21,766 | | Southwest Gas Holdings Inc | | | | 1,649,863 |
| 28,434 | | TerraForm Power Inc | | | | 492,477 |
| | | Total Utilities | | | | 6,465,553 |
| | | Total Common Stocks (cost $256,997,296) | | | | 233,483,934 |
| Shares | | Description (1) | | | | Value |
| | | COMMON STOCK RIGHTS – 0.0% | | | | |
| 1,243 | | First Eagle Private Credit LLC, (2), (3) | | | | $ 299 |
| | | Total Common Stock Rights (cost $-) | | | | 299 |
| | | Total Long-Term Investments (cost $256,997,296) | | | | 233,484,233 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (4) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $ 280 | | Federal Agricultural Mortgage Corporation Discount Notes | 0.000% | 5/01/20 | N/R | $ 280,000 |
| | | Total Short-Term Investments (cost $280,000) | | | | 280,000 |
| | | Total Investments (cost $257,277,296) – 100.0% | | | | 233,764,233 |
| | | Other Assets Less Liabilities – (0.0)% | | | | (3,727) |
| | | Net Assets – 100% | | | | $ 233,760,506 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2020
(Unaudited)
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| (3) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
| REIT | Real Estate Investment Trust | |
See accompanying notes to financial statements.
Statement of Assets and Liabilities
April 30, 2020
(Unaudited)
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Assets | | | | | | | | |
| Long-term investments, at value (cost $36,564,268, $50,203,495, $13,661,835, $187,481,851, $194,113,489, $96,900,702, $89,114,527 and $256,997,296, respectively) | $36,321,290 | $44,381,737 | $13,418,157 | $193,904,165 | $177,980,673 | $102,932,313 | $79,096,494 | $233,484,233 |
| Short-term investments, at value (cost approximates value) | — | — | — | 310,000 | 365,000 | 120,000 | 140,000 | 280,000 |
| Cash | — | — | 21,686 | 4,624 | 1,344,296 | 1,235 | 7,399 | 1,248,042 |
| Cash denominated in foreign currencies (cost $413,434, $119,314, $—, $—, $—, $—, $—and $—, respectively) | 413,387 | 119,603 | — | — | — | — | — | — |
| Receivable for: | | | | | | | | |
| Capital Gains Tax Refund | 23,337 | — | — | — | — | — | — | — |
| Dividends | 49,407 | 190,226 | 15,300 | 83,355 | 414,826 | 7,465 | 78,146 | 57,408 |
| Reclaims | 436 | 83,857 | 388 | 4,343 | 122 | 10 | — | 20 |
| Shares sold | — | 2,620 | — | 2,023,560 | — | 1,718,840 | — | — |
| Other Assets | 2,121 | 2,051 | 2,434 | 1,612 | 1,514 | 1,878 | 1,934 | 1,157 |
| Total assets | 36,809,978 | 44,780,094 | 13,457,965 | 196,331,659 | 180,106,431 | 104,781,741 | 79,323,973 | 235,070,860 |
| Liabilities | | | | | | | | |
| Payable for investments purchased - regular settlement | 31,850 | 56,179 | 16,121 | 2,019,600 | 1,648,337 | 1,717,853 | — | 1,241,845 |
| Accrued expenses: | | | | | | | | |
| Management fees | 13,119 | 13,340 | 1,965 | 49,127 | 46,564 | 28,595 | 22,513 | 67,100 |
| Trustees Fees | 427 | 372 | 93 | 1,040 | 994 | 478 | 410 | 1,409 |
| Total liabilities | 45,396 | 69,891 | 18,179 | 2,069,767 | 1,695,895 | 1,746,926 | 22,923 | 1,310,354 |
| Net assets | $36,764,582 | $44,710,203 | $13,439,786 | $194,261,892 | $178,410,536 | $103,034,815 | $79,301,050 | $233,760,506 |
| Shares outstanding | 1,600,000 | 2,000,000 | 500,000 | 4,800,000 | 6,650,000 | 3,050,000 | 3,500,000 | 9,400,000 |
| Net asset value ("NAV") per share | $ 22.98 | $ 22.36 | $ 26.88 | $ 40.47 | $ 26.83 | $ 33.78 | $ 22.66 | $ 24.87 |
| Net assets consist of: | | | | | | | | |
| Capital paid-in | $46,538,057 | $52,016,500 | $13,439,816 | $183,013,700 | $193,317,715 | $ 95,406,102 | $88,499,007 | $261,122,487 |
| Total distributable earnings | (9,773,475) | (7,306,297) | (30) | 11,248,192 | (14,907,179) | 7,628,713 | (9,197,957) | (27,361,981) |
| Net assets | $36,764,582 | $44,710,203 | $13,439,786 | $194,261,892 | $178,410,536 | $103,034,815 | $79,301,050 | $233,760,506 |
| 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
Six Months Ended April 30, 2020
(Unaudited)
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Investment Income | $ 527,897 | $ 768,280 | $ 145,397 | $ 673,174 | $ 2,099,338 | $ 224,203 | $ 751,684 | $ 1,462,789 |
| Foreign tax withheld on dividend income | (63,952) | (66,907) | — | — | — | — | — | (1,230) |
| Total investment income | 463,945 | 701,373 | 145,397 | 673,174 | 2,099,338 | 224,203 | 751,684 | 1,461,559 |
| Expenses | | | | | | | | |
| Management fees | 122,869 | 110,863 | 12,533 | 229,190 | 235,426 | 127,960 | 112,520 | 389,487 |
| Professional fees | 577 | 667 | 134 | 1,192 | 1,258 | 776 | 736 | 2,003 |
| Trustees fees | 657 | 655 | 147 | 1,589 | 1,561 | 708 | 593 | 2,207 |
| Total expenses | 124,103 | 112,185 | 12,814 | 231,971 | 238,245 | 129,444 | 113,849 | 393,697 |
| Net investment income (loss) | 339,842 | 589,188 | 132,583 | 441,203 | 1,861,093 | 94,759 | 637,835 | 1,067,862 |
| Realized and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | |
| Investments and foreign currency | (5,539,588) | (671,281) | 65,307 | 4,716,389 | (809,306) | 550,014 | 292,932 | (546,208) |
| In-kind redemptions | (293,179) | 1,935,815 | 85,192 | — | 1,455,427 | 1,601,784 | 1,728,447 | — |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | (856,991) | (9,582,568) | (829,102) | 1,550,645 | (20,996,197) | 2,566,704 | (12,609,200) | (27,812,209) |
| Net realized and unrealized gain (loss) | (6,689,758) | (8,318,034) | (678,603) | 6,267,034 | (20,350,076) | 4,718,502 | (10,587,821) | (28,358,417) |
| Net increase (decrease) in net assets from operations | $(6,349,916) | $(7,728,846) | $(546,020) | $6,708,237 | $(18,488,983) | $4,813,261 | $ (9,949,986) | $(27,290,555) |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
(Unaudited)
| | NUEM | | NUDM |
| | Six Months
Ended
4/30/20 | Year Ended
10/31/19 | | Six Months
Ended
4/30/20 | Year Ended
10/31/19 |
| Operations | | | | | |
| Net investment income (loss) | $ 339,842 | $ 1,113,538 | | $ 589,188 | $ 1,629,590 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (5,539,588) | (3,154,477) | | (671,281) | (2,732,365) |
| In-kind redemptions | (293,179) | — | | 1,935,815 | 453,307 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | (856,991) | 5,508,424 | | (9,582,568) | 8,050,579 |
| Net increase (decrease) in net assets from operations | (6,349,916) | 3,467,485 | | (7,728,846) | 7,401,111 |
| Distributions to Shareholders | | | | | |
| Dividends | (1,191,300) | (781,600) | | (1,843,400) | (1,207,140) |
| Decrease in net assets from distributions to shareholders | (1,191,300) | (781,600) | | (1,843,400) | (1,207,140) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 11,165,263 | 17,891,627 | | 14,215,997 | 22,035,244 |
| Cost of shares redeemed | (23,113,970) | — | | (26,786,180) | (4,760,320) |
| Net increase (decrease) in net assets from Fund share transactions | (11,948,707) | 17,891,627 | | (12,570,183) | 17,274,924 |
| Net increase (decrease) in net assets | (19,489,923) | 20,577,512 | | (22,142,429) | 23,468,895 |
| Net assets at the beginning of period | 56,254,505 | 35,676,993 | | 66,852,632 | 43,383,737 |
| Net assets at the end of period | $ 36,764,582 | $56,254,505 | | $ 44,710,203 | $66,852,632 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
| | NULC | | NULG |
| | Six Months
Ended
4/30/20 | For the period 6/3/19
(commencement of operations)
through
10/31/19 | | Six Months
Ended
4/30/20 | Year Ended
10/31/19 |
| Operations | | | | | |
| Net investment income (loss) | $ 132,583 | $ 46,218 | | $ 441,203 | $ 518,869 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 65,307 | 6,148 | | 4,716,389 | 520,420 |
| In-kind redemptions | 85,192 | 232,511 | | — | 8,035,976 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | (829,102) | 585,424 | | 1,550,645 | 2,621,173 |
| Net increase (decrease) in net assets from operations | (546,020) | 870,301 | | 6,708,237 | 11,696,438 |
| Distributions to Shareholders | | | | | |
| Dividends | (91,800) | — | | (1,371,300) | (2,078,290) |
| Decrease in net assets from distributions to shareholders | (91,800) | — | | (1,371,300) | (2,078,290) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 12,304,250 | 11,510,375 | | 119,797,435 | 57,491,685 |
| Cost of shares redeemed | (6,630,100) | (3,977,220) | | (14,661,710) | (42,532,205) |
| Net increase (decrease) in net assets from Fund share transactions | 5,674,150 | 7,533,155 | | 105,135,725 | 14,959,480 |
| Net increase (decrease) in net assets | 5,036,330 | 8,403,456 | | 110,472,662 | 24,577,628 |
| Net assets at the beginning of period | 8,403,456 | — | | 83,789,230 | 59,211,602 |
| Net assets at the end of period | $13,439,786 | $ 8,403,456 | | $194,261,892 | $ 83,789,230 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
| | NULV | | NUMG |
| | Six Months
Ended
4/30/20 | Year Ended
10/31/19 | | Six Months
Ended
4/30/20 | Year Ended
10/31/19 |
| Operations | | | | | |
| Net investment income (loss) | $ 1,861,093 | $ 1,578,380 | | $ 94,759 | $ 100,000 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (809,306) | (717,879) | | 550,014 | (615,383) |
| In-kind redemptions | 1,455,427 | 2,065,646 | | 1,601,784 | 5,884,898 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | (20,996,197) | 5,052,201 | | 2,566,704 | 3,659,213 |
| Net increase (decrease) in net assets from operations | (18,488,983) | 7,978,348 | | 4,813,261 | 9,028,728 |
| Distributions to Shareholders | | | | | |
| Dividends | (1,925,600) | (1,852,310) | | (158,565) | (2,222,550) |
| Decrease in net assets from distributions to shareholders | (1,925,600) | (1,852,310) | | (158,565) | (2,222,550) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 115,386,735 | 64,336,100 | | 55,315,220 | 26,478,635 |
| Cost of shares redeemed | (11,130,970) | (21,887,605) | | (10,156,730) | (29,451,580) |
| Net increase (decrease) in net assets from Fund share transactions | 104,255,765 | 42,448,495 | | 45,158,490 | (2,972,945) |
| Net increase (decrease) in net assets | 83,841,182 | 48,574,533 | | 49,813,186 | 3,833,233 |
| Net assets at the beginning of period | 94,569,354 | 45,994,821 | | 53,221,629 | 49,388,396 |
| Net assets at the end of period | $178,410,536 | $ 94,569,354 | | $103,034,815 | $ 53,221,629 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
| | NUMV | | NUSC |
| | Six Months
Ended
4/30/20 | Year Ended
10/31/19 | | Six Months
Ended
4/30/20 | Year Ended
10/31/19 |
| Operations | | | | | |
| Net investment income (loss) | $ 637,835 | $ 1,220,313 | | $ 1,067,862 | $ 1,339,535 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 292,932 | (1,668,847) | | (546,208) | (3,851,333) |
| In-kind redemptions | 1,728,447 | 2,972,359 | | — | 4,301,196 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | (12,609,200) | 3,943,286 | | (27,812,209) | 7,566,647 |
| Net increase (decrease) in net assets from operations | (9,949,986) | 6,467,111 | | (27,290,555) | 9,356,045 |
| Distributions to Shareholders | | | | | |
| Dividends | (1,230,460) | (1,671,950) | | (1,786,255) | (2,978,020) |
| Decrease in net assets from distributions to shareholders | (1,230,460) | (1,671,950) | | (1,786,255) | (2,978,020) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 49,030,490 | 23,919,765 | | 97,580,515 | 107,483,270 |
| Cost of shares redeemed | (13,121,635) | (21,460,765) | | (2,258,560) | (26,792,655) |
| Net increase (decrease) in net assets from Fund share transactions | 35,908,855 | 2,459,000 | | 95,321,955 | 80,690,615 |
| Net increase (decrease) in net assets | 24,728,409 | 7,254,161 | | 66,245,145 | 87,068,640 |
| Net assets at the beginning of period | 54,572,641 | 47,318,480 | | 167,515,361 | 80,446,721 |
| Net assets at the end of period | $ 79,301,050 | $ 54,572,641 | | $233,760,506 | $167,515,361 |
See accompanying notes to financial statements.
Financial Highlights
(Unaudited)
Selected data for a share outstanding throughout each period:
| | | | | | | | | | |
| | | | | | | | | | |
| | | Investment Operations | | Less Distributions | | |
Year Ended
October 31, | Beginning
NAV | Net
Investment
Income
(Loss)(a) | Net
Realized/
Unrealized
Gain (Loss) | Total | | From
Net
Investment
Income | From
Accumulated
Net Realized
Gains | Total | Ending
NAV | Ending
Market
Price |
| NUEM | | | | | | | | | | |
| 2020(d) | $25.57 | $0.16 | $(2.21) | $(2.05) | | $(0.54) | $ — | $(0.54) | $22.98 | $22.63 |
| 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(e) | 24.95 | 0.20 | 2.54 | 2.74 | | — | — | — | 27.69 | 28.05 |
| NUDM | | | | | | | | | | |
| 2020(d) | 26.74 | 0.27 | (3.73) | (3.46) | | (0.92) | — | (0.92) | 22.36 | 22.13 |
| 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(e) | 24.88 | 0.17 | 1.34 | 1.51 | | — | — | — | 26.39 | 26.57 |
| NULC | | | | | | | | | | |
| 2020(d) | 28.01 | 0.29 | (1.19) | (0.90) | | (0.21) | (0.02) | (0.23) | 26.88 | 26.91 |
| 2019(f) | 24.96 | 0.19 | 2.86 | 3.05 | | — | — | — | 28.01 | 27.99 |
| NULG | | | | | | | | | | |
| 2020(d) | 38.97 | 0.13 | 1.83 | 1.96 | | (0.20) | (0.26) | (0.46) | 40.47 | 40.51 |
| 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(g) | 25.21 | 0.24 | 5.02 | 5.26 | | — | — | — | 30.47 | 30.53 |
| NULV | | | | | | | | | | |
| 2020(d) | 31.52 | 0.41 | (4.62) | (4.21) | | (0.48) | — | (0.48) | 26.83 | 26.87 |
| 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(g) | 25.09 | 0.53 | 2.21 | 2.74 | | — | — | — | 27.83 | 27.88 |
| NUMG | | | | | | | | | | |
| 2020(d) | 33.26 | 0.05 | 0.57 | 0.62 | | (0.10) | — | (0.10) | 33.78 | 33.88 |
| 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(g) | 25.10 | 0.09 | 3.25 | 3.34 | | — | — | — | 28.44 | 28.46 |
| NUMV | | | | | | | | | | |
| 2020(d) | 29.50 | 0.30 | (6.42) | (6.12) | | (0.72) | — | (0.72) | 22.66 | 22.66 |
| 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(g) | 25.04 | 0.48 | 1.48 | 1.96 | | — | — | — | 27.00 | 27.01 |
| NUSC | | | | | | | | | | |
| 2020(d) | 29.65 | 0.15 | (4.65) | (4.50) | | (0.28) | — | (0.28) | 24.87 | 24.87 |
| 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(g) | 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) |
| | | | | | |
| (8.34)% | (10.26)% | $ 36,765 | 0.45%* | 1.25%* | 48% |
| 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 |
| | | | | | |
| (13.55) | (14.78) | 44,710 | 0.40* | 2.13* | 35 |
| 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 |
| | | | | | |
| (3.30) | (3.13) | 13,440 | 0.20* | 2.11* | 26 |
| 12.22 | 12.14 | 8,403 | 0.20* | 1.75* | 9 |
| | | | | | |
| 4.99 | 5.01 | 194,262 | 0.35* | 0.67* | 42 |
| 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 |
| | | | | | |
| (13.64) | (13.51) | 178,411 | 0.35* | 2.77* | 29 |
| 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 |
| | | | | | |
| 1.83 | 1.96 | 103,035 | 0.40* | 0.30* | 39 |
| 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 |
| | | | | | |
| (21.35) | (21.53) | 79,301 | 0.40* | 2.27* | 30 |
| 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 |
| | | | | | |
| (15.37) | (15.51) | 233,761 | 0.40* | 1.10* | 9 |
| 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 5 - Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 4 - Fund Shares). |
| (d) | For the six months ended April 30, 2020. |
| (e) | For the period June 6, 2017 (commencement of operations) through October 31, 2017. |
| (f) | For the period June 3, 2019 (commencement of operations) through October 31, 2019. |
| (g) | For the period December 13, 2016 (commencement of operations) through October 31, 2017. |
| * | Annualized. |
See accompanying notes to financial statements.
Notes to Financial Statements
(Unaudited)
1. General Information
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 April 30, 2020 and the period covered by these Notes to Financial Statements for NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV and NUSC is the six months ended April 30, 2020.
Investment Adviser and Sub-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.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds' financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds' normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
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 | $13,905,096 | 37.8% |
| Taiwan | 5,022,526 | 13.7 |
| Korea, Republic Of | 3,941,914 | 10.7 |
| India | 3,172,118 | 8.6 |
| Brazil | 1,861,857 | 5.1 |
| South Africa | 1,537,226 | 4.2 |
| Saudi Arabia | 1,036,498 | 2.8 |
| Thailand | 841,802 | 2.3 |
| Malaysia | 698,581 | 1.9 |
| Mexico | 681,613 | 1.9 |
| Other | 3,622,059 | 9.8 |
| Total non-U.S. securities | $36,321,290 | 98.8% |
| NUDM | Value | % of
Net Assets |
| Country: | | |
| Japan | $11,570,764 | 25.9% |
| United Kingdom | 6,312,783 | 14.1 |
| France | 4,879,959 | 10.9 |
| Switzerland | 4,608,705 | 10.3 |
| Germany | 3,637,230 | 8.1 |
| Australia | 2,833,768 | 6.4 |
| Netherlands | 1,835,292 | 4.1 |
| Hong Kong | 1,615,837 | 3.6 |
| Spain | 1,227,583 | 2.8 |
| Sweden | 1,179,277 | 2.6 |
| Other | 4,680,539 | 10.5 |
| Total non-U.S. securities | $44,381,737 | 99.3% |
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 (Unaudited) (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
Reference Rate Reform
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
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, cou-
pon, 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 | $35,503,697 | $816,988** | $ 605*** | $36,321,290 |
| Common Stock Rights | — | — | —**** | — |
| Total | $35,503,697 | $816,988 | $ 605 | $36,321,290 |
| NUDM | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $44,380,477 | $ — | $1,260 | $44,381,737 |
| NULC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $13,418,157 | $ — | $ — | $13,418,157 |
| NULG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $193,904,165 | $ — | $ — | $193,904,165 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 310,000 | — | 310,000 |
| Total | $193,904,165 | $310,000 | $ — | $194,214,165 |
| NULV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $177,980,673 | $ — | $ — | $177,980,673 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 365,000 | — | 365,000 |
| Total | $177,980,673 | $365,000 | $ — | $178,345,673 |
Notes to Financial Statements (Unaudited) (continued)
| NUMG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $102,932,313 | $ — | $ — | $102,932,313 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 120,000 | — | 120,000 |
| Total | $102,932,313 | $120,000 | $ — | $103,052,313 |
| NUMV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $79,096,494 | $ — | $ — | $79,096,494 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 140,000 | — | 140,000 |
| Total | $79,096,494 | $140,000 | $ — | $79,236,494 |
| NUSC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $233,463,611 | $ — | $20,323*** | $233,483,934 |
| Common Stock Rights | — | — | 299*** | 299 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 280,000 | — | 280,000 |
| Total | $233,463,611 | $280,000 | $20,622 | $233,764,233 |
| * | 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 | $24,446,978 | $19,439,524 | $3,398,343 | $56,526,625 | $41,045,834 | $25,896,960 | $17,848,580 | $57,390,172 |
| Sales | 34,875,547 | 21,344,655 | 3,328,735 | 56,772,433 | 40,019,716 | 25,902,218 | 18,130,130 | 18,130,130 |
In-kind transactions during the current fiscal period were as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| In-kind purchases | $2,638,454 | $13,569,266 | $12,280,388 | $118,918,514 | $114,120,837 | $55,188,501 | $48,680,008 | $97,144,734 |
| In-kind sales | 5,450,239 | 25,590,058 | 6,631,738 | 14,636,259 | 11,083,074 | 10,137,803 | 13,086,043 | 2,257,197 |
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 |
| | Six Months Ended
4/30/20 | | Year Ended
10/31/19 | | Six Months Ended
4/30/20 | | Year Ended
10/31/19 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 500,000 | $ 11,165,263 | | 700,000 | $17,891,627 | | 600,000 | $ 14,215,997 | | 900,000 | $22,035,244 |
| Shares redeemed | (1,100,000) | (23,113,970) | | — | — | | (1,100,000) | (26,786,180) | | (200,000) | (4,760,320) |
| Net increase (decrease) | (600,000) | $(11,948,707) | | 700,000 | $17,891,627 | | (500,000) | $(12,570,183) | | 700,000 | $17,274,924 |
| | NULC | | NULG |
| | Six Months Ended
4/30/20 | | For the period 6/3/19
(commencement of operations)
through
10/31/19 | | Six Months Ended
4/30/20 | | Year Ended
10/31/19 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 450,000 | $12,304,250 | | 450,002 | $11,510,375 | | 3,000,000 | $119,797,435 | | 1,550,000 | $ 57,491,685 |
| Shares redeemed | (250,000) | (6,630,100) | | (150,002) | (3,977,220) | | (350,000) | (14,661,710) | | (1,150,000) | (42,532,205) |
| Net increase (decrease) | 200,000 | $ 5,674,150 | | 300,000 | $ 7,533,155 | | 2,650,000 | $105,135,725 | | 400,000 | $ 14,959,480 |
| | NULV | | NUMG |
| | Six Months Ended
4/30/20 | | Year Ended
10/31/19 | | Six Months Ended
4/30/20 | | Year Ended
10/31/19 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 4,050,000 | $115,386,735 | | 2,150,000 | $ 64,336,100 | | 1,750,000 | $ 55,315,220 | | 850,000 | $ 26,478,635 |
| Shares redeemed | (400,000) | (11,130,970) | | (750,000) | (21,887,605) | | (300,000) | (10,156,730) | | (900,000) | (29,451,580) |
| Net increase (decrease) | 3,650,000 | $104,255,765 | | 1,400,000 | $ 42,448,495 | | 1,450,000 | $ 45,158,490 | | (50,000) | $ (2,972,945) |
Notes to Financial Statements (Unaudited) (continued)
| | NUMV | | NUSC |
| | Six Months Ended
4/30/20 | | Year Ended
10/31/19 | | Six Months Ended
4/30/20 | | Year Ended
10/31/19 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 2,100,000 | $ 49,030,490 | | 850,000 | $ 23,919,765 | | 3,850,000 | $97,580,515 | | 3,750,000 | $107,483,270 |
| Shares redeemed | (450,000) | (13,121,635) | | (750,000) | (21,460,765) | | (100,000) | (2,258,560) | | (950,000) | (26,792,655) |
| Net increase (decrease) | 1,650,000 | $ 35,908,855 | | 100,000 | $ 2,459,000 | | 3,750,000 | $95,321,955 | | 2,800,000 | $ 80,690,615 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2020.
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Tax cost of investments | $37,027,682 | $50,538,632 | $13,661,892 | $187,878,126 | $194,632,048 | $97,117,157 | $ 89,323,878 | $257,973,444 |
| Gross unrealized: | | | | | | | | |
| Appreciation | $ 4,232,861 | $ 2,394,018 | $ 455,429 | $ 13,298,775 | $ 4,610,287 | $ 9,348,942 | $ 1,708,510 | $ 15,298,123 |
| Depreciation | (4,939,253) | (8,550,913) | (699,164) | (6,962,736) | (20,896,662) | (3,413,786) | (11,795,894) | (39,507,334) |
| Net unrealized appreciation (depreciation) of investments | $ (706,392) | $ (6,156,895) | $ (243,735) | $ 6,336,039 | $ (16,286,375) | $ 5,935,156 | $(10,087,384) | $ (24,209,211) |
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' last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2019, the Funds' last 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' last tax year ended October 31, 2019 was designated for purposes of the dividends paid deduction as follows:
| | 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 gains | — | — | — | 68,866 | 92,689 | 346,138 | 107,204 | 486,073 |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
As of October 31, 2019, the Funds’ last tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | NUEM | NUDM | 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 accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity 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. These transactions are effected at the last sales price or other current market price without incurring broker commissions.
During the current fiscal period, the following Funds engaged in cross-trades pursuant to these procedures as follows:
| Inter-Fund Trades | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Purchases | $649,694 | $8,069,119 | $2,679,921 | $ 677,789 | $ 542,080 | $130,290 |
| Sales | 193,702 | 9,275,033 | 3,423,072 | 3,314,304 | 1,095,818 | 964,563 |
As of the end of the reporting period, TIAA owned shares of the Funds as follows:
| Fund | NULC |
| TIAA owned shares | 190,000 |
Additional Fund Information
Investment 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 02110
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Morgan, Lewis & Bockius LLP
111 Pennsylvania Avenue, NW
Washington, D.C. 20004
The tables below show the number and percentage of days during the current fiscal period that each Fund's market price was greater than its NAV per share (i.e., at premium) and less than its NAV per share (i.e., at a discount). The market price is determined using the midpoint between the highest bid and the lowest offer on the applicable Fund's listing exchange, as of the time that the Fund's NAV is calculated (normally 4:00 p.m. Eastern Time).
| | NUEM | | NUDM |
| Six Months Ended April 30, 2020 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| Greater than 3.00% | 2 | 1.6% | | 1 | 0.8% |
| 1.01% to 3.00% | 31 | 25.0% | | 20 | 16.1% |
| 0.51% to 1.00% | 40 | 32.3% | | 49 | 39.5% |
| 0.26% to 0.50% | 12 | 9.7% | | 24 | 19.4% |
| 0.00 to 0.25% | 7 | 5.6% | | 10 | 8.1% |
| (0.01)% to (0.25)% | 9 | 7.3% | | 4 | 3.2% |
| (0.26)% to (0.50)% | 6 | 4.8% | | 2 | 1.6% |
| (0.51)% to (1.00)% | 5 | 4.0% | | 6 | 4.8% |
| (1.01)% to (3.00)% | 10 | 8.1% | | 8 | 6.5% |
| Less than (3.00)% | 2 | 1.6% | | – | – |
| | 124 | 100% | | 124 | 100% |
| | NULC | | | NULG | | | NULV |
| Six Months Ended April 30, 2020 | Number of Days | % of Total Days | | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | | | | |
| 1.01% to 3.00% | – | – | | 1 | 0.8% | | – | – |
| 0.26% to 0.50% | – | – | | – | – | | 2 | 1.6% |
| 0.00% to 0.25% | 37 | 29.8% | | 113 | 91.1% | | 109 | 87.9% |
| (0.01)% to (0.25)% | 87 | 70.2% | | 9 | 7.3% | | 13 | 10.5% |
| (0.26)% to (0.50)% | – | – | | 1 | 0.8% | | – | – |
| | 124 | 100% | | 124 | 100% | | 124 | 100% |
Additional Fund Information (continued)
| | NUMG | | | NUMV | | | NUSC |
| Six Months Ended April 30, 2020 | Number of Days | % of Total Days | | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | | | | |
| Greater than 3.00% | 1 | 0.8% | | – | – | | – | – |
| 1.01% to 3.00% | – | – | | 1 | 0.8% | | 1 | 0.8% |
| 0.26% to 0.50% | – | – | | – | – | | 2 | 1.6% |
| 0.00% to 0.25% | 110 | 88.7% | | 114 | 91.9% | | 110 | 88.7% |
| (0.01)% to (0.25)% | 13 | 10.5% | | 9 | 7.3% | | 11 | 8.9% |
| | 124 | 100% | | 124 | 100% | | 124 | 100% |
Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request by calling Nuveen toll-free at (800) 257-8787 or Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. 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.
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.
Glossary of Terms Used in this Report (continued)
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.
Liquidity Risk Management Program
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage the Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Trustees previously designated Nuveen Fund Advisors, LLC, the Funds’ investment adviser, as the Administrator of the Program. The adviser’s Liquidity Monitoring and Analysis Team (“LMAT”) carries out day-to-day Program management with oversight by the adviser’s Liquidity Oversight Sub-Committee (the LOSC”). The LOSC is composed of personnel from the adviser and Teachers Advisors, LLC, an affiliate of the adviser.
At a May 20, 2020 meeting of the Board, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for calendar year 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to each Fund’s liquidity developments.
In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, “Highly Liquid”, and the least liquid, “Illiquid”, discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and use third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a Fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a Fund from acquiring Illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the Fund Board and the Securities and Exchange Commission any time a Fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on Illiquid investments.
Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/exchange-traded-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com NSA-NSESG-0420D1210946-INV-B-06/21
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a)(4) Change in registrant’s independent public accountant. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nushares ETF Trust
| | | | | | |
| By | | (Signature and Title) | | /s/ Christopher M. Rohrbacher | | |
| | | | Christopher M. Rohrbacher Vice President and Secretary | | |
Date: July 7, 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.
| | | | | | |
| By | | (Signature and Title) | | /s/ Jordan M. Farris | | |
| | | | Jordan M. Farris Chief Administrative Officer (principal executive officer) | | |
Date: July 7, 2020
| | | | | | |
| By | | (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | | | E. Scott Wickerham Vice President and Controller (principal financial officer) | | |
Date: July 7, 2020
